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'5531421a922f1464533e88a60f0d75599e4f1cd0'|'Asian factories lose some momentum in May on soft export demand'|'Economic News - Thu Jun 1, 2017 - 11:04am IST Asian factories lose some momentum in May on soft export demand Garment workers sew skirts at a Timex garments factory in Wattala, Sri Lanka May 16, 2017. REUTERS/Dinuka Liyanawatte By Rajesh Kumar Singh - NEW DELHI NEW DELHI Factories across much of Asia ran into a soft patch in May as export demand slowed, but analysts said the weakness was likely to be temporary amid signs of steady improvement in the global economy. The findings from private business surveys came a day after Moody''s Investors Service painted an upbeat picture of global growth. The readings add to signs that Asian economies generally remained buoyant in the second quarter, with manufacturing activity continuing to improve -- albeit at a more modest pace -- and business confidence remaining strong overall. Still, there were mixed readings on regional powerhouse China, with official data showing steady growth fuelled by an ongoing construction boom but a private survey pointing to the first contraction in activity in 11 months. After battling a multi-year trade recession, Asian exports have seen a strong rebound this year, often led by electronics. The tailwinds from Chinese commodities and tech products demand, however, appear to fading. Yet, Tim Condon, ING''s chief Asia economist, says the growth outlook for the region remains positive as strengthening economies in the United States, Japan and Germany would support shipments from the region. "May figures are just a blip," he said. "The hopes for cyclical recovery remains a positive theme, thanks to the strength of G3 economies." Data from Japan backed that assessment as manufacturing activity grew at its fastest pace in three months in May. The world''s third-largest economy grew at its fastest pace in a year in the first quarter, marking the longest period of expansion in a decade. An increase in capital expenditure in the first quarter also adds to a raft of recent data pointing to economic expansion. The cheerful figures led to a 1 percent gain in Japan''s Nikkei on Thursday. MSCI''s broadest index of Asia-Pacific shares outside Japan, however, was flat after four sessions of losses as investors took profits after stocks hit a two-year high last week. China''s main indexes fell after the more downbeat private PMI report. The blue-chip CSI300 index fell 0.1 percent, while the Shanghai Composite Index lost 0.5 percent. Similar business surveys to be released in Europe and North America later in the day are expected to show solid growth. EUROPE ON A ROLL Like Japan, Germany''s economy is also on an upswing. Europe''s biggest economy defied increased political risks to post the strongest quarterly growth rate in a year in the last quarter. Overall, European growth has outpaced that of the United States, but the U.S. is rebounding after a soft start to the year. With economic growth in the world''s largest economy seen between 2.0-3.7 percent in the second quarter, up from 1.2 percent a quarter ago, the Federal Reserve is expected to raise interest rates later this month. On Wednesday, Moody''s said G20 economies, which account for 78 percent of the global economy, is expected to grow 3.1 percent on year in 2017 and 2018, faster than 2.6 percent growth last year. The agency also said the biggest risks to global growth, including protectionism and European Union exits, seemed to have subsided. China, however, is widely expected to slow over the year due to reduced property-related investment as liquidity tightening measures of the central bank, including limits on home mortgage lending, take effect. The Caixin/Markit Manufacturing Purchasing Managers'' index (PMI), which tends to focus on China''s smaller firms, fell below the 50-point demarcating growth and contraction to 49.6 in May. That was less than economists'' forecast of 50.1 and extended a streak of declines to three months since 51.7 in February. "China''s manufacturing sector has come under greater pressure in May and the economy is clearly on a downward trajectory," Zhengsheng Zhong, director of macroeconomic analysis at CEBM Group. The findings sharply contrasted with official readings a day earlier which showed steady manufacturing growth as government infrastructure spending boosts demand for construction materials from cement to steel. The divergence may suggest that much of China''s recent economic strength remains strongly dependent on heavy industry and continued government stimulus, with other sectors facing more challenging conditions. The Caixin survey focuses more on smaller firms, which may be benefitting less from the building boom and are more strained by rising financing costs. Readings from Asia''s No. 4 economy South Korea also had investors scratching their heads. The business survey showed factory activity shrank for a 10th straight month in May as output, new orders and employment fell further on persistently weak demand, particularly from the country''s major global markets. However, official data on Thursday showed the country''s exports clocked double-digit growth in May from a year earlier. (Reporting by Rajesh Kumar Singh; Editing by Kim Coghill)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/global-economy-idINKBN18S3WM'|'2017-06-01T03:34:00.000+03:00'
'233dffafb215b8bfa68259b2d88ba45316a8c6ca'|'Former tuna company executive accused of price-fixing'|'WASHINGTON A former tuna company executive faces one charge of conspiring with officials from other tuna companies to fix the price of canned seafood from 20D11 to 2013, according to a court filing.Stephen Hodge was charged on May 30 through a "criminal information," a type of charging document prosecutors tend to use in connection with people who are negotiating plea deals.StarKist said in a statement that Hodge had worked for the company but left in December 2013. "StarKist has cooperated and is continuing to fully cooperate with the investigation," StarKist said.The Justice Department declined to say if a plea agreement would be coming. Hodge could not be reached for comment.The canned tuna market in the United States has long been dominated by three companies. Thai Union''s Chicken of the Sea is the largest, followed by Bumble Bee and StarKist. In December 2015, the Justice Department stopped Thai Union Group from buying Bumble Bee.StarKist is a subsidiary of the Dongwon Group of South Korea.Bumble Bee Foods LLC agreed in May to plead guilty to one count of fixing the prices of canned tuna and to pay a criminal fine of $25 million. Two of its executives agreed to plead guilty to price-fixing in December.In the filing with the U.S. District Court for the Northern District of California, the Justice Department said that Hodge met with officials from other canned seafood companies, which were not named, "to fix, raise and maintain the prices" of canned seafood.(Reporting by Diane Bartz; Editing by David Gregorio)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-starkist-antitrust-idUSKBN18T30V'|'2017-06-03T06:11:00.000+03:00'
'565f7e5e54a02db50aa64498ed261a862ab976c1'|'Factory orders post first drop in five months'|'Business News - Mon Jun 5, 2017 - 10:47am EDT Factory orders post first drop in five months FILE PHOTO: People walk past a rack of SUV doors on a cart, at the General Motors Assembly Plant in Arlington, Texas June 9, 2015. REUTERS/Mike Stone WASHINGTON, June 5 New orders for U.S.-made goods fell in April for the first time in five months and orders for capital equipment were not as weak as previously reported, suggesting the manufacturing sector remained on a moderate growth path. Factory goods orders dropped 0.2 percent, the Commerce Department said on Monday after an upwardly revised 1.0 percent increase in March. Economists polled by Reuters had forecast factory orders falling 0.2 percent in April after a previously reported 0.5 percent increase in March. Factory orders were up 4.4 percent from a year ago. Manufacturing, which accounts for about 12 percent of the U.S. economy, is being supported by a recovery in the energy sector that has led to demand for oil and gas drilling equipment. But a slowdown in motor vehicle sales could hurt production in the coming months. The government reported on Friday that employment at motor vehicles and parts manufacturers fell by 1,500 jobs in May. A manufacturing survey last week showed a measure of factory activity steady in May after two straight months of declines. Monday''s report from the Commerce Department also showed orders for non-defense capital goods excluding aircraft - seen as a measure of business confidence and spending plans - edging up 0.1 percent instead of being unchanged as reported last month. Shipments of these so-called core capital goods, which are used to calculate business equipment spending in the gross domestic product report, nudged up 0.1 percent instead of the previously reported 0.1 percent decrease. In April, orders for machinery fell 0.7 percent, the biggest drop since October 2016. Mining, oilfield and gas field machinery orders fell 8.3 percent. Orders for electrical equipment, appliances and components dropped 2.0 percent, while orders for primary metals declined 0.7 percent. Orders for transportation equipment fell 1.4 percent, reflecting a 9.1 percent tumble in nondefense aircraft orders. Motor vehicle orders rose 0.6 percent after falling 1.4 percent in March. Unfilled orders at factories rose 0.2 percent, increasing for a second straight month. Manufacturing inventories gained 0.1 percent, rising for six consecutive months, while shipments were unchanged. The inventories-to-shipments ratio was unchanged at 1.38. (Reporting By Lucia Mutikani; Editing by Andrea Ricci) '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-usa-economy-factory-idUSKBN18W1TV'|'2017-06-05T22:07:00.000+03:00'
'afd1da98c901a17e0112d48995d76e59f15d0bfb'|'BRIEF-Fiesta Restaurant Group - board sent letter to shareholders urging them to vote "for" all three of co''s director nominees'|'UPDATE 1-Toronto May home sales drop as listings surge, price gains slow OTTAWA, June 5 Toronto''s red-hot housing market cooled in May as sellers cashed in on high prices while buyers moved to the sidelines in the wake of new housing rules aimed at dampening real estate demand in Canada''s largest city, data showed on Monday. * China xd plastics co-special committee of board has retained independent financial advisor, legal counsel in connection with "going private" proposal MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-fiesta-restaurant-group-board-sent-idUSFWN1J20DM'|'2017-06-05T20:56:00.000+03:00'
'0df70e929a88c3e3d8db5a4cb3c12048666e60fa'|'Brazil''s Petrobras prepays 1 billion reais in export credit'|'SAO PAULO Brazil''s state-run oil company Petroleo Brasileiro SA prepaid 1 billion reais ($308 million) in export notes issued by Itaú Unibanco Holding SA on Friday.In a securities filing, Petrobras, as the company is known, said the notes were due in 2020 and the company continues to work on the reduction of its leverage.(Reporting by Tatiana Bautzer; Editing by Chris Reese)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-petrobras-debt-idUSKBN18T30R'|'2017-06-03T05:55:00.000+03:00'
'428eabb7ea2ed8be67f59409fe629bcc0972320f'|'Trade rivals have limited armoury as U.S. quits climate deal'|'Environment  45pm BST Trade rivals have limited armory as U.S. quits climate deal FILE PHOTO: U.S. President Donald Trump announces his decision that the United States will withdraw from the Paris Climate Agreement, in the Rose Garden of the White House in Washington, U.S., June 1, 2017. REUTERS/Kevin Lamarque/File Photo By Nina Chestney - LONDON LONDON Washington''s withdrawal from a global pact on climate change might give U.S exports a competitive advantage but supporters of the deal will struggle to respond with any carbon tariffs due to the complexity of keeping them within international trade rules. President Donald Trump said on Thursday the United States would quit the Paris Agreement because it hurt the U.S. economy, although U.N. regulations mean any withdrawal would take four years. Leaving might give U.S. exporters an edge over rivals in nations where industry has to pay to emit carbon dioxide through a carbon tax or emissions trading scheme, economists say. But the Paris deal sets no penalties for withdrawal and says efforts to ensure compliance should be "non-adversarial and non-punitive", leaving it up to governments or trade blocs to ensure any retaliation meets World Trade Organization (WTO) codes. Some manufacturers are already fretting about the U.S. competitive edge. But European and other nations have shown no appetite for responding with a regime of carbon tariffs. "Our view is that it''s a can of worms to avoid opening," said Dirk Forrister, president and chief executive of the International Emissions Trading Association (IETA). "It''s a topic some politicians will raise again but it would be very complex and disputes would end up at the WTO," he said. Germany''s VDA lobby group for the country''s powerful vehicle industry voiced concerns on Friday that its carmakers could lose out. Yet Europe''s top exporting nation has said it was not considering any sanctions. U.S. neighbor Canada also dismissed the idea of slapping on carbon tariffs. "The Canadian team (at U.N. climate talks) never even envisaged such a thing, let alone discussed it with anyone," said a Canadian source close to the matter. EU Climate and Energy Commissioner Miguel Arias Canete told Reuters the 28-nation bloc was not considering any tariff action against the United States. France, home of the 2015 Paris climate change accord, said its response was to redouble efforts to limit carbon emissions and pull other signatory countries along with it. The White House did not immediately respond to a request for comment. The European Union has in the past examined the possibility of imposing import tariffs on nations with lax polluting laws. A study in 2010 was prompted by France and Italy which worried their industries would lose out to cheap imports. PRINCIPLE VS PRACTICE The EU assessment proved such a regime would be complex to calculate, create an administrative burden and risk a trade war. It showed levies could in principle comply with WTO rules, but that in practice it would be almost impossible to target individual imports without knowing and monitoring the amount of carbon emitted throughout the manufacturing process. WTO rules would allow a WTO member to impose tariffs on another for failing to reduce greenhouse gas emissions, said James Bacchus, a director at the International Centre for Trade and Sustainable Development and a former WTO official. He added that this would be the case "if enacted solely as an environmental or health measure, and if applied in a way that does not constitute arbitrary or unjustifiable discrimination or a disguised restriction on international trade." Such action would have a stronger case if the WTO member targeted "has declined to participate in cooperative global climate action as a party to the Paris Agreement," he said. Britain, Brazil, Canada, China, France, Germany, India, Japan, Mexico and South Korea are among the 15 biggest exporters to the United States. Many of them have introduced or are planning to introduce carbon pricing mechanisms. But, even if they felt their industry faced a competitive threat and chose to respond, it would not happen quickly. "It would have to go through a legislation process so it wouldn''t happen as an immediate reaction. It would take a while to develop," IETA''s Forrister said. Washington''s own actions in the past show this. In 2009, the U.S. Clean Energy and Security Act contained provisions for the government to act against trade partners which failed to meet U.S. emissions standards and so gained a competitive advantage. The step drew criticism from China, largely seen as the main target at the time. But the bill never made it to a Senate vote. (Additional reporting by Alister Doyle in Oslo, Tom Miles in Geneva, Stine Jacobsen in Copenhagen, David Ljunggren in Ottawa and Valerie Volcovici in Washington; Editing by Edmund Blair)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-usa-climatechange-tariffs-analysis-idUKKBN18T217'|'2017-06-02T22:37:00.000+03:00'
'3b0aefa3ff3e6cd883679361b33303159b7517c8'|'Munich prosecutors expand Audi investigation'|'Fri Jun 2, 2017 - 11:33am BST Munich prosecutors expand Audi investigation An Audi car logo is seen on media day at the Paris auto show, in Paris, France, September 29, 2016. REUTERS/Benoit Tessier MUNICH/BERLIN Munich prosecutors said they have widened an investigation at Audi ( NSUG.DE ) to examine the carmaker''s sales in Germany and elsewhere in Europe after the federal government accused the Volkswagen division of cheating on emissions tests in its home market. Audi on Thursday recalled around 24,000 older A7 and A8 models in Europe, 14,000 of which were sold in Germany, to update transmission software, which it said was causing nitrogen oxide (NOx) emissions to exceed EU limits. Munich prosecutors have been investigating Audi on suspicion of fraud and criminal advertising in the United States where parent Volkswagen''s ( VOWG_p.DE ) emissions scandal broke in September 2015. They have expanded the inquiry to include vehicle sales in the brand''s home region, a spokesman for prosecutors said. Audi said late on Thursday that it would continue to fully cooperate with authorities and Germany''s KBA motor vehicle authority, which the carmaker had notified about the latest emissions irregularities. The affected Audi models with so-called Euro-5 emission standards, and built between 2009 and 2013, emit about twice the legal NOx limits when the steering wheel is turned more than 15 degrees, the German transport ministry said. Prosecutors said the suspicion in the Audi investigation still centered on fraud, adding they have not yet received updated information from the KBA on the situation in Germany. Their investigation came to a head in March when prosecutors searched Audi''s headquarters in Ingolstadt in connection with the emissions scandal, as well as a second German plant and subsequently even the law firm that VW had hired to clear up dieselgate. (Reporting by Joern Poltz.; Writing by Andreas Cremer; Editing by Maria Sheahan and Susan Fenton)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-volkswagen-emissions-audi-idUKKBN18T19F'|'2017-06-02T18:22:00.000+03:00'
'cd2e5ddbfc1d6110000b0c9d5300558d8de2b8d9'|'Trade rivals have limited armoury as U.S. quits climate deal'|'By Nina Chestney - LONDON LONDON Washington''s withdrawal from a global pact on climate change might give U.S exports a competitive advantage but supporters of the deal will struggle to respond with any carbon tariffs due to the complexity of keeping them within international trade rules.President Donald Trump said on Thursday the United States would quit the Paris Agreement because it hurt the U.S. economy, although U.N. regulations mean any withdrawal would take four years.Leaving might give U.S. exporters an edge over rivals in nations where industry has to pay to emit carbon dioxide through a carbon tax or emissions trading scheme, economists say.But the Paris deal sets no penalties for withdrawal and says efforts to ensure compliance should be "non-adversarial and non-punitive", leaving it up to governments or trade blocs to ensure any retaliation meets World Trade Organization (WTO) codes.Some manufacturers are already fretting about the U.S. competitive edge. But European and other nations have shown no appetite for responding with a regime of carbon tariffs."Our view is that it''s a can of worms to avoid opening," said Dirk Forrister, president and chief executive of the International Emissions Trading Association (IETA)."It''s a topic some politicians will raise again but it would be very complex and disputes would end up at the WTO," he said.Germany''s VDA lobby group for the country''s powerful vehicle industry voiced concerns on Friday that its carmakers could lose out. Yet Europe''s top exporting nation has said it was not considering any sanctions.U.S. neighbour Canada also dismissed the idea of slapping on carbon tariffs. "The Canadian team (at U.N. climate talks) never even envisaged such a thing, let alone discussed it with anyone," said a Canadian source close to the matter.EU Climate and Energy Commissioner Miguel Arias Canete told Reuters the 28-nation bloc was not considering any tariff action against the United States.France, home of the 2015 Paris climate change accord, said its response was to redouble efforts to limit carbon emissions and pull other signatory countries along with it.The White House did not immediately respond to a request for comment.The European Union has in the past examined the possibility of imposing import tariffs on nations with lax polluting laws. A study in 2010 was prompted by France and Italy which worried their industries would lose out to cheap imports.PRINCIPLE VS PRACTICEThe EU assessment proved such a regime would be complex to calculate, create an administrative burden and risk a trade war.It showed levies could in principle comply with WTO rules, but that in practice it would be almost impossible to target individual imports without knowing and monitoring the amount of carbon emitted throughout the manufacturing process.WTO rules would allow a WTO member to impose tariffs on another for failing to reduce greenhouse gas emissions, said James Bacchus, a director at the International Centre for Trade and Sustainable Development and a former WTO official.He added that this would be the case "if enacted solely as an environmental or health measure, and if applied in a way that does not constitute arbitrary or unjustifiable discrimination or a disguised restriction on international trade."Such action would have a stronger case if the WTO member targeted "has declined to participate in cooperative global climate action as a party to the Paris Agreement," he said.Britain, Brazil, Canada, China, France, Germany, India, Japan, Mexico and South Korea are among the 15 biggest exporters to the United States. Many of them have introduced or are planning to introduce carbon pricing mechanisms.But, even if they felt their industry faced a competitive threat and chose to respond, it would not happen quickly."It would have to go through a legislation process so it wouldn''t happen as an immediate reaction. It would take a while to develop," IETA''s Forrister said.Washington''s own actions in the past show this. In 2009, the U.S. Clean Energy and Security Act contained provisions for the government to act against trade partners which failed to meet U.S. emissions standards and so gained a competitive advantage.The step drew criticism from China, largely seen as the main target at the time. But the bill never made it to a Senate vote.(Additional reporting by Alister Doyle in Oslo, Tom Miles in Geneva, Stine Jacobsen in Copenhagen, David Ljunggren in Ottawa and Valerie Volcovici in Washington; Editing by Edmund Blair)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/usa-climatechange-tariffs-idINKBN18T20P'|'2017-06-02T22:06:00.000+03:00'
'99b0a756bae711306ad158b2f204f55d70ab9801'|'Linde shares seen up after boards agree Praxair merger'|'WUERZBURG, Germany Shares in Germany''s Linde ( LING.DE ) looked set to top the blue-chip DAX .GDAXI index on Friday after the company''s boards agreed a $73 billion merger with U.S. peer Praxair ( PX.N ) to create the world''s biggest industrial gases group.After a failed attempt at a tie-up last year that led to the departure of Linde''s two top executives, Chairman Wolfgang Reitzle managed to stop labor representatives from blocking the deal in a marathon supervisory board meeting on Thursday.Shares in Linde were indicated to open 1.4 percent higher, against a DAX blue-chip index .GDAXI seen up 0.6 percent. Praxair shares hit a record high on Thursday after the agreement was announced.The deal still has to be approved by a majority of Praxair investors at a shareholder meeting, while 75 percent of Linde shareholders must tender their shares to the new company for the merger to go through."We expect a tender offer in August 2017," DZ Bank analyst Peter Spengler wrote in a note, keeping his "hold" rating.Praxair Chief Executive Steve Angel said he was confident that any anti-trust remedies imposed would be "manageable".He added that he was keen to keep Linde''s plant-engineering unit, which is less profitable than the two companies'' main industrial gases business."You cannot be a leading industrial gas company unless you have a strong engineering and technology arm," he told journalists on a conference call ahead of a news conference scheduled for 0900 GMT in Munich.(Reporting by Georgina Prodhan; Editing by Harro ten Wolde and Maria Sheahan)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-linde-m-a-praxair-idINKBN18T0HS'|'2017-06-02T04:42:00.000+03:00'
'f61f4be830bcb7e299ea2de0c54220467b4459e9'|'Pakistan to open up mineral-rich Baluchistan to China ''Silk Road'' firms'|'Business News - Fri Jun 2, 2017 - 1:40pm BST Pakistan to open up mineral-rich Baluchistan to China ''Silk Road'' firms FILE PHOTO: Empty trailers for housing workers at the site of the gold and copper mine exploration project of Tethyan Copper Company (TCC) are seen in this undated photo in Reko Diq, in Balochistan, Pakistan. REUTERS/Faisal Aziz/File Photo By Gul Yousufzai and Drazen Jorgic - QUETTA, Pakistan QUETTA, Pakistan Pakistan''s resource-rich Baluchistan province wants Chinese companies to kick-start a boom in its mining industry by including the sector into Beijing''s "Belt and Road" initiative, a senior provincial mining official said. Beijing has pledged $57 billion for the China-Pakistan Economic Corridor (CPEC), a flagship "Belt and Road" project that first focused on Chinese firms building roads and power stations but is now expanding to include setting up industries. Mineral extraction is a deeply contentious issue in Baluchistan, where many indigenous people are angry that the province remains Pakistan''s poorest despite its vast mineral wealth. Much of the province''s population is suspicious of both foreign companies and the central government in Islamabad, while separatist groups cite exploitation of mineral wealth by outsiders as one of their main reasons for waging war. Baluchistan has a significant natural gas industry but large-scale mining has failed to take off. Foreign firms have been put off by security fears and a high-profile litigation case with Canada''s Barrick Gold and Chile''s Antofagasta over Reko Diq, one of the world''s biggest undeveloped gold and copper mines, in the province. Saleh Muhammad Baloch, the province''s top mining official, said the plan is for Chinese companies chosen by Beijing to team up with local firms to mine marble, chromite, limestone, coal and other minerals, and set up steel mills and other plants. "They will come as partners and technically support us," Baloch, who is the province''s secretary for mines, told Reuters in the provincial capital of Quetta this week. Baloch said the province wanted the projects to be set up close to the source of raw materials and near the new CPEC roads that will connect western China with Pakistan''s Arabian Sea port of Gwadar, in Baluchistan. A profit-sharing formula will also be negotiated. Baloch said the finer details of the province''s proposals were being worked out in Islamabad, where officials are finalising plans for special economic zones and greater integration of Chinese companies into Pakistan''s economy. He cited the Saindak copper and gold mine, operated by a subsidiary of state-run China Metallurgical Group Corporation, as an example to follow. The mine has been given export privileges and enjoys big tax breaks. However, extraction of precious metals, such as copper and gold, will not fall under the CPEC remit. "As far as precious metals are concerned, we will go for competitive bidding internationally," Baloch said. Baluchistan is seeking formal expressions of interest by international companies for an exploration block in the Tethyan belt, which boasts big copper and gold deposits. The H4 block has estimated deposits of 148 million tonnes. "Chinese, Australian, Turkish (companies)...are all interested," Saleh said. The H4 block is nearby the much richer Tethyan belt blocks mired in a legal dispute in international courts between Pakistan and Tethyan Copper Company, which is owned by Barrick Gold ( ABX.TO ) and Antofagasta ( ANTO.L ). Barrick Gold estimates a $3 billion (£2.3 billion) investment would be needed for the mine. Baloch said he could not comment on the Reko Diq case due to the legal cases. (Writing by Drazen Jorgic; Editing by Robert Birsel) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-china-silkroad-pakistan-idUKKBN18T1RY'|'2017-06-02T20:40:00.000+03:00'
'503ecb1ea6593bed4ceae6fdde9af5db92623b59'|'SoftBank invests in industrial software firm OSIsoft'|'Technology News - Thu Jun 1, 2017 - 1:50am BST SoftBank invests in industrial software firm OSIsoft People walk behind the logo of SoftBank Corp in Tokyo December 18, 2014. REUTERS/Toru Hanai/File Photo By Liana B. Baker - SAN FRANCISCO SAN FRANCISCO SoftBank Group Corp said on Wednesday it was taking a significant minority stake in OSIsoft LLC, a privately held maker of industrial software used to manage plants and factories. The world''s largest industrial companies, from General Electric Co to Siemens AG, have been incorporating more software into their manufacturing to cut costs and improve their supply chains. SoftBank is buying out venture capital investors Kleiner Perkins Caufield & Byers, TCV and Tola Capital, it said in a statement. Japan''s Mitsui & Co will remain an investor. The investment is in the "high hundreds of millions" and values OSIsoft at several billion dollars, people familiar with the matter said on condition of anonymity because of the confidential terms. SoftBank and OSIsoft declined to comment on the deal''s valuation. But OSIsoft Chief Executive and founder Pat Kennedy said in a telephone interview that the company generates about $400 million in sales per year. The investment is likely to be offered to SoftBank''s new $93 billion Vision Fund, the world''s largest private equity fund, with backers such as Saudi Arabia''s main sovereign wealth fund and Abu Dhabi''s Mubadala Investment, one of the sources said. Founded in 1980, OSIsoft makes software that captures data from machines, including ships, chemical boilers and power plants, in industries such as oil and gas, utilities, mining, pulp and paper and water. OSIsoft is a major software developer for the so-called "industrial Internet of Things," or a network of devices, vehicles and building sensors that collect and exchange data. That market could reach $120 billion by 2021, said Jake Reynolds, a general partner at investment firm TCV. SoftBank founder and CEO Masayoshi Son has stated the Internet of Things was one his main investment themes and key to the company''s $32 billion acquisition of semiconductor company ARM Holdings last year. "When I met Masa," Kennedy said, "he immediately brought up ARM and wanted to see how all the companies in his portfolio can work together." Kennedy added that OSIsoft wanted to work with another SoftBank-owned company, Sprint Corp to expand into telecommunications. The industrial software sector has undergone several mergers in recent years. Plex Systems Inc, a privately held U.S. maker of software used to run manufacturing plants, is exploring a potential sale. Last year, General Electric acquired ServiceMax, which monitors devices for maintenance and other services, for $915 million, while Roper Technologies bought software maker Deltek for $2.8 billion. (This version of the story corrects SoftBank Vision Fund size to $93 billion in paragraph 6 from $94 billion) (Reporting by Liana B. Baker in San Francisco; Editing by Richard Chang) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-softbank-funding-osisoft-idUKKBN18S3G9'|'2017-06-01T08:18:00.000+03:00'
'2e7c1380586c81c3211430a01fb2755f39f9b3a1'|'Oil futures climb 1 percent after U.S. stockpile draw'|'Business News - Thu Jun 1, 2017 - 4:16pm EDT Oil mixed; global crude glut drags despite big U.S. inventory draw FILE PHOTO: Crude oil storage tanks are seen from above at the Cushing oil hub, in Cushing, Oklahoma, U.S., in this March 24, 2016. REUTERS/Nick Oxford/File Photo By Julia Simon - NEW YORK NEW YORK Oil prices were mixed on Thursday, with Brent crude down on concerns that key producers were still adding to the global crude glut but U.S. crude up slightly after a larger-than-expected domestic inventory drawdown. U.S. crude futures CLc1 settled up 4 cents at $48.36 a barrel, while Brent LCOc1 ended down 13 cents at $50.63. After settlement, both benchmarks fell, failing to sustain the lift from the morning news of declining U.S. crude and gasoline stocks. "Eight straight weeks of declining crude and the market is barely up," said Gene McGillian, manager of market research at Tradition Energy in Stamford, Connecticut. “The market is telling us that unless we have significant inventory draws, the idea that we’re going to have stronger prices doesn’t look to be realistic.” Weekly data from the U.S. Energy Information Administration (EIA) showed crude inventories dropped 6.4 million barrels, exceeding the 4.4 million-barrel drop forecast. Gasoline inventories also dropped sharply ahead of the start of the summer driving season, the EIA said. [EIA/S] On Wednesday, a Reuters survey found output from the Organization of the Petroleum Exporting Countries (OPEC) rose in May, the first monthly increase this year, as higher supply from two states exempt from a production-cutting deal, Nigeria and Libya, offset improved compliance with the accord by others.. U.S. production increased, and the expectation is that ongoing activity in U.S. shale will continue to boost output, offsetting OPEC efforts. OPEC and other producers, including Russia, have agreed to restrict output by 1.8 million bpd to drain stockpiles that are close to record highs in many parts of the world. U.S. production is closing in on levels from top producers Russia and Saudi Arabia. It hit 9.34 million bpd last week, highest since August 2015. In Libya, output has recovered to 827,000 bpd after technical problems were resolved at the Sharara field. On Thursday OPEC Secretary-General Mohammad Barkindo said to an economic forum in Russia that it was too early to say when production caps could be imposed on Libya and Nigeria as they have a lot of issues to solve. The group, however, last week discussed cutting output by a further 1 to 1.5 percent, and could revisit the proposal should inventories remain high and continue to weigh on prices, sources said. Russia, which has cut production by 300,000 bpd under the deal, could increase production next year to as much as 11.07 million bpd, the country''s deputy energy minister told Reuters. (Additional reporting by Christopher Johnson and Ahmad Ghaddar in London, Aaron Sheldrick in Tokyo; Editing by Marguerita Choy and David Gregorio) '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-global-oil-idUSKBN18S3HU'|'2017-06-01T08:47:00.000+03:00'
'5c3948c694ecab3474583be07e74d482f7d44a73'|'UK Stocks-Factors to watch on June 2'|'London Market Report - Fri Jun 2, 2017 - 1:32am EDT UK Stocks-Factors to watch on June 2 June 2 Britain''s FTSE 100 index is seen opening 51 points higher at 7,594.9 points on Friday, according to financial bookmakers. * ELECTION: British Prime Minister Theresa May''s gamble on a snap election was under question on Thursday after the latest opinion polls showed her Conservative Party''s lead was dwindling just a week before voting begins. * RBS: A breakaway faction of shareholders in Royal Bank of Scotland is seeking extra time to raise cash for a trial that would call disgraced former CEO Fred Goodwin to account over the bank''s 12 billion pound cash call in the 2008 financial crisis. * EURASIA DRILLING: A consortium of Russian, Chinese and UAE funds are buying a minority stake in Eurasia Drilling , the head of the Russian Direct Investment Fund (RDIF) was quoted by Russian news agencies as saying on Thursday. * VODAFONE: Turk Telekom said on Friday its Avea unit and Vodafone Telekomunikasyon A.S. had together won a Turkish tender to provide and operate mobile communications infrastructure in areas where there is currently no infrastructure. * BRITAIN ECONOMY: Sales on Britain''s high streets fell 1.3 percent in May, dragged lower by weak demand for clothes and shoes, according to accountancy group BDO''s High Street Sales Tracker. * BHP: Iron ore mining restarted on Friday at Australia''s Mt Whaleback mine following a fire on Thursday, owner BHP , said. * AIRLINES/BREXIT: Global airlines warned on Thursday of "major disruption" if Britain leaves the European Union without a deal on aviation traffic. * The UK blue chip index was up 0.3 percent at close, with consumer staples and industrials stocks providing the top boosts to send it hovering near its highest intraday level of 7,586.45 points hit on Wednesday. * For more on the factors affecting European stocks, please click on: cpurl://apps.cp./cms/?pageId=livemarkets TODAY''S UK PAPERS > Financial Times > Other business headlines Multimedia versions of Reuters Top News are now available for: * 3000 Xtra : visit topnews.session.rservices.com * For Top News : topnews.reuters.com (Reporting by Rahul B in Bengaluru) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-stocks-factors-idUSL3N1IZ24D'|'2017-06-02T13:32:00.000+03:00'
'eba2ef24bf896ad1b8afba6e83dddfc929e4947c'|'FTSE at records on week before general election'|'Top   6:01pm BST British shares near records on week before general election Signage is seen on the London Stock Exchange building in central London on May 21, 2008. REUTERS/Luke MacGregor By Helen Reid and Danilo Masoni - LONDON LONDON British shares climbed to fresh all-time peaks on Friday but pared most of their gains following disappointing jobs growth data in the U.S. that weighed on global equities. The FTSE 100 .FTSE index of top UK blue chips rose 0.05 percent, off a peak of 7,598.99 points hit earlier in the day, while the domestically focused mid cap FTSE 250 index .FTMC inched down 0.04 percent, reversing earlier gains. Britain holds a general election next Thursday that is likely to have an impact on how the country tackles talks on its exit from the European Union. "Clearly the upcoming election is a short term focus for the market, but the UK market is very international in its make-up ... and therefore insulated from domestic politics," said JPMorgan portfolio manager James Illsley. "As we have seen through the referendum last year, sterling will act as a natural shock absorber for the market - if the domestic outlook weakens or the political landscape becomes more challenged, sterling weakens thereby boosting the sterling value of those overseas earnings to domestic investors," he added. Some opinion polls point to a tighter-than-expected race, with the Conservative Party of Prime Minister Theresa May seeing its lead over the opposition Labour party dwindling. Consumer staples were the biggest boost to the FTSE, adding 10 points to the index with British American Tobacco ( BATS.L ) and Unilever ( ULVR.L ) both up more than 1 percent. While the broader market was weighed down by the lacklustre U.S. jobs data, gold prices rose near a six-week peak as the figures lowered expectations for the Federal Reserve to raise interest rates this year. That in turn boosted shares in precious metal miners Randgold ( RRS.L ) and Fresnillo ( FRES.L ) to the top of the FTSE with gains of 4 and 3.8 percent respectively. Energy stocks, however, weighed with oil major BP ( BP.L ) down 1.5 percent as Brent crude tumbled on worries that U.S. President Donald Trump''s decision to abandon a climate pact could spark more crude drilling, worsening a global glut. Acacia Mining ( ACAA.L ) was a top mid-cap gainer, up 2.1 percent, after it maintained its full-year production guidance. The stock has lost a third of its value after a Tanzanian government investigation report found last month that the miner had under-declared precious metals in its exports. An upgrade to ''outperform'' from Credit Suisse boosted Kaz Minerals ( KAZ.L ) by 1.3 percent. "Debt levels are high but, given the strong operational performance, new debt facilities raised, reduced project capex and the around $1.1 billion cash buffer, we see limited risk of a funding gap," said analysts at the Swiss bank. But B&M European Value Retail ( BMEB.L ) fell 2.5 percent after major shareholders SSA Investments and CD&R sold a combined 12.5 percent of the company. (Reporting by Helen Reid and Danilo Masoni; Editing by Andrew Bolton)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-stocks-idUKKBN18T167'|'2017-06-02T17:43:00.000+03:00'
'4e422f2640d651ba186132ffbf176f784a392279'|'Boeing delays delivery of third 737 MAX jetliner'|'Business News - Fri Jun 2, 2017 - 8:49pm BST Boeing delays delivery of third 737 MAX jetliner Ground crew members escort a Boeing 737 MAX as it returns from a flight test at Boeing Field in Seattle, Washington January 29, 2016. REUTERS/Jason Redmond/File Photo SEATTLE Boeing Co ( BA.N ) said on Friday it had delayed the delivery of its third 737 MAX jetliner, set for next week to Norwegian Air Shuttle ( NWC.OL ), a move that comes after a brief delay in delivery of the first MAX last month. The 737 MAX is the latest version of Boeing''s best-selling aircraft. Norwegian did not immediately respond to a request for comment. Boeing did not elaborate on the cause of the delay. (Reporting by Alwyn Scott; Editing by Savio D''Souza) Alibaba''s Jack Ma invited to join bid for L''Oreal''s The Body Shop - sources LONDON European private equity firm Investindustrial has invited the investment vehicle of Alibaba''s founder Jack Ma to submit a joint bid of more than 800 million euros (700.30 million pounds) for L''Oreal''s The Body Shop, sources familiar with the matter said on Friday, just days before a deadline for final bids. Wall Street sees Fed on track for rate hike in June despite tepid May jobs data - Reuters poll NEW YORK Wall Street''s top banks see the Federal Reserve as being on track to raise interest rates at its policy meeting later this month even after a government report showed a severe pullback in hiring in May, a Reuters poll showed on Friday. LONDON Chancellor Philip Hammond may be replaced by Home Secretary Amber Rudd if Prime Minister Theresa May wins a landslide victory in next week''s national election, the Telegraph newspaper reported on Friday. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-boeing-deliveries-idUKKBN18T2TA'|'2017-06-03T03:49:00.000+03:00'
'8ee03c1c645465b721b32d6f17a04d3f4fa14c48'|'Irish consumer sentiment falls to lowest level this year in May'|'Business News - Fri Jun 2, 2017 - 12:11am BST Irish consumer sentiment falls to lowest level this year in May DUBLIN Irish consumer sentiment fell to its lowest level this year in May, a survey showed on Friday, a further sign that despite being Europe''s fastest growing economy, Ireland is failing to deliver the kinds of gains consumers expect. Ireland''s economy has been the best performing in Europe for the last three years, dramatically driving down unemployment but an uneven recovery has failed to spur on sentiment with many still reeling from the financial crisis of almost a decade ago. The KBC Bank Ireland/ESRI Consumer Sentiment Index fell to 100.5 from 102.0 in April, nearer a two-year low of 96.2 hit in December than the 15-year high of 108.6 reached just over a year ago. "We wouldn''t exaggerate the significance of the latest monthly fluctuation but the broader softness of recent readings does seem at odds with the strength of many other short term Irish economic indicators," KBC chief economist Austin Hughes said. "The lack of clear positive momentum in the survey strongly hints that the economic recovery is falling well short of consumers'' expectations in terms of delivering a material boost to their living standards." Hughes said the current readings suggest consumers remain modestly optimistic and are consistent with a growing economy but the survey implied that the upturn in consumer spending in the economy may remain constrained. The survey showed that while just under a quarter of Irish consumers judge that their personal finances improved in the past year, a broadly similar number reported a deterioration in their living standards. "The now long established recovery has failed to deliver anything like the scale or spread of the improvement in financial circumstances that Irish consumers had expected," Hughes said. (Reporting by Padraic Halpin)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-ireland-economy-consumersentiment-idUKKBN18S6NQ'|'2017-06-02T07:11:00.000+03:00'
'cb4fdef365b6cb5b0ed12942513df764a7833baf'|'EU, China fail to agree on steel, trade dumping at summit - Reuters'|' 05pm IST EU, China fail to agree on steel, trade dumping at summit European Commission President Jean-Claude Juncker and Chinese Premier Li Keqiang (R) pose during the EU-China Business Summit at the Egmont Palace in Brussels, Belgium June 2, 2017. REUTERS/Francois Lenoir By Philip Blenkinsop and Robin Emmott - BRUSSELS BRUSSELS The European Union and China failed on Friday to reach agreement on the problem of steel overcapacity and the EU''s stance towards Chinese dumping, despite "narrowing differences". China, the world''s biggest producer and consumer of steel, vowed last year to reduce its capacity but European steelmakers have complained that cheap Chinese exports are still flooding the market. Juncker told a news conference after a meeting of EU officials with Chinese Premier Li Keqiang that they had discussed the issue of steel overcapacity and China''s demand that, 15 years after it joined the World Trade Organization (WTO) it should no longer be treated as a special case. "We were able to narrow the positions but we are not yet there," Juncker said. A person present at the talks said that China had insisted on having a specific reference in a concluding text on the WTO issue. China also declined to include phrases referring to ways to resolve the problem of steel overcapacity, the person said. For a second year running, the EU-China summit failed to agree a final statement. The European Union and many of China''s other trading partners have debated whether to treat China now as a "market economy", which would make it more difficult to impose anti-dumping duties. China has launched a legal challenge against the EU''s existing anti-dumping rules at the WTO, although the bloc is in the process of changing its rules on combating dumping. Li repeated that WTO rules had to be implemented and the EU should accept China''s situation in the WTO had changed. "This will send a signal to society and the market that we both abide by international rules and abide by multilateralism," Li said, although added that the new EU rules might satisfy Beijing. "The European side indicated they are in the middle of a legislative amendment and it is consistent with WTO rules. It is non-discriminatory." (Reporting by Robin Emmott and Camille Bottin, writing by Philip Blenkinsop; editing by Robert-Jan Bartunek)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/eu-china-trade-idINKBN18T2GI'|'2017-06-02T14:35:00.000+03:00'
'32f947afa97992b0b0447ca8a8857695c3170e2d'|'Oil prices slide nearly 1 percent on persistent glut concerns'|'Business News - Fri Jun 2, 2017 - 2:27pm EDT Oil drops on fears of more U.S. drilling after climate deal withdrawal FILE PHOTO: An oil pump jack pumps oil in a field near Calgary, Alberta, Canada July 21, 2014. REUTERS/Todd Korol/File Photo By Julia Simon - NEW YORK NEW YORK Crude fell more than 1 percent on Friday, heading for a second straight week of losses, on worries that U.S. President Donald Trump''s decision to withdraw from an international climate accord will spur further domestic production and contribute to a persistent global oversupply. Brent crude futures LCOc1 were down 61 cents at $50.02 per barrel by 2:00 p.m. (1800 GMT), while U.S. West Texas Intermediate crude CLc1 futures fell 62 cents to $47.74 per barrel. Both contracts were on track for a weekly loss of about 4 percent. Market analysts are troubled by a growth in U.S. crude production that is straining efforts from the Organization of the Petroleum Exporting Countries to reduce global oversupply. U.S. drillers this week added 11 rigs, in a record stretch of 20 straight weeks of additions, data from energy services company Baker Hughes showed. [RIG/U] Trump''s withdrawal from the Paris agreement, the landmark 2015 global pact to fight climate change, drew condemnation from Washington''s allies and many in the energy industry - and sparked fears that U.S. oil production could expand more rapidly than it is currently. “Trump seems to be removing any barriers he can find that would obstruct growth of crude oil or natural gas,” said Stewart Glickman, energy equity analyst at CFRA in New York. "It’s kind of ironic because by doing that you’re encouraging more volumes to come out of the ground." U.S. crude production last week was up by nearly 500,000 barrels per day (bpd) from year-earlier levels and hit 9.34 million bpd, its highest since August 2015.[EIA/S] U.S. output is expected to keep rising, as the U.S. Energy Information Administration forecasts production of about 10 million bpd next year. Igor Sechin, chief of Russia''s largest oil producer, Rosneft, said U.S. producers could add up to 1.5 million bpd to world oil output next year. Last week OPEC and some non-OPEC producers extended a deal to cut 1.8 million bpd in supply until March 2018. Oil prices are down around 10 percent since the extension, and OPEC officials have since suggested they may deepen the cuts. Investors have been edgy due to the slow decline in inventories worldwide. U.S. inventories, however, fell 6.4 million barrels last week, their eighth straight weekly drawdown. "That''s relatively higher than the average draws we’ve seen, so you would have thought that crude would have fared a little better," said CFRA''s Glickman. (Additional reporting by Libby George and Sabina Zawadzki in London and Jane Chung in Seoul; Editing by Marguerita Choy and Adrian Croft) '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-global-oil-idUSKBN18T02K'|'2017-06-02T08:48:00.000+03:00'
'2bec1fa0ce2bf9cb3a125f0f1835d28ad7ef9f4c'|'Acacia Mining says would cost $30 million to close Bulyanhulu mine'|'Business News - Fri Jun 2, 2017 - 3:22pm BST Acacia Mining says would cost $30 million to close Bulyanhulu mine By Zandi Shabalala and Esha Vaish - LONDON/BENGALURU LONDON/BENGALURU Acacia Mining ( ACAA.L ) said on Friday it would cost about $30 million (£23.2 million) to put its Bulyanhulu mine in Tanzania under care and maintenance as an export ban on the miner''s metals weighed. Shares in the unit of Barrick Gold ( ABX.TO ) rose 4.7 percent after the company stuck to its full-year production guidance despite the ban. Acacia is losing $15 million per month after Tanzania banned the export of all unprocessed ore in March, forcing the company to make contingency plans in case a resolution is not found. Chief Executive Brad Gordon told a conference call on Friday it would cost $30 million to shut Bulyanhulu mine for layoffs and breaking contracts and between $2-$3 million per month in care and maintenance charges. Tanzanian President John Magufuli fired his mining minister and the chief of the state-run mineral audit agency last week after an investigation into possible undeclared exports by mining companies, including Acacia, to evade tax. A second audit of Acacia is now under way after the first audit committee last week said it found Acacia had 10 times more gold in its containers than the company had declared, as well as undeclared minerals such as iron and sulphur. Acacia has denied any wrongdoing and said it still has not seen the report. "If we get to a point following the release of the second report where we see an impasse in dialogue with the government then we would put Bulyanhulu on care and maintenance," Gordon said, adding that the burn on cash could also be a trigger. The ban mainly affects the Bulyanhulu mine which is a larger, newer mine that has higher running costs. Buzwagi mine is nearing the end of its life. It said production for the year would still fall between 850,000-900,000 ounces. Acacia, which is also listed in Tanzania, said its cash at the end of May was $165 million. Gordon said he was accompanied this week by Acacia Chairman and Barrick President Kelvin Dushnisky on a trip to Tanzania in an effort to resolve the ban. (Editing by Adrian Croft)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-acacia-mining-tanzania-idUKKBN18T22Y'|'2017-06-02T22:22:00.000+03:00'
'e98dd65995e0b68f7267939f80448bd3b753d513'|'DX secures investor backing for Menzies deal with revised terms'|'Deals  34am BST DX secures investor backing for Menzies deal with revised terms UK mail delivery firm DX Group ( DXDX.L ) agreed to acquire John Menzies'' ( MNZS.L ) distribution arm through a reverse takeover on Monday, securing backing from its largest investors after terms of the deal were revised. DX has offered 40 million pounds in cash and intends to issue new ordinary shares representing 65 percent of its issued share capital as enlarged by the transaction, the firms said. Gatemore Capital Management, which holds a 21.3 percent stake in DX, had previously opposed the proposal but said it had now entered into irrevocable undertakings to vote in favor of the revised deal. The previous terms proposed DX paying about 60 million pounds cash and issuing new shares to Menzies equaling 80 percent of DX''s share capital. Menzies ( MNZS.L ) also said it intended to raise gross proceeds of about 30 million pounds by way of a placing of new shares largely with institutional investors, adding that it would retain the proceeds. (Reporting by Esha Vaish in Bengaluru and Maiya Keidan in London; editing by Jason Neely)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-dx-m-a-john-menzies-idUKKBN18W0LV'|'2017-06-05T14:34:00.000+03:00'
'c7ca46927e2b3452541d78e85d38cacc422e69ed'|'Opel CEO plans to resign after sale to Peugeot: German newspaper'|'Autos - Sat Jun 10, 2017 - 11:08am EDT Opel CEO plans to resign after sale to Peugeot: German newspaper FILE PHOTO - Dr Karl-Thomas Neumann, CEO of Opel Group speaks during a news conference on media day at the Paris auto show, in Paris, France, September 29, 2016. REUTERS/Benoit Tessier BERLIN Karl-Thomas Neumann, chief executive of Open, the European arm of General Motors ( GM.N ), plans to resign, German newspaper Frankfurter Allgemeine Sonntagszeitung reported on Saturday. The newspaper said Neumann planned to inform the company''s board about his decision at its next meeting on June 22. Neumann wants to stay on board only until GM completes the sale of Opel to France''s PSA Group ( PEUP.PA ), the newspaper said. Opel this week said the sale, valued at 2.2 billion euros ($2.46 billion), could be completed as early as July 31, pending regulatory approval from antitrust authorities. (Reporting by Andrea Shalal; editing by Alexander Smith) '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/uk-opel-moves-idUSKBN1910NX'|'2017-06-10T23:08:00.000+03:00'
'f7eb02255a3aee3df776f1941be0128669f1ad10'|'UPDATE 1-Qatar Petroleum says business as usual despite diplomatic rift'|'Market News   10:12am EDT UPDATE 1-Qatar Petroleum says business as usual despite diplomatic rift (Adds background) RIYADH, June 10 Qatar Petroleum(QP) said on Saturday that it was conducting "business as usual" throughout its upstream, midstream and downstream operations, despite rising diplomatic tensions with its Gulf neighbours. QP was prepared to take any "necessary decisions and measures, should the need arise, to ensure that it honored commitments to customers and partners", the statement said. Saudi Arabia, the United Arab Emirates, Egypt and others severed diplomatic and transport links on Monday with Qatar, the world''s biggest LNG producer, accusing it of sponsoring terrorism. British gas prices spiked more than 4.5 percent on Thursday on concerns about how the rift could disrupt the global LNG trade, after two Qatari tankers that were likely bound for Britain changed course. Qatar''s LNG accounts for more than 30 percent of global trade. (Reporting by Tom Finn and Katie Paul; Editing by Hugh Lawson and Alexander Smith)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/gulf-qatar-lng-idUSL8N1J70EI'|'2017-06-10T18:12:00.000+03:00'
'ee09c1afb2ae37ce610439db098551664cab919a'|'Blackstone sells Logicor to China Investment Corporation for $14 billion'|'LONDON Private equity group Blackstone ( BX.N ) has agreed to sell warehouse company Logicor to China Investment Corporation [CIC.UL] for 12.25 billion euros ($13.8 billion), the fund said on Friday.The sale, the biggest private equity real estate deal in Europe on record, has scuppered plans that were being worked on for a London initial public offering of Logicor later this year.Eastdil Secured and Goldman Sachs were lead advisors to Blackstone.(Reporting by Dasha Afanasieva; Editing by Rachel Armstrong)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-logicor-sale-blackstone-group-idINKBN18T2E8'|'2017-06-02T14:08:00.000+03:00'
'c9881364cc5d56a2f9fbbb525e67ef6b8ddbe910'|'UK election raises Brexit stakes while ECB eyes recovery'|'Top News - Fri Jun 2, 2017 - 2:55pm BST UK election raises Brexit stakes while ECB eyes recovery left right Britain''s Prime Minister Theresa May speaks at an election campaign event at Pride Park Stadium in Derby, Britain June 1, 2017. REUTERS/Stefan Wermuth 1/4 left right FILE PHOTO: Flags in front of the European Central Bank (ECB) before a news conference at the ECB headquarters in Frankfurt, Germany, April 27, 2017. REUTERS/Kai Pfaffenbach/File Photo 2/4 left right FILE PHOTO: Jeremy Corbyn, leader of Britain''s opposition Labour Party, gives an election campaign speech in Basildon, June 1, 2017. REUTERS/Neil Hall/File Photo 3/4 left right FILE PHOTO: European Central Bank President Mario Draghi (R) and his wife (L) arrive at the Petruzzelli Theatre during a G7 for Financial ministers in the southern Italian city of Bari, Italy May 11, 2017. REUTERS/Alessandro Bianchi/File Photo 4/4 By Balazs Koranyi - FRANKFURT FRANKFURT It was meant to be a landslide victory for Prime Minister Theresa May. But the odds on that outcome in the British general election on Thursday are lengthening by the day, raising the prospect of a government weakened just as it starts divorce talks with a European Union showing more unity and economic strength than at anytime in the past decade. May is still favoured to win, but anything short of an increased majority could weaken her hold over eurosceptic lawmakers in her own Conservative Party and raise the chance of an acrimonious fight with Brussels. "From the EU''s standpoint, this looks like a win-win situation," René Defossez at Natixis said. "If Theresa May does end up with a comfortable majority, it will be that much easier (for her) to make concessions." "If there is no clear majority after the June elections, the UK will be weakened, placing the EU in a position of strength," Defossez said. "A small majority would likely give more weight to the Brexiters in the Conservative Party, heightening the probability of a clash." Most polls show the Conservatives'' lead narrowing, with one, admittedly outlier survey, giving the party just a 3 point lead. However, opinion polls in Britain have had a relatively poor track record recently, raising expectations that this election could again spring a surprise. The vote will offers starkly different choices on traditional economic policies with Britons having to pick between the status quo of the low-tax Conservatives and left-wing Labour''s plans to renationalise public utilities, increase spending and raise taxes for top earners and companies. While both major parties are committed to taking Britain out of the European Union, May has accepted that limiting immigration would inherently mean losing access to the single market, a conclusion Labour has yet to draw. Many economists have warned about the impact on the British economy - the world''s fifth-biggest - of leaving the EU''s single market, which enshrines freedom of movement for goods, services, capital and people. Labour, under radical left-winger Jeremy Corbyn, says Britain should keep the benefits of being in the single market. But that aim jars with his commitment to end freedom of movement for EU workers to come to Britain, which other EU countries insist is non-negotiable for single market membership. Consultancy Capital Economics said that a big parliamentary majority for May would ease uncertainty for companies and investors and pave the way for the Bank of England to raise interest rates sooner than markets expect. "The sanguine market reaction to U.S. President Trump’s stimulus plans suggests that higher debt projections might not result in a significant rise in borrowing costs through an increased risk premium for holding government debt," it said. For an interactive graphic on the British election, click: tmsnrt.rs/2pgjH8p ECB While Britons vote on Thursday, European Central Bank policymakers meeting in Tallinn, Estonia, will likely take another baby step towards removing the extraordinary monetary stimulus the bank has provided. With growth broadening and political risk declining after Emmanuel Macron''s victory in France''s presidential election, the euro zone is on its best economic run in a decade, raising hopes for normalisation after years of crisis fighting. Indeed, with over 5 million jobs created in recent years, unemployment is at an 8-year-low and sentiment indicators point to jobs and consumption-fed growth, making the recovery more resilient to swings in the global economy. While progress on vital reforms to cement growth have been lacking, political leaders have displayed unusual unity in recent weeks, raising hopes for an EU reboot and some relief for the ECB, which has carried the bulk of the burden since the crisis. The ECB could honour this progress by adapting a balanced risk assessment, dropping a long-standing negative view on risks to growth. It could also discuss dropping its so-called easing bias, a pledge to provide even more stimulus if necessary. But any move by the bank will be just a slight tweak around the wording of ECB President Mario Draghi''s opening statement, steering clear of any hint about its next policy move on worries that heightened expectations could set off a cycle of self-defeating market turbulence. "Even a blind man can see that risks to the Eurozone outlook are currently much more balanced than tilted to the downside," ING economist Carsten Brzeski said. "At the same time, however, the cyclical upswing has not led to any inflationary pressure. "Consequently, the ECB will not be in any rush to unwind QE. However, next week’s ECB meeting could mark the start of taper tiptoeing," Brzeski added. (Additional reporting by William Schomberg; Editing by Toby Chopra)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-global-economy-idUKKBN18T1YI'|'2017-06-02T21:55:00.000+03:00'
'7836976697b987ff0bf681cb3aafabb15c1515bc'|'Oil prices slide amid glut concerns, U.S. withdrawal from climate deal'|'Business News - Fri Jun 2, 2017 - 10:26am BST Oil slides as U.S. climate withdrawal compounds glut concerns FILE PHOTO: An oil pump jack pumps oil in a field near Calgary, Alberta, Canada July 21, 2014. REUTERS/Todd Korol/File Photo By Libby George - LONDON LONDON Brent oil tumbled below $50 on Friday, heading for a second straight week of losses, on worries that U.S. President Donald Trump''s decision to abandon a climate pact could spark more crude drilling in the United States, worsening a global glut. Benchmark Brent crude futures LCOc1 were trading at $49.67 a barrel at 0849 GMT, down 96 cents from the previous close. U.S. West Texas Intermediate crude CLc1 futures fell 95 cents to $47.41 per barrel. Both contracts were on track for weekly losses of close to 5 percent. The U.S. withdrawal from the landmark 2015 global agreement to fight climate change drew condemnation from Washington''s allies - and sparked fears that U.S. oil production could expand even more rapidly. "This could lead to a drilling free-for-all in the U.S. and also see other signatories waver in their commitments," said Jeffrey Halley, senior market analyst at futures brokerage OANDA. He added that the move could complicate the market outlook in a way that "would not be favorable to oil prices". U.S. crude production last week already stood nearly 500,000 barrels per day (bpd) above the year-earlier level, straining OPEC''s efforts to drain a global overhang. A week ago, the Organization of the Petroleum Exporting Countries and a number of non-OPEC producers met in Vienna to roll over a deal to cut 1.8 million bpd from the market for a further nine months, until March 2018. But oil prices tumbled after the agreement was reached, as some had hoped for deeper cuts. On Friday, Igor Sechin, chief of Russia''s largest oil producer, Rosneft, said U.S. oil producers could add up to 1.5 million bpd to world oil output next year. Oil prices are down some 9 percent since OPEC''s May 25 decision to extend the cuts. Rising output from OPEC members Nigeria and Libya, which are exempt from the deal, is also undercutting the attempt to limit production. Faced with a lingering glut, OPEC last week discussed reducing output by a further 1 to 1.5 percent, and could revisit the proposal should inventories remain high, sources told Reuters. Still, oil markets received some support from official U.S. data that showed the country''s crude inventories fell sharply last week as refining and exports surged to record highs. Crude stockpiles were down by 6.4 million barrels in the week to May 26, compared with analysts'' expectations for a decrease of 2.5 million barrels. (Additional reporting by Jane Chung in Seoul; Editing by Dale Hudson) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-global-oil-idUKKBN18T02K'|'2017-06-02T11:21:00.000+03:00'
'467db9677778327a3bb4f3a6c3e1cbd77c41b13b'|'Exclusive - EU aims to fine Google on shopping case before August: sources'|'Business News - Thu Jun 1, 2017 - 5:47pm BST Exclusive - Google faces hefty EU fine in shopping case by August: sources The Google logo adorns the entrance of Google Germany headquarters in Hamburg, Germany July 11, 2016. REUTERS/Morris Mac Matzen By Foo Yun Chee - BRUSSELS BRUSSELS EU antitrust regulators aim to slap a hefty fine on Alphabet ( GOOGL.O ) unit Google over its shopping service before the summer break in August, two people familiar with the matter said, setting the stage for two other cases involving the U.S. company. The European Commission''s decision will come after a seven-year investigation into the world''s most popular internet search engine triggered by scores of complaints from both U.S. and European rivals. The EU competition authority accused Google in April 2015 of distorting internet search results to favour its shopping service, harming both rivals and consumers. The Commission and Google declined to comment. The U.S. company has in the past rejected the charges, saying that regulators ignored competition from online retailers Amazon ( AMZN.O ) and eBay Inc ( EBAY.O ). Fines for companies found guilty of breaching EU antitrust rules can reach 10 percent of their global turnover, which in Google''s case could be about $9 billion (£7 billion) of its 2016 turnover. Google made three unsuccessful attempts to settle the case with the previous European Competition Commissioner Joaquin Almunia in a bid to stave off a possible fine and a finding of wrongdoing. Almunia''s successor Margrethe Vestager, however, has shown no willingness to settle with Google. The company has also been charged with using its Android mobile operating system to squeeze out rivals and with blocking competitors in online search advertising related to its "AdSense for Search" platform. The platform allows Google to act as an intermediary for websites such as online retailers, telecoms operators or newspapers. The Commission has warned of massive fines in both cases. (Reporting by Foo Yun Chee; Editing by Susan Fenton)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-eu-google-antitrust-idUKKBN18S5OK'|'2017-06-01T23:39:00.000+03:00'
'53b0c19bbdb456de644a0fa5154dc919146a87a3'|'CEE MARKETS-Czech crown firms on strongest wage data since 2008'|'* Crown briefly breaks through 26.30 to euro * Czech wage data strongest since 2008 * Prague bourse sees technical glitch, Warsaw down * Many markets closed for holiday PRAGUE, June 5 The Czech crown rose to its highest level since the central bank abandoned a cap on the currency in April, with data showing the country''s fastest wage growth since 2008 pointing to potential interest rate hikes later this year. There was no immediate reaction on the Prague stock exchange on Monday as a technical glitch prevented any trading. The bourse was due to restart at 1200 CET (1000 GMT). Warsaw did open, unlike other European markets which were closed for a public holiday, with the blue-chip index falling 0.7 percent by 0830 GMT. The Czech crown climbed 0.2 percent to 26.293 against the euro but only traded briefly beyond 26.300, a level which has provided resistance in recent days. The crown has gained 2.7 percent since the central bank released it from a currency cap, showing only gradual gains as investors wait for a bigger payday after betting tens of billions on a jump in the currency once it was free. The currency will play a key role in how soon the central bank will begin to raise interest rates, likely becoming the first in central Europe to do so after years of loose policy. Governor Jiri Rusnok said last week that there was no rush towards tightening. The last Reuters poll saw the first rate rise next year, although the central bank''s forecasts point to raising rates in the second half. Czech rates have been near zero since 2012 while the central bank had kept the crown artificially weak since 2013. A Reuters analyst poll last week saw the crown heading to 25.75 to the euro in the next 12 months but in a range between 26.2 and 27 until the end of September. If the crown failed to show sufficient appreciation, it could lead central bankers to begin tightening rates sooner than many expect. However, steady firming would allow them to wait. "The stated wage growth was 0.5 percentage points above the central bank''s forecast, making it a point in favour of tightening monetary policy," Radomir Jac, Generali Investments CEE chief economist, said. "This point is, however, currently neutralised by lower than expected inflation and strengthening of the crown," Jac said. CEE MARKETS SNAPSHOT AT 1053 CET CURRENCIES Latest Previous Daily Change bid close change in 2017 Czech crown 26.2930 26.3555 +0.24% 2.72% Hungary forint 307.6700 307.7450 +0.02% 0.37% Polish zloty 4.1782 4.1864 +0.20% 5.40% Romanian leu 0.0000 4.5666 #DIV/0! #DIV/0! Croatian kuna 7.4080 7.4095 +0.02% 1.99% Serbian dinar 122.1900 122.4500 +0.21% 0.95% Note: daily calculated from previous close at 1800 CET change STOCKS Latest Previous Daily Change close change in 2017 Prague -- 1005.81 +0.00% -100.00% Budapest -- 34762.46 +1.12% +9.83% Warsaw 2287.23 2303.21 -0.69% +17.42% Bucharest -- 8688.50 +0.93% +23.77% BONDS Yield Yield Spread Daily (bid) change vs Bund change in Czech Republic spread 2-year -0.132 0.052 +057bps +3bps 5-year -0.16 0.037 +026bps +1bps 10-year 0.681 -0.023 +039bps -4bps Poland 2-year 1.888 -0.014 +259bps -3bps 5-year 2.618 -0.018 +304bps -5bps 10-year 3.17 -0.003 +288bps -2bps FORWARD RATE AGREEMENT 3x6 6x9 9x12 3M interbank Czech Rep 0.34 0.41 0.48 0 Hungary 0.195 0.255 0.345 0.15 Poland 1.77 1.77 1.8 1.73 Note: FRA Quote: s are for ask prices (Writing by Jason Hovet in Prague; editing by Alexander Smith)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/easteurope-markets-idINL8N1J21JN'|'2017-06-05T07:20:00.000+03:00'
'26aa22de7d29f3328a42708c641343ea9ea3191b'|'Wall Street slightly lower as Apple weighs'|'By Tanya Agrawal Wall Street edged lower in early afternoon trading on Monday as Apple weighed on all the three major indexes following a rating cut and ahead of its developer conference.The iPhone maker''s stock ( AAPL.O ) was down 1 percent at $153.88 after brokerage Pacific Crest downgraded it to "sector weight" from "overweight".There is also a possibility that the company may take the unusual step of introducing a new product at the five-day conference, which kicks off on Monday.Investors appeared to have shrugged off weekend attacks in London that came just days before Britain''s general national election on Thursday.Opinion polls in the past week have put Prime Minister Theresa May''s Conservatives ahead, though with a narrowing lead over the Labour opposition.Data on Monday showed services sector activity slowed in May as new orders tumbled, while orders for manufactured goods fell in April for the first time in five months.Despite the disappointing data, market participants still expect the Federal Reserve to raise rates at its June 13-14 meeting, with traders expecting a 95.6-percent chance of a quarter-point hike, according to CME Group''s Fed Watch tool."We''re coming off a pretty strong rally and, in the absence of news to change that direction, we would anticipate that it would continue in that fashion," said Bill Northey, chief investment officer at U.S. Bank Wealth Management in Helena, Montana."Plus, anytime you have an attack, such as the one in the UK, it causes some market disruption. This has been a resilient equity market and as we go through the course of this week, economic data and the Fed will drive the market."At 12:53 p.m. ET (1653 GMT), the Dow Jones Industrial Average .DJI was down 3.34 points, or 0.02 percent, at 21,202.95 and the S&P 500 .SPX was down 1.75 points, or 0.07 percent, at 2,437.32.The Nasdaq Composite .IXIC was down 8.34 points, or 0.13 percent, at 6,297.46, slightly easing from its record high of 6310.61.Eight of the 11 major S&P 500 sectors were lower, with the health index''s .SPXHC 0.34 percent fall leading the decliners.The financial sector''s .SPSY 0.54 percent rise led the gainers and Goldman Sachs'' ( GS.N ) 0.8 percent increase boosted the Dow.Alphabet ( GOOGL.O ) hit the $1,000 mark and was among the biggest boosts to the S&P and the Nasdaq.Herbalife ( HLF.N ) was down 7.3 percent at $68.54 after the nutritional supplement maker lowered its sales outlook for the current quarter.Oil prices fell more than 1 percent on concerns that the cutting of ties with Qatar by top crude exporter Saudi Arabia and other Arab states could hamper a global deal to reduce oil production. [O/R]Declining issues outnumbered advancers on the NYSE by 1,757 to 1,083. On the Nasdaq, 1,765 issues fell and 1,018 advanced.The S&P 500 index showed 28 new 52-week highs and 11 new lows, while the Nasdaq recorded 82 new highs and 70 new lows.(Reporting by Tanya Agrawal in Bengaluru; Editing by Anil D''Silva)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/usa-stocks-idINKBN18W1OY'|'2017-06-05T13:35:00.000+03:00'
'8894f1bd241699b9ace3b3d94d9997e3e170348b'|'Russia''s Polyus launches secondary share offer in London, Moscow'|'Business   10:43am BST Russia''s Polyus tests markets with London and Moscow share sales By Polina Devitt - MOSCOW MOSCOW Russia''s top gold producer Polyus ( PLZL.MM ) will offer new and existing shares in a secondary share offering in both London and Moscow, it said on Monday, in a deal that will test investor appetite for Russian assets. Polyus delisted from the London Stock Exchange in late 2015 after Western sanctions over Moscow''s role in the Ukraine crisis began to bite for Russian companies. However it returns to London, buoyed by an 11 percent rise in global gold prices XAU= this year and by a separate $887 million (£687.6 million) deal to sell 10 percent of the company to a Chinese consortium led by Fosun International ( 0656.HK ). As part of its secondary share offering for 7 percent of the company''s equity, Polyus expects to raise $400 million from the sale of new shares. Further proceeds from existing equity will go the company''s controlling shareholder, the family of Russian tycoon Suleiman Kerimov. The company, listed on the Moscow Exchange with a market capitalisation of $9.9 billion and a free float of 6.76 percent, plans to use the proceeds from the planned share sale to repay some of its debt and finance projects. The Chinese deal had valued Polyus at $9 billion, or $70.6 per share, compared with 4,423 rubles (£60.4) per share at the market close on Friday. The shares were up 0.4 percent at 4,440 roubles on Monday. Other large Russian companies will be watching the Polyus offering with interest, hoping to gauge the likelihood of a robust return of investors that took flight after Moscow annexed Crimea from Ukraine in 2014. The first $500 million-plus offering on the Moscow market this year could be followed by an initial public offering (IPO) from En+ Group, which manages Russian tycoon Oleg Deripaska''s aluminium and hydropower businesses, sources have told Reuters. State shipping company Sovcomflot is also expected to launch an IPO before long. Polyus, meanwhile, is looking for a successful share sale to boost funds after winning a licence in January for one of the world''s biggest untapped gold deposits and as it prepares to start production at its large Natalka deposit in late 2017. In a separate statement on Monday, Polyus raised its production forecast to 2.35-2.4 million troy ounces in 2018 and 2.8 million ounces in 2019, having previously forecast 2.7 million ounces by 2020. Total cash costs will remain below $400 an ounce, it added. (Additional reporting by Katya Golubkova and Oksana Kobzeva; Editing by David Goodman)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-russia-polyus-spo-idUKKBN18W0O1'|'2017-06-05T15:29:00.000+03:00'
'7932ce51c8972a605c3db70644d64ed8c96bda05'|'Deals of the day-Mergers and acquisitions'|'June 5 The following bids, mergers, acquisitions and disposals were reported by 1100 GMT on Monday:** Apple Inc and Amazon.com Inc will join Foxconn''s bid for Toshiba Corp''s semiconductor business, the Nikkei business daily Quote: d Foxconn Chairman Terry Gou as saying.** Vietnam''s Vietjet Aviation JSC said it has signed a strategic agreement with Japan''s Mitsubishi UFJ Lease & Finance Co Ltd to finance three aircraft purchases worth $348 million.** UK mail delivery company DX Group agreed to acquire John Menzies'' distribution arm through a reverse takeover, securing backing from its largest investors after terms of the deal were revised.** Bahrain''s GFH Financial Group has agreed to postpone talks to acquire Dubai-based Shuaa Capital due to both parties not reaching acquisition terms and not receiving initial regulatory approval yet, it said in a bourse statement.** Private equity groups trying to take control of Shawbrook said they had raised their offer for the British challenger bank by just over 3 percent, as they try to convince another 5 percent of shareholders to accept the deal.** Coal giant Shenhua Group Corp Ltd and top-five state power producer China Guodian Corp are in talks to merge some assets, sources told Reuters, as part of a broader shake-up of China''s debt-ridden state-owned sector.** U.S. private equity group Blackstone Group said it had offered to buy all shares in Finnish real estate investment company Sponda for about 1.8 billion euros ($2.0 billion) as it seeks to expand its real estate business in the Nordic region.** The sale by Malaysian energy firm Petronas of an estimated $1 billion stake in a local upstream gas project has moved to the second round and is set to attract interest from about half a dozen bidders including Royal Dutch Shell and ExxonMobil Corp, four sources familiar with the matter said.** Czech-Slovak investment bank Penta''s offer price for the remaining shares in Fortuna Entertainment it does not already own is below fair value, the Czech betting group said.** Indian mobile carrier Reliance Communications won breathing room after receiving a seven-month loan reprieve from lenders, but will now need to reassure investors it can accomplish two deals critical to reducing its heavy debt.** Canada''s Osisko Gold Royalties Ltd said it agreed to buy a precious metals portfolio from Orion Mine Finance Group for C$1.13 billion ($839.40 million). (Compiled by Divya Grover in Bengaluru)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/deals-day-idINL3N1J23O2'|'2017-06-05T09:04:00.000+03:00'
'85dbd8817d5fe5e8884946edeb5a1a5cfa9c5162'|'DX secures investor backing for Menzies deal with revised terms'|'UK mail delivery firm DX Group ( DXDX.L ) agreed to acquire John Menzies'' ( MNZS.L ) distribution arm through a reverse takeover on Monday, securing backing from its largest investors after terms of the deal were revised.DX has offered 40 million pounds in cash and intends to issue new ordinary shares representing 65 percent of its issued share capital as enlarged by the transaction, the firms said.Gatemore Capital Management, which holds a 21.3 percent stake in DX, had previously opposed the proposal but said it had now entered into irrevocable undertakings to vote in favor of the revised deal.The previous terms proposed DX paying about 60 million pounds cash and issuing new shares to Menzies equaling 80 percent of DX''s share capital.Menzies ( MNZS.L ) also said it intended to raise gross proceeds of about 30 million pounds by way of a placing of new shares largely with institutional investors, adding that it would retain the proceeds.(Reporting by Esha Vaish in Bengaluru and Maiya Keidan in London; editing by Jason Neely)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-dx-m-a-john-menzies-idINKBN18W0LV'|'2017-06-05T04:34:00.000+03:00'
'd67afcec8472383724794c122709bf3269929bb5'|'Doubts over merger drag on stocks of Malaysian lenders RHB and AmBank'|'Deals - Fri Jun 2, 2017 - 4:56am EDT Doubts over merger drag on stocks of Malaysian lenders RHB and AmBank FILE PHOTO: Malaysia''s RHB Bank logo is seen at its branch in Kuala Lumpur September 4, 2013. REUTERS/Bazuki Muhammad/File Photo By A. Ananthalakshmi and Liz Lee - KUALA LUMPUR KUALA LUMPUR Shares of RHB Bank ( RHBC.KL ) and AMMB Holdings (AmBank) ( AMMB.KL ) fell on Friday on concerns that a potential merger between the two lenders in Malaysia''s biggest ever banking deal would create little value for investors. RHB and AmBank said on Thursday they are starting merger talks to form a group worth about $9 billion. Sources have told Reuters that RHB would be the acquirer in the potential merger, reinforcing its ranking as the fourth largest Malaysian bank by assets. RHB confirmed in a call with analysts on Thursday that it would be the acquirer in the all-stock deal, and indicated it would pay AmBank shareholders a one-time multiple of AmBank''s book value, according to five analysts who participated in the call. That valuation is not far from AmBank''s current market worth of $3.7 billion, which analysts say is a 0.9 to 1-time multiple. "I see this deal as a negative for AmBank shareholders unless they can bargain a cash portion in the deal," said Hong Leong Investment Bank analyst Khairul Azizi Kairudin, adding he was not optimistic the deal will be completed if it is a share-swap agreement. The merger would need approval from 50 percent of RHB shareholders for the deal to go through and 75 percent of AmBank shareholders, RHB told analysts on the call. Shares of AmBank fell as much as 1.7 percent on Friday, while RHB''s shares slumped as much as 4.3 percent. The broader Malaysian stock market .KLSE was up 0.7 percent. One AmBank shareholder told Reuters he was unlikely to take up the offer at the valuation RHB was proposing. "Public-listed companies should come with some premium," he said, declining to be named citing sensitivity of the matter. AmBank''s top shareholders are keen to sell their stakes. ANZ Banking Group ( ANZ.AX ), which owns a 24 percent stake, has been weighing a sale of its stake since early last year, sources have said. AmBank Chairman Azman Hashim, the second biggest shareholder with a 13 percent stake, has expressed his intention to pare the shareholding, according to sources. Analysts also said on Friday that for the RHB-AmBank merger to bring significant benefits to the combined company, the lender will have to cut costs substantially, a process that could take years. For the merged bank to realize an increase in return of equity from the current 8.3 percent to 10 percent, it will have to shed about 18 percent of its combined headcount of roughly 25,000 staff and 20 percent of other operating costs, said UOB Kay Hian analyst Keith Wee Teck Keong. (Reporting by A. Ananthalakshmi and Liz Lee; Editing by Muralikumar Anantharaman) '|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-ambank-m-a-rhb-bank-idUSKBN18T11A'|'2017-06-02T12:56:00.000+03:00'
'18e355c3af1cdaa540fae47227e4c796d34ce30b'|'CEE MARKETS-Budapest stocks hit record high, crown tests 3 1/2-year peak'|'* Local, regional economic data fuel optimism in markets * Budapest stock index sets record above 35,000-point mark * Czech GDP breakdown underpins continuing regional growth * Czech crown hovers near strongest levels since late 2013 By Sandor Peto BUDAPEST, June 2 Budapest stocks hit a record high and the Czech crown was testing a 3 1/2-year peak on Friday after economic data from the United States and Central Europe lifted investor confidence. Budapest''s main stock index crossed the 35,000-point mark, surging to a record high before retreating below that line by 0823 GMT, though still up 0.5 percent. Thursday''s May Czech and Polish manufacturing indices pointed to slower than expected economic expansion. But this week''s regional data - including the first-quarter Czech economic output breakdown on Friday - confirmed continuing strong growth. Hungary''s PMI hit a all-time high in May. That trend underpins regional currencies and stocks. Upbeat U.S. manufacturing data sent Poland''s zloty into a brief retreat against both the dollar and euro late on Thursday. Against the euro, the zloty pierced the 4.2 psychological line but returned to 4.188 by Friday, up 0.2 percent as global markets were awaiting U.S. payroll figures due at 1230 GMT in an upbeat mood. The Czech crown hit a multi-year high already in overnight trade at 26.318 and was flirting with that level again on Friday. A Prague-based dealer said the crown market was now quiet, but still had some space for gains. "There is still some momentum but pretty slow. But I think we are getting to levels where I would expect some profit taking," the dealer said, adding that the Czech central bank (CNB) was probably happy with the crown''s trajectory so far. Two months ago the CNB removed a cap which had kept the crown weaker than 27 against the euro since 2013. Investors who had bought tens of billions of euros worth of crowns eagerly await stronger levels to take profits. A Reuters poll of analysts conducted this week projected a rise in the crown to 25.75 in the next 12 months, and a range between 26.2 and 27 until the end of September. "We still see the first hike of CNB rates in 2018 as the most likely outcome, due to the loose policy of the ECB and the expected slowdown in Czech inflation at the 2017/18 turn," Erste analyst Jiri Polansky said after Friday''s GDP breakdown data. In stock markets, Alior Bank bucked a rise of Polish shares, and shed as much as 5.5 percent, after its CEO and co-founder Wojciech Sobieraj said he would not apply for another term. Hungary''s Konzum, a holding company part-owned by businessman Lorinc Meszaros, an ally and friend of Prime Minister Viktor Orban, surged 17 percent after saying on Thursday that it had acquired a 45 percent indirect stake in MKB Bank. Another firm part-owned by Meszaros, Opimus, which in April acquired a stake in FHB Bank, gained 7.6 percent. Bulgaria''s main stock index rose 0.6 percent. Later on Friday, Standard & Poor''s may upgrade the outlook from stable to positive on its BB+ rating for Bulgaria, Raiffeisen analyst Gintaras Shlizhyus said in a note. CEE MARKETS SNAPSH AT 1023 CET OT CURRENCIES Latest Previo Daily Change us bid close change in 2017 Czech crown 26.323 26.333 +0.04 2.60% 0 0 % Hungary 308.20 307.87 -0.11% 0.20% forint 00 00 Polish zloty 4.1880 4.1968 +0.21 5.16% % Romanian leu 4.5660 4.5691 +0.07 -0.68% % Croatian kuna 7.4110 7.4150 +0.05 1.94% % Serbian dinar 122.17 122.45 +0.23 0.97% 00 00 % Note: daily calculated previo close 1800 change from us at CET STOCKS Latest Previo Daily Change us close change in 2017 Prague 1010.6 1006.0 +0.46 +9.66 7 8 % % Budapest 34947. 34762. +0.53 +9.20 15 46 % % Warsaw 2296.3 2278.2 +0.79 +17.8 5 6 % 9% Bucharest 8769.4 8688.5 +0.93 +23.7 1 0 % 7% Ljubljana 791.04 792.01 -0.12% +10.2 4% Zagreb 1849.2 1848.4 +0.04 -7.30% 3 2 % Belgrade 718.36 719.93 -0.22% +0.14 % Sofia 668.14 664.08 +0.61 +13.9 % 3% BONDS Yield Yield Spread Daily (bid) change vs change Bund in Czech spread Republic 2-year -0.118 0.066 +059b +7bps ps 5-year -0.156 0.039 +028b +6bps ps 10-year 0.682 0.006 +039b +2bps ps Poland 2-year 1.913 0.003 +263b +1bps ps 5-year 2.653 -0.001 +309b +2bps ps 10-year 3.23 -0.012 +294b +0bps ps FORWARD RATE AGREEMENT 3x6 6x9 9x12 3M interb ank Czech Rep <PR 0.34 0.41 0.48 0 IBOR=> Hungary <BU 0.19 0.23 0.29 0.15 BOR=> Poland <WI 1.76 1.79 1.8 1.73 BOR=> Note: FRA are for ask Quote: s prices'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/easteurope-markets-idINL8N1IZ1VM'|'2017-06-02T07:18:00.000+03:00'
'e6496b2f9ea039bc8fa5cfa36b2c424fe9ae9893'|'PRESS DIGEST - Wall Street Journal - June 2'|'June 2 The following are the top stories in the Wall Street Journal. Reuters has not verified these stories and does not vouch for their accuracy.- President Donald Trump said on Thursday he will withdraw U.S. from the Paris climate accord in an effort to boost the nation''s industry and independence, making a dramatic shift in policy despite intense lobbying from business leaders and close allies. on.wsj.com/2qLfBon- U.S. meal kit service Blue Apron Holdings has filed preliminary documents for an initial public offering. on.wsj.com/2rqWQc7- Wal-Mart Stores Inc is testing a program in which store workers deliver some orders placed on Walmart.com or Jet.com, a sign of how the retailer hopes to use its 4,700 U.S. stores to its advantage in its battle against Amazon.com Inc . on.wsj.com/2sv6MR7- Google has told publishers it will give them at least six months to prepare for a new ad-blocking tool the company is planning to introduce in its Chrome web browser next year, according to people familiar with the company''s plans. on.wsj.com/2stfH5y- KKR & Co closed a $9.3 billion fund dedicated to private-equity investments across Asia Pacific, the largest such fund in the region, the U.S. private-equity company said on Friday. on.wsj.com/2qMEHn7 (Compiled by Bengaluru newsroom)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/press-digest-wsj-idINL3N1IZ201'|'2017-06-02T02:31:00.000+03:00'
'dee2a231b6a83d7f4ac3f39619e8f64b7f8c8367'|'Conagra''s talks to acquire Pinnacle Foods end with no deal: source'|'By Lauren Hirsch Reddi-wip whipped cream owner Conagra Brands Inc ( CAG.N ) has concluded talks to acquire Pinnacle Foods Inc ( PF.N ), the maker of packaged foods such as Vlasic pickles, after failing to agree on a price, a person familiar with the matter said on Friday.Chicago-based Conagra had approached Parsippany, New Jersey-based Pinnacle to express interest in a possible acquisition, Reuters reported on Wednesday.The deal would have combined brands such as Conagra''s Orville Redenbacher''s popcorn with Pinnacle''s Duncan Hines baking products and Birds Eye frozen vegetables, as both companies grapple with slowing frozen and packaged food sales.The source asked not to be identified because the talks were confidential. Conagra and Pinnacle both declined to comment.Pinnacle Foods shares dropped 7.7 percent to $60.83 after CNBC first reported the unsuccessful conclusion of the talks, giving the company a market capitalization of $7.2 billion. Conagra shares were down 1.6 percent to $39.30, giving it a market capitalization of $16.7 billion.Conagra''s approach shows that Pinnacle Foods remains an acquisition target, three years after its $4.3 billion sale to Hillshire Brands was canceled after Hillshire agreed to sell itself to Tyson Foods Inc ( TSN.N ) for $7.7 billion.Hillshire was led at the time by Sean Connolly, who is now chief executive of Conagra. His second attempt at an acquisition of Pinnacle Foods underscores the need for further consolidation in the frozen food and condiments sectors, as sales continue to decline with consumers opting for healthier choices.Conagra has been seeking to reinvent itself since selling its private label unit for $2.7 billion in 2016 to focus on its branded food business. Last year it spun off its $6.9 billion frozen potato business, Lamb Weston Holdings Inc ( LW.N ).It has also divested a number of its smaller underperforming brands, and this week agreed to sell its Wesson oil brand to Folgers coffee maker J.M. Smucker Co ( SJM.N ) for $285 million.Pinnacle Foods has made a push toward healthier offerings. It bought Boulder Brands Inc, owner of Udi''s Gluten Free Bread, for $975 million last year.Conagra and Pinnacle Foods are among the companies weighing offers for Reckitt Benckiser Group''s ( RB.L ) North American food business, estimated to be worth around $3 billion, Reuters reported on Wednesday.(Reporting by Lauren Hirsch in New York; Editing by Dan Grebler)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-pinnacle-foods-m-a-conagra-brands-idINKBN18T27F'|'2017-06-02T12:54:00.000+03:00'
'b6289b8db2b8b6f3d4aeade181aedf34b2f713ed'|'Apache sells Canadian oil assets to Cardinal for C$330 million'|'Deals - Thu Jun 1, 2017 - 6:04pm EDT Apache sells Canadian oil assets to Cardinal for C$330 million By Nia Williams - CALGARY, Alberta CALGARY, Alberta U.S. oil and gas producer Apache Corp is selling Canadian light oil assets to Canada''s Cardinal Energy Ltd to focus on high-growth areas like the Permian basin shale play, an Apache spokesman said on Thursday. The C$330 million ($244 million) cash deal includes the House Mountain assets in Alberta and Apache''s share of the Midale and Weyburn oil assets in southeast Saskatchewan, which together produce 5,000 barrels of oil equivalent per day (boepd). Apache becomes the latest international oil firm to sell Canadian operations in favor of concentrating on U.S. shale plays. This year alone international oil majors including ConocoPhillips and Marathon Oil Corp have sold off $22.5 billion of Canadian assets. Canadian domestic producers like Cardinal, Cenovus Energy Ltd and others have stepped up to buy the assets from the retreating global firms. "The sale of these assets is in line with Apache''s efforts to further streamline its portfolio and focus on our high-growth areas of opportunity, particularly in the Permian Basin," the Apache spokesman said. In addition to the assets sold to Cardinal, Apache has other operations in western Canada producing around 50,000 boepd, having entered the country in 1995. Canadian oil industry players say international capital is being deterred by higher costs and tighter environmental regulations than in the United States, and limited export pipeline capacity. This week the proposed expansion of the Trans Mountain pipeline from Alberta to the British Columbia hit a serious stumbling block when British Columbia''s new government vowed to oppose it. Canadian light oil is cheaper to produce than northern Alberta''s oil sands crude, but is not as fast-growing as the booming Permian shale play. Junior producer Cardinal Energy will fund the acquisition with a C$170 million share sale and the remainder using debt. It expects to sell royalty interests and fee title lands associated with the Apache assets by the end of the year, which will help pay down debt. Cardinal upped its 2017 production guidance to 19,200-19,700 boepd as a result of the deal. Cardinal shares are down 45.5 percent this year, while the benchmark Canada share index is up 1.2 percent. (Editing by Chris Reese and Diane Craft) '|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-apache-cardinal-energy-deals-idUSKBN18S6H2'|'2017-06-02T02:04:00.000+03:00'
'd68b3d9590fa1ad1d615c959e4e33100da710916'|'China''s Fortune Fountain Capital to buy French crystal maker Baccarat'|'Business News - Fri Jun 2, 2017 - 1:30pm BST China''s Fortune Fountain Capital to buy French crystal maker Baccarat The logo of the Baccarat Crystalworks firm is seen in Paris, France, March 3, 2016. REUTERS/Jacky Naegelen PARIS Chinese investment group Fortune Fountain Capital (FFC) said on Friday it has signed an agreement to buy a controlling stake in French crystal maker Baccarat ( CDBP.PA ) from U.S investment firms Starwood Capital Group and L Catterton. Under the binding agreement, FFC will pay 222.70 euros per share, valuing the 88.8 percent stake at 164 million euros (£143 million). The acquisition of the renowned Paris-based firm, founded in 1764, is another illustration of the growing weight of Chinese investments in the France, whose tourist and wine industries have a great appeal in the world''s second-biggest economy. The price reflects a 2.1 percent premium compared with Baccarat''s closing stock price on May 18. Press reports then about a potential sale of the company triggered a spike in the share price, which closed at 259.90 euros on Thursday. Baccarat turned a profit for the first time in four years in 2016. Its revenue over the period amounted to 148.3 million euros with earnings before interest, tax, depreciation and amortisation (Ebitda) of 12.9 million euros. "The acquisition... will enable Baccarat to accelerate its strategic international plans, including expansion into emerging markets such as Asia and the Middle East, as well as continued growth across existing developed markets, particularly North America," FFC said in a statement. The Chinese financial firm said it would keep the current workforce and management, including chief executive Daniela Riccardi. Chinese investors poured a record $23 billion into Europe in 2015, including $3.6 billion in France, the number three destination for Chinese deals after Britain and Germany, according to a research report by U.S. law firm Baker & McKenzie. China''s Fosun ( 0056.HK ) took control of French holiday group Club Med in 2015 and is in talks to buy a stake in French ski resorts operator Compagnie des Alpes ( CDAF.PA ). Jin Jiang International also bought Europe''s second-biggest budget operator Louvre Hotels for 1.3 billion euros in 2015. Politicians in France and Germany have expressed concern at the rapid advance of Chinese companies in Europe, with former French President Francois Hollande balking at the prospect of city of Shanghai-controlled Jin Jiang gaining control of French hotels group AccorHotels ( ACCP.PA ). (Reporting by Alan Charlish in Gdynia and Pascale Denis in Paris; Additional reporting by Dominique Vidalon and Mathieu Rosemain; Editing by Michael Perry and Adrian Croft)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-baccarat-sale-idUKKBN18T1QP'|'2017-06-02T20:30:00.000+03:00'
'866107ff9ab00268c2c98bd318c8bb1330a10214'|'Doubts over merger drag on stocks of Malaysian lenders RHB and AmBank'|'By A. Ananthalakshmi and Liz Lee - KUALA LUMPUR KUALA LUMPUR Shares of RHB Bank ( RHBC.KL ) and AMMB Holdings (AmBank) ( AMMB.KL ) fell on Friday on concerns that a potential merger between the two lenders in Malaysia''s biggest ever banking deal would create little value for investors.RHB and AmBank said on Thursday they are starting merger talks to form a group worth about $9 billion. Sources have told Reuters that RHB would be the acquirer in the potential merger, reinforcing its ranking as the fourth largest Malaysian bank by assets.RHB confirmed in a call with analysts on Thursday that it would be the acquirer in the all-stock deal, and indicated it would pay AmBank shareholders a one-time multiple of AmBank''s book value, according to five analysts who participated in the call.That valuation is not far from AmBank''s current market worth of $3.7 billion, which analysts say is a 0.9 to 1-time multiple."I see this deal as a negative for AmBank shareholders unless they can bargain a cash portion in the deal," said Hong Leong Investment Bank analyst Khairul Azizi Kairudin, adding he was not optimistic the deal will be completed if it is a share-swap agreement.The merger would need approval from 50 percent of RHB shareholders for the deal to go through and 75 percent of AmBank shareholders, RHB told analysts on the call.Shares of AmBank fell as much as 1.7 percent on Friday, while RHB''s shares slumped as much as 4.3 percent. The broader Malaysian stock market .KLSE was up 0.7 percent.One AmBank shareholder told Reuters he was unlikely to take up the offer at the valuation RHB was proposing."Public-listed companies should come with some premium," he said, declining to be named citing sensitivity of the matter.AmBank''s top shareholders are keen to sell their stakes. ANZ Banking Group ( ANZ.AX ), which owns a 24 percent stake, has been weighing a sale of its stake since early last year, sources have said. AmBank Chairman Azman Hashim, the second biggest shareholder with a 13 percent stake, has expressed his intention to pare the shareholding, according to sources.Analysts also said on Friday that for the RHB-AmBank merger to bring significant benefits to the combined company, the lender will have to cut costs substantially, a process that could take years.For the merged bank to realize an increase in return of equity from the current 8.3 percent to 10 percent, it will have to shed about 18 percent of its combined headcount of roughly 25,000 staff and 20 percent of other operating costs, said UOB Kay Hian analyst Keith Wee Teck Keong.(Reporting by A. Ananthalakshmi and Liz Lee; Editing by Muralikumar Anantharaman)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-ambank-m-a-rhb-bank-idINKBN18T11A'|'2017-06-02T06:56:00.000+03:00'
'cad54e9b0421da3b00741306cb7b02ecc47a6171'|'Pre-Brexit election boost evaporates for pound'|'Business News - Fri Jun 2, 2017 - 2:49pm BST Pre-Brexit election boost evaporates for pound FILE PHOTO: New one pound coins come off the production line at The Royal Mint in Llantrisant, Wales, Britain, January 25, 2017. REUTERS/Rebecca Naden/File Photo By Patrick Graham - LONDON LONDON British Prime Minister Theresa May calling a snap election seemed like the best news imaginable for all those wondering when they could call the bottom of the pound''s Brexit-driven 20 percent fall. Yet six weeks on, all sorts of doubts have set in. Strategists, traders and bank salespeople fell over themselves on April 18 to argue the election would strengthen May''s hand over hardline eurosceptics in her own party and, more generally, remove election risk from imminent talks with Brussels on Britain''s departure from the European Union. Even if she fell short, they said, a weaker majority might also force her to pay more heed to other views in parliament that are softer on issues of immigration and access to the EU''s lucrative single market. The pound surged almost 4 percent in three weeks, topping $1.30 for the first time in six months and prompting banks and the big asset managers who dominate financial markets to cash in profits made betting against sterling since last June. But in the past 10 days of conflicting opinion polls, that boost has evaporated and investors now face Brexit talks, and all the difficult headlines they will bring, with sterling again looking vulnerable. In trade-weighted terms, the pound is back where it was on April 9. "Would I want a big bet on how the election''s going to go? Bluntly, no, because there''s so much volatility around the polling," said Mike Amey, head of sterling portfolios at giant bond investor PIMCO. "We don’t have a big position on the currency, we think that sterling and bonds are on the richer side. (But) it doesn’t seem like an obvious period, with sterling where it is, to run a very big position one way or the other." HISTORY Some wonder why the pound hasn''t fallen more. Sterling has a history of weakening in the run-in to closely fought elections as well as one of falling when the Conservatives'' poll ratings are worsening. Foreign exchange traders in London have always preferred the prospect of a right-leaning government that keeps a lid on public spending and taxation of their bonuses. Yet sterling''s falls of the past fortnight pale in comparison with others since last June. One reason is that this is no ordinary election. The market has got used to May''s plan for Britain''s divorce from Europe, but for financial investors it is still the wrong one - the same "hard Brexit" blueprint that had them selling the pound aggressively last September and October. "Alternative scenarios look worse short-term, but better further out," Morgan Stanley analysts said in a note to clients this week. "With a smaller majority for the Conservatives than today or a Labour-led government, we would assume a more negative initial reaction to greater political instability, but a softer Brexit, higher spending and stronger medium-term growth prospects than in our base case." Others, notably the world''s second biggest currency trader JPMorgan, took a similar line this week. Another element is the growing familiarity of investors with big political risks over the past two years and the extent to which most have tended to avoid positioning heavily for one result or another ahead of major events. Donald Trump''s election last November, like the Brexit referendum before it, taught investors to keep their money off the table until the results were in. "I could see a scenario like the U.S. election, when the market tried to sell the dollar (after Trump won) and then began to think about the actual policies and we then saw a rally that lasted weeks," says Lee Hardman, a strategist with giant Japanese financial group MUFG. "A progressive coalition could lead ultimately to a stronger pound. If there was a left-leaning coalition of Labour and Lib Dems (Liberal Democrats), obviously the Brexit strategy would be ripped up." So if there are bets against the pound, for now they have been taken where they are cheapest - in the options market. The one-month sterling-dollar risk reversal - a measure of the balance of bets for more falls of the currency in the next month over those for more gains - hit its most negative since early February on Wednesday. Analysts from Canadian bank RBC calculate that the market currently prices in a Conservative majority of 85 seats, down from an earlier peak of 160. "The longer-term implications of the election are more ambiguous, but sterling''s preference for a larger expected Conservative majority is clear in the short term and the risk is that both fall further," the bank''s head of G10 FX strategy Adam Cole said in research sent to clients on Friday.'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-election-sterling-idUKKBN18T1VJ'|'2017-06-02T21:10:00.000+03:00'
'398682a5dc8f1c2c1e50414953cb090f5ff1c230'|'Exclusive: California to discuss linking carbon market with China'|'Business News - Fri Jun 2, 2017 - 12:12am BST Exclusive: California to discuss linking carbon market with China Smoke rises from a chimney of a cogeneration plant in Beijing November 25, 2013. REUTERS/Kim Kyung-Hoon By Peter Henderson - SAN FRANCISCO SAN FRANCISCO California Governor Jerry Brown said on Thursday he will discuss merging carbon trading markets in his state and China when he travels to Asia later this week, a sign of the governor''s ambition to influence global climate change policy. Brown discussed his plans in a telephone interview after U.S. President Donald Trump announced he would exit the Paris international climate accord. Brown vigorously opposes the withdrawal and has been working with states and provinces around the world to set voluntary agreements to address global warming. The governor heads to China on Friday for meetings focused on climate change. California has the largest U.S. carbon trading system and frequently has hosted officials from China. China has launched seven pilot regional trading schemes and plans to roll out a nationwide market this year. However the launch faces delays amid unreliable data and other regulatory problems, a government researcher said recently. California''s system, which is known as "cap and trade" already is linked to Canada''s Quebec market. "I think that is a heavy lift to include Chinese provinces but we are definitely taking that possibility very seriously," Brown said. “We want to make sure it has full integrity and know exactly what’s going on. And we can’t say that today," he said. "Maybe we don’t put it right in the same cap and trade regime, maybe some parallel regime," he added. "I am going to discuss that with the highest officials in China this week.” (Reporting By Peter Henderson; Editing by Cynthia Osterman)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-usa-climatechange-california-china-ex-idUKKBN18S6NV'|'2017-06-02T07:12:00.000+03:00'
'b8460fa24b1c5394a6996abc32fff17dc4c121f7'|'UPDATE 1-Alibaba''s Jack Ma invited to join bid for L''Oreal''s The Body Shop - sources'|'(Adds background)By Pamela Barbaglia and Martinne GellerLONDON, June 2 European private equity firm Investindustrial has invited the investment vehicle of Alibaba''s founder Jack Ma to submit a joint bid of more than 800 million euros ($900 million) for L''Oreal''s The Body Shop, sources familiar with the matter said on Friday, just days before a deadline for final bids.Hong Kong-based Blue Pool Capital has been asked to team up with Investindustrial and Brazil''s GP Investments, one of Latin America''s largest private equity firms, in making a bid for the British-based cosmetics retailer, the sources said.European private equity investor CVC Capital Partners is also planning to submit a rival offer ahead of a June 7 deadline for final bids, the sources said, adding that another buyout firm, Advent, has decided to drop out of the contest.L''Oreal has asked prospective bidders to table offers of no less than 800 million euros, said the sources.L''Oreal, Investindustrial, GP Investments, Advent and CVC all declined to comment while no one at Blue Pool Capital was available for comment outside of regular business hours.Investindustrial''s Italian founder Andrea Bonomi told Reuters earlier this month that the buyout firm, which also has investments in luxury carmaker Aston Martin and shoemaker Sergio Rossi, was in the race for The Body Shop.. The firm worked with GP Investments on an eventually unsuccessful joint bid for French holiday resorts operator Club Med back in 2014.L''Oreal said in February it was reviewing its strategy for The Body Shop, which it bought for 652 million pounds ($840 million) in 2006.Founded in 1976 by British entrepreneur Anita Roddick, the company was a pioneer in the ethical beauty industry but has since fallen victim to increased competition from newcomers also offering similar products based on natural ingredients and no animal-testing.Last year The Body Shop, which has more than 3,000 stores worldwide, saw its revenue drop 48 percent to 920.8 million euros and its operating profit fall 38 percent to 33.8 million euros.L''Oreal''s advisor, Lazard, was originally hoping for a valuation close to 1 billion euros for the business, but the sources said such a price was challenging given the chain''s recent struggles and poor performance.The Body Shop has also drawn interest from a handful of industry players including Brazilian make-up firm Natura Cosmeticos, which took part in the initial stages of the auction, the sources said. Natura was not immediately available to comment. ($1 = 0.8875 euros) ($1 = 0.7763 pounds) (Additional reporting by Dasha Afanasieva in London, Elzio Barreto and Julie Zhu in Hong Kong and Guillermo Parra-Bernal in Sao Paulo; Editing by Greg Mahlich)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/loreal-bodyshop-ma-idINL8N1IZ57E'|'2017-06-02T16:01:00.000+03:00'
'be73a315d6c9285d96955f0318eedb8c2cd4faa9'|'Enel aims to sell Russia''s Reftinskaya power plant in 2017: CEO'|'By Katya Golubkova - ST PETERSBURG, Russia ST PETERSBURG, Russia Italy''s Enel ( ENEI.MI ) has mandated Sberbank ( SBER.MM ) to arrange the sale of its Reftinskaya coal power plant in Russia and hopes to do the deal in 2017, Enel Chief Executive Francesco Starace said.Starace, who was attending the annual St Petersburg International Economic Forum, also told Reuters his company had decided to stay in Russia and expand in the renewable business.Enel is one of several foreign firms which bought into the Russian power sector in the last decade when the state monopoly was broken up."We have ... restarted the process of divesting from power plant Reftinskaya. Sberbank is managing the sale. We hope that we will conclude it (the sale) by the end of the year," Starace said in an interview."I think there will be probably interest from Russian companies, we had interest from Russian companies before. I don''t expect this would change a lot," he said on the sidelines of the forum.Two financial market sources told Reuters in November that Russian state power company InterRAO ( IRAO.MM ) and China Huadian Corporation were interested in buying Enel Russia ( ENRU.MM ), the Russian power generation unit of Enel.Enel owns a 56.4 percent stake in Enel Russia, which controls four power stations."We decided not to exit Russia. In fact, we decided to remain and grow in the renewable business," Starace said. "We never really had an intention to sell, we were stimulated by buyers who wanted to buy.""This is a changing moment for us in Russia," Starace said.He also said that Enel was not considering buying stakes in Innogy ( IGY.DE ) or Uniper ( UN01.DE ).(Additional reporting by Anastasia Lyrchikova in Moscow and Steven Jewkes in Milan; Writing by Maria Kiselyova and Katya Golubkova; Editing by Alexander Winning and Edmund Blair)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-russia-economic-forum-enel-idINKBN18T13H'|'2017-06-02T12:43:00.000+03:00'
'e70677d269258c2aad3471c481d2625f7982be76'|'Exclusive: GTCR, Carlyle in talks to acquire Albany Molecular Research - sources'|'By Carl O''Donnell Buyout firms GTCR LLC and Carlyle Group LP ( CG.O ) are in talks to team up and jointly acquire U.S. contract drug manufacturer and researcher Albany Molecular Research Inc ( AMRI.O ), people familiar with the matter said on Monday.A deal would come amid a wave of dealmaking in the pharmaceutical contract manufacturing sector. Last month, medical instrumentation maker Thermo Fisher Scientific Inc ( TMO.N ) agreed to acquire contract drug manufacturer Patheon NV ( PTHN.N ) for around $7.2 billion.Negotiations are ongoing, and there is no certainty that the talks will lead to Albany Molecular Research being taken private, the sources said.The sources asked not be identified because the negotiations are confidential. Albany Molecular Research did not respond to a request for comment, while GTCR and Carlyle declined to comment.Albany Molecular Research shares rose as much as 10 percent on the news. They were down 1.6 percent at $19.84 in afternoon trading in New York on Monday, giving the company a market capitalization of $830 million. Shares had already risen close to 50 percent since April 7, when Dealreporter reported that Albany Molecular Research was exploring a sale.Headquartered in Albany, New York and founded in 1991, Albany Molecular Research offers a range of contract services for life sciences companies, from discovering new drugs to manufacturing products and active ingredients.With around $570 million in 2016 sales, Albany Molecular Research is among the smaller players in the contract research and manufacturing sector dominated by giants such as Pharmaceutical Product Development LLC and Laboratory Corporation of America Holdings'' ( LH.N ) Covance division.Earlier this year, Albany Molecular acquired Prime European Therapeutics SpA, also known as Euticals, in a deal worth around $358 million. It built out its presence in India and also strengthened its capabilities in the active pharmaceutical ingredients space.Contract drug manufacturers can prove to be lucrative investments for private equity firms. Patheon, the company that agreed to be sold to Thermo Fisher, was controlled by buyout firm JLL Partners, which had taken the company public last year.Last December, Swiss pharmaceutical supplier Lonza Group AG announced a deal to buy Capsugel, a U.S. maker of capsules and other drug delivery systems, from private equity firm KKR & Co LP ( KKR.N ) for $5.5 billion. KKR had acquired Capsugel from Pfizer Inc ( PFE.N ) for $2.38 billion in 2011.(Reporting by Carl O''Donnell in New York; Editing by Jonathan Oatis, Bernard Orr)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-albany-molecular-m-a-gtcr-exclusive-idINKBN18W2D4'|'2017-06-05T16:56:00.000+03:00'
'37ff443368f75f5eb00c54dd6c0e1acada78d82a'|'Toyota sells all shares in Tesla as their tie-up ends - Reuters'|'TOKYO, June 3 Toyota Motor Corp said on Saturday it had sold all shares in Tesla Inc by the end of 2016, having cancelled its tie-up with the U.S. luxury automaker to jointly develop electric vehicles.Japan''s biggest automaker had bought around a 3 percent stake in the Palo Alto-based automaker for $50 million.Toyota spokesman Ryo Sakai said the company had sold all of its shares in Tesla as of the end of 2016, part of a regular, periodic review of its investments, after it had initially sold down a portion in 2014."Our development partnership with Tesla ended a while ago, and since there has not been any new developments on that front, we decided it was time to sell the remaining stake," he said.In November, the Japanese automaker appointed its president to lead their newly-formed electric car division, flagging its commitment to develop a technology that it has been slow to embrace.The department comprises a new in-house unit to plan Toyota''s strategy to develop and market electric cars as part of the company''s efforts to keep pace with tightening global emissions regulations. (Reporting by Naomi Tajitsu, Writing by Osamu Tsukimori; Editing by Jacqueline Wong)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/toyota-tesla-idINL3N1J0046'|'2017-06-03T03:34:00.000+03:00'
'3b339a2ef04358a596ebe8640c9524e048ec5b94'|'Stada eyes takeovers of up to 1 billion euros: Welt am Sonntag'|'FRANKFURT German generic drug maker Stada ( STAGn.DE ) will be in a position to stem takeovers of up to 1 billion euros ($1.13 billion)thanks to its own acquisition by private equity, Chief Executive Matthias Weidenfels told German newspaper Welt am Sonntag.Stada''s management has backed a 5.3 billion euros offer from bidders Bain and Cinven, a deal which opens up new growth options for Stada, Weidenfels told the paper."We have long been on the lookout for takeover targets, even those which are actually too large for us. We are doing this in the area of generic drugs and branded drugs," Weidenfels told the paper."Large takeovers are not possible using our current means," he explained, adding that the company''s war chest was only around 350 million euros. After the takeover, Stada will be in a position to stem takeovers of up to 1 billion euros, Weidenfels said.Bain and Cinven have agreed to avoid forced redundancies for four years, assurances which Weidenfels said puts the company on a path to growth.Shareholders have until June 8 to tender their shares and a takeover will likely be completed by August 30, Weidenfels said.($1 = 0.8867 euros)(Reporting by Edward Taylor; Editing by Andrew Bolton)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-stada-m-a-mergers-idINKBN18U0K0'|'2017-06-03T11:41:00.000+03:00'
'e8b0f189d1c826b81d3b94333dc8fec32bb744a6'|'NYSE Saudi Arabia''s Tadawul exchange listing favoured option for Saudi Aramco- FT'|' New York Stock Exchange listing alongside one on Saudi Arabia’s Tadawul exchange has been favoured listing option for Saudi Aramco- FT, citing documents* Premium category listing on LSE alongside domestic offering seen as next best option for Saudi Aramco, followed by standard listing on LSE- FT, citing documents* Legal counsel implying that London is now frontrunner for Saudi Aramco listing- FT* Prince Mohammed privately pushed for New York listing of Saudi Aramco- FT, citing sources Source text : on.ft.com/2rq40P7 '|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/brief-nyse-and-saudi-arabias-tadawul-exc-idINFWN1IZ0LE'|'2017-06-04T15:20:00.000+03:00'
'c2869c7421f703a31c10f7e7e73666eb95ec1766'|'EU approves J&J purchase of Actelion subject to conditions'|'ZURICH Johnson & Johnson ( JNJ.N ) said the approval of its proposed acquisition of Swiss biotech firm Actelion ( ATLN.S ) by the European Commission on Friday meant all regulatory approvals required to complete the $30 billion deal had now been received.The U.S. company said it expected settlement of the all-cash public tender offer by its Swiss subsidiary, Janssen Holding, on June 16.EU antitrust regulators on Friday approved Johnson & Johnson''s planned purchase of Actelion subject to conditions intended to ensure clinical development of insomnia drugs were unaffected.Separately, Actelion said on Friday it had published the prospectus relating to the listing of shares in Idorsia, the spin-off company which will be led by current Actelion Chief Executive Jean-Paul Clozel.Under the agreement all Actelion shareholders will receive one Idorsia share for each Actelion share held on June 13, 2017 with the new company expected to start trading on the Swiss exchange on June 16.Idorsia will specialize in the discovery and development of small molecules in multiple therapeutic areas including central nervous system disorders, cardiovascular disorders, immunological disorders and orphan diseases, the company said.(Reporting by John Revill; Editing by Brenna Hughes Neghaiwi and Edmund Blair)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-actelion-m-a-johnson-johnson-eu-idINKBN1901MU'|'2017-06-09T09:43:00.000+03:00'
'84153f1c41dfdf770c53230194a64dcd44483d78'|'How PPG lost its $29.5 billion bet on Dulux paint'|'Business News - Fri Jun 2, 2017 - 4:58am IST How PPG lost its $29.5 billion bet on Dulux paint left right FILE PHOTO: Cans of Dulux paint, an Akzo Nobel brand, are seen on the shelves of a hardware store near Manchester, Britain, April 24, 2017. REUTERS/Phil Noble/File Photo 1/3 left right FILE PHOTO: Cans of Dulux paint, an Akzo Nobel brand, are seen on the shelves of a hardware store near Manchester, Britain, April 24, 2017. REUTERS/Phil Noble/File Photo 2/3 left right FILE PHOTO: -- Akzo Nobel''s logo is seen in Amsterdam, Netherlands, February 16, 2012. REUTERS/Robin van Lonkhuijsen/United Photos/File Photo 3/3 By Pamela Barbaglia and Toby Sterling - LONDON/AMSTERDAM LONDON/AMSTERDAM In early March, U.S. paint maker PPG ( PPG.N )''s Chief Executive Michael McGarry flew from Pittsburgh to Amsterdam to take Akzo Nobel ( AKZO.AS ) boss Ton Buechner for lunch. There, the 59-year-old American ambushed Buechner with a takeover plan and price tag that his company had been working on for months, a source familiar with the talks told Reuters. Rather than spark a discussion, McGarry''s bold move at their March 2 meeting triggered a hard-nosed response. "He was brutal in his approach and Akzo decided to respond in the same aggressive way," said the source. The offer was rebuffed on March 9. Akzo said the proposal was "not in the interests of its employees" and the firm would pursue different plans to sell its specialty chemicals business. After two more offers were rejected, the Pittsburgh-based firm on Thursday dropped its bid, whose value had risen to 26.3 billion euro ($29.48 billion). The nature of the lunchtime meeting has not previously been reported, but other elements of PPG''s pursuit emerged in news briefings and a May court hearing, exposing details of the takeover bid that would normally stay behind closed doors. "The fact that it went public made the process difficult from the beginning," Bryan Iams, PPG''S vice president for corporate and government affairs, told Reuters in an emailed response to questions. Akzo''s spokesman Leslie McGibbon confirmed two face-to-face meetings took place, including the lunchtime appointment. What PPG''S McGarry got wrong was the timing and the difficulty of pulling off such a deal in the Netherlands, where supervisory boards hold great sway and most companies including Akzo are protected by "poison pill" defenses. McGarry''s message was delivered a fortnight before a Dutch general election on March 15, which included strong nationalist themes. PPG''s swoop on Akzo caused fury among the Dutch political establishment who turned its takeover plan into a political football to be used in the election debate. McGarry, however, was determined to fight on for a deal that would give his firm access to some of the most popular paint brands in the world, such as Dulux. "I don''t think the political commentary changes the fact that there was a compelling strategic logic for the two companies to come together," said PPG''s Iams. Usually, takeover bids are followed by weeks of secretive negotiations as companies haggle over price and deal structure, and go on charm offensives with investors and regulators. But for PPG, the three-month attempt at courtship brought snubs, lawsuits and barely any negotiation time with their counterparts at Akzo. Its second bid on March 20, worth 90 euros per share, was rejected within 48 hours. "What was missing from the very start was dialogue," said the source. Akzo took the position that if it engaged in talks, it would quickly become impossible to decline PPG''s offer, which was financially attractive for shareholders but which it said was not in the best interests of other stakeholders. "FACT OFFENSIVE" PPG''s main counterpart in merger and acquisition (M&A) talks was Elliott Advisors, which along with other major investors openly urged Akzo to engage in negotiations and tried but failed to oust Akzo Chairman Antony Burgmans in court. McGarry wrote an open letter to Akzo shareholders and visited the Netherlands twice to promote his plan, but met with little success. The PPG CEO said on March 23 that his visits were "not so much a charm offensive as a fact offensive." Dutch Economic Affairs Minister Henk Kamp proposed a law giving any Dutch company targeted by a foreign firm the unrestricted right to refuse for one year. PPG was turned away from meeting top politicians. After the March 2 lunch, the second and last time PPG''s McGarry met Akzo CEO Buechner was on May 6. McGarry, based in Pennsylvania, had been given barely 24 hours notice to get to Rotterdam in time. Akzo''s chairman would also be there. McGarry flew by private jet from the United States to make the 3 p.m. appointment, only to be told that Akzo''s two top executives did not have any power to negotiate and were only there to hear any further elaboration on PPG''s latest offer. The meeting, which lasted 90 minutes, proved fruitless, despite an offer to Burgmans of a seat on the board of the merged company. Details of the dash to Rotterdam and the nature of that discussion emerged in a May 22 court hearing. Akzo rejected PPG''s third bid on May 8. During the May hearing, Akzo''s lawyer Jan de Bie Leuveling Tjeenk said McGarry "shouldn''t squawk" about the wasted trip. "He''s the one who said he was willing to meet any time, anywhere," the lawyer said. After a Dutch court ruled that Akzo''s board was under no obligation to engage in talks, the American firm''s prospects dimmed. If PPG were to pursue a hostile offer by a June 1 filing deadline, Akzo''s board still had one trump card: its poison pill defense that would give Burgmans and three other members of the supervisory board the power to make binding recommendations to the company''s managing board. Even a successful hostile bid could leave PPG powerless to control the merged firm. In a last-ditch attempt, McGarry wrote to Burgmans on Monday. "Although you declined to have my requested five-minute call, you indicated you would be open to receiving our views in writing. As a result, I am providing you with this letter," McGarry wrote. The letter went on to say PPG would even consider raising its bid again and sweetening other terms. Akzo said it received the letter but added that it didn''t have time to respond. With the June 1 deadline upon them, PPG was left with little choice but to walk away. (Editing by Edmund Blair) '|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-akzo-m-a-ppg-inds-bid-idINKBN18S6KU'|'2017-06-01T20:01:00.000+03:00'
'27ac3e77681f4ecc979dd3d4094d8882ecb9abc4'|'EU mergers and takeovers (June 2)'|'BRUSSELS, June 2 The following are mergers under review by the European Commission and a brief guide to the EU merger process:APPROVALS AND WITHDRAWALS-- U.S. private equity firm Leonard Green & Partners and the Ontario Municipal Employees Retirement System Primary Pension Plan (OMERS) to acquire joint control of U.S. car repairs company OPE Caliber Holdings (approved June 1)-- Private equity firms BC Partners and Pollen Street Capital Ltd to jointly acquire UK bank Shawbrook Group plc (approved June 1)NEW LISTINGSNoneEXTENSIONS AND OTHER CHANGESNoneFIRST-STAGE REVIEWS BY DEADLINEJUNE 7-- German company CWS-Boco, which is part of German firm Haniel, to acquire some of British support services firm Rentokil''s workwear and hygiene units (notified April 26/deadline June 7)JUNE 9-- U.S. smartphone chipmaker Qualcomm to acquire Dutch company NXP Semiconductors NV (notified April 28/deadline June 9)JUNE 12-- American healthcare company Johnson & Johnson to acquire Swiss biotech company Actelion (notified April 12/deadline extended to June 12 from May 24 after the companies offered concessions)-- Norwegian debt collection agency Nordic Capital, which is majority owned by Nordic Capital Fund VIII and Swedish peer firm Intrum Justitia to merge (notified April 12/deadline extended to June 12 from May 24 after the companies offered concessions)JUNE 15-- Austrian refractories materials maker RHI to acquire a controlling stake in Brazilian peer Magnesita Refratarios (notified May 5/deadline June 15)JUNE 21-- Investment bank Goldman Sachs and French investment company Eurazeo to jointly acquire Dominion Web Solutions (notified May 12/deadline June 21/simplified)-- French private equity company Ardian France and real estate agent Jones Lang LaSalle Inc to jointly acquire an office building in France (notified May 12/deadline June 21/simplified)-- French minerals company Imerys to acquire French calcium aluminate cements maker Kerneos (notified May 12/deadline June 21)JUNE 22-- German chemicals company Evonik Industries to acquire U.S. company J.M. Huber Corp''s silica business (notified April 27/deadline extended to June 22 from June 8 after Evonik offered concessions)-- German online fashion retailer Zalando and fashion company Bestseller United to set up a joint venture (notified May 15/deadline June 22/simplified)JUNE 26-- Japanese telecommunications and tech investment group SoftBank, India''s Bharti and Taiwanese company Hon Hai to jointly acquire Indian renewable energy company SB Energy Holdings Ltd which is now solely solely owned by SoftBank (notified May 17/deadline June 26/simplified)-- Private equity firms Advent International and Bain Capital Investors to jointly acquire payment services company RatePAY (notified May 17/deadline June 26/simplified)-- Private equity firm Oaktree to acquire German nursing care provider Vitanas P&W (notified May 17/deadline June 26/simplified)JUNE 27-- Chrysaor Holdings Ltd, which is indirectly controlled by investment company Harbour Energy, to acquire some of Shell''s offshore assets (notified May 18/deadline June 27/simplified)-- Chinese conglomerate HNA Holding Group Co to acquire Singapore-listed logistics company CWT (notified May 18/deadline June 27/simplified)-- Buyout firm Blackstone and Canada Pension Plan Investment Board (CPPIB) to acquire indirect joint control of U.S. educational content provider Ascend Learning (notified May 18/deadline June 27/simplified)JUNE 28-- Australian investment bank Macquarie Group to acquire Cargill Inc''s petroleum business (notified May 19/deadline June 28/simplified)-- Japanese telecoms and technology group SoftBank Group to acquire U.S. private equity company Fortress Investment Group (notified May 19/deadline June 28/simplified)-- Japanese shippers Nippon Yusen Kabushiki Kaisha, Mitsui OSK Lines and Kawasaki Kisen Kaisha to merge their container units (notified May 19/deadline June 28)-- French oil services group TechnipFMC, German industrial gases group Linde AG and Russia''s Research and Design Institute on Gas Processing (JSC NIPIgaspererabotka) to set up a joint venture (notified May 19/deadline June 28/simplified)JULY 3-- Petrochemicals firm Ineos to acquire Danish utility and offshore wind farm developer Dong Energy''s oil and gas business (notified May 24/deadline July 3/simplified)JULY 5-- French carmaker PSA Group to acquire General Motors''s European arm Opel (notified May 30/deadline July 5)-- French banks BNP Paribas, Caisse des Depots et Consignations, Societe Generale, stock exchange Euronext, Euroclear, S2IEM (Societe d''Investissements en Infrastructures Europeennes de Marches) and CACEIS Investor Services to set up a joint venture (notified May 30/deadline July 5/simplified)-- French construction and concessions company Vinci and Swiss airport retailer Dufry LFP to jointly acquire Portuguese retail operator Lojas Francas de Portugal (notified May 30/deadline July 5)JULY 6-- Investment bank Goldman Sachs to acquire Dutch chemical products distributor Caldic (notified May 31/deadline July 6/simplified)JULY 7-- German brake systems maker Knorr-Bremse to acquire Swedish peer Haldex (notified June 1/deadline July 7)-- Private equity firm Apax Partners to acquire cleaning products maker Safetykleen from Warburg Pincus (notified June 1/deadline July 7/simplified)GUIDE TO EU MERGER PROCESSDEADLINES:The European Commission has 25 working days after a deal is filed for a first-stage review. It may extend that by 10 working days to 35 working days, to consider either a company''s proposed remedies or an EU member state''s request to handle the case.Most mergers win approval but occasionally the Commission opens a detailed second-stage investigation for up to 90 additional working days, which it may extend to 105 working days.SIMPLIFIED:Under the simplified procedure, the Commission announces the clearance of uncontroversial first-stage mergers without giving any reason for its decision. Cases may be reclassified as non-simplified - that is, ordinary first-stage reviews - until they are approved. (Reporting by Foo Yun Chee)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/eu-ma-idINL8N1IZ2X4'|'2017-06-02T09:21:00.000+03:00'
'd5056071cfc53cdb8a104dcca6f571eb957ea9cc'|'EQT says to sell Faerch Plast to Advent International'|'COPENHAGEN Swedish buyout firm EQT said on Friday it would sell Danish packaging group Faerch Plast to U.S. private equity firm Advent International, confirming reports in Danish media earlier on Friday.EQT said the parties have agreed not to disclose the financial details of the deal, which is customary to anti-trust clearance and is expected to close in the third quarter of 2017.Danish online media Finans reported that Advent paid around 7 billion Danish crowns ($1.06 billion) for the company EQT bought for 2 billion crowns in 2014."As a result of the value creation initiatives driven under EQT VI''s ownership, Faerch Plast has approximately doubled both revenue and EBITDA since the acquisition," EQT said in a statement.(Reporting by Teis Jensen; Editing by Jacob Gronholt-Pedersen)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-faerch-plast-m-a-eqt-idINKBN18T21L'|'2017-06-02T12:07:00.000+03:00'
'a66bd2262360ed5abc8cf325db4c8cb0ffaf29f8'|'Swiss stocks - Factors to watch on June 2'|'ZURICH, June 2 The following are some of the main factors expected to affect Swiss stocks on Friday.UBSThe Swiss bank is changing the way it pays U.S. financial advisers on retirement accounts before a U.S. Labor Department rule goes into effect next week, and halting the sale of a small number of noncompliant products, a senior UBS wealth executive said in an interview.For more clickROCHE NovartisSouth Korea''s Samsung Bioepis Co Ltd is developing a lower-cost copy of Roche''s eye drug Lucentis, a U.S. filing showed, revealing a previously undisclosed product in the biosimilar maker''s pipeline.For more clickCOMPANY STATEMENTS* Gurit said it had won a major wind turbine OEM as new customer for its Tooling business and that it had placed a first set of orders for wind blade mould systems at a total contract value of 11 million Swiss francs to be produced and supplied in 2017.* Villars Holding said Chief Financial Officer Michel Sautaux is retiring after 45 years at the Swiss retail, gastronomy and real estate company, to be replaced by his assistant, Michael Wegmueller.ECONOMY(Reporting by Zurich newsroom)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/markets-swiss-stocks-idINL8N1IY5C6'|'2017-06-02T02:47:00.000+03:00'
'0eadc0408f7f3f0b57635ed1f661d845e89e41e3'|'KKR closes new Asia fund at record $9.3 billion, seeks bigger deals'|'Deals - Fri Jun 2, 2017 - 5:28am BST KKR closes new Asia fund at record $9.3 billion, seeks bigger deals FILE PHOTO: A Toshiba Corp chip (top R) is seen among other semiconductors and electronic components inside a Toshiba mobile phone in Tokyo January 31, 2008. REUTERS/Toru Hanai/File Photo By Elzio Barreto - HONG KONG HONG KONG Private equity firm KKR & Co ( KKR.N ) said on Friday it raised $9.3 billion for its most recent Asia-focused buyout fund, more than expected and setting a record for the region as it looks for larger deals. Topping its initial target of $7 billion, the size of its Asian Fund III underscores greater opportunities and appetite for deals in Asia Pacific, where private equity firms are increasingly looking to buy control of companies. "We see a diverse set of opportunities across Asia Pacific stemming from rising consumption and urbanization trends in key markets as well as larger carve-out and cross-border transactions in countries such as Japan," Ming Lu, head of Asia private equity at KKR, said in a statement. KKR set a previous record for Asia private equity fundraising with its $6 billion Asian Fund II in 2013, which has been fully deployed and posted a gross internal rate of return (IRR) of 29.1 percent through March 2017. Returns above 20 percent are considered good for private equity funds. KKR said it has invested more than $12 billion across the region in about 55 companies since it first set shop in Asia in 2006. It has been particularly busy with large deals in Japan in recent months, announcing a $2.3 billion acquisition for Hitachi Ltd''s ( 6501.T ) chip-making equipment and video solution unit in April and $1.3 billion deal for power tools firm Hitachi Koki Co Ltd ( 6581.T ) in January. That followed a $4.5 billion deal for auto parts supplier Calsonic Kansei Corp 7248.T late last year. KKR is also one of the bidders for Toshiba Corp''s ( 6502.T ) semiconductor business - a deal that the Japanese conglomerate has valued at at least $18 billion. It is expected to team up with Japanese state-backed investors in a consortium for its offer. Other recent deals include teaming up with Canada Pension Plan Investment Board (CPPIB) for a 10.3 percent stake in Indian telecom tower operator Bharti Infratel ( BHRI.NS ) worth $953 million in March, and an investment of $250 million in Vietnamese food producer Masan Group Corp MSN.HM in April. (Reporting by Elzio Barreto; Editing by Edwina Gibbs)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-kkr-asia-idUKKBN18T09Q'|'2017-06-02T12:25:00.000+03:00'
'0300ffda2ffed47646f7fc390b0382b11b24eaac'|'How PPG lost its $29.5 billion bet on Dulux paint'|'Deals - Fri Jun 2, 2017 - 12:28am BST How PPG lost its $29.5 billion bet on Dulux paint left right FILE PHOTO: Cans of Dulux paint, an Akzo Nobel brand, are seen on the shelves of a hardware store near Manchester, Britain, April 24, 2017. REUTERS/Phil Noble/File Photo 1/3 left right FILE PHOTO: Cans of Dulux paint, an Akzo Nobel brand, are seen on the shelves of a hardware store near Manchester, Britain, April 24, 2017. REUTERS/Phil Noble/File Photo 2/3 left right FILE PHOTO: -- Akzo Nobel''s logo is seen in Amsterdam, Netherlands, February 16, 2012. REUTERS/Robin van Lonkhuijsen/United Photos/File Photo 3/3 By Pamela Barbaglia and Toby Sterling - LONDON/AMSTERDAM LONDON/AMSTERDAM In early March, U.S. paint maker PPG ( PPG.N )''s Chief Executive Michael McGarry flew from Pittsburgh to Amsterdam to take Akzo Nobel ( AKZO.AS ) boss Ton Buechner for lunch. There, the 59-year-old American ambushed Buechner with a takeover plan and price tag that his company had been working on for months, a source familiar with the talks told Reuters. Rather than spark a discussion, McGarry''s bold move at their March 2 meeting triggered a hard-nosed response. "He was brutal in his approach and Akzo decided to respond in the same aggressive way," said the source. The offer was rebuffed on March 9. Akzo said the proposal was "not in the interests of its employees" and the firm would pursue different plans to sell its specialty chemicals business. After two more offers were rejected, the Pittsburgh-based firm on Thursday dropped its bid, whose value had risen to 26.3 billion euro ($29.48 billion). The nature of the lunchtime meeting has not previously been reported, but other elements of PPG''s pursuit emerged in news briefings and a May court hearing, exposing details of the takeover bid that would normally stay behind closed doors. "The fact that it went public made the process difficult from the beginning," Bryan Iams, PPG''S vice president for corporate and government affairs, told Reuters in an emailed response to questions. Akzo''s spokesman Leslie McGibbon confirmed two face-to-face meetings took place, including the lunchtime appointment. What PPG''S McGarry got wrong was the timing and the difficulty of pulling off such a deal in the Netherlands, where supervisory boards hold great sway and most companies including Akzo are protected by "poison pill" defenses. McGarry''s message was delivered a fortnight before a Dutch general election on March 15, which included strong nationalist themes. PPG''s swoop on Akzo caused fury among the Dutch political establishment who turned its takeover plan into a political football to be used in the election debate. McGarry, however, was determined to fight on for a deal that would give his firm access to some of the most popular paint brands in the world, such as Dulux. "I don''t think the political commentary changes the fact that there was a compelling strategic logic for the two companies to come together," said PPG''s Iams. Usually, takeover bids are followed by weeks of secretive negotiations as companies haggle over price and deal structure, and go on charm offensives with investors and regulators. But for PPG, the three-month attempt at courtship brought snubs, lawsuits and barely any negotiation time with their counterparts at Akzo. Its second bid on March 20, worth 90 euros per share, was rejected within 48 hours. "What was missing from the very start was dialogue," said the source. Akzo took the position that if it engaged in talks, it would quickly become impossible to decline PPG''s offer, which was financially attractive for shareholders but which it said was not in the best interests of other stakeholders. "FACT OFFENSIVE" PPG''s main counterpart in merger and acquisition (M&A) talks was Elliott Advisors, which along with other major investors openly urged Akzo to engage in negotiations and tried but failed to oust Akzo Chairman Antony Burgmans in court. McGarry wrote an open letter to Akzo shareholders and visited the Netherlands twice to promote his plan, but met with little success. The PPG CEO said on March 23 that his visits were "not so much a charm offensive as a fact offensive." Dutch Economic Affairs Minister Henk Kamp proposed a law giving any Dutch company targeted by a foreign firm the unrestricted right to refuse for one year. PPG was turned away from meeting top politicians. After the March 2 lunch, the second and last time PPG''s McGarry met Akzo CEO Buechner was on May 6. McGarry, based in Pennsylvania, had been given barely 24 hours notice to get to Rotterdam in time. Akzo''s chairman would also be there. McGarry flew by private jet from the United States to make the 3 p.m. appointment, only to be told that Akzo''s two top executives did not have any power to negotiate and were only there to hear any further elaboration on PPG''s latest offer. The meeting, which lasted 90 minutes, proved fruitless, despite an offer to Burgmans of a seat on the board of the merged company. Details of the dash to Rotterdam and the nature of that discussion emerged in a May 22 court hearing. Akzo rejected PPG''s third bid on May 8. During the May hearing, Akzo''s lawyer Jan de Bie Leuveling Tjeenk said McGarry "shouldn''t squawk" about the wasted trip. "He''s the one who said he was willing to meet any time, anywhere," the lawyer said. After a Dutch court ruled that Akzo''s board was under no obligation to engage in talks, the American firm''s prospects dimmed. If PPG were to pursue a hostile offer by a June 1 filing deadline, Akzo''s board still had one trump card: its poison pill defense that would give Burgmans and three other members of the supervisory board the power to make binding recommendations to the company''s managing board. Even a successful hostile bid could leave PPG powerless to control the merged firm. In a last-ditch attempt, McGarry wrote to Burgmans on Monday. "Although you declined to have my requested five-minute call, you indicated you would be open to receiving our views in writing. As a result, I am providing you with this letter," McGarry wrote. The letter went on to say PPG would even consider raising its bid again and sweetening other terms. Akzo said it received the letter but added that it didn''t have time to respond. With the June 1 deadline upon them, PPG was left with little choice but to walk away. (Editing by Edmund Blair)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-akzo-m-a-ppg-inds-bid-idUKKBN18S6KU'|'2017-06-02T06:01:00.000+03:00'
'f4ecd873523f301f7194f61a88441900f430b89f'|'HBO''s Bill Maher faces backlash after using racial epithet - Reuters'|'Credit RSS - Sun Jun 4, 2017 - 12:11am IST HBO''s Bill Maher faces backlash after using racial epithet FILE PHOTO: Comedian Bill Maher during the 89th Academy Awards Oscars Vanity Fair Party in Beverly Hills, California, U.S., February 26, 2017. REUTERS/Danny Moloshok/File Photo NEW YORK Television talk-show host and comedian Bill Maher drew harsh criticism on Saturday for using a racial epithet on his HBO series "Real Time" in an interview with a U.S. senator from Nebraska. HBO called the incident "inexcusable" in a statement broadcast on CNN. Maher was interviewing Ben Sasse, a Republican, late on Friday when he used the slur in reference to himself, quickly drawing a backlash. The show is aired live. "Bill Maher decided to get on television last night and sanitize and normalize the n-word," civil-rights activist Reverend Al Sharpton said in his Saturday sermon in New York. "Just because Bill Maher is liberal and our friend, you don’t give him a pass ... you never get the right to use that term." Sharpton called for a meeting with HBO leaders to request a "correction" on the "Real Time" episode, broadcast from Los Angeles, and to hold Maher accountable. Maher used the offensive word after Sasse invited him to visit Nebraska and work in the fields. Maher made a distinction between slaves that toiled in fields and slaves that were allowed to work indoors, using the slur to refer to himself as the latter. Prominent Muslim-Americans chimed in on the controversy, saying Maher had repeatedly made Islamophobic remarks over the years that had been overlooked by many of his liberal viewers. "I can''t believe Bill Maher said something racist, said no Muslim ever," religion scholar Reza Aslan wrote on Twitter. Maher has not publicly addressed the reaction to his remark. HBO released a statement on Saturday calling the comment "inexcusable," according to CNN, which like HBO is owned by Time Warner Inc ( TWX.N ). "Bill Maher''s comment last night was completely inexcusable and tasteless," according to a statement by HBO broadcast on CNN. "We are removing his deeply offensive comment from any subsequent airings of the show." HBO representatives did not immediately respond to a request for comment. Sasse, however, made a series of Twitter posts about the interview early on Saturday. "Here''s what I wish I''d been quick enough to say in the moment: ''Hold up, why would you think it''s OK to use that word?''" Sasse wrote. "The history of the n-word is an attack on universal human dignity. It''s therefore an attack on the American Creed. Don''t use it." (Reporting by Laila Kearney; Editing by Scott Malone and Matthew Lewis)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-usa-people-billmaher-idINKBN18U0OG'|'2017-06-03T13:53:00.000+03:00'
'b1e0eef099360634e877ec9ece6836c1ceedcdee'|'CORRECTED-GM shareholders to decide on Greenlight stock plan, board challenge'|'(Corrects to May from March in paragraph 7 and to chairman from former chairman in paragraph 9)By Michael FlahertyJune 5 Greenlight Capital''s plan to split up General Motors Co''s stock, as well as its challenge to the company''s board of directors, will come to a head on Tuesday, as the U.S. automaker''s shareholders cast their votes on the hedge fund''s proposals.Greenlight''s proxy contest comes during a major overhaul at GM as Chief Executive Mary Barra seeks to jolt the company''s lagging stock price and sales by slashing costs and refocusing on the most profitable markets.In the latest sign of the challenges facing major auto makers, rival Ford Motor Co last month replaced CEO Mark Fields with Jim Hackett, a reformist executive who had run one of its divisions, following a decline in the company''s North American profits and share price.At GM''s annual shareholder meeting, shareholders will vote on Greenlight''s plan to divide GM shares into two classes, which the fund''s founder David Einhorn said in March could boost the automaker''s $52 billion market capitalization by as much as $38 billion.On GM''s proxy website, the automaker affirmed to shareholders its support for its board members: "We believe your directors represent the best mix of expertise, qualifications and skills to advance GM''s business strategy and serve the interests of all shareholders by driving long-term value creation."GM shares closed Friday at $34.45 on the New York Stock Exchange, barely up from $33 at its initial public offering in 2010."GM does not recognize its $34 stock price is a problem and has no plan to address the discount to its intrinsic value," Greenlight said in its May 15 letter to shareholders.The stock underperformance is central to Greenlight''s other key proposal on Tuesday''s ballot: replacing three directors on GM''s board, Jane Mendillo, Michael Mullen and Carol Stephenson.Greenlight has nominated Leo Hindery, who has served as CEO for five telecommunications and media companies, including AT&T Broadband and Liberty Media; Vinit Sethi, Greenlight''s director of research; and William Thorndike, founder of private equity firm Housatonic Partners and chairman of Consol Energy.GM''s board has been an issue for investors for three decades. Former U.S. presidential nominee Ross Perot famously derided GM''s directors as "pet rocks" in the 1980s, before GM bought out his stake in the company.Greenlight''s fight faces an uphill battle. Proxy advisers Institutional Shareholder Services and Glass Lewis have recommended that GM shareholders vote for the automaker''s board nominees and against the dual class proposal.Greenlight, GM''s fifth largest shareholder with a 3.6 percent stake, has not mentioned the dual class plan in public documents since a May 11 presentation, a review of its filings showed.The focus, instead, is bringing new blood into GM''s board. (Reporting by Michael Flaherty in New York; Editing by Richard Chang)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/general-motors-greenlight-idINL1N1J10FG'|'2017-06-05T12:50:00.000+03:00'
'24724d4cf853e9728caad36021e2f5b6e4495958'|'Brexit outcome, not election to determine UK rating move - S'|'Top   10:05am BST Brexit outcome, not election to determine UK rating move - S&P FILE PHOTO: Euro and Pound banknotes are seen in front of BREXIT letters in this picture illustration taken April 28, 2017. REUTERS/Dado Ruvic/Illustration/File Photo SOPOT S&P Global''s decision on whether or not to downgrade Britain''s credit rating again will not hang on this week''s UK election but on Brexit negotiations and future relations with the EU, the firm''s chief sovereign analyst said on Monday. Asked whether Thursday''s election could result in a move of S&P''s UK''s rating, which is currently AA with a ''negative outlook'', Moritz Kraemer the firm''s top analyst said: "No, not because of the election." "The outcome is not particularly contested. I think all the polls still suggest the Conservative party will win a majority. She (UK Prime Minister Theresa May) has been pretty clear she wants a hard Brexit." "So what this rating will hang on is the outcome of the negotiations and the future relations the UK will have with the European Union." (Reporting by Marcin Goettig, Writing by Marc Jones, Editing by Abhinav Ramnarayan)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-ratings-election-idUKKBN18W0ZU'|'2017-06-05T16:51:00.000+03:00'
'6d8f0fc2604a58294456bfbd133c99984a01a858'|'UPDATE 1-Herbalife raises profit forecast, tops key FTC threshold'|'(Adds details from company statement, background)June 4 Nutritional supplement maker Herbalife Ltd on Sunday raised its current-quarter adjusted profit forecast and said it exceeded a key threshold under its agreement with the U.S. Federal Trade Commission.Herbalife now expects adjusted profit of 95 cents-$1.15 in the second quarter ending June 30, compared to the 88 cents-$1.08 percent it expected earlier.However, the company said it expected sales to fall by 6-2 percent due to the transition to the new FTC rules in the U.S. along with softness in its Mexico business. Herbalife had earlier expected sales to fall by 4.5-0.5 percent.The Los Angeles-based company also said that 90 percent of sales in the United States in May were documented purchases by consumers, exceeding the 80 percent threshold called for in its agreement with FTC."These figures should put an end to any questions regarding demand for our nutrition products and the strength of our go-to-market business model," Chief Executive Richard Goudis said.Herbalife, which has been accused by billionaire investor William Ackman of being a pyramid scheme, agreed to pay $200 million and change the way it does business to avoid being labeled as such by regulators.In December 2012, hedge-fund manager William Ackman unveiled a $1 billion short position against Herbalife in a withering, hours-long presentation.Ackman has accused the company of being an illegal pyramid scheme numerous times, and even starred in a recent documentary about Herbalife called "Betting on Zero" to explain his position. But as it stands, he is losing out.CNBC first reported about Herbalife''s outlook earlier on Sunday. cnb.cx/2qWkGu6 (Reporting by Subrat Patnaik in Bengaluru; Editing by Sunil Nair)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/herbalife-outlook-idINL3N1J21J1'|'2017-06-05T01:53:00.000+03:00'
'72560b8a57ce2aba11461f116b6c972e5b599a37'|'BBA Aviation CEO Pryce to retire early'|'Business News  37am BST BBA Aviation CEO Pryce to retire early British aircraft services firm BBA Aviation PLC said on Monday that Chief Executive Simon Pryce would retire early and leave the company at the end of June. BBA said it had appointed Wayne Edmunds, the current chairman of British lighting company Dialight as interim CEO until a permanent successor is named. Pryce, who has been CEO for 10 years, is leaving due to personal circumstances impacting his ability to undertake extensive overseas travel, BBA said. (Reporting by Rahul B in Bengaluru; editing by Jason Neely)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-bba-aviation-ceo-idUKKBN18W0MJ'|'2017-06-05T14:37:00.000+03:00'
'196ce7528d81ba4ef36786d556f4f57af2dd3c43'|'HSBC partners with AI startup to combat money laundering'|'Top News - Thu Jun 1, 2017 - 11:14am BST HSBC partners with AI startup to combat money laundering The HSBC headquarters is seen in the Canary Wharf financial district in east London, Britain February 15, 2016. REUTERS/Hannah McKay By Anna Irrera - NEW YORK NEW YORK HSBC Holdings Plc ( HSBA.L ) has partnered with Silicon Valley-based artificial intelligence startup Ayasdi Inc to automate some of its compliance processes in a bid to become more efficient. The banking group is implementing the company''s AI technology to automate anti money-laundering investigations that have traditionally been conducted by thousands of humans, the bank''s Chief Operating Officer Andy Maguire said in an interview last week. The vast majority of anti money-laundering investigations at banks do not find suspicious activity, resulting in a waste of resources, according to the startup. In a pilot of Ayasdi''s technology, HSBC saw the number of investigations drop by 20 percent without reducing the number of cases referred for more scrutiny, according to the startup. "It''s a win-win," Maguire said. "We reduce risks and it costs less money." Banks have been ramping up their use of AI and automation over the past year to save money and time on cumbersome and manual processes ranging from compliance checks to customer service. At the same time they have been working more closely with young financial technology companies and reducing the amount of technology that gets built in-house. One of the financial technology areas that has seen significant collaboration has been so-called "regtech", or technology that can help financial institutions stay compliant with regulations and avoid hefty fines in areas such as money laundering or market manipulation. In 2012 HSBC agreed to pay a $1.92 billion (£1.5 billion) in fines to U.S. authorities for allowing itself to be used to launder drug money out of Mexico and other compliance lapses. To cope with increased regulatory scrutiny and a swathe of new rules, banks went on a compliance hiring spree in the years following the financial crisis. Anti-money laundering checks "is a thing that the whole industry has thrown a lot of bodies at it because that was the way it was being done," Maguire said. Banks have recently started cutting back on compliance hiring as they start deploying new technology that can help automate some of the tasks. Maguire said AI technology can help with compliance because it has the ability "to do things human beings are not typically good at like high frequency high volume data problems" or augment human capabilities. Ayasdi''s Executive Chairman and co-founder Gurjeet Singh was in January appointed to HSBC''s new technology advisory board, which provides advice and guidance to the bank on digital strategy. (Reporting by Anna Irrera; Editing by Lisa Shumaker)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-hsbc-ai-idUKKBN18S4LA'|'2017-06-01T18:14:00.000+03:00'
'4bcb8b70e1fd025f4a4e6fbd3b13bfe53d985ca4'|'UPDATE 1-Popolare Vicenza CEO says time running out as private equity shuns deal'|'* Popolare Vicenza, Veneto Banca have requested state aid* EU wants 1.2 bln euros in private money to clear rescue* Sources dismiss possible private equity investment (Recasts with comments from sources)By Pamela Barbaglia and Giulia SegretiLONDON/MILAN, June 2 Private equity funds are not interested in investing in the two Veneto-based banks Italy is trying to rescue, sources said, as Popolare di Vicenza''s chief executive warned time was running out to secure a bailout deal.Italy has until the end of June to get European authorities to agree to a state rescue of the two banks, which risk being wound down under ''bail in'' rules that would hit investors to shield taxpayers."The search for a solution to the crisis is dragging on in a way that is unsustainable. What was sustainable a month ago risks no longer being so in a month''s time," Popolare di Vicenza CEO Fabrizio Viola told Friday''s Corriere della Sera.To help its banks, which are weighed down by 350 billion euros ($394.31 billion) in bad loans or a third of the euro zone''s total, Italy is attempting to rescue the two Veneto banks and bigger rival Monte dei Paschi di Siena.On Thursday it struck a preliminary deal over Monte dei Paschi but the two Veneto lenders are struggling to find the 1.2 billion euros in private capital that sources said are needed to get EU approval for the state intervention.They must fill a 6.4 billion euro capital shortfall and have asked for state aid under an exception to bail in rules which would spare senior bondholders and large depositors.Economy Minister Pier Carlo Padoan has said investors will not be bailed in and sources say Rome is lobbying to halve the amount of private capital needed.Banking industry bailout fund Atlante, which spent 3.4 billion euros to save Popolare di Vicenza and Veneto Banca last year, is refusing to stump up more money.Corriere della Sera on Friday cited sources saying Italy could present Brussels with a letter for an investment in the two banks from private equity funds Atlas, Centerbridge, Warburg Pincus together with hedge fund Baupost.Italy''s Treasury had no immediate comment.The four funds had discussed with state-sponsored, privately-funded Atlante a possible investment in Popolare di Vicenza a year ago, but talks led nowhere.A source close to one of the funds said they were no longer interested in the two banks and there were no plans to reopen the file. Separately, a market source close to Popolare di Vicenza confirmed there were no talks ongoing with private equity funds.The source said buyout funds were repeatedly approached to invest in the two banks but they had little appetite at a multiple of 0.6-0.7 times the banks'' book value.Such levels are in line with the average for listed Italian banks but the two Veneto-based banks are unprofitable. They have lost a combined 8 billion euros in 2014-2016 and have warned they expected to book further loan losses this year.Viola, who was brought in by Atlante to oversee a merger of the two banks, said they had 30 billion euros in healthy loans that would have to be withdrawn in the event of a bail in, dealing a "tremendous" blow to the local economy and would also have repercussions at the political level.Italy faces national elections this autumn or next year. ($1 = 0.8876 euros) (Additional reporting by Andrea Mandala, Stefano Bernabei, Giulio Piovaccari, writing by Valentina Za. Editing by Jane Merriman)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/eurozone-banks-italy-veneto-idINL8N1IZ2KY'|'2017-06-02T12:31:00.000+03:00'
'9f82390d81c57c18f6f8416c102a58e6986096a0'|'UPDATE 1-Vestas expects major wind investments despite U.S. climate deal exit'|'Environment - Fri Jun 2, 2017 - 4:57am EDT Vestas expects major wind investments despite U.S. climate deal exit By Stine Jacobsen - COPENHAGEN COPENHAGEN Wind energy will still attract major investment in the United States and around the world despite President Donald Trump''s decision to withdraw from the global climate accord, top wind turbine maker Vestas predicted on Friday. With the help of tax credits, wind energy surpassed hydropower as the biggest source of renewable electricity in the U.S. during former President Barack Obama''s administration, and the cost of output has steadily declined as technology evolved. "Of course, it would be better if the U.S. were to stay in the Paris Agreement as is," Vestas spokesman Morten Dyrholm said in a statement. "But there does remain broad support for the agreement internationally, and wind energy continues attracting major investments globally and in the U.S. because it makes economic sense," he added. Vestas supplied 43 percent of the 8.2 GW of wind power capacity connected to the U.S. power grid last year, according to the American Wind Energy Association. That was up from 33 percent in 2015 and just 12 percent in 2014. Vestas'' shares traded 2.2 percent lower at 0834 GMT, underperforming a 0.7 percent rise in the Danish benchmark index. Trump, tapping into the "America First" message he used when he was elected president last year, said the Paris accord would undermine the U.S. economy, cost U.S. jobs, weaken American national sovereignty and put the country at a permanent disadvantage to other countries. (Editing by Terje Solsvik/Keith Weir) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-usa-climatechange-vestas-wind-idUSKBN18T0ZQ'|'2017-06-02T16:56:00.000+03:00'
'6f10f63581675795447091bc6b6fdd1c2a57226f'|'UPDATE 1-Chinese insurer Anbang denies report that chairman not able to leave China'|'(Adds details of Anbang''s overseas acquisitions in recent years)BEIJING, June 2 Wu Xiaohui, the chairman of Anbang Insurance Group Co Ltd, is free to travel, a spokesman for the Chinese insurer said on Friday, denying a report that Wu had been prevented from leaving China.The Financial Times reported that Wu had been stopped from leaving the country, citing four sources who have had business dealings with him.Anbang has emerged as one of China''s most aggressive buyers of overseas assets in the past two years, spending more than $30 billion acquiring luxury hotels, insurers and other property assets.But Anbang has faced increasing pushback in its offshore deal-making, amid a broader decline in Chinese outbound acquisitions, as Beijing strengthens curbs over capital outflows to prevent potential shocks to its financial system.The Chinese insurer ditched its attempt last year to acquire Starwood Hotels & Resorts Worldwide Inc for $14 billion, walking away from its most high-profile deal.In April this year, U.S. annuities and life insurer Fidelity & Guaranty Life (FGL) terminated its $1.6 billion agreement to be acquired by the Chinese insurer after Anbang failed to secure all the necessary regulatory approvals.A month earlier, Anbang and the Kushner Companies, the real estate firm until recently headed by U.S. President Donald Trump''s son-in-law, said they had ended talks to redevelop a New York office tower. (Reporting by Matthew Miller; Writing by Ryan Woo; Editing by Alexander Smith)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/anbang-group-chairman-idINL3N1IZ42D'|'2017-06-02T12:00:00.000+03:00'
'ae46354e8105f2c61da25d886a17909508b36489'|'The Birkin Himalaya: ''the most important handbag in the world'' – video - Fashion'|'The Birkin Himalaya: ''the most important handbag in the world'' – video A diamond encrusted Hermès handbag sold for a record-breaking £293,000 this week, as luxury bags are fast becoming the new must-have for the super-rich. The Guardian goes to meet the 29-year-old world-leading handbag expert as Christie’s prepares for its first dedicated handbag sale in London  View more sharing options   Close Rupert Neate and Richard Sprenger , theguardian.comFriday 2 June 2017 18.26 BST Topics Handbags Luxury goods sector'|'theguardian.com'|'https://www.theguardian.com/business/all'|'https://www.theguardian.com/fashion/video/2017/jun/02/hermes-birkin-himalaya-handbag-video'|'2017-06-03T02:26:00.000+03:00'
'4a6f9c461a8a02aedbcb216aa780a63e62afc620'|'UPDATE 2-CEO of Portugal''s EDP a suspect in corruption inquiry'|'Intel - Fri Jun 2, 2017 - 4:48pm EDT CEO of Portugal''s EDP a suspect in corruption inquiry FILE PHOTO: Portuguese electric power company Energia de Portugal''s (EDP) CEO Antonio Mexia announces their fourth quarterly results during a news conference in Lisbon March 5, 2013. REUTERS/Hugo Correia/File Photo LISBON Portugal''s public prosecutor named Energias de Portugal (EDP) CEO Antonio Mexia as a suspect in a corruption investigation on Friday after police searched the offices of EDP, grid operator REN and the local division of Boston Consulting Group. The prosecutor said in a statement the investigation was linked to hundreds of millions of euros in state compensation paid to former monopoly EDP for giving up some long-term power-purchase contracts as part of the liberalisation of the power sector that started in 2004. A spokeswoman for the prosecutor said Mexia, who has run Portugal''s biggest company since 2006, was a suspect in the case. Joao Manso Neto, who heads EDP''s renewables division, was also a suspect, she said. Two directors at REN, Joao Conceicao and Pedro Furtado, were also named as suspects by the prosecutor''s office. EDP said in a statement that investigators who searched its offices were given "unrestricted access to all information and all collaboration was given with a view to clarifying the facts." It said those named as suspects were the EDP representatives that had signed the power-purchase contracts at the time. The prosecutor''s office said in a second statement released on Friday evening that it had collected a large amount of documentation. "The investigation continues into what could be facts that are suspected of representing the crimes of active and passive corruption," the statement said. REN said in a statement that police searched its headquarters and it was collaborating with the authorities. Boston Consulting Group also confirmed police searched its Lisbon office and said in a statement it "will continue to collaborate with authorities in whatever is necessary, always ensuring the confidentiality of its clients". EDP shares closed 1.34 percent lower on Friday and REN slipped 0.5 percent, while the broader market in Lisbon ended little changed. (Reporting by Daniel Alvarenga and Andrei Khalip; Writing by Axel Bugge; Editing by David Clarke and Catherine Evans) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-portugal-corruption-utilities-idUSKBN18T2Q9'|'2017-06-03T04:46:00.000+03:00'
'fc3cee757a1f218b781db59821ce4af54c5c4d15'|'Praxair says Linde''s engineering unit welcome in merged company'|'Deals - Fri Jun 2, 2017 - 11:16am EDT Linde turns to winning over investors to Praxair merger left right Praxair Chief Executive Officer Steve Angel (R-L), Linde Chairman of the Board Wolfgang Reitzle and Linde CEO Aldo Belloni arrive for a news conference in Munich, Germany June 2, 2017. REUTERS/Michaela Rehle 1/7 left right Linde Group logo is seen at a company building in Munich-Pullach, Germany August 16, 2016. REUTERS/Michaela Rehle/File Photo 2/7 left right Linde Chief Executive Officer Aldo Belloni (L-R) and Praxair Chief Executive Officer Steve Angel shake hands at a news conference in Munich, Germany June 2, 2017. REUTERS/Michaela Rehle 3/7 left right Praxair Chief Executive Officer Steve Angel (L) talks to Linde Chief Executive Officer Aldo Belloni before a news conference in Munich, Germany June 2, 2017. REUTERS/Michaela Rehle 4/7 left right Praxair Chief Executive Officer Steve Angel attends a news conference in Munich, Germany June 2, 2017. REUTERS/Michaela Rehle 5/7 left right Praxair Chief Executive Officer Steve Angel (R-L), Linde Chairman of the Board Wolfgang Reitzle and Linde CEO Aldo Belloni arrive for a news conference in Munich, Germany June 2, 2017. REUTERS/Michaela Rehle 6/7 left right Praxair Chief Executive Officer Steve Angel (L) talks to Linde Chief Executive Officer Aldo Belloni before a news conference in Munich, Germany June 2, 2017. REUTERS/Michaela Rehle 7/7 By Georgina Prodhan and Jörn Poltz - MUNICH MUNICH German industrial gases company Linde ( LING.DE ) turned its attention on Friday to winning over investors to its planned $75 billion merger with U.S. peer Praxair ( PX.N ), a task that Chairman Wolfgang Reitzle said was not straightforward. A day after securing board approval in the face of unexpectedly tough trade union opposition, executives hailed the "historic" deal that will create the world''s biggest gases group and reunite a company split 100 years ago by World War One. "We have taken an important first step toward realizing this once-in-a-lifetime merger opportunity," Praxair CEO Steve Angel told a news conference in Linde''s home city of Munich. The deal agreed after a marathon Linde supervisory board meeting on Thursday will create a global leader to overtake France''s Air Liquide ( AIRP.PA ) with combined market value of $75 billion, revenue of $30 billion and 88,000 staff. Angel and Linde CEO Aldo Belloni told Reuters they would at once head off on a roadshow to sell the merits of the deal. Linde needs 75 percent of shareholders to tender their shares to the new company, while Praxair needs a simple majority vote at a shareholder meeting. Executives said they were prepared to make the divestments needed to satisfy anti-trust regulators in 25 countries, particularly in the United States, but had set a "pain threshold" beyond which the deal might no longer make sense. Angel said the merger agreement set these thresholds at $3.7 billion in sales or $1.1 billion in core earnings (EBITDA). Above these limits, either party could walk away from the deal without penalty, he told analysts. Executives from both companies said they did not expect regulators'' demands to approach this level. "It could happen that we have to give up more than expected but even that would be below the pain threshold," Reitzle told Reuters, adding that convincing shareholders to accept the offer was more of a concern. "The 75 percent is not trivial." $100 BILLION TARGET Linde estimates that individual retail investors own about 15 percent of its shares, while 10-13 percent may be held by index-tracker funds, some of whose rules would forbid them from tendering until acceptance reaches a certain level. Tracking down retail investors will be tough, Reitzle said. "They may be sitting in retirement somewhere on Majorca and don''t even know that Linde is doing a merger." Shares in Linde hit a 22-month high on Friday, rising by 2 percent to 176.55 euros by 1500 GMT (11:00 a.m. ET). Praxair shares hit fresh records, rising 1.9 percent to $135.98. Reitzle said the merged company should have an "aspirational target" to hit a market value of $100 billion within five years after completing its all-share merger of equals. He added that Thursday''s supervisory board meeting, at which one labor representative broke ranks and abstained from voting - handing victory to shareholder representatives in favor of the merger - had ended surprisingly amicably. Labor representatives had initially given their blessing for Linde to pursue merger talks but trade unions concerned about losing the influence they enjoy under German law once the new company''s headquarters are established in Dublin intervened. The head of trade union IG Metall in Bavaria on Friday criticized Linde for going ahead with the merger without winning broad consensus or seeking more talks. "It is a break with German industrial history to push through such a close decision with brute force rather than seeking a consensus," Juergen Wechsler said in a statement. (Reporting by Georgina Prodhan; Editing by Harro ten Wolde and Maria Sheahan) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-linde-m-a-praxair-idUSKBN18T0HS'|'2017-06-02T13:59:00.000+03:00'
'5e28e322f5c0658425336084cc2eb68c6eed58e8'|'Asia stocks firm as upbeat U.S., European data boosts confidence'|'Business  29pm EDT Dollar tanks on U.S. jobs data but stocks scale new peaks left right A U.S. five dollar note is seen in this illustration photo June 1, 2017. REUTERS/Thomas White/Illustration 1/4 left right Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S.,June 2, 2017. REUTERS/Brendan McDermid 2/4 left right FILE PHOTO: People walk through the lobby of the London Stock Exchange in London, Britain August 25, 2015. REUTERS/Suzanne Plunkett/File photo 3/4 left right People walk past an electronic board showing stock prices outside a brokerage at a business district in Tokyo, Japan, January 23, 2017. REUTERS/Kim Kyung-Hoon 4/4 By Herbert Lash - NEW YORK NEW YORK The dollar fell to seven-month lows on Friday after data showed the U.S. economy created fewer jobs than expected in May, but equity investors took the news in stride and pushed leading American, British and German stock indexes to record highs. U.S. job creation slowed last month and employment gains in the prior two months were revised lower, suggesting the labor market was losing momentum despite the unemployment rate falling to a 16-year low of 4.3 percent. The lackluster data lifted gold prices to a six-week peak as the report lowered expectations for the Federal Reserve to raise benchmark U.S. interest rates this year after a hike that most analysts still anticipate later in June. Nonfarm payrolls increased 138,000 in May as the government, manufacturing and retail sectors lost jobs, the Labor Department said. The U.S. economy created 66,000 fewer jobs than previously reported in March and April. Still, investors continue to give both the economy and President Donald Trump''s administration the benefit of the doubt, said Michael Arone, chief investment strategist at State Street Global Advisors in Boston. "Should we see the earnings begin to decline, I do think the market will have trouble," he said. The market has priced in a global growth rebound, though skepticism on the part of bond investors, a tepid market for small-capitalized stocks and a downward drift in oil prices point to sluggish growth, low inflation and low rates, he said. "The rest is kind of this noise, the monetary policy, what''s going on in DC," Arone said, referring to Washington. Slower U.S. population growth is dragging on the economy and the rate of inflation, said Russell Price, senior economist at Ameriprise Financial Services Inc in Troy, Michigan. Yet the broad view of the U.S. labor market is that it is still quite healthy. Initial claims for jobless benefits as a percentage of total employment have never been lower since state programs began in the 1940s, Price said. MSCI''s all-country world stock index .MIWD PUS hit a record high, rising 0.63 percent, as it posted a seventh straight week of gains and its longest winning streak since 2010. Financial stocks in Britain lifted the FTSE 100 .FTSE index of top UK blue chips to all-time peaks while Germany''s DAX .GDAXI index also set new highs. Both later trimmed gains but closed the day higher. On Wall Street, the three major U.S. indexes closed at fresh record highs. The Dow Jones Industrial Average .DJI rose 62.11 points, or 0.29 percent, to close at 21,206.29. The S&P 500 .SPX gained 9.01 points, or 0.37 percent, to 2,439.07 and the Nasdaq Composite .IXIC added 58.97 points, or 0.94 percent, to 6,305.80. DOLLAR DROPS The greenback fell to seven-month lows against the euro and Swiss franc CHF= , while sliding to a two-week bottom versus the yen. Analysts said the less rosy jobs data was unlikely to derail the U.S. central bank from raising rates this month. "A hike in June is still on the table but the news flow will have to improve for the Fed to keep tightening in the second part of the year," said Thomas Julien, U.S. economist, at Natixis North America in New York. The dollar index, tracking the unit against key foreign currencies, fell to a seven-month low and was last down 0.53 percent at 96.679 .DXY. The euro was 0.62 percent higher against the dollar to $1.1281 EUR= . Against the yen JPY= , the dollar fell from one-week highs and last changed hands at 110.42 yen, down 0.83 percent. Brent crude dipped below $50 to post a second week of losses on worries Trump''s decision to abandon a climate pact could spur U.S. drilling and worsen a global oil glut. Benchmark Brent crude futures LCOc1 fell 68 cents to settle at $49.95 per barrel. U.S. West Texas Intermediate crude CLc1 futures settled down 70 cents at $47.66 per barrel. Long-dated U.S. Treasury yields fell to nearly seven-month lows while short-dated yields touched their lowest in more than two weeks after the U.S. employment data suggested a cautious Fed policy beyond June. U.S. 10-year Treasuries US10YT=RR rose 18/32 in price to push their yields down to 2.1539 percent. Spot gold XAU= rose for a fourth straight week, up 1.02 percent to $1,278.13 an ounce, its highest since April 21. Gold futures for August delivery GCcv1 settled up 0.8 percent at $1,280.2. (Editing by Bernadette Baum and James Dalgleish)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-global-markets-idUSKBN18T023'|'2017-06-02T08:42:00.000+03:00'
'9ac0835ef0cf4bb0d4d2232514f5a86d5fbbe124'|'Goldman Sachs applies for Saudi equities trading licence-sources'|'By Saeed Azhar - DUBAI, June 2 DUBAI, June 2 Goldman Sachs has applied to Saudi Arabia''s capital markets regulator for a licence to trade equities in the kingdom, two sources familiar with the move said, in the latest step by Western banks to expand operations in the country.Goldman has made the application to the Capital Market Authority (CMA) and a successful outcome could lead to a further expansion of its business in the kingdom, one of the sources said.Goldman has been operating in Saudi Arabia since 2009 as an agent and underwriter. In 2014, the Saudi Capital Market Authority approved a change in the bank''s profile and it has been authorised to arrange, advise and manage investment funds and portfolios, according to its website.Further details of the business buildup or hiring plan were not immediately knownGoldman declined to comment, while CMA did not respond to a Reuters request for a comment.The Wall Street bank''s move indicates growing interest among investment banks and fund managers to expand in Saudi Arabia after the kingdom unveiled plans for oil firm Aramco''s $100 billion initial public offering and introduced a string of reforms since 2015 to attract foreign capital.Citigroup obtained an investment banking licence recently which will allow it to return to the kingdom after more than 13 years, while Credit Suisse AG is seeking a banking licence in the kingdom to build a fully-fledged onshore private banking business.The opening up of the market and privatisation of state-owned companies are part of a reform agenda to diversify the Saudi economy beyond oil by 2030.The Saudi stock exchange opened itself to direct investment by foreign institutions in mid-2015 and last year eased restrictions on foreign ownership in its stock market in order to improve the investment environment.The reforms have encouraged international firms such as BlackRock Inc, Citigroup, HSBC, and Ashmore Group to join the list of institutional investors that can directly trade the market. (additional reporting by Katie Paul in Riyadh and Aziz El Yaakoubi in Dubai; Editing by Keith Weir)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/goldman-saudi-idINL3N1IX2HH'|'2017-06-02T07:07:00.000+03:00'
'88fd9bf45dad9d72b51266b1d7bdb12ba757af15'|'UPDATE 1-Canadian auto sales surge to record high in May'|'(Adds data for Ford and Fiat Chrysler, analyst commentary)By Allison LampertMONTREAL, June 1 Canadian auto sales hit a record high in May, with General Motors Co and Ford Motor Co on Thursday reporting double-digit increases, fueled by demand for crossovers and light trucks, according to analysts who compile the monthly data.One economist attributed the record May sales to discounting among the large automakers in a fight for market share.Automakers sold 216,861 vehicles in May, a number which "smashed all previous monthly records," and was up 11 percent compared with the same month a year earlier, Canadian auto analyst Dennis DesRosiers wrote in a note.Year-to-date auto sales in Canada reached 835,582 units representing a 4.7 percent increase over the previous year, DesRosiers wrote.Scotiabank senior economist Carlos Gomes attributed the strong May sales figures to discounting. "I would call it incentive heaven," he said by phone from Toronto.Gomes said he now expects another record-breaking year for Canadian auto sales. He plans to revise his April forecast that said Canadian auto sales would decline slightly in 2017 to about 1.94 million vehicles, from a record-breaking 1.97 million units in 2016.By contrast, in the United States, automakers reported sales fell 1 percent from a year ago. This brought the annualized sales pace down to 16.66 million cars and light trucks from 17.17 million vehicles a year ago, according to figures compiled by Motor Intelligence."We''re going to have to increase our Canadian forecast and reduce our U.S. forecast," Gomes said.In Canada, Ford reported the sale of 34,486 vehicles, up 17 percent compared with the same month a year earlier and the best sales for a month of May since 1989.General Motors said it sold 31,149 vehicles in Canada last month, a 36 percent rise compared with a year earlier, fueled by demand for crossovers and light trucks.The company added that was its best performance for May in eight years. It contrasted with a 16.4 percent drop in sales in May 2016 versus the year-earlier period.Fiat Chrysler said it sold 33,186 vehicles, up 5 percent from May 2016 and the highest monthly Canadian sales in its history. (Reporting by Allison Lampert; Editing by Jim Finkle and James Dalgleish)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/canada-autos-idUSL1N1IY1NI'|'2017-06-02T05:31:00.000+03:00'
'696534e50368b368367e302917baa954405e023c'|'UPDATE 1-Nikkei tops 20,000 but autos, banks and yen make investors doubt sustainability'|'Business News - Fri Jun 2, 2017 - 4:15am EDT Nikkei tops 20,000 but autos, banks and yen make investors doubt sustainability Women holding parasols walk past an electronic board showing Japan''s Nikkei average rate outside a brokerage in Tokyo, Japan June 2, 2017. REUTERS/Toru Hanai By Ayai Tomisawa and Nichola Saminather - TOKYO/SINGAPORE TOKYO/SINGAPORE A 10 percent surge over six weeks swept Japan''s Nikkei stock index above the 20,000-point barrier for the first time since late 2015 on Friday, without dispelling doubts about the rally''s shelf life given the outlook for automakers, banks and the yen. Data shows foreign investors, who make up 70 percent of trading activity in the Tokyo market, rushed to cover short positions as a rally from the year''s low on April 17 gathered momentum. But the data also shows foreigners avoided making heavy bullish bets, probably because analysts expect Japan Inc.''s earnings growth to falter. The number of companies on the MSCI Japan index .MIJP PUS with earnings estimates down from the previous month has climbed steadily since mid-April and is now at its highest since December, according to Thomson Reuters DataStream. After 16 percent profit growth in the year ended in March, Japanese firms are expected to show slower growth in the year ending March 2018. According to Nomura, consensus forecasts for full year profit growth came down to 11.4 percent in May from 13.3 percent in April. "The conservative earnings guidance has tempered sentiment toward Japanese stocks in the near term," said Jeremy Osborne, investment director at FIL Investments in Tokyo. Notching a third straight week of exits, U.S.-based Japanese stock funds posted $194 million of withdrawals during the week ended Wednesday, according to Lipper data. REASONS TO BE CAREFUL Investors'' biggest concerns are the potential for the yen to strengthen, undermining Japan''s export driven corporates, and the murky outlook for the two biggest sectors in the benchmark index - automakers and financials. "The problem is a big chunks of the market are exporters, and the biggest export sector is autos, and the outlook for the auto sector globally has turned down," said John Doyle, chief investment officer for equities and multi-asset at UOB Asset Management in Singapore. "And the low interest rates that are persistent in Japan are not good for financials," Doyle added, explaining why he is neutral on Japanese stocks in the group''s global portfolio. New vehicle sales in the United States, Japan''s top export destination, fell in April following disappointing numbers in March, signaling a long boom cycle may be losing steam. Carmakers Toyota ( 7203.T ) and Nissan ( 7201.T ), for instance, have both underperformed the Nikkei''s 5.6 percent gain this year, posting losses of 11 percent and 6.6 percent respectively. So have the biggest banks including Mitsubishi UFJ ( 8306.T ), which has only gained 0.2 percent and Sumitomo Mitsui ( 8316.T ), which has fallen 6.6 percent respectively. The yen''s JPY=D4 attraction as a safe-haven currency - it has risen 4.5 percent against the dollar this year - is another big cloud hanging over Japanese exporters. U.S. political turmoil, elections in Europe, and regional tensions arising from North Korea''s missile tests have all given an unwanted boost to the yen. Christian Nolting, global chief investment officer at Deutsche Bank Wealth Management, cited the currency factor as the main reason behind his neutral weighting on Japanese equities. P/E RATIOS TURNING For all their reservations, investors still clearly have an appetite for cherry picking. Tokyo Electron Ltd ( 8035.T ) has jumped nearly 50 percent this year after bright results on the back of strong chip manufacturing equipment demand, while factory automation sensor maker Keyence Corp ( 6861.T ) has soared 26 percent. The Nikkei, however, is trading at about 15.7 times earnings, compared with 18.7 in 2015 when it lingered above 20,000 points for a few months, DataStream shows. While that makes the index significantly cheaper than the S&P 500''s at 22.5 times earnings, investors remain hesitant. The weaker sentiment is evident in Toyota and Nissan shares, which are trading around 10 times and 6.4 times their earnings, respectively. In just three weeks between the last week of April and the second week of May, Japanese shares saw 1.5 trillion yen of inflows from foreign investors in futures on the back of a strong earnings season and receding political fears after the French election. But they had sold 1.6 trillion yen in futures in the previous seven weeks, so short-covering seems to have run its course, analysts said. Investors have also returned to selling futures in the past two weeks. "Investors are cherry-picking individual stocks... But they just finished short-covering in futures, and they probably won''t buy soon unless the yen weakens," said Norihiro Fujito, a senior investment strategist at Mitsubishi UFJ Morgan Stanley Securities. "And when foreign investors don''t buy futures, the Nikkei won''t rise much." (Reporting by Ayai Tomisawa and Nichola Saminather; Editing by Simon Cameron-Moore) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-japan-nikkei-idUSKBN18T0XD'|'2017-06-02T16:09:00.000+03:00'
'fea5f3f3dfa5c47033ebf82fee0a0245d573a737'|'Greece aims for work on Athens coastal resort to begin by year-end'|'Business News - Fri Jun 2, 2017 - 1:37pm BST Greece aims for work on Athens coastal resort to begin by year-end A woman waits to cross the street next to former international Hellenikon airport in Athens, Greece, October 18, 2015. REUTERS/Alkis Konstantinidis/File Photo ATHENS Construction work on a $7.9 billion (£6.1 billion) project to convert Athens'' former airport complex into a seaside resort is set to start within the next six months, State Minister Alekos Flabouraris said on Friday. A consortium of Abu Dhabi and Chinese investors backed by conglomerate Fosun ( 0656.HK ), led by Greece''s Lamda ( LMDr.AT ), signed a deal in 2014 to develop the Hellenikon coastal area, one of Europe''s biggest real estate development projects. The consortium will pay 915 million euros (£800 million) to lease the site, which is three times the size of Monaco, and the plan is to turn it into one of Europe''s biggest coastal resorts. It had hoped to start work by June but the project has been delayed due to various bureaucratic hurdles. Greek forestry authorities said last month, for example, that the site includes some land that is classified as forest, a decision which Greece has said it will challenge. Before securing any building permits, it will also need the country''s archaeological authorities to say whether the site includes protected antiquities. Under a deal with its EU/IMF lenders, Athens needs to speed up the Hellenikon investment and address any forestry and archaeological issues. The consortium plans to build a 500-acre park along with apartments, hotels and shopping malls that will transform the disused area, which also includes some venues from the 2004 Olympics, into a magnet for tourists. (Reporting by Angeliki Koutantou; Editing by Karolina Tagaris and Jane Merriman)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-eurozone-greece-privatisation-idUKKBN18T1JC'|'2017-06-02T20:37:00.000+03:00'
'a72b2ec0ac23639367abdc746a753c2be36003b1'|'Exclusive - Norway''s $960 billion wealth fund to banks: disclose carbon footprint of your loans'|'Environment  59pm BST Exclusive: Norway''s $960 billion wealth fund to banks - disclose carbon footprint of your loans left right Norwegian sovereign wealth fund (SWF) CEO Yngve Slyngstad speaks during an interview in Oslo, Norway, June 2, 2017. REUTERS/Ints Kalnins 1/6 left right Norwegian sovereign wealth fund (SWF) CEO Yngve Slyngstad speaks during an interview in Oslo, Norway, June 2, 2017. REUTERS/Ints Kalnins 2/6 left right The trading floor of Norges Bank Investment Management, the Nordic countryÕs sovereign wealth fund in Oslo, Norway, June 2, 2017. REUTERS/Ints Kalnins 3/6 left right Norwegian sovereign wealth fund (SWF) CEO Yngve Slyngstad speaks during an interview in Oslo, Norway, June 2, 2017. REUTERS/Ints Kalnins 4/6 left right The trading floor of Norges Bank Investment Management, the Nordic countryÕs sovereign wealth fund in Oslo, Norway, June 2, 2017. REUTERS/Ints Kalnins 5/6 left right Norwegian sovereign wealth fund (SWF) CEO Yngve Slyngstad listens during an interview in Oslo, Norway, June 2, 2017. REUTERS/Ints Kalnins 6/6 OSLO Norway''s $960 billion sovereign wealth fund will ask the banks in which it has invested to disclose how their lending contributes to global emissions of greenhouse gases, its chief executive told Reuters on Friday. The world''s largest wealth fund, which invests in stocks, bonds and real estate abroad, has in the past measured the carbon footprint of its investments in equity and fixed-income holdings. "The third level is to look at the banks," fund CEO Yngve Slyngstad said in an interview. "What kind of loans do they have and how are their loan books specifically exposed to this issue. In practice that will mean the corporate loan books." (Reporting by Gwladys Fouche; Editing by Terje Solsvik and Dale Hudson)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-norway-swf-ceo-idUKKBN18T26V'|'2017-06-02T22:44:00.000+03:00'
'ab88ee0b7d4ea796683b2d839a64e7b803b94b37'|'Greek debt relief could mean creditors waiting for up to 123 billion euros - paper'|'Business News - Fri Jun 2, 2017 - 4:29pm BST Greek debt relief could mean creditors waiting for up to 123 billion euros - paper FILE PHOTO: A man looks down as a Greek national flag flutters atop one of the bastions of the 17th century fortress of Palamidi under an overcast sky at the southern port city of Nafplio, Greece, February 19. 2017. REUTERS/Alkis Konstantinidis/File Photo BERLIN A Greek debt relief scenario that put back interest payments until 2048 would mean the nation''s euro zone creditors deferring receipt of up to 123 billion euros (£106.8 billion), according to a forecast by Germany''s Finance Ministry. The ministry''s calculations, which were contained in a letter to a member of parliament seen by Reuters on Friday, contemplated the various restructuring scenarios laid out by the euro zone bailout fund, the European Stability Mechanism (ESM). "With such an interest deferral, it would de facto be a new loan with a volume that depends on the development of interest rates," the document said. "The estimated volume of the deferred interest up until 2048 would be around 118-123 billion euros." The Finance Ministry declined to comment specifically on the paper. The International Monetary Fund (IMF) says it cannot contribute loans to Greece''s current bailout unless it gets assurances that its debt will be sustainable. The Fund has estimated that the Greek economy will only grew by 1 percent per year on average and that Greece will return to a primary surplus of 1.5 percent from 2023 after five years at 3.5 percent. Greece needs about 7 billion euros in loans from its 86-billion euro rescue package to repay debt maturing in July, but the disbursement hinges on its lenders'' assessment of its bailout progress, the conclusion of the so-called second review. (Reporting by Christina Amann and Gernot Heller; Writing by Michelle Martin; Editing by Erik Kirschbaum and Helen Popper)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-eurozone-greece-germany-idUKKBN18T2B0'|'2017-06-02T23:29:00.000+03:00'
'9f5210eb377eaff23967e8cd17f08ffcfac80038'|'Insurer Anbang denies report that chairman not able to leave China'|'Business News - Fri Jun 2, 2017 - 10:01am EDT Chinese insurer Anbang denies report that chairman not able to leave China Chairman of Anbang Insurance Group Wu Xiaohui attends the China Development Forum in Beijing, China March 18, 2017. REUTERS/Thomas Peter BEIJING Wu Xiaohui, the chairman of Anbang Insurance Group Co Ltd [ANBANG.UL], is free to travel, a spokesman for the Chinese insurer said on Friday, denying a report that Wu had been prevented from leaving China. The Financial Times reported that Wu had been stopped from leaving the country, citing four sources who have had business dealings with him. Anbang has emerged as one of China''s most aggressive buyers of overseas assets in the past two years, spending more than $30 billion acquiring luxury hotels, insurers and other property assets. But Anbang has faced increasing pushback in its offshore deal-making, amid a broader decline in Chinese outbound acquisitions, as Beijing strengthens curbs over capital outflows to prevent potential shocks to its financial system. The Chinese insurer ditched its attempt last year to acquire Starwood Hotels & Resorts Worldwide Inc for $14 billion, walking away from its most high-profile deal. In April this year, U.S. annuities and life insurer Fidelity & Guaranty Life (FGL) ( FGL.N ) terminated its $1.6 billion agreement to be acquired by the Chinese insurer after Anbang failed to secure all the necessary regulatory approvals. A month earlier, Anbang and the Kushner Companies, the real estate firm until recently headed by U.S. President Donald Trump''s son-in-law, said they had ended talks to redevelop a New York office tower. (Reporting by Matthew Miller; Writing by Ryan Woo; Editing by Alexander Smith) '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-anbang-group-chairman-idUSKBN18T1Y4'|'2017-06-02T21:39:00.000+03:00'
'd7870b255570b716317e6f1df4f020f0e21b1ffe'|'Private equity firm CVC Capital raises record $18 billion'|'Money   5:29pm IST Private equity firm CVC Capital raises record $18 billion By Dasha Afanasieva and Anjuli Davies - LONDON LONDON CVC Capital Partners has raised a record 16 billion euros ($18 billion) for its latest fund for private equity investments in Europe and North America, it said on Thursday, highlighting a rush by investors to back buy-out deals in a search for higher returns. CVC''s bumper new fund shows how low interest rates and cheap debt have contributed to a boom in private equity fundraising since the financial crisis, supported by investors'' thirst for high-yielding alternative assets. The latest fundraising by CVC, which began in January, is the largest by a European private equity firm, surpassing the $13 billion raised by Advent last year. As demand reached 25-30 billion euros, the fund cut its hurdle rate, the minimum rate of return on the fund, to 6 percent from 8 percent, a source familiar with the matter told Reuters. Since it was founded in 1981, CVC has raised a total of $107 billion, which it has used to invest in companies from Swiss luxury watchmaker Breitling to Formula One motor racing. It currently has $65 billion of assets under management. CVC did not disclose which organisations invested in Fund VII, but almost half of investors in Fund VI were public pension funds. Institutions such as pension and insurance funds or sovereign wealth funds are able to lock up money for years at a time in the hope it will outperform other asset classes. For all of its mature funds, CVC has at least doubled the money of investments net of costs, the source said. Across all its European funds, it has achieved an average net annual rate of return of around 20 percent. The private equity funds charge fees for making the investments and take a slice of any profits. Its latest fund had a hard cap of 15.5 billion euros and reached 16 billion euros with commitments from CVC and its employees, the firm said. Its investment strategy is the same as for its previous fund with no committed allocations to any sectors. According to industry data provider Preqin, globally funds raised $589 billion in 2016, in line with 2013-15 levels. The number of firms raising more than $5 billion surged to a post financial crisis high last year. Investors had shied away from the industry for several years following the 2008 financial crisis when some were burned by over-ambitious deals. In January, Permira closed its latest fund at 7.5 billion euros having initially targeted 6.5 billion euros. Late last year, Apax raised $9bn – its largest fundraising since the financial crisis. European private equity firm Cinven raised 7 billion euros for its latest investment vehicle in 2016. ($1 = 0.8898 euros)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/cvc-cap-prtnrs-fund-idINKBN18S4ZJ'|'2017-06-01T09:59:00.000+03:00'
'ef0a5654b3c734239d77875b8e402552c278fe46'|'US STOCKS-Wall St higher as strong pvt jobs data boosts confidence'|'US Market Report  05am EDT US STOCKS-Wall St higher as strong pvt jobs data boosts confidence * Private firms add more jobs than expected * Palo Alto Networks rises after forecast beats expectations * Deere up after deal to buy Germany''s Wirtgen * Fed Governor Powell says expects three hikes in 2017 * Indexes up: Dow 0.09 pct, S&P 0.14 pct, Nasdaq 0.14 pct (Adds details, changes comment, updates prices) By Sweta Singh and Tanya Agrawal June 1 U.S. stocks trimmed gains but remained higher on Thursday as investors turned their focus to the monthly employment data on Friday, after better-than-expected private sector hiring pointed to strength in the labor market. The ADP private sector employment report showed that 253,000 jobs were added in May, well above the 185,000 jobs estimated by economists polled by Reuters. The report acts as a precursor to the much-awaited nonfarm payrolls data, due on Friday, that includes hiring in both public and private sectors. "The ADP numbers were good today and often times, but not always, they are a good indication of the monthly jobs data," said Randy Frederick, vice president of trading and derivatives for Charles Schwab in Austin, Texas. The market is expected to trade mostly sideways for the rest of the day as investors await Friday''s data, Frederick added. San Francisco Federal Reserve Bank President John Williams said on Wednesday he sees a total of three interest rate increases for this year as his baseline scenario, but views four hikes as also being appropriate if the U.S. economy gets an unexpected boost. Fed Governor Jerome Powell, an influential policymaker, told CNBC that he expects three rate hikes this year. Forecasts from Fed officials suggest that a median of two more hikes are planned before the end of the year. Traders priced in a 96 percent chance of a rate hike in the upcoming Fed meeting on June 14, and a 50 percent chance of a hike before the end of 2017, according to CME Group''s FedWatch tool. At 10:47 a.m. ET (1447 GMT), the Dow Jones Industrial Average was up 17.86 points, or 0.09 percent, at 21,026.51, the S&P 500 was up 3.4 points, or 0.14 percent, at 2,415.2. The Nasdaq Composite was up 8.89 points, or 0.14 percent, at 6,207.40. Seven of the 11 major S&P 500 sectors were higher, with the health and materials sectors leading the gainers. Deere''s shares were up 2.5 percent at $125.48 after the farm and construction major said it would buy privately held German road construction company Wirtgen Group for $5.2 billion, including debt. Hewlett Packard Enterprise fell 5.6 percent to $17.76 after the company reported a steep fall in its quarterly revenue. Palo Alto Networks jumped as much as 18 percent to a more than four-month high of $139.95 after the cybersecurity company''s forecast topped expectations. Advancing issues outnumbered decliners on the NYSE by 2,019 to 719. On the Nasdaq, 1,681 issues rose and 934 fell. The S&P 500 index showed 28 new 52-week highs and 11 new lows, while the Nasdaq recorded 82 new highs and 70 new lows. (Reporting by Sweta Singh and Tanya Agrawal in Bengaluru; Editing by Saumyadeb Chakrabarty and Anil D''Silva)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-stocks-idUSL3N1IY4QC'|'2017-06-01T23:05:00.000+03:00'
'2855c3145e10c152ac46f21d9c4f3687884c3da1'|'Feuding China cement maker says key shareholder offers to divest stake'|'HONG KONG China Shanshui Cement Group Ltd ( 0691.HK ), at the center of a bitter boardroom battle involving investors and executives, said on Thursday that a major shareholder had offered to divest its 25 percent stake for around $600 million.China Shanshui Investment (CSI) has invited three other big shareholders to buy its holding for HK$5.50 per share, the Hong Kong-listed cement maker said in a filing, although it added that there was no certainty that a deal would be done.The stock has not traded since April 2015 after Tianrui Group raised its stake to become the company''s biggest shareholder and its public float fell below the 25 percent minimum allowed. Its last traded price was HK$6.29.Since then, hostilities between various parties have erupted. The firm made headlines in April after it said current executives had been attacked with pepper spray and smoke bombs and were held for two hours by associates of a former official when they tried to retake control of company property in eastern China.Shanshui Cement later obtained a court injunction against the former official and other former executives, who are investors in CSI.CSI made its offer to sell to Taiwan''s Asia Cement Corporation ( 1102.TW ), China National Building Material Co Ltd ( 3323.HK ), and Tianrui (International) Holding Co Ltd.Asia Cement, which owns 16 percent of the Shanshui Cement, has also sought to gain control. It originally tried to buy out the company in July 2015 but didn''t follow through with an offer. It said in March that it had a conditional agreement to buy shares in CSI.Representatives for Asia Cement and for Tianrui, which owns 28 percent of the firm, could not be reached for comment.Chang Zhangli, vice president of China National Building Material, said in an email that there was little clarity about CSI''s offer and whether the shares were fairly valued."It does not help resolve the existing problem but makes the issue even more complicated," Chang said. "I don''t really understand why they have done it. The information is not clear, and I can''t really judge."(Reporting by Donny Kwok; Additional reporting by Adam Jourdan; Editing by Edwina Gibbs)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-shanshui-cement-management-idINKBN18S42P'|'2017-06-01T05:12:00.000+03:00'
'bc410f613e2a4a93e96cd847a7ec635ef03eb63e'|'EU mergers and takeovers (June 9)'|' 47pm EDT EU mergers and takeovers (June 9) BRUSSELS, June 9 The following are mergers under review by the European Commission and a brief guide to the EU merger process: APPROVALS AND WITHDRAWALS -- American healthcare company Johnson & Johnson to acquire Swiss biotech company Actelion (approved June 9) -- Investment bank Goldman Sachs and French investment company Eurazeo to jointly acquire Dominion Web Solutions (approved June 8) NEW LISTINGS -- U.S. pesticide maker FMC to acquire U.S. chemicals company DuPont''s crop protection business (notified June 8/deadline July 13) -- German investment firm Genui GmbH and private equity firm Summit Partners to acquire negative control of Germany''s Market Logic Software (notified June 7/deadline July 12/simplified) -- French power company EDF to acquire British engineering company Imtech (notified June 6/deadline July 11/simplified) EXTENSIONS AND OTHER CHANGES -- U.S. smartphone chipmaker Qualcomm to acquire Dutch company NXP Semiconductors NV (notified April 28/deadline extended to Oct. 17 from June 9 after the European Commission opened an in-depth investigation) FIRST-STAGE REVIEWS BY DEADLINE JUNE 12 -- Norwegian debt collection agency Nordic Capital, which is majority owned by Nordic Capital Fund VIII and Swedish peer firm Intrum Justitia to merge (notified April 12/deadline extended to June 12 from May 24 after the companies offered concessions) JUNE 15 -- Austrian refractories materials maker RHI to acquire a controlling stake in Brazilian peer Magnesita Refratarios (notified May 5/deadline June 15) JUNE 21 -- French private equity company Ardian France and real estate agent Jones Lang LaSalle Inc to jointly acquire an office building in France (notified May 12/deadline June 21/simplified) -- French minerals company Imerys to acquire French calcium aluminate cements maker Kerneos (notified May 12/deadline June 21) JUNE 22 -- German chemicals company Evonik Industries to acquire U.S. company J.M. Huber Corp''s silica business (notified April 27/deadline extended to June 22 from June 8 after Evonik offered concessions) -- German online fashion retailer Zalando and fashion company Bestseller United to set up a joint venture (notified May 15/deadline June 22/simplified) JUNE 26 -- Japanese telecommunications and tech investment group SoftBank, India''s Bharti and Taiwanese company Hon Hai to jointly acquire Indian renewable energy company SB Energy Holdings Ltd which is now solely solely owned by SoftBank (notified May 17/deadline June 26/simplified) -- Private equity firms Advent International and Bain Capital Investors to jointly acquire payment services company RatePAY (notified May 17/deadline June 26/simplified) -- Private equity firm Oaktree to acquire German nursing care provider Vitanas P&W (notified May 17/deadline June 26/simplified) JUNE 27 -- Chrysaor Holdings Ltd, which is indirectly controlled by investment company Harbour Energy, to acquire some of Shell''s offshore assets (notified May 18/deadline June 27/simplified) -- Chinese conglomerate HNA Holding Group Co to acquire Singapore-listed logistics company CWT (notified May 18/deadline June 27/simplified) -- Buyout firm Blackstone and Canada Pension Plan Investment Board (CPPIB) to acquire indirect joint control of U.S. educational content provider Ascend Learning (notified May 18/deadline June 27/simplified) JUNE 28 -- Australian investment bank Macquarie Group to acquire Cargill Inc''s petroleum business (notified May 19/deadline June 28/simplified) -- Japanese telecoms and technology group SoftBank Group to acquire U.S. private equity company Fortress Investment Group (notified May 19/deadline June 28/simplified) -- Japanese shippers Nippon Yusen Kabushiki Kaisha, Mitsui OSK Lines and Kawasaki Kisen Kaisha to merge their container units (notified May 19/deadline June 28) -- French oil services group TechnipFMC, German industrial gases group Linde AG and Russia''s Research and Design Institute on Gas Processing (JSC NIPIgaspererabotka) to set up a joint venture (notified May 19/deadline June 28/simplified) JULY 3 -- Petrochemicals firm Ineos to acquire Danish utility and offshore wind farm developer Dong Energy''s oil and gas business (notified May 24/deadline July 3/simplified) JULY 5 -- French carmaker PSA Group to acquire General Motors''s European arm Opel (notified May 30/deadline July 5) -- French banks BNP Paribas, Caisse des Depots et Consignations, Societe Generale, stock exchange Euronext, Euroclear, S2IEM (Societe d''Investissements en Infrastructures Europeennes de Marches) and CACEIS Investor Services to set up a joint venture (notified May 30/deadline July 5/simplified) -- French construction and concessions company Vinci and Swiss airport retailer Dufry LFP to jointly acquire Portuguese retail operator Lojas Francas de Portugal (notified May 30/deadline July 5) JULY 6 -- Investment bank Goldman Sachs to acquire Dutch chemical products distributor Caldic (notified May 31/deadline July 6/simplified) JULY 7 -- Finnish industrial engine maker Wartsila and China State Shipbuilding Corp (CSSC) to set up a joint venture (notified June 1/deadline July 7/simplified) -- German brake systems maker Knorr-Bremse to acquire Swedish peer Haldex (notified June 1/deadline July 7) -- Private equity firm Apax Partners to acquire cleaning products maker Safetykleen from Warburg Pincus (notified June 1/deadline July 7/simplified) JULY 10 -- Robert Tonnies and Clements Tonnies to acquire joint control of processed meat company Zur Muehlen Group (notified June 2/deadline July 10/simplified) -- Japan''s Hitachi Group and Japanese carmaker Honda to set up a joint venture (notified June 2/deadline July 10/simplified) JULY 11 -- French bank BNP Paribas to acquire sole control of German credit provider Commerz Finanz, which is a joint venture between BNP and German lender Commerzbank (notified June 6/deadline July 11/simplified) -- Canada Pension Plan Investment Board (CPPIB) to acquire a minority stake and joint control of British school operator Nord Anglia Education which is now solely controlled by private equity firm BPEA (notified June 6/deadline July 11/simplified) -- Private equity firms Bain Capital Investors and Cinven Capital Management to acquire joint control of German generics drugmaker Stada Arzneimittel AG (notified June 2/deadline July 10/simplified) -- Swiss engineering group ABB to acquire Austrian maker of production control systems Bernecker & Rainer (B&R) (notified June 6/deadline July 11/simplified) JULY 12 -- U.S. chemicals company DuPont to acquire U.S. pesticide maker FMC''s health and nutrition business (notified June 7/deadline July 12) GUIDE TO EU MERGER PROCESS DEADLINES: The European Commission has 25 working days after a deal is filed for a first-stage review. It may extend that by 10 working days to 35 working days, to consider either a company''s proposed remedies or an EU member state''s request to handle the case. Most mergers win approval but occasionally the Commission opens a detailed second-stage investigation for up to 90 additional working days, which it may extend to 105 working days. SIMPLIFIED: Under the simplified procedure, the Commission announces the clearance of uncontroversial first-stage mergers without giving any reason for its decision. Cases may be reclassified as non-simplified - that is, ordinary first-stage reviews - until they are approved. (Reporting by Foo Yun Chee)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/eu-ma-idUSL8N1J657F'|'2017-06-10T00:47:00.000+03:00'
'7a61445f6f6299fa2051d00835510daf19805b94'|'Ireland says AIB listing remains on track after UK election'|'Business News - Fri Jun 9, 2017 - 3:00pm BST Ireland says AIB listing remains on track after UK election FILE PHOTO: Chairman of Allied Irish Bank Richard Pym speaks at the Allied Irish Bank Annual General Meeting in Dublin, Ireland April 27, 2017. REUTERS/Clodagh Kilcoyne/File Photo DUBLIN Ireland''s initial public offering of Allied Irish Banks ( ALBK.I ) (AIB) remains on track after neighbouring Britain''s election and a price range will be issued in the next week or so, a spokesman for the finance ministry said on Friday. Dublin launched its long-awaited sale of a 25 percent stake in the state-owned lender on May 30 and Finance Minister Michael Noonan said the price could be driven up if Britain''s ruling Conservative party won a strong majority in Thursday''s election. "The transaction timetable was designed to cater for the UK election. We remain on track to issue a price range prospectus over the next week or so," the spokesman said in a statement after the Conservatives lost their majority. (Reporting by Padraic Halpin; Editing by Elaine Hardcastle) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-aib-ipo-idUKKBN19022F'|'2017-06-09T22:00:00.000+03:00'
'42080e9ef787d6e2a292f359bf95aea9acd3fbcc'|'BRIEF-Air Canada inaugurates Montreal to Marseille service'|'Market News - Fri Jun 9, 2017 - 8:56am EDT BRIEF-Air Canada inaugurates Montreal to Marseille service June 9 Air Canada- * Volt Information Sciences reports fiscal 2017 second quarter financial results MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories Reuters News Agency - Brand Attribution Guidelines - Careers Reuters is the news and media division of Thomson Reuters . Thomson Reuters is the world''s largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Learn more about Thomson Reuters products:'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-air-canada-inaugurates-montreal-to-idUSFWN1J60AO'|'2017-06-09T20:56:00.000+03:00'
'cbe857c277db694e96a6eb27d2f66a6e7046d0c2'|'Hedge fund managers can show off with better returns in May'|'By Svea Herbst-Bayliss - BOSTON, June 2 BOSTON, June 2 Some hedge fund managers can finally brag a little as several prominent ones, including Daniel Loeb and William Ackman, last month beat the broader stock market''s gains, early returns show.Loeb, who runs $16 billion Third Point, told investors his Third Point Partners LP fund gained 2.1 percent in May while its more aggressive Third Point Ultra Ltd fund climbed 3.5 percent. The Pershing Square Holdings Ltd fund, run by Ackman''s $11 billion Pershing Square Capital Management, meanwhile climbed 2.4 percent in May.Both beat the average hedge fund''s 0.24 percent gain in May plus the broader Standard & Poor 500 stock market index''s 1.4 percent gain.Third Point Ultra is up 16.1 percent in the first five months of 2017 and Partners is up 9.9 percent. Ackman''s fund is up 4.3 percent, after two years of losses.The gains come at a critical time as industry investors protest lackluster returns with calls for lower fees. Many hedge fund managers were wrong-footed by last year''s U.S. election inspired rally but said they are now finding their way with bets on foreign stocks and undervalued U.S. companies.The Citadel Wellington fund, run by Ken Griffin''s $26 billion Citadel, gained 1.9 percent in May and is up 5.5 percent for the year. Dan Och''s $32.4 billion Och-Ziff Capital Management''s OZ Master Fund gained 1.31 percent last month, leaving it up 6.15 percent for the year. Its OZ Asia Master Fund notched a 3.72 percent gain in May, leaving it up 12.45 percent for the year.Some smaller funds, especially activist oriented strategies also gained. Mick McGuire''s Marcato Capital Management, which put three directors on the board at Buffalo Wild Wings, gained 1.6 percent in May and is up 7.7 percent for the year. Scott Ferguson''s Sachem Head LP fund gained 2.48 percent last month.Foglight Capital, which focuses on companies that have been beaten down with a chance to recover gained 4.2 percent in May and is up 11.4 percent this year. Network software company Gigamon Inc. was one of its biggest winners last month.But there were losers as well, including David Einhorn''s Greenlight Capital, now waging a proxy battle at General Motors. The fund lost 3.7 percent in May and is off 3.3 percent this year. (Reporting by Svea Herbst-Bayliss; Editing by Andrew Hay)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/hedgefunds-performance-idINL1N1IZ0YJ'|'2017-06-02T20:45:00.000+03:00'
'441166e6d066590d99e1d88032aca0996328039f'|'China makes concessions to Germany on electric car quotas'|'Technology News - Thu Jun 1, 2017 - 5:05pm IST China makes concessions to Germany on electric car quotas Electric cars are seen at a parking lot of an automobile factory in Xingtai, Hebei province, China April 26, 2016. REUTERS/Stringer/File Photo BERLIN Germany has persuaded China to make concessions on its proposed quotas to encourage the production of electric vehicles, Chinese Premier Li Keqiang and Chancellor Angela Merkel said after talks in Berlin on Thursday. Li told a joint news conference he had discussed the issue at a dinner in Berlin on Wednesday and China had agreed to make concessions to automakers, without giving details. Merkel said Germany and China had similar goals when it came to promoting electric vehicles, but said she wanted to make sure there were good conditions for German automakers in China, saying she was optimistic for a positive solution. Germany has been lobbying hard since China released a draft policy in September to set a target for 8 percent of automakers'' sales to be battery electric or plug-in hybrid vehicles by 2018, rising to 10 percent in 2019 and 12 percent in 2020. Reuters reported in March that China could consider pushing back the 8 percent target to 2019 after the automotive industry criticised the scale and pace of the plans. New energy vehicles last year accounted for just 1.8 percent of sales in the world''s biggest auto market, according to Reuters calculations based on official data. Automakers and industry bodies have said the targets are too tough, while German policymakers say they fear they are part of a Chinese strategy to help domestic carmakers overtake global rivals in the ''green'' vehicle sector. At the meeting in Berlin, German carmaker Daimler signed an agreement with its Chinese joint venture partner BAIC Motor Corporation to upgrade the Mercedes-Benz factory in Beijing to make electric cars. (Reporting by Emma Thomasson and Madeline Chambers; Editing by Adrian Croft)'|'reuters.com'|'http://in.reuters.com/finance/economy'|'http://in.reuters.com/article/germany-china-autos-idINKBN18S4X3'|'2017-06-01T09:35:00.000+03:00'
'05bf5d2022a9b0b8759b0133d1094dbb4d25a60e'|'Ecuador eyes payment deal with Schlumberger soon'|'Business News - Thu Jun 1, 2017 - 12:07am BST Ecuador eyes payment deal with Schlumberger soon By Alexandra Valencia - QUITO QUITO Ecuador wants to negotiate a payment plan with oil service companies owed more than $2 billion (1.55 billion pounds) and expects to begin talks with main creditor Schlumberger ( SLB.N ) in coming days, its new oil minister told Reuters on Wednesday. Ecuador''s economy has struggled since the 2014 collapse of oil prices and a devastating earthquake last year that killed some 670 people and cost an estimated $3 billion. The smallest member of OPEC has built up debts for oilfield services that Schlumberger, which is owed about $1 billion, has described as causing "considerable financial stress." Oil Minister Carlos Perez, a former Halliburton executive named by new President Lenin Moreno this month, expressed confidence the situation would be resolved. "In the case of Schlumberger it is a holistic conversation, in which we will review rates, part of the debt with them, and additional investments," he said in an interview in his office in the mountainous capital Quito. Perez said the conversations would probably start this week. "We have to reach payment agreements with companies, be it with (central bank notes) or other types of bonds, and another part in cash," he said. Ecuador last month gave Schlumberger $150 million in central bank notes that can be used to pay taxes, as part of efforts to pay down its debt with the company. Ecuador also has debts with Halliburton ( HAL.N ), Sinopec and smaller local providers, Perez said. A Schlumberger spokesperson said the company was optimistic about the Moreno government and open to negotiation of contracts but that it expected proof that debt that has accumulated over 22 months will be paid. The Andean country also wants to propose a broad renegotiation of contracts with service companies, based on international crude prices, to stimulate investment, Perez said. "One of the things we''re trying to include is indexing the contracts to the WTI prices," he said. Perez also expects oil production in Ecuador to ramp up to about 700,000 barrels per day, up from around 535,000 bpd currently, in the next four years. He cautioned that would depend on the scale of investments. (Reporting by Alexandra Valencia; Writing by Alexandra Ulmer; Editing by Sandra Maler and Bill Trott)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-ecuador-oil-idUKKBN18R3DU'|'2017-06-01T07:07:00.000+03:00'
'debcdc9555ff8a727910ebb10edb15dbb7f679f6'|'South Korea''s E-mart to exit China over mounting losses - Nikkei'|'  2:26am BST South Korea''s E-mart to exit China over mounting losses - Nikkei South Korean supermarket chain E-mart Inc ( 139480.KS ) will close its stores in China due to mounting losses and souring relations between the two countries over the deployment of an anti-missile system, the Nikkei said, quoting the vice-chairman of the E-mart''s parent. Chung Yong-jin, vice chairman of E-mart parent Shinsegae Group, said the retailer will close its six supermarkets in China once the leases expire, the Nikkei reported. ( s.nikkei.com/2rqnJ1z ) E-mart will be the first South Korean company to exit China since February, when a dispute flared over Seoul''s deployment of the U.S. Terminal High Altitude Area Defence missile defence system, the business daily said. E-mart entered the Chinese market in 1997, expanding to 26 stores before shutting some of them due to growing pressure from local supermarket chains. (Reporting By Shashwat Pradhan in Bengaluru; Editing by Savio D''Souza)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-emart-china-idUKKBN18S3KD'|'2017-06-01T09:26:00.000+03:00'
'36acaae20b1989ebafc66e1cf2951d277dfa938d'|'German carmakers fear losing competitive edge after U.S. Paris exit'|'Fri Jun 2, 2017 - 1:21 PM BST German carmakers fear losing competitive edge after U.S. Paris exit President Donald Trump refers to amounts of temperature change as he announces his decision that the United States will withdraw from the landmark Paris Climate Agreement, in the Rose Garden of the White House in Washington. Reuters/Kevin Lamarque FRANKFURT Germany''s powerful car industry said Europe would need to reassess its environmental standards to remain competitive after the United States said it would withdraw from the Paris climate pact. President Donald Trump said on Thursday he would withdraw the United States from the landmark 2015 global agreement to fight climate change, drawing anger and condemnation from world leaders and heads of industry. "The regrettable announcement by the USA makes it inevitable that Europe must facilitate a cost efficient and economically feasible climate policy to remain internationally competitive," Matthias Wissmann, president of the German auto industry lobby group VDA, said in a statement on Friday. "The preservation of our competitive position is the precondition for successful climate protection. This correlation is often underestimated," Wissmann said, adding that the decision by the Unites States was disappointing. The VDA said electricity and energy prices are already higher in Germany than in the United States, putting Germany at a disadvantage. The VDA represents carmakers including BMW ( BMWG.DE ), Volkswagen ( VOWG_p.DE ), and Mercedes-Benz parent Daimler ( DAIGn.DE ). The VDA''s warning comes as German Chancellor Angela Merkel, one of the strongest advocates of the global pact to curb emissions of gases that speed climate change, said there was no turning back from the 2015 Paris climate agreement. (Reporting by Edward Taylor; editing by Alexander Smith) ADVERTISEMENT '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-usa-climatechange-german-carmakers-idUKKBN18T1PW'|'2017-06-02T20:21:00.000+03:00'
'4d3f96f33fec3bc44ca77c8d39954bd245fdf7c2'|'Lawsuit accusing Whole Foods of overcharging is revived: U.S. appeals court'|'Business News - Fri Jun 2, 2017 - 1:19pm EDT Lawsuit accusing Whole Foods of overcharging is revived: U.S. appeals court Customers leave the Whole Foods Market in Boulder, Colorado May 10, 2017. REUTERS/Rick Wilking By Jonathan Stempel - NEW YORK NEW YORK A federal appeals court on Friday ordered Whole Foods Market Inc to face a proposed class-action lawsuit accusing it of overcharging shoppers in New York City by overstating the weight of pre-packaged food in its supermarkets. The 2nd U.S. Circuit Court of Appeals in Manhattan said a lower court judge had erred in concluding that the plaintiff Sean John, a frequent purchaser of pre-packaged cheese and cupcakes, had no right to sue because he could not show that Whole Foods overcharged him for a specific purchase. John sued one month after New York City''s Department of Consumer Affairs in June 2015 said all 80 prepackaged foods it tested from Whole Foods had mislabeled weights, and 89 percent failed to meet federal labeling standards. Overcharges ranged from 80 cents for pecan panko to $14.84 for coconut shrimp. Whole Foods, based in Austin, Texas, agreed in December to pay $500,000 to settle with New York City, following apologies from co-chief executives, John Mackey and Walter Robb. The probe drew national headlines. Writing for the appeals court, Circuit Judge Raymond Lohier said John may face "significant evidentiary obstacles" but had legal standing to sue, even if the Manhattan resident could not show that any of the food items he claimed to buy once or twice a month were mislabeled. "According to the DCA''s investigation, Whole Foods packages of cheese and cupcakes were systematically and routinely mislabeled and overpriced, and John regularly purchased Whole Foods packages of cheese and cupcakes throughout the relevant period," Lohier wrote. "Taking these allegations as true and drawing all reasonable inferences in his favor, it is plausible that John overpaid for at least one product," the judge added. The case was returned to U.S. District Judge Paul Engelmayer in Manhattan. He had dismissed the lawsuit in March 2016. Whole Foods said in an email it was disappointed with the decision, and "will continue to vigorously defend against the plaintiff''s meritless claims." A lawyer for John did not immediately respond to requests for comment. John sought to represent everyone who bought pre-packaged goods at Whole Foods stores in New York City after June 24, 2010. The case is John v Whole Foods Market Group Inc, 2nd U.S. Circuit Court of Appeals, No. 16-986. (Editing by Bernadette Baum) '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-wholefoods-lawsuit-idUSKBN18T2AL'|'2017-06-02T23:25:00.000+03:00'
'4c7ad6a9991338a577da6d8d583e5a9fcd2557f5'|'Wal-Mart tests delivery of online packages by store workers'|'Business News  23pm EDT Wal-Mart tests delivery of online packages by store workers A Wal-Mart Stores Inc company distribution center in Bentonville, Arkansas June 6, 2013. The annual shareholders meeting for Walmart takes place June 7, 2013. REUTERS/Rick Wilking By Nandita Bose - FAYETTEVILLE, Ark. FAYETTEVILLE, Ark. Wal-Mart Stores Inc ( WMT.N ) is testing a program that allows store workers to deliver packages ordered on the store''s website after they finish their shifts, as the retailer looks for ways to close the gap with rival Amazon.com Inc ( AMZN.O ). Marc Lore, head of Wal-Mart''s e-commerce operations, said in a blog post on Thursday the step will cut shipping costs, speed the delivery of packages and allow workers to earn additional compensation. Wal-Mart''s stores are within 10 miles (16 km) of 90 percent of the U.S. population, Lore said. "Imagine all the routes our associates drive to and fro from work and the houses they pass along the way. It''s easy to see why this test could be a game changer," he said. Since he joined in August, Lore has helped spearhead some aggressive moves intended to boost the retailer''s online business. Wal-Mart completed its $3 billion acquisition of Lore''s former company, internet retailer Jet.com, in September. Lore has overseen Wal-Mart''s acquisitions of three online retailers and made other e-commerce changes. Wal-Mart now offers free two-day shipping on online orders above $35, without any membership fees, to compete with Amazon''s popular Prime shipping program. Wal-Mart said on Thursday its trucks deliver packages to a retail location for store pickup and the same trucks can bring additional orders a worker can sign up to deliver. The delivery program is voluntary for store workers and allows them to sign up for a maximum of 10 deliveries a day. The retailer did not share details on compensation of workers who sign up. The test is limited to three stores in New Jersey and Arkansas. Wal-Mart will hold its annual shareholder meeting on Friday in Arkansas. (This version of the story has been refiled to remove extraneous words in paragraph 3) (Editing by Matthew Lewis)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-walmart-ecommerce-idUSKBN18S613'|'2017-06-02T01:42:00.000+03:00'
'7974cbd5b7da93dcb79cab1a10e4095541341602'|'Exclusive: SoftBank to let OneWeb-Intelsat merger collapse - sources'|'By Jessica DiNapoli and Liana B. Baker Japan''s SoftBank Group Corp will let the $14 billion merger between its satellite startup OneWeb and peer Intelsat SA fall through, after failing to get enough of Intelsat creditors to back it, people familiar with the matter said on Wednesday.The collapse of the merger represents a rare blow to SoftBank Chief Executive Officer Masayoshi Son, a prolific dealmaker who put together a complex transaction for debt-laden Intelsat that hinged on creditors accepting a discount for their bonds.Negotiations ended on Wednesday between Intelsat and its creditors without a deal, ahead of midnight deadline for the latter to accept a debt swap, three sources said. While OneWeb and Intelsat have already extended the tender offer period for the creditors three times, and also sweetened their offer to them, there will be no more extensions, the sources added.OneWeb and Intelsat can terminate their merger as early as Friday. The sources cautioned that it was always possible that some creditors would make a last-ditch effort on Thursday to save the deal.SoftBank, OneWeb and Intelsat declined to comment.For Intelsat, a satellite pioneer which broadcast Neil Armstrong''s moon walk, a deal with OneWeb offered an opportunity to merge with a fast-growing start-up and slash its $14 billion debtload.A combined OneWeb and Intelsat would have eventually created a combined network of hundreds or even thousands of satellites in high and low altitudes to help provide internet access worldwide.However, Intelsat bondholders pushed back against a proposal for the company''s equity holders, including private equity firm BC Partners Ltd, to receive a recovery while they are offered less than their full face value for their debt.But Intelsat''s equity holders have not been willing to accept less than the $4.75 per share OneWeb offered.SoftBank in May bumped its offer for Intelsat in an effort to bring bondholders on board. It decreased the discount the holders would have to accept to $2.85 billion from $3.6 billion.While the collapse of the deal is a setback for OneWeb''s expansion plans, SoftBank''s investment thesis was always predicated on the standalone prospects of OneWeb, rather than an acquisition. SoftBank has already been in contact with other satellite companies that could be merger partners for OneWeb, sources have previously said.(Reporting by Jessica DiNapoli in New York and Liana B. Baker in San Francisco; Editing by Lisa Shumaker)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/intelsat-m-a-oneweb-idINKBN18S3Q6'|'2017-06-01T11:05:00.000+03:00'
'c3337ae912a254b74fd32f90e83be7c547cd4d21'|'OPEC cut deal should help rebalance oil markets - BP''s Dudley'|'Business  41pm BST OPEC cut deal should help rebalance oil markets - BP''s Dudley BP Group Chief Executive Robert Dudley attends a session of the St. Petersburg International Economic Forum 2016 (SPIEF 2016) in St. Petersburg, Russia, June 16, 2016. REUTERS/Sergei Karpukhin ST PETERSBURG, Russia A deal between OPEC and other major oil exporters to extend output cuts into next year should help rebalance oil markets, BP Chief Executive Robert Dudley said on Thursday. "You can see that supply and demand ... is in balance today and this should bring down the stock levels of the world," Dudley told reporters on the sidelines of the St Petersburg International Economic Forum. "It looks to me like an agreement that everyone is working hard to comply with and it''s helpful to rebalance oil markets. It''s somewhat unprecedented for countries to cooperate like this, and I think it''s healthy for oil markets." (Reporting by Olesya Astakhova and Christian Lowe; Editing by Katya Golubkova)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-russia-economoic-forum-dudley-opec-idUKKBN18S5BC'|'2017-06-01T21:41:00.000+03:00'
'c8cac8e212c1f738c5c3bf1b206a76e60652544d'|'Banco Popular lining up plan to raise capital - report'|'MADRID, June 1 Banco Popular has asked Deutsche Bank to come up with a plan for the troubled Spanish lender to raise capital after its previous adviser Morgan Stanley stepped down, El Confidencial reported on Thursday.Popular is testing investor appetite for a capital increase of between 4 billion and 5 billion euros ($4.5 billion-$5.6 billion) if its plans to find a merger partner falter, the online newspaper said, citing anonymous sources.Representatives for Banco Popular, Deutsche Bank and Morgan Stanley declined to comment on the El Confidencial report.European banking watchdog, the Single Resolution Board (SRB), has warned European Union officials that Popular may need to be liquidated if it fails to find a buyer, an EU official told Reuters.Popular, which has been unable to sell 37 billion euros of soured property loans fast enough, is racing to find a partner after Economy Minister Luis de Guindos closed the door last month to a public bailout, while a capital increase has faced resistance from existing shareholders.The bank has said previously it could extend a June 10 deadline for binding takeover offers.At 0819 GMT, Popular shares were down 8.2 percent at a record low of 0.559 euros per share. ($1 = 0.8899 euros) (Reporting by Angus Berwick; additional reporting by Jose Elías Rodríguez; writing by Paul Day; editing by David Clarke)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/spain-popular-capital-idINL8N1IY1B8'|'2017-06-01T06:27:00.000+03:00'
'7b3c971d4ca610a417cbf9c0fa35f98a57676bbb'|'Fed approves Sunflower Financial to create bank holding company'|'WASHINGTON The Federal Reserve on Friday approved mergers that will allow Sunflower Financial Inc to create a bank holding company.FirstSun Capital Bancorp will acquire Sunflower Financial, Inc and Sunflower Bank in the deal that will create the bank holding company: Sunflower Reincorporation Sub, Inc.The Fed also gave approval for FirstSun Capital to acquire Strategic Growth Bank Incorporated and Strategic Growth Bancorp Incorporated, both of El Paso, Texas. Capital Bank, SSB, of El Paso, Texas, and First National Bank of New Mexico will be tied up in the deal.(Reporting By Patrick Rucker; Editing by Chizu Nomiyama)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-sunflower-bk-capital-bank-ssb-idINKBN18T2UD'|'2017-06-02T18:04:00.000+03:00'
'bd280ec2326790f4e23371db8d6b114fb0629156'|'EXCLUSIVE: Norway''s $960 billion fund wants banks to disclose carbon footprint of loans'|'Money News - Fri Jun 2, 2017 - 10:36pm IST EXCLUSIVE: Norway''s $960 billion fund wants banks to disclose carbon footprint of loans left right Norwegian sovereign wealth fund (SWF) CEO Yngve Slyngstad listens during an interview in Oslo, Norway, June 2, 2017. REUTERS/Ints Kalnins 1/3 left right The trading floor of Norges Bank Investment Management, the Nordic countryÕs sovereign wealth fund in Oslo, Norway, June 2, 2017. REUTERS/Ints Kalnins 2/3 left right Norwegian sovereign wealth fund (SWF) CEO Yngve Slyngstad listens during an interview in Oslo, Norway, June 2, 2017. REUTERS/Ints Kalnins 3/3 By Gwladys Fouche - OSLO OSLO Norway''s $960 billion sovereign wealth fund will ask the banks in which it has invested to disclose how their lending contributes to greenhouse gas emissions, its chief executive told Reuters on Friday. The world''s largest wealth fund, which is managed by Norges Bank Investment Management and invests in stocks, bonds and real estate outside Norway, has in the past measured the carbon footprint of its investments in equities and bonds. "The third level is to look at the banks," Chief Executive Officer Yngve Slyngstad said. "What kind of loans do they have and how are their loan books specifically exposed to this issue? In practice that will mean the corporate loan books." The financial industry is the biggest single sector in the fund, known as the Government Pension Fund Global, accounting for 23.8 percent of its equity portfolio. Holdings include Credit Suisse, Deutsche Bank, HSBC, Citigroup, Wells Fargo, Barclays and Nordea, among others. In total it is invested in close to 9,000 companies worldwide. "Going into project specifics I don''t think is within the scope for us within the next few years. But the overall direction of their policies is something that we expect to come," Slyngstad said. The fund, along with other investors such as BlackRock, is pushing companies to disclose both their carbon emissions and their plans to handle the risk of climate change. The Norwegian fund sends its expectations on these issues to the boards of companies it has stakes in and holds meetings to ensure its views are heard. "In 2017, we will have more than 4,000 company meetings. Last year, nearly half of the meetings raised the issue in the environmental, social and governance area," he said, adding that most meetings would be with CEOs and some with chairmen. BREXIT Britain is the fund''s second-largest investment location after the United States, accounting for 9.1 percent of its portfolio at the end of 2016. Slyngstad reiterated the fund would remain a long-term investor in the country after it leaves the European Union. "I have a hard time seeing that any aspect of this whole Brexit discussion and the negotiations around it will affect our investments in the UK," he told Reuters at his office in Oslo. The fund owns shares in most large British companies and holds $11 billion in British government bonds. It co-owns Regent Street, one of London''s premier shopping areas. "Because our starting point is that we invest relative to the size of the equity market and the size of the economies, it is the case for the UK, as it is for the rest of Europe." The fund does not plan to change the weighting of its biggest country-holding, the United States, which accounted for a record 37.2 percent of its investments at the end of 2016. "We are a long-term investor in the U.S. and our investments are aligned with the mandate of the (finance) ministry. There is no current plan in that direction (to change the weighting)," said Slyngstad. In China, Slyngstad expected the majority of its investments to remain in equity markets. "A very small proportion of it is in the bond market. So our exposure to the bond and currency markets is much lower. I think going forward this is our long-term strategy," he said. Globally, its fixed-income holdings would continue to focus on four currencies: the U.S. dollar, sterling, yen and the euro. "That is the bulk of our holdings both on the corporate bond side but first of all on the corporate side. Government bonds may be more dispersed," he said. EXECUTIVE PAY In April, the fund unveiled a new policy on executive pay, calling for simplicity, transparency and a long-term view. For instance, it wants to scrap long-term incentive plans. The fund said it was talking with other institutional investors about this issue and may use its voting power next year, depending on circumstances. It was also talking with the boards of companies and remuneration committees when possible. "The feedback we have got so far from both boards and other investors is that this is a fruitful way to go forward and that to a large extent, we expect ... that over time the remuneration plans will move in the direction we have indicated." (Editing by Dale Hudson and David Clarke) '|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/norway-swf-ceo-idINKBN18T2GS'|'2017-06-02T15:06:00.000+03:00'
'69bd6028773d3d495c871d61ef09b8d0c89b8ff4'|'China plans U.S. visits, spurring hopes for more poultry trading'|'By Tom Polansek - CHICAGO, June 2 CHICAGO, June 2 Chinese agricultural delegations are set to visit the United States in the coming months, raising hopes that Beijing may lift a ban on U.S. poultry imports.A decision by Beijing to cancel the ban would benefit U.S. farmers nervous about trade policies under U.S. President Donald Trump, who pulled out of the 12-nation Trans-Pacific Partnership in January and pledged to renegotiate NAFTA.China has blocked American poultry imports since the United States suffered its worst-ever outbreak of avian flu in poultry in 2015, frustrating U.S. producers who have detected only a handful of highly lethal cases of the virus in birds since last year.The ban cut off a major market for U.S. chicken companies including Tyson Foods Inc and Sanderson Farms Inc , particularly for chicken feet, which Americans generally do not eat.Next month, representatives of China''s agriculture ministry and animal quarantine and inspection service will visit U.S. poultry facilities and learn how producers fight avian flu, Jim Sumner, president of the USA Poultry & Egg Export Council, a trade group, said this week.It will be the first such visit since China imposed its ban and precede the arrival of another Chinese delegation in September, he said."We''re hoping that after the visit that they lift the ban entirely," Sumner said about the September trip.In 2014, U.S. poultry exports to China totaled $315.4 million, including $94.6 million worth of feet, according to the export council.Resuming U.S. exports could support demand for feed, benefiting U.S. grain farmers who have suffered from falling incomes due to massive global harvests.Tyson Foods, the biggest U.S. chicken company, said it had spoken with representatives from China about visiting its operations and hopes the ban is lifted soon.Last month, the farm sector cheered as China agreed to resume U.S. beef imports, after blocking most shipments since 2003. At the same time, the United States said it would issue a proposed rule to allow cooked Chinese chicken to enter U.S. markets.Sanderson Farms, the third-largest U.S. poultry producer, doubts Beijing will lift its U.S. poultry ban until Washington fully approves cooked Chinese chicken imports, Chief Financial Officer Mike Cockrell said. Before the ban, Sanderson earned about $4.3 million of operating income per month by selling chicken feet to China."For the first time really since January 2015, when they put the avian influenza ban in place, we''re starting to see movement," Cockrell said. (Editing by Matthew Lewis)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/usa-poultry-china-idINL1N1IW1VU'|'2017-06-02T17:22:00.000+03:00'
'3c1c30fd83b50ff027c75ef91a929f067f1f2d23'|'Dow, S&P flat at open as job growth slows in May'|'By Tanya Agrawal The Dow Jones Industrial Average and S&P 500 were little changed after data showed job growth slowed in May, suggesting that a bounce in the labor market was losing steam.Nonfarm payrolls increased by 138,000 last month, below the 185,000 expected by economists. Data for both March and April was revised to show 66,000 fewer jobs were created than previously reported.Average hourly earnings rose 0.2 percent in May, following a similar gain in April, but unemployment rate fell to a 16-year low of 4.3 percent in the previous month.While last month''s job gains could still be sufficient for the Federal Reserve to raise interest rates this month, the modest increase could raise concerns about the economy''s health after GDP growth slowed in the first quarter.The economy needs to create 75,000 to 100,000 jobs per month to keep up with growth in the working-age population. Job gains are slowing as the labor market nears full employment."It''s not really an outlier just a little bit disappointing based on consensus expectations which were maybe a little bit high," said Sameer Samana, global quantitative analyst at Wells Fargo Investment Institute in St. Louis."Almost all the numbers when compared to the six and twelve month moving averages, are very much in line with continued improvement in the economy and the labor market."Odds of a rate hike at the Fed''s June 13-14 meeting stood at 93.5 percent, according to the CME Group''s FedWatch tool.At 9:40 a.m. ET (1341 GMT), the Dow Jones Industrial Average .DJI was up 1.22 points, or 0.01 percent, at 21,145.40. The index had hit a record high of 21176.30.The S&P 500 .SPX was flat at 2,430.12, slightly easing from an all-time high of 2433.37.The Nasdaq Composite .IXIC was up 13.26 points, or 0.21 percent, at 6,260.09. It hit a record of 6269.34.Nine of the 11 major S&P sectors were higher, with the industrials .SPLRCI index''s 0.35 percent rise leading the advancers.The financial .SPSY and energy .SPNY sectors were the only two laggards.Shares of banks such as Bank of America ( BAC.N ), JPMorgan ( JPM.N ), Citigroup ( C.N ) and Goldman Sachs ( GS.N ) fell between 0.6 percent and 1.3 percent.Brent oil tumbled below $50, heading for a second straight week of losses, on worries that President Donald Trump''s decision to abandon a climate pact could spark more crude drilling in the United States, worsening a global glut. [O/R]Oil majors Exxon ( XOM.N ) and Chevron ( CVX.N ) were down about 0.5 percent.Lululemon Athletica ( LULU.O ) jumped 12.2 percent to $54.74 after the athletic apparel maker''s quarterly profit beat estimates.RH ( RH.N ) slumped 25.5 percent to $42.54 after the high-end furniture retailer slashed its full-year profit forecast.Advancing issues outnumbered decliners on the NYSE by 1,596 to 980. On the Nasdaq, 1,620 issues rose and 705 fell.The S&P 500 index showed 28 new 52-week highs and 11 new lows, while the Nasdaq recorded 82 new highs and 70 new lows.(Reporting by Tanya Agrawal; Editing by Saumyadeb Chakrabarty)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/usa-stocks-idINKBN18T1XW'|'2017-06-02T21:35:00.000+03:00'
'423db0bf43e7e0eef40c474b87b9008486bc4ea0'|'Cypress Semiconductor forced to delay annual meeting by Delaware court'|'Technology News - Thu Jun 1, 2017 - 6:05pm EDT Cypress Semiconductor forced to delay annual meeting by Delaware court By Michael Flaherty - NEW YORK NEW YORK A Delaware court ruled on Thursday that Cypress Semiconductor ( CY.O ) must delay its annual shareholder meeting, ruling in favor of ex-CEO T.J. Rodgers who has waged a board battle against the company he founded. The Delaware Court of Chancery enjoined the $4.7 billion company''s annual meeting until at least June 19, a Rodgers spokesman told Reuters. Rodgers filed a lawsuit in April seeking Cypress'' board to make extra and corrected disclosures to its proxy materials in time for the June 8 annual meeting. A representative for Cypress, a semiconductor designer and manufacturer, was not immediately available for comment. Rodgers, who stepped down as CEO last year, is the company''s sixth-largest shareholder, with a 3.2 percent stake as of the last quarter. Rodgers is running a proxy contest against the company, seeking to replace director Eric Benhamou and Executive Chairman Ray Bingham. Rodgers has nominated veteran tech industry board directors Daniel McCranie and Camillo Martino. The main target of Rodgers'' campaign is Bingham, who is the co-founder of China-backed private equity fund Canyon Bridge. Rodgers argues that Bingham''s involvement with Canyon Bridge puts him in a conflict as a Cypress Semi board member, because the fund may seek to acquire targets that overlap with the company''s own list of targets. In Rodgers'' April lawsuit, he took aim at the relationship, asking why the board is allowing Bingham to serve as executive chairman "while he has violated and is continuing to violate numerous provisions of Cypress''s Code of Business Conduct and Ethics." (Reporting by Michael Flaherty; Editing by James Dalgleish) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-cypress-semiconductor-meeting-idUSKBN18S6KG'|'2017-06-02T05:35:00.000+03:00'
'626c869a58b3e67b493b1923288b62cd9b8c3fa4'|'Brazil utility Cemig may sell up to 6.5 billion reais in assets'|'Deals - Thu Jun 1, 2017 - 6:17pm EDT Brazil utility Cemig may sell up to 6.5 billion reais in assets SAO PAULO Brazil''s state-run utility Companhia Energética de Minas Gerais is trying to sell assets worth 6.5 billion reais ($2 billion), the company said in a securities filing on Thursday. Assets on sale include stakes in transmission company Transmissora Aliança de Energia Elétrica SA, hydroelectric dam Santo Antonio Energia SA, Light SA, natural gas distribution unit Companhia de Gas de Minas Gerais and renewable energy company Renova Energia SA ( RNEW11.SA ). The company is also selling its telecom subsidiary Cemig Telecomunicações SA, its stake in power holding company Neoenergia SA and three small hydroelectric dams: Cachoeirão, Pipoca and Paracambi. The company expects to complete at least half of the divestitures by next year. Cemig, as the company is known, needs to sell assets to reduce debt. Cemig director Cesar Vaz de Melo said in a conference call with investors on Thursday the company needs to reduce its leverage. Cemig has net debt equivalent to 4.2 times its earnings before interest, tax, depreciation and amortization, a gauge of operational profitability known as Ebitda, and aims to reach 2.5 times by mid-year. Melo said Cemig is in advanced talks with buyers for some of the assets. The company expects to receive this week a proposal for a new partner for renewable energy subsidiary Renova. Light Energia should be sold to Aliança Energia, a joint venture between Cemig and mining giant Vale SA , company executives said. Cemig chief financial officer Adézio Lima also said the company plans to raise up to $1.5 billion in bonds by next month. Lima said he wants to refinance bank loans and would propose to banks a 5-year extension in maturities, and a 3-year grace period. (Reporting by Luciano Costa; Writing by Tatiana Bautzer; Editing by David Gregorio and James Dalgleish) '|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-cemig-divestiture-idUSKBN18S6GP'|'2017-06-02T02:17:00.000+03:00'
'b42ad27515e51812a232c0975dff7ec724dc2742'|'German watchdog probes Porsche over emissions software - Wirtschaftswoche'|'Autos  19pm BST German watchdog probes Porsche over emissions software - Wirtschaftswoche FILE PHOTO: An illuminated Porsche logo is pictured on a building of a Porsche retail centre in Niederwangen, Switzerland, March 9, 2012. REUTERS/Michael Buholzer/File Photo BERLIN Germany''s transportation watchdog is investigating whether Volkswagen''s ( VOWG_p.DE ) Porsche brand is using illicit software to cheat on emissions tests, weekly magazine Wirtschaftswoche reported on Friday. The KBA motor vehicle authority is examining whether Porsche is using steering wheel movements to detect whether its cars are on the test bed, the magazine said. Germany''s transport ministry on Thursday had accused VW luxury division Audi ( NSUG.DE ) of using illicit software on some A7 and A8 models. The vehicles in question emit excess nitrogen oxides when the steering wheel is turned more than 15 degrees, the ministry said. "We can confirm for all Porsche models: We are not using steering movements for the sake of detecting a test bench driving cycle and reacting to it," Porsche said by email. The KBA deferred to the transport ministry for comment, but the ministry didn''t respond to requests for comment. (Reporting by Andreas Cremer; Editing by Tom Sims)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-volkswagen-emissions-porsche-idUKKBN18T1WO'|'2017-06-02T21:19:00.000+03:00'
'5c2ff4389b6227020f533f55a7d114aa0d1f2499'|'Droughts, flood, feed: farmer satellites see all but what about climate change? - Guardian Sustainable Business'|'F rom checking water levels in far-flung dams to making sure the sheep aren’t wrecking the paddock, Australian farmers sometimes find themselves needing to be everywhere at once – and, thanks to the latest satellite analysis capabilities, soon they could be.In May, the Turnbull government allocated $15.3m over two years to deliver Digital Earth Australia, a free open-access set of products (a beta model is currently accessible ) that account for complex variations in the atmosphere, sun position and view angle to deliver precise, continually updated imagery into the hands of the public.Developed by Geoscience Australia in coordination with the CSIRO and the National Computational Infrastructure, the project will for the first time provide open access to three decades of historical satellite data captured every two weeks at 25-metre squared resolution, with future images to provide detail down to every 10 square metres of Australia updated every five days.The project will offer datasets including the normalised difference vegetation index and fractional cover to help paint a picture of changes to vegetation, an intertidal extents model that provides a picture of changes to tidal patterns and coastlines, and water observations from space that monitor rivers, lakes, dams and flooding.Extreme weather is hurting Australian farmers – it''s time to demand action Read moreGeoscience Australia’s environmental geoscience division chief, Dr Stuart Minchin, says that, along with the mining sector and environmental studies, agriculture would particularly benefit from world-leading landscape monitoring capabilities, citing the popularity of the technology in an Australia-wide trial.By the conclusion of the NRM Spatial Hub study last year, farmers on 300 properties covering an area of more than 50 million hectares were using satellite data to analyse the vegetation condition of their properties to see where feed was available and not being used, and move water points accordingly to encourage livestock to migrate to those areas.A survey of those involved found 95% of users thought the technology had the potential to measurably improve the productivity and sustainability of their property.“Over 70% of the graziers involved in the trial said they believed the technology would increase their sustainable carry capacity, and it can now be rolled out to every grazier in the country,” Minchin says.Facebook Twitter Pinterest A view of Three Rivers in Queensland using the Digital Australia technology. Fractional cover can provide insights into areas of dry or dying vegetation and bare soil, as well as allowing the mapping of living vegetation. Photograph: Digital Earth AustraliaHe also notes that the technology is also able to monitor how quickly crops are drying out, allowing farmers to adjust schedules for water and fertiliser application across large areas accordingly.Minchin adds that flood risk could be counteracted by providing farmers with information about which specific paddocks or buildings are likely to become inundated based on weather forecasts combined with analysis of past flood levels.He says insurance companies are also interested in using satellite-based indexes on drought to provide insurance to farms, so if they get to certain levels of dryness they get a payout regardless of whether government declares drought.Dr Graeme Kernich, the deputy chief executive of the part government funded CRCSI research group, says his organisation was involved in some of the early phases of development of the project and is pleased with how it has developed.“We are road-mapping it now and intend to serve as a conduit for local industry, helping them identify low-hanging fruit which can be addressed by this technology,” he says.In developing a continually evolving picture of countrywide vegetation cover, water supplies, coastal erosion and the impacts of flood and drought, the technology also has significant potential to analyse the biggest threat to Australian farmers – climate change, which is already reducing farm productivity and potential wheat yields .Agbots, next gen farming and how they can teach us about the future of work Read moreAustralian National University paleoclimate scientist Andrew Glikson says the federal government generally “did not want to accept the reality of climate science” but that the Digital Earth Australia product line it is funding should in any case “greatly improve detailed real-time monitoring of Australia’s landscape conditions, water resources, pasture and natural vegetation environments, as a function of changing climate conditions, with major contributions to research by government authorities, CSIRO, BOM, universities and the agricultural and mining sectors”.Despite its potential, the capability to contribute to climate change research is not mentioned in the original project funding announcement by the resources minister, Matthew Canavan, nor in a Geoscience Australia site explaining the benefits of the project.Canavan, who last year expressed “uncertainty” about climate change , told the Guardian in a statement that his announcement “provided examples of some of the practical uses of Digital Earth Australia, not a list of its limitations” and that he expects the technology “will have a wide range of applications, including information about climate change”.For Geoscience Australia’s part, Minchin says the project has applicability in areas such as the monitoring of carbon farming initiatives but that climate change is not a “core focus” of the project, which he says focuses more on ways to help business productivity.The University of Melbourne director of Centre for Spatial Data Infrastructures and Land Administration, Prof Abbas Rajabifard, says the applicability of the project to climate change depends in the end on “the authorities setting up the standardised protocols and specification for the development of analytical tools and applications”.Topics Guardian sustainable business Future of farming features '|'theguardian.com'|'https://www.theguardian.com/uk/business'|'https://www.theguardian.com/sustainable-business/2017/jun/02/droughts-flood-feed-farmer-satellites-see-all-but-what-about-climate-change'|'2017-06-02T09:43:00.000+03:00'
'1693baa6d12fa74675ae2e633793f60d39848948'|'China sees an opportunity to lead as Trump withdraws from Paris. But will it? - World news'|'As Donald Trump walked off the stage in the Rose Garden after announcing the US would withdraw from the Paris climate agreement , one could practically hear the champagne corks popping in Beijing.Chinese leaders are eager for more influence on the international stage, and Trump’s move opened up another opportunity for China to fill a void left by the US.“China is taking a very internationalist stance, so taking the leadership on climate fits in well to that and they will be able to dramatically expand clean energy investment and markets overseas,” said Kate Gordon, a senior advisor at the Paulson Institute focusing on climate change. “That’s all opposed to a very nationalist stance from the United States.”China is grappling with clouds of toxic smog that frequently blanket the country’s cities. In an effort to clean up the air and reduce emissions, the government plans to spend 2.5tn yuan (£280bn) on renewables by 2020, an investment that is projected to create 13m jobs in China. While China is taking aggressive actions, it remains the world’s largest emitter of greenhouse gases , about double the US. Although in terms of carbon emissions per person, China produces less than half compared to the US. “There is no question that China will show leadership on climate, including putting a cap and trade system in place, investing in renewable energy, ramping down carbon emissions, ramping down coal,” Gordon added. “Those are all things they are committed to for environmental reasons, but also just for economic reasons.”Chinese president Xi Jinping is currently pushing a $900bn global investment initiative, known as the Belt and Road project, opening markets across Asia and Europe for China-made solar panels and wind turbines. China is also working on establishing a national trading platform for carbon and officials have shown no sign of retreating from their commitments.“China will stay committed to upholding and promoting the global governance on climate change, and take an active part in the multilateral process on climate change,” Hua Chunying, a foreign ministry spokesperson, said the day before Trump’s announcement .“We will work with all relevant parties to safeguard the outcomes of the Paris Agreement, press ahead with the negotiation and implementation of the enforcement rules, and promote green, low-carbon and sustainable growth of the world.”While Trump promised to “renegotiate” the Paris accord in his speech, the administration has not formed a team of negotiators to tackle climate issues, with other countries, particularly China, concerned about who the US will send to the table.In the meantime, China will likely look for a new global partner to tackle climate change, as Chinese officials are not entirely comfortable taking sole responsibility. “The moment Trump announced his Paris pull out marked the divorce of US-China climate relationship and the beginning of a reinvigorated partnership between China and the EU,” said Li Shuo, climate policy adviser at Greenpeace East Asia. But some in China are wary of the newfound focus on China to lead the world in solving a problem its leaders have been slow to address.“The international community’s expectation of China will now rise sharply, and whether or not China will assume this responsibility is still a major question,” said Zhang Haibin, a professor at Peking University in Beijing and expert on environmental politics. “China will not alter its commitments because of Trump, or follow him in quitting. But I don’t think China is currently able to independently assume the mantle of global climate change governance, China can’t fully take the place of the US.” While much of the world is now looking to China, the country’s leaders may choose to lead in a radically different style.“Now China can step in and become the leader on climate, but without the pressure from the US, they don’t need to go as far to have that leadership mantle,” said Alex Wang, an environmental law professor at the University of California Los Angeles who formerly worked in Beijing for Natural Resources Defense Council.The US exit from the Paris agreement also gives ammunition to detractors within the Chinese government who want to slow down the pace of shutting down polluting industries, particularly local governments, Wang said. Former US president Barack Obama cajoled China into committing to a peak in carbon emission by 2030 in a joint statement, a policy that was already in line with projections but gave Obama the opportunity to make commitments of his own.But China’s leaders have a distinctly different style. China has long taken a hands off approach to diplomacy, with officials repeating the mantra of noninterference in the affairs of other countries. In terms of climate negotiations in the future, some say China may be less inclined to exert pressure or propose aggressive goals. “It’s not a comfortable position for China to press other countries for more ambitious targets,” Wang said.With additional reporting by Wang Zhen. Topics China Donald Trump Trump administration Climate change Asia Pacific Paris climate agreement analysis  '|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/world/2017/jun/02/china-sees-an-opportunity-to-lead-as-trump-withdraws-from-paris-but-will-it'|'2017-06-02T16:45:00.000+03:00'
'1dcc83b8c07af7c120bcebf34e4b5475dd33ad95'|'Sailing-Japan test new design model for America''s Cup challenge - Reuters'|'By Alexander Smith - June 3 June 3 SoftBank Team Japan opted for a radically different course to other new teams seeking to challenge Oracle Team USA in this month''s 35th America''s Cup.Unlike Britain''s Land Rover BAR and Groupama Team France who built their own boats from scratch, Japan bought their design from the U.S. holders of the cup.Led by former Emirates Team New Zealand skipper Dean Barker, the crew is the first Japanese flagged challenger since 2000 and sponsor SoftBank has set its sights on "becoming the first Japanese team to win the America''s Cup".Under the protocol for the oldest trophy in international sport, challengers can buy a basic design packages for the one-design 50-foot (15 metre) foiling catamarans.Getting an America''s Cup boat on the water, let alone competing with Oracle Team USA and Artemis Racing which are both backed by billionaires, costs tens of millions of dollars.And although Japan''s close ties to the U.S. defenders have raised some questions over independence, skipper and CEO Barker says they operate separately on key areas of designing and configuring their catamarans.This model is held up by the America''s Cup organisers as a way for more hopefuls to mount challenges.SoftBank Team Japan also gets expertise in aerodynamics, instrumentation, simulation, composites, structures, hydraulics and data analysis from Airbus, the European plane maker and "innovation partner" to both teams.Another factor giving Japan a "home" advantage is that they have based themselves in Bermuda with Oracle Team USA since they were founded in 2015.The knowledge they have gained of the winds and conditions of Bermuda''s Great Sound is also a potential advantage for tactician Chris Draper and the crew.There are three Japanese members of the team, with its general manager Kazuhiko Sofuku competing in his fourth America''s Cup, while Olympic sailor Yugo Yoshida and rower Yuki Kasatani make their debuts.The proximity to Team USA may also give Barker, who was dramatically beaten in the America''s Cup in San Francisco by the U.S., better insight than anyone into the defender''s weak spots.Barker has all to play for after he was dropped by New Zealand following their 2013 loss.If he can beat them to become challenger, he will not only have earned himself a chance for revenge but an opportunity for SoftBank to fulfil Japan''s ambitions to win the "Auld Mug".(Editing by Pritha Sarkar)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/sailing-americas-japan-idINL8N1J00D3'|'2017-06-03T14:03:00.000+03:00'
'838fc18e33083399316e1524af09c9f000298a15'|'BRIEF-Rotation Capital Management reports 13 pct passive stake in Yatra Online - SEC filing'|' 50pm EDT BRIEF-Rotation Capital Management reports 13 pct passive stake in Yatra Online - SEC filing June 9 Rotation Capital Management LP: * Rotation Capital Management LP reports 13.0 percent passive stake in Yatra Online Inc as of May 31, 2017 - SEC filing Source text: ( bit.ly/2rJvi36 )   Newsroom: +91 806 749 1136)  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-rotation-capital-management-report-idUSFWN1J60MH'|'2017-06-10T01:50:00.000+03:00'
'91632483649350e91cac1e3bc671df5662f4871b'|'Hedge fund Elliott Advisors increases stake in Akzo Nobel'|'AMSTERDAM Elliott Advisors has increased its stake in Dutch paint maker Akzo Nobel to at least 5 percent from 3.25 percent, according to a filing with the Dutch financial markets regulator AFM dated Wednesday.A spokesman for the hedge fund declined to comment on the reason for the increase.Under Dutch market rules, investors must report their holdings when they pass certain thresholds. Elliott could in theory own anywhere between 5 percent and 10 percent of Akzo''s outstanding share capital.(Reporting by Toby Sterling; editing by David Clarke)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-akzo-nobel-elliott-idINKBN1900NW'|'2017-06-09T08:59:00.000+03:00'
'33521df301f2243209de0d513a1ba1374a859aa4'|'Bain replacing KKR in Japan government-backed bid for Toshiba chip unit: sources'|'By Junko Fujita - TOKYO TOKYO Bain Capital and a Japanese state-backed fund are in talks about teaming up to bid for Toshiba Corp''s ( 6502.T ) prized chip unit, sources familiar with the matter said.The U.S. private equity firm would replace rival KKR & Co LP ( KKR.N ) as the main partner of the state-backed fund and would be a minority investor in the consortium under the plan being discussed, one of the sources said.Bain submitted a bid in the second-round of the auction with South Korean chipmaker SK Hynix ( 000660.KS ).The current consortium led by the Japan Innovation Network Corp fund is one of two frontrunners in the race for the world''s second biggest producer of NAND flash memory chips.The sources declined to be identified as the talks were confidential.A representative for SK Hynix declined to comment. A representative for KKR was not immediately available for comment.Western Digital ( WDC.O ), which jointly operates a key flash memory chip plant with Toshiba in Japan, has been planning to work with the Japanese state-backed fund and KKR in its proposal.It recently presented an outline of its proposed bid to Toshiba, separate sources said.The Japan-backed consortium is competing with U.S. chipmaker Broadcom Ltd ( AVGO.O ) which has partnered with U.S. private equity firm Silver Lake. Some sources say Broadcom may have the upper hand as it has submitted a higher bid that is also likely to invite less anti-trust scrutiny.The Japan-backed consortium was also seen on the backfoot as Western Digital and Toshiba are at loggerheads over the sale of the chip unit, with the California-based firm claiming breach of contract.In its bid, Western Digital initially hoped to gain a majority holding, but has agreed to limit its stake to 19.9 percent to appease the government, the sources said.Toshiba is rushing to find a buyer for the business, which it values at $18 billion or more, to cover billions of dollars in cost overruns at its now-bankrupt U.S. nuclear business Westinghouse Electric Corp.(This version of the story corrects story throughout after source clarifies that Bain is in talks to team up with Japan fund, not is replacing KKR in consortium)(Reporting by Junko Fujita; Additional reporting by Makiko Yamazaki in Tokyo and Se Young Lee in Seoul; Editing by Edwina Gibbs)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-toshiba-accounting-idINKBN190043'|'2017-06-09T01:19:00.000+03:00'
'5dac3a0f834ad5163b82188a82b412c3e6f99eb2'|'BNP Paribas fined 10 million euros over weaknesses in anti-money laundering controls'|'Business News  22pm BST BNP Paribas fined over weaknesses in anti-money laundering controls The logo of the French bank BNP Paribas is seen in Paris, France, February 6, 2017. REUTERS/Jacky Naegelen PARIS French bank watchdog ACPR said it had fined BNP Paribas ( BNPP.PA ) 10 million euros (8.75 million pounds) for inadequate anti-money laundering controls. The penalty followed a 2015 inspection of the bank which revealed a number of shortcomings in its provisions for preventing money laundering and financing of terrorism, ACPR said in a statement. French authorities have been leading a crackdown in these areas after a series of Islamist attacks in recent years. BNP declined to comment on whether it would contest the decision or pay the fine. The bank has two months to appeal against the decision. The ACPR said that at the time the bank did not have enough staff dedicated to spotting and notifying suspicious transactions and inefficient tools for detecting unusual customer transactions. The watchdog said that the fine takes into account the seriousness of the shortcomings and importance of BNP - given its size - in passing on information to the French finance ministry Tracfin unit, which focuses on preventing money laundering and terrorism financing. In 2014, U.S. authorities fined BNP almost $9 billion over accusations that it violated U.S. sanctions against Sudan, Cuba and Iran. (Reporting by Leigh Thomas, Maya Nikolaeva and Geert De Clercq. Editing by Jane Merriman and Adrian Croft)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-bnp-paribas-moneylaundering-idUKKBN18T2JE'|'2017-06-03T01:13:00.000+03:00'
'852ed46b6b7da0894fb8ff6dca84a67fe47a722c'|'BRIEF-Aileron Therapeutics files for IPO of up to $69 mln'|'June 2 (Reuters) -* Aileron Therapeutics Inc files for IPO of up to $69 million -SEC filing* Says expect that the shares will trade on the Nasdaq Global Market under the symbol “ALRN”* Says joint book-running managers for IPO are BofA Merrill Lynch, Jefferies, William Blair, Canaccord Genuity* Says IPO size estimated solely for the purpose of calculating the amount of the registration fee Source text for Eikon:'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/brief-aileron-therapeutics-files-for-ipo-idINFWN1IZ0KU'|'2017-06-02T19:22:00.000+03:00'
'd96541b1864b1ebdb62367493ee7137cd504813d'|'Scented Geraniums doesn’t come up smelling of roses - Money'|'I would like to nominate online plant retailer Scentedgeraniums.co.uk for an award for rudest customer service. I sent what I thought was a friendly email about an order I had received, only to receive a tirade of abuse in return. I have never experienced anything like it and would like to commend the company for its complete and utter contempt for its customers. HM, London This is indeed an extraordinary take on customer service. Your perfectly pleasant email mentioned that one of the three £2.99 plug plants you had ordered looked too small to be viable and you wondered about a replacement.“I’m irritated that you’ve even asked,” came the reply. “I cannot recall during the past 10 years that any single person has ever emailed such a request. However, I do find that customers who opt for the cheap plugs are more likely to complain. Thankfully, you are in a tiny minority whom we will never please. Perhaps, we should register as a charity and just give away plants.”It’s signed merely “irritated in the extreme”. The Scented Geraniums owners, Annie and Guy, tell me that you should have read their terms and conditions, which state that plugs cannot be guaranteed “for any reason”.Those terms and conditions make interesting reading in themselves. “No customer has any legal right to tell us how to operate our business” is one of many choice lines. Those who, like you, dare complain are accused of being unreasonable and warned that if their attitude causes offence their emails will be deleted.The nursery appears to sell perfectly decent plants, but when it comes to human relations it would do well to heed the advice in its terms and conditions: “Please communicate with us in a POLITE way. You will get a much better result! Rudeness will not be tolerated for any reason.”If anyone else has any contenders for an ill-will award, please send them in. If you need help email Anna Tims at your.problems@observer.co.uk or write to Your Problems, The Observer, Kings Place, 90 York Way, London N1 9GU. Include an address and phone number. Topics Money Your problems with Anna Tims Gardens Gardening advice features Share on Facebook Share on Twitter Share via Email Share on LinkedIn Share on Pinterest Share on Google+ Share on WhatsApp Share on Messenger Reuse this content'|'theguardian.com'|'https://www.theguardian.com/uk/business'|'https://www.theguardian.com/money/2017/jun/01/scented-geraniums-worst-customer-service'|'2017-06-01T15:00:00.000+03:00'
'c8da3915ea71958bbfebefe8acff0e7f85670243'|'Sunrun says audit committee reviewing claims in WSJ article'|'Market News - Fri Jun 2, 2017 - 2:55pm EDT Sunrun says audit committee reviewing claims in WSJ article June 2 Sunrun Inc''s board of directors is investigating a Wall Street Journal report last month that said former employees manipulated sales data around the time of the U.S. solar installer''s 2015 initial public offering. In a brief statement posted on its website, Sunrun said its executive team had asked the board''s audit committee to review the Journal''s article. The statement is dated June 1. "Sunrun''s executive team is committed to transparency and looks forward to taking any and all appropriate actions in response to the Audit Committee''s eventual findings," the statement said. Sunrun officials could not immediately be reached for comment. (Reporting by Nichola Groom; Editing by Jonathan Oatis)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/sunrun-probe-idUSL1N1IZ19V'|'2017-06-03T02:55:00.000+03:00'
'3aef7fc96a5e558a29fe2eadb6e866e064940c10'|'Daimler says U.S. expansion not linked to Trump''s trade campaign'|'Autos - Fri Jun 2, 2017 - 5:22pm BST Daimler says U.S. expansion not linked to Trump''s trade campaign Dieter Zetsche, Chairman of the Board of Management of Daimler AG and Head of Mercedes-Benz Cars, takes part in the ground breaking ceremony for the second battery factory at Daimler subsidiary ACCUMOTIVE in Kamenz, Germany May 22, 2017. REUTERS/ Matthias Rietschel RASTATT, Germany German car and truck manufacturer Daimler ( DAIGn.DE ) said its plans to expand manufacturing at a plant in Alabama predates U.S. President Donald Trump''s efforts to protect U.S. jobs. "We have been expanding the Tuscaloosa factory for many years and continue to do so," Daimler Chief Executive Officer Dieter Zetsche said on the sidelines of an event in Rastatt, Germany. "We are deepening our supplier base at the location, just like we have been in other locations," Zetsche said, explaining that a similar process was underway at the Mercedes-Benz factory in Beijing, China. A spokesman for Daimler clarified that plans to increase sourcing of parts from local suppliers in the United States have been underway for years and were further expanded with a $1.3 billion (£1 billion) investment plan announced in September 2015. Daimler, which owns the Mercedes-Benz brand, makes off-road vehicles for local and overseas markets at its factory in Tuscaloosa, Alabama. Trump has criticised Germany''s trade surplus with the United States. He used Twitter this week to attack Germany partly for its trade policies, flagging the United States'' "massive trade deficit with Germany." Last year, around 545,000 cars were shipped from Germany to the United States, German auto industry association VDA said. German carmakers also produced 854,000 cars at factories in the United States, of which 62 percent were exported overseas. Although the majority of cars made by German brands in the United States are exported overseas, there is a trade gap with Germany. According to the VDA, cars and engines worth 23.42 billion euros (£20.5 billion) were exported to the United States in 2016, while goods - such as car components - imported from the United States to Germany were worth only 6.24 billion euros. Including other components and second-hand vehicles, exports from Germany amounted to 31.2 billion euros in 2016, while shipments from the United States to Germany amounted to 7.4 billion euros, VDA said. (Reporting by Ilona Wissenbach and Edward Taylor. Editing by Jane Merriman)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-usa-germany-daimler-idUKKBN18T2FG'|'2017-06-03T00:22:00.000+03:00'
'2a21f9bb97a77e6929118f5b28b7a703a9d817a8'|'Malaysia''s Lotte Chemical to raise $1.4 billion in IPO'|'Deals - Fri Jun 2, 2017 - 5:54am EDT Malaysia''s Lotte Chemical to raise $1.4 billion in IPO SEOUL Malaysia''s Lotte Chemical Titan Holding [TTNP.UL] will raise 1.55 trillion won ($1.38 billion) from new shares being issued in an initial public offering (IPO), its South Korean parent Lotte Chemical Corp ( 011170.KS ) said on Friday. Lotte Chemical Corp said in a regulatory filing that the funds raised in the IPO are expected to come from about 740.5 million new shares, valued at the top of an indicative range of 8 ringgit ($1.87) per share. The listing could be one of the biggest IPOs in years in Malaysia, which has not seen any listing of $1 billion and above since the $1.5 billion IPO of Astro Malaysia Holdings ( ASTR.KL ) in 2012. (Reporting by Joyce Lee; Editing by Muralikumar Anantharaman) '|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-lotte-chemical-ipo-malaysia-idUSKBN18T18W'|'2017-06-02T13:54:00.000+03:00'
'01ef656f79affb5318593c7183d770979baf6557'|'Exclusive: Elliott target Gigamon prepares to explore a sale - sources'|'By Liana B. Baker and Michael Flaherty Gigamon Inc, a U.S. network monitoring software maker targeted by activist hedge fund Elliott Management Corp, is preparing to hold talks with potential suitors interested in acquiring it, according to people familiar with the matter.The move would push Gigamon closer to being acquired, after Elliott reported a 15.3 percent stake in the company in May and said it would encourage it to undergo a strategic review process that could also include a sale.Gigamon is working with investment bank Goldman Sachs Group Inc as it prepares to engage in talks with companies and private equity firms interested in a deal, the sources said this week. No sale process has started yet, the sources added.The sources asked not to be identified because the deliberations are confidential. Gigamon, which has a market capitalization of $1.5 billion, and Goldman Sachs both declined to comment. Elliott did not immediately respond to a request for comment.Gigamon could attract interest from companies such as Hewlett Packard Enterprise Co and F5 Networks Inc, as well as technology-focused private equity firms such as Thoma Bravo Llc. Riverbed Technology, now owned by Thoma Bravo, bought Gigamon competitor Opnet in 2012 for $1 billion.Gigamon, based in Santa Clara, California, makes software that is installed in large data centers to boost the flow of traffic and prevent bottlenecks. Some of its competitors have been acquired in recent months, including Ixia, which Keysight Technologies Inc bought earlier this year for $1.6 billion.Elliott has succeeded in pushing many technology companies to sell themselves in recent years, including Mentor Graphics, LifeLock Inc and Qlik Technologies.(Reporting by Liana B. Baker in San Francisco and Michael Flaherty in New York; editing by Jonathan Oatis)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-gigamon-m-a-exclusive-idINKBN18T31J'|'2017-06-02T20:34:00.000+03:00'
'eb2268c582769cb37f23519b3c9005ad81f2a323'|'Akzo responds to PPG - after the takeover battle ends'|'AMSTERDAM, June 2 Akzo Nobel, the Dutch paint maker that rejected a 26.3 billion-euro ($29.63 billion) takeover proposal from U.S. rival PPG Industries, has sent PPG a letter, seen by Reuters, detailing specific problems it saw with the deal.The letter, dated June 1 and written shortly after PPG formally dropped its pursuit of Akzo, gave specific, quantifiable arguments for the first time in public as to why Akzo had opposed the deal.Many of Akzo Nobel''s shareholders were unhappy with the company''s rejection of PPG''s offer, which as of Thursday represented nearly a 30 percent premium to Akzo''s share price. ($1 = 0.8876 euros) (Reporting by Toby Sterling; Editing by Greg Mahlich)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/akzo-nobel-ma-ppg-inds-letter-idINA5N1HS006'|'2017-06-02T12:25:00.000+03:00'
'7cebcead575a7098f50e86d61b37c6c2880623d4'|'UPDATE 1-Close aide to Brazil''s leader Temer arrested in corruption inquiry'|'World News - Sat Jun 3, 2017 - 9:21am EDT Close aide to Brazil''s leader Temer arrested in corruption inquiry BRASILIA Former Brazilian lawmaker Rodrigo Rocha Loures, a close aide and friend of President Michel Temer, was arrested at his home on Saturday in a corruption investigation that also targets the president, a federal police spokesman said. In a police video released in May, Loures was seen running out of a Sao Paulo restaurant carrying a bag with 500,000 reais ($154,000) in cash that prosecutors say was a bribe from the owners of the world''s largest meatpacker JBS SA. Plea bargain testimony by two executives of JBS''s holding company J&F Investimentos SA implicated Temer and other politicians in graft and led prosecutors to accuse Rocha Loures of being a middleman for Temer, which the president has denied. The Supreme Court authorized the investigation of Temer and Rocha Loures for corruption, criminal organization and obstruction of justice, triggering the worst political crisis since Temer took over from impeached leftist Dilma Rousseff last year. Since the leaking of a recording of a late-night conversation with a JBS executive in which he appeared to condone corrupt practices, Temer has faced calls for his resignation or impeachment. An electoral court investigation of his 2014 election for illegal campaign funding could also oust him from office. Loures, a businessman turned politician, is expected to seek a plea bargain with prosecutors that could damage the president''s case that he did nothing illegal. Loures has hired a lawyer to prepare a plea bargain, a source with knowledge of the matter told Reuters. Last week, he turned over a bag full of cash to police, apparently as a step to reaching agreement with prosecutors, who are investigating him for negotiating 15 million reais in bribes from JBS. It was not immediately possible to reach the lawyer of Loures. Temer''s office had no immediate comment on the arrest of his former aide. Temer has said his relationship with Loures was purely "institutional" yet Loures had an office in the presidential palace close to Temer when he was Rousseff''s vice president. (Reporting by Anthony Boadle and Lisandra Paraguassú; Editing by Mark Heinrich and Edmund Blair)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/uk-brazil-corruption-idUSKBN18U0HQ'|'2017-06-03T21:09:00.000+03:00'
'e6ae29af4800500b39170d3cbd80841b6a9a1655'|'BRIEF-Dova pharmaceuticals files for IPO of up to $74.8 million'|'June 2 Dova Pharmaceuticals:* Dova Pharmaceuticals files for IPO of up to $74.8 million* Dova Pharmaceuticals - intend to apply for listing of common stock on the nasdaq global market under the symbol "Dova."* Dova Pharmaceuticals says underwriters for IPO include J.P. Morgan, Jefferies, Leerink Partners* Dova Pharmaceuticals says ipo size estimated solely for the purpose of calculating the amount of the registration fee Source text for Eikon:'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-dova-pharmaceuticals-files-for-ipo-idUSFWN1IZ0KX'|'2017-06-03T05:53:00.000+03:00'
'e17e8a58ca7338323cbd0da96ff0dca92b31b41a'|'Asia stocks follow Wall Street''s negative lead, sterling slips on election fears'|'Business News - Thu Jun 1, 2017 - 4:09pm EDT Upbeat U.S. data propel S&P, Nasdaq to record highs; oil steadies left right Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., May 31, 2017. REUTERS/Brendan McDermid 1/5 left right People walk past an electronic board showing stock prices outside a brokerage at a business district in Tokyo, Japan, January 4, 2017. REUTERS/Kim Kyung-Hoon 2/5 left right A trader looks at his screens on the Unicredit Bank trading floor in downtown Milan June 13, 2013. REUTERS/Alessandro Garofalo 3/5 left right FILE PHOTO: A worker at an oil field owned by Bashneft, Bashkortostan, Russia, in this January 28, 2015 file photo. REUTERS/Sergei Karpukhin/Files 4/5 left right People walk through the lobby of the London Stock Exchange in London, Britain August 25, 2015. REUTERS/Suzanne Plunkett/File photo 5/5 By Richard Leong - NEW YORK NEW YORK Major world stock markets rose on Thursday, with the S&P 500 and Nasdaq hitting record highs on encouraging U.S. economic data, while oil prices stabilized near three-week lows following a bigger-than-expected drop in U.S. crude inventories. Surprisingly strong data on U.S. private jobs growth and factory activity in May revived traders'' appetite for the dollar and reduced the safe-haven appeal of gold and U.S. and German government bonds. The Institute for Supply Management said its barometer of U.S. factory activity edged up to 54.9 last month from 54.8 in April, while ADP reported private payrolls grew by 253,000 last month, beating analysts'' median forecast of a 185,000 increase. These reports led traders to almost fully price in chances that the Federal Reserve will raise interest rates at its June 13-14 policy meeting. They also supported the outlook for possibly another hike after June. "We think it’s consistent with continued progress in the economy and possibly a hike in September," said John Herrmann, director of interest rates strategy at MUFG Securities in New York. If the U.S. government''s payroll report for May were to show another solid pickup in hiring, it would cement expectations that a rate hike in less than two weeks is a done deal. "I don’t think it locks in payrolls are going to be good, it’s more of payrolls aren’t going to be a disaster," said JJ Kinahan, chief market strategist at TD Ameritrade in Chicago. The Dow Jones Industrial Average .DJI rose 135.53 points, or 0.65 percent, to 21,144.18, the S&P 500 .SPX gained 18.26 points, or 0.76 percent, to 2,430.06 and the Nasdaq Composite .IXIC added 48.31 points, or 0.78 percent, to 6,246.83. The S&P and Nasdaq reached intraday record peaks at 2,429.95 and 6,247.07, respectively. Europe''s broad FTSEurofirst 300 index .FTEU3 ended up 0.39 percent, at 1,538.07. MSCI''s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS rose 0.67 point or 0.13 percent, to 498.49. The MSCI world equity index .MIWD PUS, which tracks shares in 45 nations, rose 2.41 points or 0.52 percent, to 466.2. The dollar index .DXY, which tracks the greenback versus a basket of six currencies, rose 0.28 percent, to 97.197. China''s yuan strengthened beyond 6.8 per dollar for the first time since Nov. 11 after the central bank pushed its reference rate, around which the spot rate can fluctuate, 0.8 percent higher. It was the second-largest single-day appreciation of the currency since it was unpegged from the dollar in 2005. In the bond market, benchmark 10-year Treasury yields US10YT=RR were up 2 basis points at 2.215 percent, while the German counterpart DE10YT=RR was marginally higher at 0.302 percent. In commodities, Brent crude LCOc1 settled down $0.13, or 0.26 percent, at $50.63 a barrel. U.S. crude CLc1 settled up $0.04, or 0.08 percent, at $48.36 per barrel. Government data on Thursday showed U.S. crude inventories dropped by 6.4 million barrels, greater than a forecast 4.4 million-barrel decline. The stock draw offered some respite from worries over a global oversupply in oil. Spot gold prices XAU= fell $0.18 or 0.01 percent, to $1,267.91 an ounce, retreating from $1,273.74 which was the strongest level since April 25. (To view a graphic on ''2017 asset returns'' click here ) (To view a graphic on ''World FX rates in 2017'' click tmsnrt.rs/2egbfVh ) (To view a graphic on ''Global bonds dashboard'' click tmsnrt.rs/2fPTds0 ) (Additional reporting by Chuck Mikolajczak, Sam Forgione, Gertrude Chavez-Dreyfuss and Julia Simon in New York, Nigel Stephenson, Ritvik Carvalho and Christopher Johnson in London, Nichola Saminather in Singapore, and Aaron Sheldrick in Tokyo; Editing by Chris Reese and Nick Zieminski) '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-global-markets-idUSKBN18S3IP'|'2017-06-01T09:01:00.000+03:00'
'281c669f7003943c7afa6b8d07f6eaae9d3050ca'|'PRESS DIGEST- New York Times business news - June 2'|'Market News - Fri Jun 2, 2017 - 1:56am EDT PRESS DIGEST- New York Times business news - June 2 June 2 The following are the top stories on the New York Times business pages. Reuters has not verified these stories and does not vouch for their accuracy. - President Trump announced on Thursday that the United States would withdraw from the Paris climate accord. Trump said the landmark 2015 pact imposed wildly unfair environmental standards on American businesses and workers. He vowed to stand with the people of the United States against what he called a "draconian" international deal. nyti.ms/2qMSIRF - Uber said last week that it had recently discovered an accounting error that had deprived New York drivers of tens of millions of dollars, and vowed to pay back drivers every cent, with interest. Now evidence has emerged suggesting that Uber and New York State regulators were aware of the improper deductions from drivers'' earnings as early as 2015. nyti.ms/2qMKRnh - In a rare slowdown in one of the hottest areas of the entertainment business, attendance declined at 13 of 14 Disney theme parks around the world in 2016 compared with 2015, according to a report by Themed Entertainment Association and Aecom. nyti.ms/2qN1q2d - Food kits delivery service Blue Apron filed on to go public, moving to become one of the most prominent consumer start-ups in recent years to pursue a stock listing. The size of Blue Apron''s offering has yet to be determined. The prospectus listed a $100 million fund-raising target. nyti.ms/2qMTk9V (Compiled by Bengaluru newsroom) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/press-digest-nyt-idUSL3N1IZ27X'|'2017-06-02T13:56:00.000+03:00'
'2aaccb92ad372855158d06e3bfe84368d0b5bb17'|'Brazil''s OGPar files for permission to exit bankruptcy'|'SAO PAULO, June 2 Óleo e Gás Participações SA , the oil firm founded by Brazilian tycoon Eike Batista, said on Friday it filed for permission from a court in Rio de Janeiro to exit bankruptcy.In a securities filing, it said it has fulfilled all its obligations under its court reorganization plan.OGPar, as the company is known, entered bankruptcy status to protect itself from creditors in October 2013. It sought to restructure 13.8 billion reais ($4.25 billion) of debt.In June 2014, creditors approved a debt restructuring program by a 90 percent margin, according to the securities filing. As part of this plan, the company carried out a debt-for-equity swap in October of that year.Batista, once Brazil''s richest person, saw his more than $30 billion fortune evaporate in 2013 and the shares of his companies shrink to nearly zero.In January, he was jailed in a prominent corruption case. He left prison in April for house arrest ahead of his trial.($1 = 3.2495 reais) (Reporting by Ana Mano; Editing by W Simon)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/oleo-e-gas-part-bankruptcy-idINL1N1IZ0BD'|'2017-06-02T11:38:00.000+03:00'
'79fd03fed0b527c85a55d599f06e21f55ce54144'|'China postal authority calls for end to data spat between Alibaba unit, SF Holdings'|'BEIJING, June 2 China''s postal authority has asked SF Holding Co and Alibaba Holding Group Ltd''s logistics unit, two of the nation''s top logistics players, to end a spat that disrupted deliveries when the two firms abruptly cut ties on Thursday.SF is one of several top logistics firms that have a strategic partnership with Alibaba''s Cainiao Network, which supports an app that allows users to track and pay for deliveries and links directly to Alibaba''s top e-commerce platform Taobao.The firms severed a data sharing agreement on Thursday following SF''s claims the Alibaba unit had requested user data not related to the current partnership, a claim Cainiao denies.China''s State Post Bureau said on its website it was communicating with both firms and urged the two sides to seek a diplomatic resolution to safeguard against "serious social impacts and negative side effects".The split highlights the stiff competition in China over hotly-contested user data assets, as top internet players including Alibaba and Tencent Holdings Group Ltd consolidate increasingly powerful cloud and big data ecosystems.The State Post Bureau said agricultural shipments were among those affected, including deliveries of fresh fruit. On Thursday Cainiao urged users and merchants to select alternative logistics firms.SF said in a statement on Friday users could still access tracking data on the firm''s official website. It said it stopped sharing data on Thursday after a May request from Cainiao to provide "unrelated customer privacy data".Cainiao, which oversees roughly 57 million deliveries a day, also tracks deliveries purchased on platforms outside the Alibaba ecosystem."Cainiao takes a collaborative approach towards logistics... We are surprised and disappointed by SF''s abrupt action to stop providing the information that is necessary for the smooth completion of parcel deliveries," a Cainiao spokeswoman said in an emailed statement.Competing data and e-commerce firms, including the cloud unit of Tencent and the CEO of e-commerce platform JD.com Inc , weighed in on the rift on social media, calling for Cainiao to promote a more open data sharing arrangement. Tencent Cloud provides existing data services to SF. (Reporting by Cate Cadell; Editing by Muralikumar Anantharaman)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/china-logistics-rift-idINL3N1IZ28H'|'2017-06-02T05:15:00.000+03:00'
'2be356b7a74daca93f336bc4f24a147525ce1f64'|'U.S. diamond market slows versus 2016, India brighter - De Beers'|'Business News  39pm BST U.S. diamond market slows versus 2016, India brighter - De Beers left right FILE PHOTO: A model poses with 8.01 carat ''Sky Blue Diamond'' during a preview at Sotheby''s auction house in Geneva, Switzerland November 9, 2016. REUTERS/Pierre Albouy/File Photo 1/3 left right FILE PHOTO: A model poses with 8.01 carat ''Sky Blue Diamond'' during a preview at Sotheby''s auction house in Geneva, Switzerland, November 9, 2016. REUTERS/Pierre Albouy/File Photo 2/3 left right FILE PHOTO: Diamonds are displayed during a visit to the De Beers Global Sightholder Sales (GSS) in the capital Gaborone in Botswana, November 24, 2015. REUTERS/Siphiwe Sibeko/File Photo 3/3 By Barbara Lewis - LONDON LONDON Indian diamond jewellery sales are rebounding after a fall of nearly 9 percent last year, while demand in the biggest market, the United States, has slowed in 2017 in line with muted economic growth, De Beers said on Friday. Broadly steady global diamond jewellery demand worth $80 billion (£62 billion) in 2016 masked 4.4 percent growth in the United States and an 8.8 percent fall in India, where sales were disrupted by a jewellers'' strike and a government decision to withdraw high-value bank notes. Major miner Anglo American ( AAL.L ) counts on its business with De Beers, the world''s biggest diamond producer by value, to shelter its portfolio from volatile commodity markets as diamonds tend to hold value when basic raw materials fall in price. While De Beers'' traditional focus is rough diamonds, the group is developing its presence in the high-margin diamond retail market through De Beers Diamond Jewellers'' retail network and the Forevermark high-end diamond brand, which had retail sales of around $750 million in 2016. Forevermark Chief Executive Stephen Lussier said the signs so far were that last year''s trends were reversing. In the third biggest market India, Forevermark diamond sales have rebounded so far this year by around 70 percent versus a year ago, when a 19-day jewellers'' strike and the withdrawal of high-value notes limited sales. Even considering the recovery was from an unusually low base, Lussier said in a telephone interview that Forevermark was outperforming a broadly steady diamond market. The United States'' diamond market has slowed slightly this year as expected economic growth has yet to materialise, he said without giving figures. Disappointing U.S. jobs growth numbers on Friday pushed the U.S. dollar lower. The 2016 diamond data released on Friday, which De Beers publishes for the entire industry, found U.S. consumers last year accounted for around half of world diamond jewellery buyers - a level not seen since before the financial crisis - after five years of consecutive demand growth. Engagement rings are central, but there is a growing trend for U.S. women to buy diamonds for themselves, which Lussier said was "a sign of economic empowerment". After the United States, the next biggest market is China, where demand growth rose by 0.6 percent in local currency last year and it continued to rise into the first quarter of 2017. (Editing by Keith Weir and Stephen Powell)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-angloamerican-debeers-diamonds-idUKKBN18T258'|'2017-06-02T22:39:00.000+03:00'
'a126412db87786ecd01af94b5a2637cf1967bbb8'|'Praxair says pain threshold for merger disposals $3.7 billion sales'|'Deals - Fri Jun 2, 2017 - 10:41am EDT Praxair says pain threshold for merger disposals $3.7 billion sales FRANKFURT Industrial gases groups Praxair ( PX.N ) and Linde ( LING.DE ) have agreed a limit to the volume of disposals they are prepared to make to satisfy anti-trust regulators as they seek to merge their companies, Praxair told analysts on a call on Friday. They are prepared to divest assets with up to $3.7 billion in total sales or $1.1 billion in combined core earnings (EBITDA) but above those levels either party could walk away or seek to renegotiate the merger agreement. (Reporting by Georgina Prodhan; Editing by Maria Sheahan) '|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-linde-m-a-praxair-divestments-sale-idUSKBN18T261'|'2017-06-02T18:41:00.000+03:00'
'00c371a200b2021377e80c483b58b3f996ca677c'|'Idemitsu''s founding family to oppose CEO re-election - Nikkei'|'Business News - Sat Jun 3, 2017 - 3:45am BST Idemitsu''s founding family to oppose CEO re-election - Nikkei A signboard of Idemitsu Kosan Co is seen behind a traffic light at its gas station in Tokyo, Japan, August 15, 2016. REUTERS/Kim Kyung-Hoon TOKYO The founding family of Idemitsu Kosan Co ( 5019.T ) is set to vote against re-electing the Japanese oil refiner''s top executives who are pushing for a full merger with smaller rival Showa Shell Sekiyu ( 5002.T ), the Nikkei business daily said on Saturday. That would be a second straight year the family and related parties, which together hold 33.92 percent of Idemitsu shares, would oppose the re-election of CEO Takashi Tsukioka and other board members at Idemitsu''s annual general shareholders'' meeting scheduled in late June, the report said without citing sources. The family''s opposition to re-election of the company board came close to removing Tsukioka, along with other board members, in a vote at last year''s shareholders'' meeting. Idemitsu Kosan completed the purchase of just under a third of Showa Shell last December. The goal of combining the two companies has been delayed indefinitely due to Idemitsu''s founding family''s opposition to the merger. The family''s new lawyer, Yohei Tsuruma, is expected to announce their decision on Monday ahead of the shareholders'' meeting scheduled for June 29, the report added. Idemitsu''s management has been looking at various options to complete the merger but none of them have swayed the founding family. (Reporting by Osamu Tsukimori; Editing by Jacqueline Wong) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-japan-refiners-m-a-idUKKBN18U034'|'2017-06-03T10:45:00.000+03:00'
'adcf21fcffb1564a605e046cabbd4660be97899e'|'FTSE soars on sterling weakness, shock vote result hits housebuilders'|'Top News - Fri Jun 9, 2017 - 5:39pm BST FTSE soars on sterling weakness, silver linings after election shock By Helen Reid - LONDON LONDON An election upset for Prime Minister Theresa May sent Britain''s major share index shooting up on Friday, feeding off a weaker currency, while housebuilders suffered losses as uncertainty about the UK''s leadership grew before Brexit negotiations. The FTSE 100 gained 1 percent after Britons dealt the governing Conservative party a punishing blow, denying May the increased mandate she had gambled on and forcing her into an alliance with Northern Ireland''s DUP party to command a majority in parliament. Individual winners and losers were largely driven by currency, and some sectors seen as particularly sensitive to Brexit instability also saw heavy losses. But a buoyant U.S. market added fuel to British shares as investors largely shrugged off the political turmoil, with traders highlighting volume and volatility were subdued compared with the Brexit vote and U.S. election. Money managers eyed medium-term tailwinds from the shock result. "It''s not being seen as a global risk-off event, it''s being seen as a domestic political event," said Caroline Simmons, deputy head of the UK investment office at UBS Wealth Management. Sterling fell as much as 2.4 percent before recovering some of its losses. It boosted the internationally focused, exporter-heavy blue chip index, while stocks with greater domestic exposure were under pressure. BP, Smurfit Kappa and Diageo, which derive most of their earnings overseas, were top gainers. Housebuilders Taylor Wimpey, Barratt Development and Persimmon all fell 1.3 to 3.3 percent in a reaction to the domestic uncertainty. Banks RBS and Lloyds also weighed. Their more internationally focused peers HSBC and Standard Chartered gained. Gold miner Fresnillo jumped more than 3 percent as investors rushed to the safe haven asset. Large caps suffered their first weekly loss since late April, however, as hesitant trading earlier in the week took its toll. Mid caps, which derive a larger part of earnings from the UK, pulled out of their dive with an hour of trading to go. Investors snapped up stocks that had sunk earlier as concern around economic instability swirled. "Unless we see signs the bottom is falling out of UK consumer spending and/or the pound, these moves are an opportunity to buy a quality business trading below intrinsic value," said Gary Paulin, head of global equities at Northern Trust. The FTSE 250 ended 0.1 percent higher. Challenger banks Metro Bank, OneSavings Virgin Money, meanwhile, saw some of the sharpest falls as analysts pointed to their high gearing to domestic lending. Pub chain Wetherspoons fell more than 3 percent, along with large-caps Whitbread and IAG, in a wobble among stocks exposed to consumer sentiment which tends to be dented by political turmoil. Real estate investment trusts (REITs), seen as a barometer of sentiment on Brexit due to their holdings of London office space, were the biggest FTSE all-share fallers on the day. "There''s a lot of emotional trading on the back of news such as this," said Marie Owens Thomsen, global head of economic research at Indosuez Wealth Management in Geneva. "I would guard against reading too much into these moves." And silver linings were found as some investors, including star fund manager Neil Woodford, predicted the election would yield a softer Brexit, improving the outlook for British stocks in the medium term. (Reporting by Helen Reid, editing by Larry King) ETX Capital traders react as they watch the results for Britain''s election in London. REUTERS/Clodagh Kilcoyne'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-stocks-idUKKBN1900U7'|'2017-06-09T15:40:00.000+03:00'
'1ccb922213d87aa75681fcfc35eef63de8cf12ef'|'EU antitrust regulators to investigate $38 billion Qualcomm, NXP deal'|'Technology News - Fri Jun 9, 2017 - 5:33pm BST EU antitrust regulators to investigate $38 billion Qualcomm, NXP deal A Qualcomm sign is pictured at one of its many campus buildings in San Diego, California, U.S. April 18, 2017. REUTERS/Mike Blake By Foo Yun Chee - BRUSSELS BRUSSELS EU antitrust authorities opened an investigation on Friday into Qualcomm''s ( QCOM.O ) $38-billion bid for NXP Semiconductors ( NXP.N ), ratcheting up pressure on the U.S. smartphone chipmaker to offer concessions to address their concerns. Qualcomm, which supplies chips to Android smartphone makers and Apple ( AAPL.P ), is set to become the leading supplier to the fast growing automotive chip market following the deal, the largest-ever in the semiconductor industry. The European Commission listed a raft of concerns about the combined company''s ability and incentives to squeeze out rivals and jack up prices. It said the company may bundle its products, excluding rivals in baseband chipsets and near field communication (NFC) chips. The combined entity would also have the ability and the incentive to change NXP''s intellectual property licensing practices, in particular the NFC technology, by tying this to Qualcomm''s patent portfolio, the EU watchdog said. It also voiced concerns about reduced competition in semiconductors used in cars. The Commission will decide on the deal by Oct. 17. Qualcomm said it was confident of allaying the EU''s worries and that it still expects to close the deal by the end of the year. U.S. antitrust enforcers gave the green light for the deal in April without demanding concessions. Reuters reported on June 2 that Qualcomm may face a lengthy EU investigation after it declined to offer concessions to address the bloc''s concerns in a preliminary review. (Reporting by Foo Yun Chee, Editing by Gabriela Baczynska and Adrian Croft) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-nxp-m-a-qualcomm-eu-idUKKBN1902AK'|'2017-06-09T23:39:00.000+03:00'
'fd5b0fe3790ad3105044fae35877766136307eaa'|'Dollar Express sues Dollar Tree for driving it out of business'|'By Diane Bartz - WASHINGTON, June 2 WASHINGTON, June 2 U.S. discount retailer Dollar Express has filed a lawsuit accusing rival Family Dollar and its parent company Dollar Tree Inc of driving it out of business, the third government-required divestiture to fail in recent years.Dollar Express was formed in 2015 when private equity group Sycamore Partners II LP bought some 330 stores in 35 states from Family Dollar and Dollar Tree. Family Dollar had to sell the stores in order to win antitrust approval to merge with Dollar Tree.In the lawsuit filed Thursday, Dollar Express accuses Dollar Tree of using confidential information to open new shops near the divested stores to drive them out of business.It also accused Dollar Tree of putting underqualified and inattentive store managers in divested stores."Dollar Express''s damages, which include the lost prospective value of the acquisition of the stores, may exceed one-half billion dollars, with the ultimate amount of damages to be determined at trial," Dollar Express said in its complaint.Dollar Express in the lawsuit says these and other actions lead to it obtaining Federal Trade Commission approval in April to go out of business and sell its stores to Dollar General Corp .Dollar Tree did not respond to a request for comment.U.S. regulators often insist on divestitures as a way of protecting competition without having to file lawsuits to prevent mergers that would lead to monopolies.The FTC is reviewing divestitures that may allow Walgreens Boots Alliance Inc to buy Rite Aid Corp.Dollar Express marks the third divestiture to fail recently.In 2015, Albertsons purchase of Safeway led to the sale of 168 stories to smaller rival Haggen, which filed for bankruptcy within months.In 2012, Hertz Global Holdings bought Dollar Thrifty and was required to sell its Advantage Rent a Car brand. Advantage filed for bankruptcy within months and is now owned by a Canadian investment firm.Chris Sagers, who teaches antitrust at Cleveland-Marshall College of Law, said customers would be hurt if the companies formed from divested assets fail."The agencies want to avoid suing to block. They don''t want to litigate merger challenges. Litigating these things is a huge resource drain," he added. "Merger parties are well-heeled and outspend them." (Reporting by Diane Bartz; Editing by Lisa Shumaker)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/dollar-tree-lawsuit-dollarexpress-idINL1N1IZ1BB'|'2017-06-02T20:16:00.000+03:00'
'7296a4a547c82c403d34d906fc74a5ce4c960db2'|'Apple set to expand Siri, taking different route from Amazon''s Alexa'|'By Stephen Nellis Apple Inc is expected to announce plans next week to make its Siri voice assistant work with a larger variety of apps, as the technology company looks to counter the runaway success of Amazon.com Inc''s competing Alexa service.But the Cupertino, California company is likely to stick to its tested method of focusing on a small amount of features and trying to perfect them, rather than casting as wide a net as possible, according to engineers and artificial intelligence industry insiders.Currently, Apple''s Siri works with only six types of app: ride-hailing and sharing; messaging and calling; photo search; payments; fitness; and auto infotainment systems. At the company''s annual developer conference next week, it is expected to add to those categories.Some industry-watchers have also predicted Apple will announce hardware similar to Amazon''s Echo device for the home, which has been a hot-seller recently. Apple declined comment.But even if Siri doubles its areas of expertise, it will be a far cry from the 12,000 or so tasks that Amazon.com''s Alexa can handle.The difference illustrates a strategic divide between the two tech rivals. Apple is betting that customers will not use voice commands without an experience similar to speaking with a human, and so it is limiting what Siri can do in order to make sure it works well.Amazon puts no such restrictions on Alexa, wagering that the voice assistant with the most "skills," its term for apps on its Echo assistant devices, will gain a loyal following, even if it sometimes makes mistakes and takes more effort to use.The clash of approaches is coming to a head as virtual assistants that respond to voice commands become a priority for the leading tech companies, which want to find new ways of engaging customers and make more money from shopping and online services.PATH TO THE MONEYNow, an iPhone user can say, "Hey Siri, I''d like a ride to the airport" or "Hey Siri, order me a car," and Siri will open the Uber or Lyft ride service app and start booking a trip.Apart from some basic home and music functions, Alexa needs more specific directions, using a limited set of commands such as "ask" or "tell." For example, "Alexa, ask Uber for a ride," will start the process of summoning a car, but "Alexa, order me an Uber" will not, because Alexa does not make the connection that it should open the Uber "skill."After some setup, Alexa can order a pizza from Domino''s, while Siri cannot get a pie because food delivery is not - so far - one of the categories of apps that Apple has opened up to Siri."In typical Apple fashion, they''ve allowed for only a few use cases, but they do them very well," said Charles Jolley, chief executive of Ozlo, maker of an intelligent assistant app.Apple spokeswoman Trudy Muller said the company does not comment on its plans for developers.Amazon said in a statement: "Our goal is to make speaking with Alexa as natural and easy as possible, so we’re looking at ways to improve this over time."SIDE DISH, NOT ENTREEApple''s narrower focus could become a problem, said Matt McIlwain, a venture capitalist with Seattle-based Madrona Venture Group.The potential of Apple''s original iPhone did not come to light until thousands of developers started building apps. McIlwain said he expects Apple to add new categories at its Worldwide Developers Conference next week, but not nearly enough to match Alexa''s number of skills."To attract developers in the modern world, you need a platform," McIlwain said. "If Apple does not launch a ''skills store,'' that would be a mistake."Neither Siri nor Alexa has a clear path to making money. Siri works as an additional tool for controlling traditional apps, and Apple pays money to owners of those apps. Alexa''s skills are free, and developers are not paid.At the moment, because of their limits, voice apps are "a side dish, not the entree," according to Oren Etzioni, CEO of the Allen Institute for Artificial Intelligence.Amazon was wise to not commit to an economic model at such an early state, Etzioni said. "Once a successful economic model for developers emerges, people are going to gravitate to it."(Reporting by Stephen Nellis; Editing by Peter Henderson and Bill Rigby)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-apple-developer-idINKBN18T30A'|'2017-06-02T19:42:00.000+03:00'
'2d71f19862f42ee6abc4c3224aac1d26754b532a'|'Blackstone sells Logicor to China Investment Corporation for $14 billion'|'Business News - Fri Jun 2, 2017 - 5:10pm BST Blackstone sells Logicor to China Investment Corporation for $14 billion FILE PHOTO - The ticker and trading information for Blackstone Group is displayed at the post where it is traded on the floor of the New York Stock Exchange (NYSE) April 4, 2016. REUTERS/Brendan McDermid LONDON Private equity group Blackstone ( BX.N ) has agreed to sell warehouse company Logicor to China Investment Corporation [CIC.UL] for 12.25 billion euros ($13.8 billion)(10.72 billion pounds), the fund said on Friday. The sale, the biggest private equity real estate deal in Europe on record, has scuppered plans that were being worked on for a London initial public offering of Logicor later this year. Eastdil Secured and Goldman Sachs were lead advisors to Blackstone. (Reporting by Dasha Afanasieva; Editing by Rachel Armstrong)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-logicor-sale-blackstone-group-idUKKBN18T2EB'|'2017-06-03T00:10:00.000+03:00'
'722fdfaeebb8b2ab365b10c9c6150aac8d2af3fe'|'Sunrun says audit committee reviewing claims in WSJ article'|'Sunrun Inc''s ( RUN.O ) board of directors is investigating a Wall Street Journal report last month that said former employees manipulated sales data around the time of the U.S. solar installer''s 2015 initial public offering.In a brief statement posted on its website, Sunrun said its executive team had asked the board''s audit committee to review the Journal''s article. The statement is dated June 1."Sunrun''s executive team is committed to transparency and looks forward to taking any and all appropriate actions in response to the Audit Committee''s eventual findings," the statement said.Sunrun officials could not immediately be reached for comment.Last month, the Wall Street Journal reported that former managers at Sunrun said they were told by their superiors to delay reporting hundreds of customer cancellations during several months in the middle of 2015. Sunrun went public in August 2015.In a statement on May 22, the date the article was published, Sunrun Chief Executive Officer Lynn Jurich said an internal review had offered no evidence that sales employees had changed cancellation dates in the company''s system as was reported.Sunrun shares were down a penny at $5.12 Friday on the Nasdaq.(Reporting by Nichola Groom; Editing by Jonathan Oatis and Lisa Shumaker)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-sunrun-probe-idINKBN18T2R1'|'2017-06-02T16:59:00.000+03:00'
'542c24fc401067b081b4316ba692939f89c69b6b'|'Malaysia''s Lotte Chemical to raise $1.4 billion in IPO'|'SEOUL Malaysia''s Lotte Chemical Titan Holding [TTNP.UL] will raise 1.55 trillion won ($1.38 billion) from new shares being issued in an initial public offering (IPO), its South Korean parent Lotte Chemical Corp ( 011170.KS ) said on Friday.Lotte Chemical Corp said in a regulatory filing that the funds raised in the IPO are expected to come from about 740.5 million new shares, valued at the top of an indicative range of 8 ringgit ($1.87) per share.The listing could be one of the biggest IPOs in years in Malaysia, which has not seen any listing of $1 billion and above since the $1.5 billion IPO of Astro Malaysia Holdings ( ASTR.KL ) in 2012.(Reporting by Joyce Lee; Editing by Muralikumar Anantharaman)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-lotte-chemical-ipo-malaysia-idINKBN18T18W'|'2017-06-02T07:54:00.000+03:00'
'8acb7dfbb667a3a56ca4c50f5532bbb0dea87b1b'|'Nikkei tops 20,000 but autos, banks and yen make investors doubt sustainability'|'By Ayai Tomisawa and Nichola Saminather - TOKYO/SINGAPORE TOKYO/SINGAPORE A 10 percent surge over six weeks swept Japan''s Nikkei stock index above the 20,000-point barrier for the first time since late 2015 on Friday, without dispelling doubts about the rally''s shelf life given the outlook for automakers, banks and the yen.Data shows foreign investors, who make up 70 percent of trading activity in the Tokyo market, rushed to cover short positions as a rally from the year''s low on April 17 gathered momentum.But the data also shows foreigners avoided making heavy bullish bets, probably because analysts expect Japan Inc.''s earnings growth to falter.The number of companies on the MSCI Japan index with earnings estimates down from the previous month has climbed steadily since mid-April and is now at its highest since December, according to Thomson Reuters DataStream.After 16 percent profit growth in the year ended in March, Japanese firms are expected to show slower growth in the year ending March 2018. According to Nomura, consensus forecasts for full year profit growth came down to 11.4 percent in May from 13.3 percent in April."The conservative earnings guidance has tempered sentiment towards Japanese stocks in the near term," said Jeremy Osborne, investment director at FIL Investments in Tokyo.Notching a third straight week of exits, U.S.-based Japanese stock funds posted $194 million of withdrawals during the week ended Wednesday, according to Lipper data.REASONS TO BE CAREFULInvestors'' biggest concerns are the potential for the yen to strengthen, undermining Japan''s export driven corporates, and the murky outlook for the two biggest sectors in the benchmark index - automakers and financials."The problem is a big chunks of the market are exporters, and the biggest export sector is autos, and the outlook for the auto sector globally has turned down," said John Doyle, chief investment officer for equities and multi-asset at UOB Asset Management in Singapore."And the low interest rates that are persistent in Japan are not good for financials," Doyle added, explaining why he is neutral on Japanese stocks in the group''s global portfolio.New vehicle sales in the United States, Japan''s top export destination, fell in April following disappointing numbers in March, signalling a long boom cycle may be losing steam.Carmakers Toyota and Nissan, for instance, have both underperformed the Nikkei''s 5.6 percent gain this year, posting losses of 11 percent and 6.6 percent respectively. So have the biggest banks including Mitsubishi UFJ, which has only gained 0.2 percent and Sumitomo Mitsui, which has fallen 6.6 percent respectively.The yen''s attraction as a safe-haven currency - it has risen 4.5 percent against the dollar this year - is another big cloud hanging over Japanese exporters.U.S. political turmoil, elections in Europe, and regional tensions arising from North Korea''s missile tests have all given an unwanted boost to the yen.Christian Nolting, global chief investment officer at Deutsche Bank Wealth Management, cited the currency factor as the main reason behind his neutral weighting on Japanese equities.P/E RATIOS TURNINGFor all their reservations, investors still clearly have an appetite for cherry picking.Tokyo Electron Ltd has jumped nearly 50 percent this year after bright results on the back of strong chip manufacturing equipment demand, while factory automation sensor maker Keyence Corp has soared 26 percent.The Nikkei, however, is trading at about 15.7 times earnings, compared with 18.7 in 2015 when it lingered above 20,000 points for a few months, DataStream shows.While that makes the index significantly cheaper than the S&P 500''s at 22.5 times earnings, investors remain hesitant.The weaker sentiment is evident in Toyota and Nissan shares, which are trading around 10 times and 6.4 times their earnings, respectively.In just three weeks between the last week of April and the second week of May, Japanese shares saw 1.5 trillion yen of inflows from foreign investors in futures on the back of a strong earnings season and receding political fears after the French election.But they had sold 1.6 trillion yen in futures in the previous seven weeks, so short-covering seems to have run its course, analysts said. Investors have also returned to selling futures in the past two weeks."Investors are cherry-picking individual stocks... But they just finished short-covering in futures, and they probably won''t buy soon unless the yen weakens," said Norihiro Fujito, a senior investment strategist at Mitsubishi UFJ Morgan Stanley Securities."And when foreign investors don''t buy futures, the Nikkei won''t rise much."(Reporting by Ayai Tomisawa and Nichola Saminather; Editing by Simon Cameron-Moore)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/japan-nikkei-idINKBN18T0UZ'|'2017-06-02T05:54:00.000+03:00'
'724917086df17aa13d6ae968ca7e2d23895fdb10'|'Philips in deals with U.S. hospitals on use of its gene data platform for cancer research'|'Health News - Thu Jun 1, 2017 - 3:04am EDT Philips in deals with U.S. hospitals on use of its gene data platform for cancer research By Bart Meijer - AMSTERDAM AMSTERDAM Dutch healthcare technology company Philips said Thursday it had reached deals with New York''s Memorial Sloan Kettering Cancer Center (MSK) and Utah-based Intermountain Healthcare for them to use its genomics platform for cancer research and treatment. MSK, the world''s largest private cancer center, will work with Philips on new methods to use genetic data in the diagnosis of pancreatic cancer. Intermountain Healthcare, which runs 22 hospitals and 180 clinics, aims to make its medicine program, which offers individually targeted treatments, available to hospitals worldwide. Financial details of the deals were not disclosed. The deals are part of Philips'' strategy to grow its data-driven heathcare operations after disposing of all its non-healthcare related businesses in 2016. Philips estimates the connected care and health informatics market will reach a total value of around 70 billion euros in 2019. Philips reported 3.2 billion euros ($3.6 billion) in revenues from connected care in 2016. (Reporting by Bart Meijer, editing by David Evans) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-philips-deals-hospitals-idUSKBN18S41Y'|'2017-06-01T15:00:00.000+03:00'
'bc46a606d12514414021070e2d8923599d7f297a'|'UPDATE 1-Nomura bought controversial Venezuelan bonds at discount - WSJ'|'(Adds details about Goldman controversy)CARACAS May 31 Japanese investment bank Nomura Securities bought about $100 million worth of Venezuelan government bonds last week as part of the same transaction that has landed Goldman Sachs Group Inc in the middle of a political storm, the Wall Street Journal reported on Wednesday.Nomura''s trading arm paid about $30 million for the debt, a steep discount to where the troubled country''s bonds trade in the market, the newspaper reported, citing people familiar with the matter. ( on.wsj.com/2qGSDyY )Nomura declined to comment.Goldman has said its asset-management arm acquired $2.8 billion of the October 2022 bonds issued by Venezuela''s oil company PDVSA "on the secondary market from a broker and did not interact with the Venezuelan government."The president of Venezuela''s opposition-run Congress, Julio Borges, accused Goldman of "aiding and abetting the country''s dictatorial regime" in the deal.Venezuela''s opposition has campaigned to dissuade Wall Street firms from financing the President Nicolas Maduro''s government, which has drawn international condemnation for abuses of power and human rights violations.The nation''s opposition-led National Assembly on Tuesday voted to ask the U.S. Congress to investigate the Goldman deal, which they called immoral, opaque, and hypocritical given the socialist government''s anti-Wall Street rhetoric. (Reporting by Corina Pons in Caracas, Marianna Parraga in Houston and Subrat Patnaik in Bengaluru; Editing by Brian Ellsworth and Tomasz Janowski)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/venezuela-bonds-idINL1N1IX2A1'|'2017-05-31T20:06:00.000+03:00'
'17b278ccdc3e2825fa52913872bb8445776d1d0f'|'Exclusive: Conagra makes takeover approach to Pinnacle Foods - sources'|'Deals - Wed May 31, 2017 - 7:20pm EDT Exclusive: Conagra makes takeover approach to Pinnacle Foods - sources By Lauren Hirsch and Greg Roumeliotis Reddi-wip whipped cream owner Conagra Brands Inc ( CAG.N ) has approached Pinnacle Foods Inc ( PF.N ), the maker of packaged foods such as Vlasic pickles, to express interest in an acquisition, people familiar with the matter said on Wednesday. Conagra''s approach shows that Pinnacle Foods remains an acquisition target, three years after its $4.3 billion sale to Hillshire Brands was canceled after Hillshire agreed to sell itself to Tyson Foods Inc ( TSN.N ) for $7.7 billion. Hillshire was led at the time by Sean Connolly, who is now chief executive of Conagra. His second attempt at an acquisition of Pinnacle Foods underscores the need for further consolidation in the frozen food and condiments sectors, as sales continue to decline with consumers opting for healthier choices. Conagra''s approach to Pinnacle Foods took place in the last few weeks, the sources said. There is no certainty that Pinnacle Foods will choose to engage, or that Conagra will pursue a potential deal further, the sources said on Wednesday. The sources asked not to be identified because the matter is confidential. Conagra, which has a market value of $16.2 billion, declined to comment. Pinnacle Foods, which has a market value of $7.2 billion, did not immediately respond to a request for comment. Chicago, Illinois-based Conagra, whose brands include Frontera salsa and Orville Redenbacher''s popcorn, has been seeking to reinvent itself since selling its private label unit for $2.7 billion in 2016 to focus on its branded food business. Last year it spun off its $6.9 billion frozen potato business, Lamb Weston Holdings Inc ( LW.N ). It has also divested a number of its smaller underperforming brands, and this week agreed to sell its Wesson oil brand to Folgers coffee maker J. M. Smucker Co ( SJM.N ) for $285 million. Parsippany, New Jersey-based Pinnacle, whose brands include Duncan Hines baking products and Birds Eye frozen vegetables, has made a push towards healthier offerings. It bought Boulder Brands Inc, owner of Udi''s Gluten Free Bread, for $975 million last year. Conagra and Pinnacle Foods are among the companies weighing offers for Reckitt Benckiser Group''s ( RB.L ) North American food business, estimated to be worth around $3 billion, Reuters reported earlier on Wednesday. (Reporting by Lauren Hirsch and Greg Roumeliotis in New York; Editing by Bill Rigby) '|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-pinnacle-foods-m-a-conagra-brands-exc-idUSKBN18R3DP'|'2017-06-01T03:20:00.000+03:00'
'c2ee2f375b71312fb519ee6bd325ecd8c8f597da'|'German trade surplus would be smaller without ECB stimulus - Schaeuble'|'Business News - Thu Jun 1, 2017 - 1:36pm BST German trade surplus would be smaller without ECB stimulus: Schaeuble German Finance Minister Wolfgang Schaeuble takes part in a eurozone finance ministers meeting in Brussels, Belgium March 20, 2017. REUTERS/Yves Herman BERLIN The euro exchange rate is too low for the German economy''s competitiveness and Germany''s trade surplus would be only half as large without the European Central Bank''s loose monetary policy, the German Finance Minister said on Thursday. "Moreover, our current account surplus, which is really the source of the international debate, has to do with an exchange rate which is too low for the competitiveness of the German economy," Wolfgang Schaeuble said at a Europe conference. "For the overall competitiveness of the euro zone, it may be all right," Schaeuble said, adding that the euro exchange rate was also on the rise. "With an exchange rate, as we had before the ultra-loose monetary policy, the German balance sheet would be only half as high," Schaeuble added. He added that the International Monetary Fund (IMF) was right to say that Germany must invest more. But the problem was not a lack of public funds in Germany to finance investment but rather bottlenecks in planning capacity for example in construction, Schaeuble said. (Reporting by Michael Nienaber, editing by Thomas Escritt)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-germany-europe-ecb-schaeuble-idUKKBN18S53Y'|'2017-06-01T20:36:00.000+03:00'
'4bad0f7e095384f23bd582c6ebe51cde62a7cc9d'|'Service with a smile: how to keep customers coming back - Guardian Small Business Network'|'L oyal customers are hard won, and easily lost. But there are simple and effective ways to encourage repeat custom. Staff training, loyalty schemes and customer reviews were some points for discussion in our live Q&A on the secrets to customer loyalty.First up were loyalty schemes, with a few questions from reader Oliver King. He asked if loyalty schemes are effective, whether customers have become less keen on them, and what they might look like in the future.Naomi Timperley, honorary industry fellow at Salford Business School, co-founder, Tech North Advocates and chair, Capital Pilot, said: “I think it depends on what the customer gets.” Jo Densley, founder of Relish Food Marketing , agreed with this. She said: “Customers are becoming more savvy and comparing one loyalty card against another to see if they are getting good value”Ask the experts: the secrets to customer loyalty – as it happened Read moreMeanwhile, Joanna Causon, chief executive of The Institute of Customer Service , added that the future of consumer buying is characterised by personalisation, so building trust is important. “If I don’t trust an organisation, I don’t share my data, which means they cannot personalise,” she said. “Points based-loyalty programmes have their place, but what we need to consider is whether they are sufficiently personalised and relevant to the customers’ needs.”Simon Wadsworth, managing director of Igniyte , added: “Offering a simple, clear system of rewards is more readily seen as a ‘win-win’ for current customers, giving them a more positive image of your company, which can give you an edge on the competition.”Next the panel discussed staff training: how important are the staff if your aim is keeping customers on side? And what type of training works best? Calum Brannan, CEO and co-founder, No Agent , made a good point: “[Staff] who deal with customer service issues need to have a good deal of emotional intelligence and a can-do attitude.”According to Causon, many service staff lack this – Institute of Customer Service research revealed 84% of UK customers don’t think UK customer-facing staff have appropriate levels of training. The skills most important to customers revolve around competence, behaviour and attitude. “Training should always have a practical element to it for those involved, making it relevant and real and not overly theoretical,” she added. Causon also pointed to research suggesting that for every 1% increase in employee engagement there is around a 0.5% increase in customer satisfaction.Stephen Dorman, general manager customer quality, Kia Motors (UK) , explained that businesses should always know what they want staff training to achieve and how they will measure its success. “Ensure follow-ups take place with employees,” he added. This will help you see what they’ve learned and to plan the next steps in their development.Small businesses can have an advantage over big players when it comes to service – many know their customers personally. Armed with this knowledge, they can use simple, low-cost ways to make their customers feel valued. Densley said she often sees this approach among small food and drinks producers. Small acts such as adding a handwritten card or free sample to a customer’s package can encourage them to talk about your brand to their friends and family, she explained.Aine Breen, owner of Liwu Jewellery , said: “If you are asking them for email addresses, etcetera, be sure to say what is in it from them – ie discounts, notifications of new product or invitations to events.”For the owner of a jewellery business, such as Breen, branding is important to stand out in a crowded market. But, one reader asked, what part does branding play in customer loyalty? How should small businesses start with branding, and what should they prioritise?Breen shared some practical advice: “Branding should help your business be identifiable. I started with a great graphic designer (a freelancer) and we came up with a logo and colours and fonts that embodied my business. I use them consistently.”Wadsworth said that where to spend on branding depends on where your customers are most likely to find you – be that word-of-mouth, or a Google search, for example. He added: “It’s important to ensure that, when a potential customer Googles the name of your firm, they’re seeing the kind of positive content that will give them confidence in the brand’s integrity and trustworthiness.”Asked for his top piece of advice for building loyalty, Wadsworth said businesses should respond to all customer reviews, including the positive ones. “It’s easy to focus attention on addressing negative feedback, but it’s also important to give a thumbs up to customers who’ve taken the time out of their day to highlight a great experience.”Densley offered a valuable final point: “For small brands it’s often all about the story – if they can differentiate themselves from the big faceless brands out there and connect with consumers on an emotional, more personal, level.”Sign up to become a member of the Guardian Small Business Network here for more advice, insight and best practice direct to your inbox.Topics Accessing expertise How to ... Small business Entrepreneurs Consumer affairs features Reuse this content'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/small-business-network/2017/jun/02/service-smile-experts-expert-tips-keep-customers-coming-back'|'2017-06-02T15:00:00.000+03:00'
'f75b9b58dd79be0ebb60756df727a09a7cd3b12b'|'Dow, S&P flat at open as job growth slows in May'|'Business News - Fri Jun 2, 2017 - 4:28pm EDT Tech leads Wall Street higher; jobs data falls short left right Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S.,June 2, 2017. REUTERS/Brendan McDermid 1/3 left right Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S.,June 2, 2017. REUTERS/Brendan McDermid 2/3 left right Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S.,June 2, 2017. REUTERS/Brendan McDermid 3/3 By Chuck Mikolajczak - NEW YORK NEW YORK U.S. stocks closed at record levels for a second consecutive session on Friday, as gains in technology and industrial stocks more than offset a lukewarm jobs report. Nonfarm payrolls increased by 138,000 in May, well short of the 185,000 expected by economists. The prior two months were revised lower by 66,000 jobs than previously reported. Average hourly earnings rose 0.2 percent in May, following a similar gain in April, but the unemployment rate fell to a 16-year low of 4.3 percent. Despite the disappointing data, market participants still largely anticipate the Federal Reserve to raise rates at its June 13-14 meeting, with traders expecting a 90.7-percent chance of a quarter-point hike, according to Thomson Reuters data. "It’s certainly surprising. It doesn’t really correlate well with virtually all the other data on the labor market that we’re seeing," said Russell Price, senior economist at Ameriprise Financial Services Inc in Troy, Michigan. The modest increase, however, could raise concerns about the economy''s health after gross domestic product growth slowed in the first quarter and a string of softening data this week, including reports on housing and auto sales. The economy needs to create 75,000 to 100,000 jobs per month to keep up with growth in the working-age population. Job gains are slowing as the labor market nears full employment. The Dow Jones Industrial Average .DJI rose 62.11 points, or 0.29 percent, to 21,206.29, the S&P 500 .SPX gained 9.01 points, or 0.37 percent, to 2,439.07 and the Nasdaq Composite .IXIC added 58.97 points, or 0.94 percent, to 6,305.80. For the week, the S&P rose 0.95 percent, the Dow added 0.59 percent and the Nasdaq gained 1.54 percent. Industrials .SPLRCI, up 0.49 percent, and technology .SPLRCT, up 1.04 percent, were the best performing sectors. The tech sector has been the top performer among the major S&P sectors, with a 2017 gain of 21.26 percent. The tech sector was led by Broadcom ( AVGO.O ), which rose more than 8 percent to hit an all-time high of $253.76, after the chipmaker''s quarterly results beat analysts'' expectations. Shares of financials .SPSY, which benefit from higher interest rates, fell as much as 0.9 percent after the jobs data sparked some worry the Fed could become cautious after the June meeting, and closed down 0.37 percent. Energy .SPNY was the worst-performing sector, down 1.18 percent. Brent oil tumbled below $50 a barrel on worries that President Donald Trump''s decision to abandon a climate pact could spark more crude drilling in the United States and worsen a global glut. Lululemon Athletica ( LULU.O ) jumped 11.5 percent to $54.29 after the athletic apparel maker''s quarterly profit beat estimates. Advancing issues outnumbered declining ones on the NYSE by a 1.34-to-1 ratio; on Nasdaq, a 2.07-to-1 ratio favored advancers. The S&P 500 posted 28 new 52-week highs and 11 new lows; the Nasdaq Composite recorded 82 new highs and 70 new lows. About 6.37 billion shares changed hands in U.S. exchanges, compared with the 6.65 billion daily average over the last 20 sessions. (Additional reporting by Herb Lash; Editing by Nick Zieminski)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-usa-stocks-idUSKBN18T1JE'|'2017-06-02T21:35:00.000+03:00'
'f2fcede18169b1a363bb11e781b67a46a228fee8'|'Revealed: chocolate and drinks shrink since Brexit vote with no price drop - Money - The Guardian'|'Exporters to the UK have been shrinking the size of products such as chocolate bars and fruit juices since the Brexit vote but not reducing the prices they charge British consumers in the shops, the government has been privately warned by European port officials.Minutes of a meeting between the Department for Transport and ports on either side of the Channel reveal concerns that the drop in the value of the pound since last June has prompted companies to offer shoppers in the UK less value for money for food and drink. The issue was raised by officials speaking for Zeebrugge, the Belgian port through which 17m tonnes of products arrive in the UK every year, the Guardian can reveal. The minutes of the meeting in Brussels note: “The Port of Zeebrugge expressed its concerns over the currency devaluation of the pound sterling, which since the referendum on Brexit fell 15%.”They continued: “The industry that is located in the port of Zeebrugge has responded to this fall of the pound sterling by offering slightly smaller units of certain products for export to the UK, yet keeping the same selling price for those products (examples include bottling orange juice in bottles of 950ml instead of one litre, decreasing the amount of chocolate in a chocolate bar, etc).Austerity bites? Less chocolate for your money as packets shrink Read more “In short, customers pay the same price and have the same quality of product, but receive less quantity.”The UK imports 48% of its food and the plummeting value of the pound has increased costs for importers. Companies have until now, however, largely denied the influence of Brexit on cuts to the sizes of products, including the infamously redesigned Toblerone bar .As Theresa May took to the campaign trail championing the “great opportunities of Brexit,” Tim Farron, the leader of the Liberal Democrats, warned: “This is a stealth Brexit squeeze on British consumers. While Theresa May is setting her rosy vision of Brexit, the reality is shoppers are already losing out.“We will stand up against a bad Brexit deal that would push up prices further, and give people the final say.”The shrinking of chocolate and drinks being sold in the UK was, however, only one of the issues raised during the discussions between Whitehall officials and the European Sea Ports Organisation’s Brexit working group on 31 January, the document reveals.Dover, Calais and Dublin ports voiced their fears about how they would cope with installing the infrastructure required for customs controls once the UK leaves the customs union and single market in March 2019.Calais said it “does not have enough available space to accommodate customs controls for the vast amount of traffic passing through the port,” the minutes report. “The port was not planned for accommodating huge queues of lorries.”The minutes add: “Calais also highlighted that currently there is not enough customs personnel to perform the customs controls if the UK would leave the customs union” and “the UK’s intention to constrain the free movement of people is considered as problematic”.In this scenario, the port explained, “the UK would have to conclude bilateral visa agreements with third countries, which would complicate the visa controls for the French police”.The port’s representatives added that “given the massive amount of passenger traffic that runs through the port, the French police would not be able to deal with all the exceptions”.The British transport officials present were also told that “if customs controls would be reintroduced, the port of Dublin would need an estimated three hectares of land dedicated for customs”.The minutes note: “This would be problematic, as the port already has space constraints to expand due to its location. The port’s approach in its masterplan is to further develop the land it has now, instead of expanding.“Thus, dedicating three hectares of the available land to customs would be problematic. Reintroducing customs controls would also come with additional costs for customers of the port, since the turnaround time for a ship would increase. A possible solution to cope with the aforementioned customs related challenges could be to have UK customs in the port of Dublin and Irish customs on UK soil.”A spokesman for the Department for Transport said they did not comment on leaks.'|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/money/2017/jun/01/revealed-chocolate-and-drinks-shrink-since-brexit-vote-with-no-price-drop'|'2017-06-01T03:00:00.000+03:00'
'fb68ff657e2d23251fc630436bf409df6728ccaf'|'Cowan to end mid-point matching in Millennium dark pool'|'Market News  19pm EDT Cowan to end mid-point matching in Millennium dark pool By John McCrank - NEW YORK, June 1 NEW YORK, June 1 Financial services company Cowen Inc closed its acquisition of Convergex on Thursday and said it will shutter a key part of the off-exchange trading platform, Millennium, it acquired with the brokerage. Millennium, also known as a "dark pool," will stop offering continuous trading on June 23. The private electronic trading venue is one of more than 30 broker-run dark pools, also known as alternative trading systems (ATSs), in the United States that compete with 13 public stock exchanges, including the Nasdaq and the New York Stock Exchange. That fragmentation, which can make it more challenging to get trades done, has been a source of frustration for many of Cowen''s customers, Jeffrey Solomon, president of the company, said in a note to clients. "By discontinuing Millennium ATS''s midpoint matching engine, Cowen has the ability to proactively reduce fragmentation – something we and many of our clients feel will improve U.S. equity market structure," he said. Like many other dark pools, Millennium matches trades at the midpoint of the best bid and offer shown on public exchanges, giving the potential for better prices. Millennium was the 16th-largest U.S. equities dark pool out of 31, according to the latest statistics from the Financial Industry Regulatory Authority, matching more than 38 million shares in the week of May 8. Dark pools are more lightly regulated than exchanges and do not have to provide information such as trade sizes or prices to the public prior to trades taking place. The electronic trading platforms were originally used to get large orders done with minimal price movement, but they gained popularity for smaller orders as well, in part because their fees are generally lower than those at exchanges. As their usage has increased, so too has the scrutiny of regulators, which have brought enforcement actions against several dark pools in recent years for fraud and conflicts of interest in order routing. Cowen, which has never operated a trading venue, said it would continue to operate a part of Millennium that executes pre-matched orders and reports the trades on behalf of exchanges and broker-dealers. Millennium was built and is hosted by Thesys Technologies LLC, on behalf of Convergex. Thesys recently won the contract to build a build and run a massive stock and options trading database aimed at helping regulators police the increasingly fast, fragmented and complex markets. (Reporting by John McCrank; Editing by Steve Orlofsky)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/cowen-darkpool-idUSL1N1IY1QL'|'2017-06-02T03:19:00.000+03:00'
'85380837e1ec1e391dca9dd97910d67de1cc9ce2'|'Development is not a science and cannot be measured. That is not a bad thing - Global Development Professionals Network'|'I would wager that, at any given moment, the majority of aid workers in the world are doing the exact same thing. We like to imagine aid workers out in the field, but that’s not the true focus of activities. Instead, most aid workers are hunched over their computers, trying to figure out a way to measure their impact. How do we know if what we’re doing makes a difference? And, equally important – can we capture this on an Excel spreadsheet?We spend hours, weeks, months, trying to measure our impact – donors demand that we do so, yet it also satisfies our own need for reassurance. We pay lip service to the belief that impact measurement is difficult, but we rarely question whether it is actually possible. Perhaps there lies an existential fear – if we can’t measure our impact, than are we having any at all?Business as usual isn''t enough: we need a new approach to humanitarian crises - Stephen O’Brien and Tegegnework Gettu Read moreYet the world doesn’t work this way. Causality is simply too complex, no matter what domestic or international issue we are trying to address. No logframe or theory of change is capable of capturing the full interplay of factors that determine why things are as they are, much less how and why they change.As Primo Levi writes in The Drowned and the Saved: “Without a profound simplification the world around us would be an infinite, undefined tangle that would defy our ability to orient ourselves and decide upon our actions … We are compelled to reduce the knowable to a schema.”These schema are sufficient to allow us to navigate our everyday lives, yet they are far too imprecise to draw anything but the broadest generalisations when it comes to the best way to address social issues, much less measure discrete impact. We can, at best, see through a glass, darkly.Our logframes are fictions – necessary fictions, but fictions nonetheless. This is, perhaps, the fundamental way in which development differs from the private sector and scientific endeavors. Both are artificially bounded systems, in which it is possible to trace causality with some degree of certainty. At the simplest level, for instance, company-level success is a function of profits and losses – can you sell goods and services for more than they cost to produce?There’s no way to limit the variables in play when it comes to, say, improving education or health outcomes, or the attempt to end genocide. The closest approach that we have are randomized control trials, yet proving replicability across countries and time remains a significant – and prohibitively expensive – challenge.How do you get girls to school in the least educated country on Earth? Read moreDid your programme to increase female enrolment in secondary schools succeed because of the tutoring and mentorship you offered, or because family incomes were rising, allowing parents to pay the school fees? Did your project to reduce maternal mortality fail to show results because your interventions were flawed, or because the region where you worked was an opposition stronghold, subject to retaliation from the government? Did American or British advocacy around Darfur influence the Sudanese government to try to make the situation better, or worse?Hannah Arendt explained the problem in her book The Human Condition: “Every deed and every new beginning falls into an already existing web, where it nevertheless somehow starts a new process that will affect many others even beyond those with whom the agent comes into direct contact … The smallest act in the most limited circumstances bears the seed of the same boundlessness and unpredictability; one deed, one gesture, one word may suffice to change every constellation. In acting, in contradistinction to working, it is indeed true that we can really never know what we are doing.”This is not a nihilistic call for inaction. Quite the opposite. Our obsession with measuring impact has, paradoxically, paralysed us. We focus on those interventions that promise to produce measurable results. We are like the drunk looking for our car keys under the street lamp – not because that’s where we lost them, but because that’s where the light is.Development is not a science – it is a struggle to try to improve the human conditionRigour becomes an excuse for complacency, if not cowardice. The focus on measuring impact limits our willingness to take risks. We must balance a desire for certainty against the knowledge that our ability to measure impact will always be, at best, limited.Development is not a science – it is a struggle to try to improve the human condition, but a struggle in which we are denied the ultimate reassurance of knowing whether we were successful, or not.This is, of course, also personal. I certainly cannot claim any lasting successes in my career. Plenty of projects failed, or magically turned into lessons learned. Some succeeded within our narrow frame of reference – especially if we measure success as the number of trainings held, or capacity built. And then I moved on to the next. I am a cynic, but I have yet to despair, or fully despair. I do not know whether anything I’ve done has made a difference – which is different than believing that it has not.I try to find some comfort in this distinction.International development – any development endeavour that hopes, eventually, to win an important fight – must embrace this uncertainty. Otherwise, what are we doing?Michael Kleinman is the founder of Orange Door Research . He previously worked for NGOs in Afghanistan, east and central Africa, and Iraq, as well as for foundations.Join our community of development professionals and humanitarians. Follow @GuardianGDP on Twitter.Topics Global development professionals network Aid Humanitarian response comment Share Reuse this content'|'theguardian.com'|'https://www.theguardian.com/uk/business'|'https://www.theguardian.com/global-development-professionals-network/2017/jun/01/development-is-not-a-science-and-cannot-be-measured-that-is-not-a-bad-thing'|'2017-06-01T15:30:00.000+03:00'
'bae0f6181727ce26a0cbd2b64e8802c054803977'|'Exclusive: SoftBank to let OneWeb-Intelsat merger collapse - sources'|'By Jessica DiNapoli and Liana B. Baker Japan''s SoftBank Group Corp will let the $14 billion merger between its satellite startup OneWeb and peer Intelsat SA fall through, after failing to get enough of Intelsat creditors to back it, people familiar with the matter said on Wednesday.The collapse of the merger represents a rare blow to SoftBank Chief Executive Officer Masayoshi Son, a prolific dealmaker who put together a complex transaction for debt-laden Intelsat that hinged on creditors accepting a discount for their bonds.Negotiations ended on Wednesday between Intelsat and its creditors without a deal, ahead of midnight deadline for the latter to accept a debt swap, three sources said. While OneWeb and Intelsat have already extended the tender offer period for the creditors three times, and also sweetened their offer to them, there will be no more extensions, the sources added.OneWeb and Intelsat can terminate their merger as early as Friday. The sources cautioned that it was always possible that some creditors would make a last-ditch effort on Thursday to save the deal.SoftBank, OneWeb and Intelsat declined to comment.For Intelsat, a satellite pioneer which broadcast Neil Armstrong''s moon walk, a deal with OneWeb offered an opportunity to merge with a fast-growing start-up and slash its $14 billion debtload.A combined OneWeb and Intelsat would have eventually created a combined network of hundreds or even thousands of satellites in high and low altitudes to help provide internet access worldwide.However, Intelsat bondholders pushed back against a proposal for the company''s equity holders, including private equity firm BC Partners Ltd, to receive a recovery while they are offered less than their full face value for their debt.But Intelsat''s equity holders have not been willing to accept less than the $4.75 per share OneWeb offered.SoftBank in May bumped its offer for Intelsat in an effort to bring bondholders on board. It decreased the discount the holders would have to accept to $2.85 billion from $3.6 billion.While the collapse of the deal is a setback for OneWeb''s expansion plans, SoftBank''s investment thesis was always predicated on the standalone prospects of OneWeb, rather than an acquisition. SoftBank has already been in contact with other satellite companies that could be merger partners for OneWeb, sources have previously said.(Reporting by Jessica DiNapoli in New York and Liana B. Baker in San Francisco; Editing by Lisa Shumaker)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-intelsat-m-a-oneweb-exclusive-idINKBN18S3LP'|'2017-05-31T23:55:00.000+03:00'
'b6930eb795d313158e7583233a5bf4da607c9594'|'Computer says no: British Airways botches its response to its latest technical woes'|'IT IS easy to blame infrastructure when things go wrong, as they did on May 27th when British Airways (BA) grounded planes across the globe after a global IT systems crash. More than 1,200 flights, booked to carry over 75,000 passengers, were cancelled over three days; hundreds of thousands more miserable travellers had their trips ruined by delays, lost luggage and missed connections. Analysts estimate that the total cost to BA of refunds, plus compensation of up to €600 ($675) for each delayed passenger, could climb as high as £150m ($192m).But such calamities are also man-made, and a trail of incompetence led to this one. Alex Cruz, the chief executive, is better known as a cost-cutter than a communicator, and it showed. Though he was quick to apologise in public, in private he muzzled his employees and offered vague explanations, linking the computer failure to a “power-supply issue”. Others pour scorn on this interpretation. 43 an hour ago An 5 His staff, though often trying their best, were ill-prepared. They had no clear plan to deal with passengers caught up in the chaos. For flight delays and cancellations, the television bulletins broadcast at London’s Heathrow and Gatwick airports, BA’s two main hubs, were more helpful than its stewards on the ground. Without working backup systems, airline representatives were unable to prioritise customers in most need of help. In the fray, tempers flared. One BA employee at Venice airport even threatened to call the police when a passenger asked about its policy on paying for hotel rooms during delays.Mr Cruz has promised that it will “not happen again”, but that is also off the mark. It is the fourth time in a year that BA’s computer systems have suffered a major crash. And debilitating IT breakdowns are becoming increasingly common across the industry (see timeline). Since a wave of mergers a decade ago, all four of America’s major carriers have been hit by problems. Among the worst was at Delta Air Lines, almost a year ago, when a malfunctioning piece of power-control kit caused a fire at the carrier’s data centre, as a result of which 2,000 flights had to be cancelled.The sheer quantity and complexity of the data they handle make airlines particularly vulnerable to IT disasters. The tasks they must deal with include scheduling crews and checking in passengers as well as accepting bookings and tracing bags. This time, there were no apparent problems with the software BA uses during the crisis, but servers storing everything from customer details to aircraft flight paths suddenly became inaccessible. Backup systems failed to kick in when they were most needed. And without passenger lists and other information required to load planes safely, BA’s operations came to a horrible standstill.The first lesson from such painful experiences is to refrain from pruning investment in IT too far, as some airlines may have in their desperate efforts to fend off budget competitors. “Legacy carriers like BA saw spending on this as an overhead,” says Henry Harteveldt of Atmosphere Research, a consultancy. “But it should be seen as a cost of doing business.” In 2015 airlines spent 2.7% of their revenues on IT, half the norm across all industries and a lower share even than hotels.Second, backup systems need to be tested regularly to ensure that they work. Even financial groups, which spend copiously on backups for regulatory reasons, do not test them as much as they should, says Frank Ford of Bain & Company, a consultancy. Firms in many industries fear that tests could disrupt business too much, and as a consequence skimp on them.Above all, airlines need contingency plans for when IT faults do occur. As they have become more automated, the knock-on effects have become more severe—and expensive, says George Hamlin, an aviation expert based in Virginia. Ground staff used to be able to revert to manual systems during IT failures, but such backups are no longer favoured by supposedly tech-savvy firms. At the very least, the unfortunate staff who have to deal with irate would-be holidaymakers need to be trained to deflect the worst of the rage.Airlines will never be able to make sure there is no repeat of last weekend’s chaos. Margins in the industry are simply too thin to support the vast spending that would be needed for multiple backups and failsafes. But slashing spending on IT systems is a false economy. Ryanair, a paragon of thrift among Europe’s low-cost airlines, is increasing investment in its digital operations. Far more costly than the compensation BA will have to pay, says Andrew Charlton of Aviation Advocacy, a research firm, will be the damage its ham-fisted response has done to its own reputation. "Grounded"'|'economist.com'|'http://www.economist.com/rss/business_rss.xml'|'http://www.economist.com/news/business/21722880-even-industry-where-computer-crashes-are-increasingly-common-british-airways-botches-its?fsrc=rss%7Cbus'|'2017-06-03T08:00:00.000+03:00'
'e4facb256b6bdb3ff57d590747a8a9c76ec62833'|'NY prosecutor says Exxon''s climate change math ''may be a sham'''|'Environment - Fri Jun 2, 2017 - 2:10pm EDT New York prosecutor says Exxon misled investors on climate change left right FILE PHOTO: New York Attorney General Eric Schneiderman speaks at a news conference to announce a state-based effort to combat climate change in New York, New York, U.S. March 29, 2016. REUTERS/Mike Segar/File Photo 1/2 left right An airplane comes in for a landing above an Exxon sign at a gas station in the Chicago suburb of Norridge, Illinois, U.S., October 27, 2016. REUTERS/Jim Young 2/2 By Emily Flitter - NEW YORK NEW YORK New York''s top prosecutor on Friday accused Exxon Mobil of misleading investors about how it accounts for climate change risks, court filings show, offering a rare look inside an ongoing fraud investigation as it pressed the company to turn over more documents. Attorney General Eric Schneiderman said in a court filing he had evidence of "potential materially false and misleading statements by Exxon" that could have led investors to think the U.S. oil giant company properly assessed the risks when it actually ignored a formula to estimate the impact of future environmental regulation on new deals. Schneiderman''s filing came a day after President Donald Trump announced plans to withdraw the United States from the Paris climate accord, in which nearly 200 countries pledged to lower their greenhouse gas emissions to try to slow global warming. World leaders and many U.S. executives condemned the decision. "ExxonMobil''s external statements have accurately described its use of a proxy cost of carbon, and the documents produced to the Attorney General make this fact unmistakably clear," said Exxon spokesman Scott Silvestri. "We will respond fully to the Attorney General''s inaccurate and irresponsible allegations about proxy cost in our court filings." ''MAY BE A SHAM'' Schneiderman''s filing focused on the method Exxon used to give its investors estimates of the regulatory cost of greenhouse gas emissions on new projects. The company frequently showed investors a number it called a "proxy cost" for greenhouse gasses as a way to assure them it was accounting for potential changes to government policy that would make producing and burning fossil fuels more expensive. "The exercise described to investors may be a sham," Schneiderman wrote, because Exxon may not have actually applied it when estimating profits and losses on its investments. "Exxon''s own documents suggest that if Exxon had applied the proxy cost it promised to shareholders, at least one substantial oil sands project may have projected a financial loss, rather than a profit, over the course of the project''s original timeline," Schneiderman wrote. The New York prosecutor is not the only authority examining Exxon''s climate-related statements to investors. Exxon said on Sept. 20 the U.S. Securities and Exchange Commission was investigating how it valued its oil and gas reserves in the wake of low prices and potential curbs on carbon emissions. UNUSUAL TRANSPARENCY Exxon has been fighting Schneiderman''s requests for information about its climate change policies in both state and federal court, claiming it should not have to turn over records because the New York prosecutor''s probe is politically motivated and abusive to the company. Its resistance has created a highly unusual condition: State and federal prosecutors normally only reveal their findings once they''ve completed the process and are ready to file charges. But Exxon''s attempts to fight Schneiderman''s subpoenas - it even sued Schneiderman and Massachusetts Attorney General Maura Healey, who is also probing the company, in federal court - have led Schneiderman to use evidence he''s uncovered so far to argue his case for why Exxon should be forced to hand over more documents. Exxon has already turned over 2 million documents as part of the investigation, leading to the discovery that Secretary of State Rex Tillerson, who until December was chief executive of Exxon, used a separate email address and an alias, "Wayne Tracker," to discuss climate change-related issues while at the company. Schneiderman is seeking records he says Exxon has been withholding, as well the ability to interview Exxon employees who might know about Exxon''s internal climate change discussions. On May 23, a New York State appeals court ruled Exxon should turn over records Schneiderman was requesting. Exxon shares were down 1.5 percent Friday at $79.49. Crude prices fell on worries Trump''s decision to withdraw from the global climate accord could ultimately result in an overabundance of oil production. (Reporting By Emily Flitter; Editing by Nick Zieminski) '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-usa-climatechange-exxon-idUSKBN18T1XK'|'2017-06-02T21:32:00.000+03:00'
'c159ace77a520e1940604c061102fa865c204e03'|'Deals of the day- Mergers and acquisitions'|'June 1 The following bids, mergers, acquisitions and disposals were reported by 1000 GMT on Thursday:** BNP Paribas Personal Finance has bought SevenDay Finans AB, a Swedish consumer credit business, as part of plans to expand in the region in personal finance.** U.S. paints and coatings maker PPG Industries will not launch a formal bid for Dutch peer Akzo Nobel after repeated informal offers were rejected, it said.** German automaker Daimler said it will become a minority shareholder in its Chinese joint venture partner Beijing Automotive Group''s (BAIC Group) electric vehicle subsidiary.** Austrian property group Immofinanz told shareholders it plans to finish the delayed sale of spin-off of its Russia portfolio - a pre-condition for its planned merger with rival CA Immo by the end of July.** Malaysia''s RHB Bank Bhd and AMMB Holdings Bhd (AmBank) said they will begin merger talks, in what could be the Southeast Asian nation''s biggest banking deal and create a group worth about $9 billion at current prices.** Major Credit Suisse investor Qatar Investment Authority (QIA) has increased its stake in the Swiss bank to 5.01 percent of shares, Credit Suisse said.** Net1 UEPS Technologies will invest 2 billion rand ($153 million) for a 15 percent stake in debt-ridden South African mobile operator Cell C, scaling back its commitment in the original deal to take over the company.** China Shanshui Cement Group Ltd, at the centre of a bitter boardroom battle involving investors and executives, said that a major shareholder had offered to divest its 25 percent stake for around $600 million.** Barclays cut its stake in Barclays Africa Group to 15 percent sooner than expected, ending more than 90 years as a major presence in the continent.** Japanese investment bank Nomura Securities bought about $100 million worth of Venezuelan government bonds last week as part of the same transaction that has landed Goldman Sachs Group Inc in the middle of a political storm, two sources said.** Japan''s SoftBank Group Corp will let the $14 billion merger between its satellite startup OneWeb and peer Intelsat SA fall through, after failing to get enough of Intelsat creditors to back it, people familiar with the matter said on Wednesday.** Reddi-wip whipped cream owner Conagra Brands Inc has approached Pinnacle Foods Inc, the maker of packaged foods such as Vlasic pickles, to express interest in an acquisition, people familiar with the matter said on Wednesday. (Compiled by Akankshita Mukhopadhyay in Bengaluru)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/deals-day-idINL3N1IY3K4'|'2017-06-01T08:01:00.000+03:00'
'a7d1e054a506c7a2ccf78bc6b59a33117b028550'|'BHP board set to select new chairman in June - sources'|'Autos - Thu Jun 1, 2017 - 2:48am BST BHP board set to select new chairman in June - sources left right FILE PHOTO - BHP Chairman Jac Nasser sits before the company''s Australian annual general meeting in Sydney November 29, 2012. REUTERS/Tim Wimborne/File Photo 1/2 left right FILE PHOTO: Australian mining company BHP''s new corporate logo, released to Reuters from their Melbourne, Australia, headquarters May 15, 2017. BHP/Handout via REUTERS/File Photo 2/2 By Jamie Freed and Sonali Paul - SYDNEY/MELBOURNE SYDNEY/MELBOURNE BHP''s board is expected to select a new chairman at its June meeting to replace long-serving former Ford Motor Co boss Jac Nasser, according to two sources familiar with the matter. The world''s largest miner, under pressure from U.S.-based activist investor Elliott Management over its strategy, has been searching for a replacement since Nasser announced his impending retirement in October. Executive search firm Heidrick & Struggles has been assisting with a search that includes internal and external candidates, the sources said. They declined to be named because the process is not public. A source close to Elliott told Reuters last month the activist fund, which owns 4.1 percent of BHP''s UK shares, would be willing to back an internal candidate for the role, but declined to disclose the fund''s preference. Both Nasser, 69, and his predecessor, Don Argus, served on the board for at least three years before taking on the chairman''s role. Craig Evans, the co-portfolio manager of the Tribeca Natural Resources Fund, said his fund would prefer an external candidate with technical and operational experience in the mining and oil and gas industries. "The existing board hasn''t covered itself in glory," he said. "We have concerns that the majority of the board has been in charge for the financial underperformance and have not shown a track record of respecting shareholder capital compounded by the safety issues at (Brazil iron ore mine) Samarco." A burst dam at Samarco, a joint venture between BHP and Brazil''s Vale, killed 19 people and caused Brazil''s worst ever environmental disaster in 2015, when mud and waste destroyed a village and polluted the Rio Doce river. Andy Forster, a portfolio manager at Argo Investments, said he expected BHP would choose a current board member given the strong slate of candidates. "It would be surprising if someone external was to beat them and have the understanding of the business," he said. "If you look at Jac, they don''t necessarily have to have someone with direct mining experience." BHP and Heidrick & Struggles declined to comment. The following are names mentioned by industry sources, investors and analysts as potential candidates. INTERNAL CANDIDATES: * Ken MacKenzie, 53 Canadian-born MacKenzie, a former CEO of Melbourne-based global packaging group Amcor Ltd who has been on the BHP board for less than a year, is highly respected among investors. At Amcor he had a track record of smart acquisitions and brought cultural transformation to a company hit by a price-fixing scandal. "He''s been one of Australia''s most effective CEOs. He does tick a lot of boxes," said George Clapham, managing partner of Arnhem Investment Management, which owns BHP and Amcor shares. * Lindsay Maxsted, 63 Maxsted, an Australian, has been on the BHP board for six years. The former corporate recovery specialist is the chairman of both the country''s second largest bank, Westpac Banking Corp and toll road operator Transurban Group. Local media reports have said he is willing to step down from those roles if he gets the prestigious BHP job. * Carolyn Hewson, 61 Hewson, an Australian, has been on the board for seven years and is a champion of gender diversity. The male-dominated company has set an aspirational target for half of its workforce to be female by 2025. The former investment banker is also a director at property group Stockland Corp. * Malcolm Broomhead, 64 Broomhead, an Australian who has served on the board for seven years, has extensive experience in running industrial and mining companies with a global footprint. He also has experience in project development in many of the countries in which BHP operates. He is the chairman of explosives maker Orica Ltd, where he once served as CEO. He had previously headed miner North Ltd before it was bought by Rio Tinto. EXTERNAL CANDIDATE: * Andrew Liveris, 63 Liveris, the Australian-born Chairman and CEO of Dow Chemical Co has spent more than 40 years with the U.S.-based company. He is due to step down as chairman of the merged DowDuPont in July 2018. He has been a leading adviser on manufacturing to U.S. President Donald Trump and his predecessor, Barack Obama. (Reporting by Jamie Freed and Sonali Paul; additional reporting by Jim Regan in SYDNEY and Barbara Lewis and Simon Jessop in LONDON) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-bhp-billiton-chairman-idUKKBN18S3LU'|'2017-06-01T09:48:00.000+03:00'
'8cbe922af54da6de6e478a3dc1012460c3b35750'|'China May data to show stable growth as exports stay solid'|'Business   11:03am BST China May data to show stable growth as exports stay solid A container box is loaded on to a truck at a port in Rizhao, Shandong province, August 12, 2015. REUTERS/Stringer By Yawen Chen and Ryan Woo - BEIJING BEIJING China''s economy is likely to have remained on a stable footing in May, buoyed by solid gains in trade and investment as economic ties with the United States take a positive turn and infrastructure spending cushions domestic growth. A Reuters poll of indicators from trade and industrial output to loans and property investment, is expected to show that economic growth held up nicely into the second quarter, defying worries of a sharp slowdown. Beijing has curbed lending to avert bubbles and debt risks, but tougher regulations have raised concerns the measures could go too far and hurt growth. Economists, however, said they felt reassured by positive signals from the top leaders of China and the United States that a trade war between the two economic power-houses was avoidable. "We used to be worried about the negative impact of possible trade frictions on China''s exports to the United States, but now that fear has eased," said Yan Ling, a Shenzhen-based analyst with China Merchant Securities. "We now think it will be more about increasing U.S. imports to China." In sign of progress, China and the United States agreed in May to take action by mid-July to increase access for U.S. financial firms and expand trade in beef and chicken among other steps as part of Washington''s drive to cut its trade deficit with Beijing. The value of Chinese exports was seen rising 7.0 percent in May from a year earlier, and imports by 8.5 percent, slower than April''s growth rates of 8.0 percent and 11.9 percent, respectively. But the pace is relatively positive given declines in commodity prices and bodes well for China''s trade outlook. China''s trade surplus for May was expected to rise to $46.32 billion, compared with $38.05 billion in April. Many analysts had expected Beijing''s intensifying crackdown on unscrupulous lending and a cooling property market to hit growth hard after a surprisingly optimistic first quarter. Indeed, growth in the world''s second-largest economy was more muted in May, as fading government stimulus and financial regulatory controls have increased financing costs and weighed on profitability for firms. China''s industrial output in May is expected to rise 6.3 percent, easing slightly from 6.5 percent growth in April, while producer prices were forecast to rise 5.7 percent from a 6.4 percent gain in April. Producer prices have been cooling since March as iron ore and coal prices tumbled, pressured by fears that Chinese steel production is outweighing demand as the authorities rein in the red-hot property sector that has sparked fears of a market collapse. Annual fixed asset investment in May likely grew 8.8 percent, moderating from 8.9 percent in April, as policymakers continued their efforts to cool the property sector, showing no intention of relaxing harsh administrative curbs that many market observers say have effectively frozen the frothy markets. Retail sales were expected to be stable at 10.6 percent, down from 10.7 percent in April, likely due to weaker auto sales. Inflation is expected to accelerate in May, with consumer prices predicted to rise 1.5 percent, a modest pick-up from April''s 1.2 percent. However, that is still well below Beijing''s official inflation target of 3 percent in 2017, suggesting policymakers still have room to tighten the screw on credit and patch holes in the financial system after years of debt-fueled stimulus. To be sure, while China''s central bank has cautiously shifted to a tightening policy bias by raising short-term interest rates in recent months, the authorities have reiterated their support for the real economy, pledging to keep liquidity sufficient to avoid financial stress while carefully engineering reforms in its bubbly financial sector. Thirty-nine economists polled by Reuters predicted Chinese banks had extended 900.0 billion yuan ($132.32 billion) in new loans in May, a still-solid figure versus 1.10 trillion yuan in April. The growth rate in outstanding loans was expected to slow to 12.8 percent in May from 12.9 percent in April. M2 money supply growth was also seen down a touch at 10.4 percent in May, from 10.5 percent in April, the slowest since July 2016, reflecting the moderately tighter policy stance by the People''s Bank of China (PBOC). Investors will also be keen to watch if China managed to retain its grip on capital outflows in an effort to safeguard its foreign reserves that fell rapidly in 2016. The poll showed foreign exchange reserves edged up in May to $3.04 trillion from $3.03 trillion in April, during which a weakening in the greenback aided Beijing''s efforts to contain capital outflows. Analysts say volatility in currency valuations could also have given the reserves figure a boost. "The fall in the dollar was pretty big while the euro appreciated visibly against the dollar, so those changes will lead to a more bullish figure," said Wang Lianqing, an analyst with Industrial Securities. But French investment bank Natixis said in a report its capital flow tracker for China shows outflows for the second quarter will rise somewhat, reversing the recovery in the first quarter. (Editing by Jacqueline Wong)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-china-economy-data-idUKKBN18W16G'|'2017-06-05T18:00:00.000+03:00'
'34320ca093f5de759cc576a67963a44a99ba1817'|'BRIEF-Southern Co says Georgia Power,Westinghouse Electric,Wectec Global Project,Wectec Staffing enter amendment to interim assessment agreement'|'June 5 Southern Co* Southern Co-on June 3,georgia power,westinghouse electric co,wectec global project services,wectec staffing enter amendment to interim assessment agreement* Southern Co says parties entered into third amendment solely to extend term of interim assessment agreement through june 5, 2017 - SEC filing* Southern Co-extension of term for additional time as, among others, vogtle owners work to finalize agreement with toshiba regarding toshiba guarantee Source text for Eikon: '|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/brief-southern-co-says-georgia-powerwest-idINFWN1J20DB'|'2017-06-05T11:47:00.000+03:00'
'80089787b3f3ccc33f99f373ad21a943c2ce5e58'|'Dr Pepper Snapple Group announces upsizing and pricing of cash tender'|'June 5 Dr Pepper Snapple Group Inc* Dr pepper Snapple Group announces upsizing and pricing of cash tender offers for its 7.45 pct senior notes due 2038 and 6.82 pct senior notes due 2018* Announces upsizing and pricing of cash tender offers for its 7.45 pct senior notes due 2038 and 6.82 pct senior notes due 2018* To increase maximum aggregate purchase related to notes tendered from $180 million to $250 million* All other terms of tender offers as previously announced remain unchanged. Source text for Eikon: '|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/brief-dr-pepper-snapple-group-announces-idINASA09SPO'|'2017-06-05T18:08:00.000+03:00'
'b73415be323e89c0be74550e6feeec6baf479acb'|'Factbox - Impact on insurers from Britain''s vote to leave the EU'|'Business News - Mon Jun 5, 2017 - 2:37pm BST Factbox - Impact on insurers from Britain''s vote to leave the EU A sign of RSA insurance company is pictured outside its office in London in this December 13, 2013 file photo. REUTERS/Toby Melville/Files British insurer RSA ( RSA.L ) followed rivals on Monday in announcing plans to set up a subsidiary in Luxembourg to act as the headquarters of its European Union operations following Britain''s decision to leave the bloc. Insurers are setting up regulated EU subsidiaries in case Britain does not have access to the single market after Brexit. Below are plans for EU subsidiaries proposed by insurers: ADMIRAL British motor insurer Admiral Group Plc ( ADML.L ) said last year it could move its European business to Ireland or another country. It said earlier this year it was looking at a large number of locations and expected to make a decision within two months. AIG U.S. insurer AIG ( AIG.N ) said in March it will set up a European subsidiary in Luxembourg, in addition to its European headquarters in London. BEAZLEY Lloyd''s of London insurer Beazley Plc BEZG.L said last year it had filed an application with the Central Bank of Ireland to get approval for its Irish reinsurance business to become a European insurance company. The firm said in February it will hire additional staff in Ireland.[nL4N1FO23J] CHESNARA Chesnara Plc ( CSN.L ), an insurance-focused takeover specialist, already has an insurance company in the Netherlands but could move its headquarters there, depending on the regulatory environment in Britain after negotiations to leave the EU. FM GLOBAL U.S. commercial property insurer FM Global is planning a European hub in Luxembourg following Britain''s decision to leave the bloc, it said last month. HISCOX Lloyd''s of London underwriter Hiscox Ltd ( HSX.L ) will establish a new subsidiary in Luxembourg to underwrite its retail business in Europe, it said in May. LLOYD''S OF LONDON Lloyd''s of London, an integral part of the British business scene since the 17th century, has chosen Brussels as the site for its EU subsidiary, it said in March. MARKEL U.S. insurer Markel ( MKL.N ) plans to apply for regulatory approval to set up a European Union subsidiary in Munich. MS AMLIN Japanese-owned insurer MS Amlin operates under the "Societas Europaea" structure. That makes it relatively easy to move to a different EU jurisdiction if needed, subject to regulatory approval. ROYAL LONDON British life insurer Royal London Mutual Insurance Society plans to turn its Irish business into a regulated subsidiary, it said in March. STANDARD LIFE British insurer and asset manager Standard Life ( SL.L ) said in May it was likely to choose Dublin for its EU hub. XL CATLIN Bermuda-domiciled insurer XL Catlin ( XL.N ) said its UK business XL Insurance Company SE has branches across Europe and also operates under the "Societas Europaea" structure. RSA RSA is planning a subsidiary in Luxembourg to act as the headquarters of its European Union operations following Britain''s decision to leave the bloc. It said it chose Luxembourg because it had "multi-national expertise", was "strategically located within RSA’s existing EU branch network" and had an experienced regulator. LANCASHIRE Lancashire ( LRE.L ) said in May it has options to write EU business out of its Bermuda headquarters or via Lloyd''s Of London''s SOLYD.UL Brussels base. The insurer added it was in no hurry to set up an EU base and saw itself staying in the UK for the foreseeable future. NEON Neon Underwriting Ltd may set up a Dublin business to sell insurance policies throughout the European Union if Britain loses access to the single market, chief executive of the specialist Lloyd''s of London insurer said in December. LEGAL & GENERAL British insurer Legal & General ( LGEN.L ) said in May it will move some of its investment management operations to Ireland to ensure it can continue to serve its customers after Brexit. AVIVA Aviva ( AV.L ) is going through the process of converting its Irish life and general insurance branches to regulated subsidiaries to meet the needs of its Irish insurance customers more effectively after Brexit. (Compiled by Noor Zainab Hussain and Carolyn Cohn; Editing by Keith Weir/Alexander Smith/Susan Fenton) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-eu-insurance-factbox-idUKKBN18W1RA'|'2017-06-05T21:37:00.000+03:00'
'431290bcf017d01adbdf8de28e29ed33b4e73e8a'|'Blackstone offers to buy Finnish real estate firm Sponda for $2 billion'|'  7:53am BST Blackstone offers to buy Finnish real estate firm Sponda for $2 billion FILE PHOTO - The ticker and trading information for Blackstone Group is displayed at the post where it is traded on the floor of the New York Stock Exchange (NYSE) April 4, 2016. REUTERS/Brendan McDermid/File Photo HELSINKI Private equity group Blackstone Group   offered to buy all shares in Finnish real estate investment company Sponda for about 1.8 billion euros ($2 billion) as it seeks to expand its real estate business in the Nordic region. The cash offer, 5.19 euros per share, represents a premium of 20.7 percent compared to Sponda''s last closing price. Sponda board recommends the shareholders to accept the offer. The fair value of Sponda''s investment properties was about 3.8 billion euros in March. Since 2015, Blackstone has acquired control of over 4 billion euros of properties in the Nordic region. (Reporting by Tuomas Forsell, editing by Jussi Rosendahl)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-sponda-m-a-blackstone-idUKKBN18W0OB'|'2017-06-05T14:53:00.000+03:00'
'0a1ad296379f18424e376020c4d3198ee909b954'|'UK''s Metro Bank buys mortgage portfolio from Cerberus Capital'|'June 2 British lender Metro Bank Plc said it had bought a portfolio of UK mortgages from a company owned by Cerberus Capital Management LP for 596.7 million pounds ($768.2 million).Metro Bank, which offers retail, business and private banking, said all lending in the portfolio is secured on property and has a similar credit risk profile to its current mortgage book."The acquisition of this high-quality loan Portfolio supports our high-growth, organic business model as we track ever closer to our 2020 guidance," Chief Executive of Metro Bank, Craig Donaldson, said.The acquisition will increase the loan-to-deposit ratio to about 78 percent, compared with the 2020 guidance of 80 percent, Donaldson added.The portfolio, bought from Cerberus European Residential Holdings B.V, is made up primarily of buy-to-let mortgages, with the rest being owner-occupied.The acquisition of the mortgages, being bought at a discount to face value, will be financed using cash from existing resources, Metro said. ($1 = 0.7768 pounds) (Reporting by Noor Zainab Hussain in Bengaluru; Editing by Amrutha Gayathri)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/cerberus-capital-ma-metro-bank-idINL3N1IZ2DS'|'2017-06-02T04:38:00.000+03:00'
'922ddd05a61b0f64ccdb6420a77e8e1a4a74765e'|'UPDATE 1-Brazil utility Cemig files to sell 6.5 bln reais in assets'|'Company News - Thu Jun 1, 2017 - 5:57pm EDT UPDATE 1-Brazil utility Cemig files to sell 6.5 bln reais in assets (Adds details on divestitures, plans to refinance debt) SAO PAULO, June 1 Brazil''s state-run utility Companhia Energética de Minas Gerais is trying to sell assets worth 6.5 billion reais ($2 billion), the company said in a securities filing on Thursday. Assets on sale include stakes in transmission company Transmissora Aliança de Energia Elétrica SA, hydroelectric dam Santo Antonio Energia SA, Light Energia SA , natural gas distribution unit Companhia de Gas de Minas Gerais, renewable energy company Renova Energia SA , its telecom subsidiary and three small hydroelectric dams. The company expects to complete at least half of the divestitures by next year. Cemig, as the company is known, needs to sell assets to reduce debt. Cemig director Cesar Vaz de Melo said in a conference call with investors on Thursday the company needs to reduce its leverage. Cemig has net debt equivalent to 4.2 times its earnings before interest, tax, depreciation and amortization, a gauge of operational profitability known as Ebitda, and aims to reach 2.5 times by mid-year. Melo said Cemig is in advanced talks with buyers for some of the assets. The company expects to receive this week a proposal for a new partner for renewable energy subsidiary Renova. Light Energia should be sold to Aliança Energia, a joint venture between Cemig and mining giant Vale SA, company executives said. Cemig chief financial officer, Adézio Lima, also said the company plans to raise up to $1.5 billion in bonds by next month. Lima said he wants to refinance bank loans and would propose to banks a 5-year extension in maturities, and a 3-year grace period. ($1 = 3.2452 Brazilian reais) (Reporting by Luciano Costa, writing by Tatiana Bautzer; editing by Jonathan Oatis and David Gregorio)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/cemig-divestiture-idUSL1N1IY2BY'|'2017-06-02T05:57:00.000+03:00'
'd27b55e24df49558a8c82925632350759c8625c2'|'Alibaba''s Jack Ma invited to join bid for L''Oreal''s The Body Shop: sources'|'By Pamela Barbaglia and Martinne Geller - LONDON LONDON European private equity firm Investindustrial has invited the investment vehicle of Alibaba''s ( BABA.N ) founder Jack Ma to join a consortium offering to buy L''Oreal''s ( OREP.PA ) The Body Shop for more than 800 million euros ($900 million), sources familiar with the matter said on Friday.Hong Kong-based Blue Pool Capital has been asked to team up with Investindustrial and Brazil''s GP Investments ( GPIV33.SA ), one of Latin America''s largest private equity funds in making a bid for the British-based cosmetics retailer, the sources said.European private equity fund CVC Capital Partners [CVC.UL] is also planning to submit a rival offer ahead of a June 7 deadline for final bids.Another buyout firm, Advent, has decided to drop out of the contest, the sources said.L''Oreal has asked prospective bidders to table offers of no less than 800 million euros, said the sources.L''Oreal, Investindustrial and GP Investments declined to comment while no one at Blue Pool Capital was available for comment outside of regular business hours.Spokesmen at Advent and CVC all declined to comment.(Reporting By Pamela Barbaglia; Editing by Greg Mahlich)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-jackma-loreal-idINKBN18T2IU'|'2017-06-02T15:09:00.000+03:00'
'4add63baa699faca8e8617912afd86da8bcf9454'|'Britain''s regulator agrees deal over Hoover pension scheme'|'Business News - Fri Jun 2, 2017 - 11:46am BST Britain''s regulator agrees deal over Hoover pension scheme LONDON The Pensions Regulator, which regulates Britain''s workplace pension schemes, said on Friday it had reached a deal with Hoover Ltd that is expected to see its pension scheme enter the Pension Protection Fund. Under the deal, Hoover will pay 60 million pounds into the scheme, which has 7,500 members. The scheme will also receive ordinary shares representing a 33 percent stake in Hoover, TPR said in a statement. (Reporting by Simon Jessop; editing by Maiya Keidan)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-pensions-hoover-idUKKBN18T1FE'|'2017-06-02T18:46:00.000+03:00'
'44334eea3a0e4fb076c54e6d9c1d35a93012db55'|'Japan''s "toushin" ramp up stock sales after government criticism'|' 19am BST Japan''s "toushin" ramp up stock sales after government criticism By Tomo Uetake - TOKYO TOKYO Japanese investment trusts, or "toushins", sold the second largest amount of domestic stocks in 13 years in May, in the strongest sign yet that criticism of the industry by the country''s financial watchdog is taking a toll on their activities. Toushin fund operators sold 269.2 billion yen (1.9 billion pounds) of cash stocks last month, data from the Tokyo Stock Exchange showed on Thursday. That was the biggest monthly net selling since September 2014 and the second-highest on record since data began in the current format since 2003, according to Daiwa Securities. It is not atypical to see selling from toushin when Japanese share prices hit highs. Many Japanese investors, unconvinced of the strength of the country''s economic recovery, are eager to sell into rallies and book profits. But money managers are also smarting from paralysis triggered in April after Nobuchika Mori, the commissioner of the Financial Services Agency, blasted the Japanese asset management industry for neglecting the true interest of their customers, industry sources said. Mori''s criticism was wide-ranging, from funds'' high fees and low investment returns to the industry habit of encouraging retail investors to switch funds often, a practice that helps the financial industry rake in more commissions to the little benefit of investors. Mori''s tirade prompted many asset managers and financial institutions to refrain from aggressive sales of toushins since April. As a result, new fund inflows into toushin dwindled, while retail investors pulled out money out of Japan stock funds to lock in gains after a market rally, leading to large net sales of Japanese stocks by toushin operators. "Individual investors are cautious on the whole. The asset management industry is also shrinking back because of the criticism on the industry," said Alex Sato, President and CEO of Invesco Asset Management Japan. "It''s hard to sell toushin in the middle of a major business model changes. Unless we see a robust rally in Japanese stocks, it will be hard to expect a strong toushin sales this year," he added. Japan''s Nikkei average hit 1-1/2-year highs in May and it has extended gains so far in June, breaking above the psychologically important 20,000 mark. "Investors seem to have locked in profits," said Masahiro Suzuki, senior quantitative analyst at Daiwa Securities. "It''s quite common for toushin investors after rallies." Mori also railed at a type of funds that pay dividends to investors every month regardless of funds'' performance. While they have been popular among investors, especially pensioners, financial experts agree the products make little economic sense because investors cannot reap the benefits of higher compound returns. Many asset managers were forced to cut their dividend payout ratios lately, partly in response to falling returns, but also following the public reprimand from the FSA. Yasumasa Nishi, president and CEO of Asset Management One, said many asset managers, including his, are reducing monthly dividends on those products, resulting in sharp falls in their sales. "This is tough for sales staff but we are being hit by the wave of normalisation of payouts and this process has to continue," he said. (Reporting by Tomo Uetake)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-japan-stocks-toushin-idUKKBN18Z0QZ'|'2017-06-08T15:19:00.000+03:00'
'7bc1a62b1a9f435a019f29dd0b5e2cabc7857898'|'UPDATE 1-Canada''s ECN Capital to buy Service Finance for C$410 mln'|'Deals - Thu Jun 8, 2017 - 7:51am EDT ECN Capital to buy Service Finance for C$410 million Canadian commercial financing company ECN Capital Corp ( ECN.TO ) said on Thursday it would buy U.S.-based Service Finance Holdings LLC for C$410 million ($304 million) in cash. ECN Capital offers financial services to rail and commercial aviation markets, while privately held Service Finance Holdings lends for home improvement projects in the United States. Toronto-based ECN Capital sold its U.S. commercial and vendor finance business to PNC Financial Services Group ( PNC.N ) in February for about $1.25 billion in cash. Founded in 2004, Florida-based Service Finance originates and services prime and super-prime installment contracts to finance home improvement projects. ECN Capital, with over $4.6 billion assets under management, said the acquisition will be immediately add to adjusted earnings per share and is expected to close in the third quarter. BMO Capital Markets, CIBC Capital Markets and Macquarie Capital served as ECN Capital''s financial advisers, while Baker & Hostetler LLP was the legal counsel. (Reporting by Ahmed Farhatha in Bengaluru; Editing by Saumyadeb Chakrabarty and Sriraj Kalluvila) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-servicefinance-m-a-ecn-capital-idUSKBN18Z1LA'|'2017-06-08T19:48:00.000+03:00'
'6c9ef70a5bc6f1fe84995a73481f56fbf5bb0012'|'Wealth management data startup Addepar raises $140 million'|'By Anna Irrera - NEW YORK NEW YORK Addepar, a Silicon Valley-based startup that helps wealth management firms get a more comprehensive view of their clients'' assets, has raised $140 million in a round led by Valor Equity Partners, 8VC and investment manager Harald McPike.The company said on Thursday that it will use the funding on research and development initiatives aimed at enhancing its technology.Addepar has developed software that helps wealth managers view information on their clients'' assets that might be spread out across various accounts.Ultra-wealthy clients typically hold their assets in family trusts, limited partnerships or in alternative and illiquid investments spread across several banks and accounts. This means financial advisors will often gather and compile information into one spreadsheet through a protracted process rather than meeting with clients."Wealth managers, especially the ones serving larger and more complex clients, often times have challenges in giving each client an accurate view of everything they own," said Eric Poirier, chief executive of Addepar, in an interview. The company''s platform allows wealth management firms, with client''s permission, to gather information from various accounts in one place, Poirer said.Addepar is among the growing group of young technology companies that are seeking to help established financial institutions improve their technology across a wide range of functions, including anti-money laundering checks to client-interface software.While the firm has so far focused on wealth management firms, Poirier said it had received inquiries from other buy-side companies such as pension funds.Poirier said the firm has been growing rapidly, with its clients managing more than $650 billion through its platform, up from $300 billion 18 months ago. In January Morgan Stanley ( MS.N ) said it was rolling out Addepar''s platform to 20 of its top financial advisory teams.Valor Equity Partners founder and managing partner Antonio Gracias, who sits on the Addepar''s board of directors, is well known for being an investor and board member in several companies of Tesla Inc ( TSLA.O ) founder Elon Musk.(Reporting by Anna Irrera; Editing by Shri Navaratnam)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-addepar-investment-idINKBN18Z1IO'|'2017-06-08T09:25:00.000+03:00'
'7c037a86c651b029980f243cda1172f8fbec4134'|'Smucker''s quarterly profit dips 42 pct'|'June 8 J.M. Smucker Co reported a 42.2 percent drop in quarterly profit on Thursday, hurt by weak sales of its Folgers coffee and pet food products such as Meow Mix and 9Lives.Smucker''s net income fell to $110.4 million, or 96 cents per share, in the fourth quarter ended April 30, from $191 million, or $1.61 per share, a year earlier.The company also recorded a $57.5 million impairment charge and a $21.5 million derivative loss in the quarter.Net sales dipped 1.3 percent to $1.78 billion, marking the fourth straight quarter of decline. (Reporting by Sruthi Ramakrishnan in Bengaluru; Editing by Sai Sachin Ravikumar)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/jm-smucker-results-idINL3N1J53SM'|'2017-06-08T09:12:00.000+03:00'
'b6e16a14274190276b741071c04b87464d13bb13'|'Brazil court rules Petrobras may proceed with sale of NTS unit'|'Market News - Thu Jun 8, 2017 - 7:49am EDT Brazil court rules Petrobras may proceed with sale of NTS unit SAO PAULO, June 8 A Brazilian court upheld a ruling that allowed Petróleo Brasileiro SA to proceed with the sale of its gas pipeline unit Nova Transportadora do Sudeste SA (NTS), the state-controlled oil company said in a Thursday securities filing. In March, a federal court lifted an injunction barring the sale of NTS to a group of investors led by Canada''s Brookfield Asset Management Inc for $5.2 billion. Separately, a court also suspended until Sept. 11 an earlier decision prohibiting Petrobras, as the company is known, to proceed with the sale of its Três Lagoas fertilizer unit, the filing said. (Reporting by Luciano Costa and Bruno Federowski; Writing by Bruno Federowski) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/petrobras-divestiture-idUSE6N1IL019'|'2017-06-08T19:49:00.000+03:00'
'206e72070e2630e8a9ca602e319cfcd137d88177'|'Vestas sees major wind investments continuing despite U.S. withdrawal from climate deal'|'Market News - Fri Jun 2, 2017 - 4:34am EDT Vestas sees major wind investments continuing despite U.S. withdrawal from climate deal COPENHAGEN, June 2 Wind energy will continue to attract major investment in the United States and around the world despite president Donald Trump''s decision to withdraw from the global climate accord, top wind turbine maker Vestas predicted on Friday. "Of course, it would be better if the U.S. were to stay in the Paris Agreement as is," Vestas spokesman Morten Dyrholm said in a written statement. "But there does remain broad support for the agreement internationally, and wind energy continues attracting major investments globally and in the U.S. because it makes economic sense," he added. (Reporting by Stine Jacobsen, editing by Terje Solsvik) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-climatechange-vestas-wind-idUSL8N1IZ1KL'|'2017-06-02T16:34:00.000+03:00'
'dc5cd91116f48f8ac5659ed1b6515527f02283b2'|'Social Security Cuts Target Trump Voters'|'As a candidate, Donald Trump set himself apart from other Republicans by promising to protect entitlement spending. “I’m not going to cut Social Security like every other Republican,” Trump said just before entering the presidential race. “I have a big heart.”His recently released budget , however, shows that as president he’s had a change of heart: It cuts almost $70 billion from Social Security disability benefits over the next decade. Those cuts will fall on some of his staunchest supporters. Of the 20 counties with the highest share of working-age adults receiving disability benefits, 17 voted for Trump, by an average margin of 56 percentage points.Trump’s cuts put GOP lawmakers who represent these areas in a bind. “I’m concerned,” says Republican Representative Morgan Griffith, who represents Virginia’s 9th congressional district in the southwestern corner of the state. Still, he says he’s open to reform even though his district encompasses the two counties, Dickenson and Buchanan, with the country’s highest rates of disability payouts.White House Budget Director Mick Mulvaney justifies the cuts by calling Social Security Disability Insurance (SSDI) a “welfare program for the long-term disabled,” rife with fraud and abuse. Griffith, a member of the ultraconservative House Freedom Caucus, as Mulvaney was before joining the Trump administration, agrees that fraud is a concern—just not in his district. “Fraud and abuse, we have to focus on that, because it adds up to major dollars when you’re talking about the whole country,” Griffith says. “But the people in Dickenson and Buchanan counties are good, honorable folks. The fraud isn’t down there.”Experts say that growth in SSDI is being driven not by fraud but by the aging U.S. workforce. About two-thirds of beneficiaries are over the age of 50. Not only is the number of older Americans growing, but the shift in the official retirement age from 65 to 67 means that people are remaining in the workforce longer, becoming more prone to disabilities, especially in manual-labor jobs, as they age.“The myth out there that Mulvaney spreads when he says, ‘These people need to go back to work,’ is that he’s thinking of people of color in urban areas—and the exact opposite is true,” says John Kregel, a professor at Virginia Commonwealth University who specializes in disability policy. “Here in Virginia, it’s overwhelmingly white, rural voters who went for Trump who are the beneficiaries.” Griffith’s district is 91 percent white.One reason these areas are so high in both disability payouts and Trump support is that they’re generally the ones hit hardest by trade and globalization. As MIT economist David Autor and his co-authors wrote in a 2013 paper, SSDI is the single biggest source of federal transfer payments into regions directly affected by trade with China and Mexico. This helped give rise to “disability belts” in Appalachia, the Deep South, and the Upper Midwest, all regions that strongly supported Trump.Trade and the decline of the coal industry have both buffeted southwestern Virginia. “My district has really been beleaguered,” Griffith says. “Go back 25 or 30 years, and we had five big industries: textiles, tobacco, general agriculture, furniture, coal. Now, four of the five have been cut back.” Only agriculture is thriving.The other factor pushing people to disability insurance, says Kregel, is a lack of health insurance. After two years, SSDI beneficiaries qualify for Medicare. “People generally want to stay at work until they can’t anymore,” he says. Yet illness makes it impossible for some workers to keep going until they’re old enough to qualify for Medicare. “If you’re on disability, then you get Medicare until you reach the retirement age,” Kregel says. “It’s a bridge program to Medicare. People figure that out.”The most important business stories of the day. Get Bloomberg&apos;s daily newsletter. Sign Up Just across the border from Griffith’s district, in West Virginia, many workers in similar circumstances have a health insurance alternative, because the state chose to expand Medicaid coverage in 2013 through the Affordable Care Act. Virginia hasn’t. “A lot of people here go on SSDI as a way to get the health insurance they need in order to live,” Kregel says. Trump’s budget also proposes deep cuts in Medicaid spending.Where Griffith and Kregel agree is that the work requirements the Trump administration wants to impose on some SSDI recipients will be hard for rural areas such as southwestern Virginia to accommodate without federal support. In many places, jobs don’t exist or aren’t suitable for older workers managing chronic conditions.While Griffith says he doesn’t feel misled by Trump’s about-face, he does worry about the potential effect on his constituents. “We’ve reached out to the Office of Management and Budget, and before we get too far down the road, I will talk to Mick,” Griffith says. “I want to make sure he understands that we’ve got to have jobs for these people who can be retrained and reworked.”The bottom line: Trump’s proposed $70 billion in cuts to Social Security disability payments would hit some of his staunchest supporters the hardest.'|'bloomberg.com'|'https://www.bloomberg.com/businessweek'|'http://www.bloomberg.com/news/articles/2017-06-01/social-security-cuts-target-trump-voters'|'2017-06-02T01:16:00.000+03:00'
'3c67c10d13a52bfcfc389008e5624c1035dd940a'|'ECB may vet banks'' responses to UK request for Brexit plans - senior banker'|'Top News - Fri Jun 2, 2017 - 4:09pm BST ECB may vet banks'' responses to UK request for Brexit plans - senior banker FILE PHOTO: Flags in front of the European Central Bank (ECB) before a news conference at the ECB headquarters in Frankfurt, Germany, April 27, 2017. REUTERS/Kai Pfaffenbach/File Photo By Huw Jones - LONDON LONDON The European Central Bank may vet responses to a Bank of England letter asking lenders how they will cope with Brexit, a senior banker said on Friday. Edward Bowles, regional head of corporate and public affairs at Standard Chartered bank, was speaking at a seminar in Brussels hosted by think tank Bruegel. "We heard earlier this week that perhaps the SSM is now asking the 27 firms with operations in London to vet their responses with them before they send them in," Bowles said, referring to the ECB''s supervisory arm. Sam Woods, head of the Bank of England''s Prudential Regulation Authority (PRA), has given banks operating in Britain a July 14 deadline to spell out how they would deal with an abrupt UK departure from the European Union in 2019. Many of the banks, such as Societe Generale, Deutsche Bank and BNP Paribas, are supervised by the ECB under its single supervisory mechanism or SSM. London-headquartered Standard Chartered, which would have received the letter from Woods, said last month it was in talks with regulators about making Frankfurt, where the ECB is located, its European base after Brexit. Bowles was asking Gerry Cross, the Central Bank of Ireland''s director for policy and risk, for his views on Woods'' letter. "I don''t have any particular views beyond that it was a very sensible letter for the PRA. It complimented well with the activity we are seeing on our side of the Irish Sea," Cross told the seminar, adding that the letter had helped give clarity. The ECB had no immediate comment. Britain has triggered formal divorce talks with the European Union and will leave the bloc at the end of March 2019. It is unclear what sort of trading relationship Britain will have with the EU after that, raising concerns about disruption to financial markets. Cross said banks are planning for the worst. "From a regulatory perspective, that is the right strategy. There is no doubt there is a non-trivial risk that come March 2019 things will not be in great shape," he said. Simon Gleeson, a financial services lawyer at Clifford Chance, said there is no framework for cross-border supervisory cooperation after Brexit. "I strongly believe there will be a hard Brexit with no agreement. In that situation, there is a real risk that supervision of major European firms will simply fall apart," Gleeson said. Cross said banks were "concretising" decisions in coming months about moving activities to new subsidiaries in the EU27 to avoid being cut off from customers. But regulators are still grappling with how much "substance" new subsidiaries should have, though risk management must be controlled locally, Cross said. Gleeson said this approach was 20 years out of date as risk management was done under a global model. "Risk management is not a bloke sitting behind a desk looking at a spreadsheet, scratching his head," Gleeson said. (Additional reporting by Francesco Canepa in Frankfurt; Editing by Catherine Evans)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-eu-banks-regulations-idUKKBN18T254'|'2017-06-02T22:34:00.000+03:00'
'98675dc7f4c4bb1056dbe20a99b05770a10d822a'|'EMERGING MARKETS-Yields on Brazil rate futures rise on bets of slower rate cuts'|'(Updates prices) By Bruno Federowski SAO PAULO, June 1 Yields paid on Brazilian interest rate futures rose on Thursday after the central bank said it was ready to slow the pace of rate cuts amid a growing political crisis. Corruption allegations against President Michel Temer which could cost him his mandate have threatened to derail his agenda of structural reforms, which fueled bets on a rapid rate of policy easing. In a statement announcing a widely expected 100 basis-point cut in the benchmark Selic rate after the market close on Wednesday, the bank said a "moderate reduction" in the pace of rate cuts would likely be appropriate at its July meeting. Rate-future prices indicated a 20 percent chance of a lower 75 basis-point cut next month, traders said, with an 80 percent probability of a 100 basis-point reduction. Before the statement, investors had speculated the bank could even accelerate rate cuts in July to a brisk 125 basis-point pace. The Brazilian real and the Mexican peso both weakened, hurt by growing expectations of a U.S. rate hike this month following stronger-than-expected jobs data. Higher U.S. rates could dampen the appeal of high-yielding emerging market assets, weighing on the value of their currencies. A Reuters poll showed on Thursday that the Brazilian currency is likely to weaken only slightly over the next year despite a deepening political crisis, a sign of sustained market confidence in the country as it finally emerges from its worst-ever recession. Latin America''s No. 1 economy expanded in the first quarter at the fastest rate since 2013, matching analyst expectations. Key Latin American stock indexes and currencies at 2123 GMT: Stock indexes Latest Daily YTD pct pct change change MSCI Emerging Markets 1,008.47 0.31 16.59 MSCI LatAm 2,533.35 0.04 8.19 Brazil Bovespa 62,297.45 -0.66 3.44 Mexico IPC 49,101.63 0.64 7.58 Chile IPSA 4,887.70 0.66 17.74 Chile IGPA 24,504.72 0.62 18.19 Argentina MerVal 22,508.35 0.71 33.04 Colombia IGBC 10,681.54 0.03 5.46 Venezuela IBC 76,130.90 1.13 140.12 Currencies Latest Daily YTD pct pct change change Brazil real 3.2460 -0.32 0.10 Mexico peso 18.6390 -0.15 11.29 Chile peso 672.05 0.12 -0.20 Colombia peso 2,891.85 0.84 3.79 Peru sol 3.273 -0.09 4.31 Argentina peso (interbank) 16.0500 0.34 -1.09 Argentina peso (parallel) 16.25 0.86 3.51 (Editing by Jonathan Oatis and Diane Craft)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/emerging-markets-latam-idUSL1N1IY2AH'|'2017-06-02T05:39:00.000+03:00'
'500c2f1c0a26e17e25c6ea5ad42d15d41d1bad98'|'Chinese insurer Anbang denies report that chairman not able to leave China'|'Business News - Fri Jun 2, 2017 - 3:05pm BST Chinese insurer Anbang denies report that chairman not able to leave China Chairman of Anbang Insurance Group Wu Xiaohui attends the China Development Forum in Beijing, China, March 18, 2017. REUTERS/Thomas Peter BEIJING Wu Xiaohui, the chairman of Anbang Insurance Group Co Ltd [ANBANG.UL], is free to travel, a spokesman for the Chinese insurer said on Friday, denying a report that Wu had been prevented from leaving China. The Financial Times reported that Wu had been stopped from leaving the country, citing four sources who have had business dealings with him. Anbang has emerged as one of China''s most aggressive buyers of overseas assets in the past two years, spending more than $30 billion (£23.2 billion) acquiring luxury hotels, insurers and other property assets. But Anbang has faced increasing pushback in its offshore deal-making, amid a broader decline in Chinese outbound acquisitions, as Beijing strengthens curbs over capital outflows to prevent potential shocks to its financial system. The Chinese insurer ditched its attempt last year to acquire Starwood Hotels & Resorts Worldwide Inc for $14 billion, walking away from its most high-profile deal. In April this year, U.S. annuities and life insurer Fidelity & Guaranty Life (FGL) ( FGL.N ) terminated its $1.6 billion agreement to be acquired by the Chinese insurer after Anbang failed to secure all the necessary regulatory approvals. A month earlier, Anbang and the Kushner Companies, the real estate firm until recently headed by U.S. President Donald Trump''s son-in-law, said they had ended talks to redevelop a New York office tower. (Reporting by Matthew Miller; Writing by Ryan Woo; Editing by Alexander Smith)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-anbang-group-chairman-idUKKBN18T211'|'2017-06-02T22:05:00.000+03:00'
'0218c7ade76ee1d60cbde7a7addede9dc24dd679'|'Brazil''s BR Properties to raise $309 mln with share sale -paper'|'SAO PAULO, June 2 Brazilian real estate company BR Properties SA is planning to raise about 1 billion reais ($309 million) by selling new shares, newspaper O Estado de S. Paulo reported on Friday.Buyout firm GP Investments Ltd and sovereign wealth fund Abu Dhabi Investment Authority will subscribe to about 70 percent of the so-called follow-on offering, Estado said, without disclosing how it obtained the information.Last year, GP acquired a controlling stake in BR Properties, backed by the sovereign wealth fund.Media representatives for BR Properties declined to comment on the report. Representatives for the Abu Dhabi Investment Authority and GP were unable to comment immediately.BR will use proceeds from the transaction, which could be announced in coming days, to cut debt, potentially paving the way for acquisitions, according to the report.The company is focusing on expanding as Latin America''s largest economy exits from its deepest recession on record, which drove property prices down.The company has hired the investment banking units of Banco Bradesco SA, Itaú Unibanco Holding SA, Santander Brasil SA and Bank of America Merrill Lynch as underwriters, Estado reported.BR Properties Chief Executive Officer Martin Jaco had said in September the company was looking at whether to raise new capital through a share offering. Management had identified 4 billion reais worth of acquisition targets among office and industrial properties, he added.($1 = 3.2395 reais) (Writing by Ana Mano; Editing by Lisa Von Ahn)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/br-properties-newissues-idINL1N1IZ0OY'|'2017-06-02T13:22:00.000+03:00'
'76c365a2d654b7a4c1b5c3a7edd755bbc2b641ad'|'BP ready to buy gas from Russia''s Rosneft from 2019 - TASS'|'Business  41pm BST BP ready to buy gas from Russia''s Rosneft from 2019 - TASS FILE PHOTO: A BP logo is seen at a petrol station in London, Britain, January 15, 2015. REUTERS/Luke MacGregor/File Photo MOSCOW BP ( BP.L ) is ready to buy gas from Russia''s Rosneft from 2019 after obtaining permission from Russian officials, TASS news agency quoted BP Chief Executive Bob Dudley as saying on Friday. Rosneft and BP signed an agreement on strategic cooperation in the gas sector, and a memorandum of understanding on natural gas sales and purchases in Europe earlier on Friday. (Reporting by Polina Devitt; editing by Jack Stubbs)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-russia-rosneft-bp-idUKKBN18T2H3'|'2017-06-03T00:41:00.000+03:00'
'0f995d097c8256638940ca189d41bbb1f0de2ab3'|'Canada suspends talks with Boeing over jet purchase'|'Business News  24pm EDT Canada suspends talks with Boeing over jet purchase Boeing Co''s logo is seen above the front doors of its largest jetliner factory in Everett, Washington, U.S. January 13, 2017. REUTERS/Alwyn Scott OTTAWA The Canadian government has suspended talks with Boeing Co ( BA.N ) over the planned purchase of Super Hornet jets as a stopgap measure, an official said on Thursday. "We have a capability gap, we outlined a process, our partner in that process is not acting like a valued partner right now so we''ve suspended discussions with that partner," Steven MacKinnon, parliamentary secretary to Public Services and Procurement Minister Judy Foote, told reporters. (Reporting by leah Schnurr; Writing by David Ljunggren; Editing by Leslie Adler)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-canada-bombardier-boeing-idUSKBN18S64Q'|'2017-06-02T02:24:00.000+03:00'
'a6127e4eec555d851a3bfa16a43e39da4b313236'|'EU watchdog fines Moody''s for credit ratings breaches'|'LONDON, June 1 The European Union''s markets watchdog has fined Moody''s 1.24 million euros ($1.39 million) for breaches of the bloc''s credit ratings rules.The European Securities and Markets Authority (ESMA) said Moody''s German and UK units "negligently committed two infringements of the Credit Rating Agencies Regulation regarding their public announcement of certain ratings," ESMA said in a statement on Thursday.The second infringement was over public disclosure of methodologies used to determine those ratings.The failures relate to 19 ratings issued between June 2011 and December 2013 for nine international bodies, including the European Investment Bank, the European Investment Fund, the European Stability Mechanism, the European Financial Stability Facility, and the European Union.Moody''s in Germany and Britain have a right of appeal.($1 = 0.8905 euros) (Reporting by Huw Jones)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/eu-moodys-fine-idUSL8N1IY1IC'|'2017-06-01T12:11:00.000+03:00'
'd01839f3c4d655f74b0eddd1dd351ac89037e2c0'|'UPDATE 1-Canada seeks tough line on Boeing jets but sends mixed message'|'(Releads with government confusion over status of talks with Boeing)By Leah SchnurrOTTAWA, June 1 Canada, embroiled in a dispute with Boeing Corp, tried to hit out at the U.S. firm for the second day in a row on Thursday but stumbled over whether talks over a proposed jet purchase had been suspended or not.The Liberal government, angry that Boeing has launched a trade challenge against Canadian planemaker Bombardier Inc , is threatening to scrap plans to buy 18 Boeing Super Hornet fighters.Steven MacKinnon, parliamentary secretary to Public Services and Procurement Minister Judy Foote, told reporters that Boeing "is not acting like a valued partner right now so we''ve suspended discussions with that partner."Minutes later, Foote spokeswoman Annie Trepanier said that while government ministers were not talking to the company, "there is no formal suspension."Earlier in the day Boeing scrapped an announcement about the jets, a day after Defence Minister Harjit Sajjan objected to the firm''s behavior in the dispute against Bombardier.The company had been due to announce which Canadian companies would benefit if the purchase went ahead. Boeing has 560 suppliers in Canada."Due to the current climate, today is not the most opportune time to share this good news story," Boeing spokesman Scott Day said in a statement issued at an Ottawa defense show.While he did not specifically refer to the trade dispute, his comments appeared to be a reference to growing tensions between Ottawa and the firm.The Boeing saga has increased tensions between Canada and the United States in the run-up to talks on renewing the North American Free Trade Agreement.Last month, Canada said it "strongly disagrees" with the U.S. Commerce Department decision to investigate Boeing''s claims that Bombardier sold planes below cost in the United States and benefited unfairly from Canadian government subsidies.Even lower-level Canadian officials were not visiting the company''s stand at the Ottawa defense show, said one source familiar with the matter who did not want to be identified given the sensitivity of the situation.Sajjan on Wednesday said the firm would be a trusted military ally in decades to come, but he complained the anti-dumping petition against Bombardier was "not the behavior we expect of a trusted partner".Canada says it needs the Super Hornets as a stopgap until it can launch an open competition to replace its fleet of aging Boeing CF-18 planes.A Super Hornet deal would generate new in-service support contracts for industry in Canada''s aerospace hub of Quebec, where existing CF-18s are now maintained. (Additional reporting by David Ljunggren in Ottawa; Editing by W Simon and Andrew Hay)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/canada-bombardier-boeing-idINL1N1IY1KC'|'2017-06-01T17:28:00.000+03:00'
'cce27d2601ced01cd8ccc4db1e365c0b9a2e4239'|'Boeing scraps Canada jet announcement after defense minister blast'|'Business News - Thu Jun 1, 2017 - 3:30pm EDT Canada seeks tough line on Boeing jets but sends mixed message left right Boeing''s logo is seen during Japan Aerospace 2016 air show in Tokyo, Japan, October 12, 2016. REUTERS/Kim Kyung-Hoon 1/3 left right Canada''s Defence Minister Harjit Sajjan speaks during Question Period in the House of Commons on Parliament Hill in Ottawa, Ontario, Canada, May 29, 2017. REUTERS/Chris Wattie 2/3 left right People attend the Bombardier stand during the European Business Aviation Convention & Exhibition (EBACE) at Cointrin airport in Geneva, Switzerland, May 22, 2017. REUTERS/Denis Balibouse 3/3 By Leah Schnurr - OTTAWA OTTAWA Canada, embroiled in a dispute with Boeing Corp, tried to hit out at the U.S. firm for the second day in a row on Thursday but stumbled over whether talks over a proposed jet purchase had been suspended or not. The Liberal government, angry that Boeing has launched a trade challenge against Canadian planemaker Bombardier Inc, is threatening to scrap plans to buy 18 Boeing Super Hornet fighters. Steven MacKinnon, parliamentary secretary to Public Services and Procurement Minister Judy Foote, told reporters that Boeing "is not acting like a valued partner right now so we''ve suspended discussions with that partner." Minutes later, Foote spokeswoman Annie Trepanier said that while government ministers were not talking to the company, "there is no formal suspension." Earlier in the day Boeing scrapped an announcement about the jets, a day after Defense Minister Harjit Sajjan objected to the firm''s behavior in the dispute against Bombardier. The company had been due to announce which Canadian companies would benefit if the purchase went ahead. Boeing has 560 suppliers in Canada. "Due to the current climate, today is not the most opportune time to share this good news story," Boeing spokesman Scott Day said in a statement issued at an Ottawa defense show. While he did not specifically refer to the trade dispute, his comments appeared to be a reference to growing tensions between Ottawa and the firm. The Boeing saga has increased tensions between Canada and the United States in the run-up to talks on renewing the North American Free Trade Agreement. Last month, Canada said it "strongly disagrees" with the U.S. Commerce Department decision to investigate Boeing''s claims that Bombardier sold planes below cost in the United States and benefited unfairly from Canadian government subsidies. Even lower-level Canadian officials were not visiting the company''s stand at the Ottawa defense show, said one source familiar with the matter who did not want to be identified given the sensitivity of the situation. Sajjan on Wednesday said the firm would be a trusted military ally in decades to come, but he complained the anti-dumping petition against Bombardier was "not the behavior we expect of a trusted partner". Canada says it needs the Super Hornets as a stopgap until it can launch an open competition to replace its fleet of aging Boeing CF-18 planes. A Super Hornet deal would generate new in-service support contracts for industry in Canada''s aerospace hub of Quebec, where existing CF-18s are now maintained. (Additional reporting by David Ljunggren in Ottawa; Editing by W Simon and Andrew Hay)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-boeing-bombardier-idUSKBN18S5OC'|'2017-06-01T23:32:00.000+03:00'
'bc11a9fef5727d02e3d432aa963e7c728042b4b2'|'SREI says to ink $500 million venture with Russia''s VEB'|'Money News - Thu Jun 1, 2017 - 4:33pm IST SREI says to ink $500 million venture with Russia''s VEB Hemant Kanoria, chairman of Srei Infrastructure Finance Limited, speaks on a panel during the Clinton Global Initiative''s annual meeting in New York, September 29, 2015. REUTERS/Lucas Jackson /Files ST PETERSBURG, Russia India''s SREI Infrastructure Finance hopes to sign a $500 million joint venture this week with Russian state lender VEB to finance exports of equipment to India, managing director Hemant Kanoria said on Thursday. Kanoria was speaking to Reuters on the sidelines of the St Petersburg economic forum where Russian and foreign businessmen gather every year in June. "We are looking at a joint venture with VEB which will be trying to support equipment exports from Russia into India. This would be heavy equipment going into the mining, construction and other industry in India," Kanoria said, adding that the machinery could be leased or purchased in India. "We are looking at half a billion dollars to do a memorandum of understanding with them." Asked if the venture could be announced at the St Petersburg forum, Kanoria said: "Yes". He said SREI had also mooted creating a joint infrastructure fund together with the state-run Russian Direct Investment Fund (RDIF) but progress had been slow so far. SREI''s projects in Russia have stalled since Western sanctions were imposed on Moscow after its 2014 annexation of Ukraine''s Crimea region, forcing partners in its Russian venture to pull back. These include the European Bank for Reconstruction (EBRD) and Development and Germany''s DEG. Indian Prime Minister Narendra Modi is attending this year''s St Petersburg forum and also holding a bilateral summit with Russian President Vladimir Putin. (Reporting by Sujata Rao; editing by Mark Heinrich)'|'reuters.com'|'http://in.reuters.com/finance/economy'|'http://in.reuters.com/article/russia-economicforum-india-jv-idINKBN18S4S5'|'2017-06-01T09:03:00.000+03:00'
'90569201e1e04752d8758605bfd4382405922404'|'U.S. private payrolls surge in May; layoffs also jump'|'Business  29pm BST Private payrolls surge in May; layoffs also jump A job seeker fills out an application at the King Soopers grocery store table at a job fair at the Denver Workforce Center in Denver, Colorado, U.S. February 15, 2017. REUTERS/Rick Wilking WASHINGTON U.S. private employers stepped up hiring in May, signaling that the labor market was rapidly tightening amid a firming economy, which could encourage the Federal Reserve to raise interest rates later this month. While other data on Thursday showed a jump in the number of Americans filing for unemployment benefits last week, the data was probably distorted by the Memorial Day holiday. Claims for eight states, including California, had to be estimated. According to the ADP National Employment Report, private payrolls increased by 253,000 jobs last month, beating economists'' expectations for a gain of 185,000 jobs. Private payrolls rose by 174,000 jobs in April. The ADP report is jointly developed with Moody''s Analytics and was released ahead of the Labor Department''s more comprehensive nonfarm payrolls report on Friday, which includes both public and private-sector employment. "The report suggests tomorrow''s jobs report will support a June rate hike," said Chris Low, chief economist at FTN Financial in New York. According to a Reuters survey of economists, payrolls likely increased by 185,000 jobs in May after a gain of 211,000 in April. The unemployment rate is forecast to be unchanged at a 10-year low of 4.4 percent. Prices of U.S. Treasuries were trading lower while U.S. stock market futures edged higher. The dollar .DXY was firmer against a basket of currencies. WORKER SHORTAGES In a separate report on Thursday, the Labor Department said initial claims for state unemployment benefits jumped 13,000 to a seasonally adjusted 248,000 for the week ended May 27. It was the 117th straight week that claims were below 300,000, a threshold associated with a healthy labor market. That is the longest such stretch since 1970, when the labor market was smaller. A Labor Department official said claims for California, Hawaii, Kansas, Kentucky, Louisiana, North Dakota, Texas and Virginia were estimated because of the Memorial Day holiday. The four-week moving average of claims, considered a better measure of labor market trends as it irons out week-to-week volatility, rose only 2,500 to 238,000 last week. The Fed said on Wednesday in its Beige Book report of anecdotal information on business activity collected from contacts nationwide that labor markets continued to tighten from early April through late May. The U.S. central bank said "most" districts had cited worker shortages across a broadening range of occupations and regions. Economists expect the Fed will raise interest rates by 25 basis points at its June 13-14 policy meeting. The claims report also showed the number of people still receiving benefits after an initial week of aid fell 9,000 to 1.92 million in the week ended May 20. The so-called continuing claims now have been below 2 million for seven straight weeks, pointing to shrinking labor market slack. A third report by global outplacement consultancy Challenger, Gray & Christmas showed layoffs announced by U.S.-based employers surged 41 percent to 51,692 in May. Nearly 40 percent of the job cuts were announced by Ford Motor Co ( F.N ), according to the report. (Reporting by Lucia Mutikani; Additional reporting by Dan Burns in New York; Editing by Paul Simao)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-usa-economy-unemployment-idUKKBN18S53H'|'2017-06-01T21:26:00.000+03:00'
'0b8331a883d9d4dc0dab849a8956c01057826bf6'|'Southern rail drivers suspend overtime ban in long-running dispute'|'An overtime ban by drivers that was set to cause major disruption for Southern rail passengers from Sunday onwards has been suspended for two weeks.The drivers’ union, Aslef, said the move would allow time for fresh negotiations to try to resolve the long-running dispute over driver-only operation of trains. A previous overtime ban that ran from December into January left Southern struggling to run many services, with some branch lines entirely closed . The company relies on overtime to fill its rosters.Seaford: the town cut off by the Southern rail dispute Read more The union will also hold pay negotiations with Southern’s operating company, Govia Thameslink Railway, and discuss terms and conditions, in what it describes as “parallel but separate” talks. Mick Whelan, general secretary of Aslef, met Southern managers on Thursday. He said: “Industrial action is always the last resort; we would much rather talk, and negotiate, than take industrial action.“The company has indicated that it is prepared to negotiate with us on a range of outstanding issues and, therefore, we have suspended our overtime ban. We now have a fortnight to try and find a resolution which will work for passengers, for staff, and for the company, too.”Nick Brown, chief operating officer of GTR, welcomed the move and said: “We aim to continue to find a way forward over the next few weeks and finally bring matters to a conclusion.”Drivers voted overwhelmingly to strike in December. Aslef has twice agreed a tentative deal with GTR, which has been rejected by drivers , many of whom retain concerns about safety of driver-only operated trains and have been angered by the company over the course of the dispute, which started in early 2016.'|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/business/2017/jun/01/southern-rail-drivers-suspend-overtime-ban-in-long-running-dispute'|'2017-06-01T03:00:00.000+03:00'
'5a1974a615d8f11696d5037712c1d14064ae9b0e'|'China plans U.S. visits, spurring hopes for more poultry trading'|'Business  31pm EDT China plans U.S. visits, spurring hopes for more poultry trading By Tom Polansek - CHICAGO CHICAGO Chinese agricultural delegations are set to visit the United States in the coming months, raising hopes that Beijing may lift a ban on U.S. poultry imports. A decision by Beijing to cancel the ban would benefit U.S. farmers nervous about trade policies under U.S. President Donald Trump, who pulled out of the 12-nation Trans-Pacific Partnership in January and pledged to renegotiate NAFTA. China has blocked American poultry imports since the United States suffered its worst-ever outbreak of avian flu in poultry in 2015, frustrating U.S. producers who have detected only a handful of highly lethal cases of the virus in birds since last year. The ban cut off a major market for U.S. chicken companies including Tyson Foods Inc ( TSN.N ) and Sanderson Farms Inc ( SAFM.O ), particularly for chicken feet, which Americans generally do not eat. Next month, representatives of China''s agriculture ministry and animal quarantine and inspection service will visit U.S. poultry facilities and learn how producers fight avian flu, Jim Sumner, president of the USA Poultry & Egg Export Council, a trade group, said this week. It will be the first such visit since China imposed its ban and precede the arrival of another Chinese delegation in September, he said. "We''re hoping that after the visit that they lift the ban entirely," Sumner said about the September trip. In 2014, U.S. poultry exports to China totaled $315.4 million, including $94.6 million worth of feet, according to the export council. Resuming U.S. exports could support demand for feed, benefiting U.S. grain farmers who have suffered from falling incomes due to massive global harvests. Tyson Foods, the biggest U.S. chicken company, said it had spoken with representatives from China about visiting its operations and hopes the ban is lifted soon. Last month, the farm sector cheered as China agreed to resume U.S. beef imports, after blocking most shipments since 2003. At the same time, the United States said it would issue a proposed rule to allow cooked Chinese chicken to enter U.S. markets. Sanderson Farms, the third-largest U.S. poultry producer, doubts Beijing will lift its U.S. poultry ban until Washington fully approves cooked Chinese chicken imports, Chief Financial Officer Mike Cockrell said. Before the ban, Sanderson earned about $4.3 million of operating income per month by selling chicken feet to China. "For the first time really since January 2015, when they put the avian influenza ban in place, we''re starting to see movement," Cockrell said. (Editing by Matthew Lewis)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-usa-poultry-china-idUSKBN18T2SM'|'2017-06-03T03:22:00.000+03:00'
'bca2c68dc473e5661d8e1d40a8e17a8f2f637690'|'Canada seeks tough line on Boeing jets but sends mixed message'|'Business   8:33pm BST Canada seeks tough line on Boeing jets but sends mixed message left right Boeing''s logo is seen during Japan Aerospace 2016 air show in Tokyo, Japan, October 12, 2016. REUTERS/Kim Kyung-Hoon 1/3 left right Canada''s Defence Minister Harjit Sajjan speaks during Question Period in the House of Commons on Parliament Hill in Ottawa, Ontario, Canada, May 29, 2017. REUTERS/Chris Wattie 2/3 left right People attend the Bombardier stand during the European Business Aviation Convention & Exhibition (EBACE) at Cointrin airport in Geneva, Switzerland, May 22, 2017. REUTERS/Denis Balibouse 3/3 By Leah Schnurr - OTTAWA OTTAWA Canada, embroiled in a dispute with Boeing Corp ( BA.N ), tried to hit out at the U.S. firm for the second day in a row on Thursday but stumbled over whether talks over a proposed jet purchase had been suspended or not. The Liberal government, angry that Boeing has launched a trade challenge against Canadian planemaker Bombardier Inc ( BBDb.TO ), is threatening to scrap plans to buy 18 Boeing Super Hornet fighters. Steven MacKinnon, parliamentary secretary to Public Services and Procurement Minister Judy Foote, told reporters that Boeing "is not acting like a valued partner right now so we''ve suspended discussions with that partner." Minutes later, Foote spokeswoman Annie Trepanier said that while government ministers were not talking to the company, "there is no formal suspension." Earlier in the day Boeing scrapped an announcement about the jets, a day after Defence Minister Harjit Sajjan objected to the firm''s behaviour in the dispute against Bombardier. The company had been due to announce which Canadian companies would benefit if the purchase went ahead. Boeing has 560 suppliers in Canada. "Due to the current climate, today is not the most opportune time to share this good news story," Boeing spokesman Scott Day said in a statement issued at an Ottawa defence show. While he did not specifically refer to the trade dispute, his comments appeared to be a reference to growing tensions between Ottawa and the firm. The Boeing saga has increased tensions between Canada and the United States in the run-up to talks on renewing the North American Free Trade Agreement. Last month, Canada said it "strongly disagrees" with the U.S. Commerce Department decision to investigate Boeing''s claims that Bombardier sold planes below cost in the United States and benefited unfairly from Canadian government subsidies. Even lower-level Canadian officials were not visiting the company''s stand at the Ottawa defence show, said one source familiar with the matter who did not want to be identified given the sensitivity of the situation. Sajjan on Wednesday said the firm would be a trusted military ally in decades to come, but he complained the anti-dumping petition against Bombardier was "not the behaviour we expect of a trusted partner". Canada says it needs the Super Hornets as a stopgap until it can launch an open competition to replace its fleet of aging Boeing CF-18 planes. A Super Hornet deal would generate new in-service support contracts for industry in Canada''s aerospace hub of Quebec, where existing CF-18s are now maintained.   David Ljunggren in Ottawa; Editing by W Simon and Andrew Hay)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-boeing-bombardier-idUKKBN18S6AE'|'2017-06-02T03:33:00.000+03:00'
'2c3062050c029e8e01b282f8ccccee7a013bb9a9'|'Foxconn says Apple, Amazon to join its bid for Toshiba chip business - Nikkei'|'Technology News - Mon Jun 5, 2017 - 4:49am BST Foxconn says Apple, Amazon to join its bid for Toshiba chip business: Nikkei left right FILE PHOTO: The logo of Toshiba is seen as a shareholder arrives at Toshiba''s extraordinary shareholders meeting in Chiba, Japan March 30, 2017. REUTERS/Toru Hanai/File Photo 1/2 left right FILE PHOTO: The logo of Foxconn, the trading name of Hon Hai Precision Industry, is seen on top of the company''s headquarters in New Taipei City, Taiwan March 29, 2016. REUTERS/Tyrone Siu/File Photo 2/2 TOKYO Apple Inc ( AAPL.O ) and Amazon.com Inc ( AMZN.O ) will join Foxconn''s ( 2317.TW ) bid for Toshiba Corp''s ( 6502.T ) semiconductor business, the Nikkei business daily quoted Foxconn Chairman Terry Gou as saying on Monday. The two U.S. technology giants plan to "chip in funds", Gou said, according the interview with the newspaper. It was not immediately clear if this would take the form of a direct investment in the semiconductor unit or would be financing for the deal. Taiwan''s Foxconn, formally known as Hon Hai Precision Industry Co Ltd, has also partnered with its Japanese unit Sharp Corp ( 6753.T ) in its bid. Representatives for Apple and Amazon were not immediately available for comment. Toshiba is depending on the sale of the unit, the world''s second-largest NAND chip maker, to cover billions of dollars in cost overruns at its now bankrupt U.S. nuclear unit Westinghouse. Foxconn is not seen as a frontrunner in the sale of the unit, which Toshiba has valued at at least $18 billion, due to its deep ties with China. The Japanese government has said it will block any deal that would risk the transfer of key chip technology out of the country. (Reporting by Makiko Yamazaki in Tokyo and JR Wu in Taipei; Editing by Edwina Gibbs) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-toshiba-accounting-idUKKBN18W0C4'|'2017-06-05T11:48:00.000+03:00'
'2b25bd4dc063fa3a4395ada884f0cc5d1487c10d'|'INSIGHT-Canada beats US in pork sales to China - feet, elbows and all'|'Market   1:00am EDT INSIGHT-Canada beats US in pork sales to China - feet, elbows and all By Rod Nickel , Michael Hirtzer and Dominique Patton - WINNIPEG/CHICAGO/BEIJING, June 5 WINNIPEG/CHICAGO/BEIJING, June 5 Canada has overtaken the United States as the top North American supplier of pork to China as farmers and meat packers in both nations battle for lucrative shares of the biggest global market. Canada''s pork sales to China, after a sharp rise last year, exceeded those of the United States in the first quarter of 2017. That''s only happened a handful of times in two decades, according to U.S. and Canadian government data. Rising affluence is driving China''s voracious appetite for pork, including parts of the pig - feet, elbows, innards - which command little value in most countries. At the same time, tightened environmental standards in China have forced farm closures and boosted demand for cheaper imports. That''s a bonanza for Canadian farmers, who have almost completely removed the growth drug ractopamine from their pigs'' diet - largely because it is banned in China, which consumes half the world''s pork. U.S. exports to China, by contrast, are limited because only about half of the nation''s herd has been weaned off the drug, according to U.S. hog producers, meat packers and animal feed dealers. But major U.S.-based firms are now moving to produce more ractopamine-free hogs - including the three biggest pork producers, Smithfield Foods; Seaboard Foods, a division of Seaboard Corp; and Triumph Foods, a hog farmer cooperative. The ascension of Canada''s pork exports underscores the power of the gargantuan Chinese market to influence agricultural practices and profits in supplier countries worldwide. As recently as 2013, annual U.S. pork sales to China, some 333,000 tonnes, more than doubled Canada''s shipments of 161,000 tonnes. That''s the same year Canada''s hog industry started to remove ractopamine, best known as Eli Lilly & Co product Paylean. In the first quarter of this year, Canada shipped nearly 93,000 tonnes of pork to China, on pace to hit 372,000 tonnes annually. That eclipsed the 87,500 tonnes that the United States shipped, according to data from both governments. For a graphic on United States and Canada pork sales to China, see: tmsnrt.rs/2r80PeW The European Union, which has long banned ractopamine, is China''s top foreign pork supplier, sending 393,365 tonnes there in the first quarter. Chinese authorities banned the use of ractopamine in livestock in 2002. They say meat raised with the drug can cause nausea and diarrhea in people and be life-threatening to sufferers of heart disease. The U.S. Food and Drug Administration, however, did not see the same dangers when it approved ractopamine in 1999, concluding that it would "not have a significant impact on the human environment." The FDA''s stance has drawn some criticism, including a 2014 lawsuit by environmental groups alleging the agency has not fully examined the drug''s impact. The suit was later dismissed on technical grounds but is being appealed. Hog farmer and rancher groups defend ractopamine use, saying it allows them to grow livestock more efficiently, with less feed, said Dave Warner, spokesman for National Pork Producers Council. Canadian health authorities also allow consumption of pork from hogs raised with the drug. SELLING ELBOWS ONLINE The China market is so lucrative that Canada''s HyLife started selling pork online directly to Chinese consumers last year. The small Manitoba processor hawks pig feet and elbows on e-commerce site JD.com Inc, a competitor of Alibaba Group Holding Ltd. "They''re big online buyers," said Claude Vielfaure, HyLife''s chief operating officer. "You try to move your pork all kinds of ways." Rising Chinese pork demand has driven up prices for by-products including pigs'' feet, kidneys and livers. Pigs feet sell for more than C$2.50 ($1.85) per kilogram - about double their value two years ago, said Richard Davies, executive vice-president of sales and marketing at Olymel, one of Canada''s biggest pork packers. Selling by-products can squeeze another $10 per pig from a carcass that otherwise earns packers about $180, said Ray Price, president of Alberta-based processor Sunterra Meats. China is the biggest byproduct market, followed by Taiwan and Philippines. Stewed pigs feet with white beans is a famous dish from Sichuan province, one of China’s culinary capitals, while blood sausage, made from intestines and cooked with pickled vegetables, is a traditional winter dish in the northeast. Chinese consumers enjoy the strong flavor of offal - internal organs and entrails. In Beijing, stir-fried pig’s liver with vegetables is common on dinner tables and known for its nutritional value. In all, China consumed 55 million tonnes of pork last year. Although that is the lowest total in four years, imports are rising fast because millions of China’s small-scale farmers have left the pork business in recent years because of falling prices and rising environmental standards. The government forced thousands of farms to close because of severe water pollution. China became Quebec-based Olymel''s biggest export market last year, vaulting over the United States and Japan. It plans to open a sales office there as early as next year. "Just a tweak in that market can change the game for anyone in the world," Davies said. GETTING PIGS OFF DRUGS U.S. pork producers have moved more slowly than their Canadian competitors to raise ractopamine-free pigs, primarily because the United States is the world''s third-biggest domestic market for pork. Tyson Foods Inc and Hormel Foods Corp continue to process hogs that were fed ractopamine in part because they do not raise their own pigs. Hormel''s hog supply "comes from more than 500 family farms," a Hormel spokesman said, many of which use the growth drug. U.S. firms can also send pork from ractopamine-fed hogs to Mexico and Japan, the top U.S. pork export markets. But many U.S.-based suppliers are nonetheless scrambling to take advantage of Chinese demand for ractopamine-free pork. Smithfield - the world''s biggest pork producer and a subsidiary of Hong Kong-listed WH Group - has raised most of its hogs without the drug for more than two years, a spokeswoman said. As the top exporter of pork to China, Smithfield firm shipped 300,000 tonnes there from the United States and Europe last year. The second- and third-biggest U.S. pork producers - Seaboard and Triumph - are jointly opening a pork processing plant next month in Sioux City, Iowa, where nearly all hogs slaughtered will be ractopamine-free, according to local hog producers and animal feed mills. Building dedicated ractopamine-free pork plants allows processors to limit risk of China rejecting shipments that contain trace amounts of the drug. Seaboard declined to comment about ractopamine. Triumph did not respond to requests for comment. The Cooperative Farmers Elevator in Ocheydan, Iowa, is constructing a new feed mill that by 2018 will produce only ractopamine-free animal feed. "It was requested from some of the customers we deal with," said Steve Peterson, the cooperative''s vice-president of feed. "The one that is pushing the hardest is Seaboard." U.S. hog producer Prestage Farms also is planning a new Iowa slaughterhouse for as many as 10,000 ractopamine-free hogs annually by 2018, president Ron Prestage told Reuters. With the U.S. hogs in record supply, foreign demand is essential to profits, Prestage said. "When we have plentiful hogs, as we do today, packers prefer not to have ractopamine," Prestage said. "They want to be able to export as much product as they can." (Editing by Brian Thevenot)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/canada-trade-pork-china-idUSL1N1HQ1GS'|'2017-06-05T13:00:00.000+03:00'
'ccbb1906e9aac418ac7b7b7ec3c3941b1908fa57'|'Election jitters and consumer squeeze hit UK services'|'By David Milliken - LONDON LONDON Britain''s services sector grew less than expected and car sales dropped last month, as businesses and consumers put off big decisions before this week''s national election, dampening expectations of a strong rebound from a weak first quarter.British economic growth slowed to just 0.2 percent in the first three months of this year - the weakest among the world''s top advanced economies - as the cost of the pound''s fall following last year''s Brexit vote caught up with consumers.Many economists have said they expect growth in the current quarter to partially rebound to around 0.4 or 0.5 percent, but some said that weakness in Monday''s services purchasing managers'' index (PMI) made this less likely."The pullback in the services PMI in May from April''s four-month high is a setback to widespread hopes that the economy''s slowdown in the first quarter will be fleeting," said Samuel Tombs, chief UK economist at Pantheon Macroeconomics.Financial data company IHS Markit, which published the survey, said the services PMI hit a three-month low of 53.8 in May, down from 55.8 the month before and at the low end of forecasts in a Reuters poll of economists."Optimism about the year ahead is running below the long-run average, weighed down principally by concerns over Brexit, political uncertainty and weaker spending by households," IHS Markit economist Chris Williamson said.Separate figures from British car dealers and manufacturers showed new registrations last month were more than 8 percent lower than a year before. The Society of Motor Manufacturers and Traders said this reflected pre-election uncertainty, as well as tax rises that took effect in April.There was little move in sterling after the data, which came as markets digested the impact of Saturday''s van and knife attack on London Bridge, as well as opinion polls showing Prime Minister Theresa May''s lead has continued to shorten.SERVICES DRAG DOWN AVERAGEThe large size of Britain''s services industry means its decline outweighed last week''s stronger-than-expected surveys for manufacturers and construction firms, dragging the all-sector index to its lowest since February as well.Britain was one of the fastest-growing major advanced economies last year, and since then the number of people in work has risen to a record high - a fact May has highlighted as she campaigns for re-election.But the opposition Labour Party has homed in on how wages are now rising more slowly than prices, after a pick-up in inflation driven largely by sterling''s fall of more than 10 percent since last year''s Brexit vote.The services PMI does not cover retailers, who suffered their worst quarter since 2010 in the first three months of the year, and appear to have struggled again last month after a brief respite in April.The Bank of England has shown little interest in raising interest rates to tackle what it sees as a temporary spike in inflation this year to just under 3 percent, especially as it expects growth to slow next year as Brexit nears.The services PMI suggested inflation may be starting to ease in the sector. Average prices charged rose at the slowest pace since November, while corporate costs grew at the slowest rate in eight months, despite a pick-up in salaries.But new orders flowed in at the slowest pace since February. Some businesses said it was probably a temporary lull as customers delayed decisions until after the election. Others said there was heightened concern about the economic outlook as well as "intense competition" for new work due to squeezed consumer budgets.Also on Monday, Britain''s main body for manufacturers revised up its forecast for growth in the sector to 1.3 percent this year from 1.0 percent, citing a stronger world economy, but said they expected this to slow to 0.5 percent next year as Brexit nears.(Additional reporting by Costas Pitas; Editing by Toby Chopra)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/britain-economy-pmi-idINKBN18W1N4'|'2017-06-05T20:29:00.000+03:00'
'41fcde0a57f6cd08b5aeee113c4466ba3300c3ac'|'Vietjet in deal with Mitsubishi UFJ Lease & Finance to finance three planes worth $348 million'|'Deals - Mon Jun 5, 2017 - 1:35am EDT Vietjet in deal with Mitsubishi UFJ Lease & Finance to finance three planes worth $348 million A Vietnam Airlines airplane prepares for landing at Noi Bai international airport in Hanoi, Vietnam March 7, 2017. REUTERS/Kham HANOI Vietnam''s Vietjet Aviation JSC VJC.HM said on Monday it has signed a strategic agreement with Japan''s Mitsubishi UFJ Lease & Finance Co Ltd ( 8593.T ) to finance three aircraft purchases worth $348 million. The signing took place during the visit of Vietnamese Prime Minister Nguyen Xuan Phuc to Japan from June 4-8. The three aircraft are part of plans for billions of dollars worth of jets from manufacturer Airbus SE ( AIR.PA ). (Reporting by My Pham) '|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-vietjet-deals-idUSKBN18W0H7'|'2017-06-05T09:35:00.000+03:00'
'c64dad03235ee6fef9004a04c0f5d7be18f0f5a6'|'SoftBank''s India solar ambitions may gain from Modi''s EV push'|'Environment - Mon Jun 5, 2017 - 11:48am BST SoftBank''s India solar ambitions may gain from Modi''s electric vehicles push left right FILE PHOTO: An employee walks past a Mahindra e2o electric car on display at Mahindra’s showroom in Mumbai, India May 22, 2017. REUTERS/Shailesh Andrade/File photo 1/3 left right FILE PHOTO: Workers carry a damaged photovoltaic solar panel at the Gujarat solar park under construction in Charanka village in the western Indian state of Gujarat, India April 14, 2012. REUTERS/Amit Dave/File photo 2/3 left right FILE PHOTO: An employee works at a solar cell production line at Jupiter Solar Power Limited (JSPL) plant in Baddi, in the northern state of Himachal Pradesh, India May 29, 2017. REUTERS/Ajay Verma/File photo 3/3 By Aditi Shah - NEW DELHI NEW DELHI SoftBank Group is in talks with the Indian government to facilitate the use of renewable energy like solar to charge electric vehicles in the country, a senior executive at the Japanese group''s local unit told Reuters. India is considering electrifying all its vehicles over the next 15 years, a plan that could boost SoftBank''s solar ambitions in the country if the government adopts renewable energy to charge the vehicles. SoftBank, which has said it will invest up to $20 billion along with Foxconn Technology and Bharti Enterprises in solar projects in India, estimates the electrification drive could create a requirement for over 150 gigawatt (GW) of additional power. India has an ambitious target to generate 100 GW of solar power by 2022 and while President Donald Trump is pulling the United States out of the Paris accord on climate change, India is sticking to its renewable energy commitments. SoftBank is also one of the biggest investors in ride-hailing firm Ola, which is preparing for a large-scale rollout of electric vehicles by next year and in May launched its first trial project to test viability. "Clearly we are at the intersection - on the solar side we are building plants and on the electric vehicles side Ola is planning induction of vehicles," Manoj Kohli, executive chairman of SB Energy, SoftBank''s solar business, said in an interview. In a few years when the number of electric vehicles and charging stations is significant there may be need for dedicated solar plants to supply energy for transportation, Kohli said. In a strategic shift, India''s most influential government think-tank, headed by Prime Minister Narendra Modi, unveiled a policy blueprint last month aimed at electrifying all vehicles in the country by 2032. The blueprint, designed to help India reduce emissions and cut its oil import bill, suggests lower taxes and loan interest rates for electric fleet taxis like Ola while capping sales of petrol and diesel models. Despite government subsidies, electric vehicle sales in India have been negligible mainly due to high battery cost and lack of charging infrastructure, problems automakers say could make electrification unviable. Kohli said the local government would need to take the lead on setting up charging infrastructure and that the new policy, expected to be finalised before the end of the year, is likely to include suggestions to enable that. SB Energy has held discussions with government officials on ways in which countries in Europe and the United States are using solar power to charge electric vehicles and the potential solutions for India, Kohli said. "The intention is very clear that electric vehicle charging should be done using renewable energy. How it is done, the modus operandi, the architecture is still to be finalised," he said. (Reporting by Aditi Shah; Editing by Muralikumar Anantharaman)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-india-softbank-group-solar-idUKKBN18W18R'|'2017-06-05T18:45:00.000+03:00'
'16646bdcef86b9e17276a66856330daa72ff21fb'|'RPT-INSIGHT-Canada beats US in pork sales to China - feet, elbows and all'|'Market News - Mon Jun 5, 2017 - 1:00am EDT RPT-INSIGHT-Canada beats US in pork sales to China - feet, elbows and all (Repeats for additional clients with no changes to text) By Rod Nickel, Michael Hirtzer and Dominique Patton WINNIPEG/CHICAGO/BEIJING, June 5 Canada has overtaken the United States as the top North American supplier of pork to China as farmers and meat packers in both nations battle for lucrative shares of the biggest global market. Canada''s pork sales to China, after a sharp rise last year, exceeded those of the United States in the first quarter of 2017. That''s only happened a handful of times in two decades, according to U.S. and Canadian government data. Rising affluence is driving China''s voracious appetite for pork, including parts of the pig - feet, elbows, innards - which command little value in most countries. At the same time, tightened environmental standards in China have forced farm closures and boosted demand for cheaper imports. That''s a bonanza for Canadian farmers, who have almost completely removed the growth drug ractopamine from their pigs'' diet - largely because it is banned in China, which consumes half the world''s pork. U.S. exports to China, by contrast, are limited because only about half of the nation''s herd has been weaned off the drug, according to U.S. hog producers, meat packers and animal feed dealers. But major U.S.-based firms are now moving to produce more ractopamine-free hogs - including the three biggest pork producers, Smithfield Foods; Seaboard Foods, a division of Seaboard Corp; and Triumph Foods, a hog farmer cooperative. The ascension of Canada''s pork exports underscores the power of the gargantuan Chinese market to influence agricultural practices and profits in supplier countries worldwide. As recently as 2013, annual U.S. pork sales to China, some 333,000 tonnes, more than doubled Canada''s shipments of 161,000 tonnes. That''s the same year Canada''s hog industry started to remove ractopamine, best known as Eli Lilly & Co product Paylean. In the first quarter of this year, Canada shipped nearly 93,000 tonnes of pork to China, on pace to hit 372,000 tonnes annually. That eclipsed the 87,500 tonnes that the United States shipped, according to data from both governments. For a graphic on United States and Canada pork sales to China, see: tmsnrt.rs/2r80PeW The European Union, which has long banned ractopamine, is China''s top foreign pork supplier, sending 393,365 tonnes there in the first quarter. Chinese authorities banned the use of ractopamine in livestock in 2002. They say meat raised with the drug can cause nausea and diarrhea in people and be life-threatening to sufferers of heart disease. The U.S. Food and Drug Administration, however, did not see the same dangers when it approved ractopamine in 1999, concluding that it would "not have a significant impact on the human environment." The FDA''s stance has drawn some criticism, including a 2014 lawsuit by environmental groups alleging the agency has not fully examined the drug''s impact. The suit was later dismissed on technical grounds but is being appealed. Hog farmer and rancher groups defend ractopamine use, saying it allows them to grow livestock more efficiently, with less feed, said Dave Warner, spokesman for National Pork Producers Council. Canadian health authorities also allow consumption of pork from hogs raised with the drug. SELLING ELBOWS ONLINE The China market is so lucrative that Canada''s HyLife started selling pork online directly to Chinese consumers last year. The small Manitoba processor hawks pig feet and elbows on e-commerce site JD.com Inc, a competitor of Alibaba Group Holding Ltd. "They''re big online buyers," said Claude Vielfaure, HyLife''s chief operating officer. "You try to move your pork all kinds of ways." Rising Chinese pork demand has driven up prices for by-products including pigs'' feet, kidneys and livers. Pigs feet sell for more than C$2.50 ($1.85) per kilogram - about double their value two years ago, said Richard Davies, executive vice-president of sales and marketing at Olymel, one of Canada''s biggest pork packers. Selling by-products can squeeze another $10 per pig from a carcass that otherwise earns packers about $180, said Ray Price, president of Alberta-based processor Sunterra Meats. China is the biggest byproduct market, followed by Taiwan and Philippines. Stewed pigs feet with white beans is a famous dish from Sichuan province, one of China’s culinary capitals, while blood sausage, made from intestines and cooked with pickled vegetables, is a traditional winter dish in the northeast. Chinese consumers enjoy the strong flavor of offal - internal organs and entrails. In Beijing, stir-fried pig’s liver with vegetables is common on dinner tables and known for its nutritional value. In all, China consumed 55 million tonnes of pork last year. Although that is the lowest total in four years, imports are rising fast because millions of China’s small-scale farmers have left the pork business in recent years because of falling prices and rising environmental standards. The government forced thousands of farms to close because of severe water pollution. China became Quebec-based Olymel''s biggest export market last year, vaulting over the United States and Japan. It plans to open a sales office there as early as next year. "Just a tweak in that market can change the game for anyone in the world," Davies said. GETTING PIGS OFF DRUGS U.S. pork producers have moved more slowly than their Canadian competitors to raise ractopamine-free pigs, primarily because the United States is the world''s third-biggest domestic market for pork. Tyson Foods Inc and Hormel Foods Corp continue to process hogs that were fed ractopamine in part because they do not raise their own pigs. Hormel''s hog supply "comes from more than 500 family farms," a Hormel spokesman said, many of which use the growth drug. U.S. firms can also send pork from ractopamine-fed hogs to Mexico and Japan, the top U.S. pork export markets. But many U.S.-based suppliers are nonetheless scrambling to take advantage of Chinese demand for ractopamine-free pork. Smithfield - the world''s biggest pork producer and a subsidiary of Hong Kong-listed WH Group - has raised most of its hogs without the drug for more than two years, a spokeswoman said. As the top exporter of pork to China, Smithfield firm shipped 300,000 tonnes there from the United States and Europe last year. The second- and third-biggest U.S. pork producers - Seaboard and Triumph - are jointly opening a pork processing plant next month in Sioux City, Iowa, where nearly all hogs slaughtered will be ractopamine-free, according to local hog producers and animal feed mills. Building dedicated ractopamine-free pork plants allows processors to limit risk of China rejecting shipments that contain trace amounts of the drug. Seaboard declined to comment about ractopamine. Triumph did not respond to requests for comment. The Cooperative Farmers Elevator in Ocheydan, Iowa, is constructing a new feed mill that by 2018 will produce only ractopamine-free animal feed. "It was requested from some of the customers we deal with," said Steve Peterson, the cooperative''s vice-president of feed. "The one that is pushing the hardest is Seaboard." U.S. hog producer Prestage Farms also is planning a new Iowa slaughterhouse for as many as 10,000 ractopamine-free hogs annually by 2018, president Ron Prestage told Reuters. With the U.S. hogs in record supply, foreign demand is essential to profits, Prestage said. "When we have plentiful hogs, as we do today, packers prefer not to have ractopamine," Prestage said. "They want to be able to export as much product as they can." (Editing by Brian Thevenot) Our Standards: The Thomson Reuters Trust Principles Next In Market News '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/canada-trade-pork-china-idUSL1N1J201G'|'2017-06-05T13:00:00.000+03:00'
'aa5be459d6a70e8f070d1308b3bcd7ce763a9ba5'|'Gazprom Neft, Austria''s OMV sign outline deal for joint work in Iran'|'Market News - Fri Jun 2, 2017 - 5:04am EDT Gazprom Neft, Austria''s OMV sign outline deal for joint work in Iran VIENNA, June 2 Russia''s Gazprom Neft and Austrian oil and gas group OMV signed a memorandum of understanding to work together in Iran''s oil industry in the future, OMV said in a statement on Friday. "Preliminary possible spheres of cooperation include analysis, assessment and study of certain oil deposits located in the territory of the Islamic Republic of Iran in cooperation with the National Iranian Oil Company (NIOC)," OMV said. Vadim Yakovlev, First Deputy General Director of Gazprom Neft, said in the statement OMV could help his company in the initial geological assessment of two blocks in Iran. (Reporting by Shadia Nasralla; editing by Alexander Smith) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/omv-gazprom-iran-idUSV9N1FL01F'|'2017-06-02T17:04:00.000+03:00'
'b5e3a6144f36fd2150d117d4c2383b5eb73e9c21'|'Toshiba shares up after sources say it aims to name chip ops buyer on June 15'|'Business   1:27am BST Toshiba shares up after sources say it aims to name chip ops buyer on June 15 FILE PHOTO: The logo of Toshiba is seen as a shareholder arrives at Toshiba''s extraordinary shareholders meeting in Chiba, Japan March 30, 2017. REUTERS/Toru Hanai/File Photo TOKYO Shares of Toshiba Corp jumped on Thursday after people familiar with the matter said it aims to name a winner for its prized semiconductor business next week. Toshiba was last up 3 percent at 278 yen (1.95 pounds) after earlier rising as high as 279.1 yen, its highest since January. The gains outpaced those of the broader Nikkei stock index, which was up 0.1 percent. Sources told Reuters the choice has narrowed to one bid from U.S. chipmaker Broadcom Ltd and U.S. tech fund Silver Lake and another from Toshiba chip partner Western Digital Corp and Japanese government-related investors. (Reporting by Tokyo markets team; Editing by Michael Perry)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-toshiba-accounting-western-digital-idUKKBN18Z01E'|'2017-06-08T08:27:00.000+03:00'
'f5cecf4db6c41b5bf100834c9cf975f00ae0553e'|'How Popular was caught off guard by Europe''s abrupt takeover'|'Top News - Thu Jun 8, 2017 - 4:33pm BST How Popular was caught off guard by Europe''s abrupt takeover A woman uses a Banco Popular''s cash dispenser (ATM) next to a Santander office in Barcelona, Spain June 7, 2017. REUTERS/Albert Gea By Jesús Aguado and Andrés González - MADRID MADRID When the 1,644 Spanish branches of Banco Popular ( POP.MC ) opened their doors on Monday morning, the bank''s chairman Emilio Saracho still hoped the 91-year-old lender, once the most efficient in Europe, could be saved. The previous Friday, shortly after Popular suffered another selloff on the stock market, he had sent an email to the bank''s staff to tell them it was solvent and they should keep working hard to overcome the current situation. "We need to work together and believe in what we do," Saracho wrote. JP Morgan and Lazard, which had been advising Popular since early May on finding a merger partner or raising new capital, had spent the weekend working the phones with other Spanish lenders in a bid to find a last minute solution. And the bank had requested emergency central bank liquidity that it believed meant it had a whole week to review its options and try to draw a line under a deposit flight that had wiped a quarter of its deposits. What Saracho didn''t appear to measure was that the fate of Spain''s sixth-biggest bank would be sealed in hours, not days or months as in previous European banking meltdowns. The swift manoeuvring by Europe''s bank regulators marks a sharp and brutal change in the way they deal with struggling banks, which could become a blueprint for handling other cases, especially in Italy where the rescue of troubled lenders has been under discussion for months. Previous bank rescues in the euro zone have involved protracted negotiations and government bailouts, even after new rules came in following the financial crisis, aimed at preventing taxpayer money being used in bank bailouts. However, the abruptness of the action by the authorities could raise questions about whether regulators and the Spanish government spent enough time exploring other options potentially less painful for shareholders or bondholders. That, in turn, could now pave the way for legal claims to be filed. The ECB, the Spanish government and Popular all declined to comment. TRIGGER On Saturday, the Single Resolution Board (SRB), a regulatory body responsible for dealing with the euro zone''s banking crises, met in Brussels to discuss the risks posed by Popular for Spain''s and Europe''s financial stability. Based on an independent valuation by Spanish boutique investment firm Arcano which showed Popular had a capital shortfall of up to 8 billion euros (£7 billion), the SRB concluded the bank would likely fail to meet its financial obligations. It ordered an immediate fire sale, setting in motion the mechanism to take over the lender. "Saracho was left by the side of the road by the European resolution body," said one source, adding that JP Morgan''s last-ditch attempt at the weekend to find a buyer was predicated on an understanding that the SRB would soon move on Popular. The SRB declined to comment. Sources familiar with SRB strategy say the initial objective was to intervene in Popular on Friday, June 9, ahead of the weekend, to give enough time for negotiations. But both the volume of deposit withdrawals on Monday and the determination of European authorities to use their new banking resolution powers would speed things up dramatically. In the early afternoon of Tuesday, Saracho picked up the phone to call Spain''s Economy Minister Luis de Guindos and let him know Popular had run out of collateral to obtain new ECB liquidity. Branches might not open on Wednesday morning. "There was a bank run," the ECB''s deputy governor Vitor Constancio said on Thursday in response to questions about why the authorities had not spent more time analysing other options to salvage the bank. It was no longer a question of making sure the bank had enough capital to meet its long term obligations, so much as ensuring it had cash on hand to stay open. "It was not a matter of assessing the developments of solvency as such, but the liquidity issue." Within six hours, the SRB had swooped, cancelling the investments of Popular''s shareholders and junior bondholders with the stroke of a pen and selling the lender for a solitary euro to Spanish banking goliath Santander ( SAN.MC ). (Additional reporting by Carlos Ruano, Francesco Canepa in Frankfurt, Francesco Guarascio in Brussels and Pamela Barbaglia in London; writing by Julien Toyer; editing by Peter Graff) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-popular-m-a-santander-idUKKBN18Z24D'|'2017-06-08T23:11:00.000+03:00'
'7ed1eecf9af157a05da43c92449d2f2fbfc094d3'|'LPC-Sponsors intensify assault on loan investors'|'By Claire Ruckin - LONDON, June 2 LONDON, June 2 European leveraged loan borrowers are imposing tougher restrictions on which investors can hold debt in portfolio companies in a bid to strengthen their control over assets.Buyout firms have taken advantage of the deep liquidity on offer in Europe and the supply-demand imbalance to secure lower pricing on loans, higher leverage ratios and weaker documentation.Targeting transferability is the next stage of sponsors’ assault on investors as they become increasingly vocal on which investors they want to do business with.“Investors are agreeing to so many restrictions because pricing has been pushed as low as it can go and leverage is as high as it can go. Now, borrowers are seeing what else can be given up,” a banker said.Within the past six to 12 months, sponsors have stepped up efforts to control which investors can hold and access loans, seeking to prevent any fund from exerting too much influence or building a controlling stake.Private equity firm Advent shocked the market in December by limiting any one investor from holding more than 10% of a jumbo €2.1bn-equivalent term loan to back French smartcard maker Oberthur Technologies’ acquisition of Safran’s biometrics and security business Morpho.Since then, private equity firms have attempted to squeeze lenders further. Crucial language enabling fluid transferability has been removed from some credit agreements, for example, so investors can only “transfer with consent” as opposed to the more usual “transfer with consent, not unreasonably withheld”.Sponsors have also clamped down on sub-participation (an arrangement where a new lender provides funds to an existing lender to lend to borrowers), in some cases not allowing it at all. In other cases, language in loan docs says that an event of default can only be triggered by a major event, rather than a small covenant breach. GOING, GOING… The suppressing of transferability has been worsened by an increase in covenant-lite deals and both bankers and investors share a consensus that a loan should - at a minimum - have either covenants or transferability, but be not devoid of both.“You have to choose covenants or transferability. Investors rationalised [the relaxation of] docs by thinking if they didn’t like a deal or it went wrong, they could express opinion, not by bringing it to the table, but by leaving the table. If you limit their ability to step out, they are powerless,” a head of leveraged finance said.Covenant-lite deals typically feature so-called springing covenants on their revolver tranches, which in the event of a default also trigger a default on the equivalent term loans. But sponsors are seeking to stipulate that there can be no cross-default between the revolvers and term loans, which would keep institutional investors (which typically only hold the terms loans) locked into a struggling deal.Transferability - or the lack of it - is likely to prove a battleground on a new batch of potential financing packages that are backing auction processes, including Danish packaging group Faerch Plast.Banks have resisted some of the requests, including pressure from sponsors that “white lists” remain intact, even in a default situation.A white list is a list of pre-approved funds that investors are able to sell paper to on a deal. White lists have been getting shorter and more restrictive but until now have always maintained a precedent that they fall away on default, enabling investors to sell to anyone willing to buy the paper.“Sponsors want white lists to apply in an event of default but this has been universally pushed back on. There are lots of difficult terms being asked for but this one won’t be given,” a second head of leveraged finance said. …GONE? Some bankers are lobbying sponsors, asking them to re-evaluate their stance on transferability, worried that it will put off new inflows to Europe’s leveraged loan market that have been attracted by high yields and low default rates.Bankers fear much of the new money from insurance companies and pensions funds will leave the market and not return if they get burned on credits they can’t get out of.“There is a problem, as once the cycle turns and loans become stressed and distressed, investors need to trade out of them. If they can’t, then the issue will be how to attract those investors back to the market once the cycle turns again. I guarantee that when people can’t get out of the assets, they won’t return. Once you scare some marginal investors away, they aren’t coming back. The sponsors, however, don’t want to listen,” a capital markets head said. (Editing by Christopher Mangham and Matthew Davies)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/leveragedloans-loans-idINL3N1IZ3PL'|'2017-06-02T09:53:00.000+03:00'
'06e3ff86c0f87b75b4952b7e8006e4696e5ba3af'|'After Goldman storm, Venezuela congress blasts Nomura bond buy'|'Business News - Thu Jun 1, 2017 - 9:56pm BST After Goldman storm, Venezuela congress blasts Nomura bond buy The logo of Nomura Securities is pictured at the company''s Otemachi Head Office in Tokyo, Japan, November 18, 2016. Picture taken November 18, 2016. REUTERS/Toru Hanai By Corina Pons and Alexandra Ulmer - CARACAS CARACAS The head of Venezuela''s opposition-led congress on Thursday slammed Japanese investment bank Nomura Securities for buying about $100 million worth of state oil company bonds, accusing it of helping finance President Nicolas Maduro''s "dictatorship." Nomura Holdings Inc''s ( 8604.T ) trading arm paid about $30 million for the debt issued by state-run PDVSA, two sources said earlier on Thursday. It was part of the same transaction last week that has landed Goldman Sachs Group Inc ( GS.N ) in the middle of a political storm. "Surely, there must be a way for Nomura to seek profit that is not made on the backs of the misery of Venezuelans," Julio Borges said in a letter to the CEO of Nomura Holdings, Koji Nagai, urging him to reconsider the transaction. "The National Assembly will conduct a thorough investigation of this dubious transaction and leave no stone unturned to assure that a future democratic government of Venezuela will not have to pay on this immoral debt entered into by an illegitimate authoritarian regime." A Nomura spokeswoman in New York declined to comment. Venezuela''s opposition has campaigned to dissuade Wall Street firms from financing Maduro''s leftist government, which has drawn international condemnation for abuses of power and human rights violations. Critics have dubbed the papers "hunger bonds," as the government has slashed food imports in order to meet hefty debt obligations despite an economic crisis and lower oil prices. Hundreds of thousands of Venezuelans have taken to the streets in the last two months to push for early elections, freedom for jailed activists, and a humanitarian channel to allow scarce food and medicine into the crisis-stricken country. Some 61 people have been killed in the unrest, which frequently pits rock-throwing hooded youth against National Guard soldiers firing tear gas, spraying water cannons or firing rubber bullets. WEAPONS PURCHASES? Borges said some of the funds from the bond sales would go to military purchases. "We understand that at least $300 million of the resources obtained by the regime from the fire sale of these PDVSA bonds are destined to purchase weapons and other military equipment, such as radars, from Russia," the letter read. Citing Nomura''s code of ethics which states that the group must "reject all contacts with criminal or unethical organizations involved in activities in violation of applicable laws," Borges said the bank was indeed dealing with criminals. "Various Venezuelan military leaders have been named as participants in drug trafficking networks in our region," he wrote. "Moreover, Venezuela''s Vice President, Tareck El Aissami, has been designated a drug ''kingpin'' by the United States government for his active involvement in drug trafficking." The National Assembly on Tuesday voted to ask the U.S. Congress to investigate the Goldman deal, which it called immoral, opaque, and hypocritical given the socialist government''s anti-Wall Street rhetoric. Goldman has said its asset-management arm acquired $2.8 billion of the October 2022 bonds issued by PDVSA "on the secondary market from a broker and did not interact with the Venezuelan government." (Additional reporting by Olivia Oran in New York; Writing by Alexandra Ulmer; Editing by Matthew Lewis)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-venezuela-bonds-idUKKBN18S6GI'|'2017-06-02T04:47:00.000+03:00'
'216aded5b5cd1bb5762d488c89e673fc2fdd3bb2'|'Australia''s old media moguls unite to fight online giants'|'Entertainment News - Fri Jun 2, 2017 - 6:49am EDT Australia''s old media moguls unite to fight online giants left right Australian Prime Minister Malcolm Turnbull (front row, 2nd R) and media bosses pose for a picture at an event on media ownership laws at Parliament House in Canberra, Australia May 31, 2017. Picture taken May 31, 2017. AAP/Mick Tsikas/via REUTERS ATTENTION EDITORS - THIS PICTURE WAS PROVIDED BY A THIRD PARTY. EDITORIAL USE ONLY. NO RESALES. NO ARCHIVE. AUSTRALIA OUT. NEW ZEALAND OUT. 1/2 left right Australian Prime Minister Malcolm Turnbull sits alongside media company logos at an event on media ownership laws at Parliament House in Canberra, Australia, May 31, 2017. AAP/Mick Tsikas/via REUTERS 2/2 By Byron Kaye - SYDNEY SYDNEY Bosses of Australia''s media companies, including an arm of Rupert Murdoch''s News Corp, have formed an unprecedented front to lobby for changes they say will allow more consolidation and help them compete with internet giants. This week, in a show of unity, chief executives of companies from radio broadcasters to newspaper publishers joined Prime Minister Malcolm Turnbull in Canberra, in a last-ditch effort to swing the upper house, controlled by recalcitrant independent lawmakers. Like rivals globally, Australia''s media companies have been squeezed by new arrivals and digital advertising. But they have also been unable to join forces or expand into markets that are off limits because of restrictions on what assets they can own, as they battle online giants like Netflix and Google. Australia''s "two out of three" rule, which has restricted deals, does not allow one organization to own all three media in any given city - newspapers, television and radio. "The whole competitive landscape in which we operate has changed," said Hugh Marks, chief executive officer of Nine Entertainment. "Everyone''s kind of had to accept, well, this is all for the good of the industry, as well as being good for our businesses," he said, referring to the united front. Peter Tonagh, chief executive of News Corp''s half-owned cable TV company Foxtel, said the proposed changes "aren''t optimal for any of us", but the industry had embraced compromise because of "what would previously have been unimaginable competition". Yet their last-minute push, as Turnbull tries to persuade non-government lawmakers to vote for his package of changes, is not guaranteed to succeed. The industry and government agree on the package of changes - removing caps on how many assets a single traditional media firm can own, letting cable television bid for some sports rights and cutting broadcast license fees owed by stations to the government. But they face significant opposition, including from a populist bloc in parliament that wants less funding for the national broadcaster, the Australian Broadcasting Corp. TOO LITTLE, TOO LATE? A spokesman for Pauline Hanson''s One Nation, which has four of the Senate''s 76 seats, told Reuters the group is "not convinced that the challenges facing media operators justify the abolishment of the two out of three rule". The government has also said it will not split up the package of reforms. Still, the overhaul may come too late. Newspaper publisher Fairfax Media is considering takeover offers from two private equity firms below A$1.25 per share, a quarter of its price a decade ago. Television station Ten Network Holdings has warned it may collapse by the end of the year if it does not secure a new bank loan. "Those kinds of synergies (enabled by the changes) may be able to prolong your useful life, but is that really sustainable in the face of these little things called Google and YouTube and Facebook? I''m not sure," said Brian Han, a Morningstar analyst. Australian advertising spending is increasing more than 6 percent a year, twice as fast as the economy, and is forecast to reach $12 billion this year. Yet most of the growth is seen going into online advertising, while print, radio and television advertising is either flat or down. Since 2015, Australian traditional media companies have written down the value of their assets by $4 billion in total, according to Thomson Reuters data. A spokeswoman for Communications Minister Mitch Fifield said he still hoped to win over crossbenchers. For graphic on Australia''s media moguls, click: tmsnrt.rs/2rxR4aB (Reporting by Byron Kaye; Editing by Robert Birsel) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-australia-media-idUSKBN18T11U'|'2017-06-02T17:01:00.000+03:00'
'9c02e45cfb63d7bed9ec58c7bf6c25c4bdd03c05'|'Schumpeter: Tech firms hoard huge cash piles'|'TAKE a moment to admire—and fear—the ascent of America’s big-five tech firms. Apple, Alphabet, Microsoft, Amazon and Facebook have recently become the five most valuable listed companies in the world, in that order. With a total market value of $2.9trn, they are worth more than any five firms in history.Elevated tech valuations used to be a sign of hysteria. Today’s investors believe they are making an ice-cold judgment that these firms are the dominant oligopolies of the 21st century and will extract a vast, rising, flow of profits. There is one gnawing doubt, however: the formidable five’s cash-rich balance-sheets, which are built as if they expect a crisis, not to dominate the world. 30 an hour ago An 4 It is easy to see why investors are keen. Billions of users are tied into these firms’ social-media networks, digital assistants, operating systems and cloud-computing platforms. The five firms are squeezing traditional competitors such as IBM and Macy’s. Together they make $100bn of profits. Analysts forecast this will rise to $170bn by 2020. The rebels of Silicon Valley have evolved into slick moneymaking machines with high market shares. For investors it just doesn’t get any better.Old-economy oligopolists, such as cable, telecoms and beer companies, are confident about their ability to extract reliable rents from customers, so they finance themselves largely with debt, which is cheap but inflexible, and return most of the cash they make to shareholders. Yet, oddly, the biggest tech firms have the opposite approach. Together they have $330bn of net cash (cash less debt), a ratio of twice their gross cashflow.The pile far exceeds the cash buffers that tech and pharmaceutical firms traditionally carry to compensate for their lack of physical assets that debt can be secured against. For example a selection of five cash hoarders from an early generation of tech giants—Cisco, Intel, Oracle, Qualcomm and Texas Instruments—together have had an average ratio of only 1.3 times since 1996.The money mountain will get much bigger as profits soar. The five firms have policies for returning some cash to shareholders. For example, Alphabet and Facebook will not pay dividends for the “foreseeable future” but have small buy-back programmes, albeit with no deadlines. Apple pays a meaty dividend and has a budget for repurchasing shares until 2019. Factoring in these programmes, and analysts’ profit forecasts, their total net cash will reach $680bn by 2020, or three times gross cashflow. Even Amazon, which has a relatively small pile now, will reach $50bn.One reason for the cash build up is tax: 80% of the five firms’ gross cash is held abroad, allowing them to defer the levy American firms pay when repatriating profits. The bill for bringing half the cash home might be about $50bn. That is not to be sniffed at, but being clever about tax has become an excuse for firms to obfuscate and dither about their plans for their balance sheets.The cash cushion is far larger than is needed to absorb shocks, such as a financial crash or a hacking attack. Schumpeter has devised a tech “stress test”. It assumes that staff are paid in cash not shares, which might happen after a stockmarket collapse, and that firms pay all their contingent tax liabilities (including all repatriation levies) as well as regulatory and litigation claims. It also includes a year of contractual payments—for instance Apple has to pay $29bn to component suppliers. Including all of these costs, the five firms would still have $380bn of net cash by 2020.Nor could fresh investments soak up all the cash. The five tech firms together put $100bn last year into research and development and capital spending, three times more than half a decade ago. A torrent of money is already flowing into data centres, software, new headquarters and “moon shots” such as driverless cars and immortality drugs. In order for the firms to spend all of the cashflow they are on track to retain, annual investment would need to rise to almost $300bn by 2020.That is over twice what the global venture-capital industry spends each year. It is 51 times the annual cash burned up by Netflix, Uber and Tesla, three firms famous for being cash hungry. And it is 37 times the average annual amount of cash the five firms have in total spent on acquisitions to gain new technologies and products, such as Facebook’s $19bn purchase of WhatsApp, a messaging service in 2014, or Google’s $3.1bn acquisition of DoubleClick, an advertising firm, in 2007.Might these firms hoard cash just because they are run by megalomaniacs who are too rich and odd to obey any rules? That seems glib and out of date. Apple and Microsoft are no longer controlled by their founders. Those behind Alphabet were pragmatic enough in 2015 to appoint Ruth Porat, the former finance boss of Morgan Stanley, as its chief financial officer, to instil more discipline. Jeff Bezos’s interest is arguably for Amazon to pay a dividend—in the absence of one he is selling $1bn of his shares every year to raise cash to finance his space-rocket firm.Valleys of deathMaybe if the tax code is reformed the great cash build up will end. The most mature firms, Apple and Microsoft, would make a large one-off return of cash to shareholders. Amazon, Alphabet and Facebook would adopt sensible frameworks for returning cash to shareholders as their profits soar.But perhaps these firms love their giant insurance policy. Imperious on the outside, inside they may worry about obsolescence and regulation. Anti-trust authorities are getting hostile. Only five years ago Facebook and Google were struggling with the shift from desktops to devices. Both depend on advertising for over 85% of sales. Apple’s health depends on its latest iPhone, Amazon has thin margins and Microsoft’s profits have yet to rise.If earnings do soar as forecast, the big-five tech firms could be plotting giant acquisitions of media, car or hardware firms, to diversify away from their core business. But they may simply be uneasy that profits will not rise as high as Wall Street now expects. Either way, the $330bn safety blanket that lets Silicon Valley sleep at night should lead investors to keep one eye open. "Money mountains"'|'economist.com'|'http://www.economist.com/rss/business_rss.xml'|'http://www.economist.com/news/business-and-finance/21722809-their-excuses-doing-so-dont-add-up-tech-firms-hoard-huge-cash-piles?fsrc=rss%7Cbus'|'2017-06-03T08:00:00.000+03:00'
'c2ed669166c3c71a70e05aee16f0063730c76153'|'Russian investors could take part in Saudi Aramco IPO: RIA cites Novak'|'Deals - Fri Jun 2, 2017 - 2:18am EDT Russian investors could take part in Saudi Aramco IPO: RIA cites Novak FILE PHOTO: A Saudi Aramco employee sits in the company stand at the Middle East Petrotech 2016, an exhibition and conference for the refining and petrochemical industries, in Manama, Bahrain, September 27, 2016. REUTERS/Hamad I Mohammed/File Photo MOSCOW Russian investors could look into the possibility of taking part in the privatization of Saudi Arabia''s oil giant Saudi Aramco, once conditions for the sale are announced, RIA news agency quoted Russian Energy Minister Alexander Novak as saying on Friday. The Saudi government plans to list up to 5 percent of Aramco on the Saudi stock exchange in Riyadh, the Tadawul, and on one or more international markets in the second quarter of 2018. (Reporting by Dmitry Solovyov; Writing by Vladimir Soldatkin; Editing by Alexander Winning) '|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-russia-saudi-aramco-privatisation-idUSKBN18T0IU'|'2017-06-02T10:18:00.000+03:00'
'7b9719911402987e03161250a24ce27071cc60db'|'May considers Rudd as new Chancellor - Telegraph'|'Top   5:20pm BST May considers Rudd as new Chancellor - Telegraph left right Britain''s Home Secretary Amber Rudd speaks on the BBC''s Marr Show in London, May 28, 2017. Jeff Overs/BBC Handout via REUTERS 1/3 left right Britain''s Chancellor of the Exchequer Philip Hammond arrives at Prime Minister Theresa May''s election manifesto launch in Halifax, May 18, 2017. REUTERS/Phil Noble 2/3 left right Britain''s Home Secretary Amber Rudd leaves after a COBRA meeting in Downing Street in London, Britain, May 25, 2017. REUTERS/Neil Hall 3/3 LONDON Chancellor Philip Hammond may be replaced by Home Secretary Amber Rudd if Prime Minister Theresa May wins a landslide victory in next week''s national election, the Telegraph newspaper reported on Friday. Doubts about Hammond''s future have mounted since he had to reverse plans to raise payroll taxes for self-employed workers just days after presenting his first annual budget in March, while Rudd has played a highly visible role in the election. The Telegraph cited senior government sources as saying that Rudd, a former investment banker and venture capitalist, had the qualities needed to run the Treasury and that they could "see it happening". "If the Prime Minister has a very big majority she will be able to do what she likes - the bigger the majority, the bigger the reshuffle," one unnamed minister was quoted as saying. A spokesman for May''s Conservative Party said the report was "complete speculation, rather irrelevant speculation before an election." Hammond has annoyed many Conservatives who favour a clean break with the EU by stressing the need for a Brexit deal that allows firms to keep hiring the migrant workers they need. He has slowed the push to turn Britain''s budget deficit into a surplus but is wary about significantly relaxing the government''s grip on spending or cutting taxes. "So the extent of fiscal easing could increase should he be replaced," said Marco Cecchi, a fund manager with Pioneer Investments. Hammond last publicly appeared alongside May at a campaign event more than two weeks ago, when reporters repeatedly asked the pair about a rift between them. After declining to answer questions about whether she planned to keep Hammond in his job, May was asked if she was happy to endorse him. "Happy to do so, very happy to do so," she said, while Hammond played down reports of a rift as "tittle tattle". Rudd - who would be the first woman to become Chancellor - stood in for May on Tuesday when the prime minister declined to attend a television debate between party leaders. May''s Conservative Party looked on track to win a large parliamentary majority when she called an early election in April which she hoped would bolster her position in talks to leave the European Union. But since then the Conservatives'' lead over Labour has narrowed. Polling company YouGov has estimated the party could even fall short of the seats needed for an outright majority. The Telegraph quoted another minister as saying May might prefer to keep Rudd as Home Secretary and replace Hammond - the most publicly pro-European and pro-business member of her top team - with defence minister Michael Fallon. "Whoever is chancellor, they want someone who will work with Number 10 and share, not keep it to themselves. They want a compliant chancellor, not an ego. Amber and Fallon both tick the box," the minister said. (Reporting by David Milliken, Elisabeth O''Leary and William Schomberg; Editing by Hugh Lawson)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-election-rudd-idUKKBN18T13F'|'2017-06-02T19:54:00.000+03:00'
'6d46de482817717b9d965e1b75b8b37277a74a14'|'Munich prosecutors expand Audi investigation'|'Market News - Fri Jun 2, 2017 - 4:56am EDT Munich prosecutors expand Audi investigation MUNICH, June 2 Munich prosecutors have expanded an investigation at Audi to include the luxury carmaker''s sales in Germany and Europe, a spokesman for the prosecutor''s office said. The Munich prosecutor''s move comes a day after the German government accused the Volkswagen division of cheating diesel emissions tests with top-end models. Prosecutors said the suspicion in the Audi investigation still centred on fraud, adding it has not yet received updated information from Germany''s KBA motor vehicle authority on the situation in Germany. (Reporting by Joern Poltz; Writing by Andreas Cremer; Editing by Maria Sheahan) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/volkswagen-emissions-audi-idUSFWN1IZ05V'|'2017-06-02T16:56:00.000+03:00'
'f1b7f841dfd19bf5c16b18a4769b6804ee6adce7'|'Strong U.S. job growth expected in May; wage rise seen moderate'|'Business News - Fri Jun 2, 2017 - 2:01pm BST U.S. job growth slows; unemployment rate drops to 4.3 percent FILE PHOTO - People wait in line to attend TechFair LA, a technology job fair, in Los Angeles, California, U.S. on January 26, 2017. REUTERS/Lucy Nicholson/File Photo By Lucia Mutikani - WASHINGTON WASHINGTON U.S. job growth slowed in May and employment gains in the prior two months were not as strong as previously reported, suggesting the labor market was losing momentum despite the unemployment rate falling to a 16-year low of 4.3 percent. Nonfarm payrolls increased 138,000 last month as the manufacturing, government and retail sectors lost jobs, the Labor Department said on Friday. March and April data was revised to show 66,000 fewer jobs created than previously reported. May''s job gains marked a sharp deceleration from the 181,000 monthly average over the past 12 months. While last month''s job gains could still be sufficient for the Federal Reserve to raise interest rates this month, the modest increase could raise concerns about the economy''s health after growth slowed in the first quarter. The economy needs to create 75,000 to 100,000 jobs per month to keep up with growth in the working-age population. Job gains are slowing as the labor market nears full employment. The unemployment rate fell one-tenth of a percentage point to its lowest level since May 2001. It has dropped five-tenths of a percentage point this year. Last month''s drop came as people left the labor force. The smaller and more volatile survey of households also showed a drop in employment. The closely watched employment report was released less than two weeks before the Fed''s June 13-14 policy meeting. Economists polled by Reuters had forecast payrolls increasing by 185,000 jobs last month and the unemployment rate holding steady at 4.4 percent. Prior to the report, U.S. financial markets had almost priced in a 25 basis points increase in the Fed''s benchmark overnight interest rate this month, according to CME FedWatch. Minutes of the Fed''s May 2-3 policy meeting, which were published last week, showed that while policymakers agreed they should hold off hiking rates until there was evidence the growth slowdown was transitory, "most participants" believed "it would soon be appropriate" to raise borrowing costs. The U.S. central bank raised interest rates by 25 basis points in March. Data on consumer spending and manufacturing suggest the economy gained speed early in the second quarter after gross domestic product increased at a tepid 1.2 percent annualized rate at the start of the year. The Atlanta Fed is forecasting GDP increasing at a 4.0 percent pace in the second quarter. But persistently sluggish wage growth could cast a shadow on further monetary policy tightening. Average hourly earnings rose four cents or 0.2 percent in May after a similar gain in April. That left the year-on-year increase in wages at 2.5 percent. The tepid average hourly earnings reading comes as annual inflation rates have retreated in recent months. But with the labor market expected to hit full employment this year, there is optimism that wage growth will accelerate. SKILLS SHORTAGE There is growing anecdotal evidence of companies struggling to find qualified workers. The Fed in its Beige Book on Wednesday said a manufacturing firm in the Chicago district reported raising wages for unskilled laborers by 10 percent to attract better-quality workers and retain its workforce. Republican President Donald Trump, who inherited a strong job market from the Obama administration, has vowed to sharply boost economic growth and further strengthen the labor market by slashing taxes and cutting regulation. There are, however, fears that political scandals could derail the Trump administration''s economic agenda. The labor force participation rate, or the share of working-age Americans who are employed or at least looking for a job, fell two-tenths of a percentage point to 62.7 percent. It has rebounded from a multi-decade low of 62.4 percent in September 2015 and economists see limited room for further gains as the pool of discouraged workers shrinks. Manufacturing employment fell by 1,000 jobs last month as payrolls in the automobile sector dropped 1,500 amid falling sales. Ford Motor Co ( F.N ) said last month it planned to cut 1,400 salaried jobs in North America and Asia through voluntary early retirement and other financial incentives. Construction payrolls rose 11,000 last month. Retail employment fell 6,100, declining for a fourth straight month. Department store operators like J.C. Penney Co Inc ( JCP.N ), Macy''s Inc ( M.N ) and Abercrombie & Fitch ( ANF.N ) are struggling against stiff competition from online retailers led by Amazon ( AMZN.O ). Government employment decreased 9,000 last month. (Reporting by Lucia Mutikani; Editing by Andrea Ricci)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-usa-economy-idUKKBN18T0BT'|'2017-06-02T12:02:00.000+03:00'
'899ba3bf66c988b58a9959574a204f5877df0151'|'Rosneft''s Sechin: U.S. oil output may erase gains of global cuts deal'|'Money News - Fri Jun 2, 2017 - 1:15pm IST Rosneft''s Sechin: U.S. oil output may erase gains of global cuts deal Rosneft Chief Executive Igor Sechin attends a session of the St. Petersburg International Economic Forum (SPIEF), Russia, June 2, 2017. REUTERS/Sergei Karpukhin ST PETERSBURG, Russia Oil producers in the United States could add up to 1.5 million barrels per day to world oil output next year, erasing any gains from a global oil output cut deal, Igor Sechin, the CEO of Russia''s largest oil producer Rosneft, said on Friday. Sechin said the resilience of Russia''s oil industry had however been seriously underestimated by the market. He said Russia could further increase its oil production to meet rising demand in future. (Reporting by Dmitry Zhdannikov and Olesya Astakhova; Writing by Dmitry Solovyov; Editing by Andrew Osborn) '|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/russia-economic-forum-sechin-usa-idINKBN18T0U7'|'2017-06-02T05:45:00.000+03:00'
'e30154562ec089fefa0c943756b03d5ba9d99b82'|'Germany detects emissions cheat software in Audi models - Bild'|'Environment - Thu Jun 1, 2017 - 5:59pm BST Germany detects emissions cheat software in Audi models: Bild Audi A8 models are seen at their plant in Neckarsulm near Heilbronn May 21, 2015. Audi will hold their annual shareholders meeting on May 22, 2015. REUTERS/Michael Dalder BERLIN A German government commission has detected illicit emissions control software on Volkswagen ( VOWG_p.DE ) luxury brand Audi''s flagship A8 models, Bild reported on Thursday, without citing the source of the information. German transport minister Alexander Dobrindt has requested the affected Audi ( NSUG.DE ) A8 saloons with six and eight cylinder diesel engines -- around 25,000 cars in total -- to be recalled, the newspaper said. The minister has set a June 12 deadline for the carmaker to come up with a comprehensive plan to refit the cars, the paper added. Audi said the carmaker is in intensive discussions with the German transport ministry and the country''s KBA motor vehicle authority, without elaborating. Of the 25,000 affected Audi models with so-called Euro-5 emissions standards, about half were sold in the carmaker''s German home market, Bild said, adding the remainder was primarily sold in other European countries. The Transport Ministry couldn''t immediately be reached for comment. (Reporting by Andreas Cremer; Editing by Ludwig Burger)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-volkswagen-emissions-audi-idUKKBN18S5Y5'|'2017-06-02T00:53:00.000+03:00'
'8dab10358f70d54b1afcec88b49a55c629fe5499'|'Blacksands Pacific executive charged with $300 million fraud'|'Business News - Thu Jun 1, 2017 - 5:25pm BST Blacksands Pacific executive charged with $300 million fraud By Brendan Pierson - NEW YORK NEW YORK A Nigerian and U.K. national has been charged with defrauding financial institutions out of more than $300 million (£232.8 million) by falsely representing his company as a thriving international oil and gas venture to obtain loans. Raheem Brennerman, chief executive officer of Blacksands Pacific Group Inc, was charged with bank fraud, wire fraud and conspiracy in an indictment unsealed Thursday in Manhattan federal court. Federal prosecutors said he used ill-gotten loans to pay for a condominium in Las Vegas, travel, jewellery, clothes and spa treatments. Brennerman was arrested in April on criminal contempt charges for failing to comply with a $5 million judgment and other orders in a civil lawsuit brought by one of his lenders, ICBC (London) Plc, a subsidiary of the Industrial and Commercial Bank of China, court records show. He was subsequently released on bail, but the bail was revoked on Thursday with the unsealing of the indictment. Lawyers representing him in the contempt case could not immediately be reached for comment. Prosecutors said in the indictment that since at least 2011, Brennerman and others lied to multiple financial institutions to secure more than $300 million in loans for purported business ventures, but used the money for personal expenses. One such loan, for $20 million, came from a bank in November 2013, purportedly to help purchase a California oilfield, prosecutors said. The indictment does not name the bank, but its description of the loan matches the one from ICBC described in ICBC''s civil lawsuit. Prosecutors said Brennerman told the bank Blacksands was a significant global oil and gas company, with more than $1 billion in long-term assets, $80 million in revenue, and about 100 employees in offices throughout the United States. In fact, prosecutors said, Blacksands had no more than a handful of employees, no offices, at best minimal revenue and no agreement to buy an oilfield. Brennerman went as far as inventing fictitious senior executives at Blacksands Pacific and signing agreements on their behalf, prosecutors said. The bank extended a $20 million loan to a Blacksands subsidiary and committed to lending an additional $70 million, according to the indictment. The case is United States v. Brennerman, U.S. District Court, Southern District of New York, No. 17-337. (Reporting By Brendan Pierson in New York; Editing by Andrea Ricci)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-usa-fraud-blacksands-pacific-idUKKBN18S5UD'|'2017-06-02T00:25:00.000+03:00'
'86c42466d65ba354130f082aed7c8b214edaff24'|'EURO DEBT SUPPLY-Three euro zone states to sell bonds next week'|'LONDON, June 2 Austria, Germany and Ireland are all scheduled to sell bonds via auctions in the coming week. * On Tuesday, Austria is to sell 1.32 billion euros of six- and 10-year bonds. Later the same day, Germany will sell 500 million euros of 10-year inflation-linked bonds.* On Wednesday, Germany will be back in the market to auction three billion euros of five-year bonds.* On Thursday, Ireland is set to auction bonds, with further details to be released on Tuesday. Commerzbank analysts expect the debt agency to sell one billion euros of its bonds maturing in February 2045. (Reporting by Abhinav Ramnarayan; Editing by John Geddie)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/eurozone-bonds-outlook-idINL8N1IZ44C'|'2017-06-02T12:05:00.000+03:00'
'946ba27d1227e0bbc6cd07e974968a8be5441c78'|'BRIEF-Shell buys Chevron''s Trinidad and Tobago assets for $250 mln'|'June 2 (Reuters) -** Royal Dutch Shell has agreed to acquire Chevron''s assets in Trinidad and Tobago, including its holdings in the East Coast Marine Area Blocks 6, 5a and E, the company said** The transaction, worth around $250 million, will allow Shell to optimise its developments across the East Coast Marine Area, a core component of Shell''s interests in Trinidad and Tobago through which it is supplying gas to both the domestic market and Atlantic LNG, Shell said** "Shell continues to actively evaluate other options to increase supply from our existing assets, as well as pursue additional opportunities such as the previously announced purchase of Centrica''s interests in the North Coast Marine Area," said Derek Hudson, Shell''s Vice President for Trinidad and Tobago (Reporting by Ron Bousso)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/brief-shell-buys-chevrons-trinidad-and-t-idINL8N1IZ2DN'|'2017-06-02T08:22:00.000+03:00'
'37ddd1aacaf49e6721ea7b015c79d32a310455cb'|'Asian currencies firm in narrow trade; yuan eases after four-day rally - Reuters'|'By Ambar Warrick Asian currencies held mostly steady in tight range trade against a firmer dollar on Friday, while the Chinese yuan snapped four straight sessions of gains as tight offshore liquidity eased.Investors refrained from making major trades ahead of non-farm payrolls data from the United States due later on Friday, which could bolster the odds for an interest rate rise in June. A solid number will support the outlook for another rate hike by the year-end, likely in September."The U.S. wage data is partially the reason why markets have been subdued in Asia this morning, as it could cement a rate hike in June and support the dollar, which would cause Asian currencies to retreat," said Khoon Goh, head of Asia research at Australia and New Zealand Banking Group in Singapore."There isn''t much of a lead for Asian currencies today."A Reuters poll showed that the United States added about 185,000 jobs in May.The yuan edged down about 0.1 percent to 6.8142 against the dollar, but hovered around the near seven-month highs it hit on Thursday. The currency stands to gain about 0.57 percent this week, although it traded only for three days."The yuan''s fixing came in broadly as expected, so there weren''t any strong signals from Chinese authorities to push the yuan any higher," Goh said. "We''re seeing a bit of unwinding in the strength displayed so far."The South Korean won rose about 0.12 percent, while the Taiwan dollar inched 0.03 percent higher. South Korean and Taiwanese stocks rose on Friday in line with broader Asia as equities tracked a strong finish on Wall Street on Thursday."U.S. equities had a good session overnight, so that might be translated into equity driven markets like the Korean won and the Taiwan dollar," Goh said.U.S. stocks advanced on Thursday after a batch of economic data suggested the economy was picking up speed.The Malaysian ringgit rose about 0.18 percent. Foreign portfolio investors were reported saying they would come back to Malaysia''s markets, six months after many of them revolted against the central bank''s crackdown on the offshore ringgit trading market.The ringgit stands to lose about 0.27 percent this week after gaining for the previous two weeks consecutively.RUPIAH AND RUPEEThe Indonesia rupiah rose about 0.13 percent on Friday, while the Indian rupee was 0.1 percent higher.Indonesia''s annual inflation rate climbed again in May to reach the highest in 14 months, data from the statistics bureau showed on Friday, but the increase was slightly less than expected.India''s Nifty 50 Index rose as much as 0.6 percent on Friday to a record high, also clocking its biggest intraday percentage gain in a week. The country''s benchmark BSE index was also at a record high.(Reporting by Ambar Warrick in Bengaluru; Editing by Jacqueline Wong)'|'reuters.com'|'http://in.reuters.com/finance/economy'|'http://in.reuters.com/article/asia-forex-emerging-idINKBN18T0HU'|'2017-06-02T04:15:00.000+03:00'
'1d2ad3cc4aef74fc8fd1b565539661a0ab996b99'|'CORRECTED-Nikkei tops 20,000 but autos, banks and yen make investors doubt sustainability'|'(Corrects first bullet point to underperform not outperform)* Autos, banks underperform broader market* Earnings estimates on MSCI Japan index inching lower* Investors hesitant despite Nikkei''s cheap valuations* Investors cherry-pick individual stocks in thriving sectorBy Ayai Tomisawa and Nichola SaminatherTOKYO/SINGAPORE, June 2 A 10 percent surge over six weeks swept Japan''s Nikkei stock index above the 20,000-point barrier for the first time since late 2015 on Friday, without dispelling doubts about the rally''s shelf life given the outlook for automakers, banks and the yen.Data shows foreign investors, who make up 70 percent of trading activity in the Tokyo market, rushed to cover short positions as a rally from the year''s low on April 17 gathered momentum.But the data also shows foreigners avoided making heavy bullish bets, probably because analysts expect Japan Inc.''s earnings growth to falter.The number of companies on the MSCI Japan index with earnings estimates down from the previous month has climbed steadily since mid-April and is now at its highest since December, according to Thomson Reuters DataStream.After 16 percent profit growth in the year ended in March, Japanese firms are expected to show slower growth in the year ending March 2018. According to Nomura, consensus forecasts for full year profit growth came down to 11.4 percent in May from 13.3 percent in April."The conservative earnings guidance has tempered sentiment towards Japanese stocks in the near term," said Jeremy Osborne, investment director at FIL Investments in Tokyo.Notching a third straight week of exits, U.S.-based Japanese stock funds posted $194 million of withdrawals during the week ended Wednesday, according to Lipper data.REASONS TO BE CAREFULInvestors'' biggest concerns are the potential for the yen to strengthen, undermining Japan''s export driven corporates, and the murky outlook for the two biggest sectors in the benchmark index - automakers and financials."The problem is a big chunks of the market are exporters, and the biggest export sector is autos, and the outlook for the auto sector globally has turned down," said John Doyle, chief investment officer for equities and multi-asset at UOB Asset Management in Singapore."And the low interest rates that are persistent in Japan are not good for financials," Doyle added, explaining why he is neutral on Japanese stocks in the group''s global portfolio.New vehicle sales in the United States, Japan''s top export destination, fell in April following disappointing numbers in March, signalling a long boom cycle may be losing steam.Carmakers Toyota and Nissan, for instance, have both underperformed the Nikkei''s 5.6 percent gain this year, posting losses of 11 percent and 6.6 percent respectively.So have the biggest banks including Mitsubishi UFJ, which has only gained 0.2 percent and Sumitomo Mitsui, which has fallen 6.6 percent respectively.The yen''s attraction as a safe-haven currency - it has risen 4.5 percent against the dollar this year - is another big cloud hanging over Japanese exporters.U.S. political turmoil, elections in Europe, and regional tensions arising from North Korea''s missile tests have all given an unwanted boost to the yen.Christian Nolting, global chief investment officer at Deutsche Bank Wealth Management, cited the currency factor as the main reason behind his neutral weighting on Japanese equities.P/E RATIOS TURNINGFor all their reservations, investors still clearly have an appetite for cherry picking.Tokyo Electron Ltd has jumped nearly 50 percent this year after bright results on the back of strong chip manufacturing equipment demand, while factory automation sensor maker Keyence Corp has soared 26 percent.The Nikkei, however, is trading at about 15.7 times earnings, compared with 18.7 in 2015 when it lingered above 20,000 points for a few months, DataStream shows.While that makes the index significantly cheaper than the S&P 500''s at 22.5 times earnings, investors remain hesitant.The weaker sentiment is evident in Toyota and Nissan shares, which are trading around 10 times and 6.4 times their earnings, respectively.In just three weeks between the last week of April and the second week of May, Japanese shares saw 1.5 trillion yen of inflows from foreign investors in futures on the back of a strong earnings season and receding political fears after the French election.But they had sold 1.6 trillion yen in futures in the previous seven weeks, so short-covering seems to have run its course, analysts said. Investors have also returned to selling futures in the past two weeks."Investors are cherry-picking individual stocks... But they just finished short-covering in futures, and they probably won''t buy soon unless the yen weakens," said Norihiro Fujito, a senior investment strategist at Mitsubishi UFJ Morgan Stanley Securities."And when foreign investors don''t buy futures, the Nikkei won''t rise much."(Reporting by Ayai Tomisawa and Nichola Saminather; Editing by Simon Cameron-Moore)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/japan-nikkei-idINL3N1IY276'|'2017-06-02T06:05:00.000+03:00'
'da8c6cbf68be94f0e8e6e14a3654ea57c232f4b6'|'Mylan may have overcharged U.S. for EpiPen by $1.27 billion - HHS'|'Business   9:24pm BST Mylan may have overcharged U.S. for EpiPen by $1.27 billion - HHS File photo: EpiPen auto-injection epinephrine pens manufactured by Mylan NV pharmaceutical company for use by severe allergy sufferers are seen in Washington, U.S. August 24, 2016. REUTERS/Jim Bourg/File Photo By Michael Erman - NEW YORK NEW YORK The U.S. government may have overpaid drugmaker Mylan N.V. ( MYL.O ) by as much as $1.27 billion (985.72 million pounds) between 2006 and 2016 for its EpiPen emergency allergy treatment, the Department of Health and Human Services said on Wednesday. The amount is nearly three times a proposed settlement that the company announced in October. The analysis on the EpiPen payments, which was conducted by the Department of Health and Human Services'' Office of Inspector General, was released by Republican Senator Chuck Grassley. "Mylan and the Obama Administration reportedly were close to settling the overpayment for much less than $1.27 billion," Grassley said in a statement. "Taxpayers have a right to know what happened here and to be repaid whatever they are owed." Grassley is the chairman of the Senate Judiciary Committee, which launched a probe of EpiPen pricing last year. Mylan did not have an immediate comment. The company, which was already under fire for steep price increases on the devices, said in October it agreed to settle with the U.S. government for $465 million after it was accused of improperly classifying EpiPen with the Medicaid Drug Rebate Program as a generic treatment. Mylan, which did not admit wrongdoing, has said it is still working to finalize the settlement. Drugmakers pay a rebate of 13 percent to state Medicaid programs on sales of generics, rather than a minimum rebate of 23.1 percent on branded drugs. Mylan shares were down 1.1 percent, or 45 cents, at $38.91 in late trading on Wednesday. Earlier in the day, a group of investment funds urged shareholders to vote against the re-election of the company''s directors after it paid Chairman Robert Coury over $97 million last year. (Reporting by Michael Erman; Editing by Leslie Adler)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-mylan-epipen-idUKKBN18R337'|'2017-06-01T04:24:00.000+03:00'
'70dea48fd74ec5ba9986dc61abe29c7c20438cff'|'T-Mobile’s expanded network has rivals - and suitors - taking notice'|'Technology News - Thu Jun 1, 2017 - 1:17pm EDT T-Mobile''s expanded network has rivals - and suitors - taking notice By Anjali Athavaley - NEW YORK NEW YORK T-Mobile US Inc has built a reputation as a scrappy underdog by offering cell service with no contracts and cheap prices. Now it''s aiming for another title: America''s No. 1 wireless carrier. That might seem a stretch for a cell-phone company long known for its lousy coverage outside of major cities. But over the past five years T-Mobile has been on a buying binge to extend its reach. Bankrolled by a $3 billion break-up fee from a failed 2011 merger with AT&T Inc, it has snapped up wireless airwaves in states ranging from New York to Washington. Suddenly, T-Mobile, the No. 3 U.S. wireless carrier, is within striking distance of market leaders Verizon Communications Inc and AT&T, at least when it comes to delivering nationwide coverage. OpenSignal, a London-based startup that measures network experience based on data from users of its app, said in February that T-Mobile and Verizon were tied in speed rankings in the last quarter of 2016. Testers found a Verizon signal 88 percent of the time; T-Mobile''s network availability was just two percentage points lower. T-Mobile Chief Technology Officer Neville Ray says the bulk of the country will soon have access to its network. “There’s nothing that stands between us delivering and matching, if not beating, Verizon and AT&T’s coverage,” Ray said in an interview with Reuters in May. Verizon and AT&T still maintain a hefty lead when it comes to retail subscribers, each boasting around double T-Mobile''s 55 million users. They also have higher profit margins. Still, T-Mobile''s client base has been growing steadily. Its share of retail subscribers grew to 18 percent in the first quarter of 2017, up from 10 percent in the same period in 2012, according to data from financial services firm Barclays. And when it comes to users who pay a monthly bill, the industry''s most valuable customers, T-Mobile has grown that segment for four straight years, while Verizon and AT&T lost monthly subscribers in the first quarter of 2017. Infographic ID: ''2rB2pYi'' T-Mobile''s German majority owner Deutsche Telekom AG, which owns roughly 65 percent of the U.S. carrier, says T-Mobile is now positioned to call its own shots as it plots its course in the United States. "We decide what, when, and how," Deutsche Telekom Chief Executive Tim Hoettges said at an annual shareholder meeting on Wednesday. That includes T-Mobile remaining a stand-alone carrier. But the real intrigue in telecom circles is about a possible merger or acquisition. Rival Sprint Corp , America''s No. 4 carrier, has expressed interest in a tie-up. Japan’s SoftBank Group Corp, Sprint’s controlling shareholder, was prepared to give up control to do a deal with T-Mobile, sources familiar with the company''s thinking told Reuters in February. Cable companies, too, could be interested as they roll out wireless services to bundle more products together. In January, John Malone, whose Liberty Broadband Corp is the largest stakeholder in Charter Communications Inc, raised the possibility that major cable companies could get together and buy T-Mobile. The buzz has boosted T-Mobile’s stock price, which is up nearly 60 percent from a year ago. First-quarter profits hit $698 million, or 80 cents per share, up 46 percent from a year earlier and well ahead of analysts'' expectations. The success of T-Mobile, which has dubbed itself the "Un-carrier," can be attributed partly to its straight-up approach to mobile. It was the first major carrier to eliminate two-year contracts, a shift quickly embraced by consumers and copied by competitors. The company has continued to badger rivals, most recently with its unlimited data plans. But copious data and fast speeds are pointless if mobile users can''t get a signal. Verizon, the biggest U.S. wireless carrier by subscribers, says T-Mobile still has a lot of catching up to do. Chief network officer Nicola Palmer pointed to data from testing firm RootMetrics, which has called Verizon the clear U.S. leader in coverage and reliability. Some T-Mobile customers, too, say their service isn''t what it should be. Austin, Texas-resident Abbie Scheider, an avid camper, says she''s out of luck in the woods of central Texas. “I never have service even when others do,” the 24-year-old ad agency account executive said. “It’s frustrating for sure.” SPECTRUM "MOTHER LODE" T-Mobile''s big push to boost coverage began in 2012 when it received cash plus spectrum from a failed merger with AT&T. The U.S. Justice Department in 2011 sued to block the deal on concerns it would harm competition. Facing the prospect of a lengthy regulatory battle, AT&T walked away. T-Mobile subsequently picked up spectrum from a 2013 merger with Texas-based MetroPCS Communications, followed by a 2014 asset swap with Verizon. Its most ambitious effort yet came in April when it committed $8 billion to become the biggest spender in a U.S. government auction of wireless airwaves. The purchase, which T-Mobile executives refer to as the "mother lode," will strengthen the company''s presence this year across the western United States, including Arizona, Montana, Texas and Wyoming. And T-Mobile isn''t done yet. Like its competitors, the company is pushing into so-called fifth generation wireless or 5G, a new network that is expected to offer higher speeds and lower response times. While it continues to invest in its network, T-Mobile says it is open to considering various strategic options. Company officials have acknowledged interest in talking with Sprint. At an investor conference in May, T-Mobile Chief Financial Officer Braxton Carter said Sprint''s spectrum was a “treasure trove that you could do amazing things with.” A Sprint spokeswoman declined to comment. Industry executives and analysts said T-Mobile has shown that it can go it alone, giving it leverage as it enters any discussions. "We want to be a global leader in this space,” Ray said. “That’s the plan and now the capability we have for T-Mobile.” '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-t-mobile-m-a-network-idUSKBN18S3UT'|'2017-06-01T13:00:00.000+03:00'
'6b261d8932a6c36c8094e1e54c1558539771846d'|'Iron ore market can absorb supply loss from BHP fire - traders'|'Business   1:35pm BST Iron ore market can absorb supply loss from BHP fire - traders By James Regan - SYDNEY SYDNEY A well-supplied global iron ore market will easily absorb lost production due to a fire at BHP''s ( BHP.AX ) ( BLT.L ) big Mt Whaleback iron ore mine in Australia, traders in the commodity said on Thursday. A fire earlier on Thursday broke out at the mine, the largest of seven operated by BHP in the Pilbara iron ore belt of Western Australia state. BHP said all staff were safe but that operations had been suspended as an investigation got underway. Images in local media showed fire and smoke billowing out of the processing facilities at the mine. "All personnel at site have been accounted for and we are working to ensure the site is safe," a company spokeswoman said. A major outage at Mount Whaleback could provide a much-needed boost in the price of iron ore, which has tumbled nearly 40 percent from a February peak amid a mounting supply glut This week iron ore traded under $60 a tonne for the first time since last October. But traders said not to expect a surge in the price anywhere near the records of about $200 a tonne five or six years ago. The Mount Whaleback mine produces BHP''s highest-grade iron ore, branded as Newman iron ore fines with iron content of 62.7 percent. A prolonged outage could spur buyers toward similar high-grade iron ore from BHP rivals Rio Tinto ( RIO.AX ) ( RIO.L ) and Vale ( VALE5.SA ).But a mountain of stockpiles at China''s ports - the highest since 2004 at about 137 million tonnes - would limit any impact of a supply disruption. "The market is still well supplied so the impact may not be seen very soon," said a Shanghai-based iron ore trader. Figures to be released next week by the Pilbara Ports Authority are expected to show shipments in May from the Port Hedland terminal used by BHP to China could come close to breaking the previous monthly record of 37.4 million tonnes due to optimum mining conditions. "May was a disruption-free month for the Pilbara, so there is no shortage of iron ore around," a commodities trader said. (Reporting by James Regan; Additional reporting by Manolo Serapio in MANILA; Editing by Christian Schmollinger and David Evans)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-bhp-billiton-ironore-fire-idUKKBN18S53U'|'2017-06-01T20:35:00.000+03:00'
'd069cb313bdb6fa9e354393b9c91ed9ab9279df4'|'Soros says Brexit talks could last five years, risks distracting EU'|'Top News - Thu Jun 1, 2017 - 11:31am BST Soros says Brexit talks could last five years, risks distracting EU FILE PHOTO: George Soros arrives to speak at the Open Russia Club in London, Britain June 20, 2016. REUTERS/Luke MacGregor/File Photo BUDAPEST Billionaire financier George Soros warned the European Union on Thursday that it was facing an "existential crisis", saying the bloc should not let protracted Brexit talks distract it from making vital reforms. Soros, a liberal philanthropist, wrote in an article published by Project Syndicate that Europe needed to radically reinvent itself. "Negotiating the separation with Britain will divert the EU''s attention from its own existential crisis, and the talks are bound to last longer than the two years allotted to them," he said. "Five years seems more likely." Soros said the EU should approach the Brexit negotiations in a "constructive spirit" and at the same time should make itself attractive again to people, especially younger generations. British Prime Minister Theresa May, who faces elections on June 8, said earlier this week that Britain would leave the EU without an agreement if it was unable to achieve a satisfactory agreement with the bloc. While stressing the need for a constructive attitude to talks with Britain, Soros said the EU had become an organization in which the euro zone constitutes the inner core and the other members are relegated to an inferior position. "Replacing a ''multi-speed'' Europe with a ''multi-track'' Europe that allows member states a wider variety of democratic choices would have a far-reaching beneficial effect," he said. "As it stands, member states want to reassert their sovereignty, rather than surrendering more of it." He urged steps by the EU in three areas: territorial disintegration, exemplified by Brexit; the refugee crisis; and the lack of adequate economic growth. But Soros said he was hopeful that after Emmanuel Macron, the only pro-European candidate, won presidential elections in France, and upcoming German elections could lead to a growing pro-Europe momentum which "may then be strong enough to overcome the biggest threat: a banking and migration crisis in Italy." Soros, who has been portrayed by Hungarian Prime Minister Viktor Orban as a financial speculator who supported mass inflow of migrants into Europe, said he welcomed the EU''s recent tough words on Hungary and Poland, two countries which critics say are on an authoritarian track. "I admire the courageous way Hungarians have resisted the deception and corruption of the mafia state Orban has established, and I am encouraged by the European institutions'' energetic response to the challenges emanating from Poland and Hungary," Soros said. A Hungarian government spokesman said Soros had a clear political agenda, and the organisations funded by him were pursuing this. "It has become quite clear now...that Soros wants to be the political opposition of the Hungarian government along with his organisations," Zoltan Kovacs said in a reply to Reuters. (Reporting by Krisztina Than; Editing by Toby Chopra)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-eu-soros-idUKKBN18S4JR'|'2017-06-01T18:31:00.000+03:00'
'2bf5b60e071a620c457e8a3ed19f84c5b89e674c'|'Sulk but no tantrum likely as central banks sidle towards exit'|'Money News - Thu Jun 1, 2017 - 7:39pm IST Sulk but no tantrum likely as central banks sidle towards exit left right FILE PHOTO: A man walks past the Federal Reserve Bank in Washington, D.C., U.S. December 16, 2015. REUTERS/Kevin Lamarque/File Photo 1/2 European Central Bank (ECB) headquarters in Frankfurt, Germany, July 29, 2016. REUTERS/Ralph Orlowski 2/2 By John Geddie - LONDON LONDON History suggests that financial markets react violently when a central bank signals it is scaling back the stimulus that has kept an economy afloat - and lined the pockets of investors. Now the world''s three leading central banks, to varying degrees, are edging towards an end to ultra-easy monetary policies which have inflated the value of financial assets, and yet investors seem largely unruffled. Policymakers appear to be learning the lesson of 2013, when former Federal Reserve President Ben Bernanke suggested the U.S. central bank might slow or ''taper'' the expansion of its balance sheet. The thought that the Fed would reduce the heavy bond purchases and other policy schemes it had used to flood the banking system with cash since the global financial crisis provoked the ''taper tantrum''. That knocked nearly 7 percent off U.S. stocks, sent Treasury yields climbing more than 100 basis points, and sowed turmoil in world markets from Rio de Janeiro to Jakarta. Four years on, the Fed is talking about trimming its balance sheet, rather than merely slowing its growth, and at the same time the European Central Bank and even the Bank of Japan are cautiously looking to the end of monetary easing. Investors seem confident that policymakers can get their message over without too much drama. Financial markets are expected to sail through a couple of policy meetings this month that could in years to come be seen as the beginning of the end of extraordinary central bank support. "It might be the beginning of a drip feed of how it''s going to happen," said Tim Graf, head of macro strategy for EMEA at State Street. "The experience of the taper tantrum will guide thinking about that. They don''t need to be aggressive. They don''t need to be dogmatic. They can be very gradualist and prepare markets." ECB policymakers will discuss closing the door to extra stimulus when they meet on June 8, sources told Reuters, while most economists expect it to signal by September a scaling back of its asset-purchase scheme. [nL8N1IW2IE] [nL4N1IJ2O4] On June 14, Fed chief Janet Yellen is set to be quizzed on its plans to cut massive asset piles later this year, as revealed in minutes of its last meeting. [nFOMOGEDA7] Even the BOJ, which has failed to come close to pushing inflation up to its target despite four years of money printing, is having closed-door discussions about an exit strategy. [nL4N1IK5YZ] HIGHLY TELEGRAPHED Investors are prepared for signs of retreat, even though arguably there is more at stake for markets than there was in 2013: these three central banks together hold over $13 trillion in assets, a third more than four years ago, according to Reuters data. GRAPHIC - Central bank balance sheets reut.rs/2qJnQBq "Back then taper wasn''t really a word that everybody used in the context of monetary policy and Bernanke spat it out and markets reacted in a shocked way," said Andrew Bosomworth, a senior portfolio manager at one of the world''s biggest bond funds, PIMCO. "Now this is widely discussed and highly telegraphed, so I don''t think it will lead to that kind of reaction." When Bernanke spoke the fateful word on May 22, 2013 it came out of nowhere. On the same day, minutes from the Fed''s meeting showed dealers expected the central bank to hold purchases at the same pace until December. Bosomworth and others argue that a slow and cautious withdrawal by central banks has put investors at ease. Fed officials say any trimming of the balance sheet, which has ballooned to near $4.5 trillion, could take three to four years. The final level will remain substantially above the $800 billion level of before the crisis, they say. [nL8N1IE5FB] The ECB, while it did not call it tapering, slowed its monthly bond purchases when it extended its scheme in April, and has been scaling back buying the debt of certain euro zone governments where it is approaching limits. The BOJ has the tricky balancing act of trying to convince people it has a credible exit strategy without giving too much away. [nL4N1IK5YZ] POSITIONING A tentative approach by all three central banks has given investors time to prepare for a future withdrawal and avoid a scramble when the moment eventually comes. As an example of this, speculative positioning on U.S. money markets - the biggest and most sensitive market tied to Fed policy - has fallen to a record short in recent weeks as investors anticipate tighter monetary conditions. Before the taper tantrum, it was at a six-month long. In Europe, three quarters of economists polled by Reuters expect the ECB to signal it is scaling back monthly asset purchases by September, with six of those expecting the bank to move as early as this month. But separate polls of bond market specialists suggest German Bund yields, the euro zone''s benchmark, won''t even be 30 basis points higher by October DE10YT=TWEB. Investors say greater confidence in the health of the global economy is also helping to calm nerves. The IMF forecasts advanced economies will grow at around 2 percent this year, compared with 1.3 percent in 2013. "The reaction we had to the Fed''s taper was extreme because there was still a question mark over the economy," said Jim D''Arcy, fixed interest asset manager at Davy Asset Management. "I don''t think we will see a taper tantrum in Europe. We might see a warranted rise in yields, but nothing too dramatic." COMPLICATIONS But the Fed has not been alone in making policy missteps. The Bank of England is now in a wait-and-see mode, but has been wrong-footed a couple of times in conveying its policy plans. After Mark Carney became governor in 2013, he tried to show investors that rates would not rise for a long time, saying the Bank would not think about an upward move until unemployment fell to 7 percent. The jobless rate suddenly plunged below that level, forcing Carney to find new guidance. When he eventually signalled rates might rise in late 2015, the collapse of global oil prices pushed inflation to zero. After its initial blip, the Fed has managed to telegraph its exit from the market smoothly. But analysts say withdrawal for the ECB - which sets policy for 19 euro zone countries with various degrees of economic health - is more complicated. The concern is that tapering in Europe could cause the gap or spread between the borrowing costs of euro zone countries to widen in a throwback to the region''s 2011/2012 debt crisis. However, some argue that the ECB''s bond-buying scheme in itself is not what is keeping these spreads in check. Rather it is a restored confidence in the institutional support for the bloc that came with ECB chief Mario Draghi''s 2012 pledge to do "whatever it takes to preserve the euro". That may explain why the best performing euro zone government bond this year is Portugal''s - a country that is benefiting the least from the scheme because the central bank is reaching self-imposed purchase limits. [nL8N1I55TL] "A well-communicated tapering should not have disruptive effects," said Francesco Papadia, a former director general for market operations at the ECB. "I do not see a repeat of the taper tantrum as inevitable or even likely, while of course admitting that it is possible." (Writing by John Geddie; Reporting by John Geddie and Bill Schomberg in LONDON, Balazs Koranyi in FRANKFURT, Leika Kihara in TOKYO and Dan Burns and Richard Leong in NEW YORK; Graphics by John Geddie, Dhara Ranasinghe and Francesco Canepa; Editing by David Stamp)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/global-cenbank-tapering-idINKBN18S5FF'|'2017-06-01T22:09:00.000+03:00'
'c82fe6f704f4137a36211447617785ebe09ba5b6'|'Intelsat says it expects $14 billion OneWeb merger deal to fail'|'Satellite operator Intelsat SA ( I.N ) said it expects its $14 billion merger with peer OneWeb Ltd, which is backed by Japan''s SoftBank Group Corp ( 9984.T ), to fall through as it failed to get enough of its creditors to back the deal.Debt-laden Intelsat and the U.S. satellite startup in February had agreed to merge in a complex and risky share-for-share deal that required debt investors to accept less than full face value on their holdings.The failure of the deal to close represents a blow to SoftBank Chief Executive Masayoshi Son, a prolific dealmaker who saw an opportunity to combine OneWeb and Intelsat to create a network of satellites to help provide internet access worldwide.Intelsat said on Thursday it had terminated a series of debt swap offers tied to the deal as its creditors did not accept the terms by the May 31 deadline. Intelsat and OneWeb plan to end their merger on June 2."While we are disappointed Intelsat was not able to achieve an acceptable agreement with its bondholders, we continue to be enthusiastic about OneWeb''s standalone prospects, and its potential to disrupt the satellite industry and communications business generally," said Alok Sama, SoftBank''s president and chief financial officer. "SoftBank will continue to work with the OneWeb management team to seek alternative paths to accelerate its strategy."Intelsat shares were down almost 1 percent at $3.05 in early trading. The company''s bonds fell sharply, according to Thomson Reuters IFR.As part of the deal, SoftBank planned to buy voting and non-voting shares in the combined company for $1.7 billion in cash and take a 39.9 percent voting stake.In the hopes of enticing more participation from bondholders, Intelsat had extended the deadline for the debt swap several times, and also improved the terms. The final offer asked Intelsat debt investors to take a total haircut on their holdings of $2.85 billion."There were many stakeholders'' interests that needed to be satisfied in this complex transaction," Intelsat CEO Stephen Spengler said in a statement.Reuters had reported on Wednesday that SoftBank would let the merger drop.(Reporting by Aishwarya Venugopal in Bengaluru and Jessica DiNapoli in New York; Editing by Anil D''Silva and Bill Rigby)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-oneweb-intelsat-m-a-idINKBN18S4UY'|'2017-06-01T13:38:00.000+03:00'
'77b84cb6a17795ae60aca79c92009cb129e24231'|'Akzo responds to PPG approach after takeover battle ends'|'By Toby Sterling - AMSTERDAM AMSTERDAM Akzo Nobel( AKZO.AS ), the Dutch paint maker that rejected a 26.3 billion-euro ($29.6 billion) takeover proposal from U.S. rival PPG Industries ( PPG.N ), has sent PPG a letter shortly after its suitor walked away, detailing its objections to doing a deal.In the letter to PPG Chief Executive Michael McGarry and dated June 1, the day when PPG formally dropped its pursuit of Akzo, the Dutch company said a break fee of 600 million euros proposed by PPG in case a deal foundered was too little.The letter, seen by Reuters, also said that giving a period of 15-18 months to overcome regulatory hurdles would have "caused damage to our business and all our stakeholders."Many of Akzo Nobel''s shareholders were unhappy with the company''s outright rejection of the offer, which valued Akzo''s shares at above 95 euros a share. Its share price was down 1.3 percent at 75.99 euros on Friday.Akzo had previously said that the PPG deal was not in the interest of "all stakeholders", including employees, customers, the environment and the broader Dutch economy.In the letter it said PPG had forecast 35 percent of the 750 million euros in synergies it expected from the deal would come from "people", implying significant job cuts.It also noted that PPG estimated that divestments of up to 10 percent of the combined companies'' paints and coatings operations could be needed to achieve regulatory approval, accounting for 2.3 billion euros of annual sales.Akzo said those divestments would be "value eroding" and were still less than what Akzo thought would be needed to win approval.PPG spokesman Bryan Iambs said in an email on Friday that the company had made several offers in its proposals that would have added value to a deal and created "more certainty and great upside.""For example, we understand that 200 million euros was one of the highest break-fees offered in the Netherlands for a public company deal, and we were offering 3x at 600 million euros," he said.Having formally withdrawn its proposed offer, PPG is not allowed under Dutch rules to approach Akzo again for six months.A group of disgruntled shareholders led by Elliott Advisors and representing 18 percent of Akzo''s shareholder base have not yet said what they intend to do after an Amsterdam commercial court rejected an application made by Elliott asking for an extraordinary meeting of shareholders to discuss a proposed dismissal of Akzo Chairman Antony Burgmans.The court ruled that was an effective attempt to force Akzo to enter talks with PPG.Elliott, which still has the option of pursuing a mismanagement suit against Akzo''s management for the handling of the PPG bidding process, has declined to comment on the affair.On Friday Akzo Nobel issued a statement saying it hoped to repair damaged relationships with its shareholders, as the court, the Amsterdam Enterprise Chamber, instructed it to do in its ruling on Monday.""We highly value shareholder perspectives and regret that a number of shareholders believe we have insufficiently explained our considerations in respect of PPG''s proposals," Akzo Chief Executive Ton Buechner said in a statement.(Editing by Greg Mahlich)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-akzo-nobel-m-a-ppg-inds-letter-idINKBN18T24C'|'2017-06-02T14:31:00.000+03:00'
'0d30c98f606fc2f1e6c9e8cb36d3d2e9efcfb7cc'|'UPDATE 1-Italy''s Eni signs LNG deal in Mozambique, raising hopes of gas boom'|'Market News  25pm EDT UPDATE 1-Italy''s Eni signs LNG deal in Mozambique, raising hopes of gas boom * Coral South field has 16 tcf of gas in place * Experts say total project cost could hit $10 billion * Mozambique well positioned to supply Asia (Adds details about the project and partners, quotes) By Manuel Macuri MAPUTO, June 1 Italian energy company Eni signed a deal on Thursday to develop a huge gas field off the coast of Mozambique, the first of a series of projects that could transform the poor African nation into a major energy supplier to Asia. Developing the Coral South field, discovered in May 2012 and operated by Eni, requires building six subsea wells connected to a floating facility capable of producing about 3.4 million tonnes of liquefied natural gas (LNG) per year, Eni said. The statement did not give a value for the deal, but media reports previously said building the floating facility alone could cost more than $6 billion. With other elements of the project, experts say the development could cost $10 billion. Eni expects to begin shipping LNG in 2022. "The Coral South Project will deliver a reliable source of energy while contributing to Mozambique''s economic development," Eni chief executive Claudio Descalzi said in a statement. The Coral South field contains about 450 billion cubic metres, or 16 trillion cubic feet (tcf) of gas. The field lies in the Rovuma Basin, with estimated reserves of about 85 tcf, enough to supply Germany, Britain, France and Italy for nearly two decades. Mozambican authorities approved the project''s development plan in February 2016 and in October Eni signed a 20-year deal to supply BP with LNG from the project. Mozambique, which lies on Africa''s eastern seaboard, is well placed to supply growing Asian economies with gas, analysts say. The floating LNG platform will be built in South Korea by a consortium led by Samsung Heavy. The group includes France’s Technip and Japan’s JGC. Partners in the field development include China National Petroleum Co (CNPC), Korea Gas Corp (Kogas) and Mozambique''s state-run Empresa Nacional de Hidrocarbonetos (ENH). U.S. energy major Exxon Mobil Corp agreed this year to pay Eni $2.8 billion for a 25 percent stake in its huge Area 4 concession off the coast of Mozambique, which includes the Coral South field. U.S. firm Anadarko is planning a separate onshore LNG project in northern Mozambique. Eni said project finance would fund 60 percent of the cost of building the floating LNG facility, while the financing agreement has been subscribed by 15 major international banks and guaranteed by five export credit agencies. Eni’s long-delayed final investment decision will be a relief for the Mozambican government following a high-profile debt scandal that emerged last year. The International Monetary Fund and Western donors cut budget support when $2 billion in hidden loans were exposed, plunging the country into economic crisis. LNG exports are seen as the only likely long-term solution to the country’s deep financial problems. "This is really good news for the government of Mozambique," said Alasdair Reid, Africa expert at energy consultancy Wood Mackenzie. "It demonstrates that, despite ongoing credit issues, there is still enough belief in the investment climate for partners to raise finance and move projects forward." (Writing by Nqobile Dludla and Joe Brock; Editing by Edmund Blair)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/eni-mozambique-idUSL8N1IY5XS'|'2017-06-02T03:25:00.000+03:00'
'b4d19e412d17eaaa1a25746f36f62e5e7bb23f78'|'JGBs steady on firm 10-year auction, higher stocks cap rise'|'TOKYO, June 1 Japanese government bond prices were mostly steady on Thursday, supported by a firm 10-year auction, but confined to a tight range as Tokyo stocks were on track to rise for the first time in five days.The benchmark 10-year JGB yield was unchanged at 0.040 percent. June 10-year JGB futures inched up 0.03 points to 150.70, drawing early support from an overnight rise by U.S. Treasuries.The bid-to-cover ratio, a gauge of demand, at Thursday''s 2.3 trillion yen ($20.73 billion) 10-year sale remained at a relatively high 3.64, from 3.76 at the previous auction in May.Analysts said the new 10-year sale attracted sufficient demand with yields on the maturities hovering around 0.05 percent, which has served as a ceiling since early April.Japan''s Nikkei rose more than 1 percent, buoyed by upbeat news of Japanese companies'' growing capital expenditure as well as the dollar''s ascent from overnight lows against the yen.Long-dated U.S. Treasury yields touched their lowest in more than five weeks on month-end buying and U.S. housing data that fanned doubts that the Federal Reserve would raise interest rates again in 2017 beyond June.($1 = 110.9400 yen) (Reporting by the Tokyo markets team; Editing by Sherry Jacob-Phillips)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/japan-bonds-idINL3N1IY26X'|'2017-06-01T03:07:00.000+03:00'
'cb1470b3df526dff3da20b1e0e7fb751554824e2'|'Net1 caps investment in South Africa''s Cell C at 15 percent stake'|'JOHANNESBURG, June 1 Net1 UEPS Technologies will invest 2 billion rand ($153 million) for a 15 percent stake in debt-ridden South African mobile operator Cell C, scaling back its commitment in the original deal to take over the company.Net1, a payments company with extensive operations in emerging markets, is part of a group led by Blue Label Telecoms , an airtime distributor, working to cut Cell C''s debt to 6 billion rand from around 20 billion.Net1 has however dropped its plan to take a stake in Blue Label as part of the deal.Cell C, the number three mobile operator in Africa''s most advanced economy, has struggled the past decade to compete in a mature market where Vodacom and MTN hold sway."Net1 and Blue Label have agreed that Net1 shall confine its investment to a total amount of 2.0 billion rand, which will be invested into Cell C," Blue Label said in a statement.Net1 will no longer subscribe for the Blue Label shares, both companies said in separate statements.Net1 had previously said it would buy 2 billion rand worth of Blue Label shares and pay a further 2 billion rand for a 15 percent stake in Cell C.The airtime distributor said it has signed agreements with other investors to take Net1''s place and subscribe for 2 billion rand worth of Blue Label shares.Blue Label said last year it would pay 5.5 billion rand for a 45 percent holding in Cell C, a company founded in 2001 by Saudi Arabia''s Oger Telecom and former director Zwelakhe Mankazana. ($1 = 13.0715 rand) (Reporting by TJ Strydom; Editing by Keith Weir)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/cellc-ma-net-1-ueps-tech-blue-label-idUSL8N1IY11D'|'2017-06-01T16:14:00.000+03:00'
'b991172cecc3d5d1b883c47c1aba1c7aaa7738b2'|'SoftBank invests in industrial software firm OSIsoft'|'By Liana B. Baker - SAN FRANCISCO SAN FRANCISCO SoftBank Group Corp said on Wednesday it was taking a significant minority stake in OSIsoft LLC, a privately held maker of industrial software used to manage plants and factories.The world''s largest industrial companies, from General Electric Co to Siemens AG, have been incorporating more software into their manufacturing to cut costs and improve their supply chains.SoftBank is buying out venture capital investors Kleiner Perkins Caufield & Byers, TCV and Tola Capital, it said in a statement. Japan''s Mitsui & Co will remain an investor.The investment is in the "high hundreds of millions" and values OSIsoft at several billion dollars, people familiar with the matter said on condition of anonymity because of the confidential terms.SoftBank and OSIsoft declined to comment on the deal''s valuation. But OSIsoft Chief Executive and founder Pat Kennedy said in a telephone interview that the company generates about $400 million in sales per year.The investment is likely to be offered to SoftBank''s new $93 billion Vision Fund, the world''s largest private equity fund, with backers such as Saudi Arabia''s main sovereign wealth fund and Abu Dhabi''s Mubadala Investment, one of the sources said.Founded in 1980, OSIsoft makes software that captures data from machines, including ships, chemical boilers and power plants, in industries such as oil and gas, utilities, mining, pulp and paper and water.OSIsoft is a major software developer for the so-called "industrial Internet of Things," or a network of devices, vehicles and building sensors that collect and exchange data. That market could reach $120 billion by 2021, said Jake Reynolds, a general partner at investment firm TCV.SoftBank founder and CEO Masayoshi Son has stated the Internet of Things was one his main investment themes and key to the company''s $32 billion acquisition of semiconductor company ARM Holdings last year."When I met Masa," Kennedy said, "he immediately brought up ARM and wanted to see how all the companies in his portfolio can work together."Kennedy added that OSIsoft wanted to work with another SoftBank-owned company, Sprint Corp to expand into telecommunications.The industrial software sector has undergone several mergers in recent years. Plex Systems Inc, a privately held U.S. maker of software used to run manufacturing plants, is exploring a potential sale.Last year, General Electric acquired ServiceMax, which monitors devices for maintenance and other services, for $915 million, while Roper Technologies bought software maker Deltek for $2.8 billion.(This version of the story corrects SoftBank Vision Fund size to $93 billion in paragraph 6 from $94 billion)(Reporting by Liana B. Baker in San Francisco; Editing by Richard Chang)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-softbank-funding-osisoft-idINKBN18S3G9'|'2017-05-31T22:50:00.000+03:00'
'91749d3c2b99c869bf88a93ae11d914f2ee0ae35'|'Malaysia''s RHB, AmBank in merger talks to form bank worth $9 billion'|'By A. Ananthalakshmi - KUALA LUMPUR KUALA LUMPUR Malaysia''s RHB Bank Bhd ( RHBC.KL ) and AMMB Holdings Bhd (AmBank) ( AMMB.KL ) said they will begin merger talks, in what could be the Southeast Asian nation''s biggest banking deal and create a group worth about $9 billion at current prices.The banks have received the nod from the Malaysian central bank to commence the merger negotiations, they said in a joint statement on Thursday. The transaction is expected to be an all-share deal and the two banks have until Aug. 30 to exclusively discuss a deal, they said.The potential merger would reinforce RHB''s ranking as the fourth largest Malaysian bank by assets behind Maybank ( MBBM.KL ), CIMB Group Holdings ( CIMB.KL ) and Public Bank ( PUBM.KL ). AmBank is currently the country''s sixth biggest bank.Source told Reuters on Wednesday that RHB would be the acquirer in the potential merger. AmBank has a market capitalization of 15.7 billion ringgit ($3.66 billion), while RHB has a market value of about $5.0 billion.A full takeover at those price levels by RHB would put it above the 2006 acquisition of Southern Bank by Bumiputra-Commerce Holdings for $1.74 billion, making it the biggest Malaysian banking deal, according to Thomson Reuters data. Bumiputra-Commerce eventually became the current CIMB Group after a series of mergers and a rebranding exercise.Trading in shares of RHB and AmBank were suspended, ahead of the announcement.In a research note ahead of the merger announcement, UOB Kay Hian analyst Keith Wee Teck Keong said RHB''s shares are likely to react negatively to the announcement as the revenue synergies between the two groups are not compelling."We opine that such a merger would require a fair degree of cost rationalization given the degree of operational and revenue duplication between AMMB and RHB," he said.ANZ Banking Group ( ANZ.AX ), which owns a 24 percent stake in AmBank, has been weighing a sale of its stake since early last year, partly due to AmBank''s involvement in a political scandal linked to state fund 1Malaysia Development Berhad and Prime Minister Najib Razak, sources have said.Najib has been buffeted by allegations of graft and financial mismanagement at 1MDB and in particular by revelations of the transfer of hundreds of millions of dollars into his AmBank accounts in 2013.Najib has denied any wrongdoing and said he did not take any money for personal gain. 1MDB is the subject of money laundering investigations in at least six countries, including the United States, Singapore and Switzerland.In 2015, AmBank was slapped with a 53.7 million ringgit fine by the Malaysian central bank for breaching certain financial regulations.(Reporting by A. Ananthalakshmi; Editing by Muralikumar Anantharaman)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-ambank-m-a-rhb-bank-idINKBN18S4BM'|'2017-06-01T07:48:00.000+03:00'
'ef9fceb7ca9d8d1e00b704ef5ebb6f9272c6125c'|'Docking EU funds not the only way to ensure member state compliance - Juncker'|'Money News - Thu Jun 1, 2017 - 5:03pm IST Docking EU funds not the only way to ensure member state compliance - Juncker FILE PHOTO: European Commission President Jean-Claude Juncker chairs a meeting of the EU executive body in Brussels, Belgium May 10, 2017. REUTERS/Francois Lenoir By Michael Nienaber and Thomas Escritt - BERLIN BERLIN European Commission President Jean-Claude Juncker said on Thursday he was against a German proposal to link future EU funds to the condition that member states stick to rule of law principles. With the EU debating reform of the bloc after Britain leaves it, Germany''s government has set out proposals to freeze access to EU funds for countries that fail to meet the EU''s rule of law standards, according to a document seen by Reuters. Asked during a Europe conference in Berlin if he backed the German proposal, Juncker said: "I''m of the opinion that one should not do that." Such a procedure would be "poison for the continent", Juncker said, adding that the European Commission had other ways to make clear that solidarity was not a one-way street. He also said that the most urgent task currently facing the EU was completing the jointly agreed capital market and banking union by 2019 and that deepening euro zone cooperation should come later. "I think we should not focus excessively now on deepening the monetary union," Juncker said, adding that proposals presented by the European Commission on Wednesday for a joint budget and a joint finance minister of the euro zone were mainly meant to start a discussion. Before creating new institutions and new roles, the EU member states would have to agree on their exact tasks, he said. "You can''t just put a finance minister out there out of the blue, you also have to clarify what he should do," Juncker said. Juncker repeated that Europe had to make clear to the United States that quitting the Paris climate agreement was not a straightforward process, adding that fully leaving the deal would take three to four years. U.S. President Donald Trump is expected to announce on Thursday his decision whether to keep the United States in the global pact to fight climate change, as a source close to the matter said he was preparing to pull out of the Paris accord. Juncker said the European Union would have to take the lead role in fighting climate change together with other allies if the United States pulled out. "We then would have to try to find common ground with the Chinese," Juncker said. Speaking at the same event, Germany''s centre-left candidate for chancellor Martin Schulz said that if Trump quit the climate pact, U.S. producers would gain a competitive advantage over their European rivals. The EU would have to respond to market distortions of this kind, he added. "If Mr Trump wants to leave the climate pact, then we must talk openly about trade relations and market distortions," Schulz said, suggesting that backsliding on environmental standards could harm U.S. access to the world''s largest market. Schulz is the centre-left Social Democratic Party''s candidate to succeed Chancellor Angela Merkel in September elections. His party is currently running second in polls behind Merkel''s Christian Democrats. (Reporting by Michael Nienaber and Thomas Escritt; Editing by Catherine Evans)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/germany-eu-juncker-idINKBN18S4WJ'|'2017-06-01T09:33:00.000+03:00'
'ba1a6da5d458399592c621592b94f469af1537e0'|'Barclays makes early African exit with 2.2 billion pound share sale'|'Deals - Thu Jun 1, 2017 - 2:49pm BST Barclays makes early African exit with $2.8 billion share sale A Barclays bank building is seen at Canary Wharf in London, Britain May 17, 2017. REUTERS/Stefan Wermuth By Anjuli Davies and Tiisetso Motsoeneng - LONDON/JOHANNESBURG LONDON/JOHANNESBURG Barclays ( BARC.L ) cut its stake in Barclays Africa Group ( BGAJ.J ) to 15 percent sooner than expected on Thursday, ending more than 90 years as a major presence in the continent. The British bank, which under Chief Executive Jes Staley is firmly focused on Britain and the United States, said it was selling 2.2 billion pounds ($2.83 billion) worth of shares in its African business due to strong investor demand. Barclays had said on Wednesday it would sell shares worth 1.5 billion pounds in its second rapid share sale since saying it would largely get out of Africa. The bigger figure lifted shares in Barclays, which is partly relying on the funds to meet capital requirements identified as a concern by the Bank of England. At 1216 GMT, the shares were up 0.2 percent, while Barclays Africa was up 4.6 percent. Barclays said that once the business is deconsolidated from its accounts, the sale should eventually boost its core capital ratio by 73 basis points, although it will lead to an initial 1.2 billion pound loss. Ian Gordon, an analyst at Investec, called the deal "utterly transformational" for Barclays'' capital position, which in turn offered opportunities for earning enhancement. OWN DESTINY The split hands full control of Barclays Africa to its chief executive Maria Ramos. The bank operates across Kenya, Botswana, Tanzania and Ghana, and is one of South Africa''s ''big four'' along with Standard Bank ( SBKJ.J ), Nedbank ( NEDJ.J ) and FirstRand and Ramos now has to steer it through a tough economic and political environment, with no support from its deep pocketed parent. South Africa, Africa''s most industrialized economy, lost its highly prized investment grade sovereign credit ratings in April, causing knock on downgrades to its banks. But Ramos, who dealt with the fall out from global financial crisis when she took over at Barclays Africa in 2009, said the share sale, South Africa''s biggest ever rand denominated bookbuild, was "substantially oversubscribed". "This not because we''re nice people, although we''d like to believe we are, but testament to the quality of our franchise," Ramos told a news conference. Ramos, ranked 20th in Fortune Magazine''s 50 most powerful women outside the United States list for 2016, said she had no immediate plans to expand beyond the bank''s current footprint. U.S., BRITAIN FOCUS Barclays first announced in March 2016 that it would sell most of its 62.3 pct stake in Barclays Africa over two to three years. Its sold 12.2 percent in May 2016, but had since been hindered by regulatory delays and political upheaval. Since taking over 18 months ago, Staley has scaled back the bank''s geographic footprint and emphasized investment banking, although his attempts to revitalize this have been clouded by U.S. and British investigations. Staley has also faced investor criticism following his attempts to unmask a whistleblower, which Barclays insiders fear could unseat him if the findings of inquiries are damning. Barclays faces other regulatory obstacles, with an ongoing probe by Britain''s Serious Fraud Office (SFO) into its 2008 cash call at the height of the financial crisis and allegations by the U.S. Department of Justice (DOJ) over mortgage mis-selling. (Editing by Rachel Armstrong and Alexander Smith)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-barclays-africa-idUKKBN18S3Z2'|'2017-06-01T21:49:00.000+03:00'
'b7d16b86eaf635b843573ded275ef33f4c4d5e93'|'BRIEF-ISS A/S expects a scope reduction with HP Enterprise'|'Market News - Thu Jun 1, 2017 - 2:42am EDT BRIEF-ISS A/S expects a scope reduction with HP Enterprise June 1 ISS A/S: * SAID ON WEDNESDAY LOOSES SERVICE CONTRACT WITH SPIN-OFF AND MERGER COMPANY DXC TECHNOLOGY * FINANCIAL OUTLOOK FOR 2017 REMAINS UNCHANGED * EXPECTS NO MATERIAL IMPACT ON 2017 RESULTS * UNCERTAINTIES ABOUT THE SCOPE OF SERVICES AND THE ASSOCIATED REVENUES THAT ISS WILL RETAIN AS WELL AS THE TIMING OF THE SCOPE REDUCTION '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSL8N1IY0YU'|'2017-06-01T14:42:00.000+03:00'
'34671411352f0732c8402f250472cecea64ef319'|'Japan Display considers deeper restructuring, seeks more funding: Nikkei'|'By Makiko Yamazaki and Naomi Tajitsu - TOKYO TOKYO Japan Display Inc is considering restructuring beyond cutting jobs and consolidating production, a person familiar with the matter said on Wednesday, as its late entry into OLED technology caused loss of business with Apple Inc.Earlier in the day, Japan''s Nikkei business daily reported the firm was looking at capital and business tie-ups, and seeking aid from investment funds including government-led technology venture Innovation Network Corp of Japan (INCJ).Deeper restructuring would come just six months after INCJ agreed to invest up to 75 billion yen ($685 million) in the liquid crystal display (LCD) maker, and five years after INCJ helped form Japan Display from the ailing display units of Sony Corp, Hitachi Ltd and Toshiba Corp.INCJ''s role in rescuing Japan''s struggling tech industry could intensify as it considers buying a stake in the chip business that Toshiba has put up for sale to help cover billions of dollars of cost overruns at its nuclear unit.INVESTMENT DELAYIn a statement on Wednesday, Japan Display said it would delay increasing investment in organic light-emitting diode (OLED) panel maker JOLED Inc pending a new mid-term business plan, which would include Japan Display''s strategy for commercializing the technology for smartphones.An agreement on raising its investment from the current 15 percent would be made by June 2018, the company said, a year later than previous plans for later this month.Japan Display will announce a new medium-term business plan by August, after appointing a new management team at its annual shareholders meeting later this month, the Nikkei reported.Shares in Japan Display ended nearly 10 percent higher following the Nikkei report, which a Japan Display spokesman said was not based on any announcement by the company.The Reuters source was not authorized to speak with media on the matter and so declined to be identified.OLED DELAYLate last year, Japan Display said it would cut 30 percent of its workforce, and it has also been consolidating production.The company has posted three consecutive years of loss in part because of fluctuating demand for Apple''s iPhones, the LCDs of which account for about half of Japan Display''s sales.It forecasts more near-term losses due to falling sales and higher costs at a new factory, while it pours money into OLED.Japan Display was late to start developing OLED panels, which are thinner and more flexible than LCDs and offer higher resolution. It plans to start mass producing them next year. For a graphic of Display technology IMG click tmsnrt.rs/2r44eZ5(Reporting by Makiko Yamazaki and Naomi Tajitsu; Editing by Christian Schmollinger and Christopher Cushing)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-japan-display-overhaul-idINKBN18Y06S'|'2017-06-07T00:26:00.000+03:00'
'7c85e0e5d668e094948c06ffd2f68668dc921b15'|'U.S. Justice Department halts settlements funding out outside groups'|'Wed Jun 7, 2017 - 1:12pm BST Justice Dept. halts settlements funding out outside groups U.S. Attorney General Jeff Sessions addresses the National Law Enforcement Conference on Human Exploitation in Atlanta, Georgia, U.S., June 6, 2017. REUTERS/Chris Aluka Berry WASHINGTON The U.S. Justice Department has barred any legal settlements in federal investigations that include donating funds to community organizations or other third-party groups, rather than to those directly harmed by the wrongdoing or involved in the cases, in a change that could impact banks and other corporations. U.S. Attorney General Jeff Sessions said in a statement released on Wednesday that settlement payments must be directed to victims impacted by the defendants'' actions and then to the federal government. It was the latest action by the Republican Trump administration to end policies from the previous Democratic Obama administration. Such agreements were a feature of several U.S. settlements with banks in the wake of the 2008 financial crisis. Under former President Barack Obama, the Justice Department aimed to hold banks accountable for shoddy securities that contributed to the U.S. housing market collapse. From 2013 to 2016, the department reached $46 billion in settlements with U.S. banks that in part directed funds to approved housing aid and other related groups. In Obama''s final weeks in office, the department sued Barclays PLC ( BARC.L ) over similar claims. "In recent years the Department of Justice has sometimes required or encouraged defendants to make these payments to third parties as a condition of settlement," Sessions said in the statement. "We are ending this practice and ensuring that settlement funds are only used to compensate victims, redress harm, and punish and deter unlawful conduct." The change could impact other banks still under federal investigation over mortgage issues such as Credit Suisse Group AG ( CSGN.S ), Royal Bank of Scotland Group PLC ( RBS.L ), Wells Fargo & Co ( WFC.N ), UBS Group AG ( UBSG.S ) and HSBC ( HSBA.L ). Representatives for the banks could not be immediately reached for comment. Sessions, in a one-page memo dated on Monday, told the nation''s 94 U.S. attorney generals they could not make any agreements in civil or criminal cases "that directs or provides for a payment or loan to any non-governmental person or entity that is not a party to the dispute." Sessions cited three exceptions to the new policy: payments or loans that directly aim to address harm such as to the environment or official corruption; legal or other professional services from the case; and restitution, forfeiture and other payments required by law. While the new policy affects future deals, it would have impacted cases like the Environmental Protection Agency''s diesel emissions settlement with Volkswagen AG ( VOWG_p.DE ) that required the German automaker to invest $2 billion in zero emission vehicle efforts over 10 years. (Reporting by Karen Freifeld; additional reporting by David Shepardson; Writng by Susan Heavey; Editing by Chizu Nomiyama)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-usa-justice-settlements-idUKKBN18Y1L2'|'2017-06-07T20:07:00.000+03:00'
'516b71437644a6493e8bdde99b91c13f8be60021'|'Japan Display considers deeper restructuring, seeks more funding - Nikkei'|'Business News - Wed Jun 7, 2017 - 3:27am BST Japan Display considers deeper restructuring, seeks more funding - Nikkei FILE PHOTO: Japan Display Inc''s high resolution panel for mobile is displayed at its headquarters in Tokyo, Japan, August 9, 2016. REUTERS/Kim Kyung-Hoon/File Photo TOKYO Japan Display Inc is considering deeper restructuring than first planned and has asked a state-backed fund for help after losing business with Apple Inc due to its late entry into OLED technology, the Nikkei business daily reported. Shares in the company climbed 12 percent in morning trade. In addition to the Innovation Network Corp of Japan (INCJ), a government-led technology venture which extended the panel maker a lifeline last year, it has also approached other investment funds and is looking at capital and business tie-ups, the newspaper said. It added that Japan Display will appoint a new management team at its annual shareholders meeting later this month, and announce a new medium-term business plan by August. A Japan Display spokesman said that the report was not based on any announcement by the company. Japan Display has posted three straight years of losses, hurt by fluctuating demand for Apple''s iPhones. The company was created in 2012 by INCJ, combining the display units of Hitachi Ltd, Sony Corp and Toshiba Corp as a way of rescuing the country''s teetering tech industry. INCJ agreed in December agreed to provide up to 75 billion yen (531 million pounds) to help the company. (Reporting by Naomi Tajitsu; Editing by Edwina Gibbs) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-japan-display-overhaul-idUKKBN18Y06W'|'2017-06-07T10:27:00.000+03:00'
'0f1d4472b61d5265e68a812068bf9403efbaeca0'|'China''s HNA to tap M&A brake after $50 bln deal splurge - Reuters'|'* HNA acquisition pace to slow this year* More than $50 billion in deals since 2015* Some group companies wrestling with pace of growth* Focus on key sectors, including financial services* Over 50 pct of revenue, 30 pct of assets outside ChinaBy Matthew MillerBEIJING, June 5 After two years of aggressive deal-making - from buying stakes in Deutsche Bank and Hilton Worldwide Holdings Inc to taking over electronics distributor Ingram Micro - Chinese conglomerate HNA Group intends to slow the pace, or at least the size, of its acquisitions overseas.A sprawling aviation-to-financial services group, HNA has emerged as China''s most active non-government player in global markets, with deals worth more than $50 billion - equal to the annual GDP of Bulgaria."This year, the merger and acquisition pace will slow a little for sure," Adam Tan, HNA Group CEO, told Reuters in a rare media interview.Political uncertainty in the United States and Europe - such as the upcoming negotiations on Britain''s departure from the European Union - and China''s broad crackdown on capital flight from the country, have changed the climate for HNA''s unbridled growth."It''s a bit more complicated than before," Tan said by phone from New York late last week.Tensions between China and the United States are the biggest risk, said Tan, who received an MBA from St. John''s University in New York and studied at Harvard Business School.His comments come amid increasing debate about the United States expanding its vetting process on foreign investment, and tensions over its trade deficit."This is a critical relationship," Tan said. "No good can come from fighting. We can disagree, we can talk, we can negotiate - that''s a family issue. We''re not enemies."For HNA, which has accumulated assets even as other Chinese companies find it more difficult to acquire overseas, any pivot in strategy may bring the group more into line with government policy aimed at reducing the amount of money leaving China. It would also give it more opportunity to digest and rationalize the assets it has bought using often complex bank borrowing and debt arrangements.Tan spoke to Reuters at a time when HNA''s financing and ownership structure has come under intense scrutiny.In three years, the group has more than quadrupled its assets, to 1.2 trillion yuan ($176.12 billion) at the end of last year from 266 billion yuan at the end of 2013."The scope of their ambition, the speed of these acquisitions, the enormity of the credit resources at their disposal has put HNA in a different league, where the normal rules of business don''t seem to apply," said William Kirby, a professor at Harvard Business School who has authored a case study on the group.WET MARKETFuelling HNA''s expansion has been the ambition of its founding Chairman Chen Feng, at the cost of rising debt.The group had around $89 billion in credit lines from domestic banks at the end of May. Separately, the group and its subsidiaries have issued more than $10 billion in outstanding onshore and offshore debt.Chen, a former aviation official, told Reuters in 2015 that the global financial crisis had left many assets undervalued, and the way to growth was through deals. It was, he said then, like the wet market: "You see so many fresh vegetables, you eat here, pick this and that."HNA''s top backers include China Development Bank, whose Hainan office in 2012 provided the group with a 100 billion-yuan line of credit, along with other Chinese state-owned lenders.After two significant HNA acquisitions closed in the first quarter of this year, however, some group companies are wrestling with the pace of growth.At Bohai Capital, a subsidiary responsible for HNA''s leasing assets, loans and bonds outstanding at end-March totalled 232.62 billion yuan - more than 600 percent of net assets.HNA says it currently has debts totalling 710 billion yuan.Launched in 1993 as a fledgling airline in partnership with the Hainan provincial government, HNA today comprises a tangled cross-shareholding web of more than 400 companies, including over a dozen listed on the stock market.The group remains heavily tied to aviation, holding a key stake in Hainan Airlines, China''s fourth-biggest carrier, and helps operate another 18 airlines, including U.S. business aviation firm Deer Jet and Paris-based Aigle Azur. It also owns a substantial airports and airport servicing business, and Avolon, another subsidiary, is one of the world''s leading aircraft operators, with a fleet of 850 planes.SLOWING, NOT STOPPINGHNA won''t, though, stop making offshore acquisitions entirely. International assets are better priced, compared to Chinese domestic assets, and low-cost capital is still available, Tan said.He refuted any notion that HNA''s deal-making flurry exposed an absence of strategic focus. HNA, he said, is scouting for "undervalued assets".So far this year, it has announced equity and asset acquisitions of more than $12 billion, indicating it will remain active in key sectors, including financial services.Earning over half its revenues with more than 30 percent of its assets offshore, HNA is big enough to undertake transactions outside China utilizing offshore structures, Tan said.It has utilised increasingly complicated leveraged finance and foreign currency credit facilities, raising over $17 billion in loans over the last four years to complete global deals, according to Thomson LPC data."Our own cash flow, our own standalone credibility outside China is big enough to support this merger and acquisition (activity)," said Tan, who noted HNA''s debt-to-asset ratio dipped to below 60 percent at the end of December. A year earlier, it was around 75 percent. ($1 = 6.8135 Chinese yuan renminbi)(Reporting by Matthew Miller, with additional reporting by Umesh Desai in Hong Kong; Editing by Clara Ferreira-Marques and Ian Geoghegan)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/hna-group-strategy-idINL3N1IZ26D'|'2017-06-04T21:00:00.000+03:00'
'bf7bf81803a600e6d6e34e869e225500c4f7b1e1'|'Veritas buys Send Word Now, creates new emergency messaging company'|'By Liana B. Baker - SAN FRANCISCO SAN FRANCISCO Emergency Communications Network (ECN), whose product CodeRED can reach millions of people in minutes during an emergency, has acquired competitor Send Word Now, the companies said on Monday.Large corporations and government agencies are increasingly looking for faster ways to get the word out about emergencies, so they can minimize the danger to their employees when an active shooter, terrorism or a natural disaster strike.Veritas Capital, which bought ECN in 2015, has merged the two firms to create a new company, OnSolve, that will aim to take on publicly traded market leader Everbridge Inc ( EVBG.O ).Everbridge went public last fall and has forecast $100 million in annual revenue this year.OnSolve chief executive Wain Kellum said in an interview that his company is targeting $250 million in annual revenue in the next four to five years.Kellum said that the company''s software, which provides real time emergency notifications designed to allow people to confirm they received the messages and respond, "can mean the difference between life and death", and reduces costs and damages to its customers.The Emergency Mass Notification Services (EMNS) market was $2.2 billion at the end of 2015 and is expected to expand to $4.9 billion by 2020, according to research firm Frost & Sullivan.Terms of the transaction were undisclosed. A source familiar with the matter who could not be named because the details of the deal were private, said that New Jersey-based Send Word Now was valued in the "low hundreds of millions" and the deal about doubles the size of ECN.Send Word Now was started in 2001 after its founders felt there was a need for better crisis communications following the terrorist attacks on September 11, 2001.Veritas acquired ECN in June 2015 for an undisclosed sum from private equity firm, the Riverside Company.(Reporting by Liana B. Baker in San Francisco; Editing by Muralikumar Anantharaman)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-sendwordnow-m-a-veritas-idINKBN18W1KI'|'2017-06-05T10:04:00.000+03:00'
'fcb65a489f2bcabdec9d86f22b7d6fcc6fb6e60f'|'Blackstone offers to buy Finnish real estate firm Sponda for $2 billion'|'By Tuomas Forsell and Jussi Rosendahl - HELSINKI HELSINKI U.S. private equity group Blackstone Group ( BX.N ) said on Monday it had offered to buy all shares in Finnish real estate investment company Sponda ( SDA1V.HE ) for about 1.8 billion euros ($2.0 billion) as it seeks to expand its real estate business in the Nordic region.The cash offer, 5.19 euros per share, represents a premium of 20.7 percent compared to Sponda''s last closing price.Sponda''s properties, which include office and retail spaces in Finland''s largest cities, were valued at about 3.8 billion euros in March."Our proposed acquisition represents another step in Blackstone''s long-standing strategy of investing in high quality real estate assets and businesses across the Nordic region," James Seppala, Blackstone''s head of European real estate said in a statement.Shares in Sponda jumped to trade at 5.195 by 1008 GMT (5:08 a.m. ET).A move by an international player into Finland''s real estate sector had been expected for some time, analysts said."Due to Finland''s weak economic situation over the past years, this stock has been trading at a discount, and it seems that the owners did not believe it could trade at a premium any time soon," said analyst Matias Rautionmaa from OP Equities."For Blackstone, this firm offers good cash flow and yield that they can distribute to owners."Sponda''s board unanimously recommended that shareholders to accept the offer. Sponda''s largest owners include Finnish-Swedish foundations and Finnish pension fund Varma.Swedish real estate fund manager Areim AB will be a co-investor in the bid. It declined to comment on the share of the ownership it would take.Blackstone on Friday agreed to sell European warehouse firm Logicor to China Investment Corporation for more than 12 billion euros in the biggest ever private equity real estate deal in Europe.Goldman Sachs and Nordea advised Blackstone and UBS advised Sponda on the deal.Sponda was founded by the Bank of Finland during the country''s banking crisis in 1991 when it took over assets from SKOP bank.(Editing by Jason Neely)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-sponda-m-a-blackstone-idINKBN18W0NX'|'2017-06-05T04:51:00.000+03:00'
'933ba5362231a2d1d4635a74862ac22f0fad3663'|'Exclusive: SoftBank to let OneWeb-Intelsat merger collapse - sources'|'Technology News - Thu Jun 1, 2017 - 2:55am BST Exclusive: SoftBank to let OneWeb-Intelsat merger collapse - sources FILE PHOTO - People walk behind the logo of SoftBank Corp in Tokyo December 18, 2014. REUTERS/Toru Hanai/File Photo By Jessica DiNapoli and Liana B. Baker Japan''s SoftBank Group Corp will let the $14 billion merger between its satellite startup OneWeb and peer Intelsat SA fall through, after failing to get enough of Intelsat creditors to back it, people familiar with the matter said on Wednesday. The collapse of the merger represents a rare blow to SoftBank Chief Executive Officer Masayoshi Son, a prolific dealmaker who put together a complex transaction for debt-laden Intelsat that hinged on creditors accepting a discount for their bonds. Negotiations ended on Wednesday between Intelsat and its creditors without a deal, ahead of midnight deadline for the latter to accept a debt swap, three sources said. While OneWeb and Intelsat have already extended the tender offer period for the creditors three times, and also sweetened their offer to them, there will be no more extensions, the sources added. OneWeb and Intelsat can terminate their merger as early as Friday. The sources cautioned that it was always possible that some creditors would make a last-ditch effort on Thursday to save the deal. SoftBank, OneWeb and Intelsat declined to comment. For Intelsat, a satellite pioneer which broadcast Neil Armstrong''s moon walk, a deal with OneWeb offered an opportunity to merge with a fast-growing start-up and slash its $14 billion debtload. A combined OneWeb and Intelsat would have eventually created a combined network of hundreds or even thousands of satellites in high and low altitudes to help provide internet access worldwide. However, Intelsat bondholders pushed back against a proposal for the company''s equity holders, including private equity firm BC Partners Ltd, to receive a recovery while they are offered less than their full face value for their debt. But Intelsat''s equity holders have not been willing to accept less than the $4.75 per share OneWeb offered. SoftBank in May bumped its offer for Intelsat in an effort to bring bondholders on board. It decreased the discount the holders would have to accept to $2.85 billion from $3.6 billion. While the collapse of the deal is a setback for OneWeb''s expansion plans, SoftBank''s investment thesis was always predicated on the standalone prospects of OneWeb, rather than an acquisition. SoftBank has already been in contact with other satellite companies that could be merger partners for OneWeb, sources have previously said. (Reporting by Jessica DiNapoli in New York and Liana B. Baker in San Francisco; Editing by Lisa Shumaker) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-intelsat-m-a-oneweb-exclusive-idUKKBN18S3LP'|'2017-06-01T09:52:00.000+03:00'
'6f2137cd4de651f6d2e43dc66feba2f5a3d43f39'|'PPG ends quest to buy Akzo Nobel for at least six months'|'By Toby Sterling - AMSTERDAM AMSTERDAM U.S. paints and coatings maker PPG Industries ( PPG.N ) has dropped its attempt to buy Dutch rival Akzo Nobel ( AKZO.AS ) in a 26.3 billion euro ($29.5 billion) deal, stung by repeated rejections from the company, legal defeats and hostility from Dutch politicians.Although it has retained its independence, Akzo must make good on promises it made to appease shareholders unhappy after it refused to enter talks with Pittsburgh-based PPG.Once PPG''s interest became known in March, Akzo set higher performance targets, promised 1.6 billion euros in extra dividends and unveiled plans to sell or float a chemicals subsidiary, which represents a third of company sales and profits.Akzo Nobel shares traded down 0.2 percent at 74.34 euros at 1310 GMT (9:10 a.m. ET) -- far below the figure of around 95 euros per share that PPG''s final cash and share proposal in April represented.PPG called off its pursuit on Thursday after almost three months."We believe it is in the best interests of PPG and its shareholders to withdraw our proposal to AkzoNobel at this time," PPG CEO Michael McGarry said in a statement.PPG may not approach Akzo again during a six month cooling-off period.In arguing against a PPG takeover, Akzo said it would be bad for employees, that the companies'' cultures did not mesh, and that a deal would face antitrust risks.The timing did not help PPG, coming a week before national elections on March 15. With concerns over the impact on Dutch jobs, Economic Affairs Minister Henk Kamp branded a takeover as "not in the national interest."NEED FOR GROWTHAkzo CEO Ton Buechner said on Thursday he believes the company''s new strategy will lead to a "step change in growth and long-term value creation for our shareholders and all other stakeholders."He said the company was committed to "an open and constructive dialogue with our shareholders and all other stakeholders."That follows a court ruling on Monday in which a judge ordered the company to communicate better with its shareholders, without specifying how.A group of institutional shareholders representing about 18 percent of the company''s investor base and led by hedge fund Elliott Advisors lost a bid at the Amsterdam Enterprise Chamber on Monday to force Akzo''s boards to engage in talks with PPG.Elliott declined comment on Thursday.Henderson Global, which holds a 0.77 percent stake in Akzo and had urged the company to engage in talks, said the result was "sadly all too predictable.""The small gene pool continues to do its worst on Dutch supervisory boards," said John Bennett, head of European equities. "The Dutch discount is here to stay".Investors often say that Dutch companies appear cheap, but that they trade at a discount to peers because many have poison pill defenses that lessen the possibility of a hostile takeover.Michael Wegener, Managing Partner at Case Equity Partners, who had invested around 6 percent of his fund in Akzo shares after PPG''s interest became known in March, said he is now carefully considering next steps.Akzo shares stood at 64.42 on March 8 before news of an approach broke."The share price is holding up astonishingly well," said Wegener.DUTCH NATIONALISMThe PPG approach may lead to more overt government influence over takeover battles.CEO Buechner argued in interviews that Dutch multinationals were part of the country''s vital infrastructure, as they account for a disproportionate amount of R&D spending.Since then the cabinet has proposed a law that would give listed Dutch companies a one-year period in which managers may decline to engage in talks with a prospective foreign buyer, with no need to justify themselves to shareholders.A parliamentary commission was meeting later Thursday to hear that plan and other ideas, including the creation of a government panel with the power to block unwanted foreign takeovers.Akzo was advised by Lazard, HSBC, and law firm De Brauw, among others. PPG was advised by Goldman Sachs and Allen & Overy.(This story was refiled to fix spelling of Allen & Overy in final paragraph)(Reporting by Toby Sterling, Bart Meijer and Maiya Keidan.; Editing by David Goodman/Keith Weir)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-akzo-m-a-ppg-inds-bid-idINKBN18S4I2'|'2017-06-01T07:59:00.000+03:00'
'c1eda1d77e0df15c25d08b2be80612711afbb2c8'|'Uber''s finance head leaves; company''s quarterly loss narrows'|'Business News - Thu Jun 1, 2017 - 4:47pm BST Uber''s finance head leaves; company''s quarterly loss narrows By Subrat Patnaik Uber Technologies Inc said its head of finance is leaving, and the privately held ride-hailing company also said that its first-quarter loss narrowed substantially from the prior quarter, putting it on a path toward profitability. Head of finance Gautam Gupta is leaving in July to join another startup in San Francisco, the company said, making Gupta the latest high-profile executive to leave Uber. Uber, which has been rocked by several high-level executive departures in the past few months as it grapples with a series of controversies, has been looking for a chief operating officer to help change its now-notorious "bro" culture. Gupta''s exit sets the stage for a second major executive search, now for a chief financial officer who has public company experience. About a dozen top executives have left Uber since February. The company on Tuesday fired the technology whiz it had hired to lead its self-driving unit, Anthony Levandowski, after he failed to comply with a court order to hand over documents at the centre of a legal dispute between Uber and Alphabet Inc''s Waymo unit. Uber on Wednesday said its net loss in the first quarter, excluding employee stock compensation and other items, narrowed to $708 million, from $991 million in the fourth quarter. As a private company, Uber does not report its financial results publicly, but at times it has confirmed figures reported in the media. Uber said its first-quarter revenue rose 18 percent to $3.4 billion from the fourth quarter. "The narrowing of our losses in the first quarter puts us on a good trajectory towards profitability," an Uber spokesperson said in an email. The Wall Street Journal first reported the news on Wednesday. ( on.wsj.com/2rcyDHM ) (Reporting by Subrat Patnaik in Bengaluru; Editing by Lisa Shumaker and Leslie Adler) A man arrives at the Uber offices in Queens, New York, U.S., February 2, 2017. REUTERS/Brendan McDermid '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-uber-results-idUKKBN18S3FW'|'2017-06-01T09:49:00.000+03:00'
'00868ed1888bcb5efb088019ee0b212d544525b4'|'Alibaba''s Jack Ma invited to join bid for L''Oreal''s The Body Shop - sources'|'Autos  07pm BST Alibaba''s Jack Ma invited to join bid for L''Oreal''s The Body Shop - sources The logo of British cosmetics and skin care company The Body Shop is seen outside a store in Vienna, Austria, June 4, 2016. REUTERS/Leonhard Foeger By Pamela Barbaglia and Martinne Geller - LONDON LONDON European private equity firm Investindustrial has invited the investment vehicle of Alibaba''s ( BABA.N ) founder Jack Ma to submit a joint bid of more than 800 million euros (700.30 million pounds) for L''Oreal''s ( OREP.PA ) The Body Shop, sources familiar with the matter said on Friday, just days before a deadline for final bids. Hong Kong-based Blue Pool Capital has been asked to team up with Investindustrial and Brazil''s GP Investments ( GPIV33.SA ), one of Latin America''s largest private equity firms, in making a bid for the British-based cosmetics retailer, the sources said. European private equity investor CVC Capital Partners [CVC.UL] is also planning to submit a rival offer ahead of a June 7 deadline for final bids, the sources said, adding that another buyout firm, Advent, has decided to drop out of the contest. L''Oreal has asked prospective bidders to table offers of no less than 800 million euros, said the sources. L''Oreal, Investindustrial, GP Investments, Advent and CVC all declined to comment while no one at Blue Pool Capital was available for comment outside of regular business hours. Investindustrial''s Italian founder Andrea Bonomi told Reuters earlier this month that the buyout firm, which also has investments in luxury carmaker Aston Martin and shoemaker Sergio Rossi, was in the race for The Body Shop. The firm worked with GP Investments on an eventually unsuccessful joint bid for French holiday resorts operator Club Med back in 2014. L''Oreal said in February it was reviewing its strategy for The Body Shop, which it bought for 652 million pounds in 2006. Founded in 1976 by British entrepreneur Anita Roddick, the company was a pioneer in the ethical beauty industry but has since fallen victim to increased competition from newcomers also offering similar products based on natural ingredients and no animal-testing. Last year The Body Shop, which has more than 3,000 stores worldwide, saw its revenue drop 48 percent to 920.8 million euros and its operating profit fall 38 percent to 33.8 million euros. L''Oreal''s advisor, Lazard, was originally hoping for a valuation close to 1 billion euros for the business, but the sources said such a price was challenging given the chain''s recent struggles and poor performance. The Body Shop has also drawn interest from a handful of industry players including Brazilian make-up firm Natura Cosmeticos ( NATU3.SA ), which took part in the initial stages of the auction, the sources said. Natura was not immediately available to comment. (Additional reporting by Dasha Afanasieva in London, Elzio Barreto and Julie Zhu in Hong Kong and Guillermo Parra-Bernal in Sao Paulo; Editing by Greg Mahlich)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-alibaba-thebodyshop-idUKKBN18T2J0'|'2017-06-03T02:07:00.000+03:00'
'a5597706cb0099ce38d81b74a6b8b9b8dfbe5188'|'UPDATE 1-U.S. regulators troubled by diesel fuel found in ETP Rover spill in Ohio'|'U.S. federal energy regulatory commissioners said they were "troubled" that Ohio found signs of diesel fuel in drilling fluid samples near a spill that occurred during Energy Transfer Partners'' construction of the Rover natural gas pipeline.The April spill occurred while drilling under the Tuscarawas River in Ohio and released about 2 million gallons (7.6 million liters) of drilling fluid into a wetland.In its application to build the $4.2 billion pipeline from Pennsylvania to Ontario, ETP told the U.S. Federal Energy Regulatory Commission (FERC) that its drilling fluid would be composed of a "slurry made of nontoxic/non-hazardous bentonite clay and water.""We are troubled by the Tuscarawas River spill and indications that diesel fuel is present in the drilling mud," FERC''s acting Chairman Cheryl LaFleur and Commissioner Colette Honorable said in a joint statement."Going forward, we expect that Rover will act consistently with its commitments ... and will undertake the future actions directed by Commission staff to mitigate the potential impacts caused by any introduction of diesel fuel into its drilling mud, however it might have occurred," the commissioners said.ETP said in an email it was fully cooperating with FERC and the Ohio Environmental Protection Agency, noting "there is no evidence that the source of the hydrocarbons is related to our drilling activity."ETP said it still expects the project to enter service in two phases in late July and Nov. 1.Several energy traders and analysts, however, have said an order by FERC on May 10 order banning ETP from new horizontal directional drilling after the Ohio spill could cause delays.Earlier Thursday before FERC issued its letter, a group of environmental organizations, including the Sierra Club, sent a letter urging the U.S. Army Corps of Engineers to stop construction of the Rover project. The Army Corps, along with FERC and other agencies, was involved in the approval of the pipeline.Rover, once finished, will have the ability to transport 3.25 billion cubic feet per day of gas, enough to supply about 15 million U.S. and Canadian homes.ETP is best known as the operator of the Dakota Access crude pipeline from North Dakota to Illinois, which is opposed by environmentalists and the Standing Rock Sioux tribe. Dakota Access entered service on Thursday.The Ohio EPA, which found the diesel in the drilling fluid, had fined ETP $431,000 in May to resolve numerous water and air pollution violations during construction of Rover, including the wetland spill.(Reporting by Scott DiSavino in New York; Editing by Lisa Shumaker)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-usa-energytransfer-rover-idUSKBN18S6J4'|'2017-06-02T05:18:00.000+03:00'
'2c62375b5d030102211504612d79b607ae6f28c8'|'Russian investors could take part in Saudi Aramco IPO: RIA cites Novak'|'MOSCOW Russian investors could look into the possibility of taking part in the privatization of Saudi Arabia''s oil giant Saudi Aramco, once conditions for the sale are announced, RIA news agency Quote: d Russian Energy Minister Alexander Novak as saying on Friday.The Saudi government plans to list up to 5 percent of Aramco on the Saudi stock exchange in Riyadh, the Tadawul, and on one or more international markets in the second quarter of 2018.(Reporting by Dmitry Solovyov; Writing by Vladimir Soldatkin; Editing by Alexander Winning)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-russia-saudi-aramco-privatisation-idINKBN18T0IU'|'2017-06-02T04:18:00.000+03:00'
'7fbaec73c2ad05f255739269290df0994f4f3f2b'|'Akzo responds to PPG - after the takeover battle ends'|'Deals - Fri Jun 2, 2017 - 3:34pm BST Akzo responds to PPG - after the takeover battle ends FILE PHOTO: AkzoNobel''s logo is seen in Amsterdam, Netherlands, February 16, 2012. REUTERS/Robin van Lonkhuijsen/United Photos/File Photo AMSTERDAM Akzo Nobel( AKZO.AS ), the Dutch paint maker that rejected a 26.3 billion-euro ($29.63 billion) takeover proposal from U.S. rival PPG Industries ( PPG.N ), has sent PPG a letter, seen by Reuters, detailing specific problems it saw with the deal. The letter, dated June 1 and written shortly after PPG formally dropped its pursuit of Akzo, gave specific, quantifiable arguments for the first time in public as to why Akzo had opposed the deal. Many of Akzo Nobel''s shareholders were unhappy with the company''s rejection of PPG''s offer, which as of Thursday represented nearly a 30 percent premium to Akzo''s share price. (Reporting by Toby Sterling; Editing by Greg Mahlich)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-akzo-nobel-m-a-ppg-inds-letter-idUKKBN18T24C'|'2017-06-02T22:27:00.000+03:00'
'47952fd9d05b4e600f903e85ae265d4adfa55445'|'UK construction expands at fastest rate since 2015 - Markit PMI'|'Top News - Fri Jun 2, 2017 - 11:15am BST UK construction expands at fastest rate since 2015 - Markit PMI Construction work is reflected in a canal in London''s Financial centre at Canary Wharf In London, Britain May 24, 2017. REUTERS/Russell Boyce LONDON British construction activity grew at its fastest rate since the end of 2015 last month, as a pick-up in housebuilding helped builders shake off a lacklustre start to the year, a survey showed on Friday. The Markit/CIPS construction purchasing managers'' index (PMI) jumped to 56.0 from 53.1, its highest since December 2015 and above all forecasts in a Reuters poll. "A sustained rebound in residential building provides an encouraging sign that the recent soft patch for property values has not deterred new housing supply," said Tim Moore, an economist at IHS Markit. "Instead, strong labour market conditions, resilient demand and ultra-low mortgage rates appear to have helped boost work." Construction only accounts for about 6 percent of Britain''s economy. But alongside a similar robust manufacturing survey released on Thursday, it adds to signs that the economy may be recovering from near-stagnation at the start of 2017. The picture will become clearer on Monday, when Markit releases its PMI for the much-larger services sector, which is more exposed to slowing consumer spending as households grapple with accelerating inflation. Britain''s opposition Labour Party has highlighted squeezed living standards ahead of a national election due on June 8, though polls still show Prime Minister Theresa May''s Conservatives lead among those most likely to vote. Friday''s report showed housebuilding rising at the fastest rate since December 2015, while commercial construction, such as shops and offices, rose by the most since March last year. Builders hired more workers and ordered more supplies to deal with a faster inflow of new projects last month, Markit said. That contrasts with reports earlier on Wednesday and Thursday of greater caution from banks and homebuyers. Mortgage lender Nationwide reported a third consecutive monthly decline in house prices on Thursday - the longest run of declines since the 2008-2009 recession - and the Bank of England said loan approvals fell to a 7-month low in April. (Reporting by David Milliken, editing by Larry King) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-economy-pmi-idUKKBN18T0ZB'|'2017-06-02T18:15:00.000+03:00'
'54d3e0b34c267ec093828895156552f3ad159271'|'France''s Baccarat to be acquired by Chinese group Fortune Fountain Capital'|'French crystal maker Baccarat ( CDBP.PA ) said on Friday that Chinese investment group Fortune Fountain Capital has signed a commitment to acquire an 88.8 percent stake in the company from U.S investment firms Starwood Capital Group and L Catterton.Under the terms of the agreement Fortune Fountain Capital would pay 222.70 euros per share, valuing the company at around 185 million euros. Baccarat shares closed at 259.90 euros on Thursday."If this transaction takes place, it would enable Baccarat to accelerate its strategic plans internationally, particularly in Asia and the Middle East, while supporting its growth in developed markets," Baccarat said in a statement.On May 19 French daily L''Agefi reported that Starwood Capital, which holds a 66.6 percent stake according to Thomson Reuters data, had put Baccarat up for sale, and was eyeing a valuation of 200 million euros.Starwood has owned Baccarat since 2005 when it bought parent group Taittinger.(Reporting by Alan Charlish in Gdynia; Editing by Michael Perry)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-baccarat-sale-idINKBN18T0H2'|'2017-06-02T03:54:00.000+03:00'
'457701f7d529e53cbd355a97b49e0de5273ddcde'|'EU watchdog fines Moody''s for credit ratings breaches'|'LONDON The European Union''s markets regulator has fined Moody''s ( MCO.N ) 1.24 million euros ($1.4 million) for failing to give investors sufficient information about how ratings on major institutions such as the EU were compiled.The European Securities and Markets Authority (ESMA) said Moody''s German and UK branches "negligently committed two infringements of the Credit Rating Agencies Regulation regarding their public announcement of certain ratings," ESMA said in a statement on Thursday.The failures relate to 19 ratings issued between June 2011 and December 2013 for nine international bodies, including the European Investment Bank, the European Investment Fund, the European Stability Mechanism, the European Financial Stability Facility, and the European Union itself.Moody''s gave too little public information about how the ratings were arrived at, making it harder for investors to check and verify they were sound and reliable, ESMA said, adding that the only public information available was a press release.Moody''s said it acknowledged ESMA''s findings and was pleased that the matter was now closed."None of the findings related to the quality of our ratings or the supranational methodology itself," Moody''s European spokesman Daniel Piels said. "ESMA also recognized that Moody’s took steps in 2013 to ensure that similar infringements did not occur in the future."Moody''s is one of the "Big Three" agencies that dominate the issuance of ratings globally, along with S&P Global ( SPGI.N ) and Fitch Ratings ( LBCP.PA ).ESMA authorizes and supervises credit rating agencies in the EU and it has taken action against ratings agencies three times previously, including a 1.38 million euro fine for Fitch.(Reporting by Huw Jones; editing by David Clarke)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-eu-moody-s-fine-idUSKBN18S480'|'2017-06-01T16:11:00.000+03:00'
'34d0aab6bdb833d680e55ca1668df58fffb646c1'|'China Lodging seals US$500m acquisition loan'|'By Yan Jiang June 1 (IFR) - Nasdaq-listed hotel operator China Lodging Group has signed a debut three-year bullet loan of US$500m to finance its takeover of a domestic peer. The facility, split equally into a term loan and a revolving credit, drew a strong market response. The loan was signed on May 18 before full drawdown on May 24. Deutsche Bank was the sole original mandated lead arranger and bookrunner on the loan, paying a top-level all-in pricing of 210bp, based on an interest margin of 175bp over Libor. On Monday, China Lodging said its Rmb3.65m (US$535m) acquisition of peer Crystal Orange Hotel Holdings was completed on May 25. The two companies announced a definitive agreement on February 27. Beijing-headquartered Crystal Orange is a boutique hotel operator, founded in 2006, with over 100 hotels across China, mainly in big cities. China Lodging had 3,336 hotels, or 335,900 rooms, as of the end of March, with a primary focus on economy and mid-scale hotel segments, it said in the announcement. China Lodging is the borrower and its stake in Crystal Orange is pledged on the loan. Allocations are: US$ (m) Mandated lead arrangers & bookrunners Deutsche Bank 45.0 Bank of China Macau 52.5 ICBC (Asia) 52.5 Bank of China (Hong Kong) 40.0 China Minsheng Banking Corp 40.0 ICBC Macau 40.0 Wing Lung Bank 40.0 Mandated lead arrangers State Bank of India Hong Kong 30.0 CTBC Bank 26.5 Hang Seng Bank 26.5 Korea Development Bank 20.0 KDB Asia 6.5 Lead arranger China Construction Bank (Asia) 26.5 Arrangers Siemens Bank Singapore 15.0 China Merchants Bank Hong Kong 12.0 Taishin International Bank 12.0 Ta Chong Bank Hong Kong 9.0 Chang Hwa Commercial Bank 6.0 Total 500.0 (Reporting by Yan Jiang; editing by Dharsan Singh)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/china-lodging-seals-us500m-acquisition-l-idINL3N1IY20Z'|'2017-06-01T02:19:00.000+03:00'
'6f0dc32b995d577262a11f738ada4977b4c56707'|'BA board members to request inquiry into IT outage - BBC'|'Internet News - Thu Jun 1, 2017 - 3:04am EDT BA board to demand independent inquiry into IT outage: BBC People arrive for the British Airways check-in desk at Gatwick Airport in southern England, Britain, May 28, 2017. REUTERS/Hannah McKay LONDON The board of British Airways is set to demand an independent inquiry into a power outage which left 75,000 passengers stranded last weekend, the BBC reported on Thursday, citing sources. BA suffered a public relations disaster over the holiday weekend when it had to cancel hundreds of flights from London''s Heathrow and Gatwick airports. It blamed the incident on a power failure at a data center near Heathrow and subsequent power surge which knocked out its computer system, disrupting flight operations, call centers and its website. But experts have questioned how a power surge in one location could knock out both a main IT system and a back-up reserve. The BBC said on Thursday members of the BA board would demand an inquiry led by third-party investigators to establish what went wrong and why contingency plans failed to kick in. International Airlines Group which in addition to BA includes Iberia, Aer Lingus and Vueling, has cut costs in recent years to better compete with budget carriers Ryanair and easyJet. It has denied that a decision to outsource some jobs was linked to the outage. A spokeswoman for BA declined to comment on the BBC report. (Reporting by Elisabeth O''Leary and; Kate Holton; editing by Jason Neely) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-britain-airports-ba-idUSKBN18S3ZK'|'2017-06-01T14:19:00.000+03:00'
'c868e3a4283c7ddff06ea4d678871652c5586e76'|'EMERGING MARKETS-Brazil shares track commodities lower, JBS jumps'|'Bonds News - Wed May 31, 2017 - 5:58pm EDT EMERGING MARKETS-Brazil shares track commodities lower, JBS jumps (Updates prices, adds Brazil rate cut, Mexico cenbank GDP forecast) SAO PAULO, May 31 Brazilian and Mexican stocks fell on Wednesday, tracking a decline in commodities prices, while Latin American currencies gained as political tension in Washington broadly weighed on the dollar. Shares of Brazilian iron ore miner Vale SA and state-controlled oil company Petróleo Brasileiro SA fell along with Mexican miner Penoles as world oil prices slipped to a three-week low on higher output. Shares in Brazilian meatpacker JBS SA jumped after its controlling shareholder struck a leniency deal with authorities for its part in a corruption scandal. J&F has been at the center of a political scandal that threatens to topple President Michel Temer and has fueled market volatility in Latin America''s largest economy. After market close, Brazil''s central bank cut interest rates to a more than three-year low but said it was ready to dial down the pace of easing as Temer''s political crisis threatens government efforts to plug a widening fiscal gap. In a widely-expected move, the bank''s monetary policy committee cut its benchmark Selic rate by 100 basis points to 10.25 percent. It was the Selic''s lowest level since January 2014. Most Latin American currencies strengthened earlier as the dollar ended May down with its biggest monthly percentage loss since January amid concerns political scandals will impede the Trump administration''s tax measures. Mexico''s central bank raised its 2017 growth forecast to between 1.5 - 2.5 percent after a stronger-than-expected first quarter, when uncertainty about Trump''s policies hung over the economy. Caution lingered in Mexican markets, however, ahead of Sunday''s state government elections. The leftist party of presidential hopeful Andres Manuel Lopez Obrador was in a photo-finish race to strip control of Mexico''s most populous state from the country''s ruling party, polls showed on Wednesday. Key Latin American stock indexes and currencies at 2110 GMT: Stock indexes daily YTD % % change Latest change MSCI Emerging Markets 1005.33 -0.64 16.59 MSCI LatAm 2532.31 -1.15 8.19 Brazil Bovespa 62711.47 -1.96 4.12 Mexico IPC 48788.44 -0.99 6.89 Chile IPSA 4855.75 -0.93 16.97 Chile IGPA 24354.53 -0.89 17.46 Argentina MerVal 22348.61 0.17 32.10 Colombia IGBC 10678.15 -0.37 5.43 Venezuela IBC 75283.76 0.41 137.45 Currencies daily YTD % % change change Latest Brazil real 3.2357 0.77 0.42 Mexico peso 18.6110 0.51 11.46 Chile peso 672.85 0.29 -0.32 Colombia peso 2915.4 0.02 2.95 Peru sol 3.27 0.37 4.40 Argentina peso (interbank) 16.1000 0.62 -1.40 Argentina peso (parallel) 16.34 0.67 2.94 (Reporting by Bruno Federowski and Michael O''Boyle; Editing by Andrew Hay) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/emerging-markets-latam-idUSL1N1IX1RJ'|'2017-06-01T05:58:00.000+03:00'
'52d3aeabf580ffb526c0ca98897dac961bfbf37a'|'Japan''s Nikkei snaps 4-day losing run on upbeat data, weaker yen'|'Market News - Thu Jun 1, 2017 - 2:08am EDT Japan''s Nikkei snaps 4-day losing run on upbeat data, weaker yen TOKYO, June 1 Japan''s Nikkei share average gained on Thursday, snapping a four-day losing run, lifted by upbeat domestic data and a weaker yen. The Nikkei rose 1.1 percent to 19,860.03. Indicators released on Thursday showed domestic companies picked up the pace of capital expenditures in the January-March quarter, brightening sentiment towards the corporate Japan. The yen posted modest losses against the dollar, as its earlier run to a two-week high against the greenback was met with steady profit-taking. The broader Topix climbed 1.1 percent to 1,586.14 and the JPX-Nikkei Index 400 added 1.2 percent to 14,142.82. (Reporting by the Tokyo markets team; Editing by Gopakumar Warrier) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/japan-stocks-close-idUSL3N1IY2GF'|'2017-06-01T14:08:00.000+03:00'
'52892322848dff73904b28c53df0b77108896099'|'HSBC says shift of jobs to Birmingham on track'|'Top News -  14pm BST HSBC says shift of jobs to Birmingham on track People walk past HSBC''s new UK headquarters which is under construction in Birmingham, Britain March 29, 2017. REUTERS/Darren Staples BIRMINGHAM, England HSBC said it is on track to complete the shift of more than 1,000 jobs to Birmingham after offering a souped-up version of its standard relocation package to entice staff from London. The bank is building an office in Birmingham to house its newly separated high street lender HSBC UK, but British media has reported the project has been delayed because staff were unwilling to move to the city, which is in the heart of the industrial Midlands region. Antonio Simoes, chief executive of HSBC Bank plc, the group''s British arm, acknowledged some problems but said the bank had already filled more than half of the new roles in Birmingham, Britain''s second-biggest city. "We have had some challenges but today we are ahead of where we thought we would be, with around 53 percent of the roles filled," Simoes told Reuters at the new Birmingham office on Thursday. The 10-storey building will formally open in January and reflects a growing trend for financial firms to move jobs away from Britain''s capital due to its pricey property market. HSBC plans to shift 1,040 jobs to Birmingham, mostly from London, by the end of this year and has invested 200 million pounds in the city, including the new building and relocation packages, Simoes said. "We''ve made the standard package more attractive by offering for example support for housing and children''s schooling," he said. The most challenging areas to recruit in have been in marketing and communications, Simoes said, as people in those professions tend to be London-based. Reports last year in British newspapers said that an independent monitor tasked with overseeing the bank criticised the pace of its progress in shifting jobs to Birmingham. The creation of HSBC UK is in response to laws set out in 2013 that require British banks to separate their high street business from investment banking in order to protect savers'' money. HSBC has estimated the total cost of this "ringfencing" project at 1.5 billion-2 billion pounds, including the construction of the new headquarters, moving staff and separating and testing HSBC UK''s IT infrastructure and systems. The bank already had 2,500 staff in Birmingham, which has been one of the main beneficiaries of the financial sector''s shift away from London. Of 2.2 million people employed in financial services jobs in the UK, two thirds now work outside London according to data from industry lobby group TheCityUK. Financial jobs in Birmingham rose by 6.9 percent between 2013 and 2015, the group said. Other large financial employers in the city include Deutsche Bank, which has increased its staff in the city from 35 in 2007 to 1,500. (Reporting By Lawrence White; Editing by Susan Fenton)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-hsbc-birmingham-idUKKBN18S57K'|'2017-06-01T21:14:00.000+03:00'
'1583a00cca7548bfcf26580f71d508267f29eb17'|'Tesla to exchange certain notes for about $395 million in shares'|'Tesla Inc said it entered into agreements with the holders of some of its notes with principal amount of about $144.8 million to exchange 1.16 million of the company''s shares.As of Tesla''s closing price on Wednesday, the shares would be valued at nearly $395 million.The electric luxury carmaker''s shares were marginally higher in premarket trading.(Reporting by Narottam Medhora in Bengaluru; Editing by Arun Koyyur)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-tesla-noteholders-idINKBN18S59A'|'2017-06-01T11:22:00.000+03:00'
'd4717bf5345d5bf8aa56288dd09a344d0f738dda'|'Most of 46.2 million recalled Takata inflators in U.S. not fixed - senator'|'Business   1:33pm BST Most of 46.2 million recalled Takata inflators in U.S. not fixed - senator FILE PHOTO - A recalled Takata airbag inflator is shown in Miami, Florida, U.S. on June 25, 2015. REUTERS/Joe Skipper/File Photo By David Shepardson - WASHINGTON WASHINGTON More than 65 percent of 46.2 million recalled Takata Corp ( 7312.T ) airbag inflators in the United States have not been repaired, a U.S. senator said on Thursday, urging automakers to speed up the pace of repairs. Senator Bill Nelson of Florida said only 15.8 million inflators out of 46.2 million inflators recalled to date have been repaired through mid-May, though nationwide recalls began in 2015. He was citing answers submitted from a National Highway Traffic Safety Administration (NHTSA) independent monitor. About 8.8 million owners had received recall notices, Nelson said, but they were told no replacement parts were currently available. The affected Takata inflators can explode with excessive force, unleashing metal shrapnel inside cars and trucks. They have been blamed for at least 16 deaths and more than 180 injuries worldwide. Inflator recalls began around 2008 and involve around 100 million inflators around the world used in vehicles made by 19 automakers, including Honda Motor Co ( 7267.T ), Ford Motor Co ( F.N ), Volkswagen AG ( VOWG_p.DE ) and Tesla Inc ( TSLA.O ). Last month, four automakers involved in the recalls agreed to a $553 million (£430 million) settlement covering owners of nearly 16 million vehicles with Takata airbag inflators, and agreed to take new steps to encourage owners to get recall repairs made. Toyota Motor Corp’s ( 7203.T ) share of the settlement costs is $278.5 million, followed by BMW AG ( BMWG.DE ) at $131 million, Mazda Motor Co ( 7261.T ) at $76 million and Subaru Corp ( 7270.T ) at $68 million. Nelson noted the administration of President Donald Trump still had not nominated a candidate to lead NHTSA. "We’re in desperate need of a leader who will commit to resolving this Takata mess," Nelson said in a statement. In February, Takata pleaded guilty to U.S. charges of criminal wrongdoing and to pay $1 billion to resolve a federal investigation into its inflators. The majority of the air bag-related fatalities and injuries have occurred in the United States, and most of them in Honda vehicles. Automakers have recalled 46 million Takata air bag inflators in 29 million U.S. vehicles. By 2019, automakers will recall 64 million to 69 million U.S. inflators in 42 million total vehicles, NHTSA said in December. Takata has been searching for more than a year for a financial sponsor to pay the replacement costs for its inflators which are at the centre of the auto industry’s biggest recall. (Editing by Bernadette Baum)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-autos-takata-idUKKBN18S53N'|'2017-06-01T20:33:00.000+03:00'
'9c20c85a8dd3793688b41ec7304b67d82a7cffe1'|'Asia stocks follow Wall Street''s negative lead, sterling slips on election fears'|'Business News - Thu Jun 1, 2017 - 2:37pm BST Italy leads Europe shares up after data highlights recovery left right A trader looks at his screens on the Unicredit Bank trading floor in downtown Milan June 13, 2013. REUTERS/Alessandro Garofalo 1/4 left right FILE PHOTO: A worker at an oil field owned by Bashneft, Bashkortostan, Russia, in this January 28, 2015 file photo. REUTERS/Sergei Karpukhin/Files 2/4 left right People walk through the lobby of the London Stock Exchange in London, Britain August 25, 2015. REUTERS/Suzanne Plunkett/File photo 3/4 left right People walk past an electronic board showing stock prices outside a brokerage at a business district in Tokyo, Japan, January 4, 2017. REUTERS/Kim Kyung-Hoon 4/4 By Nigel Stephenson - LONDON LONDON European stocks rose on Thursday with Italy setting the pace after a big upward revision in first-quarter economic growth, while the dollar rose after forecast-beating U.S. private sector jobs data. Wall Street was expected to open higher, according to index futures ESc1 1YMc1, after the jobs numbers which are likely to feed into the Federal Reserve''s interest rate decision later this month. The pan-European STOXX 600 index edged up 0.3 percent, led higher by industrials and consumer staples companies. Bank shares lagged slightly after two major U.S. lenders, JPMorgan and Bank of America, warned on Wednesday that low market volatility would crimp trading revenue. Italy''s FTSE MIB index .FTMIB was the top gaining national market, up 0.6 percent and fractionally outperforming France''s CAC 40 .FCHI . Italy''s national statistics bureau said strong domestic demand helped the economy grow 0.4 percent in the first quarter, twice as much as indicated by preliminary data issued last month. The euro zone economy as a whole grew 0.5 percent in the period and, in a further sign of recovery, data on Thursday showed manufacturing grew in May at its fastest rate in six years. Stronger euro zone data has helped push the euro higher against the dollar of late, contributing to the U.S. currency''s .DXY worst fortnight since March 2016. However, the greenback rose 0.4 percent on Thursday, hitting session highs after data showed the private sector added 253,000 jobs in May, above economists'' forecasts. The ADP data comes a day before the more comprehensive non-farm payrolls report and a fortnight before the Fed is expected to raise interest rates. Asian shares, as measured by MSCI''s main index of Asia-Pacific shares, excluding Japan .MIAPJ0000PUS rose 0.1 percent, though gains were limited by data showing Chinese factory activity contracted in May for the first time in 11 months. Chinese Shanghai Composite share index .SSEC fell 0.5 percent after a private survey of the manufacturing sector. The findings contrasted with official data on Wednesday that suggested growth remained steady. China''s yuan, however, strengthened beyond 6.8 per dollar for the first time since Nov. 11 after the central bank pushed its reference rate, around which the spot rate can fluctuate, 0.8 percent higher in the second-largest single-day appreciation of the currency since it was de-pegged from the dollar in 2005. Traders said major state-owned banks were selling dollars. "The PBOC has let the yuan bulls loose in the China shop," said Stephen Innes, senior trader at OANDA in Australia, referring to the People''s Bank of China. Spot yuan last stood at 6.8066 per dollar, having strengthened as far as 6.7878 earlier. As recently as May 24, it traded at 6.8949 per dollar. Britain''s pound GBP=D3 , on a rollercoaster ride this week as polls have sent conflicting signals about the outcome of next week''s election, fell 0.2 percent to $1.2866 after another poll showed the Prime Minister Theresa May''s Conservatives just 3 percentage points ahead of the Labour opposition. There was little reaction to Britain''s manufacturing PMI beating forecasts. "This data point is clearly a positive for the UK economy however GBP traders are putting macro releases on the back burner at present, with the twists and turns in the race for upcoming election having a greater impact on the market of late," David Cheetham, markets analyst at broker XTB, said. The euro EUR= was down 0.3 percent at $1.1209, having fallen as low as $1.1201 after the ADP data. The Japanese yen JPY= was down 0.5 percent to 111.32 per dollar. Oil prices initially rose, lifting off Wednesday''s three-week lows, after data showing a big drop in U.S. crude stocks last week, but pared gains as some participants doubted output cuts by OPEC would be enough to rebalance an oversupplied market. Brent crude LCOc1, the international benchmark for the oil market, was down 13 cents at $50.63 a barrel at 1243 GMT (8:43 a.m. ET). President Donald Trump is expected to announce later on Thursday whether he will withdraw the United States from the Paris accord on measures to fight climate change. Phillip Futures'' investment analyst Jonathan Chanes said a U.S. withdrawal would signal Trump''s intention to further roll back emission regulations. "That would favor the use and demand of fossil fuels," Chanes said. For Reuters Live Markets blog on European and UK stock markets see reuters://realtime/verb=Open/url=http://emea1.apps.cp.extranet.thomsonreuters.biz/cms/?pageId=livemarkets (Additional reporting by Nichola Saminather in SINGAPORE, Aaron Sheldrick in TOKYO, Ritvik Carvalho and Christopher Johnson in London; Editing by Tom Heneghan) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-global-markets-idUKKBN18S3IP'|'2017-06-01T09:05:00.000+03:00'
'b3ed4f9a0546b55ee3ed261086e058ba2db8d5c2'|'Russia signs deal to expand Kudankulam nuclear plant'|'Money News - Thu Jun 1, 2017 - 9:55pm IST Russia signs deal to expand Kudankulam nuclear plant A policeman walks on a beach near Kudankulam nuclear power project in the southern Indian state of Tamil Nadu, September 13, 2012. REUTERS/Adnan Abidi/Files ST PETERSBURG, Russia Russia signed an agreement with the Indian government on Thursday to build two new reactors for the Kudankulam nuclear power station in Tamil Nadu and said it would loan India $4.2 billion to help fund construction. President Vladimir Putin says Russia is ready to build a dozen nuclear reactors in India over the next 20 years to back Prime Minister Narendra Modi''s growth strategy for Asia''s third-largest economy, which continues to suffer chronic power shortages. The agreement to build reactors 5 and 6 at Kudankulam was signed in St Petersburg during a meeting between Putin and Modi at an economic forum. It should help cement already close ties between the two countries. Atomstroyexport, a unit of Russian state nuclear corporation Rosatom, will carry out the work, Kremlin documents seen by Reuters showed. Russian Finance Minister Anton Siluanov told reporters the Russian government was lending India $4.2 billion from next year for a 10-year period to help cover construction costs. Separately, in a joint declaration, the two countries said they noted the "wider use of natural gas" which they hailed as an economically efficient and environmentally friendly fuel that would help reduce greenhouse gas emissions and help them fulfil the terms of the Paris climate change accord. (Reporting by Denis Pinchuk; Writing by Vladimir Soldatkin/Andrew Osborn; Editing by Alexander Winning)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/russia-economic-forum-india-nuclear-idINKBN18S5PM'|'2017-06-01T23:46:00.000+03:00'
'64138d80093d6efce0dc97a28c49a90ee55d334c'|'If humans are no longer the smartest creatures on the planet, we can reimagine our lives - Guardian Sustainable Business'|'Thursday 1 June 2017 00.43 BST Last modified on Thursday 1 June 2017 01.09 BST What are you going to do with your life when the machines are better at your job than you are? World Go champion Ke Jie of China has already found out. He just played a best-of-three tournament against an artificial intelligence program called AlphaGo and he lost 3-0. To watch the video of him playing and losing is to be reminded that current debates over automation and the future of work go a lot deeper than the single issue of whether or not robots will take our jobs. The real issue is more likely to be whether or not robots will take our souls. Drones and driverless trucks: can Australian truckies stave off job threat? Read more Reflecting on his loss, Ke Jie noted what he considered to be his human failings . “I was very excited. I could feel my heart bumping,” he said. “Maybe because I was too excited, I made some stupid moves. Maybe that’s the weakest part of human beings.” Maybe. Or maybe the “weakest part of human beings” is that we have separated our emotional capabilities from the work that we do, and we therefore judge our worth on criteria better suited to machines, on inputs and outputs, productivity and growth, on mere calculation, rather than on intrinsic human values. In other words, maybe what we can learn from AlphaGo’s victory is to better understand our place in the grand scheme of things. After Copernicus, we had to accept that the Earth wasn’t the centre of universe. After AlphaGo, we have to accept that we are no longer the smartest creatures on the planet, and maybe this will help us understand what the future of work really is. This is the second time AlphaGo has beaten a highly ranked human opponent, having accounted for the South Korean master Lee Sedol 4-1 in 2016. That was an amazing result but Ke Jie is widely considered to be the best human player in the world and was even thought to have played “perfectly” for a significant portion of all three games: and yet he was still unable to best the computer. The result was enough for most experts to accept AlphaGo had improved enough to be considered unbeatable. It’s also important to note that a computer winning at Go is a much more impressive feat than one winning at chess. In chess, a computer can memorise millions of moves and reliably calculate a path to victory. It is essentially a number-crunching exercise. Beating a Go master is a different order of intelligence. In Go, there are more possible moves than there are atoms in the universe , so number-crunching is not enough: a computer simply cannot memorise every possible Go move, or even a significant fraction of them. The program therefore needs to be able to “think”, to understand the state of play and develop a strategy in order to win. Until recently we could kid ourselves that there was something uniquely human about this type of intelligence, but no more. Is it possible that the rise of ever-smarter machines, those exemplified by AlphaGo, may offer us a way out? This has enormous implications for the future of work. Work, broadly defined, is likely to always be at the centre of human self-worth. We are embodied creatures and we understand ourselves by interacting with our environment physically and mentally. It’s this embodiment that makes us different from machines and why machines will never actually think like us, no matter how smart they get. For humans, it is meaningful to do work of many different kinds and we will always find work to do that we find satisfying and fulfilling. The problem is that work has come to mean “a paid job” and, for most us, that means working for someone else. Under these circumstances, we value “work” less for the improvement to our self-worth it brings us as embodied human beings than for the fact that we have to sell our labour to earn a wage in order to survive. So when economists tell us that we don’t need to worry about robots taking our jobs because technology will create new jobs, they are basically arguing for perpetuation of this status quo, where the few employ the many and where “work” is a paid job. In fact, more than that, they are defining us as mere units of production, inputs into the economy, rather than as embodied beings seeking meaning by interacting with the world around us. But in a world of incredibly smart machines, is this really the best future we can imagine for ourselves? After all, there is nothing intrinsic to human self-worth about selling your labour to the owners of capital. In fact, in many ways it represents the worst of us, an exercise in exploitation, where the few wield power and control over the many. Is it possible that the rise of ever-smarter machines, those exemplified by AlphaGo, may offer us a way out? If we actually let them take over more of the jobs that humans do, might we not be able to find better ways than wages to distribute wealth and free up people to live more meaningful lives? Rather than disrupting our place in the universe, might artificial intelligence help us secure it? Cybersecurity: is the office coffee machine watching you? Read more Look at it this way. Most civilisations are ultimately predicated on slavery because releasing a segment of the population from the constraints of work-to-live is a prerequisite for human progress. The citizens of ancient Greece, for instance, pretty much invented western civilisation, from art to philosophy to democracy, but they were only able to do it because they had slaves to take care of their day-to-day survival. No one is recommending slavery but machine automation may be its functional equivalent. If we could get over our ridiculous work ethic – of equating human worth with selling our labour – and instead see ourselves as something more than employees, as something more than labour inputs into an economy built on consumption and growth, it is entirely possible that artificial intelligence and similar technologies could usher in a new age of human flourishing. This doesn’t mean that our future would necessarily exclude anything we would recognise as a job but it might mean that the terms on which we perform such work is radically altered. Perhaps Go master Ke Jie has already given us a hint as to how we should be thinking. Having lost 3-0 to the machine, he has decided to leave it to its own devices, declaring : “After this time, AlphaGo to me is 100% perfection, to me AlphaGo is the god of the Go game.” He has announced he is going back to playing against people. It’s a very human response but a wise one as well. He isn’t giving up, just recognising there are more important things than trying to compete with a machine; that human worth isn’t determined by measuring our success against a disembodied technology but in our ability to derive satisfaction on our own terms. We all know this in our hearts but maybe the reality of ever-smarter machines will help us realise it in the lives we live too. Topics '|'theguardian.com'|'https://www.theguardian.com/uk/business'|'https://www.theguardian.com/sustainable-business/2017/jun/01/if-humans-are-no-longer-the-smartest-creatures-on-the-planet-we-can-reimagine-our-lives'|'2017-06-01T08:43:00.000+03:00'
'adb8093808d2e891ffca109097b0c43daeac54f3'|'UPDATE 2-''Hamilton'' redux: New York man charged in $70 mln ticket scheme'|'(Adds details of charges, bail conditions)By Jonathan StempelNEW YORK May 31 A New York man has been criminally charged with running a $70 million Ponzi scheme centered on the fake resale of tickets to events including football''s Super Bowl, soccer''s World Cup, the U.S. Open tennis tournament and the Broadway musical "Hamilton."The arrest of Jason Nissen, 44, of Roslyn, on Long Island, came 14 years after he was caught selling tickets to students for a Dave Matthews Band concert at the Queens, New York high school where he then taught math. The concert was actually free.Nissen''s case is the second since January alleging that investors were defrauded over ticket sales to "Hamilton" and other popular events.Prosecutors said Nissen, the chief executive of New York-based National Event Co, lured investors since 2015 by promising to buy and resell tickets profitably.They said he diverted much of the money to enrich himself and repay earlier investors, using falsified documents and inflated accounts receivable ledgers, with the help of Photoshop, to conceal his fraud.Victims included a private equity firm that invested $40 million, and a Manhattan diamond wholesaler that has recouped only half of the $32 million it lent, prosecutors said.Nissen faces one count of wire fraud and up to 20 years in prison. He was released on $250,000 bond.His lawyer, Michael Bachner, declined to comment.Prosecutors said Nissen admitted his scheme to two victims.He allegedly told an executive at the diamond wholesaler in a May 7 phone call discussing a cache of "Hamilton" tickets that "some of it was real and some of it was fake... The numbers are just all multiplied."The next day, at a videotaped meeting with the executive and the wholesaler''s chief financial officer, Nissen said he would go to jail if they did not provide more money, prosecutors said.Court papers described the conversation."You were running a Ponzi scheme," the CFO said."I guess you want to call it... I was borrowing from Peter to pay Paul," Nissen responded."Yeah. That''s the definition of a Ponzi."In the other "Hamilton" case, the U.S. Securities and Exchange Commission filed civil charges accusing Joseph Meli and Matthew Harriton of running a $97 million scam involving at least 138 investors.Both have denied wrongdoing. Meli and another defendant were separately charged in a related criminal case.The Nissen case is U.S. v. Nissen, U.S. District Court, Southern District of New York, No. 17-mag-04096. (Reporting by Jonathan Stempel in New York; Editing by Cynthia Osterman and Dan Grebler)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/usa-crime-ponzi-tickets-idINL1N1IX1BV'|'2017-05-31T19:16:00.000+03:00'
'4c76198525b67524162dbf8ed5da5f44c5fa3f48'|'Brazil''s Petrobras says political turmoil unlikely to affect asset sales'|'Bonds News  38am EDT Brazil''s Petrobras says political turmoil unlikely to affect asset sales RIO DE JANEIRO, June 1 Brazil''s state-controlled oil company Petroleo Brasileiro SA does not expect political turmoil caused by a massive corruption investigation to affect its asset sales and debt reduction program, Chief Executive Officer Pedro Parente said Thursday. The Petrobras CEO also said the company will not stop deleveraging once the target of 2.5 times EBITDA is reached. He said a level of 1.5 times EBITDA, or earnings before interest, tax, depreciation and amortization, is more appropriate. (Reporting by Daniel Flynn; Writing by Ana Mano)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/petrobras-outlook-idUSL1N1IY0NG'|'2017-06-01T21:38:00.000+03:00'
'94580bfcf7b3dbaf8dc1beb36fcca8e79b492c04'|'Malaysia''s RHB, AmBank in merger talks to form bank worth $9 billion'|'KUALA LUMPUR Malaysia''s RHB Bank ( RHBC.KL ) and AMMB Holdings (AmBank) ( AMMB.KL ) are starting merger talks to form a group worth about $9 billion, in what is likely to be the nation''s biggest banking deal.RHB and AmBank have received the nod from the Malaysian central bank to commence the merger negotiations, they said in a joint statement on Thursday. The transaction is expected to be an all-share deal and the two banks have until Aug. 30 to exclusively discuss a deal, they said.A merger would reinforce RHB''s ranking as the fourth largest Malaysian bank by assets behind Maybank ( MBBM.KL ), CIMB Group Holdings ( CIMB.KL ) and Public Bank ( PUBM.KL ). AmBank is currently the country''s sixth biggest bank.Sources told Reuters on Wednesday that RHB would be the acquirer in the potential merger. AmBank has a market capitalization of 15.7 billion ringgit ($3.66 billion), while RHB has a market value of about $5.0 billion.A full takeover at those price levels by RHB would put the deal above the 2006 acquisition of Southern Bank by Bumiputra-Commerce Holdings for $1.74 billion, making it the biggest Malaysian banking transaction, according to Thomson Reuters data. Bumiputra-Commerce eventually became the current CIMB Group after a series of mergers and a rebranding exercise.Rumors of a merger between RHB and AmBank go as far back as 2007, though the companies have denied it several times in the past.Trading in shares of RHB and AmBank were suspended, ahead of the announcement. They will resume trading on Friday.In a research note ahead of the merger announcement, UOB Kay Hian analyst Keith Wee Teck Keong said RHB''s shares are likely to react negatively to the announcement as the revenue synergies between the two groups are not compelling."We opine that such a merger would require a fair degree of cost rationalization given the degree of operational and revenue duplication between AMMB and RHB," he said.ANZ Banking Group ( ANZ.AX ), which owns a 24 percent stake in AmBank, has been weighing a sale of its stake since early last year.And AmBank Chairman Azman Hashim, with a 13 percent stake, has expressed his intention to pare down the shareholding, sources have said.An ANZ spokesman said on Thursday: "ANZ looks forward to considering the details of the merger proposal once finalised and the extent to which the merger provides value to ANZ shareholders."A source familiar with the matter said ANZ believes the merger would create a stronger bank. ANZ''s shareholding will be diluted in the merger, which could help the bank exit its AmBank stake in the medium term, the source said.SUBDUED DEAL ACTIVITYSources have said ANZ wants to sell its AmBank stake partly due to the Malaysian bank''s involvement in a political scandal linked to state fund 1Malaysia Development Berhad and Prime Minister Najib Razak.Najib has been buffeted by allegations of graft, in particular by revelations of the transfer of hundreds of millions of dollars into his AmBank accounts in 2013.Najib has denied any wrongdoing and said he did not take any money for personal gain. 1MDB is the subject of money laundering investigations in at least six countries.In 2015, AmBank was slapped with a 53.7 million ringgit fine by the Malaysian central bank for breaching certain financial regulations.Deal activity in the Malaysian banking sector has been subdued in recent years amid slowing economic growth and a slump in oil prices.In 2014-15, RHB, CIMB and Malaysian Building Society Bhd ( MBSS.KL ) were in talks for a three-way, $20 billion merger to create Malaysia''s largest bank. But the talks collapsed as the parties failed to agree on the terms.Malaysian Building Society then entered into merger talks with Bank Muamalat Bhd, but that also fell through. It is currently in merger talks with Asian Finance Bank.(Reporting by A. Ananthalakshmi; Additional reporting by Jamie Freed in Sydney and Liz Lee in Kuala Lumpur; Editing by Muralikumar Anantharaman)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-ambank-m-a-rhb-bank-idUSKBN18S4BM'|'2017-06-01T15:09:00.000+03:00'
'8df13317c40b6014445a7fc67b5bf00a3309143b'|'UPDATE 1-U.S. meal kit service Blue Apron files for IPO'|'(Adds details, background)June 1 Blue Apron Holdings Inc, the biggest U.S. meal kit company, has filed for an initial public offering, amid increasing competition as more companies seek to deliver fresh ingredients and recipes to subscribers.New York City-based Blue Apron has selected Goldman Sachs, Morgan Stanley, Citigroup and Barclays among underwriters to its IPO.Reuters reported in March that Blue Apron competitor, Sun Basket, which focuses on organic ingredients, had hired banks for an IPO that could come in the second half of the year.Blue Apron, named after the uniform that apprentice chefs wear in France, delivers prepackaged ingredients and recipes to subscribers'' doorsteps for them to prepare at home, a business model attempting to disrupt traditional grocery shopping.The company, founded in 2012, is not profitable. It lost $54.9 million last year but revenue more than doubled to $795.4 million, Blue Apron said in a filing with the U.S. Securities and Exchange Commission.Blue Apron posted a net loss of $52.2 million for the first quarter of 2017 on revenue of $244.8 million.The company said it would list its class A shares on the New York Stock Exchange under the symbol "APRN".Blue Apron has two classes of voting stock, class A and class B, as well as a class C of non-voting stock, the company said.Blue Apron filed for an IPO of up to $100 million. The amount of money a company says it plans to raise in its first IPO filings is used to calculate registration fees. The final size of the IPO could be different. (Reporting by Diptendu Lahiri in Bengaluru; Editing by Sai Sachin Ravikumar)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/blueapron-ipo-idINL3N1IY5YW'|'2017-06-01T19:57:00.000+03:00'
'fdf63e22f46908b33b73cc27b590c15c4e8e8591'|'One of Crispr’s Creators Faces Her Fears'|'In terms of impact on the future of the human race, no invention in this still-young century may measure up to the gene-editing tool Crispr . “Clustered regularly interspaced short palindromic repeats” existed in nature as an antiviral defense system in bacteria; their potential for genetic editing fascinated scientists but went largely untapped until 2012, when Jennifer Doudna, a microbiologist at the University of California at Berkeley, and French researcher Emmanuelle Charpentier co-published the first findings showing that Crispr, interacting with the protein Cas9, could edit the genes of a bacterial cell.When people refer to Crispr now, they talk about wiping out disease, resurrecting woolly mammoths, and fashioning designer babies. Such implications fascinate and torment Doudna, and she writes about them movingly with Samuel Sternberg, a biochemist and former research colleague, in A Crack in Creation: Gene Editing and the Unthinkable Power to Control Evolution (Houghton Mifflin Harcourt, $28). Doudna’s memoir is partly an attempt to sustain her voice in the debate over Crispr’s practical and less-practical uses and partly an effort to secure her legacy.What’s jeopardizing it is a legal battle between Berkeley and the Broad Institute of MIT and Harvard over patent rights to Crispr-Cas9. Feng Zhang , a molecular biologist at the Broad Institute, was the first to use the Crispr-Cas9 process in a cell with a nucleus—the kind that forms the building blocks of life—and won the patent rights, a decision Berkeley is appealing. Doudna doesn’t denigrate Zhang’s work in the book, but he doesn’t come up a lot, and she makes clear that she published first. Her play-by-play of how she uncovered Crispr’s potential—a fascinating, if technical, read—serves as a counterhistory to an account that Broad Institute President Eric Lander published last year that downplayed Doudna’s contribution .In reality, Doudna and Zhang seem to have been simultaneously working on parallel paths, a modern-day version of Edison and Tesla . Doudna references a different inventor, however, saying she relates to J. Robert Oppenheimer’s ambivalence about his role in the great scientific advance of the last century, the atomic bomb. More jarring still is a nightmare she describes having in which Hitler, wearing a pig mask, tells her he’s excited to learn about her new invention. “I could scarcely begin to conceive of all the ways in which our hard work might be perverted,” Doudna writes. “Had I created a monster?”The most important business stories of the day. Get Bloomberg&apos;s daily newsletter. Sign Up It’s a question she explores in the second half of the book, plunging headfirst into Crispr’s bioethical minefield. She strikes a balance between handwringing over the possible abuses of gene editing and excitement about how it might save lives. Doudna is generally supportive of using Crispr to supercharge plants so that they stay fresh longer or pack more nutrition (a technique that’s safer than the one used to make traditional genetically modified foods, she says, because Crispr manipulates genes, rather than inserting foreign ones); she’s even enthusiastic about genetically engineering pigs and cows, not just for food but for organs that can be used in surgeries on humans. Once skittish about wiping out genetic maladies, she’s come around slowly to the case for eliminating scourges such as Huntington’s disease.Others see a slippery slope to eugenics, but Doudna has faith Crispr won’t lead to that—even as she calls for greater vigilance and responsibility. “For most of our species’ history,” she writes, “humans have been subjected to slow, often imperceptible evolutionary pressures exerted by the natural world. Now we find ourselves in the position of controlling the focus and intensity of those pressures.” Doudna’s Hitler nightmare appears to be a thing of the past, and she wants to keep it that way.'|'bloomberg.com'|'https://www.bloomberg.com/businessweek'|'http://www.bloomberg.com/news/articles/2017-06-01/one-of-crispr-s-creators-faces-her-fears'|'2017-06-01T18:00:00.000+03:00'
'5aabf63fad6cfd7462bf7ce69d1ea5c1bfe4b276'|'Uber posts $708 million loss, finance head leaves - WSJ'|'By Subrat Patnaik Uber Technologies Inc [UBER.UL] said its head of finance is leaving, and the privately held ride-hailing company also said that its first-quarter loss narrowed substantially from the prior quarter, putting it on a path toward profitability.Head of finance Gautam Gupta is leaving in July to join another startup in San Francisco, the company said, making Gupta the latest high-profile executive to leave Uber.Uber, which has been rocked by several high-level executive departures in the past few months as it grapples with a series of controversies, has been looking for a chief operating officer to help change its now-notorious "bro" culture.Gupta''s exit sets the stage for a second major executive search, now for a chief financial officer who has public company experience.About a dozen top executives have left Uber since February.The company on Tuesday fired the technology whiz it had hired to lead its self-driving unit, Anthony Levandowski, after he failed to comply with a court order to hand over documents at the centre of a legal dispute between Uber and Alphabet Inc''s ( GOOGL.O ) Waymo unit. [nL3N1IW3CC]Uber on Wednesday said its net loss in the first quarter, excluding employee stock compensation and other items, narrowed to $708 million, from $991 million in the fourth quarter.As a private company, Uber does not report its financial results publicly, but at times it has confirmed figures reported in the media.Uber said its first-quarter revenue rose 18 percent to $3.4 billion from the fourth quarter."The narrowing of our losses in the first quarter puts us on a good trajectory towards profitability," an Uber spokesperson said in an email.The Wall Street Journal first reported the news on Wednesday. ( on.wsj.com/2rcyDHM )(Reporting by Subrat Patnaik in Bengaluru; Editing by Lisa Shumaker and Leslie Adler)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/uber-results-idINKBN18R3EU'|'2017-05-31T21:36:00.000+03:00'
'e4742f89dd5ddbac7f48edff641b548e6a88cbae'|'Reborn British Steel gives shares to workers after return to profit - Business'|'Steel industry Reborn British Steel gives shares to workers after return to profit Scunthorpe steelworks bought from Tata for £1 made profits of £47m on back of supplying projects such as Crossrail and Anfield stadium British Steel is giving workers a 5% stake in the business. Photograph: Steve Morgan/British Steel/PA Steel industry Reborn British Steel gives shares to workers after return to profit Scunthorpe steelworks bought from Tata for £1 made profits of £47m on back of supplying projects such as Crossrail and Anfield stadium View more sharing options   13.30 BST Last modified   13.44 BST Thousands of steelworkers have been granted a 5% stake in British Steel after the Scunthorpe steelworks, one of only two left in Britain, returned to profit. British Steel was re-formed last June when investment firm Greybull bought Tata Steel’s long products business, which is primarily the Scunthorpe steelworks, for £1 and renamed it. The British Steel name disappeared in 1999 when it merged with a Dutch rival to become Corus. The company was later bought by Tata Steel. British Steel said its operations had made a profit of £47m for the year to 31 March, compared with a £79m loss in the previous financial year when it was still owned by Tata Steel. Roland Junck, executive chairman, said the turnaround had been “remarkable”. The company employs 4,800 people. Employees were asked to take a 3% pay cut when Greybull bought the business but this has now been reversed. The workers will also receive a 5% stake in the business. Tata Steel offloaded the Scunthorpe site as it battled to stop mounting losses in its UK operations. The Indian company still owns the steelworks at Port Talbot , home to the only other blast furnaces in Britain. British Steel has supplied all the rail for the Crossrail project in London. It also supplies high-strength wire rods for deepwater mooring and steel for construction projects such as the new stand at Liverpool’s football stadium, Anfield. Roland Junck. Photograph: Lindsey Parnaby/AFP/Getty Images The company said it sold 2.5m tonnes of steel compared with 2.6m tonnes in the previous year. The profit of £47m was measured by earnings before interest, tax, depreciation and amortisation. Junck said: “The transformation in this business is remarkable and that is down to our remarkable people who have embraced, engineered and led change. They are the reason we can today reveal the best financial performance in the long products business since 2007 and they are the reason I have great optimism for the future of British Steel. “In 12 months we have started transforming from an inward-looking production hub into a profitable, more agile business by controlling costs, improving our product range and quality, and through strategic investments.” Molten steel pouring from one of Scunthorpe’s furnaces during ‘tapping’. Photograph: Lindsey Parnaby/AFP/Getty Images Unite, the trade union, welcomed the financial results but warned that the steel industry remains under pressure and called the government’s lack of support “reprehensible”. Harish Patel, Unite national officer for steel, said: “British Steel now needs to build on its initial success by properly investing in its skilled workforce. “However despite the positive results there remain serious challenges. The problem of China dumping cheap steel into the European market is a key issue. The failure of the EU to take action to tackle this problem is very worrying. “On a local and national level the government’s failure to support the steel industry and its lack of an effective industrial strategy is absolutely reprehensible. The government should be investing in British Steel’s future by providing relief on business rates, while also providing financial incentives to encourage research and development.” Topics'|'theguardian.com'|'https://www.theguardian.com/business/all'|'https://www.theguardian.com/business/2017/jun/01/reborn-british-steel-gives-shares-to-workers-after-return-to-profit'|'2017-06-01T21:30:00.000+03:00'
'73e38128e70c072c566d0285272eecdd807b61d9'|'UPDATE 1-Brazil''s Petrobras says political turmoil unlikely to affect asset sales'|'(Adds details from presser, context)By Daniel FlynnRIO DE JANEIRO, June 1 Brazil''s state-controlled oil company Petroleo Brasileiro SA does not expect political turmoil caused by a massive corruption investigation to affect its asset sales and debt reduction program, Chief Executive Officer Pedro Parente said on Thursday.The Petrobras CEO also said the company will not stop deleveraging once the target of debt at 2.5 times EBITDA is reached. He said a level of 1.5 times EBITDA, or earnings before interest, tax, depreciation and amortization, is more appropriate."We don''t see the country''s current condition as altering our plans to reduce debt," he said, referring to the sweeping "Car Wash" graft probe that centers on political kickbacks on Petrobras contracts and has now led to the investigation of President Michel Temer, among scores of other lawmakers.Parente, speaking to a small group of foreign journalists, did say that some developments, such as Moody''s changing its outlooks to negative from stable for several major Brazilian firms on Wednesday, along with the political turbulence, did have some consequences for Petrobras."Our outlook for a new upgrade to our credit rating is now more complicated, but that has nothing to do with the operations of the company," Parente said.Parente''s remarks underscore the challenges still faced by the company.During the course of the "Car Wash" probe, federal judge Sergio Moro has put dozens of Petrobras industry and engineering firm executives behind bars in the investigation into political kickbacks on contracts at state companies.Oil prices near decade lows and losses incurred over many years because of government-mandated fuel subsidies also pose challenges to Petrobras.Petrobras'' aggressive turnaround helped the firm post a record operating profit in the first quarter and move ahead of schedule in reducing a debt burden that is the largest of any major oil firm. (Reporting by Daniel Flynn; Writing by Ana Mano; Editing by Alistair Bell)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/petrobras-outlook-idUSL1N1IY0U6'|'2017-06-01T23:03:00.000+03:00'
'8a987c4027bae99c6fdeda6a7fdba5893b17042f'|'Exclusive: Conagra makes takeover approach to Pinnacle Foods - sources'|'By Lauren Hirsch and Greg Roumeliotis Reddi-wip whipped cream owner Conagra Brands Inc ( CAG.N ) has approached Pinnacle Foods Inc ( PF.N ), the maker of packaged foods such as Vlasic pickles, to express interest in an acquisition, people familiar with the matter said on Wednesday.Conagra''s approach shows that Pinnacle Foods remains an acquisition target, three years after its $4.3 billion sale to Hillshire Brands was canceled after Hillshire agreed to sell itself to Tyson Foods Inc ( TSN.N ) for $7.7 billion.Hillshire was led at the time by Sean Connolly, who is now chief executive of Conagra. His second attempt at an acquisition of Pinnacle Foods underscores the need for further consolidation in the frozen food and condiments sectors, as sales continue to decline with consumers opting for healthier choices.Conagra''s approach to Pinnacle Foods took place in the last few weeks, the sources said. There is no certainty that Pinnacle Foods will choose to engage, or that Conagra will pursue a potential deal further, the sources said on Wednesday.The sources asked not to be identified because the matter is confidential. Conagra, which has a market value of $16.2 billion, declined to comment. Pinnacle Foods, which has a market value of $7.2 billion, did not immediately respond to a request for comment.Chicago, Illinois-based Conagra, whose brands include Frontera salsa and Orville Redenbacher''s popcorn, has been seeking to reinvent itself since selling its private label unit for $2.7 billion in 2016 to focus on its branded food business.Last year it spun off its $6.9 billion frozen potato business, Lamb Weston Holdings Inc ( LW.N ). It has also divested a number of its smaller underperforming brands, and this week agreed to sell its Wesson oil brand to Folgers coffee maker J. M. Smucker Co ( SJM.N ) for $285 million.Parsippany, New Jersey-based Pinnacle, whose brands include Duncan Hines baking products and Birds Eye frozen vegetables, has made a push towards healthier offerings. It bought Boulder Brands Inc, owner of Udi''s Gluten Free Bread, for $975 million last year.Conagra and Pinnacle Foods are among the companies weighing offers for Reckitt Benckiser Group''s ( RB.L ) North American food business, estimated to be worth around $3 billion, Reuters reported earlier on Wednesday.(Reporting by Lauren Hirsch and Greg Roumeliotis in New York; Editing by Bill Rigby)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-pinnacle-foods-m-a-conagra-brands-exc-idINKBN18R3DP'|'2017-05-31T21:20:00.000+03:00'
'04271e01041c1228d159fccd53f274ecd05aa350'|'Seattle to become latest U.S. city to tax sugary drinks'|'By Tom James - SEATTLE SEATTLE Seattle''s City Council voted on Monday to levy a special tax on sodas and other sugary beverages sold to consumers, becoming the latest of several local government bodies across the country to take such action for the sake of public health.The measure, to be signed by Mayor Ed Murray on Tuesday, was approved on a 7-1 vote despite staunch opposition from the American Beverage Administration, which said the tax would hit poor and working-class families and small businesses hardest.Enactment will add Washington state''s largest city to a growing national movement seeking to curb consumption of soft drinks and other high-caloric beverages that medical experts say are largely to blame for an epidemic of childhood obesity.Other localities that have adopted similar measures during the past few years include Philadelphia, San Francisco, its Bay-area neighbors of Berkeley, Oakland and Albany, California, Boulder, Colorado, and Cook County, Illinois, which includes Chicago.A growing body of research has identified sugary drinks as the biggest contributors to added, empty calories in the American diet, and as a major culprit in a range of costly health problems associated with being overweight.Under the measure, due to go into effect in January, distributors of all bottled and canned sodas, juice drinks, sports and energy drinks, flavored waters, sweetened teas and ready-to-drink coffee beverages sold in Seattle would pay a tax of 1.75 cents per ounce.At that rate, the cost of a typical 12-ounce can of soda would rise by 21 cents. An equivalent rate would be collected on the syrups used to sweeten fountain drinks sold by restaurants, convenience stores and fast-food outlets in the city.As higher costs are passed on to consumers, supporters aim to put a dent in sales, as was the case in Berkeley, where according to public health officials retail purchases of sugar-sweetened beverages dropped nearly 10 percent during the first year of that city''s soda tax.The new Seattle soda levy is projected to generate about $15 million in revenue a year.One-hundred-percent fruit juices and zero-calorie diet drinks are to be exempted, along with dairy-based beverages.But the language of the measure leaves unclear whether an exemption applies to syrups used in milk-based coffee drinks prepared to order by baristas in coffee shops including those in the Seattle-based Starbucks chain.City Councilman Tim Burgess, the measure''s chief sponsor, said those details would be ironed out through implementing regulations still to be developed by the mayor''s office.Starbucks did not respond to a request for comment.(Reporting by Tom James; Editing by Steve Gorman and Michael Perry)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-seattle-sodatax-idINKBN18X09T'|'2017-06-06T01:54:00.000+03:00'
'a5af5a3beca97385ae2fe3c20b342b5bae33553d'|'Exclusive: Renault-Nissan seeks Ghosn heir to drive integration - sources'|'Autos - Wed Jun 7, 2017 - 9:53am BST Exclusive - Renault-Nissan seeks Ghosn heir to drive integration: sources left right FILE PHOTO: Carlos Ghosn, Chairman and CEO of the Renault-Nissan Alliance, smiles before an interview during the 87th International Motor Show at Palexpo in Geneva, Switzerland, March 7, 2017. REUTERS/Denis Balibouse/File Photo 1/3 left right Carlos Ghosn, Chairman and CEO of the Renault-Nissan Alliance, speaks during an interview with Reuters at Nissan''s global headquarters in Yokohama, Japan, February 23, 2017. REUTERS/Toru Hanai 2/3 left right FILE PHOTO: Carlos Ghosn, Chairman and CEO of the Renault-Nissan Alliance, smiles before an interview during the 87th International Motor Show at Palexpo in Geneva, Switzerland, March 7, 2017. REUTERS/Denis Balibouse/File Photo 3/3 By Laurence Frost - PARIS PARIS Renault-Nissan boss Carlos Ghosn is recruiting a new operational second-in-command for the carmaking alliance, company sources told Reuters, in a move designed to prepare his own succession and advance the companies'' integration. Under the plan, the currently separate chief competitive officer (CCO) roles at Renault ( RENA.PA ) and Nissan ( 7201.T ) would be fused into a single position at the 18-year-old alliance''s helm, the sources said. Nissan Chief Performance Officer Jose Munoz and CCO Yasuhiro Yamauchi are seen internally as strong contenders, they said, along with Stefan Mueller, Munoz''s counterpart at Renault. Ghosn, 63, aims to fill the new post later this year, backed by further steps to combine Renault and Nissan manufacturing, research and development and other key activities. "He''s already preparing the next stage," one of the people said. "The process is underway." A Renault-Nissan spokeswoman declined to comment. Brazilian-born Ghosn recently stepped back from his role as Nissan chief executive officer but remains CEO at Renault, where his contract ends in 2018. He still serves as chairman of both carmakers as well as Nissan-owned Mitsubishi Motors ( 7211.T ). Ghosn has repeatedly tussled with Renault''s biggest shareholder, the French state, over the future of the company and its 44 percent stake in Nissan. For years, he sang the praises of a consensual, arm''s length approach to cooperation - often invoking the long list of failed auto deals to explain why a merger was a bad idea. Renault and Nissan are currently targeting 5.5 billion euros (4.80 billion pounds) in joint savings, or 3.8 percent of combined sales. But the tone changed in February, when Ghosn suggested the carmakers would be ready for a full tie-up if only France sold its near-20 percent Renault holding. Nissan "will not accept any move on capital structure as long as the French state remains a shareholder," Ghosn said as he presented Renault''s 2016 earnings. "The day the French state decides to get out, everything is open, and I can tell you it won''t take too much time." The new CCO hiring process began around the same time, the sources said, with senior executives at both companies vying for what is likely to be an internal appointment. Senior alliance appointments are beset by the same cultural and political sensitivities that have held back integration. Being neither French nor Japanese could be a diplomatic edge for Munoz or Mueller, respectively Spanish and German. Renault CCO Thierry Bollore is considered a long shot, the sources added. Bollore, 54, has played a prominent role in publicly defending the company against diesel fraud allegations that remain under investigation by French prosecutors. Nissan CEO Hiroto Saikawa will likely stay in the role he inherited in April, with Ghosn also remaining Renault CEO "for an initial period". Ghosn, who has run Nissan since 1999 and its French parent since 2005, is expected to continue presiding over the alliance from one or more chairman roles. The other changes will see Renault and Nissan departments folded into alliance teams that were created in 2014 across four key areas, the same people said: manufacturing and supply chain; research and development; purchasing; and human resources. "We''ll see convergence efforts in the same fields," said one. "But they are stepping up a notch." Renault shares were up 0.8 percent at 84.30 euros as of 0840 GMT on Wednesday. (Reporting by Laurence Frost; Additional reporting by Gilles Guillaume; Editing by Mark Potter)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-renault-nissan-succession-idUKKBN18Y0RK'|'2017-06-07T16:25:00.000+03:00'
'125f5939f393053faf1f0b4c0585b402fa973f44'|'EMERGING MARKETS-Emerging stocks, FX feel heat from political tensions'|'Market News - Wed Jun 7, 2017 - 5:55am EDT EMERGING MARKETS-Emerging stocks, FX feel heat from political tensions By Karin Strohecker - LONDON, June 7 LONDON, June 7 Middle East tensions, Britain''s election and Donald Trump''s troubles combined to dampen investors'' risk appetite on emerging markets on Wednesday, with currencies suffering and stocks edging lower for a second day. The decision by several Arab states to cut diplomatic ties with Qatar, accusing it of supporting terrorism, made markets - especially in the region - uneasy Adding to the frayed nerves were three key events scheduled for Thursday - Britain''s general election, a European Central Bank policy meeting and testimony by former FBI director James Comey which could impact on U.S. President Donald Trump''s economic agenda. MSCI''s emerging stock benchmark slipped 0.2 percent, with heavyweight South Korea falling 0.4 percent, while bourses elsewhere in Asia , Turkey and parts of emerging Europe also suffered losses. "There are worries about the GCC (Gulf Cooperation Council) and Qatar and how that will play out ... It''s a geopolitical oil story that creates a risk off sentiment," said Per Hammarlund at SEB. "In the U.K., people are sitting on the sidelines and waiting to see how this will pan out - if you have an acrimonious Brexit that will hurt the Central and Eastern European countries, and it could hurt the EU too, so it has wider ramifications." Markets in the Gulf remained under some pressure after U.S. President Donald Trump supported Saudi Arabia against Qatar. Qatar''s stock exchange fell 0.3 percent, having tumbled nearly 9 percent over the last two days. Doha''s dollar-denominated debt edged lower across the curve, with some issues trading at their weakest in around 2-1/2 months. Currencies fared little better, despite a steady dollar. South Africa''s rand had a soft start to the session after data showed on Tuesday that Africa''s most industrialized nation slipped into recession for the first time in eight years. The news raised the prospect of further credit rating downgrades and heaped pressure on President Jacob Zuma, who is already facing corruption allegations. However, the rand recovered most of its losses to trade 0.2 percent weaker after central bank data showed FX reserves grew unexpectedly. "The downgrade question is definitely one of the factors," said SEB''s Hammarlund, referring to Moody''s next assessment scheduled for release on Friday. "But if you look at the rand and emerging markets in general over the longer term, you are still looking at a positive cycle - the worries about the rand will be short lived." Russia''s rouble and Mexico''s peso also weakened against the dollar. In Poland, central bank policy makers are scheduled to conclude their interest rate setting meeting, though analysts expect no change until the third quarter of 2018 given the benign outlook for inflation. Interest rates are at an all-time low of 1.5 percent. For GRAPHIC on emerging market FX performance 2017, see tmsnrt.rs/2e7eoml For GRAPHIC on MSCI emerging index performance 2017, see tmsnrt.rs/2dZbdP5 For CENTRAL EUROPE market report, see For TURKISH market report, see For RUSSIAN market report, see) Emerging Markets Prices from Reuters Equities Latest Net Chg % Chg % Chg on year Morgan Stanley Emrg Mkt Indx 1014.76 -1.13 -0.11 +17.68 Czech Rep 1006.84 +0.88 +0.09 +9.25 Poland 2316.92 +13.24 +0.57 +18.94 Hungary 34991.11 +64.12 +0.18 +9.34 Romania 8671.26 -36.17 -0.42 +22.39 Greece 779.30 +1.77 +0.23 +21.08 Russia 1045.12 +3.89 +0.37 -9.30 South Africa 46053.85 +164.34 +0.36 +4.90 Turkey 98425.23 +93.69 +0.10 +25.96 China 3140.53 +38.40 +1.24 +1.19 India 31194.68 +4.12 +0.01 +17.16 Currencies Latest Prev Local Local close currency currency '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/emerging-markets-idUSL8N1J41VB'|'2017-06-07T17:55:00.000+03:00'
'ab286523dd46ddb8f7549f07c42e5b494cd7fa6e'|'Societe Generale launches initial public offering of ALD Automotive'|'Deals - Mon Jun 5, 2017 - 7:07am BST Societe Generale launches initial public offering of ALD Automotive FILE PHOTO: The logo of the French bank Societe Generale is seen in front of the bank''s headquarters building at La Defense business and financial district in Courbevoie near Paris, France, April 21, 2016. REUTERS/Gonzalo Fuentes/File Photo PARIS French bank Societe Generale ( SOGN.PA ) on Monday announced the launch of the initial public offering of ALD Automotive, its car leasing arm, representing 20 to 23 percent of ALD''s share capital. The indicative price range applicable to the French public offering and the international offering is between EUR 14.20 and EUR 17.40 per share. "Assuming the exercise in full of the over-allotment option, the total size of the Global Offering will range between approximately 1,320 million euros and 1,617 million euros ($1.49 billion and $1.82 billion)," SocGen said in a statement. ALD shares are expected to start trading on the regulated market of Euronext Paris on June 16 on an as if and when delivered basis, SocGen said. (Reporting by Ingrid Melander; Editing by Richard Pullin)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-socgen-ald-ipo-idUKKBN18W0K3'|'2017-06-05T14:06:00.000+03:00'
'19f284f27c12f77466176fa5bc106ee9c0be4132'|'BTG Pactual timber fund buys Weyerhaeuser Uruguay assets for $403 mln'|'SAO PAULO, June 5 Investors led by Grupo BTG Pactual SA''s Timberland Investment Group will pay about $403 million for Weyerhaeuser Inc''s Uruguay timberlands and a manufacturing business, expanding the timber asset manager''s presence in the South American country.Timberland Investment Group said in a statement Monday the acquisition includes over 300,000 acres (120,000 hectares) of timberlands in Uruguay''s northeastern and north central regions. It also includes a plywood and veneer manufacturing facility, a cogeneration facility, and a seedling nursery.Timberland Investment Group, one of the world''s biggest timber asset managers, is part of BTG Pactual Asset Management - also the money management arm of Latin America''s largest independent investment banking firm.BTG Pactual has for years run Timberland Investment Group, taking advantage of growing global interest in forestry assets across Latin America.The transaction is subject to regulatory approval and is expected to close in the fourth quarter. Timberland Investment Group, which is overseen by fund manager Gerrity Lansing, has operated in Uruguay since 2005.Units, a blend of common and preferred shares of BTG Pactual, shed 0.7 percent to 14.30 reais. The stock is up 4.9 percent this year. (Reporting by Guillermo Parra-Bernal; Editing by Bernadette Baum)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/weyerhaeuser-ma-uruguay-idINL1N1J20IN'|'2017-06-05T11:56:00.000+03:00'
'4369d631e108e9ff8052c686c2f02a77277afd88'|'EMERGING MARKETS-China''s yuan hits 7-mth high, emerging stocks rise'|'LONDON, June 1 Emerging stocks gained on Thursday after three days of losses, helped by robust factory activity data in emerging Europe, while the Chinese yuan rose to seven-month highs as the central bank waged war on depreciation expectations.MSCI''s benchmark emerging equities index rose 0.2 percent after Hungary, Turkey and Russia delivered strong manufacturing activity numbers, adding to a recent run of encouraging data across emerging and developed markets.Investors have been piling into emerging market assets on the back of this improvement, attracting an estimated $20.5 billion in May from foreign investors, the Institute of International Finance said."In emerging markets there are a lot of things that are positive," said Kiran Kowshik, an emerging markets FX strategist at UniCredit. "In addition to the growth, the market is pretty relaxed on (U.S. Federal Reserve) policy right now – it seems like the Fed is not going to rock the boat."Budapest stocks gained 0.8 percent after Hungary''s Purchasing Mangers'' Index (PMI) jumped to its highest ever level of 62.1 in May. The Hungarian forint also firmed 0.2 percent against the euro, outperforming its Eastern European peers.Asian numbers were weaker, however, with China''s Caixin/Markit Purchasing Managers'' Index (PMI) unexpectedly contracting in May for the first time in nearly a year.China''s mainland stock markets traded sideways but the yuan powered to seven-month highs, crossing the 6.8 per dollar level for the first time since Nov. 11.The move came after China''s central bank pushed the reference rate for the yuan up by 0.8 percent, the midpoint''s second largest one-day appreciation since the currency was de-pegged from the dollar in 2005.Kowshik said China had been persistently fixing the yuan stronger for the last four to six weeks: "They''re sending a very strong signal that they want the yuan to be stronger. Over the past year, EM has done quite well but the renminbi has lagged behind – now you are seeing a catch up."Other Asian markets delivered mixed data, with South Korean factory activity contracting for a 10th straight month , although exports grew at a double digit pace. Indian factory growth slowed to a three-month low. Both countries'' stock markets traded flat.The South African rand gained 0.6 percent against the dollar after slipping earlier in the week when market expectations that President Jacob Zuma would suddenly be taken out of office were disappointed.Fitch and S&P Global Ratings, which both cut South Africa''s sovereign rating from BBB- to BB+ in early April, are expected to make follow-up rating decisions this week."It''s possible that S&P downgrades the local currency rating to sub-investment grade," said Kowshik. "But South Africa''s external balances have improved quite significantly since last year, and that''s been very important for the currency in the past."The Russian rouble edged up 0.1 percent supported by a gain of over 1 percent in oil prices, but the Turkish lira slipped 0.2 percent in the face of a stronger dollar .Overnight, Brazil''s central bank slashed interest rates by 100 basis points to 10.25 percent, a more than three-year low, but the move was widely expected as inflation is falling. The real was steady in early trade near a two-week high. For GRAPHIC on emerging market FX performance 2017, see tmsnrt.rs/2e7eoml For GRAPHIC on MSCI emerging index performance 2017, see tmsnrt.rs/2dZbdP5For CENTRAL EUROPE market report, seeFor TURKISH market report, seeFor RUSSIAN market report, see)Emerging Markets Prices from Reuters Equities Latest Net Chg % Chg % Chgon yearMorgan Stanley Emrg Mkt Indx 1007.30 +1.97 +0.20 +16.82Czech Rep 1002.50 +0.12 +0.01 +8.78Poland 2273.12 -8.06 -0.35 +16.69Hungary 34760.26 +208.36 +0.60 +8.62Romania 8769.41 +80.91 +0.93 +23.77Greece 777.81 +2.57 +0.33 +20.85Russia 1042.50 -10.80 -1.03 -9.53South Africa 46781.16 -372.75 -0.79 +6.56Turkey 97189.88 -351.70 -0.36 +24.38China 3101.70 -15.48 -0.50 -0.06India 31160.58 +14.78 +0.05 +17.03Currencies Latest Prev Local Localclose currency currency% change % changein 2017Czech Rep 26.39 26.34 -0.18 +2.35Poland 4.18 4.18 -0.08 +5.32Hungary 307.49 307.90 +0.13 +0.43Romania 4.56 4.56 -0.02 -0.64Serbia 122.26 122.30 +0.03 +0.89Russia 56.55 56.60 +0.09 +8.33Kazakhstan 312.41 311.73 -0.22 +6.80Ukraine 26.26 26.31 +0.18 +2.82South Africa 13.04 13.10 +0.47 +5.30Kenya 103.20 103.30 +0.10 -0.80Israel 3.55 3.54 -0.28 +8.60Turkey 3.53 3.52 -0.29 -0.21China 6.80 6.81 +0.08 +2.04India 64.48 64.51 +0.04 +5.37Brazil 3.23 3.23 +0.00 +0.84Mexico 18.59 18.62 +0.13 +11.40Debt Index Strip Spd Chg %Rtn IndexSov''gn Debt EMBIG 321 0 .02 7 87.08 1(Editing by Stephen Powell)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/emerging-markets-idUSL8N1IY1IT'|'2017-06-01T13:14:00.000+03:00'
'0438562efd3d5bfb7038eab563891aee6472b76f'|'Japan firms'' first quarter capex rises as recovery gathers momentum'|'  1:31am BST Japan firms'' first quarter capex rises as recovery gathers momentum FILE PHOTO: A bicycle rider rides past a factory at Keihin industrial zone in Kawasaki, south of Tokyo, Japan, August 18, 2016. REUTERS/Kim Kyung-Hoon/File Photo By Tetsushi Kajimoto - TOKYO TOKYO Japanese companies raised their spending on plant and equipment in January-March, underscoring a nascent pickup in the business investment needed for sustainable economic recovery and a decisive end to deflation. Ministry of Finance (MOF) data issued on Thursday showed companies raised capital expenditure in January-March by 4.5 percent from the same period last year. It marked a second straight quarter of annual growth in capital expenditure after expansion of 3.8 percent in the previous quarter. But excluding software, capital expenditure grew 1.3 percent from the previous quarter on a seasonally-adjusted basis, rising for three quarters in a row and following a 3.5 percent gain in the previous period, the MOF data showed. The data will be used to calculate revised gross domestic product due on June 8 at 0850 JST (2350 GMT June 7). It follows a preliminary estimate that Japan''s economy grew an annualized 2.2 percent on the back of rising global demand. A recent run of indicators points to continued economic expansion in the current quarter, with exports and factory output rising and a labor market tightening, although wage growth and household spending are still sluggish. By sector, the MOF capex data showed capital expenditure by manufacturers and non-manufacturers grew 1.0 percent and 6.3 percent respectively in the first quarter from a year earlier. Corporate profits rose 26.6 percent in January-March from a year earlier, up for a third consecutive quarter. The amount of recurring profits, at 20.1 trillion yen ($181.20 billion), was the biggest on record for a January-March quarter, an MOF official said. Sales rose 5.6 percent year-on-year in the first quarter, up for a second straight period, the data showed. (Reporting by Tetsushi Kajimoto; Editing by Eric Meijer)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-japan-economy-capex-idUKKBN18S3H4'|'2017-06-01T08:31:00.000+03:00'
'f69a2c72cf35f10ff47775bee6bd746b62ea51b7'|'Oil futures climb 1 percent after U.S. stockpile draw'|'Business News - Thu Jun 1, 2017 - 2:55pm BST Oil prices under pressure from rising OPEC supplies FILE PHOTO: Crude oil storage tanks are seen from above at the Cushing oil hub, in Cushing, Oklahoma, U.S., in this March 24, 2016. REUTERS/Nick Oxford/File Photo By Christopher Johnson and Ahmad Ghaddar - LONDON LONDON Oil prices pared early gains on Thursday despite U.S. industry data showing a big drop in crude stocks last week, with investors skeptical that OPEC-led cuts will be enough to rebalance an oversupplied market. Brent crude oil LCOc1 eased by 3 cents to $50.73 a barrel by 1327 GMT, while U.S. light crude CLc1 gained 14 cents to $48.46. The two contracts hit session highs of $51.44 and $49.07 respectively. The contracts fell about 3 percent to three-week lows on Wednesday after news that an increase in Libyan oil production had helped to boost OPEC crude output in May, representing the first monthly rise this year. [OPEC/O] "Sentiment is very poor and yesterday''s survey from Reuters regarding OPEC production in May added to the scepticism about OPEC''s capability to rebalance the market as quickly as hoped for," Commerzbank commodities analyst Carsten Fritsch told the Reuters Global Oil Forum. Industry data on U.S. oil inventories from the American Petroleum Institute (API) late on Wednesday had given prices an initial lift on Thursday morning. API figures showed that U.S. crude inventories fell by 8.7 million barrels to 513.2 million in the week to May 26, compared with analyst expectations for a decrease of only 2.5 million barrels. [API/S] "This was well ahead of forecasts," said Stephen Brennock, analyst at London brokerage PVM Oil Associates. "(It) is helping the oil market regain some ground this morning." The U.S. Energy Information Administration (EIA) reports its official figures for U.S. stockpiles at 1500 GMT on Thursday. The U.S. inventories data provided some relief after a week of negative news on the global supply-demand balance. The Organization of the Petroleum Exporting Countries and other producers including Russia are trying to restrict output to drain stockpiles that are close to record highs in many parts of the world. OPEC last week discussed cutting its oil output by a further 1-1.5 percent, and could revisit the proposal should inventories remain high and continue to weigh on prices, sources said. However, U.S. crude production is rising fast as new technology helps to extract shale oil, making the United States more self-sufficient in energy. President Donald Trump has vowed to provide extra support for U.S. oil production and is widely expected to pull the United States out of a landmark global climate accord. Phillip Futures'' investment analyst Jonathan Chanes said a U.S. withdrawal would signal Trump''s intention to further roll back emission regulations. "That would favor the use and demand of fossil fuels," Chanes said. (Additional reporting by Aaron Sheldrick in Tokyo; Editing by David Goodman and Dale Hudson) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-global-oil-idUKKBN18S3HU'|'2017-06-01T08:46:00.000+03:00'
'3931dd491bc34585956768fd9820fb8bad40f1b5'|'Exclusive - OPEC looked at extra 1-1.5 percent oil supply cut, could revive proposal'|'Business News - Thu Jun 1, 2017 - 1:26pm BST Exclusive - OPEC looked at extra 1-1.5 percent oil supply cut, could revive proposal left right A TV camera is seen outside the headquarters of the Organization of the Petroleum Exporting Countries (OPEC) in Vienna, Austria, May 25, 2017. REUTERS/Leonhard Foeger 1/3 left right FILE PHOTO: Saudi Arabia''s Energy Minister Khalid al-Falih adjusts his glasses during a news conference after a meeting of the Organization of the Petroleum Exporting Countries (OPEC) in Vienna, Austria, December 10, 2016. REUTERS/Heinz-Peter Bader/File Photo 2/3 left right FILE PHOTO: A worker checks valves at the Al-Sheiba oil refinery in the southern Iraqi city of Basra, January 26, 2016. REUTERS/Essam Al-Sudani/File Photo 3/3 By Rania El Gamal and Alex Lawler - DUBAI/LONDON DUBAI/LONDON OPEC discussed cutting its oil output by a further 1-1.5 percent when it met last week, three sources familiar with the matter said, and could revisit the proposal should inventories remain high and continue to weigh on prices. The Organization of the Petroleum Exporting Countries and non-member producers ultimately decided at their May 25 meeting to extend their existing supply-cutting agreement for nine months, although oil ministers including Saudi Arabia''s Khalid al-Falih confirmed deeper curbs had been debated. One of the sources said the idea floated was to widen OPEC''s supply cut by about 300,000 barrels per day (bpd). That would equate to a further curb of about 1 percent of April output of nearly 32 million bpd and bring OPEC''s total pledged cut to 1.5 million bpd, from 1.2 million bpd. "They wanted to do some scenarios and get around 300,000 bpd of extra cuts to be distributed among everyone," the source, who declined to be identified, said. "But I think they decided to wait and see how the market will react first." The initial price reaction to OPEC''s May 25 decision was one of disappointment that producers had not deepened their cuts. Brent crude LCOc1 fell 5 percent to below $52 a barrel and was trading near there on Thursday, half its level of mid-2014. OPEC officials nonetheless hope an inventory glut will ease in the next few months as market fundamentals move closer to balance. OPEC is not scheduled to meet again to set policy until November. "By the next meeting, if prices and the situation remain like this, they will have to do something ... Everyone will be on board (for more cuts) if prices remain like they are now," the source said, adding that he expected the market and prices to improve by the third quarter. A second source familiar with the matter said "everything is possible", when asked whether the option of a deeper cut could be revived. A third source, an OPEC delegate, was sceptical that a larger cut would be agreed on by all parties, including non-OPEC producers. "I doubt it," that source said. "There was a proposal for a deeper cut, but it didn''t work." A fourth source, also an OPEC delegate, was sceptical for the same reason. "To ensure a proposal can be feasible, you need to see who can buy in," that delegate said. "I believe the number of countries who can buy in will be few. However, continuing the current agreement is much more acceptable even for a longer period of time until the rebalancing is achieved." WHATEVER IT TAKES OPEC, Russia and other producers agreed last year to cut production by 1.8 million bpd for six months starting on Jan. 1. Oil prices have gained from the pact but stockpiles remain high and production from non-participating countries, including the United States, has been rising, keeping crude below the $60 that top exporter Saudi Arabia would like to see this year. Riyadh is preparing to list around 5 percent of its national oil company Saudi Aramco in 2018 and wants higher oil prices ahead of the initial public offering (IPO) for a better valuation, industry and OPEC sources have told Reuters. "I think the Saudis have a target oil price for the Aramco IPO," the first source said. Falih, however, said after OPEC''s meeting that the IPO did not affect the decision to extend the duration of the supply cut. A deeper cut, along with extending the curbs for various lengths of time, were among the scenarios reviewed by an OPEC panel, the Economic Commission Board, days before the OPEC ministerial meeting. Falih, who currently holds the OPEC presidency, said after the May 25 meeting that keeping the existing cuts for another nine months was the best outcome. On Wednesday in Moscow, Falih reiterated his country''s position to do "whatever it takes" along with Russia to help stabilise the market, signalling an open-ended policy to reduce the inventory overhang. OPEC has a self-imposed goal of bringing inventories in industrialised countries down from a record high of 3 billion barrels to their five-year average of 2.7 billion. The next OPEC meeting is on Nov. 30 in Vienna. Another panel, the Joint Ministerial Monitoring Committee, will convene in Russia in July and has a mandate to recommend adjusting the supply pact, if needed. (Editing by Dale Hudson)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-opec-oil-idUKKBN18S50E'|'2017-06-01T20:26:00.000+03:00'
'd107071e06619215291bebeab30a7eae65c7a5e4'|'Brazil''s Fibria not eyeing rival Eldorado, chairman says'|'SAO PAULO Brazilian wood pulp producer Fibria Celulose SA ( FIBR3.SA ) is not currently discussing acquiring rival Eldorado Brasil Celulose SA, focussing instead on organic growth, Chairman José Penido said on Thursday.Some investors have speculated that Eldorado owner J&F Investimentos could sell assets to pay a 10.3 billion real ($3.2 billion) fine for its participation in a corruption scheme.(Reporting by Gabriela Mello; Writing by Bruno Federowski; Editing by Chizu Nomiyama)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-fibria-outlook-idUSKBN18S5CB'|'2017-06-01T21:44:00.000+03:00'
'b76bcf6a603124e98424bfb7ba2db31ca6df58dd'|'Fitch cuts Reliance Communications junk rating even further'|'Money   5:09pm IST Fitch cuts Reliance Communications junk rating even further A worker cleans a mobile store of Reliance Communications Ltd, controlled by billionaire Anil Ambani, in Kolkata, India, September 10, 2016. Picture taken September 10, 2016. REUTERS/Rupak De Chowdhuri/Files MUMBAI Fitch Ratings downgraded Reliance Communications further into junk territory on Thursday, becoming the latest credit agency to cast doubt on the Indian mobile phone operator''s ability to meet its heavy debts. Fitch cut Reliance''s long-term foreign- and local-currency ratings to "CCC" from "B-plus", and its $300 million 6.5 percent senior secured notes due 2020 to "CCC/RR4" from "B+/RR4." "RCom''s rating downgrade reflects Fitch''s belief that some kind of default is a real possibility," the ratings agency said in a statement. The downgrade comes amid growing concern that Reliance Communications, also known as RCom, will struggle to pay its hefty debts. Moody''s Investors Service and its Indian affiliate ICRA cut their ratings on Reliance Communications deeper into sub-investment territory earlier this week. RCom is working to merge its mobile services division with rival Aircel and is selling a stake in its mobile masts subsidiary to Canada''s Brookfield. It expects to cut its debt by about 60 percent, or 250 billion rupees ($3.9 billion), after the completion of the two deals. But Fitch estimated that even then, the company''s net debt would be as much as $1.6 billion with earnings before interest, tax, depreciation and amortisation of up to $250 million - giving it a leverage ratio of more than six times. The agency said its estimates for the residual company excluded RCom''s undersea cable division Global Cloud Xchange (GCX), pointing out that it had covenants in place restricting "upstreaming of cash" to the parent. "At current and forecast levels of gearing, we do not believe GCX to be able to provide cash to support RCom''s creditors," Fitch said. The company reported its first full-year loss last month. New entrant Reliance Jio added to the intense competition in the sector and triggered a price war. Shares in RCom lost 42 percent last month and hit a record low of 19.9 rupees on May 31 on the back of persistent worries about the company''s debt and losses. On Thursday, they rose 4.3 percent to 20.75, buoyed by a Debtwire report that said RCom was in talks to sell a stake in GCX. An RCom spokesman declined to comment on the Debtwire report. The company''s bonds due in 2020 were trading two points higher at 67/70 cents on the dollar. ($1 = 64.4650 Indian rupees) (Reporting by Sankalp Phartiyal and Devidutta Tripathy; additional reporting by Umesh Desai in Hong Kong; editing by Rafael Nam and David Clarke)'|'reuters.com'|'http://in.reuters.com/finance/economy'|'http://in.reuters.com/article/rcom-downgrade-fitch-idINKBN18S4XI'|'2017-06-01T09:39:00.000+03:00'
'4f60bf2a5b036d7d75565a29afeace8cd99dad3c'|'Lululemon shares rally on restructuring of girls'' stores'|'Deals - Fri Jun 2, 2017 - 3:27pm EDT Lululemon shares rally on restructuring of girls'' stores People walk past a store by yogawear retailer Lululemon Athletica in New York City, U.S., March 30, 2017. REUTERS/Brendan McDermid By Solarina Ho - TORONTO TORONTO Lululemon Athletica Inc ( LULU.O ) shares rallied as much as 16 percent on Friday as investors responded to better-then-expected quarterly results and news that it would close most of the stores in its girls apparel unit. The stock rose $6.11 to $55.78 in Nasdaq trade after touching as high as $56.85 on the news, which came out after markets closed on Thursday. The company''s shares regularly post big moves after quarterly results. In March they dropped more than 23 percent the day after it posted a disappointing outlook for the first quarter. The yoga-wear maker said it would close nearly all of its 55 unprofitable Ivivva stores for girls. It also said it recovered after a disappointing start to the quarter as it introduced new products and fabrics. Evercore ISI analyst Omar Saad said in a note to clients that new products should help sales, pointing to Enlite, a high-end sports bra introduced in early May that sells for $98, or about twice the price of other Lululemon bras. It has become the company''s top-selling bra, even though it is primarily sold online, according to Lululemon. Strong demand for Enlite shows that women are willing to a pay a premium for quality, innovative sports apparel, said Saad. Some analysts cautioned that it could be difficult to keep momentum going, pointing to declines in traffic at Lululemon''s physical stores and intensifying competition from lower-priced competitors. "To get (new shoppers) indoctrinated into the brand, the store has to be major part of that," said Susquehanna Financial Group analyst Sam Poser, who is "neutral" on the stock. He said the stores need to take steps to drive new traffic, including offering bolder color selections for men and holding more special events such as yoga classes. Andrew Burns, an analyst with D.A. Davidson & Co, said Lululemon remains a healthy brand but noted its sales per square foot, a key financial measure for investors, have declined from a peak of $1,894 in 2013 to $1,521 last year. Burns, who has a "neutral" recommendation on the stock, said the elevated sales per square foot figures are unsustainable, particularly with increased competition. (Reporting by Solarina Ho; Editing by Jim Finkle and Cynthia Osterman)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-lululemon-stocks-idUSKBN18T2SA'|'2017-06-03T03:27:00.000+03:00'
'e740ad182ec924c894e6fdc098431eaedc8c25e6'|'Russia''s VTB head says all creditors have approved Rosneft-Essar deal'|'ST PETERSBURG, Russia All creditors of India''s Essar Oil have given their consent for the company''s takeover by Russian oil major Rosneft ( ROSN.MM ), the head of Russia''s VTB ( VTBR.MM ) bank said on Saturday.Andrei Kostin, whose bank is acting as advisor on the $12.9 billion acquisition, also said the deal would be closed this month, echoing comments made by the head of State Bank of India on Friday.(Reporting by Denis Pinchuk; Writing by Jack Stubbs; Editing by Edmund Blair)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-russia-economic-forum-rosneft-essar-idUSKBN18U0EH'|'2017-06-03T15:06:00.000+03:00'
'970e5022fbe156044847fe4f85e5dc032db42224'|'RPT-Laptop ban, protectionism hang over booming air travel industry'|'(Repeats JUNE 2 story with no changes to text)By Victoria Bryan and Tim HepherCANCUN, Mexico, June 2 Air travel is heading for a bumper year, but global airline leaders meeting in Mexico are concerned about the impact of an escalating row over laptop bans and rising protectionism.Although the industry has overcome previous losses to notch up an eighth successive year of profit, the International Air Transport Association (IATA), which groups 275 airlines and meets from June 4-6, is now facing new challenges.The Geneva-based group is at odds with President Donald Trump over efforts to widen a partial U.S. and British security ban on laptops in cabin baggage.It is also worried about what it sees as protectionist rhetoric from Washington and Europe, saying this could temper growth in demand for air travel and freight."You see that in Europe, you see that in the U.S. ... Any barrier to borders, we consider as a threat," IATA director general Alexandre de Juniac told reporters.IATA said on Thursday that passenger traffic rose 10.7 percent in April, the fastest rate of growth since April 2011.But restrictions on large electronic devices in the cabin, imposed in March on certain flights, were hitting traffic between the Middle East and the United States.Airlines and airports are waiting to see if the United States will extend the restrictions, with the Department of Homeland Security yet to announce a decision.IATA has proposed more stringent passenger screening as an alternative and has joined European regulators in citing the fire risks of having many lithium-powered devices in the hold."We recognise the (security) threat, we have no doubt about that, but we doubt the measure," de Juniac said, adding the U.S. government now seemed in more of a "listening mode".The IATA conference could hear concerns from Middle East carriers who believe they are unfairly targeted by the ban, with Emirates, Qatar Airways and Turkish Airlines among the most affected by restrictions on U.S.-bound flights from some Middle East and North African airports.U.S. officials have denied targeting any group of airlines or acting over anything other than pressing security concerns.PROFIT TO FALLUnited Airlines'' widely-criticised removal of a passenger from one of its planes and the British Airways computer meltdown over a holiday weekend, which stranded thousands of passengers, have highlighted other challenges the industry faces."There are elements here that are specific to BA, but if airlines do not transform their operational systems and learn from this, then we could be seeing more such incidents," Euromonitor travel project manager Nadejda Popova told Reuters.Such incidents emphasise the fine line between operational success and failure in an industry transporting 10 million people a day on razor-thin margins.IATA will on Monday update forecasts that suggest the industry''s net profits will fall 16 percent to $29.8 billion this year after peaking in 2016, hit by fuel and labour costs.Although traffic is rising, this is partly driven by cheaper fares. But yields - or average revenue per passenger - look set to stabilise this year, IATA chief economist Brian Pearce said."Strong volumes don''t necessarily equal strong profitability for the air transport industry, but it''s an encouraging start."ForwardKeys, which analyses booking reservations, says global long-haul air travel bookings for June, July and August are 6.4 percent ahead of where they were last year.A surge in the popularity of low-cost long-haul travel will also weigh on IATA members, most of whom are national carriers and whose share of global traffic has already been eroded by local budget rivals outside the 72-year-old club.Highlighting the threat to traditional carriers, Norwegian Air Shuttle announced expansion plans from Rome and Iceland''s Wow Air said it would offer one-way fares between Europe and the U.S. from as little as $55. (Additional reporting by Alana Wise; editing by Alexander Smith)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/airlines-iata-idINL8N1IZ252'|'2017-06-02T22:01:00.000+03:00'
'230c46a8fa6cd2626f796d396b50aaefb2b85b92'|'''Axis of love'': Saudi-Russia detente heralds new oil order'|'Business   8:38am EDT ''Axis of love'': Saudi-Russia detente heralds new oil order left right FILE PHOTO: Russian President Vladimir Putin shakes hands with Saudi Deputy Crown Prince and Defence Minister Mohammed bin Salman during a meeting at the Kremlin in Moscow, Russia, May 30, 2017. REUTERS/Pavel Golovkin/Pool/File Photo 1/6 left right FILE PHOTO: A worker checks a pressure gauge at an oil pumping station owned by Rosneft in the Suzunskoye oil field, near Krasnoyarsk, Russia, March 26, 2015. REUTERS/Sergei Karpukhin/File Photo 2/6 left right FILE PHOTO: Russian President Vladimir Putin meets with Saudi Deputy Crown Prince and Defence Minister Mohammed bin Salman at the Kremlin in Moscow, Russia, May 30, 2017. REUTERS/Pavel Golovkin/Pool/File Photo 3/6 left right Russian Energy Minister Alexander Novak and Saudi Arabian Energy Minister Khalid al-Falih shake hands ahead of a meeting in Moscow, Russia, May 31, 2017. REUTERS/Maxim Shemetov 4/6 left right FILE PHOTO: A worker checks valves at the Al-Sheiba oil refinery in the southern Iraqi city of Basra, January 26, 2016. REUTERS/Essam Al-Sudani/File Photo 5/6 left right FILE PHOTO: A flag with the Organization of the Petroleum Exporting Countries (OPEC) logo is seen before a news conference at OPEC''s headquarters in Vienna, Austria, December 10, 2016. REUTERS/Heinz-Peter Bader/File Photo 6/6 By Dmitry Zhdannikov and Vladimir Soldatkin - MOSCOW MOSCOW A meeting between the two men who run Russia and Saudi Arabia''s oil empires spoke volumes about the new relationship between the energy superpowers. It was the first time that Rosneft boss Igor Sechin and Saudi Aramco chief Amin Nasser had held a formal, scheduled meeting - going beyond the numerous times they had simply encountered each other at oil events around the world. Their conversation also broke new ground, according to two sources familiar with the talks in the Saudi city of Dhahran last week who said the CEOs discussed possible ways of cooperating in Asia, such as Indonesia and India, as well as in other markets. The sources did not disclose further details, but any cooperation in Asia between Russia and Saudi Arabia - the world''s two biggest oil exporters - would be unprecedented. State oil giant Aramco confirmed the meeting took place but declined to give details of the closed-door talks, which took place on the same day as OPEC kingpin Saudi Arabia and non-OPEC Russia led a global pact to extend a crude output cut to prop up prices. Kremlin oil major Rosneft declined to comment. The meeting - which also saw Nasser give Sechin a tour of Aramco''s HQ, according to the sources - gives an insight into the newfound, unexpected and fast-deepening partnership between the two countries. It is one that will be closely watched by big oil consumers around the world which have long relied on the hot rivalry between their top suppliers to secure better deals. Such a detente between Moscow and Riyadh would have been almost unthinkable in the past. Up until a year ago, the two sides had virtually no dialogue at all, even in the face of a spike in U.S. shale oil production that had led to a collapse in global prices from mid-2014. Sechin was strongly opposed to Russia cutting output in tandem with OPEC. In a sign of their white-hot Asian rivalry, Rosneft outbid Aramco to buy India''s refiner Essar last year and boost its share in the world''s fastest growing fuel market. Fast forward a matter of months, and Moscow and Riyadh have become the main protagonists of the pact to cut output - agreed in December and extended last week - and are even discussing possible cooperation in their core Asian markets. "It is a new ''axis of love''," one senior Gulf official said of the relationship. On Tuesday, Putin welcomed Saudi Deputy Crown Prince Mohammed bin Salman in the Kremlin and both men said they would deepen cooperation in oil and work on narrowing their differences over Syria, where Moscow and Riyadh are backing opposing sides in a civil war. "The most important thing is that we are succeeding in building a solid foundation to stabilize oil markets and energy prices," said Prince Mohammed. Putin said the countries would work together to resolve a "difficult situation". WHY NOW? The first attempt at cooperation between the two countries failed spectacularly with both sides unable to agree joint actions at an OPEC meeting in December 2014, six months after oil prices began tumbling from above $100 a barrel. To add insult to injury, Sechin pledged to keep pushing output higher, even if prices fell to $20 per barrel. Saudi''s then oil minister, Ali al-Naimi, retaliated by saying the Russian oil output would collapse as a result of low prices, a prediction that turned out to be wrong. Much has changed since then, however, economically and politically - and the unlikely partnership between Moscow and Riyadh has been born out of necessity. When oil prices collapsed, both economies were driven into deficit after years of high spending and are only now slowly recovering. With Russia heading for a presidential election in early 2018, and Prince Mohammed having pledged to reform the Saudi economy and publicly list Aramco, neither country can afford another oil price shock. The ousting of veteran minister Naimi and his replacement with the more pragmatic Khalid al-Falih last year also appeared to have helped, with their dialogue facilitated by OPEC''s new secretary general Mohammad Barkindo. "If minister Falih says something, I know it will be done," Russian Energy Minister Alexander Novak said last week in Vienna after Russia and OPEC agreed to extend output cuts. Novak is looking to organize a trip for Falih to a Russian Arctic field, having visited Aramco''s facilities in the Empty Quarter desert himself last October. "Last year, minister Falih took us to a desert - we want to show him an ice desert," Novak joked last week. Barkindo told Reuters: "They (Saudi Arabia and Russia) are the leading lights of the Declaration of Cooperation between OPEC and non-OPEC which has opened a new chapter in the history of oil." ''SPASIBO'' On Tuesday, Novak and Falih reiterated in Moscow they would do "whatever it takes" to stabilize oil markets, borrowing a famous phrase used by European Central Bank President Mario Draghi five years ago to defend the euro. They also discussed the outlook for non-OPEC production including U.S. shale output, which has resumed growing over the past year as private American producers have cut costs and adapted to lower prices. U.S. crude is now being exported all over the world and the chances of private producers agreeing to cooperate with OPEC are minimal because of tough U.S. anti-monopoly legislation. "Both Russia and the Gulf countries are interested in some type of oil price stabilization and they hope that they can achieve this without undertaking a sort of massive cuts which they had to do back in the 1980s," said Paul Simons, a former U.S. diplomat now serving as deputy executive director of the International Energy Agency. Saudi Arabia and Russia say they will remain in partnership long after the current output reduction deal expires. "It is necessary to work out new framework principles for continued cooperation between OPEC and non-OPEC even after the expiration of the Vienna agreements," Novak said on Wednesday. Falih, for his part, ended his speech by thanking Novak in Russian: "Spasibo." (Additional reporting by Rania El Gamal, Reem Shamseddine, Nerijus Adomaitis and Olesya Astakhova; Writing by Dmitry Zhdannikov; Editing by Pravin Char)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-oil-opec-russia-saudi-idUSKBN18S3Y3'|'2017-06-01T14:02:00.000+03:00'
'4f5bd027ccdfe7c973c2ff6a2ba66e9dfd47d295'|'OneWeb open to other acquisitions after Intelsat merger tanks'|'By Irene Klotz Satellite builder OneWeb Ltd will look for other acquisitions or partnerships after a proposed takeover of Intelsat SA ( I.N ) fell through, OneWeb founder and Executive Chairman Greg Wyler said on Thursday.OneWeb is among a handful of startups planning to build, launch and operate thousands of small satellites to provide internet access worldwide and received a $1 billion investment from Japan''s SoftBank Group Corp ( 9984.T ) late last year."SoftBank has demonstrated an appetite, and where it makes sense we will do something but it’s not necessary at all," said Wyler."We have a great partner who has an interest in anything that will accelerate growth and that will be accretive and valuable and so if those opportunities come about we will have the capability of moving on them,” he said.OneWeb''s proposed acquisition of Intelsat, which operates one of the world’s largest fleet of communication satellites, was called off on Thursday after bondholders of the debt-laden Intelsat were unable to agree on the share-for-share deal, which was proffered in March."We have shut down the merger process,” Wyler said. “Intelsat was purely opportunistic. It was there, we get along well, there’s a lot of accretive synergies and they were in a position where they really could have benefited it as well."SoftBank would have bought voting and non-voting shares in the combined company for $1.7 billion in cash and taken a 39.9 percent voting stake.Intelsat was an initial investor in OneWeb and took a minority equity stake in 2015."It was purely the bondholders," Wyler said when asked why the deal fell through. "They couldn''t organize themselves and they’re only answer was more. I think people overestimated SoftBank’s willingness to go to an infinite press. They had a great deal."The failed merger will have “zero effect internally” on OneWeb, Wyler added."OneWeb has remained highly focused on building the world’s largest constellation of satellites,” he said.Elon Musk’s Space Exploration Technologies Corp is also working on an internet-via-satellite network that would eventually include more than 4,000 satellites.(Reporting by Irene Klotz in Cape Canaveral, Florida; Editing by Lisa Shumaker)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-oneweb-intelsat-m-a-acquisitions-idINKBN18S665'|'2017-06-01T16:40:00.000+03:00'
'6de254480d67eae4be4fdc52a16e4a6a0bb56ea7'|'UPDATE 1-Fitch Ratings downgrades MetLife''s Brighthouse Financial unit'|'Market News   5:18pm EDT UPDATE 1-Fitch Ratings downgrades MetLife''s Brighthouse Financial unit (Adds context and that Brighthouse Financial declined to comment) By Suzanne Barlyn May 31 Fitch Ratings Inc downgraded MetLife Inc.''s Brighthouse Financial Inc unit on Wednesday, citing a "deterioration in the company''s projected capitalization metrics." The ratings outlook for Brighthouse remains stable, Fitch said. A MetLife spokesman directed Reuters to a Brighthouse Financial spokeswoman, who declined to comment. Brighthouse Financial is the consumer life insurance and annuity unit created by MetLife Inc. MetLife announced last year that it planned to spin off its Brighthouse business, which sells life insurance and annuities to individuals. MetLife, which is still awaiting regulatory approval for the move, will continue to focus on its U.S. employee benefits and overseas businesses, the company has said. Fitch is especially concerned about the "funding of assets in support the company''s variable annuity business, consolidated financial leverage and the overall levels of statutory capital." Brighthouse Financial''s previous ratings reflected an "expectation of more stability" under normal market conditions, Fitch said." That is especially so in light of "changes to Brighthouse''s hedging strategy and a lack of operating history as a stand-alone company," Fitch said. It is unclear if the ratings downgrade may affect the spinoff plan. (Reporting by Suzanne Barlyn; Editing by Sandra Maler and Bill Trott)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/metlife-brighthouse-ratings-idUSL1N1IX21Z'|'2017-06-01T05:18:00.000+03:00'
'81dc2ffc34c3b0e8eb29372323f1f60b4ebc40fe'|'Banco Popular lining up plan to raise capital - report'|'MADRID, June 1 Banco Popular has asked Deutsche Bank to come up with a plan for the troubled Spanish lender to raise capital after its previous adviser Morgan Stanley stepped down, El Confidencial reported on Thursday.Popular is testing investor appetite for a capital increase of between 4 billion and 5 billion euros ($4.5 billion-$5.6 billion) if its plans to find a merger partner falter, the online newspaper said, citing anonymous sources.Representatives for Banco Popular, Deutsche Bank and Morgan Stanley declined to comment on the El Confidencial report.European banking watchdog, the Single Resolution Board (SRB), has warned European Union officials that Popular may need to be liquidated if it fails to find a buyer, an EU official told Reuters.Popular, which has been unable to sell 37 billion euros of soured property loans fast enough, is racing to find a partner after Economy Minister Luis de Guindos closed the door last month to a public bailout, while a capital increase has faced resistance from existing shareholders.The bank has said previously it could extend a June 10 deadline for binding takeover offers.At 0819 GMT, Popular shares were down 8.2 percent at a record low of 0.559 euros per share. ($1 = 0.8899 euros) (Reporting by Angus Berwick; additional reporting by Jose Elías Rodríguez; writing by Paul Day; editing by David Clarke)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/spain-popular-capital-idUSL8N1IY1B8'|'2017-06-01T16:27:00.000+03:00'
'569fed3461a5bd67d83e0145ffa67e9bc2cf3939'|'U.S. small business borrowing drops to six-month low'|'In a sign that economic growth may soften ahead, borrowing by small U.S. firms dropped to a six-month low in April, data released on Thursday showed.The Thomson Reuters/PayNet Small Business Lending Index dropped a third straight month in April to 123.1, down 5 percent from last April and the lowest level since October.Movements in the index typically correspond with changes in gross domestic product growth a quarter or two ahead. The U.S. economy grew at a 1.2 percent annual pace in the first quarter, though the Atlanta Fed currently projects second-quarter expansion at a brisk 3.8 percent pace.A separate barometer of small companies'' financial health suggests companies having more trouble paying off old loans. The share of loans more than 30 days past due was 1.7 percent in April, the highest rate in more than four years, PayNet data showed."That''s a bad cocktail: falling investment and rising loan delinquency," said Bill Phelan, PayNet''s chief executive and founder. "It certainly is going in the wrong direction."Though still well below the crisis-era peak of 4.7 percent, the rise suggests an erosion in financial health that could spell trouble for future borrowing.Healthcare was hit particularly hard, with borrowing falling 14 percent in April as the young Trump administration struggled to deliver on a promise to replace Obamacare with a new health insurance system.Small business borrowing is a key barometer of growth because small companies tend to do much of the hiring that drives economic gains.PayNet collects real-time loan information such as originations and delinquencies from more than 325 leading U.S. lenders.(Reporting by Ann Saphir; Editing by Chizu Nomiyama)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-usa-economy-lending-idUSKBN18S4DC'|'2017-06-01T13:08:00.000+03:00'
'ac3690346a12f7ce1b399ccb8e1be418caafb4a7'|'UPDATE 1-Air New Zealand expects earnings to exceed NZ$525 mln in 2017 despite increased competition'|'Market News - Wed May 31, 2017 - 5:16pm EDT UPDATE 1-Air New Zealand expects earnings to exceed NZ$525 mln in 2017 despite increased competition (Adds chief executive comment) WELLINGTON, June 1 Air New Zealand on Thursday upwardly revised its outlook for 2017, saying it expected earnings before tax to exceed NZ$525 million ($371.81 million). The airline had said when reporting its half-year results in February that it forecast full-year earnings of NZ$475 million to NZ$525 million. "Our growth has been supported by robust demand drivers that are expected to remain strong for the foreseeable future," the company said in a presentation to investors, released on the stock exchange. It singled out New Zealand''s fast-growing economy, which was prompting domestic demand, as well as record numbers of tourists entering the country as the main factors underpinning the forecast strong results. "The growth of Air New Zealand has been in concert with the growth in tourism to New Zealand," chief executive Christopher Luxon said in a speech to investors, broadcast online. Nevertheless, Luxon said, that ten new airlines had entered the market in the past few years and the environment was becoming much more competitive. If the forecast results are met, they would be the airline''s second-highest ever after it posted record earnings before tax of NZ$663 million in full-year 2016. ($1 = 1.4120 New Zealand dollars) (Reporting by Charlotte Greenfield; Editing by Dan Grebler) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/airnewzealand-outlook-idUSL3N1IX528'|'2017-06-01T05:16:00.000+03:00'
'5ea78c226ea15dca6f8ae472e2dbf68e43c423ea'|'U.S. infrastructure-focused mutual funds, ETFs attract inflows in May'|'By Jennifer Ablan - NEW YORK NEW YORK May 31 Investors poured an estimated $316.6 million into infrastructure-focused U.S. mutual funds and exchange-traded funds in May, according to preliminary data by fund-tracker Morningstar Inc. on Wednesday, extending a monthly inflow streak since the presidential victory of Donald Trump.The latest figures suggested investors were warming to the president''s budget proposal, unveiled last week, which calls for $200 billion in federal infrastructure funds with hopes to leverage $800 billion more in private and state government investments.Investment firms including BlackRock Inc, the world''s largest asset manager with $5.4 trillion in assets under management, Blackstone Group LP, the world''s biggest private equity manager, and Jeffrey Gundlach''s DoubleLine Capital have been active in the sector.BlackRock has been building up its infrastructure unit, started in 2011. It works on public-private partnerships globally, and on complex endeavors that can range from wind farms to transportation projects, financed by equity or debt.Last week, BlackRock announced the creation of a $280 million infrastructure debt fund that will be focused on highways and other infrastructure projects in Colombia.For its part, the $450 million DoubleLine Infrastructure Income actively invests in three sectors of infrastructure credit: corporate bonds, structured product (also known as asset-backed securities) and project bonds. It is the only taxable bond mutual fund for investors who want to invest in non-municipal infrastructure credit, a space otherwise dominated by insurance companies and other institutional creditors.Infrastructure debt finances projects, assets or companies that provide essential services in strategic sectors of the economy. Investments can include debt that finances airports, toll roads, power plants and renewable energy. It can also include investments secured by infrastructure-related assets, such as aircraft, rolling stock and telecom towers."Infrastructure debt is a surrogate for investment-grade corporate bonds," Gundlach said in a telephone interview. "These are vastly more secured with assets pledge to them and all are investment-grade rated and dollar-denominated. I consider them much safer and they yield more and have shorter duration."Overall, institutional investors have historically invested in infrastructure mostly through private equity. Infrastructure debt, however, is a nascent investment opportunity that has arisen over the past several years due to increasing regulatory constraints on infrastructure lending (such as Basel III), said Damien Contes and Andrew Hsu, who oversee the DoubleLine Infrastructure Income Fund.So far this year ended May 30, DoubleLine Infrastructure Income has posted returns of 3.66 percent, surpassing 95 percent of its category group. (Additional reporting by Trevor Hunnicutt; Editing by David Gregorio)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/funds-infrastructure-idINL1N1IX1XM'|'2017-05-31T18:44:00.000+03:00'
'5ce3a925ff80b95eca10498cac563420bb527fd5'|'What am I bid? Prices go through the roof at Christie''s handbag auction - Fashion'|'I t was standing room only in Christie’s Hong Kong auction house this week as buyers from around world clamoured to bid for a white crocodile skin Hermès Birkin handbag encrusted with 10.23 carats of diamonds. After a tense few minutes of bidding, the bag sold to a telephone bidder for a record-breaking HK$2.9m (£293,000).Rare and expensive handbags – especially super-de-luxe French labels like Hermès and Chanel – are the new must-have collectable for the super-rich, with some women, including Victoria Beckham, owning hundreds of the most sought-after bags. On Friday British handbag fans were invited to Christie’s world-famous St James’s auction house to touch and feel some of the most sought-after arm candy – although only after donning a pair of white gloves to protect the leather from sticky fingers – as the London auctioneer prepared for its first dedicated handbag sale. Around the world there will be six such Christie’s sales this year.Facebook Twitter Pinterest The Birkin Himalaya: ‘the most important handbag in the world’ A glossy 130-page brochure has been produced for the London event, featuring 169 bags of every colour “to fit the discerning tastes of top international collectors”, with guide prices of up to £150,000. As in a standard auctioneer’s catalogue for fine art or antique furniture, each bag is described in detail and graded according to condition. Grade 1 means the item shows “no signs of use or wear” and comes in its original packaging. A grade 6 is damaged and requires repair – but is still “considered in fair condition”.The star of the London sale is a 10-year-old navy-blue Birkin, with white gold and diamond clasps, expected to fetch £100,000–£150,000. A tad too much? Then what about a 28-year-old Hermès clutch with a picture of a steamboat on it for just £100 –£1,500?“Handbags have really taken off since we launched the department in 2014,” said Matt Rubinger, Christie’s 29-year-old international head of handbags. “We broke the record sale price in 2014, then broke it again in 2015, 2016 and 2017. You get this sense that the momentum is significant.” Rubinger said he expected many of the world’s leading handbag collectors, who include Katie Holmes, Rita Ora and Kelly Brook, to attend the London sale at Christie’s King Street auction room on 12 June. But he predicted that prices were unlikely to eclipse the £293,000 achieved in Hong Kong on Wednesday. “The saleroom was full. Some of them were just there to watch the sale, but some were our top, top, clients from Hong Kong, China and some people from south-east Asia,” said Rubinger, who bought his first handbag online for his mother as a teenager and is now regarded as the world’s leading authority on luxury label bags. “We also had maybe 30 or 40 Christie’s colleagues ready and waiting with clients on the phone.” Everyone was waiting for lot number 3449 , which Chrisite’s described in the catalogue as “an exceptional matte white Himalaya Niloticus crocodile diamond Birkin 30 with 18k white gold & diamond hardware”. It is the most difficult handbag to make, and Hermès produces a maximum of two a year – although Victoria Beckham and Kim Kardashian have both been pictured with diamond-free Himalayas .“The most valuable brand on the market is Hermès, and the most valuable and sought-after model is the Birkin,” said Rubinger, a New Yorker who moved to London to head Christie’s international team of handbag experts. “The most important collection [of Birkins] is the Himalaya, and the best example of that collection is the diamond version. So it is the most iconic, most important bag on the market.”Rubinger, who was on the phone with the unnamed buyer when she made the purchase of three-year-old bag on Wednesday, said that as with most collectables, the rarity of the bag is what makes it so valuable. The cheapest brand-new Birkin costs more than £5,000, but there is always a waiting list to buy the bag – and not everyone can even get their name on the list. Buying a Himalaya requires more than just cash.“You or I could not walk into Hermès and say, ‘Please add me to the list for a diamond Himalaya,’” Rubinger said. “Even their top, top, buyers might not get one.” He added that all of the most expensive bags were Hermès, particularly the Birkin, which is named after British actress and singer Jane Birkin .The Birkin proved immediately popular with other celebrities and has remained so ever since, dangling on the arms of famous women from Jennifer Lopez to Martha Stewart. Beckham’s collection of more than 100 Birkins, including a £100,000 shocking pink version, is said to be worth more than £1.5m.According to Baghunter.com, which claims it buys and sells Hermès bags for “collectors, celebrities, royalty and other high-end clients”, the Birkin has beaten both the stock market and gold as an investment class since it was launch in 1984. The website worked out that on average Birkin bags have yielded an annual return of 14.2% since they were launched and the bag has never experienced any annual price decrease, even in years of recession.Rubinger said the vast majority of luxury handbag buyers were women, particularly from Hong Kong, Taiwan and China, but “at the very top end often it is men buying for women”. Rubinger does not own any handbags himself. Most of the women who treat themselves to a bag at auction, he says, say they will use it rather than keep it safe as an investment. But he adds: “Whether they actually do or not is a different question. It’s such an important iconic item that, similar to when someone buys an extremely rare Ferrari, they’re definitely planning to use it, but the actual miles on the clock are probably pretty low.“At this level,” he says, “It is probably not going to be an everyday bag.”Topics Handbags Jane Birkin Hermès London Asia Pacific Fashion industry features     Reuse this content'|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/fashion/2017/jun/02/what-am-i-bid-prices-go-through-the-roof-at-christies-handbag-auction'|'2017-06-02T03:00:00.000+03:00'
'39dc8b2764e2072443ec9bdbf1fc3cc88f118f3e'|'Cypress Semiconductor forced to delay annual meeting by Delaware court'|'WASHINGTON, June 1 A Delaware court ruled on Thursday that Cypress Semiconductor must delay its annual shareholder meeting, ruling in favor of ex-CEO T.J. Rodgers who has waged a board battle against the company he founded.The Delaware Court of Chancery enjoined the $4.7 billion company''s annual meeting until at least June 19, a Rodgers spokesman told Reuters. Rodgers filed a lawsuit in April seeking Cypress'' board to make extra and corrected disclosures to its proxy materials in time for the June 8 annual meeting.Cypress Semiconductor was not immediately available for comment. (Reporting by Michael Flaherty; Editing by James Dalgleish)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/cypress-semiconductor-meeting-idINL1N1IY2AZ'|'2017-06-01T19:35:00.000+03:00'
'2e59b9a14899ec2d16e3b7c31f49b21423ce9b06'|'Saudi''s Falih says more oil output cuts possible, will assess in July'|'Money News - Sun Jun 4, 2017 - 12:02am IST Saudi''s Falih says more oil output cuts possible, will assess in July Saudi Energy Minister Khalid al-Falih attends a session of the St. Petersburg International Economic Forum (SPIEF), Russia, June 2, 2017. REUTERS/Sergei Karpukhin MOSCOW Saudi Energy Minister Khalid al-Falih said further oil output cuts could be needed in the future but that OPEC and other leading producers would assess the market situation in July, Russia''s TASS news agency reported on Saturday. The Organization of the Petroleum Exporting Countries (OPEC) and other nations led by Russia agreed last week to extend a deal to limit global oil output for a further nine months, until March 2018. A committee set up to monitor the cuts is set to meet in Russia in July. Falih, who has been on a visit to Russia this week, said it would then be able to judge if the cuts had been effective in supporting oil prices which have halved in the last three years on the back of a global oversupply glut. "We have to see the market and I think by the end of June, in July we will see that the action we have taken has a big impact," TASS quoted him as saying. "If for some reason we need to do more, we will consider doing more including ... bigger cuts." "Nothing is off the table but today nothing is on the table either. We made a deal," he added. Russia and Saudi Arabia have recently reached a detente in a long-running rivalry that has seen the world''s two biggest oil exporters spearhead the global pact to cut output. Speaking alongside his Russian counterpart Alexander Novak in Moscow last week, Falih said he saw their new cooperation lasting after the current output agreement expires. (Reporting by Jack Stubbs and Vladimir Soldatkin; Editing by Helen Popper)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/oil-opec-saudi-idINKBN18U0SW'|'2017-06-04T02:32:00.000+03:00'
'aac458db88a8975076fb9168ca91fc1c2390e7b2'|'Trump to hit the road for a jobs-focused reset in tough week'|'Market News - Sat Jun 3, 2017 - 2:15pm EDT Trump to hit the road for a jobs-focused reset in tough week By Roberta Rampton - WASHINGTON, June 3 WASHINGTON, June 3 President Donald Trump will hit the road next week to ramp up his long-promised plan to overhaul the nation''s aging airports, roads and railways, a push aimed at energizing his supporters and distracting from political intrigue in Washington. The infrastructure push - which will include a trip to Ohio and Kentucky - comes as the White House seeks to refocus attention on core promises to boost jobs and the economy made by Trump last year during his campaign for office. Those pledges have been eclipsed by the political furor over Russia''s alleged meddling in the 2016 U.S. election. That drama will come to a head next week when former Federal Bureau of Investigation Director James Comey, who was leading the Russia probe until Trump fired him, testifies before a U.S. Senate panel on Thursday. Trump - who has denied any collusion between Russia and his campaign - has struggled to keep the spotlight on plans that could give him a political lift. Holding four events next week on infrastructure and jobs will give him the opportunity to provide some counter-programming to the drumbeat of Russia news. It is a deft messaging move, said Chris Barron, a pro-Trump Republican strategist, who says the president is at his best when he is on the offensive. "I think we need to see Trump out of DC. I think we need to see Trump out on the road. I think we need to see Trump engaging his base, firing up his base," Barron told Reuters. BIPARTISAN APPEAL During his campaign, Trump promised a 10-year, trillion-dollar program to modernize decrepit infrastructure - a plan that holds bipartisan appeal because of its job-creating potential, and that will require backing from the U.S. Congress. Legislative wins have eluded Trump thus far. He kicked off his policy push with healthcare and tax reform, initiatives that have become bogged down in process and controversy. The infrastructure push will offer some fresh ideas for the White House and lawmakers alike to discuss. "It doesn''t matter who you are - whether you''re a farmer in the Midwest or a mother driving your kids to and from school, or work, or a college kid flying back and forth to school - you''re affected by infrastructure," Gary Cohn, Trump''s chief economic adviser, told reporters during a preview of the week. On Monday, Trump will propose reforms to privatize the air traffic control system, calling on lawmakers to hive it off from the Federal Aviation Administration. Trump will make remarks in the Rose Garden and explain how the plan will save travelers time and save fuel costs for airlines, Cohn said. On Wednesday, Trump will travel to Ohio and Kentucky to talk about improvements to the 12,000 miles (19,300 km) of inland waterways, dams, locks and ports critical for shipping farm products, and will deliver a speech about his vision for infrastructure, Cohn said. He will huddle with a bipartisan group of governors and mayors at the White House on Thursday to discuss their needs and plans, Cohn said. Most U.S. infrastructure is owned by state and local governments. Trump will wrap up his push on Friday with a visit to the Department of Transportation to discuss regulatory reform for roads and rail, Cohn said. BILL STILL IN WORKS Trump last month asked Congress for $200 billion for infrastructure over 10 years, a plan that would encourage state and local governments to lease assets to the private sector to generate funding for other projects. Some projects in rural areas may need traditional federal grants, an administration official told reporters, but most funds will be used to try to attract and leverage outside spending. His administration has said it wants states to expand the use of tolling on interstate highways. The White House does not plan to release its own infrastructure bill, and officials told reporters the timing for legislation is not set. On the air traffic control reforms, Trump plans to share the "principles" he supports, but will leave the drafting of legislation to lawmakers, officials told reporters. Trump has said in the past that he would consider packaging infrastructure with healthcare or tax reform legislation as an incentive to obtain support from lawmakers. The infrastructure plan has already attracted some private-sector interest. Last month, U.S. private equity firm Blackstone Group LP and Saudi Arabia''s main sovereign wealth fund said they planned to create a $40 billion vehicle to invest in infrastructure projects, mainly in the United States. (Additional reporting by Luciana Lopez in New York; Editing by Jonathan Oatis and Matthew Lewis)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-trump-infrastructure-idUSL1N1IZ1HG'|'2017-06-04T02:15:00.000+03:00'
'5ea83b6ddac1f5e183229c7969dbc4376ffd6510'|'Apache sells Canadian oil assets to Cardinal for C$330 million'|'By Nia Williams - CALGARY, Alberta CALGARY, Alberta U.S. oil and gas producer Apache Corp is selling Canadian light oil assets to Canada''s Cardinal Energy Ltd to focus on high-growth areas like the Permian basin shale play, an Apache spokesman said on Thursday.The C$330 million ($244 million) cash deal includes the House Mountain assets in Alberta and Apache''s share of the Midale and Weyburn oil assets in southeast Saskatchewan, which together produce 5,000 barrels of oil equivalent per day (boepd).Apache becomes the latest international oil firm to sell Canadian operations in favor of concentrating on U.S. shale plays. This year alone international oil majors including ConocoPhillips and Marathon Oil Corp have sold off $22.5 billion of Canadian assets.Canadian domestic producers like Cardinal, Cenovus Energy Ltd and others have stepped up to buy the assets from the retreating global firms."The sale of these assets is in line with Apache''s efforts to further streamline its portfolio and focus on our high-growth areas of opportunity, particularly in the Permian Basin," the Apache spokesman said.In addition to the assets sold to Cardinal, Apache has other operations in western Canada producing around 50,000 boepd, having entered the country in 1995.Canadian oil industry players say international capital is being deterred by higher costs and tighter environmental regulations than in the United States, and limited export pipeline capacity.This week the proposed expansion of the Trans Mountain pipeline from Alberta to the British Columbia hit a serious stumbling block when British Columbia''s new government vowed to oppose it.Canadian light oil is cheaper to produce than northern Alberta''s oil sands crude, but is not as fast-growing as the booming Permian shale play.Junior producer Cardinal Energy will fund the acquisition with a C$170 million share sale and the remainder using debt. It expects to sell royalty interests and fee title lands associated with the Apache assets by the end of the year, which will help pay down debt.Cardinal upped its 2017 production guidance to 19,200-19,700 boepd as a result of the deal. Cardinal shares are down 45.5 percent this year, while the benchmark Canada share index is up 1.2 percent.(Editing by Chris Reese and Diane Craft)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-apache-cardinal-energy-deals-idINKBN18S6H2'|'2017-06-01T19:03:00.000+03:00'
'9c9bc3814fc8c4ab742102d7142ff93191b1b3d1'|'Linde supervisory board approves Praxair merger'|'Deals - Thu Jun 1, 2017 - 6:04pm BST Linde supervisory board approves Praxair merger Linde Group logo is seen at a company building in Munich-Pullach, Germany August 16, 2016. REUTERS/Michaela Rehle FRANKFURT Linde ( LING.DE ) said its supervisory board voted on Thursday to approve the German industrial gases group''s $73 billion merger with U.S. peer Praxair ( PX.N ). The all-share merger of equals is intended to create a market leader that will overtake France''s Air Liquide ( AIRP.PA ), reuniting a global Linde group that was split by World War One a century ago. Linde''s chairman, Wolfgang Reitzle, did not need to use his casting vote to get the deal approved by the supervisory board in the face of labor opposition, a source familiar with the matter said after a roughly 10-hour meeting. The deal must still be approved by Praxair''s board and 75 percent of Praxair investors at a shareholder meeting. (Reporting by Georgina Prodhan; Editing by Sabine Wollrab)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-linde-m-a-praxair-idUKKBN18S5YJ'|'2017-06-02T01:01:00.000+03:00'
'a045789b9f617293bc5a661702bfb0c89e79535e'|'Box beats expectations with steady growth, shares jump'|'Wed May 31, 2017 - 8:25pm EDT Box beats expectations with steady growth, shares jump By Salvador Rodriguez - SAN FRANCISCO SAN FRANCISCO Shares of Box Inc ( BOX.N ) rose more than 4 percent in after-hours trading Wednesday after the cloud storage firm''s quarterly earnings edged ahead of Wall Street analyst''s expectations. The Redwood City, California-based company posted revenue of $117.2 million for the period, ahead of a Thomson Reuters i/b/e/s consensus forecast of $114.7 million. Box also posted an adjusted loss of 13 cents per share, better than an expected 14 cents per share loss. “It was a strong quarter in terms of top line growth,” CEO Aaron Levie said in an interview on Wednesday afternoon. “It was another quarter of positive free cash flow, which is very important for Wall Street.” Though revenue growth continued to slow slightly, Levie said the company was on track to achieve goals of reaching profitability and generating over $1 billion in annual revenue by fiscal year 2021. For now, though, the company remained focused on growing its customer base, he said. “We want to make sure that as we’re scaling the company we don’t need to raise outside capital, but grow the business in a completely sustainable way,” Levie said. The company projected revenues of $121 million to $122 million for the current quarter. The results showed the company was holding its own against rivals like Microsoft Corp ( MSFT.O ), Google ( GOOGL.O ), DropBox Inc and Amazon.com Inc ( AMZN.O ), said Adam Sarhan, CEO of 50 Park Investments. Going forward, the question is whether Box can hang onto its market share. The company now claims 74,000 paying customers, up 3,000 from the previous quarter. More specifically, the company saw year-to-year growth of 70 percent when it came to its Box Governance product, a service that simplifies use of Box for enterprises that deal with complicated regulations. (This version of the story corrects paragraph four to read "by fiscal year 2021" instead of "by 2021") (Reporting by Salvador Rodriguez; Editing by Andrew Hay) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-box-results-idUSKBN18R39O'|'2017-06-01T05:54:00.000+03:00'
'eaba79a2ffe9a1d0daf4aa3068ea5efa99ef0ba4'|'PRECIOUS-Gold holds near five-week highs, but potential U.S. rate hike drags'|'Market News - Wed May 31, 2017 - 9:18pm EDT PRECIOUS-Gold holds near five-week highs, but potential U.S. rate hike drags June 1 Gold held steady on Thursday after hitting a five-week high in the previous session on geopolitical tensions, but expectations the U.S. Federal Reserve will hike interest rates next month weighed on prices. FUNDAMENTALS * Spot gold was down 0.1 percent at $1,267.32 per ounce at 0055 GMT. On Wednesday, it touched a session high of $1,273.74 an ounce, its strongest since April 25. * U.S. gold futures fell 0.3 percent to $1,266.50. * The dollar languished near a recent 6-1/2 month low against a basket of major currencies on Thursday. * The U.S. economy expanded at a modest to moderate pace from early April through late May, but showed little sign of breaking out of a recent trend of sluggish inflation, a survey conducted by the Fed showed on Wednesday. * Federal funds futures implied traders saw an 87 percent chance the U.S. central bank would increase key overnight borrowing costs by a quarter point, to 1.00-1.25 percent, at its June 13-14 policy meeting, according to CME Group''s FedWatch tool. * Contracts to buy previously owned U.S. homes fell for a second straight month in April amid a supply squeeze, but the housing market recovery remains supported by a strong labour market. * U.S. President Donald Trump sought to insert himself into congressional investigations on Russia on Wednesday, urging lawmakers to hear from one of his former advisers, Carter Page, to counter testimony by directors of the FBI and CIA. * Prime Minister Theresa May could lose control of parliament in Britain''s June 8 election, according to a projection by polling company YouGov, raising the prospect of political turmoil just as formal Brexit talks begin. * A consortium of investors led by China''s Fosun International Ltd will buy a 10 percent stake in Russia''s top gold producer Polyus for $887 million, they said on Wednesday. * The U.S. Mint sold 14,500 ounces of American Eagle gold coins in May, up 141.7 percent from the previous month, according to the latest data. DATA AHEAD (GMT) 0145 China Caixin manufacturing PMI final May 0600 Britain Nationwide house prices May 0750 France Markit manufacturing PMI May 0755 Germany Markit/BME manufacturing PMI May 0800 Euro zone Markit manufacturing PMI final May 1215 U.S. ADP national employment May 1230 U.S. Weekly jobless claims 1400 U.S. ISM manufacturing PMI May 1400 U.S. Construction spending Apr (Reporting by Vijaykumar Vedala in Bengaluru; Editing by Joseph Radford) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/global-precious-idUSL3N1IY0BH'|'2017-06-01T09:18:00.000+03:00'
'9205b44f2270e775bc3161f73b771c5f7cf5800d'|'M&S targets food waste and social change in sustainability plan - Business'|'Marks & Spencer has pledged to raise £25m for mental health, heart and cancer charities, and halve food waste across its operations by 2025, as it steps up its ethical commitments under its new chief executive, Steve Rowe.Rowe, who took charge of M&S just over a year ago , said the fashion, food and homewares retailer was also “determined to play a leading role” in social change by supporting community projects in 10 cities, including Rochdale, Glasgow, Liverpool and Middlesbrough. M&S’s initiatives include cutting carbon emissions and giving grants of up to £50,000 for community businesses, careers advice to young people, and 10,000 pairs of plimsolls to children starting school.Sir Jonathon Porritt, a former director of Friends of the Earth, who chairs the advisory board for M&S’s ethical scheme, known as Plan A , said: “On all the big challenges – supply chain, climate, food waste, living wage, human rights, packaging, community investment and so on – the pressure is intensifying and expectations rising. It’s great to see M&S leading the way here.”Rowe said the latest scheme, launched 10 years after the first Plan A , was worth investing in, despite M&S’s financial woes , as strong ethical credentials were “in the DNA of our business that goes back 130 years”. He said: “It’s one of the things that makes us special.” But there was disappointment from campaigners that the latest plan, which runs up to 2025, stops short of promising an independently verified living wage to UK workers or those involved in the M&S supply chain.In the UK, the retailer already pays to shop-floor workers a sum that is just above the living wage – £8.45 – for workers outside London, as endorsed by the Living Wage Foundation . However, M&S is not accredited by the scheme because some workers are not paid that much.M&S’s latest Plan A says: “By 2025 we’ll aim for a living wage for all our direct employees as set by us and reviewed by credible stakeholders in a way that is sustainable for M&S.” Rowe said: “Our customer assistants already earn above the national figure set by the Living Wage Foundation, but it’s important that, as a plc, we make decisions concerning our future cost base and they are not set by a third party.”Gill Owen, of the Living Wage Foundation, said the pledge was not good enough. “We welcome any pay rise, but we would encourage M&S to accredit to the living wage scheme and to use that benchmark instead of creating their own. The public recognises that accreditation means agency workers such as cleaners and security staff are covered.”M&S previously promised to “support the payment of a fair wage to workers in [its] supply chain” and ensure that clothing suppliers were able to pay a “fair living wage”. It now says it will “encourage” franchise partners and “direct supply chains” to pay a living wage as defined by M&S.Nicola Round, of the fair pay group Labour Behind the Label, said: “We would like to see a stronger, clearer commitment from M&S on paying a living wage. We know that workers producing for M&S in India, Bangladesh and Sri Lanka are not paid enough to live on, and their wages often fall far short of a living wage.” The plan also rows back on efforts to encourage the recycling of clothing. M&S admits it will not reach its former target of helping customers give a second life to 50m garments by 2020. That pledge would have seen an average of 4m garments a year recycled compared to the new target of 3m a year.Rowe said 3m garments was “still a fantastic number” and that the so-called Shwopping initiative was a great scheme. M&S will also promote reuse of clothing by launching repair services and ensuring that its clothing and homewares are made to last and can be reused and recycled as effectively as possible. It has also promised to use at least 25% recycled material in at least a quarter of the clothing it sells by 2025.'|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/business/2017/jun/01/ms-targets-food-waste-and-social-change-in-sustainability-plan'|'2017-06-01T03:00:00.000+03:00'
'eb1389338b5dddd4d379c187a6faae1015cf0d35'|'Dollar Express sues Dollar Tree for driving it out of business'|'Business News - Fri Jun 2, 2017 - 6:41pm EDT Dollar Express sues Dollar Tree for driving it out of business People walk by a Dollar Tree store in Pasadena, California August 31, 2015. REUTERS/Mario Anzuoni By Diane Bartz - WASHINGTON WASHINGTON U.S. discount retailer Dollar Express has filed a lawsuit accusing rival Family Dollar and its parent company Dollar Tree Inc ( DLTR.O ) of driving it out of business, the third government-required divestiture to fail in recent years. Dollar Express was formed in 2015 when private equity group Sycamore Partners II LP bought some 330 stores in 35 states from Family Dollar and Dollar Tree. Family Dollar had to sell the stores in order to win antitrust approval to merge with Dollar Tree. In the lawsuit filed Thursday, Dollar Express accuses Dollar Tree of using confidential information to open new shops near the divested stores to drive them out of business. It also accused Dollar Tree of putting underqualified and inattentive store managers in divested stores. "Dollar Express''s damages, which include the lost prospective value of the acquisition of the stores, may exceed one-half billion dollars, with the ultimate amount of damages to be determined at trial," Dollar Express said in its complaint. Dollar Express in the lawsuit says these and other actions lead to it obtaining Federal Trade Commission approval in April to go out of business and sell its stores to Dollar General Corp ( DG.N ). Dollar Tree did not respond to a request for comment. U.S. regulators often insist on divestitures as a way of protecting competition without having to file lawsuits to prevent mergers that would lead to monopolies. The FTC is reviewing divestitures that may allow Walgreens Boots Alliance Inc ( WBA.O ) to buy Rite Aid Corp ( RAD.N ). Dollar Express marks the third divestiture to fail recently. In 2015, Albertsons purchase of Safeway led to the sale of 168 stories to smaller rival Haggen, which filed for bankruptcy within months. In 2012, Hertz Global Holdings bought Dollar Thrifty and was required to sell its Advantage Rent a Car brand. Advantage filed for bankruptcy within months and is now owned by a Canadian investment firm. Chris Sagers, who teaches antitrust at Cleveland-Marshall College of Law, said customers would be hurt if the companies formed from divested assets fail. "The agencies want to avoid suing to block. They don''t want to litigate merger challenges. Litigating these things is a huge resource drain," he added. "Merger parties are well-heeled and outspend them." (Reporting by Diane Bartz; Editing by Lisa Shumaker) '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-dollar-tree-lawsuit-dollarexpress-idUSKBN18T30Z'|'2017-06-03T06:26:00.000+03:00'
'001876436f6d72ec01fb6b08a919ecf00ca40098'|'Nomura bought controversial Venezuelan bonds at discount - WSJ'|'  9:54pm BST Nomura bought controversial Venezuelan bonds at discount - WSJ FILE PHOTO: A man holding an umbrella walks in front of a signboard of Nomura Securities outside its branch in Tokyo October 29, 2013. REUTERS/Issei Kato/File Photo Japanese investment bank Nomura Securities bought about $100 million worth of Venezuelan government bonds last week as part of the same transaction that has landed Goldman Sachs Group Inc ( GS.N ) in the middle of a political controversy, the Wall Street Journal reported on Wednesday. Nomura''s trading arm paid about $30 million for the debt, a steep discount to where the troubled country''s bonds trade in the market, the newspaper reported, citing people familiar with the matter. ( on.wsj.com/2qGSDyY ) A spokeswoman for Nomura''s U.S. business declined to comment. After a report that Goldman Sachs had bought $2.8 billion in bonds from Venezuela, the president of the country''s opposition-run Congress accused the Wall Street bank of "aiding and abetting the country''s dictatorial regime". [nL1N1IV0PS] Goldman has since said its asset-management arm acquired the bonds "on the secondary market from a broker and did not interact with the Venezuelan government." [nL1N1IV0PS] (Reporting by Subrat Patnaik in Bengaluru; Editing by Savio D''Souza)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-venezuela-bonds-idUKKBN18R34Z'|'2017-06-01T04:54:00.000+03:00'
'2779a3bf7bf0c673f23e7e45589f39ea5399840b'|'EU urges U.S. to limit national security probe on steel'|'Business News - Thu Jun 1, 2017 - 3:18pm BST EU urges U.S. to limit national security probe on steel A worker rests on steel to be exported at the Yingkou harbor, Liaoning province March 6, 2008. REUTERS/Stringer BRUSSELS The European Union warned the United States on Thursday that its investigation into U.S. steel imports should be limited to issues of national security and not result in unjustified, sweeping measures on exporting nations. President Donald Trump launched a trade investigation in April against China and other exporters of steel into the U.S. market, under a law that allows presidents to impose restrictions on imports for reasons of U.S. national security. In a written submission to the U.S. Department of Commerce seen by Reuters, the European Commission said that restrictive actions based on national security could not provide the lasting solution that the steel market needs. "On the contrary, their impact may create further distortions at global level with negative consequences, ultimately affecting the position of U.S. companies - both steel producers and also U.S. manufacturers which use steel," the submission to the U.S. investigation hearing said. The Commission said that U.S. steel imports might be higher year-on-year, but had decreased by about 25 percent between 2014 and 2016, with anti-dumping and anti-subsidy duties limiting Chinese products. The study, it said, should be limited to the issue of national security, adding that only about 3 percent of U.S. steel demand was used for national defense and homeland security purposes. A Commission spokesman said there was no evidence that imports, and certainly those from the EU, threatened U.S. national security. "Overcapacity is the root cause of the problems in the steel sector and only by working together can we find a solution and bring back fairness to the market and ensure a level playing field for our producers and workers," he said. U.S. Commerce Secretary Wilbur Ross has until early next year to prepare a report for the president, who can then take action to "adjust the imports". Trump''s principle target would appear to be China, the world''s largest steel producer, the subject of a pre-election pledge to crack down on Chinese trade practices. Chinese premier Li Keqiang arrives in Brussels on Thursday and is expected to commit with the European Union to the Paris climate accord and to address steel overcapacity "at its roots". (Reporting By Philip Blenkinsop; Editing by Andrew Bolton)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-usa-trump-steel-eu-idUKKBN18S5FL'|'2017-06-01T22:00:00.000+03:00'
'745616bbf5181307009594c2b91b21eb0d5218ef'|'Exclusive: Renault-Nissan seeks Ghosn heir to drive integration - sources'|'Autos - Wed Jun 7, 2017 - 5:44am EDT Exclusive: Renault-Nissan seeks Ghosn heir to drive integration - sources FILE PHOTO: Carlos Ghosn, Chairman and CEO of the Renault-Nissan Alliance, smiles before an interview during the 87th International Motor Show at Palexpo in Geneva, Switzerland, March 7, 2017. REUTERS/Denis Balibouse/File Photo By Laurence Frost - PARIS PARIS Renault-Nissan boss Carlos Ghosn is recruiting a new operational second-in-command for the carmaking alliance, company sources told Reuters, in a move designed to prepare his own succession and advance the companies'' integration. Under the plan, the currently separate chief competitive officer (CCO) roles at Renault ( RENA.PA ) and Nissan ( 7201.T ) would be fused into a single position at the 18-year-old alliance''s helm, the sources said. Nissan Chief Performance Officer Jose Munoz and CCO Yasuhiro Yamauchi are seen internally as strong contenders, they said, along with Stefan Mueller, Munoz''s counterpart at Renault. Ghosn, 63, aims to fill the new post later this year, backed by further steps to combine Renault and Nissan manufacturing, research and development and other key activities. "He''s already preparing the next stage," one of the people said. "The process is underway." A Renault-Nissan spokeswoman declined to comment. Brazilian-born Ghosn recently stepped back from his role as Nissan chief executive officer but remains CEO at Renault, where his contract ends in 2018. He still serves as chairman of both carmakers as well as Mitsubishi Motors ( 7211.T ), controlled by Nissan through a 34 percent stake. Ghosn has repeatedly tussled with Renault''s biggest shareholder, the French state, over the future of the company and its 44 percent stake in Nissan. For years, he sang the praises of a consensual, arm''s length approach to cooperation - often invoking the long list of failed auto deals to explain why a merger was a bad idea. Renault and Nissan are currently targeting 5.5 billion euros ($6.2 billion) in joint savings, or 3.8 percent of combined sales. But the tone changed in February, when Ghosn suggested the carmakers would be ready for a full tie-up if only France sold its near-20 percent Renault holding. Nissan "will not accept any move on capital structure as long as the French state remains a shareholder," Ghosn said as he presented Renault''s 2016 earnings. "The day the French state decides to get out, everything is open, and I can tell you it won''t take too much time." The new CCO hiring process began around the same time, the sources said, with senior executives at both companies vying for what is likely to be an internal appointment. Senior alliance appointments are beset by the same cultural and political sensitivities that have held back integration. Being neither French nor Japanese could be a diplomatic edge for Munoz or Mueller, respectively Spanish and German. Renault CCO Thierry Bollore is considered a long shot, the sources added. Bollore, 54, has played a prominent role in publicly defending the company against diesel fraud allegations that remain under investigation by French prosecutors. Nissan CEO Hiroto Saikawa will likely stay in the role he inherited in April, with Ghosn also remaining Renault CEO "for an initial period". Ghosn, who has run Nissan since 1999 and its French parent since 2005, is expected to continue presiding over the alliance from one or more chairman roles. The other changes will see Renault and Nissan departments folded into alliance teams that were created in 2014 across four key areas, the same people said: manufacturing and supply chain; research and development; purchasing; and human resources. "We''ll see convergence efforts in the same fields," said one. "But they are stepping up a notch." Renault shares were up 1 percent to 84.44 euros at 0939 GMT on Wednesday. Nissan shares earlier closed 0.6 percent higher at 1,074 yen in Tokyo. (Reporting by Laurence Frost; Additional reporting by Gilles Guillaume; Editing by Mark Potter) '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-renault-nissan-succession-idUSKBN18Y0UM'|'2017-06-07T16:52:00.000+03:00'
'056ca93bafe0652bbfa6281f39bad4c8fc535422'|'Piraeus Bank to sell assets, tackle bad loans in recovery plan'|'Business  37pm BST Piraeus Bank to sell assets, tackle bad loans in recovery plan left right FILE PHOTO: The logo of Piraeus Bank is seen outside a branch in Athens, Greece, March 26, 2014. REUTERS/Yorgos Karahalis/File photo 1/2 left right FILE PHOTO: People make transactions at an ATM machine as others wait to enter a Piraeus Bank branch in Athens, Greece June 19, 2015. REUTERS/Alkis Konstantinidis/File photo 2/2 By George Georgiopoulos - ATHENS ATHENS Piraeus Bank ( BOPr.AT ), Greece''s largest bank by assets, aims to sell its Balkan businesses and certain other holdings and shrink its bad loans portfolio, its new chief executive told reporters on Wednesday, outlining the group''s plans up to 2020. "Our vision is to be the most credible bank in Greece," said CEO Christos Megalou, who took over in April. "Our strategy plan makes sense and is not pie in the sky," Megalou, who was previously CEO of rival Eurobank ( EURBr.AT ), said. "Our goals are demanding but achievable." Piraeus, which is 26.2 percent owned by Greece''s bank rescue fund HFSF, is still struggling with problem loans after a deep recession in Greece pushed unemployment to record highs. The bank plans to slim down by selling wholly-owned subsidiaries in Bulgaria, Romania, Serbia, Albania and the Ukraine as part of its "Agenda 2020" plan to reduce its foreign exposures. The group also plans to divest other holdings, including a 40 percent stake in shipping company Hellenic Seaways and the bank''s 33 percent stakes in fish farms Nireus Aquaculture ( NIRr.AT ) and Selonda ( SELr.AT ), Megalou said. Piraeus, 67 percent owned by institutional investors, will create a separate division to be known as "Piraeus Legacy Unit," as part of efforts to clean up its balance sheet. Piraeus Bank will remain as the "good bank" with risk-weighted assets of 28 billion euros (£24.3 billion) and a 2 percent non-performing loans ratio, comprising corporate banking, retail operations and asset management. It will aim for a 1.1 percent return on assets. The legacy unit, with risk-weighted assets of 25 billion euros and a 64 percent non-performing loan ratio, will include international and non-core banking operations earmarked for sale. It will aim to shrink its bad loans via sales and restructuring. A mountain of non-performing exposures (NPEs), comprising non-performing loans (NPLs) and restructured loans likely to turn bad, is the biggest challenge facing Greek banks. The banks'' stock of NPEs stands at about 58 percent of economic output. Piraeus will seek to shrink its NPEs to below 20 billion euros by 2020 from 33.3 billion in the first quarter and its NPLs, loans past due more than 90 days, to around 8 billion euros from 23 billion at end-March. Piraeus, with a current market value of 1.8 billion euros, also aims to pay back 2.0 billion euros of contingent convertible bonds (CoCos) to the HFSF rescue fund by 2020. The funds were injected into the bank a recapitalisation two years ago. "By then we will have generated the cash and capital to fully pay back the bonds," Megalou said. The group also aims to restore its access to wholesale funding markets and reduce borrowing from the Greek central bank''s emergency liquidity assistance (ELA) down to zero by 2020 from 11 billion euros last year. (Reporting by George Georgiopoulos. Editing by Jane Merriman)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-piraeusbank-strategy-ceo-idUKKBN18Y1GR'|'2017-06-07T19:37:00.000+03:00'
'08d9cff67e56266b90dc4a6b443ed648bbd1dd90'|'Morgan Stanley slashes sterling forecast, no longer sees $1.45 next year'|'LONDON Morgan Stanley has slashed its long-term sterling forecast, ditching its out-of-consensus call made in March that the UK currency would reach $1.45 by the end of next year GBP= .The pound''s rise to around $1.30 after Prime Minister Theresa May in April called a general election has reduced its undervaluation and the scale of market bets on further weakness, currency analysts at the U.S. investment bank said in their mid-year outlook."The bull case (for sterling) has become less convincing, with the economy now showing signs of weakness. For sterling to do better, we need to see Brexit negotiations turning constructive, allowing markets to assume the British economy avoiding a cliff-edge Brexit," they said in the report published late on Sunday.They now expect the pound''s peak next year to be $1.26 in the first quarter, slipping to $1.23 by the end of the year. In March, when sterling was in the low $1.20s, they predicted that sterling would rise as high as $1.45 by the end of 2018.They also turned much more bullish on the euro, ditching their call for a break below parity with the dollar later this year and now predicting a rise as high as $1.19 early next year EUR= .The euro was last trading at $1.1245, while sterling was last at $1.2900.(Reporting by Jamie McGeever; Editing by John Geddie)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-britain-sterling-morgan-stanley-idUKKBN18W1HW'|'2017-06-05T19:36:00.000+03:00'
'33278c81a596433898222433f3645af95539a095'|'German shipping group Rickmers files for insolvency'|'HAMBURG, June 1 German shipping group Rickmers said it had filed for insolvency on Thursday, a day after it announced that its restructuring plan had failed to win approval of bondholder HSH Nordbank."The insolvency application was filed this morning, and the court has confirmed that it has received it," the company said in an e-mailed statement, adding that it could not yet predict further developments.Rickmers had proposed a revamp plan under which the equity stake of owner Bertram Rickmers was to be reduced to 24.9 percent, while bondholders, HSH Nordbank and potentially another bank would hold 75.1 percent.But it said late on Wednesday that HSH had "highly surprisingly" rejected that plan, forcing it to file for insolvency.(Reporting by Jan Schwartz; writing by Maria Sheahan; editing by Jason Neely)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/rickmers-restructuring-idINFWN1IY08Q'|'2017-06-01T08:07:00.000+03:00'
'a1d165006fbcf9a06158b71f9cec7694fd9646a5'|'Bollore lines up son Yannick to take over at Vivendi'|'Business News - Thu Jun 1, 2017 - 1:51pm BST Bollore lines up son Yannick to take over at Vivendi Vincent Bollore (R), Chairman of media group Vivendi and his son Yannick Bollore, Chairman and Chief Executive Officer of Havas Group, attend the company''s shareholders meeting in Paris, France, April 25, 2017. REUTERS/Jean-Paul Pelissier By Mathieu Rosemain and Gwénaëlle Barzic - PUTEAUX, France PUTEAUX, France Vincent Bollore said on Thursday he wanted his son Yannick to eventually take over as chief executive of Vivendi ( VIV.PA ), the French media group where Bollore is chairman and leading shareholder. Bollore, aged 65, has already stated his plan is to hand over his majority-owned Bollore Group ( BOLL.PA ) to his four children in 2022, the year of the conglomerate''s bincentenary. Four years ago Yannick, 37, became chief executive of advertising group ( HAVA.PA ), which is 60 percent-owned by Bollore and last year he joined Vivendi''s supervisory board, chaired by his father. "You understand what my next intentions are," Vincent Bollore told Vivendi''s shareholders at their annual meeting on Thursday, referring to the role of his son as head of Havas. "That is that Yannick takes over Vivendi," he said. Bollore did not provide any timing for the succession plan at Vivendi, whose current chief executive is Arnaud de Puyfontaine. Last month Bollore took a first step towards merging Havas and Vivendi with Vivendi making an offer to buy Bollore''s stake in Havas for over 2.3 billion euros (£2 billion). A merger would add a third key division to the media group, which owns the world''s biggest music label Universal Music Group (UMG) and France''s biggest pay-TV group Canal Plus. Bollore''s eldest son Cyrille already leads Bollore''s transportation and logistics division, the biggest and most lucrative business in the group. His third son Sebastien is a board member of Gameloft, a mobile video-games maker bought by Vivendi last year, while his daughter Marie is in charge of the Bollore Group''s electric vehicles business. UNIVERSAL SHARE OFFER Asked by a shareholder on Thursday about the possibility of spinning off Universal with an initial public share offer, Bollore confirmed that the group''s teams were reviewing that option. "The value (of UMG) increases every day and it''s true that an IPO would be an interesting thing," he said. "The key question for an IPO is to know when is the best time to do it. It''s like cheese puffs, you have to take them out at the right moment." (Editing by Greg Mahlich)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-bollore-ag-vivendi-havas-idUKKBN18S55K'|'2017-06-01T20:51:00.000+03:00'
'7a06134a0a5b533b78b57a8d4d0383e53e76ea92'|'Exclusive: Bank of England faces strike action over pay as union launches ballot'|'Business News - Thu Jun 1, 2017 - 11:58am EDT Exclusive: Bank of England faces strike action over pay as union launches ballot By Andrew MacAskill and Andy Bruce - LONDON LONDON Staff at the Bank of England will begin voting on Thursday on whether to hold a strike this year in protest at below-inflation pay rises, union sources told Reuters. Unite, Britain''s biggest union, is consulting members on whether to take industrial action at the 323-year-old Bank, which employs around 3,600 people, after they were awarded a 1 percent pay rise for this year. The union, which represents workers in security, catering, legal, HR and other services at the Bank of England, said the pay offer was "derisory" and the second year in a row that employees have faced a pay offer that is lower than inflation, resulting in a fall in income in real terms. Industrial disputes at the BoE are rare. In 1994, IT staff at the Bank were balloted for strike action after a pay dispute but voted against it. "The Bank''s disgraceful snub of low paid staff stinks of arrogance and represents an organization thoroughly out of touch with the reality of the pressure staff face meeting their costs of living," said Mercedes Sanchez, a Unite regional officer. The Bank of England declined to comment. Industrial action would be potentially embarrassing for the central bank, whose policymakers have focused heavily on the prospects for wage growth. The BoE''s latest economic forecasts show wage growth is likely to pick up significantly over the next couple of years, but it has previously been overly optimistic about the pace of pay increases. Pay rises for public sector workers in Britain have been capped by the government at 1 percent. Although this does not apply to the independent Bank of England, it operates in an environment of pay restraint for public officials. Workers in Britain suffered a long hit to their spending power after the global financial crisis, which eased only briefly when falling oil prices took inflation to zero in 2015. Real earnings are below their levels of 10 years ago and inflation looks set to hit 3 percent this year, pushed up by the pound''s fall since the Brexit vote and the oil price rebound. Britain faces the prospect of a wave of strikes in different industries this summer, with nurses and teachers threatening to stop work over issues ranging from pay deals to pensions. Unite said some Bank staff earn less than 20,000 pounds ($25,700) a year imposing a 1 percent pay rise will potentially leave them and their families facing financial hardship. BoE Governor Mark Carney has received an annual salary of 480,000 pounds since joining the Bank in 2013, as well as an annual accommodation allowance of 250,000 pounds. He has declined pay increases since joining. The ballot will close on June 21 and if members vote in favor of strike action this could begin in the summer or autumn, the sources said. (Reporting by Andrew MacAskill and Andy Bruce; Editing by Hugh Lawson) A bus passes the Bank of England in the City of London, Britain April 19, 2017. REUTERS/Hannah McKay '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-britain-boe-strike-exclusive-idUSKBN18S45G'|'2017-06-01T15:45:00.000+03:00'
'c0fd08e2c52f4095e4f14111b4cd4c13d1a3874d'|'BRIEF-Poland''s power exchange starts new trading system powered by Nasdaq'|'Market News - Mon Jun 5, 2017 - 4:58am EDT BRIEF-Poland''s power exchange starts new trading system powered by Nasdaq WARSAW, June 5 (Reuters) - * Polish power exchange TGE has launched a new trading platform provided by Nasdaq Inc that would allow it to offer new commodity and derivative instruments in future to attract new market players, it said on Monday. * The system, X-Stream Trading, will allow TGE, which is controlled by the state-run Warsaw Stock Exchange, to operate on a number of markets and offer a range of order and asset types. * "The latest technology will allow us to face European regulatory challenges and offer the necessary flexibility in shaping our offering while providing the users with enhanced portfolio management options for selling and buying instruments traded at TGE," the exchange''s chief executive was quoted as saying in a statement. * TGE, the only licensed commodity exchange in Poland, started operations 16 years ago as part of a bigger plan to liberalise Poland''s electricity market. (Reporting by Agnieszka Barteczko; editing by Jason Neely) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/power-poland-exchange-idUSL8N1J21JH'|'2017-06-05T16:58:00.000+03:00'
'c953833af4862a04841bca202dff3ead9e6453f0'|'Canada beats U.S. in pork sales to China - feet, elbows and all'|'Mon Jun 5, 2017 - 6:16am BST Canada beats U.S. in pork sales to China - feet, elbows and all left right Canadian pork shoulders are being prepped on a butcher''s counter at North Hill Meats in Toronto, Ontario, Canada on May 10, 2017. Picture taken on May 10, 2017. REUTERS/Hyungwon Kang 1/6 left right Canadian pork shoulders and pork belly are being prepped on a butcher''s counter at North Hill Meats in Toronto, Ontario, Canada on May 10, 2017. Picture taken on May 10, 2017. REUTERS/Hyungwon Kang 2/6 left right Canadian pork shoulders are being prepped on a butcher''s counter at North Hill Meats in Toronto, Ontario, Canada on May 10, 2017. Picture taken on May 10, 2017. REUTERS/Hyungwon Kang 3/6 left right Canadian pork shoulders are being prepped on a butcher''s counter at North Hill Meats in Toronto, Ontario, Canada on May 10, 2017. Picture taken on May 10, 2017. REUTERS/Hyungwon Kang 4/6 left right Canadian pork shoulders are being prepped on a butcher''s counter at North Hill Meats in Toronto, Ontario, Canada on May 10, 2017. Picture taken on May 10, 2017. REUTERS/Hyungwon Kang 5/6 left right Canadian pork belly is being prepped on a butcher''s counter at North Hill Meats in Toronto, Ontario, Canada on May 10, 2017. Picture taken on May 10, 2017. REUTERS/Hyungwon Kang 6/6 By Rod Nickel , Michael Hirtzer and Dominique Patton - WINNIPEG/CHICAGO/BEIJING WINNIPEG/CHICAGO/BEIJING Canada has overtaken the United States as the top North American supplier of pork to China as farmers and meat packers in both nations battle for lucrative shares of the biggest global market. Canada''s pork sales to China, after a sharp rise last year, exceeded those of the United States in the first quarter of 2017. That''s only happened a handful of times in two decades, according to U.S. and Canadian government data. Rising affluence is driving China''s voracious appetite for pork, including parts of the pig - feet, elbows, innards - which command little value in most countries. At the same time, tightened environmental standards in China have forced farm closures and boosted demand for cheaper imports. That''s a bonanza for Canadian farmers, who have almost completely removed the growth drug ractopamine from their pigs'' diet - largely because it is banned in China, which consumes half the world''s pork. U.S. exports to China, by contrast, are limited because only about half of the nation''s herd has been weaned off the drug, according to U.S. hog producers, meat packers and animal feed dealers. But major U.S.-based firms are now moving to produce more ractopamine-free hogs - including the three biggest pork producers, Smithfield Foods [SFII.UL]; Seaboard Foods, a division of Seaboard Corp; and Triumph Foods, a hog farmer cooperative. The ascension of Canada''s pork exports underscores the power of the gargantuan Chinese market to influence agricultural practices and profits in supplier countries worldwide. As recently as 2013, annual U.S. pork sales to China, some 333,000 tonnes, more than doubled Canada''s shipments of 161,000 tonnes. That''s the same year Canada''s hog industry started to remove ractopamine, best known as Eli Lilly & Co product Paylean. In the first quarter of this year, Canada shipped nearly 93,000 tonnes of pork to China, on pace to hit 372,000 tonnes annually. That eclipsed the 87,500 tonnes that the United States shipped, according to data from both governments. For a graphic on United States and Canada pork sales to China, see: tmsnrt.rs/2r80PeW The European Union, which has long banned ractopamine, is China''s top foreign pork supplier, sending 393,365 tonnes there in the first quarter. Chinese authorities banned the use of ractopamine in livestock in 2002. They say meat raised with the drug can cause nausea and diarrhea in people and be life-threatening to sufferers of heart disease. The U.S. Food and Drug Administration, however, did not see the same dangers when it approved ractopamine in 1999, concluding that it would "not have a significant impact on the human environment." The FDA''s stance has drawn some criticism, including a 2014 lawsuit by environmental groups alleging the agency has not fully examined the drug''s impact. The suit was later dismissed on technical grounds but is being appealed. Hog farmer and rancher groups defend ractopamine use, saying it allows them to grow livestock more efficiently, with less feed, said Dave Warner, spokesman for National Pork Producers Council. Canadian health authorities also allow consumption of pork from hogs raised with the drug. SELLING ELBOWS ONLINE The China market is so lucrative that Canada''s HyLife started selling pork online directly to Chinese consumers last year. The small Manitoba processor hawks pig feet and elbows on e-commerce site JD.com Inc, a competitor of Alibaba Group Holding Ltd. "They''re big online buyers," said Claude Vielfaure, HyLife''s chief operating officer. "You try to move your pork all kinds of ways." Rising Chinese pork demand has driven up prices for by-products including pigs'' feet, kidneys and livers. Pigs feet sell for more than C$2.50 ($1.85) per kilogram - about double their value two years ago, said Richard Davies, executive vice-president of sales and marketing at Olymel, one of Canada''s biggest pork packers. Selling by-products can squeeze another $10 per pig from a carcass that otherwise earns packers about $180, said Ray Price, president of Alberta-based processor Sunterra Meats. China is the biggest byproduct market, followed by Taiwan and Philippines. Stewed pigs feet with white beans is a famous dish from Sichuan province, one of China’s culinary capitals, while blood sausage, made from intestines and cooked with pickled vegetables, is a traditional winter dish in the northeast. Chinese consumers enjoy the strong flavor of offal - internal organs and entrails. In Beijing, stir-fried pig’s liver with vegetables is common on dinner tables and known for its nutritional value. In all, China consumed 55 million tonnes of pork last year. Although that is the lowest total in four years, imports are rising fast because millions of China’s small-scale farmers have left the pork business in recent years because of falling prices and rising environmental standards. The government forced thousands of farms to close because of severe water pollution. China became Quebec-based Olymel''s biggest export market last year, vaulting over the United States and Japan. It plans to open a sales office there as early as next year. "Just a tweak in that market can change the game for anyone in the world," Davies said. GETTING PIGS OFF DRUGS U.S. pork producers have moved more slowly than their Canadian competitors to raise ractopamine-free pigs, primarily because the United States is the world''s third-biggest domestic market for pork. Tyson Foods Inc and Hormel Foods Corp continue to process hogs that were fed ractopamine in part because they do not raise their own pigs. Hormel''s hog supply "comes from more than 500 family farms," a Hormel spokesman said, many of which use the growth drug. U.S. firms can also send pork from ractopamine-fed hogs to Mexico and Japan, the top U.S. pork export markets. But many U.S.-based suppliers are nonetheless scrambling to take advantage of Chinese demand for ractopamine-free pork. Smithfield - the world''s biggest pork producer and a subsidiary of Hong Kong-listed WH Group - has raised most of its hogs without the drug for more than two years, a spokeswoman said. As the top exporter of pork to China, Smithfield firm shipped 300,000 tonnes there from the United States and Europe last year. The second- and third-biggest U.S. pork producers - Seaboard and Triumph - are jointly opening a pork processing plant next month in Sioux City, Iowa, where nearly all hogs slaughtered will be ractopamine-free, according to local hog producers and animal feed mills. Building dedicated ractopamine-free pork plants allows processors to limit risk of China rejecting shipments that contain trace amounts of the drug. Seaboard declined to comment about ractopamine. Triumph did not respond to requests for comment. The Cooperative Farmers Elevator in Ocheydan, Iowa, is constructing a new feed mill that by 2018 will produce only ractopamine-free animal feed. "It was requested from some of the customers we deal with," said Steve Peterson, the cooperative''s vice-president of feed. "The one that is pushing the hardest is Seaboard." U.S. hog producer Prestage Farms also is planning a new Iowa slaughterhouse for as many as 10,000 ractopamine-free hogs annually by 2018, president Ron Prestage told Reuters. With the U.S. hogs in record supply, foreign demand is essential to profits, Prestage said. "When we have plentiful hogs, as we do today, packers prefer not to have ractopamine," Prestage said. "They want to be able to export as much product as they can." For graphic on China pork imports soar after farm crackdown, click: tmsnrt.rs/2s8dtMv (Editing by Brian Thevenot)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-canada-trade-pork-china-insight-idUKKBN18W0GB'|'2017-06-05T13:23:00.000+03:00'
'67f85d90df57287f74f448e701b5a1b09a3cd7bc'|'EU, Rome seal preliminary rescue deal for Monte dei Paschi'|'Top News - Thu Jun 1, 2017 - 3:57pm BST EU, Rome seal preliminary rescue deal for Monte dei Paschi FILE PHOTO: The Monte dei Paschi bank headquarters is pictured in Siena, Italy, August 16, 2013. REUTERS/Stefano Rellandini/File Photo By Robert-Jan Bartunek and Silvia Aloisi - BRUSSELS/MILAN BRUSSELS/MILAN The European Commission and Italy have reached a preliminary agreement on a state bailout for Monte dei Paschi di Siena ( BMPS.MI ) that includes heavy cost cuts, losses for some investors and a cap on pay for the bank''s top executives. The deal brings close to an end months of negotiations over the fate of the world''s oldest bank and Italy''s fourth biggest lender, the worst performer in European stress tests last year. The Commission said it had agreed in principle on a restructuring plan for the bank so that it can be bailed out by the state under new European rules for dealing with bank crises. "It would allow Italy to inject capital into MPS as a precaution, in line with EU rules, whilst limiting the burden on Italian taxpayers," Competition Commissioner Margrethe Vestager said in a statement. The bank would undergo deep restructuring to ensure its viability, including by cleaning its balance sheet of non-performing loans, she said. Burdened by a bad loan pile and a mismanagement scandal, Monte dei Paschi has been for years at the forefront of Italy''s slow-brewing banking crisis. It was forced to request state aid in December to help cover a capital shortfall of 8.8 billion euros (£7.6 billion) after it failed to raise money on the market. The accord with the European Commission exploits an exception in current EU rules allowing member states to bolster the capital buffers of a bank provided it is solvent and that shareholders and junior bondholders shoulder some of the losses. The government could end up injecting some 6.6 billion euros into the bank, taking a stake of around 70 percent. The agreement with Brussels is conditional on the European Central Bank confirming the lender meets capital requirements and on the sale of some 26 billion euros in soured debts to private investors. Monte dei Paschi said on Monday it was in exclusive talks until June 28 with a domestic fund and a group of investors to shift the debts off its balance sheet and sell them repackaged as securities. Sources close to the matter said the price at which Monte dei Paschi sells those bad debts would be key for the bailout, as a low price would require the bank to book further loan losses which could not be covered by the state. Details of Monte dei Paschi''s restructuring plan have not been made public, but it is expected to include thousands of job cuts and the closure of hundreds of branches as the bank must ensure it is profitable in the long term. "MPS will take a number of measures to substantially increase its efficiency," the Commission''s statement said. The EU deal also imposes a cap on senior management pay equivalent to 10 times the average salary of Monte dei Paschi''s staff. As a result, the annual salary of Chief Executive Marco Morelli should be cut to around 500,000 euros from more than 1.8 million euros, according to a source. The Commission said retail investors who were mis-sold the bank''s junior bonds would be eligible for compensation. Italy faces a much bigger hurdle in winning European approval for a state bailout of two other banks, Banca Popolare di Vicenza and Veneto Banca. Sources have said the EU Commission has demanded an additional injection of 1.2 billion euros by private investors before taxpayer money can be used, but Rome is struggling to find any investor willing to stump up the money. (Editing by Adrian Croft)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-eurozone-banks-monte-dei-paschi-eu-idUKKBN18S4DM'|'2017-06-01T21:03:00.000+03:00'
'2c38a29c3c36e575b4c14ea348853befe94bdc65'|'Hedge fund Jana Partners says down in May, up 4.6 pct in 2017'|'BOSTON, June 1 Activist hedge fund Jana Partners, which is currently pushing grocer Whole Foods Markets Inc to perform better, lost money in May but is still in the black for the year, according to an investor update.The firm''s Jana Partners fund was off 0.7 percent in May and is up 4.6 percent for the year while the Jana Nirvana fund lost 1 percent in May but is up 6.9 percent in the first five months of 2017.Jana is Whole Foods'' second largest investor and has been pushing the company to add directors with experience in retail operations, technology, finance and real estate. (Reporting by Svea Herbst-Bayliss; Editing by Andrew Hay)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/hedgefunds-janapartners-idINL1N1IY1P1'|'2017-06-01T16:57:00.000+03:00'
'894fc44e6691a8f7d7e271ca31015b5171188e07'|'Barclays finishes Africa business sell down bumper $2.8 billion stake sale'|'By Anjuli Davies and Tiisetso Motsoeneng - LONDON/JOHANNESBURG LONDON/JOHANNESBURG Barclays ( BARC.L ) cut its stake in Barclays Africa Group ( BGAJ.J ) to 15 percent sooner than expected on Thursday, ending more than 90 years as a major presence in the continent.The British bank, which under Chief Executive Jes Staley is firmly focused on Britain and the United States, said it was selling 2.2 billion pounds ($2.83 billion) worth of shares in its African business due to strong investor demand.Barclays had said on Wednesday it would sell shares worth 1.5 billion pounds in its second rapid share sale since saying it would largely get out of Africa.The bigger figure lifted shares in Barclays, which is partly relying on the funds to meet capital requirements identified as a concern by the Bank of England. At 1216 GMT, the shares were up 0.2 percent, while Barclays Africa was up 4.6 percent.Barclays said that once the business is deconsolidated from its accounts, the sale should eventually boost its core capital ratio by 73 basis points, although it will lead to an initial 1.2 billion pound loss.Ian Gordon, an analyst at Investec, called the deal "utterly transformational" for Barclays'' capital position, which in turn offered opportunities for earning enhancement.OWN DESTINYThe split hands full control of Barclays Africa to its chief executive Maria Ramos.The bank operates across Kenya, Botswana, Tanzania and Ghana, and is one of South Africa''s ''big four'' along with Standard Bank ( SBKJ.J ), Nedbank ( NEDJ.J ) and FirstRand and Ramos now has to steer it through a tough economic and political environment, with no support from its deep pocketed parent.South Africa, Africa''s most industrialized economy, lost its highly prized investment grade sovereign credit ratings in April, causing knock on downgrades to its banks.But Ramos, who dealt with the fall out from global financial crisis when she took over at Barclays Africa in 2009, said the share sale, South Africa''s biggest ever rand denominated bookbuild, was "substantially oversubscribed"."This not because we''re nice people, although we''d like to believe we are, but testament to the quality of our franchise," Ramos told a news conference.Ramos, ranked 20th in Fortune Magazine''s 50 most powerful women outside the United States list for 2016, said she had no immediate plans to expand beyond the bank''s current footprint.U.S., BRITAIN FOCUSBarclays first announced in March 2016 that it would sell most of its 62.3 pct stake in Barclays Africa over two to three years. Its sold 12.2 percent in May 2016, but had since been hindered by regulatory delays and political upheaval.Since taking over 18 months ago, Staley has scaled back the bank''s geographic footprint and emphasized investment banking, although his attempts to revitalize this have been clouded by U.S. and British investigations.Staley has also faced investor criticism following his attempts to unmask a whistleblower, which Barclays insiders fear could unseat him if the findings of inquiries are damning.Barclays faces other regulatory obstacles, with an ongoing probe by Britain''s Serious Fraud Office (SFO) into its 2008 cash call at the height of the financial crisis and allegations by the U.S. Department of Justice (DOJ) over mortgage mis-selling.(Editing by Rachel Armstrong and Alexander Smith)FILE PHOTO: The Barclays headquarters building is seen in the Canary Wharf business district of London, Britain February 6, 2013. REUTERS/Neil Hall/File Photo'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-barclays-africa-idINKBN18S3Z2'|'2017-06-01T04:49:00.000+03:00'
'7e844379d8d7739d50d56d4329ee4db246b90df1'|'Traders keep bets on June rate hike after jobs report'|'Business News - Fri Jun 2, 2017 - 9:08am EDT Traders keep bets on June rate hike after jobs report The Federal Reserve headquarters in Washington September 16 2015. REUTERS/Kevin Lamarque U.S. short-term interest rate futures were little changed on Friday after a government report showed employers added fewer jobs than expected but the unemployment rate dropped to a 16-year low. Traders now see about an 87 percent chance of a Federal Reserve interest-rate hike on June 14, down slightly from 89 percent before the jobs report. They continue to see slightly less than an even chance for one more rate hike before the end of the year, based on the price of fed funds futures contracts traded at CME Group Inc''s Chicago Board of Trade. (Reporting by Ann Saphir; Editing by Chizu Nomiyama) '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-usa-fed-futures-idUSKBN18T1SN'|'2017-06-02T21:08:00.000+03:00'
'c951f674927102aaa5b6249264b13767996b4020'|'EU regulators say Qualcomm has not offered concessions in NXP bid'|'BRUSSELS, June 2 U.S. smartphone chipmaker Qualcomm has not offered any concessions so far in its $38-billion bid for NXP Semiconductors, EU antitrust regulators said on Friday, increasing the risk of a lengthy investigation into the deal.Qualcomm, which supplies chips to Android smartphone makers and Apple, had until June 1 to propose concessions to allay possible competition concerns over the biggest-ever deal in the semiconductor industry.The EU competition authority''s preliminary review of the deal ends on June 9. It can either clear the deal unconditionally or open an investigation lasting up to four months.During an investigation, Qualcomm could seek to convince regulators that the deal was not anti-competitive. Failing that, it might have to offer concessions.Rivals had urged the European Commission to ensure they would still be able to use NXP technology known as Mifare once the deal is done, people familiar with the matter said. .The technology is embedded in access cards for buildings and public transport, as well as mobile phones which double as electronic wallets. Competitors also want Qualcomm to agree to fair licensing practices, the people said. (Reporting by Foo Yun Chee; Editing by Edmund Blair)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/nxp-ma-qualcomm-eu-idINL8N1IZ1UR'|'2017-06-02T07:20:00.000+03:00'
'a91304f1cc6e9d067abc931b4ffb6b28b57eae08'|'U.S. meal kit service Blue Apron files for IPO'|'Blue Apron Holdings Inc, the biggest U.S. meal kit company, has filed for an initial public offering, amid increasing competition as more companies seek to deliver fresh ingredients and recipes to subscribers.New York City-based Blue Apron has selected Goldman Sachs, Morgan Stanley, Citigroup and Barclays among underwriters to its IPO.Reuters reported in March that Blue Apron competitor, Sun Basket, which focuses on organic ingredients, had hired banks for an IPO that could come in the second half of the year.Blue Apron, named after the uniform that apprentice chefs wear in France, delivers prepackaged ingredients and recipes to subscribers'' doorsteps for them to prepare at home, a business model attempting to disrupt traditional grocery shopping.The company, founded in 2012, is not profitable. It lost $54.9 million last year but revenue more than doubled to $795.4 million, Blue Apron said in a filing with the U.S. Securities and Exchange Commission.Blue Apron posted a net loss of $52.2 million for the first quarter of 2017 on revenue of $244.8 million.The company said it would list its class A shares on the New York Stock Exchange under the symbol "APRN".Blue Apron has two classes of voting stock, class A and class B, as well as a class C of non-voting stock, the company said.Blue Apron filed for an IPO of up to $100 million. The amount of money a company says it plans to raise in its first IPO filings is used to calculate registration fees. The final size of the IPO could be different.(Reporting by Diptendu Lahiri in Bengaluru; Editing by Sai Sachin Ravikumar)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-blueapron-ipo-idINKBN18S6JU'|'2017-06-01T19:30:00.000+03:00'
'3b13f7ffc0fc429a57e1eb49e929016201b2f25a'|'Herbalife to cut sales guidance - CNBC'|'June 4 Nutritional supplement maker Herbalife Ltd said it will lower its sales outlook for the current quarter before Monday''s market open, CNBC reported Sunday.Herbalife now expects revenues to be 1.5 percent lower than earlier estimates, according to a press release reviewed by CNBC.The company said the transition to the new Federal Trade Commission (FTC) rules along with softness in Mexico was to blame for the lowered numbers, CNBC reported. cnb.cx/2qWkGu6Herbalife was not immediately available for comment outside regular business hours.(Reporting by Subrat Patnaik in Bengaluru; Editing by Sunil Nair)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/herbalife-outlook-idINL3N1J21H5'|'2017-06-05T00:32:00.000+03:00'
'cf00a76726a0babc0c209e7c191b084cea481a1f'|'How PPG lost its $29.5 bln bet on Dulux paint'|'Deals - Thu Jun 1, 2017 - 7:28pm EDT How PPG lost its $29.5 billion bet on Dulux paint left right FILE PHOTO: Cans of Dulux paint, an Akzo Nobel brand, are seen on the shelves of a hardware store near Manchester, Britain, April 24, 2017. REUTERS/Phil Noble/File Photo 1/3 left right FILE PHOTO: Cans of Dulux paint, an Akzo Nobel brand, are seen on the shelves of a hardware store near Manchester, Britain, April 24, 2017. REUTERS/Phil Noble/File Photo 2/3 left right FILE PHOTO: -- Akzo Nobel''s logo is seen in Amsterdam, Netherlands, February 16, 2012. REUTERS/Robin van Lonkhuijsen/United Photos/File Photo 3/3 By Pamela Barbaglia and Toby Sterling - LONDON/AMSTERDAM LONDON/AMSTERDAM In early March, U.S. paint maker PPG ( PPG.N )''s Chief Executive Michael McGarry flew from Pittsburgh to Amsterdam to take Akzo Nobel ( AKZO.AS ) boss Ton Buechner for lunch. There, the 59-year-old American ambushed Buechner with a takeover plan and price tag that his company had been working on for months, a source familiar with the talks told Reuters. Rather than spark a discussion, McGarry''s bold move at their March 2 meeting triggered a hard-nosed response. "He was brutal in his approach and Akzo decided to respond in the same aggressive way," said the source. The offer was rebuffed on March 9. Akzo said the proposal was "not in the interests of its employees" and the firm would pursue different plans to sell its specialty chemicals business. After two more offers were rejected, the Pittsburgh-based firm on Thursday dropped its bid, whose value had risen to 26.3 billion euro ($29.48 billion). The nature of the lunchtime meeting has not previously been reported, but other elements of PPG''s pursuit emerged in news briefings and a May court hearing, exposing details of the takeover bid that would normally stay behind closed doors. "The fact that it went public made the process difficult from the beginning," Bryan Iams, PPG''S vice president for corporate and government affairs, told Reuters in an emailed response to questions. Akzo''s spokesman Leslie McGibbon confirmed two face-to-face meetings took place, including the lunchtime appointment. What PPG''S McGarry got wrong was the timing and the difficulty of pulling off such a deal in the Netherlands, where supervisory boards hold great sway and most companies including Akzo are protected by "poison pill" defenses. McGarry''s message was delivered a fortnight before a Dutch general election on March 15, which included strong nationalist themes. PPG''s swoop on Akzo caused fury among the Dutch political establishment who turned its takeover plan into a political football to be used in the election debate. McGarry, however, was determined to fight on for a deal that would give his firm access to some of the most popular paint brands in the world, such as Dulux. "I don''t think the political commentary changes the fact that there was a compelling strategic logic for the two companies to come together," said PPG''s Iams. Usually, takeover bids are followed by weeks of secretive negotiations as companies haggle over price and deal structure, and go on charm offensives with investors and regulators. But for PPG, the three-month attempt at courtship brought snubs, lawsuits and barely any negotiation time with their counterparts at Akzo. Its second bid on March 20, worth 90 euros per share, was rejected within 48 hours. "What was missing from the very start was dialogue," said the source. Akzo took the position that if it engaged in talks, it would quickly become impossible to decline PPG''s offer, which was financially attractive for shareholders but which it said was not in the best interests of other stakeholders. "FACT OFFENSIVE" PPG''s main counterpart in merger and acquisition (M&A) talks was Elliott Advisors, which along with other major investors openly urged Akzo to engage in negotiations and tried but failed to oust Akzo Chairman Antony Burgmans in court. McGarry wrote an open letter to Akzo shareholders and visited the Netherlands twice to promote his plan, but met with little success. The PPG CEO said on March 23 that his visits were "not so much a charm offensive as a fact offensive." Dutch Economic Affairs Minister Henk Kamp proposed a law giving any Dutch company targeted by a foreign firm the unrestricted right to refuse for one year. PPG was turned away from meeting top politicians. After the March 2 lunch, the second and last time PPG''s McGarry met Akzo CEO Buechner was on May 6. McGarry, based in Pennsylvania, had been given barely 24 hours notice to get to Rotterdam in time. Akzo''s chairman would also be there. McGarry flew by private jet from the United States to make the 3 p.m. appointment, only to be told that Akzo''s two top executives did not have any power to negotiate and were only there to hear any further elaboration on PPG''s latest offer. The meeting, which lasted 90 minutes, proved fruitless, despite an offer to Burgmans of a seat on the board of the merged company. Details of the dash to Rotterdam and the nature of that discussion emerged in a May 22 court hearing. Akzo rejected PPG''s third bid on May 8. During the May hearing, Akzo''s lawyer Jan de Bie Leuveling Tjeenk said McGarry "shouldn''t squawk" about the wasted trip. "He''s the one who said he was willing to meet any time, anywhere," the lawyer said. After a Dutch court ruled that Akzo''s board was under no obligation to engage in talks, the American firm''s prospects dimmed. If PPG were to pursue a hostile offer by a June 1 filing deadline, Akzo''s board still had one trump card: its poison pill defense that would give Burgmans and three other members of the supervisory board the power to make binding recommendations to the company''s managing board. Even a successful hostile bid could leave PPG powerless to control the merged firm. In a last-ditch attempt, McGarry wrote to Burgmans on Monday. "Although you declined to have my requested five-minute call, you indicated you would be open to receiving our views in writing. As a result, I am providing you with this letter," McGarry wrote. The letter went on to say PPG would even consider raising its bid again and sweetening other terms. Akzo said it received the letter but added that it didn''t have time to respond. With the June 1 deadline upon them, PPG was left with little choice but to walk away. (Editing by Edmund Blair)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-akzo-m-a-ppg-inds-bid-idUSKBN18S6KU'|'2017-06-02T05:51:00.000+03:00'
'6ada93fd6d5efc75d1671c01b8ed2f258fb6fe6c'|'Puerto Rico sales tax creditors want to depose officials over ''conflicts'''|'By Nick Brown - NEW YORK, June 1 NEW YORK, June 1 Senior creditors of Puerto Rican debt backed by the island''s sales tax revenues are seeking to depose government officials over what they see as conflicts of interest in how the U.S. territory manages its bond payments.As Puerto Rico sorts its way through the biggest bankruptcy in U.S. municipal history with $70 billion in bond debt and another $49 billion in pension liabilities, several creditor groups are litigating feverishly over who gets paid first.This group, holding some $2.5 billion in senior debt issued by Puerto Rico''s sales tax authority, COFINA, asked a judge on Thursday to let them depose officials in charge of Puerto Rico''s fiscal agency, known by its acronym AAFAF.A source familiar with the COFINA creditors'' thinking said the group wants to depose Puerto Rico Governor Ricardo Rossello, one of his key advisers Elias Sanchez, and AAFAF''s director, Gerardo Portela.A spokesman for the COFINA bondholder group declined to comment. Sanchez, Portela and a spokeswoman for Rossello could not be reached for comment.The decision on the scope of depositions will ultimately fall to Judge Laura Taylor Swain, who oversees Puerto Rico''s massive bankruptcy.Thursday''s filing was part of a legal dispute between senior and junior COFINA creditors over a $16 million interest payment due on June 1.Court papers filed by the senior creditor group, which includes Cyrus Capital Partners and Tilden Park Capital Management, said AAFAF "suffers from irreconcilable conflicts of interest" because it acts on behalf of both COFINA and Puerto Rico''s central government - separate debt issuers whose creditors are fighting over the same money.COFINA''S $17 billion in bonds are backed by sales tax revenue. But holders of the central government''s $18 billion in general obligation (GO) bonds, including Aurelius Capital Management and Monarch Alternative Capital, argue their constitutionally guaranteed debt puts them first in line for that revenue.The senior COFINA holders claim AAFAF has made overtures suggesting it supports raiding COFINA coffers to benefit GO holders. Creditors should be allowed to depose officials to determine "what ownership interest" AAFAF has in the disputed funds, they argued.Recoveries for COFINA creditors will hinge on their ability to establish COFINA as separate from the government and thus inaccessible to government creditors. Showing AAFAF is acting in the government''s best interest, but not COFINA''s, could support that strategy.(Reporting by Nick Brown; Editing by Daniel Bases and Diane Craft)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/puertorico-debt-bankruptcy-idINL1N1IY1HX'|'2017-06-01T21:50:00.000+03:00'
'9178e14f53ccc09a7a9c074db51bea4eec90497f'|'Australia house prices go into reverse as regulatory curbs bite'|'  1:41am BST Australia house prices go into reverse as regulatory curbs bite A construction worker cuts a piece of timber at a new residential housing development in the western Sydney suburb of Moorebank, Australia, May 26, 2017. Picture taken May 26, 2017. REUTERS/Jason Reed By Swati Pandey - SYDNEY SYDNEY Houses prices in Australia''s capital cities slipped for the first time in 1-1/2 years in May as demand appeared to cool off in Sydney and Melbourne, a sign that tighter lending restrictions were beginning to bite. Property consultant CoreLogic said its index of home prices for the combined capital cities fell 1.1 percent in May, the weskest monthly result since November 2015, and compared with a gain of 0.1 percent in April. Annual growth in overall prices slowed to 8.3 percent from 11.2 percent in April. Home values in Sydney eased 1.3 percent - the first fall since December 2015 while prices in Melbourne inched 1.7 percent lower. The results come after dramatic gains in both the cities over the second half of 2016 and early 2017. A slowdown will be welcome news for the Reserve Bank of Australia which is worried about a debt binge by households and the impact on overall consumer spending in the economy. A sustained softening in price growth would vindicate steps adopted by regulators in recent months to take some of the heat off the housing market amid concerns that speculation in property could ultimately hurt consumers, banks and the economy. Data out from the Australian Prudential Regulatory Authority (APRA) this week showed lending to home buyers slipped in the March quarter to its lowest level in a year, with growth in both owner-occupier and investor segments slowing. The move follows the banking watchdog''s decision this year to tighten standards on investment and interest-only loans to try and cool the market. Banks themselves have been raising mortgage rates. Interest-only loans fell nearly 15 percent in the March quarter, APRA data shows. "We haven''t called the peak of the market yet. We want to see more data, we don''t want to jump in too early," said Cameron Kusher, head of research Australia at CoreLogic. (Reporting by Swati Pandey; Editing by Shri Navaratnam)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-australia-economy-houseprices-idUKKBN18S3HM'|'2017-06-01T08:41:00.000+03:00'
'f5c4e2f56ff9372e7aec7763d984214916b1281b'|'Is a 10% deposit enough to get a mortgage on a new-build house? - Money'|'Q My partner and I have put our names down for a new-build property in north-west England, with the completion date in November or December. We expect to get a valuation of the property in July, which should be about £152,000 for a small two-bedroom house.By the time we are due to apply for a mortgage we reckon we would have saved enough to put down a cash deposit of 10% of the value of the property. However, we have been advised to look into the 20% help-to-buy scheme due to some lenders not offering mortgages for new-builds where there is only a 10% deposit.In essence, we know how much we can save and how much the house is worth – we are just confused about the best option to take with the mortgage. Another option would be to borrow a further £5,000 from our parents, which could push us up to the 15% mark.We don’t want to get stung by high interest rates from the small number of lenders willing to offer 90% of the value of the house. But we also don’t want to be paying the fees and interest on the 20% government loan after five years, or having to repay 20% of the value of our house when we decide to sell it.We are looking for some advice before our brains explode, as if moving back in with my parents to enable us to save wasn’t hard enough! JS A I don’t think you should worry about being stung by super-high interest rates with a 90% mortgage. According to data published by Moneyfacts, there are several lenders willing to lend up to 90% of the value of the property and offering mortgages with competitive rates of interest. But you are right to think you have a limited choice of lenders when it comes to getting a 90% mortgage on a new-build property, as most won’t lend more than 85% of the value of a new-build house and offer only 75% on a new-build flat. Because of the limited number of lenders, it makes sense to use a mortgage broker such as London & Country or Capital Fortune , both of which have access to special new-build mortgage deals. Both can also make sure the mortgage offer has a validity of six months rather than the usual three, which can help ensure that any mortgage offer doesn’t expire before the property is built.You would, of course, have more choice if you borrowed the £5,000 from your parents because you would only need a mortgage of 85% of the value of your new-build house and more lenders would be willing to lend to you. Borrowing from your parents would also mean that you would still own 100% of your home after you bought it. With the help-to-buy scheme, you would own only 80% of the property outright until you paid off the government’s 20% loan. But you don’t have to borrow the full 20% from the government. You could borrow just 5%, for example, which would limit the government’s stake in your home and give you £7,600 towards the purchase price. However, it would be simpler to borrow from your parents and keep your home entirely for yourselves.Topics Mortgages Ask the experts: homebuying Property Help-to-buy scheme features Share on Facebook Share on Twitter Share via Email Share on LinkedIn Share on Pinterest Share on Google+ Share on WhatsApp Share on Messenger Reuse this content'|'theguardian.com'|'https://www.theguardian.com/uk/business'|'https://www.theguardian.com/money/2017/jun/01/deposit-mortgage-new-build-house-help-to-buy'|'2017-06-01T15:00:00.000+03:00'
'ec2a7aa62781d02966a533b95ed27e52dfbd2542'|'Most of 46 million recalled Takata inflators in U.S. not fixed - U.S. senator'|'Thu Jun 1, 2017 - 6:34pm BST Most of 46 million recalled Takata inflators in U.S. not fixed: U.S. senator left right The logo of Takata Corp is seen on its display at a showroom for vehicles in Tokyo, Japan, February 9, 2017. Picture taken February 9, 2017. REUTERS/Toru Hanai 1/2 left right U.S. Senator Bill Nelson (D-FL) speaks to the 2013 National Association for the Advancement of Colored People (NAACP) convention in Orlando, Florida July 15, 2013. REUTERS/David Manning 2/2 By David Shepardson - WASHINGTON WASHINGTON More than 65 percent of 46.2 million recalled Takata Corp ( 7312.T ) airbag inflators in the United States have not been repaired, a U.S. senator said on Thursday, urging automakers to speed up the pace of repairs. Senator Bill Nelson of Florida said only 15.8 million inflators out of 46.2 million inflators recalled to date have been repaired through mid-May, though nationwide recalls began in 2015. He was citing answers submitted from a National Highway Traffic Safety Administration (NHTSA) independent monitor. About 8.8 million owners had received recall notices, Nelson said, but they were told no replacement parts were currently available. The affected Takata inflators can explode with excessive force, unleashing metal shrapnel inside cars and trucks. They have been blamed for at least 16 deaths and more than 180 injuries worldwide. Inflator recalls began around 2008 and involve around 100 million inflators around the world used in vehicles made by 19 automakers, including Honda Motor Co ( 7267.T ), Ford Motor Co ( F.N ), Volkswagen AG ( VOWG_p.DE ) and Tesla Inc ( TSLA.O ). Takata spokesman Jared Levy said the company "has dramatically increased the production of airbag replacement kits." Takata has shipped over 26 million replacement kits, two-thirds of which include inflators manufactured by other suppliers, Levy said. Last month, four automakers involved in the recalls agreed to a $553 million settlement covering owners of nearly 16 million vehicles with Takata airbag inflators, and agreed to take new steps to encourage owners to get recall repairs made. Toyota Motor Corp’s ( 7203.T ) share of the settlement costs is $278.5 million, followed by BMW AG ( BMWG.DE ) at $131 million, Mazda Motor Co ( 7261.T ) at $76 million and Subaru Corp ( 7270.T ) at $68 million. Nelson noted the administration of President Donald Trump still had not nominated a candidate to lead NHTSA. "We’re in desperate need of a leader who will commit to resolving this Takata mess," Nelson said in a statement. In February, Takata pleaded guilty to U.S. charges of criminal wrongdoing and to pay $1 billion to resolve a federal investigation into its inflators. The majority of the air bag-related fatalities and injuries have occurred in the United States, and most of them in Honda vehicles. Automakers have recalled 46 million Takata air bag inflators in 29 million U.S. vehicles. By 2019, automakers will recall 64 million to 69 million U.S. inflators in 42 million total vehicles, NHTSA said in December. Takata has been searching for more than a year for a financial sponsor to pay the replacement costs for its inflators which are at the center of the auto industry’s biggest recall. (Editing by Bernadette Baum and Marguerita Choy)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-autos-takata-idUKKBN18S607'|'2017-06-02T01:24:00.000+03:00'
'4458ebb252be9df5b80bdcd063eec77adb520beb'|'Madoff trustee defeats appeal over payouts'|'By Jonathan Stempel - NEW YORK, June 1 NEW YORK, June 1 A U.S. appeals court on Thursday closed another avenue for Bernard Madoff''s victims to recoup money they lost, saying the trustee liquidating the swindler''s firm can ignore transfers of fake profits between customer accounts when determining payouts.The 2nd U.S. Circuit Court of Appeals in Manhattan ruled against several dozen former customers of Bernard L. Madoff Investment Securities LLC, including onetime New York Mets second baseman Tim Teufel, in endorsing trustee Irving Picard''s methodology.It means that victims still scrambling to recover their money, 8-1/2 years after Madoff''s December 2008 arrest, must wait longer."We recognize that our decision today provides no remedy to appellants, who have undoubtedly suffered along with too many others as a result of Madoff''s Ponzi scheme," the three-judge panel wrote."We continue to refuse, however, to treat fictitious and arbitrarily assigned paper profits as real and to give legal effect to Madoff''s machinations," it added.Helen Chaitman, a lawyer for the most of the plaintiffs, declined to comment on the decision.Picard used a variation of his court-approved "net equity" method in deciding to ignore fake profits.Under the variation, if an account statement included $2 million of equity and $3 million of fictitious profit, and a customer tried to transfer the entire sum to another customer, then Picard would credit the recipient for only $2 million.In Thursday''s decision, the appeals court agreed that this method reflected how no "real value" moved in the transfers.The decision acknowledges that Picard''s method "helps to unravel the fraud, rather than compound it," Amy Vanderwal, a partner at Baker & Hostetler representing the trustee, said in an interview.Picard is also a partner at Baker & Hostetler.The decision upheld rulings by U.S. District Judge Paul Engelmayer and U.S. Bankruptcy Judge Stuart Bernstein.Picard has recouped $11.6 billion for Madoff victims, two-thirds of the roughly $17.5 billion of principal he has estimated they lost.A fund set up in November 2013 by the U.S. Department of Justice to distribute another $4 billion, overseen by former U.S. Securities and Exchange Commission Chairman Richard Breeden, has yet to begin payouts.The case is Sagor et al v Picard, 2nd U.S. Circuit Court of Appeals, Nos. 16-413, 16-420, 16-423. (Reporting by Jonathan Stempel in New York; Editing by Jonathan Oatis)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/madoff-decision-idINL1N1IY0WC'|'2017-06-01T13:36:00.000+03:00'
'004a1608a3d8b434c99efc5c6573589f523ef3da'|'UPDATE 1-Italy''s Eni signs LNG deal in Mozambique, raising hopes of gas boom'|'* Coral South field has 16 tcf of gas in place* Experts say total project cost could hit $10 billion* Mozambique well positioned to supply Asia (Adds details about the project and partners, Quote: s)By Manuel MacuriMAPUTO, June 1 Italian energy company Eni signed a deal on Thursday to develop a huge gas field off the coast of Mozambique, the first of a series of projects that could transform the poor African nation into a major energy supplier to Asia.Developing the Coral South field, discovered in May 2012 and operated by Eni, requires building six subsea wells connected to a floating facility capable of producing about 3.4 million tonnes of liquefied natural gas (LNG) per year, Eni said.The statement did not give a value for the deal, but media reports previously said building the floating facility alone could cost more than $6 billion. With other elements of the project, experts say the development could cost $10 billion.Eni expects to begin shipping LNG in 2022."The Coral South Project will deliver a reliable source of energy while contributing to Mozambique''s economic development," Eni chief executive Claudio Descalzi said in a statement.The Coral South field contains about 450 billion cubic metres, or 16 trillion cubic feet (tcf) of gas. The field lies in the Rovuma Basin, with estimated reserves of about 85 tcf, enough to supply Germany, Britain, France and Italy for nearly two decades.Mozambican authorities approved the project''s development plan in February 2016 and in October Eni signed a 20-year deal to supply BP with LNG from the project.Mozambique, which lies on Africa''s eastern seaboard, is well placed to supply growing Asian economies with gas, analysts say.The floating LNG platform will be built in South Korea by a consortium led by Samsung Heavy. The group includes France’s Technip and Japan’s JGC.Partners in the field development include China National Petroleum Co (CNPC), Korea Gas Corp (Kogas) and Mozambique''s state-run Empresa Nacional de Hidrocarbonetos (ENH).U.S. energy major Exxon Mobil Corp agreed this year to pay Eni $2.8 billion for a 25 percent stake in its huge Area 4 concession off the coast of Mozambique, which includes the Coral South field.U.S. firm Anadarko is planning a separate onshore LNG project in northern Mozambique.Eni said project finance would fund 60 percent of the cost of building the floating LNG facility, while the financing agreement has been subscribed by 15 major international banks and guaranteed by five export credit agencies.Eni’s long-delayed final investment decision will be a relief for the Mozambican government following a high-profile debt scandal that emerged last year.The International Monetary Fund and Western donors cut budget support when $2 billion in hidden loans were exposed, plunging the country into economic crisis.LNG exports are seen as the only likely long-term solution to the country’s deep financial problems."This is really good news for the government of Mozambique," said Alasdair Reid, Africa expert at energy consultancy Wood Mackenzie. "It demonstrates that, despite ongoing credit issues, there is still enough belief in the investment climate for partners to raise finance and move projects forward."(Writing by Nqobile Dludla and Joe Brock; Editing by Edmund Blair)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/eni-mozambique-idINL8N1IY5XS'|'2017-06-01T17:25:00.000+03:00'
'b985b521db37c7225fb9dcce48f2da2af4d74026'|'UPDATE 1-New York City suspends municipal business with Wells Fargo'|'Bonds   6:03pm EDT UPDATE 1-New York City suspends municipal business with Wells Fargo (Adds voting results, background, comment, changes byline) By Dan Freed NEW YORK May 31 New York City voted on Wednesday to suspend Wells Fargo from its municipal debt issuance operations, citing a rating tied to doing business in low and moderate-income communities as having fallen below a "satisfactory" level. The commission also cited last year''s scandal, in which the bank was caught creating bogus customer accounts to boost performance measures. The New York City Banking Commission, in a unanimous 3-0 vote, decided it will give no new bond underwriting mandates or renew existing contracts with Wells Fargo. The decision follows a Federal Community Reinvestment Act (CRA) rating of "needs improvement" for the San Francisco-based bank. The decision adds New York City to other states and municipalities that have banned the bank from handling their funding operations. The commission was composed of Mayor Bill de Blasio, Comptroller Scott Stringer and Commissioner of Finance Jacques Jiha. "What happened at Wells Fargo was fraud - and there must be consequences for wrongful behavior," Stringer said in a statement. Wells Fargo, however, was given a conditional designation as a New York City bank. That means it can still hold funds under current contract because it would be too disruptive to immediately disentangle the city from the bank. "The ban will be revisited only when the bank''s rating is raised," de Blasio and Stringer said in a joint statement prior to the vote. The Wells Fargo scandal and the repercussions on its municipal banking operations contributed to a slump in its underwriting business, Reuters reported earlier this month. Prior to the vote, the bank told Reuters it appreciated the continuing dialogue with the city. "More than four years have passed since the end of our last CRA evaluation period and we are seeking an expedited review of the 2012-2015 exam," Wells Fargo spokesman Gabriel Boehmer said in an email. Wells Fargo holds $227 million of collected city taxes and fees and acts as a trustee to the New York City Retiree Health Benefits Trust, currently holding its roughly $2.6 billion in assets. The ban will suspend the bank''s role as a senior book-running manager for the city''s General Obligation as well as Transactional Finance Authority bond sales. "The only allowable exemption will be for affordable housing financing, which has a direct benefit to New York City residents," the joint statement said. (Reporting by Dan Freed; Additional reporting and writing by Daniel Bases, editing by G Crosse and Dan Grebler)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/new-york-municipals-wells-fargo-idUSL1N1IX1WN'|'2017-06-01T06:03:00.000+03:00'
'5188ffdc3cb904abf7847591e559f889536f6538'|'AutoNation names company veteran Iserman chief operating officer'|'May 31 AutoNation Inc, the biggest U.S. auto retail chain, on Wednesday named Lance Iserman chief operating officer, following the abrupt departure of predecessor Bill Berman earlier this month.Berman had also resigned from his post as president, just three months into the role.AutoNation did not provide a reason for his departure.Iserman, currently president of the company''s western region, has more than 15 years of experience within AutoNation.He will also take the position of executive vice president of sales. Iserman''s appointment is effective from June 1. (Reporting by Ankit Ajmera in Bengaluru; Editing by Sai Sachin Ravikumar)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/autonation-moves-coo-idINL3N1IX51H'|'2017-05-31T19:07:00.000+03:00'
'95d2fffb0fc126452d859ff5f1987b5dc5885e2e'|'Irish house prices up 10.5 percent year-on-year in April'|'Business News - Wed Jun 7, 2017 - 11:26am BST Irish house prices up 10.5 percent year-on-year in April Residential apartments and the Aviva Stadium are reflected in water in the Grand Canal Dock area of Dublin, Ireland December 5, 2016. REUTERS/Clodagh Kilcoyne DUBLIN Irish residential property prices climbed 10.5 percent in the year to the end of April, posting their highest annual growth rate since June 2015, data showed on Wednesday. House price growth is accelerating amid a chronic lack of supply and a surge in demand for mortgages following an easing of central bank lending rules and the introduction of a new government subsidy. Nationwide prices were up 1.1 percent in April compared with March, while in Dublin they were up 0.2 percent as prices outside the capital climbed 2.1 percent, the Central Statistics Office said. (Reporting by Conor Humphries; Editing by Hugh Lawson)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-ireland-economy-houseprices-idUKKBN18Y16O'|'2017-06-07T18:26:00.000+03:00'
'9448762cd61c91927e084797b621596dba81f846'|'UPDATE 1-Russia cuts $1 bln from state budget on Venezuela concerns -document'|'Market  27pm EDT UPDATE 1-Russia cuts $1 bln from state budget on Venezuela concerns -document (Recasts; adds context on bilateral loans) MOSCOW/CARACAS, June 6 A Russian parliamentary committee has slashed projected government revenue by nearly $1 billion to reflect expectations that Venezuela may not make timely payments on bilateral loans, according to a document released on Tuesday. The OPEC member over the years borrowed heavily from political allies including Russia and China, but is now struggling to pay back creditors including bondholders on Wall Street as its socialist economy collapses. The issue is likely to draw attention in Washington, where lawmakers have questioned Venezuelan state oil firm PDVSA''s use of a portion of its shares in U.S. subsidiary Citgo as collateral for a loan from Russia because this could leave Moscow with indirect control over U.S. energy infrastructure. Russia''s Audit Chamber, in a revision to the Russian state budgets for 2017-19, said Venezuela had not fulfilled its obligations under the Russia-Venezuela intergovernmental protocol from September 2016. That agreement was an amendment to a Russian loan granted in December 2011. The Audit Chamber is responsible for checking domestic state spending, and has published its review on the proposed changes to the state budget for 2017 and further into 2018-19. Venezuela owed Russia $2.84 billion as of September of that year, including missed payments on the debt and interest, according to the 2016 protocol included in the document. Details of the loans and the consequences for not paying them on time were not immediately evident. Venezuela''s Oil Ministry and PDVSA did not immediately respond to a request for comment. Russia''s oil major Rosneft has lent its Venezuelan counterpart PDVSA between $4 billion and $5 billion in recent years, according to Reuters calculations. The firm has been gaining ground in Venezuela as the cash-strapped leftist government scrambles for cash. In its most recent quarterly financial statement, Rosneft confirmed having provided $1.49 billion to PDVSA in 2016, secured by oil supply contracts. Rosneft''s CEO, Igor Sechin, in May confirmed that the company received Citgo collateral. PDVSA has also fallen months behind on shipments of crude and fuels under oil-for-loan deals with Russia, as well as China, according to internal company documents seen by Reuters. Rosneft will get 70,000 barrels per day of Venezuelan oil this year under the most recent loan deal, Venezuela''s oil minister Nelson Martinez said earlier this month, without providing further details on the type or time frame of the loan. ($1 = 56.4661 rubles) (Reporting by Katya Golubkova, additional reporting by Marianna Parraga in Houston and Alexandra Ulmer in Caracas; Writing by Brian Ellsworth; Editing by Andrew Hay)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/russia-venezuela-debt-idUSL8N1J35Z2'|'2017-06-07T07:27:00.000+03:00'
'ca381cfad4bbc65523ec1e6dd323ab90c4bec4d2'|'Elis sweetens takeover offer for Berendsen'|'Business News - Wed Jun 7, 2017 - 7:54pm BST Elis sweetens takeover offer for Berendsen French laundry services group Elis SA ( ELIS.PA ) sweetened its offer to buy UK peer Berendsen Plc ( BRSN.L ) on Wednesday, and the companies said they had agreed in principle on key terms. The new offer values Berendsen at 2.2 billion pounds or 1250 pence per share, representing a premium of about 45 percent to the stock''s closing price before Elis first announced its offer last month. Berendsen last month rejected a revised, 2 billion pound offer by Elis, saying it did not reflect value being added by a planned expansion. (Reporting by Sanjeeban Sarkar in Bengaluru; Editing by Sai Sachin Ravikumar)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-berendsen-m-a-elis-idUKKBN18Y2TK'|'2017-06-08T02:54:00.000+03:00'
'3b8695f534155eeee105e65d1aadce6d0c1d79df'|'UK insurer Global Aerospace to set up EU subsidiary in Paris'|'Business News - Wed Jun 7, 2017 - 5:09pm BST UK insurer Global Aerospace to set up EU subsidiary in Paris LONDON UK insurer Global Aerospace is setting up a European Union subsidiary in Paris to make sure it can continue to serve customers after Britain leaves the bloc, the firm''s chief executive said on Wednesday. "We are taking steps to establish a subsidiary in the EU so as to ensure that we are able to provide our services to customers across Europe on an uninterrupted basis, regardless of the outcome of the Brexit negotiations," chief executive Nick Brown told Reuters in emailed comments. Brown added that the firm had chosen Paris "because we already have a team there and it is already an important marketplace for aviation insurance". Global Aerospace insures 30,000 general aviation aircraft worldwide. (Reporting by Noor Zainab Hussain; writing by Carolyn Cohn; editing by Maiya Keidan)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-eu-global-aerospace-paris-idUKKBN18Y2CN'|'2017-06-08T00:09:00.000+03:00'
'53ee50445191bbf4624e4c66aa3c92d0d03d701a'|'Global airlines body sees risk of major disruption to air traffic if no Brexit deal'|'Business News - Thu Jun 1, 2017 - 4:56pm BST Global airlines body sees risk of major disruption to air traffic if no Brexit deal EU Council President Donald Tusk holds British Prime Minister Theresa May''s Brexit letter, which was delivered by Britain''s permanent representative to the European Union Tim Barrow (not pictured) that gives notice of the UK''s intention to leave the bloc under Article 50 of... REUTERS/Yves Herman BERLIN Global airlines warned on Thursday of "major disruption" if Britain leaves the European Union without a deal on aviation traffic. Traffic between the UK and other EU member states is currently covered by the EU Open Skies deal which allows EU airlines unlimited flying rights to, from and within other EU countries. If no overall Brexit deal is agreed within the two year time frame for negotiations, it is unclear what rules would govern airlines with significant British and EU business after Brexit. International Air Transport Association Director General Alexandre de Juniac said the association had identified a risk in terms of access to the UK by non-UK carriers and access to Europe by UK carriers following Brexit. "A negotiation that didn''t take into account the question of traffic rights would create a major disruption in crossings between the UK and Europe, and our position is to say ''please maintain connectivity''," de Juniac said on Thursday. Low cost carrier Ryanair has warned that in the worst case Brexit scenario flights could be halted between the UK and Europe. (Reporting by Victoria Bryan)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-airlines-iata-brexit-idUKKBN18S5QT'|'2017-06-01T23:56:00.000+03:00'
'c8fd9a60a7c8226be5a266e43efd57dca82bfac1'|'FTSE flirts with record as sterling boosts; Inmarsat rises'|'Top News - Thu Jun 1, 2017 - 5:07pm BST FTSE flirts with record level though sterling boost fades; Inmarsat jumps A woman is seen through a car window as she walks past the London Stock Exchange October 27, 2008. REUTERS/Alessia Pierdomenico By Helen Reid - LONDON LONDON Britain''s major share index climbed on Thursday, flirting with its record high level but underperforming European peers, while Inmarsat rose on merger speculation. The FTSE 100 .FTSE was up 0.3 percent, with consumer staples and industrials stocks providing the top boosts to send it hovering near its highest intra-day level of 7,586.45 points hit on Wednesday. A weaker sterling initially provided a boost to the London-listed multi-national firms, but the currency turned positive by the end of trading. Pressure on sterling has been intensifying over the past week as some opinion polls point to a tighter-than-expected race. The latest poll published by the Times showed May''s lead down to just 3 percentage points ahead of the opposition Labour party, with a week to go until the vote. [nL8N1IY3D3] While the large-caps were ahead on the day, they underperformed the broader European index and were handily beaten by French and Italian equities. UBS Wealth Management warned that the boost to the FTSE 100 from the weak pound could be turning stale. "The UK equity market''s tailwind from the weak pound is fading, and as we lap the currency low point during the second and third quarters of this year, the market will no longer receive a boost from currency effects," said deputy head of the UK investment office Caroline Simmons. Mid-caps, which have been outpacing their larger counterparts, lagged slightly, up just 0.2 percent. "We have seen a relative underperformance of domestic-focused UK equities as political risk increases alongside the perceived uncertainty of the Brexit outcome," said Edward Park, investment director at Brooks Macdonald. But Inmarsat ( ISA.L ) gained 5.4 percent on the day, leading the way among European satellite companies, with France''s SES ( SESFd.PA ) and Eutelsat ( ETL.PA ) also fuelled by speculation they could be takeover targets after sources said Softbank would let its planned $14 billion merger between OneWeb and Intelsat collapse. Gains among large-caps were broad-based and broker calls helped some specific stocks stand out. Private equity firm 3I Group ( III.L ) rose 3.2 percent after Barclays raised its price target on the stock, saying a trading update from Action management, which accounts for 30 percent of 3I''s portfolio, was reassuring and the group was confident on cash generation. Mediclinic ( MDCM.L ) however sank 3.4 percent, the top FTSE faller, after both Credit Suisse and Bank of America Merrill Lynch cut their rating on the private health-care provider. Meanwhile mid-cap bus and rail company FirstGroup ( FGP.L ) fell 5.7 percent after a 23-percent profit jump was overshadowed by its warning of a mixed trading outlook. Challenger bank Aldermore ( ALD.L ) fell 3 percent after Exane cut it to "underperform", citing slowing loan growth and an uptick in impairments. Online car retailer Auto Trader ( AUTOA.L ) hit a record high after Barclays upgraded the stock to "overweight." Its shares were up 4.5 percent. National Grid ( NG.L ), Taylor Wimpey ( TW.L ) and Marks & Spencer ( MKS.L ) had all gone ex-dividend on the day. Business support services firm G4S ( GFS.L ) and real estate investment trust Segro ( SGRO.L ) were confirmed as the latest additions to the blue-chip index, with changes effective on June 16. Intu Properties ( INTUP.L ) and Hikma Pharmaceuticals ( HIK.L ) were set to be demoted to the mid-cap index, as part of the quarterly review reshuffling stocks based on their relative size. (Reporting by Helen Reid; Editing by Andrew Heavens)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-stocks-idUKKBN18S4HG'|'2017-06-01T17:37:00.000+03:00'
'c6cf84d2c63de328d1db7e862619b4287c5d4118'|'Brazil political risk leads to cautious buyout activity'|'SAO PAULO, June 5 Escalating political turmoil in Brazil will probably spark more caution among private equity firm, with fundraising potentially bearing the brunt of a more skittish behavior among investors, an industry group said on Monday.Investment commitments by private equity firms totaled 142.8 billion reais ($43.4 billion) last year, according to group ABVCAP. Fernando Borges, ABVCAP''s president, said players will adjust to new political conditions should turmoil escalate, "and asset prices will reflect that."Borges spoke at the sidelines of ABVCAP''s annual summit in São Paulo.($1 = 3.2878 reais) (Reporting by Guillermo Parra-Bernal)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/brazil-privateequity-abvcap-idINE6N1IL00W'|'2017-06-05T13:13:00.000+03:00'
'f84faafc30df72544dc03e0fecf70b7eff11cc3a'|'Oil gains more than 1 percent on Middle East schism, tightening supply'|'By Stephen Eisenhammer - LONDON LONDON Oil prices fell more than 1 percent on Monday on concerns that the cutting of ties with Qatar by top crude exporter Saudi Arabia and other Arab states could hamper a global deal to reduce oil production.Saudi Arabia, the United Arab Emirates, Egypt and Bahrain closed transport links with top liquefied natural gas (LNG) and condensate shipper Qatar, accusing it of supporting extremism and undermining regional stability.The move initially pushed Brent crude prices up as much as 1 percent as geopolitical fears rippled through the market. But Brent later reversed gains, trading down 59 cents at $49.36 a barrel by 1322 GMT.U.S. West Texas Intermediate futures were at $47.14 a barrel, down 52 cents.With production capacity of about 600,000 barrels per day (bpd), Qatar''s crude output is one of OPEC''s smallest but tension within the Organization of the Petroleum Exporting Countries could weaken the supply deal, aimed at supporting prices."I think it''s still going to be a bit of a debate on the true impact it can have on the oil market," said Olivier Jakob, strategist at Petromatrix."In terms of oil flows it doesn''t change very much but there is a wider geopolitical impact one needs to consider," Jakob added, explaining that a breakdown in relations between Qatar and Saudi Arabia could make the OPEC-led agreement on production cuts less effective.There are already doubts the effort to curb production by almost 1.8 million bpd is seriously denting exports.While there was a dip in OPEC supplies between February and April, a report on Monday by Thomson Reuters Oil Research said OPEC shipments likely jumped to 25.18 million bpd in May, up over 1 million bpd from April.Brent futures are down about 7 percent from their open on May 25, when OPEC opted to extend production cuts into 2018.Crude output in the United States, which is not participating in the cuts, has jumped more than 10 percent since mid-2016 to 9.34 million bpd, close to levels of top producers Saudi Arabia and Russia.The rise in U.S. production has been driven by a record 20th straight weekly climb in oil drilling, with the rig count climbing by 11 in the week to June 2, to 733, the most since April 2015."Investors continue to doubt the ability of OPEC to rebalance the oil market, with crude oil prices remaining under pressure amid further signs of rising U.S. oil production," ANZ bank said.(Additional reporting by Roslan Khasawneh and Henning Gloystein; Editing by Dale Hudson)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/global-oil-idINKBN18W0JF'|'2017-06-05T13:56:00.000+03:00'
'ed80f37dcf61089212c8d31ce47f997bd8ab4cf5'|'Some Egyptian banks halt dealings with Qatari banks after rupture - bankers'|'Central Banks - Mon Jun 5, 2017 - 3:49pm BST Some Egyptian banks halt dealings with Qatari banks after rupture - bankers A man walks past a branch of Qatar National Bank (QNB) in Riyadh, Saudi Arabia, June 5, 2017. REUTERS/Faisal Al Nasser By Asma Alsharif - CAIRO CAIRO Some Egyptian banks halted dealings with Qatari banks on Monday, four Cairo-based bankers said, responding to Cairo''s announcement that it had cut diplomatic relations with Qatar, accusing it of supporting terrorism. Egypt''s action, announced in Monday''s early hours, was coordinated with similar moves by Saudi Arabia, the United Arab Emirates and Bahrain. Egypt did not say if the measure included a suspension of trade with Qatar, and the Trade Ministry did not immediately respond to questions on this. The four bankers said the halt to transactions with Qatari banks came on internal orders from management at their banks, and excludes the opening of letters of credit required for imports. Some banks have stopped accepting Qatari currency while others are halting some treasury transactions, the bankers said. Bankers at three other lenders said they had not received any orders and that it was business as usual so far. There had been no official communication to banks from the Central Bank of Egypt on the split, the bankers said. An Egyptian official confirmed to Reuters that the central bank had not ordered banks to suspend transactions in Qatari riyals. As well as severing relations, Egypt announced the closure of its air space and seaports for all Qatari transportation and said this was to protect national security. The sentiment against Qatar was shared by Egyptian business tycoon Naguib Sawiris, who called on Egyptian businessmen to withdraw their investments from Qatar and halt business dealings with the Gulf state, his spokesperson said on Monday. (Additional reporting by Arwa Gaballa; Editing by Giles Elgood and Mark Heinrich) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-gulf-qatar-egypt-banks-idUKKBN18W1FR'|'2017-06-05T19:23:00.000+03:00'
'efe03487755ad12b540a3215af247ba69a0abe68'|'Qatar-UAE gas pipeline operating normally, no impact from political tensions -sources'|'Market News - Mon Jun 5, 2017 - 4:38am EDT Qatar-UAE gas pipeline operating normally, no impact from political tensions -sources DUBAI, June 5 A natural gas pipeline from Qatar to the United Arab Emirates and Oman was operating normally on Monday despite a Gulf political dispute with Doha, two industry sources said. "The pipeline is still up and running," one industry source familiar with the matter said. "There is no impact on Oman, it is still flowing," another source said. Saudi Arabia, the UAE, Egypt and Bahrain said on Monday they would sever all ties including transport links with Qatar, the world''s top seller of liquefied natural gas (LNG). The Dolphin gas pipeline links Qatar''s giant North Field with the UAE and Oman, and was the first cross-border gas project in the Gulf Arab region. It pumps around 2 billion cubic feet of gas per day to the UAE. (Reporting by Rania El Gamal; editing by Jason Neely) Our Standards: The Thomson Reuters Trust Principles Next In Market News '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/gulf-qatar-gas-emirates-idUSL8N1J21CZ'|'2017-06-05T16:38:00.000+03:00'
'b0151da2b0b1fb87945b2519cc0c3904ed325b20'|'UPDATE 1-CSX shareholders OK $84 mln reimbursement to investor for new CEO -source'|'(Adds details, background, share price and stock gain since January)By Michael FlahertyNEW YORK, June 5 CSX Corp. shareholders have approved a proposal to reimburse an activist investor, Mantle Ridge Partners LP, $84 million for arranging the hiring of new Chief Executive Hunter Harrison, according to a person familiar with the matter.Mantle Ridge had made the payment to extract Harrison early from his previous employer, Canadian Pacific Railway, where he had led a turnaround as CEO.Mantle Ridge is one of CSX Corp''s biggest shareholders with a stake of 4.9 percent.The proposal passed with around 93 percent of the shareholders voting in favor of the reimbursement, said the source, who was not allowed to be identified because the results are not yet final.The resolution is non-binding, and it is now up to the board to make a final decision on whether the company should reimburse Mantle Ridge.Harrison is a respected railroad veteran known for leading the turnarounds of several struggling rail companies. News in January of Harrison''s plans to leave Canadian Pacific early for CSX sent the latter''s stock soaring.CSX shares have jumped 50 percent since Jan. 18, when news of Harrison''s early departure from Canadian Pacific broke. On Monday, shares were up 0.2 percent at $54.64.CSX shareholders on Monday were also voting on new directors to join the board, including Mantle Ridge founder Paul Hilal. Reuters could not confirm immediately with the company if Hilal had been elected.Harrison had threatened to resign as chief executive if shareholders failed to approve the reimbursement for Mantle Ridge. (Reporting by Michael Flaherty; Editing by Bernadette Baum)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/csx-harrison-idINL1N1J20TH'|'2017-06-05T13:18:00.000+03:00'
'84a9747eb1e9a102cff752dbaf9d794657302863'|'Verizon plans to cut about 2,000 jobs at Yahoo, AOL: source'|'By David Shepardson Verizon Communications Inc ( VZ.N ) is expected to cut about 2,000 jobs when it completes its $4.48 billion acquisition of Yahoo Inc''s ( YHOO.O ) core assets next week, a person briefed on the matter said.The cuts are expected to come from Verizon''s AOL and Yahoo units and represent about 15 percent of the staff at the two units. About 14,000 people work at AOL and Yahoo.Many of the jobs are in California and some are outside the United States, according to the source, who asked not to be identified because the matter is not yet public.Yahoo shareholders on Thursday approved the company''s sale, according to preliminary results from a shareholder meeting, and it is expected to be completed on Tuesday.The No. 1 U.S. wireless operator is combining Yahoo''s search, email and messenger assets as well as advertising technology tools with its AOL unit, which it bought in 2015 for $4.4 billion. Verizon expects mobile video and advertising to be new sources of revenue outside the oversaturated wireless market.Verizon shares are down 15 percent this year.The acquisition marks the end of the line for Yahoo as a standalone company, a storied Web pioneer once valued at more than $100 billion.Verizon is rebranding AOL and Yahoo as part of a new venture called Oath, led by AOL Chief Executive Officer Tim Armstrong.Verizon is betting it can use data from more than 200 million unique monthly visitors to Yahoo sites and combine it with data on 150 million unique monthly AOL users and its own user base of over 100 million wireless subscribers to offer more targeted services for advertisers.The Yahoo deal came after activist investors led by Starboard Value LP lost faith in Yahoo Chief Executive Officer Marissa Mayer, who was hired in 2012, and forced the sale of the company''s core assets. Mayer is not expected to remain at Yahoo after the sale is completed.Yahoo is still one of the largest properties on the internet, with hundreds of millions of customers using its email, finance and sports offerings, and a heavily trafficked home page. In February 2016, Yahoo announced it was cutting 1,600 employees, or 15 percent of its staff.The deal''s closing was delayed as the companies assessed the fallout from two Yahoo data breaches.Yahoo disclosed in December that data from more than 1 billion user accounts was compromised in August 2013, making it the largest breach in history. This followed a separate disclosure that at least 500 million accounts were affected in a 2014 breach.(Editing by Tom Brown and Bernadette Baum)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-verizon-jobs-idINKBN18Z2EF'|'2017-06-08T14:59:00.000+03:00'
'5b40612106625ef374098eed94d706709acda8d8'|'Brazil court excludes Odebrecht testimony in case against Temer'|'BRASILIA, June 8 Brazil''s top electoral court on Thursday decided not to admit as evidence the testimony of executives of engineering company Odebrecht SA in an illegal campaign funding case against President Michel Temer, suggesting it will throw out the case.The Supreme Electoral Tribunal voted 4-3 to exclude plea-bargain testimony by Odebrecht executives who told prosecutors they funneled millions of dollars into the re-election campaign of former president Dilma Rousseff and her running mate at the time, Temer. (Reporting by Anthony Boadle; Editing by Jonathan Oatis)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brazil-politics-evidence-idUSS0N1H002I'|'2017-06-08T22:38:00.000+03:00'
'87442e2d50b0838e4397c901ae74d1d8e1211e77'|'U.S. judge lets investor diesel lawsuit against Daimler proceed'|'Autos - Thu Jun 1, 2017 - 12:06pm EDT U.S. judge lets investor diesel lawsuit against Daimler proceed FILE PHOTO: The Mercedes star logo of an E Coupe is pictured before the annual news conference of Daimler AG in Stuttgart, Germany, February 2, 2017. REUTERS/Michaela Rehle/File Photo By David Shepardson - WASHINGTON WASHINGTON A federal judge in California will allow a U.S. investor class action lawsuit against Daimler AG ( DAIGn.DE ) and several senior executives to proceed over allegations the company did not disclose excess emissions. The German automaker faces ongoing investigations by U.S. and German authorities into excess diesel emissions. Last month, German prosecutors searched Daimler''s offices as part of an investigation into diesel pollution. U.S. District Judge S. James Otero in a ruling filed late Wednesday rejected requests by Daimler to dismiss the lawsuit, filed in 2016 by municipal pension funds and other investors. He said he would allow the suit to proceed against Daimler and senior executives Dieter Zetsche, Bodo Uebber and Thomas Weber. "We consider these class action suits to lack merit. We will defend ourselves by all legal means," Daimler spokesman Han Tjan said on Thursday. In April, Daimler said investigations by authorities of diesel emissions and auxiliary emission control devices could lead to significant penalties and recalls. Last month, Daimler said it had dropped plans to seek U.S. approval to sell 2017 Mercedes-Benz U.S. diesel models but had not decided whether to exit the American passenger diesel market. There has been growing scrutiny of diesel vehicles in the United States since Volkswagen AG ( VOWG_p.DE ) admitted in September 2015 to installing secret software on 580,000 U.S. vehicles that allowed them to emit up to 40 times legally allowable emissions while meeting standards when tested by regulators. VW was sentenced in April after pleading guilty in the emissions scandal. In total, VW has agreed to spend up to $25 billion in the United States to address claims from owners, environmental regulators, states and dealers, and offered to buy back about 500,000 polluting U.S. vehicles. In January, another U.S. judge ruled Volkswagen and former Chief Executive Martin Winterkorn must defend a similar investor lawsuit in California over the company''s diesel emissions cheating scandal. Mercedes-Benz USA said in May diesel vehicles in the United States in 2016 accounted for less than 1 percent of U.S. sales. Daimler won approval in late April to sell U.S. diesel Sprinter commercial vans after months of talks with regulators. Last month, the U.S. government filed a civil lawsuit accusing Fiat Chrysler Automobiles NV ( FCHA.MI ) of illegally using software to bypass emission controls in 104,000 diesel vehicles sold since 2014. (Reporting by David Shepardson; Editing by Steve Orlofsky)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-daimler-emissions-idUSKBN18S5RG'|'2017-06-02T00:06:00.000+03:00'
'20e1d95cac96fa8feff862f2304d603d712a61fe'|'GM shareholders to decide on Greenlight stock plan, board challenge'|'By Michael Flaherty - June 5 June 5 Greenlight Capital''s plan to split up General Motors Co''s stock, as well as its challenge to the company''s board of directors, will come to a head on Tuesday, as the U.S. automaker''s shareholders cast their votes on the hedge fund''s proposals.Greenlight''s proxy contest comes during a major overhaul at GM as Chief Executive Mary Barra seeks to jolt the company''s lagging stock price and sales by slashing costs and refocusing on the most profitable markets.In the latest sign of the challenges facing major auto makers, rival Ford Motor Co last month replaced CEO Mark Fields with Jim Hackett, a reformist executive who had run one of its divisions, following a decline in the company''s North American profits and share price.At GM''s annual shareholder meeting, shareholders will vote on Greenlight''s plan to divide GM shares into two classes, which the fund''s founder David Einhorn said in March could boost the automaker''s $52 billion market capitalization by as much as $38 billion.On GM''s proxy website, the automaker affirmed to shareholders its support for its board members: "We believe your directors represent the best mix of expertise, qualifications and skills to advance GM''s business strategy and serve the interests of all shareholders by driving long-term value creation."GM shares closed Friday at $34.45 on the New York Stock Exchange, barely up from $33 at its initial public offering in 2010."GM does not recognize its $34 stock price is a problem and has no plan to address the discount to its intrinsic value," Greenlight said in its March 15 letter to shareholders.The stock underperformance is central to Greenlight''s other key proposal on Tuesday''s ballot: replacing three directors on GM''s board, Jane Mendillo, Michael Mullen and Carol Stephenson.Greenlight has nominated Leo Hindery, who has served as CEO for five telecommunications and media companies, including AT&T Broadband and Liberty Media; Vinit Sethi, Greenlight''s director of research; and William Thorndike, founder of private equity firm Housatonic Partners and the former chairman of Consol Energy.GM''s board has been an issue for investors for three decades. Former U.S. presidential nominee Ross Perot famously derided GM''s directors as "pet rocks" in the 1980s, before GM bought out his stake in the company.Greenlight''s fight faces an uphill battle. Proxy advisers Institutional Shareholder Services and Glass Lewis have recommended that GM shareholders vote for the automaker''s board nominees and against the dual class proposal.Greenlight, GM''s fifth largest shareholder with a 3.6 percent stake, has not mentioned the dual class plan in public documents since a May 11 presentation, a review of its filings showed.The focus, instead, is bringing new blood into GM''s board. (Reporting by Michael Flaherty in New York; Editing by Richard Chang)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/general-motors-greenlight-idINL1N1J10AF'|'2017-06-05T03:00:00.000+03:00'
'ad8aacd8f71a660e7f747498220a4b8733df5cdb'|'Japan''s services sector grows at fastest pace in almost two years in May - PMI'|'Business News - Mon Jun 5, 2017 - 6:32am BST Japan''s services sector grows at fastest pace in almost two years in May - PMI A man walks past a restaurant in the Dotonbori amusement district of Osaka, western Japan November 19, 2014. REUTERS/Thomas Peter TOKYO, June 5 Activity in Japan''s services sector expanded at the fastest pace in almost two years in May, a private survey showed on Monday, further evidence that demand in the world''s third-largest economy is picking up. The Markit/Nikkei Japan Services Purchasing Managers Index (PMI) rose to 53.0 from 52.2 in April on a seasonally adjusted basis. The index remained above the 50 threshold, which separates expansion from contraction, for the eighth consecutive month and reached the highest level since August 2015. "Following the 0.5 percent GDP expansion during Q1, the PMI data are suggestive of further national output expansion in the second quarter," said Paul Smith, senior economist at IHS Markit, which compiles the index. The index for new business rose to a four-year high of 53.5 in May from 52.2 in March, while business confidence reached its highest level since mid-2013. The survey also showed jobs were being created at a more rapid pace, good news for policymakers who hope a tightening labour market will soon translate into higher wages and stronger consumer spending. Services account for around two-thirds of Japan''s GDP, so expansion in the sector would support overall economic growth. A sister survey on Thursday showed manufacturing activity grew at its fastest pace in three months as new orders rose. Taken together, the composite PMI, which includes both manufacturing and services, rose to 53.4 in May from 52.6, its highest in over three years. Japan''s economic growth in January-March is forecast to be revised up this week to a 2.4 percent annualised expansion from a preliminary 2.2 percent due to strong business investment, a Reuters survey showed. Rising industrial output and solid exports have also shown that Japan''s economy appears to be on track to expand steadily this year. (Reporting by Stanley White; Editing by Kim Coghill) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-japan-economy-pmi-services-idUKKBN18W0HB'|'2017-06-05T13:32:00.000+03:00'
'ee5a832fe136be438360d9bd6c2807b58cdf3c21'|'Silk Road hub or tax haven? China''s new border trade zone may be less than it seems'|'Mon Jun 5, 2017 - 12:25am BST Silk Road hub or tax haven? China''s new border trade zone may be less than it seems left right FILE PHOTO: Empty trailers for housing workers at the site of the gold and copper mine exploration project of Tethyan Copper Company (TCC) are seen in this undated photo in Reko Diq, in Balochistan, Pakistan. REUTERS/Faisal Aziz/File Photo 1/16 left right A view of a rail mounted gantry crane is seen at the Khorgos Eastern Gateway in Khorgos, Kazakhstan May 17, 2017. Picture taken May 17, 2017. REUTERS/Sue-Lin Wong 2/16 left right Cranes are seen in Horgos, China May 19 2017. Picture taken May 19, 2017. REUTERS/Sue-Lin Wong 3/16 left right Asset Seisenbek, head of the commercial department at the Khorgos Gateway dry port, is seen in Khorgos, Kazakhstan May 17, 2017. Picture taken May 17, 2017. REUTERS/Sue-Lin Wong 4/16 left right Sultan Dzhumanov, a cook from Kazakhstan, prepares pilaf at Chinese part of the China-Kazakhstan Horgos International Border Cooperation Center (ICBC), in Horgos, China May 12, 2017. Picture taken May 12, 2017. REUTERS/Shamil Zhumatov 5/16 left right Sultan Dzhumanov, a cook from Kazakhstan, prepares pilaf at Chinese part of the China-Kazakhstan Horgos International Border Cooperation Center (ICBC), in Horgos, China May 12, 2017. Picture taken May 12, 2017. REUTERS/Shamil Zhumatov 6/16 left right People stand with goods on the Chinese side of the China-Kazakhstan Horgos International Border Cooperation Center (ICBC), in Horgos, China May 19, 2017. Picture taken May 19, 2017. REUTERS/Sue-Lin Wong 7/16 left right People stand with goods on the Chinese side of the China-Kazakhstan Horgos International Border Cooperation Center (ICBC), in Horgos, China May 19, 2017. Picture taken May 19, 2017. REUTERS/Sue-Lin Wong 8/16 left right A man cooks a traditional Uyghur rice dish on the Chinese side of the China-Kazakhstan Horgos International Border Cooperation Center (ICBC), in Horgos, China May 19, 2017. Picture taken May 19, 2017. REUTERS/Sue-Lin Wong 9/16 left right A bottle of wine depicting Soviet dictator Josef Stalin is seen in a window of winery shop at Chinese part of the China-Kazakhstan Horgos International Border Cooperation Center (ICBC), in Horgos, China May 12, 2017. Picture taken May 12, 2017. REUTERS/Shamil Zhumatov 10/16 left right A truck rides in front of main towers at he China-Kazakhstan Horgos International Border Cooperation Center (ICBC), in Horgos, China May 12, 2017. Picture taken May 12, 2017. REUTERS/Shamil Zhumatov 11/16 left right A construction site is seen in Horgos, China May 19, 2017. Picture taken May 19, 2017. REUTERS/Sue-Lin Wong 12/16 left right Construction site is seen at Chinese side of the China-Kazakhstan Khorgos International Border Cooperation Center (ICBC), in Khorgos, China May 12, 2017. Picture taken May 12, 2017. REUTERS/Shamil Zhumatov 13/16 left right Customers wait near a line dividing Kazakh and Chinese parts at the China-Kazakhstan Khorgos International Border Cooperation Center (ICBC), in Khorgos, China May 12, 2017. Picture taken May 12, 2017. REUTERS/Shamil Zhumatov 14/16 left right A cleaning worker walks in front of a House of Culture at Chinese part of the China-Kazakhstan Horgos International Border Cooperation Center (ICBC), in Horgos, China May 12, 2017. Picture taken May 12, 2017. REUTERS/Shamil Zhumatov 15/16 left right A man cooks a traditional Uyghur rice dish on the Chinese side of the China-Kazakhstan Horgos International Border Cooperation Center (ICBC), in Horgos, China May 19, 2017. Picture taken May 19, 2017. REUTERS/Sue-Lin Wong 16/16 By Sue-Lin Wong and Mariya Gordeyeva - HORGOS, China/KHORGOS, Kazakhstan HORGOS, China/KHORGOS, Kazakhstan On the border of China and Kazakhstan, an international free trade zone has become a showpiece of Chinese President Xi Jinping''s signature "Belt and Road" Initiative to boost global trade and commerce by improving infrastructure and connectivity. Chinese state media are filled with stories about the stunning success of Horgos, the youngest city of China''s new Silk Road. Last month at China''s Belt and Road Summit - its biggest diplomatic event of the year - promotional videos about Horgos'' booming economy ran on a loop at the press centre. But Chinese business owners and prospective investors who had recently visited the China-Kazakhstan Horgos International Border Cooperation Center (ICBC), told Reuters they were disappointed by the disconnect between the hype and reality. Rather than the vibrant 21st Century trading post of Beijing''s grand vision, Horgos is instead developing a reputation as China''s very own tax haven. "We were so unimpressed by what we saw that after looking around for three hours, we turned around and drove eight hours straight back to Urumqi," said a businessman from the capital of China''s far western region of Xianjiang, who only wanted to give his surname, Ma, due to the sensitivity of the topic. Several business owners echoed complaints about poor design and low visitor numbers made by Ma, who visited Horgos to investigate the viability of opening a high-end clubhouse. "You''ve got Kazakh farmers walking around with plastic bags full of cheap Chinese t-shirts and you want me to open a club for government officials and businessmen to meet inside the zone - which, by the way, you can''t drive your car into and doesn''t have any five-star hotels?" Ma said. On the Chinese side of the border there are five malls selling cheap consumer goods, though traders complain there are not enough visitors. "Sometimes I''ll sit here for a whole day and not make a single sale," said Ma Yinggui, 56, who has a market stall selling clothes. "Some Kazakhs are rich but most are poor. They come and haggle over a 20 yuan ($2.93) t-shirt." More than five years after the 5.3 sq km trade zone opened, much of the Kazakh side remains empty. Only 25 of the 63 projects on the Kazakh side have investors, according to Ravil Budukov, ICBC press secretary on the Kazakh side. About 3-4,000 people enter from Kazakhstan each day and around 10,000 from China, he added. The Xinjiang and Horgos governments declined to make officials available for comment to Reuters for this article. Huang Sanping, a senior Xinjiang government official, told Reuters at a news conference in Beijing that he had just returned from a visit to Horgos, a city "performing extremely well. It''s full of vitality and flourishing". CHINA''S TAX HAVEN Beijing has bestowed numerous tax breaks and preferential policies on Horgos hoping to stimulate growth in this strategic border town in Xinjiang, a key link on the new Silk Road between China and Central Asia, where the government says it is battling to defeat Islamist extremism. According to Horgos'' tax bureau, 2,411 companies registered in Horgos last year, taking advantage of five years of no company tax, and a further five years paying half rate. At least half those companies are registered in Horgos solely for tax purposes, estimates Meng Shen, Director of Chanson & Co, a boutique investment bank in Beijing. Chinese celebrities are opting to register production companies in Horgos and an increasing number of financial services and IT companies are also registering there, according to Guan Xuemei from Shenzhou Shunliban, a tax advisory firm that recently opened an office there. But with no obligation to operate from Horgos or even in Xinjiang, it is unlikely this policy will create jobs or bring money to what has long been an economic backwater, say experts. "In theory this is a good policy because it aims to stimulate the local economy," said Shen. "But Beijing didn''t think through the fact lots of companies wouldn''t actually want to operate from Horgos which is very far away from China''s economic center." Those who do trade in the "free trade zone" find they face restrictions from both sides. The Russian-led Eurasian Economic Union (EEU) - of which Kazakhstan is a member - limits traders from the Kazakh side to importing up to 50 kg (110 lbs) of any goods per month duty-free. China bans imports of many food products - the Kazakh goods most desired by Chinese consumers worried about food safety at home - and caps traders from taking more than 8,000 yuan ($1,175) worth of goods out each day. "The EEU is a significant barrier because Russia and Kazakhstan and other Central Asia countries want to develop their own industries, they don''t want to constantly rely on cheap Chinese goods," said a former Chinese government official turned businessman, who spoke on the condition of anonymity. Mao Shishi, 44, who currently raises cattle in nearby Qingshuihe, wants to import wool and wild herbs used in traditional Chinese medicine from Kazakhstan to China through Horgos. "I''m watching and waiting for any policy changes. Right now we can''t import lamb, fish or wild herbs into China," Mao said. LOGISTICS THOROUGHFARE Plans to develop a parallel special economic zone in Khorgos - as it is known on the Kazakh side - as a logistics hub appear to be having more success. Trade volumes are sky-rocketing at the Khorgos Gateway dry port in Kazakhstan, where container freight is lifted off Chinese trains and onto Kazakh ones because of different gauge rail tracks. "According to our plans, this year we are going to trans-ship around 100,000 TEUs, five times more than we are doing now," said Asset Seisenbek, head of the commercial department at Khorgos Gateway, referring to "twenty-foot equivalent units", an industry measure based on standard shipping container sizes. Electronics giants HP and Foxconn both ship goods through the dry port, which is faster than sea freight but cheaper than air cargo. One container sent by sea to Europe is about three times cheaper than rail, while air freight is between five to 10 times more expensive, according to Seisenbek. Last month China''s COSCO Shipping and Lianyungang port took a 49 percent stake in Khorgos Gateway which Seisenbek sees as an opportunity to attract more Chinese business. This sort of investment is what Horgos/Khorgos should hang its hat on, according to Ma, the businessman underwhelmed by the international free trade zone. "The free trade zone doesn''t need to be that successful if the intercontinental trains and roads take off," he said. "In the grand scheme of things, that''s the main role for this part of the world." ($1 = 6.8100 Chinese yuan renminbi) (Reporting by Sue-Lin Wong from HORGOS, China and Mariya Gordeyeva from KHORGOS, Kazakhstan; Additional reporting by Olzhas Auyezov in ALMATY and Michael Martina in BEIJING; Editing by Alex Richardson)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-china-silkroad-horgos-idUKKBN18V15Z'|'2017-06-05T07:21:00.000+03:00'
'027bb00dcaa0628be879a0832efbfc0f29d3e404'|'PRECIOUS-Gold hits highest in over 6 weeks as US jobs data disappoints'|'Market News - Mon Jun 5, 2017 - 4:24am EDT PRECIOUS-Gold hits highest since late April after weaker U.S. jobs data * Dollar hovers close to 7-month low * Palladium hits near 3-year peaks * Silver marks highest since April 26 (Updates prices, adds quote) By Vijaykumar Vedala June 5 Gold held steady after hitting its highest in over six weeks on Monday, buoyed by disappointing U.S. jobs data that appeared to dilute the prospects for an aggressive string of interest rate hikes in the United States. U.S. job growth slowed in May and employment gains in the prior two months were not as strong as previously reported, suggesting the labor market was losing momentum despite the unemployment rate falling to a 16-year low of 4.3 percent. Spot gold had climbed 0.1 percent to $1,280.90 per ounce by 0805 GMT. It hit a peak of $1,282 an ounce early in the session, its strongest since April 21. U.S. gold futures for August delivery were up 0.3 percent at $1,283.4 an ounce. "We do expect gold to hit some turbulence as we approach the June Fed rate hike, but things could open up for the precious metal post-meeting if the central bank''s language remains dovish," INTL FCStone analyst Edward Meir said in a note Higher interest rates put pressure on gold prices by increasing the opportunity cost of holding non-yielding bullion. "We had an excellent Friday where gold really reacted. It is taking a pause in Asian trading this morning," said ANZ analyst Daniel Hynes referring to the 1.1-percent jump in prices for the metal prices in the previous session. Meanwhile, following a militant attack on a nightlife district of London this weekend, British Prime Minister Theresa May will resume campaigning on Monday for the national election due in three days. The vote is expected to be much tighter than previously predicted. "(European elections have) been an underlying supportive factor for some time providing some good safe-haven buying but not enough to spark any panic buying. That''s why we think things will be relatively subdued," Hynes said. The dollar index, which tracks the greenback against a basket of six major currencies, edged higher on Monday, but was not far from Friday''s low of 96.654, its weakest since Nov. 9. Palladium hit its strongest since September 2014 at $844.60 on Monday. "It is likely technical factors which have supported palladium in recent days (the break of the previous high)," UBS analyst Giovanni Staunovo said. "I am a little bit cautious in the near term and expect setbacks due to elevated speculative positioning and relatively weak car (sales) in the main palladium markets." Among other precious metals, silver hit a high of $17.585 an ounce early in the session, its strongest since April 26. Platinum fell 0.1 percent to $951 an ounce. (Additional reporting by Koustav Samanta in Bengaluru; Editing by Joseph Radford and Subhranshu Sahu) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/global-precious-idUSL3N1J21MQ'|'2017-06-05T12:30:00.000+03:00'
'dbcf9cfa676b49695285e36b4429cf586fba2e3a'|'Petronet: no impact on Qatar LNG as Saudi, others cut ties'|'NEW DELHI Petronet LNG ( PLNG.NS ) said on Monday it did not expect any impact on gas supplies from Qatar after Saudi Arabia, Egypt, Bahrain severed ties with the Gulf Arab state accusing it of supporting terrorism."I don''t think there will be any impact on it. We get gas directly from Qatar by sea," R.K. Garg, head of finance at Petronet, told Reuters when asked to comment on the coordinated move to cut relations.Petronet LNG, India''s biggest gas importer, buys 8.5 million tonnes a year of liquefied natural gas (LNG) from Qatar under a long-term contract. It also buys additional volumes from Qatar under spot deals.(Reporting by Nidhi Verma; Editing by Douglas Busvine)'|'reuters.com'|'http://in.reuters.com/finance/markets/companyOutlooksNews'|'http://in.reuters.com/article/gulf-qatar-india-idINKBN18W0EI'|'2017-06-05T02:36:00.000+03:00'
'f341865b60a44fc11e8148a04cada5615b4cd0fc'|'Japan Post chief plans to slow acquisitions after Toll losses: Nikkei - Reuters'|'TOKYO Japan Post Holdings ( 6178.T ) plans to slow the pace of future acquisitions, shifting away from its earlier aggressive investment strategy as it smarts from losses over its purchase of Australian logistics company Toll Holdings, the Nikkei business daily reported on Saturday.Japan Post President Masatsugu Nagato said the company must be more careful about how much it pays for and how it manages its acquisitions, according to the Japanese newspaper. The company announced in April a $3.6 billion writedown at the Australian firm just two years after the $4.9 billion takeover.The writedown, which led to Japan Post''s first annual loss in more than a decade, marks the latest in a string of high-profile failures of foreign takeovers by Japanese companies including Toshiba Corp ( 6502.T ) and Kirin Holdings Co Ltd ( 2503.T ), and has raised questions about Japan''s corporate governance reforms."Right now, good deals are not out there," the Japanese newspaper Quote: d Nagato as saying in an interview. "We had said we should go after M&As as opportunities arise, but we should tone that down."Nagato told the Nikkei he would cut spending at Toll and tighten its operations, conceding that its problems at the Australian company were the result of lax management and Japan Post''s failure to foresee that slowing commodity prices would drag on Australia''s resource-dependent economy.Despite the failures at Toll, he said Japan Post would have to acquire more businesses in the future as it needed to look beyond postal services to increase revenue.The Toll acquisition has raised questions over due diligence procedures at Japan Post, which is 80 percent owned by the Japanese government, and its plan to integrate Toll''s sprawling business into a global conglomerate spanning postal delivery, banking and insurance.The government is preparing a second offering of shares in Japan Post as it seeks to privatize the postal service.(Reporting by Naomi Tajitsu; Editing by Shri Navaratnam)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-japan-post-toll-idINKBN191072'|'2017-06-10T03:57:00.000+03:00'
'623a8429142a124ffb7fd74a6ac77bc128be1a7f'|'Global airlines raise 2017 profit forecast'|'Business   3:51pm BST Global airlines raise 2017 profit forecast A passenger plane flies through aircraft contrails in the skies near Heathrow Airport in west London, April 12, 2015. REUTERS/Toby Melville CANCUN, Mexico Global airlines on Monday raised their forecast for industry profits in 2017 as the world economy looks set to post its strongest growth in six years, pushing up demand for travel. The International Air Transport Association (IATA), which represents more than 200 carriers, said the airline industry is expected to post a $31.4 billion profit (£24.3 billion) this year, up from a previous forecast of $29.8 billion. IATA''s forecast for 2017 industry revenues rose to $743 billion from a previous estimate of $736 billion. (Reporting by Tim Hepher and Brad Haynes)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-airlines-iata-idUKKBN18W1X8'|'2017-06-05T22:51:00.000+03:00'
'488072e733a232505121b8830dd0f63baa747be6'|'Equatorial Guinea names Shell, Gunvor and Vitol in Fortuna off-take shortlist'|' 38pm BST Equatorial Guinea names Shell, Gunvor and Vitol in Fortuna off-take shortlist CAPE TOWN Equatorial Guinea has short-listed oil major Shell ( RDSa.L ) and top crude traders Gunvor and Vitol for an off-take agreement at its Fortuna floating liquefied natural gas (FLNG) export terminal and expects to make a final decision by August, its oil minister said on Monday. Petroleum Minister Gabriel Obiang Lima also named the winners of the 2016 licensing round for onshore and offshore blocks, with Ophir Energy among seven companies awarded seven blocks. (Reporting by Wendell Roelf; Editing by Tiisetso Motsoeneng)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-africa-oil-equatorial-idUKKBN18W20S'|'2017-06-05T23:38:00.000+03:00'
'cfb2285d1c8ecd171d1798bab8de8fa348907941'|'Hong Kong, Singapore rivalry hobbling Asia in $100 billion fintech race - lobby group'|'Business  29am BST Hong Kong, Singapore rivalry hobbling Asia in $100 billion fintech race - lobby group FILE PHOTO: People walk past the Marina Bay Sands hotel in Singapore April 10, 2017. REUTERS/Edgar Su/File Photo By Michelle Price - HONG KONG HONG KONG Asia''s competitiveness in fintech is being undermined by the rivalry among the region''s financial centres that has created regulatory complexity and uncertainty, a financial lobby group has warned. Governments across Asia - most notably Hong Kong and Singapore - have launched a raft of initiatives to grab a slice of the $100 billion (78.4 billion pounds) invested in fintech globally but the regulatory hotch-potch is making it tough for firms to scale up, the Asia Securities Industry and Financial Markets Association (ASIFMA) said in a report on Friday. "The regulatory landscape is very fragmented and a lot of the initiatives, though well-intentioned, are not necessarily well thought through," said Mark Austen, CEO of ASIFMA. The lobby group, which represents global banks and asset managers such as Goldman Sachs and BlackRock, has called on Asian regulators to coordinate better and to adopt a consistent set of best practices for fostering fintech in the region. "By not cooperating on fintech, Asian financial centres are putting themselves at a real disadvantage relative to the rest of the world: that traditional competitive dynamic and rivalry between the likes of Hong Kong and Singapore may actually in this case be a disadvantage," said Hannah Cassidy, partner at Herbert Smith Freehills in Hong Kong, which contributed to the report. Investors poured $19 billion worldwide into fintech - including P2P lenders, distributed ledger technology and crowdfunding platforms - in 2016 alone and thousands of fintech start-ups continue to proliferate, according to a February report by global regulatory body the International Organization of Securities Commissions(IOSCO). Hong Kong, Singapore, Australia, Japan, South Korea and Malaysia have launched a range of special programmes to attract and foster fintech ventures, from incubators and grants, to temporary license waiver schemes, with competition fiercest between rivals Hong Kong and Singapore. While all these markets operate well-defined licensing and supervisory regimes for traditional financial firms including banks, brokers, insurance companies and funds, regulators are still struggling to establish clear and consistent regimes for fintech firms because they often operate innovative business models. Cryptocurrency exchanges, for example, are licensed as money changers and regulated by the customs authority in Hong Kong but they are licensed as online shopping malls, akin to clothes retailers, in South Korea. In Singapore, the central bank has proposed regulating bitcoin exchanges as payment firms. This makes it very expensive for fintech firms based in places with small domestic markets like Hong Kong, Singapore and Australia to expand into the broader region because they are more or less starting from scratch each time they enter a new country, said Aurelien Menant, CEO of Hong Kong bitcoin exchange Gatecoin.com. "This is a very important issue for fintech firms in Asia," he said, adding he would welcome tougher standardised rules for alternative currency exchanges across the region. The lack of regulatory clarity has meant some aspiring fintech firms have struggled to gain licenses in markets like Hong Kong, Reuters reported last year. ( here ) "We are open to cooperation with regional and global regulators on fintech," the Hong Kong Securities and Futures Commission (SFC) said in a statement, adding it would be entering into new regulatory cooperations shortly, without elaborating. The SFC added it has taken a leading role in discussions around fintech within IOSCO and conducts dialogue with other watchdogs through a dedicated fintech liaison officer. The Monetary Authority of Singapore did not immediately respond to a request for comment. (Reporting by Michelle Price; Editing by Muralikumar Anantharaman)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-asia-fintech-idUKKBN1900LR'|'2017-06-09T14:29:00.000+03:00'
'd40893f1faa02ed3754ba48561f0f4c9f8b24f31'|'Private equity groups up offer for Shawbrook bank'|'Business News - Mon Jun 5, 2017 - 8:13am BST Private equity groups up offer for Shawbrook bank By Noor Zainab Hussain Private equity groups trying to take control of Shawbrook said on Monday they had raised their offer for the British challenger bank by just over 3 percent, as they try to convince another 5 percent of shareholders to accept the deal. The offer of 340 pence a share values Shawbrook at about 868 million pounds, up from the previous 842 million pound bid Marlin Bidco, the buyout vehicle set up by BC Partners and Pollen Street Partners, said in a statement. The offer, which is a 27 percent premium to Shawbrook''s closing share price on March 2, when the lender first received a bid from the private equity firms, would now remain open until June 19. "After carefully considering market feedback we are pleased to be able to make an improved best and final offer, which we consider offers shareholders an attractive premium and compelling value" Lindsey McMurray of Pollen Street Capital and Cédric Dubourdieu of BC Partners said in a statement. The private equity groups already hold 38.8 percent of Shawbrook shares and have so far received acceptances from investors holding another 6.6 percent of the stock, leaving them just under 5 percent short of the required 50 percent backing needed for the deal to go through. The consortium first made its bid for Shawbrook in January offering 307 pence per share, upping it to 330 pence in March. However so far Shawbrook''s directors have advised shareholders to reject the offer. Britain''s so-called challenger banks have been increasingly seen as ripe for takeovers in recent months, bankers who advise on mergers and acquisitions have said, as a prolonged period of low interest rates has squeezed earnings and the pound''s fall has made them cheaper for foreign buyers. In June last year Shawbrook booked an additional impairment charge due to some irregularities in its asset finance business, sending its share price to a record low. Shares in Shawbrook, which have already priced in an improved offer, were down 0.3 pct on Monday at 339 pence at 0706 GMT. (Reporting by Noor Zainab Hussain in Bengaluru; Editing by Rachel Armstrong)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-shawbrook-group-buyout-idUKKBN18W0NE'|'2017-06-05T15:13:00.000+03:00'
'2c3fc258ff59b73bcabb238c8506e0893b8b852c'|'BRIEF-Taiwan''s TSMC orders machinery equipment worth T$1.6 bln'|'Market News - Wed Jun 7, 2017 - 6:46am EDT BRIEF-Taiwan''s TSMC orders machinery equipment worth T$1.6 bln June 7 Taiwan Semiconductor Manufacturing Co Ltd * Says orders machinery equipment worth T$1.6 billion ($53.10 million) Source text for Eikon: CANCUN, Mexico, June 7 Low-cost, long-haul air travel has taken off across the Atlantic, shaking a club of major airlines meeting in Mexico this week and forcing established flag carriers to set up budget subsidiaries or lower fares. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories Reuters News Agency - Brand Attribution Guidelines - Careers Reuters is the news and media division of Thomson Reuters . Thomson Reuters is the world''s largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Learn more about Thomson Reuters products: '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-taiwans-tsmc-orders-machinery-equi-idUSS7N1I502A'|'2017-06-07T18:46:00.000+03:00'
'319a5a90abf53e2af134ee9c24cfb08171e4fa82'|'New World Development offers to take department store unit private for $120 million'|'HONG KONG New World Department Store China Ltd ( 0825.HK ) said its parent firm plans to take it private for HK$934.5 million ($120 million), so that it can better tackle a challenging operating environment and take risks in implementing strategy.Property developer New World Development Co Ltd ( 0017.HK ), which owns 72.29 percent of New World Department Store, is offering HK$2 apiece for all outstanding shares it does not already own.That represents a 50.4 percent premium to the previous close, the department store operator said a filing to the Hong Kong bourse late on Tuesday.(Reporting by Donny Kwok; Editing by Edwina Gibbs)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-china-newworld-m-a-idINKBN18Y04I'|'2017-06-06T23:14:00.000+03:00'
'854822965c363125ebc1f237cf66dcfd01baa24d'|'FTSE steps warily into election week; Ocado jumps on international deal'|'Top News - Mon Jun 5, 2017 - 3:06pm BST FTSE steps warily into election week; Ocado jumps on international deal By Helen Reid - LONDON LONDON British shares were on the back foot on Monday with a general election looming and some tourism-related shares dented after an attack in London on Saturday, while investors cheered retailer Ocado''s first international deal. The blue-chip FTSE 100 index .FTSE was down 0.26 percent to 7,527.72 points by 0943 GMT, falling back from the record high that it touched on Friday. A parliamentary election on Thursday was looking more uncertain as some polls suggested Prime Minister Theresa May''s Conservative Party was not certain to win a majority. Ocado ( OCDO.L ) stole the spotlight, surging more than 4 percent to a 14-month high, after clinching a long-awaited international deal with an unnamed regional European retailer. The online grocer announced the deal on Sunday, a year and a half after missing a self-imposed deadline to secure one. Ocado said it would provide the partner with the software, know-how and support services required to create an online grocery business. "Ocado trades at 21 times next year''s EBITDA (earnings before tax, interest, depreciation and amortisation), three times higher than the industry''s 6.6 times. That means Ocado needs lots of big deals to warrant this valuation," said Bernstein retail analysts, adding that the deal''s earnings potential was currently unclear to them. Ocado''s shares have gained 37 percent in the past two months, possibly due to anticipation of a deal. Markets largely absorbed the geopolitical shocks of an attack in London over the weekend and an escalating diplomatic rift between Saudi Arabia, Egypt, the United Arab Emirates, Bahrain on one side and Qatar on the other. But travel and leisure sector stocks were among the worst-performing on the index. The Budget airline Easyjet ( EZJ.L ) fell 1.9 percent, and Merlin ( MERL.L ) , which runs attractions including London''s Madame Tussaud''s waxworks museum, fell 1.6 percent. British Airways'' owner, IAG ( ICAG.L ), fell 1.3 percent. The pan-European sectoral index .SXTP was down 0.6 percent. Stocks that are among the Qatar Investment Authority''s top holdings were little changed. Glencore ( GLEN.L ) fell 1.3 percent in a generally weaker basic resources sector, and Royal Dutch Shell ( RDSa.L ) was up 0.05 percent as oil jumped more than 1 percent. Blue-chips hit a session low after a PMI survey indicated Britain''s services had grown more slowly than expected last month as businesses put off investment decisions before this week''s national election, and higher inflation squeezed households. Elsewhere, broker notes sent some stocks south, with miners particularly targeted. Antofagasta ( ANTO.L ) was the top blue-chip faller, down 2.4 percent after HSBC cut it to ''reduce'' from ''hold''. Kaz Minerals ( KAZ.L ) was the top loser among mid-caps, down 3.8 percent after HSBC cut its rating on the Kazakhstan copper miner to ''reduce'' from ''hold'', citing recent weakness in copper prices and strength in the Kazakh currency, the tenge. Vedanta Resources ( VED.L ) also fell 2.9 percent after JP Morgan cut its price target on the stock. (Reporting by Helen Reid) A man shelters under an umbrella as he walks past the London Stock Exchange in London, Britain August 24, 2015. REUTERS/Suzanne Plunkett '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-stocks-idUKKBN18W155'|'2017-06-05T17:45:00.000+03:00'
'd0210391cf294a324b548e057d836a788f0dc6f5'|'CANADA STOCKS-TSX rises, boosted by energy and financial shares'|'(Adds portfolio manager comment and details throughout, updates prices)* TSX ends up 50.12 points, or 0.32 percent, at 15,473.21* Energy rises nearly 2 percent, financials gain 1.1 percent* Just three of the TSX''s 10 main groups end higherBy Fergal SmithTORONTO, June 9 Canada''s benchmark stock index rose on Friday, led by financial and energy shares as oil prices gained and a stronger-than-expected domestic jobs report added to the case for interest rate hikes from the Bank of Canada.Canada''s job growth accelerated in May at its fastest pace in eight months, prompting economists to suggest the Bank of Canada could raise interest rates sooner than anticipated.Higher rates help reduce the value of insurance companies'' liabilities and increase net interest margins of banks.The country''s major banks were some of the most influential movers on the index. Royal Bank of Canada rose 1.4 percent to C$95.28, while the overall financials group gained 1 percent. The group also rose sharply on Thursday.Alternative lender Home Capital Group rose 7.8 percent to C$11.74 after a media report that it has attracted private equity bids.The report helped to boost confidence in financials, said Manash Goswami, senior vice president at First Asset ETFs.Energy shares climbed nearly 2 percent after a pipeline stoppage in Nigeria helped oil prices pare some of this week''s losses. U.S. crude oil futures settled 19 cents at $45.83 a barrel.Encana Corp advanced 4.9 percent to C$12.63 after the oil and gas producer said it would sell its Piceance natural gas assets in northwestern Colorado to privately held Caerus Oil and Gas LLC for $735 million.The Toronto Stock Exchange''s S&P/TSX composite index closed up 50.12 points, or 0.32 percent, at 15,473.21.Just three of the index''s 10 main groups rose.The materials group, which includes precious and base metals, miners and fertilizer companies, lost 0.8 percent as gold fell on a strong U.S. dollar.Enghouse Systems Ltd slumped 10.6 percent to C$55.00 after the company reported second-quarter earnings and revenue that missed analysts estimates, while the overall technology group fell 1.4 percent.Losses for the sector came as U.S. technology stocks sold off sharply.Department store operator Hudson''s Bay Co slumped 10.5 percent to C$8.61 after the owner of Saks Fifth Avenue detailed a major restructuring plan that will cut 2,000 jobs.Shares of Bombardier Inc also fell heavily, ending down 7.1 percent at C$2.37. The U.S. International Trade Commission gave a green light to the U.S. Commerce Department to begin preparing anti-dumping and anti-subsidy duties against new jets from the company. (Additional reporting by Alastair Sharp; Editing by Dan Grebler and Diane Craft)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/canada-stocks-idUSL1N1J6223'|'2017-06-10T05:52:00.000+03:00'
'72ddf404f03175933a2b5172ff6026b48432132d'|'Brazil''s Petrobras says one dead in NS 32 drillship explosion'|'RIO DE JANEIRO, June 9 Brazilian state-run oil company Petroleo Brasileiro SA said an employee of a service provider for Odebrecht Óleo e Gas died after injuries sustained in an explosion on the NS 32 drillship, according to a statement on Friday.Petrobras said three people were injured in the accident and sent to the hospital. Two of them were in serious condition, the company said. (Reporting by Marta Nogueira; Writing by Ana Mano; Editing by David Gregorio)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brazil-petrobras-blast-idUSE6N1H6023'|'2017-06-10T04:52:00.000+03:00'
'5882756de4da35c866b3921e2dd8b04f0874a571'|'Porsche Cayenne diesel emissions exceed legal limits - Spiegel'|'Fri Jun 9, 2017 - 7:05pm BST Porsche Cayenne diesel emissions exceed legal limits: Spiegel FILE PHOTO: An illuminated Porsche logo is pictured on a building of a Porsche retail centre in Niederwangen, Switzerland, March 9, 2012. REUTERS/Michael Buholzer/File Photo FRANKFURT/HAMBURG Diesel models of Volkswagen''s ( VOWG_p.DE ) sports car maker Porsche ( PSHG_p.DE ) have much higher emissions than is legally allowed, German weekly Der Spiegel reported on Friday, citing test results. The magazine asked German test institute TUV Nord to check emission levels for the Porsche Cayenne V6 TDI, an SUV model, under normal driving conditions. "Emissions in this test were higher than the limits for this type of car," the magazine quoted the head of testing at TUV Nord Helge Schmidt as saying. "With these values the car would not have been approved by the authorities," Schmidt said. Porsche said in a statement that it had received and studied the test results from Spiegel. "For us they are not comprehensible," Porsche said. The company said that emissions depend on several conditions such as engine load, speed and temperature. There has been growing scrutiny of diesel vehicles since Volkswagen admitted in September 2015 that up to 11 million of its vehicles worldwide had software installed that cheated emissions tests. VW was sentenced in April after pleading guilty in the emissions scandal. VW has agreed to spend up to $25 billion in the United States to address claims from owners, environmental regulators, states and dealers and offered to buy back about 500,000 polluting U.S. vehicles. Volkswagen''s Audi unit is also under investigation. (Reporting by Harro ten Wolde and Jan Schwartz; Editing by Elaine Hardcastle)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-volkswagen-emissions-porsche-idUKKBN1902O0'|'2017-06-10T01:55:00.000+03:00'
'f7a2cc9caa1f588e5b3bd578929d2ef5bf0c57dc'|'Kellogg takes Australian tennis player to court over ''Special K'' nickname'|'By Claudia Long - SYDNEY, June 8 SYDNEY, June 8 Kellogg Co faced off with Australian tennis player Thanasi Kokkinakis in court on Thursday, with the cereal giant accusing the sportsman nicknamed "Special K" of using its intellectual property for commercial purposes.The United States-listed firm wants to stop the 21-year-old from using its trademarked product name as a moniker in advertisements for tennis clothing, a spokeswoman told Reuters.The matter had its first hearing in Federal Court of the city of Adelaide, Kokkinakis''s hometown, on Thursday, according to court filings.Kellogg''s lawyer declined to comment, while Kokkinakis''s lawyer did not respond to two calls requesting comment.The tennis player''s official Twitter account on Thursday published a crying laughter image with no words.Kellogg, which dominates the Australian cereal market, promotes Special K as a healthy, low-fat, low-sugar breakfast, often featuring physical activity in its advertisements."His association (with the brand) could help, but at the end of the day it''s a trademark that we own and we want to continue to own," said the Kellogg spokeswoman, referring to Kokkinakis.The Davis Cup player reached his highest world ranking of 69 as a teenager in 2015 before a series of injuries sidelined him for the best part of 18 months. He made his singles return in Bordeaux last month. (Editing by Byron Kaye and Sudipto Ganguly)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/australia-court-kellogg-idINL3N1J5229'|'2017-06-08T02:56:00.000+03:00'
'3284c4aabdc3ed17a896088a5a1770246bf473ad'|'UPDATE 1-Russia, China, UAE funds agree Eurasia Drilling investment'|'Market News  19pm EDT UPDATE 1-Russia, China, UAE funds agree Eurasia Drilling investment (Writes through with new sourcing, details) MOSCOW, June 1 A consortium of Russian, Chinese and UAE funds are buying a minority stake in Eurasia Drilling , the head of the Russian Direct Investment Fund (RDIF) was quoted by Russian news agencies as saying on Thursday. The sovereign funds are thought to be taking a minority stake of 13-15 percent in Eurasia, Russia''s largest oilfield services company by metres drilled. "I can confirm that we are acquiring a minority stake, and a United Arab Emirates investment fund and our Chinese partners will be in this deal," RDIF''s Kirill Dmitriev was quoted as saying by Interfax. Dmitriev said he hoped Saudi Arabia would also invest in the company, Interfax reported. He did not give any details on the size of the stake. The consortium comprising the RDIF, the Russia-China Investment Fund (RCIF) established by RDIF and the China Investment Corporation, and the UAE co-investors said earlier on Thursday they had agreed the principal terms of the deal. As part of an economic forum in St Petersburg, Dmitriev presented a statement to a meeting of international investors chaired by Russian President Vladimir Putin. Sources close to the talks told Reuters in March that RCIF and Mubadala, Abu Dhabi''s state fund, were considering buying a minority stake in Eurasia Drilling. (Reporting by Polina Devitt; Writing by Vladimir Soldatkin and Jack Stubbs; Editing by Andrew Roche)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/russia-edc-investments-idUSL8N1IY670'|'2017-06-02T03:19:00.000+03:00'
'45739852d526f909c069df651da5585ad35287bc'|'Flydubai to suspend all flights between Dubai and Doha'|'Money News - Mon Jun 5, 2017 - 1:21pm IST Flydubai to suspend all flights between Dubai and Doha FILE PHOTO: A Flydubai airplane is pictured in the sky over Dubai, United Arab Emirates February 13, 2014. REUTERS/Jan Seba/File Photo DUBAI Dubai-based budget carrier flydubai said on Monday it would suspend flights to and from Doha from Tuesday after the United Arab Emirates severed ties with Qatar. "From Tuesday 06 June 2017 all flydubai flights between Dubai and Doha will be suspended," the statement on Monday said. (Reporting by Sylvia Westall; editing by Sami Aboudi)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/gulf-qatar-flydubai-idINKBN18W0RT'|'2017-06-05T05:25:00.000+03:00'
'0e1ca7d066e055253ae136525c503c366257bf93'|'GM shareholders to decide on Greenlight stock plan, board challenge'|'Funds   1:00am EDT GM shareholders to decide on Greenlight stock plan, board challenge By Michael Flaherty - June 5 June 5 Greenlight Capital''s plan to split up General Motors Co''s stock, as well as its challenge to the company''s board of directors, will come to a head on Tuesday, as the U.S. automaker''s shareholders cast their votes on the hedge fund''s proposals. Greenlight''s proxy contest comes during a major overhaul at GM as Chief Executive Mary Barra seeks to jolt the company''s lagging stock price and sales by slashing costs and refocusing on the most profitable markets. In the latest sign of the challenges facing major auto makers, rival Ford Motor Co last month replaced CEO Mark Fields with Jim Hackett, a reformist executive who had run one of its divisions, following a decline in the company''s North American profits and share price. At GM''s annual shareholder meeting, shareholders will vote on Greenlight''s plan to divide GM shares into two classes, which the fund''s founder David Einhorn said in March could boost the automaker''s $52 billion market capitalization by as much as $38 billion. On GM''s proxy website, the automaker affirmed to shareholders its support for its board members: "We believe your directors represent the best mix of expertise, qualifications and skills to advance GM''s business strategy and serve the interests of all shareholders by driving long-term value creation." GM shares closed Friday at $34.45 on the New York Stock Exchange, barely up from $33 at its initial public offering in 2010. "GM does not recognize its $34 stock price is a problem and has no plan to address the discount to its intrinsic value," Greenlight said in its March 15 letter to shareholders. The stock underperformance is central to Greenlight''s other key proposal on Tuesday''s ballot: replacing three directors on GM''s board, Jane Mendillo, Michael Mullen and Carol Stephenson. Greenlight has nominated Leo Hindery, who has served as CEO for five telecommunications and media companies, including AT&T Broadband and Liberty Media; Vinit Sethi, Greenlight''s director of research; and William Thorndike, founder of private equity firm Housatonic Partners and the former chairman of Consol Energy. GM''s board has been an issue for investors for three decades. Former U.S. presidential nominee Ross Perot famously derided GM''s directors as "pet rocks" in the 1980s, before GM bought out his stake in the company. Greenlight''s fight faces an uphill battle. Proxy advisers Institutional Shareholder Services and Glass Lewis have recommended that GM shareholders vote for the automaker''s board nominees and against the dual class proposal. Greenlight, GM''s fifth largest shareholder with a 3.6 percent stake, has not mentioned the dual class plan in public documents since a May 11 presentation, a review of its filings showed. The focus, instead, is bringing new blood into GM''s board. (Reporting by Michael Flaherty in New York; Editing by Richard Chang)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/general-motors-greenlight-idUSL1N1J10AF'|'2017-06-05T13:00:00.000+03:00'
'f85e10d4f379ad1a380b22d6ff00eba079731370'|'U.S. first-quarter productivity unchanged; labour costs revised down'|'Business News - Mon Jun 5, 2017 - 3:47pm BST Services sector slows; factory orders fall left right A waitress carries plates at a seafood restaurant in Bayou La Batre, Alabama November 10, 2009. REUTERS/Carlos Barria 1/2 left right Assembly workers work on the underside of 2015 Ford Mustang vehicles on the production line at the Ford Motor Flat Rock Assembly Plant in Flat Rock, Michigan, August 20, 2015. REUTERS/Rebecca Cook 2/2 By Lucia Mutikani - WASHINGTON WASHINGTON U.S. services sector activity slowed in May as new orders tumbled, but a jump in employment to a near two-year high pointed to sustained labor market strength despite a deceleration in job growth last month. Other data on Monday showed orders for manufactured goods fell in April for the first time in five months, while worker productivity was unchanged in the first quarter. The Institute for Supply Management (ISM) said its non-manufacturing activity index fell six-tenths of a percentage point to a reading of 56.9. A reading above 50 indicates expansion in the sector, which accounts for more than two-thirds of U.S. economic activity. Services industries reported a 1.7 percentage points drop in production last month and new orders tumbled 5.5 percentage points. But a measure of services sector employment surged 6.4 percentage points to 57.8, the highest reading since July 2015. The government reported on Friday that the economy added 138,000 jobs last month after creating 174,000 positions in April. U.S. stocks were trading higher, while the dollar edged up against a basket of currencies. Prices for U.S. Treasuries fell. The Federal Reserve is expected to increase borrowing costs at its June 13-14 policy meeting. The U.S. central bank raised its benchmark overnight interest rate by 25 basis points in March. In a separate report on Monday, the Commerce Department said factory goods orders dropped 0.2 percent in April after jumping 1.0 percent in March. Factory orders were up 4.4 percent from a year ago. Manufacturing, which accounts for about 12 percent of the U.S. economy, is being supported by a recovery in the energy sector that has led to demand for oil and gas drilling equipment. A manufacturing survey last week showed a measure of factory activity steady in May after two straight months of declines. The Commerce Department also showed orders for non-defense capital goods excluding aircraft - seen as a measure of business confidence and spending plans - edging up 0.1 percent instead of being unchanged as reported last month. Shipments of these so-called core capital goods, which are used to calculate business equipment spending in the gross domestic product report, nudged up 0.1 percent instead of the previously reported 0.1 percent decrease. A third report from the Labor Department showed nonfarm productivity, which measures hourly output per worker, was unchanged in the last quarter. It was previously reported to have declined at a 0.6 percent annualized pace. The government also reported that the growth in labor costs at the start of the year was not as strong as reported in May, which could cast doubts on the tightening labor market''s ability to unleash robust wage growth. The revision to first-quarter productivity was in line with economists'' expectations. Productivity increased at an unrevised 1.8 percent pace in the fourth quarter. Productivity has increased at an average annual rate of 0.6 percent over the last five years, below its long-term rate of 2.1 percent from 1947 to 2016, indicating that the economy''s potential rate of growth has declined. That suggests the Trump administration could struggle to achieve its 3 percent annual gross domestic product growth target. The economy grew at a 1.2 percent pace in the first quarter. It grew 1.6 percent in 2016 and annual GDP growth has not exceeded 2.6 percent since the 2007-09 recession ended. Economists blame low capital expenditure, which they say has resulted in a sharp drop in the capital-to-labor ratio, for the weakness in productivity. There are also perceptions that productivity is being inaccurately measured, especially on the information technology side. (Reporting by Lucia Mutikani; Editing by Andrea Ricci) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-usa-economy-productiviy-idUKKBN18W1N6'|'2017-06-05T20:53:00.000+03:00'
'79a01046a74064ec62df3db1916f53a187a150de'|'Hedge fund managers can show off with better returns in May'|'BOSTON Some hedge fund managers can finally brag a little as several prominent ones, including Daniel Loeb and William Ackman, last month beat the broader stock market''s gains, early returns show.Loeb, who runs $16 billion Third Point, told investors his Third Point Partners LP fund gained 2.1 percent in May while its more aggressive Third Point Ultra Ltd fund climbed 3.5 percent. The Pershing Square Holdings Ltd fund, run by Ackman''s $11 billion Pershing Square Capital Management, meanwhile climbed 2.4 percent in May.Both beat the average hedge fund''s 0.24 percent gain in May plus the broader Standard & Poor 500 stock market index''s 1.4 percent gain.Third Point Ultra is up 16.1 percent in the first five months of 2017 and Partners is up 9.9 percent. Ackman''s fund is up 4.3 percent, after two years of losses.The gains come at a critical time as industry investors protest lackluster returns with calls for lower fees. Many hedge fund managers were wrong-footed by last year''s U.S. election inspired rally but said they are now finding their way with bets on foreign stocks and undervalued U.S. companies.The Citadel Wellington fund, run by Ken Griffin''s $26 billion Citadel, gained 1.9 percent in May and is up 5.5 percent for the year. Dan Och''s $32.4 billion Och-Ziff Capital Management''s OZ Master Fund gained 1.31 percent last month, leaving it up 6.15 percent for the year. Its OZ Asia Master Fund notched a 3.72 percent gain in May, leaving it up 12.45 percent for the year.Some smaller funds, especially activist oriented strategies also gained. Mick McGuire''s Marcato Capital Management, which put three directors on the board at Buffalo Wild Wings, gained 1.6 percent in May and is up 7.7 percent for the year. Scott Ferguson''s Sachem Head LP fund gained 2.48 percent last month.Foglight Capital, which focuses on companies that have been beaten down with a chance to recover gained 4.2 percent in May and is up 11.4 percent this year. Network software company Gigamon Inc. was one of its biggest winners last month.But there were losers as well, including David Einhorn''s Greenlight Capital, now waging a proxy battle at General Motors. The fund lost 3.7 percent in May and is off 3.3 percent this year.(Reporting by Svea Herbst-Bayliss; Editing by Andrew Hay)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-hedgefunds-performance-idUSKBN18T327'|'2017-06-03T06:45:00.000+03:00'
'223d066f4bf2d0723859e0155cac5f8a92d90c3e'|'Qatar Petroleum says business as usual despite diplomatic rift'|'Market News   9:52am EDT Qatar Petroleum says business as usual despite diplomatic rift RIYADH, June 10 Qatar Petroleum(QP) said in a statement on Saturday that it was conducting "business as usual" throughout all upstream, midstream and downstream operations, despite rising diplomatic tensions with its Gulf neighbours. QP was prepared to take any "necessary decisions and measures, should the need arise, to ensure that it honored commitments to customers and partners", the statement said. Qatar is the world''s largest liquid natural gas (LNG) producer and exporter, contributing more than 30 percent of global LNG trade. (Reporting by Katie Paul; Editing by Hugh Lawson)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/gulf-qatar-lng-idUSL8N1J70DW'|'2017-06-10T17:52:00.000+03:00'
'7047c31f212008af383e53eeb9d51a366fbdc736'|'Ex Top Gear presenter Hammond in hospital after crash'|'Hollywood   11:30pm IST Ex "Top Gear" presenter Hammond in hospital after crash FILE PICTURE: Richard Hammond, host of the BBC America series ''''Richard Hammond''s Crash Course,'''' speaks at the Cable portion of the Television Critics Association Summer press tour in Beverly Hills, California August 1, 2012. REUTERS/Fred Prouser LONDON Former "Top Gear" presenter Richard Hammond was airlifted to hospital in Switzerland on Saturday following a dramatic car crash while filming for his new show, but his injuries were not serious, a spokesman said. Hammond, 47, was driving an electric sports car during filming for "The Grand Tour" when the crash happened, the spokesman for the show said. "Richard was conscious and talking, and climbed out of the car himself before the vehicle burst into flames," a spokesman for "The Grand Tour" said in a statement. "He was flown by air ambulance to hospital in St Gallen to be checked over, revealing a fracture to his knee," it said. "The cause of the crash is unknown and is being investigated." Hammond was involved in a much more serious crash over a decade ago, while filming for his old show "Top Gear". He suffered serious brain injuries and was in hospital for five weeks after a Vampire drag racer he was driving burst a tire and left the course at 288 mph (463 kph) at Elvington airfield, near the British city of York, in September 2006. Hammond recovered and returned to broadcasting and to "Top Gear", which aired in more than 200 countries and was watched by 350 million viewers worldwide. He left the BBC show along with colleagues Jeremy Clarkson and James May when Clarkson was fired in 2015 for physically attacking a member of the production team. "The Grand Tour", an Amazon series, reunites the old "Top Gear" team. Saturday''s accident occurred during the filming of its second series. (Reporting by Alistair Smout; Editing by Andrew Bolton)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-britain-people-topgear-idINKBN1910UF'|'2017-06-10T16:00:00.000+03:00'
'69e2074dd6990d88e4c6237daebdb0482a295cf3'|'Kofola''s founders to raise stake as private equity investor seeks exit'|'PRAGUE, June 8 The founders and majority owners of Kofola CeskoSlovensko are to raise their stake in the Czech soft drinks maker to 68 percent in a series of transactions that will result in a long-term private equity investor selling out.Kofola announced on Thursday that 50.8 percent shareholder KSM Investment, controlled by the Samaras family which revived the communist-era brand in the 1990s, would combine its stake with that of shareholders Rene Musila and Tomas Jendrejek in a new company called AETOS.The newly established company will hold 56 percent but will raise that to 68 percent next month by buying shares from second-biggest shareholder CED Group at 440 crowns per share, for a total price of 1.18 billion crowns ($50.38 million).Kofola''s shares closed at 406.60 crowns on Thursday.CED, a unit of private equity firm Enterprise Investors, currently holds 37.3 percent.At the same time, a Kofola subsidiary will launch a tender offer by the end of June for up to 5 percent of Kofola shares, also at 440 crowns a share.AETOS and CED have also agreed to work on a potential share offering or placement next year of CED''s remaining shares, amounting to around 25 percent of Kofola, and up to a 3 percent stake held by AETOS. The potential offering of CED''s shares would end the Warsaw-based Enterprise Investors'' decade-long involvement in Kofola.At the end of 2015 Enterprise Investors sold a 6 percent stake in Kofola through a public share offering in Prague for 23 million euros.Kofola said in a statement it would also put in place a dividend policy of paying at least 60 percent of consolidated net profits until 2020.Kofola was revived in the Czech Republic in 1996 by Greek native Kostas Samaras and has since expanded throughout central and eastern Europe, booking 7 billion crowns ($300 million) in revenues in 2016 and earning 342 million crowns in net profit.It is the second biggest soft drinks maker in the Czech Republic, competing with the likes of Coca Cola, and leads the Slovak and Slovenian markets. ($1 = 23.4240 Czech crowns) (Reporting by Jason Hovet; Editing by Greg Mahlich)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/kofola-stakes-idINL8N1J559U'|'2017-06-08T14:55:00.000+03:00'
'76827a3f279c08873ee52713a30ac0a07843a085'|'Mexico''s Banco de Bajio IPO about four times oversubscribed: sources'|'MEXICO CITY Mexican lender Banco del Bajio, due to debut on the local stock exchange on Thursday, will place its shares at the upper end of the planned price range, and demand for the stock is around four times oversubscribed, four market sources said on Wednesday.Banco del Bajio, which is based in the central city of Leon, said last month it hoped to raise around $490 million in the country''s second new stock offering in 2017, with a price range of between 29 pesos and 32 pesos ($1.59-$1.75) per share.None of the sources, who spoke on condition of anonymity, were involved in placing the initial public offering.(Reporting by Sheky Espejo and Roberto Aguilar; Editing by Leslie Adler)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-mexico-ipo-bancobajio-idINKBN18Y38K'|'2017-06-07T20:56:00.000+03:00'
'6ee1062e2cf2aa2fdcc257e50f9ea7d53f4a1303'|'PRESS DIGEST- Financial Times - June 8'|'Market News - Wed Jun 7, 2017 - 8:23pm EDT PRESS DIGEST- Financial Times - June 8 June 8 The following are the top stories in the Financial Times. Reuters has not verified these stories and does not vouch for their accuracy. Headlines * Laundry group Elis agrees 2.2 bln pound deal for Berendsen on.ft.com/2r7p8q9 * RBS settlement offer not accepted by 13 pct of shareholders on.ft.com/2r7mzVa * Former UBS compliance officer charged with insider trading on.ft.com/2r7mm48 * Santander takes over ‘failing’ rival Banco Popular after EU steps in on.ft.com/2r7yIt0 Overview - French laundry services group Elis SA reached a preliminary agreement to take over its UK rival Berendsen Plc in a deal that values it at 2.2 billion pounds ($2.85 billion). - About 13 percent of Royal Bank of Scotland Group Plc shareholders still have not accepted an offer from the bank to settle a high-profile legal case. The undecided investors have until June 20 to accept the offer. - Former UBS compliance officer Fabiana Abdel-Malek is facing insider-trading charges after being accused by the financial watchdog of passing on information between 2013 and 2014. She will be appearing in court next week along with Walid Choucair, who is accused of trading on the information received from Abdel-Malek. - Banco Santander SA has agreed to buy domestic rival Banco Popular Espanol SA for 1 euro after EU authorities declared the Madrid-based lender “failing or likely to fail.” Santander said that it planned to raise 7 billion euros in fresh capital to rebuild the balance sheet of Banco Popular. ($1 = 0.7713 pounds) (Compiled by Bengaluru newsroom; Editing by Lisa Shumaker) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-press-ft-idUSL3N1J5032'|'2017-06-08T08:23:00.000+03:00'
'5d10990713c2f6f85522a6af7d79e4441f4dad31'|'General Motors sale of Opel to PSA could be completed by end July'|'FRANKFURT Opel, the European arm of General Motors ( GM.N ), said its sale to France''s PSA Group ( PEUP.PA ) could be completed as early as July 31, pending regulatory approval from antitrust authorities.In March, when Peugeot owner PSA agreed to buy Opel from General Motors (GM) in a deal valuing the business at 2.2 billion euros ($2.3 billion), the companies said the transaction could be completed by year end.On Thursday, GM signalled a deal may be possible earlier than expected."We confirm that the closing is expected to take place in the second half of 2017 as planned, and that the date of 31 July constitutes a first assumption for the earliest possible date, subject to the decision of the competition authorities,” Opel said in a statement.Germany''s Allgemeine Zeitung was first to report the closing date could be as early as end July.A swift closing has been made possible because GM formally agreed to protect factory jobs by signing binding contracts last week, a trade union source told Reuters.GM signed agreements handing workers co-determination rights at Opel Automobile GmbH, the new company that will be sold to PSA, and guaranteed it had set aside enough provisions to fund pension liabilities, the source said.GM projects are now guaranteed for a period of 3 years, the source added.(Reporting by Edward Taylor; Editing by Susan Fenton and Mark Potter)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-opel-m-a-psapeugeot-idINKBN18Z2D8'|'2017-06-08T14:50:00.000+03:00'
'2224ffca7ea4402ee340748c2c7e1ad8af80b9a9'|'N.Ireland''s DUP considering support for UK PM May''s Conservatives -Sky'|'Market News - Fri Jun 9, 2017 - 4:24am EDT N.Ireland''s DUP considering support for UK PM May''s Conservatives -Sky LONDON, June 9 Northern Ireland''s Democratic Unionist Party are considering supporting Prime Minister Theresa May''s Conservatives in parliament after she failed to win a majority in a national election, Sky News reported on Friday, citing sources. Sky said the DUP, which won 10 seats in Thursday''s election and could help May''s Conservatives hit the 326 seats needed for a majority, were considering a so-called "confidence and supply" arrangement. That would involve them supporting a Conservative minority government on key votes in parliament but not forming a formal coalition partnership. (Reporting by Kylie MacLellan and Costas Pitas; editing by William James)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-election-dup-deal-idUSL9N1H600S'|'2017-06-09T16:24:00.000+03:00'
'557f58e834cf77f8d9527d12e21318c77765e9b3'|'Exclusive - Deutsche Bank says privacy laws prevent Trump disclosures'|'Business News - Fri Jun 9, 2017 - 12:10am BST Exclusive: Deutsche Bank says privacy laws prevent Trump disclosures FILE PHOTO: The headquarters of Germany''s Deutsche Bank are seen early evening in Frankfurt, Germany January 31, 2017. REUTERS/Kai Pfaffenbach/File Photo By Karen Freifeld and Patrick Rucker - NEW YORK/WASHINGTON NEW YORK/WASHINGTON Deutsche Bank AG on Thursday said U.S. law prohibits it from responding to questions from U.S. lawmakers about President Donald Trump and his possible ties to Russia without a legally proper request because of regulations protecting customer information. In a letter to five House Democrats, Germany''s largest bank said U.S. federal privacy and confidentiality laws prevented it from sharing information on its reported banking relationship with the President and his family. "We hope that you will understand Deutsche Bank''s need to respect the boundaries that Congress and the courts have set in an effort to protect confidential information," lawyers for the bank from Akin Gump Strauss Hauer & Feld wrote in the letter. Deutsche''s correspondence follows a May 23 request from Maxine Waters, ranking Democrat on the House Financial Services Committee, and four peers, requesting information about the Republican president. The original letter sought details that might show whether Trump''s loans for his real-estate business were backed by the Russian government, including documents tied to any internal reviews of Trump''s accounts at the bank. The lawmakers initially gave Deutsche Bank until June 2 to respond, but the German lender requested more time. The Democrats on their own cannot compel Deutsche Bank to hand over the information. The House committee has subpoena power, but Republican committee members, who make up the majority of the panel, would have to cooperate. No Republicans signed the letter. Public records show Deutsche Bank loaned Trump millions of dollars for real-estate ventures. The letter was sent on a day Washington was consumed with testimony by former FBI director James Comey, who appeared before a Senate panel on Thursday and accused Trump of firing him to undermine an investigation into possible collusion between his 2016 presidential campaign team and Russia. [L1N1J50C1] Moscow has denied the allegations of election meddling, and Trump has denied any collusion. The congressional Democrats also sought information about a Russian "mirror trading" scheme that allowed $10 billion to flow out of Russia. In January, Deutsche Bank agreed to pay $630 million in fines over the scheme, which could have been used to launder money out of Russia. The trades involved, for example, buying Russian stocks in roubles for a client and selling the identical value of a security for U.S. dollars for a related customer. Deutsche Bank provided the Democrats copies of settlements regarding the trades. (Reporting by Karen Freifeld in New York and Patrick Rucker in Washington, additional reporting by Tom Sims in Frankfurt; writing by Lauren Tara LaCapra)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-deutsche-bank-trump-idUKKBN18Z31Z'|'2017-06-09T07:06:00.000+03:00'
'752df0da1a3ecf70f57c017b798b2ceff37f557a'|'FTC to advise blocking Walgreens deal to buy Rite Aid - CNBC'|'June 9 Regulatory authorities are set to advise blocking U.S. drugstore chain Walgreens Boots Alliance Inc''s deal to buy smaller rival Rite Aid Corp, CNBC reported on Friday, citing a report.The companies have been waiting for a year-and-a-half for approval from the Federal Trade Commission (FTC) since the initial offer made in 2015.In that time, the closing date of the deal has been postponed repeatedly and the offer price reduced to $6.50 to $7.00 per Rite Aid share, down from $9.The deal would have helped Walgreens widen its U.S. footprint and negotiate for lower drug costs. (Reporting by Sruthi Ramakrishnan in Bengaluru; Editing by Shounak Dasgupta)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/rite-aid-ma-walgreens-boots-idINL3N1J64ON'|'2017-06-09T14:48:00.000+03:00'
'abf7e24540fc9c35e34c7ee64b9ddb4310a5e123'|'Arun Jaitley plays down demonetisation growth hit'|'Economic News - Thu Jun 1, 2017 - 9:22pm IST After growth slumps, Arun Jaitley looks to GST for lift left right FILE PHOTO: India''s Finance and Defence Minister Arun Jaitley attends a seminar with state finance ministers on the Goods and Services Tax (GST) issues, in Srinagar May 18, 2017. REUTERS/Danish Ismail/File photo 1/2 An employee works inside a garment factory in Mumbai, India February 28, 2017. REUTERS/Danish Siddiqui/Files 2/2 By Rajesh Kumar Singh and Mayank Bhardwaj - NEW DELHI NEW DELHI India''s economy should get a lift from the launch of the Goods and Services Tax (GST), Finance Minister Arun Jaitley said on Thursday, putting a brave face on a slowdown in growth that followed a government crackdown on "black money". Jaitley''s comments came a day after data showed that annual economic growth unexpectedly slipped to 6.1 percent in the January-March quarter, its lowest in more than two years. Prime Minister Narendra Modi''s shock decision last November to outlaw high value old banknotes took 86 percent of currency out of circulation virtually overnight. The move was aimed at flushing out money Indians hide from the tax authorities, but pounded consumer demand as most people live in the cash economy. "There are several factors which can contribute to GDP in a particular quarter," Jaitley told a news conference. "There was some slowdown visible, given the global and domestic situation, even prior to demonetisation." Asia''s third-largest economy had clocked annual 7.5 percent growth in July-September before Modi removed the oxygen of cash. Even in the October-December quarter, when the cash crunch was at its peak, growth was 7 percent, letting India remain the fastest growing major economy. Economic expansion in the latest quarter, lower than China''s 6.9 percent, was hurt by a slowdown in farming, manufacturing and services. Construction activity contracted from a year earlier. The biggest disappointment was a sharp fall in capital investments. INVESTMENT GRIDLOCK Since coming to power in May 2014, Modi has ramped up public spending, hoping to boost weak private investments. Yet recovery remains elusive. Jaitley conceded that getting higher corporate spending remained a challenge, but said that was partly due to the inability of a debt-laden banking sector to fund investments. Saddled with $150 billion of sour debts, banks have been slow to grant loans, especially to businesses perceived as riskier. New Delhi recently gave more powers to the Reserve Bank of India to push reluctant lenders towards writedowns and errant borrowers into insolvency. But bankers say the measure is not enough to draw a line under soaring debts. "Resolution of the bank non-performing loans is still a work in progress," Jaitley said. "It''s a major challenge because it also impacts the capacity of the banking system to support growth." While risk aversion is choking off new credit, corporates are struggling with idle capacity and stretched balance sheets, and have little appetite for fresh investments. Jaitley didn''t offer any solution to break the investment logjam. He said the planned July 1 launch of GST would boost economic growth and the government was "in a state of preparedness" for the rollout. However, some analysts say the launch might hurt near-term growth as businesses could delay production until they have clarity on GST''s impact on existing stock. Jaitley dismissed those concerns as "erroneous". He lauded the economy''s performance in the fiscal year that ended in March. GDP growth was 7.1 percent, slower than the previous year''s 8.0 percent. Given global conditions, "7-8 percent growth, which at the moment is the Indian normal, is fairly reasonable and by global standards very good," he said. (Writing by Rajesh Kumar Singh; Editing by Douglas Busvine and Richard Borsuk)'|'reuters.com'|'http://in.reuters.com/finance/markets/companyOutlooksNews'|'http://in.reuters.com/article/india-economy-idINKBN18S428'|'2017-06-01T05:11:00.000+03:00'
'b67a895bfb108c826c4620e1be05d5286c4da11a'|'GM shareholders to decide on Greenlight stock plan, board challenge'|'Mon Jun 5, 2017 - 6:21am BST GM shareholders to decide on Greenlight stock plan, board challenge The GM logo is seen at the General Motors Assembly Plant in Valencia, Venezuela April 21, 2017. REUTERS/Marco Bello By Michael Flaherty Greenlight Capital''s plan to split up General Motors Co''s ( GM.N ) stock, as well as its challenge to the company''s board of directors, will come to a head on Tuesday, as the U.S. automaker''s shareholders cast their votes on the hedge fund''s proposals. Greenlight''s proxy contest comes during a major overhaul at GM as Chief Executive Mary Barra seeks to jolt the company''s lagging stock price and sales by slashing costs and refocusing on the most profitable markets. In the latest sign of the challenges facing major auto makers, rival Ford Motor Co ( F.N ) last month replaced CEO Mark Fields with Jim Hackett, a reformist executive who had run one of its divisions, following a decline in the company''s North American profits and share price. At GM''s annual shareholder meeting, shareholders will vote on Greenlight''s plan to divide GM shares into two classes, which the fund''s founder David Einhorn said in March could boost the automaker''s $52 billion market capitalization by as much as $38 billion. On GM''s proxy website, the automaker affirmed to shareholders its support for its board members: "We believe your directors represent the best mix of expertise, qualifications and skills to advance GM''s business strategy and serve the interests of all shareholders by driving long-term value creation." GM shares closed Friday at $34.45 on the New York Stock Exchange, barely up from $33 at its initial public offering in 2010. "GM does not recognize its $34 stock price is a problem and has no plan to address the discount to its intrinsic value," Greenlight said in its March 15 letter to shareholders. The stock underperformance is central to Greenlight''s other key proposal on Tuesday''s ballot: replacing three directors on GM''s board, Jane Mendillo, Michael Mullen and Carol Stephenson. Greenlight has nominated Leo Hindery, who has served as CEO for five telecommunications and media companies, including AT&T Broadband and Liberty Media; Vinit Sethi, Greenlight''s director of research; and William Thorndike, founder of private equity firm Housatonic Partners and the former chairman of Consol Energy. GM''s board has been an issue for investors for three decades. Former U.S. presidential nominee Ross Perot famously derided GM''s directors as "pet rocks" in the 1980s, before GM bought out his stake in the company. Greenlight''s fight faces an uphill battle. Proxy advisers Institutional Shareholder Services and Glass Lewis have recommended that GM shareholders vote for the automaker''s board nominees and against the dual class proposal. Greenlight, GM''s fifth largest shareholder with a 3.6 percent stake, has not mentioned the dual class plan in public documents since a May 11 presentation, a review of its filings showed. The focus, instead, is bringing new blood into GM''s board. (Reporting by Michael Flaherty in New York; Editing by Richard Chang)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-general-motors-greenlight-idUKKBN18W0GV'|'2017-06-05T13:09:00.000+03:00'
'e795bea4ca164b46a0b1481706a7fe6baf2d0357'|'Vietjet in deal with Mitsubishi UFJ Lease & Finance to finance three planes worth $348 million'|'HANOI Vietnam''s Vietjet Aviation JSC VJC.HM said on Monday it has signed a strategic agreement with Japan''s Mitsubishi UFJ Lease & Finance Co Ltd ( 8593.T ) to finance three aircraft purchases worth $348 million.The signing took place during the visit of Vietnamese Prime Minister Nguyen Xuan Phuc to Japan from June 4-8.The three aircraft are part of plans for billions of dollars worth of jets from manufacturer Airbus SE ( AIR.PA ).(Reporting by My Pham)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-vietjet-deals-idINKBN18W0H7'|'2017-06-05T03:35:00.000+03:00'
'f528b397bb00eebbce4dfc05e95864b1ce3eeb06'|'Uber fires more than 20 employees after harassment probe: BBG'|'Technology News - Tue Jun 6, 2017 - 2:55pm EDT Uber fires 20 employees after harassment probe: source FILE PHOTO: A man exits the Uber offices in Queens, New York, U.S., February 2, 2017. REUTERS/Brendan McDermid/File Photo By Joseph Menn - SAN FRANCISCO SAN FRANCISCO Uber Technologies Inc [UBER.UL] told staff on Tuesday that it had fired 20 employees following an internal investigation into harassment and related claims by law firm Perkins Coie, a person familiar with the matter said. The law firm, which is investigating in parallel with a broader probe by former U.S. Attorney General Eric Holder, investigated 215 harassment complaints going back as far as 2012, employees were told. Uber told staff it had taken remedial action in 58 cases and decided no action was needed on 100 more. Other investigations are continuing, the person said. The company also told staff it would expand its employee relations unit to better investigate claims and that it would dramatically increase management training since most Uber managers were first-time bosses, the person said. Bloomberg reported some of the details earlier on Tuesday and said that Bobbie Wilson, an attorney at Perkins Coie, gave the assessment to a meeting of Uber''s more than 12,000 employees. Uber did not immediately respond to requests for comment. (Additional reporting Heather Somerville in San Francisco, Rishika Sadam in Bengaluru; Editing by Arun Koyyur, Peter Henderson and Bill Rigby) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-uber-sexual-harassment-idUSKBN18X2GZ'|'2017-06-07T02:16:00.000+03:00'
'5c7b58b140a430ba0a4591abcf6982edc379707c'|'Germany''s Merkel - EU must compromise to get trade deal with Mercosur'|'Top News - Thu Jun 8, 2017 - 7:51pm BST Germany''s Merkel - EU must compromise to get trade deal with Mercosur Germany''s Chancellor Angela Merkel and Argentina''s President Mauricio Macri smile during a news conference at the Casa Rosada Presidential Palace in Buenos Aires, Argentina, June 8, 2017. REUTERS/Marcos Brindicci BUENOS AIRES The European Union must compromise if it wants to reach a trade accord with South American trade bloc Mercosur, German Chancellor Angela Merkel told a news conference on Thursday after a meeting with Argentine President Mauricio Macri. Merkel said German agriculture had its own interests, but Germany supported Argentina''s push to reach a trade deal with the EU quickly. She said "great progress" had already been made. "Negotiating a free trade agreement is always a difficult matter. And Germany is not always an easy partner," Merkel told reporters. "If there is a will to sign such an agreement ... then we must also make compromises." Merkel said such compromises would have to be carefully negotiated and would likely be painful for both sides. "There is certainly still work to do, but I am convinced that we should take on this task," she said. Argentine Foreign Minister Susana Malcorra and EU ambassador to Brazil João Cravinho on Monday proposed a 2017 target for reaching a trade agreement. Malcorra said the retreat of the United States from trade talks had opened a window for the European Union to become a strong player in multilateral, region-to-region accords. Mercosur, which also includes Uruguay and Paraguay, began negotiations with the European Union in 1999, broke them off in 2004 and resumed talks again in 2010. Macri told reporters that Mercosur was committed to a deal regardless of political turmoil in Brazil, and said he thought protectionism in Europe was a bigger hurdle to be overcome. "Brazil is perfectly aligned with this idea, we share it with Brazil, Uruguay and Paraguay. We see it as an opportunity to reach an agreement with the European Union after more than 20 years of these conversations," Macri said. "In this sense I am very optimistic. I believe Chancellor Merkel will have more work with protectionist themes against the agricultural measures than we will have within Mercosur." Asked about U.S. President Donald Trump''s push for a more isolationist policy, Merkel said such an approach could bring short-term gains, but Argentina''s example showed that it was not fruitful in the longer term. Merkel, accompanied by a delegation of German business executives, welcomed Argentina''s current more open policies and said Germany could be a good partner for Argentina as it sought to rebuild its infrastructure and modernise. (Reporting by Andreas Rinke and Maximillian Heath; Writing by Andrea Shalal; Editing by Andrew Roche)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-argentina-germany-merkel-idUKKBN18Z2KS'|'2017-06-09T02:51:00.000+03:00'
'ea9d64822ac50e96697b144dda65ec54b55049e4'|'Bain replacing KKR in Japan government-backed bid for Toshiba chip unit - sources'|'Business News - Fri Jun 9, 2017 - 2:23am BST Bain replacing KKR in Japan government-backed bid for Toshiba chip unit - sources FILE PHOTO: Shareholders arrive at Toshiba''s extraordinary shareholders meeting in Chiba, Japan March 30, 2017. REUTERS/Toru Hanai SAN FRANCISCO/TOKYO Private equity firm Bain Capital is replacing rival KKR & Co LP ( KKR.N ) in a Japanese government-led consortium that also includes Western Digital Corp ( WDC.O ) to bid for Toshiba Corp''s ( 6502.T ) chip unit, sources familiar with the matter said. Bain would be a minority investor, said one of the sources. The sources declined to be identified as they were not authorised to speak to the media. Western Digital, which jointly operates a key flash memory chip plant with Toshiba in Japan, recently presented an outline of the proposal to Toshiba, separate sources said. A representative for Bain could not immediately be reached for comment. (Reporting by Liana Baker in SAN FRANCISCO and Junko Fujita in TOKYO; Additional reporting by Makiko Yamazaki; Editing by Edwina Gibbs)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-toshiba-accounting-idUKKBN190045'|'2017-06-09T09:23:00.000+03:00'
'28619bee6457a834a9abaa8555d57e07a170f4fe'|'SoftBank unit buys robotics businesses from Alphabet Inc'|'Technology News - Fri Jun 9, 2017 - 3:31am BST SoftBank unit buys robotics businesses from Alphabet Inc FILE PHOTO: Bipedal humanoid robot ''''Atlas'''', primarily developed by the American robotics company Boston Dynamics, is presented to the media during a news conference at the University of Hong Kong October 17, 2013. REUTERS/Tyrone Siu/File photo TOKYO Japan''s SoftBank Group Corp ( 9984.T ) said on Friday that a unit of the company will buy two firms that build walking robots from Alphabet Inc ( GOOGL.O ), which would add to the group''s growing artificial intelligence portfolio. The Japanese company will buy Boston Dynamics and Tokyo-based Schaft, which design and manufacture robots that simulate human movement. It did not disclose the terms of the transactions. SoftBank''s shares rose as much as 7.9 percent after the deal was announced, hitting a 17-year high. "Smart robotics are going to be a key driver of the next stage of the information revolution, and Marc (Raibert) and his team at Boston Dynamics are the clear technology leaders in advanced dynamic robots," SoftBank Group Chairman Masayoshi Son said in a statement. Raibert is CEO and founder of Boston Dynamics. SoftBank has embarked on an aggressive acquisition campaign to boost its research and development capabilities. The group is backing the $93 billion Vision Fund, the world''s largest private equity fund, which seeks to invest in technologies expected to grow significantly in the near future, such as robotics and artificial intelligence. Son, Japan''s richest man, describes the fund as essential for setting up SoftBank for a data "gold rush" which he expects to happen as the global economy becomes increasingly digitized. Schaft, a University of Tokyo spinoff, develops bipedal robots designed to negotiate uneven terrain. "Robotics as a field has great potential, and we''re happy to see Boston Dynamics and Schaft join the SoftBank team to continue contributing to the next generation of robotics," an Alphabet spokesperson said. Boston Dynamics has produced a number of robots that mimic human and animal movement including Atlas, a humanoid model that co-ordinates motion and balance using its arms and legs and can pick itself up off the ground when knocked over. It is best known for building robots that look as if they belong in science-fiction movies and are often co-developed or funded by the U.S. military. Its military projects would mean the acquisition is likely to be subject to regulatory approval from Committee on Foreign Investment in the United States. The company was acquired by Google in 2013 during a robotics shopping spree led by Android creator Andy Rubin, but the team struggled to find its place within the tech giant after Rubin’s departure, former Boston Dynamics employees said. "They’re advancing the state of the art in independent robotics. They are probably the leader in the U.S.," said Arnis Mangolds, a robotics expert who has worked with Boston Dynamics. "But the problem is it''s not ready for prime time, and very few people have a tolerance for that." (Reporting by Gaurika Juneja in Bengaluru and Julia Love in San Francisco; Writing by Sam Holmes in Singapore; Editing by Muralikumar Anantharaman and Michael Perry)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-alphabet-m-a-softbank-group-idUKKBN19001P'|'2017-06-09T10:30:00.000+03:00'
'8e1147703f261e1149db26fc547bbca0b21ee7cd'|'Glencore outbids Yancoal for Rio Tinto coal mines in Hunter Valley'|'Deals - Fri Jun 9, 2017 - 7:16pm BST Glencore outbids Yancoal for Rio Tinto coal mines in Hunter Valley The logo of commodities trader Glencore is pictured in front of the company''s headquarters in Baar, Switzerland, November 20, 2012. REUTERS/Arnd Wiegmann/File Photo LONDON Glencore ( GLEN.L ) on Friday said it had bid for coal mines owned by Rio Tinto ( RIO.L ) ( RIO.AX ) in Hunter Valley, Australia, offering $2.55 billion cash plus a coal price linked royalty, outbidding a previous offer from Yancoal. In January, Rio said it was selling its interest in Coal & Allied Industries Limited to Yancoal Australia Limited for $2.45 billion. The terms of the deal allowed Rio to engage in negotiations with another party if Rio''s board found "a competing proposal is (or is reasonably likely to become) a superior proposal," Glencore said. It said its proposal, which was $100 million greater, met the criteria. Glencore said the proposal would be funded from existing cash resources and committed facilities, although it also said there was no certainty a deal would be agreed. (Reporting by Barbara Lewis in London and Sanjeeban Sarkar in Bengaluru; Editing by Elaine Hardcastle)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-rio-tinto-divestiture-glencore-idUKKBN1902NO'|'2017-06-10T02:16:00.000+03:00'
'12f584be8c224dbfcc6b5309bc62aeee3f3f4681'|'Mexico sugar deal hard to swallow for last U.S. candy cane maker'|'NEW YORK For the last U.S.-based manufacturer of the red and white striped candy cane that is a ubiquitous North American holiday season treat, the sugar supply deal struck between Mexico and Washington is anything but sweet.The competitors of Ohio-based Spangler Candy Co have, over the years, moved their plants south to Mexico and beyond to gain unfettered access to the cheaper sugar supplies there. That was part of a shift in manufacturing out of the United States that President Donald Trump has vowed to reverse.Spangler''s Chief Executive Officer Kirk Vashaw has kept the candy cane industry alive in the United States at his plant in Ohio, where his firm churns out 200 million candy canes a year.But the new sugar supply deal will make things tougher still for Spangler, as an agreed rise in the minimum price for Mexican sugar will drive up Spangler''s raw material cost."To be honest, I''m just very disappointed that the Trump administration didn''t do more to level the playing field, which is something they promised over and over again to do for the American worker," Vashaw said in a phone interview with Reuters."This was an opportunity to do that, and they didn''t."The firm is one of a wide range of food producers, drinks makers and cereal manufacturers across the country that will see sugar input costs higher by about $1 billion above government support prices, according to the Sweetener Users Association.Many of those companies, who oppose the government''s support for the sugar industry, will have to consider whether to pass that rise in costs on to consumers. The additional cost is a fraction of the value of the packaged food industry, estimated at around $373 billion in 2016, according to data provider Euromonitor International.Food and beverage firms such as Hershey Co , General Mills Inc, J.M. Smucker Co, Mondelez International Inc will be impacted because they are all companies for which sugar is a key raw material.Hershey said in a statement that it was aware the agreement had the potential to increase sugar prices in the long term. Both Hershey and Mondelez referred Reuters to the Sweeteners Users Association, which in a statement described the pact as a "stealth price increase."General Mills and Coca-Cola Co declined to comment. PepsiCo Inc, Dr Pepper Snapple Group Inc and Mars Inc did not respond to request for comment."This is putting America second," said Jeanne Shaheen, a Democratic senator from New Hampshire, where Swiss chocolate maker Lindt & Sprüngli has its U.S. headquarters. "It''s a bad deal for American families and businesses that will raise costs for consumers and threaten jobs in sugar-using industries."Shaheen is a long-time critic of the sugar program and has pushed for changes.U.S. sugar companies - which process beet and cane before selling it to food and beverage industries - got better terms out of the deal and yet will not be impacted by the price rise.Refiners were insulated from the impact of the higher raw sugar price by a greater increase in the minimum prices for refined sugar in this week''s agreement, so will simply charge the companies and consumers that buy their sugar more.The U.S. sugar industry had asked for better terms after complaining the previous deal with Mexico squeezed refinery margins and starved them of supplies.COZY DEALThe new deal revised the previous 2014 pact and aimed to end years of dispute between the two countries. Larger sugar refiners will benefit the most, as the new terms make it harder for smaller competitors to import sugar from Mexico, which is the top foreign sugar supplier to the United States.That means the smaller sugar buyers will have to pay more for their supplies.Access to the 11 million-tonne annual U.S. sugar market is coveted by sugar exporters as price of the sweetener in the world''s largest economy is higher than elsewhere. The market is protected by the government, prices are guaranteed and imports are rationed.The combined impact of those measures means that U.S. sugar buyers will pay about 60 percent more than global benchmark prices.For Spangler, which makes Dum Dum lollipops as well, the rise in prices for Mexican sugar will translate to an around 8 percent rise in what it pays, estimates Vashaw.Spangler opened a plant in Juarez, Mexico, in the early 2000s and now produces a little over half its candy canes there."If it was all about money, we''d do it all in Mexico," said Vashaw. "When your main cost driver just went up 8 percent and in Mexico it didn’t go up at all, it just makes any foreign confectionary supplier more cost competitive. That''s why a lot of companies moved out of the United States."(Additional reporting by Lewis Krauskopf; Editing by Simon Webb and Lisa Shumaker)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-usa-trade-mexico-cost-idUSKBN1900GA'|'2017-06-09T13:02:00.000+03:00'
'bc53494b9ffba1381d7aa36b49cd682911c3915b'|'Automakers diverge on how fast to deploy automatic braking'|'Thu Jun 8, 2017 - 8:50pm BST Automakers diverge on how fast to deploy automatic braking FILE PHOTO -- The Nissan logo is seen at the 2017 New York International Auto Show in New York City, U.S. April 12, 2017. REUTERS/Brendan Mcdermid/File Photo By Joseph White - DETROIT DETROIT Big automakers are rushing to launch self-driving cars as early as 2021, but the industry''s major players are moving slowly when it comes to widespread deployment of a less expensive crash prevention technology that regulators say could prevent thousands of deaths and injuries every year. Nissan Motor Co Ltd ( 7201.T ) said on Thursday it would make automatic braking systems standard on an estimated 1 million 2018 model cars and light trucks sold in the United States, including high-volume models such as the Rogue and Rogue Sport compact sport utility vehicles, the Altima sedan, Murano and Pathfinder SUVs, LEAF electric car, Maxima sedan and Sentra small car. Nissan sold about 1.6 million vehicles in the United States last year. Rival Toyota Motor Corp ( 7203.T ) has said it will make so-called automatic emergency braking standard on nearly all its U.S. models by the end of this year. Overall, however, most automakers are not rushing to make automatic brake systems part of the base cost of mainstream vehicles sold in the competitive U.S. market. The industry has come under pressure from regulators, lawmakers and safety advocates to adopt the technology, which can slow or stop a vehicle even if the driver fails to act. So far, only about 17 percent of models tested by the Insurance Institute for Highway Safety offered standard collision-avoiding braking, according to data supplied by the auto safety research group backed insurance industry. Many of the models with standard collision-avoiding brake systems are luxury vehicles made by European or Japanese manufacturers. The systems require more sensors and software than conventional brakes, and automakers said they need time to engineer the systems into vehicles as part of more comprehensive makeovers. Last year, 20 automakers reached a voluntary agreement with U.S. auto safety regulators to make collision-avoiding braking systems standard equipment by 2022. Safety advocates have petitioned the National Highway Traffic Safety Administration to begin a regulatory process to require the technologies, but the agency has said the voluntary agreement will result in faster deployment than a formal rule-making process. NHTSA says the technology could eliminate one-fifth of crashes. "Do the math. That’s 5 million crashes every year - 20 percent reduction means 1 million less. Those are big numbers," Mark Rosekind, the NHTSA''s then-administrator, told Reuters last year. But customers would likely experience the benefits of the technology infrequently. The technology to enable a car to drive itself is far more costly, but industry executives foresee autonomous vehicles driving revenue-generating transportation services that could be attractive to investors. General Motors Co ( GM.N ) offers automatic braking as optional equipment on about two-thirds of its models. The company did not say on Thursday how many vehicles have the technology as standard equipment. GM has not made public its plans to make the technology standard across its lineup. "Any time you have a voluntary agreement you have a spectrum of implementation," Jeff Boyer, GM''s vice president for safety, told Reuters earlier this week. Asked when GM would roll out standard automatic braking, Boyer said, "let''s just say we honor the voluntary commitment." Ford Motor Co ( F.N ) "has a plan to standardize over time," the company said in a statement on Thursday. Currently, automatic braking systems are optional on several 2017 Ford and Lincoln models, and will be offered on certain 2018 models including the best-selling F-150 pickup truck. Fiat Chrysler Automobiles NV ( FCHA.MI ) ( FCAU.N ) offers automatic braking as optional equipment in seven model lines, using cameras and radar to detect hazards ahead. The company has said it will meet the 2022 target for making the systems standard. As 2018 models roll out during the second half of this year, more vehicles will offer automatic braking, said Dean McConnell, an executive with Continental AG ( CONG.DE )''s North American business. Continental''s automatic braking technology systems will be on certain Nissan models. "We see it accelerating," he said. "It varies. There are some (automakers) that are being aggressive" and others that are waiting. Nissan did not disclose how much prices for vehicles would rise to offset the cost of standard automatic emergency braking. The 2018 models will be launched later this year. Currently, Nissan, like most carmakers, offers automatic braking as part of a bundle of optional safety and technology features. A 2017 Nissan Sentra compact sedan has a starting price of $17,875. To buy the car equipped with automatic braking requires spending another $6,820 for a Sentra SR with a premium technology package. German auto technology suppliers Continental and Robert Bosch GmbH [ROBG.UL] will supply the systems, Nissan said. (Additional reporting by David Shepardson in Washington; Editing by Matthew Lewis)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-autos-safety-idUKKBN18Z2PR'|'2017-06-09T03:48:00.000+03:00'
'5e72d3bfe731feb7fac16e66933f462ca5e0f4c4'|'President Trump wants to privatise air-traffic control'|'IN JUNE 1956 a TWA Constellation collided with a United Air Lines DC-7 over the Grand Canyon in Arizona, killing all 128 people on both aircraft. At the time it was the worst ever airline disaster. Struggling with outdated technology and a post-war boom in air travel, overworked air-traffic controllers failed to spot that the planes were on a collision course.That crash led to the creation of a new body, which became the Federal Aviation Administration (FAA), in charge of running and modernising the world’s biggest air-transport system. With that system again struggling to keep pace with demand, Donald Trump thinks it is time to privatise America’s air-traffic control service. This week the president outlined a plan to turn air-traffic control into a separate non-profit entity financed by user fees, instead of the present patchwork of taxes and grants. Shorn of its air-traffic responsibility, the FAA would become a safety body. 5 5 7 America’s air-traffic system is vast, consisting of 14,000 controllers working in 476 airport-control towers that handle take-offs and landings, as well as in 21 “en route” centres looking after flights along the nation’s airways. It has a good safety record, but elderly technology limits the number of flights that can be handled. This leads to delays and frustrated flyers. With passenger numbers set to grow from 800m a year to almost 1bn by 2026, the problem will only get worse.Mr Trump believes that, no longer mired in a federal bureaucracy, the air-traffic service will become more efficient and better able to invest in technology. Many countries, including Australia, Britain and Canada, have privatised air-traffic services or turned them into state-owned firms. Nav Canada, a non-profit firm that has long managed Canadian airspace, has costs per flight hour of $340 compared with the FAA’s $450.Replacing old radar-based methods with accurate satellite navigation and better digital communications is a particular priority. Aircraft using satellite navigation can be safely spaced more closely together, which permits many more planes to be in the air at the same time. Digital systems also provide data links to control centres and to other planes by regularly broadcasting an aircraft’s identification sign, its position and course. This would allow “free routing”, which means pilots can fly directly to a destination, rather than follow established airways, which often zigzag around.The president’s proposal might even speed a move towards “virtual” control towers in low-rise buildings, which can replace towers physically located at airports. The virtual versions are fed live video from airfield cameras. Proponents argue that they are both safer and around 30% cheaper to operate. Virtual towers can look after more than one airport. One in Norway is set to supervise 32 airports, some of them in remote areas.The European Union reckons such innovations will allow three times as many flights to be handled in the region and save airlines some €9bn ($10bn) a year. It also, optimistically perhaps, predicts that on average aircraft will land within one minute of their scheduled arrival time. That would count as a miraculous improvement for anyone, let alone America’s weary airport warriors.Mr Trump, though, may struggle to get the proposal through Congress. A similar plan got stuck last year, despite being backed by most airlines and the air-traffic controllers’ union. At least the president can dodge the queues: Air Force One flights get special clearance. "Roger, Tango Romeo…ump"'|'economist.com'|'http://www.economist.com/rss/business_rss.xml'|'http://www.economist.com/news/business/21723161-new-technology-would-cut-flight-delays-president-trump-wants-privatise-air-traffic-control?fsrc=rss%7Cbus'|'2017-06-08T22:46:00.000+03:00'
'2f8be2679bd7be263a9288bc2964e1ae49ebb693'|'Exclusive - ICE, LME vie for control of London silver benchmark price'|'Business   11:45am BST Exclusive - ICE, LME vie for control of London silver benchmark price left right FILE PHOTO: Bars of 1000 gram silver are seen in this picture illustration at a precious metal refinery in Istanbul, Turkey, July 26, 2011. REUTERS/Murad Sezer/File Photo 1/2 left right FILE PHOTO: A machine spins a silver chain at the Krastsvetmet non-ferrous metals plant in the Krasnoyarsk, Russia, December 14, 2016. REUTERS/Ilya Naymushin/File Photo 2/2 By Jan Harvey and Pratima Desai - LONDON LONDON Two contenders have emerged to run London''s silver benchmark - gold benchmark operator Intercontinental Exchange (ICE), which offers a model with clearing, and a flexible auction process proposed by the London Metal Exchange (LME). The London Bullion Market Association (LBMA), which owns the copyright for the LBMA Silver Price, will discuss the two bids on June 15, three sources with direct knowledge of the matter said. It is due to announce a replacement for current operators CME Group ( CME.O ) and Thomson Reuters ( TRI.TO ) this summer. Sources close to the matter say the race is too close to call between ICE, which operates the LBMA Gold Price benchmark, and the LME, which runs the process for platinum and palladium. "I can confirm to you absolutely, it''s ICE and the LME," one source with direct knowledge of the matter said. "It was open to anyone who wanted to pitch," another source said. "(Now) it is those two." The LBMA said in March that CME and Thomson Reuters were stepping down from the role less than three years into a five-year contract, citing a review prompted by upcoming European benchmarking regulation. The existing silver price benchmark has suffered big swings away from the underlying spot price since its inception, in part due to the seven participating banks'' unwillingness to adjust buy or sell orders once the auction has begun for fear of accusations of manipulation. ICE''s solution is for a cleared model similar to the existing gold benchmark, according to two sources with direct knowledge of the matter. As this negates counterparty risk, that would theoretically allow a higher number of participants and greater liquidity. CLOSE CALL Though ICE was tipped as the early favourite, concern over an uptick in volatility in the gold benchmark after it introduced clearing to the auction process last month has caused some market participants to question that view. "If this had been done six months ago it wouldn''t have even been a two-horse race. It would have been (ICE) romping home to victory," one source close to the process said. "But given that the clearing has upset some people with the way it''s happened ... people are less convinced about ICE than they were." The LME proposal is for a classic auction system similar to the one in place for its platinum and palladium benchmarks, two sources said. The exchange would encourage banks to take part more freely by assuming more regulatory risk itself. The silver benchmark could be a loss leader for the operator, two sources close to the process said, earning far less in revenues than it costs to operate. "Nobody makes money out of running the benchmarks," said one. Rather, the appeal of taking on the administration of a benchmark lies in the profile it offers within the precious metals market. ICE charges an annual usage fee for the LBMA Gold Price of between $5,000 and $20,000, depending on the type of institution. It charges $25 a month per user to view the price immediately after it is set. The LME charges a fee of $15 per auction to view platinum and palladium benchmark prices, and a usage fee of $1,000 a year. The LME said in May it had pitched to provide the silver benchmark. In response to questions on its bid, it said in a statement to Reuters that it was "keen to build on (its) positive engagement with the precious metals market". ICE declined to comment on whether it was bidding. The LBMA also had no comment on the bidding process. The global silver benchmark is used to price contracts between producers, refiners, jewellers and fabricators. It was the first precious metals benchmark to be overhauled in the wake of the Libor scandal in the currency market that boosted regulatory scrutiny of financial benchmarks, after Deutsche Bank, one of three institutions involved in the telephone auction that set the price, pulled out in 2014. Along with gold, it became a regulated benchmark under the aegis of Britain''s Financial Conduct Authority in 2015, despite being a much smaller and less liquid market than others with regulated benchmarks, such as oil and foreign exchange. (Additional reporting by Peter Hobson; Editing by Veronica Brown and Dale Hudson)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-silver-benchmark-lbma-idUKKBN18Z1DZ'|'2017-06-08T18:45:00.000+03:00'
'6997e36f46b44c764ee04fe8fa3615c7c07b9142'|'Lawmakers urges U.S. Treasury to reject Aleris sale to China aluminum giant'|'WASHINGTON, June 10 More than two dozen U.S. lawmakers have urged U.S. Treasury Secretary Steven Mnuchin to reject the proposed sale of U.S. aluminum products maker Aleris Corp to China Zhongwang Holdings Ltd to protect U.S. security interests.In a June 9 letter to Mnuchin shared with Reuters, the 27 lawmakers said it would be a "strategic misstep" to allow the $2.33 billion sale to go ahead."It is critical that CFIUS (Committee on Foreign Investment in the United States) exercise extreme caution when a foreign investment transaction includes the transfer of military proficiencies and sensitive technology to China," the lawmakers wrote.They added: "It would be a serious strategic misstep to permit a company like Zhongwang Holdings Ltd to take control of a U.S. aluminum firm like Aleris."The lawmakers said Aleris was involved in the production and testing of specialized alloys used by the defense industry, and the company''s research and technology were critical to U.S. economic and national security interests."Chinese entities, including state-owned or state-controlled enterprises, often maintain relationships with China''s military, compounding the risk that U.S. technologies will fall into the wrong hands," they wrote.Additionally, Zhongwang was under investigation by the U.S. Department of Commerce for allegedly evading U.S. import duties, and was being probed by U.S. agencies over allegations of smuggling, conspiracy and wire fraud, they said.Aleris spokesman Jason Saragian said Aleris did not make defense products in the United States."We believe this letter is based on misinformation," he said. "The facts are that the completion of this transaction would result in job preservation and growth for hundreds of US Aluminum manufacturing jobs," he said in an emailed response to the letter.Zhongwang, backed by Chinese aluminum magnate Liu Zhongtian, announced the deal in August, in a bet by the billionaire that the nascent U.S. automotive aluminum sector will be the industry''s next big growth market.Last November, a dozen U.S. senators wrote to then Treasury Secretary Jack Lew urging him to launch a review of the deal by the Committee on Foreign Investments by the United States.Lawmakers who signed the new letter include House of Representative Democrats David Loebsack, Tim Ryan, Gene Green, Debbie Dingell, Seth Moulton, Marcy Kapur, Pete Aguilar, Tony Cardenas, Brenda Lawrence, Norma Torres, Linda Sanchez, and Republicans Robert Pittenger, Keith Rothfus, and French Hill.(Reporting by Diane Bartz and Lesley Wroughton; Editing by Marguerita Choy)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/usa-aleris-lawmakers-idINL1N1J70D8'|'2017-06-10T15:51:00.000+03:00'
'9e159bd38e43f88ac113753c8194f5d0b7ab3eed'|'GM investors reject Greenlight share plan, board slate - Reuters'|'Autos - Tue Jun 6, 2017 - 9:51pm IST GM investors reject Greenlight share plan, board slate left right General Motors CEO Mary Barra addresses the media ahead of the start of GM''s annual shareholders meeting at the Renaissance Center in Detroit, Michigan, U.S., June 6, 2017. REUTERS/Rebecca Cook 1/3 left right General Motors CEO Mary Barra addresses the media ahead of the start of GM''s annual shareholders meeting at the Renaissance Center in Detroit, Michigan, U.S., June 6, 2017. REUTERS/Rebecca Cook 2/3 left right General Motors world headquarters are seen before GM CEO Mary Barra addresses the media ahead of the start of GM''s annual shareholders meeting at the Renaissance Center in Detroit, Michigan, U.S., June 6, 2017. REUTERS/Rebecca Cook 3/3 By Nick Carey and Joseph White - DETROIT DETROIT General Motors Co shareholders on Tuesday overwhelmingly rejected proposals by hedge fund Greenlight Capital to restructure the company''s stock and reshape its board, backing Chief Executive Mary Barra''s efforts to rev up the company''s stalled share price. Seeing off the challenge from Greenlight manager David Einhorn does not mean the end of Barra''s challenges. GM shares traded on Tuesday at $34.25 a share, about 16 percent lower than when Barra became CEO, despite robust profits and a series of moves to sell or shut down money losing operations. Silicon Valley electric vehicle maker Tesla Inc this year surpassed GM''s market value, reflecting investor confidence that, despite heavy losses, Tesla Chief Elon Musk has a better strategy as the auto industry shifts to ride services and electric, autonomous vehicles. In comments prior to the shareholder meeting, Barra acknowledged Greenlight''s point on its stock price, saying "we do believe GM stock is undervalued," and said the company "is continually looking at ideas" to increase investor interest. She did not elaborate on any new plans. Preliminary results showed more than 91 percent of shareholders voted against Greenlight''s proposal to have GM offer dividend and capital appreciation shares, according to GM officials at the automaker''s annual shareholders'' meeting. GM''s nominees were elected with between 84 percent and 99 percent of the vote, the company said. Greenlight founder David Einhorn floated his proposal in March, saying it could boost the automaker''s $52-billion market capitalization by as much as $38 billion. Greenlight controls about 3.6 percent of GM shares, and is now the fifth-largest public shareholder, the fund said in regulatory filings. But Einhorn''s pitch to rework GM''s capital structure flopped with debt rating agencies, which said Einhorn''s plan could hurt the automaker''s credit rating, and he failed to rally other shareholders to his cause. Warren Buffett''s Berkshire Hathaway Inc , which holds a 3.3-percent stake in GM, remained silent on the proposal. Proxy advisers Institutional Shareholder Services and Glass Lewis had also recommended GM shareholders vote for the automaker''s board nominees and against the dual-class proposal. Einhorn made his proposal as U.S. auto industry sales of new vehicles have begun to wane after a boom cycle that has lasted since 2010. Barra also said despite the Trump administration''s decision to withdraw from the Paris climate deal, the automaker will continue to push to reduce emissions. (Reporting By Nick Carey and Joseph White; Editing by Nick Zieminski)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/gm-greenlight-idINKBN18X253'|'2017-06-06T14:21:00.000+03:00'
'66d20b0c923e69bf93ca47016b587b408fee321c'|'Quality Care seeks funding to buy No. 2 U.S. nursing home chain'|'By Tracy Rucinski - NASHVILLE, Tenn. NASHVILLE, Tenn. Quality Care Properties Inc ( QCP.N ), one of the largest U.S. healthcare landlords, said on Thursday it is meeting with lenders to discuss up to $500 million in funding to acquire its main tenant, No. 2 U.S. nursing home chain HCR ManorCare.HCR, which accounts for nearly all of Quality Care''s revenues, failed to make a full rent payment in June. It owes about $300 million in past rent, the landlord said in a regulatory filing.Quality Care said it is asking lenders for a term loan of up to $400 million and a $100 million letter of credit to refinance current debt and provide working capital. The company said it hoped to have a commitment by June 15.Moody''s downgraded Quality Care on Tuesday and put the rating on review given uncertainty surrounding its ability to reach an out-of-court restructuring deal with HCR.HCR ManorCare could not be reached for comment. On Wednesday, the company said in a statement on its website that it has been renegotiating its master lease agreement for several months and remains committed to high-quality patient care."HCR''s leadership team continues to vigorously work to get this issue resolved to the benefit of our company and those we serve," the company said.Quality Care Properties was spun off of HCP Inc ( HCP.N ), a large healthcare real estate investment trust or REIT, in 2016 as HCR ManorCare was in decline.Private equity firm Carlyle Group bought HCR ManorCare in a 2007 leveraged buyout for $6.3 billion and sold the properties to HCP for $6.1 billion in 2010.U.S. nursing homes have struggled to reconcile declining reimbursements with increasing costs for medical supplies, insurance, aging buildings and litigation."Most of the challenges of HCR have been similar to those facing their peers, but HCR''s ability to address them has been hampered by the amount of leverage from the LBO," said Fitch analyst Britton Costa.Quality Care would have to give up its REIT status, which provides favorable tax treatment, but buying HCR would give it a better chance for expanding in the healthcare industry."Given Quality Care''s restricted cash flow, a deal to become an owner and operator with HCR makes sense to enable strategic growth," said Matthew Caine, managing director of SOLIC Capital Advisors.In addition to operating low-margin skilled nursing and assisted living facilities, HCR also runs memory care communities, outpatient rehabilitation clinics and home health care agencies, which are considered areas for growth.(Reporting by Tracy Rucinski; Editing by Lisa Shumaker)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-quality-care-m-a-hcr-idINKBN18Z2VK'|'2017-06-08T19:21:00.000+03:00'
'e9c8e5bbb22ca8e4a5494f7367654ef219119bf2'|'How retailers are watching shoppers’ emotions'|'FOR eight months up to this April, a French bookstore chain had video in a Paris shop fed to software that scrutinises shoppers’ movements and facial expressions for surprise, dissatisfaction, confusion or hesitation. When a shopper walked to the end of an aisle only to return with a frown to a bookshelf, the software discreetly messaged clerks, who went to help. Sales rose by a tenth.The bookseller wants to keep its name quiet for now. Other French clients of the Paris startup behind the technology, Angus.ai, are testing it in research shops that are not open to the public. They include Aéroports de Paris, an airport owner; LVMH, a luxury conglomerate; and Carrefour, a chain of hypermarkets. In a test at a Mothercare shop in Tallinn, Estonia, software from Realeyes, an emotion-detection firm based in London, showed that shoppers who entered smiling spent a third more than others.  2   3   5   7   Simple video yields a lot of insight. But there are far more sophisticated and initmate ways of learning about emotions of shoppers. Thermal-imaging cameras can detect the heart rate. Wirelessly captured data from smartphone accelerometers can suggest when shoppers become fascinated (movement often stops) or are fretting over prices (a phone is repeatedly raised to search for cheaper products online).For even more insights, shoppers are sometimes asked to don special kit, typically in exchange for a discount or other reward. Wearable “galvanometer” gadgets, for example, measure moisture and electrical resistance on hand skin to reveal arousal.All of this could be a chance, some say, for bricks-and-mortar retailers to trim the advantage that data have long given online sellers. A race is on to work out how best to collect and use emotions data, be it to improve packaging, displays, music, or the content and timing of sales pitches, says Rana June, chief executive of a firm in New York called Lightwave. It measures shoppers’ emotions for retailers, for malls, and for consumer-goods firms such as PepsiCo, Procter & Gamble and Unilever.Not everyone is impressed. Some find it all a little creepy. Nielsen, a consumer-research giant, deems using technology to work out shopper emotions en masse too “avant-garde” for now, says Ricardo Gutiérrez, head of shopper insights at Nielsen Colombia in Bogotá.But it is much cheaper than old-fashioned interviews. Nielsen charges roughly $10,000 to interview 25 shoppers about three products. Angus.ai’s service costs just €59 ($66) a month per camera. For $15,000 or so, iMotions, based in Copenhagen, gives retailers an EEG cap that detects brain activity, an eye-tracking headset that notes when an attractive object dilates pupils, and a galvanometer. iMotions’ 150 or so consumer-goods clients include Mondelez International, Nestlé and Unilever, which use them in mock-up stores and real ones.What’s more, conventional market research can mislead. People typically “edit” verbal responses to make themselves sound rational, when purchases are often driven by subconscious emotions. The key is in tracking the unconscious things that shoppers do, says Jeff Hershey of VideoMining, a firm in Pennsylvania whose software also analyses store video. And surveys can also ask the wrong questions—such as how much people like a product when what really matters, notes Simon Harrop of BrandSense, a consultancy in Britain, is whether, say, it makes them feel attractive.The notion of “retail therapy”, consumers driven to spend when they are feeling blue, is an obvious example of shopping’s emotional side. Whichever store is first to work out how to spot mildly depressed customers could make a bundle.  "Body language"'|'economist.com'|'http://www.economist.com/rss/business_rss.xml'|'http://www.economist.com/news/business/21723162-cctv-thermal-imaging-cameras-eeg-caps-and-other-kit-boost-sales-how-retailers-are-watching?fsrc=rss%7Cbus'|'2017-06-08T22:46:00.000+03:00'
'37898195c9bb97ddf6fab0253a01695684be86da'|'EU executive seeks mandate for talks with Russia over Nord Stream 2'|'Business News - Fri Jun 9, 2017 - 2:32pm BST EU executive seeks mandate for talks with Russia over Nord Stream 2 A handout by Nord Stream 2 claims to show the first pipes for the Nord Stream 2 pipeline being delivered by rail to the German logistics hub Mukran on the island of Rugen, Germany, in this undated photo provided to Reuters on March 23, 2017. Axel Schmidt/Courtesy of Nord... REUTERS BRUSSELS The European Union''s executive on Friday asked 28 governments in the bloc to give it the authority to negotiate with Russia to ensure its laws are respected in building the Nord Stream 2 gas pipeline, a project that has divided EU states. Poland, the Baltic states and others say Nord Stream 2 would increase EU dependence on Russia''s Gazprom, which already supplies about a third of the bloc''s gas. Backers such as Germany say it will offer the EU cheaper supplies. The bloc wants to diversify EU gas supplies and the Commission has said the pipeline could let "a single supplier" - Russia - strengthen its position in the EU market. "Nord Stream 2 does not contribute to the (EU) Energy Union''s objectives," Energy Commissioner Maros Sefcovic said. "If the pipeline is nevertheless built, the least we have to do is to make sure that it will be operated in a transparent manner and in line with the main EU energy market rules," he said in a statement. EU states now need to examine the proposal from Brussels, which says it wants "a special legal framework" with Moscow to ensure the bloc''s energy rules apply to offshore parts of the pipeline, which starts beyond the EU''s jurisdiction in Russia and goes under the Baltic Sea. European Council President Donald Tusk has said he is against expanding Nord Stream and has told the Commission any mandate they seek must be very demanding on Russia. The new pipeline, which will have capacity to pump 55 billion cubic metres of gas a year to a terminal in Germany, is expected to start operating in 2019. Construction has begun. Berlin, which dismisses questions about the legality of the plan at the EU-level, says the project is purely commercial. The Nord Stream 2 company said the Commission''s plan to negotiate an agreement was unnecessary. "The German regulator already confirmed that there is no legal void that needs to be addressed," it said in a statement. Germany''s Uniper ( UN01.DE ), Austria''s OMV ( OMVV.VI ) and France''s Engie ( ENGIE.PA ) are working with Gazprom on the plan. (Reporting by Gabriela Baczynska and Robert-Jan Bartunek, Editing by Edmund Blair) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-eu-gas-russia-idUKKBN1901ZJ'|'2017-06-09T21:32:00.000+03:00'
'f94506baee45857ce8be603ed45740e550f3b0d9'|'EU sets steel import duties to counter Chinese subsidies'|'Business News - Fri Jun 9, 2017 - 12:12pm BST EU sets steel import duties to counter Chinese subsidies Chinese employees work near a machine for hot-rolled steel at the Baosteel factory in Shanghai February 25, 2005. REUTERS/Claro Cortes IV By Philip Blenkinsop - BRUSSELS BRUSSELS The European Union has set duties of up to 35.9 percent on imports of hot-rolled flat steel from China to counter what it says are unfair subsidies in a finding challenged by Beijing. The European Commission, which conducted an investigation on behalf of the 28 EU members, found a number of Chinese companies had benefited from preferential lending from state-owned banks, grants, tax deductions and the right to use industrial land. "We are continuing to act, when necessary, against unfair trading conditions in the steel sector, and against foreign dumping," EU Trade Commissioner Cecilia Malmstrom said in a statement. She added that she hoped global discussions on steel overcapacity would eventually convince China to end unfair schemes to ensure a level playing field for all steel producers. China''s Commerce Ministry said it "strongly" questioned the legitimacy of the EU decision, adding the European Commission had ignored the fact China''s steel exports to Europe had declined in 2016. It said it would take all necessary measures to protect the interests of Chinese firms. The EU had already set in place anti-dumping duties, to counter excessively low prices, which it has now adjusted to a range of between zero and 31.3 percent. Hot-rolled flat steel is used in shipbuilding, gas containers, pressure vessels, tube and energy pipelines. The targeted companies include Benxi Group [LNGOVB.UL], with overall anti-dumping and anti-subsidy duties of 28.1 percent, Hesteel Group ( 000709.SZ ), with a rate of 18.1 percent, and Jiangsu Shagang 002075.SZ at 35.9 percent. The duties, applicable for five years, will take effect from Saturday, the EU''s official journal said. The EU has taken over 40 anti-dumping decisions to aid European steel producers, with measures on cold-rolled flat steel and stainless steel from China. It also has an ongoing investigation into hot-rolled steel imports from Brazil, Iran, Russia, Serbia and Ukraine. (Reporting By Philip Blenkinsop; Additional reporting by Josephine Mason in Beijing,; Editing by Robert-Jan Bartunek and Mark Potter) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-eu-china-steel-idUKKBN1901KI'|'2017-06-09T19:12:00.000+03:00'
'f394e625d94c6ad346afe746c6677518cf86a307'|'RPT-Sailing-Defeated Ainslie to come back stronger, bring "Auld Mug" home'|'(Repeats JUNE 8 story, no changes to text)By Alexander SmithLONDON, June 8 From where Ben Ainslie lives on the Isle of Wight off the south coast of England, he can look out over the waters where in 1851 the schooner "America" won the cup which bears its name.What started as a childhood dream of winning the America''s Cup has become an obsession to become the first British challenger to lift the "Auld Mug" and bring it "home".Ainslie''s first shot at achieving that ended on Thursday, when a team from New Zealand, one of only four countries to have won the cup, beat his Land Rover BAR crew in the semi-final of the 35th America''s Cup challenger series in Bermuda."We knew it was going to be incredibly tough at the first attempt," Ainslie told a news briefing after the race."Ultimately we weren''t able to catch up with the existing teams in time," sailing''s most successful Olympian, who is not used to losing, added.He has won the cup before, as tactician with Oracle Team USA in their 2013 comeback against Emirates Team New Zealand.But Ainslie wants to win it for "Queen and country" and under the banner "Bring The Cup Home" set about mounting his own challenge, launching BAR with the aim of doing something British teams have tried and failed to do on some 20 occasions.FROM TABLE TO BERMUDAGetting an America''s Cup boat on the water, let alone competing with Oracle Team USA and Artemis Racing, which are both backed by billionaires, costs tens of millions of dollars."I couldn''t be prouder of the team today ... Three and a half years ago a few of us were sitting around a table in London ... what we have we have achieved today is incredible," Ainslie said in the televised briefing.Ainslie managed to raise 90 million pounds ($116 million) to fund his campaign, building a massive team headquarters in Portsmouth on the south coast of England.This base looks south across the Solent to where he now lives with his wife the sports presenter Georgie Thompson and daughter Bellatrix in the aptly named village of Seaview.His "commute" to work is either on a high speed ferry or in his own RIB speedboat across the channel where he hopes one day to defend the cup for Britain.To do so he will need to keep bringing the money in.Land Rover BAR has been part funded by wealthy private investors with a passion for sailing, including entrepreneur Keith Mills and Dixons Carphone Chairman Charles Dunstone.Ainslie paid tribute to both men''s involvement on Thursday and said that Land Rover was renewing its partnership with BAR to compete for the next America''s Cup.CORPORATE SPONSORSIn order to succeed, Ainslie has attracted corporate sponsors such as Land Rover, BT, BAE Systems and Siemens who have provided financial backing and technical know-how.One supporter who has set Land Rover BAR apart is Britain''s Duchess of Cambridge, Catherine, who has sailed with Ainslie and is patron of the 1851 Trust, the charity he has set up to get young people to discover science and technology through sailing.As well as being team principal, skipper, part-time fund-raiser and ambassador, Ainslie has managed to attract an impressive team to the BAR stable, including chief executive Martin Whitmarsh who was previously at McLaren Formula One.On the water he signed up Jono Macbeth, a 44-year-old New Zealander who has three America''s Cup wins, as sailing team manager and enlisted Giles Scott as tactician on his catamaran "Rita", the name Ainslie gives to all his racing boats.As ever with Ainslie, no sooner was he back on dry land on Thursday than he was looking to his next challenge."Already the work is starting on the next campaign ... and we will be that much stronger next time," he vowed. (Editing by Ken Ferris)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/sailing-americas-ainslie-idUSL3N1J638F'|'2017-06-09T16:36:00.000+03:00'
'34d51f47f73d6da7b6716ff9775e1cb6e189810e'|'Fujifilm shares fall after media reports accounting problem found in Australia, Japan'|'Business News - Fri Jun 9, 2017 - 3:39am BST Fujifilm shares fall after media reports accounting problem found in Australia, Japan People walk past the headquarters of Fujifilm Holdings Corp in Tokyo, Japan, June 2, 2016. REUTERS/Thomas Peter TOKYO Fujifilm Holding''s Corp''s shares fell more than 4 percent on Friday after a media report said accounting irregularities had spread to its Australian unit and to Japan. By 0230 GMT, Fujifilm shares were trading 3.6 percent lower at a 7-month low of 3,983 yen. Accounting problems have been found at Fuji Xerox Australia and in Japan, the business daily Nikkei said citing a source. Losses could reach 30 billion yen to 50 billion yen ($272 million to $453 million), Nikkei added. The report was not based on an announcement by the company, Fujifilm said in statement issued through the Tokyo Stock Exchange. Fujifilm had previously postponed its earnings announcement for the year ended March due to an accounting probe into questionable practice at Fuji Xerox New Zealand Ltd. The panel, made up of outside accountants and lawyers, will report its findings to the company on Saturday, Fujifilm said. The company said it plans to announce the findings along with the delayed earnings release on June 12. (Reporting by Sam Nussey; Editing by Kim Coghill) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-fujifilm-accounts-idUKKBN19008R'|'2017-06-09T10:39:00.000+03:00'
'd3cb0517cfdeaf84a43f6f1ae8c32485046bab13'|'China, Kazakhstan sign deals worth over $8 billion - Xinhua'|'Business   9:12pm BST China, Kazakhstan sign deals worth over $8 billion: Xinhua Kazakh President Nursultan Nazarbayev and Chinese President Xi Jinping shake hands during a joint news conference following their meeting as part of the Shanghai Cooperation Organization (SCO) security bloc summit in Astana, Kazakhstan, June 8, 2017. REUTERS/Mukhtar Kholdorbekov Chinese President Xi Jinping signed at least 24 deals with Kazakhstan, valued at more than $8 billion, during his visit to the country, state news agency Xinhua said on Friday, citing Commerce Minister Zhong Shan. The deals aimed for cooperation between the two countries in the energy, mining, chemical, mechanical manufacturing, agriculture and infrastructure industries, Xinhua reported. The deals include the entry of Kazakhstan''s frozen mutton into China as well as China supplying Kazakhstan with super computer equipment, Xinhua reported, adding the two countries are discussing renewing their investment protection deal. The two countries also agreed to speed up implementing plans to align the China-proposed Silk Road initiative with Kazakhstan, Xinhua said. Officially named the Belt and Road initiative, the Silk Road initiative unveiled in 2013 has been touted by China as a way to boost global development through expanded links between Asia, Africa, Europe and beyond. In 2015, China and Kazakhstan had signed 33 deals worth $23.6 billion covering areas ranging from hydropower to steel. (Reporting by Kanishka Singh in Bengaluru; Editing by Savio D''Souza)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-china-kazakhstan-idUKKBN1902VQ'|'2017-06-10T03:59:00.000+03:00'
'1e0b72687dc2afa54a2333f87811c1330c1ba064'|'EU antitrust regulators to investigate $38 billion Qualcomm, NXP deal'|'By Foo Yun Chee - BRUSSELS BRUSSELS EU antitrust authorities opened an investigation on Friday into Qualcomm''s ( QCOM.O ) $38-billion bid for NXP Semiconductors ( NXP.N ), ratcheting up pressure on the U.S. smartphone chipmaker to offer concessions to address their concerns.Qualcomm, which supplies chips to Android smartphone makers and Apple ( AAPL.P ), is set to become the leading supplier to the fast growing automotive chip market following the deal, the largest-ever in the semiconductor industry.The European Commission listed a raft of concerns about the combined company''s ability and incentives to squeeze out rivals and jack up prices. It said the company may bundle its products, excluding rivals in baseband chipsets and near field communication (NFC) chips.The combined entity would also have the ability and the incentive to change NXP''s intellectual property licensing practices, in particular the NFC technology, by tying this to Qualcomm''s patent portfolio, the EU watchdog said.It also voiced concerns about reduced competition in semiconductors used in cars. The Commission will decide on the deal by Oct. 17.Qualcomm said it was confident of allaying the EU''s worries and that it still expects to close the deal by the end of the year. U.S. antitrust enforcers gave the green light for the deal in April without demanding concessions.Reuters reported on June 2 that Qualcomm may face a lengthy EU investigation after it declined to offer concessions to address the bloc''s concerns in a preliminary review.(Reporting by Foo Yun Chee, Editing by Gabriela Baczynska and Adrian Croft)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-nxp-m-a-qualcomm-eu-idINKBN1902AK'|'2017-06-09T14:33:00.000+03:00'
'371caeb578a4a9e1e9591ebfa6881d4cff2ef610'|'U.S. drillers add oil rigs for record 21st week in a row -Baker Hughes'|'Commodities  07pm EDT U.S. drillers add oil rigs for record 21st week in a row: Baker Hughes A pump jack operates at a well site leased by Devon Energy Production Company near Guthrie, Oklahoma September 15, 2015. REUTERS/Nick Oxford U.S. energy firms added oil rigs for a record 21st week in a row, extending a year-long drilling recovery as producers boost spending on expectations crude prices will rise in future months. Drillers added 8 oil rigs in the week to June 9, bringing the total count up to 741, the most since April 2015, energy services firm Baker Hughes Inc said on Friday. That is more than double the same week a year ago when there were only 328 active oil rigs. The pace of those additions has slowed with a decline in crude prices over the past two months, with the average total added over the past four weeks falling to just 7. U.S. crude futures were trading around $46 a barrel, putting the front-month on track to decline for a third straight week, on widespread evidence of a fuel glut despite efforts led by the Organization of the Petroleum Exporting Countries (OPEC) to tighten the market. [O/R] After agreeing in December to cut production by around 1.8 million barrels per day (bpd) for six months from January-June 2017, OPEC and other producers on May 25 agreed to extend those cuts for another nine months through the end of March 2018. U.S. producers, however, are projected to increase output to 9.3 million bpd in 2017 and a record 10.0 million bpd in 2018 from 8.9 million bpd in 2016, according to federal data. [EIA/M] Futures for the balance of 2017 were trading around $46 a barrel, while calendar 2018 was fetching more than $47 a barrel. Analysts at Simmons & Co, energy specialists at U.S. investment bank Piper Jaffray, this week forecast the total oil and gas rig count would average 878 in 2017, 1,092 in 2018 and 1,203 in 2019. Most wells produce both oil and gas. That compares with an average of 803 so far in 2017, 509 in 2016 and 978 in 2015. If correct, Simmons'' 2019 forecast would be the most since 2014 when there were 1,862 active rigs. The rig count peaked in 2012 at 1,919, according to Baker Hughes. Analysts at U.S. financial services firm Cowen & Co said in a note this week that its capital expenditure tracking showed 60 exploration and production (E&P) companies planned to increase spending by an average of 51 percent in 2017 from 2016. That expected spending increase in 2017 followed an estimated 48 percent decline in 2016 and a 34 percent decline in 2015, Cowen said, according to the 64 E&P companies it tracks. (Reporting by Scott DiSavino; Editing by Meredith Mazzilli)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-usa-rigs-baker-hughes-idUSKBN1902JI'|'2017-06-10T01:04:00.000+03:00'
'9014dd9a0b7a8354a8a95f990c63afc45ebcf706'|'Brazil electoral dismisses case that could have ousted president Temer - Reuters'|'BRASILIA, June 9 Brazil''s top electoral court dismissed a case on Friday that threatened to unseat President Michel Temer for allegedly receiving illegal campaign funds in the 2014 election when he was the running mate of impeached President Dilma Rousseff.The court voted 4-3 to acquit the Rousseff-Temer ticket, avoiding the removal from office of the center-right Temer who has been besieged by economic recession and corruption scandals since replacing Rousseff last year. (Reporting by Ricardo Brito and Anthony Boadle; Editing by Richard Chang)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/brazil-politics-ruling-idINS0N1H002J'|'2017-06-09T21:29:00.000+03:00'
'2c89fa497bec268403b881fdbecfd6e5e22f0e87'|'Mars recalls some chocolates due to likely Salmonella presence'|'Top News - Fri Jun 9, 2017 - 5:40pm BST Mars recalls some chocolates due to likely Salmonella presence Confectioner Mars Inc, owner of the Mars and M&M brands, said on Friday that it had voluntarily recalled some products sold under the Galaxy brand in the UK and Ireland as it detected the possible presence of Salmonella in the ingredients. The products, including the Galaxy Minstrels and Galaxy Counters bars, with a best-before date ranging between May 6, 2018 and May 13, 2018 were recalled as a precautionary measure, the British and Irish units of Mars said. Mars also said it had received no complaints regarding the affected products and that it was working closely with relevant food safety authorities regarding the recall. The company, which makes the Mars Bars that Harry Potter meant to buy on his first trip aboard the Hogwarts Express, said it came across the issue during a routine testing process. (Reporting by Sanjeeban Sarkar in Bengaluru; Editing by Savio D''Souza)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-mars-inc-recall-idUKKBN1902EK'|'2017-06-10T00:14:00.000+03:00'
'e8873fedc4aa16d0681e3a87c2eaea663c5b5a23'|'BHP CEO says he has not met with Elliott since Barcelona'|'Mon Jun 5, 2017 - 5:48am BST BHP CEO says he has not met with Elliott since Barcelona left right BHP Billiton Chief Executive Andrew Mackenzie speaks at a round table meeting with journalists in Tokyo, Japan June 5, 2017. REUTERS/Kim Kyung-Hoon 1/3 left right BHP Billiton Chief Executive Andrew Mackenzie is silhouetted against a screen projecting the company''s logo at a round table meeting with journalists in Tokyo, Japan June 5, 2017. REUTERS/Kim Kyung-Hoon 2/3 left right BHP Billiton Chief Executive Andrew Mackenzie speaks at a round table meeting with journalists in Tokyo, Japan June 5, 2017. REUTERS/Kim Kyung-Hoon 3/3 TOKYO BHP Billiton Chief Executive Andrew Mackenzie said on Monday he has not met with activist hedge fund Elliott Management since their talks in Barcelona last month and declined to comment on whether another meeting was scheduled. Elliott, a New York-based fund that has built up a 4.1 percent stake in BHP, is pushing a three-point plan to collapse the company''s dual-listed structure, spin off its oil and gas assets in the United States, and boost returns to shareholders - all of which BHP has rejected. Speaking at a media roundtable in Tokyo, Mackenzie said BHP was reviewing some of its natural gas assets where it finds it "very hard to produce investment opportunities" but emphasized the review was a part of regular assessments of its business. "In some cases we will seek and have sought and are seeking to divest ourselves of these positions and in other cases we will use hedging in order to justify an investment in production," Mackenzie said, without being specific. BHP announced in April it was putting its Fayetteville shale assets in Arkansas back up for sale and, in May, Mackenzie said the company was also looking to sell much of its Hawkville acreage in the Eagle Ford shale formation. Mackenzie said he was "always interested in new ideas" on boosting shareholder value. Elliot said last month after the meeting with Mackenzie in Barcelona that the talks had been "constructive". BHP''s oil business, including its shale drilling, is profitable with oil prices below $50 a barrel, Mackenzie said when asked. West Texas Intermediate crude oil was trading at $48.21 a barrel at 0407 GMT on Monday. BHP shares on the Australian stock exchange were up about 1.8 percent. (Reporting by Aaron Sheldrick; Editing by Richard Pullin and Christian Schmollinger) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-bhp-billiton-elliott-ceo-idUKKBN18W0EW'|'2017-06-05T12:47:00.000+03:00'
'e72ce1fbbd9ca0e66c0e0ec1a4685bb9369c7a65'|'Sponsors shun banks by pre-placing second-liens on buyout loans'|'Banks - Thu Jun 8, 2017 - 4:31pm BST Sponsors shun banks by pre-placing second-liens on buyout loans By Claire Ruckin - LONDON LONDON Private equity firms are increasingly shunning banks to pre-place second-lien loans directly with cash-rich funds, which is reducing banks’ returns as they lose out on the most profitable part of an underwriting fee. Four buyouts, backed with loans yet to be syndicated in Europe’s leveraged loan market, are expected to include pre-placed second-lien loans, including Danish packaging group Faerch Plast; European industrial supplies distributor IPH Brammer; cleaning business Safetykleen Europe; and Hong Kong-based international schools operator Nord Anglia Education. By going directly to funds, buyout firms are guaranteeing placement on the most expensive and risky part of a capital structure, avoiding any costly risks that could arise during a syndication process. “Borrowers are happy to lock in the terms. They don’t have to take market risk with syndication and as second-lien providers can’t get enough of the paper, they are offering competitive terms,” a senior leverage finance banker said. The removal of a subordinated piece of debt from an underwrite is impacting banks that are already being squeezed on fees on the senior part of a capital structure to around 1.5%-1.75%, from 1.75%-2.25% a couple of years ago. Second-lien fees come in anywhere between 2%-3%. Subordinated second-lien loans have become attractive to sponsors as a means of increasing overall leverage on a deal, while maintaining control over who holds the paper -- something that cannot be achieved via the public high-yield market. Second-lien loans also don’t have the restrictive call protection associated with bonds. Other pre-placed second-liens this year include deals for UK-based Element Materials Technology, Swedish dialysis clinic operator Diaverum, British holiday park operator Parkdean Resorts and Belgian aluminium systems manufacturer Corialis, among others. Funds available to take pre-placed second-lien loans include Alcentra, Apollo Capital Management, MV Credit, Ares, Park Square Capital, EQT, GSO and Partners Group. MARKET RISK Despite banks losing out on the 2%-3%underwriting fees, sponsors are having to pay out that same amount to the funds they are pre-placing the paper with, in the form of an arrangement fee. Sponsors are, however, protected from market risk if a deal goes wrong. Typical market flex on a struggling deal could see a sponsor on the hook for an additional 150bp. “The reality is that there is no real difference in terms of overall fees. The margin may be wider on a pre-placed second-lien loan compared to an underwritten deal, but there is also no flex,” a leverage finance head said. Deep liquidity in Europe’s leveraged loan market, where demand far outweighs supply, has seen pricing compression. In some cases Single B issuers are achieving market lows of 300bp on first-lien paper and arguably sponsors will achieve market lows on second-lien paper. KKR paid 675bp over Libor with a 0% floor and 650bp over Euribor with a 0% floor for a $20 million (£15.4 million) and €20 million (£17.3 million) second-lien add-on tranche for UK forensic sciences group LGC in January. Some banks are approaching sponsors to argue a case for syndicated second-liens. A syndicated deal in such a hot market could price significantly tighter than a pre-placed loan. However, many of those funds are telling sponsors they will not buy the second-lien paper if it is syndicated. “Some funds are telling sponsors they will not take second-lien unless it is pre-placed, as all-in yield on syndication is lower. They have remits to do big tickets and they want good yield and a substantial amount of paper. It is a threat but it is a legitimate one because if it goes to a wide syndication and these funds are offered a smaller ticket at a lower yield, they will probably walk away,” the leveraged finance head said. In a search for yield, there are alternative funds that may be attracted to second-lien paper that may not have otherwise been in different market conditions. “If banks go to the broader market with second-lien paper there is a base of investors out there in possession of subordinated baskets and in search for yield, so they may be willing to buy,” the leveraged finance head said. A syndicate head said: “Investors holding sponsors to ransom may be relevant around some very big tranches where you need big ticket commitments but on the smaller second-liens of around €100 million you could sell €10 million - €15 million tickets to various funds.” (Editing by Christopher Mangham)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-secondlien-loans-idUKKBN18Z266'|'2017-06-08T23:31:00.000+03:00'
'58d394cf4ec17d7e22d00e3083c8e8d2f32e36bf'|'EU bill foresees sanctions for accountants, banks helping dodge tax'|'Business News - Thu Jun 8, 2017 - 2:33pm BST EU bill foresees sanctions for accountants, banks helping dodge tax By Francesco Guarascio - BRUSSELS BRUSSELS Tax advisers in the European Union will be penalised for helping companies to set up schemes to cut their tax bills excessively by shifting profits to low-tax countries, under a draft law seen by Reuters. The measure, prepared by the EU executive, the European Commission, and still subject to changes, would force accounting firms such as PricewaterhouseCoopers(PwC), KPMG, Ernst & Young and Deloitte, banks and other tax advisers to inform authorities about "potentially aggressive tax planning arrangements" set up for their clients. The move is part of a set of measures adopted by the European Union after last year''s Panama Papers and other revelations of widespread tax avoidance by wealthy individuals and big firms through carefully constructed plans. The draft law, expected to be published in June, dictates "effective, proportionate and dissuasive penalties" for non-compliance, but leaves EU states free to decide sanctions or fines at national level. Tax advisers will have to disclose cross-border tax schemes deemed to be too "aggressive" to tax authorities in the countries where they operate. The information should then be "automatically" shared among EU countries'' administrations. This requirement for an early warning is intended to discourage the transfer of corporate profits taxable in one EU state to other countries or jurisdictions where they would be taxed at much lower rates. If there is no intermediary, or the tax adviser is located outside the EU, the obligation of disclosure would fall on the taxpayer using the arrangement. The draft law does not define "aggressive tax planning", because any definition would risk being overtaken by ever-evolving avoidance schemes. But a list of red flags, or "hallmarks", will be drafted to spot arrangements that present "a strong indication of tax avoidance or abuse", the draft law says. The list will be regularly updated by the European Commission. The Commission''s legislative proposal will need the approval of the European Parliament and all EU states to become law. Some EU states have shown little appetite to move fast in the fight against tax avoidance, saying it could hamper the competitiveness of European companies. Malta, which holds the rotating presidency of the EU, proposed to slow down the pace of tax reform in a document circulated among finance ministers in April. (Reporting by Francesco Guarascio @fraguarascio) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-accounts-eu-taxation-idUKKBN18Z1V9'|'2017-06-08T21:33:00.000+03:00'
'1fcc74acbaa2e2254f7179baf00f5bc34b20ad38'|'ECB''s Constancio says bank run triggered Banco Popular rescue'|'Central Banks - Thu Jun 8, 2017 - 2:30pm BST ECB''s Constancio says bank run triggered Banco Popular rescue A man uses a cash dispenser at a branch of Spain''s biggest bank Santander next to a Banco Popular branch on the same day Santander announced that it would buy struggling rival Banco Popular for a nominal one euro after European authorities determined the lender was on the... REUTERS/Juan Medina TALLINN The decision to orchestrate a rescue of Spain''s Banco Popular ( POP.MC ) this week was triggered by a run on the bank, European Central Bank Vice President Vitor Constancio said on Thursday. "The reasons that triggered that decision were related to the liquidity problems. There was a bank run. It was not a matter of assessing the developments of solvency as such, but the liquidity issue," Constancio told a press conference following the ECB''s regular policy meeting. "Our role as ECB was just the declaration that the bank for liquidity reasons was failing or likely to fail," he said. The ECB, the euro zone''s top banking supervisor, stepped in to avert a collapse of Banco Popular, orchestrating a last-minute rescue on Wednesday by bigger local rival Santander ( SAN.MC ). A final decision to sell Popular was made early on Wednesday by the Single Resolution Board (SRB), the agency set up by the EU to wind down stricken banks. Constancio said that, legally, the ECB''s competence in the Popular rescue was limited to declaring that the bank was "failing or likely to fail for liquidity reasons". "The matter after the declaration went to the Resolution Mechanism, to their board, to take the decisions about resolution," he said. "So after the declaration of ''failing or likely to fail'', we had no interference with the subsequent decisions. They belonged completely to the SRB." (Reporting by Adrian Croft and Francesco Canepa; Editing by Catherine Evans) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-ecb-banks-spain-idUKKBN18Z1SP'|'2017-06-08T21:06:00.000+03:00'
'e3216f76ae1c51a06ff8cae767afcc09af5171d7'|'IOC sets extensive maintenance shutdown plans for units'|'NEW DELHI Indian Oil Corp has lined up an extensive maintenance turnaround plan for its refineries in 2017, sources with knowledge of the plan said, which could force the country''s top refiner to tap overseas markets for gasoline and diesel to meet rising local demand.IOC plans to shut a 150,000 barrel per day (bpd) crude unit at its 300,000 bpd Panipat refinery in northern India and an associated naphtha cracker plant for about a month in July, the sources said, freeing up some naphtha for exports.IOC also plans to shut a 160,000 bpd Mathura refinery for 15 days from Aug 25; its 120,000 bpd Barauni refinery in Bihar for about five weeks in July-August; and a 150,000 bpd Haldia plant in West Bengal of the country for about three weeks in November-December for a flare job.IOC plans to shut the only crude unit at its 300,000 bpd coastal Paradip refinery in Odisha for about three weeks for repairs in October to enhance its capability to process tough grades, the sources added.The refiner has already shut some units at its 274,000 bpd Koyali refinery in Gujarat for revamp and maintenance from June 1.There is not likely to be any planned shutdowns in the first quarter of 2018, because state refiners normally do not plan maintenance in the last quarter of their fiscal year, when they ramp up runs to meet annual production targets.The company may change dates for the planned shutdowns depending on local fuel demand and the turnaround plans of other refiners, the sources said.No comment was available from IOC.(Reporting by Nidhi Verma; Editing by Tom Hogue)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/india-ioc-idINKBN18Z174'|'2017-06-08T07:51:00.000+03:00'
'f905d6693288636e9e3842f8fb94e17d3580e863'|'Soccer-CBF breaks with TV Globo to show Brazil friendlies'|'Market News - Wed Jun 7, 2017 - 7:59pm EDT Soccer-CBF breaks with TV Globo to show Brazil friendlies By Andrew Downie - SAO PAULO, June 7 SAO PAULO, June 7 The Brazilian Football Confederation (CBF) is to broadcast upcoming matches against Argentina and Australia on new media platforms, marking a surprise break with long-time partner TV Globo, the sporting organization said on Wednesday. Calling the move "unprecedented" the CBF said the two games would be shown on its website, Facebook page, mobile phone apps through their sponsor Vivo, Brazil''s largest wireless carrier, and on UOL, one of its biggest online media sites. Two small government-run channels TV Brasil and TV Cultura will also broadcast the games live. "This is a way to further democratise the reach of Brazil matches, offering fans new alternatives to see the Brazilian national team on the field," the CBF said in a statement. Brazil, the only team to win the World Cup five times, take on South American rivals Argentina at the Melbourne Cricket Ground on Friday and then face the host nation at the same venue on June 13. The move is seen as a rebuke to TV Globo, the media conglomerate which has broadcast Brazil games for decades and which remains one of the main rights holders, and biggest funders, of Brazil''s domestic leagues. Globo said it tried to negotiate the rights to the two games but was unable to come to an agreement with the CBF. "Grupo Globo defends market competition and believes it has the best solution for our national team through visibility and involvement, both with audience (share) as well as with the quality of transmission and the economic model, but we respect that the CBF thinks differently," it said in a statement. The CBF''s initiative follows a similar move by club side Atletico Paranaense, which in March became the first big club to broadcast their games live on YouTube. (Reporting by Andrew Downie) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/soccer-brazil-television-idUSL1N1J4236'|'2017-06-08T07:59:00.000+03:00'
'a39a3d29b5fabed53c3b19126bfdd9f851084e19'|'Former South Korean minister jailed over role in Samsung merger - Yonhap'|'Deals  32am BST Former South Korean minister jailed over role in Samsung merger: Yonhap FILE PHOTO: The National Pension Service (NPS) Chairman Moon Hyung-pyo is summoned to the Independent Counsel Team in Seoul, South Korea, December 27, 2016. Picture taken December 27, 2016. News1 via REUTERS SEOUL A Seoul court on Thursday sentenced a former South Korean health minister to two and a half years jail for his role in a corruption scandal that led to the impeachment and arrest of former president Park Geun-hye, Yonhap reported. The ruling is one of the first from several ongoing trials that emerged from the scandal, including that of Park herself and Samsung Group chief Jay Y. Lee. Moon Hyung-pyo, a former minister of health and welfare during the Park administration and subsequent chairman of South Korea''s National Pension Service (NPS), had been indicted and arrested last December. He was accused of abusing his authority as minister to pressure the NPS to cast a key vote in favor of the $8 billion merger of two Samsung Group affiliates, Samsung C&T Corp and Cheil Industries Inc in 2015. The health ministry supervises the NPS, which held a substantial stake in both companies. The NPS supported the merger deal in 2015. The Seoul Central District Court said Moon had "severely harmed the independence of the NPS by pressuring it through health ministry officials", sentencing him to two and a half years in jail, according to Yonhap. Moon had denied the charges. Prosecutors have argued Jay Y. Lee and other former Samsung Group executives gave bribes to Choi Soon-sil, Park''s long-time confidante, and in return, received political favors and government support for the 2015 merger, which prosecutors say transferred control of the key company to Lee from hospitalized patriarch Lee Kun-hee at the expense of other shareholders. Jay Y. Lee, held in detention and undergoing trial on charges such as bribery and embezzlement, has denied all charges. Choi and Park, also in detention and undergoing trials on charges such as abuse of power and extortion, have also denied all charges. (Reporting by Heekyong Yang; Editing by Michael Perry)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-southkorea-politics-samsung-pensions-idUKKBN18Z0SM'|'2017-06-08T15:31:00.000+03:00'
'a502315d31b2deed3cc16908da26e8270e3c6e22'|'UK must not bend rules to allow Saudi Aramco IPO - Royal London'|' 03am BST UK must not bend rules to allow Saudi Aramco IPO - Royal London FILE PHOTO: Logo of Saudi Aramco is seen at the 20th Middle East Oil & Gas Show and Conference (MOES 2017) in Manama, Bahrain, March 7, 2017. REUTERS/Hamad I Mohammed/File Photo LONDON A change in UK listing rules for a potential initial public offering of oil company Saudi Aramco would be "highly inappropriate", fund manager Royal London said on Thursday, adding it would lobby against such a move. "Any attempt to bend the listing rules in order to facilitate the IPO of Saudi Aramco is highly inappropriate and flagrantly ignores the principles which the UK’s listing rules were designed to defend," Ashley Hamilton Claxton, corporate governance manager at Royal London, said in a statement. Exchanges around the world are vying for a piece of Saudi Aramco''s IPO, which is expected to be the largest in history. The London Stock Exchange and the British regulator are working on a new model that would allow the firm to avoid the most onerous corporate governance requirements of a primary listing, without being seen as second class. "We will be lobbying strongly against any concessions being granted should there be a formal attempt to IPO Aramco in the UK," Hamilton Claxton said. "As long-term investors in the UK equity market we fear this precedent could lead to a slippery slope." The Financial Conduct Authority, the UK''s financial watchdog, declined to comment. (Reporting by Carolyn Cohn; editing by Dasha Afanasieva and Jason Neely)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-saudi-aramco-ipo-royal-london-idUKKBN18Z0ZX'|'2017-06-08T16:52:00.000+03:00'
'9de9b9192f0326211c3e860660cd679a5ad68d5f'|'UK Stocks-Factors to watch on June 8'|'June 8 Britain''s FTSE 100 index is seen opening down 2 points at 7477 on Thursday, according to financial bookmakers. * ELECTIONS: Prime Minister Theresa May is on course to increase her majority in parliament in Britain''s election on Thursday, opinion polls showed on Wednesday, suggesting her gamble to call the vote to bolster her position in Brexit negotiations will pay off. * SHELL: Royal Dutch Shell said on Wednesday its business is not experiencing any operational disruptions in Qatar in the wake of a decision by several Gulf countries to sever ties. * WPP: WPP, the world''s largest advertising group, reported a slight increase in like-for-like net sales growth in the first four months of 2017, saying there was growth in all regions and businesses except North America and data investment management. * BOOHOO: Online fashion retailer Boohoo.com Plc on Wednesday nudged its full-year sales forecast upwards after a doubling in first-quarter sales on the back of strong demand across all its businesses. * BERENDSEN: French laundry services group Elis SA sweetened its offer to buy UK peer Berendsen Plc on Wednesday, and the companies said they had agreed in principle on key terms. * BHP/CHILE: BHP Billiton''s Escondida, the world''s biggest copper mine, said it was snowing and all operations had been suspended after heavy rains lashed the high altitude desert region of Antofagasta overnight and into Wednesday. Antofagasta said Centinela and Zaldivar had suffered intermittent interruptions. * BT GROUP: BT Group has picked a new auditor to replace PricewaterhouseCoopers (PwC), months after the emergence of a 530 million pound accounting crisis in its Global Services division, Sky News reported. bit.ly/2r81xFW * MINING: Large global mining companies, including Glencore, Anglo American Plc and Rio Tinto, have cut back on investments despite a turnaround in profitability and a spike in commodity prices, a PricewaterhouseCooper''s (PwC) report revealed on Wednesday. * EX-DIVS: Associated British Foods, Johnson Matthey, Scottish Mortgage Investment Trust, Vodafone Group, WPP Plc will trade without entitlement to their latest dividend pay-out on Thursday, trimming 11.7 points off the FTSE 100 according to Reuters calculations * The UK blue chip index closed 0.6 points lower at 7478.6 on Wednesday, a day before Britons were set to begin voting in parliamentary elections that will shape talks for the country''s exit from the European Union. * For more on the factors affecting European stocks, please click on: cpurl://apps.cp./cms/?pageId=livemarkets * UK CORPORATE DIARY: CMC Markets Plc FY Earnings Release Auto Trader Group Plc FY Earnings Release TODAY''S UK PAPERS > Financial Times > Other business headlines Multimedia versions of Reuters Top News are now available for: * 3000 Xtra : visit topnews.session.rservices.com * For Top News : topnews.reuters.com (Reporting by Arathy S Nair in Bengaluru; Editing by Sherry Jacob-Phillips)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-stocks-factors-idUSL3N1J527Z'|'2017-06-08T13:34:00.000+03:00'
'a82f6c4ed17d9394e9c9344f8c621e726ac788a7'|'Credit Suisse to cut jobs as it pares back in London'|'By John O''Donnell and Joshua Franklin - ZURICH ZURICH Credit Suisse ( CSGN.S ) is to cut roughly 1,500 jobs in London by the end of next year, according to a person familiar with the matter, part of the Swiss bank''s efforts to cut costs globally.The cutbacks come as the bank''s Zurich neighbour UBS ( UBSG.S ), the world''s largest private bank, also considers moving hundreds of staff out of London as Britain prepares to embark on divorce talks with the European Union.UBS and Credit Suisse joined big U.S. investment banks in setting up their European headquarters in London, giving them access to the European Union market. But now Brexit is forcing the Swiss and others to seek alternatives.For Credit Suisse ( CSGN.S ), the job cuts, which will take its London staff to roughly 5,000, is part of a paring down of its London operations that began in 2015 as the bank restructured under Chief Executive Tidjane Thiam.One Credit Suisse executive said privately that high bonuses and the cost of doing business in the British capital made it difficult for Credit Suisse to turn a profit on its London operation. Brexit, he said, reinforced the determination to act.A Credit Suisse spokeswoman said the investment bank as a whole had "strong profit growth" and that the programme of company-wide job cuts was most advanced in London. The bank does not provide a breakdown for the performance of its London operations.The scale of the London cuts reflects a change in approach towards Europe''s biggest financial centre.Before it embarked on its cutbacks, Credit Suisse employed more than 9,000 staff and contractors in the city."For the Swiss banks, it was always important to be in London, not least to be close to your wealthy customers," Andreas Venditti, an analyst at Swiss bank Vontobel, said. "With Brexit, London has certainly lost some significance.""For Credit Suisse, which was under pressure to cut costs anyway, as well as UBS, the timing is fortunate. Brexit is a good opportunity."The scaling back in London coincides with a shift in focus by both UBS and Credit Suisse towards Asia, the region with the fastest-growing number of millionaires.Other European centres could also benefit. Credit Suisse, which already has operations in Poland, opened a branch in Dublin more than a year ago, while UBS could bolster its base in Frankfurt.But UBS is biding its time in London until the end of this year before making any decisions on staff moves, one senior executive said, redoubling lobbying efforts for the status quo in finance to remain after Brexit.It expects roughly 1,000 staff in City of London may have to move after Brexit. But the number could be higher. Its chief executive Sergio Ermotti said up to 30 percent of its roughly 5,400 employees in London could be affected.If Britain''s EU departure is abrupt and with no trading agreement in place to cover finance, one senior UBS employee, who asked not to be named, said the Swiss bank could be forced to move the majority of its London staff. Having earlier declined to comment, UBS said that was not correct.Swiss bankers are still hoping for a smooth Brexit but frustration is growing over the lack of clarity so far. Earlier this year, Ermotti criticised the British government for failing to reassure banks."The UK," he said "is not really helping."(Writing by John O''Donnell; Editing by Jane Merriman and Mark Potter)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/britain-eu-banks-switzerland-idINKBN18Z26Y'|'2017-06-08T23:38:00.000+03:00'
'6cb7b836793f814c4accb6f607e1f0345ad274ba'|'UPS suspends transit of goods to and from Qatar in four Arab nations'|'Market  15pm EDT UPS suspends transit of goods to and from Qatar in four Arab nations NEW YORK, June 8 The United Parcel Service Inc said it will suspend the transit of goods to and from Qatar in Saudi Arabia, Egypt, the United Arab Emirates and Bahrain amid an ongoing dispute in the region. "We will continue to monitor for any potential service impact with regards to air, road and sea connections and will communicate with customers as additional information becomes available," spokesman Glenn Zaccara said in a statement. (Reporting by Alana Wise) Banco do Brasil CEO says disbursements unfazed despite turmoil SAO PAULO, June 8 Loan disbursements at Banco do Brasil SA remain unfazed despite heightening political and economic turmoil in recent weeks, an indication that Brazil''s No. 2 lender will keep originating new credit in coming months, Chief Executive Officer Paulo Rogerio Caffarelli said on Thursday. U.S. derivatives regulator concerned about swaps clearing worldwide post-Brexit WASHINGTON, June 8 The acting chair of the U.S. derivatives regulator said on Thursday he is concerned about how swaps will be cleared after "Brexit" is complete because of the possibility of the European Union deciding to prohibit off-shore clearing of swaps denominated in euros could hurt global financial markets. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/gulf-qatar-ups-idUSL1N1J5198'|'2017-06-09T00:15:00.000+03:00'
'facb09bb16da582999bb0af330d2563afeac4f1f'|'UPDATE 1-Fannie Mae''s Brooks to be nominated U.S. deputy Treasury secretary -Axios'|'(Adds background, White House declines confirmation)WASHINGTON, June 10 President Donald Trump plans to nominate Brian Brooks, general counsel for Fannie Mae, as deputy secretary of the U.S. Treasury, Axios reported on Saturday, citing three sources it said had knowledge of the pick.Brooks oversees the legal department and government and industry relations at the Federal National Mortgage Association, commonly known as Fannie Mae, a government-sponsored entity that provides financing for mortgage lenders. He is senior adviser to the chief executive and board of directors.Brooks worked at California bank OneWest with Treasury Secretary Steven Mnuchin, who wanted a loyalist for the post, according to two of Axios'' unidentified sources.A White House spokeswoman would not confirm the report.The position requires U.S. Senate confirmation.Trump''s first pick for the job, Goldman Sachs Group Inc banker James Donovan, withdrew his name last month for personal reasons.Earlier this year, the White House had considered Brooks to lead the Consumer Financial Protection Bureau, according to CNBC. (Reporting by Doina Chiacu; Editing by Bill Rigby)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/usa-treasury-nominee-idINL1N1J70EV'|'2017-06-10T17:18:00.000+03:00'
'87b1a272e7aa6ea73996a1886100c1a37c0019c2'|'Data center company Digital Realty to buy DuPont Fabros in $7.6 billion deal'|'By Arunima Banerjee Digital Realty Trust Inc ( DLR.N ) said it would buy fellow data center operator DuPont Fabros Technology Inc ( DFT.N ) for an enterprise value of about $7.6 billion, its biggest-ever deal, to help expand in high-demand markets in the United States amid a rapid shift to the cloud by technology companies.DuPont Fabros''s shares rose as much as 14.6 percent to hit a record high of $63.46, just below the offer price of $63.60 based on Thursday''s close.Washington-based DuPont Fabros operates 12 data centers in three major U.S. markets, including Silicon Valley and Northern Virginia, while Digital Realty operates 145 data centers globally.Digital Realty and DuPont Fabros, which rent out space that companies use for data centers, have also benefited from the surge in demand for data and video.The combined company would be the "home to the cloud," Digital Realty Chief Executive William Stein said on a conference call on Friday.The deal, which would add companies such as Facebook Inc ( FB.O ) and Yahoo Inc ( YHOO.O ) to Digital Realty''s customer base, is expected to close in the second half.DuPont Fabros shareholders will receive a fixed exchange ratio of 0.545 Digital Realty shares per share held, the companies said.Based on Digital Realty''s Thursday close, the offer is worth $63.60 per share, a premium of 14.9 percent to DuPont Fabros''s close. The implied price per share is $64.32, according to a Digital Realty presentation.The equity value of the deal is about $4.95 billion based on DuPont Fabros''s 77.8 million shares outstanding as of April 2, according to Thomson Reuters data."The addition of (DuPont Fabros) should enhance (Digital Realty''s) growth prospects, as it''s acquiring an asset that''s growing at plus 10 percent per year, with recent momentum including a 28.8 MW lease signed by who we believe to be (Apple)," Wells Fargo analyst Jennifer Fritzsche wrote in a client note.The deal has the potential to realize up to $18 million of annualized overhead savings, the companies said.San Francisco, California-based Digital Realty has been acquiring companies to boost growth.The company said in May last year that it would buy eight data centers from Equinix Inc ( EQIX.O ) and in October 2015 bought Telx Group Inc.Digital Realty said it had a fully committed bridge loan facility from BofA Merrill Lynch and Citigroup to finance the DuPont Fabros deal.BofA Merrill Lynch and Citigroup are Digital Realty''s financial advisers while Goldman Sachs is advising DuPont Fabros.DuPont Fabros''s shares were up 12 percent in morning trading, while Digital Realty''s stock was little changed at $116.77.(Reporting by Arunima Banerjee in Bengaluru; Editing by Sriraj Kalluvila)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-dupont-tech-m-a-digital-realty-idINKBN1901EI'|'2017-06-09T08:20:00.000+03:00'
'ef3f2b7240651ac5cc95fd73422a1a18c1324f24'|'India''s plan to develop key Iranian port faces U.S. headwinds'|'Business News - Fri Jun 9, 2017 - 3:28pm BST India''s plan to develop key Iranian port faces U.S. headwinds left right FILE PHOTO: A general view of the port of Kalantari in the city of Chabahar, 300 km (186 miles) east of the Strait of Hormuz, Iran January 17, 2012. REUTERS/Raheb Homavandi/File Photo 1/2 left right FILE PHOTO: A general view of an oil dock is seen from a ship at the port of Kalantari in the city of Chabahar, 300 km (186 miles) east of the Strait of Hormuz, Iran January 17, 2012. REUTERS/Raheb Homavandi/File Photo 2/2 By Nidhi Verma and Sanjeev Miglani - NEW DELHI NEW DELHI Western manufacturers are shying away from supplying equipment for an Iranian port that India is developing for fear the United States may reimpose sanctions on Tehran, Indian officials say, dealing a blow to New Delhi''s strategic ambitions in the region. Lying on the Gulf of Oman along the approaches to the Straits of Hormuz, the port of Chabahar is central to India''s hopes to crack open a transport corridor to Central Asia and Afghanistan that bypasses arch-rival Pakistan. India committed $500 million (£392.4 million) to speed development of the port after sanctions on Iran were lifted following a deal struck between major powers and Tehran to curb its nuclear programme in 2015. But the state-owned Indian firm that is developing Chabahar is yet to award a single tender for supplying equipment such as cranes and forklifts, according to two government sources tracking India''s biggest overseas infrastructure push. U.S. President Donald Trump denounced the nuclear agreement on the campaign trail, and since taking office in January has accused Iran of being a threat to countries across the Middle East. Swiss engineering group Liebherr and Finland''s Konecranes ( KCRA.HE ) and Cargotec ( CGCBV.HE ) have told India Ports Global Pvt Ltd, which is developing the deep water port, they were unable to take part in the bids as their banks were not ready to facilitate transactions involving Iran due to the uncertainty over U.S. policy, the two officials said in separate conversations with Reuters. These firms dominate the market for customised equipment to develop jetties and container terminals. One official said the first tender was floated in September, but attracted few bidders because of the fear of renewed sanctions. That fear has intensified since January. "Now the situation is that we are running after suppliers," one official said, speaking on condition of anonymity because of the sensitivity of matter. A Konecranes spokeswoman declined to comment beyond confirming the company was not involved in the project. Cargotec and Liebherr did not respond to requests for comment. Some tenders have been floated three times since September because they failed to attract bidders. A Chinese firm, ZPMC, has since come forward to supply some equipment, the same Indian official said. THREAT OF SANCTIONS Trump has called the agreement between Iran and six major world powers restricting Tehran''s nuclear programme in exchange for lifting of sanctions "the worst deal ever negotiated". Last month his administration extended relief on Washington''s broadest and most punitive sanctions, while carrying out a wider policy review on how to deal with the Islamic Republic. Uncertainty over U.S. policy is already causing long delays in contracts that Iran has sought with international firms to develop its oil fields and buy planes for its ageing airlines. The lifting of United Nations and European Union sanctions in 2016 partly reconnected Iran with the international financial system crucial to trade. But large international bankers with exposure to the United States remain unwilling to facilitate Iranian deals for fear of running afoul of narrower, unilateral U.S. sanctions that remain outside the nuclear deal and uncertainty over whether wider sanctions relief will continue. India''s ambassador to Iran said the process of procuring equipment for the Chabahar port was under way and that some of the customised cranes needed take up to 20 months to build. The banking situation was slowing improving, he added. "Tenders are re-floated for a variety of reasons including technical specifications not being met, etc. Banking channels, in recent months, have in fact somewhat eased," Saurabh Kumar said in an emailed response to Reuters from Tehran. "If some companies do not participate, it really is their business." India has been pushing for the development of Chabahar port for more than a decade as a hub for its trade links to the resource-rich countries of central Asia and Afghanistan. Access to those countries is currently complicated by India''s fraught relationship with Pakistan. Bureaucratic delays, difficult negotiations with Iran and the risk of incurring Washington''s displeasure during the financial embargo in Tehran had meant there was little progress on the port until now. But, prodded in part by China''s development of Gwadar port, which lies barely 100 km (60 miles) from Chabahar on the Pakistani coast, Indian Prime Minister Narendra Modi''s government has unveiled massive investment plans centred around the Iranian port, offering to help build railways, roads and fertiliser plants that could eventually amount to $15 billion. So far, even an initial credit line of $150 million that India wants to extend to Iran for development of Chabahar has remained a non-starter as Tehran has not been able to do its part of work. "They have not sought the loan from us because they haven''t awarded the tenders, either because of lack of participation or banking problems," said the second government official. Ambassador Kumar said the Iran had indicated it would be sending proposals shortly to tap the credit line. Meena Singh Roy, who heads the West Asia centre at the Institute for Defence Studies and Analyses, a New Delhi think-tank, said increasing tension between Washington and Tehran would have an impact on the port project. "The Chabahar Project has strategic significance for India," she said. "However ... nothing much seems to be moving due to new uncertainties in the region." GRAPHIC-Reviving the Silk Road: here (Additional reporting by Tuomas Forsell in HELSINKI; Editing by Alex Richardson)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-india-iran-ports-idUKKBN19024B'|'2017-06-09T22:28:00.000+03:00'
'27b0b474e83787b3a73b212a4bf7353735a6571c'|'South Korea launches $10 bln fiscal package to boost jobs, welfare'|'Money   8:55am IST South Korea launches $10 bln fiscal package to boost jobs, welfare FILE PHOTO: A South Korea won note is seen in this illustration photo May 31, 2017. REUTERS/Thomas White/Illustration/File Photo By Cynthia Kim - SEJONG SEJONG South Korea''s new government announced a 11.2 trillion won ($10 billion) fiscal stimulus package on Monday, increasing social welfare subsidies and taking steps to deliver on President Moon Jae-in''s election promise to create 810,000 public sector jobs. But Moon''s ruling Democratic Party faces a challenge passing the extra budget bill as it only holds 40 percent of the 299 seats in the National Assembly and would need the support of more than 30 opposition lawmakers. Both parties in the conservative opposition - the Bareun Party and the Liberty Korea Party - have said the increased welfare spending could become unsustainable and that the plan does not meet legal requirements. The stimulus package allocates 5.4 trillion won to create public sector and social services jobs, including places for fire fighters, teachers and postal workers, the finance ministry said. Another 2.3 trillion won will be used to provide subsidies for maternity leave and for elderly people needing medical care. The government estimates the extra spending will boost economic growth by 0.2 percentage point this year, which may raise its 2017 outlook from current 2.6 percent. It expects to the extra budget to add 71,000 jobs to the public sector workforce and 15,000 jobs to the private sector. "This is the first supplementary budget for jobs purposes," Park Chun-sup, South Korea''s chief of budget, told a news conference. "There are concerns over mass job losses...10 years ago youth unemployment used to be double the overall jobless rate of 3.5 percent, but now it is three times as high," Park said. Unemployment among those aged 15-29 soared to 11.2 percent in April, even though the economy posted the fastest growth in six quarters in the January-March period. Addressing a widening income gap and sluggish domestic demand is a major challenge for policymakers, especially as exports have only just begun to turn around after falling for almost two years. South Korea’s average disposable household income fell by 1.1 percent in the fourth quarter, the fastest rate since the 2009 global financial crisis, while private consumption grew just 0.4 percent in the first quarter - well below overall economic growth at 1.1 percent. "Regarding weak consumption, we believe adding jobs will boost income and affect consumption eventually," Park said. The supplementary budget will add to the 400.5 trillion won budget for 2017 that was approved by the National Assembly late last year. The government plans to submit its supplementary budget proposal to the National Assembly on June 7. About 8.8 trillion won of the extra budget will be financed by excess tax revenue expected for this year, while another 1.1 trillion won will come from government revenue left over from 2016. The remaining 1.3 trillion won will be financed from public funds managed by state-owned companies, according to the ministry. "As we propose this supplementary budget, our intention is to best maintain fiscal soundness and we''re not issuing more debt," budget chief Park said. Cheon Jong-ryeol, a 30-year old job seeker, agrees with the government''s plan to create more public sector jobs. "Everybody wants to get a civil service job, I mean everybody. I want to take a look at what becomes available from this policy and want to apply," said Cheon, who recently returned from an English language programme in Canada. Like many others, he is still looking for work, having postponed graduation from college by two years to complete compulsory military service, before going to Canada. "All jobs are really competitive, and my friends have told me that public sector jobs have less late-night work and office dinners, so I see competition for public servant jobs becoming tougher." Although the proposed extra budget is only for this year, the government is under pressure to raise taxes to sustain expanded welfare programmes and to meet the growing needs of an ageing population. On Thursday, Lee Yong-sup, the head of President Moon''s jobs committee, said South Korea needed to raise taxes in order to pay for more jobs and welfare. Calls for government subsidies will only increase as more than 35,000 workers are expected to be laid off by the end of this year from the shipbuilding industry alone. About 41,000 workers lost their jobs at shipbuilders between December 2015 and February this year, according to the labour ministry, as a broad global downturn in demand and plunging commodity prices sapped the industry. ($1 = 1,120.2000 won)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/southkorea-economy-budget-idINKBN18W0A1'|'2017-06-05T01:25:00.000+03:00'
'2d0b4f54946c3eda5439a3aa003f52ebf3cb81d3'|'UPDATE 1-Equatorial Guinea sees Fortuna FLNG off-taker decision in August'|'(recasts, adds details)By Wendell RoelfCAPE TOWN, June 5 Equatorial Guinea has short-listed Royal Dutch Shell and oil traders Gunvor and Vitol for an off-take agreement at its Fortuna floating liquefied natural gas (FLNG) export terminal and expects to make a final decision by August, its oil minister said on Monday.Fortuna FLNG will be Africa''s first deepwater floating liquefaction facility, with production capacity of 2.2 million tonnes per year and an estimated start-up in 2020."Our criteria for selection (of the preferred off-taker) is very simple - whoever gives more money. So, whoever provides the biggest cash and good terms and alternatives to the state," Gabriel Obiang Lima, minister of mines and hydrocarbons, said at a press conference on Monday in Cape Town"Clearly the ball is with the off-takers. We have already had discussions with them," he said.British oil and gas explorer Ophir Energy said in May it plans to borrow $1.2 billion from Chinese banks to back the development of Fortuna.Addressing delegates at an African oil and gas conference earlier, Obiang Lima said he saw scope for adding another two FLNG terminals by year-end, as demand for LNG grew particularly on the continent.He said the latest OPEC member, who joined the oil producing cartel in May, has entered into a binding agreement with OneLNG SA to explore the liquefaction and commercialisation of natural gas in offshore Blocks O and I.OneLNG is a joint venture between Golar LNG and Schlumberger to rapidly develop gas reserves into LNG."That combination will give us a lot of flexibility," Obiang Lima said.He also named the winners of the 2016 licensing round for onshore and offshore blocks, with Ophir Energy among seven companies that included firms from Israel, Ireland and South Africa, who were awarded seven blocks.Earlier Equatorial Guinea, a former Spanish colony and Sub-Saharan Africa''s third largest oil producer, signed a production-sharing contract for offshore block EG-11 with U.S. oil major ExxonMobil, for one of the blocks on offer."Block EG-11 is the jewel among a group of already very prospective blocks that we are signing in 2017," Obiang Lima said in a statement.ExxonMobil already operates Zafiro field, the largest oil producing field in Equatorial Guinea, and Obiang Lima said the country intended raising oil output to 300,000 bpd by 2020. (Reporting by Wendell Roelf; Editing by Tiisetso Motsoeneng and David Evans)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/africa-oil-equatorialguinea-idINL8N1J2419'|'2017-06-05T14:26:00.000+03:00'
'e9b191bee4e9c85cbda48572b1cf8fbcc34ee5e6'|'Deutsche Bank ignores U.S. Trump/Russia query - Democratic staffer'|'Business News - Sun Jun 4, 2017 - 8:21pm BST Deutsche Bank ignores U.S. Trump/Russia query - Democratic staffer FILE PHOTO: The logo of Deutsche Bank is seen at its headquarters ahead of the bank''s annual general meeting in Frankfurt, Germany May 18, 2017. REUTERS/Ralph Orlowski/File Photo FRANKFURT Germany''s largest bank has failed to respond to a request from Democrats on a U.S. House of Representatives panel for details about U.S. President Donald Trump''s possible ties to Russia, a Democratic staffer said on Sunday. Several Democrats on the U.S. House Financial Services Committee sent a letter last month to John Cryan, Chief Executive Officer of Deutsche Bank ( DBKGn.DE ), seeking details that might show if Trump''s loans for his real estate business were backed by the Russian government. The letter asked for details of internal reviews of Trump''s transactions and gave the prominent German bank until Friday to respond. The bank''s response did not address any of the numerous questions posed in the letter and its Frankfurt headquarters declined to comment, as it has in the past. "Deutsche Bank’s outside counsel has confirmed receipt of our May 23, 2017, letter but did not provide substantive responses to our requests," a Democratic member of the staff told Reuters in an email on condition of anonymity. The congressional inquiry is also seeking information about a Russian "mirror trading" scheme that allowed $10 billion to flow out of Russia. "Congress remains in the dark on whether loans Deutsche Bank made to President Trump were guaranteed by the Russian government, or were in any way connected to Russia," the Democrats wrote in their request to Deutsche Bank. "It is critical that you provide this committee with the information necessary to assess the scope, findings and conclusions of your internal reviews," they said. The Democrats cannot compel Deutsche Bank to hand over the information. The House committee has the power to subpoena the documents, but Republican committee members - who make up the majority of the panel - would have to cooperate. No Republicans have signed the document request. Citing media reports, the Democrats had called for the bank to hand over any documents tied to internal reviews of Trump’s personal accounts at the bank. They also said the bank should state publicly that it had reviewed both the "mirror trading" scheme and Trump’s accounts. Mirror trading involved buying stocks, for example, in Moscow in rubles, with related parties selling the same stocks shortly thereafter through a bank''s London branch. The House panel request to Deutsche Bank came as Trump was mired in controversy over FBI and congressional probes into alleged Russian meddling in the 2016 U.S. presidential election and potential collusion between Moscow and the Trump campaign. Moscow has denied the allegations, and Trump has denied any collusion. (Reporting by Tom Sims; Editing by Tom Heneghan) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-deutsche-bank-trump-idUKKBN18V11S'|'2017-06-05T03:21:00.000+03:00'
'523f74753ee1adaad25564c8b1b05e8bfb7a5a31'|'Brazil''s Fibria not eyeing rival Eldorado, chairman says'|'SAO PAULO Brazilian wood pulp producer Fibria Celulose SA ( FIBR3.SA ) is not currently discussing acquiring rival Eldorado Brasil Celulose SA, focussing instead on organic growth, Chairman José Penido said on Thursday.Some investors have speculated that Eldorado owner J&F Investimentos could sell assets to pay a 10.3 billion real ($3.2 billion) fine for its participation in a corruption scheme.(Reporting by Gabriela Mello; Writing by Bruno Federowski; Editing by Chizu Nomiyama)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-fibria-outlook-idINKBN18S5CB'|'2017-06-01T11:46:00.000+03:00'
'c272a813bc43d2bcdcb01be731de955e91347de0'|'Tenet Healthcare accelerates deal to rejoin Humana''s network'|'NEW YORK Tenet Healthcare Corp ( THC.N ) said on Thursday that it had struck a deal to bring its hospitals, outpatient centers and clinics back into health insurer Humana Inc''s ( HUM.N ) network effective today.Tenet had previously said that its operations would be phased back in network between June and October.It has been out-of-network for Humana''s members since late last year due to failed contract negotiations between the two companies.Shares of Tenet were up 91 cents, or 5.5 percent, at $17.45 on the New York Stock Exchange on Thursday.(Reporting by Michael Erman; Editing by Andrew Hay)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-tenet-healthcare-humana-idINKBN18S66H'|'2017-06-01T16:43:00.000+03:00'
'd988ddd2db804a79ff609579022641aa016cc024'|'Linde supervisory board approves Praxair merger'|'FRANKFURT, June 1 Linde said its supervisory board voted on Thursday to approve the German industrial gases group''s $73 billion merger with U.S. peer Praxair.The all-share merger of equals is intended to create a market leader that will overtake France''s Air Liquide, reuniting a global Linde group that was split by World War One a century ago.Linde''s chairman, Wolfgang Reitzle, did not need to use his casting vote to get the deal approved by the supervisory board in the face of labour opposition, a source familiar with the matter said after a roughly 10-hour meeting.The deal must still be approved by Praxair''s board and 75 percent of Praxair investors at a shareholder meeting. (Reporting by Georgina Prodhan; Editing by Sabine Wollrab)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/linde-ma-praxair-idINASN0007J5'|'2017-06-01T14:59:00.000+03:00'
'd0c42dd41a12202be53fa8ee2918da1a2a792492'|'U.S. auto sales in May likely driven by heavy discounts: analysts'|'DETROIT U.S. automakers on Thursday reported flat May sales after two months of declines, and that was enough for investors to bid up shares of General Motors Co ( GM.N ) and Ford Motor Co ( F.N ).GM and Ford executives expressed hope that consumer demand for new cars and trucks will stabilize in the second half of 2017, and said inventories of unsold cars will decline. Yet analysts warned that carmakers may have to continue heavy discounts or slash production due to issues ranging from rising interest rates to a glut of used cars.Ford shares were up 3.3 percent to $11.48 shortly after noon, with GM up 2.3 percent to $34.70. Ford led U.S. sales gains. GM, Fiat Chrysler Automobiles ( FCHA.MI )( FCAU.N ) and Toyota Motor Corp ( 7203.T ) posted modest declines."Underlying economic conditions are still positive," said Ford U.S. sales vice president Mark LaNeve, citing low interest rates and gasoline prices and high consumer confidence.Some automakers have yet to report May results. After demand fell in March and April, analysts estimated May U.S. auto sales at just over 1.5 million vehicles. The seasonally adjusted annual rate of sales in May was estimated by RBC auto analyst Joseph Spak at 16.9 million vehicles, about the same as April. LMC Automotive has cut its full-year sales forecast to 17.2 million from 17.5 million. Last year, sales totaled 17.55 million vehicles.Ford said it has trimmed its inventory of unsold vehicles to 59 days, which the industry considers normal. GM''s supply was 101 days, but the automaker said that largely represented pickup trucks built to carry dealers through extended retooling shutdowns later this year ahead of the launch of a new generation of Chevrolet Silverados and GMC Sierra trucks.Total factory downtime related to these model changes would cut 100,000 vehicles from inventory during the second half, GM said in a statement. It also reiterated a promise that by the end of the year, it would return inventories to their levels at the end of 2016.Ford, bolstered by heavy sales to fleet customers, surpassed GM in U.S. sales in May. Ford sales rose 2.2 percent from a year ago to 241,126 units. GM sales dropped 1.3 percent to 237,364.GM said it had been trimming sales of heavily discounted vehicles to car rental companies. Such fleet sales made up about 19 percent of its total sales in May. In an interview, GM Chief Economist Mustafa Mohatarem said the sliding value of used cars has discouraged automakers from offering deep discounts on new vehicles to rental car companies. Hertz, Avis and other rental companies either will have to pay higher prices, he said, or automakers will cut production further in hopes of supporting used-car resale values. Ford''s fleet sales rose 8.4 percent, representing more than 34 percent of total sales. The industry average is around 20 percent.Fiat Chrysler Automobiles ( FCHA.MI )( FCAU.N ) said May sales dipped 0.9 percent to 193,040. Toyota Motor Co''s ( 7203.T ) U.S. sales dropped 0.5 percent to 218,248. Honda Motor Co ( 7267.T ) was up 0.9 percent, to 148,414, while Nissan Motor Co ( 7201.T ) rose 3.0 percent, to 137,471.Manufacturers and dealers "really pushed the deals over the holiday weekend to prop up their May numbers," said Jessica Caldwell, executive director of industry analysis at Edmunds, the car shopping website.General Motors dealers were offering discounts of up to $12,000 on the full-size Chevrolet Silverado pickup, while some dealer discounts on Ford Motor Co''s F-series pickups were more than $10,000 on 2017 models and more than $14,000 on leftover 2016 models.(Reporting by Paul Lienert in Detroit; Editing by Bernadette Baum and David Gregorio)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-usa-autos-sales-idUSKBN18S5B6'|'2017-06-01T21:42:00.000+03:00'
'da09a2d98def3fb4511f0b34a4e3c60f9980b74c'|'Big business sees the promise of clean energy'|'PITY America’s big businesses. For years their efforts to reduce their carbon footprint were dismissed by environmentalists as “greenwashing”. Now, after months trying to persuade a supposedly pro-business new president, Donald Trump, of the merits of staying in the Paris climate accord, he practically laughed in their faces by withdrawing on June 1st.Executives fear the exit will do no good to America’s—and by implication their—reputation. Not for nothing have more than 900 American firms and investors, including Amazon, Twitter, Target and Nike, put their names this week to a “We are still in” open letter to the UN. Its signatories pledge to help reduce the country’s carbon emissions by 26% by 2025, in keeping with America’s Paris pledge. That may be quixotic but is a rallying cry nonetheless.  3   3   5   8   Indeed, some American firms are taking climate change so seriously that they are surprising even former critics. Alongside energy-efficiency measures, the strongest evidence of their commitment is the number of new wind and solar projects that they are helping to build around the world. Companies are using power-purchase agreements (PPAs), in which they sign long-term contracts to buy clean electricity from firms that develop solar and wind farms at agreed prices, instead of buying the bulk of their power from utilities, which can rarely guarantee 100% clean energy to their customers.Utilities do sign clean-energy PPAs as well. But in 2015, more than half the country’s wind-energy PPAs went to big companies hoping to take advantage of a federal tax credit before it was due to expire. Big business has by now spurred the worldwide development of a cumulative 20 gigawatts (GW) of wind and solar farms (see chart on left). That is four GW more than the entire onshore and offshore wind capacity of Britain.Last year it was American IT firms such as Amazon and Google that led the way. They use clean energy to power their vast banks of servers (see chart on right). More recently, enthusiasm is extending beyond tech firms to energy-intensive industries, including manufacturers. It is also moving from corporate headquarters to subsidiaries and suppliers, and from developed countries to emerging markets, where the costs of wind and solar energy are falling fastest. Some environmentalists now see businesses as allies, rather than adversaries, in the fight against global warming, and believe they could become strong forces behind the worldwide spread of clean energy. “There used to be rhetoric and little action,” says Marty Spitzer, head of climate and renewable-energy policy in America for the World Wildlife Fund (WWF), a charity. “Now I see fundamental changes.”Take Anheuser-Busch InBev, for example. The world’s biggest brewer, with brands ranging from Budweiser to Stella Artois to Corona, has a fair share of millennials among its tipplers, and many take environmental issues seriously. Electricity—used as part of the brewing process, for refrigeration, and so on—amounts to up to a tenth of its costs, says Tony Milikin, the firm’s chief sustainability officer. In March it set out to increase the role of renewables in generating power from 7% to 100% by 2025; as much as 85% will come via PPAs. “My generation, as a baby-boomer, looks at clean air and energy as infinite commodities. The generation coming up looks at it totally differently,” he says.Iberdrola, one of the world’s greenest utilities (see article ), is building a 220-megawatt wind farm in a blustery part of Mexico to supply AB InBev’s largest brewery with clean electricity from 2019. That will add a hefty 5% to Mexico’s renewable-energy capacity. The brewer expects other PPAs to follow in Argentina, Brazil, India, South Africa—and possibly China. Mr Milikin says the firm will “heavily negotiate” with its suppliers, such as those producing its aluminium cans and bottles, to encourage them to do likewise.Other companies are even tougher. Walmart, the world’s largest retailer, in March said it would require its own operations and those along its supply chain to reduce carbon-dioxide emissions by 1bn tonnes (it calls this “Project Gigaton”) by 2030—the equivalent of taking 211m passenger cars off America’s roads for a year. The announcement was welcomed by charities such as the WWF, which are helping Walmart’s suppliers work towards the goal. Apple, maker of the iPhone, said in April that seven of its big global manufacturers have promised to power their Apple-related production with renewable energy by the end of next year. It is helping its suppliers improve energy efficiency, but also hopes to have brought 4GW of renewable power online by 2020, half of it in China.Some multinationals are clubbing together to do deals. For instance, AkzoNobel, DSM and Philips, a trio of Dutch firms, have teamed up with Google to buy electricity generated from a co-operative-owned wind park in the Netherlands.The buzz is spreading beyond the corporate stratosphere. Enel Green Power, one of the biggest sellers of PPAs, is close to developing wind energy in Morocco for local cement factories, steel firms and chemical companies, says Antonio Cammisecra, its boss. It will also build a clean-energy plant for a gold-mining project in South Africa. In Britain a startup, Squeaky Clean Energy, is hooking up small and medium-sized businesses with wind and solar farms in what it calls “peer-to-peer electricity”.Hervé Touati of the Rocky Mountain Institute (RMI), a clean-energy research outfit, believes the biggest incentive for businesses to do PPAs is to meet sustainability goals, which improve their public image and help attract customers, staff and investors. According to the WWF, almost two dozen of America’s biggest firms have committed to becoming 100% renewable in the near future. Consumer-staples firms make the greenest promises. Fossil-fuel producers are, predictably, the laggards.Economics is also a draw. In America the cost of procuring wind energy directly is almost as cheap as contracting to build a combined-cycle gas power plant, especially when subsidies are included, Mr Touati says. In developing countries, such as India and parts of Latin America and the Middle East, unsubsidised prices at solar and wind auctions have fallen to record lows.Yet there are also complications with PPAs, which explain why their growth has been more fickle of late. The most straightforward are for renewable plants on a company’s own property, because that saves the cost of grid-based transmission and distribution. But it is rare for a firm to have sufficient spare land in a suitably sunny or windy area.More complex, and most common, are remote or virtual PPAs, in which a company agrees to buy an amount of wind or solar energy from a distant developer, which feeds it into the grid. The company receives an equivalent amount of energy from a utility, which gets paid as a middleman. Such bespoke transactions can require a bevy of lawyers, which can put off smaller firms.The long-term nature of such PPAs is also a hindrance, because they lock in a price that can be costly if power prices do fall. Other options include buying renewable-energy certificates as evidence of clean-energy use, or entering into a green contract with a utility. These may not bring the same environmental kudos, however, because they might not lead to new wind and solar farms being built.On the bright side, says Simon Currie of Norton Rose Fulbright, a law firm, non-profits such as the WWF and RMI are promoting “buyers clubs” that help bring firms together and standardise PPA contracts. They also press for regulatory reform in places such as China and some parts of America, where incumbent utilities block PPAs because they fear being disintermediated.At a conference in Beijing on June 7th, the International Renewable Energy Agency, a global body, launched a survey of firms to find out how better to promote corporate PPAs in such places. At the same event, Google spoke of the regulatory hurdles it faces in expanding beyond the five countries where it has bought 2.6GW of PPAs since 2010. This month a pro-Republican alliance of big businesses will even press for carbon taxes and other clean-energy measures. With such powerful backing, the growth of renewable energy may one day win over even Mr Trump.  "We’ve got the power"'|'economist.com'|'http://www.economist.com/rss/business_rss.xml'|'http://www.economist.com/news/business/21723160-american-firms-can-offset-donald-trumps-pullout-paris-big-business-sees-promise?fsrc=rss%7Cbus'|'2017-06-10T08:00:00.000+03:00'
'c51760731af3ba98c3a828a12231134cef52fa5a'|'Bourses say big bang mergers sidelined by ''quiet'' hunt for content'|'LONDON The collapse of Deutsche Boerse and London Stock Exchange''s attempt to create a superbourse has left exchanges focusing on low key, incremental acquisitions, top bourse officials said on Tuesday.The third attempt to link up London and Frankfurt ended in March after it faced opposition from European Union competition regulators, and from German officials who opposed the head office being based in Britain.The collapse has left exchanges looking at smaller or "quiet advances" in mergers and acquisitions, such as in financial technology, data and other content, Deutsche Boerse Chief Executive Carsten Kengeter told an IDX derivatives conference.Kengeter said the political mood was becoming more national, going against the grain of global capital markets, and rival CME Group ( CME.O ) also suggested incremental rather than "big bang" moves.CME president Bryan Durkin said the Chicago based exchange would continue to build up its services to Europe from the United States after deciding to shut its London based clearing and trading platforms."Europe is quite big in terms of the opportunities is presents for us," Durkin said."Our focus is very much on building up the very solid footprint that we have established here and taking it to the next level on an international perspective."Jeff Sprecher, chairman and chief executive of the Atlanta-based Intercontinental Exchange ( ICE.N ) said it has been "quietly expanding" to become a "network and content" business.ICE, which also operates the New York Stock Exchange, said on June 1 it planned to buy the global research index platform from Bank of America Merrill Lynch."We have increasingly thought of our business as essentially a network business that needs to continually to grow with content that needs to be relevant," Sprecher said.ICE''s purchase came just days after the London Stock Exchange said it was buying Citibank''s ( C.N ) Yield Book fixed-income analytics services and its related indexing business for $685 million.(Reporting by Huw Jones, editing by Louise Heavens)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-markets-exchange-m-a-idUSKBN18X1PX'|'2017-06-06T18:32:00.000+03:00'
'c552826d40da1a343240154a55718a5c9c46f17d'|'Apple dips after report that future iPhone modems could lag rivals'|' 33pm BST Apple dips after report that future iPhone modems could lag rivals FILE PHOTO -- The audience assembles before the start of Apple''s annual developer conference in San Jose, California, U.S. June 5, 2017. REUTERS/Stephen Lam/File Photo Shares of Apple Inc ( AAPL.O ) fell more than 3 percent on Friday after Bloomberg News reported that iPhones launched later this year will use modem chips with slower download speeds than some rival smartphones. Apple is widely expected to upgrade its iPhone this year, which marks the device''s 10th anniversary, and suggestions that its technology will lag the performance of high-end smartphones running Alphabet Inc''s ( GOOGL.O ) Android system could hurt its sales. An Apple spokesman did not immediately respond to a request for comment. Apple supplier Qualcomm Inc ( QCOM.O ) sells modems capable of downloading data at cutting-edge 1 gigabit speeds, but rival chipmaker Intel Corp''s ( INTC.O ) modem technology does not yet have that capability, according to the Bloomberg report. Since Apple is traditionally reluctant to rely on just one supplier, it is using modems from both companies, but capping download speeds of the quicker Qualcomm modems so that all of the new iPhones perform the same, Bloomberg reported, citing unnamed sources. Shares of the Cupertino, California company have surged 29 percent so far in 2017, largely in anticipation of the iPhone upgrade. The stock on Friday declined 3.5 percent to $149.60. (Reporting by Noel Randewich; Editing by Bill Rigby)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-apple-stocks-idUKKBN1902OP'|'2017-06-10T02:08:00.000+03:00'
'a5a0b10b68e9a40e9df3f59aff19e46527cf922b'|'Swiss stocks - Factors to watch on June 9'|'ZURICH, June 9 The Swiss blue-chip SMI was seen opening 0.1 percent higher at 8,819 points on Friday, according to premarket indications by bank Julius Baer .Here are some of the main factors that may affect Swiss stocks:CREDIT SUISSE, UBSCredit Suisse is to cut roughly 1,500 jobs in London by the end of next year, according to a person familiar with the matter, part of the Swiss bank''s efforts to cut costs globally. The cutbacks come as UBS, the world''s largest private bank, also considers moving hundreds of staff out of London as Britain prepares to embark on divorce talks with the European Union.SYNGENTAThe pesticides and seeds group being bought by ChemChina , has agreed to sell its global sugar beet seeds business to Denmark''s DLF Seeds. Financial terms of the deal, which is expected to close by the end of the third quarter, were not disclosed.COMPANY STATEMENTS* Biotelemetry Inc says by end of main offer period, which expired on June 8, shareholders had tendered 82 percent of shares of Lifewatch AG* Aevis Victoria SA says it holds or is able to acquire 2,230,895 shares of Lifewatch, representing 12.07 percent of share capital* Novartis AG says presents data demonstrating efficacy of AMG 334 (erenumab) in migraine prevention at the American Headache Society annual meeting* Vifor Pharma AG says Kissei to market Avacopan in Japan for Vifor Fresenius Medical Care Renal PharmaECONOMY (Reporting by Zurich newsroom)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/markets-swiss-stocks-idUSL8N1J55CW'|'2017-06-09T13:28:00.000+03:00'
'1439592c8635b4e7028c762bc689b70ba3971c1a'|'Centrica sells Canadian gas assets for 240 million pounds'|' 48am BST Centrica sells Canadian gas assets for 240 million pounds Britain''s largest energy supplier, Centrica Plc, said it would sell its 60 percent stake in its Canadian oil and gas exploration and production joint venture to a consortium for about 240 million pounds. The sale, to Hong Kong-listed oil and gas producer MIE Holdings Corp, The Can-China Global Resource Fund and Swiss commodity trading firm Mercuria, is part of Centrica''s drive to focus its oil and gas exploration and production activity to Europe. Analysts at Jefferies, who rate Centrica as "underperform", said the price tag was in line with their estimate of 267 million pounds. The deal, subject to regulatory approvals, is expected to close in the second half of 2017. Centrica''s share of the proceeds will be used to reduce debt as it aims to lower its net debt to 2.5-3 billion pounds by the end of this year. (Reporting by Noor Zainab Hussain in Bengaluru; editing by Jason Neely)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-centrica-canada-idUKKBN1900O6'|'2017-06-09T14:48:00.000+03:00'
'51da4c968db05524844a7c89691b4e0bcf8ebdf6'|'Private equity groups up offer for Shawbrook bank'|'Business  51am BST Private equity groups up offer for Shawbrook bank The private equity groups behind a hostile bid for Shawbrook Group said on Monday they had increased their offer price for the British challenger bank by just over 3 percent. The offer of 340 pence a share values Shawbrook at about 868 million pounds, up from the previous 842 million pound bid Marlin Bidco, the buyout vehicle set up by BC Partners and Pollen Street Partners, said in a statement. The offer, which is a 27 percent premium to Shawbrook''s closing share price on March 2, when the lender first received a bid from the private equity firms, would now remain open until June 19. "After carefully considering market feedback we are pleased to be able to make an improved best and final offer, which we consider offers shareholders an attractive premium and compelling value" Lindsey McMurray of Pollen Street Capital and Cédric Dubourdieu of BC Partners said. The private equity groups already hold 38.8 percent of Shawbrook shares and have so far received acceptances from investors holding another 6.6 percent of the stock, leaving them just under 5 percent short of the required 50 percent backing needed for the deal to go through. (Reporting by Noor Zainab Hussain in Bengaluru; Editing by Rachel Armstrong)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-shawbrook-group-buyout-idUKKBN18W0NE'|'2017-06-05T14:44:00.000+03:00'
'4c3286d1e32622f1b622f7d3e640c3d231795e79'|'PRESS DIGEST - Wall Street Journal - June 5'|'Funds News - Mon Jun 5, 2017 - 12:36am EDT PRESS DIGEST - Wall Street Journal - June 5 June 5 The following are the top stories in the Wall Street Journal. Reuters has not verified these stories and does not vouch for their accuracy. - General Motors Co Chief Executive Mary Barra faces shareholders this week, under pressure from a hedge-fund investor and fresh scrutiny following the ouster of her counterpart at a crosstown rival. on.wsj.com/2qWyNzA - Three Persian Gulf countries - Saudi Arabia, Bahrain and UAE - cut off diplomatic ties with Qatar, accusing their neighbor of meddling in their internal affairs and backing terrorism. on.wsj.com/2qWsVGV - Toyota Motor Corp sold its stake in Tesla Inc some time last year, the company said, formally ending a partnership between the car makers. on.wsj.com/2qWxVuV - Germany''s third-largest shipping firm filed for insolvency after it was cut loose by one of the country''s biggest shipping lenders, a sign Germany''s long-simmering shipping crisis has reached a boiling point. on.wsj.com/2qWccmQ - Three influential House Republicans have proposed shaking up federal oversight of burgeoning commercial space activities by putting the Commerce Department squarely in charge of regulating such endeavors. on.wsj.com/2qWtpwz (Compiled by Bengaluru newsroom) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/press-digest-wsj-idUSL3N1J21YZ'|'2017-06-05T12:36:00.000+03:00'
'e90529abc95d0953ce2fd8c31ff7afd4ecebcf0d'|'Rosneft ready to expand crude output if OPEC agreement ends abruptly -FT'|'June 4 Russian oil company Rosneft served notice that it would step up production if the agreement among major crude producers to curb output comes to a sudden end, the Financial Times reported on Sunday.The company was closely monitoring output from U.S. shale producers, Rosneft''s chief executive, Igor Sechin, told the FT.“Well, if the question is how OPEC is going to exit from these arrangements abruptly, we will also be prepared. If something goes wrong, we will not let them occupy our markets. We’ll defend ourselves.” Sechin told the newspaper.Sechin viewed the agreement and its impact on the oil market as “positive”, the FT said.“This is what we do. We manage risks. We have to consider every trend, any trend that may affect our performance. We will be ready,”, he was Quote: d as saying.Last week, Sechin said OPEC oil producers could be wasting their efforts by cutting output as rising U.S. production threatens to deliver a wave of new supply and could add up to 1.5 million barrels a day to world oil output next year.The Organization of the Petroleum Exporting Countries, which accounts for around a third of global oil output, and 11 other producers led by Russia had agreed to cut oil production by 1.8 million barrels per day to prop up weak prices.Sechin had also questioned the efficiency of the production cuts that were extended last week until March 2018, saying that oil producers were losing market share to U.S. firms that are not part of the deal.(Reporting by Sangameswaran S in Bengaluru; Editing by Peter Cooney)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/rosneft-oil-oil-sechin-idINL3N1J10FS'|'2017-06-04T19:05:00.000+03:00'
'ec3eb82fb57485a3a464d1ba968971eb16b13786'|'RPT-CORRECTED-China''s HNA to tap M&A brake after $50 bln deal splurge'|'(Repeats to fix technical glitch)* HNA acquisition pace to slow this year* More than $50 billion in deals since 2015* Some group companies wrestling with pace of growth* Focus on key sectors, including financial services* Over 50 pct of revenue, 30 pct of assets outside ChinaBy Matthew MillerBEIJING, June 5 After two years of aggressive deal-making - from buying stakes in Deutsche Bank and Hilton Worldwide Holdings Inc to taking over electronics distributor Ingram Micro - Chinese conglomerate HNA Group intends to slow the pace, or at least the size, of its acquisitions overseas.A sprawling aviation-to-financial services group, HNA has emerged as China''s most active non-government player in global markets, with deals worth more than $50 billion - equal to the annual GDP of Bulgaria."This year, the merger and acquisition pace will slow a little for sure," Adam Tan, HNA Group CEO, told Reuters in a rare media interview.Political uncertainty in the United States and Europe - such as the upcoming negotiations on Britain''s departure from the European Union - and China''s broad crackdown on capital flight from the country, have changed the climate for HNA''s unbridled growth."It''s a bit more complicated than before," Tan said by phone.Tensions between China and the United States are the biggest risk, said Tan, who received an MBA from St. John''s University in New York and studied at Harvard Business School.His comments come amid increasing debate about the United States expanding its vetting process on foreign investment, and tensions over its trade deficit."This is a critical relationship," Tan said. "No good can come from fighting. We can disagree, we can talk, we can negotiate - that''s a family issue. We''re not enemies."For HNA, which has accumulated assets even as other Chinese companies find it more difficult to acquire overseas, any pivot in strategy may bring the group more into line with government policy aimed at reducing the amount of money leaving China. It would also give it more opportunity to digest and rationalize the assets it has bought using often complex bank borrowing and debt arrangements.Tan spoke to Reuters at a time when HNA''s financing and ownership structure has come under intense scrutiny.In three years, the group has more than quadrupled its assets, to 1.2 trillion yuan ($176.12 billion) at the end of last year from 266 billion yuan at the end of 2013."The scope of their ambition, the speed of these acquisitions, the enormity of the credit resources at their disposal has put HNA in a different league, where the normal rules of business don''t seem to apply," said William Kirby, a professor at Harvard Business School who has authored a case study on the group.WET MARKETFuelling HNA''s expansion has been the ambition of its founding Chairman Chen Feng, at the cost of rising debt.The group had around $89 billion in credit lines from domestic banks at the end of May. Separately, the group and its subsidiaries have issued more than $10 billion in outstanding onshore and offshore debt.Chen, a former aviation official, told Reuters in 2015 that the global financial crisis had left many assets undervalued, and the way to growth was through deals. It was, he said then, like the wet market: "You see so many fresh vegetables, you eat here, pick this and that."HNA''s top backers include China Development Bank, whose Hainan office in 2012 provided the group with a 100 billion-yuan line of credit, along with other Chinese state-owned lenders.After two significant HNA acquisitions closed in the first quarter of this year, however, some group companies are wrestling with the pace of growth.At Bohai Capital, a subsidiary responsible for HNA''s leasing assets, loans and bonds outstanding at end-March totalled 232.62 billion yuan - more than 600 percent of net assets.HNA says it currently has debts totalling 710 billion yuan.Launched in 1993 as a fledgling airline in partnership with the Hainan provincial government, HNA today comprises a tangled cross-shareholding web of more than 400 companies, including over a dozen listed on the stock market.The group remains heavily tied to aviation, holding a key stake in Hainan Airlines, China''s fourth-biggest carrier, and helps operate another 18 airlines, including U.S. business aviation firm Deer Jet and Paris-based Aigle Azur. It also owns a substantial airports and airport servicing business, and Avolon, another subsidiary, is one of the world''s leading aircraft leasing companies, with a fleet of 850 planes.SLOWING, NOT STOPPINGHNA won''t, though, stop making offshore acquisitions entirely. International assets are better priced, compared to Chinese domestic assets, and low-cost capital is still available, Tan said.He refuted any notion that HNA''s deal-making flurry exposed an absence of strategic focus. HNA, he said, is scouting for "undervalued assets".So far this year, it has announced equity and asset acquisitions of more than $12 billion, indicating it will remain active in key sectors, including financial services.Earning over half its revenues with more than 30 percent of its assets offshore, HNA is big enough to undertake transactions outside China utilizing offshore structures, Tan said.It has utilised increasingly complicated leveraged finance and foreign currency credit facilities, raising over $17 billion in loans over the last four years to complete global deals, according to Thomson LPC data."Our own cash flow, our own standalone credibility outside China is big enough to support this merger and acquisition (activity)," said Tan, who noted HNA''s debt-to-asset ratio dipped to below 60 percent at the end of December. A year earlier, it was around 75 percent. ($1 = 6.8135 Chinese yuan renminbi)(Reporting by Matthew Miller, with additional reporting by Umesh Desai in Hong Kong; Editing by Clara Ferreira-Marques and Ian Geoghegan)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/hna-group-strategy-idINL3N1J2175'|'2017-06-04T23:26:00.000+03:00'
'47bacd1e1015472f9572087ac9f92c31c42af395'|'Brazil watchdog says analysis of JBS insider trading case ''a priority'''|'Market News - Mon Jun 5, 2017 - 9:50am EDT Brazil watchdog says analysis of JBS insider trading case ''a priority'' SAO PAULO, June 5 The president of Brazil''s securities industry watchdog vowed on Monday to quickly analyze allegations that JBS SA breached capital markets rules ahead of a May plea deal, with punishment on executives of the meatpacker upon a final ruling on the matter. CVM President Leonardo Pereira said other cases, like those against state-controlled Petróleo Brasileiro SA, may be ruled this year. In May, the CVM launched several probes against JBS''s controlling Batista family, including one over possible insider trading dealings and another over disclosures about the vehicles through which the Batistas oversee their holdings in JBS. (Reporting by Aluísio Alves; Writing by Guillermo Parra-Bernal; Editing by Chizu Nomiyama)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brazil-corruption-cvm-idUSL1N1J20HL'|'2017-06-05T17:50:00.000+03:00'
'b5c47f9a893a448a26450c56ae41f8fe0bc4de26'|'China services sector expands at fastest pace in four months in May - Caixin PMI'|'By Yawen Chen and Ryan Woo - BEIJING BEIJING Activity in China''s services sector expanded at the fastest pace in fourth months in May thanks to a surge in new orders, a private business survey showed, helping to offset worries about unexpected weakness in manufacturing.The Caixin/Markit services purchasing managers'' index (PMI) rose to 52.8 in May from April''s 51.5, breaking a four-month decline and marking the highest reading since January. There was no breakdown by business segment in the survey.The findings are in sync with an official survey last week which also pointed to accelerated growth and stronger demand in services. The sector accounts for more than half of China''s gross domestic product.The new orders sub-index rose to 53.5 in May from April''s 53.0, signalling the strongest customer demand since December.The 12-month business outlook among the mostly small and medium-sized services providers in the survey also rose from a five-month low in April.That bodes well for a government that is counting on services, particularly high value-added services in finance and technology, to lessen the economy''s traditional reliance on heavy industry and investment.A similar Caixin survey last week showed the manufacturing sector unexpectedly contracted in May as demand ebbed and shrinking factory prices dented profits.That contrasted with slow but steady growth shown in official data, but the weaker-than-expected private survey underlined investors'' nervousness about the outlook for the rest of the year. Most China watchers are expecting the economy to cool in coming months after a strong first quarter, but believe the loss of momentum will be gradual."The improvement in the services sector bolstered the Chinese economy in May," said Zhengsheng Zhong, director of macroeconomic analysis at CEBM Group in an accompanying note to the data."However, the rapid deterioration in the manufacturing industry is worrying."Caixin''s composite manufacturing and services PMI, also released on Monday, rose to 51.5 in May from 51.2 in March.Despite stronger increases in activity and new work, however, services company raised their staffing levels only slightly in May, with the rate of job creation falling to its lowest in nine months.China''s small and medium-sized companies employ about 80 percent of the country''s working population.Profit margins also remained under pressure, with services companies only able to pass on a marginal portion of their rising input costs to consumers.A flurry of official measures targeting financial deleveraging is expected to further squeeze financing costs and erode profits in the coming months.Most economists expect China''s quarterly economic growth to slow in the coming months from 6.9 percent in January-March. The government has set a GDP growth target of around 6.5 percent for this year.(Reporting by Yawen Chen and Ryan Woo; Editing by Kim Coghill)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/china-economy-pmi-services-caixin-idINKBN18W0JD'|'2017-06-05T13:59:00.000+03:00'
'381d297fde230abcdc8f82f9c22cf18a924cf72c'|'Mudslides and floods cause devastation in Sri Lanka – in pictures - Global Development Professionals Network - The Guardian'|'Mudslides and floods cause devastation in Sri Lanka – in pictures   View more sharing options   Close Last Friday heavy rain caused floods and landslides that killed more than 200 people and displaced 600,000 from their homes in Sri LankaAnna Leach @avleachy Sunday 4 June 2017 08.00 BST Ratnapura district in Sri Lanka is prone to annual floods, but this year’s were much worse than usual. “Within 20 minutes the flood levels came up,” said Kalana Peiris, national health adviser for Plan International. “People had to rush to leave their homes. They put all their belongings on the upper floors of their houses. But unexpectedly those floors were also submerged with water, so they lost everything. Birth certificates and school textbooks. It was very sad.” Photograph: Rukmal Gamage/APFacebook Twitter Pinterest People were affected by two natural disasters – floods and landslides. On Kiribathgala Hill, eight houses with their 18 inhabitants were submerged by mud. Soldiers recovered more than a dozen dead bodies here. Temporary shelters in schools and Buddhist temples, which tend to be built on higher ground, are housing the people whose homes have been damaged or destroyed. Photograph: Eranga Jayawardena/APFacebook Twitter Pinterest It may take months for the homes impacted by the landslides to be habitable again. “Still people are not that well prepared for disasters like this,” said Peiris. “Although there are many efforts to make preparations. People seem to be waiting until the last moment. Many of these deaths and injuries could have been prevented if we had reacted promptly.” Photograph: Eranga Jayawardena/APFacebook Twitter Pinterest “The [survivors] have all the food and water that they needed but there are gaps for non-food items,” says Peiris. “Especially for women and girls – needs like sanitation.” Photograph: Eranga Jayawardena/APFacebook Twitter Pinterest Around 2,000 homes have been damaged or destroyed in Ratnapura district and there are around 10,000 in 15 other districts that were affected. Photograph: Eranga Jayawardena/APFacebook Twitter Pinterest “Overall the local response was very good,” said Peiris. “All the deaths and injuries were because of the direct impact of the flood or the landslide. When they got to shelters their survival was ensured, by the neighbours and the media who coordinated a good effort. It was inspiring to see how the media behaved during the disaster. They were one of the quickest to respond and they coordinated very well with the government disaster management centre.” Photograph: APFacebook Twitter Pinterest “Many people were of the view that the complacency cost them their valuables,” said Peiris. “They assumed that the floods were not going to be serious. The government warnings should take into account that people may not perceive the threat and should take measures to ensure people follow the instructions.” On 31 May, the Sri Lankan government pledged to tighten construction laws as the toll from heavy rains rose to 203, saying many landslide victims would have survived had their homes not been built on slopes. Photograph: Ishara S Kodikara/AFP/Getty ImagesFacebook Twitter Pinterest Topics Global development professionals network'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/global-development-professionals-network/gallery/2017/jun/04/sri-lanka-worst-floods-mudslides-since-2003-in-pictures'|'2017-06-04T16:00:00.000+03:00'
'73ac636b8dab17126152fa1321c93122292fdc51'|'Qatar central bank asks banks for daily information on FX trade, withdrawals - sources'|'Business News - Thu Jun 8, 2017 - 8:44am BST Qatar central bank asks banks for daily information on FX trade, withdrawals - sources Cars drive past the building of Qatar Central Bank in Doha, Qatar, June 6, 2017. REUTERS/Naseem Zeitoon DUBAI Qatar''s central bank has asked commercial banks to provide it with detailed, frequent information on their foreign exchange trading, deposit withdrawals and money transfers, banking sources told Reuters on Thursday. They were speaking after the Qatari riyal fell to an 11-year low against the U.S. dollar in the spot market on Wednesday amid signs that some foreign portfolio investment funds were pulling money out of Qatar, because of its diplomatic rift with other Gulf states. The sources said banks were asked to provide information on their foreign exchange trading every day, a daily statement of withdrawals and transfers from deposits worth at least 10 million Saudi riyals (2.08 million pounds), and daily information on cash withdrawals and deposits, the sources said. Previously, banks were generally required to provide such information monthly, they said. The Qatari central bank also asked banks to supply on a weekly basis a breakdown of their customer deposits by maturity and type from Gulf Cooperation Council countries, Egypt and other countries, the sources said. There was no immediate comment from the central bank. (Reporting by Hadeel Al Sayegh and Tom Arnold; Writing by Andrew Torchia)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-gulf-qatar-cenbank-reporting-idUKKBN18Z0UG'|'2017-06-08T15:44:00.000+03:00'
'1d6fc8d571d5e31228af735b56ecaef80fd810d9'|'Banco do Brasil CEO says disbursements unfazed despite turmoil'|'Market  11pm EDT Banco do Brasil CEO says disbursements unfazed despite turmoil SAO PAULO, June 8 Loan disbursements at Banco do Brasil SA remain unfazed despite heightening political and economic turmoil in recent weeks, an indication that Brazil''s No. 2 lender will keep originating new credit in coming months, Chief Executive Officer Paulo Rogerio Caffarelli said on Thursday. Caffarelli, who spoke at the sidelines of a banking industry event in São Paulo, said Banco do Brasil will keep implementing his strategy of ramping up disbursements of consumer and corporate loans through the second half of this year, as demand for credit shows recovery signs. (Reporting by Aluísio Alves; Writing by Guillermo Parra-Bernal; Editing by Bernard Orr) UPDATE 2-Sterling edges down as investors eye UK election result LONDON, June 8 Sterling slipped against the dollar on Thursday while market bets on how volatile the currency will be over the next 24 hours touched their highest in a year, as Britain voted in a national election that some polls have suggested is too close to call. U.S. derivatives regulator concerned about swaps clearing worldwide post-Brexit WASHINGTON, June 8 The acting chair of the U.S. derivatives regulator said on Thursday he is concerned about how swaps will be cleared after "Brexit" is complete because of the possibility of the European Union deciding to prohibit off-shore clearing of swaps denominated in euros could hurt global financial markets. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/banco-do-brasil-outlook-loans-idUSE6N1D201F'|'2017-06-09T00:11:00.000+03:00'
'c667d7cbd7efdfcf2ceb0de56037114ed358a58b'|'ECB to keep taps open as economic outlook uncertain'|'  5:18pm BST ECB closes door on rate cuts but warns of weak inflation left right European Central Bank President Mario Draghi arrives to the news conference following the Governing Council meeting in Tallinn, Estonia, June 8, 2017. REUTERS/Ints Kalnins 1/9 left right European Central Bank President Mario Draghi speaks during a news conference following the Governing Council meeting in Tallinn, Estonia, June 8, 2017. REUTERS/Ints Kalnins 2/9 left right European Central Bank Vice-President Vitor Constancio, Estonian bank governor Ardo Hansson and European Central Bank President Mario Draghi attend news conference following the Governing Council meeting in Tallinn, Estonia, June 8, 2017. REUTERS/Ints Kalnins 3/9 left right European Central Bank Vice-President Vitor Constancio, Estonian bank governor Ardo Hansson and European Central Bank President Mario Draghi arrive to the news conference following the Governing Council meeting in Tallinn, Estonia, June 8, 2017. REUTERS/Ints Kalnins 4/9 left right European Central Bank President Mario Draghi listens during a news conference following the Governing Council meeting in Tallinn, Estonia, June 8, 2017. REUTERS/Ints Kalnins 5/9 left right European Central Bank Vice-President Vitor Constancio listens during a news conference following the Governing Council meeting in Tallinn, Estonia, June 8, 2017. REUTERS/Ints Kalnins 6/9 left right Estonian bank governor Ardo Hansson listens during a news conference following the Governing Council meeting in Tallinn, Estonia, June 8, 2017. REUTERS/Ints Kalnins 7/9 left right European Central Bank (ECB) President Mario Draghi delivers his speech during an event at Bank of Spain headquarters in Madrid, Spain May 24, 2017. REUTERS/Juan Medina 8/9 left right FILE PHOTO: Flags in front of the European Central Bank (ECB) before a news conference at the ECB headquarters in Frankfurt, Germany, April 27, 2017. REUTERS/Kai Pfaffenbach/File Photo 9/9 By David Mardiste and Balazs Koranyi - TALLINN TALLINN The European Central Bank closed the door on more interest rate cuts on Thursday, judging the euro zone economy to be rebounding, but said inflation looks to remain weak for years so it still needs to pump out the cash. The currency bloc has been on its best economic run since the global financial crisis nearly a decade with millions of jobs created since the ECB''s stimulus effort started. But inflation is barely moving upwards and growth may be plateauing, putting the ECB into a difficult spot. Acknowledging improved prospects, the ECB dropped a pledge to cut rates if necessary and gave up a long-standing reference to risks to the economy, declaring the outlook "balanced". Yet rate setters did not even discuss winding down the ECB''s 2.3 trillion euro (£2 trillion) asset purchase scheme, kept rates below zero, and pledged very substantial accommodation. The ECB also cut most of its inflation projections, even as it predicted better growth, suggesting that it has been overestimating the impact of rapid job creation on wages and ultimately prices. "We consider that risks to the growth outlook are now broadly balanced," ECB President Mario Draghi told a news conference in the Estonian capital of Tallinn. He said the bank removed the language about potentially lowering interest rates because ultra-low inflation risks have gone. "(But) if these risks were to reappear, we would certainly be ready to lower rates," he said. With Thursday''s decision, the ECB''s deposit rate, its key policy tool, remains at -0.4 percent. Its monthly asset purchases will continue to total 60 billion euros a month and to run until at least December. The euro EUR= hit a one-week low of $1.11995, down around 0.4 percent on the day, as Draghi spoke. SEPTEMBER? Playing down the significance of its new guidance and the forecast cuts, Draghi said the general path of inflation has not changed and rate cuts are not impossible, giving his message a dovish tilt. "Nothing substantial has happened to inflation except the price of oil and the price of food ... underlying inflation has remained the same year to year," he noted. The next major test will come in September, when the bank will probably decide whether to continue bond buys beyond this year or start to wind them down, known as tapering. "There is a growing risk that tapering is slower and takes longer than the market currently expects," Cosimo Marasciulo, a bond manager at Pioneer Investments said. The ECB said it now saw inflation this year at just 1.5 percent, down from a previous forecast of 1.7 percent and still short of its target of close to 2 percent. That would barely rise to 1.6 percent in 2019, down from an earlier estimate of 1.7 percent and further away from its official target of at or close to two percent. Economic growth this year was seen at 1.9 percent versus an earlier 1.8 percent forecast. That came after the EU statistics agency Eurostat earlier revised up its estimate of first quarter growth to its fastest rate in two years, saying the economy of the 19-country euro zone expanded by 0.6 percent quarter-on-quarter and by 1.9 percent year-on-year. The ECB''s nuanced stance was also motivated by the big debts overhanging governments and companies, the piles of unpaid loans weighing on banks in countries like Italy and Portugal, and political uncertainty ahead of elections in Germany and Italy. Any announcement on its quantitative easing (QE) programme is seen not coming until the autumn, when policymakers hope the economic picture will have become clearer. German politicians in particular have called for an earlier end to QE, saying it is eroding the assets of savers and discourages other eurozone countries from pursuing reforms to make their economies more efficient. However Draghi there were no visible divisions at the Governing Council''s meeting. "I didn''t hear any dissenting voice ... with respect to the proposals," he said. (Additional reporting by Michael Nienaber; Writing by Mark John and Balazs Koranyi; Editing by Jeremy Gaunt)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-ecb-policy-idUKKBN18Y39V'|'2017-06-08T07:14:00.000+03:00'
'd88b1d6d48166f40367487beec4d030eddbb043b'|'Euro zone growth revised up to highest rate in a year in first quarter'|'Business News - Thu Jun 8, 2017 - 10:18am BST Euro zone growth revised up to highest rate in a year in first quarter FILE PHOTO: Workers are seen in silhouette as they construct scaffolding in the port of Cannes, France, April 4, 2016. REUTERS/Eric Gaillard/File Photo BRUSSELS The euro zone economy grew by more than previously estimated in the first quarter and at its fastest rate in a year, EU statistics agency Eurostat said on Thursday, ahead of a European Central Bank meeting likely to keep policy unchanged. Eurostat said the 19-country euro zone expanded by 0.6 percent quarter-on-quarter and by 1.9 percent year-on-year. That compared with earlier estimates of 0.5 and 1.7 percent respectively. On an annualized basis, the euro zone economy was expanding at a rate of 2.3 percent in the Jan-March period, far outstripping the 1.2 percent rate of the United States. Solid economy growth but subdued inflation has left the ECB in a quandary. ECB President Mario Draghi is yet to be convinced that a recent rebound of inflation is durable because wage growth remains sluggish. The ECB is widely expected to keep policy unchanged on Thursday, including its 2.3 trillion euro ($2.6 trillion) bond-buying program and sub-zero interest rates, despite resistance from cash-rich Germany. However, the robust growth could lead the ECB to remove a reference to "downside risks" in its statement. Eurostat said household consumption contributed 0.2 percentage points and gross fixed capital formation 0.3 points and government consumption 0.1 points to the first-quarter growth figure. The contributions of external trade and inventories was neutral. (Reporting By Philip Blenkinsop)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-eurozone-economy-gdp-idUKKBN18Z13N'|'2017-06-08T17:02:00.000+03:00'
'3044312ee69e319181bfc1f40adf30d47f428ba4'|'Kinnevik sells out of Rocket Internet for 20 euros per share'|'Deals - Europe - Thu Jun 8, 2017 - 5:44pm IST Kinnevik sells out of Germany''s Rocket Internet FILE PHOTO: A woman walks past a banner at the shareholder meeting of Rocket Internet, a German venture capital group in Berlin, Germany, June 23, 2015. REUTERS/Fabrizio Bensch/File Photo By Emma Thomasson and Olof Swahnberg - BERLIN/STOCKHOLM BERLIN/STOCKHOLM Swedish investor Kinnevik has sold its remaining stake in German ecommerce company Rocket Internet for more than 200 million euros, capitalizing on a recent rally in the stock fueled by plans to list two of its start-ups. Founded in 2007, Rocket has helped create a buzzing tech scene in Berlin by launching dozens of businesses from fashion e-commerce to food delivery, but has seen its stock halve since it listed in 2014 as valuations fell for its loss-making start-ups and plans for flotations stalled. Rocket shares were down 2.5 percent at 20.45 euros by 1020 GMT, albeit a far less dramatic fall than when Kinnevik sold half of its 13 percent stake in February and committed to a 90-day lock up for the rest, which it sold on Thursday. "It is rather positive for Rocket as the share overhang is now eliminated and the rumors about an alleged dispute between the two should not burden the share price anymore," said Warburg analyst Lucas Boventer, who rates Rocket a "Buy". Kinnevik said proceeds from the placement of around 10.9 million shares at 20 euros each to institutional investors would amount to 217 million euros ($244 million), bringing aggregate proceeds from the entire shareholding to 426 million. Rocket shares have rallied in recent weeks on hopes that online food takeaway firm Delivery Hero and meal kit company HelloFresh could float soon, as well as news that Emaar Malls has bought into its Middle East fashion site. However, Neil Campling, head of global TMT research at Northern Trust Capital Markets, said Kinnevik''s timing was surprising given that Delivery Hero had just confirmed a plan to list. He warned that the increased free float could encourage more short sellers. "We find the timing of all this somewhat odd. But then the relationship between Kinnevik and Rocket does appear to have become increasingly strained," Campling said. CO-INVESTORS AND COMPETITORS Last year, Kinnevik forced Rocket to slash valuations for two of the ecommerce sites they jointly hold - Global Fashion Group and Home 24 - as part of new funding rounds, although both sides have denied reports of conflict. Rocket Internet and Kinnevik executives say the parting of the ways is due to the fact the two have increasingly become competitors as Rocket has shifted focus from only launching its own businesses to investing in start-ups founded by others. "Rocket has become more like Kinnevik, which invests in similar companies," Kinnevik spokeswoman Torun Litzen said on Thursday, adding that the timing was good for the sale and the move is in line with Kinnevik''s strategy to trim its holdings. Rocket finance chief Peter Kimpel said the relationship with Kinnevik remained close as they are still co-investors in companies such as Global Fashion Group. He added that the increase in the free float is positive for Rocket''s possible inclusion in the German mid-cap index. Kinnevik was one of Rocket''s first investors and, until the sale, was its biggest shareholder after the Samwer brothers who founded it. Rocket''s next biggest shareholders are United Internet and British investor Baillie Gifford. (This story was refiled to correct title of analyst firm in paragraph 7) (Additional reporting by Helena Soderpalm and Alasdair Pal; Editing by Keith Weir)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-kinnevik-rocket-internet-idINKBN18Z0P4'|'2017-06-08T04:59:00.000+03:00'
'2cf0e99af70709713340c374d5316fec25faa741'|'Brazil court clears Invepar stake sale to Mubadala -sources'|'SAO PAULO, June 10 A Brazilian court ruling clearing the sale of a minority stake that creditors of OAS SA have in a local infrastructure company have boosted chances of striking a deal with bidder Mubadala Development Co PJSC , two people with knowledge of the situation said on Saturday.The Superior Justice Tribunal, Brazil''s top appeals court, rejected on Friday claims by some OAS creditors that the sale of a 24.4 percent stake in Invepar SA be stopped. The decision allowed creditors to convene an assembly on June 22 to decide how to take ownership of the stake, the sources said.According to the sources, who requested anonymity to discuss the deal, the court''s decision will speed up talks between the creditors and Mubadala.Under preliminary terms of the deal, Mubadala proposed to inject fresh capital into Invepar to kick-start projects and cut debt, sources with direct knowledge of the matter told Reuters in February.A sale, which could be announced at some point during the third quarter, would trigger a reworking of the shareholder accord between OAS and the three Brazilian pension funds that own a combined 75.6 percent of Invepar, the sources said.The Reuters report in February said Mubadala would pump fresh capital into Invepar to rework that accord, diluting the stakes that Previ Caixa de Previdência do Banco do Brasil SA , Petros Fundação Petrobras SA and Funcef Fundação have in Invepar.OAS declined to comment. Efforts to reach a Mubadala spokesman in Abu Dhabi after working hours were unsuccessful. Some of the OAS creditors that won the right to the Invepar stake declined to comment.Formally known as Investimentos & Participacoes em Infraestrutura SA, Invepar operates toll road, airport and urban mobility licenses, including São Paulo''s GRU international airport and the MetrôRio and VLT Carioca urban transport projects in Rio de Janeiro.A new partner would help Invepar cut debt and jumpstart investments that snagged amid Brazil''s harshest recession ever, surging borrowing costs and the involvement of OAS in the nation''s worst corruption scandal.The creditor group wants to sell the stake for a value "north of" 2.2 billion reais ($668 million), the sources said. The creditors took control of the stake in exchange for their redemption of 1.25 billion reais worth of OAS debt.($1 = 3.2959 reais) (Reporting by Guillermo Parra-Bernal; Editing by Marguerita Choy)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/invepar-ma-mubadala-idINL1N1J709X'|'2017-06-10T12:30:00.000+03:00'
'7a5e7d3112c305c060bdd34fff2e1ff195d284ca'|'Ratings firms eye fallout from shock UK election'|'Top   5:22pm BST Ratings firms eye fallout from shock UK election Workers in protective equipment are reflected in the window of a betting shop with a display inviting customers to place bets on tbe result of the general election with images of Britain''s Prime Minister Theresa May and opposition Labour Party leader Jeremy Corbyn, in... REUTERS/Marko Djurica By Marc Jones and John Geddie - LONDON LONDON The agencies responsible for Britain''s credit rating said on Friday that inconclusive national elections could impact Brexit negotiations, lead to another snap poll and change the future path of economic policy. Voters dealt Prime Minister Theresa May a devastating blow in a ballot she had called to strengthen her hand in Brexit talks, wiping out her parliamentary majority and throwing the country into political turmoil. May was attempting to form a working relationship with unionists from Northern Ireland to stay in power. The three biggest firms - Fitch, Moody''s and S&P Global - all have a negative outlook on their respective ratings for Britain. Ratings influence at what cost a government can borrow money in financial markets. While no agency changed their rating on Friday, they all issued statements warning of the risks the new political questions pose on Britain, the world''s fifth biggest economy. "The UK general election result creates uncertainty over the policy platform, political cohesion and longevity of the next UK government," Fitch said in a statement. "This will have implications for Brexit and potentially fiscal policy." Fitch added that the hung parliament increased the range of possible outcomes to British talks on leaving the European Union - including a disorderly exit and potentially a "softer" deal. S&P Global said the election won''t immediately affect the country''s credit ratings but warned it could create further uncertainty by potentially delaying Brexit negotiations. "In our view, the lack of a majority for any party is likely to delay Brexit negotiations, scheduled to start very soon," S&P Global said in an emailed statement. "Furthermore, we do not exclude the possibility of another snap election. These considerations are reflected in our current negative outlook on the long-term ratings." S&P Global and Fitch downgraded the sovereign to AA immediately after a vote last June by the country to leave the European Union. FISCAL PLANS The opposition Labour party ate into the ruling Conservative''s majority in Thursday''s vote by campaigning left-wing on an anti-austerity, pro-social spending platform. Analysts say this may encourage the government to relax its grip on spending, especially as there is a lack of momentum in the economy. But that could be a worrying sign for ratings firms. Moody''s said that the UK''s rating would depend upon the outcome of Brexit and fiscal developments given the country''s budget deficit and rising public debt. It said it was "monitoring the UK''s process of forming a new government and will assess the credit implications in due course". Moody''s ranks the UK one notch above the other two agencies at Aa1, a rating it has held since February 2013. Fitch also added that the loss of 21 seats by the Scottish National Party reduced the possibility of a second Scottish independence referendum. (Reporting by Marc Jones and John Geddie; Editing by Jeremy Gaunt)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-election-ratings-s-p-idUKKBN1901JH'|'2017-06-09T19:57:00.000+03:00'
'd5a29d8bc7c0ab01baf63194668ed136b3a84918'|'Danish government seeks income tax cuts to counter overheating - Finance Minister'|'  2:58pm BST Danish government seeks income tax cuts to counter overheating - Finance Minister COPENHAGEN Denmark should cut taxes to encourage people to work more, which would increase the supply of labour and help prevent the economy from overheating in 2018, Finance Minister Kristian Jensen said on Friday. "We can already now see increasing problems for the enterprises to hire the right people and to cope with the increasing demand for their products," Jensen said at a meeting with the Danish parliament''s finance committee. "This will intensify with bottlenecks for skilled workers. I see a risk for overheating of the economy in the course of 2018, unless we do something about it," he added. After the summer break the government will put forward a plan to cut income tax, which should take effect already from 2018, and to lower taxation on pension savings. The aim is to make Danes work more hours and also postpone retirement, Jensen said. The centre-right government only holds 53 seats in parliament and has to negotiate with other parties, most often populist ally the Danish People''s Party, to secure the 90 votes necessary to pass new laws. (Reporting by Erik Matzen, editing by Teis Jensen and Terje Solsvik)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-denmark-tax-idUKKBN190222'|'2017-06-09T21:58:00.000+03:00'
'989b3c574ca2a5129dc214b53dcadfaf1bea43b1'|'Syncrude Canada makes further cuts to June production forecast: sources'|'CALGARY, Alberta, June 8 Syncrude Canada has cut June production forecasts by around 3.5 percent, two trading sources said on Thursday, further reducing output at the northern Alberta oil sands plant which was already running at lower rates due to maintenance.One of the sources said June production is now expected to be 5.8 million barrels in total, roughly half what the mining and upgrading project can produce when running at full capacity. (Reporting by Catherine Ngai and Nia Williams, editing by G Crosse)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/canada-syncrude-output-idUSL1N1J52E1'|'2017-06-09T06:28:00.000+03:00'
'087ab1d697e2411851bf4b5deac7ab14f3270152'|'UPDATE 1-Brazil gets more leverage for bank leniency deals -Meirelles'|'(Adds comments from presidential aides, bank shares'' performance)By Marcela Ayres and Lisandra ParaguassuBRASILIA, June 8 A Brazilian presidential decree raising fines on banks and other companies involved in illicit acts aims to empower the country''s central bank and the securities industry watchdog to boost transparency, Finance Minister Henrique Meirelles said on Thursday.Speaking in Paris, Meirelles said the decree, which raises fines for banks to as much as 2 billion reais ($610 million) from 250,000 reais, had been under study for some time.The decree announced this week also would allow the central bank to strike plea-bargain agreements with financial firms that admit breaching the law in exchange for softer fines or more lenient prison terms for their executives.Two presidential aides, who requested anonymity to speak freely, said the government sped up preparation of the decree because of the risk of new disclosures snaring Brazilian banks in a vast corruption scandal.An index of financial-sector companies on the Sao Paulo stock exchange fell nearly 1 percent on Thursday.The central bank is Brazil''s banking and financial industry regulator. A securities industry watchdog known as the CVM oversees the functioning of capital markets. Congress has six months to vote on turning President Michel Temer''s decree into permanent law."This certainly gives more power to the central bank and the CVM to implement their measures," Meirelles said in comments released by the Finance Ministry, without elaborating on the size and scope of the new framework.The minister''s remarks reflected how senior officials see a series of corruption investigations into cozy ties between politicians and business leaders are evolving so quickly that they require rapid action to fine-tune legislation.The central bank said in a statement on Thursday that the value of fines in eventual leniency agreements would depend on the gravity of the infractions committed, as well as the size and the financial capacity of a financial institution to bear with such a penalty. The decree is not retroactive, it said.The decree came as Congress launched an investigation into the stock and currency trades of Brazilian meatpacker JBS SA as news broke of a plea-bargain testimony from its controlling shareholders.Meatpacking is the latest sector of the economy to be hit by a three-year corruption investigation in Brazil, which contributed to the impeachment of former President Dilma Rousseff last year and now threatens Temer, her successor.($1 = 3.28 reais) (Reporting by Marcela Ayres; Writing by Alonso Soto; Editing by Frances Kerry and Bill Trott)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/brazil-corruption-banks-idINL1N1J52J2'|'2017-06-08T22:47:00.000+03:00'
'5067622ba386fcca6be4cda16c4c3e34de3c099e'|'UPDATE 1-Syncrude Canada makes further cuts to June output forecast: sources'|'CALGARY, Alberta/NEW YORK Canadian synthetic crude differentials strengthened on Thursday, as market sources said June production forecasts at the Syncrude oil sands project in northern Alberta were trimmed yet again.Light synthetic crude from the oil sands for July delivery last traded at 30 cents per barrel over the West Texas Intermediate benchmark, according to Shorcan Energy brokers. That compared with a settlement price of 5 cents per barrel below the benchmark on Wednesday.The 350,000 barrel per day Syncrude project has been operating at reduced rates since a fire in March damaged the facility. Syncrude brought forward planned maintenance that is expected to be completed by the end of June.Two trading sources said Syncrude cut its most recent June production forecasts by around 3.5 percent on Thursday.One of the sources said that took the month''s production forecast down to 5.8 million barrels in total, around half the plant''s full capacity of 11 million barrels a month.A spokesman for Syncrude, which is majority-owned by Suncor Energy, did not immediately respond to a request for comment.Western Canada Select heavy blend crude for July delivery last traded at $10.45 per barrel below WTI, unchanged from Wednesday''s settle.(Reporting by Catherine Ngai and Nia Williams, editing by G Crosse)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-canada-syncrude-output-idUSKBN18Z30J'|'2017-06-09T06:38:00.000+03:00'
'bdaee844b1b0ba9dbe8df07f8970db277a454d71'|'L''Oreal enters talks with Natura over selling Body Shop'|' 53am BST L''Oreal enters talks with Natura over selling Body Shop FILE PHOTO: L''Oreal products are seen in a store at Fiumicino airport in Rome, Italy, April 11, 2016. REUTERS/Max Rossi/File Photo PARIS French cosmetics and luxury goods group L''Oreal has started talks with Brazilian make-up company Natura Cosmeticos over selling its Body Shop business, L''Oreal said on Friday. L''Oreal added in a statement that the companies'' proposed transaction placed an enterprise value of 1 billion euros (862 million pounds) on The Body Shop business. L''Oreal said earlier this year that it was reviewing its strategy for The Body Shop, which it bought for 652 million pounds in 2006, and the sale of the business had attracted a wide range of bidders. Founded in 1976 by British entrepreneur Anita Roddick, the company was a pioneer in the ethical beauty industry but has since fallen victim to increased competition from newcomers also offering similar products based on natural ingredients and no animal-testing. (Reporting by Sudip Kar-Gupta; Editing by Matthias Blamont)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-l-oreal-bodyshop-idUKKBN1900OG'|'2017-06-09T14:53:00.000+03:00'
'dfd7470eae4ae106f87e8fc24089249db94f99d2'|'Nordstrom family explores taking retailer private'|'By Nandita Bose and Gayathree Ganesan Department store operator Nordstrom Inc ( JWN.N ) said on Thursday that some members of the Nordstrom family were considering taking the company private as it struggles with an industry-wide sales slowdown.Going private, which would involve raising debt, would be a risky but potentially profitable bet by Nordstrom''s founding family and largest shareholder bloc that the company can reshape itself and emerge from the retail meltdown stronger.Shares of the Seattle-based clothing and accessories retailer were last up 10.5 percent at mid-afternoon after having surged as much as 18 percent in their biggest intraday percentage gain since February 2009. The company has a market value of about $7.4 billion.U.S. malls have been struggling with slowing customer traffic and mall anchors like Nordstrom and Macy''s Inc ( M.N ) are trying to revive sales.Nordstrom in May reported first-quarter same-store sales that fell short of estimates, triggering a drop in its shares.Once it goes private, Nordstrom may be able to restructure its business, which is more difficult as a public company, said Erich Joachimsthaler, chief executive of Vivaldi, a consulting firm that works with retail brands. "It''s the right move," he said.At a share price of $46, the retailer would need to raise $5.45 billion to $8.19 billion of additional debt to fund the takeout, said Chuck Grom, analyst with Gordon Haskett. Such a move would come amid a wave of store closures and bankruptcies in the retail industry.High-end department store chain Neiman Marcus, which went private in 2005, said in March it is exploring options as it seeks relief from its swelling debt pile.Analysts and consultants were divided on how successful Nordstrom could be in going private.UBS Group AG analysts said in a report that they were cautious about Nordstrom''s ability to secure financing given problems in the retail sector. They also flagged a bid by the founder of electronics retailer Best Buy ( BBY.N ) to take the company private that failed in 2013 when he was unable to raise $2.5 billion-$3 billion in debt.Other analysts said that going private may be slightly easier for Nordstrom."Nordstrom is not highly levered, they have quite a bit in their way of real estate assets so is it probably easier for them to actually get this transaction done," said Jan Rogers Kniffen, chief executive of retail consultancy J. Rogers Kniffen WWE.Founded in 1901 as a shoe store in Seattle, Nordstrom went public in 1971. The retailer, known for its high-end department stores and customer service, sells designer items including Jimmy Choo stilettos and Burberry trench coats.Nordstrom operates 354 stores in 40 states which includes its Nordstrom branded full-line stores and off-price discount chain Nordstrom Rack. The company also operates stores in Canada and Puerto Rico.Shares of other U.S. department store chains rose after Nordstrom''s announcement. Dillard''s Inc ( DDS.N ) gained as much as 6.3 percent, Macy''s rose 3.3 percent and Kohls Corp ( KSS.N ) climbed 1.3 percent early Thursday. The stocks pared gains in afternoon trade.TAKING IT PRIVATEIn a filing with the U.S. Securities and Exchange Commission, the department store operator said the group formed to consider going private had not made a formal proposal.The group comprises Chairman Emeritus Bruce Nordstrom, his sister Anne Gittinger, President James Nordstrom and co-Presidents Blake, Peter and Erik Nordstrom.The group, which owns 31.2 percent of the company, said it was not interested in selling its stake to third parties or voting for an alternative deal.With the Nordstrom family''s share ownership, the odds of a deal getting done are higher, said Grom with Gordon Haskett. The ownership would appear to satisfy the requirements of a leveraged buyout transaction, he said.The largest shareholders in the company from the group include Bruce Nordstrom with 16.9 percent of outstanding shares, followed by Gittinger with 9.3 percent, according to Thomson Reuters data. Peter and Blake Nordstrom own about 1.7 percent each."Because of the changing dynamics in the retail environment, the group is evaluating whether the long-term interests of the issuer (Nordstrom) are better served as a privately held company," the members of the Nordstrom family said in a filing.The company''s board has formed a committee of independent directors to explore the possibility of any transaction that could be made by the group.The committee said it had entered into an agreement with the Nordstrom family members over some standstill provisions that would prevent them from taking certain actions until Jan. 31, 2019.The special committee has hired Centerview Partners as its financial adviser and Sidley Austin as legal counsel.Nordstrom short sellers who had been having a profitable year took a hit on Thursday, by late morning losing about three-quarters of their estimated $186 million gain on paper in 2017, according to financial analytics firm S3 Partners.(Reporting by Nandita Bose in Chicago and Gayathree Ganesan in Bengaluru; Additional reporting by Lewis Krauskopf in New York and Siddharth Cavale in Bengaluru; editing by Bill Rigby and Meredith Mazzilli)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-nordstrom-m-a-idINKBN18Z1TL'|'2017-06-08T11:38:00.000+03:00'
'da5481cc4f8d858ceb447cf184ec2a61090a6a8f'|'We need to talk about recession: why the ''record run of growth'' won''t pay the bills - Greg Jericho - Business'|'A ustralia’s GDP in March continued to grow but also continued to grow weakly . It is a situation that we have become all too accustomed to and reflects the state of the economy where, because of the shift from mining investment to exports, a massive jump in profits no longer translates into a boost for wages or jobs.In March Australia’s GDP increased by 0.3% in seasonally adjusted terms – in line with expectations and sharply down on the 1.1% growth recorded in the December quarter last year:Australia records 103rd successive quarter of recession-free economy Read moreAnd while this growth is welcome, we really should not get too caught up in claims of some record run without a recession. Not only, as I pointed out on Tuesday , is there no such record, it also disguises the fact that growth at the moment is pathetic.Australia’s economy has grown by just 1.4% in the past 12 months – half of what is now considered the long-term average of 2.75%.The picture for GDP per capita growth is even worse. In seasonally adjusted terms, it fell in March by 0.1% – the third fall in the past two years. In the past year GDP per capita grew by just 0.2%, the worst growth since the GFC and at a level historically associated with a recession:If you do want to talk records, here’s one. In the past 18 quarters, Australia’s annual GDP growth has never been above 3% – the longest such run since the ABS began calculating quarterly GDP in 1959:In the past nine years there have only been four quarters where annual GDP growth has been above 3% – a growth rate that used to be considered merely average. And we can no longer find succour from comparing ourselves with the rest of the world.Three months ago when talking up the GDP figures, Scott Morrison boasted that Australia’s economy was growing faster than any of the G7 nations. Well no longer.Our growth now lags behind the UK, US and Canada and well back in the pack of all OECD nations:The reason for the growth is also not particularly invigorating.The largest contributor in the March quarter was “change in inventories”. This is essentially companies building up their stocks. This was mostly done by the mining sector, which, as the treasurer noted, was largely due to their taking advantage of a spike in mineral prices by running down stock in December and thus in March they built them up again.That’s not a bad sign but, as the treasurer also noted, it often cancels out the impact of exports – the volume of which actually fell in March:This is always the problem with having an economy that derives a large amount of growth from exports – it is erratic:The other big drag on the economy in March was dwelling construction – reducing GDP growth in March by 0.2% points.The housing construction boom is over:The biggest driver of growth over the past year was household consumption. And while that is not unusual, the reasons highlight why we have such weak growth at the moment.With real wages falling and the total number of hours worked growing by just 0.5% over the past year, it is somewhat surprising that household consumption continues to bolster GDP growth. But we are spending not because we are flush with cash but because we are eating into our savings.The savings ratio is now back to levels not seen since the GFC hit:But despite the large drop in our savings rate since 2011, the growth rate of our spending has not risen – it remains at a historically low 2.4%:This is also observed through the disconnect of wages with nominal GDP growth.Weak nominal GDP growth has been the bane of governments since the GFC hit. Nominal GDP growth is generally linked to tax revenue better than is real GDP growth. And, in the past six months, nominal GDP growth has taken off – up 7.7% over the past year.The reason has been the surge in exports prices – which has seen the terms of trade grow a stunning 25% over the past year.But his boom of income is not being felt by workers – while nominal GDP is spiking, wages growth is falling:Essentially all the surge in nominal GDP is going to profits. Corporate gross operating surplus (as good proxy for profits) rose 20.1% in the past year – the best growth for eight years. But wages are not responding:The big jump in profits is mostly going to the mining sector – a sector where employment is down 12% on where it was five years ago. Thus whereas during the mining boom years the big mining profits led to job growth and big wages that then filtered through the economy, that is not happening this time.In fact real labour costs in the past year fell 6% – the biggest one-year fall in history:For all the talk of a record run without a recession, the reality is such records don’t pay the bills. We have had a record period in this country without a recession and yet we also have wages growing at levels that you normally would associate with a recession.Yes it has been a long time since Australia experienced a recession. But it is now close to a decade since we also experienced consistent strong growth of the type that leads to strong jobs and wages growth – and there is little in these figures to suggest that situation is about to change.Topics Australian economy Opinion Australian politics Business (Australia) Coalition Scott Morrison Mining comment Share Reuse this content'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/commentisfree/2017/jun/08/we-need-to-talk-about-recession-why-the-record-run-of-growth-wont-pay-the-bills'|'2017-06-08T05:10:00.000+03:00'
'ab3d50262f324561c9f513298140f587d9f028cb'|'China urges banks to devolve loan approval responsibility to boost lending'|'Business News - Sat Jun 10, 2017 - 3:49am BST China urges banks to devolve loan approval responsibility to boost lending SHANGHAI China''s banking regulator has urged lenders to devolve responsibility for loan approvals in order to boost credit to small and micro businesses, but also emphasised that risks need to be kept under control. Guo Shuqing, who was appointed chairman of the regulator in February, said it would also explore preferential policies to alleviate poverty and spur industrial development to help smaller businesses. Guo''s comments were made at a forum on Friday, the China Banking Regulatory Commission said in a statement on its website. "Banks and financial institutions are encouraged to, under the premise that risks are controllable, to decentralize credit approval authority," it quoted him as saying. China launched a plan last year to promote "inclusive'' finance" with a target of launching financial services across all rungs of society, and has urged state-owned banks to take the lead. However, it has in the past had difficulties in supervising the micro-finance sector, especially in the unruly peer-to-peer lending sector which was found to be riddled with runaway managers and pyramid schemes last year. Guo said that China''s largest banks will have established "inclusive finance" departments by the end of this year. (Reporting by Brenda Goh; Editing by Shri Navaratnam) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-china-banks-idUKKBN19103Y'|'2017-06-10T10:49:00.000+03:00'
'05e377ca3e8872c3bb2509dc88e4a694fa48cf07'|'TABLE-Top 20 selling vehicles in U.S. in May'|'June 1 The following are the 20 top-selling vehicles in the U.S. in May as reported by the automakers and ranked by total units. Top 20 selling vehicles in U.S. in May RANK VEHICLE MAY 17 MAY 16 PCT CHANGE 1 Ford F-Series P/U 76,027 67,412 +12.8 2 Ram P/U 44,850 38,569 +16.3 3 Chevy Silverado-C/K P/U 43,804 45,035 -2.7 4 Toyota RAV4 38,356 32,261 +18.9 5 Honda Accord 33,547 31,949 +5.0 6 Toyota Corolla 32,937 36,615 -10.0 7 Toyota Camry 32,547 36,916 -11.8 8 Nissan Rogue 32,533 27,428 +18.6 9 Honda CR-V 32,186 29,359 +9.6 10 Honda Civic 31,989 35,396 -9.6 11 Ford Escape 27,830 30,861 -9.8 12 Nissan Altima 23,994 28,404 -15.5 13 Ford Explorer 22,715 18,813 +20.7 14 Ford Fusion 21,603 24,589 -12.1 15 Chevrolet Equinox 20,908 21,252 -1.6 16 Jeep Grand Cherokee 20,726 18,205 +13.8 17 Chevrolet Malibu 20,718 24,202 -14.4 18 Jeep Wrangler 19,931 19,558 +1.9 19 Nissan Sentra 18,371 20,204 -9.1 20 Toyota Highlander 18,115 14,783 +22.5 Top 20 selling vehicles in U.S. through May RANK VEHICLE YTD 2017 YTD 2016 PCT CHANGE 1 Ford F-Series P/U 351,965 324,307 +8.5 2 Chevy Silverado-C/K P/U 212,425 223,990 -5.2 3 Ram P/U 207,370 192,131 +7.9 4 Nissan Rogue 161,340 119,637 +34.9 5 Honda CR-V 158,914 129,460 +22.8 6 Toyota RAV4 150,646 138,535 +8.7 7 Toyota Camry 147,434 167,200 -11.8 8 Toyota Corolla 145,476 158,754 -8.4 9 Honda Civic 144,854 158,030 -8.3 10 Honda Accord 130,300 140,548 -7.3 11 Ford Escape 129,805 126,375 +2.7 12 Nissan Altima 118,242 142,220 -16.9 13 Chevrolet Equinox 104,272 101,738 +2.5 14 Ford Explorer 97,157 94,981 +2.3 15 Jeep Grand Cherokee 96,203 83,631 +15.0 16 Chevrolet Cruze 92,360 68,065 +35.7 17 Nissan Sentra 90,040 102,293 -12.0 18 Ford Fusion 89,086 120,313 -26.0 19 Hyundai Elantra 86,955 73,892 +17.7 20 GMC Sierra P/U 83,410 89,304 -6.6 (Compiled by Bengaluru Newsroom)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/autosalesusa-top-idINL3N1IY59W'|'2017-06-01T18:30:00.000+03:00'
'39f266ee748ba927f3e78eb596ef9ea3061983d9'|'REFILE-Cowen to end mid-point matching in Millennium dark pool'|'(Corrects spelling of Cowen in headline)By John McCrankNEW YORK, June 1 Financial services company Cowen Inc closed its acquisition of Convergex on Thursday and said it will shutter a key part of the off-exchange trading platform, Millennium, it acquired with the brokerage.Millennium, also known as a "dark pool," will stop offering continuous trading on June 23.The private electronic trading venue is one of more than 30 broker-run dark pools, also known as alternative trading systems (ATSs), in the United States that compete with 13 public stock exchanges, including the Nasdaq and the New York Stock Exchange.That fragmentation, which can make it more challenging to get trades done, has been a source of frustration for many of Cowen''s customers, Jeffrey Solomon, president of the company, said in a note to clients."By discontinuing Millennium ATS''s midpoint matching engine, Cowen has the ability to proactively reduce fragmentation – something we and many of our clients feel will improve U.S. equity market structure," he said.Like many other dark pools, Millennium matches trades at the midpoint of the best bid and offer shown on public exchanges, giving the potential for better prices.Millennium was the 16th-largest U.S. equities dark pool out of 31, according to the latest statistics from the Financial Industry Regulatory Authority, matching more than 38 million shares in the week of May 8.Dark pools are more lightly regulated than exchanges and do not have to provide information such as trade sizes or prices to the public prior to trades taking place.The electronic trading platforms were originally used to get large orders done with minimal price movement, but they gained popularity for smaller orders as well, in part because their fees are generally lower than those at exchanges.As their usage has increased, so too has the scrutiny of regulators, which have brought enforcement actions against several dark pools in recent years for fraud and conflicts of interest in order routing.Cowen, which has never operated a trading venue, said it would continue to operate a part of Millennium that executes pre-matched orders and reports the trades on behalf of exchanges and broker-dealers.Millennium was built and is hosted by Thesys Technologies LLC, on behalf of Convergex. Thesys recently won the contract to build a build and run a massive stock and options trading database aimed at helping regulators police the increasingly fast, fragmented and complex markets. (Reporting by John McCrank; Editing by Steve Orlofsky)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/cowen-darkpool-idINL1N1IY1QL'|'2017-06-01T18:07:00.000+03:00'
'e08e5d72ed80751f470b3957678637d1db9871bf'|'CANADA STOCKS-TSX rises as BlackBerry, energy stocks lead rally'|' 12am EDT CANADA STOCKS-TSX rises as BlackBerry, energy stocks lead rally * TSX up 76.88 points, or 0.5 percent, to 15,426.79 * Nine of the TSX''s 10 main groups were up TORONTO, June 1 Canada''s main stock index rose on Thursday in a broad rally led by steady oil prices that bolstered energy stocks, and a surge in BlackBerry Ltd shares. BlackBerry was among the most influential gainers, jumping 8.3 percent to C$15.46 after Citron Research said it had a 24-month price target of $20 on the stock on expectations the software company will profit from the increasing application of its security and other software technology in various industries, such as automotive. The overall technology sector rose 1.1 percent. At 10:49 a.m. ET (1449 GMT), the Toronto Stock Exchange''s S&P/TSX composite index rose 76.88 points, or 0.5 percent, to 15,426.79. Of the index''s 10 main groups, only materials, hurt by falling metal prices, retreated. The energy group climbed 1.0 percent. Enbridge Inc was the most influential advancer in the group, rising 0.9 percent to C$52.49. The price of oil, a key Canadian export, was steady a day after diving 3 percent on higher OPEC crude output, after an industry report showed U.S. crude stockpiles had fallen more than expected. U.S. crude prices were up 0.3 percent at $48.44 a barrel, while Brent crude was unchanged at $50.75. The financials group gained 0.3 percent, helped in part by Element Fleet Management Corp, which rebounded after Wednesday''s losses related to unfounded speculation it was the short-selling target of hedge fund Muddy Waters. Asanko Gold Inc, which plunged 20 percent in earlier trading a day after Muddy Waters said it was shorting the company''s stock, rebounded by late morning. Shares in the mining firm, which disputed Muddy Waters'' claims, rose 11.2 percent to C$2.44. Recreational vehicle maker BRP Inc shares surged 13.9 percent to C$37.44 after it reported a much stronger-than-expected quarterly result, and also announced a quarterly dividend and share repurchase. Materials, home to precious and base metals miners, slipped 0.1 percent, pinched by the price of gold, which dipped 0.7 percent to $1,263.4 an ounce after U.S. jobs data boosted the U.S. dollar, and nickel prices fell to an 11-month low on concerns of excess supply. Barrick Gold Corp fell 0.9 percent to C$22.15, while First Quantum Minerals Ltd fell 1.3 percent to C$11.24. Advancing issues outnumbered declining ones on the TSX by 188 to 57, for a 3.30-to-1 ratio on the upside. (Reporting by Solarina Ho; Editing by Jonathan Oatis)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/canada-stocks-idUSL1N1IY114'|'2017-06-01T23:12:00.000+03:00'
'5e1d4da6ff955a393ef7936976959c8e5d060dba'|'U.S. wholesale inventories post biggest drop in more than a year'|'WASHINGTON, June 9 - U.S. wholesale inventories fell more steeply in April than the government had previously estimated, posting their biggest drop in more than a year as sales also fell sharply.The Commerce Department said on Friday that wholesale inventories fell 0.5 percent in April after increasing 0.1 percent in March. The department reported last month that wholesale inventories slipped 0.3 percent in April.Automotive inventories fell 1.4 percent while petroleum inventories dropped 5.0 percent, their biggest fall since December 2015. Paper inventories fell 1.8 percent in the category''s biggest drop since January 2013.Wholesale stocks of electrical goods also slipped 0.1 percent while machinery inventories were flat.Sales at wholesalers fell 0.4 percent in April after falling 0.2 percent in March. Sales of electrical goods rose 0.7 percent while those of machinery fell 0.8 percent. Auto sales were up 1.3 percent.At April''s sales pace it would take wholesalers 1.28 months to clear shelves, unchanged from March.(Reporting by David Lawder; Editing by Paul Simao)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-usa-economy-inventories-idUSKBN19022R'|'2017-06-09T22:08:00.000+03:00'
'cbb50941bea3bf3254f9ac44705e45ce28292fc3'|'After oil drop, some OPEC delegates question if supply cut deal enough'|'LONDON Two weeks after an OPEC-led deal to extend oil output cuts until March, some OPEC delegates are questioning whether the agreement will be enough to reduce a glut in supplies and lift prices.Prices have fallen more than 10 percent to below $50 a barrel since the Organization of the Petroleum Exporting Countries and allies agreed on May 25 to prolong a deal to cut about 1.8 million barrels per day (bpd) until the end of March. The deal was initially due to run during the first half of 2017.Even a political dispute between Gulf states, the source for most of OPEC''s crude, has failed to drive prices higher.Instead, eyes are trained on Nigeria and Libya, two OPEC states that were excluded from the regime of cuts to help them recover from years of unrest that had hurt production. Both now report rising output.This is adding to concerns among some in OPEC about the effectiveness of the accord to reduce output, whose impact is already being eroded by surging U.S. shale production.One OPEC delegate told Reuters that a deal to curb production "without freezing Libya and Nigeria is useless."Nigeria''s exports are expected to reach a 15-month high in June of about 1.75 million bpd. Libyan output has hit its highest since October 2014, rising above 800,000 bpd.At the May meeting, OPEC discussed whether to assign output caps to Nigeria and Libya but agreed not to. The group also considered a larger production cut, an idea that it could revive in future, delegates have told Reuters.A second OPEC delegate also said on Friday that it was not clear that the level of existing cuts was enough."It''s difficult to say. We hope so," the delegate said. "We need to wait another month to see how it develops. There are a lot of factors involved."A third delegate said oil-market fundamentals were improving, indicating the current drop in prices was not driven by supply and demand but rather by speculators.However, two other delegates said the oil price drop was temporary and the current supply cut pact was enough."It is not a cause for alarm - it is normal," one of them said of the price fall, adding that he believed the market would still rebalance in the second half of the year.Oil prices have recovered from below $30 a barrel in 2016, helped by the pact. But with the price hovering below $50 now, it is half its level of mid-2014 and less than the $60 top exporter Saudi Arabia has said it would like to see.(Additional reporting by Rania El Gamal; Editing by Edmund Blair)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-opec-oil-idUSKBN1902CP'|'2017-06-09T23:54:00.000+03:00'
'80197d1977a0ce7d5366437483a7925132e05eb0'|'Norway negotiators work overtime to avert oil strike'|'Business News - Fri Jun 9, 2017 - 11:10pm BST Norway negotiators work overtime to avert oil strike OSLO Norwegian oil workers and their employers have extended wage negotiations past a midnight deadline in a bid to avert a strike that would cut the country''s oil and gas production, industry representatives said on Saturday. The Lederne trade union has threatened to strike at five offshore fields operated by Statoil ( STL.OL ), Shell ( RDSa.L ) and Eni ( ENI.MI ), cutting production by 443,500 barrels of oil equivalent per day, or about 10 percent of the country''s total output. The deadline for the talks had originally been set to midnight on Friday (2200 GMT). (Reporting by Terje Solsvik, editing by Nerijus Adomaitis)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-norway-oil-idUKKBN190328'|'2017-06-10T06:10:00.000+03:00'
'6eedfe13af879ef56398c682f975e2e5ff7e775f'|'Board of Italy''s Carige approves no-confidence motion in CEO-source'|'Banks - Fri Jun 9, 2017 - 6:16pm BST Board of Italy''s Carige approves no-confidence motion in CEO-source MILAN The board of regional Italian lender Banca Carige ( CRGI.MI ) on Friday approved a no-confidence motion against Chief Executive Officer Guido Bastianini, a source close to the matter said, in a move that is likely to delay the bank''s restructuring plan. The board of the Genoa-based bank held the vote after its top investor, Vittorio Malacalza, said he no longer backed Bastianini, who had been in the job since April 2016. Bastianini''s departure is likely to create more uncertainty over the bank''s future and add to pressure on Rome which is already negotiating a state bailout for larger rival Monte dei Paschi di Siena ( BMPS.MI ) and two Veneto-based lenders. Loss-making Carige, heavily exposed to the northwestern Liguria region where it is based, has seen its bad debts swell during Italy''s deep economic recession. The European Central Bank has told Carige to strengthen its balance sheet and bolster a core capital that lags behind the ECB''s minimum requirements. Carige is working to shed bad debts and plans to raise 450 million euros (£395.8 million) this summer in its third cash call since 2014. That plan could be delayed given Bastianini''s exit. Malacalza, a local businessman who has a 17.6 percent stake in Carige, had also criticised the bank''s chief financial officer. Carige shares have slumped more than 80 percent since Malacalza became the bank''s top investor in 2015. He had told the board he would step down as deputy chairman if his stance was not backed by a large majority of directors. According to local media, Malacalza''s no-confidence motion was backed by eight board members, while four voted against it. (Reporting by Gianluca Semeraro; Editing by Silvia Aloisi)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-eurozone-banks-italy-carige-idUKKBN1902K6'|'2017-06-10T01:16:00.000+03:00'
'189c23ae98b978d0e3b45d3ad395c5f233cb5ef3'|'Britain may need to ask for delay to Brexit process - JPMorgan'|'Top News - Fri Jun 9, 2017 - 5:26am BST Britain may need to ask for delay to Brexit process - JPMorgan The sun rises over the Houses of Parliament in London, Britain June 9, 2017. REUTERS/Hannah McKay LONDON Britain may have to delay Brexit talks in the absence of a majority for Prime Minister Theresa May''s Conservative Party, JPMorgan said on Friday. With no clear winner emerging from the parliamentary election, a wounded May signalled she would fight on, despite being on course to lose her majority in the House of Commons. "Perhaps the most obvious conclusion is that the likelihood of the UK needing to request a delay in the Brexit process has risen substantially, given the chance that political developments in the UK disturb what is already a time-compressed process," said Malcolm Barr, economist at JPMorgan, in a research note. (Reporting by Andy Bruce; editing by Guy Faulconbridge) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-election-jpmorgan-idUKKBN1900E9'|'2017-06-09T12:26:00.000+03:00'
'a77b7f967465d2b2e56e6668e43ed117f809364c'|'UPDATE 1-Saks owner Hudson''s Bay to cut 2,000 jobs as loss widens'|'TORONTO Saks Fifth Avenue owner Hudson''s Bay Co ( HBC.TO ) said on Thursday it would cut about 2,000 jobs across North America in a major restructuring effort as it reported a wider-than-expected first-quarter loss.The Canadian department store operator, which also posted a steeper-than-expected drop in quarterly retail sales, said the move would help the company save more than C$350 million ($259 million) annually.Hudson''s Bay, also known as HBC, and other large retailers are struggling to reinvent themselves amid an industrywide upheaval, blamed in part on changing shopping trends that have seen shoppers migrate online."With all the changes taking place in the industry, we know we need to be a leaner organization, but we also want to make sure that we''re a better one," Chief Executive Jerry Storch said in an interview, adding that no store closures are planned as part of the announcement.HBC said the cuts, about 3 percent of the company''s more than 66,000 employees, were decided after a six-month review of ways to slash costs and streamline its operations. Storch declined to give details on where the cuts would happen."Given the context of the highly promotional retail environment, we are skeptical that the transformational plan will meet the targeted savings estimates without further eroding revenue," said Canaccord Genuity analyst, Derek Dley, in a research note.U.S. department store operator Nordstrom Inc ( JWN.N ) said earlier on Thursday that members of the Nordstrom family were considering taking the company private and selling debt so they could reshape its operations."As far as whether we would consider that, I can''t comment on that either. That''s really up to our shareholders," Storch told Reuters, in response to whether HBC would consider a similar move.As part of the announcement, the retailer said separate teams would focus on its Hudson''s Bay and Lord & Taylor department-store chains.Alison Coville, a nearly two-decade veteran of the company, will run Hudson''s Bay, one of HBC''s best performers. Storch said the chain''s online store was seeing significant double digit growth. Liz Rodbell, who previously headed both chains, will lead Lord & Taylor.HBC''s plan is expected to be fully implemented by the end of fiscal 2018, and includes C$75 million in savings announced earlier this year.It said it expected to take about C$95 million in restructuring charges over the next year and that measures to achieve a total of C$125 million in annual savings had already been implemented.Storch said HBC''s expansion plans, including those in Europe and with its Saks discount chain, Off 5th, remain unchanged."We continue to be different from our competitors, in that we''re focused on growth," said Storch.Storch also said it remained committed to the Montreal market but declined to comment on the status of what will be Canada''s largest Saks store, slated to open in fall 2018. Reuters reported earlier that HBC has yet to file for a construction permit with the city for that location.HBC operates Kaufhof department stores in Europe, and has plans to open the first international Hudson''s Bay in the Netherlands later this year. Other projects include the launch of a new robotics fulfillment center in Pottsville, Pennsylvania later this year.Hudson''s Bay was founded in 1670 primarily as a fur trading company and once claimed more than 40 percent of the land in what is now Canada and a significant portion of what became North Dakota and Minnesota.The company reported a loss of C$221 million, or C$1.21 per share, in the quarter ended April 29. The loss was wider than the average analyst forecast of 76 cents.Retail sales totaled C$3.2 billion, down 3 percent from a year ago, below the average analyst forecast of C$3.26 billion.It also announced a dividend cut to C$0.0125 per share, from C$0.05 per share.The company''s difficulties during the quarter surfaced last month when it reported a 2.9 percent drop in comparable store sales across all retail outlets, marking the fifth consecutive quarter of declines.(Reporting by Solarina Ho; Editing by Jim Finkle, Peter Cooney and Diane Craft)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-hudson-s-bay-redundancies-idUSKBN18Z2RL'|'2017-06-09T05:34:00.000+03:00'
'a7154e6762abf3c440b7ffbd9204287ba82a6824'|'Deals of the day-Mergers and acquisitions'|'(Updates J&J, Toshiba Corp, Pandora; adds Glencore)June 9 The following bids, mergers, acquisitions and disposals were reported by 2000 GMT on Friday:** Digital Realty Trust Inc said it would buy fellow data center operator DuPont Fabros Technology Inc for an enterprise value of about $7.6 billion, its biggest-ever deal, to help expand in high-demand markets in the United States amid a rapid shift to the cloud by technology companies.** French cosmetics and luxury goods group L''Oreal has started exclusive talks to sell its The Body Shop business to Brazilian make-up company Natura Cosmeticos in a possible 1 billion euros ($1.1 billion) deal.** SoftBank Group Corp said it would buy two firms that build walking robots from Google''s parent company, Alphabet Inc, adding to the Japanese company''s growing artificial intelligence portfolio.** Infosys Ltd denied a media report that the founders of India''s second-biggest software services exporter were looking to sell their entire 12.75 percent stake in the company.** State Bank of India said it may not need to tap equity markets for at least another year as its capital ratios will strengthen in the wake of this week''s $2.3 billion share sale.** Syngenta, the Swiss pesticides and seeds group being bought by ChemChina, has agreed to sell its global sugar beet seeds business to Denmark''s DLF Seeds, the companies said.** Britain''s largest energy supplier, Centrica Plc, said it would sell its 60 percent stake in its Canadian oil and gas exploration and production joint venture to a consortium for about 240 million pounds ($305 million).** Hedge fund Elliott Advisors has become Dutch paint maker Akzo Nobel''s largest shareholder by increasing its stake to at least 5 percent, according to a filing published by Dutch regulators.** French airport operator ADP said it plans to increase its stake in Turkish airport operator TAV Airports to 46 percent.** Hospital operator IHH Healthcare Bhd is looking to expand its operations in China and is open to potential deals to help it grow its presence in the market, its chief executive said.** Serbia has extended a deadline for bids for a 25-year concession to operate Belgrade''s Nikola Tesla airport , the biggest in the western Balkan region.** An unnamed investor in Italy''s Campari has sold a 1.95 percent stake in the beverage company at 6.10 euros ($6.8) per share, a market source said.** Gazprom Neft, the oil arm of Russian gas giant Gazprom, said it was considering an offer expand its activities Iraqi''s Kurdistan region, mirroring a move in the region by Russian peer Rosneft.** Oil and gas producer Encana Corp, said it would sell its Piceance natural gas assets in northwestern Colorado to privately held Caerus Oil and Gas LLC for $735 million.** Johnson & Johnson said the approval of its proposed acquisition of Swiss biotech firm Actelion by the European Commission on Friday meant all regulatory approvals required to complete the $30 billion deal had now been received.** Miner and trader Glencore Plc said it had submitted a proposal to buy Australian miner Rio Tinto''s stake in Coal & Allied Industries Ltd for $2.55 billion in cash.** Bain Capital and a Japanese state-backed fund are in talks about teaming up to bid for Toshiba Corp''s prized chip unit, sources familiar with the matter said.** Toshiba Corp said it was not convinced by Western Digital Corp CEO Steve Milligan''s effort to win its backing for the U.S. tech firm''s revised bid for the Japanese conglomerate''s highly prized chip unit.** Sirius XM Holdings Inc said it will invest $480 million in Pandora Media Inc, giving the satellite radio company better exposure to internet music streaming while providing financial footing to Pandora.** Abu Dhabi-based Etihad Airways confirmed its commitment to its investment in Air Berlin''s leisure airline Niki.** Qatar''s row with its powerful Gulf neighbors should not scupper the just-agreed merger of German shipping company Hapag-Lloyd with sector peer United Arab Shipping Company (UASC) that is owned by six Arab states of the Gulf region, a source close to Hapag-Lloyd said. (Compiled by Divya Grover and Diptendu Lahiri in Bengaluru)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/deals-day-idINL3N1J63HP'|'2017-06-09T18:02:00.000+03:00'
'a18c3ad1b9b24685c75403e9bb69a3a36942c94c'|'EURO DEBT SUPPLY-Six euro zone states to sell debt next week'|'LONDON, June 9 The Netherlands, Italy, Germany, Portugal, Spain and France are set to sell debt at auction in the coming week.* The Netherlands on Tuesday is scheduled to sell 2-3 billion euros of 10-year bonds.* Also on Tuesday, Italy will offer up to 5.5 billion euros of three- and seven-year bonds.* Germany will sell three billion euros of 10-year bonds on Wednesday.* Portugal will also offer a total of up to 1.25 billion euros of bonds at an auction on Wednesday.* Spain will issue bonds due 2022, 2027, 2032 and 2037 next Thursday at a quadruple debt auction.* France will sell up to 9.5 billion euros of fixed-rate and inflation-linked bonds on Thursday. (Compiled by John Geddie; Editing by Abhinav Ramnarayan)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/eurozone-bonds-outlook-idINL8N1J649G'|'2017-06-09T11:55:00.000+03:00'
'c6c31a8178b979c85dbfff42f81645d9ac28e639'|'Pandora extends closing of KKR''s investment to explore rival offers'|'Music streaming company Pandora Media Inc ( P.N ) said on Thursday it would briefly extend the closing of private equity firm KKR & Co LP''s ( KKR.N ) $150 million investment to field rival offers.U.S. satellite radio company Sirius XM Holdings Inc ( SIRI.O ) is looking to invest in Pandora, Reuters reported earlier in the day, citing people familiar with the matter.KKR, which agreed last month to invest $150 million in Pandora, allowed the company a 30-day-period to look for an alternative deal.Pandora said on Thursday that KKR had agreed to the extension.Sources had told Reuters that Sirius XM was racing to beat the Thursday deadline and clinch its own investment in Pandora.KKR''s investment gives the PE firm preferred Pandora stock that can be converted into common stock, cash, or a combination, at a conversion price of $13.50 per share.Pandora''s shares were marginally down at $8.42 in early trading on Thursday.(Reporting by Aishwarya Venugopal in Bengaluru; Editing by Sriraj Kalluvila)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-pandora-media-strategic-alternatives-idINKBN18Z1W9'|'2017-06-08T11:43:00.000+03:00'
'12c63d69d1d2b69068e4637e7da6b7385b6dcb11'|'Hedge fund Elliott becomes Akzo Nobel''s largest shareholder'|'Business  25am BST Hedge fund Elliott becomes Akzo Nobel''s largest shareholder FILE PHOTO: Akzo Nobel''s logo is seen in Amsterdam, Netherlands, February 16, 2012. REUTERS/Robin van Lonkhuijsen/United Photos/File Photo AMSTERDAM Hedge fund Elliott Advisors has become Dutch paint maker Akzo Nobel''s largest shareholder by increasing its stake to at least 5 percent, according to a filing published by Dutch regulators on Friday. Elliott''s move follows a decision last week by U.S. firm PPG Industries to drop its attempts to buy Akzo for at least six months. A spokesman for Elliott declined to comment. Under Dutch market rules, investors must report their holdings when they pass certain thresholds. Elliott could in theory own anywhere between 5 percent and 10 percent of Akzo''s outstanding share capital. Elliott led a group of shareholders dissatisfied with Akzo''s reluctance to enter talks with PPG over a 26.3 billion euro (23.1 billion pounds) buyout proposal, which represented a 50 percent premium to Akzo''s share price in March before the approach. With support from other institutional investors representing 18 percent of Akzo''s shareholder base, Elliott launched a court case in Amsterdam seeking an investigation into alleged mismanagement at Akzo and an extraordinary shareholder meeting to discuss the dismissal of the company''s chairman, Antony Burgmans. Judges declined Elliott''s request for such immediate remedies on May 29, but ordered the company to make attempts to repair its relationship with shareholders. It is not clear whether Elliott intends to pursue the case further. The hedge fund has previously said it began building a stake in Akzo in late 2016, seeing the owner of brands including Dulux paint as undervalued and underperforming. (Reporting by Toby Sterling; editing by David Clarke/Keith Weir)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-akzo-nobel-elliott-idUKKBN1900S4'|'2017-06-09T15:25:00.000+03:00'
'49dcb3fce4ad4b231412837c34b12a0bc097e753'|'What does a CEO look like? New female ''Foundation 500'' list challenges stereotypes'|'Business News - Wed Jun 7, 2017 - 8:20pm EDT What does a CEO look like? New female ''Foundation 500'' list challenges stereotypes left right H&M Foundation Global Manager Diana Amini poses with portraits of women on its Foundation 500 list of female entrepreneurs in emerging markets in Stockholm, Sweden, June 2, 2017. Picture taken June 2, 2017. REUTERS/Anna Ringstrom 1/8 left right H&M Foundation Global Manager Diana Amini poses with portraits of women on its Foundation 500 list of female entrepreneurs in emerging markets in Stockholm, Sweden, June 2, 2017. Picture taken June 2, 2017. REUTERS/Anna Ringstrom 2/8 left right H&M Foundation Global Manager Diana Amini poses with portraits of women on its Foundation 500 list of female entrepreneurs in emerging markets in Stockholm, Sweden, June 2, 2017. Picture taken June 2, 2017. REUTERS/Anna Ringstrom EDITORIAL USE ONLY. NO RESALES. NO ARCHIVE. 3/8 left right H&M Foundation Global Manager Diana Amini poses with portraits of women on its Foundation 500 list of female entrepreneurs in emerging markets in Stockholm, Sweden, June 2, 2017. Picture taken June 2, 2017. REUTERS/Anna Ringstrom 4/8 left right H&M Foundation Global Manager Diana Amini poses with portraits of women on its Foundation 500 list of female entrepreneurs in emerging markets in Stockholm, Sweden, June 2, 2017. Picture taken June 2, 2017. REUTERS/Anna Ringstrom 5/8 left right H&M Foundation Global Manager Diana Amini poses with portraits of women on its Foundation 500 list of female entrepreneurs in emerging markets in Stockholm, Sweden, June 2, 2017. Picture taken June 2, 2017. REUTERS/Anna Ringstrom 6/8 left right H&M Foundation Global Manager Diana Amini poses with portraits of women on its Foundation 500 list of female entrepreneurs in emerging markets in Stockholm, Sweden, June 2, 2017. Picture taken June 2, 2017. REUTERS/Anna Ringstrom 7/8 left right H&M Foundation Global Manager Diana Amini poses with portraits of women on its Foundation 500 list of female entrepreneurs in emerging markets in Stockholm, Sweden, June 2, 2017. Picture taken June 2, 2017. REUTERS/Anna Ringstrom 8/8 By Anna Ringstrom - STOCKHOLM STOCKHOLM From a Peruvian trout farm manager to the head of an Indonesian meatball company, a list of 500 women entrepreneurs in emerging markets was launched on Thursday to challenge the stereotype of a typical company boss and inspire women globally. The "Foundation 500" list features the portraits and careers of 500 female entrepreneurs in 11 emerging markets where women are often refused the same access to education, financial services and bank loans as men. The list, an initiative of humanitarian agency CARE and the non-profit H&M Foundation, mirrors the Fortune 500 list of U.S. companies but highlights unusual chief executives, ranging from a Zambian woman who set up a mobile drug store to a woman in Jordan who set up a temporary tattoo studio. Karl-Johan Persson, CEO of Swedish retailer H&M that founded the H&M Foundation, said the project was designed to create role models for women in emerging markets and challenging perceptions in developed countries of business leaders. "The entrepreneur is our time''s hero and a role model for many young but the picture given of who is an entrepreneur is still very homogenous and many probably associate it to men from the startup world," Persson told the Thomson Reuters Foundation in an email. He said all the women in the list had made an incredible effort. "But one that stands out to me is Philomene Tia, a multi-entrepreneur from the Ivory Coast who has overcome setbacks such as war and being a refugee, and who has, in spite of it, always returned to the entrepreneurship to create a better future – and a strong voice in society." BUSES, FISH, TATTOOS Tia is the owner of a bus company in the Ivory Coast, a chain of beverage stores, a hotel complex, and a cattle breeding operation. "I often tell other women that it is the force inside you and your brains that will bring you wherever you want to go. I mean, I started with nothing and I don''t even speak proper French, but look at me now," she was quoted on the project''s website www.foundation500.com. The women featured are from Indonesia, the Philippines Nepal, Sri Lanka, Peru, Guatemala, Jordan, Zambia, Burundi, the Ivory Coast and Yemen. One of the women portrayed is Andrea Gala, 20, a trout farm manager in Peru and president of the women-only Trout Producers Association. "This business has worked out so well for us now we don’t depend on our fields anymore, which is hard work and often badly paid," Gala said in a report on the project. "With the association we want to open a restaurant one day, next to the trout farm, so we can attract more visitors. We want to turn the area into a tourist zone, where people can come and relax and enjoy our restaurant with trout based dishes." The H&M Foundation, privately funded by the Persson family that founded retailer H&M, said this was part of a women''s empowerment program started with CARE in 2014 in Latin America, Asia and Africa. As part of this project H&M Foundation Manager Diana Amini said about 100,000 women in 20 countries had received between 2,000-15,000 euros in seed capital and skills training to start and expand businesses. In Burundi, the average rate of increase in income among women in the program was 203 percent in the three years to the end of 2016, she said. (US$1 = 8.6930 Swedish crowns) (Reporting by Anna Ringstrom, Editing by Belinda Goldsmith; Please credit the Thomson Reuters Foundation, the charitable arm of Thomson Reuters that covers humanitarian news, women''s rights, trafficking, property rights, climate change and resilience. Visit news.trust.org ) '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-sweden-women-entrepreneurs-idUSKBN18Z003'|'2017-06-08T08:20:00.000+03:00'
'76a34f93cda96e0de939f6e7cdbdfe58abdbe9d2'|'Blackstone closes 7.8 billion-euro European property fund, source says'|'Business News - Wed Jun 7, 2017 - 10:00pm BST Blackstone closes 7.8 billion-euro European property fund, source says FILE PHOTO: The ticker and trading information for Blackstone Group is displayed at the post where it is traded on the floor of the New York Stock Exchange (NYSE) April 4, 2016. REUTERS/Brendan McDermid Blackstone Group ( BX.N ), has closed a 7.8 billion-euro (6.78 billion pounds) fund that will focus on European commercial real estate, a source familiar with the matter said. The goal of the fund is to deliver to investors double-digit returns, the person said. The fund will follow an "opportunistic" strategy, which typically means buying riskier properties that need fixing up or repositioning, the person added. It will have about 24 billion euros worth of buying power, since the U.S. private equity group often uses as much as 70 percent leverage when it buys property, according to the person. Earlier Monday, Blackstone offered to buy all shares in Finnish real estate investment company Sponda ( SDA1V.HE ) for about 1.8 billion euros, seeking to expand its real estate business in the Nordic region. Last week, the company agreed to sell European warehouse firm Logicor to China Investment Corp [CIC.UL] for 12.25 billion euros, the biggest private equity real estate deal in Europe on record. Blackstone’s real estate business has about $102 billion in investor capital under management. (Reporting by Dasha Afanasieva and Sangameswaran S in Bengaluru, editing by Larry King)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-blackstone-fund-idUKKBN18Y32H'|'2017-06-08T05:00:00.000+03:00'
'85d2ab96c59bea754a2941367d611e7a9fb6d62d'|'Chinese companies’ weak record on foreign deals'|'CONSIDERING the size of China’s economy, it seems inevitable that its firms will eventually play a huge role on the world stage. Yet China Inc’s adventures abroad in the past 15 years have been a mixed bag. Thousands of small deals have taken place, some of which will succeed. But of the mergers and acquisitions that have been worth $1bn or more, it is a different story. There have been 56 abandoned deals, 39 state-backed acquisitions of commodities firms at frothy prices, and, lately, wild sprees by tycoons scooping up trophies such as hotels and football clubs.Some deals defy any conventional logic. Last month HNA, an airlines-and-tourism conglomerate from Hainan, said it had bought a 10% stake in Deutsche Bank, having earlier considered buying a Landesbank. The Chinese firm, which runs a beach-volleyball tournament in Beijing, appears to think it can consolidate Germany’s fragmented banking industry—the financial equivalent of bringing peace to the Middle East. If China Inc is to realise its potential abroad, it needs a more credible approach.  2   2   5   7   The experience of Britain, and then America, in the 20th century suggests that economic hegemons control a disproportionate share of the world’s stock of cross-border corporate investment. Today China’s slice is only 4%, below its 15% share of global GDP and its 13% share of total stockmarket value. Its leaders want firms to go faster. If companies don’t globalise, China won’t become powerful, argues Wang Jianlin, boss of Dalian Wanda, a property firm, and China’s richest tycoon, in his autobiography.In their hurry, Chinese firms have made mistakes. Deals worth $1bn or more account for two-thirds of activity by value since 2005. Of these about half fall into three problematic categories. First, acquisitions by state-controlled groups of natural-resources firms. The aim was to secure access to raw materials but many deals were badly timed, with high prices paid at the peak of the commodity cycle between 2010 and 2014. CNOOC, an oil firm, for example, has written off part of its $17bn acquisition in 2012 of Nexen, a Canadian oil firm.The second difficult category consists of acquisition sprees by leveraged conglomerates, financed by debt or by the funds that policyholders entrust to these firms’ insurance subsidiaries. Four such companies—HNA, Dalian Wanda, Fosun (based in Shanghai) and Anbang—have spent $100bn on assets that include luxury hotels, a Portuguese bank, a Russian gold mine and a yachtmaker. It is hard to see industrial logic behind the purchases. Fosun and HNA, which disclose their accounts, have eye-watering ratios of debt to gross operating profit of 8 and 13 times respectively. In the last category are outright flops: $230bn of deals worth $1bn or more have collapsed because the buyer or the Chinese government got cold feet, or because of a hostile reception abroad. As a result Chinese buyers are seen as unreliable.Other countries have been on foreign M&A benders: in 1989-90 Japanese companies bought a Hollywood studio and the Rockefeller Centre and in 2005-15 Indian firms splurged overseas. But China is different. It is much bigger. And its firms’ weaknesses abroad reflect the unique problems of its economy at home.State-controlled firms are the most financially undisciplined. They are also more likely to provoke opposition abroad from private rivals and from politicians who can argue that China’s government is meddling in their economy. As for the country’s entrepreneurs, cheap loans from state banks and a reluctance to issue equity leads them to assume too much debt and to speculate. They need to be politically connected to get bank loans and get around currency controls, but such connections can be fickle. In 2015 Fosun’s boss was arrested and then released. This month Anbang has had to deny that its chairman is banned from leaving the country. China’s outbound foreign investment dropped by 49% year on year in the first quarter of 2017, with an official clampdown on such speculative deals partly to blame.More sensible ways of going global may be emerging, however. State-backed firms are using new mechanisms to persuade foreign countries that they will operate on a largely commercial basis. ChemChina has just bought Syngenta, a Swiss chemicals firm, for $46bn. It has promised to keep Syngenta’s headquarters and research in Switzerland. China Investment Corporation (CIC), a sovereign-wealth fund, is to spend $14bn buying Logicor, a European warehousing business. CIC will presumably argue that it is a financial buyer and won’t meddle. China’s one-belt-one-road initiative is partly aimed at reassuring foreign countries that do business with state-backed firms, by putting contracts and activity under a bilateral, diplomatic umbrella.M&A with Chinese characteristicsFor China’s private firms the focus must be on deals that contain industrial logic, rather than those with a strongly speculative or trophy-hunting flavour. Last year Haier, which makes white goods, bought General Electric’s appliances business. Even these deals are hit and miss. Geely, a carmaker, has made a success of Volvo, which it bought in 2010, but Lenovo, a computer firm, has struggled since buying Motorola’s handset business in 2014. Yet, over the long term they have a better chance of succeeding than almost anything else. As China’s internet firms accumulate cash they will go abroad; they have much to offer in terms of expertise. Last year Tencent paid $9bn for Supercell, a Finnish gaming firm.In the past, each economic superpower has created its own corporate form abroad, reflecting its national character and the state of the world it sought to bestride. British firms used managing agents in the 19th century to run remote businesses. From the 1970s American firms perfected the multinational, taking advantage of technology and open borders to run things on an integrated basis. China’s firms are emerging out of a state-led economy into a more protectionist world. They must find their own ways to adapt to this environment if they are to fulfil their destiny.  "Crossing the river"'|'economist.com'|'http://www.economist.com/rss/business_rss.xml'|'http://www.economist.com/news/business/21723164-overpaying-commodities-and-trophy-assets-has-become-norm-chinese-companies-weak-record?fsrc=rss%7Cbus'|'2017-06-08T22:46:00.000+03:00'
'6b965a2e283ed44178ae6cc2421d0cc3a4754f81'|'JPMorgan operating chief to go, Dimon successor pool shrinks - Reuters'|'Business News - Thu Jun 8, 2017 - 10:36pm BST JPMorgan operating chief to go, Dimon successor pool shrinks A view of the exterior of the JP Morgan Chase & Co. corporate headquarters in New York City May 20, 2015. REUTERS/Mike Segar/Files By Dan Freed - NEW YORK NEW YORK JPMorgan Chase Chief Operating Officer Matt Zames, once seen as a likely successor to Chief Executive Jamie Dimon, will leave the bank in the coming weeks, and his duties are being split among other senior executives, the bank said on Thursday. In an internal memo announcing Zames'' departure, Dimon thanked him for his 13 years of service but did not say why he was going. The exit stirs up, once again, one of Wall Street''s favorite parlor games - trying to work out who will succeed Dimon, 61, at the helm of the largest U.S. bank. At 46, Zames was the youngest of the six contenders and had the advantage of knowing all segments of the bank, after overseeing areas including cyber security, technology and real estate. Zames also played a central role in keeping the bank stable amid financial turmoil. He helped stabilize Bear Stearns, after JPMorgan acquired the investment bank during the 2007-2009 crisis, and transformed JPMorgan''s chief investment office and treasury arm after the so-called "London Whale" scandal in 2012. More recently, he was focused on critical technology and cyber functions. "While I am sad to see him leave, I respect his decision and all he has done for JPMorgan Chase," said Dimon. In the memo, Dimon detailed a new organizational structure in which the five other potential successors - Chief Financial Officer Marianne Lake, Corporate and Investment Bank CEO Daniel Pinto, Consumer and Community Banking CEO Gordon Smith, Asset Management CEO Mary Erdoes and Commercial Bank CEO Doug Petno - divvy up Zames'' responsibilities. With Dimon showing no inclination to relinquish his role, a raft of potential successors has left the bank in recent years. Many have gone on to lead other institutions, including Barclays PLC CEO Jes Staley, Standard Chartered PLC CEO Bill Winters and former Visa Inc CEO Charles Scharf. Zames will receive discretionary payments of $4.625 million on Feb. 1, 2018 and $4.5 million a year later. He has agreed not to compete with JPMorgan until Feb. 1, 2018, not to solicit clients for a year after that date and not to hire employees of the bank before Feb. 1, 2020. "Jamie has been a true mentor to me, and it has been a privilege to be a member of his team. I''m confident I will continue to benefit from his guidance and wisdom in the future," Zames said in the memo. (Reporting by Dan Freed in New York; Writing by Lauren Tara LaCapra; Editing by Lisa Shumaker and Tom Brown)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-jpmorgan-coo-idUKKBN18Z2JC'|'2017-06-09T05:14:00.000+03:00'
'9c216d38ccbd332690a8003e83675fce0d20bbdb'|'Norway oil workers agree wage deal, ending threat of strike'|'Business News - Sat Jun 10, 2017 - 1:43am BST Norway oil workers agree wage deal, ending threat of strike OSLO Norwegian oil and gas firms secured a wage agreement with workers on Saturday, ending the threat of a strike that would have cut output at five fields, employers said. The Norwegian Oil and Gas Association (NOG), which negotiated on behalf of energy firms, had warned that a strike by the Lederne trade union would have cut oil and gas output by 443,500 barrels of oil equivalent per day. The five fields that were under threat of strike are operated by Statoil ( STL.OL ), Shell ( RDSa.L ) and Eni ( ENI.MI ). (Reporting by Terje Solsvik, editing by Nerijus Adomaitis)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-norway-oil-idUKKBN19101N'|'2017-06-10T08:43:00.000+03:00'
'639fff6c55a1ede461e411cd7fcee4b0cf18f519'|'Toshiba says Western Digital meeting didn''t dispel concerns over chip proposal'|'TOKYO Toshiba Corp ( 6502.T ) said that Western Digital Corp ( WDC.O ) CEO Steve Milligan met with its executives on Friday but failed to dispel concerns about the U.S. firm''s proposal to buy Toshiba''s prized chip unit.Milligan met with his Toshiba counterpart, Satoshi Tsunakawa, at Toshiba headquarters on Friday afternoon."Toshiba listened to Western Digital''s thinking, but our concerns about the prospects of success for a deal were not wiped out," a Toshiba spokeswoman said.(Reporting by Makiko Yamazaki; Editing by Edwina Gibbs)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-toshiba-accounting-western-digital-idINKBN1901QW'|'2017-06-09T10:20:00.000+03:00'
'7295753f07c6d0d21de007c4aa7868b9013ecdc9'|'Dominican Republic imprisons suspects in Odebrecht case pending trial'|'Business News - Thu Jun 8, 2017 - 4:23am BST Dominican Republic imprisons suspects in Odebrecht case pending trial left right Temistocles Montas(C), minister of Industry and Commerce, reacts to the judge''s ruling, following the hearing before Supreme Court Judge Francisco Ortega, for bribes paid by Brazilian construction company Odebrecht to obtain public works contracts, in Santo Domingo, Dominican Republic on June 7, 2017. REUTERS/Ricardo Rojas 1/3 left right Victor Diaz Rua (C), former minister of Public Works, reacts to the judge''s ruling, following the hearing before Supreme Court Judge Francisco Ortega, for bribes paid by Brazilian construction company Odebrecht to obtain public works contracts, in Santo Domingo, Dominican Republic on June 7, 2017. REUTERS/Ricardo Rojas 2/3 left right Supreme Court judge Francisco Ortega dictates the sentence to the 14 accused in the case on $92 million in bribes paid by the Brazilian construction company Odebrecht to obtain public works contracts, in Santo Domingo, Dominican Republic June 7, 2017. REUTERS/Ricardo Rojas 3/3 SANTO DOMINGO A judge in the Dominican Republic ordered several suspects awaiting trial in a bribery scandal engulfing Brazilian company Odebrecht to be sent to prison on Wednesday until their case is heard. Prosecutors allege Angel Rondon, a lobbyist for Odebrecht, oversaw payment of $92 million (71 million pounds) in bribes among government officials, lawmakers and others to secure major public works contracts for the Brazilian firm. He denies the charges. Authorities in the Dominican Republic arrested nearly a dozen people last week over the case. The accused face a variety of charges, including taking bribes, conspiracy to commit a felony, and money laundering. Among those facing prosecution in the case are Victor Diaz Rua, a former public works minister, and trade minister Temistocles Montas, as well several national politicians. Montas denies wrongdoing. Attorneys for Diaz, who has been accused of taking bribes and other crimes, did not comment when questioned upon leaving the courtroom on Wednesday. Judge Francisco Ortega ruled Rondon should spend one year in prison, and ordered other defendants to be incarcerated for between six and nine months. Others were put under house arrest or released on bail, barred from leaving the country. The trial is due to begin in eight months. Prosecutors across Latin America have been making arrests after Odebrecht and its petrochemical subsidiary Braskem admitted late last year to bribing officials around the region. (Reporting by Jorge Pineda; Editing by Paul Tait)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-dominican-corruption-idUKKBN18Z0AT'|'2017-06-08T11:23:00.000+03:00'
'95d855b1e4068ff32b399dc0b79efc0c938cfee0'|'French reform, British uproar and a Fed hike'|'  2:34pm BST Global economy weekahead: French reform, British uproar and a Fed hike Britain''s Prime Minister Theresa May leaves the Conservative Party''s Headquarters after Britain''s election in London, June 9, 2017. REUTERS/Peter Nicholls By Padraic Halpin and Jeremy Gaunt - DUBLIN/LONDON DUBLIN/LONDON When British Prime Minister Theresa May called a snap election in April, then-French presidential candidate Emmanuel Macron was the one supposedly set to struggle to govern effectively with a parliamentary majority. Seven weeks later, May has lost her majority and a novice party created by Macron looks set to win the biggest parliamentary majority for a French president since Charles de Gaulle''s 1968 landslide. European Union leaders fear May''s dramatic electoral miscue will delay Brexit talks due to start this month and so raise the risk of negotiations failing, and the fallout will doubtless continue to dominate headlines in the coming week. So will the U.S. Federal Reserve''s meeting, which is expected to bring a rise in interest rates. But just as significant for Europe is the fact that the week is bookended by France''s two rounds of legislative elections, this Sunday and on June 18. Predictions can go wrong, of course. Just ask May. But if Macron does succeed in stomping on the opposition as polls suggest, he will be starting his tenure with clout to steer an economy in need of a bit of help. French economic growth has been accelerating. The central bank said on Friday it now expected it to rise 1.4 percent this year, a tad above earlier projections. Although that is the most since 2011, it is hardly robust and reflects what critics say is a rather sclerotic economic system -- which Macron is promising to fix. This was underlined by industrial output unexpectedly slumping 0.5 percent in April. The central bank also said France was again in danger of exceeding European Union budget deficit targets with a projected cap of 3.1 percent versus the EU''s 3.0 percent and the previous government''s 2.8 percent target. There is an audit due next month. Prime Minister Edouard Philippe says he is concerned the old government may have let things slip. BREXIT BLOW In the middle of Britain''s expected week of political question, meanwhile, comes one of the bits of post-Brexit-vote economic data that UK citizens have actually felt -- inflation. It has risen sharply, mainly as a result of the pound''s dive against the dollar and euro that followed the referendum. Economists polled by Reuters expect annual inflation to come in unchanged in May at 2.7 percent. It will not, of course, reflect the pound''s falls related to the election result. Pay growth is meanwhile seen falling to 2 percent in the three months to April, excluding bonuses -- less than inflation and underscoring why many voters are unhappy. May retail sales, on Thursday, are also expected to show some post-referendum blues, with a fall 0.8 percent month-on-month predicted, for a year-on-year rise of 1.4 percent versus April''s 4 percent. As for the Fed, its rate rise is pretty much expected, although recent weaker inflation data has added a bit of a question mark to what may come next. There are also some expectations that the Fed may announce how it will reduce its balance sheet -- all those things it has bought during periods of stimulus -- as it seeks to normalize policy nearly a decade after the global financial crisis began. (Additional reporting by Leigh Thomas in Paris; Editing by Catherine Evans)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-global-economy-weekahead-idUKKBN1901ZK'|'2017-06-09T21:31:00.000+03:00'
'593c184105a075fdb9fd9527537ebb2710919d70'|'Sailing-Barker bows out of another America''s Cup with pride'|'June 9 Years after losing the 2013 America''s Cup to Oracle Team USA, disappointment was still etched on Dean Barker''s face.The New Zealander had not only been at the receiving end of one of the most spectacular sporting comebacks in San Francisco, he was then dumped as skipper by Emirates Team New Zealand.Yet this month in Bermuda, the 44-year-old was back in the hunt, reborn as skipper and CEO of SoftBank Team Japan, the first Japanese challenge for the America''s Cup in 17 years.While Barker''s poker face and sunglasses hid his emotions as he raced, his wit, warmth and wisdom shone through in the post-match briefings, even when things were not going his way.After he was knocked out of the contest by Sweden''s Artemis Racing on Friday, Barker was positive in defeat."The main emotion is an immense pride in what we have achieved in two years ... we started with nothing," Barker told a televised news briefing."It''s been a fantastic honour and a privilege to be running a new team... and I would not trade that for anything."While it was "too early to say" whether SoftBank Team Japan would be back for another shot at the cup, Barker said he hoped they had a future given the fan base they have built up in both Japan and New Zealand, where many of the team are from."There''s a few things that need sorting out before we have that certainty," he added.BARKER ON BOARD?Whether Barker will be part of another campaign with Japan is also up in the air."I really haven''t given it any thought. We will have to see..." he said of his own future, adding that he had always said he loved racing and would like to continue.But Barker''s performance on Bermuda''s Great Sound has been mixed. At times his tactical and sailing brilliance shone bright, while at others he was punished for his errors."Clearly there were mistakes," he said of the last race, while pointing out that his opponents had also made some.Whether SoftBank Team Japan do return to fulfil their sponsor''s aim of bringing the cup to Japan may depend on who triumphs in this month''s competition.If Oracle Team USA or Artemis Racing win, a framework has been agreed among five of the teams for taking it through to the next event, once again in the high-octane foiling catamarans which have proved popular with sailors and broadcasters.But if New Zealand emerge victorious, they have said they will look to return to the cup''s less structured roots, something which might make it harder for SoftBank Team Japan, who bought their design from the holders, to commit to.Whoever wins, Barker is adamant that the so-called Framework Agreement signed earlier this year by the British, U.S., French, Swedish and Japanese teams is the way forward.He will certainly be back out on the water this week, as a sparring partner for his former foe Jimmy Spithill, skipper of Oracle Team USA.(Editing by Ken Ferris)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/sailing-americas-barker-idUSL8N1J65KT'|'2017-06-10T05:17:00.000+03:00'
'72991c05962c46c93cb65a417fea1283d8f2f701'|'Online fashion company Boohoo.com raises sales forecast'|'Business News  33pm BST Online fashion company Boohoo.com raises sales forecast Online fashion retailer Boohoo.com Plc ( BOOH.L ) on Wednesday nudged its full-year sales forecast upwards after a doubling in first-quarter sales on the back of strong demand across all its businesses. The British company, which sells own-brand clothing, shoes and accessories online to a core market of 16-24-year-olds, said it expected group revenue for the year to Feb. 2018 to grow by 60 percent, compared with an earlier forecast of 50 percent growth. Boohoo also said it would raise 50 million pounds via a share placing to pay for expanding its warehouse capacity and maintain a strong cash balance. Boohoo and online rivals such as ASOS ( ASOS.L ) are winning market share from traditional retailers, benefiting from the increasing popularity of smartphone e-commerce and their extensive use of social media. The company, whose brands include PrettyLittleThing and Nasty Gal, said first-quarter revenue rose 106 percent to 120.1 million pounds. Boohoo made a pretax profit of 30.9 million pounds in the year to Feb. 28. The company''s shares are up nearly threefold over the past year, according to Thomson Reuters data. (Reporting by Rahul B in Bengaluru. Editing by Jane Merriman)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-boohoo-com-outlook-idUKKBN18Y2F4'|'2017-06-08T00:33:00.000+03:00'
'74c5bf372fa85dc227d6eb1d8650c4683e8db95e'|'Rockwell Medical shareholders back Ravich for board seat-sources'|'Funds News  54am EDT Rockwell Medical shareholders back Ravich for board seat-sources NEW YORK, June 1 Shareholders of Rockwell Medical Inc. voted investor Mark Ravich onto the company''s board of directors, according to people familiar with the matter. Ravich was part of a dissident shareholder group pressing for changes at the company. He ran against company nominee David Domzalski. Spokesmen for Rockwell and Ravich were not immediately available for comment. (Reporting by Michael Flaherty; Editing by Chizu Nomiyama)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/rockwell-medical-ravich-idUSL1N1IY0QT'|'2017-06-01T21:54:00.000+03:00'
'38a0b048b5d20413ba95146de8087e88e8809a02'|'PRESS DIGEST - Wall Street Journal - June 1'|'Funds News - Thu Jun 1, 2017 - 1:06am EDT PRESS DIGEST - Wall Street Journal - June 1 June 1 The following are the top stories in the Wall Street Journal. Reuters has not verified these stories and does not vouch for their accuracy. - U.S. President Donald Trump said he would make an announcement Thursday on the Paris climate treaty, with three White House officials saying he is expected to withdraw from the accord, although they cautioned that the situation may yet change. on.wsj.com/2rU7quK - Ohio filed a suit against five drug companies, alleging they fueled the opioid addiction crisis by misrepresenting the addictive risks of their painkillers. on.wsj.com/2qGpmo7 - Former FBI Director James Comey is expected to testify as early as next week before a Senate committee that President Donald Trump asked him to back off the investigation of former national security adviser Michael Flynn, according to a person familiar with the matter. on.wsj.com/2qBFwQf - Japanese investment bank Nomura Securities bought about $100 million worth of Venezuelan government bonds last week as part of the same transaction that has landed Goldman Sachs Group Inc in the thick of a political controversy. on.wsj.com/2qCP3Xu - The Trump administration ordered a review of oil reserves and production on Alaska''s vast public lands, an early step in potentially opening more areas of the state to drilling- including the now-protected Arctic National Wildlife Refuge. on.wsj.com/2spJY52 (Compiled by Bengaluru newsroom) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/press-digest-wsj-idUSL3N1IY25P'|'2017-06-01T13:06:00.000+03:00'
'759f966ce5ceffe458a000526c67a32da2f02662'|'UPDATE 1-German shipping company Rickmers files for insolvency'|'(Adds details, background)By Jan SchwartzHAMBURG, Germany, June 1 German shipping firm Rickmers filed for insolvency on Thursday, a day after its largest lender HSH Nordbank rejected a restructuring plan, the company said.Rickmers is the most high-profile casualty in Germany''s shipping sector and another example of the deepening turmoil in a global container industry struggling with an oversupply of vessels and sluggish trade growth.Rickmers, which has 114 ships and employs about 2000 people, had proposed a restructuring plan under which owner Bertram Rickmers would cut his equity stake to 24.9 percent, giving bondholders, HSH and potentially another bank 75.1 percent.But the German company said late on Wednesday that HSH had "highly surprisingly" rejected that plan. HSH, which owns about half of Rickmer''s debt, said the plan was not viable."The insolvency application was filed this morning, and the court has confirmed that it has received it," Rickmers said in a statement, adding it could not predict future developments.Rickmers debtholders had haggled over different restructuring plans drafted by One Square Advisors and Houlihan Lokey.According to ship valuation company VesselsValue, the company''s shipping assets are worth about $661 million. If they were sold for scrap, they would only get an estimated $244 million, according to VesselsValue data.The longest shipping industry downturn on record claimed South Korean line Hanjin last year. It has also prompted mergers such as Maersk and Hamburg Sued, and Hapag Lloyd and UASC, in a bid to lower costs.Banks have written off billions of euros lent to shipping companies and HSH was forced to take a second bailout from its public sector owners because of provisions for bad ship loans.HSH is also in the midst of a privatisation process and was unwilling to throw Rickmers a lifeline as writedowns might weigh on already faint interest from potential buyers.The bank increased its provisions for bad loans to shipping companies by 3 billion euros in 2015 and 2 billion last year. Its total exposure to the sector stands at 17 billion euros, of which 750 million euros is in loans to Rickmers.The shipping company''s losses in 2016 more than doubled to 341 million euros ($382 million) on sales of 483 million euros as freight rates fell. An attempt to merge with rival E.R. Capital Holding last year failed. ($1 = 0.8917 euros) (Additional reporting by Arno Schuetze; writing by Maria Sheahan; editing by David Clarke)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/rickmers-restructuring-idINL8N1IY2UE'|'2017-06-01T11:49:00.000+03:00'
'd3e8a3ea1ce388180aea26be68d4e56f3228bcb4'|'Manhattan Scientifics says Imagion Biosystems filed prospectus with Australian securities, investment commission'|'June 1 Manhattan Scientifics Inc:* Manhattan Scientifics says its affiliate company Imagion Biosystems filed a prospectus with Australian securities and investment commission* Manhattan Scientifics - Imagion Biosystems applied to Australian securities exchange for an IPO to raise up to a$12 million at a$0.20 per share '|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/brief-manhattan-scientifics-says-imagion-idINFWN1IY0KP'|'2017-06-01T11:20:00.000+03:00'
'8d1d054c97b3fba8882ee380925001275fc353bd'|'Iran''s Aseman airlines signed final deal to buy 30 Boeing planes - IRNA'|'Business News - Sat Jun 10, 2017 - 2:00pm BST Iran''s Aseman signs final deal for 30 Boeing 737s: IRNA Boeing''s logo is seen during Japan Aerospace 2016 air show in Tokyo, Japan, October 12, 2016. REUTERS/Kim Kyung-Hoon LONDON Aseman Airlines has signed a final deal to buy 30 Boeing ( BA.N ) 737 MAX jets in Iran''s first new business with the U.S. planemaker since President Donald Trump took office vowing to take a tougher stance toward the country. Aseman and Boeing had signed a tentative deal in April. Iran''s state news agency IRNA reported that representatives of Aseman and Boeing signed the final agreement in the capital Tehran on Saturday. "I am very pleased that after a year of negotiation with Boeing, the contract to buy 30 Boeing 737s was signed today," Aseman CEO Hossein Alaei was quoted as saying by IRNA after the signing ceremony. Owned by Iran''s civil service pension foundation but managed as a private company, Aseman is Iran''s third-largest airline by active fleet size, according to the CAPA consultancy. Alaei said Aseman was ready to order another 30 of the same planes once the delivery of the first order was finished. IRNA reported that the deal for 60 jets would be worth $3 billion, saying Aseman would pay 5 percent and seek financing for the rest. Boeing has already agreed to sell 80 aircraft to flag carrier IranAir under a deal between Tehran and major powers that led to the lifting of most sanctions in return for curbs on its nuclear technology development activities. Trump has said he opposes the nuclear sanctions pact but has not stated a public view on the aircraft deals reached under the accord. The U.S. aerospace industry says they support Trump''s agenda for protecting U.S. manufacturing jobs. (Reporting by Bozorgmehr Sharafedin; editing by David Clarke) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-iran-aseman-boeing-idUKKBN1910HT'|'2017-06-10T20:17:00.000+03:00'
'ca16420f2bbc1a128a55c2b55f021101c30ee6cd'|'RPT-CORRECTED-Samsung Elec to invest $300 mln for U.S. appliances factory - Korea Economic Daily'|'Market News - Wed Jun 7, 2017 - 9:16pm EDT RPT-CORRECTED-Samsung Elec to invest $300 mln for U.S. appliances factory - Korea Economic Daily (Corrects planned date for completion of plant in paragraph 3. Repeats to fix technical glitch.) SEOUL, June 8 Tech giant Samsung Electronics Co Ltd plans to invest $300 million to build an appliances factory in the United States, the Korea Economic Daily reported on Thursday citing unnamed sources. The plant in Blythewood, South Carolina, will manufacture products such as washing machines and gas oven ranges, the South Korean newspaper said. Samsung will sign a formal agreement later this month and plans to complete construction of the plant by 2019, the report said. A Samsung spokesman declined to comment. The South Korean firm said earlier this year it was in talks to build a home appliances plant in the United States amid worries about protectionist policies under new U.S. President Donald Trump. Home appliances rival LG Electronics Inc in March announced a $250 million plan to build a new home appliances factory in Tennessee. (Reporting by Se Young Lee; Editing by Stephen Coates) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/samsung-elec-us-idUSL3N1J514D'|'2017-06-08T05:16:00.000+03:00'
'80ef49bb67321eabe7d2f56289e95fb797c86f2c'|'Moody''s upgrades BP for first time in 19 years'|'  5:34pm BST Moody''s upgrades BP for first time in 19 years FILE PHOTO: A BP logo is seen at a petrol station in London, Britain, January 15, 2015. REUTERS/Luke MacGregor/File Photo By Ron Bousso - LONDON LONDON Moody''s upgraded BP''s ( BP.L ) credit rating for the first time in 19 years on Thursday, citing a strong performance despite oil price volatility and greater fiscal clarity following a $20 billion (£15.4 billion) settlement of the deadly 2010 Gulf of Mexico spill. The rating agency bumped BP up one notch to A1 and said the London-based company''s outlook was positive. Moody''s last upgraded BP''s long-term issuer rating in 1998, a spokesman said. "Our decision to upgrade BP to A1 factors in the increased clarity around the size and timing of remaining cash payments linked to the Deep Water Horizon incident, as well as expected improvements to BP''s credit metrics and its strong operating performance despite high oil price volatility," said Elena Nadtotchi, vice president and senior credit officer at Moody''s. The settlement of the Deepwater Horizon fines and clean up costs in 2015 brought BP''s pretax bill to more than $62 billion. The company will pay the charge gradually into the 2030s. BP, like other oil companies, slashed spending and costs in the wake of a sharp drop in oil prices from mid-2014. It is aiming to be able to general cashflow at oil prices of $35-$40 a barrel by the end of the decade. "BP demonstrated strong operating performance amid high volatility in oil prices," according to Moody''s. It is set to see a sharp rise in production in the coming years as it starts up eight projects this year, including in Oman and Azerbaijan, the largest number in the company''s history in a single year. The company hopes to add 800,000 barrels per day of new production by the end of the decade. "The positive outlook recognises that BP''s strong business profile may sustain a higher rating and anticipates that the company will continue to deliver strong operating performance in 2017-19, supported by growth and improving profitability of the upstream, and rising contribution from the downstream," Moody''s said. Of 29 analysts surveyed by Reuters, 14 have ''buy'' or ''strong buy'' recommendations on BP, and 14 a ''hold'' recommendation. BP''s debt at the end of March was $28.6 billion, which represents 28 percent of the company''s equity capital, also known as gearing. (Reporting by Ron Bousso; Editing by Mark Potter)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-bp-ratings-idUKKBN18Z1OV'|'2017-06-08T22:43:00.000+03:00'
'a566192b4b621ff9944b329db60b0ed2e8220f57'|'Valeant to sell its iNova Pharmaceuticals business for $930 mln'|'June 8 Embattled Canadian drugmaker Valeant Pharmaceuticals International Inc said on Thursday it would sell its iNova Pharmaceuticals business for $930 million in cash as it looks to pay down debt.The unit will be bought by a company jointly owned by funds advised and managed by Pacific Equity Partners and The Carlyle Group, Valeant said.INova markets a diversified portfolio of prescription and over-the-counter products for weight management, pain management, cardiology and cough and cold.As of March 31, Valeant''s long-term debt was $28.54 billion. (Reporting by Divya Grover in Bengaluru; Editing by Shounak Dasgupta)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/valeant-pharm-in-divestiture-idINL3N1J53SV'|'2017-06-08T09:11:00.000+03:00'
'039e60064e52cf8ff4f783e4a9117a66399f955a'|'UPDATE 1-Brazil police search headquarters of Eletrobras unit in graft probe'|'Market  08pm EDT UPDATE 1-Brazil police search headquarters of Eletrobras unit in graft probe (Adds company comments, share performance) SAO PAULO, June 8 Brazilian federal police searched the headquarters of a unit of state-controlled power utility Centrais Elétricas Brasileiras SA on Thursday as part of a corruption investigation. According to a statement, the operation was driven by suspicions of graft and money-laundering in dealings involving an unspecified hydropower dam held by the Furnas Centrais Elétricas SA unit and former lower house Speaker Eduardo Cunha, who is currently under arrest. Police served 33 search-and-seizure warrants in São Paulo and Rio de Janeiro, the statement said. The warrants are part of the so-called Operation Car Wash, a sweeping three-year investigation of money laundering and bribery that has ensnared senior politicians and key figures in corporate Brazil. In a statement, Furnas said it is collaborating with the investigations and has provided the documents requested by police. Units in Eletrobras, a blend of common and preferred shares, fell 2.5 percent, in line with a 2 percent decline of an index tracking power utilities listed on the São Paulo Stock Exchange. (Reporting by Pedro Fonseca and Bruno Federowski; Writing by Bruno Federowski; Editing by Bernadette Baum and Dan Grebler)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brazil-corruption-eletrobras-idUSL1N1J516S'|'2017-06-09T00:08:00.000+03:00'
'e2bec41c79f316796ed9358598c073768c590744'|'L''Oreal set to sell The Body Shop to Brazil''s Natura in 1 billion euro deal'|'Deals  09pm BST L''Oreal set to sell The Body Shop to Brazil''s Natura in $1.1 billion deal left right FILE PHOTO: The logo of British cosmetics and skin care company The Body Shop is seen outside a store in Vienna, Austria, June 4, 2016. REUTERS/Leonhard Foeger/File Photo 1/3 left right FILE PHOTO - A logo is seen over the entrance of Cosmetics company L''Oreal building in Paris, August 16, 2013. REUTERS/Christian Hartmann/File Photo 2/3 left right FILE PHOTO: The logo of British cosmetics and skin care company The Body Shop is seen outside a store in Vienna, Austria, June 4, 2016. REUTERS/Leonhard Foeger/File Photo 3/3 By Sudip Kar-Gupta - PARIS PARIS French cosmetics and luxury goods group L''Oreal ( OREP.PA ) has started exclusive talks to sell The Body Shop business to Brazilian make-up company Natura Cosmeticos ( NATU3.SA ) in a possible 1 billion euros ($1.1 billion) deal. Earlier this year, L''Oreal had announced it was reviewing its strategy for The Body Shop, which it bought for 652 million pounds in 2006, and the sale of the business had attracted a wide range of bidders. L''Oreal said on Friday it had received a firm offer from Natura Cosmeticos, and the proposed deal put an enterprise value (equity plus debt) of 1 billion euros on the four decades old beauty brand - an innovator in the mass marketing of cosmetics made without animal testing and with natural ingredients. Founded in 1976 by British entrepreneur Anita Roddick, The Body Shop was a pioneer in its field but had since fallen victim to increased competition from newcomers offering similar products based on natural ingredients with no animal testing. L''Oreal shares were up 0.7 percent in late session trading, as investors welcomed progress toward a deal and the price tag. "It''s a good move, given that The Body Shop had been one of the least profitable parts of the L''Oreal business," said Roche Brune Asset Management fund manager Gregoire Laverne. Keren Finance fund manager Gregory Moore said the price tag had pleased L''Oreal investors, since earlier reports had stated it could be sold for around 800 million euros. "The stock has reacted well to the news, because there were some people who thought it could be sold for less," said Moore, whose firm owns L''Oreal shares in its portfolio. Shares in Natura fell 2.4 percent on the Brazil stock exchange, with Natura saying it would take on loans to finance the deal. Natura chief executive Joao Paulo Ferreira said The Body Shop would fit in well with Natura''s similar businesses, such as its "Aesop" brand. L''Oreal shares are up around 10 percent so far in 2017, broadly in line with the CAC-40, with the stock having touched a record high earlier this month. (Additional reporting by Gabriela Mello and Bruno Federowski in Sao Paulo; Reporting by Sudip Kar-Gupta; Editing by Andrew Callus and Mark Potter)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-l-oreal-bodyshop-idUKKBN1900OA'|'2017-06-09T23:09:00.000+03:00'
'26217afbe2d25545281ae23400c5c31b567c60ed'|'Etihad maintains investment in Air Berlin''s Niki after TUI talks end'|'Deals - Fri Jun 9, 2017 - 1:44pm BST Etihad maintains investment in Air Berlin''s Niki after TUI talks end A model Etihad Airways plane is seen on stage before the unveiling of the new home jersey for the New York City Football Club in New York November 13, 2014. REUTERS/Lucas Jackson FRANKFURT Abu Dhabi-based Etihad Airways on Friday confirmed its commitment to its investment in Air Berlin''s ( AB1.DE ) leisure airline Niki. Struggling airline Air Berlin was the center of a deal between Etihad, which owns almost 30 percent of Air Berlin, and Europe''s largest tour operator TUI Group ( TUIGn.DE ) to create a joint venture holiday airline. But talks about the joint venture collapsed earlier this week after Etihad had pulled out. As part of the deal outlined last year, Etihad planned to buy Air Berlin''s airline Niki before combining the business with TUI''s airline TUIfly. In a statement Etihad''s interim Chief Executive Ray Gammell said that Etihad would support Air Berlin management during the restructuring of the company. "At the same time we maintain our investment in Niki and expect to close the transaction soon," he said. Air Berlin had already received 300 million euros ($335.19 million) from Etihad for Niki, Air Berlin has said in its annual report. Air Berlin said on Thursday it had asked the German states of North-Rhine Westphalia (NRW) and Berlin to consider possible loan guarantees. The German government said on Friday it was evaluating the request with the two regional governments, noting any support would be contingent upon a sustainable business model for the struggling airline. (Reporting by Harro ten Wolde; Editing by Tom Sims)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-air-berlin-etihad-idUKKBN1901TE'|'2017-06-09T20:42:00.000+03:00'
'df65be9282e86981aa762bf9e768842f0acfd984'|'French central bank tweaks growth estimates higher, sees budget rule break'|'Business News - Fri Jun 9, 2017 - 7:13am BST French central bank tweaks growth estimates higher, sees budget rule break FILE PHOTO: A general view shows the illuminated Eiffel Tower (L), the Hotel des Invalides (R) and rooftops at night in Paris, France, November 28, 2016. REUTERS/Charles Platiau/File Photo PARIS The French economy is set to grow slightly more than expected through 2019 thanks to stronger international trade, but is at risk of breaking its public deficit commitments, the central bank forecast on Friday. Growth should pick up from an estimated 1.4 percent this year to 1.6 percent in both 2018 and 2019, the Bank of France said in its biannual economic outlook. That was up from estimates in December for growth of 1.3 percent in 2017, 1.4 percent in 2018 and 1.5 percent in 2019. While improving international trade would support activity, consumer spending would offer less support than in recent years as wage gains lagged behind higher inflation, the central bank said. After inflation of only 0.3 percent in 2016 amid weak energy prices, it estimated consumer prices would rise 1.2 percent this year and next, and 1.4 percent in 2019. While the 2017 estimate was unchanged from December, the forecasts for 2018 and 2019 were trimmed slightly on expectations for weaker oil prices. The central bank said that the public finances were on course for a deficit of 3.1 percent of economic output this year, falling short of the 2.8 percent expected by the previous government for this year. That would mean France would miss the 3 percent EU deficit limit again even though the government of former president Francois Hollande had promised it would be respected this year for the first time in a decade. While the current administration has said it would stick to that pledge, Budget Minister Gerald Darmanin told Le Monde newspaper on Thursday that reaching 2.8 percent was "too optimistic". (Reporting by Leigh Thomas; editing by Michel Rose/Jeremy Gaunt)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-france-economy-idUKKBN1900KH'|'2017-06-09T14:13:00.000+03:00'
'cc561c6e03b1da0ee6d7b88ec929e075c21ea876'|'Factories Won’t Bring Back the American Dream'|'During a phone call shortly after the November election, Apple Inc.’s chief executive officer, Tim Cook, got an earful from Donald Trump on the president-elect’s pet economic subject: factories. He prodded Cook to manufacture his iPhones and other gear at home rather than outsource them to China. “One of the things that will be a real achievement for me is when I get Apple to build a big plant in the United States, or many big plants,” Trump said he told Cook.That sums up the economic vision of the Trump administration. The president and his advisers are convinced more factories can cure the trade deficits, lackluster growth, and (supposed) joblessness plaguing the U.S. economy. Trump has vowed to lure back plants that departed for cheaper locales such as China or Mexico and sanction companies that dare to leave. The result, he claims, will be investments that revitalize down-on-their-luck communities and American economic vitality. “We will bring back our jobs,” he pledged in his inauguration speech. “We will bring back our dreams.”The president, though, is plain wrong. Factories won’t restore the American dream. That’s because they don’t contribute as much to the economy as they once did, despite all the fuss politicians make over them. Chasing them with pro-factory policies will not only fail to bring the benefits Trump has promised but could also hurt the very middle-class families they’re designed to help.A die-hard conviction remains among many Americans that the more an economy manufactures, the stronger it is. Some workers feel that making steel or cars is more respectable than stacking shelves at a Gap, and the Trump administration readily agrees. Calling steel “critical to both our economy and our military,” the president signed an executive order in late April that in all likelihood will lead to curbs on imports to protect U.S. mills. Peter Navarro, one of Trump’s key economic advisers, argues that bringing factories back from foreign countries will shore up the nation’s growth and security. “One of the goals of the Trump administration is to reclaim all of the supply-chain and manufacturing capability that would otherwise exist if the playing field were level,” he recently said.This strategy is based on flawed thinking. Manufacturing is certainly not as important to the U.S. economy as it once was, declining to less than 12 percent of gross domestic product in 2016 from 26 percent 50 years earlier. But the whole idea that “we don’t make anything,” as Trump himself has put it, is a fallacy. The U.S. remains a production powerhouse, accounting for almost 19 percent of global manufacturing, behind China’s 25 percent but bigger than Germany’s and Japan’s shares combined. U.S. manufacturers are still extremely competitive in high-tech and hard-to-duplicate products—think Boeing Co. aircraft. And even as some factory work has moved abroad, the U.S. economy remains remarkably strong. Home to many of the world’s most important and innovative companies, from Facebook Inc. to Tesla Inc., the U.S. boasts an unemployment rate of 4.3 percent, less than half the euro-area level.What Trump fails to appreciate is that the true value in making something is no longer in making it. Companies figured out long ago that they can capture most of the value of a product by focusing on its design and research and development, its branding, and the services that support it after it’s been sold. Stan Shih, the founder of Taiwan’s Acer Inc., illuminated this phenomenon in the early 1990s with his “smile curve.” The middle of the smile—the lowest point of value—is where the fabrication takes place; the highest value is found at the corners—the R&D at the beginning and the customer service at the end.Manufacturing is at the lowest point on a curve that plots where companies profit mostThat simply reflects supply and demand. The talent necessary to conceive, brand, and market a new product is much scarcer than the skills to manufacture it. The integration of giant emerging economies such as China and India into global supply chains increased the number of available hands to screw or sew things together, dropping the cost of making a product even further. There’s “a lot of supply for the actual manufacturing, but not a lot of supply for creating the next Google or Apple,” says Ann Harrison, management professor at the Wharton School and co-editor of the book The Factory-Free Economy .That disparity shows clearly in the apple of Trump’s eye: the iPhone. In a 2010 study, the Asian Development Bank Institute pulled apart an iPhone and figured that the process of assembling it in China accounted for 3.6 percent of its production cost. The remaining 96.4 percent was paid to the parts suppliers, and Apple, as the creator, claimed the big profits. Net income at Apple, which does almost no manufacturing, was an impressive 21 percent of revenue in its last fiscal year, and its shares trade at 18 times earnings. Meanwhile, Taiwan’s Hon Hai Precision Industry Co., one of the companies to which Apple outsources its manufacturing, recorded net profit of 3.5 percent of sales; investors value its shares at 12 times earnings. Apple also creates lots of jobs without big factories: It directly employs 80,000 people in the U.S. and plans to add thousands more.Trump’s fixation on factories could lose, not gain, jobs for AmericansBased on Cook’s reaction to Trump’s nagging, he fully understands where the real profits lie. Although Cook in early May made a surprise announcement that Apple was earmarking $1 billion to invest in advanced manufacturing, the savvy CEO never said his company would build and operate factories itself. (Apple’s first investment was $200 million into Corning Inc., a supplier that makes the glass for iPhones.)Of course, more factories mean more jobs, and more jobs are always good. Studies show that workers who lose their job when a plant closes take a long-term hit to their standard of living. Unfortunately, the 21st century factory won’t create the jobs that yesterday’s did. With advancing technology in robotics and automation, a modern plant can churn out a lot more stuff with fewer workers. That’s why U.S. manufacturing output continues to swell while employment in the sector has withered.Trump’s fixation on factories could lose, not gain, jobs for Americans. There are some measures he can take to woo factories home. A corporate tax cut, for instance, might make the U.S. more attractive to some manufacturers. But to entice supply chains back en masse from China and Mexico, where it’s cheaper and more efficient to make certain things, he’d have to intervene in market forces to overturn those cost advantages—for example, by imposing taxes and tariffs on imports lofty enough to render manufacturing outside the U.S. much more expensive, as he’s already threatened to do.But whenever government tries to outmuscle the market, the result is almost always extra costs that have to be borne by the greater economy. A border tax being contemplated in a Republican tax plan could hurt shareholders, by decreasing corporate profitability and share valuations, and consumers, by hiking prices at their local Walmart or Target. That suppresses consumption, which is bad for growth and jobs. A major effort by the administration to force factories home could destroy lots of other jobs. Raising the price of imports would likely decimate the already struggling retail industry, which supports 1 of 4 American jobs, with slower sales and slimmer profits—almost certainly causing store closings and layoffs. By obsessing over factory jobs that no longer exist, Trump may cost Americans the jobs of the future. The logic of the “smile curve” suggests he should focus on developing and supporting the parts of the manufacturing process that hold the real value—in other words, fostering more Apples. That would entail upgrading the skills of the U.S. workforce by devoting more resources to education and reducing the financial burden of a college degree, while encouraging foreign talent to start their next big ventures in Silicon Valley, not Shanghai. Rather than restricting trade, Trump should press for an even freer global exchange of goods and services so U.S. corporations can best organize their operations to maximize profits. Unfortunately, he and his team aren’t headed in that direction.Describing his talk with Cook, Trump called an Apple factory in America a “real achievement for me”—not Apple, the American worker, or the economy. By rallying political support, his obsession with factories may be good for him, but it isn’t necessarily great for the rest of us.'|'bloomberg.com'|'https://www.bloomberg.com/businessweek'|'http://www.bloomberg.com/news/articles/2017-06-08/factories-won-t-bring-back-the-american-dream'|'2017-06-08T19:00:00.000+03:00'
'c1c7183eb4e4434b1950829abb6fe2aaa46f0116'|'Triunfo sues Brazil watchdog over toll road delay -sources'|'By Guillermo Parra-Bernal - SAO PAULO, June 7 SAO PAULO, June 7 TPI Triunfo Participações & Investimentos SA has sued a Brazilian regulator over delays in a toll road project that forced the debt-laden infrastructure firm to embark on a painful restructuring, two people familiar with the matter said.Last week, Triunfo filed a lawsuit at the 5th Civil Court of Brasilia against transportation industry watchdog ANTT, claiming it breached terms of a licensing contract to build and operate a tranche of the BR-040 highway, the people said.According to the people, the agency must have automatically lengthened Triunfo''s road concession after the government missed payments on the project. Both the company and government agencies discussed contractual terms of the BR-040 project, which includes construction of Brazil''s longest highway tunnel in Rio de Janeiro state, for three years.In the lawsuit, Triunfo seeks a reimbursement of a minimum 262 million reais ($80 million) and court permission to stop work on the project until contractual terms are fine-tuned, the people said.The situation reflects mounting legal and operational risks facing infrastructure companies in Brazil, where the government has for decades proved to be an onerous and sometimes mercurial partner, the people said.One of them said delays and contractual problems in the BR-040 project are responsible for heavy cash burn at toll road unit Concer and, ultimately, a Triunfo default on an 800 million-real loan from state development bank BNDES last year. BNDES said last week that it had started foreclosure procedures on the loan.São Paulo-based Triunfo declined to comment. The media office of Brasilia-based ANTT did not have an immediate comment. The sources could not be identified because of the sensitivity of the issue.Over the past couple of months, Triunfo and creditors have discussed ways to allow the company to keep cash from potential asset sales while downsizing further, sources told Reuters on May 11. An accord would prevent BNDES and other Triunfo creditors from tapping proceeds from Triunfo''s divestitures to get their loans repaid immediately.Without an agreement with creditors, Triunfo could see potential asset sales at jeopardy.Reuters reported on March 27 that MSC Mediterranean Shipping was likely to exercise a right of first refusal to buy Triunfo''s stake in the PortoNave port terminal for an equivalent of 12 times expected operational earnings. Apart from PortoNave, Triunfo is looking to sell stakes in Brazil''s Viracopos international airport and a hydropower dam.Triunfo borrowed heavily in recent years to participate on a massive infrastructure investment plan that collapsed as Brazil''s worst recession ever eroded public finances.($1 = 3.2773 reais) (Editing by Daniel Flynn, Bernard Orr)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/tpi-triunfo-part-restructuring-lawsuit-idINL1N1J31JG'|'2017-06-07T12:57:00.000+03:00'
'e0caa1341039402c1a67674665fa4b476c8bee37'|'Deutsche Boerse says open to index and data business deals'|' 49pm BST Deutsche Boerse says open to index and data business deals The plaque of the Deutsche Boerse AG is pictured at the entrance of the Frankfurt stock exchange February 1, 2012. REUTERS/Alex Domanski/File Photo By John McCrank - NEW YORK NEW YORK Deutsche Boerse AG ( DB1Gn.DE ) is on the lookout for deals in the index, data, and analytics space following the collapse of its merger with the London Stock Exchange Group PLC ( LSE.L ), the company''s chief financial officer said on Wednesday. The third attempt to create a super bourse by linking London and Frankfurt ended in March after European Union competition regulators opposed the deal, and German officials objected to the head office being based in Britain. "One of the lessons learned is that consolidation across the exchange business, at least in Europe, is currently not supported by politicians and regulators," Deutsche Boerse CFO Gregor Pottmeyer said at the Sandler O''Neill Global Exchanges and Brokerage Conference at Le Parker Meridien Hotel in New York City. He said uncertainty as a result of Britain''s decision to leave the European Union also did not help the exchange M&A landscape, so Deutsche Boerse would focus on areas where the political dependency to get a deal done is not as strong. That means looking at index, data and analytics businesses, as well as foreign exchange and commodities, he said. "But overall, it always needs two for a tango and therefore our focus is on our standalone strategy, but we are also open for these kinds of M&A opportunities," he said. The focus on data and index business acquisitions mirrors the recent actions of two of Deutsche Boerse''s biggest rivals. Intercontinental Exchange Inc ( ICE.N ) said last Thursday it reached an agreement to acquire Bank of America Merrill Lynch''s ( BAC.N ) global research index platform for an undisclosed amount. Two days earlier, LSE said it agreed to buy Citigroup''s ( C.N ) Yield Book fixed-income analytics service and its related indexing business for $685 million in cash, the exchange group''s first big deal since the Deutsche Boerse merger fell through. LSE said the Citi acquisition would boost the size and capabilities of its FTSE Russell indexes business, taking assets under management using its indexes to about $15 trillion. (Reporting by John McCrank; Editing by Bernard Orr)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-deutsche-boerse-deals-index-idUKKBN18Y1VH'|'2017-06-07T21:44:00.000+03:00'
'773e2a81d0c73d617846282093af4d9f84d24274'|'PRESS DIGEST- Financial Times - June 7'|'June 7 The following are the top stories in the Financial Times. Reuters has not verified these stories and does not vouch for their accuracy.Headlines* Vivendi firms up offer for Groupe Bolloré’s Havas stake on.ft.com/2rzbIXt* Burberry slips on worries over sales momentum on.ft.com/2ryY1YJ* New funding values Pinterest at $12.3 bln on.ft.com/2ryMA2R* Uber fires more than 20 employees after harassment probe on.ft.com/2ryRTj5Overview- Vivendi SA inked a purchase agreement with Groupe Bolloré for its 60 percent stake in Havas SA at 9.25 euros a share. Vivendi intends to make an offer for the remaining stake in Havas, once the deal is finalised.- Burberry Group Plc had its sharpest sales fall in six weeks. Cost savings are protecting Burberry’s short-term earnings but “luxury stocks work on sales momentum, not cost containment”, argued HSBC, which downgraded the stock to “reduce.”- Pinterest enhanced its valuation more than 10 percent to $12.3 billion in a new funding round. It closed $150 million of funding from existing investors who include Silicon Valley venture capitalists Andreessen Horowitz and SV Angel, and Wall Street investors Goldman Sachs and Wellington Management.- Uber Technologies Inc fired more than 20 employees after an investigation into sexual harassment claims.(Compiled by Bengaluru newsroom; Editing by Lisa Shumaker)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-press-ft-idUSL3N1J35K4'|'2017-06-07T08:00:00.000+03:00'
'9760c23ea4ca5608f354900ae57097d6527bb77a'|'UPDATE 1-UK Stocks-Factors to watch on June 7'|'Market News - Wed Jun 7, 2017 - 2:44am EDT UPDATE 1-UK Stocks-Factors to watch on June 7 (Adds futures, company news items) June 7 Britain''s FTSE 100 futures 0.01 percent lower ahead of the cash market open. * ANGLO AMERICAN: Anglo American said on Wednesday that Stuart Chambers would become its next chairman. * EASYJET: British budget airline easyJet said on Tuesday it would close its Hamburg base next summer, as part of a strategy to focus on its core European airports. * RPC: British packaging company RPC Group Plc reported a 67 percent rise in its full-year revenue, helped partly by acquisitions, and said it had started the financial year in line with management''s expectations. * CHESNARA: UK insurer Chesnara said on Tuesday it could move its headquarters to the Netherlands or Sweden if required, depending on the regulatory situation after Britain leaves the European Union. * ICAG: British Airways cancelled nearly 60 percent of its flights on May 27 when an IT outage knocked out the airline''s systems and stranded 75,000 people over a holiday weekend. * RIO: Rio Tinto Ltd on Wednesday detailed pricing for a $781 million cash tender as part of its already announced $2.5 billion bond buyback to reduce its debt. * SHELL/NORWAY: About 150 oil platform workers would go on strike, potentially disrupting output from several Norwegian fields, if they fail to get a pay deal by midnight on Friday, their union said on Tuesday. * The UK blue chip index closed flat in percentage terms at 7,524.95 points on Tuesday , while the more domestically-exposed mid cap index dropped more than 1 percent, as investors sought safety in precious metals miners and defensives ahead of Thursday''s general election, while British mid caps dropped close to a three-week low. * For more on the factors affecting European stocks, please click on: cpurl://apps.cp./cms/?pageId=livemarkets TODAY''S UK PAPERS > Financial Times > Other business headlines Multimedia versions of Reuters Top News are now available for: * 3000 Xtra : visit topnews.session.rservices.com * For Top News : topnews.reuters.com (Reporting by Rahul B in Bengaluru; Editing by Sunil Nair) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-stocks-factors-idUSL3N1J42AV'|'2017-06-07T14:44:00.000+03:00'
'542594023a166d3dba5ea5598a6b243297410814'|'Russian finmin plans to issue sovereign Eurobond on June 23 -source'|'MOSCOW, June 9 The Russian Finance Ministry provisionally plans to issue a new sovereign Eurobond on June 23, a financial market source told Reuters on Friday.Two other financial market sources said the ministry planned to offer an outstanding sovereign Eurobond - maturing in 2028 - as a swap for a new paper, but the timing of the swap was unclear.Russia plans to issue a sovereign Eurobond after the U.S. Federal Reserve''s rate decision on June 15 but will not act as soon as next week, Finance Minister Anton Siluanov said earlier on Friday. (Reporting by Elena Orekhova; Kira Zavyalova and Katya Golubkova; Editing by Jack Stubbs)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/russia-eurobond-idINR4N1G703B'|'2017-06-09T09:16:00.000+03:00'
'cc805392bada2545d74421e61d6d246327d74099'|'Malaysian anti-graft officials conduct corruption probe at Felda Global HQ'|'Commodities - Thu Jun 8, 2017 - 7:55am EDT Malaysian corruption investigators search Felda Global''s head office left right Policemen escort a trolley of documents seized by the Malaysian Anti-Corruption Commission at the Felda Global Ventures Holdings headquarters, in Malaysia''s capital Kuala Lumpur June 8, 2017. REUTERS/Emily Chow 1/7 left right Policemen escort a trolley of documents seized by the Malaysian Anti-Corruption Commission at the Felda Global Ventures Holdings headquarters, in Malaysia''s capital Kuala Lumpur June 8, 2017. REUTERS/Emily Chow 2/7 left right Policemen escort a trolley of documents seized by the Malaysian Anti-Corruption Commission at the Felda Global Ventures Holdings headquarters, in Malaysia''s capital Kuala Lumpur June 8, 2017. REUTERS/Emily Chow 3/7 left right Policemen escort a trolley of documents seized by the Malaysian Anti-Corruption Commission at the Felda Global Ventures Holdings headquarters, in Malaysia''s capital Kuala Lumpur June 8, 2017. REUTERS/Emily Chow 4/7 left right Mohd Isa Abdul Samad, chairman of Felda Global Ventures Holdings, speaks to reporters at their headquarters in Kuala Lumpur, Malaysia June 8, 2017. REUTERS/Emily Chow 5/7 left right A Felda signage at the Felda headquarters outside Malaysia''s capital Kuala Lumpur June 8, 2017. REUTERS/Emily Chow 6/7 left right A Felda signage at the Felda headquarters in Malaysia''s capital Kuala Lumpur June 8, 2017. REUTERS/Emily Chow 7/7 By Rozanna Latiff and Emily Chow - KUALA LUMPUR KUALA LUMPUR Malaysian investigators spent nearly eight hours at the headquarters of Felda Global Ventures Holdings (FGV) on Thursday, collecting documents and interviewing company officials following allegations of corruption and abuse of power at the world''s third-largest palm oil operator. The Malaysian Anti-Corruption Commission (MACC) is looking into several officials at FGV, following the suspension of the firm''s chief executive officer, chief financial officer and two other executives earlier this week. An FGV source said MACC investigators visited various offices in the building, including the legal, finance, procurement and supplier departments, but was not able to provide details on which company officials were interviewed. The investigators declined to comment on their way out of the building. An MACC spokesman had said earlier on Thursday that the agency was at FGV''s offices in Kuala Lumpur "to collect supporting documents" following a meeting with FGV Chief Executive Zakaria Arshad on Wednesday. The investigators could seize laptops and computers as well, he said, declining to give details on what was discussed with Zakaria. The FGV crisis unfolded on Tuesday when a letter was leaked from Zakaria to Chairman Mohd Isa Abdul Samad in which he refused to step down as instructed by the chairman. FGV''s board then suspended Zakaria and three others. The CEO has denied wrongdoing and called on MACC to conduct its own investigation into FGV, but did not provide any details. Speaking to reporters on Thursday, Isa said he was willing to meet the anti-corruption investigators if asked. He added that FGV was continuing its own investigation into transactions at a subsidiary that led to the suspensions of the FGV executives. The FGV board has said a deal with Dubai-based palm oil buyer Safitex was at the heart of the company''s internal investigation and Safitex owes an FGV unit about $11.7 million as of 2016. Isa was a former chief minister of Negeri Sembilan state and a former vice-president of Malaysia''s ruling party, the United Malays National Organisation. PRIME MINISTER STEPS IN Malaysian Prime Minister Najib Razak''s office stepped into the boardroom spat on Wednesday, asking a former cabinet minister to look into the suspension of FGV''s top executives. Turmoil at FGV -- whose biggest shareholder is the state-owned Federal Land Development Authority (Felda) -- could hurt Najib, who government sources say is expected to call elections later this year. FGV''s shareholders, many of them small landowners, form a key vote bank for Najib''s ruling alliance in battleground states. Felda "settlers", or land owners, are the majority voters in at least 54 of the 222 seats in the parliament. They own shares in FGV, which raised over $3 billion in one of the world''s biggest listings of 2012. The shares have dropped 70 percent since that stock market launch, hurting settlers. They have also complained about delayed payments from Felda, which buys the palm fruit the settlers produce in their land. FGV''s shares fell 0.6 percent on Thursday to 1.65 ringgit per share, valuing the company at 5.91 billion ringgit ($1.39 billion). The shares have lost about 6 percent of their value since Tuesday''s suspension of the top executives. (Writing by A. Ananthalakshmi; Editing by Bill Tarrant, Greg Mahlich) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-fgv-management-idUSKBN18Z0FA'|'2017-06-08T12:38:00.000+03:00'
'3b591d2e52793f1d477a03326e174d7b05c74f5b'|'German trade hits record high and volatility eases as markets look beyond Macron victory –as'|'Germany’s Chancellor Angela Merkel greeting outgoing French President Francois Hollande in Berlin last night. Photograph: GUIDO BERGMANN / GERMAN FEDERAL GOVERNMENT / HANDOUT/EPA   Graeme Wearden (until 2.10) and Nick Fletcher Tuesday 9 May 2017 18.02 BST First published on Tuesday 9 May 2017 08.35 BST Key events Show 6.02pm BST 18:02 European markets end higher 4.13pm BST 16:13 Gold slips to eight week low 3.06pm BST 15:06 Apple shares hit new record 2.42pm BST 14:42 Wall Street opens higher with S&P and Nasdaq at new records 11.39am BST 11:39 FTSE hits one-month high 10.59am BST 10:59 Euro falls back through $1.09 10.29am BST 10:29 Investec: Italian politics will bring fresh volatility Live feed Show 6.02pm BST 18:02 European markets end higher The belated relief over Emmanuel Macron’s victory in the weekend’s French presidential election, along with strong German trade figures and a recovery in resource stocks all helped to give European stock markets a boost. Germany’s Dax reached a new closing high, while the FTSE 100 ended at its best level since the middle of April. In the US, both the Nasdaq Composite and S&P 500 hit new intra-day highs. The final scores showed:The FTSE 100 finished up 41.35 points or 0.57% at 7342.21 Germany’s Dax rose 0.43% at 12,749.12 France’s Cac closed 0.28% higher at 5398.01 Italy’s FTSE MIB ended 0.27% better at 21,486.95 But Spain’s Ibex slipped 0.42% to 11,049.2 In Greece, the Athens market added 1.96% to 778.37 On Wall Street, the Dow Jones Industrial Average has reversed its early gain and is currently down around 9 points or 0.05%.On that note, it’s time to close for the evening.   we\ll be back tomorrow.   4.56pm BST 16:56 Many analysts believe another US interest rate rise is on the cards when the Federal Reserve gets together for its regular meeting in June. And in a speech in California, Kansas City Fed president Esther George has added to that impression. Indicating she believed the US economy was strong enough for further hikes, she said:The economy continues to expand as sustained job growth and solid gains in household spending – the weak first quarter notwithstanding – are mutually reinforcing. The international backdrop poses less downside risks today, further supporting growth at home. In this environment, the role for monetary policy is to support the sustainability of the expansion. Therefore, as labor markets continue to tighten, continuing the gradual removal of monetary accommodation is the appropriate course for the FOMC. And that does not just mean rate rises:Removing policy accommodation goes beyond increasing the level of the federal funds rate. The Federal Open Markets Committee also must begin to adjust the size and composition of its securities holdings. The Federal Reserve’s balance sheet is currently about $4.5 trillion, or almost 25 percent of GDP compared to 6 percent of GDP 10 years ago. ...My own view is that the process should begin sometime this year by reducing reinvestments in mortgage-backed securities (MBS) and long-term Treasury securities. Once it begins, however, the runoff in the portfolio should be on autopilot and not reconsidered at each subsequent FOMC meeting.   4.26pm BST 16:26 Those expecting a market sell-off from the current highs could be disappointed, says Chris Beauchamp, chief market analyst at IG:Despite a lacklustre open, the S&P 500 and the Nasdaq 100 have already notched up record highs, while European markets have put in healthy gains.We have a market with no news, and no volatility, and this leaves us wondering what the next move will be. Everyone is looking for the next selloff, or at least the reason for the next selloff, so we will probably go without one throughout the summer.This market has the look of an express train, refusing to stop to let anyone on board. At least in London the rally has a broad-based look about it – we are seeing bargain hunters lifting the mining sector, but banks, retailers and housebuilders are also on the up. This is not a buying frenzy, but more a case of a careful pick-and-choose market. The tone is cautiously bullish, but with one eye on potential bumps in the road.And on the falling gold price, he says:It is possible to imagine a world where gold prices keep falling right to June and the next Fed rate hike. Dollar strength continues to wreak havoc in commodity prices, but for gold all hope of a bounce appears to have gone. Instead of slowing down, the slump seems to be picking up speed once again.Updated at 4.26pm BST   4.13pm BST 16:13 Gold slips to eight week low With stock markets moving higher after the French election and the volatility index on the slide, investors are shunning assets traditionally seen as havens in difficult times.In particular, gold has fallen to an eight week low, down around $8 an ounce to $1217. UBS analyst Joni Teves said:Gold is currently facing pressure amid diminished political risks out of Europe and market participants anticipating the Fed to hike rates in June...With one of the largest political risk events [the French election] now cleared, some consolidation is warranted, albeit political uncertainty lingers in Italy and is likely to remain for some time. For now, the focus is likely to shift to monetary policy at the Fed and the ECB, which implies economic data will need to be closely watched.Further pressure cannot be ruled out for now, but we expect bargain hunting to emerge and physical buying to strengthen should the market test $1200, paving the way for a recovery. Gold bars at a jewellery store in Hong Kong. Photograph: Bobby Yip/Reuters   3.40pm BST 15:40 More signs of confidence in the US jobs market. Job openings were steady at 3.8% in March compared to February, according to the Labor Department, as was the quits rate at 2.1%. The latter is a key measure for Federal Reserve chair Janet Yellen, since it indicates workers are confident enough about the jobs market to move on. The actual numbers showed an increase from 3.03m to 3.1m.538EconBot (@538EconBot) Voluntary quits, a sign of confidence in the job market, rose slightly in March. #JOLTS pic.twitter.com/muP8Dl4bfs May 9, 2017 Updated at 4.32pm BST   3.17pm BST 15:17 And Apple is not the only one:Carl Quintanilla (@carlquintanilla) Sorry for broken record.All-time hi''s:AmazonMcDonaldsLowe''s UALMarriottUltaAetnaHumanaThermoFisherBoeingRaytheonAppleAlphabetMay 9,   3.06pm BST 15:06 Apple shares hit new record With US markets moving higher, Apple has hit another peak, adding 1% to more than $154 a share and valuing the iPhone company at more than $800bn. The company has crossed that barrier despite falling iPhone sales , which has been put down to consumers waiting for the next model to be launched later this year. And analysts at US broker Drexel Hamilton believe the company’s shares could climb even further, putting a target value on the business of $1trn.Apple chief executive Tim Cook. Photograph: Marcio Jose Sanchez/AP   2.42pm BST 14:42 Wall Street opens higher with S&P and Nasdaq at new records A strong US company results season and the outcome of the French election have pushed American markets higher again.The S&P 500 and the Nasdaq Composite have both edged higher at the open to touch yet new highs, while   currently up 8 points or 0.04%.  2.21pm BST 14:21 And here’s the Dax hitting new peaks:Dax over the past year Photograph: Thomson Reuters Updated at 2.22pm BST   2.11pm BST 14:11 After Monday’s muted response to Emmanuel Macron’s weekend victory in the French elections, European markets have belatedly picked up the pace.In Germany, the strong trade data and a weaker euro have helped the country’s stock market to a fresh intra-day high. The Dax is currently up 0.65% or 82 points at 12,776 having earlier hit a record of 12,783.France’s Cac has climbed 0.34% and the FTSE 100 is ahead 0.75%, with the UK index helped by a recovery in mining stocks and shrugging off the falls in energy company shares after the Conservative price cap proposals .Updated at 2.12pm BST   1.56pm BST 13:56 Here’s another chart showing how market volatility has fallen sharply in recent weeks to the lowest level since 1993, and MUCH lower than in the financial crisis. Mike Shell (@ShellCapital) $VIX lowest close since 1993. The options @market doesn''t expect much movement in the weeks ahead. But, what if they''re wrong? pic.twitter.com/7KJBaz7u5b May 9, 2017 As explained earlier , the fall in the VIX means people aren’t buying as many S&P 500 options as usual (to hedge themselves against hefty swings in the markets).That suggests investors are more confident about market conditions. That could be justified, as economic conditions may be picking up as European political risk fade. Or it could be dangerous complacency.We’ll know, either way, in a few month time....  1.27pm BST 13:27 Over in Australia, the major banks are reeling after being hit with a new tax. The Australian government announced the levy in its 2017 budget today. It will raise over six billion Australian dollars from the country’s big five banks over the next few years. Each will pay upwards of A$300m per year based on their liabilities.Treasurer Scott Morrison claimed that it was a “fair contribution from our major banks, similar to measures imposed in other advanced countries”.More pertinently, it allows the Australian government to target a small surplus by 2021.But the banking industry is predictably irate.Australian Bankers’ Association chief executive Anna Bligh claimed it was a “political tax grab to cover a budget black hole,” and hinting that the public would pay the price.The banks don’t have a secret stash of money ... there’s only three places they can get this from – borrowings, deposits or shareholders or a combination of all three and every Australian has an interest in one of more of those parts of a bank’s operations.Curiously, Australian bank shares slid before the policy was even announced, as rumours of a new tax swirled. Perhaps someone should impose a tax on leaks.... Australia’s big banks hit by $6.2bn levy in budget cash grab Read more And here’s our liveblog on the Australian budget:Australia budget 2017: Scott Morrison denies he delivered ''Labor budget'' – politics live Read more Updated at 1.34pm BST   12.47pm BST 12:47 Photograph: Drew Hadley/Getty Images The job vacancies total in Germany has hit a record high, in (yet) another sign that its economy is robust. The number of unfilled positions jumped by 9,000 in the first quarter of 2017, according to new research from the IAB institute. That means there were 75,000 more vacancies than a year earlier.Rising vacancies often suggests that an economy is growing faster than its labour force, which ought to give workers leverage for higher pay.  1 of 2 Newest Newer Older Oldest Topics Eurozone Business live Euro Stock markets Economics Currencies  '|'theguardian.com'|'http://www.theguardian.com/business/euro/rss'|'https://www.theguardian.com/business/live/2017/may/09/german-trade-record-high-markets-macron-euro-ftse-business-live'|'2017-05-10T02:02:00.000+03:00'
'3586eabae6412e2c96b0c1fa67d26fd87a27affa'|'Exclusive: Sirius XM in talks to invest in Pandora - sources'|'Technology  46am BST Exclusive: Sirius XM in talks to invest in Pandora - sources Sirius XM Holdings Inc, the U.S. satellite radio company controlled by John Malone''s Liberty Media Corp, is seeking to invest in internet music provider Pandora Media Inc, people familiar with the matter said. Sirius XM is negotiating a private investment in public equity (PIPE) after talks about Sirius XM acquiring Pandora in its entirety ended unsuccessfully over price disagreements, the sources said on Wednesday. If the negotiations between Sirius XM and Pandora come to fruition, the deal would come after private equity firm KKR & Co LP agreed last month to invest $150 million in Pandora. KKR''s agreement gave Pandora a 30-day-period to look for an alternative deal. This period expires on Thursday, and so Sirius XM was racing late on Wednesday to beat that deadline and clinch its own investment in Pandora, the sources said. The terms of Sirius XM''s proposed PIPE investment could not be learned, and sources cautioned that the latest negotiations between Sirius XM and Pandora could still fall apart. Liberty Media may also object to any deal, the sources added. The sources asked not to be identified because the deliberations are confidential. Pandora declined to comment, while Sirius XM and Liberty Media did not immediately respond to requests for comment. (Reporting by Liana B. Baker in San Francisco and Greg Roumeliotis; Additional reporting by Julia Love in San Francisco; Editing by Muralikumar Anantharaman)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-pandora-media-m-a-sirius-xm-holdgs-ex-idUKKBN18Z0BP'|'2017-06-08T11:46:00.000+03:00'
'574125c59fa3f1b01e1db11b7009971b710aebd6'|'Etihad ends talks with TUI to form new leisure airline'|' 22pm BST Etihad ends talks with TUI to form new leisure airline left right The logo of German tourism group TUI AG, owner of Europe''s largest travel company TUI Travel, is pictured on a computer screen in this illustration picture taken in Lavigny May 20, 2012. REUTERS/Valentin Flauraud 1/2 left right FILE PHOTO: An Etihad Airways Boeing 777-3FX aircraft takes off at the Charles de Gaulle airport in Roissy, France, August 9, 2016. REUTERS/Jacky Naegelen/File Photo 2/2 FRANKFURT/ABU DHABI Abu Dhabi-based Etihad Airways said on Thursday it had pulled out of talks with Europe''s largest tour operator TUI Group ( TUIT.L ) ( TUIGn.DE ) to create a joint venture holiday airline. As part of the deal outlined last year, Etihad planned to buy Air Berlin''s ( AB1.DE ) leisure airline Niki before combining the business with TUI''s airline TUIfly. The Gulf airline, which owns almost 30 percent of Air Berlin, appointed a new chief executive in May in a move analysts said gave it a chance to rethink expansion plans that have involved buying minority stakes in airlines. Etihad said it had not been able to reach agreement on the nature of the venture despite "many months of negotiations". TUI said Niki was "no longer available" for a deal. Etihad and TUI declined to give further details. One source familiar with the issue said: "The deal didn’t work out because it didn''t make sense for Niki, it didn’t add up." TUI said in a statement that a strong European leisure airline would make sense given overcapacity especially in the German market. "We will push the repositioning of TUIfly further ahead in order to develop long-term prospects for the airline and its employees," TUI executive board member Sebastian Ebel said, adding it remained open for partnerships and joint ventures. Air Berlin had already received 300 million euros (£260 million) from Etihad for Niki, Air Berlin had said in its annual report. Etihad said the leisure operations of Air Berlin group would continue to operate as a separate business unit under the Niki brand. "Further details of this structure will be announced in due course by Air Berlin," Etihad said. Etihad named Ray Gammell as interim CEO and also appointed a new interim group financial officer following the failure of Alitalia, in which the Gulf airline had a 49 percent stake. Alitalia sought bankruptcy protection with $3.3 billion (£2.5 billion) of debt. Since 2011, Abu Dhabi state-owned Etihad has spent billions of dollars buying minority stakes from Europe to Australia in a race catch up with regional rivals Emirates and Qatar Airways. Shares in TUI AG were down 1 pct at 1,154 pence by 1430 GMT, while shares in Air Berlin shed 7.6 percent to 0.8350 euros. Separately, Air Berlin said on Thursday it had asked the German states of North-Rhine Westphalia and Berlin to consider granting possible loan guarantees. (Reporting by Harro ten Wolde and Peter Maushagen in Frankfurt and Stanley Carvalho in Abu Dhabi; Editing by Greg Mahlich and Edmund Blair)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-tui-etihad-jv-idUKKBN18Z166'|'2017-06-08T23:22:00.000+03:00'
'a39f68ca0f56009610779b2b82552369f1e40863'|'PRECIOUS-Gold inches down as market braces for key events'|'Market News - Wed Jun 7, 2017 - 9:12pm EDT PRECIOUS-Gold inches down as market braces for key events BENGALURU, June 8 Gold edged lower early Thursday after a written testimony by former FBI director James Comey ahead of his Congressional appearance was seen containing few fireworks, as investors also braced up for the UK national elections and a policy meeting of the European Central Bank later in the day. FUNDAMENTALS * Spot gold was down 0.1 percent, to $1,285.20 per ounce at 0105 GMT. * U.S. gold futures for August delivery dipped 0.4 percent to $1,288.1 an ounce. * Comey said on Wednesday that U.S. President Donald Trump asked him to drop an investigation of former national security adviser Michael Flynn as part of a probe into Russia''s alleged meddling in the 2016 presidential election. * British Prime Minister Theresa May faces the voters on Thursday in an election she called to strengthen her hand in looming Brexit talks, with her personal authority at stake after a campaign that saw her lead in opinion polls contract. * The European Central Bank is likely to keep the money taps fully open at its meeting on Thursday as inflation remains below its target despite stronger economic growth in the euro zone. * North Korea fired what appeared to be several land-to-ship missiles off its east coast on Thursday, South Korea''s military said, the latest in a fast-paced series of missile tests defying world pressure to rein in its weapons programme. * U.S. applications to buy a home reached their highest level in about seven years last week as mortgage rates fell to their lowest levels since late 2016, the Mortgage Bankers Association said on Wednesday. * Intercontinental Exchange (ICE) has substantially expanded the range of dates that its London gold futures contract can be traded, as it seeks to beat rival exchanges to gain a foothold in the city''s $5 trillion-a-year bullion market. * Holdings in SPDR Gold Trust , the world''s largest gold-backed exchange-traded fund, rose 1.14 percent to 864.93 tonnes on Wednesday. * China''s gold reserves were unchanged at 59.24 million ounces in May, the country''s central bank said on Wednesday. DATA AHEAD (GMT) * China Trade data May 0600 Germany Industrial output Apr 0645 France current account Apr 0645 France Trade data Apr 0900 Euro zone revised GDP Q1 1145 European Central Bank announces outcome of policy meeting; followed by ECB President Draghi briefing 1230 U.S. weekly jobless claims (Reporting by Vijaykumar Vedala in Bengaluru) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/global-precious-idUSL3N1J50XU'|'2017-06-08T05:12:00.000+03:00'
'64718f3e3a5e7fca739ab5f93385eaf2284a24c0'|'Japan Post chief plans to slow acquisitions after Toll losses: Nikkei'|'Deals - Sat Jun 10, 2017 - 1:57am EDT Japan Post chief plans to slow acquisitions after Toll losses: Nikkei FILE PHOTO: Japan Post Holdings'' Chief Executive Officer Masatsugu Nagato speaks at a news conference in Tokyo, Japan January 30, 2017. REUTERS/Kim Kyung-Hoon TOKYO Japan Post Holdings ( 6178.T ) plans to slow the pace of future acquisitions, shifting away from its earlier aggressive investment strategy as it smarts from losses over its purchase of Australian logistics company Toll Holdings, the Nikkei business daily reported on Saturday. Japan Post President Masatsugu Nagato said the company must be more careful about how much it pays for and how it manages its acquisitions, according to the Japanese newspaper. The company announced in April a $3.6 billion writedown at the Australian firm just two years after the $4.9 billion takeover. The writedown, which led to Japan Post''s first annual loss in more than a decade, marks the latest in a string of high-profile failures of foreign takeovers by Japanese companies including Toshiba Corp ( 6502.T ) and Kirin Holdings Co Ltd ( 2503.T ), and has raised questions about Japan''s corporate governance reforms. "Right now, good deals are not out there," the Japanese newspaper quoted Nagato as saying in an interview. "We had said we should go after M&As as opportunities arise, but we should tone that down." Nagato told the Nikkei he would cut spending at Toll and tighten its operations, conceding that its problems at the Australian company were the result of lax management and Japan Post''s failure to foresee that slowing commodity prices would drag on Australia''s resource-dependent economy. Despite the failures at Toll, he said Japan Post would have to acquire more businesses in the future as it needed to look beyond postal services to increase revenue. The Toll acquisition has raised questions over due diligence procedures at Japan Post, which is 80 percent owned by the Japanese government, and its plan to integrate Toll''s sprawling business into a global conglomerate spanning postal delivery, banking and insurance. The government is preparing a second offering of shares in Japan Post as it seeks to privatize the postal service. (Reporting by Naomi Tajitsu; Editing by Shri Navaratnam) '|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-japan-post-toll-idUSKBN191072'|'2017-06-10T09:57:00.000+03:00'
'13d94efa0460cffdf7fb5ec5b174d47a4009ccb1'|'Threatened French auto parts workers in election spotlight'|'Autos   5:22pm BST Threatened French auto parts workers in election spotlight PARIS Workers from a threatened French auto parts factory have secured a meeting with Finance Ministry officials and their main carmaker clients, Renault ( RENA.PA ) and PSA Group ( PEUP.PA ), after a union delegation accosted President Emmanuel Macron. The fate of the small company, GM&S, is in the spotlight as a test of the new president''s economic interventionism in the run-up to parliamentary elections that begin on Sunday, with a second round scheduled for June 18. Union officials from the plant, which employs 277 staff stamping metal parts in the central Creuse region, said on Saturday they would hold talks at the ministry next week. Macron, seeking a majority for his recently created Republic on the Move (LREM) party after winning the presidential election last month, met a GM&S workers'' delegation during a visit to the neighbouring Haute-Vienne region on Friday. "I promise you I will do all I can," he told one of the protesting employees. "But I''m not Father Christmas." The factory works council has also asked the local bankruptcy court to postpone its next hearing until the end of June to give potential bidders more time to submit offers. (Reporting by Elizabeth Pineau; Writing by Laurence Frost; Editing by Kevin Liffey)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-france-politics-gm-s-idUKKBN1910QV'|'2017-06-11T00:22:00.000+03:00'
'424f5a52638cc5368a6aa6a91bd8e3681faa16d7'|'Nordstrom might struggle for private backing as mall stores lose value'|'By Richa Naidu and Lauren Hirsch - CHICAGO/NEW YORK CHICAGO/NEW YORK Nordstrom Inc''s ( JWN.N ) founding family could face a drawn-out search for backers to help it take the retailer private as investors shy away from brick-and-mortar department stores under assault from Amazon.com Inc ( AMZN.O ) and other online competitors.Any plan to go private would likely require the company to raise as much as $4.5 billion in outside capital and an additional $1.5 billion in private equity, according to UBS retail analyst Michael Binetti.Finding that much money could be difficult as the department store sector faces its greatest test since last decade''s financial crisis."While the ownership structure could allow the Nordstrom family to be more forceful in pushing toward a privatization, we''re cautious about a department store''s ability to secure a bid of this magnitude given the structural headwinds facing the sector today."Nordstrom has a market value of $7.4 billion after its shares surged on Thursday following the company''s announcement that a group of family members was looking at taking the company private. The group together already owns about 31 percent of the company.The upscale Seattle-based clothing and accessories retailer, like most rivals, has struggled to grow earnings in recent years as consumers do less shopping at big malls in favor of more specialized stores or buying online.As a result, the assets of physical retailers - including stores, leases and warehouses - are losing value, making it difficult to structure a deal, said Neil Saunders, managing director at retail research firm GlobalData."Even though Nordstrom is doing better than others, department stores are under pressure so the value of the assets they''ve got against their debt could decline," he said.MIXED RECORDThe option of going private has had mixed success in the retail sector. Mervyn''s and Linens ''n Things took bankruptcy protection after private equity-led buyouts. Lululemon Athletica Inc ( LULU.O ) and Dollar General Corp ( DG.N ) fared better.Kathy Gersch, a former Nordstrom vice president who now works as a retail industry consultant at Kotter International, said Nordstrom''s long family history might help it find an investor."I think financing this kind of deal could be potentially attractive, where they know the family have their own money in it and they understand the business," she said.Investment banking sources said value-oriented private equity investors might see the industry''s difficulties as a good opportunity to take a gamble on Nordstrom, with its rich family history, as opposed to rivals such as Macy''s Inc ( M.N ).The family made it clear in a Securities and Exchange Commission filing on Thursday that it would consider no other transactions, essentially ruling out a merger with another retailer."Flexibility is one of the key thoughts behind the family wanting to bring the company back into private control," Saunders told Reuters, given the company would likely find it easier as a private company to restructure operations or invest in e-commerce.(Reporting by Richa Naidu and Lauren Hirsch; Editing by Bill Rigby)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-nordstrom-m-a-obstacles-idINKBN18Z31D'|'2017-06-08T20:51:00.000+03:00'
'dab08e6f0bf2e4332b593b480d8d942ad002d4d1'|'PRESS DIGEST- New York Times business news - June 9'|'June 9 The following are the top stories on the New York Times business pages. Reuters has not verified these stories and does not vouch for their accuracy.- Alibaba Group Holding Ltd signaled on Thursday that for all the global worries about China''s rising debt and bloated state industries, its economy still enjoys a strong pillar of support from online shoppers. nyti.ms/2rHs4gP- Japan''s SoftBank Group Corp agreed to acquire Boston Dynamics, a manufacturer of animal-like robots, from Google''s parent company, Alphabet Inc for an undisclosed sum. nyti.ms/2rHnajG- JPMorgan Chase & Co''s chief operating officer Matt Zames resigned from the bank, according to an internal memo on Thursday. nyti.ms/2rHt2cM- Verizon Communications Inc plans to lay off 2,100 people once it completes its acquisition of Yahoo Inc''s internet business on Tuesday. nyti.ms/2rHK6zv- Members of the family that founded Department store operator Nordstrom Inc in Seattle a century ago said they were exploring ways to shift the company into private ownership. nyti.ms/2rHsAeK (Compiled by Bengaluru newsroom)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/press-digest-nyt-idINL3N1J62B4'|'2017-06-09T03:34:00.000+03:00'
'7d56fba480a1cefb014395cddfb8034361b3c01b'|'Airbus CEO worried by Qatar crisis, risk of hard Brexit'|'Business News - Thu Jun 8, 2017 - 10:19pm BST Airbus CEO worried by Qatar crisis, risk of hard Brexit FILE PHOTO: Airbus Group Chief Executive Tom Enders speaks during a news conference on the aerospace group''s annual results, in London, Britain February 24, 2016. REUTERS/Hannah McKay TOULOUSE, France The head of Airbus expressed worries about growing geopolitical uncertainties on Thursday, calling the rift between key customer Qatar and its Gulf neighbours troubling and warning of the impact of a "hard Brexit" on the planemaker''s UK operations. "Any disruption in any mature region or market that is relevant for us is a reason for concern," Chief Executive Tom Enders told reporters. Referring to the aviation blockade against Qatar imposed by Saudi Arabia and other Arab powers this week, Enders said: "That''s a development that is troubling for our industry, for many industries. We sincerely hope that these disruptions are not developing to a long-term conflict." (Reporting by Tim Hepher, Cyril Altmeyer; editing by G Crosse)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-airbus-ceo-idUKKBN18Z2V4'|'2017-06-09T05:19:00.000+03:00'
'7b99e75473dfd38756c266345608bfc6bd6d99b8'|'Hospital operator IHH eyes China expansion, seeks M&A targets'|'SHANGHAI Hospital operator IHH Healthcare Bhd ( IHHH.KL )( IHHH.SI ) is looking to expand its operations in China and is open to potential deals to help it grow its presence in the market, its chief executive said on Friday.The world''s second largest healthcare group by market capitalization has ample cash to fund deals in the country and beyond, helping it tap "enormous" fast-growing Chinese healthcare demand, CEO Tan See Leng told reporters in Shanghai."Greater China is our key growth market and we are committed to significantly expanding our presence here," he said at an event after the firm broke ground on a 1.36 billion yuan ($200 million) 450-bed private hospital in Shanghai."We are actually sitting on quite a lot of cash and our gearing is actually very low, so we have the ability to do fairly sizable M&As," he added when asked about looking for deals in China. " We would be on the look out for M&A opportunities."China''s healthcare market is a magnet for firms from medical devices to private hospital operators, especially as Beijing looks for help from the private sector to rein in a healthcare bill estimated to hit $1 trillion by 2020.The firm''s Greater China CEO Paul Gregersen said an aging population and rising incomes were driving demand for healthcare services, creating the need for more private care."This is going to put a huge pressure on the public healthcare system," he said. "Our private hospitals will help alleviate the strain from this pent-up demand."IHH has 50 hospitals in 10 countries, with a focus on Singapore, Malaysia, Turkey and India. It plans to open a new hospital in China each year from 2018-2020 and has a China pipeline of hospitals worth around 8 billion yuan.China has been touting greater access to private healthcare operators over the last few years, though there have been hurdles including a lack of commercial health insurance coverage and a shortage of doctors willing to move to the private sector.IHH said it was working closely with local insurer Taikang Insurance Group and that rising incomes would mean more people bought commercial health cover - important because of obstacles linking private hospitals with China''s public insurance schemes."With rising affluence we expect commercial health insurance to cover more people across Greater China, which will divert patience toward the private sector," said Gregersen.(Reporting by Adam Jourdan; Editing by Vyas Mohan)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-china-hospitals-ihh-idINKBN19012Q'|'2017-06-09T06:56:00.000+03:00'
'8f199877ab6919b61272377c277bfc4b268078fa'|'Swedish government softens plans for higher bank bailout fees'|'STOCKHOLM Fees that Swedish banks pay into a bailout fund will rise next year but then taper off, the government said on Thursday, after top lender Nordea threatened to move its headquarters abroad in the face of higher costs.Swedish regulators have imposed some of the toughest capital requirements in Europe, citing the risk posed to financial stability by the size of the country''s banks. Sweden''s banks hold assets worth around four times the Swedish gross domestic product."When it comes to the banking sector specifically we have a responsibility to ensure financial stability and protect tax payers," Finance Minister Magdalena Andersson told reporters. "It is up to Nordea to decide where they are going to have their HQ."The so-called resolution fee that banks pay to the bailout fund will rise next year to 0.125 of debt minus guaranteed deposits from the current 0.09 percent. But it will drop back in 2019 and will be eliminated in 2025, when the fund is expected to reach its target level.The government had originally planned to raise the fee to 0.125 percent indefinitely.Nordea said that would have raised its fee to around 6 billion crowns ($690 million) in 2019 from 500 million in 2016. Analysts expected Nordea to move its headquarters to either Finland or Denmark to avoid the cost.Andersson said the government still aimed to introduce a new bank tax before 2019. It would apply to all banks doing business in Sweden, even if their headquarters were located elsewhere.Nordea spokesman Petter Brunnberg said the bank would study the new plans. "It is a question for the board to determine where our headquarters will be and they will make a decision when they feel comfortable with it," he said.Andreas Hakansson, an analyst at Exane BNP Paribas, said the new fees alone were unlikely to prompt Nordea to move its HQ."But it is one thing after another," he said. "There is uncertainty and that creates an unstable platform ... and that could be reason enough for Nordea to move."The government has said banks are undertaxed, pointing to net profits of more than 80 billion crowns last year and exemptions from VAT on banking services.But banks say their return on equity - at around 12 percent - is lower than the average Swedish company''s and that they are subject to tough capital requirements.Banks in Sweden are around twice as profitable as the average in Europe.The government had planned a payroll tax on financial services firms but dropped that after widespread criticism. Instead, it decided on the plan to raise resolution fees, which are paid to a reserve to be used for recapitalising or winding up troubled banks.Banks currently pay around 7 billion a year to the resolution fund.($1 = 8.6852 Swedish crowns)(Reporting by Simon Johnson and Niklas Pollard; additional reporting by Johan Sennero; Editing by Larry King)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/sweden-banks-resolution-idINKBN18Z1FS'|'2017-06-08T08:50:00.000+03:00'
'f5fc0cc4f7387a0e63ee95effdcae0f503610d7c'|'Woodside faces delay on Senegal oil project over ownership row'|'Commodities - Wed Jun 7, 2017 - 9:53pm EDT Woodside faces delay on Senegal oil project over ownership row Logos of Woodside Petroleum are seen at Gastech, the world''s biggest expo for the gas industry, in Chiba, Japan, April 4, 2017. REUTERS/Toru Hanai By Sonali Paul - MELBOURNE MELBOURNE A dispute between two Australian energy companies escalated on Thursday, potentially delaying a promising oil project off Senegal which was due to start producing as early as 2021. The deepwater SNE project is being closely watched as it would be the first oil development in the West African nation, in an offshore area that has recently attracted oil giants BP Plc, Total SA and China''s CNOOC Ltd. Woodside Petroleum, Australia''s biggest independent oil and gas producer, bought a 35 percent stake in the project from ConocoPhillips last year and as part of the deal was due to become the operator later this year. Woodside said on Thursday that minority stakeholder FAR Ltd had advised that it would not support arrangements for Woodside to take over as operator from Britain''s Cairn Energy PLC. FAR contends that it should have had pre-emptive rights over the ConocoPhillips stake, which was sold for what was considered a cheap price of $350 million, and has said the Senegalese government has yet to approve the deal. Woodside said it did not believe that FAR''s claims had any merit. "These actions by FAR put at risk the timely development of the SNE oil field in a prospective emerging basin," Woodside Chief Executive Peter Coleman said in the statement. FAR Managing Director Cath Norman, who has kept a low profile over the ownership dispute up to now, said given that Woodside was not operator of the field, it could not claim that development would be delayed. "We are correcting the mistruths that are in the announcement by Woodside stating that the development will be delayed. Cairn is the operator, not Woodside," Norman told Reuters. FAR is planning to take the dispute to international arbitration if the pre-emptive rights are not resolved, Norman said, as the SNE project is its core asset, with an estimated resource of 641 million barrels. Woodside has flagged the Senegal development as one of its key near term growth projects. FAR has a 15 percent stake in the project, while Cairn Energy has a 40 percent stake and the state owns the remainder. Spokesmen for Cairn were not immediately available to comment outside office hours. (Reporting by Sonali Paul; Editing by Richard Pullin) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-woodside-senegal-far-idUSKBN18Z018'|'2017-06-08T08:18:00.000+03:00'
'480ed65903d79aeacb63cd1e6c16e85d5b708b6b'|'Drew Houston on How Dropbox Bounced Back'|'Founded in 2007, Dropbox was one of the first services to make it easy for people to store files in the cloud. Consumers signed up in droves, and private investors valued it at $10 billion in 2014. But rivals such as Google Inc. launched similar services, and in early 2016 the company was forced to reduce its estimated value. Since then, Chief Executive Officer Drew Houston has cut expenses and added features to appeal to corporate IT managers, who now pay for an advanced version that gives them more storage and greater control over data. Earlier this year, Houston announced that Dropbox Inc. is profitable and will book $1 billion in revenue in 2017—a likely prelude to an initial public offering filing that could come later this year.Dropbox started as a consumer product, then shifted to one that makes most of its money from companies. How’d that happen?We have a sales force, but the way we get into enterprises is through the consumer. Our customers start using Dropbox at home, then they bring it into work and sign up using their corporate credit card. What starts as a little team becomes a big team and then becomes the entire company. All our big 10,000-seat deals—like News Corp. and Expedia—started as little 10- or 100-seat deployments that were totally self-serve.There are dozens of cloud-based tools aimed at business users. Can all these apps coexist?It’s a mess. You have all these new tools like Slack, but they’re totally disconnected from the old ones, so people are constantly toggling back and forth. This fragmented experience wastes a lot of time, and it makes it really hard to focus.Dropbox recently launched its own collaboration app, Paper, a stripped-down word processor that offers few formatting options and only one font. Why?Most business software was designed when the most important thing you did was print something out. And that’s still how they’re designed today, whether it’s Microsoft Office or Google Docs. There are a million buttons on formatting. But now the most important thing is keeping a team on the same page.Last year, Dropbox announced it would leave Amazon Web Services, its longtime cloud host, to run its own data centers, cutting against a long-running trend. Why the switch?The public cloud has been amazing, and it’s one of the reasons that Dropbox is able to exist. And for 99.99 percent of companies, that’s the right answer. But we operate one of the largest cloud services in the world. People save a billion files a day in Dropbox. So the math is very different for us than for others. Building our own infrastructure makes sense financially, it gives us a lot of flexibility, and it improves the experience for customers.As more and more data is stored in the cloud, how much do you worry about the U.S. government—or any government—asking you to turn over private data that in the past would have been stored on personal devices?We’re in the U.S., and like every company in the U.S., we operate under the law. That said, privacy is our focus, and we have whole teams that scrutinize any requests from governments to make sure they’re legitimate. Then we push back to protect our users’ privacy as much as possible. We also work alongside the rest of the tech industry to work with Washington to make sure the country is making the right set of policies.You’ve been particularly vocal on immigration, calling Donald Trump’s proposed travel ban “un-American.” Doesn’t that seem risky for a smaller company like yours?Well, it’s really important—and it hits close to home for us. My co-founder Arash Ferdowsi’s parents immigrated here from Iran. If these policies were in effect back then, there would be no Dropbox.'|'bloomberg.com'|'https://www.bloomberg.com/businessweek'|'http://www.bloomberg.com/news/articles/2017-06-08/drew-houston-on-how-dropbox-bounced-back'|'2017-06-08T18:00:00.000+03:00'
'3c6a05b0ef3f36ae9c93aebcbdb2dd5b19fa6961'|'Business is leading transition to renewables while politicians dither - Guardian Sustainable Business'|'It is a volatile time for energy politics. Last week the US president, Donald Trump, rocked the world by following through on his pledge to pull the US out of the Paris climate agreement.Considering even North Korea is party to the accord, this leaves the US marooned and alone as a rogue climate nation while the rest of the world has recommitted to climate change action.In Australia, the Finkel report will be delivered this Friday and there are questions whether any credible low-carbon energy policy can pass the rocky shoals of the Coalition backbench. The timing couldn’t be worse, with government members using Trump’s move to pressure Australia to leave the global agreement.This political impasse is frustrating business leaders around the globe – and right here at home. Following Trump’s announcement, Goldman Sachs’ chief executive, Lloyd Blankfein, used his first ever tweet to lampoon Trump , while even fossil fuel companies such as Exxon said leaving was a stupid idea.Will CBA''s board vote against financing Adani – and against global warming? - David Ritter Read moreIn Australia, where a catastrophic failure of public policy has seen wholesale electricity prices double since the price on carbon was repealed , businesses and organisations are taking their own steps to hedge against increasing energy costs and market volatility.They are doing this by taking advantage of the falling cost of renewable energy and making direct investments in new projects, bypassing the major energy retailers and government.Last week, a senior executive at BlackRock, one of the world’s largest investment firms with US$54tn under management, declared “coal is dead” and that Australia was “denying gravity” by continuing to encourage coal investments when renewable energy is both cheaper and a better investment.The absurdity of the Australian government’s insistence on encouraging investment in coal was ridiculed along with support for the A$16.5bn Adani Carmichael coalmine, which he said was unlikely to provide “long-term potential” for Australia.Fortunately, business is moving on anyway. In May, Origin Energy announced a long-term power purchase agreement for the 530MW Stockyard Hill windfarm in Victoria at a price so low – in the range of $50/MWh – that it has stunned the energy sector.Last week Telstra – which uses 1% of the energy in the National Energy Market – announced it would be entering into a long-term power purchase agreement to develop a new solar farm in Emerald in regional Queensland.This project will provide 200 jobs and will create enough electricity to power 35,000 homes . Telstra has underwritten this $100m project by entering into a long-term solar power purchase agreement (PPA), where Telstra’s contract will guarantee the viability of the new Emerald farm.This marks a new direction for Telstra and the executive director of Telstra energy said “the Emerald project is part of Telstra becoming a more active participant in the energy market to reduce costs, while at the same time building resilience in our network and contributing to a more stable energy system”.RES, the company building this new plant, says this is likely to be just the beginning of corporate PPAs in Australia due to rapidly accelerating electricity and gas prices.While Telstra announced its new renewable project, the Turnbull government flagged its intention to change the law so the Clean Energy Finance Corporation – a government body set up to reduce emissions in the most economically competitive ways possible – can invest in carbon capture for coal plants.Despite these mixed messages from the government about the future of low-carbon technology, businesses are increasingly turning to renewables for their energy.Family, air quality and a strong business case: the coal executives defecting to green energy Read moreQueensland zinc refiner Sun Metals is currently building the largest solar plant in Australia to supply power directly to its factory in Townsville. When it is built, the solar farm will meet one third of the energy needs of the factory at about half the cost of wholesale electricity in the state.This project is particularly notable because it shows that renewable generation and manufacturing can partner seamlessly together. Although this is the first project of its kind in Australia, major players in the US like Apple and Google have started similar build-outs to source 100% of their electricity need through renewable energy.And it is not just private companies that are directly investing in renewables in an effort to drive the transition and keep power costs down. In its quest for zero net emissions, Monash University this year put out Australia’s largest corporate tender to build a 55GWh solar or windfarm.Monash’s tender followed a move last year by Melbourne city council , Zoos Victoria, the Melbourne Convention and Exhibition Centre, Bank Australia and other local councils to put in a group tender for a new renewable energy farm. This amount of renewable energy built would save up to 138,600 tonnes of CO2 each year – the equivalent of planting more than 160,000 new trees – and is enough energy to power 28,475 Melbourne households.We are currently undergoing the biggest shift since the industrial revolution and the writing’s on the wall for coal and fossil fuels. And in the shifting sands of energy policy, the business pariahs who, a decade ago, were blocking the transition are now leading it while national governments in Australia and the US dither.While our elected leaders bury their heads in the sand, businesses are investing heavily in new clean technology. This can only go so far. Eventually we are going to need a comprehensive national energy transition plan that can encourage a coordinated move to clean energy and that will support communities impacted by the move from coal and gas.As the old adage goes, we can do this the hard way or the easy way. Let’s hope sanity prevails this Friday as Finkel hands down his report on the energy sector, allowing business and government to get on with the job of transitioning.Topics Guardian sustainable business Innovations in renewables Trump administration Malcolm Turnbull comment '|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/sustainable-business/2017/jun/08/business-is-leading-the-transition-to-renewables-while-politicians-dither'|'2017-06-08T10:51:00.000+03:00'
'60c314101dba28e77ee7a22a7925d00c01ab492b'|'India calls for middle-income country coalition to revive globalisation'|'By Rajesh Kumar Singh India called on Thursday for a coalition of middle-income countries to drum up support for globalisation as a political backlash in the United States and parts of Europe against free trade and investment imperils its growth aspirations.Arvind Subramanian, the finance ministry''s chief economic adviser, suggested India could lead a coalition of countries with open economies to promote free trade."We, in India, now have a much bigger growing stake in ensuring that the world markets remain open, that we continue to see globalisation," Subramanian told a conference on the world''s 20 biggest economies (G20)."A coalition of middle-income countries led by India or at least where India is taking charge, would be something we should seriously explore."The proposal comes as frustration with persistently low growth, stagnant wages and diminishing job security has sparked opposition in Europe and the United States to free movement of capital, goods and services, which critics blame for eroding incomes and worsening inequality.Those worries prompted U.S. President Donald Trump last week to pull the United States out of the landmark 2015 global agreement to fight climate change.Across the Atlantic, British Prime Minister Theresa May has rejected "untrammelled free markets" and plans to cut annual net migration to the tens of thousands.Free trade and investment in the 1990s and 2000s triggered an unprecedented boom in the global economy, leading to rapid increases in per capita income and reductions in poverty.India, for example, saw average annual gross domestic product growth of 8.2 percent between 2003-2011, buoyed by 20-25 percent annual growth in exports.A slump in export markets since then has brought average growth down below 7 percent. Asia''s third-largest economy needs to expand by at least 8 percent a year for the next decade to create jobs for its burgeoning workforce.But to realise its growth ambitions, India estimates goods and services exports would have to rise 15 percent a year.Subramanian said India would have to demonstrate a commitment to open markets and do more to liberalise trade and investment without worrying about the costs."We are now an important player ... we cannot say the burden of keeping it open rests exclusively with others," he said."Wielding power and influence entails responsibility."(Reporting by Rajesh Kumar Singh; Editing by Sanjeev Miglani, Robert Birsel)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/india-globalisation-idINKBN18Z1RS'|'2017-06-08T21:06:00.000+03:00'
'31bd2f0a4d7c7bdc6e5298df175dca40d09a1269'|'Brazil police search headquarters of Eletrobras unit in graft probe'|'SAO PAULO Brazilian federal police searched the headquarters of a unit of state-controlled power utility Centrais Elétricas Brasileiras SA on Thursday as part of a corruption investigation.According to a statement, the operation was driven by suspicions of graft and money-laundering in dealings involving an unspecified hydropower dam held by the Furnas Centrais Elétricas SA unit and former lower house speaker Eduardo Cunha, who is currently under arrest.Police served 33 search-and-seizure warrants in São Paulo and Rio de Janeiro, the statement said.The warrants are part of the so-called Operation Car Wash, a sweeping three-year investigation into money laundering and bribery that has ensnared senior politicians and key figures in corporate Brazil.Media representatives for Furnas did not reply immediately to emailed requests for comment.(Reporting by Pedro Fonseca and Bruno Federowski; Writing by Bruno Federowski; Editing by Bernadette Baum)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-brazil-corruption-eletrobras-idUSKBN18Z1KV'|'2017-06-08T19:45:00.000+03:00'
'9cb4368129f278ad4114925e11ad1fc51bcb85c4'|'Nikkei edges up, but caution prevails ahead of global events'|'* UK vote, ECB meeting, Comey testimony in focus* Yen moves away from its recent highs* Japanese markets shrug off latest N. Korea missile testTOKYO, June 8 Japan''s Nikkei share average hovered in positive terrain on Thursday, with the yen moving away from recent highs and Wall Street edging up, but market participants were on guard ahead of key events.The Nikkei was up 0.1 percent at 19,993.97 at the end of morning trade."We are just moving in a range on either side of 20,000," said Mitsushige Akino, chief fund manager at Ichiyoshi Asset Management, referring to the milestone broken last week, when Japanese shares climbed to their highest since August 2015.UK voters head to the polls for a general election, the European Central Bank holds a regular policy meeting and former FBI Director James Comey will testify to the U.S. Senate later on Thursday."All of these three events add some macro benchmarks or catalyst potential," said Stefan Worrall, director of Japan equity sales at Credit Suisse."People remember the UK referendum last year was something that affected the Friday trading day in Japan. This is not the same scale or likelihood of shock factor, but the results are unclear," he said.Comey accused U.S. President Donald Trump on Wednesday of asking him to drop an investigation of former national security adviser Michael Flynn as part of a probe into Russia''s alleged meddling in the 2016 presidential election.The ECB is widely expected to keep its policy unchanged, but sources told Reuters last week the central bank will acknowledge the improved economic outlook by removing a reference to "downside risks" in its statement.Meanwhile, a decisive victory for UK Prime Minister Theresa May would ensure a smooth exit from the European Union, though opinion polls have shown May''s Conservative party''s lead over the opposition Labour party has narrowed.Shares got a bit of a tailwind from a modestly weaker yen.But sentiment was curbed by economic data early on Thursday. Japan''s economic growth in the January-March period was revised to less than half its original estimated pace because of a downward adjustment in business inventories, underscoring the fragility of its export-led expansion.Japanese markets had a muted reaction to North Korea''s latest missile tests. The rogue state fired what appeared to be several land-to-ship missiles off its east coast on Thursday, South Korea''s military said, ignoring world pressure to curb its weapons development.Toshiba Corp rose 4.5 percent after sources told Reuters it aims to name a buyer for its semiconductor business next week.The choice has narrowed to one bid from U.S. chipmaker Broadcom Ltd and U.S. tech fund Silver Lake and another from Toshiba chip partner Western Digital Corp and Japanese government-related investors, sources said.Dentsu Inc shares dropped 2.8 percent, after the advertising group said on Wednesday its net sales for May fell 6.8 percent from the same month a year ago.Japan Display was down 3.3 percent, after a source said the company was considering restructuring beyond cutting jobs and consolidating production, as its late entry into OLED technology caused loss of business with Apple Inc.The broader Topix added 0.1 percent to 1,598.21, while the JPX-Nikkei Index 400 also gained 0.1 percent to 14,238.76.(Reporting by Tokyo markets team; Editing by Jacqueline Wong)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/japan-stocks-midday-idINL3N1J51L9'|'2017-06-08T01:17:00.000+03:00'
'388d0e90b768ef5b385fd791fd86999b0ed5aa9a'|'TF1, ProSieben, Mediaset launch trading platform for video ads'|'Credit RSS - Fri Jun 9, 2017 - 4:22pm IST TF1, ProSieben, Mediaset launch trading platform for video ads left right FILE PHOTO: View of French television network TF1 headquarters in Paris, France, June 2, 2016. REUTERS/Jacky Naegelen 1/3 left right FILE PHOTO: Satellite dishes of the German television stations Kabel 1, SAT 1 and Pro Sieben are pictured on the roof of the company''s office in Berlin. REUTERS/Arnd Wiegmann/File Photo 2/3 left right FILE PHOTO: Logos of French television networks TF1 and LCI are seen at the Boulogne-Billancourt headquarters, near Paris, France, April 18, 2016. REUTERS/Charles Platiau/File Photo 3/3 FRANKFURT European broadcasters TF1, ProSiebenSat.1 and Mediaset plan to set up a joint trading platform for digital video advertising to appeal to media agencies planning continent-wide campaigns. The joint venture, named European Broadcaster Exchange, will be based in London, Germany''s ProSieben said in a statement on Friday, without disclosing financial terms. So-called programmatic video campaigns allow buyers to make real-time bids for ad slots on publishers'' sites, or each time a video is viewed, with the winning bids being displayed instantly on the sites. ProSieben said the market for programmatic video advertising is growing 45 percent per year in Western Europe. With consumers increasingly using smartphones and tablet computers to watch videos and listen to music, broadcasters are expanding ways to capture advertisers and viewers who have switched to digital services. The trading platform will also be billed as preventing commercials from appearing alongside contentious content. It will "allow advertising customers to programmatically buy pan-European campaigns in the premium and brand-safe advertising environments of the TV companies," the statement said. Google''s YouTube has come under intense scrutiny for ads preceding videos carrying homophobic or anti-Semitic messages, prompting a number of companies to suspend their digital ads on the video streaming service. Broadcasters are also feeling the heat from pure content- streaming services such as Netflix - whose $6 billion content-acquisition budget for this year rivals that of most broadcasters - and Amazon Prime. (Reporting by Edward Taylor and Ludwig Burger; editing by David Clarke)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-prosieben-video-platformtf-idINKBN1900PL'|'2017-06-09T05:49:00.000+03:00'
'c0bef8c4f6a1d34e8978dda41cc363a51200bda7'|'L''Oreal set to sell The Body Shop to Brazil''s Natura in $1.1 billion deal'|'By Sudip Kar-Gupta - PARIS PARIS French cosmetics and luxury goods group L''Oreal ( OREP.PA ) has started exclusive talks to sell The Body Shop business to Brazilian make-up company Natura Cosmeticos ( NATU3.SA ) in a possible 1 billion euros ($1.1 billion) deal.Earlier this year, L''Oreal had announced it was reviewing its strategy for The Body Shop, which it bought for 652 million pounds in 2006, and the sale of the business had attracted a wide range of bidders.L''Oreal said on Friday it had received a firm offer from Natura Cosmeticos, and the proposed deal put an enterprise value (equity plus debt) of 1 billion euros on the four decades old beauty brand - an innovator in the mass marketing of cosmetics made without animal testing and with natural ingredients.Founded in 1976 by British entrepreneur Anita Roddick, The Body Shop was a pioneer in its field but had since fallen victim to increased competition from newcomers offering similar products based on natural ingredients with no animal testing.L''Oreal shares were up 0.7 percent in late session trading, as investors welcomed progress toward a deal and the price tag."It''s a good move, given that The Body Shop had been one of the least profitable parts of the L''Oreal business," said Roche Brune Asset Management fund manager Gregoire Laverne.Keren Finance fund manager Gregory Moore said the price tag had pleased L''Oreal investors, since earlier reports had stated it could be sold for around 800 million euros."The stock has reacted well to the news, because there were some people who thought it could be sold for less," said Moore, whose firm owns L''Oreal shares in its portfolio.Shares in Natura fell 2.4 percent on the Brazil stock exchange, with Natura saying it would take on loans to finance the deal.Natura chief executive Joao Paulo Ferreira said The Body Shop would fit in well with Natura''s similar businesses, such as its "Aesop" brand.L''Oreal shares are up around 10 percent so far in 2017, broadly in line with the CAC-40, with the stock having touched a record high earlier this month.(Additional reporting by Gabriela Mello and Bruno Federowski in Sao Paulo; Reporting by Sudip Kar-Gupta; Editing by Andrew Callus and Mark Potter)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-l-oreal-bodyshop-idINKBN1900OA'|'2017-06-09T05:53:00.000+03:00'
'6540758ee88c74eb07c05a8ceca8a9c66742792c'|'UPDATE 1-J.M. Smucker beats profit estimates as cost cuts help'|'Folgers coffee maker J.M. Smucker Co ( SJM.N ) reported a better-than-expected quarterly profit on Thursday, helped by cost-cutting, and said it would slash $100 million more in annual costs.Smucker has resorted to cost cuts amid slowing demand for its coffee products and stiff competition in its pet foods business.Sales in its coffee business dipped for the fourth straight quarter in the quarter ended April 30, hurt by weak demand for Folgers, while lower sales of cat food brands such as 9Lives and Meow Mix dragged down total pet foods sales by 5 percent.But selling, distribution, and administrative expenses fell 5 percent to $334.4 million in the quarter, helped by a restructuring program announced last year, which includes job reductions and facility closures.Smucker said it now expects annual cost cuts of $450 million by fiscal year 2020.The company''s net income fell to $110.4 million, or 96 cents per share, in the fourth quarter ended April 30, from $191 million, or $1.61 per share, a year earlier.Smucker recorded a $57.5 million impairment charge and a $21.5 million derivative loss in the fourth quarter.Excluding items, the company earned $1.80 per share, beating analysts'' average estimate of $1.72, according to Thomson Reuters I/B/E/S.Net sales dipped 1.3 percent to $1.78 billion, marking the fourth straight quarter of decline, but narrowly beat analysts'' estimates of $1.77 billion.(Reporting by Sruthi Ramakrishnan in Bengaluru; Editing by Sai Sachin Ravikumar)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-jm-smucker-results-idUSKBN18Z1HQ'|'2017-06-08T19:43:00.000+03:00'
'98029b880da019bbeb0284624382855a0d95d7b5'|'UPDATE 1-Australia''s Vocus says KKR makes $1.65 bln takeover approach'|'Funds News - Tue Jun 6, 2017 - 8:23pm EDT UPDATE 1-Australia''s Vocus says KKR makes $1.65 bln takeover approach * KKR indicative offer A$3.50 per share vs A$2.86 previous close * Vocus says considering the offer * KKR has raised $9.3 bln in Asia buyout fund (Adds Vocus response, KKR comment, shares) June 7 Australian telecoms company Vocus Group Ltd said on Wednesday it received an indicative takeover offer from private equity firm KKR & Co LP which valued the company at A$2.2 billion ($1.65 billion). Vocus said KKR made a non-binding indicative offer to buy all its shares for A$3.50 in cash, a 22 percent premium to the stock''s closing price the previous day. The Sydney-listed takeover target said it would consider the proposal, which includes a condition that Vocus''s board supports it unanimously, and urged shareholders not to take any action. A KKR spokesman declined to comment. Last week, KKR said it had raised $9.3 billion for its most recent Asia-focused buyout fund as it looks for larger deals. Up to Tuesday''s close, Vocus shares had fallen 26 percent this year, while the broader Australian share market is flat. Vocus shares were in a trading halt early on Wednesday. Vocus said it hired investment banks Credit Suisse and Goldman Sachs as financial advisers. ($1 = 1.3310 Australian dollars) (Reporting by Christina Martin in Bengaluru; Editing by Byron Kaye and Stephen Coates) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/vocus-group-ma-kkr-idUSL3N1J35JM'|'2017-06-07T08:23:00.000+03:00'
'7ca3d33c832debfc8e6b1d672cf7ded557e54ab6'|'Braskem says wins final approval in global leniency deal'|'BRASILIA Braskem SA, Latin America''s largest petrochemical company, said on Tuesday that it had obtained approval from a Brazilian court for its leniency deal in a corruption case involving political kickbacks at Brazil''s Petrobras .Braskem said in a securities filing that decision completes approval for its global leniency accord with U.S., Swiss and Brazilian authorities. Braskem agreed in December to fines in Brazil and the United States to settle charges that it schemed to bribe politicians and executives in Brazil.(Reporting by Anthony Boadle; Editing by Richard Chang)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-braskem-leniency-idUSKBN18X32Z'|'2017-06-07T07:41:00.000+03:00'
'36c34a1a7f27ecb326d7fcd80b79367911ec1cb0'|'UK court backs Azeri bank IBA''s petition over creditors'|'Business News - Wed Jun 7, 2017 - 12:14pm BST UK court backs Azeri bank IBA''s petition over creditors BAKU International Bank of Azerbaijan, the energy exporting country''s biggest lender, said on Wednesday a London court had supported its request to prevent creditors pursuing legal action in the United Kingdom, giving it time to restructure $3.3 billion (£2.5 billion) in debt. A similar decision was made by a U.S. court last month. The state-controlled bank said last month it was suspending payments on some liabilities and seeking creditors'' support to restructure more than $3 billion of debt, mostly owed to foreign creditors, to tackle bad loans left over from an oil price slump. IBA presented a restructuring plan to its creditors on May 23 in London and infuriated them by saying they could swap its debt for sovereign bonds but some would suffer losses and have to wait longer to be repaid. "Foreign creditors won''t be able to pursue legal actions against the bank'' assets and liabilities without the court''s permission," IBA said in a statement published on its website. Fitch Ratings has downgraded IBA''s long-term issuer default rating to ''RD'' (Restricted Default) from ''CCC'' and removed it from Rating Watch Evolving. (Reporting by Margarita Antidze; Editing by Ken Ferris)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-azerbaijan-iba-idUKKBN18Y1E2'|'2017-06-07T19:14:00.000+03:00'
'dabfc2d6ecfa47c92ab6cfe568deab55cda58f31'|'METALS-Copper retreats after early spurt as equities recover'|'Market News - Wed Jun 7, 2017 - 3:43am EDT METALS-Copper retreats after early spurt as equities recover (Recasts to show copper down, updates prices) By James Regan SYDNEY, June 7 London copper traded lower on Wednesday as investors turned positive on equities after an initial flight to commodities ahead of key events unfolding this week. With British elections, a European Central Bank policy meeting where policymakers may take a less dovish stance, and former FBI director James Comey''s Senate testimony all set for Thursday, investors are wary of taking big positions in stock markets. "Political uncertainty continues to drive commodity markets, while a weaker U.S. dollar helps improve investor appetite," Australia & New Zealand Bank said in client note. * LME COPPER DOWN: Three-month copper on the London Metal Exchange slipped 0.04 percent to $5,597 a tonne by 0700 GMT. * ShFE COPPER FOLLOWS: The most-traded copper contract on the Shanghai Futures Exchange slipped 0.6 percent to 44,880 yuan ($6,607) a tonne. * ALUMINIUM: Qatar''s isolation by top Arab nations has already hit aluminium exports from a plant part-owned by Norway''s Norsk Hydro, which warned it would take time to restart them. * RIO TINTO: Rio Tinto and China Minmetals Corp signed an outline deal on collaboration in mineral exploration. * DOLLAR STUCK: The dollar was near a six-week low against the safe-haven yen. * LEAD: ShFE lead was the biggest loser in China metals futures, down more than 1 percent at the open, closing 0.66 percent down. LME lead prices were slightly firmer at $2,075 a tonne, reversing overnight loss. PRICES '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/global-metals-idUSL3N1J42DW'|'2017-06-07T15:43:00.000+03:00'
'47533e5312b31b1ea590d62a28efa2b18bcaf042'|'Trafigura sees earnings rise but margins fall on low oil volatility'|' 14am BST Trafigura sees earnings rise but margins fall on low oil volatility Trafigura logo is pictured in the company entrance in Geneva, Switzerland March 11, 2012. REUTERS/Denis Balibouse/File Photo By Dmitry Zhdannikov - LONDON LONDON Swiss commodity trader Trafigura reported on Wednesday a 12 percent increase in core earnings on the back of higher turnover but also a fall in profit margins due to a lack of volatility in oil markets since the end of 2016. Trafigura, which rivals Glencore as the world''s second largest oil trader, said its first half core earnings or EBITDA rose 12 percent to $921.4 million (714.3 million pounds), while gross profit increased 6 percent to $1.238 billion, helped by better revenues in the metals unit. Revenues grew 53 percent to $67.317 billion. Trafigura reports results on an October-October basis, so the first half results reflect its performance from October to March, when oil markets saw record low volatility. The firm said its gross profit margin stood at 1.8 percent versus 2.7 percent in the first six months of 2016 due to "low levels of realised volatility, with prices largely range-bound from December". "This reduced profitable opportunities for trading," it said, adding that gross profit from oil trading fell by 17 percent from the first half of 2016 to $652 million. Gross profit and margins in oil fell despite total volumes in oil trading rising by 25 percent from the period a year earlier to an average of 4.995 million barrels per day, broadly on a par with Glencore and only behind the world''s top oil trader Vitol. "We expect our daily average volume traded for the full 2017 financial year to exceed 5 million barrels per day, compared to 2016 daily average volume of 4.3 million barrels," Trafigura said, citing its rising role in exporting U.S. shale crude and increasing sales to China and India. Trafigura also said it saw a 37 percent rise in metals and minerals volumes in the first half. As a result, gross profit in the metals division rose by more than 50 percent to $586 million. It said the market showed signs of supply tightness in zinc and copper concentrates while refined metals saw a sharp expansion in demand, with aluminium a particularly strong performer. In coal, Chinese supply curbs stimulated new import flows, for example from Indonesia, Australia and South Africa, while the iron ore market also showed new signs of life, Trafigura added in its report. "We were able to expand overall trading volumes and gross profit, with refined non-ferrous metals, coal and iron ore all showing strong tonnage growth and non-ferrous concentrates maintaining leading market positions without sacrificing margins," it said. (Reporting by Dmitry Zhdannikov)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-trafigura-results-idUKKBN18Y0XD'|'2017-06-07T17:14:00.000+03:00'
'9133cbd56972472e2d9355db8aa4b15ade129efa'|'Lawyer for RBS investors wants trial over 2008 rights issue called off'|'  1:35pm BST Judge leaves door ajar to more RBS hearings on 2008 cash call The City of London business district is seen through windows of the Royal Bank of Scotland (RBS) headquarters in London, Britain September 10, 2015. REUTERS/Toby Melville By Lawrence White and Kirstin Ridley - LONDON LONDON A London High Court judge on Wednesday called off a trial due to begin on Wednesday in a long-running investor lawsuit against Royal Bank of Scotland ( RBS.L ) over its 2008 rights issue that would have called disgraced former CEO Fred Goodwin to testify. But Judge Robert Hildyard said a minority of rebel shareholders, who have not accepted an out-of-court settlement, could apply for the trial to resume if they could prove by the end of July that they had sufficient funding. "In a difficult and novel situation, the process of bringing an end is not as easy as might be thought," Hildyard told the court. To laughter in the courtroom, he said: "It is the mark of a settlement that neither side should feel it (is) correct." Shareholders have alleged the bank and its senior executives misled them during a 12 billion pound ($15.50 billion) share sale launched just before RBS''s near collapse and record 45.8 billion pound bank bailout in 2008. They lost around 80 percent of their investments. RBS has offered the RBoS Shareholder Action Group 82 pence per share, or around 200 million pounds, to drop the case. A lawyer for the group told the court earlier that 87 percent of the group had settled or intended to agree to the deal. The bank said its offer remained open for a short period to the 13 percent of shareholders who had yet to formally accept it and stated that none of the outstanding claimants had indicated any intention to continue the claim. A formal, final settlement would draw a line under a saga that has threatened to rake over the darkest chapter in RBS''s history and has cost the bank around 1.0 billion pounds in legal fees and payouts. The offer falls far short of the 200-230 pence-per-share at which investors - including thousands of current and former RBS employees - bought RBS shares at during the rights issue at the height of the financial crisis. Thousands of investors, including UK pension funds, European and U.S. institutions and local authorities, have already settled. But Scottish businessman Neil Mitchell, a former RBS customer, investor and critic of the bank, said on Monday that a faction within the shareholder group had raised the necessary cash to continue with the case. Jonathan Nash, a lawyer for the RBoS Shareholder Action Group, told the court on Wednesday that there had been no evidence of such funding in a case in which investors have already been told current legal and other costs would reduce their payout by 40-45 percent. But in a five-year battle, in which the shareholder group has batted off questions about the adequacy of its funding and switched legal teams three times, some investors have said the case is about more than money. "We have the situation here where the ''small'' (investors) feel that we do not even register anywhere in the process and that the likes of Goodwin have walked away from the wreckage without having to account for their actions in any shape or form," said Stephen Allen, a 67-year-old RBS investor from the town of Sandy, eastern England. "It seems to me we are in a situation where it is game, set and match to the legal profession." (Writing by Kirstin Ridley. Editing by Jane Merriman)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-court-rbs-idUKKBN18Y19Q'|'2017-06-07T18:40:00.000+03:00'
'733175c193237d97ab40f5b591156685e2056970'|'LPC-ECB rules to reshape leveraged lending'|'By Tessa Walsh - LONDON, June 9 LONDON, June 9 The ECB''s final guidance on leveraged loans will reshape the European market when it comes into effect in November, but several key questions have yet to be answered as the countdown begins.The final guidance was broadly in line with the draft published last November but was tweaked after market feedback, bringing it more into line with US leveraged lending guidelines, although the ECB guidance is viewed as tighter due to the introduction of a new definition for failed deals."The guidance in the US and Europe is similar . . . but the ECB guidance is tighter in some respects," said Martin Forbes, a banking partner at White & Case.The guidelines made some concessions, including allowing adjusted Ebitda and borrowers to show an ability to repay senior secured debt to a sustainable level in five to seven years rather than repaying 50% of total debt from cash flow. Certain types of deals were also excluded.Several key questions are outstanding, including the definition of total debt and the impact of the regulation on acquisition finance and banks'' internal systems due to the introduction of a tough 90-day limit for syndicating deals, according to a report by White & Case.Under the final guidance, the definition of total debt now includes additional debt that loan agreements normally allow. It is not clear if this includes incremental, accordion or side-by-side loans and baskets and ratios for permitted debt, which are normally allowed in loan covenants even if they are never actually drawn.Only committed undrawn liquidity facilities, such as commercial paper programmes, have been excluded, and the ECB has warned that care needs to be exercised when applying this exemption. 90-DAY RULE In a more radical departure, banks are now expected to treat deals that have not been syndicated within 90 days of signing as failed syndications for internal monitoring, booking, accounting, regulatory classification and capital requirements, which could change European banks'' behaviour.Many of Europe''s commercial banks have a "buy and hold" mentality and hold stakes in their own deals until maturity, especially those loans made to domestic companies. The new rules could push them to align with US investment banks, which seek to sell down to zero to release and reuse their capital and reduce funding costs."We don''t know exactly how the 90-day requirement for completion of syndication, after which syndicated deals should be treated as having failed, will be applied. The more tightly it''s applied, the more the market will tighten," Forbes said.The 90-day rule could have a big impact on merger and acquisition financing, which is usually agreed before deals are announced to provide certainty of funding. M&A deals can take months to close if they are referred to regulators and are often not fully syndicated until the M&A trade closes."In transactions where you have long competition clearance, divestments or other complications, this will unfairly penalise banks underwriting those deals," Forbes said.It also remains to be seen how "failed" deals that have not been syndicated after 90 days will be allocated to lenders'' hold books. Further guidance is required on how do this for acquisition financing and bids with interim loan agreements.Investors are sometimes offered ticking fees to compensate them for their commitments until M&A loans are drawn. If lenders have to charge higher fees for tying up their balance sheets, acquisition loans could become more expensive for borrowers."In a situation where you have to set aside capital for a longer time, you normally have to compensate with a ticking fee. If banks are told to only lend to deals like this in exceptional circumstances, there will be fewer of those deals underwritten by European banks," Forbes said.Shareholder loans and PIK loans will be included in total debt calculations, but it is not clear if this also includes subordinated shareholder debt, which is used to upstream cash in European leveraged finance.Banks will also be required to verify leveraged loan pricing by a unit independent of the syndication team, and deals with credit, underwriting or settlement risk in syndication also need to be reviewed and approved by an independent risk function. UNEVEN PLAYING FIELD As in the US, banks are concerned that the guidance will create an uneven playing field that will favour institutions not regulated by the ECB, such as US, Japanese and (post-Brexit) UK banks."The US and ECB versions of the guidelines are at least similar, and some market participants are already subject to US rules. It is certainly significant and people will have to think about how they do things," said Andreas Wieland, a partner who heads White & Case''s regulatory practice in Frankfurt.Many institutions, particularly those with global operations, have been lending around the US guidelines, and national regulators are expected to take a similar approach to the ECB guidance."National supervisors will likely base their assessment of leveraged lending procedures on criteria similar to the ECB," said White & Case partner Stuart Willey.Non-regulated lenders thrived in the US after its version of leverage lending rules was introduced and it is not clear how the ECB will react if an uneven playing field is indeed created. Although the guidance is not binding, the regulator expects institutions under its supervision to integrate the rules into internal credit processes and will intervene if this does not happen. (Editing by Christopher Mangham and Matthew Davies)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/ecb-leveraged-loans-idINL3N1J64A5'|'2017-06-09T11:12:00.000+03:00'
'a0c9fe2c0454ff80584c17da2fa4c4675df723fc'|'Surprise rise in German imports narrows trade surplus in April'|'Business News - Fri Jun 9, 2017 - 7:08am BST Surprise rise in German imports narrows trade surplus in April FILE PHOTO: Containers are pictured at a loading terminal in the port of Kiel, Germany, January 25, 2017. REUTERS/Fabian Bimmer/File Photo FRANKFURT German exports rose more strongly than expected in April and imports posted an even bigger increase, narrowing the trade surplus of Europe''s biggest economy, data showed on Friday. Seasonally adjusted exports were up 0.9 percent on the month while imports jumped 1.2 percent, data from the Federal Statistics Office showed. A Reuters poll had pointed to exports rising 0.3 percent and imports falling 1.0 percent. The seasonally adjusted trade surplus edged down to 19.8 billion euros from a revised 19.9 billion euros in March. The April reading was below the Reuters consensus forecast of 20.3 billion euros. Germany''s wider current account surplus, which measures the flow of goods, services and investments, plunged to 15.1 billion euros after a revised 31.1 billion euros in March, the data showed. Domestic demand has replaced exports as the main growth driver in Germany as consumers and the state are benefiting from record-high employment, rising tax revenues and low borrowing costs enabled by the European Central Bank''s loose monetary policy. (Reporting by Michael Nienaber; Editing by Andrea Shalal)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-germany-economy-trade-idUKKBN1900KB'|'2017-06-09T14:08:00.000+03:00'
'049a9d385561307747eb80bf835d023aebd4f3b3'|'German inflation to miss ECB target for another year, Bundesbank estimates show'|'Business News - Fri Jun 9, 2017 - 8:00am BST German inflation to miss ECB target for another year, Bundesbank estimates show FILE PHOTO: A woman checks vegetables at the Biocompany organic supermarket in Berlin, January 31, 2013. REUTERS/Fabrizio Bensch/File Photo FRANKFURT Inflation in Germany will remain well below the European Central Bank''s target of just under 2 percent for another year, new estimates from the country''s central bank showed on Friday. The Bundesbank cut its inflation forecasts for 2018 and 2019 to 1.4 percent and 1.8 percent, respectively, while nudging up its projection for this year to 1.5 percent. Its previous estimates put price growth at 1.4 percent this year, 1.7 percent the next and 1.9 percent in 2019. Coming a day after the ECB trimmed its inflation estimates for the euro zone as a whole, the downgraded Bundesbank projections may weaken its hand in calling for an imminent scaling down of the ECB''s monetary stimulus. Unveiling the figures, Bundesbank president Jens Weidmann emphasized underlying inflation, which strips out the more volatile food and energy components, was on a steadily rising path that should take it from 1.3 percent this year to 1.9 percent in 2019. The ECB targets headline inflation in the euro zone. (Reporting by Francesco Canepa; Editing by Michael Nienaber)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-germany-economy-bundesbank-idUKKBN1900PH'|'2017-06-09T15:00:00.000+03:00'
'bee3bcb8ae4810d058f8f12cc0d75aa73f6518ac'|'Western Digital considering new memory plant in western Japan: source'|'TOKYO Western Digital is considering fresh investment to build another flash memory chip plant in western Japan in an effort to show its commitment to the country, a source familiar with the matter said.The California-based company is embroiled in a dispute with business partner Toshiba Corp over plans to sell the Japanese firm''s prized semiconductor unit and is arguing that it should be given exclusive negotiating rights.The two firms operate four memory chip plants in Yokkaichi through their joint ventures. Their fifth plant is currently under construction.The amount of investment and a timeline for the plant''s construction have not been decided, the source said, who was not authorized to speak on the matter and declined to be identified.The source also said Western Digital CEO Stephen Milligan will visit Japan next week for talks with Toshiba to resolve the spat.A spokesman for Western Digital could not be immediately reached for comment.(Reporting by Makiko Yamazaki; Editing by Edwina Gibbs)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-toshiba-accounting-western-digital-idUSKBN18S4EA'|'2017-06-01T13:15:00.000+03:00'
'cb63756f894ae76fe7e3185b0382551e4cf57ed7'|'Canada''s housing chief says no evidence of widespread mortgage fraud'|'Business News - Thu Jun 1, 2017 - 8:06pm BST Canada''s housing chief says no evidence of widespread mortgage fraud A sign advertises a condominium development on a lot in Toronto, Ontario, Canada October 3, 2016. REUTERS/Chris Helgren By Matt Scuffham - TORONTO TORONTO The head of Canada''s housing agency, whose responsibilities include maintaining the stability of the country''s housing market, said on Thursday there was no evidence of widespread fraud in Canada''s mortgage industry. Home Capital, one of Canada''s biggest mortgage lenders, has scaled back on lending to focus on repairing its balance sheet following rapid deposit withdrawals after a management shake-up and accusations brought by a regional regulator that it had misled investors about its mortgage business. The company has said the accusations are without merit. "There is not evidence that fraud is a widespread problem within the industry but we know it happens. It''s very hard to find and incentives exist for frauding the system so we need to be vigilant," Evan Siddall, chief executive of Canada Mortgage and Housing Corp (CMHC) told reporters. "We don''t think this is a pervasive problem in Canada. It is a discreet issue," he added. In an earlier speech to business leaders in Toronto, Siddall said that Canadians will continue to struggle to afford new homes unless more is done to address supply issues as economic growth and new immigrants ramp up demand for homes. "Canada''s housing affordability challenge will only get worse without more and faster supply. Urbanization is a global trend and Canada''s embrace of immigrants will add to the future need for housing, particularly in our cities," he said. Canadian authorities have taken a number of measures to try to cool rampant housing markets, particularly in the cities of Vancouver and Toronto, which has seen a 33 percent price rise in the past year. The increases have raised concerns many Canadians have been priced out of the market. Canada''s Liberal government has said it plans to invest C$11.2 billion ($8.3 billion) in new housing over the next 11 years. (Reporting by Matt Scuffham; Editing by Chris Reese and Chizu Nomiyama)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-canada-housing-cmhc-idUKKBN18S68M'|'2017-06-02T03:06:00.000+03:00'
'b52d6907d1a5082601fca233077fe7df2fd74e3f'|'Fortuna board says Penta''s buyout offer price not enough'|'PRAGUE Czech-Slovak investment bank Penta''s offer price for the remaining shares in Fortuna Entertainment ( FORE.PR ) it does not already own is below fair value, the Czech betting group said.Fortuna''s (FEG) management and supervisory boards said that Penta''s 118.04 Czech crown ($5.06) a share offer did not provide a "meaningful premium" to the market price.It added in a statement that although the offer price was not fair, the rationale had merit."However, the FEG Boards are of the view that this should be accompanied by offering the minority shareholders a reasonable opportunity to exit FEG against a price that reflects the value of FEG," the statement released late on Friday said.Penta, which holds 68 percent of Fortuna through its Fortbet Holdings unit, launched a bid to buy out minority shareholders and take the company off the market in March.Last week, it raised the offer price in the voluntary buyout from an initial offer of 98.69 crowns, which was 10 percent below the market value at the time.The new price provided an 8 percent premium when announced. Fortuna shares closed just above the raised offer price on Friday.Some minority shareholders have also complained about the offer. A group controlling 10.5 percent of the company and advised by Templeton said last week that the price was "still significantly below value".($1 = 23.3280 Czech crowns)(Reporting by Jason Hovet, editing by Louise Heavens)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-fortuna-group-m-a-penta-idINKBN18W0X9'|'2017-06-05T06:22:00.000+03:00'
'd0a3ff2f51d533cbc26453e355bd537117bab73b'|'Blackstone closes 7.8 bln-euro European property fund, source says'|'Business News - Wed Jun 7, 2017 - 4:59pm EDT Blackstone closes 7.8 billion-euro European property fund, source says The ticker and trading information for Blackstone Group is displayed at the post where it is traded on the floor of the New York Stock Exchange (NYSE) April 4, 2016. REUTERS/Brendan McDermid Blackstone Group ( BX.N ), has closed a 7.8 billion-euro ($8.79 billion) fund that will focus on European commercial real estate, a source familiar with the matter said. The goal of the fund is to deliver to investors double-digit returns, the person said. The fund will follow an "opportunistic" strategy, which typically means buying riskier properties that need fixing up or repositioning, the person added. It will have about 24 billion euros worth of buying power, since the U.S. private equity group often uses as much as 70 percent leverage when it buys property, according to the person. Earlier Monday, Blackstone offered to buy all shares in Finnish real estate investment company Sponda ( SDA1V.HE ) for about 1.8 billion euros, seeking to expand its real estate business in the Nordic region. Last week, the company agreed to sell European warehouse firm Logicor to China Investment Corp [CIC.UL] for 12.25 billion euros, the biggest private equity real estate deal in Europe on record. Blackstone’s real estate business has about $102 billion in investor capital under management. (Reporting by Dasha Afanasieva and Sangameswaran S in Bengaluru, editing by Larry King) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-blackstone-idUSKBN18Y32J'|'2017-06-08T04:52:00.000+03:00'
'cf3f1622d1c344720c76df9b9f5b6d47cac779dc'|'How to be resilient: ''self-awareness is fundamental'' - Guardian Small Business Network'|'Friday 9 June 2017 07.00 BST Last modified on Friday 9 June 2017 09.19 BST Entrepreneurs must be able to bounce back from disappointment. It’s a career choice rife with rejection: failure to secure a bank loan, missing out on investment and poor sales are just some of the potential hurdles you can face. But, for many, resilience is a learning process. So how can you develop this trait? In our live Q&A on how to build resilience, our expert panel discussed strategies for managing stress, building a support network and improving work-life balance. A reader kicked off the chat with this question: “Are there any downsides to resilience; can there be a fine line between being resilient and not facing up to some home truths?” Ask the experts: how to build your resilience – as it happened Read more Richard Reid, a psychotherapist, coach and founder of Pinnacle Therapy , said balance was key. “[Resilience] is probably more about realism than unbridled positivity,” he said. “[We tend to] veer towards the negative.” He added that setbacks should be seen as an opportunity to gather feedback, rather than as a sign of failure. Gail Kinman, an occupational health psychologist at the University of Bedfordshire and the British Psychological Society, added: “My research has found that self-awareness is an important aspect of resilience – in fact it is fundamental.” She suggested mindfulness as one way to build this awareness. Anis Qizilbash, a motivational speaker and founder of Mindful Sales Training , suggested practising mindfulness daily, which could be as little as listening to your breathing for five minutes. “It changes the way you react to things, which means you can make better decisions.” Meanwhile, Emily Forbes, founder of Seenit , recommended entrepreneur support groups. She said: “I can go and let my guard down and not only talk openly, but also receive really honest and relatable feedback.” She added: “They also help to build confidence in your decision making, which I think is a huge part of growing resilience.” Samantha Kingston, co-founder of Virtual Umbrella , said she found old contacts to be a useful sounding board: “Reaching out to employers, who have been running companies for a lot longer than me, really helped with support.” Meanwhile, a simple, often overlooked, way to build resilience, said Reid, is taking time to pause and reflect. “Slowing down means that we automatically generate fewer negative thoughts.” Leon Ifayemi, co-founder and CEO of SPCE said: “Becoming a creature of habit and routine has enabled me to balance work and pleasure.” Technology can be a significant time and energy drain for entrepreneurs. Emails can pile up and, with a smartphone or laptop always on hand, it’s tempting to work on your business at all hours. Kinman said that technology has been a mixed blessing in creating a work-life balance: it enables flexible working, but also makes it harder to switch off. “This can seriously compromise health, job performance and personal relationships. The key is to set boundaries for technology use and build in some ‘down time’ and switch off.” Running an enterprise brings day-to-day stress, but setting one up can be a particularly pressured time. One reader, who is planning to start a business, asked: “I know I will face challenges – can anyone give me some practical tips to minimise the stress?” James Routledge, founder of Sanctus , said: “Create space for yourself to explore your challenges. That space could be simply the gym in the morning. It could be meditation. It could be mindfulness. It could be coaching or therapy. It could just be writing.” Meanwhile, Andy Chamberlain, deputy director of policy at the Association of Independent Professionals advised preparation. “Have a business plan. Decide what corporate form you want to take (ie a sole trader or limited company). Market yourself. Have an online presence. Get a good accountant. Above all else, find clients.” Reeling from a failure? Perhaps an attitude change could help Read more Kingston added: “Set goals that are achievable. It’s very easy to want to achieve everything in one day” Forbes said creating a physical boundary between home and work is also important. “I worked from a co-working space in the early days and it was awesome to be able to make a coffee next to someone who I then found out had just gone through something I was about to dive into.” Pouring your energy into the startup phase of a business can take its toll. Kingston said that after two years of working on her company, she experienced burnout, which led to a spell in hospital. “All my passion had gone into one thing, my health was not always a part of that. I have learned from this but I’m still working to understand how to change my work-life balance.” Sign up to become a member of the Guardian Small Business Network here for more advice, insight and best practice direct to your inbox. Topics '|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/small-business-network/2017/jun/09/how-to-resilient-self-awareness-mindfulness-support-experts'|'2017-06-09T03:00:00.000+03:00'
'044247568975576a7f300e62590f16e491a29dc1'|'Airbus CEO worried by Qatar crisis, risk of hard Brexit'|'TOULOUSE, France The head of Airbus expressed worries about growing geopolitical uncertainties on Thursday, calling the rift between key customer Qatar and its Gulf neighbors troubling and warning of the impact of a "hard Brexit" on the planemaker''s UK operations."Any disruption in any mature region or market that is relevant for us is a reason for concern," Chief Executive Tom Enders told reporters.Referring to the aviation blockade against Qatar imposed by Saudi Arabia and others this week, Enders said: "That''s a development that is troubling for our industry, for many industries. We sincerely hope that these disruptions are not developing to a long-term conflict."The bust-up between Arab powers has dealt a blow to Gulf carriers already hurt by low oil prices and laptop bans and exposed the sensitivity of Gulf hubs to regional uncertainty, delegates at an airlines meeting said this week..Analysts say any prolonged disruption could prompt Qatar to delay taking aircraft deliveries from Airbus and Boeing.Speaking at a media briefing ahead of the June 19-25 Paris Airshow, Enders played down suggestions that Airbus, the world''s second-largest planemaker behind Boeing ( BA.N ), was too reliant on the Middle East."We are far from being over exposed… to this region," he said, noting it made up 13 percent of unfilled orders."I think this region will remain important and relevant even allowing for some recouping, some consolidation; nobody can exclude that for the long term."With talks looming on Britain''s decision to leave the European Union, Enders said Airbus''s UK plants were among its most competitive and warned against crimping this advantage through restrictions on people or goods."We are a company that is obviously very interested in the free flow of people. The mobility between our sites in Europe is crucially important," he said."Any tariff barriers could also potentially impact the competitiveness of our activities in Britain."Enders was speaking shortly before a shock exit poll suggested that UK Prime Minister Theresa May had failed to maintain an overall majority after calling an election to strengthen her Conservative government''s position ahead of EU negotiations.Several companies have expressed concerns over a so-called ''hard Brexit'' under which trade tariffs could apply.Enders said "any British government paying attention to the importance of the aerospace industry is well aware of what is at stake".Analysts say Airbus is expected to press UK governments for continued support for the aerospace industry as the price for maintaining the same level of UK investment for future aircraft programs.(Reporting by Tim Hepher, Cyril Altmeyer; Editing by Dan Grebler)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-airbus-ceo-idUSKBN18Z2V2'|'2017-06-09T05:15:00.000+03:00'
'366007d4d1612f86aa97e408fdf0abb7056b1d10'|'Dockers strike disrupts Spanish ports and trade routes'|'Business News - Mon Jun 5, 2017 - 9:51am EDT Dockers strike disrupts Spanish ports and trade routes left right Idle cranes and containers are seen during the first day of an announced 3-day strike at the port of Barcelona, Spain June 5, 2017. REUTERS/Albert Gea 1/4 left right A port worker walks amongst idle machinery during the first day of an announced 3-day strike at the port of Barcelona, Spain June 5, 2017. REUTERS/Albert Gea 2/4 left right A port worker walks amongst idle machinery during the first day of an announced 3-day strike at the port of Barcelona, Spain June 5, 2017. REUTERS/Albert Gea 3/4 left right Rows of containers are seen at a nearly empty port during the first day of an announced 3-day strike at the port of Barcelona, Spain June 5, 2017. REUTERS/Albert Gea 4/4 MADRID Some of Spain''s biggest port terminals came to a standstill on Monday as shipping companies redirected cargos to avoid a dockers'' strike. After months of talks between unions, companies and the Spanish government over a reform of port hiring practices, dockers held the first of several planned strikes to protest against possible job losses. Some container shipping firms such as Maersk ( MAERSKb.CO ) re-routed boats destined for the southern port of Algeciras to get around the strike, during which dockers will stop working every other hour on Monday, Wednesday and Friday this week. Alternative destinations used by firms included Portugal, Morocco and Malta. Five further days of industrial action have also been called for next week, raising the prospect that the shift to rival ports could have lasting consequences, especially for those handling merchandise not ultimately destined for Spain. "Let me tell you, eight days of strikes will completely shatter the port of Algeciras," Manuel Moron, who heads up the port authority there, wrote in a column, in EuropaSur local newspaper on Monday. Algeciras is a trans-shipment hub used by firms to unload cargo and redistribute it onto other boats heading elsewhere in Europe or the Middle East. An Algericas terminal operated by APM, which belongs to the Maersk Group, had ground to a halt on Monday as there were no ships, a port spokeswoman said. A second smaller terminal was operating during the hours between the strike. Valencia, on the eastern Mediterranean coast and the biggest export and import port in Spain, was functioning during the appointed hours, a spokesman said. Spanish companies adjusted their production strategies, staggering exports or speeding them up before the strike, to limit the knock-on effects on their business. About two thirds of Spain''s imports and exports, a key element of the recovering economy, are moved through the country''s docks. Seat, part of German carmaker Volkswagen ( VOWG_p.DE ) and which has a big plant near Barcelona''s port, had already shipped out vehicles as soon as they were ready to avoid a build-up in cars waiting to be exported, a source at the company said. The government said minimum services were being upheld at ports to ensure perishable goods such as fruit and vegetables were getting through and passenger services were not disrupted. The ports reform, which aims to crack down on closed-shop hiring in a heavily unionized sector as demanded by the European Union, was passed through parliament in mid-May after a series of setbacks and clashes between political parties. Workers broke off subsequent talks with port representatives over how to implement the new law in a disagreement over safeguarding more than 6,000 docker jobs. (Reporting by Sarah White, Angus Berwick and Madrid TV; Editing by Angus MacSwan)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-spain-ports-idUSKBN18W1SF'|'2017-06-05T17:51:00.000+03:00'
'f4147a2c171ce271d53dda37aae6c5c68601ebca'|'Petrobras denies Brazil govt meddling in LPG pricing move'|'Market News - Wed Jun 7, 2017 - 10:35am EDT Petrobras denies Brazil govt meddling in LPG pricing move RIO DE JANEIRO, June 7 The Brazilian government is not meddling in pricing decisions by state-controlled oil producer Petróleo Brasileiro SA, which on Wednesday kept cooking gas out of a pricing system based on international parity. Chief Executive Officer Pedro Parente, speaking at a news conference, said the decision helps Petrobras comply with rules set by Brazil''s most powerful energy policy body to help contain fuel costs for households. (Reporting by Marta Nogueira, Alexandra Alper and Rodrigo Viga Gaier; Writing by Guillermo Parra-Bernal; Editing by Chizu Nomiyama) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/petrobras-prices-lpg-idUSE6N1D2026'|'2017-06-07T22:35:00.000+03:00'
'3fa1ba3aea6260f0e2048226ccd84491a45aa1cd'|'Credit Suisse says 99 percent of rights exercised in rights offering'|' 12pm BST Credit Suisse says 99 percent of rights exercised in rights offering Switzerland''s national flag flies beside the logo of Swiss bank Credit Suisse in Zurich, Switzerland April 24, 2017. REUTERS/Arnd Wiegmann ZURICH Credit Suisse ( CSGN.S ) said on Wednesday 99.2 percent of the rights had been exercised in its recent rights offering, raising net proceeds of around 4.1 billion Swiss francs (£3.2 billion). The bank said it would have a common equity Tier 1 (CET1) ratio of 13.4 percent and a leverage ratio of 5.1 percent after the capital increase, based on first-quarter reported numbers. The readings for the two closely-watched measures of balance sheet strength are in line with the bank''s expectations when it announced the capital raising plans in April. Switzerland''s second-biggest bank, which is recovering from back-to-back annual losses as it restructures under Chief Executive Tidjane Thiam, announced the cash raising plans in April and hopes it will remove any lingering concerns about its capital strength. (Reporting by Joshua Franklin, editing by David Evans)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-credit-suisse-issue-idUKKBN18Y2KA'|'2017-06-08T01:12:00.000+03:00'
'aae83885a070ec3aad62c3dfd556591d1e14d7e7'|'India''s Adani gives final approval for $4 billion Australia coalmine'|'Business News - Tue Jun 6, 2017 - 2:36am BST India''s Adani gives final approval for $4 billion Australia coalmine SYDNEY India''s Adani Enterprises ( ADEL.NS ) said on Tuesday that it has given final investment approval for the Carmichael mine and rail projects in Queensland. "The project has Final Investment Decision approval, which marks the official start of one of the largest single infrastructure and job-creating developments in Australia''s recent history," Adani Chairman Gautam Adani said in a statement. The company has said the project, at an initial cost of $4 billion (3.10 billion pounds), would pay billions of dollars in royalties and taxes, create jobs and export coal to India help bring electricity to rural regions. (Reporting by Byron Kaye; Editing by Richard Pullin)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-adani-ent-australia-idUKKBN18X050'|'2017-06-06T09:36:00.000+03:00'
'd43d2d6b53c91aa138070279556e2db049f99585'|'Aston Martin calls for investment clarity after inconclusive UK election'|'Top News - Fri Jun 9, 2017 - 7:34am BST Aston Martin calls for investment clarity after inconclusive UK election Workers in protective equipment are reflected in the window of a betting shop with a display inviting customers to place bets on the result of the general election with images of Britain''s Prime Minister Theresa May and opposition Labour Party leader Jeremy Corbyn, in... REUTERS/Marko Djurica LONDON British luxury carmaker Aston Martin called on politicians to quickly provide rapid reassurances to business so they can continue to invest after a snap election gave no political party an overall majority in parliament. "We cannot stress strongly enough the need for rapid and decisive policy direction to ensure that business can continue to invest for the long term growth and ensure the global competitiveness of the British economy," Chief Executive Andy Palmer said in a statement on Friday. "Clarity over our relationship with Europe must be established quickly together with the wider reassurance to our key trading partners that Britain remains a dynamic and thriving business environment," he said. (Reporting by Costas Pitas; Editing by Georgina Prodhan) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-election-astonmartin-idUKKBN1900L9'|'2017-06-09T14:34:00.000+03:00'
'80818fc9e67e4e0689f65d0f07ba546f5ed7a5ae'|'RPT-Stressed balance sheets cast cloud over Modi-led India rebound'|'(Repeats with no changes to text)* Excess capacity, debt burden hobble private investments* Falling capital investments constrain growth* New bank credit down due to rising bad loans* New investment proposals fall in April, MayBy Rajesh Kumar SinghNEW DELHI, June 9 Vikas Patharkar borrowed $700,000 in 2014 to set up a factory to make electric transformers on the outskirts of Mumbai, buoyed by the promise of massive government spending and hopes of a strong economic rebound.Three years later, production has yet to begin. But servicing the debt is cutting into overall profits at his Lustre Engineering, which also offers electrical services, and the 59-year-old may have to sell off assets to repay the bank.Patharkar says India''s bureaucrats are to blame for denying contracts to small businesses like his, and has taken one state-run power company to court to challenge its tendering process."Government has put in place a very good public procurement policy, but officials on the ground are not implementing it," he said.Bureaucracy is only one of the more visible parts of a problem that is vastly more systemic since Asia''s third-largest economy started to falter, burdened by $150 billion in bad loans, excess and idle capacity and stalled private investment.Private capital investments contracted 2.1 percent in the first three months of this year despite a surge in government spending, dragging economic growth to 6.1 percent, its lowest in more than two years.Signs for the current quarter are also not encouraging. According to CMIE, a think tank, new investment proposals in April and May were down by more than half from the same period in both of the last two years.The culprit is a so-called twin balance-sheet phenomenon: reduced new investment by stressed private companies, which account for three-quarters of India''s total capital spending, and one of the highest bad-loan ratios among emerging economies.The bad loans have forced banks to curb overall lending growth and cut their credit exposure to industry, while the share of capital investments in India''s GDP has dropped to below 30 percent from more than 38 percent a decade ago."The motivation to invest into new capacities is falling," said Mahesh Vyas, chief executive officer at CMIE.Foreign portfolio investors remain bullish about India, pumping $19 billion into Indian stock and bond markets since January, lured by the country''s relatively strong fundamentals.But the World Bank warned last week that prospects for developing economies like India were being undermined by weak investment.If the trend continues, it may thwart India''s hopes of replicating the growth that dramatically boosted employment, reduced poverty and increased per capita income in China.STRESS WIDENING, DEEPENINGThe downbeat mood is a far cry from the bullish sentiment among businesses three years ago when Prime Minister Narendra Modi was running for India''s top job.His reputation, built while running the western state of Gujarat, of speeding up implementation of infrastructure projects and promoting manufacturing raised hopes of a similar push at the national level.To be sure, his administration has spent billions of dollars on rail, road, port and power projects and pushed through a slew of steps to cut bureaucratic red tape and attract investments, the benefits of which, many believe, are still to come.But it has been slower to act on calls to write off loans and privatise state-run banks, which experts say are needed to revive corporate and bank balance sheets but will not sit well with bank labour unions or the taxpayers that will have to foot the bill.Stressed corporate balance sheets have taken a heavy toll on state-run banks. At least 13 of banks accounting for approximately 40 percent of total loans are severely stressed, with over 20 percent of their outstanding loans classified as restructured or bad loans.A study by Credit Suisse shows that around 40 percent of India''s corporate debt is owed by companies with interest coverage ratio of less than 1, meaning they do not earn enough to pay the interest obligations on their loans.The stress on the corporate sector is not only deepening, it is also widening.In the telecoms sector, interest coverage ratios slid after the entry of Reliance Jio increased competition, prompting a major round of price-cutting.Since the second half of 2016, much of the rise in bank bad loans has come from small businesses hobbled by poor sales and profitability. But it isn''t just small businesses like Lustre Engineering who have had to resort to asset sales.Saddled with $3.1 billion in debt, GMR Group, an infrastructure conglomerate, plans to sell its road, power and airport assets. It has also put all investment in energy and highway projects on hold for the next 12-18 months.A revival in consumer spending and goods exports should boost consumer demand and lift capacity utilization at Indian factories that is running below average, economists say. But that may not be enough for a big investment revival.R. Shankar Raman, chief financial officer at industrial group Larsen & Toubro, expects Modi''s infrastructure drive to start showing results by mid-2018. But he says more needs to be done to ensure swift execution of projects."People are still required to go to multiple agencies for clearances," Shankar Raman told Reuters. "Ease of doing business is still a work in progress." (Additional reporting by Suvashree Choudhury and Abhirup Roy in MUMBAI; Editing by Douglas Busvine and Sonya Hepinstall)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/india-economy-investment-idINL3N1J53Y8'|'2017-06-09T04:00:00.000+03:00'
'f0b7830f403595680ff501d1afec7c273d5979d6'|'UK Stocks-Factors to watch on June 9'|'June 9 Britain''s FTSE 100 index is seen opening 1 percent lower on Friday, according to financial bookmakers. * ELECTIONS: Prime Minister Theresa May was fighting to hold on to her job on Friday as British voters dealt her a punishing blow, denying her the stronger mandate she had sought to conduct Brexit talks and instead weakening her party''s grip on power. * BREXIT: Britain may have to delay Brexit talks in the absence of a majority for Prime Minister Theresa May''s Conservative Party, JPMorgan said on Friday. * STERLING: Sterling saw its biggest daily fall since January before recovering some ground on Friday after exit polls and election results unexpectedly pointed to Prime Minister Theresa May losing her parliamentary majority in Britain''s election. * TANZANIA MINING: Tanzania plans to introduce a 1 percent clearing fee on the value of mineral exports in 2017/18 (July-June), its finance minister said on Thursday, part of government measures aimed at getting a bigger share of revenues from the east African country''s natural resources. * The UK blue chip index benchmark slid steadily throughout the session to close 0.4 percent lower at 7,449.98 points on Thursday, after the European Central Bank signalled an end to more interest rate cuts, and ahead of results from Britain''s parliamentary elections. * For more on the factors affecting European stocks, please click on: cpurl://apps.cp./cms/?pageId=livemarkets TODAY''S UK PAPERS > Financial Times > Other business headlines Multimedia versions of Reuters Top News are now available for: * 3000 Xtra : visit topnews.session.rservices.com * For Top News : topnews.reuters.com (Reporting by Rahul B in Bengaluru; Editing by Sherry Jacob-Phillips)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/britain-stocks-factors-idINL3N1J628V'|'2017-06-09T03:31:00.000+03:00'
'62dd832bdd7aa8aad18787f2b8fa4f50ebc1a89b'|'Europe reboots capital markets project as Brexit looms'|'Business News - Thu Jun 8, 2017 - 1:27pm BST Europe''s slow-moving capital markets plan gets Brexit reboot An European Union (EU) flag is pictured during a ceremony in Lausanne, Switzerland May 4, 2017. REUTERS/Denis Balibouse By Huw Jones - LONDON LONDON European Union plans to make it easier for companies to raise money from sources other than banks will get a "reboot" to compensate for the loss of London as a financial center within the bloc. "As we face the departure of the largest EU financial center, we committed to stepping up our efforts to further strengthen and integrate the EU capital markets," European Commission Vice President Valdis Dombrovskis said on Thursday. Europe''s capital markets union (CMU) was launched in September 2015 to improve the way stock and bond markets support growth, and offer companies alternatives to bank loans. The aim is to put the "building blocks" in place by 2019, but as this now coincides with Britain leaving the EU, the bloc needs to also reduce its dependence on London. "Quick wins" such as reviving securitization or asset-backed debt, and making it easier for companies to list - two of the 20 measures passed from an original list of 33, have already taken longer than expected to win parliamentary approval. And in its "mid-term" review of the CMU for an EU of 27 countries, the Commission listed nine more "priority actions", including direct supervisory powers for the EU''s securities watchdog and helping banks to offload bad loans. However, Jyrki Katainen, European Commission Vice President for jobs, growth and investment, said it could take up to a decade to see results from the CMU initiatives. "It''s a question of whether this potential is used or not," Katainen told a news conference. Markus Ferber, vice chairman of the European Parliament''s economic affairs committee, called the review a "document of failure" that listed what has still not been accomplished. "In light of Brexit, effective and efficient European capital markets are more important than ever. Instead of devising new updates of their working plans every few years, now would be a good time for the Commission to actually make some progress," Ferber said. Peter Green, a financial lawyer at Morrison & Foerster, said it was questionable whether the reboot was enough to create an effective rival market to London. A big test will be how much progress Brussels can make in helping banks to offload bad loans, a problem that led this week to European authorities intervening to avoid a collapse of Spain''s Banco Popular ( POP.MC ). Bad loans can restrict banks'' ability to lend, but shedding them is hampered by high transaction costs. The EU executive will soon launch a consultation on action in areas such as loan servicing by third parties, and the transfer of loans, including to non-bank entities. (Editing by Jane Merriman and Alexander Smith) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-eu-markets-regulations-idUKKBN18Z18W'|'2017-06-08T18:02:00.000+03:00'
'95e897f10025face5a1af72f1af2dcb7d48a016e'|'China tightens grip on yuan to head off economic risks'|'Business News - Fri Jun 9, 2017 - 8:12am BST China tightens grip on yuan to head off economic risks FILE PHOTO: A China yuan note is seen in this illustration photo May 31, 2017. REUTERS/Thomas White/Illustration/File Photo By Kevin Yao - BEIJING BEIJING In rapid fire moves that have stunned investors, Chinese authorities have begun tightening control over the yuan, lifting it sharply in a concerted effort to restore market confidence and forestall risks of capital outflows and slower growth, policy insiders say. Caught off-guard last month by a ratings downgrade by Moody''s Investors Service that gave fresh momentum to bearish yuan bets, traders said Beijing has reverted to its old play book - intervening in markets to bend them to its will. (For a graphic on Yuan''s trading range click tmsnrt.rs/2rcyMrv ) The key priority for authorities was maintaining market confidence ahead of a leadership transition later this year, policy insiders said, as growing debt risks, higher U.S. interest rates, capital outflows and possible trade tensions with the United States threatened to knock the economy. The policy insiders say last month''s introduction of a mysterious ''counter-cyclical factor'' that increases the central bank''s influence over the yuan''s reference rate showed how serious authorities are about flushing out bearish bets and heading off any slide towards 7 yuan to the dollar. The move highlighted the challenge China faces between safeguarding economic and currency stability and speeding up capital market reforms - important steps in its quest to internationalise the yuan. "They (authorities) are clearly tightening their grip (on the yuan), which is related to politics and diplomacy," said a policy adviser. "From monetary authorities'' perspective, they definitely do not want to see the yuan falling past 7 - a landmark move that could affect market expectations," the adviser said. The People''s Bank of China (PBOC), responding to Reuters'' request for comment, denied suggestions that it''s tightening control on the yuan via the counter-cyclical factor. "Such a statement is not true," the PBOC said in a rare email response, and reiterated the official explanation that changes to the way the mid-point is calculated were geared to better reflect macroeconomic fundamentals and temper "irrational" market expectations.Beijing is especially sensitive to any renewed criticism of its currency policy by the United States, and a weaker yuan could play into President Donald Trump''s protectionist proclivities as Washington engages in 100 days of trade talks with China. A second adviser said that with the Federal Reserve set to raise rates further at next week''s policy review, authorities are worried that capital outflows could drive persistent weakness in the yuan - the last thing Chinese leaders want before the closely-watched leadership transition in the autumn. In 2015, a botched stock market rescue attempt tarnished Beijing''s reform and broad policy-making credentials. The yuan CNY=CFXS has gained 2.2 percent versus the dollar this year, including 1.3 percent since May 24 - when Moody''s downgraded China''s credit ratings for the first time in nearly 30 years, citing its mounting debt risks. A Reuters poll predicted the yuan to slip toward 7.05 per dollar in 12 months. COUNTERING BEARS Policy insiders believe authorities had been experimenting with the new mid-point regime and may have been forced to introduce it early after the Moody''s downgrade. The central bank meanwhile has also aggressively strengthened the mid-point since the start of the month. Authorities are also concerned that rapid falls in the yuan, which is allowed to trade two percent above or below the mid-point rate, could undermine Beijing''s bid to boost the Chinese currency''s global clout. "The central bank will use various means to intervene if the yuan falls to 7 - this is a so-called red line," another policy adviser said, underscoring unease that a destabilising fall in the yuan could sap confidence and hurt the economy. China burned through nearly $320 billion of reserves lastyear but the yuan still fell about 6.5 percent against the dollar, its biggest annual drop since 1994. Latest data showed foreign exchange reserves rose to a seven-month high of $3.054 trillion in May, as stringent capital control measures helped staunch outflows.. CONTROVERSIAL Policy insiders say the central bank will combine the ''counter-cyclical factor'', with its regular currency interventions and existing curbs on capital outflows to support the yuan. The change will make it harder to speculate on the yuan, but critics say the move undermines transparency of China''s currency regime - a goal of recent market-based reforms. "The central bank''s mid-point move is a step closer to the previous fixed exchange rate," said one of the advisers. "The move is controversial as it''s a retreat in reform." (Reporting by Kevin Yao; Editing by Shri Navaratnam)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-china-economy-yuan-idUKKBN1900QG'|'2017-06-09T15:08:00.000+03:00'
'd63bf27c6899ce653ba9797a75e6d5b71137c620'|'South Korea says domestic demand remains weak amid sluggish job market'|'Business News - Fri Jun 9, 2017 - 2:06am BST South Korea says domestic demand remains weak amid sluggish job market FILE PHOTO: A woman looks at recruiting information during a job fair in Seoul, South Korea, April 12, 2017. REUTERS/Kim Hong-Ji SEOUL South Korea''s domestic demand remains lacklustre due to a sluggish job market and tepid growth in household income, the finance ministry said on Friday. In its monthly economic assessment report, the ministry noted youth unemployment among those aged 15-29 was 11.2 percent in April, while the overall jobless rate was at 4 percent. The ministry added the economy faces uncertainties such as anticipated interest rate hikes by the Federal Reserve and potential changes in the trade environment. It did not elaborate further on the risks. The government will make an all-out effort to create quality jobs using the $10 billion supplementary budget it proposed earlier this month, it said. (Reporting by Cynthia Kim; Editing by Kim Coghill)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-southkorea-economy-idUKKBN190039'|'2017-06-09T09:06:00.000+03:00'
'75877594c87d870565c3e16060a659fe023ea613'|'Spain''s Liberbank, Unicaja in focus after Popular''s demise'|'Business News - Fri Jun 9, 2017 - 1:49pm BST Spain''s Liberbank, Unicaja in focus after Popular''s demise The logo of Unicaja bank is seen on the facade of a Unicaja bank branch in downtown Ronda, near Malaga January 29, 2014. REUTERS/Jon Nazca By Andrés González and Jesús Aguado - MADRID MADRID Small Spanish lenders Liberbank ( LBK.MC ) and Unicaja ( IPO-UNIB.MC ) have become the focus of investors'' concerns after the fall of Popular this week, casting renewed doubts over the strength of some Spanish banks. Liberbank has lost close to half of its stock market value this week and its shares have fallen for 10 straight days. They are now trading at 0.582 euro each, down 29 percent on Friday and close to their all-time low of 0.526 euro in July last year. Meanwhile, the initial public offering of Unicaja, a regional lender in Andalusia, flagged for before the summer, is seen suffering from both the Popular fallout and the competition of the 7 billion euros (£6.1 billion) cash call Santander ( SAN.MC ) will soon carry out. Liberbank, which was formed in 2011 from the merger of three regional savings banks and controls around two percent of all Spanish deposits, has been seen as one of the weakest links of Spain''s banking sector for several years despite efforts to sell bad real estate assets and improve its liquidity position. The bank has a bad loan ratio of 13 percent, well above most of its peers, and two thirds of its 2.1 billion euros debt matures by the end of the year with several repayments due in the next two months. Smaller banks in Spain, including Liberbank, saw their subordinated debt sell off on Thursday in the aftermath of the Banco Popular resolution, with cash prices dropping by multiple points. In a bid to draw a line under the current selloff, Liberbank Chief Executive Officer Manuel Menendez and Member of the Board Victor Roza bought more than 100,000 euros worth of shares in the lender yesterday, according to official registries seen by Reuters on Friday. A spokesman for Liberbank said the lender was strong both in terms of liquidity and solvency and the recent selloff was only the result of short-selling from opportunist investors. Unicaja, which also manages around 2 percent of Spanish deposits, enjoys a slightly more relaxed situation. Its bad debt ratio is just below 10 percent and a deadline to repay 600 million euros of subordinated debt and meet legal requirements to list is still months away but banking insiders say pressure is mounting. "It has always been a complex IPO because the banks lack an equity story," said a senior Spanish banker. "Most of its business is formed by residential mortgages, which turn very low margins. Either it lists at a very low price or they will suffer to get it done," the banker also said, adding that he would expect the listing to be postponed. Unicaja declined to comment.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-spain-banks-idUKKBN1901TW'|'2017-06-09T20:49:00.000+03:00'
'e999e9742ede74de2a1d4a45106dcf4ff8d6f68f'|'Global FDI flows rebound in 2017, set to rise further in 2018 - U.N.'|' 21pm BST Global FDI flows rebound in 2017, set to rise further in 2018: U.N. The skyline of Manhattan in New York is seen during a rainy day from Weehawken, New Jersey, U.S., May 13, 2017. REUTERS/Eduardo Munoz GENEVA Global foreign direct investment (FDI) fell by less than previously thought in 2016 and will rise this year and in 2018, although its flow will stay below the peak seen 10 years ago, the United Nations said on Wednesday. FDI, which largely comprises cross-border mergers and acquisitions (M&A) and investment in start-up projects abroad, slipped by 2 percent in 2016, much less than the 13 percent fall suggested by preliminary figures in February. FDI is a bellwether of globalization and a potential sign of the growth of corporate supply chains and future trade ties. This year it is expected to grow thanks to higher economic growth expectations, a resumption of trade growth, and increasing corporate profits, the United Nations trade and development agency UNCTAD said. "Policy uncertainty and geopolitical risks could hamper the recovery, and tax policy changes could significantly affect cross-border investment," UNCTAD said in a report. The outlook was cautiously optimistic for most regions, except for Latin America and the Caribbean, because of their uncertain macroeconomic and policy outlook, it said. The United States remained the top FDI recipient in 2016, with inflows increasing 12 percent to $391 billion, followed by Britain, which was pushed up into second position by several mega-deals and welcomed $254 billion of FDI in total. China was in third position but slipped 1 percent from 2016 to $134 billion. FDI flows have repeatedly undershot forecasts because of the stuttering recovery after the global financial crisis. In 2007, FDI flows hit an estimated $1.9 trillion, the highest on record. (Reporting by Tom Miles; Editing by Tom Heneghan)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-economy-fdi-idUKKBN18Y2L5'|'2017-06-08T01:04:00.000+03:00'
'2dd6bc90fb3707d54828d1560ddc6a6b33e93ffd'|'Spain to revise growth forecasts to reflect positive data - minister'|'Business News - Wed Jun 7, 2017 - 1:37pm BST Spain to revise growth forecasts to reflect positive data - minister Spain''s Economy Minister Luis de Guindos speaks during a news conference after the weekly cabinet meeting at Moncloa Palace in Madrid, Spain March 31, 2017. REUTERS/Sergio Perez MADRID The Spanish government will revise its growth forecasts for this year and next to reflect recent encouraging data on job creation and confidence levels, Economy Minister Luis de Guindos told journalists on Wednesday. The fresh projections will be carried out as part of preparations for the 2018 budget, De Guindos said. The government usually outlines its budget plans in July. Spain already hiked its 2017 growth forecast in April from 2.5 percent to 2.7 percent, and De Guindos recently said that the economy may expand at a similar rate to 2016, when it grew by 3.2 percent. The Bank of Spain is also expected to raise its growth projections next week. (Reporting by Sarah White, Editing by Angus Berwick)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-spain-economy-idUKKBN18Y1O9'|'2017-06-07T20:37:00.000+03:00'
'6d26657b1cedfeff7400d3dd4b6749c65b480ab2'|'China May exports, imports beat forecasts'|'BEIJING China reported stronger-than-anticipated exports and imports for May despite falling commodity prices, suggesting the economy is holding up better than expected despite rising lending rates and a cooling property market.Concerns over China landed squarely back on global investors'' radar after Moody''s Investors Service downgraded its credit rating last month, saying it expects the financial strength of the economy will erode in coming years as growth slows and debt continues to rise.Imports have been strong in recent months, driven largely by iron ore and other commodities used to feed a year-long construction boom, while exports have rebounded thanks to stronger global demand after several years of contraction.Still, analysts had expected trade growth to cool in May, forecasting the economy will gradually lose momentum over the rest of the year as measures to cool heated home prices dampen property investment and a crackdown on riskier types of lending pushes up financing costs.But growth in both exports and imports defied those expectations and accelerated from April.China''s May exports rose 8.7 percent from a year earlier, while imports expanded 14.8 percent, official data showed on Thursday.That left the country with a trade surplus of $40.81 billion for the month, the General Administration of Customs said.Analysts polled by Reuters had expected May shipments from the world''s largest exporter to have risen 7.0 percent. Exports rose 8.0 percent on-year in April.Imports were expected to have climbed 8.5 percent, after rising 11.9 percent in April.Analysts were expecting China''s trade surplus to have widened to $46.32 billion in May from April''s $38.05 billion.China''s trade surplus with the U.S. was $22.0 billion in May, up from $21.34 billion in April, according to data from China''s customs bureau.The world''s two biggest economies have started their 100 days of trade talks, which was agreed by United States President Donald Trump and Chinese President Xi Jinping when they met in Florida in April in an effort to reduce the massive U.S trade deficit with Beijing.In a sign of progress, the two countries agreed in May to take action by mid-July to increase access for U.S. financial firms and expanding trade in beef and chicken among other steps.China does not deliberately pursue a trade surplus with the United States, vice commerce minister Yu Jianhua told a news conference on May 12.China''s commerce minister Zhong Shan recently told new United States Trade Representative Robert Lighthizer the two sides should strengthen cooperation and manage disputes in trade, according to a statement on the website of China''s Ministry of Commerce.(Reporting by Sue-Lin Wong and the Beijing Monitoring Desk; Editing by Kim Coghill)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/us-china-economy-trade-idINKBN18Z0ES'|'2017-06-08T12:18:00.000+03:00'
'f418459cb021bb6d5380ffc630238ff52ccf9684'|'Honda to focus on self-driving cars, robotics, EVs through 2030'|'Autos  06am BST Honda to focus on self-driving cars, robotics, EVs through 2030 A Honda logo is seen on media day at the Paris auto show, in Paris, France, September 29, 2016. REUTERS/Benoit Tessier By Naomi Tajitsu - HAGA, Japan HAGA, Japan Japanese carmaker Honda Motor Co on Thursday spelled out for the first time its plans to develop autonomous cars which can drive on city streets by 2025, building on its strategy to take on rivals in the auto market of the future. Unveiling its mid-term Vision 2030 strategy plan, Honda said it would boost coordination between R&D, procurement and manufacturing to tame development costs as it acknowledged it must look beyond conventional vehicles to survive in an industry which is moving rapidly into electric and self-driving cars. Honda has already spelled out plans to market a vehicle which can drive itself on highways by 2020, and the new target for city-capable self-driving cars puts its progress slightly behind rivals like BMW. "We''re going to place utmost priority on electrification and advanced safety technologies going forward," Honda CEO Takahiro Hachigo said. Developing new driving technologies, robotics- and artificial intelligence-driven services and new energy solutions also would be key priorities for Honda in the years ahead, the company said. LEVELLING UP Honda established a division late last year to develop electric vehicles (EVs) as part of its long-held goal for lower-emission gasoline hybrids, plug-in hybrids, EVs and hydrogen fuel cell vehicles (FCVs) to account for two-thirds of its line-up by 2030, from about 5 percent now. By 2025, Honda plans to come up with cars with "level 4" standard automated driving functions, meaning they can drive themselves on highways and city roads under most situations. Achieving such capabilities will require artificial intelligence to detect traffic movements, along with a battery of cameras and sensors to help avoid accidents. BMW has said it would launch a fully autonomous car by 2021, while Ford Motor Co has said it will introduce a vehicle with similar capabilities for ride-sharing purposes in the same year. Nissan Motor Co is planning to launch a car which can drive automatically on city streets by 2020. Honda has been ramping up R&D spending, earmarking a record 750 billion yen (5.3 billion pounds) for the year to March. (Reporting by Naomi Tajitsu and Maki Shiraki; Editing by Stephen Coates)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-honda-strategy-idUKKBN18Z0KT'|'2017-06-08T14:06:00.000+03:00'
'3acde61ad45a69144490ef2067ff8e44a20f0982'|'UPDATE 1-Air Canada plane makes emergency landing without injuries in Seattle'|'(Adds comment from passenger)By Tom JamesSEATTLE, June 8 An Air Canada jet made an emergency landing at Seattle-Tacoma International Airport on Thursday and passengers were safely evacuated, according to an airport spokesman.The crew aboard the Bombardier Inc Dash 8 plane reported seeing light smoke inside the cabin on the plane''s scheduled flight to Seattle from Calgary, and declared an emergency before landing at the airport without injuries, according to airport spokesman Perry Cooper.Calgary resident Heather Hudson, 53, said she was a passenger on the flight and described a mild-smelling smoke appearing at the front end of the cabin and slowly filling the rest of the plane shortly before landing.Flight attendants worked quickly to check the overhead bins for the source of the smoke, but did not appear to find it, Hudson told Reuters via Twitter direct message.The mood aboard was subdued but tense during the incident, Hudson said, as crew members announced that an emergency had been declared. Some passengers quietly prayed before landing, she added.Airport crews were notified of the emergency about 15 minutes before landing, Cooper said.He added that the cause of the smoke is under investigation. He declined to say how many passengers were evacuated.The Dash 8 is a short- and medium-range turboprop plane which can carry between 37 and 86 people, depending on the model, according to Bombardier''s website.Representatives from Air Canada did not immediately respond to requests for comment. (Reporting by Tom James; Editing by Bill Rigby and Lisa Shumaker)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/air-canada-landing-idINL1N1J51PK'|'2017-06-08T17:23:00.000+03:00'
'7476cdea6485e176e2eb9228122c7959c3a09ef0'|'EU''s Moscovici says Greece''s creditors ''shouldn''t play with fire'''|' 31am BST EU''s Moscovici says Greece''s creditors ''shouldn''t play with fire'' European Economic and Financial Affairs Commissioner Pierre Moscovici addresses a news conference at the EU Commission headquarters in Brussels, Belgium May 22, 2017. REUTERS/Francois Lenoir PARIS Greece''s European creditors "shouldn''t play with fire" over the country''s debt relief programme, EU Economic and Financial Affairs Commissioner Pierre Moscovici said on Thursday. Athens urged its European lenders on Wednesday to offer incentives that will help break an impasse between the euro zone and the International Monetary Fund on the size of relief the country needs to make its debt sustainable. Euro zone finance ministers will meet next Monday to consider debt relief measures but a deal is far from certain as Germany has long opposed giving Greeks more help after Athens walked back on past pledges. "On the face of it, we''re not there yet," Moscovici said, adding that it was "logical" that the International Monetary Fund remained on board. Moscovici said debt-laden ridden country was reaching the limits of what its society could accept. (Reporting by Michel Rose; editing by Richard Lough)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-eurozone-greece-debt-idUKKBN18Z0YY'|'2017-06-08T16:31:00.000+03:00'
'c15b8947c8cf1f7a99424848408c16b5d9056124'|'Small is lucrative for Wachtell, corporate America''s legal defense force'|'By Greg Roumeliotis - NEW YORK NEW YORK Every Tuesday, partners and associates at Wachtell, Lipton, Rosen & Katz gather for a communal lunch in the dining room of the law firm''s Manhattan offices.Food ordered from top New York restaurants is served, but the real attraction is Martin Lipton, one of the firm''s co-founders and corporate America''s most famous consigliere.The father of the ''poison pill'' – a key defense strategy used against hostile takeovers – Lipton has helped build the firm into the most lucrative legal outfit in the world, a go-to shop for companies seeking to seal complex deals or repel suitors and activist investors.The weekly lunch is just one of the ways the 85-year-old stays in touch with new associates and reinforces the firm''s close-knit culture, where young law graduates are often paired with senior partners to work on big deals.Partners say a flat structure and relatively small size - Wachtell''s lawyer headcount of about 260 is roughly half of its closest rival Cravath, Swaine & Moore – is key to the firm''s success.The firm''s concentrated business model contrasts with the strategy of many law firms to become one-stop shops for deals, from navigating niche regulatory processes to sorting through labyrinthine tax affairs.Lipton is confident that his strategy of concentrating on high-stakes corporate situations will persist, according to interviews with several senior partners at the firm. This is because corporate America continues to turn to Wachtell as its top legal gun for hire."Wachtell''s business model is to be the firm you go to when you are not willing to take any risk at all," said Stephen Gillers, a New York University School of Law professor. "They know that in the big M&A cases, legal fees, no matter how big they are, are insignificant to the value of concluding the deal."When French drug giant Sanofi SA ( SASY.PA ) threatened U.S.cancer drug company Medivation Inc with a $9.3 billion hostile bid last year, for example, Medivation called Wachtell despite having an existing external legal adviser, Cooley. Cooley helped Medivation to go public in 2004 and is best known for advising on initial public offerings and defending against patent and class action lawsuits. Cooley and Medivation declined to comment.MOST LUCRATIVEWith some U.S. companies domiciled overseas, Wachtell''s partners often have to adapt their techniques to different jurisdictions.Rather than opening offices internationally as some of their rivals have done, Wachtell''s lawyers fly out to advise, staying weeks in some cases to see a case through, and turn to other law firms to assist them.Wachtell did consider opening a London office in recent years, but decided against it, partner at the firm said. The feeling among the firm''s senior partners was that expansion would dilute its culture, which is based around forming ad hoc teams to deal with situations, all from the one office in Manhattan.Keeping itself small has helped Wachtell become the most lucrative law firm in the world, with the average partner making a profit last year of $5.8 million, according to trade publication American Lawyer. The top 100 law firms averaged profit per partner of $1.66 million.Capping the workforce also means that partners do not have an army of associates to foist work onto."We work harder on average than other places, the work is very partner-heavy. It''s the type of work where vast experience is critical," said Daniel Neff, co-chairman of Wachtell''s executive committee.No one is more experienced than Lipton, referred to as Marty by clients and colleagues. He continues to work on high-profile cases including, most recently, advising General Motors Co''s ( GM.N ) board of directors on its defense against activist hedge fund Greenlight Capital, as well metal parts maker Arconic Inc ( ARNC.N ) on its settlement with activist hedge fund Elliott Management Corp.Besides Lipton, two of the other three founding partners, Leonard Rosen and George Katz, have died. However, like Lipton, founding partner Herbert Wachtell remains active at 84 practicing law, focusing on corporate litigation, which is the firm''s other major area of strength.M&A ROYALTYLipton has built a bench of seasoned deal lawyers who now account for the majority of the business that comes through the door. They include Neff and Edward Herlihy, who formally lead the firm as co-managing partners, as well as Andrew Brownstein, David Katz, Steven Rosenblum, Adam Emmerich and Andrew Nussbaum, among others.When Perrigo Co Plc ( PRGO.N ) turned to Wachtell in 2015 to defend against a $35 billion offer from Mylan NV ( MYL.O ), it was a 45-year-old partner, Igor Kirman, that the Irish-domiciled generic drug maker chose to lead its defense in three continents. Perrigo subsequently defeated what was the largest hostile bid ever rejected by a company''s shareholders."It was a given for me that by turning to Wachtell we would get excellent legal advice. But Igor also took very complex issues and simplified them so Perrigo''s board could understand," said Joseph Papa, Perrigo''s former CEO who now leads Valeant Pharmaceuticals International Inc ( VRX.TO ).Lipton remains influential, fielding calls and studying cases every day from his 31st-floor office, which is filled with memorabilia from major deals stretching back to the 1970s."Lipton is royalty in the M&A bar. There is no immediate successor to the status that he has achieved," said Gillers."The fact that clients still ask for him at the age of 85 shows you that the most important assets of a lawyer are his experience and judgment."(Reporting by Greg Roumeliotis in New York; Additional reporting by Liana B. Baker in San Francisco; Editing by Carmel Crimmins and Bill Rigby)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-usa-lawyers-m-a-idINKBN18Z0HJ'|'2017-06-08T06:45:00.000+03:00'
'0bc818ed386efba28eeab3504842325b9ff60683'|'U.S. might expand laptop ban to 71 airports -Homeland Security'|'Politics - Wed Jun 7, 2017 - 5:36pm EDT U.S. might expand laptop ban to 71 airports: Homeland Security An illustration picture shows a laptop on the screen of an X-ray security scanner, April 7, 2017. REUTERS/Srdjan Zivulovic/Illustration By David Shepardson - WASHINGTON WASHINGTON The U.S. government might expand a ban on larger electronics like laptops in airplane cabins to flights originating from dozens of airports in Europe, the Middle East and Africa, the head of Homeland Security said on Wednesday, though an expansion could be avoided if countries agree to improved security procedures. The U.S. restrictions imposed in March currently cover about 350 flights a week originating from 10 airports, primarily in the Middle East. Extending the ban to all European airports that directly serve U.S. airports would affect nearly 400 flights a day and cover 30 million travelers and pose major logistical challenges, airlines and security officials say. "We are looking right now at an additional 71 airports," Secretary of Homeland Security John Kelly told a House of Representatives panel. "We''re also looking at ways that we think we can mitigate the threat" without expanding the ban. Kelly said his deputy will attend a conference in Malta next week "to present what we think are the minimum increased security standards ... and present those to people to say if you meet these standards we will not ban large electronics." The restrictions on laptops announced in March, including on flights originating from airports in the United Arab Emirates, Saudi Arabia, Qatar and Turkey, came amid fears that a concealed bomb could be installed in electronic devices taken aboard aircraft. Britain quickly followed suit with restrictions on a slightly different set of routes. Kelly said many countries are working to not be added to the ban list by improving screening to "detect this very sophisticated device." He called the danger real. "This is a very serious constant threat to knock down an airplane," Kelly said. Homeland Security spokesman David Lapan declined to identify the 71 airports that are under consideration. Any move to restrict carrying larger electronics to the cargo hold of aircraft has potential safety implications related to past problems with laptop batteries. Kelly said he is reviewing those concerns. U.S. Transportation Secretary Elaine Chao at a Senate hearing on Wednesday said lithium ion batteries on airplanes can be a problem. "This is a difficult issue that the administration is grappling with especially from a security point of view," Chao said. A laptop fire in a cabin can be detected quickly, versus a device stored in a cargo hold. On May 30, a New York JetBlue Airways Corp flight bound for San Francisco was diverted to Michigan because of a lithium battery fire from a passenger laptop in the airplane cabin. (Reporting by David Shepardson; Editing by Leslie Adler) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-usa-airlines-electronics-idUSKBN18Y34V'|'2017-06-08T05:25:00.000+03:00'
'3ed47de4e296c23681b64a41e3ff04bb9698988a'|'LSE eyes more index deals after agreeing to buy Citi''s Yield Book'|'Deals  52am EDT LSE eyes more index deals after agreeing to buy Citi''s Yield Book A man shelters under an umbrella as he walks past the London Stock Exchange in London, Britain August 24, 2015. REUTERS/Suzanne Plunkett By John McCrank - NEW YORK NEW YORK The London Stock Exchange Group PLC ( LSE.L ), which last week agreed to buy Citigroup Inc''s ( C.N ) Yield Book fixed-income analytics and indexing business for $685 million, is looking for similar deals, LSE''s chief financial officer said on Thursday. The Yield Book acquisition, when closed, will boost the size and capabilities of LSE''s FTSE Russell indexes business, bringing the amount of assets under management benchmarked to its indexes to around $15 trillion. Trends such as the ongoing shift in investment style to passive from active and the desire by investors to get more exposure to emerging markets, particularly China, make index businesses attractive, LSE CFO David Warren said at the Sandler O’Neill Global Exchange and Brokerage Conference in New York. With nationalistic and regulatory factors making big cross-border exchange deals difficult to get done, as seen in the collapse of LSE''s merger with Deutsche Boerse AG ( DB1Gn.DE ) in March, exchanges have been looking to index and data deals to help them grow. Intercontinental Exchange Inc ( ICE.N ) said last Thursday it reached an agreement to acquire Bank of America Merrill Lynch''s ( BAC.N ) global research index platform for an undisclosed amount. Deutsche Boerse on Wednesday said it too is on the lookout for deals in the space. As a result, a number of banks that have developed analytics and index businesses using intellectual property (IP) from their internal trading operations are looking to monetize those businesses, Warren said. "We come into it obviously seeing that the IP in terms of index creation has been undervalued, so that is really the opportunity," he said. Exchanges increasingly see themselves as financial markets infrastructure providers with global distribution networks, rather than just trading venues, Warren said. Index and analytics businesses provide exchanges with the intellectual property to create investment products that are in demand from global asset managers, he said. "So there is a lot of investment in the business right now, but there is also still a lot of work we are doing to look at acquisition opportunities." (Editing by Bernadette Baum)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-lse-deals-index-idUSKBN18Z222'|'2017-06-08T22:49:00.000+03:00'
'159f5d166e408857d942ea7ae209e55820c6aba5'|'Japan first quarter GDP revised down to 1.0 percent annualised expansion'|'Business News - Thu Jun 8, 2017 - 4:51am BST Japan''s first quarter growth halved by oil inventory squeeze, recovery seen on track left right FILE PHOTO: People walk in Omotesando shopping district in Tokyo, Japan May 17, 2017. REUTERS/Toru Hanai/File Photo 1/3 left right FILE PHOTO: Shipping containers are seen at a port in Tokyo, Japan, March 22, 2017. REUTERS/Issei Kato 2/3 left right FILE PHOTO: People cross a street in the Shinjuku shopping and business district in Tokyo, Japan May 17, 2017. REUTERS/Toru Hanai 3/3 By Tetsushi Kajimoto - TOKYO TOKYO Japan''s economic growth was much weaker in the first quarter than initially estimated, the Cabinet Office said, but analysts made light of the decline as a "one-off" adjustment in oil inventories that would not thwart recovery. Japan''s economy, the world''s third largest, expanded at an annualised rate of 1.0 percent in the first quarter, less than half the initial estimate of 2.2 percent growth and 2.4 percent gain seen by economists, Cabinet Office data showed on Thursday. The data follows a recent run of indicators that suggests continued economic growth in the current quarter due to solid exports and factory output, although wage growth and household spending remain lacklustre, despite a tight job market. The Bank of Japan is now expected to stand pat at its next rate review on June 15-16, although a majority of the economists in a Reuters poll last month forecast the BOJ''s next move would be to pull back its stimulus. The GDP data was revised as primary oil distributors squeezed their crude oil inventory because some refineries were offline for repairs, bringing crude oil inventory levels at the end of March to the lowest since 2000, Cabinet Office officials said. "The data is not as bad as the headline figure appears. It supports the BOJ''s upbeat view on the economy," said Takeshi Minami, chief economist at Norinchukin Research Institute. "Excluding the revision to inventory, private final demand including capital expenditure was strengthening, suggesting that export-led recovery is broadening gradually. It''s true private consumption is weak, but it will likely firm up from now on." On the quarter, the Japanese economy grew a revised 0.3 percent in real, price-adjusted terms, against a preliminary reading of a 0.5 percent increase and the median estimate of a 0.6 percent expansion. Capital expenditure, a key component of GDP, rose 0.6 percent for the quarter, outstripping the preliminary estimate of a 0.2 percent increase. Inventories shaved 0.1 percentage point off growth, revised down from a 0.1 percent point contribution originally posted. Private consumption, which accounts for roughly 60 percent of GDP, rose 0.3 percent, down from the preliminary 0.4 percent gain. Tame wages and consumer spending have kept Japan from beating deflation, posing a key challenge for the BOJ in meeting its 2 percent inflation goal via a massive bond-buying programme. Taken together, government, business and household demand contributed 0.1 percentage point to growth, versus the initial 0.4 percentage point recorded. Net exports added 0.1 point to growth, unchanged from the preliminary estimate. (Reporting by Tetsushi Kajimoto; Editing by Eric Meijer)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-japan-economy-gdp-idUKKBN18Y3BW'|'2017-06-08T07:57:00.000+03:00'
'15dc8545ffc69eef3d9aeafbb6683366a572b486'|'China''s $10 billion strategic project in Myanmar sparks local ire'|'Business News - Fri Jun 9, 2017 - 12:10am BST China''s $10 billion strategic project in Myanmar sparks local ire left right Chinese port terminal seen in Made island outside Kyaukphyu, Myanmar May 18, 2017. Picture taken on May 18, 2017. REUTERS/Soe Zeya Tun 1/12 left right An ox cart carries construction materials at a jetty in Kyaukphyu, Myanmar May 17, 2017. Picture taken on May 17, 2017. REUTERS/Soe Zeya Tun 2/12 left right Oil tanks seen in Made island outside Kyaukphyu, Myanmar May 17, 2017. Picture taken on May 17, 2017. REUTERS/Soe Zeya Tun 3/12 left right A fishing boat seen at a river bank at Made island outside Kyaukphyu, Myanmar May 17, 2017. Picture taken on May 17, 2017. REUTERS/Soe Zeya Tun 4/12 left right Local people ride a boat as they travel in Kyaukphyu river near Made island outside Kyaukphyu, Myanmar May 18, 2017. Picture taken on May 18, 2017. REUTERS/Soe Zeya Tun 5/12 left right An oil tanker ship seen in Kyaukphyu river near Made island outside Kyaukphyu, Myanmar May 17, 2017. Picture taken on May 17, 2017. REUTERS/Soe Zeya Tun 6/12 left right Fishing boats seen in Kyaukphyu river at Kyaukphyu, Myanmar May 17, 2017. Picture taken on May 17, 2017. REUTERS/Soe Zeya Tun 7/12 left right Local fishermen homes seen near Chinese pipe line project in Made island outside Kyaukphyu, Myanmar May 18, 2017. Picture taken on May 18, 2017. REUTERS/Soe Zeya Tun 8/12 left right A local fisherman''s family walks near a village at Made island outside Kyaukphyu, Myanmar May 17, 2017. Picture taken on May 17, 2017. REUTERS/Soe Zeya Tun 9/12 left right A man makes a bucket in a village at Made island outside Kyaukphyu, Myanmar May 17, 2017. Picture taken on May 17, 2017. REUTERS/Soe Zeya Tun 10/12 left right A family dries fish in a village at Made island outside Kyaukphyu May 17, 2017. Picture taken on May 17, 2017. REUTERS/Soe Zeya Tun 11/12 left right A woman fishing on Kyaukphyu beach at Kyaukphyu, Myanmar May 18, 2017. Picture taken on May 18, 2017. REUTERS/Soe Zeya Tun 12/12 By Yimou Lee and Wa Lone - KYAUK PYU, Myanmar KYAUK PYU, Myanmar Days before the first supertanker carrying 140,000 tonnes of Chinese-bound crude oil arrived in Myanmar''s Kyauk Pyu port, local officials confiscated Nyein Aye''s fishing nets. The 36-year-old fisherman was among hundreds banned from fishing a stretch of water near the entry point for a pipeline that pumps oil 770 km (480 miles) across Myanmar to southwest China and forms a crucial part of Beijing''s "Belt and Road" project to deepen its economic links with Asia and beyond. "How can we make a living if we''re not allowed to catch fish?" said Nyein Aye, who bought a bigger boat just four months ago but now says his income has dropped by two-thirds due to a decreased catch resulting from restrictions on when and where he can fish. Last month he joined more than 100 people in a protest demanding compensation from pipeline operator Petrochina ( 601857.SS ). The pipeline is part of the nearly $10 billion (7.82 billion pounds) Kyauk Pyu Special Economic Zone, a scheme at the heart of fast-warming Myanmar-China relations and whose success is crucial for the Southeast Asian nation''s leader Aung San Suu Kyi. Embattled Suu Kyi needs a big economic win to stem criticism that her first year in office has seen little progress on reform. China''s support is also key to stabilising their shared border, where a spike in fighting with ethnic armed groups threatens the peace process Suu Kyi says is her top priority. China''s state-run CITIC Group [CITIC.UL], the main developer of the Kyauk Pyu Special Economic Zone, says it will create 100,000 jobs in the northwestern state of Rakhine, one of Myanmar''s poorest regions. But many local people say the project is being rushed through without consultation or regard for their way of life. Suspicion of China runs deep in Myanmar, and public hostility due to environmental and other concerns has delayed or derailed Chinese mega-projects in the country in the past. China says the Kyauk Pyu development is based on "win-win" co-operation between the two countries. "AVOIDING PANIC" Since Beijing signalled it may abandon the huge Myitsone Dam hydroelectric project in Myanmar earlier this year, it has pushed for concessions on other strategic undertakings - including the Bay of Bengal port at Kyauk Pyu, which gives it an alternative route for energy imports from the Middle East. Internal planning documents reviewed by Reuters and more than two dozen interviews with officials show work on contracts and land acquisition has already begun before the completion of studies on the impact on local people and the environment, which legal experts said could breach development laws. The Kyauk Pyu Special Economic Zone will cover more than 4,200 acres (17 sq km). It includes the $7.3 billion deep sea port and a $2.3 billion industrial park, with plans to attract industries such as textiles and oil refining. A Reuters'' tally based on internal planning documents and census data suggests 20,000 villagers, most of whom now depend on agriculture and fishing, are at risk of being relocated to make way for the project. "There will be a huge project in the zone and many buildings will be built, so people who live in the area will be relocated," said Than Htut Oo, administrator of Kyauk Pyu, who also sits on the management committee of the economic zone. He said the government has not publicly announced the plan, because it didn''t want to "create panic" while it was still negotiating with the Chinese developer. AMBITIOUS DEADLINE In April, Myanmar''s President Htin Kyaw signed two agreements on the pipeline and the Kyauk Pyu port with his Chinese counterpart Xi Jinping, as Beijing pushed to revive a project that had stalled since its inception in 2009. The agreements call for environmental and social assessments to be carried out as soon as possible. While the studies are expected to take up to 15 months and have not yet started, CITIC has asked Myanmar to finalise contract terms by the end of this year so that the construction can start in 2018, said Soe Win, who leads the Myanmar management committee of the zone. Such a schedule has alarmed experts who fear the project is being rushed. "The environmental and social preparations for a project of these dimensions take years to complete and not months," said Vicky Bowman, head of the Myanmar Centre for Responsible Business and a former British ambassador to the country. CITIC said in an email to Reuters it would engage "a world-renowned consulting firm" to carry out assessments. Although large-scale land demarcation for the project has not yet started, 26 families have been displaced from farmland due to acquisitions that took place in 2014 for the construction of two dams, according to land documents and the land owners. Experts say this violates Myanmar''s environmental laws. "Carrying out land acquisition before completing environmental impact assessments and resettlement plans is incompatible with national law," said Sean Bain, Myanmar-based legal consultant for human rights watchdog International Commission of Jurists. JOB OPPORTUNITIES? CITIC says it will build a vocational school to provide training for skills needed by companies in the economic zone. It has given $1.5 million to local villages to develop businesses. Reuters spoke to several villagers who had borrowed small sums from the village funds set up with this money. "The CITIC money was very useful for us because most people in the village need money," said fisherman Thar Sai Aung, who borrowed $66 to buy new nets. Chinese investors say they also plan to spend $1 million during the first five years of the development, and $500,000 per year thereafter to improve local living standards. But villagers in Kyauk Pyu say they fear the project would not contribute to the development of the area because the operating companies employ mostly Chinese workers. From more than 3,000 people living on the Maday island, the entry point for the oil pipeline, only 47 have landed a job with the Petrochina, while the number of Chinese workers stood at more than double that number, data from labour authorities showed. Petrochina did not respond to requests for comment. In a recent report it said Myanmar citizens made up 72 percent of its workforce in the country overall and it would continue to hire locally. "I don''t think there''s hope for me to get a job at the zone," said fisherman Nyein Aye. He had been turned down 12 times for job applications with the pipeline operator. "Chinese companies said they would develop our village and improve our livelihoods, but it turned out we are suffering every day." (Additional reporting by Shwe Yee Saw Myint and Aizhu Chen and Ben Blanchard in BEIJING; Editing by Alex Richardson) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-china-silkroad-myanmar-sez-idUKKBN18Z32I'|'2017-06-09T07:10:00.000+03:00'
'74988ae9edcd5b181219ae774ed84b9f6c25cc62'|'Exiled Chinese tycoon fraudulently obtained big loans, employees tell court'|'Business News - Fri Jun 9, 2017 - 6:32am BST Exiled Chinese tycoon fraudulently obtained big loans, employees tell court left right FILE PHOTO: Billionaire businessman Guo Wengui speaks during an interview in New York City, U.S., April 30, 2017. REUTERS/Brendan McDermid/File Photo 1/2 left right FILE PHOTO: Billionaire businessman Guo Wengui speaks during an interview in New York City, U.S., April 30, 2017. REUTERS/Brendan McDermid/File Photo 2/2 By Philip Wen - DALIAN, China DALIAN, China Exiled billionaire businessman Guo Wengui instructed his employees to fraudulently obtain hundreds of millions of dollars in loans, senior employees of his real estate company told a court in China''s northeastern Liaoning province. Appearing in the Dalian Xigang People''s Court on Friday, the three staff from Guo''s Beijing Pangu Investment confessed in a four-hour trial to obtaining 3.2 billion yuan (368.7 million pounds) from the Agricultural Bank of China in 2010 by using falsified company contracts, official seals and receipts. The loan was repaid in full in 2014. Two of the defendants also admitted to the false purchase of foreign currency. In an online video posted on Friday, Guo said the facts were "completely different" to the charges, while suggesting any wrongdoing may have been due to his ambitious employees chasing higher pay and bonuses. "(They) want the loan to go through, want to impress their boss," he said, adding that China''s banking regulations sometimes forced people to do things that they wouldn''t otherwise do. Guo has emerged in recent months as a political threat to the Chinese government in an acutely sensitive year, after unleashing a deluge of corruption allegations against high-level Communist Party officials through Twitter posts and video blogs. The businessman has made it clear that he wants to disrupt a key five-yearly congress to be held this autumn. Guo, who resides in a sprawling $68 million apartment overlooking New York''s Central Park, has provided scant evidence to back up his claims. But his standing as a former billionaire insider, and his close ties with one of China''s most senior intelligence officials, the disgraced former state security vice-minister Ma Jian, have tantalised a large online following and made him a centre of attention in Beijing political circles. While Guo was not named as a defendant in Friday''s trial, he featured prominently in the prosecution''s line of questioning, with the three employees repeatedly asked to confirm that Guo was the ultimate controller of Pangu and made all major business decisions, including to go ahead with the alleged loan fraud. FOREIGN MEDIA ALLOWED ACCESS The Chinese government has been engaged in a sustained effort to discredit and tighten pressure on Guo. In a highly unusual move showing the Chinese government''s determination in countering Guo''s damaging allegations online, foreign media were granted access to watch a live feed of proceedings from a media room established in the courthouse. Often foreign media are barred from getting access to such events. Transcripts and footage of proceedings were also posted on the court''s official Weibo account, an increasingly common practice used for politically sensitive cases where the government and party-controlled judiciary wants to get its narrative out. The trial on Friday is the first criminal case brought against his company since Beijing requested Interpol issue a global ''red notice'' in April for Guo''s arrest. One of Guo''s chief demands has been that his employees, who have been held indefinitely since they were first detained in early 2015, be freed or at least have a trial in accordance with Chinese law. "As long as they given back their freedom, they can say they committed murder and arson that''s fine, as long as they go home," Guo told Reuters on Friday in a conversation through a messaging service, adding that new "leaders" handling the case had expedited the hearing. "It''s practical, this long-term detention is too unfair to them." The court prosecution summary said Guo would be dealt with "in another case". "Finances at the time were tight and we needed funds so Guo Wengui already contacted the bank, we were just instructed to prepare documents," Pangu''s former finance director Yang Yin told the court. "All the decisions are made by him." In closing statements, the defendants expressed regret, pleaded tearfully for leniency, and spoke of the impact their lengthy detention had on their families. The court said a verdict would be handed down at an unspecified later date. The head of Agricultural Bank of China at the time of the loans, Xiang Junbo, who went on to head China''s insurance regulator, was investigated for corruption in April. Guo has previously suggested that he has been engaged in negotiations with unnamed Chinese officials, and has pointed to the fact his wife and daughter were allowed to visit him in New York as an outcome of those talks. The legal backlash in the case has not just been felt in China. Other high-profile figures caught in the crossfire of Guo''s online allegations have filed defamation suits against him in New York, including the Chairman of property developer SOHO China, Pan Shiyi, and prominent journalist and founder of Caixin Media, Hu Shuli. Australian designer Yuge Bromley also told Reuters she is considering suing Guo, after he said she was an illegitimate child of a senior Communist Party official. (Reporting by Philip Wen; Additional reporting by Gui Qing Koh in NEW YORK; Edited by Martin Howell) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-china-corruption-tycoon-idUKKBN1900DF'|'2017-06-09T12:13:00.000+03:00'
'c9c5001eb8e9df6f10fd75ab8469436903a73f80'|'ADP to buy additional stake in Turkey''s TAV for $160 million'|'Deals - Fri Jun 9, 2017 - 3:45am EDT ADP to buy additional stake in Turkey''s TAV for $160 million French airport operator ADP ( ADP.PA ) said on Friday it plans to increase its stake in Turkish airport operator TAV Airports ( TAVHL.IS ) to 46 percent. ADP, operator of the Charles De Gaulle and Orly airports in the Paris region, is TAV Airports'' largest shareholder with a 38 percent stake. It plans to buy the 8.12 percent stake of second-largest shareholder Akfen Holding for $160 million. Turkey-based Akfen Holding plans to use the revenue from the stake sale to contribute to a 6.7 billion lira ($1.9 billion) investment program in Turkey focused on hospitals and energy projects, it said in a statement. Hamdi Akin, chairman of Akfen Holding and TAV Airports, said TAV will remain a Turkish company, with its listing in Istanbul. The transaction values TAV Airports'' equity at around $2.0 billion, or 19.2 Turkish lira per share. TAV Airports shares were up 3.2 percent at 0740 GMT, while ADP shares were slightly down. Tepe Insaat Sanayi and Sera Yapi Endustrisi ve Ticaret, two founding shareholders of TAV Airports, expressed support for the transaction, ADP said. TAV operates 14 airports in Turkey and around the world, including Istanbul''s Ataturk airport, homebase of Turkish Airlines ( THYAO.IS ) and one of Europe''s busiest airports. ADP expects the transaction to complete during the summer of 2017, after which it will fully consolidate TAV Airports in its financial statements. ADP also said it would sell its 49 percent stake in TAV Construction for 9 million euros ($10 million). (Reporting by Ezgi Erkoyun and Wout Vergauwen; Editing by Dale Hudson and Jason Neely)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-tav-havalimanlar-m-a-aeroports-paris-idUSKBN1900O8'|'2017-06-09T10:48:00.000+03:00'
'0081b1ae553e54ea580fd38f1a794705cb55d2d4'|'Infosys shares fall on media report of stake sale by founders'|'Shares in Infosys Ltd( INFY.NS ) fell as much as 3.5 percent to their lowest in over a month on Friday after a newspaper reported the company''s founders were planning to sell their stakes, citing people familiar with the development.Infosys co-founders are exploring a sale of their entire 12.75 percent stake, worth about 280 billion rupees ($4.36 billion), in the software services exporter, the Times of India reported.The newspaper, however, Quote: d Infosys founder Narayana Murthy denying such a move. Murthy, along with his family, is the largest shareholder in Infosys with a 3.44 percent stake.Shares of the software company fell as much as 3.5 percent to their lowest since May 5.Promoters were not immediately reachable. Infosys had no immediate comment.($1 = 64.1825 Indian rupees)(Reporting by Tanvi Mehta in Bengaluru; Editing by Rafael Nam)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/infosys-stake-sale-idINKBN1900ED'|'2017-06-09T02:27:00.000+03:00'
'70e7dec38c40b7076d469887d74c47adb1913ef0'|'After oil drop, some OPEC delegates question if supply cut deal enough'|'Business   After oil drop, some OPEC delegates question if supply cut deal enough FILE PHOTO: The OPEC logo is seen outside their headquarters in Vienna, Austria May 24, 2017. REUTERS/Leonhard Foeger/File Photo By Alex Lawler - LONDON LONDON Two weeks after an OPEC-led deal to extend oil output cuts until March, some OPEC delegates are questioning whether the agreement will be enough to reduce a glut in supplies and lift prices. Prices LCOc1 have fallen more than 10 percent to below $50 a barrel since the Organization of the Petroleum Exporting Countries and allies agreed on May 25 to prolong a deal to cut about 1.8 million barrels per day (bpd) until the end of March. The deal was initially due to run during the first half of 2017. Even a political dispute between Gulf states, the source for most of OPEC''s crude, has failed to drive prices higher. Instead, eyes are trained on Nigeria and Libya, two OPEC states that were excluded from the regime of cuts to help them recover from years of unrest that had hurt production. Both now report rising output. This is adding to concerns among some in OPEC about the effectiveness of the accord to reduce output, whose impact is already being eroded by surging U.S. shale production. One OPEC delegate told Reuters that a deal to curb production "without freezing Libya and Nigeria is useless." Nigeria''s exports are expected to reach a 15-month high in June of about 1.75 million bpd. Libyan output has hit its highest since October 2014, rising above 800,000 bpd. At the May meeting, OPEC discussed whether to assign output caps to Nigeria and Libya but agreed not to. The group also considered a larger production cut, an idea that it could revive in future, delegates have told Reuters. A second OPEC delegate also said on Friday that it was not clear that the level of existing cuts was enough. "It''s difficult to say. We hope so," the delegate said. "We need to wait another month to see how it develops. There are a lot of factors involved." A third delegate said oil-market fundamentals were improving, indicating the current drop in prices was not driven by supply and demand but rather by speculators. However, two other delegates said the oil price drop was temporary and the current supply cut pact was enough. "It is not a cause for alarm - it is normal," one of them said of the price fall, adding that he believed the market would still rebalance in the second half of the year. Oil prices have recovered from below $30 a barrel in 2016, helped by the pact. But with the price hovering below $50 now, it is half its level of mid-2014 and less than the $60 top exporter Saudi Arabia has said it would like to see. (Additional reporting by Rania El Gamal; Editing by Edmund Blair)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-opec-oil-idUKKBN1902BD'|'2017-06-09T23:41:00.000+03:00'
'e5a0cfbc110519bd00fde02c0e1463e2a182e1ec'|'Factbox: Elliott Advisors'' top five holdings'|'LONDON Activist investor Elliott Advisors suffered a setback when U.S. paint maker PPG ( PPG.N ) walked away from bid target Akzo Nobel ( AKZO.AS ), but the New York-based hedge fund has plenty of other investments where it is seeking to exert its influence.Elliott''s stake in Dutch chemical company Akzo Nobel was first revealed in mid-March after which it lobbied for the company to "engage" with PPG over a possible takeover.Last week, PPG dropped its bid attempt after repeated rejections from Akzo. Elliott and a number of other Akzo shareholders had tried and failed to get the Dutch company to talk to PPG.Elliott, established in 1977 by Paul Elliott Singer, has a reputation for being one of the most vocal activist shareholders globally, often becoming embroiled in public disputes with the management of companies it invests in.Singer''s hedge fund has already made seven new investments in companies where it has made a public demand in the first five months of 2017, compared with 12 in total in 2016, according to data from industry tracker Activist Insight.A stake of more than 3 percent in Akzo had put it among Elliott''s top five activist positions globally. Elliott also has a large team of portfolio managers overseeing commodities, fixed-income and equity long-short investments globally.Here are Elliott''s top five equity holdings by market value worldwide:Samsung Electronics Co ( 005930.KS ):- $1.78 billion- Disclosed on Oct 5, 2016- Called for Samsung to split itself in two, setting up a holding vehicle for Samsung Electronics and listing its operating company on the Nasdaq stock exchangeArconic Inc ( ARNC.N ):- $1.4 billion, a 13F filing with the U.S. Securities and Exchange Commission showed on March 31- Elliott disclosed 9 percent exposure in the specialty metals company on Nov. 4, 2016- Called for cost-cutting and new leadership, questioning the management skills of former CEO Klaus KleinfeldBHP Billiton ( BLT.L ):- $1.4 billion- Disclosed in letter from Elliott on April 10- Called for the company to sell off its oil business and ditch its dual listing structure.Hess Corp ( HES.N ):- $906.3 million- Disclosed on Jan 28, 2013- Called for the break up of the company, spinning off the Bakken oil shale in North Dakota and said may nominate directorsAkzo Nobel:- 569.1 million euros ($640.24 million)- First revealed by Wall Street Journal on Mar. 17(Reporting by Maiya Keidan and Michael Flaherty. Editing by Jane Merriman)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-elliott-activism-stakes-factbox-idUSKBN18X1E1'|'2017-06-06T15:41:00.000+03:00'
'1a8b5b5b9bc82a28b0f0d81dda0b5ec8ba704636'|'Anthem plans to leave Obamacare market in Ohio in 2018'|'Anthem Inc, one of the largest sellers of Obamacare individual health insurance, will exit most of the Ohio market next year because of volatility and uncertainty about whether the government will continue to provide subsidies aimed at making the plans affordable, it said on Tuesday.Republicans are trying to cut off the subsidy payments in court proceedings and President Donald Trump has made conflicting statements about whether the government should continue paying them.Indianapolis-based Anthem has been reviewing participation in all 14 states where it sells Blue Cross Blue Shield plans as it has faced deadlines to submit premium rates for 2018.Anthem is the only insurer selling health insurance exchange products in all 88 Ohio counties in 2017 and is the only insurer in 20 counties, according to Ohio Department of Insurance spokesman Chris Brock.In 2018, the move would leave about 10,500 people in at least 18 counties with no insurer.(Reporting by Caroline Humer in New York; Editing by Jeffrey Benkoe)'|'reuters.com'|'http://www.reuters.com/finance'|'http://www.reuters.com/article/us-anthem-ohio-idUSKBN18X29C'|'2017-06-06T21:00:00.000+03:00'
'ce9ccf9cfb4076fe4e606a8273130e6557e9948e'|'Brazil utility Cemig may sell up to 6.5 billion reais in assets'|'SAO PAULO Brazil''s state-run utility Companhia Energética de Minas Gerais is trying to sell assets worth 6.5 billion reais ($2 billion), the company said in a securities filing on Thursday.Assets on sale include stakes in transmission company Transmissora Aliança de Energia Elétrica SA, hydroelectric dam Santo Antonio Energia SA, Light SA, natural gas distribution unit Companhia de Gas de Minas Gerais and renewable energy company Renova Energia SA ( RNEW11.SA ).The company is also selling its telecom subsidiary Cemig Telecomunicações SA, its stake in power holding company Neoenergia SA and three small hydroelectric dams: Cachoeirão, Pipoca and Paracambi.The company expects to complete at least half of the divestitures by next year. Cemig, as the company is known, needs to sell assets to reduce debt. Cemig director Cesar Vaz de Melo said in a conference call with investors on Thursday the company needs to reduce its leverage.Cemig has net debt equivalent to 4.2 times its earnings before interest, tax, depreciation and amortization, a gauge of operational profitability known as Ebitda, and aims to reach 2.5 times by mid-year.Melo said Cemig is in advanced talks with buyers for some of the assets. The company expects to receive this week a proposal for a new partner for renewable energy subsidiary Renova.Light Energia should be sold to Aliança Energia, a joint venture between Cemig and mining giant Vale SA , company executives said.Cemig chief financial officer Adézio Lima also said the company plans to raise up to $1.5 billion in bonds by next month. Lima said he wants to refinance bank loans and would propose to banks a 5-year extension in maturities, and a 3-year grace period.(Reporting by Luciano Costa; Writing by Tatiana Bautzer; Editing by David Gregorio and James Dalgleish)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-cemig-divestiture-idINKBN18S6GP'|'2017-06-01T20:17:00.000+03:00'
'479ebb21ea6c232ce7c92b38a5ea50708cc382d4'|'BOJ''s Kuroda - Still far to go to reach 2 percent inflation target'|'Central Banks - Thu Jun 8, 2017 - 10:24pm BST BOJ''s Kuroda - Still far to go to reach 2 percent inflation target Bank of Japan (BOJ) Governor Haruhiko Kuroda attends a news conference at the BOJ headquarters in Tokyo, Japan April 27, 2017. REUTERS/Kim Kyung-Hoon - RTS1445Y OXFORD, England The Bank of Japan has far to go to reach its 2 percent inflation target, but its ultra-loose monetary policy has helped stabilise public inflation expectations, BOJ Governor Haruhiko Kuroda said on Thursday. Japanese core consumer prices rose just 0.3 percent in April from a year earlier, as companies remain wary of raising prices for fear of scaring away price-sensitive households. Wage growth also remains tame, dashing central bankers'' hopes that a tightening job market will lead to higher wages and give households more income to spend. "There is still a long way to go until the price stability target of 2 percent is achieved," Kuroda said in a speech in Oxford, England. Part of the problem is the size of Japan''s elderly population. Kuroda noted that about one-third of the population are pensioners, who are less keen to see prices rising and eating into the value of their pension payments. "This is certainly a challenge," he said. But the main downward pressure on Japanese inflation had come from falling global oil prices, he said, adding that the global economy had remained weak in the wake of the financial crisis of 2008. "The performance of the global economy has been by no means satisfactory," he said. Kuroda defended the central bank''s so-called "quantitative and qualitative easing" programme of heavy asset buying, saying it had helped stabilise inflation expectations. "QQE has produced its intended effects," he said. After three years of the programme failed to lift inflation significantly, the BOJ reframed its policy goal last year to one capping long-term interest rates from one targeting the pace of money printing. Under the new framework, the BOJ guides short-term rates at minus 0.1 percent and 10-year bond yields around zero percent. It also maintains its pledge to increase its bond holdings at an annual pace of 80 trillion yen. Some analysts believe the BOJ will soon modify or abandon that pledge as the pace of bond buying has recently slowed to around 60 trillion yen. (Reporting by Hugh Lawson; Editing by Dan Grebler)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-japan-economy-boj-kuroda-idUKKBN18Z2VM'|'2017-06-09T05:24:00.000+03:00'
'd831cde914f5d01ddb2e71b6e6c297b5f9f29368'|'Montreal Saks may miss targeted opening, Hudson''s Bay mum on permit request'|'Market News - Wed Jun 7, 2017 - 5:29pm EDT Montreal Saks may miss targeted opening, Hudson''s Bay mum on permit request By Solarina Ho and Allison Lampert - TORONTO, June 7 TORONTO, June 7 Canadian department store operator Hudson''s Bay Co has not yet applied for a Montreal city permit to transform a historic downtown property into a Saks Fifth Avenue store, a government official said on Wednesday, raising prospects the luxury chain could miss its targeted fall 2018 launch. Hudson''s Bay, which operates its namesake chain in Canada, bought Saks in 2013 for $2.4 billion. It also owns Lord & Taylor in the United States, leading German department store chain Kaufhof, and has plans to open the first international Hudson''s Bay stores in the Netherlands. The retailer, which reports first quarter results on Thursday, announced plans last September for the largest Saks store in Canada, a 200,000 square-foot (18,580 sq meter) flagship in Montreal. At the time, the company said the building, which already houses a Hudson''s Bay store, would undergo an "extensive" multimillion-dollar renovation. With North American department stores reporting dismal sales, shuttering outlets, and cutting costs, squeezed by online competitors like Amazon.com Inc, several retail industry consultants said a re-evaluation or delay of the project would come as no surprise. City spokeswoman Anik de Repentigny told Reuters Montreal has not received a permit application for the property, which includes refacing a portion of the exterior, according to an artist''s rendering released last September. In a statement, Hudson''s Bay spokeswoman Tiffany Bourre reiterated the company''s intention to bring Saks Fifth Avenue to Montreal, but declined to comment on specifics including whether the project was delayed, or when it will apply for a permit. Any potential delay could mean missing the crucial holiday shopping season, industry consultants said. "The importance of being open for the holiday period cannot be underestimated," said Doug Stephens, founder of Retail Prophet said. "If we''re thinking fall of 2018, we''re 15 months out ... Certainly we would expect delays - it would be a question of how long," said Sally Seston, a principal at Retail Category Consultants, adding that department stores across the spectrum are struggling. Saks has two full-line stores in Canada, both in Toronto, and a Calgary location set to open in January 2018. One retail consultant familiar with Hudson''s Bay stores but not involved with the Montreal project, said the lack of a permit application was a "tell-tale" sign. "If you look at the physical premise, I can''t imagine they would meet their deadline," said the consultant who spoke on condition of anonymity to avoid poisoning relations with the company. It took some 19 months, from the time when permits were issued, before the 170,000 square foot Saks store in downtown Toronto opened in February 2016, behind its fall 2015 schedule. Montreal spokeswoman de Repentigny said factors including project complexity would determine how long it takes to issue a permit, noting that more than 90 percent of permits for the downtown borough were issued in under 120 days last year. Hudson''s Bay spokeswoman Bourre said the company was still working through the details. Several industry consultants also question why the high-end retailer would open its largest store in Montreal, a market known for fashion, but smaller and less affluent than Toronto. Hudson''s Bay does not break down sales by country, but the Saks luxury chain, which had a total of 41 locations as of Jan. 28, reported an overall drop in same-store sales in four of the last five quarters, including a 4.8 percent fall in the first quarter of 2017. "There is this concern they really aren''t doing the numbers that they had thought they were going to do," said Maureen Atkinson, senior partner with global retail advisor, J.C. Williams Group, of the Toronto locations. (Reporting by Solarina Ho in Toronto; Additional reporting by Allison Lampert in Montreal; Editing by Tom Brown) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/hudsons-bay-saks-idUSL1N1J21YE'|'2017-06-08T05:29:00.000+03:00'
'280decd0b307f45dfb50ac2268090be03dce031b'|'Blackstone closes 7.8 bln-euro European property fund, source says'|'June 7 Blackstone Group, has closed a 7.8 billion-euro ($8.79 billion) fund that will focus on European commercial real estate, a source familiar with the matter said.The goal of the fund is to deliver to investors double-digit returns, the person said.The fund will follow an "opportunistic" strategy, which typically means buying riskier properties that need fixing up or repositioning, the person added.It will have about 24 billion euros worth of buying power, since the U.S. private equity group often uses as much as 70 percent leverage when it buys property, according to the person.Earlier Monday, Blackstone offered to buy all shares in Finnish real estate investment company Sponda for about 1.8 billion euros, seeking to expand its real estate business in the Nordic region.Last week, the company agreed to sell European warehouse firm Logicor to China Investment Corp for 12.25 billion euros, the biggest private equity real estate deal in Europe on record.Blackstone’s real estate business has about $102 billion in investor capital under management.($1 = 0.8875 euros) (Reporting by Dasha Afanasieva and Sangameswaran S in Bengaluru, editing by Larry King)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/blackstone-closes-78-bln-euro-european-p-idINL3N1J453X'|'2017-06-07T18:52:00.000+03:00'
'83011e18bf0f2769b13785d2efdfb200fd89c3eb'|'MOVES-Wells Fargo names new co-heads for securities division'|'Market  16am EDT MOVES-Wells Fargo names new co-heads for securities division June 5 Wells Fargo & Co named Walter Dolhare and Robert Engel as co-heads of Wells Fargo Securities effective July 1, the third-largest U.S. bank said on Monday. The appointment of Dolhare and Engel follows David Carroll''s retirement as head of the wealth and investment management division last Thursday, and the subsequent promotion of Jonathan Weiss to the role. Dolhare and Engel will remain in Charlotte, North Carolina, and report to the head of Wells Fargo''s Wholesale Banking, Perry Pelos, the company said. Recently, the lender also made executive changes in its retail banking business, which was hit by the sales scandal last year involving the creation of as many as 2.1 million phony accounts in customers'' names without their permission. (Reporting by Aparajita Saxena in Bengaluru)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/wells-fargo-moves-idUSL3N1J245O'|'2017-06-05T21:16:00.000+03:00'
'763b8d6b724fce19d76964cdc2c9abfd6e380501'|'Toshiba shares rise on report Broadcom chosen as chip unit buyer'|'TOKYO Shares in Toshiba Corp ( 6502.T ) rose as much as 4 percent in early Tuesday trading after Asahi newspaper reported it is considering giving U.S. chipmaker Broadcom Ltd ( AVGO.O ) the exclusive rights to negotiate to buy its prized chip unit.Broadcom has teamed up with U.S. buyout firm Silver Lake in its bid for the chip business, sources have told Reuters previously.A Toshiba spokeswoman declined to comment on the Asahi report.Toshiba shares were up 2.7 percent at 262.5 yen as of 2438 GMT.Toshiba was forced to put its asset on the block after cost overruns at its now-bankrupt U.S. nuclear unit left it scrambling for cash.(Reporting by Junko Fujita; Editing by Stephen Coates)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-toshiba-accounting-idUSKBN18X037'|'2017-06-06T09:11:00.000+03:00'
'751776d442cb24b56ffae2debf371fc77db9759d'|'Global Markets: Jitters push Treasury yields, dollar to 7-month lows'|'By Abhinav Ramnarayan - LONDON LONDON U.S. Treasury yields and the dollar dropped to seven-month lows on Tuesday and world stocks slid as political uncertainty from the United States to the Middle East and weakness in commodity markets pushed investors away from risky assets.The yen and gold also gained amid prevailing caution as an Arab rift opened up around Qatar, and ahead of testimony from the former head of the FBI, a British election and the European Central Bank''s next move which all happen on Thursday.Wall Street was expected to open around 0.3 percent lower for what would be a second day of losses after both European and Asian stocks had fallen during their sessions.The dollar, meanwhile, was at its weakest since November against other top world currencies as U.S. government bond yields fell below 2.15 percent, their lowest since Donald Trump''s election last year."We''ve had a little bit of a cooling off in equities following the breaking of links with Qatar - a lot of people think it may force oil prices lower and remove some of the inflationary pressures," said RBC economist Cathal Kennedy."As those pressures ease, it pushes out the horizon for interest rate rises."On what BayernLB analysts called "Super Thursday", British voters will also go to polls in an increasingly unpredictable general election, the European Central Bank is due to meet and later the same day and former FBI director James Comey will testify before Congress."We have a big week or so ahead of us with the UK heading to the polls and the ECB announcing its latest monetary policy decision on Thursday and the Federal Reserve doing the same next Wednesday," said Craig Erlam, a market analyst for OANDA securities. "Once these events pass, we may have a little more clarity and therefore see a little less caution in the markets."The diplomatic spat in the Middle East left oil prices hovering just below $50 a barrel and this in turn hit European stocks, which tumbled across the board; the broad Euro STOXX 600 was down 0.65 percent while German stocks were down nearly 1 percent.World stocks edged further away from record highs hit last week, and the MSCI world equity index, which tracks shares in 46 countries, fell 0.2 percent.Investors instead bought gold, US Treasuries and German government bonds - some of the safest assets in the world - thrusting gold prices to six-week highs and German 10-year borrowing costs to six-week lows.U.S. Treasury yields dropped to a seven-month low of 2.129 percent at one stage. It is a move that has come despite the Federal Reserve widely expected to raise U.S. interest rates next week, but also follows a run of weaker-than-expected U.S. data.Erlam of OANDA said another area for concern is how steady sterling has been - about flat to both the dollar and the euro - potentially a sign of complacency before the election.,The lead of British Prime Minister Theresa May over the opposition Labour Party ahead of Thursday''s general election has narrowed to just 1 percentage point, according to a poll conducted before the attacks in London on Saturday.Other polls in recent days have found bigger leads for the Conservatives of up to 11 and 12 points.The dollar, meanwhile, touched a seven-month low ahead of Comey''s testimony.Reports suggest the former FBI chief plans to talk about conversations in which U.S. President Trump allegedly pressured him to drop his investigation into former national security adviser Mike Flynn, who was fired for failing to disclose conversations with Russian officials.The dollar index, which tracks the currency against a basket of trade-weighted peers, fell to its lowest level since the November U.S. election.Data on Monday showing U.S. services sector activity slowing in May as new orders tumbled also hit the greenback.For Reuters Live Markets blog on European and UK stock markets see reuters://realtime/verb=Open/url=http://emea1.apps.cp.extranet.thomsonreuters.biz/cms/?pageId=livemarkets(Additional reporting by Nichola Saminather; Editing by Mark Heinrich)'|'reuters.com'|'http://in.reuters.com/finance/markets/companyOutlooksNews'|'http://in.reuters.com/article/global-markets-idINKBN18X0ZM'|'2017-06-06T10:49:00.000+03:00'
'536e1f1c04bc097975616a2014e80b1bd0dd2e77'|'EMERGING MARKETS-Brazil yields fall after central bank minutes'|'By Bruno Federowski SAO PAULO, June 6 Yields on Brazilian interest rate futures contracts fell on Tuesday after the minutes from the central bank''s latest policy meeting reaffirmed its intention of slowing down the pace of rate cuts next month. According to the meeting minutes released on Tuesday, the bank''s growing uncertainty over President Michel Temer''s reform agenda prompted policymakers to signal a slower pace of policy easing. The bank''s nine-member monetary policy committee, known as Copom, last week decided to lower its benchmark Selic rate by 100 basis points to 10.25 percent. Yields on interest rate futures reflect traders expectations for a smaller 75-basis-point cut in the bank''s July meeting, with a smaller chance of a 50-basis-point reduction. The prospect of a slower pace of cuts helped foster demand for the Brazilian real, but the currency''s gains were limited by concerns over the implementation of structural reforms - seen as critical to curbing debt growth - amid a widening political scandal. An electoral court is set to begin later on Tuesday a trial over alleged illegal funding of former President Dilma Rousseff''s 2014 campaign. The ruling could potentially oust Temer, who ran as Rousseff''s vice president. Brazil''s benchmark Bovespa stock index rose slightly, supported by rising shares of meatpacker JBS SA after its operations in Argentina, Paraguay and Uruguay to rival Minerva SA for $300 million. Mexico''s peso extended gains for a second straight day following reports that was close to announcing it had reached a deal with the United States over the trade of sugar between both countries. Concerns over U.S.-Mexico trade have weighed on the currency since the election of President Donald Trump, who has pledged to abandon the NAFTA trade pact. Key Latin American stock indexes and currencies at 1610 GMT: Stock indexes Latest Daily YTD pct pct change change MSCI Emerging Markets 1,015.28 -0.23 18.01 MSCI LatAm 2,547.12 0.23 8.58 Brazil Bovespa 62,599.07 0.24 3.94 Mexico IPC 49,420.52 -0.35 8.28 Chile IPSA 4,902.83 0.12 18.10 Chile IGPA 24,569.58 0.11 18.50 Argentina MerVal 22,203.35 -1.07 31.24 Colombia IGBC 10,780.98 0.44 6.45 Venezuela IBC 82,593.67 5.71 160.50 Currencies Latest Daily YTD pct pct change change Brazil real 3.2822 0.13 -1.01 Mexico peso 18.2830 0.34 13.46 Chile peso 668.75 -0.04 0.29 Colombia peso 2,891.83 0.25 3.79 Peru sol 3.266 0.03 4.53 Argentina peso (interbank) 15.9950 0.06 -0.75 Argentina peso (parallel) 16.26 0.49 3.44 (Reporting by Bruno Federowski, editing by G Crosse)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/emerging-markets-latam-idINL1N1J310H'|'2017-06-06T14:46:00.000+03:00'
'f73b9f6d8b9ed180fa6576d77cf254d6adeba9ba'|'Germany, Belgium, Denmark and industry pledge huge EU offshore wind expansion'|'Business News - Tue Jun 6, 2017 - 3:42pm BST Germany, Belgium, Denmark and industry pledge huge EU offshore wind expansion FILE PHOTO: Wind turbines are pictured at Swisswinds farm, Europe''s highest wind farm at 2500m, before the topping out ceremony near the Nufenen Path in Gries, Switzerland September 30, 2016. REUTERS/Denis Balibouse/File Photo LONDON Germany, Denmark and Belgium joined with 25 companies on Tuesday to back a pledge to increase Europe''s offshore wind capacity almost fivefold in the next decade. The joint declaration, signed by energy ministers for the three countries and firms including Dong Energy ( DENERG.CO ) and Siemens Gamesa ( SIEGn.DE ), said the countries and companies would work together to deliver 60 gigawatts (GW), or at least 4 GW a year of offshore wind capacity in Europe in the 2020s. "With this Joint Statement, leading businesses and governments are taking the next step by committing to cooperate on the deployment of big volumes for offshore wind energy," said Giles Dickson, chief executive officer of industry group WindEurope. Europe currently has around 13 GW of offshore wind capacity but expects the technology to grow as costs fall, and as countries look for ways to increase their low-carbon electricity options to help meet emission reduction targets. Recent bids for offshore wind in the Netherlands, Germany and Denmark, have seen costs fall by up to 48 percent in the last two years, and the technology is expected to be competitive with new conventional generation, such as gas power plants before 2030, the joint statement said. A report published by WindEurope on Tuesday said 25 percent of the EU''s electricity demand could be met by offshore wind energy at an average cost of 54 euros/megawatt hour in the most favourable locations. The EU has a target to cut its greenhouse gas emissions by 40 percent compared with 1990 levels by 2030. (Reporting by Susanna Twidale, editing by David Evans)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-europe-windpower-idUKKBN18X1US'|'2017-06-06T22:42:00.000+03:00'
'8cd53cf5a70268b2fb6128284f59c14d7b42b704'|'South Africa''s Datatec lifted by sale of Americas business to Synnex'|'JOHANNESBURG South African information technology firm Datatec Ltd ( DTCJ.J ) said on Tuesday it will sell its Westcon-Comstor Americas business to Synnex Corp ( SNX.N ) for up to $800 million, sending its shares up 25 percent.Westcon-Comstor, a distributor of technology and services for network security and data centers mostly in the United States, accounts for more than a third of Datatec''s sales and a quarter of profit."The transaction provides a unique opportunity for Datatec to partner with a leading distribution business in North America and benefit from its significant scale," Datatec said in a statement.U.S.-based Synnex will buy Westcon-Comstar''s North American and Latin American businesses for $500 million in Synnex shares, $130 million in cash and a further $200 million cash payment subject to Westcon''s full-year performance.Datatec''s market value was around 11 billion rand ($850 million) before the announcement, but its shares had rallied by 25 percent to 63.70 rand by 0711 GMT.In addition, Synnex will take a 10 percent stake in the remaining part of Westcon International for $30 million.(Reporting by TJ Strydom; editing by Sherry Jacob-Phillips and Alexander Smith)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-westcon-m-a-synnex-corp-idINKBN18X0M0'|'2017-06-06T05:24:00.000+03:00'
'0ca9f5c8c031b5b13c8944b452b445d19fdaa6b8'|'Market wary of big sterling swings as Britain votes'|'LONDON Sterling slipped against the dollar on Thursday while market bets on how volatile the currency will be over the next 24 hours touched their highest in a year, as Britain voted in a national election that some polls have suggested is too close to call.Sterling GBP=D3 EURGBP=D3 had hit a two-week high of $1.2978 in morning trade in London after polling organisations'' last surveys, but slipped back later in the day to trade down 0.2 percent at $1.2939 by 1555 GMT.The pound gained as much as 4 percent after Prime Minister Theresa May called a snap election seven weeks ago. Polls initially suggested a landslide win for May''s Conservatives that was seen giving the prime minister a stronger hand in Britain''s looming negotiations on leaving the European Union.But sterling has since fallen from its highs as the polls have narrowed."The market has not bet everything on having a nice clear outcome - it knows we might get a surprise," said Societe Generale chief macro strategist Kit Juckes, adding that a Conservative victory would therefore be likely to drive a clearout of short positions and a stronger pound."The only outcome that’s got enough clarity to get short-covering is a bigger Conservative majority."Volumes of spot trading in sterling against the dollar were less than half of their normal daily averages, with the bigger price action in options contracts used by companies and investors to hedge against major swings in the currency.Sterling overnight implied volatility surged past 30 percent against both the euro and the dollar EURGBPONO= GBPONO= before easing back a little later in the day.Against the euro those were the highest rates since the aftermath of last year''s Brexit referendum vote to leave the European Union, pointing to nerves that an upset could deny May an outright victory."The pound is likely to stage a modest relief rally if the Conservatives secure a larger majority," said Lee Hardman, a currency analyst with MUFG in London."The final polls support that assumption revealing that the Conservatives hold an average lead of around 7.5 percentage points, which compares to the 6.5 percent advantage they won over the Labour Party in the 2015 elections."There has been a wide split in polling ahead of Thursday''s vote - some surveys showing May only 1-3 points ahead while others give her an 8-10 point margin.(Editing by Gareth Jones)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-sterling-idUKKBN18Z0VB'|'2017-06-08T16:43:00.000+03:00'
'7bdbf464ecc092b279f38f3cc9aa85b106a7d35b'|'Microsoft agrees to buy U.S.-Israeli cyber firm Hexadite'|'Business News - Thu Jun 8, 2017 - 3:11pm BST Microsoft agrees to buy U.S.-Israeli cyber firm Hexadite A Microsoft retail store is shown at a shopping mall in San Diego, California, U.S., April 28, 2017. REUTERS/Mike Blake TEL AVIV Microsoft ( MSFT.O ) said on Thursday it has agreed to acquire Hexadite, a U.S.-Israeli provider of technology to automate responses to cyber attacks. Financial terms were not disclosed. In May, Israeli financial news website Calcalist said Microsoft would pay $100 million (£77.43 million) for Hexadite, which is headquartered in Boston with its research and development centre in Israel. Hexadite says its technology increases productivity and reduces costs for businesses. Terry Myerson, executive vice president of Windows and Devices Group at Microsoft, said Hexadite will enable the company to add new tools and services to Microsoft’s enterprise security offerings. Investors in Hexadite include Hewlett Packard Ventures, and venture capital firms TenEleven and YL Ventures. Microsoft said in January it plans to continue to invest more than $1 billion annually on cyber security research and development in the coming years. Israel has already benefited from that investment. (Reporting by Tova Cohen, Editing by Ari Rabinovitch) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-microsoft-m-a-hexadite-idUKKBN18Z1XN'|'2017-06-08T22:11:00.000+03:00'
'51f9b7d2ef036eaa3cc8aaa4ee9c37a0440530ab'|'European shares tread water as UK election, Spanish banks in focus'|'Top News - Wed Jun 7, 2017 - 5:24pm BST European stocks supported by banks, utilities before UK election Traders work in front of the German share price index, DAX board, at the stock exchange in Frankfurt, Germany, June 6, 2017. REUTERS/Staff/Remote By Kit Rees - LONDON LONDON Banks and utilities supported European stocks on Wednesday, with relief that Spain''s struggling Banco Popular ( POP.MC ) was being rescued by Santander ( SAN.MC ) lifting bank shares. The STOXX 600 index fell 0.1 percent, weighed down by a late drop in energy stocks. Crude oil prices plunged after data showed U.S. stocks of crude oil and gasoline surprisingly rose last week.[O/R] Britain''s FTSE 100 .FTSE index fell 0.6 percent and Germany''s DAX .GDAXI inched 0.1 percent. Although shares in Santander fell 0.9 percent in choppy trade and Banco Popular''s were suspended, European banks .SX7P were among the standout performers, gaining 0.7 percent. Santander said it would buy Popular and carry out a capital increase of around 7 billion euros (£6.1 billion). "As a stand-alone bank, (Popular) was close to failing ... and the failure of any bank, as we''ve seen in the past, can set of that chain of events where the whole banking sector gets freaked out, investors especially," said Mike van Dulken, head of research at Accendo Markets. Spain''s Bankia ( BKIA.MC ), Italy''s UniCredit ( CRDI.MI ) and France''s Societe Generale ( SOGN.PA ) were all up between 1 percent and 4.9 percent. European utilities .SX6P also gained, led by Germany''s E.ON ( EONGn.DE ) and RWE ( RWEG.DE ). Both rose more than 5 percent after the country''s highest court declared a nuclear fuel tax illegal, enabling them to claim back 6 billion euros in cash. Shares in Swedish biometric firm Fingerprint Cards ( FINGb.ST ) were the top STOXX risers, jumping 11.6 percent, after confirming an order for its sensors. On the downside, Covestro ( 1COV.DE ) dropped 4.6 percent after Bayer ( BAYGn.DE ) cut its stake in the plastics maker to 44.8 percent from 53.3 percent. Investors were also looking ahead to the British election on Thursday, as well as the European Central Bank''s policy meeting. "Whatever the outcome on Friday morning, markets actually have very little to go on to be able to judge whether such a new government would be more or less successful in negotiations with the EU," Don Smith, chief investment officer at Brown Shipley, said in a note. "We are unlikely to see anything like the huge fluctuations in markets that occurred in the immediate wake of last summer’s referendum," Smith added, referring to the Britain''s vote last June to leave the European Union. (Additional reporting by Danilo Masoni; Editing by Hugh Lawson and Alexander Smith) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-europe-stocks-idUKKBN18Y0PE'|'2017-06-07T15:59:00.000+03:00'
'e59955a799d161f05db03b2d27ee212ef32e3f85'|'Angry passengers prompting airline CEOs to learn to say sorry'|'Wed Jun 7, 2017 - 12:30am BST Angry passengers prompting airline CEOs to learn to say sorry left right People attend a meeting of the International Air Transport Association (IATA) in Cancun, Mexico June 5, 2017. REUTERS/Victor Ruiz Garcia 1/2 left right People attend a meeting of the International Air Transport Association (IATA) in Cancun, Mexico June 5, 2017. REUTERS/Victor Ruiz Garcia 2/2 By Victoria Bryan - CANCUN, Mexico CANCUN, Mexico Feeling the heat from customer complaints amplified by social media, airline executives meeting in Mexico this week said they need to apologize and explain more quickly when things go wrong. In the past few months, United Airlines ( UAL.N ) has been criticized after authorities dragged a passenger from an overbooked flight, and British Airways came under fire after an IT meltdown left thousands stranded on a holiday weekend. In both instances, customers took to social media to attack the airlines, with a video of the United passenger being dragged from his seat going viral. Malaysia Airlines CEO Peter Bellew said during a panel session with other CEOs that they had "15 minutes or less to say sorry." Last week a Malaysia Airlines flight departing from Melbourne had to turn back after a passenger suffering mental health issues attempted to enter the cockpit. "We had the first statement out within 14 minutes from the minute I heard about it in the sky," Bellew said. He said that with passengers live streaming the events from their phones and the proliferation of fake news, it was crucial to react fast. United Airlines boss Oscar Munoz said he had not apologized quickly enough after 69-year-old passenger David Dao was dragged from a United flight at Chicago''s O''Hare International Airport when he refused to give up his seat to make room for crew members. "The initial focus for me should have been to do what I did a few hours later and apologize," he said. However, he rejected Bellew''s suggestion that 15 minutes was the cut-off point, saying there was more time than that and it was important to establish facts first "Airlines typically want to recoil but they would do better to get out there and face it head on," said independent aviation consultant John Strickland. "They need to explain what happened and how they''re handling it." British Airways came under fire from customers on social media for slow responses to stranded passengers. Willie Walsh, CEO of British Airways-parent IAG ( ICAG.L ), admitted the airline communicated poorly with its recent computer snafu. "...We will learn from that and will share it with anyone who is prepared to listen," he said. (Reporting by Victoria Bryan; Editing by Cynthia Osterman) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-airlines-iata-socialmedia-idUKKBN18X32D'|'2017-06-07T07:29:00.000+03:00'
'02b94b801f2e4016f613c3dd5387043f53c6acdc'|'Evergreen and OOCL suspend Qatar shipping services for now'|'Business  25am BST Evergreen and OOCL suspend Qatar shipping services for now A worker waits inside a machine in front of containers belonging to Taiwan-based shipping and transportation conglomerate Evergreen that owns Eva Air, at a cargo holding area in Taoyuan, northern Taiwan, April 20, 2010. REUTERS/Nicky Loh/File Photo LONDON Taiwan''s Evergreen and Hong Kong''s OOCL said on Wednesday they had suspended shipping services to Qatar in another sign of trade pressure on the state after Arab states severed diplomatic ties this week. Evergreen, the world''s no.6 container shipping line, said in a statement that "in light of the blockade imposed on Qatar" it had suspended services until further notice. OOCL, the world''s no. 7 carrier, said "in response to the current political climate in the region, all OOCL booking to/from Qatar is suspended until further notice". Maersk, the world''s biggest container shipping line, said on Tuesday it was unable to transport goods in or out of Qatar because it could not take them through the UAE port of Jebel Ali. Maersk added that it was trying to find alternative routes. Several Middle Eastern countries, including Saudi Arabia, Egypt and the United Arab Emirates, cut ties with the Gulf state on Monday over what they say is Qatar''s support for terrorism, an accusation Qatar vehemently denies. (Reporting by Jonathan Saul, editing by Louise Heavens)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-gulf-qatar-shipping-idUKKBN18Y10I'|'2017-06-07T17:25:00.000+03:00'
'b386806c09a6ab7b86e29d14f73ad6ab5fdda86f'|'Sony''s PlayStation VR headset sales top one million units'|'Innovation and Intellectual Property - Wed Jun 7, 2017 - 6:37am EDT Sony''s PlayStation VR headset sales top one million units left right A hostess helps a woman to wear Sony''s PlayStation VR headset at Tokyo Game Show 2016 in Chiba, east of Tokyo, Japan, September 15, 2016. REUTERS/Kim Kyung-Hoon/File Photo 1/3 left right A man tries out a Playstation VR headset during a Sony news conference at the 2017 CES in Las Vegas, Nevada January 4, 2017. REUTERS/Steve Marcus 2/3 left right Sony''s PlayStation 4, PlayStation 4 Pro and PlayStation VR headset (L-R) are displayed at Tokyo Game Show 2016 in Chiba, east of Tokyo, Japan, September 15, 2016. REUTERS/Kim Kyung-Hoon/File Photo 3/3 TOKYO Sony Corp has sold more than one million units of its virtual reality (VR) headset globally, the Asia chief of the Japanese firm''s gaming unit said on Wednesday, as a relatively low price helps push the product into an early lead. Sales of the PlayStation VR headset, released in October, have "exceeded our expectations," Atsushi Morita, president of Sony Interactive Entertainment Japan Asia, said in an interview. "We are boosting production and a supply shortage should be solved accordingly," Morita told Reuters. The sales momentum supports analysts'' view that Sony is in a good position to build an early lead in the high-end VR headset race with its more modest price tag and by tapping the nearly 60 million users of its flagship PlayStation 4 console. The headset, designed to work with the PlayStation 4 rather than requiring new equipment, retails at $399, cheaper than Facebook Inc''s $599 Oculus Rift and HTC Corp''s $799 Vive. According to researcher IDC, about 2 million VR headsets were shipped worldwide in the first three months of 2017. Excluding cheaper smartphone-based headsets, Sony ranked top with 429,000 units. Morita stressed it was still the beginning of Sony''s long-term vision of VR eventually taking over functions offered by television sets. "I believe that VR technology is the (greatest) innovation since the birth of television," he said. "VR allows you to travel to World Heritage sites or to space while staying at home. It''s like a time machine or a door to anywhere." (Reporting by Makiko Yamazaki and Yoshiyasu Shida; Editing by Christopher Cushing) '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-sony-gaming-idUSKBN18Y180'|'2017-06-07T18:37:00.000+03:00'
'0ce15fe63a515cced25023e3bea378710a958e4d'|'Samsung to double mobile phone capacity at main Indian factory - Reuters'|'Technology News - Wed Jun 7, 2017 - 9:18pm IST Samsung to double mobile phone capacity at main Indian factory Customers shop at a Samsung mobile store inside a shopping mall in New Delhi, April 5, 2016. REUTERS/Anindito Mukherjee/File Photo MUMBAI Samsung Electronics plans to double the production capacity for mobile phones and fridges at its main factory in India, expanding in a country where U.S. rival Apple Inc. has started assembling phones. The South Korean company said in a statement on Wednesday it would spend 49 billion rupees ($764 million) over three years to expand the factory on an additional 35 acres at the site on the outskirts of New Delhi. It also makes televisions at the plant. India is the world''s second biggest smartphone market and it''s fast becoming a battleground for handset makers vying for a bigger share as sales in Asian powerhouse China start to lag. "Samsung would want to reduce their dependence on manufacturing in Vietnam and shift more operations to India," said Tarun Pathak, associate director at technology research firm Counterpoint. "India looks like a promising manufacturing hub in the coming years and Samsung could make it their base for exports." Samsung''s expansion also comes at a time Prime Minister Narendra Modi''s government is pushing to increase technology manufacturing through its flagship "Make in India" initiative launched in 2014. Apple began assembling its iPhone SE model last month in the southern Indian technology hub of Bengaluru and a government official has said it could increase the local share of production over time.($1 = 64.3650 Indian rupees) (Reporting by Sankalp Phartiyal; editing by Devidutta Tripathy and David Clarke)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/samsung-elec-india-plant-idINKBN18Y27Y'|'2017-06-07T13:32:00.000+03:00'
'90a7450cd2ba529953293df339e32997dc3347c1'|'U.S. Justice Department halts settlements funding out outside groups'|'Business News - Wed Jun 7, 2017 - 2:03pm BST U.S. Justice Department halts settlements funding outside groups FILE PHOTO: U.S. Attorney General Jeff Sessions speaks at a news conference at the Justice Department in Washington, U.S., March 2, 2017. REUTERS/Yuri Gripas/File Photo WASHINGTON The U.S. Justice Department has barred any legal settlements in federal investigations that include donating funds to community organizations or other third-party groups, rather than to those directly harmed by the wrongdoing or involved in the cases, in a change that could impact banks and other corporations. U.S. Attorney General Jeff Sessions said in a statement released on Wednesday that settlement payments must be directed to victims impacted by the defendants'' actions and then to the federal government. It was the latest action by the Republican Trump administration to end policies from the previous Democratic Obama administration. Such agreements were a feature of several U.S. settlements with banks in the wake of the 2008 financial crisis. Under former President Barack Obama, the Justice Department aimed to hold banks accountable for shoddy securities that contributed to the U.S. housing market collapse. From 2013 to 2016, the department reached $46 billion (£35.6 billion) in settlements with U.S. banks that in part directed funds to approved housing aid and other related groups. In Obama''s final weeks in office, the department sued Barclays PLC ( BARC.L ) over similar claims. "In recent years the Department of Justice has sometimes required or encouraged defendants to make these payments to third parties as a condition of settlement," Sessions said in the statement. "We are ending this practise and ensuring that settlement funds are only used to compensate victims, redress harm, and punish and deter unlawful conduct." The change could impact other banks still under federal investigation over mortgage issues such as Credit Suisse Group AG ( CSGN.S ), Royal Bank of Scotland Group PLC ( RBS.L ), Wells Fargo & Co ( WFC.N ), UBS Group AG ( UBSG.S ) and HSBC ( HSBA.L ). Representatives for the banks could not be immediately reached for comment. Sessions, in a one-page memo dated on Monday, told the nation''s 94 U.S. attorney generals they could not make any agreements in civil or criminal cases "that directs or provides for a payment or loan to any non-governmental person or entity that is not a party to the dispute." Sessions cited three exceptions to the new policy: payments or loans that directly aim to address harm such as to the environment or official corruption; legal or other professional services from the case; and restitution, forfeiture and other payments required by law. While the new policy affects future deals, it would have impacted cases like the Environmental Protection Agency''s diesel emissions settlement with Volkswagen AG ( VOWG_p.DE ) that required the German automaker to invest $2 billion in zero emission vehicle efforts over 10 years. (The story was refiled to delete and extraneous word in the headline) (Reporting by Karen Freifeld; additional reporting by David Shepardson; Writng by Susan Heavey; Editing by Chizu Nomiyama)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-usa-justice-settlements-idUKKBN18Y1KU'|'2017-06-07T20:07:00.000+03:00'
'4afe5eda0ce1a8dc04cc52a6abb6060e207164db'|'European shares tread water as UK election, Spanish banks in focus'|'Business News - Wed Jun 7, 2017 - 12:23pm EDT European stocks supported by banks, utilities before UK election FILE PHOTO: A man shelters under an umbrella as he walks past the London Stock Exchange in London, Britain August 24, 2015. REUTERS/Suzanne Plunkett/File Photo By Kit Rees - LONDON LONDON Banks and utilities supported European stocks on Wednesday, with relief that Spain''s struggling Banco Popular ( POP.MC ) was being rescued by Santander ( SAN.MC ) lifting bank shares. The STOXX 600 index fell 0.1 percent, weighed down by a late drop in energy stocks. Crude oil prices plunged after data showed U.S. stocks of crude oil and gasoline surprisingly rose last week.[O/R] Britain''s FTSE 100 .FTSE index fell 0.6 percent and Germany''s DAX .GDAXI inched 0.1 percent. Although shares in Santander fell 0.9 percent in choppy trade and Banco Popular''s were suspended, European banks .SX7P were among the standout performers, gaining 0.7 percent. Santander said it would buy Popular and carry out a capital increase of around 7 billion euros ($7.9 billion). "As a stand-alone bank, (Popular) was close to failing ... and the failure of any bank, as we''ve seen in the past, can set of that chain of events where the whole banking sector gets freaked out, investors especially," said Mike van Dulken, head of research at Accendo Markets. Spain''s Bankia ( BKIA.MC ), Italy''s UniCredit ( CRDI.MI ) and France''s Societe Generale ( SOGN.PA ) were all up between 1 percent and 4.9 percent. European utilities .SX6P also gained, led by Germany''s E.ON ( EONGn.DE ) and RWE ( RWEG.DE ). Both rose more than 5 percent after the country''s highest court declared a nuclear fuel tax illegal, enabling them to claim back 6 billion euros in cash. Shares in Swedish biometric firm Fingerprint Cards ( FINGb.ST ) were the top STOXX risers, jumping 11.6 percent, after confirming an order for its sensors. On the downside, Covestro ( 1COV.DE ) dropped 4.6 percent after Bayer ( BAYGn.DE ) cut its stake in the plastics maker to 44.8 percent from 53.3 percent. Investors were also looking ahead to the British election on Thursday, as well as the European Central Bank''s policy meeting. "Whatever the outcome on Friday morning, markets actually have very little to go on to be able to judge whether such a new government would be more or less successful in negotiations with the EU," Don Smith, chief investment officer at Brown Shipley, said in a note. "We are unlikely to see anything like the huge fluctuations in markets that occurred in the immediate wake of last summer’s referendum," Smith added, referring to the Britain''s vote last June to leave the European Union. (Additional reporting by Danilo Masoni; Editing by Hugh Lawson and Alexander Smith) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-europe-stocks-idUSKBN18Y0P2'|'2017-06-07T15:52:00.000+03:00'
'738b98c1f85dfb5db219a46720869ca12a7eb849'|'Novartis touts new T-cell therapy data in race for FDA approval'|'Health News - Wed Jun 7, 2017 - 11:48am EDT Novartis touts new T-cell therapy data in race for FDA approval FILE PHOTO: The logo of Swiss drugmaker Novartis AG is seen at its headquarters in Basel, Switzerland January 25, 2017. REUTERS/Arnd Wiegmann By John Miller - ZURICH ZURICH Novartis on Wednesday touted new data from its T-cell therapy CTL019, saying it is on a par with results of experimental molecules from Kite Pharma and Juno Therapeutics that also target aggressive blood cancers. Three months after infusion, the overall response rate (ORR)among 51 adult patients with relapsed or refractory diffuse large B-cell lymphoma (DLBCL) was 45 percent, Novartis said, with 37 percent complete responses (CR), or no sign of disease. Novartis aims for $1 billion in annual sales for CTL019, a drug made by taking T cells from a patient, reprogramming them in the lab to fight cancer, and re-infusing them. The field is crowded, with Kite and Juno also hunting for approval for drugs whose per-patient costs could top $500,000. "When you look across the three competitors'' data sets, they''re all in a similar range of responses," Novartis drug development chief Vas Narasimhan said in an interview. "What''s critical is to see the data sets fully mature... and look at the overall safety profile." Narasimhan said no deaths were linked to CTL019, though three patients died from disease progression within 30 days of infusion. Seven suffered severe neurological events. While so-called "CAR-T therapies" from Novartis, Kite and Juno are now last resorts for patients who have failed other treatments, more doctors are growing convinced they have promise. Globally, there are some 183 CAR-T trials underway. In March, Novartis filed CTL019 with the U.S. Food and Drug Administration for fast-track approval in B-cell acute lymphoblastic leukemia (ALL) in young patients. The FDA has scheduled a July 12 public meeting for that. Novartis could file for FDA approval in DLBCL, the most common form of non-Hodgkin lymphoma (NHL) in adults, around October, with European filings planned about the same time. Rival Kite Pharma''s experimental drug axi-cel is also under expedited U.S. review against advanced NHL, with additional trials underway in leukaemia patients. Kite has said 41 percent of NHL patients responded to axi-cel treatment at the six-month cutoff, with 36 percent in complete response. Though Juno Therapeutics has suffered significant setbacks -- patient deaths forced it to abandon its lead CAR-T molecule this year -- the company released fresh data last week on another drug, JCAR017, against NHL. Novartis is studying why some patients respond to CTL019 while others'' cancers avoid detection. Additional trials are planned, including with newer CAR-Ts combined with other drugs. "There''s just a lot of science that''s yet to be understood," Narasimhan said. "I hope we have better answers next year ... for what''s going on in the non-responders." (Reporting by John Miller, editing by Louise Heavens) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-novartis-cancer-idUSKBN18Y29X'|'2017-06-07T23:36:00.000+03:00'
'1530221f312174b5e169c9889a252fe1c7337b63'|'Firms see big bucks in upgrade of U.S. air traffic control system'|'Fri Jun 9, 2017 - 6:06am BST Firms see big bucks in upgrade of U.S. air traffic control system left right FILE PHOTO - A plane passes the air traffic control tower at Ronald Reagan Washington National Airport in Arlington, Virginia, U.S. on June 5, 2017. REUTERS/Kevin Lamarque/File Photo 1/4 left right FILE PHOTO - Travelers are seen at John F. Kennedy International airport in the Queens borough of New York, U.S. on February 14, 2014. REUTERS/Eric Thayer/File Photo 2/4 left right FILE PHOTO - Air traffic controllers work inside the control tower at Los Angeles International Airport (LAX) in Los Angeles, California, U.S. on June 24, 2016. REUTERS/Bob Riha, Jr/File Photo 3/4 left right FILE PHOTO - U.S. House Committee on Transportation and Infrastructure Chairman Representative Bill Shuster (R-PA) holds strips of paper used by air traffic controllers to keep track of planes during an event where U.S. President Donald Trump proposed reforms to the U.S. air traffic control system, at the White House in Washington, DC, U.S. on June 5, 2017. REUTERS/Jonathan Ernst/File Photo 4/4 By Alwyn Scott - SEATTLE SEATTLE Inside the control tower at John F. Kennedy International Airport, air traffic controllers can track planes traveling hundreds of miles away. But when it''s time for a controller to hand off responsibility for watching a flight, the technology becomes decidedly last century: details are printed on a slip of paper and passed to a co-worker. President Donald Trump promised on Monday to sweep away such outmoded systems and replace them with "the best, newest and safest technology available." Trump''s solution is to split air traffic control away from the Federal Aviation Administration and privatize it under a not-for-profit, independent corporation. Billions of dollars in government and private contracts ride on the conversion of the nation''s air traffic control system to satellite-based GPS. A federal modernization program known as NextGen has already targeted traditional ground-based radar and other aging technologies for replacement. Still, the United States lags well behind other countries including Canada, Ireland and Denmark, whose satellite-based GPS systems are slated to go live next year. Private-sector companies angling for a piece of this business see wide commercial potential for products unleashed by the U.S. modernization effort, including digital cockpit messaging, live monitoring of aircraft engines and systems, advanced weather maps and faster internet service for passengers. "It''s a big deal for us," said David Nieuwsma, a senior vice president in charge of such systems at Rockwell Collins Inc ( COL.N ). "We know it''s the future." DELAY AND EXPENSE Congress gave the FAA $7.4 billion between 2004 and 2016 to develop and install NextGen systems. The aim was to boost the capacity of the U.S. aviation system to handle more planes, cut flight delays and improve safety, according to a Government Accountability Office report published in November. Airlines support NextGen and are expected to spend $15 billion upgrading their fleets to prepare for the new systems. But industry players have grown frustrated as the FAA missed implementation deadlines. The agency now estimates NextGen will cost another $14.8 billion to complete, with many major upgrades not due to be functional until 2025, the GAO said. Proponents say privatization will speed NextGen by freeing it from FAA bureaucracy. Modeled after Canada''s widely praised 1996 privatization, which created an entity known as Nav Canada, the U.S. plan has the backing of most U.S. airlines as well as qualified support from the air traffic controllers union. Critics, including Delta Air Lines ( DAL.N ), the National Business Aviation Association and an organization of FAA safety inspectors and technicians, say Congress should instead enact a law to stabilize FAA''s NextGen funding, which is controlled by Congress. "Privatizing the largest and most complex aviation system in the world is a risky and unnecessary step at this pivotal point in its modernization," said Mike Perrone, head of the Professional Aviation Safety Specialists, a union of 11,000 FAA safety employees, after Trump''s announcement. "This would slow down enhancements and possibly compromise safety to fix a system that’s not broken." BOUNCING OFF THE SATELLITES Central to the modernization effort are global positioning satellites that can track planes more accurately than radar, enabling controllers to reduce the distance between aircraft during flight. That allows more takeoffs and landings, which is essential to meet rising global demand for air travel. That''s creating opportunities for a host of U.S. firms. McLean, Virginia-based Iridium Communications ( IRDM.O ) owns a network of satellites for voice and data transmission. Through a joint venture known as Aireon, it has partnered with Nav Canada and several other air traffic control organizations to roll out a global satellite air navigation system planned to go into operation next year. Aireon recently began tests with the FAA on eight satellites Iridium launched in January. The consortium is among the top contenders for a multibillion-dollar contract that the agency is expected to award next year. Aireon already has contracts with 30 air navigation service providers. But FAA approval is "the gold standard" that likely would prompt more countries to sign up, Iridium Chief Executive Matt Desch said in an interview. Meanwhile, the increasing sophistication of commercial and private jets means more opportunities for aerospace manufacturers such as Honeywell International ( HON.N ). Headquartered in Morris Plains, New Jersey, Honeywell recently introduced a weather application that uses "crowdsourced" data from other planes in flight to give pilots a real-time map of turbulence and storms. "Those things didn''t exist before. We''re inventing them," said Carl Esposito, president of the Honeywell business that provides cockpit, navigation, space and safety systems. Systems by Honeywell and others, such as Chicago-based Gogo Inc ( GOGO.O ), are using satellites to give planes internet service fast enough for passengers to stream Netflix and similar services. Pilots can use the same pipeline to share data with each other and ground control. Rockwell Collins ( COL.N ), based in Cedar Rapids, Iowa, is working with Hawaiian Airlines and the FAA to certify the safety of a satellite system for aircraft status messages. The messages, known as ACARS, have been in use for decades. The satellite system would extend that reach. CONTROLLER JOBS DECLINING But pressure to modernize has not resolved the debate about the FAA''s structure. Trump’s spin-off plan mirrors one advocated by U.S. Rep. Bill Shuster, the Pennsylvania Republican who chairs the House Transportation Committee. Critics say shifting some 14,000 controllers and other FAA employees to a new corporation could potentially compromise safety, hand airlines too much power and put technology upgrades even further behind schedule. Proponents say a private entity could tap capital markets and sign contracts quickly by avoiding the FAA''s slow procurement process. It also gets workers off the federal payroll. Modernization could reduce the number of unionized controllers, who earn $130,000 to $180,000 a year according to online listings. The National Air Traffic Controllers Association, which represents the workers, says it supports a non-profit corporation as long as it preserves safety, provides stable funding and protects its workforce while ensuring airport access for all types of planes, including personal and business aircraft. Job loss appear inevitable as digital and satellite technology allow controllers to do more with less effort. Technology company Harris Corp ( HRS.N ) has set up a system in more than 50 U.S. airports that lets pilots load aircraft route changes directly into their onboard computers. That saves time, especially in bad weather when routes change frequently. "All of this is going to make the controller job more efficient and effective," Harris chief executive Bill Brown said in an interview. As for the paper strips, Lockheed Martin Corp ( LMT.N ) won the $344 million contract last year to do away with them at 89 U.S. airports. The FAA says implementation will start in 2020. (Editing by Marla Dickerson)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-usa-airtraffic-analysis-idUKKBN1900GM'|'2017-06-09T13:05:00.000+03:00'
'47fd57a7c067e833d8dfb7432a37dd08647b1c64'|'Pound recovers after sharp falls as political uncertainty hits markets - Politics'|'The pound fell to an eight-week low and shares in housebuilders, banks and retailers lost ground after the shock election result, which increased uncertainty over both the forthcoming Brexit talks and the UK’s economic prospects.But the currency recovered from its worst levels as Theresa May announced she was forming a new government with the help of the Democratic Unionist party and vowed to press ahead with Brexit negotiations. So after falling 2.5% to $1.2635, its lowest since 18 April, sterling stood at $1.2737, down 1.65%, when London trading closed. Against the euro, it slumped to a seven-month low of €1.1289 but recovered to €1.1380, down 1.5%.Connor Campbell, financial analyst at spread betting firm Spreadex, said: “Though the current chaos is bad news for the instability-averse pound, if it leads to a softer Brexit it may end up working in the currency’s favour. Of course, that is a big if, meaning for now sterling is focused firmly on the latest bout of political turmoil.”On the stock market the FTSE 100 – packed full of companies with big overseas earnings which benefit from a weaker pound – rose just over 1% to 7527.33 while the FTSE 250, down initially, recovered after the DUP talks to close up 0.13% at 19,769.But UK-focused companies were hit by concerns about a further squeeze on consumer spending following the latest fall in the pound and the fallout from the election. Analysts at UBS said: “Such significant political uncertainty will further dampen sentiment and confidence, exacerbating the weakness we have already been starting to see over recent months.”Among the market’s leading fallers were Royal Bank of Scotland and Lloyds Banking Group, housebuilders Taylor Wimpey and Barratt Developments, and retailers Marks & Spencer and Next. Construction groups such as Balfour Beatty dropped sharply on worries that a hung parliament could slow down the award of government contracts.Meanwhile business leaders called for a new government to focus its efforts on the economy and the Brexit discussions. CBI director-general Carolyn Fairbairn said: “There has never been a more important time to refocus on the economy and plan with confidence and ambition. The next government needs to deliver an open, competitive and fair post-Brexit economy that works for everyone across all our nations and regions.“With only 10 days before Brexit talks begin, the UK needs to be fast out of the blocks. Agreeing transition arrangements and guaranteeing EU citizens’ rights should be early priorities to get the talks off to a good start and show to the world that trade and people come first.”Dr Adam Marshall, director general of the British Chambers of Commerce, said the electorate’s split decision would generate further uncertainty for businesses “who are already grappling with currency fluctuations, rising costs, and the potential impacts of Brexit”.He said companies had been doing their best to screen out political noise for months to focus on their own operations, but warned: “This result will prove much harder for UK businesses to ignore.”Terry Scuoler, chief executive of manufacturers’ organisation the EEF, said business had got used to political uncertainty in recent years but warned it was now essential that politicians “put industry first”. Scuoler added: “The Brexit negotiating strategy requires a careful rethink. Industry should be at the table … to help ensure we have the right negotiating position, which is something that’s been sadly lacking until now.”Ratings agencies warned of further possible downgrades to the UK’s credit rating. Standard & Poor’s, which a year ago stripped Britain of its prized triple-A rating, after the Brexit vote, said: “a further downgrade or downgrades could be in the wings .Kathrin Muehlbronner, a senior vice-president at Moody’s and lead UK sovereign analyst, said: “The future path of the UK sovereign rating will be largely driven by two factors: first, the outcome of the UK’s negotiations on leaving the European Union and the implications this has for the country’s growth outlook. Second, fiscal developments, given the country’s fiscal deficit and rising public debt.”A third credit ratings agency, Fitch, said a second poll could not be ruled out: “While [the DUP deal] would avoid a prolonged period of coalition talks, the terms of the agreement are unclear and another election in the near term is possible.”'|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/politics/2017/jun/09/pound-recovers-after-sharp-falls-as-political-uncertainty-hits-markets'|'2017-06-09T03:00:00.000+03:00'
'9024815e5a1417f27be2680e53e1905c975ad97a'|'EU approves J&J purchase of Actelion subject to conditions'|'BRUSSELS, June 9 EU antitrust regulators approved on Friday Johnson & Johnson''s planned purchase of Actelion Pharmaceutical subject to conditions intended to ensure clinical development of insomnia drugs were unaffected.The European Commission, which rules on issues of competition for the 28-member bloc, said that both companies were developing treatment for insomnia based on a novel mechanism and there would be insufficient competition in this area if one of the two research programmes were discontinued.Actelion''s insomnia programme was to be transferred to a newly created company called Idorsia, in which Johnson & Johnson would hold a 32 percent stake. The Commission said this holding would allow it to exercise influence on decisions.The Commission said Johnson & Johnson would have to limit its shareholding in Idorsia to below 10 percent - or up to 16 percent provided J&J was not the largest shareholder - and commit not to nominate a board member.It would also have to grant Minerva Neurosciences, a partner for its own insomnia research programme, new rights over global development and waive its royalty rights on Minerva''s sales in Europe."In view of the specific features of this case, these commitments addressed the Commission''s competitive concerns concerning treatments in development for insomnia," the Commission said. (Reporting By Philip Blenkinsop; editing by Robert-Jan Bartunek)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/actelion-ma-johnsonjohnson-eu-idINB5N1G8018'|'2017-06-09T09:31:00.000+03:00'
'af5c14a06c7dd14c9367f8180d9df86fea301c89'|'Celltrion Healthcare to raise over $713 million in IPO in July'|'SEOUL South Korea''s Celltrion Healthcare Co Ltd, the marketing affiliate of Celltrion Inc ( 068270.KQ ), on Wednesday said it plans to raise at least 799.6 billion won ($712.74 million) in an initial public offering (IPO) planned next month.Celltrion Healthcare, which exclusively markets, sells and distributes Celltrion''s biosimilar drugs - copies of biotech drugs - plans to sell 24,604,000 new shares at an indicative price range of 32,500 won to 41,000 won per share, the company said in a filing to the Korean exchange.A company official said the listing may help build direct sales networks overseas and diversify its product portfolio beyond Celltrion products.He said the company, in which Celltrion Inc''s founder Seo Jung-jin owns a 44.12 percent stake, aims to list its new shares on the junior KOSDAQ market by end-July, after setting its IPO price around July 17.UBS ( UBSG.S ) and Mirae Asset Daewoo ( 006800.KS ) act as advisors for the listing.(Reporting by Hyunjoo Jin; Editing by Sherry Jacob-Phillips)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-celltrion-healthcare-ipo-idINKBN18Y15P'|'2017-06-07T08:15:00.000+03:00'
'22bc5b590a735bbc756e938621c7eaa6e52a48f0'|'Shares in Banco del Bajio rise in market debut after IPO'|'Company News  56am EDT Shares in Banco del Bajio rise in market debut after IPO MEXICO CITY, June 8 Shares in Mexican lender Banco del Bajio surged nearly 4 percent in their market debut on Thursday before paring gains to trade 2.4 percent higher at 30.21 pesos. The bank priced its initial public offering at 29.50 pesos per share earlier on Thursday. It said in a filing with the Mexican stock exchange that the total offer was worth about 8.79 billion pesos ($482.30 million), including the over-allotment. ($1 = 18.1880 Mexican pesos)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/bancodelbajio-ipo-idUSE1N1IP00J'|'2017-06-08T21:56:00.000+03:00'
'90f442deb73ac11d187a90850da56b80b5059b94'|'RPT-Spain''s Santander buys smaller rival Popular for 1 euro with capital hike'|'Banks - Wed Jun 7, 2017 - 10:25am EDT ECB triggers overnight Santander rescue of Spain''s Banco Popular left right Santander Chairwoman Ana Botin arrives for a news conference after Santander announced on Wednesday that it would buy struggling rival Banco Popular for a nominal one euro after European authorities determined the lender was on the verge of insolvency, in Madrid, Spain, June 7, 2017. REUTERS/Juan Medina 1/7 left right FILE PHOTO: A man uses a cash dispenser at a Banco Popular branch in Madrid, Spain, April 29, 2016. REUTERS/Andrea Comas/File Photo 2/7 left right Santander Chairwoman Ana Botin arrives for a news conference after Santander announced on Wednesday that it would buy struggling rival Banco Popular for a nominal one euro after European authorities determined the lender was on the verge of insolvency, in Madrid, Spain, June 7, 2017. REUTERS/Juan Medina 3/7 left right An employee waits for the start of a news conference at Spain''s biggest bank Santander offices after it announced on Wednesday that it would buy struggling rival Banco Popular for a nominal one euro after European authorities determined the lender was on the verge of insolvency, in Madrid, Spain, June 7, 2017. REUTERS/Juan Medina 4/7 left right Santander Chairwoman Ana Botin speakds at a news conference after Santander announced on Wednesday that it would buy struggling rival Banco Popular for a nominal one euro after European authorities determined the lender was on the verge of insolvency, in Madrid, Spain, June 7, 2017. REUTERS/Juan Medina 5/7 left right FILE PHOTO: People walk past a branch of Spain''s Banco Popular in Madrid, Spain, May 26, 2016. REUTERS/Andrea Comas/File Photo 6/7 left right FILE PHOTO: A woman walks past a Banco Santander branch in downtown Rio de Janeiro August 19, 2014. REUTERS/Pilar Olivares/File Photo 7/7 By Jesús Aguado and Francesco Guarascio - MADRID/BRUSSELS MADRID/BRUSSELS European authorities stepped in to avert a collapse of Spain''s Banco Popular ( POP.MC ) following a run on the bank, orchestrating a last-minute rescue on Wednesday by Santander ( SAN.MC ), the country''s biggest lender. Owners of Popular bonds faces losses of some 2 billion euros, while Santander will ask its shareholders for around 7 billion euros ($7.9 billion) of capital to absorb Spain''s sixth biggest bank. Popular''s rescue was unveiled as the European Central Bank announced the lender was set to be wound down, echoing a banking crash some five years ago that cost Spain 40 billion euros. Santander''s takeover of the bank, which has been weighed down by risky property loans, for a nominal one euro marks the first use of a stricter European Union regime to deal with failing banks adopted after the financial crisis. The sale was organized in less than 24 hours, and followed a recent acceleration in the withdrawal of deposits, which two people with knowledge of the matter said had in recent weeks hit 18 billion euros, equivalent to almost one quarter of the total. A final decision to sell Popular was made at about 0430 GMT on Wednesday, Dominique Laboureix, a member of the Single Resolution Board, told a news conference in Brussels. The SRB is the agency set up by the EU to wind down stricken banks. In contrast to earlier crises, the hurried sale of Popular did not spook markets and banking stocks rose in Europe. "This deal is good for Spain and it''s good for Europe," Santander chairman Ana Botin said of the agreement, which breaks the mold of using taxpayers'' money, instead imposing losses on shareholders and creditors of the bank. This resolution worked in Santander''s favor, and was described by two debt investors as unexpected, with the owners of so-called AT1 and AT2 bonds suffering roughly 2 billion euros ($2.2 billion) of losses and shareholders losing everything. The ECB said there was a "significant deterioration of the liquidity situation of the bank in recent days" and that in the near future Popular would have been "unable to pay its debts". Up to 2 billion euros a day was being taken out of the bank by savers last week, another source told Reuters. "We got it done before markets opened. That was the target," Elke König, who chairs the Resolution Board, said. Unlike Italy, which has been grappling with problem lenders for years, Spain''s reaction was prompt and in contrast to the 2008 banking crisis it met with calm in the markets. "This shouldn''t pose any real problems for other banks," Aberdeen Asset Management Head of Credit Research Laurent Frings said. "But it does show that there is real risk in investing in these second-tier names." BOTIN SEES BENEFITS Spanish Economy Minister Luis de Guindos said Santander''s takeover was a good outcome for Popular given its situation in recent weeks and it would have no impact on public resources or other banks. Botin welcomed Popular customers and said that the combination of the two would strengthen Santander''s geographic reach as the economies in Spain and Portugal improved. "It gives certainty and stability to Spain''s financial sector," she said. Santander, which was unaffected by the banking crisis in Spain that forced Madrid to seek international aid, said buying Popular would accelerate growth and profit from 2019. The group, with operations from South America to Britain, said it would set aside 7.9 billion euros to cover the cost of non-performing assets, which are loans at risk of non-payment. Struggling under the weight of 37 billion euros of non-performing property assets left over from Spain''s financial crisis, Popular had seen its share price slump. It was among a handful of banks that emerged as vulnerable to stress, such as an economic downturn, in a European Banking Authority simulation last summer and had remained vulnerable with a ratio of risky loans around three times above the average of its Spanish rivals. But Popular''s small and medium-sized company loan portfolio, the largest among Spanish lenders, presents an opportunity for Santander, which said it would now lead this growing market. It will also sell off at least half of Popular''s property assets within about 18 months. ($1 = 0.8876 euros) (Additional reporting by Andres Gonzalez, Jose Elias Rodriguez, Angus Berwick and Sonya Dowsett in Madrid, Francesco Canepa in Frankfurt and Jan Strupczewski, Francesco Guarascio in Brussels and Helene Durand in London; writing by John O''Donnell; Editing by Keith Weir/Alexander Smith) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-popular-m-a-santander-idUSKBN18Y0IU'|'2017-06-07T15:02:00.000+03:00'
'c5e0a6d279c5b0c54f4e6b0d6a11affb05e74022'|'Shell says not experiencing operational disruptions in Qatar'|' 22pm BST Shell says not experiencing operational disruptions in Qatar The Shell display is seen at the 20th World Petroleum Congress in Doha December 4, 2011. REUTERS/Mohammed Dabbous LONDON Royal Dutch Shell ( RDSa.L ) said on Wednesday its business is not experiencing any operational disruptions in Qatar in the wake of a decision by several Gulf countries to sever ties. "Currently we are focused on running our Qatar business as usual and are not experiencing any operational disruption as a result of the current situation," the Anglo-Dutch company said in a statement. (Reporting by Ron Bousso, editing by David Evans)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-gulf-qatar-shell-idUKKBN18Y26R'|'2017-06-07T23:22:00.000+03:00'
'eac92469fd0650419103a8ae252848ec7b80cf96'|'ShotSpotter''s shares shoot up in debut'|'Shares of gunshot-detection company ShotSpotter Inc SSTI.O, which is backed by walkie-talkie maker Motorola Solutions ( MSI.N ), rose as much as 21 percent in their market debut on Wednesday.The company''s initial public offering of 2.8 million shares was priced at $11 per share, the midpoint of its expected price range of $10 to $12 per share, raising $30.8 million.ShotSpotter said it expects to use around $13.6 million of the net proceeds to reduce debt, and the rest for general purposes.The company''s shares rose as much as $13.35 in their first hour of trading, giving it a market valuation of about $121.7 million.Motorola Solutions owns around 10.8 percent of the company after the offering, second to venture capital firm Lauder Partners LLC, which owns 26.2 percent.Newark, California-based ShotSpotter generates most of its revenue from contracts with the police departments of major cities in the United States, but also sees some interest from foreign governments and higher education institutions.The company uses gunfire-specific sensors to alert authorities and customers of gun-related incidents, using quick text messages to dispatch location-related information.The sensors, which are tuned to capture audio, are also used to help determine the number of shooters or capacity of the weapon used.ShotSpotter posted a net loss of $1.6 million for the quarter ended March 31. ( bit.ly/2r1SpHs )Roth Capital Partners acted as sole book-running manager on the offering, with Northland Capital Markets and Imperial Capital as additional underwriters.(Reporting By Aparajita Saxena in Bengaluru; Editing by Maju Samuel)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-shotspotter-ipo-idINKBN18Y22W'|'2017-06-07T13:06:00.000+03:00'
'ad4356c09698e3ce44c11703028acb9838f908aa'|'Sterling stunned by UK election shock, stocks wait for more results'|'Top News - Fri Jun 9, 2017 - 7:02am BST Sterling stunned by UK election shock, fallout limited elsewhere Employees of a foreign exchange trading company work near monitors showing TV news on Britain''s general election and the Japanese yen''s exchange rate against the British pound in Tokyo, Japan June 9, 2017. REUTERS/Toru Hanai By Wayne Cole - SYDNEY SYDNEY Sterling spiralled lower on Friday as British elections left no single party with a clear claim to power, sideswiping investors who had already weathered major risk events in the United States and Europe. With the majority of seats counted in the snap vote, British Prime Minister Theresa May had no way to win an outright majority in parliament. The shock outcome saw the pound shed 2 percent on fears the political turmoil could delay and confound talks on leaving the European Union, which are due to start in less than two weeks. Yields on 10-year gilts fell 3 basis points to 1.00 percent, but FTSE futures recouped early losses and turned 0.2 percent higher, perhaps on hopes that a weaker pound would help the economy. The damage was limited elsewhere, with E-mini futures for the S&P 500 edging up 0.1 percent. Japan''s Nikkei added 0.5 percent and MSCI''s broadest index of Asia-Pacific shares outside Japan were all but flat. "This is messy for the UK economy and its Brexit negotiations and hence is a negative for the pound and share market," said Shane Oliver, chief economist at AMP. "But the UK is just 2.5 percent of world GDP and it''s hard to see significant implications for global investment markets." By 0555 GMT sterling had skidded to $1.2697, having carved out a two-month trough of $1.2689. It was also down 1.8 percent on the euro at 88.18 pence. The rot started when an exit poll showed the ruling Conservatives could fail to win a clear majority when markets had expected a handy victory. The BBC forecast the Conservatives would hold a reduced 318 seats in the 650-member parliament, following a big swing to the left-leaning opposition Labour Party. For the latest updates, click. Betting agencies were already taking wagers on whether May would still have her job by the end of the day. "At this stage, there is no obvious way a formal, stable coalition government can be constructed, and therefore there is a high likelihood of a potentially prolonged period of uncertainty over who will be prime minister," said John Wraith, a strategist at UBS. Yet he cautioned bears against chasing the pound much lower from here. "Today''s result will in part be seen as a vote against a definitive break from the EU, and the market may soon begin to reassess the probability of a so-called ''hard Brexit''." There was much less drama elsewhere, as the Japanese yen gave up early gains and eased to 110.20 per dollar. The euro was little moved against the U.S. dollar at $1.1209. The single currency had slipped overnight when the European Central Bank cut forecasts for inflation and said it had not discussed scaling back its massive bond-buying campaign, sending bond yields to multi-month lows. NO SMOKING GUN Overnight, Wall Street had seemingly judged the testimony of former FBI director James Comey was not life-threatening to the administration of President Donald Trump. Comey accused Trump of firing him to try to undermine the investigation into possible collusion by his campaign team with Russia''s alleged efforts to influence the 2016 election. "I think the market is taking less of an alarmist review of this situation because there is no smoking gun here," said Jefferies & Co money market economist Thomas Simons. "So it''s not particularly impactful for thinking about... Trump''s economic agenda to go through." The Dow rose 0.04 percent, while the S&P 500 gained 0.03 percent and the Nasdaq Composite 0.39 percent. In commodity markets, spot gold was 0.3 percent lower at $1,274.45 an ounce. Oil prices remained subdued with Brent having settled at its lowest since Nov. 29, the eve of an OPEC production cut deal. U.S. crude futures edged down 2 cents to $45.62 a barrel, with Brent crude flat at $47.86. (Editing by Kim Coghill) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-global-markets-idUKKBN18Z33F'|'2017-06-09T07:25:00.000+03:00'
'38fc62a6537248565ce5753c4adb5e9d270e7ae0'|'Oil prices continue to slide as supply overhang prevails'|'Business News - Fri Jun 9, 2017 - 6:12am BST Oil stabilizes after steep falls, but supply glut prevails A worker at an oil field owned by Bashneft, Bashkortostan, Russia, January 28, 2015. REUTERS/Sergei Karpukhin/File Photo By Henning Gloystein - SINGAPORE SINGAPORE Oil prices stabilized on Friday following steep falls earlier this week, but they were still pressured by evidence of an ongoing fuel glut despite efforts led by OPEC to tighten the market by holding back production. Brent crude LCOc1 was at $47.86 per barrel at 0504 GMT, unchanged from its last close. It still puts Brent almost 12 percent below its opening level on May 25, when an OPEC-led pledge to cut production was extended into 2018. U.S. West Texas Intermediate (WTI) crude CLc1 was at $45.63, also virtually unchanged from the last close, but almost 11 percent below May 25. The slump was a result of oversupply despite the effort led by the Organization of the Petroleum Exporting Countries (OPEC) to cut almost 1.8 million barrels per day (bpd) of production until the first quarter of 2018. "Crude oil prices are testing lows last seen in 4Q16 ... despite last month''s 9-month extension to the 1.8 million bpd cuts," U.S. bank Jefferies said, pointing to the United States as the main pressure on prices. U.S. Energy Information Administration (EIA) data this week showed a surprise build in commercial crude oil stocks to 513.2 million barrels this week C-STK-T-EIA. Inventories of refined products were also up, despite the start of the peak demand summer season. "This was the first crude build in 9 weeks ... Gasoline built 3.3 million barrels (first build in 5 weeks), while distillate stocks were plus 4.4 million barrels (in their) largest build since January 2017," Jefferies said. The bank said that refined product inventories were now back above 2016 levels and well above their five-year range, adding that this was due to a surprise slowdown in U.S. demand for gasoline and distillate fuels. Asian markets are also oversupplied, with traders continuing to put excess crude into floating storage, a key indicator for a glut. The Brent forward curve now shows a clear contango shape, in which prices for January next year are $1.5 per barrel above those for immediate delivery <0#LCO:>, making it profitable to put crude into tankers and wait for a later sale. Shipping data in Thomson Reuters Eikon shows at least 25 supertankers currently sitting in the Strait of Malacca and the Singapore Strait, holding unsold fuel. That''s similar amounts to May and April, indicating that even in Asia with its strong demand growth traders are struggling to clear bloated inventories. And more production is coming. Libya''s 270,000 bpd Sharara oil field has reopened after a workers'' protest and should return to normal production within three days, the National Oil Corporation said in a statement on Friday. (Reporting by Henning Gloystein; Editing by Joseph Radford) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-global-oil-idUKKBN19002R'|'2017-06-09T08:56:00.000+03:00'
'929a7c5fbcb3ac4db29747c092e74e84d84d64ad'|'ULA says it was not allowed to compete with SpaceX for Air Force launch'|'Business News - Fri Jun 9, 2017 - 5:43pm EDT ULA says it was not allowed to compete with SpaceX for Air Force launch Heather Wilson testifies before the Senate Armed Services Committee, as a part of the confirmation process in Washington, DC, U.S. on March 30, 2017. Scott M. Ash/Courtesy U.S. Air Force/Handout via REUTERS By Irene Klotz - CAPE CANAVERAL, Fla. CAPE CANAVERAL, Fla. United Launch Alliance, a partnership of Lockheed Martin ( LMT.N ) and Boeing ( BA.N ) said on Friday it was not given an opportunity to bid against rival SpaceX for the upcoming launch of the U.S. Air Force’s miniature X-37B space plane. Air Force Secretary Heather Wilson disclosed during congressional testimony on Tuesday that the service was planning to fly its fifth X-37B mission on a SpaceX Falcon 9 rocket. “ULA did not have the opportunity to bid for the Air Force’s fifth X-37B Orbital Test Vehicle (OTV) mission which was recently awarded. ULA remains fully committed to continuing to support America’s national security missions with world-class launch services,” the company said in a statement. Only United Launch Alliance and SpaceX are certified to launch U.S. military satellites. The Air Force on Friday declined to confirm that it awarded the contract to Space Exploration Technologies, or SpaceX, without soliciting other bids. It also declined to say when the contract was awarded or how much it is worth. Four previous X-37B missions were launched by United Launch Alliance Atlas 5 rockets. SpaceX’s first publicly disclosed launch contract for the Air Force was awarded last year for a next-generation Global Positioning System satellite flight in 2018. A second GPS launch contract was awarded in March. The contracts are valued at $83 million and $96.5 million respectively. United Launch Alliance did not bid for the first GPS launch contract but did compete and lost the second. In May 2016, the U.S. National Reconnaissance Office disclosed it had hired SpaceX to launch a spy satellite aboard a Falcon 9. The mission, which was arranged through an intermediary, Ball Aerospace, took place last month. SpaceX is owned and operated by technology entrepreneur Musk, who is also chief executive of electric car maker Tesla Inc ( TSLA.O ). (Reporting by Irene Klotz; Editing by Cynthia Osterman) '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-space-spacex-ula-idUSKBN19030J'|'2017-06-10T05:43:00.000+03:00'
'7772d7710d555f3bdc84941fd03baa6ee5887656'|'Sailing-Defeated Ainslie to come back stronger, bring "Auld Mug" home'|'LONDON From where Ben Ainslie lives on the Isle of Wight off the south coast of England, he can look out over the waters where in 1851 the schooner "America" won the cup which bears its name.What started as a childhood dream of winning the America''s Cup has become an obsession to become the first British challenger to lift the "Auld Mug" and bring it "home".Ainslie''s first shot at achieving that ended on Thursday, when a team from New Zealand, one of only four countries to have won the cup, beat his Land Rover BAR crew in the semi-final of the 35th America''s Cup challenger series in Bermuda. [L8N1J55S7]"We knew it was going to be incredibly tough at the first attempt," Ainslie told a news briefing after the race."Ultimately we weren''t able to catch up with the existing teams in time," sailing''s most successful Olympian, who is not used to losing, added.He has won the cup before, as tactician with Oracle Team USA in their 2013 comeback against Emirates Team New Zealand.But Ainslie wants to win it for "Queen and country" and under the banner "Bring The Cup Home" set about mounting his own challenge, launching BAR with the aim of doing something British teams have tried and failed to do on some 20 occasions.FROM TABLE TO BERMUDAGetting an America''s Cup boat on the water, let alone competing with Oracle Team USA and Artemis Racing, which are both backed by billionaires, costs tens of millions of dollars."I couldn''t be prouder of the team today ... Three and a half years ago a few of us were sitting around a table in London ... what we have we have achieved today is incredible," Ainslie said in the televised briefing.Ainslie managed to raise 90 million pounds ($116 million) to fund his campaign, building a massive team headquarters in Portsmouth on the south coast of England.This base looks south across the Solent to where he now lives with his wife the sports presenter Georgie Thompson and daughter Bellatrix in the aptly named village of Seaview.His "commute" to work is either on a high speed ferry or in his own RIB speedboat across the channel where he hopes one day to defend the cup for Britain.To do so he will need to keep bringing the money in.Land Rover BAR has been part funded by wealthy private investors with a passion for sailing, including entrepreneur Keith Mills and Dixons Carphone Chairman Charles Dunstone.Ainslie paid tribute to both men''s involvement on Thursday and said that Land Rover was renewing its partnership with BAR to compete for the next America''s Cup.CORPORATE SPONSORSIn order to succeed, Ainslie has attracted corporate sponsors such as Land Rover, BT, BAE Systems and Siemens who have provided financial backing and technical know-how.One supporter who has set Land Rover BAR apart is Britain''s Duchess of Cambridge, Catherine, who has sailed with Ainslie and is patron of the 1851 Trust, the charity he has set up to get young people to discover science and technology through sailing.As well as being team principal, skipper, part-time fund-raiser and ambassador, Ainslie has managed to attract an impressive team to the BAR stable, including chief executive Martin Whitmarsh who was previously at McLaren Formula One.On the water he signed up Jono Macbeth, a 44-year-old New Zealander who has three America''s Cup wins, as sailing team manager and enlisted Giles Scott as tactician on his catamaran "Rita", the name Ainslie gives to all his racing boats.As ever with Ainslie, no sooner was he back on dry land on Thursday than he was looking to his next challenge."Already the work is starting on the next campaign ... and we will be that much stronger next time," he vowed.(Editing by Ken Ferris)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-sailing-americas-ainslie-idUSKBN18Z2YQ'|'2017-06-09T05:59:00.000+03:00'
'e5c12dc760e9f11607cd8649630eb94d6dd9e9de'|'Ukraine says prepared to negotiate with Gazprom outside Russia'|' 30am BST Ukraine says prepared to negotiate with Gazprom outside Russia The logo of the Ukrainian national joint stock company NaftoGaz is seen outside the company''s headquarters in central Kiev, Ukraine, March 15, 2016. REUTERS/Valentyn Ogirenko KIEV Ukrainian state energy firm Naftogaz is prepared to attend talks with Russian gas giant Gazprom provided negotiations are not held in Russia, Naftogaz said on Thursday. Gazprom and Naftogaz have been locked in a bitter legal dispute since 2014, a byproduct of worsening relations between Kiev and Moscow since Ukraine''s pro-European uprising and Russia''s annexation of Crimea. Gazprom Deputy CEO Alexander Medvedev said this week the Russian company was ready for talks with Ukraine on gas transit to Europe beyond 2019, when the current contract expires. He did not say where any talks should be held. "The Russian Federation is an unacceptable location for negotiations between Naftogaz of Ukraine and Gazprom," Naftogaz said in a statement. "Naftogaz remains open for discussions with Gazprom in Brussels or other city of the European Union," it said. The two companies lodged multi-billion-dollar claims against each other with a Stockholm arbitration court, which resolves commercial agreement disputes. In two separate cases Kiev has demanded a higher tariff for the transit fee it charges Russia to transit to Europe and to cancel the requirement "take or pay" for the gas supply deal signed in 2009. Last week, Naftogaz said the court had ruled in its favour regarding the "take or pay" clause, although Gazprom said the ruling was an interim stage in the court process and the decision was positive for Gazprom "on balance." Since 2014, Ukraine has been weaning itself off reliance on Russian energy supplies and has not bought gas directly from Russia since November 2015, relying instead on purchases from European Union member states and its own supply. But Ukraine remains a major route for Russian gas supplies to Europe, pumping 82.2 billion cubic metres (bcm) of gas in 2016, 23 percent more than a year earlier. (Reporting by Pavel Polityuk; Editing by Edmund Blair)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-ukraine-crisis-gas-talks-idUKKBN18Z0YI'|'2017-06-08T16:30:00.000+03:00'
'4c8c1afb99c57e901d81b434e72b19e64655f5de'|'JSW steel raises bid for Italy''s troubled Ilva steel plant'|'Money News - Sat Jun 3, 2017 - 10:42pm IST JSW steel raises bid for Italy''s troubled Ilva steel plant The logo of JSW is seen on the company''s headquarters in Mumbai, February 11, 2016. REUTERS/Danish Siddiqui/Files ROME A consortium led by JSW Steel raised its bid for Italy''s troubled Ilva steel plant, a statement said on Saturday, in a challenge to a group that was declared the winner of the tender process last month, but whose offer faces labour union opposition. JSW, leading a consortium called AcciaItalia, said it would put up 1.85 billion euros ($2.09 billion), which is broadly in line with the winning bid, and added it would "immediately" hire 9,800 employees. It had originally offered about 1.2 billion euros. "The decision (to make a counter offer) is in the interest of Ilva, of its employees, of the supply chain, the territory of the factory and the national machine industry," the statement said. The Industry Ministry said on Friday that it could not accept a counter offer, according to procedure, if the only thing changed was the purchase price. The government has been vetting the winning bid and is supposed to decide by Monday whether to officially endorse it. Metal workers'' unions said on Saturday that they would send a letter to Prime Minister Paolo Gentiloni and Industry Minister Carlo Calenda asking for an urgent meeting. In a statement, Rocco Palombella of the Uilm metal workers'' union said it was "necessary to reflect... on the counter offer by AcciaItalia". The bid that last month won the tender offer was made by a consortium called Ama Investco Italy that is led by ArcelorMittal, the world''s biggest steelmaker. It foresees some 4,800 job cuts, though the workers would receive state unemployment support until 2023. Ilva directly employs about 11,000 people in an economically depressed area of southern Italy. Some 3,300 employees are now in a state-funded temporary layoff scheme. It was unclear if AcciaItalia''s counter offer would preserve more jobs. A spokeswoman at the Industry Minister was not immediately available to comment. AcciaItalia said that its newest bid excluded two of the previous members of its consortium, Arvedi and Cassa Depositi e Prestiti, and was made exclusively by JSW and Delfin. Ilva was placed under court administration in 2013 after magistrates seized 8.1 billion euros of assets belonging to its former owners, the Riva family, amid allegations that toxic emissions were causing abnormally high rates of cancer. The government took over administration of the business in 2015 to try to save jobs and clean up its polluting furnaces. ($1 = 0.8867 euros)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/ilva-italy-jsw-idINKBN18U0QL'|'2017-06-04T01:12:00.000+03:00'
'27e6683908564b989763750b3788f0eba7664888'|'Stormy waters: the salmon farmer trying to limit fishing and save the ocean - Guardian Sustainable Business'|'There’s trouble brewing in Tasmania’s waterways once again.In the 1980s, protests over the proposed Franklin River hydroelectric dam threw the Apple Isle’s conservation plight onto the national stage. This time, it is the state’s salmon farming industry that is under a cloud. The relatively young industry is worth over $700m a year and now outpaces all other farming activities on the island but environmental campaigners are worried about its impact on the region’s pristine waters.Droughts, flood, feed: farmer satellites see all but what about climate change? Read moreMany are concerned over falling oxygen levels and marine “dead zones” in Macquarie Harbour , a vast, shallow harbour on Tasmania’s west coast that partially falls within a tract of more than 1m hectares of Unesco world heritage-listed Tasmanian wilderness . Added to this are contentious plans for Tasmania’s largest salmon farmer, Tassal, to expand operations into what many consider to be too-shallow waters in Okehampton Bay on the east coast .An unlikely champion for the environment has emerged out of this turmoil. Frances Bender is the executive director and co-founder of Huon Aquaculture , Tasmania’s second largest salmon farming operation.In February this year, Huon Aquaculture commenced legal proceedings in the federal court and the Tasmanian supreme court against the Tasmanian government and its Environmental Protection Agency (EPA) for failing to adequately protect the environment in Macquarie Harbour.The action is unprecedented, and for Bender, was a last resort. “We have tried absolutely every single way – using science, using research, using reasoning –everything we can to change behaviours and practices to no avail,” she says.The issue is the amount of fish being farmed in Macquarie Harbour, home to the endangered maugean skate. In 2012, the three companies farming fish in the Harbour – Tassal, Huon Aquaculture and Petuna – were given the go-ahead to expand their operations. The EPA was tasked with regularly setting new biomass limits to sustainably manage that expansion.Facebook Twitter Pinterest Salmon fortress pen in Strahan, Tasmania. Photograph: Huon SalmonBut by the end of 2014, with a biomass cap of 15,000 tonnes – nearly double the pre-expansion level – the health of the harbour was already showing signs of stress. Dissolved oxygen levels had reached their lowest levels in more than 20 years of monitoring . This year, the biomass cap was ratcheted back to 14,000 tonnes in January, and then 12,000 tonnes at the end of May , though Tassal has been granted permission to temporarily exceed its limit to allow fish already in pens to reach harvest age, with the proviso that waste-capture systems are put in place.The reductions don’t go far enough, according to Bender, who believes the harbour can only sustainably support around 10,000 tonnes of farmed fish. “Mother Nature will fix herself, but at the moment, we have to give her a hand by backing off and being patient,” she says.The legal action has put Bender at odds with an industry that she has championed since its infancy.“It’s a pretty big step,” says Jon Bryan, a marine campaigner with the Tasmanian Conservation Trust, “particularly in Tasmania, where industries tend to circle wagons and show quite a lot of solidarity with regards to any sort of environmental concerns.” Both Tassal and Petuna have joined with the EPA to defend the legal action.Macquarie Harbour is where the strife is, but Frances and her husband, Peter, first started farming salmon in 1986 in Hideaway Bay, a shallow indentation along the southern shore of the Huon River in Tasmania’s southeast. They had no fish farming experience – they owned a sheep and cattle farm on the Huon’s bank – but nonetheless took their farmers’ nouse to the water.The company, which the couple still run as a family business, now ships about 20,000 tonnes of fresh, smoked, roasted and marinated salmon a year to sushi bars, restaurants, fish retailers and supermarkets around Australia and overseas.Their own environmental report card is not without its blemishes. The company came under fire in 2015 when it exceeded its nitrogen flows into waterways by more than 270 tonnes in 12 months . It was ordered to pay the environmental bill, estimated to be $260,000.But in 2014-15, the company transformed its operations, in large part to minimise their environmental impact.Extreme weather is hurting Australian farmers – it''s time to demand action Read more“We totally changed the way we farm,” says Bender.Pens and moorings were redesigned and replaced, leases were rejigged to be further off-shore, and a purpose-built vessel used to transport and bathe the fish in fresh water to keep amoebic gill disease at bay was purchased.The new double-netted “fortress pens” are a key part of that change. They put a metres-wide buffer between the salmon and any seals that pay a visit, making it less stressful for the fish, and less likely that a seal will become tangled in a net trying to grab a bite. But because they are sturdier, they are also ideal for rougher waters, such as in their new leases at Storm Bay on the eastern side of Bruny Island.Facebook Twitter Pinterest Peter and Frances Bender of Huon Salmon in Tasmania Photograph: Huon SalmonThis, according to Bender, is where the future lies: in waters rough enough to flush away any waste – faeces and excess feed, say – without it damaging the underlying seafloor. The company is also developing a salmon nursery to grow fish to a bigger size while onshore, so as to reduce the time the fish spend in the sea at all.Huon Aquaculture won’t be abandoning their leases in Macquarie Harbour, though – the warmer waters are ideal for trout, as well as a variety of salmon that fills what would otherwise be a gap in their annual harvest cycle. Still, Bender believes that with the right regulations in place – which is what the legal actions are pushing for – sustainable farming in the harbour can be achieved. Not only will that protect the world heritage environment, but it will also safeguard the industry and its largely rural workforce.“My ultimate aim is to be able to grow this industry and have the community be celebrating us, not being scared of us,” says Bender.• The author was a recent guest on a visit to a salmon farm owned by Huon AquacultureTopics Guardian sustainable business Future of farming Agriculture Fishing Food Marine life Tasmania features Reuse this content'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/sustainable-business/2017/jun/08/stormy-waters-the-salmon-farmer-trying-to-limit-fishing-and-save-the-ocean'|'2017-06-08T09:26:00.000+03:00'
'532667c4428913c7a068baca04cc06f4619f3773'|'Lawmakers urges U.S. Treasury to reject Aleris sale to China aluminum giant'|'Business News   1:55pm EDT Lawmakers urges U.S. Treasury to reject Aleris sale to China aluminum giant United States Secretary of the Treasury Steven Mnuchin speaks at a news conference on Parliament Hill in Ottawa June 9, 2017. REUTERS/Patrick Doyle WASHINGTON More than two dozen U.S. lawmakers have urged U.S. Treasury Secretary Steven Mnuchin to reject the proposed sale of U.S. aluminum products maker Aleris Corp ( ALSD.PK ) to China Zhongwang Holdings Ltd ( 1333.HK ) to protect U.S. security interests. In a June 9 letter to Mnuchin shared with Reuters, the 27 lawmakers said it would be a "strategic misstep" to allow the $2.33 billion sale to go ahead. "It is critical that CFIUS (Committee on Foreign Investment in the United States) exercise extreme caution when a foreign investment transaction includes the transfer of military proficiencies and sensitive technology to China," the lawmakers wrote. They added: "It would be a serious strategic misstep to permit a company like Zhongwang Holdings Ltd to take control of a U.S. aluminum firm like Aleris." The lawmakers said Aleris was involved in the production and testing of specialized alloys used by the defense industry, and the company''s research and technology were critical to U.S. economic and national security interests. "Chinese entities, including state-owned or state-controlled enterprises, often maintain relationships with China''s military, compounding the risk that U.S. technologies will fall into the wrong hands," they wrote. Additionally, Zhongwang was under investigation by the U.S. Department of Commerce for allegedly evading U.S. import duties, and was being probed by U.S. agencies over allegations of smuggling, conspiracy and wire fraud, they said. Aleris spokesman Jason Saragian said Aleris did not make defense products in the United States. "We believe this letter is based on misinformation," he said. "The facts are that the completion of this transaction would result in job preservation and growth for hundreds of US Aluminum manufacturing jobs," he said in an emailed response to the letter. Zhongwang, backed by Chinese aluminum magnate Liu Zhongtian, announced the deal in August, in a bet by the billionaire that the nascent U.S. automotive aluminum sector will be the industry''s next big growth market. Last November, a dozen U.S. senators wrote to then Treasury Secretary Jack Lew urging him to launch a review of the deal by the Committee on Foreign Investments by the United States. Lawmakers who signed the new letter include House of Representative Democrats David Loebsack, Tim Ryan, Gene Green, Debbie Dingell, Seth Moulton, Marcy Kapur, Pete Aguilar, Tony Cardenas, Brenda Lawrence, Norma Torres, Linda Sanchez, and Republicans Robert Pittenger, Keith Rothfus, and French Hill. (Reporting by Diane Bartz and Lesley Wroughton; Editing by Marguerita Choy)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-usa-aleris-lawmakers-idUSKBN1910U9'|'2017-06-11T01:55:00.000+03:00'
'0ca992a3aaf9cf0f9c04689902808bd6b3a3ee00'|'RPT-U.S. tech stock selloff leaves investors eyeing end of rally'|'(Repeats with no changes)By Noel RandewichSAN FRANCISCO, June 9 A steep drop in technology stocks on Friday, led by Apple''s worst plunge in 14 months, has left investors concerned that a rally may be over for high-flying Silicon Valley names that have pushed Wall Street to record highs this year.The S&P 500 information technology index dropped 2.73 percent, with Apple, Amazon.com and Alphabet down more than 3 percent each and the Nasdaq Composite losing 1.8 percent. The losses in just those three stocks wiped out more than $68 billion in investor wealth."All you need is a spark. Everything has gotten pretty expensive, multiples are very high. It doesn''t take much to get a decline started," said Stephen Massocca, senior vice president at Wedbush Securities in San Francisco.A cautious report on technology valuations from Goldman Sachs helped ignite Friday''s selling, as did a report from Bloomberg News that upcoming iPhones will use modem chips with slower download speeds than some rival smartphones.But with the technology index up over 18 percent year to date, some investors said the selloff boiled down to straight-forward worries about valuations. They questioned whether the technology sector''s rally may be coming to an end. "You have to be ready to make a sale if the momentum changes," warned Phil Blancato, head of Ladenburg Thalmann Asset Management in New York. "When it starts to erode, it could erode very quickly."The information technology index recently traded at 18.4 times expected earnings, the highest level since the 2008 financial crisis, according to Thomson Reuters Datastream.Software company Cloudera tumbled 15.72 percent after its earnings report, while Wall Street favorite Nvidia Corp slumped 6.46 percent to $149.60 after short seller Citron Research said the stock could trade back to $130.The decline in Nvidia, by far the top-performing stock in the S&P 500 over the past year, contributed to a 4.23 percent drop in the Philadelphia Semiconductor Index, its worst day in nearly a month. Over the past 12 months, Nvidia has surged 216 percent.Technology stocks are likely to remain under pressure until second-quarter earnings reports provide a new potential catalyst, predicted Wedbush trader Joel Kulina.The sector showed signs of support late in Friday''s session, with the Nasdaq reducing some of an earlier 2.9-percent loss. That reinforced some investors'' expectations that the technology rally still has legs."It signals that there''s still money on the sidelines waiting to come in and buy the dip," said Bucky Hellwig, senior vice president at BB&T Wealth Management in Birmingham, Alabama. "Money should come back into the stocks because investors are still looking for growth."(Reporting by Noel Randewich, additional reporting by Caroline Valetkevitch in New York; Editing by Cynthia Osterman)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/usa-stocks-tech-idINL1N1J61VI'|'2017-06-09T20:21:00.000+03:00'
'f0946a8e160eef1a3fb096d2c6bc4c5b5837cf89'|'Deadline for Brazil review of Kroton-Estácio merger now July 27'|'SAO PAULO Kroton Educacional SA ( KROT3.SA ) and Estácio Participações ( ESTC3.SA ), Brazil''s two largest for-profit education firms, said antitrust agency Cade extended by 30 days the analysis period for the companies'' proposed merger.In a securities filing on Wednesday, the companies said the date for a final ruling was moved to July 27. Cade is not obliged to use all of the additional time and a ruling could come sooner, Kroton said.(Reporting by Ana Mano; Editing by Cynthia Osterman)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-estacio-part-m-a-kroton-idINKBN18Y333'|'2017-06-07T19:02:00.000+03:00'
'49febba2f60df501bc31c054a1f3855203211947'|'Former HSBC trader in forex probe arrested by UK police - document'|'Top   1:22pm BST Former HSBC trader in forex probe arrested by UK police - document LONDON British authorities have arrested Stuart Scott, a former senior HSBC ( HSBA.L ) executive accused of participating in a fraudulent scheme involving a $3.5 billion (£2.7 billion) currency transaction, according to a U.S. court filing seen by Reuters on Thursday. Scott was arrested in Britain on Monday following an extradition request by the U.S. Department of Justice, the document filed with the court by acting U.S. Attorney Bridget M. Rohde said. Scott, HSBC''s former head of cash trading for Europe, the Middle East and Africa, was charged in July last year along with Mark Johnson, a British citizen who was HSBC''s global head of foreign exchange cash trading and who was arrested in New York. "Our client strongly denies the allegations. Given there are ongoing proceedings it would be inappropriate to comment further at this time," Anne Davies, a lawyer at Gunnercooke who is representing Scott, said. HSBC said Scott had left the firm in 2014. "We are unable to comment further on personnel issues or matters which are the subject of ongoing legal proceedings," a spokeswoman for the bank said in an emailed statement. Scott and Johnson are believed to be the first people to face U.S. criminal charges arising from an investigation of foreign-exchange rigging at banks. The inquiry led to four banks pleading guilty to conspiring to manipulate currency prices in the United States. HSBC was not among those banks, but in 2014 agreed to pay $618 million to resolve related probes by U.S. and British regulators. Johnson, a British citizen who at the time of his arrest in 2016 was HSBC''s global head of foreign exchange cash trading, has pleaded not guilty to a charge of wire fraud and conspiracy last August. Prosecutors said Johnson and Scott in 2011 misused information provided by a client that hired HSBC to convert $3.5 billion to British pounds in connection with a planned sale of the client''s foreign subsidiaries. They then used their insider knowledge to trade ahead of the transaction, causing a spike in the price of the currency that hurt HSBC''s client, prosecutors said. London police could not immediately confirm Scott''s arrest. Bloomberg News earlier reported Scott''s arrest. (Reporting by Lawrence White in London, additional reporting by Nate Raymond in Boston and Michael Holden and Kirstin Ridley in London; Editing by Adrian Croft)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-hsbc-trader-idUKKBN18Z1O3'|'2017-06-08T20:22:00.000+03:00'
'd702ecd3f86eab9c4c2756c4a6d248584a47ca7e'|'The circular economy enters the world stage, with Finland leading the way - Global Development Professionals Network'|'It took the Earth a couple of hundred million years to turn animal remains into oil. It takes us just a couple of minutes to finish an espresso macchiato – and dump the plastic cup in the bin.Something is not quite right here.Our economy is inherently linear. We make products out of materials provided by nature, we use the stuff and, all too often, throw it away not long after. Produce, use, throw, repeat.If your business is to make disposable coffee cups, this may sound pretty sweet. For the rest of us, however, it is a rotten deal.The current linear model is undermining the very foundation of our future. The climate crisis? Fuelled by wasting resources and energy. The sixth extinction event ? Largely caused by devastating ecosystems to make stuff.Saving the planet might sound like reason enough to change our ways. But circular economy is as much about creating jobsPlastics in our oceans, chemicals in our bodies, pollution in our air? Produce, use, throw contributes to all.This is a bit of a downer. Unless you happen to see opportunities where others see problems.Which brings us to Finland. This northern nation is at the forefront of rethinking our system. We want to make our economy circular.There are various definitions of what circular economy exactly means. Semantics aside, the core is this: we need to create much more value and much less waste out of the resources we use.Saving the planet might sound like reason enough to change our ways. But circular economy is as much about creating value, profits and jobs.For instance, a circular economy could bring estimated net savings of €600bn (£523bn) to European companies . In Finland alone circular solutions could provide €2bn-3bn (£1.7bn-2.6bn) added value annually .To seize these benefits and more, two years ago the Finnish government set a strategic target to become a forerunner in circular economy. Last year Finland adopted a national circular economy roadmap . The outcome is a solid plan with an ambitious vision, concrete projects and clear responsibilities.Old economics is based on false ‘laws of physics’ – new economics can save us - Kate Raworth Read more But the process matters, too. Drafting the document involved 1,000 people from an extensive cross-section of Finnish society – from ministries to trade unions and industry to environmental groups.While we are modestly proud of the roadmap – widely recognised as the most comprehensive and advanced in the world – the work is only beginning. The next step? Leaders and experts from 90 countries meeting at the World Circular Economy Forum in Helsinki this week. We invited CEOs, researchers and policymakers because no one can reshape our economy alone. We are inspired by thought leaders from near and far.The UK-based Ellen MacArthur Foundation has done more than anyone to understand the why and the how of building a circular economy. The Swedish government is introducing groundbreaking new tools, such as lower tax rates for repairs .Startups like RePack and MaaS Global are already exploring the next level of circular solutions. Big and established companies like Unilever and Google are bringing much needed scale to this space. We rarely appreciate historic change when are in the thick of it. But when we look back at our time, we hope we can say: that is when the paradigm shift started to take form.We invite you to join the effort to build circular economies. We can discuss the plans over espresso macchiato.Kirsi Sormunen is a board member of Sitra . Kimmo Tiilikainen is Finland’s minister for housing, energy and the environment. They served as co-chairs of the steering group for Finland’s circular economy roadmap . To pitch an idea for our Optimistic thinking for 2017 series , email globaldevpros@theguardian.com . Join our community of development professionals and humanitarians. Follow @GuardianGDP on Twitter. Topics Global development professionals network Development 2030     Reuse this content'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/global-development-professionals-network/2017/jun/06/the-circular-economy-enters-the-world-stage-with-finland-leading-the-way'|'2017-06-06T15:00:00.000+03:00'
'7cf8557388945873aa407c4dc373227e14376279'|'Energy stocks provide support as European shares open flat'|'Top   8:36am BST Energy stocks provide support as European shares open flat People walk through the lobby of the London Stock Exchange in London, Britain August 25, 2015. REUTERS/Suzanne Plunkett/File photo MILAN European shares steadied in opening deals on Monday, helped by a rise in energy stocks prompted by growing tensions in the Middle East, while public holidays reduced activity. The pan-European STOXX 600 index was down 0.06 percent, while Britain''s FTSE, which hit a fresh record high on Friday, was up 0.07 percent, as sterling slipped after a deadly attack in London just days before a national election on Thursday. Energy stocks provided the biggest boost to both the STOXX and the FTSE, as oil prices rose after top crude exporter Saudi Arabia and other Arab states cut off ties with Qatar, accusing it of supporting terrorism. Shares in companies in which Qatar holds stakes were mixed. Miner Glencore was down 0.9 percent in a weaker mining sector, while Spanish utility Iberdrola, British bank Barclays and French builder Vinci were flat. The German stock market and some other European bourses were closed due to a religious public holiday. (Reporting by Danilo Masoni; Editing by Gareth Jones)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-europe-stocks-idUKKBN18W0SS'|'2017-06-05T15:36:00.000+03:00'
'953cb017ff50cc2d9d1bac3474c55649529ca138'|'Societe Generale launches initial public offering of ALD Automotive'|'PARIS Societe Generale ( SOGN.PA ) will sell up to 23 percent of its car leasing arm ALD Automotive in an initial public offering (IPO) this month, the French bank said on Monday, potentially raising as much as 1.6 billion euros ($1.8 billion).The indicative price range for the French public offering and the international offering is 14.20-17.40 euros per share, with pricing expected on June 15.SocGen has said that the share sale, France''s biggest IPO in more than 18 months, will help to accelerate development of ALD, which manages a worldwide fleet of 1.4 million vehicles.The initial sale of 80,820,728 existing shares, representing 20 percent of ALD''s share capital, will bring gross proceeds between 1.148 billion euros and 1.406 billion euros, the bank said in a statement.Assuming the exercise in full of the overallotment option, the total size of the global offering will range between about 1.32 billion euros and 1.62 billion euros, the statement said.This would value ALD at between 5.74 billion euros and 7.04 billion euros.ALD shares are expected to start trading on Euronext Paris on June 16, SocGen said, adding that it would remain ALD''s controlling shareholder.The biggest IPO on the Paris Euronext exchange since asset manager Amundi''s offering in November 2015 is expected to boost SocGen''s capital ratio by up to 20 basis points."As an indication, a disposal of 23 percent of ALD''s share capital would have a positive impact between 12 basis points and 20 basis points on the CET1 ratio," it said.Credit Suisse, JP Morgan and SocGen are joint global Coordinators on the IPO, with BofA Merrill Lynch, Barclays, Citigroup, Deutsche Bank and HSBC acting as joint bookrunners.(Reporting by Ingrid Melander and Dominique Rodriguez; Editing by David Goodman)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-socgen-ald-ipo-idINKBN18W0K3'|'2017-06-05T04:07:00.000+03:00'
'7d9238c9316f3ed18a9cd742fb55bba9d7807e97'|'Investors hold breath, FTSE slides sideways as Britons vote'|'Top News - Thu Jun 8, 2017 - 5:08pm BST FTSE retreats to three-week low as Britons vote People walk through the lobby of the London Stock Exchange in London, Britain August 25, 2015. REUTERS/Suzanne Plunkett/File photo By Helen Reid and Kit Rees - LONDON LONDON The UK''s top share index dropped to a three-week low on Thursday as Britons headed to the polls after a tumultuous campaign which saw Prime Minister Theresa May''s lead tighten in recent weeks. The major FTSE 100 .FTSE benchmark slid steadily throughout the session to close 0.4 percent lower at 7,449.98 points, after the European Central Bank signalled an end to more interest rate cuts, and ahead of results from Britain''s parliamentary elections. Polls indicated Prime Minister May''s gamble on securing a bigger Conservative majority would be rewarded with a win, though the surprise 2016 vote to quit the European Union meant investors were considering all scenarios. Mid-caps .FTMC have outperformed the exporter-heavy FTSE 100 so far this year but the blue-chips have gained back some ground in recent weeks as tightening polls prompted greater caution on domestic stocks. "Some investors, possibly the market makers, have been told to get their books fairly straight rather than having long positions in stocks that could take a caning," said Paul Mumford, manager of the Cavendish opportunities fund. "If you were to get a coalition, or Labour win, or a very small, difficult-to-work Conservative result, then the market would take it quite badly in the short term, the pound would drop and this would provide a boost to the exporters," he added. "So the FTSE 100 has performed relatively well because people want to have an overseas hedge." Inversely, a bigger majority for the Conservatives could prompt institutions to pick up some bargains among mid-caps, Mumford said. U.S. bank Citi advised investors to hedge political risk through the "UK 8", a list of blue-chip stocks least exposed to domestic sales, while avoiding the "Anti UK 8" stocks with the greatest dependence on the British economy. Traders in the City of London prepared for a long night, with banks and brokers pulling in extra staff to cover for potential volatility as results trickle in. While macroeconomic events were front and centre of investors'' minds, some company moves stood out. Centrica ( CNA.L ) and SSE ( SSE.L ) were among the top 10 blue-chip gainers. Their share prices have dipped in recent weeks as the election approached, with investors concerned about manifesto promises to cap energy prices or nationalise the companies. Firms going ex-dividend weighed, however, with Vodafone ( VOD.L ) falling 4.8 percent and WPP ( WPP.L ) down 2.7 percent. Among mid-caps, Berendsen ( BRSN.L ) jumped 11 percent, the most actively traded stock as investors cheered a merger with Elis ( ELIS.PA ) after the French laundry firm sweetened its offer for the company. Elis'' latest offer valued Berendsen at 2.2 billion pounds, or 1,250p a share, a 45 percent premium to its closing price before the initial takeover offer last month. Petrofac ( PFC.L ) shares jumped more than 4 percent, among top European gainers, after the oil services firm sealed a 10-year deal with Petroleum Development Oman. (Reporting by Helen Reid and Kit Rees; Editing by Jon Boyle and Toby Davis)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-stocks-idUKKBN18Z15A'|'2017-06-08T17:30:00.000+03:00'
'92cdeccc883f86ea7b967ad39a268f2d127ef733'|'South Korea says anti-missile deployment on hold pending environmental review'|'By Ju-min Park - SEOUL SEOUL South Korea will hold off on installing remaining components of a U.S. anti-missile defense system until it completes an assessment of the system''s impact on the environment, the country''s presidential office said on Wednesday.The move could mean substantial delays in a full deployment of the Terminal High Altitude Area Defense (THAAD) system in South Korea, as the review may take well over a year, according to a senior official at the presidential Blue House.South Korea said last week four more launchers had been introduced, months after the controversial battery was deployed in March with just two of its maximum load of six launchers.The additional launchers had been brought in to the deployment site in the southeastern region of Seongju without being reported to the new government or to the public, new President Moon Jae-in''s office said last week, asking for a probe into why it was not informed of the move by South Korea''s defense ministry.The four launchers have yet to be installed and made operational."It doesn''t make sense to withdraw the two initial launchers which had already been deployed and installed, but additional installation will be decided after the environmental impact assessment is over," the administration official told reporters on Wednesday."Whether we must urgently move forward with additional installment by ignoring legal transparency and due procedure is a question."The Pentagon said it would continue to work transparently with Seoul but did not signal any expectation that the decision to deploy THAAD would be upended."The U.S. trusts the (South Korean government''s) official stance that the THAAD deployment was an alliance decision and it will not be reversed," a Pentagon spokesman said."We look forward to continuing our close coordination with the Moon administration," U.S. State Department spokeswoman Anna Richey-Allen said when asked about the South Korean decision.U.S. Congressman Republican Ed Royce said in a statement that the missile system was critical to protecting South Korea."I hope any environmental concerns related to the full deployment of THAAD will be dispelled with a quick and thorough review," said Royce, chairman of the House of Representatives Foreign Affairs Committee.U.S. defense company Lockheed Martin Corp is the lead contractor for the THAAD system.North Korea has conducted three ballistic missile tests since Moon took office, maintaining its accelerated pace of missile and nuclear-related activities since the beginning of last year in defiance of U.N. sanctions and U.S. pressure.During his successful election campaign, Moon had pledged to review the previous South Korean government''s decision to deploy THAAD, saying the deployment was rushed without assessing its environmental impact or seeking parliamentary approval.Moon''s decision to order an investigation into the deployment came amid signs of easing tensions between South Korea and China, North Korea''s sole major diplomatic ally.The decision to deploy the system was made by Moon''s conservative predecessor Park Geun-hye, who was impeached and thrown out of office in a corruption scandal that engulfed South Korea''s business and political elite.Moon took office on May 10 without a transition period because a snap presidential election was held just two months after Park was ousted. He inherited her defense minister, along with the rest of the cabinet, and has yet to name his own.Moon has said his order for the probe at the defense ministry was purely a domestic measure and not aimed at stopping the deployment, which has drawn angry protests from China.(Reporting by Ju-min Park; Editing by Soyoung Kim and Simon Cameron-Moore)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-southkorea-usa-thaad-idINKBN18Y22M'|'2017-06-08T00:11:00.000+03:00'
'8f6dbdb577ab8252c960f35004569082b1fa0e0d'|'CMC Markets reports lower full-year profit amidst quieter markets'|'Business News - Thu Jun 8, 2017 - 7:20am BST CMC Markets reports lower full-year profit amidst quieter markets British financial spreadbetting firm CMC Markets Plc reported a fall in full-year pretax profit as low levels of volatility resulted in fewer trading opportunities for its clients. The company, which listed on the London stock market last year, said pretax profit fell 9 percent to 48.5 million pounds in the year ended March 31. Revenue per active client fell 11 percent to 2,517 pounds, while the number of active clients rose 5 percent to 60,082. Chief Executive Peter Cruddas set up the company as a foreign exchange broker with a 10,000 pound investment in 1989. Rival companies include IG Group Plc, Denmark''s Saxo Bank and Global Brokerage Inc, which was earlier known as FXCM Inc. (Reporting by Noor Zainab Hussain in Bengaluru; Editing by Sunil Nair)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-cmc-markets-results-idUKKBN18Z0ME'|'2017-06-08T14:20:00.000+03:00'
'139e407235e8557c5f52c9bd5aa7202aad97908a'|'BRIEF-Air Force predicts additional delays in first Boeing KC-46 delivery'|'Market News - Thu Jun 8, 2017 - 8:57am EDT BRIEF-Air Force predicts additional delays in first Boeing KC-46 delivery June 8 Air Force Press Desk: * Says Boeing and the Air Force completed the annual KC-46 schedule risk assessment * Says this year''s KC-46 schedule risk assessment results project additional delays beyond previous date of September 2017 * Says top issues slowing progress on KC-46 program are achieving FAA airworthiness certifications, completing flight test program * Air Force assessment predicts first KC-46 aircraft delivery beyond Boeing''s forecast into late spring of 2018'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-air-force-predicts-additional-dela-idUSFWN1J50GS'|'2017-06-08T20:57:00.000+03:00'
'29140a2602e9e466dbacd80915ae2154d93299b2'|'Petropavlovsk boss Peter Hambro battles ''stealth takeover'''|'Market News - Thu Jun 8, 2017 - 8:49am EDT Petropavlovsk boss Peter Hambro battles ''stealth takeover'' * Chairman of Chelsea soccer club among nominated directors * Hambro says proposals against interests of most investors * Company returned to profit in 2016 By Barbara Lewis LONDON, June 8 Peter Hambro, who has headed Russian-focused gold miner Petropavlovsk for decades, is seeking to fend off a shareholder revolt led by Russian billionaire Viktor Vekselberg, whom Hambro accuses of pursuing "a takeover by stealth". After nearly a quarter of a century at the helm of a company he founded in 1994, Hambro says he has begun addressing the succession issue and would consider selling at the right price. His objection is to what he terms a "takeover by stealth" of the London-listed company and a proposed change of the board, which would replace four of six board members - just when Petropavlovsk has returned to profit. One of the nominees is Bruce Buck, chairman of Chelsea Football Club, which had no immediate comment. "It is my belief that replacing the non-executive directors and myself on the board with their own nominees, is not in the interests of shareholders as a whole," Hambro said of the plans of Vekselberg and other stakeholders. Hambro said he expected a ruling from London''s takeover watchdog, which said it never comments on specific cases. Its rules on whether a formal takeover offer is necessary provide for examining whether shareholders are acting in concert, whether they have "a significant relationship" with nominees and when they crossed a threshold of 30 percent or more voting rights. Hambro is calling on an annual general meeting (AGM) in London on June 22 to vote against resolutions put forward by shareholders with a more than 30 percent stake in total. They are Vekselberg''s conglomerate Renova, Sothic Capital Management and M&G. All declined to comment. In separate resolutions, they call for new appointments to replace Hambro and non-executive directors Robert Jenkins, Alexander Green and Andrew Vickerman. In their place, in addition to Buck, they are nominating Vladislav Egorov, who works for the Renova group, Garrett Soden, who has worked for the Lundin mining companies for a decade, and Ian Ashby as chairman. Ashby headed BHP''s iron ore division from 2006 to 2012 and was named in May as a non-executive director at Anglo American, which declined to comment. Petropavlovsk in May announced Vickerman would become interim non-executive chairman after the June AGM. It has appointed recruitment specialists to find a permanent replacement for Hambro, who has agreed to stand down as chairman and become an executive director. Petropavlovsk returned to profitability in 2016 after restructuring to tackle its debts. Its share price has recovered to above eight pence from a low around 5 pence in early 2016. Following higher gold prices and lower costs, 2016 net profit stood at $31.7 million, compared with a 2015 net loss of $297.5 million. (Additional reporting by Polina Devitt in Moscow and Carolyn Cohn, Maiya Keidan and Dasha Afanasieva in London; Editing by Mark Potter)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/petropavlovsk-agm-idUSL8N1J3536'|'2017-06-08T20:49:00.000+03:00'
'd9fe128f7500e374b4abfe2db4e66ac76cbd13f9'|'As residents protest, steelmakers eye sales from new Moscow homes'|' 12pm BST As residents protest, steelmakers eye sales from new Moscow homes left right FILE PHOTO: An employee watches hot steel billets at the NLMK Kaluga steel mill in Vorsino outside Kaluga, Russia, July 21, 2016. REUTERS/Maxim Shemetov/File Photo 1/3 left right FILE PHOTO: Debris of a building are seen in front of a newly built residential house in Moscow, Russia, May 16, 2017. REUTERS/Sergei Karpukhin/File Photo 2/3 left right FILE PHOTO: An employee watches watches a ladle with molten iron at the NLMK Kaluga steel mill in Vorsino outside Kaluga, Russia, July 21, 2016. REUTERS/Maxim Shemetov/File Photo 3/3 By Jack Stubbs - MOSCOW MOSCOW A plan to resettle almost a million Muscovites in newly-built homes has sparked some of the Russian capital''s largest protests in years. But for the country''s steelmakers the $50 billion construction project presents a valuable sales opportunity. Russian steel producers have suffered over the last two years as global steel prices plumbed 11-year lows and a prolonged economic downturn derailed construction and infrastructure projects, which account for 80 percent of domestic demand. For market leader NLMK ( NLMK.MM ) and competitors such as Severstal ( CHMF.MM ), the Moscow government''s plan to build 20 million square meters of residential space over the next 15 years is now a chance to win new product sales in a weak market. Reuters calculations, based on estimated requirements of around 85 kilograms of steel per square meter of residential space provided by producers, analysts and traders, indicate the scheme will require between 1.5-2 million tonnes of crude steel. Russian steel demand totaled 40 million tonnes in 2016 and is seen increasing by up to 3.5 percent this year after three years of decline. Whilst comparatively small, the additional volumes in Moscow will provide an important boost to the recovering market, traders said. "Of course, the demand will help the market. But mostly in the long term," said one trader who declined to be named because they were not authorized to speak to the media. "In general figures, the Moscow renovation will return demand to pre-crisis levels." The Moscow city government has said it plans to spend around 3 trillion rubles ($53 billion) on the resettlement program, which is intended to move people from aging Soviet-era buildings into modern apartments. But thousands of Muscovites have protested against the plans, with some living in buildings scheduled for demolition saying they do not want to move unless they have guarantees about where they will be resettled. Moscow city government said it could not comment on the project''s steel requirements or the prospects of individual companies as final plans were not yet confirmed and contracts would be awarded via a competitive tender process. BARS AND BEAMS Kirill Chuyko, head of metals and mining research at BCS Investment Bank, said the new homes would create demand for so-called "long steel products", the reinforcing bars (rebar) and beams predominately used in building construction. "The best-positioned companies to take these orders, that''s going to be NLMK and Severstal for sure." he said. "NLMK is closest to Moscow and Severstal is also not that far away." Competitor MMK ( MAGN.MM ) also produces large amounts of long products but its plant site is in Magnitogorsk, an ex-Soviet industrial center 1,400 kilometers (870 miles) east of Moscow, means it will struggle to meet the orders, Chuyko said. In contrast, NLMK operates a mill specializing in steel products for the construction industry in the city of Kaluga, just 150 km (93 miles) south-west of the Russian capital. "To take part in all this, you need warehouses and logistics, which only NLMK has in Moscow," the trader said. A company spokeswoman said the NLMK''s plant in Kaluga was the leading producer of rebar in the area and could reroute supplies currently going to other regions if demand in Moscow increased on the back of the government''s construction plans. Severstal said its mills in Cherepovets and Balakovo, 390 km (242 miles) and 760 km (472 miles) from Moscow respectively, and its wide range of products would allow it to compete for the volumes. "Severstal has the strongest positions to become one of the major suppliers for the residential homes renovation program in Moscow," the company told Reuters. (Additional reporting by Victor Strokov, Ekaterina Garshenina, Olga Sichkar and Diana Asonova; Writing by Jack Stubbs; Editing by Katya Golubkova and David Evans)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-russia-steel-moscow-renovation-idUKKBN18Z1X1'|'2017-06-08T22:01:00.000+03:00'
'7ea400fd119a42f0ff4b45c0505c9a1ea9f27cd8'|'U.S. jobless claims drop; labour market slack shrinking'|'Business   1:51pm BST U.S. jobless claims drop; labour market slack shrinking Target recruiters talk with job candidates Briana McShane (L) and Tanner Keyfauber (C) at a job fair in Golden, Colorado, June 7, 2017. REUTERS/Rick Wilking By Lucia Mutikani - WASHINGTON WASHINGTON The number of Americans filing for unemployment benefits fell last week, unwinding half of the prior period''s jump and suggesting the labour market was tightening despite a recent slowdown in job growth. Initial claims for state unemployment benefits declined 10,000 to a seasonally adjusted 245,000 for the week ended June 3, the Labor Department said on Thursday. Claims surged by 20,000 in the prior week, with California, Tennessee, Kansas, and Missouri accounting for the bulk of the increase. Some of that increase was related to school summer breaks in which bus drivers and cafeteria workers were left temporarily unemployed. Claims have now been below 300,000, a threshold associated with a healthy labour market, for 118 straight weeks. That is the longest such stretch since 1970, when the labour market was smaller. The labour market is near full employment, with the jobless rate at a 16-year low of 4.3 percent. Economists polled by Reuters had forecast first-time applications for jobless benefits falling to 240,000 in the latest week. Prices of U.S. Treasuries were lower while U.S. stock index futures were modestly higher after the data. The dollar .DXY was firmer against a basket of currencies. A Labor Department official said there were no special factors influencing the data. Only claims for Louisiana were estimated. The four-week moving average of claims, considered a better measure of labour market trends as it irons out week-to-week volatility, rose 2,250 to 242,000 last week. Low layoffs and record high job openings suggest the deceleration in job growth in May was likely because companies could not find suitable workers. The economy created 138,000 jobs in May, well below the average monthly 181,000 jobs gained over the prior 12 months. The Labor Department reported on Tuesday that job openings, a measure of labour demand, increased 259,000 to a seasonally adjusted 6.0 million in April, the highest level since the government started tracking the series in 2000. Economists believe that labour market tightness could encourage the Federal Reserve to raise interest rates at its June 13-14 policy meeting. The U.S. central bank lifted its benchmark overnight interest rate by 25 basis points in March. Thursday''s claims report also showed the number of people still receiving benefits after an initial week of aid fell 2,000 to 1.92 million in the week ended May 27. The so-called continuing claims now have been below 2 million for eight straight weeks, pointing to diminishing labour market slack. The four-week moving average of continuing claims slipped 750 to 1.91 million, the lowest level since January 1974. (Reporting by Lucia Mutikani; Editing by Paul Simao)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-usa-economy-idUKKBN18Z1R2'|'2017-06-08T20:51:00.000+03:00'
'059c045c94dd91734335701fdda543de020b4255'|'Asian shares down ahead of Comey, ECB and UK election'|'Business News - Thu Jun 8, 2017 - 7:27am BST Asian stocks on edge before UK election, ECB, Comey testimony FILE PHOTO: A man walks past a display of the Nikkei average and other market indices outside a brokerage in Tokyo, Japan April 19, 2016. REUTERS/Thomas Peter By Hideyuki Sano - TOKYO TOKYO Asian shares wobbled on Thursday as investors braced for any surprises from the UK election, a European Central Bank policy meeting and congressional testimony from ex-FBI director James Comey who was fired by President Donald Trump last month. MSCI''s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS was little changed, through China edged up on unexpectedly solid trade data, while Japan''s Nikkei .N225 dropped 0.4 percent. European shares were expected to open steady to slightly firmer, with spread-betters looking at a 0.2 percent rise in Germany''s DAX .GDAXI and a flat opening in Britain''s FTSE .FTSE . Wall Street shares ticked up on Wednesday, despite sharp declines in energy prices, after written testimony from Comey did not add major revelations about an investigation into Russian meddling with last year''s U.S. presidential election. The British pound GBP=D4 held firm at $1.2957, near its highest levels in two weeks, supported in part by polls showing Prime Minister Theresa May is on course to increase her majority in parliament. The pound gained as much as 4 percent after May called a snap election seven weeks ago, as polls had initially suggested a landslide win for her Conservative party that would give the prime minister a stronger hand in Britain''s negotiations on leaving the European Union. Yet traders are cautious given the Brexit shock last year and as her once-commanding lead over the Labour Party and its veteran hard-left leader Jeremy Corbyn has been narrowing through the campaign. "If the conservatives win big, that will lead to a big relief in markets and buy-back in the pound. But if they win only a wafer-thin majority or even lose an outright majority, that will be a major negative surprise," said Shuji Shirota, head of macro economist strategy at HSBC in Tokyo. To see a Reuters interactive graphic on the election polls and results, click on tmsnrt.rs/2q7tC48 Britons have until 2100 GMT to vote, and there will be an exit poll as soon as voting ends. The first handful of seat results are expected to be announced by 2300 GMT. Ahead of the UK vote results, the European Central Bank will meet, with a policy announcement due at 1145 GMT, followed by President Mario Draghi''s news conference at 1230 GMT. With no policy change expected, market players are focusing on how the central bank may alter its economic assessment and policy guidance in light of a strengthening euro zone economy. ECB policymakers are set to take a more benign view of the economy and will even discuss dropping some of their pledges to ramp up stimulus if needed, sources with direct knowledge of the discussions have told Reuters. Still many market players expect the ECB to wait until September before signaling further tapering in its bond buying. The euro EUR= traded at $1.1259, near its seven-month high of $1.1285 touched earlier this month. The dollar stayed near its seven-month low against a basket of currencies as doubts over Trump''s ability to push through his stimulus plans have eroded the greenback''s gains made late last year. The dollar index stood at 96.713 .DXY =USD, near Wednesday''s seven-month low of 96.511. Against the yen, the U.S. currency faltered to 109.40 yen JPY= not far from Wednesday''s 1-1/2-month low of 109.115 as Japanese Government Bond yields rose partly on speculation about the Bank of Japan''s exit strategy from stimulus. The BOJ has insisted it has no plans to start tapering any time soon, but many analysts and traders believe the pace of its bond buying appears unsustainable. The two-year JGB yield JP2YTN=JBTC rose to minus 0.09 percent, the highest level since February last year. "At a time when the ECB could change its guidance, possibly with an eye on exit from stimulus, and the Federal Reserve is already talking about shrinking its balance sheet, the BOJ''s exit could easily come to a focus as well," said Yusuke Ikawa, Japan strategist at BNP Paribas. But Ikawa added the BOJ is still a long way off from ending its massive stimulus and that the Japanese market is likely to steady soon. The 10-year U.S. Treasuries yield stood at 2.180 percent US10YT=RR after having fallen to a seven-month low of 2.129 percent on Tuesday. Many investors are wary ahead of Comey''s Senate appearance later in the day for any hints Trump may have been engaged in obstruction of justice - an offense that could lead to impeachment hearings. "If the hearing does not produce clear-cut evidences of obstruction of justice, uncertainties will remain but for market the issue will likely be put on a back burner," said Hiroko Iwaki, senior fixed income strategist at Mizuho Securities. "Unless you assume there will be a complete chaos in U.S. politics or a downturn in the U.S. economy, it is hard to see further falls in U.S. bond yields," she said. Takuro Nishida, manager of investment planning at Sompo Japan Nipponkoa Insurance said the risk-on mood is likely to return once Comey''s testimony will be out of way. "If the Fed is going to raise interest rates as expected later this month, U.S. bond yields are likely to rise back," he added. Oil prices licked wounds after sharp falls on Wednesday to a one-month low, following an unexpected increase in U.S. inventories of crude and gasoline that fanned fears that output cuts by major world oil producers have not done much to drain a global glut. Brent crude futures LCOc1 traded at $48.39 per barrel, up 0.7 percent so far on Thursday, though they had fallen 4.1 percent the previous day. (Editing by Shri Navaratnam) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-global-markets-idUKKBN18Z022'|'2017-06-08T08:39:00.000+03:00'
'93ed5f685a17b9c57c031ca8c7ed87a410e6b050'|'France''s new retail golden boy takes on Carrefour challenge'|'Wed Jun 7, 2017 - 10:09am BST France''s new retail golden boy takes on Carrefour challenge left right FILE PHOTO: Alexandre Bompard, Chairman and Chief Executive Officer of Fnac-Darty, attends a ceremony for the Prix Goncourt des Lyceens prize at the Education Ministry in Paris, France, November 17, 2016. Picture taken November 17, 2016. REUTERS/Philippe Wojazer/File Photo 1/2 left right FILE PHOTO: Alexandre Bompard, Chief Executive Officer of Groupe Fnac, attends the company''s 2015 annual results presentation in Paris, France, February 18, 2016. REUTERS/Benoit Tessier 2/2 By Dominique Vidalon and Pascale Denis - PARIS PARIS Fresh from combining Fnac bookstores and electricals chain Darty to better take on Amazon in France, Alexandre Bompard faces the challenge of reviving another ailing retail format when he becomes boss of Carrefour ( CARR.PA ): the hypermarket. The 44-year-old is set to be named in the coming days to succeed Georges Plassat, whose contract as chairman and chief executive of the world''s second-largest retailer expires in May 2018, sources familiar with the situation told Reuters. And according to associates, Bompard has the daring and determination that could help him succeed in revitalizing Carrefour''s core business where others have struggled or failed. Last year, the father of three stunned the retail world when as CEO of Fnac he won a bidding war with South African giant Steinhoff for electricals chain Darty to create a French market leader with annual sales of over 7 billion euros ($7.9 billion). "Alexandre Bompard made thousands of calls himself. He is someone who will not be easily deterred," said billionaire businessman Xavier Niel, who knows him well. Since taking the reins at Carrefour in June 2012, Plassat has led a recovery focused on price cuts, accelerating expansion into convenience shops and renovating stores. The 68-year-old, credited with saving Carrefour from a possible break-up, leaves a group which has progressed in most of Europe and in Brazil, its second-largest market. But a more sluggish performance in France, which accounts for 47 percent of sales and 44 percent of operating profit and where struggling hypermarkets still dominate, has hampered the stock''s performance. In March, Carrefour reported its first fall in operating profit since 2012. For some, Bompard ticks many boxes for the task ahead, with a track record of cutting costs and growing online operations - both of which could be central to reviving French hypermarkets. Shares in Fnac, which Bompard has led since January 2011, have nearly tripled in value since their stock market listing in 2013. And if radical action is needed, the avid Twitter user with a fascination for the French World War II resistance movement, will not shy away, those who know him say. "His image with the market changed with the Darty deal. He beat a large company, showing swift decision-making and daring," said French businessman and political adviser Alain Minc. ''NO LIMITS'' Arnaud Lagardere, owner of the Europe 1 radio station that Bompard headed between 2008 and 2010 and who shares with him a passion for tennis, said: "He is very friendly but he is not naive. He is extremely resolute and if he thinks he has the right strategy, he will forge ahead, with no limits." Such determination could be crucial when dealing with Carrefour''s powerful shareholders, who include the Moulin family, owner of department store Galeries Lafayette, France''s richest man Bernard Arnault, and the family of Brazilian retail tycoon Abilio Diniz. Some at Fnac Darty, however, are more critical of Bompard, disappointed that a highly paid boss is leaving with the integration of the two merged companies far from complete. "He is a man in a hurry and demanding," said Philippe Coutanceau, a representative of the CGT trade union. "We will remember an astronomical remuneration, out of line with the group''s size or results." Fnac Darty shareholders on May 24 approved Bompard''s pay package of 13.8 million euros for 2016. At Carrefour, Force Ouvriere union representative Dejan Terglav is cautious: "We will judge him on his actions. He has a reputation for cutting heads. We await his strategy on hypermarkets and new technologies where Carrefour lags," (Additional reporting Gwenaelle Barzic in Paris; Editing by Mark Potter) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-carrefour-ceo-bompard-newsmaker-idUKKBN18Y0WZ'|'2017-06-07T17:04:00.000+03:00'
'734b34e3f5d60e915d25283653e62144b3875b54'|'Oil dips on glut concerns, but Mideast tension supports'|'Top News - Wed Jun 7, 2017 - 8:14am BST Oil dips on glut concerns, but Mideast tension supports An oil rig drilling a well at sunrise, owned by Parsley Energy Inc. near Midland, Texas, U.S., May 3, 2017. REUTERS/Ernest Scheyder By Henning Gloystein - SINGAPORE SINGAPORE Oil prices dipped on Wednesday, with Brent crude futures falling below $50 per barrel, as fuel markets remained oversupplied, although tension in the Middle East and falling U.S. inventories lent some support. Brent crude futures were at $49.95 per barrel at 0710 GMT, down 17 cents, or 0.3 percent, from their last close. Brent is almost 8 percent below its open on May 25, when OPEC and other producers agreed to extend oil output cuts through to the first quarter of 2018. U.S. West Texas Intermediate (WTI) crude futures were at $48.02 per barrel, also down 17 cents, or 0.3 percent, from the previous close, and more than 6 percent below their May 25 open. Traders said an ongoing fuel glut was keeping prices under pressure despite a pledge by Organization of the Petroleum Exporting Countries (OPEC) and other producers to cut almost 1.8 million barrels per day (bpd) of output. "Disappointed that the oil cartel and Russia could not come up with a bolder plan to reduce the global crude surplus, market participants have been selling into every bounce," said Fawad Razaqzada, analyst at futures brokerage Forex. World fuel production and consumption is roughly in balance, at almost 98 million bpd, although inventories remain bloated, the U.S. Energy Information Administration (EIA) said on Tuesday. "Where oil (price) ultimately goes is going to be driven by inventories," said Greg McKenna, strategist at AxiTrader, another futures brokerage. OPEC''s efforts to tighten the market could be undermined by U.S. production, which the EIA said could hit a record 10 million bpd next year, up from 9.3 million bpd now. That would nearly match the output level of top exporter Saudi Arabia. In the near-term, however, the market was supported by escalating tensions in the Middle East and by signs of a gradual drawdown of bloated U.S. fuel inventories. A campaign by leading Arab nations, including Saudi Arabia, Egypt and the United Arab Emirates, to isolate Qatar is disrupting trade, including oil. "Port restrictions on Qatari flagged vessels are going to cause loading disruptions," said Jeffrey Halley, analyst at brokerage OANDA. "That said, the disruptions are seen as inconvenient rather than systematic and thus will maybe only put a floor on crude in the short-term rather than starting a panic rally," he added. In the United States, official inventory data from the EIA will be published later on Wednesday, with expectations of falling stocks. "Any further sharp reductions in U.S. stocks could put a floor under oil prices in the short-term," said Razaqzada. (Reporting by Henning Gloystein; Editing by Christian Schmollinger and Richard Pullin)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-global-oil-idUKKBN18Y03I'|'2017-06-07T15:14:00.000+03:00'
'a6e1e4b1f814aa9220d82a219c622d5d5ef9d46e'|'Huge grain supplies dampen impact of USDA reports'|'Commodities - Wed Jun 7, 2017 - 4:47pm EDT Huge grain supplies dampen impact of USDA reports An early crop of wheat is seen in the spring in the Central Valley in Davis, California, U.S., May 1, 2017. REUTERS/Hyungwon Kang By Mark Weinraub - CHICAGO CHICAGO The U.S. Agriculture Department''s monthly crop reports, which have traditionally provided huge shocks to the market, have been met by a shrug in 2017, with price moves and volume muted by the massive supply of grains. Price swings for corn , soybeans and wheat futures following the release of the government''s biggest agriculture reports, which provide a window into global demand as well as production, have fallen sharply this year. The depressed volatility on what have typically been the most active trading days of the month is weighing on the bottom line of even the biggest traders such as Bunge Ltd and Archer Daniels Midland Co. The massive grain handlers, who use the futures market both to hedge their physical purchases as well as trade it for profits, have cited slow market action as one of the reasons for weakening profitability at their operations. "If you are only moving ... 5 cents off of those reports, you cannot expect to buy or sell the market and try and make 7 cents," said Tom Burnham, trade strategist at INTL FCStone. "In general, traders prefer more volatility and more surprises." The price swings that come after the government''s monthly supply and demand reports, acreage estimates and quarterly stocks views are down 26.88 percent from 2016, according to an analysis of Reuters data. The daily moves on report days in 2017 are 45.83 percent below the average of the previous 10 years. In 2017, corn, soybean and wheat futures have averaged just a 1.17 percent price move on major report days. That compares with an average move of 2.16 percent on report days during the previous 10 years. In 2016, the average move was 1.60 percent. USDA will release its next supply and demand report on Friday at 12 p.m. EDT (1600 GMT). SUPPLIES INSULATE MARKET Bumper crops around the world have muted the impact of the monthly reports from the government, which used to frequently spark limit moves within minutes of their release time. "The surprises are not big enough to move the markets a long way," said Randy Fortenbery, professor and chair of small grains economics at Washington State University. "The bigger the stocks are, the bigger surprise it takes to move the market in one direction or another." In the past, post-report rallies provided an opportunity for farmers to lock in prices that would guarantee they booked a profit for crops they had yet to seed or grains that they had been holding in storage. So far this year, U.S. farmers who have been keeping massive crops in storage bins have seen the biggest rally following a report top out at 7-1/2 cents for corn and 25 cents for soybeans. The daily limits are 25 cents and 70 cents, respectively. The small moves have been keeping some traders away from the futures market altogether. On the day the USDA released its May supply and demand report, which gives the government''s first estimate of new-crop usage and production, the volume for the most-active soybean contract was only 29.8 percent above the average for the whole month of May. A year earlier, soybean volume on the day of the May report was 90.9 percent above the May average. For wheat, volume for the most-active contract was 15.0 percent above the monthly average, compared with 26.9 percent higher in 2016. Corn volume was 45.0 percent higher than the May average, comparable to 46.5 percent in 2016. (Reporting by Mark Weinraub; Editing by Lisa Shumaker) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-usa-grains-volatility-idUSKBN18Y31H'|'2017-06-08T04:32:00.000+03:00'
'b7b266f5bedf308dca313ebaee65b3ad96c332af'|'Qatar''s dispute with Arab states lifts oil prices, may impact LNG supply'|'Top News - Mon Jun 5, 2017 - 3:32pm BST Qatar''s dispute with Arab states puts LNG market on edge left right FILE PHOTO - A man looks as the world''s biggest Liquefied Natural Gas (LNG) tanker, Qatari-flagged DUHAIL as she crosses through the Suez Canal April 1, 2008. REUTERS/Stringer/File Photo 1/2 A map of Qatar is seen in this picture illustration June 5, 2017. REUTERS/Thomas White/Illustration 2/2 By Henning Gloystein and Oleg Vukmanovic - SINGAPORE/LONDON SINGAPORE/LONDON Saudi Arabia and key allies on Monday cut ties with Qatar, the world''s top seller of liquefied natural gas (LNG), stoking concern over any supply disruptions to neighbouring countries spilling over into global gas markets. Saudi Arabia, along with the United Arab Emirates and Egypt - both highly reliant on Qatari gas via pipeline and LNG - and Bahrain said they would sever all ties including transport links with Qatar, an escalation on past diplomatic spats. They accuse Qatar, which supplies roughly a third of global LNG - natural gas that has been converted to liquid form for export - of supporting extremism. U.S. Secretary of State Rex Tillerson, who accompanied President Donald Trump on his trip to Saudi Arabia last month, was CEO of Exxon Mobil ( XOM.N ) - Qatar''s key Western partner in building its giant LNG export plants. As the rift lifted oil prices, LNG traders took a wait-and-see approach, alert to potential disruption of regional energy flows but erring on the assumption that any trade shocks could be contained given well supplied global markets. Qatar''s top clients in Japan and India quickly received reassurances that supplies would continue as usual. Within hours of the diplomatic break, the UAE barred all vessels coming to or from Qatar using its popular anchorage point off Fujairah. The ban impacts about six LNG vessels linked to Qatar now anchored in the Fujairah zone which may need to be moved out, according to shipping data on Thomson Reuters. But there was little sign yet of LNG supply being hit. "I cannot see this impacting exports of Qatari LNG outside the Arab world at all and it won''t likely impact LNG and gas pipeline exports within the Arab world either," Morten Frisch, an independent LNG and gas industry consultant, said. Still, traders startled by the development began to plan for all eventualities, especially any upsets to piped gas supplies from Qatar to the UAE. The UAE consumes 1.8 billion cubic feet/day of Qatari gas via the Dolphin pipeline, and has LNG purchase agreements with its neighbour, leaving it doubly exposed to tit-for-tat measures, industry sources and traders said. So far flows through Dolphin are unaffected but traders say even a partial shutdown would ripple through global gas markets by forcing the UAE to seek replacement LNG supply just as its domestic demand peaks. With LNG markets in bearish mood and demand weak, the UAE could cope with Qatar suspending its two to three monthly LNG deliveries by calling on international markets, but Dolphin piped flows are too large to fully replace. "A drop off in Dolphin deliveries would have a huge impact on LNG markets," one trader monitoring developments said. Spot LNG prices LNG-AS have not yet reacted. Egypt, while relying heavily on Qatari LNG brought in by Swiss commodity trade houses, is less vulnerable than the UAE because it has no direct deals with Qatar, domestic gas output is squeezing out the need for imports, and traders would be liable for any moves by Qatar to restrict exports. "Trafigura, Glencore ( GLEN.L ) and Vitol frequently take LNG from Qatar and deliver it to Egypt but they take ownership of the cargoes at the Qatari port and don''t use Qatari ships, meaning technically that Qatar shouldn''t have sway," one trade source said. In reality though, Qatar can block exports to certain countries by issuing so-called destination restrictions. "It''s not clear yet," another LNG trader said of potential impacts to deliveries from Qatar to Egypt. Egypt is halfway through its annual LNG cargo delivery programme for the year, with 50 shipments left to arrive, of which at least 10 are of Qatari origin, a Cairo-based energy source said. Retaliatory measures such as suspending LNG supply deals would leave Qatar free to push more volumes into Europe where it has access to several import terminals. Under that scenario, trade houses with supply commitments to Egypt could turn to the United States, Algeria and Nigeria for replacement cargoes, traders and industry sources said. The deterioration in ties between Qatar and Egypt contrasts with 2013 when the producer gifted five LNG cargoes to Egypt - when Mohamed Mursi, leader of the Muslim Brotherhood, served as president. (Additional reporting by Nidhi Verma in New Delhi, Rania El Gamal in Dubai, Mark Tay and Seng Li Peng in Singapore and Eric Knecht in Cairo; Editing by Susan Thomas and David Evans) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-gulf-qatar-energy-idUKKBN18W0HS'|'2017-06-05T13:40:00.000+03:00'
'38f31ba4e4479e5ac712aaab60cbf7efc92d9913'|'Dockers strike disrupts Spanish ports and trade routes'|'Business   2:51pm BST Dockers strike disrupts Spanish ports and trade routes left right Idle cranes and containers are seen during the first day of an announced 3-day strike at the port of Barcelona, Spain June 5, 2017. REUTERS/Albert Gea 1/4 left right A port worker walks amongst idle machinery during the first day of an announced 3-day strike at the port of Barcelona, Spain June 5, 2017. REUTERS/Albert Gea 2/4 left right A port worker walks amongst idle machinery during the first day of an announced 3-day strike at the port of Barcelona, Spain June 5, 2017. REUTERS/Albert Gea 3/4 left right Rows of containers are seen at a nearly empty port during the first day of an announced 3-day strike at the port of Barcelona, Spain June 5, 2017. REUTERS/Albert Gea 4/4 MADRID Some of Spain''s biggest port terminals came to a standstill on Monday as shipping companies redirected cargos to avoid a dockers'' strike. After months of talks between unions, companies and the Spanish government over a reform of port hiring practices, dockers held the first of several planned strikes to protest against possible job losses. Some container shipping firms such as Maersk ( MAERSKb.CO ) re-routed boats destined for the southern port of Algeciras to get around the strike, during which dockers will stop working every other hour on Monday, Wednesday and Friday this week. Alternative destinations used by firms included Portugal, Morocco and Malta. Five further days of industrial action have also been called for next week, raising the prospect that the shift to rival ports could have lasting consequences, especially for those handling merchandise not ultimately destined for Spain. "Let me tell you, eight days of strikes will completely shatter the port of Algeciras," Manuel Moron, who heads up the port authority there, wrote in a column, in EuropaSur local newspaper on Monday. Algeciras is a trans-shipment hub used by firms to unload cargo and redistribute it onto other boats heading elsewhere in Europe or the Middle East. An Algericas terminal operated by APM, which belongs to the Maersk Group, had ground to a halt on Monday as there were no ships, a port spokeswoman said. A second smaller terminal was operating during the hours between the strike. Valencia, on the eastern Mediterranean coast and the biggest export and import port in Spain, was functioning during the appointed hours, a spokesman said. Spanish companies adjusted their production strategies, staggering exports or speeding them up before the strike, to limit the knock-on effects on their business. About two thirds of Spain''s imports and exports, a key element of the recovering economy, are moved through the country''s docks. Seat, part of German carmaker Volkswagen ( VOWG_p.DE ) and which has a big plant near Barcelona''s port, had already shipped out vehicles as soon as they were ready to avoid a build-up in cars waiting to be exported, a source at the company said. The government said minimum services were being upheld at ports to ensure perishable goods such as fruit and vegetables were getting through and passenger services were not disrupted. The ports reform, which aims to crack down on closed-shop hiring in a heavily unionized sector as demanded by the European Union, was passed through parliament in mid-May after a series of setbacks and clashes between political parties. Workers broke off subsequent talks with port representatives over how to implement the new law in a disagreement over safeguarding more than 6,000 docker jobs. (Reporting by Sarah White, Angus Berwick and Madrid TV; Editing by Angus MacSwan)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-spain-ports-idUKKBN18W1SF'|'2017-06-05T21:48:00.000+03:00'
'9dbc276be92de1f3b38db8a3751f969d1f61a248'|'BRIEF-Fortress Biotech subsidiary enters into license agreements with City Of Hope'|'Market  16am EDT BRIEF-Fortress Biotech subsidiary enters into license agreements with City Of Hope June 5 Fortress Biotech Inc: * Fortress Biotech announces that its subsidiary, Mustang Bio, enters into license agreements with City Of Hope for novel CAR T immunotherapies * Fortress Biotech Inc - therapies covered under agreements include human epidermal growth factor receptor 2 (HER2) CAR T technology (HER2 technology) * Fortress Biotech Inc - therapies covered under agreements include CS1-specific CAR t technology , prostate stem cell antigen (PSCA) CAR T technology * Fortress Biotech Inc -agreement builds on established exclusive patent license agreements unit entered into with COH related to unit''s lead CAR T therapies  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-fortress-biotech-subsidiary-enters-idUSFWN1J20CT'|'2017-06-05T20:16:00.000+03:00'
'f7623f9af831279f4c0be9618e44f5117ff2c81a'|'Goldman, Nomura heeded warnings before Venezuela bond deal'|'Top News - Mon Jun 5, 2017 - 6:27am BST Goldman, Nomura heeded warnings before Venezuela bond deal left right FILE PHOTO: The logo of Dow Jones Industrial Average stock market index listed company Goldman Sachs (GS) is seen on the clothing of a trader working at the Goldman Sachs stall on the floor of the New York Stock Exchange, United States April 16, 2012. REUTERS/Brendan McDermid/File Photo 1/2 left right FILE PHOTO- The logo of Nomura Securities is pictured at the company''s Otemachi Head Office in Tokyo, Japan, November 18, 2016. REUTERS/Toru Hanai/File Photo - RTX2YXE3 2/2 By Corina Pons , Marianna Parraga and Olivia Oran - CARACAS/NEW YORK CARACAS/NEW YORK In early May, Goldman Sachs turned down a request from Caracas to convert $5 billion (3.9 billion pounds)in sovereign bonds into marketable securities partly because it would mean dealing directly with a Venezuelan state bank, according to people familiar with the talks. The complexity of the operation was the primary concern for Goldman, but the Wall Street bank also weighed reputational risks after opposition politicians called it to warn about the potential damage of being seen as aiding President Nicolas Maduro''s administration, according to an advisor to opposition lawmakers and a person familiar with the discussions. Both declined to be named because the talks were private. The warnings were part of a campaign by opposition lawmakers, economists and lawyers to cut off Wall Street financing for Maduro. Aware that his cash-strapped administration was seeking funds, they dispatched letters in recent months to the heads of 13 major banks, including Goldman Sachs boss Lloyd Blankfein, flagging the risks of financing a government which has been criticized internationally for human rights abuses and economic mismanagement.(Graphic: tmsnrt.rs/2pPJdRb ) Last week, though, Goldman Sachs confirmed its asset management arm had bought $2.8 billion of another bond issued by Venezuela''s state oil company PDVSA at a steep discount. Japanese investment bank Nomura bought $100 million worth, also at a cut rate. The deals drew condemnation from Julio Borges, the head of Venezuela''s opposition-run Congress, and some U.S. lawmakers and raised concerns within the U.S. administration. In a statement, Goldman defended the purchase, saying its asset-management arm acquired the bonds "on the secondary market from a broker and did not interact with the Venezuelan government". Because of that, the bond purchase did not receive top-level scrutiny. The bank''s group-wide standards committee, which usually reviews controversial transactions, did not look at it, a person familiar with the matter said. The omission highlights the challenge Goldman still faces in managing controversial deals despite overhauling its governance structure in the wake of the financial crisis. Executives at Goldman’s headquarters in New York were taken aback by the backlash, a second person said. The asset management division may review how it handles trades that involve high risk jurisdictions, the first person said. Nomura has declined to comment about the purchase but a person familiar with the deal said its relatively small size and the use of a broker convinced the bank it was acceptable. Nomura, like Goldman, had been approached by Caracas before. In April, the Japanese investment bank ended discussions about a repurchase deal where it would take up $3 billion in the PDVSA bonds in return for a $1 billion cash infusion for Venezuela''s central bank, which held the bonds. A delegation from Nomura had arrived in Caracas just after Venezuela''s Supreme Court effectively stripped the Congress of its powers, and decided to halt the talks. Concerns about the size of the exposure, the volatility of the situation and legal and reputational risks all played into that decision, according to a financial executive with direct knowledge of the matter. Nomura was among the 13 banks targeted by opposition campaign led by Borges and carried out by some 20 lawmakers, lawyers and economists. Reuters has not been able to confirm if Blankfein, Nomura CEO Koji Nagai and the other bank chiefs read the letters that were sent. Goldman Sachs and Nomura have declined to comment about the lobbying efforts and their previous dealings with the Venezuelan government. The other banks which were sent letters either declined to comment or did not respond to requests for comment. A Venezuelan government representative also declined to comment for this story. OPTICS When the PDVSA bond came up for sale again, this time via intermediaries, Nomura''s trading division paid about a third of the face value of its slice, according to two people familiar with the transaction. Goldman’s asset management arm paid an estimated 31 cents on the dollar for its batch. The division, which manages $1.37 trillion on behalf of pension funds, mutual funds and other big investors, has not experienced the same sort of public censure as the bank''s trading and banking divisions, where risk managers scrutinize transactions for reputational impact. The deal for the PDVSA bond had obvious financial appeal and the use of intermediaries meant the buyers were not dealing directly with the Venezuelan government. Similarly, at Nomura the $100 million purchase was viewed as a market transaction, a person familiar with the deal said, of the kind that the Venezuelan opposition has distinguished from those providing cash to the government. In this case, however, critics argued the overall scale of the transaction showed financial middlemen just served as a cover. "Using the broker is a way for them to get around the optics of directly dealing with the government," said former Goldman managing director Nomi Prins, now a senior fellow at public policy think tank Demos. While the bond sale was a setback in the opposition campaign, Maduro last month appeared to acknowledge it had an impact. "I''m looking around the world for money, for business, for investors and Julio Borges is sending letters, letters and letters so that investors will not come to Venezuela, so that Venezuela will not pay its foreign debt," he said in a televised broadcast. (Additional reporting by Davide Scigliuzzo and Jen Ablan in New York and Emi Emoto in Tokyo; Writing by Brian Ellsworth and Carmel Crimmins; Editing by Tomasz Janowski)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-venezuela-banks-opposition-idUKKBN18W0G7'|'2017-06-05T13:27:00.000+03:00'
'1832c24d57fe73fb6c6b27e96f2a245a08452dd6'|'Kofola''s founders to raise stake as private equity investor seeks exit'|'PRAGUE, June 8 The founders and majority owners of Kofola CeskoSlovensko are to raise their stake in the Czech soft drinks maker to 68 percent in a series of transactions that will result in a long-term private equity investor selling out.Kofola announced on Thursday that 50.8 percent shareholder KSM Investment, controlled by the Samaras family which revived the communist-era brand in the 1990s, would combine its stake with that of shareholders Rene Musila and Tomas Jendrejek in a new company called AETOS.The newly established company will hold 56 percent but will raise that to 68 percent next month by buying shares from second-biggest shareholder CED Group at 440 crowns per share, for a total price of 1.18 billion crowns ($50.38 million).Kofola''s shares closed at 406.60 crowns on Thursday.CED, a unit of private equity firm Enterprise Investors, currently holds 37.3 percent.At the same time, a Kofola subsidiary will launch a tender offer by the end of June for up to 5 percent of Kofola shares, also at 440 crowns a share.AETOS and CED have also agreed to work on a potential share offering or placement next year of CED''s remaining shares, amounting to around 25 percent of Kofola, and up to a 3 percent stake held by AETOS. The potential offering of CED''s shares would end the Warsaw-based Enterprise Investors'' decade-long involvement in Kofola.At the end of 2015 Enterprise Investors sold a 6 percent stake in Kofola through a public share offering in Prague for 23 million euros.Kofola said in a statement it would also put in place a dividend policy of paying at least 60 percent of consolidated net profits until 2020.Kofola was revived in the Czech Republic in 1996 by Greek native Kostas Samaras and has since expanded throughout central and eastern Europe, booking 7 billion crowns ($300 million) in revenues in 2016 and earning 342 million crowns in net profit.It is the second biggest soft drinks maker in the Czech Republic, competing with the likes of Coca Cola, and leads the Slovak and Slovenian markets. ($1 = 23.4240 Czech crowns) (Reporting by Jason Hovet; Editing by Greg Mahlich)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/kofola-stakes-idUSL8N1J559U'|'2017-06-08T20:55:00.000+03:00'
'f47f0b6e885b5695d6db92db45fb69a828a00007'|'FTC to advise blocking Walgreens deal to buy Rite Aid - CNBC'|' 48pm EDT FTC to advise blocking Walgreens deal to buy Rite Aid - CNBC June 9 Regulatory authorities are set to advise blocking U.S. drugstore chain Walgreens Boots Alliance Inc''s deal to buy smaller rival Rite Aid Corp, CNBC reported on Friday, citing a report. The companies have been waiting for a year-and-a-half for approval from the Federal Trade Commission (FTC) since the initial offer made in 2015. In that time, the closing date of the deal has been postponed repeatedly and the offer price reduced to $6.50 to $7.00 per Rite Aid share, down from $9. The deal would have helped Walgreens widen its U.S. footprint and negotiate for lower drug costs. (Reporting by Sruthi Ramakrishnan in Bengaluru; Editing by Shounak Dasgupta)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/rite-aid-ma-walgreens-boots-idUSL3N1J64ON'|'2017-06-10T00:48:00.000+03:00'
'e4c512c6fbac35b70dbcc225897b6a4abdc54fc8'|'MOVES-Wells Fargo Advisors names head of digital, automated investing'|'June 8 Wells Fargo Advisors named Eddie Queen as head of digital and automated investing.Queen, who most recently served as director of digital investing and head of strategy for Wells Fargo Advisors, will report to David Kowach, president and head of the firm.Queen will oversee the launch of the firm''s digital investing offering, ''Intuitive Investor'', later this year which is aimed at new and emerging investors. (Reporting by Diptendu Lahiri)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/wells-fargo-advisors-moves-eddie-queen-idUSL3N1J54UQ'|'2017-06-08T22:24:00.000+03:00'
'7f0f0224858255c6128be688556c380e3ffc3482'|'Australia new vehicle sales rebound in May - VFACTS'|'Market News - Sun Jun 4, 2017 - 11:28pm EDT Australia new vehicle sales rebound in May - VFACTS SYDNEY, June 5 Australian new vehicle sales rebounded in May to reach a record high for that month, a promising omen for consumer demand after a run of soft results. The Australian Federal Chamber of Automotive Industries'' VFACTS report out on Monday showed 102,901 new vehicles were sold in May, up 6.4 percent on the same month last year. May this year had one more selling day than in 2016. The report noted business purchases of sport utilities climbed 14.9 percent in May, while light commercial purchases by government rose 31.7 percent. Sales to rental fleets also returned strongly during May. Overall, sales of SUVs were up 9.4 percent on May last year well ahead of the passenger vehicle gain of 1.6 percent. Sales of light commercial vehicles jumped 9.4 percent, while sales in the heavy vehicle market rose 13.6 percent. Toyota Motor Corp retained first place on the sales ladder with 19.3 percent of the market, while Mazda Motor Corp had another strong month taking 9.6 percent. Hyundai Motor took third spot with 8.1 percent, ahead of Ford on 7.4 percent. The Holden unit of General Motors trailed with 6.7 percent. (Reporting by Wayne Cole; Editing by Simon Cameron-Moore) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/australia-economy-vehicleregistrations-idUSL3N1J21P8'|'2017-06-05T11:28:00.000+03:00'
'2c1c79819308189e43b5e636b62ff7fdfae9b7b0'|'Sensors, plants and waste heat: Adelaide hospital''s bid to be most energy-efficient - Guardian Sustainable Business'|'Max Opray Monday 5 June 2017 00.19 BST W hen it comes to the power consumption of hospitals, the diagnosis isn’t pretty: they rate as the second most energy-intensive of all commercial buildings , behind only food service providers. As the places where our babies are delivered, our sick are treated and our dying nursed, energy efficiency understandably slips down the priority list behind ensuring hospitals are properly funded, staffed and offer the best standards of care possible. That, says Peter Newman, professor of sustainability at Western Australia’s Curtin University, is exactly why they continue to gobble up so much electricity. The co-author of the Curtin University hospitals and sustainability paper says energy consumption is “the last thing [healthcare providers] normally worry about when trying to save people’s lives. Keeping an even temperature is important so a big HVAC [heating, ventilation and air conditioning] system is needed. Having the latest equipment is also important and much of it is energy intensive, like all the scanning devices.” Not to mention that for 24 hours a day hospitals need to be well lit to give doctors the best chance to spot symptoms, require extra-powerful ventilation systems to suck away germs before they can spread, and provide energy-intensive food preparation and accommodation services. ''Green'' wetsuits: surf brands looking to renewable materials over neoprene Read more But as the populations of western countries age and healthcare cost-pressures ramp up, cutting back on energy use could represent one of the most straightforward ways to free up increasingly scarce funds. Newman says the drive to greater efficiencies will be driven by “solar passive design, solar PV and batteries, smart technology in the rooms that monitors lights and temperature and enables easy management of individual rooms, and smart technology in big energy-hungry equipment”. Australian healthcare providers have been focusing on hospital energy efficiencies of late, with the buildings representing over half of public-sector energy consumption in most states, and pollution generated by a coal-heavy power grid costing $2.6bn in healthcare expenses a year owing to links with respiratory, cardiac and nervous system diseases. South Australia is seeking to slash its energy usage and carbon footprint through the introduction of cutting-edge energy efficiency measures in the new Royal Adelaide hospital (nRAH), which with a pricetag of $2.3bn is estimated to be the third most expensive building in the world . The state hopes the sizeable investment in the nRAH will yield a 50% reduction in greenhouse emissions and an even greater cut in demand on the energy grid compared with the hospital it is replacing. At the forefront of the 800-bed hospital’s bid for energy efficiency is Schneider Electric, which last month released a white paper covering the potential for hospitals to make the most of internet of things (IoT) devices including temperature sensors, power meters, circuit breaker panels, uninterruptible power supply devices, building automation controllers and real-time location system devices. ''Recycling in Australia is dead in the water'': three companies tackling our plastic addiction Read more Allowing for remote data analysis and control, these IoT devices will mean operators can make subtle adjustments to maintain room temperatures using the minimum amount of energy necessary, or to undertake predictive maintenance on high-end equipment so it runs as efficiently as possible. The reliance on information technology doesn’t end there, as revealed by nRAH’s facilities management services contractor Spotless, which in a statement told the Guardian: “A detailed energy software model has been prepared for [the] new RAH which can successfully measure, benchmark and validate operational performance with a high degree of accuracy.” The nRAH also incorporates other measures that have been shown to pay dividends in hospitals around the world, such as design features that allow natural sunlight to permeate throughout the building, offering the dual benefit of cutting back on winter heating costs as well as offering proven health benefits for patients over artificial lighting . The electricity savings possible have already been demonstrated by hospitals such as the Thunder Bay regional health sciences centre in Ontario, Canada, which uses virtually no fossil fuel energy thanks in large part to a building design that curves to follow the path of the sun. To cut wastage and greenhouse emissions, the nRAH co-generates its own power via waste heat to provide heating and cooling to the building, and also features remotely activated backup power generators capable of powering the entire hospital site 28 seconds after a blackout. Other hospitals that run their own energy generation systems include the Great River Medical Center in Iowa, which harnesses geothermal energy to reduce electricity costs by 37% compared with similar hospitals. Finally, the nRAH is not just figuratively green, but literally so, incorporating “sky gardens” for patients to stroll through along with greenery-packed terraces. All this foliage offers the potential to eke out further energy savings, if the example of the Mount Elizabeth hospital network in Singapore is anything to go by, where a decision to cover rooftops with trees resulted in a natural cooling of the rooms below. Whether combining plants, sunlight and the latest in IoT technologies is enough to cure hospitals of their energy consumption ills will be discovered in September, when after six years of delay-plagued development the nRAH finally opens its doors. Topics '|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/sustainable-business/2017/jun/05/sensors-plants-waste-heat-adelaide-hospitals-bid-to-be-most-energy-efficient'|'2017-06-05T08:19:00.000+03:00'
'6d352d53606927fdeb9f814e5765d4458d164b72'|'Hyundai U.S. sales chief quits in management shake-up amid poor sales'|' 17am EDT Hyundai U.S. sales chief quits in management shake-up amid poor sales SEOUL, June 7 Hyundai Motor''s U.S. sales chief Derrick Hatami has resigned for "personal reasons", a company spokeswoman said on Wednesday, the second departure of a top U.S. executive in the past six months as the South Korean automaker grapples with slumping sales. The exit came shortly after Hyundai reported that its U.S. sales dropped 15.5 percent in May versus a 1 percent drop in the overall market, making it the worst performer among auto sellers in the United States. Hyundai has struggled to maintain sales momentum in recent years, dogged by its heavy reliance on sedans, which have been losing ground to sport utility vehicles. Hyundai''s top U.S. executive Dave Zuchowski quit in December. Hyundai also replaced its sales chief in South Korea and its China head last year after the company, along with affiliate Kia Motors, posted its first annual global sales fall in nearly two decades. Hyundai has still not named a successor to Zuchowski, with interim leader W. Gerald Flannery overseeing the automaker''s operations in its second-biggest market after China. Hyundai is struggling with sliding China sales as political tensions exacerbated its image in the world''s top market. The automaker said on Wednesday that it will boost technology partnerships with China''s internet giant Baidu in connected cars, a day after it announced the hiring of former Volkswagen executive Simon Loasby as its China design head. (Reporting by Hyunjoo Jin; Editing by Christian Schmollinger)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/hyundai-motor-usa-idUSL3N1J4215'|'2017-06-07T15:17:00.000+03:00'
'18e7139870280e4891ee7d440b63b67a5efa0de9'|'Chinese architect plans "garden city" in new economic zone'|' 21am BST Chinese architect plans "garden city" in new economic zone A woman and a girl walk toward the government building of Xiongxian county, one part of the new special economic zone Xiong''an New Area, Hebei province, China, April 6, 2017. REUTERS/Jason Lee BEIJING The chief architect of China''s latest special economic zone said he expects to submit to the government by the end of this month a detailed proposal including plans for a high-tech garden city in one of the country''s most polluted provinces. The idea of developing the Xiongan New Area, about 100 km (60 miles) southwest of Beijing, was announced on April 1. The planned zone in Hebei province has been touted as having the same national significance as the Shenzhen Special Economic Zone that helped launch China''s economic transformation in 1980. "We estimate the proposal would be submitted to the central government for review by the end of June," Xu Kuangdi, chief adviser for the planning of the Xiongan economic zone, said at a forum on regional development in Beijing. All infrastructure in the zone, including transport, water and electricity, will be built underground to make room for green spaces and pedestrians, Xu said on Tuesday. Inter-city transport would be "ultra-convenient", with the commute between Xiongan and Beijing a mere 41-minute ride by high speed rail, he said. There are, however, still challenges, such as securing water supplies in such a dry area, reviving the ecology of the Baiyangdian lake, and ensuring the city is so smart and high-tech that it would "still be advanced in 100 years", a requirement set out by President Xi Jinping. "President Xi''s words have given us lots of pressure," Xu said. Xu said he was inspired by the planning of Paris, saying it was similar to the ideal envisioned by Chinese experts for Xiongan. Xiongan''s core area will be about 100 square kilometres and an "expanded area" of 1,000 square kilometres. (Reporting by Yawen Chen and Ryan Woo; Editing by Robert Birsel)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-china-economy-xiongan-idUKKBN18Y10A'|'2017-06-07T17:21:00.000+03:00'
'b212576bec58b7ecfac6810e4f1c084c78e88af5'|'Fannie Mae''s Brooks to be nominated U.S. deputy Treasury secretary -Axios'|'Market News   2:34pm EDT Fannie Mae''s Brooks to be nominated U.S. deputy Treasury secretary -Axios WASHINGTON, June 10 Brian Brooks, general counsel for Fannie Mae, will be nominated as deputy secretary of the U.S. Treasury, Axios reported on Saturday, citing three sources it said had knowledge of the pick. Brooks worked at California bank OneWest with Treasury Secretary Steven Mnuchin, who wanted a loyalist for the post, according to two of Axious'' unidentified sources. U.S. President Donald Trump''s first pick for the job, Goldman Sachs Group Inc banker James Donovan, withdrew his name last month for personal reasons. (Reporting by Doina Chiacu; Editing by Bill Rigby)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-treasury-nominee-idUSL1N1J70E1'|'2017-06-11T02:34:00.000+03:00'
'6ad29c0b346d05956e19b6ab98f8a47b861a2c89'|'Air Canada plane makes emergency landing at Seattle airport'|'U.S. - Thu Jun 8, 2017 - 1:38pm EDT Air Canada plane makes emergency landing at Seattle airport By Tom James - SEATTLE SEATTLE An Air Canada jet made an emergency landing at Seattle-Tacoma International Airport on Thursday and passengers were safely evacuated, according to an airport spokesman. The crew aboard the Bombardier Inc Dash 8 plane reported seeing light smoke inside the cabin on the plane''s scheduled flight to Seattle from Calgary, and declared an emergency before landing at the airport, according to airport spokesman Perry Cooper. All passengers were evacuated by the airport''s fire department as a precaution, Cooper said, and no injuries were reported. Airport crews were notified of the emergency about 15 minutes before landing, Cooper said. He added that the cause of the smoke is under investigation. He declined to say how many passengers were evacuated. The Dash 8 is a short- and medium-range turboprop plane which can carry between 37 and 86 people, depending on the model, according to Bombardier''s website. (Reporting by Tom James; Editing by Patrick Enright and Bill Rigby)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-air-canada-landing-idUSKBN18Z2H6'|'2017-06-09T01:35:00.000+03:00'
'e5b844cd2d7080f8c65456e742a806f40d4499eb'|'Stressed balance sheets cast cloud over Modi-led India rebound'|'Business News - Fri Jun 9, 2017 - 4:42am IST Stressed balance sheets cast cloud over Modi-led India rebound left right FILE PHOTO: A cashier displays the new 2000 Indian rupee banknotes inside a bank in Jammu, November 15, 2016. REUTERS/Mukesh Gupta/File Photo 1/2 left right FILE PHOTO: Porters move goods in the Chandni Chowk area of Old Delhi, India February 1, 2017. REUTERS/Cathal McNaughton/File Photo 2/2 By Rajesh Kumar Singh - NEW DELHI NEW DELHI Vikas Patharkar borrowed $700,000 in 2014 to set up a factory to make electric transformers on the outskirts of Mumbai, buoyed by the promise of massive government spending and hopes of a strong economic rebound. Three years later, production has yet to begin. But servicing the debt is cutting into overall profits at his Lustre Engineering, which also offers electrical services, and the 59-year-old may have to sell off assets to repay the bank. Patharkar says India''s bureaucrats are to blame for denying contracts to small businesses like his, and has taken one state-run power company to court to challenge its tendering process. "Government has put in place a very good public procurement policy, but officials on the ground are not implementing it," he said. Bureaucracy is only one of the more visible parts of a problem that is vastly more systemic since Asia''s third-largest economy started to falter, burdened by $150 billion in bad loans, excess and idle capacity and stalled private investment. Private capital investments contracted 2.1 percent in the first three months of this year despite a surge in government spending, dragging economic growth to 6.1 percent, its lowest in more than two years. Signs for the current quarter are also not encouraging. According to CMIE, a think tank, new investment proposals in April and May were down by more than half from the same period in both of the last two years. The culprit is a so-called twin balance-sheet phenomenon: reduced new investment by stressed private companies, which account for three-quarters of India''s total capital spending, and one of the highest bad-loan ratios among emerging economies. The bad loans have forced banks to curb overall lending growth and cut their credit exposure to industry, while the share of capital investments in India''s GDP has dropped to below 30 percent from more than 38 percent a decade ago. "The motivation to invest into new capacities is falling," said Mahesh Vyas, chief executive officer at CMIE. Foreign portfolio investors remain bullish about India, pumping $19 billion into Indian stock and bond markets since January, lured by the country''s relatively strong fundamentals. But the World Bank warned last week that prospects for developing economies like India were being undermined by weak investment. If the trend continues, it may thwart India''s hopes of replicating the growth that dramatically boosted employment, reduced poverty and increased per capita income in China. STRESS WIDENING, DEEPENING The downbeat mood is a far cry from the bullish sentiment among businesses three years ago when Prime Minister Narendra Modi was running for India''s top job. His reputation, built while running the western state of Gujarat, of speeding up implementation of infrastructure projects and promoting manufacturing raised hopes of a similar push at the national level. To be sure, his administration has spent billions of dollars on rail, road, port and power projects and pushed through a slew of steps to cut bureaucratic red tape and attract investments, the benefits of which, many believe, are still to come. But it has been slower to act on calls to write off loans and privatize state-run banks, which experts say are needed to revive corporate and bank balance sheets but will not sit well with bank labor unions or the taxpayers that will have to foot the bill. Stressed corporate balance sheets have taken a heavy toll on state-run banks. At least 13 of banks accounting for approximately 40 percent of total loans are severely stressed, with over 20 percent of their outstanding loans classified as restructured or bad loans. A study by Credit Suisse shows that around 40 percent of India''s corporate debt is owed by companies with interest coverage ratio of less than 1, meaning they do not earn enough to pay the interest obligations on their loans. The stress on the corporate sector is not only deepening, it is also widening. In the telecoms sector, interest coverage ratios slid after the entry of Reliance Jio increased competition, prompting a major round of price-cutting. Since the second half of 2016, much of the rise in bank bad loans has come from small businesses hobbled by poor sales and profitability. But it isn''t just small businesses like Lustre Engineering who have had to resort to asset sales. Saddled with $3.1 billion in debt, GMR Group, an infrastructure conglomerate, plans to sell its road, power and airport assets. It has also put all investment in energy and highway projects on hold for the next 12-18 months. A revival in consumer spending and goods exports should boost consumer demand and lift capacity utilization at Indian factories that is running below average, economists say. But that may not be enough for a big investment revival. R. Shankar Raman, chief financial officer at industrial group Larsen & Toubro ( LART.NS ), expects Modi''s infrastructure drive to start showing results by mid-2018. But he says more needs to be done to ensure swift execution of projects. "People are still required to go to multiple agencies for clearances," Shankar Raman told Reuters. "Ease of doing business is still a work in progress." (Additional reporting by Suvashree Choudhury and Abhirup Roy in MUMBAI; Editing by Douglas Busvine and Sonya Hepinstall) '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/us-india-economy-investment-idINKBN18Z32N'|'2017-06-09T07:02:00.000+03:00'
'112a30b868b4a378dfb45d37a7eab23ff633e1ce'|'Stada eyes takeovers of up to 1 billion euros: Welt am Sonntag'|'FRANKFURT German generic drug maker Stada ( STAGn.DE ) will be in a position to stem takeovers of up to 1 billion euros ($1.13 billion)thanks to its own acquisition by private equity, Chief Executive Matthias Weidenfels told German newspaper Welt am Sonntag.Stada''s management has backed a 5.3 billion euros offer from bidders Bain and Cinven, a deal which opens up new growth options for Stada, Weidenfels told the paper."We have long been on the lookout for takeover targets, even those which are actually too large for us. We are doing this in the area of generic drugs and branded drugs," Weidenfels told the paper."Large takeovers are not possible using our current means," he explained, adding that the company''s war chest was only around 350 million euros. After the takeover, Stada will be in a position to stem takeovers of up to 1 billion euros, Weidenfels said.Bain and Cinven have agreed to avoid forced redundancies for four years, assurances which Weidenfels said puts the company on a path to growth.Shareholders have until June 8 to tender their shares and a takeover will likely be completed by August 30, Weidenfels said.($1 = 0.8867 euros)(Reporting by Edward Taylor; Editing by Andrew Bolton)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-stada-m-a-mergers-idUSKBN18U0K0'|'2017-06-03T17:41:00.000+03:00'
'9b304180e17c6275bcc27ec9291552ca5f596833'|'Brazil''s Embraer to buy back up to 3 million shares'|'SAO PAULO, June 2 Brazil''s planemaker Embraer SA will buy back up to 3 million shares, equivalent to 0.4 percent of total shares in circulation, the company said in a securities filing.The buyback program will last one year and Embraer hired the brokerage unit of Itaú Unibanco Holding SA as intermediary. (Reporting by Tatiana Bautzer; Editing by Bill Trott)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/embraer-buyback-idUSL1N1IZ1QU'|'2017-06-03T06:08:00.000+03:00'
'c3b8e74b34a29fb36ca648e4b3750919e9760dfe'|'UPDATE 2-Sailing-Oracle Team USA gain America''s Cup bonus with New Zealand win'|'* U.S. team beat New Zealand to clinch qualifiers* Oracle Team USA beat crucial bonus point with win* Britain''s Land Rover BAR defeat SoftBank Team Japan* Sweden''s Artemis Racing beat''s Groupama Team France (Adds results of final America''s Cup qualifier race)June 3 Oracle Team USA ensured they will start their defence of the America''s Cup with a crucial extra point by beating Emirates Team New Zealand and Britain''s Land Rover BAR to win the qualifier event on Saturday.The result means the U.S. team supported by Oracle Chairman Larry Ellison will have a point lead against whoever gets to challenge them in head-to-head match, which will be won by the first team to get to seven points.Billed by Oracle Team USA''s Jimmy Spithill as the "decider", the U.S. skipper forced a penalty on New Zealand helmsman Peter Burling at the start of their race and built an early lead.Although New Zealand fought back, a couple of uncharacteristic errors meant they were unable to get ahead of Spithill''s 50-foot (15 metre) catamaran and were beaten with ease by the holders of the oldest trophy in international sport.The new breed of America''s Cup craft lift out of the water on hydrofoils, so far "flying" at speeds of more than 40 knots.Emirates Team New Zealand became the first team to complete an entire America''s Cup race without their hulls touching the water on Friday as they knocked out Groupama Team France.But they could not repeat the feat against Oracle Team USA and with a win against Ben Ainslie''s British team the U.S. crew finished top of the qualifier table.The holders now have to sit on the sidelines until June 17 when they will defend the cup against one of the challengers.Emirates Team New Zealand will compete against Britain''s Land Rover BAR, Sweden''s Artemis Racing and SoftBank Team Japan over the coming days to decide who will be the challengers to Oracle Team USA in the America''s Cup Match final.New Zealand are seeking to avenge their 2013 defeat by Larry Ellison''s Oracle Team USA in San Francisco and as the highest scoring of the challengers, will be able to decide which crew they contest the challenger semi-finals against.In Saturday''s second race, Ben Ainslie''s Land Rover BAR won a thrilling duel against SoftBank Team Japan, with the British boat getting the better of Dean Barker''s crew at the start.But the Japanese team chased them round the course on Bermuda''s Great Sound and were penalised after a close call between the two speeding catamarans.Groupama Team France finished their America''s Cup campaign with a loss to Artemis Racing. The French crew skippered by Franck Cammas were penalised after being outmanoeuvred at the start and never managed to get back into the race.Cammas said in a televised interview that he was not yet sure whether Groupama would be supporting the team in another America''s Cup campaign."We are working on that ... We want to be there at the starting line next time," the French skipper added. (Reporting by Alexander Smith in London; Editing by Ed Osmond)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/sailing-americas-idINL3N1J009W'|'2017-06-03T17:19:00.000+03:00'
'b013fe3b464aaa22d8a1d14c583b784b53e8a5fc'|'Global airlines call for open borders after Gulf rift'|'CANCUN, Mexico A global airline association called for borders to be reopened after Saudi Arabia, Egypt, the United Arab Emirates (UAE) and Bahrain severed ties with Qatar, disrupting air travel across the region."Our industry depends on open borders. We would like borders to be reopened, the sooner the better," Alexandre de Juniac, head of the International Air Transport Association said on Monday, declining to comment further on the row.Saudi Arabia on Monday banned Qatari airlines from its airspace, while Abu Dhabi''s state-owned Etihad Airways and Dubai''s Emirates Airline said they would suspend all flights to and from Doha from Tuesday morning until further notice.(Reporting by Victoria Bryan)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/airlines-iata-qatar-idINKBN18W22K'|'2017-06-05T23:56:00.000+03:00'
'90dbf0fdecfaa3db7ae20f79ed4f074f79fcb07c'|'US STOCKS SNAPSHOT-Wall Street little changed at open'|'June 5 U.S. stocks were little changed at the open on Monday as investors shrugged off the weekend attacks in London, while awaiting a string of economic data.The Dow Jones Industrial Average fell 13.15 points, or 0.06 percent, to 21,193.14. The S&P 500 lost 2.09 points, or 0.08 percent, to 2,436.98. The Nasdaq Composite dropped 0.21 points, or -0 percent, to 6,305.58.(Reporting by Tanya Agrawal; Editing by Anil D''Silva)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-stocks-idUSL3N1J24A2'|'2017-06-05T17:32:00.000+03:00'
'6550d0de78782ea04e8a1c4cd21dc99696970760'|'Big oil, small U.S. towns see new reward in old production technique'|'Market   1:00am EDT Big oil, small U.S. towns see new reward in old production technique * Carbon credit hike could insulate more U.S. oil from future busts * Occidental, Exxon, Chevron among the potential winners * Congress to consider boosting tax credit this summer By Ernest Scheyder HOBBS, New Mexico, June 5 Amid the frenetic activity of American shale oilfields recovering from a two-year recession sit a handful of oil towns that seemed impervious as many producers went into bankruptcy and the economy around them sank. Occidental Petroleum Corp and a few other oil producers with wells near this town on New Mexico''s border with Texas steadily pumped low-cost oil through the downturn, using a technique that has been heralded worldwide as a way to reduce carbon emissions and boost oil output. "When everyone else in the oil industry was going down, Oxy kept working," said Joshua Grassham, vice president of Lea County State Bank and a Hobbs Chamber of Commerce board member. The city of 35,000 rests on the Permian oilfield, the largest oilfield in the United States. This way of drilling brings with it a sweetener for the oil industry to keep crude flowing: a tax credit that helps insulate these wells in a downturn, and could triple in size if Congress approves a new measure this summer. Such a move could extend by decades the producing life of hundreds more wells, increasing oil supply which would be a drag on prices. To date, the technique has been employed only at conventional oilfields, rather than on shale deposits. Some firms are studying how to put the technique to work in shale drilling, too. The drilling method harnesses the carbon dioxide produced during the extraction of oil or from power plants, and forces it back into the fields. That boosts the pressure underground and drives more oil to the surface. Their success could be replicated in oilfields across the United States if Congress approves the measure, which already enjoys broad bipartisan support. While the Trump administration has yet to say whether it supports the tax credit increase, the measure could also be a boon to the coal industry, which Trump wants to revitalize. The technique, one of several so-called enhanced oil recovery (EOR) strategies used to prolong the productive lifespan of oilfields and increase output, underpins around five percent of U.S. oil output, or about 450,000 barrels per day, according to energy consultancy Advanced Resources International. EOR can help firms to produce between 30 percent and 60 percent of all the oil held in a reservoir. That''s far more than the 10 percent usually recovered from initial traditional drilling, according to the Department of Energy. The existing credit has provided a financial lift for Occidental, Denbury Resources Inc and oil producers with ready access to the gas. Exxon Mobil Corp and Chevron Corp also use the technique on some of their oil fields. None detail their tax savings from the credit, but since the it was first offered in 2008, companies have collected at least $350 million in the credits, according to Internal Revenue Service figures. In Hobbs, Occidental not only kept a 200-person workforce intact during the oil-price downturn - when tens of thousands of workers were laid off in the shale patch - it also invested $250 million to expand operations during that period, according to its public filings. That meant Hobbs and nearby Seminole, Texas, where Hess Corp has its own carbon dioxide injection facility, didn''t suffer the extreme financial pain felt by shale towns, such as Williston, North Dakota, and other shale producing communities in 2015 and 2016. "Oxy''s investment in the carbon project was a huge economic boost to our area," Grassham said. Some of the carbon dioxide, a greenhouse gas, comes from naturally occurring reservoirs that are a low-cost source for Occidental. Others get the gas piped from power plants that burn coal. Power companies hope the technique can help them avoid higher carbon emissions. The company spends about $18 to $25 per barrel to collect oil from its enhanced oil recovery operations. In contrast, its shale-focused well costs are lower - $16 to $19 per barrel. But because EOR wells pump consistently for decades, their value to the company over time exceeds shale wells, whose production quickly tapers off. Across Texas and New Mexico, Occidental runs one of the world''s largest fleet of enhanced oil recovery projects, injecting 2 billion cubic feet of carbon dioxide each day into wells that first produced oil nearly a century ago. "We had a very large, stable carbon dioxide EOR business in our portfolio during the downturn," said Jody Elliott, president of Occidental''s American operations. "That helped." Partly because of its carbon facilities, Occidental was able to raise its dividend during the downturn. Today, executives are using the profits from the carbon business to grow its shale business across the Permian, the largest acreage holding in the region. "These two businesses play very well off of each other," Elliott said. TAX CHANGE? Congress is expected this summer to debate extending an existing tax credit that could pave way for wider use. The proposed Carbon Capture Utilization and Storage Act would boost the credit to $35 per metric ton of carbon dioxide, up from $10 per ton today. The legislation failed to move forward during last year''s heated presidential campaign, but supporters say it will be reintroduced soon. "We want to make sure that we show a strong commitment so we continue to develop these technologies," said North Dakota Senator Heidi Heitkamp, a Democrat and the bill''s lead sponsor. Electricity generator NRG Energy Inc earlier this year opened a $1.04 billion carbon capture facility at a Texas coal-fired power plant, using its carbon dioxide emissions to extract crude from a 1930s-era oilfield. Expanding the credit could, supporters hope, encourage more coal-fired power plants to follow NRG''s lead by capturing and selling carbon to oil producers. Most oilfields are not located near carbon dioxide supplies, so the tax credit also could spur the build-out of carbon pipelines. Environmentalists, including the Sierra Club, like the process because it traps carbon underground, preventing it from contributing to greenhouse gas emissions. "You''ll put more carbon in the ground than oil that is produced," said Vello Kuuskraa, president of consultancy Advanced Resources International, which studies enhanced oil recovery and carbon storage. Oxy is considering investing another $550 million in its Hobbs operation in the next several years to further expand its carbon facilities. "During all these oil industry downturns, those carbon wells keep people working," said Grassham. (Reporting by Ernest Scheyder; Additional reporting by Mike Wood and by Timothy Gardner in Washington; Editing by Gary McWilliams, Simon Webb and Edward Tobin)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-oil-carbon-idUSL2N1II0S8'|'2017-06-05T13:00:00.000+03:00'
'b9fee9d50014bb16710f786fb4f2b81747322654'|'Qatar and its neighbours may lose billions from diplomatic split'|'By Andrew Torchia and Tom Arnold - DUBAI DUBAI A diplomatic rift between Qatar and its Gulf neighbours may cost them billions of dollars by slowing trade and investment and making it more expensive for the region to borrow money as it grapples with low oil prices.With an estimated $335 billion of assets in its sovereign wealth fund, Qatar looks able to avoid an economic crisis over the decision on Monday by Saudi Arabia, Egypt, the United Arab Emirates and Bahrain to cut air, sea and land transport links.The tiny state''s newly expanded port facilities mean it can continue liquefied natural gas exports that earned it a trade surplus of $2.7 billion in April, and import by sea goods that used to come over its land border with Saudi Arabia, now closed.But parts of Qatar''s economy could suffer badly if the dispute, over Riyadh''s allegations that Doha has been supporting terrorism, drags on for months - a prospect that helped to push the Qatari stock market down more than 7 percent on Monday.Fast-growing Qatar Airways, at the centre of the tiny state''s effort to become a tourism hub, is likely to face losses from being barred some of the Middle East''s biggest hubs.Qatar''s government has been borrowing at home and abroad to help finance some $200 billion of infrastructure spending as it prepares to host the World Cup soccer tournament in 2022. A drop in Qatari bond prices on Monday suggested the borrowing will become more expensive - possibly slowing some projects.Bonds of other countries in the six-nation Gulf Cooperation Council barely moved on Monday, but some foreign bankers said the whole region could end up paying more to borrow if diplomatic tensions persisted.“If this dispute goes on for a while, the ramifications could be huge,” said an international banker based in the Gulf, declining to be named because of political sensitivities.“Asset managers will not differentiate between Qatar and the rest of the GCC, and international managers will take their hands off any credit from the GCC. If Qatar is seen as a terror financing or compliance issue, then asset managers will be cautious."TRADEBecause they all rely heavily on oil and gas exports, the GCC states have only weak trade and investment ties with each other, which will limit the economic fallout of their dispute. The UAE is Qatar''s biggest trading partner from the GCC but only its fifth largest globally.Similarly, Saudi Arabia and other GCC countries traditionally account for only about 5 to 10 percent of trading on the Qatari stock market, according to exchange data, suggesting even a total pull-out would not sink the market.Nevertheless, Qatar will face higher costs in some areas. Saudi Arabia and the UAE provided $309 million of Qatar''s $1.05 billion of food imports in 2015. Much of them, especially dairy products, came over the Saudi land border; Doha will have to make other arrangements for them.Construction costs in Qatar could also rise, fuelling inflation across the economy, because aluminium and other building materials can no longer be imported by land.Saudi Arabia, the United Arab Emirates and Bahrain withdrew their ambassadors from Qatar for eight months in 2014 over Doha''s alleged support of Islamist groups, but that had minimal market or economic impact because it did not involve a ban on transport links. Trade and investment went on much as before.This time, Saudi Arabia has promised to "begin legal procedures for immediate understandings with brotherly and friendly countries and international companies to apply the same procedures as soon as possible".It is not clear that Riyadh will be able to persuade more countries to cut links with Doha. But it could try to force foreign companies to make a choice between doing business with Qatar and obtaining access to its own, much larger market, which it is opening up as part of economic reforms.Cairo-based bankers said on Monday that some Egyptian banks had halted dealings with Qatari banks. It was not clear whether GCC banks would do the same; UAE commercial bankers told Reuters they were waiting for guidance from their central bank.Stock markets in Dubai and several other Gulf centres fell on Monday - although not by nearly as much as Qatar - in a sign that investors around the region were worried.“Overall it''s not good. I don’t think that the region has been in such turmoil so close to home. And I think everyone is speculating how far these steps will go forward," said Mohammed Ali Yasin, chief executive of Abu Dhabi''s NBAD Securities."Everyone is hoping that there will be intervention by wise people and things will cool down. But what we have seen is a gradual escalation."(Additional reporting by Hadeel Al Sayegh and Davide Barbuscia)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/gulf-qatar-economy-idINKBN18W1MN'|'2017-06-05T20:24:00.000+03:00'
'4511aa66f38ffd40d513135d40e567254f020f4a'|'Malaysia Airlines close to deal for more widebody Airbus planes'|'Business News - Sun Jun 4, 2017 - 3:33pm EDT Malaysia Airlines close to deal for more widebody Airbus planes FILE PHOTO - Malaysia Airlines planes sit on the tarmac at Kuala Lumpur International Airport July 21, 2014. REUTERS/Edgar Su/File Photo By Victoria Bryan - CANCUN, Mexico CANCUN, Mexico Malaysia Airlines is close to signing deals for six or seven second-hand widebody A330 planes for its fleet this year as it seeks to grow on international routes amidst good demand for summer bookings, its chief executive said on Sunday. Malaysia Airlines has been in talks with airlines and leasing companies about bringing in used widebody planes to replace the single-aisle planes it currently flies on some five-hour flights, such routes as to India, China and Hong Kong. "We''ve found the planes, we''re in the process of doing due diligence," Peter Bellew told Reuters in an interview on the sidelines of the annual meeting of the International Air Transport Association. He said he hopes to sign a deal in July and the planes, which have Wi-Fi and lie-flat seats in business, could enter the airline''s fleet by the end of the year. Bookings for the next six months are looking good and yields - a measure of revenue per passenger - are up around 10 percent from a year earlier in June, July and August after coming under pressure at the start of the year, Bellew said. Uncertainty over failed travel bans in the United States and political turmoil in Europe has driven demand from travelers in the Middle East and India, Bellew said. "We''ve seen a significant upturn in business from India because of that and I think that''s only set to continue," he said. Malaysia Airlines had offered to lease some A330s from Alitalia, in the event the struggling carrier collapsed. However, Bellew said it seemed Alitalia would survive as an airline operating medium and long-haul flights and so those planes would not become available. Malaysia Airlines is also due to receive the first two of six new A350 planes this year from Airbus SE ( AIR.PA ), but deliveries have been delayed due to issues with cabin equipment supplied by France''s Zodiac Aerospace PA ( ZODC.PA ). The carrier was due to receive the first in October, but that has slipped to November and Bellew expects it may be the end of December before they arrive. He confirmed Malaysia was still looking to order around 30 new widebody planes from Boeing ( BA.N ) or Airbus for delivery from 2019 and 2020 but that the prices they were asking were not realistic. (Reporting by Victoria Bryan; Editing by Brad Haynes and James Dalgleish) '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-airlines-iata-malaysia-airlines-idUSKBN18V120'|'2017-06-05T03:33:00.000+03:00'
'cd133cf86994de1a2f28897a9cafb8ca899dd81c'|'Exclusive - BOJ to offer more upbeat view on economy, but may cut price forecast'|'Business News - Wed Jun 7, 2017 - 2:24pm BST Exclusive: BOJ to offer more upbeat view on economy, but may cut price forecast FILE PHOTO: A man runs past the Bank of Japan (BOJ) building in Tokyo, Japan, July 29, 2016. REUTERS/Kim Kyung-Hoon/File Photo TOKYO The Bank of Japan is set to upgrade its economic assessment as early as next week to signal its growing conviction that the recovery is gathering momentum, people familiar with its thinking told Reuters, reinforcing expectations that its next move would be to tighten monetary policy. But inflation remains stubbornly weak and may force the BOJ to cut its price forecast at a quarterly review of its projections in July, the people said. "Almost all components of the economy are performing well. There''s no doubt the economy is in pretty good shape," one of the people said. "Inflation, on the other hand, has been underperforming," the person added, a view echoed by two other sources. At the previous policy meeting in April, the BOJ offered the most optimistic assessment in nine years to say the economy has been "turning toward a moderate expansion." The central bank will brighten the language to describe the economy as "expanding moderately," either at a rate review on June 15-16 or at the July meeting, the people said. With wage growth tame, however, the BOJ may cut in July its inflation forecast for the current fiscal year, they said. The central bank now projects core consumer inflation to hit 1.4 percent in the year ending March 2018 and 1.7 percent in fiscal 2018. Of the eight policy-setting meetings held each year, the BOJ reviews its long-term growth and price forecasts at four of them including one in July. It also issues a verbal assessment of the state of the economy and inflation at all eight meetings. (Reporting by Leika Kihara and Sumio Ito; Editing by Ian Geoghegan)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-japan-economy-boj-idUKKBN18Y1T5'|'2017-06-07T21:23:00.000+03:00'
'6311e9d8bd884351c9e4ab5d7fc6b8ef926b2d4f'|'Exxon says Qatar LNG not affected by Arab states tension'|'Business   8:42pm BST Exxon says Qatar LNG not affected by Arab states tension FIILE PHOTO: Logos of ExxonMobil are seen in its booth at Gastech, the world''s biggest expo for the gas industry, in Chiba, Japan April 4, 2017. REUTERS/Toru Hanai By Ernest Scheyder Exxon Mobil Corp ( XOM.N ) said on Tuesday that production and exports of liquefied natural gas from Qatar have not been affected by rising diplomatic tensions in the Middle East. Saudi Arabia, the United Arab Emirates, Bahrain and Egypt on Monday cut ties with Qatar, accusing the country of supporting extremism. Qatar denies the allegations. The growing diplomatic rift has raised concerns about global access to Qatar''s LNG, especially after some regional ports in the Persian Gulf said they would not accept Qatari-flagged vessels. Commodities traders have grown concerned Qatar''s LNG could be barred from Saudi Arabia or from traversing Egypt''s Suez Canal, though so far no limitations have been imposed. Maersk ( MAERSKb.CO ), the world''s biggest container shipping line, said on Tuesday it can no longer transport goods in or out of Qatar in the wake of the diplomatic rift. Qatar and Exxon have had development agreements for more than a decade, with Exxon helping Qatar to become the world''s largest LNG exporter. Exxon, working with government-controlled energy company Qatar Petroleum [QATPE.UL], has invested in LNG-processing plants, transport ships and related infrastructure. The pair, which earlier this year were awarded a contract to explore for gas off the coast of Cyprus, also control the Golden Pass LNG facility in the United States with ConocoPhillips ( COP.N ). Despite the diplomatic tension with other Arab States, a key Qatari gas export pipeline to the United Arab Emirates is still operating. Exxon said its production and export of LNG from Qatar have not been affected. "As a matter of practice, we don''t comment on matters between governments," Exxon spokesman Alan Jeffers said in a statement to Reuters. Exxon has said that a large portion of its Qatari LNG production is under long-term supply contracts, meaning the company must supply gas from Qatar or some other source. Exxon does have a large LNG operation in Papua New Guinea. Qatar has reassured clients in Japan and India that LNG shipments will not be affected by the tension. Shares of Texas-based Exxon rose 1.3 percent to $81.19 in Tuesday afternoon trading. (Reporting by Ernest Scheyder in Houston; Editing by Lisa Shumaker)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-gulf-qatar-exxon-mobil-idUKKBN18X2N9'|'2017-06-07T03:42:00.000+03:00'
'0d8bce59c4953e21044b73d6af1f4835d8d6ab0e'|'Buyout groups lower acceptance threshold for Stada takeover'|'BERLIN Buyout groups Bain Capital and Cinven have lowered the minimum acceptance threshold for their takeover offer for German drugmaker Stada''s ( STAGn.DE ) shares, they said on Wednesday.The tender offer for the agreed 5.3 billion euro ($5.95 billion) deal runs through June 8 and was conditional on securing 75 percent of Stada''s shares.But Bain Capital and Cinven said in a statement on Wednesday they were cutting that threshold to 67.5 percent and extending the acceptance period until June 22.People close to the deal had said that passing the set threshold may prove a challenge given the large number of shares held by retail investors, who are more likely to forget to tender than institutional stockholders, as well as by index tracking funds that cannot tender for technical reasons.(Reporting by Emma Thomasson, editing by David Evans)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-stada-arzneimitt-m-a-idINKBN18Y2DN'|'2017-06-07T14:21:00.000+03:00'
'ced0d9487ca74006a7e0b16e95c3e2561984d4f7'|'MIDEAST STOCKS-Qatar, Gulf may stabilise but Qatari banking sector still a risk'|'Market News - Wed Jun 7, 2017 - 1:45am EDT MIDEAST STOCKS-Qatar, Gulf may stabilise but Qatari banking sector still a risk DUBAI, June 7 Qatar''s stock market may stabilise on Wednesday after two days of steep declines as some investors buy shares in companies with attractive valuations, but uncertainty over pressure on Qatar''s banking sector could limit any rebound. Qatar''s stock index has now plummeted 8.7 percent to 9,059 points, its lowest close since January 2016, since Monday when Saudi Arabia, the United Arab Emirates and Bahrain cut diplomatic and transport ties, accusing Doha of backing terrorism. "From a vaulation perspective, there is now a good buying opporunity in some companies," one regional brokerage firm told its clients. Since the start of the crisis, non-Qatari Gulf shareholders - who often make up between 5 and 10 percent of the market''s turnover - and foreigners have have been exiting positions faster than usual, according to Qatar bourse data. Qatar''s huge financial reserves mean it can probably avoid a crippling crisis, but many parts of its economy, from tourism to merchandise trade and banks which obtain funding from elsewhere in the Gulf, may be hit. The Saudi Arabian, UAE and Bahraini central banks have not yet clarified how they want commercial banks in their countries to handle business ties with Qatar, which involve substantial cross-border lending, deposits and syndicated loans. If the commercial banks are advised to get rid of their Qatari assets in a short timeframe, or if authorities act against Qatari banking assets in their jurisdictions, that could provoke retaliation by Doha and turmoil in the Gulf banking and money markets. In the meantime, fund managers said that Qatari government- related entities may step in to support the market. Many Qatari companies - especially banks including Qatar National Bank and Doha Bank - are consituents of several emerging market benchmarks, so many foreign investors cannot ignore them. “Overall, it still boils down for investors (abroad) that it is still an oil story – with oil at $45-50, most of the countries will be able to muddle through, and I think another collapse below $40 would raise risks more," said Win Thin, global head of emerging market currency strategy at Brown Brothers Harriman in London. Other stock markets in the Gulf may trade sideways on Wednesday as Brent oil prices have flattened out near $50 a barrel and MSCI''s broadest index of Asia-Pacific shares outside Japan has crept up 0.1 percent. Some buying of Saudi stocks, in anticipation of a decision by MSCI on June 20 to begin reviewing Riyadh for possible inclusion in its emerging market index, may continue. (Reporting by Celine Aswad; Additional reporting by Karin Strohecker; Editing by Andrew Torchia) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/mideast-stocks-idUSL8N1J40FX'|'2017-06-07T13:45:00.000+03:00'
'230529bd92d5055468a886020db70a4e74f38226'|'U.S. top court rules against SEC over recovery of ill-gotten gains'|'Business News - Mon Jun 5, 2017 - 5:39pm BST Supreme Court limits SEC''s power to recover ill-gotten gains The U.S. Securities and Exchange Commission logo adorns an office door at the SEC headquarters in Washington, June 24, 2011. REUTERS/Jonathan Ernst By Sarah N. Lynch and Lawrence Hurley - WASHINGTON WASHINGTON The U.S. Supreme Court on Monday scaled back the Securities and Exchange Commission''s power to recover ill-gotten profits from defendants'' misconduct, handing Wall Street firms a victory and dealing another blow to the regulator''s enforcement powers. In a 9-0 ruling, the Supreme Court found that the SEC''s recovery remedy known as "disgorgement" is subject to a five-year statute of limitations. The justices sided with New Mexico-based investment adviser Charles Kokesh, who previously was ordered by a judge to pay $2.4 million in penalties plus $34.9 million in disgorgement of illegal profits after the SEC sued him. The decision marked the second time since 2013 that the Supreme Court has reined in the SEC''s enforcement powers. In the prior case, called Gabelli v. SEC, the justices unanimously ruled that civil monetary penalties are also subject to a five-year time bar. The ruling represented a major victory for Wall Street firms, whose Securities Industry and Financial Markets Association trade group had urged the justices to curb the SEC''s powers in order to provide more certainty and predictability to the enforcement process. Writing for the court, Justice Sonia Sotomayor said that disgorgement counts as a penalty and is therefore bound by a five-year statute of limitations that already applies to "any civil fine, penalty or forfeiture." The SEC disgorgement process "bears all the hallmarks of penalty: It is imposed as a consequence of violating a public law and is intended to deter, not to compensate," Sotomayor wrote. "We are pleased with the Supreme Court''s opinion today, which grants important protection to defendants facing enforcement actions by the SEC and other agencies," said Adam Unikowsky, one of Kokesh''s lawyers. An SEC spokesman declined to comment on the ruling. Kokesh was sued by the SEC in 2009 for misappropriating investors'' money. His penalties covered conduct within the five-year statute of limitations, but the disgorgement covered conduct that largely occurred outside that time frame. Kokesh appealed to the Supreme Court after losing at the Denver-based 10th U.S. Circuit Court of Appeals. Kokesh''s attorney argued that a disgorgement in the case constituted a punitive "forfeiture" that is time-barred. The Justice Department argued that disgorgement is equitable relief that is not considered a punishment, but merely restores the defendant to the same position he was in prior to when the misconduct occurred. Nick Morgan, a Los Angeles-based lawyer with the Paul Hastings law firm who represents clients being investigated by the SEC, said the ruling will especially affect complicated cases that require more time for the SEC to investigate. "For the more complex cases, this will be a sea change for them, they will have to move more quickly," Morgan said. (Reporting by Sarah N. Lynch and Lawrence Hurley; Editing by Will Dunham) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-usa-court-sec-idUKKBN18W1UQ'|'2017-06-05T22:17:00.000+03:00'
'57e5d5d934e3705ce27921603648707a57fae951'|'China''s HNA to tap M&A brake after $50 billion deal splurge'|'By Matthew Miller - BEIJING BEIJING After two years of aggressive deal-making - from buying stakes in Deutsche Bank ( DBKGn.DE ) and Hilton Worldwide Holdings Inc ( HLT.N ) to taking over electronics distributor Ingram Micro - Chinese conglomerate HNA Group intends to slow the pace, or at least the size, of its acquisitions overseas.A sprawling aviation-to-financial services group, HNA has emerged as China''s most active non-government player in global markets, with deals worth more than $50 billion - equal to the annual GDP of Bulgaria."This year, the merger and acquisition pace will slow a little for sure," Adam Tan, HNA Group CEO, told Reuters in a rare media interview.Political uncertainty in the United States and Europe - such as the upcoming negotiations on Britain''s departure from the European Union - and China''s broad crackdown on capital flight from the country, have changed the climate for HNA''s unbridled growth."It''s a bit more complicated than before," Tan said by phone.Tensions between China and the United States are the biggest risk, said Tan, who received an MBA from St. John''s University in New York and studied at Harvard Business School.His comments come amid increasing debate about the United States expanding its vetting process on foreign investment, and tensions over its trade deficit."This is a critical relationship," Tan said. "No good can come from fighting. We can disagree, we can talk, we can negotiate - that''s a family issue. We''re not enemies."For HNA, which has accumulated assets even as other Chinese companies find it more difficult to acquire overseas, any pivot in strategy may bring the group more into line with government policy aimed at reducing the amount of money leaving China. It would also give it more opportunity to digest and rationalize the assets it has bought using often complex bank borrowing and debt arrangements.Tan spoke to Reuters at a time when HNA''s financing and ownership structure has come under intense scrutiny.In three years, the group has more than quadrupled its assets, to 1.2 trillion yuan ($176.12 billion) at the end of last year from 266 billion yuan at the end of 2013."The scope of their ambition, the speed of these acquisitions, the enormity of the credit resources at their disposal has put HNA in a different league, where the normal rules of business don''t seem to apply," said William Kirby, a professor at Harvard Business School who has authored a case study on the group.WET MARKETFuelling HNA''s expansion has been the ambition of its founding Chairman Chen Feng, at the cost of rising debt.The group had around $89 billion in credit lines from domestic banks at the end of May. Separately, the group and its subsidiaries have issued more than $10 billion in outstanding onshore and offshore debt.Chen, a former aviation official, told Reuters in 2015 that the global financial crisis had left many assets undervalued, and the way to growth was through deals. It was, he said then, like the wet market: "You see so many fresh vegetables, you eat here, pick this and that."HNA''s top backers include China Development Bank, whose Hainan office in 2012 provided the group with a 100 billion-yuan line of credit, along with other Chinese state-owned lenders.After two significant HNA acquisitions closed in the first quarter of this year, however, some group companies are wrestling with the pace of growth.At Bohai Capital ( 000415.SZ ), a subsidiary responsible for HNA''s leasing assets, loans and bonds outstanding at end-March totaled 232.62 billion yuan - more than 600 percent of net assets.HNA says it currently has debts totaling 710 billion yuan.Launched in 1993 as a fledgling airline in partnership with the Hainan provincial government, HNA today comprises a tangled cross-shareholding web of more than 400 companies, including over a dozen listed on the stock market.The group remains heavily tied to aviation, holding a key stake in Hainan Airlines ( 600221.SS ), China''s fourth-biggest carrier, and helps operate another 18 airlines, including U.S. business aviation firm Deer Jet and Paris-based Aigle Azur. It also owns a substantial airports and airport servicing business, and Avolon, another subsidiary, is one of the world''s leading aircraft leasing companies, with a fleet of 850 planes.SLOWING, NOT STOPPINGHNA won''t, though, stop making offshore acquisitions entirely. International assets are better priced, compared to Chinese domestic assets, and low-cost capital is still available, Tan said.He refuted any notion that HNA''s deal-making flurry exposed an absence of strategic focus. HNA, he said, is scouting for "undervalued assets".So far this year, it has announced equity and asset acquisitions of more than $12 billion, indicating it will remain active in key sectors, including financial services.Among the deals is an offer to buy New Zealand''s UDC Finance from ANZ Banking Group ( ANZ.AX ) for about $460 million and the acquisition of a 25 percent stake in Old Mutual''s ( OML.L ) U.S. fund management arm ( OMAM.N ) for $446 million.. HNA also has accumulated a 9.9 percent stake in Deutsche Bank.Earning over half its revenues with more than 30 percent of its assets offshore, HNA is big enough to undertake transactions outside China utilizing offshore structures, Tan said.It has utilized increasingly complicated leveraged finance and foreign currency credit facilities, raising over $17 billion in loans over the last four years to complete global deals, according to Thomson LPC data."Our own cash flow, our own standalone credibility outside China is big enough to support this merger and acquisition (activity)," said Tan, who noted HNA''s debt-to-asset ratio dipped to below 60 percent at the end of December. A year earlier, it was around 75 percent.(Reporting by Matthew Miller, with additional reporting by Umesh Desai in Hong Kong; Editing by Ian Geoghegan and Stephen Coates)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-hna-group-strategy-idINKBN18W04O'|'2017-06-04T23:48:00.000+03:00'
'32b1f24af6e9b97d49f960779bd240344268ea06'|'If you want to get technical, recession records are nothing to brag about - Greg Jericho - Business'|'Monday 5 June 2017 21.00 BST Last modified on Monday 5 June 2017 21.02 BST O n Wednesday, the March GDP figures will mark 103 quarters without Australia’s GDP falling in two consecutive quarters. But we should not get too excited about this length of time without a “technical recession”. Not only is such a definition of a recession meaningless, the real focus should be that Australia’s economy is growing far too slowly to generate well-paying jobs. The economy''s not shrinking, so why does it feel like we''re in a recession? - Greg Jericho Read more There has been some talk that Wednesday’s GDP figures will see Australia break a record for length of time without a technical recession. Mostly this appears to be because the March quarter will be 103 quarters since the June 1991 quarter, which was the last time we experienced two consecutive quarters of negative GDP growth. That is supposedly going to beat the streak held by the Netherlands from 1981 to 2008. I’m not sure where this talk of a record period of growth has come from – possibly a speech by then Treasury secretary Martin Parkinson in 2014 in which he suggested the Netherlands went 26.5 years without a recession from December 1981 to March 2008. But if that were so, then at 105 consecutive quarters, Australia still has half a year to go to equal the record. But even worse, the Netherlands only went into a recession during the global financial crisis in December 2008 – when its GDP fell 0.8%, following a fall of 0.3% in the September quarter that year. On that basis, we actually have to go 108 consecutive quarters to tie the Netherlands – or till June next year. But don’t worry. We actually “beat” the Netherland’s record a long time ago. I’m not sure who was advising Parkinson that the Netherlands didn’t have a recession from 1981 until the GFC but I’m guessing it wasn’t someone from the Netherlands. They actually had a recession in 2003 – as a report by the EU in 2004 noted at the time: “in autumn 2003, the Dutch economy officially entered recession”. The OECD also records that in June 2003 the Netherlands’ GDP fell by 0.3% and in the following quarter it fell 0.01% – a small fall, but a fall nonetheless. And if we’re going to use dopey phrases like “technical recession” we might as well be technical about it. The Netherlands’ streak without a technical recession lasted 87 consecutive quarters – Australia beat that number in the June quarter of 2013. But regardless, any suggestion of a recession being “technical” gives the definition a weight it does not deserve in any way. The Netherlands is an excellent case in point of why the definition of two consecutive quarters of negative growth constituting a recession is very stupid. All the talk of the Netherland’s great uninterrupted run of growth has it starting in December 1981 because in that quarter its GDP grew by 0.1%. But six months later in the June quarter of 1982, its GDP fell by 2.4%, and it fell again in December by 2.1%. It meant that at the end of 1982 the Netherland’s economy was 2.5% smaller than it has been a year before. And yet we should say it was not in a recession? Australia didn''t have a ''great recession''? Tell that to young people - Greg Jericho Read more Please. Even in Australia the definition is silly. We have our golden run starting from September 1991, and yet growth was so weak in December of that year Australia’s economy was still 1% smaller than it had been 12 months earlier. But hey, don’t worry – we were no longer in recession! Now going over 25 years without two consecutive negative quarters is pretty amazing. The run is certainly longer than any other developed nation has achieved. But it’s a bit like a football coach bragging that the team went throughout a season never losing two consecutive quarters in a row and not caring how many matches they won or lost. We only say we have not had a recession because we use GDP as the measure that needs to avoid going backwards two quarters in a row. If instead we used GDP per capita growth then we would have had a couple recessions since 1991: Oddly though, even using the consecutive GDP per capita growth definition we would not have had a recession during the GFC because, while per capita GDP fell 0.3% and 1.2% in June and December of 2008, it rose by 0.2% in the September quarter. That again shows how silly it is to worry about consecutive quarters. If we used annual growth, it definitely looks like we had a recession during the GFC. Annual growth of GDP did not fall below zero, but GDP per capita did – in fact we had four consecutive quarters where GDP per capita was lower than it had been a year before: But why even use GDP? Why not use employment? After all surely the prime reason we care at all about GDP growth is because we hope it leads to people getting work. What if we judged a recession by the growth of the percentage of working age people in jobs? What if we said we’re in a recession if the percentage of people aged 15-64 who are employed falls by more than 1 percentage point from where it was a year before? That definition would have had us in a recession in the GFC. Such a measure would also highlight how since the GFC we have also experienced pretty pathetic economic activity: All this talk of non-existent records being broken also involves worries that we might be close to narrowly avoiding a technical recession. In the September quarter last year, our GDP shrank by 0.5%; it then grew by 1.1% in December. The worry is that with an already weak economy, the impact from Cyclone Debbie might see GDP shrink in March and June. If that happens, once again we’ll be talking “technical recession”. With any luck it’ll also have us realising how foolish is such talk. Better that we should look for signs of how the economy is performing than worrying about fake records and dumb definitions. Certainly the signs are not great. Construction in the March quarter fell 0.7%, and annual growth in the volume of retail trade (a generally good guide for household consumption) was as slow as it has been since 2011: Hours worked and the total growth of wages also remains pitiful: Company profits however have shown another strong rise – up 39.7% over the past year. While figures released last week showed that private new capital expenditure (investment on buildings, machinery and equipment) grew 0.3%, it remains very timid: Worse still is that while the treasurer continues to suggest we are near the end of the fall in mining investment dragging down economic growth, the latest figures for expected investment suggest the fall still has a way to go. Mining investment is expected to fall another 22% next year, which the 6% expected rise in non-mining investment would not be enough to cover: Whether the March GDP figures released next week show negative growth or not, the clear signs are that the economy is weak. The general consensus is that GDP in the March quarter will grow by around 0.1 % -0.3% – that would mean the economy in the past year grew at slower than it has for nearly eight years. And we don’t need to debate technical definitions of recession or not to know that is not a sign of a healthy economy. Topics '|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/grogonomics/2017/jun/06/if-you-want-to-get-technical-recession-records-are-nothing-to-brag-about'|'2017-06-06T05:00:00.000+03:00'
'd3e85e95b9e8ed8e4127116c29f2ec4dbd7ba3da'|'Norwegian union threatens strike at Statoil, Shell, Eni platforms'|'Business News - Tue Jun 6, 2017 - 9:02pm BST Norwegian union threatens strike at Statoil, Shell, Eni platforms OSLO About 150 oil platform workers would go on strike, potentially disrupting output from several Norwegian fields, if they fail to get a pay deal by midnight on Friday, their union said on Tuesday. Lederne, the smallest of the three Norwegian unions representing oil industry workers, said the strike would target platforms at Eni''s ENI.MM Goliat, Shell''s ( RDSa.L ) Draugen and Statoil''s ( STL.OL ) Kvitebjoern, Oseberg East and Gudrun fields. "We believe it would mean shutting down production on those platforms," a spokesman for the union said. The five fields together produced 326,000 barrels of saleable oil equivalent per day in March, according to Reuters calculations based on the latest figures available for individual fields from the Norwegian Petroleum Directorate. A Statoil spokesman said he didn''t want to speculate about the potential effect if the strike goes ahead. No one at Shell or Eni were immediately available to comment. Lederne is an independent union, not affiliated with larger trade union organizations YS and LO, which reached a framework agreement with the employers'' organisation NHO earlier this year. The two largest trade unions representing some 87 percent of all oil workers, Industri Energi and Safe, struck a deal with employers on May 24. The last strike of Norwegian oil workers in 2012 lasted for 16 days and cut the country''s output by about 13 percent and its natural gas production by about 4 percent. (Reporting by Nerijus Adomaitis; Editing by Greg Mahlich)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-norway-oil-strike-idUKKBN18X2OC'|'2017-06-07T04:02:00.000+03:00'
'a4dfcc32182b4edc673ee74d0391b4dcb8020062'|'Russian Finance Ministry proposes not privatising sanctions-hit VTB bank'|' 58am BST Russian Finance Ministry proposes not privatising sanctions-hit VTB bank The logo of VTB bank is seen at a branch office in Vienna, Austria, September 5, 2016. REUTERS/Heinz-Peter Bader MOSCOW Russia''s Finance Ministry has proposed refraining from privatising VTB ( VTBR.MM ), the country''s second-largest lender, because the bank is now under Western sanctions, Russian Finance Minister Anton Siluanov said on Tuesday. (Reporting by Polina Nikolskaya; Writing by Dmitry Solovyov; Editing by Jack Stubbs) Relocating euro clearing would raise costs - industry body LONDON Forcing banks to shift the clearing of euro denominated derivatives from London to the European Union after Britain leaves the EU could nearly double the amount of cash that must set aside in case of defaults, an industry body said on Tuesday. British online retailer AO World warned tough conditions would slow growth in its home market in the first quarter, sending its shares sharply lower on Tuesday. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-russia-vtb-privatisation-idUKKBN18X18E'|'2017-06-06T18:58:00.000+03:00'
'4918cf68292ed6cf35d100df01bd948862b4f6f4'|'Insurer QBE picks Brussels for new post-Brexit EU legal entity'|'Business   9:39am BST Insurer QBE picks Brussels for new post-Brexit EU legal entity By Carolyn Cohn and Lawrence White - LONDON LONDON QBE Insurance Group will set up a new subsidiary in Brussels to preserve its ability to operate across the European Union after Britain leaves the EU, the Australian business insurer said on Tuesday. "Our decision to set up a legal entity in Belgium ensures we can provide continuity of service irrespective of the outcome of Brexit negotiations," Chief Executive Richard Pryce said in a statement. QBE said it already has a branch in the Belgian capital, and will use staff there to take up roles in the newly formed company, which will be operational for 2019 renewals. London will remain as the headquarters of QBE''s European business, it said. The Sydney-based insurer employs more than 14,500 people worldwide, including around 1,950 across 16 European countries. Its European division based in London accounted for more than $4 billion in gross written premiums in 2016. QBE''s chairman, Marston Becker, told shareholders last month the company had to prepare for the possibility that arrangements permitting UK domiciled insurers to sell to the other 27 EU countries might not be preserved after Brexit. The move to Brussels from QBE follows other financial companies setting up bases in rival centre Dublin, with British insurers Legal & General and Aviva last month selecting the Irish capital city. (Reporting by Carolyn Cohn and Lawrence White; editing by Louise Heavens)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-qbe-ins-grp-brexit-idUKKBN18X0LR'|'2017-06-06T15:21:00.000+03:00'
'c239c5251a7c2ddafada4a7d2aa9c5018cab10a8'|'Germany wants EU-Mercosur trade agreement this year - official'|'Business News - Tue Jun 6, 2017 - 11:07am BST Germany wants EU-Mercosur trade agreement this year - official BERLIN The European Union wants to conclude the terms of a free trade accord between the European Union and the Mercosur trade bloc before the end of this year and Germany shares this goal, a senior German government official said on Tuesday. The EU and Mercosur launched trade negotiations in 1999, but they have faced multiple setbacks, partly due to more than a decade of leftist rule in Argentina. "If the political will is there and if we get a grip on the agriculture issue, then it is possible," the German official said. "The political will is there." The renegotiation of the North American Free Trade Agreement (NAFTA) is also important for the German economy and will be an issue during Chancellor Angela Merkel''s trip to Mexico later this week, the official added. (Writing by Paul Carrel; Editing by Madeline Chambers)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-eu-mercosur-germany-idUKKBN18X111'|'2017-06-06T18:07:00.000+03:00'
'23520fcc4b2bfe3ec9e00016e8369970c1e63fc9'|'Lufthansa CEO says optimistic regarding demand'|'CANCUN, Mexico Demand for Lufthansa ( LHAG.DE ) flights is better than expected this year, with traffic from the United States and Asia developing well, the carrier''s chief executive said on Monday.Lufthansa will also look at any opportunities that arise in Italy depending on what happens with stricken carrier Alitalia, though it has no plans to buy the Italian airline, Carsten Spohr told journalists on the sidelines of an airline industry meeting in Mexico."From an outlook perspective we are getting more optimistic every week regarding our demand situation, especially from the U.S. and from Asia," Spohr said.He said that should any Alitalia planes come up for sale, then Lufthansa would look at those and also suggested that Lufthansa could increase capacity via its Eurowings budget unit.Low-cost rivals Ryanair ( RYA.I ), easyJet ( EZJ.L ) and Vueling ( ICAG.L ) are also looking to replace capacity that could be lost depending on what happens with Alitalia, whose future is under review."Eurowings is a pan-European model. If there''s opportunities to bring Eurowings into Italy... that could be one option," Spohr said.Lufthansa currently expects underlying earnings before interest and tax to fall slightly this year from last year''s 1.75 billion euros."The guidance is as it is," Spohr said when asked if he would be upgrading the profit outlook.Last year, carriers in Europe reported a drop in demand from travelers from Asia after attacks in Paris, Brussels and Nice, but traffic flows have made a recovery this year.However, a spate of attacks in Britain since March have raised fears that travelers could be deterred again.Japan Airlines Co ( 9201.T ) said on Monday that demand for travel from Japan to Europe remained slow."One of the things that has been very sluggish is the flow of Japanese people to Europe because of the threat of terrorism," Chairman Masaru Onishi said.(Reporting by Victoria Bryan; Editing by Andrew Hay)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-airlines-iata-lufthansa-idUSKBN18W2X2'|'2017-06-06T07:53:00.000+03:00'
'4efeb01754c81bbb0ba38836291d95cf6a995dd0'|'MIDEAST STOCKS-Qatar weak on political crisis, Dubai''s Emaar jumps on unit''s IPO plan'|'* Qatar Islamic Bank sinks; dependence on Gulf deposits* Buying opportunity for some cheap Qatari shares* Abu Dhabi''s Dana Gas jumps on receipt of Egypt payments* Saudi trading volumes rise as MSCI decision nears* Ezz Steel surges as Egypt imposes import tariffBy Celine AswadDUBAI, June 7 Qatar''s stock market fell for a third straight day on Wednesday, hit by the breaking of diplomatic ties with its neighbours, though the pace of the drop slowed.Dubai''s Emaar Properties jumped on a plan for an initial public offer by one of its units.The Qatari index lost 1.0 percent to a fresh 17-month low, taking its losses to 9.7 percent since Saudi Arabia, the United Arab Emirates and Egypt cut diplomatic links and transport ties on Monday, accusing Doha of backing terrorism.A little over one-sixth of total traded value came from other Gulf investors, more than the usual 5 to 10 percent - suggesting some Gulf investors were liquidating assets in Qatar. Other foreign funds also traded actively, bourse data showed.The Qatari riyal slipped to an 11-year low of 3.6517 against the dollar in the spot market on Wednesday, according to Thomson Reuters data, another sign of capital outflows.Qatar Islamic Bank slumped 8.2 percent to 89 riyals, its lowest close since January 2016, in heavy trade. It is one of the Qatari banks most dependent on deposits from other Gulf states, obtaining a quarter of its deposits from that source, said Olivier Panis, analyst at Moody''s.On Wednesday, 23 other shares fell but 12 advanced, including telecommunications operator Vodafone Qatar, up 1.6 percent to 7.74 Qatari riyals.After sharp falls in stocks, "there is value there, and although the political situation is not encouraging, there are some good buys," said a regional equities fund manager. Reflecting the political tensions, he declined to be named.However, many money managers said that the longer the diplomatic crisis lasted, the higher the risk premium demanded by foreign foreign investors in Qatar would go."Tensions are still high and mediation efforts by fellow Gulf Cooperation Council state Kuwait have yet to lead to a concrete solution, so investors will likely remain on edge," said a Dubai-based trader.EMAAR PROPERTIES, EZZ STEELIn Dubai, the largest listed real estate developer Emaar Properties surged 8.6 percent in its heaviest trade since April 2015 after it said it planned to offer up to 30 percent of its United Arab Emirates real estate development business in an initial public offer. Subject to market conditions, funds raised through the IPO would be distributed to shareholders of Emaar.The company said the IPO would be Dubai''s largest since its flotation of Emaar Malls, which raised 5.8 billion dirhams ($1.58 billion) in 2014 and was heavily oversubscribed. Emaar Malls was up 1.6 percent.The Dubai index climbed 2.5 percent, its largest single-day gain since December 2016.In Abu Dhabi, Dana Gas rocketed 10.9 percent in very heavy trade after saying it had received $40 million from the Egyptian government towards its outstanding receivables; its current receivables balance in Egypt now stands at $187 million.The Abu Dhabi index, however, fell 0.1 percent, weighed down by a 1.4 percent decline of shares of the largest listed bank, First Abu Dhabi Bank.The Saudi Arabian index rose 0.2 percent in the heaviest trading volume this year as 87 shares rose and 63 declined.Buying of Saudi stocks favoured by foreign funds, in anticipation of a decision by MSCI on June 20 to begin reviewing Riyadh for possible inclusion in its emerging market index, has buoyed the market in recent days.Dairy producer Almarai rose 0.6 percent and its largest shareholder Savola Group added 0.7 percent, to its highest close in 17 months.In Cairo, the index edged up 0.1 percent in its 12th consecutive session of gains to a fresh all-time high.Ezz Steel soared 7.5 percent after the trade ministry imposed a temporary import tariff on rebar steel from China, Turkey and Ukraine to protect local manufacturers suffering from losses. The decision is valid for fourth months.HIGHLIGHTSSAUDI ARABIA* The index added 0.2 percent to 6,946 points.DUBAI* The index jumped 2.5 percent to 3,406 points.ABU DHABI* The index edged down 0.1 percent to 4,454 points.QATAR* The index lost 1.0 percent to 8,965 points.EGYPT* The index edged up 0.1 percent to 13,633 points.KUWAIT* The index added 0.3 percent to 6,820 points.BAHRAIN* The index fell 0.3 percent to 1,321 points.OMAN* The index lost 0.6 percent to 5,377 points. (Editing by Andrew Torchia)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/mideast-stocks-idINL8N1J441U'|'2017-06-07T12:21:00.000+03:00'
'7367cda4c8cd8c15c7cfdf5bae6304c018f9f866'|'Alitalia could be sold without being broken up - Italy commissioner'|'Deals  40pm BST Alitalia could be sold without being broken up: Italy commissioner Alitalia''s logo is seen on top of the headquarters at Fiumicino international airport in Rome October 14, 2013. REUTERS/Max Rossi ROME Italy''s loss-making airline Alitalia, which has been put under state administration, could still be sold as a whole and not broken up into pieces, one of the three commissioners managing the company said on Wednesday. Alitalia commissioner Luigi Gubitosi, after meeting with Industry Minister Carlo Calenda, was asked if the airline could still be sold in one piece. "Absolutely yes," he replied, "but it must be said that we are at the very beginning phase of the offers." The government has received 32 expressions of interest in Alitalia, though Italian media have said that many of the potential buyers are interested only in portions of the company. (Reporting by Alberto Sisto, writing by Steve Scherer; Editing by Isla Binnie)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-alitalia-m-a-idUKKBN18Y2G0'|'2017-06-08T00:37:00.000+03:00'
'0ee3d6f2cfaa82928762844b8da0a17d1a837c34'|'Brazil''s Vale signs $2 bln credit line, replacing 2013 agreement'|'SAO PAULO Brazilian mining firm Vale SA said on Friday it had lined up a five-year $2 billion revolving credit facility, replacing a five-year $2 billion line agreed in 2013.Vale said in a securities filing that the new credit line from a group of 18 global banks, along with a $3 billion revolving credit facility arranged in 2015, provide additional liquidity for the miner and its subsidiaries to use if needed.(Reporting by Laís Martins; Editing by Lisa Shumaker)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-vale-sa-credit-idUSKBN190309'|'2017-06-10T05:29:00.000+03:00'
'b08bb588101d1497bb55ffbfd6c4ea483fb86420'|'UPDATE 1-Brazil state wants Cesp sale by September, sources say'|'(Recasts to add background, share performance from paragraph 2)By Luciano CostaSAO PAULO, June 8 Brazil''s São Paulo state aims to sell control of Cia Energética de São Paulo SA by around September, two people with knowledge of the plan said on Thursday, marking the latest move by regional governments in Latin America''s No. 1 economy to raise cash and exit the utility industry.According to the sources, who requested anonymity since the plan remains private, state officials and financial advisors are deciding on final terms for the sale - an auction to take place in the São Paulo Stock Exchange. Those details include the pricing range for the shares of Cesp, as the utility is known, one of them said.State officials told Reuters last July that improved power-sector regulation under President Michel Temer has increased the allure of a sale. The long-dormant privatization of Cesp is key for São Paulo Governor Geraldo Alckmin to raise cash to cut an onerous debt burden and kickstart investment ahead of next year''s elections.Class B shares, Cesp''s most widely traded class of stock, partially reversed earlier losses following the news. The stock fell 0.3 percent to 16.50 reais on Thursday after having shed as much as 2.5 percent in early morning trading.Both the media offices of the state of São Paulo and Cesp declined to comment. The company''s stock has climbed about 35 percent since July, when the officials confirmed plans to exit Cesp.The local electricity industry has seen a flurry of takeovers in the past year as longtime shareholders like debt-laden regional governments try to stem the impact of Brazil''s harshest recession ever. If São Paulo goes ahead with the sale, it would mark the revival of a plan that stalled 15 years ago in the face of a drought and a power-rationing crisis.São Paulo state, Brazil''s wealthiest, hired Banco Fator SA to carry out an appraisal of the fair value of Cesp''s stock. The state owns 40.5 percent of Cesp''s capital, including 95 percent of the utility''s voting stock.A full sale of the state''s stake could fetch almost 2 billion reais ($611.5 million), based on current prices and without taking into account any premium, according to Thomson Reuters calculations.Both the federal government and other states are in the process of disposing of power assets for similar reasons.Centrais Elétricas Brasileiras SA and Cia Energética de Minas Gerais SA plan to divest generation and transmission assets, including their stakes in some of Brazil''s largest hydroelectric dams - Santo Antônio and Belo Monte.($1 = 3.2705 reais) (Writing by Ana Mano; Editing by Leslie Adler and Bill Trott)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/brazil-privatisation-cesp-idINL1N1J51W2'|'2017-06-08T18:40:00.000+03:00'
'5f1b91118e609235c3a4e5adb435cf6d6703c753'|'How sham food became big business in Japan'|'GUESTS to the factory of Tsuyoshi Iwasaki are presented with a rasher of bacon. The succulent marbled sliver is branded with his name, title and e-mail address—an apt introduction to the owner of Japan’s biggest manufacturer of replica food. At the headquarters of Iwasaki Co on the outskirts of Tokyo, racks of golden-brown gyoza jostle for attention with boat-shaped dishes of lustrous raw tuna, bowls of creamy ramen and a dozen pinkish scallops in iridescent shells. The acrid smell of resin and paints is the only hint that everything on show is utterly tasteless.Most of these Japanese sampuru , from the word “sample”, will go on display in restaurant windows, from fast-food outlets to izakaya (bars), throughout the east of the country, in the hope of luring hungry customers. A sister company, managed by Mr Iwasaki’s brother, covers the western half of Japan. Together they make over ¥5bn ($46m) in annual sales, and claim to account for four-fifths of Japan’s food-replica market. Mr Iwasaki says they have no real competitors; sales at the next-biggest firm are one-tenth the size. Most are small workshops, many based in Gujo, a city in Gifu prefecture where the founder of Iwasaki Co, which started in 1932, was born.  3   3   5   8   The firm has a garnished founding myth. After Tsuyoshi Iwasaki’s grandfather dripped candle wax on a tatami mat, he used it to reproduce an omelette dish with ketchup, based on one his wife made. The market for fakes was ripe: newly arrived Western dishes needed promoting and explaining to locals in the 1930s, as more people dined out. Traditional Japanese restaurants also switched from hanging noren curtains in their entrance-ways—which granted passers-by a peek at the food inside—to doors, creating demand for shopfront replicas that gave a true sense of dishes’ presentation and size, says Mr Iwasaki.Though wax counterfeits were used for decades, they lost their shape and faded quickly. Now most are made from ultra-durable polyvinyl chloride (PVC). Designers go to restaurants to watch chefs prepare dishes. They come away with what Mr Iwasaki calls “an architect’s sketch”, photographs and notes on textures, colours and consistency. At the factory, each bit of the dish is individually cast to create a silicone mould, into which the PVC is poured, baked and hand-painted or airbrushed, from the boiled-egg halves in a bowl of ramen to its noodles (string, coated with resin). These ingredients are then assembled into a display.Trade secrets are jealously guarded in an industry that competes mainly on realism. Mr Iwasaki’s team only mastered clear liquids a decade ago, with the discovery of a new material. Raw food, fish in particular, remains among the most challenging to mimic: designers proudly claim that it takes as long to master fake sushi—about a decade—as it does to become a sushi chef. Grains of rice are individually made and balls of it shaped by hand. For more convincing counterfeits, natural shells, spices and herbs are used with the plastics.The hours spent crafting a replica determine its price tag, which can be up to twenty times the selling price of the original dish. But demand for them is wilting. Young people turn to food blogs for reviews of how dishes taste; hip retailers are using digital menus with appealing pictures. High-end restaurants snub plastic, no matter how appetising. The much longer shelf life of PVC replicas means many do not need to be replaced for years. Mr Iwasaki is looking to increase sales in new areas, including tourist trinkets and educational replicas for hospital patients that explain what foods to eat after an operation.Food fads can still be lucrative: a boom in ramen has raised demand for distinct noodle shapes and sizes in a category of replica food that had been standardised. Chain restaurants, the biggest clients, are launching more seasonal variations. Owing to this turnover of menu items, more are hiring replicas: rentals account for 60% of Iwasaki Co’s sales. Some 13,000 restaurants across the country pay a flat monthly fee—around ¥1,000 for a hamburger, for example—that includes refinements and updates to their display every three months. Iwasaki Co recycles some of the stale food for new displays, the beauty of working in a business of imperishables.  "Sampuru chef"'|'economist.com'|'http://www.economist.com/rss/business_rss.xml'|'http://www.economist.com/news/business/21723163-digital-menus-and-food-blogs-are-taking-toll-plastic-replicas-how-sham-food-became-big?fsrc=rss%7Cbus'|'2017-06-08T22:46:00.000+03:00'
'e767c9f7c33772bd9531784a401a5d68028ff211'|'JPMorgan operating chief to go, Dimon successor pool shrinks'|'Banks - Thu Jun 8, 2017 - 8:56pm BST JPMorgan operating chief to go, Dimon successor pool shrinks A view of the exterior of the JP Morgan Chase & Co. corporate headquarters in New York City May 20, 2015. REUTERS/Mike Segar/Files By Dan Freed - NEW YORK NEW YORK JPMorgan Chase ( JPM.N ) Chief Operating Officer Matt Zames, once seen as a likely successor to Chief Executive Jamie Dimon, will leave the bank in the coming weeks, and his duties are being split among other senior executives, the bank said on Thursday. In an internal memo announcing Zames'' departure, Dimon thanked him for his 13 years of service but did not say why he was going. The exit stirs up, once again, one of Wall Street''s favourite parlour games - trying to work out who will succeed Dimon, 61, at the helm of the largest U.S. bank. At 46, Zames was the youngest of the six contenders and had the advantage of knowing all segments of the bank, after overseeing areas including cyber security, technology and real estate. Zames also played a central role in keeping the bank stable amid financial turmoil. He helped stabilise Bear Stearns, after JPMorgan acquired the investment bank during the 2007-2009 crisis, and transformed JPMorgan''s chief investment office and treasury arm after the so-called "London Whale" scandal in 2012. More recently, he was focussed on critical technology and cyber functions. ( reut.rs/Y9IEkb ) "While I am sad to see him leave, I respect his decision and all he has done for JPMorgan Chase," said Dimon. In the memo, Dimon detailed a new organizational structure in which the five other potential successors - Chief Financial Officer Marianne Lake, Corporate and Investment Bank CEO Daniel Pinto, Consumer and Community Banking CEO Gordon Smith, Asset Management CEO Mary Erdoes and Commercial Bank CEO Doug Petno - divvy up Zames'' responsibilities. With Dimon showing no inclination to relinquish his role, a raft of potential successors has left the bank in recent years. Many have gone on to lead other institutions, including Barclays PLC ( BARC.L ) CEO Jes Staley, Standard Chartered PLC ( STAN.L ) CEO Bill Winters and former Visa Inc ( V.N ) CEO Charles Scharf. Zames will receive discretionary payments of $4.625 million on Feb. 1, 2018 and $4.5 million a year later. He has agreed not to compete with JPMorgan until Feb. 1, 2018, not to solicit clients for a year after that date and not to hire employees of the bank before Feb. 1, 2020. "Jamie has been a true mentor to me, and it has been a privilege to be a member of his team. I''m confident I will continue to benefit from his guidance and wisdom in the future," Zames said in the memo. (Reporting by Dan Freed in New York; Writing by Lauren Tara LaCapra; Editing by Lisa Shumaker and Tom Brown)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-jpmorgan-coo-idUKKBN18Z2LX'|'2017-06-09T03:56:00.000+03:00'
'ad7d0d9b5e4eb41a6a8b99dddf06ec85631fefd1'|'Noble Group''s lenders in talks on $2 billion credit line - FT'|'Business   6:58am BST Noble Group''s lenders in talks on $2 billion credit line: FT FILE PHOTO: An employee is reflected on the wall as she walks past a signage of Noble Resources, a Noble Group subsidiary, at their premises in Singapore March 6, 2015. REUTERS/Edgar Su/File Photo Noble Group''s main banks are in talks to decide whether to give the commodity trader an extension on its credit line or force it into a restructuring or liquidation, the Financial Times newspaper said on Tuesday. Banks including HSBC, Societe Generale, ABN Amro, Citigroup and ING have appointed legal advisers to consider the case for extending the $2 billion line of credit so the company can continue searching for an investor to recapitalize the business, the FT said. Banks have hired consultants Alvarez & Marsal, who are assessing the collateral pledged by Noble against the credit line, the FT said, citing sources with knowledge of the discussions. Hong Kong-based Noble''s main lenders have appointed law firm Clifford Chance to advise them on the next step for credit facilities, one source said on condition of anonymity due to the sensitivity of the matter. Kirkland & Ellis said it had been hired by Noble as legal counsel. Last month, Reuters reported that Noble was negotiating with banks to roll over a $2 billion credit facility, secured on its inventories and working capital. The facility is due to be rolled over by the end of June. Noble has already drawn about $620 million cash from the one-year facility. In May, Noble said that it was in talks with core participant banks about a new borrowing base facility which would again feature a cash draw-down component. Clifford Chance, Citigroup, ING and Noble Group declined to comment. HSBC, Societe Generale and ABN Amro did not immediately respond to requests for comment outside regular business hours. "I think it is likely that (Noble) will get some extension (to the credit line) but it all depends on how much the lenders believe in the credibility of management and its plans," an executive at one of Noble''s lenders was quoted as telling the FT. Noble has struggled ever since Iceberg Research questioned its accounts in early 2015, during a brutal downturn in commodity markets. The company has stood by its accounts. But the share price collapsed and credit rating downgrades, management upheavals and a series of writedowns, asset sales and a fundraising ensued. Noble''s market value has shrunk to just over $300 million from $6 billion in February 2015. The company reported a surprise quarterly loss of $129.3 million for January-March. (Reporting by Sangameswaran S in BENGALURU and Carol Zhong in HONG KONG; Additional reporting by Anshuman Daga in SINGAPORE; Editing by Greg Mahlich and Stephen Coates)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-noble-grp-banks-credit-line-idUKKBN18X2KT'|'2017-06-07T13:46:00.000+03:00'
'3d672e38e3b7859d1e496558614af2de447e7b70'|'Brazil''s Meirelles says bank leniency deal decree empowers watchdogs'|'BRASILIA, June 8 A Brazilian presidential decree raising fines on banks and listed companies involved in illicit acts aims to empower the central bank and the country''s securities industry watchdog in their efforts to bolster transparency, Finance Minister Henrique Meirelles said on Thursday.Speaking in Paris, Meirelles said the decree, which aims to increase fines on banks to up to 2 billion reais ($610 million) from 250,000 reais currently, had been under study for some time. His comments were released by the finance ministry''s press office.The decree announced this week would also allow the central bank to strike plea-bargain agreements with financial firms that admit breaching the law in exchange for softer fines or more lenient prison terms for their executives. The central bank is Brazil''s banking and financial industry watchdog; the CVM, as the securities industry watchdog is known, oversees the functioning of capital markets."This certainly gives more power to the central bank and the CVM to implement their measures," Meirelles said, without elaborating on the size and scope of the new framework.President Michel Temer''s decree, which was announced late on Wednesday, has about 180 days to be discussed and voted on in Congress to become law.Meirelles'' remarks underscore that senior officials understand that a series of corruption probes investigating cozy ties between politicians and business people are taking place at a fast pace, requiring rapid action to fine-tune legislation. Analysts have said the move followed growing concern that some of the probes will begin ensnaring banks and other financial firms.In a statement earlier in the day, the central bank said the value of fines in eventual leniency agreements would depend on the gravity of the infractions committed, as well as the size and the financial capacity of a financial institution to bear with such a penalty. The decree is not retroactive, it said.The decree was announced at a time when Congress is launching an investigation into the stock and currency trades of JBS SA when news of a plea-bargain testimony from its owners surfaced. JBS, which is controlled by the Batista billionaire family, is the world''s No. 1 meatpacker.Meatpacking is the latest sector of the economy to be hit by a three-year corruption investigation in Brazil known as "Operation car Wash." Some analysts say the probe could extend into the financial sector.($1 = 3.2810 reais) (Reporting by Marcela Ayres; Writing by Alonso Soto; Editing by Guillermo Parra-Bernal and Frances Kerry)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/brazil-corruption-banks-idINL1N1J50XS'|'2017-06-08T13:52:00.000+03:00'
'ab0fa8d5d9b6c21ac7065f19a7600d89b59e9afd'|'Samsung Electronics to invest $300 million for U.S. appliances factory - Korea Economic Daily'|'Technology   2:18am BST Samsung Electronics to invest $300 million for U.S. appliances factory: Korea Economic Daily Employees walk in the main office building of Samsung Electronics in Seoul, South Korea, January 6, 2016. REUTERS/Kim Hong-Ji SEOUL Tech giant Samsung Electronics Co Ltd plans to invest $300 million to build an appliances factory in the United States, the Korea Economic Daily reported on Thursday citing unnamed sources. The plant in Blythewood, South Carolina, will manufacture products such as washing machines and gas oven ranges, the South Korean newspaper said. Samsung will sign a formal agreement later this month and plans to complete construction of the plant by 2019, the report said. A Samsung spokesman declined to comment. The South Korean firm said earlier this year it was in talks to build a home appliances plant in the United States amid worries about protectionist policies under new U.S. President Donald Trump. Home appliances rival LG Electronics Inc in March announced a $250 million plan to build a new home appliances factory in Tennessee. (This version of the story corrects planned date for completion of plant in paragraph 3) (Reporting by Se Young Lee; Editing by Stephen Coates)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-samsung-elec-us-idUKKBN18Y3BR'|'2017-06-08T08:53:00.000+03:00'
'051b152b5a003b8541627c902ad892e3781fe8a0'|'S.Korea says full anti-missile deployment on hold pending environmental review'|'Environment - Wed Jun 7, 2017 - 1:06pm EDT South Korea says anti-missile deployment on hold pending environmental review By Ju-min Park - SEOUL SEOUL South Korea will hold off on installing remaining components of a U.S. anti-missile defense system until it completes an assessment of the system''s impact on the environment, the country''s presidential office said on Wednesday. The move could mean substantial delays in a full deployment of the Terminal High Altitude Area Defense (THAAD) system in South Korea, as the review may take well over a year, according to a senior official at the presidential Blue House. South Korea said last week four more launchers had been introduced, months after the controversial battery was deployed in March with just two of its maximum load of six launchers. The additional launchers had been brought in to the deployment site in the southeastern region of Seongju without being reported to the new government or to the public, new President Moon Jae-in''s office said last week, asking for a probe into why it was not informed of the move by South Korea''s defense ministry. The four launchers have yet to be installed and made operational. "It doesn''t make sense to withdraw the two initial launchers which had already been deployed and installed, but additional installation will be decided after the environmental impact assessment is over," the administration official told reporters on Wednesday. "Whether we must urgently move forward with additional installment by ignoring legal transparency and due procedure is a question." The Pentagon said it would continue to work transparently with Seoul but did not signal any expectation that the decision to deploy THAAD would be upended. "The U.S. trusts the (South Korean government''s) official stance that the THAAD deployment was an alliance decision and it will not be reversed," a Pentagon spokesman said. "We look forward to continuing our close coordination with the Moon administration," U.S. State Department spokeswoman Anna Richey-Allen said when asked about the South Korean decision. U.S. defence company Lockheed Martin Corp is the lead contractor for the THAAD system. North Korea has conducted three ballistic missile tests since Moon took office, maintaining its accelerated pace of missile and nuclear-related activities since the beginning of last year in defiance of U.N. sanctions and U.S. pressure. During his successful election campaign, Moon had pledged to review the previous South Korean government''s decision to deploy THAAD, saying the deployment was rushed without assessing its environmental impact or seeking parliamentary approval. Moon''s decision to order an investigation into the deployment came amid signs of easing tensions between South Korea and China, North Korea''s sole major diplomatic ally. The decision to deploy the system was made by Moon''s conservative predecessor Park Geun-hye, who was impeached and thrown out of office in a corruption scandal that engulfed South Korea''s business and political elite. Moon took office on May 10 without a transition period because a snap presidential election was held just two months after Park was ousted. He inherited her defense minister, along with the rest of the cabinet, and has yet to name his own. Moon has said his order for the probe at the defense ministry was purely a domestic measure and not aimed at stopping the deployment, which has drawn angry protests from China. (Reporting by Ju-min Park; Editing by Soyoung Kim and James dalgleish) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-southkorea-usa-thaad-idUSKBN18Y22M'|'2017-06-07T22:40:00.000+03:00'
'5f53968d29f58f261f498245d6d92ec019961f45'|'''Wonder Woman'' could lift Time Warner shares 20 pct -Barron''s'|'June 4 The successful opening of "Wonder Woman" this weekend could fuel shares of Time Warner Inc to a 20 percent stock return over the coming year, Barron''s said on Sunday.Time Warner owns Warner Bros., the film and television studio that controls DC Entertainment, the rights holder for "Wonder Woman" comics, and with an expected merger between Time Warner and AT&T that will pay 8 percent more than Time Warner''s recent stock price, Barron''s analysts are expecting shares of the media company to soar.As of Sunday morning "Wonder Woman" is looking at a $100.5 million domestic opening weekend and international receipts of $122.5 million from 55 markets. That would bring its global opening to $223 million, according to Variety, for the third-largest ever opening for a DC Comics film.Barron''s also believes Warner Bros. is in good shape with its upcoming schedule of releases."Kong: Skull Island," another Warner Bros. feature that opened in March, has grossed $565 million, according to Box Office Mojo, including a strong showing in China."That’s important, because Warner Bros. has at least two more Godzilla and Kong movies planned over the next three years," the magazine''s Jack Hough wrote.Barron’s recommended Time Warner shares a little more than a year ago when they were trading at $73, predicting they would jump 25 percent at the time. The shares closed on Friday at $99.18. (Reporting by Dion Rabouin; Editing by James Dalgleish)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/stock-timewarner-barrons-idINL1N1J10C2'|'2017-06-04T17:00:00.000+03:00'
'23135f455cd057558151d9281ae4a50750a58998'|'Genel loses second co-founder as Rothschild steps down'|'Business News - Mon Jun 5, 2017 - 4:33pm BST Genel tumbles as co-founder Rothschild joins leadership exodus FILE PHOTO: British-born financier Nat Rothschild arrives before a Bumi shareholder meeting in London February 21, 2013. REUTERS/Stefan Wermuth/File Photo By Karolin Schaps and Ron Bousso - LONDON LONDON Genel Energy ( GENL.L ) co-founder Nathaniel Rothschild quit on Monday in the latest high-profile departure at the loss-making Iraqi Kurdistan oil producer, which will now be dominated by Turkish owners and focused on Turkey''s gas market. Shares in Genel were down 12 percent at 1517 GMT on news of Rothschild''s move, which follows co-founder Tony Hayward, the former BP chief executive, and chief financial officer Ben Monaghan, also announcing their departures in recent months. The two co-founders bought and listed Genel on the London Stock Exchange during a global commodity boom in 2011, with plans to make it a major oil explorer in Kurdistan and Africa. But Genel is now valued at only 275 million pounds, its shares pummelled by two reserve downgrades of its main Taq Taq oil field in Kurdistan, failed exploration campaigns in Africa, political unrest in Iraq and a sharp drop in oil prices since 2014. The majority of the board of Genel will now be made up of Turkish nationals after the company also announced the exit of non-executive director Simon Lockett on Monday. Under Chief Executive Murat Ozgul, who took over from Hayward in 2015, Genel is focused on retrieving money it says it is owed by the Kurdistan Regional Government for oil it has sold and on finding a partner to develop two gas fields in the region, with the aim of linking them to neighbouring Turkey. Genel, whose board includes representative of its two largest shareholders which are both among Turkey''s richest families, is in talks with Turkish state-backed energy firm TEC over developing the Bina Bawi and Miran fields. "Genel is today really about focusing on monetizing the gas business. That will be a key milestone and catalyst going forward," said David Round, analyst at BMO Capital Markets. Although a non-executive director, Rothschild was influential as he still owns a stake of around 7.9 percent in Genel, while Hayward remains its 12th-largest shareholder. Chakib Sbiti, who sat on the board for six years, will also step down at Genel''s annual general meeting on Tuesday, when new Chairman Stephen Whyte will take the helm . "Today''s news suggests that more substantial changes are afoot, as the ties with the past are broken," analysts at RBC Capital Markets said. (Editing by Keith Weir and Alexander Smith)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-genel-energy-management-idUKKBN18W126'|'2017-06-05T17:19:00.000+03:00'
'0fdd95805b192cadbb5ce218375be3b178ab0c38'|'BRIEF-HTG Molecular amends, restates IVD test development, component supply agreement with Illumina'|'Market  14am EDT BRIEF-HTG Molecular amends, restates IVD test development, component supply agreement with Illumina June 5 HTG Molecular Diagnostics Inc: * Amended and restated its IVD test development and component supply agreement with Illumina * HTG Molecular Diagnostics - agreement extends term, increases number of in-vitro diagnostic test kits that may be developed with Illumina sequencing technology  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-htg-molecular-amends-restates-ivd-idUSFWN1J20CU'|'2017-06-05T20:14:00.000+03:00'
'fe131e8444ffe497e320a63ae4ebffee2b431d9d'|'BRIEF-Wealth Minerals signs LOI with Atacama Lithium Chile for option to buy mining project'|'Company  18am EDT BRIEF-Wealth Minerals signs LOI with Atacama Lithium Chile for option to buy mining project June 5 Wealth Minerals Ltd: * Wealth receives positive geophysical results at Laguna Verde lithium project, Chile * Signed LOI with Atacama Lithium Chile SPA in connection with grant of option to acquire additional exploration mining concessions * LOI related to area surrounding Laguna Verde project; if option exercised, co''s total land position there to be about 8,700 hectares  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-wealth-minerals-signs-loi-with-ata-idUSFWN1J20CW'|'2017-06-05T20:18:00.000+03:00'
'd81293e32c30597d8a8a3497a63358aa84b9f23c'|'PRESS DIGEST- Canada- June 5'|'Market News - Mon Jun 5, 2017 - 7:15am EDT PRESS DIGEST- Canada- June 5 June 5 The following are the top stories from selected Canadian newspapers. Reuters has not verified these stories and does not vouch for their accuracy. THE GLOBE AND MAIL ** As the federal government seeks advice from Canadians on the country''s approach to renegotiating the North American free-trade agreement, players in the auto sector disagree on how a key feature of automotive trade should be treated. ( tgam.ca/2sHVfhj ) ** Executives at Tim Hortons''s parent company face shareholders at its annual meeting on Monday amid secret talks with disgruntled franchisees and mounting criticism of the chain''s cost-cutting efforts. ( tgam.ca/2s939Ub ) ** Enbridge Inc is mulling expansion of a major export pipeline, in the first sign of how the company plans to use its scale after a C$37 billion ($28 billion) merger with Spectra Energy Corp. ( tgam.ca/2svdirC ) NATIONAL POST ** Christine "Chrissy" Archibald, a British Columbia native who went to university in Calgary before moving to Europe to be with her fiance was identified Sunday as the lone Canadian victim in a terrorist attack in London. ( bit.ly/2sF5PWy ) ** Sales of existing homes across the Greater Toronto Area dropped a 20.3 percent in May from a year ago, while the average home price in the region fell about 6 percent from April, results based on the first full month of data following a major initiative by the Ontario government to cool Canada''s biggest housing market. ( bit.ly/2rsExEX ) ($1 = C$1.35) (Compiled by Bengaluru newsroom) Our Standards: The Thomson Reuters Trust Principles Next In Market News '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/press-digest-canada-idUSL3N1J23QK'|'2017-06-05T19:15:00.000+03:00'
'a36be5149a6f34b7432349bdf5bfcd30e887321e'|'Dubai stock index drops 0.6 pct in opening minutes after Qatar rift'|'Market News - Mon Jun 5, 2017 - 2:17am EDT Dubai stock index drops 0.6 pct in opening minutes after Qatar rift DUBAI, June 5 Dubai''s stock index dropped 0.7 percent in the first 10 minutes of trade on Monday after Saudi Arabia, Egypt, the United Arab Emirates and Bahrain severed ties with Doha, accusing it of supporting terrorism. The Gulf Cooperation Council states do little merchandise trade with each other, instead relying on imports from outside the region, and Qatari investment in the other GCC stock markets is believed to be tiny, no more than a few percent of total capitalisation. But the diplomatic rift hurt sentiment in Dubai and other GCC markets as it could complicate business deals and fund flows around the region. Abu Dhabi''s stock index fell 0.4 percent while Qatar had not yet started trading. (Reporting by Andrew Torchia) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/markets-stocks-dubai-qatar-idUSD5N19L021'|'2017-06-05T14:17:00.000+03:00'
'e8c209dd1ae82f27f70a671c9af7d5b3cee41b5f'|'Japan to require regional banks to contain bond-holding risk - Nikkei'|'Business   2:21am BST Japan to require regional banks to contain bond-holding risk - Nikkei TOKYO Japan''s financial regulator will adopt a new regulation requiring regional banks to guard against potential losses they could incur on their bond holdings from sharp interest rate swings, the Nikkei reported on Thursday. The step is aimed at preventing regional banks from relying too much on revenues from bond investment and nudge them into boosting lending, the paper said, without citing sources. The new regulation, to be introduced from the fiscal year ending in March 2019, will target Japan''s 95 banks that do not hold overseas operations, including Aozora Bank ( 8304.T ), Shinsei Bank ( 8303.T ) and Resona bank ( 8308.T ), the paper said. With their margins squeezed by the Bank of Japan''s negative interest rate policy, regional banks have stepped up investment on assets vulnerable to interest-rate risk such as foreign bonds. Under the new regulation, the Financial Services Agency (FSA) will issue a warning to a regional bank when estimated losses on their bond holdings exceed 20 percent of their capital, the paper said. The FSA will also conduct hearings and if it sees any problem with the bank''s financial health, it will order the bank to issue a report, the Nikkei said. (Reporting by Leika Kihara; Editing by Shri Navaratnam)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-japan-economy-fsa-idUKKBN18Z04V'|'2017-06-08T09:21:00.000+03:00'
'c8ba04a4cfdb44c019c5819a33e882bd3dbc09f6'|'Emaar to launch IPO of real estate development business by November: Al Arabiya TV'|'DUBAI Dubai-based Emaar Properties EMAR.DU plans to launch the initial public offering (IPO) of its real estate development business by November, Emaar''s chairman Mohamed Alabbar told Al Arabiya TV on Thursday.Emaar, whose interests span hotels, entertainment and shopping malls, said on Wednesday it had decided to list the real estate development business in Dubai to maximize value for shareholders, which would be in line with its strategy of separating its businesses into listed companies.Alabbar said the board of directors was discussing distributing 100 percent of funds from the sale of up to 30 percent of the shares of the real estate development business to shareholders of Emaar Properties.The company floated Emaar Malls in 2014, valuing the business at 37.7 billion dirhams ($10.27 billion).When asked by the channel if the valuation was close to the value of Emaar Malls, Alabbar said he expected the numbers to be close."We are still in the beginning, we are working with Goldman (Sachs) on this process," he said.Goldman Sachs declined to comment.(Reporting by Reem Shamseddine and Saeed Azhar; Editing by Mark Potter)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-emaar-properties-ipo-idUSKBN18Z1YV'|'2017-06-08T18:23:00.000+03:00'
'7b5d2609eb7ee6b2854eb80c1486491419b1e43f'|'Deutsche Bank''s Baenziger not in bonus clawback talks: paper'|'Banks - Sun Jun 4, 2017 - 9:47am EDT Deutsche Bank''s Baenziger not in bonus clawback talks: paper FILE PHOTO - The logo of Deutsche Bank is seen at its headquarters ahead of the bank''s annual general meeting in Frankfurt, Germany May 18, 2017. REUTERS/Ralph Orlowski FRANKFURT Deutsche Bank ( DBKGn.DE ) is not in advanced talks over frozen bonus payments, former board member Hugo Baenziger told Frankfurter Allgemeine Sonntagszeitung. Baenziger''s remarks run counter to comments made by the bank''s current chairman Paul Achleitner who said the lender was in talks to persuade former board members to make a financial contribution toward the costs of paying for the bank''s involvement in past misconduct. "What Achleiter is referring to, I do not know. Until the annual general meeting I had not been in contact with him for nine months," Baenziger was quoted as saying. Deutsche Bank''s current and former board members have not been found guilty of personal misconduct. But the lender chose to freeze some bonus payments for senior bankers, in a bid to persuade shareholders that managers are being incentivised to stop any misconduct at the bank. Baenziger, a former risk manager at Deutsche Bank, also told the newspaper he saw no legal basis for action against former board members. Baenziger could not be reached for comment. Deutsche Bank declined to comment on Baenziger''s remarks but referred to comments made by Achleitner when he told shareholders the bank was exploring legal ways for the bank to get former board members to take personal and collective responsibility for the bank''s legal troubles. (Reporting by Tom Sims; Writing by Edward Taylor. Editing by Jane Merriman) '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-deutschebank-bonuses-baenziger-idUSKBN18V0RJ'|'2017-06-04T21:47:00.000+03:00'
'2bd9818e251a1833c00cd28bc1854c1551296c22'|'Yes, house prices are falling: but they probably won’t fall quickly - Business'|'T here is a small but vibrant web forum, housepricecrash.co.uk , whose members’ outrage at inflated property prices is matched only by their dismay that the longed-for slump has never materialised. After Nationwide reported last week that house prices had fallen for the third month in a row , its faithful believe the day of reckoning is finally coming.The average home fell in value by 0.2% in May, said Nationwide, following on from declines of 0.4% in April and 0.3% in March. Not since the height of the financial crisis in 2009 have prices fallen for three months in a row.When the report of that data was published on theguardian.com, the highest-rated response below the line was: “If you have a house for sale, drop the price because in six months it’s going to be a lot lower.”It is worth taking a closer look at the data. The most striking figure to emerge is that house prices in May actually rose – from £207,699 to £208,711. Nationwide reported them as falling only after making a seasonal adjustment. That may make statistical sense to some, but it’s no comfort to a buyer whose deposit won’t be seasonally adjusted by their bank.The unadjusted figure of £208,711 is actually the all-time record high for house prices in the UK. But a slowdown in London – and outright declines in many boroughs – is evident to any buyer. The capital is both the reception city for migrants, now falling in number, and the exit city for the UK’s financial services industry post-Brexit. It would be remarkable if its rental and sales markets had done anything other than go into reverse. The glut of luxury apartment building only adds to the downward pressure.The question for the 87% of the British population not in London is how far this will ripple beyond the capital. There are some good reasons why it should; the absolute level of prices is so high that further expansion is almost inconceivable. While London prices reflect an international market, in towns and cities elsewhere they must be supported by local UK incomes, which are currently static at best.Crucially, we are also seeing the end of the buy-to-let landlord as the marginal buyer of virtually every new one- or two-bed flat to come on to the market. Stamp duty, higher taxes and strict new affordability tests have sent lending to landlords into freefall. It is a long-overdue rebalancing of the market, and will inevitably depress prices.Every hit on landlords and fall in prices is greeted cheerfully by young adults, who have been priced out of the market. But there’s the rub. The scale of the decline in home ownership among the young has been so dramatic that it has created a vast level of pent-up demand. It means that any significant fall in the market will provoke a “relief rally” of buying by those who have been desperate to get on the fabled ladder.Now throw into this mix Britain’s near permanent failure to build enough houses. Then add migration – yes, it’s down, but instead of the need to build a new city the size of Sheffield each year, it suggests we need to build one the size of Brighton, and there’s little sign of that. What all this tells you is that price falls, when they come, are likely to be moderate rather than steep.Always bear in mind that house prices are largely a function of how much a bank is willing to lend against an asset. Banks and building societies , no longer lending in volume to landlords, are now throwing money at first-time buyers. Rates for 90% loans have tumbled to as low as 1.9% for two-year deals and just 2.55% for five-year fixes.Of course, we can’t rule out a house-price crash. The fog of Brexit will becalm the market for several years to come. But a full-scale crash requires a steep rise in interest rates – and, for now, no one is forecasting that.Sorry, pension fund managers: your relief may be short-lived What do BT and British Airways have in common? You could point to the public relations disasters that dog each organisation: one hitting the headlines recently following its accounting scandal, the other struggling to cope with the after-effects of last weekend’s cancelled flights.The other problem they share is a huge shortfall in their retirement fund. But there is good news on this front, because pension deficits at the UK’s largest companies appear to be falling. Pension adviser Mercer said last week that the collective deficit of final salary pension schemes among FTSE 350 firms fell in the past month by more than £10bn – from £145bn to £134bn.One of the biggest factors was a year of rising stock markets: they are at all- time highs in New York and London. Another, more surprising, factor is a slowdown in decades of improving life expectancy.In March, an Institute of Actuaries paper showed that the usual annual improvements in life expectancies were slowing. Mortality rates showed fairly steady improvements of 2.6% a year for men and 2.2% for women between 2000 and 2011. Since then, it says, annual increases have been close to zero. Accountant PwC says total liabilities for the UK’s 5,800 final salary pension schemes, which it estimates at £2tn, would fall by 15%, or £310bn.Not everyone agrees. Andrew Scott and Lynda Gratton of London Business School – authors of a recent book, The 100-Year Life – argue that the majority of children born in rich countries today can expect to live to more than 100, and individuals and employers should be planning on that basis.Other experts counter that poorer people and those most likely to suffer ill-health, and drag down mortality averages, are less likely to be in jobs with generous retirement schemes.With this in mind, far from breathing a sigh of relief following news of a short-term cut in pension deficits, employers should continue to prepare for the worst.Failing French Connection continues in splendid isolation French Connection was once a big brand – remember when every teenager wanted FCUK on their T-shirt? But the label has been drifting for a decade and has run up five years of losses.At this point, big shareholders might suggest new management is required. But founder Stephen Marks, with over 40 years at the helm of the fashion retailer, still believes he knows best.Marks has always found corporate governance a tad challenging. He is the biggest shareholder and is dug in as both chair and chief executive. The group doesn’t even have the requisite two independent non-executive directors to challenge him. Activist investor Gatemore Capital says no one has a “God-given right” to run a company and he should step down or run a transparent sale process.It is probably right. But history suggests Marks won’t care. The shares are around 37p, compared with 487p in their heyday: but, like the retailer’s fashions, they still look expensive.Topics Housing market Business leader Mortgage lending figures Buying to let Property Banks and building societies Renting property comment     Reuse this content'|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/business/2017/jun/04/house-prices-falling-probably-wont-fall-quickly'|'2017-06-04T03:00:00.000+03:00'
'fdbe0f2a6dd0c93ce976044cb5de59f2d5aedd9c'|'China May CPI +1.5 percent year on year, slower vs. April; PPI +5.5 percent year on year, cools for third month'|'United States  47am BST China May CPI +1.5 percent year on year, slower vs. April; PPI +5.5 percent year on year, cools for third month A rooster decoration is seen at a shop in Beijing, China, January 18, 2017. REUTERS/Jason Lee BEIJING China''s consumer inflation in May picked up to 1.5 percent from a year earlier, in line with market expectations, the National Bureau of Statistics said on Friday. The consumer price index (CPI) had been expected to rise 1.5 percent year-on-year, compared with April''s 1.2 percent gain. The producer price index rose 5.5 percent in May from a year earlier, cooling for the third consecutive month. In April, factory gate prices rose 6.4 percent from a year ago, slowing from the previous month, driven by persistent declines in iron ore and coal prices amid concerns over cooling demand. Analysts polled by Reuters had predicted May producer price inflation would be at 5.7 percent on an annual basis. (Reporting by Min Zhang and Sue-Lin Wong; Editing by Shri Navaratnam)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-china-economy-inflation-idUKKBN19005X'|'2017-06-09T09:47:00.000+03:00'
'a8b0ada6c04658019861337e5abb0783814c0f6d'|'REFILE-Superior Industries draws eyes to investor push-back'|'(Removes errant Quote: )By Yoruk BahceliLONDON, June 9 (IFR) - Superior Industries'' debut euro deal offered another sign of growing investor push-back against aggressive high-yield deal terms, with a US-style covenant loophole that could enable key assets to be insulated from creditors removed from the bond''s documents.The senior unsecured €250m eight non-call three note, upsized by €10m from the originally planned €240m, priced at 6%, the tight end of initial price talk at 6%-6.25%, but only after the deal''s covenant package was amended.The notes initially included covenants that allow the company''s restricted subsidiaries to make investments in its unrestricted subsidiaries, something which could have enabled Superior Industries, an autoparts manufacturer, to insulate assets from creditors. Those assets could also be used as collateral to back new debt."They have a J Crew-style provision in the documents that allows the company to siphon off key assets through unrestricted subsidiaries," one investor said at the early stages of marketing.US retailer J Crew transferred valuable intellectual property into a Cayman Islands "unrestricted subsidiary" in December last year. This allowed it to alter its debt and liens covenants to the detriment of bondholders.The possible inclusion of a similar provision in a European deal for the first time raised the question of whether or not bond terms are facing the risk of further erosion.However, the controversial clause was then removed from the notes'' documents entirely.A market source said the provision was not purposefully included in the bond''s documents but was carried over from a US precedent that had been used to draft them.TPG, J Crew''s private equity owner, also holds preferred equity in Superior Industries.The source added that the term was ultimately removed to keep investors happy, particularly given Superior Industries'' position as a debut issuer in the market.INCREASING RESISTANCE?The deal comes as another demonstration of increasing resistance from investors against aggressive deal terms, which have flourished of late in the supply-short high-yield market, where buyers are crying out for deals.Superior Industries follows bureau de change operator Travelex, which was forced to sweeten the terms of its €360m bond to convince investors in late April, tweaking an aggressive covenant package, as well as extending call protection."Travelex, together with Superior Industries, to me shows a change. There is a shift, putting more power, more negotiating power, in investors'' hands with regard to covenants when the book isn''t filling quickly enough," said Sabrina Fox, head of European research at credit research firm Covenant Review.However, with both Superior Industries and Travelex widely seen as challenged credits, it remains to be seen whether or not investors will be able to push back on less problematic names.While Travelex''s business model had come under fire for the declining demand for currency exchange services, investors questioned Superior Industries'' first-quarter sales and the state of the auto market.Several investors said they were not focused on the deal''s covenants.A second investor said the primary issue was the company''s weak prospects for cashflow generation and leverage level, rather than the covenants."The covenants are something that would put us off if we liked the credit. The first thing we do is decide if we like the credit, then we go into the covenants. The covenants are not make or break for me," he said.Another investor said the covenants did not affect his fund''s decision, given the small amount purchased and a rare juicy yield on offer."People should have been furious," the first investor said. "The risk with controversial deals from a credit perspective is that people don''t like the credit from the beginning and don''t read the prospectus. That''s what makes it so difficult to push back."TIMINGFox added that timing has been playing a key role in limiting investor ability to push back on deal terms, with accounts often having no more than a day or two to review a transaction between announcement and pricing and getting to grips with the terms on offer.Drive-by trades, where a deal prices on the day of its announcement, have also not been uncommon in the high-yield market of late. The most recent issuers to go down such a route have been UPC and Ardagh.Some drive-by deals follow non-deal roadshows, where issuers are supposed to hold discussions with investors without marketing a transaction."I do wonder whether it (non-deal roadshows) will become more of a theme if banks and law firms keep seeing the push-back," Fox said."Is it going to be a way of them avoiding making changes once the deal comes out, because they''ve already filled the book before the prospectus has been distributed?"With European interest rates eventually bound to rise, several bankers told IFR they are pushing issuers to come to the market and lock in cheap rates while they can.Against that backdrop, companies are likely to remain keen to close deals as soon as possible.Despite the trade''s challenging nature, market reaction to Superior Industries'' deal was positive, with the note trading up to a bid price of 101.540 to yield 5.722% less than a day after it priced, according to Tradeweb data.Proceeds from the bond will be used to refinance the bridge loan Superior Industries took out to acquire Germany-based automotive parts company Uniwheels.JP Morgan (B&D), Citigroup, RBC and Deutsche Bank managed the trade. (Reporting by Yoruk Bahceli; editing by Philip Wright, Sudip Roy)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/idINL8N1J653N'|'2017-06-09T14:31:00.000+03:00'
'ccf4ce72a60424e7248ce3b23570bf2a19502358'|'EU''s Tusk criticises Nord Stream 2 as Brussels readies for Russia talks'|'Business News - Thu Jun 8, 2017 - 8:36pm BST EU''s Tusk criticises Nord Stream 2 as Brussels readies for Russia talks FILE PHOTO: Donald Tusk, the President of the European Council, leaves after meeting Britain''s Prime Minister, Theresa May inside 10 Downing Street, in central London, Britain April 6, 2017. REUTERS/Hannah McKay By Gabriela Baczynska - BRUSSELS BRUSSELS The head of the European Council, Donald Tusk, has waded into a dispute over a proposed new pipeline for Russian gas that pits Germany against eastern members of the EU, saying the plan would be harmful to the bloc''s interests. Poland, the Baltic states and others argue that Nord Stream 2 would increase the European Union''s dependence on Russia''s Gazprom, which already supplies about a third of the bloc''s gas. Supporters say it will mean cheaper gas supplies for Europe. "You know that my view about this project is negative," Donald Tusk, a former Polish prime minister who now chairs summits of EU leaders, wrote in a letter seen by Reuters on Thursday. "It will not serve the best European interest," Tusk said in the letter, addressed to Jean-Claude Juncker, head of the executive European Commission which is preparing to negotiate with Russia on the project. Opponents of the pipeline also note that it would bypass Ukraine, thereby harming the interests of the pro-Western government in Kiev at a time when Russia remains under EU sanctions over its annexation of Ukraine''s Crimean Peninsula and its support for separatist rebels in eastern Ukraine. Gazprom''s European partners n the Nord Stream 2 project include Germany''s Uniper, Austria''s OMV and France''s Engie. The European Commission, comprised of 28 officials, one from each EU state, is working on a proposal for a mandate to launch negotiations with Russia on the pipeline to ensure it meets EU laws. "I encourage you to be determined in demanding that all our rules stemming from the legal obligations ... as well as our political objectives are applied to this project in full," Tusk said in his letter to Juncker. In commenting on the letter, which has not been made public, a spokesman for the Commission said on Tuesday: "The Commission is an institution based on law. We therefore cannot take arbitrary decisions favouring a project, or blocking another on the basis of preferences." "The European Commission is now working on the legal framework that will ensure that the construction of such an important infrastructure does not happen in a legal void," said the spokesman, Margaritis Schinas. He said he hoped member states would endorse the proposal. Three sources in Brussels said the Commission was likely to approve on Friday the negotiating mandate proposal, which would then have to be endorsed by EU states before any talks with Moscow start. Two other officials said those countries opposed to the Nord Stream extension were working through their nationally appointed commissioners to make the mandate more demanding. This could delay its approval in Brussels even before the proposal reaches member states for further talks. (Editing by Gareth Jones)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-eu-nordstream2-tusk-idUKKBN18Z2ON'|'2017-06-09T03:36:00.000+03:00'
'ecf5dca816e3d9a9f9afa311b905276a59dee74e'|'UK election upset pummels pound, other currencies stay calm'|' 48am BST UK election upset pummels pound, other currencies stay calm FILE PHOTO: A one pound coin lies on a Union Flag in this picture illustration shot on May 3, 2017. REUTERS/Darren Staples/Illustration/File Photo By Shinichi Saoshiro - TOKYO TOKYO The pound fell sharply on Friday after British Prime Minister Theresa May''s Conservative Party appeared set to fall short of an expected majority in a general election. Sterling was down 1.5 percent at $1.2764 after sliding to as low as $1.2705 GBP=D4 , down about 2 percent and the weakest since April 18. An exit poll predicted the Conservatives would win 314 seats in the 650-member parliament and the opposition Labour Party 266, meaning no clear winner and a "hung parliament". As of 0125 GMT the BBC reported that May''s party was not expecting an overall majority. If the exit poll proves correct, the shock result would plunge domestic politics into turmoil and could alter the nature of Brexit talks. For a graphic on the poll and results as they come in, see tmsnrt.rs/2q7tC48 Movements in other major currencies such as the dollar, euro and yen were limited, also having taken in stride testimony by former FBI director James Comey, which was initially expected to be the other big event of the week. "Britain''s exit from the European Union will continue regardless of the political turmoil likely to be created by the election results. Other currencies, like dollar/yen, are not reacting much as it is a more domestic affair this time, unlike last year''s Brexit vote," said Koji Fukaya, president at FPG Securities in Tokyo. "Focus for the broader currency market will now shift toward the Federal Reserve''s policy meeting next week." The dollar was up 0.1 percent at 110.110 yen JPY= . "There were many participants who wanted to take advantage of the volatility resulting from a key event like the British elections, which explains the pound''s initial steep drop," said Yukio Ishizuki, senior currency strategist at Daiwa Securities. "The swings in the pound have not spilled over into other currencies as the market was well hedged and prepared for a variety of election scenarios." The euro extended overnight losses and was 0.2 percent lower at $1.1190 EUR= . The common currency was capped after the European Central Bank on Thursday cut its forecasts for inflation and said policymakers had not discussed scaling back its massive bond-buying program. Comey accused President Donald Trump of firing him to try to undermine its investigation into possible collusion by his campaign team with Russia''s alleged efforts to influence the 2016 presidential election. While this was the most eagerly anticipated U.S. congressional hearing in years and was approached by investors with caution, it did not offer fresh insight for the financial markets. The Nasdaq managed to close at a record high on Thursday. Trump''s critics say any efforts by the president to hinder an FBI probe could amount to obstruction of justice. Such an offense potentially could lead to Trump being impeached, although his fellow Republicans who control Congress have shown little appetite for such a move. Buoyed by the pound''s fall, the dollar index against a basket of major currencies was up 0.4 percent at 97.319 .DXY. (Editing by Kim Coghill)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-global-forex-idUKKBN18Z34N'|'2017-06-09T09:41:00.000+03:00'
'e8cc1d1fc3fbbc3fcfcd21963328d297f1939dce'|'EMERGING MARKETS-Stocks hit 2-year high despite mounting pressure on Qatari riyal'|'By Sujata Rao - LONDON, June 9 LONDON, June 9 Emerging stocks inched to new two-year highs on Friday and were set to end the week in the black but Qatar''s riyal fell further in the offshore forwards markets after a rollercoaster week that saw its stocks lose 7 percent.Overall emerging markets were kept in check by a firmer dollar and weaker Chinese factory gate prices that again cast doubts on economic growth, but MSCI''s emerging equity index hovered near flat for a half-percent rise this week.Qatari stocks had stabilised on Thursday after sharp falls but pressure on its currency and bonds showed little sign of abating, with one-year dollar/riyal forwards hitting the lowest since December 2015 in offshore trade.The riyal has traded as low as 3.7 per dollar in onshore forward markets, Thomson Reuters data shows, a record low, and some 1.6 percent below its spot pegged rate."There is a bit of a spike but Qatar has plenty of reserves to fight the attack on the currency, so we don''t think a de-peg is on the cards," Societe Generale strategist Regis Chatellier said. He ruled out defaults despite pressure on Qatari bonds.Sovereign credit default swaps (CDS) also rose to a new seven-month high of 101 basis points (bps), almost double week-ago levels, according to IHS Markit.Saudi CDS touched their highest since February, indicating some spill over to the rest of the Gulf but this also is not expected to be serious."Obviously this is not a positive story for ... any of the other countries ... it has a negative impact on the image of GCC (Gulf Cooperation Council) as one unit and it makes it potentially more difficult to implement reforms overall," MUFG strategist Trieu Pham said. He noted the GCC plan to implement a value-added tax from next year.But a positive global backdrop would limit the fallout, he said. "We see that even Qatar (assets) has not gone through the roof. At this point everything looks controllable so I don''t see it spilling out (of the Middle East)."Elsewhere, the Czech crown jumped 0.4 percent to a new three-year high versus the euro, with higher-than-expected May inflation data pointing to possible monetary tightening later this year, and contrasting with the European Central Bank''s (ECB''s) dovish stance .Czech bond yields rose across the curve, with five-year yields hitting 10-day highs.Elsewhere, investors are carefully watching developments in Venezuela, which missed a $30 million interest payment to the CAF development bank, the Development Bank of Latin America, days after missing a $1 billion repayment to Russia.The Ivory Coast meanwhile issued the first euro-denominated bond sold by any sub-Saharan African country besides South Africa.For GRAPHIC on emerging market FX performance 2017, see tmsnrt.rs/2e7eoml For GRAPHIC on MSCI emerging index performance 2017, see tmsnrt.rs/2dZbdP5For CENTRAL EUROPE market report, seeFor TURKISH market report, seeFor RUSSIAN market report, see)Emerging Markets Prices from Reuters Equities Latest Net Chg % Chg % Chgon yearMorgan Stanley Emrg Mkt Indx 1020.61 +1.55 +0.15 +18.36Czech Rep 1010.07 +3.85 +0.38 +9.60Poland 2344.45 +4.22 +0.18 +20.36Hungary 35255.12 -15.83 -0.04 +10.16Romania 8550.16 -123.40 -1.42 +20.68Greece 780.35 +1.30 +0.17 +21.24Russia 1043.84 +5.34 +0.51 -9.41South Africa 45725.04 -8.74 -0.02 +4.15Turkey 98894.96 +917.42 +0.94 +26.56China 3158.75 +8.41 +0.27 +1.78India 31217.71 +4.35 +0.01 +17.24Currencies Latest Prev Local Localclose currency currency% change % changein 2017Czech Rep 26.23 26.28 +0.21 +2.97Poland 4.19 4.20 +0.23 +5.19Hungary 307.55 307.68 +0.04 +0.41Romania 4.56 4.56 +0.12 -0.50Serbia 122.50 122.55 +0.04 +0.69Russia 56.97 56.88 -0.15 +7.54Kazakhstan 315.68 314.22 -0.46 +5.69Ukraine 26.13 26.12 -0.06 +3.33South Africa 12.93 12.90 -0.20 +6.22Kenya 103.15 103.35 +0.19 -0.76Israel 3.53 3.52 -0.15 +9.07Turkey 3.52 3.52 +0.02 +0.12China 6.80 6.80 +0.03 +2.15India 64.33 64.24 -0.14 +5.62Brazil 3.26 3.26 -0.00 -0.23Mexico 18.23 18.20 -0.16 +13.64Debt Index Strip Spd Chg %Rtn IndexSov''gn Debt EMBIG 318 0 .04 7 90.78 1All data taken from Reuters at 0932 GMT. Currency percent change calculated from the daily U.S. close at 2130 GMT. (Additional reporting by Claire Milhench; Editing by Louise Ireland)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/emerging-markets-idINL8N1J62HA'|'2017-06-09T08:14:00.000+03:00'
'46c67cf023b5dbcb8030d05dcd61f780f62d627a'|'Exclusive: Brazil''s Oi considers capital hike to accelerate reorganization'|'By Guillermo Parra-Bernal and Alexandra Alper - SAO PAULO SAO PAULO Oi SA is working on a proposal to raise 8 billion reais ($2.4 billion) in fresh capital from shareholders and investors as a way to accelerate the Brazilian wireless carrier''s emergence from bankruptcy, Chief Executive Officer Marco Schroeder told Reuters on Friday.Under terms of the plan, which are under analysis by Oi''s executives and financial advisers, new stock would be offered to shareholders and, if some of them forgo the chance to subscribe, to other investors, Schroeder said in an interview. He declined to elaborate on the plan.That would come on top of a revised proposal laid out in March, which offers financial creditors 25 percent of its equity or convertible bonds to be called in three years, at which point they could own up to 38 percent of its shares. Creditors have not yet extended a counteroffer to that plan, Schroeder said.The new money would be used entirely to bolster Oi''s balance sheet, enabling Brazil''s fourth-largest mobile carrier to undertake more investments in fiber optic and connectivity, Schroeder said. He expects to present the plan to the company''s board before the end of the month.The Oi reorganization process, which began almost a year ago and remains Brazil''s largest bankruptcy protection case to date, has been marked by a series of disputes between creditors and shareholders over the fate of Brazil''s No. 4 wireless carrier. The government has threatened to intervene should Oi stakeholders fail to reach an agreement.Common shares rose 1 percent in early afternoon trading, extending gains to nearly 50 percent so far this year.Schroeder is confident that differences among creditors and shareholders will eventually ironed out. He wants to propose a final vote on Oi''s amended in-court reorganization plan by about September, well ahead of the bankruptcy court''s deadline of February 2018."It''s a constant work of fine-tuning the proposal, until most parties involved consider it fair and valuable," Schroeder said.Orascom TMT Holdings SAE and a group of bondholders have repeatedly given management and shareholders of Oi additional time to amend the latter''s original reorganization plan.Other creditors and investors, including billionaire Paul Singer''s Elliott Management Corp, have also presented their own reorganization proposals in recent months.(Editing by Dan Grebler and Bernadette Baum)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-oi-sa-ceo-idINKBN1902DS'|'2017-06-09T14:46:00.000+03:00'
'ca35cb8c173b332dfebfd79fd9bb3aff34922756'|'Automakers diverge on how fast to deploy automatic braking'|'By Joseph White - DETROIT, June 8 DETROIT, June 8 Big automakers are rushing to launch self-driving cars as early as 2021, but the industry''s major players are moving slowly when it comes to widespread deployment of a less expensive crash prevention technology that regulators say could prevent thousands of deaths and injuries every year.Nissan Motor Co Ltd said on Thursday it would make automatic braking systems standard on an estimated 1 million 2018 model cars and light trucks sold in the United States, including high-volume models such as the Rogue and Rogue Sport compact sport utility vehicles, the Altima sedan, Murano and Pathfinder SUVs, LEAF electric car, Maxima sedan and Sentra small car.Nissan sold about 1.6 million vehicles in the United States last year.Rival Toyota Motor Corp has said it will make so-called automatic emergency braking standard on nearly all its U.S. models by the end of this year.Overall, however, most automakers are not rushing to make automatic brake systems part of the base cost of mainstream vehicles sold in the competitive U.S. market. The industry has come under pressure from regulators, lawmakers and safety advocates to adopt the technology, which can slow or stop a vehicle even if the driver fails to act.So far, only about 17 percent of models tested by the Insurance Institute for Highway Safety offered standard collision-avoiding braking, according to data supplied by the auto safety research group backed insurance industry. Many of the models with standard collision-avoiding brake systems are luxury vehicles made by European or Japanese manufacturers.The systems require more sensors and software than conventional brakes, and automakers said they need time to engineer the systems into vehicles as part of more comprehensive makeovers.Last year, 20 automakers reached a voluntary agreement with U.S. auto safety regulators to make collision-avoiding braking systems standard equipment by 2022.Safety advocates have petitioned the National Highway Traffic Safety Administration to begin a regulatory process to require the technologies, but the agency has said the voluntary agreement will result in faster deployment than a formal rule-making process. NHTSA says the technology could eliminate one-fifth of crashes."Do the math. That’s 5 million crashes every year - 20 percent reduction means 1 million less. Those are big numbers," Mark Rosekind, the NHTSA''s then-administrator, told Reuters last year.But customers would likely experience the benefits of the technology infrequently. The technology to enable a car to drive itself is far more costly, but industry executives foresee autonomous vehicles driving revenue-generating transportation services that could be attractive to investors.General Motors Co offers automatic braking as optional equipment on about two-thirds of its models. The company did not say on Thursday how many vehicles have the technology as standard equipment. GM has not made public its plans to make the technology standard across its lineup."Any time you have a voluntary agreement you have a spectrum of implementation," Jeff Boyer, GM''s vice president for safety, told Reuters earlier this week. Asked when GM would roll out standard automatic braking, Boyer said, "let''s just say we honor the voluntary commitment."Ford Motor Co "has a plan to standardize over time," the company said in a statement on Thursday. Currently, automatic braking systems are optional on several 2017 Ford and Lincoln models, and will be offered on certain 2018 models including the best-selling F-150 pickup truck.Fiat Chrysler Automobiles NV offers automatic braking as optional equipment in seven model lines, using cameras and radar to detect hazards ahead. The company has said it will meet the 2022 target for making the systems standard.As 2018 models roll out during the second half of this year, more vehicles will offer automatic braking, said Dean McConnell, an executive with Continental AG''s North American business. Continental''s automatic braking technology systems will be on certain Nissan models."We see it accelerating," he said. "It varies. There are some (automakers) that are being aggressive" and others that are waiting.Nissan did not disclose how much prices for vehicles would rise to offset the cost of standard automatic emergency braking. The 2018 models will be launched later this year. Currently, Nissan, like most carmakers, offers automatic braking as part of a bundle of optional safety and technology features.A 2017 Nissan Sentra compact sedan has a starting price of $17,875. To buy the car equipped with automatic braking requires spending another $6,820 for a Sentra SR with a premium technology package.German auto technology suppliers Continental and Robert Bosch GmbH will supply the systems, Nissan said. (Additional reporting by David Shepardson in Washington; Editing by Matthew Lewis)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/autos-safety-idINL1N1J513L'|'2017-06-08T17:43:00.000+03:00'
'd3ab82826361e4c9cea11054e7bc0e2f033cf9ec'|'Iran raises oil exports to West, almost on par with Asia'|'By Nidhi Verma - NEW DELHI NEW DELHI Iran''s oil exports to the West surged in May to their highest level since the lifting of sanctions in early 2016 and almost caught up with volumes exported to Asia, a source familiar with Iranian oil exports said.Iran, which used to be OPEC''s second biggest oil exporter, has been raising output since 2016 to recoup market share lost to regional rivals including Saudi Arabia and Iraq.While many Asian nations continued to purchase oil from Iran during sanctions, Western nations halted imports, halving Iran''s overall exports to as little as one million barrels per day (bpd).Last month, Iran exported about 1.1 million bpd to Europe including Turkey, almost reaching pre-sanction levels and only slightly below the 1.2 million bpd supplied to Asia, the source told Reuters.Iran''s exports to Asia last month were the lowest since February 2016, Reuters'' calculations showed.Oil exports to Asia fell as South Korea and Japan stepped up oil condensate purchases and bought less oil, said the source, who asked not to be identified as the information is confidential."Iran''s condensate parked in floating storage has almost been exhausted because of higher purchases by Japan and Korea," the source said.Exports to Asia were also hit by India''s decision to cut annual purchases from Iran by a fifth for the fiscal year to March 2018.After the lifting of sanctions, Tehran added new clients such as Litasco and Lotos and won back customers such as Total, ENI, Tupras, Repsol, Cepsa and Hellenic Petroleum.OPEC member Iran was allowed a small production increase under a December deal to limit output.Iran''s overall May oil production totalled 3.9 million bpd, the source said.Iran is currently producing about 200,000 bpd of West Karoun grade, which the nation blends with other Iranian heavy grades for export, he said.(Editing by Jason Neely and David Evans)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/iran-oil-exports-idINKBN1901WR'|'2017-06-09T11:13:00.000+03:00'
'40c768f6f9901150e2bcd9da631e4ff94c12693e'|'Boeing barrels ahead on 787 and 777 cost reductions'|'Thu Jun 8, 2017 - 10:22am BST Boeing barrels ahead on 787 and 777 cost reductions left right A Boeing 787 is pictured at Boeing''s production facility in Everett, Washington, U.S. June 1, 2017. REUTERS/Jason Redmond 1/11 left right Jason Clark (4th L), Vice President of Boeing 777 and 777X Operations, points to a model during a media tour of the 777 Wing Horizontal Build Line at Boeing''s production facility in Everett, Washington, U.S. June 1, 2017. REUTERS/Jason Redmond 2/11 left right Employees are pictured with a machine that handles wing fabrication and attachments are added to wing pieces at Boeing''s production facility in Everett, Washington, U.S. June 1, 2017. REUTERS/Jason Redmond 3/11 left right Wayne Tygert, Boeing 787-10 Chief Project Engineer for Boeing Commercial Aircraft, speaks at Boeing''s production facility in Everett, Washington, U.S. June 1, 2017. REUTERS/Jason Redmond 4/11 left right A worker (L) stands inside a 777 fuselage as a machine works on the outside at the Fuselage Automated Upright Build (FAUB) and mid bodies area at Boeing''s production facility in Everett, Washington, U.S. June 1, 2017. REUTERS/Jason Redmond 5/11 left right Brad Zaback, Vice President and Deputy General Manager for the Boring 777, speaks about Fuselage Automated Upright Build (FAUB) and mid bodies during a media tour of Boeing''s production facility in Everett, Washington, U.S. June 1, 2017. REUTERS/Jason Redmond 6/11 left right Brad Zaback, Vice President and Deputy General Manager for the Boring 777, speaks about Fuselage Automated Upright Build (FAUB) and mid bodies during a media tour of Boeing''s production facility in Everett, Washington, U.S. June 1, 2017. REUTERS/Jason Redmond 7/11 left right A machine used in the Fuselage Automated Upright Build (FAUB) and mid bodies production is pictured at Boeing''s production facility in Everett, Washington, U.S. June 1, 2017. REUTERS/Jason Redmond 8/11 left right Workers walk near 777 airplanes at Boeing''s production facility in Everett, Washington, U.S. June 1, 2017. REUTERS/Jason Redmond 9/11 left right A worker rides a tricycle past 777 airplanes at Boeing''s production facility in Everett, Washington, U.S. June 1, 2017. REUTERS/Jason Redmond 10/11 left right A worker is pictured inside a 777 airplane at Boeing''s production facility in Everett, Washington, U.S. June 1, 2017. REUTERS/Jason Redmond 11/11 By Alwyn Scott - SEATTLE SEATTLE Boeing Co is streamlining its aircraft production systems at its largest factory, trying to cut costs to compete with rival Airbus and chip away at the near-$30 billion deficit created by its 787 Dreamliner. Dozens of complex robots are replacing humans for such mundane tasks as drilling and riveting, and Boeing is reordering some of its assembly steps to speed up the process. The savings, part of a long-term cost-cutting drive at the world''s biggest plane maker that also includes substantial staff reductions, comes as Boeing has spent heavily to develop new aircraft models. It poured $1 billion into erecting a 27-acre factory to make carbon composite wings for its forthcoming 777X widebody jet. It scaled the factory to produce 100 planes a year. But with only 306 firm orders for the 777X on its books, and the production rate falling, Boeing is challenging workers to find more efficient ways to do the work so it can avoid purchasing some of the planned machinery. "Frankly, we would like to not to have to buy all of the equipment that we are currently sized for," said Eric Lindblad, vice president of the 777X program, during a recent factory tour. "It''s just saving money on capital." Behind him, only two of six bays built to hold carbon fiber placement machines had been outfitted with all equipment. Boeing also has set up a temporary low-rate assembly line for initial production (LRIP) of the 777X so it can test processes before hitting the acceleration pedal. REDUCING RISK OF LEMONS The "LRIP" strategy comes in part from painful lessons on the 787 line, where early aircraft that came out of the factory needed heavy reworking. This time, "we are actually testing the primary elements of that new production capability" on the 777, a plane Boeing already knows how to make, said Jason Clark, vice president of 777 and 777X operations. Final assembly of the 777X begins next year, with testing in 2019 and first delivery in 2020. Lindblad said it might be delivered a quarter early, if customers want, but not in 2019. On the 787 line, where wings, fuselage and other major pieces are shipped from suppliers and simply assembled at Boeing, the savings options are fewer. But teams are still taking out costs. They have slashed production time by more than two-thirds in four years through such changes as organizing kits so mechanics have all parts on hand and putting interiors into planes earlier on the assembly line, said Bob Manelski, director of 787 business operations. Boeing builds the 787 in Everett, Washington, and North Charleston, South Carolina. That allows it to try out new techniques on one line at a time. A year ago, it started noting a "champion time" for fastest production and analyzing how that was done. The savings are crucial to paying back about $27 billion in deferred 787 production costs racked up by the first few hundred 787s. Boeing''s goal is to build the largest 787 version, the 787-10, in the same amount of time as the two smaller versions - and for the same cost as the 787-9. It has no choice but to continue getting lean, Manelski said. "We have to price the airplane more and more aggressively every time we got to the market." (Reporting by Alwyn Scott)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-boeing-airshow-production-idUKKBN18Z131'|'2017-06-08T17:10:00.000+03:00'
'35920b7b196ca858e321eeb3b02ac929b06f405b'|'BP, Eni deepen blockchain trading in European gas'|'Technology News - Mon Jun 5, 2017 - 1:30pm BST BP, Eni deepen blockchain trading in European gas left right The logo of BP is on display at a petrol station in Vironvay, France, August 2, 2016. REUTERS/Jacky Naegelen 1/2 left right The logo of Italian energy company Eni is seen at an Agip gas station in Lugano, Switzerland June 3, 2016. REUTERS/Arnd Wiegmann/File Photo 2/2 LONDON Oil majors BP and Eni are deepening their foray into blockchain technology, starting to run blockchain trades in parallel with their live trading systems, according to developer BTL Group. The energy traders, together with Austria''s Wien Energie, had previously tested BTL''s Interbit blockchain platform over 12 weeks, carrying out trades in European natural gas. For example, the blockchain system found a discrepancy in the volume allocation of a trade of French gas sold by Eni to BP, eradicating a mistake that would have cost time at a later stage, a spokesman for BTL said. Eni and BP declined to comment. Originally used to underpin digital currency bitcoin, blockchain is a distributed record of transactions, or other data, maintained by a network of computers on the internet. "Use of such technology can help by streamlining back office processes, leading to reduced risk, better protection against cyber threats and ultimately significant cost savings," said Andrew Woosey, partner at consultancy EY which helped oversee the testing phase. Various commodity traders have started to test blockchain''s electronic transaction-processing system which promises to cutting out middlemen. But adaptation has been slow in the typically conservative commodity business for fear of losing discretion in dealings and complicating trading. (Reporting by Karolin Schaps; Additional reporting by Stephen Jewkes in Milan; Editing by Keith Weir) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-bp-eni-blockchain-idUKKBN18W1N2'|'2017-06-05T20:26:00.000+03:00'
'048e508ee876373f2e2d07e5f7c7b62368c78702'|'Kite to launch mid-stage leukemia trial in fourth quarter 2017'|'CHICAGO Kite Pharma Inc said on Monday it planned to launch in the fourth quarter of this year a Phase 2 trial of its experimental T-cell therapy in leukemia patients, possibly at a lower dose than is currently being tested.Updated early stage trial data presented at the annual meeting of the American Society of Clinical Oncology showed that use of the therapy, axi-cel, induced remission in 73 percent of 11 evaluated patients with relapsed acute lymphoblastic leukemia (ALL).Axi-cel belongs to a new class of therapies called chimeric antigen receptor T-cells (CAR-T) using a complicated process of extracting immune system T cells from an individual patient, altering their DNA to sharpen their ability to spot and kill cancer cells, and infusing them back into the patient."We are encouraged by the results in this extremely difficult-to-treat patient population," said Kite Chief Executive Officer David Chang.Axi-cel is under review by the U.S. Food and Drug Administration for treatment of advanced non-Hodgkin lymphoma, a different type of blood cell cancer.In the current trial of adults with advanced ALL, Kite said 27 percent of patients had severe cytokine release syndrome (CRS), a potentially life-threatening inflammatory condition, and 55 percent suffered serious neurological problems.As previously reported, one patient died due to CRS.Kite said that to improve the safety profile of axi-cel, more patients would be given the anti-inflammatory drug Actemra after their infusions, and it would test a lower 500,0000-cells-per-kilogram dose of the CAR-T cells.In the current ALL trial, patients are given either 2 million- or 1 million-cells-per-kg of body weight."Our assessment is that there isn''t much difference between those two - no loss of efficacy, so we decided to look at one more dose of 500,000 cells per kg," Chang said.Competitor Juno Therapeutics Inc gave up earlier this year on developing CAR-T candidate JCAR015 for ALL after toxicities and patient deaths. Both JCAR015 and axi-cel target a protein called CD19 found on cancerous blood cells.(Reporting by Deena Beasley; Editing by Peter Cooney)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-health-cancer-kite-pharma-idUSKBN18W1OW'|'2017-06-05T21:00:00.000+03:00'
'675df65fe724286f458f42a083b4dc8b5a381113'|'Big oil, small U.S. towns see new reward in old production technique'|'Mon Jun 5, 2017 - 6:20am BST Big oil, small U.S. towns see new reward in old production technique left right FILE PHOTO: A wellhead is seen at an Occidental Petroleum Corp carbon dioxide enhanced oil recovery project in Hobbs, New Mexico, U.S. on May 3, 2017. Picture taken on May 3, 2017. REUTERS/Ernest Scheyder/File Photo 1/3 left right FILE PHOTO: Equipment used to process carbon dioxide, crude oil and water is seen at an Occidental Petroleum Corp enhanced oil recovery project in Hobbs, New Mexico, U.S. on May 3, 2017. Picture taken on May 3, 2017. REUTERS/Ernest Scheyder/File Photo 2/3 left right FILE PHOTO: Equipment used to process carbon dioxide, crude oil and water is seen at an Occidental Petroleum Corp enhanced oil recovery project in Hobbs, New Mexico, U.S. on May 3, 2017. Picture taken on May 3, 2017. REUTERS/Ernest Scheyder/File Photo 3/3 By Ernest Scheyder - HOBBS, New Mexico HOBBS, New Mexico Amid the frenetic activity of American shale oilfields recovering from a two-year recession sit a handful of oil towns that seemed impervious as many producers went into bankruptcy and the economy around them sank. Occidental Petroleum Corp and a few other oil producers with wells near this town on New Mexico''s border with Texas steadily pumped low-cost oil through the downturn, using a technique that has been heralded worldwide as a way to reduce carbon emissions and boost oil output. "When everyone else in the oil industry was going down, Oxy kept working," said Joshua Grassham, vice president of Lea County State Bank and a Hobbs Chamber of Commerce board member. The city of 35,000 rests on the Permian oilfield, the largest oilfield in the United States. This way of drilling brings with it a sweetener for the oil industry to keep crude flowing: a tax credit that helps insulate these wells in a downturn, and could triple in size if Congress approves a new measure this summer. Such a move could extend by decades the producing life of hundreds more wells, increasing oil supply which would be a drag on prices. To date, the technique has been employed only at conventional oilfields, rather than on shale deposits. Some firms are studying how to put the technique to work in shale drilling, too. The drilling method harnesses the carbon dioxide produced during the extraction of oil or from power plants, and forces it back into the fields. That boosts the pressure underground and drives more oil to the surface. Their success could be replicated in oilfields across the United States if Congress approves the measure, which already enjoys broad bipartisan support. While the Trump administration has yet to say whether it supports the tax credit increase, the measure could also be a boon to the coal industry, which Trump wants to revitalize. The technique, one of several so-called enhanced oil recovery (EOR) strategies used to prolong the productive lifespan of oilfields and increase output, underpins around five percent of U.S. oil output, or about 450,000 barrels per day, according to energy consultancy Advanced Resources International. EOR can help firms to produce between 30 percent and 60 percent of all the oil held in a reservoir. That''s far more than the 10 percent usually recovered from initial traditional drilling, according to the Department of Energy. The existing credit has provided a financial lift for Occidental, Denbury Resources Inc and oil producers with ready access to the gas. Exxon Mobil Corp and Chevron Corp also use the technique on some of their oil fields. None detail their tax savings from the credit, but since the it was first offered in 2008, companies have collected at least $350 million in the credits, according to Internal Revenue Service figures. In Hobbs, Occidental not only kept a 200-person workforce intact during the oil-price downturn - when tens of thousands of workers were laid off in the shale patch - it also invested $250 million to expand operations during that period, according to its public filings. That meant Hobbs and nearby Seminole, Texas, where Hess Corp has its own carbon dioxide injection facility, didn''t suffer the extreme financial pain felt by shale towns, such as Williston, North Dakota, and other shale producing communities in 2015 and 2016. "Oxy''s investment in the carbon project was a huge economic boost to our area," Grassham said. Some of the carbon dioxide, a greenhouse gas, comes from naturally occurring reservoirs that are a low-cost source for Occidental. Others get the gas piped from power plants that burn coal. Power companies hope the technique can help them avoid higher carbon emissions. The company spends about $18 to $25 per barrel to collect oil from its enhanced oil recovery operations. In contrast, its shale-focused well costs are lower - $16 to $19 per barrel. But because EOR wells pump consistently for decades, their value to the company over time exceeds shale wells, whose production quickly tapers off. Across Texas and New Mexico, Occidental runs one of the world''s largest fleet of enhanced oil recovery projects, injecting 2 billion cubic feet of carbon dioxide each day into wells that first produced oil nearly a century ago. "We had a very large, stable carbon dioxide EOR business in our portfolio during the downturn," said Jody Elliott, president of Occidental''s American operations. "That helped." Partly because of its carbon facilities, Occidental was able to raise its dividend during the downturn. Today, executives are using the profits from the carbon business to grow its shale business across the Permian, the largest acreage holding in the region. "These two businesses play very well off of each other," Elliott said. TAX CHANGE? Congress is expected this summer to debate extending an existing tax credit that could pave way for wider use. The proposed Carbon Capture Utilization and Storage Act would boost the credit to $35 per metric ton of carbon dioxide, up from $10 per ton today. The legislation failed to move forward during last year''s heated presidential campaign, but supporters say it will be reintroduced soon. "We want to make sure that we show a strong commitment so we continue to develop these technologies," said North Dakota Senator Heidi Heitkamp, a Democrat and the bill''s lead sponsor. Electricity generator NRG Energy Inc earlier this year opened a $1.04 billion carbon capture facility at a Texas coal-fired power plant, using its carbon dioxide emissions to extract crude from a 1930s-era oilfield. Expanding the credit could, supporters hope, encourage more coal-fired power plants to follow NRG''s lead by capturing and selling carbon to oil producers. Most oilfields are not located near carbon dioxide supplies, so the tax credit also could spur the build-out of carbon pipelines. Environmentalists, including the Sierra Club, like the process because it traps carbon underground, preventing it from contributing to greenhouse gas emissions. "You''ll put more carbon in the ground than oil that is produced," said Vello Kuuskraa, president of consultancy Advanced Resources International, which studies enhanced oil recovery and carbon storage. Oxy is considering investing another $550 million in its Hobbs operation in the next several years to further expand its carbon facilities. "During all these oil industry downturns, those carbon wells keep people working," said Grassham. (Reporting by Ernest Scheyder; Additional reporting by Mike Wood and by Timothy Gardner in Washington; Editing by Gary McWilliams, Simon Webb and Edward Tobin)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-usa-oil-carbon-idUKKBN18W0GP'|'2017-06-05T13:12:00.000+03:00'
'5567cf62245f179bcebffcdee421836a3fd0ffb0'|'Mexico central bank raised rates to avoid price risks - minutes'|'Central Banks - Thu Jun 1, 2017 - 8:15pm BST Mexico central bank raised rates to avoid price risks - minutes MEXICO CITY Mexico''s central bank board agreed unanimously they needed to raise interest rates last month to anchor inflation expectations, but they were divided on whether they were close to finishing a cycle of increases, minutes of the meeting showed on Thursday. The Banco de Mexico voted 4-0 in its May 18 decision, with board member Roberto del Cueto absent, to raise its benchmark rate MXCBIR=ECI by 25 basis points to 6.75 percent, the highest since March 2009, in a move that surprised most analysts. Mexico''s central bank has raised interest rates by 375 basis points since the end of 2015 to limit the inflationary impact of a deep peso slump. According to the minutes, two board members thought the bank was nearly done raising rates, barring any big new shocks to prices, while the two other members thought policymakers should wait to make sure inflation is converging again to the bank''s 3 percent target before deciding if they are done. Three of the members thought the balance of risks to inflation had lessened modestly since their previous meeting in late March. Mexico''s annual inflation rate rose more than expected in early May to 6.17 percent, the fastest pace in more than eight years. Minutes showed most policymakers thought inflation would begin to fall by later this year and converge back to the 3 percent target by the end of 2018. A deep slump in the peso last year pushed prices higher, but the currency has recovered this year as concerns have waned that the United States may impose tariffs on Mexican-made goods. Most board members thought the balance of risks for growth had a downward bias, but they said there was "the perception that the probability that some of the most extreme negative risks materialise has diminished." U.S. President Donald Trump''s administration has softened its rhetoric on trade with Mexico and agreed to renegotiate the North American Free Trade Agreement (NAFTA), after Trump previously threatened to rip up the deal. The central bank on Wednesday raised its 2017 growth forecast to between 1.5 percent and 2.5 percent after a stronger-than-expected first quarter, when uncertainty about Trump''s policies hung over the economy. (Reporting by Michael O''Boyle; Editing by Bernadette Baum and Steve Orlofsky)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-mexico-economy-minutes-idUKKBN18S69D'|'2017-06-02T03:15:00.000+03:00'
'5c25e8d50d96147dae647d5d5b5e3d28ab1708de'|'Saudi Aramco warned by lawyers on New York IPO litigation risks: FT'|'Business News - Sun Jun 4, 2017 - 4:16pm EDT Saudi Aramco warned by lawyers on New York IPO litigation risks: FT FILE PHOTO: Logo of Saudi Aramco is seen at the 20th Middle East Oil & Gas Show and Conference (MOES 2017) in Manama, Bahrain, March 7, 2017. REUTERS/Hamad I Mohammed/File Photo The legal firm working on Saudi Aramco''s IPO-ARMO.SE flotation has advised the kingdom that a New York listing poses the greatest litigation risk of any jurisdiction, the Financial Times reported on Sunday, citing sources. White & Case and others offering informal counsel have briefed top oil executives and the kingdom’s highest authorities, emphasizing a litigious culture in the United States, the FT said. Legal risks arising from a New York listing include U.S. legislation that could allow families of the victims of the 9/11 attacks of 2001 to sue Saudi Arabia, the FT said. Aramco could also face class-action suits if it did not comply with U.S. regulators'' rules on disclosing reserves and data for oil companies, while aggressive shareholder lobby groups in the United States are also seen as a threat. A New York Stock Exchange listing and one on Saudi Arabia’s Tadawul exchange has been the favored option for Saudi Aramco as Saudi officials and Saudi Aramco’s financial advisers believe the venue has the deepest pool of investors and is the most prestigious, the FT said, citing documents. A premium category listing on the London Stock Exchange ( LSE.L ) alongside a domestic offering was seen as the next best option, followed by a standard listing on the LSE for Saudi Aramco, the FT said, citing the documents. Legal counsel is now implying that London is now the front-runner, it said. Saudi Aramco did not immediately respond to requests for comment outside regular business hours. White & Case declined to comment on the report. Saudi Prince Mohammed bin Salman, who is the head of Saudi Arabia''s oil affairs, is expected to make a final decision within weeks, the FT said, citing an internal timetable. The LSE, seen as one of the front-runners to win part of the IPO, has been pushing hard to land it. Sources told Reuters in May that the LSE is working on a new type of listing structure that would make it more attractive for Saudi Aramco to join. (Reporting by Sangameswaran S in Bengaluru; Editing by James Dalgleish)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-saudi-aramco-ipo-idUSKBN18V12R'|'2017-06-05T04:16:00.000+03:00'
'aecec91701ee2f2a32696588e87e16d65faebd26'|'Emirates will suspend its flights to and from Doha from Tuesday morning'|'Money  22pm IST Emirates will suspend its flights to and from Doha from Tuesday morning FILE PHOTO: Emirates Airlines aircrafts are seen at Dubai International Airport, United Arab Emirates May 10, 2016. REUTERS/Ashraf Mohammad/File photo - RTX2FQ68/File Photo DUBAI Dubai-based carrier Emirates said it will suspend all flights to and from Doha from Tuesday morning until further notice, joining UAE-based Etihad Airways in a similar move amid a diplomatic spat between Qatar and some of its Gulf neigbhours. The move came after Saudi Arabia, Egypt, the United Arab Emirates and Bahrain severed their ties with Qatar on Monday, accusing it of supporting terrorism, opening up the worst rift in years among some of the most powerful states in the Arab world. Emirates said the last flight from Dubai to Doha will depart at 2:30 am on Tuesday, while the last flight from Doha to Dubai will depart at 3:50 am. "All customers booked on Emirates'' flights to and from Doha will be provided with alternative options, including full refunds on unused tickets and free rebooking to the nearest alternate Emirates destinations," the airline said in an email. (Reporting By Saeed Azhar; Editing by Tom Arnold)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/emirates-qatar-idINKBN18W0UJ'|'2017-06-05T15:52:00.000+03:00'
'8a7d1f9723d5b5feec58d833d61613b7883d1b73'|'Abitibi Royalties sees gold rangebound, upper limit of $1,425'|'LONDON The gold price XAU= is likely to stay range-bound over the next year, with an upper price of around $1,425, barring any major financial shock, the head of Canadian gold company Abitibi Royalties ( RZZ.V ) said.CEO Ian Ball''s view sets him at odds with his mentor and renowned gold bull Rob McEwen, of McEwen Mining ( MUX.TO ), for whom Ball worked for a decade.The gold price XAU= was trading around $1,280 an ounce on Monday after reaching a six-month high following disappointing U.S. jobs data on Friday."I''m not a bull. That''s where Rob and I differ," Ball told Reuters in an interview.He predicted U.S. President Donald Trump''s policies would keep the dollar strong "as long as he doesn''t get impeached"."The gold price will perform well in currencies that are not U.S. In U.S. dollars, it''s going to trade in a range, with a high of $1,425 over the next 10 to 12 months," Ball said. "I hope we don''t see as low as $1,000."To climb above that range, the world would "need a shoe to drop in the financial system".The U.S. Justice Department named former FBI chief Robert Mueller last month as special counsel to investigate alleged Russian interference in the 2016 U.S. election and possible collusion between Trump''s campaign and Moscow.The Republican president has described calls by some on the left for his impeachment as "ridiculous" and said he had done nothing to warrant criminal charges.McEwen has said gold at $5,000 an ounce was possible over the next four years, driven by increased demand for gold as a substitute for cash.The stated aim of Abitibi Royalties, listed in 2011, is to capture the upside potential of various stages of mining, while reducing the risks.Its flagship royalty - or right to receive a percentage of output - is a 3 percent net smelter return royalty at Malartic, one of Canada''s largest gold mines.Ball''s aim is to make Abitibi rise above all its peers to be "the best gold company in the world as defined by share price".There is a way to go.Abitibi''s share price last traded at below 10 Canadian dollars ($7.42), compared with around 75 pounds ($96.63) for Randgold ( RRS.L ), which Ball cites as among the best for now.As part of his aim to deliver maximum value for shareholders, Ball says he invests his salary and bonus into company shares and lives off dividends from other investments – none of which are in rival miners.He also says he avoids unnecessary dilution of the share price to finance the kind of acquisitions that have sapped some miners."There is nothing I see that''s better than our current assets that we can afford," he said.(Editing by Adrian Croft)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-abitibi-gold-idUSKBN18W1KT'|'2017-06-05T20:01:00.000+03:00'
'eb8235e23ffbef083668f5cd2dc351311bc125cd'|'Online grocer Ocado finally lands overseas deal'|' 17pm BST Online grocer Ocado finally lands overseas deal LONDON British online supermarket Ocado ( OCDO.L ) has struck an overseas deal with an unnamed regional European retailer, a year and a half after missing a self-imposed deadline to secure one. Partnerships with retailers overseas are seen by analysts as the key influence on Ocado''s stock market valuation. However, the firm missed its target of securing a deal by the end of 2015 and has been testing investors'' patience. Ocado said on Sunday it will provide the partner, which it did not name, with software, know-how and support services required to create an online grocery business. It said orders would initially be fulfilled from the partner''s manually operated centralised warehouse. The deal does give the partner the right to request in the future the installation of automated mechanical handling equipment in centralised warehouses, using Ocado technology, but the terms of that would have to be separately agreed. Ocado said the partner will pay an up-front fee, together with ongoing fees that are based on the volume of products sold online. But it did not provide details of the magnitude of the fees or the length of the deal. Ocado expects the agreement to be earnings neutral in the current and 2018 financial years, and increasingly accretive thereafter. "Our discussions with other retailers across the globe are ongoing and we continue to expect to sign multiple deals in the medium term," said Chief Executive Tim Steiner. In the Britain, Ocado sells products supplied by upmarket grocer Waitrose and also has its own distribution agreement with Morrisons ( MRW.L ), Britain''s fourth largest supermarket. Shares in Ocado have had a rollercoaster ride since listing at 180 pence in 2010. They closed Friday at 317.9 pence, valuing the business at 2 billion pounds. (Reporting by James Davey; Editing by Angus MacSwan)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-ocado-overseas-deal-idUKKBN18V12T'|'2017-06-05T04:17:00.000+03:00'
'08ef17dc379d3576c79a582c6712a4c719fb4fd1'|'Ireland agrees further pay hikes for public sector'|'Business   2:17pm BST Ireland agrees further pay hikes for public sector Irish Minister for Public Expenditure Paschal Donohoe poses for a picture after an interview with Reuters at the Ministry of Finance in Dublin, Ireland September 22, 2016. REUTERS/Clodagh Kilcoyne DUBLIN Ireland''s government on Thursday struck a three-year pay deal with public sector trade unions which it said would help restore industrial peace and could use up a significant amount of funds available for tax cuts and spending increases next year. Ireland''s economy has grown faster than any other in the European Union for the past three years, but the centre-right ruling Fine Gael party was punished in an election last year by voters who felt they were not feeling the benefits. The country has been hit by a string of strikes by public sector workers in the past two years after relative industrial peace during the country''s 2010-2013 bailout. The deal will restore 90 percent of public sector workers to the pay rates they enjoyed before cuts imposed during the country''s financial crisis, and see benefits increased by between 6 and 7 percent over the period. The deal, which must be approved by union members, will "put pension provision on a more sustainable footing and secure industrial peace," Minister for Public Expenditure Paschal Donohoe said in a statement. It will cost 887 million euros (£771 million) over the three years, he said. The 178 million euros of additional expenditure in 2018 will use up a significant amount of the estimated 500-550 million euros of resources the finance minister has said will be available for expenditure increases and tax cuts, although it will likely take up a much smaller percentage in 2019 and 2020. (Reporting by Conor Humphries; Editing by Toby Davis)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-ireland-economy-pay-idUKKBN18Z1TH'|'2017-06-08T21:17:00.000+03:00'
'cc08057b0d6e6c590cb1319de608c36f90e33ec2'|'Exclusive: China''s WH Group targets beef and poultry assets in U.S. and Europe'|'Deals - Thu Jun 8, 2017 - 12:15pm EDT Exclusive: China''s WH Group targets beef and poultry assets in U.S. and Europe left right Products of Smithfield, acquired by WH Group, the largest pork company in the world, are displayed at a news conference on the company''s annual results in Hong Kong, China March 29, 2016. REUTERS/Bobby Yip 1/4 left right WH Group Chairman and CEO Wan Long (L) and Smithfield President and CEO Kenneth Sullivan attend a news conference on WH Group''s annual results in Hong Kong, China March 29, 2016. REUTERS/Bobby Yip 2/4 left right FILE PHOTO -- Some of the products of WH Group are displayed in front of maps of China (L) and the United States at a news conference on the company''s IPO in Hong Kong April 14, 2014. REUTERS/Bobby Yip/File Photo 3/4 left right A woman looks at products of WH Group, the largest pork company in the world, on display at a news conference on the company''s annual results in Hong Kong, China March 29, 2016. REUTERS/Bobby Yip 4/4 By Tom Polansek and Julie Zhu - CHICAGO/HONG KONG CHICAGO/HONG KONG Smithfield Foods Inc''s owner, China-based WH Group Ltd ( 0288.HK ), is scouting for U.S. and European beef and poultry assets to buy, in a move that would sharpen its rivalry with global meat packers Tyson Foods Inc and JBS SA. Expanding into beef and poultry would bring U.S.-based Smithfield [SFII.UL], the world''s largest pork producer, more in line with competitors Tyson ( TSN.N ), JBS ( JBSS3.SA ) and BRF SA ( BRFS3.SA ), which each process pork, chicken and beef. Smithfield Chief Executive Ken Sullivan told Reuters he is interested in the potential of diversifying into other meats to broaden the company''s product portfolio, though no deals were imminent. "We''re a food company," he said. "No one said that we''re strictly a pork company." Sullivan did not provide further detail, but parent WH Group is looking for targets in beef and poultry in the United States and Europe, according to Luis Chein, WH Group''s director of investor relations. He declined to name specific targets. Chein declined to provide a timeline for expanding into the U.S. beef and poultry business or say how much money the company aims to spend. It is an attractive time to enter the beef business, Chein said, because China last month agreed to resume U.S. imports after blocking most shipments since a U.S. scare over mad cow disease in 2003. WH Group, which spent $4.7 billion for Smithfield in 2013, still has firepower for further buying, with bank balances and cash of $1.14 billion at the end of last year and $2.72 billion in unutilized banking facilities, according to its latest annual report. Its search reflects wider disruption in the agriculture sector, where historically low grain prices have triggered a wave of consolidation among global seed and chemical companies. Cheap grain and strong demand for meat have generally helped increase operating margins for producers of pork, beef and chicken. The meat sector also has seen a major player, JBS of Brazil, struggle for sales after inspectors in the country were accused of taking bribes to allow sales of tainted food. JBS, the world''s largest meat packer, announced on Tuesday that it was selling assets in South America in the company''s first deal since its founders admitted to paying bribes to Brazilian politicians in exchange for favors. JBS, in response to questions from Reuters on Wednesday, said its core U.S. assets, including chicken company Pilgrim''s Pride Corp ( PPC.O ), are not for sale. A move to acquire beef and poultry assets would be an about-face for Smithfield, which agreed to sell U.S. beef operations to JBS in 2008 for about $565 million and a stake in turkey producer Butterball LLC for about $175 million in 2010. But it would fit into the company''s efforts to run the entire production process by reducing its dependence on outside producers, which currently supply Smithfield with beef and chicken to make into products such as hot dogs. Chein said it was "certainly the direction" for the company to mirror the vertically integrated model it has for the pork business in other meats. Smithfield owns most of the hogs it slaughters along with processing plants. "For us, the next step to develop our business is to consider other sources of animal protein," Chein said. Chein said WH Group would prefer to buy assets such as slaughterhouses and processing plants to expand into beef and will consider all types of operations in the poultry supply chain. He added that the company sees big room for growth in beef and poultry consumption in China. The United States had 808 federally inspected livestock slaughterhouses last year, down more than a third from 1990, according to the U.S. Department of Agriculture. (Additional reporting by Richa Naidu in Chicago; editing by Jo Winterbottom and Edward Tobin)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-smithfield-m-a-idUSKBN18Z29Y'|'2017-06-09T00:15:00.000+03:00'
'eb2b7ef5c322f222caece3949685d6b008452ec1'|'World Bank says trade, manufacturing to boost 2017 global growth'|' 19pm BST World Bank says trade, manufacturing to boost 2017 global growth By David Lawder - WASHINGTON WASHINGTON The World Bank on Sunday maintained its forecast that global growth will improve to 2.7 percent this year, citing a pickup in manufacturing and trade, improved market confidence and a recovery in commodity prices. The update of the multilateral development lender''s Global Economic Prospects report marked the first time in several years that its June forecasts were not reduced from those published in January due to rising growth risks. The World Bank''s 2017 global growth forecast of 2.7 percent compares to its 2.4 percent estimate for 2016, a figure that was increased by a tenth of a percentage point since January. The World Bank said advanced economies were showing signs of improvement, especially Japan and Europe, while the seven largest emerging markets - China, Brazil, Mexico, India, Indonesia, Turkey and Russia - were again helping to drive global growth. "With a fragile but real recovery now under way, countries should seize this moment to undertake institutional and market reforms that can attract private investment to help sustain growth in the long term," World Bank President Jim Yong Kim said in a statement. The bank boosted its 2017 growth forecast for Japan by 0.6 percentage point since January to 1.5 percent, while the euro zone''s forecast was increased by 0.2 percentage point to 1.7 percent. In both cases, a pickup in exports and unconventional monetary easing are helping to support growth. The World Bank said U.S. growth also is improving but it shaved 0.1 percentage point off its forecast for 2017 to 2.1 percent after weak growth early in the year caused by a pullback in consumer spending it viewed as temporary. It slightly lifted its 2018 U.S. growth forecast to 2.2 percent. It left unchanged its forecast that China''s growth would slow to 6.5 percent from 6.7 percent last year and predicted that commodity exporters Argentina, Brazil, Nigeria and Russia will see recessions end and positive growth resume this year. But the World Bank warned that new trade restrictions could derail the recovery in trade that is benefiting many advanced and developing economies, citing actions being contemplated by the Trump administration. Such restrictions could fall disproportionately on China and other Asian economies, the bank said. "Significant disruption to China''s exports would undermine its growth with large spillovers on the region," the bank said in the report. "Furthermore, trade-restricting measures in the United States could trigger retaliatory measures." It said exports and investment in Mexico also could be negatively affected by the looming renegotiation of the North American Free Trade Agreement, causing spillovers to Central America as well. (Reporting by David Lawder; Editing by Andrea Ricci)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-worldbank-growth-idUKKBN18V12X'|'2017-06-05T04:19:00.000+03:00'
'0afc1e109081a18fc6c5ba4b7ceaa5764279932b'|'Westinghouse boilermakers agree to new three-year contract'|' Westinghouse and boilermakers agree to new contract* Westinghouse- co, boilermakers agreed to new, 3-year contract with international brotherhood of boilermakers, iron shipbuilders, blacksmiths, forgers and helpers in newington* Westinghouse- agreement is effective june 5, 2017 to may 3, 2020, and ends lockout that began on may 21* Westinghouse- total of 172 employees will return to work beginning at 12:01 a.m. Monday, june 5 Source text for Eikon: '|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/brief-westinghouse-and-boilermakers-agre-idINFWN1IZ0LF'|'2017-06-04T15:21:00.000+03:00'
'b32fe164958fc8694686c0a590f1f817736e0f73'|'Porsche Cayenne diesel emissions exceed legal limits - Spiegel'|'Business News - Fri Jun 9, 2017 - 6:55pm BST Porsche Cayenne diesel emissions exceed legal limits - Spiegel FILE PHOTO: A Porsche Cayenne car is seen in the emission test centre of the University of Applied Sciences in Nidau, Switzerland November 27, 2015. REUTERS/Ruben Sprich FRANKFURT/HAMBURG Diesel models of Volkswagen''s ( VOWG_p.DE ) sports car maker Porsche ( PSHG_p.DE ) have much higher emissions than is legally allowed, German weekly Der Spiegel reported on Friday, citing test results. The magazine asked German test institute TUV Nord to check emission levels for the Porsche Cayenne V6 TDI, an SUV model, under normal driving conditions. "Emissions in this test were higher than the limits for this type of car," the magazine quoted the head of testing at TUV Nord Helge Schmidt as saying. "With these values the car would not have been approved by the authorities," Schmidt said. Porsche said in a statement that it had received and studied the test results from Spiegel. "For us they are not comprehensible," Porsche said. The company said that emissions depend on several conditions such as engine load, speed and temperature. There has been growing scrutiny of diesel vehicles since Volkswagen admitted in September 2015 that up to 11 million of its vehicles worldwide had software installed that cheated emissions tests. VW was sentenced in April after pleading guilty in the emissions scandal. VW has agreed to spend up to $25 billion in the United States to address claims from owners, environmental regulators, states and dealers and offered to buy back about 500,000 polluting U.S. vehicles. Volkswagen''s Audi unit is also under investigation. (Reporting by Harro ten Wolde and Jan Schwartz; Editing by Elaine Hardcastle)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-volkswagen-emissions-porsche-idUKKBN1902NA'|'2017-06-10T01:55:00.000+03:00'
'2337640f17879f7651a85dcfafea94c3512641c7'|'UPDATE 1-Bayer cuts Covestro stake to under 45 pct after share sale'|'Deals - Wed Jun 7, 2017 - 6:40am EDT Bayer cuts Covestro stake to under 45 percent after share sale FILE PHOTO: The logo of Bayer AG is pictured at the Bayer Healthcare subgroup production plant in Wuppertal, Germany February 24, 2014. REUTERS/Ina Fassbender/File Photo By Ludwig Burger - FRANKFURT FRANKFURT Bayer ( BAYGn.DE ) has cut its stake in plastics and chemicals subsidiary Covestro ( 1COV.DE ) to 44.8 percent after selling an 8.5 percent stake to institutional investors as part of a plan to sever ownership ties completely in the medium term. Bayer, which is buying U.S. seeds giant Monsanto ( MON.N ), has also issued 1 billion euros ($1.1 billion) in bonds that it can pay back with up to 6.1 percent of Covestro''s shares and in addition it will transfer another 4 percent stake in Covestro into Bayer''s pension trust. The three measures combined could eventually see drugmaker Bayer''s stake in Covestro decline to 34.7 percent but it will be up to Bayer whether to settle the bonds in cash, Covestro shares or a combination of the two when the contract expires in 2020. Bayer, which floated Covestro in 2015, reaffirmed plans to sell all of its shares in the medium term. While Bayer has stressed that the sale of assets, Covestro in particular, would not be a necessary part of funding the $66 billion Monsanto deal, analysts said the proceeds will come at an opportune time. Selling shares serves "to strengthen the balance sheet" ahead of an expected capital increase, said DZ Bank analyst Peter Spengler. As an initial step on the way to raising $19 billion worth of equity capital for the Monsanto deal - the biggest ever to be paid for in cash - Bayer placed 4 billion euros in mandatory convertible notes in November with a rights issue expected later this year. Shares in Covestro - a maker of transparent plastics and materials for insulation and padding foams - dropped 4.3 percent to 63.23 euros at 1035 GMT (6:35 a.m. ET) on Wednesday. Bayer slipped 0.7 percent to 118.10 euros. The price of Covestro shares at which Bayer can pay back the exchangeable bond in 2020 is initially set at 80.93 euros but it may change depending on Covestro''s dividend payments. The 8.5 percent stake was sold via an accelerated bookbuilding procedure for 62.25 euros apiece, generating just over 1 billion euros in gross proceeds as targeted. The 4 percent Covestro stake transferred into Bayer''s retirement fund would be worth about 530 million euros based on Tuesday''s closing price, taking the combined value of the three transactions to over 2.5 billion euros. Since the votes of Covestro shares held by Bayer''s pension fund will be ascribed to Bayer, securing a majority of the voting rights, the parent company will continue to consolidate the subsidiary in its financial statements after the transactions. Bayer transferred a stake of about 5 percent in the business into its pension fund in April last year. (Reporting by Harro ten Wolde; Editing by Muralikumar Anantharaman/Keith Weir) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-bayer-covestro-placement-idUSKBN18Y0XY'|'2017-06-07T17:07:00.000+03:00'
'2f743a49cd1f5b93a24dfd51759d314848d3eec8'|'RPT-''Pink Slime'' case against ABC a challenge to press in era of ''fake news'''|'Market News - Mon Jun 5, 2017 - 8:00am EDT RPT-''Pink Slime'' case against ABC a challenge to press in era of ''fake news'' (Repeats earlier story with no changes) By P.J. Huffstutter and Timothy Mclaughlin CHICAGO, June 5 A South Dakota meat processor''s $5.7 billion defamation lawsuit against American Broadcasting Companies Inc, which opens Monday, pits big agriculture against big media, and is a first major court challenge against a media company since accusations of “fake news” by U.S. President Donald Trump and his supporters have become part of the American vernacular. In the closely watched case, Beef Products Inc. (BPI) claims ABC, a unit of Walt Disney Co., and its reporter Jim Avila, defamed the company by calling its ground-beef product “pink slime” and making errors and omissions in its reporting. In the aftermath of the 2012 reports, privately held meat processor BPI closed three of its four processing plants and saw its revenues drop 80 percent, to $130 million. The trial will take place in Elk Point, South Dakota, population 2,000, about 20 miles north of BPI’s headquarters, which employs 110 people. Roughly 6 percent of the area labor force is involved in agriculture and related industries, according to the local chamber of commerce. Election records show 67 percent of the U.S. presidential vote in Union County, where Elk Point sits, was won by Trump, who uses the term “fake news” to argue that some mainstream media outlets cannot be trusted. Lawyers for BPI have declined to say if they plan to focus on “fake news” as a tactic at trial. But during a January court hearing, a BPI lawyer, Erik Connolly, said ABC broadcasts and online reports about "lean finely textured beef" (LFTB) used unreliable sources and set out to foment public outrage. The ABC reports amounted to "fake news," Connolly told the judge. Connolly did not respond to a request for comment. BPI''s signature product, commonly mixed into ground beef, is made from beef chunks, including trimmings, and exposed to bursts of ammonium hydroxide to kill E. coli and other contaminants. ABC in a series of reports referred to the product as “pink slime” 137 times, according to BPI’s tally. To win its case, BPI must show the network intended to harm the company or knew what it reported was false when it referred to BPI''s LFTB product as "pink slime." BPI also claims ABC made other errors and omissions that unfairly cast its product in a bad light. "We look forward to the opportunity to present our case and establish for the jury that BPI has suffered significant financial harm because of the wrongful conduct by ABC," said Dan Webb, a former U.S. Attorney representing BPI. ABC has countered that its coverage was accurate and deserved protection under the U.S. Constitution''s First Amendment. ABC denies any wrongdoing and is confident its reporting will be "fully vindicated," a lawyer for ABC and Avila, Kevin Baine of Williams & Connolly, said in a statement. ABC lawyers declined to comment on whether they expect “fake news” to be introduced by BPI lawyers during the trial. Not since talk show host Oprah Winfrey in 1998 took on cattle producers in Amarillo, Texas have big media and big agriculture squared off in such a high-profile way on the industry''s home turf. The Texas jury in 2000 rejected claims Winfrey defamed cattle ranches during a "dangerous food" episode of her eponymous show, when she expressed concerns about eating beef at the height of the panic in Britain over "mad cow" disease. As in the Winfrey case, the lawsuit against ABC is upending a quiet, rural town. To make room for overflow crowds, the county commission earmarked $175,000 to turn the Union County Courthouse basement into an enlarged courtroom and move records into a specially constructed separate building. BPI moved modular offices into town to accommodate its legal team, the company said. (Editing by David Greising and James Dalgleish) Our Standards: The Thomson Reuters Trust Principles Next In Market News '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/abc-pinkslime-idUSL1N1J10D4'|'2017-06-05T20:00:00.000+03:00'
'eff94a78ac7778a2c42ed239774371a71c57d325'|'BRIEF-Steelworkers ratify key agreements in Stelco restructuring'|'June 7 (Reuters) -* Steelworkers ratify key agreements in Stelco restructuring* United Steelworkers - USW members at Stelco operations ratified new collective agreements* United Steelworkers - new contracts maintain wages, benefits, pensions and other terms for 540 members of local 1005 and 1,100 members of local 8782 Source text for Eikon:'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/brief-steelworkers-ratify-key-agreements-idINASA09SYU'|'2017-06-07T02:02:00.000+03:00'
'2899922d7bd8f3079912938296628d0e3f99b08a'|'IKEA to try selling through third parties'|' 23pm BST IKEA to try selling through third parties left right Inter IKEA Chief Executive Torbjorn Loof poses for a picture in Almhult, Sweden, June 7, 2017. REUTERS/Anna Ringstrom 1/6 left right Inter IKEA Chief Executive Torbjorn Loof (R) and IKEA Group incoming CEO Jesper Brodin speak in Almhult, Sweden, June 7, 2017. REUTERS/Anna Ringstrom 2/6 Inter IKEA Chief Executive Torbjorn Loof speaks in Almhult, Sweden, June 7, 2017. REUTERS/Anna Ringstrom 3/6 left right FILE PHOTO: A shopper walks past a sign outside an IKEA store in Wembley, north London, Britain, January 28, 2015. REUTERS/Neil Hall/File Photo 4/6 left right FILE PHOTO: People are seen in an Ikea shop in a mall in Rome, Italy, May 19, 2017. REUTERS/Max Rossi/File Photo 5/6 left right FILE PHOTO: A man is seen in an Ikea shop in a mall in Rome, Italy, May 19, 2017. REUTERS/Max Rossi/File Photo 6/6 STOCKHOLM IKEA plans to test selling its products on websites other than its own, the head of brand and strategy owner Inter IKEA Group said on Wednesday, as the world''s biggest home furnishing retailer targets more online customers. The move means IKEA''s [IKEA.UL] customers may soon be able to buy its flat-pack furniture and other home furnishings through the likes of Amazon ( AMZN.O ), which has said it plans to venture into furniture, or Chinese rival Alibaba ( BABA.N ). Inter IKEA Group Chief Executive Torbjorn Loof said in an interview the plan is to start testing in 2018. "On digital platforms, we only sell our products through our own website, and there we also see that the competitive landscape is changing," Loof said. Loof would not be drawn on which companies he had in mind to sell through and said no contracts have yet been signed. "I leave unsaid on which (platforms), but we will test and pilot, to see ''what does this mean, what does digital shopping look like in future and what do digital shopping centres mean?''," he said. IKEA, known for its warehouse-like stores, has recently restructured to give its retail arm more freedom. The Swedish firm has never sold its goods through another company and is also trying new smaller store formats and stepping up integration of stores and online to adapt to new ways of shopping. In the fiscal year through August 2016, online sales at IKEA Group, which owns most IKEA stores worldwide, jumped 30 percent to 1.4 billion euros (£1.2 billion), a small fraction of total sales which were up 7 percent to 34.2 billion euros. The web of companies that make up IKEA have in the past couple of years focused ownership of retail operations, which also include shopping centres and food retail, on IKEA Group, the main franchisee to Inter IKEA Group. Supply chain management and design has transferred to brand owner and franchisor Inter IKEA Group. Hopes are that with IKEA Group focusing fully on retail, it will be better placed to defend its market-leading position and maintain growth as competition and consumer expectations evolve. "There is a rapid change in the market where much of what we have learned and what we know of is changing radically," Loof said, adding that he expects IKEA to keep its leading position. "We have one great advantage and that is that we design, produce and distribute our own unique range." (Reporting by Anna Ringstrom; Editing by Elaine Hardcastle)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-ikea-strategy-idUKKBN18Y2IO'|'2017-06-08T01:23:00.000+03:00'
'f47e5d402e72c0728944eddfa402829b622390ee'|'Japan Display delays investment in JOLED until at least 2018'|'Innovation and Intellectual Property - Wed Jun 7, 2017 - 3:36am EDT Japan Display delays investment in JOLED until at least 2018 TOKYO Japan Display said on Wednesday it was delaying its planned investment in organic light-emitting diode panel maker JOLED until next year at the earliest as it continues to overhaul its business strategy. The company had planned to reach an agreement by late June to buy shares in JOLED, whose largest investor is Innovation Network Corporation of Japan (INCJ), and complete the purchase by the end of this year. It now aims to reach an agreement by late June 2018, with the purchase date yet to be determined, Japan Display said in a statement. (Reporting by Chris Gallagher; Editing by Muralikumar Anantharaman) '|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-japan-display-overhaul-joled-idUSKBN18Y0N6'|'2017-06-07T11:36:00.000+03:00'
'66b7fec6934a685e13df2b1d479a7f435cb1f533'|'Greece to legislate pending reforms in return for loans, debt relief'|'Business News - Fri Jun 9, 2017 - 1:09pm BST Greece to legislate pending reforms in return for loans, debt relief Greek Finance Minister Euclid Tsakalotos arrives for a news conference at the ministry in Athens, Greece March 30, 2017. REUTERS/Alkis Konstantinidis ATHENS Greece''s parliament is set to approve on Friday pending reforms demanded by the country''s international lenders to conclude a review of its bailout progress and qualify for more loans needed to repay debt maturing in July. The vote takes place a week before euro zone finance ministers meet in Brussels on June 15 to discuss Greece''s bailout progress and measures to reduce its debt, which stands at about 180 percent of GDP after seven years of crisis. "We are submitting amendments on prior actions with which the bailout review is also officially concluded," Labour Minister Effie Achtsioglou told lawmakers before the vote scheduled for later in the evening. "It''s clear that Greece has fulfilled its promises and met its obligations. It has already done more than it was supposed to ... and it''s now the lenders and our partners'' turn to meet their commitments." If parliament approves the so-called prior actions, which include labor and pension reforms, euro zone finance ministers are likely to approve a new loan tranche at the June 15 meeting. Athens needs the funds to repay about 7.5 billion euros in bonds and loans maturing in mid-July. Achtsioglou said the country''s lenders also had the "legal and moral obligation" to ease Greece''s debt mountain. On May 22, the euro zone and International Monetary Fund failed to reach an agreement on the size of debt relief and the mix of measures the country will implement after its bailout expires in 2018, to make its debt sustainable, mainly because of differing growth assumptions. Athens rejected a draft Eurogroup statement that night, saying it did not offer enough clarity to guarantee a recovery. Prime Minister Alexis Tsipras'' government seeks a return to bond markets as early as this summer. It hopes that debt relief will help convince the European Central Bank to include the country''s bonds in its asset-buying program, a move that would help restore investor confidence. During the parliamentary debate on Friday, Finance Minister Euclid Tsakalotos said that along with a clear solution on debt, Athens was also seeking funds to boost growth. One way to help make the country''s debt sustainable is to increase its gross domestic product, he said. "We are fighting for more guarantees regarding our growth strategy and its funding," Tsakalotos said. (Reporting by Renee Maltezou; Editing by Tom Heneghan)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-eurozone-greece-bailout-finmin-idUKKBN1901E8'|'2017-06-09T20:07:00.000+03:00'
'e63b0e178a3550833e240cacd79c395031a211da'|'L''Oreal enters talks with Natura over selling Body Shop'|'PARIS, June 9 French cosmetics and luxury goods group L''Oreal has started talks with Brazilian make-up company Natura Cosmeticos over selling its Body Shop business, L''Oreal said on Friday.L''Oreal added in a statement that the companies'' proposed transaction placed an enterprise value of 1 billion euros ($1.1 billion) on The Body Shop business.L''Oreal said earlier this year that it was reviewing its strategy for The Body Shop, which it bought for 652 million pounds in 2006, and the sale of the business had attracted a wide range of bidders.Founded in 1976 by British entrepreneur Anita Roddick, the company was a pioneer in the ethical beauty industry but has since fallen victim to increased competition from newcomers also offering similar products based on natural ingredients and no animal-testing.($1 = 0.8930 euros) (Reporting by Sudip Kar-Gupta ; Editing by Matthias Blamont)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/loreal-bodyshop-idINFWN1J6035'|'2017-06-09T04:46:00.000+03:00'
'b07deade53fffecc84bc9522799284742e169079'|'Platts may include Jurong Aromatics Corp in pricing process'|'Market News - Mon Jun 5, 2017 - 12:53am EDT Platts may include Jurong Aromatics Corp in pricing process SINGAPORE, June 5 Oil pricing agency S&P Global Platts, a unit of S&P Global Inc, is considering including Jurong Aromatics Corp (JAC) in its pricing process for gasoil and jet fuel in Singapore, the company said in a note to subscribers on Monday. It is inviting feedback on a proposal to include JAC as a loading point in the Singapore market-on-close (MOC) assessment process for gasoil and jet fuel, it said. Under the proposal, sellers in the MOC process would be able to nominate JAC as a loading point for cargoes traded on a FOB Straits basis. The deadline for feedback is June 30. (Reporting by Jessica Jaganathan; Editing by Richard Pullin) Our Standards: The Thomson Reuters Trust Principles Next In Market News '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/singapore-oil-prices-idUSL3N1J21ZY'|'2017-06-05T12:53:00.000+03:00'
'35d71886626035272344cd34d85e042a1438811c'|'Saudi Arabian Airlines says suspends all flights to Qatar'|'Market News - Mon Jun 5, 2017 - 5:17am EDT Saudi Arabian Airlines says suspends all flights to Qatar DUBAI, June 5 Saudi Arabian Airlines (Saudia) has suspended all flights to Qatar, it said on its official Twitter account on Monday, without providing further details. Other airlines including Emirates, Etihad Airways and Air Arabia have also announced similar moves, while Qatar Airways has suspended flights to Saudi Arabia. Saudi Arabia, Egypt, the United Arab Emirates and Bahrain cut their ties with Qatar on Monday, accusing it of supporting terrorism and opening up the worst rift in years among some of the most powerful states in the Arab world. (Reporting by Celine Aswad; writing by Tom Arnold; editing by Jason Neely) Our Standards: The Thomson Reuters Trust Principles Next In Market News '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/gulf-qatar-airlines-saudi-idUSD5N1FF01H'|'2017-06-05T17:17:00.000+03:00'
'cbc3c18a13284ec31aa41f01da0f8f9394257abf'|'Exclusive - GTCR, Carlyle in talks to acquire Albany Molecular Research: sources'|'Buyout firms GTCR LLC and Carlyle Group LP ( CG.O ) are in talks to team up and jointly acquire private contract drug researcher and manufacturer Albany Molecular Research Inc ( AMRI.O ), people familiar with the matter said on Monday.Negotiations are ongoing, and there is no certainty that the talks will lead to Albany Molecular Research being taken private, the sources said.The sources asked not be identified because the negotiations are confidential. Albany Molecular Research, GTCR and Carlyle did not immediately respond to requests for comment.(Reporting by Carl O''Donnell in New York; Editing by Jonathan Oatis)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-albany-molecular-m-a-gtcr-exclusive-idUSKBN18W2D4'|'2017-06-05T21:57:00.000+03:00'
'56440423dc72252a5b0da215ce051e85c80efbdf'|'Guangzhou Rural Bank launches up to $1.1 billion Hong Kong IPO'|'By Fiona Lau and Julie Zhu - HONG KONG HONG KONG Guangzhou Rural Commercial Bank Co Ltd (GRCB) launched a Hong Kong initial public offering worth as much as $1.1 billion on Monday, seeking funds for potential M&A and to open new branches as it expands its lending and investment businesses.The IPO for China''s fifth-largest rural commercial bank by assets consists of 1.58 billion shares offered in an indicative range of HK$4.99-HK$5.27 each, according to a term sheet of the deal seen by Reuters.That would be equivalent to around 16.5 percent of the lender after the offering, valuing it at as much as $6.7 billion.GRCB did not immediately reply to a Reuters request for comment.The lender secured commitments worth about $431 million from three investors, including $195.1 million each from a unit of HNA Group and from Aeon Life Insurance Company Ltd, which is controlled by billionaire Wang Jianlin''s Dalian Wanda Group.Investment firm International Merchants Holdings plans to buy $40 million worth of shares.The IPO is set to be priced on June 13, with its debut on the Hong Kong stock exchange slated for June 20.ABC International, CCB International, China International Capital Corp Ltd (CICC) and China Merchants Securities were hired as sponsors for the IPO, GRCB said in its preliminary IPO prospectus.(Reporting by Julie Zhu and Fiona Lau of IFR; Writing by Elzio Barreto; Editing by Edwina Gibbs)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-grcbank-ipo-idINKBN18W0BV'|'2017-06-05T01:48:00.000+03:00'
'd7305713607972a913ee0dc97be7c968c25b34d6'|'Solar energy boom turns to bust for Indian manufacturers'|'NEW DELHI Some of India''s biggest solar equipment makers are facing financial collapse, priced out by Chinese competitors as Prime Minister Narendra Modi''s government prioritizes cheap power over local manufacturing despite his ''Make in India'' push.Though President Donald Trump is pulling the United States out of the Paris accord on climate change, India is sticking to its huge renewable energy program. That has created a multi-billion-dollar market for Chinese solar product makers, who are facing an overcapacity at home and steep duties in Europe.India''s solar power generation capacity has already more than tripled in three years to over 12 gigawatt (GW) as Modi targets raising energy generation from all renewable sources to 175 GW by 2022.Chinese companies have gained the most from that increase, accounting for around 85 percent of India''s solar module demand and earning around $2 billion, according to industry data. The total annual market could jump to more than $10 billion in the next few years going by the government''s capacity targets.Local companies such as Jupiter Solar, Indosolar Ltd and Moser Baer India Ltd, however, are struggling to win contracts.Orders funneled through a domestic-content policy have all but dried up after the World Trade Organization last September upheld an earlier ruling that found the move violated global trade norms.As a result, Jupiter said it could shut shop by July after delivering their last orders this month; Indosolar auditors have raised doubts over it remaining as a "going concern"; and Moser Baer says it needs support from its lenders to revive its solar business."TORPEDOED"Indian solar power plant developers - including companies backed by Japan''s Softbank and Goldman Sachs - are quoting ever-lower tariffs in auctions to win big projects, encouraged by steep drop in Chinese solar equipment prices.That is squeezing out Indian cell and module makers, many of which have inferior technology, depend on imports of raw materials, have limited access to cheap loans and operate below capacity. Chinese modules are 10-20 percent cheaper than those made in India, company and industry executives said."The WTO ruling has torpedoed everything. It''s not a case of one company - we have the largest cell operating capacity - everybody below us will shut down one after another," Jupiter CEO Dhruv Sharma told Reuters by phone.Chinese companies were selling solar cells in India at 19-20 U.S. cents, around 35 percent below his production cost, he added.There are more than 110 Indian solar cell and module makers registered with the government, out of which consultancy Bridge to India expects only a handful to survive.Santosh Vaidya, a senior official in the Ministry of New & Renewable Energy, said the government was working on several initiatives to promote the domestic solar manufacturing industry. He did not elaborate.GOING THE TELECOM WAYIndia''s promise, and need, as a market for solar is obvious. It is one of the lowest per-capita consumers of electricity in the world and more than 200 million of its people are still not connected to the grid, making it crucial for the government to aggressively push for cheap power.Despite its low labor costs, it is not alone in buckling under pressure from Chinese competition. Earlier this month, Germany''s SolarWorld, once Europe''s largest solar panel maker, said it would file for insolvency.Indian companies produced an estimated 1.33 GW of modules last year out of the total capacity of 5.29 GW, according to Bridge to India. Total consumption of modules - 60 percent of a solar project''s cost - was around 4 GW.Solar project developer SB Energy, a joint venture between SoftBank, Taiwan''s Foxconn and India''s Bharti Enterprises, said it had discussed the shortage of local manufacturing with the government."Lack of significant domestic solar manufacturing capacity is a concern, as this is a major gap," SB Energy Executive Chairman Manoj Kohli said, drawing a parallel with India''s huge mobile phone market but negligible local production.Several company executives said a lack of scale, absence of raw material supply chains and rapidly changing technology were some of other reasons Indian firms were unable to compete with Chinese manufacturers such as Trina Solar and Yingli."The government is busy bringing power prices down ... but you can''t build castles on graves," Gyanesh Chaudhary, CEO of module maker Vikram Solar told Reuters. "Without a domestic manufacturing ecosystem, no public policy can last for a long time."(Additional reporting by Aditi Shah; Editing by Lincoln Feast)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-india-solar-idUSKBN18W0L5'|'2017-06-05T14:19:00.000+03:00'
'6cc08e20dd43240b1b4b698260e2c8e12ae9d2f0'|'After London attack, Facebook says aims to be ''hostile environment'' for terrorists'|'Technology News - Sun Jun 4, 2017 - 2:48pm EDT After London attack, Facebook says aims to be ''hostile environment'' for terrorists FILE PHOTO: A man poses with a magnifier in front of a Facebook logo on display December 16, 2015. REUTERS/Dado Ruvic/Illustration/File Photo LONDON Facebook said it wanted to make its social media platform a "hostile environment" for terrorists in a statement issued after attackers killed seven people in London and prompted Prime Minister Theresa May to demand action from internet firms. Three attackers rammed a hired van into pedestrians on London Bridge and stabbed others nearby on Saturday night in Britain''s third major militant attack in recent months. May responded to the attack by calling for an overhaul of the strategy used to combat extremism, including a demand for greater international regulation of the internet, saying big internet companies were partly responsible for providing extreme ideology the space to develop. Facebook on Sunday said it condemned the London attacks. "We want Facebook to be a hostile environment for terrorists," said Simon Milner, Director of Policy at Facebook in an emailed statement. "Using a combination of technology and human review, we work aggressively to remove terrorist content from our platform as soon as we become aware of it — and if we become aware of an emergency involving imminent harm to someone''s safety, we notify law enforcement." May has previously put pressure on internet firms to take more responsibility for content posted on their services. Last month she pledged, if she wins an upcoming election, to create the power to make firms pay towards the cost of policing the internet with an industry-wide levy. Twitter also said it was working to tackle the spread of militant propaganda on its website. "Terrorist content has no place on Twitter," Nick Pickles, UK head of public policy at Twitter, said in a statement, adding that in the second half of 2016 it had suspended nearly 400,000 accounts. "We continue to expand the use of technology as part of a systematic approach to removing this type of content." (Reporting by William James in London and Dion Rabouin; Editing by Alistair Smout and Ralph Boulton) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-britain-security-facebook-idUSKBN18V0ZQ'|'2017-06-05T01:51:00.000+03:00'
'6f067469b9db6ae0332e360aaa75f751ba26bbc2'|'RPT-Apple set to expand Siri, taking different route from Amazon''s Alexa'|'(Repeats story first published on Friday)By Stephen NellisJune 2 Apple Inc is expected to announce plans this week to make its Siri voice assistant work with a larger variety of apps, as the technology company looks to counter the runaway success of Amazon.com Inc''s competing Alexa service.But the Cupertino, California company is likely to stick to its tested method of focusing on a small amount of features and trying to perfect them, rather than casting as wide a net as possible, according to engineers and artificial intelligence industry insiders.Currently, Apple''s Siri works with only six types of app: ride-hailing and sharing; messaging and calling; photo search; payments; fitness; and auto infotainment systems. At the company''s annual developer conference next week, it is expected to add to those categories.Some industry-watchers have also predicted Apple will announce hardware similar to Amazon''s Echo device for the home, which has been a hot-seller recently. Apple declined comment.But even if Siri doubles its areas of expertise, it will be a far cry from the 12,000 or so tasks that Amazon.com''s Alexa can handle.The difference illustrates a strategic divide between the two tech rivals. Apple is betting that customers will not use voice commands without an experience similar to speaking with a human, and so it is limiting what Siri can do in order to make sure it works well.Amazon puts no such restrictions on Alexa, wagering that the voice assistant with the most "skills," its term for apps on its Echo assistant devices, will gain a loyal following, even if it sometimes makes mistakes and takes more effort to use.The clash of approaches is coming to a head as virtual assistants that respond to voice commands become a priority for the leading tech companies, which want to find new ways of engaging customers and make more money from shopping and online services.PATH TO THE MONEYNow, an iPhone user can say, "Hey Siri, I''d like a ride to the airport" or "Hey Siri, order me a car," and Siri will open the Uber or Lyft ride service app and start booking a trip.Apart from some basic home and music functions, Alexa needs more specific directions, using a limited set of commands such as "ask" or "tell." For example, "Alexa, ask Uber for a ride," will start the process of summoning a car, but "Alexa, order me an Uber" will not, because Alexa does not make the connection that it should open the Uber "skill."After some setup, Alexa can order a pizza from Domino''s, while Siri cannot get a pie because food delivery is not - so far - one of the categories of apps that Apple has opened up to Siri."In typical Apple fashion, they''ve allowed for only a few use cases, but they do them very well," said Charles Jolley, chief executive of Ozlo, maker of an intelligent assistant app.Apple spokeswoman Trudy Muller said the company does not comment on its plans for developers.Amazon said in a statement: "Our goal is to make speaking with Alexa as natural and easy as possible, so we’re looking at ways to improve this over time."SIDE DISH, NOT ENTREEApple''s narrower focus could become a problem, said Matt McIlwain, a venture capitalist with Seattle-based Madrona Venture Group.The potential of Apple''s original iPhone did not come to light until thousands of developers started building apps. McIlwain said he expects Apple to add new categories at its Worldwide Developers Conference this week, but not nearly enough to match Alexa''s number of skills."To attract developers in the modern world, you need a platform," McIlwain said. "If Apple does not launch a ''skills store,'' that would be a mistake."Neither Siri nor Alexa has a clear path to making money. Siri works as an additional tool for controlling traditional apps, and Apple pays money to owners of those apps. Alexa''s skills are free, and developers are not paid.At the moment, because of their limits, voice apps are "a side dish, not the entree," according to Oren Etzioni, CEO of the Allen Institute for Artificial Intelligence.Amazon was wise to not commit to an economic model at such an early state, Etzioni said. "Once a successful economic model for developers emerges, people are going to gravitate to it." (Reporting by Stephen Nellis; Editing by Peter Henderson and Bill Rigby)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/apple-developer-idINL1N1IZ1PE'|'2017-06-04T09:00:00.000+03:00'
'14aa33b3a399bd6f0dfbe4ffb765227aa788883c'|'Novartis, IBM Watson Health team up for breast cancer project'|'ZURICH Novartis has agreed to work with IBM Watson Health to explore ways to use patient data and advanced analysis to glean insights on the likely outcomes of breast cancer treatments, the Swiss drugmaker said on Monday."Through this collaboration with IBM Watson Health, we will use real-world breast cancer data and cognitive computing to identify solutions that may help physicians better understand which therapy may be best for which patients or advise clinical practice guidelines," Novartis Oncology head Bruno Strigini said."We hope this collaboration also uncovers care efficiencies that can be applied beyond breast cancer."(Reporting by Michael Shields; editing by Jason Neely)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-novartis-ibm-idUSKBN18W1I9'|'2017-06-05T19:35:00.000+03:00'
'3204d80545ea5c40403d3b834aa16e50164413ff'|'China firms, foreign funds seen as bidders for Eletrobras, Cemig assets'|'Business News - Wed Jun 7, 2017 - 8:30pm BST China firms, foreign funds seen as bidders for Eletrobras, Cemig assets FILE PHOTO: A view of the headquarters of Brazil''s power company Eletrobras in downtown Rio de Janeiro August 20, 2014. REUTERS/Pilar Olivares By Luciano Costa - SAO PAULO SAO PAULO Chinese power utilities and foreign investment funds are seen as the likely bidders in upcoming asset sales in Brazil''s electricity industry, as debt-laden state utilities seek to root out years of political mismanagement and balance sheet overstretching, according to lawyers familiar with the market. Centrais Elétricas Brasileiras SA ( ELET6.SA ), known as Eletrobras, and Cia Energética de Minas Gerais SA ( CMIG4.SA ), known as Cemig, plan to divest generation and transmission assets, including their stakes in some of Brazil''s largest hydroelectric dams - Santo Antônio and Belo Monte. Large Chinese strategic investors will probably be the winning bidders for the dams, because the size of the projects fit their strategies better and they would be willing to pay more, said Tiago Figueiró, who is part of the team involved in electricity industry issues at São Paulo-based law firm Veirano Advogados. "It would be pretty hard to attract an American or European investor for a project of that size," he said. Chinese power conglomerates have gradually become the dominant force in Brazil''s electricity industry, where high debt, a harsh recession and less stringent takeover barriers than in other major markets have stoked a wave of acquisitions. Eletrobras and Cemig are planning the divestitures in order to cut debt and cushion themselves from the impact of the harshest recession on record in Brazil, Latin America''s largest economy. Since the start of 2015, Chinese companies have been the buyers in most announced electricity mergers in Brazil, according to Thomson Reuters deals intelligence data. Brazil has been the No. 1 M&A global destination for China''s State Grid Corp [STGRD.UL], the world''s largest utility, since 2010, accounting for 43 percent of the $37 billion it spent on acquisitions during that period, Thomson Reuters data showed. For China Three Gorges Corp [CYTGP.UL], a power generator which owns the Three Gorges dam, the world''s second largest, Brazil acquisitions represented 19 percent of its $30.6 billion worth of M&A deals in the same period. José Oliva, a lawyer at São Paulo-based Pinheiro Neto Advogados, said the Eletrobras and Cemig asset sale plans are unlikely to be much affected by ongoing political turmoil in Brazil, as power sector acquisitions are perceived as a long-term investment. Cemig, which is controlled by the Brazilian state of Minas Gerais, has included wind farms and small power dams in a divestiture plan worth 6.5 billion reais (1.41 billion pounds). Eletrobras - Brazil''s largest power holding company - is selling stakes in more than 100 projects, from which it could fetch around 5 billion reais. Bankers, lawyers and industry executives expect that European and North American investment and pension funds may bid for the minority stakes that Eletrobras and Cemig have in smaller projects such as power transmission lines and renewable energy firms. Paulo Dalla Nora, an asset manager at FIR Capital, says he has already seen interest from foreign investors, particularly in renewable energy assets. (Writing by Marcelo Teixeira; Editing by Guillermo Parra-Bernal and Leslie Adler)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-brazil-m-a-electricity-idUKKBN18Y2W1'|'2017-06-08T03:30:00.000+03:00'
'39b2b4063b1e4ef704658f8788a746e8b67037b6'|'UPDATE 1-UK Stocks-Factors to watch on June 1'|'London Market Report - Thu Jun 1, 2017 - 2:33am EDT UPDATE 1-UK Stocks-Factors to watch on June 1 (Adds futures, company news items) June 1 Britain''s FTSE 100 index is seen opening up 21 points at 7541, on Thursday, according to financial bookmakers, with futures 0.33 percent higher ahead of the cash market open. * POLL: Prime Minister Theresa May could lose control of parliament in Britain''s June 8 election, according to a projection by polling company YouGov, raising the prospect of political turmoil just as formal Brexit talks begin. * ICAG: British Airways board members are expected to request an inquiry into a power outage, which left 75,000 passengers stranded last weekend, the BBC said on Thursday, citing sources. * BARCLAYS: Barclays will sell shares worth 2.2 billion pounds ($2.83 billion) in Barclays Africa Group, the bank said on Thursday, increasing the size of the planned stake sale due to investor appetite and marking a completion of its planned selldown. * BHP: BHP''s board is expected to select a new chairman at its June meeting to replace long-serving former Ford Motor Co boss Jac Nasser, according to two sources familiar with the matter. * RECKITT BENCKISER: The sale of Reckitt Benckiser Group''s North American food business, which could fetch more than $3 billion, has kicked off with information packages going out to industry players, according to sources familiar with the matter. * BHP: BHP Billiton, said on Thursday it has lifted a declaration of force majeure at its Escondida copper mine in Chile, more than a month after a costly strike came to an end. * LONMIN: South Africa-focused platinum producer Lonmin is pulling every lever to try to restore confidence in its ailing business, including reopening a major shaft and expanding its biggest operation, its chief executive said. * BRITAIN HOUSE PRICES: British house prices fell for a third consecutive month in May for the first time since 2009, according to a survey on Thursday that underlines the housing market''s slowdown since last year''s Brexit vote. * JOHNSON MATTHEY: Johnson Matthey, a world leader in making catalysts for car emission-control devices, on Thursday reported a 12 percent rise in full-year revenue and 18 percent growth in operating profit after a restructuring and cost-cutting programme. * FCA: Britain''s markets watchdog - The Financial Conduct Authority (FCA) - said it had asked about 20 asset managers and investment firms to spell out how Brexit would affect their ability to continue serving European Union customers. * The UK blue chip index ended its strongest month of the year little changed on Wednesday at 7519.95 on a choppy day for sterling, as polls painted a cloudy picture of next week''s general election. * For more on the factors affecting European stocks, please click on: cpurl://apps.cp./cms/?pageId=livemarkets TODAY''S UK PAPERS > Financial Times > Other business headlines Multimedia versions of Reuters Top News are now available for: * 3000 Xtra : visit topnews.session.rservices.com * For Top News : topnews.reuters.com (Reporting by Arathy S Nair in Bengaluru; Editing by Sherry Jacob-Phillips) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-stocks-factors-idUSL3N1IY2L2'|'2017-06-01T14:33:00.000+03:00'
'd8f3536e000844891d2115008c636de9637f577d'|'UPDATE 1-Canada to give C$850 mln in aid to firms hit by U.S. lumber tax'|'Market News - Wed May 31, 2017 - 5:19pm EDT UPDATE 1-Canada to give C$850 mln in aid to firms hit by U.S. lumber tax (Adds details, background) OTTAWA May 31 The Canadian government will give around C$850 million ($630 million) in aid to help the softwood lumber industry after the United States imposed duties on exports, a source familiar with the matter said on Wednesday. Most of the aid will be in the form of loans and loan guarantees, said the source, who requested anonymity because of the sensitivity of the situation. A formal announcement will be made on Thursday. A spokesman said Natural Resources Minister Jim Carr could not confirm the size of the package. Carr is in charge of determining how best to help the industry. The Liberal government of Prime Minister Justin Trudeau had already said it would help the industry in the wake of Washington''s move last month. U.S. producers called for the duties, alleging Canadian exports are unfairly subsidized. Canada denies this is the case. Ottawa struck back earlier this month, threatening to ban shipments of U.S. thermal coal from Pacific ports and suggesting sanctions against products from Oregon. ($1 = 1.3497 Canadian dollars) (Reporting by David Ljunggren; Editing by Jonathan Oatis and David Gregorio) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-trade-canada-lumber-idUSL1N1IX23K'|'2017-06-01T05:19:00.000+03:00'
'f711ae00fed65d31fe79d2e620cdf57413f13ed4'|'General Motors sale of Opel to PSA could be completed by end July'|'Deals - Thu Jun 8, 2017 - 5:50pm BST General Motors sale of Opel to PSA could be completed by end July left right A Peugeot car drives past the logos of French car maker Peugeot and German car maker Opel at a dealership in Villepinte, near Paris, France, February 20, 2017. REUTERS/Christian Hartmann 1/2 left right The logo of German car maker Opel is seen at a dealership in Marseille, France, February 22, 2017. REUTERS/Jean-Paul Pelissier 2/2 FRANKFURT Opel, the European arm of General Motors ( GM.N ), said its sale to France''s Peugeot ( PEUP.PA ) could be completed as early as July 31, pending regulatory approval. "We confirm that the closing is expected to take place in the second half of 2017 as planned, and that the date of 31 July constitutes a first assumption for the earliest possible date, subject to the decision of the competition authorities,” Opel said in a statement on Thursday. In March, France''s PSA Group ( PEUP.PA ) said it plans to buy Opel from General Motors ( GM.N ) in a deal valuing the business at 2.2 billion euros ($2.3 billion). Germany''s Allgemeine Zeitung was first to report that the closing date could be the end of July. (Reporting by Edward Taylor; Editing by Susan Fenton)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-opel-m-a-psapeugeot-idUKKBN18Z2D8'|'2017-06-09T00:46:00.000+03:00'
'4efb283f6562f34a3bd475e2c5937db8f2d10022'|'Home Capital received private equity approaches -Globe and Mail'|'TORONTO, June 8 Home Capital Group has received takeover approaches led by private equity firms Onex and Brookfield Asset Management but is moving ahead with plans to stay independent, Canada''s Globe & Mail newspaper reported on Thursday.The Globe & Mail cited a source close to the process as saying the offers received to data were "speculative, conditional and not that attractive". It said the company was working on plans to restore its financial health, through steps including the sale of smaller lines of business.Brookfield declined to comment. Home Capital and Onex did not respond to requests for comment.Depositors have withdrawn 95 percent of funds from Home Capital''s high interest savings accounts since March 27, when the company terminated the employment of former Chief Executive Martin Reid.The withdrawals accelerated after April 19, when the Ontario Securities Commission, Canada''s biggest securities regulator, accused Home Capital of making misleading statements to investors about its mortgage underwriting business.The company has said the accusations are without merit. Its funding has stabilized.The Globe & Mail report cited a source close to the process as saying the decision in April to entertain takeover offers was made in haste and with the company now stabilized, "a takeover may not be the best outcome for shareholders." (Reporting by Matt Scuffham)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/homecapital-lender-idINL1N1J51UL'|'2017-06-08T17:40:00.000+03:00'
'ab253b8b6a05e1bf6879ac1ca610d6fe7e04a6fb'|'U.S. 30-year mortgage rates fall to lowest since November - Freddie Mac'|'Market News - Thu Jun 8, 2017 - 11:03am EDT U.S. 30-year mortgage rates fall to lowest since November - Freddie Mac NEW YORK, June 8 Interest rates on U.S. 30-year mortgages fell a fourth straight week to their lowest levels since November in line with lower U.S. Treasury yields as a result of mixed economic data and political concerns, Freddie Mac said on Thursday. The borrowing cost on 30-year mortgages, the most widely held type of U.S. home loan, averaged 3.89 percent in the week ended June 8, which was the lowest since 3.57 percent in the Nov. 10, 2016 week. Last week, the average 30-year rate was 3.94 percent, the mortgage finance agency said. (Reporting by Richard Leong; Editing by Chizu Nomiyama) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-mortgages-freddiemac-idUSW1N1H0001'|'2017-06-08T23:03:00.000+03:00'
'f4e32469e7d8b29f83aa84747574a6d644aace22'|'Homebuilder D.R. Horton offers to buy 75 percent of Forestar for $520 million'|'U.S. homebuilder D.R. Horton Inc ( DHI.N ) said on Monday it had offered to buy 75 percent of real estate development company Forestar Group Inc ( FOR.N ) for about $520 million.The cash offer of $16.25 per Forestar share represents a 14 percent premium to the price offered by U.S. investment firm Starwood Capital Group to buy all of Forestar, D.R. Horton said.Austin, Texas-based Forestar in April agreed to be bought by Starwood for $14.25 per share.Forestar''s shares were up 12 percent at $15.95 in premarket trading.The deal would help D.R. Horton, the No. 1 U.S. homebuilder, expand its land and lot portfolio at a time when homebuilders'' margins are being hurt by higher land acquisition costs.Under the proposed deal, Forestar will remain public to ensure continued access to capital to help fund its increasing scale, D.R. Horton said.D.R. Horton has the cash and other immediately available capital to fund the deal, the company said.Moelis & Co was D.R. Horton''s financial adviser.(Reporting by Arunima Banerjee in Bengaluru; Editing by Sai Sachin Ravikumar)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-forestar-grp-m-a-dr-horton-idINKBN18W1B7'|'2017-06-05T09:20:00.000+03:00'
'6d4cb2e4366a1adaac62cabd3a6811ae128bc4a6'|'Deutsche Bank asks for more time for U.S. query on Trump, Russia - source'|' 42pm BST Deutsche Bank asks for more time for U.S. query on Trump, Russia - source By Tom Sims - FRANKFURT FRANKFURT Germany''s largest bank has asked for more time to respond to a request from Democrats on a U.S. House of Representatives panel for details about U.S. President Donald Trump''s possible ties to Russia, a person familiar with the matter said on Monday. Deutsche Bank''s ( DBKGn.DE ) external counsel sent a letter dated Friday June 2 to the Democrats saying it needed additional time, the source told Reuters. The person spoke on condition of anonymity and declined to specify how much more time the bank''s counsel needed. Several Democrats on the U.S. House Financial Services Committee sent a letter last month to John Cryan, chief executive officer of Deutsche Bank, seeking details that might show if Trump''s loans for his real estate business were backed by the Russian government. The letter asked for details of internal reviews of Trump''s transactions and gave the German bank until Friday to respond. Deutsche Bank has declined to comment about any business dealings with Trump. The Republican president is mired in controversy over FBI and congressional probes into alleged Russian meddling in the 2016 U.S. presidential election and potential collusion between Moscow and the Trump campaign. Moscow has denied the allegations, and Trump has denied any collusion. Maxine Waters, Democrat representative for California and a member of the committee, was one of the original letter''s five signatories. She confirmed through a staff member on Monday that Deutsche did not provide "substantive responses to our requests". "Congress remains in the dark on whether loans Deutsche Bank made to President Trump were guaranteed by the Russian government, or were in any way connected to Russia," the Democrats wrote in their request to Deutsche Bank. "It is critical that you provide this committee with the information necessary to assess the scope, findings and conclusions of your internal reviews," they said. The Democrats cannot compel Deutsche Bank to hand over the information. The House committee has the power to subpoena the documents, but Republican committee members - who make up the majority of the panel - would have to cooperate. No Republicans have signed the document request. The congressional inquiry is also seeking information about a Russian "mirror trading" scheme that allowed $10 billion (£7.7 billion) to flow out of Russia. In January, Deutsche Bank agreed to pay $630 million in fines for organising the scheme that could have been used to launder money out of Russia. The trades involved, for example, buying Russian stocks in roubles for a client and selling the identical value of a security for U.S. dollars for a related customer. (Reporting by Tom Sims; Editing by Rachel Armstrong and Mark Potter) FILE PHOTO: The logo of Deutsche Bank is seen at its headquarters ahead of the bank''s annual general meeting in Frankfurt, Germany May 18, 2017. REUTERS/Ralph Orlowski/File Photo'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-deutsche-bank-trump-idUKKBN18W20Y'|'2017-06-05T23:42:00.000+03:00'
'e27bd66cf4972f581136dcde5b693142324dd311'|'CANADA STOCKS-TSX buoyed by rally in gold and oil'|'* TSX up 54.78 points, or 0.36 pct, to 15,464.56* Four of the TSX''s 10 main industry groups were up* Materials up 3.4 pct, energy stocks up 1.4 pctBy Solarina HoTORONTO, June 6 Canada''s benchmark stock index rose on Tuesday as a surge in oil and gold prices sent energy and mining companies rallying.The Toronto Stock Exchange''s S&P/TSX composite index rose 54.78 points, or 0.36 percent, to finish at 15,464.56.Of the index''s 10 main groups, four advanced, including a 3.4 percent jump in materials, which include gold miners, and a 1.4 percent lift in oil and gas companies.Gold leaped to a seven-month high on safe-haven demand ahead of a slew of key events on Thursday and after the U.S. dollar fell to a seven-month low. Gold futures rose 1.1 percent to $1,293.8 an ounce.Gold firms dominated the index on the positive side, with Barrick Gold climbing 4.9 percent to C$22.86, and Goldcorp Inc rising 4.5 percent to C$18.89. Kinross Gold Corp rallied 8.6 percent to C$6.21.Iamgold Corp soared 11.7 percent to C$6.78 after Japan''s Sumitomo Metal Mining Co said it agreed to take an interest in a gold mining project from the company for $195 million.Energy stocks, which have bounced alongside seesawing crude prices, rose as the commodity found technical support after sliding below $47 a barrel. Prices have stumbled amid uncertainty over the impact of an Arab rift over Qatar."A lot of these names on a year-to-date basis, have been pretty beaten up," said Manash Goswami, portfolio manager with First Asset Investment Management Inc. "If you''re looking for value, you definitely want to look at sectors that have lagged - energy has been one of those."Goswami said the market was otherwise taking a pause, with overall investor sentiment cautious ahead of a busy Thursday which will see Britain heading to voting booths and former FBI director James Comey testifying before the U.S. Congress. The European Central Bank is also meeting the same day.Tempering gains was a 0.6 percent retreat in financial services companies. The group includes Canada''s biggest banks and insurers and accounts for about a third of the index''s weight. Manulife Financial Corp declined 1.5 percent to C$23.15, while Royal Bank of Canada gave up 0.8 percent to finish at C$92.81.Hudson''s Bay Co, which reports quarterly results on Thursday, fell 3.5 percent to C$9.73, tracking U.S. department store stocks which slumped after Macy''s Inc warned of a bigger-than-expected drop in gross margins.Advancing issues outnumbered declining ones on the TSX by 141 to 101, for a 1.40-to-1 ratio on the upside. (Reporting by Solarina Ho; Editing by Tom Brown)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/canada-stocks-idUSL1N1J31WW'|'2017-06-07T05:20:00.000+03:00'
'5acffc7602010935e70b08a02e0e21de3df1e57b'|'Japan Display delays investment in JOLED until at least 2018'|'TOKYO Japan Display said on Wednesday it was delaying its planned investment in organic light-emitting diode panel maker JOLED until next year at the earliest as it continues to overhaul its business strategy.The company had planned to reach an agreement by late June to buy shares in JOLED, whose largest investor is Innovation Network Corporation of Japan (INCJ), and complete the purchase by the end of this year.It now aims to reach an agreement by late June 2018, with the purchase date yet to be determined, Japan Display said in a statement.(Reporting by Chris Gallagher; Editing by Muralikumar Anantharaman)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-japan-display-overhaul-joled-idINKBN18Y0N6'|'2017-06-07T05:36:00.000+03:00'
'ab239e829f06903c82c330dab73e25adb67ab321'|'Peru miner Volcan seeks copper opportunities to diversify'|'LIMA, June 6 Volcan, Peru''s largest producer of silver and zinc, seeks new opportunities in copper projects to diversify its operations and is also evaluating acquisitions, an executive said on Tuesday.Among the company''s plans, Jose Montoya, manager of corporate development, highlighted the Chumpe and Carhuacayán porphyry copper projects in Junin region as well as copper and gold project Rica Cerreña in Pasco."We are looking to increase diversification in copper opportunities," Montoya said in a presentation at the MinPro forum.He said Volcan is also looking at acquisitions that could provide "fast" value."We are investing heavily in exploration in 2017 to discover the potential we have in copper. We are betting on an aggressive drilling plan ... 30 percent of this will be destined to uncover copper opportunities," he added.Volcan last year produced some 273,400 metric tons of zinc, down 4.1 percent from 2015, as well as 22 million ounces of silver, down 11.4 percent from the previous year. (Reporting by Teresa Cespedes; Writing by Caroline Stauffer; Editing by Leslie Adler)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/peru-volcan-idINL1N1J3288'|'2017-06-06T22:01:00.000+03:00'
'394511c6a9b2b9bbcfafbff22c10239c0cd78e1d'|'Australia''s Vocus says KKR makes $1.65 bln takeover approach'|'June 7 Australian telecoms company Vocus Group Ltd said on Wednesday it received an indicative takeover offer from private equity firm KKR & Co LP which valued the company at A$2.2 billion ($1.65 billion).Vocus said KKR made a non-binding indicative offer to buy all its shares for A$3.50 in cash, a 22 percent premium to the stock''s closing price the previous day.The Sydney-listed takeover target said it would review and access the proposal.($1 = 1.3310 Australian dollars) (Reporting by Christina Martin in Bengaluru; Editing by Byron Kaye and Stephen Coates)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/vocus-group-ma-kkr-idINL3N1J35ID'|'2017-06-06T21:48:00.000+03:00'
'9a4525e530ba996c50cc5a12813c6877f826ef8a'|'LSE eyes more index deals after agreeing to buy Citi''s Yield Book'|'Deals - Thu Jun 8, 2017 - 3:52pm BST LSE eyes more index deals after agreeing to buy Citi''s Yield Book A man shelters under an umbrella as he walks past the London Stock Exchange in London, Britain August 24, 2015. REUTERS/Suzanne Plunkett By John McCrank - NEW YORK NEW YORK The London Stock Exchange Group PLC ( LSE.L ), which last week agreed to buy Citigroup Inc''s ( C.N ) Yield Book fixed-income analytics and indexing business for $685 million, is looking for similar deals, LSE''s chief financial officer said on Thursday. The Yield Book acquisition, when closed, will boost the size and capabilities of LSE''s FTSE Russell indexes business, bringing the amount of assets under management benchmarked to its indexes to around $15 trillion. Trends such as the ongoing shift in investment style to passive from active and the desire by investors to get more exposure to emerging markets, particularly China, make index businesses attractive, LSE CFO David Warren said at the Sandler O’Neill Global Exchange and Brokerage Conference in New York. With nationalistic and regulatory factors making big cross-border exchange deals difficult to get done, as seen in the collapse of LSE''s merger with Deutsche Boerse AG ( DB1Gn.DE ) in March, exchanges have been looking to index and data deals to help them grow. Intercontinental Exchange Inc ( ICE.N ) said last Thursday it reached an agreement to acquire Bank of America Merrill Lynch''s ( BAC.N ) global research index platform for an undisclosed amount. Deutsche Boerse on Wednesday said it too is on the lookout for deals in the space. As a result, a number of banks that have developed analytics and index businesses using intellectual property (IP) from their internal trading operations are looking to monetize those businesses, Warren said. "We come into it obviously seeing that the IP in terms of index creation has been undervalued, so that is really the opportunity," he said. Exchanges increasingly see themselves as financial markets infrastructure providers with global distribution networks, rather than just trading venues, Warren said. Index and analytics businesses provide exchanges with the intellectual property to create investment products that are in demand from global asset managers, he said. "So there is a lot of investment in the business right now, but there is also still a lot of work we are doing to look at acquisition opportunities." (Editing by Bernadette Baum) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-lse-deals-index-idUKKBN18Z222'|'2017-06-08T22:51:00.000+03:00'
'2b3d949d25e79a9a4c5f316d47a6662e6dd81730'|'How Popular was caught off guard by Europe''s abrupt takeover'|'MADRID When the 1,644 Spanish branches of Banco Popular ( POP.MC ) opened their doors on Monday morning, the bank''s chairman Emilio Saracho still hoped the 91-year-old lender, once the most efficient in Europe, could be saved.The previous Friday, shortly after Popular suffered another selloff on the stock market, he had sent an email to the bank''s staff to tell them it was solvent and they should keep working hard to overcome the current situation."We need to work together and believe in what we do," Saracho wrote.JP Morgan and Lazard, which had been advising Popular since early May on finding a merger partner or raising new capital, had spent the weekend working the phones with other Spanish lenders in a bid to find a last minute solution.And the bank had requested emergency central bank liquidity that it believed meant it had a whole week to review its options and try to draw a line under a deposit flight that had wiped a quarter of its deposits.What Saracho didn''t appear to measure was that the fate of Spain''s sixth-biggest bank would be sealed in hours, not days or months as in previous European banking meltdowns.The swift maneuvering by Europe''s bank regulators marks a sharp and brutal change in the way they deal with struggling banks, which could become a blueprint for handling other cases, especially in Italy where the rescue of troubled lenders has been under discussion for months.Previous bank rescues in the euro zone have involved protracted negotiations and government bailouts, even after new rules came in following the financial crisis, aimed at preventing taxpayer money being used in bank bailouts.However, the abruptness of the action by the authorities could raise questions about whether regulators and the Spanish government spent enough time exploring other options potentially less painful for shareholders or bondholders. That, in turn, could now pave the way for legal claims to be filed.The ECB, the Spanish government and Popular all declined to comment.TRIGGEROn Saturday, the Single Resolution Board (SRB), a regulatory body responsible for dealing with the euro zone''s banking crises, met in Brussels to discuss the risks posed by Popular for Spain''s and Europe''s financial stability.Based on an independent valuation by Spanish boutique investment firm Arcano which showed Popular had a capital shortfall of up to 8 billion euros, the SRB concluded the bank would likely fail to meet its financial obligations.It ordered an immediate fire sale, setting in motion the mechanism to take over the lender."Saracho was left by the side of the road by the European resolution body," said one source, adding that JP Morgan''s last-ditch attempt at the weekend to find a buyer was predicated on an understanding that the SRB would soon move on Popular.The SRB declined to comment.Sources familiar with SRB strategy say the initial objective was to intervene in Popular on Friday, June 9, ahead of the weekend, to give enough time for negotiations.But both the volume of deposit withdrawals on Monday and the determination of European authorities to use their new banking resolution powers would speed things up dramatically.In the early afternoon of Tuesday, Saracho picked up the phone to call Spain''s Economy Minister Luis de Guindos and let him know Popular had run out of collateral to obtain new ECB liquidity. Branches might not open on Wednesday morning."There was a bank run," the ECB''s deputy governor Vitor Constancio said on Thursday in response to questions about why the authorities had not spent more time analyzing other options to salvage the bank.It was no longer a question of making sure the bank had enough capital to meet its long term obligations, so much as ensuring it had cash on hand to stay open."It was not a matter of assessing the developments of solvency as such, but the liquidity issue."Within six hours, the SRB had swooped, cancelling the investments of Popular''s shareholders and junior bondholders with the stroke of a pen and selling the lender for a solitary euro to Spanish banking goliath Santander ( SAN.MC ).(Additional reporting by Carlos Ruano, Francesco Canepa in Frankfurt, Francesco Guarascio in Brussels and Pamela Barbaglia in London; writing by Julien Toyer; editing by Peter Graff)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-popular-m-a-santander-idUSKBN18Z24B'|'2017-06-08T23:09:00.000+03:00'
'7538327f3974f49c626d28800fdcbe93e7879d0c'|'Samsung Electronics to invest $300 million for U.S. appliances factory - Korea Economic Daily'|'Business News - Thu Jun 8, 2017 - 1:53am BST Samsung Electronics to invest $300 million for U.S. appliances factory - Korea Economic Daily FILE PHOTO: The logo of Samsung Electronics is seen at a company''s building in Seoul, South Korea, March 24, 2017. REUTERS/Kim Hong-Ji SEOUL Tech giant Samsung Electronics Co Ltd ( 005930.KS ) plans to invest $300 million to build an appliances factory in the United States, the Korea Economic Daily reported on Thursday citing unnamed sources. The plant in Blythewood, South Carolina, will manufacture products such as washing machines and gas oven ranges, the South Korean newspaper said. Samsung will sign a formal agreement later this month and plans to complete construction of the plant by 2019, the report said. A Samsung spokesman declined to comment. The South Korean firm said earlier this year it was in talks to build a home appliances plant in the United States amid worries about protectionist policies under new U.S. President Donald Trump. Home appliances rival LG Electronics Inc ( 066570.KS ) in March announced a $250 million plan to build a new home appliances factory in Tennessee. (This version of the story corrects planned date for completion of plant in paragraph three) (Reporting by Se Young Lee; Editing by Stephen Coates) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-samsung-elec-us-idUKKBN18Y3BT'|'2017-06-08T07:54:00.000+03:00'
'a7df473bcf52b552eb6a615612a4954c1085f90f'|'Russia''s Mechel says board recommends full dividend payment for 2016'|'Market News - Thu Jun 8, 2017 - 4:12am EDT Russia''s Mechel says board recommends full dividend payment for 2016 MOSCOW, June 8 Russian metals and mining giant Mechel said on Thursday its board had recommended a 2016 dividend of 10.28 roubles ($0.1805) per preferred share, its first full payout since fighting back from the brink of bankruptcy last year. ($1 = 56.9420 roubles) (Reporting by Jack Stubbs; Editing by Maria Kiselyova) ECB cuts inflation forecast, raises growth estimate TALLINN, June 8 The European Central Bank on Thursday lowered its inflation outlook to reflect a drop in oil prices but lifted economic growth projections across its forecast horizon through 2019. The mixed outlook is likely to strengthen the case made by the ECB''s more dovish rate-setters, who argue that price pressures in the euro zone are still too weak for the central bank to start preparing to unwind its monetary stimulus. The ECB now sees inflation of 1.5 percent in * Valeant''s U.S.-listed shares rise 3.5 pct premarket (Adds details) MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/russia-mechel-dividends-idUSS8N1IK00H'|'2017-06-08T16:12:00.000+03:00'
'e0f9747a962d019b02064fd16176dcde2764016d'|'PRESS DIGEST- British Business - June 8'|'Market News - Wed Jun 7, 2017 - 8:02pm EDT PRESS DIGEST- British Business - June 8 June 8 - The following are the top stories on the business pages of British newspapers. Reuters has not verified these stories and does not vouch for their accuracy. The Times Top shareholders in WPP Plc have attacked the company''s failure to put in place a proper succession plan for the chief executive, mounting a fresh rebellion over pay and governance at the FTSE 100 advertising group. bit.ly/2sF8XSX British shareholders in Banco Santander SA will be asked to dig deep into their pockets to fund the multibillion-euro rescue of a failing Spanish lender that the European Central Bank has warned will collapse without support. bit.ly/2sF1Gmb The Guardian Oil industry company Halliburton Co has been branded "obscene" for advertising unpaid UK internships, which critics say give an unfair advantage to people from privileged backgrounds. bit.ly/2sFlk1x The Telegraph Berendsen Plc has succumbed to a takeover proposal from French rival Elis SA, after the offer was raised for a second time to 2.2 billion pounds ($2.85 billion). bit.ly/2sEXx1D The plot to attack the London Bridge could have been hatched at a KFC restaurant in east London, it has emerged, following claims that two of the suspects worked there at the same time. bit.ly/2sEXGSJ Sky News BT Group Plc has picked a new auditor to replace PricewaterhouseCoopers LLP(PwC), months after the emergence of a 530 million pounds accounting crisis in its Global Services division. bit.ly/2sF8Wyc L''Oreal SA''s hopes of obtaining a bumper price for The Body Shop, the British-based ethical cosmetics retailer, have been dented by projections for a slump in profits this year. bit.ly/2sFqQ40 The Independent Theresa May will fail to secure a comprehensive free trade agreement with the rest of the EU by 2019 in a development that would mean a destructive "cliff-edge" Brexit for the United Kingdom, the Organisation for Economic Co-operation and Development (OECD) has predicted. ind.pn/2sF4xv8 ($1 = 0.7716 pounds) (Compiled by Bengaluru newsroom; Editing by Lisa Shumaker) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-press-business-idUSL3N1J45OG'|'2017-06-08T08:02:00.000+03:00'
'be60d54f14b1c0c4419ad08353093567ff0639f2'|'Petropavlovsk boss Peter Hambro battles ''stealth takeover'''|'Business   1:53pm BST Petropavlovsk boss Peter Hambro battles ''stealth takeover'' By Barbara Lewis - LONDON LONDON Peter Hambro, who has headed Russian-focused gold miner Petropavlovsk ( POG.L ) for decades, is seeking to fend off a shareholder revolt led by Russian billionaire Viktor Vekselberg, whom Hambro accuses of pursuing "a takeover by stealth". After nearly a quarter of a century at the helm of a company he founded in 1994, Hambro says he has begun addressing the succession issue and would consider selling at the right price. His objection is to what he terms a "takeover by stealth" of the London-listed company and a proposed change of the board, which would replace four of six board members - just when Petropavlovsk has returned to profit. One of the nominees is Bruce Buck, chairman of Chelsea Football Club, which had no immediate comment. "It is my belief that replacing the non-executive directors and myself on the board with their own nominees, is not in the interests of shareholders as a whole," Hambro said of the plans of Vekselberg and other stakeholders. Hambro said he expected a ruling from London''s takeover watchdog, which said it never comments on specific cases. Its rules on whether a formal takeover offer is necessary provide for examining whether shareholders are acting in concert, whether they have "a significant relationship" with nominees and when they crossed a threshold of 30 percent or more voting rights. Hambro is calling on an annual general meeting (AGM) in London on June 22 to vote against resolutions put forward by shareholders with a more than 30 percent stake in total. They are Vekselberg''s conglomerate Renova, Sothic Capital Management and M&G. All declined to comment. In separate resolutions, they call for new appointments to replace Hambro and non-executive directors Robert Jenkins, Alexander Green and Andrew Vickerman. In their place, in addition to Buck, they are nominating Vladislav Egorov, who works for the Renova group, Garrett Soden, who has worked for the Lundin mining companies ( LUN.TO ) for a decade, and Ian Ashby as chairman. Ashby headed BHP''s ( BHP.AX ) ( BLT.L ) iron ore division from 2006 to 2012 and was named in May as a non-executive director at Anglo American ( AAL.L ), which declined to comment. Petropavlovsk in May announced Vickerman would become interim non-executive chairman after the June AGM. It has appointed recruitment specialists to find a permanent replacement for Hambro, who has agreed to stand down as chairman and become an executive director. Petropavlovsk returned to profitability in 2016 after restructuring to tackle its debts. Its share price has recovered to above eight pence from a low around 5 pence in early 2016. Following higher gold prices and lower costs, 2016 net profit stood at $31.7 million (£24.5 million), compared with a 2015 net loss of $297.5 million. (Additional reporting by Polina Devitt in Moscow and Carolyn Cohn, Maiya Keidan and Dasha Afanasieva in London; Editing by Mark Potter)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-petropavlovsk-agm-idUKKBN18Z1R8'|'2017-06-08T20:53:00.000+03:00'
'f4f6e484572df35b8c261c242e362438848ed6f9'|'EMERGING MARKETS-Brazil stocks, currency edge up as labor reform advances'|'Market News - Wed Jun 7, 2017 - 5:50pm EDT EMERGING MARKETS-Brazil stocks, currency edge up as labor reform advances (Updates with final prices, details from Mexico) By Bruno Federowski SAO PAULO, June 7 Brazil''s stock index and currency on Wednesday advanced after a planned reform of labor regulations cleared a hurdle in Congress, but uncertainty over the outcome of an electoral court trial that could oust President Michel Temer limited gains. Temer''s proposal to loosen labor laws won approval from the Senate''s economic affairs committee on Tuesday, clearing the way for a full-house vote and reducing expectations that a growing political crisis could jeopardize his reforms agenda. The benchmark Bovespa stock index rose 0.34 percent, driven higher by rising shares of banks such as Itaú Unibanco Holding SA, Banco Bradesco SA and Banco do Brasil SA. Brazil''s real inched up only 0.13 percent as the TSE, Brazil''s top electoral court, argued whether Temer received illegal campaign funding in 2014, when he ran for vice president with his leftist predecessor, Dilma Rousseff. Temer''s opponents see a ruling as a way out of the political crisis set off by corruption allegations leveled against the center-right leader, but a decision could take weeks, if not months, and could be appealed by Temer. Trading was muted in much of Latin America. In Mexico, the IPC share index and the peso rose very slightly as investors eyed events scheduled for Thursday, when Britain holds a general election, the U.S. Federal Bureau of Investigation''s former director testifies to Congress and the European Central Bank (ECB) meets to decide on policy. "Tomorrow may be the most important day of the quarter for investors," analysts at Brown Brothers Harriman wrote in a note to clients. Political noise has weighed on demand for risky assets in recent days, with MSCI''s emerging stock benchmark dipping for a second day. Contributing to caution were decisions by several Arab countries to cut diplomatic ties with Qatar, accusing it of supporting terrorism. Qatar vehemently denies the allegations. Key Latin American stock indexes and currencies at 2100 GMT: Stock indexes daily % YTD % change change Latest MSCI Emerging Markets 1015.75 -0.01 17.8 MSCI LatAm 2565.46 0.38 9.6 Brazil Bovespa 63170.73 0.34 4.89 Mexico IPC 49274.97 0.11 7.96 Chile IPSA 4890.39 -0.44 17.80 Chile IGPA 24508.20 -0.4 18.20 Argentina MerVal 22218.66 -0.61 31.33 Colombia IGBC 10757.84 -0.56 6.22 Venezuela IBC 83374.02 0.94 162.97 Currencies daily % YTD % change change Latest Brazil real 3.2721 0.13 -0.70 Mexico peso 18.22 0.02 13.85 Chile peso 668.90 -0.04 0.27 Colombia peso 2916.5 -0.74 2.91 Peru sol 3.271 -0.12 4.66 Argentina peso (interbank) 15.98 0.09 -0.66 Argentina peso (parallel) 16.31 -0.12 3.13 (Reporting by Bruno Federowski; Editing by Jonathan Oatis and Lisa Shumaker) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/emerging-markets-latam-idUSL1N1J41SO'|'2017-06-08T05:50:00.000+03:00'
'e8eec945bdbe883128127967c3abb77562a4c3d4'|'ICICI Bank to sell part stake in insurer ICICI Lombard via IPO'|'India''s ICICI Bank Ltd and Canada''s Fairfax Financial Holdings Ltd will pare their stakes in joint venture insurer ICICI Lombard General Insurance Co Ltd''s planned initial public offering (IPO) of shares, the insurer said on Monday.While the size and other details of the IPO will be decided at a future date, ICICI Lombard said the two shareholders in the company had informed it of their intention to sell part of their holdings by way of an offer for sale.ICICI Bank owns 63.3 percent of ICICI Lombard, the largest private sector non-life insurer in India.Fairfax, led by Canadian billionaire Prem Watsa, will own 22.1 percent of the insurer after its planned sale of a 12.2 percent stake in ICICI Lombard to an affiliate of Warburg Pincus and two other investors is completed.Fairfax''s stake sales valued ICICI Lombard at 203 billion rupees ($3.15 billion).($1 = 64.3550 Krishna V Kurup in Bengaluru; Editing by Devidutta Tripathy and Mark Potter)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/icici-bank-lombard-ipo-idINKBN18W1NR'|'2017-06-05T10:46:00.000+03:00'
'fc00113ed77cf22f0eb4fdefa24980fcd908fe8a'|'UK new car sales fall 8.5 percent in May ahead of election'|'Autos  31am BST UK new car sales fall 8.5 percent in May ahead of election Cars are displayed outside a showroom in west London October 4, 2013. REUTERS/Luke MacGregor LONDON British new car registrations fell 8.5 percent last month, an industry body said on Monday, blaming the decline on the run-up to this   the effect of an April tax hike which boosted demand earlier in the year. Car sales dropped to 186,265 vehicles in May, with a 14 percent slump in demand to consumers and a 5.3 percent drop in fleet business registrations, according to data from the Society of Motor Manufacturers and Traders (SMMT). "We expected demand in the new car market to remain negative in May due to the pull-forward to March," SMMT Chief Executive Mike Hawes said, referring to a rise in vehicle excise duty which boosted demand before it came into effect in April. "Added to this, the general election was always likely to give many pause for thought and affect purchasing patterns in the short term," he said. Demand for diesel continued to fall last month with demand down 20 percent, as a series of tax hikes in London and possible levies in other cities continued to dampen demand. (Reporting by Costas Pitas; Editing by William Schomberg)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-economy-autos-idUKKBN18W0XF'|'2017-06-05T16:23:00.000+03:00'
'ab21152a2525451e02dabe841c288ec3cf6c5b36'|'Euro zone business activity maintained growth in May, PMI shows'|'Business News  04am BST Euro zone business activity maintained growth in May, PMI shows FILE PHOTO: A man places a net over a pallet with cork in Amorim Revestimentos factory unit in Sao Paio de Oleiros, Portugal, April 11, 2017. REUTERS/Pedro Nunes/File Photo By Shrutee Sarkar - June 5 June 5 Euro zone business activity remained strong in May, underpinned by increasing demand, according to a survey released on Monday, which suggested the pace of growth was putting the economy on a path towards a sustained recovery. Markit''s final composite Purchasing Managers'' Index for the euro zone was 56.8 in May, unchanged from both April''s index and the May flash estimate. It has been above the 50 mark that divides growth from contraction since mid-2013. The survey compiler, IHS Markit, said its data was consistent with gross domestic product growth of 0.7 percent in the second quarter. That is considerably higher than the 0.5 percent rate economists predicted in a Reuters survey. "The outlook for the euro zone economy seems to be tilting to the upside, and it seems likely that we''ll start to see many forecasters'' expectations for 2017 growth revised higher," said Chris Williamson, chief economist at survey compiler Markit. The new businesses sub-index, which climbed to 55.9 from a flash reading of 55.5, suggests activity in the coming months will remain solid. Although several other indices pointed to lower levels. "With the rate of job creation rising to one of the highest seen over the past decade, the recovery is also becoming more sustainable, as the improved labour market should feed through to higher consumer spending," Williamson said. The output prices index showed output prices rose at a slower pace in May, falling to 52.4 compared with a flash estimate of 52.8. Euro zone inflation slipped to 1.4 percent, its lowest level since December, suggesting the European Central Bank policymakers will remain cautious about any change to its monetary stimulus. The services PMI edged down to 56.3 in May from 56.4 in April, although it was up marginally from a flash reading of 56.2. (Reporting by Shrutee Sarkar, editing by Larry King)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-eurozone-economy-pmi-idUKKBN18W0VN'|'2017-06-05T16:04:00.000+03:00'
'50e7a693c18064caa022176d29b386ed035ebcfb'|'China''s HNA to tap M&A brake after $50 bln deal splurge'|'By Matthew Miller - BEIJING BEIJING After two years of aggressive deal-making - from buying stakes in Deutsche Bank and Hilton Worldwide Holdings Inc to taking over electronics distributor Ingram Micro - Chinese conglomerate HNA Group intends to slow the pace, or at least the size, of its acquisitions overseas.A sprawling aviation-to-financial services group, HNA has emerged as China''s most active non-government player in global markets, with deals worth more than $50 billion - equal to the annual GDP of Bulgaria."This year, the merger and acquisition pace will slow a little for sure," Adam Tan, HNA Group CEO, told Reuters in a rare media interview.Political uncertainty in the United States and Europe - such as the upcoming negotiations on Britain''s departure from the European Union - and China''s broad crackdown on capital flight from the country, have changed the climate for HNA''s unbridled growth."It''s a bit more complicated than before," Tan said by phone.Tensions between China and the United States are the biggest risk, said Tan, who received an MBA from St. John''s University in New York and studied at Harvard Business School.His comments come amid increasing debate about the United States expanding its vetting process on foreign investment, and tensions over its trade deficit."This is a critical relationship," Tan said. "No good can come from fighting. We can disagree, we can talk, we can negotiate - that''s a family issue. We''re not enemies."For HNA, which has accumulated assets even as other Chinese companies find it more difficult to acquire overseas, any pivot in strategy may bring the group more into line with government policy aimed at reducing the amount of money leaving China. It would also give it more opportunity to digest and rationalize the assets it has bought using often complex bank borrowing and debt arrangements.Tan spoke to Reuters at a time when HNA''s financing and ownership structure has come under intense scrutiny.In three years, the group has more than quadrupled its assets, to 1.2 trillion yuan ($176.12 billion) at the end of last year from 266 billion yuan at the end of 2013."The scope of their ambition, the speed of these acquisitions, the enormity of the credit resources at their disposal has put HNA in a different league, where the normal rules of business don''t seem to apply," said William Kirby, a professor at Harvard Business School who has authored a case study on the group.WET MARKETFuelling HNA''s expansion has been the ambition of its founding Chairman Chen Feng, at the cost of rising debt.The group had around $89 billion in credit lines from domestic banks at the end of May. Separately, the group and its subsidiaries have issued more than $10 billion in outstanding onshore and offshore debt.Chen, a former aviation official, told Reuters in 2015 that the global financial crisis had left many assets undervalued, and the way to growth was through deals. It was, he said then, like the wet market: "You see so many fresh vegetables, you eat here, pick this and that."HNA''s top backers include China Development Bank, whose Hainan office in 2012 provided the group with a 100 billion-yuan line of credit, along with other Chinese state-owned lenders.After two significant HNA acquisitions closed in the first quarter of this year, however, some group companies are wrestling with the pace of growth.At Bohai Capital, a subsidiary responsible for HNA''s leasing assets, loans and bonds outstanding at end-March totalled 232.62 billion yuan - more than 600 percent of net assets.HNA says it currently has debts totalling 710 billion yuan.Launched in 1993 as a fledgling airline in partnership with the Hainan provincial government, HNA today comprises a tangled cross-shareholding web of more than 400 companies, including over a dozen listed on the stock market.The group remains heavily tied to aviation, holding a key stake in Hainan Airlines, China''s fourth-biggest carrier, and helps operate another 18 airlines, including U.S. business aviation firm Deer Jet and Paris-based Aigle Azur. It also owns a substantial airports and airport servicing business, and Avolon, another subsidiary, is one of the world''s leading aircraft leasing companies, with a fleet of 850 planes.SLOWING, NOT STOPPINGHNA won''t, though, stop making offshore acquisitions entirely. International assets are better priced, compared to Chinese domestic assets, and low-cost capital is still available, Tan said.He refuted any notion that HNA''s deal-making flurry exposed an absence of strategic focus. HNA, he said, is scouting for "undervalued assets".So far this year, it has announced equity and asset acquisitions of more than $12 billion, indicating it will remain active in key sectors, including financial services.Among the deals is an offer to buy New Zealand''s UDC Finance from ANZ Banking Group for about $460 million and the acquisition of a 25 percent stake in Old Mutual''s U.S. fund management arm for $446 million.. HNA also has accumulated a 9.9 percent stake in Deutsche Bank.Earning over half its revenues with more than 30 percent of its assets offshore, HNA is big enough to undertake transactions outside China utilizing offshore structures, Tan said.It has utilised increasingly complicated leveraged finance and foreign currency credit facilities, raising over $17 billion in loans over the last four years to complete global deals, according to Thomson LPC data."Our own cash flow, our own standalone credibility outside China is big enough to support this merger and acquisition (activity)," said Tan, who noted HNA''s debt-to-asset ratio dipped to below 60 percent at the end of December. A year earlier, it was around 75 percent.($1 = 6.8135 Chinese yuan renminbi)(Reporting by Matthew Miller, with additional reporting by Umesh Desai in Hong Kong; Editing by Ian Geoghegan and Stephen Coates)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/hna-group-strategy-idINKBN18W146'|'2017-06-05T17:35:00.000+03:00'
'60ad5399fa8dd761c962d931e2fac223195e13dd'|'Kleiner Perkins invests $30 million in online retailer UNTUCKit'|'By Liana B. Baker - June 4 June 4 UNTUCKit, a retailer focused on men''s casual shirts that are designed to be worn untucked, said on Sunday that venture capital firm Kleiner Perkins Caufield & Byers had invested $30 million in the company''s first major round of fundraising.The funding will help UNTUCKit open 15 new U.S. stores and expand into women''s and children''s apparel. Founded in New York in 2011 as an internet retailer, it started opening physical stores in 2015 as part of a "clicks-to-bricks" strategy.UNTUCKit did not disclose the implied valuation that Kleiner Perkins''s investment inferred on the company, but a source said on condition of anonymity that the transaction values UNTUCKit at more than $200 million.Like some of its competitors, UNTUCKit is blurring the lines between online and physical stores. Several e-commerce companies that have built a growing customer base have started to turn to retail outlets to market their products. UNTUCKit now has eight brick-and-mortar stores."We always knew we would have a physical presence since a large percent of male consumers still are uncomfortable shopping for a new brand digitally," chief executive Aaron Sanandres said in an interview. Mood Rowghani, a Kleiner Perkins general partner, said in a statement that UNTUCKit having both a digital and physical presence has "profound benefits to merchandising, design, marketing, and customer happiness.” Bonobos, another men''s retailer which sources have said is in talks to be acquired by Wal-Mart Inc, runs "guideshops" that allow customers to try on clothes before having them shipped to their home. Eyewear company Warby Parker and clothing rental service Rent the Runway have made similar moves.But running retail outlets has its challenges, including managing inventory, human resources and marketing strategies. Online retailer NastyGal shuttered its physical stores as part of its bankruptcy process earlier this year.Sanandres said UNTUCKit is looking to open 100 stores over the next five years, and is in discussions with mall developers Simon Property Group Inc, Macerich Co and Taubman Centers Inc about these plans.UNTUCKit was founded by Sanandres and Chris Riccobono, two students who met at Columbia business school. The company had previously raised $200,000 from friends and family.Its first marketing dollars were invested in radio and magazine advertisements, as it sought to establish its brand. While its signature product is untucked shirts, it has since branched out into T-shirts, jackets and shorts.Its founders say UNTUCKit is profitable with sales more than doubling every year.PricewaterhouseCoopers advised UNTUCKit. (Reporting by Liana B. Baker in San Francisco; Editing by Andrea Ricci)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/untuckit-funding-kleinerperkins-idINL1N1IX00X'|'2017-06-04T23:00:00.000+03:00'
'd5909d113464a868f20ec3a64675ec7b6ae796d7'|'Credit Suisse to cut jobs as it pares back in London'|'  4:01pm BST Credit Suisse to cut jobs as it pares back in London The Credit Suisse logo is seen at their offices at Canary Wharf financial district in London,Britain, March 3, 2016. REUTERS/Reinhard Krause By John O''Donnell and Joshua Franklin - ZURICH ZURICH Credit Suisse ( CSGN.S ) is to cut roughly 1,500 jobs in London by the end of next year, according to a person familiar with the matter, part of the Swiss bank''s efforts to cut costs globally. The cutbacks come as the bank''s Zurich neighbour UBS ( UBSG.S ), the world''s largest private bank, also considers moving hundreds of staff out of London as Britain prepares to embark on divorce talks with the European Union. UBS and Credit Suisse joined big U.S. investment banks in setting up their European headquarters in London, giving them access to the European Union market. But now Brexit is forcing the Swiss and others to seek alternatives. For Credit Suisse ( CSGN.S ), the job cuts, which will take its London staff to roughly 5,000, is part of a paring down of its London operations that began in 2015 as the bank restructured under Chief Executive Tidjane Thiam. One Credit Suisse executive said privately that high bonuses and the cost of doing business in the British capital made it difficult for Credit Suisse to turn a profit on its London operation. Brexit, he said, reinforced the determination to act. A Credit Suisse spokeswoman said the investment bank as a whole had "strong profit growth" and that the programme of company-wide job cuts was most advanced in London. The bank does not provide a breakdown for the performance of its London operations. The scale of the London cuts reflects a change in approach towards Europe''s biggest financial centre. Before it embarked on its cutbacks, Credit Suisse employed more than 9,000 staff and contractors in the city. "For the Swiss banks, it was always important to be in London, not least to be close to your wealthy customers," Andreas Venditti, an analyst at Swiss bank Vontobel, said. "With Brexit, London has certainly lost some significance." "For Credit Suisse, which was under pressure to cut costs anyway, as well as UBS, the timing is fortunate. Brexit is a good opportunity." The scaling back in London coincides with a shift in focus by both UBS and Credit Suisse towards Asia, the region with the fastest-growing number of millionaires. Other European centres could also benefit. Credit Suisse, which already has operations in Poland, opened a branch in Dublin more than a year ago, while UBS could bolster its base in Frankfurt. But UBS is biding its time in London until the end of this year before making any decisions on staff moves, one senior executive said, redoubling lobbying efforts for the status quo in finance to remain after Brexit. It expects roughly 1,000 staff in City of London may have to move after Brexit. But the number could be higher. Its chief executive Sergio Ermotti said up to 30 percent of its roughly 5,400 employees in London could be affected. If Britain''s EU departure is abrupt and with no trading agreement in place to cover finance, one senior UBS employee, who asked not to be named, said the Swiss bank could be forced to move the majority of its London staff. UBS declined to comment. Swiss bankers are still hoping for a smooth Brexit but frustration is growing over the lack of clarity so far. Earlier this year, Ermotti criticised the British government for failing to reassure banks. "The UK," he said "is not really helping." (Writing By John O''Donnell. Editing by Jane Merriman)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-eu-banks-switzerland-idUKKBN18Z232'|'2017-06-08T23:01:00.000+03:00'
'ac0dd303f891ffa36fad33e1c1c88eb9586ef144'|'European shares off to cautious start as ECB meets, UK votes'|'Top News - Thu Jun 8, 2017 - 8:34am BST European shares off to cautious start as ECB meets, UK votes Traders work in front of the German share price index, DAX board, at the stock exchange in Frankfurt, Germany, June 7, 2017. REUTERS/Staff/Remote MILAN European shares inched up on Thursday helped by stronger banks and a rebound in oil prices but caution dominated as Britons vote in a general election and the European Central Bank holds its policy meeting. The pan-European STOXX 600 index rose 0.2 percent with financials providing the biggest lift, while Britain''s FTSE was flat. One day after the well-received rescue of Spanish lender Banco Popular by Santander, banks remained in focus due to fresh newsflow about a potential rescue of troubled Italian lenders Popolare di Vicenza and Veneto Banca. The euro zone bank index added 0.6 percent. Italy''s two biggest banks Intesa Sanpaolo and UniCredit traded down 0.4 percent and flat respectively, while Santander was up 0.8 percent. Utilities also rose with RWE and E.ON adding to their rally in the previous session after a nuclear energy tax which penalised them was scrapped. French credit insurance company Euler Hermes rose 5 percent to a 2-year high following a report that Allianz is exploring a buyout of its smaller rival. (Reporting by Danilo Masoni, Editing by Helen Reid)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-europe-stocks-idUKKBN18Z0TK'|'2017-06-08T15:34:00.000+03:00'
'487076170307429042f5d26852de0e800e7baff8'|'CalSTRS agrees to divest non-U.S. thermal coal assets'|'By Robin Respaut - June 7 June 7 The California State Teachers’ Retirement System board voted unanimously on Wednesday to divest from non-U.S. thermal coal, affecting a very small fraction of the public pension fund''s portfolio.The fund estimates that $8.3 million of its roughly $206.5 billion portfolio is exposed to non-U.S. thermal coal.The exposure is invested in three companies - PT Adaro Energy in Indonesia, Exxaro Resources Limited of South Africa, and Whitehaven Coal Limited of Australia."This is a serious decision," said California State Controller Betty Yee, who is a member of the CalSTRS board. But Yee noted that engagement with corporations is much harder when the companies are headquartered abroad, so CalSTRS engagement with non-U.S. thermal coal companies would be less likely.Board member Tom Unterman said the vote to divest did not impact the fund in any way.CalSTRS, the nation''s second largest public pension fund, manages the retirement benefits of 914,000 California public school educators.(Reporting by Robin Respaut; Editing by Leslie Adler)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/california-calstrs-coal-idINL1N1J500T'|'2017-06-07T22:54:00.000+03:00'
'b1fc56af78b3deabfc4feeb20592ff18aa40b191'|'Suffered BA’s weekend from hell? We take a look at the compensation on offer - Business - The Guardian'|'A s a computer outage in British Airways’ systems caused chaos in airports last weekend, thousands of passengers faced havoc just when they were looking forward to a break.And for many who had already checked in their baggage, there was the added frustration that it was sent on to their destinations while they were still stranded.The chaos at Gatwick and Heathrow put a renewed spotlight on where passengers stand when faced with these problems.For BA, a £100m compensation bill could be just the start Read more So what are your rights?When am I covered? In the case of delays, European Union law gives significant cover for flights that have departed from an airport within the EU (plus Iceland, Liechtenstein, Norway and Switzerland) operated by any airline, and for flights arriving at an EU airport and operated by an EU airline.What passengers can get depends on whether they are flying a short distance (less than 1,500km); medium distance (between 1,500km and 3,500km) or long distance (over 3,500km). Passengers delayed for over three hours can claim £220 for a short flight and £350 for a medium flight. For long-haul flights, it’s £260 for delays between three and four hours, and £520 after that.According to the Civil Aviation Authority (CAA), anyone delayed for over five hours can get a refund on the flight if they don’t want to fly any more.If any flight is cancelled, under EU law airlines have to provide a refund or arrange an alternative flight. The right to compensation depends on the reason for the cancellation and airlines can claim “extraordinary circumstances” such as security risk or severe weather.The consumer rights magazine Which? says it is worth challenging an airline if you don’t agree with its often-used claim of “extraordinary circumstances”, for example “if you’re told you can’t fly due to weather conditions, but other flights are departing”.Frank Brehany, consumer director of HolidayTravelWatch – which helps people complain about holiday problems – says he recently dealt with a case where a flight from Toulouse to London had been cancelled.Passengers were not compensated properly as the airline claimed there had been an “unexpected strike”. However, because the strike had been planned in advance, passengers received full compensation.When am I not covered? You cannot rely on EU regulations when flying into Britain from outside the EU on non-European airlines – for example a journey from Dubai to London operated by Emirates.While some countries, such as Turkey, have similar policies to the EU, others have more limited rights.“Depending on the type of ticket, they may do a lot for you and they may do nothing, just get you home,” says one person who works in airline regulation.With US airlines, if there is a problem such as bad weather, you only have protections that are specified in the carrier’s contract or American regulations, which are weaker than those in the EU, says Brehany.“In those circumstances consumers have found that they have had to battle with US airlines and, in some cases, have spent many months seeking compensation for delays or, indeed, cancellations; it appears, also, that it is difficult for the US regulator to secure a resolution. Often consumers are left with little choice but to seek recompense through their credit card supplier or travel insurer,” he adds.“Those using airlines, say, from the Middle East, may find that they face the same difficulties; however, some non-EU airlines actually incorporate EU regulations into their terms and conditions.”What about package holidays? With deals for hotels and charter flights bundled together, all-inclusive holidays are the preferred choice for thousands of British families. But your rights are the same as if you book the flight alone. “All flights from the EU or into the EU on an EU airline are covered by the legislation regardless of whether it forms part of a package or not. Make a claim directly to the airline responsible, rather than the tour operator or travel agent they booked with,” says Matt Buffey of the CAA.Where are my bags? As well as the chaos of having no flights to get on, many of those disrupted by the BA outage had no baggage, either. The airline spent days returning tens of thousands of items, some of which were forwarded to destinations while their owners were stuck in London.Airlines are responsible, under the Montreal convention, for bags that are checked in. The best way to report a problem is by filing a “property irregularity report” before leaving the baggage reclaim area, says Brehany.If there is a delay in filing the report, the airline may reject the late claims. “Your rights are contained under the convention and it is clear that you must present receipts for any items you buy until you are reunited with your baggage,” he adds.“The convention sets out the maximum level of compensation you can receive under special drawing rights for lost/delayed bags; this is currently valued at just over £1,300 – remember, you may not receive the maximum and you should be prepared to be challenged about expenditure.”Bags that have not turned up within 21 days are considered lost.Upgrading and downgrading No passenger will pass on being upgraded to business or first class. But being downgraded due to lack of seats can result in a reimbursement.According to the CAA, being downgraded on a short flight can result in a 30% refund; on a medium-haul flight 50% and long haul 75%. You must be reimbursed within seven days. “The rules are clear: if they move you to a higher class, they cannot request an additional payment,” says Brehany.What if the airline doesn’t pay? Under dispute legislation introduced last year, passengers who have been unable to resolve a complaint with an airline can get an independent decision which must be abided by.“The majority of UK airlines already offer passengers access to these services and nearly 80% of journeys from the UK are now covered by airlines who are signed up to dispute resolution services,” says Buffey.“We are continuing our work to ensure airlines provide passengers with the support they are entitled to, and will not hesitate to take action if we see airlines systematically failing to comply with the regulations.”Topics British Airways The Observer Travel & leisure Airline industry Flights Consumer affairs Consumer rights features   Share   Reuse this content'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/money/2017/jun/04/ba-computer-travel-chaos-compensation-claim'|'2017-06-04T20:03:00.000+03:00'
'b6c701cfbc203c7c4889b7a92947ad4d1780f54b'|'Boeing studies ''mild to wild'' design for pivotal mid-market jet'|'Business News - Wed Jun 7, 2017 - 8:11pm BST Boeing studies ''mild to wild'' design for pivotal mid-market jet FILE PHOTO: The Boeing logo is seen at their headquarters in Chicago, April 24, 2013. REUTERS/Jim Young/File Photo By Tim Hepher - CANCUN, Mexico CANCUN, Mexico Boeing ( BA.N ) has looked at options "from mild to wild" for the design of a proposed mid-market jet, a senior executive said, hinting at a breakthrough that industry sources say will create building blocks for future models. Marketing Vice President Randy Tinseth said Boeing would leapfrog reported plans by Airbus ( AIR.N ) to update its hot-selling A321neo, as Boeing eyes a gap between narrow-body jets and long-haul aircraft for a potential new mid-market airplane. "We have looked at the mild and we have looked at the wild and I can tell you we know that if you are going to address that market, you need a new airplane," Tinseth told Reuters after a two-day meeting of airline leaders in Mexico. Industry sources have said the mid-market development is pivotal for Boeing since it will spawn the industrial jigsaw, systems and cockpits likely to be used for the next plane after that, a three-aircraft replacement of Boeing''s 737 cash cow. Getting the "production system" right now would partially allow Boeing to develop the next jet, which is expected to revolve around a model carrying 180 passengers, as an industrial spin-off of the mid-market one, albeit with major differences. This would result in significant cost savings and avoid repeating a patchwork of different production architectures. Two further derivatives could extend that post-737 jet family to 160-210 seats, based on current market forecasts. Boeing has not yet talked about its plans beyond the mid-market plane, which is expected to enter service by 2025. Boeing officials declined comment on the long-term options or specific details of the mid-market project, which one leasing company has dubbed "797". GOODBYE STEAM ENGINE For the mid-market jet, industry sources have said Boeing is settling on a family of two wide-body aircraft. These would effectively combine a twin-aisle cabin sitting on top of the reduced belly space of a single-aisle jet. The aim is to reduce wind resistance or drag and therefore operating costs. However, it involves a risky gamble that airlines will not need to carry much paid cargo on the routes for which the airplane is designed, delegates at the airlines meeting in Cancun said. The two mid-market models, designed to carry about 220-260 passengers over 3,500 to 5,000 nautical miles (6,400-9,260 km), will also have a wing resembling the distinctive stiletto design of the 787 Dreamliner but with significant internal differences. Seen from the front, the outline of traditional metal airplane fuselages is usually closer to a true circle. That allows pressurised air inside the cabin to push out uniformly in all directions, easing loads and removing the need for heavy strengthening materials. That well-tested concept is as old as the steam engine. Carbon composites allow manufacturers to make complex pieces in one shape and are well suited to the more elliptical design that Boeing has in mind for the new mid-market fuselage. However, composites are more expensive to produce. Reuters reported last month that the new aircraft could be built using cheaper and faster new production techniques without costly pressurised ovens, or autoclaves. That technology was used to weave the carbon wings of Russia''s new MS-21 jet, which first flew last month. Airbus this week played down a project called A321neo-plus-plus in response to the Boeing mid-market jet, first reported by Reuters, and said it was always reviewing options. (Additional reporting by Victoria Bryan; Editing by Susan Fenton)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-airlines-iata-boeing-idUKKBN18Y2UG'|'2017-06-08T03:11:00.000+03:00'
'37b6ce7ac5a962a5389705130465c44b9661aead'|'Connecticut Senate passes bill allowing purchase of nuclear power'|'Connecticut''s Senate passed a bill Wednesday morning that could allow the state to buy power from Dominion Energy Inc''s Millstone nuclear power plant.Earlier this week, Dominion said it will begin a "strategic reassessment" of the 2,088-megawatt Millstone plant after another bill that would allow the state to buy power from the plant failed to get enough votes. That other bill was Senate Bill 106.Senate Bill 778, which the Senate passed this morning, authorizes the commissioner of the state Department of Energy & Environmental Protection to conduct an appraisal to determine whether the state will conduct a competitive procurement process for nuclear power.Before it becomes law, Bill 778 has to pass the state house before the session ends at midnight Wednesday and be signed by the governor.Connecticut is one of several states looking for ways to boost their nuclear plants'' revenues to keep them in service to preserve benefits they provide, including carbon-free energy, jobs, taxes and energy diversification.In 2016, New York and Illinois adopted rules to subsidize some reactors that were in danger of closing before their licenses expire as cheap and abundant shale gas has cut power prices over the past several years, making it uneconomic for nuclear operators to keep some units operating.While other generators with mostly gas-fired plants, like NRG Energy Inc, Dynegy Inc and Calpine Corp, challenge those New York and Illinois rules in federal court, other states - Ohio, Pennsylvania and New Jersey - have considered adopting similar rules to protect their reactors."We don''t believe that fair and equitable power markets can be sustained when giving handouts or subsidies to nuclear operators. The suggestion that Dominion is somehow in a lesser position to participate in the power market is pure fiction," said NRG spokesman David Gaier.If the Connecticut commissioner decides to go forward with the nuclear power purchases, the state can either require electric utilities to buy nuclear power for a period of three to ten years, or issue a solicitation for baseload zero-carbon resources, including nuclear.Ken Holt, a spokesman at Millstone, said it was premature to speculate on what the company may do if Bill 778 does not pass.He said Dominion has already sold 85 percent of the power Millstone is expected to generate in 2017 to hedge funds and other purchasers.While the company usually sells some of the plant''s power three years in advance, Holt said Dominion has not sold Millstone''s power beyond this year because it was waiting to see where prices would go and the outcome of the legislation.Next-day power prices in New England averaged $35.40 per megawatt hour in 2016, the lowest on record, according to Reuters data going back to 2001. That compares with a 10-year average (2007-2016) of $59.02.(Reporting by Scott DiSavino; Editing by Phil Berlowitz)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-connecticut-dominion-inc-idINKBN18Y37C'|'2017-06-07T20:25:00.000+03:00'
'54bfe5a316f19fcc3308e7ab8b12af9d59dd66a9'|'Airbus sees 20-year demand for 34,899 jets, trims traffic growth'|'Business  27am BST Airbus sees 20-year demand for 34,899 jets, trims traffic growth FILE PHOTO: The logo of Airbus Group is seen on the company''s headquarters building in Toulouse, Southwestern France, April 18, 2017. REUTERS/Regis Duvignau/File Photo TOULOUSE, France European planemaker Airbus on Friday revised down its average traffic growth forecast to 4.4 percent a year as it predicted 34,899 new passenger and freight aircraft deliveries over the next 20 years. The annual traffic growth forecast, revised down from 4.5 percent a year ago, reflects a maturing of some markets but masks an increase in air travel that supports an increase in the rolling 20-year delivery forecast from 33,070 jets a year ago. Airbus gave the figures in a presentation ahead of a media briefing. (Reporting by Tim Hepher; Editing by Leigh Thomas)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-airbus-aircraft-idUKKBN1900M1'|'2017-06-09T14:27:00.000+03:00'
'76a477ab4cfb6318dce451c6610c7d8499d08101'|'Venture capitalist DST Global sees $4 trillion of new internet firms by 2025'|'By Elzio Barreto - HONG KONG HONG KONG A surge in online consumer spending globally in coming years will create $4 trillion worth of new internet companies by the middle of the next decade, billionaire investor Yuri Milner, founder of venture capitalist DST Global, said on Friday.Milner, an early backer of internet firms Alibaba Group Holding Ltd, Facebook Inc and Twitter Inc, expects the online proportion of global consumer spending to reach 15 percent by 2025 from 6 percent now. That means in eight years'' time, the rest of the world will match the current online spending trend of China, he said."You only need to make some relatively conservative assumptions to come up with a significant number," Milner said at the D.Live Asia technology conference in Hong Kong."We only need to assume the whole world will catch up with China to come up with the number $7 trillion worth of market cap (for internet companies). That means there will be an additional $4 trillion created in that space," said Milner.In China, DST Global invested in Xiaomi Inc [XTC.UL] along with private equity firm All-Stars Investment and Singapore sovereign wealth fund GIC Pte Ltd [GIC.UL]. It expects the mobile phone maker to rebound after two years of slowing growth as sales at its branded stores expand, Milner said.Xiaomi was briefly the world''s most valuable startup following its last round of fundraising in 2014. It has since seen sales tumble due to competition from the likes of Huawei Technologies Co Ltd [HWT.UL] as well as brands Vivo and Oppo.The fall was mostly attributed to Xiaomi''s original strategy of online-only sales. The firm has since opened physical stores."In the last few months it''s looked like Xiaomi is turning a corner," Milner said. "The stores seem to be doing pretty well. They are only second to Apple in terms of revenue per square foot."(Reporting by Elzio Barreto; Editing by Muralikumar Anantharaman and Christopher Cushing)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-dstglobal-internet-idINKBN19006C'|'2017-06-09T01:56:00.000+03:00'
'b70d4727d9ce3f8de9b08de8dbede6d16c3f0ecd'|'Sturm Ruger recalls some Mark IV pistols that can fire unintentionally'|'Market News - Wed Jun 7, 2017 - 7:30pm EDT Sturm Ruger recalls some Mark IV pistols that can fire unintentionally June 7 U.S. gun maker Sturm Ruger & Company Inc said on Wednesday it would recall all Mark IV pistols manufactured prior to June, citing safety concerns. The company said it recently discovered that the pistols have the potential to discharge unintentionally if the safety is not utilized correctly. Ruger said that it was not aware of any injuries and added that "only a small percentage" of the pistols were affected. The Southport, Connecticut-based company said it would retrofit all potentially affected pistols with an updated safety mechanism. (Reporting by John Benny in Bengaluru; Editing by Lisa Shumaker) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/sturm-ruger-co-recall-idUSL1N1J425K'|'2017-06-08T07:30:00.000+03:00'
'62cd0d4e3ce5f739b724a67f1f0803f75a14fb94'|'China unlikely to see repeat of 2013 market turbulence - Financial News'|'Business News   8:25am BST China unlikely to see repeat of 2013 market turbulence: Financial News FILE PHOTO: Men look at an electronic board showing stock market information at a brokerage house in Beijing, China January 5, 2016. REUTERS/Kim Kyung-Hoon/File Photo SHANGHAI China is unlikely to see a repeat of the market turbulence similar to that of June 2013 as the risk of another liquidity crisis was currently low, the state-run Financial News newspaper said on Saturday. The newspaper, which is affiliated with the People''s Bank of China (PBOC), said it was not unusual for some banks to hike their deposit rates to adjust the rate of return on some financial products. "There''s nothing to fuss about," said the newspaper, adding that the central bank had improved its risk control mechanisms and urged that market players should adopt a rational approach to mid-year liquidity conditions. "There''s no need to exaggerate the liquidity risk, panic, feel helpless or create chaos," it said. June traditionally has tight liquidity. In late June of 2013, a cash crunch in China spooked global markets. Traders said this week there were few signs of liquidity stress after central bank injections, though market expectations for tightening cash conditions toward the end of June have driven interest rates for longer-term loans higher. (Reporting by Brenda Goh; Editing by Shri Navaratnam)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-china-markets-idUKKBN19108P'|'2017-06-10T15:24:00.000+03:00'
'86e932b5643a3cd4285cc0c17b1b26649c936305'|'BRIEF-CME raises July, Sept margins for corn futures'|'June 9 CME Group Inc:* CME raises Corn Futures (C) maintenance margins by 13.3 percent to $850 per contract from $750 for July and September 2017* CME says all initial margin rates are 110 percent of these levels* CME says rates will be effective after the close of business on June 12, 2017 (Reporting by Swati Verma in Bengaluru)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-cme-raises-july-sept-margins-for-c-idUSL5N1878UO'|'2017-06-10T04:55:00.000+03:00'
'529c9fbe971943d6681bcf150558aea4e13f9617'|'Goldman Sachs applies for Saudi equities trading licence-sources'|'Funds News - Fri Jun 2, 2017 - 5:07am EDT Goldman Sachs applies for Saudi equities trading licence-sources By Saeed Azhar - DUBAI, June 2 DUBAI, June 2 Goldman Sachs has applied to Saudi Arabia''s capital markets regulator for a licence to trade equities in the kingdom, two sources familiar with the move said, in the latest step by Western banks to expand operations in the country. Goldman has made the application to the Capital Market Authority (CMA) and a successful outcome could lead to a further expansion of its business in the kingdom, one of the sources said. Goldman has been operating in Saudi Arabia since 2009 as an agent and underwriter. In 2014, the Saudi Capital Market Authority approved a change in the bank''s profile and it has been authorised to arrange, advise and manage investment funds and portfolios, according to its website. Further details of the business buildup or hiring plan were not immediately known Goldman declined to comment, while CMA did not respond to a Reuters request for a comment. The Wall Street bank''s move indicates growing interest among investment banks and fund managers to expand in Saudi Arabia after the kingdom unveiled plans for oil firm Aramco''s $100 billion initial public offering and introduced a string of reforms since 2015 to attract foreign capital. Citigroup obtained an investment banking licence recently which will allow it to return to the kingdom after more than 13 years, while Credit Suisse AG is seeking a banking licence in the kingdom to build a fully-fledged onshore private banking business. The opening up of the market and privatisation of state-owned companies are part of a reform agenda to diversify the Saudi economy beyond oil by 2030. The Saudi stock exchange opened itself to direct investment by foreign institutions in mid-2015 and last year eased restrictions on foreign ownership in its stock market in order to improve the investment environment. The reforms have encouraged international firms such as BlackRock Inc, Citigroup, HSBC, and Ashmore Group to join the list of institutional investors that can directly trade the market. (additional reporting by Katie Paul in Riyadh and Aziz El Yaakoubi in Dubai; Editing by Keith Weir)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/goldman-saudi-idUSL3N1IX2HH'|'2017-06-02T17:07:00.000+03:00'
'370c7e282750b0be39968289d7316f262caa846b'|'Early buyers of Tesla''s Model 3 get two choices - colour, wheel size'|'Top News - Wed Jun 7, 2017 - 12:55am BST Early buyers of Tesla''s Model 3 get two choices - colour, wheel size A Tesla Model 3 sedan, its first car aimed at the mass market, is displayed during its launch in Hawthorne, California, March 31, 2016. REUTERS/Joe White/File Photo SAN FRANCISCO Buyers of Tesla Inc''s ( TSLA.O ) upcoming Model 3 car will only get two choices in configuration, a policy that will let the company quickly ramp up production of its mass-market vehicle, Chief Executive Elon Musk told investors on Tuesday. "You just need to decide what colour you want and what size wheels, at least for the initial production," Musk told shareholders at an annual meeting in Silicon Valley. Hundreds of thousands of potential buyers put down refundable deposits on the Model 3. Buyers will be able to configure vehicles next month, Musk said. More choice will become available, but he did not say when. By comparison, the Model S sedan has choices of battery size, an optional sunroof, various interiors and several upgrades including sound systems and limited self-driving. Speculation has been rampant over what specifications owners would be able to choose for the upcoming Model 3, which will be priced at about $35,000. Musk said the Model 3 will first be offered only with two-wheel drive. All-wheel drive likely will come early next year. Musk spoke as investors fell in line with management, backing the board''s view on five proposals, including rejecting a bid to make directors stand for re-election each year. Connecticut Retirement Plans and Trust Funds had urged fellow Tesla shareholders to vote for a proposal aimed at the declassification of the company''s board, arguing that "annual accountability can lead to increased company performance." (bit.ly/2rUhocK) Musk said Tesla planned to add two and maybe three new directors next month or the following month. They would come from "a broad range of backgrounds and industries," Musk said. (Reporting by Alexandria Sage in San Francisco, John Benny in Bengaluru; Editing by Peter Henderson and Cynthia Osterman) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-tesla-shareholders-idUKKBN18X32X'|'2017-06-07T07:55:00.000+03:00'
'ec5c13cf9150282d7c6583ce9fd9d6fc0d2987c4'|'Emaar to IPO real estate development business in Dubai'|'Deals - Wed Jun 7, 2017 - 3:45am EDT Emaar to IPO real estate development business in Dubai FILE PHOTO: A logo of Dubai''s Emaar Properties is seen at an under-construction building in Dubai, UAE, March 3, 2016. REUTERS/Ahmed Jadallah/File Photo DUBAI Emaar Properties EMAR.DU, the builder of the world''s tallest tower, plans to offer up to 30 percent of its United Arab Emirates real estate development business in what would be the first listing on the Dubai exchange in two and a half years. The developer, whose interests span hotels, entertainment and shopping mall operations, said the decision to list in Dubai would maximize value for shareholders, and is in line with its strategy to make its businesses separate listed companies. The company floated Emaar Malls in 2014, valuing the business at 37.7 billion dirhams ($10.27 billion). "As Emaar''s other businesses have grown and expanded, we wanted to ensure that investors who value the UAE Real Estate Development business the most, the foundation of Emaar’s success, can do so directly," Emaar''s chairman Mohamed Alabbar said in a statement published on the Dubai bourse''s website. "This will ensure that the value of this business is properly recognized." If successful, the UAE real estate development business will be the DFM''s first new listing in two and a half years. The last IPO on the DFM was by DXB Entertainments DXBE.DU, which began trading in December 2014. The decision to hive off the unit came after an internal review of Emaar''s asset values, Emaar said. Subject to market conditions, funds raised through the sale of equity would be distributed to shareholders of Emaar Properties, it added. "What he''s trying to do is realize the future value of this company now," said Mohammed Ali Yasin, CEO of Abu Dhabi''s NBAD Securities. "What he is saying is that Emaar in parts is worth more than the sum of those parts in one share," he added. Alabbar had promised shareholders "special dividends" in 2017 at Emaar''s annual general meeting in April, Yasin said. The company said in April that its hospitality unit will be listed at an appropriate time depending on business requirements and market conditions. (Reporting by Hadeel Al Sayegh; editing by Louise Heavens) '|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-emaar-properties-ipo-idUSKBN18Y0OA'|'2017-06-07T11:45:00.000+03:00'
'bb868d7d33bd51982ab84702e6a5881570e3979c'|'PRESS DIGEST- British Business - June 7'|'The following are the top stories on the business pages of British newspapers. Reuters has not verified these stories and does not vouch for their accuracy.The TimesFred Goodwin has escaped having to defend himself in court over Royal Bank of Scotland 12 billion pounds ($15.49 billion) rights issue after a group of shareholders abandoned a lawsuit against the bank and former directors. bit.ly/2sBupZ0Tesco Plc has been criticised over the 142,000 pounds it paid to the supermarket''s chief executive in relocation costs. bit.ly/2sBbdKVThe GuardianLawyers representing Noel Edmonds have hit out at Lloyds Banking Group''s proposed compensation scheme for victims of a fraud at the bank''s HBOS Reading arm. bit.ly/2sBrsreBurberry Group Plc is to hand Christopher Bailey shares worth 10.5 million pounds next month when day-to-day management of the luxury goods retailer switches to a newly recruited chief executive. bit.ly/2sBbFZDThe TelegraphVodafone Group Plc will crack down on fake news and extremist material online, challenging Google and Facebook Inc to cut off the flow of money to "abusive and damaging" outlets. bit.ly/2sBLIcoShareholders have rejected the appointment of Genel Energy''s new non-executive director and staged a rebellion against a number of other resolutions at its annual general meeting. bit.ly/2sBtQhTSky NewsApax Partners, which was a joint owner of New Look before selling it in 2015, and BC Partners, whose former investments include Phones 4U, tabled indicative offers for Shop Direct last week. bit.ly/2sBzmBeGreater Manchester Police say they have uncovered "significant evidence" in a car linked to Manchester bomber Salman Abedi. bit.ly/2sBtO9DThe IndependentAn overwhelming majority of people agree with Jeremy Corbyn that British involvement in foreign wars has put the public at greater risk of terrorism. ind.pn/2sBqf3p ($1 = 0.7749 pounds) (Compiled by Bengaluru newsroom; Editing by Andrew Hay)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-press-business-idUSL3N1J402I'|'2017-06-07T08:23:00.000+03:00'
'3c8f7c462101a84f91a6c42b259df0955758cd03'|'Canada plans 73 pct defense spending boost over next decade'|'OTTAWA, June 7 Canada, under pressure from Washington to boost military spending, said on Wednesday it planned to increase its defense budget by nearly three quarters over the next decade as it buys new jets and ships.Defence Minister Harjit Sajjan said in a statement the overall budget would jump by 73 percent to C$32.7 billion ($24.2 billion) in 2026/27 from C$18.9 billion in 2016/17, with the biggest increases coming in later years. The minister was unveiling a new 20-year defense policy. ($1 = 1.3514 Canadian dollars) (Reporting by David Ljunggren and Leah Schnurr; Editing by Denny Thomas and Chizu Nomiyama)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/defence-canada-idINO8N1G600H'|'2017-06-07T14:47:00.000+03:00'
'4fe22290b897c8de131eab0367590c29a2028338'|'AO World full-year revenue up on strong online sales'|' 42am BST AO World full-year revenue up on strong online sales British online retailer AO World reported a 17 percent rise in full-year revenue on Tuesday, driven by strong sales in the UK and Europe through its website. AO World, which sells everything from washing machines and fridges to vacuum cleaners and TVs, said revenue for the year ended March 31 rose to 701.2 million pounds from 599.2 million pounds a year earlier. Website sale in the UK rose 14.5 percent to 557.9 million, pushing total UK revenue up by 12.7 percent. However, the company warned that it expects the first-quarter growth rate in the UK to slow significantly, citing a challenging trading environment in the UK and strong comparatives from a year ago. (Reporting by Rahul B in Bengaluru, editing by Louise Heavens)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-ao-world-results-idUKKBN18X0IG'|'2017-06-06T14:42:00.000+03:00'
'43ece39457b84d43320f706e623ed4e1b6562198'|'BlackBerry downplays Toyota''s move to rival software maker'|'Autos - Mon Jun 5, 2017 - 10:05pm BST BlackBerry downplays Toyota''s move to rival software maker An automobile running Blackberry QNX software is shown during the Milken Institute Global Conference in Beverly Hills, California, U.S., May 2, 2017. REUTERS/Mike Blake By Alastair Sharp - TORONTO TORONTO BlackBerry Ltd ( BB.TO ) on Monday downplayed news that Toyota Motor Corp ( 7203.T ) would stop using its QNX software to run vehicle consoles, saying it is more focussed on the faster-growing market for autonomous driving technology. QNX is a leading supplier of software for consoles that deliver video, mapping, hands-free calling and internet services to vehicles. Its software has been used in Toyota consoles for four years. Automotive Grade Linux, a collaborative of some 100 technology companies and automakers, said on Wednesday that Toyota would start using its open-source software in Entune 3.0 consoles of its 2018 Camry sedans, and then deploy it in most Toyota and Lexus vehicles sold in North America. Toyota is one of the first major automakers to adopt Automotive Grade Linux, a project known as AGL started five years ago to develop standardized open-source software for the auto industry. Its more than 100 members include Toyota, as well as Ford Motor Co ( F.N ), Honda Motor Co ( 7267.T ), Mazda Motor Corp ( 7261.T ), Mercedes-Benz, Nissan Motor Co ( 7201.T ), Suzuki Motor Corp ( 7269.T ) and Subaru. Chipmakers and other auto suppliers are also members. AGL said that Toyota had actively contributed to developing its software platform and would share additional code as it rolls out its new infotainment system. BlackBerry Chief Operating Officer Marty Beard said in a blog post on Monday that he expected AGL to take market share in the automotive infotainment market, along with regular Linux and Android. "But none of these challenger platforms is close to displacing BlackBerry QNX in safety-critical modules, areas that are growing faster than infotainment in the modern software-defined car," Beard said. BlackBerry''s QNX division said in October that it was working with Ford Motor Co ( F.N ) as it develops increasingly automated vehicles, and executives have said they are in advanced discussions with several other major global automakers about similar partnerships. (Reporting by Alastair Sharp; Editing by Jim Finkle and Dan Grebler)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-blackberry-toyota-idUKKBN18W2OB'|'2017-06-06T05:05:00.000+03:00'
'b744123196f47847c79d51f89e8dc05de4172a06'|'Robo-adviser Wahed targets Muslim investors in U.S. and beyond'|'By Bernardo Vizcaino - SYDNEY SYDNEY New York-based Wahed Invest will offer its automated investment services across the United States after raising $5 million in seed capital, making it the first robo-adviser to cater to Muslim investors through a sharia-compliant platform, its founder said.The firm raised the funds from Gulf-based investors and hopes success at home will allow it to eventually expand to Europe and the Middle East, chief executive Junaid Wahedna said in an interview.Wahed joins a number of wealth management firms building robo-advisers, a market initially developed by startups such as Wealthfront and Betterment, to tap affluent but not necessarily very wealthy customers.The scene is now crowded, with large firms including Charles Schwab Corp ( SCHW.N ), Bank of America Corp ( BAC.N ) and Vanguard joining the fray.But Wahed hopes to claim a slice of the market by catering to Muslims seeking religiously permissible investments, which are either scarce or costly in most Western markets."Through our research we found that they either keep their savings in cash or in real estate, there is literally no diversification. The Muslim demographic ends up losing out."Wahed has 21 full-time staff and its plans include developing a range of exchange-traded funds. It now has registered users across 48 U.S. states, Wahedna said."Around 10 percent of our clients are coming from existing robo-advisers, but 90 percent are not. Many are first-time investors or come from old-school advisory products."Its initial focus will be the United States with scope for trials in Britain and the United Arab Emirates to follow, Wahedna added.Islamic investment products use filters to adhere to religious guidelines such as bans on tobacco, alcohol and gambling, in much the same way as socially responsible funds.TARGET MARKETMuslims represent a geographically-diverse but affluent population in the United States which means means they can be difficult to reach via traditional branch networks but appeal to robo-advisers, said Wahedna.The company estimates there are around four million Muslims across the U.S., with two-thirds earning more than $50,000 a year and a quarter earning more than $100,000 a year.Until now, however, their choices for sharia-compliant investments have been limited, especially compared to markets such as Malaysia and Saudi Arabia where Islamic wealth management is commonplace.Another element is cost, since robo-advisers typically use computer algorithms to create and manage portfolios made up of low-cost financial products.In the case of Wahed, its annual management fee ranges from 0.29 percent to 0.99 percent. This is comparable to other robo-advisers but lower than the fees charged by most Islamic mutual funds.(Reporting by Bernardo Vizcaino; Editing by Eric Meijer)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-islamic-finance-fintech-idINKBN18X1GS'|'2017-06-06T10:14:00.000+03:00'
'55f2cc7c0dbc17e05564b6f8bebda335af9b8616'|'Foreign investors to pour nearly $1 trillion into emerging markets in 2017 - IIF'|'Business News  35pm BST Foreign investors to pour nearly $1 trillion into emerging markets in 2017: IIF By Dion Rabouin - NEW YORK NEW YORK Non-resident capital inflows to emerging markets should reach $970 billion this year, a 35 percent increase from 2016, the Institute of International Finance said in a report released on Tuesday. The projection follows a strong first quarter for emerging market investment that saw the strongest portfolio inflows since 2014. The IIF''s projection is $290 billion higher than its estimate just four months ago, shortly after Donald Trump took office as U.S. president and the organization listed possible American protectionism as its top threat to emerging market portfolio flow growth. The risk of trade friction between the U.S. and Mexico and China, has waned significantly, said Hung Tran, IIF''s executive managing director, as has the risk of the U.S. Federal Reserve quickly tightening monetary policy. "Looking back at the first five months of the year, it is clear that near-term threats of trade conflict have subsided significantly," Tran said. "All the threat of naming China as currency manipulators, the increase in tariffs, abandonment of NAFTA did not come to pass." The IIF projects non-resident inflows to increase by $252 billion this year from 2016. "Assuming ongoing improvement in global and EM growth and a gradual, well-communicated path of Fed tightening through 2018, we are now a bit more optimistic on EM capital flows," Tran said. Non-resident portfolio inflows are expected to rise to more than $1 trillion in 2018, IIF also said, the first time inflows have breached that level since 2014. Capital inflows from non-residents had fallen to a 12-year low in 2015. Despite the rebound in capital inflows from foreigners, IIF anticipates overall net capital outflows from emerging markets, led by resident capital outflows from China. The organization expects resident capital outflows to hit $892 billion this year, a decline by $141 billion from 2016, and for outflows to reduce further in 2018. Outflows from China alone, which leads emerging market economies in capital leaving local markets, rose to a record $725 billion last year. "All of this moderation is due to China, which has used capital controls to clamp down on outward investment with some degree of success," said Scott Farnham, IIF''s senior research analyst, global macroeconomics, in the report. All told, the institute is expecting to see overall net capital outflows, which includes resident and non-residents from emerging markets, of $130 billion. It had estimated outflows from its group of 25 emerging market economies would total $490 billion this year in its February report. (Reporting by Dion Rabouin; Editing by Bernard Orr)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-emerging-flows-iif-idUKKBN18X1NJ'|'2017-06-06T21:32:00.000+03:00'
'8c5503f1405cf9353f99d6fff7ab45380f11bad0'|'The battle for territory in digital cartography'|'IN THE 1940s Jorge Luis Borges, an Argentine writer, wrote a short story about mapping. It imagines an empire which surveys itself in such exhaustive detail that when unfolded, the perfectly complete 1:1 paper map covers the entire kingdom. Because it is unwieldy and thus largely useless, subsequent generations allow it to decay into tatters. Great scraps are left carpeting the deserts.In their capacity for up-to-the-minute detail, modern maps surpass even Borges’s creation. By using networks of sensors, computing power and data-crunching expertise, digital cartographers can produce what are in effect real-time simulations of the physical world, on which both humans and machines can base decisions. These maps show where roadworks are blocking traffic or which street corners are the most polluted. Innovative products will make new demands of them. Drones need to know how to fly through cities; an augmented-reality game might need to know the exact position in London of Nelson’s column. 5 5 7 Google is the giant of the consumer-mapping world. More than 1bn people use the Google Maps smartphone app every month. Rivals can still prosper by providing detailed directions in dense cities: CityMapper, for example, tells its users which exit to take in London’s warren-like tube stations. But none can match Google’s revenues. Local search ads allow firms to place adverts inside the search results of a person who is physically near their premises, along with maps showing their locations. And promoted pins permit businesses to highlight their own positions along routes that Google calculates for navigation—a pin for a Starbucks en route to Central Park in New York, say. Morgan Stanley, an investment bank, projects that such ads will generate $1.4bn of revenue for Google in 2017, rising to $3.3bn by 2020.Yet the race to develop autonomous cars, which cannot run without guidance from machine-readable maps known as “splines” or “digital rails”, could be a far bigger opportunity. Goldman Sachs, another investment bank, reckons that the market for maps for autonomous cars will grow in value from around $2.2bn in 2020 to $24.5bn by 2050 (see chart). Google’s dominance in consumer mapping means it has a strong advantage in this emerging field (which will mainly accrue to Waymo, its autonomous-car spin-off). But it will not have things all its own way. An assortment of other Silicon Valley giants, startups, carmakers and a few old-fashioned mapping firms, are fighting hard.The inputs for digital mapping are threefold. First comes information about roads, buildings and so on. Such base maps have been commoditised. A British open-data repository called OpenStreetMap (and its cousin organisation, OpenAddresses), that is already widely used and has global data, provides the basics. Many new mapping businesses build on top of OSM data.Imagery containing close-up detail of streets is the second main ingredient. In May Google said it had used an artificial-intelligence technique known as deep learning to scan 80bn photos, automatically identifying house numbers and the names of streets and businesses. Its photos were gathered from its “StreetView” cars, which have trawled the planet capturing street imagery since 2007, at a vast cost.This archive is a barrier to entry for other companies, but it may be tumbling. Mapillary, a Swedish startup which also uses deep learning to process imagery, has released a data-set of 25,000 street photos collected through its own sensor network. Its chief executive, Jan Erik Solem, says that Mapillary’s fastest-growing business is providing data mined from those images to companies that are trying to build maps for autonomous cars. (Laser scanners and radar used by autonomous cars to navigate will add to the torrents of data.)Large quantities of real-time GPS location data from people with smartphones in their pockets are the third important input. Google harvests such data from Google Map users as they move around the world. If it stops seeing data streaming off a street, for example, it is likely to mean that the road has been closed. Here, too, Google’s defences are looking less impassable. Mapbox, a young firm based in San Francisco, has found another clever way to compete—a map-specific software-development kit (SDK) which any developer can install and use to present maps to users. When those users call up one of its maps, Mapbox receives anonymised location data. Mapbox’s SDK is now in some 250m phones. Marc Prioleau, a mapping guru whom Mapbox poached from Uber, a ride-hailing firm, says the firm is gathering enough data in the Bay Area alone to redraw every road there ten times a day.Google is also vying with a legacy mapping firm that has sold map data for car-navigation systems since 1985. Germany’s three largest car companies, Daimler, Volkswagen and BMW, bought HERE, based in Chicago, for €2.8bn ($3.1bn) in 2015. In December a Chinese and Singaporean consortium including Tencent, an internet giant, and NavInfo, a mapping firm based in Beijing, took a 10% stake in it. HERE will provide Tencent with digital maps of China. It will get access to location data from WeChat, Tencent’s popular chat app, connecting it to a sensor network the scale of which rivals Google’s. The firm has also joined forces with Shenzhen-based DJI, the world’s biggest drone-maker.America’s big three car companies, General Motors, Ford and Fiat Chrysler, have also invested heavily in digital mapping through AI startups and in partnerships with ride-hailing firms and with TomTom of the Netherlands, another older mapping firm. Google is hard to avoid, though: Fiat Chrysler has joined Waymo’s self-driving programme in Phoenix, Arizona and will use the search giant’s mapping data. And whoever ends up winning most sway over cartography, Borges’s everything map is no longer imaginary. "Car-tography"'|'economist.com'|'http://www.economist.com/rss/business_rss.xml'|'http://www.economist.com/news/business/21723173-not-all-roads-lead-google-maps-battle-territory-digital-cartography?fsrc=rss%7Cbus'|'2017-06-08T22:46:00.000+03:00'
'ccdcc3e7a4a1cba73c434d7d0d22513e252dac1f'|'Gunvor Singapore executive charged by Chinese prosecutors in oil probe -document'|'Market News - Thu Jun 8, 2017 - 7:49am EDT Gunvor Singapore executive charged by Chinese prosecutors in oil probe -document By Chen Aizhu and Dmitry Zhdannikov - BEIJING/LONDON, June 8 BEIJING/LONDON, June 8 Chinese prosecutors have charged an employee of Swiss commodity trader Gunvor Group who has been held for a year for allegedly smuggling fuel and evading taxes on sales from the Philippines, according to a legal document viewed by Reuters. In May last year, Chinese authorities seized a tanker and detained several people as part of a probe into suspected tax evasion on imported oil. A Gunvor senior executive based out of Singapore was one of the people detained, a source briefed on the matter told Reuters. Yin Dikun, managing director of Gunvor Singapore, was charged with smuggling 1.3 million tonnes of fuel and evading nearly 378 million yuan ($55.7 million) of taxes, prosecutors in Guangzhou, the capital city of Guangdong province, said in the document dated June 2 and seen by Reuters. Gunvor confirmed in an email an employee had been charged by Chinese authorities in a customs dispute between China and the Philippines. It did not identify the person, but said it continues to do business in China. "Gunvor itself has not been charged," it said. "The company views this situation as a purely political matter." It said it was not liable to pay duties because it was not the importer of record into China. "Given that Gunvor is not the importer, legally the charges don''t make sense," the company said. The prosecutors did not respond to a request for comment. Yin Dikun has been held by Guangzhou police since May 2016. An official warrant of arrest was issued in June of last year. Charging an employee of a foreign company is the latest sign that Beijing is broadening its efforts to crack down on tax evasion in the world''s top oil importer. Recently the central government has also tightened scrutiny over tax matters of independent refiners, known as teapots. The charges against Yin centre on Gunvor''s sales of light cycle oil (LCO) from the Philippines to Chinese buyers over a two-year period. Gunvor had supplied (LCO) on a delivered basis to Chinese importers and provided certificates indicating the LCO fuel was produced in the Philippines, according to the legal document. The prosecutors said in the document the LCO, a refinery by-product for diesel blending, had not originated from the Philippines. They did not say from where they thought the LCO had originated instead. Under a free-trade agreement between China and the Association of Southeast Asian Nations (ASEAN), goods that are manufactured in ASEAN countries are exempt from import tariffs. The Philippines is an ASEAN member. "Knowing that the LCO fuel it supplies are not manufactured in the Philippines, Gunvor Singapore nonetheless provided its Chinese customers ASEAN certificates for them to clear the customs," the document said. Investigations by Chinese police found Gunvor Singapore was suspected of supplying 36 shipments of LCO under these arrangements between 2014 and 2016, it said. Gunvor said in its email to Reuters that Philippines customs have confirmed the documentation was issued in full compliance with rules and regulations. Gunvor said it maintains rigorous corporate compliance protocols and has taken a "conservative approach to the Chinese market in general, given the known business risks it poses". ($1 = 6.7928 Chinese yuan) (Reporting by Chen Aizhu in BEIJING and Dmitry Zhdannikov in LONDON; Editing by Tom Hogue) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/china-gunvor-oil-probe-idUSL3N1J42X5'|'2017-06-08T19:49:00.000+03:00'
'a2cb8b8de3e227703f2909914c558c03a073c538'|'Asian shares down ahead of Comey, ECB and UK election'|'NEW YORK U.S. shares rose modestly and European stocks were little changed on Thursday as investors digested testimony from former FBI Director James Comey before a Senate panel, while the euro fell after the European Central Bank kept interest rates on hold and oil prices briefly touched one-month lows.Comey told U.S. lawmakers in the congressional hearing he had no doubt that Russia had interfered with the election but was confident that no votes had been altered.Investors also await the outcome of the general election in Britain as voting began on Thursday in a snap vote predicted to give Prime Minister Theresa May a larger parliamentary majority.The FTSEurofirst 300 of top European equities briefly hit a three-week low of 1,526.29 after the ECB said subdued inflation meant it would continue to pump more stimulus into the region''s economy. It still judged the euro zone economy to be rebounding and signaled it would not cut interest rates further."Comey might move the markets in the short term but I don''t think it''s going to affect the intrinsic values of what many large U.S. businesses are worth," said Mike Mattioli, portfolio manager at Manulife Asset Management in Boston.MSCI''s all-country world equity index .MIWD PUS was last down 0.33 points, or 0.07 percent, at 467.3.The Dow Jones Industrial Average .DJI was last up 66.28 points, or 0.31 percent, at 21,239.97. The S&P 500 .SPX was up 3.87 points, or 0.16 percent, at 2,437.01. The Nasdaq Composite .IXIC was up 15.12 points, or 0.24 percent, at 6,312.50.Europe''s broad FTSEurofirst 300 index .FTEU3 closed down 0.04 percent at 1,528.71.ECB DECISIONThe euro hit its lowest since May 31 against the U.S. dollar of $1.1196 EUR= after the ECB announcement. The dollar index, which measures the greenback against a basket of six major rivals, was last up 0.3 percent at 97.016."Even though (the ECB decision) was well telegraphed over the last 24 hours, the future expectations on inflation came in a bit lower than the market had been anticipating," said Dean Popplewell, chief currency strategist at Oanda in Toronto. "That sort of weighed on the euro."Sterling fell 0.2 percent against the dollar to $1.2936 GBP=D4 ahead of the British election outcome.Oil prices rebounded after benchmark Brent crude and U.S. crude prices hit one-month lows of $47.56 and $45.20, respectively.Those troughs were hit after an unexpected surge in U.S. inventories and the return of more Nigerian crude aggravated concerns about a worldwide glut.Brent crude LCOc1 was last up 2 cents, or 0.04 percent, at $48.08 a barrel. U.S. crude CLc1 was last up 12 cents, or 0.26 percent, at $45.84 per barrel.U.S. Treasury yields edged higher after the ECB''s upgrade of its euro zone growth forecast, with benchmark 10-year yields US10YT=RR last at 2.201 percent compared to 2.180 percent late Wednesday.The dollar''s gains pushed gold prices lower. Spot gold prices XAU= were last down 0.72 percent at $1,277.13 an ounce. [nL3N1J538R](Additional reporting by Marc Jones in London, Saqib Iqbal Ahmed and Gertrude Chavez-Dreyfuss in New York; Editing by Bernadette Baum)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-global-markets-idUSKBN18Z022'|'2017-06-08T08:37:00.000+03:00'
'fa58a4d0d4e24623bcd523985ed7d21d7c935ef8'|'UPDATE 1-LPC-Banks reduce loan exposure to Noble Group'|'(Adds background in para 2 and context throughout)By Tessa Walsh and Claire RuckinLONDON, June 8 Around US$300m of a US$1.1bn revolving credit loan for Noble Group has been sold to funds in the secondary loan market as banks seek to limit their losses as the company faces a potential restructuring, banking sources said on Thursday.The struggling commodities trader is trying to extend a separate US$2bn loan as finding an investor to recapitalise the business looks increasingly difficult, leaving debt restructuring or bankruptcy as the most likely options, several sources said.Noble reported a surprise quarterly loss of US$129.3m for January-March and said that it will not be profitable for two years."I’m fairly bearish on the whole thing, there are rumours that the company will file for Chapter 11 in the next couple of weeks," a secondary loan trader said.Noble’s market value has shrunk to just over US$300m from US$6bn in February 2015, after Iceberg Research questioned its accounts. Its share price collapsed and credit ratings downgrades, management upheavals, asset writedowns, asset sales and a fundraising ensued.The secondary price of the US$1.1bn loan, which was put in place in May 2015, has been volatile this year. The credit was trading at around 75% of face value at the beginning of the year, rose to around 90 at the end of March, but has fallen heavily in the last month, two loan traders said."There were a few trades at around 49 or 50, but the Quote: s are now lower in the 40s. It has fallen 45 points in the last month," the secondary loan trader said.Some banks are now unable to sell as the price has dropped too low to get approval for a sale, a distressed loan trader said. The company’s bonds have also collapsed to distressed levels.Noble and its lenders have appointed legal counsel as the company struggles to maintain access to the US$2bn loan while time runs out to find an investor.Noble Group has appointed financial restructuring adviser Moelis and law firm Kirkland & Ellis, which typically specialise in complex and aggressive debt restructuring situations, as well as Morgan Stanley."Noble has appointed the most active and aggressive restructuring advisers. When they were mandated, the secondary loan price dropped. The view from the market was that if they were hiring those guys, things must be pretty bad," the secondary loan trader said.Restructuring adviser Alvarez & Marshal and law firm Clifford Chance have been hired to advise Noble’s US lenders and Clifford Chance is acting for lenders in HK, Reuters reported.Pitches for the European lenders took place on Wednesday, with Deloitte, PwC and FTI all vying for the mandate, according to one restructuring adviser.Noble Group was not immediately available to comment. (Additional reporting by Sandrine Bradley; Editing by Christopher Mangham)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/noble-loan-idINL8N1J55M2'|'2017-06-08T15:04:00.000+03:00'
'1020919ba28fe5789ff4a68992c664e5b915eee4'|'Air Berlin asks Berlin, NRW to consider state guarantees'|'FRANKFURT, June 8 Ailing German airline Air Berlin on Thursday said it has asked the German states of North-Rhine Westphalia and Berlin to consider granting possible loan guarantees.German newspaper Die Welt was first to report the request, saying the aim was to see whether the regional states would be ready to step in, should a state guarantee be needed, the paper said, citing people close to the negotiation.Air Berlin, which is 29 percent-owned by Abu Dhabi state-controlled carrier Etihad, has seen its losses widen to a record 782 million euros ($877 million) in 2016.Last month Etihad appointed a new boss who is rethinking a strategy of taking minority investments in smaller carriers.For now, Etihad continues to provide funding. Air Berlin said Etihad has granted another loan facility of 350 million euros and a letter of support for at least 18 months. ($1 = 0.8915 euros) (Reporting by Peter Maushagen; Writing by Edward Taylor; Editing by Ludwig Burger)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/air-berlin-guarantees-state-idINF9N1II00F'|'2017-06-08T11:47:00.000+03:00'
'efe2fbf2c8243fc29ec88f852e8cacf1b6d63a00'|'CORRECTED-UPDATE 1-Hutchison''s fixed-line biz draws interest from PEs, Hong Kong''s HKBN - sources'|'Market News - Wed Jun 7, 2017 - 11:47pm EDT CORRECTED-UPDATE 1-Hutchison''s fixed-line biz draws interest from PEs, Hong Kong''s HKBN - sources (Corrects the company name in the second paragragh to Hutchison Global Communications) * Hutchison fixed-line business unit of Li Ka-Shing * Deal could be valued at $1.5 bln-$1.9 bln * TPG-MBK combination won Wharf''s fixed-line biz last year HONG KONG, June 8 A consortium of private equity firms TPG Capital Management and MBK Partners, as well as telecoms firm HKBN Ltd, are preparing separate bids for the fixed-line phone unit of Hong Kong''s richest man, Li Ka-Shing, sources with direct knowledge of the matter said. Hutchison Global Communications (HGC), a unit of Hutchison Telecommunications Hong Kong Holdings Ltd, provides a range of fixed-line telecommunications services in Hong Kong and overseas for corporates and residential users. The HGC business is expected to be valued at about $1.5 billion, five sources told Reuters, requesting anonymity because the details had not been released publicly. Two of the sources, however, said the deal could be valued at as much as 12 times the company''s earnings before interest, tax, depreciation and amortisation (EBITDA) of $161 million in 2016, pushing the acquisition cost to as much as $1.9 billion. HGC did not immediately respond to a Reuters request for comment, while Hong Kong broadband and telecoms service provider HKBN, TPG and MBK declined to comment. In October last year, the TPG-MBK consortium agreed to Hong Kong tycoon Peter Woo''s Wharf Holdings Ltd'' telecoms business for HK$9.5 billion ($1.22 billion). MBK Partners has a long track record of investing in Asian technology, media and telecommunications assets, including Taiwanese network TV operator China Network Systems, cable television network Gala TV and Japanese software maker Yayoi. TPG has also invested in a wide range of telecom companies in Asia, including telecommunications service provider Asia Netcom (now known as Pacnet) and Japan Telecom (now known as SoftBank Telecom). ($1 = 7.7940 Hong Kong dollars) (Reporting by Carol Zhong, Prakash Chakravarti and Chien Mi Wong of LPC; additional reporting by Elzio Barreto and Donny Kwok; Writing by Sumeet Chatterjee Editing by Stephen Coates) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/hutchison-ma-telecoms-idUSL3N1J51DE'|'2017-06-08T11:47:00.000+03:00'
'3257713a1fd7867f33734aaaa0196a1bd56acdab'|'Hong Kong court upholds tribunal ruling on Moody''s "red flags" report - Moody''s'|'Business News - Thu Jun 8, 2017 - 5:35am BST Hong Kong court upholds tribunal ruling on Moody''s "red flags" report - Moody''s FILE PHOTO: The logo of credit rating agency Moody''s Investor Services is seen outside the office in Paris October 24, 2011. REUTERS/Philippe Wojazer/File Photo HONG KONG Hong Kong''s Court of Appeal has ruled in favour of a tribunal decision that partly upheld regulatory action imposed on the Hong Kong unit of Moody''s Investors Service for a report on Chinese companies, Moody''s said in a statement on Thursday. Moody''s Investors Service said last year it would challenge a March 2016 ruling by the Securities and Futures Appeals Tribunal (SFAT) upholding the securities regulator''s claim that Moody''s broke rules governing how regulated firms should behave when it published the report. The case has been closely watched by the financial industry and corporate governance activists, as it is likely to redefine the limits on what can be written in research reports on public companies, potentially curtailing the activities of research firms in the financial centre. (Reporting by Michelle Price; Editing by Muralikumar Anantharaman)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-moody-s-hongkong-idUKKBN18Z0EX'|'2017-06-08T12:35:00.000+03:00'
'f8e9317b69379f386f9fdaa167e4d2e16d53eba7'|'Nissan premium brand Infiniti global sales climb 9 percent year on year in May'|'Autos  39am BST Nissan premium brand Infiniti global sales climb 9 percent year on year in May FILE PHOTO: An Infiniti Project Black S is displayed at Nissan Design Europe, ahead of being shipped to the Geneva Motor Show, in London, Britain, February 28, 2017. REUTERS/Stefan Wermuth/File Photo BEIJING Global sales for Nissan Motor Co''s premium brand Infiniti rose 9 percent in May from a year earlier and have risen 37 percent for the first five months of the year, according to a press release seen by Reuters on Monday. Infiniti’s global chief Roland Krueger believes the sales momentum will likely continue as a key new product is due to hit showrooms in the United States, the brand’s biggest market around the world. "Production of the new version of our best-selling vehicle – the Q50 sedan – just began in Japan, and will be in U.S. dealerships soon, followed by other international markets," Krueger said in the press release. Infiniti''s sales rose to 19,565 vehicles in May and 104,512 vehicles for the first five months. (Reporting by Norihiko Shirouzu; Editing by Edwina Gibbs)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-nissan-infiniti-idUKKBN18W0TD'|'2017-06-05T15:39:00.000+03:00'
'e8e4712441111f7ce93375b838ed39526d11cdaf'|'Australia''s Qantas launches own credit card to help grow loyalty division'|' 32am BST Australia''s Qantas launches own credit card to help grow loyalty division Groundstaff work on the tarmac next to Qantas Airways planes parked at Sydney''s Domestic Airport terminal in Australia, November 8, 2016. REUTERS/David Gray By Jamie Freed - SYDNEY SYDNEY The launch of Qantas Airways Ltd''s first-ever credit card of its own will boost cross-selling opportunities as it targets up to a 73 percent rise in earnings from its frequent flyer division over the next five years, executives said on Monday. Qantas is also looking to the credit card to lessen a revenue dip expected this year as a result of the Reserve Bank of Australia''s decision to cut fees paid between banks on certain credit cards starting on July 1. That has led some credit card issuers to slash the number of frequent flyer points they purchase from Qantas to reward their customers. "We are expecting some softening in FY18," Qantas Loyalty Chief Executive Lesley Grant told media of revenue from credit card issuers in the financial year ending June 30, 2018. "But we also can see that is going to pick up for FY19 and beyond.” Qantas earns more ancillary revenue per passenger from its loyalty programme than any other major airline globally, according to travel consultancy IdeaWorksCompany, giving it a steady earnings base in an otherwise volatile aviation market. Around 35 percent of the A$303 billion (174.9 billion pounds) of annual credit card spending in Australia earns Qantas frequent flyer points. The Australian carrier on Monday launched a new credit card in partnership with Citibank and MasterCard Inc which gives it a financial interest in a card for the first time. There are around 50 cards issued by banks that offer Qantas frequent flyer points, but until now the airline has not had direct access to the card spending data to help it better target cross-selling offers to customers. "The data informs us around what offers are relevant. Relevant offers are a key success factor in marketing," Qantas Loyalty Executive Manager Brian Funston said. Qantas has more than doubled earnings before interest and tax from its loyalty division since 2008, in part by focusing on opportunities to earn points for activities beyond flying such as health insurance, a prepaid travel money card, wine purchases and playing golf. The division has reported steady rises in annual earnings over time, making it a far less volatile contributor than the flying businesses. At a divisional level, however, the profits ranked behind Qantas Domestic, Jetstar Group and Qantas International in the first half ended Dec. 31 because a cost-cutting drive has turned around earnings at those businesses, which have far higher revenues. (Reporting by Jamie Freed; Editing by Nick Macfie)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-qantas-loyalty-idUKKBN18W0LT'|'2017-06-05T14:32:00.000+03:00'
'2830b360c6c7eba5a410f77c9aec00cef92da73a'|'Kuwait picks EY to value stock exchange for potential listing-sources - Reuters'|'DUBAI, June 4 Kuwait has picked accounting firm EY to do a valuation of its stock exchange, sources familiar with the batter told Reuters on Sunday.The country has been considering an initial public offering of its stock market for years, but political infighting and entrenched bureaucracy have held up the process.The Capital Markets Authority (CMA) has asked EY to complete a valuation of Boursa Kuwait''s assets and prepare a timetable for a listing, the sources said.The CMA declined to comment when contacted by Reuters on Sunday. EY did not immediately respond to a request to comment.One of the sources said a committee that is awarding contract for the valuation of the exchange will meet this week.Kuwait''s stock market is one of the oldest in the Middle East region. Established officially in the early 1980''s, it has shrunk in the past few years as dozens of companies have been delisted.Under a law passed in 2010, the CMA is supposed to offer 50 percent of the shares to Kuwaiti citizens and 50 percent to ten companies already listed on the stock exchange.The exchange may, however, offer up to 44 percent of its shares to a company that has experience in operating bourses when it goes public, a senior government official told Reuters in 2015.Such a move would open the way for an international exchange operator such as Nasdaq OMX or Euronext to take a stake in one of the Middle East''s oldest stock markets.(Reporting by Hadeel Al Sayegh, additional reporting by Ahmed Hagagy. Editing by Jane Merriman)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/kuwait-exchange-ipo-idINL8N1J107R'|'2017-06-04T10:11:00.000+03:00'
'748c2b880807938732d9a5cd9da4cb9a65d129ac'|'TUI, Etihad end talks over leisure airline joint venture'|'FRANKFURT/ABU DHABI Abu Dhabi-based Etihad Airways said on Thursday it had pulled out of talks with Europe''s largest tour operator TUI Group ( TUIT.L ) ( TUIGn.DE ) to create a joint venture holiday airline.As part of the deal outlined last year, Etihad planned to buy Air Berlin''s ( AB1.DE ) leisure airline Niki before combining the business with TUI''s airline TUIfly.The Gulf airline, which owns almost 30 percent of Air Berlin, appointed a new chief executive in May in a move analysts said gave it a chance to rethink expansion plans that have involved buying minority stakes in airlines.Etihad said it had not been able to reach agreement on the nature of the venture despite "many months of negotiations".TUI said Niki was "no longer available" for a deal.Etihad and TUI declined to give further details.One source familiar with the issue said: "The deal didn’t work out because it didn''t make sense for Niki, it didn’t add up."TUI said in a statement that a strong European leisure airline would make sense given overcapacity especially in the German market."We will push the repositioning of TUIfly further ahead in order to develop long-term prospects for the airline and its employees," TUI executive board member Sebastian Ebel said, adding it remained open for partnerships and joint ventures.Air Berlin had already received 300 million euros ($337 million) from Etihad for Niki, Air Berlin had said in its annual report.Etihad said the leisure operations of Air Berlin group would continue to operate as a separate business unit under the Niki brand. "Further details of this structure will be announced in due course by Air Berlin," Etihad said.Etihad named Ray Gammell as interim CEO and also appointed a new interim group financial officer following the failure of Alitalia, in which the Gulf airline had a 49 percent stake. Alitalia sought bankruptcy protection with $3.3 billion of debt.Since 2011, Abu Dhabi state-owned Etihad has spent billions of dollars buying minority stakes from Europe to Australia in a race catch up with regional rivals Emirates and Qatar Airways.Shares in TUI AG were down 1 pct at 1,154 pence by 1430 GMT (10:30 a.m. ET), while shares in Air Berlin shed 7.6 percent to 0.8350 euros.Separately, Air Berlin said on Thursday it had asked the German states of North-Rhine Westphalia and Berlin to consider granting possible loan guarantees.(Reporting by Harro ten Wolde and Peter Maushagen in Frankfurt and Stanley Carvalho in Abu Dhabi; Editing by Greg Mahlich and Edmund Blair)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-tui-etihad-jv-idINKBN18Z167'|'2017-06-08T07:41:00.000+03:00'
'cd0644af8e65b191da6235e01b757fac10e2f5b7'|'German industrial orders fall far more than forecast in April'|'Business News - Wed Jun 7, 2017 - 7:24am BST German industrial orders fall far more than forecast in April BERLIN German industrial orders dropped way more than expected in April, data showed on Wednesday, suggesting this sector of Europe''s largest economy started the second quarter on a weak footing. Factories saw their orders slump by 2.1 percent in April after contracts for ''Made in Germany'' goods rose in the previous two months, data from the Economy Ministry showed. That undershot by a long stretch the Reuters consensus forecast for a 0.4 percent drop and followed a slightly upwardly revised increase of 1.1 percent in March. The Economy Ministry said the number of large-scale contracts was below average for April and adjusted to take account of that, orders would have been unchanged on the month. A breakdown of the April data showed domestic demand decreased by 0.2 percent and foreign orders slumped by 3.4 percent. (Reporting by Michelle Martin; Editing by Madeline Chambers)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-germany-economy-orders-idUKKBN18Y0GK'|'2017-06-07T14:24:00.000+03:00'
'7552ef5699d5714598c73988c9d8901ed2488f4a'|'MIDEAST STOCKS-Qatar, GCC markets set to drop as ties severed'|'Market News - Mon Jun 5, 2017 - 1:21am EDT MIDEAST STOCKS-Qatar, GCC markets set to drop as ties severed By Celine Aswad - DUBAI, June 5 DUBAI, June 5 Stock markets in Qatar and the rest of the six-nation Gulf Cooperation Council look set to drop on Monday after Saudi Arabia, Egypt, the United Arab Emirates and Bahrain severed ties with Doha, accusing it of supporting terrorism. Saudi Arabia said it had severed all land, sea and air contacts with Qatar. Abu Dhabi''s Etihad Airways said it would suspend flights from Tuesday. Saudi Arabia, the UAE and Bahrain gave Qatari visitors and residents two weeks to leave their borders. With an estimated $335 billion of assets in its sovereign wealth fund, a trade surplus of $2.7 billion in April alone and extensive port facilities, Qatar appears likely to be able to ride out the impact without any economic crisis. The GCC states do little merchandise trade with each other, instead relying on imports from outside the region, and Qatar''s liquefied natural gas shipments by sea are expected to continue normally. GCC investments in Qatar''s stock market are believed to be minor. Nevertheless, the diplomatic rift - the worst in years - is expected to have a considerable impact on investor sentiment, outside Qatar as well as within the country. "All GCC markets will fall today - this is unprecedented and we are entering unknown territory. This is not good news for the markets," said a Dubai-based portfolio manager. "The markets have been quiet in search of a catalyst, and this is it...There will be a lot of exiting today." After Saudi Arabia, the UAE and Bahrain withdrew their ambassadors from Qatar in March 2014, the Qatari stock market immediately tumbled 2.3 percent and remained weak for about three weeks, before rebounding strongly as Qatar entered MSCI''s emerging market index. Some fund managers said Qatari banks could be hardest hit. "Qatari banks that are exposed to those countries that have severed ties with it will be very vulnerable, and vice versa - companies that have borrowed from Qatari banks may have to figure out how to negotiate loans and deals," said a Doha-based asset manager. Also, some Qatari banks have been borrowing from overseas to offset tight liquidity in the domestic money market; they may now find it more expensive to borrow. (Editing by Andrew Torchia) Our Standards: The Thomson Reuters Trust Principles Next In Market News '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/mideast-stocks-idUSL8N1J20BL'|'2017-06-05T13:21:00.000+03:00'
'f6c8dcb189d1f1bf1d05dcb602c0d5d580dc8e75'|'Brazil''s Usiminas, Porto Sudeste settle $62.5 mln port dispute'|'SAO PAULO, June 6 A unit of Brazilian steelmaker Usinas Siderúrgicas de Minas Gerais SA has ended an arbitration case with Porto Sudeste do Brasil SA.Under the terms of the agreement, which were unveiled in a a securities filing on Tuesday, Porto Sudeste has agreed to pay $62.5 million to Mineração Usiminas SA to end the dispute. The accord will also result in the rescinding of the contract between the two parties. (Reporting by Ana Mano; Editing by Jonathan Oatis)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usiminas-lawsuit-idUSL1N1J31R0'|'2017-06-07T04:38:00.000+03:00'
'4b4634464b660e3b214c4bd9a41cbe0b42f20781'|'Airline Flybe to limit capacity to tackle challenging markets'|'Business News - Thu Jun 8, 2017 - 9:14am BST Airline Flybe to limit capacity to tackle challenging markets FILE PHOTO: An airport worker examines a Flybe aircraft before it takes off from Liverpool John Lennon Airport in northern England, May 19 , 2016. REUTERS/Phil Noble/File Photo British regional airline Flybe Group set out plans to keep a lid on capacity as it contends with increasing competition and slowing growth in consumer demand. The company said on Thursday that moves to slow its expansion had already provided some benefits and that it would cut capacity in the second half to leave it broadly flat for the year to March 2018. Performance in the current financial year to June 5 had shown a 4.6 increase in passenger revenue per seat, Flybe said, adding that it had sold 45 percent of its capacity versus 44 percent at the same point last year. "Forward booking trends point to unit revenue improvements that we view as encouraging," Liberum wrote in a client note, adding that headwinds for the company were starting to "moderate". It has a "Buy" recommendation on the stock. Shares in Flybe, which connects British regional airports to London and other European cities, rose 4.5 percent to 34.61 pence by 0803 GMT. They are down by around a fifth so far this year. The company reported an adjusted pretax loss of 6.7 million pounds for the year to March 31, against a 5.5 million pound profit the previous year. Flybe said that IT costs were lower than expected at 4.8 million pounds, having warned in March that it expected a charge of between 5 million pounds and 10 million pounds related to a systems upgrade. It has been contending with industry-wide challenges where larger European airlines have driven down fares by adding more seats to boost their market share in a period of lower oil prices. Flybe''s own difficulties had been compounded by its large exposure to the UK, where demand has experienced some turbulence after the vote to leave the European Union, and due to its own rapid capacity growth due to legacy commitments for additional aircraft. (Reporting by Esha Vaish in Bengaluru; Editing by David Goodman/Keith Weir)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-flybe-group-results-idUKKBN18Z0WJ'|'2017-06-08T16:14:00.000+03:00'
'51c668c1f50396b41cff110bdc95f27b5dc40a2a'|'How Popular was caught off guard by Europe''s abrupt takeover'|'By Jesús Aguado and Andrés González - MADRID MADRID When the 1,644 Spanish branches of Banco Popular ( POP.MC ) opened their doors on Monday morning, the bank''s chairman Emilio Saracho still hoped the 91-year-old lender, once the most efficient in Europe, could be saved.The previous Friday, shortly after Popular suffered another selloff on the stock market, he had sent an email to the bank''s staff to tell them it was solvent and they should keep working hard to overcome the current situation."We need to work together and believe in what we do," Saracho wrote.JP Morgan and Lazard, which had been advising Popular since early May on finding a merger partner or raising new capital, had spent the weekend working the phones with other Spanish lenders in a bid to find a last minute solution.And the bank had requested emergency central bank liquidity that it believed meant it had a whole week to review its options and try to draw a line under a deposit flight that had wiped a quarter of its deposits.What Saracho didn''t appear to measure was that the fate of Spain''s sixth-biggest bank would be sealed in hours, not days or months as in previous European banking meltdowns.The swift maneuvering by Europe''s bank regulators marks a sharp and brutal change in the way they deal with struggling banks, which could become a blueprint for handling other cases, especially in Italy where the rescue of troubled lenders has been under discussion for months.Previous bank rescues in the euro zone have involved protracted negotiations and government bailouts, even after new rules came in following the financial crisis, aimed at preventing taxpayer money being used in bank bailouts.However, the abruptness of the action by the authorities could raise questions about whether regulators and the Spanish government spent enough time exploring other options potentially less painful for shareholders or bondholders. That, in turn, could now pave the way for legal claims to be filed.The ECB, the Spanish government and Popular all declined to comment.TRIGGEROn Saturday, the Single Resolution Board (SRB), a regulatory body responsible for dealing with the euro zone''s banking crises, met in Brussels to discuss the risks posed by Popular for Spain''s and Europe''s financial stability.Based on an independent valuation by Spanish boutique investment firm Arcano which showed Popular had a capital shortfall of up to 8 billion euros, the SRB concluded the bank would likely fail to meet its financial obligations.It ordered an immediate fire sale, setting in motion the mechanism to take over the lender."Saracho was left by the side of the road by the European resolution body," said one source, adding that JP Morgan''s last-ditch attempt at the weekend to find a buyer was predicated on an understanding that the SRB would soon move on Popular.The SRB declined to comment.Sources familiar with SRB strategy say the initial objective was to intervene in Popular on Friday, June 9, ahead of the weekend, to give enough time for negotiations.But both the volume of deposit withdrawals on Monday and the determination of European authorities to use their new banking resolution powers would speed things up dramatically.In the early afternoon of Tuesday, Saracho picked up the phone to call Spain''s Economy Minister Luis de Guindos and let him know Popular had run out of collateral to obtain new ECB liquidity. Branches might not open on Wednesday morning."There was a bank run," the ECB''s deputy governor Vitor Constancio said on Thursday in response to questions about why the authorities had not spent more time analyzing other options to salvage the bank.It was no longer a question of making sure the bank had enough capital to meet its long term obligations, so much as ensuring it had cash on hand to stay open."It was not a matter of assessing the developments of solvency as such, but the liquidity issue."Within six hours, the SRB had swooped, cancelling the investments of Popular''s shareholders and junior bondholders with the stroke of a pen and selling the lender for a solitary euro to Spanish banking goliath Santander ( SAN.MC ).(Additional reporting by Carlos Ruano, Francesco Canepa in Frankfurt, Francesco Guarascio in Brussels and Pamela Barbaglia in London; writing by Julien Toyer; editing by Peter Graff)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-popular-m-a-santander-idINKBN18Z24B'|'2017-06-08T13:13:00.000+03:00'
'02879c6fddd05566c710453251ba0940da15eac8'|'ECB rules to reshape leveraged lending'|' 14pm BST ECB rules to reshape leveraged lending FILE PHOTO: Flags in front of the European Central Bank (ECB) before a news conference at the ECB headquarters in Frankfurt, Germany, April 27, 2017. REUTERS/Kai Pfaffenbach/File Photo By Tessa Walsh - LONDON LONDON The ECB''s final guidance on leveraged loans will reshape the European market when it comes into effect in November, but several key questions have yet to be answered as the countdown begins. The final guidance was broadly in line with the draft published last November but was tweaked after market feedback, bringing it more into line with US leveraged lending guidelines, although the ECB guidance is viewed as tighter due to the introduction of a new definition for failed deals. "The guidance in the US and Europe is similar . . . but the ECB guidance is tighter in some respects," said Martin Forbes, a banking partner at White & Case. The guidelines made some concessions, including allowing adjusted Ebitda and borrowers to show an ability to repay senior secured debt to a sustainable level in five to seven years rather than repaying 50% of total debt from cash flow. Certain types of deals were also excluded. Several key questions are outstanding, including the definition of total debt and the impact of the regulation on acquisition finance and banks'' internal systems due to the introduction of a tough 90-day limit for syndicating deals, according to a report by White & Case. Under the final guidance, the definition of total debt now includes additional debt that loan agreements normally allow. It is not clear if this includes incremental, accordion or side-by-side loans and baskets and ratios for permitted debt, which are normally allowed in loan covenants even if they are never actually drawn. Only committed undrawn liquidity facilities, such as commercial paper programmes, have been excluded, and the ECB has warned that care needs to be exercised when applying this exemption. 90-DAY RULE In a more radical departure, banks are now expected to treat deals that have not been syndicated within 90 days of signing as failed syndications for internal monitoring, booking, accounting, regulatory classification and capital requirements, which could change European banks'' behaviour. Many of Europe''s commercial banks have a "buy and hold" mentality and hold stakes in their own deals until maturity, especially those loans made to domestic companies. The new rules could push them to align with US investment banks, which seek to sell down to zero to release and reuse their capital and reduce funding costs. "We don''t know exactly how the 90-day requirement for completion of syndication, after which syndicated deals should be treated as having failed, will be applied. The more tightly it''s applied, the more the market will tighten," Forbes said. The 90-day rule could have a big impact on merger and acquisition financing, which is usually agreed before deals are announced to provide certainty of funding. M&A deals can take months to close if they are referred to regulators and are often not fully syndicated until the M&A trade closes. "In transactions where you have long competition clearance, divestments or other complications, this will unfairly penalise banks underwriting those deals," Forbes said. It also remains to be seen how "failed" deals that have not been syndicated after 90 days will be allocated to lenders'' hold books. Further guidance is required on how do this for acquisition financing and bids with interim loan agreements. Investors are sometimes offered ticking fees to compensate them for their commitments until M&A loans are drawn. If lenders have to charge higher fees for tying up their balance sheets, acquisition loans could become more expensive for borrowers. "In a situation where you have to set aside capital for a longer time, you normally have to compensate with a ticking fee. If banks are told to only lend to deals like this in exceptional circumstances, there will be fewer of those deals underwritten by European banks," Forbes said. Shareholder loans and PIK loans will be included in total debt calculations, but it is not clear if this also includes subordinated shareholder debt, which is used to upstream cash in European leveraged finance. Banks will also be required to verify leveraged loan pricing by a unit independent of the syndication team, and deals with credit, underwriting or settlement risk in syndication also need to be reviewed and approved by an independent risk function. UNEVEN PLAYING FIELD As in the US, banks are concerned that the guidance will create an uneven playing field that will favour institutions not regulated by the ECB, such as US, Japanese and (post-Brexit) UK banks. "The US and ECB versions of the guidelines are at least similar, and some market participants are already subject to US rules. It is certainly significant and people will have to think about how they do things," said Andreas Wieland, a partner who heads White & Case''s regulatory practise in Frankfurt. Many institutions, particularly those with global operations, have been lending around the US guidelines, and national regulators are expected to take a similar approach to the ECB guidance. "National supervisors will likely base their assessment of leveraged lending procedures on criteria similar to the ECB," said White & Case partner Stuart Willey. Non-regulated lenders thrived in the US after its version of leverage lending rules was introduced and it is not clear how the ECB will react if an uneven playing field is indeed created. Although the guidance is not binding, the regulator expects institutions under its supervision to integrate the rules into internal credit processes and will intervene if this does not happen. (Editing by Christopher Mangham and Matthew Davies)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-ecb-leveraged-loans-idUKKBN1901XB'|'2017-06-09T21:14:00.000+03:00'
'318d6a2ef10817b81ba786d8d4c7fe1697e19b3d'|'Johnson & Johnson expects to complete Actelion purchase on June 16'|'Business  30pm BST Johnson & Johnson expects to complete Actelion purchase on June 16 The company''s logo is seen at the headquarters of Swiss biotech company Actelion in Allschwil, Switzerland January 26, 2017. REUTERS/Arnd Wiegmann ZURICH Johnson & Johnson ( JNJ.N ) said the approval of its proposed acquisition of Swiss biotech firm Actelion ( ATLN.S ) by the European Commission on Friday meant all regulatory approvals required to complete the $30 billion (£23.5 billion) deal had now been received. The U.S. company said it expected settlement of the all-cash public tender offer by its Swiss subsidiary, Janssen Holding, on June 16. EU antitrust regulators on Friday approved Johnson & Johnson''s planned purchase of Actelion subject to conditions intended to ensure clinical development of insomnia drugs were unaffected. Separately, Actelion said on Friday it had published the prospectus relating to the listing of shares in Idorsia, the spin-off company which will be led by current Actelion Chief Executive Jean-Paul Clozel. Under the agreement all Actelion shareholders will receive one Idorsia share for each Actelion share held on June 13, 2017 with the new company expected to start trading on the Swiss exchange on June 16. Idorsia will specialise in the discovery and development of small molecules in multiple therapeutic areas including central nervous system disorders, cardiovascular disorders, immunological disorders and orphan diseases, the company said. (Reporting by John Revill; Editing by Brenna Hughes Neghaiwi and Edmund Blair)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-swiss-actelion-idUKKBN1902G6'|'2017-06-10T00:30:00.000+03:00'
'ca17c46260ba7d627b2dacb9c35e64f55d121db5'|'Nikkei pares gains to end lower ahead of global events'|'(Fixes headline to indicate Nikkei erased gains, not pared them)TOKYO, June 8 Japan''s Nikkei share average gave up early gains to close lower on Thursday, as the yen rose in a market already on tenterhooks about looming global events.The Nikkei ended down 0.4 percent at 19,909.26, after climbing 0.1 percent in morning trade.The dollar, which was up against the yen for much of the session, fell 0.3 percent to 109.50 yen, pressured by a report that the Bank of Japan was mulling how to communicate its eventual exit strategy from its monetary stimulus.Caution reigned for much of the session, as UK voters head to the polls for a general election, the European Central Bank holds a regular policy meeting and former FBI director James Comey will testify to the U.S. Senate later on Thursday.The broader Topix slipped 0.4 percent to 1,590.41, while the JPX-Nikkei Index 400 also fell 0.4 percent to 14,171.39.(Reporting by Tokyo markets team; Editing by Biju Dwarakanath)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/japan-stocks-close-idUSL3N1J52GN'|'2017-06-08T14:22:00.000+03:00'
'6daae7cf3498b620428f7223e6394d802d6137f5'|'UPDATE 1-U.S. meal kit service Blue Apron files for IPO'|'Company News - Thu Jun 1, 2017 - 5:57pm EDT UPDATE 1-U.S. meal kit service Blue Apron files for IPO (Adds details, background) June 1 Blue Apron Holdings Inc, the biggest U.S. meal kit company, has filed for an initial public offering, amid increasing competition as more companies seek to deliver fresh ingredients and recipes to subscribers. New York City-based Blue Apron has selected Goldman Sachs, Morgan Stanley, Citigroup and Barclays among underwriters to its IPO. Reuters reported in March that Blue Apron competitor, Sun Basket, which focuses on organic ingredients, had hired banks for an IPO that could come in the second half of the year. Blue Apron, named after the uniform that apprentice chefs wear in France, delivers prepackaged ingredients and recipes to subscribers'' doorsteps for them to prepare at home, a business model attempting to disrupt traditional grocery shopping. The company, founded in 2012, is not profitable. It lost $54.9 million last year but revenue more than doubled to $795.4 million, Blue Apron said in a filing with the U.S. Securities and Exchange Commission. Blue Apron posted a net loss of $52.2 million for the first quarter of 2017 on revenue of $244.8 million. The company said it would list its class A shares on the New York Stock Exchange under the symbol "APRN". Blue Apron has two classes of voting stock, class A and class B, as well as a class C of non-voting stock, the company said. Blue Apron filed for an IPO of up to $100 million. The amount of money a company says it plans to raise in its first IPO filings is used to calculate registration fees. The final size of the IPO could be different. (Reporting by Diptendu Lahiri in Bengaluru; Editing by Sai Sachin Ravikumar)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/blueapron-ipo-idUSL3N1IY5YW'|'2017-06-02T05:57:00.000+03:00'
'fe23440d7a6524a7bd87954f9d995288b4d142dd'|'EU regulators say Qualcomm has not offered concessions in NXP bid'|'BRUSSELS U.S. smartphone chipmaker Qualcomm ( QCOM.O ) has not offered any concessions so far in its $38-billion bid for NXP Semiconductors ( NXP.N ), EU antitrust regulators said on Friday, increasing the risk of a lengthy investigation into the deal.Qualcomm, which supplies chips to Android smartphone makers and Apple ( AAPL.P ), had until June 1 to propose concessions to allay possible competition concerns over the biggest-ever deal in the semiconductor industry.The EU competition authority''s preliminary review of the deal ends on June 9. It can either clear the deal unconditionally or open an investigation lasting up to four months.During an investigation, Qualcomm could seek to convince regulators that the deal was not anti-competitive. Failing that, it might have to offer concessions.Rivals had urged the European Commission to ensure they would still be able to use NXP technology known as Mifare once the deal is done, people familiar with the matter said..The technology is embedded in access cards for buildings and public transport, as well as mobile phones which double as electronic wallets. Competitors also want Qualcomm to agree to fair licensing practices, the people said.(Reporting by Foo Yun Chee; Editing by Edmund Blair)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-nxp-m-a-qualcomm-eu-idINKBN18T16Z'|'2017-06-02T07:44:00.000+03:00'
'e210e8ff229cf84857d2c3c7945d5015c58a698b'|'UPDATE 1-Dollar net longs fall to 9-month low; euro longs at 6-year high -CFTC, - Reuters'|'(Adds table, comment, byline, details on the euro, dollar contracts) By Gertrude Chavez-Dreyfuss NEW YORK, June 2 Net long positions on the U.S. dollar fell sharply in the latest week to their lowest since September, according to calculations by Reuters and Commodity Futures Trading Commission data released on Friday. The value of the dollar''s net long position slid to $7.53 billion in the week ended May 30, from $8.25 billion the previous week. The dollar has been on a downward spiral so far this year, losing more than 5 percent of its value against a basket of six major currencies, despite the Federal Reserve being on tightening path compared with other major central banks. Problems related to U.S. Donald Trump''s administration have weighed on the dollar as well as a lackluster batch of U.S. economic data this year, such as Friday''s weaker-than-expected U.S. nonfarm payrolls report for May. After the jobs data, interest rate futures on Friday priced in a 96 percent chance of a Fed rate increase on June 14, according to the CME''s FedWatch. "U.S. data hasn''t been great and even if the Fed hikes they won''t provide any strong guidance on future tightening, which would be disappointing to dollar bulls," said Kathy Lien, managing director of FX strategy at BK Asset Management in New York. "But the hike won''t help the dollar unless the Fed suggests that more tightening is on the way which is unlikely given the lack of progress on tax cuts and fiscal spending -- two things that are crucial to ongoing optimism from the Fed," she added. The euro zone, on the other hand, is a different story, with euro net longs rising to a more than six-year high, CFTC data showed. Since the last European Central Bank meeting late April, the euro zone economy has seen improvements and as a result, euro/dollar has risen nearly 4 percent. The Reuters calculation for the aggregate U.S. dollar position is derived from net positions of International Monetary Market speculators in the yen, euro, British pound, Swiss franc and Canadian and Australian dollars. Japanese Yen (Contracts of 12,500,000 yen) $5.896 billion May 30, 2017 Prior week week Long 43,404 41,920 Short 95,679 93,576 Net -52,275 -51,656 EURO (Contracts of 125,000 euros) $-10.186 billion May 30, 2017 Prior week week Long 176,226 175,032 Short 103,357 110,187 Net 72,869 64,845 POUND STERLING (Contracts of 62,500 pounds sterling) $2.383 billion May 30, 2017 Prior week week Long 45,574 49,166 Short 75,225 73,033 Net -29,651 -23,867 SWISS FRANC (Contracts of 125,000 Swiss francs) $2.374 billion May 30, 2017 Prior week week Long 8,735 6,118 Short 27,247 25,903 Net -18,512 -19,785 CANADIAN DOLLAR (Contracts of 100,000 Canadian dollars) $7.296 billion May 30, 2017 Prior week week Long 23,711 29,681 Short 121,898 128,790 Net -98,187 -99,109 AUSTRALIAN DOLLAR (Contracts of 100,000 Aussie dollars) $-0.229 billion May 30, 2017 Prior week week Long 43,148 42,892 Short 40,081 40,257 Net 3,067 2,635 MEXICAN PESO (Contracts of 500,000 pesos) $-2.005 billion May 30, 2017 Prior week week Long 112,479 98,609 Short 37,477 44,311 Net 75,002 54,298 NEW ZEALAND DOLLAR (Contracts of 100,000 New Zealand dollars) $0.393 billion May 30, 2017 Prior week week Long 16,886 14,018 Short 22,425 23,235 Net -5,539 -9,217 (Reporting by Gertrude Chavez-Dreyfuss; Editing by David Gregorio and Lisa Shumaker)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/cftc-forex-idINL1N1IZ1HB'|'2017-06-02T18:29:00.000+03:00'
'a27eabcb1ea1e6a608ff95acac38d69ec0b28db2'|'Morgan Stanley shuffles wealth management unit'|'Banks - Fri Jun 2, 2017 - 12:12pm EDT Morgan Stanley shuffles wealth management unit The corporate logo of financial firm Morgan Stanley is pictured on a building in San Diego, California September 24, 2013. REUTERS/Mike Blake/File Photo By Olivia Oran Morgan Stanley ( MS.N ) has shuffled its wealth unit, eliminating a layer of management and promoting two key executives, according to a memo reviewed by Reuters on Friday. The biggest U.S. brokerage by head count named Vince Lumia, head of private wealth management, its new head of the field. Lumia will report to wealth co-heads Andy Saperstein and Shelley O''Connor. Mandell Crawley, the bank''s chief marketing officer, will replace Lumia as head of private wealth management. The firm eliminated its divisional level with the goal of flattening the organization, naming former divisional heads Bill McMahon and Rick Skae as vice chairmen of wealth management. A bank spokesman confirmed the contents of the memo. Morgan Stanley saw its revenue from wealth management rise 11 percent in the first quarter to $4.1 billion. The unit also posted a pretax margin of 24 percent, in line with a target set by Chief Executive James Gorman. The changes come as the wealth industry prepares to implement the Department of Labor Fiduciary Rule, which sets a standard for brokers who sell retirement products and requires them to put clients'' best interests ahead of their own bottom line. The rule will take effect June 9. In another major shift for the industry, Morgan Stanley said in May it is pulling back from the expensive recruitment wars for financial advisors, following similar steps taken by peer Bank of America ( BAC.N ) Merrill Lynch. (Reporting by Olivia Oran in New York; Editing by Phil Berlowitz)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-morgan-stanley-wealth-idUSKBN18T2A5'|'2017-06-02T23:23:00.000+03:00'
'1f2d9d9e910632b44bf9dbdf2057ea0231671367'|'JBS says core assets not for sale, after retreating from Argentina'|'Deals - Wed Jun 7, 2017 - 2:00pm EDT JBS says core assets not for sale, after retreating from Argentina The logo of Brazilian meatpacker JBS SA is seen in the unit in the city of Jundiai, Brazil June 1, 2017. REUTERS/Paulo Whitaker CHICAGO Brazilian meat packer JBS SA said on Wednesday that no core assets in the United States or any other part of the world are candidates for sale, a day after announcing a deal to sell Argentine operations to a smaller rival. The agreement with buyer Minerva SA, announced on Tuesday, was the first by JBS since its founders admitted to paying bribes to Brazilian politicians in exchange for favors in a scandal that threatens to topple President Michel Temer. (Reporting by Tom Polansek; Editing by Phil Berlowitz) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-jbs-m-a-strategy-idUSKBN18Y2O9'|'2017-06-08T01:57:00.000+03:00'
'ad5a623e3e7ce2279c20f94624edb90318c13e32'|'Oil eases on oversupply, but Mideast tension and falling U.S. stocks support'|'Business News - Wed Jun 7, 2017 - 10:03am BST Oil dips on concerns about rising U.S. output, OPEC tensions A worker at an oil field owned by Bashneft, Bashkortostan, Russia, January 28, 2015. REUTERS/Sergei Karpukhin/File Photo By Stephen Eisenhammer - LONDON LONDON Oil prices dipped on Wednesday on renewed concerns about the efficacy of OPEC-led production cuts due to rising tensions within the export group over Qatar and growing U.S. output. Brent crude prices LCOc1 were at $49.79 per barrel at 0840 GMT, down 33 cents. Brent is about 8 percent below its open on May 25, when OPEC and other producers agreed to extend oil output cuts through to the first quarter of 2018. U.S. light crude prices CLc1 were at $47.89 per barrel, down 30 cents. The U.S. Energy Information Administration (EIA) said on Tuesday U.S. crude oil production C-OUT-T-EIA could hit a record 10 million bpd next year, up from 9.3 million bpd now, putting it nearly on a par with top exporter Saudi Arabia. In the nearer term, with fuel production and consumption largely balanced according to the EIA, the market is focused on inventories which remain bloated. In the United States, official inventory data from the EIA will be published on Wednesday, with expectations of a fall in stockpiles. The Organization of the Petroleum Exporting Countries has pledged to cut almost 1.8 million barrels per day (bpd) to help reduce global inventories to their five-year average. "The market just has to be patient," said Bjarne Schieldrop, chief commodities analyst at SEB Markets, adding that a gradual reduction in inventories would support prices without the kind of price spike that would drive U.S. shale production higher. "We think inventories are going to be close to normal by the end of the year," he added. But analysts saw a risk that rivalries between OPEC members could weaken the production cut agreement. Some Arab states, including OPEC members Saudi Arabia and the United Arab Emirates, cut diplomatic and transport ties with Qatar, a small producer. The spat adds to other lingering doubts about whether the agreement will be enough to support prices. But Qatar''s isolation had caused some disruptions oil and other trade that offered some short-term support for oil prices, analysts said. "Port restrictions on Qatari flagged vessels are going to cause loading disruptions," said Jeffrey Halley, analyst at brokerage OANDA, adding this could "put a floor on crude in the short-term rather than starting a panic rally." (Additional reporting by Henning Gloystein; Editing by Christian Schmollinger and Edmund Blair)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-global-oil-idUKKBN18Y03Q'|'2017-06-07T08:58:00.000+03:00'
'9cd64d2608190b18fc42939c6d02364ee43ba096'|'Fed gives extension on complying with part of Volcker rule to three banks'|'Business News - Wed Jun 7, 2017 - 3:55pm EDT Fed gives extension on complying with part of Volcker rule to three banks Flags fly over the Federal Reserve Headquarters on a windy day in Washington, U.S., May 26, 2017. REUTERS/Kevin Lamarque WASHINGTON The U.S. Federal Reserve on Wednesday gave extensions of up to five years to Deutsche Bank, SVB Financial Group, and UBS Group on complying with part of the Volcker Rule that deals with illiquid funds. The central bank said the three need more time to divest legacy illiquid funds in order to comply with the rule''s limits on their stakes in private equity and hedge funds. The rule, part of the 2010 Dodd-Frank Wall Street reform law, limits the types of trading banks can conduct with their own money, as a way to curb speculation in financial institutions. But the financial services industry has said regulators have carried out the rule in a confusing and often convoluted way and are pressing the administration of President Donald Trump to make compliance easier and clearer. (Reporting by Lisa Lambert; editing by Diane Craft)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-usa-banks-volcker-idUSKBN18Y2YB'|'2017-06-08T03:52:00.000+03:00'
'7ca89ab692659e0303531cf61580d84d00e5f0f0'|'Exclusive - EU in stronger position to handle Italy after Spain bank rescue: EU official'|'Banks - Wed Jun 7, 2017 - 8:20pm BST Exclusive - EU in stronger position to tackle Italy after Spain bank rescue: source A man uses a cash dispenser at a branch of Spain''s biggest bank Santander next to a Banco Popular branch on the same day Santander announced that it would buy struggling rival Banco Popular for a nominal one euro after European authorities determined the lender was on the... REUTERS/Juan Medina By Francesco Guarascio and Stefano Bernabei - BRUSSELS/ROME BRUSSELS/ROME European Union regulators believe their rescue of Spanish lender Banco Popular ( POP.MC ) has strengthened the case for intervening in Italy''s two weakest lenders, but expect it will be harder to use the same approach, a senior EU official said on Wednesday. EU regulators arranged for Spain''s biggest bank, Santander ( SAN.MC ), to take over Banco Popular, but only after wiping out the investments of the troubled lender''s shareholders and junior creditors -- a move welcomed by financial markets which saw it as a possible template for other EU banking crises. Italy is struggling to resolve a crisis inside two regional banks, Banca Popolare di Vicenza and Veneto Banca, which are in an even weaker position in terms of capital than Banco Popular, according to the EU official who declined to identified. Unlike Banco Popular, however, the official said the two Veneto banks lack a willing buyer like Santander. Without a buyer, the banks, which face a combined capital shortfall of 6.4 billion euros (5.56 billion pounds), run the risk that regulators would wind them down and impose losses on senior creditors and large depositors -- which Banco Popular avoided. The Italian government is opposed to such a solution and will explore every alternative option, the official said. Financial markets, too, could react badly if senior creditors were to be hit in Italy. The two Veneto banks declined to comment. Italy is home to the euro zone''s fourth-largest banking industry, which holds a third of the bloc''s total bad debts. However, both regulators and Rome have so far shown less willingness to take swift, decisive action there. Apart from the Veneto banks, which have been in crisis for two and a half years, Italy has also been propping up its fourth-largest lender, Monte dei Paschi di Siena ( BMPS.MI ). The EU last week gave a preliminary green light to a state bailout of the world''s oldest lender after months of negotiations. STRONGER HAND The EU official said the "relatively successful" resolution of Banco Popular could in principle strengthen the case for winding down the two Veneto banks. "The resolution did not trigger negative reactions in the market because of the intervention of a solid bank," the official added, noting that losses had been limited to ordinary shareholders and junior bondholders. "In Italy it is difficult to find buyers and the two (Veneto) banks are in worse solvency conditions. Popular went bust because of liquidity problems, not solvency." A second source familiar with the two Veneto banks'' situation said Italy cannot take much longer to resolve their worsening crisis. "The longer you wait, the smaller the chances of success," the source said. "Spain has delivered a colossal lesson - a solution in a few days, within ECB rules and with a united banking sector stepping in." The banks have already been bailed out last year by a special banking-rescue fund orchestrated by Rome and financed by dozens of private investors, including Italy''s healthier banks. They have requested state aid like Monte dei Paschi, but negotiations have been trickier with Brussels, which has demanded an injection of additional private capital before any taxpayer money can be used. The two lenders have collectively lost 7.5 billion euros in direct funding in 2016 and are still bleeding deposits but continue to operate thanks to government-guaranteed liquidity. The EU has agreed that Rome can step in to provide capital as well, but it first requires that private investors stump another 1 billion euros. No bank has shown a willingness to invest more money in the two Veneto banks. Heavyweights Intesa SanPaolo ( ISP.MI ) and UniCredit ( CRDI.MI ) are the only two Italian lenders with a size that would allow them to take on a Veneto bank. However, Intesa has pointedly ruled out investing any more money in the two lenders and has always said it does not want to grow its domestic market share any further. UniCredit, meanwhile, has just completed a 13 billion euro share issue to clean up its balance sheet. ($1 = 0.8874 euros) (writing by Silvia Aloisi, editing by Mark Bendeich and Susan Fenton)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-eurozone-banks-popular-italy-exclusiv-idUKKBN18Y2P5'|'2017-06-08T02:07:00.000+03:00'
'ce32eccc8d190da090dc00d9570eddfb63aa8c20'|'Air Berlin sees Lufthansa as potential partner - CEO in Die Zeit'|'Business News - Wed Jun 7, 2017 - 9:55am BST Air Berlin sees Lufthansa as potential partner - CEO in Die Zeit FILE PHOTO: German carrier Air Berlin''s aircrafts are pictured at Tegel airport in Berlin, Germany, September 29, 2016. REUTERS/Axel Schmidt/File Photo FRANKFURT Air Berlin ( AB1.DE ) is on the lookout for a partnership to help secure his company''s long-term future and a pact with rival airline Lufthansa ( LHAG.DE ) among the options, Air Berlin''s Chief Executive Thomas Winkelmann told German paper Die Zeit. "We need to find a partner in 2017, and Lufthansa is one of several possibilities," Winkelmann told the paper, adding that he is reviewing anything which helps to secure Air Berlin jobs in the long run. (Reporting by Edward Taylor; Editing by Harro ten Wolde)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-air-berlin-lufthansa-partnership-idUKKBN18Y0UQ'|'2017-06-07T16:55:00.000+03:00'
'5710283f7d35c4d8afc1ee1e125552286b524ebf'|'Regeneron, Sanofi urge court to reverse ban on cholesterol drug'|'Market News - Tue Jun 6, 2017 - 5:41pm EDT Regeneron, Sanofi urge court to reverse ban on cholesterol drug By Jan Wolfe - June 6 June 6 A federal appeals court hinted on Tuesday it may let Sanofi AG and Regeneron Pharmaceuticals Inc sell a cholesterol drug Amgen Inc has been trying to block on patent infringement grounds, according to lawyers and analysts who attended oral arguments in the case. Paul Clement, a lawyer for Regeneron and Sanofi, urged the U.S. Court of Appeals for the Federal Circuit to reverse a lower court order that would ban sales of their jointly developed drug Praluent for 12 years because it infringed patents owned by Amgen Inc, which makes a competing drug, Repatha. Clement asked the court to invalidate Amgen''s patents because they improperly claim a broad monopoly on an entire category of antibodies, known as PCSK9 inhibitors, that lower "bad" cholesterol levels. Amgen''s lawyer, Daryl Joseffer, argued the injunction was the only fair outcome in the dispute after a jury upheld the validity of Amgen''s patents. He also said Amgen''s patents reflect true innovations that resulted from a $2 billion investment in research and development. Zachary Silbersher, a patent lawyer at Kroub, Silbersher & Kolmykov who is not involved in the case, said the three judges'' questions frequently put Jossefer on the defensive and suggest that they may be "leaning a little toward Regeneron." Silbersher noted that much of the argument focused on whether the trial judge unfairly handicapped Regeneron and Sanofi by blocking them from presenting certain evidence during the jury trial. That line of questioning suggests the Federal Circuit could order a do-over trial in the case, he said. Umer Raffat, an analyst at the investment banking advisory firm Evercore ISI, agreed the case is "leaning more toward Regeneron" but added that it was "impossible to call with high conviction." PCSK9 inhibitors like Repatha and Praluent have been shown to dramatically lower "bad" LDL cholesterol and are expected to generate billions in sales. The U.S. Food and Drug Administration approved both drugs in 2015. Amgen sued Paris-based Sanofi and Tarrytown, New York-based Regeneron in 2014. A federal jury in Delaware upheld the validity of Amgen''s patents in March 2016, prompting U.S. District Judge Sue Robinson to hand down an injunction blocking Praluent sales for 12 years. The sales ban was stayed pending Regeneron and Sanofi''s appeal. (Reporting by Jan Wolfe; Editing by Dan Grebler) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/amgen-regeneron-patent-idUSL1N1J31QV'|'2017-06-07T05:41:00.000+03:00'
'640d72a1df569cd130ed6c52dae3d8591f355a54'|'Australia''s economy ties world record for longest expansion despite soft first quarter'|'  8:10am BST Australia economy ties record for longest expansion, looking tired left right Members of the public wait at a bus stop as an illuminated financial advertisement adorns the bus shelter in central Sydney, Australia April 28, 2017. Picture taken April 28, 2017. REUTERS/Steven Saphore 1/4 left right A shop assistant talks to customers in front of a sales sign on display at a retail store in central Sydney, Australia, May 3, 2017. REUTERS/Steven Saphore 2/4 left right A pedestrian walks near a worker directing traffic on a construction site in central Sydney, Australia, June 7, 2017. REUTERS/Jason Reed 3/4 left right FILE PHOTO: A canola field is seen near a new housing estate in outer Melbourne September 8, 2010. REUTERS/Mick Tsikas/File Photo 4/4 By Swati Pandey and Wayne Cole - SYDNEY SYDNEY Australia''s economy squeezed out just enough growth last quarter to match the Netherlands'' record of 103 quarters without recession, but its stamina is in doubt as households struggle with paltry wage rises and punishing debt. Government data out on Wednesday data showed gross domestic product (GDP) rose a pedestrian 0.3 percent in the first quarter, a pullback from the previous quarter''s rapid 1.1 percent. Yet that growth allayed fears of an outright contraction and helped lift the local dollar AUD=D4 a third of a U.S. cent to a one-month high of $0.7542. "The Australian economy has had to contend with a lot of factors in the past year – geopolitics, weather events, the on-going unwinding of the mining construction boom and variable housing markets," said Craig James, chief economist at CommSec. "Economic growth has trekked a zig-zag path but the bottom line is that the doomsayers will need to find another target." Wednesday''s result should be a relief for the Reserve Bank of Australia (RBA) which just the day before conceded the March quarter would likely disappoint. But the central bank expressed confidence growth would pick up over the next couple of years to above 3 percent, and held interest rates at a record low 1.50 percent where they have been since last August. So far, investors seem almost convinced the RBA is done with its five-year easing campaign. The futures market <0#YIB:> implies a 16 percent chance of another rate cut by December. Australia has not seen a recession since 1991 and growth regularly outpaced its peers in recent years. But that changed in the March quarter when annual growth braked to 1.7 percent, below the 2 percent achieved by the United States and Britain. Data from the Australian Bureau of Statistics showed output for the 12 months to March amounted to A$1.72 trillion (1.01 trillion pounds) in current dollars, or about A$71,000 for each of the country''s 24 million people. SAVE LESS OR SPEND LESS Treasurer Scott Morrison blamed bad weather for much of the slowdown and argued things could only get better as the year progressed. Morrison launched his annual budget just a month ago and already its economic projections are looking ambitious. Many economists suspect the current quarter will be marred by the giant cyclone that barrelled through Queensland in late March and caused weeks of disruption to coal exports. Perhaps the most worrying risk to growth is subdued consumer spending as Australians are burdened by record-low wage growth and high levels of mortgage debt. The share of GDP contributed by wages is at its lowest since September 1964. Household consumption grew at just 2.3 percent in the year to March, half the pace that was considered normal a decade ago. Household debt is a dangerously high 189 percent of disposable income and well above much of the rich world. To maintain their spending habits Australians are having to save less. The savings ratio dropped to 4.7 percent in the march quarter, a fall of two full percentage points in just a year and the lowest since late 2008. "A lot of the rise in consumption was because households further reduced their saving rate to a 10-year low," said Paul Dales, chief economist at Capital Economics. "They can''t do that indefinitely, so we suspect that slow income growth will soon result in more modest consumption growth. As such, we believe signs of a more sustained slowing in GDP growth are emerging." (Reporting by Swati Pandey and Wayne Cole; Editing by Eric Meijer)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-australia-economy-gdp-idUKKBN18Y06F'|'2017-06-07T10:17:00.000+03:00'
'002962533d68fd387d7449a8e745986f81a35155'|'UPDATE 2-U.S. State Dept approves $1.4 bln in military sales to Saudi'|'(Recasts lead, adds details of radar deal)By Mike StoneWASHINGTON, June 5 The U.S. State Department has approved the potential sale of more than $1.4 billion worth of military training and equipment for Saudi Arabia, the Pentagon said on Monday, part of a $110 billion arms deal U.S. President Donald Trump sealed with the kingdom in May.The proposed sales include a radar system made by Lockheed Martin Corp as well as a training program for the Royal Saudi Air Force and other Saudi forces inside and outside of Saudi Arabia, the Pentagon said in two separate notices on its website.Lockheed is the prime contractor for 26 AN/TPQ-53(V) Radar Systems that were approved for potential sale.The Pentagon said Saudi Arabia intended to use the radars to support its border security by locating the source of incoming artillery, rockets and mortars and defending against them.The radars were a part of a $662 million State Department approval which included ammunition, trucks and technical support.A separate $750 million "blanket order training program" contract, included flight training, professional military education, and English language training, the agency said. The contractor was not disclosed by the Pentagon in the notice.The Pentagon said the training would include how to avoid civilian casualties, legal instruction related to armed conflict, and training about human rights.The Defense Security Cooperation Agency, which implements foreign arms sales, said it had delivered notification to Congress of both sales.U.S. lawmakers have 30 days to block the sales, but that rarely happens.Trump sealed the arms deals with Saudi Arabia on May 20, during a nine-day journey through the Middle East and Europe.The United States has been the main supplier for most Saudi military needs in recent years, from F-15 fighter jets to command and control systems worth tens of billions of dollars.Washington and Riyadh are eager to improve relations strained during President Barack Obama''s administration in part because of his championing of a nuclear deal with Saudi foe Iran. (Reporting by Mike Stone in Washington; Editing by Richard Chang and James Dalgleish)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/usa-saudi-defense-idINL1N1J21D5'|'2017-06-05T19:37:00.000+03:00'
'0d984381ade68d8fe51c3e5e74c7f1a966bbc106'|'UPDATE 2-Synnex Corp buys Westcon-Comstor Americas from S.Africa''s Datatec for $800 mln'|'JOHANNESBURG Datatec Ltd ( DTCJ.J ) unveiled plans on Tuesday to sell its Westcon-Comstor American operations to Synnex Corp ( SNX.N ), a deal worth up to $800 million that allows the South African IT firm to offload part of a problematic business.Westcon-Comstor, a distributor of technology and services for network security and data centres mostly in the United States, has been a drag on Datatec''s performance in recent months due partly to a troubled software roll-out in Europe, Asia and Africa. The business accounts for more than a third of Datatec sales and profit.Synnex would also buy 10 percent of Westcon-Comstor operations outside the United States for $30 million with an option to double that within 12 months, valuing the unit at around $1.1 billion."We decided it wasn''t good for us to monetise those other assets at the bottom of the cycle. They will take a minority interest in the remaining business, which we think has meaningful upside," Datatec''s Chief Executive Jens Montanana told Reuters. "But we would entertain a further tie-up with them at some point."Datatec, which is also listed in London ( DTC.L ), reported a hefty 66 percent drop in annual underlying earnings last month, weighed down by the tricky deployment of a business management software across Westcon-Comstor operations in Asia-Pacific and Europe, Middle East and Africa regions.Shares in Datatec rallied as much as 25 percent on the news before paring gains to trade 12 percent higher at 57.40 rand by 1424 GMT. The stock was up by the same margin in London.For Synnex, the deal hands it one the world''s major resellers of Cisco Systems'' ( CSCO.O ) products and adds data security, wireless routers and video meeting equipment to its portfolio of video graphic processors, hard-disk drives and USB thumb drives.Under the deal, Synnex will pay $500 million in stock and $130 million in cash and a further $200 million cash payment provided certain financial targets are achieved in the year to end February 2018.The stock portion of the deal would give Datatec a 10 percent stake in Synnex and Montanana would be appointed to the Fremont, California-based firm''s board.Synnex retains an option to pay all cash, based on the average share price at closing of the deal.For its fiscal year ended February 28, 2017, the Westcon Americas business generated about $2.2 billion of revenue and about $89 million in core earnings, or EBITDA.The transaction is expected to close in the third calendar quarter of 2017. The parties have agreed Datatec would pay a break fee of about $25 million if Datatec breaches the transaction agreement.(Reporting by TJ Strydom and Tiisetso Motsoeneng; editing by Alexander Smith and Adrian Croft)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/uk-westcon-m-a-synnex-corp-idUSKBN18X0M0'|'2017-06-06T22:53:00.000+03:00'
'6bfcab2082af1dcfaae275c907f7321ef1e9155c'|'Lion Air could help launch Boeing 737 MAX 10 - sources'|'Business News - Mon Jun 5, 2017 - 11:32pm BST Lion Air could help launch Boeing 737 MAX 10 - sources FILE PHOTO: The Boeing logo is seen at their headquarters in Chicago, April 24, 2013. REUTERS/Jim Young/File Photo CANCUN, Mexico/JAKARTA Indonesian budget carrier Lion Air may be a launch customer for the Boeing ( BA.N ) 737 MAX 10, a larger version of the planemaker''s medium-haul family that is expected to be launched at the Paris Airshow, three people familiar with the plans said. The order may, however, include some upgrades from a smaller model, two of them said. The two companies declined to comment. Indian budget carrier SpiceJet ( SPJT.BO ) is also among carriers seen as potential targets for the aircraft, a version designed to seat up to 230 people and blunt strong sales of the Airbus A321neo, two of the sources said. SpiceJet could not immediately be reached for comment. Lion Air, which is one of Boeing''s largest customers, ordered 201 Boeing 737 MAX aircraft in 2012 and placed options for a further 150. Such orders typically include the right to convert between different variants of each model. Other airlines are looking at the Boeing 737 MAX 10, but some are nervous about committing to a new variant given patchy sales of some current models of the 737 MAX, whose success rests mainly on sales of the Boeing 737 MAX 8, the sources said. At least one Chinese leasing company is said to be in negotiations with both manufacturers as Airbus tries to disrupt the launch, which sources say is planned for the June 19-25 air show. Airbus declined to comment on any ongoing negotiations. Airbus sales chief John Leahy earlier criticised the 737 MAX 10 as a "marginal" airplane, implying sales would be poor. Boeing marketing vice president Randy Tinseth told Reuters some airlines want more seats than existing versions and that the MAX 10 would be 5 percent more efficient than the Airbus A321neo. Airbus says its own plane is more efficient. "It (the 737 MAX 10) is not a me-too airplane. We are focussing on a better airplane," Tinseth said on the sidelines of the International Air Travel Association annual meeting in Cancun, Mexico. (Reporting by Tim Hepher, Eveline Danubrata, Aditi Shah; editing by Grant McCool)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-airlines-iata-boeing-idUKKBN18W2U0'|'2017-06-06T06:32:00.000+03:00'
'8cfb5d18d0e40aea2e9acc50417982dbb2ee0a1a'|'Kaspersky files antitrust complaints against Microsoft in Europe'|'Technology News - Tue Jun 6, 2017 - 1:31pm BST Kaspersky files antitrust complaints against Microsoft in Europe An employee works near screens in the virus lab at the headquarters of Russian cyber security company Kaspersky Labs in Moscow July 29, 2013. REUTERS/Sergei Karpukhin Russian security software maker Kaspersky Lab has filed antitrust complaints against Microsoft with the European Commission and the German federal cartel office, it said in a statement on Tuesday. Kaspersky contends that Microsoft is abusing its market dominance to crowd out independent anti-virus software makers, pushing Windows 10 users toward its own Windows Defender software, and creating obstacles to others entering the market. "These actions by Microsoft lead to a lower level of protection for users, a limitation on their right to choose, and financial losses both for users and security solutions manufacturers," Kaspersky said. The European Commission said it had received Kaspersky''s complaint without giving further details. Microsoft was not available for immediate comment. (Reporting by Georgina Prodhan in London, Robert-Jan Bartunek in Brussels and Jim Finkle in Toronto; editing by Alistair Smout and Jason Neely) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-kaspersky-microsoft-antitrust-idUKKBN18X1H6'|'2017-06-06T20:29:00.000+03:00'
'7747dfc42e6809fffc59f75285995097d60a040b'|'PRESS DIGEST - Wall Street Journal - June 6'|'June 6 The following are the top stories in the Wall Street Journal. Reuters has not verified these stories and does not vouch for their accuracy.- Apple Inc revealed a voice-activated speaker, thrusting itself into the rapidly escalating fight between the biggest names in technology to control the home through a tabletop device. on.wsj.com/2r0k46J- J.Crew Group Inc said its longtime leader Mickey Drexler will step aside as chief executive and hand over those duties to an outsider, as the seller of preppy clothes struggles with a prolonged sales slump and hefty debt load. on.wsj.com/2r0csRZ- Drugmaker Perrigo Co announced that current chief executive John Hendrickson is retiring. The company has begun a search for a replacement. on.wsj.com/2r0dflF- Airlines from the United Arab Emirates - including heavyweights Emirates Airline and Etihad Airways - Saudi Arabia, Bahrain and Egypt suspended flights to Doha on Monday, hours after their countries announced they were cutting diplomatic, air and maritime links to Qatar. The step marks an escalation in a dispute over Qatar''s alleged support for Islamist groups in the region. on.wsj.com/2r08bhb- The special counsel investigating Russia''s alleged interference in the 2016 presidential election relinquished an assignment steering compensation to victims of rupture-prone Takata Corp air bags, potentially delaying nearly $1 billion in payouts to auto makers and consumers. on.wsj.com/2r0dld1- Germany''s third-largest shipping firm, Rickmers Holding AG, filed for insolvency after it was cut loose by one of the country''s biggest shipping lenders, a sign Germany''s long-simmering shipping crisis has reached a boiling point. on.wsj.com/2qWccmQ- General Motors Co Chief Executive Mary Barra faces shareholders this week, under pressure from a hedge-fund investor and fresh scrutiny following the ouster of her counterpart at a crosstown rival. on.wsj.com/2qWyNzA(Compiled by Bengaluru newsroom)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/press-digest-wsj-idINL3N1J31T0'|'2017-06-06T02:11:00.000+03:00'
'122a70de440d559078de5b0d2af91ec3c4039afa'|'DX Group says under investigation by London police'|'Business News - Fri Jun 9, 2017 - 8:22am BST Delivery firm DX says under investigation by London police UK mail delivery firm DX Group is under preliminary investigation by the London police after an allegation was made against it relating to its collection and delivery service DX Exchange, it said on Friday. The company, which is preparing to buy John Menzies'' distribution arm, said its board had received the details of the allegation on June 7 and was co-operating fully with the City of London Police Economic Crime Directorate. "The investigation is at a very early stage," DX said in a brief statement, without giving any details of what the allegation against it was. A spokeswoman for DX declined to comment further. DX traces its origins to the legal sector and even today its DX Exchange members'' network supplies the majority of the top legal firms within the UK. The service, which can be used to correspond with 25,000 members across the UK and Republic of Ireland, also caters to central and local government, banks and building societies, estate agents and accountants, among others. The news comes as DX is set to put to vote its planned reverse takeover of Menzies distribution arm, after securing the backing of its largest investor Gatemore Capital Management earlier this month with revised deal terms. The deal is aimed at bolstering DX, which issued a warning in February and is one of several big operators in the crowded parcels market, where DHL-owner Deutsche Post has bulked up by buying UK Mail and Amazon has started its own deliveries. Under the deal, Menzies investors will get 60 percent of the issued shares in the enlarged firm. DX shareholders will receive 35 percent, and the rest will go to the John Menzies pension fund. If the deal closes, Menzies'' distribution managing director Greg Michael will become DX chief executive and distribution finance director Paul McCourt will become DX chief financial officer. Menzies said on Friday that its board was considering its position after noting DX''s announcement. Its stock was down 2.7 percent at 705.5 pence at 0711 GMT. (Reporting by Esha Vaish in Bengaluru; editing by Jason Neely) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-dx-probe-idUKKBN1900NM'|'2017-06-09T14:44:00.000+03:00'
'4a92e8270f4285a0bcbce215e6bb3da739986d49'|'WTO finds little harm in U.S. subsidies for Boeing in EU row'|'Business  27pm BST WTO finds little harm in U.S. subsidies for Boeing in EU row FILE PHOTO: The Boeing logo is seen at their headquarters in Chicago, April 24, 2013. REUTERS/Jim Young/File Photo GENEVA The United States failed to remove illegal subsidies for planemaker Boeing ( BA.N ), as alleged in a trade complaint brought by the European Union, but few of the subsidies hurt EU interests, a World Trade Organization panel ruled on Friday. The WTO panel found one U.S. subsidy programme, a business and occupancy (B&O) tax rate reduction in the state of Washington, totalling $325 million (£255.2 million) in 2013-2015, that had actual adverse effects. The damage to EU interests only related to three single-aisle aircraft sales campaigns involving customers from the United Arab Emirates, Canada and Iceland. (Reporting by Tom Miles; editing by Stephanie Nebehay)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-wto-boeing-idUKKBN1902A2'|'2017-06-09T23:27:00.000+03:00'
'b5871c75f1ec7168ef227f6a70a8069f385caa57'|'PRESS DIGEST- Wall Street Journal - June 9'|'Market News - Fri Jun 9, 2017 - 12:53am EDT PRESS DIGEST- Wall Street Journal - June 9 June 9 The following are the top stories in the Wall Street Journal. Reuters has not verified these stories and does not vouch for their accuracy. - Members of the family that founded Nordstrom Inc are exploring the possibility of taking the retailer private, signaling they are ready to double down on the business at a time when many investors see a bleak future for the American department store. on.wsj.com/2rc9EkD - Hudson''s Bay Co, owner of Saks Fifth Avenue and Lord & Taylor, said that it would eliminate about 2,000 positions as part of restructuring efforts, the latest sign of deepening distress in the retail sector. on.wsj.com/2rbVAYB - The U.S. Food and Drug Administration is requesting Endo Pharmaceuticals Inc remove its Opana ER from the market over concerns about the painkiller''s links to injection drug abuse, in what the agency called its first effort to remove an opioid pain drug over abuse concerns. on.wsj.com/2rc0owM - About 2,100 people will lose their jobs at Yahoo Inc and AOL after Verizon Communications Inc completes its acquisition of Yahoo and combines the two onetime internet rivals, a person familiar with the matter said. on.wsj.com/2rbW8xv - While Uber Technologies Inc wrestles with a string of controversies, the ride-hailing company is in advanced talks to acquire much of the engineering team from a struggling car-parking service, according to people familiar with the matter. on.wsj.com/2rc9PfN - A unit of Berkshire Hathaway Inc will be able to sell a revised version of its controversial workers'' compensation insurance policies in California following a settlement with the state''s top insurance regulator. on.wsj.com/2rcqzDO (Compiled by Bengaluru newsroom)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/press-digest-wsj-idUSL3N1J626P'|'2017-06-09T12:53:00.000+03:00'
'bc768e264b1afef21b31acd030504050d3a4a8be'|'Campari investor sells 1.95 percent stake at 6.10 euros: source'|'MILAN An unnamed investor in Italy''s Campari ( CPRI.MI ) has sold a 1.95 percent stake in the beverage company at 6.10 euros ($6.8) per share, a market source said on Friday.The sale was carried out by Nomura, a second source said.Campari was not immediately available for a comment.At 0900 GMT Campari shares were down 2.37 percent at 6.19 euros.(Reporting by Maria Pia Quaglia; writing by Stephen Jewkes; editing by Francesca Landini)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-campari-m-a-stake-idINKBN19013H'|'2017-06-09T07:06:00.000+03:00'
'662c67700bc5d44c8e9ed73639d73d80c52e59f8'|'DONG Energy to incorporate batteries into UK offshore wind farm'|' 49am BST DONG Energy to incorporate batteries into UK offshore wind farm The cruise liner Queen Mary 2 passes the Burbo Bank off-shore wind farm as it heads to Liverpool, northern England September 15, 2011. REUTERS/Phil Noble COPENHAGEN Danish state-controlled utility and wind power developer DONG Energy ( DENERG.CO ) will install a battery system at its Burbo Bank Offshore wind farm off the coast of Britain to help deliver stable supplies to the grid, it said on Wednesday. It will be the first time an offshore wind farm is integrated with batteries designed to maintain a stable output frequency, DONG said in a statement. "With eight existing offshore wind farms in the UKand another four under construction, we expect to leverage further technology improvements," DONG Senior Vice President Ole Kjems Sorensen said. With renewable electricity production on the rise, so is the need for technology to help grid operators better balance fluctuating wind and solar electricity supplies with demand. Danish wind turbine maker Vestas ( VWS.CO ) said in March it was looking to invest in energy storage start-ups, and in February Tesla ( TSLA.O ) began mass production of lithium-ion battery cells at a California plant. "Offshore wind is a young industry that is searching for all kinds of technological advances to improve its product and competitive position towards fossil fuels for energy production," Sydbank analyst Morten Imsgard said. Shares in Dong Energy were up 1.45 percent at 300.70 crowns (£35.1) by 1028 GMT on Wednesday, when the Stoxx Europe 600 utilities sector index was up 0.9 percent. (Reporting by Julie Astrid Thomsen; Editing by Terje Solsvik, Greg Mahlich)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-dong-energy-britain-battery-idUKKBN18Y1AP'|'2017-06-07T18:49:00.000+03:00'
'8301f6128d4742275635e19d175423c283f133f6'|'Tesla shareholder vote against annual reelection of directors'|'June 6 Tesla Inc said its investors approved all five of its proposals, including one that shot down a move to make its directors stand for reelection each year, at the company''s annual shareholder meeting on Tuesday.Connecticut Retirement Plans and Trust Funds had urged fellow Tesla shareholders to vote for a proposal aimed at the declassification of the company''s board, arguing that "annual accountability can lead to increased company performance." (bit.ly/2rUhocK) (Reporting by John Benny in Bengaluru; Editing by Savio D''Souza)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/tesla-shareholders-idINL3N1J35CH'|'2017-06-06T20:46:00.000+03:00'
'c16e4bfa68c77c6489ebcf868dceee2b8a0a0752'|'Boeing studies ''mild to wild'' design for pivotal mid-market jet'|'Money News - Thu Jun 8, 2017 - 12:48am IST Boeing studies ''mild to wild'' design for pivotal mid-market jet FILE PHOTO: The Boeing logo is seen at their headquarters in Chicago, April 24, 2013. REUTERS/Jim Young/File Photo By Tim Hepher - CANCUN, Mexico CANCUN, Mexico Boeing ( BA.N ) has looked at options "from mild to wild" for the design of a proposed mid-market jet, a senior executive said, hinting at a breakthrough that industry sources say will create building blocks for future models. Marketing Vice President Randy Tinseth said Boeing would leapfrog reported plans by Airbus ( AIR.N ) to update its hot-selling A321neo, as Boeing eyes a gap between narrow-body jets and long-haul aircraft for a potential new mid-market airplane. "We have looked at the mild and we have looked at the wild and I can tell you we know that if you are going to address that market, you need a new airplane," Tinseth told Reuters after a two-day meeting of airline leaders in Mexico. Industry sources have said the mid-market development is pivotal for Boeing since it will spawn the industrial jigsaw, systems and cockpits likely to be used for the next plane after that, a three-aircraft replacement of Boeing''s 737 cash cow. Getting the "production system" right now would partially allow Boeing to develop the next jet, which is expected to revolve around a model carrying 180 passengers, as an industrial spin-off of the mid-market one, albeit with major differences. This would result in significant cost savings and avoid repeating a patchwork of different production architectures. Two further derivatives could extend that post-737 jet family to 160-210 seats, based on current market forecasts. Boeing has not yet talked about its plans beyond the mid-market plane, which is expected to enter service by 2025. Boeing officials declined comment on the long-term options or specific details of the mid-market project, which one leasing company has dubbed "797". GOODBYE STEAM ENGINE For the mid-market jet, industry sources have said Boeing is settling on a family of two wide-body aircraft. These would effectively combine a twin-aisle cabin sitting on top of the reduced belly space of a single-aisle jet. The aim is to reduce wind resistance or drag and therefore operating costs. However, it involves a risky gamble that airlines will not need to carry much paid cargo on the routes for which the airplane is designed, delegates at the airlines meeting in Cancun said. The two mid-market models, designed to carry about 220-260 passengers over 3,500 to 5,000 nautical miles (6,400-9,260 km), will also have a wing resembling the distinctive stiletto design of the 787 Dreamliner but with significant internal differences. Seen from the front, the outline of traditional metal airplane fuselages is usually closer to a true circle. That allows pressurised air inside the cabin to push out uniformly in all directions, easing loads and removing the need for heavy strengthening materials. That well-tested concept is as old as the steam engine. Carbon composites allow manufacturers to make complex pieces in one shape and are well suited to the more elliptical design that Boeing has in mind for the new mid-market fuselage. However, composites are more expensive to produce. Reuters reported last month that the new aircraft could be built using cheaper and faster new production techniques without costly pressurised ovens, or autoclaves. That technology was used to weave the carbon wings of Russia''s new MS-21 jet, which first flew last month. Airbus this week played down a project called A321neo-plus-plus in response to the Boeing mid-market jet, first reported by Reuters, and said it was always reviewing options. (Additional reporting by Victoria Bryan; Editing by Susan Fenton)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/airlines-iata-boeing-idINKBN18Y2VF'|'2017-06-08T03:18:00.000+03:00'
'30efd971927afc944883ca3b255ec50d9ab143e8'|'PRESS DIGEST - Wall Street Journal - June 7'|'Market News - Wed Jun 7, 2017 - 1:03am EDT PRESS DIGEST - Wall Street Journal - June 7 June 7 The following are the top stories in the Wall Street Journal. Reuters has not verified these stories and does not vouch for their accuracy. - Anthem Inc said it will pull out of the health-insurance exchange in Ohio next year, leaving a second region of the country poised to have no marketplace options under the Affordable Care Act and increasing pressure on Republicans as they seek to replace it. on.wsj.com/2rzwAhk - Uber Technologies Inc has fired more than 20 workers as a result of an investigation into claims it has an aggressive, male-dominated workplace that permits sexual harassment and sexism, according to an employee who attended a company-wide meeting. on.wsj.com/2rzrbGN - Macy''s Inc met with investors to lay out its strategy, but ended up triggering a new panic over the beleaguered retail sector. on.wsj.com/2rzpRnl - Amazon.com Inc launched the latest salvo in an e-commerce battle with Wal-Mart Stores Inc by targeting its stronghold: lower-income consumers. on.wsj.com/2rzCQp7 - General Motors Co shareholders signaled continued patience with Chief Executive Mary Barra''s attempts to boost a languishing share price, rejecting hedge-fund manager David Einhorn''s proposal to split the company''s stock into two classes. on.wsj.com/2rzpdpU - Several state officials and auto makers are pillorying Volkswagen AG''s plan to sell battery juice to Americans driving electric cars, contending the project more resembles an unfair government-backed windfall than penance for cheating on emissions tests. on.wsj.com/2rzBBX1 (Compiled by Bengaluru newsroom) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/press-digest-wsj-idUSL3N1J41ZU'|'2017-06-07T13:03:00.000+03:00'
'bdee5b64b85c295803110abdb8625b0bf8ed2cb8'|'Bombardier says trade dispute not slowing CSeries momentum'|'Business   9:43pm BST Bombardier says trade dispute not slowing CSeries momentum FILE PHOTO: A logo of jet manufacturer Bombardier is pictured on their booth during the European Business Aviation Convention & Exhibition (EBACE) in Geneva, Switzerland, May 22, 2017. REUTERS/Denis Balibouse By Tim Hepher and Brad Haynes - CANCUN, Mexico CANCUN, Mexico Bombardier Inc ( BBDb.TO ) said on Tuesday it was confident of winning a trade dispute with Boeing Co ( BA.N ) in the United States and dismissed industry suggestions that the row could slow efforts to accelerate sales of its CSeries jet. Fred Cromer, head of commercial aviation, said a CSeries order by Delta Air Lines Inc ( DAL.N ) that triggered a recent Boeing complaint reflected a "launch pricing" discount common in the industry and was not an ongoing commercial strategy. "Now that the aircraft is in service, the risk profile goes down and the pricing of the aircraft starts to move up," Cromer said on the sidelines of the International Air Transport Association''s annual meeting in Mexico. The U.S. International Trade Commission is expected to make a preliminary ruling by June 12 on Boeing''s complaint that Bombardier dumped the CSeries below cost in the U.S. market while benefiting from unfair Canadian subsidies. Cromer said Bombardier''s sales and funding practices were legal and the dispute had not hurt ongoing sales efforts, which were helped by the entry into service of the CS100 last July and the CS300 last week. He declined to say if he expected to announce any orders at the Paris Air Show this month, but said the purpose of the event was mainly to showcase new products. "I don''t like to predict. I think we''re going to build the momentum at the Paris Air Show," Cromer said. Bombardier has not reported a new CSeries order in nearly a year, leading some analysts to question whether the aggressive response from Boeing''s complaint could slow further sales and effectively close its new rival out of the narrowbody market. Cromer argued the opposite was true. "It has actually raised the interest level," he said. "This attention is really creating a situation where airlines around the world are saying this airplane is real. It''s in service and it''s performing well and something to be contended with." Cromer also said Bombardier was on track to ramp up CSeries production later this year after postponing deliveries at the end of 2016 due to problems at engine maker Pratt & Whitney, a division of United Technologies Corp ( UTX.N ). "We feel very confident that Pratt is going to be there to support that delivery schedule," he said. "The calendar for 2017 was always a little bit backend-loaded, so ... we expect deliveries, per our plan, to start accelerating in the back half of the year." (Reporting by Tim Hepher and Brad Haynes; Editing by Richard Chang)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-airlines-iata-bombardier-idUKKBN18X2SO'|'2017-06-07T04:43:00.000+03:00'
'444c954dd240767bee9937656f82bf1e6e44c4dc'|'MIDEAST STOCKS-Qatar stabilises on valuations, Dubai''s Emaar jumps on unit''s IPO plan'|'Market News - Wed Jun 7, 2017 - 4:20am EDT MIDEAST STOCKS-Qatar stabilises on valuations, Dubai''s Emaar jumps on unit''s IPO plan DUBAI, June 7 Qatari shares that are members of global emerging market benchmarks helped stabilise the bourse in early trade on Wednesday, while Dubai''s Emaar Properties jumped on news it will launch an initial public offering of its local real estate unit. Qatar''s stock index was roughly flat after plummeting 8.7 percent over the last two days when Saudi Arabia, the United Arab Emirates and Bahrain cut diplomatic and transport ties, accusing Doha of backing terrorism. "From a valuation perspective, there is now a good buying opportunity in some companies," one regional brokerage firm told its clients. Reflecting the political tensions, it did not want to be publicly named. Telecommunications firm Ooredoo, for example, rose 0.9 percent to 95.40 riyals; the mean target price of 11 analysts is 114 riyals, according to Thomson Reuters data. "Tensions are still high and mediation efforts by fellow Gulf Cooperation Council state Kuwait have yet to lead to a concrete solution, so investors will likely remain on edge and the longer it takes for a resolution, the longer it will take for the (Qatari) market to heal," said a Dubai-based trader. In Dubai, shares of the largest listed real estate developer Emaar Properties surged 6.4 percent after it said it plans to offer up to 30 percent of its United Arab Emirates real estate development business in an initial public offer. Subject to market conditions, funds raised through the IPO would be distributed to shareholders of Emaar. The company said the IPO would be Dubai''s largest since its flotation of Emaar Malls, which raised 5.8 billion dirhams ($1.58 billion) in 2014 and was heavily oversubscribed. The Dubai stock index was up 1.3 percent. In Abu Dhabi, Dana Gas was up 2.2 percent after the company said it had received $40 million from the Egyptian government towards its outstanding receivables; its current receivables balance in Egypt now stands at $187 million. Most banks were also up, with First Abu Dhabi Bank up 0.9 percent. Saudi Arabia''s index barely moved with 29 shares rising and 28 falling in the first half-hour of trade. (Reporting by Celine Aswad; Editing by Andrew Torchia and Adrian Croft) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/mideast-stocks-idUSL8N1J415I'|'2017-06-07T16:20:00.000+03:00'
'49d36941b1c17163920c6ebdee2effe079ed6e17'|'Fintech AvidXchange raises $300 million from Caisse, Mastercard: statement'|'AvidXchange, a software company that helps mid-sized companies automate their invoicing and bill payments, said on Thursday it raised $300 million from investors including Mastercard ( MA.N ), Silicon valley investor Peter Thiel and Canada''s second largest public pension fund.Pension fund Caisse de dépôt et placement du Québec said it invested $100 million in the Charlotte, North Carolina-based company. Temasek Holdings Pte Ltd, a Singapore state investor, also contributed to the financing.AvidXchange has more than 5,500 North American business customers using its cloud-based automated payment processing software.A financial technology firm founded in 2000, AvidXchange said in a statement that the latest funding round would help the company expand. It also announced a partnership with Mastercard to help reach an underserved market of small and medium-sized businesses still using manual processes to pay their bills.The $300 million equity investment values AvidXchange at around $1.4 billion, according to a report by the Wall Street Journal.Financial Technology Partners LP and FTP Securities LLC are the financial and strategic advisers in the deal.(Reporting by Solarina Ho; editing by Grant McCool)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-fintech-avidxchange-idINKBN18Z2FO'|'2017-06-08T15:08:00.000+03:00'
'413d27c88975e40c5dd15da0734eabe8a85d492a'|'Germany''s Merkel lends support to Mexico over NAFTA'|'Business News - Sat Jun 10, 2017 - 6:16am BST Germany''s Merkel lends support to Mexico over NAFTA left right Germany''s Chancellor Angela Merkel makes a toast with Mexico''s President Enrique Pena Nieto before dinner at National Palace in Mexico City, Mexico June 9, 2017. REUTERS/Carlos Jasso 1/6 left right Germany''s Chancellor Angela Merkel delivers a speech next to Mexico''s President Enrique Pena Nieto (2R) and President of the Supreme Court Luis Maria Aguilar before dinner at National Palace in Mexico City, Mexico June 9, 2017. REUTERS/Carlos Jasso 2/6 left right Germany''s Chancellor Angela Merkel and Mexico''s President Enrique Pena Nieto at the National Palace in Mexico City, in this undated handout photo released to Reuters by the Mexican Presidency on June 9, 2017. Mexico Presidency/Handout via REUTERS 3/6 left right Germany''s Chancellor Angela Merkel gestures as she makes a toast with Mexico''s President Enrique Pena Nieto before dinner at National Palace in Mexico City, Mexico June 9, 2017. REUTERS/Carlos Jasso 4/6 left right Germany''s Chancellor Angela Merkel and Mexico''s President Enrique Pena Nieto (R) arrive to attend a news conference at National Palace in Mexico City, Mexico June 9, 2017. REUTERS/Henry Romero 5/6 left right Germany''s Chancellor Angela Merkel and Mexico''s President Enrique Pena Nieto talk while observing Diego Rivera''s mural depicting Mexico''s history at the National Palace in Mexico City, in this undated handout photo released to Reuters by the Mexican Presidency on June 9, 2017. Mexico Presidency/Handout via REUTERS 6/6 By Dave Graham and Andreas Rinke - MEXICO CITY MEXICO CITY Germany''s Chancellor Angela Merkel on Friday backed Mexico to press for a successful renegotiation of the North American Free Trade Agreement with Donald Trump, thanking its government for keeping German interests in mind during the talks. Germany and Mexico have pursued policies tailored toward exporting manufactured goods, and both ran trade surpluses of more than $60 billion with the United States last year. Many of the biggest names in German manufacturing have factories in both Mexico and the United States, including carmakers such as Volkswagen, BMW and Daimler. However, tension over trade has surfaced under U.S. President Trump and his "America First" policy. Claiming that their gains have come at the expense of U.S. manufacturers, Trump has repeatedly attacked Germany and Mexico over their trade surpluses. And he has vowed to withdraw from NAFTA if he cannot renegotiate it in favor of the United States. Speaking on a visit to Mexico just a few weeks after her foreign minister visited the country and backed its pro-NAFTA stance, Merkel said she was pleased the deal''s signatories, the United States, Mexico and Canada, were talking about an update. "I hope these talks are a big success," she said at a news conference alongside President Enrique Pena Nieto in Mexico City. "And I''d like to offer thanks that the interests of German companies are also being taken into consideration." Mexico and Germany reject Trump''s hostility to NAFTA and say flourishing trade has brought benefits to all. Formal talks between the United States, Canada and Mexico to start renegotiating the accord that took effect in 1994 are expected to begin from around mid-August. Merkel also welcomed the fact that sectors like energy could be included in the NAFTA revamp, after Mexico opened up its oil and gas market to private investment at the end of 2013, ending a longstanding state monopoly on production and exploration. Still, unruly parts of Mexico where organized crime holds sway have rattled some investors, and gang violence has recently been on the increase again. Merkel said Mexico faces big challenges from organized crime, adding that Germany was willing and able to help in that fight. She said Europe, like Mexico, was also suffering from problems linked to violence like terrorism. Merkel also said she hoped for a speedy conclusion this year to talks between Mexico and the EU to update a free trade accord. (Editing by Clarence Fernandez) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-germany-mexico-idUKKBN19106G'|'2017-06-10T13:15:00.000+03:00'
'bac9cce01c5f9be915b376ef2e90d2803e07d5f5'|'J&F fine may rise as another Brazil probe continues, paper says'|'Intel   10:35am EDT J&F fine may rise as another Brazil probe continues, paper says SAO PAULO A group of Brazilian prosecutors looking into suspected illicit loans to a company controlled by the billionaire Batista family have abstained from joining a recent 10.3 billion-real ($3.1 billion) leniency deal, suggesting the fine could rise further, O Estado de S. Paulo newspaper said on Saturday. Prosecutors in "Operation Bullish" have spotted sources of potential crimes involving the approval and disbursement of loans worth billions of reais from state development bank BNDES [BNDES.UL] to the Batistas'' investment holding company J&F Investimentos SA, according to Estado. State loans helped fuel growth at J&F over the past decade, enabling it to assert control of the world''s number-one meatpacker JBS SA while expanding into fashion, dairy production, pulp processing and banking. JBS also is among the world''s top three food firms. The office of the prosecutor who leads Operation Bullish, Ivan Marx, said he was assessing the terms of the leniency deal signed between J&F, the Batistas and the Prosecutor General''s Office. Marx was not convinced that all crimes committed by J&F and the Batistas have been unearthed, Estado reported, citing people with direct knowledge of Marx''s thinking. In the event Marx and his team decide to move forward with Operation Bullish, the fine could rise further, Estado said without elaborating. The leniency fine that Brazil levied on J&F on May 31 is the world''s biggest to date. Emails and calls to the media office of the Brasilia-based Prosecutor General''s Office were not immediately answered. A spokesman for J&F did not immediately respond to a phone call seeking comment. The leniency accord struck between the Batistas and Prosecutor General Rodrigo Janot has been marked by controversy, because of what fellow prosecutors and lawyers have seen as rather lax penalties. Brothers Joesley and Wesley Batista, members of the family that controls the group, admitted to spending 600 million reais to bribe nearly 1,900 politicians in recent years. Part of the testimonies in the plea deal implicated President Michel Temer, whom Joesley accused of working to obstruct a major corruption probe. Temer denies the accusations. Currently, J&F and the Batistas are involved in five different investigations apart from Operation Bullish. (Reporting by Guillermo Parra-Bernal; Editing by Chizu Nomiyama)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-brazil-corruption-jbs-fine-idUSKBN1910MW'|'2017-06-10T18:35:00.000+03:00'
'e74d52eaea9d892b905ac88fb7725ea4bf6e6fe3'|'ADP to buy additional stake in Turkey''s TAV for $160 million'|'French airport operator ADP ( ADP.PA ) said on Friday it plans to increase its stake in Turkish airport operator TAV Airports ( TAVHL.IS ) to 46 percent.ADP, operator of the Charles De Gaulle and Orly airports in the Paris region, is TAV Airports'' largest shareholder with a 38 percent stake. It plans to buy the 8.12 percent stake of second-largest shareholder Akfen Holding for $160 million.Turkey-based Akfen Holding plans to use the revenue from the stake sale to contribute to a 6.7 billion lira ($1.9 billion) investment program in Turkey focused on hospitals and energy projects, it said in a statement.Hamdi Akin, chairman of Akfen Holding and TAV Airports, said TAV will remain a Turkish company, with its listing in Istanbul.The transaction values TAV Airports'' equity at around $2.0 billion, or 19.2 Turkish lira per share.TAV Airports shares were up 3.2 percent at 0740 GMT, while ADP shares were slightly down.Tepe Insaat Sanayi and Sera Yapi Endustrisi ve Ticaret, two founding shareholders of TAV Airports, expressed support for the transaction, ADP said.TAV operates 14 airports in Turkey and around the world, including Istanbul''s Ataturk airport, homebase of Turkish Airlines ( THYAO.IS ) and one of Europe''s busiest airports.ADP expects the transaction to complete during the summer of 2017, after which it will fully consolidate TAV Airports in its financial statements.ADP also said it would sell its 49 percent stake in TAV Construction for 9 million euros ($10 million).(Reporting by Ezgi Erkoyun and Wout Vergauwen; Editing by Dale Hudson and Jason Neely)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-tav-havalimanlar-m-a-aeroports-paris-idINKBN1900O8'|'2017-06-09T05:45:00.000+03:00'
'7e511f4111bb275b05691bae90d049a5d6559fee'|'UK business lobby group says needs functioning government to protect economy'|'LONDON, June 9 British politicians must get their act together and form a functioning government to protect the economy, business lobby group the CBI said on Friday after Prime Minister Theresa May''s Conservatives failed to win a majority in parliament.With 645 out of 650 seats declared following Thursday''s vote, the Conservatives had won 314 seats and were therefore no longer able to reach the 326-mark they would need to command a parliamentary majority. Labour had won 261 seats"This is a serious moment for the UK economy. The priority must be for politicians to get their house in order and form a functioning government, reassure the markets and protect our resilient economy," CBI Director-General Carolyn Fairbairn said in a statement."For the next government, the need and opportunity to deliver an open, competitive and fair post-Brexit economy that works for everyone across all our nations and regions has never been more important." (Reporting by Costas Pitas and Kylie MacLellan; Editing by Georgina Prodhan)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/britain-election-cbi-idINL9N1H600Q'|'2017-06-09T04:38:00.000+03:00'
'd8bfb02b601c7a060237c9f688d43d42adcd0595'|'Airbus ready to boycott suppliers who perform badly'|'Market News - Fri Jun 9, 2017 - 4:00am EDT Airbus ready to boycott suppliers who perform badly TOULOUSE, France, June 9 Airbus warned suppliers on Friday that they risk a group-wide boycott if they fail to come up to standard for one of the group''s businesses. The warning from the chief operating officer of Europe''s largest aerospace group follows a series of glitches in the supply chain that delayed aircraft deliveries last year. "A supplier who is delinquent in Airbus Helicopters for example has no reason to think they can work in Airbus Commercial," Fabrice Bregier told a media briefing. (Reporting by Tim Hepher, Cyril Altmeyer ; Editing by Matthias Blamont)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/airbus-aircraft-bregier-idUSP6N1BR012'|'2017-06-09T16:00:00.000+03:00'
'1ceda6279aff0172dcdd751c913b35f6099fcbd3'|'L''Oreal set to sell The Body Shop to Brazil''s Natura in $1.1 billion deal'|'By Sudip Kar-Gupta - PARIS PARIS French cosmetics and luxury goods group L''Oreal has started exclusive talks to sell its The Body Shop business to Brazilian make-up company Natura Cosmeticos in a possible 1 billion euros ($1.1 billion) deal.L''Oreal said earlier this year it was reviewing its strategy for The Body Shop, which it bought for 652 million pounds in 2006, and that the sale of the business had attracted a wide range of bidders.L''Oreal said on Friday it had received a firm offer from Natura Cosmeticos, and that the proposed deal put an enterprise value of 1 billion euros on the four decades old beauty brand, a pioneer in mass marketing of cosmetics made without animal testing and with natural ingredients.L''Oreal shares were up 1.4 percent in early session trading, outperforming a 1 percent gain on France''s benchmark CAC-40 index and a 0.4 percent rise on the STOXX Europe 600 Personal & Household Goods index.Keren Finance fund manager Gregory Moore said the price tag had pleased L''Oreal investors, given earlier reports it could be sold for around 800 million euros."The stock has reacted well to the news, because there were some people who thought it could be sold for less," said Moore, whose firm owns L''Oreal shares in its portfolio.Founded in 1976 by British entrepreneur Anita Roddick, the company pioneered ethical beauty but has since fallen victim to increased competition from newcomers also offering similar products based on natural ingredients with no animal-testing."Natura will support The Body Shop development in the long-term and enable The Body Shop to best serve its customers while respecting its strong commitments towards its employees, franchisees and stakeholders," said L''Oreal chairman and chief executive Jean-Paul Agon in a statement.Natura chief executive Joao Paulo Ferreira said that for his part, The Body Shop would fit in well with Natura''s similar businesses, such as its "Aesop" brand.L''Oreal shares are up around 10 percent so far in 2017, broadly in line with a similar rise on the CAC-40, with the stock having touched a record high earlier this month.($1 = 0.8930 euros)(Reporting by Sudip Kar-Gupta; Editing by Matthias Blamont and Andrew Callus)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/loreal-bodyshop-idINKBN1900W1'|'2017-06-09T05:56:00.000+03:00'
'f37974fabf8c1969e8c48a10af4d16f9c08f1dd4'|'Coalition of 13 states to challenge Trump on vehicle emission standards'|'By David Shepardson - WASHINGTON WASHINGTON New York State''s attorney general and 12 other top state law enforcement officials said on Friday they would mount a vigorous court challenge to any effort to roll back vehicle emission rules by the Trump administration.In March, President Donald Trump ordered a review of U.S. vehicle fuel-efficiency standards from 2022-2025 put in place by the Obama administration, saying they were too tough on the auto industry.The push to weaken the rules by the Trump administration comes as automakers are worried that consumers shift to larger vehicles and low gas prices will make it expensive or impossible to meet the regulations. They also fear a prolonged fight with states over the rules could make revising their product plans difficult.Democratic state officials have been increasingly aggressive in challenging Trump administration regulatory rollback efforts."In light of the critical public health and environmental benefits the standards will deliver, if EPA acts to weaken or delay the current standards for model years 2022-25, like California, we intend to vigorously pursue appropriate legal remedies to block such action," the state attorneys wrote in a letter to the Environmental Protection Agency including Pennsylvania, Connecticut, Massachusetts, Iowa, Washington State, Oregon and Rhode Island.The EPA did not immediately comment.Automakers including General Motors Co, Ford Motor Co and Toyota Motor Corp say the Obama administration did not conduct a proper review to ensure those rules are feasible.Automakers have met with Trump administration officials in recent months and hope to reach a deal with California and other states on vehicle fuel efficiency standards.California has opposed weakening the rules, threatened to pursue tougher standards unilaterally and could mount a legal challenge.The White House plans to hold negotiations with car companies, California and potentially other states. A deal would remove uncertainty for automakers, who need years of lead time to engineer future models and want uniform rules across all 50 states.Trump told an audience of cheering union workers in March he would "ensure that any regulations we have protect and defend your jobs, your factories... The assault on the American auto industry is over."The Obama administration''s rules, negotiated with automakers in 2011, were aimed at doubling average fleet-wide fuel efficiency to 54.5 miles per gallon by 2025. Under the 2011 deal, the 2022-2025 model year rules must be finalized by April 2018.The Obama administration finalized the rules just before leaving office in January.Without a deal, automakers could be forced to meet one set of standards in California and a dozen states that have adopted its rules and other rules in the rest of the country.In 2011, Obama said the rules would save motorists $1.7 trillion in fuel costs over the life of the vehicles, but cost the auto industry about $200 billion over 13 years.(Reporting by David Shepardson; Editing by Chizu Nomiyama, Bernard Orr)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-usa-trump-autos-idINKBN19027I'|'2017-06-09T15:40:00.000+03:00'
'77f4b6df58805ab13866dc06d8e08c22ddae9d12'|'Irish services sector growth slips back from 10-month high - PMI'|'Business  08am BST Irish services sector growth slips back from 10-month high - PMI Musicians play Irish traditional music in a pub in central Dublin November 21, 2010. REUTERS/Cathal McNaughton DUBLIN, June 6 Ireland''s services sector growth slipped back from a 10-month high in May but remained strong thanks to a steady flow of new orders fuelling optimism about the future, a survey showed on Tuesday. The Investec Services Purchasing Managers'' Index (PMI) slipped to 59.5 in May from 61.1 in April. Services have not fallen below the 50 mark that separates growth from contraction since June 2012, when Ireland was halfway through a three-year international bailout. Ireland was the best performing economy in the EU for the third year in a row last year despite concerns that it is the country most exposed to the fallout from neighbouring Britain''s vote last year to leave the bloc. The manufacturing PMI for May, released last week, indicated that Ireland''s manufacturing sector was growing at its fastest pace in almost two years. Thirty-two percent of the services sector managers questioned reported a rise in activity in May while just 14 percent reported a fall, the survey''s authors said. And 55 percent of respondents forecast an increase in business activity over the next 12 months compared to 6 percent forecasting a decrease. "Such optimism appears well-founded given the improving international backdrop," Investec Ireland chief economist Philip O''Sullivan said. (Reporting by Conor Humphries; Editing by Catherine Evans)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-ireland-economy-pmi-idUKKBN18X0D0'|'2017-06-06T13:08:00.000+03:00'
'6040096510b94806336ac80502e161b2019430ee'|'Global shares muted after Comey testimony; euro dips after ECB'|'Top News - Thu Jun 8, 2017 - 9:30pm BST Global shares muted after Comey testimony; euro dips after ECB A trader works on the floor of the New York Stock Exchange (NYSE) in New York, U.S., June 2, 2017. REUTERS/Brendan McDermid By Sam Forgione - NEW YORK NEW YORK U.S. and European stocks were little changed on Thursday as investors digested testimony from former FBI Director James Comey before a Senate panel, while the euro fell after the European Central Bank kept interest rates on hold and oil prices briefly touched one-month lows. Comey told U.S. lawmakers in the congressional hearing he had no doubt that Russia had interfered with the 2016 election but was confident that no votes had been altered. The Dow briefly hit a record intraday high of 21,265.69 during the testimony, while the Nasdaq Composite closed at a record high after a boost from Yahoo ( YHOO.O ) and Nvidia ( NVDA.O ) shares. Investors were awaiting the outcome of the UK general election as Britons voted on Thursday in a snap vote predicted to give Prime Minister Theresa May a larger parliamentary majority. The FTSEurofirst 300 of top European equities briefly hit a three-week low of 1,526.29 after the ECB said subdued inflation meant it would continue to pump more stimulus into the region''s economy. In reference to Comey''s testimony, Jefferies & Co money market economist Thomas Simons said: "I think the market is taking less of an alarmist review of this situation because there is no smoking gun here. So it''s not particularly impactful for thinking about...Trump''s economic agenda to go through." MSCI''s all-country world equity index .MIWD PUS was last down 0.39 points, or 0.08 percent, at 467.24. The Dow Jones Industrial Average .DJI closed up 8.84 points, or 0.04 percent, at 21,182.53. The S&P 500 .SPX closed up 0.65 points, or 0.03 percent, at 2,433.79. The Nasdaq Composite .IXIC ended up 24.38 points, or 0.39 percent, at 6,321.76. Europe''s broad FTSEurofirst 300 index .FTEU3 closed down 0.04 percent at 1,528.71. ECB DECISION The euro hit its lowest since May 31 against the U.S. dollar of $1.1196 EUR= after the ECB announcement. The dollar index, which measures the greenback against a basket of six major rivals, was last up 0.2 percent at 96.967. Oil prices edged lower, with benchmark Brent crude and U.S. crude prices hitting respective one-month lows of $47.56 and $45.20 after an unexpected surge in U.S. inventories and the return of more Nigerian crude aggravated concerns about a worldwide glut. "The market is catching its breath after the inventory report which, as far as the oil market was concerned, stunk," said Andrew Lipow, president of Lipow Oil Associates in Houston. Brent crude LCOc1 settled down 20 cents, or 0.42 percent, at $47.86 per barrel. U.S. crude CLc1 settled down 8 cents, or 0.17 percent, at $45.64 per barrel. U.S. Treasury yields edged higher as investors focussed instead on next week''s expected interest rate increase by the Federal Reserve, with benchmark 10-year yields US10YT=RR last at 2.195 percent compared to 2.180 percent late Wednesday. The dollar''s gains pushed gold prices lower. Spot gold prices XAU= were last down 0.63 percent at $1,278.30 an ounce. For a graphic on world FX rates in 2017 click - tmsnrt.rs/2egbfVh (Additional reporting by Marc Jones in London, Saqib Iqbal Ahmed, Dion Rabouin, Julia Simon and Gertrude Chavez-Dreyfuss in New York; Editing by Bernadette Baum and Chizu Nomiyama)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-global-markets-idUKKBN18Z029'|'2017-06-09T04:30:00.000+03:00'
'e707066911d937a3eaae5901f7717c7daacc51a1'|'GDF to sell entire 10 percent in Petronet LNG for up to $512 million - term sheet'|'Money News - Wed Jun 7, 2017 - 6:23pm IST GDF to sell entire 10 percent in Petronet LNG for up to $512 million - term sheet MUMBAI GDF International will sell its entire 10 percent stake in India''s Petronet LNG Ltd in block trades on Thursday for up to $512 million, according to a deal term sheet. GDF will sell the shares in a price range of 417 rupees to 440 rupees a share, according to the term sheet. The price range is a nil to 5.2 percent discount to Petronet''s Wednesday closing price of 440 rupees. JPMorgan and Citi are the banks on the deal. (Reporting by S. Anuradha of IFR; Writing by Devidutta Tripathy; Editing by Subhranshu Sahu)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/gdf-petronet-lng-stake-idINKBN18Y1LZ'|'2017-06-07T20:18:00.000+03:00'
'4514f0386c63bce459c79ad4b99f6bb7450baf9c'|'Raiffeisen''s Polish bank IPO must go ahead: regulator'|'WARSAW Poland''s financial market regulator KNF said that Raiffeisen Bank International (RBI) must go ahead with the initial public offering (IPO) of its Polish unit by the end of June, despite the lender''s decision to stop work on the listing.Raiffeisen has promised the Polish regulator KNF it will list 15 percent of shares in Raiffeisen Bank Polska, also known as Raiffeisen Polbank IPO-RBP.WA, on the Warsaw bourse by June 30.But widening losses and a huge portfolio of unprofitable Swiss franc-denominated mortgages led the Austrian lender to delay the listing, sources have told Reuters."RBI decided to suspend the prospectus proceedings. The investor''s obligation to conduct the IPO of Raiffeisen Bank Polska by June 30, 2017, is still binding," KNF said in a statement."We are in discussions with the Polish regulator about the IPO," an RBI spokeswoman said. She declined to provide further details.In late May Raiffeisen met with the regulator, but KNF said afterwards that the commitment regarding the timing of the IPO remained unchanged.Analysts said that the regulator could strip the main shareholder from voting rights in the bank or force it to sell it if it does not meet the IPO requirement.Michal Sobolewski, an analyst with DM BOS brokerage, said that until now the regulator has not forced any companies to press ahead with an IPO if it would lead to a loss for the owner."Maybe a solution would be to delay the IPO until authorities eventually resolve the problem of the Swiss francs," he added.The KNF was not available to comment.(Reporting by Pawel Sobczak and Marcin Goclowski; Additional reporting by Shadia Nasralla in Vienna; Writing Agnieszka Barteczko; editing by Lidia Kelly and Louise Heavens)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-raiffeisen-poland-ipo-idINKBN18Y0JN'|'2017-06-07T06:59:00.000+03:00'
'7b1d76d008faa11d6c639912dc54594e660bde96'|'Italy - Factors to watch on June 7'|'Market News - Wed Jun 7, 2017 - 2:46am EDT Italy - Factors to watch on June 7 The following factors could affect Italian markets on Wednesday. Reuters has not verified the newspaper reports, and cannot vouch for their accuracy. New items are marked with (*). For a complete list of diary events in Italy please click on . POLITICS Italian Interior Minister Angelino Alfano meets the United Nations special envoy for Syria Staffan de Mistura in Rome (0930 GMT). Milan, "Energy Conference" starts, ends on June 10. Expected attendees include AEEGSI President Guido Bortoni, Sorgenia CEO Gianfilippo Mancini, Iren CEO Massimiliano Bianco, former Italian Prime Minister Matteo Renzi, state lender agency Cassa Depositi e Prestiti CEO Fabio Gallia (0800 GMT). ECONOMY ISTAT releases April retail trade data (0800 GMT). DEBT Treasury announces sale of 12-month BOT bills, with relative amounts to be auctioned on June 12. Treasury expected to launch new BTP bonds due March 2048. COMPANIES (*) SNAM The Italian gas grid company is in pole position to buy a minority stake in Rovigo LNG terminal and a gas pipeline between Cavarzere and Minerbio from French energy company Edison, Il Sole 24 Ore said. (*) ENEL Enel broadband unit OpEn Fiber is organising a 6.5 billion euro project financing with state lender Cassa Depositi e Prestiti to develop the ultrafast telecom network in the country, Il Sole 24 Ore reported. ITALIAN BANKS The collapse of two regional banks in Italy''s Veneto region would trigger a systemic crisis that risked dragging down the whole domestic economy, Economy Undersecretary Pierpaolo Baretta said on Tuesday. The potential failure of two Italian regional banks could impact both the country''s economy and its government bonds, the Chief Executive of Intesa Sanpaolo said on Tuesday. (*) Instead of resolution or precautionary recapitalisation, there is a third possible option for the two Veneto banks: an orderly wind-down, Il Corriere reported. (*) ALITALIA, LUFTHANSA, RYANAIR EASYJET, DELTA Low-cost carriers including Ryanair and easyJet have presented non-binding bids for Italy''s Alitalia, Il Sole 24 Ore said, adding big airlines such as Lufthansa, Delta and Ethiad have tabled offers. The European Commission will likely present on Thursday new guidelines for rules capping non-EU ownership of European carrier at 49 percent, Il Sole 24 Ore and Il Corriere della Sera said. Lufthansa is interested only in Alitalia''s airplanes, while Ryanair is looking at some routes, Il Corriere della Sera reported. (*) MONTE DEI PASCHI The due diligence Dobank-Italfondiario and Fonspa are carrying out on the 29 billion euro bad loan portfolio Monte dei Paschi is seeking to sell started a few days ago and will last 3-4 weeks, MF said. (*) BPER A deal to buy the 40 percent of asset manager Arca held by two Veneto banks is close at hand, MF said. BPER will buy the stake with Popolare di Sondrio, it said. INTESA SANPAOLO, BANCA INTERMOBILIARE Intesa Sanpaolo CEO Carlo Messina said on Tuesday the bank is not interested in buying Banca Intermobiliare. MEDIASET The board of directors has decided to ask the next shareholder meeting to renew the authorisation for the purchase and the disposal of treasury shares, the broadcaster said on Tuesday. It added that, if shareholders approve the purchase of the group''s shares with the support of minority investors, the treasury shares purchased will be included in the calculation of the share capital. UBI BANCA The management board of the bank has started the exercise of the mandate to increase the bank''s share capital by up to 400 million euros, UBI Banca said on Tuesday. CREDITO VALTELLINESE, BENI STABILI The Italian bank said on Tuesday it signed an agreement with real estate group Beni Stabili to sell and lease back its real estate portfolio. The bank will book a capital gain of around 70 million euros from the deal. DATALOGIC Datalogic said it signed a binding agreement for the acquisition of 100 percent of the share capital of Germany''s Soredi Touch Systems GMBH. For Italian market data and news, click on codes in brackets: 20 biggest gainers (in percentage) 20 biggest losers (in percentage) FTSE IT allshare index '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/italy-factors-june-idUSL8N1J33HW'|'2017-06-07T14:46:00.000+03:00'
'1c8a729996ee13855fe72e69fbbf2c21678afe9e'|'Forestar says D.R. Horton''s offer could be superior to Starwood bid'|'Forestar Group Inc ( FOR.N ) said on Thursday that U.S. homebuilder D.R. Horton Inc''s ( DHI.N ) offer to buy a majority in the real estate developer could lead to a bid superior to its deal with Starwood Capital Group.Forestar also said it was still subject to the agreement with Starwood, which in April agreed to buy the Texas-based company for $14.25 per share, or about $605 million.D.R. Horton, the No. 1 U.S. homebuilder, on Monday offered to buy 75 percent of Forestar for $16.25 per share, or about $520 million in cash.Barry Sternlicht-led Starwood, an investment firm with a focus on real estate, manages assets of more than $51 billion.D.R. Horton''s offer comes at a time when U.S. homebuilders are seeking ways to boost their land holding as rising land acquisition costs and a tight labor market hamper efforts to tap the recovery in the housing market.Forestar, which mainly develops lots and sells them to homebuilders, owns interests in 50 residential and mixed-use projects comprising 4,600 acres of real estate.Under certain circumstances, Forestar has to pay Starwood $20 million if their deal is terminated.Forestar''s shares were marginally up at $16 in premarket trading.(Reporting by Arunima Banerjee in Bengaluru; Editing by Sai Sachin Ravikumar and Sriraj Kalluvila)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-forestar-grp-m-a-dr-horton-idINKBN18Z1OH'|'2017-06-08T10:26:00.000+03:00'
'0dcc816f589a0b6f8001a02636fbe883e5092663'|'Walking away: when is it time to call it quits on your business? - Guardian Small Business Network - The Guardian'|'It took a long time for me to admit it had failed Launching her line of “gourmet sweets for grownups” in Selfridges in August 2015 was a dream come true for Laura Brown. “[The buyer] was the first person outside of my family who’d actually tasted my sweets, which was quite scary,” she says. “But she was very positive … I couldn’t quite believe it.”Brown had been working in the City, but left to start Canesmith & Co after noticing a successful trend in upmarket treats for adults in the US. Armed with a thermometer, sugar and her kitchen table, she went on to supply the mini bars of Claridges, the Connaught and the Berkeley in London. There was press coverage, too – in Jamie Magazine and BBC Good Food – and five Great Taste awards. “By the time we got to November, I was thinking ‘Oh my god, I’ve really hit on something here’,” she says. “It felt like I was pushing at an open door.”Eight dos and don''ts for launching a successful business Read more As the business progressed, demand grew and Brown hired a member of staff to help her hand make and cut the sweets. But success was starting to have an impact on her family – her husband was roped in to label packs of sweets after work and she’d pop her three young children in front of the TV while she worked frantically in the kitchen. The pressure to deliver volume, on time, took its toll. “By Christmas 2016, I was basically at the end of my tether,” she says. “I knew I couldn’t make them any more. [So] I spent the first three months of the year trying to find someone else to do [it].”Finding a manufacturer with the right equipment, that was interested in Brown’s small volumes, was easier said than done. Eventually, she admitted defeat. She closed the business down in April 2017, a decision she says was difficult. “While I still think there’s an opportunity for a brand to make the most of premium chewy confectionary, unfortunately it isn’t going to be me. I knew in my gut what the answer was quite quickly [that the business had to close], but it took a long time for me to admit it had failed. “For women who run their own businesses and have their own children, it is a challenge. Running a startup is such a 24-hour world. You can’t really switch off. I think if I’d been at a different stage in my life, the answer would have been different.”For now, she’s writing a blog with a friend and working on a play. But the experience hasn’t put her off potentially starting a new venture in the future. “I loved it [being an entrepreneur]. That early stage, creating something and getting feedback ... I don’t think there’s anything like it.”Facebook Twitter Pinterest Luke Williamson co-founded Fabula in 2012. The office was on a canal boat. What’s the point when you’re not really enjoying it? Luke Williamson co-founded ad agency Fabula in 2012. But after five years of working with clients such as ITV, William Hill and Made.com, he and his partners Jennifer Black and Britt Iversen decided to close their doors.Fabula’s original vision had been to disrupt the traditional advertising industry, by offering a service with less bureaucracy, making the campaign turnaround faster and the volume of clients higher. They had low overheads, with an office on a canal boat in London, and a small team of 10, with freelancers brought in to work on specific projects. At the end of the 2015/16 financial year, they had made a pre-tax profit of £354,000. “The agency world used to be like fine dining and then street food came along,” he says. “We were pitching ourselves as the street food of creative agencies. Still great quality but you’re taking out the layers that are unnecessary and expensive. What we could offer people was something cheaper and better.” It’s an approach that had appeal, particularly to the fashion and lifestyle retail sectors that Williamson says “need to spend money” and have a fast turnaround. But there were teething problems, with many clients expecting the type of support an agency on a retainer would provide. And towards the end of last year, four of Fabula’s clients said they would be working on future campaigns in-house, rather than hiring an external company. “The clients bought into the cost and the speed, but they wanted you to behave the way a retained business behaves. That didn’t really add up,” he says. “We gave ourselves to the end of January to decide if there was [still] a market for what we were trying to do. We had tenders out on four different projects but we only got one through. It wasn’t really sustainable at that point … so we thought we’d call it a day there and then.”Williamson is now working as a consultant and admits Fabula could have stayed in business if they’d compromised on their vision to work with larger clients on a retainer (and more traditional) basis. It wasn’t a move he was prepared to make. “Quite frankly, I didn’t want to work for Unilever, selling tomato sauce or washing powder. It just didn’t interest any of us really. I didn’t set up the business to scale [it]. I like making good work with good people. The aim was always to keep it as a fairly small operation that was profitable and delivered really good work. When that gets compromised ... what’s the point when you’re not really enjoying it?”Facebook Twitter Pinterest Julia Elliott Brown closed Upper Street in 2015, despite its £2.8m valuation. I didn’t have a plan B or a plan C There were financial reasons behind Julia Elliott Brown’s decision to close her bespoke shoe label, Upper Street, in 2015, despite being valued at £2.8m . “Our gross margins were actually quite good,” Elliott Brown says. “But the fashion industry is very [competitive] and you have to have quite deep marketing pockets. For us, that meant we continually needed funding to help us acquire new customers. And when funding ran out, it just became uneconomical because we hadn’t got to break even yet.” Elliot Brown co-founded the business with her sister in 2010. Upper Street allowed women to design their own shoes via a website offering 5 million different possibilities, with the option of trying them on at its Fitzrovia shop in London. It was a concept that resonated with women all over the world. In its heyday, the business created hundreds of pairs of shoes every month, with fans including Helena Bonham Carter.Investors were interested, too. After initially using £200,000 of their own savings and redundancy money, the sisters approached two venture capitalist who invested £750,000 in 2013. An equity crowdfunding round to raise a further £200,000 was successfully closed in 2015. But a second crowdfunding round was abandoned when an existing investor said he wouldn’t put any more money in, and the co-founders took the difficult decision to close the business.Going for growth ... how to expand without destroying your business Read more “My sister and I contemplated taking the business back a few steps and rebuilding it ourselves as a much smaller business but that wasn’t what we wanted,” Elliott Brown says. “We were struggling to get the business from what was quite a successful niche business into a bigger, mainstream business. It was either go big or go home. [After the investor pulled out] I didn’t have a plan B or a plan C. “There were so many emotions involved. Obviously we were really upset that everything we worked for was basically going to have to go down the toilet [and] we felt it was a shame to let down all of the customers who loved what we were doing. [But] we also felt a great sense of relief, because it felt like it was never-ending hard work. I did still believe in the vision but I was very very tired and worn down by the process.”Elliott Brown now works as a fundraising coach , inspired by the number of people who had asked her for advice after she’d successfully found investment herself. She says her experience has given her real insight into whether a business has legs or not. Sometimes, she adds, entrepreneurs do have to walk away. “Every business is full of challenges. It’s a rollercoaster, that is what life is like as an entrepreneur. You have to try to disassociate yourself from it emotionally. And see it as a game, as strategy, [so you can] think rationally. Sometimes you just need to draw a line under it, because actually you could end up losing even more money if you keep going.” Sign up to become a member of the Guardian Small Business Network here for more advice, insight and best practice direct to your inbox. Topics Guardian Small Business Network Entrepreneurs features  '|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/small-business-network/2017/jun/07/walking-away-business-quits-challenges-canesmith-fabula-upper-street'|'2017-06-07T15:00:00.000+03:00'
'96a08afb8ae4ddb57ca369032d8c25565fd86a11'|'Trump FBI nominee''s corporate legal work could exclude him from some probes'|'Market News - Wed Jun 7, 2017 - 7:23pm EDT Trump FBI nominee''s corporate legal work could exclude him from some probes By Karen Freifeld and Anthony Lin - NEW YORK, June 7 NEW YORK, June 7 President Donald Trump''s pick for FBI chief, corporate lawyer Christopher Wray, would likely face conflicts of interest at the agency due to his defense work for many big companies and be forced to step aside from some investigations, legal ethics experts said on Wednesday. While he spent many years as a government attorney earlier in his career, Wray for the past 12 years has been a white- collar defense lawyer with the Atlanta-based firm of King & Spalding and is currently head of its government investigations practice. "If there are investigations of a client he''d need to recuse himself," Steven Lubet, a legal ethics professor at Northwestern University, said. At the firm, Wray, a graduate of Yale University and its law school, defended Johnson & Johnson''s Janssen Pharmaceutical unit in a Justice Department probe over off-label use of anti-psychotic drug Risperdal. He also represented Credit Suisse in a major tax prosecution by the Justice Department, which alleged the Swiss financial group helped clients hide offshore accounts from the Internal Revenue Service. According to King & Spalding''s website, clients of the practice led by Wray include AT&T, Deutsche Bank , CVS Caremark, General Motors, Wells Fargo and others. It was not clear if Wray personally represented all of the companies listed. Kathleen Clark, a professor at Washington University School of law, said professional ethics rules would specifically bar Wray as Federal Bureau of Investigation director from participating in investigations of former clients who shared confidential information with him. In addition, she said, federal regulations would prohibit him from participating in matters opposite King & Spalding for up to two years, though the government can waive those restrictions. Wray would not be the first FBI director to come from the private sector. But he served longer in private practice and has a more extensive corporate client base than other FBI chiefs. James Comey, the man whom Wray would replace, worked as an in-house lawyer for Lockheed Martin and hedge fund group Bridgewater Associates before he became FBI head in 2013. Robert Mueller briefly worked at two law firms between longer stints in government service before becoming FBI director in 2001. Mueller''s conflicts from his post-FBI law career emerged as an issue last month after he was named special counsel to investigate ties between Trump''s campaign team and Russia. Although the FBI is better known for its role fighting violent crime and espionage, the agency is charged with investigating corporate and securities fraud. In recent years, the bureau has launched probes against corporations including GlaxoSmithKline and Takata Corp, which resulted in billions of dollars in criminal penalties. Neither Wray nor King & Spalding responded to requests for comment on potential conflicts. The FBI referred a call on the matter to the Justice Department, which did not respond. Wray served as a federal prosecutor in Atlanta from 1997 to 2001. He then moved to the U.S. Department of Justice, where he eventually became assistant attorney general and head of the criminal division, where he oversaw the fraud investigation of Enron. He joined King & Spalding in 2005. DEPUTY DIRECTOR COULD STEP IN Wray represented New Jersey Governor Chris Christie, who at one time led Trump''s presidential transition, in the Bridgegate scandal. In addition, King & Spalding partner Bobby Burchfield is serving as the ethics adviser for the trust set up in January to isolate the president from the day-to-day operations of Trump businesses. Burchfield praised his partner as having the "highest integrity" and said he saw no conflict between his own work and Wray serving as FBI director. Lubet said he did not think Wray''s conflicts would present an "unsolvable" problem if he becomes FBI director. He noted that investigations could proceed at the field level without the issue arising. "Most decisions are not made at the director level," he said. In the event the director has to recuse himself, "that''s what deputy directors are for," said Lubet. (Reporting by Anthony Lin; Editing by Cynthia Osterman) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-trump-wray-idUSL1N1J41BJ'|'2017-06-08T07:23:00.000+03:00'
'335265bc0d8c8ce599d66757491845b386110996'|'BT to drop auditors PwC, hire KPMG'|'Top   1:32pm BST BT to drop auditors PwC, hire KPMG FILE PHOTO: The logo for the British Telecom group is seen outside of offices in the City of London, Britain, January 16 , 2017. REUTERS/Toby Melville/File Photo Britain''s BT ( BT.L ) said on Thursday it would drop PricewaterhouseCoopers(PwC), its auditors since 1984, in favour of KPMG after an evaluation done following BT''s Italy accounting scandal revealed "areas for improvement" for PwC. BT stunned the market in January when it said a complex accounting scandal in Italy had blown a 530 million pound hole in its accounts. The scandal compounded a slowdown in its British government work and forced BT to cut its forecasts for the next two years. In its annual report, Britain''s biggest telecoms company said it was accelerating the audit tender process to appoint new auditors for the financial year 2018/19 after conducting an internal review and shareholder surveys. ( bit.ly/2qB8Ryq ) After PwC completes its audit of BT''s accounts for the current financial year, KPMG will be appointed as auditor subject to approval by shareholders at the company''s 2018 AGM, BT said. (Reporting by Rahul B and Arathy S Nair in Bengaluru; editing by Jason Neely)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-bt-group-auditor-idUKKBN18Z1G2'|'2017-06-08T20:32:00.000+03:00'
'817dc62fbb76bf5e9db85b859ae466cd4823249a'|'LSE eyes more index deals after agreeing to buy Citi''s Yield Book'|'By John McCrank - NEW YORK NEW YORK The London Stock Exchange Group PLC ( LSE.L ), which last week agreed to buy Citigroup Inc''s ( C.N ) Yield Book fixed-income analytics and indexing business for $685 million, is looking for similar deals, LSE''s chief financial officer said on Thursday.The Yield Book acquisition, when closed, will boost the size and capabilities of LSE''s FTSE Russell indexes business, bringing the amount of assets under management benchmarked to its indexes to around $15 trillion.Trends such as the ongoing shift in investment style to passive from active and the desire by investors to get more exposure to emerging markets, particularly China, make index businesses attractive, LSE CFO David Warren said at the Sandler O’Neill Global Exchange and Brokerage Conference in New York.With nationalistic and regulatory factors making big cross-border exchange deals difficult to get done, as seen in the collapse of LSE''s merger with Deutsche Boerse AG ( DB1Gn.DE ) in March, exchanges have been looking to index and data deals to help them grow.Intercontinental Exchange Inc ( ICE.N ) said last Thursday it reached an agreement to acquire Bank of America Merrill Lynch''s ( BAC.N ) global research index platform for an undisclosed amount. Deutsche Boerse on Wednesday said it too is on the lookout for deals in the space.As a result, a number of banks that have developed analytics and index businesses using intellectual property (IP) from their internal trading operations are looking to monetize those businesses, Warren said."We come into it obviously seeing that the IP in terms of index creation has been undervalued, so that is really the opportunity," he said.Exchanges increasingly see themselves as financial markets infrastructure providers with global distribution networks, rather than just trading venues, Warren said.Index and analytics businesses provide exchanges with the intellectual property to create investment products that are in demand from global asset managers, he said."So there is a lot of investment in the business right now, but there is also still a lot of work we are doing to look at acquisition opportunities."(Editing by Bernadette Baum)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-lse-deals-index-idINKBN18Z222'|'2017-06-08T12:52:00.000+03:00'
'ead8293d73cb26d9481c1cda67b3c79e6618e5a1'|'UPDATE 3-JPMorgan operating chief to go, Dimon successor pool shrinks -Reuters'|'Market News  11pm EDT UPDATE 3-JPMorgan operating chief to go, Dimon successor pool shrinks -Reuters (Adds details on reason for Zames'' departure, investor quote) By Dan Freed NEW YORK, June 8 JPMorgan Chase & Co Chief Operating Officer Matt Zames, once seen as a likely successor to Chief Executive Jamie Dimon, will leave the bank in the coming weeks, and his duties are being split among other senior executives, the bank said on Thursday. In an internal memo announcing Zames'' departure, Dimon thanked him for his 13 years of service but did not say why he was going. A person familiar with the matter said Zames, who did not return a call seeking comment, wanted to run a company on his own and saw JPMorgan''s upper management ranks as too crowded. The exit stirs up, once again, one of Wall Street''s favorite parlor games - trying to work out who will succeed Dimon, 61, at the helm of the largest U.S. bank. At 46, Zames was the youngest of the six contenders and had the advantage of knowing all segments of the bank, after overseeing areas including cyber security, technology and real estate. Zames also played a central role in keeping the bank stable amid financial turmoil. He helped stabilize Bear Stearns, after JPMorgan acquired the investment bank during the 2007-2009 crisis, and transformed JPMorgan''s chief investment office and treasury arm after the so-called "London Whale" scandal in 2012. More recently, he was focused on critical technology and cyber functions. "While I am sad to see him leave, I respect his decision and all he has done for JPMorgan Chase," said Dimon. In the memo, Dimon detailed a new organizational structure in which the five other potential successors - Chief Financial Officer Marianne Lake, Corporate and Investment Bank CEO Daniel Pinto, Consumer and Community Banking CEO Gordon Smith, Asset Management CEO Mary Erdoes and Commercial Bank CEO Doug Petno - divvy up Zames'' responsibilities. With Dimon showing no inclination to relinquish his role, a raft of potential successors has left the bank in recent years. Many have gone on to lead other institutions, including Barclays PLC CEO Jes Staley, Standard Chartered PLC CEO Bill Winters and former Visa Inc CEO Charles Scharf. Michael Mattioli, portfolio manager at Manulife Asset Management, which owns about 6 million JPMorgan shares, said the bank still has lots of highly capable leaders. "They''ve built up such a high quality bench that a lot of these senior executives are going to be attractive to other companies," he said. Zames will receive discretionary payments of $4.625 million on Feb. 1, 2018 and $4.5 million a year later. He has agreed not to compete with JPMorgan until Feb. 1, 2018, not to solicit clients for a year after that date and not to hire employees of the bank before Feb. 1, 2020. "Jamie has been a true mentor to me, and it has been a privilege to be a member of his team. I''m confident I will continue to benefit from his guidance and wisdom in the future," Zames said in the memo. (Reporting by Dan Freed in New York; Writing by Lauren Tara LaCapra; Editing by Lisa Shumaker and Tom Brown)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/jpmorgan-coo-idUSL1N1J51LU'|'2017-06-09T05:11:00.000+03:00'
'e9947db1d69f3015a07b812519598da05ff8d73a'|'UPDATE 1-UK''s Metro Bank buys mortgage portfolio from Cerberus Capital'|'(Adds details, share movement, analyst comments)By Noor Zainab HussainJune 2 Metro Bank Plc said it bought a mortgage portfolio from a company owned by U.S. private equity firm Cerberus Capital Management LP for 596.7 million pounds ($768.2 million), augmenting its loan book with primarily buy-to-let mortgages.The British lender, which offers retail, business and private banking, said all lending in the portfolio is secured on property and has a similar credit risk profile to its current mortgage book."The acquisition of this high-quality loan Portfolio supports our high-growth, organic business model as we track ever closer to our 2020 guidance," Chief Executive of Metro Bank, Craig Donaldson, said.The acquisition of UK mortgages will increase the loan-to-deposit ratio to about 78 percent, compared with the 2020 guidance of 80 percent, Donaldson added."While the loan book grows 9 percent to 7.1 billion pounds, we regard this portfolio acquisition as incremental as opposed to transformational," analysts at Jefferies, who rate the company a "buy" said."The company has provided limited detail on terms of the transaction. While terms were not disclosed, we believe it is likely that Metro would have sought a transaction that is accretive to earnings," the analysts said.Metro, which listed on the London Stock Exchange last year and is Britain''s first new High Street bank in over 100 years, has said it was on track to deliver a full year of profitability in 2017.The acquisition of the mortgages, being bought at a discount to face value, will be financed using cash from existing resources.The portfolio, bought from Cerberus European Residential Holdings B.V, is made up primarily of buy-to-let mortgages, with the rest being owner-occupied.Buy-to-let is a form of residential investment in which you buy a property, typically with a mortgage, with the view of renting it out.According to the Council of Mortgage Lenders, the UK mortgage market is worth 1.3 trillion pounds, representative of 11.1 million mortgages, and is the largest in Europe in terms of amount lent per year and the total value of outstanding loans.Throughout the final months of 2016 the buy-to-let market saw lenders tightening criteria ahead of the Prudential Regulation Authority''s (PRA) underwriting changes.However, Metro said in April that its residential mortgages stood at 4.02 billion pounds at the end of March, up from 2.56 billion pounds at the same time in 2016.Shares in Metro Bank were up 0.4 percent at 3,733 pence. ($1 = 0.7768 pounds) (Reporting by Noor Zainab Hussain in Bengaluru; Editing by Amrutha Gayathri)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/cerberus-capital-ma-metro-bank-idINL3N1IZ2H0'|'2017-06-02T05:32:00.000+03:00'
'd2a437d46b95427d81a64e3b4bb1de3bc1de68ee'|'France in talks with up to 50 asset managers on post-Brexit plans'|'Business News - Wed Jun 7, 2017 - 1:52pm BST France in talks with up to 50 asset managers on post-Brexit plans The financial district of La Defense is seen at dusk near Paris, France, January 5, 2017. REUTERS/Christian Hartmann By Anjuli Davies and Andrew MacAskill - LONDON LONDON France is in talks with 30-50 asset managers who are considering setting up new outposts in Paris so that they can retain access to the European Union once Britain leaves, the ambassador for the French asset management lobbying group told Reuters. Britain''s vote last June to leave the EU has sparked fierce competition among financial centers elsewhere in the bloc, including Paris, Frankfurt, Dublin and Luxembourg, to attract banks and other financial companies. Currently, EU rules allow a fund manager in London to sell and manage funds across the bloc, but it is unclear whether that will continue to the same extent after Brexit as the shape of future UK-EU trading relations has yet to be hammered out. Overall, asset managers in London may have to move between 5,000 and 10,000 jobs to various cities on the continent, Jean-Louis Laurens, International Ambassador for French Asset Management Association (AFG) told Reuters in an interview in London. Paris has stepped up its attempts to win business from financial firms currently based in Britain since the election of Emmanuel Macron as French president last month. Macron has vowed to overhaul the labor market and simplify the French tax and pension systems. "I have never seen so much alignment in the government to make France attractive as a financial center," said Laurens, who also worked at Rothschild at the same time as former investment banker Macron. "The number one issue is labor laws, but that will be addressed by the new government." The French regulator for the funds industry, AMF (Autorite des marches financiers) had a call with 53 senior executives from U.S. and UK asset managers on May 12 to discuss the process of setting up entities and ways to help, said Laurens. "There is a realization from the UK and U.S. firms that the Brexit negotiations will be so constrained that they might not have access to the single market. This means that companies will need to devise a plan, " he said. The AMF is also offering fund firms a fast track approval process of two weeks for regulatory licenses, said Laurens, which compares with two months in countries such as Ireland and Luxembourg which are also vying for asset managers, he said. Britain''s markets watchdog said on May 31 it had asked asset managers and investment firms to spell out how Brexit would affect their ability to continue serving EU customers and whether they needed to move to the bloc. So far though, there is little sign of a rush to Paris among the first fund managers to set out their Brexit plans. Legal & General ( LGEN.L ) has said it would move some of its investment management operations to Ireland, while fund manager M&G ( PRU.L ) is to set up a management company in Luxembourg. (Editing by) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-britain-eu-asset-managers-idUKKBN18Y1PU'|'2017-06-07T20:51:00.000+03:00'
'426e084ecb7bc6334dc7d3953868a3543da59797'|'Bayer cuts Covestro stake to under 45 percent after share sale'|'By Ludwig Burger - FRANKFURT FRANKFURT Bayer ( BAYGn.DE ) has cut its stake in plastics and chemicals subsidiary Covestro ( 1COV.DE ) to 44.8 percent after selling an 8.5 percent stake to institutional investors as part of a plan to sever ownership ties completely in the medium term.Bayer, which is buying U.S. seeds giant Monsanto ( MON.N ), has also issued 1 billion euros ($1.1 billion) in bonds that it can pay back with up to 6.1 percent of Covestro''s shares and in addition it will transfer another 4 percent stake in Covestro into Bayer''s pension trust.The three measures combined could eventually see drugmaker Bayer''s stake in Covestro decline to 34.7 percent but it will be up to Bayer whether to settle the bonds in cash, Covestro shares or a combination of the two when the contract expires in 2020.Bayer, which floated Covestro in 2015, reaffirmed plans to sell all of its shares in the medium term.While Bayer has stressed that the sale of assets, Covestro in particular, would not be a necessary part of funding the $66 billion Monsanto deal, analysts said the proceeds will come at an opportune time.Selling shares serves "to strengthen the balance sheet" ahead of an expected capital increase, said DZ Bank analyst Peter Spengler.As an initial step on the way to raising $19 billion worth of equity capital for the Monsanto deal - the biggest ever to be paid for in cash - Bayer placed 4 billion euros in mandatory convertible notes in November with a rights issue expected later this year.Shares in Covestro - a maker of transparent plastics and materials for insulation and padding foams - dropped 4.3 percent to 63.23 euros at 1035 GMT (6:35 a.m. ET) on Wednesday. Bayer slipped 0.7 percent to 118.10 euros.The price of Covestro shares at which Bayer can pay back the exchangeable bond in 2020 is initially set at 80.93 euros but it may change depending on Covestro''s dividend payments.The 8.5 percent stake was sold via an accelerated bookbuilding procedure for 62.25 euros apiece, generating just over 1 billion euros in gross proceeds as targeted.The 4 percent Covestro stake transferred into Bayer''s retirement fund would be worth about 530 million euros based on Tuesday''s closing price, taking the combined value of the three transactions to over 2.5 billion euros.Since the votes of Covestro shares held by Bayer''s pension fund will be ascribed to Bayer, securing a majority of the voting rights, the parent company will continue to consolidate the subsidiary in its financial statements after the transactions.Bayer transferred a stake of about 5 percent in the business into its pension fund in April last year.(Reporting by Harro ten Wolde; Editing by Muralikumar Anantharaman/Keith Weir)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-bayer-covestro-placement-idINKBN18Y0XY'|'2017-06-07T07:11:00.000+03:00'
'576fac20200602ffc8e8647d1b5cd143da4d865d'|'Deutsche Boerse says open to index and data business deals'|'Business News - Wed Jun 7, 2017 - 2:44pm BST Deutsche Boerse says open to index and data business deals The plaque of the Deutsche Boerse AG is pictured at the entrance of the Frankfurt stock exchange February 1, 2012. REUTERS/Alex Domanski/File Photo By John McCrank - NEW YORK NEW YORK Deutsche Boerse AG ( DB1Gn.DE ) is on the lookout for deals in the index, data, and analytics space following the collapse of its merger with the London Stock Exchange Group PLC ( LSE.L ), the company''s chief financial officer said on Wednesday. The third attempt to create a super bourse by linking London and Frankfurt ended in March after European Union competition regulators opposed the deal, and German officials objected to the head office being based in Britain. "One of the lessons learned is that consolidation across the exchange business, at least in Europe, is currently not supported by politicians and regulators," Deutsche Boerse CFO Gregor Pottmeyer said at the Sandler O''Neill Global Exchanges and Brokerage Conference at Le Parker Meridien Hotel in New York City. He said uncertainty as a result of Britain''s decision to leave the European Union also did not help the exchange M&A landscape, so Deutsche Boerse would focus on areas where the political dependency to get a deal done is not as strong. That means looking at index, data and analytics businesses, as well as foreign exchange and commodities, he said. "But overall, it always needs two for a tango and therefore our focus is on our standalone strategy, but we are also open for these kinds of M&A opportunities," he said. The focus on data and index business acquisitions mirrors the recent actions of two of Deutsche Boerse''s biggest rivals. Intercontinental Exchange Inc ( ICE.N ) said last Thursday it reached an agreement to acquire Bank of America Merrill Lynch''s ( BAC.N ) global research index platform for an undisclosed amount. Two days earlier, LSE said it agreed to buy Citigroup''s ( C.N ) Yield Book fixed-income analytics service and its related indexing business for $685 million (£530 million) in cash, the exchange group''s first big deal since the Deutsche Boerse merger fell through. LSE said the Citi acquisition would boost the size and capabilities of its FTSE Russell indexes business, taking assets under management using its indexes to about $15 trillion. (Reporting by John McCrank; Editing by Bernard Orr)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-deutsche-boerse-deals-index-idUKKBN18Y1VF'|'2017-06-07T21:44:00.000+03:00'
'98f0c3b7ead04dbac6c935251c19b7821772e0fb'|'Brazil antitrust watchdog imposes tougher terms to approve deal: sources'|'By Gabriela Mello and Tatiana Bautzer - SAO PAULO SAO PAULO Brazil''s antitrust watchdog Cade has demanded asset sales larger than initially expected by the country''s largest for-profit college operators, Kroton Educacional SA ( KROT3.SA ) and Estácio Participações SA, before it will approve their merger, three people with knowledge of the matter said on Monday.Cristiane Alkmin, the deal''s rapporteur within Cade, held meetings with the companies'' executives and lawyers two weeks ago and signaled they would have to commit to selling a large volume of assets, two of the sources said, asking for anonymity to discuss the matter freely.Options include selling college brand Anhanguera Educacional, acquired in 2013 by Kroton, and Estácio Participações brand, one of the sources said.Bloomberg reported earlier on Monday that Cade had requested the sale of Anhanguera to approve the merger.The $1.7 billion Kroton bid was approved by Estacio´s shareholders almost a year ago, and on Monday Brazil´s antitrust watchdog delayed a key ruling on the tie-up.One of the sources told Reuters that the ruling, originally scheduled for June 7, had been moved to June 28. Newspaper O Globo had earlier reported that the delay came at the request of Kroton.In February, a preliminary report by the watchdog´s economic studies department said the deal could hamper competition and lead to higher costs for consumers.If Cade orders the companies to sell assets equivalent to more than 25 percent of total revenue, one clause in the merger agreement allows the parties to undo the deal without penalties, two of the sources said.Kroton ( KROT3.SA ) and Estacio ( ESTC3.SA ) declined to comment.Shares of both companies were the lead decliners on Brazil''s benchmark Bovespa index. Estacio shares fell 7 percent to 15.90 reais and Kroton closed down 3.2 percent to 13.65 reais.(Reporting by Tatiana Bautzer; Editing by Daniel Flynn and Richard Chang)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-estacio-m-a-kroton-idINKBN18W2WK'|'2017-06-05T21:39:00.000+03:00'
'22f1eafdc6fa94aeb18c6cc8a13e71d752a4f379'|'Netskope raises $100 million as it seeks to turn a profit, go public'|'Technology News - Tue Jun 6, 2017 - 4:47pm IST Netskope raises $100 million as it seeks to turn a profit, go public FILE PHOTO: U.S. one hundred dollar bills are seen in this picture illustration, August 2, 2013. REUTERS/Kim Hong-Ji/Illustration/File Photo Cyber-security firm Netskope said on Tuesday it has raised $100 million from existing and new investors to fund product development and marketing programs that will help the firm become profitable and set the stage to go public. "This makes us financially independent," founder and Chief Executive Officer Sanjay Beri said via phone. "We won''t be required to ever raise capital again." The Series E round was led by existing investors Lightspeed Venture Partners and Accel. Sapphire Ventures and Geodesic Capital invested in the firm for the first time, while Social Capital and Iconiq Capital increased their investment in the firm, according to Netskope. Beri declined comment on valuation, but said that it was a "significant" increase compared to a $75 million Series D round in 2015. He declined to say how much revenue the company brought in last year, though he said it tripled and that he expects growth to continue at that rate. The firm, which helps large organizations monitor and secure employee use of cloud services such as Google Drive and Dropbox, has raised $231 million since it was founded in 2012. Its more than 350 customers include medical device maker Boston Scientific Corp, apparel maker Levi Strauss & Co and Toyota Motor Corp. (Reporting by Jim Finkle in Toronto; Editing by Cynthia Osterman)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/netskope-funding-idINKBN18X1B6'|'2017-06-06T09:17:00.000+03:00'
'f5cb21f9c872fb49f02a3fa556c19d8845922a93'|'Ford offering new China price discounts, as sales fall in May'|'Autos - Wed Jun 7, 2017 - 9:39am BST Ford offering new China price discounts, as sales fall in May FILE PHOTO: A visitor (R) gets in a Ford Edge SUV at the 13th China (Guangzhou) International Automobile Exhibition in Guangzhou, China November 20, 2015. REUTERS/Tyrone Siu/File Photo By Jake Spring and Norihiko Shirouzu - BEIJING BEIJING Ford Motor Co said on Wednesday its China sales fell 3 percent year-on-year in May, the third decline so far this year, and indicated it would offer local customers discounts to help boost sales of its ageing lineup of cars. Sales in May fell to 87,733 vehicles, while they fell 11 percent to 436,961 in the January-May period, the U.S. automaker said. Despite the weak May figures, Ford sales are "on track" to grow for the second-quarter overall, said Peter Fleet, Ford''s Asia Pacific sales chief, in a written statement. "We''ve strengthened our marketing plan in China for the second quarter, with new and exciting customer promotions for Ford-branded vehicles," Fleet said. The plan includes a "realigned Kuga (sport-utility vehicle) customer offer," the statement said, without elaborating. In the automotive industry, "promotions" and "offers" generally indicate price discounting. China''s auto market, the world''s largest, faces slower growth this year as a tax incentive for small-engined cars is rolled back, with sales rising 4 percent for the market overall in the first four months of the year, according to the latest data available from the China Association of Automobile Manufacturers. Sales at Ford''s U.S. peer General Motors have also fallen this year, while Japanese rival Toyota Motor Corp''s sales growth has slowed. Fleet is set to become Asia-Pacific and China chief for Ford on July 1 in a global management shake-up after the dismissal of Chief Executive Mark Fields as the company''s sales come under increasing pressure globally. James Hackett, a former office furniture executive heading Ford''s self-driving car unit, was named CEO last month with a slate of other leadership posts also set to change hands. Several key models are reaching the end of their life cycles and dragging on sales, including the Kuga and EcoSport in China''s fastest growing sport-utility segment as well as the Ford Focus sedan, said Yale Zhang, Shanghai-based managing director for consultancy Automotive Foresight. Sales of all three models have fallen by double-digits year-on-year for January to May. "From the second half and into next year they will launch some newer generation products and the situation will be better," Zhang said. A new version of the Ford EcoSport will launch later this year in China, a Ford spokeswoman said. (Reporting by Jake Spring and Norihiko Shirouzu; Editing by Muralikumar Anantharaman)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-ford-motor-china-sales-idUKKBN18Y0TE'|'2017-06-07T16:39:00.000+03:00'
'f9714b052cccfc93742f76417563a98deafde79f'|'AstraZeneca sells migraine drug for up to $302 million'|'Business News - Wed Jun 7, 2017 - 7:56am BST AstraZeneca sells migraine drug for up to $302 million FILE PHOTO: The logo of AstraZeneca is seen on medication packages in a pharmacy in London April 28, 2014. REUTERS/Stefan Wermuth/File Photo LONDON AstraZeneca continued its programme of divesting old medicines on Wednesday with the sale for up to $302 million (234 million pounds) of migraine drug Zomig to Germany''s Grunenthal. The British firm, which is betting on new drugs for cancer and other diseases to revive its fortunes, has sold or licensed out a raft of aging products recently. Some analysts have criticised the trend for unduly propping up its earnings. Grunenthal will acquire global rights to Zomig in all markets outside Japan, paying AstraZeneca $200 million upon completion of the deal. AstraZeneca will also receive up to $102 million in future milestone payments. In 2016, AstraZeneca''s revenue from Zomig outside Japan was $96 million. The two companies added that Impax Pharmaceuticals, which had previously licensed rights to the drug in the United States, would continue to sell Zomig in that market. For Grunenthal - best-known as the company that initially developed thalidomide as a morning sickness drug - the acquisition builds up its growing business in pain products. Chief Executive Gabriel Baertschi said it was an important step in reaching the group''s ambition to become a company with 2 billion euros (1.7 billion pounds) of sales by 2022. Sales in 2016 totalled around 1.4 billion euros. Like other recent drug divestments, the Zomig agreement does not impact AstraZeneca''s financial guidance for 2017. (Reporting by Ben Hirschler; editing by Jason Neely)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-astrazeneca-migraine-grunenthal-idUKKBN18Y0JH'|'2017-06-07T14:56:00.000+03:00'
'26b562a2479522af389e3ea275ebec366763ff71'|'EU''s Dijsselbloem expects deal on Greek bailout next week - spokesman'|' 16pm BST EU''s Dijsselbloem expects deal on Greek bailout next week - spokesman Dutch Finance Minister and Eurogroup President Jeroen Dijsselbloem rings the bell as he chairs a eurozone finance ministers meeting in Brussels, Belgium May 22, 2017. REUTERS/Francois Lenoir BRUSSELS The chair of the eurogroup of euro zone finance ministers expects a deal on the Greek bailout programme at a meeting on June 15, his spokesman said on Friday. Jeroen Dijsselbloem, who plays a key role in the Greek talks, expected a "deal on the full completion of the second review" at the Eurogroup meeting in Luxembourg next week, his spokesman told Reuters. A conclusion of the so-called second review of the 86 billion euros (£75.4 billion) bailout would include the unblocking of new loans for Athens, which are needed to pay debts due in July. (Reporting by Francesco Guarascio @fraguarascio; editing by Philip Blenkinsop)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-eurozone-greece-dijsselbloem-idUKKBN1901XN'|'2017-06-09T21:16:00.000+03:00'
'b1ec1afac13d819d30c6f3c6d9028b211b9738f4'|'Mexico sugar lobby says still wants dumping probe of U.S. fructose'|'Business News - Wed Jun 7, 2017 - 11:50am EDT Mexico sugar lobby says still wants dumping probe of U.S. fructose left right Juan Cortina Gallardo, president of Mexico''s sugar chamber, speaks to the media during a news conference in Mexico City, Mexico June 7, 2017. REUTERS/Henry Romero 1/4 left right Juan Cortina Gallardo, president of Mexico''s sugar chamber, speaks to the media during a news conference in Mexico City, Mexico June 7, 2017. REUTERS/Henry Romero 2/4 left right Juan Cortina Gallardo (C), president of Mexico''s sugar chamber, speaks to the media during a news conference in Mexico City, Mexico June 7, 2017. REUTERS/Henry Romero 3/4 left right Juan Cortina Gallardo, president of Mexico''s sugar chamber, arrives to attend a news conference in Mexico City, Mexico June 7, 2017. REUTERS/Henry Romero 4/4 MEXICO CITY Mexican sugar producers still want an investigation into suspected dumping in Mexico by U.S. fructose producers even after a U.S.-Mexico deal on access to the U.S. sugar market, the head of the Mexican sugar industry group said on Wednesday. The sugar lobby last month said it had asked the Mexican economy ministry to investigate U.S. high-fructose corn syrup imports, saying there was "solid" evidence of dumping. Mexico on Tuesday conceded to U.S. demands for changes in the terms of Mexican access to the lucrative U.S. sugar market, but U.S. sugar producers refused to endorse the deal. The agreement would avert possible steep U.S. import duties on Mexican sugar and had been seen as lowering the risk of Mexico slapping its own import duties on U.S. high-fructose corn syrup as a retaliatory measure. "This issue with the U.S. sugar industry is not over," Juan Cortina, the head of Mexican sugar industry group (CNIAA), told reporters at an event in Mexico City where he said the group would keep pressing for a fructose probe in Mexico. The sweetener trade has been a long-standing source of disputes between the two countries that are preparing to start talks with Canada to renegotiate the North American Free Trade Agreement. Mexican Economy Minister Ildefonso Guajardo on June 1 said he was reviewing the request by the Mexican sugar lobby to initiate the investigation. (Reporting by Adriana Barrera; Editing by W Simon and Meredith Mazzilli) '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-usa-trade-mexico-idUSKBN18Y22I'|'2017-06-07T23:13:00.000+03:00'
'2c5a8adea817bd3132e23b7ca847f4b6bea295cd'|'UPDATE 1-Abu Dhabi''s IPIC returns to profit as impairments drop'|'Market News - Thu Jun 8, 2017 - 7:41am EDT UPDATE 1-Abu Dhabi''s IPIC returns to profit as impairments drop (Adds details, context) By Stanley Carvalho ABU DHABI, June 8 Abu Dhabi''s state investor International Petroleum Investment Company (IPIC), which merged with state investment fund Mubadala Development Company last month, said it returned to profit in 2016, helped by a sharp drop in impairments and lower feedstock costs. IPIC owns energy assets across the world, including Spanish firm Cepsa and Canadian petrochemical maker NOVA Chemicals, and a majority stake in Austrian plastics company Borealis. It reported on Thursday a net profit attributable to equity holders of $446 million in 2016. In 2015 it had fallen into the red with a net loss of $2.6 billion. Revenues for 2016 fell to $33.8 billion, from $35.8 billion in 2015 due to lower oil prices. Despite lower revenues, IPIC made a profit thanks to lower feedstock costs, higher petrochemicals industry margins and lower impairments across the group, it said. Impairments fell sharply to $180 million in 2016 compared to $4.8 billion in the previous year, its financial statement showed. The firm''s total assets stood at $55 billion at the end of 2016, slightly lower than $57 billion in 2015, and its net debt decreased to $19.7 billion in 2016 from $22.2 billion in 2015. Earlier this year IPIC and Malaysia''s state fund 1Malaysia Development Berhad (1MDB) reached an agreement to settle a debt dispute. IPIC and Mubadala Development Company began operations as a merged entity on May 1 this year. The merged entity, Mubadala Investment Company, is active in 13 business sectors in more than 30 countries. ($1 = 3.6726 UAE dirham) (Reporting by Stanley Carvalho; Editing by Susan Fenton) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/ipic-results-idUSL8N1J52HF'|'2017-06-08T19:41:00.000+03:00'
'729988a35d8fd6d9e5c338d60f27f624876ecdec'|'IMF says ''differences narrowing'' in Greek debt relief talks with Europeans'|'Business News - Thu Jun 8, 2017 - 3:49pm BST IMF says ''differences narrowing'' in Greek debt relief talks with Europeans A man looks down as a Greek national flag flutters atop one of the bastions of the 17th century fortress of Palamidi under an overcast sky at the southern port city of Nafplio, Greece, February 19. 2017. REUTERS/Alkis Konstantinidis WASHINGTON The International Monetary Fund said on Thursday differences were narrowing in Greek debt talks with European lenders and it hoped an agreement could be reached in time for next week''s Eurogroup meeting. "I would characterize the discussions as making progress, differences are narrowing but we''re not there yet," IMF spokesman Gerry Rice told reporters without elaborating on the specifics of the progress. IMF chief Christine Lagarde is set to attend the meeting in Luxembourg on June 15. (Reporting by Lesley Wroughton) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-eurozone-greece-imf-idUKKBN18Z21O'|'2017-06-08T22:47:00.000+03:00'
'c5e88fb7012076852739d3e39bd9e4face41ff55'|'Oil rises off one-month lows struck after surprise stock build'|'Top   1:34am BST Oil rises off one-month lows struck after surprise stock build FILE PHOTO: A general view shows an drilling rig at the Lukoil company owned Imilorskoye oil field, as the sun rises, outside the West Siberian city of Kogalym, Russia, January 25, 2016. REUTERS/Sergei Karpukhin TOKYO Crude futures edged up in early Asian trading on Thursday following heavy losses in the previous session after official data showed that U.S. inventories rose for the first time in 10 weeks, reawakening concerns over a glut. U.S. crude futures CLc1 were up 24 cents, or 0.5 percent, at $45.98 (35.48 pounds) a barrel at 0026 GMT. On Wednesday. They closed down 5 percent, or $2.47 a barrel, in the previous session to the lowest settlement since May 4. Brent crude prices LCOc1 were 29 cents, or 0.6 percent, higher at a $48.35 a barrel, having fallen 4 percent in the previous session, also the lowest since May 4. U.S. stocks of crude oil and gasoline surprisingly rose last week as refinery runs declined and exports fell, official data showed on Wednesday. [EIS/] Crude inventories USOILC=ECI rose by 3.3 million barrels in the week ended June 2, compared with expectations for a decrease of 3.5 million barrels, the Energy Information Administration said. It was the first such increase in 10 weeks and came as refineries eased off on record processing levels that had reached a week earlier. U.S. refiners are still producing at a very high rate. The data surprised analysts and undercut a growing view that inventories were finally showing steady progress towards drawing down to seasonal averages. (Reporting by Aaron Sheldrick; Editing by Richard Pullin)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-global-oil-idUKKBN18Z01S'|'2017-06-08T08:34:00.000+03:00'
'40ec3647659fd7fa002cc535eea842ae723921ff'|'FTSE futures, gilt yields fall as odds improve on Corbyn-led government'|'Business News - Fri Jun 9, 2017 - 2:04am BST FTSE futures, gilt yields fall as odds improve on Corbyn-led government FILE PHOTO: A man shelters under an umbrella as he walks past the London Stock Exchange in London, Britain August 24, 2015. REUTERS/Suzanne Plunkett/File Photo LONDON London stock exchange futures sank, gilt yields fell and the pound dived below $1.27 GBP= for the first time in almost two months on Friday as odds tightened on Labour leader Jeremy Corbyn becoming the next British Prime Minister after UK elections. With trading volumes extremely thin out of London hours, FTSE futures FFIc1 were quoted down 0.2 percent as voting results began to come in, backing projections that showed Prime Minister Theresa May losing her overall majority in parliament. 10-year gilt yields also fell around 5 basis points GB10YT=TWEB from closing levels in London on Thursday, according to indicative data quoted by Tradeweb on Reuters systems, suggesting shocked investors will seek the security of bonds when markets reopen properly in London on Friday. (Writing by Patrick Graham) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-britain-election-stocks-idUKKBN190035'|'2017-06-09T09:04:00.000+03:00'
'2b4519bfd7276af1d6dbbd96196dabf63b0958a2'|'UPDATE 3-Navistar posts loss on inventory charge; sees strong second half'|'* Q2 revenue falls for 9th straight quarter* Q2 revenue in trucks business falls 5.5 pct* Reaffirms 2017 revenue, adj EBITDA forecast (Adds details from conference call, analyst comment and updates shares)By Arunima BanerjeeJune 7 Navistar International Corp posted a quarterly loss, compared with a year-ago profit, partly due to a $60 million charge related to used-truck inventories and said it expected overall market conditions to improve in the second half.The truck and engine maker''s shares were down 1.5 percent at $29.47 on Wednesday.Revenue in Navistar''s truck business, its biggest, fell 5.5 percent to $1.40 billion in the second quarter ended April 30.The results come in the backdrop of improving heavy truck orders. The orders had been declining as trucking companies adjusted their fleets amid lackluster retail sales and industrial output in the United States.Orders for Class 8 highway trucks in the United States, the 18-wheelers that haul freight across the country, soared 77 percent in April versus the same period a year earlier, according to preliminary data from industry forecaster FTR. ( bit.ly/2r239kc )"At this point in time, we are confident we can deliver year-over-year improvement," Chief Executive Troy Clarke said.Navistar reaffirmed its revenue and adjusted earnings before interest, tax, depreciation and amortization (EBITDA) forecast for the year and said it expected a stronger second half as its turnaround efforts start to pay off.The Lisle, Illinois-based company, which was once a leading maker of truck engines, is in the process of turning itself around after making a disastrous bet on a costly and unsuccessful proprietary smog-reduction system that did not meet regulatory standards.The company, which also makes school buses and dump trucks, has changed management, cut costs and redesigned its products, in a move to return to profitability."Guidance calls for improved EBITDA in 2017 and a significantly stronger second half to the fiscal year on sequential improvements in the company''s core markets," Jefferies analyst Stephen Volkmann said.Navistar said the $60 million charge was a result of a change in its sales strategy for its used MaxxForce 13 trucks to focus more on export sales.Net inventory on April 30 was $1.46 billion compared with $1.55 billion at the end of April last year.Net loss attributable to the company was $80 million, or 86 cents per share, in the quarter, compared with a profit of $4 million, or 5 cents per share, a year earlier. ( bit.ly/2sS8OuI )Revenue fell 4.6 percent to $2.10 billion. The company reported a fall in revenue for the ninth straight quarter.Up to Tuesday''s close, Navistar''s shares had fallen 4.6 percent this year. (Reporting by Arunima Banerjee in Bengaluru; Editing by Shounak Dasgupta)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/navistar-intl-results-idINL3N1J43HN'|'2017-06-07T13:32:00.000+03:00'
'c1f6fae4c0d36bda7038d1212f3da31efb8e9e02'|'Santander to carry out 7 billion euros capital raise to buy Popular'|'Top News - Wed Jun 7, 2017 - 8:48am BST Spain''s Santander rescues Banco Popular from collapse A woman leaves a Banco Popular branch in Madrid, Spain, June 6, 2017. REUTERS/Juan Medina By Sonya Dowsett and Francesco Canepa - MADRID/FRANKFURT MADRID/FRANKFURT Spain''s biggest bank Santander announced on Wednesday that it would buy struggling rival Banco Popular for a nominal one euro after European authorities determined the lender was on the verge of insolvency. Santander will carry out a capital increase of around 7 billion euros (6.1 billion pounds) to cover the capital and provisions required to boost Popular''s finances. The move, which followed a declaration by the European Central Bank that Banco Popular was set to be wound down, marks the first such use of a regime to deal with failing banks adopted after the financial crisis. It followed a withdrawal of deposits, which compounded the bank''s funding problems and ultimately triggered its sale, which will see Banco Popular shareholders and some of the bank''s creditors suffer losses. "The decision taken today safeguards the depositors and critical functions of Banco Popular," said Elke König, Chair of the Single Resolution Board, an EU agency that winds down stricken banks. The ECB had blamed what it called a "significant deterioration of the liquidity situation of the bank in recent days" in concluding that it "would have, in the near future, been unable to pay its debts or other liabilities." SHARE SLIDE Spanish Economy Minister Luis de Guindos said that Santander''s takeover was a good outcome for Popular given its situation in recent weeks and it would have no impact on public resources. It implied no contagion to other banks, he said. Santander Chairwoman Ana Botin said that the combination of the banks would strengthen the group''s geographic reach as the economy in Spain and Portugal improved. "We welcome Banco Popular customers," she said. Struggling under the weight of 37 billion euros of non-performing property assets left over from Spain''s financial crisis, Popular had seen its share price slump by more than a half after supervisors at the ECB warned Popular faced being wound down. That prompted the move by Santander. Santander, which did not absorb any underperforming lenders during Spain''s banking crisis, said the acquisition of Popular would accelerate growth and profit generation from 2019 onwards. It said it would set aside 7.9 billion euros to cover for non-performing assets after the acquisition. Popular''s non-performing loan ratio is around three times above the average of its Spanish rivals. Popular has long had one of the strongest small and medium sized company loan portfolios among Spanish lenders, and Santander said on Wednesday it would now lead the lucrative market in Spain, with a 25 percent share. (Additional reporting by Andres Gonzalez, Jose Elias Rodriguez and Angus Berwick in Madrid, Francesco Canepa in Frankfurt and Jan Strupczewski in Brussels; writing by John O''Donnell; Editing by Keith Weir)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-popular-m-a-santander-idUKKBN18Y0IO'|'2017-06-07T14:45:00.000+03:00'
'e9a7965cf10bf302e5a0387c4d7dac076632bce8'|'Nikkei falls as British election, ECB put markets on edge, financials weak'|'* Japan Display soars on reported mid-term plan* Financials weak on falling U.S. yieldsBy Ayai TomisawaTOKYO, June 7 Japan''s Nikkei share average fell on Wednesday morning as investors continued to shun riskier assets ahead of potentially market moving global events this week.The Nikkei dropped 0.2 percent to 19,931.43 points by midmorning.It hit a near two-year high of 20,239.81 last Friday, breaking above the psychologically important 20,000-mark for the first time since December 2015.But trade was thin, with investors awaiting Britain''s general election, a European Central Bank policy decision and former FBI director James Comey''s Senate testimony all due on Thursday. China is also releasing a raft of data this week."The overall market is quiet today and the market is especially focused on Comey''s testimony," said Hikaru Sato, a senior technical analyst at Daiwa Securities.He added that there is a risk of the dollar''s falling against the yen if the outcome of Comey''s testimony hinders U.S. President Donald Trump''s proposed tax overhaul and his broader economic stimulus agenda.Comey was investigating whether Trump''s presidential campaign and Russia colluded to sway the 2016 U.S. election when he was fired by Trump in May.On Wednesday, the dollar was little changed at 109.50 yen , failing to give the market a direction.Exporters were mixed, with Toyota Motor Corp falling 0.2 percent, Honda Motor Co dropping 0.6 percent and Advantest Corp rising 0.5 percent.Banks and insurance companies, which hunt for higher-yielding products, lost ground on falling U.S. Treasury yields.Mitsubishi UFJ Financial Group dropped 0.2 percent, Mizuho Financial Group shed 0.5 percent, and T&D Holdings slid 1.1 percent.Bucking the trend, Japan Display Inc soared 8.7 percent after the Nikkei business daily reported the company will unveil a new medium-term plan by August under new management, to be appointed on June 21 at its annual shareholders meeting.The firm is scrapping a modest reform plan that failed to right the ship and is embarking on a wholesale reorganization, revamping domestic production sites and even exploring a capital partnership with a peer, the Nikkei said.The broader Topix shed 0.1 percent to 1,594.31 and the JPX-Nikkei Index 400 declined 0.2 percent to 14,212.56. (Editing by Kim Coghill)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/japan-stocks-midday-idINL3N1J41BV'|'2017-06-07T00:04:00.000+03:00'
'18785f20901c36cfc5387f4f9d8d4e15d285d9bb'|'European futures edge higher after shock UK election result'|'Business News - Fri Jun 9, 2017 - 7:15am BST European futures edge higher after shock UK election result Britain''s Prime Minister Theresa May waits for the result of the vote in her constituency at the count centre for the general election in Maidenhead, June 9, 2017. REUTERS/Toby Melville LONDON European stocks futures opened a touch higher on Friday after a shock UK election result looked set to throw Britain into fresh political turmoil, with Prime Minister Theresa May''s party on course to lose its majority. Eurostoxx 50 futures were up 0.1 percent, while futures for Britain''s FTSE were 0.4 percent higher, with the FTSE 100 set to benefit from a drop in sterling. (Reporting by Kit Rees)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-europe-stocks-idUKKBN1900KR'|'2017-06-09T14:15:00.000+03:00'
'f4cb3eadfaf566bd5aa8b309d26f0651d9320862'|'Qatar could defend currency for years, its balance sheet shows'|'Business News - Fri Jun 9, 2017 - 9:49am EDT Qatar could defend currency for years, its balance sheet shows A cashier counts Qatari riyal notes at a money changer in Doha May 28, 2013. REUTERS/Fadi Al-Assaad By Andrew Torchia and Sujata Rao - DUBAI/LONDON DUBAI/LONDON Qatar could defend its currency for years in the face of economic sanctions by other Gulf states, the country''s balance sheet suggests, so the riyal''s peg to the U.S. dollar is unlikely to fall victim to the region’s diplomatic crisis. The decision by Saudi Arabia, the United Arab Emirates, Baharain and Egypt to cut diplomatic and transport ties this week threatens to hurt Qatar''s trade balance, suck deposits from its banks and push out foreign investment. Reflecting this threat, the riyal fell on Friday in the offshore forwards market QAR1Y=W to its lowest level against the dollar since December 2015, when low oil and gas prices raised concern about all the Gulf economies. But the world''s top liquefied natural gas exporter is so rich that it could offset the threatened capital outflows by liquidating just a portion of its financial reserves. And as long as it can keep exporting gas, its current account balance is unlikely to go deep into the red. That means the riyal''s spot market peg of 3.64 to the dollar QAR= is probably safe for the foreseeable future. Any decision to change the peg would essentially be political rather than economic. At their lowest on Friday, forwards prices implied riyal depreciation of under 2 percent over the next 12 months. Many economists at financial institutions in the Gulf decline to discuss Qatar publicly because of the political tensions, but privately they say they expect Qatar to defend its currency successfully. "We are not looking for the Qatari peg to break," wrote Chris Turner, global head of strategy at Europe''s ING, though he called the pressure on the riyal unprecedented and said other countries'' experience in the past 25 years indicated that if the peg did break, the riyal could fall at least 20 percent. ASSETS Cutting Qatar''s credit rating to AA- this week, Standard & Poor''s put the government''s liquid external assets at 170 percent of gross domestic product, or about $295 billion, based on the International Monetary Fund''s estimate of Qatari GDP. Capital outflows could come in several forms. Foreign investors have already started to sell Qatari equities; a complete pull-out could mean an outflow of nearly 10 percent of the stock market, or about $15 billion. Qatari banks had 451 billion riyals ($124 billion) of foreign liabilities in March, most in the form of loans and deposits from foreign banks. Less than half that is from banks in other Gulf states. Some Saudi, UAE and Bahraini banks have already started to cut their exposure to Qatar, and they could cut aggressively if the diplomatic crisis continues and their governments order them to do so. Riyadh may also try to force foreign banks to choose between the Saudi and Qatari markets. If foreign banks cut two-thirds of their exposure to Qatar in coming months, that could mean an outflow of over $80 billion. Then there is the current account balance. Before the crisis, the IMF predicted firm oil and gas prices would help Qatar run a surplus of $1.2 billion this year, rising gradually to $4.7 billion in 2020, against a deficit of $3.5 billion last year. Ten percent of Qatar''s exports, which the IMF has estimated at $70 billion this year, are to countries that have blocked trade, S&P calculated; import costs are likely to rise because of the closure of the land border with Saudi Arabia. Costs may also rise as Qatar''s isolation forces it to pay higher wages to the foreign professionals and workers who make up the vast majority of the population of about 2.6 million. The result could be a current account deficit of several billion dollars annually while the crisis lasts - a drain on resources, but not a decisive one considering Doha''s assets. Because of its small size and the fact that many major banks have links to the government, Qatar would probably find it easier than most countries to impose capital controls if that became necessary to prevent residents from sending large amounts of money abroad. Jason Tuvey, Middle East economist at Capital Economics in London, said he did not expect the riyal''s peg to break. Even Riyadh, which also fixes its currency to the dollar to maintain investor confidence and limit volatility in its oil revenues, might want to avoid driving Qatar to take that step. "After all, if Qatar is forced to devalue, fresh concerns may be raised about other dollar pegs in the region." (Reporting by Andrew Torchia, editing by Larry King) '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-gulf-qatar-currency-idUSKBN19020X'|'2017-06-09T21:49:00.000+03:00'
'3ee7b47e19e5af9f5e63c3c197de27d4c82a3d6f'|'CANADA STOCKS-TSX falls as oil price dip puts pressure on energy shares'|'Market News - Wed Jun 7, 2017 - 11:56am EDT CANADA STOCKS-TSX falls as oil price dip puts pressure on energy shares (Adds details throughout on sectors and stocks; updates prices) * TSX falls 101.49 points, or 0.66 percent, to 15,363.07 * Nine of the index''s 10 main groups lose ground * Energy falls 2.8 percent TORONTO, June 7 Canada''s main stock index fell on Wednesday as a sharp drop in oil prices put pressure on energy shares, while the financials group was little changed even as an analyst upgrade boosted insurer Sun Life Financial Inc. Some of the biggest weights on the index were Canadian Natural Resources Ltd falling 3.0 percent to C$38.42 and the overall energy group was down 2.8 percent. Oil extended earlier losses after U.S. data showed a surprise build in U.S. crude inventories. U.S. crude prices were down 4.2 percent at $46.19 a barrel. The materials group, which includes precious and base metals miners and fertilizer companies, lost 0.8 percent. Gold prices dipped but held near seven-month highs with sentiment still bullish because of political uncertainty created by two events on Thursday - a general election in Britain and U.S. Senate testimony by former FBI director James Comey, who was fired by President Donald Trump in May. Telecommunication shares lost 1.4 percent. Still, the group has rallied more than 13 percent since mid-November. At 11:41 a.m. ET (1541 GMT), the Toronto Stock Exchange''s S&P/TSX composite index fell 101.49 points, or 0.66 percent, to 15,363.07. Nine of the index''s 10 main groups were lower. The financial services group was the lone group not to fall, trading near flat. It was helped by a 2.4 percent gain for Sun Life Financial to C$44.86 after RBC raised its rating on the stock to outperform from sector perform. Canadian dollar-store operator Dollarama Inc reported a better-than-expected profit for the eighth straight quarter, as customers on average spent more at its stores, sending shares to an all-time high. Its shares rose 0.3 percent to C$128.38 Blackberry Ltd. rose 0.5 percent to C$15.07. The company said it has developed new software for running complex computer systems on vehicles that will be bundled with semiconductors sold by Qualcomm Inc QCOM.O. (Reporting by Fergal Smith; editing by Grant McCool) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/canada-stocks-idUSL1N1J412F'|'2017-06-07T23:56:00.000+03:00'
'f814a94c913d04a68a2f4c783fc735822460bd7f'|'Mall owner GGP doubles down on brick and mortar retailing'|'Business News - Wed Jun 7, 2017 - 1:22pm EDT Mall owner GGP doubles down on brick and mortar retailing By Herbert Lash - NEW YORK NEW YORK The head of GGP Inc ( GGP.N ), one of the biggest high-quality U.S. mall property owners, sees the recent spate of U.S. department store closings as a chance to expand its redevelopment operations with plans to buy 100 of the shuttered emporiums. Sandeep Mathrani, chief executive of GGP, on Wednesday said he was not against department stores but has latched onto their concept of offering a wide range of products under one roof. In the past six years GGP has redeveloped 115 department stores that once were mall anchors, and the real estate investment trust (REIT) has plans to redevelop another 100 in the next few years. "What we have done is, the mall has really become the department store," Mathrani said at 2017 REIT Week, an investor forum organized by the National Association of Real Estate Investment Trusts. "We''ve done this 115 times. We have a pretty good idea that it actually works." Mathrani is convinced malls can thrive and overcome an e-commerce surge, which has forced thousands of U.S. retail stores to close in recent years, if they are filled with the right mix of retailers with a product customers want. Macy''s closed 63 stores earlier this year, while JC Penney and Sears Holdings announced plans to shutter about 290 department stores. Brokerage Cushman & Wakefield has estimated up to 8,000 retail stores could close in 2017. GGP''s shares are down 9.4 percent so far this year on investor fears e-commerce will destroy malls and retail stores. Shares of other retail REITs are down 30 percent, but have come off their recent lows. Mathrani, like many other owners of retail venues, believes the malls can survive and thrive because shoppers need to touch, feel and see a product, and because brick and mortar resolves the issue of the "last mile" in distributing consumer goods. When a consumer picks up an order at the store, it costs the retailer $0.75, Mathrani said. If the retailer ships the product to the consumer, the cost climbs to $5, he said. While picking up the order at the store, the consumer often shops and buys more, a sale the e-commerce retailer misses, he said. In short, brick and mortar has an advantage over on-line shopping and will survive, while e-commerce needs to acquire a physical presence to gain market share, Mathrani said. "At the end of the day, the retailer may evolve, but the real estate stays," he said. (Reporting by Herbert Lash; Editing by Daniel Bases and Andrew Hay) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-usa-property-reits-ggp-idUSKBN18Y2LD'|'2017-06-08T01:21:00.000+03:00'
'd6445353af63a081a61ec1bd3d8cdec4c4d43139'|'Evergreen and OOCL suspend Qatar shipping services for now'|'Market News - Wed Jun 7, 2017 - 5:19am EDT Evergreen and OOCL suspend Qatar shipping services for now LONDON, June 7 Taiwan''s Evergreen and Hong Kong''s OOCL said on Wednesday they had suspended shipping services to Qatar in another sign of trade pressure on the state after Arab states severed diplomatic ties this week. Evergreen, the world''s no.6 container shipping line, said in a statement that "in light of the blockade imposed on Qatar" it had suspended services until further notice. OOCL, the world''s no. 7 carrier, said "in response to the current political climate in the region, all OOCL booking to/from Qatar is suspended until further notice". Maersk, the world''s biggest container shipping line, said on Tuesday it was unable to transport goods in or out of Qatar because it could not take them through the UAE port of Jebel Ali. Maersk added that it was trying to find alternative routes. Several Middle Eastern countries, including Saudi Arabia, Egypt and the United Arab Emirates, cut ties with the Gulf state on Monday over what they say is Qatar''s support for terrorism, an accusation Qatar vehemently denies. (Reporting by Jonathan Saul, editing by Louise Heavens) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/gulf-qatar-shipping-idUSL8N1J41Z3'|'2017-06-07T17:19:00.000+03:00'
'03bc54d7d53cd3716c52dd961838e71428f215ca'|'Ryanair interested in cooperating with, but not buying, Alitalia'|'DUBLIN Ryanair ( RYA.I ) has submitted an expression of interest to administrators trying to sell troubled airline Alitalia, but is interested in cooperating with the business rather than buying it, the Irish low-cost carrier said on Wednesday.Alitalia filed in May to be put under special administration for the second time in less than a decade, starting a process that will lead to the loss-making airline being overhauled, sold off or wound up.Administrators said on Tuesday they had received 32 expressions of interest before the deadline to submit potential offers expired on Monday, but did not provide any names."We have submitted an expression of interest," a Ryanair spokesman said in an emailed statement. "As previously stated, we are not interested in buying Alitalia. However, we have offered to feed Alitalia’s long haul traffic."Two weeks ago Ryanair Chief Executive Michael O''Leary said he planned to submit an expression of interest in order to participate in the process rather than to purchase the airline, and that he believed the Italian carrier had a viable future if sensibly restructured.Ryanair said it wanted to provide short-haul traffic to feed Alitalia''s long-haul network and could deploy up to 20 aircraft at two weeks'' notice this summer if Alitalia cut capacity significantly.The spokesman did not say on what terms Ryanair might provide feeder flights, but it has offered to link up to other long-haul carriers in recent months on condition Ryanair would not be responsible for any missed connections.Alitalia has refused a similar offer in the past.The Italian government appointed three commissioners to assess whether Alitalia can be restructured, and has given them six months to come up with a plan.Several Italian media said none of the expressions of interest were for the entire airline but only for certain assets, such as fleet or airport slots.The government has repeatedly said it would prefer to sell the airline in one block, partly to minimize the impact on its 12,500 staff. It has ruled out re-nationalizing Alitalia.The commissioners will now examine the submissions and select those that will be given access to Alitalia''s data room.Lufthansa CEO Carsten Spohr said this week the German airline would look at any opportunities that arise in Italy, but it had no plans to buy Alitalia.He added Lufthansa would look at Alitalia planes should they come up for sale.Turkish Airlines denied reports it was interested in Alitalia''s assets.Alitalia could not immediately be reached for comment.(Reporting by Conor Humphries in Dublin, Agnieszka Flak in Milan and Ceyda Caglayan in Istanbul; Editing by Mark Potter)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-alitalia-m-a-ryanair-idINKBN18Y1WY'|'2017-06-07T12:02:00.000+03:00'
'dde6936ef58ea669d7a4e2665181c906e585d9d0'|'Teva''s migraine drug clears another hurdle, aims for launch in 2018'|'Health News - Wed Jun 7, 2017 - 10:48am EDT Teva''s migraine drug clears another hurdle, aims for launch in 2018 JERUSALEM Teva Pharmaceutical Industries Ltd said on Wednesday its experimental drug to prevent migraines cleared another late-stage study, setting it on course for U.S regulatory approval and launch in the second half of 2018. The drug''s success would be a much needed boost for Teva, Israel''s biggest company and the world''s largest generic drugmaker. Analysts have estimated it could generate at least $1 billion in sales annually. Teva''s stock price has plummeted over the past few months after a series of costly acquisitions and delayed drug launches, while its best-selling multiple sclerosis drug Copaxone faces new generic competition. The new migraine treatment, fremanezumab, significantly reduced the amount of headaches suffered by patients during a phase III trial in episodic migraine prevention using both monthly and quarterly doses, Teva said. Teva also released positive results for the drug treating less-prevalent chronic migraines a week ago. "Teva plans to submit a Biologics License Application to the U.S. Food and Drug Administration for fremanezumab later this year in both episodic and chronic migraine with anticipated approval and launch in the second half of 2018," it said. Its shares, which hit a decade low last month, were up 0.6 percent in early trading in New York on Wednesday. Teva as well as companies such as Amgen Inc, Eli Lilly Co and Alder BioPharmaceuticals Inc are developing similar drugs to target calcitonin gene-related peptide, or CGRP, a protein involved in pain-signalling during migraine. The lack of effective medicines and the sheer number of patients guarantee that each company''s drug, if approved, will eventually generate at least $1 billion in sales, analysts have forecast. This could help to offset an expected blow to Teva which faces new generic competition to Copaxone. About 40 million Americans suffer from migraine - intense headache characterized by throbbing pain and sensitivity to light and nausea. The condition, which can last for days, is incurable. (Reporting by Ari Rabinovitch. Editing by Jane Merriman) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-teva-pharm-ind-migraine-idUSKBN18Y233'|'2017-06-07T22:38:00.000+03:00'
'4683cde8da001fad0183d2a9011b701fbe501196'|'German industrial output rises more than expected in April'|'Business News  07am BST German industrial output rises more than expected in April FILE PHOTO: A worker controls a tapping of a blast furnace at Europe''s largest steel factory of Germany''s industrial conglomerate ThyssenKrupp AG in the western German city of Duisburg December 6, 2012. REUTERS/Ina Fassbender/File Photo BERLIN German industrial production increased more than forecast in April, data showed on Thursday, reinvigorating hopes that this sector will help prolong an upturn in Europe''s biggest economy after orders data disappointed. Industrial output rose by 0.8 percent on the month, data from the Economy Ministry showed. That beat the consensus forecast in a Reuters poll for a gain of 0.5 percent. The upturn was driven by a surge in energy production and factories churning out more intermediate goods. The March reading was revised up to a fall of 0.1 percent from a previously reported drop of 0.4 percent. Data published on Wednesday had shown industrial orders dropped far more than expected in April as factories lacked new contracts for big ticket items. (Reporting by Michelle Martin, editing by Thomas Escritt)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-germany-economy-output-idUKKBN18Z0L7'|'2017-06-08T14:07:00.000+03:00'
'17de3e4ae429701776cf8675b1c47d0471194ec1'|'Parched soils threaten Canadian canola, spring wheat -report'|'Commodities - Wed Jun 7, 2017 - 11:49am EDT Parched soils threaten Canadian canola, spring wheat: report The last stands of wheat remain before being harvested by the Sawyer family near Acme, Alberta, September 23, 2009. REUTERS/Todd Korol By Rod Nickel - WINNIPEG, Manitoba WINNIPEG, Manitoba Canada''s western farm belt, dogged by excessive rain in some areas this spring, is now facing parched conditions in others, threatening wheat and canola crops, crop analysts say. A large area of southern Saskatchewan and southwestern Manitoba has received less than 40 percent of normal precipitation during the 30-day period leading up to June 5, according to Agriculture and Agri-Food Canada. Much of east-central Alberta and west-central Saskatchewan has the opposite problem, having collected more than double the usual amounts of precipitation. The southern Prairies need 0.5 to 1.5 inches (13-38 mm) of rain soon - "a $1-million-dollar" shower to accelerate growth, said Dave Reimann, grain market analyst at Cargill Ltd [CARGIL.UL]. Spring wheat and canola in Saskatchewan, the biggest provincial producer of those crops, are seven to 10 days behind their normal development, despite being planted on time this spring, said Shannon Friesen, cropping management specialist for the provincial government. High winds have compounded the problem, drying up what little moisture Saskatchewan and Manitoba have received. Some crops have yet to poke through the soil and may not emerge at all without a significant rain in the next week, Friesen said, adding: "Some of those crops could be done." Minneapolis spring wheat futures 1MWEc1 have gained about 12 percent since mid-May on concerns about hot, dry weather in the northern U.S. Plains, which border the southern Canadian Prairies. Environment Canada, a government agency, is forecasting hot, dry weather for most of the next week across the southern Prairies, although some dry parts of Manitoba and Saskatchewan may get periodic showers. Canada is a major wheat exporter and the biggest global grower of canola, used to make vegetable oil. Elsewhere, farmers who are planting later than normal may decide to sow additional acres of short-season crops, such as barley and oats, said FarmLink Marketing Solutions senior market analyst Neil Townsend. Other farmers in Alberta''s wet Peace River region may expand canola plantings at the expense of spring wheat, which takes longer to grow, said Neil Arbuckle, national sales lead at the Canadian unit of seed and chemical dealer Monsanto Co ( MON.N ). "Although canola is costlier, even with a wheat price rally, canola could provide a higher return given the excellent yields farmers have been experiencing recently," Arbuckle said. Statscan is scheduled to estimate Canadian plantings on June 29. (Reporting by Rod Nickel in Winnipeg, Manitoba, editing by G Crosse) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-canada-crops-idUSKBN18Y2AH'|'2017-06-07T23:45:00.000+03:00'
'ed7fde3ee46175580f13065766f0af186deea3b5'|'Investors struggle to figure out ProSieben''s digital strategy'|'Technology News - Tue Jun 6, 2017 - 5:35pm BST Investors struggle to figure out ProSieben''s digital strategy left right FILE PHOTO: Satellite dishes of the German television stations Kabel 1, SAT 1 and Pro Sieben are pictured on the roof of the company''s office in Berlin. REUTERS/Arnd Wiegmann/File Photo 1/2 left right FILE PHOTO: Thomas Ebeling, CEO of Germany''s biggest commercial broadcaster ProSiebenSat.1 Media AG, poses before the company''s annual news conference in Unterfoehring, north of Munich February 28, 2013. REUTERS/Michael Dalder/File Photo 2/2 By Sophie Sassard and Jörn Poltz - LONDON/MUNICH LONDON/MUNICH In November last year, the head of Germany''s ProSiebenSat.1 went cap in hand to his biggest investors looking to raise more than half a billion euros. The cash was to be used to finance the company''s further shift away from relying on its television advertising business and create a more broadly based digital powerhouse, ProSieben Chief Executive Thomas Ebeling explained. More than six months later, shareholders are still waiting for Ebeling to spend the money and are increasingly uneasy about the strategy. The broadcaster says its plan is simple -- to encourage viewers of its TV shows to use its online sites as well. Investors said an initial partnership with Zalando some five years ago raised expectations as the online fashion retailer grew into a European leader thanks in part to being promoted on ProSieben''s channels. "Our strategy is to realize synergies from the combination of our entertainment and commerce assets. The underlying idea is: watch, click and buy," said a ProSieben spokeswoman. But critics say the company lacks a clear leader in an e-commerce portfolio which they argue is too diversified, with activities in travel, price comparison, online dating and even sex toys. Shares in the group, which have been part of the DAX index of leading German companies for more than a year, have underperformed European media sector peers by 17 percent over the past 12 months. "There is a lot of scepticism at the moment," said a top 10 ProSieben shareholder, noting that some investors opted to sell when the shares fell after the capital increase. "Everyone is now afraid of further value destruction," he added. "It''s not clear how they''ll grow digital." Defending the strategy, the company spokeswoman pointed to profits of 250 million euros ($282 million) generated by the 40 e-commerce firms ProSieben has bought at a cost of 1.1 billion euros since 2012. ProSieben has just passed the landmark of generating more than half of its revenues outside its traditional TV advertising business and aims to extend this trend in 2018. POTENTIAL PARTNERS ProSieben, whose programs include "Germany''s Next Top Model", faces familiar challenges to other established broadcasters in European markets. Rival streaming services are disrupting viewing patterns and making it harder to deliver the mass audiences for which advertisers are prepared to pay premium rates. Faced with this changing landscape, ProSieben has held informal talks with a number of peers about possible tie-ups over the past 12-18 months, according to sources with knowledge of the talks. However, ProSieben''s digital business, its strong German focus and still relatively high valuation, have put off all the potential partners. Only Britain''s main commercial channel ITV - described by all the sources as the ideal partner in ProSieben''s view despite the potential negative impact of Brexit in the short-term - could offer a glimmer of renewed hope after the departure of Chief Executive Adam Crozier at the end of this month. Crozier was seen as being opposed to a merger after successfully turning the British broadcaster around.A spokesman for ITV said the group does not comment on speculation. ProSieben, however, thinks it is under no pressure for a transformational deal for at least the next five years, said sources familiar with its thinking. The company declined to comment directly on M&A plans. Meanwhile, Ebeling is hoping partnerships with European peers in video-on-demand (VOD) and production will help it fight off competition from the likes of Netflix. ProSieben recently joined forces with Discovery, Italy''s Mediaset and France''s TF1 to create shows and content for Internet platforms such as YouTube. But some investors say the company risks falling between two stools as things stand. "They are not growing enough for a growth investor, not generating enough cash to be a proper cash return stock," said Artemis fund manager Jacob de Tusch-Lec, a former top 25 investor before he sold his shares at the start of this year. "The patchy digital strategy and the dilution stemming from the cap hike make them the typical artificial growth stock." CASH PILE ProSieben''s own streaming platform Maxdome, its response to over-the-top media players such as Netflix and Amazon, is fading after a promising start. It has lost ground to those U.S. online competitors and now ranks only fourth in its home market behind sector leader Amazon, Netflix and Sky Deutschland, according to media consultant Goldmedia. "U.S.-based over-the-top players will eventually get better than European broadcasters at matching customers'' expectations in every market in which they operate thanks to their data analytics capabilities," said Wesley Lebeau, portfolio manager at CPR Asset Management. "This will cause a profound disruption and force free-to-air TV players in Europe to consolidate their market." ProSieben is aiming to defend its position in the media market by supplying its own content to Netflix and Amazon. It is also on the lookout for regional acquisitions to strengthen its presence in German-speaking TV markets, although such small deals would hardly move the needle, the people said. ProSieben says its energy comparison site Verivox and most of its online travel agents are market leaders. Other online properties like dating site Parship are household names. However, a recent decision to explore a sale of some strong performing travel assets including eTRAVELI which it values at 500 million euros has added to concerns that the company is simply piling up cash with no clear plan how to spend it. "I held ProSieben from 2010 and it''s been a great story for some time," said de Tusch-Lec of Artemis. "It''s not clear what the next chapter will be." For a graphic, click: reut.rs/2rZL4Zb (Reporting by Sophie Sassard; Editing by Keith Weir) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-prosieben-media-strategy-analysis-idUKKBN18X22L'|'2017-06-06T23:51:00.000+03:00'
'c2fd1500d8fca14a94ad85375ae03add322be88d'|'Wall St Week Ahead-As large cap gets larger, can the tech rally continue?'|'NEW YORK Technology shares have led U.S. stocks to record highs and are expected to continue to rise, but as market value becomes concentrated in the largest companies, some are beginning to look for the next rally leader.The technology sector of the S&P 500 .SPLRCT has risen roughly 20 percent so far in 2017, led by Apple ( AAPL.O ), Alphabet ( GOOGL.O ), Facebook ( FB.O ) and Microsoft ( MSFT.O ).The only other company with comparable gains in market value this year is Amazon ( AMZN.O ), a market darling not in the tech sector despite being a big player in cloud services and data storage."These are the dominant players in their specific spaces and the hottest areas in tech," said Daniel Morgan, senior portfolio manager at Synovus Trust Company in Atlanta, highlighting their exposure to the cloud and artificial intelligence."You will continue to see money flowing into those names. People want to be exposed to the hottest areas," he said.(To view a graphic on ''The Five Horsemen: growing influence of largest technology companies'' click reut.rs/2sntpYb )Active funds have continued to throw their money behind the leaders with a record overweight on the technology sector, according to BofA/Merrill Lynch data going back to 2008.But more than a third of the 2017 gains in the S&P 500 have come from these five companies, and the concentration of the advance has some investors jittery."Given how significant the (large cap) leadership has been year to date, I kind of think you need to find another group to produce that leadership," said Jim Tierney, chief investment officer of concentrated U.S. growth at AllianceBernstein in New York.Echoing Dell[DI.UL], Cisco ( CSCO.O ), Intel ( INTC.O ) and yes, Microsoft itself, the leaders of the Y2K tech boom, these new "five horsemen" have added more than $612 billion in value to the stock market this year. Their 2017 gains alone could buy the 85 smallest companies of the S&P 500.Their combined value, near $3 trillion, is not far from the market value of all the other components of the Nasdaq 100.NOT THAT EXPENSIVE, BUT...This tech rally has come hand in hand with heightened expectations for profits. Investors are currently paying $18.50 for every $1 in earnings expected over the next 12 months in the sector, compared to the more than $40 they paid during the dot-com bubble and even the $20-plus seen during the most recent market peak in 2007.Tech sector earnings are expected to grow 11 percent in the second quarter after rising near 21 percent in the first, according to Thomson Reuters I/B/E/S data.However, with gains of more than 33 percent for Apple, Facebook and Amazon, near 25 percent for Alphabet and 15 percent in Microsoft, compared to a gain of 8.5 percent for the S&P 500, the room for more upside is declining.Despite expecting gains upward of 20 percent for the rest of the year on the so-called FANG stocks - Facebook, Amazon, Netflix and Alphabet - and their ilk, analysts at Fundstrat recommended in a Friday note balancing portfolios by scooping up the year''s underperformers: banks, energy and telecoms.They are not alone in searching for exposure outside technology."We''re most overweight in technology but I don''t want to stay too long at the party," said Alan Gayle, director of asset allocation at RidgeWorth Investments in Atlanta."What I''m watching for is an opportunity to lighten up on tech exposure and put it into some of the more cyclical areas," he said. "Financials are going to be catching a tailwind."AllianceBernstein''s Tierney bets beyond tech on healthcare .SPXHC, the second-largest sector weight on the S&P 500."Healthcare has really lagged the last 18 months or so. They could certainly pick up the mantle."(Reporting by Rodrigo Campos, additional reporting by Sinead Carew and Chuck Mikolajczak; Editing by Cynthia Osterman)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-usa-stocks-weekahead-idUSKBN18T330'|'2017-06-03T07:13:00.000+03:00'
'2fbc5482c58cec1e06b3173be8e58087f0ce8f9b'|'Russian tycoon Deripaska says En+ wants $1.5 billion from possible IPO'|'Business   7:49pm BST Russian tycoon Deripaska says En+ wants $1.5 billion from possible IPO Russian tycoon Oleg Deripaska attends a session of the St. Petersburg International Economic Forum (SPIEF), Russia, June 1, 2017. REUTERS/Sergei Karpukhin MOSCOW En+ Group, which manages Russian tycoon Oleg Deripaska''s aluminium and hydro power businesses, wants to raise about $1.5 billion (1.16 billion pounds) from a possible initial public offering (IPO) in London, Deripaska said on Friday. En+ owns assets in metals and energy, including a 48 percent stake in Rusal ( 0486.HK ), a Hong Kong-listed Russian aluminium producer, which is a big consumer of hydroelectricity produced by En+''s power companies. The decision about the IPO may be taken in the next 18 months subject to market conditions, Deripaska said in an interview with Rossiya 24 TV on the sidelines of the St Petersburg International Economic Forum. The group is not in a hurry to do the deal and may wait for better market conditions as several other Russian firms are expected to do their deals soon, he added. As of late April, En+ Group planned to raise $2 billion from the sale of a 20-25 percent stake in London and Moscow as early as June, according to sources familiar with the deal. The funds from the possible deal were expected to be used for refinancing of En+''s $5-billion debt. (Reporting by Polina Devitt and Anastasia Lyrchikova; editing by Adrian Croft)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-russia-economic-forum-en-idUKKBN18T2QH'|'2017-06-03T02:49:00.000+03:00'
'ff7cea33177abe2b0f9e020eafec4e412ef7717d'|'Wall Street sees Fed on track for rate hike in June despite tepid May jobs data - Reuters poll'|'United States Central Banks - Fri Jun 2, 2017 - 9:00pm BST Wall Street sees Fed on track for rate hike in June despite tepid May jobs data - Reuters poll Flags fly over the Federal Reserve Headquarters on a windy day in Washington, U.S., May 26, 2017. REUTERS/Kevin Lamarque By Richard Leong - NEW YORK NEW YORK Wall Street''s top banks see the Federal Reserve as being on track to raise interest rates at its policy meeting later this month even after a government report showed a severe pullback in hiring in May, a Reuters poll showed on Friday. The drop in May''s jobless rate to a 16-year low, together with a decent rise in wages, were seen as enough for Fed policy-makers to raise rates for the third time since last December as they seek to scale back monetary stimulus, according to the banks'' economists. "The overall report shows a continued tightening in labour markets and should help solidify the Fed''s decision to hike rates in June," said Mark Doms, senior economist at Nomura Securities International, one of 23 U.S. primary dealers that do business directly with the Fed. Still, the slower payrolls growth combined with unexpectedly soft inflation in March and April raised questions as to when the central bank may increase rates again after June. The 18 primary dealers surveyed on Friday expected the Fed to increase the target range on key overnight borrowing costs by a quarter point to 1.00-1.25 percent at its June 13-14 meeting. For an interactive graphic on portrait of the U.S. labour market, click - tmsnrt.rs/2qPlEbx For an interactive graphic on participation in the U.S. labour market, click - tmsnrt.rs/2rO1SCb For an interactive graphic on U.S. labour market by sector, click - tmsnrt.rs/2rtDN0s For an interactive graphic on U.S. unemployment, click - tmsnrt.rs/2rAvmms (Reporting by Saqib Ahmed, Karen Brettell, Sinead Carew, Sam Forgione, Richard Leong, Chuck Mikolajczak, Dion Rabouin and Caroline Valetkevitch; Editing by Chizu Nomiyama)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-usa-fed-poll-idUKKBN18T2TU'|'2017-06-03T04:00:00.000+03:00'
'a95f2e30bb2bace9291a615791a9c2eeec45b0b4'|'Brazil''s BR Properties talking to advisors about potential share offering'|'SAO PAULO, June 2 Brazilian real estate company BR Properties SA is contacting advisors for a potential share offering, the company said in a securities filing on Friday.BR Properties said it has not yet taken a decision on the matter. Newspaper O Estado de S. Paulo reported on Friday buyout firm GP Investments Ltd and sovereign wealth fund Abu Dhabi Investment Authority will subscribe to about 70 percent of the so-called follow-on offering. ($1 = 3.2395 reais)(Reporting by Tatiana Bautzer; Editing by Chris Reese)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/br-properties-newissues-filing-idINE6N1FG043'|'2017-06-02T20:18:00.000+03:00'
'b7067fc5378eb689f2608ccec3d2ad0a31e66781'|'Relocating euro clearing would raise costs - industry body'|'Top   2:04pm BST UK must speak up to preserve global markets role after Brexit - ICE CEO left right FILE PHOTO: Inflated euro sign is seen outside the new headquarters of the European Central Bank (ECB) in Frankfurt, January 22, 2015. REUTERS/Kai Pfaffenbach/File Photo 1/2 left right Jeff Sprecher, chief executive officer of IntercontinentalExchange speaks during the Sandler O''Neill global exchange and brokerage conference in New York June 10, 2011. REUTERS/Lucas Jackson 2/2 By Huw Jones - LONDON LONDON Britain must show its support for markets with measures such as keeping taxes low if it wants to remain a top global financial centre after Brexit, Intercontinental Exchange Chairman and Chief Executive Jeff Sprecher said on Tuesday. He said he did not expect exchanges to be at the top of the UK government''s priority list in Brexit negotiations, but these businesses had been identified by other countries as being important for capital markets and job creation. It is unclear whether disruption to cross-border customer links can be avoided after Brexit, leaving banks, insurers, asset managers and exchanges based in London to consider new EU bases. "To a certain extent, the UK has taken our presence here for granted," he told an IDX derivatives conference, and urged Britain''s government to show its support, such as by maintaining low tax and stable legal regimes. Markets were based in London because of stable regulation, taxes and predictable law, but it was not clear if this would continue in future, Sprecher said. Sprecher, whose company operates a derivatives exchange in London, said he was asked by France, Germany and the Netherlands if he wanted to build up a base on the continent after Britain leaves the European Union in 2019. Rival U.S. exchange CME is closing its UK-based trading platform and clearing house due to poor customer demand, though it continues to offer U.S.-based products in Europe. Sprecher said the CME''s decision was a "canary in the coalmine" that showed no exchange needed to be physically based in Britain. CME Group President Bryan Durkin said no UK government official had called him after the decision was announced. Government policy can impact not just where markets are based, but their "vibrancy and efficiency" as well, Durkin said. EURO CLEARING The EU''s executive European Commission is due this month to set out how and where euro denominated derivatives should be cleared after Brexit. The bulk of clearing is currently done in London by a London Stock Exchange unit. The Futures Industry Association (FIA) said forcing a change in location would fragment markets and bump up costs. The amount of margin, or cash banks post in case a derivatives trade defaults, could nearly double from $83 billion (£64.3 billion) to $160 billion, FIA Chief Executive Walt Lukken told the IDX conference. "It''s important that we allow market forces to determine the appropriate location for euro clearing," Lukken said. Nevertheless, exchanges are quietly preparing for any shift in clearing, with ICE already getting its existing Dutch clearer ready. "Brexit is going to fragment markets and will change the competitive landscape. We may see the hand of God move clients to different jurisdictions," Sprecher said. "It feels pretty good right now in the face of Brexit to have continental European presence that is ready to accept business." Rival Eurex Clearing in Frankfurt has also said it was ready to accept volumes from London. Finbarr Hutcheson, president of ICE''s benchmark unit, said if the EU forced a shift in euro clearing, the United States could retaliate by requiring dollar denominated clearing to be based in America. The Chicago Board Options Exchange (CBOE) has bought Bats, Europe''s biggest cross-border stock exchange, based in London. CBOE Chief Executive Ed Tilly said Brexit was an opportunity and he would decide in the second half of the year whether to open a second European base inside the EU27. (Reporting by Huw Jones, editing by Louise Heavens and Susan Thomas)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-eu-clearing-idUKKBN18X0SB'|'2017-06-06T16:31:00.000+03:00'
'0550b128971354ed81e4ee21a1a9daeaba367bb7'|'Owner of Joe''s Crab Shack chain files for bankruptcy'|'By Tom Hals - WILMINGTON, Del. WILMINGTON, Del. The owner of the Joe''s Crab Shack casual dining chain filed for Chapter 11 bankruptcy on Tuesday amid falling sales, and plans to sell the company for at least $50 million to a private equity firm, according to a court filing.Ignite Restaurant Group Inc ( IRGT.PK ), which also owns the Brick House Tavern + Tap chain, has been closing weaker locations and began to pursue a sale of the business last year, according to court documents.However, as operations continued to worsen through early 2017, interested bidders withdrew their proposals and Ignite began to consider bankruptcy, according to a court filing by Jonathan Tibus, the company''s acting chief executive officer.Ignite filed with the U.S. Bankruptcy Court in Houston a proposal to sell its assets to Kelly Investment Group, a private equity firm. Other interested buyers will be invited to challenge the Kelly bid at a court-supervised auction, according to court documents.A spokesman for Ignite did not immediately respond to a request for comment.Ignite owns 112 Joe''s Crab Shack restaurants and 25 Brick House locations, according to court documents. The Crab Shack chain was founded in Houston in 1991 and Brick House was launched in 2008.The company has a $30 million revolving credit facility and a $165 million term loan, according to a court filing.Casual dining chains have struggled with changing tastes. Cosi Inc and Roadhouse Holding, which owns the Logan''s Roadhouse chain, filed for bankruptcy last year.Kelly Investment bought the Champps Kitchen & Bar and Fox & Hound chains out of bankruptcy last year.Shares of Ignite, which went public in 2012, were up 3.8 percent at 2.5 cents in pink sheet trading. The company is majority-owned by an affiliate of J.H. Witney & Co, an investment firm.(Editing by Matthew Lewis)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-ignite-res-bankruptcy-idINKBN18X2BF'|'2017-06-06T15:21:00.000+03:00'
'2f7224b164d08b6afd6c94f428cc864b88efa1bf'|'Ride-hailing firm Grab says likely to raise funds in near future'|'Technology   9:02am BST Ride-hailing firm Grab says likely to raise funds in near future left right A Grab motorbike helmet is displayed during Grab''s fifth anniversary news conference in Singapore June 6, 2017. REUTERS/Edgar Su 1/7 left right Grab''s co-founder Tan Hooi Ling speaks during Grab''s fifth anniversary news conference in Singapore June 6, 2017. REUTERS/Edgar Su 2/7 left right A heatmap showing the demand for Grab services in Southeast Asia is displayed during Grab''s fifth anniversary news conference in Singapore June 6, 2017. REUTERS/Edgar Su 3/7 left right Grab''s CEO Anthony Tan speaks during Grab''s fifth anniversary news conference in Singapore June 6, 2017. REUTERS/Edgar Su 4/7 left right Grab''s CEO Anthony Tan speaks during Grab''s fifth anniversary news conference in Singapore June 6, 2017. REUTERS/Edgar Su 5/7 left right People wait for the start of Grab''s fifth anniversary news conference in Singapore June 6, 2017. REUTERS/Edgar Su 6/7 left right Grab''s CEO Anthony Tan speaks during Grab''s fifth anniversary news conference in Singapore June 6, 2017. REUTERS/Edgar Su 7/7 SINGAPORE Ride-hailing firm Grab, Uber Technologies Inc''s [UBER.UL] largest rival in Southeast Asia, is likely to embark on a round of fundraising as it works to develop new offerings such as financial services, its chief executive told Reuters on Tuesday. "I can''t specifically give a time line but I can imagine somewhere in the near future, there probably could be more money coming in. That''s probably quite likely," Anthony Tan, group chief executive officer and co-founder of Grab, said in an interview after an event to mark the firm''s fifth anniversary. In five years, Grab''s network has grown from 40 drivers in one country to over 930,000 across 55 cities in seven countries including Singapore, Indonesia, Vietnam and the Philippines. The Singapore-based startup raised $750 million in a funding round in September, which sources said valued the firm at over $3 billion. Grab''s current investors include Chinese peer Didi Chuxing, China Investment Corp [CIC.UL], Japan''s SoftBank Group Corp and Vertex Ventures Holdings - a subsidiary of Singapore state investor Temasek Holdings (Pte) Ltd [TEM.UL]. Tan also said Grab is spending less on incentives per transaction even as competition with Uber increased after the U.S. firm exited the Chinese market last year. (Reporting by Miyoung Kim and Anshuman Daga;  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-grab-strategy-idUKKBN18X0PK'|'2017-06-06T16:01:00.000+03:00'
'cd9c11ef2b830c5c5cdd127cb52c8a62ca9b13af'|'Maersk says no longer able to ship Qatar bound cargo'|'Market News - Tue Jun 6, 2017 - 11:14am EDT Maersk says no longer able to ship Qatar bound cargo LONDON, June 6 The world''s biggest container shipping line, Maersk, is no longer able to transport goods in or out of Qatar after Arab countries imposed restrictions on trade with the Gulf state, the company said on Tuesday. Shipping lines transship cargoes from the port of Jebel Ali into Qatar, which is dependent on imports by sea and land for its needs. A Maersk Line spokesman said: "We have confirmation that we will not be able to move Qatar cargo in and out of Jebel Ali." "We expect disruptions to our Qatar services. The situation is very fluid," the spokesman said, adding that Maersk would notify customers about alternative options as soon as possible. (Reporting by Jonathan Saul; editing by David Clarke) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/gulf-qatar-shipping-idUSL8N1J34CQ'|'2017-06-06T23:14:00.000+03:00'
'06d5fda0c49d173939f670f718a69435a6c851be'|'Exclusive - A banking crisis in miniature: San Marino in race against time'|'Business News - Mon Jun 5, 2017 - 5:55pm BST Exclusive: A banking crisis in miniature: San Marino in race against time left right FILE PHOTO: A general view shows the government building (L) in San Marino August 12, 2009. REUTERS/Stefano Rellandini/File Photo 1/3 left right FILE PHOTO: A woman passes the headquarters of Cassa di Risparmio, the largest bank in San Marino August 12, 2009. REUTERS/Stefano Rellandini/File Photo 2/3 left right FILE PHOTO: A gondola ascends Monte Titano to the old city of San Marino August 12, 2009. REUTERS/Stefano Rellandini/File Photo 3/3 By Elvira Pollina - MILAN MILAN In the shadow of Italy''s banking crisis, a much smaller financial emergency is unfolding in the tiny nation of San Marino, a wealthy enclave of 34,000 people perched on the picturesque slopes of the Apennines mountains. The central bank of San Marino, a former tax haven landlocked inside central Italy, plans to inject liquidity into its ailing lenders, a first step toward overhauling them and finding new equity capital, said a source close to the matter. The banks are burdened with 1.8 billion euros ($2 billion) in gross bad loans, a drop in the ocean compared with those of Italy''s troubled banks but equal to 113 percent of San Marino''s annual gross domestic product - enough to threaten its economy. The republic, which opted out of joining the new Italian state in the 19th century, is less than 15 km (9 miles) from one end to the other. Nevertheless, it has no fewer than six banks, a legacy of its days as a discreet place where foreigners, especially Italians, parked their savings. Like Italy, it is still slowly emerging from a deep recession caused by the global financial crisis a decade ago and has already bailed out some banks once in that time. Secretary of state for finance Simone Celli told Reuters that this time the government would create a "bad bank" to house and manage bad loans attributable to San Marino residents. These accounted for almost half of total bad loans, he added. Celli did not say how the banks'' capital needs might be met. However, the source told Reuters that the central bank aims to raise up to 150 million euros this month for the planned liquidity operation, ensuring the banks have stable funding while they and authorities work on finding a longer-term solution to the bad-debt problem. The central bank could use some of its own securities to free up the funds required for the liquidity operation. "The central bank is working to find a total of between 100 and 150 million euros to inject into the banking system to ensure necessary liquidity," said the source, who declined to be identified due to the sensitivity of the matter. The source described the liquidity as a kind of first-aid measure, pending a restructuring of the banking sector. It was not clear how many of the six banks would be involved in the liquidity operation. AVOIDING A BAIL-IN? San Marino needs to move fast. It uses the euro and, although not part of the European Union, it follows the rules of the common currency. By September 2018, it is expected to adopt the EU''s controversial directive on state bailouts, which requires private investors in banks to suffer losses before any public funds are provided. Known as a bail-in, this inflicts losses on shareholders, bondholders and possibly even some very large depositors. In San Marino, the biggest bank investors include the government itself and community-based banking foundations that re-invest their dividends in social, cultural and charitable activities. A review this year of the six banks revealed they need about 260 million euros in capital, equal to a fifth of gross domestic product, in order to deal with their bad loans, the source said. That estimate, based on San Marino''s own prudential regulations, shoots up to 490 million euros when new global rules set by the Basel Committee of banking supervisors are applied, the source added. The larger estimate is roughly equal to San Marino''s annual budget expenditure. Last week, the central bank''s credit and savings committee resolved to "adopt all available measures to guarantee the interests of savers, depositors and investors", according to a statement posted on the central bank''s web site. "The government is working to avoid a bail-in," Celli said. Most depositors and investors are residents of San Marino or Italy. Its days as an international tax haven ended several years ago, following the 2008-2009 financial crisis. San Marino central bank chief Wafik Grais, a former World Bank official, declined to comment to Reuters. The San Marino state is already the major shareholder of local lender Cassa di Risparmio, which alone accounts for around half of the banking sector and has received various forms of public aid totaling 220 million euros since 2013. On Friday, credit ratings agency Fitch downgraded San Marino to BBB minus, with a stable outlook. It said the banking situation called for a significant public recapitalization. (This story corrects to remove reference to two notch downgrade in final paragraph) (Editing by Mark Bendeich and David Stamp)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-sanmarino-banking-idUKKBN18W26A'|'2017-06-06T00:54:00.000+03:00'
'efa4bed023adcc9cc67e1d5bc3e782137f4d13e2'|'Australia central bank holds rates at 1.5 percent'|'Business News - Tue Jun 6, 2017 - 5:36am BST Australia central bank holds rates at 1.5 percent FILE PHOTO: A pedestrian is reflected in a wall of the Reserve Bank of Australia (RBA) head office in central Sydney, Australia, October 3, 2016. REUTERS/David Gray/File Photo SYDNEY Australia''s central bank left its cash rate at 1.5 percent on Tuesday, a widely expected decision given policy makers have signalled a steady outlook for much of the year ahead. The Reserve Bank of Australia (RBA) made the announcement following its monthly policy meeting. A Reuters poll of 68 analysts had found all but one expected a steady outcome this week. (Reporting by Wayne Cole) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-australia-economy-rates-idUKKBN18X0B0'|'2017-06-06T12:36:00.000+03:00'
'c03a2c69d0768176c841861059e849ccbbcee2cf'|'Qatar debt rating downgraded by S&P as riyal hits 11-year low'|'Central Banks - Wed Jun 7, 2017 - 8:16pm BST Qatar debt rating downgraded by S&P as riyal hits 11-year low By Andrew Torchia - DUBAI DUBAI Standard & Poor''s downgraded Qatar''s debt on Wednesday as the riyal currency fell to an 11-year low amid signs that portfolio investment funds were flowing out of the country because of Doha''s diplomatic rift with other Arab states. S&P cut its long-term rating of Qatar by one notch to AA- from AA and put the rating on CreditWatch with negative implications, meaning there was a significant chance of a further downgrade. The rating agency said Qatar''s economy would suffer from the decision on Monday of Saudi Arabia, the United Arab Emirates, Egypt and Bahrain to cut diplomatic and transport ties with Doha. They accused it of supporting terrorism, a charge that Qatar denies. "We expect that economic growth will slow, not just through reduced regional trade, but as corporate profitability is damaged because regional demand is cut off, investment is hampered, and investment confidence wanes," S&P said. Another major rating agency, Moody''s Investors Service, assesses Qatar at Aa3, which is equal to S&P''s new rating. Fitch Ratings puts Qatar at AA. The U.S. dollar was bid as high as 3.6526 riyals QAR= in the spot market on Wednesday, its highest level since July 2005, according to Thomson Reuters data. The riyal is pegged at 3.64 to the dollar by the central bank, which only allows small fluctuations around this level. In the offshore forwards QAR1Y=W market, which banks use to hedge against the risk of future moves in the spot rate, the riyal dropped as far as a 550-point premium against the dollar, its lowest level since December 2015, when tumbling oil and gas prices were raising doubts about the future of Gulf economies. The low in the forwards market only implied the riyal would depreciate about 1.5 percent in the next 12 months. But it showed there were expectations of substantial outflows of money from Qatar in coming months. Qatar''s stock index .QSI has tumbled 9.7 percent over the past three days, with high trading volumes suggesting some Gulf and international investors were bailing out of the market and sending their money home. Before this week''s crisis, Gulf and international investors held only about 9 percent of Qatar''s stock market, which had a capitalisation of about $150 billion, bourse data showed. Even if all that foreign money flowed out, which is unlikely, it would probably not be enough to exert overwhelming pressure on the riyal to depreciate. Qatar remains one of the wealthiest countries per capita in the world, with an estimated $335 billion of assets in its sovereign wealth fund, and its liquefied natural gas exports are raking in a trade surplus of about $2.7 billion every month. These exports are expected to continue despite the sanctions. A Qatari central bank official told Reuters on Tuesday that the country had huge foreign reserves that it could use to support its currency if needed. Nevertheless, as S&P noted, Qatar''s banking system has in recent years become more dependent on loans and deposits from Gulf and international banks, and it could face a major outflow if that money is withdrawn because of diplomatic tensions. The foreign liabilities of Qatari banks ballooned to 451 billion riyals (95.78 billion pounds) in March from 310 billion riyals at the end of 2015, central bank data shows. (Reporting by Andrew Torchia; Editing by Larry King and Robin Pomeroy)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-gulf-qatar-downgrade-idUKKBN18Y2V2'|'2017-06-08T03:16:00.000+03:00'
'5946c2092b783372015374ffca0dc8de30366981'|'Exclusive: Brazil orders Caixa to halt loans to J&F - sources'|'Wed Jun 7, 2017 - 8:09am BST Exclusive: Brazil orders Caixa to halt loans to J&F - sources FILE PHOTO: People walk past a Caixa Economica Federal bank in downtown Rio de Janeiro August 20, 2014. REUTERS/Pilar Olivares/File Photo By Aluisio Alves and Lisandra Paraguassu - SAO PAULO/BRASILIA SAO PAULO/BRASILIA The Brazilian government has ordered state-controlled lender Caixa Econômica Federal to stop providing financing to a family of billionaires who accused President Michel Temer of working to obstruct a corruption probe, people familiar with the decision said on Tuesday. According to two of the people, The Temer administration ordered management at Caixa not to refinance existing credit lines to J&F Investimentos SA, a holding company controlled by Brazil''s Batista family. Members of the Batista family offered prosecutors proof last month that Temer allegedly worked to obstruct a major corruption probe. One of the unnamed sources, who is a senior Temer government official, said under the condition of anonymity that ordering Caixa to stop doing business with J&F was in retaliation for accusations that Joesley Batista, a family member and then J&F''s chairman, made against Temer. Joesley Batista secretly taped a conversation in which Temer appeared to condone bribing a potential witness. J&F controls JBS SA, the world''s No. 1 meatpacker, and several companies in the fashion, dairy, pulp and banking industries. Caixa is J&F''s largest creditor with outstanding loans worth 9.7 billion reais ($3 billion), a third person said. Caixa has set aside extra capital to reclassify some of the loans to J&F, after deeming them riskier than before, the same person said. The extra provisioning came after Caixa asserted control of unspecified collateral put forth by J&F for a merger financing loan it took two years ago, the person added. The situation underscores the discretionary way in which state lenders are run in Brazil, and how borrowers are exposed to retaliation if they fall out of grace with the government. Caixa was used as a policy tool by Temer''s predecessor, Dilma Rousseff, sparking heavy loan losses because of reckless lending and risk-taking decisions. Caixa said it made extra provisions related to J&F, but did not elaborate on the reasons for the move. J&F declined to comment. Temer''s office said in an emailed statement to Reuters that "state banks take actions based exclusively on technical criteria," noting that "decisions based on other criteria than that count with no authorization from the president''s office." Brazil''s Federal Supreme Court released plea bargain testimony on May 19 accusing Temer and his two predecessors of receiving bribes, the most damaging development yet in the nation''s biggest ever corruption probe. SURPRISING MOVE At the core of the decision to restrict Caixa''s business with J&F is a 2.7 billion-real loan that the Batista family took late in 2015 to buy a controlling stake in apparel and fashion branding firm Alpargatas SA ( ALPA4.SA ), the people said. Losing Caixa as a key creditor means the Batistas will have to resort to other lenders or sell assets to raise cash for a heavy repayment calendar over the next year. One of the people said that companies controlled by J&F, excluding JBS, have about 14 billion reais of debt maturing over the next 12 months. Analysts including JPMorgan Securities''s Natalia Corfield have said that recent political and economic turmoil in Brazil risks slowing Caixa''s efforts to reduce defaults and provisions. Caixa''s surprising move also set off warning signs among other banks that are also lenders to J&F, one of the people said. By winning control of more guarantees, Caixa raced ahead of other lenders and has a smaller chance of undertaking loan losses if J&F defaults, the same person added. In a statement, J&F said it "does maintain long-term relationships with financial institutions," refraining from commenting further. J&F, which stands for the initials of Joesley''s parents José and Flora, agreed to pay a record-setting 10.3 billion-real fine for engaging in bribery, graft and other crimes. Joesley Batista''s plea deal has sent shockwaves across Brazil''s political and business establishments, and risks accelerating Temer''s ouster from office, analysts said. Most of the fine J&F will pay, or the equivalent of 8 billion reais, will be divided among Caixa, Brazil''s development bank BNDES [BNDES.UL], a state-controlled severance fund known as FGTS as well as two pension funds for employees of state-controlled companies. Reuters reported on May 22 that BNDES decided not to extend any new loans to JBS ( JBSS3.SA ) or J&F Investimentos until they signed a leniency agreement with federal prosecutors. Pension funds and state-run banks invested in or extended loans to J&F companies in return for bribes paid by the Batista brothers, according to plea deal testimony. (Writing and additional reporting by Guillermo Parra-Bernal; Editing by Daniel Flynn and Andrew Hay)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-brazil-corruption-jbs-caixa-ec-federa-idUKKBN18Y0KL'|'2017-06-07T15:07:00.000+03:00'
'3f53a931197511cb634b717c60e49480b057205a'|'U.S. Justice Department opposes Wells Fargo on whistle-blower suit'|'Wed Jun 7, 2017 - 4:21am BST U.S. Justice Department opposes Wells Fargo on whistle-blower suit FILE PHOTO: A Wells Fargo logo is seen in New York City, U.S. January 10, 2017. REUTERS/Stephanie Keith The U.S. Justice Department filed a friend-of-the-court brief on Tuesday in a lawsuit brought against Wells Fargo & Co ( WFC.N ) by two former employees, who were fired after they reported misdemeanors they had noticed to their supervisors. The DOJ''s filing concluded that the appellate court, which had earlier dismissed the case, should revisit and modify its analysis. The plaintiffs, Paul Bishop and Robert Kraus, had said the Wall Street bank had requested Federal Reserve loans on various occasions when it was in violation of certain banking regulations, in a complaint filed in 2011. The suit, which was filed under the False Claims Act, is designed to encourage people to bring to light evidence of fraud against the government. "We continue to believe these claims are without merit, as the previous court decisions have confirmed," a Wells Fargo spokeswoman said in an email statement. "We look forward to the opportunity to again present legal arguments to the Second Circuit Court of Appeals," she added. The filing follows a Supreme Court ruling in February that had also asked the appellate court to review the matter, the New York Times said in a report. (Reporting by John Benny in Bengaluru; Editing by Sunil Nair) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-wells-fargo-lawsuit-idUKKBN18Y08J'|'2017-06-07T11:17:00.000+03:00'
'67e6bc659524c4621587a27c87c8b66c1f15ad7c'|'MOVES-Deutsche Bank hires Cannon for loan sales'|'Market News - Wed Jun 7, 2017 - 10:39am EDT MOVES-Deutsche Bank hires Cannon for loan sales By Kristen Haunss - June 7 June 7 Deutsche Bank has hired Alexandra Cannon as a director in leveraged loan sales, rounding out moves on the bank’s New York loan sales and trading teams, according to sources. Cannon, who was previously a salesperson at Barclays, will start at Deutsche Bank in July, reporting to Alex Bici, head of par loan sales, North America, the sources said. A Deutsche Bank spokesperson declined to comment. Cannon steps into the role that will be vacated by Liz Bodisch, who, as LPC previously reported, is moving to the loan trading team from the sales group. In her new position she will report to Mike Weir, head of par loan trading, North America. Bodisch, who has been a senior salesperson at Deutsche Bank for about seven years, is expected to move teams after Cannon starts. The bank has also hired Garret Rowan, who will join as a vice president on the loan trading desk later this month, from US Bank’s loan trading desk. He also reports to Weir. (Reporting by Kristen Haunss; Editing by Jon Methven) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/deutsche-cannon-moves-idUSL1N1J40RJ'|'2017-06-07T22:39:00.000+03:00'
'8388e64a5043e91c3dea4d5e7b30672724d81358'|'Here comes the sun: investors increasingly hot on solar projects in S.E. Asia'|'  7:01am BST Here comes the sun: investors increasingly hot on solar projects in S.E. Asia left right An employee makes a final inspection on panels during a tour of an REC solar panel manufacturing plant in Singapore May 5, 2017. REUTERS/Edgar Su 1/13 left right An employees works at a production line during a tour of an REC solar panel manufacturing plant in Singapore May 5, 2017. REUTERS/Edgar Su 2/13 left right Employees work at a production line during a tour of an REC solar panel manufacturing plant in Singapore May 5, 2017. REUTERS/Edgar Su 3/13 left right REC''s Chief Operating Officer Ter Soon Kim talks about their panels during a tour of an REC solar panel manufacturing plant in Singapore May 5, 2017. REUTERS/Edgar Su 4/13 left right Employees work at a production line during a tour of an REC solar panel manufacturing plant in Singapore May 5, 2017. REUTERS/Edgar Su 5/13 left right REC''s Chief Executive Officer Steve O''Neil talks about their Twin Peaks solar panel in their manufacturing plant in Singapore May 5, 2017. REUTERS/Edgar Su 6/13 left right An employee works at a production line during a tour of an REC solar panel manufacturing plant in Singapore May 5, 2017. REUTERS/Edgar Su 7/13 left right A signage at an REC solar panel manufacturing plant in Singapore May 5, 2017. REUTERS/Edgar Su 8/13 left right REC''s Chief Executive Officer Steve O''Neil poses for a portrait in their solar panel manufacturing plant in Singapore May 5, 2017. REUTERS/Edgar Su 9/13 left right REC''s Chief Executive Officer Steve O''Neil listens during an interview in their solar panel manufacturing plant in Singapore May 5, 2017. REUTERS/Edgar Su 10/13 left right A robot operates at a production line during a tour of an REC solar panel manufacturing plant in Singapore May 5, 2017. REUTERS/Edgar Su 11/13 left right Employees work at a production line during a tour of an REC solar panel manufacturing plant in Singapore May 5, 2017. REUTERS/Edgar Su 12/13 left right A robot operates at a production line during a tour of an REC solar panel manufacturing plant in Singapore May 5, 2017. REUTERS/Edgar Su 13/13 By Henning Gloystein and Vera Eckert - SINGAPORE SINGAPORE Investors are increasingly excited about the prospects for much faster growth in the solar power industry in Southeast Asia, which has until now been a backwater for renewable energy. They say that the region is in a perfect position to benefit from rapidly declining prices in solar panels. It has strong economic growth, relatively high costs of electricity and a shortage from traditional sources, undeveloped infrastructure in more remote areas, plenty of sunshine, and backing for more renewable energy from many of Southeast Asia’s governments. “Dramatically falling costs for solar energy technologies means businesses and governments are choosing renewable energy not for environmental reasons but for economic ones,” said Roberto De Vido, spokesman for Singapore-based Equis, one of Asia’s biggest green energy-focused investment firms with $2.7 billion (2.1 billion pounds) in committed capital. “It simply makes good business sense. And that''s a trend that''s not going to change," By the end of last year, Southeast Asia had installed solar capacity of only just over 3 gigawatts (GW), a mere 1 percent of global capacity, according to data from the International Renewable Energy Agency (Irena). Steve O’Neil, the chief executive of Singapore-based solar panel maker REC, said he expects that to grow by 5 GW of new installations every year between 2017-2020. That’s the equivalent of building five standard fossil-fuel power stations annually. "People don''t realise what is about to happen, when you''re in the middle of exponential growth," said REC''s O''Neil. "It''s transformational. Some European funds are among those looking at the region. "The projects on offer in Europe are stagnating, so European investors are looking in that direction with great interest," said Armin Sandhoevel, chief investment officer for Infrastructure Equity at Allianz Global Investors, whose team manages 1.6 billion euros worth of renewable investments. "In Asia, you''d expect double-digit returns. That''s hard to achieve in Europe," he said. Southeast Asia has a population of more than 600 million and annual power demand growth of 6 percent, which most countries struggle to meet. Solar power potential is measured by Global Horizontal Irradiation (GHI), a measurement of the intensity of the sun. Thailand has a GHI that can produce 1,600 to 2,000 kilowatt-hours of solar power per square metre (kWh/m2), well above the 1,000 to 1,200 kWh/m2 in Europe’s solar leader Germany, according to solar weather and data provider Solargis. The region is ripe for a boom because solar panel prices have crashed to under 50 cents per watt of electricity today from $70 per watt in 1980 as technology and manufacturing efficiency have improved consistently. At the same time, Southeast Asian countries have all set ambitious renewable energy targets, ranging from 18 percent of overall energy generation mix in Thailand and Malaysia to 35 percent in the Philippines, up from negligible levels today. There are, of course, still risks for investors - including currency volatility, the difficulties of making land acquisitions, and usually the lack of any government guarantees, said Sharad Somani, head of Asia/Pacific Power & Utilities at KPMG. Storing solar power through the night remains a hurdle too, though battery technology is improving rapidly. VENTURE CAPITAL Bringing together international investors, panel makers, and potential users is a small but growing group of venture capital firms, mostly based in Singapore. GA Power is one such firm. Led by German solar business veterans, it focuses entirely on financing and developing solar projects across Southeast Asia. "There is more money than there are projects. If you can offer professional developed projects, you''ll have no issue organising funding," said Roland Quast, GA Power''s managing director, adding that “a solar boom in Southeast Asia is unavoidable” given it is now a competitive power source. He said an investor can expect around a 12 percent economic internal rate of return on average in the region. The measurement reflects returns after costs for the construction, installation, and operation of a project. Mid-sized solar projects that can be turned on without having to tap into a larger grid are in favour in the region as governments seek to bring power to an area without having to add expensive infrastructure, Quast said. KPMG’s Somani, who is an adviser in the renewables sector, said that Equis and other funds are raising capital with U.S. and European institutional investors, including pension funds. Equis declined to provide detail on the sources of its money. "Today we have unique confluence of all three factors necessary for success of such projects – demand for projects from government/utility side supported by conducive regulatory framework, strong developer and supplier interest and abundance of domestic and international financing availability," Somani said. KILLER ARGUMENT At the REC solar panel factory in Singapore, one of Singapore''s biggest manufacturing sites, a thousand workers and more than a hundred robots work around the clock, churning out 20 containers full of panels every day, which are immediately sent to overseas customers, increasingly to Southeast Asia. "We produce 14,000 panels per day, which go into 20 containers, 24/7. We never stop," REC''s O''Neil told Reuters during a recent visit to the factory. Founded in Norway, headquartered in Singapore, and owned by Chinese industrial giant ChemChina, O''Neil says that REC sells globally, but that he expects "Southeast Asia to become a game-changer." In 2016, REC grew by just 3 percent in Southeast Asia - excluding the huge solar markets of India, China and Australia. This year, it expects 5 percent growth in the region, and then 9 to 10 percent growth annually between 2018 and 2020. The business is cut-throat. Cheap Chinese production of solar panels has left a trail of collapsed companies in its wake - the bankruptcies of Germany''s SolarWorld, once Europe''s biggest panel maker, and major U.S. panel maker Suniva are among them. To survive, REC says it needs to be in a relentless drive to improve productivity, including employing low-wage Malaysian workers and automating as much as possible. "Our panels are now cheaper than a same-sized window," said O''Neil. (Additional reporting by Chayut Setboonsarng in BANGKOK and Gavin Maguire in SINGAPORE; Editing by Martin Howell)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-asia-renewables-idUKKBN18Y0EG'|'2017-06-07T13:57:00.000+03:00'
'52c7426e75122c8c6129797769e6151b6ece5852'|'BRIEF-PQ Group Holdings files for IPO of up to $100.0 million'|'June 9 (Reuters) -* PQ Group Holdings files for IPO of up to $100.0 million - SEC filing* Says intend to apply to list common stock on New York Stock Exchange under symbol “PQG”* Says Morgan Stanley, Goldman Sachs & Co , Citigroup, Credit Suisse and JPMorgan are among the underwriters to IPO* Says Jefferies, Deutsche Bank Securities and KeyBanc Capital Markets are also among the underwriters to IPO* Says intends to use IPO net proceeds to repay in aggregate principal amount of indebtedness* Proposed IPO price is an estimate solely for purpose of calculating sec registration fee Source text for Eikon:'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/brief-pq-group-holdings-files-for-ipo-of-idINFWN1J60N6'|'2017-06-09T19:28:00.000+03:00'
'd5ff2d1e7510be2c4cb2dbb6e0512c9e57b12a12'|'U.S. trade body continues probe into dumping claims against Bombardier jets'|'WASHINGTON, June 9 The U.S. International Trade Commission on Friday voted to continue an investigation into Boeing Co''s complaint that Canada''s Bombardier Inc dumped its CSeries jet below cost in the U.S. market while benefiting from unfair subsidies.The ITC''s preliminary 5-0 vote found there was sufficient evidence to continue the probe. The vote, which was largely expected, is the first step in a case that could lead the United States to impose steep duties on Bombardier''s newest 110- to 130-seat jets. (Reporting by David Lawder; Editing by Jeffrey Benkoe)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/boeing-bombardier-idINW1N1D90KQ'|'2017-06-09T13:16:00.000+03:00'
'ad9f23259d30d6fb975166356d54569917992a6e'|'G-III Apparel reports Q1 loss of $0.21/shr'|'June 6 G-III Apparel Group Ltd* G-III Apparel Group, Ltd. announces first quarter fiscal 2018 results* Q1 loss per share $0.21* Q1 earnings per share view $-0.40 -- Thomson Reuters I/B/E/S* Q1 sales $529 million versus I/B/E/S view $497.9 million* G-III Apparel Group Ltd says G-III increases full-year net sales and net income guidance* G-III Apparel Group Ltd says now expects FY net sales of approximately $2.76 billion and net income of between $1.04 and $1.14 per diluted share* G-III Apparel Group Ltd - continues to anticipate that it will incur losses from donna karan operations during first half of fiscal 2018* Sees Q2 2019 sales about $520 million* Sees Q2 adjusted non-GAAP loss per share $0.24 to $0.34 excluding items* G-III Apparel Group Ltd sees Q2 loss per share between $0.30 and $0.40* G-III Apparel Group - forecasted GAAP, non-GAAP results reflect expected operating losses of $21 million and additional interest expense of $28 million* G-III Apparel Group Ltd - now expects fiscal 2018 net sales of approximately $2.76 billion* G-III Apparel Group Ltd - now expects fiscal 2018 diluted share between $1.04 and $1.14* Q2 earnings per share view $-0.42, revenue view $491.7 million -- Thomson Reuters I/B/E/S* Fy 2018 earnings per share view $1.01, revenue view $2.72 billion -- Thomson Reuters I/B/E/S '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-g-iii-apparel-reports-q1-loss-of-idUSASA09SSS'|'2017-06-06T15:20:00.000+03:00'
'dd8df6cf031dc0338af9bd4caee8cdadb7da463e'|'CORRECTED-Hedge fund managers can show off with better returns in May'|'Money - Wed Jun 7, 2017 - 11:44am EDT Hedge fund managers can show off with better returns in May (This June 2 story corrects firm''s name to Foglamp Capital Partners from Foglight Capital in paragraph 8) By Svea Herbst-Bayliss BOSTON Some hedge fund managers can finally brag a little as several prominent ones, including Daniel Loeb and William Ackman, last month beat the broader stock market''s gains, early returns show. Loeb, who runs $16 billion Third Point, told investors his Third Point Partners LP fund gained 2.1 percent in May while its more aggressive Third Point Ultra Ltd fund climbed 3.5 percent. The Pershing Square Holdings Ltd fund, run by Ackman''s $11 billion Pershing Square Capital Management, meanwhile climbed 2.4 percent in May. Both beat the average hedge fund''s 0.24 percent gain in May plus the broader Standard & Poor 500 stock market index''s 1.4 percent gain. Third Point Ultra is up 16.1 percent in the first five months of 2017 and Partners is up 9.9 percent. Ackman''s fund is up 4.3 percent, after two years of losses. The gains come at a critical time as industry investors protest lackluster returns with calls for lower fees. Many hedge fund managers were wrong-footed by last year''s U.S. election inspired rally but said they are now finding their way with bets on foreign stocks and undervalued U.S. companies. The Citadel Wellington fund, run by Ken Griffin''s $26 billion Citadel, gained 1.9 percent in May and is up 5.5 percent for the year. Dan Och''s $32.4 billion Och-Ziff Capital Management''s OZ Master Fund gained 1.31 percent last month, leaving it up 6.15 percent for the year. Its OZ Asia Master Fund notched a 3.72 percent gain in May, leaving it up 12.45 percent for the year. Some smaller funds, especially activist oriented strategies also gained. Mick McGuire''s Marcato Capital Management, which put three directors on the board at Buffalo Wild Wings, gained 1.6 percent in May and is up 7.7 percent for the year. Scott Ferguson''s Sachem Head LP fund gained 2.48 percent last month. Foglamp Capital Partners, which focuses on companies that have been beaten down with a chance to recover gained 4.2 percent in May and is up 11.4 percent this year. Network software company Gigamon Inc. was one of its biggest winners last month. But there were losers as well, including David Einhorn''s Greenlight Capital, now waging a proxy battle at General Motors. The fund lost 3.7 percent in May and is off 3.3 percent this year. (Reporting by Svea Herbst-Bayliss; Editing by Andrew Hay) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-hedgefunds-performance-idUSKBN18Y29U'|'2017-06-07T23:42:00.000+03:00'
'61fefa7377f36bdc99c2f8ff8d69c3718a6450ae'|'Sensex, Nifty rise in line with Asia; RBI policy meeting outcome awaited'|'Money News - Wed Jun 7, 2017 - 3:52pm IST Sensex ends higher; RBI keeps key interest rate unchanged A man looks at a screen across the road displaying the Sensex on the facade of the Bombay Stock Exchange (BSE) building in Mumbai February 6, 2014. REUTERS/Mansi Thapliyal/Files Indian shares ended higher on Wednesday, after the central bank kept its key interest rate unchanged and global investors remained noticeably risk-averse. The benchmark BSE Sensex closed up 0.26 percent at 31,271.28. The broader NSE Nifty ended 0.28 percent higher at 9,663.90, a day after it breached the 9,700 level for the first time. (Reporting by Tanvi Mehta in Bengaluru; Editing by Sherry Jacob-Phillips)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/india-sensex-nifty-stocks-market-idINKBN18Y0GO'|'2017-06-07T14:23:00.000+03:00'
'd8ba4d28da49402eb877f661ba62583aa475284f'|'Asian stocks slip as risk-off sentiment grips markets'|'Business News - Wed Jun 7, 2017 - 4:52pm BST European bank bailout soothes stocks; oil plunges left right FILE PHOTO: People walk through the lobby of the London Stock Exchange in London, Britain August 25, 2015. REUTERS/Suzanne Plunkett/File photo 1/2 left right FILE PHOTO: Visitors looks at an electronic board showing the Japan''s Nikkei average at the Tokyo Stock Exchange (TSE) in Tokyo, Japan, February 9, 2016. REUTERS/Issei Kato/Files 2/2 By Hilary Russ - NEW YORK NEW YORK A smoothly executed rescue of Spain''s struggling Banco Popular lifted European bank stocks on Wednesday, while U.S. stock and bond investors showed caution ahead of Thursday''s British vote, an ECB meeting and testimony by ex-FBI chief James Comey. Oil prices dipped on renewed concerns about the efficacy of OPEC-led production cuts and a Mideast political rift, then extended losses after EIA data showed a surprise build in U.S. crude inventories. U.S. crude CLcv1 fell 4.21 percent to $46.16 per barrel and Brent LCOcv1 was last at $48.37, down 3.49 percent on the day. In Spain, the absorption of Popular by the country''s biggest bank Santander ( SAN.MC ) for a nominal 1 euro was the first use of a regime to deal with failing banks adopted after the 2008 financial crisis, and made barely a ripple in Europe''s stock and debt markets. The success of the process pushed shares in many major banks higher, supporting a recovery for Madrid''s stock market .IBEX and fending off this week''s broadly weaker mood. European banking shares .SX7E rose 1.38 percent. "The market has taken Banco Popular as positive news because essentially this is not a bankruptcy but a sort of rescue, even if its subordinated bondholders have been sharply hit," said Giuseppe Sersale, a fund manager at Anthilia Capital in Milan. The bank rescue does, however, underline the risks to growth, banking and government debt burdens that are likely to delay a major switch in language and policy direction by the European Central Bank at its meeting on Thursday. The pan-European FTSEurofirst 300 index .FTEU3 rose 0.13 percent and MSCI''s gauge of stocks across the globe .MIWD PUS gained 0.04 percent. The euro EUR= turned shaky after reports suggested the ECB would lower its inflation targets. It was last down 0.23 percent to $1.125. "Maybe tomorrow''s ECB meeting sees nothing but platitudes and disappoints a market that is getting ahead of itself," said Societe Generale analyst Kit Juckes. "But (for us) that would be a huge euro buying opportunity, because ECB normalization is coming. And when it does, the euro simply won''t be able to sustain undervalued levels for long." The ECB meeting is one of three events that ING currency strategist Viraj Patel said had been dubbed ''Triple Threat Thursday,''... an event-filled day that could send global markets on a bumpy ride." Also on Thursday will be a surprisingly closely-fought British election and U.S. Senate testimony from James Comey, the former FBI chief fired by President Donald Trump. Any damaging revelations in Comey''s testimony are likely to further hurt Trump and take the wind out of his plans to roll back regulations and overhaul the tax system - an agenda that had sent the dollar to 14-year highs earlier this year. On Wall Street, shares opened slightly higher, turned negative and then rose again. The Dow Jones Industrial Average .DJI rose 18.41 points, or 0.09 percent, to 21,154.64, the S&P 500 .SPX gained 2.44 points, or 0.10 percent, to 2,431.77 and the Nasdaq Composite .IXIC added 21.12 points, or 0.34 percent, to 6,296.17. "It''s the calm before the storm. We have a quiet week in terms of economic data and there''s a general global unease at the moment," said Scott Brown, chief economist at Raymond James in St. Petersburg, Florida. "The impact of Comey''s statement really depends on what he says, and anyway these hearings are long and dragged out. The UK elections could have an impact if there is a hung parliament and the various polls are adding a level of uncertainty." (Additional reporting by Patrick Graham, Danilo Masoni and Stephen Eisenhammer in London, Tanya Agrawal in Bengaluru and Saqib Iqbal Ahmed in New York; Editing by Nick Zieminski) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-global-markets-idUKKBN18Y02T'|'2017-06-07T08:47:00.000+03:00'
'05158f033e81e7ecdb500ad74b33734b30dfd97d'|'Global growth headed for six-year high - OECD'|'Business News - Wed Jun 7, 2017 - 6:16pm BST Global growth headed for six-year high - OECD By Leigh Thomas - PARIS PARIS The global economy is on course this year for its fastest growth in six years as a rebound in trade helps offset a weaker outlook in the United States, the OECD forecast on Wednesday. The global economy is set to grow 3.5 percent this year before nudging up to 3.6 percent in 2018, the Paris-based Organisation for Economic Cooperation and Development said, updating its forecasts in its latest Economic Outlook. That estimate for 2017 was not only a slight improvement from its last estimate in March for 3.3 percent growth, but it would also be the best performance since 2011. Yet despite this brighter outlook, growth would nonetheless fall disappointingly short of rates seen before the 2008-2009 financial crisis, OECD Secretary General Angel Gurria said. "Everything is relative. What I would not like us to do is celebrate the fact that we''re moving from very bad to mediocre," Gurria told Reuters in an interview. "It doesn''t mean that we have to get used to it or live with it. We have to continue to strive to do better," he added. While recovering trade and investment flows were supporting the improving economic outlook, Gurria said barriers in the form of protectionism and regulations needed to be lifted to ensure stronger growth. The improvement would also not be enough to satisfy people''s expectations for better standards of living and reduce growing income inequality, he said. The OECD saw an improved global outlook even though it downgraded its estimates for the United States, despite a weaker dollar boosting exports and tax cuts supporting household spending and business investment. The OECD forecast U.S. growth of 2.1 percent this year and 2.4 percent next year, down from estimates in March of 2.4 percent and 2.8 percent, respectively. OECD chief economist Catherine Mann attributed the downgraded outlook to delays in the Trump administration pushing ahead with planned tax cuts and infrastructure spending. The weaker U.S. outlook was offset by slightly improved perspectives for the euro zone, Japan and China. EURO ZONE LOOKING BETTER Boosted by firmer German growth, the euro zone economy was seen growing 1.8 percent both this and next year, up from 1.6 percent for both years. Lifted by improving international trade in Asia and fiscal stimulus, Japanese growth was seen at 1.4 percent this year before slowing to 1.0 percent next year, both slightly raised from the OECD''s March estimates of 1.2 percent and 0.8 percent respectively. The OECD also marginally nudged up its estimates for growth in China to 6.6 percent this year and 6.4 percent in 2018, boosted by stimulus spending. That in turn was supporting strong imports and helping to fuel a revival in Asian trade. As a result, global trade volumes were seen growing 4.6 percent this year, nearly double the rate seen in 2016. Among the risks to the OECD''s outlook, it warned that the growing divergence between monetary policy rates among the major central banks raised the chances for financial market volatility. The OECD also saw a potential for "swift snap-back" in U.S. long-term interest rates when the Federal Reserve decides to reduce the size of its balance sheet, especially if it comes at a time of rising policy rates. (Reporting by Leigh Thomas; Editing by Hugh Lawson) Construction lifts are parked near the Drydock Center in Boston, Massachusetts, U.S., June 2, 2017. REUTERS/Brian Snyder'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-oecd-economy-idUKKBN18Y0SN'|'2017-06-07T16:34:00.000+03:00'
'38e333804b95fafca067537abc9b4de61a32cdc8'|'Greece calls on Europe to offer growth incentives, help break debt impasse'|'Business News - Wed Jun 7, 2017 - 3:38pm BST Greece calls on Europe to offer growth incentives, help break debt impasse A man walks at a main food market in central Athens, Greece, May 22, 2017. REUTERS/Costas Baltas ATHENS Greece urged its European lenders on Wednesday to offer incentives that will boost growth and help break an impasse between the euro zone and the International Monetary Fund on the size of relief the country needs to make its debt sustainable. During a meeting of euro zone finance ministers last month, Greece, its euro zone lenders and the IMF failed to agree on the debt relief measures to be implemented after its current bailout expires in 2018, mainly because of different growth assumptions. They are now aiming for a deal at a June 15 Eurogroup meeting. Government spokesman Dimitris Tzanakopoulos said growth incentives in the coming years, such as investment packages, could help bridge the differences and help "find the common ground needed for a comprehensive solution sought by all sides". "This is an issue which has engaged the current discussions and it may be the key to reach a deal, in other words to find the common ground among all sides on growth projections," Tzanakopoulos said during a press briefing. He said the country''s European lenders put Greece''s average growth rate at 1.3 percent by 2060 and the IMF at 1 percent. Tzanakopoulos was optimistic that an agreement could be reached on June 15 but said discussions may continue until an EU summit on June 22. Some European countries, including Germany, are worried that concessions could affect the pace of economic reforms in Greece and want any debt relief put off until 2018. The IMF has said it will not participate financially in the country''s latest bailout unless there is clarity on the matter. Greece passed more pension cuts and tax increases last month that will be implemented after 2018, in an effort to convince the IMF to participate in its current bailout, the third rescue package since 2010, and push for debt relief. Athens hopes that clarity on debt relief would help Greece qualify for the European Central Bank''s quantitative easing programme, which in turn would allow it to return to bond markets as early as this summer. Greek debt stands at about 180 percent of its GDP, despite a 2012 haircut. In 2016, its lenders agreed in principle on further debt relief and promised to consider it depending on Greece''s bailout progress. (Reporing by Renee Maltezou and Lefteris Papadimas, editing by Larry King)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-eurozone-greece-idUKKBN18Y21G'|'2017-06-07T22:38:00.000+03:00'
'c1e09dcc46a53dad67d8735bb06f6342efbb2909'|'Saudi Aramco warned by lawyers on New York IPO litigation risks -FT'|'June 4 The legal firm working on Saudi Aramco''s ( IPO-ARMO.SE ) flotation has advised the kingdom that a New York listing poses the greatest litigation risk of any jurisdiction, the Financial Times reported on Sunday, citing sources.White & Case and others offering informal counsel have briefed top oil executives and the kingdom’s highest authorities, emphasizing a litigious culture in the United States, the FT said.Legal risks arising from a New York listing include U.S. legislation that could allow families of the victims of the 9/11 attacks of 2001 to sue Saudi Arabia, the FT said.Aramco could also face class-action suits if it did not comply with U.S. regulators'' rules on disclosing reserves and data for oil companies, while aggressive shareholder lobby groups in the United States are also seen as a threat.A New York Stock Exchange listing and one on Saudi Arabia’s Tadawul exchange has been the favored option for Saudi Aramco as Saudi officials and Saudi Aramco’s financial advisers believe the venue has the deepest pool of investors and is the most prestigious, the FT said, citing documents.A premium category listing on the London Stock Exchange alongside a domestic offering was seen as the next best option, followed by a standard listing on the LSE for Saudi Aramco, the FT said, citing the documents. Legal counsel is now implying that London is now the front-runner, it said.Saudi Aramco did not immediately respond to requests for comment outside regular business hours. White & Case declined to comment on the report.Saudi Prince Mohammed bin Salman, who is the head of Saudi Arabia''s oil affairs, is expected to make a final decision within weeks, the FT said, citing an internal timetable.The LSE, seen as one of the front-runners to win part of the IPO, has been pushing hard to land it. Sources told Reuters in May that the LSE is working on a new type of listing structure that would make it more attractive for Saudi Aramco to join. (Reporting by Sangameswaran S in Bengaluru; Editing by James Dalgleish)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/saudi-aramco-ipo-idINL3N1J10FD'|'2017-06-04T18:04:00.000+03:00'
'4d30a00c6128fcce6fd76106007b544a9c8a531c'|'Japan April real wages flat, bad sign for consumption'|'Business News - Tue Jun 6, 2017 - 3:08am BST Japan April real wages flat, bad sign for consumption FILE PHOTO: Office lighting is seen through windows of a high-rise office building in Tokyo July 31, 2014. REUTERS/Issei Kato/File Photo By Minami Funakoshi - TOKYO TOKYO Japan''s real wages were flat in April from the same period a year earlier, with rising prices offsetting gains in nominal pay and possibly hurting households'' purchasing power. Real wages, which are adjusted for moves in consumer prices, were flat in April from a year earlier, labour ministry data showed on Tuesday. It followed a revised 0.3 percent annual fall in March. Wage earners'' nominal cash earnings rose an annual 0.5 percent in April, the biggest rise in four months. Revised data showed that nominal wages were flat from a year earlier in March. Real wage growth has been flat or even negative in the past seven months, suggesting the benefits of the recent economic recovery have yet to fully reach Japanese households. This is a headache for the government and central bank, which want sustained pay hikes to spur higher consumption and prices. "Wages didn''t grow that much in April, so of course household spending won''t rise that much," said Shuji Tonouchi, senior market economist at Mitsubishi UFJ Morgan Stanley Securities. "Prices will rise a bit (on higher energy costs) but will probably run out of breath," Tonouchi said. The world''s third-largest economy has shown signs of life in recent months as a rebound in overseas demand helped boost its exports and output. It grew in the first quarter to mark the longest period of expansion in a decade. But household consumption fell more than expected in April due to lower spending on cars and education, separate data showed, signalling consumer spending continues to lag behind improvement in other areas of the economy. Regular pay, which accounts for the bulk of total pay and determines base salaries, has been generally rising in recent months and in April grew an annual 0.4 percent, the biggest increase in three months. Special payments, such as bonuses, in April grew 5.6 percent from a year earlier, following a revised 1.7 percent annual rise the previous month, data also showed. Special payments are generally small, so even a slight change in the amount can cause big percentage changes. Overtime pay, a barometer of strength in corporate activity, dipped 0.2 percent in April from a year earlier, following a revised 0.6 percent annual decline in March. Desperate to stimulate growth and end decades of deflation, the Bank of Japan has embraced negative interest rates and bought up mammoth volumes of bonds. The massive extent of the BOJ''s money printing, however, has barely moved it nearer to its ultimate policy goal of lifting inflation to 2 percent, highlighting the difficulty facing the central bank as the scale of its bond buying appears unsustainable. The ministry defines "workers" as 1) those who are employed for more than one month at a firm that employs more than five people, or 2) those who are employed on a daily basis or have less than a one-month contract but had worked more than 18 days during the two months before the survey was conducted at a firm that employs more than five people. To view the full tables, see the labour ministry''s website at: here (Reporting by Minami Funakoshi; Editing by Jacqueline Wong) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-japan-economy-wages-idUKKBN18X064'|'2017-06-06T10:08:00.000+03:00'
'c11362913b35060fe5e137840c381f1c53af4c0e'|'JGBs inch lower tracking Treasuries, firm 30-yr sale limits losses'|'TOKYO, June 6 Japanese government bond prices inched down on Tuesday with the market weighed down by an overnight slip in U.S. Treasuries, although firm demand for new 30-year debt helped contain the losses.The benchmark 10-year JGB yield was half a basis point higher at 0.050 percent. The 20-year yield was unchanged at 0.560 percent.The bid-to-cover ratio, a gauge of demand, at Tuesday''s 800 billion yen ($7.28 billion) 30-year JGB auction rose to 3.63 from 3.35 at the previous sale.The new JGBs were seen to have attracted ample investor demand as the 30-years had become relatively cheap compared to other super longs like the 20-years.Treasury debt prices fell on Monday, as investors booked profits after gains the previous session on a U.S. employment report that underwhelmed expectations and suggested a more cautious Federal Reserve policy beyond June. ($1 = 109.8400 yen) (Reporting by the Tokyo markets team)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/japan-bonds-idINL3N1J3244'|'2017-06-06T03:38:00.000+03:00'
'afeb4555ecb845a2df5526c441dee618db2bd205'|'Bank of Portugal warns lenders against easing loan requirements'|'Business News - Tue Jun 6, 2017 - 4:55pm BST Bank of Portugal warns lenders against easing loan requirements A man walks with his dog outside Bank of Portugal in downtown Lisbon, Portugal, February 21, 2017. REUTERS/Rafael Marchante LISBON Portuguese banks are still vulnerable to various risks and must avoid easing strict criteria for lending or offering complex financial instruments in the hope of repairing profitability dented by low interest rates, the central bank warned. The country''s banking sector is still recovering after the state had to rescue two lenders in 2014 and 2015, their problems exacerbated by massive bad loans, while many clients lost their life''s savings by buying into toxic assets sold to them as safe. In a financial stability report released on Tuesday, the Bank of Portugal said that despite stronger solvency and loan-to-deposit ratios, the high stock of non-performing loans and assets tends to weigh on investor perception of Portuguese lenders, restricting their access to market financing. "Although the prospects for the Portuguese economy have improved ... the high public and private sector indebtedness and the low potential growth continue to pose risks to financial stability," it said, adding that record-low interest rates in the euro zone put additional pressure on Portuguese banks. It warned that in such a setting, banks could be tempted to launch complex financial instruments that allow to recover some of the lost profitability by transferring risks to clients, which could create reputation hazards and undermine confidence in the banking sector. "This context could also create incentives for excessive risk-taking via search-for-yield behaviours, particularly by being less restrictive in conceding loans... It is fundamental that financial institutions correctly evaluate risks linked to new loan flows," the central bank said. It said it was important for banks to heed its warning as new consumer and housing loans were on the rise even as the total stock of loans to the non-financial private sector still ebbed last year, continuing the trend that started during the country''s financial crisis in 2010. (Reporting By Andrei Khalip, editing by Axel Bugge and Pritha Sarkar) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-portugal-banks-idUKKBN18X22U'|'2017-06-06T23:55:00.000+03:00'
'bac2be82eb030a78bab8c1809fffba1b4dcb2a1e'|'The future of research: how can HIV treatment go further? – event - Global Development Professionals Network'|'The management of HIV has come a long way since the start of the epidemic, with a range of approaches to treat and prevent infection currently available. But challenges still remain. Globally, more than half of those living with HIV still do not have access to treatment, so what needs to be done now?Alongside the 9th IAS Conference on HIV Science , the Guardian will bring together global and regional thought leaders to discuss the following questions and more:Which populations are most in need? What are their needs and how can we help address them? What are the next medical developments after one pill a day? How can we diagnose and treat where there is no clinic or local doctor? What developments are required to make HIV prevention and treatment less stigmatising? How can we strengthen health systems – from building clinics to training health professionals – to reach those left behind? Details Date: Tuesday 25 July 2017Time: 18.30 - 20.30Location: Room 251, Palais des Congrès, Paris, FranceKeynote address Marijke Wijnroks, executive director, The Global Fund to Fight AIDS, Tuberculosis and Malaria Panel Rachel Baggaley , HIV prevention and testing coordinator, World Health Organization (WHO) Ashmanie Reshmie Ramautarsing , clinical research physician – prevention department, Thai Red Cross Aids Research Centre Nadia Sam-Agudu , paediatric infectious diseases, HIV and public health specialist, Institute of Human Virology, Nigeria Papa Salif Sow , VP, programme development and management, access operations & emerging markets, Gilead Sciences Peter Godfrey Faussett , senior science adviser, UNAids Adele Benzaken , director, STI, HIV/Aids and viral hepatitis department, Ministry of Health, Brazil Lucy Lamble , executive editor, Guardian Global Development (chair) The panel discussion will be followed by an audience Q&A and a networking reception. Is this event for you?The event is aimed at professionals working towards the treatment and prevention of HIV/Aids in underserved communities, whether working in research, government, an NGO, the private sector or at the grassroots level.NB. This event is an official satellite symposium of IAS 2017. You must be registered as a delegate of the conference in order to attend this event. Register for IAS 2017 here .If you are attending IAS 2017 and would like to receive further information about this event, please enter your details below.'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/global-development-professionals-network/2017/jun/09/ias-2017-guardian-event-future-research'|'2017-06-09T22:06:00.000+03:00'
'bbe50edf2b667450d333aeda52de71cbb3c9d0c4'|'DST Global''s Milner sees $4 trln of new internet companies on online spending boom'|'HONG KONG, June 9 A surge in online consumer spending in the coming years is seen creating $4 trillion worth of new internet companies, billionaire investor Yuri Milner, founder of venture capital giant DST Global, said on Friday.Milner, an early backer of internet giants, including Alibaba Group Holding, Facebook Inc and Twitter Inc, expects the percentage of global consumer spending that happens online to more than double to 15 percent by 2025 from 6 percent now, he told a conference in Hong Kong. (Reporting by Elzio Barreto; Editing by Muralikumar Anantharaman)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/dstglobal-internet-idINL3N1J60KX'|'2017-06-08T23:46:00.000+03:00'
'cc82e4053f236dd2fbe1e69a225c0bffff85eeaa'|'India takes US to WTO for failing to drop steel duties'|'GENEVA India has complained to the World Trade Organization that the United States has failed to drop anti-subsidy duties on certain Indian steel products after losing an earlier ruling, a document published by the WTO said on Friday.India said the United States had failed to meet an April, 2016 deadline to comply with a WTO ruling that faulted it for imposing countervailing duties on hot-rolled carbon steel flat products from India.(Reporting by Tom Miles; Editing by Gareth Jones)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/usa-india-steel-idINKBN1901YA'|'2017-06-09T21:24:00.000+03:00'
'a80bffb6a548bfc3d11bd643620be18dd5f58409'|'Iran raises oil exports to West, almost on par with Asia'|'NEW DELHI Iran''s oil exports to the West surged in May to their highest level since the lifting of sanctions in early 2016 and almost caught up with volumes exported to Asia, a source familiar with Iranian oil exports said.Iran, which used to be OPEC''s second biggest oil exporter, has been raising output since 2016 to recoup market share lost to regional rivals including Saudi Arabia and Iraq.While many Asian nations continued to purchase oil from Iran during sanctions, Western nations halted imports, halving Iran''s overall exports to as little as one million barrels per day (bpd).Last month, Iran exported about 1.1 million bpd to Europe including Turkey, almost reaching pre-sanction levels and only slightly below the 1.2 million bpd supplied to Asia, the source told Reuters.Iran''s exports to Asia last month were the lowest since February 2016, Reuters'' calculations showed.Oil exports to Asia fell as South Korea and Japan stepped up oil condensate purchases and bought less oil, said the source, who asked not to be identified as the information is confidential."Iran''s condensate parked in floating storage has almost been exhausted because of higher purchases by Japan and Korea," the source said.Exports to Asia were also hit by India''s decision to cut annual purchases from Iran by a fifth for the fiscal year to March 2018.After the lifting of sanctions, Tehran added new clients such as Litasco and Lotos and won back customers such as Total ( TOTF.PA ), ENI ( ENI.MI ), Tupras ( RDSa.L ), Repsol ( REP.MC ), Cepsa CPF.GQ and Hellenic Petroleum ( HEPr.AT ).OPEC member Iran was allowed a small production increase under a December deal to limit output.Iran''s overall May oil production totaled 3.9 million bpd, the source said.Iran is currently producing about 200,000 bpd of West Karoun grade, which the nation blends with other Iranian heavy grades for export, he said.For a graphic on Asia''s Iranian crude oil imports, click hereFor a graphic on Iranian oil production, click reut.rs/2sbpbWY(Editing by Jason Neely and David Evans)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-iran-oil-exports-idUSKBN1901W3'|'2017-06-09T21:37:00.000+03:00'
'e7d6f404cea08acb5803e4dc92296ce6e56ddfab'|'America’s number two ride-hailing firm'|'ONE firm’s bad news is often another’s good fortune. For years Lyft, an app that offers on-demand rides, was outdone by its seemingly unstoppable rival, Uber, which zoomed into new markets and grabbed a near-$70bn valuation, the largest of any private American tech firm in history. Uber does not report a share price that would register its recent troubles, which include one investigation into alleged intellectual-property theft and another into its workplace culture. But that Lyft’s market share in America has risen from 18% five months ago to 25% now (according to TXN Solutions, a data provider) is a gauge of the larger firm’s crisis.Lyft is far from a typical Silicon Valley company. Unlike Uber, it does not lust for world domination and it operates only in America. Nor does it take itself especially seriously. For years it identified its drivers by pink, fuzzy moustaches fastened to the front of cars, and encouraged riders to fist-bump their drivers and sit in the front seat (though it has now relaxed this etiquette to attract more customers). 5 5 7 Its founders, Logan Green and John Zimmer, put an early emphasis on being nice to drivers, for example by allowing people to tip through the app. Many in Silicon Valley viewed such cuddly behaviour as a sign that Uber would trounce it. The two do not just compete for passengers; each also tries to woo the other’s drivers. In 2014 Uber’s boss, Travis Kalanick, attempted to buy Lyft.But Lyft’s culture has turned out to be an asset. Uber’s controversies, including Mr Kalanick being caught on video berating a driver, have helped its rival—particularly on America’s liberal-minded west coast, where people are more squeamish about using a brand associated with sexism. Half of those who have switched to Lyft in America say that company reputation was the chief reason, says Survey Monkey, an online-polling firm.On June 6th Uber said it had fired 20 employees after the conclusion of an investigation into sexual harassment (the result of a broader probe, led by a former attorney-general, is due soon). One venture capitalist who has backed Uber says he is embarrassed to be seen getting into its cars. It seems no coincidence that in April Lyft said it had raised another $600m from investors, valuing the firm at $7.5bn, around a third more than its previous mark.That also reflects a change of mind among investors over the ride-hailing business. Having thought of it as a winner-takes-all market, in which one big company has a near-monopoly in each country, plenty now believe people will spend enough on transport for more than one player to prosper. Mr Zimmer, Lyft’s co-founder, compares ride-hailing to the wireless-carrier market, in which several companies boast high-quality coverage and plenty of customers.Offering good “coverage” in ride-hailing so that rides can arrive within a few minutes, of course, requires resources. “We’re at the stage of building cell towers. That’s expensive,” says Brian Roberts, Lyft’s chief financial officer. But it may help the firm that it remains geographically and strategically focused. It has fewer distractions than Uber, which in addition to expanding globally is pushing into new business lines, like food delivery and trucking.Lyft’s strategy on self-driving cars is also distinctive. Uber is investing heavily to build its own autonomous technology, guarding against the chance that another service could come in without drivers and undercut it on price. But Lyft has opened up its network to other firms, including Waymo, a self-driving car unit that is Google’s sister company (and which has accused Uber of stealing trade secrets).Collaborating with others is better than building expertise in-house, Lyft reckons, because so much uncertainty surrounds the evolution of autonomous technology. This week Lyft announced another relationship, with an autonomous-driving startup called nuTonomy, which will start testing cars in Boston. There is a risk that Waymo and other partners may try to perfect their own self-driving technology with Lyft’s data and then launch a competing ride-hailing network, but that seems a distant possibility.In the immediate future Lyft may find it harder to keep differentiating itself. Uber has mimicked some of its successful tactics. It is expected to introduce tipping and is overhauling its culture. Many ride-hailing drivers now work for both services, which means travelling in a Lyft car is no longer unique.The fact that Lyft has won a quarter of the American market could help both firms’ profits. In 2016 it lost around $600m and Uber $2.8bn. They formerly seemed likely to spend money fighting to the point of “mutually assured destruction”, says Vincent Letteri of KKR, an investment firm that recently put cash into Lyft (after declining to join in two previous funding rounds). Uber now accepts that Lyft is there to stay; it will have to rein in promotional spending if it wants to achieve healthy profits in America to pay for expansion abroad and to reassure nervous investors, says Mr Letteri. Lyft will have less need to spend heavily on subsidies for drivers and riders. It has stopped its practice of offering new customers $50 in free trips to sign up. Lyft still wants to be nice, but has no wish to be taken for a ride.Correction (June 9th): This piece originally suggested that Uber had already introduced tipping. It has been updated to say that such a change is expected. "Lyft’s big lift"'|'economist.com'|'http://www.economist.com/rss/business_rss.xml'|'http://www.economist.com/news/business/21723166-liberal-folk-have-helped-lyft-win-quarter-market-americas-number-two-ride-hailing-firm?fsrc=rss%7Cbus'|'2017-06-08T22:46:00.000+03:00'
'73a5103be99933864a6bc934fc012484c4be2156'|'UPDATE 1-Petrobras keeps cooking gas from pricing parity on Brazil rules'|'Market News - Wed Jun 7, 2017 - 10:25am EDT UPDATE 1-Petrobras keeps cooking gas from pricing parity on Brazil rules (Recasts to add details on new LPG pricing policy, comments, background from paragraph 3; changes dateline to RIO DE JANEIRO) By Marta Nogueira RIO DE JANEIRO/SAO PAULO, June 7 (Reuters) - S tate-controlled Petróleo Brasileiro SA has kept cooking gas out of a pricing system based on international parity, in order to comply with rules set by Brazil''s most powerful energy policy body to help contain fuel costs for households. The decision, which was announced in a Wednesday securities filing, sets lower prices for smaller quantities of liquefied petroleum gas sold in domestic markets. For industrial LPG, Petrobras will follow Brazil''s National Energy Policy Council''s guidelines seeking higher prices. Final prices for LPG stored in cylinders of less than 13 kilograms and sold to Brazilian households will correspond to the average of butane and propane prices in European markets plus a 5 percent markup. The move will spark a 6.7 percent average household increase starting on Thursday, with consumer prices rising an estimated 2.2 percent. Chief Executive Pedro Parente sought to allay concern that the move would mark a comeback of state meddling in Petrobras'' pricing decisions, noting that the markup is enough to reverse years of government-mandated subsidies. Brazil''s federal government controls Petrobras, which for years was used as a policy tool to tame inflation and boost growth. The move to adjust pricing in the LPG market helped Petrobras conclude a year-long effort to peg domestic fuel costs to global prices. During the tenure of the left-wing Workers Party, between 2003 and 2016, Petrobras booked hefty losses for heavily subsidizing fuel prices in Brazil. "I don''t think this rule aims to stop us from reversing the losses that the company incurred in this market for years," Parente told reporters in Rio de Janeiro. Prices for so-called GLP-P13 natural gas will be revised at the fifth day of every month, the company said. Preferred shares, the company''s most widely traded class of stock, gained 0.8 percent to 13.28 reais in early trading on Wednesday. (Additional reporting by Rodrigo Viga Gaier and Alexandra Alper in Rio de Janeiro, and Bruno Federowski and Luciano Costa de Paula in São Paulo; Editing by Guillermo Parra-Bernal, Chizu Nomiyama and Meredith Mazzilli) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/petrobras-prices-lpg-idUSL1N1J40J0'|'2017-06-07T22:25:00.000+03:00'
'6b8e5651b03b769b97361ad0ef7c4973dfc97b1a'|'MOVES-International Personal Finance makes three senior appointments'|'Market News - Wed Jun 7, 2017 - 6:09am EDT MOVES-International Personal Finance makes three senior appointments June 7 Consumer credit lender International Personal Finance Plc said on Wednesday it appointed James Ormrod as chief legal officer and company secretary. The firm also named Richard Harris as chief marketing officer and Lyndsey Hamilton-Scott as group human resources director. Ormrod joined the company from Mitie Group Plc, where he served as group general counsel and company secretary, while Harris previously worked at Investec as head of group and bank marketing. (Reporting by Divya Grover in Bengaluru) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/intl-prsnl-fin-moves-idUSL3N1J4359'|'2017-06-07T18:09:00.000+03:00'
'7cc476d35df10f63657ef32374933d776595bc0c'|'China May exports rise 8.7 percent, imports up 14.8 percent, beat forecasts'|'Business News - Thu Jun 8, 2017 - 6:49am BST China May imports, exports unexpectedly speed up but seen fading Piles of steel pipes to be exported are seen in front of cranes at a port in Lianyungang, Jiangsu province March 7, 2015. REUTERS/Stringer BEIJING China reported stronger-than-anticipated exports and imports for May despite falling commodity prices, suggesting the economy is holding up better than expected despite rising lending rates and a cooling property market. Concerns over China landed squarely back on global investors'' radar after Moody''s Investors Service downgraded its credit rating last month, saying it expects the country''s financial strength will erode in coming years as growth slows and debt continues to rise. China''s imports have been strong in recent months, driven largely by iron ore and other commodities used to feed a year-long construction boom, while exports have rebounded from several years of contraction thanks to improving global demand. While the strength of the May import data surprised economists, and suggested domestic demand remains solid, analysts still expect the world''s second-largest economy to lose momentum gradually over the course of the year due to policy tightening. Government measures to cool heated home prices are expected to dampen property investment eventually and a crackdown on riskier types of lending is pushing up financing costs. "The current strength of imports is unlikely to be sustained if, as we expect, slower credit growth feeds through into weaker economic activity in the coming quarters," Capital Economics'' Julian Evans-Pritchard wrote in a note. "Export growth is also likely to edge down but should fare better than imports given the relatively upbeat outlook for China''s main trading partners." Growth in both exports and imports accelerated from April, defying expectations of a slowdown. Exports rose 8.7 percent from a year earlier, while imports expanded 14.8 percent, official data showed on Thursday. That left the country with a trade surplus of $40.81 billion (31.5 billion pounds) for the month, the General Administration of Customs said. Analysts polled by Reuters had expected May shipments from the world''s largest exporter to have risen 7.0 percent, easing from 8.0 percent growth in April. Imports had been expected to have climbed 8.5 percent, pulling back from 11.9 percent in April. That was expected to produce a trade surplus of $46.32 billion, widening from April''s $38.05 billion. Sources at two steel mills told Reuters they expect output to remain high as profit margins and demand are still strong, even though construction activity in China tends to ease in summer due to intense heat and rain in parts of the county. "We think it''s quite obvious demand outperformed our expectations because of relatively strong housing and infrastructure sectors," Richard Lu, an analyst at commodities consulting firm CRU, said ahead of the data. "But there are some downside risks in the second half of the year. Housing sales have declined so underlying (steel) demand may ease," he said. The key unknown is whether China would continue to boost infrastructure spending for the rest of the year. Much of the building boom has been fuelled by government spending on road and rail projects and a frenzied housing market, even as authorities try to contain mounting risks from years of debt-fuelled stimulus. COMMODITY IMPORTS LEAD THE WAY Analysts had expected import growth to cool largely due to a slump in prices of iron ore and steel in recent weeks on worries about growing inventories and a seasonal slowdown in demand. Iron ore prices are near eight-month lows. But China''s imports of crude oil, copper, iron ore and soybeans all rose in May from a month earlier on a volume basis, suggesting producers remain optimistic about the outlook. "The copper imports rebound in May is more than market expectations, especially in the off season for copper, (suggesting) markets had overestimated the slowdown in China''s economic growth and sluggish domestic demand," said Helen Lau, an analyst at Argonaut Securities in Hong Kong. EXPORTS ALSO UNDER A CLOUD? Exports benefited from solid demand from Europe and the United States, though trade has been under a cloud since Donald Trump was elected president in November vowing to shrink the large U.S. trade deficit with China. The world''s two biggest economies have started 100 days of trade talks, which was agreed by Trump and Chinese President Xi Jinping when they met in Florida in April in an effort to reduce the massive U.S trade gap. In a sign of progress, the two countries agreed in May to take action by mid-July to increase access for U.S. financial firms and expanding trade in beef and chicken among other steps. China does not deliberately pursue a trade surplus with the United States, vice commerce minister Yu Jianhua said recently. China''s trade surplus with the U.S. was $22.0 billion in May, the highest since November and up from $21.34 billion in April, according to data from China''s customs bureau. Exports to the United States rose 11.7 percent in May from a year earlier while imports from the U.S. rose 27.1 percent. (Reporting by Sue-Lin Wong and the Beijing Monitoring Desk; Additional reporting by Lusha Zhang and Muyu Xu in BEIJING and Manolo Serapio in MANILA; Editing by Kim Coghill) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-china-economy-trade-idUKKBN18Z0C1'|'2017-06-08T11:49:00.000+03:00'
'101e0220ae9859ed371bd4293aed1bdf6e870316'|'Shawbrook rejects third buyout offer from private equity groups'|' 15am BST Shawbrook rejects third buyout offer from private equity groups British challenger bank Shawbrook Group Plc said it rejected a raised and final 868 million pounds offer from private equity groups trying to take control of the lender. "Independent directors believe that the final offer undervalues Shawbrook and its prospects and therefore advise that shareholders take no action with regards to the final offer," Shawbrook said in a statement on Tuesday. Marlin Bidco, the buyout vehicle set up by BC Partners and Pollen Street Partners, on Monday raised its offer for Shawbrook by just over 3 percent, as the bidders try to convince another 5 percent of shareholders to accept the deal. (Reporting by Noor Zainab Hussain in Bengaluru, Editing by Lawrence White)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-shawbrook-group-buyout-idUKKBN18X0GV'|'2017-06-06T14:15:00.000+03:00'
'a99771b7f40b40348df1ac747a1f27bd02bb5b95'|'Qantas says still room for Emirates partnership on routes to Europe'|'Business   7:00pm BST Qantas says still room for Emirates partnership on routes to Europe Qantas aircraft are pictured on the tarmac of Sydney Airport in Australia, May 5, 2017. REUTERS/Jason Reed CANCUN, Mexico Australia''s biggest airline Qantas is still keen to work with Dubai-based Emirates on routes to Europe, even as it starts to open up more of its own routes, executives said on Tuesday. Qantas is bypassing Emirates'' hub Dubai on a new Perth-London flight and has indicated that it wants to fly to Paris and Frankfurt from Perth, in another challenge to Emirates. "Even when we start flying direct to London, still Dubai will play a big role," Qantas Group Chief Executive Alan Joyce told journalists at a briefing on the sidelines of an airline industry meeting in Mexico. "Emirates has 40 destinations in Europe. We''re never going to fly direct to places like Venice and Prague," he added. Qantas Group also sees big opportunities in China, both for its main brand and low-cost unit Jetstar. "It''s about to overtake New Zealand as the biggest inbound market into Australia," Gareth Evans, CEO of Qantas International. "Not all of that is profitable growth so we have to be careful on how we take that opportunity." On other partnerships, Qantas is planning within the next few months to refile an application for a joint venture with American Airlines ( AAL.O ) that would allow them to coordinate prices and flight schedules, Evans said. The pair''s application for a joint venture covering the United States, Australia and New Zealand markets was rejected in November under the Obama administration in the face of opposition from Hawaiian Airlines Inc and JetBlue Airways Corp. "My understanding is that it will take less time this time through, but we''ll have to wait and see," Evans said. (Reporting by Victoria Bryan)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-airlines-iata-idUKKBN18X2F8'|'2017-06-07T02:00:00.000+03:00'
'7411ebad6ab9c793f259cc688baee029399a1ce5'|'UPDATE 1-Australia''s Vocus says KKR makes $1.65 bln takeover approach - Reuters'|'* KKR indicative offer A$3.50 per share vs A$2.86 previous close* Vocus says considering the offer* KKR has raised $9.3 bln in Asia buyout fund (Adds Vocus response, KKR comment, shares)June 7 Australian telecoms company Vocus Group Ltd said on Wednesday it received an indicative takeover offer from private equity firm KKR & Co LP which valued the company at A$2.2 billion ($1.65 billion).Vocus said KKR made a non-binding indicative offer to buy all its shares for A$3.50 in cash, a 22 percent premium to the stock''s closing price the previous day.The Sydney-listed takeover target said it would consider the proposal, which includes a condition that Vocus''s board supports it unanimously, and urged shareholders not to take any action.A KKR spokesman declined to comment.Last week, KKR said it had raised $9.3 billion for its most recent Asia-focused buyout fund as it looks for larger deals.Up to Tuesday''s close, Vocus shares had fallen 26 percent this year, while the broader Australian share market is flat. Vocus shares were in a trading halt early on Wednesday.Vocus said it hired investment banks Credit Suisse and Goldman Sachs as financial advisers.($1 = 1.3310 Australian dollars) (Reporting by Christina Martin in Bengaluru; Editing by Byron Kaye and Stephen Coates)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/vocus-group-ma-kkr-idINL3N1J35JM'|'2017-06-06T22:23:00.000+03:00'
'aae720a5e5f1db9a131e64c3564cc71c46cfe804'|'UK insurer Chesnara says could move HQ to Netherlands or Sweden post-Brexit'|'Business   5:20pm BST UK insurer Chesnara says could move HQ to Netherlands or Sweden post-Brexit LONDON UK insurer Chesnara ( CSN.L ) said on Tuesday it could move its headquarters to the Netherlands or Sweden if required, depending on the regulatory situation after Britain leaves the European Union. “Chesnara already has two insurance companies in the Netherlands and one in Sweden so could move its headquarters to either of these locations, depending on the regulatory environment in post-Brexit," a Chesnara spokesman said in emailed comments, adding that "there is certainly no current intention to do so“. Chesnara, which focuses on insurance business closed to new policyholders, has previously said it could move to Amsterdam if needed. Its headquarters are currently in Preston, northwest England. (Reporting by Noor Zainab Hussain; writing by Carolyn Cohn)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-eu-chesnara-idUKKBN18X251'|'2017-06-07T00:20:00.000+03:00'
'829d1d285756fba7289e007b4bbb2ac9a7599a6a'|'UPDATE 1-BofA pays Tutor Perini $37 million to resolve fraud lawsuit'|'BOSTON Bank of America Corp ( BAC.N ) has paid Tutor Perini Corp ( TPC.N ) $37 million to resolve a lawsuit claiming the bank defrauded the construction company by selling it millions of dollars of auction-rate securities it knew were on the brink of collapse.The settlement, disclosed by Tutor Perini in a filing with the U.S. Securities and Exchange Commission on Tuesday, resolves a lawsuit the Los Angeles-based company filed against the bank in 2011 in federal court in Boston.The deal came after a federal appeals court in November revived the lawsuit, holding that a lower court judge erred in dismissing federal and Massachusetts state securities fraud claims against the second-largest U.S. bank.A jury trial in the lawsuit had been scheduled for June 19 but on May 23 the parties informed the court that they had reached a settlement. Terms were not disclosed at that time.Under the agreement, neither side made any admission of liability or wrongdoing, Tutor Perini said.A spokesman for Bank of America did not immediately respond to a request for comment.In the lawsuit, Tutor Perini alleged that Bank of America pushed it to buy auction-rate securities in late 2007 and early 2008 despite knowing the market was "one step away from illiquidity."The $330 billion auction-rate market seized up in February 2008 when dealers stopped supporting it, saddling investors with illiquid debt that had often been marketed as a cash substitute.Bank of America was among more than one dozen companies that agreed to repurchase more than $61 billion of auction-rate securities to settle claims by Andrew Cuomo, then New York''s attorney general and now its governor.Tutor Perini said corporate investors such as itself were ineligible for these settlements.The case is Tutor Perini Corp v. Banc of America Securities, LLC et al, U.S. District Court, District of Massachusetts, No. 11-cv-10895.(Reporting by Nate Raymond in Boston; Editing by Bill Trott)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-bank-of-america-tutor-perini-idUSKBN18X2X7'|'2017-06-07T05:53:00.000+03:00'
'efb2c3b786d6c9bc4f6fe7d675ca5d965a9d1184'|'Ryanair interested in cooperating with, but not buying, Alitalia'|' 52pm BST Ryanair interested in cooperating with, but not buying, Alitalia FILE PHOTO: A Ryanair aircraft lands at Manchester Airport in Manchester, Britain, May 26, 2015. REUTERS/Andrew Yates/File Photo DUBLIN Ryanair ( RYA.I ) has submitted an expression of interest to administrators trying to sell troubled airline Alitalia, but is interested in cooperating with the business rather than buying it, the Irish low-cost carrier said on Wednesday Alitalia filed in May to be put under special administration for the second time in less than a decade, starting a process that will lead to the loss-making airline being overhauled, sold off or wound up. Administrators said on Tuesday they had received 32 expressions of interest before the deadline to submit potential offers expired on Monday, but did not provide any names. "We have submitted an expression of interest," a Ryanair spokesman said in an emailed statement. "As previously stated, we are not interested in buying Alitalia. However, we have offered to feed Alitalia’s long haul traffic." Two weeks ago Ryanair Chief Executive Michael O''Leary said he planned to submit an expression of interest in order to participate in the process rather than to purchase the airline, and that he believed the Italian carrier had a viable future if sensibly restructured. Ryanair said it wanted to provide short-haul traffic to feed Alitalia''s long-haul network and could deploy up to 20 aircraft at two weeks'' notice this summer if Alitalia cut capacity significantly. The spokesman did not say on what terms Ryanair might provide feeder flights, but it has offered to link up to other long-haul carriers in recent months on condition Ryanair would not be responsible for any missed connections. Alitalia has refused a similar offer in the past. The Italian government appointed three commissioners to assess whether Alitalia can be restructured, and has given them six months to come up with a plan. Several Italian media said none of the expressions of interest were for the entire airline but only for certain assets, such as fleet or airport slots. The government has repeatedly said it would prefer to sell the airline in one block, partly to minimise the impact on its 12,500 staff. It has ruled out re-nationalising Alitalia. The commissioners will now examine the submissions and select those that will be given access to Alitalia''s data room. Lufthansa CEO Carsten Spohr said this week the German airline would look at any opportunities that arise in Italy, but it had no plans to buy Alitalia. He added Lufthansa would look at Alitalia planes should they come up for sale. Turkish Airlines denied reports it was interested in Alitalia''s assets. Alitalia could not immediately be reached for comment. (Reporting by Conor Humphries in Dublin, Agnieszka Flak in Milan and Ceyda Caglayan in Istanbul; Editing by Mark Potter)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-alitalia-m-a-ryanair-idUKKBN18Y1WQ'|'2017-06-07T21:52:00.000+03:00'
'208495bda02042bcb0c33f2c9688ac746048ddf9'|'Walmex says same-store sales up 4.4 percent in May'|'MEXICO CITY, June 6 Mexico''s biggest retailer, Wal-Mart de Mexico, said on Tuesday that sales at its Mexican stores that have been open at least a year rose 4.4 percent in May compared to the same month last year.Total sales in Mexico increased 5.8 percent in the same period, Walmex said. (Reporting by Noe Torres)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/mexico-walmex-idINE1N1IP00E'|'2017-06-06T18:39:00.000+03:00'
'b65ffc6e6a2b52c5faaf0e662061b68155298303'|'Tesla, Sunrun expected to resume Nevada rooftop solar sales'|'U.S. solar companies Tesla Inc ( TSLA.O ) and Sunrun Inc ( RUN.O ) on Monday said they would resume selling rooftop panels in Nevada because legislators passed a bill reinstating a policy the state had abandoned 18 months ago.Assembly Bill 405, which supporters say they expect Nevada Governor Brian Sandoval to sign in coming days, would require electric utilities to purchase excess power generated from their customers'' rooftop solar installations at near the full retail rate. That rate will step down gradually as more and more households go solar.Officials in Sandoval''s office could not immediately be reached for comment.Known as net metering, the buy-back policy is critical to making residential solar affordable by giving solar owners credit on their bills for energy they produce but do not use.Nevada''s Public Utilities Commission scrapped its previous net metering policy at the end of 2015, moving households with solar panels to a far less advantageous rate structure for power sold back to the utility.The move, which prompted Tesla''s subsidiary, SolarCity, and rival Sunrun Inc ( RUN.O ) to stop doing business in the state, was unpopular with Nevada residents. Solar installation jobs fell 32 percent in 2016 in Nevada.On Monday, both Tesla and Sunrun said they would return to Nevada once the bill was signed.Opponents of net metering argue that forcing utilities to pay high rates for rooftop solar in effect means that customers who do not have solar panels subsidize those who do."This legislation, which is supported by businesses and consumers alike, will not only bring back solar energy to Nevada and enable the industry to innovate and grow sustainably, it will create thousands of jobs and bring millions of dollars in economic benefits to the state," a Tesla spokesperson said in an emailed statement.The bill, which passed in the state senate on Sunday and in the assembly on May 23, received support from both Democrats and Republicans, and the solar industry rallied behind it as well."This is a victory hard won and a testament to the overwhelming support for rooftop solar in Nevada," Alex McDonough, Sunrun vice president of public policy said in an emailed statement.(Reporting by Nichola Groom; Editing by Cynthia Osterman)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-usa-solar-nevada-idUSKBN18W2UT'|'2017-06-06T07:10:00.000+03:00'
'abe49c945a1158082cc7c9ce82f048f9225c6fe2'|'U.S. judge may tap Feinberg to run $1 billion Takata compensation fund'|'Business News - Tue Jun 6, 2017 - 12:35am BST U.S. judge may tap Feinberg to run $1 billion Takata compensation fund The logo of Takata Corp is seen on its display at a showroom for vehicles in Tokyo, Japan, February 9, 2017. REUTERS/Toru Hanai By David Shepardson - WASHINGTON WASHINGTON A federal judge may tap attorney and longtime compensation adviser Kenneth Feinberg to oversee claims for nearly $1 billion that Takata Corp ( 7312.T ) will pay out to victims of defective air bag inflators linked to numerous deaths and injuries, court officials said on Monday. In April, U.S. District Judge George Caram Steeh said he planned to name former Federal Bureau of Investigation director Robert Mueller to oversee the Takata settlement funds. But Mueller resigned from his law firm last month to head the Justice Department''s probe into Russian interference in the 2016 election and told Steeh he could no longer accept the Takata assignment. Takata, which is based in Tokyo, is one of the world''s largest automotive suppliers. It pleaded guilty in February in federal court in Detroit to fraud charges as part of a settlement agreement with the U.S. government over massive recalls stemming from the faulty air bag inflators. The devices can explode with excessive force, unleashing metal shrapnel inside cars and trucks. They have been blamed for at least 16 deaths and more than 180 injuries worldwide. The Takata settlement includes a $25 million criminal fine, $125 million in victim compensation and $850 million to compensate automakers who have suffered losses from massive recalls. The Justice Department in January recommended Feinberg to oversee the Takata settlement payout. A specialist in mediation and dispute resolution, he previously oversaw the Sept. 11 attacks compensation fund, the BP ( BP.L ) oil spill fund and compensation paid by General Motors Co ( GM.N ) to victims of its faulty ignition switches. Feinberg said Monday he had not spoken recently to Judge Steeh and was unaware of any decision on who will serve as the monitor. Steeh has made no final decision on who will serve as monitor following Mueller''s withdrawal, his office said Monday. "Bob Mueller took an extraordinary monetary loss to drop this assignment and willingly gave up fees that would have amounted to millions of dollars to accept the Justice Department’s Special Counsel appointment," Steeh said in a statement. Inflator recalls began around 2008 and involve around 100 million inflators around the world used in vehicles made by 19 automakers, including Honda Motor Co (7267.T), Volkswagen AG ( VOWG_p.DE ) and GM. Takata is seeking financial backers as it faces potentially billions of dollars in recall-associated costs. (Reporting by David Shepardson; Editing by Tom Brown) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-autos-takata-idUKKBN18W2WC'|'2017-06-06T07:35:00.000+03:00'
'ff76e66abc00fdab7e15e648f1984e06e982a8c6'|'Peru miner Volcan seeks copper opportunities to diversify'|'LIMA Volcan, Peru''s largest producer of silver and zinc, seeks new opportunities in copper projects to diversify its operations and is also evaluating acquisitions, an executive said on Tuesday.Among the company''s plans, Jose Montoya, manager of corporate development, highlighted the Chumpe and Carhuacayán porphyry copper projects in Junin region as well as copper and gold project Rica Cerreña in Pasco."We are looking to increase diversification in copper opportunities," Montoya said in a presentation at the MinPro forum.He said Volcan is also looking at acquisitions that could provide "fast" value."We are investing heavily in exploration in 2017 to discover the potential we have in copper. We are betting on an aggressive drilling plan ... 30 percent of this will be destined to uncover copper opportunities," he added.Volcan last year produced some 273,400 metric tons of zinc, down 4.1 percent from 2015, as well as 22 million ounces of silver, down 11.4 percent from the previous year.(Reporting by Teresa Cespedes; Writing by Caroline Stauffer; Editing by Leslie Adler)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-peru-volcan-idUSKBN18Y003'|'2017-06-07T08:01:00.000+03:00'
'59b10deba22167911564bbef99ed2ebfa227648e'|'SEC takes more time to mull Chicago Stock Exchange''s China deal'|'NEW YORK The U.S. Securities and Exchange Commission will take up to another 60 days to decide whether to allow the sale of the Chicago Stock Exchange to a group of investors led by China-based Chongqing Casin Enterprise Group.The SEC, which reviews proposed mergers involving exchanges to ensure they comply with federal regulations and appropriately self-police their brokerage members, said it needed more time to make the decision in a regulatory filing dated June 6.CHX is a niche player in the U.S. equities market, executing less than 0.5 percent of U.S. stock transactions.The proposed deal has drawn attention because it would be the first time a U.S. exchange has been bought by Chinese investors. There are also U.S. investors in the group.A long-term objective of Casin Group, a privately held company that invests in real estate development and financial holdings, is to list Chinese companies in the United States through CHX, which has locations in Chicago and New Jersey.The Committee on Foreign Investment in the United States (CFIUS), which scrutinizes deals for potential national security concerns, approved the planned sale in December, but the SEC still needs to sign off for it to go ahead.Five members of U.S. Congress, led by Representative Robert Pittenger, a Republican on the Financial Services Committee and the Congressional-Executive Commission on China, have urged the SEC to block the deal.The lawmakers alleged that China''s markets lack transparency and accused the Chinese government of being "the No. 1 state-sponsor of cyber-espionage."(Reporting by John McCrank; Editing by Bernard Orr)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-chicagostockexchange-chongqing-m-a-se-idINKBN18Y1YS'|'2017-06-07T12:18:00.000+03:00'
'c1a77348cf85dfc267aed494d8479ee097f4f2d5'|'Regeneron, Sanofi urge court to reverse ban on cholesterol drug'|'By Jan Wolfe - June 6 June 6 A federal appeals court hinted on Tuesday it may let Sanofi AG and Regeneron Pharmaceuticals Inc sell a cholesterol drug Amgen Inc has been trying to block on patent infringement grounds, according to lawyers and analysts who attended oral arguments in the case.Paul Clement, a lawyer for Regeneron and Sanofi, urged the U.S. Court of Appeals for the Federal Circuit to reverse a lower court order that would ban sales of their jointly developed drug Praluent for 12 years because it infringed patents owned by Amgen Inc, which makes a competing drug, Repatha.Clement asked the court to invalidate Amgen''s patents because they improperly claim a broad monopoly on an entire category of antibodies, known as PCSK9 inhibitors, that lower "bad" cholesterol levels.Amgen''s lawyer, Daryl Joseffer, argued the injunction was the only fair outcome in the dispute after a jury upheld the validity of Amgen''s patents. He also said Amgen''s patents reflect true innovations that resulted from a $2 billion investment in research and development.Zachary Silbersher, a patent lawyer at Kroub, Silbersher & Kolmykov who is not involved in the case, said the three judges'' questions frequently put Jossefer on the defensive and suggest that they may be "leaning a little toward Regeneron."Silbersher noted that much of the argument focused on whether the trial judge unfairly handicapped Regeneron and Sanofi by blocking them from presenting certain evidence during the jury trial. That line of questioning suggests the Federal Circuit could order a do-over trial in the case, he said.Umer Raffat, an analyst at the investment banking advisory firm Evercore ISI, agreed the case is "leaning more toward Regeneron" but added that it was "impossible to call with high conviction."PCSK9 inhibitors like Repatha and Praluent have been shown to dramatically lower "bad" LDL cholesterol and are expected to generate billions in sales. The U.S. Food and Drug Administration approved both drugs in 2015.Amgen sued Paris-based Sanofi and Tarrytown, New York-based Regeneron in 2014. A federal jury in Delaware upheld the validity of Amgen''s patents in March 2016, prompting U.S. District Judge Sue Robinson to hand down an injunction blocking Praluent sales for 12 years.The sales ban was stayed pending Regeneron and Sanofi''s appeal. (Reporting by Jan Wolfe; Editing by Dan Grebler)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/amgen-regeneron-patent-idINL1N1J31QV'|'2017-06-06T19:41:00.000+03:00'
'7252394435db4a2aa3220cb8323f55660a00efeb'|'EMERGING MARKETS-Stocks hit 2-year high as data shines through Qatar clouds'|'LONDON, June 5 Strong services sector data and firmer oil prices pushed emerging market equities to fresh two-year highs on Monday, but Qatar stocks and bonds sold off after four other Arab states accused it of supporting terrorism.MSCI''s benchmark emerging equity index rose 0.3 percent after strong services sector data from key markets such as China, India and Russia.But Qatar stocks tumbled over 7 percent and the 2026 sovereign dollar bond fell 1.8 cents to its lowest since the end of March after Saudi Arabia, Egypt, the United Arab Emirates and Bahrain severed ties with Doha."You can certainly see a negative impact in the bond market, all the bonds are down 1-2 points along the curve and that is quite unusual. Qatar has always been seen as a safe haven," said Daniel Moreno, a portfolio manager at Rubrics Asset Management."It certainly raises a few questions, it certainly raises my eyebrows."Credit rating agency Moody''s said the regional rift could have a negative impact on Qatar if it disrupted trade and capital flows.The country''s five-year credit default swaps rose to a two-month high on the uncertainty, nudging up 2 basis points (bps) from Friday''s close to 61 bps, according to IHS Markit data.Away from the Middle East, emerging markets performed well, with gains across stock indices and currencies, helped by the positive data and the rise in oil prices.Softer than expected U.S. non-farm payrolls data on Friday has also tempered Federal Reserve rate hike bets, pushing the dollar to seven-month lows and in turn helping emerging currencies higher."Pretty much every single currency in EM is up against the dollar this year at an average of about 5 percent," said Moreno."It''s a trend that started last year and it''s because the economic environment in the U.S. is not as strong as everybody anticipated and because Trump''s policies will take a bit longer to come to fruition."The Mexican peso jumped 1.7 percent to a one-week high after the ruling party narrowly fended off a leftist party in a key state election on Sunday, according to preliminary results.China''s yuan advanced after the central bank set its guidance at a near seven-month high and Chinese services sector activity expanded at the fastest pace in four months in May.Russian dollar-denominated stocks rose 0.8 percent and the rouble firmed 0.2 percent after Russian services activity maintained strong growth.Indian stocks also hit a fresh record high with India''s services firms creating jobs at the fastest pace in nearly four years.The Turkish lira firmed about 0.3 percent to its strongest since mid-December, after Turkey''s annual consumer price inflation edged back from April''s eight-year high to 11.72 percent in May.The South African rand strengthened 0.8 percent to a one-week high after ratings agency S&P kept the country''s sovereign rating unchanged on Friday in junk territory.South Africa''s private-sector activity was little changed in May from April, remaining in positive territory.For GRAPHIC on emerging market FX performance 2017, see tmsnrt.rs/2e7eoml For GRAPHIC on MSCI emerging index performance 2017, see tmsnrt.rs/2dZbdP5For CENTRAL EUROPE market report, seeFor TURKISH market report, seeFor RUSSIAN market report, see)Emerging Markets Prices from Reuters Equities Latest Net Chg % Chg % Chgon yearMorgan Stanley Emrg Mkt Indx 1018.87 +3.79 +0.37 +18.16Czech Rep 0.00 +0.00 +0.00 -100.00Poland 2285.28 -17.93 -0.78 +17.32Hungary 35150.44 +387.98 +1.12 +9.83Romania 8769.41 +80.91 +0.93 +23.77Greece 786.57 +4.72 +0.60 +22.21Russia 1052.48 +6.46 +0.62 -8.67South Africa 46282.06 -240.47 -0.52 +5.42Turkey 99025.43 +157.53 +0.16 +26.73China 3091.53 -14.01 -0.45 -0.39India 31323.84 +50.55 +0.16 +17.64Currencies Latest Prev Local Localclose currency currency% change % changein 2017Czech Rep 26.32 26.33 +0.04 +2.62Poland 4.18 4.18 +0.16 +5.46Hungary 307.24 307.17 -0.02 +0.51Romania 4.56 4.56 +0.00 -0.64Serbia 122.20 122.35 +0.12 +0.94Russia 56.57 56.64 +0.12 +8.29Kazakhstan 312.68 314.10 +0.45 +6.71Ukraine 26.27 26.27 +0.00 +2.78South Africa 12.69 12.80 +0.86 +8.23Kenya 103.25 103.30 +0.05 -0.85Israel 3.55 3.54 -0.01 +8.61Turkey 3.50 3.51 +0.17 +0.69China 6.80 6.81 +0.09 +2.07India 64.32 64.40 +0.13 +5.64Brazil 3.25 3.25 +0.04 +0.22Mexico 18.35 18.68 +1.81 +12.89Debt Index Strip Spd Chg %Rtn IndexSov''gn Debt EMBIG 320 -2 .06 7 89.96 1(Additional reporting by Marc Jones; Editing by Mark Potter)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/emerging-markets-idUSL8N1J21G3'|'2017-06-05T17:42:00.000+03:00'
'6e07eb091e5951f92aca1531797c244f8c8faf95'|'Short-end JGBs sag on supply woes, risk aversion lifts long-end bonds'|'TOKYO, June 7 Short-end Japanese government bond prices sagged on Wednesday due to oversupply concerns while risk aversion gripping the broader financial markets lifted longer-dated maturities.The two-year JGB yield rose 2.5 basis points to minus 0.120 percent, its highest since mid-November.The two-year JGBs have faced headwinds as the Bank of Japan has recently been trimming its buying of bills and shorter-dated debt at regular JGB-buying operations in an attempt to improve market liquidity, which had practically dried up under its extensive easing scheme.Selling by participants making room for Thursday''s 2.2 trillion yen ($20.09 billion) five-year JGB auction also weighed on shorter-dated debt. The five-year yield rose 1 basis point to minus 0.100 percent, its highest since late February.Long-end JGBs, on the other hand, took immediate cues from U.S. Treasuries, which saw their benchmark yield fall to seven-month lows overnight ahead of Thursday''s general election in Britain, the European Central Bank''s policy meeting, and former FBI Director James Comey''s testimony before a Senate panel.JGBs further out on the curve were also supported as the Bank of Japan conducted a regular debt-buying operation on Wednesday. The central bank bought 750 billion yen ($6.85 billion) of JGBs with maturities from 5 years to those exceeding 25 years.The 20-year yield fell 1 basis point to 0.545 percent and the 30-year yield declined 0.5 basis point to 0.800 percent. ($1 = 109.4800 yen) (Reporting by the Tokyo markets team; Editing by Eric Meijer)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/japan-bonds-idINL3N1J421N'|'2017-06-07T03:38:00.000+03:00'
'9bb66f7f2e20c9b35205cf08235493f4d413097d'|'New international pact launched to end tax ''treaty shopping'''|'Business News - Wed Jun 7, 2017 - 8:04pm BST New international pact launched to end tax ''treaty shopping'' PARIS About 70 countries launched a new international tax convention on Wednesday to prevent multinational companies from "treaty shopping" for jurisdictions most favourable to their tax bills. Ministers from major economies signed the new tax pact at the Organisation for Economic Cooperation and Development (OECD) in Paris, which said more countries were likely to join in the coming weeks. The new agreement will replace more than 1,100 bilateral tax treaties, or about a third of the treaties signed by countries over the last century to avoid double taxation. In the age of globalisation, multinational countries have increasingly sent cross-border transactions through third countries to take advantage of their low taxes in what has come to be called treaty shopping. The new treaty sets minimum standards to avoid abuses and defines a company''s taxable presence in a country, while also lays out plans for settling double taxation disputes between governments. "It''s going to kill treaty shopping," OECD tax policy director Pascal Saint-Amans told journalists. Under the new pact, countries have to state which provisions they sign up to and which they do not. In the coming weeks, governments will have to match their positions with others''. "This is something that companies are going to need to pay close attention to because the decisions countries make when they sign up to the MLI (multilateral instrument) will have very significant tax consequences," said Jesse Eggert, principal in the international tax group of KPMG''s Washington National Tax practice. Signatories include most major economies and countries known as treaty shopping hubs - such as the Netherlands, Belgium, the Seychelles and Singapore. Mauritius, which is often used to route transactions with India because of its low tax, has also signalled that it will sign in the coming months, Saint-Amans said. One notable absence is the United States. Saint-Amans said that was not a concern because its bilateral treaties were already of high quality. The new pact is part of a broader OECD-led drive to prevent companies from taking advantages of differences between tax systems to cut their tax bills without outright breaking the law. The OECD estimates that governments are missing out on tax revenues worth as much as $250 billion annually, or 10 percent of global corporate tax revenue, as a result of what it calls base erosion and profit shifting. Countries that sign the new treaty now have to ratify it, which means that it will probably not start to affect companies directly until next year. (Reporting by Leigh Thomas; editing by Michel Rose and Andrew Roche)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-oecd-tax-idUKKBN18Y2U2'|'2017-06-08T03:04:00.000+03:00'
'60d59417b5e3ca80c8b9bf7a2e10ddd1c5ab0eb2'|'LCH urges EU to avoid forced relocation of euro clearing'|'Business News - Wed Jun 7, 2017 - 12:27pm BST LCH urges EU to avoid forced relocation of euro clearing The City of London is seen from Canary Wharf, Britain May 17, 2017. REUTERS/Stefan Wermuth By Huw Jones - LONDON LONDON Forced relocation of euro-denominated clearing from London to the European Union after Brexit would harm the bloc, and the focus should be on increasing cross-border supervision, LCH ( LSE.L ) said on Wednesday. LCH, part of the London Stock Exchange, clears the bulk of euro-denominated derivatives in Europe. The EU is due on June 13 to say whether this activity should be shifted to an EU state after Britain leaves the bloc in 2019. LCH Group Chief Operating Officer Daniel Maguire said the clearing house, which stands between two sides of a trade to ensure its smooth completion, is already directly registered and supervised in many countries. It has a clearing house in Paris. Brussels is looking at several options, such as forced relocation or an EU role in directly supervising LCH in London where it is regulated by the Bank of England. Maguire said it was very encouraging that the so-called "enhanced supervision" option was on the table. "For global markets it makes sense to move towards more enhanced oversight," he told a Futures Industry Association (FIA) conference. There was talk among delegates at the event that Brussels was leaning towards caps on the volume of euro-denominated clearing that could take place outside the bloc without relocation. Maguire referred to a recent speech by Christopher Giancarlo, acting head of the U.S. Commodity Futures Trading Commission, who said the United States could still supervise clearers in London that handle dollar-denominated securities, despite an ocean the size of the Atlantic between them. "We should also think that the sea as big as the Channel is not too big for us to get across and ensure you have the same level of enhanced oversight," Maguire said. "I definitely think there is a willingness to do that." "We hope that over time there will be sensible debate, cooperation and discussion, and a conclusion that keeps markets together, which is to the advantage of the EU, and the real economy, clients, members, central banks," Maguire said It did not make sense for a global currency like the euro to become "localised", he said. This week the FIA warned that forced relocation of euro clearing would lead to a near doubling of the $83 billion (£64.3 billion) users currently set aside in case of contract defaults. Eurex Clearing ( DB1Gn.DE ) in Frankfurt, which has said it was ready to handle relocated euro clearing, dismissed this figure. "I think it''s very far from a realistic number," Eurex Clearing CEO Eric Mueller told the conference. He also cautioned against dismissing arguments put forward by the European Central Bank and others in favour of relocation. "We as an industry need to find answers to the concerns, instead of just saying, you know it''s not a good idea," Mueller said. "We need to work with those constituencies to find answers... There is some understanding that things on the oversight angle have to change." (Reporting by Huw Jones; Editing by Adrian Croft) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-eu-clearing-idUKKBN18Y1FR'|'2017-06-07T19:27:00.000+03:00'
'f7cb9525a31534f0c48bcf28130a9b730e4a80a1'|'Nifty slips after breaching 9,700 level for first time'|'Money News - Tue Jun 6, 2017 - 3:46pm IST Nifty ends lower after shedding early gains A broker trades on his computer terminal at a stock brokerage firm in Mumbai, India, January 20, 2016. REUTERS/Shailesh Andrade/Files Indian shares ended lower on Tuesday, reversing course from record highs hit in early session as markets paused ahead of the central bank''s policy meeting. The benchmark BSE Sensex closed down 0.38 percent at 31,190.56, after hitting a record high of 31,430.32. The broader NSE Nifty ended 0.39 percent lower at 9,637.15. The index breached 9,700 points for the first time early in the session. (Reporting by Tanvi Mehta in Bengaluru; Editing by Sunil Nair)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/india-nifty-sensex-stocks-idINKBN18X0I5'|'2017-06-06T14:37:00.000+03:00'
'10752b963debf0cfb89956a9a5018032bc765321'|'Big business sees the promise of clean energy'|'PITY America’s big businesses. For years their efforts to reduce their carbon footprint were dismissed by environmentalists as “greenwashing”. Now, after months trying to persuade a supposedly pro-business new president, Donald Trump, of the merits of staying in the Paris climate accord, he practically laughed in their faces by withdrawing on June 1st.Executives fear the exit will do no good to America’s—and by implication their—reputation. Not for nothing have more than 900 American firms and investors, including Amazon, Twitter, Target and Nike, put their names this week to a “We are still in” open letter to the UN. Its signatories pledge to help reduce the country’s carbon emissions by 26% by 2025, in keeping with America’s Paris pledge. That may be quixotic but is a rallying cry nonetheless. Indeed, some American firms are taking climate change so seriously that they are surprising even former critics. Alongside energy-efficiency measures, the strongest evidence of their commitment is the number of new wind and solar projects that they are helping to build around the world. Companies are using power-purchase agreements (PPAs), in which they sign long-term contracts to buy clean electricity from firms that develop solar and wind farms at agreed prices, instead of buying the bulk of their power from utilities, which can rarely guarantee 100% clean energy to their customers.Utilities do sign clean-energy PPAs as well. But in 2015, more than half the country’s wind-energy PPAs went to big companies hoping to take advantage of a federal tax credit before it was due to expire. Big business has by now spurred the worldwide development of a cumulative 20 gigawatts (GW) of wind and solar farms (see chart on left). That is four GW more than the entire onshore and offshore wind capacity of Britain.Last year it was American IT firms such as Amazon and Google that led the way. They use clean energy to power their vast banks of servers (see chart on right). More recently, enthusiasm is extending beyond tech firms to energy-intensive industries, including manufacturers. It is also moving from corporate headquarters to subsidiaries and suppliers, and from developed countries to emerging markets, where the costs of wind and solar energy are falling fastest. Some environmentalists now see businesses as allies, rather than adversaries, in the fight against global warming, and believe they could become strong forces behind the worldwide spread of clean energy. “There used to be rhetoric and little action,” says Marty Spitzer, head of climate and renewable-energy policy in America for the World Wildlife Fund (WWF), a charity. “Now I see fundamental changes.”Take Anheuser-Busch InBev, for example. The world’s biggest brewer, with brands ranging from Budweiser to Stella Artois to Corona, has a fair share of millennials among its tipplers, and many take environmental issues seriously. Electricity—used as part of the brewing process, for refrigeration, and so on—amounts to up to a tenth of its costs, says Tony Milikin, the firm’s chief sustainability officer. In March it set out to increase the role of renewables in generating power from 7% to 100% by 2025; as much as 85% will come via PPAs. “My generation, as a baby-boomer, looks at clean air and energy as infinite commodities. The generation coming up looks at it totally differently,” he says.Iberdrola, one of the world’s greenest utilities (see article ), is building a 220-megawatt wind farm in a blustery part of Mexico to supply AB InBev’s largest brewery with clean electricity from 2019. That will add a hefty 5% to Mexico’s renewable-energy capacity. The brewer expects other PPAs to follow in Argentina, Brazil, India, South Africa—and possibly China. Mr Milikin says the firm will “heavily negotiate” with its suppliers, such as those producing its aluminium cans and bottles, to encourage them to do likewise.Other companies are even tougher. Walmart, the world’s largest retailer, in March said it would require its own operations and those along its supply chain to reduce carbon-dioxide emissions by 1bn tonnes (it calls this “Project Gigaton”) by 2030—the equivalent of taking 211m passenger cars off America’s roads for a year. The announcement was welcomed by charities such as the WWF, which are helping Walmart’s suppliers work towards the goal. Apple, maker of the iPhone, said in April that seven of its big global manufacturers have promised to power their Apple-related production with renewable energy by the end of next year. It is helping its suppliers improve energy efficiency, but also hopes to have brought 4GW of renewable power online by 2020, half of it in China.Some multinationals are clubbing together to do deals. For instance, AkzoNobel, DSM and Philips, a trio of Dutch firms, have teamed up with Google to buy electricity generated from a co-operative-owned wind park in the Netherlands.The buzz is spreading beyond the corporate stratosphere. Enel Green Power, one of the biggest sellers of PPAs, is close to developing wind energy in Morocco for local cement factories, steel firms and chemical companies, says Antonio Cammisecra, its boss. It will also build a clean-energy plant for a gold-mining project in South Africa. In Britain a startup, Squeaky Clean Energy, is hooking up small and medium-sized businesses with wind and solar farms in what it calls “peer-to-peer electricity”.Hervé Touati of the Rocky Mountain Institute (RMI), a clean-energy research outfit, believes the biggest incentive for businesses to do PPAs is to meet sustainability goals, which improve their public image and help attract customers, staff and investors. According to the WWF, almost two dozen of America’s biggest firms have committed to becoming 100% renewable in the near future. Consumer-staples firms make the greenest promises. Fossil-fuel producers are, predictably, the laggards.Economics is also a draw. In America the cost of procuring wind energy directly is almost as cheap as contracting to build a combined-cycle gas power plant, especially when subsidies are included, Mr Touati says. In developing countries, such as India and parts of Latin America and the Middle East, unsubsidised prices at solar and wind auctions have fallen to record lows.Yet there are also complications with PPAs, which explain why their growth has been more fickle of late. The most straightforward are for renewable plants on a company’s own property, because that saves the cost of grid-based transmission and distribution. But it is rare for a firm to have sufficient spare land in a suitably sunny or windy area.More complex, and most common, are remote or virtual PPAs, in which a company agrees to buy an amount of wind or solar energy from a distant developer, which feeds it into the grid. The company receives an equivalent amount of energy from a utility, which gets paid as a middleman. Such bespoke transactions can require a bevy of lawyers, which can put off smaller firms.The long-term nature of such PPAs is also a hindrance, because they lock in a price that can be costly if power prices do fall. Other options include buying renewable-energy certificates as evidence of clean-energy use, or entering into a green contract with a utility. These may not bring the same environmental kudos, however, because they might not lead to new wind and solar farms being built.On the bright side, says Simon Currie of Norton Rose Fulbright, a law firm, non-profits such as the WWF and RMI are promoting “buyers clubs” that help bring firms together and standardise PPA contracts. They also press for regulatory reform in places such as China and some parts of America, where incumbent utilities block PPAs because they fear being disintermediated.At a conference in Beijing on June 7th, the International Renewable Energy Agency, a global body, launched a survey of firms to find out how better to promote corporate PPAs in such places. At the same event, Google spoke of the regulatory hurdles it faces in expanding beyond the five countries where it has bought 2.6GW of PPAs since 2010. This month a pro-Republican alliance of big businesses will even press for carbon taxes and other clean-energy measures. With such powerful backing, the growth of renewable energy may one day win over even Mr Trump. "We’ve got the power"'|'economist.com'|'http://www.economist.com/sections/business-finance/rss.xml'|'http://www.economist.com/news/business/21723160-american-firms-can-offset-donald-trumps-pullout-paris-big-business-sees-promise?fsrc=rss'|'2017-06-10T08:00:00.000+03:00'
'15518bea90449c98978b5b1b92278e39a743c98f'|'BRIEF-Hainan Airlines launches non-stop service between Shanghai Pudong International Airport and Brussels Airport'|'Market  18am EDT BRIEF-Hainan Airlines launches non-stop service between Shanghai Pudong International Airport and Brussels Airport June 9 Hainan Airlines Holding Co Ltd * Hainan airlines says launch of non-stop service between Shanghai Pudong International Airport and Brussels Airport on October 25, 2017   BELFAST, June 9 Prime Minister Theresa May''s failed election gamble has cast a party in Northern Ireland in the role of kingmaker, giving the province an unexpected chance to have a big say in Britain''s divorce from the European Union. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories Reuters News Agency - Brand Attribution Guidelines - Careers Reuters is the news and media division of Thomson Reuters . Thomson Reuters is the world''s largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Learn more about Thomson Reuters products:'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-hainan-airlines-launches-non-stop-idUSFWN1J60C3'|'2017-06-09T21:18:00.000+03:00'
'9d73f12c26161d50f73a1e8bedb76669a94230b9'|'CANADA STOCKS-TSX barely higher as banks gain, miners fall'|'Market News  48am EDT CANADA STOCKS-TSX barely higher as banks gain, miners fall TORONTO, June 8 Canada''s main stock index was slightly higher in early trade on Thursday, weighed down by falling gold mining stocks while energy and banking shares gained and Valeant jumped on news of an asset sale. The Toronto Stock Exchange''s S&P/TSX composite index was up 1.52 points, or 0.01 percent, at 15,373.66 shortly after opening in negative territory. (Reporting by Alastair Sharp)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/canada-stocks-open-idUSL1N1J50QF'|'2017-06-08T21:48:00.000+03:00'
'c709a7cb5b95eebdd99f8d6a77db3e631af58a5e'|'Deals of the day-Mergers and acquisitions'|'Market News  57am EDT Deals of the day-Mergers and acquisitions (Adds Nordstrom, Kinnevik, Uniper, Shanghai Stock Exchange, Etihad, ECN Capital, Global Logistic, GPEA, Valeant, Forestar) June 8 The following bids, mergers, acquisitions and disposals were reported by 1350 GMT on Thursday: ** Department store operator Nordstrom Inc said some members of the controlling Nordstrom family have formed a group to consider taking the company private. ** Valeant Pharmaceuticals International Inc said it would sell its iNova Pharmaceuticals business for $930 million, as Chief Executive Officer Joseph Papa steps up efforts to slash the embattled Canadian drugmaker''s huge debt pile. ** Forestar Group Inc said that U.S. homebuilder D.R. Horton Inc''s offer to buy a majority in the real estate developer could lead to a bid superior to its deal with Starwood Capital Group. ** Sirius XM Holdings Inc, the U.S. satellite radio company controlled by John Malone''s Liberty Media Corp , is seeking to invest in internet music provider Pandora Media Inc, people familiar with the matter said. ** A consortium of private equity firms TPG Capital Management and MBK Partners, as well as telecoms firm HKBN Ltd , are preparing separate bids for the fixed-line phone unit of Hong Kong''s richest man, Li Ka-Shing, sources with direct knowledge of the matter said. ** Israel Chemicals (ICL) said it reached an agreement to sell its 50 percent stake in water desalination firm IDE Technologies for $178 million. ** Swedish investor Kinnevik has sold its remaining stake in German ecommerce company Rocket Internet RKET.DE for more than 200 million euros, capitalising on a recent rally in the stock fuelled by plans to list two of its start-ups. ** Uniper, the power plant and energy trading business spun off by E.ON, said it was seeing growing interest from investors, citing a 74-percent rise in shares since it was listed in September last year. ** Tokyo Electric Power Company Holdings (Tepco) and Chubu Electric Power Co said they aim to cut costs by more than 100 billion yen ($910 million) a year within five years after combining their fossil fuel power plants under their JERA Co joint venture. ** Italy considers the original agreement Fincantieri struck with France for the purchase of shipyard STX France still valid, Industry Minister Carlo Calenda said. ** The Shanghai Stock Exchange (SSE) said it has signed an agreement with the financial centre of the Republic of Kazakhstan to acquire a 25.1 percent stake in the country''s exchange. ** Abu Dhabi-based Etihad Airways said it had pulled out of talks with TUI Group , Europe''s largest tour operator, aimed at creating a new joint venture holiday airline. ** Singapore-listed warehouse operator Global Logistic Properties (GLP) said short-listed bidders for the firm should submit their proposals by end-June. ** Canadian commercial financing company ECN Capital Corp said it would buy U.S.-based Service Finance Holdings LLC for C$410 million ($304 million) in cash. ** Estate agents network GPEA has merged with British online estate agent easyProperty in a deal worth about 60 million pounds ($78 million), with the aim of grabbing one of the top two spots in the fast-growing online market. (Compiled by Aishwarya Venugopal and Divya Grover in Bengaluru)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/deals-day-idUSL3N1J53HE'|'2017-06-08T21:57:00.000+03:00'
'd0b0707d74c581a6b72f79f8616ba3e731e2c5a7'|'France''s new retail golden boy takes on Carrefour challenge'|'Business News - Wed Jun 7, 2017 - 5:09am EDT France''s new retail golden boy takes on Carrefour challenge left right FILE PHOTO: Alexandre Bompard, Chairman and Chief Executive Officer of Fnac-Darty, attends a ceremony for the Prix Goncourt des Lyceens prize at the Education Ministry in Paris, France, November 17, 2016. Picture taken November 17, 2016. REUTERS/Philippe Wojazer/File Photo 1/2 left right FILE PHOTO: Alexandre Bompard, Chief Executive Officer of Groupe Fnac, attends the company''s 2015 annual results presentation in Paris, France, February 18, 2016. REUTERS/Benoit Tessier 2/2 By Dominique Vidalon and Pascale Denis - PARIS PARIS Fresh from combining Fnac bookstores and electricals chain Darty to better take on Amazon in France, Alexandre Bompard faces the challenge of reviving another ailing retail format when he becomes boss of Carrefour ( CARR.PA ): the hypermarket. The 44-year-old is set to be named in the coming days to succeed Georges Plassat, whose contract as chairman and chief executive of the world''s second-largest retailer expires in May 2018, sources familiar with the situation told Reuters. And according to associates, Bompard has the daring and determination that could help him succeed in revitalizing Carrefour''s core business where others have struggled or failed. Last year, the father of three stunned the retail world when as CEO of Fnac he won a bidding war with South African giant Steinhoff for electricals chain Darty to create a French market leader with annual sales of over 7 billion euros ($7.9 billion). "Alexandre Bompard made thousands of calls himself. He is someone who will not be easily deterred," said billionaire businessman Xavier Niel, who knows him well. Since taking the reins at Carrefour in June 2012, Plassat has led a recovery focused on price cuts, accelerating expansion into convenience shops and renovating stores. The 68-year-old, credited with saving Carrefour from a possible break-up, leaves a group which has progressed in most of Europe and in Brazil, its second-largest market. But a more sluggish performance in France, which accounts for 47 percent of sales and 44 percent of operating profit and where struggling hypermarkets still dominate, has hampered the stock''s performance. In March, Carrefour reported its first fall in operating profit since 2012. For some, Bompard ticks many boxes for the task ahead, with a track record of cutting costs and growing online operations - both of which could be central to reviving French hypermarkets. Shares in Fnac, which Bompard has led since January 2011, have nearly tripled in value since their stock market listing in 2013. And if radical action is needed, the avid Twitter user with a fascination for the French World War II resistance movement, will not shy away, those who know him say. "His image with the market changed with the Darty deal. He beat a large company, showing swift decision-making and daring," said French businessman and political adviser Alain Minc. ''NO LIMITS'' Arnaud Lagardere, owner of the Europe 1 radio station that Bompard headed between 2008 and 2010 and who shares with him a passion for tennis, said: "He is very friendly but he is not naive. He is extremely resolute and if he thinks he has the right strategy, he will forge ahead, with no limits." Such determination could be crucial when dealing with Carrefour''s powerful shareholders, who include the Moulin family, owner of department store Galeries Lafayette, France''s richest man Bernard Arnault, and the family of Brazilian retail tycoon Abilio Diniz. Some at Fnac Darty, however, are more critical of Bompard, disappointed that a highly paid boss is leaving with the integration of the two merged companies far from complete. "He is a man in a hurry and demanding," said Philippe Coutanceau, a representative of the CGT trade union. "We will remember an astronomical remuneration, out of line with the group''s size or results." Fnac Darty shareholders on May 24 approved Bompard''s pay package of 13.8 million euros for 2016. At Carrefour, Force Ouvriere union representative Dejan Terglav is cautious: "We will judge him on his actions. He has a reputation for cutting heads. We await his strategy on hypermarkets and new technologies where Carrefour lags," (Additional reporting Gwenaelle Barzic in Paris; Editing by Mark Potter) '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-carrefour-ceo-bompard-newsmaker-idUSKBN18Y0WZ'|'2017-06-07T17:09:00.000+03:00'
'9c170bbf10d625d43e28beba6bbe043745b934e3'|'UK must not bend rules to allow Saudi Aramco IPO: Royal London'|'LONDON A change in UK listing rules for a potential initial public offering of oil company Saudi Aramco would be "highly inappropriate", fund manager Royal London said on Thursday, adding it would lobby against such a move."Any attempt to bend the listing rules in order to facilitate the IPO of Saudi Aramco is highly inappropriate and flagrantly ignores the principles which the UK’s listing rules were designed to defend," Ashley Hamilton Claxton, corporate governance manager at Royal London, said in a statement.Exchanges around the world are vying for a piece of Saudi Aramco''s IPO, which is expected to be the largest in history.The London Stock Exchange and the British regulator are working on a new model that would allow the firm to avoid the most onerous corporate governance requirements of a primary listing, without being seen as second class."We will be lobbying strongly against any concessions being granted should there be a formal attempt to IPO Aramco in the UK," Hamilton Claxton said."As long-term investors in the UK equity market we fear this precedent could lead to a slippery slope."The Financial Conduct Authority, the UK''s financial watchdog, declined to comment.(Reporting by Carolyn Cohn; editing by Dasha Afanasieva and Jason Neely)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-saudi-aramco-ipo-royal-london-idINKBN18Z11D'|'2017-06-08T06:58:00.000+03:00'
'461287ba968b8410f72a45ad275caba173e9385f'|'Brazil''s Meirelles says bank leniency deal decree empowers watchdogs'|'Market News - Thu Jun 8, 2017 - 11:52am EDT Brazil''s Meirelles says bank leniency deal decree empowers watchdogs BRASILIA, June 8 A Brazilian presidential decree raising fines on banks and listed companies involved in illicit acts aims to empower the central bank and the country''s securities industry watchdog in their efforts to bolster transparency, Finance Minister Henrique Meirelles said on Thursday. Speaking in Paris, Meirelles said the decree, which aims to increase fines on banks to up to 2 billion reais ($610 million) from 250,000 reais currently, had been under study for some time. His comments were released by the finance ministry''s press office. The decree announced this week would also allow the central bank to strike plea-bargain agreements with financial firms that admit breaching the law in exchange for softer fines or more lenient prison terms for their executives. The central bank is Brazil''s banking and financial industry watchdog; the CVM, as the securities industry watchdog is known, oversees the functioning of capital markets. "This certainly gives more power to the central bank and the CVM to implement their measures," Meirelles said, without elaborating on the size and scope of the new framework. President Michel Temer''s decree, which was announced late on Wednesday, has about 180 days to be discussed and voted on in Congress to become law. Meirelles'' remarks underscore that senior officials understand that a series of corruption probes investigating cozy ties between politicians and business people are taking place at a fast pace, requiring rapid action to fine-tune legislation. Analysts have said the move followed growing concern that some of the probes will begin ensnaring banks and other financial firms. In a statement earlier in the day, the central bank said the value of fines in eventual leniency agreements would depend on the gravity of the infractions committed, as well as the size and the financial capacity of a financial institution to bear with such a penalty. The decree is not retroactive, it said. The decree was announced at a time when Congress is launching an investigation into the stock and currency trades of JBS SA when news of a plea-bargain testimony from its owners surfaced. JBS, which is controlled by the Batista billionaire family, is the world''s No. 1 meatpacker. Meatpacking is the latest sector of the economy to be hit by a three-year corruption investigation in Brazil known as "Operation car Wash." Some analysts say the probe could extend into the financial sector. ($1 = 3.2810 reais) (Reporting by Marcela Ayres; Writing by Alonso Soto; Editing by Guillermo Parra-Bernal and Frances Kerry)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brazil-corruption-banks-idUSL1N1J50XS'|'2017-06-08T23:52:00.000+03:00'
'915026e6b4b755e4335810d3e2bdc6cadbe273b2'|'CEE MARKETS-Crown hits multi-year high on rate hike comments, region is cautious'|'* Crown strongest since 2013, bucking zloty and forint fall * Czech central bankers say rate hike in H2 remains in cards * Markets cautious due to British vote, ECB meeting, U.S. politics * Serbian central bank seen keeping interest rates on hold By Sandor Peto and Jason Hovet BUDAPEST/PRAGUE, June 8 The crown hit its strongest levels since 2013 on Thursday after Czech central bankers repeated that they could start policy tightening later this year. Asset prices in Central European financial markets were mostly rangebound. Investors held their breath ahead of Thursday''s British elections, the European Central Bank''s meeting and the congressional testimony from ex-FBI director James Comey. Market impacts are unpredictable if Britain''s Tories lose power, the ECB softens its policy stance or if the testimony raises risks to U.S. president Donald Trump''s rule, analysts said. The crown still firmed 0.1 percent to 26.285 against the euro, touching its strongest levels since late 2013. The Czech central bank (CNB) could make its first interest rate rise in the second half of this year, Vice-Governor Mojmir Hampl said late on Wednesday. Another rate setter, Oldrich Dedek was Quote: d by the daily paper E15 said as saying that he saw no reason to question the bank''s staff forecast which suggests a third-quarter hike. The bank has repeatedly said that the more the crown firms from its firmer cap at 27 against the euro, which the bank removed in April, the less needed rate tightening could be. Czech markets still price in a hike to come not earlier than the second quarter of 2018, Komercni Banka rates trader Dalimil Vyskovsky said. "I actually think (the market) is aware of the risks of much earlier rate hike, but it seems to be that people are positioned already," he said, adding that much will depend on the crown''s gains and inflation developments. The CNB''s 2-percent inflation target is lower than in Hungary or Poland. A hike would be the first in about a decade, and its tightening bias is in contrast with loose policy stance elsewhere in the region. Poland''s central bank could keep rates at record lows until the end of 2018 because inflation is expected to stabilise, its governor reiterated on Wednesday. The zloty eased 0.2 percent past the 4.2 line against the euro, its weakest levels in almost three weeks. The forint eased a shade after May annual inflation came in slightly higher than expected, at 2.1 percent. This, however, will not change the central bank''s dovish stance, analysts said. Healthy demand is expected at Thursday''s bond auction, traders added. The dinar was steady ahead of a meeting by the Serbian central bank where its is expected to keep the region''s highest benchmark rate at 4 percent on hold. CEE MARKETS SNAPSH AT 1000 CET OT CURRENCIES Latest Previo Daily Change us bid close change in 2017 Czech crown 26.285 26.310 +0.10 2.75% 0 5 % Hungary 308.42 308.19 -0.07% 0.13% forint 00 50 Polish zloty 4.2090 4.2002 -0.21% 4.63% Romanian leu 4.5720 4.5745 +0.05 -0.81% % Croatian kuna 7.4065 7.4045 -0.03% 2.01% Serbian dinar 122.36 122.42 +0.05 0.81% 00 00 % Note: daily calculated previo close 1800 change from us at CET STOCKS Latest Previo Daily Change us close change in 2017 Prague 1010.3 1005.6 +0.47 +9.63 4 2 % % Budapest 35230. 35021. +0.60 +10.0 20 75 % 8% Warsaw 2307.2 2308.6 -0.06% +18.4 8 4 5% Bucharest 8661.7 8686.6 -0.29% +22.2 3 2 5% Ljubljana 793.62 793.09 +0.07 +10.6 % 0% Zagreb 1820.4 1821.0 -0.03% -8.74% 1 0 Belgrade 719.25 722.55 -0.46% +0.26 % Sofia 677.75 681.10 -0.49% +15.5 7% BONDS Yield Yield Spread Daily (bid) change vs change Bund in Czech spread Republic 2-year -0.114 -0.043 +060b -4bps ps 5-year -0.11 0.056 +033b +5bps ps 10-year 0.753 -0.036 +047b -6bps ps Poland 2-year 1.896 0.02 +261b +2bps ps 5-year 2.636 0.034 +307b +2bps ps 10-year 3.209 0.037 +293b +2bps ps FORWARD RATE AGREEMENT 3x6 6x9 9x12 3M interb ank Czech Rep <PR 0.34 0.41 0.47 0 IBOR=> Hungary <BU 0.19 0.24 0.29 0.15 BOR=> Poland <WI 1.753 1.775 1.82 1.73 BOR=> Note: FRA are for ask Quote: s prices'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/easteurope-markets-idINL8N1J51LQ'|'2017-06-08T07:01:00.000+03:00'
'd1b8a23cd8232f15fdb3ea3b807a21a233acd2b3'|'Germany''s Delivery Hero lines up latest online takeaway IPO'|'By Tom Sims and Emma Thomasson - BERLIN/FRANKFURT BERLIN/FRANKFURT Online food takeaway firm Delivery Hero is preparing a flotation that could value one of Europe''s largest internet startups at up to 4 billion euros ($4.5 billion), raising funds to help it fend off new competitors such as Uber [UBER.UL] and Amazon ( AMZN.O ).Delivery Hero said on Tuesday it would issue new shares worth about 450 million euros, while existing shareholders including Rocket Internet ( RKET.DE ) may sell up to the same amount, people close to the matter have said.Founded in Berlin in 2011, Delivery Hero has grown rapidly and now employs over 6,000 people, providing a digital platform to order meals from more than 150,000 restaurants in 40 countries in Europe, the Middle East, Latin America and Asia.Delivery Hero wants to have a strong net cash position so it can be prepared to grow both organically and through possible further acquisitions, Chief Executive Niklas Ostberg said."This is a big step for us and the whole European tech scene," Ostberg told a call for journalists.The listing - expected in the coming weeks - would provide a much-needed boost to struggling German ecommerce investor Rocket Internet, which holds a 35 percent stake in Delivery Hero, making it the biggest holding in its portfolio.Rocket Internet had early success with online fashion firm Zalando ( ZALG.DE ), which listed in 2014, but it has not brought any other companies to market yet.Rocket''s shares have rallied in anticipation of the Delivery Hero IPO but were flat on Tuesday at 21.51 euros.South African media and e-commerce firm Naspers ( NPNJn.J ) took a 10 percent stake in Delivery Hero last month.WELL-TRODDEN PATHThere has been a wave of capital raising and consolidation in online meal delivery as Uber and Amazon push into the sector, with Delivery Hero last week buying Middle East rival Carriage.Delivery Hero will become the fourth major online food delivery firm to go public in recent years, following GrubHub ( GRUB.N ), Just Eat ( JE.L ) and Takeaway.com ( TKWY.AS ), which have all seen their shares soar since listing.Delivery Hero narrowed its loss before interest, tax, depreciation and amortization to 116 million euros last year from 175 million in 2015, with half of that due to increased costs, including heavy marketing, for its Foodora unit which delivers from high-end restaurants.Ostberg said the reason the company was still loss-making, unlike rivals such as GrubHub and Just Eat, was because Delivery Hero is operating in less mature markets and investing more in marketing.Delivery Hero may use the IPO proceeds to step up marketing spending by 10-15 percent, a person close to the company said on condition of anonymity.Delivery Hero takes a commission of about 1.60 euros - or 10 or 11 percent on each average order - and slightly higher fees if it does the delivery itself, compared to figures closer to 15 percent or above for peers like Just Eat and GrubHub.Citigroup, Goldman Sachs International and Morgan Stanley will act as joint global coordinators and joint bookrunners, Delivery Hero said.UniCredit Bank AG, Berenberg, Jefferies and UBS Investment Bank have been mandated as additional joint bookrunners.(Reporting by Edward Taylor and Arno Schuetze; Editing by Keith Weir)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-delivery-hero-ipo-idINKBN18X175'|'2017-06-06T08:49:00.000+03:00'
'477b7a3cc5b373e3dddc6ff952674e28b83f4e04'|'Rio Tinto, China''s Minmetals sign deal on exploration'|'Business News - Tue Jun 6, 2017 - 1:29pm BST Rio Tinto, China''s Minmetals sign deal on exploration The Rio Tinto mining company''s logo is photographed at their annual general meeting in Sydney, Australia, May 4, 2017. REUTERS/Jason Reed LONDON Rio Tinto ( RIO.L ) ( RIO.AX ) and China Minmetals Corp on Tuesday signed an outline deal on collaboration in mineral exploration, saying the partnership would position it to find the reserves needed for today''s economy. Major miners have been seeking ways to maximise exploration budgets and they have also been analysing the sustainability of their portfolios as the needs of China, the world''s biggest commodity consumer, change as its economy matures. "Minmetals is rapidly becoming an important player in the global mining industry and we look forward to partnering with them," Rio Tinto Chief Executive J-S Jacques said in a statement. "Our complementary strengths in exploration across the globe put us in the best possible position to find the metals and minerals that are essential to our modern lives." Partnership with the "fast-growing" Minmetals would "help secure mutual global opportunities for quality resources", China Minmetals Corporation Chairman He Wenbo said. Partnerships can maximise exploration budgets that mining companies reduced in response to the commodity price crash of 2015-16. The big miners are unlikely to restore budgets to pre-slump levels as the chances of finding large new reserves diminish. More flexible arrangements can also increase the range of commodities to which miners have exposure. Rio Tinto, the world''s second-biggest listed miner by market capitalisation, and No. 1 BHP ( BHP.AX ) ( BLT.L ) are particularly dependent on iron ore for revenues as a bulk commodity with high profit-margins. It is used in steel-making, but demand has faltered as China has already built much of the infrastructure it needs and can also recycle steel in circulation. Its focus is shifting towards minerals such as copper, aluminium and battery materials for electric vehicles. Following Tuesday''s deal, Rio Tinto and Minmetals will work on the detail of establishing joint teams to identify targets for exploration collaboration, the statement said. China Minmetals is one of the largest metals and minerals trading companies in the world and the largest iron and steel trader in China. (Reporting by Barbara Lewis in London and Rahul B in Bengaluru; editing by Jason Neely and Susan Thomas)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-rio-tinto-china-minmetals-idUKKBN18X1EU'|'2017-06-06T20:29:00.000+03:00'
'e779f7d98c2ef60668e4882734b7619fb6f02da9'|'Taiwan''s HTC says virtual reality headset will be compatible with Apple''s new OS'|'Business   8:58am BST Taiwan''s HTC says virtual reality headset will be compatible with Apple''s new OS A man uses HTC Vive Virtual Reality (VR) headset at the mk2 VR, a place dedicated to virtual reality in Paris, France, December 5, 2016. REUTERS/Benoit Tessier TAIPEI Taiwanese consumer electronics maker HTC Corp on Tuesday said its virtual reality (VR) headset will be compatible with Apple Inc''s High Sierra operating system (OS), which is scheduled for release later this year. HTC''s Vive headset works in conjunction with Valve''s SteamVR virtual reality system, and Apple is working with Valve to make SteamVR compatible with its new OS, the U.S. tech firm said in a separate statement on Monday. Compatibility with Apple''s Macintosh computers would greatly expand HTC''s VR reach, having so far focused on personal computers such as ones powered by Microsoft Corp''s Windows 10. HTC has also worked in VR with Intel Corp and Alphabet Inc''s Google. "With this, Apple brings support for HTC Vive and SteamVR to the 100 million active Mac users," said David Dai, a senior analyst of Asian Emerging Technologies at researcher Sanford C. Bernstein. "That''s certainly good for the company." Apple used the Vive headset in a demonstration at the Worldwide Developers Conference on Monday, the first day of a five-day event, a HTC spokesperson told Reuters. (Reporting by Jess Macy Yu;  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-htc-apple-idUKKBN18X0PA'|'2017-06-06T15:58:00.000+03:00'
'f8ef6d950608b356ae040be0a7d8ec1159466481'|'ECB says Spain''s Popular likely to fail, will be bought by Santander'|'Top News - Wed Jun 7, 2017 - 7:40am BST ECB says Spain''s Popular likely to fail, will be bought by Santander People walk past a Banco Popular branch in Madrid, Spain, June 6, 2017. REUTERS/Juan Medina FRANKFURT Spain''s Banco Popular is running out of cash and is likely to fail, the European Central Bank said on Wednesday, adding the rescue plan for the bank will involve its acquisition by larger peer Banco Santander. "On 6 June, the European Central Bank (ECB) determined that Banco Popular Español S.A. was failing or likely to fail," the ECB said in a statement. "The significant deterioration of the liquidity situation of the bank in recent days led to a determination that the entity would have, in the near future, been unable to pay its debts or other liabilities as they fell due." "Consequently, the ECB ... informed the Single Resolution Board (SRB), which adopted a resolution scheme entailing the sale of Banco Popular Español S.A. to Banco Santander S.A." (Reporting By Francesco Canepa) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-spain-popular-ecb-idUKKBN18Y0GE'|'2017-06-07T14:31:00.000+03:00'
'b57fbc91fc72e6b1383962585010677e6d94c369'|'ECB to nudge up growth forecasts but inflation a drag'|' 51pm BST ECB to nudge up growth forecasts but inflation a drag FILE PHOTO: The European Central Bank (ECB) headquarters in Frankfurt, Germany, July 29, 2016. REUTERS/Ralph Orlowski/File Photo FRANKFURT The European Central Bank is likely to nudge up its forecasts for economic growth in the euro zone but trim its estimates for inflation at its meeting on Thursday, sources told Reuters. This mixed outlook should strengthen the case for keeping the ECB''s aggressive stimulus policy of massive bond purchases and sub-zero rates in place despite growing calls from Germany for a gradual tightening. The sources said the changes will be small, in some cases as tiny as 10 basis points, reflecting an adjustment rather an overhaul of the March projections. The ECB is widely expected to keep its policy unchanged on Thursday, including its 2.3 trillion euro bond buying programme and pledge to keep rates low. But sources told Reuters last week the ECB will acknowledge the improved economic outlook by removing a reference to "downside risks" in its statement. Policymakers may also discuss closing the door to further rate cuts, although any decision on the matter is far from certain, the sources said. (Reporting By Francesco Canepa Editing by Jeremy Gaunt)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-ecb-policy-estimates-idUKKBN18Y1WO'|'2017-06-07T21:51:00.000+03:00'
'86d457848f4666f07cf9089b60ac0373057a0ac4'|'China must rein in rapid growth in local government debt - economist'|'Business News - Tue Jun 6, 2017 - 11:15am BST China must rein in rapid growth in local government debt - economist Workers weld reinforcement bar at a construction site in Zhengzhou, China June 2, 2017. REUTERS/Stringer BEIJING China must rein in rapid build-up in local government debt and should implement reforms at the local level to raise transparency and let market forces play a bigger role, an influential government economist said on Tuesday. "We can''t take a laissez-faire attitude toward local governments'' excessive growth in debt," Li Yang, Chairman of the National Institution for Finance and Development, told a forum on regional development where researchers and media were in attendance. "We must reform." Global investors are increasingly worried about mounting debt in China, with continued efforts by authorities to stimulate the economy threatening to amplify the problem. Moody''s Investors Service downgraded China''s credit ratings in late May for the first time in nearly 30 years, saying it expects the financial strength of the world''s second-largest economy will erode in coming years as growth slows and debt continues to rise. Li said local government debt between 17.5 trillion yuan to 21.3 trillion yuan (£2 trillion to £2.4 trillion) by the end of 2016, which accounted for about 23 percent to 28 percent of the country''s gross domestic product (GDP). Local governments have come up with "new tricks" to raise funds in the past two years after their debt-issuance was somewhat restricted with the passing of a new budget law in 2015, Li said. The new channels included setting up the so-called government-led funds to lure private money of questionable source for state investment. Meanwhile, some local governments have stretched their fiscal budget, and even used "maintaining social stability" as a political cause to ask for central monetary support, Li said. He called for reforms to limit the hand of government at the local level - by giving market forces and private investments a more decisive role - and added that local governments should be required to increase fiscal transparency and stick to their fiscal budgets. While criticising Moody''s for its "unreasonable downgrade" on China, Li said local governments could get some pointers from credit ratings. "From another perspective, some people say an institution that always finds fault with you can force you to see your own problems," he said. Beijing has rolled out tighter controls on new local government debt issuance amid an intensifying crackdown on its bubbly financial sector this year to help ward off debt risks. China''s structural reforms will slow the pace of its debt build-up but will not be enough to arrest it, and another credit rating cut for the country is possible down the road unless it gets its ballooning credit in check, officials at Moody''s said. (Reporting by Yawen Chen and Ryan Woo; Editing by Jacqueline Wong)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-china-economy-debt-idUKKBN18X11R'|'2017-06-06T18:15:00.000+03:00'
'2e795d0a15d18b8f7966e89b236bbac837dde639'|'UPDATE 1-HD Supply to sell Waterworks unit for $2.5 bln'|'(Adds deal details, background and share movement)June 6 Industrial retailer HD Supply Holdings said on Tuesday it would sell its waterworks unit to private equity firm Clayton, Dubilier & Rice for $2.5 billion in cash to reduce debt and streamline its operations.Shares of HD Supply, one of the largest industrial distributors in North America, fell 5.5 percent to $39.00 in premarket trading.Based in Atlanta, Georgia, HD Supply operates in three divisions: waterworks, facilities maintenance, which sells to multifamily housing, and construction and industrial, which sells to building contractors.The divestment would allow HD Supply to trim down some of its long-term debt of $3.86 billion as of January."This significant strategic transaction will further simplify and focus HD Supply on our highest value creation opportunities, accelerate debt reduction, create additional cash...," Chief Executive Joe DeAngelo said in a statement.The company has been looking to position its construction and facilities maintenance businesses to benefit from U.S. President Donald Trump''s emphasis on infrastructure spending and tax reform.HD Supply and Clayton, Dubilier expect to close the transaction in the third quarter, subject to customary regulatory approvals.Goldman Sachs & Co LLC was HD Supply''s financial adviser and King & Spalding its legal counsel on the transaction. (Reporting by Rachit Vats in Bengaluru; Editing by Maju Samuel)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/hd-supply-holdgs-waterworks-clayton-dubi-idINL3N1J33D7'|'2017-06-06T09:08:00.000+03:00'
'64114d6f9eb91146e4211723d8a7a3e2fab2cc2f'|'Owner of Joe''s Crab Shack chain files for bankruptcy'|'Deals  21pm EDT Owner of Joe''s Crab Shack chain files for bankruptcy By Tom Hals - WILMINGTON, Del. WILMINGTON, Del. The owner of the Joe''s Crab Shack casual dining chain filed for Chapter 11 bankruptcy on Tuesday amid falling sales, and plans to sell the company for at least $50 million to a private equity firm, according to a court filing. Ignite Restaurant Group Inc ( IRGT.PK ), which also owns the Brick House Tavern + Tap chain, has been closing weaker locations and began to pursue a sale of the business last year, according to court documents. However, as operations continued to worsen through early 2017, interested bidders withdrew their proposals and Ignite began to consider bankruptcy, according to a court filing by Jonathan Tibus, the company''s acting chief executive officer. Ignite filed with the U.S. Bankruptcy Court in Houston a proposal to sell its assets to Kelly Investment Group, a private equity firm. Other interested buyers will be invited to challenge the Kelly bid at a court-supervised auction, according to court documents. A spokesman for Ignite did not immediately respond to a request for comment. Ignite owns 112 Joe''s Crab Shack restaurants and 25 Brick House locations, according to court documents. The Crab Shack chain was founded in Houston in 1991 and Brick House was launched in 2008. The company has a $30 million revolving credit facility and a $165 million term loan, according to a court filing. Casual dining chains have struggled with changing tastes. Cosi Inc and Roadhouse Holding, which owns the Logan''s Roadhouse chain, filed for bankruptcy last year. Kelly Investment bought the Champps Kitchen & Bar and Fox & Hound chains out of bankruptcy last year. Shares of Ignite, which went public in 2012, were up 3.8 percent at 2.5 cents in pink sheet trading. The company is majority-owned by an affiliate of J.H. Witney & Co, an investment firm. (Editing by Matthew Lewis)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-ignite-res-bankruptcy-idUSKBN18X2BF'|'2017-06-06T21:21:00.000+03:00'
'5958c1d574be71778be561b88752314228511578'|'Walmex says same-store sales up 4.4 percent in May'|'MEXICO CITY Mexico''s biggest retailer, Wal-Mart de Mexico, said on Tuesday that sales at its Mexican stores that have been open at least a year rose 4.4 percent in May compared to the same month last year.Total sales in Mexico increased 5.8 percent in the same period, Walmex ( WALMEX.MX ) said.(Reporting by Noe Torres)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-mexico-walmex-idUSKBN18X2SL'|'2017-06-07T04:39:00.000+03:00'
'504f1e3eef2f45eb07edf7f3f2bc973131375d7b'|'Air France counts on Boost to attract new customers'|'Business News - Tue Jun 6, 2017 - 10:37pm BST Air France counts on Boost to attract new customers left right Jean-Marc Janaillac, Chairman and Chief Executive Officer of Air France-KLM and Chairman of Air France, addresses the audience during a meeting of the International Air Transport Association (IATA) in Cancun, Mexico June 5, 2017. REUTERS/Victor Ruiz Garcia 1/2 left right (L-R) Franck Terner, Chief Executive of Air France, Jean-Marc Janaillac, Chairman and Chief Executive Officer of Air France-KLM and Chairman of Air France, and Pieter Elbers, President and CEO of KLM, attend a meeting of the International Air Transport Association (IATA) in Cancun, Mexico June 5, 2017. REUTERS/Victor Ruiz Garcia 2/2 By Victoria Bryan and Tim Hepher - CANCUN, Mexico CANCUN, Mexico Air France hopes its planned budget long-haul carrier will attract business travellers as well as younger customers to a brand that is sometimes seen as too rigid, the chief executive of parent group Air France-KLM ( AIRF.PA ) told Reuters on Tuesday. The new unit, with the project name of Boost, is due to launch this autumn and is Air France''s response to pressure from Gulf carriers. It will operate 10 long-haul and 18 short-haul aircraft at lower costs than its main brand. "I think people have underestimated the ability of the big carriers and alliances to respond to the Gulf carriers, to budget carriers, to low-cost long-haul," Jean-Marc Janaillac, chief executive of Franco-Dutch Air France-KLM, said in an interview. He said he believed that pure low-cost rivals in Europe, which typically target leisure customers, would have trouble getting enough demand in the winter months, whereas Boost would attract business customers, who typically fly year-round, thanks to lie-flat seats, air miles and the Air France network. "Studies show that Air France has more difficulty than others in attracting younger customers, because it''s seen as too stiff," Janaillac said. The project and other measures to reduce costs at the carrier are subject to approval from powerful pilot unions. The SNPL union is due to meet on Thursday. Air France has not said what would happen should the union reject the plan. "I prefer to give dialogue every possible chance and I don''t want to specify what will happen after that," Janaillac said. Air France-KLM plans to add capacity to Italy in the event that Italian flag carrier Alitalia collapses, but is not interested in acquiring the airline, Janaillac said. Alitalia is a partner in the North Atlantic joint venture led by Delta Air Lines Inc ( DAL.N ) and Air France-KLM and Janaillac said he hoped the administration would find a solution to keep the carrier going. "We are ready to strengthen our presence in Italy. But it''s not the outcome we are wishing for," he said. (Reporting by Victoria Bryan and Tim Hepher; Editing by Richard Chang) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-airlines-iata-air-france-klm-idUKKBN18X2W2'|'2017-06-07T05:37:00.000+03:00'
'448a9c242618b6169a41d30c62e145e2cedde112'|'Exclusive: Mexico owes Canada miners over $360 million, led by Goldcorp - documents'|'  12:40pm IST Exclusive: Mexico owes Canada miners over $360 million, led by Goldcorp - documents Goldcorp logo is seen at the Pan Pacific Convention centre in Vancouver, British Columbia May 18, 2011. REUTERS/Ben Nelms/File Photo By Alexandra Alper and Susan Taylor - MEXICO CITY/TORONTO MEXICO CITY/TORONTO Mexico''s tax agency is holding over $360 million in tax rebates owed to six Canadian miners, including $230 million to Goldcorp Inc, according to sources and official documents seen by Reuters, escalating the situation into a showdown between the Mexican government and Canadian mining firms operating there. In a string of meetings, Canadian officials have pressed Mexico to fix the problem, which hamstrings mining companies'' ability to invest in operations and is particularly difficult for smaller, cash-strapped miners and explorers, people familiar with the matter said. Vancouver-based Goldcorp declined to comment on its outstanding refund, which represents 142 percent of its 2016 net profit and 6 percent of its full-year revenue. Goldcorp, the world''s No. 3 gold miner by market value, is owed the largest amount, according to documents seen by Reuters, followed by Torex Gold Resources, a small, Toronto-based miner which began commercial production at its Mexico mine last year and is waiting on a refund of some $66.5 million. "It''s damaging the ability to reinvest the dollars in assets that actually pay real tax," said Torex chief executive Fred Stanford, who is working with Mexican authorities to resolve Torex''s 2015 submissions, but declined to comment on the refund amount. While several companies said that refund delays began to grow longer two or three years ago, exact amounts of withheld refunds have not been previously reported. Osvaldo Santin, head of Mexico''s Tax Administration Service, acknowledged the problem in an interview last month with Reuters, saying the agency had seen a spike in value-added tax, or VAT, refund requests. "Given this atypical phenomenon, we are carrying out more in-depth assessments," he said. Working with the miners, the agency is aiming for a quick resolution to prevent it becoming an operations problem, Santin added. INVESTMENT APPETITE SOURS Mining companies'' appetite for investing in Mexico has soured in the face of the withheld rebates as well as ongoing security threats and high royalties, said Rob McEwen, CEO of McEwen Mining. "You take a number of these factors and when a miner doesn''t have control over them, it increases the risk," he said. Toronto-based McEwen, which saw its Mexican mine robbed at gunpoint of 7,000 ounces of gold in 2015, said it had a $6.2 million refund outstanding as of March 31. Nearly 70 percent of foreign-owned mining companies operating in Mexico are based in Canada, according to Global Affairs Canada, the country''s combined foreign and trade ministry. The value of Canadian mining assets in Mexico totaled C$19.4 billion ($14.4 billion) in 2015, second only to U.S. assets worth an estimated C$24.8 billion. The tax row comes as foreign direct investment (FDI) in Latin America''s second-largest economy has cooled while U.S. President Donald Trump pressures American business to grow at home. FDI in Mexico slumped 26 percent in the first quarter from the same period a year ago to $7.9 billion. ''CAN''T ADD A 16-PERCENT COST'' Unlike sales tax, which only applies to a final purchase, Mexico''s 16-percent VAT is levied every time value is added during the production of goods or when they are sold. Mining companies, which export much of their production and spend heavily on machinery and equipment, typically generate large VAT returns. Mexico''s VAT refunds officially take 40 days to be processed, and by law, can take months if there is an audit. In practice, however, the process can take much longer, particularly if litigation is involved. Endeavour Silver Corp is owed $15.6 million - including $6 million to $7 million from purchases with seven suppliers under audit - money that Chief Financial Officer Dan Dickson said is being withheld to coax Endeavour to pressure the suppliers into paying more income tax. "It''s not my job to make sure they are paying their income tax," he said. "We can''t add a 16-percent cost to our company. That makes our mines unprofitable." Sources and documents also show Alamos Gold is owed about $26 million and Agnico Eagle Mines nearly $18 million. The Toronto-based companies were not immediately available for comment. Frustrated miners complained to Canada''s Minister of Natural Resources, Jim Carr, during a trade mission earlier this year. Carr raised the matter with Mexico''s Secretary of the Economy, who committed to look into the matter, two sources said. The extended wait times for VAT refunds are forcing the hand of some small miners, said one executive, who asked not to be named. "I''ve heard, more recently, of an increase in intermediary third parties actually buying VAT receivables (at a discount), so companies can get the cash up front," he said. "Miners are just increasingly desperate to get their refunds." ($1 = 1.3494 Canadian dollars) (Additional reporting by Nicole Mordant in Vancouver, David Ljunggren in Ottawa and Noe Torres in Mexico; editing by Denny Thomas and G Crosse)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/mexico-mining-tax-idINKBN18Z0PT'|'2017-06-08T05:10:00.000+03:00'
'a0c4e5d6e606b53317bdba06d92e57380dd9a37b'|'What does a CEO look like? New female ''Foundation 500'' list challenges stereotypes'|'Business News - Thu Jun 8, 2017 - 2:11am BST What does a CEO look like? New female ''Foundation 500'' list challenges stereotypes left right H&M Foundation Global Manager Diana Amini poses with portraits of women on its Foundation 500 list of female entrepreneurs in emerging markets in Stockholm, Sweden, June 2, 2017. REUTERS/Anna Ringstrom 1/2 left right H&M Foundation Global Manager Diana Amini poses with portraits of women on its Foundation 500 list of female entrepreneurs in emerging markets in Stockholm, Sweden, June 2, 2017. REUTERS/Anna Ringstrom 2/2 By Anna Ringstrom - STOCKHOLM STOCKHOLM From a Peruvian trout farm manager to the head of an Indonesian meatball company, a list of 500 women entrepreneurs in emerging markets was launched on Thursday to challenge the stereotype of a typical company boss and inspire women globally. The "Foundation 500" list features the portraits and careers of 500 female entrepreneurs in 11 emerging markets where women are often refused the same access to education, financial services and bank loans as men. The list, an initiative of humanitarian agency CARE and the non-profit H&M Foundation, mirrors the Fortune 500 list of U.S. companies but highlights unusual chief executives, ranging from a Zambian woman who set up a mobile drug store to a woman in Jordan who set up a temporary tattoo studio. Karl-Johan Persson, CEO of Swedish retailer H&M that founded the H&M Foundation, said the project was designed to create role models for women in emerging markets and challenging perceptions in developed countries of business leaders. "The entrepreneur is our time''s hero and a role model for many young but the picture given of who is an entrepreneur is still very homogenous and many probably associate it to men from the startup world," Persson told the Thomson Reuters Foundation in an email. He said all the women in the list had made an incredible effort. "But one that stands out to me is Philomene Tia, a multi-entrepreneur from the Ivory Coast who has overcome setbacks such as war and being a refugee, and who has, in spite of it, always returned to the entrepreneurship to create a better future – and a strong voice in society." BUSES, FISH, TATTOOS Tia is the owner of a bus company in the Ivory Coast, a chain of beverage stores, a hotel complex, and a cattle breeding operation. "I often tell other women that it is the force inside you and your brains that will bring you wherever you want to go. I mean, I started with nothing and I don''t even speak proper French, but look at me now," she was quoted on the project''s website www.foundation500.com. The women featured are from Indonesia, the Philippines Nepal, Sri Lanka, Peru, Guatemala, Jordan, Zambia, Burundi, the Ivory Coast and Yemen. One of the women portrayed is Andrea Gala, 20, a trout farm manager in Peru and president of the women-only Trout Producers Association. "This business has worked out so well for us now we don’t depend on our fields anymore, which is hard work and often badly paid," Gala said in a report on the project. "With the association we want to open a restaurant one day, next to the trout farm, so we can attract more visitors. We want to turn the area into a tourist zone, where people can come and relax and enjoy our restaurant with trout based dishes." The H&M Foundation, privately funded by the Persson family that founded retailer H&M, said this was part of a women''s empowerment programme started with CARE in 2014 in Latin America, Asia and Africa. As part of this project H&M Foundation Manager Diana Amini said about 100,000 women in 20 countries had received between 2,000-15,000 euros in seed capital and skills training to start and expand businesses. In Burundi, the average rate of increase in income among women in the programme was 203 percent in the three years to the end of 2016, she said. (Reporting by Anna Ringstrom, Editing by Belinda Goldsmith; Please credit the Thomson Reuters Foundation, the charitable arm of Thomson Reuters that covers humanitarian news, women''s rights, trafficking, property rights, climate change and resilience. Visit news.trust.org ) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-sweden-women-entrepreneurs-idUKKBN18Z007'|'2017-06-08T09:11:00.000+03:00'
'615b360141da08e73bb9da1a34e0c3692abd82b3'|'PRESS DIGEST- Financial Times - June 8'|'June 8 The following are the top stories in the Financial Times. Reuters has not verified these stories and does not vouch for their accuracy.Headlines* Laundry group Elis agrees 2.2 bln pound deal for Berendsen on.ft.com/2r7p8q9* RBS settlement offer not accepted by 13 pct of shareholders on.ft.com/2r7mzVa* Former UBS compliance officer charged with insider trading on.ft.com/2r7mm48* Santander takes over ‘failing’ rival Banco Popular after EU steps in on.ft.com/2r7yIt0Overview- French laundry services group Elis SA reached a preliminary agreement to take over its UK rival Berendsen Plc in a deal that values it at 2.2 billion pounds ($2.85 billion).- About 13 percent of Royal Bank of Scotland Group Plc shareholders still have not accepted an offer from the bank to settle a high-profile legal case. The undecided investors have until June 20 to accept the offer.- Former UBS compliance officer Fabiana Abdel-Malek is facing insider-trading charges after being accused by the financial watchdog of passing on information between 2013 and 2014. She will be appearing in court next week along with Walid Choucair, who is accused of trading on the information received from Abdel-Malek.- Banco Santander SA has agreed to buy domestic rival Banco Popular Espanol SA for 1 euro after EU authorities declared the Madrid-based lender “failing or likely to fail.” Santander said that it planned to raise 7 billion euros in fresh capital to rebuild the balance sheet of Banco Popular. ($1 = 0.7713 pounds) (Compiled by Bengaluru newsroom; Editing by Lisa Shumaker)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/britain-press-ft-idINL3N1J5032'|'2017-06-07T22:23:00.000+03:00'
'0d5a9fed07e65840f2b843180a39a7aee9d2b0e5'|'British Airways'' had to cancel 60 percent of flights after IT outage'|'Business News - Tue Jun 6, 2017 - 4:26pm BST British Airways'' had to cancel 60 percent of flights after IT outage People wait with their luggage at the British Airways check-in desk at Gatwick Airport in southern England, Britain, May 28, 2017. REUTERS/Hannah McKay British Airways cancelled nearly 60 percent of its flights on May 27 when an IT outage knocked out the airline''s systems and stranded 75,000 people over a holiday weekend. The airline cancelled 479 flights or 59 percent of its operations on May 27 and 193 flights or 23 percent of its operations on May 28, its parent International Consolidated Airlines Group said. It blamed a power surge that knocked out its computer system, disrupting flight operations, call centres and its website. The flights resumed on May 30 but the company has faced increasing pressure over its response to the IT failure and IAG chief executive said on Monday that British Airways had commissioned an independent study into the shutdown. "British Airways is working hard to compensate affected passengers as quickly as possible," said IAG, which also includes Spanish airlines Vueling and Iberia as well as Ireland''s Aer Lingus. Prime Minister Theresa May had called on British Airways last week to compensate the thousands of passengers who were left stranded. British Airways'' traffic, measured in revenue passenger kilometres, fell 1.8 percent in May, while it rose by 1.8 percent for the group as a whole. The group''s capacity, measured in available seat kilometres, rose by 0.9 percent in May, while for British Airways it fell 1.9 percent. (Reporting by Arathy S Nair in Bengaluru. Editing by Jane Merriman) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-airports-iag-idUKKBN18X20C'|'2017-06-06T23:26:00.000+03:00'
'202d528429d6df0062d77bedc1b8912560ecb16e'|'CEE MARKETS-Zloty eases, central bank chief sees no rate hike until end-2018'|'* Zloty retreats and other CEE currencies are mixed * Investors hold breath before British vote and ECB meeting * Romania to scale back wage hikes; leu eases (Recasts with Polish central bank decision and comments) By Sandor Peto BUDAPEST, June 7 The zloty weakened against the euro on Wednesday as the Polish central bank kept interest rates on hold and its governor reiterated that he did not expect them to rise until the end of next year. Central European assets were generally rangebound ahead of key global events on Thursday. "The big events will be the British elections, the testimony of (former FBI Director James) Comey (about last year''s U.S. elections), and the ECB''s meeting," one Budapest-based fixed income trader said. The Polish bank kept its main interest rate unchanged at a record low 1.5 percent, as expected. Analysts in a Reuters poll put the likely date of a rate hike in the third quarter of 2018, after projecting the second quarter a month ago. But the bank''s governor Adam Glapinski reiterated that he personally expected that rates would not be raised until the end of 2018. He also said the bank was not concerned about the zloty''s recent gains. The zloty, after an initial rebound from two-week lows set on Tuesday, eased 0.1 percent against the euro, hovering at the 4.2 psychological line. It is still near the nine-month high of 4.1619 it hit last month. Glapinski said consumer confidence was the highest in Poland for 30 years, while inflation had stabilised and might even fall slightly. Elsewhere in the region, the forint eased 0.1 percent, after disappointing Hungarian and Czech industrial output figures. Output fell in April by 3 percent in annual terms in Hungary, although analysts had predicted a rise. A 2.5 percent Czech decline was more than forecast. Analysts said the output fall was at least partly caused by fewer working days due to the Easter holidays. The leu eased 0.1 percent to 4.5735, trading near last month''s four-year highs. Romania kept its first-quarter GDP growth estimate unchanged at a robust 5.7 percent. Finance Minister Viorel Stefan said on Tuesday Romania would scale back public sector wage hikes next year to ensure it meets budget targets. Markets remain cautious as the government still plans wage hikes and tax cuts that may boost the the budget deficit. CEE MARKETS SNAPSH AT 1705 CET OT CURRENCIES Latest Previo Daily Change us bid close change in 2017 Czech crown 26.310 26.332 +0.09 2.65% 0 5 % Hungary 308.18 308.00 -0.06% 0.21% forint 00 00 Polish zloty 4.1957 4.1926 -0.08% 4.96% Romanian leu 4.5735 4.5675 -0.13% -0.84% Croatian kuna 7.4045 7.4075 +0.04 2.03% % Serbian dinar 122.31 122.29 -0.02% 0.85% 00 00 Note: daily calculated previo close 1800 change from us at CET STOCKS Latest Previo Daily Change us close change in 2017 Prague 1005.6 1005.9 -0.03% +9.12 2 6 % Budapest 35021. 34926. +0.27 +9.43 75 99 % % Warsaw 2308.6 2303.6 +0.22 +18.5 4 8 % 2% Bucharest 8686.6 8707.4 -0.24% +22.6 2 3 0% Ljubljana 793.09 798.33 -0.66% +10.5 2% Zagreb 1821.0 1827.9 -0.38% -8.71% 0 1 Belgrade 722.55 720.38 +0.30 +0.72 % % Sofia 681.10 675.82 +0.78 +16.1 % 4% BONDS Yield Yield Spread Daily (bid) change vs change Bund in Czech spread Republic 2-year -0.071 0 +066b +0bps ps 5-year -0.13 0.044 +033b +4bps ps 10-year 0.789 0 +054b +1bps ps Poland 2-year 1.905 0.003 +264b +1bps ps 5-year 2.625 0.007 +308b +1bps ps 10-year 3.19 -0.018 +294b -1bps ps FORWARD RATE AGREEMENT 3x6 6x9 9x12 3M interb ank Czech Rep <PR 0.34 0.41 0.47 0 IBOR=> Hungary <BU 0.19 0.23 0.29 0.15 BOR=> Poland <WI 1.753 1.767 1.794 1.73 BOR=> Note: FRA are for ask Quote: s prices'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/easteurope-markets-idINL8N1J44QF'|'2017-06-07T13:55:00.000+03:00'
'2f07046cead86e73ebe80c5478a388e69f3c4a3c'|'Continental drift - Investors embrace Europe, ex-UK'|'Top News - Tue Jun 6, 2017 - 8:24am BST Continental drift - Investors embrace Europe, ex-UK left right FILE PHOTO: An EU flag flies above Parliament Square during a Unite for Europe march, in London, Britain March 25, 2017. REUTERS/Peter Nicholls/File Photo 1/2 left right FILE PHOTO: A view of the London skyline shows the City of London financial district, seen from St Paul''s Cathedral in London, Britain February 25, 2017. REUTERS/Neil Hall/File Photo 2/2 By Vikram Subhedar and Trevor Hunnicutt - LONDON/NEW YORK LONDON/NEW YORK Global investors are distinguishing between the UK and the rest of Europe as part of a fundamental reassessment of what investing in the region means, reflecting growing enthusiasm for Europe''s broad economic prospects and nervousness about thorny and possibly protracted Brexit negotiations. That has meant the forceful emergence this year of "Europe ex-UK" as an investment class, as offshore investors actively seek to avoid lumping British stocks into any Europe-bound investments. The UK has been an intrinsic part of the European investment process for decades, in no small part because of London''s role as the regional financial hub and because of deep links engendered by free trade and free movement of goods and people across the EU. With Brexit, and the future of many of those links uncertain, there is a growing realization that the UK and EU financial markets will develop their own nuances and drivers which require old assumptions to be challenged. Data from Lipper - a Thomson Reuters company - on year-to-date flows in and out of exchange traded funds (ETF), a proxy for broader investments, shows that this is well under way. ETFs that track European stocks excluding the UK are the ones seeing the strongest demand and the largest of these, the iShares MSCI Eurozone ETF, has seen a net $3.9 billion pumped into it this year. Meanwhile, regional ETFs which include UK stocks have bled money, suggesting investors looking only for European exposure are actively seeking to avoid British stocks. "Europe ex-UK" is not a new investment concept, and the size and scope of products available to investors is small compared to those available on a pan-European basis. According to Lipper, there are more than 1,800 mutual funds globally that invest in pan-European stocks and combined they manage more than $250 billion. The number of funds that invest in European stocks excluding those listed in the UK, meanwhile, total a little more than 150 and they manage a combined $50 billion. That said, the decoupling has been noticeable since Britain voted to leave the EU in 2016. "The two regions have been separate but that has been accentuated by Brexit," said Stephen Mitchell, a portfolio manager who runs a global equities fund at Jupiter Asset Management. "American investors left the UK in the two weeks after Brexit - by July 2016 they were gone. The uncertainty of Brexit has kept them out," Mitchell said, adding that they have returned to Europe but not the UK. "That''s probably going to continue to be the case for the time being." CONSUMER WORRIES After a year of second-guessing political outcomes and getting whipsawed by market moves in the aftermath of Brexit, the U.S. presidential election and the Italian constitutional referendum, investors have shied away from trading based on opinion polls and have sharpened focus on fundamentals. Here, the divergences between the UK and Europe are getting starker. Political risks facing the euro zone eased following the French election, whereas in the UK an election that was considered a foregone conclusion until last week now looks less certain. Moreover, the economic outlook in the UK is clouded by concerns around whether consumer spending is sustainable, while in the EU things appear to be more upbeat. "This is one area where the contrast with continental Europe is very strong," said Isabelle Mateos y Lago, Chief Market Strategist at the world''s largest asset manager BlackRock. "It''s hard to quantify how serious, but we''ve already seen that since the Brexit referendum, UK consumers have been drawing down their savings to an all-time low savings rate," Mateos y Lago said. UK LIKE JAPAN? The UK does remain a key market for global investors and offers them access to major commodity producers such as Rio Tinto and Royal Dutch Shell, food and beverage bellwethers Diageo and Unilever and emerging market-focused banking giants like HSBC that are not on the continent. Also, companies in the euro zone rely heavily on the UK as a market. For example, about 10 percent of the revenue of top euro zone companies comes directly from the UK, according to data from MSCI, meaning investors will still have to closely monitor the health of the UK. Some say Asia might offer a template for how the investment landscape might evolve. "With Brexit the UK is going to be a bit differentiated. A bit like Japan. It''s part of Asia but the difference is material enough to attract separate research," said Colin McLean, managing director at SVM Asset Management. A big reason for this is that Japan and the rest of Asia can, and often do move independently of each other. John Cryan, the British chief executive of Deutsche Bank, alluded to something similar playing out in Europe, as Brexit negotiations loom. "...for the medium term, I think the Euro 27 does relatively well," Cryan said at a financial conference hosted by his bank in New York last week. "The U.K. though, I think is only just coming to terms with the complexity of what a Brexit entails." For investors, also grappling with these complexities, a Europe ex-UK could make life a little easier. (Writing by Vikram Subhedar, Additional reporting by Helen Reid; Editing by Mike Collett-White)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-eu-investment-brexit-idUKKBN18X0DN'|'2017-06-06T13:12:00.000+03:00'
'7ecc61eb2daebee4c2eeefa84233d36658513998'|'Carrefour board set to nominate Bompard as new CEO - sources'|'Wed Jun 7, 2017 - 7:35am BST Carrefour board set to nominate Bompard as new CEO: sources FILE PHOTO: Alexandre Bompard, Chairman and Chief Executive Officer of Fnac-Darty, attends the French telecom operator Orange company''s shareholders meeting in Paris, France, June 1, 2017. REUTERS/Charles Platiau By Dominique Vidalon and Pascale Denis - PARIS PARIS The board of French supermarket retailer Carrefour ( CARR.PA ) is set to nominate on Monday at the latest Alexandre Bompard, chief executive of consumer electronics retailer Fnac Darty ( FNAC.PA ), as its chosen CEO, sources familiar with the situation told Reuters. The board of Europe''s largest retailer is slated to meet on Friday or Monday and an announcement could be made afterwards, one of the sources said. French newspaper Le Figaro had reported earlier on Wednesday that the Carrefour board could meet as early as Friday. Carrefour, the world''s second largest retailer after Wal-Mart ( WMT.N ), has been searching since October for a successor to Georges Plassat, 68, whose mandate as chairman and chief executive expires in May 2018. Bompard, 44, has led Fnac - which sells books and music - since January 2011. Fnac shares have nearly tripled in value since its stock market listing in 2013. Carrefour and its major shareholders could not be immediately reached for comment, while Fnac Darty declined to comment on the matter. Carrefour shares, which had fallen to 14 euros at the time of Plassat''s appointment in June 2012, more than doubled to 32 euros in April 2015 but have since fallen back. Carrefour shares are up by around 1 percent so far in 2017, underperforming an 8 percent rise on France''s benchmark CAC-40 index .FCHI . The stock fell 14 percent last year. (Reporting by Dominique Vidalon; Editing by Andrew Callus and Sudip Kar-Gupta)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-carrefour-ceo-idUKKBN18Y0H5'|'2017-06-07T14:29:00.000+03:00'
'593fe0f2305ff10e7a93c0cd65cf6f5dd708b680'|'Exclusive: Brazil orders Caixa to halt loans to J&F - sources'|'Business News - Wed Jun 7, 2017 - 3:09am EDT Exclusive: Brazil orders Caixa to halt loans to J&F - sources FILE PHOTO: People walk past a Caixa Economica Federal bank in downtown Rio de Janeiro August 20, 2014. REUTERS/Pilar Olivares/File Photo By Aluisio Alves and Lisandra Paraguassu - SAO PAULO/BRASILIA SAO PAULO/BRASILIA The Brazilian government has ordered state-controlled lender Caixa Econômica Federal to stop providing financing to a family of billionaires who accused President Michel Temer of working to obstruct a corruption probe, people familiar with the decision said on Tuesday. According to two of the people, The Temer administration ordered management at Caixa not to refinance existing credit lines to J&F Investimentos SA, a holding company controlled by Brazil''s Batista family. Members of the Batista family offered prosecutors proof last month that Temer allegedly worked to obstruct a major corruption probe. One of the unnamed sources, who is a senior Temer government official, said under the condition of anonymity that ordering Caixa to stop doing business with J&F was in retaliation for accusations that Joesley Batista, a family member and then J&F''s chairman, made against Temer. Joesley Batista secretly taped a conversation in which Temer appeared to condone bribing a potential witness. J&F controls JBS SA, the world''s No. 1 meatpacker, and several companies in the fashion, dairy, pulp and banking industries. Caixa is J&F''s largest creditor with outstanding loans worth 9.7 billion reais ($3 billion), a third person said. Caixa has set aside extra capital to reclassify some of the loans to J&F, after deeming them riskier than before, the same person said. The extra provisioning came after Caixa asserted control of unspecified collateral put forth by J&F for a merger financing loan it took two years ago, the person added. The situation underscores the discretionary way in which state lenders are run in Brazil, and how borrowers are exposed to retaliation if they fall out of grace with the government. Caixa was used as a policy tool by Temer''s predecessor, Dilma Rousseff, sparking heavy loan losses because of reckless lending and risk-taking decisions. Caixa said it made extra provisions related to J&F, but did not elaborate on the reasons for the move. J&F declined to comment. Temer''s office said in an emailed statement to Reuters that "state banks take actions based exclusively on technical criteria," noting that "decisions based on other criteria than that count with no authorization from the president''s office." Brazil''s Federal Supreme Court released plea bargain testimony on May 19 accusing Temer and his two predecessors of receiving bribes, the most damaging development yet in the nation''s biggest ever corruption probe. SURPRISING MOVE At the core of the decision to restrict Caixa''s business with J&F is a 2.7 billion-real loan that the Batista family took late in 2015 to buy a controlling stake in apparel and fashion branding firm Alpargatas SA ( ALPA4.SA ), the people said. Losing Caixa as a key creditor means the Batistas will have to resort to other lenders or sell assets to raise cash for a heavy repayment calendar over the next year. One of the people said that companies controlled by J&F, excluding JBS, have about 14 billion reais of debt maturing over the next 12 months. Analysts including JPMorgan Securities''s Natalia Corfield have said that recent political and economic turmoil in Brazil risks slowing Caixa''s efforts to reduce defaults and provisions. Caixa''s surprising move also set off warning signs among other banks that are also lenders to J&F, one of the people said. By winning control of more guarantees, Caixa raced ahead of other lenders and has a smaller chance of undertaking loan losses if J&F defaults, the same person added. In a statement, J&F said it "does maintain long-term relationships with financial institutions," refraining from commenting further. J&F, which stands for the initials of Joesley''s parents José and Flora, agreed to pay a record-setting 10.3 billion-real fine for engaging in bribery, graft and other crimes. Joesley Batista''s plea deal has sent shockwaves across Brazil''s political and business establishments, and risks accelerating Temer''s ouster from office, analysts said. Most of the fine J&F will pay, or the equivalent of 8 billion reais, will be divided among Caixa, Brazil''s development bank BNDES [BNDES.UL], a state-controlled severance fund known as FGTS as well as two pension funds for employees of state-controlled companies. Reuters reported on May 22 that BNDES decided not to extend any new loans to JBS ( JBSS3.SA ) or J&F Investimentos until they signed a leniency agreement with federal prosecutors. Pension funds and state-run banks invested in or extended loans to J&F companies in return for bribes paid by the Batista brothers, according to plea deal testimony. (Writing and additional reporting by Guillermo Parra-Bernal; Editing by Daniel Flynn and Andrew Hay) '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-brazil-corruption-jbs-caixa-ec-federa-idUSKBN18Y0KL'|'2017-06-07T15:09:00.000+03:00'
'b65f166cfe6f7fd4b2e78784793047d05aee3070'|'ECB triggers overnight Santander rescue of Spain''s Banco Popular'|'Deals - Wed Jun 7, 2017 - 3:25pm BST ECB triggers overnight Santander rescue of Spain''s Banco Popular left right Santander Chairwoman Ana Botin arrives for a news conference after Santander announced on Wednesday that it would buy struggling rival Banco Popular for a nominal one euro after European authorities determined the lender was on the verge of insolvency, in Madrid, Spain, June 7, 2017. REUTERS/Juan Medina 1/7 left right FILE PHOTO: A man uses a cash dispenser at a Banco Popular branch in Madrid, Spain, April 29, 2016. REUTERS/Andrea Comas/File Photo 2/7 left right Santander Chairwoman Ana Botin arrives for a news conference after Santander announced on Wednesday that it would buy struggling rival Banco Popular for a nominal one euro after European authorities determined the lender was on the verge of insolvency, in Madrid, Spain, June 7, 2017. REUTERS/Juan Medina 3/7 left right An employee waits for the start of a news conference at Spain''s biggest bank Santander offices after it announced on Wednesday that it would buy struggling rival Banco Popular for a nominal one euro after European authorities determined the lender was on the verge of insolvency, in Madrid, Spain, June 7, 2017. REUTERS/Juan Medina 4/7 left right Santander Chairwoman Ana Botin speakds at a news conference after Santander announced on Wednesday that it would buy struggling rival Banco Popular for a nominal one euro after European authorities determined the lender was on the verge of insolvency, in Madrid, Spain, June 7, 2017. REUTERS/Juan Medina 5/7 left right FILE PHOTO: People walk past a branch of Spain''s Banco Popular in Madrid, Spain, May 26, 2016. REUTERS/Andrea Comas/File Photo 6/7 left right FILE PHOTO: A woman walks past a Banco Santander branch in downtown Rio de Janeiro August 19, 2014. REUTERS/Pilar Olivares/File Photo 7/7 By Jesús Aguado and Francesco Guarascio - MADRID/BRUSSELS MADRID/BRUSSELS European authorities stepped in to avert a collapse of Spain''s Banco Popular ( POP.MC ) following a run on the bank, orchestrating a last-minute rescue on Wednesday by Santander ( SAN.MC ), the country''s biggest lender. Owners of Popular bonds faces losses of some 2 billion euros, while Santander will ask its shareholders for around 7 billion euros ($7.9 billion) of capital to absorb Spain''s sixth biggest bank. Popular''s rescue was unveiled as the European Central Bank announced the lender was set to be wound down, echoing a banking crash some five years ago that cost Spain 40 billion euros. Santander''s takeover of the bank, which has been weighed down by risky property loans, for a nominal one euro marks the first use of a stricter European Union regime to deal with failing banks adopted after the financial crisis. The sale was organized in less than 24 hours, and followed a recent acceleration in the withdrawal of deposits, which two people with knowledge of the matter said had in recent weeks hit 18 billion euros, equivalent to almost one quarter of the total. A final decision to sell Popular was made at about 0430 GMT on Wednesday, Dominique Laboureix, a member of the Single Resolution Board, told a news conference in Brussels. The SRB is the agency set up by the EU to wind down stricken banks. In contrast to earlier crises, the hurried sale of Popular did not spook markets and banking stocks rose in Europe. "This deal is good for Spain and it''s good for Europe," Santander chairman Ana Botin said of the agreement, which breaks the mold of using taxpayers'' money, instead imposing losses on shareholders and creditors of the bank. This resolution worked in Santander''s favor, and was described by two debt investors as unexpected, with the owners of so-called AT1 and AT2 bonds suffering roughly 2 billion euros ($2.2 billion) of losses and shareholders losing everything. The ECB said there was a "significant deterioration of the liquidity situation of the bank in recent days" and that in the near future Popular would have been "unable to pay its debts". Up to 2 billion euros a day was being taken out of the bank by savers last week, another source told Reuters. "We got it done before markets opened. That was the target," Elke König, who chairs the Resolution Board, said. Unlike Italy, which has been grappling with problem lenders for years, Spain''s reaction was prompt and in contrast to the 2008 banking crisis it met with calm in the markets. "This shouldn''t pose any real problems for other banks," Aberdeen Asset Management Head of Credit Research Laurent Frings said. "But it does show that there is real risk in investing in these second-tier names." BOTIN SEES BENEFITS Spanish Economy Minister Luis de Guindos said Santander''s takeover was a good outcome for Popular given its situation in recent weeks and it would have no impact on public resources or other banks. Botin welcomed Popular customers and said that the combination of the two would strengthen Santander''s geographic reach as the economies in Spain and Portugal improved. "It gives certainty and stability to Spain''s financial sector," she said. Santander, which was unaffected by the banking crisis in Spain that forced Madrid to seek international aid, said buying Popular would accelerate growth and profit from 2019. The group, with operations from South America to Britain, said it would set aside 7.9 billion euros to cover the cost of non-performing assets, which are loans at risk of non-payment. Struggling under the weight of 37 billion euros of non-performing property assets left over from Spain''s financial crisis, Popular had seen its share price slump. It was among a handful of banks that emerged as vulnerable to stress, such as an economic downturn, in a European Banking Authority simulation last summer and had remained vulnerable with a ratio of risky loans around three times above the average of its Spanish rivals. But Popular''s small and medium-sized company loan portfolio, the largest among Spanish lenders, presents an opportunity for Santander, which said it would now lead this growing market. It will also sell off at least half of Popular''s property assets within about 18 months. ($1 = 0.8876 euros) (Additional reporting by Andres Gonzalez, Jose Elias Rodriguez, Angus Berwick and Sonya Dowsett in Madrid, Francesco Canepa in Frankfurt and Jan Strupczewski, Francesco Guarascio in Brussels and Helene Durand in London; writing by John O''Donnell; Editing by Keith Weir/Alexander Smith)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-popular-m-a-santander-idUKKBN18Y0IU'|'2017-06-07T20:52:00.000+03:00'
'6ab347125b32d05568db36adb7bcc4dde5f89547'|'Italian bond yield gap over Spain near widest since debt crisis'|'Market News - Wed Jun 7, 2017 - 5:01am EDT Italian bond yield gap over Spain near widest since debt crisis * Worries over early elections, ECB withdrawal hit Italian bonds * Italy-Spain bond yield gap close to widest since 2012 crisis * Spanish resolution of failing bank contrasts with Italian woes * Euro zone periphery govt bond yields tmsnrt.rs/2ii2Bqr By Abhinav Ramnarayan LONDON, June 7 The gap between Italian and Spanish 10-year bond yields was heading towards its widest level since the 2012 debt crisis on Wednesday, as investors fretted over possible early elections and the effect of tighter policy on Italian borrowing costs. The similarly-rated Southern European neighbours are often compared in the bond market, and the difference in their government bond yields used as a measure of risk in the bloc. As the Italian debt agency prepared to sell 30-year bonds later in the day, Italy''s benchmark 10-year debt underperformed the rest of the euro zone bond market. While the bond sale may have marginally exacerbated the effect, Italian yields have been rising in recent weeks on political worries, expectations of a move away from extraordinary European Central Bank monetary stimulus and concerns over banking system. "The Italian long-end spreads are being hit by the 30-year deal, but overall it''s more the focus on politics that is making the bonds weaker," said ING strategist Benjamin Schroeder. "The Italian parliament is voting on a new electoral system which means we could have elections in September - that could coincide with the ECB''s timeline for normalising its policy," he said. Italy''s Constitutional Affairs Committee on Monday signed off on a new electoral law after the main parties reached a deal which could pave the way for a national election in the autumn. In addition, the ECB meets on Thursday and is widely expected to take a small step towards normalising policy by ruling out the introduction of further stimulus. Italy is seen as one of the biggest beneficiaries of the ECB''s current ultra-loose policy. Most high-grade euro zone bond yields were unchanged, but lower-rated southern European bonds underperformed, their yields rising 2-3 basis points. The Italian 10-year yield spread over Germany -- the benchmark for the region -- hit 201.7 basis points on Wednesday, the widest since April 21. The Italy-Spain bond yield spread, at 74 bps, was just 1 basis point off its March peak, when the gap was at its widest since the euro zone debt crisis in February 2012. The move came after the European Commission approved the sale of struggling Spanish lender Banco Popular to Santander as a way of preventing Popular going into insolvency. The quick resolution of this banking issue contrasts sharply with Italy, where several banks are struggling with a bad loans crisis. Rescue proposals are yet to be approved because they may transgress rules preventing a state bailout of banks. The rescue of Banco Popular did not involve state aid. For Reuters Live Markets blog on European and UK stock markets see reuters://realtime/verb=Open/url=http://emea1.apps.cp.extranet.thomsonreuters.biz/cms/?pageId=livemarkets (Reporting by Abhinav Ramnarayan, editing by Louise Heavens) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/eurozone-bonds-idUSL8N1J417L'|'2017-06-07T17:01:00.000+03:00'
'90546803d8106ede1fd364721a09fcfe8077bae3'|'Australia central bank sticks to upbeat tune as economy underperforms'|' 39am BST Australia central bank sticks to upbeat tune as economy underperforms left right A shopper walks past a sales sign on display outside a retail store in central Sydney, Australia, June 5, 2017. Picture taken June 5, 2017. REUTERS/Steven Saphore 1/2 left right FILE PHOTO: A pedestrian is reflected in a wall of the Reserve Bank of Australia (RBA) head office in central Sydney, Australia, October 3, 2016. REUTERS/David Gray/File Photo 2/2 By Wayne Cole and Swati Pandey - SYDNEY SYDNEY Australia''s central bank held interest rates for a 10th month on Tuesday, taking an optimistic tone on the economy even while acknowledging that growth likely slowed last quarter by more than it expected. The Reserve Bank of Australia (RBA) kept rates at a record low 1.50 percent in a widely expected move after last easing in August of 2016. It cited a stabilization in mining investment after years of steep falls, a rebound in the price of Australia''s top exports of iron ore and coal, and the country''s biggest-ever home building boom. "Looking forward, economic growth is still expected to increase gradually over the next couple of years to a little above 3 percent," the RBA said in a statement. That expression of confidence was enough to lift the Australian dollar AUD=D4 closer to a 10-day high of $0.7500 touched on Monday. Policy makers also played down the importance of first-quarter gross domestic product (GDP) figures due on Wednesday, which are likely to show the economy had barely grown. "It''s a pretty neutral statement from the RBA," said Tapas Strickland, economist at National Australia Bank. "They are going to overlook the slowdown in GDP as a temporary blip. We think they will remain on hold until they see any signs of a pick up in the labor market." The futures market <0#YIB:> implies only a one-in-five chance of a cut in cash rates by year end. The RBA described the job market as "mixed" with stronger employment growth offset by softness in hours worked and high levels of underemployment. Analysts forecast the economy expanded a meager 0.2 percent in the March quarter, a step back from the previous quarter''s brisk 1.1 percent. ECONAU Growth for the year is seen slowing to around 1.6 percent, from 2.4 percent, the slowest since 2009. DEFICIT SHRINKS A big unknown is household consumption which surprised with its strength late in 2016, but is being burdened by record-low wage growth and high levels of mortgage debt. Data out on Tuesday showed government spending had added only marginally to growth in the quarter, restrained in part by persistent budget deficits. Also weighing on real growth was a drop in export volumes, while imports swung higher. As a result, net exports trimmed a larger-then-expected 0.7 percentage points from growth, leading some analysts to revise down their forecasts for GDP. ECONAU The country''s current account deficit did narrow to its smallest in more than 15 years at A$3.1 billion ($2.31 billion), though that disappointed hopes for a rare surplus. The main miss came from investment income with Australians earning less from their assets abroad. Yet the figures from the Australian Bureau of Statistics showed a barnstorming performance by commodity exports which boosted the surplus on goods and services to A$9.0 billion. That was easily the biggest surplus since the series began in 1959 and owed much to higher prices for iron ore and coal, though those have come off their peaks in the last month or so. The sharp improvement in the country''s perennial deficit with the rest of the world should make it less vulnerable to swings in investor sentiment. It also lessens one threat to Australia''s top credit rating, which has been under pressure from persistent budget shortfalls at home. Standard & Poors recently affirmed the rating at triple-A after spending months warning that a downgrade might be warranted. (Reporting by Wayne Cole and Swati Pandey; Editing by Eric Meijer)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-australia-economy-idUKKBN18X0I7'|'2017-06-06T14:37:00.000+03:00'
'8b3b65086a5ca1fbe8ca2f4feadbce9581d972be'|'Declare offshore wealth? Russia tycoons would rather ship themselves off shore'|'Business News - Tue Jun 6, 2017 - 11:08am BST Declare offshore wealth? Russia tycoons would rather ship themselves off shore left right FILE PHOTO: A view shows the Kremlin wall, with the Moscow International Business Center also known as ''Moskva-City'' seen in the background, in Moscow, Russia, February 27, 2016. REUTERS/Grigory Dukor/File Photo 1/9 left right FILE PHOTO: A shop assistant (L) counts Russian rouble banknotes as customers gather at a store selling Apple products at the State Department Store, GUM, in central Moscow, Russia September 23, 2016. REUTERS/Sergei Karpukhin/File Photo 2/9 left right FILE PHOTO: Russian President Vladimir Putin speaks during his annual end-of-year news conference in Moscow, Russia, December 23, 2016. REUTERS/Sergei Karpukhin/File Photo 3/9 left right FILE PHOTO: Vladimir Potanin (L, front), chief executive of Norilsk Nickel company, attends a session during the Week of Russian Business, organized by the Russian Union of Industrialists and Entrepreneurs (RSPP), in Moscow, Russia March 19, 2015. REUTERS/Maxim Zmeyev/File Photo 4/9 left right FILE PHOTO: An employee counts Russian rouble banknotes at a private shop in Krasnoyarsk, Russia December 26, 2014. REUTERS/Ilya Naymushin/File Photo 5/9 left right FILE PHOTO: Russian President Vladimir Putin (top) meets with businessmen and entrepreneurs at Voronezhsintezkauchuk plant, producing synthetic rubber and latex, in the city of Vorovezh, Russia May 23, 2013. Sputnik/Mikhail Klimentyev/Kremlin/File Photo via REUTERS 6/9 left right FILE PHOTO: Participants of the St. Petersburg International Economic Forum (SPIEF) gather near an electronic screen showing Russian President Vladimir Putin, who speaks during a session of the forum in St. Petersburg, Russia June 2, 2017. REUTERS/Sergei Karpukhin/File Photo 7/9 left right FILE PHOTO: Central Bank of Russia Deputy Chairman Konstantin Korishchenko speaks during the Reuters Russia Investment Summit in Moscow, Russia September 10, 2007. REUTERS/Alexander Natruskin/File Photo 8/9 left right FILE PHOTO: Russian Deputy Economy Minister Andrei Sharonov speaks during a news conference in Moscow, Russia January 10, 2007. REUTERS/Anton Denisov/File Photo 9/9 By Polina Devitt - MOSCOW MOSCOW Some of Russia''s super-rich have given up residency to escape a 2014 law requiring them to disclose offshore assets, wealthy businessmen told Reuters, a practice that could keep billions of dollars hidden from Moscow''s tax authorities. Interviews with more than a dozen people familiar with the practice -- including prominent tycoons, wealth managers, lawyers and current and former officials -- suggest a swathe of Russia''s national wealth is now in the hands of a new class of semi-exiled oligarchs, who keep bases in their homeland but escape its tax net by spending fewer than 183 days a year there. "You can scold them, call them unpatriotic, but the fact remains: the budget has lost out," Vladimir Potanin, one of Russia''s ten richest men, told Reuters about the practice. Potanin, co-owner of Arctic mining giant Norilsk Nickel, said he has remained a tax resident of Russia but watched as many of his peers moved out in response to the 2014 law. Two other people on Forbes Magazine''s list of the 100 richest Russians told Reuters they had given up Russian residency to escape the law, speaking on condition that they not be identified to avoid hurting their Russian business dealings. Two more declined to say whether they had done so, but, like Potanin, said they also knew many fellow oligarchs who had. No official data has been made public on how many people have given up Russian residency to escape the law, or the overall size of the assets they have shielded from Russian tax jurisdiction through the practice. But Russian law firm Egorov, Puginsky, Afanasiev and Partners said it had conducted a survey of around 300 wealthy Russians and found as many as 40 percent of those with offshore companies had given up residency in Russia. Another 9 percent transferred the assets to relatives who are not tax residents. The law, popularly known in Russia as "de-offshorizatsia", requires all Russian taxpayers to declare their interest in offshore companies they control, on which they can then become liable to paying tax in Russia. It is similar to the standard practice in most western countries, but represented a change for Russia, where previously taxpayers could hold interests in companies abroad without declaring them. The change was a high-profile initiative of President Vladimir Putin, widely interpreted as a way to force Russians to do their patriotic duty by investing in their homeland. While there is no suggestion that it is illegal to avoid the law''s requirements by giving up Russian residency, those who have done so told Reuters they accepted they were thwarting the law''s aim. In response to Reuters questions, Russia''s economy ministry said the de-offshorization law was in line with global practice. It said improving the investment climate was a government priority, with positive results, as demonstrated by Russia''s improved ranking in the World Bank''s ease of Doing Business index. Russia is now ranked 40th, up from 92nd in 2014. The Kremlin declined to comment. The finance ministry did not reply to a request for comment by the time of publication. In response to a list of questions, the tax service said the number of tax cases it was pursuing against Russians with foreign tax exposure was rising, but it did not directly address the questions. The impact of tax exiles giving up Russian residency is heightened because so much of the country''s wealth is concentrated in the hands of relatively few people. According to Forbes, the 200 richest Russians have $460 billion in wealth, equivalent to nearly a third of Russia''s nominal GDP. "People are forced to decide: do they keep their business in Russia or become citizens of the world and take their assets offshore," said Konstantin Korishchenko, a former deputy head of the Russian central bank. A former official who has kept close ties to the Kremlin and talks often to Russian oligarchs said that by his estimate a third of Russia''s top 500 businesspeople had left the country over the past three years, in part because of the new law. "IT''S IMPOSSIBLE NOW" Some familiar with the practice said wealthy Russians were giving up their residency because they feared that disclosing their offshore companies would open them to the risk of the information being leaked to business rivals, or even abused by corrupt officials for spurious prosecutions or blackmail. "The first thing that entrepreneurs say is that there is a big sense of mistrust: mistrust toward each other, mistrust towards the state," said Andrei Sharonov, dean of the Moscow School of Management, Skolkovo, which offers an MBA program. Sitting on the leather sofa in his office in one of Moscow''s most prestigious commercial addresses, one of the tycoons who gave up his residency told Reuters he made the move reluctantly. Leaving his homeland for most of the year was a wrench. But because of the investment climate in Russia, he and his partners were looking for buyers for their Russian businesses and focusing instead on international holdings, he said. "I would stay here and would continue paying taxes here if it was not for this law," the businessman told Reuters. "It''s impossible now." He now spends his time mostly in a European Union country where his family has settled some time ago, or traveling to meetings around the world. Such a lifestyle, he said, has become common among his peers since the law was passed: "Lots of people lived here and paid tax. Now they don''t." Another Russian businessman, a billionaire who also gave up his Russian residency over the de-offshorization law, told Reuters he and fellow tycoons were worried that it could be followed by further measures, tougher on businesspeople. After three years of deep recession, Russia''s economy is stabilizing but has not yet returned to the steady growth needed to begin making up lost ground. The de-offshorization law is one of several factors discouraging investment in Russia, said Chris Weafer a senior partner at Russia-focussed consultancy Macro-Advisory Ltd. "It’s completely unrealistic to talk about raising growth rates to 4 percent, as Russian officials hope, without a sharp increase in inward investment," he said. Businesspeople who spoke to Reuters said complying with the new rules meant they incurred hefty fees to lawyers and accountants to audit their offshore assets and prepare tax returns, they had to deal with a mountain of paperwork, and at the end risked having to paying more tax. Several said privacy was also an issue, in a country where vendors at flea markets sell CDs purported to contain leaked information from the tax authorities'' databases. In the law firm''s survey, almost two third of respondents said that they or their clients had encountered problems with leaks of confidential information from state services. Ultimately, people do not trust the authorities to keep their information safe, said the businessman on the Forbes list of 100 richest Russians who did not reveal whether he had given up his residency. "No one wants to show the money." (Additional reporting by Darya Korsunskaya, Oksana Kobzeva, Svetlana Reiter, Anastasia Lyrchikova, Alexander Winning, Andrey Ostroukh, Kira Zavyalova and Olga Sichkar; editing by Peter Graff)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-russia-economy-tax-insight-idUKKBN18X0XJ'|'2017-06-06T17:40:00.000+03:00'
'd392cc6ad6474a4b07055626ee983c6724bd724a'|'Bourses say big bang mergers sidelined by "quiet" hunt for content'|'Market  41am EDT Bourses say big bang mergers sidelined by "quiet" hunt for content By Huw Jones - LONDON, June 6 LONDON, June 6 The collapse of Deutsche Boerse and London Stock Exchange''s attempt to create a superbourse has left exchanges focusing on low key, incremental acquisitions, top bourse officials said on Tuesday. The third attempt to link up London and Frankfurt ended in March after it faced opposition from European Union competition regulators, and from German officials who opposed the head office being based in Britain. The collapse has left exchanges looking at smaller or "quiet advances" in mergers and acquisitions, such as in financial technology, data and other content, Deutsche Boerse Chief Executive Carsten Kengeter told an IDX derivatives conference. Kengeter said the political mood was becoming more national, going against the grain of global capital markets, and rival CME Group also suggested incremental rather than "big bang" moves. CME president Bryan Durkin said the Chicago based exchange would continue to build up its services to Europe from the United States after deciding to shut its London based clearing and trading platforms. "Europe is quite big in terms of the opportunities is presents for us," Durkin said. "Our focus is very much on building up the very solid footprint that we have established here and taking it to the next level on an international perspective." Jeff Sprecher, chairman and chief executive of the Atlanta-based Intercontinental Exchange said it has been "quietly expanding" to become a "network and content" business. ICE, which also operates the New York Stock Exchange, said on June 1 it planned to buy the global research index platform from Bank of America Merrill Lynch. "We have increasingly thought of our business as essentially a network business that needs to continually to grow with content that needs to be relevant," Sprecher said. ICE''s purchase came just days after the London Stock Exchange said it was buying Citibank''s Yield Book fixed-income analytics services and its related indexing business for $685 million. (Reporting by Huw Jones, editing by Louise Heavens)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/markets-exchange-ma-idUSL8N1J32ED'|'2017-06-06T21:41:00.000+03:00'
'cef909b50c25e0b04e32723021ef50a2bb2cacf3'|'UPDATE 1-Japan''s Sumitomo Metal to buy stake in Canada gold project for $195 mln'|'* Cote Gold Project expected to start output in 2021* Sumitomo Metal looking to boost output through acquisitions* Says deal will boost company''s annual gold output to 18 T (Adds comment, detail)By Yuka ObayashiTOKYO, June 6 Japan''s Sumitomo Metal Mining Co on Tuesday said it had agreed to take a 27.75-percent interest in a Canadian gold mining project from Toronto-based IAMGOLD Corp for $195 million.The purchase of the stake in the Cote Gold Project in Ontario comes as Japan''s biggest gold miner looks to boost its output through acquisitions and exploration.IAMGOLD owns 92.5 percent of the project, currently in its so-called pre-feasiblity study phase. Production is slated to begin in 2021, with the development expected to churn out 168 tonnes of gold over a 17-year life."With this deal, we will make progress towards our long-term goal of boosting gold output from our equity holdings to 30 tonnes a year," Naoyuki Tsuchida, Sumitomo Metals senior managing executive officer, told a news conference. The deal is expected to complete by the end of September.The company said the project would boost its annual gold output to nearly 18 tonnes from 15 tonnes now."Since this project is located in the Abitibi gold belt in eastern Canada, which is one of the world''s largest gold-producing areas, there may be additional reserves, depending on future exploration," Tsuchida said.Yoshiaki Nakazato, president of Sumitomo Metal, which is also miner and smelter of copper and nickel, said last month that the firm was still willing to invest in gold mines despite the record loss it booked in the fiscal year to March 2017. (Reporting by Yuka Obayashi and Chang-Ran Kim; Editing by Michael Perry and Joseph Radford)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/sumitomo-mtl-min-iamgold-corp-idINL3N1J31LA'|'2017-06-06T02:16:00.000+03:00'
'7c3f49b8884ed874a874cbd8cc728d2dd5924178'|'Qatar Airways suspends flights to UAE, Egypt, Bahrain'|'DUBAI Qatar Airways has cancelled flights to Bahrain, Egypt and the United Arab Emirates from Tuesday until further notice, the airline said on its website, a day after it had suspended flights to Saudi Arabia.The airline said passengers holding a confirmed Qatar Airways ticket to any of the four countries between June 5 and July 6 are permitted to rebook their flights up to 30 days after their current departure date.Qatar Airways said its offices will continue to operate as normal in affected countries until further notice.On Monday, EgyptAir, flydubai and Bahrain''s Gulf Air joined Etihad and Emirates in saying they would suspend all flights to and from Doha.The move came after Saudi Arabia, Egypt, the United Arab Emirates and Bahrain severed diplomatic relations with Qatar in a coordinated move, accusing it of support for Islamist militants and Iran.(Reporting by Saeed Azhar and Jamie Freed, Editing by Sylvia Westall)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/gulf-qatar-airlines-idINKBN18X0E3'|'2017-06-06T13:28:00.000+03:00'
'6f439f276df9a737f43fde3efd43ec98f0789747'|'A wind pioneer is sceptical about batteries'|'ONE of Ignacio Galán’s early jobs as an engineer was to design lead-acid batteries for the milk floats that used to trundle around Britain’s streets. So the 66-year-old Spaniard, who heads Iberdrola, one of the world’s largest utilities, claims he has been thinking about the storage of electricity for his whole career. That is useful, because for the second time since he took over Iberdrola in 2001, the industry faces a fork in the road. This time round, the big debate in energy is about batteries and storage.The first time, Mr Galán blazed the right trail. He made a prescient bet on renewable energy, turning Iberdrola into one of the world’s biggest providers of onshore wind while at the same time underpinning returns with relatively safe, regulated electricity networks in America (Avangrid) and Britain (ScottishPower). Some European peers, such as Germany’s E.ON and RWE, took the opposite approach, prioritising conventional fossil-fuel-fired power plants in less regulated markets. In the past five years, the Germans have been through near-death experiences, and have belatedly created stand-alone renewables and grid businesses. Iberdrola’s share price has more than doubled. 5 5 7 The renewables revolution has, in turn, caused the latest dilemma, because intermittent sun and wind require ways of storing electricity as a backup. Battery firms like Tesla, as well as some utilities, see a mixture of rooftop photovoltaics, home-mounted batteries and electric vehicles as the way of the future, with power being stored locally and new business models emerging to manage customers’ energy use remotely. But Mr Galán is sceptical that batteries can last long enough to handle intermittency, or that customers will care enough about distributed energy to make the domestic-battery business compelling. “I can’t imagine saying to my wife that we have a choice between a new fridge and the latest Powerwall battery.”Instead, he believes there is more to be gained by using renewable energy to pump water up to hilltop reservoirs, and letting it flow downhill to produce hydroelectricity when needed. Iberdrola has already done this with its successful $1.3bn Cortes La Muela project in Spain, completed in 2013. It is building a large pumped-hydro storage facility in northern Portugal. Mr Galán does not dismiss batteries altogether. But he thinks it would be better for utilities to deploy them to regulate the intermittency of electricity supply in substations, rather than putting them in homes.His reservations about fully distributed electricity may be self-serving. If users buy batteries to help them cut loose from grids, network operators would have to raise prices to remaining customers, causing a “utility death spiral”. Yet it is probable that centralised electricity will survive, especially in big cities. And do not write off Iberdrola’s predictive powers. “They could see the future,” says Antonella Bianchessi of Citigroup. "The storage question"'|'economist.com'|'http://www.economist.com/rss/business_rss.xml'|'http://www.economist.com/news/business/21723165-iberdrola-foresaw-last-energy-trend-will-it-be-right-again-wind-pioneer-sceptical?fsrc=rss%7Cbus'|'2017-06-08T22:46:00.000+03:00'
'cfe27007ec48ac51bfbd21b6fa65dbcdab9deb59'|'MIDEAST STOCKS-Qatar rebounds but oil price plunge drags down Saudi'|'Market News  12am EDT MIDEAST STOCKS-Qatar rebounds but oil price plunge drags down Saudi * Qatar recovers almost a third of losses due to diplomatic crisis * Valuations relatively low, some hope for mediation efforts * Saudi''s Atheeb rises after obtaining new frequencies * Dubai''s Emaar Properties halts surge on unit''s IPO plan * Drake & Scull continues rebound in heavy trade By Andrew Torchia DUBAI, June 8 Qatar''s stock market rebounded on Thursday from a steep slide caused by its diplomatic rift with neighbouring states, while a plunge in oil prices weighed on Saudi Arabia''s bourse. The Qatari stock index, which had lost 9.7 percent over three days since Saudi Arabia and the United Arab Emirates cut diplomatic and trade relations, bounced 3.0 percent. The mood in Doha remained nervous; Standard & Poor''s downgraded Qatar''s credit rating on Wednesday night, and the economic damage to Qatar from the rift could become serious if foreign banks pull out funds. Nevertheless, fund managers noted that many Qatari blue chips had fallen to relatively attractive valuations. Investors are also hoping that mediation efforts over the weekend will help bring a resolution for the dispute. Some of the stocks most heavily beaten down early this week on fears that Qatar''s foreign trade would suffer rebounded most strongly, with Gulf Warehousing shooting up 9.1 percent. Qatari Investors Group jumped 10 percent after saying it had won two lawsuits filed against it by Sanad Al Doha Real Estate Investment Co and Ezdan Holding. The suits had sought to oust the group''s board of directors, it said. Saudi Arabia''s index fell back 1.2 percent after the Brent oil price tumbled 4 percent overnight. Among major losers, travel firm Al Tayyar sank 3.9 percent. Atheeb Telecommunications rose 3.9 percent after saying it had obtained new frequencies for its operations at a cost of 2.07 billion riyals ($552 million). Dubai''s index fell 0.2 percent as Emaar Properties , which had surged 8.6 percent on Wednesday after saying it planned an initial public offering of up to 30 percent of its United Arab Emirates real estate development business, slipped back 0.3 percent. Ubhar Capital estimated Emaar shareholders would receive a dividend of 0.92 dirham per share as a result of the IPO, assuming the full IPO proceeds were paid out. That compares with a 2016 dividend from Emaar Properties of 0.15 dirham. Builder Drake & Scull, which has been rebounding for a couple of weeks from a 15-month low, climbed 4.3 percent in its heaviest trade since mid-February. In Abu Dhabi, the index rose 0.5 percent as Dana Gas continue to outperform, adding 3.9 percent. It leaped 10.9 percent on Wednesday after saying it had received $40 million from the Egyptian government towards its outstanding receivables. HIGHLIGHTS * The index fell 1.2 percent to 6,865 points. DUBAI * The index fell 0.2 percent to 3,400 points. ABU DHABI * The index rose 0.5 percent to 4,477 points. QATAR * The index rebounded 3.0 percent to 9,238 points. EGYPT * The index rose 0.4 percent to 13,684 points. KUWAIT * The index dropped 0.5 percent to 6,783 points. BAHRAIN * The index climbed 0.2 percent to 1,323 points. OMAN'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/mideast-stocks-idUSL8N1J51CK'|'2017-06-08T23:12:00.000+03:00'
'6e220d2f602c856eacfd1c99e254f17b7681b182'|'Valeant looks to trim debt pile with $930 million iNova sale'|'Business News - Thu Jun 8, 2017 - 3:42pm BST Valeant looks to trim debt pile with $930 million iNova sale FILE PHOTO: A sign for the headquarters of Valeant Pharmaceuticals International Inc is seen in Laval, Quebec June 14, 2016. REUTERS/Christinne Muschi/File Photo By Divya Grover Valeant Pharmaceuticals International Inc ( VRX.TO ) ( VRX.N ) said on Thursday it would sell its iNova Pharmaceuticals business for $930 million (£720 million), as Chief Executive Joseph Papa steps up efforts to slash the embattled Canadian drugmaker''s enormous debt pile. Papa has narrowed Valeant''s focus to its dermatology, eye care and gastrointestinal businesses by pruning other assets to repay its debt, which ballooned to nearly $30 billion following a furious spate of deal-making under former CEO Mike Pearson. "It''s not my goal to get the debt to zero," Papa said in an interview. "The right place for our debt is somewhere ... in the range of $15 billion to $20 billion." In August, Valeant had pledged to cut debt by $5 billion by February next year through divestments and operational performance. Papa said on Thursday Valeant was well on pace to meet that target. Pearson''s acquisition spree sent Valeant''s shares from around $20 to a high of over $250 in 2015, before the stock went into a tailspin as Valeant''s drug pricing strategy and ties to a specialty pharmacy came under increased political and regulatory scrutiny. Valeant''s New York-listed shares were up 7.9 percent at $13.13 in morning trading on Thursday. In January, Valeant agreed to sell its Dendreon cancer treatment business and three skincare brands for $2.12 billion. That deal is expected to close in the middle of this year, Papa said. Bloomberg reported on Tuesday that Valeant was in talks to sell its Bausch & Lomb unit''s surgical products business. Its eye-surgery assets may be valued at about $2 billion in a sale, the report said. Valeant was also exploring the sale of its Salix stomach-drug business and other assets, but talks with Takeda Pharmaceutical Co Ltd ( 4502.T ) had stalled over price disagreements, Reuters reported in November. Reports have said Salix could fetch Valeant as much as $10 billion. The deal to buy iNova — which markets prescription and over-the-counter products focused on weight and pain management, cardiology and cough and cold — is expected to close in the second half of this year. INova, bought by Valeant in 2011, will be sold to a company jointly owned by Pacific Equity Partners and Carlyle Group LP ( CG.O ), Valeant said. Goldman Sachs & Co was Valeant''s financial adviser, while Baker McKenzie provided legal counsel. (Reporting by Divya Grover in Bengaluru; Additional reporting by Natalie Grover; Editing by Shounak Dasgupta and Sai Sachin Ravikumar)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-valeant-pharm-in-divestiture-idUKKBN18Z20W'|'2017-06-08T22:42:00.000+03:00'
'f64de4c92b4ead4a539cd89b2883590cb7d6ea86'|'PRESS DIGEST - Wall Street Journal - June 6'|'Funds News - Tue Jun 6, 2017 - 12:11am EDT PRESS DIGEST - Wall Street Journal - June 6 June 6 The following are the top stories in the Wall Street Journal. Reuters has not verified these stories and does not vouch for their accuracy. - Apple Inc revealed a voice-activated speaker, thrusting itself into the rapidly escalating fight between the biggest names in technology to control the home through a tabletop device. on.wsj.com/2r0k46J - J.Crew Group Inc said its longtime leader Mickey Drexler will step aside as chief executive and hand over those duties to an outsider, as the seller of preppy clothes struggles with a prolonged sales slump and hefty debt load. on.wsj.com/2r0csRZ - Drugmaker Perrigo Co announced that current chief executive John Hendrickson is retiring. The company has begun a search for a replacement. on.wsj.com/2r0dflF - Airlines from the United Arab Emirates - including heavyweights Emirates Airline and Etihad Airways - Saudi Arabia, Bahrain and Egypt suspended flights to Doha on Monday, hours after their countries announced they were cutting diplomatic, air and maritime links to Qatar. The step marks an escalation in a dispute over Qatar''s alleged support for Islamist groups in the region. on.wsj.com/2r08bhb - The special counsel investigating Russia''s alleged interference in the 2016 presidential election relinquished an assignment steering compensation to victims of rupture-prone Takata Corp air bags, potentially delaying nearly $1 billion in payouts to auto makers and consumers. on.wsj.com/2r0dld1 - Germany''s third-largest shipping firm, Rickmers Holding AG, filed for insolvency after it was cut loose by one of the country''s biggest shipping lenders, a sign Germany''s long-simmering shipping crisis has reached a boiling point. on.wsj.com/2qWccmQ - General Motors Co Chief Executive Mary Barra faces shareholders this week, under pressure from a hedge-fund investor and fresh scrutiny following the ouster of her counterpart at a crosstown rival. on.wsj.com/2qWyNzA (Compiled by Bengaluru newsroom) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/press-digest-wsj-idUSL3N1J31T0'|'2017-06-06T12:11:00.000+03:00'
'85f9b6408df4efa97314edb633f7ddd12decafb5'|'Sub market soul-searching begins'|'* Investors need to "price in a higher probability of write-down"By Helene DurandLONDON, June 9 (IFR) - The subordinated debt market stayed relatively sanguine in the face of the wipeout of Banco Popular''s Additional Tier 1 and Tier 2 bonds this week, though the full impact of the biggest event faced by the asset class has yet to be fully digested."The risk of write-down in these junior securities has been underpriced," said Puneet Sharma, head of credit strategy in investment management at Zurich Insurance."This is a very significant event. I don''t think the market is taking it as that, but I think investors need to price a higher probability of write-down."Regulators'' decision to effectively treat all of Popular''s subordinated debt equally came as a surprise to some in the market and showed that in distressed situations, all capital is fair game."Wiping out the Tier 2 definitely makes you understand what subordination means," said Matthew Rees, a portfolio manager at Legal & General Investment Management."If a bank is in trouble, you need to work your way through the capital stack. There should be an element of decompression between where the weaker and stronger banks'' subordinated debt trades as people are reminded of the risk and we have a more muscular ECB and SRB [Single Resolution Board]."Some of this decompression was in evidence this week with some of Spain''s smaller lenders subordinated debt dropping by multiple price points, while instruments issued by stronger banks remained largely unaffected.The €300m 10 non-call five-year Tier 2 issued by Banco de Credito Social Cooperativo (the parent of Cajamar) lost 10 points over the week. It was Quote: d at a 90 cash price on Friday, according to Tradeweb.Liberbank''s €300m 10NC5, which priced in March, had dropped to 85.4 on Friday, over 18 points lower than where it was on Tuesday.THE KNOWN UNKNOWNBut it is not just the pricing of Europe''s smaller lenders'' debt that is likely to be impacted. Investors will have to reassess the risk of regulatory intervention and how to price it while the various triggers and features that were included in bank capital instruments to appease investors appeared meaningless."When approaching the point of non-viability, it doesn''t matter whether the instruments are high or low strike," said Filippo Alloatti, a credit analyst at Hermes Investment Management."When a bank is in a difficult situation and has no access to the public market, it doesn''t matter what the common equity tier 1 is."For Popular, like other banks during the financial crisis, it was liquidity that proved to be the Spanish lender''s downfall while its equity ratio looked relatively solid. And AT1 debt, which is meant to act as so-called "going-concern" capital, failed to fulfil that role."After all the regulatory efforts to design AT1s as a form of capital that can absorb losses early on, Popular AT1s never missed a single coupon," analysts at BNP Paribas wrote.And while Popular''s senior debt was left unscathed, market participants questioned what would have happened if the lender had started to build a cushion of senior loss-absorbing debt as required under new global and European rules."With the new type of senior non-preferred, holdco debt, next time around, I am not sure that senior debt will be spared and that part of the market should be more cognisant of that risk," said Sharma. (Reporting by Helene Durand, Editing by Matthew Davies)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/sub-market-soul-searching-begins-idINL8N1J64M5'|'2017-06-09T12:48:00.000+03:00'
'6d7b831ef221d521ef32e9cb704247ec43fb1c24'|'FTSE futures, gilt yields fall as odds improve on Corbyn-led government'|'LONDON London stock exchange futures sank, gilt yields fell and the pound dived below $1.27 GBP= for the first time in almost two months on Friday as odds tightened on Labour leader Jeremy Corbyn becoming the next British Prime Minister after UK elections.With trading volumes extremely thin out of London hours, FTSE futures FFIc1 were Quote: d down 0.2 percent as voting results began to come in, backing projections that showed Prime Minister Theresa May losing her overall majority in parliament.10-year gilt yields also fell around 5 basis points GB10YT=TWEB from closing levels in London on Thursday, according to indicative data Quote: d by Tradeweb on Reuters systems, suggesting shocked investors will seek the security of bonds when markets reopen properly in London on Friday.(Writing by Patrick Graham)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-britain-election-stocks-idUSKBN190035'|'2017-06-09T08:53:00.000+03:00'
'8d3b949beca67805dc0ee2b373b20619c7e2f118'|'Hapag-Lloyd, UASC merger not affected by Qatar trouble - source'|'Deals - Fri Jun 9, 2017 - 1:56pm BST Hapag-Lloyd, UASC merger not affected by Qatar trouble: source FILE PHOTO: A port worker moves a Hapag-Lloyd container at the Port of Bilbao on the second day of a three-day strike by Spanish port workers to protest the reform of operations, aimed at liberalising hiring practices, in Santurtzi, northern Spain, June 7, 2017. REUTERS/Vincent West/File Photo FRANKFURT Qatar''s row with its powerful Gulf neighbors should not scupper the just-agreed merger of German shipping company Hapag-Lloyd with sector peer United Arab Shipping Company (UASC) that is owned by six Arab states of the Gulf region, a source close to Hapag-Lloyd said. He said there were currently no signs that the diplomatic crisis would impact the deal that the states had made last month as one party, vis-a-vis Hapag-Lloyd, bilaterally. The source, a senior manager close to the German firm''s current owners, said there was no disagreement between the Arab shareholder parties. (Reporting by Jan Schwartz; Writing by Vera Eckert; Editing by Jonathan Saul and Harro ten Wolde)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-hapag-lloyd-merger-idUKKBN1901US'|'2017-06-09T20:55:00.000+03:00'
'bc00e2e399cc54c4bda29adc318abb382b01e800'|'Brazil''s Gol to reorganize customer loyalty unit for tax purposes: filing'|'SAO PAULO Gol Linhas Aéreas Inteligentes SA, Brazil''s No. 2 airline, plans to reorganize a customer loyalty subsidiary, tapping significant tax savings from a simplified corporate structure, according to a securities filing on Tuesday.According to the filing, the loyalty unit known as Smiles SA ( SMLE3.SA ) said the proposal hinges on shareholder approval and involves it being taken over by a Gol subsidiary known as Webjet Participações SA. The proposal will be submitted to shareholders of Smiles at an extraordinary assembly on June 30, the filing said.(Reporting by Guillermo Parra-Bernal)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-smiles-br-restructuring-idINKBN18X2YC'|'2017-06-06T20:21:00.000+03:00'
'80ae55b3236738564ee07face0171987ad347fc8'|'MIDEAST STOCKS-Qatar weak on political crisis, Dubai''s Emaar jumps on unit''s IPO plan'|'Market News - Wed Jun 7, 2017 - 10:21am EDT MIDEAST STOCKS-Qatar weak on political crisis, Dubai''s Emaar jumps on unit''s IPO plan * Qatar Islamic Bank sinks; dependence on Gulf deposits * Buying opportunity for some cheap Qatari shares * Abu Dhabi''s Dana Gas jumps on receipt of Egypt payments * Saudi trading volumes rise as MSCI decision nears * Ezz Steel surges as Egypt imposes import tariff By Celine Aswad DUBAI, June 7 Qatar''s stock market fell for a third straight day on Wednesday, hit by the breaking of diplomatic ties with its neighbours, though the pace of the drop slowed. Dubai''s Emaar Properties jumped on a plan for an initial public offer by one of its units. The Qatari index lost 1.0 percent to a fresh 17-month low, taking its losses to 9.7 percent since Saudi Arabia, the United Arab Emirates and Egypt cut diplomatic links and transport ties on Monday, accusing Doha of backing terrorism. A little over one-sixth of total traded value came from other Gulf investors, more than the usual 5 to 10 percent - suggesting some Gulf investors were liquidating assets in Qatar. Other foreign funds also traded actively, bourse data showed. The Qatari riyal slipped to an 11-year low of 3.6517 against the dollar in the spot market on Wednesday, according to Thomson Reuters data, another sign of capital outflows. Qatar Islamic Bank slumped 8.2 percent to 89 riyals, its lowest close since January 2016, in heavy trade. It is one of the Qatari banks most dependent on deposits from other Gulf states, obtaining a quarter of its deposits from that source, said Olivier Panis, analyst at Moody''s. On Wednesday, 23 other shares fell but 12 advanced, including telecommunications operator Vodafone Qatar, up 1.6 percent to 7.74 Qatari riyals. After sharp falls in stocks, "there is value there, and although the political situation is not encouraging, there are some good buys," said a regional equities fund manager. Reflecting the political tensions, he declined to be named. However, many money managers said that the longer the diplomatic crisis lasted, the higher the risk premium demanded by foreign foreign investors in Qatar would go. "Tensions are still high and mediation efforts by fellow Gulf Cooperation Council state Kuwait have yet to lead to a concrete solution, so investors will likely remain on edge," said a Dubai-based trader. EMAAR PROPERTIES, EZZ STEEL In Dubai, the largest listed real estate developer Emaar Properties surged 8.6 percent in its heaviest trade since April 2015 after it said it planned to offer up to 30 percent of its United Arab Emirates real estate development business in an initial public offer. Subject to market conditions, funds raised through the IPO would be distributed to shareholders of Emaar. The company said the IPO would be Dubai''s largest since its flotation of Emaar Malls, which raised 5.8 billion dirhams ($1.58 billion) in 2014 and was heavily oversubscribed. Emaar Malls was up 1.6 percent. The Dubai index climbed 2.5 percent, its largest single-day gain since December 2016. In Abu Dhabi, Dana Gas rocketed 10.9 percent in very heavy trade after saying it had received $40 million from the Egyptian government towards its outstanding receivables; its current receivables balance in Egypt now stands at $187 million. The Abu Dhabi index, however, fell 0.1 percent, weighed down by a 1.4 percent decline of shares of the largest listed bank, First Abu Dhabi Bank. The Saudi Arabian index rose 0.2 percent in the heaviest trading volume this year as 87 shares rose and 63 declined. Buying of Saudi stocks favoured by foreign funds, in anticipation of a decision by MSCI on June 20 to begin reviewing Riyadh for possible inclusion in its emerging market index, has buoyed the market in recent days. Dairy producer Almarai rose 0.6 percent and its largest shareholder Savola Group added 0.7 percent, to its highest close in 17 months. In Cairo, the index edged up 0.1 percent in its 12th consecutive session of gains to a fresh all-time high. Ezz Steel soared 7.5 percent after the trade ministry imposed a temporary import tariff on rebar steel from China, Turkey and Ukraine to protect local manufacturers suffering from losses. The decision is valid for fourth months. HIGHLIGHTS * The index added 0.2 percent to 6,946 points. DUBAI * The index jumped 2.5 percent to 3,406 points. ABU DHABI * The index edged down 0.1 percent to 4,454 points. QATAR * The index lost 1.0 percent to 8,965 points. EGYPT * The index edged up 0.1 percent to 13,633 points. KUWAIT * The index added 0.3 percent to 6,820 points. BAHRAIN * The index fell 0.3 percent to 1,321 points. OMAN '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/mideast-stocks-idUSL8N1J441U'|'2017-06-07T22:21:00.000+03:00'
'0986d6fdf877ec8cd0fd01bccf006d0d34961b26'|'Honda to focus on self-driving cars, robotics, EVs through 2030'|'By Naomi Tajitsu - HAGA, Japan HAGA, Japan Japanese carmaker Honda Motor Co ( 7267.T ) on Thursday spelled out for the first time its plans to develop autonomous cars which can drive on city streets by 2025, building on its strategy to take on rivals in the auto market of the future.Unveiling its mid-term Vision 2030 strategy plan, Honda said it would boost coordination between R&D, procurement and manufacturing to tame development costs as it acknowledged it must look beyond conventional vehicles to survive in an industry which is moving rapidly into electric and self-driving cars.Honda has already spelled out plans to market a vehicle which can drive itself on highways by 2020, and the new target for city-capable self-driving cars puts its progress slightly behind rivals like BMW ( BMWG.DE )."We''re going to place utmost priority on electrification and advanced safety technologies going forward," Honda CEO Takahiro Hachigo said.Developing new driving technologies, robotics- and artificial intelligence-driven services and new energy solutions also would be key priorities for Honda in the years ahead, the company said.LEVELING UPHonda established a division late last year to develop electric vehicles (EVs) as part of its long-held goal for lower-emission gasoline hybrids, plug-in hybrids, EVs and hydrogen fuel cell vehicles (FCVs) to account for two-thirds of its line-up by 2030, from about 5 percent now.By 2025, Honda plans to come up with cars with "level 4" standard automated driving functions, meaning they can drive themselves on highways and city roads under most situations.Achieving such capabilities will require artificial intelligence to detect traffic movements, along with a battery of cameras and sensors to help avoid accidents.BMW has said it would launch a fully autonomous car by 2021, while Ford Motor Co ( F.N ) has said it will introduce a vehicle with similar capabilities for ride-sharing purposes in the same year. Nissan Motor Co ( 7201.T ) is planning to launch a car which can drive automatically on city streets by 2020.Honda has been ramping up R&D spending, earmarking a record 750 billion yen ($6.84 billion) for the year to March.(Reporting by Naomi Tajitsu and Maki Shiraki; '|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-honda-strategy-idINKBN18Z0KL'|'2017-06-08T04:05:00.000+03:00'
'36141cc706fda24058d0cdfac257c44b2ed1de68'|'ULA says it was not allowed to compete with SpaceX for Air Force launch'|'Market  20pm EDT ULA says it was not allowed to compete with SpaceX for Air Force launch By Irene Klotz - CAPE CANAVERAL, Fla., June 9 CAPE CANAVERAL, Fla., June 9 United Launch Alliance, a partnership of Lockheed Martin and Boeing said on Friday it was not given an opportunity to bid against rival SpaceX for the upcoming launch of the U.S. Air Force’s miniature X-37B space plane. Air Force Secretary Heather Wilson disclosed during congressional testimony on Tuesday that the service was planning to fly its fifth X-37B mission on a SpaceX Falcon 9 rocket. “ULA did not have the opportunity to bid for the Air Force’s fifth X-37B Orbital Test Vehicle (OTV) mission which was recently awarded. ULA remains fully committed to continuing to support America’s national security missions with world-class launch services,” the company said in a statement. Only United Launch Alliance and SpaceX are certified to launch U.S. military satellites. The Air Force on Friday declined to confirm that it awarded the contract to Space Exploration Technologies, or SpaceX, without soliciting other bids. It also declined to say when the contract was awarded or how much it is worth. Four previous X-37B missions were launched by United Launch Alliance Atlas 5 rockets. SpaceX’s first publicly disclosed launch contract for the Air Force was awarded last year for a next-generation Global Positioning System satellite flight in 2018. A second GPS launch contract was awarded in March. The contracts are valued at $83 million and $96.5 million respectively. United Launch Alliance did not bid for the first GPS launch contract but did compete and lost the second. In May 2016, the U.S. National Reconnaissance Office disclosed it had hired SpaceX to launch a spy satellite aboard a Falcon 9. The mission, which was arranged through an intermediary, Ball Aerospace, took place last month. SpaceX is owned and operated by technology entrepreneur Musk, who is also chief executive of electric car maker Tesla Inc. (Reporting by Irene Klotz; Editing by Cynthia Osterman)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/space-spacex-ula-idUSL8N1J65UL'|'2017-06-10T05:20:00.000+03:00'
'37985670e81a6a2c76eb8c5eb978a9b048318a9d'|'Exclusive: Nordstrom family launches search for buyout partner - sources'|'By Greg Roumeliotis and Lauren Hirsch A group of Nordstrom Inc family members is talking to buyout firms about raising $1 billion to $2 billion in equity to fund a potential bid to take the U.S. department store operator private, according to people familiar with the matter.Nordstrom said on Thursday the family group, which owns 31.2 percent of the 116-year-old retailer, was studying ways to take the company private. The group is now looking for help in funding an offer that would convince the company''s other shareholders to back the deal.The family group started talks with private equity firms this week, and is expected to spend at least a couple of weeks to select an equity partner, the sources said on Friday, without identifying which firms are in talks with Nordstrom. Once the group has secured equity financing, it will begin to make arrangements for a debt financing package, the sources added.The sources asked not to be identified because the deliberations are confidential. Nordstrom did not immediately respond to a request for comment.Nordstrom shares were trading up 6.2 percent at $47.40 on the news in afternoon trading in New York on Friday, giving the company a market capitalization of close to $8 billion.The family group that is considering a bid for the company comprises Nordstrom Chairman Emeritus Bruce Nordstrom, his sister Anne Gittinger, President James Nordstrom and Nordstrom co-Presidents Blake, Peter and Erik Nordstrom.Nordstrom operates 354 stores in 40 states, which includes its Nordstrom branded full-line stores and off-price discount chain Nordstrom Rack. The company also operates stores in Canada and Puerto Rico.Seattle-based Nordstrom has long been viewed as the jewel of the department store industry. Its affordable high-end price point distinguishes it from less-expensive peers, such as Macy''s Inc, without making it too exclusive.However, like many mall-based retailers, Nordstrom has been hit by the rise of internet shopping, and has been seeking to downsize its department store footprint while boosting its e-commerce presence.Nordstrom reported first-quarter same-store sales last month that fell short of estimates, triggering a drop in its shares.Nordstrom has closed fewer stores than its peers. James Nordstrom said on Nordstrom''s first-quarter earnings call in May that the company will consider store closures on a case-by-case basis, rather than through any sweeping measures.Some private equity firms may be apprehensive about adding too much debt on Nordstrom.Competitor Neiman Marcus Group, which is owned by buyout firm Ares Management LP and the Canada Pension Plan Investment Board (CPPIB), offers a cautionary tale; it has been working with a financial restructuring adviser this year to cope with its $4.7 billion debt pile, much of which is down to its $6 billion leveraged buyout in 2013.(Reporting by Greg Roumeliotis and Lauren Hirsch in New York; Editing by Bill Rigby and Meredith Mazzilli)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-nordstrom-m-a-family-idINKBN1902RS'|'2017-06-09T17:47:00.000+03:00'
'4257cdee9b9d9aa83c9632c2329a50d57110ea5c'|'Anthem plans to leave Obamacare market in Ohio in 2018'|'Market News - Tue Jun 6, 2017 - 12:58pm EDT Anthem plans to leave Obamacare market in Ohio in 2018 NEW YORK, June 6 Anthem Inc, one of the largest sellers of Obamacare individual health insurance, said it will exit most of the Ohio market next year because of volatility and uncertainty about whether the government will continue to provide subsidies aimed at making the plans affordable. Republicans are trying to cut off the subsidy payments in court proceedings and President Donald Trump has made conflicting statements about if the government should continue paying them. Anthem has been reviewing participation in all of the 14 states where it sells Blue Cross Blue Shield plans as it has faced deadlines to submit premium rates for 2018. (Reporting by Caroline Humer)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/anthem-ohio-idUSL1N1J3140'|'2017-06-07T00:58:00.000+03:00'
'2a19adbf84b87b2538f502cecbf4912e3ca9bdbe'|'CORRECTED-N.J. regulators conducting "comprehensive exam" of Prudential Financial'|' 59am EDT N.J. regulators conducting comprehensive exam of Prudential Financial By Suzanne Barlyn New Jersey insurance regulators are conducting a comprehensive exam of Prudential Financial Inc ( PRU.N ) as part of a new type of state supervisory role over the company, a Prudential executive said in a presentation to investors on Tuesday. The state is in the midst of the regulatory exam, launched as part of New Jersey''s role as the company''s "group supervisor," a new type of authority for the state, which in recent years has been working in tandem with U.S. federal regulators who oversee a handful of large insurance companies, including Prudential. State insurance regulators frequently examine the businesses and finances of insurers under their purview. The examination at issue is not a criminal probe, nor is it alleged that Prudential has engaged in wrongdoing. The supervisory role for New Jersey is in its "formative stages," said Vice Chairman Mark Grier. He did not elaborate on New Jersey''s "new authority." A spokesman for the New Jersey Department of Banking and Insurance could not be immediately reached for comment. Shares of Prudential were down about 1.8 percent at $103.66 in early trade on the New York Stock Exchange. Prudential and American International Group Inc ( AIG.N ) are the two U.S. insurance companies deemed by the government as being a "systematically important financial institution", meaning that it could devastate the financial system if it failed. The label triggers stricter capital requirements and oversight from the U.S. Federal Reserve. The process of imposing the designation has drawn ire from some U.S. Republican lawmakers, who said it lacks transparency and consistency, among other concerns. The U.S. Financial Stability Oversight Council determines whether companies can be designated as systematically important financial institutions, or "SIFIs". (Reporting by Suzanne Barlyn; Editing by Chizu Nomiyama, Bernard Orr)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-prudential-finl-regulation-new-jersey-idUSKBN18X1M9'|'2017-06-06T22:18:00.000+03:00'
'ff1b5a61b331385f3cc456530acc1aeb80887400'|'ISS backs both of former Cypress CEO''s board nominees'|'Proxy advisory firm Institutional Shareholder Services Inc recommended on Tuesday that Cypress Semiconductor Corp ( CY.O ) shareholders vote for both board nominees put forward by the company''s founder and former CEO T.J. Rodgers.The recommendation is a blow to Cypress executive chairman Ray Bingham, which ISS had previously recommended keeping, urging shareholders to withhold their support only for the company''s lead independent director, Eric Benhamou.However, ISS changed its recommendation to replacing both Bingham and Benhamou following new disclosures made by the company with regard to Bingham''s participation in a U.S. private equity fund with Chinese state funding.A Delaware judge last week delayed Cypress'' annual meeting, where shareholders will vote on the company''s board nominees, to June 20.(This story corrects date of annual meeting to June 20 from June 19)(Reporting by Michael Flaherty in New York; Editing by Chizu Nomiyama)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-cypress-semicond-iss-idINKBN18X1RW'|'2017-06-06T13:34:00.000+03:00'
'a7f7882a3f4ccd04d35ae029ca7e82fdde126170'|'European stocks subdued as weaker healthcare stocks, oil prices weigh'|'Top News - Tue Jun 6, 2017 - 9:50am BST European stocks subdued as weaker healthcare stocks, oil prices weigh Traders work in front of the German share price index, DAX board, at the stock exchange in Frankfurt, Germany, June 2, 2017. REUTERS/Staff/Remote LONDON European shares extended their fall on Tuesday as weaker oil prices, pulled lower by a major diplomatic rift between Gulf Arab states, gave rise to risk adversity. The pan-European STOXX 600 benchmark dropped 0.3 percent, falling for a second session while euro zone stocks and blue-chips also fell 0.3 percent. The greatest downward pull came from healthcare stocks however. Swiss drugmaker Roche fell 4.5 percent after investors were disappointed by findings in its Aphinity study for a key breast cancer treatment. Medical products company Convatec fell 4.8 percent after Nordic Capital and Avista sold a 250 million share placing in the stock, raising 805 million pounds. A rift in the Middle East between Qatar and neighbours Saudi Arabia, United Arab Emirates, Egypt, and Bahrain caused oil to fall in choppy trading, weighing on commodities-heavy European markets. Norsk Hydro fell 1.8 percent after saying exports from the Qatalum aluminium plant in Qatar, a joint venture with Qatar Petroleum, were blocked due to the dispute. Basic resource stocks were down 0.6 percent while oil and gas stocks also fell. Spain''s troubled Banco Popular hit another record low in choppy trading after Barclays cut its price target on the stock. The bank''s shares have been rattled of late by fears it could be wound down by regulators if it fails to find a buyer. (Reporting by Helen Reid; Editing by Raissa Kasolowsky) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-europe-stocks-idUKKBN18X0UG'|'2017-06-06T16:50:00.000+03:00'
'ee448136fe2737abf60ff1be2e546c56666d95db'|'Synnex Corp buys Westcon-Comstor Americas from South Africa''s Datatec for $800 million'|'JOHANNESBURG Datatec Ltd ( DTCJ.J ) unveiled plans on Tuesday to sell its Westcon-Comstor American operations to Synnex Corp ( SNX.N ), a deal worth up to $800 million that allows the South African IT firm to offload part of a problematic business.Westcon-Comstor, a distributor of technology and services for network security and data centres mostly in the United States, has been a drag on Datatec''s performance in recent months due partly to a troubled software roll-out in Europe, Asia and Africa. The business accounts for more than a third of Datatec sales and profit.Synnex would also buy 10 percent of Westcon-Comstor operations outside the United States for $30 million with an option to double that within 12 months, valuing the unit at around $1.1 billion."We decided it wasn''t good for us to monetise those other assets at the bottom of the cycle. They will take a minority interest in the remaining business, which we think has meaningful upside," Datatec''s Chief Executive Jens Montanana told Reuters. "But we would entertain a further tie-up with them at some point."Datatec, which is also listed in London ( DTC.L ), reported a hefty 66 percent drop in annual underlying earnings last month, weighed down by the tricky deployment of a business management software across Westcon-Comstor operations in Asia-Pacific and Europe, Middle East and Africa regions.Shares in Datatec rallied as much as 25 percent on the news before paring gains to trade 12 percent higher at 57.40 rand by 1424 GMT. The stock was up by the same margin in London.For Synnex, the deal hands it one the world''s major resellers of Cisco Systems'' ( CSCO.O ) products and adds data security, wireless routers and video meeting equipment to its portfolio of video graphic processors, hard-disk drives and USB thumb drives.Under the deal, Synnex will pay $500 million in stock and $130 million in cash and a further $200 million cash payment provided certain financial targets are achieved in the year to end February 2018.The stock portion of the deal would give Datatec a 10 percent stake in Synnex and Montanana would be appointed to the Fremont, California-based firm''s board.Synnex retains an option to pay all cash, based on the average share price at closing of the deal.For its fiscal year ended February 28, 2017, the Westcon Americas business generated about $2.2 billion of revenue and about $89 million in core earnings, or EBITDA.The transaction is expected to close in the third calendar quarter of 2017. The parties have agreed Datatec would pay a break fee of about $25 million if Datatec breaches the transaction agreement.(Reporting by TJ Strydom and Tiisetso Motsoeneng; editing by Alexander Smith and Adrian Croft)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/uk-westcon-m-a-synnex-corp-idINKBN18X0M0'|'2017-06-06T12:56:00.000+03:00'
'229ff2894214e98a632c8b0bbada5d9bce740df0'|'MOVES-Deutsche Bank hires healthcare IT, outsourcing banker Richitt'|'Market News - Thu Jun 8, 2017 - 9:00am EDT MOVES-Deutsche Bank hires healthcare IT, outsourcing banker Richitt By Carl O''Donnell - June 8 June 8 Deutsche Bank AG has hired veteran investment banker Nick Richitt as a managing director to head its healthcare IT and clinical outsourcing franchise, according to an internal memo seen by Reuters and confirmed by a bank spokeswoman. He will join Deutsche Bank in September, the memo said. Richitt previously headed technology and services investment banking at Suntrust Robinson Humphrey. Much of his 15 years of experience in the investment banking industry has been devoted to technology companies that are focused on the healthcare sector. He has advised on transactions in debt and equity capital markets, as well as M&A. Prior to Suntrust, Richitt spent seven years at Oppenheimer Holdings Inc most recently as a managing director in healthcare investment banking. He also spent an earlier part of his career at Friedman Billings Ramsey & Co and UBS Group AG. Deutsche Bank has made several other healthcare investment banking hires in recent years. In April, it announced it had hired Philip Pucciarelli and Robert Verdier, who were previously at BMO Capital Markets. Earlier this year, Deutsche Bank also hired Glenn Rewick, most recently head of healthcare M&A for UBS in Europe, Middle East and Africa, as a managing director in its San Francisco office. (Reporting by Carl O''Donnell in New York; Editing by Lisa Shumaker)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/deutsche-bank-moves-richitt-idUSL1N1J423U'|'2017-06-08T21:00:00.000+03:00'
'f85328585fbb781a4c3a2f727d8b83ad2d602190'|'SAFT ON WEALTH-Nice portfolio, shame about the human running it: James Saft'|'Money - Wed Jun 7, 2017 - 5:00pm EDT Nice portfolio, shame about the human running it: James Saft The problem with Modern Portfolio Theory, the basis for most diversified investment approaches, is that the often irrational human investor in charge is a major point of failure. In other words, nice theory but shame about the monkey who is running it. Modern Portfolio Theory, originated by Harry Markowitz in 1952, is the idea that portfolios, by diversifying, can maximize returns for a given level of risk, or volatility. This allows investors to get a higher return than they otherwise would since the assets blended together will give a smoother ride, achieving what is often called ''the only free lunch in investing''. Since different assets perform differently in various circumstances - i.e. are not perfectly correlated - mixing them together improves results. The problem isn’t with the theory, which won Markowitz the Nobel prize in 1960, but, according to money managers at Newfound Investment Research, with the way it fails to take into account the impact that behavioral flaws and biases can have on how an investor actually does. In MPT, volatility, how much and how quickly an asset goes up and down in price, is used to measure risk. As shown repeatedly in times of crisis and stress, however, different asset classes have a nasty tendency to become more correlated, to all go down together, at the worst possible time. This increases the chances that an investor will lose nerve and bail out during extreme market conditions, turning what might be a passing downdraft into a permanent loss. “We often say that risk cannot be destroyed, only transformed. Beyond the ''free lunch'' of traditional diversification, most reductions in one type of risk come with increases in other types of risk. For example, holding a higher cash allocation will reduce volatility but will lead to more inflation risk,” Corey Hoffstein, Justin Sibears and Nathan Faber of Newfound write in a study. ( here ) “A significant amount of effort can go into providing an investor with an optimal portfolio under the MPT framework, only to see it discarded before the end goal has a chance of being realized. An investor’s behavior can be one of the biggest risks facing a successful investing.” Asset class returns are not evenly distributed, and investors, who have difficulty measuring the talent of the people they’ve hired to advise them, may face long periods when their investments are not performing as they''d planned. FEAR AND FOMO Investors hate two things above all else: losing money and missing out. The tension between the two, the fear of loss and the fear of doing less well than one’s neighbor, drives much behavior in financial markets. It is psychologically painful to lose money. Psychologists Amos Tversky and Daniel Kahneman demonstrated that losing a dollar is about 2.25 times more painful than gaining a dollar is pleasurable. Holding on during market falls is hard, and looking at a supposedly evenly distributed graph of returns does little to give the average saver comfort. At the same time, humans are animals who naturally compare what they have to what others get, not just to what they had before. Go to a Wall Street trading floor the day bonuses are announced to see how this works out in practice. This means that investors are sensitive not simply to how they are doing relative to their goals, but also relative to the Smiths down the street. This fear of missing out, and its flipside, pain at lagging, can cause investors to take on too much or too little risk if they observe the ''stock market,'' often wrongly conflated with an index, going up faster than their own holdings. While volatility stands in for risk in MPT, it doesn’t fully drive loss aversion or FOMO (fear of missing out), both of which can drive investors to make costly mistakes. MPT is engineered for end results but investors exult and suffer minute by minute all along the trip. A slavish devotion to maximizing return for risk can put an investor into a portfolio she can’t tolerate, leading to either selling at the wrong time or getting greedy and buying at the wrong time. In some ways, all of this simply argues for process and for advice. Part of the value in having a process is not that it is perfect and always achieves best results but that it can guard against the worst mistakes. And while that process can certainly be run by a solitary investor, given the right skills, another message here is that a good deal of the value of wealth managers is serving as a guard rail against sudden lurches one way or another. Low-cost off-the-shelf portfolios work well in theory but are followed less often, perhaps, than ones which also have a hand-holding advisor involved. (James Saft is a Reuters columnist. The opinions expressed are his own) (Editing by James Dalgleish) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-markets-saft-idUSKBN18Y32T'|'2017-06-08T04:56:00.000+03:00'
'd05d604f5e30169d15c8444b49dc548ab3719473'|'Samsung to double mobile phone capacity at main Indian factory'|'Technology News - Wed Jun 7, 2017 - 11:24am EDT Samsung to double mobile phone capacity at main Indian factory FILE PHOTO: Customers shop at a Samsung mobile store inside a shopping mall in New Delhi, April 5, 2016. REUTERS/Anindito Mukherjee/File Photo MUMBAI Samsung Electronics plans to double the production capacity for mobile phones and fridges at its main factory in India, expanding in a country where U.S. rival Apple Inc. has started assembling phones. The South Korean company said in a statement on Wednesday it would spend 49 billion rupees ($764 million) over three years to expand the factory on an additional 35 acres at the site on the outskirts of New Delhi. It also makes televisions at the plant. India is the world''s second biggest smartphone market and its fast becoming a battleground for handset makers vying for a bigger share as sales in Asian powerhouse China start to lag. "Samsung would want to reduce their dependence on manufacturing in Vietnam and shift more operations to India," said Tarun Pathak, associate director at technology research firm Counterpoint. "India looks like a promising manufacturing hub in the coming years and Samsung could make it their base for exports." Samsung''s expansion also comes at a time Indian Prime Minister Narendra Modi''s government is pushing to increase technology manufacturing through its flagship "Make in India" initiative launched in 2014. Apple began assembling its iPhone SE model last month in the southern Indian technology hub of Bengaluru and a government official has said it could increase the local share of production over time. (Reporting by Sankalp Phartiyal; editing by Devidutta Tripathy and David Clarke) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-samsung-elec-india-plant-idUSKBN18Y277'|'2017-06-07T23:22:00.000+03:00'
'93cd7750304ad4e469e0708f8cae867c67aa543a'|'UPDATE 1-Anglo American appoints Chambers as next chairman'|'Market News - Wed Jun 7, 2017 - 9:33am EDT UPDATE 2-Anglo American names Stuart Chambers as next chairman * Current chairman to step down on Oct. 31 * Anglo''s recovery stalling after commodities market rally in 2016 * Chambers involved in two big takeover deals last year (Adds comments from analysts, industry source) By Rahul B and Barbara Lewis June 7 Anglo American has appointed Stuart Chambers, the former chairman of British chip designer ARM Holdings and packaging group Rexam, to succeed John Parker as the miner''s next chairman and carry on with its overhaul. Chambers will join as non-executive director and chairman designate on Sept. 1 before becoming chairman on Nov. 1, Anglo said in a statement. Anglo''s share price was up 1.24 percent at 1058 pence at 1330 GMT, when the FTSE mining sector index was up 0.8 percent. Analysts said that the former chairman of ARM, regarded as Britain''s most successful technology company, could prove a shrewd choice as Anglo American focuses on technological fixes to improve margins. They also noted Chambers'' experience in handling big takeovers. He presided over the sales last year of ARM, to Japan''s Softbank for $32 billion, and Rexam to Ball Corp for 4.43 billion pounds ($5.7 billion). Parker will step down on Oct. 31 after serving eight years as chairman, including seeing the company through the commodity price crash in 2015-16 that hit Anglo American particularly badly. Last year shares in Anglo recovered strongly, leading gains by FTSE 100 index constituents with a 300 percent rise, having fallen by 75 percent in 2015. This year the recovery has stalled as the commodity price rally has faltered. Challenges for management also include a need to ascertain the intentions of Indian billionaire Anil Agarwal, the head of Indian miner Vedanta Resources who has bought a 2 billion-pound ($2.58 billion) stake in the company. So far Agarwal has said he views the stake as an investment by his family trust, not by Vedanta, and is not seeking to take control of the company. However, analysts and industry sources predict he will at the very least add to the pressure on Anglo American to deliver returns as activist shareholders target the mining sector, widely regarded as undervalued, and demand reforms. "This new chairman is from one of the best-run companies focused on technology," said one senior industry source, who asked not to be named. "Anglo knows it has to change because it had a near-death experience," he said in reference to the 2015 price crash. Anglo''s chief executive Mark Cutifani also said Chambers was bringing relevant skills in "technology-led innovation" and would help to continue to rebuild Anglo. "We have materially restored Anglo American''s balance sheet and transformed the business performance over the last three years, and our task now is to unlock the very considerable value that we can see from our world-class asset base," Cutifani said. Before serving as chairman of ARM and Rexam until 2016, Chambers, aged 61, was a non-executive director at British retailer Tesco until 2015 and was previously a top executive at glassmakers Pilkington and its subsequent parent Nippon Sheet Glass. He began his career at oil major Shell as a chemical engineer. "Anglo American has emerged from the commodity price downturn more resilient and with a renewed sense of purpose, both strategically and in terms of the role it plays in society," Chambers said. ($1 = 0.7748 pounds) (Additional reporting by Paul Sandle in London; Editing by Jason Neely, Greg Mahlich) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/anglo-american-chairman-idUSL8N1J40S8'|'2017-06-07T15:31:00.000+03:00'
'b5459695a50863e216f9506cd2509db2f15f7edc'|'Australia''s Vocus says KKR makes $1.65 billion takeover approach'|'Australian telecoms company Vocus Group Ltd ( VOC.AX ) said on Wednesday it received an indicative takeover offer from private equity firm KKR & Co LP ( KKR.N ) which valued the company at A$2.2 billion ($1.65 billion).Vocus said KKR made a non-binding indicative offer to buy all its shares for A$3.50 in cash, a 22 percent premium to the stock''s closing price the previous day.The Sydney-listed takeover target said it would consider the proposal, which includes a condition that Vocus''s board supports it unanimously, and urged shareholders not to take any action.A KKR spokesman declined to comment.Last week, KKR said it had raised $9.3 billion for its most recent Asia-focused buyout fund as it looks for larger deals.Up to Tuesday''s close, Vocus shares had fallen 26 percent this year, while the broader Australian share market is flat. Vocus shares were in a trading halt early on Wednesday.Vocus said it hired investment banks Credit Suisse and Goldman Sachs as financial advisers.(Reporting by Christina Martin in Bengaluru; Editing by Byron Kaye and Stephen Coates)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-vocus-group-m-a-kkr-idINKBN18Y048'|'2017-06-06T23:08:00.000+03:00'
'4edcb37b9b01ab937dc965edd3fe10123cf8becd'|'Labor flags plan to crack down on non-compete clauses for employees - Business'|'Labor has flagged a plan to crack down on clauses in work contracts that make it hard for employees to work for competitors when they leave a job.It has also renewed calls for large corporations to pay bigger financial penalties for abusing their market power, and for the competition regulator to be given greater powers to prevent market problems emerging.Andrew Leigh, the shadow assistant treasurer, will warn in a speech on Wednesday that competition in Australia is getting worse, with too many industries dominated by three or four firms and fewer new businesses starting up as a consequence.Minimum wage to rise by $22 a week after Fair Work Commission ruling Read more The Turnbull government is pushing ahead with its 0.06% levy on the after-tax profits of Australia’s biggest banks, arguing their market dominance has made them some of the most profitable banks in the world.Leigh says Australia is experiencing a rise in companies using their market power for anti-competitive reasons, with complaints to the competition watchdog, of misleading and deceptive conduct, up one third over the last three years. He says despite the Coalition’s rhetoric about innovation and agility, the rate at which new businesses are being created in Australia has actually slowed, warning something needs to be done about our “growing competition problem”.“Back in the 2000s we would typically see a 17% increase in the number of new businesses each year,” Leigh says, in notes seen by Guardian Australia.“Since 2010, this has fallen to 13%. For all the talk of incubators, accelerators and innovation, our nation isn’t starting as many businesses as it used to.”Leigh will make his comments when he delivers the Sir Walter Murdoch school policy seminar at Murdoch University.He will also raise concerns about the growing number of non-compete clauses in employment contracts which prevent employees from working for a competitor, starting a competing firm, or poaching customers from old employers.Citing work by academics from Melbourne University and Monash University , he will warn large Australian firms are using non-compete clauses more frequently, and suggests something may have to be done about it.“Non-compete clauses make it harder for employees to switch to a better job and stifle start-ups,” Leigh will say.“Since many new companies are created by employees who leave to start a competing company, non-compete clauses reduce innovation. “We need to make it easier for more competitors to enter the market. It’s perfectly reasonable for firms to prevent ex-employees stealing confidential information, but non-compete clauses are a sledgehammer to crack a nut.“Studies show that making these clauses unenforceable – as California has done – leads to an upsurge in innovation.”Leigh will also say the government needs to give the Australian Competition and Consumer Commission a market studies function, to allow it to investigate concentrated sectors and propose solutions before competition problems emerge into public view.“A market studies power would have allowed Australia’s competition watchdog to initiate its own inquiry into the energy sector without waiting for a specific reference from the federal government,” Leigh will say.“Ian Harper’s 2015 competition review recommended a strong market studies power and the ACCC has repeatedly requested such a power.Australia''s too-big-to-fail banks cry crocodile tears over bank levy - Greg Jericho Read more “[And] when it comes to deterring bad behaviour, our laws are only as powerful as the penalties courts can impose.“To clearly signal that corporate wrongdoing doesn’t pay, we’ve advocated linking the penalty for anti-competitive conduct to total sales. Such a move would bring Australian penalties into line with jurisdictions such as the European Union.”Joydeep Hor, the managing principal of law firm People & Culture Strategies, told Guardian Australia non-compete clauses were critical to many businesses, but they shouldn’t be allowed to deliver a competitive benefit to an employer.Topics Australian economy Labor party Business (Australia) Australian politics news  '|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/2017/jun/07/labor-flags-plan-to-crack-down-on-non-compete-clauses-for-employees'|'2017-06-07T05:08:00.000+03:00'
'b268ebbb6d3c1cb188be8e8e095bed2bb0013aeb'|'Valeant in talks to sell eye-surgery assets to Carl Zeiss: Bloomberg'|'Canadian drugmaker Valeant Pharmaceuticals International Inc ( VRX.TO ) ( VRX.N ) is in talks to sell its Bausch & Lomb unit''s surgical products business to Germany''s Carl Zeiss Meditec AG ( AFXG.DE ), Bloomberg reported.Valeant''s eye-surgery assets may be valued at about $2 billion in a sale, Bloomberg reported, citing people familiar with the matter. ( bloom.bg/2sckufc )"We don''t comment on speculation or rumors," Valeant spokeswoman Lainie Keller said in an email. Carl Zeiss was not available for comment.Valeant, under Chief Executive Joe Papa, has been focusing on its dermatology, eyecare and gastrointestinal units while selling off some other assets as it looks to pay down about $30 billion in debt, racked up after years of acquisitions.Bloomberg said talks between the companies were ongoing and that other bidders could still be interested in the business.Valeant''s shares were up 2.9 percent at C$17.12 on the Toronto Stock Exchange in early trading on Tuesday.(Reporting by Ahmed Farhatha in Bengaluru; Editing by Maju Samuel)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-valeant-pharm-in-divestiture-idINKBN18X1N1'|'2017-06-06T11:48:00.000+03:00'
'feafd3568a9f7e715a219ccb778c72b0c85c096f'|'GM investors reject Greenlight share plan, board slate'|'Autos - Tue Jun 6, 2017 - 6:35pm BST GM investors reject Greenlight share plan, board slate left right General Motors CEO Mary Barra addresses the media ahead of the start of GM''s annual shareholders meeting at the Renaissance Center in Detroit, Michigan, U.S., June 6, 2017. REUTERS/Rebecca Cook 1/4 left right FILE PHOTO -- David Einhorn, president of Greenlight Capital, speaks during the Sohn Investment Conference in New York City, U.S., May 8, 2017. REUTERS/Brendan McDermid/File Photo 2/4 left right General Motors CEO Mary Barra addresses the media ahead of the start of GM''s annual shareholders meeting at the Renaissance Center in Detroit, Michigan, U.S., June 6, 2017. REUTERS/Rebecca Cook 3/4 left right General Motors world headquarters are seen before GM CEO Mary Barra addresses the media ahead of the start of GM''s annual shareholders meeting at the Renaissance Center in Detroit, Michigan, U.S., June 6, 2017. REUTERS/Rebecca Cook 4/4 By Nick Carey and Joseph White - DETROIT DETROIT General Motors Co ( GM.N ) shareholders on Tuesday elected all of the automaker''s board nominees, overwhelmingly rejecting a slate proposed by hedge fund Greenlight Capital and handing a major defeat to billionaire investor David Einhorn''s bid to split the company''s shares. Preliminary results showed more than 91 percent of shareholders voted against Greenlight''s proposal to have GM offer dividend and capital appreciation shares, according to GM officials at the automaker''s annual shareholders'' meeting. GM''s nominees were elected with between 84 percent and 99 percent of the vote, the company said. Greenlight founder David Einhorn floated his proposal back in March, saying it could boost the automaker''s $52 billion (£40.3 billion) market capitalisation by as much as $38 billion. But right at the outset, rating agencies said Einhorn''s plan could negatively impact the automaker''s credit rating and he failed to rally other shareholders to his cause. Warren Buffett''s Berkshire Hathaway Inc ( BRKa.N ) remained conspicuously silent on the proposal. Proxy advisers Institutional Shareholder Services and Glass Lewis had also recommended GM shareholders vote for the automaker''s board nominees and against the dual-class proposal. Einhorn made his proposal as U.S. auto industry sales of new vehicles have begun to wane after a boom cycle that has lasted since 2010. In comments prior to the shareholder meeting, GM chief executive Mary Barra acknowledged Greenlight''s point on its stock price, saying "we do believe GM stock is undervalued," but reiterated the company''s opposition to the hedge fund''s proposal. "After careful, thorough and objective analysis, we decided this (Greenlight''s proposal) was not on the best interest of our shareholders," she said. She added that the company will continue to focus "aggressively" on returning value to shareholders. Barra also said despite the Trump administration''s decision to withdraw from the Paris climate deal, the automaker will continue to push to reduce emissions. GM shares were down 17 cents at $34.29. (Reporting By Nick Carey and Joseph White; Editing by Nick Zieminski)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-gm-greenlight-idUKKBN18X1QR'|'2017-06-07T01:35:00.000+03:00'
'cedb60908f0a022fa0f5758bc8ba472f2258b2a9'|'Toshiba shares rise on report Broadcom chosen as chip unit buyer'|'Tue Jun 6, 2017 - 2:11am BST Toshiba shares rise on report Broadcom chosen as chip unit buyer FILE PHOTO: The logo of Toshiba Corp is seen behind a traffic light at the company''s headquarters in Tokyo, Japan March 29, 2017. REUTERS/Issei Kato/File Photo TOKYO Shares in Toshiba Corp ( 6502.T ) rose as much as 4 percent in early Tuesday trading after Asahi newspaper reported it is considering giving U.S. chipmaker Broadcom Ltd ( AVGO.O ) the exclusive rights to negotiate to buy its prized chip unit. Broadcom has teamed up with U.S. buyout firm Silver Lake in its bid for the chip business, sources have told Reuters previously. A Toshiba spokeswoman declined to comment on the Asahi report. Toshiba shares were up 2.7 percent at 262.5 yen as of 2438 GMT. Toshiba was forced to put its asset on the block after cost overruns at its now-bankrupt U.S. nuclear unit left it scrambling for cash. (Reporting by Junko Fujita; Editing by Stephen Coates) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-toshiba-accounting-idUKKBN18X037'|'2017-06-06T09:10:00.000+03:00'
'bd03edc33180c01c45bbb363d3816b3968342a9c'|'Stocks stumble, oil creeps up as markets ponder fallout of Mideast tension'|'Top   6:34am BST Dollar hits seven-month low, stocks, oil retreat as caution reigns A U.S. five dollar note is seen in this picture illustration June 2, 2017. REUTERS/Thomas White/Illustration By Nichola Saminather - SINGAPORE SINGAPORE Escalating tensions in the Middle East and the coming testimony of the former FBI director, British elections and a European Central Bank meeting all took their toll on oil, the dollar and Asian stocks on Tuesday. European stocks were headed for a subdued start, with financial spreadbetter CMC Markets expecting Britain''s FTSE 100 and France''s CAC 40 to open flat. Germany''s DAX is predicted to start the day down 0.1 percent. Oil fell back following a brief recovery after Saudi Arabia and several other Arab states severed ties with Qatar, accusing it of supporting extremism and undermining regional stability. "A potential risk to monitor might be that Qatar will view this as being provided with less encouragement to comply with the agreed (OPEC) production quota," said Jameel Ahmad of futures brokerage FXTM. Stocks in Qatar plunged more than 8 percent overnight to their lowest since January 2016. U.S. crude was 0.5 percent lower at $47.18 a barrel on Tuesday, after falling 0.55 percent on Monday. Global benchmark Brent retreated 0.4 percent to $49.26, extending Monday''s 1 percent slide. The dollar index touched a seven-month low ahead of testimony before the U.S. Congress from former FBI director James Comey on Thursday. There will be intense interest in what Comey might say about his conversations with U.S. President Donald Trump about an investigation into former National Security Advisor Mike Flynn, who was fired for failing to disclose conversations with Russian officials. "The dollar is already on the defensive after Friday''s jobs data, and now it''s facing potential geopolitical risk in the form of Comey''s testimony," said Bart Wakabayashi, Tokyo Branch Manager of State Street Bank. The dollar index, which tracks the greenback against a basket of trade-weighted peers, fell to its lowest level since the November U.S. election. At 0524 GMT, it was down 0.2 percent, to 96.611. The dollar slid 0.5 percent to 109.90 yen on Tuesday, close to the six-week low hit earlier in the session. News on Monday of U.S. services sector activity slowing in May as new orders tumbled also hit the dollar. The dollar further came under pressure from a stronger euro, on expectations the European Central Bank will take a less dovish tone than in the past at its Thursday meeting. The ECB may even discuss dropping some of its pledges to ramp up stimulus if needed, four people with direct knowledge of the discussions told Reuters last week. The common currency was 0.1 percent higher at $1.127 on Tuesday. Sterling advanced 0.2 percent to $1.293 on Tuesday. The lead of British Prime Minister Theresa May over the opposition Labour Party ahead of Thursday''s general election has narrowed to just 1 percentage point, according to a poll conducted before the attacks in London on Saturday. Other polls in recent days have found bigger leads for the Conservatives of up to 11 and 12 points. "Even if May does just about enough to increase the majority - that could still potentially be sterling positive," said ING currency strategist Viraj Patel. The weaker dollar lifted gold, with spot gold hitting a six-week high earlier on Tuesday and last trading up 0.4 percent at $1,284.74 an ounce. MSCI''s broadest index of Asia-Pacific shares outside Japan lost 0.15 percent, pulling back from a two-year high hit on Monday. Japan''s Nikkei dropped 0.6 percent, tripped by a stronger yen. South Korean markets were closed for a holiday. Australian shares tumbled 1.4 percent. The Australian dollar pared earlier losses - made after the second-quarter current account deficit disappointed investors hoping for a surplus - to trade flat at $0.7489 after the Reserve Bank of Australia kept its benchmark rate at a record low 1.5 percent, as expected. Chinese shares and Hong Kong shares bucked the trend, rising almost 0.1 percent and 0.35 percent respectively. Overnight, Wall Street indexes slipped between 0.1 percent and 0.2 percent, with Apple Inc. leading losses on the Dow Jones Industrial Average. (Reporting by Nichola Saminather; Additional reporting by Shinichi Saoshiro, Henning Gloystein and Ritvik Carvalho; Editing by Eric Meijer and Richard Borsuk)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-global-markets-idUKKBN18X02Z'|'2017-06-06T09:03:00.000+03:00'
'4d47b84d97ccd10e873339cac5dce9657e86bf3d'|'UK airline easyJet to shut Hamburg base in 2018'|'Business News - Tue Jun 6, 2017 - 4:47pm BST UK airline easyJet to shut Hamburg base in 2018 EasyJet counters are seen at Nice Cote D''Azur international airport Terminal 2 in Nice, France, May 4, 2016. REUTERS/Eric Gaillard/File Photo LONDON British budget airline easyJet ( EZJ.L ) said on Tuesday it would close its Hamburg base next summer, as part of a strategy to focus on its core European airports. "After a thorough review of its Hamburg operations (easyJet)proposes to cease basing crew and aircraft at Hamburg from summer 2018," the airline said in a statement. The company''s Hamburg base opened in March 2014 but easyJet is only the fourth largest airline at the airport and it said its strategy was to strengthen its "number-one positions in key European airports." EasyJet said it would keep a significant presence in Hamburg and that there would be no changes to the currently planned schedule. (Reporting by Alistair Smout and Victoria Bryan; Editing by Greg Mahlich) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-easyjet-base-hamburg-idUKKBN18X21V'|'2017-06-06T23:47:00.000+03:00'
'6bf5cefa575236c7053ed18a2c8d8b6f0458de41'|'BRIEF-Maersk Oil says Qatar diplomatic spat has not impacted oil production, operations'|'Market News - Tue Jun 6, 2017 - 5:03am EDT BRIEF-Maersk Oil says Qatar diplomatic spat has not impacted oil production, operations June 6 MAERSK OIL, A UNIT OF A.P. MOLLER-MAERSK : * SAYS QATAR DIPLOMATIC SPAT HAS NOT IMPACTED OIL PRODUCTION, OPERATIONS IN THE COUNTRY * "MAERSK OIL IS FOLLOWING DEVELOPMENTS IN QATAR CLOSELY" * "OUR FIRST PRIORITY IS TO MINIMISE CONCERN AND DISRUPTION FOR OUR EMPLOYEES, THEIR FAMILIES AND OUR SUPPLIERS IN QATAR" * "OUR PRODUCTION OPERATIONS HAVE NOT BEEN IMPACTED. WE ARE WORKING CLOSELY WITH QATAR PETROLEUM AND OTHER RELEVANT AUTHORITIES AND MONITOR AND ASSESS THE SITUATION GOING FORWARD" * MAERSK OIL PRODUCES ABOUT 300,000 BPD OF AL-SHAHEEN CRUDE OIL IN QATAR FURTHER COMPANY COVERAGE: (Reporting by Jacob Gronholt-Pedersen, editing by Gwladys Fouche)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-maersk-oil-says-qatar-diplomatic-s-idUSC7N1FK000'|'2017-06-06T17:03:00.000+03:00'
'd95b0a98b9a111d524b24ccdb65941d6530dd6eb'|'Australian investors shun bond buy-backs as U.S. investors snap them up'|'Business News - Wed Jun 7, 2017 - 4:36am BST Australian investors shun bond buy-backs as U.S. investors snap them up By Cecile Lefort - SYDNEY SYDNEY Australian companies Goodman Group and Rio Tinto are near completing up to a combined $3.5 billion (2.7 billion pounds) in bond repurchases in the United States, a stark contrast to casino Crown Resort which is struggling to buy back A$532 million (310 million pounds) of debt from local investors. Property developer Goodman Group easily bought back 96 percent of its $1 billion bonds from hundreds of U.S. investors, while mining giant Rio Tinto took back $781 billion of its notes in an oversubscribed offer, the companies said on Wednesday. While such offers are common in the United States and Europe, they are rare in Australia because there are not many corporate bonds on offer. Companies would rather borrow in the competitive bank loan market than issue bonds. Less than 15 percent of Australia''s A$390 billion of non-government bonds are issued by corporate borrowers such as industrials, property companies and utilities. The vast bulk of that debt is issued by financial institutions and global organizations such as the World Bank. Local investors are so starved of corporate bonds that they spurn any attempt to return their cash ahead of schedule. "Bond buy-backs make balance sheets look better but if companies are not issuing more debt, portfolio diversity goes down and as we still have to re-invest the proceeds somewhere," said Anthony Kirkham, head of fixed interest at Western Asset Management that has A$25 billion of assets. Some companies borrow to avoid the risk of having too little or even no debt on issue. "If investors loose sight of you, it could work against you," said Nick Vrondas, chief financial officer of Goodman Group, which has around $1.7 billion of debt. Unlike its peers, Goodman and Rio, Crown Resort is targetting Australian investors with an ongoing offer to buy back subordinated debt. The offer is getting a lukewarm reception, having bought back a meagre A$126 million out of the proffered A$532 million since it opened in March. Not helping is a global hunt for yield in a low interest rate environment, and the return on Crown''s debt is just too good to give up. "Crown is struggling because the subordinated notes offer great value to investors, with an annualised yield of around 5 percent," said Damien Williamson, research analyst at stockbroker Bell Potter Securities. Last month, Crown could only buy back less than half of its A$450 million senior note issue. Western Asset Management''s Kirkham said he declined to participate in Crown''s bond buy-back because the price did not look attractive enough. Crown was not available to comment. (Reporting by Cecile Lefort; Editing by Eric Meijer)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-australia-bondbuyback-idUKKBN18Y094'|'2017-06-07T11:36:00.000+03:00'
'eb4244a3fdeae84976c46659602a1e1f050d7ad9'|'Exclusive: Tivity Health fields takeover interest - sources'|'By Carl O''Donnell Tivity Health Inc ( TVTY.O ), a U.S. provider of fitness and health improvement programs, is considering a potential sale after receiving takeover interest from private equity firms, people familiar with the matter said on Thursday.Going private would accelerate Tivity Health''s ongoing transformation, that included changing its name from Healthways earlier this year and divesting its total population health division, which uses coaching and clinical protocols to improve the overall health of employees and insurance plan members.Tivity Health''s deal talks are preliminary, and there is no certainty that negotiations with buyout firms or other potential acquirers will advance and lead to any deal, the sources said. They asked not to be identified because the deliberations are confidential.Tivity Health declined to comment.Tivity Health shares jumped as much as 10 percent on the news, and were up 4 percent at $37.91 in afternoon trading in New York, giving the Franklin, Tennessee-based company a market capitalization of $1.5 billion.Following a strategic review, Tivity Health last year decided against an outright sale, instead opting to divest its population health unit to Sharecare Inc, a U.S. health and wellness online platform co-founded by TV personality Dr. Oz.As part of that deal, Tivity paid ShareCare around $25 million to take on the loss-making division, which made up more than a third of Tivity Health''s revenues.In exchange, Tivity Health received a claim on up to $30 million in ShareCare common stock, which could be reduced if losses from the population health business exceed $25 million.Tivity''s stock has tripled since then, as investors cheered the divestment. The deal significantly widened Tivity Health''s margins and focused it on its faster growing businesses, which sell healthy lifestyle products and services, primarily to seniors.Tivity Health''s main businesses are SilverSneakers, a program that provides regular exercise and social opportunities for seniors; Prime Fitness, which helps people stick with fitness plans; and WholeHealth Living, a specialty health benefits manager.Changes at the company were catalyzed by hedge fund North Tide Capital, which in 2014 installed three board members and a new chief executive at the company.(Reporting by Carl O''Donnell in New York; Editing by Bernard Orr and Bernadette Baum)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-tivityhealth-m-a-idINKBN18Z2LA'|'2017-06-08T16:44:00.000+03:00'
'731543d9a7343acae952ec4b0481a99cbebea9da'|'SOFTS-ICE sugar futures extend recovery, arabica also gains'|'(New throughout, updates prices, market activity and comments to close, adds NEW YORK dateline)NEW YORK/LONDON, June 7 Raw sugar futures rose further off last week''s 15-month low on Wednesday and arabica coffee advanced on expectations of cold weather in top grower Brazil, while cocoa on ICE Futures U.S. eased.SUGAR* July raw sugar settled up 0.16 cent, or 1.14 percent, at 14.14 cents per lb after climbing to 14.32 cents on short-covering.* Dealers said the market was monitoring weather in Brazil, where forecasts for further rains could lead to short-term disruptions to production in pockets of the cane region.* "The market might need several more days of this (slow recovery) before it dispels the impression it is still teetering on the edge of a cliff," Commonwealth Bank of Australia analyst Tobin Gorey said in a market note.* The low prices have also spurred some industry buying and fuelled expectations that Brazilian producers could start favouring ethanol over sugar.* "The ethanol parity is now at 13 cents," said Carlos Mera, senior commodities analyst at Rabobank. "And, I think, 1 cent above that, it will already start incentivising ethanol to some extent. And that''s not far from where we are now. We''re just on top of that."* Brazil''s millers can divert cane to produce ethanol for the domestic market or sugar for export.* August white sugar settled up $4.3, or 1.04 percent, at $418.20 per tonne.COFFEE* July arabica coffee settled up 0.2 cent, or 0.16 percent, at $1.2575 per lb.* Dealers said the market was still watching the weather outlook in top producer Brazil with a cold snap expected in the next few days in some areas but no immediate threat to crops anticipated.* "It’s going to be getting cold in Brazil this weekend, probably not enough to damage anything but it’s a wake-up call for the shorts," said Jack Scoville, a vice president with Price Futures Group in Chicago.* July robusta settled down $13, or 0.65 percent, at $1,972 per tonne.COCOA* July New York cocoa settled down $12, or 0.61 percent, at $1,963 per tonne, while July London cocoa settled down 10 pounds, or 0.65 percent, at 1,530 pounds per tonne.* Dealers said the market remained choppy and dominated by speculative activity with producers generally well sold and industry with sufficient cover. (Reporting by Nigel Hunt and Ana Ionova in London and Chris Prentice in New York; editing by David Clarke and David Gregorio)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/global-softs-idUSL8N1J44DT'|'2017-06-08T04:55:00.000+03:00'
'13d4696e4c1b26a80ca0a74eb32cd1d4b5a7d3d1'|'Valeant to sell its iNova Pharma business for $930 million'|'By Divya Grover Valeant Pharmaceuticals International Inc ( VRX.TO ) ( VRX.N ) said on Thursday it would sell its iNova Pharmaceuticals business for $930 million, as Chief Executive Joseph Papa steps up efforts to slash the embattled Canadian drugmaker''s enormous debt pile.Papa has narrowed Valeant''s focus to its dermatology, eye care and gastrointestinal businesses by pruning other assets to repay its debt, which ballooned to nearly $30 billion following a furious spate of deal-making under former CEO Mike Pearson."It''s not my goal to get the debt to zero," Papa said in an interview. "The right place for our debt is somewhere ... in the range of $15 billion to $20 billion."In August, Valeant had pledged to cut debt by $5 billion by February next year through divestments and operational performance. Papa said on Thursday Valeant was well on pace to meet that target.Pearson''s acquisition spree sent Valeant''s shares from around $20 to a high of over $250 in 2015, before the stock went into a tailspin as Valeant''s drug pricing strategy and ties to a specialty pharmacy came under increased political and regulatory scrutiny.Valeant''s New York-listed shares were up 7.9 percent at $13.13 in morning trading on Thursday.In January, Valeant agreed to sell its Dendreon cancer treatment business and three skincare brands for $2.12 billion. That deal is expected to close in the middle of this year, Papa said.Bloomberg reported on Tuesday that Valeant was in talks to sell its Bausch & Lomb unit''s surgical products business. Its eye-surgery assets may be valued at about $2 billion in a sale, the report said.Valeant was also exploring the sale of its Salix stomach-drug business and other assets, but talks with Takeda Pharmaceutical Co Ltd ( 4502.T ) had stalled over price disagreements, Reuters reported in November. Reports have said Salix could fetch Valeant as much as $10 billion.The deal to buy iNova — which markets prescription and over-the-counter products focused on weight and pain management, cardiology and cough and cold — is expected to close in the second half of this year.INova, bought by Valeant in 2011, will be sold to a company jointly owned by Pacific Equity Partners and Carlyle Group LP ( CG.O ), Valeant said.Goldman Sachs & Co was Valeant''s financial adviser, while Baker McKenzie provided legal counsel.(Reporting by Divya Grover in Bengaluru; Additional reporting by Natalie Grover; Editing by Shounak Dasgupta and Sai Sachin Ravikumar)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-valeant-pharm-in-divestiture-idINKBN18Z1II'|'2017-06-08T09:36:00.000+03:00'
'8e25ad8395a5083f90250934d2a7a0256aa9784e'|'Bombardier says trade dispute not slowing CSeries momentum'|'Business News - Tue Jun 6, 2017 - 4:22pm EDT Bombardier says trade dispute not slowing CSeries momentum left right A logo of jet manufacturer Bombardier is pictured on their booth during the European Business Aviation Convention & Exhibition (EBACE) in Geneva, Switzerland, May 22, 2017. REUTERS/Denis Balibouse 1/2 left right Boeing Co''s logo is seen above the front doors of its largest jetliner factory in Everett, Washington, U.S. January 13, 2017. REUTERS/Alwyn Scott 2/2 By Tim Hepher and Brad Haynes - CANCUN, Mexico CANCUN, Mexico Bombardier Inc ( BBDb.TO ) said on Tuesday it was confident of winning a trade dispute with Boeing Co ( BA.N ) in the United States and dismissed industry suggestions that the row could slow efforts to accelerate sales of its CSeries jet. Fred Cromer, head of commercial aviation, said a CSeries order by Delta Air Lines Inc ( DAL.N ) that triggered a recent Boeing complaint reflected a "launch pricing" discount common in the industry and was not an ongoing commercial strategy. "Now that the aircraft is in service, the risk profile goes down and the pricing of the aircraft starts to move up," Cromer said on the sidelines of the International Air Transport Association''s annual meeting in Mexico. The U.S. International Trade Commission is expected to make a preliminary ruling by June 12 on Boeing''s complaint that Bombardier dumped the CSeries below cost in the U.S. market while benefiting from unfair Canadian subsidies. Cromer said Bombardier''s sales and funding practices were legal and the dispute had not hurt ongoing sales efforts, which were helped by the entry into service of the CS100 last July and the CS300 last week. He declined to say if he expected to announce any orders at the Paris Air Show this month, but said the purpose of the event was mainly to showcase new products. "I don''t like to predict. I think we''re going to build the momentum at the Paris Air Show," Cromer said. Bombardier has not reported a new CSeries order in nearly a year, leading some analysts to question whether the aggressive response from Boeing''s complaint could slow further sales and effectively close its new rival out of the narrowbody market. Cromer argued the opposite was true. "It has actually raised the interest level," he said. "This attention is really creating a situation where airlines around the world are saying this airplane is real. It''s in service and it''s performing well and something to be contended with." Cromer also said Bombardier was on track to ramp up CSeries production later this year after postponing deliveries at the end of 2016 due to problems at engine maker Pratt & Whitney, a division of United Technologies Corp ( UTX.N ). "We feel very confident that Pratt is going to be there to support that delivery schedule," he said. "The calendar for 2017 was always a little bit backend-loaded, so ... we expect deliveries, per our plan, to start accelerating in the back half of the year." (Reporting by Tim Hepher and Brad Haynes; Editing by Richard Chang)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-airlines-iata-bombardier-idUSKBN18X2QP'|'2017-06-07T04:22:00.000+03:00'
'e533c0d8bca61907d1dd25b7b1a9b27304de77be'|'U.S., Mexico reach sugar pact but U.S. producers not on board'|'Business News - Tue Jun 6, 2017 - 3:00pm EDT U.S., Mexico reach sugar pact but U.S. producers not on board U.S. Commerce Secretary Wilbur Ross sits for an interview in his office in Washington, U.S. May 9, 2017. REUTERS/Jonathan Ernst WASHINGTON The U.S. and Mexican governments reached a new agreement in principle on trade in sugar, but U.S. producers have failed to endorse the deal, U.S. Commerce Secretary Wilbur Ross said on Tuesday. The agreement, which calls for Mexico to shift its export a smaller proportion of refined sugar and a larger proportion of raw sugar to the United States, would go through a final drafting stage, during which he said the two sides would try to make it easier for U.S. sugar producers to "come on board" with the deal, Ross said. (Reporting by David Lawder, editing by G Crosse) '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-usa-mexico-trade-agreement-idUSKBN18X2K9'|'2017-06-07T03:00:00.000+03:00'
'c7c55c83a37fd831d972dd9deb220ccae8fa4908'|'Norway oil services firms reach wage deal with two unions'|'  7:18am BST Norway oil services firms reach wage deal with two unions OSLO Norwegian oil services firms have reached a wage deal with two trade unions, the companies and the unions said on Wednesday, in a year when these unions are not allowed to go on strike. The deal was made with the two largest unions, Industri Energi and Safe, which agreed a pay rise of 7,166 crowns (656.5 pounds) and of 1 crown per hour on night shifts, with effect from June 1. A number of oil services firms operate off Norway, including Solstad, Farstad and Havila, serving oil companies such as Statoil, Eni and Lundin Petroleum. In separate talks, the Lederne union representing 150 workers in the oil sector did not reach a deal with oil companies and talks will now go to a state-appointed mediator. Lederne has the right to strike this year and if they don''t agree it could potentially hit Norwegian oil production from midnight on Friday. (Reporting by Ole Petter Skonnord; Editing by Muralikumar Anantharaman)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-norway-oil-pay-unions-idUKKBN18Y0G4'|'2017-06-07T14:18:00.000+03:00'
'6faeada47d54d3c40d0dd2b0311d3ea0ddeb13f2'|'Spain''s Santander rescues Banco Popular from collapse'|'By Jesús Aguado and Francesco Guarascio - MADRID/BRUSSELS MADRID/BRUSSELS European authorities stepped in to avert a collapse of Spain''s Banco Popular following a run on the bank, orchestrating a last-minute rescue on Wednesday by Santander, the country''s biggest lender.Owners of Popular bonds faces losses of some 2 billion euros, while Santander will ask its shareholders for around 7 billion euros ($7.9 billion) of capital to absorb Spain''s sixth biggest bank.Popular''s rescue was unveiled as the European Central Bank announced the lender was set to be wound down, echoing a banking crash some five years ago that cost Spain 40 billion euros.Santander''s takeover of the bank, which has been weighed down by risky property loans, for a nominal one euro marks the first use of a stricter European Union regime to deal with failing banks adopted after the financial crisis.The sale was organised in less than 24 hours, and followed a recent acceleration in the withdrawal of deposits, which two people with knowledge of the matter said had in recent weeks hit 18 billion euros, equivalent to almost one quarter of the total.A final decision to sell Popular was made at about 0430 GMT on Wednesday, Dominique Laboureix, a member of the Single Resolution Board, told a news conference in Brussels. The SRB is the agency set up by the EU to wind down stricken banks.In contrast to earlier crises, the hurried sale of Popular did not spook markets and banking stocks rose in Europe."This deal is good for Spain and it''s good for Europe," Santander chairman Ana Botin said of the agreement, which breaks the mould of using taxpayers'' money, instead imposing losses on shareholders and creditors of the bank.This resolution worked in Santander''s favour, and was described by two debt investors as unexpected, with the owners of so-called AT1 and AT2 bonds suffering roughly 2 billion euros ($2.2 billion) of losses and shareholders losing everything.The ECB said there was a "significant deterioration of the liquidity situation of the bank in recent days" and that in the near future Popular would have been "unable to pay its debts".Up to 2 billion euros a day was being taken out of the bank by savers last week, another source told Reuters."We got it done before markets opened. That was the target," Elke König, who chairs the Resolution Board, said.Unlike Italy, which has been grappling with problem lenders for years, Spain''s reaction was prompt and in contrast to the 2008 banking crisis it met with calm in the markets."This shouldn''t pose any real problems for other banks," Aberdeen Asset Management Head of Credit Research Laurent Frings said. "But it does show that there is real risk in investing in these second-tier names."BOTIN SEES BENEFITSSpanish Economy Minister Luis de Guindos said Santander''s takeover was a good outcome for Popular given its situation in recent weeks and it would have no impact on public resources or other banks.Botin welcomed Popular customers and said that the combination of the two would strengthen Santander''s geographic reach as the economies in Spain and Portugal improved. "It gives certainty and stability to Spain''s financial sector," she said.Santander, which was unaffected by the banking crisis in Spain that forced Madrid to seek international aid, said buying Popular would accelerate growth and profit from 2019.The group, with operations from South America to Britain, said it would set aside 7.9 billion euros to cover the cost of non-performing assets, which are loans at risk of non-payment.Struggling under the weight of 37 billion euros of non-performing property assets left over from Spain''s financial crisis, Popular had seen its share price slump.It was among a handful of banks that emerged as vulnerable to stress, such as an economic downturn, in a European Banking Authority simulation last summer and had remained vulnerable with a ratio of risky loans around three times above the average of its Spanish rivals.But Popular''s small and medium-sized company loan portfolio, the largest among Spanish lenders, presents an opportunity for Santander, which said it would now lead this growing market.It will also sell off at least half of Popular''s property assets within about 18 months.($1 = 0.8876 euros)(Additional reporting by Andres Gonzalez, Jose Elias Rodriguez, Angus Berwick and Sonya Dowsett in Madrid, Francesco Canepa in Frankfurt and Jan Strupczewski, Francesco Guarascio in Brussels and Helene Durand in London; writing by John O''Donnell; Editing by Keith Weir/Alexander Smith)People use a Santander''s cash dispenser (ATM) as a man leaves a Banco Popular office in Barcelona, Spain June 7, 2017. REUTERS/Albert Gea'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/popular-m-a-santander-idINKBN18Y195'|'2017-06-07T18:43:00.000+03:00'
'914f3ce66205d653371556abc8c78e55fa03308c'|'After London attack, Facebook says aims to be ''hostile environment'' for terrorists'|'LONDON Facebook said it wanted to make its social media platform a "hostile environment" for terrorists in a statement issued after attackers killed seven people in London and prompted Prime Minister Theresa May to demand action from internet firms.Three attackers rammed a hired van into pedestrians on London Bridge and stabbed others nearby on Saturday night in Britain''s third major militant attack in recent months.May responded to the attack by calling for an overhaul of the strategy used to combat extremism, including a demand for greater international regulation of the internet, saying big internet companies were partly responsible for providing extreme ideology the space to develop.Facebook on Sunday said it condemned the London attacks."We want Facebook to be a hostile environment for terrorists," said Simon Milner, Director of Policy at Facebook in an emailed statement."Using a combination of technology and human review, we work aggressively to remove terrorist content from our platform as soon as we become aware of it — and if we become aware of an emergency involving imminent harm to someone''s safety, we notify law enforcement."May has previously put pressure on internet firms to take more responsibility for content posted on their services. Last month she pledged, if she wins an upcoming election, to create the power to make firms pay towards the cost of policing the internet with an industry-wide levy.Twitter also said it was working to tackle the spread of militant propaganda on its website."Terrorist content has no place on Twitter," Nick Pickles, UK head of public policy at Twitter, said in a statement, adding that in the second half of 2016 it had suspended nearly 400,000 accounts."We continue to expand the use of technology as part of a systematic approach to removing this type of content."(Reporting by William James in London and Dion Rabouin; Editing by Alistair Smout and Ralph Boulton)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-britain-security-facebook-idINKBN18V0ZQ'|'2017-06-04T16:48:00.000+03:00'
'1d3ba6c3a08b70792cb7accccea08c2df4c63a0a'|'BRIEF-Mcdermott awarded Angelin Epcic contract from BP Trinidad & Tobago'|'Market  17am EDT BRIEF-Mcdermott awarded Angelin Epcic contract from BP Trinidad & Tobago June 5 Mcdermott International Inc * Mcdermott awarded angelin epcic contract from bp trinidad & tobago * Mcdermott international inc- large lump sum contract award will be reflected in mcdermott''s q2 2017 backlog. * Mcdermott international - co to provide turnkey epcic solution to design, fabricate, install a six-slot wellhead platform, 26-inch subsea pipeline  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-mcdermott-awarded-angelin-epcic-co-idUSASA09SMP'|'2017-06-05T20:17:00.000+03:00'
'3c2d91a5922ccaa692526524492e31562ce8b07f'|'Airlines urged to step up fight against human trafficking'|'Market News - Sun Jun 4, 2017 - 5:46pm EDT Airlines urged to step up fight against human trafficking * UN to brief IATA airline chiefs on trafficking trends * UN agency urges airlines to join anti-trafficking initiatives * Training advocate says most non-U.S. airlines not tackling issue By Tim Hepher CANCUN, Mexico, June 4 Airlines are being urged to train more flight attendants to help prevent human trafficking, placing cabin crew on the front line of the fight against sexual exploitation and slavery. Airline leaders meeting in Mexico will be briefed by the United Nations agency responsible for tackling the largely hidden crime, which the United Nations says nets smugglers $150 billion profit a year. "We want ... airlines to join our campaigns and our initiatives in order to make human trafficking and migrant smuggling visible," Felipe De La Torre of the United Nations Office on Drugs and Crime (UNODC), told Reuters ahead of the June 4-6 meeting of the International Air Transport Association (IATA). According to the International Labour Organization, almost 21 million people are in forced labour, meaning three out of every 1,000 people on the planet are enslaved at any given time. In a case that sprang to public attention in February, an Alaska Airlines flight attendant helped rescue a teenage girl from alleged trafficking onboard a domestic U.S. flight in 2011 by leaving her a note in the toilet. Shelia Frederick told NBC TV her suspicions had been aroused by the girl''s dishevelled appearance compared to the smart clothes and controlling attitude of her older male companion. The pilot alerted police who arrested the man on arrival. More than 70,000 U.S. airline staff have been trained to identify smugglers and their victims in that way under the Blue Lightning initiative, launched in 2013 with the support of JetBlue, Delta Air Lines and others. Such training has since become mandatory. But Nancy Rivard, a former flight attendant hailed as a pioneer of such training, said the U.S. federal programme is poorly funded and that the majority of foreign airlines are barely starting to focus on the problem. "This exists in every country in the world. There is room for improvement but at least we are beginning to make changes," Rivard, founder of Airline Ambassadors International, said. Current online training does not go far enough, she added. AWARENESS PLEA Airlines are asked to report suspicions to authorities but not step into the shoes of investigators. UNODC has produced a card called #BeAwareOfTheSigns it wants airlines to distribute. "When you see a person who''s afraid or threatened, or suspicious interactions in a couple, or a very old person with a small child and they are not related or emotionally connected, those are possible signs," De La Torre told Reuters. Although some airlines have mounted campaigns, this week''s meeting of around 200 airline bosses marks the first time the issue has been discussed globally in aviation. Further steps could be discussed at IATA''s next full meeting in 2018. "It''s a growing concern and our industry is strongly mobilised to fight against human trafficking," said IATA director general Alexandre de Juniac. Still, some of IATA''s 117 nations face criticism over allegations of forced labour and some delegates questioned how willing they would be to draw attention to the issue, while airline chiefs may be reluctant to put their brands at risk. JetBlue, which took part in an online discussion on the issue on Sunday, urged airlines to put aside such concerns. "There is no downside. There is only upside in saving and helping people with their lives so we encourage all airlines to get on board," senior vice-president Robert Land told Reuters. (Reporting by Tim Hepher in Cancun; Editing by James Dalgleish)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/airlines-iata-trafficking-idUSL8N1IZ07A'|'2017-06-05T05:46:00.000+03:00'
'23820c46c4588aa2dd5aa9786d86e6ddb27b2741'|'UK watchdog closes probe of PwC over Tesco audits'|'  8:04am BST UK watchdog closes probe of PwC over Tesco audits FILE PHOTO: The logo of PricewaterhouseCoopers is seen on the local offices building of the company in Luxembourg, April 26, 2016. REUTERS/Vincent Kessler/File Photo Britain''s accounting watchdog   closed its investigation into auditor PricewaterhouseCoopers LLP (PwC) which was launched after British retailer Tesco revealed it had overstated its 2014 mid-year earnings. The Financial Reporting Council said its executive counsel had concluded there was no realistic prospect of a tribunal making an adverse finding against PwC. The FRC launched an inquiry in late 2014 into the preparation, approval and audit of Tesco''s accounts over the previous four years, including the role of external auditor PwC. Tesco in 2014 announced it had overstated its first-half profits by 250 million pounds due to incorrectly booking payments from suppliers - a figure it later raised to 263 million pounds. The FRC said the investigation into other chartered accountants who were auditors of Tesco was ongoing. (Reporting by Arathy S Nair in Bengaluru; editing by Jason Neely)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-pwc-tesco-probe-idUKKBN18W0P9'|'2017-06-05T15:04:00.000+03:00'
'f1756f670a3926b45fa0922e23f3dad4edee36b3'|'UPDATE 1-Platts may include Jurong Aromatics Corp in pricing process'|'Commodities - Mon Jun 5, 2017 - 2:13am EDT Platts may include Jurong Aromatics Corp in pricing process By Jessica Jaganathan - SINGAPORE SINGAPORE Oil pricing agency S&P Global Platts on Monday said it is considering including Jurong Aromatics Corp (JAC) in its pricing process for gasoil and jet fuel in Singapore. Platts, a unit of S&P Global Inc, which provides Asian benchmark price assessments for most oil products traded in the region, has been expanding its list of approved terminals in and out of Singapore in recent years. The company is inviting feedback on a proposal to include Jurong Aromatics, set to sell it sole plant to Exxon Mobil Corp, as a loading point in its Singapore pricing process known as market-on-close for gasoil and jet fuel, it said. Under the proposal, sellers in the pricing process would be able to nominate JAC as a loading point for cargoes traded on a free-on-board (FOB) Straits basis. The deadline for feedback is June 30. Last month, ExxonMobil said it reached an agreement to buy the assets of Jurong Aromatics Corp (JAC), namely its refining and petrochemical plant, looking to boost its output and meet demand in Asia. The plant will be integrated with Exxon Mobil''s existing petroleum complex on Jurong Island, and is designed to primarily produce aromatics. It also churns out oil products such as jet fuel and diesel. JAC''s condensate splitter and petrochemical units - at a construction cost of $2.4 billion - started operations in Asia in 2014 to produce paraxylene to meet demand from textile and bottle manufacturers in China. But its debts mounted as commodity prices went into freefall in the middle of that year, and it stopped operations at the end of 2014 to fix a technical issue. The JAC plant resumed operations in July 2016 under tolling agreements with BP and Glencore. Platts announced earlier this month that it would include Indonesia''s Oiltanking Karimun Terminal in its Singapore pricing process for gasoil, jet fuel and gasoline cargoes. (Reporting by Jessica Jaganathan; Editing by Richard Pullin and Joseph Radford) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-singapore-oil-prices-idUSKBN18W0IQ'|'2017-06-05T14:09:00.000+03:00'
'2146bab29372204745773dbd56b5b3b0f8773fe3'|'Canada''s Enbridge eyes market share as competitors'' pipes in limbo'|'CALGARY, Alberta Canada''s Enbridge Inc will take advantage of the uncertainty facing competitors'' pipelines to gain market share, including starting early discussions on a new tolling agreement after 2022, a senior executive said on Thursday.Speaking at an investors event in Toronto, Enbridge Executive Vice President Guy Jarvis did not name the rivals, saying only that customers still seek capacity amid the "lingering uncertainty around when and even if competing pipelines will ever come online."An election in the Canadian province of British Columbia last month has complicated Kinder Morgan Inc''s Trans Mountain pipeline expansion, with the two parties set to take power vowing to block the project.TransCanada''s Keystone XL pipeline project through the United States has presidential approval, but still needs permission from the state of Nebraska. The company''s Energy East project to Canada''s Atlantic coast had been mired in controversy, its regulatory review process suspended."We see a window of opportunity emerging now to start early discussions with our customers on a post-CTS tolling agreement," said Jarvis, referring to Enbridge''s 10-year competitive tolling settlement for its Mainline system reached in 2011.Enbridge, North America''s largest energy infrastructure company, has forecast a rise in adjusted earnings this year following its purchase of Spectra Energy Corp.Jarvis said the company will take advantage of its now larger scale and plans a possible expansion for its 280,000 barrel-per-day Express Pipeline that had once been Spectra''s.Enbridge is "laser-focused" in bringing online projects including its Line 3 Replacement Program from Hardisty, Alberta, to Superior, Wisconsin, Jarvis said."It''s critical that we get it in service given the continuing uncertainties about competing pipelines," he said. "It then sets the foundation for developing the continued expansion of options on our Mainline."(Reporting by Ethan Lou; Editing by Bernadette Baum)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-enbridge-inc-canada-toll-idUSKBN18Z2LG'|'2017-06-08T22:27:00.000+03:00'
'aea936d8426d3030b4c22c26d87d8efdd98cf1f9'|'Uber fires 20 employees after harassment probe - sources'|'Top   6:38am BST Uber fires 20 employees after harassment probe FILE PHOTO - A man arrives at the Uber offices in Queens, New York, U.S. on February 2, 2017. REUTERS/Brendan McDermid/File Photo By Joseph Menn and Heather Somerville - SAN FRANCISCO SAN FRANCISCO Uber Technologies Inc said on Tuesday it fired 20 employees and was improving management training following an investigation by a law firm into sexual harassment allegations and other claims at the ride-hailing company. Uber fired the staff following a report by law firm Perkins Coie, which Uber hired to look into claims of harassment, discrimination, bullying and other employee concerns. The law firm has been working in parallel with a broader investigation by former U.S. Attorney General Eric Holder into company culture and practices. Perkins Coie investigated 215 staff complaints going back as far as 2012, Uber said, taking action in 58 cases and no action on 100 more. Other investigations are continuing. Of the 215 claims, Uber said 54 were related to discrimination, 47 related to sexual harassment, 45 to unprofessional behaviour, 33 to bullying and 36 to other types of claims. It said the majority of the claims came from employees based at Uber''s San Francisco headquarters. The world''s highest-valued venture-backed company - worth $68 billion at its last funding round - also told staff on Tuesday it would expand its employee relations unit to better investigate claims and that it would dramatically increase management training since most Uber managers were first-time bosses, a person familiar with the matter said. On Monday, Uber said it hired Harvard Business School professor Frances Frei to train all managers, reporting to Uber Chief Executive Travis Kalanick. On Tuesday, it said Bozoma Saint John, prominent in some Apple Inc ( AAPL.O ) product launches, joined the company as chief brand officer. Uber also said it is offering a confidential helpline for employees to report concerns and has implemented a system to log and track all complaints. YEAR OF QUESTIONS Uber''s firing of employees comes after a series of events this year that have raised questions about Uber''s business model and leadership. In February, former Uber engineer Susan Fowler said in a widely read blog post that managers and human resources officers had not punished her manager after she reported his unwanted sexual advances. In addition, Uber was caught using technology to avoid regulator crackdowns, a video surfaced showing Kalanick berating an Uber driver, and the company is caught up in legal battles around the world over the way its ride-services business operates. Uber is also facing a lawsuit from Alphabet Inc''s ( GOOGL.O ) self-driving car division, Waymo, alleging trade secret theft. The company declined to comment further on the move to fire staff. Some saw it as a step in the right direction for Uber to repair its tarnished reputation. "They are heading the right way, both with action and reaction," said Jason Hanold, manager partner at human resources executive recruitment firm Hanold Associates. He added it was "not nearly a complete and final surgery to heal a troubled culture." The move follows a string of executive departures at Uber, including the company president, heads of finance and product, an East Coast general manager and several high-level engineers. For the last three months, Uber has been seeking a chief operating officer to work alongside Kalanick, who has earned a reputation as a pugnacious leader. Uber board member Bill Gurley is overseeing the search. Uber has also been under the microscope of Holder and Tammy Albarran, partners at the law firm Covington & Burling, who were asked to conduct a broad review of sexual harassment at Uber as well as general questions about diversity and inclusion. Their report was completed at the end of May and has been shared with a subcommittee of the Uber board of directors, a company representative said. In March, Uber board member Arianna Huffington pledged to make the findings of Holder''s investigation available to the public. Initially, the company had expected to make a public announcement this week, but that timing has been pushed back. Uber is expected to discuss it with staff next week, a person familiar with the matter said. (Additional reporting by Rishika Sadam in Bengaluru; Editing by Arun Koyyur, Peter Henderson and Bill Rigby)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-uber-sexual-harassment-idUKKBN18X2H5'|'2017-06-07T06:29:00.000+03:00'
'4d491e61fc1a9ce834706fe06d1f97101b9b6835'|'Shanghai Electric to join Eletrosul in Brazil power projects'|'SAO PAULO A unit of Shanghai Electric Power Co Ltd ( 601727.SS ) has signed a non-binding accord to take majority control of a series of power transmission projects owned by a Brazilian state-controlled utility.The unit, known as Shanghai Electric Power Transmission and Distribution Engineering Co, will create a special purpose vehicle to oversee the projects directly with Brazil''s Eletrosul Centrais Elétricas SA ( ELET5.SA ), according to a Monday securities filing. The cost of the project known as Lote A is estimated at 3.27 billion reais ($992 million), the filing by Eletrosul said.Reuters reported on Jan. 5 that Eletrosul and Shanghai Electric were negotiating a number of transmission lines in the Lote A project.(Reporting by Guillermo Parra-Bernal)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-eletrosul-m-a-shanghaielectric-idINKBN18W2V8'|'2017-06-05T21:07:00.000+03:00'
'9c1305654ffd8b168a200e05475f8529b3ae0b6a'|'HD Supply to sell Waterworks unit for $2.5 billion'|'Industrial retailer HD Supply Holdings ( HDS.O ) said on Tuesday it would sell its waterworks unit to private equity firm Clayton, Dubilier & Rice for $2.5 billion in cash to reduce debt and streamline its operations.Shares of HD Supply, one of the largest industrial distributors in North America, fell 5.5 percent to $39.00 in premarket trading.Based in Atlanta, Georgia, HD Supply operates in three divisions: waterworks, facilities maintenance, which sells to multifamily housing, and construction and industrial, which sells to building contractors.The divestment would allow HD Supply to trim down some of its long-term debt of $3.86 billion as of January."This significant strategic transaction will further simplify and focus HD Supply on our highest value creation opportunities, accelerate debt reduction, create additional cash...," Chief Executive Joe DeAngelo said in a statement.The company has been looking to position its construction and facilities maintenance businesses to benefit from U.S. President Donald Trump''s emphasis on infrastructure spending and tax reform.HD Supply and Clayton, Dubilier expect to close the transaction in the third quarter, subject to customary regulatory approvals.Goldman Sachs & Co LLC was HD Supply''s financial adviser and King & Spalding its legal counsel on the transaction.(Reporting by Rachit Vats in Bengaluru; Editing by Maju Samuel)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-hd-supply-holdgs-waterworks-clayton-d-idINKBN18X143'|'2017-06-06T08:32:00.000+03:00'
'697b29b854c76e64d65300ccb835f3df0c971f0d'|'Next EU bank stress test to be tougher on bad loan accounting'|'Business News - Wed Jun 7, 2017 - 5:36pm BST Next EU bank stress test to be tougher on bad loan accounting FILE PHOTO: European Union (EU) flags fly in front of the European Central Bank (ECB) headquarters in Frankfurt, Germany, December 3, 2015. REUTERS/Ralph Orlowski/File Photo By Huw Jones - LONDON LONDON Next year''s stress test of top European Union banks will include tougher accounting for soured loans and a stricter exclusion of funds from asset sales which have not yet been completed, the bloc''s banking watchdog said. The theoretical economic and market shocks 49 banks will face will not be published until next year, but the European Banking Authority (EBA) issued a draft "methodology" on its 2018 health check for public consultation on Wednesday. The "stress test" will probably be the last conducted from the London base of the EBA, which must move to an EU state due to Britain''s departure from the bloc. As in the 2016 test, there will be no pass or fail mark for each bank when the results are published in mid-2018. The test, based on end-2017 balance sheets, will look at shocks from bad loans, market turbulence, and the impact of fines for misconduct. Additionally, in January 2018 banks in Europe will have to comply with a new accounting rule, known as IFRS 9, which forces them to provision for souring loans much sooner than at present. The new book-keeping rule is expected to force banks to hold more capital, though regulators have decided to give lenders time to find this extra capital in practise. EBA, which has repeatedly warned that dealing with bad loans must be a top priority for banks, said banks will have to reflect the impact of the new rule at the start of the test and throughout its theoretical three-year duration. And lenders will not be able to factor in any uplift to capital from a sale due to happen during the test period. "Any divestments, capital measures or other transactions that were not completed before 31 December 2017, even if they were agreed upon before this date, should not be taken into account in the projections," EBA said. The European Central Bank, which supervises 35 of the banks being tested, was forced to justify allowing Deutsche Bank ( DBKGn.DE ) to include proceeds from a sale of a stake in a Chinese lender in its 2016 stress test result. The sale did not actually go ahead during the test, even though it boosted Deutsche Bank''s capital buffer in the result. (Editing by Alexander Smith) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-eu-banks-tests-idUKKBN18Y2FE'|'2017-06-08T00:36:00.000+03:00'
'39d5bc5ebeaf0fe4b713e51867143f8f9bb2b243'|'Nikkei falls in thin trade before British election, Comey testimony'|'TOKYO, June 7 Japanese stocks barely moved in thin trade on Wednesday as investors continued to shun riskier assets ahead of potentially market moving global events later this week.The Nikkei was flat in choppy trade, ending at 19,984.62 points.Investors awaited Britain''s general election, a European Central Bank policy decision and former FBI director James Comey''s Senate testimony all due on Thursday. China is also releasing a raft of data this week.The broader Topix ended flat at 1,597.09. Turnover was 2.3 trillion yen, the lowest level in more than a week. (Reporting by Ayai Tomisawa; Editing by Kim Coghill)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/japan-stocks-close-idINL3N1J4277'|'2017-06-07T04:11:00.000+03:00'
'e32bb9e2ee1b3d7377d02c9646b4eed1fd250f76'|'Moody''s, Fitch cut India''s RCom to default, warn on debt levels'|' 30pm IST Moody''s, Fitch cut India''s RCom to default, warn on debt levels A man opens the shutter of a shop painted with an advertisement of Reliance Communications in Mumbai, India, November 3, 2015. REUTERS/Shailesh Andrade/File Photo MUMBAI Credit agencies Moody''s and Fitch downgraded Reliance Communications to default levels on Tuesday, their second ratings cuts in as many weeks, after the telecoms company said it had won a reprieve from lenders that would allow it to avoid paying back its loans until December. The two agencies said the reprieve technically constituted a default under their ratings definitions, given the company widely known as RCom would miss loan payments. RCom secured the reprieve after promising lenders it would complete two key deals - the merger of its wireless division with rival Aircel and the sale of a stake in its mobile masts business - that would allow it cut its $7 billion debt by 60 percent. But the agencies warned RCom''s debt levels could remain unsustainable even if it completes the two transactions. Moody''s Investors Service said RCom would still have $3 billion in remaining debt and uncertainty about whether it could generate enough cash flow after the two deals. Fitch Ratings similarly warned RCom, India''s seventh-ranked mobile carrier by users, would be saddled with "excessive" debt. The downgrades - coming just days after both agencies had cut Reliance debt deeper into so-called "junk" territory - will cast a further shadow over prospects for RCom, which has seen its market value slump by a third since early May amid worries about its debt levels. "Given the heavy debt load and the uncertainty regarding the cash flow-generating capabilities of the residual businesses post demerger and asset sales, Moody''s believes the capital structure of the remaining business will remain weak," the agency said in a statement. Moody''s downgraded the company to "Ca" from "Caa1," while Fitch downgraded it to "Restricted Default (RD)" from "CCC." Fitch also downgraded RCom''s 6.5 percent senior secured notes due on 2020 to "C/RR4" from "CCC/RR4." RCom''s shares gained 0.7 percent on Monday after the company announced the reprieve on Friday. But they resumed their losses on Tuesday, ending down 3.1 percent. Costly airwave auctions have bruised India''s telecom sector, but it was a price war triggered by the arrival last year of Reliance Jio Infocomm Ltd that brought the sector to its knees. RCom posted a second consecutive quarterly loss last month. ($1 = 64.4200 Indian rupees)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/rcom-downgrade-idINKBN18X236'|'2017-06-07T00:00:00.000+03:00'
'42de2bc14e9dbd88a23249d58b27a0ddb0301943'|'European Commission approves resolution scheme of Banco Popular'|'Business News - Wed Jun 7, 2017 - 3:41am EDT European Commission approves resolution scheme of Banco Popular FILE PHOTO: People walk past a Banco Popular branch in Madrid, Spain, June 6, 2017. REUTERS/Juan Medina BRUSSELS The European Commission has approved a resolution scheme of Spain''s Banco Popular Espanol ( POP.MC ) based on a proposal prepared by the Single Resolution Board, the Commission said in a statement on Wednesday. The resolution involves the sale of Banco Popular to Santander ( SAN.MC ). The customers of Banco Popular will continue to be served with no disruption, the Commission said. "All depositors continue to have uninterrupted access to the full amount of their deposits. Following the resolution decision, the bank can continue its business activities," the Commission said. It said the resolution involved no state aid or aid from the Single Resolution Fund and that the sale to Santander was subject to normal merger and regulatory review by the EU''s competition authorities. "The Commission has endorsed the resolution scheme because ...the bank was failing, there were no private sector solutions outside of resolution and there were no supervisory actions that would have prevented its failure," it said. "It was the best course of action to ensure the continuity of the important functions performed by the bank and to avoid significant adverse effects on financial stability. In this specific case, losses were fully absorbed by shares and subordinated debt," the Commission said. (Reporting By Jan Strupczewski; editing by Robert-Jan Bartunek) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-spain-popular-commission-idUSKBN18Y0II'|'2017-06-07T14:39:00.000+03:00'
'16435d6d12b798723cb6a667c9514a47ed3b1524'|'Elis sweetens takeover offer for Berendsen'|'French laundry services group Elis SA ( ELIS.PA ) sweetened its offer to buy UK peer Berendsen Plc ( BRSN.L ) on Wednesday, and the companies said they had agreed in principle on key terms.The new offer values Berendsen at 2.2 billion pounds ($2.85 billion) or 1250 pence per share, representing a premium of about 45 percent to the stock''s closing price before Elis first announced its offer last month.Berendsen last month rejected a revised, 2 billion pound offer by Elis, saying it did not reflect value being added by a planned expansion.(Reporting by Sanjeeban Sarkar in Bengaluru; Editing by Sai Sachin Ravikumar)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-berendsen-m-a-elis-idINKBN18Y2RV'|'2017-06-07T16:26:00.000+03:00'
'3055dd79b76cc2e46cd6a48184c6690a26a7da77'|'UPDATE 1-Lack of power lines hits sub-Saharan Africa''s biggest wind farm'|'(Adds comments from Kenya state firms; Vestas hopes to secure new African order soon)By Stine Jacobsen and Colin LeopoldCOPENHAGEN, June 7 The biggest wind farm in sub-Saharan Africa is ready for launch but will remain idle until next year as Kenya''s government has not yet installed the transmission lines needed to get the clean power to customers, the provider of the turbines said.Danish wind turbine maker Vestas Wind Systems installed 365 turbines at Lake Turkana in the hot desert north of the east African country in March, completing construction in less than a year and two months ahead of schedule.The project, which will add 310 megawatts (MW) of power capacity, is located in one of Africa''s windiest places. Costing 70 billion Kenyan shillings ($678 million), it is the country''s largest single private investment and closely watched by investors looking for opportunities in African renewable energy.The wind farm had planned to begin producing power this month, but construction of the transmission line to the power grid, being built by state-run Kenya Transmission Company (KetraCo), has been delayed."The challenge is now to get the wind farms connected to the grid and that is indeed a project which is not with us," head of Vestas'' Central European and sub-Saharan business Nils de Baar told Reuters at the Africa Energy Forum in Copenhagen."The expectation is that it will happen in early 2018," he said, adding that the project is Vestas'' largest-ever in terms of the number of wind turbines being installed.The 428 km powerline from Loiyangalani in northern Kenya to Suswa in the centre of the country was due to be completed by October last year, but demands for compensation from landowners along the route and other issues have delayed it.KetraCo is targeting completion of the transmission line in August, an official with the company said Wednesday.An official at Kenya Power, owner and operator of the electricity transmission system, also stressed the company intends to honour its agreement and is working to identify a number of issues regarding compensation to the developer.The Lake Turkana consortium consists of KP&P Africa, Aldwych International, Investment Fund for Developing Countries, Finnish Fund for Industrial Cooperation, Norwegian Investment Fund for Developing Countries, Sandpiper and Vestas. Once completed, Google, a part of Alphabet Inc, will acquire Vestas'' 12.5 percent stake in the project.Once in operation, the Turkana Lake wind farm is expected to provide 15 percent of Kenya''s total electricity needs. The east African nation relies heavily on geothermal and hydro power for its electricity supply.The project had originally been due to start generating power in June 2011, but faced delays securing financing and construction did not start until 2014.Despite an abundance of funding, investments in renewable energy in Africa are only developing slowly due to problems with bureaucracy and infrastructure.Still, Vestas said Wednesday it hopes to announce new wind farm projects in Morocco and West Africa "very soon". Last year, it secured just one order on the continent, a 120 MW project in Morocco, and delivered a 181 MW project in South Africa. ($1 = 103.2500 Kenyan shillings) (Reporting by Stine Jacobsen; writing by Jacob Gronholt-Pedersen, editing by David Evans)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/vestas-wind-kenya-idINL8N1J442O'|'2017-06-07T12:59:00.000+03:00'
'c7bb7598479d2d58f3ff14f9120cd3312a4820c5'|'Samsung to double mobile phone capacity at main Indian factory'|'MUMBAI, June 7 Samsung Electronics plans to double the production capacity for mobile phones and fridges at its main factory in India, expanding in a country where U.S. rival Apple Inc. has started assembling phones.The South Korean company said in a statement on Wednesday it would spend 49 billion rupees ($764 million) over three years to expand the factory on an additional 35 acres at the site on the outskirts of New Delhi. It also makes televisions at the plant.India is the world''s second biggest smartphone market and its fast becoming a battleground for handset makers vying for a bigger share as sales in Asian powerhouse China start to lag."Samsung would want to reduce their dependence on manufacturing in Vietnam and shift more operations to India," said Tarun Pathak, associate director at technology research firm Counterpoint."India looks like a promising manufacturing hub in the coming years and Samsung could make it their base for exports."Samsung''s expansion also comes at a time Indian Prime Minister Narendra Modi''s government is pushing to increase technology manufacturing through its flagship "Make in India" initiative launched in 2014.Apple began assembling its iPhone SE model last month in the southern Indian technology hub of Bengaluru and a government official has said it could increase the local share of production over time. ($1 = 64.3650 Indian rupees) (Reporting by Sankalp Phartiyal; editing by Devidutta Tripathy and David Clarke)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/samsung-elec-india-plant-idUSL3N1J44AN'|'2017-06-07T19:22:00.000+03:00'
'd81476f49844f46bb26a567575cdbf76e5c5a6fc'|'Bourses say big bang mergers sidelined by ''quiet'' hunt for content'|'By Huw Jones - LONDON LONDON The collapse of Deutsche Boerse and London Stock Exchange''s attempt to create a superbourse has left exchanges focusing on low key, incremental acquisitions, top bourse officials said on Tuesday.The third attempt to link up London and Frankfurt ended in March after it faced opposition from European Union competition regulators, and from German officials who opposed the head office being based in Britain.The collapse has left exchanges looking at smaller or "quiet advances" in mergers and acquisitions, such as in financial technology, data and other content, Deutsche Boerse Chief Executive Carsten Kengeter told an IDX derivatives conference.Kengeter said the political mood was becoming more national, going against the grain of global capital markets, and rival CME Group ( CME.O ) also suggested incremental rather than "big bang" moves.CME president Bryan Durkin said the Chicago based exchange would continue to build up its services to Europe from the United States after deciding to shut its London based clearing and trading platforms."Europe is quite big in terms of the opportunities is presents for us," Durkin said."Our focus is very much on building up the very solid footprint that we have established here and taking it to the next level on an international perspective."Jeff Sprecher, chairman and chief executive of the Atlanta-based Intercontinental Exchange ( ICE.N ) said it has been "quietly expanding" to become a "network and content" business.ICE, which also operates the New York Stock Exchange, said on June 1 it planned to buy the global research index platform from Bank of America Merrill Lynch."We have increasingly thought of our business as essentially a network business that needs to continually to grow with content that needs to be relevant," Sprecher said.ICE''s purchase came just days after the London Stock Exchange said it was buying Citibank''s ( C.N ) Yield Book fixed-income analytics services and its related indexing business for $685 million.(Reporting by Huw Jones, editing by Louise Heavens)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-markets-exchange-m-a-idINKBN18X1PX'|'2017-06-06T11:52:00.000+03:00'
'8c47ad51e3efc5aa33df09f2c5562bdeefd2fb16'|'BR Malls denies reports of merger talks with Aliansce'|'Market  52am EDT BR Malls denies reports of merger talks with Aliansce SAO PAULO, June 6 Brazilian mall operator BR Malls Participações SA on Tuesday denied media reports saying it was negotiating a merger with rival Aliansce Shopping Centers SA. Shares in both firms jumped on Monday in the wake of the reports, originally published by newspaper O Globo. In a securities filing, BR Malls also denied it had hired a financial advisor to sound out such a transaction. (Reporting by Bruno Federowski and Paula Laier)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/aliansce-ma-br-malls-partic-idUSE6N1IL010'|'2017-06-06T20:52:00.000+03:00'
'd473f15e737306119d4550b23d1e98cc0c3ef885'|'Lufthansa CEO says optimistic regarding demand'|'Business News - Tue Jun 6, 2017 - 1:56am BST Lufthansa CEO optimistic on demand, eyes Italy opportunities FILE PHOTO: Lufthansa Chief Executive Officer Carsten Spohr attends the annual shareholders meeting in Hamburg, Germany May 5 2017. REUTERS/Fabian Bimmer CANCUN, Mexico Demand for Lufthansa ( LHAG.DE ) flights is better than expected this year, with traffic from the United States and Asia developing well, the carrier''s chief executive said on Monday. Lufthansa will also look at any opportunities that arise in Italy depending on what happens with stricken carrier Alitalia, though it has no plans to buy the Italian airline, Carsten Spohr told journalists on the sidelines of an airline industry meeting in Mexico. "From an outlook perspective we are getting more optimistic every week regarding our demand situation, especially from the U.S. and from Asia," Spohr said. He said that should any Alitalia planes come up for sale, then Lufthansa would look at those and also suggested that Lufthansa could increase capacity via its Eurowings budget unit. Low-cost rivals Ryanair ( RYA.I ), easyJet ( EZJ.L ) and Vueling ( ICAG.L ) are also looking to replace capacity that could be lost depending on what happens with Alitalia, whose future is under review. "Eurowings is a pan-European model. If there''s opportunities to bring Eurowings into Italy... that could be one option," Spohr said. Lufthansa currently expects underlying earnings before interest and tax to fall slightly this year from last year''s 1.75 billion euros. "The guidance is as it is," Spohr said when asked if he would be upgrading the profit outlook. Last year, carriers in Europe reported a drop in demand from travellers from Asia after attacks in Paris, Brussels and Nice, but traffic flows have made a recovery this year. However, a spate of attacks in Britain since March have raised fears that travellers could be deterred again. Japan Airlines Co ( 9201.T ) said on Monday that demand for travel from Japan to Europe remained slow. "One of the things that has been very sluggish is the flow of Japanese people to Europe because of the threat of terrorism," Chairman Masaru Onishi said. (Reporting by Victoria Bryan; Editing by Andrew Hay) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-airlines-iata-lufthansa-idUKKBN18W2XC'|'2017-06-06T08:02:00.000+03:00'
'4fa3021e2f109317711c2a44bd61f7f355b586e6'|'Aggreko finance chief resigns; to leave within a year'|' 28am BST Aggreko finance chief resigns; to leave within a year Aggreko Plc, the world''s largest temporary power provider, said Chief Financial Officer Carole Cran had tendered her resignation after 13 years in the role to become the finance head of Forth Ports Ltd, a Scottish infrastructure funds-owned company. The company, whose kits power major events and cover electricity shortfalls, said on Tuesday it would initiate a process to identify her successor and Cran would leave within the next 12 months following an orderly handover. Cran''s departure comes less than a month after Aggreko announced the immediate departure of Nicolas Fournier, its managing director of power solutions since November 2015. The company has been hit by lower demand for its generators from North American oil and gas customers, who cut spending after commodity prices slumped. It has also had to price in a "significant" discount to secure a 200 megawatt contract in Argentina -- its single largest market. This move lead Aggreko to issue a profit warning in March. (Reporting by Esha Vaish in Bengaluru; Editing by Sunil Nair)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-aggreko-cfo-idUKKBN18X0HV'|'2017-06-06T14:28:00.000+03:00'
'3b78a82acba2895b361d2d93b2a5b8199a848fd3'|'Russian court rules to raise Rosneft claim against Sistema - agencies'|'Business   10:13am BST Russian court rules to raise Rosneft claim against Sistema - agencies FILE PHOTO: The shadow of a worker is seen next to a logo of Russia''s Rosneft oil company at the central processing facility of the Rosneft-owned Priobskoye oil field outside Nefteyugansk, Russia, August 4, 2016. REUTERS/Sergei Karpukhin/File Photo MOSCOW A Russian court ruled on Tuesday to increase a damages claim filed by oil major Rosneft against business conglomerate Sistema to 170.6 billion roubles (2.3 billion pounds), Russian news agencies reported. Rosneft said last month it would increase its claim, up from an original 106.6 billion roubles, due to the weakening of the rouble. (Reporting by Jack Stubbs; Writing by Dmitry Solovyov; Editing by Jack Stubbs)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-russia-sistema-lawsuit-idUKKBN18X0W5'|'2017-06-06T17:13:00.000+03:00'
'23aab759f93929938f813e3fb201285bfb431179'|'Greek ruling party says IMF debt proposal not helpful in impasse'|'Business News - Tue Jun 6, 2017 - 3:21pm BST Greek ruling party says IMF debt proposal not helpful in impasse FILE PHOTO: Greek Prime Minister Alexis Tsipras and Finance Minister Euclid Tsakalotos attend a parliamentary session before a vote on the latest round of austerity Greece has agreed with its lenders, in Athens, Greece, May 18, 2017. REUTERS/Alkis Konstantinidis ATHENS A proposal by IMF Chief Christine Lagarde offering a way out of Greece''s debt impasse with its European lenders does not contribute toward reaching an "honorable solution," Greece''s ruling Syriza party said on Tuesday. The IMF believes Greece needs significant debt relief, which Germany rejects. Lagarde suggested agreeing a deal whereby the IMF would stay on board in the bailout, as Berlin wants, but not pay out further aid until debt relief measures are clarified. Syriza''s political committee, in which Prime Minister Alexis Tsipras and his finance minister participated on Tuesday, said the proposal pushed back decisions and "does not contribute positively in the direction of finding an honorable and commonly accepted solution." The committee said any debt deal must meet sustainability conditions under the ECB''s terms and facilitate Greece''s return to bond markets. It said Greece had met its obligations toward it creditors and called on its creditors to do the same. (Reporting by Renee Maltezou)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-eurozone-greece-debt-idUKKBN18X1SO'|'2017-06-06T22:19:00.000+03:00'
'9244e1e831d38217956015534d885aa5413d1753'|'Noble Group''s lenders in talks on $2 billion credit line - FT'|'Business News - Tue Jun 6, 2017 - 8:17pm BST Noble Group''s lenders in talks on $2 billion credit line - FT FILE PHOTO - The company logo of Noble Group is displayed at its office in Hong Kong, China January 22, 2016. REUTERS/Bobby Yip/File Photo Noble Group''s main banks are in talks to decide whether to give the commodity trader an extension on its credit line or force it into a restructuring or liquidation, the Financial Times newspaper said on Tuesday, citing sources with knowledge of the discussions. Banks including HSBC ( HSBA.L ), Societe Generale ( SOGN.PA ), ABN Amro ( ABNd.AS ), Citigroup ( C.N ) and ING ( INGA.AS ), have appointed legal advisers to consider the case for extending the $2 billion (1.55 billion pounds) line of credit, "so the Hong Kong-based company can continue its lengthy search for a major new investor to recapitalise the business", the FT said. Law firm Clifford Chance has been appointed by Noble''s lenders to advise on whether bankruptcy or liquidation would give them the best means of recouping the borrowing provided to Noble if the credit line is not extended, the paper said. Banks have also hired consultants Alvarez & Marsal, who are assessing the collateral pledged by Noble against the credit line, FT said. The struggling commodity trader is asking banks to extend the credit line until the end of the year while it looks for a strategic investor. Citigroup, ING and Noble Group declined to comment. HSBC, Societe Generale and ABN Amro did not immediately respond to requests for comment outside regular business hours. "I think it is likely that (Noble) will get some extension (to the credit line) but it all depends on how much the lenders believe in the credibility of management and its plans," an executive at one of Noble’s lenders was quoted as telling the FT. Noble has struggled ever since Iceberg Research questioned its accounts in early 2015, which came at a time of a brutal downturn in commodity markets. The company has stood by its accounts. But the share price collapsed and credit rating downgrades, management upheavals and a series of writedowns, asset sales and a fundraising ensued. Earlier this year the company reported it made a net profit of just $8.7 million in 2016, following a net loss of $1.67 billion in 2015, its first loss in nearly two decades. Noble''s market value has shrunk to $354 million currently from $6 billion in February 2015. (Reporting by Sangameswaran S in Bengaluru; Editing by Greg Mahlich)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-noble-grp-banks-credit-line-idUKKBN18X2LD'|'2017-06-07T03:17:00.000+03:00'
'728159f857976a436f294973f6953c295e9ef24e'|'Anglo American names Stuart Chambers as next chairman'|'  8:33am BST Anglo American appoints Chambers as next chairman FILE PHOTO: The AngloAmerican logo is seen in Rusternburg, South Africa, October 5, 2015. REUTERS/Siphiwe Sibeko/File Photo Anglo American said on Wednesday Stuart Chambers, former chairman of technology firm ARM Holdings and beverage can maker Rexam, would become the miner''s next chairman to carry on rebuilding the company. Chambers will join as non-executive director and chairman designate on Sept. 1 and will become chairman on Nov. 1, Anglo said in a statement. Current chair John Parker, who will step down on Oct. 31, has presided over the company for eight years, including seeing it through a deep commodity price crash in 2015-16. Last year Anglo recovered strongly, leading gains on the FTSE with a 300 percent rally after a 75 percent fall in 2015. This year, the recovery has stalled as the commodity rally has faltered and challenges for the new chairman will include dealing with Indian billionaire Anil Agarwal, who bought a 2 billion pound stake in the company. CEO Mark Cutifani said Chambers was bringing relevant skills in "technology-led innovation" and would help to continue to rebuild Anglo. "We have materially restored Anglo American''s balance sheet and transformed the business performance over the last three years, and our task now is to unlock the very considerable value that we can see from our world-class asset base," Cutifani said. Chambers, aged 61, served as chairman of ARM Holdings, regarded as Britain''s most successful technology firm, and Rexam until 2016 when both companies were taken over. Before that he was non-executive director at Tesco until 2015 and he began his career at oil major Shell as a chemical engineer. "Anglo American has emerged from the commodity price downturn more resilient and with a renewed sense of purpose, both strategically and in terms of the role it plays in society," Chambers said. Shares in Anglo were up 0.14 percent at 1,047p at 0730 GMT. (Reporting by Rahul B in Bengaluru and Barbara Lewis in London; editing by Jason Neely)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-anglo-american-chairman-idUKKBN18Y0FH'|'2017-06-07T14:15:00.000+03:00'
'19e8b692f0b26387c0375311171badca5fef8a94'|'ICE expands London gold contract ahead of LME''s rival offering'|'Business News - Wed Jun 7, 2017 - 4:08pm BST ICE expands London gold contract ahead of LME''s rival offering FILE PHOTO - Gold bullion is displayed at Hatton Garden Metals precious metal dealers in London, Britain July 21, 2015. REUTERS/Neil Hall/File Photo LONDON Intercontinental Exchange (ICE) ( ICE.N ) has substantially expanded the range of dates that its London gold futures contract can be traded, as it seeks to beat rival exchanges to gain a foothold in the city''s $5 trillion-a-year (£3.85 trillion-a-year) bullion market. ICE said that from May 22 its daily futures contract could be traded on dates up to three months into the future. Previously it could be traded only two days ahead of settlement. "This extension of the trading curve will provide the ability to trade a Gold Daily futures contract pricing delivery on each Eligible Contract Date three calendar months into the future," the exchange said in a market notice. ICE launched its London gold contract in January and has moved to promote it ahead of the launch in July of a rival suite of gold and silver contracts by the London Metal Exchange. ICE has used its contract to clear London''s gold price benchmark auction, which it administers, but outside that process the contract has barely traded. The LME, ICE and CME Group ( CME.O ) are all launching London gold contracts this year, betting that tightening regulation will force banks to stop trading gold bilaterally and use more transparent, centrally-cleared exchanges instead. (Reporting by Peter Hobson, editing by David Evans)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-gold-trading-ice-idUKKBN18Y253'|'2017-06-07T23:08:00.000+03:00'
'3c715c167cd54747b0e4f028e3e21287054b1ac1'|'WPP reports slight rise in four-month comparable sales'|'Wed Jun 7, 2017 - 12:52pm BST WPP reports slight rise in four-month comparable sales Martin Sorrell CEO of WPP attends the World Economic Forum (WEF) annual meeting in Davos, Switzerland January 17, 2017. REUTERS/Ruben Sprich WPP ( WPP.L ), the world''s largest advertising group, reported a slight increase in like-for-like net sales growth in the first four months of 2017, saying there was growth in all regions and businesses, except North America and data investment management. The British company, led by founder and CEO Martin Sorrell, reported a 0.7 percent rise in like-for-like net sales growth, compared to a rise of 0.8 percent in the first quarter. Reported net sales rose 16.7 percent to 4.17 billion pounds ($5.38 billion), WPP said in a statement ahead of its annual general meeting on Wednesday. WPP had rattled investors in March when it cut its 2017 sales forecast, citing an ultra competitive environment in which rivals were having to fight for every dollar of advertising spending. Shares in the company were down 1.9 percent at 1689 pence at 1129 GMT, making it one of London''s biggest blue-chip fallers. (Reporting by Noor Zainab Hussain in Bengaluru. Editing by Jane Merriman)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-wpp-outlook-idUKKBN18Y1JL'|'2017-06-07T19:52:00.000+03:00'
'34e764a89097ee8acc7966c31d458778acc717e5'|'IKEA to try selling through third parties'|'Technology News - Wed Jun 7, 2017 - 1:18pm EDT IKEA to try selling through third parties left right FILE PHOTO: A shopper walks past a sign outside an IKEA store in Wembley, north London, Britain, January 28, 2015. REUTERS/Neil Hall/File Photo 1/4 left right FILE PHOTO: A man is seen in an Ikea shop in a mall in Rome, Italy, May 19, 2017. REUTERS/Max Rossi/File Photo 2/4 left right FILE PHOTO: People are seen in an Ikea shop in a mall in Rome, Italy, May 19, 2017. REUTERS/Max Rossi/File Photo 3/4 Inter IKEA Chief Executive Torbjorn Loof speaks in Almhult, Sweden, June 7, 2017. REUTERS/Anna Ringstrom 4/4 STOCKHOLM IKEA plans to test selling its products on websites other than its own, the head of brand and strategy owner Inter IKEA Group said on Wednesday, as the world''s biggest home furnishing retailer targets more online customers. The move means IKEA''s [IKEA.UL] customers may soon be able to buy its flat-pack furniture and other home furnishings through the likes of Amazon ( AMZN.O ), which has said it plans to venture into furniture, or Chinese rival Alibaba ( BABA.N ). Inter IKEA Group Chief Executive Torbjorn Loof said in an interview the plan is to start testing in 2018. "On digital platforms, we only sell our products through our own website, and there we also see that the competitive landscape is changing," Loof said. Loof would not be drawn on which companies he had in mind to sell through and said no contracts have yet been signed. "I leave unsaid on which (platforms), but we will test and pilot, to see ''what does this mean, what does digital shopping look like in future and what do digital shopping centers mean?''," he said. IKEA, known for its warehouse-like stores, has recently restructured to give its retail arm more freedom. The Swedish firm has never sold its goods through another company and is also trying new smaller store formats and stepping up integration of stores and online to adapt to new ways of shopping. In the fiscal year through August 2016, online sales at IKEA Group, which owns most IKEA stores worldwide, jumped 30 percent to 1.4 billion euros ($1.6 billion), a small fraction of total sales which were up 7 percent to 34.2 billion euros. The web of companies that make up IKEA have in the past couple of years focused ownership of retail operations, which also include shopping centers and food retail, on IKEA Group, the main franchisee to Inter IKEA Group. Supply chain management and design has transferred to brand owner and franchisor Inter IKEA Group. Hopes are that with IKEA Group focusing fully on retail, it will be better placed to defend its market-leading position and maintain growth as competition and consumer expectations evolve. "There is a rapid change in the market where much of what we have learned and what we know of is changing radically," Loof said, adding that he expects IKEA to keep its leading position. "We have one great advantage and that is that we design, produce and distribute our own unique range." (Reporting by Anna Ringstrom; Editing by Elaine Hardcastle) '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-ikea-strategy-idUSKBN18Y2JM'|'2017-06-08T01:08:00.000+03:00'
'7c7178d7ffcc34ab533dc5e3178e5c1c94162970'|'British Airways commissions independent study of IT outage'|'Business News - Mon Jun 5, 2017 - 6:14pm BST British Airways commissions independent study of IT outage People queue with their luggage for the British Airways check-in desk at Gatwick Airport in southern England, Britain, May 28, 2017. REUTERS/Hannah McKay CANCUN, Mexico British Airways has commissioned an independent study to look into last month''s shutdown of its data centre, which knocked out its systems and stranded 75,000 people over a bank holiday weekend, its parent company''s CEO said on Monday. "We have commissioned an independent company to conduct a full investigation," International Consolidated Airlines Group SA Chief Executive Officer Willie Walsh told journalists at an annual airline industry meeting in Mexico. "It will be peer reviewed, and we will be happy to disclose details. "I''m hoping that people will be able to learn from the experience that we have had, and we''ll all be better as a result," he said. Walsh said the incident occurred when an electrical engineer disconnected the uninterruptible power supply, therefore shutting down the data centre. That would not have been a big problem in itself, he said, but the damage was caused when the power was restored in an uncontrolled fashion. "It''s very clear to me that you can make a mistake in disconnecting the power," he said. "It''s difficult for me to understand how to make a mistake in reconnecting the power." Walsh, who apologised again to customers, said the incident had damaged the British Airways brand but that the airline would recover. "This is something I wouldn''t wish on anybody," he said. "When you see customers who suffered, you wouldn''t want it to happen to any airline or any business." (Reporting by Victoria Bryan; Editing by Chizu Nomiyama and Lisa Von Ahn)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-airlines-iata-iag-idUKKBN18W25W'|'2017-06-06T01:14:00.000+03:00'
'6f102f34c4a6ef7450011f6f56191c3687a5af78'|'Port bans choke Qatar''s commodity trade as gas supply worries grow'|'Business News - Tue Jun 6, 2017 - 12:06pm EDT Port bans choke Qatar''s commodity trade as gas supply worries grow left Buildings are seen on a coast line in Doha, Qatar June 5, 2017. REUTERS/Stringer - 1/2 A map of Qatar is seen in this picture illustration June 5, 2017. REUTERS/Thomas White/Illustration 2/2 By Roslan Khasawneh and Oleg Vukmanovic - SINGAPORE/LONDON SINGAPORE/LONDON A campaign by leading Arab powers to isolate Qatar is disrupting trade in commodities from crude oil to metals and food, and deepening fears of a possible shock to the global gas market, where the tiny Gulf state is a major player. Just a day after Saudi Arabia and its Arab allies severed transport links with Qatar over a diplomatic row, bans on Doha''s fleet using regional ports and anchorages threatened to halt some of its exports and disrupt those of liquefied natural gas (LNG). Infographic ID: ''2syp5FR'' Traders worried that Riyadh''s allies would refuse to accept LNG shipments from the Gulf state, and that Egypt might even bar tankers carrying Qatari cargoes from using the Suez Canal as they head to Europe and beyond - although Cairo is bound by an international agreement to let them use the waterway. Saudi Arabia, Egypt, the United Arab Emirates (UAE) and Bahrain severed relations with Qatar and closed their airspace to commercial flights on Monday, in the worst split between powerful Arab states in decades. U.S. President Donald Trump joined in the dispute on Tuesday, saying leaders he met on a Middle East trip had warned him that Doha was funding "radical ideology" after he had demanded they take action to stop financing militant groups. Qatar vehemently denies the accusations made against it. Qatar is now unable to load crude oil onto supertankers together with other Gulf-based grades, and price agency S&P Global Platts said it would not automatically include the country in its Middle East price benchmark. The agency noted that tankers usually combine Qatari shipments with crude from Kuwait, Saudi Arabia, the UAE and Oman before heading from the Gulf. "Restrictions on vessels calling into Qatar and associated uncertainty could impact the inherent value of crude loading from Qatar," it said. More worryingly, food imports are affected as Saudi Arabia closed its land border with Qatar, stranding thousands of trucks carrying supplies. Sources said the UAE and Saudi Arabia have already cut exports of white sugar to Qatar. Consumption is traditionally higher during the Muslim holy month of Ramadan, which is currently being observed. Qatar, which largely depends on food imports for its population of 2.5 million, has assured residents it has taken measures to assure that normal life continues. However, shoppers packed stores on Monday to stock up. On Tuesday, fresh poultry and some types of milk were in short supply at two supermarkets visited by a Reuters reporter. However, plenty of fruit and vegetables remained on the shelves. EXCLUSION ZONES With exclusion zones sweeping into effect, vessels from Qatar are no longer able to dock in the UAE or Saudi Arabia as planned. According to shipping data on Thomson Reuters Eikon, around half a dozen oil, chemical and LNG tankers have had to leave UAE waters or have halted in the open ocean. Bans on Qatar-linked oil and LNG vessels refueling at the UAE''s port of Fujairah have added to chaos, pushing shippers to find new refueling points at extra cost, industry sources said. Lying near the Strait of Hormuz, through which ships pass on their way to customers in Asia, the United States or Europe, Fujairah is one of the world''s most important ports for the global energy market. Qatar, the world''s biggest LNG seller, is moving to send a first batch of LNG tankers as far afield as Singapore and Gibraltar to refuel with Fujairah now off limits. Some trade sources said this could increase costs and delay deliveries to its clients globally. The UAE''s ban also effectively halts deliveries of LNG produced in Qatar to the Gulf state, trade sources said. Royal Dutch Shell has a deal with the Dubai Supply Authority to deliver up to three LNG cargoes per month, typically sourced from Qatar. "This shouldn''t affect the spot market though. Shell will simply need to go into its global portfolio and find LNG from elsewhere to send to Dubai. It''s a minor inconvenience," one LNG trader said. LNG traders are on high alert for signs of disruption through the Suez Canal. They are tracking the Al Ruwais LNG tanker, which is nearing the waterway and plans to become the first Qatari cargo to pass through since the row erupted. Cairo has made no official statement. However, a Suez Canal Authority official said that under an international agreement, Cairo allows all ships to pass through except for those from countries at war with Egypt. The Suez Canal does not have the power to prevent Qatari ships from passing, the official added, speaking on condition of anonymity. Any tanker barred from using the canal would have to sail around Africa, adding a month to shipping times. Such disruption could boost demand for Russian gas, just as Europe is trying to reduce its reliance on such supplies due to disputes with Moscow over its role in the Ukraine crisis. Another test will be a batch of LNG shipments of Qatari origin being brought by commodity trader Trafigura to Egypt. These are due to arrive at the country''s Ain Sokhna port over the coming days and weeks, trade sources said. Any sign that state-run importer Egyptian Natural Gas Holding would bar LNG of Qatari origin would probably push up spot prices sharply as middlemen seek alterative supplies. Last year Qatar produced 60 percent of all LNG imported by Egypt, all of which was brought in by third-party traders such as Trafigura, Glencore and Vitol. "The biggest impact will be if Egypt tries to restrict vessels coming through the canal or if they ban Qatari LNG from local ports," a trading source said. The rift has also hit aluminum exports from a Qatari plant part-owned by Norway''s Norsk Hydro ( NHY.OL ) as it has lost access to the large Jebel Ali port in the UAE, through which it typically runs exports operations. Circumventing barriers to customers in Asia, Europe and the United States will take some time, the company said, showing how the diplomatic face-off is inflicting havoc on global supply chains. (Additional reporting by Jessica Jaganathan, Mark Tay, Yousri Ahmed and Eman Kamel; Editing by Christian Schmollinger and David Stamp) '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-gulf-qatar-commodities-idUSKBN18X1Y2'|'2017-06-06T23:17:00.000+03:00'
'4f8280fe7617f02a0af24ae0293b19119c8465e7'|'Private equity firm Warburg Pincus to invest $300 million in Princeton GV'|'MUMBAI An affiliate of private equity firm Warburg Pincus [WP.UL] will invest up to $300 million in Princeton Growth Ventures which aims to build a global tech, media and telecoms (TMT) infrastructure business.Princeton GV''s business will particularly focus on data centers and digital media services in emerging markets such as India and China, the company said in a statement on Tuesday."We believe telecom companies will increasingly divest non-core assets, which should lead to a number of attractive investment opportunities in data centers and the broader TMT infrastructure sector," Viraj Sawhney, managing director, Warburg Pincus, said in the statement.(Reporting by Sankalp Phartiyal; Editing by Subhranshu Sahu)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-warburg-pincs-investment-idINKBN18X1GK'|'2017-06-06T10:12:00.000+03:00'
'0ab682cb2e2effd34cf1e56956e6597211d54aa5'|'Hydro says Qatalum may opt for direct shipments to unblock exports'|'Market News - Tue Jun 6, 2017 - 4:18am EDT Hydro says Qatalum may opt for direct shipments to unblock exports OSLO, June 6 Qatari aluminium firm Qatalum may start direct shipments of metals from its plant to unblock exports halted by a regional diplomatic row, a spokesman for Norway''s Norsk Hydro said. Until now, the aluminium has been exported by ships from Qatar to the Jebel Ali port in the United Arab Emirates, where it was transferred to larger vessels for exports to customers in Asia, Europe and the United States. The UAE port was no longer available after Saudi Arabia, Egypt, UAE and other broke off relations with Qatar on Monday. In addition to direct shipments, other export options may include the use of a different regional hub, the Hydro spokesman said. Hydro owns a 50 percent stake in Qatalum. (Reporting by Joachim Dagenborg, editing by Terje Solsvik)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/gulf-qatar-norsk-hydro-exports-idUSO9N1IC00D'|'2017-06-06T16:18:00.000+03:00'
'f31bfcc7add0ff4a72d746d8fc95fec6e6620223'|'EU to investigate distribution practices of clothing group Guess'|'Business  48am BST EU to investigate distribution practices of clothing group Guess The logo of U.S. clothing manufacturer Guess is seen outside a store in Vienna, Austria, June 4, 2016. REUTERS/Leonhard Foeger BRUSSELS The European Commission said on Tuesday it would open a formal investigation into clothing group Guess ( GES.N ), saying it suspected the company of banning retailers from selling its products across the EU''s national borders. The Commission said that if confirmed, such practices were against EU law guaranteeing the free movement of goods across the single market. "We are going to investigate Guess''s practices further to ensure that it is playing by the rules and not preventing consumers from buying products across borders," Competition Commissioner Margrethe Vestager said. (Reporting by Robert-Jan Bartunek; editing by Philip Blenkinsop)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-eu-competition-guess-idUKKBN18X0Z2'|'2017-06-06T17:46:00.000+03:00'
'2e26bc25ab318d7396f1d57c485b830f2118cc3a'|'Bourses say big bang mergers sidelined by ''quiet'' hunt for content'|'Deals  52pm BST Bourses say big bang mergers sidelined by ''quiet'' hunt for content FILE PHOTO: The German share prize index (DAX) board and the trading room of Frankfurt''s stock exchange (Boerse Frankfurt) are photographed with a circular fisheye lens during afternoon trading session in Frankfurt, Germany, February 23, 2016. REUTERS/Kai Pfaffenbach/File Photo By Huw Jones - LONDON LONDON The collapse of Deutsche Boerse and London Stock Exchange''s attempt to create a superbourse has left exchanges focusing on low key, incremental acquisitions, top bourse officials said on Tuesday. The third attempt to link up London and Frankfurt ended in March after it faced opposition from European Union competition regulators, and from German officials who opposed the head office being based in Britain. The collapse has left exchanges looking at smaller or "quiet advances" in mergers and acquisitions, such as in financial technology, data and other content, Deutsche Boerse Chief Executive Carsten Kengeter told an IDX derivatives conference. Kengeter said the political mood was becoming more national, going against the grain of global capital markets, and rival CME Group ( CME.O ) also suggested incremental rather than "big bang" moves. CME president Bryan Durkin said the Chicago based exchange would continue to build up its services to Europe from the United States after deciding to shut its London based clearing and trading platforms. "Europe is quite big in terms of the opportunities is presents for us," Durkin said. "Our focus is very much on building up the very solid footprint that we have established here and taking it to the next level on an international perspective." Jeff Sprecher, chairman and chief executive of the Atlanta-based Intercontinental Exchange ( ICE.N ) said it has been "quietly expanding" to become a "network and content" business. ICE, which also operates the New York Stock Exchange, said on June 1 it planned to buy the global research index platform from Bank of America Merrill Lynch. "We have increasingly thought of our business as essentially a network business that needs to continually to grow with content that needs to be relevant," Sprecher said. ICE''s purchase came just days after the London Stock Exchange said it was buying Citibank''s ( C.N ) Yield Book fixed-income analytics services and its related indexing business for $685 million. (Reporting by Huw Jones, editing by Louise Heavens)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-markets-exchange-m-a-idUKKBN18X1PX'|'2017-06-06T21:43:00.000+03:00'
'3d5390df95dab4297d7f724f3f2ba1647ae82c01'|'China''s CITIC Bank approves deal for stake in Kazakh lender'|'SHANGHAI China''s CITIC Bank Corp Ltd ( 601998.SS ) said late on Wednesday its board had approved a deal to buy a 60 percent stake in Kazakhstan''s Altyn Bank, a subsidiary of Halyk Bank HSBK.KZ( HSBKq.L ), the country''s No.2 lender by assets.Halyk Bank said in November it had reached an agreement to sell a controlling stake in its subsidiary to CITIC Bank, without giving any financial details.In a filing to the Hong Kong stock exchange, CITIC Bank said that it would make the acquisition through "public transactions" on the Kazakhstan Stock Exchange at a price determined at the time of purchase.Altyn Bank is a medium-sized lender with assets of about $930 million, targeting both retail and corporate customers. Before Halyk bought it in 2014, it had been a unit of HSBC.Chinese President Xi Jinping is currently visiting Kazakhstan, which neighbors China to the west and is a trade partner, including in Beijing''s "Belt and Road" plan to develop infrastructure deals around the region.Chinese lenders Bank of China ( 601988.SS ) and Industrial and Commercial Bank of China ( 601398.SS ) also have subsidiaries in Kazakhstan, although they are smaller than Altyn and focus on corporate lending.(Reporting by Adam Jourdan; Editing by Richard Pullin)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-altyn-bank-m-a-citic-bank-idINKBN18Y3C6'|'2017-06-07T21:59:00.000+03:00'
'7d2d55e9571614223f76203b02ebcc64294e606e'|'SoftBank unit agrees to buy Boston Dynamics from Alphabet Inc'|'June 8 SoftBank Group Corp said on Thursday that a subsidiary of the company had agreed to buy robotics firm Boston Dynamics from Alphabet Inc.The company did not disclose the terms of the deal.SoftBank said in a statement that as part of the transaction with Alphabet it had also agreed to acquire Japanese bipedal robotics company Schaft. (Reporting by Gaurika Juneja in Bengaluru)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/alphabet-ma-softbank-group-idUSL3N1J6029'|'2017-06-09T08:30:00.000+03:00'
'3c6d641a8c9395a4cc625caee6961980ddd3aa43'|'Alitalia could be sold without being broken up: Italy commissioner'|'ROME Italy''s loss-making airline Alitalia, which has been put under state administration, could still be sold as a whole and not broken up into pieces, one of the three commissioners managing the company said on Wednesday.Alitalia commissioner Luigi Gubitosi, after meeting with Industry Minister Carlo Calenda, was asked if the airline could still be sold in one piece."Absolutely yes," he replied, "but it must be said that we are at the very beginning phase of the offers."The government has received 32 expressions of interest in Alitalia, though Italian media have said that many of the potential buyers are interested only in portions of the company.(Reporting by Alberto Sisto, writing by Steve Scherer; Editing by Isla Binnie)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-alitalia-m-a-idINKBN18Y2G0'|'2017-06-07T14:40:00.000+03:00'
'2207f6690dd38af32c69cde2a6ba09c7ba4bcc7d'|'Santander purchase of Popular is good outcome: Spanish Economy Minister'|'Deals - Wed Jun 7, 2017 - 10:25am EDT Santander purchase of Popular is good outcome: Spanish Economy Minister FILE PHOTO: Spain''s Economy Minister Luis de Guindos speaks during a news conference after the weekly cabinet meeting at Moncloa Palace in Madrid, Spain March 31, 2017. REUTERS/Sergio Perez MADRID Spanish Economy Minister Luis de Guindos said on Wednesday Santander''s ( SAN.MC ) acquisition of Popular ( POP.MC ) carried out under the guidelines of the European Central Bank was a good resolution for the troubled bank. "It''s a good outcome for the bank, given the situation it had arrived at in recent weeks, as it implies maximum protection for depositors and continuity of the bank''s operations," Minister Luis de Guindos said in a statement. The operation would not involve tax payer money and avoided any credit risk contagion for Spain and its banking sector, he said. (Reporting By Sonya Dowsett; Editing by Jesus Aguado) '|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-popular-m-a-santander-minister-idUSKBN18Y0NQ'|'2017-06-07T18:25:00.000+03:00'
'7cba03b177210df587115b6b5f8a88e6cacffe69'|'UK Stocks-Factors to watch on June 7'|'June 7 Britain''s FTSE 100 index is seen opening 1 point higher on Wednesday, according to financial bookmakers. * EASYJET: British budget airline easyJet said on Tuesday it would close its Hamburg base next summer, as part of a strategy to focus on its core European airports. * CHESNARA: UK insurer Chesnara said on Tuesday it could move its headquarters to the Netherlands or Sweden if required, depending on the regulatory situation after Britain leaves the European Union. * ICAG: British Airways cancelled nearly 60 percent of its flights on May 27 when an IT outage knocked out the airline''s systems and stranded 75,000 people over a holiday weekend. * RIO: Rio Tinto Ltd on Wednesday detailed pricing for a $781 million cash tender as part of its already announced $2.5 billion bond buyback to reduce its debt. * SHELL/NORWAY: About 150 oil platform workers would go on strike, potentially disrupting output from several Norwegian fields, if they fail to get a pay deal by midnight on Friday, their union said on Tuesday. * The UK blue chip index closed flat in percentage terms at 7,524.95 points on Tuesday , while the more domestically-exposed mid cap index dropped more than 1 percent, as investors sought safety in precious metals miners and defensives ahead of Thursday''s general election, while British mid caps dropped close to a three-week low. * For more on the factors affecting European stocks, please click on: cpurl://apps.cp./cms/?pageId=livemarkets * UK CORPORATE DIARY: Workspace Group Plc Full Year RPC Group Plc Full Year TODAY''S UK PAPERS > Financial Times > Other business headlines Multimedia versions of Reuters Top News are now available for: * 3000 Xtra : visit topnews.session.rservices.com * For Top News : topnews.reuters.com (Reporting by Rahul B in Bengaluru; Editing by Sunil Nair)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/britain-stocks-factors-idINL3N1J422H'|'2017-06-07T03:33:00.000+03:00'
'62c73dc0999a8a46508e1ed8123feaf570370863'|'RPC full-year revenue surges 67 percent, aided by acquisitions'|'Business  43am BST RPC full-year revenue surges 67 percent, aided by acquisitions British packaging company RPC Group Plc reported a 67 percent rise in its full-year revenue, helped partly by acquisitions, and said it had started the financial year in line with management''s expectations. The company said adjusted operating profit rose 76.8 percent as it recognised better cost savings from its acquisition of Letica Corporation Inc, British Polythene Industries and Global Closure Systems during the year. RPC Group reported adjusted operating profit of 308.2 million pounds for the full-year ended March 31, on revenue of 2.75 billion pounds. The weakening of the sterling following the European Union referendum boosted its operating profit by 29 million pounds, the company said. RPC, which gets about 70 percent of its revenue from outside the UK, has been positioning itself to benefit from a weak sterling since the United Kingdom voted to leave the EU. (Reporting by Justin George Varghese and Sanjeeban Sarkar in Bengaluru; Editing by Sunil Nair)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-rpc-group-results-idUKKBN18Y0IE'|'2017-06-07T14:43:00.000+03:00'
'7447938092fe2e40412a0a60abea1c881c51d551'|'Exclusive - Toshiba seeks chips buyer by June 15, blasts bidder Western Digital'|'Business News - Wed Jun 7, 2017 - 4:33pm BST Exclusive - Toshiba seeks chips buyer June 15, blasts bidder Western Digital FILE PHOTO: A logo of Toshiba Corp is seen outside an electronics retail store in Tokyo, Japan, February 14, 2017. REUTERS/Toru Hanai/File Photo TOKYO Japan''s Toshiba Corp ( 6502.T ) aims to name a winner for its prized semiconductor unit next week, people familiar with the matter said on Wednesday, even as the struggling conglomerate criticised the chip partner that is fighting to win the lucrative business. The laptops-to-nuclear giant lashed out hours earlier with a barbed lawyer''s letter to partner Western Digital Corp ( WDC.O ), a move that may raise speculation that Toshiba is favouring the leading rival bid from U.S. chipmaker Broadcom Ltd ( AVGO.O ). Rushing to get a buyer for the prized Toshiba Memory unit to keep the empire alive, Toshiba will hold a board meeting on June 15 to tap the preferred bidder for Toshiba Memory, two sources said, setting the stage for a showdown on the sale of the prize jewel of an iconic firm struggling to survive huge losses on its now-bankrupt U.S. nuclear business in the wake of a $1.3 billion (£1 billion) accounting scandal. Toshiba did not immediately respond to a request for comment. The race for the lifeline sale of the chips unit has narrowed, sources told Reuters, to two main groups: Broadcom plus U.S. tech fund Silver Lake against a U.S.-Japan group of Toshiba chip partner Western Digital and Japanese government-related investors. (Reporting by Makiko Yamazaki, Kentaro Hamada and Taro Fuse in TOKYO, Liana Baker in SAN FRANCISCO; Editing by William Mallard)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-toshiba-accounting-western-digital-idUKKBN18Y27Q'|'2017-06-07T23:31:00.000+03:00'
'428658453f85b7d22407816709507686312c9364'|'Oil slips on worries Mideast rift could undermine OPEC cuts'|'Business   9:15am BST Oil slips on worries Mideast rift could undermine OPEC cuts A pump jack is seen at sunrise near Bakersfield, California October 14, 2014. REUTERS/Lucy Nicholson/File Photo By Christopher Johnson - LONDON LONDON Oil prices fell further below $50 a barrel on Tuesday on concerns that a diplomatic rift between Qatar and several Arab states including Saudi Arabia could undermine efforts by OPEC to tighten the market. Benchmark Brent crude oil LCOc1 was 15 cents a barrel lower at $49.32 by 0755 GMT, down around 8 percent from the open of futures trading on May 25, when an OPEC-led policy to cut oil output was extended into the first quarter of 2018. U.S. light crude CLc1 was down 15 cents at $47.25. Leading Arab powers including Saudi Arabia, Egypt and the United Arab Emirates cut ties with Qatar on Monday, accusing it of support for Islamist militants and Iran. Steps taken include preventing ships coming from or going to the small peninsular nation from docking at Fujairah, in the UAE, used by Qatari oil and liquefied natural gas (LNG) tankers to take on new shipping fuel. "The measures by the anti-Qatar alliance signal commitment to forcing a complete change in Qatari policy or creating an environment for leadership change in Doha," said Ayham Kamel, head of Middle East and North Africa research for Eurasia Group. With oil production of about 620,000 barrels per day (bpd), Qatar is one of the smallest crude producers in the Organization of the Petroleum Exporting Countries, but some investors fear tension within the cartel could weaken its agreement to hold back production in order to prop up prices. Greg McKenna, chief market strategist at futures brokerage AxiTrader, said there was "a real chance" OPEC solidarity surrounding its production cuts may fracture. But other analysts said these fears were exaggerated. "The OPEC agreement stands and is highly unlikely to change because of tension with Qatar. Crude production in the Middle East will not change because of Qatar," said Oystein Berentsen, managing director for oil trading company Strong Petroleum. David Wech, managing director of Vienna-based consultancy JBC Energy, agreed: "We do not see too much cause for concern at this point regarding potential risk to the OPEC-led supply accord currently in effect." Rising U.S. production is also putting pressure on oil. U.S. crude output has jumped more than 10 percent since mid-2016 to 9.34 million bpd, industry figures show. C-OUT-T-EIA "The relentless increase in U.S. oil production appears to have the market worried that the OPEC cuts will be completely nullified by the increased U.S. production," said William O''Loughlin, analyst at Rivkin Securities. (Additional reporting by Henning Gloystein in Singapore; Editing by Dale Hudson)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-global-oil-idUKKBN18X02H'|'2017-06-06T16:13:00.000+03:00'
'8e2fa060ba475e121a25da95cbe53f81ffb5830b'|'Shawbrook rejects third buyout offer from private equity groups'|'By Noor Zainab Hussain British challenger bank Shawbrook Group Plc ( SHAW.L ) said it rejected a raised and final 868 million pounds ($1.12 billion)offer from private equity groups trying to take control of the lender."Independent directors believe that the final offer undervalues Shawbrook and its prospects and therefore advise that shareholders take no action with regards to the final offer," Shawbrook said in a statement on Tuesday.Marlin Bidco, the buyout vehicle set up by BC Partners and Pollen Street Partners, on Monday raised its offer for Shawbrook by just over 3 percent, as the bidders try to convince another 5 percent of shareholders to accept the deal.Shawbrook said that it can grow "prudently" over the medium term and reach its return on equity targets without being taken over."This decision is ill-advised," analysts at RBC Europe wrote in a research note following the announcement, saying the bidders could now walk away from the deal and that other buyers were unlikely to emerge.The latest offer represents a 27 percent premium to Shawbrook''s closing share price on March 2, a day before the lender first received a bid from the private equity firms.The offer will now remain open until June 19.The private equity groups already hold 38.8 percent of Shawbrook shares and have so far received acceptances from investors holding another 6.6 percent of the stock, leaving them just under 5 percent short of the required 50 percent backing needed for the deal to go through.The consortium first made its bid for Shawbrook in January offering 307 pence per share, upping it to 330 pence in March. However so far Shawbrook''s directors have advised shareholders to reject the offer.Founded in 2011, London-listed Shawbrook is one of several ''challenger'' banks to emerge since the financial crisis to fill a gap in small business lending after larger banks slimmed down to focus on bolstering their capital to meet tougher regulatory requirements.These challenger banks have been increasingly seen as ripe for takeovers in recent months, bankers who advise on mergers and acquisitions have said, as a prolonged period of low interest rates has squeezed earnings and the pound''s fall has made them cheaper for foreign buyers.Shares in Shawbrook were down 0.06 percent at 338.3 pence at 0713 GMT.(Reporting by Noor Zainab Hussain in Bengaluru, Editing by Lawrence White)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-shawbrook-group-buyout-idINKBN18X0GS'|'2017-06-06T04:13:00.000+03:00'
'97c3751a32611ca44f58f7b8cd9073ae0510b53a'|'PRESS DIGEST- British Business - June 6'|'June 6 - The following are the top stories on the business pages of British newspapers. Reuters has not verified these stories and does not vouch for their accuracy.The TimesOne of the London Bridge attackers was free to carry out the atrocity despite working for a man accused of helping to train the July 7 bombing ringleader and being under investigation by police and MI5. bit.ly/2rY8SwCKPMG has written to hundreds of its present and former partners to warn them about a dispute with the taxman over a bill dating from seven years ago that could lead to them being hit with demands for millions of pounds in taxes. bit.ly/2rXU9S8The GuardianBritish Airways has ordered an independent investigation into the systems meltdown that left 75,000 passengers stranded over the bank holiday weekend. bit.ly/2rXTNLlHSBC Holdings PLC is offering its employees cash bonuses of up to 2,500 pounds ($3,226) if they can persuade a colleague to move from London to the bank''s new British headquarters in Birmingham. bit.ly/2rY4hdJThe TelegraphChannel 4 has appointed Alex Mahon of the special effects software company Foundry as its next chief executive, to steer it through choppy political and commercial waters. bit.ly/2rYzeymPollen Street Capital, which owned Shawbrook before floating it on the stock market two years ago, and BC Partners have lifted their offer for Shawbrook IPO-SHAW.L by 10p a share to 340p. bit.ly/2rXPfomSky NewsScotland Yard has named two of the terrorists involved in the London Bridge attack as Khuram Shazad Butt and Rachid Redouane. bit.ly/2rYnE6pFormer Newcastle midfielder Cheick Tiote has died at the age of 30 after collapsing during a training session in China. bit.ly/2rY7qu4The IndependentTechnology companies have responded to accusations that they are not doing enough to stamp out extremist content online, in the wake of the weekend''s brutal terror attacks in London that left seven people dead and several dozen more injured. ind.pn/2rYhu6z($1 = 0.7748 pounds) (Compiled by Bengaluru newsroom)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/britain-press-business-idINL3N1J25MJ'|'2017-06-05T22:08:00.000+03:00'
'71d11cdc387d6cf3264ee19d8a84f466e12792fc'|'IMF''s Lagarde offers euro zone Greek debt compromise, Handelsblatt says'|'Business News - Mon Jun 5, 2017 - 6:19pm BST IMF''s Lagarde offers euro zone Greek debt compromise, Handelsblatt says FILE PHOTO: Managing Director of the International Monetary Fund (IMF) Christine Lagarde delivers a speech on Plenary Session of High-Level Dialogue, at the Belt and Road Forum in Beijing, China May 14, 2017. REUTERS/Kenzaburo Fukuhara/Pool BERLIN International Monetary Fund Managing Director Christine Lagarde has offered Greece''s European creditors a way out of their impasse over Athens'' debts that would allow the euro zone to release a tranche of aid later this month. The IMF believes Greece needs a debt haircut, which Germany rejects. Lagarde suggested agreeing a deal whereby the IMF would stay on board in the bailout, as Berlin wants, but not pay out further aid until debt relief measures are clarified. "There can therefore be a program in which the disbursement only takes place when the debt measures have been clearly outlined by the creditors," she told Handelsblatt in pre-released comments to run in its Tuesday edition. The compromise could allow euro zone finance ministers to give the go-ahead for their next payment of their tranche of aid at their meeting on June 15, Handelsblatt said. "It is a possibility for an agreement," Lagarde said. Greece has about 7 billion euros ($7.9 billion) of debt maturing in July, a sum it will not be able to repay unless it gets new loans out of its current bailout worth up to 86 billion euros, the third aid program since its debt crisis began. Euro zone finance ministers failed to agree with the IMF last month on debt relief terms for Greece. They did not release new loans to Athens but recognized it had made significant progress with reforms. Greece hopes that euro zone finance ministers will offer enough clarity in June on debt relief measures that could be carried out after its bailout ends in 2018, to show investors that its debt - now at 197 percent of GDP - will be sustainable and help it return to bond markets as early as this summer. (Writing by Paul Carrel, editing by Larry King and Susan Fenton)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-eurozone-greece-idUKKBN18W283'|'2017-06-06T01:16:00.000+03:00'
'0e508a17515d90def7f98ccede90b048a400844e'|'Italy backs ArcelorMittal bid for troubled Ilva steel plant'|'Business News - Mon Jun 5, 2017 - 10:37pm BST Italy backs ArcelorMittal bid for polluted Ilva steel plant FILE PHOTO: ILVA steel plants are seen in Taranto at sunset August 5, 2012. REUTERS/Yara Nardi ROME The Italian government supports a joint bid by ArcelorMittal MT.AS and Marcegaglia group for the polluted Ilva steel plant in southern Italy, the Industry Ministry said on Monday. Industry Minister Carlo Calenda has signed a decree backing the 1.8 billion euro (1.57 billion pounds) offer from the world''s largest steelmaker and Marcegaglia for Europe''s biggest steel plant by output capacity, the ministry said in a statement. Italy has been trying to sell Ilva, which is near the port city of Taranto, since 2015 when the state took full control of the plant in a bid to clean up the polluted site and save thousands of jobs in an economically depressed area. The commissioners running Ilva said last month the ArcelorMittal consortium had won the bidding but unions opposed the thousands of layoffs involved in its plan. A rival consortium led by India''s JSW Steel ( JSTL.NS ) raised its offer. Under the plan presented by the ArcelorMittal consortium, called Am Investco Italy, Ilva''s total workforce, which includes two smaller bases in northern Italy, will be cut from more than 14,000 to eventually reach 8,480 by 2024, the ministry said. Up to 4,100 of those to be laid off will be eligible for state unemployment support. Am Investco has said it was open to trying to reduce the number of job losses in the near term, the ministry said. The next step in the sale process involves the environment ministry examining Am Investco''s plans for cleaning up the site. Once the ministry issues its decree, expected during autumn this year, the deal must be approved by the European Union. Steel production will remain at 6 million tonnes a year during the clean-up of the site, which magistrates sequestered in 2012 amid allegations its emissions were causing abnormally high cancer rates. ArcelorMittal chief executive Lakshmi Mittal said in a statement that the company "will work with all interested parties to guarantee Ilva, its workers and the regions where it operates a better, more stable and sustainable future." By 2024, Am Investco aims to have boosted output to the full 8 million tonnes Ilva is authorised to produce, the statement said, using three of Ilva''s original five furnaces. The plan also includes a pledge to invest about 2.4 billion euros in technology and environmental improvements. (Reporting by Isla Binnie; editing by David Clarke and Grant McCool)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-ilva-italy-idUKKBN18W2KC'|'2017-06-06T03:51:00.000+03:00'
'894166591978ca786adca81163d293dc746cf4de'|'Factbox: Elliott Advisors'' top five holdings'|'LONDON Activist investor Elliott Advisors suffered a setback when U.S. paint maker PPG ( PPG.N ) walked away from bid target Akzo Nobel ( AKZO.AS ), but the New York-based hedge fund has plenty of other investments where it is seeking to exert its influence.Elliott''s stake in Dutch chemical company Akzo Nobel was first revealed in mid-March after which it lobbied for the company to "engage" with PPG over a possible takeover.Last week, PPG dropped its bid attempt after repeated rejections from Akzo. Elliott and a number of other Akzo shareholders had tried and failed to get the Dutch company to talk to PPG.Elliott, established in 1977 by Paul Elliott Singer, has a reputation for being one of the most vocal activist shareholders globally, often becoming embroiled in public disputes with the management of companies it invests in.Singer''s hedge fund has already made seven new investments in companies where it has made a public demand in the first five months of 2017, compared with 12 in total in 2016, according to data from industry tracker Activist Insight.A stake of more than 3 percent in Akzo had put it among Elliott''s top five activist positions globally. Elliott also has a large team of portfolio managers overseeing commodities, fixed-income and equity long-short investments globally.Here are Elliott''s top five equity holdings by market value worldwide:Samsung Electronics Co ( 005930.KS ):- $1.78 billion- Disclosed on Oct 5, 2016- Called for Samsung to split itself in two, setting up a holding vehicle for Samsung Electronics and listing its operating company on the Nasdaq stock exchangeArconic Inc ( ARNC.N ):- $1.4 billion, a 13F filing with the U.S. Securities and Exchange Commission showed on March 31- Elliott disclosed 9 percent exposure in the specialty metals company on Nov. 4, 2016- Called for cost-cutting and new leadership, questioning the management skills of former CEO Klaus KleinfeldBHP Billiton ( BLT.L ):- $1.4 billion- Disclosed in letter from Elliott on April 10- Called for the company to sell off its oil business and ditch its dual listing structure.Hess Corp ( HES.N ):- $906.3 million- Disclosed on Jan 28, 2013- Called for the break up of the company, spinning off the Bakken oil shale in North Dakota and said may nominate directorsAkzo Nobel:- 569.1 million euros ($640.24 million)- First revealed by Wall Street Journal on Mar. 17(Reporting by Maiya Keidan and Michael Flaherty. Editing by Jane Merriman)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-elliott-activism-stakes-factbox-idINKBN18X1E1'|'2017-06-06T09:41:00.000+03:00'
'192fb5f515c87c36422709ff08f1703b37acf1f5'|'UPDATE 1-China soybean futures hit 3-month highs on talk of import crackdown'|'(Adds statement from CHS Inc in sixth paragraph)BEIJING, June 12 China''s soybean futures hit three-month highs on Monday, as talk that the world''s top bean buyer has ramped up checks on imports of genetically modified (GMO) beans spurred expectations of tighter supplies even as the market remained awash with supplies.China allows imported beans to be used by crushers to make soymeal for animal feed but none of the beans, all of which are genetically modified, are permitted for use in food products.Reports over the years have suggested however that several million tonnes of the cheaper imports could be flowing illegally into the food sector.The most-active soybean futures hit 3,996 yuan ($587.82) on Monday, their highest since March 10, as talk circulated that China''s quarantine authority had asked several east coast ports to strictly inspect and punish firms found to be illegally reselling imported beans to food companies.U.S.-based grain handler CHS Inc is being probed as part of the investigation, according to a report by Bloomberg on Friday.CHS spokeswoman Annette Degnan declined to answer specific questions from Reuters about the reported probe. However, she said the company "follows strict, long-standing, established protocols for all business and sales conducted in China," including documenting all sales.Prices ended at 3,957 yuan ($582.08) a tonne on the Dalian Commodity Exchange, up 1.5 percent on the day. The gains came after prices jumped 1.8 percent on Friday in their biggest daily gain in more than a month.Open interest, a measure of liquidity in the market, jumped by a quarter on Friday to 287,132 lots, equal to 2.9 million tonnes of beans worth about 11.4 billion yuan. Data for Monday will be released on Tuesday."Last week this news came out that the ports were investigating this problem of leaking of imported soybeans," said Liang Yong, an analyst with Galaxy Futures."If the trade in imported soybeans is subject to controls, the demand side will all fall on the domestic beans."China''s General Administration of Quality Supervision, Inspection and Quarantine did not immediately respond to a request for comment.Beijing''s efforts to crack down on leaking of imports into the food sector come after China imported record volumes this year and spurred hopes among some investors that the steps may help erode domestic oversupply.Still, a prolonged crackdown will upset major exporting nations including the United States and Brazil.(Reporting by Dominique Patton in Beijing. Additional reporting by Tom Polansek in Chicago.; Editing by Subhranshu Sahu and Meredith Mazzilli)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/china-soybean-imports-idINL3N1J9462'|'2017-06-12T13:18:00.000+03:00'
'0fc11ffd6256873b5e52df73125e81e2c57bbab7'|'Qatar remains committed to oil supply cut deal -minister'|'Money News - Sun Jun 11, 2017 - 4:54pm IST Qatar remains committed to oil supply cut deal -minister Qatar''s Minister of Energy Mohammed al-Sada gestures as he speaks to the media in Doha, Qatar February 8, 2017. REUTERS/Naseem Zeitoon/Files DUBAI Qatar''s energy minister said on Sunday Qatar remained committed to an oil output cut deal agreed upon by OPEC and non-OPEC producers last month. Mohammed al-Sada said in a statement "circumstances in the region shall not prevent the state of Qatar from honouring its international commitment of cutting its oil production." (Reporting by Rania El Gamal; editing by Jason Neely)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/opec-oil-qatar-idINKBN1920LJ'|'2017-06-11T19:24:00.000+03:00'
'04ee096282c9a7dd3b1bee33140902b679ae5501'|'Greek banks beat target in battle to cut sky-high bad loans'|'Central Banks - Tue Jun 6, 2017 - 2:41pm BST Greek banks beat target in battle to cut sky-high bad loans FILE PHOTO: Euro coins are seen in front of a displayed Greece flag in this picture illustration, June 29, 2015. REUTERS/Dado Ruvic/File Photo By George Georgiopoulos - ATHENS ATHENS Greek banks made progress in their fight to cut their exposure to doubtful and non-performing loans in the first quarter, data from the country''s central bank showed on Tuesday. But corporate, mortgages and consumer lending that has turned bad during years of crisis still accounts for slightly more than half of the banking sector''s overall loan book, data released by the Bank of Greece revealed. A mountain of non-performing exposures (NPEs), comprising non-performing loans (NPLs) and restructured loans likely to turn bad, is the biggest challenge facing Greek banking. Greek banks began the economic crisis in 2008 with NPEs of 14.5 billion euros (£12.6 billion) or 5.5 percent of loans. Cutting these would free up more capital to fund productive sectors of the economy, which is still struggling. While NPEs soared to 106.9 billion or 50.5 percent at the end of June last year, banks trimmed the figure to 103.9 billion euros, excluding off-balance sheet items, in the first three months of the year, beating a target of 105.2 billion. Their NPE ratio was on target at 50.6 percent at the end of the first quarter, while on NPLs, loans past due for more than 90 days, banks missed the target as the rate came to 36.7 percent at the end of March versus a targeted 36.05 percent. "Despite the still strong formation of new NPEs, especially in the first two months of the year, banks managed to reduce them further mainly as a result of writedowns amounting to 1.3 billion euros," the central bank said. The Bank of Greece, which monitors the implementation of lenders'' NPE action plans in cooperation with the European Central Bank, said that while the default rate slowed, it remained higher than the pace of loans were performing again. Banks have agreed with regulators on ambitious bad debt reduction targets over three years. Greece''s four major banks - Piraeus ( BOPr.AT ), National ( NBGr.AT ), Eurobank ( EURBr.AT ) and Alpha ( ACBr.AT ) - and three less systemic banks submit data on nine operational targets. Their aim is to cut NPEs to 66.7 billion euros or 33.9 percent of their loan books by 2019 from 106.9 billion euros last September, when the targets were agreed. Banks also aim to reduce their NPL rate to 20.4 percent by December 2019 from 37 percent in September. (Editing by Alexander Smith) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-greece-banks-loans-idUKKBN18X1OL'|'2017-06-06T21:41:00.000+03:00'
'82b99d93a113248aaf48ec1eeced8708736a884c'|'UK must speak up to preserve global markets role after Brexit: ICE CEO'|'LONDON Britain must show its support for markets with measures such as keeping taxes low if it wants to remain a top global financial center after Brexit, Intercontinental Exchange ( ICE.N ) Chairman and Chief Executive Jeff Sprecher said on Tuesday.He said he did not expect exchanges to be at the top of the UK government''s priority list in Brexit negotiations, but these businesses had been identified by other countries as being important for capital markets and job creation.It is unclear whether disruption to cross-border customer links can be avoided after Brexit, leaving banks, insurers, asset managers and exchanges based in London to consider new EU bases."To a certain extent, the UK has taken our presence here for granted," he told an IDX derivatives conference, and urged Britain''s government to show its support, such as by maintaining low tax and stable legal regimes.Markets were based in London because of stable regulation, taxes and predictable law, but it was not clear if this would continue in future, Sprecher said.Sprecher, whose company operates a derivatives exchange in London, said he was asked by France, Germany and the Netherlands if he wanted to build up a base on the continent after Britain leaves the European Union in 2019.Rival U.S. exchange CME ( CME.O ) is closing its UK-based trading platform and clearing house due to poor customer demand, though it continues to offer U.S.-based products in Europe.Sprecher said the CME''s decision was a "canary in the coalmine" that showed no exchange needed to be physically based in Britain.CME Group President Bryan Durkin said no UK government official had called him after the decision was announced. Government policy can impact not just where markets are based, but their "vibrancy and efficiency" as well, Durkin said.EURO CLEARINGThe EU''s executive European Commission is due this month to set out how and where euro denominated derivatives should be cleared after Brexit.The bulk of clearing is currently done in London by a London Stock Exchange ( LSE.L ) unit.The Futures Industry Association (FIA) said forcing a change in location would fragment markets and bump up costs. The amount of margin, or cash banks post in case a derivatives trade defaults, could nearly double from $83 billion to $160 billion, FIA Chief Executive Walt Lukken told the IDX conference."It''s important that we allow market forces to determine the appropriate location for euro clearing," Lukken said.Nevertheless, exchanges are quietly preparing for any shift in clearing, with ICE already getting its existing Dutch clearer ready."Brexit is going to fragment markets and will change the competitive landscape. We may see the hand of God move clients to different jurisdictions," Sprecher said."It feels pretty good right now in the face of Brexit to have continental European presence that is ready to accept business."Rival Eurex Clearing ( DB1Gn.DE ) in Frankfurt has also said it was ready to accept volumes from London.Finbarr Hutcheson, president of ICE''s benchmark unit, said if the EU forced a shift in euro clearing, the United States could retaliate by requiring dollar denominated clearing to be based in America.The Chicago Board Options Exchange (CBOE) has bought Bats, Europe''s biggest cross-border stock exchange, based in London.CBOE Chief Executive Ed Tilly said Brexit was an opportunity and he would decide in the second half of the year whether to open a second European base inside the EU27.(Reporting by Huw Jones, editing by Louise Heavens and Susan Thomas)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-britain-eu-clearing-idUSKBN18X0S7'|'2017-06-06T15:20:00.000+03:00'
'2ec37598a246043f2333406ddfbb9c3941ab4934'|'Vivendi set to cap Mediaset voting rights pending appeal - source'|'Technology News - Tue Jun 6, 2017 - 4:07pm BST Vivendi set to cap Mediaset voting rights pending appeal: source A woman walks walk past the main entrance of the entertainment-to-telecoms conglomerate Vivendi''s headquarters in Paris April 8, 2015. REUTERS/Gonzalo Fuentes/File Photo MILAN France''s Vivendi plans to cap its voting rights in Mediaset to comply with an Italian antitrust ruling over its stakes in the broadcaster and Telecom Italia as it prepares to appeal the ruling in court, a source close to the matter said. Italy''s communications authority AGCOM in April said Vivendi had one year to cut its stake in either Telecom Italia or broadcaster Mediaset to comply with Italian antitrust regulations. The French group, which has to submit a detailed plan of action to the watchdog by June 18, plans to lodge an appeal against the ruling with an Italian administrative court before that date, the source said. While it waits for the outcome of the appeal, Vivendi will freeze its voting rights in Mediaset to just below 10 percent at a Mediaset shareholder meeting later this month to comply with the demands, the source said. Vivendi currently holds 29.9 percent of Mediaset''s voting rights and a 24 percent stake in Telecom Italia. Vivendi and Mediaset declined to comment. (Reporting by Stefano Rebaudo, writing by Silvia Aloisi) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-italy-vivendi-watchdog-idUKKBN18X1XF'|'2017-06-06T23:06:00.000+03:00'
'3c1788d55ed1d92514bcb6d50d88e1984efd4a77'|'China closes 60 celebrity gossip social media accounts'|'Business News - Thu Jun 8, 2017 - 6:39am BST China closes 60 celebrity gossip social media accounts BEIJING China''s cyberspace authorities have ordered internet companies to close 60 popular celebrity gossip social media accounts in the latest in a series of crackdowns on independent media. Website operators from some of China''s biggest internet companies including Tencent and Baidu were told in a meeting they must take steps to control user accounts focusing on celebrity gossip, according to a post on the Beijing Cyberspace Administration''s social media account. "Websites must ... adopt effective measures to keep in check the problems of the embellishment of private sex scandals of celebrities, the hyping of ostentatious celebrity spending and entertainment, and catering to the poor taste of the public," the post said. They must also "actively propagate core socialist values, and create an ever-more healthy environment for the mainstream public opinion", it added. President Xi Jinping has overseen a series of measures to clamp down on independent online media, while reasserting the ruling Communist Party''s role in limiting and guiding online discussion. The Cyberspace Administration of China in May released regulations for online news portals and network providers, which extended restrictions on content and required all services to be managed by party-sanctioned editorial staff. Show-business blogs and sites are very popular in China, especially those which regularly produce muckraking reports on celebrities'' private lives. In the meeting, the Beijing Cyberspace Administration told the internet companies that a new cyber security law that came into effect on June 1 requires websites to not harm the reputation or privacy of individuals, it said. Companies must collect and record data on any site or account that breaks the cyber security laws and report it to authorities, they said. Sixty different accounts were ordered closed, though many were duplicates run by the same individual or group. Fans of the closed sites reacted angrily on social media, accusing the government of failing to understand young people and to appreciate the value of holding celebrities to account. "Now it seems the entertainment crowd can brazenly and shamelessly go about their shady business, the only one who could keep them in check has been blocked," one Weibo user said of "China''s Number One Paparazzi" Zhou Wei, an account that had more than 7 million viewers. (Reporting by Christian Shepherd; Editing by Robert Birsel) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-china-internet-censorship-idUKKBN18Z0J7'|'2017-06-08T13:39:00.000+03:00'
'42885dc76c301179178f45e806338852f4c8d703'|'CANADA STOCKS-Futures up as oil rises off one-month lows'|'Market News - Thu Jun 8, 2017 - 7:41am EDT CANADA STOCKS-Futures up as oil rises off one-month lows June 8 Stock futures pointed to a higher opening for Canada''s main stock index on Thursday as oil prices edged up after dropping to one-month lows the previous day. An inventories report released by the Energy Information Administration on Wednesday showed an unexpected surge in U.S. crude oil and gasoline stocks, fanning fears in an already oversupplied market. June futures on the S&P TSX index were up 0.34 percent at 7:15 a.m. ET. New housing price index data for April is due at 8:30 a.m. ET Canada''s main stock index fell on Wednesday as a sharp drop in oil prices put pressure on energy shares, which slumped to an 11-month low, while investors weighed political uncertainty ahead of key events on Thursday. Dow Jones Industrial Average e-mini futures were up 0.18 percent at 7:15 a.m. S&P 500 e-mini futures were up 0.16 percent and Nasdaq 100 e-mini futures were up 0.25 percent. (Morning News Call newsletter here ; The Day Ahead newsletter here ) TOP STORIES Embattled Canadian drugmaker Valeant Pharmaceuticals International Inc said it would sell its iNova Pharmaceuticals business for $930 million in cash as it looks to pay down debt. Canadian department store operator Hudson''s Bay Co has not yet applied for a Montreal city permit to transform a historic downtown property into a Saks Fifth Avenue store, a government official said on Wednesday, raising prospects the luxury chain could miss its targeted fall 2018 launch. Mexico''s tax agency is holding over $360 million in tax rebates owed to six Canadian miners, including $230 million to Goldcorp Inc, according to sources and official documents seen by Reuters, escalating the situation into a showdown between the Mexican government and Canadian mining firms operating there. ANALYST RESEARCH HIGHLIGHTS Dollarama Inc: TD Securities raises target price to C$135 from C$125 First Quantum Minerals Ltd: Jefferies cuts target price to C$14 from C$18 Cott Corp: BMO raises to "outperform" from "market perform" COMMODITIES AT 7:15 a.m. ET Gold futures: $1,284.5; -0.50 pct US crude: $45.82; +0.15 pct Brent crude: $48.08; +0.15 pct LME 3-month copper: $5,684; +1.11 pct U.S. ECONOMIC DATA DUE ON THURSDAY 08:30 Initial jobless claims: Expected 240,000; Prior 248,000 08:30 Jobless claims 4-week average: Prior 238,000 08:30 Continued jobless claims: Expected 1.920 mln; Prior 1.915 mln FOR CANADIAN MARKETS NEWS, CLICK ON CODES: TSX market report Canadian dollar and bonds report Reuters global stocks poll for Canada Canadian markets directory ($1= C$1.35) (Reporting by Sai Sharanya Khosla in Bengaluru; Editing by Maju Samuel)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/canada-stocks-idUSL3N1J53OT'|'2017-06-08T19:41:00.000+03:00'
'54e091a8810efcfce24d4e531db42f306b58bdb7'|'EU to tackle unfair airline competition with new rules'|' 46pm BST EU to tackle unfair airline competition with new rules FILE PHOTO: Emirates Airlines aircrafts are seen at Dubai International Airport, United Arab Emirates May 10, 2016. REUTERS/Ashraf Mohammad/File photo By Julia Fioretti - BRUSSELS BRUSSELS The European Union proposed new rules on Thursday to more effectively tackle alleged unfair competitive practices by foreign airlines as it seeks to ensure European carriers can withstand fierce competition overseas. The move comes after repeated complaints from some European airlines, notably Air France KLM ( AIRF.PA ) and Lufthansa ( LHAG.DE ), about Gulf carriers receiving illegal government subsidies, charges Emirates, Qatar Airways and Etihad all deny. The proposal, which needs to be approved by the European Parliament and EU member states before becoming law, would allow EU governments and airlines to submit complaints to the European Commission about any alleged discriminatory practices they face in non-EU countries or illegal subsidies benefiting non-EU airlines. Should the Commission find that the practices of a third country or airline are causing injury, or threat of injury, to European airlines it will be able to impose financial penalties or suspend some ground and other services, but not flights, and rights of the overseas airline in Europe. "We want to ensure that Europe remains a leader in international aviation, well connected to fast-growing markets, with efficient European skies," EU Transport Commissioner Violeta Bulc said in a statement. The proposal will not interfere with bilateral air services agreements between countries setting out where and how often airlines can fly. Germany and France have previously called for such rules but some other EU member states have been staunchly opposed to the idea on the grounds they could harm bilateral deals and reduce connectivity in Europe. Many also saw it as a protectionist move to shield uncompetitive European carriers, something the Commission denies. "In aviation there is never going to be a level playing field," an EU official said. "We''re not here to protect those airlines if they have not put in place a good business model." ACI Europe, representing Europe''s airports, said the proposed regulation should ensure equality of opportunity. "This will hopefully allow us to move on from mere allegations and somewhat sterile debates to established facts and legal action, where needed," said ACI Europe''s Director General Olivier Jankovec. The Commission also published guidelines clarifying the application of EU ownership and control rules that limit non-EU investors'' stakes in European airlines to 49 percent. Investments by foreign airlines in recent years, such as Etihad''s 29 percent stake in Air Berlin ( AB1.DE ), have triggered suspicions that the control is actually being exercised by non-EU investors. The Commission sought to make clear how it assessed the exercise of control of an airline to bring legal certainty for foreign investors. (Editing by David Clarke and Susan Fenton)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-eu-aviation-idUKKBN18Z19A'|'2017-06-08T23:46:00.000+03:00'
'41c2fa4182b7a33ad14979d26ce491716cdec49c'|'TUI, Etihad end talks over leisure airline joint venture'|'Deals - Thu Jun 8, 2017 - 10:41am BST TUI, Etihad end talks over leisure airline joint venture The logo of of German travel company TUI AG is seen outside of one of its branch offices in Vienna, Austria, December 27, 2016. REUTERS/Leonhard Foeger FRANKFURT TUI Group ( TUIT.L ) ( TUIGn.DE ), Europe''s largest tour operator, on Thursday said talks were ended with carrier Etihad to form a leisure airline joint venture. Under initial plans, its TUIfly unit would have combined with Niki, owned by Air Berlin ( AB1.DE ), which is partly owned by Etihad. "A strong European leisure airline continues to make great strategic sense. After all, the aviation sector is characterized by overcapacity in Germany," said TUI''s executive board member Sebastian Ebel in a statement. "However, Niki is no longer available for a joint venture. We will push the repositioning of TUI fly further ahead in order to develop long-term prospects for the airline and its employees," Ebel added. TUI said it remained open for partnerships and joint ventures. (Reporting by Harro ten Wolde; Editing by Ludwig Burger)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-tui-etihad-jv-idUKKBN18Z167'|'2017-06-08T17:38:00.000+03:00'
'84215a80a9098ce1fac2fa311f42cd206e1ad79f'|'Bayer cuts Covestro stake further in 2.5 billion euro transactions'|'Deals - Tue Jun 6, 2017 - 1:45pm EDT Bayer cuts Covestro stake in transactions worth 2.5 billion euros The logo of Bayer AG is pictured at the Bayer Healthcare subgroup production plant in Wuppertal, Germany February 24, 2014. REUTERS/Ina Fassbender/File Photo By Ludwig Burger - FRANKFURT FRANKFURT Bayer AG ( BAYGn.DE ) set out on Tuesday to reduce its stake in plastics and chemicals subsidiary Covestro ( 1COV.DE ) further from 53.3 percent, part of a plan to sever ownership ties completely in the medium term. Bayer said in a statement after the market close it was placing 1 billion euros ($1.1 billion) of Covestro shares, 1 billion euros of convertible bonds and transferring a 4 percent stake, worth 530 million euros, into Bayer''s retirement fund. Bayer said it could not give the new size of its stake in Covestro until the terms of the bookbuilding transaction were settled but would still hold the majority of the voting rights as the votes of the shares going into the pension fund would be ascribed to Bayer. The 2 billion euros in proceeds from the two open market placements will come in handy as Bayer raises debt and equity financing for its $66 billion takeover of Monsanto ( MON.N ), the biggest deal ever to be paid for in cash. Bayer said it would deposit 8 million Covestro shares, a stake of close to 4 percent according to Thomson Reuters data, in Bayer''s pension trust in the near future. That stake in Covestro - a maker of transparent plastics and materials for insulation foams - would be worth about 530 million euros based on Tuesday''s closing price, taking the combined value of the transactions to 2.53 billion euros. Bayer said it would continue to fully consolidate the subsidiary in its financial statements following the transactions. As part of the two market transactions with institutional investors, the German drugmaker said it had started placing 1 billion euros in Covestro shares in an accelerated bookbuilding procedure after Tuesday''s market close. Also after the close, Bayer offered 1 billion euros in bonds that are exchangeable into Covestro shares maturing in 2020. Bayer, which floated Covestro in 2015, transferred a stake of about 5 percent in the business into its pension fund in April last year. Bayer also placed 4 billion euros in mandatory convertible notes in November, part of a plan to raise $19 billion worth of equity capital for the Monsanto deal, which Bayer plans to wrap up by the end of 2017. (Reporting by Ludwig Burger; editing by David Clarke)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-bayer-covestro-placement-idUSKBN18X24L'|'2017-06-06T20:33:00.000+03:00'
'fcf6974d5a1c98d59526845382b28d8905de77e0'|'New firm NFEx aims to challenge LME''s base metals trading'|'Business News - Tue Jun 6, 2017 - 1:38pm BST New firm NFEx aims to challenge LME''s base metals trading Men walk past the London Metal Exchange (LME) in London, July 22, 2011. REUTERS/Paul Hackett/File Photo LONDON A new company, NFEx Markets, is seeking to challenge the London Metal Exchange''s (LME) dominance in industrial metals with plans to launch a trading platform in the first quarter of next year. NFEx will mimic the forward contracts of the LME, which has seen its market share eroded in recent years, in an attempt to attract physical trade, the new company said on Monday. The LME acknowledged it faced new competition by smaller, nimble entrants, but said they would also face regulatory challenges. NFEx, incorporated in March this year and with registered offices in London''s financial district, said it would operate a digital platform built by Autilla, a financial technology firm operating in commodities. Mike Greenacre, Autilla''s chief executive, said NFEx would copy the LME''s offering and that Martin Abbott, a former chief executive at the LME, was a senior advisor. "Contracts and trade dates will match established physical industry practice," the company said in a release. "This new trading platform will not replace or disturb current trading models but will be complementary to them." Volumes on the LME have fallen since a large increase in trading fees in 2015 pushed some trading activity to over-the-counter markets. To halt the slide the exchange has sought to attract financial traders by promoting monthly trading. But this has upset industrial users who fear the plans could further erode volumes and even shake the foundations of the LME''s benchmark contracts. DISRUPTIVE PLAYERS The LME may have to face new entrants, but they will also face hurdles, the LME''s Chief Executive Matthew Chamberlain said. "Are there disruptive players in the market? Yes, possibly, but let''s not forget that they will also have the same regulatory burden ... It''s a big lift, we know it," he told the IDX derivatives conference in London on Tuesday. "There''s a big difference between saying you''re going to do something and actually delivering a regulatory satisfactory way of doing it." Another metals trading platform, Germany''s Metalprodex, was launched late last year allowing delivery of physical metal within two days - an service not currently provided by the LME. Metalprodex said on Tuesday it was seeking to boost use of its platform by the large Swiss commodity trading sector by hiring as a consultant former Noble metals director Alexander Nizan, based in Zug, Switzerland. Greenacre said NFEx could be "a little more flexible on fees" and would appeal to industrial traders who want to hedge specific dates. "If the LME were to go to a (monthly) third-Wednesday model, we''ll maintain the current structure as it operates now." He said no one had yet committed to trading on the new platform but "the market has been canvassed, and the response has been enough for us to make this step." NFEx is negotiating with several clearing companies to clear trading on the platform, he added. But metals traders said NFEx could struggle to gain business from the 140-year old LME. "If they are going to undercut prices it might help," said a copper consumer. "But will they get the critical mass they need? That could be a long time coming." (Reporting by Pratima Desai, Peter Hobson, Eric Onstad and Michael Hogan; Editing by Louise Heavens, Veronica Brown and David Evans)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-metals-platform-idUKKBN18X1JI'|'2017-06-06T20:38:00.000+03:00'
'e7785b982f16f9e8e7ecae31a66e9a1822599db7'|'Euro zone investor morale rises to highest level in a decade, Sentix survey shows'|'Business   9:35am BST Euro zone investor morale rises to highest level in a decade, Sentix survey shows A picture illustration taken with the multiple exposure function of the camera shows a one Euro coin and a map of Europe, January 9, 2013. REUTERS/Kai Pfaffenbach BERLIN, June 6 Investor sentiment in the euro zone rose in June to its highest level in nearly a decade, underpinned by promising economic reports from the single currency bloc, a survey showed on Tuesday. The Frankfurt-based Sentix research group''s euro zone index rose to 28.4 points from 27.4 in May, hitting its highest level since July 2007. The June reading surpassed the consensus for a reading of 27.5 in a Reuters poll of analysts. Investors viewed the euro zone''s current conditions more favourably, with a sub-index rising 36.0 from 34.5 in May. "The assessment of the current situation climbs to the highest level since January 2008, underlining that it is not just ephemeral expectations, but increasingly hard data, that are driving the upswing in the eurozone," Sentix said in a statement. Expectations for economic developments in the euro zone edged up to 21.0 from 20.5. An index tracking Germany, the euro zone''s largest economy, rose to 39.2 from 36.9 in May, its highest level since March 2015. The reading chimed with the Ifo survey, which showed German business morale brightened more than expected in May, reaching its highest level on record since 1991. (Writing by Paul Carrel)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-eurozone-morale-idUKKBN18X0SM'|'2017-06-06T16:35:00.000+03:00'
'4b9cef6843a1cfc0031d8a46a517419978df0f9d'|'Volkswagen said almost 9,300 staff agree to early retirement'|'Tue Jun 6, 2017 - 1:48pm BST Volkswagen said almost 9,300 staff agree to early retirement A Volkswagen logo is pictured at Volkswagen''s headquarters in Wolfsburg, Germany, April 22, 2016. REUTERS/Hannibal Hanschke/File Photo FRANKFURT Volkswagen ( VOWG_p.DE ) on Tuesday said close to 9,300 staff had agreed to an early retirement scheme, helping Germany''s largest carmaker to bring down costs. "We are rapidly approaching our target of 9,300 contracts signed. Employees who wish to take partial early retirement must make their decision by July 31," VW'' board member for Human Resources Karlheinz Blessing said. The scheme is aimed mainly at people born between 1955 and 1960. Volkswagen has guaranteed that there will be no forced redundancies as part of its "Transform 2025+" plan to cut the workforce and improve productivity by 25 percent until 2025. (Reporting by Edward Taylor, editing by Louise Heavens)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-volkswagen-workers-retail-idUKKBN18X1K9'|'2017-06-06T20:47:00.000+03:00'
'a989b45d0fc4acc66f6b2418c3286068b6bcc973'|'Brazil''s JBS sells LatAm units to Minerva for $300 million'|'By Ana Mano - SAO PAULO SAO PAULO JBS SA has agreed to sell plants in Argentina, Paraguay and Uruguay to rival Minerva SA for $300 million, as the world''s largest meatpacker seeks cash to weather a corruption scandal that caused a spike in funding costs.JBS will use proceeds from the transaction to cut debt, according to a securities filing on Tuesday. The deal has already been approved by the boards of both companies.Minerva said in a conference call it will pay $280 million in cash at the closing of the transaction, which is expected in July. The balance will be paid after the conclusion of due diligence.The agreement is the first by embattled JBS since its founders admitted to paying bribes to politicians in exchange for favors in a scandal that threatens to topple President Michel Temer.J&F Investimentos, JBS'' parent company, has signed a leniency agreement and will pay 10.3 billion reais ($3.1 billion) for its role in the crimes admitted by the Batista family, who control the group.Weakness at JBS'' Mercosur division as well as a stronger Brazilian currency contributed to a 14.3 percent drop in the company''s net revenue in the first quarter.Minerva increased its net revenue estimate to a range of 13 billion reais to 14.4 billion reais in the 12 months ending June 2018, it said, to account for a 52 percent increase in slaughtering capacity after the acquisition.Minerva common shares rose 5.2 percent, touching a four-month peak, while JBS shares advanced 3 percent.JBS had experienced difficult operating conditions in Argentina. It entered the country in 2001 as it began an international expansion. By 2005, it had five beef processing plants there.JBS opted to close some of them around 2012 as a result of exporting quotas imposed by then-president Cristina Fernandez, who wanted to limit sales abroad to boost domestic supplies and try to control meat prices.Minerva explained that of the five plants acquired from JBS in Argentina, four are closed and will remain so until market conditions improve there.All plants bought from JBS have certification to export to the United States, Japan and China, Minerva said.The transaction with Minerva is subject to regulatory approval and the final price will be adjusted by the amount of working capital left at the acquired units, according to filings from both companies.(Reporting by Ana Mano; Editing by Jeffrey Benkoe)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-jbs-m-a-minerva-foods-idINKBN18X1KR'|'2017-06-06T16:36:00.000+03:00'
'7f8b9d5a1083454afc2694b711a6450f84642339'|'Investors elect GM''s board nominees, reject Greenlight slate'|'Deals - Tue Jun 6, 2017 - 4:31pm BST GM investors reject Greenlight share plan, board slate left right General Motors CEO Mary Barra addresses the media ahead of the start of GM''s annual shareholders meeting at the Renaissance Center in Detroit, Michigan, U.S., June 6, 2017. REUTERS/Rebecca Cook 1/5 left right FILE PHOTO -- David Einhorn, president of Greenlight Capital, speaks during the Sohn Investment Conference in New York City, U.S., May 8, 2017. REUTERS/Brendan McDermid/File Photo 2/5 left right General Motors CEO Mary Barra addresses the media ahead of the start of GM''s annual shareholders meeting at the Renaissance Center in Detroit, Michigan, U.S., June 6, 2017. REUTERS/Rebecca Cook 3/5 left right General Motors world headquarters are seen during GM''s annual shareholders meeting at the Renaissance Center in Detroit, Michigan, U.S., June 6, 2017. REUTERS/Rebecca Cook 4/5 left right General Motors world headquarters are seen before GM CEO Mary Barra addresses the media ahead of the start of GM''s annual shareholders meeting at the Renaissance Center in Detroit, Michigan, U.S., June 6, 2017. REUTERS/Rebecca Cook 5/5 By Nick Carey and Joseph White - DETROIT DETROIT General Motors Co ( GM.N ) shareholders on Tuesday overwhelmingly rejected proposals by hedge fund Greenlight Capital to restructure the company''s stock and reshape its board, backing Chief Executive Mary Barra''s efforts to rev up the company''s stalled share price. Seeing off the challenge from Greenlight manager David Einhorn does not mean the end of Barra''s challenges. GM shares traded on Tuesday at $34.25 a share, about 16 percent lower than when Barra became CEO, despite robust profits and a series of moves to sell or shut down money losing operations. Silicon Valley electric vehicle maker Tesla Inc ( TSLA.O ) this year surpassed GM''s market value, reflecting investor confidence that, despite heavy losses, Tesla Chief Elon Musk has a better strategy as the auto industry shifts to ride services and electric, autonomous vehicles. In comments prior to the shareholder meeting, Barra acknowledged Greenlight''s point on its stock price, saying "we do believe GM stock is undervalued," and said the company "is continually looking at ideas" to increase investor interest. She did not elaborate on any new plans. Preliminary results showed more than 91 percent of shareholders voted against Greenlight''s proposal to have GM offer dividend and capital appreciation shares, according to GM officials at the automaker''s annual shareholders'' meeting. GM''s nominees were elected with between 84 percent and 99 percent of the vote, the company said. Greenlight founder David Einhorn floated his proposal in March, saying it could boost the automaker''s $52-billion market capitalization by as much as $38 billion. Greenlight controls about 3.6 percent of GM shares, and is now the fifth-largest public shareholder, the fund said in regulatory filings. But Einhorn''s pitch to rework GM''s capital structure flopped with debt rating agencies, which said Einhorn''s plan could hurt the automaker''s credit rating, and he failed to rally other shareholders to his cause. Warren Buffett''s Berkshire Hathaway Inc ( BRKa.N ) , which holds a 3.3-percent stake in GM, remained silent on the proposal. Proxy advisers Institutional Shareholder Services and Glass Lewis had also recommended GM shareholders vote for the automaker''s board nominees and against the dual-class proposal. Einhorn made his proposal as U.S. auto industry sales of new vehicles have begun to wane after a boom cycle that has lasted since 2010. Barra also said despite the Trump administration''s decision to withdraw from the Paris climate deal, the automaker will continue to push to reduce emissions. (Reporting By Nick Carey and Joseph White; Editing by Nick Zieminski) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-gm-greenlight-idUKKBN18X1QP'|'2017-06-06T21:59:00.000+03:00'
'5b79791bbcb44ed7a4a737773af467b42b623f94'|'MOVES-Credit Suisse hires info services banker from Foros -sources - Reuters'|'By Liana B. Baker - SAN FRANCISCO, June 5 SAN FRANCISCO, June 5 Credit Suisse Group AG has hired Simon Auerbach from boutique investment bank Foros to focus on business and information services, according to people familiar with the matter.Auerbach, a managing director, will start in July in New York and cover companies such as Thomson Reuters Corp and Bloomberg LP, according to the sources, who asked not to be named because the hire had not yet been announced.A spokesman for Credit Suisse declined to comment, while a representative for Foros and Auerbach did not respond to requests for comment.Auerbach will report to Mark Simonian, Credit Suisse''s global co-head of technology, media and telecommunications and also to the Americas media and telecom head, Eric Federman, the sources added.Auerbach was one of the first bankers to join Foros, a boutique bank founded by Jean Manas, who started it in 2009 after leaving Deutsche Bank AG.Previously, Auerbach worked at Goldman Sachs from 2001 to 2009, according to his LinkedIn page.Credit Suisse''s most recent information services banker, Michael Gilbert, left the bank last year to join PJT Partners Inc.(Reporting by Liana B. Baker in San Francisco; Editing by Peter Cooney)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/moves-creditsuisse-auerbach-idINL1N1J3006'|'2017-06-05T23:12:00.000+03:00'
'751036b1bc1cf37f7e29ab565d085b8129d257ee'|'BRIEF-Noble Group''s banks poised to decide trading house''s fate- FT, citing sources'|'Bonds News  05pm EDT BRIEF-Noble Group''s banks poised to decide trading house''s fate- FT, citing sources June 6 (Reuters) - * Noble group''s banks poised to decide trading house''s fate- FT, citing sources * Noble group''s banks have appointed legal advisers as they consider the case for extending $2 billion credit line- FT, citing sources Source on.ft.com/2qYk7Vx Latest graft scandal poses no risk for Brazil banks, group says SAO PAULO, June 6 A recent corruption scandal involving Brazilian President Michel Temer and which has hit the investment holdings of a billionaire family is unlikely to pose any serious risk for the nation''s banking system, the president of the country''s biggest bank lobbying group said on Tuesday. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-noble-groups-banks-poised-to-decid-idUSFWN1J30JB'|'2017-06-07T01:05:00.000+03:00'
'ffe5cb56ddd17372f705452b587f9cab06fe17ce'|'Macy''s warns on gross margin outlook, shares tumble'|'Business News - Tue Jun 6, 2017 - 1:08pm EDT Macy''s warns on gross margin outlook, shares tumble A customer exits the Macy''s flagship department store in midtown Manhattan in New York City, November 11, 2015. REUTERS/Brendan McDermid CHICAGO Macy''s Inc ( M.N ) could report a full-year gross margin below the department store chain''s forecast in February, Chief Financial Officer Karen Hoguet said on Tuesday. Hoguet''s comments, made during an investor meeting, sent Macy''s shares dropping as much as 7.5 percent to five-year lows, and triggered a slump in shares of other U.S. department store chains. Competition from Amazon.com Inc ( AMZN.O ) and other online retailers is growing, forcing brick-and-mortar chains to close stores and cut costs. Macy''s full-year gross margin could be 60 to 80 basis points lower than in 2016, Hoguet said, and second-quarter gross margin would be down 100 basis points from the year-ago period. The margin was 39.4 percent in the fiscal year ended Jan. 28, and 40.9 percent in the fiscal 2016 second quarter. Macy''s is "doing everything it can to be productive," Hoguet said, adding that she hoped cost reduction efforts would improve margins. In May, Macy''s blamed its lower first-quarter gross margin on higher-than-expected inventory levels at the end of 2016. (Reporting by Richa Naidu; Editing by Richard Chang) '|'reuters.com'|'http://www.reuters.com/finance'|'http://www.reuters.com/article/us-macy-s-outlook-idUSKBN18X29R'|'2017-06-06T21:08:00.000+03:00'
'7fd29d3ef36e6df02fb9f2a16b74fe2da45d4957'|'BRIEF-USD Partners says agreed to sell 3 mln common units at $11.60 per common unit'|' 49pm EDT BRIEF-USD Partners says agreed to sell 3 mln common units at $11.60 per common unit June 7 USD Partners Lp: * USD Partners Lp announces pricing of public offering of common units * Agreed to sell 3 million common units at a public offering price of $11.60 per common unit   Our Standards: The Thomson Reuters Trust Principles Next In Market News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-usd-partners-says-agreed-to-sell-idUSASA09T5L'|'2017-06-08T07:49:00.000+03:00'
'5d47f75d7fd5c2445988641bbaf4093954674d76'|'Japan first-quarter GDP revised in fragile export-led expansion'|'By Tetsushi Kajimoto - TOKYO TOKYO Japan''s economic growth was much weaker in the first quarter than initially estimated, the Cabinet Office said, but analysts made light of the decline as a "one-off" adjustment in oil inventories that would not thwart recovery.Japan''s economy, the world''s third largest, expanded at an annualised rate of 1.0 percent in the first quarter, less than half the initial estimate of 2.2 percent growth and 2.4 percent gain seen by economists, Cabinet Office data showed on Thursday.The data follows a recent run of indicators that suggests continued economic growth in the current quarter due to solid exports and factory output, although wage growth and household spending remain lacklustre, despite a tight job market.The Bank of Japan is now expected to stand pat at its next rate review on June 15-16, although a majority of the economists in a Reuters poll last month forecast the BOJ''s next move would be to pull back its stimulus.The GDP data was revised as primary oil distributors squeezed their crude oil inventory because some refineries were offline for repairs, bringing crude oil inventory levels at the end of March to the lowest since 2000, Cabinet Office officials said."The data is not as bad as the headline figure appears. It supports the BOJ''s upbeat view on the economy," said Takeshi Minami, chief economist at Norinchukin Research Institute."Excluding the revision to inventory, private final demand including capital expenditure was strengthening, suggesting that export-led recovery is broadening gradually. It''s true private consumption is weak, but it will likely firm up from now on."On the quarter, the Japanese economy grew a revised 0.3 percent in real, price-adjusted terms, against a preliminary reading of a 0.5 percent increase and the median estimate of a 0.6 percent expansion.Capital expenditure, a key component of GDP, rose 0.6 percent for the quarter, outstripping the preliminary estimate of a 0.2 percent increase.Inventories shaved 0.1 percentage point off growth, revised down from a 0.1 percent point contribution originally posted.Private consumption, which accounts for roughly 60 percent of GDP, rose 0.3 percent, down from the preliminary 0.4 percent gain. Tame wages and consumer spending have kept Japan from beating deflation, posing a key challenge for the BOJ in meeting its 2 percent inflation goal via a massive bond-buying programme.Taken together, government, business and household demand contributed 0.1 percentage point to growth, versus the initial 0.4 percentage point recorded. Net exports added 0.1 point to growth, unchanged from the preliminary estimate.(Reporting by Tetsushi Kajimoto; Editing by Eric Meijer)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/japan-economy-gdp-idINKBN18Z047'|'2017-06-07T23:02:00.000+03:00'
'f18d1569b57e617ffab13e5883e8cd3291b0df38'|'Deals of the day-Mergers and acquisitions'|'Market News - Wed Jun 7, 2017 - 9:37am EDT Deals of the day-Mergers and acquisitions June 7 The following bids, mergers, acquisitions and disposals were reported by 1330 GMT on Wednesday: ** Private equity giant KKR & Co LP made a $1.66 billion takeover approach for Australia''s embattled No. 4 internet company Vocus Group Ltd, the target said, sparking a bounce in its shares which have been hit by earnings downgrades. ** European authorities stepped in to avert a collapse of Spain''s Banco Popular following a run on the bank, orchestrating a last-minute rescue by Santander, the country''s biggest lender. ** The world''s largest meat processor, JBS SA, has agreed to sell its Argentine operations to a smaller rival, retreating from a top beef-producing nation that was once a springboard for an aggressive international expansion. ** New World Department Store China Ltd said its parent firm plans to take it private for HK$934.5 million ($120 million), so that it can better tackle a challenging operating environment and take risks in implementing strategy. ** Bayer has cut its stake in plastics and chemicals subsidiary Covestro to 44.8 percent after selling an 8.5 percent stake to institutional investors as part of a plan to sever ownership ties completely in the medium term. ** Global oil traders Vitol and Gunvor are interested in buying Mozambique''s struggling state-owned fuel distributor Petromac, local media reported. ** Anders Holch Povlsen, owner of Danish fashion retailer Bestseller, is buying a stake in payments firm Klarna, one of Europe''s most highly valued tech startups, the firm said. ** Swedish private equity firm EQT made a cash offer to shareholders of DGC One valuing the telecoms company at 2.3 billion Swedish crowns ($265 million) after announcing it had bought an 85 percent stake in the company. ** Toshiba Corp asked Western Digital Corp once again to stop challenging the Japanese conglomerate''s plans to sell its chip business. ** Volcan, Peru''s largest producer of silver and zinc, seeks new opportunities in copper projects to diversify its operations and is also evaluating acquisitions, an executive said on Tuesday. ** Any suggestions that Russia could "eventually" buy back the stake in its flagship oil producer Rosneft which it had sold to Qatar are "not possible and incorrect", Kremlin spokesman Dmitry Peskov said. ** Delphi Automotive PLC will partner with Paris-based Transdev Group, a public transport service controlled by the French government, to develop an automated on-demand shuttle service in Europe, the companies said. ** Algeria''s Sonatrach and Spain''s Repsol have signed an agreement to consolidate their partnership in energy exploration and amicably end their differences, APS state news agency said. ** Piraeus Bank, Greece''s largest bank by assets, aims to sell its Balkan businesses and certain other holdings and shrink its bad loans portfolio, its new chief executive told reporters, outlining the group''s plans up to 2020. (Compiled by Divya Grover and Ahmed Farhatha in Bengaluru) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/deals-day-idUSL3N1J4384'|'2017-06-07T18:05:00.000+03:00'
'b24bb1c0550cc3e5074803f80b867a14122c2aec'|'Pandora extends closing of KKR''s investment to explore rival offers'|'Music streaming company Pandora Media Inc ( P.N ) said on Thursday it would briefly extend the closing of private equity firm KKR & Co LP''s ( KKR.N ) $150 million investment to explore interest expressed by a strategic investor for a minority investment.U.S. satellite radio company Sirius XM Holdings Inc ( SIRI.O ) is looking to invest in Pandora, Reuters reported earlier in the day, citing people familiar with the matter.KKR, which agreed last month to invest $150 million in Pandora, allowed the company a 30-day-period to look for an alternative deal.Pandora said on Thursday that KKR had agreed to the extension.Sources had told Reuters that Sirius XM was racing to beat the Thursday deadline and clinch its own investment in Pandora.KKR''s investment gives the PE firm preferred Pandora stock that can be converted into common stock, cash, or a combination, at a conversion price of $13.50 per share.Pandora''s shares were marginally down at $8.42 in early trading on Thursday.(This story corrects to say Pandora "to explore interest expressed by a strategic investor" from "to field rival offers" in headline and paragraph 1)(Reporting by Aishwarya Venugopal in Bengaluru; Editing by Sriraj Kalluvila)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-pandora-media-strategic-alternatives-idUSKBN18Z1W9'|'2017-06-08T21:42:00.000+03:00'
'c3c30ac502d20e6e2defebf32ca23b4a7a3c5ac3'|'UPDATE 1-Japan''s Sumitomo Metal to buy stake in Canada gold project for $195 mln'|'Market News - Tue Jun 6, 2017 - 12:16am EDT UPDATE 1-Japan''s Sumitomo Metal to buy stake in Canada gold project for $195 mln * Cote Gold Project expected to start output in 2021 * Sumitomo Metal looking to boost output through acquisitions * Says deal will boost company''s annual gold output to 18 T (Adds comment, detail) By Yuka Obayashi TOKYO, June 6 Japan''s Sumitomo Metal Mining Co on Tuesday said it had agreed to take a 27.75-percent interest in a Canadian gold mining project from Toronto-based IAMGOLD Corp for $195 million. The purchase of the stake in the Cote Gold Project in Ontario comes as Japan''s biggest gold miner looks to boost its output through acquisitions and exploration. IAMGOLD owns 92.5 percent of the project, currently in its so-called pre-feasiblity study phase. Production is slated to begin in 2021, with the development expected to churn out 168 tonnes of gold over a 17-year life. "With this deal, we will make progress towards our long-term goal of boosting gold output from our equity holdings to 30 tonnes a year," Naoyuki Tsuchida, Sumitomo Metals senior managing executive officer, told a news conference. The deal is expected to complete by the end of September. The company said the project would boost its annual gold output to nearly 18 tonnes from 15 tonnes now. "Since this project is located in the Abitibi gold belt in eastern Canada, which is one of the world''s largest gold-producing areas, there may be additional reserves, depending on future exploration," Tsuchida said. Yoshiaki Nakazato, president of Sumitomo Metal, which is also miner and smelter of copper and nickel, said last month that the firm was still willing to invest in gold mines despite the record loss it booked in the fiscal year to March 2017. (Reporting by Yuka Obayashi and Chang-Ran Kim; Editing by Michael Perry and Joseph Radford) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/sumitomo-mtl-min-iamgold-corp-idUSL3N1J31LA'|'2017-06-06T12:16:00.000+03:00'
'3d443da9818bf855234450be421170d6d024205a'|'Oil subdued on worries Middle East rift will sap efforts to cut output'|'Business   8:05am BST Oil subdued on worries Middle East rift will undermine output cuts An Israeli gas platform is seen in the Mediterranean sea August 1, 2014. To match Insight ISRAEL-TURKEY/GAS REUTERS/Amir Cohen/File Photo By Henning Gloystein - SINGAPORE SINGAPORE Oil prices bounced around low levels in choppy trading on Tuesday, with Brent crude holding below $50 over concerns that a political rift between Qatar and several Arab states would undermine efforts by OPEC to tighten the market. Persistent gains in U.S. production also dragged on benchmark crude prices, traders said. Brent crude was trading at $49.53 per barrel at 0658 GMT, up 6 cents, or 0.1 percent from its last close. However, that is still down around 8 percent from the open of futures trading on May 25, when an OPEC-led policy to cut oil output was extended into the first quarter of 2018. U.S. West Texas Intermediate (WTI) crude was at $47.45, up 5 cents, or 0.1 percent. That is down about 7 percent from the May 25 open. Leading Arab powers including Saudi Arabia, Egypt, and the United Arab Emirates cut ties with Qatar on Monday, accusing it of support for Islamist militants and Iran. Steps taken include preventing ships coming from or going to the small peninsular nation to dock at Fujairah, in the UAE, used by Qatari oil and liquefied natural gas (LNG) tankers to take on new shipping fuel. Analysts said that the current dispute goes much deeper than a similar rift in 2014. "The measures by the anti-Qatar alliance signal commitment to forcing a complete change in Qatari policy or creating an environment for leadership change in Doha ... Saudi Arabia and its allies will not accept any solution short of (Qatari) capitulation," political risk consultancy Eurasia Group said in a note. With oil production of about 620,000 barrels per day (bpd), Qatar''s crude output ranks as one of the smallest among the Organization of the Petroleum Exporting Countries (OPEC), but tension within the cartel could weaken an agreement to hold back production in order to prop up prices. Greg McKenna, chief market strategist at futures brokerage AxiTrader, said that the boycott of Qatar meant there was "a real chance" that OPEC solidarity surrounding its production cuts may fracture. Although Qatar is a small oil producer, other OPEC states could see such an action as a reason to stop restraining their own output, traders said. Some traders, however, said worries about the impact on oil supplies from the diplomatic spat had been overblown. "The OPEC agreement stands and is highly unlikely to change because of tension with Qatar. Crude production in the Middle East will not change because of Qatar," said Oystein Berentsen, managing director for oil trading company Strong Petroleum in Singapore. Many traders still see the main reason for low and falling oil prices as bulging supplies from the United States. U.S. crude production has jumped over 10 percent since mid-2016 to 9.34 million bpd, levels close to top producers Russia and Saudi Arabia. "The relentless increase in U.S. oil production appears to have the market worried that the OPEC cuts will be completely nullified by the increased U.S. production," said William O''Loughlin, analyst at Australia''s Rivkin Securities. (Reporting by Henning Gloystein; Editing by Joseph Radford and Christian Schmollinger)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-global-oil-idUKKBN18X02X'|'2017-06-06T08:58:00.000+03:00'
'a2f21e5624c6a467e46bb849e50bbdc7d9920509'|'Capital expenditure by top global miners at record low - report'|' 23pm BST Capital expenditure by top global miners at record low - report JOHANNESBURG Large global mining companies have cut back on investments despite a turnaround in profitability and a spike in commodity prices, a PricewaterhouseCooper''s (PwC) report revealed on Wednesday. Capital expenditure, an measure of confidence in future returns, fell 41 percent in 2016 to a record low of $50 billion. "Everyone is gun shy at the moment and they are not investing until they are very comfortable that the returns will be there," PwC director and report co-author Andries Rossouw told journalists on the sidelines of a junior mining conference in Johannesburg. The report showed that profitability in the industry recovered to an aggregate net profit of $20 billion from $28 billion in losses in 2015. Glencore ( GLEN.L ), Anglo American Plc ( AAL.L ) and Rio Tinto ( RIO.AX ), were among the forty companies included in PwC''s 14th report on the industry. This one drew on analyses of performance and global trends from financial information during 12-month reporting periods for companies between 1 April 2015 and 31 December 2016. (Reporting by Tanisha Heiberg; Editing by Ed Stoddard and Elaine Hardcastle)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-mining-capitalexpenditure-idUKKBN18Y275'|'2017-06-07T23:23:00.000+03:00'
'170c7317a64bb74d4ef8ae58d9730e65d90d1c17'|'UPDATE 1-Takata recommends re-electing board as search for rescue deal drags on'|'* Proposes reappointing all six board members at AGM on June 27* Takada and family control around 60 pct of Takata shares* Talks for a rescue deal have been dragging on since Feb. 2016 (Adds details and background)By Taiga UranakaTOKYO, June 12 Japan''s Takata Corp, the airbag maker at the centre of world''s largest automotive recall, has recommended reappointing its current board, underscoring slow progress in its efforts to to clinch a financial backer to overhaul the business.The proposed reappointments for the six-member board include Chairman Shigehisa Takada. The Takada family commands a stake of around 60 percent in the auto parts maker, which is facing bankruptcy over the crisis.The target of widespread criticism over the firm''s handling of the multi-billion dollar recall, Takada had said at last year''s shareholders'' meeting that he would resign after a "new management regime" was found.In a letter to shareholders on Monday, the company said Takada had been nominated for reappointment as he needs to finish important management issues such as recall measures and work relating to the firm''s business revival plans.U.S. auto components maker Key Safety Systems (KSS) and partner private equity firm Bain Capital are the frontrunners among potential suitors. They are seeking to strike a rescue deal worth around 200 billion yen with Takata''s steering committee and its automaker customers.Talks have dragged on since February 2016 as potential bidders try to identify and ring-fence Takata''s liabilities.Takata''s airbag inflators can explode with excessive force, unleashing metal shrapnel inside cars and trucks. They have been blamed for at least 16 deaths and more than 180 injuries worldwide.Takata''s annual shareholders meeting is scheduled for June 27.(Reporting by Taiga Uranaka; Additional reporting by Naomi Tajitsu; Editing by Edwina Gibbs)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/autos-takata-idINL3N1J91LF'|'2017-06-12T01:55:00.000+03:00'
'55f1ffe51b0b8beef19216afc63252d7af44ac4a'|'Oil prices driven up by futures bets, but market remains bloated'|'Business   10:28am BST Burst in investor confidence in oil pushes up prices FILE PHOTO: A pumpjack brings oil to the surface in the Monterey Shale, California, April 29, 2013. REUTERS/Lucy Nicholson/File Photo By Amanda Cooper - LONDON LONDON Oil rose on Monday to break a three-day losing streak, after futures traders increased their bets on a renewed price upswing even though physical markets remain bloated, especially from a relentless rise in U.S. drilling. Brent crude futures LCOc1 had risen 23 cents to $48.38 per barrel by 0900 GMT, while U.S. West Texas Intermediate (WTI) crude futures CLc1 gained 17 cents to $46.00 per barrel. Traders said the price rises came as data showed speculative traders had increased their investment in crude futures by taking on large volumes of long positions. Brent and WTI futures have lost around 10 percent in value since May 25, when the Organization of the Petroleum Exporting Countries and 11 of its partners extended a restriction on supply into the first quarter of 2018. "Oil bulls have reset for a technical bounce," said Stephen Schork, author of the Schork Report. While financial traders have confidence in rising prices, the physical market remains under pressure, especially due to a rise in U.S. drilling for new oil production. U.S. drillers added eight oil rigs in the week to June 9 RIG-OL-USA-BHI, bringing the total count to 741, the most since April 2015, energy services firm Baker Hughes Inc ( BHI.N ) said on Friday. This drive to find new oil has pushed up U.S. output by more than 10 percent since mid-2016, to 9.3 million barrels per day (bpd). The U.S. Energy Information Administration says that figure will likely rise above 10 million bpd by next year, challenging top exporter Saudi Arabia. Soaring U.S. output undermines OPEC-led efforts to cut almost 1.8 million bpd of production until the first quarter of 2018 in order to prop up prices. Saudi Arabia will supply full contracted volumes of crude to at least five Asian buyers in July, industry sources with knowledge of the matter said on Monday. The oil price hit one-month lows last week, as evidence of rising output beyond the United States, in the likes of Libya and Nigeria, added to investor bearishness over supply. "With the typically tighter second half of the year fast approaching, rumours of oil prices having found their bottom are doing the rounds," PVM Oil Associates analyst Stephen Brennock said in a note. "Yet such claims are premature as lingering doubts that prolonged OPEC curbs will drain the oil glut along with the simultaneous uptick in U.S., Libyan and Nigerian output make for a bearish cocktail." (Additional reporting by Henning Gloystein in SINGPORE; Editing by Dale Hudson)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-global-oil-idUKKBN19303W'|'2017-06-12T14:57:00.000+03:00'
'f905a233f69f60859a315cdf519be195f70d9a75'|'Exclusive - Foxconn says Apple, Dell part of its bid for Toshiba chip business'|'Technology   11:01am BST Exclusive: Foxconn says Apple, Dell part of its bid for Toshiba chip business left right FILE PHOTO: The logo of Foxconn, the trading name of Hon Hai Precision Industry, is seen on top of the company''s headquarters in New Taipei City, Taiwan March 29, 2016. REUTERS/Tyrone Siu/File Photo 1/5 left right Foxconn Chairman Terry Gou talks to reporters as he exits the White House following a second day of meetings in Washington, U.S., April 28, 2017. REUTERS/Jim Bourg 2/5 left right FILE PHOTO: The Apple logo is seen on a computer screen in an illustration photo taken in Bordeaux, France, February 1, 2017. REUTERS/Regis Duvignau/File Photo 3/5 left right Dell logos are seen at its headquarters in Cyberjaya, outside Kuala Lumpur in this September 4, 2013 file photo. REUTERS/Bazuki Muhammad/Files 4/5 left right FILE PHOTO: A Toshiba Corp chip (top R) is seen among other semiconductors and electronic components inside a Toshiba mobile phone in Tokyo January 31, 2008. REUTERS/Toru Hanai/File Photo 5/5 By J.R. Wu - TAIPEI TAIPEI Apple Inc, computing giant Dell Inc and Kingston Technology Co are members of a Foxconn-led consortium bidding for Toshiba Corp''s chip unit, the CEO of the world''s largest electronics manufacturer told Reuters on Monday. Terry Gou, Foxconn''s founder and chief executive, also said Amazon.com Inc was close to joining and that the Taiwanese firm was also in discussions with Google, Microsoft Corp and Cisco Systems Inc about their participation in the bid. He declined to comment on the total size of the offer or say how much Apple and other U.S. firms planned to invest in the bid. "I can tell you Apple is in for sure," Gou said in an interview, adding that its participation had been approved by the Chief Executive Tim Cook and Apple''s board of directors. Foxconn, formally known as Hon Hai Precision Industry Co, and its Japanese unit Sharp Corp would have a combined stake of not more than 40 percent, he added. Representatives for Apple and the other U.S. firms named by Gou could not be immediately reached for comment outside of regular business hours. Sharp declined to comment. (Reporting by J.R. Wu in Taipei; Additional reporting by Makiko Yamazaki and Taiga Uranaka in Tokyo; Editing by Edwina Gibbs)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-toshiba-accounting-foxconn-exclusive-idUKKBN1930ZS'|'2017-06-12T17:56:00.000+03:00'
'533ac3650adb94bca24189ca1de3f6118f9da048'|'May plans global network of trade commissioners post-Brexit'|'Mon Jun 5, 2017 - 10:52pm BST UK PM May plans global network of trade commissioners post-Brexit Britain''s Prime Minister Theresa May speaks during an election campaign event in Bradford, Britain, June 5, 2017. REUTERS/Phil Noble LONDON British Prime Minister Theresa May plans to set up a network of nine trade commissioners around the world to boost trade after Brexit, her governing Conservative Party said on Monday. May''s Conservatives are widely expected to win a parliamentary election on Thursday, although their opinion poll lead over the main opposition Labour Party has narrowed markedly since she called the election in April. The party said the trade commissioners would promote exports, seek inward investment and drive trade policy overseas. "They will be based overseas in nine different regions, determined by markets rather than national borders, to ensure UK trade policy is guided by local experience and expertise," the party said in a statement, without specifying what the nine regions would be. May, who plans to take Britain out of the European Union''s tariff-free single market, has said Brexit will allow Britain to seek bilateral trade deals with "old friends and new allies" and has created a new government department solely focused on trade. The Conservatives also said they would create a new "Board of Trade", bringing together leading business figures and politicians to help lead trade delegations, boost exports and make sure the benefits are spread equally across the country. (Reporting by Kylie MacLellan; Editing by Mark Trevelyan)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-britain-eu-trade-idUKKBN18W2QX'|'2017-06-06T05:40:00.000+03:00'
'bdaff8f009b99377f8ada41c451853a5399d4a44'|'Bayer cuts Covestro stake further in 2.5 billion euro transactions'|'FRANKFURT Bayer AG ( BAYGn.DE ) said it was further reducing its stake in plastics and chemicals subsidiary Covestro ( 1COV.DE ) from 53.3 percent, part of a plan to sever ownership ties completely over the medium term.As part of three separate transactions, the German drugmaker said on Tuesday it had started placing 1 billion euros ($1.1 billion) in Covestro shares on the open market in an accelerated bookbuilding procedure after the market close on Tuesday.In addition, Bayer is offering 1 billion euros in bonds that are exchangeable into Covestro shares maturing in 2020.Finally, Bayer said it would deposit 8 million Covestro shares, a stake of close to 4 percent based on Thomson Reuters data, in Bayer''s pension trust in the near future.That stake would be worth about 530 million euros, based on Tuesday''s closing price.(Reporting by Ludwig Burger; editing by David Clarke)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-bayer-covestro-placement-idINKBN18X24L'|'2017-06-06T14:33:00.000+03:00'
'f5ae7f77fdf278e0d97b58bf6f22669c741ced02'|'UAE''s Aster DM Healthcare eyes Saudi market despite past payment delays'|'By Davide Barbuscia - DUBAI DUBAI Dubai-based Aster DM Healthcare is looking at acquisition opportunities in Saudi Arabia, its managing director told Reuters in an interview.This is despite previous delays in payments from the Saudi government, which could have pushed the company to default on a syndicated loan, he said.Aster, which operates hospitals, clinics and pharmacies in the Gulf and India, is attracted to Saudi Arabia because of the size of the market compared with other Gulf states, and also because of ownership rules, which would let Aster own up to 100 percent of a business, said Azad Moopen."We consider Saudi a good market despite payment difficulties which we had there," he said.Aster obtained a $295 million loan from India''s Axis Bank in April. The loan replaced and repaid $155 million of a $295 million facility which the firm raised in 2015. Aster replaced the facility to obtain better terms, such as a longer maturity and looser financial requirements for its debt-to-equity ratio.The decision to look for better terms was triggered by delays in payments of about $150 million from Saudi Arabia''s ministry of health. Many companies in the Saudi market, especially construction firms, have suffered such delays as government finances are squeezed by low oil prices."Payments were overdue for nearly 1-1/2 to two years," said Moopen, and were not made for the whole of 2016.By early 2017, with $150 million pending, "we were not sure when we were going to get this money, and we didn''t want to default, that''s why we wanted better terms from the banks."Aster''s new loan facility is being syndicated by Axis, though no bank has joined the loan yet. It has a 10-year tenor, while the previous facility was for five years.Almost half of the amount due from Saudi Arabia has been repaid in 2017. The ministry of health asked for a discount on the total debt and the company agreed, Moopen said without elaborating.The payment delays were related to Aster''s 250-bed Sanad Hospital in Riyadh, Aster''s only facility in the kingdom. The ministry of health did not respond to a request for comment.Aster also has a hospital in Qatar. "The Aster Qatar Hospital has been approved by authorities and has started functioning, even though the official inauguration has not been done," Moopen said."We shall be waiting for the prevailing situation to crystallise for the official launch," he said when asked about the diplomatic crisis that erupted this week between Qatar and neighbouring states.The company filed a prospectus for an initial public offer (IPO) of shares in India in June last year. The IPO is now expected to take place in the fourth quarter of 2017, with Axis Bank, Bank of America Merrill Lynch and Kotak Mahindra Bank as lead banks, said Moopen.(Additional reporting by Katie Paul; Editing by Andrew Torchia; Editing by Mark Potter)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/aster-saudi-idINKBN1920FZ'|'2017-06-11T17:58:00.000+03:00'
'c2fd076e30ef4b93b85e7cf0c9f0b5b17e17902c'|'CEE MARKETS-Crown hits multi-year high, other units rebound on ECB'|'* Crown strongest since 2013, zloty and forint rebound * Czech central bankers say rate hike in H2 remains on cards * Markets cautious due to British vote, U.S. politics * Serbian central bank keeps rates on hold, dinar eases (Adds ECB comments, Hungarian bond auction, record high of Budapest Stocks, Serbian central bank decision) By Sandor Peto and Jason Hovet BUDAPEST/PRAGUE, June 8 The crown led a rise of Central European currencies on Thursday, hitting its highest level since 2013, after Czech central bankers repeated that they could start raising rates later this year. Asset prices in Central European financial markets were mostly rangebound ahead of Thursday''s British elections and the congressional testimony from ex-FBI director James Comey. The crown still firmed a quarter of a percent to 26.25 against the euro by 1347 GMT, touching its strongest levels since late 2013. The Czech central bank (CNB) could make its first interest rate rise in the second half of this year, Vice-Governor Mojmir Hampl said late on Wednesday. Another rate setter, Oldrich Dedek was Quote: d by the daily paper E15 as saying that he saw no reason to question the bank''s staff forecast which suggests a third-quarter hike. The bank has repeatedly said that the more the crown firms from its firmer cap at 27 against the euro, which the bank removed in April, the less needed rate tightening could be. The crown has been slower to rise since being set free than many investors expected, leaving tens of billions of euros of positions built up before the exit still in the market. "We have our central bank story and big positions waiting to close. That is the story: when these positions will be closed," a Prague FX dealer said. Czech markets still price in a hike to come not earlier than the second quarter of 2018, Komercni Banka rates trader Dalimil Vyskovsky said. "I actually think (the market) is aware of the risks of much earlier rate hike, but it seems to be that people are positioned already," he said, adding that much will depend on the crown''s gains and inflation developments. The CNB''s 2-percent inflation target is lower than in Hungary or Poland. A hike would be the first in about a decade, and its tightening bias is in contrast with loose policy stances elsewhere in the region. Poland''s central bank could keep rates at record lows until the end of 2018 because inflation is expected to stabilise, its governor reiterated on Wednesday. The zloty and the forint reversed an early weakening against the euro. The zloty returned to the firmer side of the 4.2 line as the euro eased versus the dollar, after the European Central Bank dropped its guidance that interest rates may be cut, but reiterated that quantitative easing could be extended if needed. ECB asset buying in the euro zone has also created additional demand for Central European financial assets. Healthy demand led Hungary to sell 60 billion forints ($218.17 million) worth of government bonds at two auctions on Thursday, 50 percent more than planned, and Budapest''s main stock index hit a record high. Serbia''s central bank held its benchmark interest rate at 4 percent on Thursday for the 11th consecutive month, as expected. The dinar eased 0.1 percent to 122.55 against the euro. CEE MARKETS SNAPSH AT 1547 CET OT CURRENCIES Latest Previo Daily Change us bid close change in 2017 Czech crown 26.250 26.310 +0.23 2.88% 0 5 % Hungary 307.85 308.19 +0.11 0.32% forint 00 50 % Polish zloty 4.1975 4.2002 +0.06 4.92% % Romanian leu 4.5660 4.5745 +0.19 -0.68% % Croatian kuna 7.4180 7.4045 -0.18% 1.85% Serbian dinar 122.45 122.42 -0.02% 0.73% 00 00 Note: daily calculated previo close 1800 change from us at CET STOCKS Latest Previo Daily Change us close change in 2017 Prague 1004.8 1005.6 -0.07% +9.04 8 2 % Budapest 35356. 35021. +0.95 +10.4 14 75 % 8% Warsaw 2336.3 2308.6 +1.20 +19.9 2 4 % 4% Bucharest 8664.5 8686.6 -0.25% +22.2 2 2 9% Ljubljana 790.22 793.09 -0.36% +10.1 2% Zagreb 1829.3 1821.0 +0.46 -8.30% 1 0 % Belgrade 718.96 722.55 -0.50% +0.22 % Sofia 677.62 681.10 -0.51% +15.5 5% BONDS Yield Yield Spread Daily (bid) change vs change Bund in Czech spread Republic 2-year -0.072 0 +065b +0bps ps 5-year -0.115 0.051 +034b +6bps ps 10-year 0.764 -0.025 +050b -3bps ps Poland 2-year 1.896 -0.003 +262b +0bps ps 5-year 2.625 0.02 +308b +3bps ps 10-year 3.193 0.002 +293b +0bps ps FORWARD RATE AGREEMENT 3x6 6x9 9x12 3M interb ank Czech Rep <PR 0.34 0.41 0.48 0 IBOR=> Hungary <BU 0.19 0.23 0.29 0.15 BOR=> Poland <WI 1.76 1.7725 1.8025 1.73 BOR=> Note: FRA are for ask Quote: s prices'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/easteurope-markets-idINL8N1J54J3'|'2017-06-08T12:40:00.000+03:00'
'5fb83ea308bafb53ea8ec555efd083e82dcafc13'|'Italian banks consider joint rescue of Veneto banks - sources'|'Business News - Thu Jun 8, 2017 - 8:17am BST Italian banks consider joint rescue of Veneto banks: sources FILE PHOTO: A person walks in front of Banca Popolare di Vicenza headquater is seen in Vicenza, Italy, March 5, 2016. REUTERS/Stefano Rellandini MILAN Italian banks are considering assisting in a rescue of troubled lenders Popolare di Vicenza and Veneto Banca by pumping 1.2 billion euros ($1.4 billion) of private capital into the two regional banks, sources familiar with the matter said. The Italian government plans to lead the rescue but EU competition authorities have requested a private capital injection as a condition to approve the bailout. The two banks need 6.4 billion euros in capital. Italian banks, which have already pumped 3.4 billion euros into the two ailing rivals, had said until now that they would not stump up more money. However, one source said on Thursday the banks were aware that it would be much more costly for them if the two Veneto-based banks were to be wound down. In that event, the healthier lenders would need to top up a depositors'' protection fund. The plan has the backing of some leading Italian banks but the participation of the entire banking system is seen as essential, the source said. Each bank would take part based on the size of its deposits. (Reporting by Paola Arosio,) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-eurozone-banks-italy-veneto-idUKKBN18Z0Q5'|'2017-06-08T15:16:00.000+03:00'
'8615205331ab03560c00c131cb469ae2e0f32386'|'Uber to share some findings of harassment probe Tuesday - source'|'Business News - Tue Jun 6, 2017 - 3:02am BST Uber to share some findings of harassment probe Tuesday - source FILE PHOTO: A man exits the Uber offices in Queens, New York, U.S., February 2, 2017. REUTERS/Brendan McDermid/File Photo By Joseph Menn and Heather Somerville - SAN FRANCISCO SAN FRANCISCO Uber Technologies Inc will tell employees on Tuesday about changes it will make after a probe into sexual harassment allegations by a former engineer at the ride services company, a person familiar with the matter said. A broader report by former U.S. Attorney General Eric Holder on harassment and Uber corporate culture will be shared with workers next week - a much anticipated review of a company beset by a series of embarrassments over the performance of its CEO, its work environment and its treatment of drivers, all of which have hurt Uber''s reputation. In February, Susan Fowler, a female former engineer at Uber, said in a blog post that managers and human resources officers at the company had not punished her manager after she reported his unwanted sexual advances, and even threatened her with a poor performance review. Law firm Perkins Coie investigated Fowler’s claims and made recommendations, some or all of which will be adopted by the company, the source said on the condition of anonymity, while declining to give further details. A lawyer for Fowler did not immediately respond to a request for comment. An Uber spokesman noted that Uber holds a staff meeting every Tuesday and declined to say what would be discussed this week. The ride-hailing firm hired Holder and Tammy Albarran, who are partners at the law firm Covington & Burling, to conduct a broader review of sexual harassment as well as general questions about diversity and inclusion. The Holder report has been shared with members of the Uber board of directors, the company spokesman said. The results of the Holder probe had been expected to be shared with employees this week, but the plan has been postponed until next week, the person said. News site Axios earlier reported that Uber had delayed plans to disclose results of the Holder probe. Chief Executive Travis Kalanick has called the allegations by Fowler "abhorrent and against everything Uber stands for and believes in". After a series of issues, including a video of him berating an Uber driver, he said he needed leadership help. On Monday the company said it had hired Harvard Business School professor Frances Frei as senior vice president of Leadership and Strategy, reporting to Kalanick. The role includes "organizational transformation" and leadership, Uber wrote in a post. (Writing By Peter Henderson; Editing by Mary Milliken) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-uber-sexual-harassment-idUKKBN18X05Y'|'2017-06-06T10:02:00.000+03:00'
'f8cb1e85978c6657c649c676bcca470fb68eebb5'|'UPDATE 1-Philippines'' Cebu Air orders 7 Airbus planes, delays delivery of earlier order'|'Market News - Wed Jun 7, 2017 - 6:47am EDT UPDATE 1-Philippines'' Cebu Air orders 7 Airbus planes, delays delivery of earlier order * Seven A321CEO planes valued at $812 mln based on list prices * Says defers A321NEO deliveries due to engine delays (Adds quotes from statement, context) By Enrico Dela Cruz MANILA, June 7 Philippine low-cost carrier Cebu Air Inc said it has placed an order with Airbus for seven A321CEO planes worth $812 million to meet increased capacity needs but is delaying deliveries of 32 A321NEO planes already ordered by about a year. Cebu Air, also known as Cebu Pacific, said in a statement on Wednesday the seven A321CEO aircraft are for delivery from March 2018. The A321NEO aircraft will now be delivered between the fourth quarter of 2018 until 2022, compared to the earlier plan of deliveries beginning September 2017 until 2021, it said. Cebu Air said it has decided to defer the A321NEO deliveries due to delays with the Pratt & Whitney engines selected to power the aircraft. "We have decided to take a conservative approach to the introduction of the A321NEO into our operations," Cebu Air Chief Finance Officer Andrew Huang said in the statement. "We remain confident that Pratt & Whitney will address all issues on the GTF (Geared Turbo Fan) engine." Pratt & Whitney, the aircraft-engine unit of United Technologies Corp, did not immediately respond to an emailed request for comment. The $812 million value of the latest order is based on list prices. Aircraft manufacturers typically give discounts to list prices. Airlines in Southeast Asia, including AirAsia and Vietjet Aviation JSC, have placed large aircraft orders in recent years, driven by the potential of rapid growth in the region. Airbus COO John Leahy was quoted in the Cebu Air statement as saying that the airline will be able to respond to growing demand with the A321 purchases. Cebu Air and its main rival Philippine Airlines are busy expanding their fleets, especially given favorable conditions in the domestic market amid the growth momentum for the local economy. Cebu Air recently took delivery of two brand-new planes, an Airbus A330 and an ATR 72-600, bringing its fleet to 61. Its fleet now comprises four Airbus A319, 36 Airbus A320, eight Airbus A330, eight ATR 72-500, and five ATR 72-600 aircraft. The carrier flies to 37 domestic and 26 international destinations, operating over 100 routes spanning across Asia, Australia, the Middle East and the United States. (Reporting by Enrico dela Cruz; Editing by Muralikumar Anantharaman) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/cebu-air-airbus-nl-orders-idUSL3N1J436G'|'2017-06-07T18:47:00.000+03:00'
'0f4709bae34f6b5d58d4200859d0b8bff084c09a'|'Fujitsu says to reach agreement ''soon'' on integrating PC business with Lenovo'|'  9:29am EDT Fujitsu to reach agreement "soon" on integrating PC business with Lenovo left right A man uses his laptop next to Lenovo''s logos during the Mobile World Congress in Barcelona, Spain February 25, 2016. REUTERS/Albert Gea 1/2 left right FILE PHOTO: People are silhouetted against a screen displaying a logo of Fujitsu at CEATEC JAPAN 2012 electronics show in Chiba, east of Tokyo, October 2, 2012. REUTERS/Yuriko Nakao/File Photo 2/2 By Yoshiyasu Shida - TOKYO TOKYO Japan''s Fujitsu Ltd ( 6702.T ) expects to reach an agreement "soon" on integrating its personal computer business with China''s Lenovo Group Ltd ( 0992.HK ), Fujitsu President Tatsuya Tanaka said Tuesday. Fujitsu said in October that it was in talks with Lenovo to cooperate in the design and manufacture of PCs. The companies had been aiming to finalize an agreement by the end of March. "We are in the final stages of working out how best to create synergies for our two companies," Tanaka said at a press conference on the company''s strategy. "We expect to wrap it up soon. "It''s not like something unexpected happened, but we are trying to discuss everything thoroughly," he said. The talks are unfolding at a time when sales of increasingly sophisticated smartphones and tablet computers squeeze demand in a global PC market that peaked half a decade ago. For Lenovo, the world''s largest PC maker, a deal could help boost its purchasing power and consolidate its footing in a PC market where profit margins are thin. Its previous PC deals included buying the PC division of International Business Machines Corp ( IBM.N ) in 2005 and creating a PC joint venture with NEC Corp ( 6701.T ) in 2011. "Details of any potential cooperation remain under discussion and there is no timeframe to communicate at this time," said Charlotte West, a spokeswoman for Lenovo. When asked on Tuesday about media reports that Fujitsu will join a Japanese government-led bidding consortium for struggling Toshiba Corp ( 6502.T ), Tanaka said he was cautious about such a move and that it would be hard to convince Fujitsu shareholders of its merits. "We always want to be accountable to our shareholders for what we do and this is also the case. In that context I do not think we can make rational reasons why we want to join the consortium," he said. (Reporting by Yoshiyasu Shida; Writing by Junko Fujita; Editing by Muralikumar Anantharaman and Susan Fenton)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-fujitsu-strategy-idUSKBN18X13P'|'2017-06-06T18:34:00.000+03:00'
'243cbd6145e471c2345545baa7ac9e222fa9a548'|'Bourses say big bang mergers sidelined by ''quiet'' hunt for content'|'Business News - Tue Jun 6, 2017 - 2:43pm BST Bourses say big bang mergers sidelined by ''quiet'' hunt for content FILE PHOTO: The German share prize index (DAX) board and the trading room of Frankfurt''s stock exchange (Boerse Frankfurt) are photographed with a circular fisheye lens during afternoon trading session in Frankfurt, Germany, February 23, 2016. REUTERS/Kai Pfaffenbach/File Photo By Huw Jones - LONDON LONDON The collapse of Deutsche Boerse and London Stock Exchange''s attempt to create a superbourse has left exchanges focusing on low key, incremental acquisitions, top bourse officials said on Tuesday. The third attempt to link up London and Frankfurt ended in March after it faced opposition from European Union competition regulators, and from German officials who opposed the head office being based in Britain. The collapse has left exchanges looking at smaller or "quiet advances" in mergers and acquisitions, such as in financial technology, data and other content, Deutsche Boerse Chief Executive Carsten Kengeter told an IDX derivatives conference. Kengeter said the political mood was becoming more national, going against the grain of global capital markets, and rival CME Group ( CME.O ) also suggested incremental rather than "big bang" moves. CME president Bryan Durkin said the Chicago based exchange would continue to build up its services to Europe from the United States after deciding to shut its London based clearing and trading platforms. "Europe is quite big in terms of the opportunities is presents for us," Durkin said. "Our focus is very much on building up the very solid footprint that we have established here and taking it to the next level on an international perspective." Jeff Sprecher, chairman and chief executive of the Atlanta-based Intercontinental Exchange ( ICE.N ) said it has been "quietly expanding" to become a "network and content" business. ICE, which also operates the New York Stock Exchange, said on June 1 it planned to buy the global research index platform from Bank of America Merrill Lynch. "We have increasingly thought of our business as essentially a network business that needs to continually to grow with content that needs to be relevant," Sprecher said. ICE''s purchase came just days after the London Stock Exchange said it was buying Citibank''s ( C.N ) Yield Book fixed-income analytics services and its related indexing business for $685 million (£531.1 million). (Reporting by Huw Jones, editing by Louise Heavens)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-markets-exchange-m-a-idUKKBN18X1OZ'|'2017-06-06T21:43:00.000+03:00'
'22f73aa261d9e6aaf1d67dfc35eff9cec5a92cd2'|'China upholds strict electric car sales quotas despite industry protests'|'Autos - Tue Jun 13, 2017 - 6:01pm BST China upholds strict electric car sales quotas despite industry protests A man walks through an electric car dealership in Shanghai, China, January 11, 2017. REUTERS/Aly Song/File Photo By Michael Martina and Norihiko Shirouzu - BEIJING BEIJING China upheld strict sales quotas for electrically powered vehicles in a draft regulation issued on Tuesday, ignoring concessions agreed between Chinese Premier Li Keqiang and German Chancellor Angela Merkel earlier this month. The draft, posted on the website of the Legislative Affairs Office for China''s cabinet, maintains that automakers must sell enough electric or plug-in hybrid vehicles to generate "credits" equivalent to 8 percent of sales by 2018, 10 percent by 2019 and 12 percent by 2020 - criteria many in the industry deem too ambitious. The number of credits per car is based on the level of electrification. Merkel and Li did not give specifics on June 1 when stating that China would make concessions on the quotas, but industry sources told Reuters the two leaders had agreed to delay the 8 percent requirement to 2019 and allow automakers that missed the quota in early years to make up for it later on. The latest draft by China''s Ministry of Industry and Information Technology, open for public comment until June 27, is largely unchanged from one issued in September, with no change to the timings. Dominik Declercq, China representative for the European Automobile Manufacturers Association, said the new draft indicated China had not changed its stance on the policy. "That''s what it looks like: no compromise, no concession," Declercq told Reuters. German Ambassador to China Michael Clauss said: "It seems that the political leadership has understood that this is a problem but there seems to be a disconnect between them and the working level at MIIT." China has been pushing to get more electric vehicles on its roads as soon as possible in order to fight urban air pollution but automakers and industry bodies have said the targets are too tough, while German policymakers say they fear they are part of a Chinese strategy to help domestic carmakers overtake global rivals in developing ''green'' vehicles. The quotas would come on top of stricter fuel economy requirements that are set to gradually become among the world''s toughest by 2020. The quota proposals had met with requests by carmakers such as Volkswagen AG ( VOWG_p.DE ) to be given more time to meet them, although VW''s management has said it is prepared to comply with the 2018 quota if the government insisted. (Reporting by Michael Martina and Norihiko Shirouzu; Writing by Jake Spring; Editing by Greg Mahlich)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-china-autos-electric-idUKKBN1942D2'|'2017-06-14T01:01:00.000+03:00'
'a41210e4930e225644bf9bf542e65a05e8d6661d'|'Boeing studies ''mild to wild'' design for pivotal mid-market jet'|'Business News - Wed Jun 7, 2017 - 3:00pm EDT Boeing studies ''mild to wild'' design for pivotal mid-market jet FILE PHOTO: The Boeing logo is seen at their headquarters in Chicago, April 24, 2013. REUTERS/Jim Young/File Photo By Tim Hepher - CANCUN, Mexico CANCUN, Mexico Boeing ( BA.N ) has looked at options "from mild to wild" for the design of a proposed mid-market jet, a senior executive said, hinting at a breakthrough that industry sources say will create building blocks for future models. Marketing Vice President Randy Tinseth said Boeing would leapfrog reported plans by Airbus ( AIR.N ) to update its hot-selling A321neo, as Boeing eyes a gap between narrow-body jets and long-haul aircraft for a potential new mid-market airplane. "We have looked at the mild and we have looked at the wild and I can tell you we know that if you are going to address that market, you need a new airplane," Tinseth told Reuters after a two-day meeting of airline leaders in Mexico. Industry sources have said the mid-market development is pivotal for Boeing since it will spawn the industrial jigsaw, systems and cockpits likely to be used for the next plane after that, a three-aircraft replacement of Boeing''s 737 cash cow. Getting the "production system" right now would partially allow Boeing to develop the next jet, which is expected to revolve around a model carrying 180 passengers, as an industrial spin-off of the mid-market one, albeit with major differences. This would result in significant cost savings and avoid repeating a patchwork of different production architectures. Two further derivatives could extend that post-737 jet family to 160-210 seats, based on current market forecasts. Boeing has not yet talked about its plans beyond the mid-market plane, which is expected to enter service by 2025. Boeing officials declined comment on the long-term options or specific details of the mid-market project, which one leasing company has dubbed "797". GOODBYE STEAM ENGINE For the mid-market jet, industry sources have said Boeing is settling on a family of two wide-body aircraft. These would effectively combine a twin-aisle cabin sitting on top of the reduced belly space of a single-aisle jet. The aim is to reduce wind resistance or drag and therefore operating costs. However, it involves a risky gamble that airlines will not need to carry much paid cargo on the routes for which the airplane is designed, delegates at the airlines meeting in Cancun said. The two mid-market models, designed to carry about 220-260 passengers over 3,500 to 5,000 nautical miles (6,400-9,260 km), will also have a wing resembling the distinctive stiletto design of the 787 Dreamliner but with significant internal differences. Seen from the front, the outline of traditional metal airplane fuselages is usually closer to a true circle. That allows pressurised air inside the cabin to push out uniformly in all directions, easing loads and removing the need for heavy strengthening materials. That well-tested concept is as old as the steam engine. Carbon composites allow manufacturers to make complex pieces in one shape and are well suited to the more elliptical design that Boeing has in mind for the new mid-market fuselage. However, composites are more expensive to produce. Reuters reported last month that the new aircraft could be built using cheaper and faster new production techniques without costly pressurised ovens, or autoclaves. That technology was used to weave the carbon wings of Russia''s new MS-21 jet, which first flew last month. Airbus this week played down a project called A321neo-plus-plus in response to the Boeing mid-market jet, first reported by Reuters, and said it was always reviewing options. (Additional reporting by Victoria Bryan; Editing by Susan Fenton) '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-airlines-iata-boeing-idUSKBN18Y2TW'|'2017-06-08T03:00:00.000+03:00'
'0c07b05591197b48fbca4c8166f62bce4d360742'|'Madame Tussauds-owner Merlin says Manchester, London attacks hit demand'|'Business News - Tue Jun 13, 2017 - 7:55am BST Madame Tussauds-owner Merlin says Manchester, London attacks hit demand A woman poses with a waxwork of U.S. President-elect Donald Trump during a media event at Madame Tussauds in London, Britain January 18, 2017. REUTERS/Neil Hall LONDON Visitor attractions group Merlin Entertainments has seen a drop in demand from domestic tourists following recent attacks in Manchester and London and believes foreign visitors could stay away in the coming months, it said on Tuesday. The firm, which runs tourist attractions such as Madame Tussauds waxworks, Sea Life and The Dungeons, said that trading in its London business in the early part of the year had benefited from an increase in foreign visits to Britain, reflecting the weaker pound. It said this continued in the immediate aftermath of an attack in Westminster on March 22, although that incident did result in a softer domestic, day-trip market. Merlin said the subsequent attacks in Manchester on May 22 and London Bridge on June 3 resulted in a further deterioration in domestic demand. "Given the typical lag between holiday bookings and visitation, we are also cautious on trends in foreign visitation over the coming months," the firm said. Merlin said overall group trading to date has been broadly in line with expectations, noting that over 70 percent of 2016 profit was generated from outside the UK. "I remain confident in the company''s underlying growth prospects," said Chief Executive Nick Varney. Shares in Merlin, up 12 percent so far this year, closed Monday at 503 pence, valuing the business at 5.14 billion pounds. (Reporting by James Davey; editing by Kate Holton) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-merlin-ent-outlook-idUKKBN1940N6'|'2017-06-13T14:24:00.000+03:00'
'a4f6975dd6889fa6f31884649a55457bc1e3a574'|'Toshiba faces fresh lawsuit, plans provision for year ended March'|'Business News - Tue Jun 13, 2017 - 6:16am BST Toshiba faces fresh lawsuit, plans provision for year ended March FILE PHOTO: A logo of Toshiba Corp is seen outside an electronics retail store in Tokyo, Japan, February 14, 2017. REUTERS/Toru Hanai/File Photo TOKYO Toshiba Corp on Tuesday said it was being sued by another group of foreign investors for 43.9 billion yen (315.2 million pounds) in damages over a $1.3 billion accounting scandal uncovered two years ago. Toshiba said in a statement that it plans to book an additional provision for the year ended March for the lawsuit. The laptops-to-nuclear conglomerate has now been sued by 26 groups and individuals since it first admitted to reporting inflated profits going back to 2008, with total damages of 108.4 billion yen being sought. (Reporting by Makiko Yamazaki; Editing by Himani Sarkar) Uber CEO Kalanick likely to take leave, SVP Michael out - source SAN FRANCISCO Uber Technologies Inc [UBER.UL] Chief Executive Travis Kalanick is likely to take a leave of absence from the troubled ride-hailing company, but no final decision has yet been made, according to a source familiar with the outcome of a Sunday board meeting. Inflation fizzle may once again leave Fed rate path in doubt SAN FRANCISCO/WASHINGTON The Federal Reserve will probably express its confidence inflation will climb towards its 2 percent target when it meets this week and delivers a widely expected rate rise, but such assurances are a poor indicator of the Fed''s future policy. SINGAPORE Oil prices edged up on Tuesday, lifted by statements that Saudi Arabia was making significant supply cuts, although rising U.S. output meant that markets remain well supplied. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-toshiba-accounting-idUKKBN1940IN'|'2017-06-13T13:16:00.000+03:00'
'57e0ff3681de17aafb28cf052f862f909ddebc52'|'METALS-Copper steady, zinc premiums surge on healthy steel demand'|'Market News - Mon Jun 12, 2017 - 11:24pm EDT METALS-Copper steady, zinc premiums surge on healthy steel demand MELBOURNE, June 13 London copper eased on Tuesday from near a two-month high ahead of the U.S. Federal Reserve''s interest rate decision due later in the week, while China zinc premiums surged on healthy demand and limited supply. "Zinc demand is good because steel demand in China is great right now. Demand growth is expected to soften in the second half which will weigh on steel demand and likely galvanized demand (for zinc) as well," said analyst Lachlan Shaw at UBS in Melbourne. "But the story with zinc is about supply. You’re seeing that physical premium jump. That’s a signal and we need to see it sustain. Potentially this is the tightening that many have been expecting - I’d be expecting futures to catch up." FUNDAMENTALS * LME COPPER: London Metal Exchange copper traded flat at $5769 a tonne by 0258 GMT, after a small 0.6 percent drop in the previous session. * TECHNICALS: LME copper has been challenging resistance around the 100-day moving average at $5784 a tonne, having reached $5,832 a tonne on Friday which was its highest since April 10. * SHFE COPPER: Shanghai Futures Exchange copper slipped 0.6 percent to 46070 yuan ($6,778) a tonne. * ZINC Premiums for zinc held in China''s bonded zones have surged to $195-205 from $155 last week ZN-BMPBW-SHMET. Signs of supply stress also showed on the ShFE, where front month prices flaring to more than 2000 yuan above the third month futures contract on Monday. * U.S. inflation expectations tumbled last month, with one key measure hitting its lowest level since early 2016, according to a Federal Reserve Bank of New York survey that could amplify the central bank''s concern over a broad slump in prices. * A small majority of traders in China''s financial markets think its central bank will likely raise short-term interest rates this week if the U.S. Federal Reserve hikes its key policy rate, as widely expected, according to a Reuters poll. * Disruptions at the two biggest copper mines early this year may have only a muted impact on prices after a surge of scrap metal partially filled the supply gap and a recovery in mine output is due to help in the second half. * French bank Natixis has sued metals broker Marex Spectron for $32 million over alleged fraudulent receipts for nickel stored at warehouses in Asia run by a unit of commodities giant Glencore GLEN.L, a court filing showed. * China is likely to step up imports of refined zinc from May, industry sources said last month, as dwindling global supplies of concentrate hit local output of the metal, used to galvanise steel. * For the top stories in metals and other news, click or DATA/EVENTS 0600 Germany Wholesale prices May 0830 UK CPI May 0900 Germany Economic sentiment index June 1000 US Small business confidence index May 1230 US PPI May '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/global-metals-idUSL3N1JA1OK'|'2017-06-13T11:24:00.000+03:00'
'69d418cb6fc1202129665d93e9d1f9c34c0c170b'|'How Trump Digs a Deeper Legal Hole When He Tweets'|'President Donald Trump can’t be stopped from tweeting and otherwise talking about the Russia investigation. But by continuing to expostulate, he risks not only incriminating himself but irritating the prosecutor overseeing the probe.Some observers speculated that the arrival of Trump’s personal lawyer, Marc Kasowitz, would spell the end of the president’s off-the-cuff comments. Not so. Whatever Kasowitz has told his longtime client, the president is still running his mouth.On Sunday morning, the president tweeted : “I believe the James Comey leaks will be far more prevalent than anyone ever thought possible. Totally illegal? Very ‘cowardly!’”Two days earlier, during a testy Rose Garden press conference, he accused Comey of perjury during his testimony last Thursday before the Senate Intelligence Committee. In addition, Trump declared that the hearing failed to establish that he’d colluded with the Russians to manipulate the 2016 election or tried to stop the federal probe of whether Trump aides helped the Russians with their hacking. “No collusion. No obstruction. He’s a leaker,” Trump said, the last part referring again to Comey, whom Trump fired as FBI director in May. Asked if he’d testify under oath, Trump answered, “100 percent.”James Comey arrives to a Senate Intelligence Committee hearing on June 8. Photographer: Zach Gibson/Bloomberg So, why does this matter? First, there’s the attorney’s rule of thumb that a client anywhere in the vicinity of a criminal investigation ought to keep his trap shut. “It’s 100 percent clear that the rule in the normal criminal case is not a word from the client,” says Harry Litman, a former federal prosecutor who teaches at UCLA Law School and practices with the firm Constantine Cannon. “A president may have different political imperatives, but Trump’s tweet logorrhea does not reflect a well-thought-out strategy.”Appearing on CBS’s “ Face the Nation ” on Sunday, Republican Senator Lindsey Graham of South Carolina imagined warning Trump: “You may be the first president in history to go down because you can’t stop inappropriately talking about an investigation that, if you just were quiet, would clear you.”A talkative client runs the risk of intensifying prosecutorial scrutiny. In this case, the prosecutor is Special Counsel Robert Mueller. I’m going to go out on a limb and say that it’s highly unlikely Mueller saw the Comey hearing as exonerating Trump of obstruction of justice. To the contrary, Mueller is almost certainly investigating the related Michael Flynn and Comey-firing angles.Flynn probe: According to Comey, the president said in February that he hoped Comey would drop the part of the investigation focused on Flynn, the dismissed national security adviser. Three times during the Friday press conference Trump replied to questions by unreservedly denying he said any such thing to Comey. If Mueller finds Comey more credible on this point—and Comey says he’s turned over to Mueller contemporaneous notes of all his conversations with the president—Trump’s public denials make it more likely the special counsel will view the president as a liar.The most important business stories of the day. Get Bloomberg&apos;s daily newsletter. Sign Up Comey firing: Mueller will also explore whether Trump’s firing of Comey was part of an attempt to obstruct the investigation. Comey certainly thinks so, having testified, “I take the president at his word that I was fired because of the Russia investigation.” Trump himself provided the basis for Comey’s position. During a May 11 television interview , the president admitted that he was thinking about the Russia probe when he decided to oust Comey.Robert Mueller. Photographer: Brendan Smialowski/AFP via Getty Images Trump, through his comments, has limited his lawyer’s maneuvering room. The “100 percent” promise means that if Mueller asks the president to testify under oath—and Mueller eventually will ask—the president has unilaterally disarmed himself from arguing that there’s some reason he shouldn’t have to be questioned under penalty of perjury.Finally, there’s the squishier issue that Trump’s attempts to smear Comey may well bother Mueller on a personal level. When he was FBI director in the 2000s, Mueller worked with Comey, then the deputy U.S. attorney general. The Boston Globe observes : “The two men have had similar careers. Both have been top federal prosecutors. Both have been FBI directors. Several people who know both men say they respect each other.”Mueller has a reputation for independence, and he’s not going to go after Trump to vindicate a former colleague. But even prosecutors are human beings. There’s simply no way that the president’s attempted assassination of Comey’s character can fail to color Mueller’s opinion of Trump’s credibility and stature.A caveat: Trump’s status as president probably protects him from criminal prosecution while he’s in office. And impeachment, the constitutionally enshrined method for removing a president, isn’t likely as long as Republicans control Congress.But let’s imagine Mueller develops evidence of wrongdoing by Trump. Let’s further imagine that after due deliberation, Mueller issues a report, say, next year. That report could come just in time to help shape the 2018 elections and the chances that a potential Democratic-controlled Congress does take a swing at impeachment, using the report as its guide.The president may not be thinking about this possibility, but his lawyers should be.'|'bloomberg.com'|'https://www.bloomberg.com/businessweek'|'http://www.bloomberg.com/news/articles/2017-06-12/how-trump-digs-a-deeper-legal-hole-when-he-tweets'|'2017-06-12T16:00:00.000+03:00'
'a74e82e959a3a6b27123a3c6ad1fa9d20e0d1d61'|'Bank of England urges insurers to boost boardroom diversity'|'Central Banks - Tue Jun 13, 2017 - 4:46pm BST Bank of England urges insurers to boost boardroom diversity FILE PHOTO: A general view shows the Bank of England in the City of London, Britain April 19, 2017. REUTERS/Hannah McKay/File Photo LONDON Insurers in Britain should hire a wide range of board members to avoid "groupthink" and improve how companies are run, the Bank of England proposed on Tuesday. The BoE, which supervises insurers, proposed changes to its rules that make senior managers at insurers directly accountable for their actions. British companies in general have been urged by the government to appoint more women board members to boost diversity. Shareholder advisory group PIRC last month criticised Britain''s largest insurer Prudential ( PRU.L ) for the absence of a target to increase the number of women on its board. The Bank of England proposed that insurers should have a policy of considering a "broad set of qualities and competencies" when recruiting board members, and have a policy to promote diversity among board members. The Bank said diverse boards would provide a more effective challenge to management as well as bringing a broader set of perspectives. These should help boards to identify a wider range of risks and be better able to understand their impact, which would in turn provide greater protection for policy holders, the BoE said in a consultation paper. It proposed no quotas for making boards more diverse, and said companies were best placed to determine themselves the details of their policy to promote diversity. Jacey Graham, co-founder of Brook Graham, a diversity consultancy at Pinsent Masons'' law firm, said the insurance industry in general had been behind the curve in addressing this issue. But he also said he was encouraged by the work being done now by his clients in this sector, especially on gender diversity. "The focus also needs to be on diversity in executive committees, however, for the industry to truly change and reap the business benefits," Graham said. (Reporting by Huw Jones and Carolyn Cohn. Editing by Jane Merriman)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-boe-insurance-regulations-idUKKBN19425K'|'2017-06-13T23:46:00.000+03:00'
'beebe94516273f52f9397d7779123eb80a38eb51'|'Aldi fires $3.4 bln shot in U.S. supermarket wars'|'Market News - Sun Jun 11, 2017 - 9:00pm EDT Aldi fires $3.4 bln shot in U.S. supermarket wars By Nandita Bose - CHICAGO, June 11 CHICAGO, June 11 German grocery chain Aldi Inc said on Sunday it would invest $3.4 billion to expand its U.S. store base to 2,500 by 2022, raising the stakes for rivals caught in a price war. Aldi operates 1,600 U.S. stores and earlier this year said it would add another 400 by the end of 2018 and spend $1.6 billion to remodel 1,300 of them. The investment, which raises Aldi''s capital expenditure to at least $5 billion so far this year, comes at a time of intense competition and disruption in the industry. German rival Lidl will open the first of its 100 U.S. stores on June 15. In May, Lidl said it would price products up to 50 percent lower than rivals. Wal-Mart Stores Inc, the largest U.S. grocer, is testing lower prices in 11 U.S. states and pushing vendors to undercut rivals by 15 percent. Wal-Mart, the world''s biggest retailer, is expected to spend about $6 billion to regain its title as the low-price leader, analysts said. The furious pace of expansion by Aldi and Lidl is likely to further disrupt the U.S. grocery market, which has seen 18 bankruptcies since 2014. The two chains are also upending established UK grocers like Tesco Plc and Wal-Mart''s UK arm, ASDA. In May, Aldi Chief Executive Jason Hart told Reuters the chain intended to have prices at least 21 percent lower than rivals and would focus on adding in-house brands to win over price-sensitive customers. "We''re growing at a time when other retailers are struggling," Hart said in a statement. Hart added that Aldi''s prices were also up to 50 percent lower than traditional grocery chains, a move that appeared to follow rival Lidl''s announcement on prices. The latest store expansion will create 25,000 U.S. jobs and make Aldi the third-largest grocery chain operator in the country behind Wal-Mart and Kroger Co, the German chain said in a statement. Aldi''s 2,500 stores would equal about 53 percent of Wal-Mart''s U.S. outlets. "As we continue to expand and grow, our purchasing power continues to increase and allows us to bring products at better prices for consumers," Scott Patton, Aldi''s head of corporate buying, said in an interview. (Reporting by Nandita Bose in Chicago; Editing by Richard Chang)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-retail-aldi-idUSL3N1J64QT'|'2017-06-12T09:00:00.000+03:00'
'310b7cb8cad656bdc1e9a006bc81d8e0fa1d71ca'|'UPDATE 2-Los Angeles Pride Parade morphs into ''Resist March'''|'(Updates with march color)By Lucy NicholsonLOS ANGELES, June 11 Tens of thousands of people dressed in rainbow attire and waving protest signs walked en masse through Los Angeles on Sunday in a "Resist March" against U.S. President Donald Trump, an event that took the place of the city''s annual Pride parade.The 3-mile (4.8km) walk began in Hollywood and culminated with a rally in gay-friendly West Hollywood featuring Nancy Pelosi, the Democratic leader of U.S. House of Representatives, the city''s liberal Mayor Eric Garcetti and drag queen icon RuPaul."We''re people," said Mary Demasters, 29, who wore a rainbow cape draped over her shoulders and a rainbow sticker on cheek. "We deserve to be treated like people, all of us, no matter what our differences are. We''re all people."Reflecting this year''s emphasis on the common ground of liberal causes, including LGBT rights, Demasters carried a placard that read: "When you come for one of us, you come for all of us."The event brought together a range of groups at the forefront of the country''s most contentious political issues, including Planned Parenthood, Black Lives Matter, the American Civil Liberties Union and GLAAD, an LGBTQ media advocacy organization."This was not the year for parades. This was the year to take to the streets and march," said Stephen Macias, a spokesman for the organizers, highlighting the wave of protests across the country since Trump''s election in November."The march is still about celebrating our community but it''s also about recognizing the climate we live in and the delicate balance around civil rights," Macias said.The decision to shift the event''s emphasis drew criticism from some in Southern California''s lesbian, gay, bisexual, transgender and "queer" community, who say the one day of the year set aside to celebrate their LGBTQ identities should not be given over to other political causes.It marks the second year in a row that Los Angeles Pride organizers have faced dissension. In 2016, some activists boycotted pride events on the grounds that they had lost their focus on the larger gay community to become a music festival catering largely younger people.Macias said the complaints about this year''s Resist March reflected a misunderstanding about the intentions of the organizers. The weekend would still feature gay pride festivities across the Los Angeles area, he said."The march is still about celebrating our community but it''s also about recognizing the climate we live in and the delicate balance around civil rights," he said.The march this year was staged a day after anti-corporate protesters briefly blocked the route of a Washington, D.C., pride parade, in part to voice their opposition to such backers as Wells Fargo & Co and weapons maker Northrop Grumman Corp.The Washington protesters also demanded the addition of a transgender minority woman to the board of organizer Capital Pride Alliance, and that the parade bar police officers from marching.In response, Ryan Bos, executive director of Capital Pride Alliance, released a statement on Sunday acknowledging the importance of considering differing points of view."We encourage a robust, civil, and healthy conversation within the community about all of the issues that impact us and look forward to having a mutually respectful conversation in the days, weeks, and months ahead," Bos said.Gay pride events are scheduled for major cities across the United States this month, some of them this weekend.In San Francisco, pride organizers have not dropped their parade in favor of a protest but the SF Weekly newspaper reported that the event would include a "resistance contingent" and an immigrant rights speaker.The owner of the shuttered Pulse gay nightclub in Orlando, Florida, is set to open its doors early on Monday in remembrance of victims of a mass shooting there on June 12, 2016, that killed 49 people. Dan Whitcomb in Los Angeles, Barbara Goldberg in New York and Lacey Johnson in Washington; Editing by Frank McGurty and Richard Chang)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/usa-lgbt-pride-idINL1N1J8073'|'2017-06-11T20:08:00.000+03:00'
'a2307f979b59747f8653e461276698d01b511614'|'Radiation, risk and robots: Ripping out a reactor''s heart'|'Business News - Mon Jun 12, 2017 - 7:09am BST Radiation, risk and robots: Ripping out a reactor''s heart left right Warning signs inside the nuclear reactor of the nuclear power plant that will be dismantled in Muelheim-Kaerlich, Germany, May 22, 2017. REUTERS/Thilo Schmuelgen 1/15 left right Warning signs in the nuclear reactor of the nuclear power plant that will be dismantled in Muelheim-Kaerlich, Germany, May 22, 2017. REUTERS/Thilo Schmuelgen 2/15 left right View inside the nuclear reactor of the nuclear power plant that will be dismantled in Muelheim-Kaerlich, Germany, May 22, 2017. REUTERS/Thilo Schmuelgen 3/15 left right Worker inside the nuclear reactor of the nuclear power plant that will be dismantled in Muelheim-Kaerlich, Germany, May 22, 2017. REUTERS/Thilo Schmuelgen 4/15 left right View inside the nuclear reactor of the nuclear power plant that will be dismantled in Muelheim-Kaerlich, Germany, May 22, 2017. REUTERS/Thilo Schmuelgen 5/15 left right View a tunnel in the nuclear reactor of the nuclear power plant that will be dismantled in Muelheim-Kaerlich, Germany, May 22, 2017. REUTERS/Thilo Schmuelgen 6/15 left right A Worker in the nuclear reactor of the nuclear power plant that will be dismantled in Muelheim-Kaerlich, Germany, May 22, 2017. REUTERS/Thilo Schmuelgen 7/15 left right A group of visitors walks through the nuclear reactor of the nuclear power plant that will be dismantled in Muelheim-Kaerlich, Germany, May 22, 2017. REUTERS/Thilo Schmuelgen 8/15 left right View at the nuclear reactor of the nuclear power plant that will be dismantled in Muelheim-Kaerlich, Germany, May 22, 2017. REUTERS/Thilo Schmuelgen 9/15 left right Protective suits are pictured inside the nuclear power plant that will be dismantled in Muelheim-Kaerlich, Germany, May 22, 2017. REUTERS/Thilo Schmuelgen 10/15 left right Protective container are pictured inside the nuclear power plant that will be dismantled in Muelheim-Kaerlich, Germany, May 22, 2017. REUTERS/Thilo Schmuelgen 11/15 left right FILE PHOTO: A combination of file pictures shows aerial views of the German nuclear power plants (top L to Bottom R) of Neckarwestheim, Brunsbuettel, Isar, Biblis A and B, Philippsburg and Unterweser. REUTERS/Staff/File Photo 12/15 left right View inside the nuclear power plant that will be dismantled in Muelheim-Kaerlich, Germany, May 22, 2017. REUTERS/Thilo Schmuelgen 13/15 left right View in the nuclear reactor of the nuclear power plant that will be dismantled in Muelheim-Kaerlich, Germany, May 22, 2017. REUTERS/Thilo Schmuelgen 14/15 left right Workers in the nuclear reactor of the nuclear power plant that will be dismantled in Muelheim-Kaerlich, Germany, May 22, 2017. REUTERS/Thilo Schmuelgen 15/15 By Christoph Steitz and Tom Käckenhoff - MUELHEIM-KAERLICH, Germany MUELHEIM-KAERLICH, Germany As head of the Muelheim-Kaerlich nuclear reactor, Thomas Volmar spends his days plotting how to tear down his workplace. The best way to do that, he says, is to cut out humans. About 200 nuclear reactors around the world will be shut down over the next quarter century, mostly in Europe, according to the International Energy Agency. That means a lot of work for the half a dozen companies that specialise in the massively complex and dangerous job of dismantling plants. Those firms – including Areva, Rosatom''s Nukem Technologies Engineering Services, and Toshiba''s Westinghouse – are increasingly turning away from humans to do this work and instead deploying robots and other new technologies. That is transforming an industry that until now has mainly relied on electric saws, with the most rapid advances being made in the highly technical area of dismantling a reactor''s core – the super-radioactive heart of the plant where the nuclear reactions take place. The transformation of the sector is an engineering one, but companies are also looking to the new technology to cut time and costs in a competitive sector with slim margins. Dismantling a nuclear power plant can take decades and cost up to 1 billion euros (863.3 million pounds), depending on its size and age. The cost of taking apart the plant in Muelheim-Kaerlich will be about 800 million euros, according to sources familiar with the station''s economics. Some inroads have already been made: a programmable robot arm developed by Areva has reduced the time it takes to dismantle some of the most contaminated components of a plant by 20-30 percent compared with conventional cutting techniques. For a graphic on nuclear power, click here For Areva and rival Westinghouse, reactor dismantling is unlikely to make an impact on the dire financial straits they are mired in at present as it represents just a small part of their businesses, which are dominated by plant-building. But it nonetheless represents a rare area of revenue growth; the global market for decommissioning services is expected to nearly double to $8.6 billion by 2021, from $4.8 billion last year, according to research firm MarketsandMarkets. Such growth could prove important for the two companies should they weather their current difficulties. "We''re not talking about the kind of margins Apple is making on its iPhone," said Thomas Eichhorn, head of Areva''s German dismantling activities. "But it''s a business with a long-term perspective." When reactors were built in the 1970s, they were designed to keep radiation contained inside at all costs, with little thought given to those who might be tearing them down more than 40 years later. First, engineers need to remove the spent nuclear fuel rods stored in reactor buildings – but only after they''ve cooled off. At Muelheim-Kaerlich this took about two years in total. Then peripheral equipment such as turbines need to be removed, a stage Muelheim-Kaerlich has begun and which can take several years. Finally, the reactor itself needs to be taken apart and the buildings demolished, which takes about a decade. Some of the most highly contaminated components are cocooned in concrete and placed in iron containers that will be buried deep underground at some point. ROBOTS UNDER WATER While the more mundane tasks, including bringing down the plants'' outer walls, are left to construction groups such as Hochtief, it''s the dismantling of the reactor''s core where more advanced skills matter – and where the use of technology has advanced most in recent years. Enter companies such as Areva, Westinghouse, Nukem Technologies, GE Hitachi as well as GNS, owned by Germany''s four nuclear plant operators. They have all begun using robots and software to navigate their way into the reactor core, or pressure vessel. "The most difficult task is the dismantling of the reactor pressure vessel, where the remaining radioactivity is highest," said Volmar, who took charge of the RWE-owned Muelheim-Kaerlich plant two years ago. "We leave this to a specialised expert firm." The vessel – which can be as high as 13 metres and weigh up to 700 tonnes – is hidden deep inside the containment building that is shaped like a sphere to ensure its 30-centimetre thick steel wall is evenly strained in case of an explosion. The 2011 Fukushima disaster and the Chernobyl accident of 1986 are imprinted in the world''s consciousness as examples of the catastrophic consequences of the leakage of radioactive material. France''s Areva recently won the contract to dismantle the pressure vessel internals at Vattenfall''s 806 megawatt (MW) Brunsbuettel nuclear plant in Germany, which includes an option for the Swedish utility''s 1,402 MW Kruemmel site. There, the group will for the first time use its new AZURo programmable robot arm. It hopes this will help it outstrip rivals in what is the world''s largest dismantling market following Germany''s decision to close all its last nuclear plants by 2022, in response to the Fukushima disaster. AZURo operates under water because the liquid absorbs radiation from the vessel components – reducing the risk of leakage and contamination of the surrounding area. The chamber is flooded before its work begins. Areva''s German unit invests about 5 percent of its annual sales, or about 40 million euros, in research and development, including in-house innovation such as AZURo. By comparison, the world''s 1,000 largest corporate R&D spenders, on average, spent 4.2 percent last year, according to PwC. The robot arm technology helped Areva beat Westinghouse by winning tenders to dismantle pressure vessel internals at EnBW''s Philippsburg 2 and Gundremmingen 2 blocks, industry sources familiar with the matter said. Areva and EnBW both declined to comment. Westinghouse – whose U.S. business filed for bankruptcy in March – did not respond to repeated requests for comment. TIME AND MONEY Britain''s OC Robotics has built the LaserSnake2, a flexible 4.5-metre snake arm, which can operate in difficult spaces and uses a laser to increase cutting speeds – thus reducing the risk of atmospheric contamination. It was tested at the Sellafield nuclear site in west Cumbria last year. This followed France''s Alternative Energies and Atomic Energy Commission (CEA), whose laser-based dismantling technology generates fewer radioactive aerosols – a key problem during cutting – than other technologies. The complexity of the dismantling process is also giving rise to modelling software that maps out the different levels of radiation on plant parts, making it easier to calculate the most efficient sequence of dismantling – the more contaminated parts are typically dealt with first – and gives clarity over what safety containers will be needed to store various components. GNS, which is jointly owned by E.ON, RWE, EnBW and Vattenfall, is currently helping to dismantle the German Neckarwestheim 1 and Philippsburg 1 reactors, using its software to plan the demolition. The company also hopes to supply its software services for the dismantling of PreussenElektra''s Isar 1 reactor, which is being tendered, and aims to expand to other European countries. "Two things matter: time and money," said Joerg Viermann, head of sales of waste management activities at GNS. "The less I have to cut, the sooner I will be done and the less I will spend." (Additional reporting Emma Thomasson in Berlin; Editing by Simon Robinson and Pravin Char) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-nuclearpower-plant-dismantling-idUKKBN1930HA'|'2017-06-12T14:09:00.000+03:00'
'591a615b68318f565ba1d075517295465cb413f1'|'Deutsche Bank sees low chance of U.S. recession in next 12 months'|'NEW YORK, June 12 Chances are remote the U.S. economy will fall into a recession in the next 12 months despite a recent flattening of the U.S. yield curve suggesting growing recession risk, Deutsche Bank''s economists said on Monday.Based on other bond market indicators, they estimated the probability of a U.S. recession from now to June 2018 at less than 10 percent. (Reporting by Richard Leong; Editing by Chizu Nomiyama)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/usa-recession-deutsche-bank-idINL1N1J90TK'|'2017-06-12T14:20:00.000+03:00'
'f55b81c5f6ab2c23153e2b405623f90e901df8eb'|'Fujifilm flags bigger loss from improper accounting at overseas units'|'Business News - Mon Jun 12, 2017 - 5:56am BST Fujifilm flags bigger loss from improper accounting at overseas units left right Fujifilm''s company logos are seen at its exhibition hall nearby the headquarters of Fujifilm Holdings Corp in Tokyo, Japan June 12, 2017. REUTERS/Kim Kyung-Hoon 1/2 left right Women walk past Fujifilm''s company logo (top) in front of its exhibition hall nearby the headquarters of Fujifilm Holdings Corp in Tokyo, Japan June 12, 2017. REUTERS/Kim Kyung-Hoon 2/2 TOKYO Japan''s Fujifilm Holdings Corp ( 4901.T ) said on Monday it now estimates the impact of improper accounting at its overseas units at a 37.5 billion yen (267 million pounds) loss for the past few years, up from the 22 billion yen loss it had flagged in April. A third-party panel has been looking into accounting practices used in some lease transactions at Fuji Xerox New Zealand Ltd for periods before the 2015 financial year. Fujifilm said the panel also found improper accounting at Fuji Xerox Australia Pty Ltd, in addition to the New Zealand unit, resulting in the bigger loss. But the digital camera and copier maker said the overall impact on its results for the year ended in March was minor. Shares in Fujifilm rose 1.6 percent in early trade, outperforming a 0.8 percent fall in the benchmark Nikkei average .N225 . Fujifilm separately revised up its net profit estimate for the last business year to a record 131.5 billion yen, up from the 112 billion yen forecast in January, citing gains from the sale of cross-held shares. The company will provide a detailed report on the accounting review at 3 p.m. (0600 GMT), it said. (Reporting by Taiga Uranaka; Editing by Chang-Ran Kim and Edwina Gibbs) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-fujifilm-results-idUKKBN1930CJ'|'2017-06-12T12:56:00.000+03:00'
'02944a37ed24b2abb0d9fa6eebbe89191fde98a2'|'Japan core machinery orders fall more than forecast in sign of economic fragility'|'Business News - Mon Jun 12, 2017 - 2:50am BST Japan core machinery orders fall more than forecast in sign of economic fragility People work at a construction site in Tokyo, September 9, 2015. REUTERS/Toru Hanai By Tetsushi Kajimoto - TOKYO TOKYO Japan''s core machinery orders fell more than expected in April, casting doubt on the strength of companies'' capital spending and adding to concerns about the country''s fragile economic recovery. The 3.1 percent fall in the core orders from a month earlier was much bigger than the 1.3 percent decline expected by economists in a Reuters poll, potentially dragging on economic growth in the current quarter. It also marked the first drop in three months, following a 1.4 percent increase in March, the Cabinet Office data showed. Though the machinery order data, which excludes ships and orders from the electric power utilities, is highly volatile, it is regarded as an indicator of capital spending in the coming six to nine months. The reading follows a surprisingly sharp downward revision to first-quarter economic growth, as a reduction in inventories put annualized growth at 1.0 percent, much slower than the initially estimated 2.2 percent. More recently, a run of indicators and business activity surveys have pointed to still solid exports and factory output, although wage growth and household spending remain stubbornly sluggish despite a tightening job market. Policymakers are hoping that Japanese firms will tap their hefty profits to spur investment and boost wages to stoke a sustainable growth cycle. "Capital expenditure will likely remain lackluster in the current quarter," said Koya Miyamae, senior economist at SMBC Nikko Securities. "Exports and factory output are performing well on the back of global economic recovery and a weak yen, but uncertainty over U.S. President (Donald) Trump''s trade policy makes Japanese firms hesitant about domestic investment." By sector, core orders from manufacturers rose 2.5 percent in April, up for a third straight month. The gains were led by orders from electrical machinery companies for semiconductor production equipment and computers, and all-purpose industrial machinery firms. Orders from the services sector fell 5.0 percent, dragged down by orders from financial and insurance firms for computer systems, down for a second consecutive month. "The 3.1 percent may appear a big drop, but overall core orders held firm, centering on manufacturers," said a senior Cabinet Office official. Orders from manufacturers would have logged a double-digit gain if a one-off pullback in orders from nonferrous metal firms for nuclear-powered motors was excluded. Orders from abroad, which were not counted as core orders, jumped 17.4 percent in April, up for the first time in three months. The Cabinet Office stuck to its assessment of machinery orders, saying the pick-up was stalling, using the same assessment for an eighth straight month. Still, the Bank of Japan is set to upgrade its economic assessment as early as this week to signal its growing conviction the recovery is gathering momentum, people familiar with its thinking told Reuters last week. Such an upgrade would reinforce expectations that the BOJ''s next move would be to tighten monetary policy, though analysts do not expect it will begin to do so anytime soon. (Reporting by Tetsushi Kajimoto; Editing by Kim Coghill) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-japan-economy-orders-idUKKBN19304I'|'2017-06-12T09:41:00.000+03:00'
'187405837cb965c01db9f815ec4b051aa8fc6351'|'Bank of France maintains French second quarter GDP growth forecast at 0.5 percent'|'Business   7:39am BST Bank of France maintains French second quarter GDP growth forecast at 0.5 percent People and delivery vans cross a boulevard during the morning rush hour in the Opera district of Paris, France October 13, 2015. REUTERS/Kevin Coombs PARIS The Bank of France on Monday maintained its earlier estimate for second-quarter French gross domestic product (GDP) growth of 0.5 percent, and forecast a pick up in the services and construction sectors for June. The central bank''s business climate survey for the manufacturing industry gave a reading of 105 points, stable compared to the April reading, which was revised up to 105 points as well for the highest level in six years. Its business climate indicator for the services sector stood at 101 points in May, stable compared to the April level which was also revised up to 101 points. The Bank of France added that business leaders expected the construction and services sectors to improve in June, although a slower pace of growth was expected for industrial production. (Reporting by Sudip Kar-Gupta; Editing by Andrew Callus)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-france-economy-idUKKBN1930J2'|'2017-06-12T14:39:00.000+03:00'
'c479754d1fdfb998145b71bad451d6773084dbe0'|'UPDATE 1-Majestic Wine full-year sales rise on strong U.S. performance'|'Market News - Thu Jun 15, 2017 - 3:06am EDT UPDATE 1-Majestic Wine full-year sales rise on strong U.S. performance (Adds details, background) June 15 Britain''s Majestic Wine Plc said on Thursday its underlying full-year revenue rose 11.4 percent as sales expanded by more than a quarter at its U.S.-focused Naked Wines unit, despite a failed e-mail campaign earlier this year. Full-year sales at Naked Wines, which was acquired in April 2015, surged 26.3 percent to 142.2 million pounds ($181.25 million). U.S. sales for the unit rose by 28 percent. Profit for the full year at Naked Wines rose to 48.2 million pounds, despite the previously reported failed direct marketing campaign hurting profit by 2 million pounds. Under the direct mail campaign, the company sent mailers to new customers last year inviting them to support winemakers and in exchange get preferential prices. "Profits could have been much higher but we increased our rate of investment..., a portion of which was badly spent on a failed Direct Mail campaign that will not be repeated," Majestic said. The group''s full-year sales came in at 461.1 million pounds. Majestic Wine has 210 wine warehouses across Britain as well as two branches in France, while Naked Wines operates across the United States, Britain and Australia. Other than Naked Wines, sales also grew at its specialist fine wine unit, Lay & Wheeler, by 36.2 percent. However, full-year adjusted pretax profit fell to 12.9 million pounds from 15 million pounds a year ago, reflecting the investment in the business, it said. Separately, the company said chairman Phil Wrigley will retire at the annual general meeting in August. Greg Hodder, a non-executive director since October 2015, will be appointed as chairman-designate with immediate effect, Majestic Wine said. ($1 = 0.7846 pounds) (Reporting by Rahul B in Bengaluru; Editing by Sherry Jacob-Phillips and Adrian Croft) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/majestic-wine-results-idUSL3N1JC2K3'|'2017-06-15T15:06:00.000+03:00'
'4f3d6f649aa5863b53d4b2eb000f81f8d462a07b'|'Qantas says still room for Emirates partnership on routes to Europe'|'Business News - Tue Jun 6, 2017 - 1:56pm EDT Qantas says still room for Emirates partnership on routes to Europe Groundstaff work on the tarmac next to Qantas Airways planes parked at Sydney''s Domestic Airport terminal in Australia, November 8, 2016. REUTERS/David Gray CANCUN, Mexico Australia''s biggest airline Qantas is still keen to work with Dubai-based Emirates on routes to Europe, even as it starts to open up more of its own routes, executives said on Tuesday. Qantas is bypassing Emirates'' hub Dubai on a new Perth-London flight and has indicated that it wants to fly to Paris and Frankfurt from Perth, in another challenge to Emirates. "Even when we start flying direct to London, still Dubai will play a big role," Qantas Group Chief Executive Alan Joyce told journalists at a briefing on the sidelines of an airline industry meeting in Mexico. "Emirates has 40 destinations in Europe. We''re never going to fly direct to places like Venice and Prague," he added. Qantas Group also sees big opportunities in China, both for its main brand and low-cost unit Jetstar. "It''s about to overtake New Zealand as the biggest inbound market into Australia," Gareth Evans, CEO of Qantas International. "Not all of that is profitable growth so we have to be careful on how we take that opportunity." On other partnerships, Qantas is planning within the next few months to refile an application for a joint venture with American Airlines ( AAL.O ) that would allow them to coordinate prices and flight schedules, Evans said. The pair''s application for a joint venture covering the United States, Australia and New Zealand markets was rejected in November under the Obama administration in the face of opposition from Hawaiian Airlines Inc and JetBlue Airways Corp. "My understanding is that it will take less time this time through, but we''ll have to wait and see," Evans said. (Reporting by Victoria Bryan) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-airlines-iata-idUSKBN18X2ER'|'2017-06-07T01:54:00.000+03:00'
'c30858920097324ec482e04839e335b0406b454e'|'Asia stocks shake off U.S. tech slump, loonie jumps on rate hike prospect'|'Business   6:33am BST Asia stocks shake off U.S. tech slump, loonie jumps on rate hike prospect left right Visitors looks at an electronic board showing the Japan''s Nikkei average at the Tokyo Stock Exchange (TSE) in Tokyo, Japan, February 9, 2016. REUTERS/Issei Kato 1/2 left right A pedestrian casts a shadow in front of an electronic stock quotation board outside a brokerage in Tokyo, Japan, November 9, 2016. REUTERS/Issei Kato 2/2 By Nichola Saminather - SINGAPORE SINGAPORE Asian stocks rebounded on Tuesday despite a further slide in U.S. tech shares, while the Canadian dollar soared on the possibility interest rates might go up sooner than expected. European stocks markets were also poised to recover from Monday''s sell-off, with financial spreadbetter CMC Markets expecting Britain''s FTSE .FTSE to open 0.4 percent higher, Germany''s DAX .GDAXI to rise 0.2 percent and France''s CAC 40 .FCHI to start the day up 0.1 percent. MSCI''s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS rose 0.5 percent, recouping about half of the previous session''s losses as regional tech shares regained their composure. The MSCI Asia Pacific Information Technology index .MIAP0IT00PUS steadied, after sliding 1.4 percent on Monday. Some analysts had predicted Asian tech shares would not see as intense a selloff as their U.S. peers as their valuations were less stretched. "Comparatively, valuations for the IT sector in the Asia Pacific region are less expensive compared to the U.S., which may be why we''re not seeing the situation further aggravate for a second session," said Jingyi Pan, market strategist at IG in Singapore. "Moreover, we have also seen the market buying into the sector following the initial drop on the S&P 500 index in Monday’s session. This shows that there remains market interest in this sector, which has outperformed in terms of Q1 earnings." Japan''s Nikkei .N225 slipped 0.1 percent. South Korea''s KOSPI .KS11 gained 0.5 percent, with the biggest stock Samsung Electronics ( 005930.KS ) up 0.5 percent after Monday''s 1.6 percent slump. Naver Corp. ( 035420.KS ) and LG Innotek ( 011070.KS ), which led Asian losses on Monday, were flat and 1.3 percent higher, respectively. Taiwan''s tech-heavy benchmark index .TWII added 0.3 percent, with the biggest company, Taiwan Semiconductor Manufacturing Co. ( 2330.TW ) little changed. Major Apple supplier Hon Hai Precision Industry ( 2317.TW ) slipped 0.5 percent, but that was a moderation from Monday''s 2.9 percent slump. Hong Kong''s Hang Seng .HSI gained 0.4 percent and Chinese shares .SSEC climbed 0.3 percent. On Wall Street, tech giants including Apple ( AAPL.O ), Alphabet ( GOOGL.O ), Facebook ( FB.O ) and Microsoft ( MSFT.O ) were sold for the second consecutive day on Monday. That dragged the Nasdaq .IXIC down 0.5 percent, the S&P 500 .SPX 0.1 percent and the Dow Jones Industrial Average .DJI 0.2 percent.[.N] In currencies, the Canadian dollar CAD= extended Monday''s strong gains, after a Bank of Canada official said the central bank would assess if it needs to keep interest rates at near-record lows as the economy grows. That was a change in tone for the central bank, which said earlier this year that rate cuts remain on the table. The "loonie," which hit a two-month high during the session, strengthened about 0.25 percent to trade at C$1.329, after gaining 1.1 percent on Monday. "It feels like a long time since markets have been treated to unscheduled hints of tightening, and this was quite apparent when you saw the positive reaction of CAD crosses overnight," Matt Simpson, senior market analyst at ThinkMarkets in Melbourne, wrote in a note. The dollar inched higher to 110 yen JPY=D4 , after falling 0.3 percent on Monday, ahead of a widely expected interest rate increase by the U.S. Federal Reserve this week. A small majority of traders in China''s financial markets think its central bank will likely raise short-term interest rates again this week if the U.S. Federal Reserve hikes its key policy rate, according to a Reuters poll. The Bank of Japan, which is also meeting this week, is expected to keep its monetary policy unchanged. The dollar index .DXY, which tracks the greenback against a basket of trade-weighted peers, rose 0.1 percent to 97.219. Sterling GBP=D3 was fractionally lower at $1.266 ahead of a Bank of England meeting on Thursday at which the benchmark rate is expected to remain at 0.25 percent. The euro EUR=EBS slipped 0.1 percent to $1.1193. In commodities, oil advanced on news that Saudi Arabia would make supply cuts to customers. U.S. crude CLc1 rose 0.5 percent to $46.32 a barrel. Global benchmark Brent LCOc1 also added 0.5 percent to $48.56. (Reporting by Nichola Saminather; Editing by Jacqueline Wong and Kim Coghill)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-global-markets-idUKKBN194030'|'2017-06-13T08:40:00.000+03:00'
'a28751e6efa687610c7d2949237b5716f4d8d54e'|'UPDATE 1-North Dakota''s oil output rises 2 pct in April'|'Market News  35pm EDT UPDATE 1-North Dakota''s oil output rises 2 pct in April (Adds details) By Ernest Scheyder HOUSTON, June 13 North Dakota''s daily oil production rose 2 percent in April as rising crude prices encouraged companies to pump more, complicating OPEC''s attempts to stabilize global markets. The state pumped 1.05 million barrels of oil per day in April, up from 1.03 million bpd in March, according to data from North Dakota''s Department of Mineral Resources, which reports on a two-month lag. Natural gas production rose 6 percent to 1.8 million cubic feet per day. North Dakota''s oil well count hit 13,717 in April, an all-time high. The state''s drilling rig count has been steadily rising, with the count on Friday at 55, 10 percent higher than in April. North Dakota regulators said in a statement they expect oil prices to be weak through at least October. OPEC members last month agreed to maintain their own production cuts, though rising output in states like North Dakota has been offsetting the cartel''s moves. "The markets are watching to see if U.S. shale production offsets OPEC cuts keeping crude oil inventories high," Lynn Helms, the DMR director, said in a statement. (Reporting by Ernest Scheyder; Editing by Cynthia Osterman)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/north-dakota-oil-production-idUSL1N1JA193'|'2017-06-14T01:35:00.000+03:00'
'f1bde4d1e7c39f2e12a2e45163f0dfc25e808904'|'CEE MARKETS-Zloty off lows as central bank meets, Hungarian data disappoints'|'* Polish central bank seen holding fire, outlook comments watched * Zloty off two-week lows, CEE currencies are rangebound * Investors hold breath ahead of British vote, ECB meeting * Romania to scale back wage hikes, leu marginally firms By Sandor Peto BUDAPEST, June 7 The zloty traded off two-week lows against the euro on Wednesday as investors waited to see if comments from a Polish central bank meeting confirm an expected delay in rate hikes. Central European assets were rangebound ahead of key global events on Thursday. "The big events will be the British elections, the testimony of (former FBI Director James) Comey (about last year''s U.S. elections), and the ECB''s meeting," one Budapest-based fixed income trader said. Analysts in a Reuters poll last week unanimously projected that the Polish bank could keep its main interest rate unchanged at a record low 1.5 percent. According to their median forecast, it could start to lift interest rates in the third quarter of next year. A month ago they had projected the second quarter. The delay is seen due to recent data showing a retreat in inflation in the region despite an economic pick-up, and dovish comments from Polish rate setters. The zloty, after drifting to a 2-week low on Tuesday past the psychological line at 4.2 against the euro, was steady at 4.192 at 0828 GMT. The forint eased 0.1 percent, after disappointing Hungarian and Czech industrial output figures. Output fell in April by 3 percent in annual terms in Hungary, even though analysts had predicted a rise, while a 2.5 percent Czech decline was faster than forecasts. Hungary''s retail sales growth also slowed in April according to data released on Tuesday. Analysts said the output fall was at least partly caused by fewer working days this year due to the Easter holidays. But the sales of cars - the production of which is a key industry in the region - has picked up again in Europe in May, Takarekbank analyst Gergely Suppan said in a note. "A likely pick-up in industrial output is also indicated by PMI indices...," he said. "Output growth can accelerate to 6 percent this year, due to last year''s low base and as new food, tyre and car battery production capacities have stepped in." The leu marginally firmed, to 4.5655 against the euro, still near last month''s 4-year highs. Romania kept its first-quarter GDP growth estimate unchanged at a robust 5.7 percent. Finance Minister Viorel Stefan said on Tuesday that Romania would scale back public sector wage hikes next year to ensure that it meets budget targets. The leu''s moderate reaction showed that markets remain cautious as the government still plans wage hikes and tax cuts that may boost the the budget deficit. CEE MARKETS SNAPSH AT 1028 CET OT CURRENCIES Latest Previo Daily Change us bid close change in 2017 Czech crown 26.334 26.332 -0.01% 2.56% 0 5 Hungary 308.28 308.00 -0.09% 0.18% forint 00 00 Polish zloty 4.1920 4.1926 +0.01 5.05% % Romanian leu 4.5665 4.5675 +0.02 -0.69% % Croatian kuna 7.4075 7.4075 +0.00 1.99% % Serbian dinar 122.20 122.29 +0.07 0.94% 00 00 % Note: daily calculated previo close 1800 change from us at CET STOCKS Latest Previo Daily Change us close change in 2017 Prague 1009.7 1005.9 +0.37 +9.56 3 6 % % Budapest 34922. 34926. -0.01% +9.12 06 99 % Warsaw 2321.3 2303.6 +0.77 +19.1 7 8 % 7% Bucharest 8677.1 8707.4 -0.35% +22.4 8 3 7% Ljubljana 792.56 798.33 -0.72% +10.4 5% Zagreb 1824.2 1827.9 -0.20% -8.55% 2 1 Belgrade 718.82 720.38 -0.22% +0.20 % Sofia 677.95 675.82 +0.32 +15.6 % 1% BONDS Yield Yield Spread Daily (bid) change vs change Bund in Czech spread Republic 2-year -0.095 -0.024 +064b -2bps ps 5-year -0.13 0.044 +032b +3bps ps 10-year 0.789 0 +053b +0bps ps Poland 2-year 1.894 0.003 +263b +1bps ps 5-year 2.625 0.016 +307b +1bps ps 10-year 3.188 -0.003 +293b +0bps ps FORWARD RATE AGREEMENT 3x6 6x9 9x12 3M interb ank Czech Rep <PR 0.34 0.41 0.47 0 IBOR=> Hungary <BU 0.2 0.26 0.33 0.15 BOR=> Poland <WI 1.753 1.767 1.81 1.73 BOR=> Note: FRA are for ask Quote: s prices'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/easteurope-markets-idINL8N1J41NX'|'2017-06-07T06:56:00.000+03:00'
'7f7e283b791924f63c5cc4cb4470a4c914a7101b'|'PRESS DIGEST- Financial Times - June 6'|'June 6 The following are the top stories in the Financial Times. Reuters has not verified these stories and does not vouch for their accuracy.Headlines- Domino’s Pizza aims for extra slice of IPO market on.ft.com/2ruQHNv- Channel 4 appoints Alex Mahon as chief executive on.ft.com/2ruQSsa- Uber hires Harvard Business School professor to overhaul culture on.ft.com/2ruGMYs- J Crew’s long-time chief executive to step down on.ft.com/2ruWyCHOverview- DP Eurasia will join the London Stock Exchange next month. The company controls the Domino’s Pizza franchises in Turkey, Russia, Azerbaijan and Georgia.- Channel 4 appointed Alex Mahon as its chief executive. Mahon, joining from the special effects business Foundry, is Channel 4''s first female chief executive.- Uber Technologies Inc hired Frances Frei, a Harvard Business School professor, to help transform the car-hailing company before it publishes an internal investigation into its workplace culture. Frei has been advising Uber’s leadership team for several months as it went through the crisis.- J Crew’s long-time Chief Executive Officer Mickey Drexler is stepping down and will be succeeded by James Brett, former president of retail store West Elm. Brett will take over as chief executive in July and also join J Crew’s board of directors.(Compiled by Bengaluru newsroom; Editing by Lisa Shumaker)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/britain-press-ft-idINL3N1J300R'|'2017-06-05T22:04:00.000+03:00'
'4aeb87868676fbc3d4dec28a256924b39cb66c46'|'UK Stocks-Factors to watch on June 12'|'June 12 Britain''s FTSE 100 index is seen opening down 33 points at 7,494, on Monday, according to financial bookmakers. * The UK blue chip index closed 1 percent higher at 7527.33 on Friday, as an election upset for Prime Minister Theresa May sent the index shooting up, feeding off a weaker currency, while housebuilders suffered losses as uncertainty about the UK''s leadership grew before Brexit negotiations. * UK ELECTION: Prime Minister Theresa May reappointed most of her ministers but brought a Brexit campaigner and party rival into government to try to unite her Conservatives after a disastrous election sapped her authority, days before Brexit talks begin. * TRUMP UK STATE VISIT: Prime Minister Theresa May''s office said on Sunday there had been no change to plans for U.S. President Donald Trump''s to come to Britain on a state visit, after the Guardian newspaper reported the trip had been postponed. * BREXIT: Britain''s inconclusive election means it is more likely to opt for a softer Brexit in which it remains in the European Union''s customs union, Irish appointed EU agriculture commissioner Phil Hogan said in a newspaper interview published on Sunday. * AIRBUS/BREXIT: Airbus could move production of new aircraft models out of Britain if the European plane-maker''s "non-negotiable" demands over the free movement of people and trade tariffs are not delivered in upcoming Brexit talks, the Sunday Times reported. * GLENCORE: Miner-trader Glencore on Friday said it had offered $2.55 billion cash for coal mines owned by Rio Tinto, in Hunter Valley, Australia, outbidding a previous offer from Chinese-owned Yancoal. * TESCO/ALDI: German grocery chain Aldi Inc said on Sunday it would invest $3.4 billion to expand its U.S. store base to 2,500 by 2022, raising the stakes for rivals caught in a price war. The furious pace of expansion by Aldi and Germany''s Lidl is likely to further disrupt the U.S. grocery market, which has seen 18 bankruptcies since 2014. The two chains are also upending established UK grocers like Tesco Plc and Wal-Mart''s UK arm, ASDA. * OIL: Oil prices rose on Monday as futures traders bet the market may have bottomed after a recent steep fall, even as physical markets remain bloated by oversupply, especially from a relentless rise in U.S. drilling. * QATAR OIL: Qatar Petroleum said on Saturday that it was conducting "business as usual" throughout its upstream, midstream and downstream operations, despite rising diplomatic tensions with its Gulf neighbours. * METALS: Copper prices climbed for a forth consecutive session on Monday, underpinned by strong demand from top consumer China and concerns over tight supplies from Chile. Gold inched up on Monday as Asian stocks fell and the dollar eased ahead of a U.S. Federal Reserve policy meeting that could give clues on the pace of interest rate hikes over the rest of the year. * UK CONSUMER SPEND: British consumers cut their spending for the first time in nearly four years last month, figures from credit card firm Visa showed, as households turned more cautious even before last week''s shock election result. * UK EMPLOYERS/BREXIT: Almost half of British employers are unprepared for the government''s planned changes to immigration rules after Brexit, a survey from the Resolution Foundation think tank showed on Monday. * For more on the factors affecting European stocks, please click on: cpurl://apps.cp./cms/?pageId=livemarkets * UK CORPORATE DIARY: Servoca PLC Half Year Motorpoint Group PLC Full Year Mitie Group PLC Full Year London Stock Exchange Group Plc Investor Day TODAY''S UK PAPERS > Financial Times > Other business headlines Multimedia versions of Reuters Top News are now available for: * 3000 Xtra : visit topnews.session.rservices.com * For Top News : topnews.reuters.com (Reporting by Noor Zainab Hussain in Bengaluru)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-stocks-factors-idUSL3N1J9208'|'2017-06-12T13:43:00.000+03:00'
'be9c5a69b3f88a333138b8fe77ad08f4913eb181'|'PRESS DIGEST- New York Times business news - June 13'|'June 13 The following are the top stories on the New York Times business pages. Reuters has not verified these stories and does not vouch for their accuracy.- Uber Technologies Inc''s senior vice president for business Emil Michael left the company, according to an email sent to Uber employees. His departure followed a series of scandals that have rocked the company this year, forcing its board to call an investigation into Uber''s culture and business practices. nyti.ms/2rUDYEe- Viking Global Investors, one of the larger hedge funds, notified investors on Monday that the firm''s chief investment officer, Daniel Sundheim, was leaving and that the firm would begin returning some $8 billion to investors. nyti.ms/2rUWjB7- The Irish government on Monday announced a price range for Allied Irish Banks Plc that could value the bank as high as $14.9 billion when it goes public this month — seven years after it was nationalized. nyti.ms/2rUOGKN- Ivanka Trump''s fashion brand called off a deal with a major Japanese apparel company after learning that it was backed by the Japanese government, Trump''s company said in a letter made public on Monday. nyti.ms/2rUNYNI (Compiled by Bengaluru newsroom)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/press-digest-nyt-idINL3N1JA1YL'|'2017-06-13T02:22:00.000+03:00'
'224297483dfd40d511e87ac6e7b82bba2ca5e222'|'McDonald''s will use Snapchat to hire for 250,000 summer jobs'|'McDonald''s will use Snapchat to hire for 250,000 summer jobs by Julia Horowitz @juliakhorowitz June 12, 2017: 4:15 PM ET 5 stunning stats about McDonald''s Looking for work this summer? McDonald''s may have a job for you. The fast food giant said Monday that it plans to hire 250,000 crew members for the summer in the U.S. To get the word out, the company is turning to Snapchat. "As we see the younger generations seeking out their first jobs, we want to make them aware of the great opportunities available at McDonald''s," Jez Langhorn, a human resources executive with McDonald''s USA, said in a statement. Starting Tuesday, the company will roll out a series of 10-second Snapchat ads that show McDonald''s workers talking about why they like the gig. Viewers can swipe up to go straight to the company''s careers website, where they can apply for jobs at local restaurants. Related: McDonald''s pulls ad about a boy whose father died The positions are temporary and will last from June to August, according to McDonald''s ( MCD ) spokeswoman Andrea Abate. The chain has targeted young people for summer work in the past. Last year, McDonald''s said it expected to hire more than 130,000 people ages 16 to 24 for summer jobs. The company declined to share how many seasonal workers it ultimately brought on, but said this year''s number marks an increase. McDonald''s currently has about 850,000 restaurant employees in the U.S., Abate said. Every year, the number of 16- to 24-year-olds actively seeking work gets a big bump between April and July , when school lets out, according to the Bureau of Labor Statistics. Last July, there were 23.1 million people in that age group who were either working or actively looking for a job. CNNMoney (New York) First published June 12, 2017: 4:15 PM ET '|'cnn.com'|'http://rss.cnn.com/rss/money_news_companies.rss'|'http://money.cnn.com/2017/06/12/technology/mcdonalds-summer-hiring/index.html'|'2017-06-13T00:15:00.000+03:00'
'e3acee377e6871f101d1527518f10bc667ea7183'|'MIDEAST STOCKS-Gulf mixed as Qatar falls back, Abu Dhabi''s Dana Gas soars'|'Market News   9:57am EDT MIDEAST STOCKS-Gulf mixed as Qatar falls back, Abu Dhabi''s Dana Gas soars * Qatar National Bank pulls down Qatari index * Gulf Warehousing rebounds near pre-sanctions level * Emaar Properties supports Dubai market on spin-off plan * Dana proposes to restructure $700 mln sukuk at lower rates * Trade very thin in Saudi Arabia By Andrew Torchia DUBAI, June 13 Gulf stock markets were mixed on Tuesday as Qatar fell back, still affected by other Gulf states'' sanctions against Doha, while Abu Dhabi''s Dana Gas soared on its proposal to restructure a $700 million sukuk. Qatar''s index fell by 0.4 percent but remained more stable than when the sanctions were announced last week. Qatar National Bank, the region''s largest lender, fell by 1.3 percent. Like other Qatari banks, it has been hit by concern that the economic and diplomatic boycott imposed by Saudi Arabia and its allies could reduce its access to foreign funding. However, some other lenders held firm, with Doha Bank up 0.2 percent. Logistics company Gulf Warehousing, which had plunged after the boycott started, rebounded 6.9 percent to 48.80 riyals. Though Qatar''s trade has been disrupted, it has kept shipments moving thanks to measures such as changing shipping routes to operate via Oman instead of the United Arab Emirates. Dubai''s index rose 0.4 percent as Emaar Properties rose 1 percent, building on gains after last week''s announcement of plans to spin off its local real estate business. In Abu Dhabi, the index climbed 0.6 percent as Dana Gas jumped by its 15 percent daily limit to 0.69 dirhams, its highest level since late 2014. Trade in the stock was at its heaviest for three years. The company said it was proposing to restructure its $700 million of outstanding sukuk at much lower profit rates because it had discovered the paper was "unlawful" in the United Arab Emirates -- a claim that some creditors said they would contest. Saudi Arabia''s index was almost flat in thin trade but Gulf Union Cooperative Insurance jumped by its 10 percent daily limit after saying it had cut its accumulated losses to 20 percent of capital from 33.5 percent. HIGHLIGHTS * The index edged down 0.03 percent to 6,821 points. DUBAI * The index gained 0.4 percent to 3,442 points. ABU DHABI * The index added 0.6 percent to 4,538 points. QATAR * The index fell 0.4 percent to 9,095 points. EGYPT * The index rose 0.3 percent to 13,531 points. KUWAIT * The index edged up 0.03 percent to 6,777 points. BAHRAIN * The index rose 0.4 percent to 1,327 points. OMAN'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/mideast-stocks-idUSL8N1JA291'|'2017-06-13T21:57:00.000+03:00'
'22c904a9e197771ce949b6fe3d4de09a4c3643a1'|'Asia stocks dip, dollar buoyant as Fed comes into view'|'Money News - Mon Jun 12, 2017 - 8:05am IST Asia stocks dip, dollar buoyant as Fed comes into view Visitors looks at an electronic board showing the Japan''s Nikkei average at the Tokyo Stock Exchange (TSE) in Tokyo, Japan, February 9, 2016. REUTERS/Issei Kato/Files By Shinichi Saoshiro - TOKYO TOKYO Asian stocks edged lower early on Monday following a slide by U.S. technology shares and the dollar rose ahead of this week''s U.S. Federal Reserve policy meeting, with markets hoping for more guidance on the central bank''s interest rate path. The Fed holds a two-day meeting ending on Wednesday at which it is widely expected to hike interest rates. The focus is on whether the Fed thinks the U.S. economy is robust enough to withstand further rate increases through 2017. A rate hike accompanied by a message suggesting that the Fed may raise rates more than expected in 2017 would support the dollar but be negative for equity markets. "Political events like the UK election and Comey''s testimony are over and the focus this weeks shifts to monetary policy," said Junichi Ishikawa, senior forex strategist at IG Securities in Tokyo. "The equity markets and the dollar have mostly priced in the Fed signalling three rate hikes in 2017. That explains why U.S. equities have held up. But if the Fed hints at more than three hikes, that could trigger a sell-off in equities that many are bracing for." MSCI''s broadest index of Asia-Pacific shares outside Japan was down 0.1 percent following a mixed day Friday on Wall Street where the Nasdaq slid 1.8 percent on tumbling technology shares but the Dow closed at yet another record high. MSCI''s Asia-Pacific index was still in reach of a two-year high scaled late last week. Japan''s Nikkei was down 0.5 percent and South Korea''s KOSPI slid 0.5 percent. Australian markets were closed for a public holiday. Equities navigated through last week''s potential landmines events relatively unscathed. Congressional testimony by former FBI Director James Comey caused few ructions, and the fallout of Britain''s surprise parliamentary election result, at which the ruling party lost the majority, was mostly contained to the pound. Sterling was down 0.05 percent at $1.2734 after sliding 1.7 percent on Friday, when it plumbed a near two-month low of $1.2636. The dollar was steady at 110.320 yen. The euro was a shade higher at $1.1205 following three straight days of losses against the greenback. The dollar index against a basket of currencies was little changed at 97.255 following its rise on Friday to a 9-day high of 97.500. The U.S. currency received support as Treasury yields, which marked seven-month lows early last week at the height of investor jitters towards the UK elections and Comey''s testimony, continued their bounce ahead of the Fed''s anticipated rate hike. In commodities, crude oil prices extended gains after rising on Friday when a pipeline leak in major producer Nigeria overshadowed supply worries that have been weighing on the market. U.S. crude and Brent were both 0.35 percent higher at $45.99 and $48.32 a barrel, respectively. (Editing by Richard Pullin)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/global-markets-idINKBN19305R'|'2017-06-12T10:35:00.000+03:00'
'df21f64f2128cd8672c3575c0d071054b6e0c47a'|'Uber board to discuss CEO absence, policy changes: source'|'By Joseph Menn and Heather Somerville - SAN FRANCISCO SAN FRANCISCO Uber Technologies Inc''s [UBER.UL] board will discuss Chief Executive Travis Kalanick temporarily stepping away from the embattled ride-hailing firm and consider sweeping changes to the company''s management practices at a meeting on Sunday, according to a person familiar with the situation.The source said it is not clear that the board will make any decision to change Kalanick’s role. The board is expected to adopt a number of internal policy and management changes recommended by outside attorneys hired to investigate sexual harassment and the firm''s broader culture. The outside lawyers made no recommendation about Kalanick.The meeting, which Uber has not publicized, could be a pivotal moment for the world''s most valuable venture-backed private company, which has upended the tightly regulated taxi industry in many countries but has run into legal trouble with a rough-and-tumble approach to local regulations and the way it handles employees and drivers.At the Sunday meeting, according to two people familiar with the matter, the seven voting members of Uber''s board, including Kalanick, are expected to vote on recommendations made by the law firm of former U.S. Attorney General Eric Holder, which conducted a review of the company''s policies and culture.The review was launched in February after former Uber engineer Susan Fowler published a blog post detailing what she described as sexual harassment and the lack of a suitable response by senior managers. Fowler now works for digital payments company Stripe.Uber''s board will likely tell employees and the public of its decisions by Tuesday, one of the sources said.An Uber spokesman had no comment. Neither Kalanick nor Holder''s law firm, Covington & Burling, immediately responded to requests for comment late Saturday.Kalanick has developed a reputation as an abrasive leader, and his approach has rubbed off on his company. The 40-year-old executive was captured on video in February berating an Uber driver.Uber board member Arianna Huffington said in March that Kalanick needed to change his leadership style from that of a "scrappy entrepreneur" to be more like a "leader of a major global company." The board has been looking for a chief operating officer to help Kalanick run the company since March.The report was prepared by Holder and partner Tammy Albarrán at Covington & Burling. It comes shortly after another law firm, Perkins Coie, submitted a separate report on sexual harassment and other employee concerns at the company.On Tuesday, Uber responded to that report''s findings by saying it had fired 20 employees for a variety of reasons, and was increasing training and adopting new policies. Uber said that report considered 215 cases encompassing sexual harassment, discrimination, unprofessional behavior, bullying and other employee complaints.MORE OVERSIGHT ON CEO?San Francisco-based Uber is valued at nearly $70 billion but has yet to turn a profit.Some of the recommendations in Holder''s firm''s report would force greater controls on spending, human resources and other areas where executives led by Kalanick have had a surprising amount of autonomy for a company with more than 12,000 employees, one person familiar with the matter said. Uber''s more than 1.5 million drivers worldwide are classified as independent contractors rather than employees.Less clear is the fate of Kalanick, who with close allies has voting control of the company.The person briefed on the matter said the board will discuss Kalanick taking time off from the company. The discussion involved the possibility that Kalanick might return in a role with less authority, this person said, either in a position other than CEO or as CEO with narrower responsibilities and subject to stronger oversight.Kalanick is also facing a personal trauma: his mother died last month in a boating accident, in which his father was also badly injured.HOLDER INTERVIEWSEmployees and former employees interviewed by Holder''s team complained about sexual and racial bias, bullying and retaliation, according to people familiar with their accounts.They said that Kalanick and his lieutenants had favorites who played by different rules than other employees, and that even those favorites were nervous that they could fall from grace, which they sometimes did. Uber declined comment on that characterization.One of the issues that came to Holder’s team''s attention, according to two people familiar with the matter, was the company’s handling of a crisis in India after one of its drivers was arrested for raping a customer.Though the man was convicted in 2015, Kalanick and other executives became convinced that the crime was a set up by a local competitor, former employees said. Eric Alexander, the head of Asian business, shared medical records internally that he argued showed that the woman had been assaulted but not raped, people who spoke to him said. Alexander was fired this week; he did not return messages seeking comment. Uber confirmed Alexander had left the company but declined to discuss the matter further.(Reporting by Joseph Menn and Heather Somerville in San Francisco; Additional reporting by Aditya Kalra in New Delhi; Editing by Jonathan Weber and Bill Rigby)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-uber-board-ceo-idINKBN19205S'|'2017-06-11T03:22:00.000+03:00'
'f866fdfa3fe4a67735dfb8ab46ecfbd5d1e03939'|'UPDATE 2-Allied Irish Banks plans to raise up to $3.7 bln in milestone IPO'|'(Adds detail, background, advisers)By Padraic Halpin and Dasha AfanasievaDUBLIN/LONDON, June 12 Allied Irish Banks(AIB) plans to raise up to 3.3 billion euros ($3.7 billion) when it sells a 25 percent stake on the Dublin and London stock markets in the biggest test yet of investor appetite for Irish banks.The initial public offering (IPO) is set to be one of Europe''s largest bank listings since the 2008 financial crisis and the proceeds could extend to 3.8 billion euros if the over-allotment option is exercised fully.With a price range between 3.90 euros and 4.90 euros, the deal is targeting a similar valuation to that of Bank of Ireland , the state''s largest bank by assets.A source close to the deal said the range was based on a price to book value multiple of between 0.82 and 1.03. Bank of Ireland trades at a multiple of 0.9.The Finance Ministry said the long-awaited stake sale remains on track despite the Conservative party losing its majority in Thursday''s UK election.Finance Minister Michael Noonan had previously said the price could be driven up if the party, which still won the most seats, secured a convincing majority."Market conditions remain favourable and I am encouraged by the strong level of interest shown by investors in the offering to date," Noonan said in a statement.Dublin rescued the bank in a 21 billion euro taxpayer bailout that began in early 2009 and has been considering cashing out some of its 99.9 percent stake since last year.One of Ireland''s two dominant banks alongside Bank of Ireland, AIB returned to profit three years ago and has since cut its huge stock of impaired loans by more than two thirds become the first domestically owned lender to restart dividends since the financial crisis.AIB will list its shares on the Irish and London stock exchanges and seek admission to the main markets of each. The government said the sale is expected to be one of the largest IPOs on the UK''s main market in 20 years.AIB is less exposed to Britain''s departure from the European Union than bigger rival Bank of Ireland, having made only 14 percent of last year''s pre-provision operating profit in the UK.However, the IPO prospectus said that Brexit could result in an increase in the level of non-performing loans held by banks across Ireland, including AIB, while demand for new loans could decline.Ireland''s substantial stock of non-performing loans, mostly extended for house purchases just before the bursting of Ireland''s property bubble in 2008, amounts to 17.5 percent of total lending.At the end of 2016 AIB''s 14.2 billion euros of non-performing loans accounted for 22 percent of its gross loan book. That compares with 9.6 percent at Bank of Ireland.Bank of America Merrill Lynch, Davy and Deutsche Bank are global coordinators for the AIB offering. ($1 = 0.8929 euros) (Additional reporting by Conor Humphries; Editing by Greg Mahlich and David Goodman)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/aib-ipo-idUSL8N1J9543'|'2017-06-12T23:33:00.000+03:00'
'5e3a91a7c27fc7e22914dbc33ab7b14863ea3e80'|'Tech recovery helps European shares bounce back from seven-week lows; Capita rockets'|'Top News - Tue Jun 13, 2017 - 10:48am BST Tech recovery, Italian banks help European shares bounce back from seven-week lows People walk through the lobby of the London Stock Exchange in London, Britain August 25, 2015. REUTERS/Suzanne Plunkett/File photo By Kit Rees - LONDON LONDON A recovery in tech stocks and fresh optimism over Italy''s troubled banking sector lifted European shares off 7-week lows on Tuesday, while a bounce in Capita ( CPI.L ) boosted British equities. The pan-European STOXX 600 index was up 0.6 percent, almost fully recovering losses from the previous session, while Italy''s benchmark .FTMIB rose 1 percent. Europe''s tech sector .SX8P eased back after Monday''s sell-off when concerns over valuations in U.S. companies had spilled over to European peers, particularly companies supplying Apple. "The tech sector has been relied upon as the driver of the bull-run, particularly in the U.S., so whenever there is any weakness that''s observed there, it is quickly picked up by the market," Jonathan Roy, advisory investment manager at Charles Hanover Investments, said. "The sector is fairly well-valued, in some respects quite richly-valued, so that could be a weakness if we do see a souring in sentiment." Dialog Semiconductor ( DLGS.DE ), Infineon ( IFXGn.DE ) and ASM International ( ASMI.AS ) were among the top gainers in the sector, up around 2 to 3 percent while the broader sector rose 1.3 percent. Italian banks .FTIT8300 were another bright spot, buoyed by renewed hopes over a bailout for struggling Veneto banks, with the Italian economy minister saying that the country was "close" to a solution amid talks with the European Union. Italian lenders UBI Banca ( UBI.MI ) and BPER Banca ( EMII.MI ) led the European banking index .SX7P, rising 4.6 percent and 2.1 percent respectively, while UniCredit ( CRDI.MI ) also gained 1.4 percent. "It''s quite evident that the authorities are not too keen to let any institutions really, really fail ... there''s always a last-minute deal done for them," Charles Hanover Investments'' Roy said, adding that he saw value in Italy and Spain over the next 18 to 24 months. Among individual stocks, shares in troubled British outsourcing firm Capita ( CPI.L ) jumped 12 percent after the group reiterated its outlook, saying that it hoped to improve its profitability and secure more contract wins in the second half of 2017 following a series of profit warnings. [nL8N1JA0TK] Visitor attractions group Merlin Entertainments ( MERL.L ) fell around 2.5 percent, however, after striking a cautious tone in its outlook and saying that attacks in Manchester and London had hit domestic demand. Broker action also propelled shares in London Stock Exchange Group ( LSE.L ) 4.4 percent higher after Credit Suisse and RBC raised their target prices on the stock. This helped Britain''s FTSE 100 .FTSE gain 0.2 percent. Strength in the energy sector .SXEP also helped underpin gains, with Petrofac ( PFC.L ) the biggest oil & gas riser. (Reporting by Kit Rees; Editing by Hugh Lawson) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-europe-stocks-idUKKBN1940UF'|'2017-06-13T15:53:00.000+03:00'
'48d9f27e4b4c1adf85b0f512c09e812a19117ada'|'UK union threatens BMW with more strikes in pension dispute'|'Top News - Tue Jun 13, 2017 - 4:34pm BST Labour union ''Unite'' threatens BMW with more strikes in pension dispute The BMW logo is seen on the bonnet of a colour wrapped vehicle in London, Britain September 30, 2016. REUTERS/Toby Melville LONDON Unite, Britain''s biggest labour union, said on Tuesday there would be more strikes at BMW''s UK plants if the German carmaker fails to agree a deal with workers over plans to close its final salary pension scheme, a day after members rejected a compromise offer. In April Britain''s biggest union said it would hold a total of eight strikes, with walkouts at both the Mini and Rolls-Royce factories as well as an engine plant, but suspended further action last month to allow staff to vote on a revised deal. Unite said on Monday that members had rejected an offer which proposed closing the scheme but offering a cash payment of 22,000 pounds ($28,000) over three years or 25,000 pounds paid into a new defined contribution pension scheme. "We expect to meet BMW in the coming days," said Unite National Officer for BMW Fred Hanna on Tuesday. "Shop stewards from all of BMW’s UK plants are clear that further strike action is almost certain unless the company puts forward a new offer that better addresses members’ concerns," he said. BMW said on Monday its revised was fair and would improve competitiveness and would meet with workers'' representatives in due course. (Reporting by Costas Pitas; Editing by Greg Mahlich) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-bmw-idUKKBN194236'|'2017-06-13T23:24:00.000+03:00'
'e9a22d6dbe54879ba98d57b869211a02f9c102c0'|'J&J diabetes drug shows heart benefit in large safety study'|'Health News - Mon Jun 12, 2017 - 6:19pm EDT J&J diabetes drug shows heart benefit in large safety study FILE PHOTO - A Johnson & Johnson building is shown in Irvine, California, U.S., January 24, 2017. REUTERS/Mike Blake/File Photo By Bill Berkrot Johnson & Johnson''s type 2 diabetes drug Invokana significantly reduced the risk of serious heart problems in patients with established heart disease or at elevated risk in a pair of large studies, according to data presented at a medical meeting on Monday. The medicine also led to a reduced risk of hospitalization for heart failure and protection against kidney function decline. But the risk of amputations, particularly of toes or feet, was double versus placebo in the studies of 10,142 patients with type 2 diabetes. On the study''s main goal Invokana, known chemically as canagliflozin, reduced the combined risk of heart-related death, nonfatal heart attack and nonfatal stroke by a statistically significant 14 percent compared with placebo. "What we actually got here was not just evidence of safety but evidence of benefit," said lead investigator Bruce Neal, professor of medicine at the University of New South Wales Sydney. "It''s a really positive result. This (heart disease) is the main thing that people with diabetes die from," said Neal, who presented the data at the American Diabetes Association meeting in San Diego. The study was required to prove Invokana did not cause heart complications. The expectation bar was raised, however, after rival drug Jardiance from Eli Lilly and Co and Boehringer Ingelheim in 2015 demonstrated heart protective qualities in a similar large trial. Reduction of heart-related death is now included in the Jardiance label. "We look forward to working with the FDA and regulators around the world with respect to getting this in the label," James List, head of cardiovascular and metabolism for J&J''s Janssen unit, said of the new data. Two-thirds of patients had confirmed heart disease and the rest were deemed at high risk. They were followed for an average of about four years. The number of amputations was small but about double that of the placebo group. A warning of increased amputation risk was added to Invokana''s prescribing label after it was discovered by safety monitors during an interim analysis of the study. "Care is warranted in the use of canagliflozin in patients at risk for amputation," a New England Journal of Medicine article on the study said. Invokana is the market leader among a newer class of type 2 diabetes treatments called SGLT-2 inhibitors, along with Jardiance and AstraZeneca Plc''s Farxiga. They work by removing blood sugar through the urine. Results from a large Farxiga heart safety trial are expected in 2019. "I think we''re going to see much greater use of canagliflozin and the class in type 2 diabetes," Neal said. Invokana and related combination treatment Invokamet had sales $284 million in the first quarter, J&J reported. (Reporting by Bill Berkrot in New York; Editing by Lisa Shumaker) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-johnson-johnson-diabetes-idUSKBN1932LH'|'2017-06-13T06:15:00.000+03:00'
'3c265a38994ff206dceb95349474df4d87c3724a'|'London-based forex ''cartel'' traders will not fight U.S. extradition'|'Business News - Tue Jun 13, 2017 - 2:02pm BST London-based FX "cartel" traders will not fight U.S. extradition By Jamie McGeever - LONDON LONDON Three London-based former currency traders facing U.S. charges that they tried to manipulate prices in the world''s largest financial market have agreed not to fight extradition, and will appear at a New York court hearing next month. Rohan Ramchandani, Richard Usher and Chris Ashton, formerly of Citi ( C.N ), JP Morgan Chase ( JPM.N ) and Barclays ( BARC.L ) - dubbed the "Cartel" - were indicted by the Department of Justice in January. A preliminary hearing in New York has been scheduled for July 17. As per the bail terms agreed with the DOJ, the three men, who all deny wrongdoing, will be able to return to and stay in Britain until the case comes to trial. "Mr Ramchandani has agreed to travel voluntarily to the USA to stand trial and clear his name. He has not committed any criminal offense," said Alison Geary, a lawyer at WilmerHale in London acting on behalf of Ramchandani, in a statement. Sara George, partner at Stephenson Harwood acting on behalf of Chris Ashton, said in a statement: "Chris Ashton has reached an agreement with the U.S. Department of Justice which will allow him to travel voluntarily to the United States to stand trial for an offense ... which he did not commit." Jonathan Pickworth, a lawyer at White & Case, representing Usher, said in a statement that his client "welcomes the opportunity to defend himself and set the record straight – the first time he has had such opportunity in the four years since this investigation began." The three men were members of the "Cartel" electronic chatroom in which they are alleged to have shared sensitive client order information to manipulate exchange rates. Britain''s Serious Fraud Office in March last year closed its own criminal investigation, concluding that there was "insufficient evidence for a realistic prospect of conviction." The global FX investigation into allegations that the "Cartel" and others rigged benchmark FX rates resulted in the world''s biggest banks paying $10 billion in fines and dozens of traders being fired. (Editing by Jeremy Gaunt)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-britain-forex-rigging-idUKKBN1941NZ'|'2017-06-13T20:57:00.000+03:00'
'b82ad45da1467ac249b17e9cea4dbbcc815b97d0'|'Should animals be allowed to roam freely on jets?'|'FLYING can be a stressful and nerve-wracking experience. For those with mental-health issues it must be doubly so. One way in which vulnerable travellers deal with their anxiety on a plane is to take on board an “emotional support animal” (ESA). Such creatures provide succour for their owners. Unlike guide dogs, they “do not require any kind of specialised training,” according to CertaPet, an organisation that provides such services. “In fact,” reckons CertaPet, “very little training is required at all, provided that the animal in question is reasonably well behaved by normal standards.”That sounds like an easy and effective way to help sufferers. It was distressing to read, therefore, of the emotional support dog that mauled a passenger on Delta flight from Atlanta to San Diego earlier this week. Reports suggest that the dog, a labrador-pointer cross-breed, was accompanying a military veteran, who was sitting in a middle seat. The animal apparently snarled at the passenger sitting by the window, who asked several times whether it was about to bite him. It duly did, leaving the unfortunate victim bleeding profusely from the face and in need of hospital treatment. The animal’s owner was later seen in the terminal, reportedly weeping, concerned that the dog would be destroyed. In fact, both the owner and the canine were later allowed onto another flight, though this time with the dog in a travel box.  2   3   In order to fly with an ESA, passengers need a letter from a licensed mental-health professional. But one organisation, Service Dog Central, thinks that there is still some discrimination, compared with people who travel with guide dogs, for example. According to the organisation “it is not fair that people with PSDs [Psychiatric Service Dogs] are treated differently than those with other sorts of service dogs but they are and this is written into regulatory law.”Interestingly, the organisation blames “fakers” for the problem. The issue came to prominence a couple of years back, after an “emotional support pig” (the beasts do not have to be canine) caused havoc on a US Airways flight, “relieving itself in the aisle and grunting while the woman tried to stow her carry-on” as the Chicago Tribune put it . The paper says that there had been a large increase in the number of service animals on planes because owners were buying phony certificates online. Those with a genuine need are thus viewed suspiciously.Other than enforcing the requirement of a letter from a doctor (or similar) the solution probably is to insist that all flying animals are kept in pet-boxes (one might except guide dogs, which can be needed to navigate around the cabin and the gate). That would no doubt be stressful for the creature involved, which itself might need some succour as the plane roars down the runway and jets into the sky, but it is better than having beasts roam the plane unrestrained. Whether that box should be kept in the hold is another matter. Owners will no doubt be particularly wary of doing this after the well publicised fate of a giant rabbit, which died while in the care of United Airlines earlier this year, possibly having frozen. In 2015, the latest year for which America’s Department of Transportation has figures, 35 animals died on airliners . Nearly half of those were on United flights, though the airline did transport around 100,000 pets in that time.Still, for traumatised pooches there are compensations. Later this month JFK airport is set to open a $48m “luxury” pet terminal , incorporating, according to the T+L website, “a bone-shaped splash pool and flat screen TVs for dogs, climbing trees in a feline-focused Cat Adventure Jungle, massage therapy and paw pedicures for both, and webcams so owners can check in on four-legged friends from afar,” If only human travellers could live such a dog''s life.'|'economist.com'|'http://www.economist.com/sections/business-finance/rss.xml'|'http://www.economist.com/blogs/gulliver/2017/06/canines-cabin?fsrc=rss'|'2017-06-10T17:50:00.000+03:00'
'13639aedb26e3c25bd1e8a0c2fc7ed8f2d5aba31'|'ISS recommends voting against ten Mylan board nominees'|'Influential proxy firm ISS on Monday turned up the heat on Mylan NV, advising its institutional clients to voice their dissatisfaction with the generic drugmaker''s board of directors and its chairman''s pay package at its June 22 shareholder meeting.ISS''s urged votes against 10 board members and executive pay packages, recommendations that come after a small group of high-profile investors, including the state and city of New York pension funds and the California teachers pension fund, urged other shareholders to vote against six board members and Chairman Robert Coury. It cited Mylan''s eroding reputation and share price.Like the investors, ISS said shareholder value had eroded as the board mismanaged the situation around the company''s life saving EpiPen treatment, whose sharp price increases spurred congressional, Justice Department and other government investigations into Medicaid overcharging.It is likely the vote will not require Mylan to change its board or pay structure. ISS, which advises institutional shareholders on how to vote, said unseating a director requires two-thirds of votes cast at a general meeting.Also, no candidates have been named as replacements.Mylan spokeswoman Nina Devlin said in an emailed statement, “We are confident that our shareholders recognize that this board has overseen a period of strong and sustainable long-term growth, and that the recommendation and rationale to remove the board and leave the company without any leadership is simply irrational and not in shareholders'' best interests.”Mylan shares were down 2.5 percent on Monday at $39.07, or less than half of the $82 per share that Teva International said publicly in April 2015 it would pay for the company. Mylan rebuffed the offer.Glass Lewis, another proxy advisory group, also advised against voting for the chairman''s pay, calling it excessive, and against three of the directors on the compensation committee.New York City Comptroller Scott Stringer, speaking for the city pension fund, said, "With ISS backing our recommendations and Glass Lewis largely validating our concerns, the stage is set for shareowners to deliver real change at Mylan."The investigations followed years of price increases for Mylan''s life-saving allergy treatment EpiPen and began after it hit more than $600 a year ago. The government said last fall Mylan had misclassified the drug and was overcharging the Medicaid program.ISS described Coury''s pay package as "outsized" including a $43.6 million equity award for service as non-executive chairman through 2021. His 2016 compensation package is worth at least $97 million, regulatory filings show.ISS threw its weight against 10 Mylan director nominees including Chief Executive Heather Bresch, President Rajiv Malik, and Coury, as well as the compensation committee members.(Reporting by Caroline Humer, Michael Erman and Michael Flaherty in New York and Natalie Grover in Bengaluru; Editing by Bernadette Baum and Steve Orlofsky)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-mylan-board-idUSKBN1931CJ'|'2017-06-12T20:10:00.000+03:00'
'c2ef4486044dc74f3eb13fced91161511d21b9fd'|'RPT-India''s plan to develop key Iranian port faces U.S. headwinds'|'(Repeats item first published on Friday with no changes to text)* India wants Iran port to improve access to central Asia* New Delhi has committed $500 million to Gulf of Oman project* European firms unwilling to bid for contracts-Indian officials* Trump has criticised nuclear deal that lifted sanctions on Iran* Major banks remain wary of Iran trade due to policy uncertaintyBy Nidhi Verma and Sanjeev MiglaniNEW DELHI, June 12 Western manufacturers are shying away from supplying equipment for an Iranian port that India is developing for fear the United States may reimpose sanctions on Tehran, Indian officials say, dealing a blow to New Delhi''s strategic ambitions in the region.Lying on the Gulf of Oman along the approaches to the Straits of Hormuz, the port of Chabahar is central to India''s hopes to crack open a transport corridor to Central Asia and Afghanistan that bypasses arch-rival Pakistan.India committed $500 million to speed development of the port after sanctions on Iran were lifted following a deal struck between major powers and Tehran to curb its nuclear programme in 2015.But the state-owned Indian firm that is developing Chabahar is yet to award a single tender for supplying equipment such as cranes and forklifts, according to two government sources tracking India''s biggest overseas infrastructure push.U.S. President Donald Trump denounced the nuclear agreement on the campaign trail, and since taking office in January has accused Iran of being a threat to countries across the Middle East.Swiss engineering group Liebherr and Finland''s Konecranes and Cargotec have told India Ports Global Pvt Ltd, which is developing the deep water port, they were unable to take part in the bids as their banks were not ready to facilitate transactions involving Iran due to the uncertainty over U.S. policy, the two officials said in separate conversations with Reuters.These firms dominate the market for customised equipment to develop jetties and container terminals. One official said the first tender was floated in September, but attracted few bidders because of the fear of renewed sanctions. That fear has intensified since January."Now the situation is that we are running after suppliers," one official said, speaking on condition of anonymity because of the sensitivity of matter.A Konecranes spokeswoman declined to comment beyond confirming the company was not involved in the project.Cargotec and Liebherr did not respond to requests for comment.Some tenders have been floated three times since September because they failed to attract bidders. A Chinese firm, ZPMC, has since come forward to supply some equipment, the same Indian official said.THREAT OF SANCTIONSTrump has called the agreement between Iran and six major world powers restricting Tehran''s nuclear programme in exchange for lifting of sanctions "the worst deal ever negotiated".Last month his administration extended relief on Washington''s broadest and most punitive sanctions, while carrying out a wider policy review on how to deal with the Islamic Republic.Uncertainty over U.S. policy is already causing long delays in contracts that Iran has sought with international firms to develop its oil fields and buy planes for its ageing airlines.The lifting of United Nations and European Union sanctions in 2016 partly reconnected Iran with the international financial system crucial to trade.But large international bankers with exposure to the United States remain unwilling to facilitate Iranian deals for fear of running afoul of narrower, unilateral U.S. sanctions that remain outside the nuclear deal and uncertainty over whether wider sanctions relief will continue.India''s ambassador to Iran said the process of procuring equipment for the Chabahar port was under way and that some of the customised cranes needed take up to 20 months to build. The banking situation was slowing improving, he added."Tenders are re-floated for a variety of reasons including technical specifications not being met, etc. Banking channels, in recent months, have in fact somewhat eased," Saurabh Kumar said in an emailed response to Reuters from Tehran. "If some companies do not participate, it really is their business."India has been pushing for the development of Chabahar port for more than a decade as a hub for its trade links to the resource-rich countries of central Asia and Afghanistan. Access to those countries is currently complicated by India''s fraught relationship with Pakistan.Bureaucratic delays, difficult negotiations with Iran and the risk of incurring Washington''s displeasure during the financial embargo in Tehran had meant there was little progress on the port until now.But, prodded in part by China''s development of Gwadar port, which lies barely 100 km (60 miles) from Chabahar on the Pakistani coast, Indian Prime Minister Narendra Modi''s government has unveiled massive investment plans centred around the Iranian port, offering to help build railways, roads and fertiliser plants that could eventually amount to $15 billion.So far, even an initial credit line of $150 million that India wants to extend to Iran for development of Chabahar has remained a non-starter as Tehran has not been able to do its part of work."They have not sought the loan from us because they haven''t awarded the tenders, either because of lack of participation or banking problems," said the second government official.Ambassador Kumar said the Iran had indicated it would be sending proposals shortly to tap the credit line.Meena Singh Roy, who heads the West Asia centre at the Institute for Defence Studies and Analyses, a New Delhi think-tank, said increasing tension between Washington and Tehran would have an impact on the port project."The Chabahar Project has strategic significance for India," she said. "However ... nothing much seems to be moving due to new uncertainties in the region."(Additional reporting by Tuomas Forsell in HELSINKI; Editing by Alex Richardson)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/india-iran-ports-idUSL3N1J9263'|'2017-06-12T13:57:00.000+03:00'
'6d856e9894eb4533983d543b8a43ce91d4fe0126'|'Uber CEO Kalanick to take leave of absence'|' 42pm BST Uber CEO Kalanick to take leave of absence left right FILE PHOTO - Uber CEO Travis Kalanick attends the summer World Economic Forum in Tianjin, China on June 26, 2016. REUTERS/Shu Zhang/File Photo 1/3 left right FILE PHOTO - Uber CEO Travis Kalanick speaks to students during an interaction at the Indian Institute of Technology (IIT) campus in Mumbai, India on January 19, 2016. REUTERS/Danish Siddiqui/File Photo 2/3 left right Uber CEO Travis Kalanick, addresses a gathering at an event in New Delhi, India, December 16, 2016. REUTERS/Adnan Abidi 3/3 SAN FRANCISCO Uber Technologies Inc''s Chief Executive Travis Kalanick told employees in an email on Tuesday that he will take time away from the company he helped to found, according to a copy of the memo seen by Reuters. Kalanick''s leave of absence follows a day-long board meeting on Sunday during which members of Uber''s board of directors discussed the possibility of Kalanick temporarily stepping away from the company. In his email, Kalanick did not specify how long he would be away from the company, but cited the need to take time off to grieve the loss of his mother, who died in a recent boating accident. (Reporting by Heather Somerville and Joseph Menn; Editing by Bill Rigby)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-uber-board-idUKKBN1942DZ'|'2017-06-14T01:15:00.000+03:00'
'0b257a43d8ba5c2807dd3169de36b89031c44cc7'|'Qatar crisis to speed the rise of Asia''s spot LNG trade'|'  9:06am BST Qatar crisis to speed the rise of Asia''s spot LNG trade FILE PHOTO: A membrane-type liquefied natural gas (LNG) tanker is moored at a thermal power station in Futtsu, east of Tokyo, Japan February 8, 2017. REUTERS/Issei Kato/File Photo By Henning Gloystein - SINGAPORE SINGAPORE Qatar''s isolation by other Arab nations has dealt a strong hand to Japanese utilities in talks reviewing long-term gas contracts with the top LNG exporter, likely accelerating a shift to a more openly traded global market for the fuel. If Japan gets its way in the periodic contract review, the world''s biggest buyer of LNG would have to import more short-notice supplies from producers such as the United States, another step away from rigid deals that run for decades towards a more active spot market. At stake for Qatar are 7.2 million tonnes of annual liquefied natural gas (LNG) sold in contracts that expire in 2021. The $2.8 billion a year in gas mostly goes to Japan''s JERA, a joint venture between Tokyo Electric ( 9501.T ) and Chubu Electric ( 9502.T ) that is the world''s single biggest LNG buyer. "Since the crisis emerged, the Japanese are sure not to renew all contracts and they will push very hard to get more flexible terms," said an advisor on LNG contracts, speaking on condition of anonymity due to the sensitivity of ongoing negotiations. Qatar and Japan as seller and buyer will each account for nearly a third of 300 million tonnes to be shipped this year in 500 tankers. Any change in how volumes trade between them is sure to jolt an industry where practices in place since the 1970s are already being challenged. In some ways the situation is similar to what happened in Europe between 2008 and 2014, when amid an economic crisis and tensions between Europe and Russia, European utilities renegotiated gas purchase terms, freeing up more supplies for spot markets. Three deals between Japan and Qatar are under a periodic review, three sources with knowledge of the matter said, potentially allowing for some adjustments, and the buyers may also only partially renew the contracts when they expire. An official with a Japanese buyer would not comment on individual contracts, but said purchase agreements were typically reviewed every five years. That fits with the deals under discussion, which will expire in 2021 and were signed in 1997/1998 and in 2012. Qatar Petroleum was not available for comment. TABLES TURN LNG volumes grew to 260 million tonnes last year from 250 million tonnes in 2015, produced by around a dozen countries, with more than half coming from Qatar, Australia and Malaysia. Thirty-nine countries imported LNG in 2016, up by four from the previous year, with 70 percent of world consumption in Asia. Facing competition from new producers, Qatar talked tough with Japan ahead of the contract reviews, warning buyers not to demand too many changes, or Japanese companies could be squeezed out of their stakes in Qatar''s LNG projects. But the tables have turned since Arab nations including Saudi Arabia, Egypt, and the United Arab Emirates (UAE) cut ties with Doha, boycotting its trade and weakening Qatar''s negotiating position. Cheniere ( LNG.A ), the only U.S. company to export LNG so far, is offering its supplies as an alternative. "This dispute is a timely reminder of the value of the diversity and flexibility of supply that destination–free U.S. exports bring to individual buyers," said Cheniere spokesman Eben Burnham-Snyder. Unlike other exporters, Cheniere allows its buyers to re-sell cargoes. The Qatar crisis "will further encourage international LNG buyers to include more American LNG ... for reliability reasons," said Kent Bayazitoglu, director of market analytics at Gelber & Associates in Houston. MORE TRADE: SURVEY This all comes as a growing number of producers and importers are joined by more commodity houses that trade LNG. Supplies are outpacing demand, leaving a lot of LNG stranded without takers and pulling down Asian LNG spot prices LNG-AS by over 70 percent since 2014 to below $6 per million British thermal units. Trying to bring their LNG to the market, producers including Australia''s Woodside Petroleum ( WPL.AX ) and Royal Dutch Shell ( RDSa.L ) have said they will grant greater contract flexibility. Spot LNG trading made up 18 percent of supplies in 2016, up from 15 percent a year before, according to the International Group of Liquefied Natural Gas Importers. In an informal Reuters survey, a majority of more than 30 industry experts expected at least 25 percent of Asian LNG volumes to be traded in the spot market by the end of next year. And if Japan wins concessions from Qatar, this share could rise faster, traders said. Preparing for this, trading houses are beefing up their LNG presence. Top commodities traders Vitol [VITOLV.UL] and Glencore ( GLEN.L ) have both said this year that they expect more spot trading over the next 18-24 months. Vitol says its physical LNG trading volumes will rise from 3 million tonnes in 2016 to 4.5 million tonnes this year. Japanese trading houses, eyeing the changes being driven by the country''s utilities, are also preparing for more spot trade. "We are going to reinforce our LNG team at our energy trading unit in Singapore as LNG spot trading is on the rise," Hiroyuki Kato, executive vice president of Mitsui & Co Ltd ( 8031.T ) said last week. (Reporting by Henning Gloystein; Additional reporting by Scott DiSavino in NEW YORK, Mark Tay in SINGAPORE, and Aizhu Chen in BEIJING; Editing by Tom Hogue)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-qatar-asia-lng-analysis-idUKKBN1932NC'|'2017-06-13T07:04:00.000+03:00'
'7981a62d85093c7185e7de64f99cc68af4740f41'|'Indonesia has reached tax deal with Google for 2016 -finmin'|'Technology News   1:58am EDT Indonesia has reached tax deal with Google for 2016, finance minister says left right FILE PHOTO: A Google logo is seen in a store in Los Angeles, California, U.S., March 24, 2017. REUTERS/Lucy Nicholson/File Photo 1/2 left right Google CEO Sundar Pichai speaks on stage during the annual Google I/O developers conference in San Jose, California, U.S., May 17, 2017. REUTERS/Stephen Lam 2/2 By Hidayat Setiaji and Eveline Danubrata - JAKARTA JAKARTA Indonesia has reached a tax settlement with Alphabet Inc''s Google for 2016, the country''s finance minister said, following a months-long dispute over allegations that the search giant had not made enough annual payments to the government. A senior tax official had said in September that Indonesia, Southeast Asia''s biggest economy, planned to pursue Google for five years of back taxes and the company could face a bill of more than $400 million for 2015 alone if it were found to have avoided payments. "We already have an agreement with them based on 2016. But we can''t disclose the figure," Indonesia Finance Minister Sri Mulyani Indrawati told reporters on Tuesday. It was unclear if both sides were still locking horns over Google''s taxes for other years. Google did not immediately respond to requests for comment. Indonesia is eager to ramp up tax collection to narrow its budget deficit and fund an ambitious infrastructure program. Other governments around the world are also seeking to clamp down on what they see as corporate tax avoidance. Last year, Google agreed to pay 130 million pounds ($164 million) in back taxes to settle a probe by Britain''s tax authority, while Thailand is studying plans to toughen tax collection rules for internet and technology firms. According to Indonesian tax officials, most of Google''s revenue generated in the country is booked at its Asia Pacific headquarters in Singapore. They also estimated that total advertising revenue for the industry in Indonesia was around $830 million, with Google and Facebook Inc accounting for around 70 percent of that. But Google has pointed to a joint study by the company and Singapore state investor Temasek that estimated the size of Indonesia''s digital advertising market at $300 million for 2015. Senior executives from Google''s Asia Pacific headquarters also met Indonesian tax officials in October to discuss its tax bill, a person with knowledge of the matter said. ($1 = 0.7908 pounds)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-indonesia-google-idUSKBN1940EM'|'2017-06-13T12:12:00.000+03:00'
'775b6a8eb3613643503b3d04ecde7eaa2d086a2a'|'Former Oracle board member dogged by links to China-backed chip deal'|'Technology   6:36am IST Former Oracle board member dogged by links to China-backed chip deal Trinet Chairman of the Board Ray Bingham is shown in this undated handout photo in San Leandro, California, U.S., provided June 13, 2017. Courtesy of Trinet/Handout via REUTERS By Liana B. Baker and Michael Flaherty - SAN FRANCISCO/NEW YORK SAN FRANCISCO/NEW YORK As the ultimate corporate insiders, board members are presented with plenty of opportunities to cash in on their sector knowledge and connections. The case of Ray Bingham, until recently Oracle Corp’s ( ORCL.N ) second-highest paid board member and executive chairman at U.S. chip maker Cypress Semiconductor Corp ( CY.O ), shows how taking advantage of those breaks can backfire. The 71-year old technology veteran helped set up a private equity fund backed by China’s central government last fall. In November, the fund agreed to buy Lattice Semiconductor Corp ( LSCC.O ), another U.S. chip manufacturer, for $1.3 billion – a potentially lucrative coup for Bingham. But the chip deal is in doubt over U.S. national security concerns. On Monday, Lattice and the buyout fund, Canyon Bridge Capital Partners, said they submitted the deal for review for the third time to the Committee on Foreign Investment in the United States (CFIUS). The deal has also cost Bingham personally. His connection to Canyon Bridge has forced Bingham, recipient of a 2009 Financial Times ‘Outstanding Director’ accolade, to relinquish two marquee board seats in the technology sector because of divergent perceptions of whether he faced conflicts of interest in his various roles. On Sunday, Bingham resigned from Cypress'' board of directors after the company''s founder and sixth-largest shareholder - T.J. Rodgers - sued the Cypress board and launched a proxy contest to remove Bingham from the board. Rodgers alleged Bingham faced irreconcilable conflicts of interest because of his involvement with Canyon Bridge. Bingham, in the Cypress announcement of his stepping down, cited this contest as a distraction. It came three months after he gave up his seat on Oracle''s board of directors due to controversy over him moonlighting for Canyon Bridge. “Throughout the process (of joining Canyon Bridge), Ray conducted himself with transparency. He discussed his plans to join Canyon Bridge with Cypress'' board and outside legal counsel, who concluded there was no conflict and was given the green light to join,” a Canyon Bridge spokesman told Reuters. Bingham himself did not respond to several requests for comment. Bingham’s reputation in the technology industry helped clinch the Lattice acquisition for Canyon Bridge, regulatory filings show. Bingham was offered a $1.2 million signing bonus by Canyon Bridge, a $2 million cut of its management fees and a 20 percent stake in Canyon Bridge itself. That is in addition to the $890,902 in 2016 he received from Oracle, making him the second-highest paid board director at the company behind founder Larry Ellison, and an annual salary and bonus from Cypress worth $900,000, as well as equity grants worth $4.5 million. The income from Oracle and Cypress is now gone because of his gamble to align with Canyon Bridge. Bingham continues to serve on the board of two other publicly listed technology companies, Flex Ltd ( FLEX.O ) and TriNet Group Inc ( TNET.N ). A COMPROMISING RELATIONSHIP U.S. board members increasingly come from business leadership backgrounds. This often presents them with new opportunities that come up through existing roles or previous corporate relationships. This was the case with Bingham, who had done business with China-born U.S. citizen, Benjamin Chow, when Bingham worked at private equity firm General Atlantic LLC a decade ago. Chow set up Canyon Bridge last summer with funding from China Reform Management, a Chinese state-owned investment firm, which became Canyon Bridge''s sole investor, according to Lattice’s regulatory filings. For a timeline of events in the Lattice deal, click Chow approached Bingham last August. He believed that a U.S.-based buyout fund with a U.S. partner like Bingham would trigger much less scrutiny by CFIUS compared with a Chinese buyer, Reuters reported in March. Canyon Bridge’s Chinese state links, first revealed by Reuters in November, were a bone of contention at Oracle. Its board told Bingham in March he could not retain his seat and continue to be a partner of Canyon Bridge, according to Bingham’s deposition in Rodgers’ lawsuit. In response, Bingham decided to step down. "Oracle expressed concern that Bingham''s affiliation with Canyon Bridge would compromise Oracle''s relationship with the United States government," Andre Bouchard, the judge presiding over Rodgers'' lawsuit, said at Delaware''s Court of Chancery earlier this month, citing Bingham''s deposition. Oracle declined to comment. Chow, approached through Canyon Bridge, declined to comment. A MATTER OF INTEREST FOR THE BOARD Bingham helped Chow set up Canyon Bridge in September and October 2016, taking on tasks ranging from setting up calls for hiring staff for Canyon Bridge to using Bingham’s name, a quote from him, and his phone number at Cypress on the press release announcing the Lattice deal on November 3, according to regulatory and court filings. Bingham was even given signatory authority on a $30 million Canyon Bridge bank account. Yet he had not yet formally joined Canyon Bridge, and had not let Cypress’ board know. On Oct. 20, Bingham contacted Cypress'' outside counsel, Wilson Sonsini Goodrich & Rosati, to ask if he should tell Cypress’ board he was considering joining Canyon Bridge, according to a regulatory filing from Cypress. Bingham concluded there was no need to do so at that time, according to Cypress. Wilson Sonsini did not respond to a request for comment. "Clearly this is a matter that would have been of interest to the other board members, and the fact that Bingham did not come forth with this information prior to that time seems odd," said Alan Seem, a corporate partner at law firm Shearman & Sterling LLP who is not involved with the case. On Nov. 4, at a regularly scheduled Cypress board meeting and a day after the Lattice deal was announced with his name on the press release, Bingham told the board that he was contemplating joining Canyon Bridge as a minority partner, according to Cypress. At the same meeting, Morgan Stanley ( MS.N ) gave a presentation to Cypress'' board in which it identified Canyon Bridge as one of the top four most likely acquirers for Cypress out of a list of 30 company names. Cypress itself had been approached by Lattice twice in 2016 about making a potential acquisition offer, most recently last September, but it turned both opportunities down, according to Cypress. Nonetheless, Cypress said its board concluded there was no conflict of interest because there were no active talks or considerations about a possible deal with either Lattice or Canyon Bridge. But some Cypress board members could see that there was scope for future problems. On Nov. 7, Eric Benhamou, Cypress’ lead independent director at the time, told another director that Bingham’s role with Canyon Bridge was “ripe for conflicts [of] interest,” according to a Cypress regulatory filing. In December, Cypress’ board amended the company’s code of ethics to ensure that if Cypress was having significant acquisition talks with a potential target, then any conflicted director would recuse themselves. “Duty of loyalty issues are corrosive. They leave investors with the impression that the playing field isn’t level," said Thomas Lys, accounting information and management professor at Northwestern University''s Kellogg School of Management. (Reporting by Liana B. Baker and Michael Flaherty in New York; Additional reporting by Greg Roumeliotis in New York; Editing by Carmel Crimmins and Edward Tobin)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/lattice-m-a-canyondbridge-bingham-idINKBN19703L'|'2017-06-15T23:06:00.000+03:00'
'db52409227229c488e45e8f101782bb699f3479f'|'In Brief: Sessions to Testify, Mylan Faces Heat, Viking Pays Up'|'Viking Global Investors , the hedge fund firm founded by Andreas Halvorsen, is returning about $8 billion to investors as Chief Investment Officer Daniel Sundheim departs to pursue his own business interests. Sundheim, 40, who joined Viking as an analyst and rose through the ranks in his 15 years there, is leaving at the end of the month, according to a letter the firm sent to investors on Monday. Viking manages about $30 billion, making it one of the largest hedge funds in the world. Mylan NV faces an increasing backlash over its handling of the EpiPen pricing controversy, as a top proxy adviser urged shareholders to oust the drugmaker’s board. Institutional Shareholder Services Inc. said the company’s directors had failed to stop “significant destruction in shareholder value.” ISS took issue with Mylan’s governance on a broad scale and faulted the board for making “egregious” decisions on pay. “All incumbent directors should be considered accountable for material failures of risk oversight over a number of years, when warning signs were available to the company but no actions appear to have been taken,” ISS said in an emailed report. A second federal appeals court blocked President Donald Trump’s revised travel ban even as he presses the Supreme Court to reinstate it. Monday’s order by the U.S. Court of Appeals in San Francisco follows a May 25 ruling by a regional appeals court in Richmond, Va., that concluded Trump intended to discriminate against Muslims from the six countries he targeted in his executive order. The administration on June 1 asked the nation’s highest court to let the ban take effect while the justices decide whether to review the Richmond ruling. Attorney General Jeff Sessions will testify publicly on Tuesday before the Senate Intelligence Committee, a high-stakes event that comes days after fired FBI Director James Comey’s dramatic appearance. The committee announced the hearing only minutes after the U.S. Department of Justice issued a statement saying Sessions wanted the event to be public. Several senators have said they want Sessions to explain his role in firing Comey and whether President Trump attempted to interfere with federal investigations into any of his associates.'|'bloomberg.com'|'https://www.bloomberg.com/businessweek'|'http://www.bloomberg.com/news/articles/2017-06-12/in-brief-sessions-to-testify-mylan-faces-heat-viking-pays-up'|'2017-06-13T04:56:00.000+03:00'
'aabb55141f3cabb35b3390cf84fce08d17e4fa9d'|'UK watchdog seeks limited Punch concessions from Heineken'|'BRUSSELS Heineken''s ( HEIN.AS ) planned takeover of Punch Taverns ( PUB.L ) pubs will face an in-depth investigation unless the Dutch brewer addresses competition concerns in 33 locations, Britain''s Competition and Markets Authority (CMA) said on Tuesday.Heineken said it intended to offer acceptable undertakings and that it was confident the CMA would then be able to approve the acquisition without an in-depth study."This decision by the CMA acknowledges that there are only a small number of local areas where competition may be diminished due to our acquisition of the pubs," Heineken UK Managing Director David Forde said in a statement.Heineken and investment partner Patron Capital struck a 403 million pound ($511 million) deal in December to buy and break up Punch Taverns, paving the way for Heineken to become Britain''s third-biggest pubs group.Heineken''s part of the deal would see it acquire 1,900 pubs, adding to around 1,100 it already has in Britain.The CMA said it had looked at areas where pubs operated by Heineken and Punch currently compete and identified 33 local areas where their pubs would not face sufficient competition after the merger, which could lead to price rises and worse customer service.The CMA said Heineken has until June 20 to offer proposals to address the concerns or face an in-depth investigation into the merger.The CMA did accept that the merger, which would see Heineken owning less than 10 percent of Britain''s pubs, would not close an important route to market for Heineken''s brewing rivals and that it would not give the Punch pubs an incentive to reduce the number of available beers and ciders.Punch said both companies were putting together a plan for the regulator to address the points raised. It also expressed confidence that the deal would be approved without a full investigation.The CMA did not specify the areas where it had competition concerns nor say how large they were.In 2015, it had expressed similar concerns about competition in 16 areas in relation to Greene King''s ( GNK.L ) planned purchase of Spirit Pub Company. It approved the deal without a full investigation after Greene King offered to sell 16 pubs.($1 = 0.7885 pounds)(Reporting by Philip Blenkinsop in Brussels and Rahul B in Bengaluru; editing by Louise Heavens and Jason Neely)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-punch-taverns-m-a-heineken-nl-competi-idINKBN1940YV'|'2017-06-13T06:49:00.000+03:00'
'd1d369e66dfd53e32c95078ccf5a5de1e6804a2f'|'Secret aid worker: we don''t take data protection of vulnerable people seriously - Global Development Professionals Network'|'  11.34   21.08 BST U ntil recently, I worked for an international development organisation that prides itself on being evidence-driven and using data to determine its social impact. As such, it collects reams of data on its beneficiaries, much of it personal and sensitive. This includes data on health, finances, consumption, and personally identifiable information such as birthdates and national identity numbers of poor and highly vulnerable individuals. And yet, this organisation has no data protection policies and no senior-level staff charged with monitoring the collection, storage, use, or disposal of the personal data of beneficiaries. There are no threat models to assess the risks nor security protocols in place to protect the private and confidential data of the people it purports to serve. Secret aid worker: charities have been gagged in the UK election – this is why Read more Worse, I know this NGO isn’t the only one. Why don’t organisations take data protection of beneficiaries more seriously? In this particular organisation, the entire senior leadership team lacks the strategic and technical expertise to make data protection a priority. But as in many NGOs, there is also a subtle but pervasive attitude that the beneficiaries won’t care or aren’t as knowledgeable about the importance of data protection and even if they did, would have no channel to complain if they found out how carelessly their personal data is treated. The horror stories abound. Highly sensitive data is routinely emailed openly among staffers, without encryption. Personally-identifiable data is stored in the organisation’s cloud storage without protocols for who can and cannot access it, and how this data can be used or not used. There are no guidelines as to what data should be collected in the first place, and how to collect it in a secure manner. There is no data anonymisation that would remove personally identifiable information from what’s collected. Informed consent protocols, if they exist within specific programmes, are inconsistent across the whole organisation and are not routinely enforced. Much of what should be “confidential” is accessible to all staff and even outside consultants. So what, you might say, what’s the worst that could happen? Consider, for instance this scenario: You provide direct cash transfers to individuals. The recipients of the programme are selected by their level of vulnerability. The ruling party in the state is generally suspicious of foreign aid organisations, and believes that you are using these cash transfers to assist their political enemies. They then get hold of a list of addresses of your beneficiaries and all names in a household as well as detailed information about their financial status. The ruling party uses the data to harass and intimidate what they perceive are western-supported enemies of the party. Secret aid worker: Men have as many issues as women, we just don’t know what they are Read more This is a somewhat hypothetical example as development practitioners do not talk much about what happens when data-driven projects go wrong. There are no incentives to share the harm done to the most vulnerable individuals that we work with. However, a number of bodies in recent years have published research on this topic and the Handbook of the Modern Development Specialist (pdf) outlines several of the categories of harm that can and have occurred: When personally identifiable information is leaked in sensitive contexts it can spark violence, discrimination, or exclusionary policies. Services can be denied to entire groups and individuals targeted. Groups can be harmed without individuals ever being identified, through discriminatory policies on the basis of data, on the basis of perceived relationships, or through subtle social dynamics or engineering. Project credibility and relationships with local partners and beneficiaries can be harmed when stakeholders feel exploited for data without receiving benefits, or when projects have adverse and unintended consequences. NGO brands and operations can be harmed, with negative consequences for funding, legal liability, high level policy discussions, or credibility with public institutions or the audience they seek to serve. There is no reason for NGOs to remain negligent and, in fact, there is a growing conversation among responsible organisations on how to limit data harm. The Engine Room’s handbook mentioned above is a very comprehensive and actionable guide. And several aid agencies stand out: The International Committee of the Red Cross has a stringent protocol in place – well developed. And World Vision has laid bare its own data security framework (pdf), outlining the challenges with excruciating honesty that is well worth reading. Secret aid worker: It''s ok to not love this job all the time Read more But we need more development organisations to follow suit. If you work at one, ask yourself: what data is collected and why? How is it handled? Who “owns” beneficiary data and resulting information products? Who is responsible or even liable if a security breach allows data to be used in a harmful way? Staff at all levels need to conduct thorough risk and threat assessments as well as implement highly ethical data protection policies. These then need to be regularly monitored, and adapted as technologies evolve. At the same time, donors need to ensure that data collected and used as part of programmes that they fund is handled responsibly. And it is time for regulators to force NGOs to reveal what information they hold on beneficiaries and how they handle that data. The forthcoming EU General Data Protection Regulation for European organisations is a step in the right direction. It sends a clear message: data protection will no longer be aspirational but absolutely mandatory. Ultimately, NGOs must hold up the humanitarian principle of “do no harm”. Data protection is part of that ethos and while it’s not a sexy issue, it’s an urgent one. The consequences for the most vulnerable are severe if we continue to get it wrong. Do you have a secret aid worker story you’d like to tell? You can contact us confidentially at – please put “Secret aid worker” in the subject line. If you’d like to encrypt your email to us, here are instructions on how to set up a PGP mail client and our public PGP key . Join our community of development professionals and humanitarians. Follow @GuardianGDP on Twitter. Topics'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/global-development-professionals-network/2017/jun/13/secret-aid-worker-we-dont-take-data-protection-of-vulnerable-people-seriously'|'2017-06-13T19:34:00.000+03:00'
'499da45fd67bc906b50bd78560c823ab89e89fe2'|'Capita hopes for improved profitability in second half of 2017'|' 16am BST Capita hopes for improved profitability in second half of 2017 LONDON Britain''s outsourcing group Capita said it expected profitability to improve in the second half of 2017 after seeing signs of stronger trading in its European and IT Services businesses. Capita, which announced the departure of its chief executive and a bigger than expected drop in profits in March, said it still expected 2017 to be a transitional year as it restructures the group. While it is seeing improving profitability in its IT Services division and better trading in Germany and Switzerland, the firm said trading across its property, employee benefits and learning services operations was yet to improve. (Reporting by Kate Holton; editing by Costas Pitas)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-capita-outlook-idUKKBN1940MK'|'2017-06-13T14:16:00.000+03:00'
'a3da53dc103af208f0bdc4d40fcd1e67d2cb76ef'|'Two miners missing in flooded Mandalay Resources mine in Chile'|'Market News - Mon Jun 12, 2017 - 5:56pm EDT Two miners missing in flooded Mandalay Resources mine in Chile SANTIAGO, June 12 Two miners are missing after a small silver and gold mine owned by Mandalay Resources was flooded, the government said on Monday, adding that authorities are working with technical experts to see if the men have survived and can be rescued. The workers were trapped after section two of the Delia mine, part of Mandalay''s Cerro Bayo complex in Chile''s southern Aysen region, was flooded on Friday. The air force had provided a search robot and regional, national and emergency authorities were coordinating a response, the government said. Families and friends of the miners gathered outside the entrance to the mine, carrying Chilean flags and singing the national anthem. In 2010, a mining accident in Copiapo, northern Chile, led to 33 miners being trapped underground for nearly 10 weeks before being rescued, an event that made world headlines. Mining minister Aurora Williams said the search for the men, identified as Enrique Ojeda and Jorge Sanchez, was the company''s responsibility and "as a government we are deploying all specialist teams and technical resources to support that job." Williams said the chief operating officer of the Canadian-listed company, Dominic Duffy, met her in Santiago on Monday. "We are profoundly saddened by this unexpected event even as we focus our resources on search and rescue," Mandalay chief executive Mark Sander said in a statement. Sander said flooding had impeded rescue efforts. As with the Copiapo collapse, the mine does have an emergency shelter. On Monday night the rescue teams would start drilling to reach the level where the two men were believed to be working, government mining security engineer Ricardo Berrios said. (Reporting by Rosalba O''Brien and Reuters TV; editing by Grant McCool) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/chile-mine-idUSL8N1J95V1'|'2017-06-13T05:56:00.000+03:00'
'017fc13cc21bed477a51bb05f48a9ef65146ea1c'|'German anti-trust commission chief rejects govt aid for Air Berlin-Die Welt'|'Market  17pm EDT German anti-trust commission chief rejects govt aid for Air Berlin-Die Welt BERLIN, June 13 The head of Germany''s anti-trust commission rejected government aid for troubled airline Air Berlin in an interview in Germany''s Die Welt newspaper to be published on Wednesday. "We need opportunities in a market economy for new companies to get into the market. If a company does poorly, or its business model doesn''t work, then the state should not keep it alive artificially," Achim Walbach told the newspaper. Walbach said a takeover of Air Berlin by Lufthansa would raise competition concerns since they were the primary competitors on many routes, especially to and from Berlin. "If there is only one provider on certain routes, that would naturally have an effect on prices," he said. (Reporting by Andrea Shalal; Editing by Thomas Escritt)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/air-berlin-germany-antitrust-idUSB4N1FT00N'|'2017-06-14T00:17:00.000+03:00'
'17483e0837978317655d48125528ddaa853dc0b3'|'Swiss stocks - Factors to watch on June 13'|'Market News - Tue Jun 13, 2017 - 1:41am EDT Swiss stocks - Factors to watch on June 13 ZURICH, June 13 The following are some of the main factors expected to affect Swiss stocks on Tuesday NOVARTIS The U.S. Supreme Court on Monday cut the time it will take for copycat versions of biologic drugs to get to the market in a pivotal ruling. The justices overturned a lower court''s decision that had prevented Novartis from selling its copycat version of California-based Amgen Inc''s Neupogen until six months after the U.S. Food and Drug Administration approved it. For more click COMPANY STATEMENTS * Basilea said it had been awarded a $54.8 million payment by the U.S. Biomedical Advanced Research and Development Authority as part of an existing contract to develop an antibiotic for Staphylococcus aureus bacteremia bloodstream infections. * Crealogix said Nico Tschanz has taken over the management of consulting at the company. * Panalpina said it expects market challenges to adversely impact the company''s profitability levels and anticipates lower results in the first half, compared to the same period a year ago. The logistics company also said it has rolled out a new IT platform in Germany. *'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/markets-swiss-stocks-idUSL8N1J94H1'|'2017-06-13T13:41:00.000+03:00'
'2dcb513866b240f12bbb3308d0a337c7f2068065'|'Judge throws out fines against Tesoro for deadly refinery blast'|'Business News - Mon Jun 12, 2017 - 6:53pm EDT Judge throws out fines against Tesoro for deadly refinery blast HOUSTON A Washington state administrative judge threw out $2.4 million in fines levied against refiner Tesoro Corp ( TSO.N ) for a 2010 explosion that claimed the lives of seven workers at the company''s Anacortes, Washington, refinery. Judge Mark Jaffe said Washington state''s Department of Labor and Industries fell short of proving that Tesoro failed to comply with rules for inspection and maintenance of refinery equipment involved in the April 2, 2010 blast. "The Department has failed to show by a preponderance of the evidence that Tesoro committed any of the alleged violations," Jaffe wrote in a decision handed down on Thursday but only available on Monday. Jaffe''s decision will be reviewed by the Washington state Board of Industrial Insurance Appeals before it goes into effect. "We feel for the families of the people who died in this preventable disaster, and will request the full Board of Industrial Insurance Appeals review of the proposed decision as we continue to work diligently for workplace safety in our state," Department spokeswoman Elaine Fischer said in an emailed statement. Tesoro spokeswoman Christina Barbee said Jaffe''s decision underscored the company''s commitment to improvement in personal and process safety. "Rigorous maintenance and inspection programs are integral to that core value, and our programs are based on industry best practices as the Judge''s proposed decision and order acknowledges," Barbee said. In 2014, the U.S. Chemical Safety Board found fault with the industry standards and Tesoro''s system for evaluation of the effects of hydrogen under high heat and pressure on steel components of the heat exchanger that ruptured in 2010 releasing a fireball that engulfed the seven workers. A high-temperature hydrogen, which can cause the corrosion of steel, was determined the cause of the heat exchanger''s rupture. (Reporting by Erwin Seba; Editing by James Dalgleish) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-refinery-blast-tesoro-fines-idUSKBN1932MH'|'2017-06-13T06:51:00.000+03:00'
'97e9f40f0060e9ea7a391d5f8c60d87659158143'|'EU to tighten grip on euro clearing after Brexit - source'|'By Huw Jones and Francesco Guarascio - LONDON/BRUSSELS LONDON/BRUSSELS The European Union plans to give itself powers to move euro clearing business away from London''s financial sector to the EU after Brexit and adopt a model closer to that operated by the United States, the bloc''s executive said on Tuesday.The financial industry has warned that forced "relocation" would split markets, bump up trading costs and diminish the status of the euro -- as well as threaten thousands of jobs in the City of London.The draft EU law would, as a last resort, force euro-denominated clearing business to shift from London if the volume was deemed by Brussels to be systemically important.The bulk of clearing in euro-denominated derivatives is performed in London and involves a third party standing between two sides of a trade to ensure its smooth and safe completion.The European Central Bank (ECB) and euro zone policymakers have long wanted control over euro clearing, saying it is core to the single currency area''s financial stability and would be outside the EU''s regulatory sphere once Britain leaves in 2019.Valdis Dombrovskis, the European commissioner who proposed the draft law, said Brexit meant that "certain adjustments to our rules" are needed and that no business would be shifted just for the sake of it.Britain''s finance ministry said that the way that UK and EU firms access each other''s markets is a matter for the forthcoming Brexit negotiations with Brussels."In the meantime, we stand ready to engage constructively on this legislation, fulfilling our obligations as a member state."ENHANCED SUPERVISIONUnder the draft law, if the European Securities and Markets Authority (ESMA) decides that a non-EU clearer is handling "systemically" important volumes of euro-denominated business, a system of "enhanced supervision" would be introduced.This would mimic how U.S. regulators already have direct oversight of London clearing houses that handle dollar-denominated instruments, though there is no provision for forcing through a relocation of a clearing house.Under the EU law, the bloc''s regulators would have a say on the amount and type of collateral the clearing house holds, ensure it meets any additional requirements from the ECB, and hold on-site inspections.The first aim of the law is to centralise supervision of EU-based clearing houses, with ESMA taking the lead, backed by central banks such as the ECB.At present, national supervisors oversee 17 clearers.The second aim is to build on the existing system of "equivalence", whereby 28 non-EU clearers can serve customers in the bloc if they comply with rules similar to the EU''s.Two-tier equivalence means that the bulk of foreign clearers will continue under the existing system.Others would be deemed "systemically important" and require enhanced supervision, with only a few likely to labelled as "substantially systemically important" and required to rebase to the bloc, a process that would be phased in over 18 months.Brussels acknowledged that relocation could cause higher costs for users because of market fragmentation and has introduced "proportionate risk requirements" to mitigate this.But some trades could be cleared more cheaply in the EU, officials said.LAST RESORT"If enhanced supervision does not work because it is so systemic, then there can be a decision to require relocation. That is a last resort," an EU source said.ESMA would have to make a relocation recommendation, with input from the ECB, but the European Commission would take the final decision.The European Commission decided not to include quantitative criteria for "systemic" clearing houses, such as caps on clearing volumes, leaving ESMA to make assessments case by case.Simon Gleeson, a regulatory partner at international law firm Clifford Chance, said there is no question of UK clearing being forced to relocate."The issue is whether and to what extent the EU wishes to prevent EU banks from clearing euro trades outside the EU," Gleeson said."I think what is really going on here is the EU trying to create a bargaining chip that it can employ to get a more substantial say in the way that London clearing is regulated post-Brexit."The draft law will need approval from EU states and theEuropean Parliament, with changes likely."The Commission has lost its courage when it comes to euro clearing. The rule must be that euro clearing must be done under EU jurisdiction, no ifs or buts," said Markus Ferber, a vice chair of the parliament''s economic affairs committee.Most euro-denominated clearing of derivatives is performed by LCH, a unit of the London Stock Exchange and the largest clearer of interest rate swaps.LSE chief Xavier Rolet said on Monday that relocation would have little financial impact because it has a clearing house in Paris that is fully authorised under EU rules. A global derivatives industry body warned on Monday thatshifting clearing of euro-denominated derivatives from London tothe continent would require banks to set aside far morecash to insure trades, a cost that would be passed on to companies.Officials from the Bank of England, which supervises LCH, have warned that euro clearing could shift to New York, but any U.S. clearing house that became a "systemic" clearer of euro-denominated instruments would also come under the new EU rules.(Editing by David Goodman and Alexander Smith)FILE PHOTO: A huge Euro logo is pictured by the headquarters of the European Central Bank (ECB) in Frankfurt, September 29, 2011. REUTERS/Ralph Orlowski/File Photo'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/eu-markets-clearing-idINKBN1941EN'|'2017-06-13T19:25:00.000+03:00'
'b9e41764f1bcee4807c5026407d85fdefb5b7a06'|'UAE''s Aster DM Healthcare eyes Saudi market despite past payment delays'|'By Davide Barbuscia - DUBAI DUBAI Dubai-based Aster DM Healthcare ( ATRD.NS ) is looking at acquisition opportunities in Saudi Arabia, its managing director told Reuters in an interview.This is despite previous delays in payments from the Saudi government, which could have pushed the company to default on a syndicated loan, he said.Aster, which operates hospitals, clinics and pharmacies in the Gulf and India, is attracted to Saudi Arabia because of the size of the market compared with other Gulf states, and also because of ownership rules, which would let Aster own up to 100 percent of a business, said Azad Moopen."We consider Saudi a good market despite payment difficulties which we had there," he said.Aster obtained a $295 million loan from India''s Axis Bank in April. The loan replaced and repaid $155 million of a $295 million facility which the firm raised in 2015. Aster replaced the facility to obtain better terms, such as a longer maturity and looser financial requirements for its debt-to-equity ratio.The decision to look for better terms was triggered by delays in payments of about $150 million from Saudi Arabia''s ministry of health. Many companies in the Saudi market, especially construction firms, have suffered such delays as government finances are squeezed by low oil prices."Payments were overdue for nearly 1-1/2 to two years," said Moopen, and were not made for the whole of 2016.By early 2017, with $150 million pending, "we were not sure when we were going to get this money, and we didn''t want to default, that''s why we wanted better terms from the banks."Aster''s new loan facility is being syndicated by Axis, though no bank has joined the loan yet. It has a 10-year tenor, while the previous facility was for five years.Almost half of the amount due from Saudi Arabia has been repaid in 2017. The ministry of health asked for a discount on the total debt and the company agreed, Moopen said without elaborating.The payment delays were related to Aster''s 250-bed Sanad Hospital in Riyadh, Aster''s only facility in the kingdom. The ministry of health did not respond to a request for comment.Aster also has a hospital in Qatar. "The Aster Qatar Hospital has been approved by authorities and has started functioning, even though the official inauguration has not been done," Moopen said."We shall be waiting for the prevailing situation to crystallize for the official launch," he said when asked about the diplomatic crisis that erupted this week between Qatar and neighboring states.The company filed a prospectus for an initial public offer (IPO) of shares in India in June last year. The IPO is now expected to take place in the fourth quarter of 2017, with Axis Bank, Bank of America Merrill Lynch and Kotak Mahindra Bank as lead banks, said Moopen.(Additional reporting by Katie Paul; Editing by Andrew Torchia; Editing by Mark Potter)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-aster-saudi-idINKBN1920MW'|'2017-06-11T10:14:00.000+03:00'
'785a4801577832477ee80355647d9dfab6eb8c3c'|'PRESS DIGEST- Financial Times - June 12'|'June 12 The following are the top stories in the Financial Times. Reuters has not verified these stories and does not vouch for their accuracy.HeadlinesBP joins oil rush to use AI with funding for California start-up on.ft.com/2rkUQ3qBusiness calls for softer Brexit in aftermath of election on.ft.com/2rl3Y7YMichael Gove rises from ashes to join May government on.ft.com/2rkTaaaForeign money laundering inquiries to UK leap 12 pct on.ft.com/2rlwdUcOverviewBP Plc has invested in artificial intelligence technology start-up Beyond Limits as it joins growing interest among oil and gas companies in the use of big data to help find new resources.British business has regained its voice to call for a softer approach to Brexit, after Theresa May failed to demonstrate there is public support for her vision of a hard Brexit in the election.Brexit campaigner Michael Gove was appointed as the minister for environment, food and rural affairs by Theresa May on Sunday, in a remarkable recovery for a politician who seemed to have systematically burnt bridges with many of his colleagues over a number of years.Inquiries from overseas authorities investigating the trail of dirty cash flowing to UK have risen to a record level, according to Home Office data released through a Freedom of Information request. (Compiled by Bengaluru newsroom)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/britain-press-ft-idINL3N1J9043'|'2017-06-11T22:33:00.000+03:00'
'17b396f5fece8f871188f368ed105487a41d62d4'|'RPT-Arms show offers Japan venue to build military ties in Southeast Asia'|'(Repeats item issued on Sunday)By Tim Kelly and Nobuhiro KuboTOKYO, June 11 Defence firms will put out their wares on Monday at Japan''s only dedicated arms show, a site for Prime Minister Shinzo Abe''s government to promote industrial military ties that will bolster the country''s influence in Southeast Asia.Japan''s defence ministry has invited Southeast Asian military representatives from Indonesia, Malaysia, the Philippines, Singapore, Thailand and Vietnam to a separate military technology seminar, aiming to ensure attendance for the three-day Maritime Air Systems and Technologies Asia (MAST) show near Tokyo, two sources said."The Ministry of Defence is hosting the seminar right after MAST closes," said one of the sources with knowledge of the plan.Abe''s government wants to make arms sales and military technology collaboration a new plank of Japanese diplomacy in Southeast Asia as it counters China''s growing influence in the South China Sea.About $5 trillion in ship-borne trade passes through the strategic waterway each year, much of it to and from Japan.In 2014, Abe ended a decades-old arms export ban, partly to cut procurement costs by widening arms production, but also, for the first time since World War Two, to allow Japan to offer arms technology as a lure for closer military ties.The small Southeast Asian arms market is growing as economic growth boosts defense spending. Japan is likely push to back against China''s offers to supply military equipment to the region."The only thing that really matters in Southeast Asia is cost and China will offer at low cost," said Paul Burton, director of aerospace, defence and security at IHS Markit in Singapore."They will quite happily give away the family jewels in terms of enabling indigenous production, training the local workforce and offset into other sectors."LESS RELUCTANTIn their first outing at MAST Asia in 2015 Japanese firms were still reluctant to advertise their defence work to a public wary of any return to militarism. Only NEC Corp exhibited alone, with other firms clustering together in a single display.That hesitation seems to have eased. At least 16 Japanese firms are exhibiting alone, from leading arms maker Mitsubishi Heavy Industries , to the maker of the sub-hunting P-1 patrol jet, Kawasaki Heavy Industries, and ShinMaywa Industries, which builds the US-2 amphibious plane."We intend to showcase our wide range of products and technologies to event participants," said a spokesman for Mitsubishi Heavy.Showcased items include a guided missile destroyer display, a prototype amphibious vehicle model, minehunting technology and demonstrations of a laser radar surveillance system.The three-day show will include overseas exhibitors, such as F-35 stealth fighter maker Lockheed Martin Corp and France''s Thales SA, and will have double the floor space of the 2015 event, a spokeswoman for the organiser said. (Reporting by Tim Kelly and Nobuhiro Kubo; Editing by Clarence Fernandez)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/japan-asean-defense-idUSL3N1J803Z'|'2017-06-12T07:00:00.000+03:00'
'1cd386c313000d0c238ac2301529bd6e0b8e88a7'|'China state papers urge regulators to stick to reforms as pace of IPOs slows'|'Business News - Mon Jun 12, 2017 - 5:41am BST China state papers urge regulators to stick to reforms as pace of IPOs slows FILE PHOTO: An advertising board (L) showing a Chinese stone lion is pictured near an entrance to the headquarters (R) of China Securities Regulatory Commission (CSRC), in Beijing, China, September 7, 2015. REUTERS/Jason Lee/File Photo SHANGHAI Approvals of initial share offerings are slowing in China once again as local share prices slide, but major state-controlled newspapers are urging the stock market regulator not to "balk or backtrack" on reforms. The China Securities Regulatory Commission (CSRC) has slowed approvals for initial public offerings (IPOs) in recent weeks, a period which has seen major stock indexes retreat. The media''s calls come at a time that international investors are watching Beijing''s commitment to free-market reforms more closely than ever. Global index provider MSCI will decide on June 20 whether to add Chinese shares to its key equity benchmarks used by asset managers, which could trigger a flood of foreign buying. China''s on-again, off-again pattern of IPO approvals has been typical for years when authorities see the need to shore up markets, and their penchant for interventions has been cited as one of the key concerns holding back global investors. Such support measures are often welcomed at home, but in a rare chorus of caution, China''s three major state-controlled securities newspapers all published editorials on Monday urging the regulator to "hang on" in the face of public criticism that a flood of new supply is depressing share prices. Over the past few weeks, the CSRC has approved an average of 2.1 billion yuan (242.5 million pounds) of IPOs each week, down from a weekly average of over 5 billion yuan earlier in the year. That has led to speculation that IPOs would be suspended altogether if the market falls much farther. "If IPOs are suspended, it is far from certain whether the market can be rescued, but the harm to market-oriented reforms and the real economy is predictable," the China Securities Journal said in an editorial on Monday, calling on regulators to be "adamant" toward reforms. Echoing that view, the Shanghai Securities News said IPOs are not the determinant factor of stock market trends, and regulators should not "balk, or even backtrack" on reforms. The newspaper noted that the CSRC had suspended IPOs nine times in history, but each time the move failed to reverse the bearish trend and heightened investor uncertainty. Another official newspaper, the Securities Times, said regulators should not bow to pressure from critics. Regulators should "dare to touch the cheese of interested groups, and be consistent, and serious in policies," the editorial said. "Generally speaking, China''s securities market regulation is not too harsh, but too lenient." The editorials highlight the dilemma faced by CSRC Chairman Liu Shiyu, who needs to balance reforms and market stability. Liu, who took over as head of the CSRC in the aftermath of the 2015 market crash, has been criticized by some academics and investors for causing renewed market sluggishness, by flooding the market with IPOs and cracking down on stock speculation. However, the Financial News, a journal run by the People''s Bank of China, carried a different tone on the IPO issue in a commentary which also ran on Monday. Fewer IPO approvals won''t necessarily affect the stock market''s performance but show a change in the regulator''s stance, which will improve investor sentiment and stabilize the stock market, the commentary said. After a solid start to the year, China''s benchmark CSI300 index started skidding in April on worries that the economy was losing steam and in response to a regulatory clampdown on riskier types of lending which has prompted some companies to hoard cash. In recent weeks, authorities have stepped in with a slew of measures to stabilise the country''s financial markets ahead of a major political leadership reshuffle later this year. The central bank has been stepping up injections of funds into the financial system to ease fears of a potential cash crunch like that which sent lending rates soaring in June 2013. It has also engineered a sharp rise in the yuan currency against the dollar to ward off speculators betting on further declines. (Reporting by Samuel Shen and John Ruwitch; Editing by Kim Coghill) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-china-markets-ipos-idUKKBN1930BV'|'2017-06-12T12:41:00.000+03:00'
'3406fa4b83c5331951b10d0204fe7e49f4d3f94e'|'French finance minister says ''optimistic'' about Greek deal after Athens talks'|'Mon Jun 12, 2017 - 12:45pm BST French finance minister says ''optimistic'' about Greek deal after Athens talks Greek Prime Minister Alexis Tsipras (L) meets with French Finance Minister Bruno Le Maire at his office in Maximos Mansion in Athens, Greece, June 12, 2017. REUTERS/Costas Baltas ATHENS French Finance Minister Bruno Le Maire expressed optimism about Greece reaching a deal on new loans from its European creditors after talks with his Greek counterpart and Prime Minister Alexis Tsipras in Athens. "I wanted to underline that we are doing our best with the other member states of the euro zone, with the IMF, with the Greek governement, and I''m optimistic, I think we are not far from the agreement," he told reporters. "And because we are not far we should really do our best in the next two days, to pave the way for that agreement," he said, praising the Greek government for the reforms carried out in the last months. Greece''s parliament approved on Friday reforms demanded by the country''s international lenders to conclude a long-stalled review of its bailout progress and qualify for more loans needed to repay debt maturing in July. Euro zone finance ministers meet in Luxembourg on June 15 to discuss Greece''s reform progress and measures to reduce its debt, which stands at about 180 percent of GDP after seven years of crisis. (Reporting by Michel Rose; Editing by Leigh Thomas)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-eurozone-greece-france-finmin-idUKKBN19319T'|'2017-06-12T19:36:00.000+03:00'
'1f28e3ae434de6028e81c2fa5f939aec24929ef3'|'Puerto Ricans skeptical of change after vote for statehood'|'By Tracy Rucinski - SAN JUAN, June 12 SAN JUAN, June 12 Puerto Ricans are skeptical that the struggling U.S. territory''s political status will change any time soon, even after a vote on Sunday asking the U.S. Congress to make the island the 51st state of the union.Although Puerto Rico voted overwhelmingly in favor of statehood, low voter turnout may weaken Governor Ricardo Rossello''s case for statehood in Washington, where Puerto Rico is seen as a low priority.Puerto Rico''s two main opposition parties boycotted Sunday''s vote.The mainly Spanish speaking island has $70 billion in debt, a 45 percent poverty rate, woefully underperforming schools and near-insolvent pension and health systems. Last month, the territory filed for the biggest municipal bankruptcy in U.S. history.Rossello, who became governor in January, had campaigned for statehood as the best path out of the island''s financial troubles.Yet eight out of 10 Puerto Ricans did not cast a vote in Sunday''s plebiscite, many because they did not believe the non-binding referendum would sway Congress."We''re bankrupt and 85 percent of us don''t speak English. Why would the U.S. government want to take on a problem like Puerto Rico?" said Carolina Santos, a single working mother struggling to make her mortgage payment and cover other bills."This is the fifth time there''s been a referendum on statehood. Nothing''s going to change. Maybe we should focus more on fixing our financial problems and our schools," said Santos. (Reporting by Tracy Rucinski; Editing by Daniel Bases, Bernard Orr)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/puertorico-debt-vote-idINL1N1J90GE'|'2017-06-12T12:17:00.000+03:00'
'0808056e3cf077690dcec5903190dc0734f467db'|'This Drone Fishing Buddy Spots the Fish and Drops the Bait'|'Form and functionThe PowerRay, a submersible drone attached to a fishing line, can take a lot of the guesswork out of fishing. The fish finder spots fish, relays their position to the user, and attracts them with a built-in light and a bait drop.Innovator: Wally ZhengAge: 39Chief executive officer of 500-employee drone maker PowerVision Technology Group in BeijingThe PowerRay.Source: PowerVision1. SetupThe 8-pound drone can run for about four hours on a two-hour charge as far as 98 feet below the surface. It uses sonar to collect data from surrounding objects, which accompanying software analyzes in search of fish.2. UseThe PowerRay relays images to an accompanying handheld controller or smartphone attached via a 150-foot cable. The drone can drop bait near a hook and shine its light to lure fish.OriginZheng, who has an MBA with a background in robotics, came up with the idea for PowerRay at a trade show in 2015, when he noticed there weren’t any submersible drones for consumers.PriceThere are three models, priced at $1,488, $1,799, and $1,888. The cheapest lacks the bait-drop feature; the costliest has a longer tether cable.Next StepsPowerVision says it will start shipping the drones in June. It hopes their appeal will extend beyond fishermen to scientists, filmmakers, and underwater sports enthusiasts. Colin Snow, founder of Skylogic Research LLC, says, “It’s a viable product—the price is right—but it’s an unknown market.”'|'bloomberg.com'|'https://www.bloomberg.com/businessweek'|'http://www.bloomberg.com/news/articles/2017-06-01/this-drone-fishing-buddy-spots-the-fish-and-drops-the-bait'|'2017-06-02T01:31:00.000+03:00'
'6362b2e41d6edb7ff84c0618fb04a6be858911ec'|'Morning News Call - India, June 13'|' 26pm EDT Morning News Call - India, June 13 To access the newsletter, click on the link: here If you would like to receive this newsletter via email, please register at: here FACTORS TO WATCH 10:00 am: Steel Ministry Joint Secretary Syedain Abbasi at an event in New Delhi. 11:45 am: BCSBI to release Indian banks'' customer code compliance rating 2017 in Mumbai. 12:30 pm: Food Minister Harsimrat Kaur Badal at an event in New Delhi. 2:00 pm: Railways Minister Suresh Prabhu and Junior Minister Manoj Sinha at rail event in New Delhi. GMF: LIVECHAT - AFC SPECIAL Twenty years have passed since Asian countries survived the financial crisis in 1997 and they are widely seen with improved financial strength. Yet today they are facing the retreat of the U.S. from international alliances and the growing ambition of China in the region. What lies ahead for AFC survivors amid this power reshuffle and the complications from monetary tightening led by the Federal Reserve? J. Soedradjad Djiwandono, former governor of Bank Indonesia and now international economics professor at Nanyang Technological University in Singapore, is our first guest in an AFC special series at 9:00 am IST. To join the conversation, click on the link: here INDIA TOP NEWS • Cooling food prices send India''s retail inflation to lowest since 2012 India''s retail inflation eased to the lowest level in at least five years in May on cooling food prices, bolstering hopes for an interest rate cut by the central bank later this year. • Modi and Trump to hold first talks on June 26 in Washington India''s Prime Minister Narendra Modi will hold talks with U.S. President Donald Trump in Washington on June 26, the Indian foreign ministry and the White House said on Monday, the first meeting between the leaders. • India''s plan to develop key Iranian port faces U.S. headwinds Western manufacturers are shying away from supplying equipment for an Iranian port that India is developing for fear the United States may reimpose sanctions on Tehran, Indian officials say, dealing a blow to New Delhi''s strategic ambitions in the region. • Wipro says date for ADR bonus issue not decided Indian software exporter Wipro Ltd, said on Monday the payable date for its American Depository Receipts (ADR) bonus issue is yet to be determined. • India close to listing loans to resolve via bankruptcy rules - finmin India''s central bank is at an advanced stage of preparing a list of bad loans where resolution is required under the country''s insolvency and bankruptcy rules, Finance Minister Arun Jaitley said on Monday. • Reliance Capital non-life insurance unit plans listing in FY18 Reliance General Insurance Co. Ltd, a unit of Reliance Capital Ltd, plans to list on the stock exchanges this financial year, the company said on Monday. GLOBAL TOP NEWS • Another U.S. appeals court refuses to revive Trump travel ban President Donald Trump suffered another legal setback on Monday as a second federal appeals court refused to revive his travel ban on people entering the United States from six Muslim-majority nations in a dispute headed to the U.S. Supreme Court. • EXCLUSIVE-Foxconn says Apple, Dell join its bid for Toshiba chip business Apple Inc and computing giant Dell Inc will join a Foxconn-led consortium bidding for Toshiba Corp''s highly prized chip unit, the CEO of the world''s largest contract electronics manufacturer told Reuters on Monday. • U.S. Treasury unveils financial reforms, critics attack The U.S. Treasury Department unveiled a sweeping plan on Monday to upend the country''s financial regulatory framework, which, if successful, would grant many items on Wall Street''s wishlist. LOCAL MARKETS OUTLOOK (As reported by NewsRise) • The SGX Nifty Futures were trading at 9,636.50, up 0.1 percent from previous close • The Indian rupee will likely open little changed against the dollar, as investors remain cautious ahead of a two-day   policy review that starts today. • Indian government bonds will likely rise, as retail inflation eased to a record low in May, bolstering hopes for monetary easing in coming months. The yield on the benchmark 6.79 percent bond maturing in 2027 is likely to trade in a 6.45 percent-6.50 percent band today. GLOBAL MARKETS • Apple shares added to last week''s drop on Monday to lead a market downturn as tech, still the best performing S&P 500 sector this year, succumbed under its own weight. • Asian stocks crept higher, defying a weak lead from Wall Street, which was dragged lower by technology stocks for a second day, while the Canadian dollar soared on the possibility interest rates might go up sooner than expected. • The dollar held steady against a basket of currencies, with the focus on the  ''s two-day policy meeting, while the Canadian dollar rose after its central bank hinted interest rates could rise sooner than anticipated. • U.S. Treasury yields rose on Monday after tepid demand at a 10-year Treasury auction offset strong demand at a three-year auction, while uncertainty about the Federal Reserve''s policy outlook on Wednesday limited the move higher in yields. • Oil prices edged up, lifted by statements that OPEC-leader Saudi Arabia was making significant supply cuts to customers, although rising U.S. output meant that markets remain well supplied. • Gold held steady as investors remained cautious ahead of a two-day   meeting that is likely to provide hints on the central bank''s interest rate policy for the remainder of the year. CLOSE FII INVESTMENTS EQUITIES DEBT PNDF spot 64.41/64.44 June 12 -$26.21 mln $124.61 mln 10-yr bond yield 6.84 Month-to-date -$231.49 mln $2.95 bln Year-to-date $7.75 bln $16.39 bln For additional data: India govt bond market volumes Stock market reports Non-deliverable forwards data Corporate debt stories [IN CORPD] Local market closing/intraday levels [IN SNAPSHOT] Monthly inflows [INFLOWS RTRS TABLE IN] ($1 = 64.44 Indian rupees) (Compiled by Pathikrit Bandyopadhyay in Bengaluru)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/india-morningcall-idUSL3N1JA19Q'|'2017-06-13T11:26:00.000+03:00'
'2eed3b1e95f42e46a8b7894d3221f85d97fc289d'|'UPDATE 1-France leads opposition to deal on bank capital rules'|'(Adds detail on European position)By Huw Jones and Maya NikolaevaLONDON/PARIS, June 12 Europe, led by France, is set to scupper attempts this week to reach a compromise deal on bank capital rules, arguing that the levels being set to avoid future taxpayer bailouts are too high, people familiar with the talks told Reuters.Banking regulators from across the world meet on Wednesday and Thursday in Sweden in a fresh attempt to get agreement on completing Basel III, a set of tougher capital requirements initiated in the aftermath of the 2007-09 financial crisis.But no final deal is likely this week given that France, backed by Germany and the Netherlands, is unhappy with the package on the table, which aims to ensure that banks are consistent in how they measure risks from loans to determine capital buffers, bankers and other sources said on Monday."We are not going to get a deal," one person familiar with the Basel Committee negotiations said.The main stumbling block is a proposed "floor" which would mean capital cannot fall below 75 percent of the "standard" approach set out by regulators and used by most lenders, while big banks use models to add up risks instead."Some are unhappy about the 75 percent because it is too high, some don''t like it because it is too low, but everyone has signalled a willingness to agree on a certain number," the person said.France, Germany, the Netherlands and the European Commission have submitted a joint position to Basel which says the 75 percent floor in not acceptable, a second person close to the matter said."It''s a relatively united European front," the person said.A legislative proposal from the commission, backed by countries such as like France and Germany, would be needed to implement the Basel package.While European banks fear they will have to find significant amounts of extra capital under what they dub Basel IV, the United States does not want the floor set too low.The Bank of France, a member of the Basel Committee, referred on Monday to comments by its governor Francois Villeroy de Galhau in May when he said he wanted to complete a Basel package based on improved and better supervised internal models."It is better to give it some time to reach a good agreement than to rush to bad arrangements," de Galhau said last month.A Paris-based banking executive said he wanted to ask French President Emmanuel Macron for a global moratorium on new capital rules at the G20 level, although bankers also fear that France could end up being isolated.The hope is that enough progress is made this week for it to be referred for the second time this year to Basel''s oversight body to broker a final deal before momentum runs out."There is a clear sense of fatigue," the person said.Basel has already signalled that the package could take up to a decade to come in to soften the hit to a few "outliers". (Additional reporting by John O''Donnell and Frank Siebelt in Frankfurt; editing by Alexander Smith/Keith Weir)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/basel-banks-regulations-idINL8N1J9432'|'2017-06-12T12:21:00.000+03:00'
'c1744e3b9cfe7beeb431f9d7e2d85148d788b4f6'|'UK consumer spending falls for first time in nearly four years - Visa'|'Top News - Mon Jun 12, 2017 - 7:42am BST UK consumer spending falls for first time in nearly four years - Visa People''s shadows are seen as shoppers are silhouetted in the bright sunshine at the Westfield shopping centre, Stratford, London January, 28, 2017. REUTERS/Russell Boyce LONDON British consumers cut their spending for the first time in nearly four years last month, figures from credit card firm Visa showed, as households turned more cautious even before last week''s shock election result. Consumer spending in May was 0.8 percent lower than in the same month in 2016 after adjusting for inflation, the first year-on-year fall since September 2013, Visa said on Monday. Sales fell by a hefty 1.9 percent in monthly terms. "Our index clearly shows that with rising prices and stalling wage growth, more of us are starting to feel the squeeze," Visa managing director Kevin Jenkins said. Britain''s economy has shown signs that it is stagnating and confidence among businesses and consumers it expected to take a further hit after Prime Minister Theresa May failed to win a parliamentary majority in last week''s election. She now plans to lead a minority government with support from Northern Ireland''s main unionist party, raising questions about how Britain will progress in Brexit talks and whether another election might be called soon. After shrugging off the initial impact of last year''s vote to leave the European Union, the effects of sterling''s more than 10 percent fall is catching up with Britons in the form of higher inflation, which is its strongest since September 2013. Sterling weakened again after last week''s inconclusive election result and businesses have said the election result risks paralysing the government at a time when it is meant to be negotiating a smooth exit from the European Union. Retail sales in the first three months of 2017 suffered their biggest fall since 2010. Data published on Friday showed industrial output and construction faltered again in April. Britain''s overall economy was the weakest performer among the Group of Seven rich nations in the first quarter of 2017. Visa said bricks-and-mortar retailers suffered their biggest fall in sales in five years, which was only partly offset by strong growth in online sales. Growth in spending at hotels and restaurants - which has risen much faster than at retailers in recent quarters - slowed to an annual 3.3 percent. Spending on transport and clothing were the categories with the biggest falls. "The outlook for consumer spending continues to look relatively bleak, with households facing faster increases in living costs and muted wage growth," said Annabel Fiddes, an economist at IHS Markit, which compiled the data for Visa. "The squeeze on household finances is likely to get worse as the Bank of England forecasts faster increases in consumer prices in the coming months," she added. The Visa figures strip out seasonal and inflation effects, and are adjusted to take account of the growing share of spending on cards rather than cash. (Reporting by David Milliken; Editing by William Schomberg) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-economy-consumers-idUKKBN19218M'|'2017-06-12T07:15:00.000+03:00'
'e12c527e3cf097818c97d4161ccd881495568395'|'Oil prices driven up by futures bets, but market remains bloated'|'Top News - Mon Jun 12, 2017 - 4:06am BST Oil prices driven up by futures bets, but market remains bloated An Iranian man works on an oil production platform at the Soroush oil fields in the Persian Gulf, south of the capital Tehran, July 25, 2005. REUTERS/Raheb Homavandi/File Photo By Henning Gloystein - SINGAPORE SINGAPORE Oil prices rose on Monday as futures traders bet the market may have bottomed after a recent steep fall, even as physical markets remain bloated by oversupply, especially from a relentless rise in U.S. drilling. Brent crude futures were trading at $48.41 per barrel at 0246 GMT, up 26 cents, or 0.5 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures were at $46.07 per barrel, up 24 cents, or 0.5 percent. Traders said that the price rises came on the back of speculative traders upping their investment into crude futures, by taking on large volumes of long positions, which would profit from a further price rise. The rise in new long positions comes after Brent and WTI crude futures have fallen by around 10 percent below their opening levels on May 25, when an OPEC-led policy to cut oil output was extended to cover the first quarter of 2018 instead of expiring this June. "Wall Street''s oil bulls have reset for a technical bounce," said Stephen Schork, author of the Schork Report, which specialises in oil and gas market analysis. While the financial market seems to have some confidence that prices may have bottomed out, the physical market remains bloated, especially due to a rise in U.S. drilling for new oil production. U.S. energy firms added eight oil rigs in the week to June 9 , bringing the total count up to 741, the most since April 2015, energy services firm Baker Hughes Inc ( BHI.N ) said on Friday. This ongoing drive to find new oil has driven up U.S. output by more than 10 percent since mid-2016, to over 9.3 million bpd, a figure the U.S. Energy Information Administration (EIA) says will likely rise above 10 million bpd by next year, challenging top exporter Saudi Arabia. Soaring U.S. output threatens to undermine an effort led by the Organization of the Petroleum Exporting Countries (OPEC) to cut almost 1.8 million bpd of production until the first quarter of 2018 in order to tighten markets and prop up prices. Despite this, Russian energy minister Alexander Novak said on Sunday said on Sunday there was no need to review the agreement on reducing oil output as it was too early to make any decisions. Russia, not a member of OPEC, is the world''s biggest oil producer but it is participating in the production cuts. Saudi energy minister Khalid Al-Falih made similar statements over the weekend. (Reporting by Henning Gloystein; Editing by Richard Pullin and Joseph Radford) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-global-oil-idUKKBN19303L'|'2017-06-12T09:23:00.000+03:00'
'bbad407401b39e61f259881bda841ba6f4d5fb3b'|'Spanish stock market regulator bans short-selling over Liberbank for a month'|'Business   9:29am BST Liberbank shares recover after regulator bans short selling A cash dispenser is seen at a branch of Liberbank in Oviedo, Spain, June 9, 2017. REUTERS/Eloy Alonso MADRID Shares in small Spanish lender Liberbank, in focus since the rescue of Popular last week, rebounded more than 20 percent on Monday after Spain''s regulator enforced a short-selling ban on its stocks. The lender, which was formed in 2011 from the merger of three regional savings banks and which controls around two percent of all Spanish deposits, had lost around 40 percent of its market value over the last two weeks. Its shares were up 26.3 percent at 0.859 euro each at 0800 GMT, erasing the 17.6 percent loss on Friday. Spanish stock market regulator CNMV said it would ban short sales on trading stocks of Liberbank for one month, after which it would decide whether to extend or lift the ban. The CNMV said it had taken this decision after considering the recent stock performance of Liberbank in the aftermath of Banco Popular''s rescue. Short selling is the sale of a security that is not owned by the seller, or that the seller has borrowed, and motivated by the belief that a security''s price will decline, enabling it to be bought back at a lower price to make a profit. (Reporting By Jesús Aguado, additional reporting by Gdynia newsroom; Editing by Julien Toyer, editing by Louise Heavens)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-spain-liberbank-idUKKBN1930JJ'|'2017-06-12T14:44:00.000+03:00'
'aadd93b5509854bcda4bdda4ce1816c6db2d4440'|'Embattled Noble receives interest for oil business - FT'|'  6:28am BST Embattled Noble receives interest for oil business - FT FILE PHOTO: The company logo of Noble Group is displayed at its office in Hong Kong, China January 22, 2016. REUTERS/Bobby Yip/File Photo SINGAPORE Struggling commodity trader Noble Group Ltd has been approached by potential buyers for its oil business, the Financial Times newspaper reported on Monday, citing four people familiar with the matter. Noble has been sounded out by rival trading companies about buying parts of its Americas-focused oil unit but has so far resisted entering into discussions, the FT reported. It did not name any potential buyers. ( on.ft.com/2sSDJI1 ) Noble had no immediate comment when contacted by Reuters. A sale of the entire business or part of it would help raise much needed capital at Noble, which has struggled in recent years against a downturn in commodity markets and questions about its accounts by Iceberg Research in 2015. Noble has stood by its accounts. Last month, Reuters reported that Noble was negotiating with banks to roll over a $2 billion (1.6 billion pounds) credit facility, secured on its inventories and working capital. The facility is due to be rolled over by the end of June. Hong Kong based-Noble is a major participant in the global physical oil market, trading large physical volumes including crude and refined products. It also has blending and wholesale capabilities in North America and the Caribbean, as well as storage capacity globally, according to the company''s website. Noble shares were trading 3.4 percent higher on Monday. The stock has fallen more than 80 percent so far this year. (Reporting by Aradhana Aravindan; Editing by Christian Schmollinger)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-noble-restructuring-oil-idUKKBN1930F7'|'2017-06-12T13:28:00.000+03:00'
'5bec45331cfd129edf8d2991c310b684a29b4079'|'UPDATE 1-Nordic Capital gains conditional EU approval to buy Intrum Justitia'|'(Adds Intrum Justitia CEO comment, background)By Foo Yun CheeBRUSSELS, June 12 Private equity fund Nordic Capital gained EU antitrust approval on Monday to buy Sweden''s Intrum Justitia after pledging to sell overlapping debt-collection and debt-purchase businesses in five neighbouring countries.The concession came after the European Commission voiced concerns about the strong market position of both Intrum Justitia and Nordic Capital-owned Lindorff, both of which have the scale to serve large customers in the banking, utilities and telecoms sectors.Under a deal first announced last year, Intrum Justitia will merge with Lindorff, leaving Nordic Capital as the combined group''s biggest stakeholder with control of 45 percent of the equity through its direct and indirect investments."To address the competition concerns identified by the Commission, Nordic Capital offered to divest the whole of the debt-collection and debt-purchasing businesses of Lindorff in Denmark, Estonia, Finland and Sweden, and the whole of the debt-collection and debt-purchasing business of Intrum Justitia in Norway," the EU competition watchdog said.Debt purchasing typically involves the transfer of creditors'' debt portfolios to buyers that in most cases collect the debts themselves.Intrum Justitia proposed the package of spin-offs in mid-May as it sought to salvage the deal for its Norwegian rival. It now has six months to carry out the divestments demanded by the EU."We are confident we will be able to carry this out in a good way and we already see a lot of interest," CEO Mikael Ericson told Reuters.The businesses being put up for sale have about 850 employees in total and were estimated in May to account for 30 percent of the cost benefits stemming from the original merger plan. (Additional reporting by Niklas Pollard; Editing by Philip Blenkinsop and David Goodman)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/intrum-justitia-ma-nordiccapital-eu-idINL8N1J93ZK'|'2017-06-12T13:26:00.000+03:00'
'80b11b3675914d2299e75c3e345c67c9171d210f'|'Business confidence plummets as political crisis grips Britain'|'  6:42pm BST Business confidence plummets as political crisis grips Britain FILE PHOTO: A protestor wears a Theresa May mask, London, Britain June 9, 2017. REUTERS/Marko Djurica/File Photo By James Davey and Kate Holton - LONDON LONDON Britain''s descent into political crisis just days before Brexit talks begin has sapped confidence among business leaders and infuriated bosses who were already grappling with the fallout from the vote to leave the EU. The failure by Prime Minister Theresa May to win a parliamentary majority in last week''s election has pushed the world''s fifth largest economy toward a level of political uncertainty not seen since the 1970s. May called the election to secure a mandate for her vision of a "hard Brexit" -- driving down migration by taking Britain out of the single market and the customs union. Instead, she got a hung parliament in which no single party has a majority. Business leaders demanded a re-think. "The UK has had a reputation, earned over the generations, for stability and predictability in its government," a senior executive at a multi-national company listed on the London FTSE 100 told Reuters on condition of anonymity. "That reputation in 12 months has been destroyed, truly destroyed. First by Brexit and now through this election." A survey by the Institute of Directors (IoD) found only 20 percent of its nearly 700 members were now optimistic about the British economy over the next 12 months, compared with 57 percent who were quite or very pessimistic. The IoD survey, taken after the election, found a negative swing of 34 points in confidence in the economy from its previous survey in May. "It is hard to overstate what a dramatic impact the current political uncertainty is having on business leaders, and the consequences could – if not addressed immediately – be disastrous for the UK economy," said Stephen Martin, director general of the IoD. The collapse in confidence, which follows a short-term drop after last year''s Brexit vote, coincides with a slowdown in the wider economy that has taken hold since the start of this year, as rising inflation pushes up the price of goods. Figures from credit card firm Visa showed British consumers turned more cautious even before the shock election result, with households cutting their spending for the first time in nearly four years last month. The Confederation of British Industry (CBI) warned there was now a risk businesses would cut back on investment which has largely held up since last year''s Brexit vote. And the trade group that represents manufacturers, the EEF, said its members were having to navigate the most uncertain political territory in Britain for decades. Both groups called on the government to rethink its approach to Brexit, saying the country needed tariff-free access to the single market and a steady flow of migrant workers. Some executives hoped the political paralysis would lead to a ''softer Brexit'', with access to markets prioritized over a clamp down on immigration. "Here we are again: another bolt from the blue, a political earthquake that we didn''t think used to happen in the UK," CBI Director General Carolyn Fairbairn said at a conference hosted by the Resolution Foundation. "But I do think there are opportunities in this, and it is an opportunity to refocus back on the economy to talk about jobs, growth, future prosperity." Having slid to its lowest for nearly two months against the dollar on Friday, the pound fell broadly again on Monday. LEFT IN LIMBO Business executives warned the political uncertainty could be felt across a wave of sectors. Leaders of the drugs industry warned of the hazards of government limbo at a critical time for the highly regulated sector as companies seek clarity on the rules that will govern their business after Brexit. Andy Bruce, the CEO of Lookers ( LOOK.L ), one of Britain’s biggest car dealerships, said the lack of a clear result meant the highly successful industry had now entered "uncharted waters" in terms of how many new cars it could sell. And Martin Sorrell, CEO of WPP ( WPP.L ), the world''s largest advertising agency, told Reuters he feared increased economic uncertainty, which meant "weak investment and postponement of decision making." "Now it seems that we could have no deal because of the short time fuse and lack of decisive government decision making, or a soft Brexit, the latter with more movement and membership of the single market," he said. Bankers, at the heart of London''s huge financial center, cautioned of the impact on takeover activity. "So long as uncertainty is there I don''t see that as particularly positive for M&A in the short term," Karen Cook, chairman of investment banking at Goldman Sachs said at the Reuters Global M&A summit. Gareth Vale, marketing director at recruitment group Manpower, said its clients were very apprehensive, and had not yet fully grasped the impact that Brexit would have. "I think the uncertainty around Brexit, and more recently the general election, has created a sense of almost inertia, which has prevented them from considering some of the bigger seismic shifts that are on the horizon." (Additional reporting by William Schomberg, Anjuli Davies, Ben Hirschler, David Milliken and Costas Pitas. Editing by Jeremy Gaunt)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-britain-economy-idUKKBN1931P9'|'2017-06-13T00:41:00.000+03:00'
'4abcb7be980d9d38de160243c792c14ef397ee3d'|'Cutting sales tax would have little impact on German surplus - ministry'|'Business News - Sun Jun 11, 2017 - 12:47pm BST Cutting sales tax would have little impact on German surplus: ministry Containerships at loading terminals are seen in the port of Hamburg, Germany, February 2, 2017. REUTERS/Fabian Bimmer BERLIN Cutting Germany''s value-added tax rate from 19 percent would have only a limited impact on reducing trade surpluses that have been sharply criticised by U.S. President Donald Trump, the country''s economics ministry said. The comments followed a report in the Welt am Sonntag newspaper which said the German government was examining a possible reduction in the tax, a step recommended by several economists. A ministry spokeswoman did not deny the report but cautioned that such a move would "have only very limited effect on the current account balance," and it would be more important and sensible to increase investment in Germany. The government continually reviewed economists'' recommendations and examined ways to reduce the surpluses, she added. Germany faces a national election in September, making immediate changes to taxation policy unlikely. German officials say the country''s current account surplus stems from a variety of factors, including some beyond the government''s control, such as the price of oil or the euro exchange rate, as well as high demand for German products. Chancellor Angela Merkel last month pushed back against renewed U.S. criticism of German surpluses by Trump, who told EU officials that Germany was "very bad" on trade. [nL8N1IS2SF] She said she and Trump agreed to set up a working group to exchange information on bilateral economic ties. Peter Navarro, a Trump trade adviser, has repeatedly criticised Germany and suggested it is deliberately pushing down the value of the euro, an argument the Germans reject, noting that the currency''s strength is largely determined by policies of the independent European Central Bank. (Reporting by Gernot Heller; Writing by Andrea Shalal; Editing by Keith Weir) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-germany-tax-idUKKBN1920M2'|'2017-06-11T19:41:00.000+03:00'
'4fbbce02af67ae2f1ea4a3fe8cdb3e65bbc56f4c'|'LSE bullish on outlook despite failed merger, Brexit uncertainty'|'June 12 The London Stock Exchange Group PLC said it expects to increase its gross profit margin and cut costs over the next two years, appearing to shrug off the collapse of a planned merger with Deutsche Boerse and uncertainty over Brexit.The bourse operator expects to grow earnings before interest, tax, depreciation and amortization (EBITDA) margin to about 55 percent by 2019, up from 46.5 percent last year, it said in a statement on Monday ahead of an investor presentation.The bullish outlook comes despite the collapse of a merger that would have helped it compete better with rivals such as Intercontinental Exchange Inc, and uncertainty raised by Britain leaving the European Union in 2019.The exchange said it would cut costs by 50 million pounds ($63 million) annually until 2019, while operating expenses would remain stable at around a 4 percent increase.Shares in LSE were down 0.7 percent at 3429 pence at 1228 GMT, in line with the FTSE 350 General Financial Index .($1 = 0.7891 pounds) (Reporting by Noor Zainab Hussain in Bengaluru, editing by Huw Jones)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/lse-outlook-idINL8N1J931F'|'2017-06-12T10:38:00.000+03:00'
'd682d9bd30fc380efe884504fa755c42b7daafe6'|'Uber board to discuss CEO absence, policy changes - source'|'SAN FRANCISCO Uber Technologies Inc''s [UBER.UL] board will discuss Chief Executive Travis Kalanick temporarily stepping away from the embattled ride-hailing firm and consider sweeping changes to the company''s management practices at a meeting on Sunday, according to a person familiar with the situation.The person briefed on the matter said the board will discuss Kalanick taking time off from the company. The discussion involved the possibility that Kalanick might return in a role with less authority, this person said, either in a position other than CEO or as CEO with narrower responsibilities and subject to stronger oversight.The source said it is not clear that the board will make any decision to change Kalanick’s role. The board is expected to adopt a number of internal policy and management changes recommended by outside attorneys hired to investigate sexual harassment and the firm''s broader culture. The outside lawyers made no recommendation about Kalanick.An Uber spokesman had no comment. Kalanick did not immediately respond to requests for comment late on Saturday.The meeting, which Uber has not publicized, could be a pivotal moment for the world''s most valuable venture-backed private company, which has upended the tightly regulated taxi industry in many countries but has run into legal trouble with a rough-and-tumble approach to local regulations and the way it handles employees and drivers.At the Sunday meeting, according to two people familiar with the matter, the seven voting members of Uber''s board, including Kalanick, are expected to vote on recommendations made by the law firm of former U.S. Attorney General Eric Holder, which conducted a review of the company''s policies and culture.The review was launched in February after former Uber engineer Susan Fowler published a blog post detailing what she described as sexual harassment and the lack of a suitable response by senior managers. Fowler now works for digital payments company Stripe.Uber''s board will likely tell employees and the public of its decisions by Tuesday, one of the sources said.Kalanick has developed a reputation as an abrasive leader, and his approach has rubbed off on his company. The 40-year-old executive was captured on video in February berating an Uber driver."I must fundamentally change as a leader and grow up," Kalanick said in a statement following the video''s release.Uber board member Arianna Huffington said in March that Kalanick needed to change his leadership style from that of a "scrappy entrepreneur" to be more like a "leader of a major global company." The board has been looking for a chief operating officer to help Kalanick run the company since March.The report was prepared by Holder and partner Tammy Albarrán at Covington & Burling, which did not respond to requests for comment. It comes shortly after another law firm, Perkins Coie, submitted a separate report on sexual harassment and other employee concerns at the company.On Tuesday, Uber responded to that report''s findings by saying it had fired 20 employees for a variety of reasons, and was increasing training and adopting new policies. Uber said that report considered 215 cases encompassing sexual harassment, discrimination, unprofessional behavior, bullying and other employee complaints.RECOMMENDATIONS FOR TIGHTER CONTROLSSan Francisco-based Uber is valued at nearly $70 billion but has yet to turn a profit.Some of the recommendations in Holder''s firm''s report would force greater controls on spending, human resources and other areas where executives led by Kalanick have had a surprising amount of autonomy for a company with more than 12,000 employees, one person familiar with the matter said. Uber''s more than 1.5 million drivers worldwide are classified as independent contractors rather than employees.Kalanick, along with two close allies, has voting control of the company.The board''s discussions come at a moment when Kalanick is facing a personal trauma: his mother died last month in a boating accident, in which his father was also badly injured.Employees and former employees interviewed by Holder''s team complained about sexual and racial bias, bullying and retaliation, according to people familiar with their accounts.They said that Kalanick and his lieutenants had favorites who played by different rules than other employees, and that even those favorites were nervous that they could fall from grace, which they sometimes did. Uber declined comment on that characterization.One of the issues that came to Holder’s team''s attention, according to two people familiar with the matter, was the company’s handling of a crisis in India after one of its drivers was arrested for raping a customer.Though the man was convicted in 2015, Kalanick and other executives became convinced that the crime was a set up by a local competitor, former employees said. Eric Alexander, the head of Asian business, shared medical records internally that he argued showed that the woman had been assaulted but not raped, people who spoke to him said. Alexander was fired this week; he did not return messages seeking comment. Uber confirmed Alexander had left the company but declined to discuss the matter further.(Reporting by Joseph Menn and Heather Somerville in San Francisco; Additional reporting by Aditya Kalra in New Delhi; Editing by Jonathan Weber, Bill Rigby and Mary Milliken)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-uber-board-ceo-idUSKBN19205S'|'2017-06-11T13:18:00.000+03:00'
'c4902c3b6c6ffade08ab6d29550a33dbce5b0ef1'|'Standard Life''s Skeoch open to annuity sale, not full insurance exit'|'Business News - Tue Jun 13, 2017 - 10:59am BST Standard Life''s Skeoch open to annuity sale, not full insurance exit Keith Skeoch, CEO of Standard Life PLC during a press conference. Action Images via Reuters/ Andrew Boyers/File Photo By Simon Jessop and Carolyn Cohn - LONDON LONDON Standard Life ( SL.L ) would sell its 16.1 billion pound ($20 billion) annuity portfolio but has no plans to exit the insurance business altogether after it merges with Aberdeen Asset Management ( ADN.L ), Chief Executive Keith Skeoch said. The Scottish company will seek investor approval next week for an 11 billion pound merger with Aberdeen and plans to shed its index classification as an insurer to become an asset manager. With the boss of Standard Life''s insurance business set to lose his seat on the board after the merger, analysts have questioned whether the Edinburgh-based company could sell off its near 200-year-old life insurance business completely. Skeoch, however, said the company''s asset management business relied on money held by clients in retail and workplace savings products, some of which had a life insurance element attached to them. He was, though, open to selling the annuity business, which provides an income for life to retirees. While it was delivering "reasonable" profits, it was no longer growing after the company stopped writing new business last year, and took up balance sheet resources, he said. "It is the most capital-heavy part of our business, so I would be quite happy to dispose of that book of business if I can get benefit for shareholders. "However, at this level of interest rates, the capital would tend to go with the book (and) pricing is quite tight because there are quite a lot of books for sale." Specialist annuity providers are often keen to take on back books of business as they can use economies of scale to run them more efficiently, and the policies generate cash. Dutch insurer Aegon ( AEGN.AS ) last year sold a 9 billion pound book of UK annuities to Legal and General ( LGEN.L ) and Rothesay Life. Skeoch said that under the insurance industry''s move to new European Solvency II rules on capital adequacy, Standard Life had several years to sell and did not need to do a deal quickly. "I''m price-sensitive and could be patient," he said. RBC Capital Markets analyst Gordon Aitken said in a note that a sale of the annuity business could provide shareholders with a 900 million pounds payday, with specialist firms Pension Insurance Corporation and Rothesay Life among possible buyers. While an outright sale of all its insurance assets was off the board, Skeoch said he was open to changing how the company managed the rest of its so-called ''back-book'' of business - multi-year pensions and insurance business that were often written years ago and which are closed to new customers. BACK-BOOK OF ASSETS The proposed merger between Standard Life and Aberdeen is the culmination of a years-long journey to ramp up the contribution of investment fee income to the company''s bottom line. After the deal, around two-thirds of profits will come from overseeing assets in one form or another. As well as the annuity business, Standard Life has an 88.8 billion pound back-book of other insurance assets. They comprise 34 billion pounds of UK so-called ''with profits'' - which can carry a guarantee - and unit-linked pensions, as well as 10 billion pounds of German with-profits business and 44 billion pounds of back-book business acquired through its purchase of Ignis Asset Management. Of the other books of mature business, Skeoch said some were valuable because they could continue to generate flows of money into the company''s retail asset management products. "There may well be bits of our back book where there isn''t a future retail component ... and if we can think of a better way of doing that, either through outsourcing or maybe in strategic partnership getting to do other things, then we would. "(But), it''s not as simple as some people think, that you simply flog off life and pensions; these are actually very, very attractive books of business." ($1 = 0.7903 pounds)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-standard-life-ceo-idUKKBN19414K'|'2017-06-13T17:59:00.000+03:00'
'9ed8027ca4071f264b214c21e5940d3a8cfa0938'|'U.S. plans threaten to undermine global bank reforms'|'LONDON/HONG KONG June 13 U.S. plans to delay globally-agreed reforms to make banks safer after the financial crisis will throw a system of international regulatory cooperation into confusion, European Union and Asian regulatory sources said on Tuesday.But the rollback will be welcomed by global banks as it will allow them to cut back on how much expensive capital they must hold to support their business, the sources said.Since the financial crisis, watchdogs around the world have been working via the G20 group of leading economies to increase cooperation between regulators following the collapse of Lehman Brothers in 2008.But the U.S. Treasury unveiled plans on Monday to upend the country''s financial regulatory framework in a 150-page report that suggested more than 100 changes. ( bit.ly/2sVxOlt )"Trump’s proposals are going in the wrong direction," Jakob von Weizsaecker, a German Social Democrat in the European Parliament’s economic and monetary affairs committee, told Reuters. "In Europe, we must be careful not to forget the lessons of the financial crisis. It would be a huge mistake for us to follow the U.S. lead on this.”The U.S. Treasury has called for a delay implementing a globally agreed rule on bank liquidity which requires banks to cover long term funding needs from January 2018.The U.S. Treasury also wants to delay a fundamental review of banks'' trading books, which was also agreed globally through the Basel Committee of international regulators.This trading book review represented a major overhaul of how banks set aside capital to cover risks from stocks, bonds and other instruments kept in their trading businesses.The U.S. Treasury said these two rules would have added new capital and liquidity requirements to existing rules banks have to follow.The European Union has already proposed a draft law to implement these pieces of regulation."This raises some question marks. It''s a bit worrying," an EU source said on condition of anonymity as the bloc has not reached a formal position on the U.S. Treasury''s announcement.The Basel Committee could not be reached immediately for comment.LEVEL PLAYING FIELDSAsia-based regulatory experts said the U.S. Treasury''s position would lead some watchdogs in their region to review their implementation timelines. They are already unhappy about having the West''s post-crisis reform agenda imposed on them."This is going to create level-playing field problems, and concerns for global banks when dealing with fragmented regulatory regimes in the region," Kevin Dixon, global & APAC lead, centre for regulatory strategy at Deloitte in Sydney, said.Even so, any rollback on the fundamental review of banks'' trading books by Asian regulators would generally be a boon for global banks operating in the region, Keith Pogson, senior partner, Asia Pacific financial services at EY in Hong Kong, said.The U.S. Treasury will also review a mechanism for winding down failed banks."Depending on how the review is implemented, it can create quite a lot of trouble for cooperation between supervisors," the EU source said. "We are looking at this with quite a bit of potential concern. It could jeopardise the whole international cooperation on resolution of banks."VOLKER RULEMany of the other reforms proposed by the U.S. Treasury are domestic, such as scaling back on "gold plating" of globally agreed rules.The U.S. Treasury review also suggested the country''s so-called "Volcker Rule" needed amending to avoid damaging market liquidity. The Volker Rule restricts banks'' ability to make bets in financial markets with their own money.An EU version of the Volker Rule is currently before the European Parliament.The U.S. Treasury also proposed easing capital requirements on U.S. branches of foreign banks which hold $4.5 trillion in assets.At present, the Federal Reserve requires them to ring-fence capital on U.S. soil inside an "intermediate holding company", but the U.S. Treasury wants changes to encourage foreign banks to increase investment in U.S. markets and provide credit to the economy.The EU has proposed similar requirements for foreign branches in the bloc, and the U.S. move could prompt a rethink of those plans in Europe. (Additional reporting by John O''Donnell in Frankfurt. Editing by Jane Merriman)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/usa-banks-regulation-reaction-idUSL8N1JA1P6'|'2017-06-13T17:31:00.000+03:00'
'125b96f0f4ed1c85cb687cc64e5468dc645cafc2'|'UK election makes ''helicopter money'' more likely - Deutsche Bank analysts'|'Banks - Mon Jun 12, 2017 - 11:52am BST UK election makes ''helicopter money'' more likely - Deutsche Bank analysts FILE PHOTO: A voter arrives at a polling station in London, Britain June 8, 2017. REUTERS/Stefan Wermuth LONDON "Helicopter money" - giving people more cash in the hope they will spend it - is more likely after last week''s shock election results in Britain, Deutsche Bank analysts said on Monday. Signs of strong turnout from young voters in Thursday''s snap election, which left the ruling Conservative party without a parliamentary majority, could have major repercussions for politics and markets in Britain and possibly beyond, Deutsche analysts Jim Reid and Sukanto Chanda said. They said in a note that young voters making their voices felt suggests economic policy may be more focussed on wealth redistribution. At the same time, an unwillingness to alienate older voters means politicians will struggle to tax the old while helping the young. "In short, governments can possibly be forced to spend more across the developed world until bond markets rebel at the high level of debts that this implies and then central banks would be forced to monetise this debt," Reid and Chanda said in Deutsche Bank''s daily fixed income note. "Thursday''s election makes helicopter money more likely ... This is different from QE (quantitative easing) as it''s central banks buying bonds that are attached to fresh spending rather than independent of it." Helicopter money is a form of policy easing envisaged by U.S. economist Milton Friedman, using the metaphor of a helicopter dropping money, and has gained attention in recent years as a possible tool to fight deflation. It would be funded by a permanent increase in the money supply, not a temporary boost by bond issues that eventually have to be paid back. The idea of central banks printing money for government spending in a "people''s QE" was a prominent part of the 2015 leadership election campaign for British Labour Party leader Jeremy Corbyn. (Reporting by Dhara Ranasinghe; Editing by Robin Pomeroy) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-election-helicopter-money-idUKKBN19314K'|'2017-06-12T18:52:00.000+03:00'
'0553187cbe219106dcd185be0c32e551b24c5eba'|'UK business confidence slumps after election - IoD survey'|'Business   9:13am BST UK business confidence slumps after election: IoD survey Shoppers walk in St John Street, Perth, Scotland, Britain, March 17, 2016. REUTERS/Russell Cheyne LONDON British business confidence has fallen sharply since last Thursday''s inconclusive election that left Prime Minister Theresa May weakened ahead of Brexit talks, according to a survey by the Institute of Directors published on Monday. The survey of nearly 700 members of the business group also exposed deep concern over the political uncertainty and its impact on Britain''s economy. May failed to win a parliamentary majority in the election. Her hopes of forming a government now lie with winning support from Northern Ireland''s Democratic Unionist Party, which won 10 seats in the election. [nL8N1J8039] The IoD found a negative swing of 34 points in confidence in the UK economy from its last survey in May. While 20 percent of members were optimistic about the economy over the next 12 months, some 57 percent were either quite or very pessimistic - a -37 "net confidence" score. That compares with a -3 percent score in May. "It is hard to overstate what a dramatic impact the current political uncertainty is having on business leaders, and the consequences could – if not addressed immediately – be disastrous for the UK economy," said Stephen Martin, director general of the IoD. "The needs of business and discussion of the economy were largely absent from the campaign, but this crash in confidence shows how urgently that must change in the new government." The IoD survey said its members saw no clear way to quickly resolve the political situation, feeling that a further election this year would have a negative impact on the economy. They are keen to see quick agreement with the European Union on transitional arrangements for the UK’s withdrawal from the bloc, and clarity on the status of EU workers in Britain. BUSINESS NEED Also on Monday, Carolyn Fairbairn, director general of the Confederation of British Industry, said there was now a risk that businesses would cut back on investment which has largely held up since last year''s Brexit vote. "When uncertainty reaches such a level then you get pause buttons beginning to be pressed and we don''t want to see that," she told the BBC. "So I think it''s time for a bit of a reset, a bit of a mindset change to listen really well to what businesses need." Fairbairn said she hoped to see the Brexit negotiations on "a really positive track so we can see an outcome on really good access to the single market." Earlier on Monday, figures from credit card firm Visa showed British consumers turned more cautious even before the shock election result. The data found households cut their spending for the first time in nearly four years last month.[nL9N1ID00W] (Reporting by James Davey and William Schomberg; Editing by Richard Balmforth)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-britain-economy-idUKKBN1930MS'|'2017-06-12T15:52:00.000+03:00'
'148380ab523676adbc012811162c6a557df70db8'|'Online supermarket Ocado to raise 350 million pounds to support growth'|'Business News  21am BST Online supermarket Ocado to raise 350 million pounds to support growth left right FILE PHOTO: A general view shows conveyer belts transporting crates filled with packed bags inside the Ocado Customer Fulfilment Centre in Hatfield on the outskirts of London, Britain, April 6, 2016 . REUTERS/Dylan Martinez/File Photo 1/2 left right FILE PHOTO: A general view shows conveyer belts transporting crates filled with packed bags inside the Ocado Customer Fulfilment Centre in Hatfield on the outskirts of London, Britain, April 6, 2016 . REUTERS/Dylan Martinez/File Photo 2/2 LONDON Britain''s Ocado plans to raise at least 350 million pounds ($446 million) from issuing bonds and making changes to its banking facilities, money that the online food retailer will use to expand capacity and develop software, it said on Monday. Ocado, which last week clinched a long awaited overseas deal with an as yet unnamed European retailer, also published its results for the 22 weeks to April 30, showing a strong increase in sales. Gross retail sales were up by almost a quarter to 600 million pounds, earnings before interest, tax, depreciation and amortisation (EBITDA) increased 20.5 percent to 37.6 million pounds while pretax profit rose 45.7 percent to 6.7 million pounds. However, the figures were flattered as they covered a 22-week period compared with 20 weeks in the previous year. The group said it would raise a minimum of 200 million pounds through an offering of senior secured notes. Additionally it plans to secure about 150 million pounds through the amendment and extension of its revolving credit facility. "The board believes that with its continued strong trading, increased scale and profitability, Ocado can benefit from the historically low financing costs in the public debt markets to put in place longer maturity financing on attractive terms," it said. As of April 30, external net debt was 98.7 million pounds. Shares in Ocado have had a roller coaster ride since listing at 180 pence in 2010. They were down 2.7 percent at 282.3 pence at 1005 GMT, valuing the business at 1.8 billion pounds. (Reporting by James Davey; Editing by Keith Weir)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-ocado-financing-idUKKBN193125'|'2017-06-12T18:21:00.000+03:00'
'24451bf3be160e6619c77c31abccf5786de4192b'|'Tech rout sparks search for value'|'Technology Photos   11:57pm IST Tech rout sparks search for value A view of the exterior of the Nasdaq market site in Times Square after the Nasdaq breached the 6,000 mark for the first time ever on Tuesday, in New York City, NY, U.S. April 25, 2017. REUTERS/Shannon Stapleton By Rodrigo Campos and Chuck Mikolajczak - NEW YORK NEW YORK The "sell in May" memo arrived a bit late in some investors'' inboxes this year. A technology sector rout extended to its second trading day on Monday, with the Nasdaq Composite on track for its biggest two-day loss since September. The tech selling dragged down all three major indexes, causing concerns of wider bearishness in equities. "We''re having a hard time deciding whether it''s really a tech-specific sell-off or if this is a valuation pullback, so we''re just holding pat right now," said Scott Goginsky, a co-portfolio manager of the Biondo Growth Fund. However, investors took comfort that rather than totally abandoning equities, some were rotating into value sectors of the market. Losses were contained by a continuing rebound in energy and bank stocks. "The overall equity market health is reasonably good because people are rotating - they are not frantically getting out of stocks," said Michael Purves, chief global strategist at Weeden & Co. Up nearly 14 percent since President Donald Trump''s inauguration in January, the technology sector of the S&P 500 .SPLRCT had ballooned to its most expensive since early 2008 in terms of price to earnings expectations. Tech took over the market leadership from financials and other sectors that outperformed after the Nov. 8 presidential election on hopes that Trump''s agenda of deregulation and tax cuts would benefit the sector. The five largest U.S. companies by market capitalization, Apple ( AAPL.O ), Alphabet ( GOOGL.O ), Microsoft ( MSFT.O ), Amazon ( AMZN.O ) and Facebook ( FB.O ) added more than $600 billion in market cap in 2017 before the sell-off started, making some analysts wary of sector over-extension. The Technology Select Sector SPDR exchange-traded fund ( XLK.P ) was down 1.1 percent Monday after having fallen as much as 2.2 percent - on track to post its largest two-day percentage decline in nearly a year. The decline was led by Apple, stung by a broker downgrade for a second straight week on Monday. The tech sell-off "is a reminder that markets that have full valuations are prone to quick reversals," said Dan Ivascyn, group chief investment officer at Pacific Investment Management Co, which oversees more than $1.5 trillion in assets. The recent reversal in technology has given new life to the "value trade," in which investors bet on large, undervalued companies and seek dividend payments. The iShares S&P 500 value ETF ( IVE.P ) is up more than 4 percent over the last two sessions. The fund''s top holdings include Exxon Mobil ( XOM.N ), Berkshire Hathaway ( BRKa.N ) and JPMorgan ( JPM.N ). At the same time, the technology rout has left some investors finding opportunities to add to their tech holdings at lower prices. "We''re not worried at all about tech. We just think it’s a correction and a dip," said Louis Navellier, chairman and founder of Navellier & Associates , in Reno, Nevada. "Guys like me are net buyers right now… It''ll be fine." Click bit.ly/2suxL2P for graphic on S&P 500 tech forward valuation (Additional reporting by Megan Davies, Caroline Valetkevich, Jennifer Ablan, Trevor Hunnicutt and David Randall; editing by Megan Davies and Dan Grebler)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/us-usa-tech-analysis-idINKBN19326G'|'2017-06-13T02:18:00.000+03:00'
'd0d4f6b5f1f6273f433012245acaa60943332cbd'|'Asia stocks dip, dollar buoyant as Fed comes into view'|'Mon Jun 12, 2017 - 1:26am BST Asia stocks dip, dollar buoyant as Fed comes into view FILE PHOTO: Men look at an electronic board showing stock market information at a brokerage house in Beijing, China January 5, 2016. REUTERS/Kim Kyung-Hoon/File Photo By Shinichi Saoshiro - TOKYO TOKYO Asian stocks edged lower early on Monday following a slide by U.S. technology shares and the dollar rose ahead of this week''s U.S. Federal Reserve policy meeting, with markets hoping for more guidance on the central bank''s interest rate path. The Fed holds a two-day meeting ending on Wednesday at which it is widely expected to hike interest rates. The focus is on whether the Fed thinks the U.S. economy is robust enough to withstand further rate increases through 2017. A rate hike accompanied by a message suggesting that the Fed may raise rates more than expected in 2017 would support the dollar but be negative for equity markets. "Political events like the UK election and Comey''s testimony are over and the focus this weeks shifts to monetary policy," said Junichi Ishikawa, senior forex strategist at IG Securities in Tokyo. "The equity markets and the dollar have mostly priced in the Fed signalling three rate hikes in 2017. That explains why U.S. equities have held up. But if the Fed hints at more than three hikes, that could trigger a sell-off in equities that many are bracing for." MSCI''s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS was down 0.1 percent following a mixed day Friday on Wall Street where the Nasdaq .IXIC slid 1.8 percent on tumbling technology shares but the Dow .DJI closed at yet another record high. MSCI''s Asia-Pacific index was still in reach of a two-year high scaled late last week. Japan''s Nikkei .N225 was down 0.5 percent and South Korea''s KOSPI slid 0.5 percent. Australian markets were closed for a public holiday. Equities navigated through last week''s potential landmines events relatively unscathed. Congressional testimony by former FBI Director James Comey caused few ructions, and the fallout of Britain''s surprise parliamentary election result, at which the ruling party lost the majority, was mostly contained to the pound. Sterling was down 0.05 percent at $1.2734 GBP=D4 after sliding 1.7 percent on Friday, when it plumbed a near two-month low of $1.2636. The dollar was steady at 110.320 yen JPY= . The euro was a shade higher at $1.1205 EUR= following three straight days of losses against the greenback. The dollar index against a basket of currencies was little changed at 97.255 .DXY following its rise on Friday to a 9-day high of 97.500. The U.S. currency received support as Treasury yields, which marked seven-month lows early last week at the height of investor jitters towards the UK elections and Comey''s testimony, continued their bounce ahead of the Fed''s anticipated rate hike. In commodities, crude oil prices extended gains after rising on Friday when a pipeline leak in major producer Nigeria overshadowed supply worries that have been weighing on the market. [O/R] U.S. crude CLc1 and Brent LCOc1 were both 0.35 percent higher at $45.99 and $48.32 a barrel, respectively. (Editing by Richard Pullin) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-global-markets-idUKKBN19300X'|'2017-06-12T08:26:00.000+03:00'
'1effc63adf8dd542472a47b41c038c86272cad08'|'Apple shares drop after Mizuho downgrade'|'Technology   3:15pm BST Apple shares drop after Mizuho downgrade FILE PHOTO -- The audience assembles before the start of Apple''s annual developer conference in San Jose, California, U.S. June 5, 2017. REUTERS/Stephen Lam/File Photo By Chuck Mikolajczak - NEW YORK NEW YORK Apple shares were stung by a broker downgrade for a second straight week on Monday, sending the stock lower to keep the tech sector under pressure for a second straight session. Mizuho Securities cut its rating on the iPhone maker to "neutral" from "buy," and reduced its price target to $150 from $160 per share. "The stock has meaningfully outperformed on a year-to-date basis and we believe enthusiasm around the upcoming product cycle is fully captured at current levels, with limited upside to estimates from here on out," said analyst Abhey Lamba. Last week, Pacific Crest Securities lowered its rating on the stock to "sector weight." Of the 46 analysts covering Apple, 11 now have a hold rating, according to Thomson Reuters data. There is one "strong sell" rating on the stock and the remainder are "buy" or higher. The median price target of $160 is up from $145 three months ago. Apple shares were down 3.6 percent to $143.59, the biggest drag on each of the three major Wall Street indexes. Despite the recent decline, Apple shares are still up more than 23 percent for the year. The stock has added about 185 points to the Dow''s climb this year, behind only Boeing, McDonald''s and 3M Co. Tech shares had come under heavy pressure on Friday, as the S&P technology sector dropped 2.7 percent and were down more than 2 percent on Monday, to put the sector on track for its worst two-day performance in almost a year. Apple slumped on Friday after Bloomberg News reported that iPhones launched later this year will use modem chips with slower download speeds than some rival smartphones. Reuters reported on Monday Apple and computing giant Dell Inc will join a Foxconn-led consortium bidding for Toshiba Corp''s highly prized chip unit. (Reporting by Chuck Mikolajczak; Editing by Bernard Orr and Nick Zieminski)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-apple-stocks-idUKKBN1931HF'|'2017-06-12T22:15:00.000+03:00'
'a48be5fe651ad4dc623272e7f4567b14f3767924'|'Mitie swings to loss after restating accounts'|'Business   7:59am BST Mitie swings to loss after restating accounts British outsourcing company Mitie swung to a full-year operating loss on Monday after it restated its accounts following a review prompted by a string of profit warnings last year. The provider of pest control, property cleaning, security and ancillary healthcare undertook a review of its accounts and strategy after issuing three profit warnings in a year, blaming uncertainty surrounding Brexit and rising costs. nL5N1F81AV] Mitie reported an adjusted operating loss of 42.9 million pounds for the year ended March 31, down from a restated year-ago profit of 107.6 million pounds. Adjusted operating profit fell 13.9 percent to 82 million pounds. The company restated year-ago results and booked a writedown in May, after its accounts review found the way it booked work-in-progress on long-term contracts and costs relating to contracts was less conservative than rivals. The company said it would not pay a final dividend. Its full-year dividend for this year was 4 pence compared with 12.1 pence a year ago. Mitie said on Monday announced a 45 million pound cost efficiency programme and a partnership with Microsoft to invest in technology to meet changing customer needs. Chief Executive Phil Bentley, who took over as CEO in December after Ruby McGregor-Smith''s departure, said it had been a "challenging" year for Mitie, but he expressed confidence for the year ahead citing a strong order book and a growing pipeline of contracts. The company said it expected a return to modest growth in underlying profit this year. "With our new investment strategy, we believe that there is a significant opportunity to transform Mitie into a more focused, higher growth/higher margin business," Mitie said. (Reporting by Esha Vaish in Bengaluru, editing by Louise Heavens)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-mitie-group-results-idUKKBN1930KQ'|'2017-06-12T14:59:00.000+03:00'
'f26d5224dcf9797501b62e332398590a3e118723'|'Try Getting Your Kid Into a Beijing Public School'|'On an afternoon in late May, two Beijing parents, each with a 6-year-old son, are plotting out strategies at an upscale teahouse in the Chinese capital. Ding Zhe, 37, works as a manager at a state-owned machine tool and pharmaceutical conglomerate; Tina Qi, 41, is an auditor at Deloitte. The two are trading tips on a stressful rite for China’s new elite: getting one’s kids into one of the country’s ultracompetitive public primary schools.Ding and Qi each assembled documents for the initial online application, including copies of their sons’ birth certificates (a child must be at least 6 on Sept. 1 to enter first grade), the family household residency permit, and crucially, a certificate of title showing they own an apartment in their desired school districts. They’re closely monitoring popular educational websites such as Beijing Children Rise to Primary for news of any last-minute changes in enrollment policy. And they have exchanged WeChat articles with advice on how to prepare for the dreaded family interview—which is an often unannounced home visit by teachers or education officials. That, and a separate on-campus interview for wannabe students, will occur just before decisions are made in late June.“The competition is intense,” says Ding, who moved to Beijing from southwestern China in 2000 for university and stayed for work. “Our resources are limited, and the population is too large,” frets Qi, who got her master’s at the University of Southampton in the U.K. before returning to Beijing, her hometown.In many ways their experience mirrors those of parents in New York, Washington, and London. But it’s a uniquely Chinese ordeal because of the scale: A hundred million or so children are enrolled in elementary school, with 17 million entering each year. (Primary education runs for six years, followed by three years each of middle and high school.) China has 190,000 elementary schools, but the majority just won’t do for urbanites ambitious for their kids’ future.Strivers such as Ding and Qi are focused on a small number that have achieved almost talismanic status and are often discussed in respectful tones. Of Beijing’s 984 elementary schools, only a couple of dozen fall into this category, including Zhong Guan Cun No. 3 Elementary School and Experimental Primary School of Beijing Normal University. Most were once zhongdian xuexiao , or key institutes—a designation that dates to the Mao era and refers to institutions tasked with educating the children of the Communist Party elite. These schools have traditionally drawn the lion’s share of financial resources as well as the best teachers.They’re the equivalent of “feeder” schools in the U.S.; administrators and parents keep close track of how many of their graduates eventually make it into top academies such as Tsinghua and Peking universities. In Beijing almost all the most sought-after schools are located in just three of the city’s 16 districts—Haidian, Xicheng, and Dongcheng—home to government ministries, universities, and research institutes. “The biggest challenge for education in our country is glaring inequality,” says Xiong Bingqi, vice president for the 21st Century Education Research Institute. “There are regional differences in quality, but this problem also exists within each city, and parents know which are good schools and which are not.”Educational authorities several years ago ordered public schools to stop using academic proficiency tests in the admissions process. Meanwhile, President Xi Jinping’s antigraft campaign has diminished the appeal of backdoor channels, including bribery. That leaves only one main criterion for admission: location.In Beijing, where parents must own property near competitive schools if they wish their children to attend (renting isn’t enough), demand for what are known as xuequfang , or “school district houses”—often small, overpriced, and sometimes rundown apartments in desirable districts—has surged. When her son was a toddler, Maggie Huang set her sights on the Fangcaodi Primary school in Chaoyang, a district that’s home to embassies and foreign company offices. So five years ago she and her physician husband sold their 100-square-meter apartment in another district and bought one about half as large and more expensive situated just across the street from Fangcaodi. “We sacrificed a lot to get a xuequfang,” says Huang. “We had to sell our bigger place and crowd into this small one.”Some wealthy families are buying apartments next to desirable schools but not living in them. One couple spent 5.3 million yuan ($779,000) on a tiny 11-square-meter room near Beijing No. 2 Experimental Primary, considered one of the city’s best schools, making it “the most expensive school district house ever sold in China,” Xinhua News Agency reported in March of last year.To clamp down on this practice, Beijing’s education officials instituted the home visit. “While some schools will call parents to inform them in advance, most instead suddenly attack, with no advance warning,” cautioned an online article published on March 14. “They will ask your child, ‘Do you really live here?’ They know children can’t tell lies,” says Ding with a laugh.Rejection can be painfully impersonal. Mikko Lan, a vice president at Ogilvy Public Relations in Beijing, says that while his son was admitted in 2012 to the prestigious Hongmiao Primary, his daughter was turned down when she applied two years ago. “There is no discussion with parents, no email, no notification of any kind,” he says. “You just get online and find out.”Authorities are trying to manage the cutthroat competition (as well as curb soaring property prices) through trial policies. At some select schools, new rules specify that an address may be listed on an application only once every six years; moreover, the family must have owned the property for at least three years. Other ideas being considered: merging good and bad schools and having parents apply to only a group of several schools rather than specify a top choice.The most important business stories of the day. Get Bloomberg&apos;s daily newsletter. Sign Up The Deloitte auditor, Qi, doesn’t expect the recent changes to affect her son’s prospects of getting into Shijia Hutong, a top school, but a colleague with a 3-year-old child, who, like her, bought a xuequfang, may not be as fortunate. People who’ve put their life savings into high-priced apartments could see their value suddenly depreciate if education commission officials sever their connection to a particular school. “We live in a world of never-ending policy change,” says Qi. “What direction they will take after a number of years is impossible to know.”The bottom line: The competition to get into the right public schools is more intense in Beijing than in New York or London.'|'bloomberg.com'|'https://www.bloomberg.com/businessweek'|'http://www.bloomberg.com/news/articles/2017-06-07/try-getting-your-kid-into-a-beijing-public-school'|'2017-06-08T05:00:00.000+03:00'
'cb96eb52b633a02d4bd3dea96ac9a678463f14b9'|'German ministry says disagrees with regional bans on diesel cars'|'Business News - Wed Jun 14, 2017 - 1:40pm BST German ministry says disagrees with regional bans on diesel cars BERLIN Germany''s federal government is against individual states and cities banning cars with diesel engines to reduce pollution, a transport ministry spokesman said on Wednesday following reports that local authorities in Munich are considering such a step. "Driving bans are the wrong political approach," a transport ministry spokesman said during a regular news conference. Munich''s mayor told a newspaper on Wednesday that the city, home to German carmaker BMW ( BMWG.DE ), is considering banning diesel vehicles because of "shocking" nitrogen oxides emissions in the Bavarian capital. (Reporting by Michelle Martin; Writing by Michael Nienaber; Editing by Louise Ireland)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-germany-autos-diesel-ministry-idUKKBN1951PX'|'2017-06-14T20:40:00.000+03:00'
'0c10f55a50bac687d00692af63d1e457ac7aff37'|'MOVES-Bank of America prime brokerage executive jumps to RBC'|'By Lawrence Delevingne - NEW YORK, June 14 NEW YORK, June 14 Jonathan Yalmokas has resigned as Bank of America Corp''s head of prime brokerage in the Americas to lead an equity financing business at Royal Bank of Canada, a person familiar with the move said on Wednesday.Yalmokas will start at RBC''s New York office in September in a bid to expand its financing business for investment managers, according to the person, who was not authorized to discuss the information publicly.Yalmokas had joined Bank of America Merrill Lynch in 2011 from UBS Group AG, where he also worked in a role providing investment services to hedge funds. He resigned from the bank last week, the person said.Reuters could not immediately learn who is replacing Yalmokas at Bank of America. Representatives for the two banks did not respond to requests for comment in time for publication. (Reporting by Lawrence Delevingne; Editing by Lauren Tara LaCapra and Diane Craft)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/usa-hedgefunds-yalmokas-idINL1N1JB1FK'|'2017-06-14T15:50:00.000+03:00'
'bc6bc6e35c48caf0b7e415952bc05f50fd580bc7'|'U.S. weighs restricting Chinese investment in artificial intelligence'|'Business   6:08am BST U.S. weighs restricting Chinese investment in artificial intelligence left right An MQ-9 Reaper remotely piloted drone aircraft performs aerial maneuvers over Creech Air Force Base, Nevada, U.S., June 25, 2015. U.S. Air Force/Senior Airman Cory D. Payne/Handout via REUTERS 1/2 left right FILE PHOTO: U.S. Defense Secretary James Mattis testifies before the Senate Armed Services Committee on Capitol Hill in Washington, D.C., U.S., June 13, 2017. REUTERS/Aaron P. Bernstein/File Photo 2/2 By Phil Stewart - WASHINGTON WASHINGTON The United States appears poised to heighten scrutiny of Chinese investment in Silicon Valley to better shield sensitive technologies seen as vital to U.S. national security, current and former U.S. officials tell Reuters. Of particular concern is China''s interest in fields such as artificial intelligence and machine learning, which have increasingly attracted Chinese capital in recent years. The worry is that cutting-edge technologies developed in the United States could be used by China to bolster its military capabilities and perhaps even push it ahead in strategic industries. The U.S. government is now looking to strengthen the role of the Committee on Foreign Investment in the United States (CFIUS), the inter-agency committee that reviews foreign acquisitions of U.S. companies on national security grounds. An unreleased Pentagon report, viewed by Reuters, warns that China is skirting U.S. oversight and gaining access to sensitive technology through transactions that currently don''t trigger CFIUS review. Such deals would include joint ventures, minority stakes and early-stage investments in start-ups. "We''re examining CFIUS to look at the long-term health and security of the U.S. economy, given China''s predatory practices" in technology, said a Trump administration official, who was not authorized to speak publicly. Defense Secretary Jim Mattis weighed into the debate on Tuesday, calling CFIUS "outdated" and telling a Senate hearing: "It needs to be updated to deal with today''s situation." CFIUS is headed by the Treasury Department and includes nine permanent members including representatives from the departments of Defense, Justice, Homeland Security, Commerce, State and Energy. The CFIUS panel is so secretive it normally does not comment after it makes a decision on a deal. Under former President Barack Obama, CFIUS stopped a series of attempted Chinese acquisitions of high-end chip makers. Senator John Cornyn, the No. 2 Republican in the Senate, is now drafting legislation that would give CFIUS far more power to block some technology investments, a Cornyn aide said. "Artificial intelligence is one of many leading-edge technologies that China seeks and that has potential military applications," said the Cornyn aide, who declined to be identified. "These technologies are so new that our export control system has not yet figured out how to cover them, which is part of the reason they are slipping through the gaps in the existing safeguards," the aide said. The legislation would require CFIUS to heighten scrutiny of buyers hailing from nations identified as potential threats to national security. CFIUS would maintain the list, the aide said, without specifying who would create it. Cornyn''s legislation would not single out specific technologies that would be subject to CFIUS scrutiny. But it would provide a mechanism for the Pentagon to lead that identification effort, with input from the U.S. technology sector, the Commerce Department, and the Energy Department, the aide said. James Lewis, an expert on military technology at the Center for Security and International Studies, said the U.S. government is playing catch-up. "The Chinese have found a way around our protections, our safeguards, on technology transfer in foreign investment. And they''re using it to pull ahead of us, both economically and militarily," Lewis said. "I think that''s a big deal." But some industry experts warn that stronger U.S. regulations may not succeed in halting technology transfer and might trigger retaliation by China, with economic repercussions for the United States. China made the United States the top destination for its foreign direct investment in 2016, with $45.6 billion in completed acquisitions and greenfield investments, according to the Rhodium Group, a research firm. Investment from January to May 2017 totalled $22 billion, which represented a 100 percent increase against the same period last year, it said. "There will be a significant pushback from the technology industry" if legislation is overly aggressive, Rhodium Group economist Thilo Hanemann said. AI''S ROLE IN DRONE WARFARE Concerns about Chinese inroads into advanced technology come as the U.S. military looks to incorporate elements of artificial intelligence and machine learning into its drone programme. Project Maven, as the effort is known, aims to provide some relief to military analysts who are part of the war against Islamic State. These analysts currently spend long hours staring at big screens reviewing video feeds from drones as part of the hunt for insurgents in places like Iraq and Afghanistan. The Pentagon is trying to develop algorithms that would sort through the material and alert analysts to important finds, according to Air Force Lieutenant General John N.T. "Jack" Shanahan, director for defence intelligence for warfighting support. "A lot of times these things are flying around(and)... there''s nothing in the scene that''s of interest," he told Reuters. Shanahan said his team is currently trying to teach the system to recognise objects such as trucks and buildings, identify people and, eventually, detect changes in patterns of daily life that could signal significant developments. "We''ll start small, show some wins," he said. A Pentagon official said the U.S. government is requesting to spend around $30 million on the effort in 2018. Similar image recognition technology is being developed commercially by firms in Silicon Valley, which could be adapted by adversaries for military reasons. Shanahan said he'' not surprised that Chinese firms are making investments there. "They know what they''re targeting," he said. Research firm CB Insights says it has tracked 29 investors from mainland China investing in U.S. artificial intelligence companies since the start of 2012. The risks extend beyond technology transfer. "When the Chinese make an investment in an early stage company developing advanced technology, there is an opportunity cost to the U.S. since that company is potentially off-limits for purposes of working with (the Department of Defense)," the report said. CHINESE INVESTMENT China has made no secret of its ambition to become a major player in artificial intelligence, including through foreign acquisitions. Chinese search engine giant Baidu Inc ( BIDU.O ) launched an AI lab in March with China''s state planner, the National Development and Reform Commission. In just one recent example, Baidu Inc agreed in April to acquire U.S. computer vision firm xPerception, which makes vision perception software and hardware with applications in robotics and virtual reality. "China is investing massively in this space," said Peter Singer, an expert on robotic warfare at the New America Foundation. The draft Pentagon report cautioned that one of the factors hindering U.S. government regulation is that many Chinese investments fall short of outright acquisitions that can trigger a CFIUS review. Export controls were not designed to govern early-stage technology. It recommended that the Pentagon develop a critical technologies list and restrict Chinese investments on that list. It also proposed enhancing counterintelligence efforts. The report also signalled the need for measures that fall beyond the scope of the U.S. military. Those include altering immigration policy to allow Chinese graduate students the ability to stay in the United States after completing their studies, instead of taking their know-how back to China. Venky Ganesan, managing director at Menlo Futures, concurs about the need to keep the best and brightest in the United States. "The single biggest thing we can do is staple a green card to their diploma so that they stay here and build the technologies here – not go back to their countries and compete against us," Ganesan said. (Editing by Marla Dickerson)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-usa-china-artificialintelligence-idUKKBN1950EB'|'2017-06-14T13:08:00.000+03:00'
'2da7c0da58dd28e9b943d3dc1bdc432780b1dbb1'|'Russia''s Sovcomflot placement pushed back due to mkt conditions - source'|'Market News   11:19am EDT Russia''s Sovcomflot placement pushed back due to mkt conditions - source MOSCOW, June 15 A placement of shares in Russian state shipping company Sovcomflot had been planned for this week but was put on hold due to market conditions, a source familiar with the situation told Reuters on Thursday. The source did not say when the placement of a 25 percent stake in Sovcomflot, planned under a state privatisation programme, would now happen. Sovcomflot declined to comment. Two financial market sources told Reuters late in May that the deal was expected in early June. It was later postponed with no explanation. The Russian stock index slipped below the important psychological mark of 1,000 points for the first time since late November 2016 on Thursday on concerns about new United States sanctions against Moscow, making plans for equity raising by Russia cloudy. (Reporting by Moscow Newsroom; Editing by Christian Lowe)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/russia-sovcomflot-market-idUSR4N1G704X'|'2017-06-15T23:19:00.000+03:00'
'ed4a6ade40c5a52f7655d071b8736f335df6e9d2'|'German investor morale unexpectedly falls in June'|'Business News - Tue Jun 13, 2017 - 10:30am BST German investor morale unexpectedly falls in June FILE PHOTO: The famous skyline with its banking district is pictured in early evening next to the Main River in Frankfurt, Germany, January 19, 2016. REUTERS/Kai Pfaffenbach/File Photo BERLIN The mood among German investors worsened slightly in June, a survey showed on Tuesday, but their assessment of the German economy''s current condition improved mainly due to healthier growth in the European Union. The Mannheim-based ZEW research institute said its monthly survey showed its economic sentiment index fell to 18.6 from 20.6 in May. The Reuters consensus forecast was for a rise to 21.5. A separate gauge measuring investors'' assessment of the economy''s current conditions rose to 88.0 from 83.9 last month. This compared with the Reuters consensus forecast which predicted a reading of 85.0. (Reporting by Joseph Nasr; Editing by Madeline Chambers)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-germany-economy-zew-idUKKBN19412P'|'2017-06-13T17:29:00.000+03:00'
'989a22eee34dbc4f4e89af853ffd454cfed117c4'|'German government decision on Air Berlin support to take weeks, months - EconMin'|'Business News - Mon Jun 12, 2017 - 11:07am BST German government decision on Air Berlin support to take weeks, months - EconMin German carrier Air Berlin''s aircraft is pictured at Tegel airport in Berlin, Germany, September 29, 2016. REUTERS/Axel Schmidt/File Photo BERLIN The German Economy Ministry on Monday said it would take time for the federal government and two state governments to evaluate Air Berlin''s ( AB1.DE ) request for state loan guarantees. "The process is underway. Now the formal paperwork must be submitted," spokeswoman Beate Baron told a regular government news conference. "The review will take several weeks and months. It depends on how quickly the documents are submitted, and how comprehensive they are." The German federal government stepped in on Friday, a day after Air Berlin said it had asked the states of Berlin and North-Rhine Westphalia (NRW) to consider loan guarantees. It said any support would be contingent on a sustainable business model for the struggling airline. (Reporting by Andrea Shalal; Editing by Michael Nienaber)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-air-berlin-guarantees-government-idUKKBN193110'|'2017-06-12T18:07:00.000+03:00'
'21d2658c1e3cade868885a11135ef072c1a249b9'|'Halyard Health explores sale of hospital product unit: sources'|'By Carl O''Donnell and Greg Roumeliotis U.S. medical products supplier Halyard Health Inc ( HYH.N ) is exploring a sale of its surgical and infection prevention business that could fetch more than $600 million, people familiar with the matter said on Monday.The divestment would allow Halyard to shift its focus away from commoditized hospital products, such as sterilization wrap, surgical drapes and gowns, and concentrate on its medical devices business, focused largely on post-operative pain management.Halyard has retained investment bank Deutsche Bank AG ( DBKGn.DE ) to run a sale process for the surgical and infection prevention business, the people said. There is no guarantee that the process will result in any deal, the sources said.The sources asked not to be identified because the deliberations are confidential. Halyard Health and Deutsche Bank did not immediately respond to requests to comment.Headquartered in Alpharetta, Georgia, Halyard has a market capitalization of $1.7 billion. The company operates 11 manufacturing facilities across several countries and employs about 12,700 people.The surgical and infection prevention unit for sale is Halyard''s largest business by revenue, notching about $1 billion in sales last year, but it has also been a drag on the company''s growth, seeing sales shrink year over year.In its most recent quarter, Halyard reported that sales in its surgical and infectious diseases business declined by 3 percent because of falling prices. Meanwhile, its medical devices business gained 15 percent during the same period.In 2016, Halyard acquired Corpak MedSystems for $174 from buyout firm Linden Capital Partners. The move built on Halyard''s existing presence in feeding tubes."We continue to invest in fueling our growth pipeline to shift our portfolio to higher margin faster growing medical devices," Chief Executive Officer Robert Abernathy said during Halyard''s quarterly earnings call last month.Halyard became an independent company in 2014 when it was spun off from parent company Kimberly Clark Corp ( KMB.N ), which sells brand-name hygienic products, such as Kleenex tissues and Huggies diapers.(Reporting by Carl O''Donnell and Greg Roumeliotis in New York)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-halyard-health-infection-idINKBN19324U'|'2017-06-12T15:57:00.000+03:00'
'8c7ad7c4d3e4427ec45750a1d7bddb07f5fa9906'|'Special Report - Wall Street''s self-regulator allows safe havens for tainted brokers'|'By Benjamin Lesser and Elizabeth Dilts - NEW YORK NEW YORK In three years of managing investments for North Dakota farmer Richard Haus, Long Island stock broker Mike McMahon and his colleagues charged their client $267,567 in fees and interest - while losing him $261,441 on the trades, Haus said.McMahon and others at National Securities Corporation, for instance, bought or sold between 200 and 900 shares of Apple stock for Haus nine times in about a year - racking up $27,000 in fees, according to a 2015 complaint Haus filed with the Financial Industry Regulatory Authority (FINRA).Haus alerted the regulator to what he called improper “churning” of his account to harvest excessive fees. But the allegation could hardly have come as a surprise to FINRA, the industry’s self-regulating body, which is charged by Congress with protecting investors from unscrupulous brokers.FINRA has fined National at least 25 times since 2000. As of earlier this year, 35 percent of National’s 714 brokers had a history of regulatory run-ins, legal disputes or personal financial difficulties that FINRA requires brokers to disclose to investors, according to a Reuters analysis of FINRA data.McMahon did not respond to requests for comment. National declined to comment.National is among 48 firms where at least 30 percent of brokers have such FINRA flags on their records, according to the Reuters analysis, which examined only the 12 most serious incidents among the 23 that FINRA requires brokers to disclose. That compares to 9 percent of brokers industry-wide who have at least one of those 12 FINRA flags on their record.In total, the 48 firms oversee about 4,600 brokers and billions of dollars in investor funds. For a graphic with the complete list of firms and statistics on each, see: tmsnrt.rs/2rtbhOlFINRA officials acknowledged in interviews with Reuters that the longstanding hiring practices at certain firms are a threat to investors. But they also argued that they can do little to stop firms from hiring high concentrations of potentially problematic brokers because doing so is not illegal.That leaves investors like Haus vulnerable to a small group of brokerages that regularly hire advisors with blemishes on their backgrounds that would make them unemployable at most firms, former regulators and industry experts said.The dozen FINRA flags examined by Reuters include regulatory sanctions for misconduct, employment terminations after allegations of misconduct and payments by firms to settle customer complaints. They also include brokers’ personal financial troubles, such as bankruptcies or liens for nonpayment of debts. [L1N1J9032] (For full coverage, including an explanation of Reuters methodology, see: here )Last year, a FINRA official told Reuters, the regulator identified 90 firms as posing the highest risk to investors and flagged them internally for higher scrutiny. But FINRA declined to name the firms publicly or to release statistics showing the concentration of brokers with a history of FINRA flags within each firm.In an interview with Reuters, FINRA’s executive vice president of regulatory operations, Susan Axelrod, declined to comment on any specific firm identified by Reuters. She would not directly address why the regulator will not publicly name the firms it identified as high-risk.“Let’s just say those are not new names to us,” she said of the firms identified by Reuters.FINRA Chief Executive Robert Cook, however, addressed its unwillingness to name names in a speech on Monday morning in Washington at Georgetown University, according to prepared remarks released by FINRA.“We must consider fairness and due process,” Cook said. “FINRA does not possess a crystal ball - someone who we may identify as a high-risk broker for oversight purposes is not necessarily a bad actor.”The regulator has created a dedicated unit focused on those high-risk firms, Axelrod told Reuters, but she declined to discuss its budget, staffing or specific duties. Cook on Monday said the unit included an unstated number of “examiners and managers” with experience dealing with high-risk brokers.FINRA makes data on individual brokers’ backgrounds available through its Brokercheck website, which Axelrod said provides “unparalleled transparency” to investors. That site allows the public to search histories of complaints and sanctions against individual brokers – but only one at a time.The regulator will not release the data in bulk form, such as a database, that would enable researchers to identify firms with high concentrations of brokers with a history of FINRA flags.Reuters analysed the FINRA data after receiving it from researchers at Columbia University Law School DataLab, who wrote computer code to extract it from the regulator’s website.Reuters sought comment from officials at all 48 firms. Some responded that many of the FINRA-mandated disclosures do not necessarily equate to misconduct by brokers, such as when a firm pays a client to settle a complaint without admitting wrongdoing.Cook, the FINRA chief, echoed that point in his speech Monday.“A broker who has an unpaid lien because of a debt accrued due to a medical issue in her family must disclose that lien,” he said. “That event should not be treated the same as fraud or stealing money from customers.”At least one executive from a firm identified in the Reuters analysis serves on FINRA’s 24-member Board of Governors - Brian Kovack, president of Fort Lauderdale-based Kovack Securities Inc.Thirty-four percent of the firm’s 388 brokers have a history of FINRA flags, according to the Reuters analysis.In a statement, Brian Kovack attributed those figures to the firm’s decision to take on a large number of new brokers from another brokerage in 2014, which prevented the firm from using its usual vetting process for new employees.Asked why, three years later, the firm still has a high concentration of brokers with FINRA flags, Kovack said it took “considerable” time to ensure the review of new brokers’ backgrounds was “fair and transparent.”After the review, the firm asked some advisors to leave, Kovack said, without specifying how many or the reasons they were dismissed.SELF-REGULATIONFINRA is not a government agency, but rather an industry-financed “self-regulatory organization” - as FINRA puts it - that is not subject to public records laws and receives no taxpayer support.Its annual operating budget of about $1 billion - supporting about 3,500 staffers in 16 offices - comes primarily from dues paid by member firms and individual brokers. FINRA has the power to fine, suspend and ban firms and brokers, and it can refer potentially criminal cases to the Securities and Exchange Commission (SEC).Last year, in an unlikely collaboration, Senators Elizabeth Warren, a Democrat from Massachusetts, and Tom Cotton, a Republican from Arkansas, sent FINRA a letter demanding the regulator do more to stop broker misconduct and to prevent those with troubled histories from concentrating in the same firms.“FINRA is not doing nearly enough to fulfil its investor protection mission,” the letter read.The regulator responded with a letter on June 15 of last year saying that it closely oversees firms “to determine whether they present a heightened risk to investors.”From 2013 to mid-2016, the regulator told the senators, it identified 279 “high-risk” brokers. After identifying them, the regulator permanently banned 238 brokers from the industry for subsequent violations.FINRA oversees about 3,800 brokerages and 630,000 brokers.In interviews with Reuters, Axelrod pointed to firms that FINRA expelled. The regulator shut down about 130 firms in the six years ending in January 2017, with many cited for securities fraud, misuse of funds or falsifying records.But the Reuters analysis of FINRA data found that the regulator did not expel the firm’s chief executive in 58 percent of those cases, leaving him or her free to join other brokerages. The brokers at those banned firms typically were also able to continue working in the industry.Axelrod said that FINRA gives extra scrutiny to former executives of expelled firms after they show up with new jobs at other firms.‘OVERWHELMING’ EVIDENCERegulators in at least one state think more can be done to crack down on brokers and brokerages with track records of violations.Massachusetts securities regulators are considering changing their licensing practices after completing a review last year of brokerages with a high proportion of brokers with troubled histories.“The evidence is pretty overwhelming that there is a practice here - a history here - of people moving from one firm to another and re-offending,” Massachusetts Secretary of the Commonwealth William Galvin told Reuters. “We can’t simply stand by and say, ‘The companies will do a better job.’ They won’t do a better job unless they feel some incentive.”Some former regulators contacted by Reuters agreed with FINRA’s policy of withholding its internal risk ratings of firms from the public.Susan Merrill - former head of enforcement at FINRA and now a partner with the law firm Sidley Austin LLP - said that releasing such ratings would be unfair to firms who have not necessarily broken laws or regulations.“If there is a finding by the regulator,” Merrill said, “then that’s fair game.”FINRA’s former CEO, Richard Ketchum, told Reuters last June that the regulator was considering publicly disclosing more information about firms with high concentrations of problematic brokers.“We are looking hard at questions about how we can appropriately and fairly provide that broader disclosure ... when firms have concentrations of persons that have similar problems,” Ketchum said in an interview.Cook said Monday that FINRA was considering additional measures to rein in high-risk brokers, but he didn’t go into specifics.WOLVES OF WALL STREETMany of the 48 firms identified by Reuters regularly cold-call customers on the phone with high-pressure sales pitches, according to regulatory complaints and sanctions against the firms and their brokers.Long Island, New York, has historically been a haven for boiler-room brokerages, which inspired the movie, “The Wolf of Wall Street,” based on the true story of broker Jordan Belfort and his firm, Stratton Oakmont. Belfort pleaded guilty to securities fraud and money laundering in 1999.FINRA warned in a news release last year that boiler-room tactics were on the rise, particularly those targeting the elderly and other vulnerable investors.Brokers generally know which firms will hire them despite past sanctions, said Dean Jeske, a lawyer at Foley & Lardner and FINRA’s former deputy regional chief counsel for enforcement in the Midwest.“When you get a mark on your (record), it’s hard to get a job at Morgan Stanley or Merrill Lynch,” Jeske said.Mike McMahon has had little trouble landing jobs at brokerages despite a trail of allegations and settlements.McMahon left National in 2014 and later joined a smaller firm, Long Island-based Worden Capital Management - where 43 percent of 79 brokers had a history of FINRA flags as of earlier this year.Forty-one percent of the firm’s brokers had at some point in their careers worked at firms that were later expelled by FINRA, according to the Reuters analysis.Jamie Worden, head of Worden Capital, said in a statement that his firm’s compliance team vets all prospective brokers and that FINRA-mandated disclosures do not necessarily indicate wrongdoing.“The public disclosures only represent a sliver of the information surrounding any circumstance,” Worden said.McMahon, National and another firm where he worked have agreed to pay a total of $1.35 million since 2007 to settle 10 separate client complaints involving McMahon, according to McMahon’s record on FINRA’s BrokerCheck website.In addition, McMahon currently faces four additional complaints to FINRA - which have yet to be resolved in a settlement or arbitration ruling - from clients he advised while working with National, the regulator’s records show.McMahon denied any wrongdoing in several of the settled complaints.Haus - the customer who lost more than half a million dollars with McMahon and others at National - told Reuters that the ordeal made him contemplate suicide.“I was ashamed,” said the soybean farmer and U.S. military veteran. “I didn’t want to tell anyone I’m losing my life savings.”Haus settled his complaint against National in November for an undisclosed amount of money. The settlement required him to sign a nondisclosure agreement, and he has since not responded to Reuters’ inquiries.HIRING OPPORTUNITYIn many cases, the firms identified by Reuters continue to operate after years of repeated run-ins with FINRA and other regulators.Take Los Angeles-based WestPark Capital Inc, where about half of the firm’s 95 brokers have FINRA flags on their records. More than 47 percent of WestPark brokers once worked at firms that were later expelled by FINRA.Regulators including FINRA and the New Jersey Bureau of Securities have sanctioned WestPark six times in the past 11 years for a variety of alleged violations.In 2004, FINRA suspended WestPark’s chief executive, Richard Rappaport, for 30 days from his management role and fined him and the firm $50,000 in response to allegations that WestPark omitted critical information from investment research reports and lacked supervisory controls.Without admitting wrongdoing, Rappaport agreed to the punishment in a settlement with FINRA. But he then ignored the suspension and continued to actively manage WestPark, according to FINRA disciplinary records reviewed by Reuters.His punishment for ignoring the 30-day suspension? Another 30-day suspension from FINRA and a $10,000 fine.In 2016, West Park saw a hiring opportunity. The firm started taking on dozens of brokers from Newport Coast Securities - a firm that FINRA banned from the industry that year for excessive trading in client accounts to rack up fees and for recommending unsuitable investments. Newport appealed the expulsion.By early 2017, WestPark had hired about 40 brokers from Newport Coast - including its former CEO, Richard Onesto.WestPark and Rappaport declined to comment. Onesto did not respond to requests for comment.PUMP AND DUMPAnother firm Reuters identified in its analysis - Windsor Street Capital - has been fined 12 times by FINRA since 2000 but may now face much stiffer penalties from the SEC.Fifty-eight percent of the firm’s 48 brokers had FINRA flags on their records, according to the Reuters analysis. Over the years, FINRA fines have cost the firm about $300,000, and Windsor has appealed two other fines totalling more than $1 million.In January, the SEC brought administrative actions against Windsor Street Capital and its former anti-money laundering officer, John Telfer, for allegedly facilitating a $25 million pump-and-dump scheme - in which investors promote or “pump” the value of a dubious stock they own just before selling, or “dumping” it.Windsor declined to comment to Reuters but denied any misconduct in an SEC filing.The SEC alleges that Windsor allowed clients to sell hundreds of millions of unregistered penny stocks through Windsor brokerage accounts and did not report the suspicious transactions to the U.S. Treasury Department.The Windsor clients bought stock in dormant shell companies, spread false information to promote the companies’ products and then dumped the shares as other investors bought in at inflated prices, the SEC alleges in a case that is still pending.Windsor made about $500,000 in commissions and fees from transactions related to the scheme, according to the SEC.When asked if FINRA investigators contributed to the SEC’s investigation, an SEC official declined to comment and pointed to the agency’s press release, which only credits SEC investigators.FINRA did not respond to requests for comment on whether it had a role in the Windsor investigation.‘HAPPY NEW YEAR!’At Long Island-based Joseph Stone Capital, 71 percent of the firms’ 59 brokers had FINRA flags on their records, according to the Reuters analysis.Joseph Stone was investigated by the state of Montana after one of its sales representatives, Lawrence Sullivan, cold-called the office of Montana’s Commissioner of Securities and Insurance to pitch an investment on January 15, 2016, according to a report on the incident by the regulator.The securities commission launched an investigation into the firm after the call, during which Sullivan quickly backtracked and denied he was pitching securities, according to the report.Reuters could not reach Sullivan for comment. The staffer he called - Patrick Navarro, an assistant analyst at the state regulator - did not respond to requests for comment.Investigators ultimately unearthed “fraudulent and unethical” practices, including excessive trading in client accounts - resulting in commissions totalling 28 percent of the $877,493 invested by clients in Montana, according to the regulator’s report.The firm settled with the state on April 18, agreeing to pay $30,000 in restitution to clients without admitting wrongdoing.During the call that got the firm into trouble, Sullivan pitched Navarro on an investment in Paypal stock, the report said. After Navarro informed Sullivan that he worked for the state’s securities regulator, Sullivan blurted out “Happy New Year!” and hung up.'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/usa-finra-brokers-specialreport-idINKBN19327V'|'2017-06-12T16:45:00.000+03:00'
'33834c948d45edc1c3fcfb1eacf2cda7ac2ae47f'|'Hyundai Motor executive says no plan to buy other automakers, will beef up tech cooperation'|'SEOUL Hyundai Motor Co ( 005380.KS ) Vice Chairman Chung Eui-sun said on Tuesday the South Korean firm has no plan to buy other automakers, although it will beef up cooperation with other technology firms.His comments were made at the launch of the Kona, a small sport utility vehicle.The automaker aims to sell over 200,000 Kona models in South Korea and overseas next year as it tries to revive flagging sales and catch up with rivals in the SUV segment.(Reporting by Hyunjoo Jin; Editing by Stephen Coates)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-hyundai-motor-m-a-idINKBN194098'|'2017-06-13T00:39:00.000+03:00'
'817fd7d4888b469d055b4f8eb9c0b099c6b4e656'|'Oil edges up on Saudi pledge to make real supply cuts'|'Business News - Tue Jun 13, 2017 - 1:53am BST Oil edges up on Saudi pledge to make real supply cuts FILE PHOTO: A worker at an oil field owned by Bashneft, Bashkortostan, Russia, in this January 28, 2015 file photo. REUTERS/Sergei Karpukhin/Files By Henning Gloystein - SINGAPORE SINGAPORE Oil prices edged up early on Tuesday, lifted by statements that OPEC-leader Saudi Arabia was making significant supply cuts to customers, although rising U.S. output meant that markets remain well supplied. Brent crude futures LCOc1 were at $48.42 per barrel at 0044 GMT, up 13 cents, or 0.3 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $46.21 per barrel, also up 13 cents, or 0.3 percent. Saudi Arabia, the world''s top oil exporter, is leading an effort by the Organization of the Petroleum Exporting Countries (OPEC) to cut production by almost 1.8 million barrels per day (bpd) until the end of the first quarter of 2018 in order to prop up prices. Other countries, including top producer Russia, are also participating. During the first half of the year, there were doubts over OPEC''s compliance with its own pledges, as supplies, especially to Asia, remained high. Saudi officials now say they are making real cuts, including 300,000 bpd to Asia for July, although several Asian refiners said they were still receiving their full allocations. "Crude oil prices rose on the back of further supportive talk from Saudi Arabia. Energy Minister Khalid Al-Falih said that inventories are declining and reductions will accelerate in the next three week," ANZ bank said. Although other OPEC members, like Libya and Nigeria, are exempt from the cuts, and there have been doubts over the compliance of others, including Iraq, the club''s supplies have been falling since the cut''s start in January. Trade data shows that OPEC shipments to customers averaged around 26 million bpd in the last six months of 2016, while they are set to average around 25.3 million bpd in the first half of this year. Threatening to undermine OPEC''s efforts to tighten the market is a relentless rise in U.S. drilling activity RIG-OL-USA-BHI, which has driven up U.S. output C-OUT-T-EIA by more than 10 percent since mid-2016, to over 9.3 million bpd. The U.S. Energy Information Administration (EIA) says production will rise above 10 million bpd by next year, challenging top exporter Saudi Arabia. Overall, oil markets remain well supplied. A sign of ample supplies is the Brent forward curve <0#LCO:>, which is in a shape known as contango, in which crude for delivery in half a year''s time is around $1.50 per barrel more expensive than that for immediate dispatch, making it profitable to charter tankers and store fuel instead of selling it for direct use. (Reporting by Henning Gloystein; Editing by Richard Pullin) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-global-oil-idUKKBN19403L'|'2017-06-13T08:53:00.000+03:00'
'2dda0de43785cc34a26c277ba7f77121ecca8ab9'|'Fiserv to buy UK mobile payments pioneer Monitise for 70 million pounds'|'Business News - Tue Jun 13, 2017 - 7:55am BST Fiserv to buy UK mobile payments pioneer Monitise for 70 million pounds U.S. financial technology provider Fiserv said on Tuesday it had agreed to buy British financial services technology firm Monitise Plc for about 70 million pounds. AIM-listed Monetise, worth about 2 billion pounds at its peak in early 2014, blazed a trail by linking banks and mobile operators to build a business capable of handling billions of dollars in mobile payments, purchases and money transfers. But the company, founded in 2003, then faced increased competition from free mobile payment systems offered by the likes of Alphabet Inc and Apple Inc. In 2015, Monitise put itself up for sale, blaming changes in its business model for a string of revenue warnings, but failed to find a buyer. Tuesday''s offer of 2.9 pence in cash per Monitise share, represents a premium of 26 percent to the share''s close of 2.30 pence on Monday. Monitise, which has been advised by Canaccord Genuity on the deal, consider the terms to be "fair and reasonable". (Reporting by Noor Zainab Hussain in Bengaluru; editing by Jason Neely) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-monitise-m-a-fiserv-idUKKBN1940PO'|'2017-06-13T14:55:00.000+03:00'
'86a7fe78fd4f3ea012eeb2a1371a5f882eac2270'|'Brexit: Europe''s new finance rules put 83,000 U.K. jobs at risk - Jun. 13, 2017'|'The European Union is preparing the ground for a raid on one of the crown jewels of British business. The bloc proposed rules on Tuesday that would give it the power to force a large slice of London''s financial services to move out of the city after Brexit, putting at risk an estimated 83,000 jobs. Despite not using the euro itself, the U.K. acts as the primary go-between for buyers and sellers of financial products priced in euros that play a vital role in Europe''s economy. Known as euro clearing, it''s a massive business involving transactions worth as much as $1.5 trillion each day. Rival financial centers such as Paris and Frankfurt have coveted the lucrative activity for decades but have failed so far to loosen London''s grip. The European Central Bank has long argued that the clearing of such vast quantities of trades should take place inside the group of 19 countries that use the currency. The bank says it needs to monitor what''s happening to ensure the financial stability of the eurozone. As long as Britain remained in the EU, the central bank wasn''t able to force London to drop the business. But now Britain is set to ditch the EU , all bets are off. Related: Brexit jobs tracker The proposal from the European Commission says that allowing the clearing houses to be based outside the EU could pose a risk to the continent''s financial system. It recommends that regulators have the power to require "a limited number" of systemically important clearing houses to be based in the EU. "We need to adjust to the fact that the EU''s largest financial center will be leaving the EU ... and we need to see how we can still ensure financial stability given the significant share of euro clearing which is done in London," said Valdis Dombrovskis, the Commission''s top official for financial markets. The rules still need to be debated and approved by EU states and members of the European parliament. The U.K. has lobbied hard to keep the clearing operations in London. Its main argument is that moving the hub could cause havoc. "We are clear that how U.K. firms access EU markets, and vice versa, is a matter for the forthcoming [Brexit] negotiations," a U.K. Treasury spokesperson said in a statement. "In the meantime we stand ready to engage constructively on this legislation." Related: The U.K. economy is in trouble. Politics could make it worse The damage to London could stem from the jobs that would disappear if clearing operations are forced to move. While the number of people employed directly by the four clearing houses that handle the majority of transactions only numbers in the hundreds, the supporting infrastructure is massive. The London Stock Exchange owns the biggest clearing house. It commissioned a report last year that found up to 83,000 British jobs could be lost over seven years if the activity moves out of London and into the eurozone. Dombrovskis said forcing clearing houses to move would be a "last resort" if European regulators such as the ECB felt they were unable to ensure stable markets via a system of "dual supervision" with British authorities. "The purpose of our proposal is to ensure financial stability ... not moving business for the sake of moving business," he told reporters. "That is why we''re not putting forward some kind of generalized location requirements but rather empowering the relevant authorities." Related: Goldman Sachs says Brexit will ''stall'' London''s growth The London Stock Exchange said it supported "regulatory cooperation" because it provides "economic efficiencies" for customers and the wider economy. "A location policy does the opposite, it increases, not decreases, risk and costs for customers. Given these facts, European and global customers have overwhelmingly expressed a clear preference for shared regulation between the EU, the U.K. and the U.S.," it said in a statement. The City of London Corporation, which represents the city''s financial district, said moving the business could unnecessarily damage the EU by pushing up costs for companies who use the financial products. "The EU is simply not equipped to handle the volume of clearing that the U.K. does each day," policy chairman Catherine McGuinness said in a statement. CNNMoney (London)   10:03 AM ET'|'cnn.com'|'http://rss.cnn.com/rss/money_news_economy.rss'|'http://money.cnn.com/2017/06/13/investing/london-euro-clearing-brexit-jobs/index.html'|'2017-06-13T18:03:00.000+03:00'
'11aaaf7e6f6b76008cefbc4ded777651b232241e'|'China''s COSCO Shipping buys $228 million stake in Spain''s Noatum Port'|'HONG KONG COSCO Shipping Holdings Co Ltd ( 1919.HK ) ( 601919.SS ) said it would buy a 51 percent stake in a Spanish container terminal operator for 203.49 million euros ($227.81 million), extending its ports and terminals business networks over the Mediterranean and European areas.The Chinese shipping group said its controlled COSCO Shipping Ports Ltd ( 1199.HK ) would buy the controlling stake in Noatum Port Holdings S.L.U. from Spain incorporated TPIH Iberia S.L.U. in a deal to be funded by internal resources and bank borrowings.TPIH will hold 49 percent of Noatum Port, which operates container terminals in Port of Valencia and Port of Bilbao, on completion of the deal, COSCO Shipping said in a filing to the Hong Kong bourse late on Monday.Greece''s biggest port operator Piraeus Port ( OLPr.AT ), which majority-owned by COSCO Shipping, had said it would team up with the operator of Shanghai port, the world''s largest container port, to promote container shipping traffic.(Reporting by Donny Kwok; Editing by Michael Perry)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-cosco-ship-hold-noatum-port-idINKBN19405I'|'2017-06-12T23:30:00.000+03:00'
'f387423bd89393761e95c6137bf670e0f74e506c'|'Dollar shortages hit Qatar exchange houses as foreign banks scale back ties'|'* Shipments of dollar cash into Qatar disrupted* UAE banks absent from Qatar markets after blacklist* Some Western banks continue business, others halt new deals* Share prices of five listed Qatari banks fall* Interbank money rates rise near central bank repo rateBy Tom Finn, Tom Arnold and Stanley CarvalhoDOHA/DUBAI/ABU DHABI, June 11 Shortages of U.S. dollars hit money exchange houses in Qatar on Sunday, making it harder for worried foreign workers to send money home, as foreign banks scaled back business with Qatari institutions because of the region''s diplomatic crisis."We have no dollars because there is no shipment or transportation from the United Arab Emirates. There is no stock," said a dealer at the Qatar-UAE Exchange House in Doha''s City Center mall. "The shipment is blocked from the UAE."Several other exchange houses in Doha also told Reuters they had no supplies of dollars. At Qatar-UAE Exchange, dozens of people - some of the foreigners who comprise nearly 90 percent of the population of 2.6 million - waited quietly in line to change money or make remittances to their home countries."I spoke with my wife this morning. She said, ''Send your savings to me now.'' I am not panicked but my family are scared," said John Vincent, an air-conditioning repairman from the Philippines."I sent 2,000 riyals ($550) home but I have some more savings left here in Qatar. I will see what the situation is in coming days before I decide what to do."The dollar shortages do not mean Qatar, which is one of the richest states in the world per capita and has huge foreign reserves, is running out of money. But they show how the diplomatic crisis is disrupting parts of the financial system.Saudi Arabia, the UAE, Bahraini and Egyptian banks began scaling back business with Qatar last week after their governments cut diplomatic and transport ties, accusing Doha of supporting terrorism.Then at the weekend, the UAE told its banks to exercise "enhanced due diligence" towards six Qatari banks which, it alleged, might have done business with people or entities on a terrorism blacklist.That stopped short of a complete ban on business with Qatar but the effect may turn out to be much the same. UAE banks were absent from Qatar''s foreign exchange and money markets on Sunday, causing both those markets to slow down, because they feared any deals could expose them to legal risk, bankers said.Some Western banks with a presence in Qatar continued business as normal, partly because they did not want to lose out on billions of dollars of building projects which Qatar plans before it hosts the soccer World Cup in 2022.But other Western banks have halted new Qatar business including interbank and syndicated lending, while continuing to service existing business, banking sources said, declining to be named because of political sensitivities."Everybody is shocked - they''re not worried about Qatar''s credit, they''re worried about compliance and the risk that the local sanctions could be escalated to an international level," said one foreign banker in the region.DOLLARSExchange house dealers in Qatar said the dollar shortage was partly a seasonal phenomenon, because the Gulf''s hot summer and the holy month of Ramadan had begun, periods when there was traditionally high demand for travel abroad.Sudhir Kumar Shetty, president of UAE Exchange, which has eight branches in Qatar, said his firm was continuing to handle remittances and currency buying as usual in that country. He said the firm hadn''t seen any major change in remittance volumes due to the diplomatic tension.But he added that dollar supply was not meeting demand in Qatar and attributed this partly to flows of the U.S. currency from other Gulf countries being disrupted."Everywhere, all the banks and exchange houses, there are no dollars. All the exchange houses are trying to get currencies from other countries," the dealer at Qatar-UAE Exchange said, adding that his firm was hoping for a shipment from Hong Kong.The six Qatari banks named by the UAE - Qatar National Bank (QNB), Qatar Islamic Bank, Qatar International Islamic Bank, Masraf Al Rayan, Doha Bank and unlisted Barwa Bank IPO-BABK.QA - did not respond to Reuters requests for comment.The share prices of all five of the listed banks fell on Sunday, with QNB losing 0.5 percent, as investors reacted to the prospect of the banks facing funding difficulties because of reduced ability to borrow from foreign institutions.Qatari banks have around 60 billion riyals ($16.5 billion) in funding in the form of customer and interbank deposits from other Gulf states, SICO Bahrain estimated. Most of this could eventually be withdrawn if the crisis continues.Bankers expect Qatari banks to borrow from the central bank''s repo facility if they become short of funds. The repo rate is currently at 2.25 percent and the cost of borrowing three-month money among Qatari banks rose near that level on Sunday, to 2.20 percent, the highest in many years.Central bank rules limit the size of the repos to 2 percent of each bank''s private sector deposits. Bankers speculate the central bank may lift this cap; the central bank did not respond to requests for comment. (Additional reporting by Saeed Azhar and Hadeel Al Sayegh in Dubai; Writing by Andrew Torchia, editing by David Evans)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/gulf-qatar-currency-idUSL8N1J80HF'|'2017-06-11T21:30:00.000+03:00'
'8081fc2b40b261769199a4d0194e45e06f47682c'|'UPDATE 2-UAE''s Dana Gas plan to swap ''unlawful'' $700 mln sukuk irks creditors'|'* Dana says it has discovered outstanding sukuk are unlawful* Seeking ruling on this in UAE courts* Existing sukuk to mature in October* Current cash balance far below amount needed to repay sukuk* Some creditors say they will fight (Adds creditors'' comments, details on sharia compliance, analysis)By Davide BarbusciaDUBAI, June 13 Abu Dhabi-listed Dana Gas has proposed swapping $700 million of outstanding Islamic bonds because it had discovered they were "unlawful", prompting an outcry from some creditors.The price of Dana''s sukuk plunged after Dana''s proposal on Tuesday, with one creditor in Dubai describing it as "very investor unfriendly" and another saying it made no sense as the bond had been judged sharia-compliant when it was issued.Dana''s 9 percent bonds were offered at 87 cents on the dollar, down from 91-92 cents previously, while shares in the company closed 15 percent higher.The Dubai-based portfolio manager said Dana would have trouble tapping the debt market again if it unilaterally declared its paper illegal and said he had already contacted the company''s investor relations office to express his strong disapproval of the proposal.Dana, which had a cash balance of $298 million in March, originally announced its intention to hold discussions with sukuk holders in early May.Dana said at that time it needed to focus on “medium-term cash preservation” because of difficulty getting payments from production assets in Egypt and Iraq. The existing sukuk, half of which are exchangeable into equity, will mature this October.But on Tuesday, Dana said it had received legal advice that the paper was not sharia-compliant and was therefore unlawful in the United Arab Emirates.As a result, Dana said, it was proposing to creditors that they swap it for new sharia-compliant instruments with four-year maturities and profit distributions at less than half the rate of the existing instruments. The new paper would not feature any conversion into equity.New York-listed Houlihan Lokey is advising Dana Gas on the matter, while a committee of sukuk holders has appointed New York-based boutique investment bank Moelis as adviser for the restructuring negotiations.Dana said it was seeking a consensual agreement with investors but had started proceedings in UAE courts to seek a declaration on the lawfulness of its existing sukuk.The sukuk use the mudaraba format, a common Islamic finance structure which resembles an investment management partnership. Dana said it had discovered they were illegal because of "the evolution and continual development of Islamic financial instruments and their interpretation".A source with direct knowledge of the situation said the firm planned to argue the sukuk were not sharia-compliant because their repurchase price was fixed, the coupon was the result of interest-based not profit-based calculations, and the coupon paid out regardless of Dana''s financial performance.Islamic finance stresses risk-sharing, which some scholars take to mean investors in sukuk should not be able to count on fixed coupon payments.Dana said profit payments from its proposed new instruments would comprise cash and payment-in-kind (PIK) elements."The PIK element is absurd - there''s no reason why the company would not pay in cash, especially in the light of the fact they''re now receiving some payments from Egypt," the first creditor, speaking on condition of anonymity, told Reuters.Dana also said it was proposing pre-payments for the new sukuk at par prior to its maturity, providing a path for early pay-down for the holders. It did not give details. (Editing by Andrew Torchia and Alexander Smith)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/dana-gas-sukuk-idINL8N1JA1QZ'|'2017-06-13T12:07:00.000+03:00'
'd8a5ce449da50e34b0a5cefc375b54c1e35e1561'|'UPDATE 2-Fibria, Chile''s Arauco eye bid for Eldorado, report says'|'(Adds no comment from Suzano in paragraph 6)SAO PAULO, June 13 Fibria SA and two other pulp producers have hired banks to bid for rival Eldorado Brasil Celulose SA, which may go on the block after the family that controls it entered a plea deal in Brazil, Valor Econômico newspaper reported on Tuesday.According to Valor, which did not specify how it got the information, Chile''s Parque Arauco SA has hired Banco Santander SA to work on a proposal, while Morgan Stanley & Co is advising Fibria, the world''s No. 1 eucalyptus pulpmaker.Another potential contender is Suzano Papel & Celulose SA , which is said to have hired two unidentified large Brazilian investment banks to analyze a bid, Valor said. Two bankers told Valor under condition of anonymity that Eldorado''s equity could be worth between 3 billion reais and 4 billion reais ($904 million and $1.2 billion).With debt hovering at 8 billion reais, Eldorado could soon be put up for sale after two key members of Brazil''s Batista family were ensnared in a corruption scandal, sources have told Reuters in recent weeks. Eldorado lenders are pressing for a sale of the company, Valor noted.J&F Investimentos SA, the company overseeing the business of the Batistas, has 81 percent of Eldorado. The remaining 19 percent is owned by Brazilian pension funds, Petros Fundação and Funcef Fundação dos Economiarios, and special purpose vehicle FIP Olímpia.São Paulo-based J&F and Suzano declined to comment on the Valor report. Fibria and the banks did not have an immediate comment. The media office of Santiago-based Arauco did not answer early calls seeking comment.Last October, J&F started talks to buy out the stakes that both Petros and Funcef have in Eldorado.Both Joesley and Wesley Batista, the family members that last month entered the plea deal with Brazilian prosecutors, want to speak to bidders of Eldorado first before hiring an advisor for a sale, Valor said, citing banking executives with knowledge of the matter.Fibria seems the most unlikely suitor because a key shareholder, state development bank BNDES, is unlikely to approve a transaction that could shore up the Batistas, Valor said, without saying how it got the information.In their plea bargain, both Batistas ensnared President Michel Temer in a corruption scandal, unleashing retaliatory actions from his government against the group.($1 = 3.3176 reais) (Reporting by Guillermo Parra-Bernal; Editing by Bernadette Baum)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/eldorado-brasil-ma-idINL1N1JA0DG'|'2017-06-13T09:58:00.000+03:00'
'cecbaf5d6d6a92977270b49c6b4391c95827c5b3'|'British political uncertainty risks slowing M&A, dealmakers say'|'By Anjuli Davies and Pamela Barbaglia - LONDON LONDON The political shock of Prime Minister Theresa May''s failure to win a majority in a national election could put the brakes on takeover activity in Britain, dealmakers told Reuters on Monday."So long as uncertainty is there I don''t see that as particularly positive for M&A in the short term," Karen Cook, chair of investment banking at Goldman Sachs, said at the Reuters Global M&A summit."I think the problem is there is a government with different views amongst the Tory (Conservative) party, who are not all aligned to hard Brexit."A failed gamble on a snap election has weakened Britain''s hand just days before formal talks on leaving the European Union. It has also emboldened those within May''s own Conservative ranks and beyond who object to her plan to leave the European single market and customs union.Hernan Cristerna, co-head of global M&A at JPMorgan, said that dealmaking would likely be driven by what happens in the currency markets."What I follow more than hard or soft Brexit is what happens to sterling and post-election there is renewed weakness in sterling," said Cristerna, noting a weaker pound could spark deals as happened after last year''s Brexit vote."There is an opportunistic situation when companies happen to be valued in sterling but most of their assets are global."HISTORY LESSONSGoing by past elections, dealmaking should in theory rise.More M&A deals involving a UK target company were announced immediately after the last two elections than immediately before, Thomson Reuters data shows.In 2015, when the Conservatives won a small majority, four percent more deals were announced during the 90 day period after the election than in the same period before.In 2010, when the election spawned a Conservative-Liberal Democrat coalition, there was an eight percent increase.An increase in the number of UK Outbound M&A deals was also seen after the last three UK general elections, with an increase of 47 percent in 2015."It''s far too early to call what the consequences of last week are. The UK has had a relatively open environment for M&A," said William Rucker, Chief Executive of Lazard UK."It''s certainly more protectionist compared with 12 months ago but a lot of these things haven''t been tested yet."May had promised to make it harder for foreign firms to take over British ones, when she set out pre-election plans to give the state more influence over corporate Britain.To protect jobs, May said her government would tighten the rules around takeovers, especially in infrastructure deals where a foreign owner could also raise security concerns.However, the Conservatives will need the help of the small Democratic Unionist Party to govern, meaning parts of their manifesto may have to be dropped or modified."There clearly is increased protectionism in the UK and the US," said Cook."If this government wants to have more protectionism they ought to do it through legislation not through the back door on takeover rules because I think the takeover rules broadly work."The Takeover Panel administers Britain''s code on takeovers and regulates deals to ensure fair treatment for investors.SPECIAL RELATIONSHIPDespite political upheaval around the world, with the new U.S. administration under President Donald Trump also promoting an America-first agenda, dealmaking has remained robust.Worldwide M&A is up 3 percent so far this year to total $1.4 trillion, compared to the same period in 2016, Thomson Reuters data shows.European M&A is up 44 percent this year to total $393 billion, whilst M&A in the United States is down 14 percent to total $499 billion, compared to the same period a year ago.M&A in Britain is up 89 percent year-to-date, totaling $81 billion, compared to this time last year."U.S. companies are still very interested in Europe and European companies in the U.S., " said Steve Baronoff, chairman of global M&A at Bank of America Merrill Lynch said."The special relationship between the UK and the U.S. - that special relationship comes from the bottom up....It may ebb and flow a bit depending on who is running the country but that is the bedrock and that doesn''t get changed depending on the president."(Reporting By Anjuli Davies; Editing by Rachel Armstrong and Keith Weir)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-britain-election-m-a-idINKBN1931JL'|'2017-06-12T11:25:00.000+03:00'
'45e91f158ea22004d3f8b5087d0cfdb5e04161b9'|'WORLD NEWS SCHEDULE AT 2200 GMT/6 PM ET'|'Editor: Peter Cooney + 1 202 898 8310Picture Desk: Singapore + 65 6870 3775Graphics queries: + 65 6870 3595(All times GMT/ET)TOP STORIESBritain''s May brings back foe, aiming to unite party before BrexitLONDON - Prime Minister Theresa May reappoints most of her ministers but brings a Brexit campaigner and party rival into government to try to unite her Conservatives after a disastrous election sapped her authority, days before Brexit talks begin. (BRITAIN-ELECTION/ (UPDATE 8, TV, PIX, GRAPHIC), moved, by Elizabeth Piper and Andy Bruce, 1,001 words)+ See also:- BRITAIN-USA/ (UPDATE 3), moved, 319 words- BRITAIN-ELECTION/DATES (FACTBOX), moved, 677 words- BRITAIN-ELECTION/EU-SCENARIOS (ANALYSIS), moved, by Alastair Macdonald, 1,100 wordsMacron''s party set for huge French parliamentary majorityPARIS - President Emmanuel Macron''s fledgling party is set to trounce France''s traditional main parties in a parliamentary election, according to projections after the first round, and a huge majority to push through his pro-business reforms. (FRANCE-ELECTION/ (UPDATE 8, PIX, TV, GRAPHIC), moved, by Ingrid Melander and Michel Rose, 695 words)U.S. attorney general to face questions on Comey firing, RussiaWASHINGTON - Attorney General Jeff Sessions will face questions about the firing of FBI Director James Comey and undeclared meetings with Russian officials at a U.S. Senate hearing on Tuesday, becoming the highest-ranking member of President Donald Trump''s Cabinet to testify in the affair. (USA-TRUMP/RUSSIA (UPDATE 4, PIX, TV), moved, by Doina Chiacu and Sarah N. Lynch, 790 words)Qatar willing to listen to Gulf concerns, Kuwait saysDUBAI/DOHA - Qatar is ready to listen to the concerns of Gulf Arab states that have cut diplomatic and economic ties, Kuwait says as it tries to mediate a solution to the worst regional crisis in years. (GULF-QATAR/ (UPDATE 1, PIX, TV), moved, by Noah Browning and Tom Finn, 709 words)UNITED STATESPuerto Rican vote leans heavily toward U.S. statehood -governmentSAN JUAN - An official count of votes for Puerto Rico''s plebiscite shows overwhelming support for U.S. statehood, although adding another star to the U.S. flag will likely face an uphill battle in Congress. (PUERTORICO-DEBT/VOTE (UPDATE 3), expect by 2330 GMT/7:30 PM ET, by Tracy Rucinski, 450 words)Uber board to discuss CEO absence, policy changes -sourceSAN FRANCISCO - Uber Technologies Inc''s board will discuss Chief Executive Travis Kalanick temporarily stepping away from the embattled ride-hailing firm and consider sweeping changes to the company''s management practices at a meeting on Sunday, according to a person familiar with the situation. (UBER-BOARD/CEO (UPDATE 2), expect by 0000 GMT/8 PM ET, by Joseph Menn and Heather Somerville, 850 words)EUROPEItaly''s 5-Star Movement seen flailing in local vote -exit pollsROME - Italy''s maverick 5-Star Movement looks set to suffer a severe setback in local elections, failing to make the run-off vote in the seven major cities up for grabs, exit polls say. (ITALY-POLITICS/ELECTION (UPDATE 5, PIX), expect by 2300 GMT/7 PM ET, by Crispian Balmer, 450 words)Kosovo centre-right coalition on course to win parliamentary vote, partial count showsPRISTINA - A coalition led by the ruling centre-right Democratic Party of Kosovo comes first in Kosovo''s snap parliamentary election, but it will have to find a coalition partner to form a stable government, results based on partial vote count show. (KOSOVO-ELECTIONS/ (UPDATE 4, PIX, TV), moved, by Fatos Bytyci, 554 words)Germany''s hard left hopes to take inspiration from CorbynHANOVER, Germany - After Jeremy Corbyn''s Labour Party scored surprise gains in Britain''s election with an unashamedly left-wing programme, the far-left Linke hopes to make progress with a similar agenda when Germans vote in September. (GERMANY-ELECTION/LINKE (PIX), moved, by Michelle Martin, 680 words)ASIAPhilippines'' Duterte says didn''t seek U.S. support in city siegeCAGAYAN DE ORO CITY, Philippines - President Rodrigo Duterte says he did not seek support from Washington to end the siege of a southern Philippines town by Islamist militants, a day after the United States said it was providing assistance at the request of the government. (PHILIPPINES-MILITANTS/ (PIX, TV, GRAPHIC), moved, by Neil Jerome Morales and Simon Lewis, 640 words)Pakistan scrambles to protect China''s "Silk Road" pioneersISLAMABAD/PESHAWAR - Chastened by the Islamic State''s claim to have killed two kidnapped Chinese teachers, Pakistan is beefing up security around Chinese citizens streaming into the country on the back of Beijing''s "Belt and Road" infrastructure splurge. (PAKISTAN-CHINA/ISLAMIC STATE, moved, by Drazen Jorgic and Jibran Ahmad, 670 words)MIDDLE EASTIran arrests almost 50 after deadly Tehran attacksLONDON - Iran has arrested almost 50 people in connection with twin attacks on Tehran that killed 17 people last week, officials said, as security forces stepped up efforts to crack down on suspected militants. (IRAN-SECURITY/ARRESTS (UPDATE 2), moved, 425 words)In Jerusalem''s Old City, Palestinians recall 1967 uprootingJERUSALEM - Days after capturing Jerusalem''s Old City in a 1967 war, Israel razed the Moroccan Quarter, a ramshackle neighbourhood of Palestinian homes in front of the Western Wall, aiming to create an open space for Jews to pray at one of their holiest sites. (ISRAEL-PALESTINIANS/1967 (PIX, TV), moved, by Ali Sawafta, 550 words)AFRICAGaddafi''s son said to be freed in Libya, whereabouts unclear - lawyerBENGHAZI - Saif al-Islam Gaddafi has been freed by an armed group in western Libya where he had been held since shortly after the 2011 revolt against his late father, Libyan dictator Muammar Gaddafi, one of his lawyers and the brigade involved say. (LIBYA-SECURITY/SAIF (UPDATE 3, PIX, TV), moved, by Ayman Al Warfalli, 650 words)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/world-news-schedule-at-2200-gmt-6-pm-et-idUSL1N1J80EN'|'2017-06-12T06:00:00.000+03:00'
'f145543a6b1f71af57c73eca4fbcd19b2ec04633'|'BRIEF- MediciNova to offer off-floor distribution of shares'|' 07am EDT BRIEF- MediciNova to offer off-floor distribution of shares June 12 MediciNova Inc * Says it will offer an off-floor distribution of 800,000 shares of its stock at the price of 602 yen per share, on the Tokyo Stock Exchange on June 13 * Says the limitation for purchase of the distribution is up to 10,000 shares for each customer Source text in Japanese: goo.gl/ndzlcK   (Beijing Headline News)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-medicinova-to-offer-off-floor-dist-idUSL3N1J92JT'|'2017-06-12T15:07:00.000+03:00'
'888bcbba5d9948825522e1e7addef2876531c87c'|'Exxon Baytown refinery completes gasoline unit overhaul - company'|'Business News - Mon Jun 12, 2017 - 10:40am EDT Exxon Baytown refinery completes gasoline unit overhaul - company FILE PHOTO: A view of the Exxon Mobil refinery in Baytown, Texas September 15, 2008. REUTERS/Jessica Rinaldi/File Photo HOUSTON ExxonMobil Corp ( XOM.N ) completed a planned overhaul of the second largest gasoline-producing unit at the 560,500 barrel per day (bpd) Baytown, Texas, refinery, a company spokesman said on Monday. Exxon began work on the 90,000-bpd Fluidic Catalytic Cracking Unit 2 in late March, sources told Reuters.. The work was extended to June from the original mid-May completion date. (Reporting by Erwin Seba; Editing by Chizu Nomiyama) GE names John Flannery as CEO, Immelt to step aside General Electric Co on Monday named John Flannery as its next chief executive, taking over from Jeff Immelt who is stepping aside after 16 years as the head of the conglomerate, which he helped steer through the financial crisis but is now worth a third less than when he took over. NEW YORK Apple shares were stung by a broker downgrade for a second straight week on Monday, sending the stock lower to keep the tech sector under pressure for a second straight session. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-refinery-operations-exxon-baytown-idUSKBN1931OL'|'2017-06-12T22:40:00.000+03:00'
'4ed0c3758e503c317d85ddbcf31cfd32835ba9a9'|'Uncertainty after UK election shock keeps pound on retreat'|'Money News   8:19pm IST Uncertainty after UK election shock keeps pound on retreat FILE PHOTO: An English ten Pound note is seen in an illustration taken March 16, 2016. REUTERS/Phil Noble/Illustration/File photo By Ritvik Carvalho and Patrick Graham - LONDON LONDON Sterling sank to a seven-month low against the euro on Monday as investors worried a period of political uncertainty would further weaken an economy slowing sharply before the launch of talks on leaving the European Union next week. The pound slid to its lowest for nearly two months on Friday after shock election results left Prime Minister Theresa May short of a parliamentary majority and facing calls to step down. Having gained a third of a percent in Asian trading, the pound fell steadily throughout the European morning, sinking by almost 1 percent on the day to 88.66 pence per euro, its weakest since early November. It fell over half a percent against the dollar to $1.2659, just a quarter of a cent above intraday lows hit on Friday. May reappointed most of her ministers on Sunday but brought a Brexit campaigner and party rival into government to try to unite her Conservatives. She is in talks with Northern Irish unionists to allow her to stay in power. "The market''s continuing to digest the election result which in our view is consistent with near-term downside risks to the pound," said Sam Lynton-Brown, currency strategist with BNP Paribas. He added that increased uncertainty in the short term was encouraging investors to rebuild "short" bets against the pound, after they retreated from record highs over the past month. [IMM/FX] While the motivations behind the pound''s performance since Friday have been muddy, most analysts now say the pound is benefiting from the assumption that Thursday''s rebuke for May will soften Britain''s approach to Brexit talks. A number of leading Conservatives on Monday stressed that membership of the European Union''s single market - in exchange for freedom of movement for European workers - was not on the table. Traders assume the political machinations of the coming weeks and months may spur change on that front. "The Conservative Party''s reduced share of the vote may indicate a higher likelihood that a ''softer'' form of Brexit might now be pursued, involving compromises with the EU that Ms May would not have countenanced previously, and which would be positive," analysts at ratings firm Moody''s wrote in a note. They said the election outcome was a negative for the UK''s credit profile. Six-month sterling/dollar risk-reversals, a measure of the balance in the market between bets on a currency rising or falling, stood at -1.3 according to ICAP data. A negative number indicates a bias for a weaker pound. SPENDING FALLS The political ructions come at a time when the UK is showing clear signs of slowing, despite huge injections of support from the Bank of England and an acceleration of growth to major markets in Europe. A survey from the Resolution Foundation think tank showed almost half of British employers are unprepared for the government''s planned changes to immigration rules after Brexit. Another survey showed British business confidence falling sharply, while figures from credit card network Visa indicated British consumers cut spending for the first time in nearly four years last month. Investors'' will now watch for readings on inflation, wage growth, unemployment, and retail sales this week - all of which will play into the Bank of England''s stance on record-low UK interest rates due on Friday. Citi''s Economic Surprises Index for the UK is at its most negative since Britain voted to leave the European Union last year, showing data has been coming in below forecasts in recent weeks. Deutsche Bank analysts said the election would make "helicopter money" - printing and distributing more cash in the hope people will spend it - more likely as governments balance an unwillingness to further tax older voters with demands for wealth redistribution towards younger generations. That - or other similar monetary measures to support growth - could potentially increase the overall supply of sterling, weakening the currency. "If the youth are now waking from their apathetic slumbering then policy surely has to be more redistributionary," they wrote. "This not a recipe for austerity and debt reduction - both are looking increasingly like political suicide." (Editing by Alison Williams)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/britain-sterling-idINKBN1931P4'|'2017-06-12T22:49:00.000+03:00'
'1c61c0fcc21b81ed01a34517319f179894123c10'|'Natixis sues Marex Spectron over metals warehouse receipts'|'Business News   12:03pm BST Natixis sues Marex Spectron over metals warehouse receipts FILE PHOTO: The logo of French bank Natixis is seen outside of one of their offices in Paris, France, January 24, 2017. REUTERS/Jacky Naegelen By Eric Onstad - LONDON LONDON French bank Natixis ( CNAT.PA ) has sued metals broker Marex Spectron for $32 million over alleged fraudulent receipts for nickel stored at warehouses in Asia run by a unit of commodities giant Glencore ( GLEN.L ), a court filing showed. In the legal action, filed in London''s High Court, Natixis said it would seek damages from Marex because the bank provided finance based on fake receipts in a deal arranged by the broker. Marex rejected the claim and said it had issued a counterclaim against Glencore unit Access World because the warehouse operator had verified the receipts as being authentic. "We vigorously contest Natixis'' claim," Marex said in a statement. "Access World needs to explain how receipts that it had authenticated were subsequently cancelled." Natixis acknowledged it had filed a lawsuit against Marex but declined to make any further comment. Access World''s owner Glencore declined to comment. Access World said on Jan. 21 that it has become aware of fake warehouse receipts circulating in its name and urged holders to seek authentication. The legal action revolves around three trades in nickel warehouse receipts in late 2016 and early 2017. Marex said it had the receipts authenticated by Access World and also had the physical metal inspected by Alfred H. Knight, an specialist metals inspection firm. Alfred H. Knight did not reply to requests for comment. Marex said the fraud was uncovered when it sought to verify a fourth trade and Access World said the receipts were fraudulent as well as the previous receipts from the other three trades. "The $30 million of receipts in Natixis'' claim represents the full extent of Marex''s involvement in the receipts business. If there is any larger fraud, it involves other market participants and not Marex Spectron," Marex said. Metals markets were rocked about three years ago by a $3 billion fraud at Qingdao port in China, when a firm allegedly duplicated warehouse certificates to pledge metal as collateral for multiple bank loans. Following the more recent fraud, some global banks briefly froze credit lines for Singapore metal traders, people familiar with the matter said at the time. (Additional reporting by Pratima Desai in London and Melanie Burton in Melbourne, editing by Louise Heavens and David Evans)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-natixis-lawsuit-marex-idUKKBN19315Z'|'2017-06-12T19:03:00.000+03:00'
'92c1c4552ee09a5328a08f2613d5188073de5f81'|'U.S. longer-dated bond net shorts most since December -JPMorgan'|'NEW YORK, June 13 The margin of investors who are bearish on longer-dated U.S. Treasuries over those who are bullish grew to its widest in six months, J.P. Morgan''s latest Treasury client survey showed on Tuesday.The share of "short" investors who said they were holding fewer longer-dated U.S. government securities than their portfolio benchmarks rose to 27 percent from 23 percent in the prior week, according to the survey.J.P. Morgan surveyed clients including bond fund managers, central banks and sovereign wealth funds.The share of "long" investors who said they were holding more longer-dated Treasuries than their benchmarks fell to 9 percent from 11 percent the prior week.Short investors outnumbered long investors by 18 points, higher than last week''s 12 points. This was most net shorts since Dec. 12, 2016, J.P. Morgan said.The shift in positionings came ahead of the Federal Reserve''s two-day meeting this week, where analysts and traders widely expect the U.S. central bank to raise key short-term interest rates by a quarter point to 1.00-1.25 percent. This would mark the Fed''s second rate increase in 2017.On the other hand, data showing U.S. inflation softening increased bets that Fed policy makers may slow their pace of rate increases. This view has stoked curve-flattening trades based on the notion that longer-dated Treasuries would fare better than shorter-dated issues in a low inflation environment.On Tuesday, the yield on the benchmark 10-year Treasury was 2.209 percent, up from a near six-month low of 2.129 percent set a week earlier, according to Reuters data.Active clients, which included market makers and hedge funds, increased their bearishness on longer-dated Treasuries in the latest week, the J.P. Morgan survey showed.Half of those clients said they were short, up from 30 percent a week ago, while 10 percent said they were long, down from 10 percent last week. The rest said they were neutral, down from 50 percent a week earlier. (Reporting by Richard Leong; editing by Grant McCool)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/treasuries-jpmorgan-idINL1N1JA0YN'|'2017-06-13T13:35:00.000+03:00'
'c924e3cde9b3615f4b0df372ddd65c2198d9812f'|'Dollar shortages hit Qatar exchange houses as foreign banks scale back ties - Reuters'|'* Shipments of dollar cash into Qatar disrupted* UAE banks absent from Qatar markets after blacklist* Some Western banks continue business, others halt new deals* Share prices of five listed Qatari banks fall* Interbank money rates rise near central bank repo rateBy Tom Finn, Tom Arnold and Stanley CarvalhoDOHA/DUBAI/ABU DHABI, June 11 Shortages of U.S. dollars hit money exchange houses in Qatar on Sunday, making it harder for worried foreign workers to send money home, as foreign banks scaled back business with Qatari institutions because of the region''s diplomatic crisis."We have no dollars because there is no shipment or transportation from the United Arab Emirates. There is no stock," said a dealer at the Qatar-UAE Exchange House in Doha''s City Center mall. "The shipment is blocked from the UAE."Several other exchange houses in Doha also told Reuters they had no supplies of dollars. At Qatar-UAE Exchange, dozens of people - some of the foreigners who comprise nearly 90 percent of the population of 2.6 million - waited quietly in line to change money or make remittances to their home countries."I spoke with my wife this morning. She said, ''Send your savings to me now.'' I am not panicked but my family are scared," said John Vincent, an air-conditioning repairman from the Philippines."I sent 2,000 riyals ($550) home but I have some more savings left here in Qatar. I will see what the situation is in coming days before I decide what to do."The dollar shortages do not mean Qatar, which is one of the richest states in the world per capita and has huge foreign reserves, is running out of money. But they show how the diplomatic crisis is disrupting parts of the financial system.Saudi Arabia, the UAE, Bahraini and Egyptian banks began scaling back business with Qatar last week after their governments cut diplomatic and transport ties, accusing Doha of supporting terrorism.Then at the weekend, the UAE told its banks to exercise "enhanced due diligence" towards six Qatari banks which, it alleged, might have done business with people or entities on a terrorism blacklist.That stopped short of a complete ban on business with Qatar but the effect may turn out to be much the same. UAE banks were absent from Qatar''s foreign exchange and money markets on Sunday, causing both those markets to slow down, because they feared any deals could expose them to legal risk, bankers said.Some Western banks with a presence in Qatar continued business as normal, partly because they did not want to lose out on billions of dollars of building projects which Qatar plans before it hosts the soccer World Cup in 2022.But other Western banks have halted new Qatar business including interbank and syndicated lending, while continuing to service existing business, banking sources said, declining to be named because of political sensitivities."Everybody is shocked - they''re not worried about Qatar''s credit, they''re worried about compliance and the risk that the local sanctions could be escalated to an international level," said one foreign banker in the region.DOLLARSExchange house dealers in Qatar said the dollar shortage was partly a seasonal phenomenon, because the Gulf''s hot summer and the holy month of Ramadan had begun, periods when there was traditionally high demand for travel abroad.Sudhir Kumar Shetty, president of UAE Exchange, which has eight branches in Qatar, said his firm was continuing to handle remittances and currency buying as usual in that country. He said the firm hadn''t seen any major change in remittance volumes due to the diplomatic tension.But he added that dollar supply was not meeting demand in Qatar and attributed this partly to flows of the U.S. currency from other Gulf countries being disrupted."Everywhere, all the banks and exchange houses, there are no dollars. All the exchange houses are trying to get currencies from other countries," the dealer at Qatar-UAE Exchange said, adding that his firm was hoping for a shipment from Hong Kong.The six Qatari banks named by the UAE - Qatar National Bank (QNB), Qatar Islamic Bank, Qatar International Islamic Bank, Masraf Al Rayan, Doha Bank and unlisted Barwa Bank ( IPO-BABK.QA ) - did not respond to Reuters requests for comment.The share prices of all five of the listed banks fell on Sunday, with QNB losing 0.5 percent, as investors reacted to the prospect of the banks facing funding difficulties because of reduced ability to borrow from foreign institutions.Qatari banks have around 60 billion riyals ($16.5 billion) in funding in the form of customer and interbank deposits from other Gulf states, SICO Bahrain estimated. Most of this could eventually be withdrawn if the crisis continues.Bankers expect Qatari banks to borrow from the central bank''s repo facility if they become short of funds. The repo rate is currently at 2.25 percent and the cost of borrowing three-month money among Qatari banks rose near that level on Sunday, to 2.20 percent, the highest in many years.Central bank rules limit the size of the repos to 2 percent of each bank''s private sector deposits. Bankers speculate the central bank may lift this cap; the central bank did not respond to requests for comment. (Additional reporting by Saeed Azhar and Hadeel Al Sayegh in Dubai; Writing by Andrew Torchia, editing by David Evans)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/gulf-qatar-currency-idINL8N1J80HF'|'2017-06-11T11:30:00.000+03:00'
'35d917b9c5c14b595472bc0bf35e93744dbdb751'|'Seventy percent of Chinese companies fail air pollution checks - media'|'Environment   11:46am IST Seventy percent of Chinese companies fail air pollution checks: media FILE PHOTO: A woman wears a mask as she rides near the Bund during a polluted day in Shanghai, China, January 2, 2017. REUTERS/Aly Song BEIJING More than 70 per cent of companies checked by Chinese authorities failed environmental standards during the latest round of air pollution inspections, state media reported on Sunday. The findings came after two months of inspections across 28 cities in the notoriously smoggy Beijing-Tianjin-Hebei region and other nearby areas, the official Xinhua news agency said. The inspections found 13,785 companies - or 70.6 per cent of those inspected - violated standards, with problems ranging from excessive emissions to insufficient pollution control equipment. The government has thrown its weight behind an ambitious "Jing-jin-ji" plan to integrate the three neighboring cities, in part to alleviate the strain on the capital, Beijing, and relocate heavy industry away from major population hubs. (Reporting by Philip Wen; Editing by Robert Birsel)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/us-china-environment-pollution-idINKBN192076'|'2017-06-11T14:16:00.000+03:00'
'6fdd258385617b1c2002392da3304734ce85b96c'|'Australia''s Ten Network says Lachlan Murdoch and second backer call time on debt'|'By Byron Kaye - SYDNEY SYDNEY Australia''s Ten Network ( TEN.AX ) said two local media magnates had declined to extend their support for a $150 million debt guarantee past 2017 - a move that increases the risk of the troubled broadcaster seeking receivership.Coming under administration could, however, help Ten by allowing it to freeze and then renegotiate expensive licensing contracts with U.S. studios for shows such as NCIS and CSI: Crime Scene Investigation.Broadcasters and Ten in particular have suffered large losses and are scrambling to cut costs as advertisers follow viewers who have turned to streaming services like Netflix ( NFLX.O ) and Amazon.com Inc''s ( AMZN.O ) Amazon Prime."Going into receivership, they can be very tough in their renegotiation, and more realistic," said Steve Allen, managing director of Essence Media."The programs and the ratings that they''re getting for the costs involved is a mismatch; it wasn''t five years ago, but it is now."Ten had flagged in April that it might collapse if it did not extend or secure a new borrowing arrangement, adding that it was looking to increase the size of its current facility from A$200 million ($150 million) to A$250 million.The current facility is backed by three Australian tycoons. On Tuesday, Ten said that it had been informed that two of them, News Corp ( NWSA.O ) co-chairman Lachlan Murdoch and regional TV owner Bruce Gordon would not be extending their support beyond Dec. 23, 2017.It was not immediately clear if Crown Resorts ( CWN.AX ) casino boss James Packer had also withdrawn his support. A representative for Packer was not immediately available for comment.Ten''s situation puts pressure on the Australian government to push through a deregulation package that would make it easier for local traditional media companies to buy each other.Lachlan Murdoch owns 7.7 percent of Ten and News Corp-controlled local cable TV firm Foxtel owns another 14 percent. Analysts have said they expect Foxtel would be interested in buying out Ten if the deregulation package went through.The package has wide support in the media industry but some independent senators, who control the Australian upper house, have said they are concerned the diversity of local content could suffer.While receivership could be a good opportunity for Ten to break onerous contracts, it is not without risk as the network could lose some good shows, said Laurie Fitzgerald, a business recovery specialist at corporate adviser William Buck."The MasterChef group...they could just turn around to Ten and say: you''ve broken our contract, we''ll shop it around, we might just see what Nine will offer us," said Fitzgerald.Ten also said it had asked to have its shares suspended for two days while it considers its position in light of the stance taken by its backers.Up to Friday''s close, Ten''s shares had plunged 83 percent this year, giving it a market value of A$58 million. In 2014, it rejected a $588 million takeover bid from Time Warner.($1 = 1.3224 Australian dollars)(Reporting by Byron Kaye; Additional reporting by Ambar Warrick in Bengaluru; Editing by Edwina Gibbs)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-ten-network-debtrenegotiation-idINKBN19402D'|'2017-06-12T22:35:00.000+03:00'
'5513c1465f1f44ac82ad71bc1897f40b5bf790e7'|'Western Digital expects ruling on injunction request by mid-July - source'|'TOKYO Western Digital Corp expects a ruling on its request for a court injunction to stop the sale of Toshiba Corp''s chip unit by mid-July, a source familiar with the situation said on Thursday.The California-based firm presented a revised offer for the chip unit that met Toshiba''s requests on Wednesday but did not receive a positive response, a separate source said.Western Digital is concerned about how Toshiba, the Japanese government and other stakeholders are handling the auction''s decision-making process, the second source added.The sources declined to be identified due to the sensitivity of the negotiations.Toshiba declined to comment.(Reporting by Makiko Yamazaki; Editing by Edwina Gibbs)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/toshiba-accounting-western-digital-idINKBN19607S'|'2017-06-15T11:14:00.000+03:00'
'36672a64897e82868ef0b70c65f8bdf6e429dee4'|'Southern California power supply at risk this summer -FERC'|'U.S.   11:31am EDT Southern California power supply at risk this summer: FERC Natural gas constraints in Southern California could pose a risk to the region''s power supply this summer, while New England and Texas could face tight electricity supplies, the U.S. Federal Energy Regulatory Commission (FERC) said on Thursday. Overall, the agency said in its Summer 2017 Energy Market and Reliability Assessment report that preliminary data from the North American Electric Reliability Corp (NERC), which writes the nation''s power reliability standards, forecast power resources should be adequate to meet demand in most regions this summer. However, restrictions at Southern California Gas'' Aliso Canyon, the biggest natural gas storage facility in the state, could pose a risk to gas and electric reliability, especially if hotter than normal weather conditions and unplanned gas pipeline outages materialize during the summer, FERC said. California state agencies have not allowed SoCalGas, a unit of Sempra Energy, to inject gas into the facility following a leak between October 2015-February 2016. Also, new regulations on gas storage facilities imposed by California, are likely to reduce the flow of the fuel, FERC added. "Given the abundance of accumulated snow water (in the Western regions), high hydro generation is likely to continue into the early part of the summer, which could be leveraged to reduce gas constraints in Southern California," the report said, adding that snow water equivalent in the region, particularly in California, has been near record levels seen during the 1982-1983 period. The anticipated reserve margin in ISO New England, the regional power grid operator, is forecast at 14.9 percent, slightly below the target of 15.1 percent. The operator could be forced to import additional power from neighboring regions in case peak summer conditions materialize, as forecast, since the commissioning of about 700 megawatts of new resources could be delayed, FERC said. One megawatt can power about U.S. 1,000 homes. In Texas, FERC forecast that reserve margins in the Electric Reliability Council of Texas (ERCOT), which operates the power grid for about 75 percent of the state, would continue to be tight when compared to other regions, even though the operator expects to have adequate generating capacity to meet peak demand. "The Lower Rio Grande Valley, Laredo, and West Texas are a few areas in ERCOT that risk experiencing localized reliability issues due to strong load growth, transmission constraints, and limited generation resources," the report said. For the entire report, please see bit.ly/2seSEML (Reporting by Arpan Varghese in Bengaluru; Editing by Marguerita Choy)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-usa-electricity-ferc-idUSKBN19624P'|'2017-06-15T23:20:00.000+03:00'
'0ee4d1b3d3eeceb99552bf7c4fd929a0275cba5f'|'German ministry orders probe of Porsche emissions'|'Autos  29am BST German ministry orders probe of Porsche emissions BERLIN The German Transport Ministry has ordered the KBA watchdog agency to examine the emissions of sports car maker Porsche ( PSHG_p.DE ), a unit of Volkswagen ( VOWG_p.DE ), a ministry spokesman said on Monday following a critical media report. German newsmagazine Der Spiegel reported on Friday that diesel models of Porsche''s Cayenne V6 TDI, an SUV model, had much higher emissions than legally allowed. The company said it did not understand the test results, and noted that emissions depend on conditions such as engine load, speed and temperature. (Reporting by Andrea Shalal; Editing by Michael Nienaber)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-volkswagen-emissions-porsche-governme-idUKKBN19312Q'|'2017-06-12T18:29:00.000+03:00'
'd2f95405ddd3e5c6d867adef6df6d9cdd61b2d52'|'MIDEAST MONEY-Struggling Saudi bourse may get limited boost from MSCI, Aramco billions'|'* MSCI seen deciding June 20 to review Riyadh for EM status* Huge Aramco IPO seen H2 2018, will also draw foreign money* EFG Hermes: over $50 bln in passive/active funds may enter* Valuations, selling pressure from locals may cap prices* Success of Saudi economic reforms not yet clearBy Andrew TorchiaDUBAI, June 11 Saudi Arabia''s financial sector is hoping for tens of billions of dollars of foreign portfolio funds to start flowing into the country this month, but the money may do little to boost a stock market depressed by low oil prices and rising taxes.On June 20, global equity index compiler MSCI will announce whether it is putting Saudi Arabia on a list for possible upgrade to emerging market status. Index firm FTSE will decide in September whether to make Riyadh a secondary emerging market.Then in late 2018, authorities aim to list national oil giant Saudi Aramco in Riyadh, selling about 5 percent in what is likely to be the world''s biggest initial public offer of shares.All three events promise to draw large flows of passive funds - money that benchmarks itself against international indexes - to Saudi Arabia, and by raising the kingdom''s profile among global investors, attract a volume of active funds that could be even larger over the next couple of years.“Saudi Arabia will become tied to significant global capital flows. The market could be larger than Turkey, larger than Thailand, possibly larger than Mexico,” said Asha Mehta, portfolio manager at U.S. based-Acadian Asset Management, which manages over $77 billion of assets globally.Only about 60 institutions have become Qualified Foreign Investors in the Saudi bourse since it opened to direct foreign investment in mid 2015; the index changes and Aramco''s listing could increase that number."The process is gradual, but the boost to liquidity and market capitalisation in Saudi will make some institutions which have been hesitating decide to enter," said Sandeep Srinivas, senior analyst at FIM Partners in Dubai.But there are signs the inflow of foreign money into Saudi Arabia may be slower than some investors are hoping, and that it may not trigger a strong rise in the Saudi market.Low oil prices are keeping buyers wary, while austerity steps planned by the government, as it confronts a huge budget deficit, will dampen corporate profits. Local regulations mean there may be little room left for foreigners to raise their stakes in some firms."There are a wide range of factors that will dictate the market''s direction over the next couple of years, not all of them necessarily positive," said Simon Kitchen, head of macro strategy at regional investment bank EFG Hermes.Reflecting this, the Saudi stock index has dropped in the run-up to this month''s MSCI decision; it is down 5 percent since the start of 2017.FLOWSAfter the exchange began in April to settle trades within two days of execution - the key remaining reform demanded by MSCI - most fund managers think the index compiler is likely to put Riyadh on its review list on June 20.The actual decision on whether to include Saudi Arabia in MSCI''s emerging market index would then occur in mid 2018, and if MSCI follows past procedures, inclusion would occur in mid 2019.Kitchen estimated MSCI inclusion, not taking into account Aramco''s listing, would bring $7.1 billion of passive inflows into Saudi stocks in mid 2019. So some analysts think a positive announcement by MSCI on June 20 will trigger an immediate inflow of active foreign funds."We expect foreign funds to enter the Saudi market as soon as MSCI announces the watch list inclusion, and to gradually increase as we get closer to a potential implementation date," said analysts at regional firm Arqaam Capital.If FTSE decides in September to upgrade Riyadh, changes in its indexes would probably occur in September 2018; this could bring $3.5 billion of passive funds.Aramco''s listing would magnify MSCI- and FTSE-related passive inflows. Kitchen estimated the extra money at $4.8-9.6 billion, depending on whether Aramco achieved a valuation of $2 trillion as the government hopes, or about half that as some analysts believe possible.In addition, $12-31 billion of active funds could flow in if the index changes and Aramco''s listing boost foreign ownership of Saudi stocks to the levels of neighbouring Qatar and the United Arab Emirates, Kitchen calculated. About 4.2 percent of the $432 billion Saudi market is currently owned by foreigners.The result could be inflows totalling over $50 billion in the next two or three years as Saudi Arabia''s bourse becomes more international. But that could be offset by cash-strapped local institutions selling stocks.At about 14 times forward earnings, Saudi Arabia is not cheap compared with MSCI''s group of global emerging market stocks, at 12.9 times. And the success of Riyadh''s economic reforms, designed to restore growth to an economy shell-shocked by low oil prices, may not be clear for years."Will global emerging market funds be underweight or overweight Saudi Arabia? We think an overweight on Saudi Arabia will depend on the successful implementation of the reform programme and will be gradual, hence active flow estimates should err on the side of caution," Kitchen said.(Reporting by Andrew Torchia; Editing by Mark Potter)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/saudi-markets-msci-aramco-idINL8N1IT0GC'|'2017-06-11T08:46:00.000+03:00'
'23a4ce8cbbe1f9deaf31ec634e5378faea76f938'|'Divided Puerto Ricans head to polls to vote on U.S. statehood'|'By Tracy Rucinski - SAN JUAN, June 11 SAN JUAN, June 11 Puerto Ricans head to the polls on Sunday to decide whether they want their struggling U.S. territory to become the 51st U.S. state, although a vote in favor would likely face an uphill battle in Congress and with President Donald Trump.The vote comes at a time of economic hardship for the island, hamstrung by $70 billion in debt, a 45-percent poverty rate, woefully underperforming schools, and near-insolvent pension and health systems.Puerto Rico''s hazy political status, dating back to its 1898 acquisition by the United States from Spain, has contributed to the economic crisis that pushed it last month into the biggest municipal bankruptcy in U.S. history."Statehood hasn''t come in the past 120 years. Why would Donald Trump want to make this bankrupt island a state now? It will be another 120 years before that happens," said Miriam Gonzalez, a 66-year-old retiree in San Juan.Heading into the plebiscite, Puerto Ricans mingling on the quaint and narrow streets of old San Juan were divided over the three options they will face on Sunday''s ballot: becoming a U.S. state; remaining a territory; or becoming an independent nation, with or without some continuing political association with the United States.Under the current system, Puerto Rico''s 3.5 million American citizens do not pay federal taxes, vote for U.S. presidents or receive proportionate federal funding on programs like Medicaid, though the U.S. government oversees policy and financial areas such as infrastructure, defense and trade.Puerto Rico''s recently elected governor Ricardo Rossello campaigned last year on holding a referendum.Rossello''s New Progressive Party (PNP) party, which controls Puerto Rico''s government, is premised on a pro-statehood stance, while the opposition Popular Democratic Party (PPD) supports versions of the current territory status and a third party, the Puerto Rican Independence Party (PIP), supports independence.A spokesman for the governor told Reuters he will push Congress to respect a result in favor of statehood, but Puerto Rico is seen as a low priority in Washington.The status referendum is Puerto Rico''s fifth since 1967. Statehood won in the last referendum in 2012, though PPD leaders instructed constituents to leave blank hundreds of thousands of ballots, calling the result into question."Statehood isn''t going to happen and the status quo is a trap," said 23-year-old engineering and economics student Daniel Montalvo. "At this point, I think gradual independence is the best option." (Reporting by Tracy Rucinski)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/puertorico-debt-vote-idINL1N1J70KD'|'2017-06-11T02:01:00.000+03:00'
'453fd520dc4892fefe579ea0e19b830446367e9e'|'Booking.com refused us any wriggle room despite its cancellation promise - Money'|'I have been charged with planning a family gathering for my father-in-law’s 80th birthday. As a result I used Booking.com to reserve seven refundable rooms at the Copthorne Hotel in Slough, with a view to cancelling any we would not need when the final guest list was confirmed. With this in mind, I was only searching for hotels that offered “free cancellation”, which these clearly did. The next morning I was shocked to find that £1,209 had been taken from my account – the full amount for all seven rooms. I contacted Booking.com and the Copthorne, and both said the booking did not have free cancellation. I have since learned we only need four rooms, but both companies are refusing to refund me for the other three. I have looked repeatedly at the same offer on subsequent dates and it displays exactly the same message – free cancellation – as per my booking. I believe Booking.com is very misleading and I would never have booked without the option of free cancellation. What was supposed to be a wonderful family celebration has now turned into a financial nightmare, and I feel sick to my stomach. GC, Winchester Booking.com makes much of its “free cancellation” offer, and it is the main reason that lots of people use the site to book hotel rooms.As soon as I received your letter I went on to the site and made a dummy booking at the Copthorne for a date in June. Like you, I was only offered cancellable rooms – as the below screengrab shows.Facebook Twitter Pinterest Our dummy Copthorne Hotel booking on Booking.com – all rooms offered as cancellable. As a result I took up the complaint with Booking.com. However, rather than simply sorting this out and refunding you for the three unnecessary rooms, it has disgracefully refused to help. It also appears to have changed its website, and sent us a booking which shows that it offers two rates – one cancellable and one non-refundable.But that was not your or my own experience of using the actual site. In response, all it has done is send me a statement full of PR speak: “We successfully facilitate hundreds of thousands of bookings every day that result in great stay experiences for our customers all over the world, and we are committed to that mission.”Happily for you, the manager of the Copthorne decided that customer satisfaction is more important to him, and he has now generously agreed to refund you for the three rooms you won’t need. You are shocked at Booking.com’s response and say you won’t be using the firm again. You are also very relieved.Meanwhile, have other readers had problems after making non-refundable “cancellable” bookings with Booking.com? Lets us know your experience, good or bad, and we’ll report back – email the usual address.We welcome letters but cannot answer individually. Email us at consumer.champions@theguardian.com or write to Consumer Champions, Money, the Guardian, 90 York Way, London N1 9GU. Please include a daytime phone number Topics Consumer rights Consumer champions Consumer affairs Travel & leisure features  '|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/money/2017/jun/11/booking-com-cancellation-policy-hotel-room'|'2017-06-11T15:00:00.000+03:00'
'87f71ed3ed2730624a0e4d3a2f28914373c19c94'|'Sensex falls ahead of inflation data, Fed meet'|'By Vishal Sridhar Indian shares fell on Monday as investors booked profits in recent outperformers including lenders ahead of inflation data due later in the day, while sentiment was cautious ahead of the U.S. Federal Reserve policy meeting this week.Inflation in India is expected to have cooled to a new record low of 2.60 percent in May, a Reuters poll found, which could add pressure on the Reserve Bank of India to cut interest rates later in the year.Asian markets were also lower - with MSCI''s broadest index of Asia-Pacific shares outside Japan down 0.8 percent - as shares of electronic products makers fell on caution ahead of the Fed, which is expected to raise rates and signal further increases this year."The market has been moving up for quite sometime and it needs to consolidate," said Arun Kejriwal, founder of Kejriwal Research & Investment Services, adding that the fall in banking and IT stocks was owing to profit booking.The broader NSE Nifty was down 0.51 percent at 9618.55 as of 0643 GMT, while the benchmark BSE Sensex was 0.53 percent lower at 31096.40.Banking stocks fell as sentiment took a hit after India''s western state of Maharashtra agreed on Sunday to write off all loans availed by farmers.Nifty PSU bank index dropped as much as 1.34 percent, with all its members trading lower, and recorded its biggest intraday percent loss since May 29, while the Nifty Bank index slipped as much as 0.62 percent.The Nifty IT index fell as much as 1.23 percent, with Wipro Ltd losing as much as 3.04 percent to its lowest in over two weeks.(Reporting by Vishal Sridhar in Bengaluru; Editing by Vyas Mohan)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/india-sensex-nifty-stock-markets-idINKBN1930QZ'|'2017-06-12T06:07:00.000+03:00'
'ee19707068e8de8ccf0fa941d799261e63a9f9cc'|'British political uncertainty risks slowing M&A, dealmakers say'|'Deals - Mon Jun 12, 2017 - 2:25pm BST British political uncertainty risks slowing M&A, dealmakers say Protestor wearing a Theresa May mask is seen the day after Britain''s election in London. REUTERS/Clodagh Kilcoyne By Anjuli Davies and Pamela Barbaglia - LONDON LONDON The political shock of Prime Minister Theresa May''s failure to win a majority in a national election could put the brakes on takeover activity in Britain, dealmakers told Reuters on Monday. "So long as uncertainty is there I don''t see that as particularly positive for M&A in the short term," Karen Cook, chair of investment banking at Goldman Sachs, said at the Reuters Global M&A summit. "I think the problem is there is a government with different views amongst the Tory (Conservative) party, who are not all aligned to hard Brexit." A failed gamble on a snap election has weakened Britain''s hand just days before formal talks on leaving the European Union. It has also emboldened those within May''s own Conservative ranks and beyond who object to her plan to leave the European single market and customs union. Hernan Cristerna, co-head of global M&A at JPMorgan, said that dealmaking would likely be driven by what happens in the currency markets. "What I follow more than hard or soft Brexit is what happens to sterling and post-election there is renewed weakness in sterling," said Cristerna, noting a weaker pound could spark deals as happened after last year''s Brexit vote. "There is an opportunistic situation when companies happen to be valued in sterling but most of their assets are global." HISTORY LESSONS Going by past elections, dealmaking should in theory rise. More M&A deals involving a UK target company were announced immediately after the last two elections than immediately before, Thomson Reuters data shows. In 2015, when the Conservatives won a small majority, four percent more deals were announced during the 90 day period after the election than in the same period before. In 2010, when the election spawned a Conservative-Liberal Democrat coalition, there was an eight percent increase. An increase in the number of UK Outbound M&A deals was also seen after the last three UK general elections, with an increase of 47 percent in 2015. "It''s far too early to call what the consequences of last week are. The UK has had a relatively open environment for M&A," said William Rucker, Chief Executive of Lazard UK. "It''s certainly more protectionist compared with 12 months ago but a lot of these things haven''t been tested yet." May had promised to make it harder for foreign firms to take over British ones, when she set out pre-election plans to give the state more influence over corporate Britain. To protect jobs, May said her government would tighten the rules around takeovers, especially in infrastructure deals where a foreign owner could also raise security concerns. However, the Conservatives will need the help of the small Democratic Unionist Party to govern, meaning parts of their manifesto may have to be dropped or modified. "There clearly is increased protectionism in the UK and the US," said Cook. "If this government wants to have more protectionism they ought to do it through legislation not through the back door on takeover rules because I think the takeover rules broadly work." The Takeover Panel administers Britain''s code on takeovers and regulates deals to ensure fair treatment for investors. SPECIAL RELATIONSHIP Despite political upheaval around the world, with the new U.S. administration under President Donald Trump also promoting an America-first agenda, dealmaking has remained robust. Worldwide M&A is up 3 percent so far this year to total $1.4 trillion, compared to the same period in 2016, Thomson Reuters data shows. European M&A is up 44 percent this year to total $393 billion, whilst M&A in the United States is down 14 percent to total $499 billion, compared to the same period a year ago. M&A in Britain is up 89 percent year-to-date, totaling $81 billion, compared to this time last year. "U.S. companies are still very interested in Europe and European companies in the U.S., " said Steve Baronoff, chairman of global M&A at Bank of America Merrill Lynch said. "The special relationship between the UK and the U.S. - that special relationship comes from the bottom up....It may ebb and flow a bit depending on who is running the country but that is the bedrock and that doesn''t get changed depending on the president." (Reporting By Anjuli Davies; Editing by Rachel Armstrong and Keith Weir)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-britain-election-m-a-idUKKBN1931JL'|'2017-06-12T21:24:00.000+03:00'
'fd4c17f930fdd58523d9b9405ef5e9585d03548a'|'Uber board adopts all recommendations from Eric Holder investigation'|'Top News - Mon Jun 12, 2017 - 6:14am BST Uber board adopts all recommendations from Eric Holder investigation left right The logo of Uber is seen on an iPad, during a news conference to announce Uber resumes ride-hailing service, in Taipei, Taiwan April 13, 2017. REUTERS/Tyrone Siu 1/2 left right FILE PHOTO - Uber CEO Travis Kalanick speaks to students during an interaction at the Indian Institute of Technology (IIT) campus in Mumbai, India, January 19, 2016. REUTERS/Danish Siddiqui/File photo 2/2 By Heather Somerville and Joseph Menn - SAN FRANCISCO SAN FRANCISCO The Uber Technologies Inc board of directors voted unanimously to adopt all recommendations from a report stemming from allegations of sexual harassment at the company and other employee concerns, a board representative said on Sunday. The board, at a meeting on Sunday, adopted a series of recommendations from former U.S Attorney General Eric Holder following a sprawling, multi-month investigation into Uber''s cultures and practices. The recommendations will be released to Uber employees on Tuesday, said the representative, who declined to be identified. Holder and his law firm were retained by Uber in February to investigate company practices after former Uber engineer Susan Fowler published a blog post detailing what she described as sexual harassment and the lack of a suitable response by senior managers. The recommendations in Holder''s firm''s report are expected to force greater controls on spending, human resources and other areas where executives led by Chief Executive Travis Kalanick have had a surprising amount of autonomy for a company with more than 12,000 employees, a source familiar with the matter said. The meeting, which Uber did not publicize, is a pivotal moment for the world''s most valuable venture-backed private company that has upended the tightly regulated taxi industry in many countries but has also run into legal trouble with a rough-and-tumble approach to local regulations and the way it handles employees and drivers. Uber''s image, culture and practices have been largely defined by Kalanick''s brash approach, company insiders and investors previously told Reuters. Also at the meeting on Sunday, board members were expected to discuss Kalanick temporarily stepping away from the embattled ride-hailing firm - possibly returning to a role with less authority - and other changes to executive leadership. The board''s decisions follow a series of public-relations crises for Uber. The company faces a criminal probe related to a technology it created called Greyball that was used to deceive regulators in cities where it was operating. Its self-driving car program is in jeopardy after a lawsuit from Alphabet Inc alleging trade secrets theft, and the company has suffered an exodus of several of its top executives. One Uber investor called the board''s decisions on Sunday a step in the right direction, giving Uber an "opportunity to reboot." (Reporting by Heather Somerville and Joseph Menn; Editing by Christopher Cushing) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-uber-board-vote-idUKKBN1930AI'|'2017-06-12T12:15:00.000+03:00'
'aad1f33402a19554cbb5d493004f6a36cf955863'|'U.S. EPA suspected Fiat Chrysler of using ''defeat device'' in 2015'|'Autos  21pm BST U.S. EPA suspected Fiat Chrysler of using ''defeat device'' in 2015 FILE PHOTO: A specialist trader works at the post where Fiat Chrysler Automobiles is traded on the floor of the New York Stock Exchange (NYSE) in New York, U.S., March 8, 2017. REUTERS/Brendan McDermid By David Shepardson - WASHINGTON WASHINGTON The U.S. Environmental Protection Agency told Fiat Chrysler Automobiles NV ( FCAU.N ) in November 2015 it suspected some of its vehicles had at least one "defeat device" that improperly bypassed emissions controls, emails disclosed under a public records request on Friday show. The EPA and California Air Resources Board accused Fiat Chrysler in January of using undisclosed software to illegally allow excess diesel emissions in 104,000 U.S. 2014-2016 Jeep Grand Cherokees and Dodge Ram 1500 trucks. Fiat Chrysler did not immediately comment on the public records. Byron Bunker, director of the EPA''s Transportation and Air Quality compliance division, said in a January 2016 email to Fiat Chrysler obtained by Reuters under the Freedom of Information Act that he was "very concerned about the unacceptably slow pace of the efforts to understand the high NOx emissions." NOx refers to the nitrogen oxides in polluted air. Bunker''s email said the EPA had told Fiat Chrysler officials at a November 2015 meeting that at least one auxiliary emissions control device appeared to violate the agency''s regulations. Mike Dahl, head of vehicle safety and regulatory compliance for Fiat Chrysler''s U.S. unit, responded in a separate email that the company was working diligently and understood the EPA''s concerns. He added that if the EPA declared vehicles to contain defeat devices, it would result in "potentially significant regulatory and commercial consequences." The documents redacted the vehicles named, but two officials briefed on the matter said they referred to diesel models. At an event in Venice on Friday, Fiat Chrysler Chief Executive Sergio Marchionne said he was "confident of the fact that there was no intention on our part to set up a defeat device that was even remotely similar to what (Volkswagen) had in their cars." The Justice Department sued Fiat Chrysler in May, saying it placed eight undeclared "defeat devices," or auxiliary emissions controls, in 2014-2016 Fiat Chrysler diesel vehicles that led to "substantially" higher than allowable levels of nitrogen oxide, which is linked to smog formation and respiratory problems. It has a separate ongoing criminal probe into the matter. Marchionne said on Friday he was "confident that we have a solution that is acceptable to EPA and (California) in terms of 2017 certification and as flashback mechanism on all the 2014 to 2016 cars." The EPA notice was the result of a probe that arose out of regulators'' investigation of rival Volkswagen AG''s ( VOWG_p.DE ) excess diesel emissions. (Reporting by David Shepardson. Additional reporting by Agnieszka Flak in Venice; Editing by Richard Chang and Steve Orlofsky)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-fiatchrysler-emissions-idUKKBN1972L2'|'2017-06-17T03:21:00.000+03:00'
'9d4878431a31867ef31d0494a4753d4134efa54f'|'Australian lithium miner Neometals plans U.S listing'|'  6:03am EDT Australian lithium miner Neometals plans U.S listing * Neometals considers splitting technology from mining business * Shares down nearly 20 percent in 2017 * GRAPHIC: Global electric vehicle market - tmsnrt.rs/2ppiLi3 By Zandi Shabalala LONDON, June 15 Australian lithium miner Neometals plans to list in New York and may spin off its processing technology in an attempt to boost its share value, Chief Executive Chris Reed said. The share prices of lithium producers are volatile because of uncertainty surrounding supply, demand and pricing as analysts disagree over the potential size of the market for electric vehicles, many of which use lithium batteries. Neometals stands out from the crowd, Reed said, because it uses a combination of chemicals to accelerate the process of creating lithium, cutting costs. He predicted the U.S. market, with its large contingent of institutional investors, would value his firm''s technical expertise. "Mining is well understood in Australia. Our plan to process our mineral concentrates into lithium battery materials and development of new processing technologies is not," Reed told Reuters. He said Neometals was eyeing a listing under the Nasdaq International Designation - an upgrade of its over-the-counter offering - within the next two years. Most operators in the lithium triangle of high-altitude lakes and salt flats that straddles Chile, Argentina and Bolivia rely on salt pools. These take many months to produce lithium, although some operators say that once the process has begun, its duration becomes irrelevant because it creates a steady stream of lithium production. Rechargeable batteries containing lithium are used in mobile phones and electric cars, whose sales are forecast to rise fourfold from 2015 levels to 2.5 percent of the global car market by 2020, Wood Mackenzie consultant James Whiteside said. Consulting group CRU expects lithium demand to grow by around 20,000 tonnes per year over the next few years, from just over 200,000 tonnes in 2016. Many companies have been seeking to get into lithium, although not all projects are delivering. Lithium bulls say it would take only a slightly bigger takeup in electric vehicles than many predict to result in a shortfall. Lithium-based equities rallied over the previous two years, but have fallen this year because of a combination of profit-taking and fears of a supply bubble. Neometals shares are down nearly 20 percent since the start of the year, in line with the wider trend. Apart from a lithium and a titanium mine, Neometals has two processing plants and recycles batteries to recover cobalt in Canada. (Reporting by Zandi Shabalala; Editing by Dale Hudson)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/neometals-listing-usa-idUSL8N1JA3OE'|'2017-06-15T18:03:00.000+03:00'
'2e8ebaa9465f125bbefaeed5ec3c97c34df567c5'|'Basic resources, retailers send European shares near two-month low'|'Top News   8:49am BST Basic resources, retailers send European shares near two-month low Traders work in front of the German share price index, DAX board, at the stock exchange in Frankfurt, Germany, June 14, 2017. REUTERS/Staff/Remote LONDON Weak basic resources stocks amid depressed crude prices sent European shares sliding for the second straight session on Thursday. Investors awaited interest rate decisions from the Bank of England and Swiss National Bank due later in the day, though market expectations are for both to keep rates on hold. Crude prices wallowed near a seven-month low as doubts grew over OPEC''s ability to cut oil supplies, weighing on stocks worldwide. The pan-European STOXX 600 benchmark fell 0.5 percent to its lowest since April 24, while Euro zone stocks and blue-chips fell 0.8 percent. Germany''s DAX fell 0.3 percent, just off its new record high touched on Wednesday. Britain''s FTSE was down 0.6 percent while mid-caps fell 1.1 percent. Basic resource stocks Anglo American, Randgold Resources and Polymetal were among the worst fallers. Retailers were also weak, as lukewarm results and downbeat company updates sent the pan-European index to a two-month low. H&M shares fell 2.7 percent after its May sales missed forecasts, adding to a string of softer figures from the fashion retailer which blamed tough trading conditions. DFS Furniture plummeted 21 percent on Britain''s small-cap index after a profit warning which it blamed on a dip in demand, with significant declines in store footfall amid a weaker trading environment it said was market-wide. Among notable broker activity, Petrofac shares rose to the top of the European index after a Jefferies upgrade, while telecoms firm Proximus fell 3.3 percent after suffering a cut to ''sell'' from Citi. Stocks in Athens were down 0.2 percent ahead of a Eurogroup meeting which could yield a short-term debt agreement. (Reporting by Helen Reid, Editing by Vikram Subhedar)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-europe-stocks-idUKKBN1960OJ'|'2017-06-15T15:49:00.000+03:00'
'23ada506964c1db0492e08f6293a3a8ed1d5ba3c'|'WeWork CEO says revenue runs at $1 billion a year, no IPO details yet'|'By Herbert Lash - NEW YORK NEW YORK The chief executive of WeWork Cos Inc said on Wednesday the co-working space startup he co-founded is now generating $1 billion a year in revenue at current rates and will launch an initial public offering, but did not say where or when.Adam Neumann, whose company is now valued at some $17 billion, said the exchange where WeWork will list its shares is undecided, addressing a lunch event at the Economic Club of New York, held at the New York Stock Exchange.He praised NYSE Group President Tom Farley, who runs the exchange, for his persistence in seeking WeWork''s listing. NYSE Group is owned by Intercontinental Exchange Inc ( ICE.N ).Neumann, who was quizzed by Farley in front of almost 200 people at the lunch, said his company will conduct an IPO, but did not say when that might occur.The company, which operates 149 locations in 15 countries, now has about 120,000 members who pay on average $650 a month each, Neumann said. Five to 10 new sites open every month.WeWork has raised about $1.8 billion from investors and venture capital funds since it began operations six years ago.SoftBank Group Corp ( 9984.T ) invested $300 million in WeWork in March, the first of a much larger funding round that could total up to $3 billion, according to a person familiar with the matter who spoke on condition of anonymity.Two years ago, less than 1 percent of WeWork''s business was generated by Fortune 500-type companies. That figure is now about 30 percent and growing, Neumann said, interpreting that as a sign of a viable business model.A communal housing model called WeLive, which the company has launched in New York City and Crystal City, Virginia, is 100-percent leased, but Neumann said the are no immediate plans to expand the concept as WeWork tries to perfect the product."WeLive is going to be a tremendous success," he said.(Reporting by Herbert Lash; Editing by Bill Rigby)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-usa-property-wework-idINKBN19532L'|'2017-06-14T19:00:00.000+03:00'
'7e0d71d8ed55140aaddb3872cdf90a44f3ee893d'|'Canada''s Home Capital agrees settlement with regulator'|'TORONTO Home Capital Group Inc said on Wednesday it had agreed on a settlement with the Ontario Securities Commission (OSC) and accepted responsibility for misleading investors about problems with its mortgage underwriting procedures.Canada''s biggest non-bank lender said that it would make a payment of C$10 million ($7.6 million) and reimburse the commission''s costs of C$500,000. It also said that it would make a payment of C$29.5 million to settle a class action lawsuit."Home Capital will accept full responsibility for failing to meet its disclosure obligations to the marketplace and appreciates the importance of the serious concerns raised by the Commission with respect to continuous and timely disclosure," the company''s Chair Brenda Eprile said in a statement.Depositors have withdrawn 95 percent of funds from Home Capital''s high interest savings accounts since March 27, when the company terminated the employment of former Chief Executive Martin Reid.The withdrawals accelerated after April 19, when the OSC, Canada''s biggest securities regulator, accused Home Capital of making misleading statements to investors about its mortgage underwriting business.Reuters reported on Wednesday that Home Capital was in talks with a syndicate of banks, including some of Canada''s biggest lenders, to secure a loan of about C$2 billion ($1.5 billion) to replace a costly emergency credit line it agreed in April.(Reporting by Matt Scuffham; editing by Clive McKeef)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-homecapital-lender-settlement-idINKBN1953AH'|'2017-06-14T21:22:00.000+03:00'
'7adfca9c97b3d960489eba4f98ef13c14f24282c'|'Attacks on Western cities prompt insurers to adapt'|'Top News - Thu Jun 15, 2017 - 7:53am BST Attacks on Western cities prompt insurers to adapt left right FILE PHOTO: A man walks past flowers and tributes left for the victims of the attack on London Bridge and Borough Market on a wet and windy morning in London, Britain, June 6, 2017. REUTERS/Marko Djurica/File Photo 1/5 left right FILE PHOTO: A commemorative plaque unveiled by French President Francois Hollande and Paris Mayor Anne Hidalgo is seen in front of the Bataclan concert hall, in Paris, France, November 13, 2016, during a ceremony held for the victims of the 2015 Paris attacks which targeted the Bataclan concert hall as well as a series of bars and killed 130 people. REUTERS/Christophe Petit Tesson/Pool/File Photo 2/5 left right FILE PHOTO: Flowers, messages and tokens are left in tribute to the victims of the attack on Manchester Arena, in central Manchester, Britain May 26, 2017. REUTERS/Stefan Wermuth/File Photo 3/5 left right Customers sit in the London Grind coffee shop, near the scene of the recent London Bridge attacks, in central London, Britain June14, 2017. REUTERS/Hannah McKay 4/5 left right FILE PHOTO: Messages of support are left for the victims of the attack on London Bridge and Borough Market on London Bridge, London, Britain, June 8, 2017. REUTERS/Marko Djurica/File Photo 5/5 By Carolyn Cohn , Suzanne Barlyn and Noor Zainab Hussain - LONDON/NEW YORK LONDON/NEW YORK The changing nature of attacks in Western cities has led insurers to offer new policies, from straightforward cover for business lost due to police cordons to more risky compensation for declines in tourism. Terrorism insurance policies were developed after the 9/11 attacks on the United States, but until recently covered only businesses that had been physically damaged. The deaths of two hostages taken at a cafe in Sydney in Dec 2014 and attacks in Paris in Nov 2015 that killed 130 people were catalysts for new types of cover taking into account the impact of heavy loss of life on businesses not directly hit. Recent deadly attacks in London and Manchester underlined the need. "The focus of terrorism has shifted to loss of life, rather than money, which can cause devastating loss of revenues to industries like hospitality," said Chris Folkman, director of product management at risk modelling firm RMS. Some of these newer policies are difficult to price and hard to model, but insurers are developing them to meet demand and maintain market share in a highly competitive market which has suffered several years of falling premiums. Insurance against attacks is typically offered as a standalone policy or add-on to property insurance and is underwritten by specialists such as Lloyd''s of London insurers Beazley, Hiscox and Talbot and U.S. insurers like AIG. Additions to the standard policies have begun to include "denial of access" policies to compensate for loss of business as a result of a police cordon following an attack, as well as "loss of attraction" policies to cover loss of revenue due to potential customers staying away from businesses further from the attack. A new-style policy including physical damage and business interruption cover for a hotel in central Manhattan which may have suffered from or merely been close to an attack, for example, would cost around $500 (392 pounds) for $100,000 of cover, said Steven Tebbutt, political violence underwriter at Talbot. LONDON BRIDGE Insurers say the global market for terrorism insurance can now cope with potential claims totalling more than $3 billion as the industry responds to growing demand. For instance, Chubb said this week it had increased the risk by 300 percent that it is willing to take on for each client account through terrorism and political violence insurance in the last two years, citing "growing client demand for certainty and comprehensive cover". AIG has expanded its global capacity to cover attacks on property to $1 billion, in part by employing engineering experts to help clients make their buildings less of a target, said George Stratts, AIG''s President of Property and Special Risk. David Abrahamovitch, chief executive of a chain of coffee shops including London Grind, which is near the scene of this month''s London Bridge attacks, has begun the process of claiming from his insurer. London Grind was closed for a few days as it was inside a police cordon. The chain switched insurance companies last year which gave it suitable cover, Abrahamovitch said, adding: "It will take a little while for footfall to recover." In order for such insurance to be triggered, a government needs to declare an event an act of terrorism. But in the United States, a strict legal definition of terrorism for insurance purposes does not apply to many acts, or threats, of violence, said Bruce Smiley-Kaliff, senior underwriter for specialised programs at Kaliff Insurance and Lloyd’s North American underwriter, which focuses on events coverage. For example, the 2013 Boston Marathon bombing did not meet criteria for the U.S. Treasury to determine it an act of terrorism under the Terrorism Risk Insurance Act. "The terrorism statute was a congressional kneejerk to 9/11," Smiley-Kaliff said. "It never entered anyone’s minds that we’d have to worry about the county fair." Kaliff Insurance, based in San Antonio, Texas, is now developing coverage that would more broadly cover “violent acts” such as bombs, shootings, or multiple stabbings, at concerts and other events, such as concerts and outdoor festivals. OPPORTUNITIES, RISKS Insurance broker Arthur J Gallagher said it had seen growing interest in its crisis resilience policy, underwritten by AIG, which costs small businesses around 500 pounds and includes post-incident trauma counselling and "24/7 access to experienced response consultants". While insurers develop some policies with an eye to new business, other claims for compensation may be forced upon them. In Britain, a rule change earlier this year means people injured by a vehicle, like those targeted in the Westminster and London Bridge attacks, can now seek compensation from insurers or the industry-backed Motor Insurers'' Bureau. Previously, the vehicle''s insurer would probably not have been liable. The policy riskiest for insurers, though of growing interest to customers, is loss of attraction, provided to a business nowhere near an attack which loses revenue as a result. Paul Bassett, managing director of crisis management at AJ Gallagher, said its "denial of access" policies have a 2.5-mile radius, while "loss of attraction" has a 10-mile radius. Those distances vary among insurers. Jessica Johnson, underwriting manager malicious acts at Lloyd''s insurer Barbican, said a loss of attraction policy could provide cover, for example, to a hotel group with hotels in four UK cities. A physical attack on a hotel in one city could also allow the group to claim for loss of revenue in the other three. Insurers use forensic accountants to judge whether a business has lost attraction as a result of an attack which did not affect it directly. This type of policy could have helped hotels in Paris, for example, where revenue per available hotel room (RevPAR) plunged 14.6 percent in 2016 compared to 2015, according to research firm MKG Consulting. "It’s an emerging, volatile type of coverage," said Gordon Woo, catastrophist at RMS, adding: "We’re thinking of modelling it. Our clients are interested in this.” But insurers are cautious about offering too much of this and other such cover to avoid breaching the levels of risk that they have calculated are safe to have on their books. "Loss of attraction is something we''re looking into...it''s been asked about a lot by clients – especially in the entertainment area," said Christof Bentele, global head of crisis management, at Allianz Global Corporate & Specialty. "As an underwriter, you have to make sure that you’re not oversubscribing yourself." '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-europe-attacks-insurance-idUKKBN1960JV'|'2017-06-15T14:53:00.000+03:00'
'079da528f259eaf8786e309cfc74c5e299dd843a'|'Warburg Pincus to buy 43 percent in Tata Tech for $360 million'|'Money News - Thu Jun 15, 2017 - 5:42pm IST Warburg Pincus to buy 43 percent in Tata Tech for $360 million A private security guard stands at the exit gate of the headquarters of Tata Consultancy Services (TCS) in Mumbai, India October 13, 2016. REUTERS/Shailesh Andrade/File Photo MUMBAI An affiliate of private equity firm Warburg Pincus will buy an about 43 percent stake in Indian engineering outsourcing provider Tata Technologies Ltd for $360 million. Warburg will buy an about 30 percent stake from Tata Motors and its subsidiary, Sheba Properties Ltd, and another 13 percent held by Tata Capital in Tata Technologies, Tata Motors said in a statement on Thursday. Tata Motors and affiliates of Tata Group will continue to own about 43 percent of Tata Technologies, while the company''s management team and other shareholders will own the remainder, it added. "The partial divestment is part of Tata Motors'' plan to strategically monetize part of the value created while also including a valuable partner, together with whom the Company can excel its next phase of growth," Tata Motors group finance chief C. Ramakrishnan said in the statement. (Reporting by Sankalp Phartiyal; editing by Devidutta Tripathy and Amrutha Gayathri) '|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/warburg-pincs-investment-idINKBN1961HI'|'2017-06-15T10:12:00.000+03:00'
'032580b3c92e779b8bb6e89d064da4c7ace8db84'|'Chi-Med steps closer to Chinese pharma first with drug filing'|'Business News - Mon Jun 12, 2017 - 8:31am BST Chi-Med steps closer to Chinese pharma first with drug filing LONDON Hutchison China MediTech, the Shanghai-based drugmaker listed in London, is a step closer to winning approval for a modern drug developed in a Chinese lab with the submission of its cancer medicine fruquintinib to China''s drug watchdog. The company, controlled by Li Ka-shing''s CK Hutchison group, said on Monday the China Food and Drug Administration would now review the drug as a treatment for advanced colorectal cancer. The move triggers a milestone payment of $4.5 million (3.5 million pounds) from U.S. partner Eli Lilly to the Chinese firm, which is commonly known as Chi-Med. Chi-Med and Lilly also aim to win approval for fruquintinib in the United States, which would make it the first modern drug developed in China to be sold on the international market. Hopes for the drug, which starves tumours of blood supply, received a major boost in March when a late-stage clinical trial produced strongly positive results in colon cancer, lifting Chi-Med shares. The drug is also being developed for non-small cell lung cancer and another study in gastric cancer is due to start soon. Chi-Med shares were up 1.1 percent in early London trading on Monday. (Reporting by Ben Hirschler; editing by Jason Neely)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-chi-med-cancer-idUKKBN1930NG'|'2017-06-12T15:31:00.000+03:00'
'dae8abdcc3a107b668c548f4a9b3630a1c25a5ed'|'IPO price range values Allied Irish Banks at up to 13.3 bln euros'|'DUBLIN, June 12 Shares in Allied Irish Banks (AIB) will be priced at between 3.90 and 4.90 euros when a 25 percent stake is floated in Dublin and London, valuing the state-owned lender at up to 13.3 billion euros ($14.9 billion), Ireland''s finance ministry said in a statement.The initial public offering is set to be one of Europe''s largest share listings by a bank since the 2008 financial crisis. ($1 = 0.8929 euros) (Reporting by Conor Humphries; Editing by Greg Mahlich)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/aib-ipo-idINS8N1H402W'|'2017-06-12T15:32:00.000+03:00'
'66247d522ac8307c2e5a2d9cd4bd6d3374274dd2'|'Embattled Takata recommends re-electing current board'|'TOKYO, June 12 Japan''s Takata Corp has recommended reappointing its current board, including Chairman Shigehisa Takada, at its annual shareholders meeting as the embattled auto parts maker struggles to survive.The company, which faces bankruptcy over costs related to the recall of its potentially deadly air bag inflators, made the proposal in a letter to shareholders on Monday. Its annual meeting is scheduled on June 27.(Reporting by Taiga Uranaka; Editing by Edwina Gibbs)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/autos-takata-idINT9N1HJ00G'|'2017-06-12T00:48:00.000+03:00'
'8ebbc4fbf8d8664ba26ef74c30464422a795180a'|'Another Chinese region faked fiscal data, anti-corruption agency says'|'Mon Jun 12, 2017 - 5:24am BST Another Chinese region faked fiscal data, anti-corruption agency says BEIJING Some parts of northern China''s Inner Mongolia have fabricated fiscal data, China''s anti-corruption agency said, making it the third Chinese region exposed for data falsification after the rust-belt provinces of Liaoning and Jilin. The latest finding will bolster long-existing scepticism about the reliability of Chinese economic data, reflects local governments'' penchant for inflating statistics amid a protracted slowdown in the world''s second-largest economy. In a summary of its findings from an inspection tour of eight provinces and government institutions, the Central Commission for Discipline Inspection said on Sunday that "some places" in the autonomous region had faked data. It did not provide details. In January, the northeastern province of Liaoning said in its annual work report that the government had falsified reporting of fiscal data from 2011 to 2014, a rare incident that prompted authorities to ramp up rhetoric against data fraud and to improve data quality. (Reporting by Yawen Chen and Ryan Woo; Editing by Richard Borsuk)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-china-economy-data-idUKKBN1930B2'|'2017-06-12T12:13:00.000+03:00'
'95d04d9585481b046a4c27764abbb5aaabd19ab3'|'Deals of the day-Mergers and acquisitions'|'June 12 The following bids, mergers, acquisitions and disposals were reported by 1330 GMT on Monday:** Apple Inc, computing giant Dell Inc and Kingston Technology Co are members of a Foxconn-led consortium bidding for Toshiba Corp''s chip unit, the CEO of the world''s largest electronics manufacturer told Reuters.** KCB Group, Kenya''s biggest lender by assets, has proposed to take over National Bank of Kenya through a share swap, to increase its share of the government''s banking business, according to documents seen by Reuters.** Egypt''s EFG Hermes wants to enter Nigeria through an acquisition and expects to get regulatory approval to start a brokerage business in Kenya this year as part of a big push into frontier markets, a senior executive told Reuters.** Private equity fund Nordic Capital gained EU antitrust approval to buy Sweden''s Intrum Justitia after pledging to sell overlapping debt collection and debt purchase businesses in five neighbouring countries. (Compiled by Diptendu Lahiri in Bengaluru)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/deals-day-idINL3N1J93BN'|'2017-06-12T11:34:00.000+03:00'
'4d0f0751a871234dac6397d5546f58fcc2620218'|'Qatar can defend economy and currency, finance minister tells CNBC'|'Business News - Mon Jun 12, 2017 - 6:46am BST Qatar can defend economy and currency, finance minister tells CNBC Qatar''s Finance minister Ali Sherif al-Emadi speaks during a briefing on the financial outlook for Qatar, in Doha, Qatar, February 7, 2017. REUTERS/Naseem Zeitoon DUBAI Qatar can easily defend its economy and currency against sanctions by other Arab states, Qatari finance minister Ali Sherif al-Emadi told CNBC television in an interview broadcast on Monday. He added that the countries which had imposed sanctions would also lose money because of the damage to business in the region. "A lot of people think we''re the only ones to lose in this... If we''re going to lose a dollar, they will lose a dollar also." Saudi Arabia, the United Arab Emirates, Bahrain and Egypt cut diplomatic and transport ties a week ago, accusing Doha of backing terrorism. The sanctions have disrupted flows of imports and other materials into Qatar and caused many foreign banks to scale back their business with the country. But Emadi said the energy sector and economy of the world''s top liquefied natural gas exporter were essentially operating as normal and that there had not been a serious impact on supplies of food or other goods. Qatar can import goods from Turkey, the Far East or Europe and it will respond to the crisis by diversifying its economy even more, he told CNBC. The Qatari riyal has come under pressure in the spot and forward foreign exchange markets, but Emadi said neither this nor a near 10 percent plunge in the local stock market was cause for concern. "Our reserves and investment funds are more than 250 percent of gross domestic product, so I don''t think there is any reason that people need to be concerned about what''s happening or any speculation on the Qatari riyal." Asked whether Qatar might need to raise money by selling off stakes in large Western companies held by its sovereign wealth fund, Emadi indicated this was not on the cards at present. "We are extremely comfortable with our positions, our investments and liquidity in our systems," he said. Prices of Qatar''s international bonds have dropped sharply, but in answer to another question, Emadi said he saw no need for the government to step into the market and buy those bonds to support prices. (Reporting by Andrew Torchia, Editing by Sylvia Westall) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-gulf-qatar-finance-idUKKBN1930E6'|'2017-06-12T13:40:00.000+03:00'
'ea3e4b3d0816ddda792878f7366cdde68fa58f8a'|'Tech slump gives European shares the Monday blues'|'Top   8:39am BST Tech slump gives European shares the Monday blues Traders work in front of the German share price index, DAX board, at the stock exchange in Frankfurt, Germany, June 9, 2017. REUTERS/Staff/Remote MILAN A big fall in Apple suppliers and other tech stocks hurt European shares in opening deals on Monday, more than offsetting well-received election results in France and Italy. Shares in chipmakers STMicro and Dialog fell more than 4 percent following heavy losses at U.S. and Asian peers. The worst drop in Apple shares in 14 months on Wall Street on Friday sparked a bout of profit-taking across richly valued tech stocks that have soared to record highs this year. Europe''s tech index fell 2.3 percent, leading sectoral losers in Europe and on track for its biggest one day loss since October 2016. The index has soared around 40 percent over the last year to hit a 15 year high earlier this month. The pan European index STOXX 600 was down 0.4 percent, mildly supported by gains in oil prices which lifted shares in energy stocks and by parliamentary election results in France which appeared set to give President Emmanuel a huge majority to push through his pro-business reforms. Italy also offered some comfort after the eurosceptic 5-Star Movement suffered a severe setback in local elections. Top gainer on the STOXX was Italian lender UBI Banca, which rose 3 percent on the first day of its day of a 400 million euro cash call to strengthen its capital position after offering to take over three small rescued banks. (Reporting by Danilo Masoni, Editing by Vikram Subhedar)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-europe-stocks-idUKKBN1930O7'|'2017-06-12T15:39:00.000+03:00'
'419324b149214e4a3ad452957d884aae2938f780'|'Nasdaq seeks to block Bats push for market-close orders'|'By John McCrank - NEW YORK NEW YORK Nasdaq Inc ( NDAQ.O ) has urged regulators to reject a proposal by rival exchange operator Bats to compete for stock orders at the market close, saying it would undermine Nasdaq''s closing process and harm publicly-listed companies and their shareholders.Bats said in May it planned to offer brokers a type of order that would give them the same closing prices derived from the closing auctions on Nasdaq and the New York Stock Exchange for stocks listed on those exchanges, but with lower execution fees.The move by Bats, which only lists ETFs and the stock of its parent company, CBOE Holdings ( CBOE.O ), would fragment the market close and result in less accurate pricing, Nasdaq said in a letter to the U.S. Securities and Exchange Commission dated June 12.If Bats were allowed to compete for market close orders it would give it a bigger shares of the trillions of dollars in trades when fund managers execute most of their orders at the end of the session, pricing assets off closing prices on exchanges where they are listed."With its proposal, Bats is not only failing in its responsibility to contribute to market transparency and price discovery, it is also impeding the ability of other national securities exchanges to do so," Nasdaq''s General Counsel, Edward Knight, said in the letter.Bats said its decision to offer "market-on-close" (MOC) orders was a result of its customers complaining that fees on listings exchanges are too high.Trading firms Virtu Financial ( VIRT.O ) and PDQ Enterprises, as well as agency broker Clearpool, threw their support behind Bats in separate letters to the SEC."We believe that the Bats Market Close will introduce much needed competition to the markets," Clearpool said. The "time is ripe for exchanges to price their offerings more competitively and equitably," it added.If approved by the SEC, Bats would let market participants send in MOC orders to be pre-matched with other such orders 25 minutes before the 4 p.m. market close. The trades would be executed when the primary exchanges'' closing prices were published. Orders that are not pre-matched could be sent to the primary exchanges'' closing auctions.Knight said Bats was attempting to "free-ride" on the efforts and investments the listings exchanges have made toward their closing processes and that the proposal would undermine price discovery by diverting orders to Bats.NYSE has also blasted the Bats proposal, saying that diverting trades away from closing auctions would add to volatility and distort prices.(Reporting by John McCrank; Editing by Andrew Hay)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-nasdaq-bats-marketclose-idINKBN1942GM'|'2017-06-13T15:54:00.000+03:00'
'ec5be15c27b74d6b8d1a17fe567ac3e553714031'|'UK''s Guardian newspaper to switch to tabloid format from 2018'|'Big Story 10 -  50pm EDT UK''s Guardian newspaper to switch to tabloid format from 2018 Copies of the Guardian newspaper are displayed at a news agent in London August 21 2013. REUTERS/Suzanne Plunkett LONDON Britain''s Guardian newspaper will switch to tabloid format from early 2018, the newspaper''s owner said on Tuesday, after deciding to outsource the printing of its two best-known titles in a bid to keep costs down. Publisher Guardian Media Group (GMG) said it had agreed a contract with Trinity Mirror for it to print the Guardian and its Sunday stablemate The Observer from early 2018, when both titles will move to tabloid formats. Reuters reported in January that the newspaper was considering such a switch. Outsourcing the printing of the newspapers will help the publisher to lower costs, and rivals'' printers are better suited to publishing tabloids. GMG opted for a deal with Trinity Mirror, which publishes the Daily Mirror, over News UK which is owned by Rupert Murdoch. At the moment, GMG prints the Guardian and The Observer on special presses bought more than 11 years ago when it switched from a broadsheet to the mid-sized Berliner format. But the publisher said last year it needed to make savings of 20 percent to stem underlying losses that widened to 62.6 million pounds ($78 million) for the year to April 3. It said it was aiming to break even in three years. GMG said on Tuesday that the move would make a "significant contribution" to meeting its financial targets. "This is an important step in our three-year transformation plan. More people are reading and supporting our journalism than ever before, but the print industry continues to evolve, and we must evolve with it," David Pemsel, chief executive, Guardian Media Group, said. He said the switch would impact print site employees. GMG is owned by The Scott Trust, created in 1936 to safeguard its flagship newspaper. (Reporting by Alistair Smout and Paul Sandle; editing by David Clarke)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-britain-guardian-tabloid-idUSKBN1942OS'|'2017-06-14T03:47:00.000+03:00'
'86d195d2d92cf1d275822c5093a7c58b327e9a35'|'China''s Huawei remains committed to Britain despite election result'|'Business News - Tue Jun 13, 2017 - 2:55pm BST China''s Huawei remains committed to Britain despite election result Journalists attend the presentation of the Huawei''s new smartphone in Paris, May 7, 2014. REUTERS/Philippe Wojazer/File Photo LONDON Chinese telecoms company Huawei''s enthusiasm for Britain as a place to do research and business despite Brexit is unaffected by the country''s inconclusive national election, it said on Tuesday. The loss of Prime Minister Theresa May''s majority in last week''s election has increased political uncertainty ahead of negotiations on Britain''s exit from the European Union, but Huawei''s deputy chairman and rotating chief executive said the company remained committed to the UK. "We haven''t changed our strategies in the UK because of the change in UK administration," Huawei''s Ken Hu told reporters via an interpreter at the company''s European Innovation Day in London. "We have enhanced our investment in the UK all along." Hu, who signed an agreement on Tuesday to set up a joint research laboratory at Edinburgh University, said Britain was an important research centre for Huawei''s European and global operations. "We have good confidence in the UK as a good destination for investment," he said. Huawei, which makes telecoms networking equipment and handsets, has been active in Britain for 16 years and last year reported net profit of a little more than $5 billion. (Reporting by Paul Sandle; Editing by David Goodman) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-huawei-tech-innovation-britain-idUKKBN1941UP'|'2017-06-13T21:55:00.000+03:00'
'70790f28dc8be9456137f4dee8813e3db6e3f2f5'|'Technology sell-off weighs on FTSE'|'Top News - Mon Jun 12, 2017 - 4:57pm BST Technology sell-off weighs on FTSE FILE PHOTO: A man shelters under an umbrella as he walks past the London Stock Exchange in London, Britain August 24, 2015. REUTERS/Suzanne Plunkett/File Photo By Helen Reid and Kit Rees - LONDON LONDON British shares fell on Monday as a technology sell-off spread across Europe, while contractor Mitie ( MTO.L ) jumped after forecasting a recovery in its fortunes. Britain''s FTSE 100 .FTSE closed down 0.2 percent, with investors dumping tech and other cyclical stocks, which feature heavily on the blue-chip index, and heading into defensive sectors. Software company Micro Focus ( MCRO.L ) and accounting platform provider Sage Group ( SGE.L ) were among the biggest blue-chip fallers, taken down by a pan-European tech sector .SX8P which marked its worst day since the post-Brexit sell-off a year ago. Anti-virus provider Sophos ( SOPH.L ), which had been a top gainer after a ransomware virus spread across the world, fell 5.8 percent on the mid-cap index. Polar Capital Technology Trust ( PCT.L ) fell 4 percent on the mid-caps, while Allianz''s technology investment trust ( ATT.L ) was down 2.3 percent among small caps. The declines came after a sharp tech sector sell-off on Wall street on Friday - Apple shares had their worst day in more than a year as Goldman Sachs put out a note urging caution across the sector. "Overvaluations of technology companies today resemble previous investment manias," said Fergus Shaw, fund manager at Cerno Capital. "The fact that even successful businesses can become caught in a mania is evident in the case of Vodafone when its shares peaked at over 4 pounds in 2000, but are just 2 pounds today." "During this initial tech boom, Sage shares also hit a high at 8 pounds, yet despite the increased profits and dividends since, the share price is now 6.70 pounds. " Tech stocks aside, the decline took down a mixed bag of stocks, reflecting a downbeat day across European benchmarks, with the STOXX 600 down 0.9 percent. Brokers'' greater caution on cyclicals, advocating a move towards more defensive sectors, was reflected in the FTSE''s moves. Miners Antofagasta ( ANTO.L ) and Fresnillo ( FRES.L ) were some of the biggest fallers while defensive stocks BT ( BT.L ) and Vodafone ( VOD.L ) gained. A rare bright spot was the energy sector, with oil firms Royal Dutch Shell ( RDSa.L ) and BP ( BP.L ) up as oil prices rose, with traders betting the crude market has bottomed. Mitie ( MTO.L ) hit a more than a one year high, up 13.5 percent after the contractor swung to a full-year operating loss after restating its accounts. Its cost-cutting programme and outlook were well received by investors. "Completed accounting review is providing Mitie with a base from which to build after a tumultuous 12 months," said Stifel analysts, praising the 45 million pound cost efficiency programme Mitie launched. Liberum upped the stock from "sell" to "hold". Meanwhile, shares in Acacia Mining ( ACAA.L ) dropped 13 percent after Tanzanian media reported a government investigation team had accused the company of operating in the country illegally. (Reporting by Helen Reid and Kit Rees; Editing by Mark Potter)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-stocks-idUKKBN19313S'|'2017-06-12T18:41:00.000+03:00'
'153fa75897a8b1e7699c537e0418b17b6ba0ea02'|'French finance minister says ''optimistic'' about Greek deal after Athens talks'|'ATHENS French Finance Minister Bruno Le Maire expressed optimism about Greece reaching a deal on new loans from its European creditors after talks with his Greek counterpart and Prime Minister Alexis Tsipras in Athens."I wanted to underline that we are doing our best with the other member states of the euro zone, with the IMF, with the Greek governement, and I''m optimistic, I think we are not far from the agreement," he told reporters."And because we are not far we should really do our best in the next two days, to pave the way for that agreement," he said, praising the Greek government for the reforms carried out in the last months.Greece''s parliament approved on Friday reforms demanded by the country''s international lenders to conclude a long-stalled review of its bailout progress and qualify for more loans needed to repay debt maturing in July. Euro zone finance ministers meet in Luxembourg on June 15 to discuss Greece''s reform progress and measures to reduce its debt, which stands at about 180 percent of GDP after seven years of crisis.(Reporting by Michel Rose; Editing by Leigh Thomas)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-eurozone-greece-france-finmin-idUSKBN19319T'|'2017-06-12T19:45:00.000+03:00'
'8aa5239d2b5d383b68e22cca0fd75c596c29d70c'|'Wells Fargo employees paid for first time using new sales metrics'|'June 13 Wells Fargo & Co paid its branch employees for the first time in May using new sales metrics that focus on customer service, branch banking chief Mary Mack said at an investor conference Tuesday.Mack said the bank is studying performance at different branches at it assesses which ones to close.(Reporting by Dan Freed)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/usa-banks-conference-wells-fargo-idINL1N1JA0FQ'|'2017-06-13T11:01:00.000+03:00'
'ad4d3950899691feb752e09c7834c52e09b8f8a7'|'The fast track to becoming a bricklayer - Brief letters'|'Frank Field ( Letters , 13 June) suggests that “we need to use proven 12-week apprenticeship courses for specific skills, such as bricklaying and carpentry”. As a staff member at the Manchester College of Building from 1975 until it was merged out of existence in the 90s, I had wondered at Labour’s seeming indifference to skills education and training. Now I know why. To become a skilled white-collar worker takes two years of full-time A-levels and a three-year degree, but to become a skilled building worker takes a mere 12 weeks.Neil Hanson Slaithwaite, West Yorkshire • A complaint. I have taken the Guardian for over 40 years and have long got used to reading Michael Billington’s reviews , and, as I have aged, the obituaries , before glancing at the letters , deciphering Martin Rowson’s cartoons , and recently wincing at the anti-Corbyn headlines from your columnists – a good 10-minute task. Now I find myself having to spend at least an hour reading a good third of the paper as it desperately struggles to re-engage with so many of your correspondents who, like me, have obviously despaired at your editorial line. My wife does like Country Diary , Nature notes and the weather forecasts – oh yes, and Michele Hanson .Gordon Parsons Winchcombe, Gloucestershire • I’m one of the non-Labour voters who joined Labour in 2015 to help get Jeremy Corbyn elected as leader in order to destroy the party. Can I have my £3 back? Nigel David Stock Lower Harlestone, Northamptonshire • Rhiannon Lucy Cosslett ( Make Trump’s visit a great joke , 7 June) is mistaken in her understanding of Trump’s narcissism. It is the attention itself that matters, not its nature. For people to turn out to mock as she suggests would only reinforce Trump’s sense of self-importance: he would simply tweet “Losers!” and go home happy. The only way to pain him is to stay home and by ignoring him treat him with the contempt he deserves.Hal Dunkelman Cote, Oxfordshire • What a splendid article by Giles Fraser ( I’m having heart surgery , 9 June), obviously written from his hospital bed. I wish him, and the NHS he defends so passionately and articulately, all the best for the future.Alison Flint Biddestone, Wiltshire • Join the debate – email guardian.letters@theguardian.com • Read more Guardian letters – click here to visit gu.com/letters'|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/business/2017/jun/13/the-fast-track-to-becoming-a-bricklayer'|'2017-06-13T03:00:00.000+03:00'
'855baceeb034d46988019c9967353243a3ccc425'|'Your Country Is Flooding? Tough Luck'|'Twenty years ago, Senate members gathered to vote on Resolution 98, colloquially known as Byrd-Hagel. Its 700-odd words could be distilled into two ideas: The U.S. shouldn’t sign any international climate agreement likely to harm its economy, and developing countries should receive no special treatment. Ninety-five senators voted in favor, none against.Byrd-Hagel is remembered mainly for keeping the U.S. out of the Kyoto Protocol, which President Bill Clinton signed the following year but never submitted to Congress for ratification. But it also codified a view that Donald Trump embraced from the Rose Garden on June 1, when he railed against not only the Paris Agreement but also the Green Climate Fund, a companion program to help poorer countries cope with global warming. To Trump, it’s a scam.“Billions of dollars that ought to be invested right here in America will be sent to the very countries that have taken our factories and our jobs away from us,” Trump said, not entirely accurately. “Nobody even knows where the money is going,” he said, even less accurately. He made clear the fund will get no U.S. money so long as he’s president.In Tuvalu, $36 million will fund protection of the coastline after a 2015 cyclone displaced half the population.Photographer: Sokhin/UNICEF/Zuma Press The fund, created in 2010, is actually pretty straightforward. Rich countries pledged to provide an initial $10 billion for projects in poorer countries, half of which is to be spent cutting greenhouse gas emissions. The other half is to go toward protecting people against the consequences of those emissions, such as flooding, drought, and sea level rise. The fund’s board, which includes an American with veto power, has so far approved 43 projects. Among them is a $58 million effort to protect the capital of Samoa from worsening cyclones. Another project got $37 million to build dams and other protections in Pakistan against floods caused by melting glaciers. A third received $36 million for barriers around Tuvalu in the South Pacific.Academics who study climate agreements suggest Trump’s objection to the fund reflects something more than its failure to meet his high standards for financial transparency. A better explanation may be the deep-seated American ambivalence about the notion that the U.S. owes something to poor countries afflicted by climate change. Stephen Macekura, a professor at Indiana University who focuses on U.S. foreign relations and the environment, says part of the problem is a failure to grasp the basic mechanics of global warming. “It stems in part from a misunderstanding about what causes climate change,” he says. While China may be the biggest emitter today, most of what’s in the air came from the U.S.People who work in climate finance warn that Trump’s rejection of the climate fund could encourage other rich nations to pull back. President Barack Obama’s $3 billion pledge, of which only $1 billion has been transferred to the fund, pushed other countries to increase their own commitments, says Leonardo Martinez-Diaz, who oversaw the program for the U.S. Department of the Treasury. He says Trump’s refusal to provide the remaining $2 billion will make it even harder to persuade other countries to honor their current pledges and give more later.Less money in the fund means fewer projects to cut emissions in poorer countries, says Brandon Wu, policy director at Washington-based nonprofit ActionAid USA, who sat on the fund’s board as an observer. And that puts the Paris Agreement’s stated goal of limiting global temperature increases to 2C out of reach. “There’s no way we can expect that to happen without financial and technical support,” he says.The most important business stories of the day. Get Bloomberg&apos;s daily newsletter. Sign Up The irony of U.S. antipathy to funding climate projects overseas is that withdrawing from those efforts hurts Americans. Matthew Kotchen, a Yale economics professor who represented the U.S. on the fund’s board under Obama, says that higher emissions overseas mean worse storms, floods, and wildfires at home. Just as important, natural disasters in poor countries, caused or amplified by climate change, lead to increased conflict and migration. “Trump himself, and maybe many of his supporters, believe that focusing on just your own national interest is sufficient,” Kotchen says. “There isn’t a recognition that we actually depend on other countries and other people for our security, stability, and prosperity.”While that debate continues, the problems that the climate fund is meant to address get worse. A recent study found that the number of people exposed to storm surges has increased more than 20 percent since 2000, to 162 million. More than 1 billion people are exposed to floods, the vast majority of them in the developing world.Their governments will need to divide limited resources between protecting their residents and replacing coal-fired power plants. Macekura worries they will focus increasingly on the former, sending emissions ever higher—especially if rich countries reduce their assistance. “The Obama administration acted as though the U.S. was turning over a new leaf,” he says. “Yet here we are again.”The bottom line: Abandoning the Green Climate Fund could deter other nations from contributing, slowing emissions cuts and hurting the U.S.'|'bloomberg.com'|'https://www.bloomberg.com/businessweek'|'http://www.bloomberg.com/news/articles/2017-06-08/your-country-is-flooding-tough-luck'|'2017-06-09T02:37:00.000+03:00'
'dc2f1b3e0f021b17c0e1719c45158aab4d5638fb'|'Exclusive: SeaWorld''s Chinese investor in talks to buy Brookdale Senior Living - sources'|'Zhonghong Zhuoye Group Co Ltd, the Chinese real estate and leisure group which last month bought a stake in SeaWorld Entertainment Inc ( SEAS.N ), is in talks to acquire Brookdale Senior Living Inc ( BKD.N ), people familiar with the matter said.The deal would be by far the biggest acquisition by a Chinese company in the U.S. senior care sector, and a key test of the U.S. government''s openness to Chinese investments in key healthcare services industries.Brookdale has entered exclusive negotiations with Zhonghong after it made an offer of around $3 billion after receiving offers from other parties that valued it substantially below that, the people said on Tuesday.Negotiations are ongoing and no deal is certain, the sources said. Brookdale needs to be convinced that a deal with Zhonghong would be approved by the Committee on Foreign Investment in the United States (CFIUS), which scrutinizes corporate acquisitions for potential national security risks.The sources asked not to be identified because the negotiations are confidential. Brookdale and Zhonghong did not immediately respond to requests for comment.(Reporting by Julie Zhu in Hong Kong and Greg Roumeliotis in New York; Editing by Chizu Nomiyama)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-brookdale-m-a-zhonghongzhuoyegroup-idINKBN19425T'|'2017-06-13T13:47:00.000+03:00'
'bdab8c9d79b745985a565018cbec5d1234f21864'|'CEE MARKETS-OTP lifts Budapest stocks to record, CEE markets await Fed'|'Market News - Tue Jun 13, 2017 - 5:32am EDT CEE MARKETS-OTP lifts Budapest stocks to record, CEE markets await Fed * CEE assets rangebound ahead of Fed meeting, Polish holiday * JP Morgan lifts OTP target price, Budapest stocks at record high * Investors continue to shrug off domestic politics * Czech central bank urges powers to tame home loan frenzy By Sandor Peto BUDAPEST, June 13 Budapest''s main stock index rose to a record high on Tuesday, boosted by a rise of OTP Bank shares after JP Morgan lifted its target price for the stock. OTP firmed by over 1.5 percent to a four-month high of 9,095 forints ($33.22), after JP Morgan changed its target to 12,000 forints from 9,860 forints. "The last time we saw similar value (from JP Morgan) was in 2007," Erste analysts said in a note. Central European markets were generally idle as investors awaited key signals about global interest rate trends from the Federal Reserve''s meeting on Wednesday. The week will be also short for many investors in Poland, the region''s biggest economy, which will have a national holiday on Thursday. "The tone of the Fed''s comments will be key... while it is summer and that also keeps a lid on activity," said Zoltan Varga, analyst of Equilor brokerage. Regional currencies were mixed, with the zloty and the forint firming 0.1 percent against the euro, staying well within the past few weeks'' narrow ranges. The leu eased a shade. Investors were not worried over inflation after a jump in Hungary''s annual farm producer price index to 4.1 percent in April from 1.4 percent in March and continuing double-digit annual rise in Romanian net wages in April. Romanian data published on Monday showed that annual inflation remained low at 0.6t percent in May, while concerns remain that it could jump, along with the budget deficit, by next year, keeping the leu under pressure. While European politics lacked new developments, investors also shrugged off domestic politics. Local political tension usually affects asset prices only when international markets are also nervous. The European Commission is expected to launch legal cases against the Czechs, Hungary and Poland later on Tuesday for failing to take in asylum-seekers in a quota scheme. In Croatia, foreign minister Davor Ivo Stier resigned on Monday, following the formation of a new coalition including the conservatives and the liberals. The dinar traded mildly firmer against the euro on Tuesday. The Czech central bank said it was doubling the amount banks must put aside as a precaution for hard times as of July next year because of rapid credit growth. Its governor, Jiri Rusnok also pushed lawmakers to give the bank more powers to tame the growing home loan market. Bank stocks listed in Prague were mixed. The crown was steady against the euro, off last Friday''s the 3-and-1/2-year highs. CEE MARKETS SNAPSH AT 1042 CET OT CURRENCIES Latest Previo Daily Change us bid close change in 2017 Czech crown 26.210 26.203 -0.02% 3.04% 0 5 Hungary 307.15 307.53 +0.12 0.54% forint 00 00 % Polish zloty 4.1925 4.1964 +0.09 5.04% % Romanian leu 4.5644 4.5623 -0.05% -0.64% Croatian kuna 7.4050 7.4095 +0.06 2.03% % Serbian dinar 122.27 122.40 +0.11 0.88% 00 00 % Note: daily calculated previo close 1800 change from us at CET STOCKS Latest Previo Daily Change us close change in 2017 Prague 1003.7 1004.4 -0.07% +8.91 6 6 % Budapest 35425. 35334. +0.26 +10.6 59 48 % 9% Warsaw 2290.3 2295.0 -0.20% +17.5 4 1 8% Bucharest 8446.3 8451.2 -0.06% +19.2 5 0 1% Ljubljana 790.94 797.45 -0.82% +10.2 2% Zagreb 1847.3 1841.1 +0.34 -7.40% 1 0 % Belgrade 715.82 723.54 -1.07% -0.22% Sofia 682.59 681.39 +0.18 +16.4 % 0% BONDS Yield Yield Spread Daily (bid) change vs change Bund in Czech spread Republic 2-year -0.086 0.024 +063b +2bps ps 5-year -0.051 0.052 +038b +4bps ps 10-year 0.818 0.011 +055b +0bps ps Poland 2-year 1.885 0 +260b -1bps ps 5-year 2.59 0 +303b -1bps ps 10-year 3.162 0.039 +289b +3bps ps FORWARD RATE AGREEMENT 3x6 6x9 9x12 3M interb ank Czech Rep <PR 0.35 0.43 0.52 0 IBOR=> Hungary <BU 0.19 0.23 0.29 0.15 BOR=> Poland <WI 1.754 1.769 1.796 1.73 BOR=> Note: FRA are for ask quotes prices'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/easteurope-markets-idUSL8N1JA1XD'|'2017-06-13T17:32:00.000+03:00'
'9b5b6d72556943a8964b95cfa67a6cfdd0383e3f'|'Britain, France to join forces to combat online extremism - May'|'World News - Mon Jun 12, 2017 - 5:36pm EDT Britain, France to join forces to combat online extremism: May Britain''s Prime Minister Theresa May leaves Downing Street in London, June 12, 2017. REUTERS/Hannak McKay LONDON Britain and France will join forces to press companies to do more to tackle online extremism, Prime Minister Theresa May will say on Tuesday, her first foreign trip since her Conservative Party lost its majority in a parliamentary election. After winning support from the Conservatives to stay on as prime minister after Thursday''s election, May heads to France, wanting to repair her authority and possibly to bask in the popularity of Emmanuel Macron, who last month swept to victory in a presidential contest. May will also want to raise Britain''s talks to leave the European Union, which have been put in doubt since her governing Conservative Party suffered the setback in the election and now needs to strike a deal with a small Northern Irish party. But her spokesman said the two leaders will focus on counter-terrorism, and return to May''s election campaign pledge to tackle online extremism following two attacks in as many weeks in Manchester and London that killed 30 people. "The counter-terrorism cooperation between British and French intelligence agencies is already strong, but President Macron and I agree that more should be done to tackle the terrorist threat online," May will say, according to her office. She will add that the measures to "encourage corporations to do more and abide by their social responsibility" could include "creating a new legal liability for tech companies if they fail to remove unacceptable content". It was not clear how much further their talks would build on discussions at a meeting of the G7 most industrialized nations last month, where the leaders agreed to do more to purge extremist content. Internet firms, such as Google and Twitter, say they are investing heavily and employing thousands of people to take down hate speech and violent content on their platforms, with evidence their efforts are working. But the companies say they also struggle to identify replacement accounts that quickly reappear. After two Islamist attacks in less than two weeks, May''s bid to clamp down on internet extremism has struck a chord with international leaders especially Macron, whose country has suffered several jihadist attacks since 2015. "(At the G7) they had a very good conversation on how they could work together in order to make social media companies do more to address the fact their platforms are used to spread extremism," May''s spokesman said. "I would expect that conversation to continue tomorrow." (Reporting by Elizabeth Piper; Editing by Angus MacSwan) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-britain-politics-france-idUSKBN1932JT'|'2017-06-13T05:30:00.000+03:00'
'c05449b592115482e12103e2534bedc933763f06'|'Dutch group to launch lawsuit against VW over emissions cheating'|'Autos   7:27am BST Dutch group to launch lawsuit against VW over emissions cheating FILE PHOTO: A Volkswagen logo is pictured at Volkswagen''s headquarters in Wolfsburg, Germany, April 22, 2016. REUTERS/Hannibal Hanschke/File Photo AMSTERDAM A Dutch group representing 180,000 Volkswagen owners said it was preparing a claim against the German auto manufacturer over the company''s use of software designed to conceal the true level of nitrogen oxide emissions caused by its diesel cars. The Volkswagen Car Claim Foundation said it had decided to take the step after discussions since 2015 with Volkswagen, Bosch and Dutch car dealerships that sold cars with the software had proved fruitless. Dutch law has a mass claims procedure similar to class action suits in the United States, where Volkswagen is paying billions of dollars in regulatory fines, technical fixes and compensation to drivers The Dutch Foundation said it was in talks with consumer claims groups in Germany, Austria and Switzerland among others to join in a pan-European suit against Volkswagen. (Reporting by Toby Sterling; Editing by Mark Potter)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-volkswagen-emissions-claims-idUKKBN1940NR'|'2017-06-13T14:27:00.000+03:00'
'39c94e1001208adace50020efe5e934f38eaea19'|'Belgium''s Balta sets IPO at bottom of price range'|'BRUSSELS, June 13 Belgian carpet maker Balta said on Tuesday it would sell shares in its initial public offering (IPO) at 13.25 euros each, the bottom of the indicated range, and reduce the amount on sale by 10.7 percent due to tough market conditions.The number of new shares on offer will remain the same, raising some 138 million euros ($155 million) for the company.Private equity owner Lone Star, however, will sell fewer of its shares than initially planned, making the total offering worth about 204 million euros, assuming an over-allotment option is not exercised.Balta said its market capitalisation would be about 476 million euros with 35.9 million shares outstanding and a free float of 42.8 percent.Trading of the shares is due to start on June 14.The group narrowed its IPO range on Monday to 13.25-13.75 euros from an initial 13.25-16.00 euros.The flotation was not helped by a tech sell-off that drove European shares to a seven-week low on Monday, just when many investors were deciding whether or not to invest in Balta.J.P. Morgan Securities and Deutsche Bank are joint global coordinators, Barclays Bank is joint bookrunner and ING Belgium and KBC Securities are joint lead managers. ($1 = 0.8921 euros) (Reporting By Philip Blenkinsop; editing by David Clarke)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/balta-group-ipo-idINL8N1JA59K'|'2017-06-13T17:07:00.000+03:00'
'edd805dc49ca96a2f37393d9cd9384bffe687dc1'|'Fiserv to buy UK mobile payments pioneer Monitise for 70 mln stg'|'June 13 U.S. financial technology provider Fiserv said on Tuesday it had agreed to buy British financial services technology firm Monitise Plc for about 70 million pounds ($88.72 million).AIM-listed Monetise, worth about 2 billion pounds at its peak in early 2014, blazed a trail by linking banks and mobile operators to build a business capable of handling billions of dollars in mobile payments, purchases and money transfers.But the company, founded in 2003, then faced increased competition from free mobile payment systems offered by the likes of Alphabet Inc and Apple Inc.In 2015, Monitise put itself up for sale, blaming changes in its business model for a string of revenue warnings, but failed to find a buyer.Tuesday''s offer of 2.9 pence in cash per Monitise share, represents a premium of 26 percent to the share''s close of 2.30 pence on Monday.Monitise, which has been advised by Canaccord Genuity on the deal, consider the terms to be "fair and reasonable".($1 = 0.7890 pounds) (Reporting by Noor Zainab Hussain in Bengaluru; editing by Jason Neely)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/monitise-ma-fiserv-idINL8N1JA0XY'|'2017-06-13T04:52:00.000+03:00'
'0e127dd3df5fdc2d62756803abab8c45f175cf64'|'France must hit EU budget targets this year, Moscovici tells papers'|'Business News - Tue Jun 13, 2017 - 12:03am BST France must hit EU budget targets this year, Moscovici tells papers European Economic and Financial Affairs Commissioner Pierre Moscovici addresses a news conference at the EU Commission headquarters in Brussels, Belgium May 22, 2017. REUTERS/Francois Lenoir BERLIN France should bring its budget deficit back down below the European Union''s 3 percent ceiling this year to help re-establish credibility under President Emmanuel Macron, the European Union''s budget commissioner said. In an interview with Germany''s Funke group of newspapers, Pierre Moscovici urged Macron, emboldened by his newly-created party''s sweeping success at the weekend''s parliamentary elections, to press on with promised economic restructuring. "France has to re-establish its credibility as far as reforms are concerned," said Moscovici, a member of the rival Socialist Party, which lost heavily in the elections. "That relates to the labor market as much as to the budget." Macron became France''s youngest leader since Napoleon in May after winning presidential elections with a promise to turbo-charge growth by streamlining regulation. While the pro-European president has been welcomed in Brussels and Germany, some policymakers have cautioned against fiscal profligacy. France''s central bank said last week that France''s budget deficit would come in at 3.1 percent, above the EU''s 3 percent ceiling, and far beyond the 2.8 percent expected by the previous Socialist government. "I urge the President to meet the Growth and Stability Pact conditions as soon as this year," he added. "The French budget deficit must not exceed the 3 percent level in future." The Socialists looked set to win as few as 30 seats in the 577 French national assembly after this weekend''s first-round vote, but Moscovici said his party''s travails mirrored those of Social Democrats across Europe. "My conviction is that the Socialist Party in France is not fit for survival in its current form, but there is space for a new one," he told the newspapers. (Reporting By Thomas Escritt; Editing by Toby Chopra) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-france-election-moscovici-idUKKBN1932N3'|'2017-06-13T07:01:00.000+03:00'
'3fd830748c1a78340011c958b613f564ff9cdd8b'|'Exclusive: Renault-Nissan considers hidden bonus plan - documents'|'Top News - Tue Jun 13, 2017 - 4:11pm BST Exclusive: Renault-Nissan considers hidden bonus plan - documents Carlos Ghosn, Chairman and CEO of the Renault-Nissan Alliance, smiles before an interview during the 87th International Motor Show at Palexpo in Geneva, Switzerland, March 7, 2017. REUTERS/Denis Balibouse/File Photo By Laurence Frost - PARIS PARIS Renault-Nissan alliance bankers have drawn up plans designed to channel millions of euros in additional, undisclosed bonuses to Chairman Carlos Ghosn and other managers via a specially created service company, according to documents seen by Reuters. Under the preliminary proposal, Renault ( RENA.PA ), Nissan ( 7201.T ) and Mitsubishi ( 7211.T ) would pay the Dutch-registered company a share of new synergies from their carmaking alliance, set to top 5.5 billion euros (4.85 billion pounds) next year. The funds would be passed on as cash and stock bonuses to "encourage executives to pursue synergy opportunities", according to a presentation by Ardea Partners, an investment banking firm advising Ghosn on closer alliance integration. Renault-Nissan spokeswoman Catherine Loubier said: "This article is not based on any information provided by the alliance or its member companies, and no such decisions have been made." Loubier declined to comment further or respond to detailed questions from Reuters about the proposal and the relationship with Ardea Partners, which also declined to comment. Brazilian-born Ghosn, 63, is in open conflict with the French state, Renault''s biggest shareholder, whose opposition to his CEO pay package was instrumental to its symbolic rejection in a non-binding vote at last year''s shareholder meeting. His combined 15.6 million euros in Renault-Nissan pay amounted to the third-biggest haul among French CAC 40 company bosses. In response, Renault cut Ghosn''s variable pay component by 20 percent and clarified bonus criteria. Shareholders will have their say again at the 2017 general meeting on Thursday, in a vote that has now become binding under French law. Renault shares fell more than 3 percent after this report was published and were down 2.7 percent at 83.69 euros as of 1453 GMT. Nissan had earlier closed 0.2 percent lower in Tokyo. Ghosn, who is also chairman of Renault, Nissan, Mitsubishi Motors and the Renault-Nissan BV alliance management organisation, said in February the government''s near-20 percent Renault stake was blocking a full tie-up. The alliance bonus plan would seek to encourage Renault and its 44 percent-owned partner Nissan to operate more like a merged company without the need for actual ownership changes. It would create a new pool of executive pay - on top of existing bonus plans at the allied carmakers and Mitsubishi, in which Nissan took a controlling 34 percent stake last year. If implemented, the plan would likely draw criticism from some investors already concerned about compensation, governance issues and an ongoing French criminal probe into allegations of systematic Renault diesel emissions fraud. The company has denied any wrongdoing. NO DISCLOSURE Under the proposal seen by Reuters, the carmakers would pay in 8 percent of each annual increase in synergies achieved. In a hypothetical year where new projects with Mitsubishi saved 1 billion euros, 80 million would be added to the bonus pot. One-third of total awards would be reserved for the six top alliance roles - the chairman and CEO at each carmaker - of which four are currently occupied by Ghosn. The new Dutch private limited company, or BV, would be wholly owned by an independent foundation, the presentation states, "avoiding related-party issues" that would require compensation to be disclosed to the manufacturers'' shareholders. It would also escape French payroll taxes. "The amounts paid through the service contracts would be disclosed each year in the respective accounts of the (alliance) members - although the amounts paid to each participant would not have to be legally disclosed," it says. The incentive plan has Ghosn''s backing, according to an accompanying memo dating from early June. "The scheme is still being worked out in detail," it says. Renault and Nissan are due to update mid-term plans and integration goals later this year. London-based Ardea Partners was founded last year by Christopher Cole, a former Goldman Sachs banker who is close to Ghosn, as a private investment banking firm providing "strategic and financial advice to CEOs, founders and boards of directors of leading global enterprises facing complex challenges". In 2013, Cole and his Goldman teams worked on a full Renault-Nissan deal study piloted by Ghosn and a group of alliance managers, known internally as Project Caterpillar. It recommended a merger, but Ghosn instead unveiled a purely operational integration push early the following year. "It''s an Ardea Partners-wide policy to never speak to the press," Managing Director Robert Falzon said when contacted for this story. "Our chairman is very focused on this." SUCCESSION The plan to reward cooperation may indicate that Ghosn sees little chance of a merger to cement the alliance he built and has run for 12 years, as he moves to hand over some powers. In April, Ghosn stepped aside as Nissan CEO, though he continues to oversee operations as chairman. Renault-Nissan is recruiting a new second-in-command, with several alliance managers in contention, Reuters reported on June 7. Senior Toyota ( 7203.T ) executive Didier Leroy is also being considered, sources said this week. Furthermore, the bonus plan would increase pay for the chairman roles from which Ghosn is expected to continue directing alliance strategy for years, whether or not his Renault CEO contract is renewed in 2018. "It makes perfect sense," said one senior Paris investment banker when told about the proposal. "The question is whether he can manage the storm this is going to create." Pressure on Ghosn over pay had been easing ahead of Thursday''s shareholder meeting, following the Renault pay concessions and his exit from the Nissan CEO role. ISS, an influential shareholder adviser that opposed Ghosn''s pay last year, is urging clients to back his package, which may be enough to overcome the usual government opposition. (Additional reporting by Gilles Guillaume; Editing by Mark Potter and Edmund Blair) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-renault-nissan-bonuses-exclusive-idUKKBN1941FY'|'2017-06-13T23:11:00.000+03:00'
'0fdbe57552738d1a2772bdee4e3ca62380c82a94'|'U.S. weighs restricting Chinese investment in artificial intelligence'|'Technology News   4:04pm EDT U.S. weighs restricting Chinese investment in artificial intelligence left right An MQ-9 Reaper remotely piloted drone aircraft performs aerial maneuvers over Creech Air Force Base, Nevada, U.S., June 25, 2015. U.S. Air Force/Senior Airman Cory D. Payne/Handout via REUTERS 1/2 left right FILE PHOTO: U.S. Defense Secretary James Mattis testifies before the Senate Armed Services Committee on Capitol Hill in Washington, D.C., U.S., June 13, 2017. REUTERS/Aaron P. Bernstein/File Photo 2/2 By Phil Stewart - WASHINGTON WASHINGTON The United States appears poised to heighten scrutiny of Chinese investment in Silicon Valley to better shield sensitive technologies seen as vital to U.S. national security, current and former U.S. officials tell Reuters. Of particular concern is China''s interest in fields such as artificial intelligence and machine learning, which have increasingly attracted Chinese capital in recent years. The worry is that cutting-edge technologies developed in the United States could be used by China to bolster its military capabilities and perhaps even push it ahead in strategic industries. The U.S. government is now looking to strengthen the role of the Committee on Foreign Investment in the United States (CFIUS), the inter-agency committee that reviews foreign acquisitions of U.S. companies on national security grounds. An unreleased Pentagon report, viewed by Reuters, warns that China is skirting U.S. oversight and gaining access to sensitive technology through transactions that currently don''t trigger CFIUS review. Such deals would include joint ventures, minority stakes and early-stage investments in start-ups. "We''re examining CFIUS to look at the long-term health and security of the U.S. economy, given China''s predatory practices" in technology, said a Trump administration official, who was not authorized to speak publicly. Defense Secretary Jim Mattis weighed into the debate on Tuesday, calling CFIUS "outdated" and telling a Senate hearing: "It needs to be updated to deal with today''s situation." CFIUS is headed by the Treasury Department and includes nine permanent members including representatives from the departments of Defense, Justice, Homeland Security, Commerce, State and Energy. The CFIUS panel is so secretive it normally does not comment after it makes a decision on a deal. Under former President Barack Obama, CFIUS stopped a series of attempted Chinese acquisitions of high-end chip makers. Senator John Cornyn, the No. 2 Republican in the Senate, is now drafting legislation that would give CFIUS far more power to block some technology investments, a Cornyn aide said. "Artificial intelligence is one of many leading-edge technologies that China seeks and that has potential military applications," said the Cornyn aide, who declined to be identified. "These technologies are so new that our export control system has not yet figured out how to cover them, which is part of the reason they are slipping through the gaps in the existing safeguards," the aide said. The legislation would require CFIUS to heighten scrutiny of buyers hailing from nations identified as potential threats to national security. CFIUS would maintain the list, the aide said, without specifying who would create it. Cornyn''s legislation would not single out specific technologies that would be subject to CFIUS scrutiny. But it would provide a mechanism for the Pentagon to lead that identification effort, with input from the U.S. technology sector, the Commerce Department, and the Energy Department, the aide said. James Lewis, an expert on military technology at the Center for Security and International Studies, said the U.S. government is playing catch-up. "The Chinese have found a way around our protections, our safeguards, on technology transfer in foreign investment. And they''re using it to pull ahead of us, both economically and militarily," Lewis said. "I think that''s a big deal." But some industry experts warn that stronger U.S. regulations may not succeed in halting technology transfer and might trigger retaliation by China, with economic repercussions for the United States. China made the United States the top destination for its foreign direct investment in 2016, with $45.6 billion in completed acquisitions and greenfield investments, according to the Rhodium Group, a research firm. Investment from January to May 2017 totaled $22 billion, which represented a 100 percent increase against the same period last year, it said. "There will be a significant pushback from the technology industry" if legislation is overly aggressive, Rhodium Group economist Thilo Hanemann said. AI''S ROLE IN DRONE WARFARE Concerns about Chinese inroads into advanced technology come as the U.S. military looks to incorporate elements of artificial intelligence and machine learning into its drone program. Project Maven, as the effort is known, aims to provide some relief to military analysts who are part of the war against Islamic State. These analysts currently spend long hours staring at big screens reviewing video feeds from drones as part of the hunt for insurgents in places like Iraq and Afghanistan. The Pentagon is trying to develop algorithms that would sort through the material and alert analysts to important finds, according to Air Force Lieutenant General John N.T. "Jack" Shanahan, director for defense intelligence for warfighting support. "A lot of times these things are flying around(and)... there''s nothing in the scene that''s of interest," he told Reuters. Shanahan said his team is currently trying to teach the system to recognize objects such as trucks and buildings, identify people and, eventually, detect changes in patterns of daily life that could signal significant developments. "We''ll start small, show some wins," he said. A Pentagon official said the U.S. government is requesting to spend around $30 million on the effort in 2018. Similar image recognition technology is being developed commercially by firms in Silicon Valley, which could be adapted by adversaries for military reasons. Shanahan said he'' not surprised that Chinese firms are making investments there. "They know what they''re targeting," he said. Research firm CB Insights says it has tracked 29 investors from mainland China investing in U.S. artificial intelligence companies since the start of 2012. The risks extend beyond technology transfer. "When the Chinese make an investment in an early stage company developing advanced technology, there is an opportunity cost to the U.S. since that company is potentially off-limits for purposes of working with (the Department of Defense)," the report said. CHINESE INVESTMENT China has made no secret of its ambition to become a major player in artificial intelligence, including through foreign acquisitions. Chinese search engine giant Baidu Inc ( BIDU.O ) launched an AI lab in March with China''s state planner, the National Development and Reform Commission. In just one recent example, Baidu Inc agreed in April to acquire U.S. computer vision firm xPerception, which makes vision perception software and hardware with applications in robotics and virtual reality. "China is investing massively in this space," said Peter Singer, an expert on robotic warfare at the New America Foundation. The draft Pentagon report cautioned that one of the factors hindering U.S. government regulation is that many Chinese investments fall short of outright acquisitions that can trigger a CFIUS review. Export controls were not designed to govern early-stage technology. It recommended that the Pentagon develop a critical technologies list and restrict Chinese investments on that list. It also proposed enhancing counterintelligence efforts. The report also signaled the need for measures that fall beyond the scope of the U.S. military. Those include altering immigration policy to allow Chinese graduate students the ability to stay in the United States after completing their studies, instead of taking their know-how back to China. Venky Ganesan, managing director at Menlo Futures, concurs about the need to keep the best and brightest in the United States. "The single biggest thing we can do is staple a green card to their diploma so that they stay here and build the technologies here – not go back to their countries and compete against us," Ganesan said. (Editing by Marla Dickerson)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-usa-china-artificialintelligence-idUSKBN1942OX'|'2017-06-14T03:48:00.000+03:00'
'2dc36ad8d04f2d0f7670e8ae32cc71aee6872cb5'|'Head of N. Ireland''s DUP says hoping for deal with PM May sooner rather than later'|'LONDON, June 13 The head of Northern Ireland''s Democratic Unionist Party, Arlene Foster, on Tuesday said she hoped to strike a deal with Prime Minister Theresa May to support the Conservative Party''s minority government "sooner rather than later"."We have had some very good discussions again today, and those discussions are continuing into the afternoon, and I hope that we can reach a conclusion sooner rather than later," Foster told Sky News."It won’t surprise anyone that we are talking about matters that pertain of course to the nation generally, bringing stability to the UK government in and around issues around Brexit, obviously around counter-terrorism, and then doing what is right for Northern Ireland in respect of economic matters." (Reporting by David Milliken, writing by William James; editing by Kate Holton)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/britain-politics-foster-talks-idINL9N1IR03H'|'2017-06-13T13:21:00.000+03:00'
'd87bf8e0741826ffcbde01926d277655fe8b56b8'|'MIDEAST MONEY-Struggling Saudi bourse may get limited boost from MSCI, Aramco billions'|'Market News - Sun Jun 11, 2017 - 6:46am EDT MIDEAST MONEY-Struggling Saudi bourse may get limited boost from MSCI, Aramco billions * MSCI seen deciding June 20 to review Riyadh for EM status * Huge Aramco IPO seen H2 2018, will also draw foreign money * EFG Hermes: over $50 bln in passive/active funds may enter * Valuations, selling pressure from locals may cap prices * Success of Saudi economic reforms not yet clear By Andrew Torchia DUBAI, June 11 Saudi Arabia''s financial sector is hoping for tens of billions of dollars of foreign portfolio funds to start flowing into the country this month, but the money may do little to boost a stock market depressed by low oil prices and rising taxes. On June 20, global equity index compiler MSCI will announce whether it is putting Saudi Arabia on a list for possible upgrade to emerging market status. Index firm FTSE will decide in September whether to make Riyadh a secondary emerging market. Then in late 2018, authorities aim to list national oil giant Saudi Aramco in Riyadh, selling about 5 percent in what is likely to be the world''s biggest initial public offer of shares. All three events promise to draw large flows of passive funds - money that benchmarks itself against international indexes - to Saudi Arabia, and by raising the kingdom''s profile among global investors, attract a volume of active funds that could be even larger over the next couple of years. “Saudi Arabia will become tied to significant global capital flows. The market could be larger than Turkey, larger than Thailand, possibly larger than Mexico,” said Asha Mehta, portfolio manager at U.S. based-Acadian Asset Management, which manages over $77 billion of assets globally. Only about 60 institutions have become Qualified Foreign Investors in the Saudi bourse since it opened to direct foreign investment in mid 2015; the index changes and Aramco''s listing could increase that number. "The process is gradual, but the boost to liquidity and market capitalisation in Saudi will make some institutions which have been hesitating decide to enter," said Sandeep Srinivas, senior analyst at FIM Partners in Dubai. But there are signs the inflow of foreign money into Saudi Arabia may be slower than some investors are hoping, and that it may not trigger a strong rise in the Saudi market. Low oil prices are keeping buyers wary, while austerity steps planned by the government, as it confronts a huge budget deficit, will dampen corporate profits. Local regulations mean there may be little room left for foreigners to raise their stakes in some firms. "There are a wide range of factors that will dictate the market''s direction over the next couple of years, not all of them necessarily positive," said Simon Kitchen, head of macro strategy at regional investment bank EFG Hermes. Reflecting this, the Saudi stock index has dropped in the run-up to this month''s MSCI decision; it is down 5 percent since the start of 2017. FLOWS After the exchange began in April to settle trades within two days of execution - the key remaining reform demanded by MSCI - most fund managers think the index compiler is likely to put Riyadh on its review list on June 20. The actual decision on whether to include Saudi Arabia in MSCI''s emerging market index would then occur in mid 2018, and if MSCI follows past procedures, inclusion would occur in mid 2019. Kitchen estimated MSCI inclusion, not taking into account Aramco''s listing, would bring $7.1 billion of passive inflows into Saudi stocks in mid 2019. So some analysts think a positive announcement by MSCI on June 20 will trigger an immediate inflow of active foreign funds. "We expect foreign funds to enter the Saudi market as soon as MSCI announces the watch list inclusion, and to gradually increase as we get closer to a potential implementation date," said analysts at regional firm Arqaam Capital. If FTSE decides in September to upgrade Riyadh, changes in its indexes would probably occur in September 2018; this could bring $3.5 billion of passive funds. Aramco''s listing would magnify MSCI- and FTSE-related passive inflows. Kitchen estimated the extra money at $4.8-9.6 billion, depending on whether Aramco achieved a valuation of $2 trillion as the government hopes, or about half that as some analysts believe possible. In addition, $12-31 billion of active funds could flow in if the index changes and Aramco''s listing boost foreign ownership of Saudi stocks to the levels of neighbouring Qatar and the United Arab Emirates, Kitchen calculated. About 4.2 percent of the $432 billion Saudi market is currently owned by foreigners. The result could be inflows totalling over $50 billion in the next two or three years as Saudi Arabia''s bourse becomes more international. But that could be offset by cash-strapped local institutions selling stocks. At about 14 times forward earnings, Saudi Arabia is not cheap compared with MSCI''s group of global emerging market stocks, at 12.9 times. And the success of Riyadh''s economic reforms, designed to restore growth to an economy shell-shocked by low oil prices, may not be clear for years. "Will global emerging market funds be underweight or overweight Saudi Arabia? We think an overweight on Saudi Arabia will depend on the successful implementation of the reform programme and will be gradual, hence active flow estimates should err on the side of caution," Kitchen said. (Reporting by Andrew Torchia; Editing by Mark Potter) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/saudi-markets-msci-aramco-idUSL8N1IT0GC'|'2017-06-11T18:46:00.000+03:00'
'33cab9036435ca35a96374e7a24045a98763f5fc'|'If Fed raises rates, China likely to follow with more modest move - traders'|'Business   9:24am BST If Fed raises rates, China likely to follow with more modest move - traders FILE PHOTO: A staff member walks in front of the headquarters of the People''s Bank of China (PBOC), the central bank, in Beijing, June 25, 2013. REUTERS/Jason Lee/File Photo By Winni Zhou and Andrew Galbraith - SHANGHAI SHANGHAI A small majority of traders in China''s financial markets think its central bank will likely raise short-term interest rates this week if the U.S. Federal Reserve hikes its key policy rate, as widely expected, according to a Reuters poll. The People''s Bank of China (PBOC) surprised markets in mid-March by raising short- and medium-term interbank rates hours after the Fed raised overnight borrowing costs. The move prompted some analysts to speculate the PBOC had decided to "synch" its moves with those of the U.S. central bank in a bid to reduce persistent depreciation pressure on the yuan currency against the dollar and discourage capital outflows. It also dovetailed with China''s pledges to tackle risks from an explosive rise in debt. Six out of 10 traders in China''s money, forex and bond markets asked by Reuters said they believed China would move rates up if the Fed did so. But the size of the move would be more modest, and it would likely be confined to rates on open market operations (OMOs), the traders said. They did not expect a hike in China''s benchmark lending rate, which has been unchanged for nearly two years. The Fed is expected to increase interest rates by another 25 basis points at its June 13-14 meeting. Several increases by the PBOC earlier this year were mainly of 10 basis points, and traders expected any move this week to be of a similar magnitude. Chinese stocks rose modestly after the Fed''s March rate increase, which was seen as increasing investors'' risk appetite. There was little reaction in Chinese forex and money markets. "There are huge discrepancies between the benchmark OMO rates and market rates. A slight upward movement would be quite normal," said a Shenzhen-based trader at a Chinese bank. She said any impact from higher market rates would not quickly filter through into the real economy, though most analysts believe slowly tightening credit and higher financing costs will begin to drag on broader activity in coming months. However, four of the 10 traders said they did not think a PBOC rate rise was on the cards this week. They argued monetary policy is already tightening as Beijing presses ahead with its "deleveraging" campaign to contain and reduce risks in the financial system, and as banks grow more cautious about lending as they prepare for a rigorous quarterly inspection of their books by the PBOC. The one-month Shanghai Interbank Offered Rate (SHIBOR) SHICNY1MD= has risen to its highest since April 2015. "This mid-year timeframe is already relatively sensitive, and add to that short-term rates are already not low. To raise rates further would put a lot of pressure on the market," said a trader at a regional bank. "If they really insist on following (the Fed funds rate) higher, the timeframe will probably be pushed back." Uncertainty over policy has also increased after sharp, sudden gains in the yuan in recent weeks, which some analysts believe were engineered by the PBOC as a pre-emptive buffer to flush out short sellers ahead of the expected Fed hike and dampen any resulting depreciation pressure. Market players were split on whether the central bank would raise rates on its medium-term lending facility (MLF). The PBOC has been lending at longer maturities, which has increased borrowing costs for banks. One trader at a major Chinese bank said if the central bank decided to raise the OMO rate, it would likely wait to increase the MLF until July when it is likely to renew maturing MLF loans. June is traditionally a tense month for liquidity in the financial system, as companies pay taxes and banks scramble for funds to meet a quarterly health check. Analysts say while the PBOC has taken some steps to clarify its intentions, it remains vague in telegraphing rate moves. "Banks want to know what their cost of funding is going to be, so that volatility isn''t great in terms of managing their business and liquidity," said Julian Evans-Pritchard, China economist at Capital Economics. Central bank governor Zhou Xiaochuan has been historically reluctant to reveal too much about the PBOC''s strategies, even likening the bank in an interview with Caixin last year to a chess player unwilling to reveal tricks to an opponent. (Writing by John Ruwitch; Editing by Kim Coghill)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-china-economy-rates-idUKKBN1930SC'|'2017-06-12T16:20:00.000+03:00'
'5a3365463189556df55ec08598e725bbc507d9f5'|'Long-end JGBs slip ahead of auction, short ones steady'|'TOKYO, June 12 Long-dated Japanese government bond prices slipped on Monday on caution ahead of a 20-year government debt auction the following day, while short- to medium-term notes stabilised after their sell-off last week.The benchmark 10-year JGB yield ticked up 1.0 basis point to 0.060 percent, while the September 10-year JGB futures, which look set to take over the benchmark status on Monday, fell 0.09 point in price.The 20-year yield stood flat at 0.560 percent , while the 30-year yield rose 0.5 basis point to 0.825 percent.Market players reduced their poisons in 10- to 30-year bonds ahead of the auction of 1.0 trillion yen 20-year JGBs scheduled for Tuesday, traders said.On the other hand, the shorter end of the market steadied after selling last week, which took the two-year yield to its highest level since early last year.Many market players say accumulative impact of reduction in the BOJ''s buying in those maturities so far this year had led to rise in their yields.The two-year yield ticked down 0.5 basis point to minus 0.115 percent off last week''s high of minus 0.09 percent.The five-year yield stood flat at minus 0.080 percent below its four-month high of minus 0.075 percent set on Thursday. (Reporting by Tokyo Markets Team; Editing by Sherry Jacob-Phillips)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/japan-bonds-idINL3N1J921H'|'2017-06-12T03:31:00.000+03:00'
'93125b9324df8cae521923685a433ef1b62a7a78'|'UPDATE 1-Puerto Rico governor vows statehood push after referendum win'|'(Recasts with interview with Puerto Rico governor)By Nick Brown and Tracy RucinskiNEW YORK/SAN JUAN, June 12 Puerto Rico''s governor on Monday said the island''s vote in favor of becoming a U.S. state, despite low voter turnout and widespread boycotts, was "a fair and open" process that U.S. Congress should act upon.An island-wide referendum on Sunday favored statehood in a 97 percent landslide, though voter turnout reached just 23 percent as opponents of Governor Ricardo Rossello''s push to become a state boycotted the vote.The non-binding plebiscite is not expected to sway the U.S. Congress, which would have to agree to make Puerto Rico a state.Currently a U.S. territory, the island is struggling with $70 billion in debt and a 45 percent poverty rate, and is not viewed as a priority in Washington.Rossello, who campaigned on a push for statehood, said in a telephone interview with Reuters that he will go to the U.S. capital this week to urge federal lawmakers to begin the process of admitting Puerto Rico into the union."We will make sure this becomes an issue," Rossello said.The vote comes at a critical time for Puerto Rico, whose hazy status - which dates to its 1898 acquisition by the United States from Spain - has contributed to its ongoing economic crisis.Last month, the island filed the biggest municipal bankruptcy in U.S. history. Its woes make statehood even more urgent, Rossello said. "Statehood brings stability, allows us to have fewer rule-changes from Congress, provides resources to our people," he said.DIVIDED ISLANDSunday''s referendum, which cost Puerto Rico between $5 million and $7 million, according to government estimates, was the island''s fifth since 1967 - and the third in which pro-statehood sentiments triumphed, though none have moved Congress to act."If the U.S. is going to go to Venezuela and Cuba and Afghanistan and push democracy abroad, they’ve got to do the same" with their own territories, he said.But Puerto Ricans are skeptical the island''s status will change. "This has all been a waste of time," said taxi driver Felix Salasarar, 54, adding that federal lawmakers will "look at the voter turnout and say, ''where''s the will of the people?''"Working against the governor may be a perception in Washington that Sunday''s vote was not fair.The U.S. Department of Justice in April called on Rossello to change ballot language that initially did not give voters an option to remain a U.S. territory.Rossello told Reuters he made that decision because the territory option - which Rossello equates to colonialism - already lost in a previous status referendum, in 2012, making this year''s vote a choice between statehood and independence.The Justice department viewed the language as politically unfair to millions of Puerto Ricans who favor territory status, prompting Rossello to add the territory option. But the Justice department never reviewed or approved the new language.To be sure, Sunday''s results do not reflect the true nature of Puerto Ricans'' views on statehood, which are fairly evenly divided between those who favor it and those who do not, based upon historical election results.Statehooder Rossello, for example, won his own election with just 42 percent of the vote.But that, the governor said, is how democracy works: "Everybody knows that those who go through the voting process have a louder voice than those who don''t," he said.Carolina Santos, a single working mother struggling to make her mortgage payments, said bankrupt Puerto Rico has more important things to worry about than a status vote."Maybe we should focus more on fixing our financial problems and our schools," she said. (Reporting by Tracy Rucinski; Editing by Bernard Orr, Daniel Bases)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/puertorico-debt-vote-idINL1N1J90SJ'|'2017-06-12T17:04:00.000+03:00'
'3d7764904f13f5d36b1074f4a4fb623bb8182704'|'Pipeline to the classroom: how big oil promotes fossil fuels to America''s children - US news'|'Pipeline to the classroom: how big oil promotes fossil fuels to America''s children Documents show how tightly woven group of pro-industry organizations target impressionable schoolchildren and teachers desperate for resources by Jie Jenny Zou Documents show how tightly woven group of pro-industry organizations target impressionable schoolchildren and teachers desperate for resources by Jie Jenny Zou Pipeline to the classroom: how big oil promotes fossil fuels to America''s children View more sharing options Share on Messenger Close This story was a collaboration between the Center for Public Integrity and StateImpact Oklahoma , a reporting project of NPR member stations in Oklahoma. Jennifer Merritt’s first graders at Jefferson elementary school in Pryor, Oklahoma, were in for a treat. Sitting cross-legged on the floor, the students gathered for story time with two special guests, Republican lawmakers Tom Gann and Marty Quinn . Dressed in suits, the two men read aloud from “ Petro Pete’s Big Bad Dream ,” a parable in which a Bob the Builder-lookalike awakens to find his toothbrush, hard hat and even the tires on his bike missing. Abandoned by the school bus, Pete walks to Petroville elementary in his pajamas. “It sounds like you’re missing all of your petroleum by-products today!” Pete’s teacher, Mrs Rigwell, exclaims, extolling oil’s benefits to Pete and fellow students like Sammy Shale. Before long, Pete decides that “having no petroleum is like a nightmare!” The tale is the latest in an illustrated series by the Oklahoma Energy Resources Board , a state agency funded by oil and gas producers. The board has spent upwards of $40m over the past two decades on providing education with a pro-industry bent, including hundreds of pages of curriculums, a speaker series and an after-school program – all at no cost to educators of children from kindergarten to high school. Book cover to Petro Pete’s Big Bad Dream A similar program in Ohio shows teachers how to “ frack” Twinkies using straws to pump for cream to emulate shale drilling. A national program sponsored by companies including BP and Shell claims it’s too soon to tell if the earth is heating up, but “a little warming might be a good thing”. Decades of documents reviewed by the Center for Public Integrity reveal a tightly woven network of organizations that works in concert with the oil and gas industry to paint a rosy picture of fossil fuels in America’s classrooms. Led by advertising and public-relations strategists, the groups have long plied the tools of their trade on impressionable children and teachers desperate for resources. Proponents of programs like the one in Oklahoma say they help the oil and gas industry replenish its aging workforce by stirring early interest in science, technology, engineering and math. But some experts question the educational value and ethics of lessons touting an industry that plays a central role in climate change and air pollution. Anthony Leiserowitz , director of the Yale Program on Climate Change Communication , likened industry-sponsored curriculums that ignore climate science to advertising. “You’re exploiting that trusted relationship between the student and the teacher,” he said. Leiserowitz – whose research has focused on how culture, politics and psychology impact public perception of the environment – said fossil-fuel companies have a stake in perpetuating a message of oil dependency. As early as the 1940s, the industry’s largest and most powerful lobby group targeted schoolchildren as a key element of its fledgling marketing strategy. By the 1960s, the American Petroleum Institute was looking to shake its reputation as a “monopoly which reaped excessive profits” and set out to cultivate a network of “thought leaders” that included educators, journalists, politicians and even clergy, according to an organizational history copyrighted by API in 1990. The idea caught on. Hundreds of oil-and-gas-centric lesson plans are now available online, walking a blurry line between corporate sponsorship and promotion at a time when climate science has increasingly come under siege at the highest levels of government. On 1 June, Donald Trump, flanked by EPA administrator – and former Oklahoma attorney general – Scott Pruitt, announced that the United States would withdraw from the Paris climate agreement. Oklahoma is among a dozen states that have opted for watered-down versions of Next Generation Science Standards , a joint effort by states and educational organizations to revamp science teaching that has met with political backlash since 2013. The Oklahoma version strips provisions on evolution and the human causes of global warming. Along with Colorado, Kansas and Montana, Oklahoma legislators have also championed bills requiring educators teach “both sides” of those scientific concepts. A pro-oil video to extol the benefits of fossil fuels. A 2016 study confirmed that America’s youth receive “mixed messages” on climate change. Nearly a third of middle-and-high-school science teachers nationwide have wrongly suggested global warming is naturally occurring. A quarter have spent as much time rebutting evidence of warming as they have presenting it. Schools and libraries across Oklahoma have received more than 9,000 complimentary copies of Petro Pete’s Big Bad Dream since it was published last year. The story has been a hit with Jennifer Merritt’s students, who won the storytelling visit from lawmakers last November after submitting a Facebook photo to the energy resources board. Posing on a jungle gym, the students clutched stuffed animals and footballs – their “favorite petroleum by-products”. “It’s not some boring thing,” Merritt said of the board’s “Little Bits” curriculum for children up to age eight, which features alliterative characters like Freddie Fuelless and Oliver Oilpatch. Without it, she said, “I probably wouldn’t have taught first graders about energy.” Merritt is one of 14,000 Oklahoma teachers who have attended workshops on how to use the board’s “innovative, one-of-a-kind science and energy curriculum in their classrooms.” Participants are reimbursed for supplies year-round and can register their classes for free museum field trips – so long as the exhibits highlight petroleum . On a recent Saturday, a workshop was in session at Choctaw high school , east of Oklahoma City. The parking lot was bustling as teachers loaded their cars with heavy tubs, each stuffed with up to $1,200 worth of calculators, lab equipment and other materials. In classrooms, some teachers plotted oil-production trends while others watched bubbling brews simulating how the industry wrings oil from depleting fields. In an email, board chairman Danny Morgan wrote that the organization doesn’t use public funds and “does not function like a typical agency”. Under state law, half of its revenues from oil and gas producers are spent restoring abandoned oil wells. Morgan pointed to a board safety campaign aimed at preventing children from playing on dangerous pumpjacks that dot the state, writing, “if just one child is kept safe through the awareness this program created, it is well worth the effort.” While the board’s curriculum enlightens students about the benefits of “black gold,” their teachers are hard-pressed to find any information on climate change or other drawbacks of fossil fuels – even as Oklahoma struggles to curb a slew of man-made earthquakes tied to its fracking boom. Morgan, an oil company executive and a former state legislator, declined to say why the board’s materials fail to address global warming. Cheerleading for the industry has been central to the energy resources board’s mission from the start. Lawmakers created the board in 1993 as a “privatized” state agency funded by a voluntary tax on local oil and gas producers to publicize the industry. Kansas , Illinois and Ohio followed suit with similar legislation. But Oklahoma remains the epicenter of oil-industry puffery in the classroom. The board’s curriculums are used in an estimated 98% of Oklahoma school districts and have been adopted in neighboring Kansas . Records show that the board’s programs and pro-industry ads have been held out as models to trade groups and legislators in Montana, Arkansas, North Dakota, Wyoming and Texas. Many teachers in Oklahoma have attended the OERB’s workshops. Photograph: Joe Wertz/StateImpact Oklahoma Oklahoma’s board appears to have taken cues from the American Petroleum Institute – the country’s leading oil and gas lobby group, representing more than 625 companies. The plot of Big Bad Dream bears uncanny similarities to API’s 1996 educational film, “ Fuel-less: you can’t be cool without fuel ”. Records show that the board’s education director, who wrote Big Bad Dream, has ordered hundreds of copies of “Fuel-less” to distribute locally – most recently in 2013. API did not respond to requests for comment. API’s vice-president of communications delivered a special presentation to the board in 2012 on marketing strategies. The same year, an API lobbyist asked the board to host a fracking workshop on its behalf as part of the trade group’s effort to reach out to legislators, regulators and other stakeholders nationwide. Morgan wrote that the board did not participate in the workshop because API “never followed up on the request.” He added that the board itself doesn’t engage in lobbying. Copied on API’s communications with the energy resources board was Bill Whitsitt , a Devon Energy executive who helped draft Pruitt’s letters during his tenure as Oklahoma attorney general. In 2014, the New York Times reported on Pruitt’s extensive industry ties — which included oil and gas companies, utilities and lobby groups. As the state’s legal chief, Pruitt vociferously litigated against environmental regulations like the Clean Power Plan, branding them job killers and federal overreach. Devon Energy has been cited as an early beneficiary of rollbacks under Pruitt’s watch since he took the helm of the EPA in late January. Carla Schaeperkoetter, the energy resources board’s education director, is the creator of “Big Bad Dream” and “ Lab Time with Leo ” – a video series featuring a bowtie-wearing scientist not unlike Bill Nye the Science Guy. Instead of exploring fundamentals like the solar system, Leo delves into the nuances of oil refining , teaching kids as young as eight about “fractional distillation” and “residuals.” Schaeperkoetter doesn’t have any teaching experience and isn’t a state employee. Board staff, including Schaeperkoetter, are consultants hired by a private foundation affiliated with the Oklahoma Independent Petroleum Association . The state trade group is listed as a partner of the Independent Petroleum Association of America , a lobbying organization that worked closely with API to roll back federal rules on fracking. Schaeperkoetter’s name appears on curriculums reassuring teachers that “companies are spending more dollars protecting the environment than drilling new wells.” A jump-rope rhyme reads, “We need oil. We need gas. Where are the oil products in our class?” And a high school guide asks students to create 30-second commercials on how “oil and natural gas will help America be energy independent”. Charles Anderson – a professor at Michigan State University who studies environmental literacy and develops curriculums – said the board materials are upfront about their pro-industry agenda but only tell “half the story” by omitting global issues like climate change in favor of niche oil knowledge. “The children of Oklahoma are getting a raw deal – they are getting educationally ineffective materials teaching content that will be of little use to them if they want to leave the state,” Anderson said. Students also are being sold short in more immediate ways: an increasing number of Oklahoma districts are adopting four-day school weeks amid budget cuts due partly to tax breaks for the petroleum industry. “The state government of Oklahoma, in its wisdom, has decided that oil and gas companies should have a whole lot of money and schools should have hardly any money,” Anderson said. “That’s a social decision that values oil and gas extraction over the public good of public schools.” Oklahoma’s state department of education promotes energy board lessons online and in newsletters. Though the curriculums are described by the board as having been developed in “a collaborative effort” with the state, the education department has “not reviewed, endorsed or had any oversight” over the materials in two decades, spokeswoman Anne Price said. Fracking in Oklahoma. Photograph: David Jennings/Alamy Stock Photo “We value curricula that align to our state standards and are at no cost to educators, but ultimately we encourage educators to investigate further to choose what is best for their classrooms,” Price wrote in an email. Without explicit guidance, experts say, it’s difficult for educators to assess which materials are appropriate – especially elementary-school teachers who don’t have extensive science training. Historically, energy curriculums have been scarce. “This provides an opportunity for anyone who has a particular point of view, whether it’s an oil company or an environmental concern,” said David Evans, executive director of the National Science Teachers Association , which co-developed the Next Generation Science Standards. The standards specify which concepts students should grasp by grade level – like the greenhouse effects of gases like carbon dioxide and methane – but don’t provide curriculums, leaving educators to find or create lessons themselves. So far, the standards have been adopted by 18 states and the District of Columbia. When it comes to climate change, Evans urges teachers to stick to facts and avoid politics. “Science is about understanding the physical world that we live in,” he said. “We wouldn’t say, ‘Why should people understand gravity?’” But education is inherently political, said Nicole Colston , a researcher at Oklahoma State University who has studied overlap between groups that push against evolution and climate change education. “It’s this implied thing that you can’t talk about climate change,” she said of her interviews with Oklahoma teachers. “It’s almost, like, impolite or uncomfortable.” Prominent Oklahomans like Pruitt and Republican US senator James Inhofe are climate-science deniers, a fact not lost on the state’s residents. Just 46% of adult Oklahomans believe global warming is caused by human activities, below the national average of 53%, according to 2016 data from the Yale Program on Climate Change Communication . In 2014, Oklahoma lawmakers tried but failed to block the state board of education from adopting its version of Next Generation Science Standards. The same year, a state law was passed to give local school districts ultimate authority over curriculums. Merritt said she chose to use energy resources board materials because they were age-appropriate, factual, and free. “It’s just a way of life,” she said of the curriculum’s laser focus on petroleum. “We live in Oklahoma. There’s a lot of oil.” Joe Wertz, a reporter with StateImpact Oklahoma, contributed to this story '|'theguardian.com'|'https://www.theguardian.com/business/all'|'https://www.theguardian.com/us-news/2017/jun/15/big-oil-classrooms-pipeline-oklahoma-education'|'2017-06-15T03:00:00.000+03:00'
'fd83c67b39183c7583a290db7c7939864ac64c23'|'Chevy to Chery - GM veteran joins Chinese rival as design chief'|'BEIJING A General Motors Co ( GM.N ) veteran is joining Chery Automobile Co [CHERY.UL] as design chief, the latest foreign executive to sign on with a Chinese carmaker as local players become more competitive and gain share in their home market, the world''s largest.Steve Eum, who left a GM joint venture in China last year as design director, will join Chery on July 3, according to an email sent to Chery employees on Monday and seen by Reuters."My mandate at Chery is to help take Chery design to the next level of global sophistication," Eum told Reuters by phone after his appointment was announced internally.Eum will replace James Hope, who will continue to work for Chery, according to two people familiar with the situation. Hope could not immediately be reached for comment by email.A Chery spokeswoman did not have an immediate comment.Eum''s appointment comes as Chinese auto brands such as Chery, Geely [GEELY.UL], and Great Wall Motor Co Ltd ( 601633.SS ) improve engineering and design and cut into the market share lead still held by foreign brands in China.A 50-year-old Korean-American, Eum was an assistant chief designer at GM''s advanced design studio in southern California from 2000 to 2012 before moving to China as design chief for SAIC-GM-Wuling Auto (SGMW), the GM joint venture with SAIC Motor ( 600104.SS ) in southern China that sells entry-level cars.At SGMW, Eum was responsible, among other things, for making the joint venture''s Baojun cars, launched in 2011, sleeker.Eum, who has also worked for Ford Motor Co ( F.N ) and Hyundai Motor Co ( 005380.KS ), will report to Ray Bierzynski, a Chery vice president and GM veteran who also worked at SGMW before joining Chery in 2015.Domestic automakers have made several prominent hires of foreign industry veterans, such as Pierre Leclercq, a former BMW designer, who became Great Wall Motors’ vice president of design in 2013.(Reporting By Norihiko Shirouzu. Additional reporting by Jake Spring in Beijing; Editing by Tony Munroe and Mark Potter)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-china-autos-chery-idUSKBN1931F1'|'2017-06-12T20:41:00.000+03:00'
'135cecb8551b30130824dad489afcd96bcaace47'|'Telenor CEO says no plans to sell units in central, eastern Europe'|'OSLO, June 13 Telenor has no plans to sell any of the companies it owns in central and eastern Europe, the company''s chief executive told Reuters on Tuesday.Media reports had suggested Telenor could sell its Serbian unit to private equity firm KKR."We''re very happy with our portfolio in central and eastern Europe ... we have no plans to make any changes to that at this time," Sigve Brekke said on the sidelines of a conference.In addition to its Nordic and Asian mobile phone companies, Telenor also has operations in Hungary, Serbia, Montenegro and Bulgaria. (Reporting by Joachim Dagenborg, editing by Terje Solsvik)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/telenor-serbia-idINO9N1IC00Q'|'2017-06-13T08:04:00.000+03:00'
'f7068690e41a8f477502ff117297fad08da31bf2'|'BRIEF-Compulab files for U.S. IPO of up to $23 mln'|'June 13 Compulab Ltd* Compulab Ltd files for U.S. IPO of up to $23.0 million of ordinary shares - sec filing* Compulab Ltd says have applied for listing of ordinary shares on the NASDAQ capital market under the symbol “CPUL"* Compulab Ltd says Maxim Group LLC underwriting the IPO* Compulab Ltd - proposed IPO price is an estimate solely for purpose of calculating sec registration fee Source text : bit.ly/2sl7nrv'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/brief-compulab-files-for-us-ipo-of-up-to-idINFWN1JA0KP'|'2017-06-13T17:13:00.000+03:00'
'14847b18023241989ead348b82026a2ffaa640fc'|'PotCoin soars after ex-basketball star Rodman wears logo in North Korea'|'Top News - Tue Jun 13, 2017 - 7:56pm BST PotCoin soars after ex-basketball star Rodman wears logo in North Korea left right Former NBA basketball player Dennis Rodman arrives at Beijing Capital International Airport as he leaves for North Korea''s Pyongyang, in Beijing, China, June 13, 2017. REUTERS/Jason Lee 1/2 left right Former NBA basketball player Dennis Rodman speaks to the media as he leaves for North Korea''s Pyongyang, at Beijing Capital International Airport, China, June 13, 2017. REUTERS/Jason Lee 2/2 By Angela Moon - NEW YORK NEW YORK PotCoin, a crypto currency for the legalized cannabis industry, jumped in value on Tuesday after ex-basketball star Dennis Rodman arrived in North Korea wearing a t-shirt and baseball cap emblazoned with the digital payment system''s logo. PotCoin, which hopes to become the Bitcoin of the marijuana industry, is sponsoring the former National Basketball Association player''s trip to North Korea to meet with the leader of the reclusive state, Kim Jong Un. PotCoin, like Bitcoin, is a virtual currency that can be moved like money around the world anonymously without the need for a central authority. As of 1:30 p.m. EDT (1830 BST) on Tuesday, one PotCoin was worth nearly 19 cents, up more than 90 percent from the previous day''s session, according to coinmarketcap.com. The digital currency''s market capitalisation rose to over $40 million (31.36 million pounds). The sponsorship details were not known but PotCoin said in a press statement that Rodman would provide more information about his trip upon returning to the United States. Rodman said in a tweet ahead of his trip: “Thank you PotCoin.com for sponsoring my mission. I''ll discuss when I return." PotCoin was not immediately available for comment regarding the sponsorship. Prince Marketing Group, which represents Rodman, did not comment on any PotCoin sponsorship in a statement regarding Rodman''s trip to North Korea. Rodman''s North Korea visits over the years have fuelled speculation he could facilitate a diplomatic breakthrough between Pyongyang and Washington. At the same time, his trips have also faced ridicule and criticism from some U.S. politicians and activists who view them as fodder for North Korean propaganda. More than half of U.S. states have legalized medical marijuana and eight have voted to legalize it for recreational purposes, but it remains illegal under federal law. PotCoin, created in 2014, was originally aimed at giving cannabis dispensaries access to banking services as federal law prohibits banks and credit unions from doing business with them. (Reporting by Angela Moon; Editing by Chris Reese)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-usa-northkorea-rodman-potcoin-idUKKBN1942K9'|'2017-06-14T02:56:00.000+03:00'
'52029fd7cbc9b6b47e5a065f85470b6378580d1c'|'German economy continues upturn in second quarter - ministry'|'Business News - Tue Jun 13, 2017 - 10:48am BST German economy continues upturn in second quarter - ministry Shipping terminals and containers are pictured in the German harbour of Bremerhaven, late October 8, 2012. REUTERS/Fabian Bimmer BERLIN An upturn in Europe''s biggest economy is continuing during the second quarter, helped by noticeable rises in private and state spending and by an expansion in industrial production, Germany''s economy ministry said in its monthly report on Tuesday. "In the slightly revived global environment, German exports remain pointing upwards," said the ministry, adding it also saw a continuation of the trend of a falling current account surplus, in evidence since mid-2016. The German economy grew 0.6 percent quarter on quarter in the first three months of the year, driven by strong exports, booming construction and higher household and state spending. (Reporting by Madeline Chambers and Joseph Nasr)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-germany-economy-ministry-idUKKBN19413F'|'2017-06-13T17:42:00.000+03:00'
'9c7a26b2d3a8128ad7aa174476aa1a5d415a6167'|'EXCLUSIVE: PDVSA leaves Bahamas oil terminal, expands in St Eustatius -sources'|'Money News   10:15pm IST EXCLUSIVE: PDVSA leaves Bahamas oil terminal, expands in St Eustatius -sources The corporate logo of the state oil company PDVSA is seen at a gas station in Caracas, Venezuela April 12, 2017. Picture taken April 12, 2017. REUTERS/Marco Bello/File Photo By Marianna Parraga - HOUSTON HOUSTON Venezuelan state-run oil company PDVSA is moving millions of barrels of oil from a Bahamas storage facility after terminating a contract with the owner, U.S. Buckeye Partners LP, according to internal data and sources close to the decision. Buckeye and PDVSA had tried to resolve payment delays and other frequent problems that stalled some shipments, the sources said. But PDVSA decided to shift its oil to the Statia terminal, operated by U.S. NuStar Energy LP, in the neighboring island of St. Eustatius. The termination is another sign of how PDVSA''s deteriorating finances have strained its relationship with business partners. The state-owned company has struggled to maintain its tanker fleet on the water and to keep operations running to maximize income for the country''s most important export: oil. PDVSA''s contract with Buckeye had included storage for up to 6 million barrels of crude and fuel oil. The contract was due to expire in December, but PDVSA decided to end the lease in advance and seek some $10 million in overpayments, according to a source from the Venezuelan company. Buckeye and PDVSA did not respond to requests for comment. NuStar said it would not discuss customer activities at its terminals. Since 2016 Buckeye had intermittently suspended PDVSA from moving its stored oil out of the terminal - the Caribbean''s largest - over monthly payment delays, according to sources from the companies and Thomson Reuters Trade Flows data. In late August, PDVSA renewed a 2014 contract with NuStar to secure its presence in Statia for three more years starting in March. The state-run company is now paying some $2.3 million per month to lease 5 million barrels of crude storage excluding extra charges, according to a document seen by Reuters. PDVSA''s supply and trade department last year also approved an option to lease a single buoy mooring in St. Eustatius and extra storage capacity for up to 4.3 million barrels of refined products. "We are now consolidating blending and storage operations in St. Eustatius," the PDVSA source said. NuStar''s Statia terminal has capacity to store up to 13.03 million barrels of crude and products. It also has six mooring locations, blending and transshipment facilities. In 2011, PDVSA announced a plan to increase storage capacity nearly fourfold in three years to handle new production of blends made from the Orinoco Belt''s crudes. Since then, it has rented facilities in the Caribbean, but payment problems have recently affected its operations in several islands. PDVSA operates the 335,000-barrel-per-day Isla refinery in Curacao and an adjacent terminal. It also owns the BOPEC storage terminal in Bonaire, leases the Aruba refinery and its terminal through its subsidiary Citgo, and has stakes in refineries in the Dominican Republic, Jamaica and Cuba. Buckeye''s Bahamas terminal was owned by PDVSA until 2008, when it was sold to investment firm First Reserve Corp. In 2010, Buckeye bought 80 percent of the facility, which can store up to 26.2 million barrels of oil. Buckeye also owns terminals in St. Lucia and Puerto Rico. (Reporting by Marianna Parraga in Houston, with additional reporting by Jarret Renshaw in New York; Editing by Marguerita Choy)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/pdvsa-caribbean-storage-idINKBN1942C0'|'2017-06-13T14:45:00.000+03:00'
'f7bbd10c4d240758f95af1fd34723a992a8dd39e'|'U.S. producer prices unchanged as energy costs drop'|'Business News - Tue Jun 13, 2017 - 11:59am EDT U.S. producer prices unchanged; services costs on the rise A combine drives through a field of soft red winter wheat during the harvest on a farm in Dixon, Illinois, July 16, 2013. REUTERS/Jim Young (UNITED STATES - Tags: AGRICULTURE ENVIRONMENT) - RTX11YST By Lucia Mutikani - WASHINGTON WASHINGTON U.S. producer prices were unchanged in May as energy costs recorded their biggest decline in more than a year, suggesting a moderation in inflation after a rise at the start of the year. Inflation at the factory gate, however, remains supported by sustained increases in the cost of services as well as a softening dollar, which is lifting prices of some imported goods. "Inflation down at the producer level of the economy''s factory-to-consumer supply chain remains on the warm side, which is in keeping with the economy moving beyond full employment," said Chris Rupkey, chief economist at MUFG in New York. The Labor Department said on Tuesday that last month''s unchanged reading in its producer price index for final demand followed a 0.5 percent jump in April. In the 12 months through May the PPI increased 2.4 percent, retreating from April''s 2.5 percent surge, which was the biggest yearly increase since February 2012. Last month''s inflation readings were broadly in line with economists'' expectations. A key gauge of underlying producer price pressures that excludes food, energy and trade services fell 0.1 percent last month, the first decline in a year. The so-called core PPI rose 0.7 percent in April. The core PPI increased 2.1 percent in the 12 months through May after a similar gain in April. Federal Reserve officials were scheduled to start a two-day policy meeting later on Tuesday. The U.S. central bank is expected to raise interest rates on Wednesday and offer details on plans to trim its $4.5 trillion balance sheet. The Fed has a 2 percent inflation target and tracks a measure that is currently at 1.5 percent. It raised its benchmark overnight interest rate by 25 basis points in March. Economists believe further monetary policy tightening this year will hinge on the inflation outlook. ENERGY PRICES FALL Prices of U.S. government debt were trading lower on Tuesday, while the dollar .DXY slipped against a basket of currencies. U.S. stocks rose, with the Dow Jones Industrial Average .DJI hitting a record intraday high as bank stocks advanced in anticipation of a rate hike. Energy prices fell 3.0 percent last month, the biggest drop since February 2016, after rising 0.8 percent in April. The cost of gasoline declined 11.2 percent in May, which was also the largest decline since February of last year. As a result, the cost of goods fell 0.5 percent, reversing April''s 0.5 percent increase. But prices for services rose 0.3 percent last month, driven by a 1.1 percent surge in the index for final demand trade services, which measures changes in margins received by wholesalers and retailers. Services increased 2.1 percent in the 12 months through May, the largest gain since December 2014. Food costs fell 0.2 percent as the prices of fresh fruits and melons recorded their biggest drop since June 2010. But the cost of beef and veal increased by the most since July 2008. Food prices surged 0.9 percent in April. The cost of healthcare services fell 0.1 percent last month after being unchanged in April. Those costs feed into the Fed''s preferred inflation measure, the core personal consumption expenditures price index. (Reporting by Lucia Mutikani; Editing by Paul Simao)'|'reuters.com'|'http://www.reuters.com/finance'|'http://www.reuters.com/article/us-usa-economy-idUSKBN1941PP'|'2017-06-13T17:16:00.000+03:00'
'e611219b8be966bcf869aa31777f9ccaf991d604'|'WorldRemit adds Android Pay as secure option for migrant remittances'|'By Eric Auchard - SAN FRANCISCO SAN FRANCISCO Cross-border money transfer service WorldRemit is enabling its immigrant customer base to send money home using Android Pay, making it the first international remittance firm to run on the Google payments system, the company said on Tuesday.Connecting with Android Pay will enable WorldRemit customers in developed markets like Europe or North America to make instant international money transfers to reach the 112 million accounts available via WorldRemit''s network of payment channels.London-based WorldRemit says it handles about three-quarters of mobile phone-based international money transfers, a small but fast-growing segment of the global $575 billion worldwide remittance market. Recipients using WorldRemit can up pick cash or deposit money in banks or mobile money accounts or top up mobile accounts.Android Pay is a secure way for smartphone users to store credit, debit or loyalty cards to make payments online or in stores which Google has set up in about 15 of the world''s most advanced markets since launching it two years ago.In effect, smartphone users where Android Pay is available will have a simple and secure way to make money transfers to the 125 countries where WorldRemit operates."Our customers often complete money transfer transactions while talking to family or friends on WhatsApp," WorldRemit Chief Executive Ismail Ahmed said in an interview last week at the MoneyConf financial technology conference in Madrid. "Anything we can do to simplify that process is a big thing for us."Ahmed, a former United Nations development advisor from Somaliland, set up WorldRemit in 2010 and has raised nearly $150 million in equity funding from venture firms including Accel and TCV and another $45 million in debt financing.Once Android Pay is set up, transfers can be done in five clicks via the WorldRemit service, the company said. Using this route, customers no longer have to re-enter credit card details or pass additional security tests that can derail transactions.The cost of transfers via Android Pay are in line with other credit or debit card processing fees it charges - normally well under 5 percent - WorldRemit said.WorldRemit makes money by charging basic handling fees and a small mark-up on foreign exchange rates, which typically undercut rates charged by traditional, agent-based transfer firms like Western Union and MoneyGram.Online payments firm PayPal began offering Android Pay to U.S. customers for domestic shopping or other transactions in April, but has not expanded internationally.(Editing by Christian Schmollinger)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-money-transfers-worldremit-android-idINKBN1940ZY'|'2017-06-13T07:02:00.000+03:00'
'5743bc9a655e1c9a018be0e4fccf150ed6a0ce96'|'Canada regulator plans new rules as firms find bad pipeline parts'|'By Ethan Lou - CALGARY, Alberta, June 12 CALGARY, Alberta, June 12 Canada''s National Energy Board (NEB) will push for a shift in standards for pipeline parts after TransCanada Corp and Enbridge Inc discovered some that they were using had been substandard, a senior regulatory official told Reuters.The NEB''s changes must pass external standards committees that include the pipeline industry and would change the way manufacturers have been designing parts, making production more complicated, NEB chief engineer Iain Colquhoun said.The NEB will set out precise measures after a multi-party workshop in June, Colquhoun said in an interview in late May."They''re big changes in philosophy because the standards that we are (currently) using evolved over many decades,"The changes are unlikely to significantly affect pipeline operators, although parts manufacturers may see some increased costs as they try to meet new requirements.The NEB in April warned about parts from Tecnoforge, a subsidiary of Italy''s Valvitalia SpA ( IPO-VALIT.MI ), and South Korea''s TK Corp, but did not name the companies using them.An internal NEB memo seen by Reuters under access-to-information laws named TransCanada as the company using Tecnoforge fittings and noted it had two similar cases with other manufacturers.Colquhoun, who spoke to Reuters after it had seen the memo, identified Enbridge as the company using TK Corp fittings.TransCanada and Enbridge said in separate statements they acted immediately and proactively after discovering the issues and that all their pipes were safe. Valvitalia and TK Corp declined to comment, with the latter calling the issue "sensitive."Both firms discovered the substandard parts prior to putting them into operation, and the companies were not penalized.Pipe parts are usually made stronger than needed, and the substandard ones had not caused safety issues, but the "repeated occurrence" of the matter demands broad action, according to the NEB memo, dated October 2016.Colquhoun said the NEB would push for manufacturing processes in which strength was determined at the design level through more calculations in coming up with attributes such as thickness and diameter.The NEB may also push for other changes to production processes, including in heat treatment, he said.According to the NEB, TransCanada discovered a substandard Tecnoforge fitting in 2016 on a compressor station on its Nova Gas Transmission Ltd network, which spans the provinces of Alberta and British Columbia. The company has since removed at least 44 of its "several hundred" fittings from the maker installed since 2011, the NEB said.According to the NEB, Enbridge discovered a substandard TK Corp part in 2012 on a minor pipeline system under the authority of the province of Alberta.Enbridge said that it has replaced more than 400 fittings, although it did not name the pipeline system they had been on. (Additional reporting by Yuna Park in Seoul; Editing by Andrew Hay)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/canada-pipelines-quality-idINL1N1IE2AO'|'2017-06-12T18:28:00.000+03:00'
'497720cff3397124d146f4ff44b855f4b2280d74'|'Proxy firm ISS opposes shareholder bid to overhaul Petropavlovsk board'|'Business News - Mon Jun 12, 2017 - 1:20pm BST Proxy firm ISS opposes shareholder bid to overhaul Petropavlovsk board By Carolyn Cohn and Barbara Lewis - LONDON LONDON Investors in London-listed gold miner Petropavlovsk ( POG.L ) should reject a plan to overhaul the board at the company''s annual general meeting next week, leading shareholder voting advisor ISS said. Three top shareholders, who together hold more than 30 percent of the company, have put forward resolutions aimed at replacing Petropavlovsk Chairman Peter Hambro and three non-executive directors with their nominees, citing corporate governance failures. ISS, in a report seen by Reuters, said that "in the absence of detail that would lend weight to the requisitionists'' claim of inadequate corporate governance controls, support for the shareholder nominees is not warranted at this time". ISS advises investors on which way to vote at AGMs. Hambro, who has headed the Russian-focused miner for decades, has accused the rebel shareholders of pursuing "a takeover by stealth" led by Russian billionaire Viktor Vekselberg. The resolutions put forward by the three shareholders - Veselberg''s conglomerate Renova along with M&G and Sothic - seek to replace four of six board members, including Hambro, who has said he will step down as chairman, but stay on the board as an executive director. The ISS report included a statement from Vekselberg''s conglomerate Renova saying "the current board lacks the requisite focus on corporate governance and does not endorse the principle of good governance that should be followed by a public company". A separate statement in the ISS report from M&G and Sothic referred to "multiple strategic mistakes made by Petropavlovsk over the course of 2014, 2015 and 2016, which have significantly destabilised the business and delayed its recovery". Petropavlovsk announced last month that Andrew Vickerman would become interim non-executive chairman after the June 22 AGM and has appointed recruitment specialists to find a permanent replacement for Hambro. The company returned to profitability in 2016 after restructuring to tackle its debts. Its share price has recovered to above eight pence from a low around 5 pence in early 2016. Since the start of the year, it has gained 15 percent. (Additional reporting by Simon Jessop; Editing by Susan Fenton)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-petropavlovsk-agm-iss-idUKKBN19317G'|'2017-06-12T20:20:00.000+03:00'
'eb7faeb93f3af91e52dc62063f04fa5c4dc418d3'|'China''s Unipec to ship jet fuel from Asia to Europe in rare move - sources'|'Business   9:31am BST China''s Unipec to ship jet fuel from Asia to Europe in rare move - sources SINGAPORE China''s Unipec, the trading arm of state oil major Sinopec, is planning to ship jet fuel from Asia to Europe for the first time in several years, three industry sources told Reuters. The company has provisionally booked a long-range (LR) 2 vessel to ship jet fuel from Singapore to the United Kingdom-Continent (UKC) and is looking to fix another vessel on a similar route, two of the sources said. The last time Unipec did a similar voyage for jet fuel was a few years ago, the sources added. (Reporting by Jessica Jaganathan; Editing by Christian Schmollinger)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-singapore-jet-exports-idUKKBN1930TG'|'2017-06-12T16:31:00.000+03:00'
'e608bc3fb79fe7a723834371c01fb0e70786ab1f'|'JLR unit invests $25 million in Lyft to help develop self-driving cars'|'Technology Photos   12:32pm IST JLR unit invests $25 million in Lyft to help develop self-driving cars FILE PHOTO: A Lyft driver from Sacramento, responds to a ride request on her smartphone during a photo opportunity in San Francisco, California February 3, 2016. REUTERS/Stephen Lam/File Photo Britain''s biggest carmaker Jaguar Land Rover said its mobility services business, InMotion Ventures, would invest $25 million in U.S. ride services company Lyft Inc to help develop and test technology for self-driving cars. The auto industry and technology companies are racing to develop self-driving technology, which in the years to come is expected to transform transportation by cutting costs of ride services and changing the way people buy and use cars. InMotion will also supply Lyft with a fleet of Jaguar and Land Rover vehicles, the automaker said on Monday. InMotion''s investment follows its recent seed investment in SPLT, the Detroit-based digital carpool business, which works with Lyft to provide non-emergency medical transport. (Reporting by Sanjeeban Sarkar in Bengaluru; Editing by Arun Koyyur)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/us-tata-motors-investment-idINKBN1930L2'|'2017-06-12T05:02:00.000+03:00'
'81b46546352e99ddcf86adc407c40563683ba452'|'Uber CEO Kalanick likely to take leave, exec Michael to leave - source'|'Top News - Mon Jun 12, 2017 - 5:32pm BST Uber CEO Kalanick likely to take leave, exec Michael to leave - source FILE PHOTO - Uber CEO Travis Kalanick speaks to students during an interaction at the Indian Institute of Technology (IIT) campus in Mumbai, India, January 19, 2016. REUTERS/Danish Siddiqui/File photo Uber Technologies Inc [UBER.UL] Chief Executive Travis Kalanick is likely to take a leave of absence from the troubled ride-hailing company, but no final decision has yet been made, according to a source familiar with the outcome of a Sunday board meeting. Emil Michael, senior vice president and a close Kalanick ally, will leave the company, the source said. Uber''s board met on Sunday to consider recommendations from an investigation into sexual harassment and related issues led by the law firm of former U.S. Attorney General Eric Holder. (Reporting by Jonathan Weber; Editing by Bill Rigby)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-uber-board-michael-idUKKBN1931V7'|'2017-06-13T00:16:00.000+03:00'
'99a22c5cb7ffde14d8ff6c7cd8c1a85cfb169d99'|'CEE MARKETS-Zloty eases ahead of CPI data, Poland leads bank stock slide'|'* Zloty eases, CPI figures may underpin central bank doves * Polish markets will be closed on Thursday * Warsaw bank stock index shed 2 pct, leading fall of CEE shares By Sandor Peto and Bartosz Chmielewski BUDAPEST/WARSAW, June 12 Warsaw bank shares led Central European equities lower on Monday as they tracked losses in Western Europe and Asia following Friday''s technology sell-off on Wall Street. Investors were also cautious before Wednesday''s Federal Reserve meeting which is expected to raise interest rates and possibly give signals about the pace of future hikes that could influence appetite for emerging markets assets. Poland''s zloty eased a quarter of a percent to 4.1932 against the euro by 0857 GMT, while other Central European currencies were steady. "Some investors may be also closing their positions ahead of the expected Fed hike and lower zloty liquidity due to Thursday (Corpus Christi) national holiday," one Warsaw-based dealer said. Some investors expect the breakdown of Polish May inflation data, due at 1200 GMT, to show lower inflation pressure than earlier expected. That would underpin forecasts from Polish central bank governor Adam Glapinski that the bank is unlikely to start to lift its record low interest rates until the end of next year. Another rate setter, Lukasz Hardt, warned last month that a tightening of the labour market could lift wage-side inflation pressure as the European Union allows visa-free travel to Ukrainians. From this week, Ukrainians can travel to EU member states without visas, raising the risk that some of the hundreds of thousand of Ukrainians who work in Poland may move further to the West, causing a labour shortage in Poland. "As the risks of the inflation rate overshooting the (2 percent) target in the medium term are relatively low, the MPC (central bank) is likely to sustain its relatively dovish rhetoric, especially as demand pressure has been limited despite labor market tightening," Erste analysts said in a note. "At this point, we see a possibility of a rate hike only in (the second half of 2018)," they added. Warsaw''s bluechip stock index fell 1.2 percent, with the sub-index of bank shares shedding 2 percent, while Western European bank shares also eased, with the STOXX Europe 600 banks index dropping 1.2 percent. Polish banks PKO BP and Pekao shed 1.9-2 percent. Other bank stocks in the region eased less, with Hungary''s OTP dropping 0.7 percent, while Budapest''s main index fell half a percent. CEE MARKETS SNAPSH AT 1057 CET OT CURRENCIES Latest Previo Daily Change us bid close change in 2017 Czech crown 26.195 26.202 +0.03 3.10% 0 5 % Hungary 307.70 307.71 +0.00 0.36% forint 00 50 % Polish zloty 4.1932 4.1830 -0.24% 5.02% Romanian leu 4.5640 4.5615 -0.05% -0.64% Croatian kuna 7.4080 7.4091 +0.01 1.99% % Serbian dinar 122.31 122.36 +0.04 0.85% 00 00 % Note: daily calculated previo close 1800 change from us at CET STOCKS Latest Previo Daily Change us close change in 2017 Prague 1006.3 1008.1 -0.18% +9.20 7 6 % Budapest 35223. 35411. -0.53% +10.0 30 01 6% Warsaw 2303.9 2330.7 -1.15% +18.2 4 2 8% Bucharest 8473.0 8515.4 -0.50% +19.5 7 0 9% Ljubljana 788.20 792.17 -0.50% +9.84 % Zagreb 1840.0 1839.8 +0.01 -7.76% 6 1 % Belgrade 716.65 718.73 -0.29% -0.10% Sofia 681.10 675.83 +0.78 +16.1 % 4% BONDS Yield Yield Spread Daily (bid) change vs change Bund in Czech spread Republic 2-year -0.124 0.062 +061b +7bps ps 5-year -0.109 0.019 +035b +3bps ps 10-year 0.785 0.01 +054b +3bps ps Poland 2-year 1.891 0.003 +262b +1bps ps 5-year 2.585 0.003 +305b +2bps ps 10-year 3.124 -0.044 +288b -3bps ps FORWARD RATE AGREEMENT 3x6 6x9 9x12 3M interb ank Czech Rep <PR 0.35 0.43 0.52 0 IBOR=> Hungary <BU 0.19 0.23 0.29 0 BOR=> Poland <WI 1.754 1.769 1.82 1.73 BOR=> Note: FRA are for ask Quote: s prices'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/easteurope-markets-idINL8N1J91NF'|'2017-06-12T07:51:00.000+03:00'
'51288bf59216e300842414d53180aa83cc1a2ead'|'Nikkei ends lower as technology shares weigh; Toshiba soars'|'TOKYO, June 12 Japan''s Nikkei share average ended lower on Monday, dragged down by declines in technology shares after their U.S. counterparts were sold off sharply in the previous session.The Nikkei ended down 0.5 percent at 19,908.58.Chip manufacturing equipment makers and Apple suppliers led the declines, with Tokyo Electron ending 3 percent down, Advantest Corp closing down 3.3 percent, Alps Electric shedding 3.2 percent and Taiyo Yuden declining 3.1 percent.On Friday, Apple Inc shares dropped 3.9 percent in their biggest daily percentage decline since April 2016, after a report that iPhones to be launched this year would use modem chips with slower download speeds than rival smartphones.Bucking the weakness, Toshiba Corp surged more than 9 percent after a person familiar with the matter told Reuters that Western Digital Corp plans to raise its offer for Toshiba''s prized semiconductor unit to $18 billion or more.The broader Topix was flat at 1,591.55. (Reporting by Ayai Tomisawa; Editing by Sherry Jacob-Phillips)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/japan-stocks-close-idINL3N1J928C'|'2017-06-12T04:25:00.000+03:00'
'ef291a81ac878dff31a0e435825815d0a3933881'|'Qatar launches new shipping routes to Oman amid food shortage fears'|'Business News  24am BST Qatar launches new shipping routes to Oman amid food shortage fears DOHA Qatar has launched two new shipping services to Omani ports after other Gulf states severed ties with Doha last week, raising concerns over food supplies to import-dependent Qatar. Saudi Arabia, the United Arab Emirates and other Arab countries cut diplomatic as well as travel and trade ties with Qatar last week, accusing it of supporting Iran and funding Islamist groups. Doha denies the charges. The severing of air, sea and land transport links has closed off key import routes for Qatar and its population of around 2.7 million people. Thousands of shipping containers destined for Qatar are still stuck at Dubai''s Jebel Ali port, according to Qatari importers. Iran and Turkey have flown in food supplies to Qatar as the gas-rich country seeks other sources. Oman is a member of the Gulf Cooperation Council but takes a relatively independent diplomatic approach to the other five states in the bloc, particularly towards Iran. The two new services will each run three times a week between Qatar''s Hamad Port and Omani ports of Sohar in the north and Salalah in the south, Qatar Ports Management Company (Mwani), a Qatari shareholding company established in 2009, announced on Sunday. Doha has said the severing of trade and transport ties are hurting the country''s inhabitants. Mani Qatar posted a video on Twitter on Monday of a cargo ship arriving from Sohar port. (Reporting by John Davison; Editing by Sami Aboudi and Raissa Kasolowsky)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-gulf-qatar-ports-idUKKBN19312H'|'2017-06-12T18:24:00.000+03:00'
'0b8c41333e9cec4dec7229f13bad028c45e9ce4a'|'MIDEAST STOCKS-Qatari banks fall after UAE red flag, Dubai''s Emaar climbs'|'DUBAI, June 11 Shares in Qatari banks fell in early trade on Sunday after the central bank of the United Arab Emirates ordered UAE banks to be wary of any accounts they hold with six Doha-based banks.In Dubai, the largest listed property developer, Emaar Properties, rose 0.9 percent as investors continued to react positively to its plan to distribute funds from a listing of its local real estate developer to shareholders.The UAE, as part of its response to the diplomatic rift in the region, told local banks to apply "enhanced due diligence" to the Qatari institutions and instructed banks to stop dealing with 59 individuals and 12 entities with alleged links to Qatar.Five of the six Doha-based banks named are listed on the stock market: Qatar National Bank, Qatar Islamic Bank , Qatar International Islamic Bank, Masraf Al Rayan and Doha Bank. Shares in all of them fell on Sunday with the largest, QNB, down 1.0 percent.Qatari banks have about 60 billion riyals ($16.5 billion) in funding in the form of customer and interbank deposits from other Gulf states, SICO Bahrain estimated, and the banks account for just over half the Qatari stock market''s value.Although the UAE stopped short of a blanket ban on dealings with Qatar, its move could have much the same effect if UAE banks - and perhaps those in other countries - reduce their exposure to Qatari institutions for fear of getting caught in the diplomatic crisis.Shares in Barwa Real Estate were down 4.9 percent and the Qatari stock index fell 1.3 percent on Sunday morning. Last week, the Doha index shed 7.1 percent.In Abu Dhabi, the banking sector helped carry the index 0.5 percent higher. First Abu Dhabi Bank - the second largest bank in the region by assets after QNB - was 0.9 percent higher.The Dubai index was almost flat, however, as nine shares rose along with Emaar but 15 declined.The Riyadh index was flat, weighed down by the petrochemical sector as Brent oil stayed near a one- month low. Propylene maker Yanbu National Petrochemicals was down 0.4 percent. (Reporting by Celine Aswad; editing by Andrew Torchia and David Clarke)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/mideast-stocks-idINL8N1J8046'|'2017-06-11T06:13:00.000+03:00'
'd249359a3188b12c0d7440376c92c8a077dbe2aa'|'Battery storage and rooftop solar could mean new life post-grid for consumers - Guardian Sustainable Business'|'To illustrate the impact of battery storage on the electricity network in Australia, Prof Guoxiu Wang likes to compare it to the invention of refrigeration.“Before people invented the fridge, we produced food, we consumed food immediately,” says Wang, director of the Centre for Clean Energy Technology at the University of Technology, Sydney. “With the development of appropriate electricity storage technology, the electricity is like our food – you can store it and whenever you need that electricity, you can use that immediately.”Batteries as a means to store electricity are nothing new. But with solar photovoltaic units now found on 16.5% of Australian residential roofs , battery storage has stepped into the big league. What was once viewed as an add-on to solar photovoltaic is now driving a revolution in the energy sector and turning the concept of a national electricity grid upside down.The chief scientist Dr Alan Finkel’s report on the future of the national electricity market gives a glimpse of how profound this change will be. The report cites data suggesting that by 2050, 30% to 45% of annual electricity consumption (pdf p62) could be supplied by consumer-owned generators; namely, rooftop solar photovoltaic and battery storage.This represents a huge opportunity for consumers, and a huge challenge for electricity providers.Business is leading the transition to renewables while politicians dither Read moreFor consumers, rooftop solar and battery storage combined are now affordable enough that the electricity industry is seeing a rise in what a McKinsey & Company report calls “partial grid defection” (pdf) . This is the scenario where, instead of rooftop solar owners selling their excess solar power back to the grid, they are using batteries to store that power for later use. This creates a new opportunity for households and businesses to effectively play the electricity market, says a senior expert at McKinsey & Company and report co-author, Amy Wagner.“In a classic net energy metering environment, where you get paid the same dollars per kilowatt hour if you’re using it in your house or if you’re exporting it to the grid, you’re paid all the same price; you don’t need storage – the grid is your storage,” Wagner says.But as these feed-in tariffs change – and they vary from state to state in Australia – a new opportunity presents for rooftop solar owners.“Then you start creating a market for storage that didn’t exist before, because it has an arbitrage opportunity; you arbitrage between the retail rate for what they get to reduce their own consumption and the retail rate that they get to export.”That means excess energy can be sold back to the grid during peak demand – and therefore peak dollar. Equally, batteries can be charged directly from the grid during low demand, when electricity is at its cheapest.This could also change the playing field for industries – particularly those that use a lot of electricity during peak periods.“Those industries with high demand charges and peaky loads can be very attractive for storage because you can move those hours to another portion of their day,” Wagner says.This partial grid defection model of combined rooftop solar and battery storage also offers an insurance policy against future electricity price rises; something that Emlyn Keane – the chief executive of the energy services company Evergen - says is motivating a significant number of customers to invest in rooftop solar and battery storage.How Australia can use hydrogen to export its solar power around the world Read more“Our highest take-up is 55+ years, and that’s because … power prices are the number one concern as to whether my super’s going to be adequate,” Keane says. “We’re saying you can invest now while you’re still working, pay it off, and your bills will be 80% less than they would otherwise be.”The chief scientist’s energy blueprint referenced the scenario of partial grid defection, saying that consumers – both residential and industrial – need to be financially rewarded for managing demand and sharing their energy resources such as solar panels and battery storage.Does this mean a full grid defection scenario – in which households rely entirely on rooftop solar, battery storage and a small generator – is likely? Do grids even have a future?Some electricity providers are already looking to this question. Ergon Energy Queensland, with funding from the Australian Renewable Energy Agency, is trialling a new model of centrally controlled residential rooftop solar and battery storage to create what it calls a “virtual power plant” at three sites in Queensland. The idea is to see whether such a system can be used to manage the supply of renewable energy into the grid, manage demand and therefore manage the periods of peak load on the network.The McKinsey & Company report suggests full grid defection is not now economical, and Wagner believes the grid will continue to have value.“But there will need to be changes made by the utilities to make the grid leaner, modernisation technology that they need to put in to optimise against the distributed generation profiles; a different way of operating the grid.”Topics Guardian sustainable business Innovations in renewables Energy (Australia news) Energy (Environment) Energy storage Energy (Technology) Technology startups features Share Reuse this content'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/sustainable-business/2017/jun/13/battery-storage-and-rooftop-solar-could-mean-new-life-post-grid-for-consumers'|'2017-06-13T08:51:00.000+03:00'
'9c32d0f6a90478aee30448fcf29de16abf73288e'|'China censures Emirates airline after two safety incidents - Xinhua'|'Business News   7:20am BST China censures Emirates airline after two safety incidents - Xinhua SHANGHAI/DUBAI China''s civil aviation authority has fined Dubai-based carrier Emirates and barred it from adding new destinations and aircraft in China for six months after two incidents of "unsafe operations", the state news agency Xinhua said on Thursday. According to the report the Civil Aviation Administration of China (CAAC) said that the pilots were responsible for an incident on April 17 when an aircraft flew at the wrong altitude and another on May 18 when a plane temporarily lost contact with air traffic control. Both happened over China''s far western region of Xinjiang, it said. CAAC fined Emirates, the world''s largest long-haul airline, 29,000 yuan (3,350 pounds) and said it had summoned senior officials from the airline for a meeting, Xinhua reported without further details. Emirates said that it "fully complies" with CAAC''s requirements for its flights to China and that it would "co-operate fully" and "complete all actions recommended" by the aviation authority regarding the two incidents. “Emirates will never compromise on the safety of our passengers and crew. Safety is our number-one priority at all times," the airline said in a statement. (Reporting by John Ruwitch in Shanghai and Alexander Cornwell in Dubai; Editing by Stephen Coates, Greg Mahlich)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-china-aviation-emirates-idUKKBN1960GN'|'2017-06-15T14:20:00.000+03:00'
'577c862d516a25eb5e2e14a183ade4f72c6001a4'|'Pfizer, Roche and Aspen face South Africa probe over cancer drug prices'|'  5:30pm BST Pfizer, Roche and Aspen face South African probe into cancer drug prices left right FILE PHOTO: The Pfizer logo is seen at their world headquarters in New York April 28, 2014. REUTERS/Andrew Kelly/File Photo 1/2 left right The logo of Swiss pharmaceutical company Roche is seen outside their headquarters in Basel, January 30, 2014. 2/2 By Nqobile Dludla - PRETORIA PRETORIA South Africa''s competition watchdog has launched an investigation into three drug companies accused of over-charging for cancer medicines, the agency''s chief said on Tuesday. Tembinkosi Bonakele, head of the Competition Commission, said the agency would investigate Aspen Pharmacare, Africa''s biggest generic drug maker, U.S. company Pfizer and Swiss-based Roche Holding. "Here we have a suspicion. We think that the reason is excessive pricing by the participants in the market. We have to investigate and bring people to book," Bonakele told a news conference. "The Competition Commission has identified the healthcare sector, and in particular, pharmaceuticals, as a priority sector for its enforcement efforts due to the likely negative impact that anti-competitive conduct in that sector would have on consumers in general and specifically the poor and vulnerable." The Commission, which investigates cases before bringing them to the Competition Tribunal for adjudication, said it suspected the lung cancer treatment xalkori crizotinib sold by Pfizer had been excessively priced as has the breast cancer drugs Herceptin and Herclon sold by Roche. It also said it would look into whether Aspen, a local company based in Durban, might have over-charged for Leukeran, Alkeran and Myleran cancer treatments in South Africa. Roche said in an email it had not received a formal notification from the Commission when asked for comment. "In case we receive a formal notification, we will be cooperating fully with the authorities, will provide all required information and will respond to the allegations," the company said. Pfizer did not immediately respond to telephone requests for comment. Aspen denied any wrongdoing, saying it had not increased its prices for medicines used to treat leukemia beyond the margin approved by the South African health department. Some medicines in South Africa, including those sold by Roche and Aspen, are considered too essential to let manufacturers set the prices. "Aspen is committed to full and constructive engagement with the Competition Commission in this investigation," the company said in a statement. Aspen is already under investigation by the European Commission over allegations that it is overcharging for five key cancer drugs. (Additional reporting by Paul Arnold in Zurich Writing by Tiisetso Motsoeneng; Editing by Mark Potter, Greg Mahlich)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-safrica-pharmaceuticals-idUKKBN1941HG'|'2017-06-13T20:39:00.000+03:00'
'bd574efa1f154a11a2b59e722d57878512db6e23'|'Hyundai Motor unveils new small SUV as China sales skid'|'Autos - Tue Jun 13, 2017 - 3:45am BST Hyundai Motor unveils new small SUV as China sales skid FILE PHOTO: The Hyundai logo is seen at the 2017 New York International Auto Show in New York City, U.S. April 12, 2017. REUTERS/Brendan Mcdermid/File Photo GOYANG, South Korea Hyundai Motor on Tuesday unveiled its first subcompact sport utility vehicle (SUV) for advanced markets including the United States, Europe and South Korea, betting on the model to offset sliding sales in China. The South Korean automaker also said it would launch an electric version of the Kona small SUV next year and a new large SUV by 2020 in a bid to catch up with rivals in the booming SUV segment. Hyundai looks like missing its annual sales target for a third consecutive year due to the unpopularity of its mainstay small sedans and political tensions between Beijing and Seoul which have battered sales in China, its biggest market. The automaker previously sold subcompact SUVs only in emerging markets, missing out on strong growth in the segment in South Korea, the United States and Europe. The subcompact SUV segment is the top-performing segment, growing an annual average of 46 percent from 2010 to 2016, Hyundai said, citing IHS Automotive data. In South Korea, the Kona, which is positioned below Hyundai''s Tucson compact SUV, features a 1.6-litre gasoline or diesel engine and competes with Ssangyong Motor''s Tivoli, Renault''s QM3 and GM''s Trax. Hyundai is targeting annual production of 135,000 Kona models in South Korea next year, after shifting some output of lower-margin Accent cars to Kia Motors'' factory in Mexico, a source told Reuters. Hyundai and its affiliate Kia in January said they aimed to increase global sales by 5 percent this year, but their combined sales fell 7 percent from January to May this year, hit by slowing sales in China and the United States. In China, negative sentiment stemming from Seoul''s decision to deploy a U.S. anti-missile system exacerbated its sales fall in the country, where it is already suffering from a lack of SUV line-ups and poor brand perception. In the United States, the automaker was one of the poorest performers through May, with sales down 4.8 percent in a market that fell 2.1 percent. The U.S. safety regulator has launched a probe into whether Hyundai and Kia recalled 1.7 million vehicles in a timely manner. In South Korea, its sales were nearly flat this year. Kia will join Hyundai in launching its subcompact SUV, Stonic, starting next month. The South Korean duo also plans to roll out full electric versions of the Kona next year, another person familiar with the plan previously told Reuters. (Reporting by Hyunjoo Jin; Editing by Stephen Coates) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-hyundai-motor-suv-idUKKBN194063'|'2017-06-13T09:34:00.000+03:00'
'769373f92a263e6c38bb47f1229435fa1136343c'|'PRESS DIGEST- British Business - June 13'|'The following are the top stories on the business pages of British newspapers. Reuters has not verified these stories and does not vouch for their accuracy.The Times* Weir Group is paying 89 million pounds ($112.74 million) to increase its exposure to the Asian oil services market in its first acquisition in two years. bit.ly/2s4imnl* Land Securities Group PLC, Britain''s largest listed property company, has changed it name to Landsec. bit.ly/2s43h5eThe Guardian* The future of Uber Chief Executive Travis Kalanick is hanging in the balance after the embattled cab company''s board voted to adopt a portfolio of recommendations to fight sexual harassment in the firm. bit.ly/2rjPWIx* The number of homes changing hands in London slumped by almost a third year on year in the spring, as changes to stamp duty rates, high prices and Brexit uncertainty slowed the market, according to the latest monthly index from estate agents Your Move. bit.ly/2rk1V9hThe Telegraph* Vincent De Rivaz, the veteran boss of EDF, will step down from the French energy group at the end of October this year. bit.ly/2rjXYRP* Jaguar Land Rover has invested $25 million in Lyft, making it the latest car giant to pick a side in the increasingly bitter war between the U.S. taxi-hailing app and its arch-rival Uber. bit.ly/2rk0Yh6Sky News* Royal Bank of Scotland is closing on a multibillion-pound settlement with a U.S. regulator over the mis-selling of toxic mortgage bonds - a deal that will remove one of the long-standing obstacles to the Government returning the lender to the private sector, according to Sky News. bit.ly/2rk01Fy* Qatar Reinsurance Company has teamed up with Centerbridge, a U.S.-based investment firm, to attempt to buy Sabre from BC Partners, the private equity firm which has owned it since 2013, according to Sky News. bit.ly/2rjXmvvThe Independent* A poll of almost 700 business leaders conducted by the Institute of Directors in the immediate aftermath of last week''s general election reveals a dramatic drop in business confidence and major concerns relating to political uncertainty. ind.pn/2rksUBD* Thousands of UK households face energy bill hikes of almost 200 pounds on average as gas and electricity providers roll customers onto standard variable tariffs. A total of 54 fixed-rate energy deals are set to expire before the end of August, according to research by price comparison site Money Supermarket. ind.pn/2rkeSzP ($1 = 0.7895 pounds) (Compiled by Bengaluru newsroom; Editing by Richard Chang)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/britain-press-business-idINL1N1J91WM'|'2017-06-12T21:45:00.000+03:00'
'9ed8f1eef02b727c50f08bef1f5e31393e3a9810'|'Japan shares flat as U.S. tech slide impact eases'|'TOKYO, June 13 Japan''s Nikkei share average trimmed a bulk of its earlier losses and steadied on Tuesday, as the impact from a slide in U.S. technology shares eased.The Nikkei inched down 0.05 percent to 19,898.75.The index was confined to a narrow range ahead of the Federal Reserve''s two-day policy meeting that ends on Wednesday, at which the central bank is expected to raise interest rates.The broader Topix edged up 0.1 percent to 1,593.51 and the JPX-Nikkei Index 400 rose 0.1 percent to 14,190.22. (Reporting by the Tokyo markets team; Editing by Jacqueline Wong)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/japan-stocks-close-idUSL3N1JA2DU'|'2017-06-13T14:10:00.000+03:00'
'4bef4e1ca2a327947dd2a13ecdfcfe797f116bb1'|'German Finance Minister urges ECB to change policy soon'|'  11:34am BST German Finance Minister urges ECB to change policy soon German Finance Minister Wolfgang Schaeuble arrives for the weekly cabinet meeting at the Chancellery in Berlin, Germany June 7, 2017. REUTERS/Hannibal Hanschke BERLIN German Finance Minister Wolfgang Schaeuble said on Tuesday the European Central Bank needed to exit its current monetary policy "in a timely manner", warning that very low interest rates had caused problems in some parts of the world. "Ultra-loose monetary policy in many regions has been encouraging undue risk taking, policy complacency, capital misallocation and asset price bubbles, and will continue to do so if it is not reversed in time," Schaeuble said in a speech. "We need to exit current monetary policy in a timely manner and return to a more normal course," Schaeuble said. He added that the Federal Reserve in the United States had already begun this process and the ECB had recently tweaked its communication in a way that could be seen as pointing in a similar direction. (Reporting by Michael Nienaber; Writing by Madeline Chambers)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-germany-schaeuble-idUKKBN194152'|'2017-06-13T18:04:00.000+03:00'
'4c7f7979aa635da13630991205062309ab0d9f98'|'U.S. plans threaten to undermine global bank reforms'|'Business   2:44pm BST U.S. plans threaten to undermine global bank reforms By Huw Jones and Michelle Price - LONDON/HONG KONG LONDON/HONG KONG U.S. plans to delay globally-agreed reforms to make banks safer after the financial crisis will throw a system of international regulatory cooperation into confusion, European Union and Asian regulatory sources said on Tuesday. But the rollback will be welcomed by global banks as it will allow them to cut back on how much expensive capital they must hold to support their business, the sources said. Since the financial crisis, watchdogs around the world have been working via the G20 group of leading economies to increase cooperation between regulators following the collapse of Lehman Brothers in 2008. But the U.S. Treasury unveiled plans on Monday to upend the country''s financial regulatory framework in a 150-page report that suggested more than 100 changes. ( bit.ly/2sVxOlt ) "Trump’s proposals are going in the wrong direction," Jakob von Weizsaecker, a German Social Democrat in the European Parliament’s economic and monetary affairs committee, told Reuters. "In Europe, we must be careful not to forget the lessons of the financial crisis. It would be a huge mistake for us to follow the U.S. lead on this.” The U.S. Treasury has called for a delay implementing a globally agreed rule on bank liquidity which requires banks to cover long term funding needs from January 2018. The U.S. Treasury also wants to delay a fundamental review of banks'' trading books, which was also agreed globally through the Basel Committee of international regulators. This trading book review represented a major overhaul of how banks set aside capital to cover risks from stocks, bonds and other instruments kept in their trading businesses. The U.S. Treasury said these two rules would have added new capital and liquidity requirements to existing rules banks have to follow. The European Union has already proposed a draft law to implement these pieces of regulation. "This raises some question marks. It''s a bit worrying," an EU source said on condition of anonymity as the bloc has not reached a formal position on the U.S. Treasury''s announcement. The Basel Committee could not be reached immediately for comment. LEVEL PLAYING FIELDS Asia-based regulatory experts said the U.S. Treasury''s position would lead some watchdogs in their region to review their implementation timelines. They are already unhappy about having the West''s post-crisis reform agenda imposed on them. "This is going to create level-playing field problems, and concerns for global banks when dealing with fragmented regulatory regimes in the region," Kevin Dixon, global & APAC lead, center for regulatory strategy at Deloitte in Sydney, said. Even so, any rollback on the fundamental review of banks'' trading books by Asian regulators would generally be a boon for global banks operating in the region, Keith Pogson, senior partner, Asia Pacific financial services at EY in Hong Kong, said. The U.S. Treasury will also review a mechanism for winding down failed banks. "Depending on how the review is implemented, it can create quite a lot of trouble for cooperation between supervisors," the EU source said. "We are looking at this with quite a bit of potential concern. It could jeopardize the whole international cooperation on resolution of banks." VOLKER RULE Many of the other reforms proposed by the U.S. Treasury are domestic, such as scaling back on "gold plating" of globally agreed rules. The U.S. Treasury review also suggested the country''s so-called "Volcker Rule" needed amending to avoid damaging market liquidity. The Volker Rule restricts banks'' ability to make bets in financial markets with their own money. An EU version of the Volker Rule is currently before the European Parliament. The U.S. Treasury also proposed easing capital requirements on U.S. branches of foreign banks which hold $4.5 trillion in assets. At present, the Federal Reserve requires them to ring-fence capital on U.S. soil inside an "intermediate holding company", but the U.S. Treasury wants changes to encourage foreign banks to increase investment in U.S. markets and provide credit to the economy. The EU has proposed similar requirements for foreign branches in the bloc, and the U.S. move could prompt a rethink of those plans in Europe. (Additional reporting by John O''Donnell in Frankfurt. Editing by Jane Merriman)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-usa-banks-regulation-reaction-idUKKBN1941TL'|'2017-06-13T21:33:00.000+03:00'
'6e75c8d123a281444635c7b7c671eadb6c6b17ad'|'MIDEAST STOCKS-Banks may weigh on Qatar, oil below $50 curb rest of Gulf - Reuters'|'DUBAI, June 11 Qatar’s stock market may start the week with losses after the central bank of the United Arab Emirates ordered UAE banks to apply enhanced due diligence to any accounts they hold with six Qatari banks.The order came as the UAE told local banks to stop dealing with 59 individuals and 12 entities with alleged links to Qatar and to freeze all their assets.The six Qatari banks - Qatar National Bank, Qatar Islamic Bank, Qatar International Islamic Bank , Barwa Bank ( IPO-BABK.QA ), Masraf Al Rayan and Doha Bank - did not respond to Reuters requests for comment.Although the UAE stopped short of imposing a blanket ban on bank dealings with Qatar, its move could have much the same effect if UAE banks - and perhaps those in other countries - cut back their exposure to Qatari institutions for fear of getting caught up in the region''s diplomatic crisis.Qatari banks have around 60 billion riyals ($16.5 billion) in funding in the form of customer and interbank deposits from other Gulf states, according to SICO Bahrain, and they account for a little over half of the Qatari stock market''s value.Qatari banks are expected to be able to obtain funds from their central bank if needed, but any pull-out of deposits could still be awkward for them."Last week some investors saw the sharp falls in share prices as an opportunity to buy some banks because valuations are good, but the weekend news developments put banks in a tough spot," said one regional portfolio manager. He said he expected foreign funds to be sellers in Qatar on Sunday.Last week the Doha index shed 7.1 percent.Other markets in the region have suffered little or no damage from the diplomatic crisis; Saudi Arabia''s index has been supported by the approach of index compiler MSCI''s June 20 review on whether to study upgrading Riyadh to emerging market status.But with Brent oil closing last week below $50 a barrel, down 4 percent on the week, investors may stay cautious. (Reporting by Celine Aswad; Editing by Andrew Torchia)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/mideast-stocks-idINL8N1J801I'|'2017-06-11T03:47:00.000+03:00'
'5c1870ff4802359d0d5e77e63406748fa8ff2c5d'|'Australia''s Link, buyout funds in final bidding for $1 billion Capita sale: sources'|'By David French and Pamela Barbaglia - NEW YORK/LONDON NEW YORK/LONDON Australian financial services firm Link Group and three buyout funds are putting the finishing touches to their rival offers for Capita''s ( CPI.L ) asset management services arm, a deal worth up to 800 million pounds ($1.02 billion), sources told Reuters on Thursday.The British outsourcing group hired Goldman Sachs last year to launch an auction process for one of its units, Capita Asset Services, in a bid to raise cash and return to growth after a string of profit warnings, partly due to Britain''s vote to leave the European Union.Chicago-based private equity fund GTCR and European rival CVC Capital Partners [CVC.UL] are among a group of three buyout funds which are competing with Link Group ( LNKG.PK ), a provider of shareholder management services as well as analytics, registry and fund administration services to more than 2,500 clients, the sources said.Another source named European buyout fund BC Partners as the fourth bidder involved in the process, adding that the deadline for final bids is on June 21.Capita, GTCR, BC Partners and CVC declined to comment while Link Group could not immediately be reached outside business hours.Capita has a market value of 4.3 billion pounds and its near-total focus on Britain means that unlike some rivals it does not benefit from the translation of foreign currencies back into a weak pound.Its chief executive Andy Parker resigned earlier this year after the company reported a bigger than expected drop in profits and said it would take until 2018 before it could return to growth.As part of its turnaround efforts the London-based company is trying to simplify its structure, reduce the number of business units and their reporting lines to boost oversight and transparency.The sale of its asset services unit, which serves a wide range of financial institutions including wealth and asset managers as well as banks, could fetch between 700 and 800 million pounds, the sources said.It would help it to reduce its debt burden which stood at 1.7 billion pounds at the end of last year.Capita Asset Services provides everything from shareholder solutions, fund management and loan servicing for all types of secured and collateralized loans. The business operates as a share registrar to 42 percent of Britain''s main market listed companies.(Reporting By Pamela Barbaglia. Editing by Jane Merriman)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-capita-m-a-idINKBN1962KL'|'2017-06-15T16:20:00.000+03:00'
'b8ff3641e317821453e9d892b64be481172abe24'|'Adidas loses rulings over Skechers'' alleged ''Springblade'' knockoffs'|'Thu Jun 15, 2017 - 4:49pm BST Adidas loses rulings over Skechers'' alleged ''Springblade'' knockoffs Shareholders arrive for Adidas annual general meeting in Fuerth near Nuremberg, Germany, May 11, 2017. REUTERS/Michaela Rehle By Jonathan Stempel A federal judge has rejected Adidas AG''s ( ADSGn.DE ) ( ADDYY.PK ) effort to block Skechers USA Inc ( SKX.N ) from selling athletic sneakers that it said copied its "Springblade" concept. In two decisions this week, U.S. District Judge Michael Simon in Portland, Oregon said Skechers did not willfully infringe two Adidas patents by selling its less expensive "Mega Blade" sneakers, and denied Adidas'' request for a preliminary injunction to halt sales. The decisions are a blow to Adidas, which like some rivals often turns to U.S. courts to stop rivals from selling products it considers knockoffs. In its lawsuit last July, the German company said Skechers copied "leaf spring" elements of its Springblade midsole, meant to propel runners forward and improve performance. It said this enabled Skechers to get a free ride on its technology without the development costs, and harmed Adidas'' reputation and market share by cutting into Springblade''s pricing power, "coolness" and "cachet." Adidas had launched Springblade in 2013, at $180 a pair. Simon, however, found no willful infringement because Skechers began selling Mega Blade sneakers one year before the Adidas patents were issued in May 2016. The judge also said an injunction was inappropriate because Adidas did not show it faced irreparable harm without one, or that it was likely to win the case. "Adidas''s evidence of irreparable injury is too conclusory and speculative," and the company "fails to make a persuasive showing that the Mega Blade shoe has had an appreciable adverse effect on the Springblade shoe," Simon wrote. Both decisions are dated Monday, and the decision on the preliminary injunction was made public on Wednesday. The judge put the case on hold so the U.S. Patent and Trial Appeals Board could consider related issues. Adidas and its lawyers did not immediately respond on Thursday to requests for comment. Michael Greenberg, Skechers'' president, said the Manhattan Beach, California-based company was pleased with the decisions. "Skechers respects the intellectual property rights of other companies and has invested tremendous resources into building a brand identity by developing its own distinctive designs, not by copying others," Greenberg said in a statement. Adidas has also sued Skechers for having allegedly copied the design for its classic white Stan Smith tennis sneakers. A trial is scheduled for April 2018, court records show. The case is Adidas America Inc et al v Skechers USA Inc, U.S. District Court, District of Oregon, No. 16-01400. (Reporting by Jonathan Stempel in New York; Editing by Marguerita Choy)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-skechers-usa-adidas-lawsuit-idUKKBN19626N'|'2017-06-15T23:47:00.000+03:00'
'6bcff5aa3d8bcd0499fbd6329e13e41c92cd7d41'|'Allied Irish Banks float fully subscribed - bookrunner'|'LONDON, June 13 The book on Allied Irish Banks'' initial public offering has been fully subscribed, including the greenshoe option, the bookrunner said on Tuesday.The price range for the IPO was set on Monday at between 3.90 ($4.37) and 4.90 euros per share. ($1 = 0.8933 euros) (Reporting by Dasha Afanasieva. Editing by Jane Merriman)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/aib-ipo-book-idINL8N1JA4W7'|'2017-06-13T14:14:00.000+03:00'
'21c01e3518e1b678c8d52747e2399d26759d1189'|'Inflation fizzle may once again leave Fed rate path in doubt'|'  10:20am BST Inflation fizzle may once again leave Fed rate path in doubt FILE PHOTO: A police officer keeps watch in front of the U.S. Federal Reserve in Washington, DC, U.S. on October 12, 2016. REUTERS/Kevin Lamarque/File Photo By Ann Saphir and Jason Lange - SAN FRANCISCO/WASHINGTON SAN FRANCISCO/WASHINGTON The Federal Reserve will probably express its confidence inflation will climb towards its 2 percent target when it meets this week and delivers a widely expected rate rise, but such assurances are a poor indicator of the Fed''s future policy. The Fed, which last raised rates by 25 basis points at its March meeting, has penciled in three increases this year based on the view that inflation will eventually edge higher as a result of a tighter labor market that has driven the unemployment rate to a 16-year low. Yet since March the Fed''s preferred measure of underlying inflation has fallen to 1.5 percent year-on-year after touching 1.8 percent in February, even as unemployment rate has dropped to 4.3 percent of the workforce. The central bank is likely to go ahead with another 25-basis-point rate increase on Wednesday, the fourth hike of a rate increase cycle that started in December 2015, citing the improvement in the economy and temporary factors driving down prices. Fed officials have already noted a 9-percent drop in the cost of cellphone plans since February. Falling pharmaceuticals prices and slower rent increases have also mitigated inflationary pressures. But the concern is the Fed and other central banks have been here before, consistently over-estimating inflation in the recovery from the 2008-2009 financial crisis and the pace at which interest rates would rise back towards pre-crisis levels. "They are betting on the labor market tightness. They are still feeling that will eventually lead to higher wages, higher inflation,” said Omair Sharif, an economist at Societe Generale. But that has been the Fed''s bet for the past six or seven years, he said. "There''s a real chance that if the inflation data doesn''t cooperate the Fed is going to have to rethink." The Fed has missed its inflation forecasts made at the end of 2012, 2013 and 2014. Those misses could be mostly attributed to forecasting errors over the price of oil and the value of the dollar, factors largely outside the Fed''s control. But now the 1.9 percent forecast for the end of this year, which Fed officials have maintained since December 2015 when they started raising rates from zero, also looks at risk. WEAKENING CONVICTION Investors are already taking notice. A Reuters poll last week showed economists expect the central bank to follow its June move with another 25 basis point increase in the third quarter to take the fed funds rate to 1.25-1.50 percent. But one in five said their conviction for that third 2017 rate hike was fading, and traders of short-term rate futures now see just one rate hike in 2018, down from two forecast earlier this year. They are scaling back their expectations against the backdrop of inflationary pressures ebbing not just in the United States, but globally. The European Central Bank last week cut its inflation forecasts and predicted weak prices for years to come. The ECB has done no better than the Fed with its predictions and had said it expected to see inflation approaching 2 percent ever since it started making point forecasts in December 2013. Other major central banks are also cutting their inflation forecasts. The Reserve Bank of India made substantial downward revisions last week and the Bank of Japan is expected to recalibrate its forecasts in July. In China producer price inflation eased for a third successive month in May, the latest data available, suggesting a cool-down in the world''s second-largest economy. One factor that has repeatedly confounded policymakers was the behavior of incomes during the post-crisis recovery. Even as the U.S. unemployment rate has almost halved in the past five years, earnings have barely ticked higher, with annual increases picking up to 2.5 percent from 2.1 percent. In 2007, the last time the unemployment rate was firmly below 5 percent, earnings were rising by 3.5 percent a year. Fed Chair Janet Yellen has argued the Fed must act on its forecasts because changes in interest rate policy can take more than a year to impact the whole economy. She also notes that the central bank is moving slowly to remove monetary accommodation. Carl Tannenbaum, Northwestern Trust''s chief economist, said the Fed is not alone in its struggle to predict how prices will behave. "If you would have told me that U.S. unemployment rate would be down to 4.3 percent and still have core inflation struggling to get above 1.5 percent, I would have been very, very surprised," Tannenbaum said. For a grahic on inflation slowdown, click here (Reporting by Ann Saphir in San Francisco and Jason Lange in Washington; Editing by David Chance and Tomasz Janowski)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-usa-fed-inflation-analysis-idUKKBN1940HT'|'2017-06-13T13:06:00.000+03:00'
'746e8f9aeeca924e1c4e192580eb46c9f68f5ab9'|'Dutch, English drivers team up to sue VW over "dieselgate"'|'Environment   3:46pm BST Dutch, English drivers team up to sue VW over ''dieselgate'' A VW logo is seen in front of the main building of the Volkswagen brand at the Volkswagen headquarters during a media tour to present Volkswagen''s so called ''''Blaue Fabrik'''' (Blue Factory) environmental program, in Wolfsburg, Germany May 19, 2017. REUTERS/Fabian Bimmer By Kirstin Ridley and Toby Sterling - LONDON/AMSTERDAM LONDON/AMSTERDAM Around 220,000 car drivers in the Netherlands, England and Wales joined forces on Tuesday in what could become a pan-European lawsuit against German carmaker Volkswagen ( VOWG_p.DE ) seeking compensation over its "dieselgate" emissions scandal. UK law firm Harcus Sinclair and Dutch Foundation "Stichting Volkswagen Car Claim", a U.S.-style class action on behalf of an estimated 180,000 Dutch VW car owners, have teamed up in a move that could spark a wave of coordinated litigation across Europe. VW, Europe''s biggest carmaker, has said about 11 million cars worldwide were fitted with software to cheat diesel emissions tests that are designed to limit car fumes blamed for respiratory diseases and global pollution. The company has already agreed to spend up to $25 billion in the United States to address claims from owners, environmental regulators, states and dealers and has offered to buy back about 500,000 polluting U.S. vehicles. But it has not reached a similar deal in Europe and faces billions of euros in claims from customers and investors. The carmaker has offered European drivers a software update for all affected vehicles, but lawyers say this does not resolve the problem and they are demanding adequate compensation. The Dutch Foundation, which says it has been trying to reach a "reasonable settlement" with VW since 2015, said it was also "cooperating" with partners representing drivers in Austria, Germany, Switzerland and was in talks with others in Spain, France, Italy, Poland, the Czech Republic and Scandinavia. "We are delighted to be teaming up with Harcus Sinclair UK Limited, who have done an excellent job in paving the way for car owners to seek redress from VW through the courts," said Guido van Woerkom, director of the foundation. The expanding lawsuit is seeking compensation for damage suffered by VW, Audi, SEAT, Skoda and/or Porsche car owners, alleging VW and supplier Bosch were responsible for the sale of cars that breached toxic nitrogen oxides emissions rules. "To date, the owners of the 8.5 million affected European cars remain in the cold," said Harcus Sinclair, which launched its case in January 2016 and has signed up about 41,000 English and Welsh VW drivers. A London trial is expected in early 2019. VW said it took the trust of its customers very seriously, but it saw no legal basis for consumer lawsuits, as its plans to fix cars in Europe had been coordinated with regulators and price fluctuations for diesel cars were within a "normal range". "All vehicles affected are and have been technically safe and roadworthy. They can be driven on roads without any limitations and can be sold without loss in residual value," it said in a statement. "Even if we were to hold talks with law firms we would maintain this position." (Additional reporting by Andreas Cremer in Frankfurt; Editing by Mark Potter)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-volkswagen-emissions-claims-idUKKBN1940NL'|'2017-06-13T21:45:00.000+03:00'
'dc82069416c79085eadaf7e2cc1f49af419271ec'|'Swiss stocks - Factors to watch on June 13'|'ZURICH, June 13 The following are some of the main factors expected to affect Swiss stocks on TuesdayNOVARTISThe U.S. Supreme Court on Monday cut the time it will take for copycat versions of biologic drugs to get to the market in a pivotal ruling. The justices overturned a lower court''s decision that had prevented Novartis from selling its copycat version of California-based Amgen Inc''s Neupogen until six months after the U.S. Food and Drug Administration approved it.For more clickCOMPANY STATEMENTS* Basilea said it had been awarded a $54.8 million payment by the U.S. Biomedical Advanced Research and Development Authority as part of an existing contract to develop an antibiotic for Staphylococcus aureus bacteremia bloodstream infections.* Crealogix said Nico Tschanz has taken over the management of consulting at the company.* Panalpina said it expects market challenges to adversely impact the company''s profitability levels and anticipates lower results in the first half, compared to the same period a year ago. The logistics company also said it has rolled out a new IT platform in Germany.*ECONOMY(Reporting by Zurich newsroom)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/markets-swiss-stocks-idINL8N1J94H1'|'2017-06-13T03:41:00.000+03:00'
'9be9f051ceca03d63f1866a64da9b827ca752162'|'Exclusive: GE begins testing drones to inspect refineries, factories - executive'|'Business News - Tue Jun 13, 2017 - 6:13am BST Exclusive: GE begins testing drones to inspect refineries, factories - executive The logo of General Electric Co. is pictured at the Global Operations Center in San Pedro Garza Garcia, neighbouring Monterrey, Mexico, May 12, 2017. REUTERS/Daniel Becerril By Alwyn Scott - SEATTLE SEATTLE General Electric Co has begun testing autonomous drones and robotic "crawlers" to inspect refineries, factories, railroads and other industrial equipment with an eye on capturing a bigger slice of the $40 billion (31.6 billion pounds) companies around the globe spend annually on inspections. In trials with customers, aerial drones and robots are able to move around and inside remote or dangerous facilities while photographing corrosion or taking temperature, vibration or gas readings that can be analysed by computer algorithms and artificial intelligence, Alex Tepper, head of business development at Avitas Systems, a startup GE formed for this business, told Reuters. GE is expected to announce the new business, which is focused on the oil and gas, transportation and power sectors, as early as Tuesday at a conference in Berlin, Germany. GE is not the first to combine artificial intelligence with robots to inspect industrial facilities or processes. IBM Corp said it has been working on systems connected to its Watson artificial intelligence capability for about a year and launched some projects March. Tests IBM have been conducting include coupling cameras to Watson so they can recognise defects in electronic components zipping through assembly lines in China and Taiwan. Other projects involve acoustic sensors, or training Watson-enabled drones to spot frayed power lines on remote electrical towers. IBM and partner ABB Ltd, the Swedish-Swiss conglomerate, are combining visual inspection with ABB robots. "This is one of the hottest areas within IoT (Internet of Things) manufacturing," said Bret Greenstein, vice president of IBM Watson internet of things. He declined to cite a potential market size. GE said its Avitas business will combine computer analytics and artificial intelligence with its knowledge of the industrial systems it builds and its existing inspection business. "We know this equipment very well so we can programme the robots, regardless of type, to gather the information we need for an inspection," Tepper said. Companies spend about $40 billion annually inspecting plants and equipment within the oil and gas, transportation and power generation sectors, Tepper said. He expects robots will not replace humans, but will extend their reach and lower costs. Automated crawlers and drones also address shifting demographics. Many inspection engineers are nearing retirement, and few young workers are interested in the field, he said. (Reporting by Alwyn Scott; editing by Diane Craft) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-ge-drones-idUKKBN1940I7'|'2017-06-13T13:13:00.000+03:00'
'26a1fd161a26048320062ed766ab29f9ea419fcc'|'METALS-Copper slips from near two-month top ahead of Fed'|'(Adds details, comments and updates prices) MELBOURNE, June 13 London copper eased on Tuesday from near a two-month high ahead of the U.S. Federal Reserve''s interest rate decision due later in the week, while China zinc prices slumped towards seven-month lows alongside falling steel. The U.S. Federal Reserve is widely expected to raise its benchmark interest rate this week due to a tightening labour market and may also provide more detail on its plans to shrink the mammoth bond portfolio it amassed to nurse the economic recovery. Rising interest rates are expected to shore up the dollar, making dollar-based commodities more expensive for holders of other currencies and dampening demand. FUNDAMENTALS * LME COPPER: London Metal Exchange copper fell 0.7 percent to $5733 a tonne by 0726 GMT, extending a small 0.6 percent drop in the previous session. * TECHNICALS: LME copper has been challenging resistance around the 100-day moving average at $5784 a tonne, having reached $5,832 a tonne on Friday which was its highest since April 10. * SHFE COPPER: Shanghai Futures Exchange copper fell 1.1 percent to 45830 yuan ($6,742) a tonne. * ZINC: Premiums for zinc held in China''s bonded zones have surged to $195-205 from $155 last week ZN-BMPBW-SHMET. Signs of supply stress also showed on the ShFE, where front month prices flaring to more than 2000 yuan above the third month futures contract on Monday. * ZINC: Industry sources said that shorts on the front month SHFE were being forced to cover their positions. Since ShFE accepts mostly Chinese brands for delivery against its front month futures contract, the spillover effect into LME may be limited, they said. * U.S. ECONOMY: U.S. inflation expectations tumbled last month, with one key measure hitting its lowest level since early 2016, according to a Federal Reserve Bank of New York survey that could amplify the central bank''s concern over a broad slump in prices. * CHINA ECONOMY: A small majority of traders in China''s financial markets think its central bank will likely raise short-term interest rates this week if the U.S. Federal Reserve hikes its key policy rate, as widely expected, according to a Reuters poll. * COPPER DEMAND: The growing number of electric vehicles hitting roads is set to fuel a nine-fold increase in copper demand from the sector over the coming decade, according to an industry report on Tuesday. * WAREHOUSES: French bank Natixis has sued metals broker Marex Spectron for $32 million over alleged fraudulent receipts for nickel stored at warehouses in Asia run by a unit of commodities giant Glencore GLEN.L, a court filing showed. * ZINC: China is likely to step up imports of refined zinc from May, industry sources said last month, as dwindling global supplies of concentrate hit local output of the metal, used to galvanise steel. * For the top stories in metals and other news, click or BASE METALS PRICES 0730 GMT Three month LME copper 5736.5 Most active ShFE copper 45830 Three month LME aluminium 1885 Most active ShFE aluminium 13700 Three month LME zinc 2452.5 Most active ShFE zinc 20720 Three month LME lead 2057 Most active ShFE lead 16820 Three month LME nickel 8775 Most active ShFE nickel 72540 Three month LME tin 19165 Most active ShFE tin 144850 BASE METALS ARBITRAGE LME/SHFE COPPER LMESHFCUc3 324.92 LME/SHFE ALUMINIUM LMESHFALc3 324.92 LME/SHFE ZINC LMESHFZNc3 734.71 LME/SHFE LEAD LMESHFPBc3 -145.5 3 LME/SHFE NICKEL LMESHFNIc3 2273.0 2 ($1 = 6.7975 Chinese yuan renminbi) (Reporting by Melanie Burton; Editing by Vyas Mohan)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/global-metals-idINL3N1JA1OK'|'2017-06-13T05:56:00.000+03:00'
'2bbbdbeabb4de2c6c4b0ff1115a1114d0d01490f'|'Asia shares dragged under by U.S. tech slide, dollar firm'|'By Marc Jones - LONDON LONDON A global sell-off in technology stocks gathered momentum on Monday, with Apple and other Silicon Valley heavyweights sliding for a second session after the falls spread to Europe and Asia.The euro and its bonds rallied after pro-European parties scored in French and Italian elections over the weekend and as the stocks jitters raised a fresh set of questions for the Federal Reserve ahead of its policy meeting this week.The tech-heavy Nasdaq fell almost 1.5 percent as Apple took another near-4-percent drubbing. Google parent Alphabet, Facebook and Microsoft dropped 2-2.5 percent in hectic early trading. [.N]"This is the nature of the tech sector. Valuations do from time to time become very stretched and they come back and anyone who has paid a very high valuation might experience some short-term pain," said Fergus Shaw, fund manager at Cerno Capital.The Apple-led worries had taken a heavy toll on Asian rivals including Samsung overnight and then hit Europe''s big chipmakers STMicro and Dialog. [.EU]The Nasdaq has still gained nearly 13 percent year-to-date, outperforming the wider market. But an ebbing of the reflation trade that was based on U.S. President Donald Trump''s tax and spending promises, and a run of negative U.S. economic surprises, have prompted some investors to review the mix of their portfolios.Europe''s tech index fell 3.5 percent to put it on track for its biggest one-day loss since Britain''s Brexit vote a year ago. The index had reached a 15-year high earlier this month having soared around 40 percent over the last year."It is pretty healthy to have some form of correction in the tech sector to distribute the flows into other sectors," said ABN AMRO Chief Investment Officer Didier Duret.The pan-European STOXX 600 was down 0.9 percent, supported modestly by oil prices, which bolstered shares in energy stocks. First round French parliamentary election results which look set to give President Emmanuel Macron a huge majority to push through pro-business reforms also helped.Italy also offered some support after the eurosceptic 5-Star Movement failed to make the run-off vote in almost all the main cities up for grabs in local elections.Italian government bond yields fell to their lowest since January and Portugal''s to nine-month lows, while French bonds closed the gap on Germany. [GVD/EUR]"Macron doing well in the first round of the French parliamentary elections bodes well for him getting a majority," said Lyn Graham-Taylor, fixed income strategist at Rabobank."The fact that 5-Star did poorly in local elections in Italy also suggests a setback for populism in Europe."The euro rose back to $1.1220 in the currency markets, where anticipation is building ahead of Wednesday''s conclusion of a two-day U.S. Federal Reserve meeting at which the central bank is expected to nudge up U.S. interest rates.But economists will be watching to see whether the recent dip in economic data and uncertainty surrounding Trump''s presidency has dented confidence.Britain''s pound was in focus again, slipping back to $1.2655 [GBP/] and 88.45 pence per euro as Prime Minister Theresa May attempted to prop up her position after last week''s damaging election result.A survey from one of the UK''s biggest business groups showed confidence had been hit hard by the uncertainty created by the election ahead of the start of Brexit negotiations with the European Union next week.May''s plans for leaving the EU had not changed, her spokesman said on Monday, although there were calls from Scotland to steer a course away from a "hard" Brexit."It is hard to overstate what a dramatic impact the current political uncertainty is having on business leaders," said Stephen Martin, director general of the Institute of Directors."The consequences could -- if not addressed immediately -- be disastrous for the UK economy."FEDS UPThe G10 economic surprise index, covering the world''s 10 leading economies, has dipped below zero for the first time in eight months. JPMorgan said the "reduced upside risk to growth and inflation" had led it to underweight growth-sensitive stocks and assets in favour of high-income plays.Lower growth expectations are also feeding into dollar weakness. The greenback dropped back under 110 yen and the dollar index against a basket of currencies nudged down to 97.118 as Treasuries hovered at 2.218 percent before easing back up to 97.30. [/US]In commodities, crude oil prices extended gains after rising on Friday when a pipeline leak in major producer Nigeria counterbalanced supply worries weighing on the market. [O/R]U.S. crude and Brent were both more than 1 percent higher, at $46.59 and $48.90 a barrel respectively. Copper was steady, while gold steadied after a three-day losing streak at $1,265 an ounce. [GOL/]For Reuters Live Markets blog on European and UK stock markets see reuters://realtime/verb=Open/url=http://emea1.apps.cp.extranet.thomsonreuters.biz/cms/?pageId=livemarkets(Additional reporting by Dhara Ranasinghe, Patrick Graham and Helen Reid in London; Editing by Catherine Evans)The Wall Street bull is seen in the financial district in New York, U.S., March 7, 2017. REUTERS/Brendan McDermid/files'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/global-markets-idINKBN19309O'|'2017-06-12T11:59:00.000+03:00'
'6f28f16960965301275c76243bac9210b098087f'|'Qatar crisis to speed the rise of Asia''s spot LNG trade'|'Business News - Mon Jun 12, 2017 - 10:14am BST Qatar crisis to speed the rise of Asia''s spot LNG trade FILE PHOTO: A membrane-type liquefied natural gas (LNG) tanker is moored at a thermal power station in Futtsu, east of Tokyo, Japan February 8, 2017. REUTERS/Issei Kato/File Photo By Henning Gloystein - SINGAPORE SINGAPORE Qatar''s isolation by other Arab nations has dealt a strong hand to Japanese utilities in talks reviewing long-term gas contracts with the top LNG exporter, likely accelerating a shift to a more openly traded global market for the fuel. If Japan gets its way in the periodic contract review, the world''s biggest buyer of LNG would have to import more short-notice supplies from producers such as the United States, another step away from rigid deals that run for decades towards a more active spot market. At stake for Qatar are 7.2 million tonnes of annual liquefied natural gas (LNG) sold in contracts that expire in 2021. The $2.8 billion a year in gas mostly goes to Japan''s JERA, a joint venture between Tokyo Electric and Chubu Electric that is the world''s single biggest LNG buyer. "Since the crisis emerged, the Japanese are sure not to renew all contracts and they will push very hard to get more flexible terms," said an advisor on LNG contracts, speaking on condition of anonymity due to the sensitivity of ongoing negotiations. Qatar and Japan as seller and buyer will each account for nearly a third of 300 million tonnes to be shipped this year in 500 tankers. Any change in how volumes trade between them is sure to jolt an industry where practices in place since the 1970s are already being challenged. In some ways the situation is similar to what happened in Europe between 2008 and 2014, when amid an economic crisis and tensions between Europe and Russia, European utilities renegotiated gas purchase terms, freeing up more supplies for spot markets. Three deals between Japan and Qatar are under a periodic review, three sources with knowledge of the matter said, potentially allowing for some adjustments, and the buyers may also only partially renew the contracts when they expire. An official with a Japanese buyer would not comment on individual contracts, but said purchase agreements were typically reviewed every five years. That fits with the deals under discussion, which will expire in 2021 and were signed in 1997/1998 and in 2012. Qatar Petroleum was not available for comment. TABLES TURN LNG volumes grew to 260 million tonnes last year from 250 million tonnes in 2015, produced by around a dozen countries, with more than half coming from Qatar, Australia and Malaysia. Thirty-nine countries imported LNG in 2016, up by four from the previous year, with 70 percent of world consumption in Asia. Facing competition from new producers, Qatar talked tough with Japan ahead of the contract reviews, warning buyers not to demand too many changes, or Japanese companies could be squeezed out of their stakes in Qatar''s LNG projects. But the tables have turned since Arab nations including Saudi Arabia, Egypt, and the United Arab Emirates (UAE) cut ties with Doha, boycotting its trade and weakening Qatar''s negotiating position. Cheniere, the only U.S. company to export LNG so far, is offering its supplies as an alternative. "This dispute is a timely reminder of the value of the diversity and flexibility of supply that destination–free U.S. exports bring to individual buyers," said Cheniere spokesman Eben Burnham-Snyder. Unlike other exporters, Cheniere allows its buyers to re-sell cargoes. The Qatar crisis "will further encourage international LNG buyers to include more American LNG ... for reliability reasons," said Kent Bayazitoglu, director of market analytics at Gelber & Associates in Houston. MORE TRADE: SURVEY This all comes as a growing number of producers and importers are joined by more commodity houses that trade LNG. Supplies are outpacing demand, leaving a lot of LNG stranded without takers and pulling down Asian LNG spot prices by over 70 percent since 2014 to below $6 per million British thermal units. Trying to bring their LNG to the market, producers including Australia''s Woodside Petroleum and Royal Dutch Shell have said they will grant greater contract flexibility. Spot LNG trading made up 18 percent of supplies in 2016, up from 15 percent a year before, according to the International Group of Liquefied Natural Gas Importers. In an informal Reuters survey, a majority of more than 30 industry experts expected at least 25 percent of Asian LNG volumes to be traded in the spot market by the end of next year. And if Japan wins concessions from Qatar, this share could rise faster, traders said. Preparing for this, trading houses are beefing up their LNG presence. Top commodities traders Vitol and Glencore have both said this year that they expect more spot trading over the next 18-24 months. Vitol says its physical LNG trading volumes will rise from 3 million tonnes in 2016 to 4.5 million tonnes this year. Japanese trading houses, eyeing the changes being driven by the country''s utilities, are also preparing for more spot trade. "We are going to reinforce our LNG team at our energy trading unit in Singapore as LNG spot trading is on the rise," Hiroyuki Kato, executive vice president of Mitsui & Co Ltd said last week. (Reporting by Henning Gloystein; Additional reporting by Scott DiSavino in NEW YORK, Mark Tay in SINGAPORE, and Aizhu Chen in BEIJING; Editing by Tom Hogue) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-qatar-asia-lng-idUKKBN1930WU'|'2017-06-12T17:14:00.000+03:00'
'354a78f67820e9f96fbe58ce61df66e387525b96'|'Cyber firms warn of malware that could cause power outages'|'Business News - Tue Jun 13, 2017 - 3:22am BST Cyber firms warn of malware that could cause power outages FILE PHOTO: Migrating starlings fly at dusk past electricity pylons silhouetted by the sunset of a clear autumn evening in the Kent countryside, in Graveney, Britain, October 26, 2015. REUTERS/Dylan Martinez/File Photo By Jim Finkle Two cyber security firms have uncovered malicious software that they believe caused a December 2016 Ukraine power outage, they said on Monday, warning the malware could be easily modified to harm critical infrastructure operations around the globe. ESET, a Slovakian anti-virus software maker, and Dragos Inc, a U.S. critical-infrastructure security firm, released detailed analyses of the malware, known as Industroyer or Crash Override, and issued private alerts to governments and infrastructure operators to help them defend against the threat. The U.S. Department of Homeland Security said it was investigating the malware, though it had seen no evidence to suggest it has infected U.S. critical infrastructure. The two firms said they did not know who was behind the cyber attack. Ukraine has blamed Russia, though officials in Moscow have repeatedly denied blame. Still, the firms warned that there could be more attacks using the same approach, either by the group that built the malware or copycats who modify the malicious software. "The malware is really easy to re-purpose and use against other targets. That is definitely alarming," said ESET malware researcher Robert Lipovsky said in a telephone interview. "This could cause wide-scale damage to infrastructure systems that are vital." The Department of Homeland Security corroborated that warning, saying it was working to better understand the threat posed by Crash Override. "The tactics, techniques and procedures described as part of the Crash Override malware could be modified to target U.S. critical information networks and systems," the agency said in an alert posted on its website. The alert posted some three dozen technical indicators that a system had been compromised by Crash Override and asked firms to contact the agency if they suspected their systems were compromised by the malware. Dragos founder Robert M. Lee said the malware was capable of attacking power systems across Europe and could be leveraged against the United States "with small modifications." It is able to cause outages of up to a few days in portions of a nation''s grid, but is not potent enough to bring down a country''s entire grid, Lee said by phone. With modifications, the malware could attack other types of infrastructure including local transportation providers, water and gas providers, Lipovsky said. Power firms are concerned there will be more attacks, Alan Brill, a leader of Kroll''s cyber security practice, said in a telephone interview. "You are dealing with very smart people who came up with something and deployed it," Brill said. "It represents a risk to power distribution organizations everywhere." Industroyer is only the second piece of malware uncovered to date that is capable of disrupting industrial processes without the need for hackers to manually intervene. The first, Stuxnet, was discovered in 2010 and is widely believed by security researchers to have been used by the United States and Israel to attack Iran''s nuclear program. A spokesman for Ukraine''s state cyber police said it was not clear whether the malware was used in the December 2016 attack. Ukraine''s state-run Computer Emergency Response Team did not immediately respond to requests for comment. The Kremlin and Russia''s Federal Security Service did not reply to requests for comment. Crash Override can be detected if a utility monitors its network for abnormal traffic, including signs the malware is searching for the location of substations or sending messages to switch breakers, according to Lee, a former U.S. Air Force cyber warfare operations officer. Malware has been used in other disruptive attacks on industrial targets, including the 2015 Ukraine power outage, but in those cases human intervention was required. ESET said it had been analyzing the malware for several months and had held off on going public to preserve the integrity of investigations into the power system hack. ESET last week provided samples with Dragos, which said it was able to confirm the malware was used in the Ukraine grid attack. (Reporting by Jim Finkle in Toronto; Additional reporting by Pavel Polityuk in Kiev, Dustin Volz in Washington, Jack Stubbs in Moscow; Editing by Richard Chang and Richard Pullin) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-cyber-attack-utilities-idUKKBN1931DO'|'2017-06-13T10:22:00.000+03:00'
'24124302686cf6b2b0fad27f4f8ac30d097ab3f4'|'UPDATE 1-Canada''s Shaw to sell ViaWest to Peak 10 Holding for C$2.3 bln'|'Market News   10:47am EDT UPDATE 2-Canada''s Shaw sells data center company ViaWest, buys wireless airwaves (Adds analyst comment, share price reaction, details, background) By Alastair Sharp TORONTO, June 13 Canada''s Shaw Communications Inc said on Tuesday it would sell its data center subsidiary ViaWest Inc to Peak 10 Holding Corp for $1.675 billion, using some of the proceeds to buy airwaves to boost its new wireless unit. Shaw said it would pay C$430 million ($325 million) to acquire wireless spectrum from Quebecor Media Inc, which is majority-owned by Quebecor Inc, for use in its home markets in Alberta and British Columbia as well as in southern Ontario. The moves are the latest one-two M&A punch from Shaw, after early last year selling its media assets to sister company Corus Entertainment and acquiring Wind Mobile, which it rebranded as Freedom Mobile in November. Shares of both Shaw and Quebecor jumped after the news, with Shaw up 4.2 percent to C$29.75 and Quebecor up 1.9 percent at C$41.35 in morning trade. "It was a good price (for ViaWest), a good strategic move to focus back onto the core," said Jeff Fan, a telecom analyst at Scotiabank, adding that the price they paid for the Quebecor spectrum was at the high end of his expected range. Calgary-based Shaw is locked in a fierce battle for internet, television and telephone customers in the west of the country with Vancouver-based rival Telus Corp. "Just by getting low-band spectrum it''s not going to put them on equal footing, but it does narrow the network quality gap quite significantly," Scotiabank''s Fan said. The spectrum transaction requires approvals from a competition watchdog and the government, and is expected to close this summer. Analysts were calling on Shaw to sell its data center business after U.S. telecommunications firms Verizon Communications Inc and CenturyLink Inc reaped several billions of dollars after agreeing to sell their portfolios last year. Shaw bought ViaWest from private equity firms Oak Hill Capital Partners and GI Partners for about $1.2 billion three years ago. Peak 10 Holding is owned by GI Partners. ViaWest is a Colorado-based data center company which offers hybrid IT and cloud-based solutions. It owns about 30 data centers in several U.S. states including Colorado, Nevada and Minnesota. Reuters reported in April that Shaw was looking for a buyer for ViaWest and was expecting a higher price than its original investment. TD Securities acted as exclusive financial adviser and Paul, Weiss, Rifkind, Wharton & Garrison LLP and Dentons Canada LLP provided legal advice, Shaw said. ($1 = 1.3230 Canadian dollars) (Additional reporting by Rishika Sadam in Bengaluru; Editing by Shounak Dasgupta, Bernard Orr)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/shaw-comms-viawest-divestiture-idUSL3N1JA40J'|'2017-06-13T20:49:00.000+03:00'
'8ac97a9823fe4c024a807902c8b24c7b7d2bc61c'|'Euro zone, IMF eye compromise to unblock loans for Greece'|'  6:48pm BST Euro zone, IMF eye compromise to unblock loans for Greece left right Greek Prime Minister Alexis Tsipras (L) welcomes French Finance Minister Bruno Le Maire at his office in Maximos Mansion in Athens, Greece, June 12, 2017. REUTERS/Costas Baltas 1/3 left right Greek Prime Minister Alexis Tsipras (L) meets with French Finance Minister Bruno Le Maire at his office in Maximos Mansion in Athens, Greece, June 12, 2017. REUTERS/Costas Baltas 2/3 left right Greek Finance Minister Euclid Tsakalotos welcomes his French counterpart Bruno Le Maire at the Ministry of Finance in Athens, Greece, June 12, 2017. REUTERS/Costas Baltas 3/3 By Jan Strupczewski - BRUSSELS BRUSSELS Euro zone finance ministers and the International Monetary Fund are likely to strike a compromise on Greece on Thursday, paving the way for new loans for Athens while leaving the contentious debt relief issue for later, officials said on Monday. IMF head Christine Lagarde suggested a plan last week under which the Fund would join the Greek bailout now, because Athens is delivering on agreed reforms, but would not disburse any IMF money until the euro zone clarifies what debt relief it can offer Greece. Underlining the IMF''s willingness to strike a deal after months of wrangling between its European chief Poul Thomsen and the euro zone, Lagarde will attend the ministers'' meeting. IMF participation in the bailout, even without immediate disbursements, would be enough for the German parliament to back new euro zone loans to Athens, thus ensuring Greece would get enough cash in July to repay maturing debt and avoid default. "Everyone thinks there is a high probability we will end up with the solution Lagarde outlined," an official involved in preparations for Thursday''s meeting in Luxembourg said. A second official involved in the preparations also said he expected a deal involving IMF participation along the lines described by Lagarde. "There would be an IMF disbursement as soon as there is more clarity on debt, but the timing of that is to be confirmed," the second official said. Greece''s parliament approved last Friday reforms demanded by the international lenders to conclude a long-stalled review of its bailout progress and qualify for more loans before July. Euro zone officials said that if the expected compromise is reached, Greece could get between 7.4 and 8 billion euros from the euro zone bailout fund ESM to cover next month''s repayments. The IMF has so far refused to join Greece''s bailout, its third since 2010, which it says must be the country''s last, meaning that in addition to Athens making reforms, the euro zone must offer relief to help make Greece''s debts sustainable. But Berlin does not want to discuss any details of debt relief for Greece before German parliamentary elections in September. At the same time, the German parliament has asked for IMF participation if it is to agree to any new disbursements. To complicate matters further, the IMF and the euro zone differ substantially on forecasts for Greek growth for decades ahead and on Athens'' ability to achieve high primary surpluses to help it service its debt. The IMF is much more conservative than the euro zone, saying Greece has a track record of underperforming targets set in its bailouts. It says that to expect the country to keep a high primary surplus for decades is unrealistic. But some euro zone scenarios show that with sufficiently high economic growth and fiscal discipline -- a primary surplus above 3 percent of GDP for 20 years -- Greece would not need any extra debt relief. To bridge the gap, France is proposing to link debt relief to Greece''s GDP growth with an automatic formula. Officials said experts would explore that option further, but its chances of success are seen as rather low because of lack of experience, problems with incentives and the Greek constitution. (Reporting by Jan Strupczewski; Editing by Catherine Evans)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-eurozone-greece-idUKKBN19323Q'|'2017-06-13T01:44:00.000+03:00'
'e54fe666ca730bd7a3af2176341490745ad5fade'|'Qatar can defend economy and currency, finance minister tells CNBC'|'  6:16am BST Qatar can defend economy and currency, finance minister tells CNBC Qatar''s Finance minister Ali Sherif al-Emadi speaks during a briefing on the financial outlook for Qatar, in Doha, Qatar, February 7, 2017. REUTERS/Naseem Zeitoon DUBAI Qatar can easily defend its economy and currency against sanctions by other Arab states, finance minister Ali Sherif al-Emadi told CNBC television in an interview broadcast on Monday. He said the countries which had imposed sanctions would also lose money because of the damage to business in the region. "A lot of people think we''re the only ones to lose in this... If we''re going to lose a dollar, they will lose a dollar also." (Reporting by Andrew Torchia, Editing by Sylvia Westall)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-gulf-qatar-finance-idUKKBN1930E4'|'2017-06-12T13:16:00.000+03:00'
'29c443c6a09ce25b21b538596066bf54b22fa16e'|'Technology shares lead Nikkei lower, but Toshiba soars'|'* Chip-related shares, Apple suppliers tumble* Toshiba soars after source says Western Digital to raise offer* Financial stocks rise, underpins TOPIXBy Ayai TomisawaTOKYO, June 12 Japan''s Nikkei share average fell on Monday morning, dragged down by declines in technology shares after their U.S. counterparts were sold off sharply on Friday.The Nikkei dropped 0.8 percent to 19,848.60 in midmorning trade.Semiconductor manufacturing equipment makers and Apple suppliers led the declines, with Tokyo Electron tumbling 3.5 percent, Advantest Corp dropping 3.4 percent, TDK Corp shedding 3.0 percent and Taiyo Yuden declining 3.1 percent.On Friday, Apple Inc shares fell 3.9 percent in their biggest daily percentage decline since April 2016 after a report that iPhones to be launched later this year will use modem chips with slower download speeds than some rival smartphones."Since Japanese tech shares had chased strong performances on the Nasdaq, they will likely see a correction for now," said Yutaka Miura, a senior technical analyst at Mizuho Securities.Meanwhile, a key focus for markets this week is the U.S. Federal Reserve''s two-day policy meeting that ends on Wednesday in which it is expected to raise interest rates.Investors will focus on any fresh hints on the pace of further tightening in the near term and also next year, and any details on its plans to trim its balance sheet.Elsewhere, financial stocks gained, helping the broader Topix outperform. It rose 0.1 percent to 1,593.60.Mitsubishi UFJ Financial Group gained 1.0 percent, Mizuho Financial Group added 1.4 percent and insurer T&D Holdings soared 4.6 percent.Meanwhile, Toshiba Corp surged 7.5 percent after a person familiar with the matter told Reuters that Western Digital Corp plans to raise its offer for Toshiba''s prized semiconductor unit to $18 billion or more.The JPX-Nikkei Index 400 gained 0.1 percent to 14,189.50. (Editing by Jacqueline Wong)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/japan-stocks-midday-idUSL3N1J91BE'|'2017-06-12T10:26:00.000+03:00'
'8cfa02021fbe1e1b40e6e7a93eb17840db229a3f'|'Alibaba launches new sales channels in Malaysia, Singapore'|'Mon Jun 12, 2017 - 2:17pm BST Alibaba launches new sales channels in Malaysia, Singapore FILE PHOTO: Two men chat beside a logo of Alibaba (China) Technology Co. Ltd at its headquarters on the outskirts of Hangzhou, Zhejiang province May 17, 2010. REUTERS/Steven Shi/File Photo BEIJING Chinese e-commerce giant Alibaba Group Holding Ltd ( BABA.N ) on Monday said it is launching new sales channels in Singapore, Malaysia, Hong Kong and Taiwan as China''s deep-pocketed e-commerce firms vie for new users in the region. The new service, Tmall World, will allow overseas Chinese users to buy goods from Alibaba''s Tmall brand-to-consumer retail site, the company said in a statement. "Alibaba will provide end-to-end solutions including logistics, payment, and localization support catering to each local market''s needs," the statement said. The firm plans on extending the Tmall World network to other countries in the future. Alibaba has invested heavily in Southeast Asia, seeking to meet lofty user acquisition goals as the Chinese retail market shows signs of maturing. Alibaba chairman Jack Ma told investors on Friday the company is aiming to have 2 billion customers within 15 years, with overseas customers accounting for 1.2 billion of those users. Alibaba had roughly 450 million active annual buyers on its China marketplaces in the year ended March 31. In 2016 it agreed to invest $1 billion in Southeast Asian retailer Lazada Group, and launching a service that allows local users to purchase a selection of Tmall goods. The latest sales channels take aim at the 100 million Chinese citizens living overseas, and users must have an active Chinese payment method to purchase goods. It comes as Alibaba payment affiliate Ant Financial is also expanding heavily in the region through investments and joint ventures. In the past year the finance firm has sealed deals in Thailand, Indonesia, South Korea, Hong Kong and India, as well as rebranding Lazada Group''s payment arm Hello Pay under Ant Financial''s own Alipay brand. It also comes as rival Chinese e-commerce firm JD.com Inc ( JD.O ) is expanding operations in Southeast Asia. On Friday JD.com Chief Executive Richard Liu told Reuters that the firm plans to launch services in Thailand by the end of the year, building on existing activities in Indonesia. (Reporting by Cate Cadell, editing by Louise Heavens)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-alibaba-strategy-idUKKBN1931IF'|'2017-06-12T21:08:00.000+03:00'
'38407a062be67754958182a15c6e7b88bca7f934'|'Allied Irish Banks plans to raise up to $3.7 billion in milestone IPO'|'Money   1:08am IST Allied Irish Banks plans to raise up to $3.7 billion in milestone IPO FILE PHOTO: A gardener mows the grass outside the headquarters of AIB on the day the bank announced it''s results, in Dublin April 12, 2011. REUTERS/Cathal McNaughton By Padraic Halpin and Dasha Afanasieva - DUBLIN/LONDON DUBLIN/LONDON Allied Irish Banks ( ALBK.I )(AIB) plans to raise up to 3.3 billion euros ($3.7 billion) when it sells a 25 percent stake on the Dublin and London stock markets in the biggest test yet of investor appetite for Irish banks. The initial public offering (IPO) is set to be one of Europe''s largest bank listings since the 2008 financial crisis and the proceeds could extend to 3.8 billion euros if the over-allotment option is exercised fully. With a price range between 3.90 euros and 4.90 euros, the deal is targeting a similar valuation to that of Bank of Ireland ( BKIR.I ), the state''s largest bank by assets. A source close to the deal said the range was based on a price to book value multiple of between 0.82 and 1.03. Bank of Ireland trades at a multiple of 0.9. The Finance Ministry said the long-awaited stake sale remains on track despite the Conservative party losing its majority in Thursday''s UK election. Finance Minister Michael Noonan had previously said the price could be driven up if the party, which still won the most seats, secured a convincing majority. "Market conditions remain favourable and I am encouraged by the strong level of interest shown by investors in the offering to date," Noonan said in a statement. Dublin rescued the bank in a 21 billion euro taxpayer bailout that began in early 2009 and has been considering cashing out some of its 99.9 percent stake since last year. One of Ireland''s two dominant banks alongside Bank of Ireland, AIB returned to profit three years ago and has since cut its huge stock of impaired loans by more than two thirds become the first domestically owned lender to restart dividends since the financial crisis. AIB will list its shares on the Irish and London stock exchanges and seek admission to the main markets of each. The government said the sale is expected to be one of the largest IPOs on the UK''s main market in 20 years. AIB is less exposed to Britain''s departure from the European Union than bigger rival Bank of Ireland, having made only 14 percent of last year''s pre-provision operating profit in the UK. However, the IPO prospectus said that Brexit could result in an increase in the level of non-performing loans held by banks across Ireland, including AIB, while demand for new loans could decline. Ireland''s substantial stock of non-performing loans, mostly extended for house purchases just before the bursting of Ireland''s property bubble in 2008, amounts to 17.5 percent of total lending. At the end of 2016 AIB''s 14.2 billion euros of non-performing loans accounted for 22 percent of its gross loan book. That compares with 9.6 percent at Bank of Ireland. Bank of America Merrill Lynch ( BAC.N ), Davy and Deutsche Bank ( DBKGn.DE ) are global coordinators for the AIB offering. (Additional reporting by Conor Humphries; Editing by Greg Mahlich and David Goodman)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/aib-ipo-idINKBN1932CS'|'2017-06-13T03:38:00.000+03:00'
'49b46897c83ed825168ba37bb02d4c9a828fea54'|'Opel CEO Neumann quits as PSA deal nears, may rejoin VW'|'Autos   7:08pm BST Opel CEO Neumann quits as PSA deal nears, may rejoin VW left right FILE PHOTO: Karl-Thomas Neumann, chief executive of Adam Opel AG, gives a speech during a ceremony as the 3rd million car produced at the Opel plant is presented in Eisenach, April 23, 2014. REUTERS/Fabrizio Bensch/File Photo 1/2 left right New appointed Opel Germany CEO Michael Lohscheller is seen in an undated image, obtained from the Opel website June 12, 2017. OPEL/Handout via REUTERS 2/2 BERLIN General Motors'' ( GM.N ) European division Opel is losing its top executive just as it prepares to be acquired by France''s PSA Group ( PEUP.PA ), a move that could see the former Volkswagen ( VOWG_p.DE ) manager rejoin the German behemoth. Karl-Thomas Neumann, 56, who has restored Opel''s image and reputation since taking the helm in March 2013, on Monday resigned from his post, making way for finance chief Michael Lohscheller to become the next CEO of the 155-year-old carmaker. German-based Opel will be pressed by its new owners PSA to draw up a plan to return to profit once the acquisition, agreed in March valuing the GM division at 2.2 billion euros ($2.46 billion), closes later this year. "Under Neumann''s leadership we have made enormous progress in turning around Opel," GM President Dan Ammann said. The U.S. parent''s European business also includes British brand Vauxhall. VW is looking at rehiring Neumann, possibly to lead its Audi luxury division, where chief executive Rupert Stadler has come under fire for his handling of the emissions scandal, a source told Reuters on Sunday. A growing expansion by VW group into electric cars and digital services as part of a post-dieselgate strategic shift could be another reason to join for Neumann, a trained electronic engineer, analysts said. "The prospects are good that he will move to Volkswagen," said Bankhaus Metzler analyst Juergen Pieper. "He''s one of Germany''s most distinguished car managers and VW is in great need for excellent people." LASTING PROFIT PSA wants Opel to return to lasting profit no later than by 2020 with operating margin goals of 2 percent that year and even around 6 percent by 2026 - a target never achieved under Neumann whose push for profitability was hampered by a weak Russian market and effects of Britain''s Brexit decision. "We will vigorously proceed along the agreed path and gain more clout as part of the PSA group," Lohscheller said. Germany''s Frankfurter Allgemeine Sonntagszeitung reported on Saturday that while Neumann views the sale to PSA as the right strategic step, he is concerned that the new owner is underestimating the growing importance of electric cars. "These comments are interesting given we have previously noted our concerns around PSA''s lack of investment in key future trends," said London-based Evercore ISI analyst Arndt Ellinghorst. PSA only came eighth in a top-ten ranking compiled by Evercore of carmakers based on average R&D spending between 2014-2016, lagging rivals such as Ford ( F.N ), Renault ( RENA.PA ) and leader Volkswagen where Neumann was formerly in charge of group-wide electronics research. Neumann said on Twitter he will stay as member of Opel''s management board until the closing of the acquisition by PSA. When he lost his post as head of VW''s vast operations in China in 2012, sources at the carmaker said at the time he was too aspiring for the then-CEO Martin Winterkorn. "VW boss (Matthias) Mueller has a more open leadership style that is not authoritarian," Pieper said. "That would facilitate Neumann''s return." (Reporting by Andreas Cremer. Additional reporting by Ilona Wissenbach.; Editing by Ludwig Burger, Keith Weir and David Evans)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-opel-moves-idUKKBN19325U'|'2017-06-13T02:08:00.000+03:00'
'07f2807ba5ae04200c94c09892970b6455fdd139'|'PRESS DIGEST - Wall Street Journal - June 12'|'June 12 The following are the top stories in the Wall Street Journal. Reuters has not verified these stories and does not vouch for their accuracy.- Uber Technologies Inc''s leadership crisis intensified as the board of directors met to weigh issues including a possible leave of absence for Chief Executive Travis Kalanick and the potential departure of his closest lieutenant. on.wsj.com/2rlzByt- Discount grocery chain Aldi is expected to unveil on Monday plans to invest $5 billion to open nearly 900 stores and remodel hundreds more in the U.S. on.wsj.com/2rlvLoS- The Trump administration will recommend limits on the U.S. consumer-finance regulator and a reassessment of a broad range of banking rules in a report to be released as early as Monday, according to people familiar with the matter. on.wsj.com/2rlNkFz- Microsoft Corp said its next videogame console will go on sale on Nov. 7 for $499, about $100 more than Sony Corp''s high-end PlayStation 4 Pro. on.wsj.com/2rlvmmw- Boeing Co said it had moved a step closer to completing a contentious jetliner sale to an Iranian airline, though the U.S. government still needs to give the green light before planes could be delivered. on.wsj.com/2rlL7d1 (Compiled by Bengaluru newsroom)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/press-digest-wsj-idUSL3N1J920Q'|'2017-06-12T13:17:00.000+03:00'
'80e57acbb3dff257a33f2b3c5fa8fbc6a36260e4'|'Israel''s Strauss says Sabra sales have recovered after recall'|'  6:03am EDT Israel''s Strauss says Sabra sales have recovered after recall TEL AVIV, June 15 Israeli foodmaker Strauss Group said on Thursday its subsidiary Sabra Dipping Co has seen its sales restored to levels before it issued a recall of its spreads in November. Sabra, a 50-50 joint venture with PepsiCo Inc, has a 60 percent share of the hummus market in the United States. The recall and regaining of sales will have a one-time impact of an additional $5 million on the company''s pretax profit, Strauss, a maker of snacks, fresh foods and coffee, said in a statement. Operating profit had been reduced by $5 million in the first quarter due to the recall over concerns of listeria bacteria. Sabra''s gross sales so far in the second quarter have stabilised at higher levels compared with the first quarter while market share is also stabilizing at a similar level to before the recall. "Gross profit is beginning to show improvement in the second quarter compared to the first quarter mainly due to plant efficiencies and package mix," the company said. (Reporting by Tova Cohen; Editing by Ari Rabinovitch)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/food-strauss-group-pepsico-idUSL8N1JC1UB'|'2017-06-15T18:03:00.000+03:00'
'e562820c7d6781c5c3450b6f2cfa1d1969648650'|'Shares in OHL Mexico jump after buyback offer announcement'|'Market  36am EDT Shares in OHL Mexico jump after buyback offer announcement MEXICO CITY, June 15 Shares in OHL Mexico , a unit of Spanish construction group OHL, jumped 12 percent after market opening on Thursday after the company said on Wednesday it would launch a share buyback, offering 27 pesos per share. (Writing by Dave Graham)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/ohl-mexico-idUSE1N1IP016'|'2017-06-15T21:36:00.000+03:00'
'45a3dd53b9b790e830472b4d84744d67db190b01'|'Tech recovery boosts FTSE, Capita soars on restructuring progress'|'Top News - Tue Jun 13, 2017 - 5:19pm BST FTSE held back by sterling bounce as tech stocks recover A man walks through the lobby of the London Stock Exchange in London, Britain August 25, 2015. REUTERS/Suzanne Plunkett By Helen Reid - LONDON LONDON UK blue chips eased on Tuesday as a bounce in the pound hit export-oriented companies, overshadowing a recovery in tech stocks, while a rally in outsourcing firm Capita led mid-caps higher. There was relief after Monday''s tech stocks sell-off, which hit UK tech firms Micro Focus ( MCRO.L ) and Sophos ( SOPH.L ), but trading remained muted with the FTSE 100 .FTSE ending down 0.15 percent as investors continued to sift through the fall-out from Britain''s election. "There''s a tendency to turn to one factor and attribute it to that, but people always just get nervous when valuations get very high, as they did with these companies," said Laura Foll, UK Equity fund manager at Henderson. The blue-chip index reversed earlier small gains as big international firms such as British American Tobacco ( BATS.L ) and GlaxoSmithKline ( GSK.L ) progressively lost ground, as high inflation numbers helped the sterling recover. Capita ( CPI.L ) jumped 15 percent to its highest level in eight months after its trading update suggested green shoots of recovery were appearing. The outsourcing firm scored its best day in 17 years as analysts praised progress in its efforts to restructure the business which has suffered a string of profit warnings and demotion from the blue-chip index. "Capita''s pre-close interim management statement points to progress on many fronts as Capita works through a "transitional" year," said UBS analysts. Capita helped mid-caps .FTMC gain 0.9 percent, outperforming the blue chips. The morning after Prime Minister Theresa May''s grilling by Conservative MPs following a disastrous election, investors looked for signs the government stance on Brexit was softening. "There seems to be a shift towards staying in the single market and the customs union," said Foll. "That would be pretty significant for our portfolio if it did prove to be true." London Stock Exchange ( LSE.L ) rose 5.4 percent after the firm said it expected growth, shrugging off the disappointment of a scuppered merger with Deutsche Boerse. Merlin ( MERL.L ) fell 2.7 percent after the entertainment company behind Madame Tussaud''s waxworks museum and Legoland said militant attacks in London and Manchester had dented demand. The company''s shares have been the most sensitive to recent attacks. Ashtead ( AHT.L ) ended down 2.5 percent, reversing earlier gains that followed results showing a 7 percent rise in full-year profit, boosted by strong growth in its core North American unit as well as its UK business. Meanwhile, among mid-caps, oil services firm Petrofac ( PFC.L ) gained 3.7 percent, boosted by a $35 million contract with the Kuwait Oil Company. Property company Kennedy Wilson Europe ( KWE.L ) jumped 7.3 percent after its U.S. parent company ( KW.N ) sweetened a deal to buy it back. (Additional reporting by Danilo Masoni; Editing by Ed Osmond and David Evans)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-stocks-idUKKBN194124'|'2017-06-13T17:23:00.000+03:00'
'7ace37011cf2a55decc58a566881c3217a2c015c'|'Ryanair in talks with Boeing over new 737 model - sources'|'Tue Jun 13, 2017 - 5:38pm BST Ryanair in talks with Boeing over new 737 model: sources FILE PHOTO: A Ryanair aircraft lands at Ciampino Airport in Rome, Italy December 24, 2016. REUTERS/Tony Gentile/File Photo PARIS/DUBLIN Irish budget carrier Ryanair ( RYA.I ) is in talks with Boeing ( BA.N ) about placing an order for its proposed new 737 MAX 10 jetliner, two people familiar with the matter said on Tuesday. Boeing is expected to launch what would become the largest version of its 737 MAX medium-haul family at the opening of the Paris air show next week. A Boeing spokesman for the region declined to comment. A Ryanair spokesman said: "We do not comment upon rumor or speculation". (Reporting by Tim Hepher, Conor Humphries, editing by David Evans)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-ryanair-boeing-idUKKBN1942B5'|'2017-06-14T00:36:00.000+03:00'
'a9b6f51979eaa85944d587965c6d74ed4aa547de'|'CEE MARKETS-OTP lifts Budapest stocks to record, CEE markets await Fed'|'* CEE assets rangebound ahead of Fed meeting, Polish holiday * JP Morgan lifts OTP target price, Budapest stocks at record high * Investors continue to shrug off domestic politics * Czech central bank urges powers to tame home loan frenzy By Sandor Peto BUDAPEST, June 13 Budapest''s main stock index rose to a record high on Tuesday, boosted by a rise of OTP Bank shares after JP Morgan lifted its target price for the stock. OTP firmed by over 1.5 percent to a four-month high of 9,095 forints ($33.22), after JP Morgan changed its target to 12,000 forints from 9,860 forints. "The last time we saw similar value (from JP Morgan) was in 2007," Erste analysts said in a note. Central European markets were generally idle as investors awaited key signals about global interest rate trends from the Federal Reserve''s meeting on Wednesday. The week will be also short for many investors in Poland, the region''s biggest economy, which will have a national holiday on Thursday. "The tone of the Fed''s comments will be key... while it is summer and that also keeps a lid on activity," said Zoltan Varga, analyst of Equilor brokerage. Regional currencies were mixed, with the zloty and the forint firming 0.1 percent against the euro, staying well within the past few weeks'' narrow ranges. The leu eased a shade. Investors were not worried over inflation after a jump in Hungary''s annual farm producer price index to 4.1 percent in April from 1.4 percent in March and continuing double-digit annual rise in Romanian net wages in April. Romanian data published on Monday showed that annual inflation remained low at 0.6t percent in May, while concerns remain that it could jump, along with the budget deficit, by next year, keeping the leu under pressure. While European politics lacked new developments, investors also shrugged off domestic politics. Local political tension usually affects asset prices only when international markets are also nervous. The European Commission is expected to launch legal cases against the Czechs, Hungary and Poland later on Tuesday for failing to take in asylum-seekers in a quota scheme. In Croatia, foreign minister Davor Ivo Stier resigned on Monday, following the formation of a new coalition including the conservatives and the liberals. The dinar traded mildly firmer against the euro on Tuesday. The Czech central bank said it was doubling the amount banks must put aside as a precaution for hard times as of July next year because of rapid credit growth. Its governor, Jiri Rusnok also pushed lawmakers to give the bank more powers to tame the growing home loan market. Bank stocks listed in Prague were mixed. The crown was steady against the euro, off last Friday''s the 3-and-1/2-year highs. CEE MARKETS SNAPSH AT 1042 CET OT CURRENCIES Latest Previo Daily Change us bid close change in 2017 Czech crown 26.210 26.203 -0.02% 3.04% 0 5 Hungary 307.15 307.53 +0.12 0.54% forint 00 00 % Polish zloty 4.1925 4.1964 +0.09 5.04% % Romanian leu 4.5644 4.5623 -0.05% -0.64% Croatian kuna 7.4050 7.4095 +0.06 2.03% % Serbian dinar 122.27 122.40 +0.11 0.88% 00 00 % Note: daily calculated previo close 1800 change from us at CET STOCKS Latest Previo Daily Change us close change in 2017 Prague 1003.7 1004.4 -0.07% +8.91 6 6 % Budapest 35425. 35334. +0.26 +10.6 59 48 % 9% Warsaw 2290.3 2295.0 -0.20% +17.5 4 1 8% Bucharest 8446.3 8451.2 -0.06% +19.2 5 0 1% Ljubljana 790.94 797.45 -0.82% +10.2 2% Zagreb 1847.3 1841.1 +0.34 -7.40% 1 0 % Belgrade 715.82 723.54 -1.07% -0.22% Sofia 682.59 681.39 +0.18 +16.4 % 0% BONDS Yield Yield Spread Daily (bid) change vs change Bund in Czech spread Republic 2-year -0.086 0.024 +063b +2bps ps 5-year -0.051 0.052 +038b +4bps ps 10-year 0.818 0.011 +055b +0bps ps Poland 2-year 1.885 0 +260b -1bps ps 5-year 2.59 0 +303b -1bps ps 10-year 3.162 0.039 +289b +3bps ps FORWARD RATE AGREEMENT 3x6 6x9 9x12 3M interb ank Czech Rep <PR 0.35 0.43 0.52 0 IBOR=> Hungary <BU 0.19 0.23 0.29 0.15 BOR=> Poland <WI 1.754 1.769 1.796 1.73 BOR=> Note: FRA are for ask Quote: s prices'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/easteurope-markets-idINL8N1JA1XD'|'2017-06-13T07:32:00.000+03:00'
'a270e14fc8bdbc09647b05184c34c6b733d28f05'|'Canada''s Shaw to sell Viawest to Peak 10 Holding'|'Market News  18am EDT Canada''s Shaw to sell Viawest to Peak 10 Holding June 13 Canada''s Shaw Communications Inc said on Tuesday that it would sell its subsidiary ViaWest Inc to Peak 10 Holding Corp for about C$2.3 billion, as the cable company looks to streamline its operations. ViaWest is a Colorado-based data center company which offers hybrid IT and cloud-based solutions, which Shaw bought three years ago. Peak 10 Holding, which offers IT infrastructure services, is owned by private equity firm GI Partners. Reuters reported in April that Shaw was looking for a buyer for Viawest. ($1 = C$1.33 Canadian dollars) (Reporting by Rishika Sadam in Bengaluru; Editing by Shounak Dasgupta)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/shaw-comms-viawest-divestiture-idUSL3N1JA3ZG'|'2017-06-13T20:18:00.000+03:00'
'878a8b7e341238e894b84df9084373f845e2494b'|'Don''t ignore young people – we''re key to fighting climate change - Global Development Professionals Network'|'F or the world leaders, negotiators and advisers who gathered in Paris in November 2015, the news that the US is withdrawing from the COP 21 climate accord must have felt like a body blow.For my generation? There’s a chance the story got scrolled past, filtered out, buried on a newsfeed, or missed altogether.For those of us that did read it, it’s easy to feel a sort of detached but familiar disappointment. In some ways it’s just another amendment to a non-legally binding agreement that’s been written and re-written in the background for most of our childhoods, from 1995 in Berlin to 2015 in Paris.That’s not how it should be. The news should be a starting gun for a new wave of activism, action and change. Because, while the world leaders signing accords in conference halls are important, the real change is going to come from us. Call us millennials or Gen Z or Net Gen, we’re the consumers, employees, employers and future leaders who will see the devastating effects of climate change. In China, the water you drink is as dangerous as the air you breathe - Deng Tingting Read more We are also the most connected generation in history, with the capacity to arrange coordinated global protests like the Women’s March in a matter of days, to create a $2.5m Love Army for the Somali drought in a few weeks, or to commit to calling out #everydaysexism for half a decade.And yet, many of the NGOs, charities and global campaigns are failing to mobilise us. It’s easy to understand why they aren’t getting through to us – recent research shows that only 11% of the globe’s NGOs employ a designated full-time or part-time social media manager .That means they’re losing the 28% of young people that use social media as their primary news source. It means they’re missing out on the 43% of millennials that are driven to make financial donations through social channels, the one in two who’ll share ideas with their friends online , or most importantly the one in three willing to donate their time.Young people aren’t a “nice to have” when it comes to sustainability action and climate change. We’re 27% of the global population – how we choose to work, eat, drink and spend our money will change the whole ballgame. Take the United Nations Ocean Conference . It’s the UN’s first ocean-focused conference, and it has come at the right time.Henderson Island, a tiny landmass in the eastern South Pacific was found by marine scientists to have the highest density of anthropogenic debris recorded anywhere in the world.Videos of the 18 tonnes of plastic piling up on an island otherwise untouched by humans, shared millions of time across social media, are a visceral reminder of the consequences of our one-use throw-away attitude to plastic consumption.Plastic is deadly for fish and marine life, threatening the food supply of the 1 billion people who depend on it as their principle food source and damaging the global food chain for us all.38 million pieces of plastic waste found on uninhabited South Pacific island Read more Yet, across the US, 500m plastic, non-biodegradable straws are used every day – for only a few minutes. In the UK, households throw out 40kg of recyclable plastic every year. If we don’t act soon the World Economic Forum predicts that plastic will outweigh fish in the oceans by 2050. Henderson Island has put the issue of plastics pollution on the global agenda – now it’s time for systematic behaviour change.The key to success of the UN Ocean Conference won’t lie in agreements made or accords signed. What we need are innovative solutions – that will capture the attention and imagination of my generation. The only way to seriously cut plastic consumption is by activating young people to bring about change. That’s change, not just as consumers, but as the people now entering management roles at the big businesses, manufacturers and retailers with the power to innovate supply chains and start evolving the world’s relationship with plastics and fossil fuels.It might sound like an unachievable feat, but there’s good news. As the likes of Pepsi and Heineken have noticed ( however controversial or limited their outputs ) this generation wants to make change. Recent research demonstrates that one in seven millennials around the world identify as “activists” and half of those recognise their activism as an important part of who they are. It’s one of the many reasons the likes of Apple, Facebook and Goldman Sachs are prioritising their environmental focus despite Trump’s actions – they know it matters to their future customers and workforce.While many headlines have been written about the eight-second attention span of the social media-obsessed, there is another way of looking at it – it’s also a highly developed eight-second filter.This generation has more information thrown at them in a day than people living a hundred years ago would come across in a month. We’ve become highly adept at prioritising content, and when content is important, we engage and act. Throwing budget at social media channels isn’t a fix-all – this campaign will also be led by the brands, businesses and communities that tackle the issue with creativity and innovation.How to campaign online: 15 dos and don''ts Read more It’s vital that we update and rethink our approach to climate and conservation, to make it the issue that mobilises this new tide of activists.We’re probably locked into a planet that’s on track to warm by 2 degrees; temperature fluctuations are already causing widespread food shortages, unprecedented heatwaves and unpredictable weather.The populations of small islands and developing states are faced with the prospect of becoming climate refugees, as rising seawater levels are threatening widespread flooding, contaminating drinking water supplies and destroying arable land.My generation was born into a world where climate change is an immutable fact, not a theory to deny or accept, but a global threat, the effects of which we can see. We’ve got to make this the issue we tackle and overcome.Daisy Kendrick is a 23-year old environmental campaigner and founder of We Are The Oceans Join our community of development professionals and humanitarians. Follow @GuardianGDP on Twitter. Topics Global development professionals network Oceans Young people Social media Activism Digital media comment Share on Facebook Share on Twitter Share via Email Share on LinkedIn Share on Pinterest Share on Google+ Share on WhatsApp Share on Messenger Reuse this content'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/global-development-professionals-network/2017/jun/13/dont-ignore-young-people-were-key-to-fighting-climate-change'|'2017-06-13T15:31:00.000+03:00'
'508eb76820d5b68eab2691edcada5febf14370a5'|'CORRECTED (OFFICIAL)-German anti-trust commission chief rejects govt aid for Air Berlin-Die Welt'|'(Corrects spelling of official''s last name to Wambach from Walbach)BERLIN, June 13 The head of Germany''s anti-trust commission rejected government aid for troubled airline Air Berlin in an interview in Germany''s Die Welt newspaper to be published on Wednesday."We need opportunities in a market economy for new companies to get into the market. If a company does poorly, or its business model doesn''t work, then the state should not keep it alive artificially," Achim Wambach told the newspaper.Wambach said a takeover of Air Berlin by Lufthansa would raise competition concerns since they were the primary competitors on many routes, especially to and from Berlin. "If there is only one provider on certain routes, that would naturally have an effect on prices," he said. (Reporting by Andrea Shalal; Editing by Thomas Escritt)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/air-berlin-germany-antitrust-idINB4N1FT00N'|'2017-06-13T15:08:00.000+03:00'
'dddd4eed14555a2602b9536e52c2da98fb13e0ef'|'Deutsche Bank reaches $170 million Euribor-rigging settlement'|'Banks - Mon Jun 12, 2017 - 5:51pm EDT Deutsche Bank reaches $170 million Euribor-rigging settlement Pedestrians are reflected in a window as they walk in front of the headquarters of Deutsche Bank AG in Frankfurt September 5, 2011. REUTERS/Alex Domanski/File Photo By Jonathan Stempel - NEW YORK NEW YORK Deutsche Bank AG ( DBKGn.DE ) will pay $170 million to settle an investor lawsuit claiming it conspired with other banks to manipulate the benchmark European Interbank Offered Rate and related derivatives. A preliminary settlement was filed on Monday with the U.S. District Court in Manhattan, and requires a judge''s approval. It follows similar settlements with Barclays Plc ( BARC.L ) and HSBC Holdings Plc ( HSBA.L ) for a respective $94 million and $45 million, which have won preliminary court approval. Euribor is the euro-denominated equivalent of Libor, a benchmark for setting rates on hundreds of trillions of dollars of credit cards, student loans, mortgages and other debt. Investors accused banks of conspiring to rig Euribor and fix prices of Euribor-based derivatives from June 2005 to March 2011 to profit at their expense, in violation of U.S. antitrust law. Deutsche Bank did not admit wrongdoing and settled to avoid the cost and distraction of more litigation, court papers show. The German bank''s legal bills have topped 15 billion euros ($16.8 billion) since 2009. A spokesman, Troy Gravitt, declined to comment. Vincent Briganti, a lawyer for the investors, also declined to comment. The case against Deutsche Bank had been put on hold in January, pending the submission of settlement papers. Among the plaintiffs were the California State Teachers'' Retirement System (CalSTRS), and Greenwich, Connecticut-based FrontPoint Australian Opportunities Trust. In February, U.S. District Judge Kevin Castel in Manhattan, who oversees the litigation, dismissed most of the investors'' claims against several other banks. In April, he refused to let the investors amend their lawsuit for a fifth time. Regulators have imposed more than $4 billion in penalties against various banks for alleged manipulation, Castel has said. Many lawsuits in the Manhattan court seek to hold banks liable for alleged rigging in interest rate, commodity, currency and other financial markets. The case is Sullivan et al v. Barclays Plc et al, U.S. District Court, Southern District of New York, No. 13-02811. (Reporting by Jonathan Stempel in New York; Editing by Dan Grebler) '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-deutsche-bank-euribor-settlement-idUSKBN1932HV'|'2017-06-13T05:14:00.000+03:00'
'85c209c567cbf85ba255d7ef3033d3f8d83f9ece'|'France starts judicial inquiry into LafargeHolcim''s Syrian activities - source'|'Top   8:03am BST France starts judicial inquiry into LafargeHolcim''s Syrian activities - source FILE PHOTO: The logo of LafargeHolcim is seen at its headquarters in Zurich, Switzerland, March 2, 2017. REUTERS/Arnd Wiegmann/File Photo PARIS France has launched a judicial inquiry into the Syrian activities of cement and construction group LafargeHolcim, a judicial source said on Tuesday, with the probe looking into the "financing of terrorist enterprise" and endangering lives. The source said one judge dealing with anti-terrorism matters and two financial judges were handling the matter. A spokeswoman for the company said LafargeHolcim had no immediate comment on the subject. In April, LafargeHolcim said its chief executive Eric Olsen was leaving after the company admitted it had paid armed groups to keep a factory operating in war-ravaged Syria. An independent internal inquiry found protection payments made to intermediaries to keep open the Jalabiya plant in northern Syria were not in line with its policies. (Reporting by Emmanuel Jarry; Writing by Sudip Kar-Gupta; Editing by Jean-Michel Belot and Mark Potter)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-lafargeholcim-syria-idUKKBN1940Q5'|'2017-06-13T15:03:00.000+03:00'
'd461a7599040a7b94617f0300fcb5a56c0197585'|'VW looks at rehiring Opel CEO - source'|'* Opel CEO Neumann prepares to quit - FAS* VW looks to rehire Neumann, maybe as Audi boss - source* VW, Opel decline to commentFRANKFURT, June 11 Carmaker Volkswagen is looking at rehiring the chief executive of General Motors'' Opel, possibly to lead its Audi brand, a source familiar with the matter told Reuters on Sunday, following a media report the executive will quit Opel.Opel boss Karl-Thomas Neumann plans to resign as General Motors (GM) prepares to sell the business to France''s PSA Group , German newspaper Frankfurter Allgemeine Sonntagszeitung (FAS) reported over the weekend.Without citing its sources, the newspaper said Neumann saw the sale as the right strategic step, but was concerned PSA under-estimated the growing importance of electric cars.The source said Volkswagen (VW) bosses were informally discussing giving Neumann, who quit VW in 2013 for the Opel top job, a prominent position, potentially as head of premium brand Audi.VW and Opel declined to comment.Audi CEO Rupert Stadler has come under fire for how he has handled the fallout from VW''s diesel emissions scandal.He only received a five-year contract extension last month because of an agreement among supervisory board members that he would not serve out his full term, two sources have told Reuters.Pressure has built on Stadler after Munich prosecutors widened an investigation into the premium carmaker, and after Germany''s transport ministry accused Audi of cheating on emissions tests.In an interview with trade publication Automobilwoche, Stadler over the weekend defended his record: "The diesel crisis has consumed and is still consuming resources. I''m still convinced that we have initiated the right strategic steps."Neumann, 56, planned to inform Opel''s supervisory board about his decision at its next meeting on June 22, FAS said, adding he wanted to stay on only until GM completed the sale of Opel to PSA, owner of the Peugeot, Citroen and DS brands.Opel this week said the 2.2 billion euros ($2.5 billion) deal could be completed as early as July 31, pending regulatory approval from antitrust authorities.Neumann joined GM in 2013 to lead the U.S. carmaker''s European operations, which include the Vauxhall brand, after losing out in a management reshuffle at VW. In his former roles at VW, he was in charge of electro-mobility and head of China. ($1 = 0.8935 euros) (Reporting by Frankfurt Newsroom; Editing by Georgina Prodhan and Mark Potter)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/vw-moves-opel-idINL8N1J80DT'|'2017-06-11T10:26:00.000+03:00'
'beebe0179545600404b8b82506ad041e7a92ec61'|'European Commission approves Shell''s $3.8 billion North Sea sale'|'LONDON The European Commission approved on Friday Royal Dutch Shell''s ( RDSa.L ) $3.8 billion sale of North Sea oil and gas assets to private equity-backed Chrysaor."The Commission concluded that the proposed acquisition would not raise competition concerns, because of its limited impact on the market structure," the Commission said in a statement.Shell welcomed the "important milestone" towards the completion of the deal which is expected in the second half of this year.(Reporting by Ron Bousso; Editing by Susan Fenton)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/shell-m-a-north-sea-idINKBN1972VP'|'2017-06-16T20:42:00.000+03:00'
'c256614d6b17b91ec2c4c0ed98a114386ff3f5fa'|'Japan Post to drop talks to buy Nomura Real Estate - Nikkei'|'Business News - Sat Jun 17, 2017 - 7:32am BST Japan Post to drop talks to buy Nomura Real Estate - Nikkei File Photo - A man holding an umbrella walks past a logo of Japan Post Group at its headquarters in Tokyo February 18, 2015. REUTERS/Yuya Shino TOKYO Japan Post Holdings Co ( 6178.T ) will probably scrap talks to buy Nomura Real Estate Holdings Inc ( 3231.T ) as the two companies struggle to agree on the terms, the Nikkei business daily reported on Saturday. The potential deal was first reported by public broadcaster NHK in mid-May, pushing Nomura Real Estate''s shares up by 20 percent. The Nikkei reported last week that Japan Post planned to slow the pace of future acquisitions, shifting away from its earlier aggressive investment strategy as it smarts from losses over its purchase of Australian logistics company Toll Holdings. Japan Post was not available for comment outside office hours. The company announced a $3.6 billion writedown at Toll in April, just two years after the $4.9 billion takeover. A source familiar with Japan Post''s talks with Nomura told Reuters in May that one option would be for Japan Post to buy a majority stake in the real estate firm in a deal likely to be worth several billion dollars. (Reporting by Chang-Ran Kim; Editing by Paul Tait) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-japan-post-m-a-idUKKBN19806C'|'2017-06-17T14:32:00.000+03:00'
'ceca8343a105fb0135529630839ef8d861e1aa73'|'RPT-Finance firms stick to hard Brexit plans despite calls for softer EU break'|'Market News  14am EDT RPT-Finance firms stick to hard Brexit plans despite calls for softer EU break (Repeats Monday report) * Possibility of softer Brexit has risen - executives * But so too has the chance of a chaotic EU departure * Finance firms therefore still preparing for the worst * Global banks plan to move about 9,000 jobs to continent By Andrew MacAskill and Simon Jessop LONDON, June 12 Finance firms in Britain say they are pushing ahead with plans to move staff and operations to continental Europe, despite a chance that the government may soften its ''Hard Brexit'' policies after losing its parliamentary majority. Although the possibility of the ruling Conservatives seeking to keep some British access to the European Union''s single market has increased, so too has the likelihood of a chaotic departure from the bloc, executives said, meaning they have to plan for the worst. "When the facts change, I''ll change my mind," said Keith Skeoch, chief executive of Scottish insurer and asset manager Standard Life, borrowing a quote from economist John Maynard Keynes. "Until then, I think you continue to plan for a hard Brexit, until you can see evidence of that beginning to shift and change," he told Reuters. Large global banks in London plan to move about 9,000 jobs in the next two years to financial centres that will stay in the EU, including Frankfurt, Paris and Dublin, so they can continue selling their services across the bloc after Brexit, according to a Reuters'' tally of job warnings. The Conservatives'' major setback in the general election last week has deepened uncertainty over Prime Minister Theresa May''s plans for Brexit, including a departure from the European customs union as well as the single market, and a focus on controlling immigration. May''s authority has been weakened after her gamble in calling an early election backfired, leaving her increasingly dependent on fellow Conservatives who object to her plan for a clean break from the EU. Some of May''s cabinet colleagues and other senior party members are urging her to change direction. Conservatives in Scotland, which voted heavily to remain in the EU last year, are pushing for May to move the focus of Brexit talks due to start next week onto achieving economic growth and away from immigration, sources in the Scottish party told Reuters. Scottish Conservatives sharply increased their representation in the Westminster parliament last week, in contrast to the party''s losses in England, strengthening the influence of their leader Ruth Davidson within the party. FOOLISH TO HOLD OFF Brexit Minister David Davis said on Monday that the minority government still plans to take Britain out of the single market, noting that most Britons voted for either the Conservative or Labour parties which both said they back such an exit. Miles Celic, the chief executive of TheCityUK, Britain''s most powerful financial lobby group, said the comments indicated the government plans to continue with its current strategy and that it retains a parliamentary majority to leave the EU. "What we have not seen over recent days is any concrete or firm shift in the expectations that we''ve got regarding timescale," he said. An executive at one international bank warned that because the negotiating clock is now ticking there is now a higher likelihood that the government will fail to get a deal altogether by the March 2019 deadline. "You could argue that with the government in minority now, its leadership credibility shot to pieces, there''s almost a higher probability of no deal," the executive said. "We would be foolish to hold off on our plans." A government relations official at another bank said the financial industry will still make a renewed attempt to lobby the government to secure more access to the single market, a staggered exit from the EU and more relaxed immigration controls. The official expected the blow to May''s authority to increase the power of the Treasury and Chancellor of the Exchequer Philip Hammond, benefiting business. British newspapers had previously reported a rift between May and Hammond and that she had planned to sack him after the election if she had won a larger majority. "Hammond is a pragmatist, he is business-friendly and the Treasury have done all the serious work on Brexit," the official said. "The door will be a lot more open now than it used to be, and that can only be a good thing." Rishi Khosla, the chief executive of OakNorth Bank, said the uncertainty around the minority government will hurt the economy for the next couple of years, but in the end it will be a better result for Britain. "In the short term, individuals and businesses are likely to suffer because of the instability of the government," he said. However, he added: "It is a great opportunity to reposition after what proved to be an unpopular campaign strategy to come up with something more pragmatic, business-friendly and Europe-friendly." (Additional reporting from Anjuli Davies and Huw Jones; editing by David Stamp)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-eu-banks-idUSL8N1J952K'|'2017-06-13T15:14:00.000+03:00'
'a697a3b8223ab0683fa8dd7efaaad1586e1e032b'|'Why the Emoluments-Clause Lawsuits Against President Trump Matter'|'It sounds like a law school exam question: Can partisan opponents sue the president for alleged violations of the foreign emoluments clause of the U.S. Constitution?But the recent cases seeking to test that question—Maryland and Washington, D.C., jointly filed one against Donald Trump on Monday, and congressional Democrats are expected to file another today—are anything but academic. The suits revive long-dormant anticorruption provisions in the Constitution, the main one of which forbids the president from accepting payments from foreign governments that might seek favors in return. If the judiciary allows them to move forward, the cases could cast badly needed sunlight on the murky workings of the Trump Organization.For one, think tax returns. The plaintiffs say one of their first steps will be to demand, via pretrial discovery, copies of Trump’s elusive personal tax filings. How better to assess the scope of the president’s international business affairs—and perhaps to discover why he has hidden his returns so defiantly?The cases are also significant because they could land before the Supreme Court. The judiciary hasn’t previously interpreted the emoluments clause in Article I of the Constitution, which prohibits public officials, unless they have “the consent of the Congress,” from accepting “any present, emolument, office or title, of any kind whatever, from any king, prince, or foreign state.” The Supreme Court’s silence is less surprising than it might sound, as until now no president has attempted to grip the reins of state while retaining ownership of such a sprawling range of corporate interests. Given their constitutional significance, the emoluments cases, if allowed to develop, will probably interest the high court.The legal challenges trace to January, when Trump took office having refused to divest himself of his business empire. Days later, a nonprofit called Citizens for Responsibility and Ethics in Washington (CREW), which is led by Norman Eisen, the chief White House ethics lawyer for President Barack Obama, sued Trump in federal court in New York for violating the emoluments clause. As if on cue, foreign governments began patronizing the Trump International Hotel in Washington, which has specifically marketed to the diplomatic community . So far the governments of Kuwait, Saudi Arabia, Turkey, and Georgia have availed themselves of the hotel’s hospitality. CREW’s filing also mentioned that tenants at Trump Tower in New York include a Chinese government-controlled bank and the Abu Dhabi Tourism and Culture Authority.An inevitable objection to such a test case is that the plaintiff lacks “standing.” To establish standing, a plaintiff has to show a personal injury caused by the defendant that a court can remedy. CREW initially offered the contrived-sounding argument that it had been forced to divert limited resources from other important matters to the emoluments fight. (I say contrived because a group like CREW is founded in the first place to harass politicians about conflicts of interest.) Soon, the organization amended its complaint to add other plaintiffs, including an association of restaurants and restaurant workers, who could more credibly maintain that the operation of the Trump hotel causes them competitive injury, meaning lost business.The suit by Maryland and Washington, D.C., for which CREW is serving as co-counsel, rests on a more solid standing claim: that the Trump hotel may be siphoning off business that otherwise would flow to taxpayer-owned facilities, such as Washington’s convention center. Eisen told me by phone that he sees Maryland and D.C. as “perfect plaintiffs.” The reason, he said, is that “they are coequal parts of the government that have a strong interest in seeing the Constitution enforced.” Consider that Hawaii, Washington, and several other states overcame standing objections to win lower-court rulings blocking both versions of the Trump executive order temporarily banning immigration from certain predominantly Muslim countries.The nearly 200 congressional Democrats expected to go to court today in Washington, D.C., presumably will assert that they have standing based on their authority, separate from that of the states, to oversee enforcement of the emoluments clause. Only litigation will reveal the identity of Trump&apos;s far-flung business partners and investors, this argument would go.The most important business stories of the day. Get Bloomberg&apos;s daily newsletter. Sign Up There is, of course, a counterargument in these cases. Last Friday, the U.S. Justice Department filed a brief defending Trump in the original CREW suit. The government lawyers took the standing issue out for a spin and argued that the emoluments clause doesn’t apply to fair-market commercial transactions, such as hotel bills, golf club fees, or office rent. Past presidents have received income from foreign sources, the Justice Department pointed out. George Washington exported flour and cornmeal to England from his Virginia plantation. And Barack Obama received royalties on his books, some of which have been bought by public universities abroad.The idea that foreign governments craftily deployed state librarians to gain favor with President Obama is every bit as silly as it sounds. More broadly, the best response to the past-presidents-did-it argument is that before Trump, we’d never had a president with business interests so vast and secret. If ever there were a time to test the emoluments clause, this is the time. Let’s have a look at the president’s conflicts of interest—with full disclosure, including his tax returns, and before the nation’s highest court—to decide whether they pass constitutional muster.Paul Barrett @AuthorPMBarrett'|'bloomberg.com'|'https://www.bloomberg.com/businessweek'|'https://www.bloomberg.com/news/articles/2017-06-14/why-the-emoluments-clause-lawsuits-against-president-trump-matter'|'2017-06-14T21:00:00.000+03:00'
'525cdb3082ead4577a5e9d5be6d09de85a156f35'|'Argentina judge lifts restriction on Barrick mine -radio report'|'Commodities  14pm EDT Argentina judge lifts restriction on Barrick mine: radio Pipes that became decoupled last March are seen at Barrick Gold Corp''s Veladero gold mine in San Juan province, Argentina April 26, 2017. REUTERS/Marcos Brindicci BUENOS AIRES A judge told a radio station in the Argentine province of San Juan that he had lifted a suspension on leaching operations at Barrick Gold Corp''s ( ABX.TO ) Veladero mine on Thursday. Judge Pablo Oritja said on Radio Light F.M. that he understood Barrick had finished all required work following its third cyanide spill in 18 months and had ordered an end to restrictions put in place in late March. A Barrick spokesman in Argentina said the company had not been notified formally. Regulators suspended the addition of cyanide to Veladero''s leach pad processing operation and told Barrick to overhaul environmental practices and operations at the mine following a March 28 spill when a pipe carrying cyanide solution failed. Barrick, the world''s largest gold producer, slashed its forecast for Veladero output and hiked its estimated production costs in April. It also lowered its forecast for total 2017 gold production in the first quarter, largely reflecting the sale of a 50-percent stake in Veladero to Shandong Gold Mining Co Ltd ( 600547.SS ) for $960 million. Veladero is Argentina''s largest gold mine and one of Barrick''s five core mines. (Reporting by Luc Cohen, Juliana Castilla and Maximilian Heath in Buenos Aires and Susan Taylor in Toronto; Editing by Dan Grebler)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-barrick-gold-mine-argentina-idUSKBN1962HQ'|'2017-06-16T01:42:00.000+03:00'
'd326405bf3b211d085e7538fbea78451f842456a'|'BP''s Dudley seen reigning for years to restore major''s might'|'Business News   6:19am EDT BP''s Dudley seen reigning for years to restore major''s might FILE PHOTO: BP''s Chief Executive Bob Dudley speaks to the media after year-end results were announced at the energy company''s headquarters in London, Britain, February 1, 2011. REUTERS/Suzanne Plunkett/File Photo By Dmitry Zhdannikov and Ron Bousso - LONDON LONDON When BP ( BP.L ) boss Bob Dudley clinched a final deal to settle litigation over the deadly Deepwater Horizon disaster, many oil industry executives and investors thought his mission was accomplished. But now, two years later, the 61-year-old is showing no sign of easing into retirement. In fact he plans to oversee an ambitious expansion plan and stay at the helm of the British oil major until at least the end of the decade, according to sources familiar with the matter. The American CEO has told his leadership team that it is in his family''s tradition to not retire until 65 - which would take him to 2020 - and that he could perhaps work even longer than that, the sources said. In another signal that there is unlikely to be a change at the top anytime soon, there has been no imminent succession planning at the firm, according to the sources, one of who said succession was "not a live project". When Dudley finally decides to go, there will no shortage of candidates to take his place, however. BP''s chief financial officer, British national Brian Gilvary, 55 and the head of upstream, Irishman Bernard Looney, 46, have been cited as possible successors. There has been persistent industry speculation about when Dudley will call time on his BP career since he struck the 2015 settlement deal under which the company agreed to pay out a total of about $60 billion over the disaster that left 11 dead and led to the largest oil spill in U.S. history. He had been made CEO in 2010 - the first American to lead BP in its 108-year-old history - to steer the company through the swathe of U.S. litigation, and the deal represented a milestone. But rather than stepping back from the fray, he has since embarked on the biggest expansion plan in a generation for BP, even in the face of a collapse in oil prices. ''SAFE HANDS'' The company has become the fastest-growing oil major in the world. It will launch seven oil and gas fields this year - more than any other year in its history - and will launch nine more before the end of the decade, adding 800,000 barrels per day (bpd) of oil and gas to its production. By 2020 the company, including its stake in Russian oil giant Rosneft ( ROSN.MM ), will be producing as much as 4 million bpd - the same as before the Deepwater Horizon spill and up from the 3 million bpd it was producing after offloading assets to cover the litigation costs. "We are firing on all cylinders," Dudley told a shareholders meeting in May as he aims to catch up with production volumes of its biggest rivals Exxon Mobil ( XOM.N ) and Royal Dutch Shell RDSa.l. Whether this strategy will prove effective in the long-term is by no means certain; BP''s large liabilities linked to Deepwater Horizon mean it requires a significantly higher oil price - than the present price and compared with rivals - to pay for its operations and dividends. A sluggish recovery in oil prices could also lead to its already high debt rising further. Rating agency Moody''s upgraded BP''s credit rating last week for the first time in 19 years while, in another sign of confidence, 97 percent of BP shareholders voted to approve Dudley''s new pay package last month. "Bob hasn''t done anything that we wouldn''t agree with so far. When times are hard and bad, I would want someone who is pretty sensible and conservative," said Rohan Murphy from Allianz, which holds BP shares. "Dudley is a safe pair of hands. He won''t do anything too maverick," Murphy added. "The recent rating upgrade shows the story hangs together." OLIGARCH BATTLE The calm and softly spoken Dudley was stress-tested more than once before getting the top job. His career included three punishing years fighting a corporate war with Russian oligarchs at the firm''s giant Russian venture TNK-BP that forced him to flee the country and go into hiding. He became BP chief executive when his predecessor Tony Hayward''s tenure ended abruptly following the explosion of the Deepwater Horizon platform in the Gulf of Mexico in 2010. Dudley was given a task of steadying the ship as BP struggled with a firestorm from the U.S. government, victims of the spill, environmental groups and shareholders. Over the next five years, the company shed more than $55 billion worth of oil fields, refineries and infrastructure to pay for the spill clean-up. BP was abandoning low-margin projects and mature markets like Venezuela or Vietnam, often getting top dollar for its sales as oil prices hovered above $100 per barrel. In retrospect, BP had unknowingly stolen a march on most of its rivals who had to embark on similar asset sales much later when crude prices began to collapse in 2014. DEBT PILE Just as BP was slowly emerging from the spill fallout, the collapse in oil prices drove it to its biggest loss ever in 2016. Like its peers, BP responded by slashing thousands of jobs and tightening budgets. The efforts bore fruit. In the first quarter of 2017, its profits tripled and its production rose to a five-year high thanks to higher production. Dudley''s team argues that this will only improve over time as the company''s strategic change of tack means it is producing more profitable oil and gas from a smaller number of fields. Another metric investors are also closely watching is BP''s debt, standing at $38.6 billion, or 28 percent of its total equity including debt - the highest figure among oil majors. That ratio is set to improve as Deepwater Horizon cash payments decline over the coming years. They amounted to about $7 billion in 2016 and $4.5 billion in 2017 but will fall to $1-$2 billion from 2018. BP can currently balance its books only at $60 per barrel, compared to $50 for most of its rivals, but that figure should also fall as Deepwater Horizon payments decline. "Bob Dudley is building something that could be very interesting in the future ... he just gets on with business and that''s what investors want," said James Laing, equities fund manager at Aberdeen Asset Management, which holds BP shares. "The dividend is still sustainable, debt levels are high but will come down, the cash breakeven has been lowered, the resource base is still increasing," he added. "It doesn''t feel like there is a lot of criticism to be made." (Writing by Dmitry Zhdannikov; Editing by Pravin Char)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-bp-ceo-idUSKBN19614U'|'2017-06-15T18:12:00.000+03:00'
'6c8bd5e2b51bb4e6d54474c02761b04e51ff009b'|'Home buyers face squeeze as Shanghai curbs office-to-flats market'|'By Clare Jim and Elias Glenn - HONG KONG/BEIJING HONG KONG/BEIJING A crackdown in Shanghai on commercial office projects converted into residential apartments will squeeze speculators, but could also hurt bona fide homebuyers already struggling with high prices and buying restrictions.Some property developers in the city bought land zoned for commercial use as a cheaper alternative to plots meant for homes. Apartment blocks put up on these sites were consequently cheaper, and weren''t regulated under home-purchase rules brought in to curb speculation and soaring prices.The properties proved popular with investors and homebuyers shut out of the market by the buying restrictions.But Shanghai last month rolled out a "clean up and rectify" campaign for commercial-turned-residential developments, following similar moves in the capital, Beijing.While this may deter some speculation, it is likely also to further squeeze the mainstream housing market and push up prices."These types of apartments were quite popular in the past few years because of home purchase restrictions," said Clement Luk, CEO of East China at realtor Centaline."Clients like those who haven''t lived in Shanghai for the required amount of years or buy-for-investment purposes go for these apartments. But with the new measures, demand from both real users and investors will be wiped out all at once."In Beijing, sales of these so-called serviced apartments nearly tripled last year to more than 4 million square meters (43 million square feet), according to data from E-House China R&D Institute, accounting for a third of all residential sales, up from just 13 percent in 2015.But sales there collapsed in April, down more than 98 percent year-on-year, while unit prices fell 31 percent in May, the E-House data shows.The crackdown by Shanghai''s housing authority - ordering developers and buyers to rip out fixtures such as toilets and kitchens before properties could be sold on - prompted a protest by hundreds of people last weekend after the market effectively froze. A similar protest is planned in Beijing this weekend.The Shanghai measures have already dented buyer sentiment for similar developments in other Chinese cities in anticipation of a broader nationwide clampdown, said Centaline''s Luk.Developers in Shanghai have suspended sales of all related developments, including Hong Kong developer Sun Hung Kai Properties'' luxury serviced apartment project on the Huangpu River in Pudong, property agents said."Some cities over-planned their office supply; by converting some of this into apartments would have helped ease the glut," said Stanley Ching, head of Citic Capital''s real estate group."But the new measures seem to contradict the policy intention to clear office inventory, and removing this extra supply of serviced apartments may further drive up home prices."STILL UNCLEARFollowing the protest, Shanghai''s housing authority said buyers of commercial-turned-residential properties could take delivery of them if they had already signed purchase contracts, while developers were told to accommodate buyers seeking to cancel contracts.Some buy-and-hold investors, who want to rent out their apartments or live in them, welcomed this week''s shift."It''s OK for those of us who are holding on to them for the long term," said Ms. Ye, who said she was waiting to take delivery of a 50 square metre loft she bought two years ago that is still being built.Others, though, say they still don''t know if they''ll be allowed to re-sell these properties or if they''ll be compensated if they cancel the purchase now.Developers and anyone looking to sell one of these properties soon are likely to be hit as they will be required first to restore residential apartments back to commercial use, and office space is worth up to a fifth less than apartments.Some funds, too, are now reviewing their investments."(The measures) will have an impact on investment firms'' strategy because many involve these developments, and the policy is likely to be introduced in other cities," said Ching at Citic Capital. "We''re stalling some deal talks until we have a clearer sense of the policy direction."Greenland Holdings, whose Beijing unit was punished by local authorities last month for promoting apartments built on land designated for commercial use, said it has a few developments in Shanghai that fall into the "clean up" category, and it will adjust its marketing strategy accordingly.(Reporting by Clare Jim in HONG KONG and Elias Glenn in BEIJING; Additional reporting by John Ruwitch in SHANGHAI; Editing by Ian Geoghegan)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/china-economy-property-idINKBN1960B8'|'2017-06-15T12:42:00.000+03:00'
'6fec1445bb3b94171efd93e947d04fa3d53dc1bc'|'UPDATE 1-Appeals court won''t issue order blocking TV ownership rule'|'(Adds reaction from lawyer for groups suing, background, share prices)By David ShepardsonWASHINGTON, June 15 A federal appeals court on Thursday declined to issue an emergency order blocking the U.S. Federal Communications Commission from changing its local television ownership rules, which could have blocked Sinclair Broadcast Group Inc from buying assets of Tribune Media Co, one of the largest U.S. television station operators.The court declined to block the FCC''s vote in April to reverse a 2016 order limiting the number of television stations some broadcasters can buy. Critics said in a court filing that failing to block the FCC rule "will usher in a wave of media consolidation."Andrew Jay Schwartzman, a Georgetown University law professor representing a coalition of groups that had sued, said the decision was "extremely disappointing. But the case is far from over, and we feel that we have a strong case once it is fully briefed and argued."Shares in Tribune rose 6 percent to $41.36 on the news, while Sinclair was up nearly 4 percent to $36.15.As part of the $3.9 billion deal, Sinclair may still have to sell certain of its stations, such as those in St. Louis and Salt Lake City, in order to comply with FCC regulations, the company has said.Under rules adopted in 1985, stations with weaker over-the-air signals could be partially counted against a broadcaster''s ownership cap. But last year, the FCC, under Democratic President Barack Obama, said those rules were outdated after the 2009 conversion to digital broadcasting, which eliminated the differences in signal strength. It revoked the rule in September.In April, the FCC voted to undo the Obama change.FCC Chairman Ajit Pai also said he plans to take a new look at the current overall limit on companies owning stations serving no more than 39 percent of U.S. television households.FCC Commissioner Mignon Clyburn, a Democrat, called the vote in April a "huge gift for large broadcasters with ambitious dreams of more consolidation." She said it "will have an immediate impact on the purchase and sale of television stations."Meredith Corp spokesman Art Slusark said in April the vote "may open up the opportunity for more acquisition opportunities..." (Reporting by David Shepardson; Editing by Jonathan Oatis and Dan Grebler)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/usa-fcc-sinclair-idINL1N1JC0Z0'|'2017-06-15T14:27:00.000+03:00'
'a543393fc98a7b838a314e9a2eab3d8f7e961154'|'China''s Yancoal gets regulatory approval for $2.45 billion Rio Tinto deal'|'HONG KONG China''s Yancoal has gained Chinese regulatory approval for its $2.45 billion purchase of Rio Tinto''s Australian unit Coal & Allied Industries Ltd, the company said in a stock exchange filing on Sunday which also acknowledged Glencore''s counterbid for the assets on Friday.The government-controlled Chinese company said it had received approval from China''s National Development and Reform Commission and the anti-monopoly bureau of the Ministry of Commerce for the deal.In January, Rio said it was selling its interest in Coal & Allied Industries Limited to Yancoal''s subsidiary Yancoal Australia Limited for $2.45 billion.Glencore on Friday made a counterbid for Coal & Allied offering $2.55 billion cash.The terms of the Yancoal agreement allow Rio to engage in negotiations with another party if it made a better offer.Glencore''s proposal is $100 million higher and fully funded, but Rio Tinto has to give Yancoal the chance to make a counter offer, opening the way for a bidding war."If Rio Tinto determines that the Glencore Proposal is a superior proposal, Yancoal Australia will have a right to match or better that proposal," the company said in the filing on Sunday."Further announcement will be made by the company in accordance with the listing rules if it receives notification from Rio Tinto in relation to whether the Glencore proposal constitutes a superior proposal."In addition to receiving Chinese regulatory approvals, the deal has also received the green light from Australia''s Australian Foreign Investment Review Board and South Korea''s Fair Trade Commission.(Reporting by Michelle Price; Editing by Mark Potter)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-riotinto-m-a-yancoal-idINKBN1920N2'|'2017-06-11T10:22:00.000+03:00'
'7b55f9fea6f3c9121a26a3be204cd388ec05d42a'|'UAE''s Aster DM Healthcare eyes Saudi market despite past payment delays'|'DUBAI Dubai-based Aster DM Healthcare ( ATRD.NS ) is looking at acquisition opportunities in Saudi Arabia, its managing director told Reuters in an interview.This is despite previous delays in payments from the Saudi government, which could have pushed the company to default on a syndicated loan, he said.Aster, which operates hospitals, clinics and pharmacies in the Gulf and India, is attracted to Saudi Arabia because of the size of the market compared with other Gulf states, and also because of ownership rules, which would let Aster own up to 100 percent of a business, said Azad Moopen."We consider Saudi a good market despite payment difficulties which we had there," he said.Aster obtained a $295 million loan from India''s Axis Bank in April. The loan replaced and repaid $155 million of a $295 million facility which the firm raised in 2015. Aster replaced the facility to obtain better terms, such as a longer maturity and looser financial requirements for its debt-to-equity ratio.The decision to look for better terms was triggered by delays in payments of about $150 million from Saudi Arabia''s ministry of health. Many companies in the Saudi market, especially construction firms, have suffered such delays as government finances are squeezed by low oil prices."Payments were overdue for nearly 1-1/2 to two years," said Moopen, and were not made for the whole of 2016.By early 2017, with $150 million pending, "we were not sure when we were going to get this money, and we didn''t want to default, that''s why we wanted better terms from the banks."Aster''s new loan facility is being syndicated by Axis, though no bank has joined the loan yet. It has a 10-year tenor, while the previous facility was for five years.Almost half of the amount due from Saudi Arabia has been repaid in 2017. The ministry of health asked for a discount on the total debt and the company agreed, Moopen said without elaborating.The payment delays were related to Aster''s 250-bed Sanad Hospital in Riyadh, Aster''s only facility in the kingdom. The ministry of health did not respond to a request for comment.Aster also has a hospital in Qatar. "The Aster Qatar Hospital has been approved by authorities and has started functioning, even though the official inauguration has not been done," Moopen said."We shall be waiting for the prevailing situation to crystallize for the official launch," he said when asked about the diplomatic crisis that erupted this week between Qatar and neighboring states.The company filed a prospectus for an initial public offer (IPO) of shares in India in June last year. The IPO is now expected to take place in the fourth quarter of 2017, with Axis Bank, Bank of America Merrill Lynch and Kotak Mahindra Bank as lead banks, said Moopen.(Additional reporting by Katie Paul; Editing by Andrew Torchia; Editing by Mark Potter)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-aster-saudi-idUSKBN1920MW'|'2017-06-11T16:14:00.000+03:00'
'08874626f8c91c493a711bdc6f7e53b8e72daa93'|'Never mind the election vote – what’s up with the virtual reality? - Television & radio - The Guardian'|'Sunday 11 June 2017 07.00 BST Last modified on Sunday 11 June 2017 15.22 BST T he winners on the night? Sky well resourced and very competent. ITV with Bradby, charm and some ace guests (especially George Osborne, who may have made the biggest career mistake of his life – and grimacing as though he realised it). And Dimbleby’s last hurrah on the BBC, with only a few bumbles through a long, practised evening and early morning before Huw Edwards, looking almost as weary, took over the baton. Special plaudits to Emily Maitlis, in total charge of the results board. Slightly less applause for Jeremy Vine, doing his Peter Snow memorial turn on the swings and future-extrapolation roundabouts. Actually, it’s not eager Jeremy who grits any teeth here: more the surrounding oppressive edifices of virtual reality the corporation surrounds him with. It’s all too much like Alien as you wait for a monstrous Farage to burst from Vine’s chest and start eating the studio. Topics '|'theguardian.com'|'http://www.guardian.co.uk/theobserver/news/business/rss'|'https://www.theguardian.com/tv-and-radio/2017/jun/11/never-mind-election-vote-virtual-reality-jeremy-vine-bbc'|'2017-06-11T03:00:00.000+03:00'
'1eb68e2e9251e1a384e30a2de5b4094ccbc4b2ac'|'BRIEF-Deswell announces second half cash dividend of $0.07/shr'|' 27am EDT BRIEF-Deswell announces second half cash dividend of $0.07/shr June 12 Deswell Industries Inc: * Deswell announces second half 2017 results * Deswell Industries Inc - company announces second half cash dividend of $0.07 per share * Deswell Industries Inc - expects cash dividend to be declared in coming two fiscal years may be reduced or suspended * Deswell Industries Inc - reduction or suspension of dividend in order to increase capital investment in manufacturing equipment and facilities Source text for Eikon:  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-deswell-announces-second-half-cash-idUSASA09THM'|'2017-06-12T20:27:00.000+03:00'
'fafe4376c6da465b3d301d4424ff3c140b4716b7'|'Scooters instead of boardroom "kabuki": how one fund manager picks winners'|'  6:20am BST Scooters instead of boardroom "kabuki": how one fund manager picks winners left right Mitch Golden, portfolio manager for hedge fund Greenlight Masters, poses following an interview at the Sohn Investment Conference in New York City, U.S., May 8, 2017. REUTERS/Brendan McDermid 1/2 left right Mitch Golden, portfolio manager for hedge fund Greenlight Masters, speaks during an interview at the Sohn Investment Conference in New York City, U.S., May 8, 2017. REUTERS/Brendan McDermid 2/2 By Svea Herbst-Bayliss - BOSTON BOSTON Mitch Golden scrutinizes hedge fund managers and their investment ideas in a variety of settings from the back of a motor scooter in Ho Chi Minh City to a park bench in New York''s Central Park. The lieutenant of billionaire investor David Einhorn says it gives him the sort of perspective he can''t get from sitting in an office. "This is a really hard job to do by just looking at the stuff that comes across your desk. You have to go out and find it," the 45-year old portfolio manager told Reuters. His approach is paying off. Golden, who runs an $800 million (628 million pounds) portfolio for Einhorn''s $8.3 billion hedge fund firm Greenlight Capital, is producing some of the best numbers in the fund of funds industry and also, in the past two years, beating his boss. (Graphic: tmsnrt.rs/2s8LJrm ) Greenlight Masters beat or matched the benchmark in 12 out of the last 15 years of its existence and its average annualised return of 7.7 percent through the end of 2016 handily exceeded Hedge Fund Research''s HFRI Fund of Funds Composite Index''s 3.3 percent return over the same period. It is rare for a company to run a so-called fund of funds alongside a hedge fund. By doing so, the Greenlight Masters portfolio offers clients valuable access to star investors such as Einhorn plus those still unknown on Wall Street, says Steve Algert, managing director and assistant treasurer at The J. Paul Getty Trust, one of Golden''s clients. Golden is known for the time he takes – sometimes years - and the lengths he will go to in researching potential managers. If he believes in their ideas he will wait for them to pay off - a rarity in an industry where skittish investors often pull out at the first sign of trouble. He can afford to do that because a significant amount of the capital in the portfolio comes from Einhorn and his partners at Greenlight Capital. "Mitch hustles hard to know who''s out there and to develop relationships with people even if Greenlight Masters isn''t ready to invest immediately," said Firefly Value Partners partner Ariel Warszawski, whose fund has been in the Greenlight Masters'' portfolio for a decade. To beat the market, a manager has to be contrarian, Golden says, but he is wary of big egos and is looking for a dose of humility in candidates. "We look for people who have confidence in their work and can pick a fight with the markets," Golden said. "It is a very subtle balance." Brian Shapiro, whose firm Simplify LLC performs due diligence on hedge funds for wealthy clients, values Golden for his cool-headed analysis. "For him, if it is not in the numbers, it is not real." The native New Yorker likes to go beyond the usual interactions between managers and would-be investors in conference rooms which he describes as a "Kabuki dance" in reference to a Japanese dance-drama that involves stylized expressions and melodramatic plots. Sometimes that means accompanying fund managers on company visits to gauge how they interact with management. Earlier this year, he zipped around Vietnam''s biggest city on the back of a scooter to visit a company that one of his managers was considering investing in. He declined to name the company. PLAYGROUND CHATS On Saturday mornings, Golden says he will sometimes sit in a playground in Central Park talking stocks with one of his portfolio managers as their children careen down the slides. Unlike many other funds of funds, Greenlight Masters does not automatically sell if a portfolio fund falls by a certain amount or steadily declines over a longer period. In 2015, for example, Golden stuck with energy-focused funds despite plunging oil prices and Greenlight Masters lost 8.4 percent that year. Those funds roared back in 2016, helping it gain 13.4 percent and beat the 9.4 percent returned by Einhorn’s Greenlight Capital and a flat performance by the average fund of funds. He has 18 funds in the portfolio now, having exited three and added two last year. Thomas Hill''s $110 million PlusTick Partners and Nathaniel August''s $750 million Mangrove Partners, which invest in distressed energy assets, were Golden''s top performers in 2016 with gains of more than 50 percent each. Golden acknowledges that the downside to the prolonged scrutiny is that sometimes promising fund managers will not wait and seek capital elsewhere or Greenlight Masters misses out on candidates'' early dramatic gains. "That can be very costly," he said, declining to name the opportunities he had missed. Greenlight Masters is Einhorn''s brainchild, created in 2002, to uncover the next generations of stars and to give his partners a chance to diversify their holdings. Golden joined it in 2012 as a co-portfolio manager after earlier stints as an analyst at two hedge funds and the manager of his own firm, and has run Greenlight Masters on his own since 2013. After many months spent analysing investments on his own, Golden brings promising candidates to a "D-meet" with Einhorn at Greenlight''s midtown Manhattan offices. "It is nice that I get to have someone like David Einhorn and other members of the investment team pick apart their ideas," he said. (Reporting by Svea Herbst-Bayliss; Editing by Carmel Crimmins and Tomasz Janowski)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-hedgefunds-greenlightmasters-idUKKBN1930EH'|'2017-06-12T13:20:00.000+03:00'
'04976f2e2e890e401641c880f393202f2bb89c8e'|'Japan core machinery orders fall more than forecast in sign of economic fragility'|'By Tetsushi Kajimoto - TOKYO TOKYO Japan''s core machinery orders fell more than expected in April, casting doubt on the strength of companies'' capital spending andadding to concerns about the country''s fragile economic recovery.The 3.1 percent fall in the core orders from a month earlier was much bigger than the 1.3 percent decline expected by economists in a Reuters poll, potentially dragging on economic growth in the current quarter.It also marked the first drop in three months, following a 1.4 percent increase in March, the Cabinet Office data showed.Though the machinery order data, which excludes ships and orders from the electric power utilities, is highly volatile, it is regarded as an indicator of capital spending in the coming six to nine months.The reading follows a surprisingly sharp downward revision to first-quarter economic growth, as a reduction in inventories put annualised growth at 1.0 percent, much slower than the initially estimated 2.2 percent.More recently, a run of indicators and business activity surveys have pointed to still solid exports and factory output, although wage growth and household spending remain stubbornly sluggish despite a tightening job market.Policymakers are hoping that Japanese firms will tap their hefty profits to spur investment and boost wages to stoke a sustainable growth cycle."Capital expenditure will likely remain lacklustre in the current quarter," said Koya Miyamae, senior economist at SMBC Nikko Securities."Exports and factory output are performing well on the back of global economic recovery and a weak yen, but uncertainty over U.S. President (Donald) Trump''s trade policy makes Japanese firms hesitant about domestic investment."By sector, core orders from manufacturers rose 2.5 percent in April, up for a third straight month.The gains were led by orders from electrical machinery companies for semiconductor production equipment and computers, and all-purpose industrial machinery firms.Orders from the services sector fell 5.0 percent, dragged down by orders from financial and insurance firms for computer systems, down for a second consecutive month."The 3.1 percent may appear a big drop, but overall core orders held firm, centring on manufacturers," said a senior Cabinet Office official.Orders from manufacturers would have logged a double-digit gain if a one-off pullback in orders from nonferrous metal firms for nuclear-powered motors was excluded.Orders from abroad, which were not counted as core orders, jumped 17.4 percent in April, up for the first time in three months.The Cabinet Office stuck to its assessment of machinery orders, saying the pick-up was stalling, using the same assessment for an eighth straight month.Still, the Bank of Japan is set to upgrade its economic assessment as early as this week to signal its growing conviction the recovery is gathering momentum, people familiar with its thinking told Reuters last week.Such an upgrade would reinforce expectations that the BOJ''s next move would be to tighten monetary policy, though analysts do not expect it will begin to do so anytime soon.(Reporting by Tetsushi Kajimoto; Editing by Kim Coghill)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/japan-economy-orders-idINKBN1930AX'|'2017-06-12T02:24:00.000+03:00'
'9778c23ec7af9facf86fa5979da3f1f4c0c5e9bc'|'PRESS DIGEST- Financial Times - June 12'|'June 12 The following are the top stories in the Financial Times. Reuters has not verified these stories and does not vouch for their accuracy.HeadlinesBP joins oil rush to use AI with funding for California start-up on.ft.com/2rkUQ3qBusiness calls for softer Brexit in aftermath of election on.ft.com/2rl3Y7YMichael Gove rises from ashes to join May government on.ft.com/2rkTaaaForeign money laundering inquiries to UK leap 12 pct on.ft.com/2rlwdUcOverviewBP Plc has invested in artificial intelligence technology start-up Beyond Limits as it joins growing interest among oil and gas companies in the use of big data to help find new resources.British business has regained its voice to call for a softer approach to Brexit, after Theresa May failed to demonstrate there is public support for her vision of a hard Brexit in the election.Brexit campaigner Michael Gove was appointed as the minister for environment, food and rural affairs by Theresa May on Sunday, in a remarkable recovery for a politician who seemed to have systematically burnt bridges with many of his colleagues over a number of years.Inquiries from overseas authorities investigating the trail of dirty cash flowing to UK have risen to a record level, according to Home Office data released through a Freedom of Information request. (Compiled by Bengaluru newsroom)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-press-ft-idUSL3N1J9043'|'2017-06-12T08:33:00.000+03:00'
'946dce4c25f61cabc0d989e05566752a9b7e906c'|'MIDEAST STOCKS-Qatari banks fall UAE red flag; UAE''s Dana Gas, DSI rise'|'* All banks except Commercial Bank down in Doha* Market down 8.7 percent since four Arab states cut links* Dana Gas soars on hopes for better cash flow* DSI''s major shareholder sells shares to strategic investor* Riyadh down as weak oil prices hurt petchemsBy Celine AswadDUBAI, June 11 Shares in Qatari banks fell on Sunday after the United Arab Emirates central bank ordered UAE banks to be wary of accounts which they hold with six Doha-based lenders, while Dana Gas and Drake & Scull outperformed in the UAE.As the diplomatic crisis in the region continued, the UAE told its banks to stop dealing with 59 individuals and 12 entities with alleged links to Qatar, and advised its banks to conduct "enhanced due diligence" towards the six Qatari lenders.Five of the six are listed on the market: Qatar National Bank, Qatar Islamic Bank, Qatar International Islamic Bank, Masraf Al Rayan and Doha Bank. All of them fell on Sunday with Islamic lender Masraf Al Rayan, the biggest loser, down 4.0 percent.Qatari banks have about 60 billion riyals ($16.5 billion) of funding in the form of customer and interbank deposits from other Gulf states, SICO Bahrain estimated; most of this could eventually pull out if the crisis continues. Commercial Bank of of Qatar was the only lender to rise on Sunday, gaining 2.7 percent.Barwa Real Estate dropped 4.1 percent and the Qatari stock index fell 1.9 percent. Last week, it shed 7.1 percent because of the crisis.Meanwhile, the Riyadh index lost 0.8 percent in low volumes, weighed down by the petrochemical sector as the Brent oil price stayed near a one-month low. Ethylene maker National Petrochemical lost 3.5 percent to close at its lowest price since November.Shares of companies that might benefit from index compiler MSCI upgrading Riyadh to emerging market status were relatively resilient; dairy producer Almarai rose 0.9 percent to 82.90 riyals, a fresh all-time high. MSCI will announce on June 20 whether it is putting Saudi Arabia on review for a possible upgrade.In Egypt, the index fell 0.5 percent, easing from an all-time high as some investors booked profits. The largest listed lender, Commercial International Bank, lost 1.1 percent.DANA GAS, DRAKE & SCULLIn Abu Dhabi, Dana Gas soared 13.2 percent and was the most heavily traded stock. It has rocketed 46 percent this month on news that it has received a portion of its overdue payments from Egypt and on hopes for its legal efforts to recover money from Iraqi Kurdistan.A 0.9 percent rise by shares in the second largest bank in the region by assets after QNB, First Abu Dhabi Bank, also carried the Abu Dhabi index 0.5 percent higher.In Dubai, builder Drake & Scull rose 1.2 percent to 0.422 dirham; it has risen 5.5 percent since Thursday in unusually large volumes.Former chief executive Khaldoun Tabari has sold his stake in the company to Tabarak Investment, a source told Zawya, a Thomson Reuters publication.Tabarak Investment''s stake stands at around 18 to 20 percent after the sale, making it the largest shareholder, Zawya said. In April, DSI said it would sell 500 million dirhams ($136 million) of shares to Tabarak as part of its capital restructuring programme, subject to regulatory approval.The company''s business environment still looks tough, according to analysts."Project tendering seems to be muted in 2017, we do not expect any foreseeable significant operational improvements. Overrun costs and doubtful receivables continue to be DSI''s biggest obstacles leading to DSI potentially posting some 250 million dirhams additional losses by the end of this year," a note by Al Ramz Capital said last week.The Dubai stock index fell 0.4 percent as 12 shares rose but 18 declined including builder Arabtec, down 1.6 percent.HIGHLIGHTSSAUDI ARABIA* The index lost 0.8 percent to 6,809 points.DUBAI* The index fell 0.4 percent to 3,388 points.ABU DHABI* The index added 0.5 percent to 4,499 points.QATAR* The index lost 1.9 percent to 9,060 points.EGYPT* The index fell 0.5 percent to 13,616 points.KUWAIT* The index dropped 0.4 percent to 6,755 points.BAHRAIN* The index was flat at 1,323 points.OMAN* The index lost 0.4 percent to 5,331 points. (Editing by Andrew Torchia and David Evans)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/mideast-stocks-idINL8N1J80G0'|'2017-06-11T11:49:00.000+03:00'
'e237b10f0200d47a5ca6061bcf41198dad236cf1'|'RPT-Wall St Weekahead-Regional banks may keep lagging without Washington lift'|'(Repeats story first published Friday with no changes to text)By Sinead Carew and Megan DaviesNEW YORK, June 9 A rough few months for most U.S. bank stocks has been particularly unkind to regional banks, and that’s not likely to change soon as hopes dim for higher long-term interest rates and timely policy relief from Washington.While some investors see bargains in lower valuations of regional banks'' shares, few can point with any confidence to near-term catalysts for a turnaround in their fortunes.After outperforming larger banks in the wake of the Nov. 8 U.S. Presidential election, the S&P 600 index of small cap banks are down 8.1 percent so far this year, data through Thursday showed, while the S&P 500 index of the biggest U.S. banks is unchanged. The full S&P 500, meanwhile, is up 8.7 percent.Last year, investors bet heavily that smaller, entirely U.S.-focused banks would benefit most from Donald Trump''s promises of tax cuts, deregulation and economic stimulus.But those hopes dwindled dramatically as it became clear that President Trump would have difficulty gaining enough support to deliver on any of his pro-growth proposals."I would expect (smaller banks) to continue to underperform as long as we don''t get some of these policy decisions to move through," said Stephen Scouten, banking analyst for Sandler O’Neill in Atlanta.Fading hopes for an economic boost from Trump''s agenda has compressed the gap between short- and long-term interest rates, putting pressure on bank loan profit margins. This is a bigger issue for regionals which have a greater dependence on lending for their profits than bigger, more diversified banks.Also, commercial and industrial loan growth has slowed this year after climbing steadily since late 2010. The Federal Reserve''s latest Senior Loan Officer Opinion Survey, released May 8, showed domestic banks reporting weaker commercial and industrial loan demand from firms of all sizes in the first quarter.WAITING FOR CLARITYPart of the problem is that companies are waiting for clarity on economic growth prospects and tax rates before making borrowing decisions, according to investors and analysts."Eventually, for the smaller banks to outperform, concerns about the overall economy need to dissipate. Better economic growth usually leads to better lending growth and in that environment the yield curve steepens as well," said Brian Kleinhanzl, analyst at Keefe, Bruyette & Woods in New York.Short selling has decreased in most regional and diversified banking sectors so far this year. But short interest in both the SPDR S&P Bank Exchange Traded Fund and SPDR S&P Regional Banking ETF increased as short sellers may be replacing exposure to individual banks with short bets on the sector.Short interest in the S&P bank ETF is up 36 percent for the year while it is up 23 percent in the regional banking ETF.While tax cuts are viewed as one of the biggest boosts for regional banks of all Trump''s policy proposals, investors are skeptical it will come any time soon. JPMorgan analysts on Thursday scaled back their forecast on the size of possible U.S. tax cuts and pushed out the timing to the second quarter of 2018 from the third quarter of 2017.White House economic adviser Gary Cohn has said he expects U.S. Congress to get tax reform done this year. But investors say 2018 would likely be the earliest this could happen.Treasury Secretary Steven Mnuchin is expected this month to unveil plans for regulating the U.S. banking sector including a relaxation of regulations for community banks, which have struggled with rules imposed after the 2007 to 2009 financial crisis.While investors expect the administration to have trouble winning congressional support for legislative changes to regulations such as Dodd-Frank, some are hoping Trump will be able to appoint people to key regulatory positions.If Trump can replace the Federal Reserve''s head of banking supervision, this might at least help slow the pace of regulation, said investment managers.Trump is expected to nominate Carnegie Mellon University professor Marvin Goodfriend and former Treasury Department staffer Randal Quarles to fill two of three open seats at the Fed, according to a New York Times report."If they do get traction and get some of these (policy changes) done, even if they''re more watered-down versions of what they had proposed, that''s probably very good for sentiment and good for the fundamentals," said Miles Lewis, portfolio manager for American Century Investments'' Small Cap Value fund.(Reporting by Sinead Carew and Megan Davies; Editing by Bill Rigby)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/usa-stocks-weekahead-idINL1N1J80BG'|'2017-06-11T17:20:00.000+03:00'
'27898df12b74a2fff47786117b63111a39726257'|'UK can''t expect Britons to replace EU workers after Brexit - CBI'|'Top News - Mon Jun 12, 2017 - 1:03pm BST UK can''t expect Britons to replace EU workers after Brexit - CBI People walk accross a plaza in the Canary Wharf financial district in London, Britain May 17, 2017. REUTERS/Stefan Wermuth LONDON Britain''s government must heed the concerns of businesses who are worried that they will not be able to find the staff that they need once the country leaves the European Union, the head of the leading employers'' group the CBI said on Monday. Carolyn Fairbairn, director-general of the Confederation of British Industry, said the government could not expect British workers to replace EU nationals at a time when employment in Britain is already at record high levels. Prime Minister Theresa May''s failure to win a parliamentary majority in an election last week has led to speculation about whether she might soften her approach to Brexit which until now has included Britain dropping the EU''s freedom of movement principle which allows workers to move around the bloc freely. (Reporting by David Milliken; Writing by William Schomberg; editing by Costas Pitas) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-election-cbi-idUKKBN1931BV'|'2017-06-12T20:03:00.000+03:00'
'f5894411e8849029b2eb13a7aa95e1b5b0902df0'|'Upscale retailer Neiman Marcus shelves plans for a sale'|'By Siddharth Cavale and Jessica DiNapoli U.S. department store operator Neiman Marcus said on Tuesday it had ended talks regarding a partial or full sale of the company, three months after embarking on a review of strategic alternatives under the weight of a $4.8 billion debt load.The company''s debt pile made any acquisition very hard to structure. Talks between Neiman Marcus and its suitor Hudson''s Bay Co ( HBC.TO ), the owner of high-end department store Saks Fifth Avenue, had made little progress because of this issue, Reuters reported in May.Neiman Marcus does not face any significant debt maturities until 2020, when a term loan of nearly $3 billion comes due, giving its private equity owners Ares Management LP ( ARES.N ) and Canada Pension Plan Investment Board (CPPIB) time to try to turn the business around.Neiman Marcus, struggling to seek relief from its debt burden, hired investment bank Lazard Ltd to bolster its balance sheet, Reuters reported in March, as the company continued to struggle with lackluster demand in the face of stiff competition from Amazon.com Inc ( AMZN.O ) and fast-fashion retailers such as H&M ( HMb.ST ) and Zara.To increase flexibility with creditors, Neiman Marcus announced in March it had named subsidiaries holding online store MyTheresa and some of its real estate "unrestricted," making them not subject to the same rules under credit agreements as other units of the company.The move could potentially allow Neiman Marcus to issue new debt to buy back its bonds at a discount, helping slash its debt pile.Much of Neiman Marcus''s debt load stems from its $6 billion leveraged buyout in 2013, when Ares and Canadian public pension fund CPPIB acquired it from other private equity firms.The company on Tuesday reported its fourth straight quarterly loss, and posted a nearly 5 percent dip in same-store sales for the third quarter ending April 29. Neiman Marcus posted a net loss of $24.9 million in the quarter, compared to a profit of $3.8 million a year earlier."While looking ahead, we know challenges remain, but we are encouraged by the strategies we have in place to improve our operational efficiencies and performance," Chief Executive Karen Katz said on a post-earnings call.Retailers have struggled to cope with changes in consumer tastes as shoppers increasingly shop online or spend on travel and big-ticket home improvement items and less on apparel and accessories.Earlier this year, Dallas-based Neiman Marcus also shelved plans for an initial public offering.(Reporting by Siddharth Cavale in Bengaluru and Jessica DiNapoli in New York; additional reporting by Karina Dsouza in Bengaluru; Editing by Shounak Dasgupta and Phil Berlowitz)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-neiman-marcus-gp-results-idINKBN1941UH'|'2017-06-13T13:40:00.000+03:00'
'f82e6cb60bde2ac6c38ffba2569811ec4ea6cc72'|'EU to propose new powers over location of euro clearing - FT'|'Business News   7:01pm BST EU to propose new powers over location of euro clearing - FT FILE PHOTO: European Union (EU) flags fly in front of the European Central Bank (ECB) headquarters in Frankfurt, Germany, December 3, 2015. REUTERS/Ralph Orlowski/File Photo LONDON The European Union will present a draft law that gives itself powers to force euro-denominated clearing to shift from London to the bloc after Brexit, the Financial Times reported on Monday. The EU''s European Commission will say on Tuesday that it wants a new system to vet whether, and under what conditions, non-EU clearing houses should be allowed to handle large volumes of euro-denominated business, the FT said, citing a document. A clearing house stands between two sides of a trade to ensure its smooth and safe completion. The bulk of clearing in euro-denominated derivatives is done in London, but euro zone policymakers have objected to this, saying that after Britain leaves the EU in 2019 they would have little say over an activity they see as core to euro zone stability. The draft law will need approval from EU states and the European Parliament. The draft legislation says the bloc''s watchdog, the European Securities and Markets Authority, or ESMA, could agree with EU central banks that a particular clearing house is of "substantial systemic significance", the FT said. The Commission would then decide if the clearing house would need to relocate activities to the EU if it wants the regulatory approvals needed to operate in the EU single market. The draft law does not seek a specific cap on the amount of euro clearing that can take place outside the bloc, the FT said. Most euro-denominated clearing of derivatives is done by a unit of the London Stock Exchange ( LSE.L ), whose head said on Monday that relocation would have little financial impact as it has a clearing house in Paris that is fully authorised under EU rules. A global derivatives industry body warned on Monday that shifting clearing of euro-denominated derivatives from London to the European continent would require banks to set aside far more cash to insure trades against defaults, a cost that would be passed on to companies. (Reporting by Huw Jones, editing by Susan Fenton)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-eu-clearing-derivatives-idUKKBN19323O'|'2017-06-13T02:01:00.000+03:00'
'd2ff0ce9777169bbd4f5a421f23c646ac4dfcb8e'|'Honeywell aerospace unit under review for spinoff has performed well -chairman'|'Market News - Mon Jun 12, 2017 - 12:33pm EDT Honeywell aerospace unit under review for spinoff has performed well -chairman By Allison Lampert - MONTREAL, June 12 MONTREAL, June 12 Honeywell International ''s aerospace business, now under review as part of a proposal to spin off the unit, has performed well and has benefited from heavy investment from the U.S. technology and manufacturing company, executive chairman David Cote said on Monday. Honeywell said in May it would decide by this fall whether to separate the aerospace business, which makes auxiliary power units and engines for aircraft. "The business has actually performed pretty well," said Cote in an interview on the sidelines of the International Economic Forum of the Americas in Montreal. "And if you take a look at margin improvement and you take a look at the wins that we''ve had over a long period of time since 2013. We''ve invested very heavily in that business." Hedge fund investor Third Point LLC has argued in favor of the spinoff, which it said could create more than $20 billion in shareholder value. The business is Honeywell''s biggest, generating $14.75 billion in sales last year. (Reporting By Allison Lampert; Editing by Phil Berlowitz)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/honeywell-intl-aerospace-idUSL1N1J902C'|'2017-06-13T00:33:00.000+03:00'
'8ad6b5c5a808d2758c36beac1747aef307d0fcbc'|'Deutsche Bank sees low chance of U.S. recession in next 12 months'|'Banks  17pm EDT U.S. recession remote in next 12 months: Deutsche Bank FILE PHOTO: Louisville Assembly Plant employees work to assemble the new 2013 Ford Escape on the production line in Louisville, Kentucky, June 13, 2012. REUTERS/John Sommers II/File Photo GLOBAL BUSINESS WEEK AHEAD - SEARCH GLOBAL BUSINESS 12 JUNE FOR ALL IMAGES - RTS16NBM NEW YORK Chances are remote the U.S. economy will fall into a recession in the next 12 months despite a recent flattening of the U.S. yield curve suggesting growing recession risk, Deutsche Bank''s economists said on Monday. Based on other bond market indicators, they estimated the probability of a U.S. recession from now to June 2018 at less than 10 percent. This compared with the yield curve, or the gap between long-dated and short-dated yields, which currently implies roughly a 33 percent chance of a recession. "Despite this development, we do not see U.S. recession risk as particularly elevated; indeed, we think it is quite low for the next year," Deutsche Bank economists wrote in a research note. Historically, a sharp flattening of the yield curve has preceded a recession as traders pile into longer-dated Treasuries in anticipation of an economic contraction. On Monday, the two-year to 10-year portion of the Treasury yield curve flattened to 83.80 basis points, its tightest since early October. It reached nearly 137 basis points in December, which was its steepest level in a year, Tradeweb data showed. Analysts and traders have attributed the curve flattening to doubts about any forthcoming fiscal stimulus from Washington and recent economic data that fell short of expectations. Still, some aspects of the U.S. economy such as the labor market and housing continue to perform well without signs they will overheat in the next 12 months, Deutsche Bank economists said. However, a further tightening of the labor market in the next 18 months might force the Federal Reserve to accelerate its pace of rate increases, raising the chances of a recession by 2010, according to the bank''s economists. "The more hawkish scenario would clearly move the Fed''s policy stance to a level that would make a recession likely by late-2019 or 2010," they wrote. The Fed''s policy setting committee holds a scheduled meeting later this week, at which it is expected to raise its benchmark interest rate to a target range of 1.00 to 1.25 percent. (Reporting by Richard Leong; Editing by Chizu Nomiyama)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-usa-recession-deutsche-bank-idUSKBN1931X5'|'2017-06-13T00:31:00.000+03:00'
'1acf283f37d2bb7cf4a89651821e26fbab1d3236'|'TransDigm''s shares fall as Senator Warren seeks probe'|'Business News - Mon Jun 12, 2017 - 4:10pm EDT TransDigm''s shares fall as Senator Warren seeks probe Sen. Elizabeth Warren (D-MA) speaks with the media following the Democratic policy luncheon on Capitol Hill in Washington, D.C., U.S., March 14, 2017. REUTERS/Aaron P. Bernstein Shares of TransDigm Group Inc ( TDG.N ) fell as much as 7.3 percent to $250.18 on Monday, after Massachusetts Senator Elizabeth Warren called for an investigation into the aircraft components supplier''s government contracts. TransDigm may have avoided sharing cost information with the government for parts for which it is the sole source supplier, Warren wrote in a letter dated May 19 to Acting Inspector General Glenn Fine at the U.S. Department of Defense. The company could have also "unreasonably raised prices" on many parts shortly after completing acquisitions of the companies that produce them, Warren''s letter suggested. ( bit.ly/2sUQxO5 ) Cleveland, Ohio-based TransDigm gets about 30 percent of its sales from the defense industry. The company is already facing heat from U.S. Congressman Ro Khanna, who in March asked the Department of Defense for a probe into its business practices "for potential waste, fraud and abuse in the defense industrial base". TransDigm has also been targeted by short-seller Citron Research, which issued a critical report in January suggesting that the company was vulnerable to pricing pressure as President Trump pressured defense contractors Boeing Co ( BA.N ) and Lockheed Martin Corp ( LMT.N ), two of TransDigm''s major customers, to reduce costs. However, some analysts refuted Citron''s arguments and attributed TransDigm''s strong margins mainly to its substantial exposure to the aerospace aftermarket and meaningful contributions from acquisitions. Up to Friday''s close, TransDigm''s stock had risen 8.4 percent this year, compared with a 13.3 percent increase in the Dow Jones U.S. Aerospace and Defense index .DJUSAE. (Reporting by Ankit Ajmera in Bengaluru; Editing by Saumyadeb Chakrabarty)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-transdigm-group-probe-idUSKBN193271'|'2017-06-13T02:20:00.000+03:00'
'af2b7002a58cb580c6f422affb111aba970f7098'|'LSE says splitting euro clearing would create rump EU market'|'Business News - Mon Jun 12, 2017 - 3:26pm BST LSE says splitting euro clearing would create rump EU market FILE PHOTO - CEO of the London Stock Exchange Xavier Rolet speaks at the Qatar UK Business and Investment Forum in London, Britain March 27, 2017 REUTERS/Neil Hall By Huw Jones - LONDON LONDON Shifting clearing of euro-denominated derivatives from London to the European continent would create an "illiquid rump" market that costs customers more, the London Stock Exchange Group''s ( LSE.L ) Chief Executive Xavier Rolet said on Monday. The European Union''s executive European Commission is due to publish a draft law on Tuesday on how the clearing of euro-denominated financial instruments should be handled after Brexit. Clearing stands between two sides of a transaction to ensure its safe and smooth completion. LSE subsidiary LCH currently clears the bulk of euro-denominated interest rate swaps, a derivative contract that helps companies guard against unexpected moves in interest rates or currencies. Britain, however, is due to leave the bloc in 2019, putting it out of the EU''s regulatory reach. Rolet said the group could cope with whatever Brussels decides, given it has a fully authorised clearing house in Paris to ensure continuity of service to customers. "This is fundamentally an issue for customers and not for the LSE. Whatever the outcome of the euro clearing debate, we are well positioned to react and to take advantage of opportunities in this market," Rolet told an investor day event. Forced relocation would create two pools of liquidity - a liquid "offshore" market outside the EU, and an increasingly "rump, illiquid, and systematically more dangerous" market inside the bloc, Rolet said. He said the LSE supported another option being looked at by Brussels, so-called enhanced supervision, whereby the EU has a direct say in regulating a clearing house in London. Some industry officials and analysts expect Brussels to opt for this, but with such intrusive terms that clearing houses would simply relocate to the EU anyway. The International Swaps and Derivatives Association (ISDA), one of the world''s top derivatives industry bodies, also said on Monday that "relocation" would reduce the ability of banks to save on margin, or cash set aside in case of defaults, by offsetting positions in the same liquidity pool. That would lead to an increase of 15 to 20 percent in initial margin or cash that is set aside against an interest rate swap in case of a default, it said. "Many of the detrimental consequences ... will be felt most keenly by banks'' clients," ISDA Chief Executive Scott O''Malia said in a letter to the European commissioner in charge of financial services, Valdis Dombrovskis. Last week another industry body, the Futures Industry Association, said relocation would nearly double the amount of margin that would be needed, to $160 billion from $83 billion currently. However, Frankfurt-based Eurex Clearing ( DB1Gn.DE ), which could benefit from any relocation, has indicated extra margin costs would be far lower in practise. (Reporting by Huw Jones; Editing by Susan Fenton and Mark Potter)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-eu-derivatives-clearing-idUKKBN1931NY'|'2017-06-12T22:26:00.000+03:00'
'8935b2b688cd85a112926f5b4bb26a3f29fb82eb'|'South Africa''s Sibanye says $1 billion rights issue oversubscribed'|'JOHANNESBURG Sibanye Gold''s ( SGLJ.J ) $1 billion rights issue, aimed at raising capital to help fund its acquisition of U.S. platinum producer Stillwater, was oversubscribed by almost five-fold, the company said on Monday.Such capital raising efforts are comparatively rare at the moment in South Africa''s troubled mining sector, which is beset by a range of challenges including policy uncertainty and labor and social unrest.But Sibanye, which has built a reputation on its dividend flow, is diversifying away from its home base with its Stillwater acquisition, reducing its exposure to the risks associated with doing business in South Africa.Those risks are underscored by a violent, wildcat strike unfolding at Sibanye''s Cooke operation west of Johannesburg, which was triggered by worker resentment at the company''s drive to root out illegal miners."Approximately 97 percent of shareholders subscribed for 1.2 billion new Sibanye shares in terms of the rights offer resulting in ... Excess applications were received for an additional 5.9 billion new shares, almost five times more than the rights offer shares available," Sibanye said.Offered at a discount of 60 percent to its closing price on May 17, the funds raised will repay a portion of a $2.65 billion loan facility it used to acquire Stillwater.Sibanye''s dividend yield is 5.64 percent, well above the 2.16 average of its South African peers, Reuters data shows.(Reporting by Ed Stoddard; editing by Jason Neely)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-sibanye-gold-issue-idUSKBN1930JP'|'2017-06-12T12:19:00.000+03:00'
'ce494cacbc3e717dddc10b715d3758166e71298d'|'PRESS DIGEST- New York Times business news - June 12'|'June 12 The following are the top stories on the New York Times business pages. Reuters has not verified these stories and does not vouch for their accuracy.- Michael Ortiz, a former shift manager for Amazon.com Inc in several warehouses in the San Francisco Bay Area, accused Amazon of failing to pay him overtime wages in a lawsuit. nyti.ms/2rlsrdC- Ride-hailing service Uber Technologies Inc board moved on Sunday to shake up the company''s leadership, ahead of the release this week of an investigation''s findings on its troubled culture. Uber directors were weighing a three-month leave of absence for chief executive Travis Kalanick, according to people with knowledge of the plans. nyti.ms/2rlsCWk- Attorney General Jeff Sessions will testify Tuesday before the same Senate committee that heard from former FBI Director James Comey last week, keeping national attention on a Russia investigation that White House officials have been trying to push to the background. on.wsj.com/2rlzBy8(Compiled by Bengaluru newsroom)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/press-digest-nyt-idINL3N1J91WC'|'2017-06-12T02:32:00.000+03:00'
'7b991b1b4894f6f405ef9c14913b1b137c9ddaa0'|'Delta pulls sponsorship of ''Julius Caesar'' over Trump-like portrayal'|'Banks - Sun Jun 11, 2017 - 9:37pm EDT Delta, Bank of America pull sponsorship of ''Julius Caesar'' production over Trump-like portrayal A Delta Airlines aeroplane is seen inside of a hangar during a launch event of the new alliance between AeroMexico and Delta Airlines and their announcement as sponsors of the Mexican soccer team, in Mexico City, Mexico, May 3, 2017. REUTERS/Edgard Garrido By David Shepardson - WASHINGTON WASHINGTON Delta Air Lines Inc and Bank of America Corp pulled financial support on Sunday for the Shakespeare in the Park production of "Julius Caesar" in New York over its portrayal of the assassinated ancient Roman leader that resembles U.S. President Donald Trump. The contemporary staging of William Shakespeare''s tragedy, by the nonprofit Public Theater, portrays Caesar as a powerful, blond-haired man wearing a business suit with an American flag pin, while his wife, Calpurnia, has a Slavic accent and dresses in designer fashions. Shakespeare''s play focuses on the fatal stabbing of Caesar by former associates, and the subsequent fate of democratic institutions. Delta said in a statement on Sunday that the Public Theater''s "artistic and creative direction crossed the line on the standards of good taste" and that it was ending its four-year run as official airline of the Public Theater. Bank of America, which has sponsored Shakespeare in the Park for 11 years, is withdrawing funding for "Julius Caesar," a bank spokeswoman said. The bank did not address whether it would keep supporting other Shakespeare in the Park productions. The Public Theater chose to present Julius Caesar "in a way that was intended to provoke and offend. Had this intention been made known to us, we would have decided not to sponsor it," the spokeswoman added. The Public Theater and the White House did not immediately respond to requests for comment on Sunday. In announcing the production in Manhattan''s Central Park earlier this year, the Public Theater said the play had "never felt more contemporary," and described the Roman leader as "magnetic, populist, irreverent, he seems bent on absolute power." The New York Times review on Friday said the "depiction of a petulant, blondish Caesar in a blue suit, complete with gold bathtub and a pouty Slavic wife, takes onstage Trump-trolling to a startling new level." New York''s Daily News said the production "imagines the Roman ruler as a blond, swaggering, egotist who''s a dead ringer for the current occupant of the Oval Office. And he gets murdered for his hubris and hunger for power." The production, which opened May 23 in previews and runs through June 18 at Central Park''s Delacorte Theater, has its defenders. Author Joyce Carol Oates wrote on Twitter on Sunday that "Delta should not be interfering in a theater''s presentations" and urged theater supporters not to patronize the airline. (Reporting by David Shepardson; Editing by Peter Cooney)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-usa-shakespeare-delta-air-idUSKBN193018'|'2017-06-12T08:31:00.000+03:00'
'a071b2e840ead452e902eab00b315a6a25f21f91'|'Opel CEO Neumann resigns, CFO Lohscheller to succeed'|'BERLIN General Motors'' ( GM.N ) European division Opel is losing its top executive just as it prepares to be acquired by France''s PSA Group ( PEUP.PA ), a move that could see the former Volkswagen ( VOWG_p.DE ) manager rejoin the German behemoth.Karl-Thomas Neumann, 56, who has restored Opel''s image and reputation since taking the helm in March 2013, on Monday resigned from his post, making way for finance chief Michael Lohscheller to become the next CEO of the 155-year-old carmaker.German-based Opel will be pressed by its new owners PSA to draw up a plan to return to profit once the acquisition, agreed in March valuing the GM division at 2.2 billion euros ($2.46 billion), closes later this year."Under Neumann''s leadership we have made enormous progress in turning around Opel," GM President Dan Ammann said. The U.S. parent''s European business also includes British brand Vauxhall.VW is looking at rehiring Neumann, possibly to lead its Audi luxury division, where chief executive Rupert Stadler has come under fire for his handling of the emissions scandal, a source told Reuters on Sunday.A growing expansion by VW group into electric cars and digital services as part of a post-dieselgate strategic shift could be another reason to join for Neumann, a trained electronic engineer, analysts said."The prospects are good that he will move to Volkswagen," said Bankhaus Metzler analyst Juergen Pieper. "He''s one of Germany''s most distinguished car managers and VW is in great need for excellent people."LASTING PROFITPSA wants Opel to return to lasting profit no later than by 2020 with operating margin goals of 2 percent that year and even around 6 percent by 2026 - a target never achieved under Neumann whose push for profitability was hampered by a weak Russian market and effects of Britain''s Brexit decision."We will vigorously proceed along the agreed path and gain more clout as part of the PSA group," Lohscheller said.Germany''s Frankfurter Allgemeine Sonntagszeitung reported on Saturday that while Neumann views the sale to PSA as the right strategic step, he is concerned that the new owner is underestimating the growing importance of electric cars."These comments are interesting given we have previously noted our concerns around PSA''s lack of investment in key future trends," said London-based Evercore ISI analyst Arndt Ellinghorst.PSA only came eighth in a top-ten ranking compiled by Evercore of carmakers based on average R&D spending between 2014-2016, lagging rivals such as Ford ( F.N ), Renault ( RENA.PA ) and leader Volkswagen where Neumann was formerly in charge of group-wide electronics research.Neumann said on Twitter he will stay as member of Opel''s management board until the closing of the acquisition by PSA.When he lost his post as head of VW''s vast operations in China in 2012, sources at the carmaker said at the time he was too aspiring for the then-CEO Martin Winterkorn."VW boss (Matthias) Mueller has a more open leadership style that is not authoritarian," Pieper said. "That would facilitate Neumann''s return."(Reporting by Andreas Cremer. Additional reporting by Ilona Wissenbach.; Editing by Ludwig Burger, Keith Weir and David Evans)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-opel-moves-idUSKBN1931FM'|'2017-06-12T20:46:00.000+03:00'
'eaef328d768fbb82579f872d2430e114efb12533'|'BRIEF-International Game Technology announces tender offer for $500 mln 7.50 pct notes due 2019'|' 23am EDT BRIEF-International Game Technology announces tender offer for $500 mln 7.50 pct notes due 2019 June 12 International Game Technology Plc : * International Game Technology announces tender offer for any and all of its $500 million 7.50% notes due 2019 * International Game Technology Plc - settlement date is expected to be June 21, 2017 * International Game Technology Plc - offer will expire at 5:00 p.m., New York City time, on June 16, 2017 Source text for Eikon:  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-international-game-technology-anno-idUSASA09THL'|'2017-06-12T20:23:00.000+03:00'
'2ecc8fac0295c20b941ea47bbf864defed8afa75'|'Crisis deepens at loss-making fashion house Lanvin - sources'|'Business News - Mon Jun 12, 2017 - 2:14pm BST Crisis deepens at loss-making fashion house Lanvin - sources FILE PHOTO - A woman walks past a Lanvin store in Paris, France, January 12, 2017. REUTERS/Christian Hartmann By Pascale Denis - PARIS PARIS The crisis facing France''s oldest fashion brand Lanvin is deepening, with sales slumping, losses set to widen this year and staff worried about a strategy focussed on cost cutting, sources with knowledge of the situation told Reuters. Founded in 1889, Lanvin is one of France''s last major independent fashion labels in an industry dominated by multi-brand groups such as LVMH ( LVMH.PA ) and Kering ( PRTP.PA ). It has been in turmoil since the shock sacking in 2015 of star designer Alber Elbaz after a boardroom dispute. Elbaz was widely credited with infusing new life into the brand and being its driving force. Designer Bouchra Jarrar, appointed in March 2016, has brought a more strict, tailored style that is very different from Elbaz''s often ultra-feminine silhouettes, and the new approach has so far failed to lift sales, the sources said. "The first collection went very badly, the second did not do better," one said, speaking on condition of anonymity because the company has not published figures. Another source with access to the company''s results said sales fell 23 percent last year to 162 million euros ($182 million). At their peak in 2012, they were 235 million euros. Sales slumped a further 32 percent in the first two months of 2017, the source added, in contrast to strong performances at luxury rivals such as LVMH''s Louis Vuitton and Kering''s Gucci. As a result, Lanvin fell into net loss of 18.3 million euros last year, its first in nearly a decade, from a profit of 6.3 million in 2015. The loss is seen widening to 27 million euros in 2017, the source said. Lanvin and Jarrar did not respond to requests for comment. The company, which currently has nearly 300 staff in France, has appointed advisory firm Long Term Partners to conduct an audit and has been cutting costs as a result, closing several non-profitable stores, the sources said. The programme will reduce advertising spending and store investments, and a plan to lay off nine people is under way too, with more cuts in the pipeline for 2017, they added. But some employees are leaving and the company faces a challenge to retain talent, the sources said. Management wants to create a leather goods line for fashion outlets, but some industry specialists said using what are often cheaper, discount stores could damage Lanvin''s luxury image. "A jewel of the French fashion industry is under threat and staff are running out of patience," one of the sources said. Controlling shareholder, 75-year-old Chinese media magnate Shaw-Lan Wang who is based in Taiwan, has been reluctant to invest in the brand for many years. She would not let her associate Swiss investor Ralph Bartel, who owns 25 percent of Lanvin, inject more cash into the business to support the brand as it would dilute her stake, sources have said. "He disagrees with the options chosen by the management and wants an urgent change in strategy," one source said of Bartel. Wang and Bartel could not be reached for comment. (Reporting by Pascale Denis; Writing by Dominique Vidalon; Editing by Sudip Kar-Gupta and Mark Potter; dominique.vidalon@thomsonreuters.com; +33149495432; Reuters Messaging: dominique.vidalon.reuters.com@reuters.net)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-lanvin-outlook-idUKKBN1931IH'|'2017-06-12T21:14:00.000+03:00'
'1d920bab0a8331af99ff2a1c35b2b988b95779a2'|'Argentina signs mining deal to unify regulations, attract investment'|'By Juliana Castilla - BUENOS AIRES, June 13 BUENOS AIRES, June 13 Argentina''s national government and the governors of 20 provinces signed a mining deal on Tuesday to harmonize taxes and regulations in hopes of attracting investment, but the action was criticized by industry sources and environmentalists alike.The agreement, which needs approval from Congress and the 20 provincial legislatures, sets a 3 percent ceiling on royalties mining companies pay to provinces."It''s an activity that could be one of the pillars of job creation," President Mauricio Macri said of mining at the signing ceremony. "We can develop it with perfect care of the environment."Latin America''s third-largest economy has fallen behind Chile and Peru in attracting mining investment despite rich deposits of copper, gold, silver and zinc. Macri''s center-right government has been trying since last year to unify regulations to woo foreign miners.Shortly after taking office, Macri eliminated export taxes on metals and lifted a prohibition on companies sending profits overseas, two moves celebrated by the sector. But seven of the country''s 23 provinces still prohibit certain practices, like open-pit mining and the use of cyanide, crucial to extraction.Despite the limit on royalties, the deal signed on Tuesday would allow provinces to levy a tax of up to 1.5 percent of miners'' sales for local infrastructure funds."The new deal doesn''t change the regressive nature of the current tax, which is on mineral sales, and furthermore adds another tax of 1.5 percent. It will reduce the sector''s competitiveness," said an industry source who spoke on condition of anonymity."Investments will continue to favor Chile and Peru."Among the three provinces that declined to sign the deal was Chubut, located in the southern region of Patagonia, where Pan American Silver''s Navidad project has been on hold since 2013 when it ran afoul of provincial rules banning the use of cyanide and open-pit mining.Manuel Jaramillo, executive director of environmental NGO Fundacion Vida Silvestre, told Reuters that environmental groups were not invited to participate in the crafting of the deal and that the government never requested public comment on the details of the agreement. (Reporting by Juliana Castilla; Writing by Luc Cohen; Editing by Peter Cooney)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/argentina-mining-idINL1N1JA1ES'|'2017-06-13T18:46:00.000+03:00'
'570bf1972674c2e1ceaf3ed6a3ca653d3932064e'|'Western Digital expects ruling on injunction request by mid-July: source'|'TOKYO Western Digital Corp ( WDC.O ) expects a ruling on its request for a court injunction to stop the sale of Toshiba Corp''s ( 6502.T ) chip unit by mid-July, a source familiar with the situation said on Thursday.The California-based firm presented a revised offer for the chip unit that met Toshiba''s requests on Wednesday but did not receive a positive response, a separate source said.Western Digital is concerned about how Toshiba, the Japanese government and other stakeholders are handling the auction''s decision-making process, the second source added.The sources declined to be identified due to the sensitivity of the negotiations.Toshiba declined to comment.(Reporting by Makiko Yamazaki; Editing by Edwina Gibbs)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-toshiba-accounting-western-digital-idINKBN19606L'|'2017-06-15T00:46:00.000+03:00'
'9dfa031976a8d3de80268561f6fc850c2a6190c4'|'UPDATE 1-Canada''s Shaw to sell ViaWest to Peak 10 Holding for C$2.3 bln'|'(Adds details, background)June 13 Canada''s Shaw Communications Inc said on Tuesday it would sell its data center subsidiary ViaWest Inc to Peak 10 Holding Corp for about C$2.3 billion, as the cable company looks to streamline its operations.Shaw bought ViaWest from private equity firms Oak Hill Capital Partners and GI Partners for about $1.2 billion three years ago.Analysts have been calling on Shaw to sell its data centers after U.S. telecommunications firms Verizon Communications Inc and CenturyLink Inc reaped several billions of dollars in sales after agreeing to sell their portfolios last year.ViaWest is a Colorado-based data center company which offers hybrid IT and cloud-based solutions. It owns about 30 data centers in several U.S. states including Colorado, Nevada and Minnesota.Peak 10 Holding, which offers IT infrastructure services, is owned by private equity firm GI Partners.Reuters reported in April that Shaw was looking for a buyer for Viawest and was expecting to a higher price than its original investment.TD Securities acted as exclusive financial adviser and Paul, Weiss, Rifkind, Wharton & Garrison LLP and Dentons Canada LLP provided legal advise, Shaw said on Tuesday. ($1 = C$1.33 Canadian dollars) (Reporting by Rishika Sadam in Bengaluru; Editing by Shounak Dasgupta)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/shaw-comms-viawest-divestiture-idINL3N1JA40J'|'2017-06-13T10:49:00.000+03:00'
'5a8e924b46db85af1491bfc85ead23dd5af9c0d4'|'Robotics startup ZMP partners with Tokyo taxi firm for 2020 self-driving car plans'|'Business   10:35am BST Robotics startup ZMP partners with Tokyo taxi firm for 2020 self-driving car plans left right A TV camerawoman films a laser scanner on ZMP Inc''s RoboCar MiniVan, a self-driving Toyota Estima Hybrid car, after a joint news conference between ZMP and Hinomaru Kotsu Co in Tokyo, Japan June 15, 2017. REUTERS/Toru Hanai 1/5 left right A stereo vision camera is seen on ZMP Inc''s RoboCar MiniVan, a self-driving Toyota Estima Hybrid car, after a joint news conference between ZMP and Hinomaru Kotsu Co in Tokyo, Japan June 15, 2017. REUTERS/Toru Hanai 2/5 left right ZMP Inc''s RoboCar MiniVan, a self-driving Toyota Estima Hybrid car, is seen after a joint news conference between ZMP and Hinomaru Kotsu Co in Tokyo, Japan June 15, 2017. REUTERS/Toru Hanai 3/5 left right Hinomaru Kotsu Co''s President and CEO Kazutaka Tomita (L) and ZMP Inc''s CEO Hisashi Taniguchi shake hands next to ZMP''s RoboCar MiniVan, a self-driving Toyota Estima Hybrid car, after their joint news conference in Tokyo, Japan June 15, 2017. REUTERS/Toru Hanai 4/5 left right ZMP Inc''s RoboCar MiniVan, a self-driving Toyota Estima Hybrid car, is seen after a joint news conference between ZMP and Hinomaru Kotsu Co in Tokyo, Japan June 15, 2017. REUTERS/Toru Hanai 5/5 TOKYO Japanese robotics maker ZMP Inc has partnered with a taxi operator in Tokyo, as part of its plans to launch a self-driving taxi in the city in time for the 2020 Olympics, CEO Hisashi Taniguchi said on Thursday. Japan''s taxi industry, faced with a labour crunch due to an ageing population, has been looking at new technologies to drive growth. The sector may also have to deal with more competition in the future if the government allows ride-sharing services such as Uber to operate across the country. "Autonomous taxis and the taxi industry can grow and prosper together," Taniguchi told reporters, after announcing ZMP''s partnership with Hinomaru Kotsu. Hinomaru said it had 607 cars and that it was one of the top ten Tokyo taxi firms by fleet size. "We have been trying to improve diversity by hiring more new graduates, women and foreigners, but this will not be enough to ease labour shortages," Hinomaru President Kazutaka Tomita said. "We will have to compensate for the lack of supply by using autonomous driving technology." ZMP is developing automated driving hardware and software based on laser and stereo cameras, which it hopes to sell to transportation companies and automakers. In a country famous as much for its auto industry as its fascination with robots, ZMP is one of a few start-ups developing self-driving cars to compete with foreign firms including U.S.'' nuTonomy and China''s Future Mobility. ZMP has been testing self-driving vehicles that also have someone in the driving seat on Tokyo roads since 2016, and is planning to set up a fleet of such taxis to ferry athletes and guests around the city for the 2020 Tokyo Olympics. It hopes to test autonomous cars without a driver this year. Taniguchi declined to comment on ZMP''s IPO plans. He had said in February that ZMP hoped to list in Tokyo in the coming months, after a delay last year due to client information being leaked on to the internet. The company recently raised 1.5 billion yen (10.7 million pounds) through a third-party allocation of shares to seven companies. ZMP will need more funds, Taniguchi said. ZMP''s self-driving taxi plans hit a bump earlier this year when it lost its partnership with gaming software developer DeNA Co, which paired up instead with Nissan Motor to develop services for autonomous driving cars. A handful of taxi operators have partnered with Toyota Motor Corp to share data on traffic and driving logs as the automaker considers developing self-driving taxi services. (Reporting by Sam Nussey, Naomi Tajitsu; Editing by Himani Sarkar)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-japan-taxi-idUKKBN1960Z2'|'2017-06-15T17:35:00.000+03:00'
'bffc2108402f507cb6d7b33270c117c30b56baa3'|'Morning News Call - India, June 15'|'To access the newsletter, click on the link: here If you would like to receive this newsletter via email, please register at: here FACTORS TO WATCH 9:30 am: AU Small Finance Bank Managing Director Sanjay Agarwal, NABARD Chairman HK Bhanwala to inaugurate bank''s corporate office in Mumbai. 11:45 am: Steel Minister Chaudhary Birender Singh at an event in Kolkata. 6:30 pm: Top industry officials at digital event organized by Cellular Operators Association of India in New Delhi. GMF: LIVECHAT - MARKETS FOCUS Patrick L. Young, Executive Director, DV Advisors joins us at 12:00 pm IST in the aftermath of the UK general elections to talk about the path forward for Brexit and Europe, his outlook on the markets and of course bitcoin. To join the conversation, click on the link: here INDIA TOP NEWS • Cattle slaughter crackdown ripples through India''s leather industry In the backstreets of Agra''s Muslim quarter, where shoes have been made for centuries, small-scale manufacturers are firing workers and families cutting back on spending as a government crackdown on cattle slaughter ripples through the community. • India''s engineering exports to Doha hit by Qatar crisis India''s exports of engineering goods to Doha have suffered after Arab powers led by Saudi Arabia severed ties with Qatar accusing it of supporting terrorism, the Engineering Export Promotion Council said in a statement on Wednesday. • Saudi Aramco seeks exclusive talks over India oil refinery stake - India minister Oil giant Saudi Aramco wants to enter into exclusive talks with India to buy a stake in the planned 1.2 million barrels per day (bpd) refinery on the South Asian nation''s west coast, India''s oil minister said on Wednesday. • India''s wholesale prices rise 2.17 percent in May India''s wholesale prices rose 2.17 percent year-on-year in May, government data showed on Wednesday. • India antitrust watchdog imposes $13.6 million fine on Hyundai Motor''s local unit India''s antitrust watchdog on Wednesday imposed a fine of 870 million rupees ($13.6 million) on South Korean automaker Hyundai Motor Co''s local unit, accusing the company of anti-competitive behaviour. • ONGC keen to buy govt stake in refiner HPCL India''s top explorer Oil and Natural Gas Corp (ONGC) is keen to acquire the government''s stake in oil refiner Hindustan Petroleum Corp (HPCL), the country''s oil minister said on Wednesday. • Landslide, floods kill 156 in Bangladesh, India; toll could rise Heavy rains have triggered a series of landslides and floods in Bangladesh and neighbouring northeast India, killing at least 156 people over two days, and officials warned on Wednesday the toll could rise. GLOBAL TOP NEWS • Fed raises rates, unveils balance sheet cuts in sign of confidence The Federal Reserve raised interest rates on Wednesday for the second time in three months and said it would begin cutting its holdings of bonds and other securities this year, signaling its confidence in a growing U.S. economy and strengthening job market. • U.S. lawmaker Scalise in critical condition after attack by gunman at baseball field Congressman Steve Scalise, the No. 3 Republican in the U.S. House of Representatives, was in critical condition on Wednesday night after he and three others were shot as they practiced for a charity baseball game. • Trump under investigation for possible obstruction of justice -Washington Post U.S. President Donald Trump is being investigated by special counsel Robert Mueller for possible obstruction of justice, the Washington Post reported on Wednesday, citing unidentified officials. LOCAL MARKETS OUTLOOK (As reported by NewsRise) • The SGX Nifty Futures were trading at 9,605.00, down 0.4 percent from its previous close. • The Indian rupee will likely open little changed against the dollar, as media reports that the U.S. president is being investigated for likely obstruction of justice, and a weaker-than-expected inflation data offset greenback strength triggered by a widely expected rate increase by the Federal Reserve. • Indian government bonds will likely edge higher in early trade tracking a sharp fall in U.S. Treasury yields, as slower-than-expected price gains in the world’s largest economy raised doubts about future rate increases by the Federal Reserve, after a widely-expected tightening yesterday. The yield on the benchmark 6.79 percent bond maturing in 2027 is likely to trade in a 6.44 percent-6.50 percent band today. GLOBAL MARKETS • A slide in technology stocks pulled down the Nasdaq Composite on Wednesday and the S&P 500 ended slightly lower, as investors worried about the pace of economic growth after weaker-than-expected inflation numbers and an interest rate hike from the Federal Reserve. • U.S. stock futures and Asian shares slid, hit by soft U.S. economic data, a relatively hawkish Fed and a media report that U.S. President Donald Trump is being investigated by a special counsel for possible obstruction of justice. • The dollar nursed losses as weak U.S. inflation data left investors wondering if the Federal Reserve would follow up its latest rate hike with another later this year. • Long-dated U.S. Treasury yields tumbled to their lowest since early November on Wednesday after surprisingly weak data on inflation and retail sales overshadowed an interest rate hike by the Federal Reserve. • Oil prices wallowed near their lowest levels in seven months, hurt by high global inventories and doubts over OPEC''s ability to implement production cuts. • Gold edged up from a near three-week low hit in the previous session, as Asian stocks fell on a report that U.S. President Donald Trump is being investigated for possible obstruction of justice. CLOSE FII INVESTMENTS EQUITIES DEBT PNDF spot 64.16/64.19 June 14 -- $73.25 mln 10-yr bond yield 6.81 Month-to-date $529.58 mln $3.23 bln Year-to-date $8.51 bln $16.67 bln For additional data: India govt bond market volumes Stock market reports Non-deliverable forwards data Corporate debt stories [IN CORPD] Local market closing/intraday levels [IN SNAPSHOT] Monthly inflows [INFLOWS RTRS TABLE IN] ($1= 64.30 Indian rupees) (Compiled by Pathikrit Bandyopadhyay in Bengaluru)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/india-morningcall-idUSL3N1JC1DB'|'2017-06-15T11:22:00.000+03:00'
'ca63dbb400b529cd264a51ce15c06efa29624b62'|'Aviva to expand in UK cyber insurance, company pensions'|'  1:39pm BST Aviva to expand in UK cyber insurance, company pensions FILE PHOTO: Pedestrians walk past an Aviva logo outside the company''s head office in the city of London, Britain, March 5, 2009. REUTERS/Stephen Hird/File Photo By Carolyn Cohn - LONDON LONDON British insurer Aviva ( AV.L ) plans to launch a new product to cover small and medium-sized businesses against cyber attacks later this year as part of an expansion of its specialist insurance division, its chief executive for UK insurance said. Aviva, which made 3 billion pounds of operating profit in 2016, also wants to take on the risk of more company pension schemes and is mulling the future of operations in several countries, including India, Andy Briggs told Reuters. Aviva, which traces its origins back to 1696 as a fire insurer, has been in turnaround mode since Chief Executive Mark Wilson took over in 2013. In 2015, it bought rival Friends Life, which Briggs ran, to become Britain''s largest life insurer. The only listed British insurer with a large presence in life insurance, general motor and home insurance, Briggs said the firm''s healthy balance sheet meant it could now grow its share of the corporate and speciality markets. "We are smaller there at the moment but it''s an area where we are building capability and we are looking to grow," Briggs said, after a period when balance sheet struggles had limited its ability to write such business. "Now we''ve got a much stronger balance sheet (and) we are more open-minded to deploying capital." Corporate and speciality risk involves insuring complex risks in anything from oil rigs to footballers'' legs and is dominated by Lloyd''s of London. It also includes cyber insurance, a market expected to grow, particularly after last month''s "ransomware" attack across the world. Aviva has an "up to five percent" share of the corporate and speciality risk market in the UK currently, Briggs said. It already has a small presence in the cyber market and also provides commercial motor, commercial property and employer''s liability insurance, but does not offer insurance in specialist sectors such as marine, energy or aviation. Briggs did not specify where the company would like to expand, beyond cyber. BULK DEALS In the bulk annuity market, Aviva has started quoting on deals up to 1 billion pounds, ratcheting up from its previous focus on sub-250 million pound deals, Briggs said. Many British companies with defined benefit, or final salary, schemes - whose liabilities total around $2 trillion - are looking to offload that risk as continued low interest rates have pushed them into deficit. The UK bulk annuity market is seen expanding to at least 12 billion pounds this year from 10 billion in 2016. "For a good four or five years, Aviva has been the major player at the smaller end of the market - we are moving into the mid-sized deals," Briggs said, where the company would compete with rivals including Legal & General ( LGEN.L ). BUYING, SELLING? After the 5.6 billion pound takeover of Friends Life, Briggs said future deal plans would be more modest - sub-300 million pounds - and possibly tech-related, as traditional insurers compete with digital start-ups. Chinese online finance giant Tencent Holdings ( 0700.HK ) and hedge fund Hillhouse Capital took stakes in Aviva''s Hong Kong business earlier this year and Briggs said that deal could be a template for other Asian markets. A tie-up with western tech firms was also possible, he said. "(Our) technology is exactly what the Amazons and Googles and Facebooks would want, so ultimately if they want to make an insurance offering to their customers, it would be far quicker and easier for them to do that by partnering with Aviva." As Aviva looks to the tech future, it is mulling the future of more mature businesses, Briggs said, including the sale of Spanish joint venture stakes left after it pulled out of three for 475 million euros last month. "Having sold the majority of the Spanish business you need to then ask the question ''what do we do with the balance? Might it be up for a sale?'' It''s a sensible question to ask," Briggs said. Friends Provident International, which a source told Reuters earlier this year could be sold for $500-700 million, and Taiwan are both under strategic review, Briggs said, and plans for those businesses would be decided first. "That''s our focus", he said, adding that although it was too early to say what would happen, the firm would also examine its Italian business and its Indian joint venture with Dabur Invest Corp ( DABU.NS ) "We are not satisfied with where we are today." (Editing by Simon Jessop and Mark Potter)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-aviva-insurance-idUKKBN1961KE'|'2017-06-15T20:39:00.000+03:00'
'94d4999df582f92dcef0a06b6201f39b4517bf06'|'International lenders support Qatari banks hit by regional rift'|'Business News - Thu Jun 15, 2017 - 1:50pm BST International lenders support Qatari banks hit by regional rift Buildings are seen on a coast line in Doha, Qatar June 5, 2017. REUTERS/Stringer/File Photo By Tom Arnold - DUBAI DUBAI A few large Asian, European and U.S. banks are providing funds to help to keep Qatari banks running smoothly after a diplomatic rift has dried up financing from the United Arab Emirates, Bahrain and Saudi Arabia, banking sources said. The foreign banks'' support is critical for Qatari banks, whose reliance on international funding has grown sharply over the years to about $50 billion as of April, or around a quarter of their domestic loans, Standard & Poor''s estimated. That is up from 13.2 percent at the end of 2015. Saudi Arabia, the UAE, Bahrain and Egypt last week severed diplomatic relations with Qatar, accusing it of support for Islamist militants and Iran. The UAE has also decided to blacklist Qatari individuals and entities. The UAE central bank asked banks under its jurisdiction to apply "enhanced customer due diligence" when dealing with six Qatari lenders, including the biggest, Qatar National Bank QNBK.QA. This was tantamount to telling banks to trade with Qatari institutions "at their own peril", a Middle Eastern banker in Dubai said. Bankers said UAE, Bahraini and Saudi banks have in general halted all new business with Qatar. But some international banks are not pulling back because they are reluctant to cut lucrative business ties with Qatar built up over the years. They also see attractive opportunities related to Qatar''s multi-billion dollar infrastructure projects before it hosts the soccer World Cup in 2022. "International banks will be less knee-jerk than the local banks as they don''t want to cut off their nose to spite their face," a compliance executive at a foreign bank said. Commerzbank ( CBKG.DE ), UniCredit ( CRDI.MI ) and Mizuho Financial ( 8411.T ) have been the top three lenders to Qatari banks in the past three years, according to Thomson Reuters LPC data. First Abu Dhabi Bank FAB.AD is the largest Gulf lender to Qatar''s banks, according to the data. Some European, Asian and U.S. banks, as well as banks from Kuwait and Oman, are still lending new money to Qatar, according to sources familiar with the matter. Kuwait and Oman belong to the six-nation Gulf Cooperation Council (GCC) but are not participating in the Saudi-led embargo. Some Qatari banks are having to pay more to obtain funding, but they are not running out of money. "We''re unscathed so far," one Qatari banker said. "The panic has eased as we''ve been able to continue receiving funding, though there''s certainly no complacency about the risks that remain." He said his bank had borrowed over $100 million in unsecured three-year financing from a European bank and obtained six-month deposits from Asian and European banks in the two weeks since the crisis erupted. U.S. banks were still trading through bilateral and repo lines, he said. Qatar central bank governor Sheikh Abdullah bin Saud al-Thani referred to such ties in a statement this week, saying Qatari banks'' presence in markets including Asia and Europe were helping them to continue operating. Qatari banks'' reliance on GCC funding varies widely. Qatar Islamic Bank QISB.QA, the largest sharia-compliant lender, is the most dependent, obtaining 24 percent of its funding and 24 percent of deposits from the rest of the GCC, according to research published by Goldman Sachs. Big international banks including HSBC ( HSBA.L ), Citigroup ( C.N ), Deutsche Bank ( DBKGn.DE ) and JPMorgan ( JPM.N ) declined to comment. In a statement, Standard Chartered ( STAN.L ) said its operations in Qatar were unchanged; it did not elaborate. LOGISTICS Another difficulty facing those doing business with Qatar now is logistical, an international banker said. He said flying physical documentation for trade finance deals to Qatar has become slower and more burdensome as direct flights from Dubai have been cancelled because of the diplomatic rift. International banks'' ability to keep doing business with Qatar could face hurdles if the Saudi and UAE central banks were to announced harsher sanctions, such as curbs on the ownership of Qatari assets. So far, there appears to be no sign of that happening. "If the sanctions had been proposed by the United Nations, we would have frozen everything, but because this is from one country to another, we don’t see any reason to freeze anything," a source at an Asian bank said. Another potential risk is that Saudi Arabia could try to push international banks to choose between doing business with Qatar and obtaining access to its own, much larger market. But this would be difficult to enforce. In the meantime, the premiums which Qatari banks are paying to fund themselves do not look crippling. The three-month Qatar interbank offered rate QAQAR3MD= has risen to a multi-year high of 2.31 percent from 1.92 percent before sanctions were imposed. Some Qatari banks are paying as much as 50 to 100 basis points more than they used to in the interbank market, an Omani banker said. But the Qatari banker said the six-month deposits his bank secured in the past few days only involved a premium of 1 bp. (Additional reporting by Saeed Azhar, Davide Barbuscia and Hadeel Al Sayegh; Editing by Andrew Torchia and Jane Merriman) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-gulf-qatar-banks-idUKKBN1961LB'|'2017-06-15T20:50:00.000+03:00'
'86b201cd93eac5f7bed2c7f935642a175f2a797b'|'Jetmakers hunt for new growth as order binge fizzles out'|'Thu Jun 15, 2017 - 4:03pm BST Jetmakers hunt for new growth as order binge fizzles out FILE PHOTO: The Airbus A320neo (New Engine Option) takes off during its first flight event in Colomiers near Toulouse, southwestern France, September 25, 2014. REUTERS/Regis Duvignau (FRANCE - Tags: BUSINESS TRANSPORT TPX IMAGES OF THE DAY) - RTR47N27/File Photo By Tim Hepher and Cyril Altmeyer - PARIS PARIS Plane giants are preparing to squeeze the last drop out of a once raging torrent of airplane orders without the razzmatazz of recent years, as the aerospace industry heads to a belt-tightening Paris Airshow looking for new sources of revenue. The June 19-25 gathering takes place against the backdrop of surprisingly strong airline traffic driven by economic growth, but a steep drop in the appetite for new planes following robust demand for the latest fuel-efficient models in recent years. Instead, many firms will talk up efforts to extract new revenues out of powerful data-crunching services, while the first Paris display of a U.S. stealth jet in decades, the F-35, points to a defense recovery at the world''s largest air show. The meeting also comes amid tensions in the Gulf over a transport and economic boycott of Qatar that is fuelling questions over the resilience of a major source of demand. Dominating an otherwise thin slate of commercial orders will be a new version of Boeing''s ( BA.N ) most-sold airliner, the 737. The 190-to-230-seat Boeing 737 MAX 10, designed to narrow a gap against European rival Airbus, will be launched on Monday with over 100 orders, two people familiar with the plans said. Analysts said one unknown quantity is how many of the MAX 10 orders may merely be replacing previous orders for other variants as Boeing rejigs its medium-haul portfolio. Low-cost giants Lion Air of Indonesia and Ireland''s Ryanair ( RYA.I ) have confirmed Reuters reports of interest in the new jet, though talks with Ryanair could take longer to complete. CDB Aviation, the aircraft leasing arm of China Development Bank, is in talks to place orders with both Boeing and Airbus and could complete at least one of the deals by the show. It may buy 40-50 Boeings, including about 5 MAX 10s, and a similar number of Airbus jets, two sources said. Boeing is seen anxious to win backing of major operators for the new catch-up model and has also talked to United Airlines. "I think you''ll see some activity on this in Paris and that will start the process of seeing how airlines react to it," said Peter Barrett, chief executive of SMBC Aviation Capital. ''DIFFERENT DYNAMIC'' Seeking to leapfrog Airbus ( AIR.PA ) after a mixed few years for the MAX series, Boeing will also give more details on a larger new mid-market jet employing a novel fuselage designed to try to capture projected growth in demand for 220-270 seaters. But few expect a repeat of the more than 400 orders and commitments at last year''s Farnborough Airshow in Britain. "I think it is going to be a relatively quiet air show compared to previous years," said Robert Martin, chief executive of BOC Aviation. Instead, some of the airlines that have become synonymous with air show hoopla in previous years, such as Malaysia''s AirAsia ( AIRA.KL ), may return to sign up for digital services to make their new fleets more efficient to operate and maintain. Manufacturers are exploiting breakthroughs in data storage and other technologies to cut development times by a third while offering services like "predictive maintenance" to airlines, mimicking the post-sales success of their engine suppliers. "We have 10,000 aircraft flying and we have to apply these technologies to these aircraft," Airbus chief operating officer and planemaking president Fabrice Bregier said. It will also be the first air show since China and Russia successfully flew new passenger jets in recent weeks, completing a series of debuts by new entrants that also include Japan. Mitsubishi''s MRJ90 will appear in Paris for the first time. While there is no immediate threat to Airbus and Boeing, delegates say the feeling is taking hold in boardrooms and governments that their duopoly cannot be taken for granted. "There is a long road from first flight to certification and all that goes with it, but I think it will be a slightly different dynamic than we might have had in previous air shows where they were paper or theoretical airplanes and now we have real aircraft," Barrett said of the would-be challengers. In another turning point, it may be the last major air show for Airbus super-salesman John Leahy, who has said he will retire soon. He has presided over sales of over 10,000 planes. With the New Yorker''s departure, the swagger and deliberate baiting of rivals at such shows may become a thing of the past, but the industry is unlikely to retreat from fierce competition. The more muted tone, and cost-cutting to focus on production after years of strong sales, are reflected in the logistics. Several firms have cut back space and host planemaker Airbus is halving staff attendance and slashing catering, insiders said. (Additional reporting by Victoria Bryan, Allison Lampert, Alexander Cornwell, Matthias Blamont, Andrea Shalal, Mike Stone; Editing by Mark Potter) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-airshow-paris-idUKKBN1961WV'|'2017-06-15T22:58:00.000+03:00'
'78e6385de6ccaea306d8128473c54880c1561364'|'AIG teams with IBM to use blockchain for ''smart'' insurance policy'|'Fintech - Thu Jun 15, 2017 - 10:31am EDT AIG teams with IBM to use blockchain for ''smart'' insurance policy left right A man walks past the American International Group (AIG) building in New York''s financial district, March 16, 2009. REUTERS/Brendan McDermid 1/2 left right The logo of Dow Jones Industrial Average stock market index listed company IBM (IBM) is seen on a computer screen in Los Angeles, California, United States, April 22, 2016. REUTERS/Lucy Nicholson 2/2 By Suzanne Barlyn Insurer American International Group Inc has partnered with International Business Machines Corp to develop a "smart" insurance policy that uses blockchain to manage complex international coverage, the companies said on Wednesday. AIG and IBM completed a pilot of a so-called "smart contract" multi-national policy for Standard Chartered Bank PLC which the companies said is the first of its kind using blockchain''s digital ledger technology. The Standard Chartered policy uses blockchain to facilitate sharing of real-time information for a main policy written in the United Kingdom, where the bank is headquartered, and three local policies in the United States, Singapore and Kenya. Big banks, investors and other financial institutions have invested millions of dollars in blockchain, hoping it could make transactions faster, easier and more secure. IBM has been partnering with leading companies in various industries, including Danish transport company Maersk, to create blockchain-based products that can streamline complex international dealings across sectors. Blockchain technology, which powers the digital currency bitcoin, enables data sharing across a network of individual computers. It has gained worldwide popularity due to its usefulness in recording and keeping track of assets or transactions across all industries. Multinational insurance coverage is often cumbersome because of a maze of international regulations, paperwork, and payment terms. "There''s a lot of back and forth and it''s all through email chains going around the world, instead of a centralized system," Carol Barton, President of AIG Multinational said in an interview. A master policy is typically issued in the country where a company is headquartered, while affiliates often need coverage in other countries that impose varying rules, documentation, and payment terms. The real-time system allows companies, their units, and insurers, among others, to simultaneously share all data and documents about the policies, the companies said. It also notifies all of those involved about payments. The territories selected for Standard Chartered''s coverage each introduced a level of complexity for testing the technology, IBM said. For example, a Kenya regulation, known as "cash before cover," requires policyholders to pay for their coverage before it is valid. '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-aig-blockchain-insurance-idUSKBN1953CD'|'2017-06-15T07:51:00.000+03:00'
'117aa263b7cfb94c86bedbe50545e53b78245345'|'Takata would stop making air-bag inflators after bankruptcy after recall: sources'|'Banks - Fri Jun 16, 2017 - 2:03pm EDT Takata would stop making air-bag inflators after bankruptcy, recall: sources The logo of Takata Corp is seen on its display at a showroom for vehicles in Tokyo, Japan, February 9, 2017. REUTERS/Toru Hanai TOKYO Japan''s Takata Corp ( 7312.T ), facing bankruptcy over the biggest recall in automotive history, would stop making air-bag inflators when the global recall is completed, under a plan its steering committee and other major players are considering, sources told Reuters on Friday. Designated financial sponsor Key Safety Systems Inc (KSS) would replace Takata''s top brass on an interim basis under the plan, said the sources, one with direct knowledge of talks to restructure the company and one briefed on the talks. Both spoke on condition of anonymity as the plans remain private. The plan being considered by Takata''s steering committee and KSS to resolve Takata''s financial woes would have Takata air bags and seatbelts rebranded as KSS products after the car-parts maker emerges from a bankruptcy meant to erase billions in liabilities. If the plans are approved by Takata''s board, the company will include them in its bankruptcy filings with U.S. and Japanese courts as early as next week to help it cope with the liabilities stemming from its defective air-bag inflators, sources say. Takata declined to comment in the plans. The plan, which involves Michigan-based KSS, owned by Chinese supplier Ningbo Joyson Electronic Corp ( 600699.SS ), is critical for resolving the massive recall of air-bag inflators blamed for at least 16 deaths globally when their inflators exploded, spewing shrapnel into the passenger areas. (Reporting by Naomi Tajitsu and Maki Shiraki; Additional reporting by David Shepardson in Washington; Editing by William Mallard) '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-takata-bankruptcy-idUSKBN1972GG'|'2017-06-17T01:44:00.000+03:00'
'cc042371689e151778498e1a10957b4a763e763b'|'Divide over listing location slows Aramco IPO - WSJ'|'Business News - Wed Jun 14, 2017 - 9:40pm BST Divide over listing location slows Aramco IPO - WSJ FILE PHOTO: Logo of Saudi Aramco is seen at the 20th Middle East Oil & Gas Show and Conference (MOES 2017) in Manama, Bahrain, March 7, 2017. REUTERS/Hamad I Mohammed/File Photo Saudi Aramco''s IPO-ARMO.SE planned 2018 public share offering is being slowed down by a divide between Saudi Arabia''s ruling family and executives of the kingdom''s state oil company over where to list its shares, the Wall Street Journal reported on Wednesday. Aramco, formally known as Saudi Arabian Oil Co, was not immediately available for comment. Executives at Aramco are pushing Saudi Arabia''s king and his son, deputy crown prince Mohammed bin Salman, on the merits of listing the giant state-owned oil company on the London Stock Exchange, the Journal reported, citing people familiar with the matter. Aramco executives believe that listing in the United States would expose the company to greater legal risks, including from potential class-action shareholder lawsuits, the newspaper said. But, according to the report, the Saudi Arabian royal court favours the New York Stock Exchange, in part because of the kingdom''s longstanding political ties to the United States, and because the U.S. market represents the deepest pool of capital in the world. Saudi authorities are aiming to list up to 5 percent of the world''s largest oil producer on both the Saudi stock exchange in Riyadh, the Tadawul, and one or more international markets in an IPO that could raise $100 billion (78.41 billion pounds). (Reporting by Ismail Shakil in Bengaluru; Editing by Chizu Nomiyama)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-saudi-aramco-ipo-idUKKBN19531C'|'2017-06-15T04:40:00.000+03:00'
'a9ee19f0ecdad44df6743d6aaa317692f0c4991c'|'Saved by TV''s dragons, Sweden''s Storytel aims to become Spotify of books'|'Market  25am EDT Saved by TV''s dragons, Sweden''s Storytel aims to become Spotify of books * Expanding into Russia, Spain, India and UAE this year * Has spent about $46 mln on string of acquisitions * Sales have doubled annually since 2009 * Shares up 130 pct in past year By Helena Soderpalm STOCKHOLM, June 15 Fast-growing audio books company Storytel will expand into several new markets in the coming years while steering clear of English-speaking countries where rival Audible dominates, the Swedish company''s chief executive said. The 12-year-old company bought one of Sweden''s most vaunted publishing houses, Norstedts, last year in what has been a string of deals for a business that has become a symbol of the rapid transformation of the sector. The acquisition of Norstedts, founded in 1823 and the publisher of several Nobel Prize winners and Stieg Larsson''s bestselling Millennium trilogy and sequels, was described by the Dagens Nyheter newspaper as one of the biggest changes ever for the Swedish book market. "There was a great deal of fuss about it. But I still think people appreciated that someone who was into books and stories became the owner (of Norstedts)," CEO and founder Jonas Tellander, a former executive at Swiss drugmaker Roche, told Reuters. Yet the deal might never have happened had Tellander not secured cash on TV show Dragons'' Den, on which entrepreneurs seek financing from venture capitalists, effectively saving his budding business from bankruptcy. While Amazon''s Audible dominates markets such as the United States, Germany and Britain, Storytel is investing heavily to become the leader in countries and languages off the beaten track of its bigger competitor. Having almost doubled sales annually since 2009, Storytel now has a market capitalisation of 3.5 billion Swedish crowns ($401 million) and its share price has jumped by 130 percent in the past year to 72.50 crowns. Expectations are high, with Morningstar data showing the company has a price-to-earnings (P/E) ratio of 481. Investors are betting that Storytel, which has spent about 400 million crowns on acquisitions, can replicate the success achieved in its current markets, where paying subscribers rose 40 percent to 380,000 in the first quarter. FINDING CASH, FINDING PEOPLE Storytel has more than 6,000 audio book titles, compared with Audible''s 180,000-plus, delivering its content to the mobile devices of customers in Scandinavia, the Netherlands and Poland. Much like with music service Spotify, Storytel subscribers pay a monthly fee for unlimited access to streamed audio books, which can also be saved in offline mode on Apple or android devices. Expansion into Spain, India and the United Arab Emirates will follow Russia this year, but without the financial of a heavyweight parent such as Amazon, Storytel faces the challenge of refilling cash coffers to fund its growth. It raised 122 million crowns in financing last year. "We are looking in all countries. We just need to find the right set-up and the right people," Tellander said. The company also faces the challenge of taking on new languages and the need to find the right local entrepreneurs, said Erik Sprinchorn, fund manager at Swedbank Robur, which has close to a 5 percent stake in Storytel. Tellander said that Storytel is seeking access to the rights of 4,000 existing titles in Russia but is also starting its own production of audio books for the Indian market as well as in Arabic and Spanish, with new stories from local authors. Mirroring the strategy of movie streaming giant Netflix , both Storytel and Audible are betting that original content written exclusively for their platforms will attract more subscribers. The company made an operating profit of 25.5 million crowns last year, though heavy expansion and high marketing costs pushed it into the red again in the first quarter. Swedbank''s Sprinchorn said it was nearly impossible to forecast market growth, but the global audiobook industry is currently valued at $3.5 billion, according to news website GoodEreader, referring to the Association of American Publishers. A few years ago many people were unwilling to pay for something they couldn''t hold in their hands, Tellander said. Spotify and Netflix have changed that. "Once they succeed in a market, the likelihood that people will want to pay for Storytel increases. We are following their footsteps and eyeing their markets," he said. ($1 = 8.7185 Swedish crowns) (Editing by Niklas Pollard and David Goodman)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/storytel-strategy-idUSL8N1II2CD'|'2017-06-15T19:25:00.000+03:00'
'46e843a19ff5a040befc6edda9854b686f3c337c'|'Deals of the day-Mergers and acquisitions'|'(Updates Arrium, adds Unilever)June 15 The following bids, mergers, acquisitions and disposals were reported by 1400 GMT on Thursday:** Western Digital Corp has sought a court injunction to prevent Toshiba Corp from selling its chip business without the U.S. firm''s consent - a move that threatens to throw the fiercely contested auction into disarray.** Chinese Group Yida International Investment has formally expressed interest in Esselunga, Italy''s fourth-largest supermarket chain, Italian daily la Repubblica reported.** A South Korean private equity syndicate led by Newlake Alliance and JB Asset Management has been named as the preferred bidder in the sale process for troubled Australian steel group Arrium Ltd, Arrium''s financial administrator confirmed.** British engineering and design consultancy WS Atkins reported its fastest growth in annual profit in at least a decade on Thursday, which could help smooth completion of its takeover by Canadian rival SNC-Lavalin Group.** Bain Capital plans to sell up to $400 million worth of shares in Japanese restaurant chain operator Skylark Co Ltd , IFR reported , citing a term sheet of the transaction.** Unilever plans to kick off the auction for its margarine and spreads business this autumn, its chief financial officer. (Compiled by Diptendu Lahiri in Bengaluru)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/deals-day-idINL3N1JC3J1'|'2017-06-15T12:14:00.000+03:00'
'3d34e6aef7953e6b0e4a68bc710242e6c8a46b8e'|'General Electric picks a new boss'|'JEFF IMMELT looks like he was born to be a chief executive. Tall, affable and energetic, he was selected to run General Electric (GE) in 2001 after an interminable and mildly sadistic selection process run by GE’s then CEO Jack Welch, at the time America’s most celebrated boss. After 16 years at the top, on June 12th Mr Immelt said he would retire, to be replaced by John Flannery, who runs the firm’s health-care arm. The departing boss has reshaped GE radically but his legacy as the boss of the world’s most important industrial company is a mixed one.Part of that reflects what he inherited. GE was not in nearly as good shape as Mr Welch liked to pretend. Its share price was significantly overvalued, pumped up by hype about Mr Welch’s talents, while its profits were inflated by gains from its pension scheme and its financial arm, which had grown at breakneck speed and which contained big risks. 14 Mr Immelt has tried to take GE back to its core as an industrial firm that makes sophisticated products such as power equipment and jet engines. It has been a revolution of sorts. The firm is more global, with 57% of sales from abroad compared with 29% when Mr Immelt started.But these efforts have been overshadowed by two mistakes. First, Mr Immelt was slow to recognise just how dangerous GE’s financial arm was. By 2007 it contributed 55% of profits and had racked up over $500bn of debt. When the crisis struck its funding dried up and its profits collapsed. Mr Immelt deserves plaudits for shutting most of it down in 2015, but by then the damage was done.The second flaw is less widely understood but just as important: the performance of the non-financial business has been lacklustre. Mr Immelt’s reshuffling of it was huge, with disposals and acquisitions equivalent to 167% of its current capital employed. GE ditched its media arm, plastics division and kitchen-appliances unit, and bought into health care, energy and power infrastructure. But acquisitions and investments in new areas have been expensive; while GE’s capital employed has ballooned, its returns have not. Weak operating performance together with the costs from all the restructuring means its cash flows are similar to where they were in 2001. In financial terms GE has been running to stand still.Can another consummate insider, Mr Flannery, who has been at GE since 1987, get more traction? The health-care arm he runs contributes 20% of profits. Two big tasks now await him. Mr Welch was a pioneer of offshoring and GE’s supply chains cross the planet, but now the firm will have to guard against a protectionist backlash at home and abroad. That requires diplomatic and communication skills, which Mr Immelt had in abundance.The other task is to deal with GE’s soggy financial performance. Trian, an activist hedge fund run by Nelson Peltz, owns a stake in GE and, behind the scenes, has probably been agitating for change. Unless the numbers improve soon, pressure may mount for GE to break itself up. That would be a bad idea: what it now needs is less re-engineering and more consistent execution. At least the sense that GE has yet to deliver financially means that Mr Flannery, unlike Mr Immelt, takes the helm when expectations are low.'|'economist.com'|'http://www.economist.com/sections/business-finance/rss.xml'|'http://www.economist.com/news/business-and-finance/21723363-john-flannery-has-more-room-surprise-upside-general-electric-picks-new-boss?fsrc=rss'|'2017-06-13T08:00:00.000+03:00'
'03c40c398b0e37333828530de1e557e3c2f72cc8'|'Oil supply growth to outpace rise in consumption in 2018 - IEA'|'Business News - Wed Jun 14, 2017 - 9:44am BST Oil supply seen outpacing consumption in 2018, demand to top 100 million bpd An oil well pump jack is seen at an oil field supply yard near Denver, Colorado, U.S., February 2, 2015. REUTERS/Rick Wilking/File Photo By Amanda Cooper - LONDON LONDON Growth in oil supply next year is expected to outpace an anticipated pick-up in demand that will push global consumption above 100 million barrels per day (bpd) for the first time, the International Energy Agency said on Wednesday. The Paris-based IEA said production outside the Organization of the Petroleum Exporting Countries would grow twice as quickly in 2018 as it will do this year, when OPEC and 11 partner nations have restrained output. "For total non-OPEC production, we expect production to grow by 700,000 bpd this year, but our first outlook for 2018 makes sobering reading for those producers looking to restrain supply," the IEA said. "In 2018, we expect non-OPEC production to grow by 1.5 million bpd which is slightly more than the expected increase in global demand." Brent crude futures extended losses after the report, falling 64 cents on the day to $48.08 a barrel by 0804 GMT, from around $48.26 prior to the release. Oil inventories across the world''s most industrial nations rose in April by 18.6 million barrels to 3.045 billion barrels, thanks to higher refinery output and imports. The IEA said stocks were 292 million barrels above the five-year average. The agency continued to forecast an implied shortfall in supply relative to demand for the second quarter of this year. But it said slowing demand growth in China and Europe in particular, as well as increasing supply, meant the deficit should narrow to 500,000 bpd from a prior estimate of 700,000. OPEC and 11 rival exporters including Russia have agreed to extend a deal to limit supply by 1.8 million bpd to March 2018, in order to cut global inventory levels. Saudi Energy Minister Khalid al-Falih has reiterated the group''s commitment to do "whatever it takes" to force a drawdown in global inventory levels. "We have regularly counselled that patience is required on the part of those looking for the rebalancing of the oil market, and new data leads us to repeat the message," the IEA said. "''Whatever it takes'' might be the mantra, but the current form of ''whatever'' is not having as quick an impact as expected." "Indeed, based on our current outlook for 2017 and 2018, incorporating the scenario that OPEC countries continue to comply with their output agreement, stocks might not fall to the desired level until close to the expiry of the agreement in March 2018," the IEA said. U.S. OUTPUT RISES The price of oil has fallen 12 percent since May 25, when OPEC and its partners agreed to extend their supply cut, as inventories around the world have been slow to drain. Rising output from the United States has been one of the main factors behind the stubbornly high stock levels and the IEA estimates U.S. production will continue to grow aggressively into next year. "Our first look at 2018 suggests that U.S. crude production will grow year-on-year by 780,000 but such is the dynamism of this extraordinary, very diverse industry it is possible that growth will be faster," the agency said. The forecast for U.S. total oil production for 2017 has been revised 90,000 bpd higher, to average 13.1 million bpd, following further rig additions and increased spending. Crude output from OPEC nations rose by 290,000 bpd in May to a 2017 high of 32.08 million bpd, still within the confines of the supply deal, after comebacks in Libya and Nigeria, which are exempt from cuts. Compared to May 2016, OPEC crude production was down by 65,000 bpd, the IEA said. Non-OPEC output rose by 295,000 bpd month-on-month in May to 57.8 million bpd, 1.25 million bpd higher than a year earlier. (Reporting by Amanda Cooper; Editing by Dale Hudson) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-oil-iea-idUKKBN1950RV'|'2017-06-14T16:03:00.000+03:00'
'91096639bbe9549d7390618baa06021ed1be07aa'|'Sibanye Gold say South Africa wildcat strike continues, 138 illegal miners arrested'|'JOHANNESBURG A wildcat strike at Sibanye Gold''s Cooke operations west of Johannesburg continued on Sunday and 138 illegal miners there have been arrested since the stoppage began Tuesday, a company spokesman said.Sibanye said the strike, which has seen 16 miners assaulted in a wave of intimidation, was triggered by worker anger at a company drive to root out illegal miners, which has included the arrest of employees for collusion and a policy that forbids food in underground operations.Illegal gold mining has plagued South Africa for decades, with bullion pilfered from both operating and disused mines. Sibanye has vowed it will clear all illegal miners from its shafts by January 2018.The Cooke mines have been at the centre of illicit activities at Sibanye''s operations. Prior to the walkout, 101 illegal miners had been arrested this year along with 58 employees accused of collusion.Illegal miners can spend weeks underground, which requires large amounts of food and water - which is why Sibanye has banned its employees from taking any food underground, with union agreement.It is also why so many illegal miners have been forced to the surface since the strike began, as their source of food and water - colluding employees - has dried up, one of the inadvertent consequences of the stoppage.The Cooke operations, which employ almost 4,000 underground miners, are marginal and Sibanye spokesman James Wellsted said their viability is at risk if the strike becomes prolonged."One of the reasons why the mine has not been performing is because many of the employees have been focused on assisting illegal miners instead of their jobs," he said.(Reporting by Ed Stoddard; '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/sibanye-gold-strike-idINKBN1920J2'|'2017-06-11T18:38:00.000+03:00'
'4363d67080da2e889512bc227a23e0ac3d31b268'|'Diebold shares seen gaining over 25 pct from merger -Barron''s'|'NEW YORK, June 11 Share prices of Diebold Nixdorf may increase by more than 25 percent in the next two years as the merger of two cash dispensing machines makers is expected to produce heftier profits, Barron''s said.Last year, Diebold bought its German rival Wincor Nixdorf for 1.7 billion euros ($1.9 billion), creating the world''s biggest provider of automated teller machines (ATMs).The company is expected to increase its revenue 2 percent annually through 2020 and raise its earnings per share to $3 or more via $200 million in cost reductions and other benefits from the merger, Barron''s columnist Vito Racanelli wrote on Saturday.Diebold''s business is seen strained on the notion of declining use of cash in some countries."Cash is growing slowly as a medium of exchange in developed countries, although faster in emerging markets," Racanelli said.Still, demand for ATMs should grow with interest rates and bank profits. Possible U.S. retail growth from sales of self-checkout machines, a strength of Wincor Nixdorf in Europe, would also enhance Diebold''s stock, according to Racanelli.Diebold''s share price could rise 25 percent to 40 percent in the next couple of years to $33 to $38, compared with Friday''s close of $26.80, he said. (Reporting by Richard Leong; editing by Grant McCool)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/stock-diebold-barrons-idINL1N1J80AU'|'2017-06-11T16:33:00.000+03:00'
'b7b41b5e66c943783dac79fa8bbf28513b2959f7'|'Volkswagen looks at rehiring Opel CEO - source'|'FRANKFURT Carmaker Volkswagen is looking at rehiring the chief executive of General Motors'' Opel, possibly to lead its Audi brand, a source familiar with the matter told Reuters on Sunday, following a media report the executive will quit Opel.Opel boss Karl-Thomas Neumann plans to resign as General Motors (GM) prepares to sell the business to France''s PSA Group, German newspaper Frankfurter Allgemeine Sonntagszeitung (FAS) reported over the weekend.Without citing its sources, the newspaper said Neumann saw the sale as the right strategic step, but was concerned PSA under-estimated the growing importance of electric cars.The source said Volkswagen (VW) bosses were informally discussing giving Neumann, who quit VW in 2013 for the Opel top job, a prominent position, potentially as head of premium brand Audi.VW and Opel declined to comment.Audi CEO Rupert Stadler has come under fire for how he has handled the fallout from VW''s diesel emissions scandal.He only received a five-year contract extension last month because of an agreement among supervisory board members that he would not serve out his full term, two sources have told Reuters.Pressure has built on Stadler after Munich prosecutors widened an investigation into the premium carmaker, and after Germany''s transport ministry accused Audi of cheating on emissions tests.In an interview with trade publication Automobilwoche, Stadler over the weekend defended his record: "The diesel crisis has consumed and is still consuming resources. I''m still convinced that we have initiated the right strategic steps."Neumann, 56, planned to inform Opel''s supervisory board about his decision at its next meeting on June 22, FAS said, adding he wanted to stay on only until GM completed the sale of Opel to PSA, owner of the Peugeot, Citroen and DS brands.Opel this week said the 2.2 billion euros ($2.5 billion) deal could be completed as early as July 31, pending regulatory approval from antitrust authorities.Neumann joined GM in 2013 to lead the U.S. carmaker''s European operations, which include the Vauxhall brand, after losing out in a management reshuffle at VW. In his former roles at VW, he was in charge of electro-mobility and head of China.($1 = 0.8935 euros)(Reporting by Frankfurt Newsroom; Editing by Georgina Prodhan and Mark Potter)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/vw-moves-opel-idINKBN1920OU'|'2017-06-11T21:14:00.000+03:00'
'fd9dd337d0a014238e3c29ebe33a30b490fc3113'|'China''s COSCO Shipping suspends services to Qatar amid row'|'Business News - Mon Jun 12, 2017 - 4:24am BST China''s COSCO Shipping suspends services to Qatar amid row FILE PHOTO: A traditional wooden fishing Dhow is seen in port near modern glass and steel buildings on the Doha skyline, Qatar February 9, 2010. REUTERS/Jacky Naegelen/File Photo SHANGHAI China''s COSCO Shipping Lines Co Ltd has suspended shipping services to Qatar, citing "uncertainties" after Arab countries severed diplomatic ties with the Gulf state and imposed port restrictions. The world''s fourth-largest shipping line joins Taiwan''s Evergreen and Hong Kong''s OOCL in suspending services after Saudi Arabia, Egypt and other Arab nations cut ties with Qatar over its alleged support for terrorism, an accusation the country denies. COSCO told customers about the suspension of services to and from Qatar''s Hamad Port in a notice issued on June 7, a spokeswoman for COSCO''s parent company said on Monday. "In view of the uncertainties as the situation develops, in order to protect the interests of customers, our company is from now on suspending booking services and deliveries for Qatar," it said in the notice. It added that it had launched a contingency plan that it would inform customers of as soon as possible. Qatar is dependent on imports for its basic needs, which are transported by land and sea. Container ships carry vital consumer supplies, including food. Fewer container services will also hurt Qatar''s ability to trade. (Reporting by Brenda Goh; Additional Reporting by Jonathan Saul in LONDON; Editing by Christian Schmollinger) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-gulf-qatar-shipping-idUKKBN19307P'|'2017-06-12T11:24:00.000+03:00'
'16ca8d259941145a5b326781c1d24a72c488b385'|'U.S. sells 30-year bond at lowest yield since October'|'NEW YORK, June 13 U.S. Treasury Department on Tuesday sold $12 billion of 30-year government bonds at a yield of 2.870 percent, which was the lowest at an auction of this debt maturity since October, Treasury data showed.The ratio of bids to the amount of 30-year bonds offered was 2.32, the strongest level since March. This measure of overall auction demand was 2.19 at the prior 30-year auction in May. (Reporting by Richard Leong; Editing by Chizu Nomiyama)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/usa-auction-30year-idINL1N1JA18S'|'2017-06-13T15:17:00.000+03:00'
'd4a8afc8f8f166e7d7bfc0440971a9e7a3425c8a'|'IPO price range values Allied Irish Banks at up to 13.3 billion euros'|'  7:14pm BST IPO price range values Allied Irish Banks at up to 13.3 billion euros FILE PHOTO: A gardener mows the grass outside the headquarters of AIB on the day the bank announced it''s results, in Dublin April 12, 2011. REUTERS/Cathal McNaughton DUBLIN Shares in Allied Irish Banks ( ALBK.I ) (AIB) will be priced at between 3.90 and 4.90 euros when a 25 percent stake is floated in Dublin and London, valuing the state-owned lender at up to 13.3 billion euros (11.78 billion pounds), Ireland''s finance ministry said in a statement. The initial public offering is set to be one of Europe''s largest share listings by a bank since the 2008 financial crisis. It could raise up to 3.8 billion euros assuming full exercise of the offering''s over-allotment option. The Finance Ministry said the long long-awaited sale of a 25 percent stake in the state-owned lender was still on track despite the Conservative party losing its majority in the UK election on Thursday. Finance Minister Michael Noonan had previously said the price could be driven up if the party, which still won the most seats, won a strong majority in Thursday''s election. "Market conditions remain favourable and I am encouraged by the strong level of interest shown by investors in the offering to date," Noonan said in a statement. Dublin rescued the bank in a 21 billion-euro taxpayer bailout that began in early 2009, and it has been considering partly cashing out of its 99.9 percent stake since last year. One of Ireland''s two dominant banks, AIB returned to profit three years ago. It has cut its huge stock of impaired loans by more than two-thirds since then, and this year it became the first domestically owned lender to restart dividends since the crash. AIB will list its shares on the Irish and London stock exchanges and seek admission to the main markets of each. The government said the sale was expected to be one of the UK''s largest main market IPOs of the last 20 years. AIB is less exposed to Britain''s departure from the EU than its bigger rival, Bank of Ireland ( BKIR.I ), having made just 14 percent of its pre-provision operating profit in the United Kingdom last year. (Reporting by Conor Humphries; Editing by Greg Mahlich)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-aib-ipo-idUKKBN19322F'|'2017-06-13T01:35:00.000+03:00'
'7910d98290cbf0a456d3d7d60f90419df86f82c9'|'Nikkei ends lower as technology shares weigh; Toshiba soars'|'TOKYO, June 12 Japan''s Nikkei share average ended lower on Monday, dragged down by declines in technology shares after their U.S. counterparts were sold off sharply in the previous session.The Nikkei ended down 0.5 percent at 19,908.58.Chip manufacturing equipment makers and Apple suppliers led the declines, with Tokyo Electron ending 3 percent down, Advantest Corp closing down 3.3 percent, Alps Electric shedding 3.2 percent and Taiyo Yuden declining 3.1 percent.On Friday, Apple Inc shares dropped 3.9 percent in their biggest daily percentage decline since April 2016, after a report that iPhones to be launched this year would use modem chips with slower download speeds than rival smartphones.Bucking the weakness, Toshiba Corp surged more than 9 percent after a person familiar with the matter told Reuters that Western Digital Corp plans to raise its offer for Toshiba''s prized semiconductor unit to $18 billion or more.The broader Topix was flat at 1,591.55. (Reporting by Ayai Tomisawa; Editing by Sherry Jacob-Phillips)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/japan-stocks-close-idUSL3N1J928C'|'2017-06-12T14:25:00.000+03:00'
'fe03f11c307ec043d34a2207e51d296ed98664bc'|'China state papers urge regulators to stick to reforms as pace of IPOs slows'|'SHANGHAI Approvals of initial share offerings are slowing in China once again as local share prices slide, but major state-controlled newspapers are urging the stock market regulator not to "balk or backtrack" on reforms.The China Securities Regulatory Commission (CSRC) has slowed approvals for initial public offerings (IPOs) in recent weeks, a period which has seen major stock indexes retreat.The media''s calls come at a time that international investors are watching Beijing''s commitment to free-market reforms more closely than ever.Global index provider MSCI will decide on June 20 whether to add Chinese shares to its key equity benchmarks used by asset managers, which could trigger a flood of foreign buying.China''s on-again, off-again pattern of IPO approvals has been typical for years when authorities see the need to shore up markets, and their penchant for interventions has been cited as one of the key concerns holding back global investors.Such support measures are often welcomed at home, but in a rare chorus of caution, China''s three major state-controlled securities newspapers all published editorials on Monday urging the regulator to "hang on" in the face of public criticism that a flood of new supply is depressing share prices.Over the past few weeks, the CSRC has approved an average of 2.1 billion yuan ($309 million) of IPOs each week, down from a weekly average of over 5 billion yuan earlier in the year.That has led to speculation that IPOs would be suspended altogether if the market falls much farther."If IPOs are suspended, it is far from certain whether the market can be rescued, but the harm to market-oriented reforms and the real economy is predictable," the China Securities Journal said in an editorial on Monday, calling on regulators to be "adamant" toward reforms.Echoing that view, the Shanghai Securities News said IPOs are not the determinant factor of stock market trends, and regulators should not "balk, or even backtrack" on reforms.The newspaper noted that the CSRC had suspended IPOs nine times in history, but each time the move failed to reverse the bearish trend and heightened investor uncertainty.Another official newspaper, the Securities Times, said regulators should not bow to pressure from critics.Regulators should "dare to touch the cheese of interested groups, and be consistent, and serious in policies," the editorial said."Generally speaking, China''s securities market regulation is not too harsh, but too lenient."The editorials highlight the dilemma faced by CSRC Chairman Liu Shiyu, who needs to balance reforms and market stability.Liu, who took over as head of the CSRC in the aftermath of the 2015 market crash, has been criticized by some academics and investors for causing renewed market sluggishness, by flooding the market with IPOs and cracking down on stock speculation.However, the Financial News, a journal run by the People''s Bank of China, carried a different tone on the IPO issue in a commentary which also ran on Monday.Fewer IPO approvals won''t necessarily affect the stock market''s performance but show a change in the regulator''s stance, which will improve investor sentiment and stabilize the stock market, the commentary said.After a solid start to the year, China''s benchmark CSI300 index .CSI300 started skidding in April on worries that the economy was losing steam and in response to a regulatory clampdown on riskier types of lending which has prompted some companies to hoard cash.In recent weeks, authorities have stepped in with a slew of measures to stabilise the country''s financial markets ahead of a major political leadership reshuffle later this year.The central bank has been stepping up injections of funds into the financial system to ease fears of a potential cash crunch like that which sent lending rates soaring in June 2013. It has also engineered a sharp rise in the yuan currency against the dollar to ward off speculators betting on further declines.($1 = 6.7969 Chinese yuan renminbi)(Reporting by Samuel Shen and John Ruwitch; Editing by Kim Coghill)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-china-markets-ipos-idINKBN1930BT'|'2017-06-12T02:38:00.000+03:00'
'fd31a005a273e5f7076e68a7841e6f06c7c4cdd9'|'UPDATE 1-UK Stocks-Factors to watch on June 12'|'(Adds futures)June 12 Britain''s FTSE 100 index is seen opening down 33 points at 7,494, on Monday, according to financial bookmakers, with futures down 0.4 percent ahead of the cash market open.* UK ELECTION: Prime Minister Theresa May reappointed most of her ministers but brought a Brexit campaigner and party rival into government to try to unite her Conservatives after a disastrous election sapped her authority, days before Brexit talks begin.* TRUMP UK STATE VISIT: Prime Minister Theresa May''s office said on Sunday there had been no change to plans for U.S. President Donald Trump''s to come to Britain on a state visit, after the Guardian newspaper reported the trip had been postponed.* BREXIT: Britain''s inconclusive election means it is more likely to opt for a softer Brexit in which it remains in the European Union''s customs union, Irish appointed EU agriculture commissioner Phil Hogan said in a newspaper interview published on Sunday.* AIRBUS/BREXIT: Airbus could move production of new aircraft models out of Britain if the European plane-maker''s "non-negotiable" demands over the free movement of people and trade tariffs are not delivered in upcoming Brexit talks, the Sunday Times reported.* GLENCORE: Miner-trader Glencore on Friday said it had offered $2.55 billion cash for coal mines owned by Rio Tinto, in Hunter Valley, Australia, outbidding a previous offer from Chinese-owned Yancoal.* TESCO/ALDI: German grocery chain Aldi Inc said on Sunday it would invest $3.4 billion to expand its U.S. store base to 2,500 by 2022, raising the stakes for rivals caught in a price war. The furious pace of expansion by Aldi and Germany''s Lidl is likely to further disrupt the U.S. grocery market, which has seen 18 bankruptcies since 2014. The two chains are also upending established UK grocers like Tesco Plc and Wal-Mart''s UK arm, ASDA.* OIL: Oil prices rose on Monday as futures traders bet the market may have bottomed after a recent steep fall, even as physical markets remain bloated by oversupply, especially from a relentless rise in U.S. drilling.* QATAR OIL: Qatar Petroleum said on Saturday that it was conducting "business as usual" throughout its upstream, midstream and downstream operations, despite rising diplomatic tensions with its Gulf neighbours.* METALS: Copper prices climbed for a forth consecutive session on Monday, underpinned by strong demand from top consumer China and concerns over tight supplies from Chile. Gold inched up on Monday as Asian stocks fell and the dollar eased ahead of a U.S. Federal Reserve policy meeting that could give clues on the pace of interest rate hikes over the rest of the year.* UK CONSUMER SPEND: British consumers cut their spending for the first time in nearly four years last month, figures from credit card firm Visa showed, as households turned more cautious even before last week''s shock election result.* UK EMPLOYERS/BREXIT: Almost half of British employers are unprepared for the government''s planned changes to immigration rules after Brexit, a survey from the Resolution Foundation think tank showed on Monday.* The UK blue chip index closed 1 percent higher at 7527.33 on Friday, as an election upset for Prime Minister Theresa May sent the index shooting up, feeding off a weaker currency, while housebuilders suffered losses as uncertainty about the UK''s leadership grew before Brexit negotiations.* For more on the factors affecting European stocks, please click on: cpurl://apps.cp./cms/?pageId=livemarketsTODAY''S UK PAPERS> Financial Times> Other business headlines Multimedia versions of Reuters Top News are now available for: * 3000 Xtra : visit topnews.session.rservices.com * For Top News : topnews.reuters.com (Reporting by Noor Zainab Hussain in Bengaluru)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-stocks-factors-idUSL3N1J92CA'|'2017-06-12T14:32:00.000+03:00'
'f87aeff599f28f4368d159b9cad9aa1f0a8466dd'|'BRIEF-Cardinal Health to issue, sell $1 bln aggregate principal amount of 1.948 pct notes due 2019'|' 25am EDT BRIEF-Cardinal Health to issue, sell $1 bln aggregate principal amount of 1.948 pct notes due 2019 June 12 Cardinal Health Inc: * On June 12, co will issue and sell $1 billion aggregate principal amount of 1.948% notes due 2019 - SEC filing * Cardinal Health - expects all commitments under bridge facility to be terminated in full, effective as of June 13, 2017 * Cardinal Health - will issue, sell $1.15 billion aggregate amount of 2.616% notes due 2022, $350 million aggregate amount of floating rate notes due 2022 * Cardinal Health - will issue, sell $750 million aggregate amount of 3.079% notes due 2024, $1.35 billion aggregate principal amount of 3.410% notes due 2027 * Will also issue and sell $600 million aggregate principal amount of 4.368% notes due 2047 Source text: ( bit.ly/2rRzNJa )  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-cardinal-health-to-issue-sell-1-bl-idUSFWN1J90BX'|'2017-06-12T20:25:00.000+03:00'
'b1786865663048a2fdfdea566f97e471e06e2d12'|'Uber board adopts all recommendations from Eric Holder investigation'|'Market   12:20am EDT Uber board adopts all recommendations from Eric Holder investigation By Heather Somerville and Joseph Menn - SAN FRANCISCO, June 11 SAN FRANCISCO, June 11 The Uber Technologies Inc board of directors has voted unanimously to adopt all recommendations from a report stemming from allegations of sexual harassment at the company and other employee concerns, a board representative said on Sunday. The board, at a meeting on Sunday, adopted a series of recommendations from former U.S Attorney General Eric Holder following a sprawling, multi-month investigation into Uber''s cultures and practices. The recommendations will be released to Uber employees on Tuesday, the representative said. Holder''s recommendations included imposing new controls on company spending, human resources and other areas where executives had wide discretion. Also at the meeting on Sunday, board members were expected to discuss Uber Chief Executive Travis Kalanick temporarily stepping away from the embattled ride-hailing firm and other changes to executive leadership. (Reporting by Heather Somerville)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/uber-board-vote-idUSL1N1J9033'|'2017-06-12T12:20:00.000+03:00'
'49291bd0484b79ecf3de52ce18b7e66e28a5c527'|'''No going back'' on GE digital push under new CEO, executives say'|'Business News   9:22am EDT ''No going back'' on GE digital push under new CEO, executives say General Electric Co''s incoming chief executive John Flannery is shown in this undated handout photo provided June 12, 2107. Courtesy General Electric/Handout via REUTERS By Emma Thomasson - BERLIN BERLIN General Electric ( GE.N ) will not abandon its high-tech strategy under its new chief executive even if the transition to digital equipment proves "uncomfortable" for many of its customers, senior managers said on Tuesday. "There is no plan B. We''re not going back," Ganesh Bell, chief digital officer of GE Power, the group''s largest industrial business, told Reuters on the sidelines of a Berlin conference to promote its digital products. Bell was speaking a day after GE named insider John Flannery as its next CEO, taking over from long-serving Jeff Immelt, who reshaped the company to sharpen its focus on technology but failed to deliver profit growth fast enough for some investors. Flannery said on Monday that he will conduct a swift review of the conglomerate''s business portfolio with "no constraint", but that digital efforts will be at the heart of its strategy. Bell said that all of GE''s senior managers, including Flannery, are "believers big time" in Immelt''s push to invest billions of dollars to build a digital business that marries electronic sensors and analytic computing with industrial equipment. "Investors are starting to get the story. What they haven''t grasped fully is that it is not just about making existing business more efficient but about a whole new franchise," he said. Beth Comstock, who runs the innovations unit at the maker of jet engines and power plants, noted that Flannery was part of the strategy team that drove the digital push and had seen positive results in his own healthcare unit. "You don''t go digital at your own peril," she said. Immelt had been due to speak at the Berlin conference, but pulled out after Monday'' announcement, leaving Comstock to speak in his place. Comstock admitted that it can be difficult to persuade GE customers of the need to digitize, even though 50 billion machines are expected to have online connectivity by 2020. "The more we can show how we have digitized, the more likely they are to try it," she said. "They want examples of others that have done it." Comstock said that such initiatives represent a huge opportunity for GE, with only 30 percent of European companies currently analyzing data from their industrial equipment to inform decisions. She cited the example of DB Cargo, the logistics arm of the German railways company, which she said had improved fleet reliability since adopting GE''s software on its locomotives. "We have to accept that the old is going away and the new has not yet fully emerged," she said. (Editing by David Goodman)'|'reuters.com'|'http://www.reuters.com/finance'|'http://www.reuters.com/article/us-ge-strategy-idUSKBN1941R1'|'2017-06-13T17:22:00.000+03:00'
'8a7c5ca08ff3e2d70c4718d239ed63c62045e525'|'Apple focusing on autonomous car system - CEO Cook on Bloomberg'|'Technology News   1:51pm EDT Apple focusing on autonomous car system: CEO Cook on Bloomberg Tim Cook, CEO, speaks during Apple''s annual world wide developer conference (WWDC) in San Jose, California, U.S. June 5, 2017. REUTERS/Stephen Lam Apple Inc is concentrating on technology for self-driving cars, Chief Executive Tim Cook said for the first time in an interview with Bloomberg. The company is focusing on autonomous systems, Cook told Bloomberg Television on June 5. ( bloom.bg/2rWfvOR ) "We''re not really saying from a product point of view, what we will do ... it''s a core technology that we view as very important," Cook said in the interview. A late entrant to the self-driving race, Apple secured a permit in April to test autonomous vehicles in California and has recruited dozens of auto experts. Apple did not immediately respond to a request for comment. (Reporting by Anya George Tharakan in Bengaluru; Editing by Saumyadeb Chakrabarty)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-apple-autos-idUSKBN1941T2'|'2017-06-13T21:35:00.000+03:00'
'ea56fed79af5209f923466e3885babd53bb3b6ba'|'UPDATE 1-Czechs double bad times set-aside for domestic banks'|'(Adds further comments, bank shares)PRAGUE, June 13 The Czech central bank on Tuesday said it was doubling the amount domestic banks must put aside as a precaution for hard times as of July next year because of rapid credit growth.It raised the countercyclical buffer rate, what must be set aside, to 1.0 percent of capital from 0.5 percent.The bank said it stood ready to either increase the rate or to cut it, depending on developments in the market.Czech banks, mostly western-owned and which made it through the global financial crisis almost a decade ago relatively unscathed, remain highly capitalised and have had to meet the 0.5 percent countercyclical buffer rate since the start of this year, causing some to cut back on dividends.With interest rates at record lows in recent years, however, banks have compensated with strong lending growth to keep profits up. The central bank said on Tuesday the absolute growth of bank loans was the fastest since the second quarter of 2009."The domestic economy has shifted further into a growth phase of the financial cycle, characterised by rapid growth in loans. It is necessary to use good times for provisioning, as provisions enable the banking sector to operate smoothly in worse times," Central Bank Governor Jiri Rusnok said.Policymakers has paid particular attention to the housing market as low rates have driven mortgage lending sharply higher and apartment prices in Prague soar.The bank put recommendations in place for banks last year - and tightened them in April - to set limits on the size of mortgages provided. It is also hoping to get legal powers from new legislation going through parliament, although the bill is at risk of being watered down or failing.The change in the countercyclical buffer comes as the bank presented its annual financial stability report on Tuesday. In it, the bank said the banking sector remained stable and is still highly resilient to potential adverse shocks.It added that the sector would maintain overall capital adequacy above the 8 percent threshold even in a "very unlikely" adverse scenario projected by the central bank''s stress tests. (Reporting by Robert Muller and Petra Vodstrcilova; Editing by Jason Hovet/Jeremy Gaunt)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/czech-cenbank-idINL8N1JA1HH'|'2017-06-13T07:06:00.000+03:00'
'0e6867d591c2a2411183a6c8fb39bcec081986a0'|'Tech recovery helps European shares bounce back from seven-week lows; Capita rockets'|'Money News - Tue Jun 13, 2017 - 1:57pm IST Tech recovery helps European shares bounce back from seven-week lows; Capita rockets FILE PHOTO: 20 Euro banknotes are seen in a picture illustration, August 1, 2016. REUTERS/Regis Duvignau/Illustration/File Photo LONDON European stocks rebounded from seven-week lows in early deals on Tuesday as shares in tech firms recovered and financials rose, while British firms were led by a jump in shares in Capita. The pan-European STOXX 600 index was up 0.5 percent, partly recovering losses from the previous session following a brutal sell-off in tech stocks. The tech sector was the top sectoral gainer, up 1.1 percent after posting a 3.6 percent loss on Monday. Gains among health stocks and banks also helped, with Italian lenders UBI Banca, UniCredit and Banco BPM among the biggest gainers in the sector. Shares in troubled British outsourcing firm Capita jumped more than 12 percent after the group reiterated its outlook, saying that it hoped to improve its profitability and secure more contract wins in the second half of 2017 following a series of profit warnings. Visitor attractions group Merlin Entertainments fell around 3 percent, however, after striking a cautious tone in its outlook and saying that attacks in Manchester and London had hit domestic demand. Broker action also propelled shares in London Stock Exchange Group 3.3 percent higher after Credit Suisse and RBC raised their target prices on the stock. This helped Britain''s FTSE 100 gain 0.3 percent. Strength in the energy sector also helped underpin gains, with Petrofac the biggest oil & gas riser. (Reporting by Kit Rees; Editing by Hugh Lawson)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/europe-stocks-idINKBN1940XC'|'2017-06-13T16:27:00.000+03:00'
'1f091ac80f8afd99196fffd4eeda552ed9274cd4'|'EU to tighten grip on euro clearing after Brexit - source'|'Business News - Tue Jun 13, 2017 - 5:27pm BST EU to tighten grip on euro clearing after Brexit left right FILE PHOTO: CEO of the London Stock Exchange Xavier Rolet at the Qatar UK Business and Investment Forum in London, Britain March 27, 2017 REUTERS/Neil Hall/File Photo 1/3 left right FILE PHOTO: A huge Euro logo is pictured by the headquarters of the European Central Bank (ECB) in Frankfurt, September 29, 2011. REUTERS/Ralph Orlowski/File Photo 2/3 An illustration picture shows a one euro coin, April 8, 2017. REUTERS/Kai Pfaffenbach 3/3 By Huw Jones and Francesco Guarascio - LONDON/BRUSSELS LONDON/BRUSSELS The European Union plans to give itself powers to move euro clearing business away from London''s financial sector to the EU after Brexit and adopt a model closer to that operated by the United States, the bloc''s executive said on Tuesday. The financial industry has warned that forced "relocation" would split markets, bump up trading costs and diminish the status of the euro -- as well as threaten thousands of jobs in the City of London. The draft EU law would, as a last resort, force euro-denominated clearing business to shift from London if the volume was deemed by Brussels to be systemically important. The bulk of clearing in euro-denominated derivatives is performed in London and involves a third party standing between two sides of a trade to ensure its smooth and safe completion. The European Central Bank (ECB) and euro zone policymakers have long wanted control over euro clearing, saying it is core to the single currency area''s financial stability and would be outside the EU''s regulatory sphere once Britain leaves in 2019. Valdis Dombrovskis, the European commissioner who proposed the draft law, said Brexit meant that "certain adjustments to our rules" are needed and that no business would be shifted just for the sake of it. Britain''s finance ministry said that the way that UK and EU firms access each other''s markets is a matter for the forthcoming Brexit negotiations with Brussels. "In the meantime, we stand ready to engage constructively on this legislation, fulfilling our obligations as a member state." ENHANCED SUPERVISION Under the draft law, if the European Securities and Markets Authority (ESMA) decides that a non-EU clearer is handling "systemically" important volumes of euro-denominated business, a system of "enhanced supervision" would be introduced. This would mimic how U.S. regulators already have direct oversight of London clearing houses that handle dollar-denominated instruments, though there is no provision for forcing through a relocation of a clearing house. Under the EU law, the bloc''s regulators would have a say on the amount and type of collateral the clearing house holds, ensure it meets any additional requirements from the ECB, and hold on-site inspections. The first aim of the law is to centralise supervision of EU-based clearing houses, with ESMA taking the lead, backed by central banks such as the ECB. At present, national supervisors oversee 17 clearers. The second aim is to build on the existing system of "equivalence", whereby 28 non-EU clearers can serve customers in the bloc if they comply with rules similar to the EU''s. Two-tier equivalence means that the bulk of foreign clearers will continue under the existing system. Others would be deemed "systemically important" and require enhanced supervision, with only a few likely to labelled as "substantially systemically important" and required to rebase to the bloc, a process that would be phased in over 18 months. Brussels acknowledged that relocation could cause higher costs for users because of market fragmentation and has introduced "proportionate risk requirements" to mitigate this. But some trades could be cleared more cheaply in the EU, officials said. LAST RESORT "If enhanced supervision does not work because it is so systemic, then there can be a decision to require relocation. That is a last resort," an EU source said. ESMA would have to make a relocation recommendation, with input from the ECB, but the European Commission would take the final decision. The European Commission decided not to include quantitative criteria for "systemic" clearing houses, such as caps on clearing volumes, leaving ESMA to make assessments case by case. Simon Gleeson, a regulatory partner at international law firm Clifford Chance, said there is no question of UK clearing being forced to relocate. "The issue is whether and to what extent the EU wishes to prevent EU banks from clearing euro trades outside the EU," Gleeson said. "I think what is really going on here is the EU trying to create a bargaining chip that it can employ to get a more substantial say in the way that London clearing is regulated post-Brexit." The draft law will need approval from EU states and the European Parliament, with changes likely. "The Commission has lost its courage when it comes to euro clearing. The rule must be that euro clearing must be done under EU jurisdiction, no ifs or buts," said Markus Ferber, a vice chair of the parliament''s economic affairs committee. Most euro-denominated clearing of derivatives is performed by LCH, a unit of the London Stock Exchange ( LSE.L ) and the largest clearer of interest rate swaps. LSE chief Xavier Rolet said on Monday that relocation would have little financial impact because it has a clearing house in Paris that is fully authorised under EU rules. A global derivatives industry body warned on Monday that shifting clearing of euro-denominated derivatives from London to the continent would require banks to set aside far more cash to insure trades, a cost that would be passed on to companies. Officials from the Bank of England, which supervises LCH, have warned that euro clearing could shift to New York, but any U.S. clearing house that became a "systemic" clearer of euro-denominated instruments would also come under the new EU rules. (Editing by David Goodman and Alexander Smith) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-eu-markets-clearing-idUKKBN1940YZ'|'2017-06-13T16:52:00.000+03:00'
'3a75cd4a9c3811cc2c69e50c3a509f85bb4aa3fe'|'Grocery wars! Amazon and Walmart crush Kroger'|'This robot will deliver your groceries Clean up in aisle 4! Shares of supermarket chain Kroger plunged nearly 20% Thursday to their lowest level since October 2014 after warning that its earnings for the full year would be lower than Wall Street analysts expected. Kroger was by far the worst performer in the S&P 500. Kroger ( KR ) , which also owns the Ralphs, Fry''s and Harris Teeter brands of grocery stores as well as department store and jewelry retail chain Fred Meyer, is being hurt by two big trends: lower food prices due to deflation and increased competition. Deflation may be less of an issue going forward, which is great for the company and its shareholders but may be bad news for consumers who have gotten used to enjoying a smaller bill at the grocery store. Kroger said in its earnings call with analysts Thursday that a recent rebound in various agricultural commodities has led to some inflation for produce prices. That will be a welcome relief for Kroger since it could lead to higher profit margins in the future. But competition isn''t going away. In fact, it''s getting tougher -- and that''s putting pressure on prices too. Amazon ( AMZN , Tech30 ) is bulking up its food delivery business. Walmart ( WMT ) has bolstered its grocery offerings at its stores. Costco ( COST ) is another big threat. And two European supermarket giants, Aldi and Lidi, are targeting the U.S. as well. They each have aggressive plans to open lots of stores in America. Related: Whole Foods shakes up its management team -- again Kroger also faces challenges from other established supermarkets as well as organic food stores in the U.S. Shares of three of those chains -- SuperValu ( SVU ) , Whole Foods ( WFM ) and Sprouts ( SFM ) -- plunged Thursday along with Kroger. But they all face a threat from private companies too, such as Trader Joe''s and Safeway-owner Albertsons. To its credit, Kroger has invested pretty heavily in its own organic and natural food and personal care brands. So it''s not as if the company has missed out on that trend. But Kroger no longer has to contend with just other supermarket chains. And even though the company -- with a more than $22 billion market valuation and total sales of $115 billion last year -- is no slouch, it now has to deal with two retail leviathans in Amazon and Walmart. That''s why it''s telling that one analyst asked Kroger executives on the conference call if they felt Kroger had "enough scale" to compete with Amazon and Walmart given the "tremendous amounts of cash" they both produce, The company maintained that it is big enough to go toe-to-toe with Walmart and Amazon. But investors clearly disagree.   12:19 PM ET'|'cnn.com'|'http://rss.cnn.com/rss/money_news_companies.rss'|'http://money.cnn.com/2017/06/15/investing/kroger-earnings-grocery-wars/index.html'|'2017-06-15T20:19:00.000+03:00'
'e3a0f5691dc864dc033641e08781e6f351f060b7'|'Canada''s Shaw sells data center company ViaWest, buys wireless airwaves'|'By Alastair Sharp - TORONTO TORONTO Canada''s Shaw Communications Inc said on Tuesday it would sell its data center subsidiary ViaWest Inc to Peak 10 Holding Corp for $1.675 billion, using some of the proceeds to buy airwaves to boost its new wireless unit.Shaw said it would pay C$430 million ($325 million) to acquire wireless spectrum from Quebecor Media Inc, which is majority-owned by Quebecor Inc, for use in its home markets in Alberta and British Columbia as well as in southern Ontario.The moves are the latest one-two M&A punch from Shaw, after early last year selling its media assets to sister company Corus Entertainment and acquiring Wind Mobile, which it rebranded as Freedom Mobile in November.Shares of both Shaw and Quebecor jumped after the news, with Shaw up 4.2 percent to C$29.75 and Quebecor up 1.9 percent at C$41.35 in morning trade."It was a good price (for ViaWest), a good strategic move to focus back onto the core," said Jeff Fan, a telecom analyst at Scotiabank, adding that the price they paid for the Quebecor spectrum was at the high end of his expected range.Calgary-based Shaw is locked in a fierce battle for internet, television and telephone customers in the west of the country with Vancouver-based rival Telus Corp."Just by getting low-band spectrum it''s not going to put them on equal footing, but it does narrow the network quality gap quite significantly," Scotiabank''s Fan said.The spectrum transaction requires approvals from a competition watchdog and the government, and is expected to close this summer.Analysts were calling on Shaw to sell its data center business after U.S. telecommunications firms Verizon Communications Inc and CenturyLink Inc reaped several billions of dollars after agreeing to sell their portfolios last year.Shaw bought ViaWest from private equity firms Oak Hill Capital Partners and GI Partners for about $1.2 billion three years ago. Peak 10 Holding is owned by GI Partners.ViaWest is a Colorado-based data center company which offers hybrid IT and cloud-based solutions. It owns about 30 data centers in several U.S. states including Colorado, Nevada and Minnesota.Reuters reported in April that Shaw was looking for a buyer for ViaWest and was expecting a higher price than its original investment.TD Securities acted as exclusive financial adviser and Paul, Weiss, Rifkind, Wharton & Garrison LLP and Dentons Canada LLP provided legal advice, Shaw said.(Additional reporting by Rishika Sadam in Bengaluru; Editing by Shounak Dasgupta, Bernard Orr)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-shaw-comms-viawest-divestiture-idINKBN1941K9'|'2017-06-13T13:57:00.000+03:00'
'750a8426fd7cae3bc7e20409812b452e811e8bbb'|'JLR unit invests $25 million in Lyft to help develop self-driving cars'|'Technology News - Mon Jun 12, 2017 - 8:02am BST JLR unit invests $25 million in Lyft to help develop self-driving cars FILE PHOTO: A Lyft driver from Sacramento, responds to a ride request on her smartphone during a photo opportunity in San Francisco, California February 3, 2016. REUTERS/Stephen Lam/File Photo Britain''s biggest carmaker Jaguar Land Rover said its mobility services business, InMotion Ventures, would invest $25 million in U.S. ride services company Lyft Inc to help develop and test technology for self-driving cars. The auto industry and technology companies are racing to develop self-driving technology, which in the years to come is expected to transform transportation by cutting costs of ride services and changing the way people buy and use cars. InMotion will also supply Lyft with a fleet of Jaguar and Land Rover vehicles, the automaker said on Monday. InMotion''s investment follows its recent seed investment in SPLT, the Detroit-based digital carpool business, which works with Lyft to provide non-emergency medical transport. (Reporting by Sanjeeban Sarkar in Bengaluru; Editing by Arun Koyyur) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-tata-motors-investment-idUKKBN1930L2'|'2017-06-12T15:02:00.000+03:00'
'e5d19385b280f15a9ffc18dfb3e895db5daefa3d'|'UBER BOARD ADOPTS RECOMMENDATION TO ADD ADDITIONAL BOARD SEATS, CONSIDER APPOINTING INDEPENDENT CHAIR- REPORT'|'Funds News  16pm EDT UBER BOARD ADOPTS RECOMMENDATION TO ADD ADDITIONAL BOARD SEATS, CONSIDER APPOINTING INDEPENDENT CHAIR- REPORT UBER BOARD ADOPTS RECOMMENDATION TO ADD ADDITIONAL BOARD SEATS, CONSIDER APPOINTING INDEPENDENT CHAIR- REPORT NEW YORK, June 13 Large investors, whose high exposure to large-cap technology stocks boosted their returns during the first quarter of the year, are doubling down on their investments even as stocks like Apple Inc and Facebook Inc stumble. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/uber-board-adopts-recommendation-to-add-idUSL1N1JA18H'|'2017-06-14T01:16:00.000+03:00'
'72a80cc629c103f4fb4917a99ec86b65e729bf60'|'Greek PM says French proposed mechanism can end debt talks impasse'|'Business News - Tue Jun 13, 2017 - 4:16pm BST Greek PM says French proposed mechanism can end debt talks impasse Greek Prime Minister Alexis Tsipras attends a cabinet meeting at the parliament in Athens, Greece June 13, 2017. REUTERS/Costas Baltas ATHENS Greek Prime Minister Alexis Tsipras said on Tuesday a French proposal over a mechanism linking medium-term debt relief to Greece''s growth rates could be a compromise that could end an impasse among the country''s lenders over its debt pile. Euro zone finance ministers are to meet in Luxembourg on June 15 to discuss Greek reform progress, how to reduce debt, and possibly, bring the International Monetary Fund on board to participate financially in the country''s third bailout. "The key is in accepting a proposal for a mechanism automatically linking medium-term debt measures with growth, bridging differences between institutions," Tsipras told a cabinet meeting, referring to a proposal floated by France. He said the compromise would allow positive assessments on the country''s debt sustainability, now running at around 180 percent of gross domestic product. Tsipras suggested that he would take the issue at an EU leaders'' summit later this month, if the solution proposed on June 15 did not meet Greece''s expectations. The scope and timing of any potential debt relief has kept the International Monetary Fund on the sidelines of the bailout programme, convinced that the country''s indebtedness is unsustainable. French Finance Minister Bruno Le Maire expressed optimism about Greece reaching a deal on new loans from its European creditors after talks with his Greek counterpart and Tsipras in Athens. "I wanted to underline that we are doing our best with the other member states of the euro zone, with the IMF, with the Greek government, and I''m optimistic. I think we are not far from an agreement," he told reporters. (Reporting By Michele Kambas; Editing by Jon Boyle) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-eurozone-greece-bailout-idUKKBN19421C'|'2017-06-13T23:16:00.000+03:00'
'fce22c43735c5d80888fd21f3070a6ae17027ae6'|'GLOBAL MARKETS-Asia stocks dip, dollar buoyant as Fed comes into view'|'NEW YORK A selloff in technology stocks extended to a second day on Monday, led by losses in Apple ( AAPL.O ), while oil prices rose on signs of inventory declines in the United States.The technology sector rout dragged down all three major U.S. stock indexes and raised concerns about the market''s lofty levels.The euro and its bonds rallied after pro-European parties scored in French and Italian elections over the weekend and as stocks jitters raised fresh questions for the Federal Reserve ahead of its policy meeting this week.The Nasdaq .IXIC .NDX was down 0.8 percent after falling 1.8 percent on Friday. Apple was down 3.4 percent, though other tech heavyweights Alphabet ( GOOGL.O ), Facebook ( FB.O ) and Microsoft ( MSFT.O ) also were down.At the same time, energy shares, which have had the biggest declines so far this year, added to Friday''s gains. The S&P energy index .SPNY was up 0.8 percent."You''re seeing a rotation. You''re seeing people not want to come out of the market. They''re selling what''s been a winner, rotating into what''s been a loser because they want to stay in the market. That''s not necessarily a bullish omen because when markets are at tops, people want to stay fully invested," said Michael O’Rourke, chief market strategist at JonesTrading in Greenwich, Connecticut.The S&P technology index .SPLRCT was down 1.3 percent on Monday, but remains up 17 percent for the year to date.The Apple-led worries had taken a heavy toll on Asian rivals including Samsung ( 005930.KS ) overnight and then hit Europe''s big chipmakers STMicro ( STM.PA ) and Dialog ( DLGS.DE ).An ebbing of the reflation trade that was based on U.S. President Donald Trump''s tax and spending promises, and a run of negative U.S. economic surprises, have prompted some investors to review the mix of their portfolios.The Dow Jones Industrial Average .DJI was down 69.22 points, or 0.33 percent, to 21,202.75, the S&P 500 .SPX had lost 8.23 points, or 0.34 percent, to 2,423.54 and the Nasdaq Composite .IXIC had dropped 51.39 points, or 0.83 percent, to 6,156.53.The pan-European STOXX 600 was down 1 percent.Oil gained on signs of inventory declines in the United States. News that Saudi Arabia will limit volumes of crude to some Asian buyers in July and deepen cuts to the United States also boosted prices.Brent crude futures LCOc1 rose 0.7 percent to $48.50 a barrel, while U.S. crude futures CLc1 gained 1 percent to $46.29.In the foreign exchange market, Britain’s pound was under pressure, after falling more than 2 percent following last week''s snap elections that left the Conservatives short of a ruling majority and cast a cloud of political uncertainty over the country. Sterling fell 0.55 percent to $1.2650 GBP= .May''s plans for leaving the EU have not changed, her spokesman said on Monday, although there were calls from Scotland to steer a course away from a "hard" Brexit.At the same time, first round French parliamentary election results look set to give President Emmanuel Macron a huge majority to push through pro-business reforms also helped.The dollar was steady with no major U.S. data releases and ahead of Wednesday''s Fed meeting, at which the central bank is overwhelmingly expected to increase U.S. interest rates.The dollar index .DXY, which tracks the greenback against six major currencies, was little changed at 97.248.Benchmark 10-year Treasuries US10YT=RR were last down 2/32 in price to yield 2.205 percent, from a yield of 2.199 percent late on Friday.(Additional reporting by Devika Krishna Kumar in New York; Dhara Ranasinghe, Patrick Graham, Marc Jones and Helen Reid in London; Editing by Catherine Evans and Nick Zieminski)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-global-markets-idUSKBN19300X'|'2017-06-12T08:24:00.000+03:00'
'32fe7b7fee461a776568e3370b5907fdeb624819'|'South Africa''s Sibanye says $1 rights issue oversubscribed'|'JOHANNESBURG Sibanye Gold''s ( SGLJ.J ) $1 billion rights issue, aimed at raising capital to help fund its acquisition of U.S. platinum producer Stillwater, was oversubscribed by almost five-fold, the company said on Monday.Such capital raising efforts are comparatively rare at the moment in South Africa''s troubled mining sector, which is beset by a range of challenges including policy uncertainty and labor and social unrest.But Sibanye, which has built a reputation on its dividend flow, is diversifying away from its home base with its Stillwater acquisition, reducing its exposure to the risks associated with doing business in South Africa.Those risks are underscored by a violent, wildcat strike unfolding at Sibanye''s Cooke operation west of Johannesburg, which was triggered by worker resentment at the company''s drive to root out illegal miners."Approximately 97 percent of shareholders subscribed for 1.2 billion new Sibanye shares in terms of the rights offer resulting in ... Excess applications were received for an additional 5.9 billion new shares, almost five times more than the rights offer shares available," Sibanye said.Offered at a discount of 60 percent to its closing price on May 17, the funds raised will repay a portion of a $2.65 billion loan facility it used to acquire Stillwater.Sibanye''s dividend yield is 5.64 percent, well above the 2.16 average of its South African peers, Reuters data shows.(Reporting by Ed Stoddard; editing by Jason Neely)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-sibanye-gold-issue-idINKBN1930JP'|'2017-06-12T06:19:00.000+03:00'
'578dbc9fa85bc712caf26e019d82c4e2d893ff32'|'Airbus may look beyond UK unless Brexit demands met -Sunday Times'|'LONDON, June 10 Airbus could move production of new aircraft models out of Britain if the European plane-maker''s "non-negotiable" demands over the free movement of people and trade tariffs are not delivered in upcoming Brexit talks, the Sunday Times reported.Britain is due to begin negotiations with the rest of the European Union about the terms of its departure in nine days time, despite Prime Minister Theresa May being weakened by losing her majority in Thursday''s election.Fabrice Bregier, chief operating officer of Airbus, said a deal must allow its staff from all over the world to enter Britain easily, ensure that parts are exempt from trade tariffs and ensure certain regulatory standards are maintained.Otherwise, he said, Britain would risk losing Airbus production in the future. "For new productions, it''s very easy to have a new plant somewhere in the world. We would have plenty of offers to do that," Bregier said, according to the newspaper."We want to stay in the UK — provided the conditions to work in an integrated organisation are met."May might be forced to reassess her Brexit priorities after being weakened by the election. She has previously said she wants Britain to withdraw from Europe''s custom union as well as its single market. She has also said no deal would be better than a bad deal, implying she could accept tariffs on imports and exports.Airbus Chief Executive Tom Enders said on Thursday that a "hard Brexit" where trade tariffs between the UK and European Union were imposed could potentially impact the competitiveness of the firm''s activities in Britain.Airbus employs over 10,000 people across two plants in Britain, according to the company''s website. (Reporting by Alistair Smout; Editing by Bill Rigby)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/britain-eu-airbus-idINL8N1J70Q3'|'2017-06-10T20:42:00.000+03:00'
'584fbefab82771a4987a4424034ff513a67fe012'|'Bank of America to lay off more workers'|'Banks  30am BST Bank of America to lay off more workers The Bank of America building is shown in down town Los Angeles, California, U.S., March 6, 2017. REUTERS/Mike Blake By Dan Freed Bank of America Corp has begun laying off employees in its operations and technology division, part of the second-largest U.S. bank''s plan to cut costs. On Wednesday the bank cut jobs across that division, many of which came from its Charlotte, N.C., headquarters, a spokesman said. He would not specify the number of jobs lost. The cuts come as Bank of America is aiming to cut costs to boost financial targets Chief Executive Brian Moynihan has set. Although Bank of America is also hiring, the employees that it is trying to reduce cost more than those who are joining, Moynihan said at a conference last month. The bank has also been cutting costs by shuttering data centres and moving information to less costly systems run by technology firms. For any large bank, technology and operations costs run high. Old systems are reliable but dated, while new ones are expensive to develop. Separately, at a conference on Wednesday, Chief Operating Officer Tom Montag said the global banking and markets unit has roughly 1,300 applications that cost about $1.3 billion (1.02 billion pounds) to maintain and run. As the bank sorts through those platforms and decides which to eliminate, some jobs will be lost, said spokesman Dan Frahm. The Charlotte Observer first reported layoffs at Bank of America''s headquarters. (Reporting by Dan Freed in New York and Subrat Patnaik in Bengaluru; Editing by Sunil Nair)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-bank-of-america-layoffs-idUKKBN1960AP'|'2017-06-15T12:30:00.000+03:00'
'e62cfee33cd0d43e7b59f66bd3316ebc1e19e30f'|'THL Credit Advisors raises third direct lending fund'|'By Jessica DiNapoli - June 11 June 11 THL Credit Advisors LLC, the credit investment affiliate of buyout firm Thomas H. Lee Partners LP, said on Sunday it completed raising its third fund focused on direct lending to midsized privately-owned companies, amassing $511 million.The fund is focused on lending to companies in healthcare, financial services and software, and will provide growth capital and financing for leveraged buyouts and dividend recapitalizations, Chris Flynn, Co-CEO of THL Credit Advisors LLC, told Reuters in an interview."If you think of our clients, who are private-equity sponsors, anytime we increase our capital base, they''re pleased because we have more potential financing solutions to meet their capital needs," said Flynn.The fund targets companies with between $5 million and $50 million in 12-month earnings before interest, taxes, depreciation and amortization. The new fund will work on financings with partners of up to $100 million, holding on to as much as $50 million for its own books across its platform, according to Flynn.The financings will be provided across companies'' capital structures, as first-lien or other loans backed by collateral, the company said.THL Credit has five offices in the United States. The firm''s previous direct lending fund raised $187 million in 2013 and invested in 25 companies. (Reporting by Jessica DiNapoli in New York; Editing by Nick Zieminski)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/thlcredit-fund-idINL1N1J61MW'|'2017-06-11T22:00:00.000+03:00'
'1c0dd78e07ac1874140b2d06d7d85a10cdf44a4c'|'Saudi to supply full crude volumes in July to some in Asia, cuts to U.S. - sources'|'By Rania El Gamal and Florence Tan - DUBAI/SINGAPORE DUBAI/SINGAPORE Saudi Arabia, the world''s top oil exporter, will limit volumes of crude to some Asian buyers in July and deepen cuts in allocations to the United States, industry sources with knowledge of the matter said on Monday.State-run oil firm Saudi Aramco would supply full contracted crude volumes to at least five Asian buyers mainly in North Asia and lower volumes for some customers in India, China and South Korea, the sources told Reuters on condition of anonymity.Cuts in crude allocations to Asia in July would total about 300,000 barrels per day (bpd), deeper than in June, the sources said.Aramco notified Asian refiners last month that it would reduce oil supplies to Asia by about 7 million barrels in June, its first cuts for that region since OPEC-led output reductions took effect in January.Elsewhere, crude allocations to the United States have been lowered significantly and Aramco continued to curtail supply to Europe, two sources said. One source said volumes to the United States would be cut by about 35 percent in July, while Europe supplies will be reduced by about 11 pct compared to June.One of Aramco''s main buyers in China opted for lower nominations in July due to planned refinery maintenance and the more expensive Dubai benchmark, one of the sources said.Another North Asian customer said Aramco would supply full volumes of heavy crude for a third straight month.According to the July plans, Aramco would cut supplies to India by close to 200,000 bpd and China by about 110,000 bpd, while supplying full volumes to buyers in Japan and Taiwan, said one source with knowledge of the nominations. Supplies to one South Korean refiner were also reduced, two sources said.Saudi Arabia, de facto leader of the Organization of the Petroleum Exporting Countries, has cut oil output as part of a global supply pact and trimmed exports to meet rising domestic demand for power during the hot summer months.An OPEC-led agreement to curb global oil supplies was extended last month until March 2018. The agreement, which includes non-OPEC nations such as Russia, had initially been due to run during the first half of 2017.When OPEC announced the curbs last year, Saudi Arabia told its customers in Europe and the United States that they would receive lower volumes but shielded most of Asia from the cuts.However, power demand peaks during summer as residents turn up air conditioners in the desert kingdom where temperatures can reach as high as 50 degrees Celsius.This year is likely to see an earlier spike in demand as the Muslim fasting month of Ramadan started in late May.Under the supply pact, OPEC states, Russia and other major producers agreed to cut output by about 1.8 million bpd.Saudi Arabia accounts for about 40 percent of the cuts pledged by OPEC. It has reduced output by more than 500,000 bpd so its total production now runs slightly below 10 million bpd.Industry sources told Reuters in April that higher domestic demand for oil in the summer would weigh on exports especially if Saudi Arabia kept output at about 10 million bpd.Saudi Arabia usually burns about 700,000 bpd of oil for power generation in the hottest months from May to August. This summer, the country may reduce domestic oil consumption as it plans to use more natural gas in power stations.(Reporting by Rania El Gamal in Dubai, Florence Tan in Singapore and Osamu Tsukimori in Tokyo; Editing by Dale Hudson and Edmund Blair)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/saudi-supply-idINKBN1930VP'|'2017-06-12T07:03:00.000+03:00'
'0384a84ecceab03d4382c2415f5525afb2d10593'|'Apple focusing on autonomous car system - CEO Cook on Bloomberg'|'Business News - Tue Jun 13, 2017 - 3:58pm BST Apple focusing on autonomous car system - CEO Cook on Bloomberg Apple CEO Tim Cook speaks during Commencement Exercises at Massachusetts Institute of Technology (MIT) in Cambridge, Massachusetts, U.S., June 9, 2017. REUTERS/Brian Snyder Apple Inc is concentrating on technology for self-driving cars, Chief Executive Tim Cook said for the first time in an interview with Bloomberg. The company is focusing on autonomous systems, Cook told Bloomberg Television on June 5. ( bloom.bg/2rWfvOR ) "We''re not really saying from a product point of view, what we will do ... it''s a core technology that we view as very important," Cook said in the interview. A late entrant to the self-driving race, Apple secured a permit in April to test autonomous vehicles in California and has recruited dozens of auto experts. Apple did not immediately respond to a request for comment. (Reporting by Anya George Tharakan in Bengaluru; Editing by Saumyadeb Chakrabarty) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-apple-autos-idUKKBN1941SD'|'2017-06-13T22:58:00.000+03:00'
'10853d45e3f484f4095f6358779d8bd6b3d4d3a3'|'GE wins U.S. antitrust approval for Baker Hughes purchase'|'WASHINGTON General Electric Co ( GE.N ) won U.S. antitrust approval to merge its oil and gas business with Baker Hughes Inc ( BHI.N ), the Justice Department said on Monday.GE and Baker Hughes announced the deal in October, months after Halliburton''s effort to buy Baker Hughes collapsed under pressure from the Justice Department''s Antitrust Division. Under the agreement, GE will combine Baker Hughes with its oil and gas business to create a publicly traded company.Following news of the antitrust approval, shares of Baker Hughes added slightly to gains and were up 1.1 percent to $56.14.The deal was approved on condition that GE sell its Water & Process Technologies business, the department said. The asset sale was required because GE and Baker Hughes are two of four companies that sell refineries the specialized chemicals they need to remove impurities from hydrocarbons, the department said in a court filing.Baker Hughes has some 35 percent of the market for refinery process chemicals, while GE has about 20 percent, the department said in a court filing.(Reporting by Diane Bartz; Editing by Peter Cooney)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-baker-hughes-m-a-ge-idUSKBN1932B1'|'2017-06-13T03:15:00.000+03:00'
'a37bb56629ad3ee5f4b3e3cde20f95cf5d9df871'|'Tony Awards TV audience slumps without ''Hamilton'''|'Market  48pm EDT Tony Awards TV audience slumps without ''Hamilton'' LOS ANGELES, June 12 Some six million Americans watched the Tony Awards on television on Sunday, down sharply from last year''s televised ceremony when pop culture juggernaut "Hamilton" dominated the show. CBS said on Monday that 6.1 million people watched Sunday''s three-hour awards show, broadcast from New York''s Radio City Music Hall, where a revival of musical "Hello Dolly!" and new teenage angst musical "Dear Evan Hansen" were the big winners. This year''s TV audience marked a more than 30 percent drop from 2016''s television audience of 8.7 million viewers - a 15-year high for the annual awards show celebrating the best of American theater. The audience in advertisers'' coveted 18- to 49-year-old demographic tumbled even more steeply, by about 44 percent, the data showed. "Hamilton," a musical that tells the history of America''s founding fathers through hip-hop lyrics and casts African-American and Latino actors in the roles of figures like George Washington, Alexander Hamilton and Aaron Burr, won 11 Tony Awards in 2016. Already the hottest ticket on Broadway, productions of the Lin-Manuel Miranda musical have now opened or are about to open in Chicago, Los Angeles and London. On Sunday, "Dear Evan Hansen" won six Tonys, and "Hello Dolly!" starring Bette Midler, took home four awards in a ceremony hosted by Oscar-winning actor Kevin Spacey. Spacey, who spent much of the show joking about not being the first choice for the job, got mixed reviews. The New York Times deemed it an "uneven night," and Variety said Spacey "fell flat," while the Los Angeles Times said Spacey was "sweet, corny and touching." (Reporting by Jill Serjeant, editing by G Crosse)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/awards-tonys-ratings-idUSL1N1J90TE'|'2017-06-13T00:48:00.000+03:00'
'4928405521e686eec1b028872d31ee9c7f7d24e3'|'U.S. bank bosses succumb to email hoaxer'|'Business News - Mon Jun 12, 2017 - 4:42pm BST U.S. bank bosses succumb to email hoaxer left right FILE PHOTO: The logo of Dow Jones Industrial Average stock market index listed company Goldman Sachs (GS) is seen on the clothing of a trader working at the Goldman Sachs stall on the floor of the New York Stock Exchange, United States April 16, 2012. REUTERS/Brendan McDermid/File Photo 1/3 left right FILE PHOTO: A Citi sign is seen at the Citigroup stall on the floor of the New York Stock Exchange, October 16, 2012. REUTERS/Brendan McDermid/File Photo 2/3 left right FILE PHOTO: The Barclays headquarters building is seen in the Canary Wharf business district of London, Britain February 6, 2013. REUTERS/Neil Hall/File Photo 3/3 By Anjuli Davies and Olivia Oran - LONDON/NEW YORK LONDON/NEW YORK The bosses of Wall Street banks Goldman Sachs ( GS.N ) and Citigroup ( C.N ) are the latest executives to fall victim to an email prankster who has also managed to connect with the head of Barclays ( BARC.L ) and the governor of the Bank of England. While neither Goldman CEO Lloyd Blankfein nor his Citi counterpart Michael Corbat revealed any sensitive information, the exchanges will raise questions about the way banks'' computer systems handle emails to addresses outside their companies. Blankfein was drawn into the simple hoax when he replied to an email purporting to be from his company''s president and co-chief operating officer, Harvey Schwartz, congratulating him on a tweet that Blankfein wrote last week on a trip to China about the country''s impressive infrastructure. "Tweet won some online award for humorous tweet - Trump will be so pissed ;)" the anonymous hoaxer, who used the Twitter handle @SINON_REBORN, said in a published exchange on the social media site pretending to be Schwartz. Blankfein, who only recently joined Twitter, replied to whom he thought was Schwartz, saying he had tweeted when he landed in China because it "seemed like a good way to bookend my trip." When asked about the incident, a spokesman for Goldman Sachs in New York said: "In the aftermath of the elections in France and England, I would have thought Reuters had more consequential events to report on." The prankster then attempted to draw in Corbat and Citi''s head of global consumer banking, Stephen Bird, by masquerading as Citi''s chairman Michael O''Neill. The hoaxer sent Corbat and Bird an online article from British newspaper CityAM about the exchange between Blankfein and the emailer, according to the prankster''s Twitter feed. Corbat replied that he couldn''t open the link. Bird replied: "Can never be too careful Mike. Hope that''s our real Chairman!" He then went on to describe Citi''s email filtering system before commenting on Blankfein''s mishap. "At least Lloyd was responsive ... in the new economy that''s something. Some of his peers are still getting their messages printed out." A spokeswoman for Citi in New York confirmed the existence of the email exchange but declined to comment further. Due to concerns about hoaxing and security, a small group of the Wall Street elite refuses to say anything substantive in an email, text or chat, and some will not communicate digitally at all, Reuters reported in November. Last month, Barclays chief Jes Staley became the first high profile executive to be caught out by the prankster, and the bank reportedly responded by tightening its computer security so employees get a warning whenever they are sending messages to someone outside the firm. Bank of England Governor Mark Carney was also targeted and replied to an email he believed was from the head of the central bank''s internal oversight body, Anthony Habgood. In his response, Carney poked fun at the drinking habits of one of his predecessors. (Reporting by Anjuli Davies; Editing by Mark Potter)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-banks-email-idUKKBN1931SM'|'2017-06-12T23:43:00.000+03:00'
'e24cb3262e569e9351e1de285a82962effd1f7ad'|'U.S steel association urges better coordination under new NAFTA'|'Market   7:01pm EDT U.S steel association urges better coordination under new NAFTA WASHINGTON, June 12 The top U.S. steelmakers'' association on Monday called for better coordination and enforcement of rules under a renegotiated North American Free Trade Agreement to guard against Mexico, the United States and Canada becoming a dumping ground for cheap steel from other countries. In comments to the U.S. Trade Representative ahead of NAFTA negotiations in August, the head of the American Iron and Steel Institute (AISI), Thomas Gibson, urged updates to NAFTA''s rules of origin - how much of a product is made in North American - new measures to curb steel dumped on the market by non-NAFTA countries, and steps to improve customs procedures. "The American steel industry views NAFTA as a successful agreement but after 23 years, one that can also be modernized and strengthened," Gibson said in a letter to Edward Gresser, chairman of USTR''s Trade Policy Staff Committee. The U.S. Trade Representative office asked businesses and industry groups to submit recommendations this week ahead of the NAFTA talks. AISI members include ArcelorMittal USA, Nucor Corp , U.S. Steel and AK Steel Holding Corp. Gibson also said "enforceable currency disciplines" should be added to the new NAFTA to avoid trade-distorting currency misalignments or competitive currency depreciation, a complaint often heard by U.S. manufacturers against such countries as China and Japan. He said while Mexico and Canada did not manipulate their currencies, a currency clause would be a useful precedent for other trade agreements where it might be more relevant. NAFTA should also help level the playing field for North American steel producers, which are disadvantaged by enterprises that are owned or financed by governments, Gibson added. After calling NAFTA "the worst trade deal" ever during the presidential election campaign, U.S. President Donald Trump has since softened his stance toward the agreement between the United States, Canada and Mexico. Instead of dismantling NAFTA, most U.S. industries and businesses have called for it to be updated and modernized. Like U.S. automakers, the U.S. steel industry has expressed concerns that changes could interfere with existing supply networks. In other comments sent to USTR ahead of the NAFTA talks, the U.S. Chamber of Commerce called on the Trump administration to ensure that the negotiations "be conducted in a manner that does not put millions of American jobs at risk." "The chamber supports this effort to modernize the NAFTA, taking into account technological, economic, and other changes in the U.S., North American, and global economies in recent years," the chamber''s senior vice president for international policy, John Murphy, said. Meanwhile, the National Foreign Trade Council said the talks should create more open markets and better rules, not new restrictions. (Reporting by Lesley Wroughton; Editing by Tom Brown)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-trade-nafta-steel-idUSL1N1J91UJ'|'2017-06-13T07:01:00.000+03:00'
'e997cfa9699c8384a37d3aaebb8e5d509132c067'|'Oil prices driven up by futures bets, but market remains bloated'|'Money   1:34am IST Oil rises on signs of U.S. inventory declines, lower Saudi exports A flame shoots out of a chimney at a petro-industrial factory in Kawasaki near Tokyo December 18, 2014. REUTERS/Thomas Peter/Files By Devika Krishna Kumar - NEW YORK NEW YORK Oil edged up on Monday on signs of inventory declines in the United States and news that Saudi Arabia will limit volumes of crude to some Asian buyers in July and deepen cuts to the United States. Saudi Arabia, the world''s top oil exporter, will cut crude allocations to Asia in July to a total of about 300,000 barrels per day (bpd), deeper than in June, sources told Reuters. One source said volumes to the United States would be cut by about 35 percent in July. Data from market intelligence firm Genscape estimating a draw of more than 1.8 million barrels at the Cushing, Oklahoma delivery point for U.S. crude futures last week added to the bullish sentiment, said traders who saw the data. Brent crude futures LCOc1 ended the session up 14 cents, or 0.3 percent at $48.29 a barrel, having risen as much as 2 percent to a session high of $49.15. U.S. West Texas Intermediate (WTI) crude futures CLc1 gained 25 cents, or 0.6 percent, to settle at $46.08, having peaked at $46.71. Prices plunged about 5 percent last week after data from the U.S. Department of Energy showed a surprise increase in stockpiles. [EIA/S] "We think the market''s negative reaction to a one-week counter-seasonal crude inventory build of 3.3 million barrels was excessive, at least relative to its lack of positive reaction to draws amounting to 10.9 million barrels in the previous two weeks of data," Standard Chartered analysts said in a note. "We do not expect a repeat of the inventory increase this week; rather we see a further large inventory draw." Some traders and analysts said the rise looked technical in nature, after WTI rallied and encouraged a similar move in the Brent market. But they said the move might prove fleeting. "When you start to approach $45 a barrel in WTI, you''re in an area where you do find some price support and I think there has been some evidence last week of investment flows coming back into crude oil," Petromatrix strategist Olivier Jakob said. "You have to be careful not to be too optimistic for now," he said. "Physical differentials are still under pressure and the time structure is still under pressure in Brent. It''s a bit premature to call for much higher oil prices." Traders also noted the price rise came as data showed speculative traders had increased their investment in crude futures by taking on large volumes of long positions. "Oil bulls have reset for a technical bounce," said Stephen Schork, author of the Schork Report. While financial traders have confidence in rising prices, the physical market remains under pressure, especially because of an increase in U.S. drilling and output. "The combination of a rebound in OPEC and Russian output in the first half of 2018 and growing U.S. production will probably push the market back into oversupply next year after being in a large deficit in the second half of 2017," Capital Economics said in a note. "As a result, it now seems more likely than not that oil prices will fall back a little next year, even with continued growth in demand, rather than slowly rising as we had previously assumed. As such, we are lowering our end-2018 forecast for Brent from $65 per barrel to $55." (Additional reporting by Amanda Cooper in London, Henning Gloystein in Singapore; Editing by David Goodman and Steve Orlofsky)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/global-oil-idINKBN19309W'|'2017-06-12T12:00:00.000+03:00'
'ba66308f26867ab0c92372de9e814dc8cff2d2b7'|'Even before Anbang chairman detained, some banks halted its products'|'Business News - Thu Jun 15, 2017 - 2:55pm BST Even before Anbang chairman detained, some banks halted its products FILE PHOTO: The headquarters building of Anbang Insurance Group are pictured in Beijing, China, August 25, 2016. REUTERS/Jason Lee/File Photo By Matthew Miller and Julie Zhu - BEIJING/HONG KONG BEIJING/HONG KONG China''s Anbang Insurance Group, whose chairman was detained late last week, said on Thursday that its products were still being sold through banks, although employees at some lenders said they had stopped selling them, in some cases months ago. A spokesman for the acquisitive insurance giant, which made headlines with its 2015 purchase of New York''s Waldorf Astoria hotel, said banks were still distributing its products. Bloomberg earlier reported that Chinese authorities had asked lenders to suspend some business dealings with Anbang. That report cited an unnamed source and did not give details on what type of business dealings with Anbang banks were asked to suspend. China''s banking regulator did not immediately respond to a faxed request for comment from Reuters. Anbang, one of China''s most aggressive buyers of overseas assets, said early on Wednesday that Chairman Wu Xiaohui was temporarily unable to fulfil his duties. Last week, the company denied reports that Wu had been barred from leaving China. Wu was detained by authorities last Friday, people familiar with the matter said. None of the sources wanted to be identified given the sensitivity of the matter. Two days earlier, Wu had presided over a large internal meeting that appeared to be business as usual, said a person who was there. Anbang, which said it is operating normally in Wu''s absence, distributes insurance through multiple channel types. According to its annual report, 88 percent of its insurance sales last year were through banks. The insurer has spent more than $30 billion in the past two years acquiring insurers, luxury hotels and other property assets. But it has faced increasing pushback in its offshore deal-making amid a broader decline in Chinese outbound acquisitions. Beijing has strengthened curbs over capital outflows after China''s leadership vowed to curb risk in its financial system. INDUSTRY SCRUTINY China''s big insurers have attracted regulatory attention for their aggressive acquisitions of overseas assets, while using client money derived from high-yield investment products sold to consumers. This has particularly jarred with authorities concerned about an economy over-reliant on credit. In a speech late last year, China Securities Regulatory Commission (CSRC) Chairman Liu Shiyu criticised the prevalence of "abnormal" highly-leveraged acquisitions by insurers and other financial companies, and that in some instances, their use of funds of "improper origins" represented the "retrogression and decay" of human nature and business ethics. In April, President Xi Jinping ordered more to be done to rid Chinese financial firms of excessive risk. Zhuang Deshui, deputy director at Peking University''s Clean Government Centre, said the anti-corruption crackdown directed at the financial industry was aimed at breaking up vested interest groups, including Communist Party officials, who had abused their power for financial gain while obstructing key reforms. ''SOLD OUT'' Employees at several Chinese banks contacted by Reuters on Thursday said they had stopped selling some Anbang products, in some cases several months ago and also because the products had "sold out". The head of a Beijing branch of Industrial and Commercial Bank of China (ICBC) ( 601398.SS ) said Anbang''s 3-year universal insurance products with guaranteed principal and interest were very popular last year, with interest rates at 3-4 percent. But since receiving a notice from its headquarters in the third quarter of 2016, it had stopped selling Anbang products, the bank official said, adding that reasons behind the suspension were not disclosed. A sales representative at a sub-branch of CITIC Bank ( 601998.SS ) in the eastern city of Hangzhou said sales of nearly all Anbang products had been suspended since late May. Only a 5-year insurance product with a relatively low yield of more than 4 percent was being sold, the agent said. ICBC and CITIC Bank did not immediately respond to requests for comment. The head of a Beijing branch of Bank of Hangzhou ( 600926.SS ) said it had not received any notice on suspending sales of Anbang products, which were still for sale. The bank did not immediately reply to a request for comment. Last month, Anbang Life Insurance ( IPO-ABLF.HK ) was barred from issuing new products for three months for "disrupting market order" by designing a product that bypassed regulations aimed at curbing growth in risky, short-term, universal life insurance products. Anbang Life at the start of the year had begun to shift its sales away from universal life to traditional products, generating premiums in the first quarter that topped full-year 2016 totals. Anbang has 1.97 trillion yuan ($290 billion)in assets, according to its website. (Reporting by Julie Zhu in Hong Kong and Matthew Miller, Benjamin Kang Lim and Philip Wen in Beijing; Additional reporting by Umesh Desai in Hong Kong and Min Zhang, Ma Rong, Lusha Zhang, Shu Zhang and Stella Qiu in Beijing; Writing by Tony Munroe; Editing by Ian Geoghegan) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-anbang-group-chairman-idUKKBN1961SO'|'2017-06-15T21:55:00.000+03:00'
'4f3a3a8ad9744268fc151884a9ab6b0a56105afb'|'Aviva to expand in UK cyber insurance, company pensions'|'Technology News - Thu Jun 15, 2017 - 7:13pm IST Aviva to expand in UK cyber insurance, company pensions Pedestrians walk past an Aviva logo outside the company''s head office in the city of London, Britain, March 5, 2009. REUTERS/Stephen Hird/File Photo By Carolyn Cohn - LONDON LONDON British insurer Aviva plans to launch a new product to cover small and medium-sized businesses against cyber attacks later this year as part of an expansion of its specialist insurance division, its chief executive for UK insurance said. Aviva, which made 3 billion pounds ($3.8 billion) of operating profit in 2016, also wants to take on the risk of more company pension schemes and is mulling the future of operations in several countries, including India, Andy Briggs told Reuters. Aviva, which traces its origins back to 1696 as a fire insurer, has been in turnaround mode since Chief Executive Mark Wilson took over in 2013. In 2015, it bought rival Friends Life, which Briggs ran, to become Britain''s largest life insurer. The only listed British insurer with a large presence in life insurance, general motor and home insurance, Briggs said the firm''s healthy balance sheet meant it could now grow its share of the corporate and speciality markets. "We are smaller there at the moment but it''s an area where we are building capability and we are looking to grow," Briggs said, after a period when balance sheet struggles had limited its ability to write such business. "Now we''ve got a much stronger balance sheet (and) we are more open-minded to deploying capital." Corporate and speciality risk involves insuring complex risks in anything from oil rigs to footballers'' legs and is dominated by Lloyd''s of London. It also includes cyber insurance, a market expected to grow, particularly after last month''s "ransomware" attack across the world. Aviva has an "up to five percent" share of the corporate and speciality risk market in the UK currently, Briggs said. It already has a small presence in the cyber market and also provides commercial motor, commercial property and employer''s liability insurance, but does not offer insurance in specialist sectors such as marine, energy or aviation. Briggs did not specify where the company would like to expand, beyond cyber. BULK DEALS In the bulk annuity market, Aviva has started quoting on deals up to 1 billion pounds, ratcheting up from its previous focus on sub-250 million pound deals, Briggs said. Many British companies with defined benefit, or final salary, schemes - whose liabilities total around $2 trillion - are looking to offload that risk as continued low interest rates have pushed them into deficit. The UK bulk annuity market is seen expanding to at least 12 billion pounds this year from 10 billion in 2016. "For a good four or five years, Aviva has been the major player at the smaller end of the market - we are moving into the mid-sized deals," Briggs said, where the company would compete with rivals including Legal & General. BUYING, SELLING? After the 5.6 billion pound takeover of Friends Life, Briggs said future deal plans would be more modest - sub-300 million pounds - and possibly tech-related, as traditional insurers compete with digital start-ups. Chinese online finance giant Tencent Holdings and hedge fund Hillhouse Capital took stakes in Aviva''s Hong Kong business earlier this year and Briggs said that deal could be a template for other Asian markets. A tie-up with western tech firms was also possible, he said. "(Our) technology is exactly what the Amazons and Googles and Facebooks would want, so ultimately if they want to make an insurance offering to their customers, it would be far quicker and easier for them to do that by partnering with Aviva." As Aviva looks to the tech future, it is mulling the future of more mature businesses, Briggs said, including the sale of Spanish joint venture stakes left after it pulled out of three for 475 million euros last month. "Having sold the majority of the Spanish business you need to then ask the question ''what do we do with the balance? Might it be up for a sale?'' It''s a sensible question to ask," Briggs said. Friends Provident International, which a source told Reuters earlier this year could be sold for $500-700 million, and Taiwan are both under strategic review, Briggs said, and plans for those businesses would be decided first. "That''s our focus", he said, adding that although it was too early to say what would happen, the firm would also examine its Italian business and its Indian joint venture with Dabur Invest Corp "We are not satisfied with where we are today." ($1 = 0.7831 pounds) '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/aviva-insurance-idINKBN1961RX'|'2017-06-15T21:43:00.000+03:00'
'4ce3d2ac0d8d63101dadf86e7739ab9940c866b5'|'Uber CEO Kalanick says he will take leave of absence'|'Technology Photos - Tue Jun 13, 2017 - 11:14pm IST Uber CEO Kalanick says he will take leave of absence left right FILE PHOTO - Uber CEO Travis Kalanick attends the summer World Economic Forum in Tianjin, China on June 26, 2016. REUTERS/Shu Zhang/File Photo 1/3 left right FILE PHOTO - Uber CEO Travis Kalanick speaks to students during an interaction at the Indian Institute of Technology (IIT) campus in Mumbai, India on January 19, 2016. REUTERS/Danish Siddiqui/File Photo 2/3 left right FILE PHOTO - Uber CEO Travis Kalanick speaks to students during an interaction at the Indian Institute of Technology (IIT) campus in Mumbai, India, January 19, 2016. REUTERS/Danish Siddiqui/File photo 3/3 By Heather Somerville and Joseph Menn - SAN FRANCISCO SAN FRANCISCO Uber Technologies Inc''s [UBER.UL] embattled Chief Executive Travis Kalanick told employees in an email on Tuesday that he will take time away from the company he helped to found, citing the need to grieve for his recently deceased mother, according to a copy of the memo seen by Reuters. Uber also released the recommendations of a months-long investigation led by the law firm of former U.S. Attorney General Eric Holder who was retained by Uber to look into company culture and practices. The recommendations, which were unanimously adopted by the board on Sunday, call for reducing Kalanick''s sweeping authority and instituting more controls over spending, human resources and the behavior of managers. Specifically, the recommendations call for adding independent members to the board of directors, including an independent chair. They also spell out changes to company culture, including prohibiting romances between bosses and their reports and creating clearer guidelines around use of drugs and alcohol. Kalanick''s leave of absence follows a day-long board meeting on Sunday during which members of Uber''s board of directors discussed the possibility of Kalanick temporarily stepping away from the company. In his email, Kalanick did not specify how long he would be away from the company, but cited the need to take time off to grieve the loss of his mother, who died in a recent boating accident. "If we are going to work on Uber 2.0, I also need to work on Travis 2.0 to become the leader that this company needs and that you deserve," Kalanick wrote in his email. (Reporting by Heather Somerville and Joseph Menn; Editing by Bill Rigby) '|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-uber-board-idINKBN1942EG'|'2017-06-13T15:44:00.000+03:00'
'6933ded170330780c281e9ec8364d5decbda2762'|'LG Chem denies media report of $6.2 billion Volkswagen battery deal'|'Autos - Mon Jun 12, 2017 - 8:31pm EDT LG Chem denies media report of $6.2 billion Volkswagen battery deal General view of the Volkswagen power plant in Wolfsburg, Germany September 22, 2015. REUTERS/Axel Schmidt SEOUL South Korean battery maker LG Chem Ltd ( 051910.KS ) denied on Tuesday a media report that it has signed a 7 trillion won ($6.20 billion) deal to supply electric vehicle batteries for Volkswagen AG ( VOWG_p.DE ). The DongA Ilbo newspaper reported on Tuesday that LG Chem would be the battery supplier for Volkswagen''s Modular Electric Drive project. The report did not cite any direct sources. "No contract has been agreed on," LG Chem said in a regulatory filing. The firm declined to comment on whether it was in talks with Volkswagen to supply batteries for the project named in the DongA report. Volkswagen could not be immediately reached for comment. LG Chem already supplies batteries to Volkswagen as well as other major carmakers such as General Motors Co ( GM.N ) and Renault SA ( RENA.PA ). LG''s shares were up 1.4 percent in early Tuesday trade, compared with a 0.3 percent rise for the broader market .KS11 . (Reporting by Se Young Lee and Hyunjoo Jin; Editing by Stephen Coates)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-lg-chem-volkswagen-batteries-idUSKBN19401B'|'2017-06-13T04:31:00.000+03:00'
'be981023dc2da1aec154f0b265a645c979a90446'|'Merkel ally renews German push for ECB to wind down bond purchases'|'Central Banks - Thu Jun 15, 2017 - 12:49pm BST Merkel ally renews German push for ECB to wind down bond purchases BERLIN Germany continued its push against European Central Bank policy on Thursday, when a senior member of Chancellor Angela Merkel''s conservatives asserted the ECB has damaged the European project with its bond buying programme and could only regain trust by scaling back its ultra-loose monetary policy. The comments by Werner Bahlsen, head of the economic council of Merkel''s CDU conservatives, came after Finance Minister Wolfgang Schaeuble on Tuesday urged the ECB to change its policy "in a timely manner", warning that very low interest rates had caused problems in some parts of the world. Germany is heading towards a federal election in September. The ECB''s 2.3 trillion-euro (2.01 trillion pounds) bond-buying scheme is set to run until the year''s end, so it will have to decide around that time whether to keep on buying to prop up a still- weak inflation rate or start winding down the programme. Germany, the bloc''s largest economy, and other northern countries say the bond purchases are eroding the assets of savers and discouraging other euro zone countries from pursuing reforms to make their economies more efficient. With growth in the euro zone picking up, German politicians argue the time has come for the ECB to step back - although Schaeuble is also benefiting from record-low borrowing costs. "The ongoing purchase of government bonds has already cost the European project a great deal of credibility and has damaged it," Bahlsen said. "The ECB can only regain trust with the return to a sound monetary policy." A survey by the CDU''s economic council showed that less than a quarter of its roughly 12,000 members had confidence in the ECB''s course. Seventy-six 76 percent said they backed Bundesbank head Jens Weidmann''s monetary policy stance. Weidmann said on Wednesday that the ECB, now a top creditor to euro zone governments, is at risk of coming under political pressure because any hint of policy tightening poses the risk of pushing yields higher and blowing a hole in national budgets. (Reporting by Michael Nienaber, editing by Larry King)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-ecb-policy-germany-idUKKBN1961EI'|'2017-06-15T19:49:00.000+03:00'
'0168bd1e04d96392695e686d4225aef268bd2888'|'In reversal of fortune, China''s low-value steelmakers beat high-end peers'|'Autos - Thu Jun 15, 2017 - 1:24am BST In reversal of fortune, China''s low-value steelmakers beat high-end peers left right FILE PHOTO: A labourer works at a cold-rolling mill on the outskirts of Wuhan, capital of central China''s Hubei province August 22, 2006. REUTERS/Alfred Cheng Jin/File Photo 1/2 left right FILE PHOTO: Stacks of rebar await delivery at Shanxi Zhongsheng Iron and Steel in Fenyang, Shanxi Province, China, April 28, 2016. REUTERS/John Ruwitch/File Photo 2/2 By Manolo Serapio Jr and Muyu Xu - MANILA/BEIJING MANILA/BEIJING Powered by China''s infrastructure push, Chinese construction steel producers are seeing their best profits in years, lording it over their high-value counterparts in a setback for Beijing''s years-long drive urging steelmakers to move up the value chain. As its manufacturing engine sputters, the world''s second largest economy is increasingly relying on infrastructure spending to boost growth, spurring demand for construction steel products and lifting producer profit margins to near record levels. Combined with recent cuts to low-quality steel capacity amid a war on pollution, this infrastructure drive looks set to brighten the outlook for construction-grade steelmakers just as their more sophisticated peers wrestle with sluggish demand from manufacturers and automakers. "Because of capacity cuts and expected stronger infrastructure spending by China, there''s a strong upside for long products consumption which can boost rebar makers'' profits in the years ahead," said Richard Lu, analyst at CRU consultancy in Beijing. The profit margin on construction steel product rebar, also known as long steel, has surged more than 800 percent this year to around 1,100 yuan ($162) per tonne in early June, according to data tracked by brokerage CLSA. The margin for cold rolled coil, or CRC - otherwise referred to as flat steel - used in cars and home appliances, has dropped 47 percent to around 437 yuan over the same period. Margins for high-end products like CRC have usually been higher than for rebar. Between 2012 and 2016, the average margin for CRC was 341 yuan per tonne compared to 107 yuan for rebar, CLSA data showed. That has spurred mills in the world''s top steel producer to reopen once-shut rebar production lines to cash-in on soaring prices. The strong demand has also cut traders'' inventories of rebar by more than half in less than four months. "Our boss saw good profit on rebar, so he decided to resume the lines which had been shut for two years," said a sales manager at Rizhao Steel Holding Group, a midsize steel producer in China''s eastern Shandong Province. "The lines are expected to keep operating as the outlook for construction steel is good." ''NO CHOICE'' Improving infrastructure is high on Chinese President Xi Jinping''s agenda as he promotes his ambitious Belt and Road initiative - building road and rail connections with Central Asia and beyond. Meantime, manufacturing has struggled, with China''s car sales falling for a second straight month in May for the first time since 2015, limiting demand for high-value flat products like CRC. The reversal of fortune between Chinese producers of cheap, low-grade construction steel and makers of high-value steel was also triggered by Beijing''s crackdown on industrial pollution. As it battles smog, China has vowed to eliminate induction furnaces - a highly polluting type of plant that produces mostly rebar - by the end of this month. Analysts estimate induction furnaces produced about 50 million tonnes of rebar last year - about a quarter of China''s total rebar output. So far this year, average margins for rebar were 572 yuan per tonne compared with 91 yuan in all of 2016, CLSA data showed. The unexpected resurgence among producers of lower grade, cheaper steel is a setback for China''s efforts to modernise its massive steel sector, mainly by pushing the big, sophisticated steelmakers to swallow smaller rivals and shut inefficient ones. Last year, China''s most technologically advanced steelmaker Baosteel ( 600019.SS ) acquired rival Wuhan Iron and Steel, creating the world''s second-largest steelmaker behind ArcelorMittal ( ISPA.AS ). Some Chinese mills that produce both long and flat steel products are making more of the former because of the robust margins, said Daniel Meng, a Hong Kong-based analyst at CLSA. "It is quite a general phenomenon," said Meng. "You should see such switching across many mills rather than just a small number of mills." But some mills that make only flat steel products could not shut their plants. "Although flat producers realize the margin is narrowing, they have no choice but to continue producing since it would cost more money to stop the equipment and turn it on again when profit goes better," said a manager of a unit of state-owned Shandong Iron and Steel Group ( 600022.SS ). At around 437 yuan a tonne in early June, the margin on flat steel CRC was less than half of where it was in late January, CLSA data showed. While Chinese traders'' stockpiles of both rebar and CRC have fallen from this year''s peaks, rebar inventory has dropped 56 percent while CRC stocks have fallen only 13 percent, data compiled by SteelHome consultancy showed. HIGHER EXPORTS? As domestic appetite slows, more flat steel products from China are being sold overseas. They totalled 14.85 million tonnes during January-April, or 55 percent of total steel exports. In 2016, flat steel shipments were 48.03 million tonnes and made up 44 percent of total exports. The increased proportion of high-end steel shipments this year could raise fresh concerns that China may be open to renewed accusations of steel dumping on international markets. Chinese steelmakers "have previously been accused of selling material at below cost, in order to offload their excess supply," said Jeremy Platt from UK steel consultancy MEPS. "Amid a weak domestic trading environment, Chinese suppliers could be encouraged, in the coming months, to increase their export volumes." (Reporting by Manolo Serapio Jr. in MANILA and Muyu Xu in BEIJING; Editing by Simon Cameron-Moore) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-china-steel-idUKKBN19539J'|'2017-06-15T07:05:00.000+03:00'
'f4bc7f71b957abd7e89fe4824a8fce51f0ebe0b2'|'British Airways CEO puts cost of recent IT outage at 80 million pounds'|'Business News - Thu Jun 15, 2017 - 1:41pm BST British Airways CEO puts cost of recent IT outage at 80 million pounds Willie Walsh, CEO of International Airlines Group speaks during the closing press briefing at the 2016 International Air Transport Association (IATA) Annual General Meeting (AGM) and World Air Transport Summit in Dublin, Ireland June 3, 2016. REUTERS/Clodagh Kilcoyne MADRID A technological failure which stranded tens of thousands of British Airways (BA) passengers in May will cost the company around 80 million pounds, Willie Walsh, chief executive of BA parent International Airlines Group (IAG), said on Thursday. The figure was an initial estimate, Walsh told at the company''s annual shareholders meeting in Madrid. In addition to BA, IAG owns Aer Lingus, Vueling and Spain''s Iberia. BA suffered a disruption at London''s Heathrow and Gatwick airports when a power surge knocked out its IT system forcing it to cancel almost two-thirds of all flights on May 27, which fell on a busy bank holiday weekend. Heathrow suffered further setbacks on Thursday after a baggage system failure prevented luggage from being checked in at terminals 3 and 5. The problem has been resolved. (Reporting by Robert Hetz; writing by Paul Day; editing by Jason Neely)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-iag-ceo-idUKKBN1961GQ'|'2017-06-15T20:05:00.000+03:00'
'7a848e3dad9d53544b9ee8d790a01422a0bf936e'|'UPDATE 1-Qatar signs $12 bln deal to buy F-15 jets from U.S.'|'World News - Wed Jun 14, 2017 - 11:52pm EDT Qatar signs $12 billion deal to buy F-15 jets from U.S. FILE PHOTO: A U.S. Air Force F-15 fighter jet does a low-level flyby over Forward Operating Base Bostick in eastern Afghanistan January 1, 2009. REUTERS/Bob Strong/File photo Qatar''s Ministry of Defense said on Wednesday the country signed a deal to buy F-15 fighter jets from the United States for $12 billion. The deal was completed despite the Gulf country being criticized recently by U.S. President Donald Trump for supporting terrorism. U.S. Defense Secretary Jim Mattis and representatives from Qatar were set to meet Wednesday to seal the agreement, a source familiar with the deal told Reuters. Bloomberg News reported the deal was for 36 jets. The sale will increase security cooperation and interoperability between the U.S. and Qatar, the Pentagon said in an emailed statement on Wednesday. Defense Secretary Mattis and Qatari Minister of State for Defense Affairs Khalid al-Attiyah also discussed the current state of operations against the ISIS and the importance of de-escalating tensions so all partners in the gulf region can focus on next steps in meeting common goals, the Pentagon added. In November, the United States approved possible sale of up to 72 F-15QA aircraft to Qatar for $21.1 billion. Boeing Co is the prime contractor on the fighter jet sale to the Middle East nation. Boeing declined to comment. Trump on Friday accused Qatar of being a "high-level" sponsor of terrorism, potentially hindering the U.S. Department of State''s efforts to ease heightening tensions and a blockade of the Gulf nation by Arab states and others. (Reporting by Ankit Ajmera in Bengaluru and Mike Stone in Washington; Editing by Chris Sanders and Lisa Shumaker) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-gulf-qatar-boeing-idUSKBN19531Y'|'2017-06-15T05:59:00.000+03:00'
'922353a9d05000ddc4ecce833f4ad8c32f9a24a2'|'US STOCKS-Growth worries, tech drop drag down futures'|'Business  27pm EDT Tech sputters again, dragging Wall Street lower left right Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., June 2, 2017. REUTERS/Brendan McDermid 1/2 left right FILE PHOTO: A Google search page is seen through a magnifying glass in this photo illustration taken in Berlin on August 11, 2015. REUTERS/Pawel Kopczynski/File Photo 2/2 By Lewis Krauskopf A recent slump in technology stocks worsened on Thursday, dragging on major U.S. indexes, while investors fretted about the economy''s health after the Federal Reserve lifted interest rates. The S&P technology sector fell 0.5 percent, continuing a slide that began last Friday. The sector cut steeper losses from earlier in the session, as did the benchmark S&P 500. Apple shares ended down 0.6 percent while Google parent Alphabet dropped 0.8 percent after separate bearish analysts reports on the two tech heavyweights. The consumer discretionary sector dropped 0.5 percent, as Amazon.com shares closed down 1.3 percent. Nike fell 3.2 percent after the company said it would cut about 2 percent of its global workforce and eliminate a quarter of its shoe styles. Tech, still the best-performing group this year, and consumer discretionary have been among the sectors that have fueled the S&P 500''s 8.6-percent rally in 2017. "You seem to be losing some momentum in the big growth names that have led the market so far this year," said Walter Todd, chief investment officer at Greenwood Capital Associates in Greenwood, South Carolina. "At the same time, the economic data has just not been good enough to get investors excited about buying into other areas of the market." The Dow Jones Industrial Average fell 14.66 points, or 0.07 percent, to 21,359.9, the S&P 500 lost 5.46 points, or 0.22 percent, to 2,432.46 and the Nasdaq Composite dropped 29.39 points, or 0.47 percent, to 6,165.50. Financials and energy, sectors that should thrive during economic expansions, also sold off. Financials slipped 0.4 percent and energy fell 0.7 percent. Utilities and real estate, which are high-dividend paying groups known as "bond proxies", gained 0.6 percent and 0.5 percent, respectively, making them the best performing sectors along with the 0.6 percent rise for industrials. "If your best-performing sectors are real estate and utilities, it''s a good sign that interest rates are dominating the equity market," said Brian Nick, chief investment strategist with TIAA Investments, an affiliate of Nuveen. Long-dated U.S. Treasury yields had tumbled to their lowest since early November on Wednesday after surprisingly weak data on inflation and retail sales overshadowed the Fed''s interest rate hike. Following that disappointing economic data, a report on Thursday showed the number of Americans filing for unemployment benefits fell more than expected last week, pointing to shrinking labor market slack that could allow the Fed to raise interest rates again this year despite moderate inflation growth. "Monetary policy got hawkish," said John Augustine, chief investment officer at Huntington National Bank in Columbus, Ohio. "Fiscal policy is getting delayed and inflation will not cooperate the way the markets and the Fed want it to." In other corporate news, Kroger shares tumbled 18.9 percent after the supermarket chain slashed its full-year profit forecast. About 6.5 billion shares changed hands in U.S. exchanges, below the nearly 6.8 billion daily average over the last 20 sessions. Declining issues outnumbered advancing ones on the NYSE by a 1.63-to-1 ratio; on Nasdaq, a 1.78-to-1 ratio favored decliners. (Additional reporting by Megan Davies and Sinead Carew in New York, Yashaswini Swamynathan and Sruthi Shankar in Bengaluru; Editing by Anil D''Silva and Nick Zieminski)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-usa-stocks-idUSKBN1961D7'|'2017-06-15T19:32:00.000+03:00'
'd5785b59e29b4465f1460522dd6d525152fcbb1c'|'LPC-Stage Entertainment to raise €335m loan for dividend payout'|'By Claire Ruckin - LONDON, June 13 LONDON, June 13 Dutch theatre group Stage Entertainment is looking to raise a €335m loan, the majority of which will be used to fund a dividend, which will finally gift private equity owner CVC a payday having acquired a majority stake in the business in 2015, banking sources said on Tuesday.CVC bought a 60% stake in Stage Entertainment in 2015 from Dutch media tycoon Joop van den Ende, who retained a minority stake. Joop van den Ende co-founded Endemol in 1993 and then transferred all of its live entertainment activities into Stage Entertainment.In an unusual move, CVC paid all-equity for the business and aside from a small loan -- from a club of local Benelux banks -- the company has remained debt free, the sources said.“It is unusual but it was a smallish company and it felt like there were a lot of changes to be made. Sometimes buyout firms buy with 100% equity cheques for competitive reasons or because they feel they may not get the best financing deal, preferring to sit and wait to let a credit prove itself before raising debt,” a senior banker said.Much of the €335m term loan will be used to pay a dividend to owners as well as to refinance the local loan. Some of it will be put as cash on balance sheet, to help the continued growth of the company, the sources said.Barclays is leading the financing, alongside ABN Amro, Bank of America Merrill Lynch, ING and Morgan Stanley and a meeting is set to take place to show the deal to lenders on June 15, the sources said.CVC was not immediately available to comment.The financing is expected to be welcomed by Europe’s leveraged loan market eager to put new money to work after a number of repricings and refinancings this year.It will join a growing number of new issuers to launch this week including a €1bn financing backing Advent International’s buyout of European industrial supplies distributor IPH that will combine with Advent-owned peer Brammer and a US$1.225bn-equivalent euro-denominated term loan backing the take private of Hong Kong-based international schools operator Nord Anglia Education.(Editing by Christopher Mangham)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/stageent-loans-idINL8N1JA4OA'|'2017-06-13T13:35:00.000+03:00'
'82d31d18e8f9474bb06b1356f3b851a689f61ef2'|'Twitter rolls out tweaks to its website, mobile applications'|'Business News - Thu Jun 15, 2017 - 2:31pm BST Twitter rolls out tweaks to its website, mobile applications The Twitter logo is displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., September 28, 2016. REUTERS/Brendan McDermid/File Photo Twitter Inc said it would roll out a series of tweaks to its website and mobile applications from Thursday to further simplify the microblogging service''s interface for its users. The changes include a new circular profile picture, a speech bubble instead of an arrow to reply to tweets and refinements to the fonts. Tweets on the company''s mobile applications would now update instantly along with counts on "retweets", "likes" and "replies", the company said. Twitter, which has faced criticism over the complex interface of its service in the past, has been constantly adjusting its platform based on user feedback. The changes also include a consolidated profile and privacy settings and a new navigation menu for users of Apple devices. (Reporting by Narottam Medhora in Bengaluru; Editing by Arun Koyyur) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-twitter-features-idUKKBN1961QB'|'2017-06-15T21:31:00.000+03:00'
'4dd3486777a831d3985bd34ee28923de964cc842'|'France''s startup scene gains traction led by state bank, Macron factor'|'By Mathieu Rosemain and Gwénaëlle Barzic - PARIS PARIS France''s corporate startup scene is gaining traction against the backdrop of booming investments by venture capital funds and high expectations for a business friendly government under new President Emmanuel Macron.Bpifrance, the country''s state investment bank, has led the effort over the past five years, acting as a catalyst for the burgeoning industry and a go-between for large cash-rich corporations and young entrepreneurs in need of funds to launch their business.It has in effect become in the country''s number one venture capital fund, having injected 191 million euros in 53 startup companies last year.This taxpayer financing is 13 percent higher than the previous year and Bpifrance is adding 400 million euros to its so-called Large Venture fund, with individual investments of 10 million euros or more, bringing the total up to 1 billion euros ($1.12 billion), chief executive officer Nicolas Dufourcq told Reuters."The tide has been turning in our favor for about year now," Dufourcq said in an interview ahead the opening of the French capital''s second technology conference, dubbed Viva Tech, on Thursday."It is as if the French Tech''s boss had been elected as the new president," he said, referring to an initiative to promote French technology firms that Macron ran as economy minister in the previous government.The new president, who plans a raft of other measures start-u boosting measures such as cuts in corporate tax and wealth tax exemptions, was due for a walkabout at the vast conference center on the edge of Paris on Thursday, followed by a speech.Since 2012, notable investments by Bpifrance in venture capital have included biopharmaceutical company DBV Technologies, online and mobile booking platform Doctolib, the developer of a wireless low-energy network for connected objects Sigfox, and the maker of high-tech audio devices Devialet.Foreign investors began considering France as potentially lucrative new turf for disruptive companies about a year ago, Dufourcq and industry specialists say, even before independent centrist politician Macron made his candidacy official.Generous tax incentives for companies'' research and development spending, renowned engineering and mathematical schools and private initiatives, such as the upcoming mega-campus for startups, Station F in Paris, funded by billionaire Xavier Niel, are some elements that explain the trend."Whether it be Britain, Germany or Nordic countries, there''s a clear interest for France," said Martin Mignot, a partner at Index Ventures, which invested in two of the most successful former startups, Europe''s biggest car-sharing company Blablacar and Nasdaq-listed Criteo which provides web advertising services."All funds are starting to have one or two French or Francophile people that spend their time reviewing the French market. And that''s clearly new," he said.U.S. social media giant Facebook also gave a vote of confidence in the French tech scene earlier this year when it picked Paris as the location for its first ever start-ups incubator.Estimates differ between research companies, but all show that France is catching up with Germany and Britain, the two leading startup havens in Europe, in number of deals and total amounts invested.Venture capitalists invested in 590 French startups in 2016, putting the country ahead of Britain (520 deals) and Germany (380), according to research firm Tech.eu.It was a record year with a total of 874 million euros invested in the venture capital in France, up 15 percent from 2015, according to the industry lobby Afic. This remains below Germany, with investments of 937 million.Still, over the first three months of this year, Paris saw 41 venture capital deals for a total value of 235 million euros, compared with 39 deals in Berlin totaling 210 million euros, according to PitchBook, a data provider.The gap between the two countries highlights the relatively smaller size of investment tickets in France, underscoring the need for larger venture capital funds to help promising startups going international, Dufourcq said.For instance, London-based Vitruvian Partners invested 58 million euros in January in French luxury resale store Vestiaire Collective to support its growth.Private-equity funds such as Partech, Isai have developed their own growth equity funds with larger investment tickets.New venture capital funds were created lately in France, such as Korelya Capital, founded by former digital economy minister Fleur Pellerin, and Daphni.Over the last few years, energy companies Total and Engie as well as insurer AXA have all created their own venture vehicles.The new French government, which polls predict will win a large majority in the final round of the parliamentary elections on Sunday, is likely to push reforms that may further support spending on startups.Macron''s manifesto included pro-business measures such as cutting corporate tax to 25 percent from 33.3 percent, shifting the wealth tax to property only, which would exempt the ownership of company stakes, and introducing a flat 30 percent tax on capital gains, from up to 50 percent currently.The new president also said before he won the presidency on May 7 that he wanted privatizations to help fund a 10 billion euro government drive to boost industry and innovation."People need to know that if they come to France, they can make a fortune and won''t get fleeced," Dufourcq said.But tax reforms alone may not be enough for Paris to beat London on its turf."We shouldn''t delude ourselves, London still has a considerable advantage," Mignot said, citing its cosmopolitan culture and tax credits for investing in startups."But this advantage was built over 15 years. There''s no reason Paris can''t achieve it."(Additional reporting by Michel Rose; editing by Clive McKeef)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-france-tech-conference-idINKBN1960LA'|'2017-06-15T06:29:00.000+03:00'
'7e1ab7e7c8bfa789ba548300a839d2c6155726ad'|'Google bets on European biotech drugs, backs new fund'|'  Google bets on European biotech drugs, backs new fund * Tech giant stepping up investment in healthcare * $300 mln Medicxi fund to back late-stage biotechs * Aims to fill funding gap as European firms mature By Ben Hirschler LONDON, June 15 Google is betting on the potential of European biotech companies to deliver life-changing drugs by investing alongside Swiss company Novartis in a new $300 million fund run by leading life sciences investment firm Medicxi. The move shows Google casting an increasingly wide net as it pumps cash into global medical research, seeding what it believes will become a core long-term healthcare business. Novartis and Verily, a unit of Google parent Alphabet , are cornerstone investors in the new fund, along with the European Investment Fund, Medicxi said on Thursday. Verily already has deals with GlaxoSmithKline, Sanofi, Novartis and Johnson & Johnson to apply novel technology in areas ranging from diabetes management to robotic surgery. Last month it landed former U.S. Food and Drug Administration head Robert Califf as part of its team. Another Google offshoot, Calico, is working on treatments to fight ageing, while the group''s arms-length GV venture capital operation has invested in dozens of healthcare start-ups, mostly in the United States. The latest initiative will now see it delving deeper into drug development by investing in late-stage European biotech companies. The new fund will back both private and public firms with products that have already reached mid-stage Phase II clinical development, providing them with a new source of growth capital. "There is a funding gap because there is a maturing class of biotechnology companies now in Europe," said Francesco De Rubertis, co-founder and partner at Medicxi. The fund is a first for Medicxi, the former life sciences arm of Index Ventures, which has so far invested in early-stage biotech. It also reflects the redrawing of traditional industry borders as tech companies take a hands-on role in healthcare innovation, as highlighted by the fact that Verily will appoint two members to the new fund’s scientific advisory board. Other tech companies, including Apple and Microsoft , are also investing in healthcare in the belief that modern computing capabilities and miniaturisation can help accelerate advances in medical treatment. Europe boasts world-class universities and scientists, but its biotechnology sector has long been a poor relation to the bigger U.S. industry, where emerging life sciences firms are able to access a much deeper pool of capital. By providing funds for late-stage drug development, the hope is that more firms will be able to stay independent and continue to build up the value of their experimental medicines, rather than selling out prematurely to larger players. De Rubertis said much of the investment was likely to be channelled to companies in Britain, Switzerland and a region spanning Paris-Brussels-Amsterdam. Europe has only a small roster of successful biotechs, such as Danish cancer specialist Genmab, currently worth $13 billion, and Switzerland''s Actelion. Actelion was Europe''s top biotech firm for many years, thanks to its market-leading position in pulmonary arterial hypertension, before it was bought by J&J this year for $30 billion. Total revenues for Europe''s biotech industry were $25 billion in 2015 against $108 billion for the U.S. industry, according to consultancy EY. (Editing by Greg Mahlich)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/biotech-google-idUSL8N1JB0YC'|'2017-06-15T07:01:00.000+03:00'
'd5d6d356b1a9890e18a53cb2a5d5f88f27e41c14'|'No deal yet between UK Conservatives and DUP to back PM May- Sky News'|'LONDON, June 15 Britain''s ruling Conservatives and Northern Ireland''s Democratic Unionist Party have yet to agree a deal to support Prime Minister Theresa May''s government, Sky News reported on Thursday, citing sources."No agreement yet between Conservatives and DUP, despite Leader of the House confirming Queen''s Speech next Wed," Sky''s Ireland Correspondent wrote on Twitter.Earlier, the leader of the lower house of parliament said the state opening of parliament would be held on June 21, when the government will set out its legislative agenda, suggesting the two parties had neared an understanding.(Reporting by Costas Pitas, Editing by Paul Sandle)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/britain-politics-deal-idINL9N1IR03L'|'2017-06-15T08:20:00.000+03:00'
'dbc95f37267fb587500cb2e4f7dd45483fa9a9f9'|'Swiss banks lobby for get-out clause as end of bank secrecy nears'|'ZURICH Switzerland''s private banks, used for decades by the world''s wealthy to hide money and avoid tax, are pushing for extra legal protection of client information that could halt a much-heralded exchange of data with dozens of countries.The Alpine country is preparing to dismantle bank secrecy next year when it begins sending information about its customers'' accounts to foreign tax agencies.But Switzerland''s multi-trillion-dollar financial industry is seeking new safeguards to protect bank data against misuse that could expose clients to crimes such as kidnapping or blackmail."Data could be sold or used to put pressure on clients or their families," said Yves Mirabaud, chairman of the Association of Swiss Private Banks and senior managing partner at Mirabaud, a Geneva-based private bank."I''m referring to countries where we''re not very sure that the democratic process is the same as ours, or where corruption is very high."Wealthy clients have pulled tens of billions of dollars out of Swiss bank accounts because of a worldwide crackdown on tax evasion following the global financial crisis last decade.That culminated in the Automatic Exchange of Information programme fostered by the Organisation for Economic Cooperation and Development (OECD), which aims to ensure that offshore accounts are known to authorities.The participation of Switzerland, the world''s largest center for overseas wealth, in the data exchange agreement was heralded at the time as a major breakthrough in ending tax avoidance.Banks in Switzerland are "fully committed" to implementing the Automatic Exchange of Information, said a spokeswoman for the Swiss Bankers Association, the main banking lobby.But they are lobbying to add an "activation" clause that means information would only be handed over to a country if two criteria are met -- a level playing field with other financial centers, and an assurance the data will be used properly.They say giving information to countries in regions such as South America or Africa, where data protection standards can be weak and corruption rife, risks it falling into the wrong hands.In 2018 Switzerland is due to start swapping information with 38 foreign tax authorities, including all European Union countries, and with a further 41 from 2019.The proposed clause would apply to the 2019 batch of countries, among which are several emerging markets such as Brazil, Mexico and Russia."We want to be sure that when we provide information that it does not get misused or compromise a client''s security," said Boris Collardi, chief executive at Julius Baer ( BAER.S ), Switzerland''s third-biggest private bank behind UBS ( UBSG.S ) and Credit Suisse ( CSGN.S ).The Swiss government will send to parliament a dispatch, which contains its proposals on the exchange of information with these 41 countries, by July 5. Parliament will then be asked to decide on the implementation of these plans.DIAMONDS IN A TOOTHPASTE TUBEMirabaud expressed confidence the government supports the clause, despite lobbyists for transparency saying it is a back-door attempt to continue bank secrecy rather than a genuine move to prevent criminality or persecution.A spokeswoman for the State Secretariat for International Financial Matters, an arm of the finance ministry, signaled the government would consider halting transfers of information."If there are concerns about how the data will be used in a specific jurisdiction, Switzerland could look at taking any of the measures provided for in the multilateral framework governing the automatic exchange of information," she said, referring to steps that include suspending the data exchange with a country.Campaigners against secrecy are crying foul, however, and accuse the Swiss of trying to allow the wealthy to keep cash hidden."That information might fall into the hands of kidnappers... is the perfect excuse," said Nicholas Shaxson of Tax Justice Network, an organization that lobbies on tax havens. "It''s a justification for an ocean of fraud."Pressure on Switzerland built after a U.S.-led crackdown starting in 2008 publicized practices used by its bankers to keep money hidden from tax authorities, from smuggling diamonds in toothpaste tubes to hiding documents in the pages of Sports Illustrated.This U.S. clampdown and the push by the OECD to bring in global rules on exchanging tax data between countries means that Switzerland handing over information to Europe and the United States is unavoidable."PERFECT EXCUSE"Data from the Swiss National Bank shows a sharp decline in U.S. money in Swiss accounts. U.S. customers accounted for 161 billion Swiss francs ($165.3 billion) of bank deposits in 2006, but that had more than halved in 2015.In the meantime, the size of deposits from many emerging market countries has gradually increased.Mark Herkenrath of Alliance Sud, a group that campaigns for transparency, is skeptical about the true motivation."For a lot of Swiss banks, a big part of their business is breaking away because money from the U.S. has dried up. The temptation now is to continue taking money from developing countries," he said."The suggestion that they are shielding their customers from abuse of their human rights is the perfect excuse to avoid transparency."The Paris-based OECD, which will police whether the exchange of information is working, is optimistic that Switzerland will honor the deal. But it stands ready to act in case the Swiss banks drag their feet."It''s not going to be used as an excuse," said Pascal Saint-Amans, the OECD''s tax policy director, acknowledging the banks'' argument for preventing the misuse of information. "But if it is, the country will be sanctioned."(Editing by Catherine Evans)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-swiss-banks-secrecy-idUSKBN19622S'|'2017-06-15T23:10:00.000+03:00'
'3fc09f2a8c3643c7adfaf24af8792332387bc315'|'Western Digital seeks injunction to block Toshiba chip business transfer'|'Technology News   10:28am IST Western Digital seeks court injunction to block sale of Toshiba chip unit FILE PHOTO: The logo of Toshiba is seen as a shareholder arrives at Toshiba''s extraordinary shareholders meeting in Chiba, Japan March 30, 2017. REUTERS/Toru Hanai/File Photo By Makiko Yamazaki - TOKYO TOKYO Western Digital Corp has sought a court injunction to prevent Toshiba Corp from selling its chip business without the U.S. firm''s consent - a move that threatens to throw the fiercely contested auction into disarray. The escalation in the spat between Western Digital, which jointly operates Toshiba''s main chip plant, and its business partner follows tense last-minute jockeying by suitors for the world''s second-biggest producer of NAND semiconductors. According to a person familiar with the matter, the California-based firm has been left out of a new Japan government-led group being formed to bid for the unit. Toshiba''s "attempts to circumvent our contractual rights have left us with no choice but to take this action," Western Digital''s Chief Executive Steve Milligan said in a statement. "Left unchecked, Toshiba would pursue a course that clearly violates these rights," he added. Western Digital has filed its suit with the Superior Court of California, seeking an injunction until its arbitration case against Toshiba is heard. It is concerned about how Toshiba, the Japanese government and other stakeholders are handling the auction process, a second source said. The second source added it had submitted a revised bid on Wednesday that satisfies Toshiba''s requests on deal certainty and price but did not receive a favourable response. Toshiba has demanded at least 2 trillion yen ($18 billion) for the unit. Sources declined to be identified due to the sensitivity of the negotiations concerning the auction. Toshiba said in a statement that it was proceeding with selecting a preferred bidder for its memory unit by the second half of June as planned and hoped to reach a definitive agreement on a sale by June 28. Toshiba wants to complete the deal as quickly as possible to help cover billions of dollars in cost overruns at its now-bankrupt Westinghouse nuclear unit and to dig itself out negative shareholders'' equity that could lead to a delisting. Satoru Oyama, senior principal analyst at research firm IHS, said Western Digital''s argument made sense from a common-sense point of view and that developments were moving towards a worst-case scenario for the Japanese company. "Toshiba has more to lose in the dispute because it is running out of time," he said. "Toshiba and Western Digital eventually have to talk. They cannot afford to keep fighting when Samsung is taking advantage of the NAND market boom and investing massively." A third source familiar with the matter said Western Digital expects to get a ruling on its injunction request by mid-July and that arbitration cases generally take 16-24 months to resolve. A state-backed fund, the Innovation Network Corp of Japan (INCJ), has been at the centre of trade ministry efforts to forge a successful bid that will keep the highly prized unit under domestic control. But the nature of its partnerships appears to be going through drastic changes compared to just last week. It has been in talks with Bain Capital and the group now includes South Korea''s SK Hynix Inc, sources have said. INCJ was, however, also part of a proposed bid tabled by Western Digital last week that also included U.S. private equity firm KKR & Co LP, other sources familiar with the matter have said. Other bidders include Foxconn, the world''s largest contract electronics maker. Foxconn, formally known as Hon Hai Precision Industry, is leading a consortium that includes Apple Inc computing giant Dell Inc and Kingston Technology Co. The highest known bid so far is one from U.S. chipmaker Broadcom and its partner, U.S. private equity firm Silver Lake. They have offered 2.2 trillion yen, sources have said. Toshiba''s shares were down 0.5 percent in afternoon trade. ($1 = 109.5900 yen)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/toshiba-accounting-idINKBN19536I'|'2017-06-14T22:53:00.000+03:00'
'8d1f05bd18d469d17608d42d65ddd6a45f774388'|'Israel''s El Al to receive first Boeing Dreamliner jet in August'|'TEL AVIV, June 11 (Reuters) -* El Al Israel Airlines said on Sunday the first of 16 Boeing 787 Dreamliners it ordered for $1.25 billion will arrive in August.* Starting in September the plane will fly to Europe and at the end of October it will fly to North America and Asia.* The Dreamliners will gradually join El Al''s all-Boeing fleet until 2020, replacing the airline''s aging 747-400s and 767-300s.* Boeing said the planes, with 282 seats, will save El Al up to 47 percent in fuel costs on its direct flights between Tel Aviv and New York in comparison with the 747s it now operates.* "These planes are in addition to the new 737-900s purchased by the company, which are already operating on routes to Europe and are rejuvenating El Al''s fleet," the airline''s chief executive David Maimon said. (Reporting by Tova Cohen, Editing by Ari Rabinovitch)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/el-al-arlns-boeing-idINL8N1J8087'|'2017-06-11T07:25:00.000+03:00'
'5322800f5c1963ac5dff5ba3c948c2a4e2bcd9d0'|'Swedish pension fund sells out of six firms it says breach Paris climate deal'|'Environment   5:42pm BST Swedish pension fund sells out of 6 firms it says breach Paris climate deal By Gwladys Fouche - OSLO OSLO Sweden''s largest national pension fund, AP7, has sold its investments in six companies it accuses of breaching the Paris climate agreement, in a decision environmentalists believe is the first of its kind. AP7, which provides pensions to 3.5 million Swedes, said on Thursday it had sold out of ExxonMobil, Gazprom, TransCanada Corp, Westar, Entergy and Southern Corp, and would no longer invest in companies that operate in breach of the Paris climate deal. "Since the last screening in December 2016, the Paris agreement to the U.N. Climate Convention is one of the norms we include in our analysis," the company said in a statement. AP7 said ExxonMobil, Westar, Southern Corp and Entergy had fought against introducing climate legislation in the United States. It also criticized Gazprom for looking for oil in the Russian Arctic and TransCanada for building large scale pipelines in North America. None of the companies were immediately available for comment. Environmental campaigners welcomed the decision and called on other investors to follow suit. "Responsible investments are key for the world to reach the goals in the Paris agreement, and AP7''s action today is an important step in the right direction," said Martin Norman, the head of Greenpeace Nordic''s Sustainable Finance Campaign "We expect other global investors, like the Norwegian wealth fund, to do the same," he told Reuters, adding AP7''s decision was the first known divestment by an investor based on the Paris agreement. Norway''s $950-billion sovereign wealth fund, the world''s largest, has ethical ambitions. Its CEO told Reuters on June 2 the fund would ask the banks in which it has invested to disclose how their lending contributes to greenhouse gas emissions. (Editing by Mark Potter)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-climatechange-investment-sweden-idUKKBN1962CC'|'2017-06-16T02:18:00.000+03:00'
'3b89684a1fd10e670ec8bdb0ca381607266372f8'|'EDF Energy''s Vincent de Rivaz to step down after winning Hinkley battle - Business'|'The man who helped secure Britain’s first new nuclear power station in a generation will step down as chief executive of EDF Energy in October, marking the end of a 15-year tenure.Vincent de Rivaz is the longest-serving CEO among the heads of the UK’s big six energy suppliers and will be replaced on 1 November by Simone Rossi, who leads the company’s international division.The outgoing chief executive led EDF’s successful but often torturous efforts to clinch a subsidy deal with the government for nuclear reactors at Hinkley Point C in Somerset. He also oversaw its acquisition of Britain’s ageing nuclear infrastructure in 2008.De Rivaz did not say why he was stepping down, but it is understood that he was satisfied after getting the much-maligned and heavily delayed Hinkley contract over the line. Reactor goes here ... the £18bn Hinkley Point C starts to take shape Read more He has been at the French state-owned company for nearly 40 years. In a message to staff, De Rivaz said that during his leadership: “I have no doubt that at the same time we will have strengthened even more our confidence in our future”. He said a decision on him leaving was made several months ago, but an announcement had been deferred until a successor was in place. De Rivaz promised staff he would ensure a “a seamless handover”. Rossi, an Italian who joined EDF as chief financial officer in 2011, will face the Herculean task of ensuring the reactors at Hinkley are delivered by 2025 . Projects in Finland and France utilising the same reactor design have run hugely over budget and behind schedule .On Monday, the new French ecology minister, Nicolas Hulot, said France would be closing some of its nuclear power stations to meet a goal of reducing the country’s reliance on nuclear from 75% to 50% of energy generation.Topics EDF Energy Hinkley Point C Energy industry Energy news  '|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/2017/jun/13/edf-energy-vincent-de-rivaz-step-down-chief-executive-hinkley-point-c'|'2017-06-13T17:19:00.000+03:00'
'3979f596c2f76f2d59b0a0a50a30e5130e923f73'|'Qatar says fighter jets deal shows deep U.S. support'|'World News -  15pm EDT Qatar says fighter jets deal shows deep U.S. support left right A U.S. F-15 fighter jet takes off during an exercise dubbed '' Juniper Falcon'', held between crews from the U.S. and Israeli air forces, at Ovda Military Airbase, in southern Israel May 16, 2017. Picture taken May 16, 2017. REUTERS/Amir Cohen 1/2 left right Saudi Arabia''s King Salman bin Abdulaziz Al Saud arrives on the tarmac to welcome   as he arrives aboard Air Force One at King Khalid International Airport in Riyadh, Saudi Arabia May 20, 2017. REUTERS/Jonathan Ernst 2/2 By Tom Finn - DOHA DOHA A $12 billion deal to buy U.S. F-15 fighter jets shows Qatar has deep-rooted support from Washington, a Qatari official said on Thursday, despite President Donald Trump''s repeated accusations that Doha supports terrorism. Qatar is facing a severe economic and diplomatic boycott by Saudi Arabia and its regional allies who cut ties last week, in the worst rift among Gulf Arab states in years. They accuse Qatar of funding terrorism, fomenting regional unrest and cosying up to their enemy Iran, all of which Qatar denies. The fighter jet deal came amid increased diplomacy to try to resolve the crisis. Trump has repeatedly echoed the accusations against Qatar, even as his Defense and State Departments have tried to remain neutral in the dispute among key allies. Qatar hosts a big U.S. military base housing the headquarters of U.S. air forces in the Middle East. On Wednesday U.S. Defense Secretary Jim Mattis signed the previously-approved Boeing plane deal with Qatari Minister of State for Defence Affairs Khalid al-Attiyah. Qatar''s ambassador to the United States, Meshal Hamad al-Thani, posted a picture of the signing ceremony on Twitter. "This is of course proof that U.S. institutions are with us but we have never doubted that," a Qatari official in Doha said. "Our militaries are like brothers. America''s support for Qatar is deep-rooted and not easily influenced by political changes." A Qatari defense ministry source said the deal was for 36 jets. In November, under the administration of former President Barack Obama, the United States approved a possible sale of up to 72 F-15QA aircraft to Qatar for $21.1 billion. Boeing, the prime contractor on the sale, declined to comment. Turkish Foreign Minister Mevlut Cavusoglu, on a Gulf tour trying to help broker an end to the crisis, defended the plane deal. "Just like other countries, like Saudi Arabia, the United Arab Emirates, Egypt .... it is natural for Qatar to buy airplanes or parts necessary for its own defense," Cavusoglu said in Kuwait following talks with his Kuwaiti counterpart, according to Turkey''s state-run Anadolu news agency. Turkey is friendly to Qatar and has sent food supplies since the sanctions were imposed. Kuwait has led efforts to mediate the dispute which had affected food imports and raised questions over the Gulf Arab state''s plans to host the 2022 World Cup. A European diplomat in the Gulf said the timing of the deal appeared coincidental. "Presumably the U.S. could have delayed the deal if they''d wanted to, although I don''t think there''s a great connect between sales and foreign policy." IMPORTANT AIR BASE Qatar is an important base for the U.S. military carrying out operations against Islamic State militants and other groups in Iraq, Syria, Afghanistan and beyond. Al Udeid Air Base is home to more than 11,000 U.S. and coalition troops. Two U.S. warships arrived at Hamad port in Qatar as part of a planned joint military exercise involving marine forces, Qatar''s state news agency said on Wednesday. Cavusoglu, who visited Qatar and Kuwait to try to push diplomatic efforts to resolve the crisis, said on Thursday he intends to travel to Saudi Arabia on Friday for talks with Saudi King Salman bin Abdulaziz about the crisis. "Saudi Arabia is important and Saudi King is respected by everyone. Our expectation from King Salman is that he be the leader in solving this problem," Cavusoglu said at a joint news conference with his Tunisian counterpart.   spoke by telephone with his Omani counterpart, Oman state news agency reported. The foreign ministry said foreign affairs minister Youssef bin Alawi called for support of Kuwaiti mediation efforts as the best chance for resolving the crisis. Turkey and Qatar have both provided support for the Muslim Brotherhood in Egypt -- a broad movement whose Islamist goals are anathema to Egypt''s ex-military president, Abdul Fattah al-Sisi and to many of the Gulf''s dynastic rulers. Conservative Gulf neighbors have long viewed Qatar''s foreign policy with suspicion, especially its refusal to shun Shi''ite Iran, and resented its state-funded broadcaster Al Jazeera for airing critical views from across the region. Qatar on Thursday said that preparations for the 2022 World Cup were unhindered, having secured alternative supplies of construction materials to those that had been coming by land from Saudi Arabia. Qatar''s main port was also bustling with ships bringing food supplies and construction materials, witnesses said. The Pentagon said the jets sale would increase security cooperation between the United States and Qatar and help them operate together. It added that Mattis and Attiyah had also discussed the current state of operations against Islamic State and the importance of de-escalating tensions in the Gulf. The fighter jet deal had been stalled amid concerns raised by Israel that equipment sent to Gulf states could fall into the wrong hands and be used against it, and by the Obama administration''s broader decision-making on military aid to the Gulf. Trump, who took office in January, has accused Qatar of being a "high-level" sponsor of terrorism, potentially hindering the State Department''s efforts to help ease the diplomatic crisis. (Additional reporting by Rania El Gamal in Dubai and Tuvan Gumrukcu in Ankara, writing by Sylvia Westall and Sami Aboudi; Editing by Peter Graff, Catherine Evans, Anna Willard)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-gulf-qatar-idUSKBN19611J'|'2017-06-15T17:44:00.000+03:00'
'854a2ffbf63b36a7e6e0041ec3be0367e4e4732a'|'Macron''s Mandate for Change'|'So the presidential election was no fluke: The voters of France have put Emmanuel Macron’s new République En Marche (Republic on the Move) party on course for a big parliamentary majority. If this is confirmed in the June 18 runoff, Macron will control not just foreign policy but domestic policy as well.The Meteoric Rise of France&apos;s New President His task in reforming the French economy, as he’s promised to do, certainly won’t be easy. What’s remarkable is that he might now conceivably succeed.Not long ago, Macron was a little-known minister in the administration of former President Francois Hollande. Today he’s president, slayer of political opponents, and leader of a mighty parliamentary force. His allies are projected to win as many as 455 of the 577 seats in the lower house. (One problem: The largest meeting room in the National Assembly can only accommodate 350.)The mainstream parties of the left and center-right, which ran the country for decades, weren’t beaten so much as crushed. The Socialist presidential candidate, Benoit Hamon, was eliminated in the first round of voting; his party’s hope now is to clear the 15-seat minimum to be recognized as a parliamentary group. The Republicans are expected to have between 70 and 110 seats.It’s a stunning rejection of the traditional parties -- but not of centrism. Voters didn’t buy the anti-EU, anti-immigrant line of Marine Le Pen’s National Front; her party has shed 4 million votes since the presidential runoff. Le Pen herself is on course to finally win a seat in the French parliament; her party is in crisis.Even so, Macron’s path to reform will be hard. His support isn’t as overwhelming as it looks. The election turnout was only 49 percent, the lowest in the history of the Fifth Republic. Just 15 percent of the country’s registered voters cast ballots for Macron’s candidates. And his plans will face plenty of militant opposition on the streets, even if not in parliament.His flagship labor-market reforms aim to cut costs and encourage businesses to hire. They’re essential if France is to restore a satisfactory pace of economic growth and get unemployment down. Macron met leaders of organized labor to talk about this immediately after he was elected president. So far, the unions have been subdued. It would be another historic first if they stayed that way.The most important business stories of the day. Get Bloomberg&apos;s daily newsletter. Sign Up One of Macron’s first moves was to introduce a “moralization” law banning members of parliament, local officials and senior civil servants from employing family members, and requiring them to declare personal interests and produce receipts for their expenses. That was smart. It’s one measure his supporters and most of the country can get behind. The rest of his domestic program is bound to prove contentious.Nonetheless, voters have given him the means. He’s been granted an astonishing opportunity. He ought to seize it.'|'bloomberg.com'|'https://www.bloomberg.com/businessweek'|'https://www.bloomberg.com/news/articles/2017-06-13/macron-s-mandate-for-change'|'2017-06-13T13:49:00.000+03:00'
'4f4d01b0c07d66dd4f68bafa80581c6409ba0419'|'AIRSHOW-Jetmakers hunt for new growth as order binge fizzles out'|'* Jetmakers see revenue potential in data services* Boeing 737 MAX 10 seen launching with 100-plus orders* F-35 fighter jet, Mitsubishi''s MRJ90 to make Paris debutsBy Tim Hepher and Cyril AltmeyerPARIS, June 15 Plane giants are preparing to squeeze the last drop out of a once raging torrent of airplane orders without the razzmatazz of recent years, as the aerospace industry heads to a belt-tightening Paris Airshow looking for new sources of revenue.The June 19-25 gathering takes place against the backdrop of surprisingly strong airline traffic driven by economic growth, but a steep drop in the appetite for new planes following robust demand for the latest fuel-efficient models in recent years.Instead, many firms will talk up efforts to extract new revenues out of powerful data-crunching services, while the first Paris display of a U.S. stealth jet in decades, the F-35, points to a defence recovery at the world''s largest air show.The meeting also comes amid tensions in the Gulf over a transport and economic boycott of Qatar that is fuelling questions over the resilience of a major source of demand.Dominating an otherwise thin slate of commercial orders will be a new version of Boeing''s most-sold airliner, the 737.The 190-to-230-seat Boeing 737 MAX 10, designed to narrow a gap against European rival Airbus, will be launched on Monday with over 100 orders, two people familiar with the plans said.Analysts said one unknown quantity is how many of the MAX 10 orders may merely be replacing previous orders for other variants as Boeing rejigs its medium-haul portfolio.Low-cost giants Lion Air of Indonesia and Ireland''s Ryanair have confirmed Reuters reports of interest in the new jet, though talks with Ryanair could take longer to complete.CDB Aviation, the aircraft leasing arm of China Development Bank, is in talks to place orders with both Boeing and Airbus and could complete at least one of the deals by the show.It may buy 40-50 Boeings, including about 5 MAX 10s, and a similar number of Airbus jets, two sources said.Boeing is seen anxious to win backing of major operators for the new catch-up model and has also talked to United Airlines."I think you''ll see some activity on this in Paris and that will start the process of seeing how airlines react to it," said Peter Barrett, chief executive of SMBC Aviation Capital.''DIFFERENT DYNAMIC''Seeking to leapfrog Airbus after a mixed few years for the MAX series, Boeing will also give more details on a larger new mid-market jet employing a novel fuselage designed to try to capture projected growth in demand for 220-270 seaters.But few expect a repeat of the more than 400 orders and commitments at last year''s Farnborough Airshow in Britain."I think it is going to be a relatively quiet air show compared to previous years," said Robert Martin, chief executive of BOC Aviation.Instead, some of the airlines that have become synonymous with air show hoopla in previous years, such as Malaysia''s AirAsia, may return to sign up for digital services to make their new fleets more efficient to operate and maintain.Manufacturers are exploiting breakthroughs in data storage and other technologies to cut development times by a third while offering services like "predictive maintenance" to airlines, mimicking the post-sales success of their engine suppliers."We have 10,000 aircraft flying and we have to apply these technologies to these aircraft," Airbus chief operating officer and planemaking president Fabrice Bregier said.It will also be the first air show since China and Russia successfully flew new passenger jets in recent weeks, completing a series of debuts by new entrants that also include Japan.Mitsubishi''s MRJ90 will appear in Paris for the first time.While there is no immediate threat to Airbus and Boeing, delegates say the feeling is taking hold in boardrooms and governments that their duopoly cannot be taken for granted."There is a long road from first flight to certification and all that goes with it, but I think it will be a slightly different dynamic than we might have had in previous air shows where they were paper or theoretical airplanes and now we have real aircraft," Barrett said of the would-be challengers.In another turning point, it may be the last major air show for Airbus super-salesman John Leahy, who has said he will retire soon. He has presided over sales of over 10,000 planes.With the New Yorker''s departure, the swagger and deliberate baiting of rivals at such shows may become a thing of the past, but the industry is unlikely to retreat from fierce competition.The more muted tone, and cost-cutting to focus on production after years of strong sales, are reflected in the logistics. Several firms have cut back space and host planemaker Airbus is halving staff attendance and slashing catering, insiders said.(Additional reporting by Victoria Bryan, Allison Lampert, Alexander Cornwell, Matthias Blamont, Andrea Shalal, Mike Stone; Editing by Mark Potter)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/airshow-paris-idINL8N1J95QP'|'2017-06-15T12:43:00.000+03:00'
'b54fa1a316534295939f7b730e5769134852e979'|'Western Digital expects ruling on injunction request by mid-July -source'|'TOKYO, June 15 Western Digital Corp expects a ruling on its request for a court injunction to stop the sale of Toshiba Corp''s chip unit by mid-July, a source familiar with the situation said on Thursday. The California-based firm presented a revised offer for the chip unit that met Toshiba''s requests on Wednesday but did not receive a positive response, a separate source said.Western Digital is concerned about how Toshiba, the Japanese government and other stakeholders are handling the auction''s decision-making process, the second source added.The sources declined to be identified due to the sensitivity of the negotiations.Toshiba declined to comment.(Reporting by Makiko Yamazaki; Editing by Edwina Gibbs)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/toshiba-accounting-western-digital-idINL3N1JC1HK'|'2017-06-15T00:41:00.000+03:00'
'56f16a29b220a1c0141ea5844ca8cbcf67086e35'|'Centene to expand Obamacare insurance to 3 new states in 2018'|'Health News   12:08pm EDT Centene to expand Obamacare insurance to three new states in 2018 By Reuters Staff Centene Corp, one of the largest players in the Obamacare individual insurance market, said on Tuesday it would expand into three new states in 2018, despite uncertainty over the future of the legislation under President Donald Trump''s administration. The company said it plans to enter Kansas, Missouri and Nevada in 2018, as well as expand its operations in six existing markets: Florida, Georgia, Indiana, Ohio, Texas, and Washington. The move is in contrast to some other insurers, which have blamed Republicans for not doing enough to stabilize the marketplace, particularly in guaranteeing the continued payment of Obamacare cost-sharing subsidies next year. The subsidies are available to low-income Americans who buy individual health insurance on the exchanges created under the 2010 Affordable Care Act, former President Barack Obama''s signature healthcare law, popularly known as Obamacare. Republican lawmakers and Trump have promised to repeal and replace the law but have disagreed over the details, creating uncertainty at a time when insurers must submit plans and premium rates for 2018. "Centene recognizes there is uncertainty of new healthcare legislation, but we are well positioned to continue providing accessible, high quality and culturally-sensitive healthcare services to our members," CEO Michael Neidorff said in a statement. Anthem Inc, which has long said that uncertainty over the payments used to make insurance more affordable could cause it to exit markets next year, last week announced it would exit most of the Ohio market in 2018.'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-centene-obamacare-idUSKBN1941M9'|'2017-06-13T20:42:00.000+03:00'
'cdbf6166181eebe24e49bdf47d68fa393c0d51fb'|'Qatar Petroleum, Shell sign LNG bunkering agreement - statement'|' 10pm BST Qatar Petroleum, Shell sign LNG bunkering agreement - statement A Shell logo is seen reflected in a car''s side mirror at a petrol station in west London, Britain, January 29, 2015. REUTERS/Toby Melville/File Photo DUBAI Qatar Petroleum and Shell ( RDSa.L ) signed a framework agreement to develop global LNG bunkering facilities on Tuesday, Qatar Petroleum said. "We view LNG bunkering as a promising opportunity for LNG to further grow as a clean energy source," Qatar Petroleum CEO Saad Sherida Al-Kaabi was quoted as saying. "LNG demand for bunkering is expected to increase significantly over the coming years and we believe there is real potential for such demand to reach up to 50 million tons per annum by 2030," he said. LNG bunkering provides the shipping industry with a new fuel that helps to meet the industry’s environmental and economic targets. (Reporting By Reem Shamseddine and Noah Browning. Editing by Jane Merriman)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-qatar-shell-lng-idUKKBN1942DT'|'2017-06-14T01:10:00.000+03:00'
'd13589915d843e38c6acec22658f6f5ae873e06c'|'Finance firms stick to hard Brexit plans despite calls for softer EU break'|'Top   6:26pm BST Finance firms stick to hard Brexit plans despite calls for softer EU break FILE PHOTO: A view of the London skyline shows the City of London financial district, seen from St Paul''s Cathedral in London, Britain February 25, 2017. REUTERS/Neil Hall By Andrew MacAskill and Simon Jessop - LONDON LONDON Finance firms in Britain say they are pushing ahead with plans to move staff and operations to continental Europe, despite a chance that the government may soften its ''Hard Brexit'' policies after losing its parliamentary majority. Although the possibility of the ruling Conservatives seeking to keep some British access to the European Union''s single market has increased, so too has the likelihood of a chaotic departure from the bloc, executives said, meaning they have to plan for the worst. "When the facts change, I''ll change my mind," said Keith Skeoch, chief executive of Scottish insurer and asset manager Standard Life, borrowing a quote from economist John Maynard Keynes. "Until then, I think you continue to plan for a hard Brexit, until you can see evidence of that beginning to shift and change," he told Reuters. Large global banks in London plan to move about 9,000 jobs in the next two years to financial centres that will stay in the EU, including Frankfurt, Paris and Dublin, so they can continue selling their services across the bloc after Brexit, according to a Reuters'' tally of job warnings. The Conservatives'' major setback in the general election last week has deepened uncertainty over Prime Minister Theresa May''s plans for Brexit, including a departure from the European customs union as well as the single market, and a focus on controlling immigration. May''s authority has been weakened after her gamble in calling an early election backfired, leaving her increasingly dependent on fellow Conservatives who object to her plan for a clean break from the EU. Some of May''s cabinet colleagues and other senior party members are urging her to change direction. Conservatives in Scotland, which voted heavily to remain in the EU last year, are pushing for May to move the focus of Brexit talks due to start next week onto achieving economic growth and away from immigration, sources in the Scottish party told Reuters. Scottish Conservatives sharply increased their representation in the Westminster parliament last week, in contrast to the party''s losses in England, strengthening the influence of their leader Ruth Davidson within the party. FOOLISH TO HOLD OFF Brexit Minister David Davis said on Monday that the minority government still plans to take Britain out of the single market, noting that most Britons voted for either the Conservative or Labour parties which both said they back such an exit. Miles Celic, the chief executive of TheCityUK, Britain''s most powerful financial lobby group, said the comments indicated the government plans to continue with its current strategy and that it retains a parliamentary majority to leave the EU. "What we have not seen over recent days is any concrete or firm shift in the expectations that we''ve got regarding timescale," he said. An executive at one international bank warned that because the negotiating clock is now ticking there is now a higher likelihood that the government will fail to get a deal altogether by the March 2019 deadline. "You could argue that with the government in minority now, its leadership credibility shot to pieces, there''s almost a higher probability of no deal," the executive said. "We would be foolish to hold off on our plans." A government relations official at another bank said the financial industry will still make a renewed attempt to lobby the government to secure more access to the single market, a staggered exit from the EU and more relaxed immigration controls. The official expected the blow to May''s authority to increase the power of the Treasury and Chancellor of the Exchequer Philip Hammond, benefiting business. British newspapers had previously reported a rift between May and Hammond and that she had planned to sack him after the election if she had won a larger majority. "Hammond is a pragmatist, he is business-friendly and the Treasury have done all the serious work on Brexit," the official said. "The door will be a lot more open now than it used to be, and that can only be a good thing." Rishi Khosla, the chief executive of OakNorth Bank, said the uncertainty around the minority government will hurt the economy for the next couple of years, but in the end it will be a better result for Britain. "In the short term, individuals and businesses are likely to suffer because of the instability of the government," he said. However, he added: "It is a great opportunity to reposition after what proved to be an unpopular campaign strategy to come up with something more pragmatic, business-friendly and Europe-friendly." (Additional reporting from Anjuli Davies and Huw Jones; editing by David Stamp)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-eu-banks-idUKKBN19321I'|'2017-06-13T01:26:00.000+03:00'
'e0d7a07f1c115362b64129393bd8e06b6002c5e1'|'LSE bullish on outlook despite failed merger, Brexit uncertainty'|'  6:03pm BST LSE bullish on outlook despite failed merger, Brexit uncertainty FILR PHOTO: The London Stock Exchange is seen in the City of London April 11, 2011. REUTERS/Toby Melville/File Photo By Noor Zainab Hussain and Huw Jones - LONDON LONDON The London Stock Exchange ( LSE.L ) expects its indices and clearing businesses to drive growth in core profit margin between now and 2019, the company said on Monday, shrugging off concerns over the collapse of a planned merger with Deutsche Boerse ( DB1Gn.DE ) and uncertainty over Brexit. LSE expects to increase its profit margin for earnings before interest, tax, depreciation and amortisation (EBITDA) to about 55 percent by 2019, up from 46.5 percent last year, it said in a statement. Chief Executive Xavier Rolet told an Investor Day event that the "energised" and "globally competitive group" continued to see growth and investment across all of its core businesses. The bullish outlook comes despite the collapse of a merger that was expected to help it compete better with rivals such as Intercontinental Exchange Inc ( ICE.N ), and despite heightened uncertainty surrounding Britain''s intended departure from the European Union in 2019. Britain''s future relations with the EU appear even less clear after Prime Minister Theresa May''s Conservative party lost its majority in an election. Rolet made no mention of the vote or its impact in his initial address. Analysts have said the merger collapse showed big bourse deals were off the agenda, but Rolet said asset managers, pension funds and banks want an exchange group with a global reach in a sector that is still a "construction site". "There is nobody today that has a complete suite of global businesses ... M&A is probably going to continue. In fact, it never has stopped," Rolet said. The exchange said it would cut costs by 50 million pounds ($63 million) annually until 2019, while operating expenses would remain stable at around a 4 percent increase. The bulk of growth will come from the group''s FTSE Russell indexes unit in a sign of how exchanges are diversifying from their traditional trading platforms into what the Intercontinental Exchange calls "content". Rolet said there would also be double-digit revenue growth at its the LCH clearing unit, despite threats from the European Union to shift the clearing of euro denominated derivatives from London to the continent after Brexit. New EU securities trading rules known as MiFID II come into effect next January to introduce more "open access" competition in clearing. Rolet said most exchanges hated it, but "this group will be able to take full advantage of that regulation". The group operates the Milan stock exchange and a clearing unit in Paris. The LSE was looking at whether it should buy or build an international central securities depository (ICSD) to have a global collateral framework for customers, after the merger collapse meant Deutsche Boerse''s ICSD would not be part of the group, Rolet said. The upbeat outlook, however, failed to stop LSE shares closing down 1.6 percent, when the broader market was only slightly lower. (Editing by Edmund Blair)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-lse-outlook-idUKKBN1931FA'|'2017-06-12T20:45:00.000+03:00'
'e481a2c6cadca4ed199ca0718d3c7d034b69d7a5'|'Chinese conglomerate HNA threatens legal action against exiled tycoon Guo'|'Business News - Sun Jun 11, 2017 - 4:12am BST Chinese conglomerate HNA threatens legal action against exiled tycoon Guo FILE PHOTO: Billionaire businessman Guo Wengui speaks during an interview in New York City, U.S., April 30, 2017. Picture taken April 30, 2017. REUTERS/Brendan McDermid/File Photo By Philip Wen - BEIJING BEIJING Chinese conglomerate HNA Group has described as "completely unfounded and false" online allegations made against it by controversial billionaire Guo Wengui, and threatened legal action, in its first public comments on the issue. Chinese-born Guo, who now lives in New York, has emerged in recent months as a political threat to the Chinese government in an acutely sensitive year, making clear that he wants to disrupt a five-yearly congress to be held this autumn. A sprawling aviation-to-financial services group, HNA has become China''s most active non-government enterprise in global markets, with deals worth more than $50 billion. HNA rebutted Guo''s claims on its website, ranging from allegations of shareholdings by senior Chinese government officials and their relatives, to irregularities in global acquisitions, and improprieties over its VIP jet. "HNA Group reserves right to pursue all legal actions in due course," it added in its website statement late on Saturday. Through Twitter posts and video blogs, Guo has unleashed a deluge of corruption allegations against high-level Communist Party officials. He began making specific allegations against HNA in April, but the group had not previously replied publicly. Within hours of HNA''s statement, Guo said in a livestreamed video that he welcomed its response, and urged the company to make good on its threat to sue. "If it''s just me speaking, that''s no good," he said in the video. "Only their replies can prove the value and the truth of the matter. This is critical." Guo did not immediately respond to a request for comment from Reuters. Guo has provided scant evidence to back up his accusations, but his standing as a former billionaire insider, and his close ties with a disgraced former senior intelligence official, have made him a centre of attention in Beijing political circles. The government has launched a sustained effort to discredit Guo, making a request to Interpol in April for the issue of a global ''red notice'' for his arrest. On Friday, three senior employees of Guo told a court he had instructed them to fraudulently obtain loans running into hundreds of millions of dollars. [L3N1J625O] The chairman of property developer SOHO China, Pan Shiyi, and a prominent journalist, Hu Shuli, the founder of Caixin Media, have also filed defamation suits against Guo in New York. (Reporting by Philip Wen; Editing by Clarence Fernandez) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-china-corruption-tycoon-idUKKBN19202M'|'2017-06-11T11:12:00.000+03:00'
'e0f718b2e5c47d8725d09a43d8380773bf24bac3'|'Mexico retail group ANTAD says same-store sales up 5.7 pct in May'|'Market  52pm EDT Mexico retail group ANTAD says same-store sales up 5.7 pct in May MEXICO CITY, June 12 Mexico''s retailers'' association said on Monday that sales at stores open for at least a year rose by 5.7 percent in May compared to the same month a year earlier. The association, known as ANTAD, includes retail chains Walmex and Soriana as well as other department stores. Total sales grew 9.0 percent compared to May 2016, the group said. (Reporting by Veronica Gomez) UPDATE 3-Uber CEO Kalanick likely to take leave, SVP Michael out -source SAN FRANCISCO, June 11 Uber Technologies Inc Chief Executive Travis Kalanick is likely to take a leave of absence from the troubled ride-hailing company, but no final decision has yet been made, according to a source familiar with the outcome of a Sunday board meeting. * Says in view of market activity in company''s stock on June 12, New York Stock Exchange has contacted Wipro in accordance with its usual practice MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/mexico-retail-idUSE1N1IP00T'|'2017-06-13T00:52:00.000+03:00'
'2b1f4c59bc6f7413b0f54feed03224be75855659'|'Dow, DuPont merger wins antitrust approval with conditions'|'Deals - Thu Jun 15, 2017 - 4:43pm EDT Dow, DuPont merger wins antitrust approval with conditions left right FILE PHOTO: The Dow logo is seen on a building in downtown Midland, Michigan, May 14, 2015. REUTERS/Rebecca Cook/File Photo 1/2 left right FILE PHOTO: A DuPont logo is pictured on the research center in Meyrin near Geneva August 4, 2009. REUTERS/Denis Balibouse/File Photo 2/2 The planned merger of DuPont ( DD.N ) and Dow Chemical Co ( DOW.N ) on Thursday has won U.S. antitrust approval on condition that the companies sell certain crop protection products and other assets, according to a court filing on Thursday. The deal between the chemical manufacturing titans was announced in December 2015 in what was billed as an all-stock merger valued at $130 billion, in a first step toward breaking up into three separate businesses. (Reporting by Diane Bartz in Washington; Editing by Jonathan Oatis) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-du-pont-m-a-dow-idUSKBN1962SN'|'2017-06-16T04:12:00.000+03:00'
'1d5f9a13f387b0b810bb7f2d63c16424a74f9f78'|'Dow, DuPont merger wins antitrust approval with conditions'|'Deals  15pm BST Dow, DuPont merger wins antitrust approval with conditions left right The Dow logo is seen at the entrance to Dow Chemical headquarters in Midland, Michigan May 14, 2015. REUTERS/Rebecca Cook/File   The Dupont logo is displayed on a board above the floor of the New York Stock Exchange shortly after the opening bell in New York, U.S. on December 22, 2015. REUTERS/Lucas Jackson/File Photo 2/2 The planned merger of DuPont ( DD.N ) and Dow Chemical Co ( DOW.N ) on Thursday has won U.S. antitrust approval on condition that the companies sell certain crop protection products and other assets, according to a court filing on Thursday. The deal between the chemical manufacturing titans was announced in December 2015 in what was billed as an all-stock merger valued at $130 billion, in a first step toward breaking up into three separate businesses. (Reporting by Diane Bartz in Washington; Editing by Jonathan Oatis)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-du-pont-m-a-dow-idUKKBN1962SN'|'2017-06-16T04:18:00.000+03:00'
'1bfb35ed1b7a181617b39bd5ac1f489e03e4865d'|'Saudi Aramco seeks exclusive talks over India oil refinery stake: India minister'|'Deals - Wed Jun 14, 2017 - 12:11pm EDT Saudi Aramco seeks exclusive talks over India oil refinery stake: India minister FILE PHOTO: Logo of Saudi Aramco is seen at the 20th Middle East Oil & Gas Show and Conference (MOES 2017) in Manama, Bahrain, March 7, 2017. REUTERS/Hamad I Mohammed/File Photo NEW DELHI Oil giant Saudi Aramco wants to enter into exclusive talks with India to buy a stake in the planned 1.2 million barrels per day (bpd) refinery on the South Asian nation''s west coast, India''s oil minister said on Wednesday. The proposed talks come as Saudi Arabia seeks to secure customers for its oil amidst a global supply glut. With the 1.2 million bpd refinery, the world''s largest, India wants to have a greater say in the global fuel trade, Oil Minister Dharmendra Pradhan told reporters in New Delhi. The country''s top refiner Indian Oil Corp ( IOC.NS ) will initially hold a 50 percent stake in the project, while Hindustan Petroleum Corp ( HPCL.NS ) and Bharat Petroleum Corp ( BPCL.NS ) will own 25 percent each. (Reporting by Nidhi Verma and Neha Dasgupta; Editing by Mark Potter) '|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-india-saudi-aramco-idUSKBN1952D1'|'2017-06-14T20:11:00.000+03:00'
'58dc042190b277b33f687ae242ffeb989f5464d9'|'Australia''s Link, buyout funds in final bidding for $1bln Capita sale- sources'|'By David French and Pamela Barbaglia - NEW YORK/LONDON, June 15 NEW YORK/LONDON, June 15 Australian financial services firm Link Group and three buyout funds are putting the finishing touches to their rival offers for Capita''s asset management services arm, a deal worth up to 800 million pounds ($1.02 billion), sources told Reuters on Thursday.The British outsourcing group hired Goldman Sachs last year to launch an auction process for one of its units, Capita Asset Services, in a bid to raise cash and return to growth after a string of profit warnings, partly due to Britain''s vote to leave the European Union.Chicago-based private equity fund GTCR and European rival CVC Capital Partners are among a group of three buyout funds which are competing with Link Group, a provider of shareholder management services as well as analytics, registry and fund administration services to more than 2,500 clients, the sources said.Another source named European buyout fund BC Partners as the fourth bidder involved in the process, adding that the deadline for final bids is on June 21.Capita, GTCR, BC Partners and CVC declined to comment while Link Group could not immediately be reached outside business hours.Capita has a market value of 4.3 billion pounds and its near-total focus on Britain means that unlike some rivals it does not benefit from the translation of foreign currencies back into a weak pound.Its chief executive Andy Parker resigned earlier this year after the company reported a bigger than expected drop in profits and said it would take until 2018 before it could return to growth.As part of its turnaround efforts the London-based company is trying to simplify its structure, reduce the number of business units and their reporting lines to boost oversight and transparency.The sale of its asset services unit, which serves a wide range of financial institutions including wealth and asset managers as well as banks, could fetch between 700 and 800 million pounds, the sources said.It would help it to reduce its debt burden which stood at 1.7 billion pounds at the end of last year.Capita Asset Services provides everything from shareholder solutions, fund management and loan servicing for all types of secured and collateralised loans. The business operates as a share registrar to 42 percent of Britain''s main market listed companies.($1 = 0.7880 pounds) (Reporting By Pamela Barbaglia. Editing by Jane Merriman)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/capita-ma-idINL8N1JC1SU'|'2017-06-15T15:59:00.000+03:00'
'43d4e3e000ee950d62fa50dc00fc38a72ef0ce22'|'Teck forecasts drop in quarterly price for steelmaking coal'|'June 15 Teck Resources Ltd on Thursday forecast a drop in its average realized price from sale of steelmaking coal for the second quarter, sending its shares down nearly 4 percent in late afternoon trading.The Canadian miner expects average realized price to be between $160 and $165 per tonne, much lower than the $190 benchmark price set by the company for the second quarter and $213 per tonne realized in the previous quarter."After steel mills filled their prompt requirements immediately following the Queensland cyclone, there were very few prime hard coking coal spot sales during the four week period from mid-April," the company said in a statement.The company also expects the sales volumes to be in the range of 6.8 million to 7 million tonnes in the second quarter compared with the previous forecast of 6.8 million tonnes. (Reporting by John Benny in Bengaluru; Editing by Arun Koyyur)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/teck-resources-pricing-idINL3N1JC4Z9'|'2017-06-15T17:31:00.000+03:00'
'28099af72e5dcd97474e4989031c27b0fd770a7d'|'UK Stocks-Factors to watch on June 15'|'June 15 Britain''s FTSE 100 index is seen opening 3 points lower on Thursday, according to financial bookmakers. * ACACIA MINING: Barrick Gold, which owns 63.9 percent of Acacia Mining PLC , said its chairman and Tanzania''s president met on Wednesday and agreed to hold talks aimed at resolving an escalating dispute over an export ban which has hit Acacia. * BARCLAYS: Expectations have increased among current and former Barclays executives that the Serious Fraud Office (SFO) plans to charge both the bank and individuals with regard to the inquiry on arrangements struck with a Qatari sovereign wealth fund in 2008, Sky News reported on Wednesday. bit.ly/2rsUFrH * BRITAIN-INSURANCE: New rules to determine lump sum payouts for personal injury claims will cost British motor insurers and reinsurers 3.5 billion pounds ($4.5 billion) initially, consulting firm EY estimates. * U.S. FED RATE HIKE: The Federal Reserve raised interest rates on Wednesday for the second time in three months and said it would begin cutting its holdings of bonds and other securities this year, signaling its confidence in a growing U.S. economy and strengthening job market. * U.K. ELECTION-BREXIT: British Prime Minister Theresa May edged closer to clinching a deal to stay in power with the support of Northern Irish kingmakers on Wednesday, but faced a battle over Brexit just days before divorce talks are due to begin. * CHINA CEN BANK: China''s central bank left interest rates for open market operations unchanged on Thursday, despite its U.S. counterpart increasing its key policy rate overnight. * OIL: Oil prices wallowed near their lowest levels in seven months early on Thursday, hurt by high global inventories and doubts over OPEC''s ability to implement production cuts. * GOLD: Gold edged up on Thursday from a near three-week low hit in the previous session, supported by softer U.S. economic data and a fall in Asian shares following a report that President Donald Trump was being probed for possible obstruction of justice. * LONDON COPPER: London copper dipped to its lowest in a week on Thursday after the U.S. Federal Reserve raised rates for the second time this year, boosting financing costs for industry. * EX-DIVS: 3I Group, Persimmon, Severn Trent will trade without entitlement to their latest dividend pay-out on Thursday, trimming 2.48 points off the FTSE 100 according to Reuters calculations * The UK blue chip index closed 0.35 percent lower at 7500.44 points on Wednesday, as a late drop in crude prices hit oil stocks, more than offsetting gains in housebuilders following a well-received update from Bellway. * For more on the factors affecting European stocks, please click on: cpurl://apps.cp./cms/?pageId=livemarkets * UK CORPORATE DIARY: Majestic Wine Full Year 2017 Earnings Release Drax Group Trading Statement Release Safestore Holdings Half Year 2017 Earnings Release PZ Cussons Trading Update WS Atkins Preliminary results TODAY''S UK PAPERS > Financial Times > Other business headlines Multimedia versions of Reuters Top News are now available for: * 3000 Xtra : visit topnews.session.rservices.com * For Top News : topnews.reuters.com (Reporting by Justin George Varghese; Editing by Sherry Jacob-Phillips)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-stocks-factors-idUSL3N1JC295'|'2017-06-15T09:32:00.000+03:00'
'2002bab69cd3927d7d2a1eed602e8c81620ecdb7'|'METALS-London copper slips to one week low after US rate rise'|'MELBOURNE, June 15 London copper dipped to its lowest in a week on Thursday after the U.S. Federal Reserve raised rates for the second time this year, boosting financing costs for industry.FUNDAMENTALS* LME COPPER: London Metal Exchange copper fell to $5,642 a tonne, finding a floor at the 30-day moving average which was also its weakest since June 8. Prices pared losses to $5,961 a tonne by 0202 GMT, still down 0.2 percent. Prices are ping-ponging between the 30 DMA and the 100 DMA, which is at $5,782.* SHFE COPPER: Shanghai Futures Exchange copper fell by half a percent to 45,590 yuan ($6,711).* ALUMINIUM: In other metals, SHFE aluminium fell 1.5 percent after China''s production surged to the second highest on record.* US ECONOMY: The Federal Reserve raised interest rates on Wednesday for the second time in three months and said it would begin cutting its holdings of bonds and other securities this year, signaling its confidence in a growing U.S. economy and strengthening job market.* CHINA ECONOMY: China''s economy generally remained on solid footing in May, but tighter monetary policy, a cooling housing market and slowing investment reinforced views that it will gradually lose momentum in coming months.* EURO ZONE ECONOMY: Euro zone industrial output grew in April and employment rose in the first quarter of the year to reach a record high, data released on Wednesday showed, in fresh signs of healthy growth of the bloc''s economy.* ALUMINIUM: Russian aluminium giant Rusal said it plans to boost its production by 19 percent from 2016 levels to 4.4 million tonnes by 2021, amid rising global demand.* ZINC: The global zinc market deepened its deficit to 92,400 tonnes in April from a revised deficit of 72,700 tonnes in March, data from the International Lead and Zinc Study Group (ILZSG) showed on Wednesday.* For the top stories in metals and other news, click orMARKETS NEWS* U.S. stock futures dipped and Asian shares were on the defensive on Thursday after a media report that U.S. President Donald Trump is being investigated by a special counsel for possible obstruction of justiceDATA/EVENTS0830 Britain Retail sales May0900 Euro zone Eurostat trade Apr1100 Bank of England announces interest rate decision1230 U.S. New York Fed manufacturing Jun1230 U.S. Import prices May1230 U.S. Export prices May1230 U.S. Weekly jobless claims1230 U.S. Philly Fed business index Jun1315 U.S. Industrial production May1400 U.S. NAHB housing market index JunPRICESThree month LME copperMost active ShFE copperThree month LME aluminiumMost active ShFE aluminiumThree month LME zincMost active ShFE zincThree month LME leadMost active ShFE leadThree month LME nickelMost active ShFE nickelThree month LME tinMost active ShFE tinARBS ($1 = 6.7935 Chinese yuan renminbi)(Reporting by Melanie Burton; Editing by Richard Pullin)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/global-metals-idUSL3N1JC1HD'|'2017-06-15T10:20:00.000+03:00'
'c93bbce820245ad14ade738632bbec19cff97266'|'UPDATE 1-Russia''s Sovcomflot, En+ IPOs delayed as market weakens - sources'|'Market News   12:18pm EDT UPDATE 1-Russia''s Sovcomflot, En+ IPOs delayed as market weakens - sources (Adds En+, quotes, background) MOSCOW, June 15 The stock market sale of a 25 percent stake in Russian state shipping company Sovcomflot, planned for this week, has been put on hold due to adverse market conditions, a source familiar with the situation told Reuters on Thursday. The source did not say when the placement of the stake with investors, part of Russia''s privatisation programme, would now happen. Sovcomflot declined to comment. "Privatisation should be approached very carefully," Russian Economy Minister Maxim Oreshkin, whose ministry is overseeing the process, was quoted as saying in the ministry''s emailed response to a Reuters request for comment. "We will announce specific deals as soon as they are ready." The Russian stock index on Thursday slipped below the psychologically important 1,000-point level for the first time since late November 2016 on concerns about potential new U.S. sanctions against Moscow. Two financial market sources told Reuters late May the Sovcomflot deal was expected in early June. It was later postponed with no explanation. Polyus, Russia''s top gold producer, decided to go ahead with its share offering on Thursday. But another deal planned for the near future, by En+ Group, has been pushed back, two people familiar with the matter said. En+ Group, which manages Russian tycoon Oleg Deripaska''s aluminium and hydro power assets, had planned to raise $2 billion from the sale of a 20-25 percent stake in London and Moscow as early as June, sources said in April. En+ is now targeting September for the initial public offering (IPO), one of the people said. Another said the target date was now September-October. En+ declined to comment. Deripaska told Rossiya 24 TV in early June the company wanted to raise $1.5 billion in an IPO and that a decision could be taken in the next 18 months subject to market conditions and as several other Russian firms are aiming for equity sales. (Reporting by Anastasia Lyrchikova, Oksana Kobzeva, Polina Devitt, Gleb Stolyarov, Polina Nikolskaya and Katya Golubkova; Editing by Christian Lowe and Mark Potter)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/russia-sovcomflot-market-idUSL8N1JC4KT'|'2017-06-16T00:18:00.000+03:00'
'74c35b0d37aca6878929180d59a39fbed0a4b759'|'Western Digital expects ruling on injunction request by mid-July -source'|'TOKYO, June 15 Western Digital Corp expects a ruling on its request for a court injunction to stop the sale of Toshiba Corp''s chip unit by mid-July, a source familiar with the situation said on Thursday. The California-based firm presented a revised offer for the chip unit that met Toshiba''s requests on Wednesday but did not receive a positive response, a separate source said.Western Digital is concerned about how Toshiba, the Japanese government and other stakeholders are handling the auction''s decision-making process, the second source added.The sources declined to be identified due to the sensitivity of the negotiations.Toshiba declined to comment.(Reporting by Makiko Yamazaki; Editing by Edwina Gibbs)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/toshiba-accounting-western-digital-idUSL3N1JC1HK'|'2017-06-15T10:41:00.000+03:00'
'02db5267d47b62248316096c892ddcd05b116892'|'TABLE-Mexico sets July Maya price for international buyers'|'MEXICO CITY, June 14 Mexican state-owned oil company Pemex revised its July term pricing formulas for crude oil shipped to customers in the Americas, Europe and the Far East, the company said on Wednesday. The following table lists the adjustments to price constants for international buyers: DESTINATION JUNE CONSTANT JULY CONSTANT AMERICAS Maya crude -1.60 -1.30 Isthmus crude +2.40 +3.20 Olmeca crude +2.90 +3.70 U.S WEST COAST Maya crude -5.15 -4.15 Isthmus crude -1.50 -1.15 EUROPE Maya crude -2.45 -2.40 Isthmus crude -1.40 -0.40 Olmeca crude -1.20 -1.20 FAR EAST Maya crude -9.40 -8.10 Isthmus crude -3.10 -2.50 FORMULAS (K IS PEMEX CONSTANT): MAYA: 0.40 (West Texas Sour + Fuel Oil 3%) + 0.10 (Louisiana Light Sweet + Brent dated) + K ISTHMUS: 0.40 (West Texas Sour + Louisiana Light Sweet) +0.20 (Brent dated) + K OLMECA: 0.333 (West Texas Sour + Louisiana Light Sweet+Brent dated) + K OLMECA EUROPE: Brent Dated + K MAYA W. COAST: 0.333 (West Texas Intermediate + Alaskan North Slope + Kern River) + K (Reporting by David Alire Garcia)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/mexico-oil-pricing-idINL1N1JB2FE'|'2017-06-14T19:41:00.000+03:00'
'2ae1afa2c73fd2d2ef846ce5031fb068f207ea25'|'Singapore PM''s brother says he fears authorities may stop him from leaving'|'Market  08am EDT Singapore PM''s brother says he fears authorities may stop him from leaving By Miyoung Kim and Fathin Ungku - SINGAPORE, June 15 SINGAPORE, June 15 Singapore Prime Minister Lee Hsien Loong''s younger brother said on Thursday he fears the nation''s authorities may stop him from leaving the country or take other action against him after he made a series of accusations against Lee. On Wednesday, Lee Hsien Yang and his sister Lee Wei Ling declared that they had lost confidence in their older brother and feared "the use of the organs of the state against us." Lee Hsien Yang also announced that he, and his wife, Lee Suet Fern, were planning to leave the island state "for the foreseeable future" because they felt threatened. They have not disclosed the date of their departure or the destination. "Lots of things can happen to me," he told Reuters in a phone interview on Thursday. "They have stopped people from leaving the country. I suppose if they do, they would have to explain at least. I don’t think there are any grounds to." The Prime Minister''s Office didn''t immediately respond to Reuters'' requests for comment on Lee Hsien Yang''s latest claims. The three children of Lee Kuan Yew, who was the founding father of modern Singapore and who ruled the country for three decades, are feuding over the future of the house that their father lived in for most of his life. The siblings have, among other things, accused the prime minister and his wife, Ho Ching, of harbouring political ambitions for their son, Li Hongyi. The prime minister on Wednesday denied the allegations and said he was disappointed that his siblings have chosen to publicize private family matters. On Thursday, Li denied he wanted a political role, saying on Facebook: "For what it is worth, I really have no interest in politics." "BIG BROTHER" Lee Hsien Yang has made it clear he is concerned about his phone calls and messages being monitored. He tries to make it more difficult to track his communications, using an internatioonal phone number and the WhatsApp messaging service. "I''ve used the term big brother, what do you think big brother means? Why do you think I use WhatsApp?" he said. WhatsApp, which is owned by Facebook Inc, promises privacy through encrypted messaging. Lee, the former chief executive of Singapore Telecommunications Ltd, who is currently the chairman of the Civil Aviation Authority of Singapore, said that he is still in Singapore as he needs "time to sort out my affairs." "I hope wherever I move to might be safe. It will be safer, I would say," he said. The attacks on the prime minister by his two siblings, which initially came in a joint news release and statement while their brother was on holiday has led to a rare public display of discord at the top of a country that usually keeps such matters firmly behind closed doors. Lee Hsien Yang and his wife, Lee Suet Fern, said they feel hugely unwelcome and closely monitored in Singapore. "I''m constrained about what I should and can say. You realise of course that they are very quick to threaten defamation... Many people and many tools get used to make people feel uncomfortable," he told Reuters on Thursday. He provided no specific evidence of action by the Singapore government against him. Reuters was unable to independently verify the accusations. Lee Wei Ling said on Wednesday if the dispute were merely a family affair, she would not have publicized it. Her concern was also about the way ordinary citizens could face an abuse of power, she said on Facebook. Before he died in 2015, Lee Kuan Yew made it public that he wanted the house, a humbly furnished home with retro furniture near the bustling Orchard shopping district, demolished. But the prime minister''s siblings claim that he and his wife, Ho Ching, had opposed the wish. Officials have said that the prime minister has recused himself from any government decisions about the house. (Reporting by Miyoung Kim; Editing by Martin Howell)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/singapore-politics-idUSL3N1JC2KY'|'2017-06-15T19:08:00.000+03:00'
'e0d21ae994f1b9eb9f9104df52362e1525766d0a'|'PRESS DIGEST-Canada - June 14'|'June 14 The following are the top stories from selected Canadian newspapers. Reuters has not verified these stories and does not vouch for their accuracy.THE GLOBE AND MAIL** Property developers in Ontario are calling for changes to rent-control measures announced by the province in April, saying they are too harsh and are already causing builders to cancel apartment construction projects. tgam.ca/2s9G5Cj** Days before the end of his term, the chairman of Canada''s telecom regulator, Jean-Pierre Blais, is warning that his successor may need to intervene directly in the wireless market to deliver more competition and lower prices for consumers. tgam.ca/2s9IsFeNATIONAL POST** Retailer Sears Canada Inc, whose sales have been on a steady downward trajectory, issued the direst warning yet about its future and said it is exploring strategic alternatives, including a possible sale of the business. bit.ly/2s9nkz5** Canadian natural gas producers have been forced to shut in their production after Alliance Pipeline LP, a joint venture between Enbridge Inc and Veresen Inc, declared a force majeur Tuesday on its export pipeline to Chicago, which analysts say will hurt gas prices. bit.ly/2s9t3Fe** Shaw Communications Inc announced two deals on Tuesday: it sold ViaWest, its data centre business, for C$2.3 billion ($1.7 billion) to Peak 10 Holding Corp, and announced a C$430 million deal with Quebecor Inc to buy low-band spectrum licences in Alberta, British Columbia and Ontario. bit.ly/2s9I21V ($1 = 1.3191 Canadian dollars) (Compiled by Bengaluru newsroom)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/press-digest-canada-idINL3N1JB3UV'|'2017-06-14T08:42:00.000+03:00'
'f3f30d90837eadbebd8877a05fb8fd84ab747af0'|'Debt collectors make Europe''s bad loans pay again'|'Business News  37am BST Debt collectors make Europe''s bad loans pay again FILE PHOTO: Photo illustration of Euro banknotes at a bank in Seoul, South Korea, June 18, 2012. REUTERS/Lee Jae-Won/Illustration/File Photo By Alasdair Pal - LONDON LONDON When Heli Vesanto’s Norwegian gym thought she had fallen a month behind on her membership fees, it did not contact her itself but called on one of Europe''s largest debt collection companies instead. “Of course you feel a bit of pain opening a letter like that,” she said, referring to fears that her credit rating would be affected, making it harder for her to borrow. The overdue payment letter sent by Sweden''s Intrum Justitia turned out to be a mistake by the gym - Vesanto had cancelled her membership - but it was also a window, for her, on an industry that has become familiar to many Europeans. The growing use of debt collection companies in Europe has been a boon for investors in the major firms which have come to dominate the field. Continuing consolidation of the industry has also led regulators to seek to counterbalance their influence. As well as selling debt recovery services to clients such as Vesanto''s gym, Intrum and other big European debt collection companies Hoist Finance, also from Sweden, and Italy''s Cerved Information Solutions, buy unpaid loans at a discount and recover what they can. They have benefited from the fact that Europe''s banks are weighed down by almost a trillion euros of non-performing loans and under pressure from regulators to get those debts off their balance sheets. Shares in Intrum and Hoist have risen by 17 and 30 percent in the last two years respectively. Cerved''s share price is up nearly 50 percent over the same period, compared with a 16 percent loss for European banking shares. “Specialisation works,” said Erik Forsberg, chief financial officer for Intrum Justitia. “We argue we will always be more efficient than a bank or telco or a utility." Last month, however, Intrum''s share price took a hit after it was forced to row back on its merger plans. In the biggest of a series of tie-ups in the sector, Intrum plans to merge with privately-owned Norwegian firm Lindhoff, creating Europe''s largest debt collection company. The European Commission approved the merger on Monday, after Intrum proposed a string of divestments that has sent its share price down 17 percent since May 18. Intrum said they would cut the proposed cost savings of the merger by nearly a third. Also in the regulators'' sights is the extent to which the debt collection firms have been able to dictate prices of non-performing loans, to the detriment of Europe''s struggling banks. HEADWINDS Italy''s 350 billion euros of bad debt was one of last year''s biggest market worries, with the Italian government forced to create a state-backed bail-out fund to tackle rising non-performing loans. In December UniCredit, Italy''s biggest lender by assets, estimated that the price of recent deals would allow it to recoup just 23 cents to the euro on its bad loans, far below the 43 cents to the euro average for Italian banks. It then went on to sell a large portion of its bad loan portfolio at just 13 cents to the euro. Nicolas Veron, a senior fellow at Brussels-based think tank Bruegel, said low prices were a market reality and arguably reflected the low value of the loans rather than any fire-sales. But regulators are keen to close the gap between what banks sell their loans for and what the debt collection companies are ready to pay. The European Union is considering plans to strengthen the secondary market for NPLs, which may boost demand and raise their sale prices. On May 24 the European Central Bank said it is encouraging public-private partnerships to improve data quality and recovery processes to reduce asymmetries between buyers and sellers. Veron said he did not think such measures would lift prices that much because their level reflected a tough political and economic climate. "Some of the initiatives are helpful but I don''t think they will change the prices you get under current conditions." The eurozone''s bad debts are finally beginning to fall, according to ECB data released in April, but still stand at some 931 billion euros. The three big debt collection companies'' net profit margins, meanwhile, have risen, with Intrum at 24.1 percent, Hoist at 19.5 percent and Cerved at 12.9 percent, the first time the company, floated in 2014, has reported a double digit margin. Intrum said in April it saw pricing pressure from increased competition in western Europe in the first quarter of 2017 hitting its margins slightly, arguing that boosting efficiency should compensate over time. Cabot Credit Management, majority owned by U.S. firm Encore Capital, plans to list as early as this year, according to Sky News, joining its UK-listed peer Arrow Global. "We are reviewing our strategic options, but no decisions have been finalised," a spokesperson for Cabot said. Virginia-based PRA Group is also active in Europe. In the United States, PRA and Encore have fared less well than their European counterparts and their share prices have fallen over the last three years. Some U.S. Supreme Court Justices criticised the business models of debt collectors after a subsidiary of Encore tried to collect a decade-old debt from a woman who filed for bankruptcy in 2014. On May 15, the Supreme Court ruled by majority that the woman could not sue the firm. The debt collectors say their success is not due to heavy-handed practices but rather a sophisticated analysis of borrowers'' ability to pay. StepChange, a UK charity that helps people with debt problems, said consolidation and stricter regulation meant conditions in Britain had improved in recent years. "There are larger, more reputable firms operating and the more unsavoury elements have exited the market," a spokesperson said. But companies should keep the way they do business under constant review, Stepchange said. "There is still some evidence of poor practice, including some clients who report pressure to make unaffordable repayments." (Additional reporting by Valentina Za in Milan, Francesco Guarascio in Brussels and Anna Ringstrom in Stockholm; editing by Philippa Fletcher)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-europe-debtcollectors-idUKKBN1950G3'|'2017-06-14T13:37:00.000+03:00'
'09705acb83968545ac302c8f49d55e98834ccac3'|'ECB rate setter questions euro zone''s hallowed inflation target'|'FRANKFURT, June 14 Often outspoken European Central Bank rate setter Ewald Nowotny questioned the ECB''s most sacred tenet on Wednesday: its inflation target.Euro zone inflation has been low for years and the ECB is not expecting to achieve its objective of a rate near 2 percent for at least another two years, despite spending 2.3 trillion euros ($2.59 trillion) on bond purchases and pushing interest rates below zero.Speaking at a conference packed with current and former ECB policymakers, Nowotny asked whether adopting an inflation range, rather than a specific target, would make more sense in a situation where price growth is low for a long time."Could you foresee that in such a situation there would be an easing or broadening of the inflation goal in the sense of setting a range instead of a clear-cut target?" Nowotny, an Austrian, asked at an event organised by Germany''s Bundesbank.Any such move would allow the ECB to dial back its stimulus measures earlier, pleasing critics in Germany and other northern European countries, who fear the ultra-easy policy is creating bubbles.But it would potentially make funding more expensive for indebted governments in the south of the bloc, such as Italy and Portugal.Economists have long wondered whether the historically low inflation rates seen in the euro zone and Japan were due to factors beyond central banks'' reach, such as an ageing population and structurally high unemployment.But the very notion of abandoning its inflation target has been anathema to ECB rate setters, who fear any mention of it would dent its credibility with investors."We need more than ever very solid anchoring of long-term inflation expectations," former ECB president Jean-Claude Trichet said. "We are still in an extremely dangerous situation."ECB President Mario Draghi batted back a similar question at a news conference last week, saying the central bank was confident inflation would hit its objective once unemployment falls.But Japan''s former central bank governor Masaaki Shirkawa, who also battled with ultra-low inflation during his five-year tenure ending in 2013, expressed some sympathy for Nowotny''s argument."My worry with setting a precise number is that it can crowd out other very important considerations, such as financial stability," Shirkawa said, speaking at the same conference.Tasked by European Union treaties to maintain price stability in the euro zone, the ECB has fine-tuned its target in the past.It initially set its objective as an inflation rate "below 2 percent" in 1998 but five years later it changed it to "below, but close to 2 percent over the medium term".(Editing by Jeremy Gaunt)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/ecb-policy-inflation-idUSL8N1JB4IP'|'2017-06-14T19:09:00.000+03:00'
'c3c676aa185d631f55abea0432e66accee542dc9'|'Argentina signs mining deal to unify regulations, attract investment'|'Market News - Tue Jun 13, 2017 - 4:46pm EDT Argentina signs mining deal to unify regulations, attract investment By Juliana Castilla - BUENOS AIRES, June 13 BUENOS AIRES, June 13 Argentina''s national government and the governors of 20 provinces signed a mining deal on Tuesday to harmonize taxes and regulations in hopes of attracting investment, but the action was criticized by industry sources and environmentalists alike. The agreement, which needs approval from Congress and the 20 provincial legislatures, sets a 3 percent ceiling on royalties mining companies pay to provinces. "It''s an activity that could be one of the pillars of job creation," President Mauricio Macri said of mining at the signing ceremony. "We can develop it with perfect care of the environment." Latin America''s third-largest economy has fallen behind Chile and Peru in attracting mining investment despite rich deposits of copper, gold, silver and zinc. Macri''s center-right government has been trying since last year to unify regulations to woo foreign miners. Shortly after taking office, Macri eliminated export taxes on metals and lifted a prohibition on companies sending profits overseas, two moves celebrated by the sector. But seven of the country''s 23 provinces still prohibit certain practices, like open-pit mining and the use of cyanide, crucial to extraction. Despite the limit on royalties, the deal signed on Tuesday would allow provinces to levy a tax of up to 1.5 percent of miners'' sales for local infrastructure funds. "The new deal doesn''t change the regressive nature of the current tax, which is on mineral sales, and furthermore adds another tax of 1.5 percent. It will reduce the sector''s competitiveness," said an industry source who spoke on condition of anonymity. "Investments will continue to favor Chile and Peru." Among the three provinces that declined to sign the deal was Chubut, located in the southern region of Patagonia, where Pan American Silver''s Navidad project has been on hold since 2013 when it ran afoul of provincial rules banning the use of cyanide and open-pit mining. Manuel Jaramillo, executive director of environmental NGO Fundacion Vida Silvestre, told Reuters that environmental groups were not invited to participate in the crafting of the deal and that the government never requested public comment on the details of the agreement. (Reporting by Juliana Castilla; Writing by Luc Cohen; Editing by Peter Cooney) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/argentina-mining-idUSL1N1JA1ES'|'2017-06-14T04:46:00.000+03:00'
'6190104b0f9c18bc56b3837694013bd9521f6741'|'French oil services firm CGG files for bankruptcy'|'PARIS, June 14 French oil services firm CGG said on Wednesday it had filed for bankruptcy in France and the United States as part of financial restructuring to reduce its debt burden.The company, in which the French state public investment bank Bpifrance Participations owns a 9 percent stake, said the restructuring would eliminate $1.95 billion in debt from its balance sheet."CGG will continue normal business operations during this process, and the restructuring transactions will not affect relationships with our clients, business partners, vendors or employees," Chief Executive Jean-Georges Malcor said in a statement."We expect that our financial restructuring can move forward quickly to strengthen our balance sheet and to position the company well for the future," he addedWith debt in excess of $3 billion, the restructuring could be one of the biggest France has seen in years. It calls for unsecured debt to be converted to equity, maturities on secured debt to be extended and $500 million in new money to be raised.The company, which specialises in geo-seismic surveys and is listed in Paris and New York, struggled to keep up with payments on its debt as the big oil groups that use its services proved reluctant to lift exploration spending despite rising oil prices. (Reporting by Leigh Thomas; Editing by Bill Rigby)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/france-cgg-idINL8N1JB6H8'|'2017-06-14T19:31:00.000+03:00'
'6907f601904eb854c4d41c25743f22709294e32a'|'INSIGHT-Cattle slaughter crackdown ripples through India''s leather industry'|'  INSIGHT-Cattle slaughter crackdown ripples through India''s leather industry * India BJP government takes tougher line on cattle slaughter * Muslim minority fears for livelihoods in shoemaking centre * $16 billion-plus meat and leather supply chain affected * Hindu nationalist state government clamps down on abattoirs * Chief minister defends move; says illegal business must end (Adds link to video) By Tommy Wilkes and Mayank Bhardwaj AGRA, India, June 15 In the backstreets of Agra''s Muslim quarter, where shoes have been made for centuries, small-scale manufacturers are firing workers and families cutting back on spending as a government crackdown on cattle slaughter ripples through the community. The election of Indian Prime Minister Narendra Modi of the Hindu nationalist Bharatiya Janata Party (BJP) three years ago has emboldened right-wing Hindu groups to push harder for protection of the cow, an animal they consider sacred. Authorities in India''s most populous state, Uttar Pradesh, started closing down unlicensed abattoirs in March, immediately hitting production and sales in the Muslim-dominated meat industry. Last month Modi''s government also banned trading cattle for slaughter, including not just cows, whose killing was already outlawed in most states, but also buffalo, an animal used for meat and leather. Now the squeeze is spreading to others in the Muslim minority and to lower-caste Hindus who cart cattle, labour in tanneries and make shoes, bags and belts - including for big name brands such as Zara and Clarks. Frequent attacks by right-wing Hindus against workers they accuse of harming cattle have further rattled the industry. SOCIAL TENSIONS Much of India''s meat and leather trade takes place in the informal economy, meaning the impact of the closing of illegal abattoirs and ban on trading for slaughter is hard to measure. But cattle markets are reporting a big slowdown in trade and tanneries a shortage of hides. Abdul Faheem Qureshi, a representative of India''s Muslim Qureshi community of butchers, said in Uttar Pradesh some markets trading 1,000 animals last year were now down to as few as 100. The decline in production means fewer jobs for two of India''s poorest communities, and risks inflaming social tensions at a time when Modi has vowed to boost employment and accelerate economic growth ahead of the next general election in 2019. Some large leather manufacturers support the Uttar Pradesh state government''s move, arguing that allowing only licensed abattoirs to operate will clean the industry''s image. Bigger exporters also say they have enough leather as they source hides widely, including from abroad. Still, millions work in the meat and leather industries, which are worth more than $16 billion in annual sales. When Reuters visited the narrow shoemaking lanes of Agra a crowd of Muslims breaking their Ramadan fast gathered, shouting angrily that they were no longer safe to trade buffalo, buy cow leather for shoes or to do work that their community has done for centuries for fear of being attacked by Hindu vigilantes. "They want to weaken us. They want to snatch our bread," says 66-year-old Mohammad Muqeem, whose workers stitch $3 shoes in his cellar, referring to the closure of slaughterhouses and recent attacks on cattle traders. Muqeem''s monthly income has halved to $300 since last year as leather has become scarce. His dozen casual workers, down from 40, now use mostly synthetic materials. IMPOSSIBLE TARGET Like meat, India''s leather industry has expanded rapidly in the last decade, providing relatively well-paid factory work and cash for families stitching informally in their homes. Agra, in Uttar Pradesh, turns out a million pairs of shoes a day for domestic buyers and European labels such as Inditex-owned Zara and Clarks. An estimated 40 percent of the population of the northern Indian city, famed as the home of the Taj Mahal, depends on the industry. Clarks said in a statement that it does not use leather from Indian-origin cows and that the small amount of buffalo leather it sources from India had not been impacted. Zara did not respond to requests for comment. India is one of the world''s top five producers of leather, with skins coming from cows that die of natural causes or from the legal slaughter of buffalo. Modi''s government is targeting leather revenues of $27 billion - more than double today''s level - by 2020 as part of a job creation push. But in May, the government decreed that animal markets could only trade cow and buffalo for agricultural purposes such as ploughing and dairy production - a move many in the industry say contradicts its plans to grow leather sales. India''s environment minister said this week the government could amend the rule after a court temporarily stayed the order and there was widespread anger in regions where meat and leather are important to the local culture and economy. But industry officials said the shock of the ban, coming on the heels of the crackdown on abattoirs and attacks against cattle workers, meant business would not easily recover. Companies say the government''s leather target would be impossible to meet unless the restrictions are reversed. "There is a lot of panic in the industry after the latest order, which has come as the biggest blow," Puran Dawar, chairman of Agra-based exporter Dawar Footwear Industries, said as hundreds of workers moulded shoes on the factory floor, referring to the ban on cattle traded for slaughter. "There are grave concerns about the supply of leather, exports of shoes and overall employment." India''s commerce ministry did not respond to requests for comment. In Uttar Pradesh, Chief Minister Yogi Adityanath, a controversial Hindu priest, had made closing unlicensed slaughter houses a priority after Modi appointed him in March. About 30 percent of hides, mostly from buffaloes, that supply tanneries in the state are from unlicensed abattoirs. Sitting in his one-room shop in Agra''s leather market, Mohammad Hashim, a burly leather dealer in his sixties, said business was down 40 percent in the last three months. The recent scarcity of hides had hurt Hindus as much as Muslims, he said, pointing to the quiet streets outside and a Hindu man struggling to sell puffed rice snacks from his cart. Modi''s election in 2014 and a resurgence in right-wing Hindu activism have increased concerns among Muslims that their livelihoods are under attack. As a minority making up 14 percent of India''s 1.3 billion people, they are generally poorer and less literate than majority Hindus. When worshippers finishing evening prayers at the Mughal-era mosque in the shoemaking quarter of Agra are asked whether the chief minister handpicked by Modi is to blame, one of the Imams thunders: "Modi is to blame. He is targeting Muslims." In an interview with Reuters, Chief Minister Adityanath rejected accusations the BJP had targeted any specific group. "Illegal slaughterhouses operated across the state and many big and small leather traders were buying raw material at cheapest rates from unlicensed slaughterhouses to maximise profits," he said in Lucknow, the state capital. WIDER INDUSTRY HIT In the industrial city of Kanpur, 250 km (155 miles) east of Agra, tanneries processing buffalo skins are reporting job losses as the availability of hides dries up. Nayyar Jamal, general secretary of Kanpur''s Small Tanners'' Association, reckons as many as 400,000 employees in Kanpur''s leather and related industries are temporarily jobless, including some laid off because of environmental curbs on tannery pollution. Supplies of local hides have dropped by 20 to 30 percent. Qureshi, from the butchers'' organisation, estimates that 3.5 million employees in Uttar Pradesh alone have been directly hit. "More than the economic loss, the government has injected fear," said Chandra Bhan Prasad, a writer and businessman from the Dalit community, as those at the bottom of Hinduism''s social hierarchy once called "untouchables" are known. Dalits and Muslims often work in trades that higher-caste Hindus traditionally consider beneath them. Tannery owner Mohammad Ikram said he was only able to procure 4,000 hides a month - down from 25,000 - because even truckers transporting legally obtained cow or buffalo hides fear attacks from vigilantes. He has a month''s inventory left, and when that runs out he will have to start shedding staff. Shahnawaz Qureshi, a wage labourer stuffing synthetic shoes into plastic bags in Muqeem''s cellar in Agra, lost his last job after his employer could no longer afford leather. He now earns 3,000 rupees - or $47 - a month, down from 4,500 in his previous job, and together with his father''s income supports three sisters and his mother. "I decided to sign up for this job despite the fact that I earn reasonably less here," he said. ($1 = 64.2400 Indian rupees) (Additional reporting by Rupam Jain in LUCKNOW, Sonya Dowsett in MADRID; Editing by Douglas Busvine and Alex Richardson)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/india-politics-religion-idUSL3N1JC39Q'|'2017-06-15T17:10:00.000+03:00'
'b439b8fc795d08f3a3957c71266f9ee9591522c8'|'UPDATE 1-Canada''s Home Capital agrees settlement with regulator'|'Business News - Wed Jun 14, 2017 - 8:10pm EDT Canada''s Home Capital agrees settlement with regulator FILE PHOTO - The entry to the Home Capital Group''s headquarters is seen at an office tower in the financial district of Toronto, Ontario, Canada on May 1, 2017. REUTERS/Chris Helgren/File Photo TORONTO Home Capital Group Inc said on Wednesday it had agreed on a settlement with the Ontario Securities Commission (OSC) and accepted responsibility for misleading investors about problems with its mortgage underwriting procedures. Canada''s biggest non-bank lender said that it would make a payment of C$10 million ($7.6 million) and reimburse the commission''s costs of C$500,000. Former directors will also pay fines totaling C$2 million taking the total payment to the OSC to C$12 million excluding costs. In a linked settlement, Home Capital said that it would pay C$29.5 million to settle a class action lawsuit. That includes C$11 million from the fines imposed by the OSC, which the commission said should be paid to Home Capital investors who were part of the class action. Home Capital said that it expected to fund the costs of the settlements substantially through its liability insurance. "Home Capital will accept full responsibility for failing to meet its disclosure obligations to the marketplace and appreciates the importance of the serious concerns raised by the Commission with respect to continuous and timely disclosure," the company''s Chair Brenda Eprile said in a statement. Depositors have withdrawn 95 percent of funds from Home Capital''s high interest savings accounts since March 27, when the company terminated the employment of former Chief Executive Martin Reid. The withdrawals accelerated after April 19, when the OSC, Canada''s biggest securities regulator, accused Home Capital of making misleading statements to investors about its mortgage underwriting business. Reuters reported on Wednesday that Home Capital was in talks with a syndicate of banks, including some of Canada''s biggest lenders, to secure a loan of about C$2 billion ($1.5 billion) to replace a costly emergency credit line it agreed in April. "These settlements will enable us to move forward with regaining the confidence of our depositors and shareholders and creating value for all our stakeholders," Eprile said. Shares in Home Capital closed on Wednesday at C$12.13, up 7.4 percent. The OSC said that Gerald Soloway, Home Capital''s founder and former chief executive, would be prohibited from acting as a company director for four years and would pay a fine of C$1 million. Home Capital''s former chief executive Reid, and Robert Morton, the company''s former finance director, will be banned from serving as company directors for 2 years and will each pay a fine of C$500,000. (Reporting by Matt Scuffham; editing by Clive McKeef) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-homecapital-lender-settlement-idUSKBN1953AH'|'2017-06-15T07:21:00.000+03:00'
'0fe37eba78ca25f560c9c5eace0515996e892434'|'India antitrust watchdog imposes $13.6 million fine on Hyundai Motor''s local unit'|'Autos   5:00am BST India antitrust watchdog imposes $13.6 million fine on Hyundai Motor''s local unit FILE PHOTO - The logo of Hyundai Motor is seen at its dealership in Seoul, South Korea, April 26, 2017. REUTERS/Kim Hong-Ji NEW DELHI India''s antitrust watchdog on Wednesday imposed a fine of 870 million rupees ($13.6 million) on South Korean automaker Hyundai Motor Co''s local unit, accusing the company of anti-competitive behaviour. The Competition Commission of India in its order alleged that Hyundai Motor India Limited (HMIL) contravened competitive practices by imposing certain arrangements upon its dealers including monitoring the maximum permissible discount level and mandating the use of recommended lubricants and oils. The penalty has been levied at 0.3 percent of Hyundai Motor India''s average relevant turnover of the preceding three years, the anti-competition watchdog said. "For the purposes of determining the relevant turnover for the impugned infringement, revenue from sale of motor vehicles alone have been taken into account," the watchdog said, adding the final order was passed on the basis of information provided by the dealers. Hyundai, in a late night statement, said they were surprised by the order and were looking into the matter. "We are studying the order in detail and will take necessary course of action to challenge the order at appropriate level to protect the interest of our customers and channel partners by abiding (by) all the laws of land," Hyundai said. (Reporting by Aditi Shah; Editing by Mark Potter and Himani Sarkar)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-india-hyundai-motor-antitrust-idUKKBN19609J'|'2017-06-15T12:00:00.000+03:00'
'ea65ccf940cdf5af6a0d2561da92fa4c2c54b4d2'|'Growth worries push stocks lower, Fed hike lifts dollar'|'Business News   6:58pm BST Stocks slip as techs extend selloff; dollar rises Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, NY, U.S. May 18, 2017. REUTERS/Brendan McDermid By Caroline Valetkevitch - NEW YORK NEW YORK World stock indexes fell on Thursday as technology shares extended their recent selloff, while the prospect of tighter monetary policy in the United States and Britain pushed up the dollar. High global inventories and doubts about OPEC''s ability to implement agreed production cuts pressured oil prices. The Federal Reserve on Wednesday raised interest rates, as widely expected, and signaled another hike could follow this year. Its statement and comments by Fed Chair Janet Yellen afterward prompted some investor concerns the central bank''s tone was hawkish. "When you look at the economic data, it really doesn''t point to an aggressive Fed. But you listen to the comments yesterday, and they''re still on the aggressive side as far as raising rates," said Paul Nolte, portfolio manager at Kingsview Asset Management in Chicago. In a sign that the squeeze on consumers may get tighter before long, three Bank of England policymakers voted to raise rates against five for keeping rates on hold. Economists polled by Reuters had expected a 7-1 vote in favor of no change. The recent selloff in tech shares resulted in part by investors trying to take profits in an area that has led market gains this year and has fueled concern about stretched valuations in the overall market. The U.S. technology index was down 0.7 percent, leading a broad decline in the S&P 500, pulled down by heavyweights including Apple Inc and Alphabet Inc after bearish research comments. The tech index is down about 4 percent since Thursday''s close. The Dow Jones Industrial Average was down 29.91 points, or 0.14 percent, to 21,344.65, the S&P 500 had lost 8.79 points, or 0.36 percent, to 2,429.13 and the Nasdaq Composite had dropped 46.62 points, or 0.75 percent, to 6,148.28. The pan-European FTSEurofirst 300 index ended down 0.3 percent and MSCI''s gauge of stocks across the globe fell 0.9 percent. The dollar rose to its highest in more than two weeks as solid readings on the U.S. economy helped strengthen the case for the Fed to continue tightening. The number of Americans filing unemployment claims fell more than expected last week, suggesting slack in the labor market was shrinking, and the Philadelphia Fed business conditions for June beat expectations after a strong reading in May. The reports followed weak inflation data on Wednesday. The dollar index, which tracks the U.S. currency against six major peers, was last up 0.6 percent, and rose as high as 97.557, its highest since May 30. The stronger-than-expected U.S. economic data also boosted U.S. Treasury yields, with two-year yields touching their highest in three months. But most yields remained depressed after their biggest plunge in a month Wednesday. U.S. two-year yields hit 1.368 percent, their highest in three months. Brent crude oil was down 0.3 percent to $46.87 a barrel after hitting its weakest since May 5. U.S. light crude was down 0.6 percent at $44.46. The stronger dollar weighed on gold, which hit a three-week low. Spot gold fell 0.6 percent to $1,253.09 per ounce. (Additional reporting by Lewis Krauskopf in New York and Nigel Stephenson in London; Hideyuki Sano in TOKYO, Ritvik Carvalho and Abhinav Ramanarayan, and Jan Harvey in LONDON; Editing by Louise Ireland and Nick Zieminski)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-global-markets-idUKKBN19600W'|'2017-06-15T16:36:00.000+03:00'
'01c0d2324c2f7d30e7ebe260add394f1216243cc'|'Italy says solution for Veneto is "close" amid talks with EU - minister'|'Business News - Tue Jun 13, 2017 - 9:11am BST Italy says solution for Veneto is "close" amid talks with EU - minister FILE PHOTO: A Banca Popolare di Vicenza sign is seen in Rome, Italy, March 29, 2017. REUTERS/Alessandro Bianchi/File Photo ROME Italy is "close" to a solution for struggling lenders Popolare di Vicenza and Veneto Banca, the economy minister said on Tuesday, as the state seeks European Union approval for a plan to bail them out. "A solution is now close" for the two regional lenders, based in the Northeast Veneto region, Economy Minister Pier Carlo Padoan said in a statement, and "talks with European institutions are encouraging." "The solution will not involve any form of bail-in, and senior bondholders and depositors will in any case be fully guaranteed," he added. Rome has struggled to find investors ready to put in the private capital that EU authorities are demanding to authorise a plan for the banks, weighed down by bad debts and mounting losses over the past three years. (Reporting by Steve Scherer, editing by Giulia Segreti)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-eurozone-banks-italy-veneto-idUKKBN1940W3'|'2017-06-13T16:11:00.000+03:00'
'bdeb05821679fbcd8f5a92a2ed0a6b119763effa'|'BOJ to keep pursuing steps for price stability - senior official'|'Central Banks - Tue Jun 13, 2017 - 3:44am BST Slowdown in BOJ''s bond buying a result of stable yields - official FILE PHOTO: A man riding a bicycle rides past the Bank of Japan building in Tokyo, Japan April 27, 2017. REUTERS/Kim Kyung-Hoon By Leika Kihara - TOKYO TOKYO The Bank of Japan rebuffed speculation that it was engaging in "stealth tapering" as its massive asset-buying programme nears its limit, stating instead its reduced bond buying reflected receding upward pressure on Japanese yields from U.S. Treasuries. Masayoshi Amamiya, the BOJ''s executive director overseeing monetary policy, told Parliament on Tuesday the pace of bond buying had slowed because U.S. Treasury yields have fallen - enabling the central bank to cap Japanese long-term rates while also reducing its purchases. "The slowdown came as a result of our policy of guiding yields at appropriate levels," he told parliament, when asked by a ruling party lawmaker why the BOJ''s purchases were slowing. "The BOJ will continue to take necessary steps to stabilise prices, while keeping an eye on how they affect its financial health," he said. After three years of heavy asset buying failed to drive up inflation, the BOJ switched its policy framework last year to one that capped long-term interest rates from a policy that had targeted the pace of money printing. BOJ Governor Haruhiko Kuroda has repeatedly said the central bank still had plenty of bonds to buy, and that it was premature to openly debate an exit strategy from the stimulus programme. But buying large amounts of Japanese government bonds is expected to become increasingly difficult as the central bank already owns more than 42 percent of the entire JGB market. Indeed, recent data showed the BOJ''s bond buying has slowed considerably in recent months. Most analysts expect the BOJ to slow the pace further to around 60 trillion yen (431.4 billion pounds) by the end of year and to omit from its policy statement a loose pledge to increase its JGB holding by 80 trillion yen a year at some point. The fate of the pledge may be among topics the BOJ''s nine board members will discuss at their two-day policy meeting that starts on Thursday. With the BOJ now targeting interest rates, many central bank policymakers see the 80-trillion-yen pledge as obsolete and largely symbolic. But some remain wary of removing the pledge now fearing it could be misinterpreted as a sign the BOJ is contemplating withdrawing its stimulus programme at short notice. (Reporting by Leika Kihara; Editing by Chris Gallagher and Eric Meijer) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-japan-economy-boj-idUKKBN19405A'|'2017-06-13T09:27:00.000+03:00'
'25f19c0c2b063cf43fc97de56c6d0c2aea1beada'|'General Motors completes production of 130 Bolt self-driving cars'|'Technology  15am IST GM completes production of 130 Bolt self-driving cars The GM logo is seen at the General Motors Assembly Plant in Valencia, Venezuela April 21, 2017. REUTERS/Marco Bello/Files General Motors Co said on Tuesday it has completed production of 130 self-driving Chevrolet Bolt electric vehicles at its Orion assembly plant in Michigan. The carmaker expects to deploy the vehicles within the month in San Francisco and Scottsdale, Arizona, with its ride-sharing affiliate Lyft Inc, after a final test in Michigan, according to a company representative. GM began producing the Bolt test vehicles at the Orion plant in January, and expects the self-driving test fleet to grow to 180. ( bit.ly/2swSC5J ) Detroit-based GM joins a list of companies aggressively pursuing automated vehicle technologies. These include Ford Motor Co, Uber Technologies Inc, Tesla Inc and Alphabet Inc''s self-driving car Waymo unit. GM shares were marginally down at $34.35 in morning trading. (Reporting by Rachit Vats in Bengaluru and Paul Lienert in Detroit; Editing by Shounak Dasgupta)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/gm-autonomous-idINKBN1941P2'|'2017-06-13T11:09:00.000+03:00'
'0f865119012cf2fecacfaf40dde67a59589c395b'|'Halma full-year profit rises 17 percent, aided by acquisitions'|'Business News  29am BST Halma full-year profit rises 17 percent, aided by acquisitions Halma Plc''s full-year profit rose 17 percent, the healthcare devices maker said on Tuesday, as acquisitions boosted sales across all its units. The company, which makes employee safety devices, fire and smoke detectors and medical devices, said adjusted pre-tax profit for the year ended April 1 rose to 194 million pounds from 166 million pounds a year ago. Halma''s order intake for the financial year continued to be ahead of revenue and ahead of order intake the same time last year, Chief Executive Andrew Williams said in a statement. The company said revenue rose 19 percent to 961.7 million pounds, above Barclays'' estimate of 933 million pounds, but below Investec''s estimate of 962.3 million pounds. (Reporting By Justin George Varghese; Editing by Biju Dwarakanath)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-halma-results-idUKKBN1940O3'|'2017-06-13T14:29:00.000+03:00'
'aee41c9f8ad3fa457e493983d17fcc8be849ac53'|'Time Inc to cut 300 positions, or 4 percent of workforce -memo'|'Business News - Tue Jun 13, 2017 - 9:07pm BST Time Inc to cut 300 positions, or 4 percent of workforce -memo German Chancellor Angela Merkel appears on the cover of Time Magazine''s Person of the Year issue in this undated handout photo obtained by Reuters December 9, 2015. Mandatory credit REUTERS/Time Inc./Handout via Reuters NEW YORK Time Inc ( TIME.N ) said on Tuesday it is eliminating 300 positions, or 4 percent of its workforce, through layoffs and buyouts, according to an internal memo reviewed by Reuters. The cuts were being made as the New York-based media company, which publishes dozens of magazines including Time, Sports Illustrated and Fortune magazines, is looking to cut costs and reinvest in growth areas, according to the memo from Time Inc Chief Executive Officer Rich Battista to employees. Time Inc, like its peers in the publishing industry, has been struggling as print circulations shrink and advertisers shift to digital platforms. Time Inc replaced its chief executive officer and evaluated a sale earlier this year after activist hedge fund Jana Partners LLC unveiled a stake in the company. Meredith Corp ( MDP.N ) made a preliminary offer to buy Time Inc in April, but the bid fell short of price expectations and ultimately the deal failed. In May, Jana disclosed it had sold its stake in Time Inc. (Reporting by Jessica Toonkel; Editing by Jeffrey Benkoe)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-time-layoffs-idUKKBN1942PN'|'2017-06-14T04:07:00.000+03:00'
'977fe2158c06bcc09a321c75c08b07fd900da712'|'Imperial Brands names cannabis expert to board'|'Business News - Tue Jun 13, 2017 - 5:46pm BST Imperial Brands names cannabis expert to board An illustration picture shows discarded Gauloises cigarette butts in an ashtray in a coffee house in Vienna, Austria, May 12, 2017. REUTERS/Leonhard Foeger/Illustration LONDON Tobacco company Imperial Brands ( IMB.L ) has named an expert in medicinal cannabis to its board of directors, it said on Tuesday, the latest example of tobacco companies moving beyond their traditional products. The maker of Gauloises and Winston cigarettes said it had appointed Simon Langelier, chairman of PharmaCielo Ltd, to its board on June 12. PharmaCielo is a Canadian-based supplier of medicinal-grade cannabis oil extracts and related products. Analysts estimate the cannabis market could exceed $50 billion over the next decade, fuelled by growing acceptance in North America for uses ranging from pharmaceutical to recreational. Langelier also worked at tobacco company Philip Morris International ( PM.N ) for 30 years, where one of his jobs was president of the company''s next-generation products, which include e-cigarettes and those that heat tobacco enough to create vapour but not smoke. Imperial''s chairman Mark Williamson said Langelier''s extensive international experience in tobacco and other consumer areas would be an asset to the board. Unlike Philip Morris, British American Tobacco ( BATS.L ) and Japan Tobacco International ( 2914.T ), Imperial has stayed away from heated tobacco products in the race for cigarette alternatives. But it has tested other products, such as mouth strips that deliver caffeine. (Reporting by Martinne Geller. Editing by Jane Merriman)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-imperial-brands-board-idUKKBN19426I'|'2017-06-14T00:46:00.000+03:00'
'4cac552c8d0f6761c4930f0be3213676dce3062c'|'Australia''s Crown says China staff now charged, ending eight-month limbo'|'Business News - Tue Jun 13, 2017 - 8:32am BST Australia''s Crown says China staff now charged, ending eight-month limbo left right The logo of Australian casino giant Crown Resorts Ltd adorns the hotel and casino complex in Melbourne, Australia, June 13, 2017. REUTERS/Jason Reed 1/2 left right The logo of Australian casino giant Crown Resorts Ltd adorns the hotel and casino complex in Melbourne, Australia, June 13, 2017. REUTERS/Jason Reed 2/2 By Tom Westbrook and Philip Wen - SYDNEY/BEIJING SYDNEY/BEIJING Australia''s Crown Resorts Ltd said Chinese authorities charged more than a dozen of its employees with promoting gambling, ending an eight-month limbo since the staff were arrested and inching closer to resolving its biggest crisis. Since Crown disclosed that 18 of its staff were being held in China for unspecified "gambling offences", the company - 48 percent owned by billionaire James Packer - has torn up its strategy of luring Chinese high rollers to the casino hub of Macau, shifting its focus back home. But the fate of the marketing staff held in China since October remained unclear until Tuesday, when Crown said in a short statement that all its staff caught up in the mass arrest had now been charged with "offences related to the promotion of gambling". It added that Chinese authorities had referred the cases to the Baoshan District Court. That court declined to comment when approached by Reuters. The court''s register of upcoming hearings showed a case of 19 defendants, of which the names loosely matched those of some Crown employees, listed for June 26. "Everybody is hoping for a light sentence," said a family member of one of the Crown staff, who asked not to be identified because of the sensitivity of the matter. The person added that lawyers for the Crown staff received notice of the charges last week, and had previously notified the staff they faced prison sentences of up to three years. Crown did not respond to requests for comment about the exact number of staff who were charged, the specific charges or possible punishment. Australian Foreign Minister Julie Bishop also did not respond to a request for comment. The Department of Foreign Affairs and Trade said it "continues to provide consular assistance to three Australian Crown employees detained in Shanghai". Crown last month sold its remaining stake in Macau-focused Melco Resorts & Entertainment Ltd for $1.16 billion, ending a fraught offshore expansion and freeing up cash for new projects at home. The company has been retreating from a decade-long foray into Macau, a southern Chinese territory and global gaming hub, since 18 staff including its head of international VIP sales were arrested for "gambling crimes" in China. David Green at Newpage Consulting, which specialises in gambling regulation, said Crown''s Australian business may be hurt by a conviction of its staff in China. "If there has been a governance failure at Crown which led to employees being put in harm''s way, there is a prospect that the licence review may not be the formality it has been in recent times," Green said. Crown has casinos and hotels in Melbourne and Perth, and a casino and high-end hotel development in Sydney. Shares of the company rose 0.6 percent on Tuesday, while the broader share market closed up 1.7 percent. (Reporting Tom Westbrook in SYDNEY and Philip Wen in BEIJING, additional reporting by Farah Master in HONG KONG; Writing by Byron Kaye; Editing by Stephen Coates, Christopher Cushing and Himani Sarkar)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-crown-resorts-china-idUKKBN1940T6'|'2017-06-13T15:32:00.000+03:00'
'6b11d11eae983db5e021710b2ef2dcc9004ce2ec'|'Verizon closes Yahoo deal; Mayer steps down'|'Technology News  17pm BST Verizon closes Yahoo deal; Mayer steps down FILE PHOTO: A combination photo shows Yahoo logo in Rolle, Switzerland (top) in 2012 and a Verizon sign at a retail store in San Diego, California, U.S. In 2016. REUTERS/File Photos/ Verizon Communications Inc said on Tuesday it closed its $4.48 billion acquisition of Yahoo Inc''s core business and that Marissa Mayer, chief executive of the internet company, had resigned. The No. 1 U.S. wireless operator is rebranding AOL and Yahoo as part of a new venture called Oath, led by AOL Chief Executive Tim Armstrong. Oath''s more than 50 brands include HuffPost, TechCrunch and Tumblr. The closing of the deal, announced in July, had been delayed as the companies assessed the fallout from two data breaches that Yahoo disclosed last year. On June 16, Yahoo will be renamed as Altaba Inc, a holding company whose primary assets will be its 15.5 percent stake in Alibaba Group Holding Ltd and a 35.5 percent holding in Yahoo Japan Corp. Thomas McInerney, a Yahoo board member, will become Altaba''s chief executive officer. (Reporting by Anya George Tharakan in Bengaluru; Editing by Saumyadeb Chakrabarty)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-yahoo-m-a-verizon-idUKKBN194220'|'2017-06-13T23:16:00.000+03:00'
'004248dff1126a1277638b68e647ff4b22dceca2'|'Saudi, UAE banks hold off on Qatar deals; central banks investigate exposure - sources'|'Business News - Tue Jun 6, 2017 - 10:47am BST Qatari riyal under pressure as Saudi, UAE banks delay Qatar deals left right A man counts Qatari riyal notes at a money changer in Doha May 28, 2013. REUTERS/ Fadi Al-Assaad 1/2 left right Traders monitor screens displaying stock information at Qatar Stock Exchange in Doha, Qatar June 5, 2017. REUTERS/Stringer 2/2 By Tom Arnold , Hadeel Al Sayegh and Tom Finn - DUBAI/DOHA DUBAI/DOHA The Qatari currency came under pressure on Tuesday as Gulf commercial banks began to hold off on dealing with Qatari banks because of the diplomatic rift in the region, banking sources told Reuters. Some Saudi Arabian, United Arab Emirates and Bahraini banks were delaying business with Qatari banks, such as letters of credit, after their governments cut diplomatic ties and transport links with Doha on Monday, accusing Qatar of supporting terrorism. Saudi Arabia''s central bank advised banks in the kingdom not to trade with Qatari banks in Qatari riyals, the sources said. The central bank did not respond to a request for comment. Qatari banks have been borrowing abroad to fund their activities. Their foreign liabilities ballooned to 451 billion riyals (96 billion pounds) in March from 310 billion riyals at the end of 2015, central bank data shows. So any extended disruption to their ties with foreign banks could be awkward, though the government of the world''s biggest natural gas exporter has massive financial reserves which it could use to support them. Banks from the United Arab Emirates, Europe and elsewhere have been lending to Qatari institutions. Gulf banking sources who declined to be named because of political sensitivities said Saudi Arabian, UAE and Bahraini banks were postponing deals until they received guidance from their central banks on how to handle business with Qatar. "We will not take action without central bank guidance, but it is wise to evaluate what you give to Qatari clients and hold off until there is further clarity," said a UAE banker, adding that trade finance had stalled for the time being. The sources also said the UAE and Bahraini central banks had asked banks under their supervision to report their exposure to Qatari banks. The UAE and Bahraini central banks did not respond to requests for comment. Because of its financial reserves and as long as it can continue exporting liquefied natural gas, Qatar looks likely to avoid any crippling economic crisis. But credit rating agency Moody''s Investors Service said on Monday that if trade and capital flows were disrupted, the diplomatic dispute could eventually hurt the outlook for Qatar''s debt. Because of such worries, the Qatari riyal fell in the spot market on Tuesday to 3.6470 against the U.S. dollar, its lowest level since June 2016. The currency is pegged by Qatar''s central bank at 3.64 to the dollar. In the one-year forwards market, where traders bet on rates 12 months from now, the riyal traded as low as 275 points, compared with Monday''s close of 250 points and levels around 180 bps before the diplomatic crisis erupted. A Qatari central bank official, declining to be named under briefing rules, told Reuters the riyal''s dip was due to speculation and that Qatar had huge foreign exchange reserves which it could use if necessary to support its currency. There were signs that Qatar''s financial ties might shrink well beyond the Gulf. Some Sri Lankan banks stopped buying Qatari riyals, saying counterpart banks in Singapore had advised them not to accept the currency. In Egypt, which also cut diplomatic and transport ties with Qatar, some banks resumed dealing in Qatari riyals after halting trade on Monday, but others appeared to be continuing to limit transactions with Doha. (Additional reporting by Celine Aswad in Dubai; Writing by Andrew Torchia; Editing by Hugh Lawson) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-gulf-qatar-banks-idUKKBN18X0JJ'|'2017-06-06T14:56:00.000+03:00'
'dd2a3f9e4477da6386a20563c0958fa4d5c8d773'|'Bank of Spain head says not prepared to answer questions on Banco Popular'|'Business  55pm BST Bank of Spain head says not prepared to answer questions on Banco Popular FILE PHOTO: People walk past a branch of Spain''s Banco Popular in Madrid, Spain, May 26, 2016. REUTERS/Andrea Comas/File Photo MADRID The Bank of Spain''s head said on Tuesday he was not prepared to answer questions about the situation of troubled Banco Popular ( POP.MC ), which is running out of time to find a buyer before a self-imposed June 10 offer deadline. Asked about Popular''s situation, Luis Maria Linde told Spain''s Senate: "It''s simple, now is not the time. I haven''t come prepared for that." Popular''s shares have fallen over 50 percent during the last week on concern it would not be able to fulfil its stated plan to either find a buyer or raise new capital, and could face being wound down. (Reporting by Sarah White; Writing by Angus Berwick; Editing by Julien Toyer)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-banco-popular-m-a-idUKKBN18X22O'|'2017-06-06T23:54:00.000+03:00'
'a8d2425092dd5916f0ab0bd45a19cc68f38358ed'|'Universal basic income could greatly improve workers'' lives, report argues - Business'|'A former senior policy adviser in the Department of the Prime Minister and Cabinet, a coalminer in the Latrobe Valley and a family farmer from New South Wales are among a disparate group of Australians who say a universal basic income could significantly improve their lives.The Green Institute has released a new paper, Views of a UBI: Perspectives from Across Australia , that records the views of different Australians on universal basic income (UBI), a contentious policy idea that is slowly gaining international currency.It comes a week after Chris Bowen, the shadow treasurer, argued forcefully against a UBI during a speech to the progressive thinktank PerCapita, calling it a “terrible idea” and urging his Labor party colleagues not to support it.Our struggling economy needs government help more than ever - Greg Jericho Read more He said Labor should not give up on the principle “of ensuring dignity through work” and said he wouldn’t want to see the government providing “payments to millionaires”.Tim Hollo, the executive director of the Green Institute, told Guardian Australia that Bowen and other senior Labor figures should not be so quick to dismiss UBI as a future policy option.He said the economy and labour market were changing dramatically, and the labour movement may have to start seriously considering a UBI, as opposed to the idea of full employment, to counter the rise of underemployment.“Labor needs to start grappling again with big questions about the future of work and whether full employment at full-time is where we want to be heading,” Hollo said.“Might we not actually be better off heading towards what John Maynard Keynes was talking about almost 100 years ago, that we should, by this stage, be looking at a 15-hour working week and re-evaluating our ideas of employment and paid work?”The Green Institute is the Greens’ equivalent of the Liberal party’s Menzies Research Centre and Labor’s Chifley Institute. It receives federal funding but its work is published independently of the Greens’ party hierarchy.In its new paper, it asked a disparate group of Australians what their life would be like with a UBI, including: a farmer, a carer, an artist, an Indigenous woman, two people caught up in the Centrelink “robo-debt” debacle, a university student, a coalminer in the Latrobe Valley and a mother.Tjarana Goreng-Goreng, a former senior policy adviser in the Department of the Prime Minister and Cabinet, says a UBI may be the policy idea that finally helps to close the gap for Indigenous Australians.Households'' share of national economic pie nears 50-year low Read more Lyndsey Jackson and Amy Patterson, coordinators of the #NotMyDebt campaign against Centrelink’s “robo-debt” debacle, say they support a “thorough conversation” about what a UBI may deliver and how it could be designed. But they warn of the danger of treating UBI as a “silver bullet”.Michael Croft, a farmer from NSW, says a “no strings attached” UBI could be a liberating experience for those caught in “nets of all types” and farmers would be no exception.“Farmers and their families in receipt of UBI would be less constrained by systemic inequities and so freer to innovate, create, adapt, care for country, feed people with good and clean food,” he said.The Australian Greens have argued a UBI should be considered in conjunction with a four-day working week, while the Green party in the United Kingdom has also proposed a UBI and a shorter working week in their current election manifesto.The Green Institute’s paper follows a similar paper from the organisation in December, which argued the rise of contract and casual work meant a shorter working week and UBI may have to become serious policy options in Australia.Bowen has been battling an internal Labor Party push to beef up economic policy, including a campaign for a “Buffett rule”, which would see wealthy Australians forced to pay a minimum rate of tax.Labor’s former treasurer Wayne Swan recently warned Bowen that the ALP needed to avoid being “trickle-down lite”, or offering voters “a sickening Davos third-way approach” at the next election.Topics Australian economy Business (Australia) Australian politics Australian Greens Labor party Chris Bowen news  '|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/2017/jun/15/universal-basic-income-could-greatly-improve-workers-lives-report-argues'|'2017-06-15T05:00:00.000+03:00'
'6b3029802b569fa4216927f1ce5b8f701f13c5f0'|'Nomura bond trader fraud trial ends in split U.S. jury verdict'|'Money - Thu Jun 15, 2017 - 2:53pm EDT Nomura bond trader fraud trial ends in split U.S. jury verdict By Jonathan Stempel A federal jury on Thursday delivered a mixed verdict for three former Nomura Holdings Inc traders accused by the U.S. Department of Justice of lying to customers about the prices of mortgage bonds they bought and sold. Jurors in Hartford, Connecticut found Michael Gramins guilty on a conspiracy charge, but found him not guilty on six other counts and could not reach a verdict on the remaining two. Another defendant, Tyler Peters, was found not guilty on all nine counts he faced. Ross Shapiro, the third defendant, was found not guilty on eight counts, and jurors could not agree on a ninth, also for conspiracy. The trial began on May 8, and jurors began deliberating on June 6. Gramins'' conviction is the second in a federal crackdown into deceptive bond trading practices that was unveiled in January 2013, and has been overseen mainly by the office of U.S. Attorney Deirdre Daly in Connecticut. It followed the January conviction in a retrial involving similar claims against former Jefferies Group trader Jesse Litvak. He was later sentenced to serve two years in prison and pay a $2 million fine. Litvak is appealing. Thursday''s verdict was confirmed by Daly''s office and lawyers involved in the case. It is unclear whether prosecutors will retry Gramins and Shapiro on the deadlocked counts. A spokesman for Daly had no immediate comment. Marc Mukasey, a lawyer for Gramins, in an email said he intends to file motions related to his client''s conspiracy conviction. A lawyer for Shapiro had no immediate comment. Alex Spiro, a lawyer for Peters, declined to comment. U.S. authorities have charged at least 10 people, including six from Nomura, in connection with the bond trading probe. Three of the eight traders facing criminal charges decided to plead guilty and cooperate: former Nomura trader Frank DiNucci, and former Royal Bank of Scotland Group Plc traders Matthew Katke and Adam Siegel. David Demos, formerly of Cantor Fitzgerald & Co, was also criminally charged, and has pleaded not guilty. The U.S. Securities and Exchange Commission separately brought civil charges against former Nomura traders Kee Chan and James Im. Chan settled with the SEC, but Im did not. The case is U.S. v. Shapiro et al, U.S. District Court, District of Connecticut, No. 15-cr-00155. (Reporting by Jonathan Stempel in New York; editing by Diane Craft)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-nomura-hldgs-fraud-idUSKBN1962NE'|'2017-06-16T02:51:00.000+03:00'
'e757a8861cc1d7bed6a3d2e899f529f2497b7db1'|'Stocks fall, dollar pares losses after Fed decision'|'Top News - Wed Jun 14, 2017 - 11:49pm BST Stocks fall, dollar pares losses after Fed decision left right FILE PHOTO: Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S.,June 2, 2017. REUTERS/Brendan McDermid 1/2 left right An employee of a bank counts US dollar notes at a branch in Hanoi, Vietnam May 16, 2016. REUTERS/Kham 2/2 By Caroline Valetkevitch - NEW YORK NEW YORK U.S. stocks mostly fell while the dollar cut its losses on Wednesday after the Federal Reserve delivered a widely expected U.S. interest rate hike. A slide in technology stocks weighed on the Nasdaq and S&P 500 as investors worried about the pace of economic growth after the rate increase and weaker-than-expected inflation data. The U.S. central bank lifted the benchmark lending rate by a quarter percentage point, its second quarter-point hike this year, and said it would begin cutting its huge holdings of bonds and securities this year. Fed policy makers also signalled they were likely to raise rates once more this year. That helped to lift yields on U.S. two-year notes from their lows of the day. Long-dated Treasury yields though tumbled to their lowest since early November, thanks to the weak inflation and other economic data. "It just looks like the Fed is sticking to their story and the market remains highly sceptical that the Fed is going to be able to deliver just based upon underlying data. I would think that at some point the market is going to be pricing in even greater risks that the Fed might be moving too quickly," said Mark Cabana, head of U.S. short rates strategy at Bank of America Merrill Lynch in New York. The U.S. yield curve flattened, with the difference between short-dated two-year Treasury yields and benchmark 10-year yields narrowing to a difference of 78.58 basis points US2US10=RR, the smallest since Sept. 9. U.S. 10-year yields US10YT=RR were last at 2.127 percent after touching 2.103 percent earlier, their lowest since Nov. 10. U.S. two-yields US2YT=RR were last at 1.335 percent, down 3 basis points on the day. The dollar index .DXY was last down 0.06 percent, with the euro EUR= unchanged at $1.1214. A Reuters poll showed Wall Street''s top banks see Fed policymakers raising the bank''s key overnight borrowing rate one more time by the end of 2017 and three times in 2018. OIL TUMBLES Crude oil prices fell sharply following an unexpectedly large buildup in gasoline stocks. That weighed heavily on U.S. energy sector shares, which contributed to the S&P 500''s decline. The Dow Jones Industrial Average .DJI was up 46.09 points, or 0.22 percent, to end at 21,374.56, the S&P 500 .SPX lost 2.43 points, or 0.10 percent, to 2,437.92 and the Nasdaq Composite .IXIC dropped 25.48 points, or 0.41 percent, to 6,194.89. The pan-European FTSEurofirst 300 index .FTEU3 lost 0.35 percent and MSCI''s gauge of stocks across the globe .MIWD PUS gained 0.12 percent. U.S. crude CLcv1 fell 3.7 percent to settle at $44.73 per barrel and Brent LCOcv1 settled at $47.00, down 3.5 percent. Gold turned negative after the Fed rate increase. Spot gold XAU= fell 0.2 percent at $1,263.03 an ounce. (Additional reporting by Rodrigo Campos, Sam Forgione and Scott DiSavino in New York; Editing by Nick Zieminski and James Dalgleish)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-global-markets-idUKKBN19502P'|'2017-06-15T06:49:00.000+03:00'
'b36c4a2ee61bbdb50e546262e8f8ade32a998498'|'UPDATE 1-Britain''s Heathrow says baggage problem fixed after early failure'|'Market News - Thu Jun 15, 2017 - 4:36am EDT UPDATE 1-Britain''s Heathrow says baggage problem fixed after early failure (Adds issue being resolved) LONDON, June 15 Europe''s biggest airport London Heathrow said on Thursday that an issue preventing bags from being checked in at terminals 3 and 5 had been resolved and apologised to those passengers who had to fly without luggage on early morning flights. Heathrow, which suffered massive disruption last month when a power surge knocked out British Airways'' IT system, said bag drop desks were now operating normally. Terminals 2 and 4 had not been affected by the issue. "We recommend that passengers who have already departed on flights this morning without their baggage contact their airline for further updates," it said on Twitter. "We are sorry to passengers affected by this issue." Heathrow had earlier said that some passengers would have to travel without their bags and urged passengers to pack essential items in their hand luggage. Travellers had used social media to vent their anger, with one user Tariq Panja showing pictures of luggage piled up with the caption "another day another Heathrow baggage fiasco". "Baggage failure at @HeathrowAirport this morning. Bags won''t be making it onto flights, absolute shambles," said Ryan Wooldridge on Twitter. (Reporting by Alistair Smout; and Kate Holton; editing by Jeremy Gaunt) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-airports-heathrow-idUSL8N1JC1E6'|'2017-06-15T16:36:00.000+03:00'
'bcb4b027506fe652647291c6b47809556ede6492'|'Jetmakers hunt for new growth as order binge fizzles out'|' 26pm BST Jetmakers hunt for new growth as order binge fizzles out The Airbus A320neo (New Engine Option) takes off during its first flight event in Colomiers near Toulouse, southwestern France, September 25, 2014. REUTERS/Regis Duvignau By Tim Hepher and Cyril Altmeyer - PARIS PARIS Plane giants are preparing to squeeze the last drop out of a once raging torrent of airplane orders without the razzmatazz of recent years, as the aerospace industry heads to a belt-tightening Paris Airshow looking for new sources of revenue. The June 19-25 gathering takes place against the backdrop of surprisingly strong airline traffic driven by economic growth, but a steep drop in the appetite for new planes following robust demand for the latest fuel-efficient models in recent years. Instead, many firms will talk up efforts to extract new revenues out of powerful data-crunching services, while the first Paris display of a U.S. stealth jet in decades, the F-35, points to a defence recovery at the world''s largest air show. The meeting also comes amid tensions in the Gulf over a transport and economic boycott of Qatar that is fuelling questions over the resilience of a major source of demand. Dominating an otherwise thin slate of commercial orders will be a new version of Boeing''s ( BA.N ) most-sold airliner, the 737. The 190-to-230-seat Boeing 737 MAX 10, designed to narrow a gap against European rival Airbus, will be launched on Monday with over 100 orders, two people familiar with the plans said. Analysts said one unknown quantity is how many of the MAX 10 orders may merely be replacing previous orders for other variants as Boeing rejigs its medium-haul portfolio. Low-cost giants Lion Air of Indonesia and Ireland''s Ryanair ( RYA.I ) have confirmed Reuters reports of interest in the new jet, though talks with Ryanair could take longer to complete. CDB Aviation, the aircraft leasing arm of China Development Bank, is in talks to place orders with both Boeing and Airbus and could complete at least one of the deals by the show. It may buy 40-50 Boeings, including about 5 MAX 10s, and a similar number of Airbus jets, two sources said. Boeing is seen anxious to win backing of major operators for the new catch-up model and has also talked to United Airlines. "I think you''ll see some activity on this in Paris and that will start the process of seeing how airlines react to it," said Peter Barrett, chief executive of SMBC Aviation Capital. ''DIFFERENT DYNAMIC'' Seeking to leapfrog Airbus ( AIR.PA ) after a mixed few years for the MAX series, Boeing will also give more details on a larger new mid-market jet employing a novel fuselage designed to try to capture projected growth in demand for 220-270 seaters. But few expect a repeat of the more than 400 orders and commitments at last year''s Farnborough Airshow in Britain. "I think it is going to be a relatively quiet air show compared to previous years," said Robert Martin, chief executive of BOC Aviation. Instead, some of the airlines that have become synonymous with air show hoopla in previous years, such as Malaysia''s AirAsia ( AIRA.KL ), may return to sign up for digital services to make their new fleets more efficient to operate and maintain. Manufacturers are exploiting breakthroughs in data storage and other technologies to cut development times by a third while offering services like "predictive maintenance" to airlines, mimicking the post-sales success of their engine suppliers. "We have 10,000 aircraft flying and we have to apply these technologies to these aircraft," Airbus chief operating officer and planemaking president Fabrice Bregier said. It will also be the first air show since China and Russia successfully flew new passenger jets in recent weeks, completing a series of debuts by new entrants that also include Japan. Mitsubishi''s MRJ90 will appear in Paris for the first time. While there is no immediate threat to Airbus and Boeing, delegates say the feeling is taking hold in boardrooms and governments that their duopoly cannot be taken for granted. "There is a long road from first flight to certification and all that goes with it, but I think it will be a slightly different dynamic than we might have had in previous air shows where they were paper or theoretical airplanes and now we have real aircraft," Barrett said of the would-be challengers. In another turning point, it may be the last major air show for Airbus super-salesman John Leahy, who has said he will retire soon. He has presided over sales of over 10,000 planes. With the New Yorker''s departure, the swagger and deliberate baiting of rivals at such shows may become a thing of the past, but the industry is unlikely to retreat from fierce competition. The more muted tone, and cost-cutting to focus on production after years of strong sales, are reflected in the logistics. Several firms have cut back space and host planemaker Airbus is halving staff attendance and slashing catering, insiders said. (Additional reporting by Victoria Bryan, Allison Lampert, Alexander Cornwell, Matthias Blamont, Andrea Shalal, Mike Stone; Editing by Mark Potter)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-airshow-paris-idUKKBN1961WN'|'2017-06-15T22:26:00.000+03:00'
'fd0f88da777711106cfb6c16f963aa00b51bbcca'|'PRECIOUS-Gold gains as stocks fall; weak U.S data spurs safe-haven demand'|'Market News - Thu Jun 15, 2017 - 4:10am EDT PRECIOUS-Gold gains as stocks fall; weak U.S data spurs safe-haven demand * Weaker U.S. retail sales, consumer inflation hurt dollar * Report of Trump probe hits risk sentiment (Updates prices) By Nithin ThomasPrasad BENGALURU, June 15 Gold edged up on Thursday from a near three-week low hit in the previous session, supported by softer U.S. economic data and a fall in Asian shares following a report that President Donald Trump was being probed for possible obstruction of justice. Weaker U.S. retail and inflation data overshadowed a rate hike by the U.S. Federal Reserve on Wednesday, raising doubts about the improvement in the economy and pressurizing the dollar. "Although the Fed is saying the data is transitory, the market is struggling to align with this view," said Jeffrey Halley, senior market analyst at OANDA. "Thus we are seeing the U.S. dollar under pressure which has been positive for gold in the short-term." Spot gold rose 0.2 percent to $1,262.86 per ounce by 0800 GMT. It hit a low of $1,256.65 in the previous session, its weakest since May 26. U.S. gold futures for August delivery fell 0.9 percent to $1,264.50 an ounce. "We are looking for gold to hold support around USD $1,260, with expectations that the recent soft U.S. data and ongoing geopolitical concerns should be supportive," MKS PAMP trader Sam Laughlin said in a note. Risk sentiment was hit after Washington Post reported that Trump is being investigated by special counsel Robert Mueller for possible obstruction of justice. As long as uneasiness around the Trump government among speculators and investors exists, gold will hold up pretty well, said Yuichi Ikemizu, Tokyo branch manager at ICBC Standard Bank. Gold considered a safe haven during times of political and financial uncertainty. "Spot gold was also supported by short-term interest in physical gold in Asia, especially from Shanghai this morning," Halley said. In the wider markets, U.S. stock futures and Asian shares slid on Thursday with MSCI''s broadest index of Asia-Pacific shares outside Japan dropping 0.7 percent. The dollar index was little changed against a basket of currencies on Thursday after having slid to its lowest since November on Wednesday. Among other precious metals, silver rose 0.2 percent to $16.91 per ounce after it snapped a five-session losing streak and settled higher on Wednesday. Palladium fell 1.1 percent to $853.50 per ounce, while Platinum was down 0.6 percent at $929.50 per ounce . (Additional reporting by Vijaykumar Vedala in Bengaluru; Editing by Richard Pullin and Vyas Mohan)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/global-precious-idUSL3N1JC22A'|'2017-06-15T12:46:00.000+03:00'
'0156581fa6f134556b8e11643499925791929b22'|'IDB, Central America line up $2.5 billion of infrastructure plans'|'Business News - Thu Jun 15, 2017 - 4:17am BST IDB, Central America line up $2.5 billion of infrastructure plans Luis Alberto Moreno President of the Inter-American Development Bank speaks during a news conference previous to the Annual Meeting of the Board of Governors of the Inter-American Development Bank in Luque, Paraguay, March 30, 2017. REUTERS/Jorge Adorno MEXICO CITY The Inter-American Development Bank (IDB) and the governments of El Salvador, Guatemala and Honduras have lined up $2.5 billion (1.9 billion pounds) to fund infrastructure projects, the IDB said on Wednesday. The plans would use up to $750 million of funds from the IDB plus commitments for another $1.75 billion from private and public sources in the three countries, known as the Northern Triangle, the IDB said in a statement. The announcement came ahead of a meeting on Thursday and Friday in Miami of top U.S., Mexican and Central American officials to discuss how to cut migration and improve conditions in the three poor countries that have seen rising violence. "The key over the next five years will be to tap the private sector to help build critical infrastructure that will generate jobs, improve competitiveness, and create the conditions that encourage people to build prosperous lives in their homelands," IDB President Luis Alberto Moreno said in the statement. The Miami summit was an initiative of U.S. Department of Homeland Security (DHS) Secretary John Kelly, who helped former President Barack Obama design his Alliance for Prosperity that sought to curb Central American migration with development projects and security spending to crack down on local gangs. Billionaire Carlos Slim''s charity will fund initiatives to help tackle crime in Central America and find new ways of slowing migration, according to a draft document about the summit seen by Reuters. (Reporting by Michael O''Boyle; Editing by Richard Pullin) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-usa-immigration-central-america-idb-idUKKBN19607U'|'2017-06-15T11:17:00.000+03:00'
'eff1fbd885429dc7e646bc89bcf32465c331dc24'|'MOVES-RBC Capital promotes Sinawi to head of US rates sales'|'Market News -  15pm EDT MOVES-RBC Capital promotes Sinawi to head of US rates sales By Philip Scipio NEW YORK, June 15 (IFR) - RBC Capital Markets has promoted Scott Sinawi to head of US rates sales in its fixed income currencies and commodities trading group. In this newly-created role, Sinawi will lead both the banks private US rates sales teams, including corporate risk solutions for rates, foreign exchange and commodities and public side teams. He was previously head of corporate risk solutions, encompassing private rates, foreign exchange & commodities. He will report to Jeff Fields, head of North American sales. (Reporting by Philip Scipio; editing by Shankar Ramakrishnan) PRECIOUS-Gold at three-week low on firmer dollar, U.S. jobs data * Dollar gains as Fed points the way to trimming bond portfolio * Report of Trump probe spurs some safe haven buying * Silver hits weakest in nearly four weeks, platinum at month low (Updates prices; adds comment, second byline, NEW YORK dateline) By Marcy Nicholson and Eric Onstad NEW YORK/LONDON, June 15 Gold fell to a three-week low on Thursday, weighed down by a stronger dollar as investors began to assess the potential for another U.S. rate hike later in th LUXEMBOURG, June 15 Below the text of the statement agreed by euro zone finance ministers on the Greek bailout programme on Thursday: MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/moves-rbc-capital-promotes-sinawi-to-hea-idUSL1N1JC1HK'|'2017-06-16T03:15:00.000+03:00'
'e2ab2fd93144b5433d21bc67d6b78b5da7c7e11c'|'German executive at Volkswagen Japan arrested for suspected drug use'|'Autos   3:24am BST German executive at Volkswagen Japan arrested for suspected drug use TOKYO Volkswagen Group Japan KK senior executive Thomas Siebert was arrested on suspicion of using an illegal stimulant, the company said. Siebert, a 53-year-old German, was arrested on Wednesday, the company said in a statement without elaborating on the drug involved. "We deeply regret the fact an employee of our company has been arrested due to his personal affairs," it said, adding it was cooperating with the investigation. Police declined to comment. Kyodo News reported earlier on that, according to police, the arrest followed a tip-off from the postal service. (Reporting by Kaori Kaneko; Editing by Stephen Coates)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-volkswagen-japan-executives-idUKKBN19605Y'|'2017-06-15T10:24:00.000+03:00'
'96d23958098a190d808f0fb74b1697a1be710bef'|'Argentina sells new 3-yr peso bonds tied to cenbank policy rate'|'BUENOS AIRES, June 14 Argentina on Wednesday placed $4.723 billion in peso-denominated bonds due in 2020 paying interest linked to the central bank''s policy rate, the finance ministry said in a statement.The bank on Tuesday left the rate unchanged at 26.25 percent despite data showing slower inflation in May. Policymakers noted that expectations for inflation in 2017 and 2018 remained above target.The government also issued $1.428 billion in U.S. dollar- denominated treasury notes in tranches of 224, 364 and 532 days.($1 = 15.88 Argentine pesos) (Reporting by Maximiliano Rizzi, writing by Hugh Bronstein, editing by David Gregorio)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/argentina-bonds-idINL1N1JB2IC'|'2017-06-14T20:46:00.000+03:00'
'9bfc71a2d0fb79699318c50f225e57efa218ce09'|'UPDATE 2-Fed poised to move on plan to gradually trim its bond holdings'|'(Updates market, adds portfolio manager comment)By Jonathan SpicerNEW YORK, June 14 The U.S. Federal Reserve pressed ahead with plans to shrink its $4.5-trillion portfolio on Wednesday, mapping out a very gradual approach to shedding assets that allows it to begin the tricky process as soon as September.The U.S. central bank''s decision to revise a long-standing "policy normalization" plan came as somewhat of a surprise given a series of weak inflation readings risked delaying its march toward tighter policy. Its blueprint for halting current reinvestments by ever-larger increments of maturing Treasury- and mortgage-backed bonds came in at the low end of Wall Street estimates.The Fed amassed the securities in three rounds of so-called quantitative easing, or QE, meant to stimulate U.S. investment and hiring in the wake of the 2007-2009 financial crisis and recession. The risk is that as the world''s largest holder of Treasuries begins to edge back from the market, borrowing costs could shoot higher - though that has not yet happened.Policymakers, who also raised policy rates a notch as expected, did not specify when they would begin the bond trimming, though they are aiming for some time later this year."We could put this into effect relatively soon," Fed Chair Janet Yellen said at a press conference in Washington, a comment that caused longer-dated Treasury yields to rise from low levels earlier in the trading day.As it stands, the central bank tops up any bonds that mature to keep its balance sheet steady at its record high level.According to the plan, the Fed would initially allow no more than $6 billion in Treasuries to run off per month, and will raise that "cap" each quarter by $6 billion over 12 months until it reaches $30 billion in maturing bonds per month.For mortgage bonds, the Fed would start with $4 billion per month and raise it in quarterly steps of $4 billion until it reaches a $20-billion monthly limit.Wall Street economists had been predicting the cap on Treasuries would fall roughly between $5-$15 billion per month, and on mortgage bonds $5-$10 billion, rising by increments of $5-$15 billion, according to research notes.While the plan itself was seen as dovish, more aggressive was the fact the Fed wasted no time in laying it out."This does seem like a more hawkish statement: the Fed announcing an update to their reinvestment principles leaves September open to the start of balance sheet runoff," said Gennadiy Goldberg, interest rate strategist at TD Securities, in New York. Fed policy meetings in October and December were seen as alternative options to begin the process.In response to the Fed''s announcements, short-dated Treasury yields rose from earlier lows while longer-dated yields also rebounded. Mortgage-backed securities clung to earlier gains, with investors calling the plan modest.It "is so mild and mechanical that it shouldn''t be an issue for the longer-dated Treasury or MBS markets," said Brian Jacobsen, chief portfolio strategist at Wells Fargo Funds Management in Menomonee Falls, Wisconsin. "They stormed into the room with QE and are tiptoeing out almost unnoticed."Yellen said the initial caps were set at "relatively low levels" to guard against possible sharp rises in market yields. The caps would remain in place until the portfolio shrinks to a to-be-determined level "appreciably" below $4.5 trillion, she said, adding that decision will hinge in part on what the Fed learns as it sheds bonds.The central bank added that while its main tool for managing monetary policy will remain short-term interest rates, it would be prepared to halt its bond-reductions or even add more assets to its portfolio should there be a "material deterioration in the economic outlook."Gene Tannuzzo, senior portfolio manager at Columbia Threadneedle, said future market volatility will probably force the Fed to adapt."It all sounds fine now when (stocks) are at all time highs and credit spreads are tight and volatility is low," he said. "But I''d be shocked if, in 2020, there haven''t been some bumps along the way." (Additional reporting by Ann Saphir, Richard Leong, Karen Brettel and Rodrigo Campos; Editing by Chizu Nomiyama)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/usa-fed-bonds-idINL1N1JB1VC'|'2017-06-14T19:38:00.000+03:00'
'775e4d846263ff76d44d7c4ad297f6c04d1a3545'|'U.S. files complaint seeking to recover stolen 1MDB funds'|'Business News - Thu Jun 15, 2017 - 1:56pm EDT U.S. seeks to recover $540 million ''stolen'' from 1MDB wealth fund left right FILE PHOTO: A construction worker talks on the phone in front of a 1Malaysia Development Berhad (1MDB) billboard at the Tun Razak Exchange development in Kuala Lumpur, Malaysia, February 3, 2016. REUTERS/Olivia Harris/File Photo 1/2 left right FILE PHOTO: Traffic passes a 1Malaysia Development Berhad (1MDB) billboard at the Tun Razak Exchange development in Kuala Lumpur, Malaysia, July 6, 2015. REUTERS/Olivia Harris/File Photo 2/2 By Joel Schectman - WASHINGTON WASHINGTON U.S. authorities moved to seize a set of 11-carat earrings, a Picasso painting and the rights to two Hollywood comedies, all assets authorities say were bought with billions of dollars stolen from a state-owned Malaysian investment fund. The U.S. Justice Department announced on Thursday the filing of complaints to recover about $540 million it says was stolen from 1Malaysia Development Berhad, the latest legal action tied to alleged money laundering at the sovereign wealth fund. [nL3N1JA2V5] The fund was set up by Malaysia''s prime minister, Najib Razak, in 2009 to promote economic development. In the complaints, the department alleges more than $4.5 billion was taken from 1MDB by high-level fund officials and their associates. "This money financed the lavish lifestyles of the alleged co-conspirators at the expense and detriment of the Malaysian people," Kenneth Blanco, acting assistant attorney general, said in a statement. 1MDB could not be immediately reached for comment. Najib has denied taking money from 1MDB or any other entity for personal gain, after it was reported that investigators traced nearly $700 million to bank accounts that were allegedly in his name. The assets U.S. authorities are seeking to seize include the rights to "Dumb and Dumber To," a 2014 film starring Jim Carrey, they allege was financed through tens of millions of dollars stolen from 1MDB. Last year U.S. authorities moved to seize rights to the 2013 film "The Wolf of Wall Street," which starred Leonardo DiCaprio. Both films were produced by Red Granite, a company founded by Najib''s stepson Riza Aziz. Red Granite said in a statement it was in discussions with the Justice Department "aimed at resolving these civil cases and is fully cooperating." Fraud allegations against 1MDB go back to 2009, the Justice Department said, and the fund is subject to money laundering investigations in at least six countries, including Switzerland and Singapore. The complaints allege that officials at 1MDB, their relatives and other associates allegedly laundered the funds using complex transactions and shell companies with bank accounts located in the United States and abroad. That allowed the origin, source and ownership of the funds to be hidden and ultimately passed through U.S. financial institutions, with the money being used to buy and invest in assets in the United States and overseas, according to the complaints. (Reporting by Chris Sanders and Tim Ahmann; Editing by Paul Simao and Richard Chang) '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-malaysia-scandal-usa-idUSKBN196275'|'2017-06-15T23:50:00.000+03:00'
'adcb05bda39f88b9d4a364de0fd47ea7a0c24264'|'Euro zone bailout fund has done well, might still improve, evaluation shows'|'Business News - Thu Jun 15, 2017 - 2:33pm BST Euro zone bailout fund has done well, might still improve, evaluation shows By Jan Strupczewski - LUXEMBOURG LUXEMBOURG The euro zone bailout fund has served its main purpose of safeguarding financial stability in the euro zone, but its operations could be improved, a report by an independent evaluator showed on Thursday. The report, the first assessment of the functioning of the European Financial Stability Facility (EFSF) and its successor, the European Stability Mechanism (ESM), was commissioned last year by the chairman of euro zone finance ministers, Jeroen Dijsselbloem. "The EFSF/ESM fulfilled their mandate of safeguarding financial stability in the euro area and its members, with support from other crisis measures," said the report. Evaluating the bailouts granted by the euro zone to Greece, Ireland, Portugal, Spain and Cyprus since the sovereign debt crisis in 2010, the report said governments asked for help too late. That made the rescue more costly and led to one country''s problems spilling over to another. "Programmes could have been requested earlier," the report said. "The ESM should pre-empt delays in programme requests when problems cannot be effectively solved at national level." The report did not say how the ESM was to accelerate a rescue request in practice. The report, discussed by euro zone finance ministers at the annual meeting of the ESM, also said bailout programmes should better differentiate between short- and long-term goals. The focus ought to be on restoring market access, rather than prescribing a more comprehensive set of reforms for the economy. "Programmes included measures that were not always crucial for addressing the causes of lost market access," it said, noting some reforms could not be completed within a three-year bailout plan. Once the bailout ended, often so did the will to continue with reforms. "Short- and long-term objectives were not always commonly understood and communicated, sometimes leading to optimistic expectations and subsequently to weakening ownership," it said. "The Board should consider strategies to help maintain reform implementation in the post-programme period," it said. The evaluation, lead by former European Central Bank board member Gertrude Tumpel-Gugerell, said that when dealing with the financial sector, bailouts should address problems upfront, but disburse money in a phased way, depending on the sectors'' progress with restructuring and tackling non-performing loans. (Reporting By Jan Strupczewski, editing by Larry King)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-eurozone-esm-evaluation-idUKKBN1961QQ'|'2017-06-15T21:33:00.000+03:00'
'7d0da7d34542c3d1b76afc347b44b5c846aba4f2'|'TABLE-Mexico sets July Maya price for international buyers'|'Market News - Wed Jun 14, 2017 - 5:41pm EDT TABLE-Mexico sets July Maya price for international buyers MEXICO CITY, June 14 Mexican state-owned oil company Pemex revised its July term pricing formulas for crude oil shipped to customers in the Americas, Europe and the Far East, the company said on Wednesday. The following table lists the adjustments to price constants for international buyers: DESTINATION JUNE CONSTANT JULY CONSTANT AMERICAS Maya crude -1.60 -1.30 Isthmus crude +2.40 +3.20 Olmeca crude +2.90 +3.70 U.S WEST COAST Maya crude -5.15 -4.15 Isthmus crude -1.50 -1.15 EUROPE Maya crude -2.45 -2.40 Isthmus crude -1.40 -0.40 Olmeca crude -1.20 -1.20 FAR EAST Maya crude -9.40 -8.10 Isthmus crude -3.10 -2.50 FORMULAS (K IS PEMEX CONSTANT): MAYA: 0.40 (West Texas Sour + Fuel Oil 3%) + 0.10 (Louisiana Light Sweet + Brent dated) + K ISTHMUS: 0.40 (West Texas Sour + Louisiana Light Sweet) +0.20 (Brent dated) + K OLMECA: 0.333 (West Texas Sour + Louisiana Light Sweet+Brent dated) + K OLMECA EUROPE: Brent Dated + K MAYA W. COAST: 0.333 (West Texas Intermediate + Alaskan North Slope + Kern River) + K (Reporting by David Alire Garcia) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/mexico-oil-pricing-idUSL1N1JB2FE'|'2017-06-15T05:41:00.000+03:00'
'b82ebff442ebc74cc527259a6d4938928570f3bf'|'Nifty, Sensex edge lower on profit-taking; lenders fall'|'Indian shares fell on Thursday as investors booked profits in recent outperformers, while soft U.S. economic data, a relatively hawkish Federal Reserve and worries of political turmoil in the world''s largest economy hurt sentiment.The BSE Sensex ended 0.26 percent down at 31,075.73The broader NSE Nifty, which posted losses in two of the last three sessions, fell 0.42 percent to 9,578.05.(Reporting by Vishal Sridhar Sunil Nair)'|'reuters.com'|'http://in.reuters.com/finance/markets/companyOutlooksNews'|'http://in.reuters.com/article/india-stocks-nifty-sensex-fed-idINKBN1960K3'|'2017-06-15T04:56:00.000+03:00'
'844b22e17d1869daa367e92d4b2cb9338c7609c1'|'U.S. consumer prices unexpectedly fall; core inflation benign'|'Money News   6:39pm IST U.S. consumer prices unexpectedly fall; core inflation benign People are seen walking through Roosevelt Field shopping mall in Garden City, New York February 22, 2015. REUTERS/Shannon Stapleton /Files U.S. consumer prices unexpectedly fell in May as the cost of gasoline and a range other goods declined, pointing to a moderation in inflation pressures that could impact on further interest rate increases this year. The Labor Department said on Wednesday its Consumer Price Index dipped 0.1 percent last month after rising 0.2 percent in April. The second drop in the CPI in three months could worry Federal Reserve officials, who have previously viewed the weakness in inflation as transitory. While the U.S. central bank is expected to raise interest rates by 25 basis points at the end of two-day meeting later on Wednesday, weak inflation, if sustained, could put further monetary tightening this year in jeopardy. The Fed has a 2 percent inflation target and tracks an inflation measure which is currently at 1.5 percent. In the 12 months through May, the CPI increased 1.9 percent. That was the smallest increase since last November and followed a 2.2 percent gain in April. The year-on-year gain in the CPI was still larger than the 1.6 percent average annual increase over the past 10 years. Economists polled by Reuters had forecast the CPI unchanged last month and advancing 2.0 percent from a year ago. The so-called core CPI, which strips out food and energy costs, edged up 0.1 percent last month after a similar gain in April. The monthly core CPI was restrained by decreases in the prices of apparel, airline fares, communication and medical care services. The core CPI increased 1.7 percent year-on-year, the smallest rise since May 2015, after advancing 1.9 percent in April. May''s increase was just below the 1.8 percent average annual increase over the past decade. Last month, rental costs increased 0.3 percent, matching April''s gain. Owners'' equivalent rent of primary residence advanced 0.2 percent after a similar increase in April. Gasoline prices tumbled 6.4 percent, the largest drop since February 2016, after jumping 1.2 percent in April. Food prices rose for a fifth straight month. (Reporting by Lucia Mutikani, Editing by Andrea Ricci)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/usa-economy-prices-idINKBN1951OR'|'2017-06-14T21:09:00.000+03:00'
'2a509425a44b4f8a956d809a487854a6fbda4774'|'Gateway Casinos in talks C$500 mln Vancouver sale-leaseback deal'|'By Solarina Ho - TORONTO, June 14 TORONTO, June 14 Canadian gaming company Gateway Casinos & Entertainment Ltd is in talks with Asia and North America investors for a sale-lease-back agreement for up to three Vancouver properties worth over C$500 million ($378 million), top company executives told Reuters.The Burnaby, British Columbia-based company expects to sign a deal by the third quarter of 2017, Gateway Executive Chairman Gabriel de Alba said in an interview last week, without disclosing the names of the interested parties.The company, which said there was some interest from European firms as well, kicked-off a formal review to monetize its real estate portfolio after being approached by local and international developers interested in acquiring and developing the Vancouver properties, de Alba said.Gateway''s portfolio includes licenses for undeveloped land with no facilities. The company declined to provide the total value of its real estate portfolio outside the three Vancouver sites."Now that we''re formalizing the process, we''re reaching out to other bidders and certainly as the process is known, some other bidders are jumping on board as well," said de Alba.The proposals include development of condos, hotels, movie theaters, or even an Asian market place, to also attract casual gamers looking for additional forms of entertainment during a visit.Gateway Casinos was bought in 2010 by Toronto-based private equity firm, The Catalyst Capital Group Inc, which restructured the company, reduced its debt by about C$1 billion, and injected C$200 million in new capital.Gateway, which recently expanded operations in Ontario, could eventually launch an initial public offering (IPO) subject to capital market conditions, Chief Executive Tony Santo said in the interview. An IPO could help fund other opportunities Gateway is working on, Santo said, such as further expansion in Ontario or greenfield developments in British Columbia.The company dropped its 2012 IPO plans and instead did a dividend recapitalization, which allowed the owners to recoup some investments without reducing their stake in the company, De Alba said.De Alba, who is also a managing director and partner at Catalyst, said Gateway has grown from nine properties and an EBITDA of C$93 million in 2011 after restructuring, to 28 properties and an EBITDA target of more than C$235 million next year. (Reporting by Solarina Ho; Editing by Denny Thomas and Bernard Orr)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/gatewaycasinos-deal-idINL1N1J21KZ'|'2017-06-14T13:23:00.000+03:00'
'c0f6d9e414f429939fcd4fc7858b419fb04c7b4b'|'GE merges energy businesses, names Stokes to succeed Bolze'|'Business News - Wed Jun 14, 2017 - 3:28pm BST GE merges energy businesses, names Stokes to succeed Bolze The logo of General Electric Co. is pictured at the Global Operations Center in San Pedro Garza Garcia, neighbouring Monterrey, Mexico, May 12, 2017. REUTERS/Daniel Becerril SEATTLE General Electric Co ( GE.N ) said on Wednesday it will fold its energy connections business into its GE Power unit, and that connections chief Russell Stokes would lead the combined business as Steve Bolze retires as head of GE Power. Bolze said in a letter to employees that he had told GE Chief Executive Jeff Immelt he would retire after 24 years at GE if he was not chosen to lead the company. GE on Monday named John Flannery, head of its Healthcare division, to succeed Immelt as CEO starting Aug. 1. (Reporting by Alwyn Scott; Editing by Chizu Nomiyama)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-ge-power-idUKKBN19523C'|'2017-06-14T22:28:00.000+03:00'
'0213785b9d4e86934637763d65ccff49456adefc'|'Housebuilders help FTSE find solid ground'|'Top News - Wed Jun 14, 2017 - 10:28am BST Housebuilders help FTSE find solid ground People walk through the lobby of the London Stock Exchange in London, Britain November 30, 2015. REUTERS/Suzanne Plunkett By Kit Rees - LONDON LONDON A rise in housebuilders underpinned gains on Britain''s top share index on Wednesday following a well-received update from mid cap Bellway, with a weaker pound also lending support. Britain''s blue chip FTSE 100 index climbed 0.4 percent to 7,528.33 points by 0912 GMT, while the mid caps gained 0.8 percent. While housebuilders were hit by a selloff in the immediate aftermath of the UK''s general election, which resulted in a hung parliament, a trading update from Bellway eased investors'' concerns as the firm said that demand did not slow in the run-up to the election. "Housebuilders generally ... have been marked down because of fears over the UK economy, the UK property market, but actually the numbers that are coming out of these companies are still pretty reassuring," said Laith Khalaf, senior analyst at Hargreaves Lansdown. "There are a number of tailwinds that (the housebuilders) also have, one of which is extremely low interest rates, another of which is the chronic lack of housing in this country, and a third thing is the government help to buy scheme," Khalaf added. Bellway''s shares rose 4.5 percent to a 1-month high, while blue chip peers Barratt Developments, Persimmon and Taylor Wimpey were among the top FTSE gainers, up between 1.9 percent to 2.3 percent. British large caps extended gains after sterling weakened following UK data which showed that earnings after inflation contracted at the fastest pace since 2014, highlighting the growing post-Brexit strain on households. Budget airline easyJet also enjoyed gains, its shares advancing 1.2 percent following a supportive note from Davy Research which upgraded the stock to "neutral" from "underperform", citing its higher operating leverage in the current environment. "We believe that the European low-cost carriers will continue to see improving pricing trends as we approach peak summer, albeit a consensus among the airlines has yet to form on whether pricing will be positive or negative," analysts at Davy said in a note. Only a dozen or so more cyclical stocks such as banks Lloyds and Standard Chartered and energy stock were in negative territory on the FTSE, while equipment hire firm Ashtead dropped 2.8 percent, extending losses from the previous session after its earnings update. "Strong FY17 results, but no consensus upgrades, saw a muted investor reaction and we see more downside from here," analysts at UBS said, adding that accelerating competition and slowing end markets this summer could leave Ashtead''s valuation exposed. Likewise shares in engineering group GKN also came under pressure after Panmure cut its rating to "sell" from "hold", on the back of challenges in the U.S. auto and Middle East aircraft markets. (Reporting by Kit Rees; Editing by Keith Weir)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-stocks-idUKKBN19510R'|'2017-06-14T17:28:00.000+03:00'
'6bd0011ccdcbd76ef9f8980835b7ce270b492270'|'Canada''s Lexin to cooperate with receivership; adjourns suit against regulator'|'Oil company Lexin Resources Ltd said it has agreed to cooperate with the receivership process to better enable the sale of its licensed assets and has adjourned its countersuit against the Alberta Energy Regulator (AER).Lexin adjourned its C$200 million ($151.31 million)countersuit against the regulator, which it filed after the AER forced it into receivership.In March, a Canadian court placed the privately held company in receivership to sell off its assets after an unprecedented application by the AER.The receivership and suspension came after the AER said Lexin failed to comply with multiple orders, lacked enough staff to manage its more than 1,600 sites and owed more than C$70 million ($52.93 million).The company''s director, Michael Smith, has agreed to pay C$175,000 for Lexin''s noncompliances, ending the AER''s investigation, Lexin said on Tuesday. bit.ly/2rZ1LCEReceivership means the 1,380 oil wells belonging to Lexin could join the more than 1,500 others in Alberta that do not have legal owners.The AER had suspended licences on all oil and gas well facilities and pipelines belonging to Lexin in February, nearly doubling the number of orphaned wells in Canada''s main crude-producing province.Lexin''s sites will continue to remain shut and custody for it will be provided by the AER, the Orphan Well Association and companies with an interest in the sites until the sales process is finished.($1 = 1.3218 Canadian dollars)(Reporting by Abinaya Vijayaraghavan in Bengaluru and Ethan Lou in Calgary, Alberta; Editing by Sunil Nair)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-canada-lexin-receivership-idINKBN19509X'|'2017-06-14T01:41:00.000+03:00'
'dadcb89b2bb58151297da97f6a293b85fbe2bd9a'|'No need for EU mandate to negotiate Nord Stream 2 - Merkel'|' 11pm BST No need for EU mandate to negotiate Nord Stream 2 - Merkel German Chancellor Angela Merkel speaks during a press conference with Estonian Prime Minister Juri Ratas at the Chancellery in Berlin, Germany, June 15, 2017. REUTERS/Hannibal Hanschke BERLIN German Chancellor Angela Merkel said on Thursday she saw no need for a separate mandate for the European Commission to negotiate with Russia over its objection to the divisive Nord Stream 2 pipeline project to pump more Russian gas to Europe. "I think some legal questions need to be clarified in relation to Nord Stream 2," Merkel told a news conference with Estonian Prime Minister Juri Ratas. "Otherwise it is an economic project and I don''t think we need an extra mandate for it." Eastern European and Baltic countries say a new pipeline carrying Russian gas across the Baltic will make the EU a hostage to Moscow, while those in northern Europe -- especially main beneficiary Germany -- see the economic benefits. Uncertainty remains over the project''s final approval as the European Commission is politically opposed to the project and has argued that it falls foul of EU gas market liberalization rules. EU nations are deliberating on whether to give the European Union a mandate to negotiate with Russia. (Reporting by Joseph Nasr; Editing by Michelle Martin)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-germany-estonia-nordstream-idUKKBN1961HK'|'2017-06-15T20:11:00.000+03:00'
'f58ac66b72afa5bf2fea5368b876274807912f16'|'Fiat Chrysler recalling 297,000 vehicles for inadvertent air bag deployments'|'Autos   10:20am EDT Fiat Chrysler recalling 297,000 vehicles for inadvertent air bag deployments FILE PHOTO: A sign marks Clark Chrysler Jeep Dodge Ram dealership in Methuen, Massachusetts, U.S. January 25, 2017. REUTERS/Brian Snyder/File Photo By David Shepardson - WASHINGTON WASHINGTON Fiat Chrysler Automobiles NV ( FCHA.MI )( FCAU.N ) is recalling 297,000 older minivans in North America because of a wiring problem that can lead to inadvertent air bag deployments, the company said on Thursday. The recall of 2011-2012 model year Dodge Grand Caravan minivans is linked to eight minor injuries, the automaker said, after initially reporting 13 injuries. Wiring may short-circuit, resulting in the driver-side air bag deploying without warning. The recall will begin in late July and includes 209,000 vehicles in the United States and nearly 88,000 vehicles in Canada. Dealers will replace the wiring if needed and add protective covering. Fiat Chrysler share fell nearly 2 percent to $10.69 on the New York Stock Exchange. Automakers have been recalling tens of millions of vehicles in recent years for a series of air bag problems, mainly tied to Takata Corp ( 7312.T ) inflators. More than a dozen automakers have called back 46 million Takata air bag inflators in 29 million U.S. vehicles that can rupture and emit deadly metal fragments. By 2019, automakers will recall 64 million to 69 million U.S. inflators in 42 million vehicles, U.S. regulators said in December. The new Fiat Chrysler recall is not linked to Takata, the company said. (Editing by Mark Potter and Jeffrey Benkoe)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-fiatchrysler-recall-idUSKBN19612D'|'2017-06-15T18:03:00.000+03:00'
'2ab896c03db0394e6e08d4089d80326c16b93556'|'Bain plans up to $400 mln stake sale in Japan''s Skylark-IFR'|'HONG KONG, June 15 Bain Capital plans to sell up to $400 million worth of shares in Japanese restaurant chain operator Skylark Co Ltd, IFR reported on Thursday, citing a term sheet of the transaction.The private equity firm is offering 25.5 million shares of Skylark in the base offer in an indicative range of 1,629-1,663 yen per share, added IFR, a Thomson Reuters publication. The price is equivalent to a discount of up to 5.25 percent to Thursday''s closing price of 1,719 yen per share.The deal could grow by another 1.96 million shares if underwriters exercise an upsize option to meet demand for the deal.Bain didn''t immediately reply to a Reuters request for comment on the sale.Bank of America Merrill Lynch, Morgan Stanley and Nomura were hired as joint bookrunners for the stake sale, the terms showed. (Reporting by Fiona Lau of IFR; Writing by Elzio Barreto; Editing by Amrutha Gayathri)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/baincapital-skylark-co-ltd-idINL3N1JC35I'|'2017-06-15T06:56:00.000+03:00'
'9a81d3874460aff33f112f2a0d913f616c12a24e'|'British Airways CEO puts cost of recent IT outage at 80 million pounds'|' 10pm BST British Airways CEO puts cost of recent IT outage at 80 million pounds People queue with their luggage for the British Airways check-in desk at Gatwick Airport in southern England, Britain, May 28, 2017. REUTERS/Hannah McKay MADRID A technological failure which stranded tens of thousands of British Airways (BA) passengers in May will cost the company around 80 million pounds ($102.19 million), Willie Walsh, chief executive of BA parent International Airlines Group (IAG), said on Thursday. The figure was an initial estimate, Walsh told at the company''s annual shareholders meeting in Madrid. In addition to BA, IAG owns Aer Lingus, Vueling and Spain''s Iberia. BA suffered a disruption at London''s Heathrow and Gatwick airports when a power surge knocked out its IT system forcing it to cancel almost two-thirds of all flights on May 27, which fell on a busy bank holiday weekend. Heathrow suffered further setbacks on Thursday after a baggage system failure prevented luggage from being checked in at terminals 3 and 5. The problem has been resolved. (Reporting by Robert Hetz; writing by Paul Day; editing by Jason Neely)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-iag-ceo-idUKKBN1961H2'|'2017-06-15T20:05:00.000+03:00'
'e94472a5dc4373e0068fde00a1840026d2562d0c'|'CANADA STOCKS-TSX slides at the open as financials, energy weigh'|'Market   9:43am EDT CANADA STOCKS-TSX slides at the open as financials, energy weigh TORONTO, June 15 Canada''s main stock index fell on Thursday, as energy stocks, dragged by lower oil prices, and financials led broad declines. The Toronto Stock Exchange''s S&P/TSX composite index fell 44.92 points, or 0.3 percent, to 15,125.21 shortly after the markets opened. All 10 of the index''s main sectors were in negative territory. (Reporting by Solarina Ho; Editing by Chizu Nomiyama) CEE MARKETS-Leu touches 4-year low, CEE units fall on hawkish Fed * Dollar rebound, profit-taking, politics weaken currencies * Romanian leu at 4-yr low amid fresh political uncertainty * Markets shrug off Czech PM giving up party leadership (Adds currency sell-off against dollar, fresh dealer and analyst quotes) By Sandor Peto BUDAPEST, June 15 Central European currencies eased on Thursday due to selling against the dollar after hawkish comments from the Fed, profit-taking and political turbulence in Bucharest and Prague. OTTAWA, June 15 Resales of Canadian homes dropped 6.2 percent in May from April, with Toronto sales plunging 25.3 percent, as new housing policy changes side-swiped demand and new listings rose again, the Canadian Real Estate Association said on Thursday. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/canada-stocks-idUSL1N1JC0L6'|'2017-06-15T21:43:00.000+03:00'
'e7921994007d012feed26eba3a7e6de770c08933'|'Greece calls for debt relief measures ahead of crunch euro zone meeting'|'Top News - Thu Jun 15, 2017 - 9:01am BST Greece calls for debt relief measures ahead of crunch euro zone meeting German Finance Minister Wolfgang Schaeuble takes part in a eurozone finance ministers meeting in Brussels, Belgium March 20, 2017. REUTERS/Yves Herman BERLIN Greek Economics Minister Dimitri Papadimitriou has accused German Finance Minister Wolfgang Schaeuble of being "dishonest" by blocking debt relief for Greece despite his acknowledgement that Athens has implemented significant reforms. Euro zone finance ministers and the International Monetary Fund (IMF) are expected to strike a compromise deal on Greece on Thursday, paving the way for new loans for Athens while leaving the contentious debt relief issue for later. Papadimitriou told German newspaper Die Welt in an interview published on Thursday that Schaeuble first had acknowledged that Greece had met the requirements, but then changed his mind. "I haven''t met Schaeuble yet and I don''t want to be impolite, but his behaviour seems dishonest to me," he added. Papadimitriou said German resistance to debt relief for Greece raised questions about the very idea and structure of the euro zone. The success of right-wing populists in Europe also showed dissatisfaction with such European structures, he said. "Greece is being made a sacrificial lamb," he said. Papadimitriou also warned Schaeuble against making decisions based purely on domestic politics, noting that Germany had also received debt relief when it was rebuilding after World War Two. Debt relief is needed to help Greece expand its economy, he said, noting that Athens was not asking for a debt cut, but rather lower interest rates or longer repayment schedules. Greek President Prokopis Pavlopoulos also called on the euro zone finance ministers to spell out concrete measures to reduce the Greek debt burden. "Greece has fulfilled its commitments and adopted the required reforms. Now it is time for the Europeans to comply with their commitments on debt relief," Pavlopoulos said in an interview with German business daily Handelsblatt. German opposition politicians also criticised Schaeuble by honing in on the fact that the IMF is likely to participate in the third bailout, but will only disburse any loans when debt measures have been clearly outlined. Gerhard Schick from the Greens party accused Schaeuble of a "lousy trick" with the IMF participation. Thomas Oppermann, senior member of the co-governing Social Democrats (SPD), told Bild newspaper: "Schaeuble must put his cards on the table ahead of the election and say what German taxpayers will have to expect." The IMF believes Greece needs a debt haircut, which Germany rejects. IMF chief Lagarde has suggested a deal whereby the IMF would stay on board in the bailout, as Berlin wants, but not pay out further aid until debt relief measures are clarified. A spokesman for Schaeuble told a government news conference on Wednesday he expected agreement on a sustainable overall package at Thursday''s meeting, but said there was no guarantee that Athens would get debt relief. It remains Germany''s view that debt relief measures for Greece could only be decided after the existing third bailout ends in 2018, the spokesman added. Schaeuble said on Tuesday he was confident that Greece would reach a deal with lenders this week. Last month he said everything pointed to stronger growth in Greece. (Reporting by Andrea Shalal and Michael Nienaber; editing by Mark Heinrich) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-eurozone-greece-germany-idUKKBN196001'|'2017-06-15T16:01:00.000+03:00'
'3d23297b37c0deb035298e521a00d4b0ee75f70c'|'New Brazil scandal shatters hopes of stronger rebound -economists'|'By Luiz Guilherme Gerbelli - SAO PAULO, June 12 SAO PAULO, June 12 Brazil''s political crisis will probably curb a long-awaited economic rebound after doubts over major fiscal reforms weakened the currency and led the central bank to signal a slower pace of interest rate cuts, economists said.Analysts started trimming their growth estimates over the past week, after President Michel Temer came under investigation for allegedly taking bribes and condoning hush money for a potential witness in a corruption probe.The scandal broke as government data showed the economy expanding at the fastest pace in four years, emerging from a deep two-year recession and briefly lifting hopes that Brazil''s economy could float clear of the political crisis.On Monday, however, economists in a weekly central bank poll trimmed estimates for Brazil''s economic growth in 2017 and 2018 to 0.4 and 2.3 percent respectively, down from 0.5 and 2.4 percent last week."The recovery process is going to be slow. It will not have the pace we have been waiting for," said Júlio Mereb, an economist with the Getúlio Vargas Foundation (FGV).FGV''s Mereb made a deeper cut to his estimates, forecasting GDP to grow 1.8 percent next year instead of 2.5 percent as he previously forecast."All this will cause a lot of damage to the labor market. The job recovery that we had been expecting to start in the middle of this year will be postponed to the second half of next year," Mereb said. The recent downturn, Brazil''s worst in at least a century, left over 14 million workers unemployed.Brazil''s largest bank Itaú Unibanco SA also moderated its bullish economic outlook since the crisis erupted. The bank expects Brazil''s GDP to grow 0.3 percent this year and 2.7 percent in 2018, down from 1.0 and 4.0 percent before."The political turmoil will delay the fiscal reforms, which complicates the task of balancing the budget," wrote Itaú Chief Economist Mario Mesquita.A senior member of Temer''s economic team told Reuters that the administration continues to believe it will pass its reform agenda, which includes unpopular changes to social security and labor rules.Still, the central bank has suggested the crisis may slow the pace of coming interest rate cuts. While the bank is still expected to reduce its benchmark rate from 10.25 percent to 8.50 percent by year-end, according to the weekly analyst survey, it signaled that its next rate cuts could be smaller than the 100-basis-point reduction last month. (Writing by Silvio Cascione; Editing by Brad Haynes and Lisa Shumaker)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/brazil-economy-idINL1N1J91DD'|'2017-06-12T19:29:00.000+03:00'
'8baeeab17cb3eec82cf4e2d57069a53098e1967f'|'UPDATE 1-Allied Irish Banks float fully subscribed'|'(Adds background)LONDON, June 13 Allied Irish Banks'' stock market listing has been fully subscribed, including the greenshoe option, its bookrunner said on Tuesday, in a sign of investor demand for what is set to be one of Europe''s biggest bank flotations since the 2008 financial crisis.The price range for the initial public offering was set on Monday between 3.90 euros and 4.90 euros. AIB plans to raise up to 3.3 billion euros ($3.70 billion) when it sells a 25 percent stake on the Dublin and London stock markets later this month.The float is expected to be one of the largest IPOs on Britain''s main stock market in two decades and is seen as a test of whether the Irish banking sector has redeemed itself in the eyes of investors.Dublin rescued the bank in a 21 billion euro taxpayer bailout that began in early 2009 and the government has been considering cashing out some of its 99.9 percent stake since last year.The landmark deal is also a test of investor appetite in volatile conditions for IPOs. London has had few large listings this year and there were a string of cancelled flotations in the second half of 2016 after Britain''s vote to leave the European Union.The final offer price for AIB, which returned to profit three years ago, is expected to be announced on or around June 23. ($1 = 0.8931 euros) (Reporting by Dasha Afanasieva. Editing by Jane Merriman)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/aib-ipo-book-idINL8N1JA4YM'|'2017-06-13T14:47:00.000+03:00'
'180466c15f65d8b2275616b1a860ded746f58509'|'Russia''s Polyus sets price range for share offer in London, Moscow'|'Business  17am BST Russia''s Polyus sets price range for share offer in London, Moscow FILE PHOTO: A melter casts an ingot of 92.96 percent pure gold at a procession plant of the Olimpiada gold operation, owned by Polyus Gold International company, in Krasnoyarsk region, Eastern Siberia, Russia, June 30, 2015. REUTERS/Ilya Naymushin/File Photo MOSCOW Russia''s top gold producer Polyus said on Thursday it had set a price range for the offering of between 7 and 9 percent of its shares, including new shares, in London and Moscow. Polyus expects to raise $400 million (313.7 million pounds) from the sale of new shares. Further proceeds from existing equity will go to its controlling shareholder, the family of Russian tycoon Suleiman Kerimov. The price range was set at $33.25-$35.30 per global depositary share in London, corresponding to a price of $66.50-$70.60 per ordinary share in Moscow. The latter will be paid in roubles, it said in a statement. This price range will result in a market capitalisation of between $8.5 billion and $9.0 billion on a pre-money, fully diluted basis, including treasury shares, Polyus added. Polyus shares were down 2 percent in Moscow at 4,367 roubles ($75.9) compared with a 1.6 percent fall in the broader MICEX index. Russian stocks fell to their lowest since November on Thursday on new U.S. sanctions. The pricing for the Polyus offering is expected on June 30, the Moscow Exchange said earlier on Thursday. Goldman Sachs International, JPMorgan, Sberbank CIB and VTB Capital are acting as joint global coordinators and joint bookrunners, while BMO Capital Markets, Gazprombank and Morgan Stanley are joint bookrunners. (Reporting by Polina Devitt and Diana Asonova; Editing by Dale Hudson and Katya Golubkova)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-russia-polyus-spo-idUKKBN1960QY'|'2017-06-15T16:17:00.000+03:00'
'42b2391a59777079d52402909df979f7c258c490'|'Oil prices struggle on doubts OPEC can rein in oversupply'|'Business News  22pm BST Oil slides, hits six-month low on rising global production left right FILE PHOTO: A section of the BP Eastern Trough Area Project (ETAP) oil platform is seen in the North Sea, around 100 miles east of Aberdeen in Scotland, Britain, February 24, 2014. REUTERS/Andy Buchanan/Pool/File   Sample bottle of crude oil are seen in this illustration photo June 1, 2017. REUTERS/Thomas White/Illustration 2/2 By Julia Simon - NEW YORK NEW YORK Oil prices settled more than half a percent lower on Thursday after hitting a six-month lows, as high global inventories fed fears that rising crude production in Nigeria, Libya and the United States will feed the global supply glut despite output cuts from OPEC and other producing countries . The dollar .DXY rose to its highest in more than two weeks, further weighing on oil by making it more expensive for buyers using other currencies. Saudi Arabia''s oil exports are expected to fall below 7 million barrels per day this summer, according to industry sources familiar with the matter, and Russian oil exports were seen as broadly flat in the third quarter. Still, Brent crude LCOc1 fell to a session low of $46.70 a barrel, its weakest since May 5 and near six-month lows. It settled down 8 cents at $46.92 a barrel. U.S. crude CLc1 settled down 27 cents at $44.46, after touching a six-month low of $44.32 a barrel. Oil has slumped despite output cuts of 1.8 million barrels a day by the Organization of the Petroleum Exporting Countries and non-OPEC producers including Russia. On May 25, the countries said they agreed to extend the cuts nine months through next March. Yet crude prices have slid about 12 percent since that day as other countries have boosted output. "Libya and Nigeria have brought more oil online and that’s really hindering" OPEC''s efforts, said Tariq Zahir, crude trader and managing member at Tyche Capital Advisors in New York. Libya has seen major supply disruptions from protests and contract disputes, but this week the National Oil Company said production was resuming at key fields. U.S. production is up 10 percent over the past year to 9.33 million bpd, close to top producers Russia and Saudi Arabia. C-OUT-T-EIA On Wednesday, crude prices fell nearly 4 percent after U.S. gasoline inventories rose unexpectedly and the International Energy Agency said growth in oil supply next year is expected to outpace demand even as global consumption exceeds 100 million barrels per day (bpd) for the first time. Summer boosts gasoline demand from U.S. drivers, yet gasoline inventories rose 2.1 million barrels last week, 9 percent over the five-year average for this time of year, according to the U.S. Energy Information Administration (EIA). Both Brent and U.S. crude have given up all the gains since the initial OPEC agreement in late November. "I definitely think we''re in a new trading range," said Tyche''s Zahir, "Unless you get some supply disruption, I think it’s going to be lower for longer." (Additional reporting by Christopher Johnson in London, Henning Gloystein in Singapore; Editing by Marguerita Choy and David Gregorio)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-global-oil-idUKKBN196031'|'2017-06-15T08:56:00.000+03:00'
'18598065bd078e34e5328135edd675e4c82bd484'|'Swiss stocks - Factors to watch on June 15 - Reuters'|'ZURICH, June 15 The following are some of the main factors expected to affect Swiss stocks on Thursday:CREDIT SUISSE UBSSwitzerland''s two biggest banks, UBS and Credit Suisse, are on track to meet the country''s updated too-big-to-fail rules but more progress is needed in preparing plans for a potential insolvency, the Swiss central bank said on Thursday in its 2017 financial stability report.For more click orCOMPANY STATEMENTS* Basilea said it concluded a license agreement with Pfizer for antifungal Cresemba (isavuconazole) for Europe, Russia, Turkey and Israel.* Arbonia said shares of Looser Holding are being canceled following the merger of the two companies.* Kuoni said it has launched a cash tender offer for its outstanding 200 million franc 1.5 percent 2013-2019 bond* SHL Telemedicine Ltd said it had appointed Yossi Vadnagra as CFO.* Implenia said it had begun concrete implementation of its Werk 1 project in Winterthur, Switzerland.ECONOMY* The Swiss National Bank publishes its monetary policy assessment at 0730 GMT.* Swiss producer and import prices for May are due at 0715 GMT.(Reporting by Zurich newsroom)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/markets-swiss-stocks-idINL8N1JB4SE'|'2017-06-15T03:09:00.000+03:00'
'f8f8f75d133ca838507cf5e3da18b6dc088afbd7'|'UK will pay for Roche breast cancer drug at centre of price row'|'Health   1:47pm BST UK will pay for Roche breast cancer drug at center of price row FILE PHOTO: Roche tablets are seen positioned in front of a displayed Roche logo in this picture illustration, January 22, 2016. REUTERS/Dado Ruvic/Illustration/File Photo LONDON A Roche breast cancer drug at the center of a prolonged pricing row in Britain will now be paid for routinely, following a discount deal between the company and the National Health Service, the country''s cost watchdog said on Thursday. Kadcyla, which can prolong the lives of some women with advanced disease, has been a battle-ground for campaigners wanting better access to modern cancer drugs, with 115,000 people signing a petition demanding its availability. The National Institute for Health and Care Excellence (NICE) said it could now recommend funding for Kadcyla, following the new commercial access arrangement with Roche. Details of the discount offer were not disclosed. At its full list price, Kadcyla costs about 90,000 pounds ($115,000) per patient, according to NICE, although Roche says this figure is exaggerated because the drug is typically given for shorter periods than NICE assumes. Until now, the drug has only been covered by the Cancer Drugs Fund, which finances drugs not routinely paid for on the NHS. With the medicine moving to routine use, NICE estimates around 1,200 women could now be eligible to receive it. Roche, the world''s biggest supplier of cancer medicines, has expressed frustration in the past at the rigid system used in Britain to determine value for money in cancer care, with CEO Severin Schwan describing the system as "stupid" in 2015. Industry critics, however, argue that medicine prices are rising far faster than inflation, especially in cancer treatment, and returns demanded by the industry on newly launched products are unsustainable. (Reporting by Ben Hirschler; Editing by Adrian Croft)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-roche-britain-cancer-idUKKBN1961L1'|'2017-06-15T20:47:00.000+03:00'
'99b73546568abf46c24cf3188af68fee1947e089'|'Crude oil, fuel shipping costs from Qatar set to rise on port ban'|'Company  27am EDT Crude oil, fuel shipping costs from Qatar set to rise on port ban * UAE bans ships that have called on Qatar * Smaller ships deploy to load Qatar, UAE oil * Buyers explore ship-to-ship transfers off Sohar, Oman By Jessica Jaganathan and Florence Tan SINGAPORE, June 12 The costs to ship fuel and crude oil from Qatar are expected to rise after the United Arab Emirates banned vessels that previously called at Qatar from docking at UAE ports, multiple sources from the oil and shipping sectors said on Monday. After Saudi Arabia, the UAE, Egypt and others last week severed diplomatic and transport links with Qatar after accusing it of sponsoring terrorism, the UAE blocked vessels carrying Qatari crude from entering the Emirates'' oil ports. This is disrupting the typical logistics of the oil industry where buyers take very large crude carriers (VLCC) capable of carrying 2 million barrels of oil and load up to four different 500,000-barrel cargoes to save on costs. Buyers are now splitting cargoes on smaller Suezmax ships that carry 1 million barrels to load separately in Qatar and the UAE, the sources said. Suezmax rates are now expected to rise to between Worldscale (WS) 75 to 80 on higher demand for these vessels, said two of the sources. CSSA, the shipping arm of French oil major Total, South Korean refiner SK Energy and BP have provisionally booked four Suezmax tankers to load crude and condensate in Qatar and the UAE in the second half of June at rates of WS67.5 to WS68.5, shipping data on Thomson Reuters Eikon showed. Worldscale is a formula used to calculate freight costs. "Operations are very messy. Some refiners need to re-arrange or break their cargoes into Suezmaxes which are more costly," a Singapore-based trader said. Companies are also arranging to perform ship-to-ship transfers of smaller parcels onto VLCCs in the water off Sohar, Oman, which has stayed neutral in the conflict, the sources said. Qatar is one of the smallest oil producers in the Middle East, but almost all of its just over 600,000 barrels per day of production heads to Asia. Qatar Petroleum''s upstream oil partners include Total and Occidental Petroleum Corp. "We all just do not know if this situation will be solved within the next few days or will drag on for weeks or months," said Ralph Leszczynski, head of research at Banchero Costa. In addition to crude, Qatar also exports between 600,000 to 700,000 tonnes a month of naphtha, an oil product typically refined into petrochemicals. Shipowners have now added a premium for ships loading Qatari fuel for Asia, the sources said. Owners are adding 2.5 percentage points more, or about $700 a day, for tankers on this route, a Singapore-based shipbroker said. (Reporting by Florence Tan, Jessica Jaganathan and Mark Tay; Editing by Christian Schmollinger)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/gulf-qatar-asia-oil-idUSL3N1J92GH'|'2017-06-12T16:27:00.000+03:00'
'2b5a52d2a264b3beb7321345006a0a9d81df19b2'|'Chairman Wu charts roller-coaster ride for Waldorf-owner Anbang'|'Wed Jun 14, 2017 - 10:43am BST Chairman Wu charts roller-coaster ride for Waldorf-owner Anbang FILE PHOTO: Chairman of Anbang Insurance Group Wu Xiaohui attends the China Development Forum in Beijing, China March 18, 2017. REUTERS/Thomas Peter/File Photo By Matthew Miller - BEIJING BEIJING Founded as a provincial auto insurer, Anbang Insurance burst from obscurity with a $2 billion bid for New York''s Waldorf-Astoria Hotel in 2014, casting the company and its ambitious chairman as flagbearers for a new breed of Chinese dealmakers. But its headline-grabbing deals and the connections forged by chairman Wu Xiaohui - from Beijing to President Donald Trump''s son-in-law - have invited closer scrutiny. On Wednesday, the privately held company said Wu had temporarily stepped aside, following unverified reports of his detention in China. It has not provided further details. Wu, who married the grand-daughter of late Chinese leader Deng Xiaoping, has been the driving force at Anbang since founding the company in 2004. The group worked in obscurity before turning to more aggressive financing to catapult it over rivals who rake in much larger volumes of premiums. Over the past three years, Anbang has secured acquisitions worth more than $30 billion - a diverse list that has raised regulatory questions at home and abroad. As queries grew, the low-profile Wu made more public appearances this year at key events including the annual Boao Forum, China''s answer to the Davos World Economic Forum. On one panel there he playfully sparred with Levin Zhu, the politically powerful former CEO of China International Capital Corp and a former Anbang director, who repeatedly questioned him on the company''s finances, attendees reported. "Anbang''s rise to international prominence has been much like that of modern China itself - meteoric, with mystical origins, and often misunderstood," said Brock Silvers, managing director of Kaiyuan Capital, a Shanghai-based investment advisory firm. "The company was continuously dogged by rumors regarding its capital origins, yet continued to succeed," he added. HARD-DRIVING, HANDS-ON Known for his hard-driving, hands-on approach and single-minded ambition, Wu is not the first high-profile executive reported to be targeted or questioned by Chinese authorities. China-born billionaire Xiao Jianhua was taken from a luxury Hong Kong hotel in a wheelchair in January, a source told Reuters. Local media reported the group that took him away were mainland Chinese agents, which Chinese authorities have not commented on. Fosun chairman Guo Guangchang reportedly lost contact with the healthcare-to-insurance conglomerate in 2015 before re-emerging to say he was assisting authorities in a probe. Wu says he works at least 12 hours a day, and those working with him say calls from Wu at all hours of the day or night are not uncommon. Occasionally, he sleeps in his office. "We must win the first battle and every battle thereafter as we are representing Chinese enterprises going global," Wu, now 51, told students at Harvard University in 2015. "We must have conviction that we can make profit even under the worst case scenario in order to move forward on each investment." DEAL OR NO DEAL Many of Anbang''s latest deals, though, have faltered. The Beijing-based firm in 2016 offered $14 billion for U.S. hotel operator Starwood but pulled out from what would have been the largest Chinese takeover of a U.S. company. A year later, it held talks with Jared Kushner, Trump''s son-in-law, to develop a New York office tower. That deal foundered amid controversy over the extended family of the U.S. president selling to a politically connected Chinese tycoon. Anbang''s $1.6 billion offer for U.S. annuities and life insurer Fidelity & Guaranty Life fell through in April. Anbang had separately sought to list its life insurance business in Hong Kong and invited banks last August to pitch for the deal, sources familiar with the matter said at the time. That too went quiet. Wu''s strategy echoed that of famed U.S. investor Warren Buffett - an aggressive pursuit of yield-producing companies, funded by cash from selling insurance products and other sources. In addition to his international deals, Wu also bought significant stakes in a number of Chinese banks and financial companies. He also aligned with powerful allies. When he set up Anbang, Wu enlisted a small consortium of private and state investors, led by Shanghai Automotive Industry Group Corp (SAIC), the parent of a government-owned automaker. State-owned China Petrochemical Corp later bought a stake. In addition to Levin Zhu, Anbang''s original board included Long Yongtu, China''s chief negotiator when it joined the World Trade Organization. Wu also turned to Chen Xiaolu, a son of Chinese Marshal Chen Yi, for support. One source who has advised Anbang said Wu worked hard to cultivate connections with politically connected figures and princelings, the children of the country''s political elite, including the Deng family. "Even if you marry a princeling, that doesn''t necessarily mean you are a full member of the family," the source said. (Additional reporting by Julie Zhu in HONG KONG; Writing by Clara Ferreira Marques; Editing by Lincoln Feast)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-anbang-group-chairman-profile-idUKKBN19512V'|'2017-06-14T17:31:00.000+03:00'
'cf2873c07cca2ff983a527cb019bb2b2a04752b0'|'MIDEAST STOCKS-Qatar stabilises after minister reassures on crisis'|'Market  21am EDT MIDEAST STOCKS-Qatar stabilises after minister reassures on crisis DUBAI, June 12 Qatar''s stock market stabilised in early trade on Monday from sharp falls last week after comments from the finance minister that the economy was essentially operating as normal despite a major diplomatic crisis. Doha''s index was almost flat after 45 minutes of trade; it had lost 8.7 percent as of Sunday''s close since four Arab states cut links a week ago. Among Qatari banks, which could face funding difficulties as foreign banks scale back ties, Qatar National Bank fell 0.7 percent but other institutions rebounded. Doha Bank was up 1.5 percent. Qatari Finance Minister Ali Sherif al-Emadi sounded confident when he told CNBC television that the economy was essentially operating as normal and Doha could easily defend its currency. Many investors still hope for a diplomatic solution in coming weeks. Dubai''s Drake & Scull rose 1.7 percent. It has been climbing in unusually large volumes since Thursday. Former chief executive Khaldoun Tabari has sold his stake in the company to Tabarak Investment, a source told Zawya, a Thomson Reuters publication. Tabarak Investment''s stake stands at around 18 to 20 percent after the sale, making it the largest shareholder, Zawya said. In April, DSI said it would sell 500 million dirhams ($136 million) of shares to Tabarak as part of its capital restructuring programme, subject to regulatory approval. The Dubai index was up 0.3 percent. In Abu Dhabi, Dana Gas headed for a fourth straight session of gains, rising 1.7 percent. It has rocketed 49 percent this month on news that it received a portion of its overdue payments from Egypt and on hopes for its legal efforts to recover money from Iraqi Kurdistan. The Abu Dhabi index was nearly flat, as six other shares rose and five declined. In Saudi Arabia, the index edged down 0.2 percent as 12 of 14 listed petrochemical makers fell with Brent oil futures staying below $50 a barrel. Ethylene maker National Petrochemical was down 2.5 percent; it had closed at a seven-month low on Sunday. (Reporting by Celine Aswad; Editing by Andrew Torchia and Raissa Kasolowsky)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/mideast-stocks-idUSL8N1J912O'|'2017-06-12T16:21:00.000+03:00'
'594fc9b0f0a4e1fd31ca0ebdea61fb5d37e3bef1'|'GE''s new CEO to review portfolio "with no constraint"'|'  8:45pm BST GE''s new CEO to review portfolio "with no constraint" FILE PHOTO: John Flannery reacts during an interview with Reuters in New Delhi, India March 31, 2011. REUTERS/B Mathur/File Photo By Alwyn Scott and Arunima Banerjee General Electric Co''s ( GE.N ) incoming chief executive said on Monday he will conduct a swift review of the business portfolio, and signalled its strategy of selling software-related services across its many divisions will remain the heart of GE for decades. The maker of jet engines, power plants, medical scanners and railroad locomotives on Monday named veteran insider John Flannery as its next chief executive. He takes over from Jeff Immelt who will step aside Aug. 1 after 16 years as the head of the conglomerate he helped steer through the financial crisis but is now worth a third less than when he took over. "I''m going to do a fast but deliberate, methodical review of the whole company," Flannery said in an interview with Reuters. "The board has encouraged me to come in and look at it afresh." On a separate call with investors earlier, Flannery said "we''ll review each of those businesses in the portfolio, how it benefits and contributes to the broader company. And it''s something you can expect us to do with speed and with urgency and with no constraint." Although not detailing specific plans, Flannery did say digital will be at the heart of GE''s strategy. GE has spent billions building a digital business that marries electronic sensors and powerful analytic computing to industrial equipment and has no plans to change that focus. "Digital is going to be a core aspect of the company for the next generation," Flannery said. GE will make the results of the review public in the fall, but major changes are not needed, Flannery said. "We''re not starting from a weak position at all." Immelt, in the interview, said Flannery has a free hand to do what he wants. "There''s nobody more open to him driving change than me." See related story: GE will press ahead with cutting overhead costs by $2 billion (1.58 billion pounds) by 2019 and boosting profits to $2 a share next year. Flannery, a 55-year-old who joined the company 30 years ago and is now the head of its healthcare unit, will also become chairman after Immelt retires on Dec. 31. The company''s shares were up 3.8 percent at $29 as Flannery''s appointment ended six years of succession planning. Immelt, 61, who took over from Jack Welch in 2001, oversaw the divestment of its massive lending unit GE Capital and TV network NBCUniversal, shifting the conglomerate''s focus away from finance and towards technology, healthcare and manufacturing. Despite investing heavily on developing digital products, from sensors in jet engines to augmented reality software, shareholders have been wary of the company''s new direction. Since Immelt became CEO in 2001, GE''s shares have declined 30 percent, while the S&P 500 index more than doubled. That underperformance had some pressing for more urgency from Immelt. Activist investor Nelson Peltz''s Trian Fund Management bought a stake in GE in October 2015, the largest single investment the firm had ever made, and now worth about $2 billion. Trian immediately pushed for asset sales and cost cuts. Trian declined comment on the CEO change on Monday. GE said Immelt''s departure was not triggered by outside influences, and that its board set the summer of 2017 for Immelt''s departure as far back as 2013. Stifel analyst Robert McCarthy said the timing was not surprising because of the serial underperformance of the stock and "investor fatigue with management''s continued perceived ungainly portfolio actions". During Immelt''s tenure, GE bought French peer Alstom''s ( ALSO.PA ) power business and announced a deal to acquire oil and gas company Baker Hughes, while jettisoning the NBC unit and even its famed appliances division. Still, the company - the oldest surviving member of the Dow Jones Industrial Average - has struggled to boost sales significantly in the past few quarters. In particular, the company''s cash flow has been a cause for concern. Flannery, who joined GE Capital in 1987, focused on leveraged buyouts and later led the corporate restructuring group. He has also ran GE''s India business, its equity business in Latin America and the GE Capital business for Argentina and Chile. Flannery has helped turn around GE''s healthcare business, increasing organic revenue by 5 percent and margins by 100 basis points in 2016, GE said in a statement. The company said Kieran Murphy, president and CEO of GE Healthcare Life Sciences, will replace Flannery. (Reporting by Arunima Banerjee in Bengaluru, Alwyn Scott in Seattle and Michael Flaherty in New York; Writing by Bill Rigby; Editing by Saumyadeb Chakrabarty and Bernard Orr)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-ge-ceo-idUKKBN1932D6'|'2017-06-13T03:45:00.000+03:00'
'80b98b7a233d32450bde71202206ecc4dba596da'|'China stands pat on rates after Fed lifts benchmark'|'Central Banks - Thu Jun 15, 2017 - 7:31am BST China stands pat on rates this time despite Fed hike FILE PHOTO: People walk past the headquarters of the People''s Bank of China (PBOC), the central bank, as two paramilitary police officials patrol around it in Beijing November 20, 2013. REUTERS/Jason Lee/File Photo By John Ruwitch and Winni Zhou - SHANGHAI SHANGHAI China''s central bank left interest rates for open market operations unchanged on Thursday, shrugging off an overnight increase in the U.S. Federal Reserve''s key policy rate. The People''s Bank of China (PBOC) did not explain its rationale for keeping rates unchanged, after it followed a Fed hike within hours in March. But the yuan is on steadier footing now, while domestic liquidity conditions are similarly tight. Markets had been divided over whether the PBOC would raise short-term rates again in lockstep with the Fed, with those in the "hold" camp noting that China''s short-term money rates and bond yields have already been trending higher. Traders pointed out that liquidity is traditionally tight in June, and memories are still fresh of a cash crunch in late June 2013 that sent money rates soaring and spooked global markets. Earlier on Thursday, the PBOC injected a net 90 billion yuan (10.4 billion pounds) into the financial system, saying it wanted to counter "liquidity stress" from seasonal tax payments and maturing reverse repurchase agreements. Banks are also hoarding cash ahead of a rigorous quarterly inspection of their books by the central bank. The PBOC later said it was keeping the rate for seven-day reverse repos at 2.45 percent, the 14-day tenor at 2.60 percent and the 28-day tenor at 2.75 percent. Encouraged by improving economic growth, China had already nudged up short-term rates several times earlier this year as part of a broader push to reduce risks and leverage in the financial system after years of debt-fuelled stimulus. Those rate moves, while modest, were accompanied by regulatory crackdowns on riskier forms of financing and shadow banking, which have tightened credit conditions and led to China''s bond curve inverting in recent months. There have been no signs the PBOC is contemplating a bolder move in policy such as the Fed''s, for fear it could hit economic growth. China''s benchmark one-year lending and deposit rates have remained unchanged since October 2015. To be sure, a slew of data over the past week showed the economy has been largely resilient to tightening so far, with solid industrial output, retail sales and exports cushioning the impact of cooling investment. Still, if sustained, rising funding costs are expected to translate into higher borrowing costs eventually, dragging on business activity. Some companies are already reporting higher financing costs while banks are raising mortgage rates. Economists at BofA Merrill Lynch said in a note that they believe policymakers are unlikely to reverse their tightening bias as long as growth is likely to be stronger than the official full-year target of around 6.5 percent. GAME CHANGER? One key game changer for China may have been a sharp reversal in market expectations for further depreciation in the yuan and capital outflows, after the PBOC moved aggressively in May to flush out speculative bets against the currency and allowed it to jump sharply against the dollar. "There''ve been a lot of pre-emptive moves by the PBOC and regulators to kind of more balance exchange rate expectations in recent months, and so I think really China had done a lot of preparation ahead of the FOMC rate hike that was widely anticipated anyway," said Nomura economist Rob Subbaraman. The yuan is now up 2.3 percent so far in 2017, after tumbling 6.5 percent last year. While a narrower interest rate differential with the U.S. should pressure the yuan, it was little changed in spot trade on Thursday at 6.7939 per dollar by midday. "The market was stable. The (Fed) rate hike had already been priced in," said a trader at a foreign bank in Shanghai. CAPITAL FLIGHT ALSO UNDER CONTROL? China''s efforts to clamp down on capital outflows - a pressing concern earlier in the year - also appear to be holding up, with foreign exchange reserves rising more than expected in May. A more sluggish dollar has also helped take pressure off the yuan and outflows this year. One currency trader believed that China also refrained from raising rates on Thursday because it did not want to establish a pattern of following the Fed. But Deng Haiqing, chief economist at JZ Securities, said the decision was "debatable". "It was a good chance to fix the gap between the interest rates on the OMO and market rates," Deng said. The one-year Shanghai Interbank Offered Rate (SHIBOR) has climbed to two-year highs and is currently at 4.42 percent, above the PBOC''s official lending rate of 4.35 percent. The weighted average for the 7-day reverse repo was at 2.7921 percent at 0230 GMT on Thursday - more than 30 basis points above the rate as fixed by the central bank. Some traders said earlier in the week that a short-term rate rise was still possible in July if liquidity tightness eased. (Editing by Kim Coghill) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-china-economy-rates-repos-idUKKBN196086'|'2017-06-15T11:21:00.000+03:00'
'4958c7c3a4fb64ec14cb00c846e838f72ea5ee97'|'Uber''s open COO job in the spotlight amid leadership void'|'By Heather Somerville - SAN FRANCISCO SAN FRANCISCO With Chief Executive Travis Kalanick taking a leave of absence from Uber Technologies Inc, the vacant job of chief operating officer takes on a lot more importance as the company frames the position as key to solving its woes.Kalanick, under fire for crass behavior and fostering a culture of sexism and rule-breaking, in early March announced he was searching for a COO to help run the ride-services company. But in the months since, Uber has suffered a string of controversies and embarrassing setbacks and the job has remained unfilled - part of a leadership vacuum that extends through the company and up to the board of directors.In a report released Tuesday, former U.S. Attorney General Eric Holder and his law firm, Covington & Burling, recommended sweeping management changes at Uber in the wake of sexual harassment allegations and other scandals.The report advocates for a COO who "will act as a full partner" and run "day-to-day operations." It also calls on the board of directors to take steps to limit the CEO''s responsibilities and provide "clear lines of demarcation between" the COO and the CEO."The way the COO job is written in the recommendations makes it a really powerful and important job," said Bradley Tusk, an Uber investor and adviser.Executive recruiters and tech investors agreed that the job might look more appealing now than it did before Tuesday''s report. Still, it remains unclear if the company can attract a top-notch leader while Kalanick retains both the CEO title and, along with two allies, voting control of the company.Kalanick said on Tuesday he was stepping aside at Uber because he needed time to grieve his recently deceased mother and work on his leadership shortcomings, according to a staff email seen by Reuters. He also said his leave "may be shorter or longer than we might expect."Such ambiguity will effect Uber''s efforts to rebuild its executive ranks, startup experts say."The lack of clarity around Travis'' position hangs over everything," said Bill Aulet, managing director of the entrepreneurship center at the Massachusetts Institute of Technology. "You''re dealing with the most important thing, which is, who is your boss?"VACANCIES AT THE TOPIn the meantime, 14 people who report to Kalanick are charged with running the company until the CEO returns or a COO is hired. The company also is without a chief financial officer, general counsel and a head of engineering, among other open positions."We have a strong leadership team including veterans who helped make the business what it is today and new talent who are helping to drive the changes we''re committed to making," Uber said in a statement.Uber is struggling to recruit new employees and has many who are eager to leave. Ed Zschau, founder of Inductus Associates, an executive search firm for startups, said his firm has "people from Uber in the search process" for a new job, including senior-level employees."If the board can be recomposed a bit and get the company back on track, who the COO is will be an important signal as to whether people will want to work there," Zschau said.Concerns about a lack of leadership extend to the board of directors.Holder''s recommendations, including prohibiting romantic relationships between bosses and their subordinates and drinking on the job, suggest the Uber board failed to ensure the company had even the most basic checks and balances, say experts."The Holder report could have been written by a law student who took an introductory corporate governance course," said Erik Gordon, a technology and entrepreneurship expert at the University of Michigan''s Ross School of Business. "The board shares responsibility for the wreck."Uber retained Holder''s firm in February after a female former employee publicly accused the company of brazen sexual harassment. A wake of scandals followed, including a criminal investigation of the company''s use of technology to evade regulators, a lawsuit alleging stolen self-driving car technology and a string of allegations relating to a toxic culture.On Tuesday, David Bonderman, a founder of private equity firm TPG Capital, an Uber investor, resigned from the board after making a sexist comment about women talking too much at the Uber staff meeting convened to discuss the Holder report.The resignation leaves Uber''s board with seven voting members and four vacant seats.Unlike the boards of most big companies, Uber''s directors have little executive experience. In addition to Kalanick, the board includes co-founder and Chairman Garrett Camp, early employee Ryan Graves, venture capitalist Bill Gurley, Saudi investor Yasir al-Rumayyan and media impresaria Arianna Huffington. Wan Ling Martello, an executive vice president at Nestle, was added to the board this week as an independent director.The Holder recommendations call for a restructured board, but the recommendation to install an independent board chair was left up to the board only to consider.(Reporting by Heather Somerville; Editing by Jonathan Weber and Bill Trott)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/us-uber-ceo-idINKBN1953C1'|'2017-06-15T07:50:00.000+03:00'
'0197f80ac974384969e28ddf5614de372a4b1c6b'|'Western Digital seeks court injunction to block sale of Toshiba chip unit'|'By Makiko Yamazaki - TOKYO TOKYO Western Digital Corp ( WDC.O ) has sought a court injunction to prevent Toshiba Corp ( 6502.T ) from selling its chip business without the U.S. firm''s consent - a move that threatens to throw the fiercely contested auction into disarray.The escalation in the spat between Western Digital, which jointly operates Toshiba''s main chip plant, and its business partner follows tense last-minute jockeying by suitors for the world''s second-biggest producer of NAND semiconductors.According to a person familiar with the matter, the California-based firm has been left out of a new Japan government-led group being formed to bid for the unit.Toshiba''s "attempts to circumvent our contractual rights have left us with no choice but to take this action," Western Digital''s Chief Executive Steve Milligan said in a statement."Left unchecked, Toshiba would pursue a course that clearly violates these rights," he added.Western Digital has filed its suit with the Superior Court of California, seeking an injunction until its arbitration case against Toshiba is heard. It is concerned about how Toshiba, the Japanese government and other stakeholders are handling the auction process, a second source said.The second source added it had submitted a revised bid on Wednesday that satisfies Toshiba''s requests on deal certainty and price but did not receive a favourable response. Toshiba has demanded at least 2 trillion yen ($18 billion) for the unit.Sources declined to be identified due to the sensitivity of the negotiations concerning the auction.Toshiba said in a statement that it was proceeding with selecting a preferred bidder for its memory unit by the second half of June as planned and hoped to reach a definitive agreement on a sale by June 28.Toshiba wants to complete the deal as quickly as possible to help cover billions of dollars in cost overruns at its now-bankrupt Westinghouse nuclear unit and to dig itself out negative shareholders'' equity that could lead to a delisting.Satoru Oyama, senior principal analyst at research firm IHS, said Western Digital''s argument made sense from a common-sense point of view and that developments were moving toward a worst-case scenario for the Japanese company."Toshiba has more to lose in the dispute because it is running out of time," he said. "Toshiba and Western Digital eventually have to talk. They cannot afford to keep fighting when Samsung is taking advantage of the NAND market boom and investing massively."A third source familiar with the matter said Western Digital expects to get a ruling on its injunction request by mid-July and that arbitration cases generally take 16-24 months to resolve.A state-backed fund, the Innovation Network Corp of Japan (INCJ), has been at the center of trade ministry efforts to forge a successful bid that will keep the highly prized unit under domestic control. But the nature of its partnerships appears to be going through drastic changes compared to just last week.It has been in talks with Bain Capital and the group now includes South Korea''s SK Hynix Inc ( 000660.KS ), sources have said.INCJ was, however, also part of a proposed bid tabled by Western Digital last week that also included U.S. private equity firm KKR & Co LP ( KKR.N ), other sources familiar with the matter have said.Other bidders include Foxconn, the world''s largest contract electronics maker. Foxconn, formally known as Hon Hai Precision Industry ( 2317.TW ), is leading a consortium that includes Apple Inc ( AAPL.O ) computing giant Dell Inc and Kingston Technology Co.The highest known bid so far is one from U.S. chipmaker Broadcom ( AVGO.O ) and its partner, U.S. private equity firm Silver Lake. They have offered 2.2 trillion yen, sources have said.Toshiba''s shares were down 0.5 percent in afternoon trade.($1 = 109.5900 yen)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-toshiba-accounting-idINKBN19602P'|'2017-06-14T23:33:00.000+03:00'
'009e850ff312825344927fa70ba9b9514578e045'|'Anbang Insurance''s products still being sold through bank channels - spokesman'|'Business   9:04am BST Anbang Insurance''s products still being sold through bank channels - spokesman FILE PHOTO: The headquarters building of Anbang Insurance Group are pictured in Beijing, China, August 25, 2016. REUTERS/Jason Lee/File Photo BEIJING Anbang Insurance Group''s products are still being sold through bank channels, a spokesman at the Chinese insurance giant told Reuters on Thursday. Chinese authorities have asked banks to suspend business dealings with the group, Bloomberg reported, a day after the insurer said its chairman had stepped aside, amid reports that he had been detained. (Reporting by Matthew Miller; Writing by Ryan Woo; Editing by Ian Geoghegan)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-anbang-group-chairman-banks-idUKKBN1960QD'|'2017-06-15T16:04:00.000+03:00'
'2552559477631f5131a44a8284d4cf69e51a3f86'|'Dominos Pizza in Turkey, Russia aims for $422 million share market valuation'|'LONDON DP Eurasia, the Domino''s Pizza ( DPZ.N ) franchise holder in Russia and Turkey, has set a price range of between 200 and 230 pence a share for its initial public offer on the London Stock Exchange, implying a market capitalization of up to 331 million pounds ($422 million).The mid-point of the price range for DP Eurasia, which is Domino''s fifth largest master franchise, amounts to an expected offer size of 203 million pounds and an expected free float of more than 65 percent, including the exercise of the over-allotment option.DP Eurasia, which was acquired in 2010 by local private equity firm Turkven and Aslan Saranga, who is now chief executive, currently operates 571 stores, the bulk of which are in Turkey with some in Russia, Azerbaijan and Georgia.The company plans to open around 70 new stores this year - around 30 in Turkey, Azerbaijan and Georgia and 40 in Russia - and about 70 to 90 more stores every year in the medium term.A successful listing would boost confidence in the ability of private equity firms to take advantage of Turkey''s comparatively strong economic growth and young population, despite concerns over a political crackdown which has pressured the lira currency TRYTOM=D3 .DP Eurasia''s earnings before interest, tax, depreciation and amortization (EBITDA) increased to 75 million lira ($21.43 million) in 2016 from 25 million lira in 2014, during a period in which the lira fell sharply against the dollar.Shares in DP Eurasia''s British-based counterpart, Domino''s Pizza Group ( DOM.L ), trade on a 14.87 multiple of enterprise value to forecast EBITDA, according to Reuters data.Morgan Stanley is acting as global co-ordinator and joint bookrunner on the listing, which is expected to take place on June 28.(Reporting by Dasha Afanasieva; Editing by Greg Mahlich)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-dpeurasia-ipo-range-idINKBN1960MR'|'2017-06-15T05:24:00.000+03:00'
'2cbbfc4d84444c9939829be514212e8b0515a4c7'|'CANADA STOCKS-TSX slides as financial, energy stocks lead broad retreat'|'Market News   11:10am EDT CANADA STOCKS-TSX slides as financial, energy stocks lead broad retreat * TSX down 69.15 points, or 0.46 percent, to 15,100.98 * All 10 of the TSX''s main groups were down * Financial stocks fall 0.5 percent, energy stocks fall 1.2 percent TORONTO, June 15 Canada''s main stock index fell on Thursday, tracking global markets that fell on concerns over the pace of economic growth, as bank stocks led broad declines and energy stocks were squeezed by oil prices that hit six-week lows. Financial stocks, which account for roughly a third of the index''s weight, slipped 0.5 percent. Brookfield Asset Management fell 1.2 percent to C$50.05 and was among the most influential decliners. Royal Bank of Canada was also a key index mover, despite seeing only a modest 0.6 percent fall to C$92.82. Alternative lender Home Capital Group was one of the few bright spots that offset some of the group''s declines. Shares rose 12.9 percent to C$13.70 after the company reported late on Wednesday it had reached a settlement agreement with the Ontario Securities Regulator accepting responsibility for misleading investors about problems with its mortgage underwriting procedures. Shares surged as much as 19.3 percent to C$14.47 in early trading. At 10:53 a.m. ET (1453 GMT), the Toronto Stock Exchange''s S&P/TSX composite index fell 89.01 points, or 0.59 percent, to 15,081.12. All 10 of the index''s main groups lost ground. The influential energy group, which had see-sawed between gains and losses in morning trading, retreated 1.2 percent, as oil prices touched a six-week low. The commodity was pressured by high global inventories and doubts over OPEC''s ability to implement production cuts as promised. U.S. crude prices were down 0.6 percent to $44.45 a barrel. Canadian Natural Resources fell 1.9 percent to C$36.65, while Cenovus Energy lost 2.7 percent to C$10.66. The materials group, which includes miners, fertilizer and lumber companies, lost 1.0 percent as metal prices, including copper and gold, fell. Barrick Gold retreated 1.5 percent to C$20.775. Technology stocks were down nearly 1 percent, mirroring U.S. tech shares, which fell on worries over stretched valuations. Declining issues outnumbered advancing ones on the TSX by 177 to 65, for a 2.72-to-1 ratio on the downside. (Reporting by Solarina Ho; Editing by Frances Kerry)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/canada-stocks-idUSL1N1JC0SQ'|'2017-06-15T23:10:00.000+03:00'
'66036e014a14cd81599f770714eddb567be92c60'|'Fed raises rates, unveils balance sheet cuts in sign of confidence'|'Business News - Wed Jun 14, 2017 - 11:06pm BST Fed raises rates, unveils balance sheet cuts in sign of confidence left right Federal Reserve Board Chairwoman Janet Yellen arrives for a news conference after the Fed releases its monetary policy decisions in Washington, U.S., June 14, 2017. REUTERS/Joshua Roberts 1/7 left right Federal Reserve Board Chairwoman Janet Yellen holds a news conference after the Fed released its monetary policy decisions in Washington, U.S., June 14, 2017. 2/7 left right Federal Reserve Board Chairwoman Janet Yellen holds a news conference after the Fed released its monetary policy decisions in Washington, U.S., June 14, 2017. REUTERS/Joshua Roberts 3/7 left right Federal Reserve Board Chairwoman Janet Yellen holds a news conference after the Fed released its monetary policy decisions in Washington, U.S., June 14, 2017. REUTERS/Joshua Roberts 4/7 left right The seal for the Board of Governors of the Federal Reserve System is displayed in Washington, U.S., June 14, 2017. REUTERS/Joshua Roberts 5/7 left right Federal Reserve Board Chairwoman Janet Yellen holds a news conference after the Fed released its monetary policy decisions in Washington, U.S., June 14, 2017. REUTERS/Joshua Roberts 6/7 left right People wait for Federal Reserve Board Chairwoman Janet Yellen to attend a news conference after the Fed releases its monetary policy decisions in Washington, U.S., June 14, 2017. REUTERS/Joshua Roberts 7/7 By Lindsay Dunsmuir and Howard Schneider - WASHINGTON WASHINGTON The Federal Reserve raised interest rates on Wednesday for the second time in three months and said it would begin cutting its holdings of bonds and other securities this year, signaling its confidence in a growing U.S. economy and strengthening job market. In lifting its benchmark lending rate by a quarter percentage point to a target range of 1.00 percent to 1.25 percent and forecasting one more hike this year, the Fed seemed to largely brush off a recent run of mixed economic data. The U.S. central bank''s rate-setting committee said the economy had continued to strengthen, job gains remained solid and indicated it viewed a recent softness in inflation as largely transitory. The Fed also gave a first clear outline on its plan to reduce its $4.2 trillion portfolio of Treasury bonds and mortgage-backed securities, most of which were purchased in the wake of the 2007-2009 financial crisis and recession. It expects to begin the normalization of its balance sheet this year, gradually ramping up the pace. The plan, which would feature halting reinvestments of ever-larger amounts of maturing securities, did not specify the overall size of the reduction. "What I can tell you is that we anticipate reducing reserve balances and our overall balance sheet to levels appreciably below those seen in recent years but larger than before the financial crisis," Fed Chair Janet Yellen said in a press conference following the release of the Fed''s policy statement. She added that the balance sheet normalization could be put into effect "relatively soon." The initial cap for the reduction of the Fed''s Treasuries holdings would be set at $6 billion per month, increasing by $6 billion increments every three months over a 12-month period until it reached $30 billion per month. For agency debt and mortgage-backed securities, the cap will be $4 billion per month initially, rising by $4 billion at quarterly intervals over a year until it reached $20 billion per month. U.S. stocks edged lower and prices of U.S. Treasuries pared gains after the Fed''s policy statement. The dollar .DXY was largely flat against a basket of currencies after reversing earlier losses, while the price of gold fell. "The Fed announcing an update to their reinvestment principles leaves September open (for) the start of balance sheet runoff, and the fact that they haven''t slowed their projected path of rate hikes suggest they can do both balance sheet and rate hikes at the same time," said Gennadiy Goldberg, interest rate strategist at TD Securities. EYES ON INFLATION The Fed has now raised rates four times as part of a normalization of monetary policy that began in December 2015. The central bank had pushed rates to near zero in response to the financial crisis. Fed policymakers also released their latest set of quarterly economic forecasts, which showed only temporary concern about inflation and continued confidence about economic growth in the coming years. They forecast U.S. economic growth of 2.2 percent in 2017, an increase from the previous projection in March. Inflation was expected to be at 1.7 percent by the end of this year, down from the 1.9 percent previously forecast. A retreat in inflation over the past two months has caused jitters that the shortfall, if sustained, could alter the pace of future rate hikes. But the Fed maintained its forecast for three rate hikes next year. The Fed''s preferred measure of underlying inflation has retreated to 1.5 percent, from 1.8 percent earlier this year, and has run below the central bank''s 2 percent target for more than five years. Earlier on Wednesday, the Labor Department reported consumer prices unexpectedly fell in May, the second drop in three months. Yellen indicated the Fed still remained confident inflation would rise to its target over the medium term, bolstered by what she described as a robust labor market that is continuing to strengthen. The Fed''s estimates for the unemployment rate by the end of this year moved down to 4.3 percent, the current level, and to 4.2 percent in 2018, indicating the Fed believes the labor market will continue to tighten. The median estimate of the long-run neutral rate, which is seen as the level of monetary policy that neither boosts nor slows the economy, was unchanged at 3.0 percent. Minneapolis Fed President Neel Kashkari dissented in Wednesday''s decision. (Reporting by Lindsay Dunsmuir and Howard Schneider; Editing by Paul Simao)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-usa-fed-idUKKBN1952NA'|'2017-06-15T06:12:00.000+03:00'
'f3307671d5cd100670b1350e2d1588d43248d6bc'|'Sky and Virgin Media join-up in targeted TV advertising'|'  7:38am BST Sky and Virgin Media join-up in targeted TV advertising FILE PHOTO: The Sky logo is seen illuminated on the outside of a building at the company''s headquarters in west London, Britain, January 25, 2017. REUTERS/Toby Melville/File Photo LONDON British pay-TV rivals Sky ( SKYB.L ) and Liberty Global''s ( LBTYA.O ) Virgin Media said on Thursday they would work together to offer advertisers targeted access to more than 30 million TV viewers in the UK and Ireland. The partnership, which covers both broadcast and video on demand (VOD) advertising, will make use of Sky''s AdSmart targeted advertising platform as well as Liberty Global''s technology, Sky said. (Reporting by Paul Sandle, editing by James Davey)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-sky-liberty-global-advertising-idUKKBN1960H5'|'2017-06-15T14:22:00.000+03:00'
'7e6d5f03749196c16ab96b62f8cf4e0d31f524f9'|'The NRA Racks Up Wins in Congress. The ATF Wants to Give It More'|'The congressional shooting today in Alexandria, Va., could reignite a gun debate that’s been relatively muted since President Donald Trump took office. If public attention does shift back to the regulation of firearms, people will discover that there’s actually been a fair amount of activity in this area unfolding just below the radar.The most intriguing development came back on Jan. 20, inauguration day, when the No. 2 official at the Bureau of Alcohol, Tobacco, Firearms, and Explosives circulated an internal white paper suggesting that the agency go easier on the regulation of guns and gun dealers. The memo—applauded by the National Rifle Association—hasn’t become official policy, but its mere presence may foretell changes at the ATF.Republicans in Congress, meanwhile, are pushing bills favored by the NRA that have a decent chance of passage later in the year. One piece of legislation would make it much easier to obtain silencers for guns, and the other would facilitate carrying concealed handguns across state lines. “With Republicans in charge and Trump in the White House, the feeling is it’s now or never,” says Richard Feldman, president of the Independent Firearm Owners Association, a small group based in Rindge, N.H.Trump has signaled his readiness to sign pro-gun legislation. He received $30 million in 2016 campaign support from the NRA and an ecstatic reception from the lobbying group at its April convention in Atlanta. “You came through for me,” Trump told his audience there, “and I am going to come through for you.”On Wednesday the White House issued a statement sending the president’s “thoughts and prayers” to House Majority Whip Steve Scalise of Louisiana and at least four others who were injured when a man, reportedly armed with a military-style, large-capacity rifle, opened fire on a congressional baseball practice.Gun-control advocates responded cautiously. Dan Gross, president of the Brady Campaign to Prevent Gun Violence, said via email: “All Americans, including our elected leaders, should live in an environment where they can pursue everyday activities without fear of being shot.” The NRA didn’t make any immediate comment.The proposals are “major line items for the gun industry.”Apart from today’s bloodshed, Trump has been taking deregulatory steps urged by the NRA. In February, he signed legislation that rolled back restrictions imposed by the Obama administration on when certain mentally ill people can purchase firearms. Subsequently he overturned another Obama regulation that had stopped hunters from shooting bears from airplanes on federal land in Alaska.Ronald Turk Source: AFT The unusual ATF white paper was written by Ronald Turk, a career official with the title associate deputy director. In the absence of a Senate-approved director, he serves as the chief operating officer at the 5,000-person agency. In an introduction, he described the memo as providing the new administration with options “to reduce or modify regulations.”Those options include loosening oversight of gun dealers who sell multiple firearms that turn up at crime scenes and studying the elimination of the ban on importing AK-47 and AR-15 military-style, large-capacity rifles. Another option Turk discussed was making it easier for dealers to operate exclusively at guns shows or via the internet.His suggestions, Turk wrote, would “promote commerce and defend the Second Amendment” without undercutting the ATF’s anti-crime mission. Marked “not for public distribution,” the white paper leaked to the Washington Post and was discussed at a hearing in April of the House Committee on Oversight and Government Reform. Turk testified that his proposals “had been floating around for years” and he merely brought them together in one place, should the Trump administration want to review deregulatory ideas.Mary Markos, an ATF spokeswoman, says the white paper “was something Ron Turk did on his own. It’s not official policy.” The NRA didn’t respond to a request for comment. Former ATF officials say it was significant that such a senior agency figure would have drafted a formal document for the express purpose of offering the Trump administration deregulatory alternatives.“In my 25 years, I’ve never seen anything like it. It’s an absolutely big deal,” says David Chipman, a retired ATF agent who’s now a senior policy adviser to the gun-control group Americans for Responsible Solutions. Chipman adds that a number of the Turk proposals are “major line items for the gun industry.”One way to interpret the white paper is as a message to the new administration from an agency that for many years has seen its authority restricted by NRA-backed Republican lawmakers. “Turk may be lobbying for the top job” at ATF, or “he may be communicating, ‘Please don’t crush us,’” Chipman says.“Americans’ Second Amendment right to bear arms doesn’t end at their states’ borders.”The most important business stories of the day. Get Bloomberg&apos;s daily newsletter. Sign Up Another notable proposal in the Turk paper—relaxing restrictions on silencers—is the topic of a pending bill called the Hearing Protection Act. Whether achieved through legislation or executive branch action, the idea is to remove Depression-era curbs on the sale of silencers, also known as suppressors. A tubular accessory that attaches to the business end of a gun barrel, a silencer reduces the noise level of firing. The muffling lessens the danger of hearing damage—and of course can help a stealthy criminal evade detection after shooting someone dead.Jeff Duncan Photographer: Andrew Harrer/Bloomberg Under current law, purchasing a silencer requires ATF approval (which can take eight or nine months), entry of the device into a national database, and payment of a $200 transfer tax. The Hearing Protection Act, introduced in the House by Republican Representative Jeff Duncan of South Carolina, already has more than 140 co-sponsors. It would make buying a silencer as easy as purchasing a gun: consumers who pass a computerized FBI background check could walk away with their merchandise in a matter of minutes, paying no special federal tax.On another front, the Constitutional Concealed Carry Reciprocity Act would allow a resident of a state with lax gun rules to travel with a weapon into a state with tough standards. The Senate version of the bill is sponsored by Republican John Cornyn of Texas and has at least 37 co-sponsors.All states now allow for concealed handguns, with a trend toward less and less regulation. Some states already have reciprocity agreements with other states. The proposed nationwide reciprocity bill, the NRA says on its website, “recognizes that Americans’ Second Amendment right to bear arms doesn’t end at their states’ borders.”'|'bloomberg.com'|'https://www.bloomberg.com/businessweek'|'http://www.bloomberg.com/news/articles/2017-06-14/the-nra-racks-up-victories-the-atf-wants-to-give-them-more'|'2017-06-15T00:19:00.000+03:00'
'ab75040272ae7110f0f47f1fa491b55795455334'|'Verizon to incur $500 million in pre-tax costs from Yahoo deal'|' 23pm BST Verizon to incur $500 million in pre-tax costs from Yahoo deal A combination photo shows Yahoo logo in Rolle, Switzerland (top) in 2012 and a Verizon sign at a retail store in San Diego, California, U.S. In 2016. REUTERS/File Photos/ Verizon Communications Inc said on Thursday it expected to incur about $500 million in pre-tax expenses in the second quarter as a result of its $4.48 billion purchase of Yahoo Inc''s core business. The expenses are related to severance payments, acquisition and integration, Verizon said in a regulatory filing. bit.ly/2sDnZv7 Verizon also said it expected to save over $1 billion in operating costs through 2020 as a result of the Yahoo deal, which closed on Tuesday. (Reporting by Anya George Tharakan in Bengaluru; Editing by Sai Sachin Ravikumar)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-yahoo-m-a-verizon-idUKKBN1961WC'|'2017-06-15T22:23:00.000+03:00'
'2967bcea83f7c7b1061448b4fd3aa909d0c80eec'|'MOVES-Instinet names new U.S. head of sales for CMS business'|'Money - Thu Jun 15, 2017 - 3:05pm EDT Instinet names new U.S. head of sales for CMS business Electronic broker Instinet LLC, a unit of Nomura Holdings Inc, named Scott Douglass as U.S. head of sales for its commission management services (CMS) business, based in New York. Prior to joining Instinet, Douglass worked at Deutsche Bank as head of DBHub for North America, overseeing the bank''s global CMS platform. (Reporting by Ankit Ajmera in Bengaluru)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-instinet-moves-scott-douglass-idUSKBN1962O0'|'2017-06-16T03:03:00.000+03:00'
'9dbe5bb3b381de6bb6b62bdc3ffdce5500399444'|'Spanish stocks - Factors to watch on Thursday'|'The following Spanish stocks may be affected by newspaper reports and other factors on Thursday. Reuters has not verified the newspaper reports, and cannot vouch for their accuracy:TREASURYSpain aims to sell between 4 billion and 5 billion euros at an auction of four bonds on Thursday.INDITEXBerenburg cuts to "hold" from "buy", raises target price to 37 euros from 34 euros.AMADEUSAmadeus holds its annual shareholders meeting.OHLOHL Concesiones, a unit of Spanish construction group OHL, and IFM Global Infrastructure Fund will launch on Thursday a share buyback for OHL Mexico stock, the Mexican unit said on Wednesday.Kepler Cheuvreux raises to "hold" from "reduce"TECNICAS REUNIDASJP Morgan raises to "overweight" with target price for 39.4 euros, up from 31.3 euros.For today''s European market outlook double click on.For real-time moves on the Spanish blue-chip index IBEX please double click onFor IBEX constituent stocks highlight .IBEX in the command box and press the F3 button on your keyboardFor latest news on Spanish stock moves double clickFor Spanish language market report double click onFor latest Eurostocks report please double click on'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/markets-spain-factors-idINL8N1JC0I7'|'2017-06-15T04:52:00.000+03:00'
'f220ae7da87f66aaa55d0922561dae39ad052627'|'Uber''s open COO job in the spotlight amid leadership void'|'Top   3:20am BST Uber''s open COO job in the spotlight amid leadership void FILE PHOTO - A man arrives at the Uber offices in Queens, New York, U.S. on February 2, 2017. REUTERS/Brendan McDermid/File Photo By Heather Somerville - SAN FRANCISCO SAN FRANCISCO With Chief Executive Travis Kalanick taking a leave of absence from Uber Technologies Inc, the vacant job of chief operating officer takes on a lot more importance as the company frames the position as key to solving its woes. Kalanick, under fire for crass behaviour and fostering a culture of sexism and rule-breaking, in early March announced he was searching for a COO to help run the ride-services company. But in the months since, Uber has suffered a string of controversies and embarrassing setbacks and the job has remained unfilled - part of a leadership vacuum that extends through the company and up to the board of directors. In a report released Tuesday, former U.S. Attorney General Eric Holder and his law firm, Covington & Burling, recommended sweeping management changes at Uber in the wake of sexual harassment allegations and other scandals. The report advocates for a COO who "will act as a full partner" and run "day-to-day operations." It also calls on the board of directors to take steps to limit the CEO''s responsibilities and provide "clear lines of demarcation between" the COO and the CEO. "The way the COO job is written in the recommendations makes it a really powerful and important job," said Bradley Tusk, an Uber investor and adviser. Executive recruiters and tech investors agreed that the job might look more appealing now than it did before Tuesday''s report. Still, it remains unclear if the company can attract a top-notch leader while Kalanick retains both the CEO title and, along with two allies, voting control of the company. Kalanick said on Tuesday he was stepping aside at Uber because he needed time to grieve his recently deceased mother and work on his leadership shortcomings, according to a staff email seen by Reuters. He also said his leave "may be shorter or longer than we might expect." Such ambiguity will effect Uber''s efforts to rebuild its executive ranks, startup experts say. "The lack of clarity around Travis'' position hangs over everything," said Bill Aulet, managing director of the entrepreneurship centre at the Massachusetts Institute of Technology. "You''re dealing with the most important thing, which is, who is your boss?" VACANCIES AT THE TOP In the meantime, 14 people who report to Kalanick are charged with running the company until the CEO returns or a COO is hired. The company also is without a chief financial officer, general counsel and a head of engineering, among other open positions. "We have a strong leadership team including veterans who helped make the business what it is today and new talent who are helping to drive the changes we''re committed to making," Uber said in a statement. Uber is struggling to recruit new employees and has many who are eager to leave. Ed Zschau, founder of Inductus Associates, an executive search firm for startups, said his firm has "people from Uber in the search process" for a new job, including senior-level employees. "If the board can be recomposed a bit and get the company back on track, who the COO is will be an important signal as to whether people will want to work there," Zschau said. Concerns about a lack of leadership extend to the board of directors. Holder''s recommendations, including prohibiting romantic relationships between bosses and their subordinates and drinking on the job, suggest the Uber board failed to ensure the company had even the most basic checks and balances, say experts. "The Holder report could have been written by a law student who took an introductory corporate governance course," said Erik Gordon, a technology and entrepreneurship expert at the University of Michigan''s Ross School of Business. "The board shares responsibility for the wreck." Uber retained Holder''s firm in February after a female former employee publicly accused the company of brazen sexual harassment. A wake of scandals followed, including a criminal investigation of the company''s use of technology to evade regulators, a lawsuit alleging stolen self-driving car technology and a string of allegations relating to a toxic culture. On Tuesday, David Bonderman, a founder of private equity firm TPG Capital, an Uber investor, resigned from the board after making a sexist comment about women talking too much at the Uber staff meeting convened to discuss the Holder report. The resignation leaves Uber''s board with seven voting members and four vacant seats. Unlike the boards of most big companies, Uber''s directors have little executive experience. In addition to Kalanick, the board includes co-founder and Chairman Garrett Camp, early employee Ryan Graves, venture capitalist Bill Gurley, Saudi investor Yasir al-Rumayyan and media impresaria Arianna Huffington. Wan Ling Martello, an executive vice president at Nestle, was added to the board this week as an independent director. The Holder recommendations call for a restructured board, but the recommendation to install an independent board chair was left up to the board only to consider. (Reporting by Heather Somerville; Editing by Jonathan Weber and Bill Trott)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-uber-ceo-idUKKBN1953C5'|'2017-06-15T08:09:00.000+03:00'
'93d9b661ed8b50f220fd062360db23526fc269d1'|'Macron says France must be country that ''thinks and moves like a startup'''|'Business News   6:55pm BST Macron says France must be country that ''thinks and moves like a startup'' left right French President Emmanuel Macron delivers a speech during the Viva Technology conference dedicated to start-ups development, innovation and digital technology in Paris, France, June 15, 2017. REUTERS/Martin Bureau/Pool 1/3 left right French President Emmanuel Macron delivers a speech during the Viva Technology conference dedicated to start-ups development, innovation and digital technology in Paris, France, June 15, 2017. REUTERS/Martin Bureau/Pool 2/3 left right French President Emmanuel Macron delivers a speech during the Viva Technology conference dedicated to start-ups development, innovation and digital technology in Paris, France, June 15, 2017. REUTERS/Martin Bureau/Pool 3/3 By Jean-Baptiste Vey and Jemima Kelly - PARIS PARIS French President Emmanuel Macron laid out his vision for a digital future on Thursday, saying he wants France to undergo a revolution so that it becomes a country that "thinks and moves like a startup". Speaking at the Viva Technology conference in Paris, Macron repeated he wanted to reform labour laws to give more decision-making powers to companies and lower corporate tax. The state should act as an enabler - not a constraint - for innovators and entrepreneurs, he said. The French president said he would limit the wealth tax to cover just property in order to help businesses, and would create a single levy of 30 percent on capital income so as not to scare businesses away. "When an entrepreneur has too much success, he gets stigmatized and, in general, he gets taxed. This is over!", Macron told a crowd of start-up founders, investors and students. "I''m proud of you," he told the audience, drawing applause. "Everywhere, women and men want to innovate. France is in the middle of becoming a nation of startups," he said. France''s startup scene has been gaining traction, with investment by venture capital funds booming and expectations high for a business-friendly government under Macron, whose "Republic on the Move" (LREM) party looks set for a landslide victory in Sunday''s parliamentary elections. Bpifrance, the state investment bank which has in effect become France''s number one venture capital fund, told Reuters this week that is increasing its investment pot to 1 billion euros ($1.12 billion). Macron, who during his campaign promised that 10 billion euros would be invested in innovation, said France needed only to carry out a technological revolution but to transform society as a whole, across all business sectors. "We will drive through these transformation without delay," Macron promised. "You do not wait, because your competitors do not wait." (Additional reporting by Mathieu Rosemain; Editing by Richard Balmforth)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-france-tech-macron-idUKKBN1962IH'|'2017-06-16T01:55:00.000+03:00'
'6029b1f13e639195f55f76e66c401e94f324cbb7'|'Credit card losses set to climb industrywide -JPMorgan''s Smith'|'U.S. credit card losses are likely to rise at JPMorgan Chase & Co ( JPM.N ) and across the industry, Gordon Smith, head of the bank''s consumer businesses, said at a conference on Tuesday.Smith said the largest U.S. bank is being "surgical" in determining where to tighten credit standards but he added that lenders industrywide ought to be leaning toward stricter credit card lending standards rather than looser ones.JPMorgan''s earnings have shown rising sales volumes as well as weakening credit trends in its credit card business, consistent with other lenders. A recent investor presentation by the bank said Chase Card has only modest exposure to credit card borrowers with FICO scores lower than 660.A Fitch Ratings report last month said credit card loss rates, which have already been climbing, are likely to rise for several more quarters as loan growth has increased, driven partly by lower credit standards.Smith said Tuesday rising losses should be no cause for alarm, but are to be expected after an extended period of historically low loss rates."I''ve called this now actually for almost two years so that nobody would be surprised," he said. However, he added, "people still seem to be surprised that we are at the end of that cycle."(Reporting by Dan Freed; editing by David Gregorio)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-usa-banks-conference-jpmorgan-idUSKBN1942UM'|'2017-06-14T05:21:00.000+03:00'
'0ee6c02ede1279a6c7466b9392ffd0d73ed0ff8d'|'India''s poultry producers cash in on feed cost slump, beef slaughter curbs'|'By Rajendra Jadhav - MUMBAI MUMBAI India''s poultry producers are posting record profits as feed costs have dropped to a five-year low and on rising chicken demand after cattle slaughtering restrictions were enacted in the majority Hindu country.Poultry company profits should continue to rise as raw material costs are set to remain depressed and demand rises due to the political fight over cattle slaughtering in India, home to the world''s biggest population of Hindus, who hold cows to be sacred, plays out in the courts.On May 31, the Madras High Court in the southern state of Tamil Nadu overturned a government ban on cattle trading for slaughter, an industry dominated by Muslims, but the case is set to go before the Supreme Court.The cattle restrictions have been good for poultry producers as average broiler chicken prices in Mumbai have jumped 47 percent so far in 2017 to 100 rupees ($1.55) a kg, while corn and soymeal prices, the main chicken feed ingredients, have fallen 7 percent and 2 percent respectively."For the first time, broiler prices sustained above 100 rupees (per kg) for a fortnight," said Uddhav Ahire, the chairman of leading poultry firm Anand Agro Group based in the western city of Pune. "The average margin of integrated poultry firms was more than 30 rupees."Usually soymeal and corn rise during the summer as supplies drop, but this year bumper harvests and sluggish exports have kept prices in check, Ahire said.Feed typically makes up two-thirds of poultry production costs. Back-to-back droughts that crimped grain output in India in 2014 and 2015 pressured the poultry farmers but that has changed.Shares of Venky''s Ltd, India''s biggest poultry producer, shot to a record high on Thursday after the company reported net profit more than doubled during the quarter that ended in March and full-year profit was a record 1.25 billion rupees.Poultry profits may be even higher in the June quarter on the rising average chicken prices, said Prasanna Pedgaonkar, general manager at Venky''s, which is also the owner of Blackburn Rovers Football Club in Britain.Venky''s profit during the next fiscal year could rise by 32 percent to 1.652 billion rupees, estimates Shalini Gupta, an analyst with Quantum Securities.GLOBAL GRAIN GLUTFeed costs should remain lower as ample monsoon rains lifted corn and soybean production in 2016/17. But farmers are also struggling to export crop surpluses as the rupee has appreciated and grain and soymeal values are pressured by a global glut."In December we were exporting more than 300,000 tonnes, but now shipping 100,000 tonnes per month is a challenge," said Davish Jain, chairman of the Soybean Processors Association of India.Chicken demand has risen because of the cattle restrictions, especially in northern states where Muslims are a large minority, says Ahire of Anand Agro.Prime Minister Narendra Modi leads the Hindu nationalist Bharatiya Janata Party. In May, after state elections bolstered his power base, the government handed down the cattle restrictions.Even with the court suspension, cattle movement remains disrupted after incidents of Hindu activists beating cattle handlers.($1=64.275 rupees)(Reporting by Rajendra Jadhav; Editing by Christian Schmollinger)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/india-poultry-beef-slaughter-curbs-idINKBN1960T2'|'2017-06-15T16:46:00.000+03:00'
'114bd11c4e7fc505b877f9ecdf86665f2d46763d'|'Dow, DuPont merger wins antitrust approval with conditions'|'  9:18pm BST Dow, DuPont merger wins antitrust approval with conditions   The Dow logo is seen at the entrance to Dow Chemical headquarters in Midland, Michigan, U.S. on May 14, 2015. REUTERS/Rebecca Cook/File Photo 1/2   The Dupont logo is displayed on a board above the floor of the New York Stock Exchange shortly after the opening bell in New York, U.S. on December 22, 2015. REUTERS/Lucas Jackson/File Photo 2/2 The planned merger of DuPont ( DD.N ) and Dow Chemical Co ( DOW.N ) on Thursday has won U.S. antitrust approval on condition that the companies sell certain crop protection products and other assets, according to a court filing on Thursday. The deal between the chemical manufacturing titans was announced in December 2015 in what was billed as an all-stock merger valued at $130 billion (101.85 billion pounds), in a first step towards breaking up into three separate businesses. (Reporting by Diane Bartz in Washington; Editing by Jonathan Oatis)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-du-pont-m-a-dow-idUKKBN1962SP'|'2017-06-16T04:18:00.000+03:00'
'68e4c5fab002365c843e7d09e69ef1f8477ea250'|'MOVES-State Street Global names new institutional sales head for SPDR business'|'Money - Wed Jun 14, 2017 - 5:06pm EDT State Street Global names new institutional sales head for SPDR business State Street Global Advisors, the asset management business of State Street Corp, said on Wednesday it appointed Kathryn Sweeney as head of its SPDR Americas institutional sales. Sweeney joins the company from Goldman Sachs, where she was global head of distribution and product strategy for the securities division. (Reporting by Ankit Ajmera in Bengaluru; Editing by Arun Koyyur)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-state-str-moves-kathryn-sweeney-idUSKBN195332'|'2017-06-15T05:05:00.000+03:00'
'038fb9d7b0356f02a0be4d1c6345ca8d7e0e021e'|'Profits with purpose: can social enterprises live up to their promise? - Guardian Sustainable Business - The Guardian'|'If an inspirational but not-yet-famous founder of a small Australian company wrote a business book and invited people to pay what they wanted, how much would shoppers shell out?Your answer may depend on your view of human nature: would they throw a dollar at it and get a bargain, or calculate a fair price in relation to the other books on the shelf?What if they knew that all the profits from the sale were going to charity?When Daniel Flynn, the co-founder and chief executive of social enterprise Thankyou Group, published a book about his company last year, he was taking a very positive view of human nature. His experience demonstrates the power of harnessing ordinary consumer spending for good causes.Flynn’s book, Chapter One, was intended to help finance the group’s expansion into the sale of disposable nappies. The profits from this nappy business are being donated to the cause of infant and maternal health.Flynn says the fundraising target was $1.2m and the book raised at least $1.8 in the first four weeks alone. Around 95,000 copies have been sold.Coffee order: would you like environmental sustainability with that? Read moreAs for the price, Flynn says the book has retailed through airport bookstores for as low as five cents up to $500 per copy.“The average is sitting slightly above the recommended retail price of $14. Online, it is up at around $25 or $30,” he says.Thankyou Group is one of the best-known and most commercially successful social enterprises in Australia. It has allocated $5.5m to charities over its nine years of selling bottled water as well as food and hygiene products through supermarkets and online.The social enterprise sector is growing rapidly. According to Social Traders, the leading development organisation in this sector, there are currently 20,000 social enterprises in Australia, generating 2-3% of GDP and employing 200,000 people. It predicts the sector will grow to 4% of GDP and employ 500,000 Australians within the next decade.Social Traders defined social enterprises as those driven by a public or community cause (be it social, environmental, cultural or economic), derives most of its income from trade (not donations or grants), and uses the majority (at least 50%) of profits to work towards its social mission. There have been numerous inspiring examples, including those dedicated to helping refugees , domestic violence survivors and addressing recycling.Flynn says the beauty of social enterprises such as Thankyou Group is that they do not compete with charities for funds. Instead, they divert the profits from consumer goods and services – things that people would have bought anyway.“Charity is still the most impactful way you can use your money,” he says, adding that he would never want to see a world where people stopped donating and just bought from social enterprises instead.“It costs a lot of money to make a product,” he says, adding if an individual had $2 to invest towards a water project, they would do better to give it directly to a charity.“It is a small administration fee, but all your money goes to building a well. Where Thankyou comes in is, if you have $2 and you want to buy a bottle of water, well, that is where we want to meet you.”But there has been criticism of social enterprises that have not been able to operate independently of grants and philanthropy.The chief executive and co-founder of The Difference Incubator (TDI), Bessi Graham, recently expressed her disappointment with the social enterprise sector, which she said was not living up to its promise.“There are already enough organisations competitively fighting over shrinking pools of capital in a philanthropic and government space,” she said at an event earlier this month.“We don’t need more grant-reliant organisations – we need enterprises with sustainable, high-impact business models – and that’s what we would call a business that’s doing good and making money.”The Melbourne-based The Difference Incubator has spent the past seven years helping social enterprises become attractive to investors, and Graham said the promise of social enterprise was that it would open up new pools of capital.BehindBras: lingerie business dreamed up in jail aims to help women prisoners Read more“But by trapping social enterprise in the definition of a ‘grant-reliant not-for-profit with some kind of trading that reinvests or redistributes part of its profit’, it’s still in the same category,” she said.“When you can’t access broader pools of capital – how is that different from operating as a charity? Why create a label and call yourself something else, if it doesn’t actually change the game of where you play or how you play?”The chair of non-profit consulting form, Social Ventures Australia, Michael Traill, says running an organisation as a business with a social purpose is not easy.“While of course it’s disappointing that the market for social enterprise hasn’t developed as broadly in this country as many, including me, would like, we need to understand that building scale and opportunity takes time,” he says.Traill is also chair of the social enterprise Goodstart Early Learning, which rescued the childcare centres that made up the bankrupt ABC Learning Centres .“It’s a source of considerable pride for the partners involved in Goodstart Early Learning – now an effectively run social enterprise with a revenue base of around $1bn and ploughing back surpluses to improve early learning and opportunities for Australian children – that the combination of business discipline for social purpose is achievable,” says Traill.“And we know there are many organisations around the country, often of a much smaller scale, applying the same principles.“Our collective opportunity is to build more understanding of what good practice social enterprise is and bring more capital into the equation.”Topics Guardian sustainable business Social entrepreneurs Business (Australia) Philanthropy features Share on Facebook Share on Twitter Share via Email Share on LinkedIn Share on Pinterest Share on Google+ Share on WhatsApp Share on Messenger Reuse this content'|'theguardian.com'|'https://www.theguardian.com/uk/business'|'https://www.theguardian.com/sustainable-business/2017/jun/15/profits-with-purpose-can-social-enterprises-live-up-to-their-promise'|'2017-06-15T11:10:00.000+03:00'
'2f94fb5381e1afae081af0088005ca8a721b3060'|'New U.S. funds would mimic ADRs but cut currency risk - filing'|'Business News  33am BST New U.S. funds would mimic ADRs but cut currency risk - filing By Trevor Hunnicutt - NEW YORK NEW YORK An investment company is planning to offer a novel kind of fund that would offer U.S. investors direct access to foreign stocks, while tamping down the risk of currency declines, regulatory filings showed on Wednesday. Companies based outside the United States, such as Toyota Motor Corp, British American Tobacco plc and Royal Dutch Shell plc, currently offer access to their shares on U.S. exchanges through what are known as American depositary receipts (ADRs). Those ADRs allow U.S. investors easily to trade foreign stocks, but the securities also gain or lose value based on the performance of their home currency against the dollar. That means a Toyota ADR traded in the United States could fall even if the Japan-listed stock stays flat - if the yen declines against the dollar. Over three years, for instance, British investors have gained 8.8 percent investing in Royal Dutch Shell, but the dollar-denominated ADRs have returned negative 18.7 percent, owing to the British pound''s dive. Precidian Funds LLC is planning to offer U.S. investors access to Toyota, Royal Dutch Shell, British American Tobacco and each of 15 other largely blue-chip stocks in a fund structure that could eliminate the risk of a falling foreign currency hurting the stock price. That said, investors using the products could also miss out on the benefits of a rising foreign currency. In a filing with the U.S. Securities and Exchange Commission, the Bedminster, New Jersey-based company proposed offering each stock as its own "ADRPLUS" exchange-traded fund. Unlike most funds, the ADRPLUS would use a legal structure like that used by gold-owning ETFs that could allow it to hold just one ADR and the derivatives it needs to hedge currencies. The filings did not disclose fees, ticker symbols, a scheduled launch date or a listing venue. Precidian''s chief officer, Daniel McCabe,   (Reporting by Trevor Hunnicutt; Editing by Eric Meijer)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-investment-etf-adrplus-idUKKBN19606J'|'2017-06-15T10:33:00.000+03:00'
'a8bddc2a894d7d13cbac94fba59911a4e1f7f20a'|'Former Nasdaq chief Greifeld to take over as Virtu chairman'|'NEW YORK Former Nasdaq Inc ( NDAQ.O ) Chief Executive Robert Greifeld will become chairman of trading firm Virtu Financial Inc''s ( VIRT.O ) board after the company completes its $1.4 billion takeover of rival KCG Holdings Inc ( KCG.N ).Greifeld stepped down as CEO of Nasdaq on Jan. 1 after running the exchange operator since 2003 and transforming it into a more diversified, transatlantic exchange operator.He will take over from current chairman and Virtu founder Vincent Viola. The company disclosed the move in a regulatory filing on May 31.Greifeld, along with Silver Lake co-founder Glenn Hutchins, joined forces with Singapore''s GIC and Temasek and Canada''s Public Sector Pension Investment Board to buy a combined $750 million of new Virtu stock as part of the firm''s deal to buy KCG. Hutchins will also join Virtu''s board.Viola, a former chairman of the New York Mercantile Exchange, had been nominated by U.S. President Donald Trump to be secretary of the Army, but withdrew his name from consideration in February due to potential conflicts related to his businesses.Along with Virtu CEO Douglas Cifu, Viola bought the Florida Panthers of the U.S. National Hockey League in 2013.(Reporting by John McCrank; Editing by Bill Rigby)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-virtu-fincl-chairman-greifeld-idINKBN1952GJ'|'2017-06-14T14:58:00.000+03:00'
'c4ed629a1854ea292d74319136e07a61c60d8b20'|'BRIEF-Oil-Dri Corp board declares increased quarterly dividends'|' 30am EDT BRIEF-Oil-Dri Corp board declares increased quarterly dividends June 14 Oil-dri Corporation Of America: * Oil-Dri board of directors declares increased quarterly dividends * Oil-Dri corporation of america - quarterly cash dividends of $0.23 per share of company''s common stock and $0.173 per share of company''s class B stock * Dividends an approximate 5% increase for both classes of stock Source text for Eikon:  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-oil-dri-corp-board-declares-increa-idUSASA09TRW'|'2017-06-14T16:30:00.000+03:00'
'1e3261cfefd2145a02a898ce622fa81f94e88ee6'|'UK earnings after inflation shrink at fastest pace since 2014'|'Top News   10:55am BST UK earnings after inflation shrink at fastest pace since 2014 A municipal worker sweeps the street outside the cabinet office in Westminster, central London, Britain, June 9, 2017. REUTERS/Clodagh Kilcoyne By Andy Bruce and William Schomberg - LONDON LONDON British workers'' earnings after inflation are shrinking at the fastest pace since 2014, underscoring the economic challenge facing a weakened Prime Minister Theresa May as the squeeze on consumers tightens faster than expected, data showed. While a joint record-high proportion of Britons are in work, the fall in real-terms wage growth pointed to tougher times ahead for consumers, the main drivers of economic growth. Inflation hit an almost four-year high of 2.9 percent in May, fuelled by the fall in the pound since last year''s Brexit vote and adding to the strain on household budgets, according to data published on Tuesday. Wednesday''s wage figures suggest there will no let-up soon. Workers'' total earnings including bonuses after taking inflation into account fell by an annual 0.4 percent in the three months to April after edging up 0.1 percent in the first quarter. That marked the biggest real-terms drop since the three months to September 2014, potentially adding to speculation that the government might loosen its grip on public spending to help steer Britain''s economy away from a slowdown. The squeeze on earnings is also likely to add to the view among the majority of Bank of England officials to leave interest rates on hold when they announce their latest policy statement on Thursday. Sterling hit a day''s low against the dollar after the data, while British government bond prices rallied. "Unless the government gets its act together, we''ll soon be in the middle of another cost of living crisis," said Frances O''Grady, general secretary of the Trades Union Congress. May is still trying to strike a deal with a small Northern Irish party that will give her enough votes in parliament to allow her government to pass legislation, after losing her majority in a botched national election last week. MIXED SIGNALS FROM JOBS MARKET Britain''s economy has been resilient to political uncertainty since last June''s Brexit vote. But growth slowed sharply at the start of this year as the rise in inflation driven by the post-referendum fall in the pound began to bite . The Office for National Statistics said the unemployment rate in the period between February and April held steady at a more than four-decade low of 4.6 percent, in line with the median forecast in a Reuters poll of economists. In nominal terms, wages grew at the slowest pace since February 2016, rising an annual 2.1 percent in the three months to April and slowing from 2.3 percent in the first quarter. Economists taking part in a Reuters poll had expected wage growth of 2.4 percent. "The wage figures are astonishingly weak," said Samuel Tombs, economist at consultancy Pantheon Macroeconomics. The wage numbers jarred with the picture of strong jobs growth but appeared consistent with signs of rising underemployment, Tombs said. The ONS revised its data for wages to improve methodology for earnings from small businesses, resulting in lower estimates for wage levels but little change overall to growth rates. Excluding bonuses, nominal earnings rose by 1.7 percent year-on-year, the weakest increase since January 2015 and against expectations for a 2.0 percent rise. The Bank of England is watching wage growth closely as it gauges whether the increase in inflation is creating longer-lasting pressure on prices. It expects wages to rise by 2 percent this year before picking up in 2018 and 2019. The central bank is widely expected to keep interest rates at their record low of 0.25 percent on Thursday. The number of people in work increased by 109,000 in the three months to April, taking the employment rate to 74.8 percent, a joint record high, the ONS said. (Editing by Tom Heneghan)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-jobs-idUKKBN1950V1'|'2017-06-14T16:36:00.000+03:00'
'bae3158b03b36e72cbb9f5db4382ff15ece0c3af'|'Personal injury rate change to cost British motor insurers 3.5 billion pounds - EY'|'Business News  07am BST Personal injury rate change to cost British motor insurers 3.5 billion pounds - EY New rules to determine lump sum payouts for personal injury claims will cost British motor insurers and reinsurers 3.5 billion pounds initially, consulting firm EY estimates. A government review earlier this year led to a cut in the discount rate used to calculate the payments, to minus 0.75 percent from the 2.5 percent in place since 2001, a move which wiped millions off the profits of UK insurers. The downward move in the rate means insurers need to pay out more in cash to claimants now to ensure that returns over their lifetime meet the awarded compensation, a hit to motor insurers'' profitability. Admiral''s ( ADML.L ) pretax profit fell by 25 percent in 2016 after the car insurer took most of the hit from the rate change in last year''s earnings, while Direct Line ( DLGD.L ) took a one-off hit to earnings. EY, which estimated the overall cost of the change in the so-called Ogden rate based on market announcements and its own calculations, said in a report released on Thursday that the change will cost British motor insurers and reinsurers 3.5 billion pounds ($4.5 billion) initially. That includes about 2.4 billion pounds of losses that have been disclosed publicly to date, but does not include any margins insurers had already set aside for the Ogden rate change prior to the announcement. It also does not include the ongoing costs in 2017 and in future from accidents that will be settled at the new rate. Britain''s motor insurance market reported significant underwriting losses in 2016, EY said. Net combined ratios for the sector - a measure of profitability in which a result above 100 percent indicates a loss - worsened to 109 percent last year from 100.5 percent in 2015. EY sees further pressure on the ratio in 2017, with ongoing costs from the new Ogden rate and the need for insurers to rebuild reserve margins released to offset it. It expects the ratio to weaken by 3.1 percentage points compared to a year earlier, excluding the Ogden rate impact. Reform of whiplash injury claims, which insurers say have resulted in many fraudulent claims, and a review of Ogden methodology may bring some respite, EY said. "The general election result last week may have created additional uncertainty and insurers will be hoping that the Ogden consultation and reform of whiplash claims will remain priorities for the new Lord Chancellor and the government," Tony Sault, UK general insurance market lead at EY, said. The change in the Odgen rate along with high repair costs and a rise in insurance premium tax to 12 percent are also expected to push up already rising motor insurance rates by 9 percent in 2017 to an average of 503 pounds, EY said. (Reporting by Noor Zainab Hussain in Bengaluru; Editing by Carolyn Cohn and Susan Fenton)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-insurance-discount-rate-idUKKBN19539V'|'2017-06-15T07:07:00.000+03:00'
'acbe64b8b2f18dfb3780778b15d6b5ad0fd6edbc'|'Regulator sees Norway oil field shutdown costs at $4.2 bln during 2017-2021'|'Market  47am EDT Regulator sees Norway oil field shutdown costs at $4.2 bln during 2017-2021 OSLO, June 15 The Norwegian Petroleum Directorate said on Thursday: * Expects 10 to 20 fields on the Norwegian continental shelf to cease production by 2021 out of 80 producing fields at the beginning of 2017 * Expects oil companies to spend 23.4 billion Norwegian crowns ($2.76 billion) on decommissioning of oil and gas fields and 12 billion crowns on physical removal of installations on the Norwegian continental shelf during 2017-2021 * Expects 40-50 wells will need to be plugged and abandoned (P&A) per year in coming years, with P&A costs varying from 50 million crowns to several hundred million crowns * Says fields that were closed after 2011 or are expected to be closed by 2021 account for less than 2 percent of production during that period * Says oil companies spent 32.5 billion crowns on decommissioning and 8.5 billion crowns on installation removal on the NCS during the last five years ($1 = 8.4699 Norwegian crowns) (Reporting by Nerijus Adomaitis, editing by Terje Solsvik)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/norway-oil-decommissioning-idUSL8N1JC1YY'|'2017-06-15T17:47:00.000+03:00'
'fb39163c87556ea830399561b4292788a5244aea'|'SS&C contacts PE firms to explore buyout interest -BBG'|'Market News  32am EDT SS&C contacts PE firms to explore buyout interest -BBG June 14 Financial software and services provider SS&C Technologies Holdings Inc recently contacted several private equity firms to gauge interest in a buyout, Bloomberg reported on Wednesday, citing people familiar with the matter. Talks between SS&C''s management team and buyout firms have so far failed to move beyond a preliminary stage, as the firms have balked at SS&C''s high valuation, Bloomberg said. ( bloom.bg/2ss8Ehx ) SS&C, which has a market valuation of about $7.8 billion, did not immediately respond to a request for comment. Shares of the company were up 1.4 percent in premarket trading. (Reporting by Anya George Tharakan in Bengaluru; Editing by Anil D''Silva)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/ssc-tech-hldgs-ma-idUSL3N1JB48B'|'2017-06-14T20:32:00.000+03:00'
'f535cacd056d7b6d851267d9fcb844fc5936217a'|'Brazil''s JBS names lawyer Proença to oversee new compliance unit'|'SAO PAULO, June 14 JBS SA, whose controlling shareholder recently agreed to pay the world''s largest leniency fine ever, has hired lawyer Marcelo Proença to become global head of compliance, as the world''s biggest meatpacker seeks to turn the page on a massive corruption scandal.In a Wednesday securities filing, JBS said Proença will implement structures to monitor compliance and other procedures across JBS''s different units "internally and externally." The company also hired law firm White & Case LLC to help oversee the creation of the new global compliance unit. (Reporting by Guillermo Parra-Bernal; Editing by Chizu Nomiyama)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/brazil-corruption-jbs-idINL1N1JB0F1'|'2017-06-14T10:13:00.000+03:00'
'3a00f07cc5575c3ebd4d12fe19731e2dbbec94d6'|'CFM says confident of reaching 500 LEAP deliveries in 2017'|'Business News - Sat Jun 17, 2017 - 7:34pm BST CFM says confident of reaching 500 LEAP deliveries in 2017 FILE PHOTO: A visitor leaves a meeting room at the CFM International booth next to a LEAP high-bypass turbofan engine at the Singapore Airshow February 13, 2014. REUTERS/Edgar Su PARIS CFM International said on Saturday it was confident of meeting a target of 500 deliveries of LEAP engines by the end of the year despite a recent quality flaw with a component. Boeing earlier this year briefly suspended 737 MAX test flights while CFM, co-owned by Safran ( SAF.PA ) and General Electric ( GE.N ), conducted checks after a problem was found in a turbine disc. Safran and GE have both recently talked of 450-500 engine deliveries but CFM officials told a briefing ahead of the Paris Airshow that they remained committed to the target of 500 and that their level of confidence had not changed. They said the engine, developed for Boeing and Airbus medium-haul planes, was proving to have higher utilisation rates than a rival model from Pratt & Whitney ( UTX.N ). Each one percent in improved utilisation has the same benefit for airline finances as a five percent fuel saving, they said. CFM also said it expects to have clearance for 180-minute extended operations by the end of June for the Boeing and Airbus versions of its LEAP engine. That means planes will be able to fly up to three hours away from the nearest airport at any one time, allowing airlines to serve long over-water routes like Hawaii to the U.S. West Coast. NON-COMMITTAL ON DESIGN CFM, like rival engine makers Pratt & Whitney ( UTX.N ) and Rolls-Royce ( RR.L ), is meanwhile poring over proposals for a new mid-market jetliner from Boeing, seating around 220-270 people. Many in the industry expect Boeing ( BA.N ) to opt for an engine with a gear to increase the efficiency of its fan, which produces most of the thrust, especially on take-off. Pratt & Whitney has introduced such a design to re-enter the civil market after mainly focusing on the U.S. military in recent years. Its Geared Turbofan is now in use on some Airbus and Bombardier ( BBDb.TO ) jets. The head of Pratt & Whitney last month warned Rolls-Royce that the use of a gear in its planned Ultrafan engine project could cause a patent dispute, according to Flightglobal. CFM officials declined on Saturday to be drawn on whether they would offer a similar design for Boeing''s new jet, but did not rule out using a gear that one described as generic technology. "We are not ruling out any architecture. We have no religion on the gear," Executive Vice President Francois Bastin said. (Reporting by Tim Hepher; Editing by Adrian Croft and Stephen Powell) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-airshow-paris-cfm-idUKKBN1980HF'|'2017-06-17T21:08:00.000+03:00'
'94017d33ba234963a3db66e5ec31194af0519312'|'Greece set to get cash to pay bills, but debt relief elusive'|'By Jan Strupczewski - LUXEMBOURG LUXEMBOURG Greece''s international lenders are expected to agree on Thursday to unblock as much as 8 billion euros in loans that Athens desperately needs to next month to pay its bills, but to leave the contentious issue of debt relief for later.Euro zone finance ministers will meet in Luxembourg together with International Monetary Fund chief Christine Lagarde. She suggested last week that the IMF could join the Greek bailout now, but not disburse any money until the euro zone clarifies what debt relief it can offer Greece.The IMF has so far refused to join in this bailout, Greece''s third since 2010, because it believes that without relief Greece cannot get out from under its massive debt mountain.Euro zone powerhouse Germany does not want to discuss details of debt relief before German parliamentary elections in September. At the same time, its parliament insists on IMF participation if it is to agree new disbursements.Greek Economics Minister Dimitri Papadimitriou accused German Finance Minister Wolfgang Schaeuble of being "dishonest" by blocking debt relief for Greece despite his acknowledgement that Athens has implemented significant reforms.IMF participation, even without immediate disbursements, should be enough for the German parliament to back new euro zone loans to Athens, thus ensuring Greece would get enough cash in July to repay maturing debt and avoid default.Euro zone officials have said that the compromise, if agreed on Thursday, could result in Greece receiving between 7.4 and 8 billion euros ($8.3-9.0 billion) from the euro zone bailout fund ESM to cover July repayments.DIFFERENCESThe IMF and the euro zone have widely different forecasts for Greek growth in the decades to come and on Athens'' ability to achieve high primary surpluses - the budget leftover not including debt servicing costs - to solve its financial crisis.Some euro zone scenarios show that with sufficiently high economic growth and budgetary discipline - a primary surplus above 3 percent of GDP for 20 years - Greece would not even need any debt relief.But the IMF, with much more conservative estimates and stressing previous Greek underperformance on targets, says it is unrealistic to demand high primary surpluses for so long.Pressure is also mounting at home on Greek Prime Minister Alexis Tsipras from a public weary of austerity.Greece says it has done its part after legislating further pension cuts and tax hikes demanded by lenders to convince the IMF to participate."Greece has fulfilled its commitments and adopted the required reforms. Now it is time for the Europeans to comply with their commitments on debt relief," Greek President Prokopis Pavlopoulos said in an interview with German business daily Handelsblatt.In Athens, some 1,500 pensioners gathered to protest more than a dozen rounds of pension cuts since bailout-induced austerity was enforced seven years ago."We have been robbed blind," said Stavros Vassiliou, 65, "I worked 41 years in construction … I was taking 2,400 euros in 2011, now I take (a pension) of 1,000. I have a mortgage and four kids to support."Governments of some of the euro zone creditors have said the reduced pensions do not appear to be at hardship levels.Athens says it wants a debt relief agreement "that gives clarity to the markets, but of even greater importance, renewed hope to the people of Greece", a government official told Reuters before the meeting.($1 = 0.8938 euros)(Additional reporting by Rene Maltezou and Francesco Guarascio in Luxembourg, Michele Kambas in Athens; writing by Philip Blenkinsop Editing by Jeremy Gaunt)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/eurozone-greece-idINKBN1961E3'|'2017-06-15T19:44:00.000+03:00'
'5b04f78fe521bdf55b5f1361cd6fdb0991bcad8b'|'UPDATE 1-UK Stocks-Factors to watch on June 14'|'(Adds company news items)June 14 Britain''s FTSE 100 index is seen opening 1 point lower on Wednesday, according to financial bookmakers, with futures down 0.1 percent ahead of the cash market open.* WH SMITH: British books and stationery retailer WH Smith Plc said its sales rose 2 percent in the 15 weeks to June 10 as a strong performance at outlets at transport hubs outshone weakness in its high street operations.* GEMFIELDS: China''s Fosun International Ltd joined the race for Fabergé owner, Gemfields Plc, after it made an initial proposal regarding a possible cash offer for the British precious stones miner.* BRITISH AMERICAN TOBACCO: British American Tobacco said on Wednesday it continued to perform "very well" and was trading in line with its expectations.* BELLWAY: British housebuilder Bellway said demand for its homes did not slow in the run-up to a June 8 national election, bucking a trend which generally sees some buyers put off purchases ahead of the uncertainty of a vote.* STANDARD CHARTERED: Standard Chartered aims to expand its U.S. presence with a local hiring push and by bolstering its team in the country with senior staff from its main regions of Asia, the Middle East and Africa, its top bankers said.* BHP: Activist shareholder Elliott Management called on BHP on Wednesday to "upgrade" its board of directors as the mining giant prepares to select a new chairman this week.* RYANAIR: European low-cost airline Ryanair is in talks with Boeing about placing an order for its proposed new 737 MAX 10 airliner, two people familiar with the matter said on Tuesday.* ELECTION-BREXIT: Britain entered a sixth day of political limbo on Wednesday with Prime Minister Theresa May yet to seal a deal to prop up her minority government and facing calls to soften her stance on Brexit days before negotiations on leaving the EU begin.* EU-MARKETS/CLEARING: The European Union plans to give itself powers to move euro clearing business away from London''s financial sector to the EU after Brexit and adopt a model closer to that operated by the United States, the bloc''s executive said on Tuesday.* ELECTION-BREXIT: British Prime Minister Theresa May should consult with the opposition Labour Party and others on her Brexit strategy, David Cameron, May''s predecessor, said on Tuesday, according to the Financial Times.* OIL: Oil prices settled higher on Tuesday after OPEC detailed supply cuts around the world, but the cartel also said overall production rose in May, and crude stayed well below $50 a barrel despite the modest recovery.* GOLD: Gold turned slightly higher on Tuesday, as the market awaited signals of future monetary tightening by the U.S. Federal Reserve and a Senate panel''s questioning of Attorney General Jeff Sessions about his dealings with Russian officials.* The UK blue chip index closed 0.15 percent lower at 7,500.44 points on Tuesday, as investors continued to sift through the fall-out from Britain''s election.* For more on the factors affecting European stocks, please click on: cpurl://apps.cp./cms/?pageId=livemarketsTODAY''S UK PAPERS> Financial Times> Other business headlines Multimedia versions of Reuters Top News are now available for: * 3000 Xtra : visit topnews.session.rservices.com * For Top News : topnews.reuters.com (Reporting by Justin George Varghese)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-stocks-factors-idUSL3N1JB2M8'|'2017-06-14T14:44:00.000+03:00'
'506f56082f75d38225d6527408625a1f60dc6cb8'|'UPDATE 1-China approves two new GMO crop varieties for import, renews 14 - ag ministry'|'Market   1:59am EDT UPDATE 1-China approves two new GMO crop varieties for import, renews 14 - ag ministry (Adds detail) By Dominique Patton and Hallie Gu BEIJING, June 14 China, the world''s top buyer of genetically modified (GMO) soybeans, renewed the import approvals for 14 GMO crop varieties and approved the import of two new varieties starting on June 12, the agriculture ministry said on Wednesday. The new varieties are Dow AgroSciences'' Enlist corn and Monsanto''s Vistive Gold soybean, the Ministry of Agriculture said in a statement. The 14 renewed products include Syngenta''s MIR162 Duracade corn, a Monsanto sugar beet and three Bayer rapeseed products. The approvals are for a three-year period lasting to 2020, the statement said. China does not permit the planting of GMO varieties of staple food crops but does allow the import of GMO crops, such as soybeans, for use in its huge animal feed industry. Imported biotech products currently take about six years to gain approval in China, compared with up to three in other major markets. In May, Beijing promised to speed up the evaluations of eight varieties of GMO crops from the United States by the end of the month under a trade deal with the U.S. Dow AgroSciences'' Enlist soybean was among the eight but was not named on the list of new approvals on Wednesday. DuPont Pioneer and Syngenta are also waiting for approval of new products, according to biotech industry group BIO. (Reporting by Dominique Patton and Hallie Gu; Editing by Christian Schmollinger)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/china-gmo-imports-idUSL3N1JB25Z'|'2017-06-14T13:59:00.000+03:00'
'4cb22d486d1ee2ef0e9e8a793c5d2b1e116ef365'|'Nestle may sell U.S. confectionery business'|'By Martinne Geller - LONDON LONDON Nestle ( NESN.S ) may sell its roughly $900 million-a-year U.S. confectionery business, which includes Butterfinger and BabyRuth, in the Swiss food group''s latest effort to improve the health profile of its sprawling portfolio.The world''s largest packaged foods maker said on Thursday it would "explore strategic options", including a possible sale, for the business that also includes 100Grand, SkinnyCow and Raisinets.Analysts have been speculating that Nestle could exit the U.S. confectionary business which is not in line with its stated strategy of becoming more health and nutrition-focused.That strategy, underlined by last year''s naming of a healthcare veteran as CEO, comes as the whole packaged food sector battles a slowdown from a new generation of savvy consumers that are eating fresher and healthier foods.The review is limited to the United States, where Nestle does not control its key KitKat brand, and is No. 4 behind Mars, Hershey ( HSY.N ) and Mondelez International ( MDLZ.O ).With annual sales of 900 million Swiss francs ($923 million), the U.S. confectionery business accounts for only 1 percent of company sales. Nestle''s other products range from instant coffee to mineral water and baby food."This might seem small stuff, but in our view it could be a significant step by new-ish CEO Mark Schneider ... towards a more deliberate and efficient capital allocation strategy," said RBC Capital Markets analyst James Edwardes Jones in a note.Nestle said it remained "fully committed" to growing its international confectionery business, particularly KitKat, which is made in the United States by Hershey. It said it would also keep the Nestle Toll House baking products.Globally, Nestle''s confectionery business generated sales of 8.8 billion Swiss francs ($9.02 billion) last year.TO-DO LISTThe global packaged food industry has seen a wave of deals as companies seek to boost profits in a weak market.Unilever ( ULVR.L ) is trying to sell its shrinking margarines business after rebuffing a takeover bid by Kraft Heinz ( KHC.O ), and Reckitt Benckiser Group ( RB.L ) is selling its French''s mustard business to pay down debt from its purchase of Mead Johnson ( MJN.N ), which closed on Thursday.Nestle had organic sales growth of 3.2 percent last year, which Bernstein analysts said was the lowest of this century and the fifth straight year of slowing growth.With that backdrop, Nestle has pushed aggressively into areas of health and nutritional science, buying and investing in a range of biotech and medical device firms, as it presses the boundaries between food and medicine.At the same time it has divested underperforming businesses including the Nutrament drink, Jenny Craig diet business and PowerBar snacks. Last year, it formed an ice cream joint venture with Britain''s R&R.Last year, RBC''s Jones said a strategic review of the confectionery business should be near the top of the new CEO''s to-do list. "It''s incompatible with Nestle''s strategy, margins are falling and its competitive position is anemic," he said.The clear U.S. leader is Hershey, which last year rejected a takeover offer by its more international rival, Mondelez.(Reporting by Martinne Geller; Editing by Ben Hirschler and Edmund Blair)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/nestle-confectionery-idINKBN1962MZ'|'2017-06-15T16:47:00.000+03:00'
'39fb62854128fe1d7d1f70d07be9378f17b08c94'|'Swiss banks lobby for get-out clause as end of bank secrecy nears'|'Business News - Thu Jun 15, 2017 - 4:20pm BST Swiss banks lobby for get-out clause as end of bank secrecy nears left right FILE PHOTO - (L-R) Credit Suisse officials CEO Brady Dougan, Robert Shafir and Hans Urlich-Mesiter are sworn in before the Senate Homeland and Governmental Affairs Investigations Subcommittee on Capitol Hill in Washington February 26, 2014. REUTERS/Gary Cameron/File Photo 1/6 left right FILE PHOTO - Yves Mirabaud, Chairman of the Board of Directors of the Banque Mirabaud and Cie attends a meeting with Indian Prime Minister Narendra Modi and Swiss President Johann Schneider-Ammann in Geneva, Switzerland, June 6, 2016. REUTERS/Denis Balibouse/File Photo 2/6 left right FILE PHOTO - An employee checks a safe box in the vault of a Swiss bank in Basel, Switzerland January 21, 2009. REUTERS/Arnd Wiegmann/File Photo 3/6 left right FILE PHOTO - A safe box is pictured at the safe room of the Zuercher Kantonalbank (ZKB) at the Bahnhofstrasse in Zurich, Switzerland, January 19, 2009. REUTERS/Christian Hartmann/File Photo 4/6 left right FILE PHOTO - An employee checks a safe box at the vault of Swiss UBS bank in Zurich-Zollikon, Switzerland January 21, 2009. REUTERS/Arnd Wiegmann/File Photo 5/6 left right FILE PHOTO - The logo of Swiss private bank Julius Baer is pictured on the company''s branch in Lausanne, Switzerland, November 13, 2014. REUTERS/Denis Balibouse/File Photo 6/6 By Joshua Franklin and John O''Donnell - ZURICH ZURICH Switzerland''s private banks, used for decades by the world''s wealthy to hide money and avoid tax, are pushing for extra legal protection of client information that could halt a much-heralded exchange of data with dozens of countries. The Alpine country is preparing to dismantle bank secrecy next year when it begins sending information about its customers'' accounts to foreign tax agencies. But Switzerland''s multi-trillion-dollar financial industry is seeking new safeguards to protect bank data against misuse that could expose clients to crimes such as kidnapping or blackmail. "Data could be sold or used to put pressure on clients or their families," said Yves Mirabaud, chairman of the Association of Swiss Private Banks and senior managing partner at Mirabaud, a Geneva-based private bank. "I''m referring to countries where we''re not very sure that the democratic process is the same as ours, or where corruption is very high." Wealthy clients have pulled tens of billions of dollars out of Swiss bank accounts because of a worldwide crackdown on tax evasion following the global financial crisis last decade. That culminated in the Automatic Exchange of Information programme fostered by the Organisation for Economic Cooperation and Development (OECD), which aims to ensure that offshore accounts are known to authorities. The participation of Switzerland, the world''s largest centre for overseas wealth, in the data exchange agreement was heralded at the time as a major breakthrough in ending tax avoidance. Banks in Switzerland are "fully committed" to implementing the Automatic Exchange of Information, said a spokeswoman for the Swiss Bankers Association, the main banking lobby. But they are lobbying to add an "activation" clause that means information would only be handed over to a country if two criteria are met -- a level playing field with other financial centres, and an assurance the data will be used properly. They say giving information to countries in regions such as South America or Africa, where data protection standards can be weak and corruption rife, risks it falling into the wrong hands. In 2018 Switzerland is due to start swapping information with 38 foreign tax authorities, including all European Union countries, and with a further 41 from 2019. The proposed clause would apply to the 2019 batch of countries, among which are several emerging markets such as Brazil, Mexico and Russia. "We want to be sure that when we provide information that it does not get misused or compromise a client''s security," said Boris Collardi, chief executive at Julius Baer ( BAER.S ), Switzerland''s third-biggest private bank behind UBS ( UBSG.S ) and Credit Suisse ( CSGN.S ). The Swiss government will send to parliament a dispatch, which contains its proposals on the exchange of information with these 41 countries, by July 5. Parliament will then be asked to decide on the implementation of these plans. DIAMONDS IN A TOOTHPASTE TUBE Mirabaud expressed confidence the government supports the clause, despite lobbyists for transparency saying it is a back-door attempt to continue bank secrecy rather than a genuine move to prevent criminality or persecution. A spokeswoman for the State Secretariat for International Financial Matters, an arm of the finance ministry, signalled the government would consider halting transfers of information. "If there are concerns about how the data will be used in a specific jurisdiction, Switzerland could look at taking any of the measures provided for in the multilateral framework governing the automatic exchange of information," she said, referring to steps that include suspending the data exchange with a country. Campaigners against secrecy are crying foul, however, and accuse the Swiss of trying to allow the wealthy to keep cash hidden. "That information might fall into the hands of kidnappers... is the perfect excuse," said Nicholas Shaxson of Tax Justice Network, an organisation that lobbies on tax havens. "It''s a justification for an ocean of fraud." Pressure on Switzerland built after a U.S.-led crackdown starting in 2008 publicised practices used by its bankers to keep money hidden from tax authorities, from smuggling diamonds in toothpaste tubes to hiding documents in the pages of Sports Illustrated. This U.S. clampdown and the push by the OECD to bring in global rules on exchanging tax data between countries means that Switzerland handing over information to Europe and the United States is unavoidable. "PERFECT EXCUSE" Data from the Swiss National Bank shows a sharp decline in U.S. money in Swiss accounts. U.S. customers accounted for 161 billion Swiss francs ($165.3 billion) of bank deposits in 2006, but that had more than halved in 2015. In the meantime, the size of deposits from many emerging market countries has gradually increased. Mark Herkenrath of Alliance Sud, a group that campaigns for transparency, is sceptical about the true motivation. "For a lot of Swiss banks, a big part of their business is breaking away because money from the U.S. has dried up. The temptation now is to continue taking money from developing countries," he said. "The suggestion that they are shielding their customers from abuse of their human rights is the perfect excuse to avoid transparency." The Paris-based OECD, which will police whether the exchange of information is working, is optimistic that Switzerland will honour the deal. But it stands ready to act in case the Swiss banks drag their feet. "It''s not going to be used as an excuse," said Pascal Saint-Amans, the OECD''s tax policy director, acknowledging the banks'' argument for preventing the misuse of information. "But if it is, the country will be sanctioned." (Editing by Catherine Evans)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-swiss-banks-secrecy-idUKKBN19623I'|'2017-06-15T23:20:00.000+03:00'
'22c7de717b5be27476cab5593644cbbc0b7fbc54'|'Hong Kong''s top court upholds property tycoon''s graft conviction'|'Top   7:39am BST Hong Kong''s top court upholds property tycoon''s graft conviction left right Hong Kong tycoon Thomas Kwok arrives at the Court of Final Appeal in Hong Kong, China June 14, 2017. REUTERS/Bobby Yip 1/2 left right Hong Kong tycoon Thomas Kwok, accompanied by his daughter Noelle, arrives at the Court of Final Appeal in Hong Kong, China June 14, 2017. REUTERS/Bobby Yip 2/2 By Venus Wu - HONG KONG HONG KONG Hong Kong''s top court on Wednesday upheld a corruption conviction against a billionaire property tycoon, putting an end to one of the most high-profile corruption cases in the history of the Asian financial hub. The five-year-long legal battle exposed the cosy ties between government officials and powerful tycoons. The panel of five judges on Hong Kong''s Court of Final Appeal found Thomas Kwok, the former co-chairman of Hong Kong''s largest real estate company Sun Hung Kai Properties Ltd, the city''s former number two official Rafael Hui and two others, guilty of the charge of "conspiracy to commit misconduct in public office". Chief Justice Geoffrey Ma said of Kwok, 65, who had been released on bail during the appeal: "It will now be necessary for him to return to prison". Kwok looked calm but disappointed and lowered his head when he heard the verdict, according to local media. He was sentenced to five years in jail and fined HK$500,000 (50,557 pounds) in 2014. He had already served part of that sentence before the appeal. No more appeals could be made on the case. "HOPELESSLY COMPROMISED" The landmark trial tarnished Hong Kong''s reputation for clean and efficient governance, with Sun Hung Kai Properties paying Hui millions of Hong Kong dollars in bribes, indirectly through two others, to gain government favour. In a written summary of the judgment, the court wrote that once Hui had accepted a HK$8.5 million payment, "his independence when he assumed office would be hopelessly compromised and he could not properly discharge his duties nor be trusted to do so". "The abuse of public trust contemplated by the conspirators was clear", the statement added. Hui, currently serving his seven-and-a-half years jail sentence, served as Chief Secretary and led the civil service from 2005 to 2007. During that period he was involved in important policy matters concerning two large property developments in which SHKP had "substantial interests," the summary noted. The defendants'' lawyers had asserted that Hui did not perform any specific act during his tenure to favour SHKP, and the payment was made shortly before his term started. But the court dismissed the arguments and said "those who were paying Rafael Hui that sum were not ''running a charity''". Thomas Kwok''s brother and SHKP chairman Raymond Kwok, who was cleared of his charges in relation to the case in 2014, said he felt sad and disappointed at the outcome. Thomas Kwok''s son and executive director of SHKP, Adam Kwok, told reporters after the verdict he felt helpless but accepted the judgment. "You can say he''s careless ... you can say he''s overly generous, but I know in his heart he does not have any intention to bribe. He really is an upright person," he said. The two other defendants in the case are former SHKP executive director Thomas Chan and former Hong Kong Stock Exchange official Francis Kwan. They are now serving a six year and five year prison sentence respectively. (Reporting by Venus Wu. Additional reporting by Doris Huang.; Editing by James Pomfret and Michael Perry)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-hongkong-trial-verdict-idUKKBN19507S'|'2017-06-14T12:10:00.000+03:00'
'b41f1dc184a161a0c3680c8710724ae02b8ea8e5'|'UK earnings after inflation shrink at fastest pace since 2014'|'By Andy Bruce and William Schomberg - LONDON LONDON British workers'' earnings after inflation are shrinking at the fastest pace since 2014, underscoring the economic challenge facing a weakened Prime Minister Theresa May as the squeeze on consumers tightens faster than expected, data showed.While a joint record-high proportion of Britons are in work, the fall in real-terms wage growth pointed to tougher times ahead for consumers, the main drivers of economic growth.Inflation hit an almost four-year high of 2.9 percent in May, fueled by the fall in the pound since last year''s Brexit vote and adding to the strain on household budgets, according to data published on Tuesday.Wednesday''s wage figures suggest there will no let-up soon.Workers'' total earnings including bonuses after taking inflation into account fell by an annual 0.4 percent in the three months to April after edging up 0.1 percent in the first quarter.That marked the biggest real-terms drop since the three months to September 2014, potentially adding to speculation that the government might loosen its grip on public spending to help steer Britain''s economy away from a slowdown.The squeeze on earnings is also likely to add to the view among the majority of Bank of England officials to leave interest rates on hold when they announce their latest policy statement on Thursday.Sterling hit a day''s low against the dollar after the data, while British government bond prices rallied."Unless the government gets its act together, we''ll soon be in the middle of another cost of living crisis," said Frances O''Grady, general secretary of the Trades Union Congress.May is still trying to strike a deal with a small Northern Irish party that will give her enough votes in parliament to allow her government to pass legislation, after losing her majority in a botched national election last week.MIXED SIGNALS FROM JOBS MARKETBritain''s economy has been resilient to political uncertainty since last June''s Brexit vote. But growth slowed sharply at the start of this year as the rise in inflation driven by the post-referendum fall in the pound began to bite .The Office for National Statistics said the unemployment rate in the period between February and April held steady at a more than four-decade low of 4.6 percent, in line with the median forecast in a Reuters poll of economists.In nominal terms, wages grew at the slowest pace since February 2016, rising an annual 2.1 percent in the three months to April and slowing from 2.3 percent in the first quarter.Economists taking part in a Reuters poll had expected wage growth of 2.4 percent."The wage figures are astonishingly weak," said Samuel Tombs, economist at consultancy Pantheon Macroeconomics.The wage numbers jarred with the picture of strong jobs growth but appeared consistent with signs of rising underemployment, Tombs said.The ONS revised its data for wages to improve methodology for earnings from small businesses, resulting in lower estimates for wage levels but little change overall to growth rates.Excluding bonuses, nominal earnings rose by 1.7 percent year-on-year, the weakest increase since January 2015 and against expectations for a 2.0 percent rise.The Bank of England is watching wage growth closely as it gauges whether the increase in inflation is creating longer-lasting pressure on prices. It expects wages to rise by 2 percent this year before picking up in 2018 and 2019.The central bank is widely expected to keep interest rates at their record low of 0.25 percent on Thursday.The number of people in work increased by 109,000 in the three months to April, taking the employment rate to 74.8 percent, a joint record high, the ONS said.(Editing by Tom Heneghan)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/britain-jobs-idINKBN195177'|'2017-06-14T18:14:00.000+03:00'
'aaa5e2d00f8a34804d1be0a80f4bc63dd1bede4c'|'European shares get tech support, Hexagon soars on M&A talk'|'Top News - Wed Jun 14, 2017 - 8:40am BST European shares get tech support, Hexagon soars on M&A talk People walk through the lobby of the London Stock Exchange in London, Britain August 25, 2015. REUTERS/Suzanne Plunkett/File photo LONDON Recovering technology stocks gave European shares another leg up on Wednesday, while deal chatter sent Sweden''s Hexagon soaring to a record high. The pan-European STOXX 600 benchmark and its euro zone counterpart rose 0.4 percent, in line with blue-chips with broad investor focus on the U.S. Fed rate decision later in the day in which the bank is widely expected to raise rates. In the U.K., the FTSE 100 was little changed while midcaps rose 0.6 percent. Hexagon stole the limelight, jumping more than 16 percent to a new record high after a Wall Street Journal report that the Swedish measurement firm was in talks for a potential sale to undisclosed buyers. Technology stocks were the best-performing for the second session running, up 1.3 percent and clawing back after a nosedive fuelled by jitters over valuations, particularly in the U.S. Chipmakers Infineon, Dialog Semiconductor and ASML all gained 1.2 to 1.5 percent. British housebuilder Bellway gained ground after its trading update showed robust demand for homes did not slow ahead of a national election on June 8. The builder''s upbeat tone also lifted peers Barratt Development and Taylor Wimpey. And Italian banks maintained their strength with Banco BPM was again among top Italian gainers after saying it would repurchase retail bonds from smaller Italian lenders for 123 million euros. Meanwhile Euronext fell to the bottom of the European index after BNP Paribas and Societe Generale sold shares in the firm for 45 euros per share. Euro zone industrial production data later in the day will give investors a steer on the underlying health of the economy, while British wage growth and unemployment figures could add to evidence of a squeeze on Britons'' paychecks. (Reporting by Helen Reid, Editing by Vikram Subhedar) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-europe-stocks-idUKKBN1950PH'|'2017-06-14T15:40:00.000+03:00'
'52e7522a4f68cdefcd90943621131eacfde8aaf2'|'UPDATE 1-UK Stocks-Factors to watch on June 13'|'(Adds futures, company news items)June 13 Britain''s FTSE 100 index is seen rising 38 points at the open on Tuesday, according to financial bookmakers, with futures up 0.4 percent ahead of the cash market open.* CAPITA: Britain''s troubled outsourcing group Capita said it hoped to improve its profitability and secure more contract wins in the second half of 2017 as it slowly rebuilds from a string of profit warnings.* N BROWN: British plus-size fashion retailer N Brown Group Plc said on Tuesday its chairman, Andrew Higginson, plans to step down.* ASHTEAD: British industrial equipment hire group Ashtead Group Plc reported on Tuesday a 7 percent rise in full-year profit, boosted by strong growth in its core North American unit as well as its UK business.* HALMA: Halma Plc''s full-year profit rose 17 percent, the healthcare devices maker said on Tuesday, as acquisitions boosted sales across all its units.* MONITISE: U.S. financial technology provider Fiserv said on Tuesday it had agreed to buy British financial services technology firm Monitise Plc for about 70 million pounds ($88.72 million).* ELECTION: Theresa May told Conservative lawmakers on Monday she would serve as prime minister as long as they wanted her after a botched election gamble cost the party its majority in parliament and weakened Britain''s hand days before formal Brexit negotiations.* BREXIT/UK M&A: The political shock of Prime Minister Theresa May''s failure to win a majority in a national election could put the brakes on takeover activity in Britain, dealmakers told Reuters on Monday.* BREXIT/UK FINANCE: Finance firms in Britain say they are pushing ahead with plans to move staff and operations to continental Europe, despite a chance that the government may soften its ''Hard Brexit'' policies after losing its parliamentary majority.* ALLIED IRISH BANKS: Allied Irish Banks plans to raise up to 3.3 billion euros ($3.7 billion) when it sells a 25 percent stake on the Dublin and London stock markets in the biggest test yet of investor appetite for Irish banks.* BP: BP PLC violated its supply contract when it sold oil to refiner Monroe Energy that was a blend of lower-valued Texas crude with premium varieties, Monroe alleged in a federal court filing last week.* LSE: The London Stock Exchange expects its indices and clearing businesses to drive growth in core profit margin between now and 2019, the company said on Monday, shrugging off concerns over the collapse of a planned merger with Deutsche Boerse and uncertainty over Brexit.* RBS: Royal Bank of Scotland is close to a multibillion pound settlement with a US regulator over toxic mortgage bonds mis-selling, Sky News reported. bit.ly/2rV3h90* GOLD: Gold held steady on Tuesday as investors remained cautious ahead of a two-day U.S. Federal Reserve meeting that is likely to provide hints on the central bank''s interest rate policy for the remainder of the year.* COPPER: London copper eased on Tuesday from near a two-month high ahead of the U.S. Federal Reserve''s interest rate decision due later in the week, while China zinc premiums surged on healthy demand and limited supply.* OIL: Oil prices edged up early on Tuesday, lifted by statements that OPEC-leader Saudi Arabia was making significant supply cuts to customers, although rising U.S. output meant that markets remain well supplied.* The UK blue chip index closed down 0.2 percent at 7,511.9 on Monday, as a technology sell-off spread across Europe, with investors dumping tech and other cyclical stocks, which feature heavily on the blue-chip index, and heading into defensive sectors.* For more on the factors affecting European stocks, please click on: cpurl://apps.cp./cms/?pageId=livemarketsTODAY''S UK PAPERS> Financial Times> Other business headlines Multimedia versions of Reuters Top News are now available for: * 3000 Xtra : visit topnews.session.rservices.com * For Top News : topnews.reuters.com (Reporting by Noor Zainab Hussain in Bengaluru; Editing by Sunil Nair)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/britain-stocks-factors-idINL3N1JA2M2'|'2017-06-13T05:01:00.000+03:00'
'85be77b2e352e2aaa447b4e73c619fec3a626e35'|'Exxon says Qatar LNG not affected by Arab states tension'|'Business News - Tue Jun 6, 2017 - 3:29pm EDT Exxon says Qatar LNG not affected by Arab states tension FILE PHOTO: The logo of Exxon Mobil Corporation is shown on a monitor above the floor of the New York Stock Exchange in New York, December 30, 2015. REUTERS/Lucas Jackson/File Photo By Ernest Scheyder Exxon Mobil Corp ( XOM.N ) said on Tuesday that production and exports of liquefied natural gas from Qatar have not been affected by rising diplomatic tensions in the Middle East. Saudi Arabia, the United Arab Emirates, Bahrain and Egypt on Monday cut ties with Qatar, accusing the country of supporting extremism. Qatar denies the allegations. The growing diplomatic rift has raised concerns about global access to Qatar''s LNG, especially after some regional ports in the Persian Gulf said they would not accept Qatari-flagged vessels. Commodities traders have grown concerned Qatar''s LNG could be barred from Saudi Arabia or from traversing Egypt''s Suez Canal, though so far no limitations have been imposed. Maersk ( MAERSKb.CO ), the world''s biggest container shipping line, said on Tuesday it can no longer transport goods in or out of Qatar in the wake of the diplomatic rift. Qatar and Exxon have had development agreements for more than a decade, with Exxon helping Qatar to become the world''s largest LNG exporter. Exxon, working with government-controlled energy company Qatar Petroleum [QATPE.UL], has invested in LNG-processing plants, transport ships and related infrastructure. The pair, which earlier this year were awarded a contract to explore for gas off the coast of Cyprus, also control the Golden Pass LNG facility in the United States with ConocoPhillips ( COP.N ). Despite the diplomatic tension with other Arab States, a key Qatari gas export pipeline to the United Arab Emirates is still operating. Exxon said its production and export of LNG from Qatar have not been affected. "As a matter of practice, we don''t comment on matters between governments," Exxon spokesman Alan Jeffers said in a statement to Reuters. Exxon has said that a large portion of its Qatari LNG production is under long-term supply contracts, meaning the company must supply gas from Qatar or some other source. Exxon does have a large LNG operation in Papua New Guinea. Qatar has reassured clients in Japan and India that LNG shipments will not be affected by the tension. Shares of Texas-based Exxon rose 1.3 percent to $81.19 in Tuesday afternoon trading. (Reporting by Ernest Scheyder in Houston; Editing by Lisa Shumaker) '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-gulf-qatar-exxon-mobil-idUSKBN18X2M7'|'2017-06-07T03:29:00.000+03:00'
'8d51c0c55c57e666e94a08d1282d97cc63a6cf7f'|'AirBaltic eyes order for at least 14 jets'|'CANCUN, Mexico, June 5 AirBaltic is planning to buy at least 14 new planes with more than 100 seats to replace the turboprops in its fleet, with planemakers Bombardier or Embraer in the running, the Latvian-based airline''s CEO said on Monday."We asked interested parties to come and make us an offer. That''s happening right now," AirBaltic''s Martin Gauss told Reuters on the sidelines of an airline industry meeting in Mexico. He said a decision would be made this year, although not in time for the Paris airshow later this month.The order would be for 14 planes for delivery from 2020, likely with options for more, Gauss said.He also said Latvia is aiming to sell a stake in the carrier late this year or early next year and that teaser documents had been sent out to interested parties. (Reporting by Victoria Bryan; Editing by Bill Trott)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/airlines-iata-airbaltic-idINFWN1J20K9'|'2017-06-05T18:59:00.000+03:00'
'39b28cb7a51aa46faac9d84817d009e60dcaa73e'|'UK elections aside, hedge funds bet pound to fall anew on Brexit'|'LONDON Whatever the outcome of Britain''s election on Thursday, some hedge funds are still betting sterling will fall anew -- anticipating Britain''s exit from the European Union will lead to an economic slowdown whichever way the vote goes.The pound has fallen 2.5 percent in trade-weighted terms in less than four weeks as opinion polls showed the opposition Labour party gaining ground on the ruling Conservatives before polling day, raising the prospect of no party winning an overall parliamentary majority and some form of coalition government emerging.U.S. futures market positioning data shows investors have flipped back to betting more against the pound.However, even if the Conservatives prove the polls wrong and secure an increased majority of parliamentary seats, many hedge funds expect any recovery in sterling to be short-lived."We think the pound will fall because we think investors have been taking the elections and the cost of Brexit too much under the radar -– they are under-estimating the risks," said Alberto Gallo, head of global macro at $4.3 billion (£3.3 billion) fund Algebris Investments.He said he is positioned for the pound to fall due to long-standing problems in the British economy, regardless of Thursday''s result."We think there is a strong chance that sterling would fall again because of consumer high debt levels in the UK and the distance between the UK negotiating positions and the European ones," he said.Traditional views of whether Conservatives or Labour are good or bad for the pound have been muddied in this election, with some banks saying a high spending Labour government could be a boon for the economy.But whatever the makeup of the future government, Britain''s withdrawal from the European Union remains the biggest unknown.Stephen Coltman, a senior investment manager at financial giant Aberdeen Asset Management, which invests directly in about 130 hedge funds, also said there is "definitely a bearish view among hedge fund managers on sterling"."The majority view amongst the managers we speak to is that the pound is likely to depreciate versus both the euro and the US dollar over the medium term irrespective of the election result," said Coltman."If the Tories win with a strong majority you could see sterling rally on the night, but I believe most managers would be inclined to sell in to that rally."Richard Benson, co-head of portfolio management at specialist currency manager Millennium Global in London, said he assumed the market would quickly move back to Brexit issues once the election results were in."I assume that May will win and maybe slightly extend the current majority and then you will get a 1 percent pop in sterling," he said. "But then we move on to the next story - which is a hard Brexit."DIVIDEThe polls have painted a wildly varying picture of British public opinion going into Thursday''s vote. Some say May is only 1-3 points ahead and will fall short of an overall majority. Others that she leads by 10 points or more, enough for a 100 seat landslide.Bookmakers'' odds stand somewhere in between but still bet overwhelmingly on the Conservatives forming the next government."A hung Parliament would be seen as a negative short-term for negotiations, resulting in lower Sterling, but we think it may actually turn into a softer stance versus Theresa May’s antagonistic approach medium term," said Gallo at Algebris Investments.Philippe Ferreira, head of hedge funds research at Lyxor Asset Management, said human-led so-called ''macro'' hedge funds that sit on his firm''s platform are overall short sterling."A hung Parliament would likely translate into additional challenges in dealing with the EU; increasing the likelihood of a bad deal or no deal at all," said Ferreira, whose firm invests $16.4 billion in alternative investments, including hedge funds. But there are those who believe the fall will be short-lived and offer an opportunity to pick up the currency cheaply."My assumption is still that we will get to a favourable outcome for the Conservatives and in a week’s time we will get back to the path we were on before she called an election," said Stephen Jen, founder of London-based hedge fund Eurizon SLJ Capital."I know that sterling is under pressure. It may travel back to the mid $1.20s before the election. That would be the low and an opportunity to buy."'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-sterling-hedgefunds-idUKKBN18X1JQ'|'2017-06-06T20:41:00.000+03:00'
'0177b22d0288334062c6c97572c89f2b9298b779'|'French drugmaker Servier challenges 331 million euro EU antitrust fine'|' 57am BST French drugmaker Servier challenges 331 million euro EU antitrust fine By Foo Yun Chee - LUXEMBOURG LUXEMBOURG French drugmaker Servier urged an EU court on Tuesday to slash a 331 million euro (£288.5 million) antitrust fine, saying regulators had committed multiple errors when they ruled against the company''s pay-for-delay deals with generic rivals three years ago. Such deals, a typical business practice in the industry, are frowned upon by competition authorities on both sides of the Atlantic, who say they block the entry of cheaper generic medicines into the market as governments grapple with rising healthcare costs. The case against Servier and five other drugmakers related to the French company''s cardiovascular medicine perindopril. Servier''s appeal against the fine imposed by the European Commission in 2014 comes as the EU competition enforcer recently opened another front against the sector, this time an investigation into South Africa''s Aspen Pharmacare ( APNJ.J ) for allegedly charging excessive prices for five key cancer drugs. The case relating to perindopril was triggered by a regulatory inquiry into the sector in 2008 and 2009, which found that pay-for-delay deals were costing European consumers billions of euros. "The Commission''s investigation was skewed from the beginning," Servier lawyer Olivier de Juvigny told a panel of five judges at the General Court, Europe''s second highest court, on the first day of a four-day hearing. He said public statements made by two previous competition commissioners on the case even before a decision was issued showed bias against the company, on top of legal and procedural mistakes. Commission lawyer Bernard Mongin denied prejudice against the company. "The investigation was carried out in a neutral manner," he said, adding that it was clear that Servier wanted to block rivals'' cheaper medicines. "Servier was faced with the risk of entry of generics and it set about neutralising these risks," he said. Lobbying group the European Federation of Pharmaceutical Industries and Associations (EFPIA) backed Servier, saying that the Commission should not punish legitimate settlement deals on patents simply because they include the transfer of money. Danish peer Lundbeck ( LUN.CO ) tried but failed to convince the EU Court of Justice (ECJ), Europe''s top court, last year that its deals with five smaller rivals to delay cheaper generic copies of its blockbuster citalopram anti-depressant from entering the market were not anti-competitive. The case is T-691/14 Servier SAS and others v Commission. (Reporting by Foo Yun Chee; Editing by Susan Fenton)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-eu-servier-antitrust-court-idUKKBN18X18C'|'2017-06-06T18:57:00.000+03:00'
'8fd0d87bd87dff069397e4d0b16823fd5a7fe9b3'|'Google tax deal to shake up how tech firms operate in Indonesia'|'Business News - Thu Jun 15, 2017 - 5:54am BST Google tax deal to shake up how tech firms operate in Indonesia The Google logo adorns the entrance of Google Germany headquarters in Hamburg, Germany July 11, 2016. REUTERS/Morris Mac Matzen By Cindy Silviana and Eveline Danubrata - JAKARTA JAKARTA Alphabet Inc''s Google Asia Pacific headquarters has agreed on future tax payments in Indonesia, the communications minister said, paving the way for a shake up in how technology firms operate in Southeast Asia''s biggest economy. Google has been locked in a months-long dispute over allegations by Indonesia''s government that the search giant had not made enough annual payments. Finance Minister Sri Mulyani Indrawati said on Tuesday that Indonesia had now reached a tax deal with Google for 2016. She declined to disclose the settlement sum. The search giant''s dispute with Indonesia has been seen as a bellwether of how the government of the country with the world''s fourth-largest population may pursue other technology companies such as Facebook Inc and Twitter Inc for taxes. "On the solution for future taxes, they (Google Asia Pacific) have agreed with the government," said Rudiantara, Indonesian Minister of Communications and Information, who has oversight on internet-based companies operating in the country. This may be subject to a change in Indonesia''s regulation for the advertising business, which has been proposed by the communications ministry, said Rudiantara, who goes by one name. The ministry will work with Indonesia''s investment coordinating board on the regulation, he added. Rudiantara declined to comment on whether Google had reached an agreement with Indonesia on its taxes for previous years. Indonesian tax officials have alleged that most of Google''s revenue generated in the country is booked at its Asia Pacific headquarters in Singapore and its local entity, PT Google Indonesia, simply acts as a sales service provider. Under a new agreement, Google''s Indonesian entity will receive the revenue and pay expenses for its business in the country, said a senior government source, who declined to be identified as the information was not public. It is unclear if Google will set up a new domestic unit that is separate from PT Google Indonesia. Google did not respond to requests for comment. A spokesman for Indonesia''s tax office declined to comment. SMALLER THAN MOOTED A senior tax official had said in September that Indonesia planned to pursue Google for five years of back taxes and the company could face a bill of more than $400 million for 2015 alone if it were found to have avoided payments. Indonesian tax officials had estimated that the total advertising revenue for the industry in Indonesia was around $830 million, with Google and Facebook accounting for around 70 percent of that. But Google had pointed to a joint study by the firm and Singapore state investor Temasek that estimated the size of Indonesia''s digital advertising market at $300 million for 2015. The overall tax settlement amount will reflect the fact that Google''s Indonesia revenues are "much smaller than the bombastic figures that Ministry of Finance officials have been mooting", the senior government source said. Indonesia is eager to ramp up tax collection to narrow its budget deficit and fund an ambitious infrastructure programme. Other governments around the world are also seeking to clamp down on what they see as corporate tax avoidance. Last year, Google agreed to pay 130 million pounds in back taxes to settle a probe by Britain''s tax authority, while Thailand is studying plans to toughen tax collection rules for internet and technology firms. (Reporting by Cindy Silviana, John Chalmers, Eveline Danubrata, Gayatri Suroyo, Hidayat Setiaji and Jakarta Newsroom, Writing by Eveline Danubrata; Editing by Alexander Smith, Ed Davies and Himani Sarkar)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-indonesia-google-idUKKBN19520M'|'2017-06-15T12:54:00.000+03:00'
'8dacfa1cc0d1be9dbbf80af5327dc59835caac5e'|'Renault-Nissan alliance has no plans for bonus scheme - Ghosn'|'Thu Jun 15, 2017 - 4:45pm BST Renault-Nissan alliance has no plans for bonus scheme - Ghosn FILE PHOTO: Carlos Ghosn, chairman and CEO of the Renault-Nissan Alliance looks on during the 87th International Motor Show at Palexpo in Geneva, Switzerland, March 7, 2017. REUTERS/Denis Balibouse/File Photo PARIS Renault-Nissan ( RENA.PA ) ( 7201.T ) has no current plans to introduce an additional bonus scheme for executives at the carmaking alliance, Chairman Carlos Ghosn said on Thursday. Ghosn made the comments at Renault''s annual shareholder meeting after Reuters reported that alliance bankers had drawn up plans designed to channel millions of euros in additional, undisclosed bonuses to Ghosn and other managers via a specially created service company. "This is the document of a consultant who came to make a certain number of proposals," Ghosn said. "We are open to proposals, but that doesn''t mean when we listen to an idea that we are going to put it into practise." The bonus proposal has not been put to the Renault board or executive committee, Ghosn said, adding that no decision was expected soon on the proposed scheme. (Reporting by Laurence Frost; Editing by Edmund Blair)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-renault-nissan-agm-pay-idUKKBN19625W'|'2017-06-15T23:43:00.000+03:00'
'cc36cffffb107e6ad46ddd0952fc332db5859005'|'Air bag maker Takata to file bankruptcy this month - sources'|'Japan   7:03pm BST Air bag maker Takata to file bankruptcy this month: sources left right FILE PHOTO: The logo of Takata Corp is seen on its display at a showroom for vehicles in Tokyo, Japan, February 9, 2017. REUTERS/Toru Hanai/File Photo 1/3 left right FILE PHOTO: A billboard advertisement of Takata Corp is pictured in Tokyo September 17, 2014. REUTERS/Toru Hanai/File Photo 2/3 left right The logo of Takata Corp is seen on its display at a showroom for vehicles in Tokyo, Japan, February 9, 2017. REUTERS/Toru Hanai 3/3 NEW YORK Japanese air bag maker Takata Corp ( 7312.T ) is preparing to file for bankruptcy as early as next week as it works toward a preliminary deal for financial backing with U.S. auto parts maker Key Safety Systems Inc, people familiar with the matter said on Thursday. Takata, one of the world''s biggest automotive suppliers, has been working on finalizing a deal with Key as it faces billions in liabilities stemming from defective air bag inflators, the people said. The people, who asked for anonymity because they were not authorized to speak with the media, cautioned that a deal with Key may not be reached before Takata files for bankruptcy. The company plans to begin proceedings in both the United States and Japan, the people said. Takata declined to comment. Key did not immediately respond to a request for comment. (Reporting by Jessica DiNapoli in New York and David Shepardson in Washington; Editing by Tom Brown)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-takata-bankruptcy-idUKKBN1962HW'|'2017-06-16T02:03:00.000+03:00'
'c6b47c4eae7f73541b9fa15df6098ec41dd365dd'|'Nike to cut 2 percent of workforce, eliminate shoe styles'|'By Siddharth Cavale Nike Inc said on Thursday it would cut about 2 percent of its global workforce and eliminate a quarter of its shoe styles as it looks to become nimbler in the face of intensifying competition and fast-changing consumer trends.Nike said it would reduce the number of its business segments to four from six as part of the initiative, being rolled out at a time the company is battling for market share in North America with a resurgent Adidas AG and a fast-growing Under Armour Inc.Shares of the world''s No.1 shoemaker were down 2.7 percent at $53.59 in early trading, making them the biggest percentage loser on the Dow Jones Industrial Average.Under the plan, called "Consumer Direct Offense", Nike will concentrate on 12 key cities in 10 countries, which are expected to represent over 80 percent of its projected growth through 2020. These cities include New York, Berlin, Paris and Barcelona.The company also said it would focus on newer styles, such as ZoomX, Air VaporMax and Nike React, and on categories with high growth potential, including running, basketball and soccer.While Nike still holds a 50 percent share of the U.S. market, Adidas'' retro Superstar shoes toppled Nike last year to become the top-selling sneakers in the United States. Nike''s shoes had held the position for more than a decade.To double the speed of its innovations, the sporstwear company also laid out plans to cut the time it takes to create products by half.Trevor Edwards, the president of the Nike brand, will lead the initiative, which also involves making several changes to its leadership structure, the company said.Starting in fiscal 2018, Nike will report results based on four new operating segments: North America, Europe, Middle East and Africa, Greater China, and Asia Pacific and Latin America.Previously the company reported results for six units that included Western Europe, Central & Eastern Europe, and Japan and emerging markets as separate units.As part of the organizational changes, about 1,400 employees are expected to lose their jobs. Nike had 70,700 employees as of May 31, 2016.(Reporting by Siddharth Cavale in Bengaluru; Editing by Sai Sachin Ravikumar and Saumyadeb Chakrabarty)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/nike-restructuring-idINKBN19628I'|'2017-06-15T14:08:00.000+03:00'
'546fb0727f5016d4cd7af4eec5b4c8342e3b6129'|'Ghana names Stanchart, Fidelity to arrange 10 billion cedi bond'|'ACCRA, June 15 Ghana named Standard Chartered Bank and local lender Fidelity as lead managers for a 10 billion cedi ($2.27 billion) local bond to clear debts owed by public sector energy utilities, the Finance Ministry said on Thursday.The government of President Nana Akufo-Addo inherited the arrears when it took office in January and said it was considering issuing the debt with a 15-year maturity.It gave no date for the sale but said some proceeds would refinance debt owed to banks and bulk oil distributing companies. It said the two banks were chosen from 10 applicants which responded to the government''s call for proposals.Ghana, which exports cocoa, gold and oil, is following a three-year deal with the International Monetary Fund to restore fiscal balance and narrow the public debt, which stood at 62.5 percent of gross domestic product at the end of March.($1 = 4.3995 Ghanaian cedis) (Reporting by Kwasi Kpodo; Editing by Matthew Mpoke Bigg and Edmund Blair)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/ghana-bond-idINL8N1JC585'|'2017-06-15T16:22:00.000+03:00'
'a954bbd9ec449171ba61927c81beb5341f6833e9'|'Verizon to incur $500 million in pre-tax costs from Yahoo deal'|'Verizon Communications Inc ( VZ.N ) said on Thursday it expected to incur about $500 million in pre-tax expenses in the second quarter as a result of its $4.48 billion purchase of Yahoo Inc''s ( YHOO.O ) core business.The expenses are related to severance payments, acquisition and integration, Verizon said in a regulatory filing. bit.ly/2sDnZv7Verizon also said it expected to save over $1 billion in operating costs through 2020 as a result of the Yahoo deal, which closed on Tuesday.(Reporting by Anya George Tharakan in Bengaluru; Editing by Sai Sachin Ravikumar)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-yahoo-m-a-verizon-idINKBN1961WI'|'2017-06-15T12:34:00.000+03:00'
'505c98216d70fd4cad4aa82f29e9e62d19525c9c'|'Deutsche Bank outlines organisation of revamped investment bank'|'FRANKFURT Deutsche Bank ( DBKGn.DE ) has outlined clearly differentiated roles for the co-heads of its revamped investment bank to make it more efficient and is also creating a new global markets division.In an email to employees on Wednesday, Deutsche Bank said it wanted to reduce bureaucracy and simplify the organization, which would in turn lead to substantial cost savings this year.Marcus Schenck and Garth Ritchie, named this year to lead the reorganized corporate and investment bank, outlined in the email how they would split their duties.Germany''s largest lender has been trying to regain its footing after a series of scandals, lawsuits and bets that went wrong pushed it to the brink of collapse last year.The memo said Schenck would concentrate on clients, overseeing corporate finance, global capital markets, and the bank''s institutional client group.Ritchie will focus on products and processes, supervising equities, fixed income and currencies, global transaction banking, electronic trading, listed derivatives and clearing, research and the division''s technology and operations.The new global capital markets division announced in the memo will be jointly headed by Alexander von zur Muehlen in Frankfurt and Mark Fedorcik in New York.Schenck and Ritchie said the changes would take effect on July 1, when Schenck moves to the corporate and investment bank full time after serving as Deutsche''s chief financial officer.Bloomberg News first reported the details of the memo.Earlier this year, Deutsche Bank said it would combine its divisions for markets, corporate finance and global transaction banking into a single corporate and investment bank (CIB) as part of a broader restructuring of Germany''s biggest lender.In the memo, Schenck and Ritchie said the executive committee of the corporate and investment bank (CIB) had asked a special team "to reduce bureaucracy and complexity, which will achieve substantial cost savings in 2017.""Their success will directly affect CIB''s 2017 profitability and compensation program," the email said. "We ask you to support them as they implement changes."Deutsche Bank transformed itself into a major player on Wall Street over the past two decades, but bets that backfired and a series of scandals resulted in a litigation bill of 15 billion euros ($16.8 billion) since 2009.While rivals spent the years since the 2008 collapse of Lehman Brothers cleaning up and finding new business models, Deutsche Bank did not restructure as quickly as others and was hit by a series of lawsuits over its conduct.The bank has settled its most painful litigation cases, including the alleged manipulation of interest rates and sham equities trading in Russia, which surfaced as late as 2015.At the end of last year it finally settled with the U.S. Department of Justice for misselling toxic mortgages, agreeing to pay $7.2 billion.($1 = 0.8938 euros)(Editing by David Clarke)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-deutsche-bank-roles-idUSKBN19610N'|'2017-06-15T17:46:00.000+03:00'
'591ad115c503f659c2c0c13f5ec966cdf55abae3'|'Election means ''new game'' of Brexit negotiations for the City'|'By Anjuli Davies and Andrew MacAskill - LONDON LONDON Large banks are planning to step up their lobbying of the British government as they sense an opportunity to change its priorities in the upcoming Brexit negotiations, John McFarlane, who chairs the UK''s main financial lobby group, told Reuters.Prime Minister Theresa May''s shock loss of her parliamentary majority in last week''s election increases the likelihood the government will listen to calls to retain some British access to the European Union''s single market, said McFarlane, who is chairman of Barclays as well as TheCityUK."I do think it is a new game because it''s a new political landscape and different political influences," McFarlane said in an interview in his office at the Barclays headquarters in the capital''s modern Canary Wharf financial district.He said financial firms may look to engage with a wider array of political actors such as the Scottish Conservatives, who are pushing for the economy to be at the heart of the government''s strategy for Brexit, as well as an emboldened Treasury.Business leaders complained before the election that they felt excluded from the Brexit decision-making process and accused the government of pursuing anti-business policies, including pledges to cap immigration and leave the single market.McFarlane said although the chances of a so-called softer Brexit, including a staggered exit from the EU and more relaxed immigration controls, have increased, so too have the chances of a chaotic Brexit because Britain now has a minority government."The hope has risen, but I also think the difficulty has risen," he said. "We don''t know who is calling the shots, where is the political power between the ministries and the other parties."McFarlane said the idea of Britain''s main political parties engaging in cross-party talks to forge a common approach on Brexit, discussed in recent days, is workable."After the war Britain was rebuilt with an all-party coalition," he said. "We have done it before on important matters and this is an important matter."When asked if he thought it was possible that Britain could remain in the single market, he said "it has opened up all sorts of possibilities" and that if a referendum on whether to stay in the EU was held today it may produce a different result.Although McFarlane is chairman of one of Britain''s largest companies and the most powerful financial services lobby group, he said he had never met May and described the levels of engagement with business under the last government as "weak.""You can''t ignore them (business), a major slug of the economy, where the wealth is created," he said.By contrast McFarlane praised the performance of opposition Labour Party leader Jeremy Corbyn, a veteran socialist, saying his election campaign was "bang on".He said the surge in support for left-wing policies meant businesses would need to work on how they interact with this support base."Business also needs to have a societal tone to it because ordinary people have spoken out and they are finding it hard," he said. "That is who is calling the shots at the moment".British finance minister Philip Hammond has the chance to revive his calls for a more business-friendly exit from the EU when he addresses an annual gathering of London''s financial elite later on Thursday.McFarlane said much of the finance industry''s lobbying remains focused on convincing European officials that they should give financial services a special deal to continue to operate unrestricted across the single market.The election of Emmanuel Macron as French president, a deeply pro-European figure, was largely seen as a reinforcement of the European project and that may make it harder to get a deal as in order to prevent further disintegration of the bloc, Britain would need to be punished for exiting, he said.He said banks need to focus on achieving an outcome that will help the economies in Britain and the EU."There is this foundation for this meeting of minds here if people are sensible," he said.(Editing by Adrian Croft)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/britain-eu-banks-idINKBN1960SG'|'2017-06-15T16:28:00.000+03:00'
'cba03ae8b04b064018f18d58cd247a61b138216a'|'Deutsche Bank outlines organisation of revamped investment bank'|' 18pm IST Deutsche Bank outlines organisation of revamped investment bank The logo of Deutsche Bank is seen at its headquarters ahead of the bank''s annual general meeting in Frankfurt, Germany May 18, 2017. REUTERS/Ralph Orlowski/Files By Tom Sims - FRANKFURT FRANKFURT Deutsche Bank has outlined clearly differentiated roles for the co-heads of its revamped investment bank to make it more efficient and is also creating a new global markets division. In an email to employees on Wednesday, Deutsche Bank said it wanted to reduce bureaucracy and simplify the organisation, which would in turn lead to substantial cost savings this year. Marcus Schenck and Garth Ritchie, named this year to lead the reorganised corporate and investment bank, outlined in the email how they would split their duties. Germany''s largest lender has been trying to regain its footing after a series of scandals, lawsuits and bets that went wrong pushed it to the brink of collapse last year. The memo said Schenck would concentrate on clients, overseeing corporate finance, global capital markets, and the bank''s institutional client group. Ritchie will focus on products and processes, supervising equities, fixed income and currencies, global transaction banking, electronic trading, listed derivatives and clearing, research and the division''s technology and operations. The new global capital markets division announced in the memo will be jointly headed by Alexander von zur Muehlen in Frankfurt and Mark Fedorcik in New York. Schenck and Ritchie said the changes would take effect on July 1, when Schenck moves to the corporate and investment bank full time after serving as Deutsche''s chief financial officer. Bloomberg News first reported the details of the memo. Earlier this year, Deutsche Bank said it would combine its divisions for markets, corporate finance and global transaction banking into a single corporate and investment bank (CIB) as part of a broader restructuring of Germany''s biggest lender. In the memo, Schenck and Ritchie said the executive committee of the corporate and investment bank (CIB) had asked a special team "to reduce bureaucracy and complexity, which will achieve substantial cost savings in 2017." "Their success will directly affect CIB''s 2017 profitability and compensation programme," the email said. "We ask you to support them as they implement changes." Deutsche Bank transformed itself into a major player on Wall Street over the past two decades, but bets that backfired and a series of scandals resulted in a litigation bill of 15 billion euros ($16.8 billion) since 2009. While rivals spent the years since the 2008 collapse of Lehman Brothers cleaning up and finding new business models, Deutsche Bank did not restructure as quickly as others and was hit by a series of lawsuits over its conduct. The bank has settled its most painful litigation cases, including the alleged manipulation of interest rates and sham equities trading in Russia, which surfaced as late as 2015. At the end of last year it finally settled with the U.S. Department of Justice for misselling toxic mortgages, agreeing to pay $7.2 billion. ($1 = 0.8938 euros)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/deutsche-bank-roles-idINKBN19610Q'|'2017-06-15T17:48:00.000+03:00'
'70694c67c1f23f406d890420f446a11fb22b67a8'|'China''s Yida interested in Italy''s supermarket chain Esselunga - paper'|'Financials - Thu Jun 15, 2017 - 1:44am EDT China''s Yida interested in Italy''s supermarket chain Esselunga - paper MILAN, June 15 Chinese Group Yida International Investment has formally expressed interest in Esselunga, Italy''s fourth-largest supermarket chain, Italian daily la Repubblica reported on Thursday. * Offer for supermarket chain amounts to 7.5 billion euros, higher than a valuation of 4 billion euros to 6 billion euros made by private equity funds Blackstone and CVC Capital Partners in September, ahead of the death of 90-year old founder and owner Bernardo Caprotti * Offer unexpected by current owners of Esselunga, Caprotti''s second wife Giuliana Albrera and their daughter Marina Caprotti, the latter interested in maintaining ownership of the group and managing it under current chief executive, Carlo Salza (Reporting by Giulia Segreti) '|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/italy-esselunga-yida-idUSL8N1JC0H1'|'2017-06-15T09:44:00.000+03:00'
'ec6559036c18c1299f473fc40f41207d3fba2c90'|'MOVES-Barclays hires ex-Goldman trader Anche for quant role'|'Market News   7:59am EDT MOVES-Barclays hires ex-Goldman trader Anche for quant role By Steve Slater LONDON, June 15 (IFR) - Barclays has hired Asita Anche, a former Goldman Sachs trader, to a new position as head of cross-asset quantitative trading, a person close to the matter said. Anche will be based in London and join as a managing director in the markets business in July, the source said. Barclays has said it will selectively hire in its investment bank as part of a push by Tim Throsby, the new head of Barclays International, which includes the investment bank, to increase revenues. (Reporting by Steve Slater) FOREX-Sterling surges after BoE vote swing, Fed expectations lift dollar LONDON, June 15 Sterling surged over a full cent on Thursday following signs of a shift in the Bank of England''s stance on keeping UK interest rates at record lows, while the Federal Reserve''s sticking to expectations of further rises lifted the dollar. No need for EU mandate to negotiate Nord Stream 2-Merkel BERLIN, June 15 German Chancellor Angela Merkel said on Thursday she saw no need for a separate mandate for the European Commission to negotiate with Russia over its objection to the divisive Nord Stream 2 pipeline project to pump more Russian gas to Europe. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/moves-barclays-hires-ex-goldman-trader-a-idUSL8N1JC335'|'2017-06-15T19:59:00.000+03:00'
'1c0c17c576e8c21ba12510b732d85dd6fd7ba5c2'|'LPC: J. Crew nears amendment for debt restructuring after Canyon turnover'|'By Andrew Berlin - NEW YORK NEW YORK J. Crew is nearing the threshold needed to approve the credit agreement amendment it is seeking that would dissolve a lender lawsuit aimed at blocking the transfer of intellectual property to an affiliated company, after Canyon Partners sold a US$100m chunk of the loan on Wednesday, a source close to the matter said.The U.S. fashion retailer, facing a total debt load of US$2.1bn, asked creditors to agree to an out-of-court restructuring that would extend the maturity on bonds to 2021, which would give J. Crew more time to turn around its business and boost declining sales.Canyon had been part of a group of lenders led by Eaton Vance that is attempting to block the amendment.The trade, conducted via JP Morgan, was evenly split between GSO Capital Partners and Anchorage Capital Group, supporters of the amendment given significant crossholdings in the company’s US$566.5m 7.75%/8.5% PIK toggle notes due 2019 and 28% ownership of the loan.Accounting for the sales, the company now has consents from lenders representing an amount of the loan in the high 40%-area, the source said. The amendment requires a simple majority for approval.Meanwhile, the company has brought in UBS to work alongside restructuring advisor Lazard to help seal the deal, which includes an exchange offer that was launched on June 12 with the amendment, the source said.The exchange calls for holders of J. Crew’s PIK notes due 2019 to swap into US$250m of new 13% secured notes due 2021 backed by the entity that owns the intellectual property, as well as preferred and common stock. The transaction is conditional upon 95% of bondholders tendering. At launch, the company said a group - including GSO and Anchorage - that holds 68% of the bonds had signed off on the deal.Lenders to the US$1.5bn loan, which priced at 300bp over Libor with a 1% floor and is due 2021, are offered a US$150m paydown as well as a 22bp increase on the loan coupon and accelerated amortization of 2.5% in the third year after the amendment becomes effective and 1.5% thereafter. Certain covenants in the loan will also be tightened.The paydown will be financed in part with a US$30m incremental term loan backstopped by J. Crew sponsor TPG Capital, and US$97m of additional secured notes, which have already been sold, the source said.Amendment signatures are due by 5 p.m. Friday to agent Wilmington Trust. The exchange offer expires on July 10.Spokespeople for J Crew, Anchorage, GSO, Eaton Vance, Lazard, UBS, TPG, Canyon and JP Morgan did not respond to inquiries by press time.(Reporting by Andrew Berlin; Editing By Chris Mangham and Jon Methven)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-jcrew-amendment-idINKBN1962IX'|'2017-06-15T16:03:00.000+03:00'
'ec5a8076dcb1c36b01746851f70eaa7804a1a56e'|'Snap''s share price sinks, trades just above IPO price'|'Top News - Thu Jun 15, 2017 - 5:41pm BST Snap''s share price sinks, trades just above IPO price A woman stands in front of the logo of Snap Inc. on the floor of the New York Stock Exchange (NYSE) while waiting for Snap Inc. to post their IPO, in New York City, NY, U.S. March 2, 2017. REUTERS/Lucas Jackson By Noel Randewich - SAN FRANCISCO SAN FRANCISCO Snap Inc''s ( SNAP.N )''s share price fell 3.4 percent on Thursday and was in danger of falling below its initial public offering price, highlighting investors'' loss of confidence in the social media company that faces fierce competition from Facebook. Shares of the owner of Snapchat - a mobile app that allows users to capture video and pictures that self-destruct after a few seconds - traded at $17.30, just above the $17-price in its March initial public offering that was the hottest U.S. technology listing in years. The stock traded as high as $29.44 in the days immediately after its market debut but has since declined. Thursday''s price was the lowest since the IPO. Snapchat is popular among people under 30 who enjoy applying bunny faces and vomiting rainbows onto their selfies, but many on Wall Street are critical of its high valuation, slowing user growth and lack of profitability. Snap has warned it may never become profitable. Those worries increased after Snap''s first quarterly report in May showed declining revenue expansion, disappointing investors who had hoped the company would surprise them with big numbers. Dipping below an IPO price is seen on Wall Street as a setback to be avoided by chief executives and their underwriters, but it is not uncommon for Silicon Valley companies whose market listings have been massively hyped to investors. Alibaba ( BABA.N ) ducked below its IPO price 233 days after its stock market debut while Facebook ( FB.O ) dipped below its IPO price in its second day of trading. Facebook is now up nearly 300 percent from its IPO. On June 5, one of the underwriters in Snap''s IPO, JPMorgan, cut its price target on the stock by $2 to $18. Underwriters Deutsche Bank and Barclays cut their price targets in May. Adding to potential pressure on Snap, some insiders in the company''s IPO will be free to sell their shares at the end of July, increasing the supply available to short sellers. (Reporting by Noel Randewich; Editing by Bernadette Baum)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-snap-stocks-idUKKBN1962B8'|'2017-06-16T00:41:00.000+03:00'
'18d22b7eb3466575aa5bb626e8981d69518603e1'|'Brazil watchdog wants out of Oi reorganization, paper says'|'SAO PAULO, June 14 Brazil telecommunications industry watchdog Anatel has asked a bankruptcy court to exclude the 11 billion reais ($3.3 billion) in debt it is owed by phone carrier Oi SA from the purview of the carrier''s in-court reorganization plan, O Estado de S. Paulo said on Wednesday. Anatel President Juarez Quadros told Estado that the request had been presented to the judge in charge of Oi''s bankruptcy protection case last Friday. The debt corresponds to back fines and levies that Oi failed to honor before filing for creditor protection on June 20 last year.According to Estado, Quadros said excluding the Anatel debt from the Oi process will prevent the agency from accepting losses that often go north of 70 percent in similar cases.Oi Chief Executive Officer Marco Schroeder told Reuters on June 9 that he will present an amended restructuring plan this month and put it to vote at an assembly of creditors by around September.Anatel did not immediately confirm Quadros'' comments.Oi''s reorganization process, which began almost a year ago and remains Brazil''s largest bankruptcy protection case to date, has been marked by a series of disputes between creditors and shareholders over the fate of Brazil''s No. 4 wireless carrier.Anatel has repeatedly threatened to take the carrier''s licenses over should Oi stakeholders fail to reach an agreement.($1 = 3.3157 reais) (Reporting by Guillermo Parra-Bernal; Editing by W Simon)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/oi-sa-restructuring-idINL1N1JB0GJ'|'2017-06-14T10:55:00.000+03:00'
'11257ebb10ef407290495622d086ff3001f44e73'|'Mulberry''s annual profit up 21 percent on new products, online gains'|'Business  48am BST Mulberry''s annual profit up 21 percent on new products, online gains A model presents a creation at the Mulberry catwalk show during London Fashion Week in London, Britain February 19, 2017. REUTERS/Neil Hall LONDON British luxury brand Mulberry reported a 21 percent rise in annual profit, benefiting from well received new products and increased online sales. The company, best known for its leather handbags, said on Wednesday it made a pretax profit of 7.5 million pounds in the year to March 31, up from 6.2 million pounds in 2015-16, on revenue up 8 percent to 168.1 million pounds. Sales from digital channels increased 19 percent to represent 15 percent of group revenue, while new products such as the "Zipped Bayswater" handbag gained momentum. "During the year we have made good progress. Our sales and profits are growing, enhancing our strong cash position," said Chief Executive Thierry Andretta. Mulberry said like-for-like retail sales were up 1 percent in the 10 weeks to June 3, with UK like-for-like sales up 2 percent. It said the UK continued to benefit from an increase in tourist spending in London, although domestic demand has been softer. Shares in Mulberry, up 9 percent over the last year, were down 2 percent at 1,108 pence at 0713 GMT, valuing the business at 670.5 million pounds. (Reporting by James Davey; Editing by Susan Fenton)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-mulberry-group-results-idUKKBN1950Q3'|'2017-06-14T15:48:00.000+03:00'
'd4e9ab5f3ac9cfa0e93dc43c4e6131e76575cf74'|'BRIEF-Michelin to acquire Nextraq, a telematics provider, from Fleetcor'|'Market News - Wed Jun 14, 2017 - 2:34am EDT BRIEF-Michelin to acquire Nextraq, a telematics provider, from Fleetcor June 14 Michelin/Fleetcor: * Michelin announced that it has agreed to acquire FleetCor''s business NexTraq, a U.S. provider of commercial fleet telematics, in an all-cash transaction * NexTraq has 117 employees, approximately 7,000 fleet customers and 116,000 individual subscribers * "NexTraq represents a strategic acquisition that accelerates our growth in telematics with synergies that increase our scale, expand our geographic footprint and strengthen overall competitiveness in fleet management technology and services in the United States," said Ralph Dimenna, chief operating officer for Michelin Americas Truck Tires, in a statement '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-michelin-to-acquire-nextraq-a-tele-idUSASM000BUW'|'2017-06-14T14:34:00.000+03:00'
'9c98090e02558a4b0f84e36f578c8a5f6325a75f'|'Nikkei falls in choppy trade after weak U.S. data overshadows Fed hike'|'* Exporters, banks weak after Fed raises rates* Exporters mostly weak as yen strengthens* Nintendo jumps 3.5 pct to best level since Jan 2009By Ayai TomisawaTOKYO, June 15 Japan''s Nikkei share average fell in choppy trade on Thursday, after weak U.S. inflation data overshadowed an interest hike by the Federal Reserve.Also souring sentiment was a Washington Post report that U.S. President Donald Trump is being investigated by a special counsel for possible obstruction of justice.By midmorning, the Nikkei was down 0.6 percent at 19,762.71, after briefly flirting with positive territory earlier.The U.S. central bank raised interest rates to a range of 1.00 to 1.25 percent as expected, and gave its first clear outline on its plan to reduce its $4.2-trillion bond portfolio. Fed policy makers also signalled they were likely to raise rates once more this year.But the rate hike was overshadowed by poor inflation and retail sales data."The market is relieved that the big event has passed. But the result left the market with lots of questions after weak U.S. economic data," said Takuya Takahashi, a strategist at Daiwa Securities.Consumer prices unexpectedly fell on month in May and the annual increase in core CPI slipped to 1.7 percent, the smallest rise since May 2015, after advancing 1.9 percent in April.Retail sales fell 0.3 percent last month - the largest fall since January 2016 and way below economists'' expectations for a 0.1 percent gain."It is difficult for investors to imagine that the U.S. economy will recover from the first quarter and inflation will rise anytime soon," Daiwa''s Takahashi said.Exporters were mostly weak after the dollar dropped to an eight-week low of 108.81 yen overnight before recovering to trade at 109.56 yen.Toyota Motor Corp dropped 1.0 percent, while Honda Motor Co shed 0.5 percent.Shares of banks, which hunt for higher yielding products, also lost ground after U.S. yields fell. Mitsubishi UFJ Financial Group and Mizuho Financial Group both declined 1.4 percent.Bucking the trend was Nintendo Co, soaring 3.5 percent to 35,980, a level not seen since January 2009, extending its gains after it announced on Twitter the previous day that it would release Super Mario Odyssey for Switch on Oct. 27.The broader Topix dropped 0.5 percent to 1,583.42. (Editing by Jacqueline Wong)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/japan-stocks-midday-idINL3N1JC1FZ'|'2017-06-15T00:44:00.000+03:00'
'463f7dd48d2ea45145c7f5ff26876e3d9c443cd0'|'RPT-MIDEAST DEBT-Islamic finance industry frets as Dana Gas deems its sukuk invalid'|'(Repeats with no changes to text)* Dana says won''t redeem $700 mln of maturing sukuk* UAE firm cites evolution of Islamic finance for move* Dana proposes new instruments with lower profit rates* Industry fears sharia risk could become "toxic"* Higher costs, delays in corporate sukuk issues possibleBy Bernardo VizcainoJune 14 A decision by Abu Dhabi-listed Dana Gas to declare $700 million of its sukuk invalid has sent shivers through the Islamic finance industry, raising concern about the safety of sharia-compliant debt instruments in general.Dana said on Tuesday it had received legal advice that its sukuk, or Islamic bonds, which mature in October, were not compliant with the Islamic sharia code and had become "unlawful" in the United Arab Emirates.The firm said it would halt payments and proposed that creditors exchange the sukuk for new Islamic instruments offering profit distributions less than half those of the existing sukuk.Worryingly for the Islamic finance industry, Dana said its sukuk were unlawful "due to the evolution and continual development of Islamic financial instruments and their interpretation".This has raised the prospect that other firms with Islamic debt could justify not honouring obligations by claiming sharia-based financial standards had changed since the debt was issued.It risks hurting a growing market. Issuance of longer-dated sukuk across core markets reached $40 billion in 2016, up from about $32 billion in 2015, Standard & Poor''s said.In a conventional bond, the issuer pays bondholders interest and principal. Since interest is banned as "usury" in Islamic finance, sukuk holders are usually paid with returns from assets linked to the sukuk - in this case, Dana''s gas assets.Dana has struggled to obtain payments from its production assets in Egypt and Iraq''s Kurdistan. With a cash balance of just $298 million in March, it had been expected to have difficulty redeeming its sukuk in October.Nick Firoozye, a managing director at Nomura International in London, said Dana''s case appeared to be the first time that a company under financial pressure had used uncertainty over sharia compliance in this way."The possibility that companies could by whim choose to restructure un-compliant sukuk whenever there is some credit deterioration, based on their own newly strict interpretations, sets a terrible precedent," he said.Mohammed Khnifer, a senior associate at Jeddah-based Islamic Development Bank, said: "This specific sharia compliance risk is unprecedented. This incident has startled our Islamic finance industry."Some holders of the Dana sukuk contacted by Reuters said they hoped a committee of creditors would resist Dana''s action, on the grounds that the sukuk were declared valid when issued four years ago.One person with knowledge of the case said the mudaraba structure which Dana used for its sukuk, while once common, had been superseded in the industry by other structures such as ijara, an Islamic form of leasing. Mudaraba is a type of investment management partnership."Dana is keen to engage constructively with sukuk holders to reach a consensual agreement," the person said.SHIFTING INTERPRETATIONSOne characteristic of Islamic finance is that there is a wide range of opinions about what is sharia-compliant among the scholars who design instruments and advise investors what is permissible to buy.For example, an instrument commonly accepted in Malaysia might be viewed with suspicion by Gulf Arab issuers and investors. And views can change over time: a common practice called commodity murabaha has been increasingly criticised by scholars in the last few years.Prices of other corporate sukuk in the Gulf did not appear to react to Dana''s announcement. But Firoozye, a specialist in structured and fixed income products, said several sukuk might eventually trade based on the possibility that their sharia-compliance could be questioned."Sharia risk leading to an excuse for write-downs means sharia risk is now truly toxic," he said.Investors could demand higher yields from corporate sukuk to compensate for the risk, and structuring sukuk to limit risk may become more time-consuming and expensive. Khnifer said investors might seek peace of mind by obtaining multiple fatwas, or religious rulings, from several banks endorsing a single sukuk.Dana has applied to a UAE court to have its sukuk declared invalid. Resolving the case could take many months. The firm said the first UAE court hearing would be on Dec. 25 and in the meantime it had obtained an injunction blocking claims on it.A source with direct knowledge of its position said Dana would argue its existing sukuk were invalid since the repurchase price was fixed in advance, while coupon payments were decided with an interest-based calculation and paid regardless of the firm''s performance.If those arguments where applied elsewhere, almost all other publicly issued sukuk would be deemed non-compliant, said Khalid Howladar, managing director of Dubai-based Acreditus Advisors.He saw some similarities to a legal dispute in 2009 between Kuwait''s The Investment Dar (TID) and Lebanon''s Blom Bank.TID argued in an English court that an Islamic financial contract into which it had entered was void because it was not sharia-compliant in the first place. The court set aside that argument and viewed the transaction on its contractual terms.That case may be relevant for Dana because Dana''s sukuk are governed by English law, while the gas production assets behind the sukuk fall under UAE law, according to its prospectus."It remains to be seen whether applying sharia non-compliance as a legitimate restructuring driver is successful in this case," said Howladar. "In TID''s case it was not, and the industry was spared an unpleasant trial." (Additional reporting by Davide Barbuscia in Dubai; Editing by Andrew Torchia and Edmund Blair)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/dana-gas-sukuk-idINL8N1JB5F9'|'2017-06-15T04:00:00.000+03:00'
'4a4977f6e0d8f6af16b3f6911f0b4ff998412e92'|'Western Digital seeks injunction to block Toshiba chip business transfer'|'Business News - Thu Jun 15, 2017 - 5:59am BST Western Digital seeks court injunction to block sale of Toshiba chip unit FILE PHOTO: A Western Digital office building is shown in Irvine, California, U.S., January 24, 2017. REUTERS/Mike Blake/File Photo By Makiko Yamazaki - TOKYO TOKYO Western Digital Corp has sought a court injunction to prevent Toshiba Corp from selling its chip business without the U.S. firm''s consent - a move that threatens to throw the fiercely contested auction into disarray. The escalation in the spat between Western Digital, which jointly operates Toshiba''s main chip plant, and its business partner follows tense last-minute jockeying by suitors for the world''s second-biggest producer of NAND semiconductors. According to a person familiar with the matter, the California-based firm has been left out of a new Japan government-led group being formed to bid for the unit. Toshiba''s "attempts to circumvent our contractual rights have left us with no choice but to take this action," Western Digital''s Chief Executive Steve Milligan said in a statement. "Left unchecked, Toshiba would pursue a course that clearly violates these rights," he added. Western Digital has filed its suit with the Superior Court of California, seeking an injunction until its arbitration case against Toshiba is heard. It is concerned about how Toshiba, the Japanese government and other stakeholders are handling the auction process, a second source said. The second source added it had submitted a revised bid on Wednesday that satisfies Toshiba''s requests on deal certainty and price but did not receive a favourable response. Toshiba has demanded at least 2 trillion yen (14.1 billion pounds) for the unit. Sources declined to be identified due to the sensitivity of the negotiations concerning the auction. Toshiba said in a statement that it was proceeding with selecting a preferred bidder for its memory unit by the second half of June as planned and hoped to reach a definitive agreement on a sale by June 28. Toshiba wants to complete the deal as quickly as possible to help cover billions of dollars in cost overruns at its now-bankrupt Westinghouse nuclear unit and to dig itself out negative shareholders'' equity that could lead to a delisting. Satoru Oyama, senior principal analyst at research firm IHS, said Western Digital''s argument made sense from a common-sense point of view and that developments were moving towards a worst-case scenario for the Japanese company. "Toshiba has more to lose in the dispute because it is running out of time," he said. "Toshiba and Western Digital eventually have to talk. They cannot afford to keep fighting when Samsung is taking advantage of the NAND market boom and investing massively." A third source familiar with the matter said Western Digital expects to get a ruling on its injunction request by mid-July and that arbitration cases generally take 16-24 months to resolve. A state-backed fund, the Innovation Network Corp of Japan (INCJ), has been at the centre of trade ministry efforts to forge a successful bid that will keep the highly prized unit under domestic control. But the nature of its partnerships appears to be going through drastic changes compared to just last week. It has been in talks with Bain Capital and the group now includes South Korea''s SK Hynix Inc, sources have said. INCJ was, however, also part of a proposed bid tabled by Western Digital last week that also included U.S. private equity firm KKR & Co LP, other sources familiar with the matter have said. Other bidders include Foxconn, the world''s largest contract electronics maker. Foxconn, formally known as Hon Hai Precision Industry, is leading a consortium that includes Apple Inc computing giant Dell Inc and Kingston Technology Co. The highest known bid so far is one from U.S. chipmaker Broadcom and its partner, U.S. private equity firm Silver Lake. They have offered 2.2 trillion yen, sources have said. Toshiba''s shares were down 0.5 percent in afternoon trade. (Reporting by Makiko Yamazaki; Writing by Tim Kelly; Editing by Edwina Gibbs) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-toshiba-accounting-idUKKBN19602M'|'2017-06-15T08:54:00.000+03:00'
'becafb26b07bf92dc28844969da7bb81ecd8d00b'|'Nike to cut two percent of workforce, simplify organizational structure'|'Thu Jun 15, 2017 - 2:45pm BST Nike to cut 2 pct of workforce, simplify organizational structure Football - Hull City v Stoke City - Barclays Premier League - The Kingston Communications Stadium - 14/15 - 24/8/14 Nike football Mandatory Credit: Action Images / Craig Brough EDITORIAL USE ONLY. No use with unauthorized audio, video, data, fixture lists, club/league logos... Nike Inc ( NKE.N ) said on Thursday it would cut about 2 percent of its global workforce as part of efforts to simplify its organizational structure, that will bring down its business segments to four from six. The new operating segments are: North America; Europe, Middle East and Africa; Greater China; and Asia Pacific and Latin America. Nike also said it would reduce the number of its shoe styles by a quarter, focusing on key brands such as ZoomX, Air VaporMax and Nike React. Nike''s shares were down 2 percent at $53.59 in morning trading. (Reporting by Siddharth Cavale in Bengaluru; Editing by Sai Sachin Ravikumar)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-nike-restructuring-idUKKBN1961S0'|'2017-06-15T22:09:00.000+03:00'
'db16e9225ff2e8b6a852de5ba72b6a36664517b8'|'Canada''s Frontera Energy to invest $2.5 billion in Peru'|'Deals   3:03pm EDT Canada''s Frontera Energy to invest $2.5 billion in Peru LIMA Canada''s Frontera Energy Corp ( FEC.TO ) plans to invest $2.5 billion in oil and gas exploration and production in Peru, the company said in a statement on Thursday. The company, known as Pacific Exploration & Production before a name change earlier this week, said it has had a presence in Peru since 2001. (Reporting by Marco Aquino; Writing by Luc Cohen; Editing by Phil Berlowitz)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-frontera-energy-peru-idUSKBN1962NW'|'2017-06-16T03:02:00.000+03:00'
'be2ca27ccb8ebc4263a50451e87bf2d16e4815df'|'Teck forecasts drop in quarterly price for steelmaking coal'|' 33pm EDT Teck forecasts drop in quarterly price for steelmaking coal Teck Resources Ltd ( TECKb.TO ) on Thursday forecast a drop in its average realized price from sale of steelmaking coal for the second quarter, sending its shares down nearly 4 percent in late afternoon trading. The Canadian miner expects average realized price to be between $160 and $165 per tonne, much lower than the $190 benchmark price set by the company for the second quarter and $213 per tonne realized in the previous quarter. "After steel mills filled their prompt requirements immediately following the Queensland cyclone, there were very few prime hard coking coal spot sales during the four week period from mid-April," the company said in a statement. The company also expects the sales volumes to be in the range of 6.8 million to 7 million tonnes in the second quarter compared with the previous forecast of 6.8 million tonnes. (Reporting by John Benny in Bengaluru; Editing by Arun Koyyur)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-teck-resources-pricing-idUSKBN1962P6'|'2017-06-16T03:31:00.000+03:00'
'3498f2680a62c718ec8c149decc7cecc50aecb70'|'Tech sputters again, dragging Wall Street lower'|'Money News - Fri Jun 16, 2017 - 1:39am IST Tech sputters again, dragging Wall Street lower A street sign for Wall Street is seen outside the New York Stock Exchange (NYSE) in New York City, U.S., December 28, 2016. REUTERS/Andrew Kelly/File Photo NEW YORK A recent slump in technology stocks worsened on Thursday, dragging on major U.S. indexes as investors fretted about the economy''s health after the Federal Reserve lifted interest rates. The Dow Jones Industrial Average .DJI fell 14.32 points, or 0.07 percent, to 21,360.24, the S&P 500 .SPX lost 5.39 points, or 0.22 percent, to 2,432.53 and the Nasdaq Composite .IXIC dropped 29.39 points, or 0.47 percent, to 6,165.50. (Reporting by Lewis Krauskopf; Editing by Nick Zieminski)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/usa-stocks-idINKBN1961M7'|'2017-06-16T04:09:00.000+03:00'
'7f5e61094c0802107132ede61cf75a8ef2b5f9ee'|'Nestle may sell U.S. confectionery business'|'By Martinne Geller - LONDON LONDON Swiss food group Nestle ( NESN.S ) may sell its U.S. confectionery business, which has annual sales of 900 million Swiss francs ($922.23 million), it said on Thursday.The business includes brands like Butterfinger, BabyRuth, 100Grand, SkinnyCow and Raisinets."Nestle will explore strategic options for its U.S. confectionery business, including a potential sale," the company said in a statement.The review of options does not include Nestle''s Toll House baking products in the U.S. or its international confectionery business."Nestle remains fully committed to growing its leading international confectionery activities around the world, particularly its global brand KitKat," Nestle said.Nestle said its global confectionery sales were 8.8 billion Swiss francs last year.(Reporting by Martinne Geller; Editing by Ben Hirschler and Jane Merriman)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-nestle-confectionery-idINKBN19628Q'|'2017-06-15T14:23:00.000+03:00'
'f4b8b125714209dd12e8b6cdf1fd8954b93a34da'|'UPDATE 1-BHP names Ken MacKenzie as new chairman'|'(Adds details, context)SYDNEY, June 16 Mining giant BHP Billiton on Friday named former Australian packaging executive Ken MacKenzie as its next chairman.MacKenzie, 53, succeeds Jac Nasser, as of September 1 at a time when the world''s biggest miner is being challenged by activist investors to overhaul its structure.MacKenzie presided over a long-stretch of prosperity at Amcor Ltd, which makes packaging for food producers, industrial companies and pharmaceutical firms, that coincided with the end of a boom period for mining companies.Hedge fund Elliott Management has maintained a barrage of criticism against Nasser and BHP Chief Executive Andrew Mackenzie since publicly releasing a roadmap of changes it wants at the company, most notably an exit from U.S. oil and shale businesses.On Wednesday Elliott called for a board shake-up, blaming long-tenured directors for bad investments and ill-timed share buybacks.That could place MacKenzie, who joined BHP''s board just last year, in good standing with Elliott. Regarded as highly focused on capital discipline, he replaced 75 percent of Amcor''s top 80 managers in his first two years at the company.Nasser has defended the company''s $20 billion investment in shale acquisitions in 2011 against Elliott''s criticism.BHP also faces a key juncture in the Samarco mine dam liability saga in Brazil, which is due to be settled in September.A burst dam at Samarco, a joint venture between BHP and Brazil''s Vale, killed 19 people and caused the country''s worst ever environmental disaster in late 2015, when mud and waste destroyed a village and polluted the Rio Doce river.Despite being the world''s biggest mining house, BHP has a history of appointing executives from outside the sector as chairs. Since 1984 only two out of six chairmen had mining backgrounds.(Reporting by James Regan; Editing by Richard Pullin)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/bhp-billiton-chairman-idINL3N1JC5U1'|'2017-06-15T21:26:00.000+03:00'
'bd0bdfbb5c19cd4a65f319173c6806130fbf66bf'|'Global power sector emissions to peak in 2026 - report'|' 13pm BST Global power sector emissions to peak in 2026 - report LONDON Global emissions of greenhouse gases from the power sector are expected to peak in 2026, but will still be some way above levels needed to limit temperature rises in line with the Paris climate agreement, research showed on Thursday. Overall, $10.2 trillion will be invested in new global power generation between 2017 and 2040, with renewable power sources such as wind and solar accounting for almost three quarters of that, a report by Bloomberg New Energy Finance (BNEF) said. By 2040, global emissions are expected to be 4 percent below 2016''s levels, but an additional $5.3 trillion investment in renewable power would be needed by 2040 to keep rising global temperatures below 2 degrees Celsius (3.6 degrees Fahrenheit). Under the 2015 Paris deal, more than 190 countries pledged to curb greenhouse gas emissions to keep planet-warming well below 2 degrees to stave off the worst effects of climate change. The report said the costs of renewable power were expected to continue to fall, with the cost of solar tipped to fall by 66 percent by 2040. The cost of offshore wind power is forecast to fall by 71 percent by 2040, helped in part by increased competition and economies of scale from larger projects and bigger turbines. U.S. President Donald Trump said this month he would withdraw his country from the Paris Agreement, but the report said the move is unlikely to revive the U.S. coal industry. Coal-fired power generation in the United States is expected to fall by 51 percent by 2040, with a 169 percent increase in renewable power helping to fill the void. "The greening of the world''s electricity system is unstoppable, thanks to rapidly falling costs for solar and wind power, and a growing role for batteries, including those in electric vehicles," said BNEF analyst Seb Henbest, the report''s lead author. Homes and businesses with their own renewable generation sources, such as solar panels, are expected to be able to use and even sell the power they generate by storing it in batteries in their cars. Electric vehicles and their batteries are forecast to account for 12-13 percent of electricity generation by 2040 in Europe and the United States, the report said. (Reporting by Susanna Twidale; Editing by Adrian Croft)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-global-emissions-energy-idUKKBN1961HW'|'2017-06-15T20:13:00.000+03:00'
'e8a2361b6babaa8966ddaa6923c08722400cdcdb'|'Trump owes lenders at least $315 million, disclosure shows'|'Market News - Fri Jun 16, 2017 - 7:52pm EDT Trump owes lenders at least $315 million, disclosure shows By Eric Beech , Mohammad Zargham and Andy Sullivan - WASHINGTON, June 16 WASHINGTON, June 16 President Donald Trump had personal liabilities of at least $315.6 million to German, U.S. and other lenders as of mid-2017, according to a federal financial disclosure form released late on Friday by the U.S. Office of Government Ethics. Trump reported income of at least $594 million for 2016 and early 2017 and assets worth at least $1.4 billion. The 98-page disclosure document posted on the office''s website showed liabilities for Trump of at least $130 million to Deutsche Bank Trust Company Americas, a unit of German-based Deutsche Bank AG. For example, Trump disclosed a liability to Deutsche exceeding $50 million for the Old Post Office, a landmark historic property in downtown Washington that he recently redeveloped into a hotel located near the White House. Trump reported liabilities of at least $110 million to Ladder Capital, a commercial real estate lender with offices in New York, Los Angeles and Boca Raton, Florida. The largest component of Trump''s income was $115.9 million listed as golf-resort related revenues from Trump National Doral in Miami. His assets probably exceeded $1.4 billion because the disclosure form provided ranges of values. The document showed Trump held officer positions in 565 corporations or other entities before becoming U.S. president. His tenure in most of those posts ended on Jan. 19, the day before his inauguration, and in others in 2015 and 2016. Most of the entities involved were based in the United States, with a handful in Scotland, Ireland, Canada, Brazil, Bermuda and elsewhere. Trump has refused to release his tax returns, which would give a much clearer indication of his wealth and business interests. But he has submitted federal forms disclosing his and his family''s income, assets and liabilities. "President Trump welcomed the opportunity to voluntarily file his personal financial disclosure form," the White House said in a statement, adding that the form was "certified by the Office of Government Ethics pursuant to its normal procedures." An Office of Government Ethics spokesman declined to comment on the contents of the report, other than to say that it was certified by the office, which is an ethics watchdog for federal government employees. Trump released a disclosure form in May 2016 that his campaign at the time said showed his net worth was $10 billion. Some critics disputed that figure as overblown. Before taking office in January, Trump was a New York real estate developer and television celebrity. (Additional reporting by Julia Harte; Editing by Kevin Drawbaugh and Cynthia Osterman) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-trump-ethics-idUSL1N1JD1ZL'|'2017-06-17T07:52:00.000+03:00'
'7ba2488b61be77e3dbefc9a885dfea8f44863347'|'EU''s Wieser - Hope Greece can tap markets by spring 2018: ORF'|'Business   12:28pm BST EU''s Wieser - Hope Greece can tap markets by spring 2018: ORF VIENNA Thomas Wieser, the EU official who runs preparations for Eurogroup meetings, hopes Greece will be able to tap international markets for money between autumn this year and spring 2018, he told ORF radio on Saturday. Euro zone governments threw Greece another 11th-hour credit lifeline on Thursday worth $9.5 billion and sketched new detail on possible debt relief as the IMF finally offered to help out after two years of hesitation. The 8.5 billion euros of loans from the euro zone''s 18 other states lets Athens avoid defaulting on bailout repayments next month and recognises unpopular cuts and reforms the left-wing government has made. Wieser said in an interview broadcast on Saturday it was up to the Greek government to work towards attracting money that did not come from other European taxpayers. "It is my hope that it will happen from autumn 2017 or spring 2018 that foreign investors will lend their money to Greece," Wieser said. He added he was certain that such debt would be bought with a risk mark-up and at short maturities. (Reporting by Shadia Nasralla; Editing by Adrian Croft)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-eurozone-greece-idUKKBN1980DH'|'2017-06-17T19:28:00.000+03:00'
'00e9b39d4b172563c8b7a40a211cc85ed4114f43'|'CANADA STOCKS-TSX slips to new 6-month low as resource stocks slide'|'Market News  08pm EDT CANADA STOCKS-TSX slips to new 6-month low as resource stocks slide TORONTO, June 15 Canada''s main stock index fell to a new 6-month low on Thursday, tracking global markets that fell on concerns over the pace of economic growth, while the energy and materials groups were squeezed by lower prices for oil and gold. The Toronto Stock Exchange''s S&P/TSX composite index unofficially closed down 9.71 points, or 0.06 percent, at 15,160.42 after paring some earlier losses. Just three of the index''s 10 main groups ended lower. (Reporting by Fergal Smith; editing by Diane Craft)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/canada-stocks-close-idUSL1N1JC1P4'|'2017-06-16T04:08:00.000+03:00'
'3fdb7e96e0ec7acb796ff434b32e00f258ef0807'|'U.S. EPA suspected Fiat Chrysler of using ''defeat device'' in 2015'|'Environment - Fri Jun 16, 2017 - 7:38pm BST EPA suspected Fiat Chrysler of using ''defeat device'' in 2015 A specialist trader works at the post where Fiat Chrysler Automobiles is traded on the floor of the New York Stock Exchange (NYSE) in New York, U.S., March 8, 2017. REUTERS/Brendan McDermid By David Shepardson - WASHINGTON WASHINGTON The U.S. Environmental Protection Agency told Fiat Chrysler Automobiles NV ( FCAU.N ) in November 2015 it suspected some of its vehicles had at least one "defeat device" which improperly bypassed emissions controls, emails disclosed under a public records request on Friday show. The EPA and California Air Resources Board accused Fiat Chrysler in January of using undisclosed software to illegally allow excess diesel emissions in 104,000 U.S. 2014-2016 Jeep Grand Cherokees and Dodge Ram 1500 trucks. Fiat Chrysler did not immediately comment on the public records. Byron Bunker, director of the EPA''s Transportation and Air Quality compliance division, said in a January 2016 email to Fiat Chrysler obtained by Reuters under the Freedom of Information Act that he was "very concerned about the unacceptably slow pace of the efforts to understand the high NOx emissions." NOx refers to the nitrogen oxides in polluted air. Bunker''s email said the EPA had told Fiat Chrysler officials at a November 2015 meeting that at least one auxiliary emissions control device appears to violate the agency''s regulations. Mike Dahl, head of vehicle safety and regulatory compliance for Fiat Chrysler''s U.S. unit, responded in a separate email that the company was working diligently and understood EPA''s concerns. He added that if EPA declared vehicles to contain defeat devices, it would result in "potentially significant regulatory and commercial consequences." The documents redacted the vehicles named, but two officials briefed on the matter said they referred to diesel models. (Reporting by David Shepardson; Editing by Chris Reese and Richard Chang)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-fiatchrysler-emissions-epa-idUKKBN1972IH'|'2017-06-17T02:38:00.000+03:00'
'2ad161dea6db457c714aa0f46fe91c4ea1e43187'|'Uber''s open COO job in the spotlight amid leadership void'|'Technology News - Wed Jun 14, 2017 - 9:03pm EDT Uber''s open COO job in the spotlight amid leadership void The logo of Uber is seen on an iPad, during a news conference to announce Uber resumes ride-hailing service, in Taipei, Taiwan April 13, 2017. REUTERS/Tyrone Siu By Heather Somerville - SAN FRANCISCO SAN FRANCISCO With Chief Executive Travis Kalanick taking a leave of absence from Uber Technologies Inc, the vacant job of chief operating officer takes on a lot more importance as the company frames the position as key to solving its woes. Kalanick, under fire for crass behavior and fostering a culture of sexism and rule-breaking, in early March announced he was searching for a COO to help run the ride-services company. But in the months since, Uber has suffered a string of controversies and embarrassing setbacks and the job has remained unfilled - part of a leadership vacuum that extends through the company and up to the board of directors. In a report released Tuesday, former U.S. Attorney General Eric Holder and his law firm, Covington & Burling, recommended sweeping management changes at Uber in the wake of sexual harassment allegations and other scandals. The report advocates for a COO who "will act as a full partner" and run "day-to-day operations." It also calls on the board of directors to take steps to limit the CEO''s responsibilities and provide "clear lines of demarcation between" the COO and the CEO. "The way the COO job is written in the recommendations makes it a really powerful and important job," said Bradley Tusk, an Uber investor and adviser. Executive recruiters and tech investors agreed that the job might look more appealing now than it did before Tuesday''s report. Still, it remains unclear if the company can attract a top-notch leader while Kalanick retains both the CEO title and, along with two allies, voting control of the company. Kalanick said on Tuesday he was stepping aside at Uber because he needed time to grieve his recently deceased mother and work on his leadership shortcomings, according to a staff email seen by Reuters. He also said his leave "may be shorter or longer than we might expect." Such ambiguity will effect Uber''s efforts to rebuild its executive ranks, startup experts say. "The lack of clarity around Travis'' position hangs over everything," said Bill Aulet, managing director of the entrepreneurship center at the Massachusetts Institute of Technology. "You''re dealing with the most important thing, which is, who is your boss?" VACANCIES AT THE TOP In the meantime, 14 people who report to Kalanick are charged with running the company until the CEO returns or a COO is hired. The company also is without a chief financial officer, general counsel and a head of engineering, among other open positions. "We have a strong leadership team including veterans who helped make the business what it is today and new talent who are helping to drive the changes we''re committed to making," Uber said in a statement. Uber is struggling to recruit new employees and has many who are eager to leave. Ed Zschau, founder of Inductus Associates, an executive search firm for startups, said his firm has "people from Uber in the search process" for a new job, including senior-level employees. "If the board can be recomposed a bit and get the company back on track, who the COO is will be an important signal as to whether people will want to work there," Zschau said. Concerns about a lack of leadership extend to the board of directors. Holder''s recommendations, including prohibiting romantic relationships between bosses and their subordinates and drinking on the job, suggest the Uber board failed to ensure the company had even the most basic checks and balances, say experts. "The Holder report could have been written by a law student who took an introductory corporate governance course," said Erik Gordon, a technology and entrepreneurship expert at the University of Michigan''s Ross School of Business. "The board shares responsibility for the wreck." Uber retained Holder''s firm in February after a female former employee publicly accused the company of brazen sexual harassment. A wake of scandals followed, including a criminal investigation of the company''s use of technology to evade regulators, a lawsuit alleging stolen self-driving car technology and a string of allegations relating to a toxic culture. On Tuesday, David Bonderman, a founder of private equity firm TPG Capital, an Uber investor, resigned from the board after making a sexist comment about women talking too much at the Uber staff meeting convened to discuss the Holder report. The resignation leaves Uber''s board with seven voting members and four vacant seats. Unlike the boards of most big companies, Uber''s directors have little executive experience. In addition to Kalanick, the board includes co-founder and Chairman Garrett Camp, early employee Ryan Graves, venture capitalist Bill Gurley, Saudi investor Yasir al-Rumayyan and media impresaria Arianna Huffington. Wan Ling Martello, an executive vice president at Nestle, was added to the board this week as an independent director. The Holder recommendations call for a restructured board, but the recommendation to install an independent board chair was left up to the board only to consider. (Reporting by Heather Somerville; Editing by Jonathan Weber and Bill Trott) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-uber-ceo-idUSKBN1953C1'|'2017-06-15T07:45:00.000+03:00'
'a850c6b582de9ca1effdfd89889c29981d43c6a4'|'Bank of England hires Gareth Ramsay as director of communications - Telegraph'|'Business News - Mon Jun 12, 2017 - 10:39pm BST Bank of England hires Gareth Ramsay as director of communications - Telegraph FILE PHOTO: A general view shows the Bank of England in the City of London, Britain April 19, 2017. REUTERS/Hannah McKay/File Photo LONDON The Bank of England has installed Gareth Ramsay, previously in charge of producing its economic forecasts, as its director of communications, the Telegraph newspaper reported on Monday. Ramsay replaces former BBC and Reuters journalist Jenny Scott. The Bank of England declined to comment. (Reporting by Andy Bruce)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-boe-communications-idUKKBN1932K4'|'2017-06-13T05:39:00.000+03:00'
'b44a03bf0e82eb45131c4c4e4167e81691c3a889'|'LG Chem denies media report of a $6.2 billion Volkswagen battery deal'|'Deals - Tue Jun 13, 2017 - 1:31am BST LG Chem denies media report of $6.2 billion Volkswagen battery deal General view of the Volkswagen power plant in Wolfsburg, Germany September 22, 2015. REUTERS/Axel Schmidt SEOUL South Korean battery maker LG Chem Ltd ( 051910.KS ) denied on Tuesday a media report that it has signed a 7 trillion won ($6.20 billion) deal to supply electric vehicle batteries for Volkswagen AG ( VOWG_p.DE ). The DongA Ilbo newspaper reported on Tuesday that LG Chem would be the battery supplier for Volkswagen''s Modular Electric Drive project. The report did not cite any direct sources. "No contract has been agreed on," LG Chem said in a regulatory filing. The firm declined to comment on whether it was in talks with Volkswagen to supply batteries for the project named in the DongA report. Volkswagen could not be immediately reached for comment. LG Chem already supplies batteries to Volkswagen as well as other major carmakers such as General Motors Co ( GM.N ) and Renault SA ( RENA.PA ). LG''s shares were up 1.4 percent in early Tuesday trade, compared with a 0.3 percent rise for the broader market .KS11 . (Reporting by Se Young Lee and Hyunjoo Jin; Editing by Stephen Coates)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-lg-chem-volkswagen-batteries-idUKKBN19401B'|'2017-06-13T08:29:00.000+03:00'
'29f7db0effe214e675b89fc1a263e4280058c86a'|'UK competition watchdog warns Heineken and Punch over pub merger'|'Business   8:22am BST UK competition watchdog warns Heineken and Punch over pub merger Britain''s competition regulator said Heineken''s proposed takeover of Punch Taverns would face an in-depth investigation unless the Dutch brewer offers to address competition concerns around 33 pubs. Heineken and investment partner Patron Capital struck a 403 million pound deal December to buy and break up Punch Taverns, paving the way for Heineken to become Britain''s third-biggest pubs group. Britain''s Competition and Markets Authority (CMA) said it has looked at areas where pubs operated by Heineken and Punch currently compete and identified 33 locations where their pubs would not face sufficient competition after the merger, which could lead to price rises and poorer customer service. CMA said Heineken has until June 20 to offer proposals to address the concerns or face an in-depth investigation into the merger. Punch, in a separate statement, said that both companies are now putting together a plan to the regulator to address the points raised and are confident that the deal would be approved without an investigation. (Reporting by Rahul B in Bengaluru, editing by Louise Heavens)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-punch-taverns-m-a-competition-idUKKBN1940QO'|'2017-06-13T15:09:00.000+03:00'
'ac50c6af643ae6bf60dd99cd9ef986180d50e4b0'|'Indonesia has reached tax deal with Google for 2016 - finance minister'|'Technology News - Tue Jun 13, 2017 - 5:19am BST Indonesia has reached tax deal with Google for 2016: finance minister left right FILE PHOTO: A Google logo is seen in a store in Los Angeles, California, U.S., March 24, 2017. REUTERS/Lucy Nicholson/File Photo 1/2 left right Google CEO Sundar Pichai speaks on stage during the annual Google I/O developers conference in San Jose, California, U.S., May 17, 2017. REUTERS/Stephen Lam 2/2 JAKARTA Indonesia has reached a settlement with Alphabet Inc''s Google for 2016 in their dispute over taxes, the country''s finance minister said on Tuesday. "We already have an agreement with them based on 2016. But we can''t disclose the figure, that is a secret," Indonesia Finance Minister Sri Mulyani Indrawati told reporters. A senior tax official said in September that Indonesia planned to pursue Google for five years of back taxes and the company could face a bill of more than $400 million for 2015 alone if it were found to have avoided payments. (Reporting by Hidayat Setiaji; Writing by Eveline Danubrata; Editing by Edwina Gibbs) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-indonesia-google-idUKKBN1940EM'|'2017-06-13T12:13:00.000+03:00'
'9a4871a7706706bbae7bda425fcc49659f8d62db'|'N Brown says Chairman Andrew Higginson plans to step down'|'Business  40am BST N Brown says Chairman Andrew Higginson plans to step down British plus-size fashion retailer N Brown Group Plc said on Tuesday its chairman, Andrew Higginson, plans to step down. Higginson, who has served in the position for nearly five years, will be pursuing opportunities in private equity, N Brown said. Higginson, who spent 15 years as an executive director at Tesco, is also chairman of Morrisons Supermarkets Plc, and a non-executive director of Woolworths Za (South Africa), McCurrach Ltd, and the Rugby Football Union. He will remain in his position as chairman at N Brown during the search for his replacement and handover period, the company said. (Reporting by Arathy S Nair in Bengaluru; Editing by Sunil Nair)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-n-brown-chairman-idUKKBN1940OT'|'2017-06-13T14:40:00.000+03:00'
'0fa3d7aec57f764d92120fb88c9d50428e2a16a7'|'Asia stocks shake off U.S. tech slump, loonie jumps on rate hike prospect'|'By John Geddie - LONDON LONDON The prospect of the United States, the world''s largest economy, raising interest rates and shrinking its mammoth balance sheet reverberated across markets from Toronto to Beijing on Tuesday.U.S. Federal Reserve policymakers gather in Washington for their two-day meeting against the backdrop of a slide in tech stocks that serves as a warning of how tighter financial conditions may hurt sectors where valuations appear stretched.That sell-off, which centered on Wall Street, abated in Asia and Europe on Tuesday, but there were other flash points in currency and debt markets as the Fed''s next move was seen potentially influencing central banks in Canada and China.The U.S. Federal Reserve is widely expected to raise its benchmark interest rate in a decision scheduled for Wednesday and may also provide more details on its plans to shrink $4.5 trillion dollars of assets it amassed to nurse the economic recovery.The Canadian dollar hit a two-month high after a policymaker said the central bank would assess if it needs to keep rates at near-record lows as the economy grows, while the prospect of the Chinese central bank raising short-term rates has come as its yield curve inverts in a worrying sign for growth.The gap between benchmark U.S and European bond yields hit its widest in a month as the Fed meeting also shone a light on the slow pace of change in European Central Bank policy. <GVD/EUR>"If the Fed is tightening policy and embarking on a gradual normalization path, whether it is the short-term policy rates or the balance sheet, it wants the market to believe it and to adjust to it," said Frederik Ducrozet, an economist at Pictet Wealth Management."It is not just about complacency and the creation of financial bubbles...but also about its own credibility."The Bank of Japan and the Bank of England also meet this week, although no major policy changes are expected.STOCKS REBOUNDAsian and European stocks rebounded on Tuesday despite U.S. tech stocks .SPLRCT having notched up a 3.5 percent fall over the past two sessions, driven by losses at Apple ( AAPL.O ), Alphabet ( GOOGL.O ), Facebook ( FB.O ) and Microsoft ( MSFT.O ).European stocks rebounded from seven-week lows in early deals on Tuesday as shares in tech firms recovered and financials rose. .EUThe pan-European STOXX 600 <.STOXX index> was up 0.5 percent, partly recovering losses from the previous session following a brutal sell-off in tech stocks .SX8P. The tech sector was the top sectoral gainer, up 1.1 percent after posting a 3.6 percent loss on Monday.MSCI''s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS rose 0.5 percent, recouping about half of the previous session''s losses. The MSCI Asia Pacific Information Technology index .MIAP0IT00PUS steadied, after sliding 1.4 percent on Monday.Some analysts had predicted Asian tech shares would not see as intense a sell-off as their U.S. peers as their valuations were less stretched."Comparatively, valuations for the IT sector in the Asia Pacific region are less expensive compared to the U.S., which may be why we''re not seeing the situation further aggravate for a second session," said Jingyi Pan, market strategist at IG in Singapore.For Reuters Live Markets blog on European and UK stock markets see reuters://realtime/verb=Open/url=http://emea1.apps.cp.extranet.thomsonreuters.biz/cms/?pageId=livemarketsA small majority of traders in China''s financial markets think its central bank will likely raise short-term interest rates again this week if the U.S. Federal Reserve hikes its key policy rate, according to a Reuters poll.But the reaction to this in bond markets has been concerning.China''s two-year yields CN10YT=RR have in the last few sessions risen above its 10-year yields CN10YT=RR - a trend that has only happened in a few instances over the past decade and suggests investors have worries over the long-term health of the world''s second biggest economy.CANADIAN SURPRISEIn currencies, the Canadian dollar CAD= strengthened about 0.4 percent to trade at C$1.326, after gaining 1.1 percent on Monday.Monday''s comments from a Bank of Canada official was a change in tone for the central bank, which said earlier this year that rate cuts remain on the table."It feels like a long time since markets have been treated to unscheduled hints of tightening, and this was quite apparent when you saw the positive reaction of CAD crosses overnight," Matt Simpson, senior market analyst at ThinkMarkets in Melbourne, wrote in a note.Against a broad basked of trade-weighted peers, the U.S. dollar was a touch weaker. .DXYSterling recovered around 0.3 percent against the euro and the dollar, having fallen almost 3 percent slide since the first hint of UK election results on Thursday night, helped by hopes domestic politics may be inching towards a "softer" and less economically damaging Brexit. <GBP/>In commodities, oil advanced on news that Saudi Arabia would make supply cuts to customers. <O/R<Brent crude futures LCOc1 were at $48.51 per barrel at 0649 GMT, up 22 cents, or 0.5 percent, from their last close.(Additional reporting by Nichola Saminather in Singapore; Editing by Raissa Kasolowsky)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/us-global-markets-idINKBN194030'|'2017-06-13T08:44:00.000+03:00'
'55d5e7d13d607c68ef954e5c1066382ec06d1434'|'Incomes squeeze denied May a landslide – now she must change course'|'Anyone seeking an explanation for the bloody nose received by the government in the election should start with wages, prices and living standards.Sure, the Conservatives fought a terrible campaign. True, Theresa May’s shortcomings were exposed. No question, the mobilisation of young voters by Labour played a big part in the result.But the bedrock of any successful election campaign is the state of the economy and, in particular, whether or not people are becoming better off . In May 2015, when David Cameron won, real incomes were rising. Currently, as the latest inflation figures show, voters are getting poorer.Britons feel the squeeze as inflation rises to four-year high of 2.9% Read more Cameron could hardly have chosen a better moment to go to the country. In the spring of 2015, the collapse in the oil price meant the annual inflation rate was hovering around zero. Average earnings were rising by almost 3% a year, which meant living standards were increasing by a similar amount.According to the Office for National Statistics, the annual inflation rate as measured by the consumer prices index was 2.9% in May, while earnings in the three months to April were 2.1% up on the same period a year earlier. The figures for May will be released on Wednesday, but are unlikely to show much change to the recent squeeze on living standards .The upward pressure on prices initially came from a recovery in oil prices, but has subsequently been the result of the fall in the value of the pound, which has made imports dearer . For a time, UK consumers were protected from the impact of the weakness of sterling because importers were hedged against currency movements. But those hedges have now expired, leaving retailers with little choice but to raise prices .Had May won the landslide she was clearly expecting , the government would have been able to ride out this difficult period. Inflation is likely to go up a bit further, but the ONS’s separate figures for producer output prices , which measure the cost of goods leaving factory gates and provide a guide to inflationary pressure early in the pipeline, appear to have peaked. Moreover, weaker consumer spending will result in lower growth and this will eventually feed through into a fall in inflation.But May is a weakened prime minister heading a minority administration and she doesn’t have time on her side. The government has recognised that voters are unhappy about falling living standards and have had enough of cuts. Deficit reduction will now play second fiddle to the need to raise real incomes, so expect a generous uplift in the minimum wage and an easing of curbs on public sector pay as signs that the age of austerity is over.Topics Economics Inflation General election 2017 Consumer spending Austerity Theresa May comment     Reuse this content'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/2017/jun/13/incomes-theresa-may-inflation-conservatives-austerity'|'2017-06-13T22:06:00.000+03:00'
'685049d0f3a213881a3b99c5842d4495bf6e629e'|'Port bans choke Qatar''s commodity trade as gas supply worries grow'|'Business News - Tue Jun 6, 2017 - 4:26pm BST Port bans choke Qatar''s commodity trade as gas supply worries grow left Buildings are seen on a coast line in Doha, Qatar June 5, 2017. REUTERS/Stringer - 1/2 A map of Qatar is seen in this picture illustration June 5, 2017. REUTERS/Thomas White/Illustration 2/2 By Roslan Khasawneh and Oleg Vukmanovic - SINGAPORE/LONDON SINGAPORE/LONDON A campaign by leading Arab powers to isolate Qatar is disrupting trade in commodities from crude oil to metals and food, and deepening fears of a possible shock to the global gas market, where the tiny Gulf state is a major player. Just a day after Saudi Arabia and its Arab allies severed transport links with Qatar over a diplomatic row, bans on Doha''s fleet using regional ports and anchorages threatened to halt some of its exports and disrupt those of liquefied natural gas (LNG). Traders worried that Riyadh''s allies would refuse to accept LNG shipments from the Gulf state, and that Egypt might even bar tankers carrying Qatari cargoes from using the Suez Canal as they head to Europe and beyond - although Cairo is bound by an international agreement to let them use the waterway. Saudi Arabia, Egypt, the United Arab Emirates (UAE) and Bahrain severed relations with Qatar and closed their airspace to commercial flights on Monday, in the worst split between powerful Arab states in decades. U.S. President Donald Trump joined in the dispute on Tuesday, saying leaders he met on a Middle East trip had warned him that Doha was funding "radical ideology" after he had demanded they take action to stop financing militant groups. Qatar vehemently denies the accusations made against it. Qatar is now unable to load crude oil onto supertankers together with other Gulf-based grades, and price agency S&P Global Platts said it would not automatically include the country in its Middle East price benchmark. The agency noted that tankers usually combine Qatari shipments with crude from Kuwait, Saudi Arabia, the UAE and Oman before heading from the Gulf. "Restrictions on vessels calling into Qatar and associated uncertainty could impact the inherent value of crude loading from Qatar," it said. More worryingly, food imports are affected as Saudi Arabia closed its land border with Qatar, stranding thousands of trucks carrying supplies. Sources said the UAE and Saudi Arabia have already cut exports of white sugar to Qatar. Consumption is traditionally higher during the Muslim holy month of Ramadan, which is currently being observed. Qatar, which largely depends on food imports for its population of 2.5 million, has assured residents it has taken measures to assure that normal life continues. However, shoppers packed stores on Monday to stock up. On Tuesday, fresh poultry and some types of milk were in short supply at two supermarkets visited by a Reuters reporter. However, plenty of fruit and vegetables remained on the shelves. EXCLUSION ZONES With exclusion zones sweeping into effect, vessels from Qatar are no longer able to dock in the UAE or Saudi Arabia as planned. According to shipping data on Thomson Reuters Eikon, around half a dozen oil, chemical and LNG tankers have had to leave UAE waters or have halted in the open ocean. Bans on Qatar-linked oil and LNG vessels refueling at the UAE''s port of Fujairah have added to chaos, pushing shippers to find new refueling points at extra cost, industry sources said. Lying near the Strait of Hormuz, through which ships pass on their way to customers in Asia, the United States or Europe, Fujairah is one of the world''s most important ports for the global energy market. Qatar, the world''s biggest LNG seller, is moving to send a first batch of LNG tankers as far afield as Singapore and Gibraltar to refuel with Fujairah now off limits. Some trade sources said this could increase costs and delay deliveries to its clients globally. The UAE''s ban also effectively halts deliveries of LNG produced in Qatar to the Gulf state, trade sources said. Royal Dutch Shell has a deal with the Dubai Supply Authority to deliver up to three LNG cargoes per month, typically sourced from Qatar. "This shouldn''t affect the spot market though. Shell will simply need to go into its global portfolio and find LNG from elsewhere to send to Dubai. It''s a minor inconvenience," one LNG trader said. LNG traders are on high alert for signs of disruption through the Suez Canal. They are tracking the Al Ruwais LNG tanker, which is nearing the waterway and plans to become the first Qatari cargo to pass through since the row erupted. Cairo has made no official statement. However, a Suez Canal Authority official said that under an international agreement, Cairo allows all ships to pass through except for those from countries at war with Egypt. The Suez Canal does not have the power to prevent Qatari ships from passing, the official added, speaking on condition of anonymity. Any tanker barred from using the canal would have to sail around Africa, adding a month to shipping times. Such disruption could boost demand for Russian gas, just as Europe is trying to reduce its reliance on such supplies due to disputes with Moscow over its role in the Ukraine crisis. Another test will be a batch of LNG shipments of Qatari origin being brought by commodity trader Trafigura to Egypt. These are due to arrive at the country''s Ain Sokhna port over the coming days and weeks, trade sources said. Any sign that state-run importer Egyptian Natural Gas Holding would bar LNG of Qatari origin would probably push up spot prices sharply as middlemen seek alterative supplies. Last year Qatar produced 60 percent of all LNG imported by Egypt, all of which was brought in by third-party traders such as Trafigura, Glencore and Vitol. "The biggest impact will be if Egypt tries to restrict vessels coming through the canal or if they ban Qatari LNG from local ports," a trading source said. The rift has also hit aluminum exports from a Qatari plant part-owned by Norway''s Norsk Hydro ( NHY.OL ) as it has lost access to the large Jebel Ali port in the UAE, through which it typically runs exports operations. Circumventing barriers to customers in Asia, Europe and the United States will take some time, the company said, showing how the diplomatic face-off is inflicting havoc on global supply chains. (Additional reporting by Jessica Jaganathan, Mark Tay, Yousri Ahmed and Eman Kamel; Editing by Christian Schmollinger and David Stamp)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-gulf-qatar-commodities-idUKKBN18X1Y2'|'2017-06-06T23:10:00.000+03:00'
'f337891d859167ea60fbbd45452765708ba07987'|'Shorts hold fire against big tech names as U.S. sector slides'|'Market News  44pm EDT Shorts hold fire against big tech names as U.S. sector slides By Saqib Iqbal Ahmed - NEW YORK, June 15 NEW YORK, June 15 The current sell-off in U.S. technology shares has brought rare good news for short sellers, but they are not in any rush to boost their bearish bets against the shares of the biggest tech companies, data from financial analytics firm S3 Partners showed. Technology stocks fell sharply on Thursday, extending a decline from last week, as investors continued to back away from the top-performing sector this year. The slide brought much-needed relief for short sellers, who aim to make a profit by selling borrowed shares on the hope of buying them back later at a lower price. The technology sector''s 17 percent gain this year has drawn significant short bets as speculators counted on a pullback. While the sector''s first big stumble this year drew some added interest in bearish bets - the Technology Select Sector SPDR Fund drew $150 million of new short bets in the latest week - traders have largely steered clear of boosting bets against the biggest names in the sector. Through Wednesday, the cumulative short interest for a basket of six big tech stocks - Apple Inc, Alphabet Inc , Microsoft, Facebook, Amazon.com Inc and Netflix - has fallen by $1.40 billion to $30.62 billion so far in June, according to S3 Partners data. "Short interest has either stayed relatively flat or decreased for these tech stocks," said Ihor Dusaniwsky, head of research at S3 Partners. "The drop in the tech sector was due to long shareholders selling their long positions and not shorts increasing their exposure." The recent weakness in the shares of these tech titans has resulted in paper profits of $672 million for short sellers so far this month. "For the most part, short tech positions were profitable, recouping some of their year-to-date losses but (they) were not looking to build their positions," Dusaniwsky said. For the year, short sellers who targeted the six companies are still down $5.13 billion, according to S3 Partners data. (Reporting by Saqib Iqbal Ahmed; Editing by Dan Grebler)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-tech-stocks-shorts-idUSL1N1JC17A'|'2017-06-16T01:44:00.000+03:00'
'63d0c4168f86e82cf6105d156f56d833caeea80a'|'Low interest rates not sole cause of South Korea''s big household debt'|'By Cynthia Kim and Soyoung Kim South Korea''s new finance chief said rock-bottom interest rates aren''t the sole factor behind record household debt, indicating his support for the nation''s current easy money policy even as Asia''s fourth-largest economy shows signs of strengthening, propelled by robust exports.In an interview before the annual meeting of the Asian Infrastructure Investment Bank (AIIB) in South Korea this weekend, Finance Minister Kim Dong-yeon told Reuters multiple factors have contributed to soaring household debt, which now equals more than 90 percent of South Korea''s gross domestic product."It would be an exaggeration, or too strong to say that low interest rates are themselves the cause of the household debt," said Kim, formally appointed by President Moon Jae-in on June 9 as chief architect of South Korea''s economic and fiscal policies.Runaway home prices, fuelled by cheap mortgage borrowing, have raised questions over whether South Korea''s central bank may start to end its five-year easing cycle that has cut borrowing rates to a record low 1.25 percent.For the first time, the average price of a Seoul apartment in March exceeded 600 million won (418,602.6 pounds), an increase of more than 20 percent from four years earlier.Most analysts still expect the Bank of Korea to hold rates through 2017, but some traders boosted their rate hike bets on Monday after the bank''s chief said policy tightening is possible if recovery continues.The debt burden and the pace of its increase, along with concerns that higher U.S. interest rates could steepen borrowing costs in Korea, have prompted calls for policy responses.''A DELICATE ISSUE''Kim said the challenge in addressing escalating home prices is not to harm the construction sector, which grew almost five times faster than the overall economy in the first quarter."It is a delicate issue. If we go overboard (with property regulations) it could affect the economy," while insufficient responses to scorching home prices could risk market stability, Kim said.With about half of South Korea''s economy reliant on exports, Kim faces tough challenges dealing with protectionist sentiment in the United States and a row with China over security issues.China, upset over Seoul''s decision to host a U.S. missile defence system out of fear its powerful radar could see deep into Chinese territory, has banned group tours to South Korea and closed more than 70 percent of the Lotte Mart stores ( 023530.KS ) in China among a series of other boycotts and bans.[nL3N1J62TY]South Korean conglomerate Lotte Group offered an abandoned golf course in the southeastern county of Seongju to the government for deployment of the radar system.U.S. President Donald Trump, meanwhile, has threatened to either terminate or renegotiate what he called a "horrible" bilateral free trade agreement with South Korea.With Beijing, Kim plans to make use of the ongoing channels with China to resolve troubled economic ties, starting with Chinese counterpart Xiao Jie and other officials visiting South Korea this weekend.LINES OF COMMUNICATION"Marking the annual meeting of the AIIB, (China''s) finance minister is coming, which will naturally open up lines of communication, so I''ll take advantage of it actively," Kim said. He will chair the two-day meeting of the China-led fund in the southern island of Jeju.Washington has not yet approached Seoul about the Korea deal that took effect in 2012, but Kim expects there will be talks after the U.S. administration completes ongoing talks to revamp the North American Free Trade Agreement."We will closely monitor and respond to various issues the U.S. could raise," Kim said."But there is numerous evidences that shows the deal is mutually beneficial," he added, saying that any discussions will lead to a stronger bilateral trade relationship.On reviving economic cooperation with North Korea, as envisioned by the new South Korean administration, Kim made it clear that embarking on projects with Pyongyang will be difficult unless the isolated neighbour takes steps to address concerns over its nuclear and missile programmes.During his successful election campaign, Moon pledged to revive economic ties with the North, including reopening a joint industrial complex in Kaesong, just north of the border. The complex was shut by South Korea''s government in February 2016 after Pyongyang tested a long-range rocket in defiance of international sanctions.But Moon''s overture has been complicated by North Korea''s defiant pursuit of nuclear and missile programmes. It has conducted four missile tests since his election."Our basic principle is to stick to sanctions and regulations imposed by the international community," Kim said. "So it''s difficult for now to break away from those international consensus to cooperate (with the North), whatever form the effort takes."(Reporting by Cynthia Kim, Soyoung Kim and Shin-hyung Lee; Editing by Richard Borsuk)'|'reuters.com'|'http://in.reuters.com/finance/economy'|'http://in.reuters.com/article/southkorea-economy-minister-idINKBN19701T'|'2017-06-15T22:27:00.000+03:00'
'34346728e416d29a4a9365c306024fbbed27ecc8'|'Italy suspends Veneto Banca subordinated bond payment - government source'|'Business News   7:21pm BST Italy suspends Veneto Banca subordinated bond payment - government source FILE PHOTO: The logo of Veneto Banca bank is seen in Venice, Italy, January 31 2016. REUTERS/Alessandro Bianchi/File Photo ROME The Italian government has intervened to prevent struggling lender Veneto Banca from having to repay subordinated bonds due to mature next week, a government source said on Friday. Prime Minister Paolo Gentiloni''s cabinet approved an emergency decree to suspend the payment, which is due on June 21, the source said, after a cabinet meeting called to address the issue. The move comes as Italy races against the clock to win EU approval for a bail out of Veneto Banca and rival regional bank Banca Popolare di Vicenza, which together need 6.4 billion euros (5.47 billion pounds) in new capital while they try to offload bad debts. (Reporting by Giuseppe Fonte,; Writing by Gavin Jones; Editing by Isla Binnie)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-eurozone-banks-italy-venetobanca-decr-idUKKBN1972JO'|'2017-06-17T02:21:00.000+03:00'
'fb5824aa52df5ffe0b8b60b5998fa9c9ff29a545'|'Irish house prices not overvalued despite strong rises - central bank'|' 42am BST Irish house prices not overvalued despite strong rises - central bank DUBLIN Houses prices in Ireland are not currently overvalued despite quite strong rises in the market, the head of financial stability at the Irish central bank said on Wednesday. House prices climbed 10.5 percent in the year to the end of April, their highest annual growth rate in almost two years, amid a severe shortage of supply. They remain 31 percent below the peak hit a decade ago at the height of the property bubble. "One method we look at is the level of houses prices compared to where we think they should be at this stage. The work we have published that we will be updating suggests that house prices are not currently overvalued, albeit that price rises are quite strong," Mark Cassidy told a news conference. (Reporting by Padraic Halpin; Editing by Hugh Lawson)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-ireland-cenbank-houseprices-idUKKBN1951BM'|'2017-06-14T18:42:00.000+03:00'
'1cd50c2078353abceb0c9c5d948fa3c04780bb0b'|'Shareholders DE Shaw, M&G, Sothic say Petropavlovsk needs change'|'Business News   2:22pm BST Shareholders DE Shaw, M&G, Sothic say Petropavlovsk needs change LONDON Shareholders DE Shaw, M&G and Sothic said in a statement on Wednesday London-listed gold miner Petropavlovsk''s ( POG.L ) board needs an overhaul, but they have no intention of taking control of the company. Shareholders, including M&G and Sothic, have put forward resolutions ahead of the company''s annual general meeting next week aimed at replacing Chairman Peter Hambro, who set up the Russian-focused miner in 1994. Three shareholder advisors - PIRC, Glass Lewis and ISS have all said they recommend opposing the changes. But in a statement seen by Reuters, DE Shaw, M&G and Sothic said change was overdue. "Petropavlovsk needs a board with strong, independent directors who can support and constructively challenge management on operational, financial and strategic issues in order to return value to shareholders," it said. The three said they had no intention of taking control of Petropavlosk and were not acting under the influence of Russian conglomerate Renova, which has also demanded change. (Reporting by Carolyn Cohn and Barbara Lewis)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-petropavlovsk-agm-idUKKBN1951WK'|'2017-06-14T21:22:00.000+03:00'
'b92e978e4ad4f0abfc145562606723e2c69528aa'|'BP''s Dudley seen reigning for years to restore major''s might'|'Thu Jun 15, 2017 - 11:19am BST BP''s Dudley seen reigning for years to restore major''s might FILE PHOTO: BP''s Chief Executive Bob Dudley speaks to the media after year-end results were announced at the energy company''s headquarters in London, Britain, February 1, 2011. REUTERS/Suzanne Plunkett/File Photo By Dmitry Zhdannikov and Ron Bousso - LONDON LONDON When BP ( BP.L ) boss Bob Dudley clinched a final deal to settle litigation over the deadly Deepwater Horizon disaster, many oil industry executives and investors thought his mission was accomplished. But now, two years later, the 61-year-old is showing no sign of easing into retirement. In fact he plans to oversee an ambitious expansion plan and stay at the helm of the British oil major until at least the end of the decade, according to sources familiar with the matter. The American CEO has told his leadership team that it is in his family''s tradition to not retire until 65 - which would take him to 2020 - and that he could perhaps work even longer than that, the sources said. In another signal that there is unlikely to be a change at the top anytime soon, there has been no imminent succession planning at the firm, according to the sources, one of who said succession was "not a live project". When Dudley finally decides to go, there will no shortage of candidates to take his place, however. BP''s chief financial officer, British national Brian Gilvary, 55 and the head of upstream, Irishman Bernard Looney, 46, have been cited as possible successors. There has been persistent industry speculation about when Dudley will call time on his BP career since he struck the 2015 settlement deal under which the company agreed to pay out a total of about $60 billion over the disaster that left 11 dead and led to the largest oil spill in U.S. history. He had been made CEO in 2010 - the first American to lead BP in its 108-year-old history - to steer the company through the swathe of U.S. litigation, and the deal represented a milestone. But rather than stepping back from the fray, he has since embarked on the biggest expansion plan in a generation for BP, even in the face of a collapse in oil prices. ''SAFE HANDS'' The company has become the fastest-growing oil major in the world. It will launch seven oil and gas fields this year - more than any other year in its history - and will launch nine more before the end of the decade, adding 800,000 barrels per day (bpd) of oil and gas to its production. By 2020 the company, including its stake in Russian oil giant Rosneft ( ROSN.MM ), will be producing as much as 4 million bpd - the same as before the Deepwater Horizon spill and up from the 3 million bpd it was producing after offloading assets to cover the litigation costs. "We are firing on all cylinders," Dudley told a shareholders meeting in May as he aims to catch up with production volumes of its biggest rivals Exxon Mobil ( XOM.N ) and Royal Dutch Shell RDSa.l. Whether this strategy will prove effective in the long-term is by no means certain; BP''s large liabilities linked to Deepwater Horizon mean it requires a significantly higher oil price - than the present price and compared with rivals - to pay for its operations and dividends. A sluggish recovery in oil prices could also lead to its already high debt rising further. Rating agency Moody''s upgraded BP''s credit rating last week for the first time in 19 years while, in another sign of confidence, 97 percent of BP shareholders voted to approve Dudley''s new pay package last month. "Bob hasn''t done anything that we wouldn''t agree with so far. When times are hard and bad, I would want someone who is pretty sensible and conservative," said Rohan Murphy from Allianz, which holds BP shares. "Dudley is a safe pair of hands. He won''t do anything too maverick," Murphy added. "The recent rating upgrade shows the story hangs together." OLIGARCH BATTLE The calm and softly spoken Dudley was stress-tested more than once before getting the top job. His career included three punishing years fighting a corporate war with Russian oligarchs at the firm''s giant Russian venture TNK-BP that forced him to flee the country and go into hiding. He became BP chief executive when his predecessor Tony Hayward''s tenure ended abruptly following the explosion of the Deepwater Horizon platform in the Gulf of Mexico in 2010. Dudley was given a task of steadying the ship as BP struggled with a firestorm from the U.S. government, victims of the spill, environmental groups and shareholders. Over the next five years, the company shed more than $55 billion worth of oil fields, refineries and infrastructure to pay for the spill clean-up. BP was abandoning low-margin projects and mature markets like Venezuela or Vietnam, often getting top dollar for its sales as oil prices hovered above $100 per barrel. In retrospect, BP had unknowingly stolen a march on most of its rivals who had to embark on similar asset sales much later when crude prices began to collapse in 2014. DEBT PILE Just as BP was slowly emerging from the spill fallout, the collapse in oil prices drove it to its biggest loss ever in 2016. Like its peers, BP responded by slashing thousands of jobs and tightening budgets. The efforts bore fruit. In the first quarter of 2017, its profits tripled and its production rose to a five-year high thanks to higher production. Dudley''s team argues that this will only improve over time as the company''s strategic change of tack means it is producing more profitable oil and gas from a smaller number of fields. Another metric investors are also closely watching is BP''s debt, standing at $38.6 billion, or 28 percent of its total equity including debt - the highest figure among oil majors. That ratio is set to improve as Deepwater Horizon cash payments decline over the coming years. They amounted to about $7 billion in 2016 and $4.5 billion in 2017 but will fall to $1-$2 billion from 2018. BP can currently balance its books only at $60 per barrel, compared to $50 for most of its rivals, but that figure should also fall as Deepwater Horizon payments decline. "Bob Dudley is building something that could be very interesting in the future ... he just gets on with business and that''s what investors want," said James Laing, equities fund manager at Aberdeen Asset Management, which holds BP shares. "The dividend is still sustainable, debt levels are high but will come down, the cash breakeven has been lowered, the resource base is still increasing," he added. "It doesn''t feel like there is a lot of criticism to be made." (Writing by Dmitry Zhdannikov; Editing by Pravin Char)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-bp-ceo-idUKKBN19614U'|'2017-06-15T18:15:00.000+03:00'
'1d7e2aaab7f337be8796cede8425bfd191588dd9'|'''People can change'': ex-prisoner smashes stereotypes, one workout at a time - Business'|'Emily Wasik in New York   11.00 BST F or ex-convicts, getting back on your feet is hard. Former drug kingpin and inmate Coss Marte is on a mission to change that, with his prison-style fitness studio that opened its doors at Saks Fifth Avenue in May. In The Wellery, Saks’ 16,600 sq ft health mecca teeming with high-end designer clothes, salt rooms and meditation classes, ConBody is decked out like a jail, with cell bars, metal fences and a backdrop for taking post-workout mugshots. But this isn’t just another bourgeois boot camp plus some cute jail-striped jumpsuits. These workouts are actually taught by former inmates themselves. Marte employs 10 former prisoners, and they incorporate the same no-frills exercises Marte carried out when he was locked up in a 9ft x 6ft solitary confinement cell with nothing but a bed and a Bible. “We don’t use any equipment – just our own body weight. And we’re not just working out; we’re solving a real problem,” Marte said. How Marte got to where he is today could be mistaken for your quintessential Orange Is The New Black flashback, a show he loves: “I love the show. Obviously they exaggerate some things, but it’s TV after all. I’m addicted!” Having grown up in New York’s Lower East Side in the 1990s, Marte was peddling drugs on his very own street corner by age 12. By his late teens, he was overseeing a $2m cocaine and marijuana empire, affording him a lavish lifestyle of cars, bling and women. “I used to spend $2,000 on Louis Vuitton shirts, but I’d never do that now,” he said. Aged 20, Marte was arrested and sent to jail for seven years. After receiving a full physical upon entering jail, doctors told the then-overweight Marte that he only had five years to live because of high blood pressure and cholesterol. “I ended up becoming the Forrest Gump of the prison yard, running circuits every morning despite sneers from other inmates,” he said. In just six months, Marte lost 70lbs, and helped 20 other inmates lose 1,000lbs collectively. However, just two months before his release, an altercation with a correctional officer landed him in solitary confinement and tacked another year on to his sentence. “I was so devastated that I wrote my family a 10-page letter to them telling them to forget about me. After I finished the letter, I realized I didn’t even have a stamp to send it, so I threw the letter into the corner of the room.” A week later, he received a letter from his sister, telling him to read psalm 91 from the Bible. “As soon as I flipped to psalm 91, a stamp fell out of it. I felt chills all over my body. Then I started reading the Bible from front to back, and realized that what I had been doing with my life was affecting the lives and families of so many people. That’s when I had the lightbulb moment to start ConBody. To give back,” Marte said. And that he did. In 2014, less than a year after he was released, he opened his first ConBody studio on the same street corner he used to hustle drugs. Former convicts find it notoriously difficult to get back into the workforce. One New York City study found having a criminal record reduced the likelihood of a callback or job offer by nearly 50% (28% for applicants without a criminal record versus 15% of applicants with). Although the business has really taken off over the past three years – with the Saks opening and even being featured on Saturday Night Live on 20 May – he’s definitely come across some negative reactions too. “I tried to give a woman a high-five after a class once, saying ‘Don’t be scared. I only did six years in prison!’ She screamed, ‘Don’t touch me,’ and picked up her things and walked away.” Marte believes the whole “ex-con” stigma should be smashed, one boot camp-style slug at a time. “I’m now at Saks. This is crazy. I have tons of people supporting me and helping me along the way. People can change. This is what it’s all about. Giving people a second chance.” Today Marte speaks at conferences across the country and at schools and juvenile detention centers in the Tri-State area to deter young people from going down the road he did. Next on the horizon for ConBody is a book called ‘ConBody: Do the Time’ to be published in 2018, and a documentary film slated for release in 2019. “We’re also launching a Kickstarter campaign to raise money for the ConBody app where people will be able to book classes, buy apparel, and access workout videos,” he said. Down the line, Marte is also planning to expand his cell footprint within and beyond the concrete jungle. “I’m looking to open up on the east coast, the west coast and everything in the middle!” Topics'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/2017/jun/17/coss-marte-prison-workout-studio'|'2017-06-17T19:00:00.000+03:00'
'e221d73dafabc5fe0111f4dd16820196d65aede2'|'China''s Yida interested in Italy''s supermarket chain Esselunga - paper'|'MILAN, June 15 Chinese Group Yida International Investment has formally expressed interest in Esselunga, Italy''s fourth-largest supermarket chain, Italian daily la Repubblica reported on Thursday.* Offer for supermarket chain amounts to 7.5 billion euros, higher than a valuation of 4 billion euros to 6 billion euros made by private equity funds Blackstone and CVC Capital Partners in September, ahead of the death of 90-year old founder and owner Bernardo Caprotti* Offer unexpected by current owners of Esselunga, Caprotti''s second wife Giuliana Albrera and their daughter Marina Caprotti, the latter interested in maintaining ownership of the group and managing it under current chief executive, Carlo Salza (Reporting by Giulia Segreti)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/italy-esselunga-yida-idINL8N1JC0H1'|'2017-06-15T03:44:00.000+03:00'
'e1b5301436d6b2e8d0c09a72d697e39b733d7419'|'Chinese conglomerate HNA sues exiled tycoon Guo'|'  6:45am BST Chinese conglomerate HNA sues exiled tycoon Guo FILE PHOTO: Billionaire businessman Guo Wengui speaks during an interview in New York City, U.S., April 30, 2017. REUTERS/Brendan McDermid/File Photo BEIJING China''s HNA Group has filed a defamation lawsuit against Guo Wengui, days after it first broke its long silence over what it says were "baseless and meritless" allegations by the exiled billionaire, court documents show. The aviation-to-financial services group said Guo had injured HNA''s "business reputation arising from repeated false and defamatory statements", according to a summons filed in the New York State Supreme Court on Thursday. Guo did not respond immediately to requests for comment by Reuters, nor did he immediately mention HNA''s lawsuit on Twitter, where he often issues statements. The summons, seen by Reuters, cites allegations that "officials in China''s Communist Party and their relatives are undisclosed shareholders" in the group, and that subsidiary Hainan Airlines had allowed government officials and their relatives to use its aircraft "for purely personal reasons". HNA said in a statement posted on its website late on Thursday that Guo''s allegations had harmed its reputation and that it intended to vigorously pursue its claim. Chinese-born Guo, who lives in New York, has emerged in recent months as a political threat to the Chinese government in an acutely sensitive year, making clear that he wants to disrupt a five-yearly congress to be held this autumn. Through Twitter posts and video blogs, Guo has unleashed a deluge of corruption allegations against high-level Communist Party officials. Guo began making specific allegations against HNA in April but the group did not respond publicly until last week, when it issued a denial and threatened legal action. Guo has said he will soon make additional revelations in a scheduled live online interview with U.S.-based Chinese-language political gossip site Mingjing. Last week, he urged HNA to make good on its threat to sue. "If it''s just me speaking, that''s no good," he said in a livestreamed video. "Only their replies can prove the value and the truth of the matter. This is critical." Several other legal cases are pending against Guo. Nine Chinese creditors launched a $50 million lawsuit in New York on Tuesday to recover outstanding debts. Last week, three of Guo''s senior employees told a Chinese court he had instructed them to fraudulently obtain loans running into hundreds of millions of dollars. Guo is also being sued in New York for defamation by the chairman of property developer SOHO China, Pan Shiyi, and prominent journalist Hu Shuli. He has provided scant evidence to back up his accusations, but his standing as a former billionaire insider, and his close ties with a disgraced former senior intelligence official, have made him a centre of attention in Beijing political circles. The Chinese government requested that Interpol issue a global "red notice" for Guo''s arrest in April. (Reporting by Philip Wen and Matthew Miller; Editing by Paul Tait and Edmund Klamann)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-china-corruption-tycoon-idUKKBN1970GL'|'2017-06-16T13:45:00.000+03:00'
'e7b95934658b40fdcc4491281a698337eda4ebb7'|'Top Monitise investor Cavendish says to vote against Fiserv deal'|'LONDON, June 15 Top Monitise shareholder Cavendish Asset Management said on Thursday an offer from U.S. rival Fiserv for the British financial services technology firm was too low, and it would vote against the deal.Financial technology provider Fiserv said this week it had agreed to buy Monitise for 70 million pounds ($89.35 million). Cavendish is the biggest investor in Monetise with a 4.84 percent stake, according to Thomson Reuters data.“While the dramatic tale of a once-loved tech company falling from grace makes for good headlines, it obscures the fact that this offer is far too low," said Paul Mumford at Cavendish in emailed comments."While the directors have recommended taking the deal, I would urge all involved to review the situation." ($1 = 0.7835 pounds) (Reporting by Carolyn Cohn; editing by Simon Jessop)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/monitise-ma-fiserv-idUSL8N1JC4EV'|'2017-06-15T23:06:00.000+03:00'
'eeaf6fb8a8c53bbf105be54e2f7fb012a0a7cab9'|'Verizon to incur $500 mln in pre-tax costs from Yahoo deal'|'Market News - Thu Jun 15, 2017 - 10:21am EDT Verizon to incur $500 mln in pre-tax costs from Yahoo deal June 15 Verizon Communications Inc said on Thursday it expected to incur about $500 million in pre-tax expenses in the second quarter as a result of its $4.48 billion purchase of Yahoo Inc''s core business. The expenses are related to severance payments, acquisition and integration, Verizon said in a regulatory filing. bit.ly/2sDnZv7 Verizon also said it expected to save over $1 billion in operating costs through 2020 as a result of the Yahoo deal, which closed on Tuesday. (Reporting by Anya George Tharakan in Bengaluru; Editing by Sai Sachin Ravikumar)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/yahoo-ma-verizon-idUSL3N1JC4J6'|'2017-06-15T22:21:00.000+03:00'
'7082bbd9591f83e28f40a6a200edfa6cba30320d'|'Booz Allen Hamilton says DOJ investigating accounting practices'|'The U.S. Department of Justice is investigating some of the ways Booz Allen Hamilton Holding Corp ( BAH.N ), one of the largest consulting firms in the world, charges the government for services and accounts for costs, the company said in a filing on Thursday that sent its shares down 12 percent after the bell.The Justice Department informed a Booz Allen unit of the investigation earlier this month, Booz Allen said in the brief regulatory filing, adding that it was cooperating with the government. The company declined to comment beyond the filing and an identical statement it posted on its website.Public affairs representatives at the Justice Department did not respond to requests for comment, but the agency as a rule does not make statements about ongoing investigations.The firm said its audit processes had not identified any material weaknesses or "significant erroneous cost charging." ( bit.ly/2rB0v5C )Headquartered in McLean, Virginia near the Central Intelligence Agency and U.S. capital, Booz Allen generates almost all its revenue from government work. According to its latest annual report, the company receives nearly half of its revenues, $2.7 billion, from defense contracts, and nearly a quarter, $1.3 billion, from intelligence offices such as the National Security Agency (NSA).It also brings in about $1.6 billion from contracts with Homeland Security, Health and Human Services, Veteran Affairs, Treasury and Justice and other domestic departments.Booz Allen gained attention for its NSA work. It employed Edward Snowden, who exposed the agency''s vast domestic and international surveillance operations by leaking a trove of secret files to news organizations in 2013. Then, for the second time in three years, an employee working under an NSA contract was charged last year with stealing classified information.In October, the company hired former FBI Director Robert Mueller to conduct an external review of its security practices. But Mueller has since stepped away from that review after being named in May as special counsel to oversee the Federal Bureau of Investigation’s probe of alleged Russian meddling in the 2016 U.S. election.Booz Allen has come under scrutiny in the past for its work on a U.S. government program of surveilling the global cooperative called the Society for Worldwide Interbank Financial Telecommunication, no-bid contracts it was given by Homeland Security and the high price tag for data software it provided to the National Institutes of Health.(Reporting by Narottam Medhora in Bengaluru; Additional reporting by Lisa Lambert and Dustin Volz; Writing by Lisa Lambert; Editing by Diane Craft and Cynthia Osterman)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-booz-allen-probe-idUSKBN1962VO'|'2017-06-16T05:04:00.000+03:00'
'fc7a047f1a811c85936e33e5c28469d174d817e0'|'Huntington Ingalls wins $3 billion Pentagon contract'|'WASHINGTON Huntington Ingalls Industries Inc ( HII.N ) was awarded a $3 billion contract for work on a helicopter assault ship, the Pentagon said in a statement on Friday.Separately, Raytheon Co ( RTN.N ) was awarded a $618 million contract to produce Standard Missile-2 air defense missiles for U.S. and allied navies, the statement added.(Reporting by the Washington Newsroom; Editing by David Alexander)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-huntington-us-pentagon-idINKBN1972TK'|'2017-06-16T19:17:00.000+03:00'
'37e6c4542a8c2ae84977a80ac8c6d2e09b3deaee'|'Yellen says Fed to give banks more details on stress tests'|'Central Banks - Fri Jun 16, 2017 - 6:14pm BST Yellen says Fed to give banks more details on stress tests Federal Reserve Board Chairwoman Janet Yellen speaks during a news conference after the Fed releases its monetary policy decisions in Washington, U.S., June 14, 2017. REUTERS/Joshua Roberts By Olivia Oran and Pete Schroeder - NEW YORK and WASHINGTON NEW YORK and WASHINGTON The Federal Reserve will give banks more details on how it conducts annual stress tests, including the qualitative part of the tests, when it publishes the results later this month, Chair Janet Yellen said Friday in a letter to Congress. The Federal Reserve will provide specific examples from past years'' problems with banks'' capital planning practices, Yellen said in a letter dated June 16, a copy of which was seen by Reuters. The letter was sent to Representative Blaine Luetkemeyer, who chairs a subcommittee overseeing financial institutions on the U.S. House Financial Services Committee. The Federal Reserve would commit to publishing instructions for the stress tests at the same time as the supervisory scenarios, by Feb. 15, said Yellen, whose letter was a response to a May letter from the congressman, who had pressed for additional transparency around the annual stress tests. Yellen’s response comes after years of wrangling with Wall Street, lawmakers and even a federal watchdog about how transparent the stress tests should be. Last year, the U.S. Government Accountability Office, a nonpartisan entity that reviews government operations, recommended that the Fed should share more about its process with big banks. The banks had increasingly complained that stress tests were befuddling. The Fed has gradually eased off its black-box approach, but regulators maintain stress tests need to have some mystery so that banks cannot undermine the process. It has said it will tell banks more about the “qualitative” part of the exam, which examines concepts like risk management, and provide more feedback on the quantitative aspect. Still, officials say that releasing models publicly would allow banks to effectively work around the system. “We are concerned that releasing all details on the models would give banks an incentive to adjust their business practices in ways that could change the results of the stress test without changing the risks faced by the firms,” Yellen said in her letter. The Fed will release its 2017 test results beginning June 22. The results of its Comprehensive Capital Review and Analysis (CCAR) tests, which dictate whether banks can pursue capital distribution plans, will be released on June 28. Earlier this month, Fed Governor Jerome Powell said the Fed was committed to boosting transparency around the process. In a June 1 interview with CNBC, he said the Fed plans to give more granular information about how its model tests generic portfolios. Powell, a Republican, recently took the reins as chief regulatory official at the central bank. The Fed did not immediately respond to a request for comment. (Editing by Chizu Nomiyama and Bernadette Baum)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-usa-banks-idUKKBN1972DN'|'2017-06-17T01:14:00.000+03:00'
'76daddebaf4f9eec6ffc022a807f1662c57b494f'|'China-backed AIIB touts growth, sustainability'|'Business   7:14am BST China-backed AIIB touts growth, sustainability South Korean President Moon Jae-in delivers a speech during an opening ceremony for 2nd annual meeting of Asian Infrastructure Investment Bank (AIIB), in Jeju, South Korea June 16, 2017. Bae Jae-man/Yonhap via REUTERS By Elias Glenn - JEJU, South Korea JEJU, South Korea Leaders of the China-backed Asian Infrastructure Investment Bank touted its growing membership and commitment to sustainable development at its annual meeting, even as environmental groups were disappointed by its openness to investing in coal projects. The AIIB, which has 80 member countries, was set up to help meet the estimated $26 trillion need for infrastructure spending in Asia through 2030, while also demonstrating that a China-led institution can meet international standards for best practice. The United States and Japan, both members of the Manila-based Asian Development Bank (ADB), have not joined the AIIB. The AIIB has pledged to use its investments to help members fulfill their commitments to the Paris climate accord, which the United States is withdrawing from under President Donald Trump. "We will not consider proposals if we are concerned about the environmental and reputational impact," AIIB president Jin Liqun, a former vice president at the ADB, said Friday at the opening ceremony. But the bank did get pushback from environmental groups about its commitment to being green, with several NGOs saying they were disappointed the bank''s new energy industry strategy, adopted Thursday, left the door open for coal sector investment. "I have a hard time reconciling in the energy strategy a statement that says up front the purpose of the energy strategy is to help countries meet their commitments under the Paris agreement, with ''we''re going to finance coal projects''," said Andrew Deutz of the Nature Conservancy. Jin said that after many rounds of discussion on the bank''s energy policy, "this is the best we can achieve", adding there are no new coal projects in its pipeline of investments. Other groups saw improvement over the last year in how the bank engages with NGOs. "We thought this was a really interesting opportunity to see if this new institution can foster a race to the top in terms of creating strong sustainable credit practices, or foster a race to the bottom," said Katherine Lu of Friends of the Earth. "I think the jury is still out," she said. BEIJING TOOL? The AIIB, China''s first effort to launch a multilateral development organization, has been careful publicly to put distance between itself and Chinese government policy as it looks to placate concerns it will be a tool of Beijing''s foreign policy. AIIB president Jin said "there''s been some confusion" about the relationship between AIIB and China''s huge "Belt and Road" infrastructure development and foreign policy initiative. "We operate by our standards, by our governance. The Belt and Road is a marvelous program ... but we have our standards," he told a Saturday news conference on the South Korean holiday island of Jeju. The meeting''s venue was chosen before a dispute between South Korea and China over Seoul''s decision last year to host a U.S. anti-missile system. China has clamped down on its citizens visiting South Korea, which has squeezed tourism on Jeju, local businesses said. The bank began operations 18 months ago and has approved $2.5 billion in loans. It expects that to reach about $4 billion by the end of this year. By comparison, the ADB made $17.74 billion in commitments last year. AIIB has about 100 staff, which some meeting attendees said limits the depth of sector expertise and leads it to rely on partners to carry the load on project assessments. The bank said it is ramping up hiring but did not give target numbers. By comparison, the ADB has 2,000 employees and the World Bank has more than 10,000. "Because of that leanness, AIIB is more contributing to deals that were originated by others," said Nena Stoiljkovic, vice president for blended finance and partnerships at the World Bank’s International Finance Corporation and the most senior World Bank official to attend the AIIB meeting. "But I hope to see them, in the next year or so, more on the origination side where we could get into some of those deals," she said. (Reporting by Elias Glenn; Editing by Tony Munroe and Bill Tarrant)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-aiib-asia-china-idUKKBN199061'|'2017-06-18T14:11:00.000+03:00'
'7c638b2da591248374b3eff568ee0397633eecb2'|'Chile rescuers find water in area where two missing miners were trapped'|'SANTIAGO, June 17 A drilling probe conducted by rescuers seeking to find two workers missing in a southern Chile mine for more than a week found water in the area where they are thought to have been at the time of a June 9 flood, authorities said on Saturday.Snowfall in recent days and the frigid waters of a surrounding lagoon have complicated efforts to find the two workers in the small gold and silver mine owned by Mandalay Resources Corp.General Fernando San Cristobal, head of the rescue team, said the probe reached level 55 - where the miners are believed to have been working and where an emergency shelter is located - and found water. Rescuers are now preparing to deploy a probe with a camera attached.The workers, identified as Jorge Sanchez and Enrique Ojeda, were trapped after section two of the Delia mine, part of Mandalay''s Cerro Bayo complex in Chile''s southern Aysen region was flooded.The incident has evoked memories of a 2010 mining accident in Copiago, northern Chile, where 33 miners were trapped underground for nearly ten weeks before being rescued. (Reporting by Fabián Andrés Cambero,; additional reporting by Alvaro Vidal, writing by Luc Cohen, editing by G Crosse)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/chile-mine-idUSL1N1JE0FU'|'2017-06-18T01:55:00.000+03:00'
'fcb116eab1a214ac49166e9d7e2ac4244ca10f62'|'Swedish pension fund sells out of six firms it says breach Paris climate deal'|'Business News   7:18pm BST Swedish pension fund sells out of six firms it says breach Paris climate deal By Gwladys Fouche - OSLO OSLO Sweden''s largest national pension fund, AP7, has sold its investments in six companies that it says violate the Paris climate agreement, a decision environmentalists believe is the first of its kind. AP7, which provides pensions to 3.5 million Swedes, said on Thursday it had sold out of ExxonMobil ( XOM.N ), Gazprom ( GAZP.MM ), TransCanada Corp ( TRP.TO ), Westar ( WR.N ), Entergy ( ETR.N ) and Southern Corp, and would no longer invest in companies that operate in breach of the Paris climate accord. "Since the last screening in December 2016, the Paris agreement to the U.N. Climate Convention is one of the norms we include in our analysis," the company said in a statement. AP7 said ExxonMobil, Westar, Southern Corp and Entergy had fought against introducing climate legislation in the United States. It also criticised Gazprom for looking for oil in the Russian Arctic and TransCanada for building large-scale pipelines in North America. Entergy said it was disappointed that an investor had divested and said AP7''s decision was "unfortunate in light of the fact that the rationale for the decision seems to be unfounded. "Entergy has aggressively advocated for smart carbon policies for more than a decade," said the company in an emailed statement. "In 2016, our CO2 emissions were approximately 20 percent below our year 2000 emissions." The other companies were not immediately available for comment. Environmental campaigners welcomed the decision and called on other investors to follow suit. "Responsible investments are key for the world to reach the goals in the Paris agreement, and AP7''s action today is an important step in the right direction," said Martin Norman, the head of Greenpeace Nordic''s Sustainable Finance Campaign "We expect other global investors, like the Norwegian wealth fund, to do the same," he told Reuters, adding AP7''s decision was the first known divestment by an investor based on the Paris agreement. Norway''s $950 billion (744.71 billion pounds) sovereign wealth fund, the world''s largest, has ethical ambitions. Its chief executive told Reuters on June 2 the fund would ask the banks in which it has invested to disclose how their lending contributes to greenhouse gas emissions. (Editing by Mark Potter, Larry King)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-climatechange-investment-sweden-idUKKBN1962KJ'|'2017-06-16T02:18:00.000+03:00'
'b593ca89caebe7b3f2a852bb44aa7348811680b2'|'EMERGING MARKETS-Russian stocks lead emerging market falls with 2 pct slump'|'LONDON, June 15 Russian stocks led losses on emerging markets on Thursday, hitting 15-month lows and heading for a third day of losses as risks grew of expanded U.S. sanctions and oil prices tumbled amid worries over U.S. and world economic growth.MSCI''s emerging equity index fell 0.8 percent snapping a two-day winning streak as oil prices touched seven-month lows and a strong inventory build-up cast doubt on the strength of the global economy.These fears were underscored by weak U.S. retail and inflation data, despite the U.S. Federal Reserve''s decision to raise interest rates for the second time in three months and start unwinding its bond purchases.The emerging market losses were led by Russia where stocks tumbled almost 2 percent, after U.S. lawmakers voted in favour of new sanctions punishing Russia for meddling in 2016 U.S. elections and making it harder to ease existing curbs."Russian stocks are responding to the bill passed by the U.S. Senate last night which would tighten the sanctions regime if signed into law," William Jackson at Capital Economics said, noting also the relatively strong rouble which was weighing on exporters'' shares."Early signs are that (the bill) won''t have a very big macroeconomic impact, but ... as far as there were any hopes that sanctions might be eased or lifted gradually under the Trump administration, that is not going to happen."The rouble hovered near one-month highs while Russian sovereign dollar bond yield premiums to U.S. Treasuries were flat at two-month highs.Most other emerging assets retreated, with Hong Kong shares at a three-week low after local authorities followed the Fed in raising rates. Mainland Chinese shares also weakened .Gulf central banks also hiked rates following the Fed move, pushing down most local bourses, though sanctions-hit Qatar is yet to do so. Qatari stocks were up slightly but on track for a fifth week of losses.The Turkish lira pulled off six-month highs before a central bank meeting that should make no changes to the late liquidity lending rate used by the bank.The lira has been gaining steadily against a weak dollar, therefore "defence of the currency is no longer a driving force," Commerzbank analysts wrote. They noted that while inflation remained close to 12 percent, "this argument is not sufficient to trigger a rate hike today".In central Europe the Romanian leu tumbled to new 4-1/2-year lows to the euro after the ruling Social Democrats withdrew support for the government led by prime minister Sorin Grindeanu.For GRAPHIC on emerging market FX performance 2017, see tmsnrt.rs/2e7eoml For GRAPHIC on MSCI emerging index performance 2017, see tmsnrt.rs/2dZbdP5For CENTRAL EUROPE market report, seeFor TURKISH market report, seeFor RUSSIAN market report, see) Emerging Markets Prices from Reuters Equities Latest Net Chg % Chg % Chgon yearMorgan Stanley Emrg Mkt Indx 1005.29 -8.40 -0.83 +16.59Czech Rep 999.06 -1.09 -0.11 +8.40Poland 2295.99 -6.42 -0.28 +17.87Hungary 35746.25 -239.57 -0.67 +11.70Romania 8447.46 -29.66 -0.35 +19.23Greece 796.79 -4.18 -0.52 +23.79Russia 982.63 -31.15 -3.07 -14.73South Africa 44620.32 -464.54 -1.03 +1.64Turkey 98613.92 -1022.35 -1.03 +26.20China 3132.67 +1.99 +0.06 +0.94India 31028.07 -127.84 -0.41 +16.53Currencies Latest Prev Local Localclose currency currency% change % changein 2017Czech Rep 26.17 26.15 -0.07 +3.19Poland 4.20 4.20 -0.14 +4.80Hungary 306.57 305.60 -0.32 +0.73Romania 4.58 4.57 -0.18 -1.04Serbia 122.11 122.20 +0.07 +1.02Russia 57.41 57.38 -0.06 +6.71Kazakhstan 317.85 316.48 -0.43 +4.97Ukraine 26.00 26.01 +0.02 +3.85South Africa 12.74 12.63 -0.91 +7.76Kenya 103.35 103.35 -0.00 -0.95#VALUE! Turkey 3.50 3.49 -0.43 +0.70China 6.80 6.79 -0.13 +2.14#VALUE! #VALUE! #VALUE!Debt Index Strip Spd Chg %Rtn IndexSov''gn Debt EMBIG 321 0 .01 7 92.07 1All data taken from Reuters at 09:13 GMT. Currency percent change calculated from the daily U.S. close at 2130 GMT. (Additional reporting by Claire Milhench; Editing by Catherine Evans)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/emerging-markets-idUSL8N1JC1RG'|'2017-06-15T17:36:00.000+03:00'
'41b2968db1bd218408ce6a0c8d4a531a2544f694'|'Apple focusing on autonomous car system - CEO Cook on Bloomberg'|'Technology News - Tue Jun 13, 2017 - 6:51pm BST Apple focusing on autonomous car system: CEO Cook on Bloomberg Tim Cook, CEO, speaks during Apple''s annual world wide developer conference (WWDC) in San Jose, California, U.S. June 5, 2017. REUTERS/Stephen Lam Apple Inc is concentrating on technology for self-driving cars, Chief Executive Tim Cook said for the first time in an interview with Bloomberg. The company is focusing on autonomous systems, Cook told Bloomberg Television on June 5. ( bloom.bg/2rWfvOR ) "We''re not really saying from a product point of view, what we will do ... it''s a core technology that we view as very important," Cook said in the interview. A late entrant to the self-driving race, Apple secured a permit in April to test autonomous vehicles in California and has recruited dozens of auto experts. Apple did not immediately respond to a request for comment. (Reporting by Anya George Tharakan in Bengaluru; Editing by Saumyadeb Chakrabarty) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-apple-autos-idUKKBN1941T2'|'2017-06-13T21:31:00.000+03:00'
'035f52073850baa66e709a0a388d4f050fd3683d'|'UPDATE 1-U.S. blames North Korean government for cyber attacks since 2009'|'Market   3:59pm EDT UPDATE 1-U.S. blames North Korean government for cyber attacks since 2009 (Adds more information from alert, context of WannaCry attack) By Dustin Volz and Jim Finkle WASHINGTON/TORONTO, June 13 The U.S. government on Tuesday issued a rare alert on the activities of a hacking group it dubbed "Hidden Cobra," saying the group was part of the North Korean government and that more attacks were likely. The joint alert from the U.S. Department of Homeland Security and the Federal Bureau of Investigation said that "cyber actors of the North Korean government" had targeted the media, aerospace and financial sectors, as well as critical infrastructure, in the United States and globally. North Korea has routinely denied involvement in cyber attacks against other countries. The North Korean mission to the United Nations was not immediately available for comment. The alert said Hidden Cobra has compromised a range of victims since 2009 and that some intrusions had resulted in thefts of data while others were disruptive. The group''s capabilities include denial of service attacks, which send reams of junk traffic to a server to knock it offline, keyloggers, remote access tools and several variants of malware, the alert said. Hidden Cobra commonly targets systems that run older versions of Microsoft Corp operating systems that are no longer patched, the alert said. North Korean hacking activity has grown increasingly hostile in recent years, according to Western officials and cyber security experts. The cyber firm Symantec Corp said last month it was "highly likely" that a hacking group affiliated with North Korea called Lazarus Group was behind the WannaCry cyber attack that infected more than 300,000 computers worldwide, disrupting operations at hospitals, banks and schools. Tuesday''s alert said Hidden Cobra''s cyber attacks have been previously referred to by private sector experts as Lazarus Group and Guardians of the Peace, which have been linked to attacks such as the 2014 intrusion into Sony Corp''s Sony Pictures Entertainment. (Reporting by Dustin Volz in Washington and Jim Finkle in Toronto; Additional reporting by Michelle Nichols at the United Nations; Editing by Jonathan Oatis and Lisa Shumaker)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/northkorea-cyber-usa-idUSL1N1JA1MY'|'2017-06-14T03:59:00.000+03:00'
'0e05a5ae47c4ec6b7cbb68efa05ea15c0fe6d228'|'UPDATE 1-Hyundai Motor bets on new small SUV as China sales skid'|'* Kona is Hyundai''s first subcompact SUV* Hyundai plans to launch mini, large SUVs by 2020 (Add exec comments, sales target)GOYANG, South Korea, June 13 Hyundai Motor unveiled its first subcompact sport utility vehicle Kona for advanced markets, including the United States, Europe and South Korea, as it tries to offset sliding sales in China and catch up with rivals in the segment.The South Korean automaker said it would also launch an electric version of the Kona small sport utility vehicle (SUV) next year and a smaller SUV and a large SUV by 2020.This comes at a time when Hyundai looks set to miss its sales target for a third straight year due to the unpopularity of its mainstay small sedans and political tensions between Beijing and Seoul that have battered sales in China, the company''s biggest market.Hyundai, which together with its affiliate Kia is the world''s No.5 automaker, previously sold subcompact SUVs only in emerging markets, missing out on strong growth in the segment in South Korea, the United States and Europe.The subcompact SUV is the top-performing segment globally, growing at an annual average of 46 percent from 2010 to 2016, Hyundai said, citing IHS Automotive data."Even as the global SUV market is nearing saturation, we believe that extra small or small SUVs have more room for growth than large SUVs," Hyundai Motor Co Vice Chairman Chung Eui-sun said during a launch event near Seoul.The automaker launched the Kona in South Korea on Tuesday, and said it would roll out the small SUV in Europe in August and the United States in December. It aims to sell over 200,000 of the vehicles globally next year.The Kona will compete with Nissan''s Juke and Honda''s CR-V in the United States.Hyundai and Kia in January said they aimed to increase global sales by 5 percent this year, but their combined sales fell 7 percent over January to May, hit by slowing Chinese and U.S. sales."Our sales plan has suffered a setback, but we will use this as an opportunity to overhaul our products," said Chung, the only son of Hyundai Motor Group Chairman Chung Mong-koo.He also said Hyundai would beef up cooperation with technology firms like Cisco, Baidu and Uber instead of buying other automakers.Kia will join Hyundai in the launch of the former''s subcompact SUV, Stonic, starting next month. (Reporting by Hyunjoo Jin; Editing by Steve Coates and Himani Sarkar)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/hyundai-motor-suv-idINL3N1JA1PU'|'2017-06-13T02:49:00.000+03:00'
'6267931939337ed1155940dd1d8a91faa5f5d195'|'U.S. shale firms more exposed to falling oil prices as hedges expire'|'Market   1:01am EDT U.S. shale firms more exposed to falling oil prices as hedges expire By Catherine Ngai and Swetha Gopinath - June 13 June 13 Cash-strapped U.S. shale firms scaled back their hedging programs in the first quarter, leaving them more vulnerable to tumbling spot market prices just after OPEC reached a landmark deal to curb global supply. The pullback in hedging was driven by rising service costs and expectations that prices would continue to rally after the Organization of the Petroleum Exporting Countries extended those cuts in May, analysts said. However, rising U.S. production has stymied OPEC''s efforts to rebalance markets. Crude oil futures have lost 15 percent of their value since February, raising the risk that unhedged companies are more exposed to market weakness. The market peaked at $55 a barrel in January as cuts got under way, but has struggled since, and closed Monday at $48.29 a barrel, barely changed from the end of November, when OPEC agreed with nonmembers to cut 1.8 million barrels a day in supply. For oil traders, hedging data serves as a leading indicator of future supplies. With so little hedged, dealers say producers are now looking to hedge at the next chance possible, a move that will pressure prices in coming months. Producers hedge by buying a variety of financial options to secure a minimum price for crude and safeguard future production. According to a Reuters analysis of hedging disclosures by the 30 largest U.S. shale firms, most stayed on the sidelines in the first three months of 2017, a stark contrast from a year ago when firms rushed to lock in prices, even though oil was trading $15 a barrel lower. In total, 18 companies reduced outstanding oil options, swaps or other derivatives positions by a total of 49 million barrels from the fourth quarter to the first quarter, the data shows. Another 10 companies increased their hedging positions by 91 million barrels; two others did not hedge at all. (GRAPHIC: tmsnrt.rs/2rolpok ) Compared with a year ago, the group is more exposed to falling oil prices, with one-fifth fewer barrels hedged, or the equivalent of 28 million barrels, and three times more barrels rolling off, or the equivalent of 38 million barrels. "A lot of producers held back on locking in hedges in the first quarter because OPEC cut their historic deal and they thought there would be a linear shift higher in prices. But then, we saw several pullbacks," said Michael Tran, director of global energy strategy at RBC Capital Markets. Prices are too low now for producers to lock in large volumes of future production, Tran said. In addition, pent-up demand for hedging will pressure any moves higher in the oil market, he said. UNDERHEDGED ANXIETIES Morgan Stanley said in a recent note that producers are hedged at around 12 percent of their 2018 output and 40 percent for their current 2017 output. The increases were driven by Hess Corp and Apache Corp, which had previously remained unhedged. They added a combined 54 million barrels. Analysts expect U.S. oil drilling to taper off as old hedge positions wind down, leaving smaller producers exposed to market prices at below break-even levels. "I think companies are a little bit nervous that they are underhedged right now and they will try to take advantage of any hedging opportunity they get at about $50 per barrel," said Bill Costello, a portfolio manager at Westwood Holdings Group. SOME NEW PLAYERS In total, the 30 companies held hedged positions equivalent to about 483 million barrels at the end of March, compared with 441 million at the end of 2016. Excluding Hess and Apache, the two highest hedgers, the group held only 428 million barrels. Some large players refrained from building a larger buffer. Anadarko Petroleum Corp - which held 33.2 million barrels hedged for 2017 in the fourth quarter - had 8 million barrels roll off through the first quarter. EOG Resources had nearly 6 million barrels unwind after terminating its hedges. Analysts said much of the hesitation has to do with rising service costs. Firms that supply rigs and crews are clamoring to take back discounts extended during the height of the slump early last year, in some cases boosting prices by 10 to 15 percent. "Producers are working in an environment where they see service cost increases on the horizon. They see their expenses going up, but their revenues are not going up correspondingly, which is why they do not want to hedge and compress their margins," said Rob Thummel, a portfolio manager at Tortoise Capital Advisors LLC. (Reporting by Catherine Ngai in New York and Swetha Gopinath in Bengaluru; Editing by David Gaffen and Matthew Lewis)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-oil-hedges-idUSL1N1J21BE'|'2017-06-13T13:01:00.000+03:00'
'db935a1427bfdca88ebf7d5448e02a9f375295e5'|'Builder Crest Nicholson says UK election result may bring uncertainty'|' 18am BST Builder Crest Nicholson says UK election result may bring uncertainty LONDON British builder Crest Nicholson said the inconclusive outcome of Thursday''s national election could result in uncertainty in the housing market as the firm posted a 5 percent rise in first-half pre-tax profit to 76.2 million pounds. Prime Minister Theresa May failed to secure an outright majority in the national vote and is seeking to strike a deal with Northern Ireland''s Democratic Unionist Party to support her administration. "The outcome of the UK General Election may introduce some uncertainty in the short term but we expect the new build housing market to remain robust," said Chief Executive Stephen Stone. Crest also said forward sales stood at 540 million pounds by mid-June, 4 percent ahead of last year. (Reporting by Costas Pitas; editing by Kate Holton) Inflation fizzle may once again leave Fed rate path in doubt SAN FRANCISCO/WASHINGTON The Federal Reserve will probably express its confidence inflation will climb towards its 2 percent target when it meets this week and delivers a widely expected rate rise, but such assurances are a poor indicator of the Fed''s future policy. Madame Tussauds-owner Merlin says Manchester, London attacks hit demand LONDON Visitor attractions group Merlin Entertainments said on Tuesday the attacks in Manchester and London over the past month had led to a deterioration in domestic demand and the firm is cautious on trends for foreign visits over the coming months. JAKARTA Indonesia has reached a tax settlement with Alphabet Inc''s Google for 2016, the country''s finance minister said, following a months-long dispute over allegations that the search giant had not made enough annual payments to the government. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-crestnicholson-results-idUKKBN1940MY'|'2017-06-13T14:18:00.000+03:00'
'5376daa69a23613bcf7ab459866c02505024908d'|'New Brazil scandal shatters hopes of stronger rebound -economists'|'Business News - Mon Jun 12, 2017 - 5:34pm EDT New Brazil scandal shatters hopes of stronger rebound: economists FILE PHOTO: Unemployed people line up in front of a charity house in downtown Sao Paulo, Brazil, March 8, 2016. REUTERS/Paulo Whitaker/File Photo By Luiz Guilherme Gerbelli - SAO PAULO SAO PAULO Brazil''s political crisis will probably curb a long-awaited economic rebound after doubts over major fiscal reforms weakened the currency and led the central bank to signal a slower pace of interest rate cuts, economists said. Analysts started trimming their growth estimates over the past week, after President Michel Temer came under investigation for allegedly taking bribes and condoning hush money for a potential witness in a corruption probe. The scandal broke as government data showed the economy expanding at the fastest pace in four years, emerging from a deep two-year recession and briefly lifting hopes that Brazil''s economy could float clear of the political crisis. On Monday, however, economists in a weekly central bank poll trimmed estimates for Brazil''s economic growth in 2017 and 2018 to 0.4 and 2.3 percent respectively, down from 0.5 and 2.4 percent last week. "The recovery process is going to be slow. It will not have the pace we have been waiting for," said Júlio Mereb, an economist with the Getúlio Vargas Foundation (FGV). FGV''s Mereb made a deeper cut to his estimates, forecasting GDP to grow 1.8 percent next year instead of 2.5 percent as he previously forecast. "All this will cause a lot of damage to the labor market. The job recovery that we had been expecting to start in the middle of this year will be postponed to the second half of next year," Mereb said. The recent downturn, Brazil''s worst in at least a century, left over 14 million workers unemployed. Brazil''s largest bank Itaú Unibanco SA ( ITUB4.SA ) also moderated its bullish economic outlook since the crisis erupted. The bank expects Brazil''s GDP to grow 0.3 percent this year and 2.7 percent in 2018, down from 1.0 and 4.0 percent before. "The political turmoil will delay the fiscal reforms, which complicates the task of balancing the budget," wrote Itaú Chief Economist Mario Mesquita. A senior member of Temer''s economic team told Reuters that the administration continues to believe it will pass its reform agenda, which includes unpopular changes to social security and labor rules. Still, the central bank has suggested the crisis may slow the pace of coming interest rate cuts. While the bank is still expected to reduce its benchmark rate from 10.25 percent to 8.50 percent by year-end, according to the weekly analyst survey, it signaled that its next rate cuts could be smaller than the 100-basis-point reduction last month. (Writing by Silvio Cascione; Editing by Brad Haynes and Lisa Shumaker) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-brazil-economy-idUSKBN1932JR'|'2017-06-13T05:29:00.000+03:00'
'ba1e4b3e1f9f23b832795629079256b34adb04a6'|'Industrial equipment hire firm Ashtead''s annual profit rises 7 percent'|'Business  04am BST Industrial equipment hire firm Ashtead''s annual profit rises 7 percent By Esha Vaish British industrial equipment hire group Ashtead Group Plc reported on Tuesday a 7 percent rise in full-year profit, boosted by strong growth in its core North American unit as well as its UK business. The company, which hires out diggers and tools on short-term contracts, said underlying pretax profit at constant currency rose to 793.4 million pounds in the year to April 30, from 645.3 million pounds a year ago. Underlying rental revenue at constant currency gained 13 percent to 2.90 billion pounds. "Looking forward, our markets remain good and spring has seen a good seasonal uplift in fleet on rent, with record levels of physical utilisation for this time of year," Ashtead Chief Executive Geoff Drabble said in a statement. Ashtead has benefited from the rebound in U.S. construction markets and has outperformed peer United Rentals Inc which has greater exposure to the struggling oil and gas sector and in April warned rental rates remained under pressure. The American Rental Association forecast in May that U.S. equipment rental revenue would reach $49.4 billion in 2017, up 4.5 percent over the preceding year. "With the company delivering an in line set of (full-year) results, we expect the market to focus on the long-term upside offered by increased rental penetration in the U.S. market," Liberum analysts wrote. The brokerage, which has a "buy" rating and a target price of 1,940 pence on the stock, said the firm was well-placed to deliver 9 percent annual underlying revenue growth and further improve its "sector leading" margin. Ashtead said on Tuesday that its end markets remained strong and it continued to see an increasing number of customers opting to rent equipment, allowing greater flexibility. The company, which spent 437 million pounds on bolt-on acquisitions in the year and 48 million pounds on share buybacks, said it continued to execute on its strategy of capturing growth via organic ventures and bolt-on acquisitions. Jefferies analyst wrote that the firm had considerable flexibility for further M&A, increased dividends and/or stock buybacks. (Reporting by Esha Vaish in Bengaluru; Editing by Subhranshu Sahu and Sunil Nair)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-ashtead-group-results-idUKKBN1940O7'|'2017-06-13T14:31:00.000+03:00'
'44718bb0e9c2fa48682bf55dfd77fabff6cc0ed3'|'Telenor CEO says no plans to sell units in central, eastern Europe'|'  11:07am BST Telenor CEO says no plans to sell units in central, eastern Europe Sigve Brekke, President and CEO of Telenor, delivers a keynote speech during the Mobile World Congress in Barcelona, Spain February 23, 2016. REUTERS/Albert Gea/File Photo OSLO Telenor ( TEL.OL ) has no plans to sell any of the companies it owns in central and eastern Europe, the company''s chief executive told Reuters on Tuesday. Media reports had suggested Telenor could sell its Serbian unit to private equity firm KKR ( KKR.N ). "We''re very happy with our portfolio in central and eastern Europe ... we have no plans to make any changes to that at this time," Sigve Brekke said on the sidelines of a conference. In addition to its Nordic and Asian mobile phone companies, Telenor also has operations in Hungary, Serbia, Montenegro and Bulgaria. (Reporting by Joachim Dagenborg, editing by Terje Solsvik)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-telenor-serbia-idUKKBN19415I'|'2017-06-13T18:07:00.000+03:00'
'06f482c4db449a92187a8e70282219e88a2ef890'|'OPEC sees oil market rebalancing at slower pace, says output rises'|'LONDON OPEC said on Tuesday a long-awaited rebalancing of the oil market was under way at a "slower pace" and reported that its own output in May jumped due to gains in nations exempt from a pact to reduce supply.In a monthly report, the Organization of the Petroleum Exporting Countries said its output rose by 336,000 barrels per day (bpd) in May to 32.14 million bpd led by a rebound in Nigeria and Libya, which were exempted from supply cuts because unrest had curbed their output.The boost means OPEC is pumping more than its forecast of average global demand for its crude this year, hindering efforts to reduce a glut. But Libyan and Nigerian output remains volatile, meaning the gain may not last.OPEC said oil inventories in industrialized countries dropped in April and would fall further in the rest of the year, but a recovery in U.S. production was slowing efforts to get rid of excess supply."The rebalancing of the market is under way, but at a slower pace, given the changes in fundamentals since December, especially the shift in U.S. supply from an expected contraction to positive growth," OPEC said in the report.Oil prices gave up gains on Tuesday after the release of the report to trade toward $48 a barrel LCOc1, below the $60 level that top OPEC producer Saudi Arabia would like to see and less than half the level of mid-2014.Under the deal to support the market, OPEC is curbing output by about 1.2 million bpd while Russia and other non-OPEC producers are cutting half as much. With the glut slow to shift, producers agreed in May to prolong the accord until March 2018.In the report, OPEC pointed to continued high compliance by its members with the supply deal and said oil stocks in industrialized nations fell in April - although they are still 251 million barrels above the five-year average.Supply from 11 OPEC members with production targets under the accord - all except Libya and Nigeria - averaged 29.729 million bpd last month, according to figures from secondary sources that OPEC uses to monitor output.That means OPEC has again complied more than 100 percent with the plan, according to a Reuters calculation. OPEC did not publish a compliance number.SAUDI REPORTS LOWER OUTPUTSaudi Arabia, which has voluntarily cut production below its OPEC target, told OPEC it lowered output further by about 66,000 bpd in May to 9.88 million bpd.OPEC cut its estimate of oil supply growth from producers outside the group this year to 840,000 bpd from 950,000 bpd, following the decision to extend the curbs.It even trimmed its forecast for growth in the United States, where shale producers have gained impetus from the higher prices brought about by the OPEC-led cut.U.S. output is still expected to rise by 800,000 bpd in 2017, contributing almost all the non-OPEC gain.Due to the lower supply now expected from all outside producers, OPEC raised the forecast demand for its crude this year by 100,000 bpd to 32.02 million bpd - below its May output.Should the recovery in Nigeria and Libya prove sustainable and others not cut more, the market could remain in surplus. This could lead to calls for Nigeria and Libya''s output to be capped - a step OPEC says is too early for now.The OPEC production figures are for 13 members and do not yet include Equatorial Guinea, which joined last month.(Editing by Dale Hudson and Jason Neely)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-opec-oil-idUSKBN1941HU'|'2017-06-13T20:05:00.000+03:00'
'fca25c99a299d7f367c8d7b31b9079ec413871ec'|'Exclusive: China problems force Aston Martin into global recall of 1,658 cars'|'BEIJING British sports car maker Aston Martin Lagonda Ltd is ordering a global recall of 1,658 Vantage cars after problems with a routine transmission software update led to incidents in China in which some cars stalled and lost power, its CEO told Reuters.Chief executive Andy Palmer said the decision was taken after a team of Aston Martin engineers went to China in May to investigate a problem that several customers there had been complaining about since 2014."Normally (recalls) start in America. I don''t think it is the only example, but it''s interesting that it started from China and becomes a global recall," Palmer told Reuters by telephone."It demonstrates the importance of China, the sophistication of the customer and the diligence of the authority there." The luxury carmaker, famous for making the car driven by secret agent James Bond, sold 3,259 cars globally last year, nearly 8 percent of them in China. Aston Martin''s plan was conveyed on Tuesday to Chinese regulatory agencies that had taken up the issue after dissatisfied customers complained. Formal documents would be submitted by the end of the European day, Palmer said.Chinese authorities did not respond to a request for comment.The global recall will be unwelcome publicity for a company that has said for years it wants to go public. It reported its first Q1 profit in a decade in May. Palmer did not say how much the recall would cost, but knowledgeable people close to the company estimated the total cost at around 300,000 pounds ($380,760).The recall will cover 1,658 Vantage cars built between June 2010 and September 2013 with the Sportshift I and Sportshift II automated manual transmission gearboxes, including 113 that were sold in China. The Vantage is the only Aston Martin model with a semi-manual shift.FAILURE TO RESET Palmer said the problem occurred because some dealerships in China failed to reset the clutch position after software updates to the automatic transmission system.“In the normal course of events, when you make a software change, you have to re-teach the engagement position of the clutch. And most of our dealers around the world automatically did that,” he said. If the clutch is not re-taught the biting point - the point when the clutch plate engages with the engine plate - "it''s possible that a car could initially stall while in operation", he said.Aston Martin sent its engineers to China after it tried and failed to replicate the stalling problem in its own engineering laboratories. When they arrived, they discovered that some cars suffered unusual noise and vibration, and in worst cases an engine stall, after the new software was installed.The stalling caused a complete loss of power in some cases, shutting off the engine and power to the electrically-assisted steering and brakes, making it extremely difficult for a driver to guide the car safely to a stop. Given that dealers and customers in China may have less experience operating and maintaining supercars like Aston Martins, Palmer said the company should have spelt out to dealerships what they needed to do.“I blame us,” Palmer said. “Basically we should have explicitly said within the service action for the software that we should re-teach the clutch. We didn’t explicitly say that. Therefore we take responsibility for fixing it.”Palmer, who joined Aston Martin from Nissan Motor Co in late 2014, said the company knows of 21 instances of potential sudden engine stall, all in China.The fluid pipe connectors on the gearboxes would also be replaced during the recall, he said.Three years ago Aston Martin recalled most of the cars sold in China that had been built since 2007 after discovering a problem with defective throttle pedals, which it blamed on Chinese subcontractors using counterfeit plastic material."TOO DANGEROUS"The Beijing branch of China''s product quality watchdog - the General Administration of Quality Supervision, Inspection and Quarantine (AQSIQ) - in January last year asked the company to investigate the issue and report back.AQSIQ''s Defective Product Administrative Center opened its own investigation in April. Also in April, China''s Consumers Association issued a statement saying that there were enough incidents of the Vantage stalling to warrant a recall.Carson Guo and his brother James lost their licensed dealership with Aston Martin in Beijing in December 2016 after fielding complaints from customers about stalling cars. Of the eight customers who complained, six had bought Vantages.Carson Guo told Reuters several customers waged a campaign against the British carmaker via Weibo, China''s answer to Twitter, and at least two received a refund.One of the knowledgeable individuals close to Aston Martin said the Guos'' contract was terminated due to a "significant reduction in sales through that outlet".Zhang Jia''ao, a 32-year-old partner at a Beijing-based venture capital firm, did not get a refund.He told Reuters he bought his Vantage S coupe from the Guo dealership for 2.35 million yuan ($344,287) in 2013, and sold it 11 months later to a used-car dealer for 1.23 million yuan ($180,201) after a series of stalls, some at high speed. On one occasion, following a complete loss of power, Zhang only managed to slow the car down by repeatedly bumping the tires against the kerb, he said. "It was too dangerous," Zhang said.Asked about the problems Zhang encountered, Simon Sproule, chief marketing officer at Aston Martin Lagonda, said: "The recall will ensure that any issues with this car are fixed."(This version of the story was corrected to replace "fuel pipe" with "fluid pipe" and replace "brake pads" with "throttle pedals" in paragraphs 20 and 21.)(Editing by Simon Cameron-Moore and Sonya Hepinstall)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-china-autos-aston-martin-idUSKBN19B227'|'2017-06-20T22:48:00.000+03:00'
'c12cba1699209c675442a91452f190ec0cd0fcdc'|'Oil prices edge up from seven-month low, but glut keeps dragging'|'Business News - Tue Jun 20, 2017 - 1:51am BST Oil prices edge up from seven-month low, but glut keeps dragging FILE PHOTO: A worker walks past oil pipes at a refinery in Wuhan, Hubei province March 23, 2012. REUTERS/Stringer/File Photo TOKYO Oil prices inched up from seven-month lows in Asian trading on Tuesday, but gains were limited as investors focused on persistent signs of rising supply that are undermining attempts by OPEC and other producers to support prices. Brent futures were up 13 cents at $47.04 at 0034 GMT. On Monday, they fell 46 cents, or 1 percent, to settle at $46.91 a barrel. That was their lowest since Nov. 29, the day before the Organization of the Petroleum Exporting Countries (OPEC) and other producers agreed to cut output for six months from January. U.S. West Texas Intermediate crude futures were up 13 cents at $44.33 a barrel. They declined 54 cents, or 1.2 percent in the previous session, to settle at $44.20 per barrel, the lowest close since Nov. 14. The July contract will expire on Tuesday and August will become the front month. Both benchmarks are down around 15 percent since late May, when OPEC, Russia and other producers extended by nine months the cut in output by 1.8 million barrels per day (mb/d). "Recent data points are not encouraging," Morgan Stanley said in a research note. "Identifiable oil inventories - both crude and product in the OECD, China and selected other non-OECD countries - increased at a rate of (about) 1.0 mb/d in 1Q." OPEC supplies jumped in May as output recovered in Libya and Nigeria, two countries exempt from the production cut agreement. Libya''s oil production has risen more than 50,000 bpd after the state oil company settled a dispute with Germany''s Wintershall, a Libyan source told Reuters. Analysts said rising U.S. crude production has fed the global glut. Data on Friday showed a record 22nd consecutive week of increases in U.S. oil rigs. (Reporting by Aaron Sheldrick; Editing by Joseph Radford)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-global-oil-idUKKBN19B01W'|'2017-06-20T08:48:00.000+03:00'
'dcefedf8472aa90d6e610440583d9b5ebdabecab'|'Australia''s central bank frets on financial stability as household debt mounts'|'SYDNEY Australia''s central bank has stuck to its upbeat tune on economic growth, but heightened concerns about financial stability suggest interest rates will remain at record lows even as policy makers abroad turn hawkish.Minutes of the Reserve Bank of Australia''s (RBA) June meeting showed soaring household debt in the country''s red-hot property market and weak wages growth were at the forefront of policy makers'' minds."The board judged that holding the accommodative stance of monetary policy unchangedat this meeting would be consistent with sustainable growth in the economy andachieving the inflation target over time," the minutes showed."Members discussed how financial stability considerations bear onmonetary policy decisions, reviewing both the academic literature and policy experience in a number of countries, including Sweden and the United States."The central bank last cut interest rates in August 2016 to an all-time low of 1.50 percent. It has since stood pat, balancing the risk of record high household debt against tepid inflation and weak consumer spending.Australia''s household sector is under severe strain with debt-to-income at a record high 189 percent while wages are crawling at the slowest pace ever. The share of national income going to households has shrunk to its smallest since 1964 while the savings rate has fallen to a 10-year low.That is one reason the RBA is unlikely to hike official rates in the coming months as that would push up mortgage costs for already indebted Australian families.Yet it fears easing further might only stoke further borrowing by investors to speculate in the housing market.Late on Monday, Moody''s Investors Service cited high household indebtedness when downgrading 12 Australian banks, including the four largest lenders.House prices in Sydney and Melbourne - two of the country''s hottest markets - have broadly doubled since 2009. There are tentative signs of a cooling off since April following tighter regulations on lending to property investors.The RBA noted it would take time for the full effects of regulatory measures to show.Australia''s super easy policy stance contrasts with some other global central banks who are in the mood to nudge interest rates higher. Three of eight policymakers at the Bank of England voted last week to raise rates, while the Bank of Canada surprised by suddenly holding out the prospect of hiking to tamp down their housing market.The U.S. Federal Reserve has already moved rates higher twice this year as economic growth picked up and the labour market tightened.RBA Governor Philip Lowe has been doggedly upbeat about the outlook for Australia''s A$1.7 trillion economy, but conceded there were hurdles ahead.The economy expanded by a disappointing 0.3 percent in the first quarter of the year, while annual growth was the slowest since 2009 at 1.7 percent.However, a stabilisation in mining investment after years of steep falls, better commodity prices, and the country''s biggest-ever home building boom will likely boost future growth.The labour market is also strengthening with the unemployment rate at a 4-year low of 5.5 percent. Forward-looking indicators of labour demand have also been positive.'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/australia-rba-minutes-idINKBN19B07P'|'2017-06-20T10:58:00.000+03:00'
'97dd6c3e35830f9b2533f13451d7037161d55ea9'|'UPDATE 1-Former JPMorgan trader Iksil links CEO Dimon to ''London Whale'' losses'|'Business News - Mon Jun 19, 2017 - 4:51pm EDT Former JPMorgan trader Iksil links CEO Dimon to ''London Whale'' losses JPMorgan Chase Chairman and Chief Executive James Dimon speaks during the Institute of International Finance Annual Meeting in Washington October 10, 2014. REUTERS/Joshua Roberts Bruno Iksil, the former JPMorgan Chase & Co ( JPM.N ) trader at the center of the "London Whale" trading scandal, has accused the Wall Street bank''s Chief Executive James Dimon of laying the ground for the $6.2 billion loss. In an account on his website, Iksil, a French national who traded credit derivatives for JPMorgan in London, also blamed senior executives at the bank. ( bit.ly/2sjf2WS ) "The senior executives chose Iksil to work as a screen for them in late 2010", he said. The Chief Investment Office (CIO), where Iksil worked, lost $6.2 billion in trading in 2012, hurting the bank''s reputation. "When the CIO of JPMorgan had lost $1 billion dollar, JPMorgan as a whole had made $4 billion for itself net of its CIO loss," Iksil alleged. "The JPMorgan CIO lost in whole $6.3 billion which led to an ultimate profit at JPMorgan of more than $25 billion in 2012," he said on the website. The bank had to pay more than $1 billion and admit to wrongdoing to settle U.S. and British probes into the losses. JPMorgan declined to comment. '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-jpmorgan-londonwhale-idUSKBN19A2UA'|'2017-06-20T04:48:00.000+03:00'
'cb5dbc721e1c4d51570a4809a6cfb7550caf116a'|'EMERGING MARKETS-Brazil real, stocks extend losses on labor reform hurdle'|'Company News  41pm EDT EMERGING MARKETS-Brazil real, stocks extend losses on labor reform hurdle By Bruno Federowski SAO PAULO, June 20 Brazil''s stocks and currency extended losses on Tuesday after a Senate committee rejected a proposal to streamline labor laws, boosting trader concerns over lawmaker support for President Michel Temer''s ambitious reform agenda. The proposal, rejected in the social affairs committee by 10 to 9 votes, now moves to the constitutional and justice committee before its heads to the floor for a full vote. The Brazilian real weakened as much as 1.7 percent to a one-month low to 3.34 to the greenback, while the benchmark Bovespa stock index dropped 1.5 percent. Five-year Brazilian credit default swaps reached 242 basis points, the highest since May 22. Traders feared a political scandal may have driven some lawmakers to reconsider their support for other reforms, including a proposal to cut pension spending seen as critical to balance the government budget. The news drove investors away from Brazilian assets, adding to falling prices of commodities from iron ore to crude that weighed on assets from wider emerging markets earlier on Tuesday. News of increased supply by several key oil producers hammered crude futures to a seven-month low, extending a trend that has undermined attempts by OPEC and others to support prices by cutting output. Currencies of oil exporters led the declines in Latin American foreign exchange markets, with the Colombian peso slipping 2.2 percent to its weakest in a year. The Mexican peso was down 1 percent. Shares of oil companies tumbled, weighing on stock markets in the region. Losses in shares of Brazilian state-controlled Petróleo Brasileiro SA subtracted the most points from the Bovespa index, while shares of Colombia''s Ecopetrol dropped 3.3 percent. Brazilian miner Vale SA also fell as concerns over Chinese demand for steel and global oversupply dragged iron ore futures lower. Key Latin American stock indexes and currencies at 1635 GMT: Stock indexes daily % YTD % change change Latest MSCI Emerging Markets 1006.95 -0.59 17.47 MSCI LatAm 2486.56 -2.19 8.62 Brazil Bovespa 60951.68 -1.71 1.20 Mexico IPC 49020.10 -0.3 7.40 Chile IPSA 4800.01 -0.51 15.62 Chile IGPA 24042.44 -0.47 15.96 Argentina MerVal 21657.19 1.71 28.01 Colombia IGBC 10843.39 -0.56 7.06 Venezuela IBC 118618.57 -0.24 274.13 Currencies daily % YTD % change change Latest Brazil real 3.3321 -1.43 -2.49 Mexico peso 18.1485 -1.04 14.30 Chile peso 664 -0.38 1.01 Colombia peso 3040.62 -2.15 -1.29 Peru sol 3.276 -0.31 4.21 Argentina peso (interbank) 16.1350 -0.53 -1.61 Argentina peso (parallel) 16.59 -0.36 1.39 (Reporting by Bruno Federowski)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/emerging-markets-latam-idUSL1N1JH14H'|'2017-06-21T00:41:00.000+03:00'
'b1dbfda9a6fb7946122f77ef88cfbed8d6fcbca3'|'Air New Zealand wins contract to service U.S. Navy engines'|'WELLINGTON Air New Zealand ( AIR.NZ ) said on Tuesday that it had signed four contracts with the U.S. Navy worth up to $42 million to service its fleet''s gas turbine engines.The airline said in a statement to the New Zealand stock exchange that its Auckland-based gas turbine repair unit would provide maintenance and servicing of the U.S. Navy''s engines over the next few years.Chief Operations Officer Bruce Patton said the contract was an "important win for the airline" and that it had taken part in a competitive bidding process.The airline also said that the number of passengers it carried in May rose 8.7 percent from the same month a year earlier, to 1.16 million as New Zealand experiences a tourism boom.However, the company said its revenues per available seat kilometer fell 6.8 percent when removing the impact of the currency exchange rate.The airline did not change its outlook announced at its Investor Day at the beginning of June that earnings before taxation were likely to be more than NZ$525 million ($379.47 million)in the full-year 2017, up from its prior forecast of NZ$475 million to NZ$525 million.(Reporting by Charlotte Greenfield; Editing by Larry King and Leslie Adler)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-airnewzealand-contract-idINKBN19A2VE'|'2017-06-19T19:15:00.000+03:00'
'2642a0821aa09d166ce11475e73018cb15fe77fd'|'Whole Foods CEO hints at another brand under Amazon'|'  3:53am BST Whole Foods CEO hints at another brand under Amazon FILE PHOTO: John Mackey, Co-Founder and Co-CEO of Whole Foods Market, speaks at the Milken Institute Global Conference in Beverly Hills, California, U.S., May 2, 2016. REUTERS/Lucy Nicholson By Jeffrey Dastin and Lisa Baertlein After Amazon.com Inc completes its takeover of high-end grocer Whole Foods Market Inc, it might launch another brand with different standards, the grocery chain''s chief executive said in remarks reported in a securities filing on Monday. Amazon plans to keep the natural grocer''s high standards, Whole Foods Chief Executive John Mackey said, adding, "They’re not stupid enough to go change that." The filing contained a transcript of a town hall meeting for Whole Foods employees. But Mackey, at the Friday town hall, said, "Over time, there could be other formats that evolve that - that might - wouldn''t be branded Whole Foods Market, potentially, wouldn''t be our standards." The remarks offered a preview into how e-commerce giant Amazon might turn around the sluggish sales of Whole Foods since announcing on Friday it would buy the company for $13.7 billion, including debt. Industry observers have said that Amazon may add a selection of discounted, non-organic food to distance the chain from its "Whole Paycheck" nickname. Whole Foods already has a separate store, called 365, which offers private-label goods and lower prices than its typical formats. The company has needed to tread a fine line between introducing more conventional and affordable products, while maintaining the allure of a premium brand. "That’s their dilemma," said Roger Davidson, who oversaw Wal-Mart Stores Inc''s global food procurement and now is president of Oakton Advisory Group. Mackey is "being pulled both ways." The Whole Foods chief said Amazon''s technology will help the grocer transform from "class dunce" into "valedictorian." Amazon, which made a splash last year with a checkout-free grocery store, has said it has no plans to automate the jobs of Whole Foods cashiers. Technology is just one way Amazon stands to change Whole Foods and its culture, though. Amazon''s focus on frugality contrasts with Whole Foods, known to have higher costs than peer grocers. "It’s too early to talk about how benefits and compensation may synch up," Mackey said of the topic, after jesting that Whole Foods employees will get free Amazon devices on merger day. And Amazon has plenty to learn about bricks-and-mortar grocery. Amazon''s Worldwide Consumer chief, Jeff Wilke, said at the town hall that Whole Foods'' healthier options helped change how people think about food. A misstatement about his breakfast, though - quinoa, blueberry "and some other vegetables" - became a joke. "Those aren''t vegetables," jested Mackey. "We''re learning." (Reporting by Jeffrey Dastin in San Francisco; Editing by Sandra Maler and Leslie Adler)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-whole-foods-m-a-amazon-com-ceo-idUKKBN19B004'|'2017-06-20T10:53:00.000+03:00'
'fee00bf77d69fa2213101422c5c8328ae33edb57'|'Consumer, tech lift euro zone shares; FTSE lags'|'Top News - Tue Jun 20, 2017 - 8:47am BST Consumer, tech lift euro zone shares; FTSE lags People walk through the lobby of the London Stock Exchange in London, Britain August 25, 2015. REUTERS/Suzanne Plunkett/File photo LONDON Euro zone shares rose on Tuesday, bolstered by another day of gains for tech and retail sectors, while gains on Britain''s top indices were weighed down by a few dour corporate updates. Euro zone blue chips rose 0.4 percent while the broader regional index was up 0.3 percent. The swift rebound in tech stocks over the past week lifted Wall Street to another record high overnight. In Europe, Germany''s Prosiebensat 1 led gains among media stocks after it sold its online travel agency Etraveli to CVC. In the UK, gains on the FTSE 100, the worst performing major benchmark in Europe this year, were held in check by weakness in Wolseley and BT. UK midcaps were little changed. Shares in Wolseley, a plumbing and heating supplier, fell 3.4 percent after its quarterly results. The firm saw sales growth in all its regions except the UK, another indication Britons are cutting back on big ticket spending, and analysts at Liberum and Davy Research also said eroding margins in its U.S. were disappointing. BT fell 1.6 percent after France''s Orange said it could get $1.15 billion by cutting its stake in the British telecoms company. A downgrade to ''neutral'' from BAML on Monday also weighed on the firm. Barclays was in focus after the bank and four former senior executives were criminally charged in an investigation into undisclosed payments to Qatari investors during a 12 billion pound emergency fund raising in 2008. The highly-anticipated announcement left Barclays shares near unchanged, however, down just 0.3 percent. Meanwhile, British workspace company IWG fell 6.5 percent on the mid-cap index, set for its worst day in nine months, after Estorn Limited placed 27 million shares in the company for sale at 345.1 pence per share. (Reporting by Helen Reid, Graphic by Thyagaraju Adinarayan; Editing by Vikram Subhedar) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-europe-stocks-idUKKBN19B0QQ'|'2017-06-20T15:47:00.000+03:00'
'cdda94ca2de444f3600e403142a6b9d69caf601a'|'European car sales rise 7.7 percent in May, nearing pre-crisis levels'|'Business News - Fri Jun 16, 2017 - 7:04am BST European car sales rise 7.7 percent in May, nearing pre-crisis levels A traffic warden checks cars parked on a street in Vienna, Austria May 31, 2017. REUTERS/Heinz-Peter Bader MILAN European car sales rose 7.7 percent in May from the same month a year ago, industry data showed on Friday, returning to growth after a dip in April and with nearly all auto manufacturers recording sales increases. New passenger car registrations in the European Union and European Free Trade Association increased to 1.43 million vehicles last month, according to the Brussels-based Association of European Carmakers (ACEA). "In volume terms, this result comes close to May 2007 levels, just before the economic crisis hit the auto industry," the industry group said in a statement. European car sales returned to annual growth in 2014 after a six-year slump during which registrations fell to their lowest in decades. Demand has been growing most months since, as an improvement in consumer confidence, retail incentives and new product launches lured customers back to the showrooms. The May increase comes after registrations dropped the previous month, given fewer trading days around Easter and thanks to a double-digit sales decline in Britain. May''s growth was led by Japanese carmakers Suzuki ( 7269.T ) and Toyota ( 7203.T ), up 21.4 percent and 19.6 percent respectively, and Germany''s Daimler ( DAIGn.DE ), up 14 percent. Sales from the Fiat Chrysler Automobiles ( FCHA.MI ) stable rose 11.9 percent, as a 47.8 percent jump for sporty Alfa Romeo models helped offset a 7.3 percent drop for its Jeep SUV brand. France''s Renault ( RENA.PA ) recorded a 10.4 percent rise in registrations, outpacing domestic rival PSA Group ( PEUP.PA ), whose sales increased 4.8 percent. Sales at Volkswagen ( VOWG_p.DE ), Europe''s biggest carmaker, rose 8.4 percent, both for the group and its core namesake brand, as the German company continues to recover from its diesel emissions test-rigging scandal. Its market share remained roughly stable year-on-year at 24.3 percent. The only carmakers to report falling sales last month were Jaguar Land Rover, down 9.3 percent, Japanese carmakers Honda and Mazda, falling 14.5 percent and 2.3 percent respectively, and Opel Group, down 1.7 percent. All five major national markets, except for the United Kingdom, recorded sales increases last month, led by Germany, where registrations increased 12.9 percent, and followed by Spain, where sales were up 11.2 percent. UK sales dropped 8.5 percent. In the first five months of the year, European registrations increased 5.1 percent to 6.92 million vehicles, ACEA added. (Reporting by Agnieszka Flak; Editing by Mark Potter)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-europe-carsales-idUKKBN1970I0'|'2017-06-16T14:03:00.000+03:00'
'2eec5f0a257ce7c580fdc0b85ab92cee4671fdfe'|'BR Properties to raise fresh capital in Brazil offering'|'SAO PAULO, June 16 BR Properties SA, one of Brazil''s largest listed commercial property companies, has filed for permission to raise fresh capital in a domestic equity offering, to refinance existing debt and fund potential acquisitions.In a securities filing on Friday, BR Properties said it plans to offer about 94.702 million shares in a so-called restricted efforts offering, without elaborating on terms or pricing. The offer could be increased by 15 percent through a so-called supplementary allotment.Based on Wednesday''s closing price, the company could raise up to 955 million reais ($292 million) in the offering, according to Thomson Reuters calculations.Public offerings with restricted efforts differ from standard equity offerings in that a company does not have to request registration of the plan with securities industry watchdog CVM. Only qualified investors can participate in such offerings, and the deals cannot be marketed through road shows or the media.($1 = 3.2740 reais) (Reporting by Guillermo Parra-Bernal and Gabriela Mello; Editing by Bernadette Baum)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/br-properties-newissues-idINL1N1JD0BN'|'2017-06-16T09:43:00.000+03:00'
'f9743754b774805aeab7984383c6b36d6b3262fa'|'U.S. states could not set self-driving car rules under Republican plan'|'WASHINGTON, June 15 California and other states would be barred from setting their own rules governing design and testing of self-driving cars, while federal regulators would be blocked from demanding pre-market approval for autonomous vehicle technology, according to a U.S. House Republican proposal reviewed by Reuters on Thursday.The draft legislation, while far from becoming law, still represents a victory for General Motors Co, Alphabet Inc , Tesla Inc and other automakers and technology companies who are seeking to persuade Congress and the Trump Administration to pre-empt rules under consideration in California, New York and other states that could limit deployment of self-driving vehicles.The industry also opposed an Obama administration proposal last year that raised the possibility of giving regulators the power to review and approve self-driving car technology before it was put into service, similar to the vetting by Federal Aviation Administration of new technology for aircraft.The 45-page draft package of 14 bills would designate the U.S. National Highway Traffic Safety Administration as the lead agency for regulating self-driving cars, pre-empting state rules.States could still set insurance and registration rules but could not use them as a way to regulate self-driving technologies. California has proposed changes to its self-driving car rules, but automakers said in April it has not gone far enough.One of the bills in the proposal would allow the U.S. Transportation Department to exempt up to 100,000 vehicles per year from U.S. federal motor vehicle safety rules, which currently prevent the sale of self-driving vehicles without steering wheels, pedals and other human controls.Another would declare crash data, other testing and validation reports from automated cars turned over to U.S. regulators to be "confidential business information."On Tuesday, a bipartisan trio of U.S. senators said they planned to introduce legislation to remove regulatory roadblocks to the introduction of self-driving cars, including sorting out conflicts between state and federal rules.Energy and Commerce Committee Republican members and staff have vowed to work with Democrats and industry and safety officials to try to reach a bipartisan consensus.Mitch Bainwol, head of the Alliance of Automobile Manufacturers, an auto trade group, told Congress on Wednesday it should work to eliminate state or local laws that could "unduly burden or restrict the use of self-driving vehicles in the future." (Reporting by David Shepardson; editing by Diane Craft)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-selfdriving-idUSL1N1JC1PQ'|'2017-06-16T05:31:00.000+03:00'
'584e80aa19ee5e0d474d9c1a311986569470322c'|'Why the Emoluments-Clause Lawsuits Against President Trump Matter'|'It sounds like a law school exam question: Can partisan opponents sue the president for alleged violations of the foreign emoluments clause of the U.S. Constitution?But the recent cases seeking to test that question—Maryland and Washington, D.C., jointly filed one against Donald Trump on Monday, and congressional Democrats are expected to file another today—are anything but academic. The suits revive long-dormant anticorruption provisions in the Constitution, the main one of which forbids the president from accepting payments from foreign governments that might seek favors in return. If the judiciary allows them to move forward, the cases could cast badly needed sunlight on the murky workings of the Trump Organization.For one, think tax returns. The plaintiffs say one of their first steps will be to demand, via pretrial discovery, copies of Trump’s elusive personal tax filings. How better to assess the scope of the president’s international business affairs—and perhaps to discover why he has hidden his returns so defiantly?The cases are also significant because they could land before the Supreme Court. The judiciary hasn’t previously interpreted the emoluments clause in Article I of the Constitution, which prohibits public officials, unless they have “the consent of the Congress,” from accepting “any present, emolument, office or title, of any kind whatever, from any king, prince, or foreign state.” The Supreme Court’s silence is less surprising than it might sound, as until now no president has attempted to grip the reins of state while retaining ownership of such a sprawling range of corporate interests. Given their constitutional significance, the emoluments cases, if allowed to develop, will probably interest the high court.The legal challenges trace to January, when Trump took office having refused to divest himself of his business empire. Days later, a nonprofit called Citizens for Responsibility and Ethics in Washington (CREW), which is led by Norman Eisen, the chief White House ethics lawyer for President Barack Obama, sued Trump in federal court in New York for violating the emoluments clause. As if on cue, foreign governments began patronizing the Trump International Hotel in Washington, which has specifically marketed to the diplomatic community . So far the governments of Kuwait, Saudi Arabia, Turkey, and Georgia have availed themselves of the hotel’s hospitality. CREW’s filing also mentioned that tenants at Trump Tower in New York include a Chinese government-controlled bank and the Abu Dhabi Tourism and Culture Authority.An inevitable objection to such a test case is that the plaintiff lacks “standing.” To establish standing, a plaintiff has to show a personal injury caused by the defendant that a court can remedy. CREW initially offered the contrived-sounding argument that it had been forced to divert limited resources from other important matters to the emoluments fight. (I say contrived because a group like CREW is founded in the first place to harass politicians about conflicts of interest.) Soon, the organization amended its complaint to add other plaintiffs, including an association of restaurants and restaurant workers, who could more credibly maintain that the operation of the Trump hotel causes them competitive injury, meaning lost business.The suit by Maryland and Washington, D.C., for which CREW is serving as co-counsel, rests on a more solid standing claim: that the Trump hotel may be siphoning off business that otherwise would flow to taxpayer-owned facilities, such as Washington’s convention center. Eisen told me by phone that he sees Maryland and D.C. as “perfect plaintiffs.” The reason, he said, is that “they are coequal parts of the government that have a strong interest in seeing the Constitution enforced.” Consider that Hawaii, Washington, and several other states overcame standing objections to win lower-court rulings blocking both versions of the Trump executive order temporarily banning immigration from certain predominantly Muslim countries.The nearly 200 congressional Democrats expected to go to court today in Washington, D.C., presumably will assert that they have standing based on their authority, separate from that of the states, to oversee enforcement of the emoluments clause. Only litigation will reveal the identity of Trump&apos;s far-flung business partners and investors, this argument would go.The most important business stories of the day. Get Bloomberg&apos;s daily newsletter. Sign Up There is, of course, a counterargument in these cases. Last Friday, the U.S. Justice Department filed a brief defending Trump in the original CREW suit. The government lawyers took the standing issue out for a spin and argued that the emoluments clause doesn’t apply to fair-market commercial transactions, such as hotel bills, golf club fees, or office rent. Past presidents have received income from foreign sources, the Justice Department pointed out. George Washington exported flour and cornmeal to England from his Virginia plantation. And Barack Obama received royalties on his books, some of which have been bought by public universities abroad.The idea that foreign governments craftily deployed state librarians to gain favor with President Obama is every bit as silly as it sounds. More broadly, the best response to the past-presidents-did-it argument is that before Trump, we’d never had a president with business interests so vast and secret. If ever there were a time to test the emoluments clause, this is the time. Let’s have a look at the president’s conflicts of interest—with full disclosure, including his tax returns, and before the nation’s highest court—to decide whether they pass constitutional muster.Paul Barrett @AuthorPMBarrett'|'bloomberg.com'|'https://www.bloomberg.com/businessweek'|'http://www.bloomberg.com/news/articles/2017-06-14/why-the-emoluments-clause-lawsuits-against-president-trump-matter'|'2017-06-14T21:00:00.000+03:00'
'9242da7e8de2e4f0c756df54003d113077f782d6'|'U.S. managers in 2007 Businessweek poll had high hopes for the world of work in 2017.'|'Is your working life better or worse than you thought it would be a decade ago? Chances are you’re a bit hazy on your recollections of the summer of 2007. But if you’re like most people, things haven’t turned out quite as well as you predicted back then.In late June and early July 2007, Businessweek asked 2,000 Americans in middle management and above what they imagined for the futuristic world of work in 2017. The U.S. economy was still going strong, the housing bubble had not yet burst, and the unemployment rate had not yet soared to 10 percent.The good times seem to have made people optimistic. Ten years from now, our predecessor magazine asked, will working conditions for the average person be better than they were at the time? Sixty percent said 2017 would be better.Which will be a more powerful motivator, we asked: self-fulfillment or fear? Eighty-two percent chose self-fulfillment.Eighty-three percent agreed it would be easier for women to get ahead in business than it was in 2007.And 81 percent said it would be easier for racial and ethnic minorities to get ahead in business.Only a minority believed that bosses would have more power over workers in 2017 than in 2007. There was more belief in bosses’ increasing power among people with household incomes under $75,000 (33 percent) than among those with household incomes over $150,000 (26 percent).Outsourcing and offshoring were front-burner issues in 2007. On a whim, we asked people if they were on a first-name basis with anyone who works in India. Fewer than 10 percent were, but about one-third thought they would be by 2017. That seems to have been an overestimate. (John, meet Rahul.)The Businessweek survey had some other fun stuff that wasn’t about 2017. For example, we asked people whom they would most like to be their direct boss. Donald Trump, then no more than a telegenic billionaire, came in way behind Oprah Winfrey (9 percent vs. 29 percent among whites, 6 percent vs. 48 percent among nonwhites).Fancifully, we gave people a set of options for what scared them the most. Women named China first, followed by Wall Street, “my boss,” “my computer,” and “my spouse.” Men’s answers were about the same, except they were slightly more scared of China and their spouses, less scared of Wall Street and their computers.More than half of 25- to 29-year-olds agreed that “people get away with murder when they work from home.” And 6 percent of respondents under age 30 said they had accidentally called their boss Mom or Dad. (Yeah, awkward. Now that you’re closer to 40, you’ve probably suppressed that mortifying memory.)Lastly, here’s a finding that probably hasn’t changed in the past decade and most likely never will: Ninety percent of our respondents thought they were among the top 10 percent of performers in their workplace. Among those describing themselves as executives, 97 percent considered themselves top-decile material.Peter Coy Economics Editor @petercoy Peter Coy is the economics editor for Bloomberg Businessweek and covers a wide range of economic issues. He also holds the position of senior writer. Coy joined the magazine in December 1989 as telecommunications editor, then became technology editor in October 1992 and held that position until joining the economics staff. He came to BusinessWeek from the Associated Press in New York, where he had served as a business news writer since 1985.'|'bloomberg.com'|'https://www.bloomberg.com/businessweek'|'http://www.bloomberg.com/news/articles/2017-06-13/u-s-managers-in-2007-businessweek-poll-had-high-hopes-for-the-world-of-work-in-2017'|'2017-06-14T00:12:00.000+03:00'
'9f88faec5730c0592eb67be10023f7cea350832b'|'UK''s WS Atkins FY pretax profit up 18 pct on N.American business'|'Market News - Thu Jun 15, 2017 - 2:32am EDT UK''s WS Atkins FY pretax profit up 18 pct on N.American business June 15 WS Atkins, a British engineering and design consultancy, said its full-year pretax profit rose about 18 percent, helped by its North American business. Atkins, which worked on London''s 2012 Olympic site as well as a renovation of New York''s Statue of Liberty, said underlying pretax profit rose to 164.6 million pounds ($209.7 million) in the twelve months ended March 31 from 139 million pounds a year earlier. Atkins, which serves companies including BP and Network Rail, said revenue grew 12 percent to 2.08 billion pounds, adding that its underlying performance was helped in part by the acquisition of nuclear energy business PP&T. The company''s Middle East and energy markets that proved to be its weak spots in the first half of the year, performed in line with market expectations in full year, the company said in a statement. ($1 = 0.7849 pounds) (Reporting By Justin George Varghese; Editing by Amrutha Gayathri) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/wsatkins-results-idUSL3N1JC2IR'|'2017-06-15T14:32:00.000+03:00'
'1ef81b0b61a97bfdac178964a296b09019887216'|'UPDATE 1-U.S. beef speeds to China by air as trade deal ends 14-year ban'|'CHICAGO The first shipment of U.S. beef to China under a new trade deal went airborne on Wednesday, a Nebraska meat company said, just two days after Washington finalized details to resume exports, ending a 14-year ban.Greater Omaha Packing Co said it shipped beef by plane to China from Nebraska, a top U.S. beef producing state, to meet strong demand."They want it right away," Chief Executive Officer Henry Davis said about Chinese consumers.Beijing banned U.S. beef imports in 2003 after a U.S. scare over mad cow disease, but last month agreed to allow U.S. shipments by mid July as part of a broader trade deal.Talks moved quickly, and U.S. officials said on Monday they had finalized requirements for exports.China is the world''s fastest growing beef market, according to the U.S. Department of Agriculture, and its imports increased to $2.5 billion last year from $275 million in 2012.To win business, Greater Omaha Packing has hired bilingual salespeople from China, Davis said. He added that the company had received hundreds of phone calls in recent months about sales to China from potential customers and distributors.To make the first shipment, the company, which exports to other countries, affixed labels in English and Chinese on every box of beef on the flight, Davis said."We''d never done Chinese before," he said.So far, only Greater Omaha Packing and Tyson Foods Inc, the biggest U.S. meat company, have processing plants approved by the USDA to ship beef to China.Tyson did not immediately respond to a request for comment.On Tuesday, Cargill Inc [CARG.UL], another major beef processor, said that only a small percentage of the total current U.S. cattle supply would qualify for exports to China under the terms of the new trade agreement.The deal requires U.S. producers to track the birthplace of cattle born in the United States that are destined for export to China and take other steps.Some U.S. producers still view the market as lucrative, given China''s expanding middle class.The U.S. Meat Export Federation, a trade group, said this week that China''s import requirements will add costs for producers.However, CEO Philip Seng said "China holds exciting potential for the U.S. beef industry and for buyers in the market who have waited a very long time for the return of high-quality U.S. beef."(Reporting by Tom Polansek; Editing by Phil Berlowitz and David Gregorio)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-usa-china-beef-idUSKBN19537F'|'2017-06-15T06:21:00.000+03:00'
'ee6ee6b95c9d3ed907307bc6446c3db07d556ac7'|'China''s Anbang says chairman steps aside, after report of his arrest'|'Business   4:56am BST China''s Anbang says chairman steps aside, after report of his arrest Chairman of Anbang Insurance Group Wu Xiaohui attends the China Development Forum in Beijing, China March 18, 2017. REUTERS/Thomas Peter By Matthew Miller and Koh Gui Qing - BEIJING/NEW YORK BEIJING/NEW YORK Anbang Insurance Group, one of China''s most aggressive buyers of overseas assets, said on Wednesday its chairman was temporarily unable to fulfil his duties, just over a week after denying reports he had been barred from leaving the country. The brief statement, citing only unspecified personal reasons for moving Wu Xiaohui aside, came hours after Chinese magazine Caijing reported the chairman had been taken away for investigation. The article, citing unnamed sources, was removed shortly after it was posted online. Anbang said Wu''s duties would be managed by other senior executives, and that its business was operating normally. No other details were provided. Best known overseas for its 2015 purchase of New York''s landmark Waldorf Astoria hotel, Beijing-based Anbang has pursued a string of high-profile foreign acquisitions under Wu. After a spate of successful deal-making worth over $30 billion, Anbang ran into recent roadblocks, failing to close on a handful of investments, and facing criticism over its opaque shareholding structure. Anbang''s vertiginous rise has also brought unwanted attention. One of Anbang''s units was censured by China''s insurance regulator in May for designing products to skirt a regulation aimed at curtailing risk. As a result, the unit was barred from issuing new products for three months. That move came amid a widespread regulatory crackdown on what was seen as excessive use of universal life products by some insurers, and as China''s leadership moves to curb risk in the financial system. A handful of insurers, led by Anbang, have issued higher-yielding products to raise funds to acquire stakes in listed companies. Earlier this year, the country''s chief insurance regulator, who had overseen a doubling of the size of the industry in three years, was removed from his post after being placed under investigation. Outside of China, Anbang''s deal-making has faltered as well. Its planned $1.6 billion takeover of U.S. annuities and life insurer Fidelity & Guaranty Life ( FGL.N ) collapsed in April after failing to get the required U.S. regulatory approval. Attempts by the Chinese insurer to invest in a real estate project affiliated with the family of U.S. President Donald Trump''s son-in-law floundered earlier this year. When asked if Wu was within China or if he could be reached, a spokesperson for Anbang - which employs more than 30,000 people and manages 1.97 trillion yuan ($290 billion) in assets - said the company had nothing to add. Anbang earlier this month denied a Financial Times report that Wu had been prevented from leaving the country, citing four sources who had business dealings with him. That statement fuelled speculation about Wu''s well-being, at a time when Chinese business circles were already spooked by the mysterious disappearance of a China-born billionaire from Hong Kong early this year. Calls to Wu''s mobile phone went unanswered on Wednesday. China''s insurance regulator did not immediately respond to a faxed request for comment or phone calls. RISE TO PROMINENCE Anbang''s recent difficulties come during a highly sensitive year in China, with the ruling Communist Party set to hold its five-yearly party congress later this year, and amid a broader crackdown on corruption led by President Xi Jinping. Established in 2004 by Wu as an automotive and property insurer, Anbang has stormed to prominence in recent years, buying Dutch insurer Vivat, South Korea''s Tong Yang Life Insurance and Strategic Hotels & Resorts in the United States. It has also taken significant stakes in a handful of listed domestic banks and property firms, including China Mingsheng Banking Corp ( 600016.SS ) ( 1988.HK ), Agricultural Bank of China 601288.HK ( 1288.HK ) and China Vanke ( 2.SZ ). Anbang also became embroiled in an unusually public war of words with a leading Chinese business magazine, Caixin, about the insurer''s ownership structure. In an article published in April, the magazine had described Anbang''s structure as "opaque" and said its funding was a "maze" of capital flow involving more than 100 firms. Anbang, in response, called the descriptions "malicious" and "inaccurate" and later said it filed a lawsuit in Canada against the author of the article. Described by those who know him as smart and passionate, Wu is politically connected - he married the grand-daughter of former leader Deng Xiaoping - and has cultivated relationships on Wall Street with the likes of private equity giant Blackstone Group LP ( BX.N ), despite speaking little English. ($1 = 6.7964 Chinese yuan renminbi) (Additional reporting by Engen Tham in Shanghai; Editing by Tony Munroe and Lincoln Feast)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-anbang-group-chairman-idUKKBN19503I'|'2017-06-14T11:56:00.000+03:00'
'e07f0e0a7c3e0fc96087515e2993996640ddbd08'|'Tesco reports strongest UK sales growth in seven years'|'Fri Jun 16, 2017 - 10:24am BST Tesco reports strongest UK sales growth in seven years FILE PHOTO: A woman walks past a Tesco supermarket in central London, December 9, 2014. REUTERS/Toby Melville/File Photo By James Davey - LONDON LONDON Tesco ( TSCO.L ), Britain''s biggest retailer, has cemented its recovery, reporting its strongest quarterly sales performance in its home market in seven years despite rising prices. Chief Executive Dave Lewis has been leading a fightback after Tesco''s profits were hammered by changing shopping habits, the rise of German discounters Aldi and Lidl and an accounting scandal in 2014. He stabilized the business and then got it growing again with a focus on lower prices, new and streamlined product ranges, better customer service and much improved supplier relationships. Tesco remains Britain''s largest supermarket by a wide margin. The group, which in January agreed to buy wholesaler Booker ( BOK.L ) for 3.7 billion pounds ($4.7 billion), said on Friday that UK like-for-like sales rose 2.3 percent in the 13 weeks to May 27, a sixth straight quarter of growth. The outcome was ahead of analysts'' forecasts, in a range of up 1.7-2.0 percent, and built on growth of 0.7 percent in the previous quarter. "The key focus for this quarter has been working with our supplier partners to protect our customers from inflation. Today''s numbers show the benefit of our approach," Lewis told reporters. The performance was driven by 1.3 percent growth in customer transactions, 10 million more year-on-year, and by volume growth in fresh food of 1.6 percent. Tesco shares rose as much as 4.4 percent, but gave up those gains on wider concerns about a deteriorating consumer environment in Britain and lower international sales. The stock is up 17 percent year-on-year but down 13 percent so far in 2017. Britons have been hurt by a rise in inflation, caused in large part by the fall in the value of the pound since last year''s vote to leave the European Union, and by a slowdown in wages growth. FLEXING ITS MUSCLES Tesco, which has a share of around 28 percent of the UK grocery market, says it is not passing on as many cost increases to shoppers as its competitors. By purchasing a tighter range of goods and working more closely with its suppliers, Tesco is able to exploit its huge purchasing scale. Lewis said Tesco''s grocery inflation in the quarter was 1.5 percentage points below the most recent measure by industry researcher Kantar Worldpanel of 2.9 percent. "At the moment inflation in Tesco is significantly below the market trend," he said. Bernstein analyst Bruno Monteyne said Tesco''s inflation number "reflects working together with suppliers, not margin compression." Tesco''s finance chief Alan Stewart said the group''s margin and cost savings targets were unchanged after the update on the first quarter of its financial year. Analysts regard Sainsbury''s ( SBRY.L ), Britain''s second largest supermarket group, as the most exposed to a weaker economy after buying general merchandise retailer Argos. Other analysts say the discounters remain a major threat to Tesco and its traditional rivals, highlighting renewed momentum at Aldi and Lidl, with recent industry data recording their fastest sales growth since 2015. The trading update, released ahead of Tesco''s annual shareholders'' meeting later on Friday, showed group like-for-like sales rose 1 percent. However, Tesco''s international like-for-like sales fell 3.0 percent, reflecting a decision to discontinue unprofitable bulk selling activity in Thailand. Tesco also said it had resolved a tax issue relating to the sale of its South Korean business in 2015, releasing a 329 million pounds provision. (Editing by Adrian Croft and Keith Weir)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-tesco-outlook-idUKKBN1970IM'|'2017-06-16T17:24:00.000+03:00'
'73f3bc19b6fabf9b36b16f648c72599d4e083e06'|'EMERGING MARKETS-Emerging market stocks set for biggest weekly fall of year, Russia steadies'|'Market  33am EDT EMERGING MARKETS-Emerging market stocks set for biggest weekly fall of year, Russia steadies By Claire Milhench - LONDON, June 16 LONDON, June 16 Emerging market stocks were heading for their biggest weekly fall of the year on Friday, though Russia, one of the biggest losers of the week, steadied along with oil prices. Russian stocks rose 0.6 percent off Thursday''s 16-month lows, but are down 3 percent so far this week, their worst weekly performance since mid-April. The rouble also firmed 0.2 percent against the dollar after dipping to one-month lows on Thursday, but was down over 1 percent this week. The sell-off was triggered by U.S. lawmakers moving to impose new sanctions on Russia and force   to get the approval of Congress before easing any existing sanctions. Oil''s price fall to six-month lows compounded Russia''s woes. But as oil edged higher on Friday, the rouble found a floor, ahead of a Russian central bank meeting which is expected to cut interest rates by 50 basis points. "The reason we expect a 50 bps cut is inflation fell to their target in May, and so far signs from the first quarter are that domestic demand is still soft and they have room to cut," said Kiran Kowshik, a strategist at UniCredit. "But it''s possible they could do 25 bps given how oil is trading," he said, adding that either outcome was fine for the rouble due to the pace of disinflation. MSCI''s emerging markets stocks index was steady near three-week lows hit on Thursday with gains in some European markets such as Hungary and Poland offsetting earlier losses in Asia. Chinese mainland shares fell 0.3 percent, ending the week down 1.6 percent, the first weekly fall since early May as weak producer inflation and investment data have reinforced concerns of a renewed slowdown in the world''s No.2 economy. The yuan was set for its worst week since early-March, after the central bank fixed its official guidance sharply lower. Hong Kong stocks closed slightly up but have lost 1.6 percent for the week, their biggest fall in three months. Kowshik said that as fiscal stimulus promised by U.S.   had been delayed, there had been some selling in emerging assets that would have benefited from such extra spending. He cited South Korea, where the won fell as much as 1.2 percent before the central bank was suspected of intervening. The won ended at five-week lows. U.S. Federal Reserve signals that it may begin reducing its holdings of bonds and other securities this year is also a negative for emerging markets "The bad news for emerging markets is the Fed tapering announcement, which many people were not expecting this week," Kowshik said. "It suggests there is a limit to how much U.S. yields can fall." The Turkish lira weakened 0.2 percent against the dollar. The central bank left its key interest rate on hold on Thursday, despite high inflation. South Africa was closed for a public holiday but stocks ended the week down almost 3 percent, their worst performance since December. Mining stocks sold off hard on Thursday when the government revamped the sector''s ownership rules. In central Europe, the Romanian leu reached a near five-year low against the euro after the ruling coalition said it would seek to topple Prime Minister Sorin Grindeanu next week. But the Serbian dinar hovered near a 17-month high hit on Thursday after the president nominated Ana Brnabic as the country''s first woman prime minister. She is not affiliated with any party. For GRAPHIC on emerging market FX performance 2017, see tmsnrt.rs/2e7eoml For GRAPHIC on MSCI emerging index performance 2017, see tmsnrt.rs/2dZbdP5 For CENTRAL EUROPE market report, see For TURKISH market report, see For RUSSIAN market report, see) Emerging Markets Prices from Reuters Equities Latest Net Chg % Chg % Chg on year Morgan Stanley Emrg Mkt Indx 1003.66 +0.02 +0.00 +16.40 Czech Rep 1000.82 +4.08 +0.41 +8.59 Poland 2302.66 +6.67 +0.29 +18.21 Hungary 35692.03 +157.53 +0.44 +11.53 Romania 8427.80 +21.51 +0.26 +18.95 Greece 809.47 +9.74 +1.22 +25.76 Russia 998.64 +6.68 +0.67 -13.34 South Africa 44512.15 -572.71 -1.27 +1.39 Turkey 98766.28 +29.26 +0.03 +26.40 China 3122.86 -9.62 -0.31 +0.62 India 31119.49 +43.76 +0.14 +16.87 Currencies Latest Prev Local Local close currency currency'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/emerging-markets-idUSL8N1JD15A'|'2017-06-16T17:33:00.000+03:00'
'e92e4e02607bb93c46295d15b6dabbd185486308'|'Japan Post to drop talks to buy Nomura Real Estate: Nikkei'|'TOKYO Japan Post Holdings Co ( 6178.T ) will probably scrap talks to buy Nomura Real Estate Holdings Inc ( 3231.T ) as the two companies struggle to agree on the terms, the Nikkei business daily reported on Saturday.The potential deal was first reported by public broadcaster NHK in mid-May, pushing Nomura Real Estate''s shares up by 20 percent.The Nikkei reported last week that Japan Post planned to slow the pace of future acquisitions, shifting away from its earlier aggressive investment strategy as it smarts from losses over its purchase of Australian logistics company Toll Holdings.Japan Post was not available for comment outside office hours.The company announced a $3.6 billion writedown at Toll in April, just two years after the $4.9 billion takeover.A source familiar with Japan Post''s talks with Nomura told Reuters in May that one option would be for Japan Post to buy a majority stake in the real estate firm in a deal likely to be worth several billion dollars.(Reporting by Chang-Ran Kim; Editing by Paul Tait)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-japan-post-m-a-idINKBN198064'|'2017-06-17T04:13:00.000+03:00'
'83d7ee0c84c05a4f5397b5fa0d2657c0afe767b5'|'PRECIOUS-Gold dips on firmer dollar amid talk of another rate hike'|'Market News -  16pm EDT PRECIOUS-Gold at three-week low on firmer dollar, U.S. jobs data * Dollar gains as Fed points the way to trimming bond portfolio * Report of Trump probe spurs some safe haven buying * Silver hits weakest in nearly four weeks, platinum at month low (Updates prices; adds comment, second byline, NEW YORK dateline) By Marcy Nicholson and Eric Onstad NEW YORK/LONDON, June 15 Gold fell to a three-week low on Thursday, weighed down by a stronger dollar as investors began to assess the potential for another U.S. rate hike later in the year, supported by data showing a strong U.S. jobs market. The losses in gold were limited, however, with bullion underpinned by myriad global uncertainties, including a report that U.S. President Donald Trump was under investigation. "Just like in previous rate hikes, the next day the market starts looking at the probability of the next hike because everything was factored in beforehand," Natixis metals analyst Bernard Dahdah said. The U.S. Federal Reserve raised interest rates by a notch as expected on Wednesday and indicated further tightening before the end of the year. Spot gold fell 0.5 percent to $1,254.05 an ounce by 2:56 p.m. EDT (1856 GMT), after touching $1,251.18, the weakest since May 24. U.S. gold futures for August delivery settled down 1.7 percent at $1,254.60. U.S. data on Thursday bolstered the case for higher rates, as the number of Americans filing for unemployment benefits fell more than expected last week. "If you just look at economics, there''s a chance of more downside. The Fed was talking about another potential rate hike later this year, which is negative for gold. But there''s still enough for people to worry about in geopolitics at different levels," Dahdah said. Higher interest rates are negative for gold because they increase the opportunity cost of holding non-yielding gold by foregoing the chance of earning interest on cash holdings. "We think that the price of the yellow metal will fall in the remainder of the year as the Fed hikes rates by more than the market currently anticipates and global risks fade," said Capital Economics in a note. "We remain of the view that Fed tightening will prove too strong a headwind for the price of gold this year. Our end-2017 price forecast is $1,100 per ounce, down from about $1,255 today." The dollar index rallied after the jobs data and following Wednesday''s Fed meeting. Among other precious metals, silver shed 0.8 percent to $16.74 per ounce after slipping to $16.64, the lowest since May 19. Platinum dropped 1.6 percent to $920.99, having hit the lowest in over a month at $913.50, while palladium shed 0.2 percent to $861.49 per ounce after rallying by 25 percent so far this year. "We''re bullish on palladium compared to last year, but we think it has overshot," Dahdah said. (Additional reporting by Nithin Thomas Prasad and Vijaykumar Vedala in Bengaluru; Editing by Edmund Blair and Chizu Nomiyama)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/global-precious-idUSL3N1JC38Q'|'2017-06-15T19:15:00.000+03:00'
'c30374a7f8671ba265a52e4fa554197f3344fd75'|'Bank of England comes closest to voting for a rate rise since 2007'|'  3:36pm BST Bank of England shocks markets with close vote on rate hike A general view shows the Bank of England in the City of London, Britain April 19, 2017. REUTERS/Hannah McKay/File Photo By David Milliken and Andy Bruce - LONDON LONDON The Bank of England shocked financial markets on Thursday when it said three of its policymakers voted for an interest rate hike, the closest it has come to raising rates since 2007, despite signs of a slowdown in Britain''s economy. The unexpectedly tight 5-3 vote adds questions over monetary policy to uncertainty over Britain''s political outlook since Prime Minister Theresa May failed to win a parliamentary majority in an election last week. BoE policymakers Ian McCafferty and Michael Saunders joined previous rate rise advocate Kristin Forbes in voting to reverse the BoE''s decision last August to cut rates to a record-low 0.25 percent, the BoE said. Governor Mark Carney and the four other members of the Monetary Policy Committee voted to leave rates unchanged. Financial markets were pricing in a roughly 50 percent chance of an interest rate hike by next June, compared with 20 percent earlier this week, Societe Generale fixed income strategist Jason Simpson said. But many economists said they still saw no rate hike on the horizon possibly for another two years. Sterling jumped almost a cent against the U.S. dollar GBP= after the decision but it pared gains as doubts grew about whether an outright majority of Bank officials would back higher rates in the foreseeable future "Last week''s election unexpectedly gave us a hung parliament, and now it seems the MPC is also split down the middle," HSBC economists Elizabeth Martins and Chris Hare wrote in a note to clients. "We think there could be a protracted period of split votes, as political uncertainty, waning growth momentum and weak wages weigh against the case for tightening," they added. Britain''s economy slowed sharply in early 2017 as consumers felt the pinch from higher inflation and slowing wage growth. That had led most investors to think it was unlikely that the BoE would quickly follow the lead of the U.S. Federal Reserve which raised interest rates for the second time in three months late on Wednesday. Economists polled by Reuters had expected only Forbes, whose MPC term expires at the end of the month, to back higher rates. Attention is now turning to the future make-up of the MPC. Chancellor Philip Hammond has yet to announce replacements for Forbes and for former deputy governor Charlotte Hogg, who quit earlier this year after lawmakers criticised her failure to declare a potential conflict of interest. Hammond and Carney had been due to address an annual dinner for financiers in the City of London later on Thursday. But the event was cancelled out of respect for victims of a deadly fire in a London apartment block on Wednesday. INFLATION SURGE Rising inflation and a further fall in the pound have become the BoE''s main concerns since its last rates meeting in May. The BoE said on Thursday that a recent jump in inflation to 2.9 percent meant it was likely to exceed 3 percent this autumn - higher than the BoE forecast just a few weeks ago and well above its 2 percent inflation target. The fall in the pound after last week''s election could push prices yet higher, the central bank said. Prime Minister May is trying to get a commitment of support from Northern Ireland''s main pro-United Kingdom party to allow her to pass legislation. The pound shed 2.5 percent of its value since the last BoE meeting and is now 13 percent weaker than before Britain voted to leave the EU. Britain''s economy was the worst performer among the world''s top seven advanced economies in the first quarter of this year as the effect of higher inflation - partly due to a weaker pound - caught up with consumers at a time of sluggish wage growth. Retail data released earlier on Thursday showed the joint slowest growth in sales volumes in four years. But the BoE said it was unclear how long the consumer weakness would last as confidence surveys have looked solid. Moreover, indicators of investment and exports looked upbeat, and unemployment was its lowest in over 40 years, the BoE said. "The continued growth of employment could suggest that spare capacity is being eroded ... and, all else equal, reducing the MPC''s tolerance of above-target inflation," the BoE said. Key considerations for future rate rises would be inflation pressures, whether consumer demand stayed weak, and if other sources of demand such as exports and business investment grew to compensate, the central bank added. (Editing by Hugh Lawson)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-economy-boe-idUKKBN19619K'|'2017-06-15T19:21:00.000+03:00'
'fd2b1dabb4a850437ee87110c53a597b2ffd4ba9'|'Alphabet, Apple analyst research extends tech stock selloff'|'Business News - Thu Jun 15, 2017 - 3:49pm BST Alphabet, Apple analyst research extends tech stock selloff left right FILE PHOTO -- The audience assembles before the start of Apple''s annual developer conference in San Jose, California, U.S. June 5, 2017. REUTERS/Stephen Lam/File Photo 1/3 left right FILE PHOTO: A Google search page is seen through a magnifying glass in this photo illustration taken in Berlin on August 11, 2015. REUTERS/Pawel Kopczynski/File Photo 2/3 left right A view of the exterior of the Nasdaq market site in Times Square after the Nasdaq breached the 6,000 mark for the first time ever on Tuesday, in New York City, NY, U.S. April 25, 2017. REUTERS/Shannon Stapleton 3/3 NEW YORK The U.S. technology sector fell on Thursday, pulled down by heavyweights including Apple Inc and Alphabet Inc after bearish analyst research gave investors a reason to take profits on the stock market''s recent champion sector. The tech-heavy Nasdaq composite index fell 1.4 percent while The S&P 500 information technology index was down 1.7 percent. Google''s parent Alphabet fell 2.7 percent, making it the second-biggest percentage loser in the S&P technology sector after Canaccord Genuity downgraded its rating of the stock to "hold," from "buy." The top percentage losers in the technology index were Advanced Micro Devices, down 4.6 percent, and Lam Research, down 2.97 percent. The downgrade triggered a broader tech selloff, according to Kim Forrest, senior equity research analyst at Fort Pitt Capital Group in Pittsburgh. Also, Barclays analyst Mark Moskowitz wrote that Apple is near the peak valuation levels in its iPhone 6 cycle which "could mean a bumpy ride lower" if the prospects for a mega sales cycle diminish for its next smartphone. Apple shares fell 1.9 percent after the report. “I think it’s a perfectly normal backing off. Tech has done really well. All of sudden everyone wakes up and says, ‘Holy cow, maybe we’re getting ahead of ourselves,’ and backs off a little bit," said Brad McMillan, Chief Investment Officer for Commonwealth Financial in Waltham, Massachusetts. “I don’t think this is going to be sustained, simply because if you look at the aggregate valuations … tech is not really any more expensive than the market as a whole. Arguably, you are getting a lot more growth at a pretty reasonable price. And that is what has driven the performance so far, but the reality is that is still the case.” The selloff came a day after the U.S. Federal Reserve hiked interest rates, as expected, and Fed Chair Janet Yellen said the central bank could start selling bonds on its balance sheet "very soon". While the tech sector has fallen more than 4 percent since last Thursday, it is still up around 17 percent year-to-date, double the roughly 8-percent rise for the S&P 500. That makes technology vulnerable to a pullback, said Tim Ghriskey, chief investment officer of Solaris Asset Management in New York, who saw no fundamental reason for the move. "Any type of concern in the market, any reason to raise cash levels, very likely these are the first stocks to go to because of the valuation ... because they''ve become so dominant in portfolios," said Ghriskey who said the selloff is a short-term blip. (Additional reporting by Lewis Krauskopf and Rodrigo Campos in New York, Noel Randewich in San Francisco; Editing by Nick Zieminski)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-usa-tech-stocks-idUKKBN1961XY'|'2017-06-15T22:49:00.000+03:00'
'ac09e63b5bf2d4006c7c40a483a54d42a65d8ae2'|'Robert Bosch to invest one billion euros in Dresden semiconductor plant'|'Business  14pm BST Robert Bosch to invest one billion euros in Dresden semiconductor plant FRANKFURT Robert Bosch, is investing 1 billion euros (872.92 million pounds) in a semiconductor plant in Germany, a company source told Reuters, highlighting the world''s largest car parts supplier''s ambitions in self-drive cars and the industrial Internet. The factory will be built in the eastern German city of Dresden, with most of the investment coming from Bosch and the rest from government and European Union subsidies, the source said. It is set to start production in 2021 and will employ 700 people, the source said. Bosch declined to comment. Bosch and Mercedes-Benz owner Daimler ( DAIGn.DE ) said in April they are creating an alliance to develop self-driving cars. Bosch already has a chip factory in Reutlingen in southern Germany and is a leading producer of sensors, but demand is expected to increase with the development of autonomous cars and the advance of more "smart" machines. The factory is a new boost for the eastern German state of Saxony which has sought to rebrand itself as "Silicon Saxony" by attracting high-tech companies and scientists. Bosch decided to build the factory in Dresden because of the supply of skilled potential employees, the source said. (Reporting by Ilona Wissenbach, writing by Emma Thomasson. Editing by Jane Merriman)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-bosch-factory-idUKKBN1961AN'|'2017-06-15T19:14:00.000+03:00'
'791bb61af45f3f242d27cf56f1271061f2cc5d10'|'Group urges NBC stations not to air segment on Sandy Hook doubter'|'By Alex Dobuzinskis - June 17 June 17 More network affiliates should join NBC Connecticut in refusing to air Megyn Kelly''s interview with Alex Jones, a conspiracy theorist who has suggested that the 2012 Sandy Hook school massacre was a hoax, a gun control group said on Saturday.The interview with Jones, scheduled to air on Sunday, has prompted outrage, especially in Connecticut, where 20 children and six adults were killed by a deranged gunman at the elementary school in Newtown.Jones, founder of the website Infowars, has questioned what he calls the "official story" of Sandy Hook and suggested that a political cover-up took place. Although his theory has been discredited, people who believe Jones have harassed and taunted families of the victims.Sandy Hook Promise, a gun control advocacy group with links to the families, urged people on Saturday to sign an online petition calling on NBC to pull the interview from broadcast, repeating an earlier demand.About 140,000 people have signed the petition, the group said in an email to supporters. It said names were needed "to get other stations to follow suit" after NBC Connecticut indicated on Friday it would not air the interview.The station''s general manager and president, in a memo seen by Reuters, told employees the wounds of the shooting are "understandably still so raw" and the station has "decided not to air this week''s episode of Sunday Night With Megyn Kelly."Kelly, who gained prominence as an anchor at Fox News, joined NBC at the beginning of this year. Her show "Sunday Night with Megyn Kelly" made its debut on June 4.The NBC television network, owned by Comcast Corp. , said in a statement on Saturday it was "committed" to the broadcast.Jake Urbanski, an NBC News spokesman, wrote in an email that NBC remains "committed to giving viewers context and insight into a controversial and polarizing figure," He declined to comment on the petition or on the decision by NBC Connecticut.Jones, saying he anticipated a "hit piece," posted recordings online on Thursday, apparently of a conversation ahead of the interview in which Kelly can be heard reassuring Jones it will not be an unfair "gotcha" interview.Kelly said in a statement earlier this week she understood and respected the concerns about the interview. She said she found Jones'' suggestion that Sandy Hook was a hoax "personally revolting" as does "every other rational person." (Reporting by Alex Dobuzinskis in Los Angeles; Additional reporting by Jonathan Allen; Editing by Frank McGurty and David Gregorio)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/nbc-megynkelly-alexjones-idINL1N1JE0ET'|'2017-06-17T21:27:00.000+03:00'
'f1b0f1adc46be5844733de0d60b9a3cb7022e87c'|'AIRSHOW-Viva Air Peru nears $5 bln Airbus airliner deal-sources'|'PARIS, June 18 Peruvian low-cost airline startup Viva Air Peru is close to reaching a roughly $5 billion deal with Airbus to order about 30 recently upgraded A320neo jets and 15 current-generation models known as A320ceo, two industry sources said.The deal could be announced at the Paris Airshow and follows a competition against rival Boeing''s 737 MAX.A spokesman for Airbus said: "We do not comment on discussions that we may or may not be having with potential customers."Viva Air Peru, which won an operating licence earlier this year, is owned by Irelandia Aviation. Neither firm could be reached for comment.(Reporting by Tim Hepher; Editing by Edmund Blair)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/airshow-paris-viva-idINL8N1JF0RT'|'2017-06-18T15:52:00.000+03:00'
'647ca47f414b3d058ca1eb9b099a941f341d3009'|'Daihatsu plans compact cars in Brazil as Toyota thinks small to build better cars'|'* Minicar maker sees market for smaller cars in Brazil* Toyota looks to subsidiary for advice on making lower-cost cars* Toyota, Daihatsu still mulling India strategyTOKYO, June 14 Daihatsu Motors on Wednesday said it plans to launch compact cars in Brazil, as parent company Toyota Motor Corp looks to its minicar subsidiary to help it expand in emerging markets and produce lower-cost, quality vehicles.Toyota, the world''s No. 2 automaker, wants to apply its smaller partner''s expertise in affordable, reliable pint-sized cars to its own passenger models as it grapples with higher costs and stiff global competition to produce increasingly sophisticated cars."There''s a market for compact cars in markets like Brazil," Daihatsu President Soichiro Okudaira told reporters in Tokyo in comments for publication on Wednesday."Toyota sells similar models across Asia and South America, and Brazil has been an important market for models like the Corolla, although they were in a slightly larger class."Okudaira, chief engineer of the last two generations of Toyota''s Corolla series, was dispatched from Toyota earlier this month to lead Daihatsu. He declined to offer additional details on when or in what capacity the carmaker would expand in Brazil.Toyota has a market share of about 9 percent in Brazil, where it sells the Etios subcompact hatchback and the Corolla and Camry sedans, along with SUVs and trucks. Any expansion there will see it come up against market leaders FCA, General Motors Co, and Volkswagen AG.Brazil, a top-10 global market for cars, could be a tough market for expansion as a deepening recession and political uncertainty has sapped auto sales in recent years. The country posted total sales of about 2 million in 2016, having fallen sharply from 3.5 million in 2010.Daihatsu is Japan''s largest maker of minicars with engines no bigger than 660cc made specifically for the domestic market as a low-cost alternative to passenger cars. Toyota has already enlisted Daihatsu to help develop compact cars for emerging markets including India.Toyota President Akio Toyoda last month said he was betting on minicar technology to simplify the way it manufactures regular cars at lower cost. Toyota has set up in-house companies to specialise in small cars and emerging markets, which are big markets for smaller models.Okudaira said the two companies were still mulling their strategy for India and other emerging markets, including whether to launch compact cars under the Daihatsu or Toyota brands and securing a high-quality supply chain.Toyota has struggled to grow its market share at the affordable end of India''s car market, a sector dominated by domestic rival Suzuki Motor Corp. (Reporting by Maki Shiraki and Naomi Tajitsu; Editing by Stephen Coates)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/daihatsu-strategy-idUSL8N1JA2A4'|'2017-06-14T14:00:00.000+03:00'
'4f86d2f0b379ba2e5146ad8ca70f0dcb4260f100'|'Delay in ECB stimulus effect does not justify more easing - Hansson'|'TALLINN European Central Bank stimulus measures take time to impact the real economy but this does not necessarily mean that even more stimulus is required, Governing Council Member Ardo Hansson told Reuters on Wednesday."We can''t expect that there would be a very quick transition from monetary policy decisions to inflation," Hansson said on the sidelines of a news conference. "We believe generally that the real economy is firming up and if we believe in these measures, then we should be just a bit more patient.""We don''t necessarily need to think that more measures are necessary. They will work their way through the system," Hansson, Estonia''s central bank chief, said.He added that when assessing the impact of the ECB''s work, the accumulated stock of stimulus must also be considered, not just the fresh impulses.(Reporting by David Mardiste; Writing by Balazs Koranyi; Editing by Hugh Lawson)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/ecb-policy-hansson-idINKBN19517M'|'2017-06-14T18:16:00.000+03:00'
'719b9564fd9434159a6682977fc08a5f0fdcd4ab'|'Volkswagen''s Slovak plant workers call strike over wage demand'|'PRAGUE Workers at Volkswagen''s Slovak factory voted to strike from Tuesday over demands for a higher wage rise, the carmaker''s union said on Wednesday.The union expects majority participation in the strike, leading to a production stop, union officials were Quote: d as saying in local media.The union said in a statement the strike would be unlimited.VW''s Slovak unit said last week that union demands for a 16 percent pay hike were unacceptable.The company has offered a base pay rise of 4.3 percent, along with a one-off payment of 350 euros and other bonuses.(Reporting by Jason Hovet; editing by Alexander Smith)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/volkswagen-slovakia-idINKBN1951X2'|'2017-06-14T21:28:00.000+03:00'
'10524f61fc107b4f175db7f216a45dc08f5a2e3a'|'Alexion names Biogen''s Paul Clancy as CFO'|'Alexion Pharmaceuticals Inc named long-time Biogen Inc Chief Financial Officer Paul Clancy to a similar position, effective July 31, as recently appointed CEO Ludwig Hantson steps up efforts to regain investor confidence.Alexion''s shares were up 3.6 percent at $111.88 in after-market trading on Tuesday.Hantson, a former chief executive at Baxalta, was named to the top job in March after a challenging few months for the drugmaker.Alexion said in December its then chief executive officer and chief financial officer would resign, a month after the company announced it was investigating allegations related to sales practices at its flagship drug, Soliris.Soliris, which treats two rare blood disorders and has a U.S. list price of about $480,000 per year, is facing slowing sales growth and looming competition.Clancy, who has been with Biogen for the past 16 years, served as CFO for the past 10 years. Prior to Biogen, he spent 13 years with PepsiCo Inc in various executive positions, Alexion said.Clancy will succeed Dave Anderson, who will become a senior adviser to the CEO after July 31 and will remain with Alexion until the end of August, the company said.Alexion''s shares plunged to a more than three-and-half year low last month after the company said Anderson would leave.Clancy will remain at Biogen through the second quarter, the company said on Tuesday.Biogen said Chief Accounting Officer Greg Covino will become the interim principal financial officer as it conducts a search for a new CFO.(Reporting by Ankur Banerjee in Bengaluru; Editing by Arun Koyyur and Sriraj Kalluvila)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-alexion-pharms-cfo-idUSKBN1942SH'|'2017-06-14T04:47:00.000+03:00'
'a4f51608b564a7f300e58301ca41f83fc8ec7c82'|'CORRECTED-UPDATE 2-China approves two new GMO crop varieties for import, renews 14 -ag ministry'|'BEIJING China approved two new varieties of genetically modified (GMO) crops for import from June 12, after the world''s top buyer of GMO soybeans pledged to speed up a review of biotech products as part of a recent trade deal with the United States.The approvals of new GMO imports follow an agreement on protocols for shipments of U.S. beef to China that was also promised under the broader trade deal last month.The new GMO varieties are Dow AgroSciences'' Enlist corn and Monsanto''s Vistive Gold soybean, the Ministry of Agriculture said in a statement on Wednesday.China does not permit the planting of genetically modified food crops but does allow GMO imports, such as soybeans, for use in its animal feed industry.But getting a new GMO crop variety approved for import by China takes around six years, compared with under three in other major markets, forcing leading agrichemical players to restrict sales during China''s review process.In May, Beijing promised to speed up the evaluations of eight U.S. varieties of GMO crops by the end of the month under a trade deal with the United States.Industry comments suggest Beijing could issue additional product approvals in coming months."We are aware of the latest updates of the approval process and are encouraged by the fast progress that the Chinese government has made," said a DuPont Pioneer spokeswoman."We look forward to more products getting approval."DuPont Pioneer is awaiting approval for an insect-tolerant corn while Dow AgroSciences'' Enlist soybean is also pending approval.The agriculture ministry said it has also renewed import approvals for 14 other GMO varieties including Syngenta''s MIR162 Agrisure Viptera corn, a Monsanto sugar beet and three Bayer rapeseed products.The approvals are for a three-year period lasting to 2020, the statement said.(This version of the story corrects name of Syngenta corn trait to Agrisure Viptera, not Duracade, paragraph 11)(Reporting by Dominique Patton and Hallie Gu; Editing by Christian Schmollinger and Tom Hogue)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-china-gmo-imports-idUSKBN1950WB'|'2017-06-14T22:50:00.000+03:00'
'32619e50c9256dae5574d1b5d2461783553752c0'|'Protesters defend disruption at New York Shakespeare production'|'By Alex Dobuzinskis - June 17 June 17 Two people who disrupted a controversial New York production of Shakespeare''s "Julius Caesar" took to social media on Saturday to defend their protest of the performance that portrays the assassinated Roman leader with an actor costumed to resemble U.S. President Donald Trump.The open-air stage production featuring a magnetic blond businessman as the ill-fated Caesar, prompted outrage from the president''s supporters who said the link with Trump would encourage political violence. The flap led two corporate sponsors to pull out."Last night, Conservatives took back the theatre, an institution they have been locked out of for too long. The left lost their safe space!" Laura Loomer, a journalist for right-wing media organization The Rebel, wrote on Twitter.Loomer, 24, was arrested for misdemeanor criminal tresspassing and disorderly conduct after rushing the stage during the open-air performance of the play on Friday evening, said a New York police spokesman. She was later released with a ticket ordering her to appear in court.The Public Theater, which is staging the play in Central Park, has responded to the criticism by saying the production is valid artistic expression in keeping with a long tradition of William Shakespeare adaptations.At the same time as Loomer jumped on the stage, a second protester stood up in the audience to loudly criticize the production and audience. "You are inciting terrorists, the blood of Steve Scalise is on your hands," the man yelled. He was then led away by security guards.The protester later identified himself online, where he posted the video, as Jack Posobiec, who wrote a book called "Citizens for Trump."U.S. Congressman Steve Scalise, the No. 3 Republican in the U.S. House of Representatives, was critically wounded on Wednesday when he and three others were shot on a baseball field in Alexandria, Virginia. The attacker, who had raged against Trump on social media, was killed by police returning fire.Earlier this week, Delta Air Lines Inc and Bank of America Corp pulled funding of the production, hours after Trump''s son Donald Jr. sent a Twitter message questioning whether it was art or political speech.In Posobiec''s video from New York, audience members are heard booing to show displeasure with the disruption, as Posobiec shouts to call them "Nazis." Posobiec was not arrested.The nonprofit Public Theater noted that like its critics, it also has the right of free speech under the first amendment of the U.S. Constitution. It vowed to continue with its staging of "Julius Caesar" in an enclosed theater in New York''s Central Park."While we are champions of the first amendment, this interruption unfortunately was part of a paid strategy driven by social media," it said on Twitter.Loomer and Posobiec denied they were paid to protest.About two weeks ago, comedian Kathy Griffin faced a backlash over her posing for a photograph with a fake severed and bloodied head resembling Trump. As a consequence, she lost her job as a co-host of CNN''s New Year''s Eve coverage. (Reporting by Alex Dobuzinskis in Los Angeles; Editing by Frank McGurty and David Gregorio)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/usa-shakespeare-trump-idINL1N1JE0CJ'|'2017-06-17T17:14:00.000+03:00'
'4f55dd9776322625fb36634d7c154a7d4e1f0796'|'Wall Street to open higher on tech recovery; Fed in focus'|'By Sruthi Shankar U.S. stocks were higher on Tuesday, with the Dow hitting an all-time high as bank stocks gained and technology shares rebounded from a selloff.The S&P 500 technology sector rose 0.5 percent, leading gainers among the 11 major S&P indexes, recovering from its biggest two-day decline in nearly a year on Monday."The selloff in tech probably was a bit further than people expected, so there is some bargain hunting back into that sector," said Rick Meckler, president of LibertyView Capital Management."I think the sector rotation could go on for a while."Investors are also likely to stay away from making big bets ahead of a near-certain interest rate hike from the Federal Reserve.Traders have priced in a 94 percent chance of the Fed raising rates after its two-day meeting that starts on Tuesday. Investors are also looking for more details on the central bank''s plans to trim its $4.5 trillion balance sheet.The Fed is expected to release its decision at 2:00 p.m. ET (1800 GMT) on Wednesday followed by a press conference by Fed Chair Janet Yellen. At 11:01 a.m. ET the Dow Jones was up 37.31 points, or 0.18 percent, at 21,272.98, the S&P 500 was up 2.7 points, or 0.11 percent, at 2,432.09 and the Nasdaq Composite was up 10.22 points, or 0.17 percent, at 6,185.69.Seven of the 11 major S&P sectors were higher. Amazon.com rose 0.7 percent, after recording losses for the past two days, and gave the biggest boost to the consumer discretionary index.Financials rose 0.4 percent, helped by gains in big banks after the U.S. Treasury Department announced a plan to make sweeping changes to banking regulations on Monday.The department proposed to reduce trading restrictions that big banks face, ease their annual stress tests, and curb the powers of the Consumer Financial Protection Bureau (CFPB)."I think investors are unsure of real regulatory changes but this is enough talk to keep them interested," Meckler said.Restaurant chain operator Cheesecake Factory was down nearly 10 percent at $52.61 after it warned of a decline in comparable store sales in the current quarter.Tesla was up 2.5 percent at $368.17 after Berenberg raised its rating on the stock to "buy" from "hold".Advancing issues outnumbered decliners on the NYSE by 1,800 to 941. On the Nasdaq, 1,603 issues rose and 1,056 fell.(Reporting by Sruthi Shankar; Additional reporting by Yashaswini Swamynathan in Bengaluru; Editing by Anil D''Silva)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/usa-stocks-idINKBN1941OH'|'2017-06-13T11:06:00.000+03:00'
'3343d6711303f1d9b2c77441771098f544e0e5c5'|'Qatar Airways calls on U.N. body to declare Qatar measures illegal - CNN'|'Top   2:56pm BST Qatar Airways calls on U.N. body to declare Qatar measures illegal - CNN FILE PHOTO - Qatar Airways Chief Executive Akbar Al Baker tours the stand of the company at the International Tourism Trade Fair (ITB) in Berlin, Germany, March 9, 2016. REUTERS/Fabrizio Bensch DUBAI A United Nations aviation body should declare Gulf Arab measures against Qatari air traffic as illegal, the chief executive of Qatar Airways said in comments to CNN published on Monday, after some Arab states cut ties with Doha in a diplomatic row. Akbar Al Baker criticised Saudi Arabia, the United Arab Emirates and Bahrain for closing their airspace to Qatari flights a week ago. He appealed to the International Civil Aviation Organization (ICAO), a U.N. agency which administers the Chicago convention that guarantees civil overflights. "We have legal channels to object to this," he said. "ICAO... should heavily get involved, put their weight behind this to declare this an illegal act." The UAE and Bahrain have signed the 1944 convention. Saudi Arabia is not a signatory. Baker said 18 destinations were now out of bounds for the airline. He also criticised Saudi Arabia and the UAE for shutting down the airline''s offices. "It is actually a travesty of civilized behaviour to close airline offices. Airlines offices are not political arms," he said. "We were sealed as if it was a criminal organisation. We were not allowed to give refunds to our passengers." He added that he was "extremely disappointed" in U.S. President Donald Trump. "(The U.S.) should be the leader trying to break this blockade and not sitting and watching what''s going on and putting fuel on (the) fire," he said. Trump last week waded into the worst Gulf Arab rift in years and praised the pressure on Qatar, which Saudi Arabia, the UAE and Bahrain accuse of supporting Iran and funding Islamist groups, charges Doha denies. In separate interview with the Wall Street Journal, Al Baker said he would not delay any plane orders or put expansion plans in other countries, such as India, on hold. On Sunday Qatar Airways reported a 21.7 percent rise in net profit in its last financial year that ended in March, fuelled by a strategy of investment and expansion. (Reporting by Sylvia Westall, editing by Louise Heavens)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-gulf-qatar-flights-idUKKBN1931JR'|'2017-06-12T21:56:00.000+03:00'
'b5efc88648af69eac672aa70b1d035fa6d22b707'|'UPDATE 1-UK Stocks-Factors to watch on June 13'|'(Adds futures, company news items)June 13 Britain''s FTSE 100 index is seen rising 38 points at the open on Tuesday, according to financial bookmakers, with futures up 0.4 percent ahead of the cash market open.* CAPITA: Britain''s troubled outsourcing group Capita said it hoped to improve its profitability and secure more contract wins in the second half of 2017 as it slowly rebuilds from a string of profit warnings.* N BROWN: British plus-size fashion retailer N Brown Group Plc said on Tuesday its chairman, Andrew Higginson, plans to step down.* ASHTEAD: British industrial equipment hire group Ashtead Group Plc reported on Tuesday a 7 percent rise in full-year profit, boosted by strong growth in its core North American unit as well as its UK business.* HALMA: Halma Plc''s full-year profit rose 17 percent, the healthcare devices maker said on Tuesday, as acquisitions boosted sales across all its units.* MONITISE: U.S. financial technology provider Fiserv said on Tuesday it had agreed to buy British financial services technology firm Monitise Plc for about 70 million pounds ($88.72 million).* ELECTION: Theresa May told Conservative lawmakers on Monday she would serve as prime minister as long as they wanted her after a botched election gamble cost the party its majority in parliament and weakened Britain''s hand days before formal Brexit negotiations.* BREXIT/UK M&A: The political shock of Prime Minister Theresa May''s failure to win a majority in a national election could put the brakes on takeover activity in Britain, dealmakers told Reuters on Monday.* BREXIT/UK FINANCE: Finance firms in Britain say they are pushing ahead with plans to move staff and operations to continental Europe, despite a chance that the government may soften its ''Hard Brexit'' policies after losing its parliamentary majority.* ALLIED IRISH BANKS: Allied Irish Banks plans to raise up to 3.3 billion euros ($3.7 billion) when it sells a 25 percent stake on the Dublin and London stock markets in the biggest test yet of investor appetite for Irish banks.* BP: BP PLC violated its supply contract when it sold oil to refiner Monroe Energy that was a blend of lower-valued Texas crude with premium varieties, Monroe alleged in a federal court filing last week.* LSE: The London Stock Exchange expects its indices and clearing businesses to drive growth in core profit margin between now and 2019, the company said on Monday, shrugging off concerns over the collapse of a planned merger with Deutsche Boerse and uncertainty over Brexit.* RBS: Royal Bank of Scotland is close to a multibillion pound settlement with a US regulator over toxic mortgage bonds mis-selling, Sky News reported. bit.ly/2rV3h90* GOLD: Gold held steady on Tuesday as investors remained cautious ahead of a two-day U.S. Federal Reserve meeting that is likely to provide hints on the central bank''s interest rate policy for the remainder of the year.* COPPER: London copper eased on Tuesday from near a two-month high ahead of the U.S. Federal Reserve''s interest rate decision due later in the week, while China zinc premiums surged on healthy demand and limited supply.* OIL: Oil prices edged up early on Tuesday, lifted by statements that OPEC-leader Saudi Arabia was making significant supply cuts to customers, although rising U.S. output meant that markets remain well supplied.* The UK blue chip index closed down 0.2 percent at 7,511.9 on Monday, as a technology sell-off spread across Europe, with investors dumping tech and other cyclical stocks, which feature heavily on the blue-chip index, and heading into defensive sectors.* For more on the factors affecting European stocks, please click on: cpurl://apps.cp./cms/?pageId=livemarketsTODAY''S UK PAPERS> Financial Times> Other business headlines Multimedia versions of Reuters Top News are now available for: * 3000 Xtra : visit topnews.session.rservices.com * For Top News : topnews.reuters.com (Reporting by Noor Zainab Hussain in Bengaluru; Editing by Sunil Nair)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-stocks-factors-idUSL3N1JA2M2'|'2017-06-13T15:01:00.000+03:00'
'c8e16345386f0950e4fb63ccc992484c67a22cc9'|'REFILE-MOVES-HSBC hires Ritchie to co-head global banking in UK'|'Market  26pm EDT REFILE-MOVES-HSBC hires Ritchie to co-head global banking in UK (Clarifies status in first paragraph.) By Steve Slater LONDON, June 13 (IFR) - HSBC has hired former Goldman Sachs banker Rob Ritchie to co-head its global banking business in the UK, a business the bank is attempting to expand. Ritchie will join HSBC in September and work alongside Philip Noblet, according to a memo to staff sent on Tuesday by Robin Phillips and Matthew Westerman, co-heads of global banking. Westerman joined HSBC last year from Goldman. Alan Thomas, who is co-head of UK banking with Noblet, is retiring from HSBC at the end of this month. Ritchie worked for Goldman for about a decade and was head of European corporate debt capital markets before he left the US bank in June 2016. He was responsible for senior financing relationships in Europe and established strong treasurer and CFO relationships at a number of major UK corporates and utilities and European multinationals, HSBC''s memo said. Ritchie, who worked at UBS before Goldman, will report to Phillips and Westerman. (Reporting by Steve Slater)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSL8N1JA4PM'|'2017-06-14T00:26:00.000+03:00'
'f8ba3854a61c1cba42c876b1177df16aacd4c679'|'Australia''s Ten Network says Lachlan Murdoch and second backer call time on debt'|'June 13 Australian television station Ten Network Holdings Ltd said two high profile backers, including News Corp co-chairman Lachlan Murdoch, have informed it they won''t extend their support for the company''s loan facility after 2017.The youth-oriented free-to-air braodcaster said in a statement on Tuesday that Murdoch''s private company Illyria Pty Ltd and Birketu Pty Ltd, owned by regional television owner Bruce Gordon, would not extend a credit facility which expires on Dec. 23, 2017.(Reporting by Ambar Warrick in Bengaluru; Editing by Byron Kaye and Richard Pullin)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/ten-network-debtrenegotiation-idINL3N1JA00D'|'2017-06-12T22:27:00.000+03:00'
'761cd15ae1f0ebb8474f8ad88cc8d63e68ffb5b5'|'Asia stocks shake off U.S. tech slump, loonie jumps on rate hike prospect'|'Business  55am EDT Global stocks, U.S. bond yields rise as Fed meets Traders work in front of the German share price index, DAX board, at the stock exchange in Frankfurt, Germany, June 9, 2017. REUTERS/Staff/Remote By Caroline Valetkevitch - NEW YORK NEW YORK World stock markets rose with bank shares and short-dated U.S. bond yields hit multi-week peaks on Tuesday as investor focus turned to the Federal Reserve''s monetary policy meeting. Technology shares also edged higher after a two-session sell-off that put the spotlight on areas of the stock market where valuations appear stretched. The Fed, the U.S. central bank, is widely expected to raise its benchmark interest rate on Wednesday and may also provide details on its plans to shrink $4.5 trillion of assets it amassed to nurse the economic recovery. Analysts say the Fed could take an aggressively hawkish posture of signaling a balance sheet reduction this year and another rate increase in December. "Wednesday''s meeting is pretty much a high-risk event," said Charles Comiskey, head of Treasuries trading at Bank of Nova Scotia in New York. The Bank of Japan and the Bank of England also meet this week, although no major policy changes are expected. The gap between benchmark U.S and European bond yields held near its widest in a month as the Fed meeting also shone a light on the slow pace of change in European Central Bank policy. The Canadian dollar CAD= hit a two-month high after Bank of Canada Governor Stephen Poloz said the central bank''s 2015 rate cuts "have largely done their work," signaling that it could raise rates sooner than previously thought. A U.S. dollar index .DXY was down 0.1 percent. In the Treasury market, U.S. two-year yields US2YT=RR touched 1.359 percent, their highest in a month, while three-year yields US3YT=RR touched their highest since May 24 at 1.500 percent ahead of three- and 10-year note auctions on Monday. Big technology names like Microsoft ( MSFT.O ) and Alphabet ( GOOGL.O ) helped prop up U.S. stocks. The Dow Jones Industrial Average .DJI was up 54.03 points, or 0.25 percent, to 21,289.7, the S&P 500 .SPX had gained 5.18 points, or 0.21 percent, to 2,434.57 and the Nasdaq Composite .IXIC had added 25.29 points, or 0.41 percent, to 6,200.76. The pan-European STOXX 600 was up 0.6 percent. For Reuters Live Markets blog on European and UK stock markets see reuters://realtime/verb=Open/url=http://emea1.apps.cp.extranet.thomsonreuters.biz/cms/?pageId=livemarkets Oil prices edged higher, reversing earlier losses. Brent crude futures LCOc1 were up 0.3 percent at $48.42 per barrel, while benchmark U.S. crude CLc1 was up 0.1 percent at $46.12. (Additional reporting by Sam Forgione in New York, John Geddie in London and Nichola Saminather in Singapore; Editing by Catherine Evans and James Dalgleish)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-global-markets-idUSKBN194030'|'2017-06-13T08:42:00.000+03:00'
'96751f1d9ea8dd607b1d2f7a15657a970d2f6b81'|'PRECIOUS-Gold hovers near 5-week low; political tensions support'|'Market News - Tue Jun 20, 2017 - 4:26am EDT PRECIOUS-Gold hovers near 5-week low; political tensions support * Gold hits lowest since May 17 * Spot gold may break resistance at $1,248 per ounce - technicals (Updates prices, adds quote) By Nithin ThomasPrasad BENGALURU, June 20 Gold inched higher on Tuesday, supported by global political uncertainties, after touching a five-week low earlier in the session as a key U.S. Federal Reserve official reaffirmed the central bank''s hawkish stance on interest rate hikes. Risk aversion due to Brexit, concerns over U.S. President Donald Trump''s ability to carry out financial reforms, election results in Europe and Middle East turmoil have provided some support for gold, said Mark To, head of research at Hong Kong''s Wing Fung Financial Group. "We can see things are getting more complicated and investors have to take some time to put things into context," To said. Spot gold was up 0.3 percent at $1,246.82 per ounce, as of 0809 GMT. U.S. gold futures rose 0.1 percent to $1,247.8 per ounce. Spot prices touched a low of $1,242.61 an ounce early in the session, the weakest since May 17, after New York Fed President William Dudley reinforced that recent weak data is unlikely to derail plans to keep raising interest rates. Gold is used as an alternative investment during times of political and financial uncertainty. British and EU Brexit negotiators agreed how to organize talks on Britain''s divorce at a first meeting in Brussels on Monday, where both sides stressed goodwill but also the huge complexity and tight deadline. Late Monday, Chicago Fed President Charles Evans said it may be worthwhile for the U.S. central bank to wait until year-end to decide whether to raise rates again and that it should move slowly to raise them and trim its massive bond portfolio. "Mixed U.S dollar trade provided some respite for gold during Asian trade on Tuesday, with modest physical interest out of the region evident underneath $1,250, however, not to the extent we expected we would see," MKS PAMP trader Sam Laughlin said in a note. The dollar index was last unchanged at 97.551 against a basket of currencies. Spot gold may break a resistance at $1,248 per ounce and rise towards the next resistance at $1,251, as it failed to break a support at $1,243, according to Reuters technical analyst Wang Tao. After having broken through the 100-day moving average, the 200-day moving average could be the next significant support for gold, said OANDA analyst Jeffrey Halley. "A daily close below here suggests we could target the May lows." Among other metals, spot palladium climbed 0.5 percent to $864.50 per ounce, and platinum gained 0.6 percent to $927.60 per ounce. Silver edged up 0.8 percent to $16.58 per ounce. In the previous session, it touched $16.44, its weakest since May 18. (Additional reporting by Vijaykumar Vedala in Bengaluru; Editing by Richard Pullin and Sherry Jacob-Phillips) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/global-precious-idUSL3N1JH1HH'|'2017-06-20T12:53:00.000+03:00'
'5bbce02bfe0734a25be60e557cde975aca9c7f73'|'Cenovus CEO says company cut some jobs as it reviews operations'|'TORONTO Cenovus Energy Inc ( CVE.TO ) Chief Executive Brian Ferguson said on Tuesday that the company expects to cut some jobs as part of an effort to reduce costs by C$1 billion ($754 million).Ferguson disclosed the plan in a briefing with reporters, saying the company would make the cuts as it assessed its operations to identify "redundancies" and "overlap" in the company.(Reporting by Solarina Ho in Toronto; Editing by Jim Finkle)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-cenovus-energy-ceo-jobs-idUSKBN19B2LN'|'2017-06-20T22:06:00.000+03:00'
'36d9a83f69580e13cfae052d84fb25913efe80bc'|'UPDATE 2-Oil and gas producer EQT to buy Rice Energy in $6.7 bln deal'|'Business News - Mon Jun 19, 2017 - 11:01am EDT Oil and gas producer EQT to buy Rice Energy in $6.7 billion deal By Yashaswini Swamynathan and Arathy S Nair U.S. oil and gas company EQT Corp ( EQT.N ) said on Monday it would buy Rice Energy ( RICE.N ) for $6.7 billion (5.24 billion pounds) in its biggest deal ever, as it looks to expand its natural gas business. Rice Energy''s shares surged more than 24 percent to $24.47 in early trading, but below the $27.05 per share offered by EQT. EQT''s shares were down 9.4 percent. The deal comes at a time when U.S. energy firms are pumping in money to develop facilities in gas-rich states like Pennsylvania, West Virginia and Ohio as the country prepares to become the world''s top natural gas exporter. EQT said it would be able to drill longer horizontal wells in Pennsylvania after the deal as most of the acquired acreage is next to where EQT already drills or owns land. "EQT is a decade behind in fracking technology used by industry leaders in Marcellus/Utica," said Dallas Salazar, CEO of energy consulting firm Atlas Consulting. "EQT needs a lot - and Rice offers a lot of what it needs." EQT has been buying acreage in the Marcellus shale field - where gas is among the cheapest in the country. Most recently it picked up 53,400 acres in the field from Stone Energy Corp. EQT said the acquisition would increase its 2017 average sales volume by 1.3 billion cubic feet equivalent per day (bcfe/d) and its core acres in the Marcellus field by 187,000 to 670,000. The deal would also give the company access to Rice Energy''s midstream assets, including a 92 percent interest in Rice Midstream GP Holdings. EQT will take on about $1.5 billion in debt. Rice Energy shareholders will receive $5.30 per share in cash and 0.37 EQT shares for each share they hold, EQT said. The offer translates to a price of $27.05 per Rice Energy share, representing a premium of 37.4 percent to the stock''s Friday closing price, according to Reuters calculations. Citigroup was EQT''s financial adviser, while Wachtell, Lipton, Rosen & Katz were its legal advisers. Barclays Capital Inc was Rice Energy''s financial adviser and Vinson & Elkins LLP its legal adviser. (Reporting by Yashaswini Swamynathan and Arathy S Nair in Bengaluru; Editing by Sai Sachin Ravikumar and Saumyadeb Chakrabarty) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/uk-rice-enrgy-m-a-eqt-corp-idUSKBN19A221'|'2017-06-19T22:51:00.000+03:00'
'2fa2a81f964e1c6570c7dd17bdc78686439b706a'|'PRESS DIGEST- British Business - June 15'|'The following are the top stories on the business pages of British newspapers. Reuters has not verified these stories and does not vouch for their accuracy.The Times* Most skilled workers from the EU who are employed by large companies are likely to leave the UK before Brexit, according to a survey by Baker McKenzie. bit.ly/2rteDlY* The chief executive of News Corporation accused Google and Amazon of doctoring search results for commercial gain and said their deliberate manipulation of search algorithms amounted to a "charlatan''s charter". bit.ly/2rt4uWkThe Guardian* Netflix and Amazon are set to overtake the cinema multiplex after a report by PwC predicted that revenues from streaming film and TV shows in the UK will exceed box office takings by 2020. bit.ly/2rt9evl* The Duke of Westminster''s property group, Grosvenor Group, is to build 1,500 rental homes in south-east London, one of the capital''s biggest "build to rent" developments. bit.ly/2rtbiDEThe Telegraph* Accountancy firms have been warned of a gap in quality between their audits of big businesses and those of smaller firms, which are increasingly flawed, according to the Financial Reporting Council. bit.ly/2rsV7Gp* Nick Hugh has been named as the new chief executive officer of Telegraph Media Group, taking over from Murdoch MacLennan who has run the publisher of The Daily Telegraph and The Sunday Telegraph since 2004. bit.ly/2rsXRneSky News* Expectations have grown among a number of current and former Barclays executives that the SFO plans to charge both the bank and several individuals in connection with the inquiry, which has focused on arrangements struck with a Qatari sovereign wealth fund in 2008, according to Sky News. bit.ly/2rsUFrH* Pay growth has slowed sharply to a weaker-than-expected 1.7 percent, tightening the squeeze on households as inflation turns higher, official figures show. bit.ly/2rtfpiXThe Independent* The UK Government handed Shell a 112 million pound ($142.83 million) tax rebate last year, despite the oil giant making billions of pounds in profits. Most of the payment from HM Revenue and Customs is a contribution towards Shell''s costs for decommissioning its North Sea oil and gas fields. ind.pn/2rtfz9Y* The EU has launched antitrust investigations into Nike , Universal Studios and Sanrio Co Ltd, owner of the Hello Kitty brand, over their licensing and distribution practices within the single market. ind.pn/2rsZjGc($1 = 0.7841 pounds) (Compiled by Bengaluru newsroom)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-press-business-idUSL8N1JB6R7'|'2017-06-15T07:40:00.000+03:00'
'a0931a77eb0d567efa589de2143b96b4bac2ba05'|'Deutsche Bank outlines organisation of revamped investment bank'|'Thu Jun 15, 2017 - 10:53am BST Deutsche Bank outlines organization of revamped investment bank FILE PHOTO: The headquarters of Germany''s Deutsche Bank are seen early evening in Frankfurt, Germany, January 31, 2017. REUTERS/Kai Pfaffenbach/File Photo By Tom Sims - FRANKFURT FRANKFURT Deutsche Bank ( DBKGn.DE ) has outlined clearly differentiated roles for the co-heads of its revamped investment bank to make it more efficient and is also creating a new global markets division. In an email to employees on Wednesday, Deutsche Bank said it wanted to reduce bureaucracy and simplify the organization, which would in turn lead to substantial cost savings this year. Marcus Schenck and Garth Ritchie, named this year to lead the reorganized corporate and investment bank, outlined in the email how they would split their duties. Germany''s largest lender has been trying to regain its footing after a series of scandals, lawsuits and bets that went wrong pushed it to the brink of collapse last year. The memo said Schenck would concentrate on clients, overseeing corporate finance, global capital markets, and the bank''s institutional client group. Ritchie will focus on products and processes, supervising equities, fixed income and currencies, global transaction banking, electronic trading, listed derivatives and clearing, research and the division''s technology and operations. The new global capital markets division announced in the memo will be jointly headed by Alexander von zur Muehlen in Frankfurt and Mark Fedorcik in New York. Schenck and Ritchie said the changes would take effect on July 1, when Schenck moves to the corporate and investment bank full time after serving as Deutsche''s chief financial officer. Bloomberg News first reported the details of the memo. Earlier this year, Deutsche Bank said it would combine its divisions for markets, corporate finance and global transaction banking into a single corporate and investment bank (CIB) as part of a broader restructuring of Germany''s biggest lender. In the memo, Schenck and Ritchie said the executive committee of the corporate and investment bank (CIB) had asked a special team "to reduce bureaucracy and complexity, which will achieve substantial cost savings in 2017." "Their success will directly affect CIB''s 2017 profitability and compensation program," the email said. "We ask you to support them as they implement changes." Deutsche Bank transformed itself into a major player on Wall Street over the past two decades, but bets that backfired and a series of scandals resulted in a litigation bill of 15 billion euros ($16.8 billion) since 2009. While rivals spent the years since the 2008 collapse of Lehman Brothers cleaning up and finding new business models, Deutsche Bank did not restructure as quickly as others and was hit by a series of lawsuits over its conduct. The bank has settled its most painful litigation cases, including the alleged manipulation of interest rates and sham equities trading in Russia, which surfaced as late as 2015. At the end of last year it finally settled with the U.S. Department of Justice for misselling toxic mortgages, agreeing to pay $7.2 billion. ($1 = 0.8938 euros)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-deutsche-bank-roles-idUKKBN19610N'|'2017-06-15T17:52:00.000+03:00'
'86e48c597284b9fb88cade593c520df96add055b'|'British American Tobacco says trading well, in line with expectations'|'Business News - Wed Jun 14, 2017 - 7:30am BST British American Tobacco says trading well, in line with expectations FILE PHOTO - Cigarettes are seen during the manufacturing process in the British American Tobacco Cigarette Factory (BAT) in Bayreuth, southern Germany, April 30, 2014. REUTERS/Michaela Rehle/File Photo LONDON British American Tobacco said on Wednesday it continued to perform "very well" and was trading in line with its expectations. BAT, home to the Lucky Strike and Dunhill cigarette brands, said it continued to record market share growth and noted that profit growth was expected to be weighted to the second half of the year, reflecting the phasing of volume shipments, product investment and marketing spend. It said that if exchange rates stayed the same for the remainder of the year, there would be an adverse transactional impact on operating profit of 2 percent for both the first half and the full year. But the translation impact would be a tailwind on operating profit of about 13 percent for the half year and 7 percent for the full year. First-half earnings per share was expected to benefit from a significant translational foreign exchange tailwind of around 14 percent. (Reporting by James Davey, Editing by Paul Sandle) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-brit-am-tobacco-outlook-idUKKBN1950JA'|'2017-06-14T14:30:00.000+03:00'
'6ad74e1be0ff69e94958686aa8e464471c0a358e'|'Hexagon holding early talks with rivals on possible sale: WSJ'|'STOCKHOLM Swedish measurement technology and software firm Hexagon AB ( HEXAb.ST ) has held talks on a possible sale to a U.S. or European rival which could value the company at about $20 billion, the Wall Street Journal reported on Tuesday, citing people familiar with the matter.The Journal said the talks between Hexagon and the potential buyers were at an early stage and that the company may ultimately decide not to pursue a sale.Hexagon has a current market value of around 130 billion Swedish crowns ($15 billion), and had sales of 3.1 billion euros ($3.47 billion) in 2016. It is aiming for sales of 4.6-5.1 billion euros by 2021.The company was not immediately available for comment when contacted by Reuters.According to the Journal, two factors were pushing Hexagon to consider a deal: an insider trading case against Chief Executive Ola Rollen and the bad health of Melker Schorling, whose firm is Hexagon''s main shareholder and who recently stepped down as Hexagon chairman.Rollen''s trial for insider trading in Norway, which relates to an investment that did not involve Hexagon, is expected to start in late October. Rollen denies wrongdoing.With Rollen at the helm, Hexagon has transformed from a sprawling conglomerate with a market value of a few billion crowns in 2000 into a 130 billion-crown global measurement technology market leader following a steady stream of acquisitions and high growth.In February the company made its biggest deal since 2010 by acquiring U.S.-based MSC Software in a $834 million deal to boost its product portfolio in automated manufacturing.(Reporting by Johannes Hellstrom)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-hexagon-ab-m-a-idUSKBN1942Y0'|'2017-06-14T02:10:00.000+03:00'
'8a092f240137e606552507613443f8ba8314c574'|'Graphic - Italian bonds motor as politics takes back seat'|'Business News - Wed Jun 14, 2017 - 2:10pm BST Graphic - Italian bonds motor as politics takes back seat By Dhara Ranasinghe - LONDON LONDON Fading fears of early elections, a blow to populist parties in local polls and confidence that ECB stimulus will remain in place for some time have driven the most dramatic gains in Italian bonds in four years. The premium investors demand for holding 10-year Italian government debt IT10YT=TWEB over top-rated German Bunds DE10YT=TWEB has narrowed 34 basis points in the past week to around 169 bps, reflecting a similar slide in Italian yields. Just a week ago, the spread was above 200 bps -- its widest in seven weeks. The move has turned 2017 bond returns in the euro zone''s third biggest economy positive for the first time. The gap between Italian and German bond yields is seen as a gauge of investor concern over political and other risks in the euro zone. The focus of attention earlier this year was whether a rise in populism could see the bloc break up. No coincidence then that the sharpest tightening in spreads since mid-2013 followed an easing of worries that Italy could face early elections and reduced euro zone break-up risks after the election of centrist Emmanuel Macron as French president. A severe setback for Italy''s eurosceptic 5-Star Movement in local elections at the weekend was the latest signal that the populist wave that worried investors looking ahead to 2017 was losing steam. "The reality is that the market got itself positioned with a short view on Italy given the possibility of early elections in the third quarter," said Iain Stealey, who manages JPMorgan Asset Management''s Global Bond Opportunities Fund. "What you see now is a combination of that position unwinding and the realisation that if we don''t get an election for a while, you get another 172 bps on top of German bonds and a yield of close to 2 percent." Such steep falls in euro zone yields are rare - the last time was after Britain voted last June to leave the European Union. The uncertainty that followed was seen encouraging central banks to keep monetary policy loose, crushing yields. The slide in Italian yields also follows signals from the European Central Bank that it is no rush to take away monetary stimulus that has helped weaker euro zone economies and signs of progress in fixing a frail banking sector. Italy is close to agreeing with the European Commission a deal to rescue two ailing regional banks while limiting losses for investors, the country''s economy minister said on Tuesday.'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-eurozone-bonds-italy-idUKKBN1951RD'|'2017-06-14T21:10:00.000+03:00'
'9d34a6d7cc333ecbc63c4049e0edb3cb4f48a0b8'|'Czech Social Democrats pledge to cut tax for workers, tighten control of big business'|'* Social Democrats promise tax cuts for workers, other incentives* Party vows to tax big banks'' assets* For opinion polls table click onBy Robert MullerPRAGUE, June 17 The Social Democrats, the senior partner in the Czech Republic''s ruling coalition but trailing in the polls, will try to lure back voters before the October elections by offering tax cuts for workers while tightening control of big business.The party unveiled its election programme days after Prime Minister Bohuslav Sobotka said he would step down as leader of the country''s oldest party in an attempt to reverse its slide in opinion polls.In its programme, the party promised to cut taxes for employees, extend holidays to five weeks, raise the minimum wage to at least 16,000 crowns ($685) a month by 2022 and other incentives.It also repeated a pledge from previous elections to introduce progressive taxation on big banks'' assets and to clamp down on tax evasion by big business conglomerates.In an attempt to shake things up, Sobotka proposed this week that his more popular and eloquent foreign minister, Lubomir Zaoralek, should lead the party''s campaign into the Oct. 20-21 general election.Zaoralek said on Saturday that the country needed consensus at home to make progress."The Left will not be convincing if it will not honour national interests," he said, adding that the party could also borrow the slogan "to help and to protect" from police cars.Although the government has presided over a growing economy that helped it deliver the first balanced budget in two decades, the Social Democrats have slipped in the polls behind their main rival and coalition partner ANO.All recent polls have shown ANO leading the Social Democrats, in some cases by a double-digit margin.ANO was founded and is chaired by billionaire and former Finance Minister Andrej Babis, who has attracted voters with his managerial approach to governing and with his image as a political outsider.The parties, together with the Christian Democrats, came to power in a centre-left coalition in January 2014 and are on course to becoming the first government in 15 years in the central European country to finish its term. ($1 = 23.3500 Czech crowns) (Reporting by Robert Muller; Editing by Adrian Croft)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/czech-politics-idINL8N1JC1ZM'|'2017-06-17T09:09:00.000+03:00'
'4c34847719c26e93c0da2ef9cc4ade52949efc68'|'BP''s Dudley seen reigning for years to restore major''s might'|'Top News - Thu Jun 15, 2017 - 3:05pm BST BP''s Dudley seen reigning for years to restore major''s might left right BP''s Chief Executive Bob Dudley speaks to the media after year-end results were announced at the energy company''s headquarters in London, Britain, February 1, 2011. REUTERS/Suzanne Plunkett/File Photo 1/5 left right FILE PHOTO: A BP logo is seen at a petrol station in London, Britain, January 15, 2015. REUTERS/Luke MacGregor/File Photo 2/5 left right FILE PHOTO: Spectators are seen reflected in a British Petroleum sponsors building in Olympic Park at the London 2012 Paralympic Games September 6, 2012. REUTERS/Toby Melville/File Photo 3/5 left right FILE PHOTO: A hard hat from an oil worker lies in oil from the Deepwater Horizon oil spill on East Grand Terre Island, Louisiana June 8, 2010. REUTERS/Lee Celano/File Photo 4/5 left right FILE PHOTO: A section of the BP Eastern Trough Area Project (ETAP) oil platform is seen in the North Sea, around 100 miles east of Aberdeen in Scotland, Britain, February 24, 2014. REUTERS/Andy Buchanan/Pool/File Photo 5/5 By Dmitry Zhdannikov and Ron Bousso - LONDON LONDON When BP ( BP.L ) boss Bob Dudley clinched a final deal to settle litigation over the deadly Deepwater Horizon disaster, many oil industry executives and investors thought his mission was accomplished. But now, two years later, the 61-year-old is showing no sign of easing into retirement. In fact he plans to oversee an ambitious expansion plan and stay at the helm of the British oil major until at least the end of the decade, according to sources familiar with the matter. The American CEO has told his leadership team that it is in his family''s tradition to not retire until 65 - which would take him to 2020 - and that he could perhaps work even longer than that, the sources said. In another signal that there is unlikely to be a change at the top anytime soon, there has been no imminent succession planning at the firm, according to the sources, one of who said succession was "not a live project". When Dudley finally decides to go, there will no shortage of candidates to take his place, however. BP''s chief financial officer, British national Brian Gilvary, 55 and the head of upstream, Irishman Bernard Looney, 46, have been cited as possible successors. There has been persistent industry speculation about when Dudley will call time on his BP career since he struck the 2015 settlement deal under which the company agreed to pay out a total of about $60 billion over the disaster that left 11 dead and led to the largest oil spill in U.S. history. He had been made CEO in 2010 - the first American to lead BP in its 108-year-old history - to steer the company through the swathe of U.S. litigation, and the deal represented a milestone. But rather than stepping back from the fray, he has since embarked on the biggest expansion plan in a generation for BP, even in the face of a collapse in oil prices. ''SAFE HANDS'' The company has become the fastest-growing oil major in the world. It will launch seven oil and gas fields this year - more than any other year in its history - and will launch nine more before the end of the decade, adding 800,000 barrels per day (bpd) of oil and gas to its production. By 2020 the company, including its stake in Russian oil giant Rosneft ( ROSN.MM ), will be producing as much as 4 million bpd - the same as before the Deepwater Horizon spill and up from the 3 million bpd it was producing after offloading assets to cover the litigation costs. "We are firing on all cylinders," Dudley told a shareholders meeting in May as he aims to catch up with production volumes of its biggest rivals Exxon Mobil ( XOM.N ) and Royal Dutch Shell RDSa.l. Whether this strategy will prove effective in the long-term is by no means certain; BP''s large liabilities linked to Deepwater Horizon mean it requires a significantly higher oil price - than the present price and compared with rivals - to pay for its operations and dividends. A sluggish recovery in oil prices could also lead to its already high debt rising further. Rating agency Moody''s upgraded BP''s credit rating last week for the first time in 19 years while, in another sign of confidence, 97 percent of BP shareholders voted to approve Dudley''s new pay package last month. "Bob hasn''t done anything that we wouldn''t agree with so far. When times are hard and bad, I would want someone who is pretty sensible and conservative," said Rohan Murphy from Allianz, which holds BP shares. "Dudley is a safe pair of hands. He won''t do anything too maverick," Murphy added. "The recent rating upgrade shows the story hangs together." OLIGARCH BATTLE The calm and softly spoken Dudley was stress-tested more than once before getting the top job. His career included three punishing years fighting a corporate war with Russian oligarchs at the firm''s giant Russian venture TNK-BP that forced him to flee the country and go into hiding. He became BP chief executive when his predecessor Tony Hayward''s tenure ended abruptly following the explosion of the Deepwater Horizon platform in the Gulf of Mexico in 2010. Dudley was given a task of steadying the ship as BP struggled with a firestorm from the U.S. government, victims of the spill, environmental groups and shareholders. Over the next five years, the company shed more than $55 billion worth of oil fields, refineries and infrastructure to pay for the spill clean-up. BP was abandoning low-margin projects and mature markets like Venezuela or Vietnam, often getting top dollar for its sales as oil prices hovered above $100 per barrel. In retrospect, BP had unknowingly stolen a march on most of its rivals who had to embark on similar asset sales much later when crude prices began to collapse in 2014. DEBT PILE Just as BP was slowly emerging from the spill fallout, the collapse in oil prices drove it to its biggest loss ever in 2016. Like its peers, BP responded by slashing thousands of jobs and tightening budgets. The efforts bore fruit. In the first quarter of 2017, its profits tripled and its production rose to a five-year high thanks to higher production. Dudley''s team argues that this will only improve over time as the company''s strategic change of tack means it is producing more profitable oil and gas from a smaller number of fields. Another metric investors are also closely watching is BP''s debt, standing at $38.6 billion, or 28 percent of its total equity including debt - the highest figure among oil majors. That ratio is set to improve as Deepwater Horizon cash payments decline over the coming years. They amounted to about $7 billion in 2016 and $4.5 billion in 2017 but will fall to $1-$2 billion from 2018. BP can currently balance its books only at $60 per barrel, compared to $50 for most of its rivals, but that figure should also fall as Deepwater Horizon payments decline. "Bob Dudley is building something that could be very interesting in the future ... he just gets on with business and that''s what investors want," said James Laing, equities fund manager at Aberdeen Asset Management, which holds BP shares. "The dividend is still sustainable, debt levels are high but will come down, the cash breakeven has been lowered, the resource base is still increasing," he added. "It doesn''t feel like there is a lot of criticism to be made." (Writing by Dmitry Zhdannikov; Editing by Pravin Char) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-bp-ceo-idUKKBN19617M'|'2017-06-15T18:45:00.000+03:00'
'4d6c944ad1987d4c4e3b8fd5ea65c567534cf7ad'|'Incoming Philippines central bank chief says concerned about rapid credit growth'|'Business News - Wed Jun 14, 2017 - 10:44am BST Incoming Philippines central bank chief says concerned about rapid credit growth Incoming Philippine Central bank Governor Nestor Espenilla speaks during a news conference at the Bangko Sentral ng Pilipinas in Manila, Philippines May 9, 2017. REUTERS/Karen Lema MANILA The Philippine central bank is closely watching the rapid pace of domestic credit growth, its incoming governor said on Wednesday, even though he said it was being driven by legitimate demand. "We''re not being complacent about it," Nestor Espenilla said in an interview. Espenilla will take the helm at the central bank next month. Espenilla also said the Philippines economy, one of Asia''s fastest growing, was in "good shape" and inflation was "under control." Amid a robust economy and tame inflation, the central bank is likely to keep benchmark interest rates steady when it holds its next policy meeting on June 22. (Reporting by Karen Lema; Writing by Manolo Serapio Jr.; Editing by Raju Gopalakrishnan)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-philippine-economy-cenbank-idUKKBN19512M'|'2017-06-14T17:41:00.000+03:00'
'11a280aaa8fa833c4b4ee6c519f83eaa8b19e2ec'|'Hynix joins last-minute METI-led bid for Toshiba chips - Asahi'|'TOKYO, June 14 Japan''s government is assembling a Japan-South Korea-U.S. consortium in a last-minute bid for Toshiba Corp''s prized semiconductor business, countering a $20 billion offer from U.S. chipmaker Broadcom Ltd , the Asahi newspaper said on Wednesday.The new bid, being arranged by the Ministry for the Economy, Trade and Industry, groups government lenders Development Bank of Japan and Innovation Network Corp of Japan. It would exceed the 2 trillion yen ($18 billion) minimum sought by struggling Toshiba, the newspaper said, citing an unnamed source.INCJ, DBJ and U.S. private equity firm Bain Capital LP would each invest 300 billion yen in a special-purpose company to buy Toshiba Memory Corp. Toshiba itself would contribute up to 100 billion yen and other Japanese firms a combined 140 billion yen, while U.S. investment firm KKR & Co LP is considering putting in 100 billion yen, the Asahi said.South Korea''s SK Hynix Inc would lend 300 billion yen to the project and Bank of Tokyo Mitsubishi UFJ 400 billion yen, it said.A person familiar with the matter said Hynix was involved in the bid, while another person briefed on the matter said the Asahi report was essentially correct but he could not provide details.Toshiba, DBJ and MUFJ, a unit of Mitsubishi UFJ Financial Group Inc, could not immediately be reached for comment outside business hours. Hynix declined to comment. METI did not immediately respond to requests for comment.($1 = 110.0600 yen) (Reporting by Taiga Uranaka, Taro Fuse and Makiko Yamazaki in Tokyo, and Se Young Lee in Seoul; Writing by William Mallard; Editing by Stephen Coates)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/toshiba-accounting-idINL3N1JA5LM'|'2017-06-13T21:57:00.000+03:00'
'4ff5a59812ed2a2643007cf313490822d5ccf39d'|'Israeli biopharmaceutical firm Eloxx raises $24 mln'|'TEL AVIV, June 14 Eloxx Pharmaceuticals Ltd, a clinical stage company developing drugs for genetic diseases, raised $24 million in an investment round led by Catalyst CEL Fund and Israeli life sciences venture capital fund Pontifax, among others, Catalyst said on Wednesday.Eloxx is seeking treatments for rare genetic diseases caused by mutations such as cystic fibrosis and cystinosis.The company entered into a merger agreement with Sevion Therapeutics on May 31. Eloxx will become a wholly owned subsidiary of Sevion, which will change its name to Eloxx and intends to apply to have its shares listed on Nasdaq.The Catalyst CEL Fund, jointly managed by Israel''s Catalyst Equity Management and China Everbright Ltd, primarily invests in companies whose growth strategy is oriented towards emerging markets, with a special focus on China. (Reporting by Tova Cohen)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/pharmaceuticals-eloxx-fundraising-idINL8N1JB33V'|'2017-06-14T09:47:00.000+03:00'
'bf76698c0a4a0af96f765a4c887d6d5450ed50cc'|'CANADA STOCKS-TSX slips with financials, miners; Shaw shines'|'Market News - Tue Jun 13, 2017 - 5:24pm EDT CANADA STOCKS-TSX slips with financials, miners; Shaw shines (Adds trader and portfolio manager comments, updates prices) * TSX ends down 4.05 points, or 0.03 percent, at 15,379.75 * Shaw jumps 3.1 pct after data center sale, airwave buy By Alastair Sharp TORONTO, June 13 Canada''s main stock index inched lower on Tuesday, weighed by slips among heavyweight financial stocks and losses for some base metal miners, while Shaw Communications Inc gained after deals to sell its data center business and buy wireless airwaves. Shaw was the most influential gainer on the index, ending up 3.1 percent at C$29.42 after saying it would sell its ViaWest subsidiary for $1.675 billion, while the majority-owner of the company that sold Shaw the spectrum, Quebecor Inc, also gained 3.1 percent, to C$41.86. The telecom group lost 0.5 percent, with BCE Inc down 0.7 percent at C$59.45, after the departing head of the country''s telecom and broadcast regulator said his as-yet unnamed replacement may have to intervene in wireless markets to stoke competition. The financials group slipped 0.2 percent, with Royal Bank of Canada down 0.4 percent to C$93.89 and Canadian Imperial Bank of Commerce off 0.6 percent at C$106.16. "They (Canadian banks) had a pretty good run late last week, with a flight to quality it seems a lot of the fast money came out of tech and got parked in the banks temporarily," said Bruce Latimer, a trader at Eight Capital. A bounce back in U.S. technology stocks after a sharp two-day decline helped several Wall Street indices close at record highs. The Toronto Stock Exchange''s S&P/TSX composite index ended down 4.05 points, or 0.03 percent, at 15,379.75. Investors seem to be engaged in "under the surface sector rotation" at the moment, said Mike Archibald, associate portfolio manager at AGF Investments. "To me, it''s reflective that there is still a good amount of uncertainty by most market participants right now," he said. First Quantum Minerals Ltd fell 4 percent to C$11.43 and Hudbay Minerals Inc lost 4.9 percent to C$7.23, which Archibald ascribed to positioning ahead of Chinese economic data due out overnight. Energy stocks ended 0.4 percent higher overall, with Encana Corp up 2.1 percent at C$12.84. Sears Canada Inc sank 23.7 percent to 87 Canadian cents after the retailer flagged doubts about its ability to continue as a going concern and said it was exploring strategic options, including a sale of the company. Interest rate cuts instituted in 2015 have largely done their job as the Canadian economy gathers momentum, the Bank of Canada''s head said on Tuesday, the second top official in as many days to set the stage for eventual rate hikes. (Editing by James Dalgleish and Lisa Shumaker) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/canada-stocks-idUSL1N1JA206'|'2017-06-14T05:24:00.000+03:00'
'32e373bbeb38398080631ccc340be1a1dfe2d138'|'Israel irrigation firm Netafim draws interest from 6 bidders: report'|'TEL AVIV Six international companies and funds have made it to the second round of bidding for buyout group Permira''s [PERM.UL] 61.3 percent stake in Israeli irrigation firm Netafim, Israel''s Calcalist financial newspaper said on Wednesday.The contenders are Mexican chemical firm Mexichem ( MEXCHEM.MX ); U.S. industrial technologies company Fortive Corp ( FTV.N ), Singapore''s Temasek Holdings [TEM.UL], U.S. tools maker Stanley Black & Decker ( SWK.N ), Chinese investment fund Primavera and Chinese pipe maker Ningxia Qinglong 002457.SZ.The sale has set a minimum value of $1.5 billion for the company.Netafim said in March it had hired Goldman Sachs ( GS.N ) to handle a possible sale or public offering of the company. Centerview and Bank of America ( BAC.N ) were also appointed to advise on the deal.The company is hoping for a valuation of between 10 and 12 times its expected 2017 earning before interest, taxes, depreciation and amortization (EBITDA) of around $120 million, a banking source told Reuters in May.Any offer reflecting a value of more than $1.8 billion allows Permira to force the remaining shareholders to sell their holdings in Netafim, Calcalist said. Kibbutz Hatzerim owns 32.7 percent of Netafim and Kibbutz Magal owns 6 percent.A spokesman for Netafim declined to comment.The date of the third round has yet to be set.Netafim, which has 4,300 employees and 17 factories in 10 countries, provides irrigation products for agriculture, greenhouse and mining applications.(Reporting by Tova Cohen, editing by Louise Heavens)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-netafim-sale-privateequity-idINKBN1951A6'|'2017-06-14T08:31:00.000+03:00'
'31062bdcecb5557dc3c6a599b656488ebe406b35'|'Toyota chief says may consider acquisitions to gain auto tech access'|'Autos  18am BST Toyota chief says may consider acquisitions to gain auto tech access Toyota Motor Corp President Akio Toyoda speaks to reporters after his meeting with Japanese Prime Minister Shinzo Abe at a hotel in Tokyo, Japan, February 3, 2017. REUTERS/Kim Kyung-Hoon By Maki Shiraki - TOYOTA CITY TOYOTA CITY Toyota Motor Corp may consider mergers or acquisitions to procure new automotive technologies, including self-driving technologies, the company''s president said on Wednesday, adding that it had to compete more aggressively against its rivals. At an annual shareholders meeting President Akio Toyoda said the world''s second-biggest automaker, which took longer to warm to self-driving cars and electric vehicles (EVs) than its rivals, would be more aggressive in expanding in these areas, conceding he may have focused too much on preserving the status quo at the firm until now. "The auto industry is undergoing big changes, and issues and ideas which we may have thought were far off in the future could affect us tomorrow. That''s why we need to go on the offensive while also preserving our areas of strength," he said. "We''ve been investing 1 trillion yen (7.1 billion pounds) each year for R&D, expanding capex and buying back shares, but this may not be enough. We need to consider all our options, including M&A, to survive in the future." As the rise of self-driving cars increasingly blurs the lines between automakers and technology companies, global automakers are trying to expand their role beyond making cars into transportation service providers, raising their research and development budgets and investing heavily in technology companies. Toyota has invested $1 billion in an artificial intelligence research institute, and has struck up technology partnerships with Microsoft Corp and Uber Technologies. It has also opened up to more companies beyond its group suppliers, including tech company Nvidia Corp, to procure more software for its automated driving systems. The automaker plans to launch a car in 2020 which can drive itself on highways. Meanwhile, rival Nissan Motor Co is already aiming to get cars that can drive autonomously on city streets in that same year and General Motors Co says it has begun to mass-produce self-driving test vehicles. Toyota also has yet to ink a major capital tie-up with outside companies, after GM has scooped up U.S. autonomous driving technology company Cruise and partnered with ride services firm Lyft, while Ford Motor Co has acquired ride-sharing service Chariot. Toyota late last year set up an electric car division, belatedly entering a market where Nissan, GM, Volkswagen AG and other automakers already have offerings, as it continues to bet on hydrogen fuel cell vehicles as the zero-emission car of the future. (Additional reporting by Naomi Tajitsu in Tokyo; Editing by Christian Schmollinger)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-toyota-strategy-idUKKBN1950TA'|'2017-06-14T16:18:00.000+03:00'
'd577873cc1a9c8c84847a31ee1c98ce71713a9f6'|'Irish finance minister to review ''rainy day fund'', backs new debt target'|'Business   1:47pm BST Irish finance minister to review ''rainy day fund'', backs new debt target FILE PHOTO - Irish Minister for Public Expenditure Paschal Donohoe speaks during an interview with Reuters at the Ministry of Finance in Dublin, Ireland September 22, 2016. REUTERS/Clodagh Kilcoyne/File Photo By Padraic Halpin - DUBLIN DUBLIN Ireland will review plans laid out last year to establish a contingency reserve by examining how much should be set aside each year and whether it should start in 2019 as planned, new Finance Minister Paschal Donohoe told Reuters on Saturday. Donohoe''s predecessor Michael Noonan had pledged to save 1 billion euros a year in the new "rainy day fund" once Ireland''s budget is balanced, arguing it was a crucial way to protect Ireland''s open economy from unforeseen events. The Sunday Business Post newspaper reported that new Prime Minister Leo Varadkar would scrap the plan, quoting him as saying a fund had merit "in the longer term" once a more ambitious capital investment plan had taken effect. "This is one of the concepts we will be examining now in the coming weeks and months. Leo never said he was against the rainy day fund, he merely and correctly asked questions regarding the rate at which we build it up and when we begin doing it," Donohoe said in an interview on the sidelines of a conference. "This is one of the options that I will be examining to see how we can deliver a meaningful capital plan." Ireland''s economy and population are growing faster than anywhere else in the European Union and Varadkar wants far greater investment in infrastructure after capital spending ground to a near halt during the financial crisis and remains among the lowest in the bloc. Noonan''s plans had laid out that, of the additional budgetary funds available from 2019-2021, more than twice as much would be saved in the rainy day fund as added to the capital budget. Donohoe said that Ireland''s demographics were so different to the European norm that if it did not generate the capacity to invest, it will impair the ability of the economy to grow and pose "really stark social challenges." Donohoe backed Varadkar''s plans to free up additional resources by setting a less ambitious debt reduction target than the one set last year, a policy that was questioned by the chief economist in Donohoe''s new department this week. The new finance minister said that he will outline plans in the coming weeks about how the government will maintain discipline in its current spending and deliver a balanced budget. Donohoe, who succeeded Noonan on Wednesday while also retaining his existing budgetary portfolio of public expenditure, also welcomed signs of a potential softening of Britain''s Brexit plans after meeting his British counterpart Philip Hammond at a meeting of EU finance minister on Friday. "My sense is that the form of Brexit that the British government is now considering due to the change in the House of Commons and due to the debate within the Conservative Party is now evolving," Donohoe said. "Certainly to hear now concepts of an open Brexit, a business friendly Brexit and a prudent or sensible Brexit is a development that could potentially help Ireland in responding back to the challenges that are coming up." (Reporting by Padraic Halpin; Editing by Adrian Croft)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-ireland-economy-idUKKBN1980G8'|'2017-06-17T20:47:00.000+03:00'
'b336aaba89a08e6310018d2ba59e78e3a5104549'|'Hedge fund called ''greedy bastards'' by Whole Foods CEO would make $300 million on sale'|'Business News - Sat Jun 17, 2017 - 1:53am BST Hedge fund called ''greedy bastards'' by Whole Foods CEO would make $300 million on sale left right FILE PHOTO: Barry Rosenstein, managing partner of Jana Partners, speaks at a panel discussion at the SALT conference in Las Vegas May 14, 2014. REUTERS/Rick Wilking 1/2 left right FILE PHOTO: John Mackey, Co-Founder and Co-CEO of Whole Foods Market, speaks at the Milken Institute Global Conference in Beverly Hills, California, U.S., May 2, 2016. REUTERS/Lucy Nicholson 2/2 (Editor''s Note: please be advised that headline and paragraph 7 contain language that some readers may find offensive) By David Randall NEW YORK Jana Partners, the hedge fund that Whole Foods Market Inc ( WFM.O ) Chief Executive John Mackey lambasted as "greedy bastards," stands to make roughly $300 million (234.73 million pounds) from the sale of the grocery chain to Amazon.com Inc ( AMZN.O ). Activist hedge fund Jana, led by Barry Rosenstein, disclosed a nearly 9 percent stake in Whole Foods in April. The hedge fund held 26,074,830 shares purchased at an aggregate price of about $794.5 million as of May 27, 2017, a filing with the U.S. Securities and Exchange Commission showed. Amazon said on Friday that it would buy Whole Foods for $13.7 billion. Jana, Whole Foods'' second largest investor, had been pushing the company to perform better and add directors with experience in retail, technology, finance and real estate. It was widely reported that Jana was pressing Whole Foods to consider a sale. Whole Foods did not embrace Jana''s suggestions. In May, it named a new chief financial officer and five independent directors who had not been on a slate proposed by Jana. "We need to get better, and we’re doing that," Whole Foods Chief Executive John Mackey told Texas Monthly in an interview this month. "But these guys just want to sell us because they think they can make forty or fifty percent in a short period of time. They’re greedy bastards, and they’re putting a bunch of propaganda out there, trying to destroy my reputation and the reputation of Whole Foods because it’s in their self-interest to do so." Jana Partners did not respond for a Reuters request to comment. Amazon has agreed to pay $42 per share in cash for Whole Foods, a 27 percent premium on its closing share price on Thursday. Shares of Whole Foods closed at $42.68 on Friday, up 29 percent or $9.62. Assuming the deal closed at $42 per share, Jana''s stake would be worth $1.09 billion. (Reporting by David Randall; Editing by Jennifer Ablan, Toni Reinhold)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-whole-foods-m-a-jana-idUKKBN1972QO'|'2017-06-17T04:38:00.000+03:00'
'd7ec2321eacd68b7662fcee2a8a61905e56dd6a3'|'The Girl Scouts are adding a cybersecurity badge'|'The Girl Scouts are adding a cybersecurity badge by Selena Larson @selenalarson June 16, 2017: 4:48 PM ET Girl Scouts new CEO is a rocket scientist Alongside cooking and camping, Girl Scouts will soon be able to earn a cybersecurity badge. The organization announced this week the first of 18 new badges debuting in thefall of 2018. The Girl Scouts, founded in 1912, have long received badges when they mastered certain topics or skills. The cybersecurity badge will launch in partnership with security firm Palo Alto Networks. The new badges will become available to participants in kindergarten through 12th grade over the next two years. Girl Scouts CEO Sylvia Acevedo said the organization surveyed its membersto learn which skills they wanted to acquire. The findings showed a strong desire for technical education. "What we were really pleasantly surprised about is they wanted more computer science, specifically cybersecurity," Acevedo told CNN Tech. The Girl Scout cyber-education programs will be designed to encourage girls to pursue a career in the field. Related: Why do hackers always wear hoodies? Behind the stereotype The focus for younger Girl Scoutswill include data privacy, cyberbullying and protecting themselves online. Older members will learn how to code, become white hat (or ethical) hackers and create and work around firewalls, Acevedo said. The Girl Scouts program -- with more than 1.8 million girls enrolled -- could help narrow the gender gap in technical fields by exposing girls to these opportunities earlier. A 2016 IT trade association study found boys are more likely to express an interest in working in IT. Among those girls who don''t consider it a career, 69% cited unfamiliarity with jobs in the field. Cybersecurity workers are in high demand. According to a report from Frost & Sullivan and (ISC)², there will be a shortage of 1.5 million cybersecurity workers globally by 2020. "If the industry is going to tackle the cybersecurity problems of tomorrow, we''re going to need a robust and diverse talent pool," said Rick Howard, chief security officer at Palo Alto Networks. CNNMoney (San Francisco) First published June 16, 2017: 4:48 PM ET '|'cnn.com'|'http://rss.cnn.com/rss/money_technology.rss'|'http://money.cnn.com/2017/06/16/technology/business/girl-scouts-cybersecurity-badges/index.html'|'2017-06-17T00:48:00.000+03:00'
'8e02370a511f7379b6a4427bb1a33b70be8f0b85'|'MOVES-Standard Chartered, Fitch, Barclays, Houlihan Lokey'|'Market News  18pm EDT MOVES-Standard Chartered, Fitch, Barclays, Houlihan Lokey June 15 The following financial services industry appointments were announced on Thursday. To inform us of other job changes, email moves@thomsonreuters.com. STANDARD CHARTERED PLC Standard Chartered has appointed Clare Francis as head of its global banking business for Europe, based in London. FITCH RATINGS Credit ratings agency Fitch Ratings appointed Shujat Mirza as a senior director in its EMEA corporates banker coverage team. BARCLAYS PLC Barclays has hired Asita Anche, a former Goldman Sachs trader, to a new position as head of cross-asset quantitative trading, a person close to the matter said. HOULIHAN LOKEY INC Houlihan Lokey recently added three to its Tech+IP Advisory practice within its financial advisory services group. (Compiled by Diptendu Lahiri in Bengaluru)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/financial-moves-idUSL3N1JC4R6'|'2017-06-16T00:18:00.000+03:00'
'7a47090325a51837ffd464429aed0e3918ae6e4a'|'Goldman Sachs raises $7 billion to buy secondhand stakes in private equity: sources'|'Banks - Thu Jun 15, 2017 - 1:37pm EDT Goldman Sachs raises $7 billion to buy secondhand stakes in private equity: sources FILE PHOTO: A sign is displayed in the reception of the Sydney offices of Goldman Sachs in Australia, May 18, 2016. REUTERS/David Gray/File Photo By Olivia Oran Goldman Sachs Group Inc ( GS.N ) has collected more than $7 billion for a fund which purchases secondhand stakes in private equity funds, far exceeding its initial target, according to two people familiar with the matter. The fund, called Vintage VII, is run out of the bank''s asset management division and had initially sought to raise $5 billion in capital. Nearing its final close, the fund was oversubscribed and had to turn some potential investors away, one of the people said, asking not to be named because they are not authorized to speak to the media. The fund focuses on buyout and distressed strategies in developed markets. A Goldman spokesman declined to comment on the fund. In addition to its secondaries fund, Goldman has raised $7 billion for a traditional buyouts fund which is housed in its merchant bank. Secondaries funds have become popular in recent years because they allow investors to place their cash across different markets and investment strategies without taking much concentrated risk. Investors in secondaries may also see a profit sooner than in traditional buyout funds, as investments tend to be made in more mature funds. Goldman''s last secondaries fund raised $5.8 billion in 2012 and generated a net internal rate of return of 14.4 percent, according to an investor presentation. Traditional buyout funds generate an average internal rate of return of 20 percent, but their performance may be more volatile. In 2016, secondaries funds secured a combined $23 billion of investor capital, the second highest year on record, according to industry data provider Preqin. (Reporting by Olivia Oran in New York; Editing by Phil Berlowitz) '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-goldman-sachs-fund-idUSKBN1962H2'|'2017-06-16T01:37:00.000+03:00'
'98ec23341cabd49862e68b88008190245238a9ff'|'EU mergers and takeovers (June 17)'|'BRUSSELS, June 17 The following are mergers under review by the European Commission and a brief guide to the EU merger process:APPROVALS AND WITHDRAWALS-- Chrysaor Holdings Ltd, which is indirectly controlled by investment company Harbour Energy, to acquire some of Shell''s offshore assets (approved June 15)-- Chinese conglomerate HNA Holding Group Co to acquire Singapore-listed logistics company CWT (approved June 15)-- Japanese telecommunications and tech investment group SoftBank, India''s Bharti and Taiwanese company Hon Hai to jointly acquire Indian renewable energy company SB Energy Holdings Ltd which is now solely solely owned by SoftBank (approved June 15)-- Australian investment bank Macquarie Group to acquire Cargill Inc''s petroleum business (approved June 15)NEW LISTINGS-- French utility group Suez SA to acquire U.S. conglomerate General Electric''s water and process technologies business (notified June 14/deadline July 19)-- Dutch state owned gas operator Gasunie, Dutch storage tank operator Vopak and German gas and chemicals storage company Oiltanking which is controlled by German joint stock company Marquard & Bahls AG to set up a joint venture (notified June 14/deadline July 19/simplified)-- Japanese conglomerate Itochu, Japaneseprinting company Toppan Printing tpnand Thailand''s Thung Hua Sinn to jointly acquire plastic bag packaging company TPN Food Packaging (notified June 12/deadline July 17/simplified)EXTENSIONS AND OTHER CHANGESNoneFIRST-STAGE REVIEWS BY DEADLINEJUNE 21-- French minerals company Imerys to acquire French calcium aluminate cements maker Kerneos (notified May 12/deadline June 21)JUNE 22-- German chemicals company Evonik Industries to acquire U.S. company J.M. Huber Corp''s silica business (notified April 27/deadline extended to June 22 from June 8 after Evonik offered concessions)-- German online fashion retailer Zalando and fashion company Bestseller United to set up a joint venture (notified May 15/deadline June 22/simplified)JUNE 26-- Private equity firms Advent International and Bain Capital Investors to jointly acquire payment services company RatePAY (notified May 17/deadline June 26/simplified)JUNE 27-- Buyout firm Blackstone and Canada Pension Plan Investment Board (CPPIB) to acquire indirect joint control of U.S. educational content provider Ascend Learning (notified May 18/deadline June 27/simplified)JUNE 28-- Japanese telecoms and technology group SoftBank Group to acquire U.S. private equity company Fortress Investment Group (notified May 19/deadline June 28/simplified)-- Japanese shippers Nippon Yusen Kabushiki Kaisha, Mitsui OSK Lines and Kawasaki Kisen Kaisha to merge their container units (notified May 19/deadline June 28)-- French oil services group TechnipFMC, German industrial gases group Linde AG and Russia''s Research and Design Institute on Gas Processing (JSC NIPIgaspererabotka) to set up a joint venture (notified May 19/deadline June 28/simplified)JUNE 29-- Austrian refractories materials maker RHI to acquire a controlling stake in Brazilian peer Magnesita Refratarios (notified May 5/deadline extended to June 29 from June 15 after RHI offered concessions)JULY 3-- Petrochemicals firm Ineos to acquire Danish utility and offshore wind farm developer Dong Energy''s oil and gas business (notified May 24/deadline July 3/simplified)JULY 5-- French carmaker PSA Group to acquire General Motors''s European arm Opel (notified May 30/deadline July 5)-- French banks BNP Paribas, Caisse des Depots et Consignations, Societe Generale, stock exchange Euronext, Euroclear, S2IEM (Societe d''Investissements en Infrastructures Europeennes de Marches) and CACEIS Investor Services to set up a joint venture (notified May 30/deadline July 5/simplified)-- French construction and concessions company Vinci and Swiss airport retailer Dufry LFP to jointly acquire Portuguese retail operator Lojas Francas de Portugal (notified May 30/deadline July 5)JULY 6-- Investment bank Goldman Sachs to acquire Dutch chemical products distributor Caldic (notified May 31/deadline July 6/simplified)JULY 7-- Finnish industrial engine maker Wartsila and China State Shipbuilding Corp (CSSC) to set up a joint venture (notified June 1/deadline July 7/simplified)-- German brake systems maker Knorr-Bremse to acquire Swedish peer Haldex (notified June 1/deadline July 7)-- Private equity firm Apax Partners to acquire cleaning products maker Safetykleen from Warburg Pincus (notified June 1/deadline July 7/simplified)JULY 10-- Robert Tonnies and Clements Tonnies to acquire joint control of processed meat company Zur Muehlen Group (notified June 2/deadline July 10/simplified)-- Japan''s Hitachi Group and Japanese carmaker Honda to set up a joint venture (notified June 2/deadline July 10/simplified)-- Private equity firms Bain Capital Investors and Cinven Capital Management to acquire joint control of German generics drugmaker Stada Arzneimittel AG (notified June 2/deadline July 10/simplified)JULY 11-- Spanish bank Santander to acquire control of asset management company SAM Investment Holdings Ltd (notified June 6/deadline July 11/simplified)-- French power company EDF to acquire British engineering company Imtech (notified June 6/deadline July 11/simplified)-- French bank BNP Paribas to acquire sole control of German credit provider Commerz Finanz, which is a joint venture between BNP and German lender Commerzbank (notified June 6/deadline July 11/simplified)-- Canada Pension Plan Investment Board (CPPIB) to acquire a minority stake and joint control of British school operator Nord Anglia Education which is now solely controlled by private equity firm BPEA (notified June 6/deadline July 11/simplified)-- Swiss engineering group ABB to acquire Austrian maker of production control systems Bernecker & Rainer (B&R) (notified June 6/deadline July 11/simplified)JULY 12-- Dutch insurer NN Group to acquire the Munich-based Holiday Inn hotel (notified June 7/deadline July 12/simplified)-- German investment firm Genui GmbH and private equity firm Summit Partners to acquire negative control of Germany''s Market Logic Software (notified June 7/deadline July 12/simplified)-- U.S. chemicals company DuPont to acquire U.S. pesticide maker FMC''s health and nutrition business (notified June 7/deadline July 12)JULY 13-- Austrian rail maintenance services company OBB Technische Services-GmbH (OBB) to acquire 60 percent of Austrian peer Stadler Linz from Switzerland''s Stadler Rail (notified June 8/deadline July 13/simplified)-- U.S. pesticide maker FMC to acquire U.S. chemicals company DuPont''s crop protection business (notified June 8/deadline July 13)JULY 14-- U.S. engine maker Cummins and U.S. industrial conglomerate Eaton Corp to set up a joint venture for automated transmissions for heavy and medium duty commercial vehicles (notified June 9/deadline July 14/simplified)JULY 17-- Canada Pension Plan Investment Board (CPPIB) and British Telecom Pension Scheme to jointly acquire Milton Park business park (notified June 12/deadline July 17/simplified)-- U.S. travel search site The Priceline Group to acquire U.S. peer Momondo Group (notified June 12/deadline July 17)-- U.S. private equity firm Lone Star to acquire Portuguese bank Novo Banco (notified June 12/deadline July 17/simplified)JULY 18-- Fund management companies Deutsche Alternative Asset Management (Global) Ltd, InfraVia and Finanziaria Internazionale Holding S.p.A (FIH) to jointly acquire FIH subsidiary Agora Investimenti S.p.A which has airport management activities (notified June 13/deadline July 18)OCT 17-- U.S. smartphone chipmaker Qualcomm to acquire Dutch company NXP Semiconductors NV (notified April 28/deadline extended to Oct. 17 from June 9 after the European Commission opened an in-depth investigation)GUIDE TO EU MERGER PROCESSDEADLINES:The European Commission has 25 working days after a deal is filed for a first-stage review. It may extend that by 10 working days to 35 working days, to consider either a company''s proposed remedies or an EU member state''s request to handle the case.Most mergers win approval but occasionally the Commission opens a detailed second-stage investigation for up to 90 additional working days, which it may extend to 105 working days.SIMPLIFIED:Under the simplified procedure, the Commission announces the clearance of uncontroversial first-stage mergers without giving any reason for its decision. Cases may be reclassified as non-simplified - that is, ordinary first-stage reviews - until they are approved. (Reporting by Foo Yun Chee)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/eu-ma-idINL8N1JD5FH'|'2017-06-16T21:22:00.000+03:00'
'71f3c7c987989ccf032adc6fb2fe7944fb6018af'|'UPDATE 3-Hudson''s Bay soars amid calls to go private, monetize real estate'|'(Rewrites, adds shareholder comments, background on Litt, updates share price)By Solarina Ho and Michael FlahertyTORONTO/NEW YORK, June 19 U.S. activist investor Jonathan Litt on Monday called for Canada''s Hudson''s Bay Co to consider going private and to monetize its vast real estate holdings, sending shares in the owner of Saks Fifth Avenue up 13 percent.Litt made the request to the board of directors in a letter which disclosed his investment firm Land & Buildings had acquired a 4.3 percent stake in Hudson''s Bay.The company, also known as HBC, said in a statement that it was reviewing the letter from Litt, a former Citigroup real-estate analyst whose activist hedge funds focuses on the property sector.HBC stock had lost about a third of its value this year amid declining sales at its retail stores, which include Saks, Lord & Taylor and the 347-year-old Hudson''s Bay brand.The company this month said it would cut 2,000 jobs as part of a restructuring of its retail business. It did not discuss plans to monetize its $10 billion-plus in real-estate assets by selling them or spinning them off in public offerings. Saks on Fifth Avenue in New York City is valued at $3.7 billion.Litt''s letter called on the company to focus on its real estate assets, saying they are worth C$35 per share, nearly four times HBC''s closing price on Friday."The path to maximizing the value of Hudson''s Bay lies in its real estate, not its retail brands," Litt said. "If there is a smarter and better use of any or all of the locations, stores should be closed and redeveloped and put towards their optimal use."Litt is known as an aggressive activist investor who pressures his targets through public letters, often pushing companies to sell themselves if they are unable to institute the changes he suggests.In the last year, Litt has pushed for the sale of Brookdale Senior Living Inc, Forest City Realty Trust Inc and FelCor Lodging Trust Inc.Litt took on Taubman Centers Inc this spring, calling on the company to consider putting itself up for sale. He waged an unsuccessful proxy fight to replace two directors on the board, including CEO Bobby Taubman.In 2015, Land and Buildings launched a proxy fight against Macerich Co that resulted in the mall owner adding two directors and making corporate-governance changes.SHAREHOLDER SUPPORTOne of HBC''s biggest shareholders said he agreed with some of Litt''s suggestions.Joshua Varghese, a portfolio manager with CI Investments, said he would like the company to close some stores, stop opening new ones and focus on finding ways to get the value of its real-estate holdings reflected in the stock price.CI Investments is the company''s sixth-largest shareholder with a 4.1 percent stake, according to Thomson Reuters data."I hope it will force the management team to address these issues in more detail with its shareholders," Varghese said.Founded in 1670, HBC began as a fur trader and once owned more than 40 percent of what is now Canada and much of what became North Dakota and Minnesota.U.S. real-estate developer Richard Baker bought the firm in 2008 and took it public in 2012, retaining its name and Toronto headquarters.HBC shares were up C$1.13 at C$10.01 at midday Toronto trading after reaching a high of C$10.45.In addition to its North American department store chains, it also owns Galeria Kaufhof in Europe.HBC also owns majority stakes in two real estate joint ventures worth over C$8.1 billion ($6.1 billion) for its property holdings in Europe and North America. ($1 = 1.3218 Canadian dollars)(Reporting by Solarina Ho and John Tilak in Toronto and Michael Flaherty in New York; Additional reporting by John Benny in Bengaluru; Editing by Lisa Von Ahn and Lisa Shumaker)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/hudsons-bay-land-and-buildings-idINL3N1JG3ZE'|'2017-06-19T16:52:00.000+03:00'
'1d73c374017eef768f7d771017eb19157f3fe29b'|'Instagram co-founder: ‘you have to be willing to disrupt yourself’ - Guardian Small Business Network'|'How did Instagram begin?We [Kevin Systrom and Mike Krieger] both went to Stanford and at that point we knew we wanted to do something entrepreneurial. I hadn’t had that idea before coming to California but you’re surrounded by so many people there that have an entrepreneurial venture. It’s in the water, it’s in the air, and it’s very inspiring. I think Kevin was interested in entrepreneurship from an even earlier age. He was one of those high schoolers doing odds and ends to try to make a company.When we reconnected after university, we were both interested in building products that help people connect and tell their story, although we didn’t know what our product would be. We both quit our jobs because we knew we wanted to pursue something; it took about nine months until we found out what that thing actually was. What makes you and Systrom a good partnership? We just get on really well, it’s seven years into the business and we’re still very close. We’re good friends, but we’re not best friends. I think if we were best friends it would be messier because we’ve spent so much time with each other [on the business]. Also, we balance each other out, there are times when I’m very stressed and he’s very calm, and vice versa. We can be each other’s therapists at some points.Slack co-founder on the happy accident that led to his $1bn startup Read more We also have very complementary skills. I bring a lot of the technology and engineering side; he brings a lot of product sense and design. He was also great at working with investors and today he is great at working across the different departments at Facebook [Instagram was sold to Facebook in 2012 for $1bn ]. I like to go focus on the technology side a bit more. It works because we don’t want each other’s jobs. Do you have any tips for winning investment? For us, one of the key things was being able to demonstrate, if not global traction, at least initial interest. We’d built this product called Burbn, which was the predecessor to Instagram [Burbn was a location check-in app that also allowed users to share photos, which proved to be its most popular feature]. I think the way we were able to raise financing on that product [Burbn secured $500,000 in seed funding] is that we had a couple of hundred people using it and some were really passionate about it, those user stories were really key.Investors have a mental check list of all the different risks a product might face: founder risk (are they the right founders?), execution risk, market risk. You need to remove some of those impediments from investors minds as early as possible by getting a product out there. From doing that you learn and you are able to say: “Look, this isn’t just a hope and a dream, this is something we’ve already put out to a couple of hundred people.” I think that made a lot of difference in raising financing.What’s been your hardest decision? There have been a couple ... even in the last year and a half you’ve seen our product go through a major evolution. It sounds like a silly example, but going from square to non-square photos was actually a big deal. Then we changed the feed, and then added Stories [an Instagram feature that launched in 2016, which allows a user to give an overview of their day, or an event, by pulling together videos and photos into a short clip].Sometimes the most resistance [to changing the product] comes from your own staff. It’s not because they’re conservative, but because change is scary – it feels like driving a car that could go off a cliff. That’s where Instagram still being founder-led makes a big difference. We can say: “Just take the leap of faith with us. We’re going to make this change and, if we’re wrong, we can roll it back.” There are few decisions you could make that could totally tank the company. We’ve learned that when the decision feels really hard it doesn’t necessarily mean it’s the right one, but it means we’re taking the right kind of risk.There was so much lost sleep in the early days and it took a toll on our healthMike Krieger What advice would you give budding tech entrepreneurs? I think the ability to make things is super important. I’ve met a fair amount of people who have an incredible idea for an app, and that’s great, but it’s even better when paired with the ability to prototype it. Today there are lots of resources around for building apps. Acquire those skills as early as possible, and develop them.What’s been your proudest moment? Once we got to Facebook we had to enter a growth phase from being a 13-person company to a team of hundreds. Every six months we have a big meeting where we get everybody together to talk about the next six months. I remember one meeting where we screened a video showing the impact Instagram was having across the world. I looked around and everybody was so proud to have created that and to work on it, that was really special. At some point you have to be ready to let go of being the one person working on a business. The fact that we’ve been able to make that transition means a lot. With 80% of Instagram users following at least one business, what advice would you give entrepreneurs using the platform? Firstly, create a business profile. With that entrepreneurs are able to access analytics and insights about their audience [such as what time of the day they are using Instagram]. We’ve learned the value of data to Instagram, so we want to bring that to other people. Secondly, entrepreneurs should use a variety of different Instagram tools to tell their story, using their Instagram feed, but also experimenting with Stories and even posting live. They can use this to bring their audience along with them and let them view their business a new way, whether that’s behind the scenes or to an event. Is there anything you’d have done differently? I would have hired much faster. There was so much lost sleep in the early days and it took a toll on our health and, probably, our relationships. It also took us a while to get comfortable with making big changes to the product. You have to be willing to disrupt yourself.Mike Krieger spoke at the Instagram #Wemadeit entrepreneurs breakfast. Sign up to become a member of the Guardian Small Business Network here for more advice, insight and best practice direct to your inbox.'|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/small-business-network/2017/jun/19/instagram-co-founder-disrupt-krieger-systrom-investors'|'2017-06-19T03:00:00.000+03:00'
'd59b2fd9f17c0f799b547b9836c5da083c933f03'|'UPDATE 3-Seattle Genetics halts late-stage study of leukemia drug'|'Health News - Mon Jun 19, 2017 - 12:35pm EDT Seattle Genetics halts late-stage study of leukemia drug By Akankshita Mukhopadhyay Seattle Genetics Inc said it would halt a late-stage study of its drug to treat a type of leukemia in older patients following a "higher rate" of deaths in patients on the drug compared with those on a placebo. Shares of the U.S. drug developer fell as much as 11 percent to $57.40 in early trading on Monday, but recouped some losses to be down about 3.7 percent. The drug, vadastuximab talirine, was being evaluated in the late-stage study, Cascade, to treat a form of blood cancer called acute myeloid leukemia (AML). Seattle Genetics declined to disclose the number of deaths, but said they were not related to liver toxicity, based on available data. In December, the U.S. Food and Drug Administration (FDA) had imposed a clinical hold on several early stage studies testing vadastuximab talirine after six AML patients were identified with liver toxicity and four died. The hold was lifted in March. The discontinuation of Cascade is not related to the clinical hold from December, the company said in an email. Seattle Genetics also said it would suspend patient enrollment and treatment in all trials involving vadastuximab talirine, including an early-stage study in patients with another form of blood cancer. The company, which is developing various cancer drugs, said it would consult the FDA regarding future plans for vadastuximab talirine. At least three analysts cut their revenue estimates for Seattle Genetics following the discontinuation of the trial. Oppenheimer analyst Leah Rush Cann slashed her estimated 2021 total revenue by 12.5 percent. But some analysts turned their focus to the company''s Adcetris drug ahead of a late-stage study readout expected by the end of the year. Adcetris is already approved in the United States to treat patients with classical Hodgkin lymphoma who have not realized enough benefits from prior therapies. The drug, which generated about $71 million in North America sales last year, is also being developed in combination with Bristol-Myers Squibb''s immunotherapy, Opdivo, to treat relapsed hodgkin lymphoma (HL). The trial, involving previously untreated HL patients, could help expand the Adcetris label. (Reporting by Akankshita Mukhopadhyay in Bengaluru; Editing by Sai Sachin Ravikumar and Sriraj Kalluvila) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-seattle-genetics-study-idUSKBN19A2CJ'|'2017-06-20T00:32:00.000+03:00'
'ed52ea6d8c260adb278704fc8693ddeb6bfb03ed'|'Google tightens measures to remove extremist content on YouTube'|'Top News - Mon Jun 19, 2017 - 4:15am BST Google tightens measures to remove extremist content on YouTube FILE PHOTO: A picture illustration shows a YouTube logo reflected in a person''s eye June 18, 2014. REUTERS/Dado Ruvic/File Photo Alphabet Inc''s Google will implement more measures to identify and remove terrorist or violent extremist content on its video sharing platform YouTube, the company said in a blog post on Sunday. Google said it would take a tougher position on videos containing supremacist or inflammatory religious content by issuing a warning and not monetizing or recommending them for user endorsements, even if they do not clearly violate its policies. The company will also employ more engineering resources and increase its use of technology to help identify extremist videos, in addition to training new content classifiers to quickly identify and remove such content. "While we and others have worked for years to identify and remove content that violates our policies, the uncomfortable truth is that we, as an industry, must acknowledge that more needs to be done. Now," said Google''s general counsel Kent Walker. bit.ly/2rLgYEd Google will expand its collaboration with counter-extremist groups to identify content that may be used to radicalize and recruit extremists, it said. The company will also reach potential Islamic State recruits through targeted online advertising and redirect them towards anti-terrorist videos in a bid to change their minds about joining. Germany, France and Britain, countries where civilians have been killed and wounded in bombings and shootings by Islamist militants in recent years, have pressed Facebook and other providers of social media such as Google and Twitter to do more to remove militant content and hate speech. Facebook on Thursday offered additional insight on its efforts to remove terrorism content, a response to political pressure in Europe to militant groups using the social network for propaganda and recruiting. Facebook has ramped up use of artificial intelligence such as image matching and language understanding to identify and remove content quickly, the company said in a blog post. (Reporting by Abinaya Vijayaraghavan in Bengaluru; Editing by Gopakumar Warrier)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-google-counterterrorism-idUKKBN19A08Z'|'2017-06-19T11:15:00.000+03:00'
'99c539e672a750580003c996f9ad60dedd438146'|'UPDATE 1-German government looking into loan guarantees for Air Berlin'|'  10:23am EDT German government looking into loan guarantees for Air Berlin left right German carrier Air Berlin''s aircraft is pictured at Tegel airport in Berlin, Germany, September 29, 2016. REUTERS/Axel Schmidt/File Photo 1/2 left right German carrier Air Berlin aircrafts are pictured at Tegel airport in Berlin, Germany, June 14, 2017. REUTERS/Hannibal Hanschke 2/2 By Michelle Martin and Alistair Smout - BERLIN/LONDON BERLIN/LONDON The German government is examining a request for loan guarantees from loss-making Air Berlin ( AB1.DE ), the Economy Ministry said on Wednesday. "We are looking into this application for a guarantee along with the states of North Rhine-Westphalia and Berlin," a ministry spokeswoman told reporters. She added that presenting a "sustainable concept for the future" was key to getting such a guarantee. Air Berlin''s CEO Thomas Winkelmann said on Wednesday it was a "confidential figure" when asked for details of the airline''s request for loan guarantees from the two German states. "We''re not looking for any kind of taxpayers'' money. We don''t want to be state-owned. As management, we look at every opportunity over how to restructure the company, and that includes restructuring the debt," he told Reuters after the carrier''s annual general meeting in London. The German carrier, 29 percent-owned by Abu Dhabi-based carrier Etihad, last week asked Berlin and North-Rhine Westphalia (NRW) to consider loan guarantees. German Economics Minister Brigitte Zypries said on Tuesday that the airline was in a "precarious" situation. German newspaper Welt reported on Tuesday that Air Berlin is seeking loan guarantees of around 100 million euros ($112 million). Air Berlin is expecting a difficult 2017, Winkelmann told the annual general meeting, but also said that Air Berlin''s dominant position in key German hubs made it interesting to players in the European market. Air Berlin Chief Financial Officer Dimitri Courtelis told the AGM that 2017 would be a transitional year, but the company was targeting positive earnings before interest and tax (EBIT) in 2018. Air Berlin is scrambling to protect roughly 8,000 jobs in Germany, mainly based in Berlin and North Rhine-Westphalia. Winkelmann joined Air Berlin in February 2017, and said on arrival that his aim was to reposition the company. Last year, the carrier made a record net loss of 782 million euros after it faced increased competition from leaner rivals for its traditional routes to Spanish holiday destinations. Winkelmann has previously said that Air Berlin is seeking a partner, and larger rival Lufthansa, which last year agreed a long-term deal to lease 38 planes and crew from Air Berlin, is seen as the obvious investor. Lufthansa CEO Carsten Spohr had previously expressed interest in Air Berlin on the condition that its debt pile and costs could be brought down. Travel agencies, monopoly experts and rival carrier Ryanair have also raised competition concerns over any possible takeover of Air Berlin by Lufthansa. Winkelmann said that Air Berlin''s appeal was based in its dominance in Germany''s biggest state NRW and Berlin. "That strong market position is, I think, interesting for a couple of players in the European market," he said. "But we can''t comment who or what." (Additional reporting by Peter Maushagen in Frankfurt, Thomas Escritt and Victoria Bryan in Berlin; Editing by Madeline Chambers and Adrian Croft)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-air-berlin-germany-ministry-idUSKBN19522Z'|'2017-06-14T22:06:00.000+03:00'
'9ae9506f94752ccf62dbf72e70ef6ae6ec216f8f'|'NRG Energy''s GenOn unit files for bankruptcy'|'By Tom Hals - WILMINGTON, Del. WILMINGTON, Del. NRG Energy Inc''s ( NRG.N ) GenOn business filed for bankruptcy on Wednesday with an agreement with bondholders to cut $1.75 billion of its debt and restructure the power generator as a standalone business, according to a securities filing.The filing, which follows a debt restructuring agreement reached in May, comes as wholesale power companies struggle with weak electricity prices.NRG, the largest independent U.S. power producer, appointed two directors in February and agreed to cut costs and sell assets in a deal with activist investors Elliott Management and Bluescape Energy Partners. The funds acquired a 9.4 percent stake in NRG early in 2017.Shares of NRG were down 2.9 percent at $16.44 in late morning trade on the New York Stock Exchange.The bankruptcy will transfer ownership of GenOn, which operates 32 power plants in eight states, to its senior noteholders. GenOn''s plants, mostly in the Mid-Atlantic, have a total production capacity of approximately 15,394 megawatts. The company generates nearly two-thirds of its electricity from natural gas.Holders of notes issued by affiliate GenOn Americas Generation will receive in cash 92 percent of the principal of the $695 million outstanding, plus accrued interest.As part of the debt-cutting agreement, GenOn and NRG agreed to transition shared services to a third party and NRG will also pay a settlement of $261.3 million in cash to GenOn.NRG will also provide a $330 million letter of credit to GenOn.NRG acquired GenOn in 2012 for $1.7 billion.Mauricio Gutierrez, the president and chief executive of NRG, said in an emailed statement that the bankruptcy will help simplify NRG while maintaining a strong balance sheet.The senior noteholders will also receive the right to participate in an offering of $700 million of new notes to refinance the company when it emerges from Chapter 11.Cheap natural gas flowing from shale fields has brought down electricity prices in recent years, squeezing margins for wholesale power generation companies.Exelon Corp ( EXC.N ) has hired a debt restructuring adviser and said it plans to close its Three Mile Island nuclear power plant ahead of schedule. FirstEnergy Corp ( FE.N ) has said it plans to exit its merchant business by mid-2018.Energy Future Holdings Corp, the largest power generation company in Texas, filed for bankruptcy in 2014 and Panda Temple Power LLC filed earlier this year.(Reporting by Tom Hals in Wilmington, Delaware; Editing by Phil Berlowitz)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-nrg-energy-genon-bankruptcy-idINKBN1952G7'|'2017-06-14T14:50:00.000+03:00'
'9783f845ae3c39e7a071020e665802d365308e39'|'Euro zone industry output rises, employment hits record high'|'Business News - Wed Jun 14, 2017 - 11:16am BST Euro zone industry output rises, employment hits record high FILE PHOTO: A worker controls a tapping of a blast furnace at Europe''s largest steel factory of Germany''s industrial conglomerate ThyssenKrupp AG in the western German city of Duisburg December 6, 2012. REUTERS/Ina Fassbender/File Photo BRUSSELS Euro zone industrial output grew in April and employment rose in the first quarter of the year to reach a record high, data released on Wednesday showed, in fresh signs of healthy growth of the bloc''s economy. The European Union''s statistics office Eurostat said industrial production in the 19-country single currency bloc rose by 0.5 percent from March, in line with market expectations. Year-on-year output in April output went up 1.4 percent, slightly higher than market forecasts of a 1.3 percent rise. The solid increase of industrial output was compounded by upwardly revised figures for March when production rose 0.2 percent on the month, and 2.2 percent on the year. Eurostat had previously estimated a 0.1 percent drop on the month in March and a 1.9 percent rise on the year. In a separate release, Eurostat said employment in the euro zone in the first quarter grew by 0.4 percent on the quarter and by 1.5 percent on the year. In absolute terms, 154.8 million people were employed in the euro zone in the first quarter, the highest number ever recorded and surpassing the previous peak in the first quarter of 2008, Eurostat said. Eurostat also revised up employment its figures for the last quarter of 2016, when the rate of employed people rose 0.4 percent on the quarter and 1.4 percent on the year. It had previously estimated increases of 0.3 percent on the quarter and 1.1 percent on the year. The positive figures bode well for the bloc''s growth in the second quarter, after overall 0.6 percent expansion in the first three months of the year. The April increase in industrial output was mostly due to a sharp 4.7 percent rise on the month in energy production. Output went also up by 0.6 percent for durable consumer goods, such as fridges or cars, in a sign that consumers were ready to spend on more expensive items. Production also increased for non-durable consumer goods, such as food and clothing, by 0.2 percent on the month, and for intermediate goods by 0.1 percent. The only indicator that in April recorded a drop was for capital goods for which output went down by 0.7 percent on the month, after a 0.9 percent rise in March. (Reporting by Francesco Guarascio @fraguarascio; editing by Philip Blenkinsop) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-eurozone-economy-production-idUKKBN1950ZJ'|'2017-06-14T17:14:00.000+03:00'
'03d152ec555ebda71ea5df11dc588c0813423b4b'|'Sir John Hegarty: Einstein didn''t have a brainstorm session - Guardian Small Business Network'|'O ne of the advertising world’s most celebrated contrarians, Sir John Hegarty is still railing against conformity after more than 50 years at the forefront of the industry. The co-founder of ad agency BBH and creator of acclaimed campaigns for brands such as Levi’s, Audi, BA and Johnnie Walker, Hegarty believes that the propensity for groupthink in the modern workplace can kill off creativity.“No great idea has ever come out of a brainstorm meeting,” Hegarty says. The trouble with brainstorms, he believes, is that they operate at “the speed of the slowest person in the room”. “Einstein didn’t work in a brainstorm session,” he adds. He sees parallels between brainstorming and communism. “Germany got the BMW, while East Germany got brainstorm sessions and the Trabant. Who wants a fucking Trabant?”Hegarty, who runs a startup incubator the The Garage Soho , was speaking at an event hosted by the Guardian Small Business Network at Soho Works , a co-working space in Shoreditch, London. As guest speaker at the event he explained his approach to creativity – which he defines as “an expression of self”. He told the audience: “I don’t care if you’re designing packs for Tesco or you’re making a movie, what you do, your creativity, is an expression of you.”Hegarty has made a career out of challenging conventions. His first ad campaign for Levi’s, launched in 1982 the year he co-founded BBH, showed a black sheep among a herd of white sheep moving in the other direction with the tagline “when the world zigs, zag” – words which went on to become the agency’s mantra. Hegarty was behind Levi’s most famous TV ads, including commercials featuring model Nick Kamen and the head-banging yellow puppet Flat Eric . Paul McCartney breaks up with John Lennon and ends up writing the fucking frog songHis advice to anyone wanting a long and successful creative career is to pay more attention to the world around them. “If you’re a creative person, remove the headphones,” he says. “You’re listening to the latest tracks as you walk down the road and think you look cool ... All these ideas are coming into you all the time, if you cut yourself off you are reducing and limiting your ability to survive.” Spending your time staring at a screen won’t help either. “Everybody else is looking at a computer screen,” he says. “You’ve got to do things other people aren’t doing.” Hegarty is also not a fan of the beanbag chairs that are often a feature of workspaces in the creative industries. “The last place anybody is going to have an idea is sitting on a beanbag. You’ll fall asleep on a beanbag.”He warns that cynicism will crush creative ambition, saying that everyone, from novelists to fashion designers, needs to believe in what they are doing. “Great creative people are optimists,” he says.Another way to prolong your career is to surround yourself with people who are unafraid to disagree with you, no matter how successful you get. “You become distanced from the people you can really count on because that is what success does,” he says. Hegarty calls this “McCartney syndrome”. “Paul McCartney wrote some of the greatest songs. Then he breaks up with John Lennon and ends up writing the fucking frog song. He didn’t have Lennon saying to him ‘Hey Paul ... that’s shite’.”After running BBH for over 30 years, Hegarty has turned his attention to the next generation of entrepreneurs with the incubator for seed stage companies he co-founded alongside venture capitalist Tom Teichman in 2014. The startups backed by The Garage include the online mattress retailer Simba and property technology business Settled . It doesn’t matter how great your idea is, within no time at all somebody will have copied itHegarty says he and his team look for startups that disrupt a current model and offer a product or service that makes life easier. “There are core principles if you’re thinking of setting up a business. Is it going to disrupt a current market, is it scalable and is it monetisable?,” he says. “I can’t tell you the number of people who come to us with a great idea and we ask them how do you make money out of that, and they don’t know.”The Garage’s motto is “don’t start a business, build a brand”. He explains: “It doesn’t matter how great your idea is or how brilliant the technology, within no time at all somebody will have copied it ... What you’ve got to do is build an interesting brand because a brand will protect you from competitive pressure.”In his talk, Hegarty championed the importance of the idea and its power to change the world, saying: “Anybody can have an idea, you don’t need special equipment or special training or special permission, unless you live in North Korea.”Answering an audience member’s question on the challenges facing traditional advertising agencies in the digital age, he said: “I hear people in advertising saying there’s no point because nobody’s watching ads any more – that’s just stupid. “Architects haven’t gone ‘Jesus, it’s too difficult to put up interesting buildings any more so let’s give up’ ... The application of creativity is the solution to all of these problems.”Sign up to become a member of the Guardian Small Business Network here for more advice, insight and best practice direct to your inbox. Topics Guardian Small Business Network The Disruptors Entrepreneurs Small business interviews  '|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/small-business-network/2017/jun/14/sir-john-hegarty-einstein-brainstorm-bbh-soho-works-the-garage-incubator'|'2017-06-14T03:00:00.000+03:00'
'864c1a61b873154d55473c62efcbb08243e033b4'|'CANADA STOCKS-TSX falls, weighed by energy stocks and Aimia slump'|'Intel   10:41am EDT CANADA STOCKS-TSX falls, weighed by energy stocks and Aimia slump (Updates prices) * TSX down 76.7 points, or 0.5 percent, to 15,303.05 * Eight of the TSX''s 10 main groups move lower TORONTO, June 14 Canada''s main stock index moved lower on Wednesday as energy stocks fell with a drop in oil prices and loyalty program company Aimia plunged after suspending its dividend payments. Aimia Inc slumped 6.9 percent to C$1.76 after cancelling those payouts with immediate effect and announcing the resignation of three directors. Air Canada said in May that it would launch its own loyalty program in 2020, replacing Aeroplan, which Aimia owns and operates. The energy group retreated 1.5 percent as oil prices fell after reports showed global supply was rising and U.S. crude inventories were still increasing. Suncor Energy Inc fell 1.4 percent to C$40.30, and Canadian Natural Resources Ltd lost 1.6 percent to C$38.36. Canadian crude output will grow by a third to 5.1 million barrels per day (bpd) by 2030, the country''s main oil lobby group said on Tuesday, raising predictions for the first time in four years. U.S. crude prices were down 0.7 percent to $46.16 a barrel, while Brent lost 0.6 percent to $48.45. At 10:02 a.m. ET (1402 GMT), the Toronto Stock Exchange''s S&P/TSX composite index was down 76.7 points, or 0.5 percent, to 15,303.05. There were two decliners for every advancer and eight of the index''s 10 main groups were lower, with the financials group slipping 0.5 percent and industrials falling 0.3 percent. The materials group, which includes precious and base metals miners and fertilizer companies, lost 0.1 percent. Gold miners were among the biggest gainers, as prices for the precious metal rose 1 percent after weaker-than-expected U.S. inflation data for May knocked the dollar index to nine-month lows. Kinross Gold Corp advanced 2.8 percent to C$5.79, while Iamgold Corp rose 3.8 percent to C$7.45, as gold futures rose 0.8 percent to $1,276.2 an ounce. Investors are awaiting a U.S. Federal Reserve interest rate decision and news conference later in the session. The U.S. central bank is widely tipped to unveil a quarter-point interest rate hike at the end of its latest two-day meeting at 2 p.m. (1800 GMT). Restaurant Brands International Inc advanced 1.5 percent to C$77.13. Oppenheimer raised the owner of Burger King and Tim Hortons to outperform from perform, according to thefly.com. (Reporting by Alastair Sharp; Editing by W Simon)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/canada-stocks-idUSL1N1JB0TN'|'2017-06-14T22:41:00.000+03:00'
'49c6df91a661521949e246edcfa54caeac6862f4'|'Canada''s Home Capital agrees settlement with regulator'|'TORONTO, June 14 Home Capital Group Inc said on Wednesday it had agreed on a settlement with the Ontario Securities Commission and accepted responsibiity for misleading investors about problems with its mortgage underwriting procedures.Canada''s biggest non-bank lender said that it would make a payment of C$10 million ($7.6 million) and reimburse the commission''s costs of C$500,000. It also said that it would make a payment of C$29.5 million to settle a class action lawsuit. ($1 = 1.3234 Canadian dollars) (Reporting by Matt Scuffham)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/homecapital-lender-settlement-idUSL1N1JB2ME'|'2017-06-15T07:10:00.000+03:00'
'7114c4cba9ad7ea3f4d6ffa9a2b8203c41a7540f'|'GE merges energy businesses, names Stokes to succeed Bolze'|'Wed Jun 14, 2017 - 3:47pm BST GE merges energy businesses, names Stokes to succeed Bolze FILE PHOTO: The logo of General Electric Co. is pictured at the Global Operations Center in San Pedro Garza Garcia, neighbouring Monterrey, Mexico, May 12, 2017. REUTERS/Daniel Becerril SEATTLE General Electric Co ( GE.N ) said on Wednesday it will fold its energy connections business into its GE Power unit, and that connections chief Russell Stokes would lead the combined business as Steve Bolze retires as head of GE Power. Bolze said in a letter to employees that he had told GE Chief Executive Jeff Immelt he would retire after 24 years at GE if he was not chosen to lead the company. GE on Monday named John Flannery, head of its Healthcare division, to succeed Immelt as CEO starting Aug. 1. (Reporting by Alwyn Scott; Editing by Chizu Nomiyama)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-ge-power-idUKKBN19524Z'|'2017-06-14T22:28:00.000+03:00'
'fed1a43b561fc62899c551b10300f5006e8243d0'|'RPT-Swiss banks lobby for get-out clause as end of bank secrecy nears'|'Market News - Fri Jun 16, 2017 - 2:00am EDT RPT-Swiss banks lobby for get-out clause as end of bank secrecy nears (Repeats Thursday story without changes) * Switzerland to dismantle secrecy from next year * Banks want to halt data handover if risk of abuse * Critics say this is excuse to keep secrecy * Graphic on cash in Switzerland: tinyurl.com/yahq67uv By Joshua Franklin and John O''Donnell ZURICH, June 15 Switzerland''s private banks, used for decades by the world''s wealthy to hide money and avoid tax, are pushing for extra legal protection of client information that could halt a much-heralded exchange of data with dozens of countries. The Alpine country is preparing to dismantle bank secrecy next year when it begins sending information about its customers'' accounts to foreign tax agencies. But Switzerland''s multi-trillion-dollar financial industry is seeking new safeguards to protect bank data against misuse that could expose clients to crimes such as kidnapping or blackmail. "Data could be sold or used to put pressure on clients or their families," said Yves Mirabaud, chairman of the Association of Swiss Private Banks and senior managing partner at Mirabaud, a Geneva-based private bank. "I''m referring to countries where we''re not very sure that the democratic process is the same as ours, or where corruption is very high." Wealthy clients have pulled tens of billions of dollars out of Swiss bank accounts because of a worldwide crackdown on tax evasion following the global financial crisis last decade. That culminated in the Automatic Exchange of Information programme fostered by the Organisation for Economic Cooperation and Development (OECD), which aims to ensure that offshore accounts are known to authorities. The participation of Switzerland, the world''s largest centre for overseas wealth, in the data exchange agreement was heralded at the time as a major breakthrough in ending tax avoidance. Banks in Switzerland are "fully committed" to implementing the Automatic Exchange of Information, said a spokeswoman for the Swiss Bankers Association, the main banking lobby. But they are lobbying to add an "activation" clause that means information would only be handed over to a country if two criteria are met -- a level playing field with other financial centres, and an assurance the data will be used properly. They say giving information to countries in regions such as South America or Africa, where data protection standards can be weak and corruption rife, risks it falling into the wrong hands. In 2018 Switzerland is due to start swapping information with 38 foreign tax authorities, including all European Union countries, and with a further 41 from 2019. The proposed clause would apply to the 2019 batch of countries, among which are several emerging markets such as Brazil, Mexico and Russia. "We want to be sure that when we provide information that it does not get misused or compromise a client''s security," said Boris Collardi, chief executive at Julius Baer, Switzerland''s third-biggest private bank behind UBS and Credit Suisse. The Swiss government will send to parliament a dispatch, which contains its proposals on the exchange of information with these 41 countries, by July 5. Parliament will then be asked to decide on the implementation of these plans. DIAMONDS IN A TOOTHPASTE TUBE Mirabaud expressed confidence the government supports the clause, despite lobbyists for transparency saying it is a back-door attempt to continue bank secrecy rather than a genuine move to prevent criminality or persecution. A spokeswoman for the State Secretariat for International Financial Matters, an arm of the finance ministry, signalled the government would consider halting transfers of information. "If there are concerns about how the data will be used in a specific jurisdiction, Switzerland could look at taking any of the measures provided for in the multilateral framework governing the automatic exchange of information," she said, referring to steps that include suspending the data exchange with a country. Campaigners against secrecy are crying foul, however, and accuse the Swiss of trying to allow the wealthy to keep cash hidden. "That information might fall into the hands of kidnappers... is the perfect excuse," said Nicholas Shaxson of Tax Justice Network, an organisation that lobbies on tax havens. "It''s a justification for an ocean of fraud." Pressure on Switzerland built after a U.S.-led crackdown starting in 2008 publicised practices used by its bankers to keep money hidden from tax authorities, from smuggling diamonds in toothpaste tubes to hiding documents in the pages of Sports Illustrated. This U.S. clampdown and the push by the OECD to bring in global rules on exchanging tax data between countries means that Switzerland handing over information to Europe and the United States is unavoidable. "PERFECT EXCUSE" Data from the Swiss National Bank shows a sharp decline in U.S. money in Swiss accounts. U.S. customers accounted for 161 billion Swiss francs ($165.3 billion) of bank deposits in 2006, but that had more than halved in 2015. In the meantime, the size of deposits from many emerging market countries has gradually increased. Mark Herkenrath of Alliance Sud, a group that campaigns for transparency, is sceptical about the true motivation. "For a lot of Swiss banks, a big part of their business is breaking away because money from the U.S. has dried up. The temptation now is to continue taking money from developing countries," he said. "The suggestion that they are shielding their customers from abuse of their human rights is the perfect excuse to avoid transparency." The Paris-based OECD, which will police whether the exchange of information is working, is optimistic that Switzerland will honour the deal. But it stands ready to act in case the Swiss banks drag their feet. "It''s not going to be used as an excuse," said Pascal Saint-Amans, the OECD''s tax policy director, acknowledging the banks'' argument for preventing the misuse of information. "But if it is, the country will be sanctioned." ($1 = 0.9741 Swiss francs) (Editing by Catherine Evans) '|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/swiss-banks-secrecy-idUSL8N1JC4IX'|'2017-06-16T10:00:00.000+03:00'
'ec7215fcaee1fe7d91a1007b52f387f77b138ba2'|'Bank of England comes closest to voting for rate hike since 2007'|'  5:22pm IST Bank of England comes closest to voting for rate hike since 2007 A general view shows the Bank of England in the City of London, Britain April 19, 2017. REUTERS/Hannah McKay/File Photo By David Milliken and Andy Bruce - LONDON LONDON The Bank of England shocked financial markets on Thursday, saying that three of its policymakers had backed an interest rate hike, the closest it has come to raising rates since 2007, despite signs of a slowdown in Britain''s economy. Ian McCafferty and Michael Saunders joined previous rate rise advocate Kristin Forbes in voting to reverse the BoE''s decision last August to cut rates to 0.25 percent, the BoE said on Thursday. Bank of England Governor Mark Carney and four other members of the Monetary Policy Committee voted to leave rates unchanged. Sterling jumped almost a cent against the U.S. dollar and 10-year British government bond yields rose by 8 basis points on the news, which comes just a week after Prime Minister Theresa May unexpectedly failed to secure a parliamentary majority in a snap election. Economists polled by Reuters had expected only Forbes - whose term on the MPC expires at the end of the month - to back higher rates, given the clear signs of a slowdown in economic growth in the first three months of 2017. "It''s surprising that three members voted for a hike this time given that there are signs that the period of weaker economic growth is long lasting, and we''ve had more evidence this week of softer pay growth," said Investec economist Philip Shaw. "One would have to ask in this situation where the long-term inflation pressures would be coming from." The U.S. Federal Reserve raised American interest rates late on Wednesday and - notwithstanding some softening domestic data - signalled it is likely to raise rates once more this year. The BoE said on Thursday that a jump in inflation last month to 2.9 percent meant it was likely to exceed 3 percent this autumn - higher than the BoE forecast just a few weeks ago and well above its 2 percent inflation target. Moreover, a fall in the pound after last week''s election could push prices yet higher, the central bank said. Britain''s economy was the worst performer among the world''s top seven advanced economies in the first quarter of this year as the effect of higher inflation caught up with consumers at a time of sluggish wage growth. But the central bank said it was unclear how lasting this weakness would be, as consumer confidence remained solid. Moreover, indicators of investment and exports looked upbeat, and unemployment was its lowest in over 40 years, the BoE said. "The continued growth of employment could suggest that spare capacity is being eroded, lessening the trade-off that the MPC is required to balance and, all else equal, reducing the MPC''s tolerance of above-target inflation," the BoE said. "Looking ahead, key considerations in judging the appropriate stance in monetary policy are the evolution of inflationary pressures, the persistence of weaker consumption and the degree to which it is offset by other components of demand." The last time three MPC members voted for a rate rise was in 2011 - when there were nine members serving on the MPC - and the last time a single vote could have swung the decision on rates was in June 2007 when the committee split 5-4. Later on Thursday, Carney is due to give a speech to London bankers alongside finance minister Philip Hammond, who is expected to focus on Britain''s future EU ties. Due to election campaigning, Hammond has not yet announced a replacement for U.S. academic Forbes - whose three-year term at the BoE expires at the end of the month - or for Charlotte Hogg, who has left the central bank after lawmakers criticised her failure to declare potential conflicts of interest. Most economists polled by Reuters do not expect a rate rise until 2019. The outlook is clouded by uncertainty about whether May will be able to lead a stable government as she tries to negotiate an exit deal with the EU and navigate complex legislation through parliament. May unexpectedly lost her parliamentary majority in an election last week - heavily damaging her standing with party colleagues - and is trying to get a commitment of support from Northern Ireland''s main pro-British party. (Editing by Hugh Lawson)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/britain-economy-boe-idINKBN1961EY'|'2017-06-15T09:52:00.000+03:00'
'68102ea81f79f07dc919c402da5f626cc90a1bcc'|'Majestic Wine full-year sales rise on strong U.S. performance'|'Business News   8:09am BST Majestic Wine full-year sales rise on strong U.S. performance A general view of a Majestic Wine Warehouse in Cheadle Hulme, Stockport, north-west England on June 13, 2015. REUTERS/Andrew Yates Britain''s Majestic Wine Plc said on Thursday its underlying full-year revenue rose 11.4 percent as sales expanded by more than a quarter at its U.S.-focused Naked Wines unit, despite a failed e-mail campaign earlier this year. Full-year sales at Naked Wines, which was acquired in April 2015, surged 26.3 percent to 142.2 million pounds. U.S. sales for the unit rose by 28 percent. Profit for the full year at Naked Wines rose to 48.2 million pounds, despite the previously reported failed direct marketing campaign hurting profit by 2 million pounds. Under the direct mail campaign, the company sent mailers to new customers last year inviting them to support winemakers and in exchange get preferential prices. "Profits could have been much higher but we increased our rate of investment..., a portion of which was badly spent on a failed Direct Mail campaign that will not be repeated," Majestic said. The group''s full-year sales came in at 461.1 million pounds. Majestic Wine has 210 wine warehouses across Britain as well as two branches in France, while Naked Wines operates across the United States, Britain and Australia. Other than Naked Wines, sales also grew at its specialist fine wine unit, Lay & Wheeler, by 36.2 percent. However, full-year adjusted pretax profit fell to 12.9 million pounds from 15 million pounds a year ago, reflecting the investment in the business, it said. Separately, the company said chairman Phil Wrigley will retire at the annual general meeting in August. Greg Hodder, a non-executive director since October 2015, will be appointed as chairman-designate with immediate effect, Majestic Wine said. (Reporting by Rahul B in Bengaluru; Editing by Sherry Jacob-Phillips and Adrian Croft)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-majestic-wine-results-idUKKBN1960HN'|'2017-06-15T15:09:00.000+03:00'
'cbbc7e9f82db6c141ab9b9a4f1bad476d6c28140'|'UPDATE 1-OHL Mexico to launch share buyback after offer from IFM'|'(New throughout, adds details of offer)MEXICO CITY, June 14 OHL Concesiones, a unit of Spanish construction group OHL, and IFM Global Infrastructure Fund will launch on Thursday a share buyback for OHL Mexico stock, the Mexican unit said on Wednesday.Holders of OHL Mexico shares will be offered 27 pesos per share, the company said in a statement.The board of OHL Mexico said an offer price from IFM GIF, an Australia-based closed private equity fund, was fair and that it had taken into consideration the independent opinion of Rothschild Mexico.Spanish newspaper Expansion reported earlier this year that OHL and its partner IFM Investors of Australia (IFM) were in talks to establish a new infrastructure holding for toll road concessions in Latin America.OHL Concesiones will maintain its current participation in OHL Mexico while IFM GIF will indirectly acquire all publicly held shares that accept the buyback offer through company Magenta Infrastructura, the statement said. (Reporting by Michael O''Boyle; Editing by David Gregorio)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/ohl-mexico-idINL1N1JB2HR'|'2017-06-14T20:41:00.000+03:00'
'a56e5fb11ac5ed124124ab1cbe95e89de5bfdbd2'|'BioTime''s Renevia succeeds in pivotal European facial wasting trial'|'Health  10am BST BioTime''s Renevia succeeds in pivotal European facial wasting trial By Bill Berkrot BioTime Inc said on Wednesday its Renevia system succeeded in meeting the main goal of a pivotal European trial for facial wasting associated with treatment for HIV, putting it on track to file for European approval this year. The 47 patients in the study were suffering from HIV-associated facial lipoatrophy, an abnormal loss of fat from the face that gives people a gaunt, sunken-face appearance. It can be caused by the raft of antiviral medicines used by HIV patients to keep the virus in check. Renevia is a hydrogel polymer that is mixed with precursor cells derived from fat elsewhere in the body, providing the cellular structure that allows them to graft and survive in a new location in the face. Treated patients had about 5 cc of Renevia injected into each side of the face and were measured for facial volume after six months. At six months, those who received Renevia on average had 5.1 cc of the new hemifacial volume, representing 100 percent retention of the transplanted material, compared with no new facial volume in untreated patients. The results were deemed to be statistically significant. "The retention of the transfer volume after six months in patients is quite impressive and we look forward to evaluating the 12-month data," Dr Ramon Llull, the study''s primary investigator, said in a statement. There were no serious side effects associated with Renevia treatment reported in the trial, BioTime said. About 350,000 HIV patients in Europe suffer from significant facial lipoatrophy, the company said. With this data in hand, BioTime plans to discuss requirements for U.S. trials with the Food and Drug Administration. Once the company secures approvals for the HIV-related condition, it plans to go after the far larger and lucrative facial aesthetics market, Co-Chief Executive Adi Mohanty said. In that market, it would be aimed at and used by plastic surgeons, a cash business that does not rely on reimbursements from insurers, much like Allergan Plc''s hugely successful Botox. Dermal fillers and other widely used fat transplant methods tend to lose volume far more quickly that what has been demonstrated by Renevia, Mohanty explained. And if Renevia works using cells compromised by the effects of HIV medications, the company believes even better results are possible with healthy subjects. "If those cells are still attaching and grafting and surviving, then healthier cells should have no trouble," Mohanty said. (Reporting by Bill Berkrot in New York; Editing by Matthew Lewis)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-biotime-study-idUKKBN19516K'|'2017-06-14T18:03:00.000+03:00'
'19da60696f5b000d230973ab482791ba2e7aaa9d'|'CEE MARKETS-Crown retreats on rate setter comment, investors eye Fed'|'* Dovish Czech rate setter Tomsik says no hurry into rate hike * Czech crown retreats from strongest level for years * Czech PM''s party leadership, Romanian PM''s job are at risk * Investors watch Fed guidance rather than local politics By Sandor Peto and Jason Hovet BUDAPEST/PRAGUE, June 14 The Czech crown retreated from multi-year highs on Wednesday after Czech central bank (CNB) Vice-Governor Vladimir Tomsik said its strength allows the bank not to rush into interest rate hikes. Central European assets were mostly rangebound as investors awaited a meeting of the Federal Reserve. The crown eased marginally, by less than 0.1 percent against the euro by 0808 GMT. But trading at 26.16, it was drifting away from overnight highs at 26.13, its strongest level since the CNB in April removed a cap at 27 on the currency, and also since late 2013 when the cap was introduced. The crown''s strengthening, partly fuelled by expectations for a rebound in inflation and CNB rate hikes, received fresh impetus on Tuesday by recommendations from banks including Citigroup that investors should buy it. But Tomsik, who is regarded as a dovish rate setter, was Quote: d by the newspaper Hospodarske Noviny as saying that the crown had got stronger since the bank''s latest outlook which indicated rates rising in the second half of 2017. "(This) means that we do not need to hurry quickly with raising rates," he said. Even a delay to the fourth quarter from the third would retain a gap with markets which have priced in a hike only for he second quarter of 2018, Komercni Banka trader Dalimil Vyskovski said, adding that Tomsik''s comments were "somewhat surprising". "Market rates now (are) increasingly in a ''conundrum'' mode," he said. An auction of Czech government bonds could draw average demand on Wednesday, he added. Investors in Prague usually ignore political events, such as a meeting of Prime Minister Bohuslav Sobotka''s party on Wednesday, which stands to lose elections in October, to discuss the party leadership. In Romania, the ruling Social Democrats also meet late on Wednesday to decide whether to reshuffle the government and possibly dismiss Prime Minister Sorin Grindeanu. The leu eased a shade to 4.567 versus the euro. Investors in the region seek cues from the U.S. Federal Reserve''s guidance over its rate hike cycle. The central bank is likely to go ahead with another 25-basis-point rate increase on Wednesday, the fourth hike of a rate increase cycle that started in December 2015. The zloty eased to 4.1945 against the euro. "We think that there is a risk that a Fed rate hike could exert negative pressure on the (zloty)," BZ BWK analysts said. "The tone of Fed after the meeting may create pressure for Polish IRS rates and bond yields to rise, and the holiday in Poland tomorrow may strengthen this reaction," they said. Stocks were rangebound in the region, but Budapest''s main index hit another record high, briefly piercing the 36,000-point psychological level. CEE MARKETS SNAPSH AT 1008 CET OT CURRENCIES Latest Previo Daily Change us bid close change in 2017 Czech crown 26.160 26.141 -0.07% 3.24% 0 0 Hungary 306.10 306.23 +0.04 0.89% forint 00 50 % Polish zloty 4.1945 4.1933 -0.03% 4.99% Romanian leu 4.5670 4.5655 -0.03% -0.70% Croatian kuna 7.4020 7.4105 +0.11 2.07% % Serbian dinar 122.14 122.30 +0.13 0.99% 00 00 % Note: daily calculated previo close 1800 change from us at CET STOCKS Latest Previo Daily Change us close change in 2017 Prague 1003.5 1001.3 +0.22 +8.89 4 0 % % Budapest 35880. 35588. +0.82 +12.1 64 70 % 2% Warsaw 2296.0 2302.4 -0.28% +17.8 4 1 7% Bucharest 8460.8 8446.2 +0.17 +19.4 6 3 % 2% Ljubljana 785.98 797.46 -1.44% +9.53 % Zagreb 1860.3 1854.5 +0.31 -6.74% 6 9 % Belgrade 719.46 719.93 -0.07% +0.29 % Sofia 680.82 681.05 -0.03% +16.1 0% BONDS Yield Yield Spread Daily (bid) change vs change Bund in Czech spread Republic 2-year -0.067 -0.019 +063b -3bps ps 5-year -0.066 0.008 +037b +1bps ps 10-year 0.867 0.085 +060b +9bps ps Poland 2-year 1.943 0.042 +264b +3bps ps 5-year 2.6 0 +304b +0bps ps 10-year 3.174 0 +291b +0bps ps FORWARD RATE AGREEMENT 3x6 6x9 9x12 3M interb ank Czech Rep <PR 0.34 0.43 0.51 0 IBOR=> Hungary <BU 0.19 0.23 0.29 0.15 BOR=> Poland <WI 1.754 1.79 1.82 1.73 BOR=> Note: FRA are for ask Quote: s prices'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/easteurope-markets-idINL8N1JB1SB'|'2017-06-14T07:11:00.000+03:00'
'd78d23137dbb39b2c0075e6053b5123ade400413'|'Uber director David Bonderman resigns from board following comment about women'|'Technology News - Wed Jun 14, 2017 - 4:25am BST Uber director David Bonderman resigns from board following comment about women FILE PHOTO - David Bonderman, Founding Partner, TPG, takes part in Private Equity: Rebalancing Risk session during the 2014 Milken Institute Global Conference in Beverly Hills, California April 29, 2014. REUTERS/Kevork Djansezian/File Photo By Heather Somerville - SAN FRANCISCO SAN FRANCISCO Uber Technologies Inc director David Bonderman said on Tuesday that he has resigned from the company''s board following a remark he made during an Uber staff meeting that was widely seen as offensive to women. Bonderman''s ill-timed remark came during an all-staff meeting Tuesday to discuss of how the ride-services company plans to transform itself following a probe into sexual harassment at the company. Bonderman said in a statement sent to Reuters that he did not want his comments to create distraction for Uber, which is working to rid its culture of sexual harassment and discrimination. His resignation from the board is effective Wednesday morning. During Tuesday''s meeting, Uber board member Arianna Huffington spoke to employees about the importance of adding more women to the board of directors. "There''s a lot of data that shows when there''s one woman on the board, it''s much more likely that there will be a second woman on the board," Huffington said. In response, Bonderman said: "Actually, what it shows is that it''s much more likely to be more talking." The comment was disclosed through a recording of the meeting that was published by Yahoo. An Uber spokesman verified the authenticity and accuracy of the recording. Bonderman, who is a founder of private equity firm TPG Capital, an Uber investor, shortly after wrote an email to Uber staff to apologize. In his resignation statement that followed on Tuesday evening, Bonderman reiterated his regret, calling his remarks "careless, inappropriate, and inexcusable" and "the opposite of what I intended." "I take full responsibility for that," he said. "I need to hold myself to the same standards that we''re asking Uber to adopt." Bonderman and other board members had joined Tuesday''s staff meeting to lay out recommendations from an investigation into sexual harassment, diversity, inclusion and other employee concerns led by former U.S. Attorney General Eric Holder. Holder''s law firm was retained by Uber in February after former Uber engineer Susan Fowler wrote a public account of her time at the company, which she said was marred by sexual harassment and an ineffective response by management. The recommendations, which were unanimously adopted by the board on Sunday, call for reducing Chief Executive Travis Kalanick''s sweeping authority at the firm and instituting more controls over spending, human resources and the behavior of managers. (Reporting by Heather Somerville; editing by Clive McKeef)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-uber-bonderman-idUKKBN195053'|'2017-06-14T10:34:00.000+03:00'
'0a9adc7a0906b421793a77339d1fd50f9aab52c6'|'Poland''s economy at risk if Ukrainians head further west'|'Money News   6:40pm IST Poland''s economy at risk if Ukrainians head further west By Marcin Goettig WARSAW - For Oleksandar Potashnyi, a Warsaw Uber driver from Kiev, the European Union''s move this month to waive visas for Ukrainians now means he can go further west as a tourist -- easily. But for work, he plans to stay in Poland, perhaps opening his own business in a few years. The issue for Poland after the EU''s waiver is how many of Potashnyi''s compatriots -- possibly as many as a million of whom work in the country -- will do the same, and how many will move on to Germany and the like. It is a crucial question for the Polish central bank, in particular, as it watches for signs of wage pressures gradually accelerating throughout the economy. Potashnyi, a 27-year-old who left Ukraine a year ago to exchange a $400 monthly wage as a taxi driver for the $1,300-$1,400 he earns with Uber, reckons some will go, mostly those who would otherwise have returned to Ukraine. "I want to stay, but those who want to return to Ukraine (now) won''t," he said. The visa waiver means some Ukrainians, especially temporary construction workers, may take advantage of visa-free travel to seek higher-paying work further west in the EU, albeit often illegally. That could be a significant part of Poland''s work force. Since Russia annexed the Crimean peninsula in 2014, plunging Ukraine into recession and instability, hundreds of thousands of Ukrainians have sought employment permits in Poland annually. Economists say this influx has helped keep wage pressures in Poland - a country of 38 million and 16 million workers - in check and also facilitated further economic growth. Poland has one of the fastest aging societies in the EU. The influx of Ukrainians runs contrary to most of the rest of Central Europe where years of westward EU emigration have left steep labour shortages. Polish central bankers have noted the risk. "It is very difficult to estimate, but definitely some Ukrainians working in Poland right now will move, for instance, to Germany," Monetary Policy Council member Lukasz Hardt said. "This is a very important factor." In recent months, central bankers have listed wage pressures as one of the most significant factors in their assessment of interest rates as the Polish economy recovers from a dip in growth last year. ROLE OF LABOUR For now, the central bank is signalling borrowing costs will remain at record lows, possibly through 2018, with wage growth at around 4 percent annually. Unemployment rates are at their lowest since Poland''s transition from communism in the early 1990s, but the Ukrainians are filling the job shortages and keeping wage growth from spiking. That compares with double-digit wage increases in Hungary, which has accepted significantly fewer Ukrainian workers and has mounting shortages of labour in construction, healthcare, retail and elsewhere. Polish Central Bank Governor Adam Glapinski said in May that rate-setters were watching out for potential outflows of Ukrainian workers but aren''t worried for now. Sources within the bank say, however, that a minority of policymakers believe wage growth could force a hike sooner, driven in part by government plans to raise minimum pay and its move to lower the pension age later this year. Employers organisations say Poland''s conservative government needs to do more to help migrant workers settle in Poland to plug labour shortages. "The legal labour market in Poland will have to compete with the EU''s grey economy," said Andrzej Kubisiak, a spokesman for Work Service, Poland''s biggest employment agency. One employers group, Pracodawcy RP, said on Monday it expected the number of Ukrainian workers to rise in Poland in the short term now that visa requirements are lifted, potentially reaching 2 million. But, over time, the group said, some will travel elsewhere in the EU, seeking higher pay. "It''s a pity the government isn''t doing anything to stop them," it said. In the end, Poland may end up hoping for more newcomers like Potashnyi. "You can earn well in Poland. In three to four years, you can have a normal life," he said, content to stay. (Additional reporting by Marcin Goclowski, Pawel Florkiewicz, Anna Koper, Pawel Sobczak and Justyna Pawlak in WARSAW, Jan Lopatka in PRAGUE, Gergely Szakacs in BUDAPES; editing by Justyna Pawlak/Jeremy Gaunt)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/poland-economy-ukraine-idINKBN1951UA'|'2017-06-14T21:10:00.000+03:00'
'67b5d29790bbec8ee2eec96149601df3fd22f5b4'|'UAE energy minister sees no need for extraordinary OPEC talks'|'Business News - Sat Jun 17, 2017 - 5:28pm BST UAE energy minister sees no need for extraordinary OPEC talks FILE PHOTO: A flag with the Organization of the Petroleum Exporting Countries (OPEC) logo is seen before a news conference at OPEC''s headquarters in Vienna, Austria, December 10, 2016. REUTERS/Heinz-Peter Bader/File Photo DUBAI The United Arab Emirates energy minister said on Saturday he saw no need for an extraordinary meeting of the Organization of the Petroleum Exporting Countries ahead of regular talks in November. OPEC holds its next regular meeting in Vienna on Nov. 30. "No one is talking about extraordinary. We are at the beginning of the agreement, I think we need to give it a little bit of time," Suhail bin Mohammed al-Mazrouei told reporters in Dubai. OPEC and non-members led by Russia decided on May 25 to extend cuts in oil output by nine months to March 2018 as they battle a global glut of crude. Mazrouei also said he expected demand for oil to pick up in the third quarter of the year. "The third quarter is coming and the holidays are coming and demand will pick up. This is typical - at the end of the second quarter every year, you have a slowdown." (Reporting by Alexander Cornwell; Writing by Maha El Dahan; Editing by Dale Hudson) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-emirates-oil-opec-idUKKBN1980NG'|'2017-06-18T00:28:00.000+03:00'
'a3a0af973ffef3614871b25dcc0810a5e9a56f26'|'Airbus A380 upgrade waits in the wings at Paris Airshow'|'Business News - Sat Jun 17, 2017 - 7:21pm BST Airbus A380 upgrade waits in the wings at Paris Airshow left right A new fuel-efficient wingtip extension or winglet is seen on an Airbus A380 at Le Bourget, France June 17, 2017. REUTERS/Pascal Rossignol 1/3 left right A new fuel-efficient wingtip extension or winglet is seen on an Airbus A380 at Le Bourget, France June 17, 2017. REUTERS/Pascal Rossignol 2/3 left right A new fuel-efficient wingtip extension or winglet is seen on an Airbus A380 at Le Bourget, France June 17, 2017. REUTERS/Pascal Rossignol 3/3 PARIS Airbus is preparing to roll out a novel A380 wingtip design to rally support for the world''s largest passenger jet by improving its fuel efficiency, according to a prototype seen on Saturday. A Reuters photographer got up close to the roughly three-metre-high split wingtip which has been installed on an A380 belonging to the Air and Space Museum at Le Bourget airport, where the Paris Airshow opens on Monday. It confirms an upgrade reported by Reuters and Usine Nouvelle on Friday. Airbus declined comment. Drag-reducing ''scimitar'' split wingtips have been used on Boeing''s medium-haul Boeing 737 MAX, but never on a jetliner the size of the A380, which has a 79.9-metre (262-foot) wingspan. The aircraft sporting the prototype ''winglet'' will be towed out to join others on display at the June 19-25 air show, giving airlines a glimpse of an improvement that Airbus hopes will turn around weak sales of its flagship double-decker. However, a new clash is looming with rival Boeing over the future for such four-engined passenger aircraft, which have seen production fall and which also include the Boeing 747-8. Boeing looks set to revise down or even scrap its 20-year forecast for such ''very large aircraft'' in a survey next week. "The very big airplane market for the last 10-15 years has been moving downward and downward," Marketing Vice President Randy Tinseth told the Paris Air Forum on Friday. "That very big end of the market, maybe one percent, is going to be very, very small," he said, adding that the 555-seat A380 would have to be made longer to become economic and that there was little market for such a large plane. Eric Schulz, president of civil aerospace at Rolls-Royce ( RR.L ), whose engines are offered on the A380, told the same conference travel congestion underpinned demand for big jumbos. "I am convinced that without a massive and significant improvement in airport installations and air traffic control routes, there will be still a lot of congested routes and if anything the city pairs will grow for bigger airplanes". But he said questions remain over to what extent that demand would be met by four-engined jets like the A380 or big twinjets closer to 400 seats, like the Boeing 777-9 and Airbus A350-1000. Airbus last week revised down its forecast for the A380 category by six percent to 1,184 aircraft, though at four percent of total deliveries this remains more optimistic than Boeing. (Reporting by Pascal Rossignol, Tim Hepher; Editing by Stephen Powell) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-airshow-a-idUKKBN1980R7'|'2017-06-18T02:21:00.000+03:00'
'e22f5b48dd409ba56c7634a781d45a53e03459a2'|'Wealth gap rises as home ownership falls, says study'|'A fall in home ownership is fuelling the return of rising wealth inequality across Britain, it has emerged.Booming house prices in the run-up to the financial crisis had led to a decade-long fall in the uneven distribution of the country’s wealth. However, comprehensive new analysis of the UK’s wealth divisions has now found that the trend has gone into reverse.The study by the Resolution Foundation thinktank found that just a tenth of adults own around half of the nation’s wealth. The top 1% own 14% of the total. It warned that even this figure may be an underestimate because of the difficulties in calculating the assets of the super-rich.By contrast, 15% of adults in Britain have either no share of the nation’s record £11.1 trillion of wealth, or have negative wealth. The study found that wealth is distributed far less evenly than earnings or household income.The thinktank measured wealth inequality using the “Gini coefficient” , with 0 being perfect wealth equality and 1 representing a society where a single person has it all. Wealth inequality was almost twice as high as earnings inequality. Despite the perception that wealth inequality has been rising for decades, the research found that the inequality of net financial and property wealth fell steadily between 1995 and 2005, with the Gini coefficient falling from 0.71 to 0.64.The fall was driven by high and rising home ownership, with more households benefiting from the pre-crisis property price boom. As a result, the proportion of property wealth owned by the bottom four-fifths of adults grew from 35% in 1995 to 40% in 2005.However, home ownership has been falling steadily since the mid-2000s , with the wealth held by the bottom four-fifths of the population dipping as a result. Since the financial crisis, home ownership among the least wealthy 50% of the population has fallen by about 12%. Meanwhile, it has risen by 1% for the wealthiest tenth.The shift in property ownership further towards the richest has contributed to the widening of wealth inequality. Including private pensions, the Gini coefficient rose from 0.67 to 0.69 from 2006-08 to 2012-14.Total wealth across Britain, which includes private pensions, property, financial and physical wealth, rose in the wake of the financial crisis from £9.9tn in 2006-08 to £11.1tn in 2012-14. This has been fuelled by rising pension wealth.While Britain as a whole has become wealthier, the wealth of a typical adult has fallen since the financial crisis from £99,000 in 2006-08 to £84,000 in 2012-14.Private pensions account for 40% of the wealth total – the largest share at £4.5tn. The report forms part of the Resolution Foundation’s intergenerational commission. Conor D’Arcy, policy analyst at the foundation, said: “The accumulation of wealth over the course of our lives is arguably the most important driver of lifetime living standards, and yet it has been largely ignored in the public debate. Given the hugely unequal distribution of wealth across Britain, it’s time we looked into how the nation’s wealth is divided up and what the consequences are for those who never build up assets of any significance.“With wealth inequality now rising again, the progress of the pre-crisis period has gone into reverse.“At £11.1tn and growing, Britain has a lot of wealth to share around. It’s vital that policy makers ensure that the key drivers of wealth in Britain today – property and pensions – are accessible to as many people as possible, young and old.”Topics Inequality The Observer Social trends Thinktanks Property Housing market Pensions news  '|'theguardian.com'|'http://www.guardian.co.uk/business/economics/rss'|'https://www.theguardian.com/inequality/2017/jun/17/wealth-gap-rises-as-uk-home-ownership-falls-resolution-foundation'|'2017-06-18T03:06:00.000+03:00'
'd5548c26e1e4948b76723a0be11feeba272e9deb'|'BRIEF-Terraform Global''s FY2016 net operating revenues $214.3 mln'|' 19am EDT BRIEF-Terraform Global''s FY2016 net operating revenues $214.3 mln June 15 Terraform Global Inc * For year ended Dec 31,2016, net operating revenues $214.3 million - SEC filing * For year ended Dec 31,2016, loss per share for its class A common stock $0.47 Source text for Eikon: ( bit.ly/2sshGKx )   * Identical supermarket sales growth, without fuel, of -0.2% in Q1 of 2017 MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories Reuters News Agency - Brand Attribution Guidelines - Careers Reuters is the news and media division of Thomson Reuters . Thomson Reuters is the world''s largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Learn more about Thomson Reuters products:'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-terraform-globals-fy2016-net-opera-idUSFWN1JC041'|'2017-06-15T20:19:00.000+03:00'
'609657481b233faa20afa8415ec4a1b054279328'|'UPDATE 1-WS Atkins''s strong profits seen smoothing takeover completion'|'(Adds details, analyst comment, share movement)June 15 British engineering and design consultancy WS Atkins reported its fastest growth in annual profit in at least a decade on Thursday, which could help smooth completion of its takeover by Canadian rival SNC-Lavalin Group.Atkins, which agreed in April to be acquired by SNC for C$3.6 billion ($2.7 bln), said a strong performance at its North American business helped lift its underlying pretax profit by 18 percent in the year through March to 164.6 million pounds ($209.7 million). Revenue rose 12 percent to 2.08 billion pounds.The results beat analysts'' expectations for an annual pretax profit of 158.03 million pounds on revenue of 2.07 billion pounds, according to Thomson Reuters I/B/E/S estimates.SNC-Lavalin, which agreed to buy Atkins at a price of 2,080 pence per share, said last month it would not raise its offer for Atkins unless it faces a rival bid.In April, U.S. activist investor Elliott Capital Advisors disclosed it had taken a 6.8 percent stake in Atkins.Analysts said the strong results justified SNC''s offer price and should smooth the takeover process."A gate-crasher to the deal now seems increasingly unlikely," Liberum analyst Joe Brent said."We expect the deal to close prior to the long stop date of 31st July 2017," he added.Atkins, which serves companies including BP and Network Rail, said revenue in North America rose 32.5 percent during the financial year, helped by new transport projects.The company had earlier expressed optimism over its outlook, saying it should benefit from plans by U.S. President Donald Trump to boost infrastructure spending.Shares in WS Atkins have risen 33 percent since the election of Trump last November. They were largely unchanged at 2,073 pence by 0810 GMT on Thursday.The company said its Middle East and energy markets, which have proved to be its weak spots in the first half of the year, performed in line with market expectations during the full year.($1 = 0.7849 pounds) (Reporting By Justin George Varghese; Editing by Amrutha Gayathri and Susan Fenton)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/wsatkins-results-idINL3N1JC2O7'|'2017-06-15T06:52:00.000+03:00'
'ebda13773002c9da9465c85d537b74d43e10eef2'|'Alaska Air raises forecast for key cost measure'|'Market  09am EDT Alaska Air raises forecast for key cost measure June 15 U.S. airline company Alaska Air Group Inc on Thursday raised its second-quarter forecast for a key cost measure, citing one-time expenses related to pay hikes for pilots at its Horizon Air airline. Alaska Air said it now expects second-quarter cost per available seat mile (CASM) — which measures operating costs as a proportion of flight capacity — to be about 7.95-8.00 cents, excluding fuel and other items, up from an earlier forecast of 7.88-7.93 cents. A higher CASM is generally associated with lower profitability. Pilots at Horizon Air last month approved a change to their existing eight-year contract that included pay hikes to new and existing pilots. Alaska Air Group, the No.5 U.S. airline company, said it would incur one-time costs of $9 million related to the agreement with the Horizon Air pilots. The company also raised its full-year CASM forecast to about 8.02-8.07 cents from 8.00-8.05 cents. (Reporting by Rachit Vats in Bengaluru; Editing by Sai Sachin Ravikumar)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/alaska-air-outlook-idUSL3N1JC3RC'|'2017-06-15T19:09:00.000+03:00'
'26af043b5fc33be76b12e28c9e2d1f38cb2af989'|'Safran shareholders approve plan to buy Zodiac Aerospace'|'PARIS, June 15 Shareholders in Safran on Thursday backed resolutions that will free the French aero engine maker to pursue an agreed takeover of parts maker Zodiac .The planned merger would create the world''s third-largest aerospace supplier after U.S companies United Technologies and General Electric.Thursday''s Safran shareholder vote was a key demand of UK hedge fund TCI, which had waged an intense campaign to block the deal, or at least reshape it.In May, Zodiac accepted a 15 percent cut in Safran''s $9 billion offer after Zodiac profit warnings.Safran''s original $9 billion offer was weakened by conflicting movements in share prices and a deteriorating industrial performance at Zodiac, though on Wednesday Zodiac eased concerns by reiterating financial targets.Shareholders in Safran had been asked to vote in favour of two mechanisms that will enable the company to issue new preference shares that would then be convertible in ordinary shares after three years.Safran says it is confident of resolving Zodiac''s industrial problems after visiting its plants, including a British factory blamed for the latest profit downgrade in April.Safran is offering 25 euros per Zodiac share in cash, down from 29.47 euros previously, or an alternative of preferred shares up to a total of 31.4 percent of the $7.7 billion deal.Zodiac Aerospace shares closed up 0.9 percent at 23.92 euros. Safran eased 0.2 percent to 77.86 euros. (Reporting by Cyril Altmeyer; Writing by Matthias Blamont. Editing by Jane Merriman)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/zodiac-ma-safran-idINL8N1JC4QP'|'2017-06-15T14:49:00.000+03:00'
'42d7aa7abbc71b491a3b5ef175c8b693525edaa7'|'Air bag maker Takata to file bankruptcy this month - sources'|'NEW YORK, June 15 Japanese air bag maker Takata Corp is preparing to file for bankruptcy as early as next week as it works toward a preliminary deal for financial backing with U.S. auto parts maker Key Safety Systems Inc, people familiar with the matter said on Thursday.Takata, one of the world''s biggest automotive suppliers, has been working on finalizing a deal with Key as it faces billions in liabilities stemming from defective air bag inflators, the people said.The people, who asked for anonymity because they were not authorized to speak with the media, cautioned that a deal with Key may not be reached before Takata files for bankruptcy. The company plans to begin proceedings in both the United States and Japan, the people said.Takata declined to comment. Key did not immediately respond to a request for comment. (Reporting by Jessica DiNapoli in New York and David Shepardson in Washington; Editing by Tom Brown)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/takata-bankruptcy-idINL1N1JC168'|'2017-06-15T15:44:00.000+03:00'
'27277fba1128ca74510e45b1808001647ce458c5'|'Norwegian eyes flight pact with easyJet or Ryanair this year'|'Business   10:52am BST Norwegian eyes flight pact with easyJet or Ryanair this year PARIS Budget carrier Norwegian Air Shuttle ( NWC.OL ) hopes to have deal set up with either easyJet ( EZJ.L ) or Ryanair ( RYA.I ) this year that would bring short-haul passengers to its long-haul network. "We are speaking to both... We are fairly sure we will be able to set up a system with one of them this year," Bjorn Kjos said on the sidelines of an event in Paris, adding he did not know which would be first. Norwegian offers low-cost long-haul flights, but needs the passengers to feed into that network to fill its planes and make money. The partners still need to create a joint interface for ticket sales before the feeder flight deal can proceed. Kjos said the concept could work at airports such as Paris Charles de Gaulle and Gatwick with easyjet and in Ireland for Ryanair. He said he expected two hours would be plenty for transfer times. He also said he was "definitely interested" in a new mid-market jet that Boeing ( BA.N ) is studying. He ruled out however the 737 Max 10, set to be launched at the Paris air show, because it does not offer any extra range. (Reporting by Victoria Bryan; Editing by Maria Sheahan)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-airshow-paris-idUKKBN19712L'|'2017-06-16T17:52:00.000+03:00'
'c26841ad64718aa691bd02abd4d766b26a9ccf1e'|'U.S. EPA suspected Fiat Chrysler of using ''defeat device'' in 2015'|'Environment  38pm EDT EPA suspected Fiat Chrysler of using ''defeat device'' in 2015 A specialist trader works at the post where Fiat Chrysler Automobiles is traded on the floor of the New York Stock Exchange (NYSE) in New York, U.S., March 8, 2017. REUTERS/Brendan McDermid By David Shepardson - WASHINGTON WASHINGTON The U.S. Environmental Protection Agency told Fiat Chrysler Automobiles NV ( FCAU.N ) in November 2015 it suspected some of its vehicles had at least one "defeat device" which improperly bypassed emissions controls, emails disclosed under a public records request on Friday show. The EPA and California Air Resources Board accused Fiat Chrysler in January of using undisclosed software to illegally allow excess diesel emissions in 104,000 U.S. 2014-2016 Jeep Grand Cherokees and Dodge Ram 1500 trucks. Fiat Chrysler did not immediately comment on the public records. Byron Bunker, director of the EPA''s Transportation and Air Quality compliance division, said in a January 2016 email to Fiat Chrysler obtained by Reuters under the Freedom of Information Act that he was "very concerned about the unacceptably slow pace of the efforts to understand the high NOx emissions." NOx refers to the nitrogen oxides in polluted air. Bunker''s email said the EPA had told Fiat Chrysler officials at a November 2015 meeting that at least one auxiliary emissions control device appears to violate the agency''s regulations. Mike Dahl, head of vehicle safety and regulatory compliance for Fiat Chrysler''s U.S. unit, responded in a separate email that the company was working diligently and understood EPA''s concerns. He added that if EPA declared vehicles to contain defeat devices, it would result in "potentially significant regulatory and commercial consequences." The documents redacted the vehicles named, but two officials briefed on the matter said they referred to diesel models. (Reporting by David Shepardson; Editing by Chris Reese and Richard Chang)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-fiatchrysler-emissions-epa-idUSKBN1972IH'|'2017-06-17T02:02:00.000+03:00'
'3686cacaca937ae0e69c3bfa96d250b7d225380f'|'PRESS DIGEST- British Business - June 16'|'June 16 The following are the top stories on the business pages of British newspapers. Reuters has not verified these stories and does not vouch for their accuracy.The Times* The chief executive of Firstgroup Plc has had his 723,415 pounds ($922,571) annual bonus withheld because of the Croydon tram crash in which seven people died and 58 were injured. bit.ly/2sgtuxl* One of London''s most distinctive modern buildings could be up for sale with a price tag of 1 billion pounds. Safra Group, the Brazilian banking group controlled by Joseph Safra, is said to be mulling options for a sale of the Gherkin, according to EG, a property magazine. bit.ly/2sg98EiThe Guardian* The Bank of England has edged closer to raising interest rates as a deeper split emerged among its committee of policymakers, with three out of eight voting for an immediate rise to keep inflation in check. bit.ly/2sg6QW4* More than half of WM Morrison Supermarkets Plc''s shareholders have failed to back the supermarket''s bosses'' pay package in a massive protest vote at the company''s annual shareholder meeting. bit.ly/2sguIsCThe Telegraph* Greece avoided a summer default last night as it secured billions of euros in fresh financial aid even as creditors dashed Athens'' hopes for a comprehensive debt relief deal. bit.ly/2sgBmPm* Administrators to Arrium Ltd said that a private equity consortium consisting of Newlake Alliance, JB Asset Management and Korean steel maker Posco had been named a preferred bidder for Arrium, beating out Sanjeev Gupta''s Liberty Industries Group. bit.ly/2sgjtjBSky News* Trustees to the Co-Operative Bank Plc''s 10 billion pounds pension scheme are demanding a large sum from the struggling lender''s bondholders to end the impasse over the bank''s future, according to Sky News. bit.ly/2sgkOXZ* The parent company of British Airways is estimating it will lose 80 million pounds after the catastrophic failure of the airline''s IT systems last month. The forecast was revealed to the International Consolidated Airlines Group SA AGM by chief executive Willie Walsh, who apologised again for the global disruption but congratulated staff on the way they handled the glitch. bit.ly/2sgs5H5The Independent* Airbnb has said that it expects to boost communities in Europe, which is its biggest market, by an estimated 340 billion euros of economic output by 2020 and that it will support an estimated 1 million jobs across the region by that year. ind.pn/2sg7WRk* Spotify now has over 140 million users worldwide, a surge of around 40 million users over the past year alone, the online music platform announced on Thursday. ind.pn/2sgna9d($1 = 0.7841 pounds) (Compiled by Bengaluru newsroom; Editing by Lisa Shumaker)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/britain-press-business-idINL8N1JC681'|'2017-06-15T21:14:00.000+03:00'
'e914b8d0358663a390838099c9a5aeb911299da7'|'U.S. regulators still reviewing Fiat Chrysler diesel vehicle fix - lawyer'|'Autos - Wed Jun 14, 2017 - 7:44pm BST U.S. regulators still reviewing Fiat Chrysler diesel vehicle fix - lawyer A sign marks Clark Chrysler Jeep Dodge Ram dealership in Methuen, Massachusetts, U.S. January 25, 2017. REUTERS/Brian Snyder By David Shepardson - WASHINGTON WASHINGTON A U.S. Justice Department lawyer said at a court hearing on Wednesday it could take "weeks or months" before regulators decide whether to approve a software fix for Fiat Chrysler Automobiles NV ( FCHA.MI ) diesel vehicles. In May, the Justice Department sued Fiat Chrysler, accusing the Italian-American automaker of illegally using software to bypass emission controls in 104,000 diesel vehicles sold since 2014. Fiat Chrysler hopes regulators will quickly approve the company''s proposed software update as part of certifying 2017 diesel models to allow them to go on sale and then use that software to update the 104,000 vehicles on the road. Leigh Rende, a Justice Department lawyer, said at a San Francisco federal court hearing "there is uncertainty" about whether the fix will be approved. "It could be weeks or months away," Rende said of a decision. "This is really a technical decision." The U.S. Environmental Protection Agency and California Air Resources Board accused Fiat Chrysler in January of using undisclosed software to allow excess diesel emissions in 104,000 U.S. 2014-2016 Jeep Grand Cherokees and Dodge Ram 1500 trucks in a notice of violation in January. Fiat Chrysler has said it does not believe the software update would impact performance or fuel efficiency. Company shares trading in New York ( FCAU.N ) fell 1.3 percent to $10.86 on Wednesday. The January notice was the result of a probe that arose out of regulators'' investigation of rival Volkswagen AG''s ( VOWG_p.DE ) excess emissions. Fiat Chrysler faces more than 20 lawsuits from dealers and owners over the alleged excess emissions. U.S. District Judge Edward Chen is also overseeing suits filed against Robert Bosch GmbH [ROBG.UL] stemming from its role in developing the Fiat Chrysler diesel engines. At Wednesday''s hearing, lawyers representing owners said they plan to review millions of pages of documents and urged a speedy trial date if no settlement is reached. Reuters reported in May that the Justice Department and the EPA have obtained internal emails and other documents written in Italian that look at engine development and emissions issues that raise significant questions. The Justice Department lawsuit also names Fiat Chrysler''s unit VM Motori SpA, which designed the engine in question. In total, VW has agreed to spend more than $25 billion in the United States to address claims from owners, environmental regulators, states and dealers and offered to buy back about 500,000 polluting U.S. vehicles, but the precise amount depends on the number of vehicles repurchased. (Reporting by David Shepardson; Editing by Chizu Nomiyama and Marguerita Choy)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-fiat-chrysler-emissions-idUKKBN1952KE'|'2017-06-15T02:44:00.000+03:00'
'68288f8a4d8ce9d89bb18b78decf4fb5f2adc44a'|'Majority of Morrisons investors refuse to back executive pay package'|'More than half of Morrisons shareholders have failed to back the supermarket’s bosses’ pay package in a massive protest vote. Investors with 51% of its shares either voted against the remuneration report or withheld their votes as Morrisons held its AGM at its headquarters in Bradford on Thursday.The vote comes after shareholder advisory services, including ISS, recommended rejecting the report. The supermarket chain had announced plans to increase the maximum long-term bonus for its chief executive, David Potts, from 240% of his basic salary to up to 300%. Morrisons also softened targets to achieve bonus payouts for future years, including a cut in the earnings-per-share growth target from 6%–13% a year to 5%–10%. At the same time, a maximum target for adding free cashflow over three years was cut from £1.3bn last time to £800m.After the meeting, Andy Higginson, chairman of Morrisons, appeared to blame ISS for the negative shareholder reaction. “We consulted widely with shareholders on the new remuneration policy, which received strong support, with more than 92% in favour, so we were surprised not to get a higher vote in favour of the directors’ remuneration report,” he said in a statement.“We fundamentally disagree with the ISS analysis of the performance targets. Not only does the board believe the targets to be significant and stretching, but the judgment on what the right measures are goes to the heart of rebuilding the business for the long term – striking the right balance between investment in the business and continued outperformance.”Potts earned £2.8m last year, of which £1.7m was an annual bonus. He was also awarded shares that could ultimately generate a long-term bonus of up to £2.04m – or 240% of his salary of £850,000. This year he could earn up to £5.3m, with 48% of the total coming from a long-term bonus worth up to 300% of his basic £850,000 salary.Sarah Wilson, chief executive of shareholder information service Manifest, said investors made their own minds up based on the facts. She said directors should take more account of their feedback rather than blaming advisory services. “This instance demonstrates that companies should be listening very hard to what shareholders are saying,” she said.Tesco’s chief executive, Dave Lewis, is also expected to come under fire at its AGM on Friday. Lewis earned £4.15m in the year to February, 10% less than the £4.63m in the previous year, after the retailer failed to hit all targets attached to his bonus. But Tesco’s annual report also revealed it had paid £142,000 in stamp duty and legal fees to help Lewis buy a house closer to its headquarters in Hertfordshire.Investors have become more proactive in monitoring executive rewards in recent years. Last week more than a fifth of WPP investors voted against Sir Martin Sorrell’s £48m pay package .The issue of pay was not raised directly at the Morrisons’ meeting, the first since the death of Sir Ken Morrison in February .In its annual report, the supermarket chain said the long-term incentive plan involved “stretching performance targets, driving further growth”. These “reflect the financial objectives of the business over the next three to four years and reward achievement of those objectives in a way that is ‘self funding’”, it added.But ISS said Morrisons had not provided an explanation for softening its target on free cashflow. It added that analysts expected the supermarket to increase earnings per share by 9% a year over the coming three years, so the target of 6% to 13% “appears to leave room for further stretch”.Topics Morrisons Supermarkets Retail industry Executive pay and bonuses '|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/business/2017/jun/15/morrisons-investors-refuse-to-back-executive-pay-package-supermarket-renumeration-report-bonus'|'2017-06-15T03:00:00.000+03:00'
'1ee3852a03953bf5f4d5f3478f15af319cf0939a'|'Deals of the day-Mergers and acquisitions'|'(Adds Freeport-McMoRan, Gateway Casinos, Wizz Air, Raízen Energia, Delsey)June 14 The following bids, mergers, acquisitions and disposals were reported by 2000 GMT on Wednesday:** Swedish measurement technology and software firm Hexagon AB has held talks on a possible sale to a U.S. or European rival which could value the company at about $20 billion, the Wall Street Journal reported on Tuesday, citing people familiar with the matter.** A Japanese government-led consortium bidding for Toshiba Corp''s chip business will include South Korean chipmaker SK Hynix Inc, sources familiar with the matter said – a move likely to add firepower to the group''s bid in the hotly contested auction.** Verizon Communications Inc said on Tuesday it closed its $4.48 billion acquisition of Yahoo Inc''s core business and that Marissa Mayer, chief executive of the internet company, had resigned.** The Brazilian government wants to speed up the privatization of Infraero, its agency responsible for operating the country''s main commercial airports, a source with knowledge of the matter told Reuters.** Financial software and services provider SS&C Technologies Holdings Inc recently contacted several private equity firms to gauge interest in a buyout, Bloomberg reported.** Toyota Motor Corp may consider mergers or acquisitions to procure new automotive technologies, including self-driving technologies, the company''s president said, adding that it had to compete more aggressively against its rivals.** Freeport-McMoRan Inc, the world''s biggest publicly traded copper miner, and China Molybdenum Co Ltd (CMOC) have agreed to terminate discussions on CMOC''s acquisition of Freeport''s cobalt assets, Freeport said.** Glencore will pitch its $2.55 billion bid for Rio Tinto''s, Australian Coal & Allied unit directly to Rio Tinto''s board in Canada, two sources familiar with the matter told Reuters.** Canadian gaming company Gateway Casinos & Entertainment Ltd is in talks with Asia and North America investors for a sale-lease-back agreement for up to three Vancouver properties worth over C$500 million ($378 million), top company executives told Reuters.** Indigo Partners, the private equity firm managed by Bill Franke, the veteran U.S. low-cost airline investor, is selling its 18.7 percent stake in eastern European low-cost carrier Wizz Air, it said.** Dutch tycoon John de Mol has made a 300 million euro ($336 million) bid for Telegraaf Media Group (TMG) through his investment vehicle Talpa, the latest twist in a battle for control of the top-selling newspaper in the Netherlands.** China''s Fosun International Ltd joined the race for Faberge owner Gemfields Plc with an approach that valued the London-listed company at 225 million pounds ($288 million).** Brazil''s Raízen Energia SA, the world''s largest sugar maker, is set to win on Friday a judicial auction for two sugar mills owned by Tonon Bioenergia SA, having made the highest bid, a manager at a group of cane producers told Reuters.** An auction for the French luggage brand Delsey has been called off by its private equity owners after failing to generate high enough bids from a handful of international suitors, three sources familiar with the matter told Reuters.** Six international companies and funds have made it to the second round of bidding for buyout group Permira''s 61.3 percent stake in Israeli irrigation firm Netafim, Israel''s Calcalist financial newspaper said.** Nordic telecom operator Telia Company is looking to sell part of its 25 percent stake in Russian mobile operator MegaFon, a source familiar with the matter told Reuters. (Compiled by Diptendu Lahiri in Bengaluru)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/deals-day-idINL3N1JB3ND'|'2017-06-14T18:40:00.000+03:00'
'2e01c0f214acb599d693f21c8d154b4d3816df2a'|'SS&C contacts PE firms to explore buyout interest - BBG'|'Financial software and services provider SS&C Technologies Holdings Inc ( SSNC.O ) recently contacted several private equity firms to gauge interest in a buyout, Bloomberg reported on Wednesday, citing people familiar with the matter.Talks between SS&C''s management team and buyout firms have so far failed to move beyond a preliminary stage, as the firms have balked at SS&C''s high valuation, Bloomberg said. ( bloom.bg/2ss8Ehx )SS&C, which has a market valuation of about $7.8 billion, did not immediately respond to a request for comment.Shares of the company were up 1.4 percent in premarket trading.(Reporting by Anya George Tharakan in Bengaluru; Editing by Anil D''Silva)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-ss-c-tech-hldgs-m-a-idINKBN1951SV'|'2017-06-14T11:00:00.000+03:00'
'f9f7567aa259b2c5f919cce91145bdf84cfbafb3'|'Greece, markets welcome loan deal as Spain and Germany raise obstacles'|'Top News - Fri Jun 16, 2017 - 3:11pm BST Greece, markets welcome loan deal as Spain and Germany raise obstacles By Jan Strupczewski - LUXEMBOURG LUXEMBOURG Greece welcomed on Friday a deal on new bailout loans as a decisive step to exiting its debt crisis and markets took heart by lowering Greek borrowing costs, even though Spanish and German officials raised last-minute objections. Euro zone governments threw Greece another credit lifeline on Thursday and sketched some new detail on possible debt relief as the IMF finally offered to join the bailout after two years of hesitation. The 8.5 billion euros (7.44 billion pounds) of new loans from the euro zone''s 18 other states lets Athens avoid defaulting on bailout repayments next month and recognises the unpopular cuts and reforms the left-wing government has made. Berlin backed the loans even though it is wary of easing terms for Greece ahead of a German election in September. Greek Prime Minister Alexis Tsipras hailed the deal on Friday as Greece''s 10-year government bond yield fell to its lowest for almost a month on the news. "It was a decisive step, for the country exiting from this crisis. It was a clear step of confidence for the markets," Tsipras said. But the deal was not enough for the European Central Bank to include Greece in its government bond-buying programme for now, as the ECB needed more clarity on what kind of debt relief Greece will get from its international creditors. "It’s a very positive step in the right direction but you need to see more clarity on debt to include Greece," an official close to the issue said. Euro zone ministers, under pressure from the International Monetary Fund, said on Thursday they could in 2018 extend the average maturities of Greek loans and grace periods by up to 15 years. The average maturity now is 30 years. But this was not enough for either the IMF or the ECB, with the Fund deciding to wait with disbursements to Greece until the euro zone provides more clarity on debt relief. NEW OBSTACLES Spanish Finance Minister Luis De Guindos unexpectedly cast a pall over the agreement on Friday by saying Madrid would block the disbursement to Greece unless Athens grants immunity to privatisation agency officials from Spain, Italy and Slovakia, charged over a sale and lease-back deal of 28 state-owned buildings in Greece in 2015. "If there''s not a definitive solution for the situation of these three experts, the Eurogroup will block the payment," de Guindos said in Luxemburg where European Union finance ministers hold monthly talks. EU officials said they were convinced the issue would be resolved quickly and not impact the disbursement after all, but they also noted that euro zone ministers stood behind Spain, Italy and Slovakia on the issue. A senior lawmaker from Germany''s centre-left Social Democrats also added to the uncertainty by calling for a full parliamentary debate on the deal, in a challenge to Finance Minister Wolfgang Schaeuble who deems such a debate unnecessary. Social Democrat lawmaker Johannes Kahrs believes the IMF''s decision to delay its own disbursements despite joining the bailout is a major change to the deal and needs the approval of the whole German parliament. Schaeuble said on Thursday that it would be up to the budget committee of the Bundestag to decide whether full parliamentary approval was needed, but that he did not believe the deal was a substantive change. A vote in the Bundestag could embarrass conservative Chancellor Angela Merkel as some of her lawmakers oppose aid to Greece ahead of German elections in September. Altogether 63 German conservative lawmakers voted against the third bailout for Greece in August 2015 and a further three abstained. (Reporting By Sarah White in Madrdid, Francesco Canepa in Frankfurt, Dhara Ranasinghe in London, Gernot Heller in Berlin and George Georgiopoulos in Athens; Writing by Jan Strupczewski; Editing by Toby Chopra) Greek Prime Minister Alexis Tsipras attends a cabinet meeting at the parliament in Athens, Greece June 13, 2017. REUTERS/Costas Baltas '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-eurozone-greece-idUKKBN1971AF'|'2017-06-16T19:01:00.000+03:00'
'd74f1b4b1eeddd8a8470c4c91ed7d20556e9d456'|'Former Oracle board member dogged by links to China-backed chip deal'|'SAN FRANCISCO/NEW YORK As the ultimate corporate insiders, board members are presented with plenty of opportunities to cash in on their sector knowledge and connections.The case of Ray Bingham, until recently Oracle Corp’s ( ORCL.N ) second-highest paid board member and executive chairman at U.S. chip maker Cypress Semiconductor Corp ( CY.O ), shows how taking advantage of those breaks can backfire.The 71-year old technology veteran helped set up a private equity fund backed by China’s central government last fall. In November, the fund agreed to buy Lattice Semiconductor Corp ( LSCC.O ), another U.S. chip manufacturer, for $1.3 billion – a potentially lucrative coup for Bingham.But the chip deal is in doubt over U.S. national security concerns. On Monday, Lattice and the buyout fund, Canyon Bridge Capital Partners, said they submitted the deal for review for the third time to the Committee on Foreign Investment in the United States (CFIUS).The deal has also cost Bingham personally. His connection to Canyon Bridge has forced Bingham, recipient of a 2009 Financial Times ‘Outstanding Director’ accolade, to relinquish two marquee board seats in the technology sector because of divergent perceptions of whether he faced conflicts of interest in his various roles.On Sunday, Bingham resigned from Cypress'' board of directors after the company''s founder and sixth-largest shareholder - T.J. Rodgers - sued the Cypress board and launched a proxy contest to remove Bingham from the board. Rodgers alleged Bingham faced irreconcilable conflicts of interest because of his involvement with Canyon Bridge.Bingham, in the Cypress announcement of his stepping down, cited this contest as a distraction. It came three months after he gave up his seat on Oracle''s board of directors due to controversy over him moonlighting for Canyon Bridge.“Throughout the process (of joining Canyon Bridge), Ray conducted himself with transparency. He discussed his plans to join Canyon Bridge with Cypress'' board and outside legal counsel, who concluded there was no conflict and was given the green light to join,” a Canyon Bridge spokesman told Reuters. Bingham himself did not respond to several requests for comment.Bingham’s reputation in the technology industry helped clinch the Lattice acquisition for Canyon Bridge, regulatory filings show. Bingham was offered a $1.2 million signing bonus by Canyon Bridge, a $2 million cut of its management fees and a 20 percent stake in Canyon Bridge itself. That is in addition to the $890,902 in 2016 he received from Oracle, making him the second-highest paid board director at the company behind founder Larry Ellison, and an annual salary and bonus from Cypress worth $900,000, as well as equity grants worth $4.5 million.The income from Oracle and Cypress is now gone because of his gamble to align with Canyon Bridge. Bingham continues to serve on the board of two other publicly listed technology companies, Flex Ltd ( FLEX.O ) and TriNet Group Inc ( TNET.N ).A COMPROMISING RELATIONSHIPU.S. board members increasingly come from business leadership backgrounds. This often presents them with new opportunities that come up through existing roles or previous corporate relationships. This was the case with Bingham, who had done business with China-born U.S. citizen, Benjamin Chow, when Bingham worked at private equity firm General Atlantic LLC a decade ago.Chow set up Canyon Bridge last summer with funding from China Reform Management, a Chinese state-owned investment firm, which became Canyon Bridge''s sole investor, according to Lattice’s regulatory filings. For a timeline of events in the Lattice deal, clickChow approached Bingham last August. He believed that a U.S.-based buyout fund with a U.S. partner like Bingham would trigger much less scrutiny by CFIUS compared with a Chinese buyer, Reuters reported in March.Canyon Bridge’s Chinese state links, first revealed by Reuters in November, were a bone of contention at Oracle. Its board told Bingham in March he could not retain his seat and continue to be a partner of Canyon Bridge, according to Bingham’s deposition in Rodgers’ lawsuit. In response, Bingham decided to step down."Oracle expressed concern that Bingham''s affiliation with Canyon Bridge would compromise Oracle''s relationship with the United States government," Andre Bouchard, the judge presiding over Rodgers'' lawsuit, said at Delaware''s Court of Chancery earlier this month, citing Bingham''s deposition.Oracle declined to comment. Chow, approached through Canyon Bridge, declined to comment.A MATTER OF INTEREST FOR THE BOARDBingham helped Chow set up Canyon Bridge in September and October 2016, taking on tasks ranging from setting up calls for hiring staff for Canyon Bridge to using Bingham’s name, a Quote: from him, and his phone number at Cypress on the press release announcing the Lattice deal on November 3, according to regulatory and court filings. Bingham was even given signatory authority on a $30 million Canyon Bridge bank account.Yet he had not yet formally joined Canyon Bridge, and had not let Cypress’ board know.On Oct. 20, Bingham contacted Cypress'' outside counsel, Wilson Sonsini Goodrich & Rosati, to ask if he should tell Cypress’ board he was considering joining Canyon Bridge, according to a regulatory filing from Cypress. Bingham concluded there was no need to do so at that time, according to Cypress. Wilson Sonsini did not respond to a request for comment."Clearly this is a matter that would have been of interest to the other board members, and the fact that Bingham did not come forth with this information prior to that time seems odd," said Alan Seem, a corporate partner at law firm Shearman & Sterling LLP who is not involved with the case.On Nov. 4, at a regularly scheduled Cypress board meeting and a day after the Lattice deal was announced with his name on the press release, Bingham told the board that he was contemplating joining Canyon Bridge as a minority partner, according to Cypress.At the same meeting, Morgan Stanley ( MS.N ) gave a presentation to Cypress'' board in which it identified Canyon Bridge as one of the top four most likely acquirers for Cypress out of a list of 30 company names.Cypress itself had been approached by Lattice twice in 2016 about making a potential acquisition offer, most recently last September, but it turned both opportunities down, according to Cypress.Nonetheless, Cypress said its board concluded there was no conflict of interest because there were no active talks or considerations about a possible deal with either Lattice or Canyon Bridge.But some Cypress board members could see that there was scope for future problems. On Nov. 7, Eric Benhamou, Cypress’ lead independent director at the time, told another director that Bingham’s role with Canyon Bridge was “ripe for conflicts [of] interest,” according to a Cypress regulatory filing.In December, Cypress’ board amended the company’s code of ethics to ensure that if Cypress was having significant acquisition talks with a potential target, then any conflicted director would recuse themselves.“Duty of loyalty issues are corrosive. They leave investors with the impression that the playing field isn’t level," said Thomas Lys, accounting information and management professor at Northwestern University''s Kellogg School of Management.(Reporting by Liana B. Baker and Michael Flaherty in New York; Additional reporting by Greg Roumeliotis in New York; Editing by Carmel Crimmins and Edward Tobin)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-lattice-m-a-canyondbridge-bingham-idUSKBN19703P'|'2017-06-16T09:00:00.000+03:00'
'ec46112ad1919f3e3bbff03388dd1158e01a474a'|'Is the Fed ready to consider lifting its inflation target?'|'Business News - Fri Jun 16, 2017 - 12:31am BST Is the Fed ready to consider lifting its inflation target? A police officer keeps watch in front of the U.S. Federal Reserve building in Washington, DC, U.S. on October 12, 2016. REUTERS/Kevin Lamarque/File Photo By Howard Schneider - WASHINGTON WASHINGTON Years of tepid economic recovery have Fed Chair Janet Yellen and other central bankers considering what was once unthinkable: abandoning decades-long efforts to hold inflation down and allowing price expectations to creep up. In remarks on Wednesday, Yellen called an emerging debate over raising global inflation targets "one of the most important questions facing monetary policy," as central bankers grapple with an economic rut in which low growth, low interest rates and weak price and wage increases reinforce each other. The aim would be a change of households'' and businesses'' psychology, convincing them that prices would rise fast enough in the future that they would be better off borrowing and spending more today. Success in anchoring inflation in the 1980s and 1990s defined central banking throughout the developed world. It has become a core aim of the Fed and an article of faith for Germany''s Bundesbank and later the European Central Bank, founded in 1998 with the mandate of maintaining price stability defined as inflation under 2 percent. That 2 percent target, which translates into prices doubling roughly every 35 years and is considered both offering stability and a sufficient buffer from deflation, is now common for the developed world''s central banks. Raising that target to 3 or even 4 percent as some economists have suggested would shift the outlook of firms in particular, allowing them to charge more for goods and pay more for labor without the fear that a central bank would step on the brakes. To be effective, the Fed would have to back that new target with a slower pace of any rate increases than it would otherwise deem appropriate. That could prove risky for the central bank that has repeatedly missed its present target and conditioned people to expect subdued price and wage increases, said Moody''s Analytics analyst Ryan Sweet. "The Fed would have to clearly and convincingly communicate the rationale for raising the inflation target and the potential economic benefits. Otherwise the central bank will lose in the court of public opinion." In a sense, the Fed may be a victim of its own success and Yellen in the past has been skeptical the Fed could change expectations that were anchored by its ability to keep actual inflation low for years by simply raising its goal. "It''s a paradox," said Joseph Gagnon, a senior fellow at the Peterson Institute for International Economics. "There is less response of inflation when the Fed is successful." By allowing inflation to run higher, the Fed would create more room for nominal interest rates to rise later without crimping economic growth, advocates say. With rates expected to remain historically low, Yellen and her peers are worried that even a mild recession will force them to cut interest rates to zero and deploy crisis-era tools, such as asset purchases, something they could avoid if rates in general were higher. Skeptics, however, question whether lifting the inflation target would have any lasting effect on economic activity. TO LIFT OR NOT TO LIFT During the current eight-year recovery the Fed has steadily marked down its estimates of U.S. economic potential, the interest rate needed to achieve it, and generally failed to get inflation back to 2 percent. Yellen on Wednesday said it may be time for a rethink. "We''ve learned a lot," Yellen said about the time since 2012 when the Fed set the inflation target. One conclusion was that interest rates will be stuck at historically low levels unless something changes. Whether to raise the inflation target hoping it could be a catalyst of change "is one of our most critical decisions," she said in what was the clearest indication of a debate taking shape inside the Fed. Central bankers in Europe, Japan, Britain and elsewhere have begun exploring the option as well, while the Bank of Canada reviews its inflation target every five years Any move is unlikely in the near term. Policymakers may not like missing their targets, but they also recognize the benefits of only modest price increases brought by central bank policies and a globalizing world economy that helped drive manufacturing costs down. Since the early 1990s median U.S. household income and overall consumer inflation have marched in virtual lock step. Health care and education cost have grown faster, but prices for clothes, furnishings and food have generally increased less or no more than household incomes - benefiting the poor who suffered the most during bouts of high inflation. (Graphic: tmsnrt.rs/2t6NKld ) But that may also have created a "sticky" psychology. Modern monetary policy rests heavily on a central bank’s ability to shape expectations, and the Fed and others have been so successful in keeping inflation down that now they seem unable to shift sentiment in the opposite direction. The Fed is also no longer quite sure about how some basic aspects of the economy are working these days. At 4.3 percent, the jobless rate is at a 15-year low, yet wage growth is weak and inflation has recently slipped further away from the Fed''s goal. Quite how far it is prepared to go will depend on what Yellen noted was an assessment of "the potential costs that could be associated" with a higher inflation target. Such assessment, however, probably will not be ready during her term, which ends in February 2018. (Reporting by Howard Schneider; Editing by David Chance and Tomasz Janowski) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-usa-fed-inflation-analysis-idUKKBN19630N'|'2017-06-16T06:32:00.000+03:00'
'ab4f19636da49f88bbc46746be415d6d4195bbf0'|'UK prosecutors to decide on charges over Barclays Qatar case next week - source'|'  11:04pm IST UK prosecutors to decide on charges over Barclays Qatar case next week - source The Barclays headquarters building is seen in the Canary Wharf business district of London, Britain February 6, 2013. REUTERS/Neil Hall/File Photo LONDON Britain''s Serious Fraud Office (SFO) is to announce on Tuesday whether it will bring criminal charges against Barclays and some of its former senior executives over a 2008 emergency fundraising from Qatar, according to a person familiar with the plans. The SFO has been investigating for nearly five years whether commercial agreements between banking group Barclays Plc and Qatari investors as part of a total 12 billion pound ($15 billion) fundraising at the height of the credit crisis breached UK law. Bloomberg reported on Friday that Barclays plans to plead guilty to charges that it failed to make proper disclosures about the fundraising and is braced for a fine, which would likely range from 100 million to 200 million pounds. Barclays and the SFO declined to comment on the Bloomberg report and on the timing of the charging announcement. Qatar Holding, part of the Qatar Investment Authority sovereign wealth fund, and Challenger, an investment vehicle of former Qatari prime minister Sheikh Hamad bin Jassim bin Jabr al-Thani, invested around 5.3 billion pounds ($6.7 billion) in Barclays in June and October 2008. Authorities have been examining whether payments from Barclays to Qatar at the same time, such as around 322 million pounds in "advisory services agreements" (ASA), alongside a multi-billion-dollar loan, were honest and properly disclosed. The inquiry is one of several legal issues inherited by Barclay''s current Chief Executive Jes Staley that date back to the credit crisis. The bank already faces a proposed fine of about 50 million pounds for being "reckless" after the Financial Conduct Authority (FCA) said it did not disclose all "advisory services agreements" to Qatar, although that inquiry is ongoing. (Reporting By Huw Jones and Andrew MacAskill; Editing by Rachel Armstrong and Elaine Hardcastle)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/barclays-qatar-charges-idINKBN1972FE'|'2017-06-16T15:34:00.000+03:00'
'faa5ecff955f04699b066a7f6ea7a0d35764e5bb'|'Fiat Chrysler CEO says 2018 targets unaffected by diesel woes'|'VENICE, Italy Fiat Chrysler Automobiles (FCA) ( FCHA.MI ) does not expect its diesel problems in the United States to have an impact on its short-term business targets to 2018, Chief Executive Sergio Marchionne said on Friday.The U.S. Justice Department sued FCA last month, accusing the Italian-American automaker of illegally using software to bypass emission controls in 104,000 diesel vehicles sold since 2014, in a move that could potentially lead to heavy fines.The company has proposed a software update as part of certifying 2017 diesel models to allow them to go on sale and then use that fix to update the 104,000 vehicles on the road.Asked whether it could take months to get U.S. authority approval for the software fix, as suggested by a U.S. Justice Department lawyer this week, Marchionne said "we are much closer than this"."When we made the proposal, we were ready to implement the fix immediately ... now it depends on them," Marchionne told journalists on the sidelines of a meeting in Venice of the U.S.-Italy council. "We are talking to them ... we think we have a viable solution."He said the company had not made any provisions for any potential fines, adding it was "impossible to try estimate".Part of the 2018 business plan, which is centered around the revamp of its Jeep, Maserati and Alfa Romeo brands, is erasing all debt and accumulating at least 4 billion euros ($4.5 billion) of cash by the end of next year.After failing to strike a much sought alliance for FCA, Marchionne has made executing the 2018 plan his core ambition before he steps down at the end of his tenure early in the following year.When asked whether he could rethink his decision to quit in early 2019 given political and market uncertainties surrounding his company, Marchionne, who turns 65 on Saturday, said "No."He said there was a "wide and deep bench" of possible internal candidates to succeed him, and did not exclude the possibility of his powers being divided among several managers, although added this would be up to the board to decide."My job is not easy, it''s a bit loaded," he said.Marchionne said the second quarter was going in line with expectations and confirmed the targets for the full year.Widely credited with reviving one of Italy''s top corporate names and rescuing U.S. Chrysler from bankruptcy, Marchionne has seen pressure mounting in recent months, with the U.S. market at its peak and legal challenges launched in the United States and in Europe over the company''s emissions credentials.His ambition to tie up with General Motors ( GM.N ) to share the costs of making cleaner and more autonomous vehicles has been repeatedly rebuffed. While Marchionne briefly flirted with the idea of a tie-up with Volkswagen ( VOWG_p.DE ), he reiterated on Friday that there were no talks with anyone at present.He stressed, however, that a merger for FCA was "ultimately inevitable" to be able to compete, although it might not happen during his tenure."The only way you’re going to get that is by mass, there is no other solution," he said. "Being small, cute is going to do nothing. Go home, go to a beauty parlor and do something else."Asked whether FCA felt the same investor pressure that led to the sacking of his counterpart at U.S. rival Ford ( F.N ) or that which prompted GM to leave Europe, Marchionne said the 2018 plan would be his judge."As long as we deliver on those commitments, you will not get pressured ... people will love you," he said. "What they do to you in 2019 is a different story."(Reporting by Agnieszka Flak; Editing by Keith Weir and Jane Merriman)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-fiatchrysler-emissions-idUSKBN1971BX'|'2017-06-16T19:14:00.000+03:00'
'fd88e857dbd3059e31e15145d619a810e5541adb'|'Iran sees gas deal with Total within weeks - minister'|'DUBAI Iran expects to sign a long-delayed gas deal with French oil major Total in the next few weeks, Iranian Oil Minister Bijan Zanganeh was Quote: d as saying on Saturday."Iran and Total are summing up the discussions on signing the contract for the development of phase 11 of South Pars, and this is almost in the final stages," said Zanganeh, Quote: d by the oil ministry''s news website SHANA."The contract ... will be signed before the end of the (current) government," Zanganeh said.Re-elected in May, President Hassan Rouhani is expected to form his new cabinet in August.Total''s chief executive Patrick Pouyanne said in late May that the company planned to conclude the South Pars gas deal before summer.Separately, the state-run National Iranian Oil Company (NIOC) said it had certified five more companies from Russia and Azerbaijan to bid for Iranian upstream energy projects."NIOC has added Russia''s Gazprom Neft, Rosneft, Tatneft and Zarubezhneft and Azerbaijan''s state-owned SOCAR, taking its list of pre-qualified companies to a total of 34," NIOC said on its website.In January, Iran named 29 companies from more than a dozen countries as being allowed to bid for oil and gas projects using the new, less restrictive Iran Petroleum Contract (IPC) model.(Reporting by Dubai newsroom; Editing by Adrian Croft)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/iran-energy-total-idINKBN1980E6'|'2017-06-17T09:50:00.000+03:00'
'27435ece84b0c546d21be3bb9480ebca9fd06e11'|'FTSE on the defensive after tumultuous week'|'Top News   5:21pm BST Supermarket stocks go stale on FTSE after tumultuous week People walk through the lobby of the London Stock Exchange in London, Britain November 30, 2015. REUTERS/Suzanne Plunkett By Helen Reid and Kit Rees - LONDON LONDON Strength in financials and energy firms supported the FTSE on Friday but the index posted its widest weekly loss in two months after a week of political uncertainty and jitters about the resilience of the consumer engine of the UK economy. British stocks sold off on Thursday as fears grew around the squeezed British consumer and the durability of stronger macroeconomic data which had spurred cyclical sectors higher. The main FTSE 100 .FTSE benchmark was up 0.6 percent at 7,463.54 points at its close, while UK mid-caps .FTMC pulled out of Thursday''s nosedive to gain claw back 1.3 percent. Competition worries added to the woes of British retailers, in particular grocers, which sold off after news that U.S. giant Amazon ( AMZN.O ) was to buy U.S. organic supermarket chain Whole Foods ( WFM.O ). Shares in supermarket retailers Tesco ( TSCO.L ), Sainsbury ( SBRY.L ) and Marks & Spencer ( MKS.L ) all fell between 1.9 percent to almost 5 percent, while Morrison ( MRW.L ) gained 1.1 percent. The latter was seen as somewhat protected against any Amazon incursion. This exacerbated the move in Tesco''s ( TSCO.L ) shares, which had reversed course after weak international same store sales overshadowed the retailer''s strongest UK sales growth in seven years. Much of the focus this week was on the more domestically exposed mid-cap companies, with concerns coming to a boiling point on Thursday when furniture store DFS ( DFSD.L ) warned on profit, triggering a sharp sell-off among consumer-exposed stocks. Investors said valuations among mid-caps, which hit a fresh record high as recently as two weeks ago, were also putting off prospective buyers. "It''s not panic stations, but you can see why there might be a consolidation," said Ian Williams, head of economics and strategy at Peel Hunt. "Mid-caps have held up a lot better than people thought they would. So although underlying earnings are good and the bottom up news is good, valuations mean there''s not that many more compelling cheap opportunities," he added. Uncertainty around UK politics, a week after a shock general election result, had also generated jitters around domestic stocks. Among sectors, energy stocks lent some support after oil edged up off its seven-week lows, while wealth manager St James''s Place ( SJP.L ), paper firm Mondi ( MNDI.L ) and support services firm DCC ( DCC.L ) were the top FTSE gainers. Driving the mid-cap recovery were industrials firms with less exposure to the domestic economy, with engineer Cobham ( COB.L ) the biggest gainer. (Editing by Jeremy Gaunt.)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-stocks-idUKKBN19714U'|'2017-06-16T18:16:00.000+03:00'
'57bd1063663ec53a52be844c65b7b297206ef0df'|'EXCLUSIVE: Rosneft, partners to invest over $8 billion in Russia''s offshore energy sector'|'Money   6:08pm IST EXCLUSIVE: Rosneft, partners to invest over $8 billion in Russia''s offshore energy sector FILE PHOTO: The shadow of a worker is seen besdide the logo of the Rosneft oil company at an oil field in Russia, August 4, 2016. REUTERS/Sergei Karpukhin/File Photo By Olesya Astakhova - MOSCOW MOSCOW Rosneft and its partners plan to invest 480 billion roubles ($8.4 billion) in developing Russia''s offshore energy industry in the next five years, part of a bid to boost output from new areas, the Russian oil major told Reuters. Most Russian oil output comes from western Siberia, where fields are depleting, pushing firms to look for new regions. Sanctions complicate the process, barring Western firms from helping with Arctic offshore, deepwater and shale oil projects. Russia is producing almost 11 million barrels per day (bpd) of crude, slightly down from its peaks last year as the country has joined OPEC and some other non-OPEC nations in an output cut that runs to March to stabilise global crude prices. Of the 480 billion roubles allocated for offshore projects by Rosneft and its partners, the Russian company planned to invest 250 billion roubles in Arctic offshore between 2017 and 2021, the state-controlled firm wrote in response to Reuters questions. "Development of hydrocarbon resources on the continental Arctic shelf is the future of the global oil production and one of key strategic priorities for the company," Rosneft, the world''s biggest listed oil company output, said in an email. It said the Arctic offshore area was expected to account for between 20 and 30 percent of total Russian production by 2050. Rosneft did not mention which partners would be involved in the investments. It said it had licences for 55 offshore blocks in Russia''s Arctic, Far East and southern regions, which are believed to contain oil and gas resources. The Russian firm has sought tie ups with several global oil players to develop Russia''s offshore regions. But a deal to work in the Arctic Kara Sea with U.S. ExxonMobil was suspended in 2014 after sanctions were imposed. Rosneft said in its email that it planned to return to operations in the Kara Sea in 2019 but did not specify whether it would work alone or with a partner. The Russian firm also has deals for offshore work with Norway''s Statoil, Italy''s Eni and other firms. Rosneft, ExxonMobil, Japan''s Sakhalin Oil and Gas Development Co Ltd (SODECO) and India''s ONGC are partners in the Sakhalin 1 project off Russia''s far east coast. So far, Russia''s sole Arctic offshore oil field is Prirazlomnoye in the Pechora Sea operated by Gazprom Neft, where production is gradually rising from about 40,000 bpd last year. Rosneft also said it planned preparation work next year at the Wild Orchid gas condensate field in Vietnam at Block 06.1. It did not say when production would start. ($1 = 56.9989 roubles)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/russia-rosneft-offshore-idINKBN1951PD'|'2017-06-14T20:38:00.000+03:00'
'b2e1c1892c4dc6cbf90187c0d51908a5250dd733'|'BRIEF-Michelin to acquire Nextraq, a telematics provider, from Fleetcor - Reuters'|'June 14 Michelin/Fleetcor:* Michelin announced that it has agreed to acquire FleetCor''s business NexTraq, a U.S. provider of commercial fleet telematics, in an all-cash transaction* NexTraq has 117 employees, approximately 7,000 fleet customers and 116,000 individual subscribers* "NexTraq represents a strategic acquisition that accelerates our growth in telematics with synergies that increase our scale, expand our geographic footprint and strengthen overall competitiveness in fleet management technology and services in the United States," said Ralph Dimenna, chief operating officer for Michelin Americas Truck Tires, in a statement'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/brief-michelin-to-acquire-nextraq-a-tele-idINASM000BUW'|'2017-06-14T04:34:00.000+03:00'
'c09700eaae72afaff414d83bb9e05ac84e0f297f'|'French court advisor says Google not liable back taxes'|'PARIS, June 14 U.S. internet giant Google should not be held liable for over one billion euros ($1.13 billion) in back taxes in France, an independent court advisor recommended to French judges, a court official said on Tuesday.The court advisor said Google does not have "permanent establishment" or sufficient taxable presence to be left on the hook for 1.115 billion euros in back taxes, the official said.Judges at a Paris administrative court are due to hand down a ruling in the case in the first half of July, the court official told Reuters.Prosecutors opened a preliminary tax fraud investigation in 2015 and Google''s Paris offices were raided by investigators in May 2016. The company has said it fully complies with the law.Google, now part of Alphabet Inc, pays little tax in most European countries because it reports almost all revenues in low-tax Ireland.($1 = 0.8868 euros) (Reporting by Simon Carraud; writing by Leigh Thomas; Editing by Richard Lough)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/france-google-tax-idINL8N1JB4V4'|'2017-06-14T13:24:00.000+03:00'
'd305bfcc5035b2665766d9e6c0b965d254251248'|'RPT-German postal service enlists Ford for electric vans drive'|'(Repeats to add picture for media subscribers)* Adds 2nd line of larger vehicles after launch of e-minivan* Ford to supply components based on Transit model* Deutsche Post to assemble, distribute to 3rd parties* In-house EV push makes inroads into auto industry turf* Aims to double annual output to 20,000 vans by yr-endDUESSELDORF, Germany, June 14 German logistics group Deutsche Post DHL Group is expanding its foray into electric delivery vans, signing Ford as a components supplier for a new line of larger vehicles, the companies said on Wednesday.Deutsche Post initially developed an electric minivan dubbed Streetscooter for its own operations to avoid inner-city emissions after growth in online shopping resulted in increased parcel deliveries. But in April it took on carmakers by unveiling plans to step up production and sell to other delivery firms.For the larger van, Ford will supply vehicle technology based on the Transit model, with Deutsche Post keeping assembly, distribution and sales in-house, a Germany-based Ford spokesman told Reuters.The new model is part of a plan to build another production site for the Streetscooter unit and double annual output to 20,000 vans by the end of the year."This step emphasises that Deutsche Post is an innovation leader. It will relieve the inner cities and increase people''s quality of life," Deutsche Post executive board member Juergen Gerdes said in a statement.Advances in manufacturing software are allowing auto industry newcomers such as Deutsche Post, Google and start-ups to tap suppliers to design, engineer and test new vehicle concepts without hiring thousands of engineering staff or investing billions in tooling and factories.Deutsche Post, which is also building a country-wide network of maintenance and repair shops, wants a fleet of at least 2,500 of the new vans on the road by the end of 2018, it said.The postal services group decided to build its own vans after it could not agree on a wider supply contract with established vehicle makers.It is phasing out use of Volkswagen''s Caddy vans in favour of Streetscooters, and going it alone with the electric van project has upset VW.($1 = 0.9430 euros) (Reporting by Matthias Inverardi; Writing by Ludwig Burger; Editing by Mark Potter)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/deutsche-post-streetscooter-ford-idINL8N1JB248'|'2017-06-14T08:39:00.000+03:00'
'20798cc25dc3528d83e687ed4963d39fd0a47937'|'StanChart brings in senior talent to fuel U.S. expansion'|'  7:01am BST StanChart brings in senior talent to fuel U.S. expansion left right Torry Berntsen, Chief Executive Officer (CEO) and Head of Corporate and Institutional Banking of the Americas region for Standard Chartered Bank, poses in New York City, U.S., June 13, 2017. REUTERS/Shannon Stapleton 1/3 left right Torry Berntsen, Chief Executive Officer (CEO) and Head of Corporate and Institutional Banking of the Americas region for Standard Chartered Bank, poses in New York City, U.S., June 13, 2017. REUTERS/Shannon Stapleton 2/3 FILE PHOTO: A Standard Chartered bank branch in Singapore October 11, 2016. REUTERS/Edgar Su/File Photo 3/3 By Carmel Crimmins and Sumeet Chatterjee - NEW YORK/HONG KONG NEW YORK/HONG KONG Standard Chartered aims to expand its U.S. presence with a local hiring push and by bolstering its team in the country with senior staff from its main regions of Asia, the Middle East and Africa, its top bankers said. The world''s top economy contributed $661 million (518.6 million pounds) to Standard Chartered''s operating income in 2016, or 5 percent of the total, making it the smallest of its major markets - Hong Kong, China, India, and the United Arab Emirates. "We really view the Americas as a growth area. When I say that, we are not looking to be JPMorgan or BAML (Bank of America Merrill Lynch) or Wells Fargo," StanChart''s Americas CEO Torry Berntsen told Reuters at the bank''s New York office. "We think we have a special calling card in terms of what our network looks like." The plan is to offer StanChart''s trade finance, transaction banking, cash management and forex market products to large U.S. firms, senior bankers said. This push comes about five years after StanChart reached a $340 million settlement with U.S. authorities over transactions linked to Iran. The bank is due to stay under supervision until end-2017, although there are concerns this could be extended. Higher interest rates, healthy corporate loan growth, and hopes President Donald Trump''s lower taxes and plans for lighter financial regulation would boost banking sector growth provide the right backdrop for expansion. "It''s more of a new focus and it is as a result of Bill and Simon coming in ... We think it is a great growth prospect for the bank," said Berntsen, referring to CEO Bill Winters and former HSBC banker Simon Cooper who joined last year as chief of corporate and institutional banking, the bank''s largest unit. Since joining, Cooper has made changes to turn around the bank that had been hit by losses from bad debts and slowing economic growth in its major markets, including hiring senior external bankers like Berntsen, who came on board in October. StanChart posted its first annual loss in 26 years in 2015. Cooper has also expanded industrial sector coverage and streamlined the bank''s mammoth workforce to get a bigger share of the traditional banking businesses. In the last few months, StanChart''s senior external hires in the United States included former Morgan Stanley banker Jens Andersen, who has joined the bank as head of its financial markets and trading forex in the Americas. Internally, it has relocated global head of financial firms Jeremy Amias from Hong Kong as co-head of global banking for Americas, and Singapore-based head of transaction banking for banks Anurag Bajaj as head of transaction banking in Americas. StanChart has traditionally been focused on helping its clients based in Asia, Africa and the Middle East to do business in the United States. It still makes most of its profit in Asia, but is now looking at the other side. The bank''s U.S. assets were at $47.6 billion at the end of 2016, accounting for 7 percent of its total, versus 21 percent in Hong Kong and 13 percent in Singapore. "We''re not trying to conquer the U.S. market," CFO Andy Halford told Reuters in a interview in April. "We''re saying for those businesses in the U.S. who have or might have interest in the emerging markets but have never heard of us, we should be making ourselves more visible." (Reporting by Carmel Crimmins, Sumeet Chatterjee and Lawrence White; Editing by Clara Ferreira-Marques and Himani Sarkar)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-stanchart-usa-idUKKBN1950GJ'|'2017-06-14T13:50:00.000+03:00'
'd0785ebbaef49f51551154e20f47c975c76dbe7d'|'BRIEF-PNM Resources says management is expected to affirm 2017 consolidated ongoing earnings guidance of $1.77 to $1.87 per diluted share'|'United States  36am EDT BRIEF-PNM Resources says management is expected to affirm 2017 consolidated ongoing earnings guidance of $1.77 to $1.87 per diluted share June 15 Pnm Resources Inc * PNM Resources Inc says management is expected to affirm company''s 2017 consolidated ongoing earnings guidance of $1.77 to $1.87 per diluted share * Fy2017 earnings per share view $1.82 -- Thomson Reuters I/B/E/S  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-pnm-resources-says-management-is-e-idUSFWN1JC077'|'2017-06-15T18:36:00.000+03:00'
'f894313f6fa460535d1ba5581228cc4c6f5f1e52'|'Goldman-backed startup Circle launches no-fee foreign payments service'|'  Goldman-backed startup Circle launches no-fee foreign payments service By Jemima Kelly and Anna Irrera - PARIS/NEW YORK, June 15 PARIS/NEW YORK, June 15 Blockchain-based payments startup Circle Internet Financial on Thursday launched an international online money transfer service that allows people in the United States and Europe to send money to each other instantly and at no cost as it seeks to tear down borders in the payments world. The new service is part of a push by the "fintech" - or financial technology - sector to compete with established financial institutions, by using digital technologies to offer cheaper and more user-friendly services, often via smartphones. Boston-based Circle Internet operates its app-based peer-to-peer payment network using blockchain, the technology which first emerged as the system underpinning cryptocurrency bitcoin. One of the most well-funded blockchain startups, its investors include Goldman Sachs Group Inc and Baidu Inc . Circle Internet''s international money transfer service, built on a type of blockchain called Ethereum, will allow customers to send payments between U.S. dollars, British pound sterling or euros on their mobile phones. There are no fees or foreign exchange mark-ups. International payments, according to Circle''s chief executive officer and founder, Jeremy Allaire, should not take days to be processed and should be as easy and frictionless as sending an email. "When''s the last time you sent a ''cross-border email''?" Allaire said in an interview. "The idea of cross-border payments is going to completely go away. ... Our vision is for there to be no distinction between international and domestic payments." Circle, which processed over $1 billion in transactions in 2016 and whose customer base increased more than 10-fold in the year up to last month, does not make money from its payments service, nor does it plan to, as it reckons consumers expect these services to be free. "We don''t think there is any money to be made in payments anymore," said Allaire. "The entire business model of extracting a toll or having time delays around the movement of value is going away completely." Instead, the company makes money by trading bitcoin and other cryptocurrencies, both on digital currency exchanges and over the counter, at a time when the value of such web-based currencies has reached record highs. Last month alone, Circle traded over $800 million in digital assets, it said in a statement. In May the company appointed trader Daniel Matuszewski to take over its trading division, following the departure of former treasury and trading operations chief Joshua Lim, the company''s head of marketing confirmed. (Reporting by Jemima Kelly and Anna Irrera; Editing by Leslie Adler)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/fintech-payments-circle-idUSL8N1JB5U5'|'2017-06-15T07:01:00.000+03:00'
'666a90b413fae81870895cc3faa256b5a7cdef01'|'Hammond, saved from purge, set to renew Brexit push'|'Business   2:30am BST UK''s Hammond, saved from purge, set to renew Brexit push Philip Hammond, Britain''s Chancellor of the Exchequer, arrives in Downing Street, in central London, Britain June 14, 2017. REUTERS/Stefan Wermuth By William Schomberg - LONDON LONDON British finance minister Philip Hammond has the chance on Thursday to assert his vision for a more business-friendly exit from the EU in a debate blown wide open again by an election that has undermined Prime Minister Theresa May''s authority. Hammond will address an annual gathering of London''s financial elite, who fear that May''s line that "no deal is better than a bad deal" will cost them business in the European Union. Britain''s giant banking industry sees Hammond as its most powerful ally and bankers were worried when, in the run-up to the election, it appeared he might lose his job. "It is in everyone''s interests that UK financial services remain strong and competitive," City of London Lord Mayor Andrew Parmley is due to say at the Mansion House dinner where Hammond and Bank of England Governor Mark Carney will speak. "This sector should help shape our negotiations with the EU," Parmley says, in speech excerpts released to media. Until a few days ago, it had seemed likely that Hammond would not be giving the Mansion House speech. Newspapers said he had fallen out with May''s powerful aides and speculation was rife about who might replace him. But with May reeling from the loss of her Conservative Party''s parliamentary majority in last week''s election, she reappointed Hammond to his job, and it was her aides who lost theirs. "Hammond is in a much more powerful position than he used to be," said a bank executive who regularly meets government officials. "Hammond is a pragmatist, he is business-friendly, and the Treasury have done all the serious work on Brexit." In contrast to May''s uncompromising rhetoric, Hammond has stressed the importance of ensuring that British employers can continue to find the skilled workers they need from the EU. On Friday, the day after the election, he tweeted: "Pleased to be re-appointed so we can now get on and negotiate a Brexit deal that supports British jobs, business and prosperity." The Times newspaper reported on Wednesday that Hammond wanted May to keep Britain in the EU''s customs union, a move that would allow tariff-free trade within the bloc but prevent trade deals with outside countries. May''s Brexit strategy has become the subject of public debate inside her own party, with two former Conservative prime ministers urging her to soften her approach. AUSTERITY FATIGUE Hammond may also use his speech to signal how the government will respond to the message from many voters last week that they are weary of the spending cuts needed to turn Britain''s budget deficit into a surplus, something the government says will take until the mid-2020s. The opposition Labour Party won many more votes than expected with its promises of measures such as the end to a 1-percent cap on public sector pay increases, and a higher minimum wage. Inflation is at its highest since 2013, at 2.9 percent, while growth in pay excluding bonuses lags at 1.7 percent, tightening the squeeze on households. Figures due to released at 0830 GMT on Thursday are expected to show retail sales fell in May. However, Hammond''s options for a significant loosening of the purse strings appear limited, not only by his fiscally hawkish instincts and Britain''s still weak public finances, but also by the Conservative Party''s diminished clout. "Although many in parliament would agree with some change in the fiscal stance, it could be hard to reach agreement on a fully comprehensive package of fiscal measures and in particular how to fund them," JP Morgan economist Allan Monks said. Also on Thursday, the Bank of England is set to signal once again that, with Britain''s economy struggling to regain momentum, it is in no hurry to raise interest rates from their all-time low. Its policymakers are likely to focus more on the loss of spending power for many households than the acceleration in inflation, which they expect will prove a short-lived consequence of the fall in the pound after last year''s Brexit vote. Growth slowed sharply in early 2017 and the BoE may see the uncertainty caused by May''s election flop as another reason to keep borrowing costs low, or even consider providing further stimulus to help growth if needed. The BoE is due to publish its latest monetary policy statement at 1100 GMT. (Additional reporting by Andrew MacAskill and David Milliken; Writing by William Schomberg; Editing by Kevin Liffey)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-britain-economy-idUKKBN196043'|'2017-06-15T08:38:00.000+03:00'
'1d87280323158094735d84d2d2fe6e2ea4955aed'|'CDB in talks with Boeing, Airbus ahead of Le Bourget'|'Business News - Thu Jun 15, 2017 - 11:18am BST CDB in talks with Boeing, Airbus ahead of Le Bourget PARIS CDB Aviation, the aircraft leasing arm of China Development Bank, is in talks to place orders with both Boeing and Airbus and could complete at least one of the deals by as early as next week''s Paris Airshow, two people familiar with the matter said. CDB Aviation, which went public with an order for 30 Boeing 737 MAX 8 aircraft in March, is in talks to purchase 40-50 more aircraft worth some $5 billion at list prices from Boeing including a handful of its new 737 MAX 10 model, they said. Boeing is widely expected to launch the 737 MAX 10 at the Le Bourget event on Monday to create what would be the largest member of its medium-haul family, seating 190 to 230 passengers. Leeham News reported CDB would be among its inaugural customers. CDB Aviation, Boeing ( BA.N ) and Airbus ( AIR.PA ) all declined to comment. (Reporting by Tim Hepher; Editing by Sudip Kar-Gupta)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-airshow-paris-cdb-idUKKBN19614M'|'2017-06-15T18:18:00.000+03:00'
'f2ae115a035951f9ac95448dd55f11a55ccc9eeb'|'Global stocks pressured by report on Trump probe, Fed hike, soft U.S. data'|'Top News - Thu Jun 15, 2017 - 4:26pm BST Growth worries, U.S. and UK rate hints hit global shares Traders work in front of the German share price index, DAX board, at the stock exchange in Frankfurt, Germany, June 13, 2017. REUTERS/Staff/Remote By Nigel Stephenson - LONDON LONDON Stocks fell in Europe and Asia on Thursday as investor concern over the pace of economic growth hit shares in mining and retail sectors while the prospect of tighter monetary policy in the United States and Britain pushed up the dollar and bond yields. U.S. stock futures ESc1 1YMc1 NQc1 signalled a rocky start on Wall Street after the Federal Reserve raised interest rates, as widely expected, and signalled another hike could follow this year. In emerging markets, Russian shares fell 4 percent .IRTS as risks grew of expanded sanctions and the price of oil fell. European shares, already led down by mining stocks as the stronger dollar pushed metals prices lower, extended losses after data showed British consumers, who have been the drivers of the UK economy are feeling the impact of rising inflation. "I don''t think this is a surprise to anyone in terms of the narrative about how weak and stretched the consumer is and will be for the next quarters," JPMorgan Asset Management global market strategist David Stubbs said. "If retail sales are weak then the pie is contracting and someone is going to get hammered. Those that are unable to deal with that are going to see a much weaker bottom line." U.S. numbers on Wednesday showed a similar picture on the other side of the Atlantic - retail sales fell more than expected in May. In a sign that the squeeze on consumers may get tighter before long, three Bank of England policymakers voted to raise rates against five for keeping rates on hold. Economists polled by Reuters had expected a 7-1 vote in favour of no change. The pan-European STOXX 600 index dropped 0.7 percent, led lower by the retail sector .SXRP, down 1.8 percent and heading for its worst day in eight months, and the basic resources .SXPP sector, which fell 1.4 percent. Britain''s DFS Furniture ( DFSD.L ) fell 21 percent after the company said a dip in demand and customer uncertainty about the economic outlook meant it would not meet profit expectations. The prime cause of rising UK inflation has been weakness in the pound, which has fallen 15 percent against the dollar since topping $1.50 in the early hours of last June 24, when it initially appeared Britons had voted to remain in the EU. Sterling GBP= edged up after the BoE decision but reversed course after Chancellor Philip Hammond pulled out of a high-profile speaking engagement because of a deadly fire at a London tower block. He had been expected to speak about the need for a Brexit deal with the EU that suited the needs of British business. The dollar was up 0.4 percent against a basket of major peers .DXY. "Long-term Fed expectations remain very much supported. That is the main reason why the dollar is remaining supported for now," Credit Agricole currency strategist Manuel Oliveri said. The euro was down 0.5 percent at $1.1164, its weakest for more than two weeks EUR= , while the yen was down a similar amount at 110.07 per dollar JPY= . The Fed raised interest rates for the second time this year, by a quarter percentage point to a target range of 1.00-1.25 percent. It also gave a first clear outline of plans to shed its $4.5 trillion bond portfolio built up in three rounds of quantitative easing stimulus. A Washington Post report that U.S. President Donald Trump was under investigation for possible obstruction of justice added to investor worries and undermined risk appetite. HEAVY METAL The stronger dollar pushed copper CMCU3 down 0.6 percent to $5,663 a tonne, having hit a one-week low of $5,642. The prospect of tighter monetary policy and the fact the Fed talked about shrinking its balance sheet pushed euro zone government bond yields higher. German 10-year yields DE10YT=TWEB, the benchmark for borrowing costs in the bloc, rose 5 basis points to 0.28 percent, a one-week high. Later in the day, the bond market focus is likely to shift to Greece as euro zone finance ministers meet to discuss a deal with the International Monetary Fund that could pave the way for new loans for Athens. Oil prices, which are having a negative impact on inflation worldwide, hit six-week lows with global inventories high and doubts over whether the OPEC producers group would be able to implement agreed output cuts. Brent crude, the international benchmark, was down 17 cents a barrel at $46.83 LCOc1. The firmer dollar pushed gold XAU= down 0.4 percent to $1,256 an ounce. (Additional reporting by Hideyuki Sano in TOKYO, Ritvik Carvalho and Abhinav Ramanarayan, and Jan Harvey in LONDON; Editing by Louise Ireland)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-global-markets-idUKKBN19600S'|'2017-06-15T08:42:00.000+03:00'
'2cdbd4bb11415ab4f887f6b6657c9be623805487'|'EasyJet says could look at more A321neos as it receives first A320neo'|'Business News  14am BST EasyJet says could look at more A321neos as it receives first A320neo An EasyJet passenger aircraft makes its final approach for landing in Colomiers near Toulouse, Southwestern France, November 24, 2016. REUTERS/Regis Duvignau TOULOUSE EasyJet ( EZJ.L ) could look at buying more A321neo ( AIR.PA ) aircraft in place of smaller A320neos as it seeks to grow in Europe, the British carrier''s chief executive said on Wednesday. "We are able to take more A321neos in our framework but we haven''t as yet committed to taking any more... It will be on our radar as we go through the next 12-18 months", said Carolyn McCall in Toulouse as the carrier took delivery of its first A320neo jet. The A320neo is easyJet''s 300th plane and the new, more fuel efficient engines will help easyJet keep costs down. (Reporting by Victoria Bryan; Editing by Elaine Hardcastle)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-easyjet-airbus-idUKKBN19516Z'|'2017-06-14T18:14:00.000+03:00'
'235ec541c92eaa43f82ca3086c243482af1257ed'|'BRIEF-Awilco signs final agreement with Teekay LNG Partners'|'Market News - Wed Jun 14, 2017 - 1:52am EDT BRIEF-Awilco signs final agreement with Teekay LNG Partners June 14 AWILCO LNG ASA: * SAID ON TUESDAY THE FINAL AGREEMENT WITH TEEKAY LNG PARTNERS L.P. HAS BEEN SIGNED, AND THAT ALL CONDITIONS FOR THE PRIVATE PLACEMENT ARE FULFILLED * PLACEMENT IS EXPECTED TO BE ISSUED ON OR ABOUT 19 JUNE 2017 * THE NEW SHARES ISSUED IN THE PRIVATE PLACEMENT WILL NOT BE LISTED ON OSLO AXESS BEFORE A LISTING PROSPECTUS HAS BEEN PREPARED AND PUBLISHED BY THE COMPANY * LISTING PROSPECTUS IS EXPECTED TO TAKE PLACE THE WEEK STARTING 19 JUNE 2017'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSL8N1JB0H1'|'2017-06-14T13:52:00.000+03:00'
'9e0243451566aad6ffecdf6b565ad8bd1e19986d'|'China May output, retail sales steady but investment cools'|'Business News - Wed Jun 14, 2017 - 5:37am BST China May output, retail sales steady but investment cools FILE PHOTO: Chinese national flags are flying near a steel factory in Wu''an, Hebei province, China, February 23, 2017. REUTERS/Thomas Peter/File Photo BEIJING China''s factory output and retail sales grew at a steady pace in May but investment slowed, reinforcing views that the world''s second-largest economy will soon start to lose some momentum as lending costs rise and the property market cools. Global concerns about China have resurfaced since Moody''s Investors Service downgraded its credit ratings last month, saying it expects the country''s financial strength will erode in coming years as growth slows and debt continues to rise. But most analysts predict only a gradual loss of momentum in coming months, especially as the government is keen to maintain economic and financial market stability ahead of a major political leadership reshuffle in autumn. May data released on Wednesday appeared to reinforce that consensus view, with still solid factory output and retail sales, and only a slight slowdown in fixed asset investment. However, property investment and construction showed a much sharper deceleration after a slew of government cooling measures in recent months. Factory output rose 6.5 percent in May from a year earlier, statistics bureau data showed on Wednesday. Analysts polled by Reuters had predicted factory output would grow 6.3 percent in May, easing slightly from 6.5 percent in April. But, for now, manufacturing activity still appeared to be well supported by a year-long construction boom fueled by a government infrastructure spree and a heated property market. Sales of excavating machines doubled in May from a year earlier, according to an industry website. Fixed-asset investment growth slowed to 8.6 percent in the first five months of the year. It had been expected to slip to 8.8 percent from 8.9 percent in Jan-April. Growth of private investment slowed slightly to 6.8 percent in January-May period from 6.9 percent in the first four months, the National Bureau of Statistics said, suggesting a slight weakening of the private sector''s appetite to invest as small- and medium-sized private firms still face challenges in accessing financing. Private investment accounts for about 60 percent of overall investment in China. Retail sales were more upbeat, rising 10.7 percent in May from a year earlier, unchanged from April and above analysts'' expectations for a 10.6 percent rise due to slowing auto sales. China''s vehicle sales in May posted their first back-to-back drop since 2015 after the government rolled back a tax incentive that had boosted car sales and output last year. OUTLOOK FOR 2018 MORE WORRISOME? Despite expectations the economy will lose some steam later this year, most economists believe Beijing should still easily meet its full-year growth target of 6.5 percent, coasting along after an unexpectedly strong first quarter. But some China watchers are more worried about the risks of sharp slowdown next year. A fund manager survey released by BofA Merrill Lynch this week found Chinese credit tightening ranked as the top tail risk for global investors in June for the second straight month, with nearly two-thirds of respondents saying tighter monetary policy will slow activity in the country but have little impact on global growth. Early warning indicators of a financial crisis are already flashing red, economists at Nomura said in a note this week, echoing the warnings of others such as the Bank for International Settlements (BIS). "Enjoy the party but stay close to the door," said Nomura, predicting growth will slow sharply to 6.2 percent in 2018 and adding there could be a greater risk of financial turmoil. (Reporting by Kevin Yao and Lusha Zhang; writing by Elias Glenn; Editing by Kim Coghill) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-china-economy-activity-idUKKBN19506K'|'2017-06-14T10:31:00.000+03:00'
'c0aeebc063c97c24fe72d449a2cd2c5f9d832d09'|'Rolls-Royce says 2017 started well, all units performing in line'|'LONDON British aero-engineer Rolls-Royce ( RR.L ) said on Friday that 2017 had started well, with all businesses performing in line and expectations for the first half of the year unchanged.Chief Executive Warren East said he was pleased with the start of the year, although there was still a great deal more to do to deliver the full year."As expected, near term cash flow performance remains challenging as we continue to invest in transforming and growingthe business to benefit future years," he said in an update ahead of the Paris Air Show.(Reporting by Paul Sandle; editing by Kate Holton)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/rolls-royce-hldg-outlook-idINKBN1970M7'|'2017-06-16T14:57:00.000+03:00'
'4268bddd9b00fec7287299649e79aa48af13a804'|'CEE MARKETS-Dinar firms ahead of rating reviews'|'* Dinar re-tests 17-month high, S&P may upgrade Serbia''s rating * Serbian president names next PM after months, reforms seen kept * CEE currencies regain ground after slide due to dollar buying By Sandor Peto and Aleksandar Vasovic BUDAPEST/BELGRADE, June 16 The dinar tested 17-month highs against the euro, helped by Serbia''s reforms to improve revenue collection, which may yield a credit rating upgrade from Standard & Poor''s on Friday, while other Central European currencies also firmed. The dinar traded at 121.94 against the euro at 0853 GMT, up 0.2 percent, testing Thursday''s peak at 121.92, which was its strongest level since January last year. Two and a half months after winning presidential elections and quitting the post of prime minister, Aleksandar Vucic named his successor, Ana Brnabic, late on Thursday. Little is known about the political preferences of Brnabic but she is expected to keep to investor-friendly policies. "She will be remotely controlled (by the president) and her job will be not to deviate an inch from present policies that have been agreed with the World Bank and the IMF," Sasa Djogovic at the Belgrade-based Institute for Market Research said. Blue Bay Asset Management analyst Timothy Ash said the nomination "shows the strength of Vucic''s own domestic political position - given his three straight election wins now, and also likely his own confidence in the abilities of Brnabic". Central Europe''s main currencies also strengthened, regaining some of the ground that they lost after Wednesday''s hawkish Federal Reserve comments triggered dollar buying. The dinar escaped Thursday''s wave of selling in the region. While domestic markets are illiquid, euro supply is boosted by Serbians living abroad returning for holidays, Djogovic said. The fundamental support to the dinar is the fiscal reforms which secured a budget surplus worth 1.2 percent of GDP in the first quarter of the year instead of a deficit agreed with the International Monetary Fund. The Serbian central bank even had to continue euro buying interventions in the market to stem the gains of the dinar. It has bought 235 million euros so far this year. Both Standard & Poor''s and Fitch are due to review their credit ratings to Serbia on Friday. "S&P has had Serbia on positive outlook since the last year while strong fiscal consolidation and political commitment to deepening the reform zeal are likely to win Serbia one notch upgrade," Raiffeisen analyst Gintaras Shlizhyus said in a note. "Meanwhile, Fitch would be likely to upgrade its outlook to positive for the same reasons," he said. CEE MARKETS SNAPSH AT 1053 CET OT CURRENCIES Latest Previo Daily Change us bid close change in 2017 Czech crown 26.228 26.262 +0.13 2.97% 0 5 % Hungary 307.77 308.20 +0.14 0.34% forint 00 50 % Polish zloty 4.2192 4.2336 +0.34 4.38% % Romanian leu 4.5815 4.5854 +0.09 -1.01% % Croatian kuna 7.4015 7.3995 -0.03% 2.08% Serbian dinar 121.94 122.15 +0.17 1.16% 00 00 % Note: daily calculated previo close 1800 change from us at CET STOCKS Latest Previo Daily Change us close change in 2017 Prague 1000.8 996.74 +0.41 +8.59 2 % % Budapest 35727. 35534. +0.54 +11.6 61 50 % 4% Warsaw 2300.3 2295.9 +0.19 +18.0 6 9 % 9% Bucharest 8431.3 8406.2 +0.30 +19.0 4 9 % 0% Ljubljana 785.73 786.18 -0.06% +9.50 % Zagreb 1851.4 1855.8 -0.24% -7.19% 5 4 Belgrade 715.72 718.61 -0.40% -0.23% Sofia 684.86 683.66 +0.18 +16.7 % 8% BONDS Yield Yield Spread Daily (bid) change vs change Bund in Czech spread Republic 2-year 0 0.058 +061b +3bps ps 5-year -0.035 0.004 +033b -1bps ps 10-year 0.946 0.086 +064b +7bps ps Poland 2-year 1.936 0.018 +255b -1bps ps 5-year 2.6 0.033 +297b +2bps ps 10-year 3.162 0.02 +285b +0bps ps FORWARD RATE AGREEMENT 3x6 6x9 9x12 3M interb ank Czech Rep <PR 0.34 0.41 0.5 0 IBOR=> Hungary <BU 0.19 0.22 0.28 0.15 BOR=> Poland <WI 1.76 1.78 1.8 1.73 BOR=> Note: FRA are for ask Quote: s prices'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/easteurope-markets-idINL8N1JD1JF'|'2017-06-16T07:42:00.000+03:00'
'153689af181150e37a26532fe925e8fa7c80d4be'|'In latest sign of crude glut, ageing supertankers used to store unsold oil'|'Business News - Fri Jun 16, 2017 - 4:22am BST In latest sign of crude glut, ageing supertankers used to store unsold oil FILE PHOTO: Panamanian-flagged crude oil tanker Zeus anchors at Raffles Anchorage, about 14 km (8.7 miles) south of Singapore September 9, 2012. REUTERS/Tim Chong/File Photo By Keith Wallis and Henning Gloystein - SINGAPORE SINGAPORE Traders are increasingly storing oil in ageing supertankers in Southeast Asia as they grapple with a supply overhang that has left the system clogged with unneeded fuel despite an OPEC-led drive to cut production to prop up prices. Around 10 very large crude carriers (VLCCs), all between 16 and 20 years old, have been chartered since the end of May to store crude for periods ranging from 30 days to around six months, brokers told Reuters. Each VLCC can carry 2 million barrels of oil. These vessels are in addition to around 30 supertankers used for long-term storage around Singapore and Linggi, off the West coast of peninsula Malaysia. One of the main drivers for storing oil in tankers is that crude prices for immediate delivery are cheaper than for future sale, a market condition known as contango. Brent crude futures, the international benchmark for oil prices, have fallen by 13 percent since late May, to around $47 per barrel. Brent for delivery at the end of 2017 is $1.5 per barrel more expensive. "Floating storage does seem ... viable assuming time charter rates of under $20,000 per day," said Rachel Yew, oil and tanker market analyst at Oceanfreightexchange. Current rates to charter a five-year-old 300,000 DWT for one year are $27,000 per day, according to shipping services firm Clarkson. Rates for VLCCs at least a decade-old are much cheaper. "It makes a lot of sense for a trader to pay $16,000-$19,000 per day to take an older VLCC for 30-90 days to store oil," said a Singapore-based supertanker broker, asking not to be identified. The festering supply glut comes even as the Organization of the Petroleum Exporting Countries (OPEC) pushes to withhold production until the end of the first quarter of 2018. WAITING FOR CHINA Floating storage is an indicator of oversupply. "Too much unsold oil is headed to Asia," said Oystein Berentsen, managing director for oil trading company Strong Petroleum. A shortage of spare onshore storage in China, as well as an expectation that new Chinese crude import quotas for independent refineries will be announced soon, are also playing a role in putting crude into tanker storage in Southeast Asia. "Once China''s quota are released, you want to have oil close to China. Because onshore storage there is pretty full, the next easiest location is around Singapore and Malaysia," said one trader. "This expectation of new Chinese orders also helps explain why future crude is more expensive than current crude. That''s why we store it for later sale," he added. (Reporting by Keith Wallis and Henning Gloystein; Editing by Joseph Radford) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-asia-oil-storage-idUKKBN19709H'|'2017-06-16T10:50:00.000+03:00'
'f4fc5ae6866e8093d695df0b29a244cdc8796eda'|'Divide over listing location slows Aramco IPO - WSJ'|'Saudi Aramco''s IPO-ARMO.SE planned 2018 public share offering is being slowed down by a divide between Saudi Arabia''s ruling family and executives of the kingdom''s state oil company over where to list its shares, the Wall Street Journal reported on Wednesday.Aramco, formally known as Saudi Arabian Oil Co, was not immediately available for comment.Executives at Aramco are pushing Saudi Arabia''s king and his son, deputy crown prince Mohammed bin Salman, on the merits of listing the giant state-owned oil company on the London Stock Exchange, the Journal reported, citing people familiar with the matter.Aramco executives believe that listing in the United States would expose the company to greater legal risks, including from potential class-action shareholder lawsuits, the newspaper said.But, according to the report, the Saudi Arabian royal court favours the New York Stock Exchange, in part because of the kingdom''s longstanding political ties to the United States, and because the U.S. market represents the deepest pool of capital in the world.Saudi authorities are aiming to list up to 5 percent of the world''s largest oil producer on both the Saudi stock exchange in Riyadh, the Tadawul, and one or more international markets in an IPO that could raise $100.(Reporting by Ismail Shakil in Bengaluru; Editing by Chizu Nomiyama)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/saudi-aramco-ipo-idINKBN19531L'|'2017-06-14T18:44:00.000+03:00'
'2d97508c80e0147d3f73ec086a941b3437e845cf'|'Bullish bets cut in most Asia FX, but yuan sentiment strengthens - Reuters poll'|'  10:10am BST Bullish bets cut in most Asia FX, but yuan sentiment strengthens - Reuters poll FILE PHOTO: A China yuan note is seen in this illustration photo May 31, 2017. REUTERS/Thomas White/Illustration/File Photo SINGAPORE Investors raised their Chinese yuan bullish bets from two weeks ago to the largest since late 2014, a Reuters poll showed on Thursday, after Chinese authorities began tightening control of the currency in recent weeks to guard against outflow risk. Sentiment toward the Malaysian ringgit also improved further, albeit marginally, with long positions in the ringgit now estimated to be the largest since April 2016. Investors were estimated to have increased their yuan long positions slightly to the largest since November 2014, a Reuters survey of 16 analysts, traders and fund managers showed. After a ratings downgrade from Moody''s Investors Service last month, the Chinese authorities moved swiftly to bolster confidence by intervening in markets via state banks and making adjustments to the exchange rate-setting mechanism. The Reuters survey showed that investors were estimated to have trimmed their bullish bets on most emerging Asian currencies. All of the responses came in on Tuesday and Wednesday, and before the U.S. Federal Reserve on Wednesday   in three months and announced it would begin cutting its holdings of bonds and other securities this year. Bullish bets on the Thai baht were reduced slightly from the previous survey two weeks ago, when long baht positions were estimated to be the largest since April 2013. In the wake of the baht''s recent appreciation, Thailand''s central bank said in early June that it would relax foreign exchange rules, including taking steps to allow more Thais to invest in securities abroad. If recent history is anything to go by, however, letting Thais invest more money abroad is unlikely to spur major outflows, suggesting continued firmness for the baht currency - and frustration for Thai exporters. The Asian currency positioning poll is focused on what analysts and fund managers believe are the current market positions in nine Asian emerging market currencies: the Chinese yuan, South Korean won, Singapore dollar, Indonesian rupiah, Taiwan dollar, Indian rupee, Philippine peso, Malaysian ringgit and the Thai baht. The poll uses estimates of net long or short positions on a scale of minus 3 to plus 3. A score of plus 3 indicates the market is significantly long U.S. dollars. The figures include positions held through non-deliverable forwards (NDFs). (Reporting by Masayuki Kitano and Shaloo Shrivastava in BENGALURU; Editing by Jacqueline Wong)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-asia-forex-emerging-idUKKBN1960W0'|'2017-06-15T17:10:00.000+03:00'
'e47495dc4370b6aa4fae758ed313582c3effbcad'|'AIRSHOW-Boeing sees strong interest in potential new 737 model'|'PARIS, June 18 Boeing has received strong interest in a potential new member of its best-selling 737 aircraft range, the planemaker''s new commercial chief said on Sunday.Boeing is widely expected to launch the 190-230-seat 737 MAX 10 at the opening of the Paris Airshow on Monday, adding a larger new variant to its narrowbody medium-haul family.Boeing Commercial Airplanes Chief Executive Kevin McAllister said the U.S. planemaker hopes to conclude a three-year study of a gap between narrowbody and wide-body jets soon, but declined to say when it might take the next steps towards launching a possible new ''mid-market'' aircraft family.Speaking ahead of the June 19-25 air show, McAllister, a former General Electric executive picked last November to run Boeing''s commercial business, also stressed the potential of new digital technologies in production and aftermarket services and urged continued efforts on efficiency from suppliers. (Reporting by Tim Hepher)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/airshow-paris-boeing-idINL8N1JF0GP'|'2017-06-18T11:52:00.000+03:00'
'96ca936d3b476cfcddf7c6d994f9279078e6dc76'|'Western Digital seeks injunction to block Toshiba chip business transfer'|'Deals   1:59am BST Western Digital seeks injunction to block Toshiba chip business transfer The logo of Toshiba Corp is seen behind cherry blossoms at the company''s headquarters in Tokyo, Japan April 11, 2017. REUTERS/Toru Hanai TOKYO Western Digital Corp ( WDC.O ) said it has sought an injunction that would stop Japan''s Toshiba Corp ( 6502.T ) from selling its NAND chip business, deepening a spat between the partners. Several of Western Digital''s SanDisk subsidiaries are seeking injunctive relief in the Superior Court of California in the United States to prevent Toshiba from transferring three chip joint ventures, the company said in a press release. (Reporting by Makiko Yamazaki; Writing by Tim Kelly; Editing by Edwina Gibbs)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-toshiba-accounting-idUKKBN19602P'|'2017-06-15T08:54:00.000+03:00'
'2b65e36e90700e8623360927785d14e03f257d4c'|'BRIEF-American Equity prices $500 mln of senior notes'|' 29pm EDT BRIEF-American Equity prices $500 mln of senior notes June 13 American Equity Investment Life Holding Co: * American Equity prices $500 million of senior notes * American Equity Investment Life Holding Co - priced a public offering of $500 million aggregate principal amount of senior unsecured notes due 2027 * American Equity Investment Life Holding Co - notes will bear interest at 5.0 pct and will mature on june 15, 2027 Source text for Eikon:  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-american-equity-prices-500-mln-of-idUSASA09TR8'|'2017-06-14T05:29:00.000+03:00'
'0ad609bac4ba03952e061faff593fe72a6f7661d'|'Credit card losses set to climb industrywide - JPMorgan''s Smith'|'Tue Jun 13, 2017 - 10:24pm BST Credit card losses set to climb industrywide - JPMorgan''s Smith Computer chips are seen on newly-issued credit cards in this photo illustration taken in Encinitas, California September 28, 2015. REUTERS/Mike Blake U.S. credit card losses are likely to rise at JPMorgan Chase & Co ( JPM.N ) and across the industry, Gordon Smith, head of the bank''s consumer businesses, said at a conference Tuesday. Smith said the largest U.S. bank is being "surgical" in determining where to tighten credit standards but he added that lenders industrywide ought to be leaning toward stricter credit card lending standards rather than looser ones. (Reporting by Dan Freed; Editing by David Gregorio)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-usa-banks-conference-jpmorgan-idUKKBN1942UM'|'2017-06-14T05:23:00.000+03:00'
'0c1409d152b84764409c85d01b6bbfba1518afef'|'BOJ to keep policy steady, reassure markets stimulus exit still distant'|'Business   4:34am BST BOJ to keep policy steady, reassure markets stimulus exit still distant A man riding a bicycle rides past the Bank of Japan building in Tokyo, Japan April 27, 2017. REUTERS/Kim Kyung-Hoon By Leika Kihara - TOKYO TOKYO The Bank of Japan is set to keep monetary settings unchanged on Friday and reassure markets it will lag way behind the Federal Reserve in dialing back its massive stimulus program, with inflation stubbornly low despite a strengthening economy. Governor Kuroda will also dispel market speculation the BOJ is engaging in "stealth tapering" by stressing that the recent slowdown in the bank''s bond buying is not intentional and simply the result of a stable bond market, say sources familiar with its thinking. "The slowdown came as a result of our policy of guiding yields at appropriate levels," BOJ Executive Director Masayoshi Amamiya told parliament on Tuesday, a view seen representing the bank''s official line on policy. At the two-day rate review ending on Friday, the BOJ is likely to maintain a pledge to guide short-term interest rates at minus 0.1 percent and the 10-year government bond yield around zero percent under its yield curve control (YCC) policy. Market players are seen focusing on Kuroda''s post-meeting briefing at 3:30 p.m. (0630 GMT) for any new insights into what might trigger a future hike in the BOJ''s bond yield target. Growing signs of life in Japan''s economy have presented a fresh communication challenge for the BOJ, pushing it to be clearer with markets on how it might withdraw its stimulus - without sounding as if such an action is imminent. Kuroda has rebuffed calls from some lawmakers and academics to disclose details on how the bank may exit its ultra-loose policy, arguing that such debate was premature with inflation distant from its 2 percent target. But BOJ policymakers see an increasing need to enhance their communication on a future exit strategy given growing calls for more disclosure. "The BOJ shouldn''t be afraid of revising (its exit strategy) in the future and openly debate the subject now, paying heed to market voices," Akio Negishi, head of Japan''s life insurance lobby, said on Friday. Jonathan Xiong, head of the Fixed Income Alternatives Group at Goldman Sachs Asset Management, expects YCC to stay for a long period of time as the BOJ has little choice but to act as a backstop when financial markets become volatile. "They are stuck between a rock and a hard place because they can''t let (YCC) go, but it''s not really having an impact," Xiong said. "At some point in time, that''s going to be challenged - the efficacy of the policy, what impact it is having on the underlying fundamentals," he said, questioning whether the YCC effect was worth the cost of maintaining a huge balance sheet. After four years of heavy asset buying failed to accelerate inflation, the BOJ revamped its policy framework to one controlling the yield curve from that targeting the pace of money printing. But it maintained a loose pledge to increase its bond holdings at an annual pace of 80 trillion yen ($727 billion) year to appease proponents of heavy money printing on the board. While the BOJ argues it still has plenty of bonds to buy, many analysts expect its bond-buying program to reach a limit with the bank already owning more than 42 percent of the market. Indeed, recent data showed the BOJ''s bond buying has slowed considerably in recent months. Analysts expect the BOJ to slow the pace further to around 60 trillion yen by year-end and to omit the 80-trillion-yen pledge from its policy statement. ($1 = 110.0200 yen)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-japan-economy-boj-idUKKBN19509T'|'2017-06-14T11:30:00.000+03:00'
'1892c4b50aa405480e28f87a7fa23494a918adf0'|'Surging shale spawns new financing structure for energy infrastructure'|'Business News - Wed Jun 14, 2017 - 6:19am BST Surging shale spawns new financing structure for energy infrastructure FILE PHOTO: An oil pump is seen operating in the Permian Basin near Midland, Texas, U.S. on May 3, 2017. REUTERS/Ernest Scheyder/File Photo By Gary McWilliams - HOUSTON HOUSTON Strong demand for shale oil-and-gas infrastructure is giving rise to an important new financing vehicle for pipeline, processing and storage ventures that are needed to get more shale fuels to market. So-called special purpose acquisition companies, or SPACs, seek to fill the gap left by the declining use of master limited partnerships, which historically have helped finance such capital-intensive midstream projects. U.S. crude output is expected to rise 4.5 percent this year and another 7.5 percent in 2018, to about 10 million barrels per day, eclipsing a 47-year-old record. Without hefty infrastructure investments - about $30 billion a year through 2020, according to Tortoise Capital Advisors - that increased flow could face a bottleneck. As the 2015 oil-price decline lowered U.S. output, energy MLPs failed to deliver promised growth and returns, shutting off one key source of investment. Between 2011 and 2014, 60 energy MLPs went public, raising about $23 billion in total proceeds. Since then, only a dozen have done so, according to the MLP Association, a Washington-based trade group. Those offerings raised about $6 billion. SPACs offer a way to do large deals for existing companies whose private-equity owners want to sell or who need cash for expansion. SPACs raise money from institutional and retail investors – who invest without knowing what will be acquired – then go shopping for deals. Unlike MLPs, SPACs pitch investors on the credentials of their veteran management teams rather than the companies in their portfolios. Investors in SPACs gamble that the executives can find a deal at a suitable price. Rising shale output and falling investments in MLPs have whetted appetites for new financing alternatives to fuel the growth of oil firms. "We think the market is ripe," said Jim Baker, a partner at Kayne Anderson Capital, which created the first energy-infrastructure SPAC in April. Its SPAC raised $377 million through an initial public offering to hunt for large infrastructure businesses in U.S. shale basins. "There are a lot of private-equity-backed midstream companies that ultimately need to exit and find a long-term home," said Robert Purgason, chief executive of Kayne Anderson Acquisition Corp, as the SPAC is called. Purgason is a former executive with pipeline operators Crosstex Energy and Williams Cos, and he led Chesapeake Midstream Partners through an IPO. At Williams, he ran a business that provided fuels transportation for producers including Anadarko Petroleum, Royal Dutch Shell and Total. Kayne Anderson Acquisition expects to build its war chest to buy midstream companies to between $1.5 billion and $2 billion through a combination of borrowing and convincing private equity owners to hold stock in any deal. It hopes to have at least one deal in hand before year-end, Purgason said. Earlier SPACs have focused on buying shale producers instead of storage and transportation firms. Silver Run Acquisition I raised $500 million in early 2016 and months later bought closely-held Centennial Resource Development for about $1.4 billion in cash. That deal''s success - investors in the IPO have received a 47 percent return in the last year - spawned several copycats this year. SPACs have an advantage in the current market because of their potential to compete for larger deals than private equity buyers and their ability to use cash and equity. "There are a lot of assets for sale on the midstream side," said Brian Kessens, a managing director at Tortoise Capital, which specializes in energy investments and MLP-backed mutual funds. "For the larger assets, there aren''t a lot of larger buyers." LOSS OF FAITH IN MLPs Master limited partnerships originally won favour among income-seeking retail investors because they are tax-advantaged partnerships that pay profits to individual owners and aren''t required to pay corporate income taxes. Over time, MLPs are designed to pay the general partner who sets up a business a larger share of its earnings via distributions, similar to dividends, which in turn shrinks the share of future payouts to retail investors. The increasing amount paid to the general partner makes it more difficult to raise money from investors for later-stage projects. That''s especially true if the firm''s overall earnings do not grow rapidly after the influx of investment. "It gets burdensome five or 10 years out for a growing MLP," said Greg Reid, president of Salient MLP Complex, a money manager with more than $5 billion in MLP assets. The troubles that some MLPs have faced in growing their businesses has led to a consolidation. Canadian pipeline firm Enbridge Inc, for instance, this year acquired its natural gas MLP, Midcoast Energy Partners LP, after that business struggled to grow in its U.S. Gulf Coast region and its share price tumbled to $8 from $25 in 2014. Michael O''Leary, co-chairman of the corporate securities practice at law firm Andrews Kurth Kenyon LLP, expects consolidation among MLPs to accelerate. "The liquidity available for incremental investment by MLPs just is not there to the same degree as before," he said. SPACs SEIZE OPPORTUNITY The struggles of MLPs have opened the door for SPACs to finance pipelines, processing plants to separate liquids and storage facilities to hold oil and refined products. A SPAC offers owners - including private equity firms that jumpstart many infrastructure startups - faster liquidity because it has publicly traded shares, said Salient MLP''s Reid. An investor can sell shares at any time, unlike those in a private equity fund, who face a lockup period or a gamble on the timing of a future IPO. If Kayne Anderson''s SPAC does well, Reid said, his firm would consider putting together a similar company for energy infrastructure deals. A SPAC that has money to spend and is already public has an advantage in the current market for infrastructure deals. "The IPO window is open," said Reid, "but it''s not as easy as it was two or three years ago." (Editing by Simon Webb and Brian Thevenot) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-usa-shale-midstream-idUKKBN1950F0'|'2017-06-14T13:19:00.000+03:00'
'812397fe59023f5c810d261a8949f9f8bb885477'|'Daihatsu plans compact cars in Brazil as Toyota thinks small to build better cars'|'Autos  19am BST Daihatsu plans compact cars in Brazil as Toyota thinks small to build better cars left right Daihatsu Motors'' Copen is displayed at its showroom in Tokyo, Japan June 12, 2017. REUTERS/Kim Kyung-Hoon 1/6 left right Daihatsu Motors'' logo on the Copen''s steer is seen at its showroom in Tokyo, Japan June 12, 2017. REUTERS/Kim Kyung-Hoon 2/6 left right Daihatsu Motors'' logo on the Copen''s wheel is seen at its showroom in Tokyo, Japan June 12, 2017. REUTERS/Kim Kyung-Hoon 3/6 left right Daihatsu Motors'' new president Soichiro Okudaira attends a round table interview with media in Tokyo, Japan June 12, 2017. REUTERS/Kim Kyung-Hoon 4/6 left right Daihatsu Motors'' logo is seen at its showroom in Tokyo, Japan June 12, 2017. REUTERS/Kim Kyung-Hoon 5/6 left right Daihatsu Motors'' logo is seen at its showroom in Tokyo, Japan June 12, 2017. REUTERS/Kim Kyung-Hoon 6/6 TOKYO Daihatsu Motors on Wednesday said it plans to launch compact cars in Brazil, as parent company Toyota Motor Corp looks to its minicar subsidiary to help it expand in emerging markets and produce lower-cost, quality vehicles. Toyota, the world''s No. 2 automaker, wants to apply its smaller partner''s expertise in affordable, reliable pint-sized cars to its own passenger models as it grapples with higher costs and stiff global competition to produce increasingly sophisticated cars. "There''s a market for compact cars in markets like Brazil," Daihatsu President Soichiro Okudaira told reporters in Tokyo in comments for publication on Wednesday. "Toyota sells similar models across Asia and South America, and Brazil has been an important market for models like the Corolla, although they were in a slightly larger class." Okudaira, chief engineer of the last two generations of Toyota''s Corolla series, was dispatched from Toyota earlier this month to lead Daihatsu. He declined to offer additional details on when or in what capacity the carmaker would expand in Brazil. Toyota has a market share of about 9 percent in Brazil, where it sells the Etios subcompact hatchback and the Corolla and Camry sedans, along with SUVs and trucks. Any expansion there will see it come up against market leaders FCA, General Motors Co, and Volkswagen AG. Brazil, a top-10 global market for cars, could be a tough market for expansion as a deepening recession and political uncertainty has sapped auto sales in recent years. The country posted total sales of about 2 million in 2016, having fallen sharply from 3.5 million in 2010. Daihatsu is Japan''s largest maker of minicars with engines no bigger than 660cc made specifically for the domestic market as a low-cost alternative to passenger cars. Toyota has already enlisted Daihatsu to help develop compact cars for emerging markets including India. Toyota President Akio Toyoda last month said he was betting on minicar technology to simplify the way it manufactures regular cars at lower cost. Toyota has set up in-house companies to specialise in small cars and emerging markets, which are big markets for smaller models. Okudaira said the two companies were still mulling their strategy for India and other emerging markets, including whether to launch compact cars under the Daihatsu or Toyota brands and securing a high-quality supply chain. Toyota has struggled to grow its market share at the affordable end of India''s car market, a sector dominated by domestic rival Suzuki Motor Corp. (Reporting by Maki Shiraki and Naomi Tajitsu; Editing by Stephen Coates)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-daihatsu-strategy-idUKKBN1950I6'|'2017-06-14T14:09:00.000+03:00'
'58c240d4a6b1b427f4931732297c18b2e8793a4e'|'BRIEF-TransCanada files for stock shelf of up to $1 bln'|' 30pm EDT BRIEF-TransCanada files for stock shelf of up to $1 bln June 13 Transcanada Corp: * Files for stock shelf of up to $1.0 billion - sec filing Source text for Eikon:   * New Age Beverages - on march 23, co entered asset purchase agreement whereby co agreed to acquire all operating assets of Marley Beverage Company MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories Reuters News Agency - Brand Attribution Guidelines - Careers Reuters is the news and media division of Thomson Reuters . Thomson Reuters is the world''s largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Learn more about Thomson Reuters products:'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-transcanada-files-for-stock-shelf-idUSFWN1JA0L8'|'2017-06-14T05:30:00.000+03:00'
'52f4e18c6cf27156627d444c53e13b10ba1fce9a'|'European Commission approves Shell''s $3.8 billion North Sea sale'|'LONDON The European Commission approved on Friday Royal Dutch Shell''s ( RDSa.L ) $3.8 billion sale of North Sea oil and gas assets to private equity-backed Chrysaor."The Commission concluded that the proposed acquisition would not raise competition concerns, because of its limited impact on the market structure," the Commission said in a statement.Shell welcomed the "important milestone" toward the completion of the deal which is expected in the second half of this year.(Reporting by Ron Bousso; Editing by Susan Fenton)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-shell-m-a-north-sea-idINKBN1971QU'|'2017-06-16T11:12:00.000+03:00'
'afdfb58ece4e7229aa5907578c69ebec49eece05'|'Hong Kong makes play for U.S. secondary listings with new board proposal'|'Business   11:51am BST Hong Kong makes play for U.S. secondary listings with new board proposal A billboard displays the morning trading on the first day of trade after Lunar New Year at the Hong Kong Exchanges in Hong Kong February 1, 2017. REUTERS/Bobby Yip By Elzio Barreto and Michelle Price - HONG KONG HONG KONG The Hong Kong stock exchange unveiled on Friday a long-awaited proposal for a new board that will offer special voting rights and waive profitability requirements, in a drive to attract firms which typically choose New York over the Hong Kong bourse. The proposal allows the Hong Kong Exchanges and Clearing (HKEX) ( 0388.HK ) to make a play for secondary listings from Chinese firms such as Alibaba Group ( BABA.N ) and Baidu Inc ( BIDU.O ) that have been drawn to more flexible corporate governance requirements in the United States. The HKEX said the move was necessary to diversify from traditional old economy sectors such as financials and real estate, warning the bourse was at risk of stagnating if it did not increase its exposure to new high-growth sectors - especially those being pioneered by mainland companies. "The opening up of our market to secondary listings of Chinese companies is a big part of what we aim to do," Charles Li, chief executive of HKEX told a news conference on Friday. "There''s no reason why Hong Kong can''t become a secondary listing market for major U.S. companies." The proposed new board would exclusively list ''new economy'' companies in sectors such as internet and biotech. There would be a "pro" segment for start-ups with no financial track record open only to professional investors, and a "premium" segment for established companies accessible to all investors, the bourse said. Both segments would allow weighted voting rights and impose no restrictions for secondary listings by mainland Chinese companies, freeing up Chinese firms already listed in non-Chinese overseas markets to pursue a secondary listing in Hong Kong. Currently, the rules prohibit companies based in Greater China from pursuing a secondary listing in Hong Kong - a measure designed to prevent Chinese companies listing in Hong Kong via the backdoor. In addition, the new board would also waive the requirement for companies listed overseas in markets, such as the New York Stock Exchange or Nasdaq, to adhere to additional shareholder protections required in Hong Kong. The bourse also published a separate proposal to tighten listing rules for its Growth Enterprise Market (GEM) to address concerns over the quality of companies coming to the exchange''s second board. The HKEX proposed raising the minimum GEM listing market capitalisation rule to HK$150 million ($19.2 million) from HK$100 million, increasing the cashflow requirement, and raising the bar for transitioning from that board to the main board. It also proposed increasing the market capitalisation requirement for the main board to HK$500 million from HK$200 million, and raising the minimum public float to HK$125 million from HK$50 million. The consultation closes on Aug. 18 and the exchange hopes to finalise the new rules by 2018. (Editing by Jacqueline Wong)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-hkex-regulations-listing-idUKKBN19719H'|'2017-06-16T18:51:00.000+03:00'
'57cea3868f9f7a8e53a52ebb81cabb4d3de4eab8'|'German postal service enlists Ford for electric vans drive'|'Autos - Wed Jun 14, 2017 - 11:30am BST German postal service enlists Ford for electric vans drive Ford cars are on sale at a dealership of Genser company in Moscow, Russia, February 14, 2017. REUTERS/Maxim Shemetov DUESSELDORF, Germany German logistics group Deutsche Post DHL Group ( DPWGn.DE ) is expanding its foray into electric delivery vans, signing Ford ( F.N ) as a components supplier for a new line of larger vehicles, the companies said on Wednesday. Deutsche Post initially developed an electric minivan dubbed Streetscooter for its own operations to avoid inner-city emissions after growth in online shopping resulted in increased parcel deliveries. But in April it took on carmakers by unveiling plans to step up production and sell to other delivery firms. For the larger van, Ford will supply vehicle technology based on the Transit model, with Deutsche Post keeping assembly, distribution and sales in-house, a Germany-based Ford spokesman told Reuters. The new model is part of a plan to build another production site for the Streetscooter unit and double annual output to 20,000 vans by the end of the year. "This step emphasises that Deutsche Post is an innovation leader. It will relieve the inner cities and increase people''s quality of life," Deutsche Post executive board member Juergen Gerdes said in a statement. Advances in manufacturing software are allowing auto industry newcomers such as Deutsche Post, Google and start-ups to tap suppliers to design, engineer and test new vehicle concepts without hiring thousands of engineering staff or investing billions in tooling and factories. Deutsche Post, which is also building a country-wide network of maintenance and repair shops, wants a fleet of at least 2,500 of the new vans on the road by the end of 2018, it said. The postal services group decided to build its own vans after it could not agree on a wider supply contract with established vehicle makers. It is phasing out use of Volkswagen''s ( VOWG_p.DE ) Caddy vans in favour of Streetscooters, and going it alone with the electric van project has upset VW. (Reporting by Matthias Inverardi; Writing by Ludwig Burger; Editing by Mark Potter)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-deutsche-post-streetscooter-ford-idUKKBN19519O'|'2017-06-14T18:30:00.000+03:00'
'c9a3bc3481085cfc45cf46e96ff66a6c1e667767'|'Facebook to add fundraising option to ''Safety Check'''|'Technology News - Wed Jun 14, 2017 - 10:17am EDT Facebook to add fundraising option to ''Safety Check'' FILE PHOTO: The Facebook logo is displayed on the company''s website in Bordeaux, France, February 1, 2017. REUTERS/Regis Duvignau/File Photo Facebook said on Wednesday it would soon allow its U.S. users to raise and donate money using its "Safety Check" feature, to make it easier for people affected by natural disasters and violent attacks to receive help. "Safety Check," launched in 2014, allows Facebook users to notify friends that they are safe. The feature was used for the first time in the United States last year after a gunman massacred 49 people at a nightclub in Orlando, Florida. The fundraising tool in "Safety Check" will roll out in the coming weeks in the United States, Facebook said in a blog post. bit.ly/2rvr6AZ The social network, which has about 1.94 billion users worldwide, activated "Safety Check" for users in London on Wednesday following a fire in a housing block that killed at least six people and injured more than seventy. It also made the tool available earlier this month following deadly attacks on London Bridge. Facebook also said its "Community Help" feature, which helps people affected by disasters find each other locally to provide and receive assistance, would soon expand to include desktop users. (Reporting by Rishika Sadam in Bengaluru; Editing by Sai Sachin Ravikumar) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-facebook-safety-idUSKBN19522J'|'2017-06-14T22:15:00.000+03:00'
'2625917f58b9f02a7bd1f4f21da1e85ccfb54e19'|'Hexagon shares surge after report of talks on possible sale'|'  8:14am BST Hexagon shares surge after report of talks on possible sale STOCKHOLM Shares in measurement technology and software firm Hexagon AB soared on Wednesday after the Wall Street Journal reported it had held talks on a possible sale to a U.S. or European rival which could value the Swedish company at about $20 billion (15.7 billion pounds). The Journal, citing people familiar with the matter, reported late on Tuesday the talks between Hexagon and the potential buyers were at an early stage and that the company may ultimately decide not to pursue a sale. Hexagon said in a statement on Wednesday it "regularly evaluates various opportunities to optimise the company’s positioning and shareholder value". "Should these evaluations lead to concrete results, the market will be immediately informed," the company said. Hexagon shares rose 17 percent at 0704 GMT, compared with a 1.2 percent rise in the STOXX Europe 600 Technology Index. (Reporting by Johannes Hellstrom; editing by Niklas Pollard)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-hexagon-m-a-idUKKBN1950MK'|'2017-06-14T15:14:00.000+03:00'
'26a0ecaaa9060747ecaf39b0b7fcbe13c3d37f7a'|'UPDATE 3-Silent on probe reports, China''s Anbang says chairman steps aside'|'* Chairman Wu Xiaohui unable to fulfill his duties - Anbang* Chinese media reported Wu had been detained for investigation* Earlier reports said Wu prevented from leaving China* Anbang overseas asset buying spree had run into problems (Adds details throughout)By Matthew Miller and Koh Gui QingBEIJING/NEW YORK, June 13 Anbang Insurance Group, one of China''s most aggressive buyers of overseas assets, said late on Tuesday that its chairman was no longer able to fulfill his duties, just over a week after denying reports he had been barred from leaving the country.The brief statement, citing only unspecified personal reasons for moving Wu Xiaohui aside, came hours after Chinese magazine Caijing reported the chairman had been taken away for investigation. The article, citing unnamed sources, was taken down shortly after it was posted online.Anbang said Wu''s duties would be managed by other senior executives, and that its business was operating normally. No other details were provided.Best known overseas for its 2015 purchase of New York''s landmark Waldorf Astoria hotel, Beijing-based Anbang has pursued a string of high-profile foreign acquisitions under Wu.After a spate of successful deal-making worth over $30 billion, Anbang ran into recent roadblocks, failing to close on a handful of investments, and facing criticism over the firm''s opaque shareholding structure.When asked if Wu was within China or if he could be reached, a spokesperson for Anbang - which manages some 1.65 trillion yuan ($242 billion) worth of assets - said the company had nothing to add.Anbang earlier this month denied a Financial Times report that Wu had been prevented from leaving the country, citing four sources who had business dealings with him.That statement fueled speculation about Wu''s well-being, at a time when Chinese business circles were already spooked by the mysterious disappearance of a China-born billionaire from Hong Kong early this year.Calls to Wu''s mobile phone went unanswered.RISE TO PROMINENCEEstablished in 2004 by Wu as an automotive and property insurer, Anbang has risen from near-obscurity over the past few years to headline-grabbing prominence, buying Dutch insurer Vivat, South Korea''s Tong Yang Life Insurance and Strategic Hotels & Resorts in the United States.It has also taken significant stakes in a handful of listed domestic banks and property firms, including China Mingsheng Banking Corp , Agricultural Bank of China and China Vanke.The vertiginous rise has also brought unwanted attention.One of Anbang''s units was censured by China''s insurance regulator in May for designing products to skirt a regulation aimed at curtailing risk. As a result, the unit was barred from issuing new products for three months.Outside of China, Anbang''s deal-making has faltered as well. Its planned $1.6 billion takeover of U.S. annuities and life insurer Fidelity & Guaranty Life collapsed in April after failing to get the required U.S. regulatory approval.Attempts by the Chinese insurer to invest in a real estate project affiliated with U.S. President Donald Trump''s son-in-law floundered.Anbang has also became embroiled in an unusually public war of words with a leading Chinese business magazine, Caixin, about the insurer''s ownership structure.In an article published in April, the magazine had described Anbang''s structure as "opaque" and said its funding was a "maze" of capital flow involving more than 100 firms. Anbang, in response, called the descriptions "malicious" and "inaccurate" and has threatened to sue.The company later said it filed a lawsuit in Canada against the author of the article.Described by those who know him as smart and passionate, Wu is politically connected in China and has also cultivated relationships on Wall Street with the likes of private equity giant Blackstone Group LP, despite speaking little English. (Reporting by Matthew Miller in Beijing and Koh Gui Qing in New York; Editing by)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/anbang-group-chairman-idINL1N1JA1GQ'|'2017-06-13T22:47:00.000+03:00'
'f19121c07e79360e3d004f6d3fb9885a3f3023e9'|'CEE MARKETS-Crown retreats on rate setter comment, Polish shares drop'|'* Dovish Czech rate setter Tomsik says no hurry for rate hike * Czech crown retreats from strongest level for years * Czech PM''s party helm, Romanian PM''s job are at risk * Investors watch Fed guidance rather than local politics (Adds Czech auction result, fall of Polish shares) By Sandor Peto and Jason Hovet BUDAPEST/PRAGUE, June 14 The Czech crown retreated from multi-year highs on Wednesday after Czech central bank Vice-Governor Vladimir Tomsik said its strength allows the CNB not to rush into rate hikes. Central European assets were mostly rangebound as investors awaited a meeting of the Federal Reserve. The crown shed less than 0.1 percent against the euro by 1307 GMT. But trading at 26.149, it was drifting away from overnight highs at 26.13, its strongest level since the CNB in April removed a cap of 27 on the currency, and also since late 2013 when the cap was introduced. The crown''s strengthening, partly fuelled by expectations of a rebound in inflation and CNB rate hikes, received fresh impetus on Tuesday through "buy" recommendations from banks including Citigroup. But Tomsik, regarded as a dovish rate setter, was Quote: d by the newspaper Hospodarske Noviny as saying the crown had got stronger since the bank''s latest outlook, which indicated rates rising in the second half of 2017. "(This) means that we do not need to hurry quickly with raising rates," he said. Even a delay to the fourth quarter from the third would retain a gap with markets, which have priced in a hike only for the second quarter of 2018, Komercni Banka trader Dalimil Vyskovski said. He added that Tomsik''s comments were "somewhat surprising. "Market rates now (are) increasingly in a ''conundrum'' mode." An auction of Czech government bonds drew decent demand for long-dated papers, but little appetite for the zero-coupon 2022-expiry bond. Investors in the region seek cues from the U.S. Federal Reserve''s guidance over its rate hike cycle. The Fed is likely to go ahead with another 25-basis-point rate increase on Wednesday, the fourth hike of a rate increase cycle that started in December 2015. The zloty eased to 4.1945 against the euro. "The tone of the Fed... may create pressure for Polish IRS rates and bond yields to rise, and the holiday in Poland tomorrow may strengthen this reaction," BZ BWK analysts said in a note. Warsaw''s main equities index dropped slightly, driven by a fall of the shares of Pekao bank and state-run insurer PZU, after PKO''s supervisory board dismissed its long-serving, respected Chief Executive Officer Luigi Lovaglio. PZU and state-controlled fund PFR completed Pekao''s takeover from Italian UniCredit last month. Elsewhere, Budapest''s main index hit another record high, briefly piercing the 36,000-point psychological level. CEE MARKETS SNAPSH AT 1507 CET OT CURRENCIES Latest Previo Daily Change us bid close change in 2017 Czech crown 26.149 26.141 -0.03% 3.28% 0 0 Hungary 306.06 306.23 +0.06 0.90% forint 00 50 % Polish zloty 4.1925 4.1933 +0.02 5.04% % Romanian leu 4.5672 4.5655 -0.04% -0.71% Croatian kuna 7.4000 7.4105 +0.14 2.10% % Serbian dinar 122.08 122.30 +0.18 1.04% 00 00 % Note: daily calculated previo close 1800 change from us at CET STOCKS Latest Previo Daily Change us close change in 2017 Prague 1001.6 1001.3 +0.03 +8.68 3 0 % % Budapest 35929. 35588. +0.96 +12.2 87 70 % 7% Warsaw 2298.8 2302.4 -0.16% +18.0 1 1 1% Bucharest 8468.7 8446.2 +0.27 +19.5 2 3 % 3% Ljubljana 788.60 797.46 -1.11% +9.90 % Zagreb 1856.4 1854.5 +0.10 -6.94% 5 9 % Belgrade 719.91 719.93 +0.00 +0.35 % % Sofia 680.85 681.05 -0.03% +16.1 0% BONDS Yield Yield Spread Daily (bid) change vs change Bund in Czech spread Republic 2-year -0.048 0 +063b -2bps ps 5-year -0.096 -0.022 +035b -1bps ps 10-year 0.856 0.074 +062b +10bp ps s Poland 2-year 1.914 0.075 +259b +5bps ps 5-year 2.566 -0.033 +301b -2bps ps 10-year 3.129 -0.038 +289b -1bps ps FORWARD RATE AGREEMENT 3x6 6x9 9x12 3M interb ank Czech Rep <PR 0.34 0.41 0.49 0 IBOR=> Hungary <BU 0.36 0.23 0.275 0.15 BOR=> Poland <WI 1.753 1.7625 1.7975 1.73 BOR=> Note: FRA are for ask Quote: s prices'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/easteurope-markets-idINL8N1JB3WQ'|'2017-06-14T11:46:00.000+03:00'
'a8096c62fff2c7baaf8cc0cadff5c89ca41436d8'|'MOVES-Houlihan hires three for intellectual property group'|'Market News - Thu Jun 15, 2017 - 10:53am EDT MOVES-Houlihan hires three for intellectual property group By Philip Scipio NEW YORK, June 15 (IFR) - Houlihan Lokey recently added three to its Tech+IP Advisory practice within its financial advisory services group. John Hudson has joined as a director from Deloitte where he was co-head of the firm''s national intellectual property advisory practice. Houlihan also hired Scott Womack from Deloitte as a vice president. They will work out of Atlanta. Brent Reynolds joins Houlihan from Perdix Capital Management, an investment management company he founded that focuses on public market trading around significant IP litigation. He will start as a vice president working out of Houston. Houlihan also shifted two employees, Terry Treemarcki, a director, and Andrew Cohen, an analyst, into the practice. Treemarcki will work out of Chicago, Cohen will work from Los Angeles. (Reporting by Philip Scipio)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/moves-houlihan-hires-three-for-intellect-idUSL1N1JC0O4'|'2017-06-15T22:53:00.000+03:00'
'3eb5f9f8a4480a9b4203e3b683256746b5f4d68c'|'EU ready to scrap tariffs on Japanese car parts in trade deal: Nikkei'|'TOKYO The European Union is ready to propose immediately scrapping import tariffs on most Japanese car parts in trade negotiations now under way, the Nikkei daily said on Friday.The EU, in return, is pushing for Japan to cut or scrap import tariffs on agricultural products such as pork, cheese and wine, the paper said, putting Tokyo in a tight spot given strong domestic political opposition against opening up these areas to outside competition.Japanese and European negotiators are continuing talks in Tokyo to reach a broad deal on signing an economic partnership agreement (EPA) in early July, the paper said without citing sources.Signing an EPA with the European Union, which comprises roughly 10 percent of Japan''s total foreign trade, is among key goals of premier Shinzo Abe''s "Abenomics" stimulus programs and growth strategy to revive the country''s stagnant economy.The EU now imposes a tariff around 3-4 percent on auto parts and a 10 percent tariff on cars imported from Japan.The EU is ready to scrap tariffs for more than 90 percent of auto parts imported from Japan immediately after the EPA takes effect, the Nikkei said.The two sides remain at loggerheads on how long the EU would take to eliminate tariffs on cars. Japan wants them to be scrapped in seven years, while the EU is pressing to have more than 10 years to phase them out, the paper said.Japan and the EU have been negotiating the EPA since 2013 to promote bilateral trade and investment by eliminating tariffs and improving investment rules.(Reporting by Leika Kihara; Editing by Eric Meijer)'|'reuters.com'|'http://in.reuters.com/finance/economy'|'http://in.reuters.com/article/us-japan-eu-trade-idINKBN19701Q'|'2017-06-15T22:47:00.000+03:00'
'41131a47dfba3a698d59b86efe7dc1c2c50ac2c0'|'Air Berlin sees tough 2017, but targets positive EBIT in 2018'|'Business News - Wed Jun 14, 2017 - 11:58am BST Air Berlin sees tough 2017, but targets positive EBIT in 2018 German carrier Air Berlin''s aircraft is pictured at Tegel airport in Berlin, Germany, September 29, 2016. REUTERS/Axel Schmidt/File Photo LONDON Air Berlin is expecting a difficult 2017, Chief Executive Thomas Winkelmann told its annual general meeting in London on Wednesday, but the airline is target positive earnings before interest and tax (EBIT) next year. Winkelmann said he was also sure leisure airline Niki would find new partners in the coming months, after key Air Berlin shareholder Etihad backed out of a plan to create a leisure airline joint venture (JV) with TUI. Etihad has said it still plans to take Air Berlin''s stake in leisure airline Niki, which had been due to go into the JV. Air Berlin Chief Financial Officer Dimitri Courtelis said 2017 would be a transitional year, but the company was targeting positive EBIT in 2018. "From a 2018 perspective, that''s when we will start targeting a turnaround in the business, and a positive EBIT from next year," Courtelis said. (Reporting by Alistair Smout; Editing by Mark Potter)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-air-berlin-agm-idUKKBN1951CZ'|'2017-06-14T18:58:00.000+03:00'
'570afbd493d927b0a28610ee3b1a0c8b95f5f2c2'|'Raytheon to restart SM-2 missile line after $650 million sale - executive'|'Business News - Sun Jun 18, 2017 - 8:53pm BST Raytheon to restart SM-2 missile line after $650 million sale - executive A view of Standard Type II missiles ready to launch on a Kidd-class destroyer in the Han Kuang military exercise held about 10 nautical miles eastern of the port of Hualien, eastern Taiwan, September 17, 2014. REUTERS/Pichi Chuang By Mike Stone - PARIS PARIS U.S. missile maker Raytheon ( RTN.N ) plans to announce it will restart its Standard Missile 2 (SM-2) production line after a $650 million (£509.4 million) order from four U.S. allies, the president of Raytheon''s Missile Systems, Taylor Lawrence, said on Sunday. Raytheon is attending the June 19-25 Paris Airshow where it plans to make the announcement that it will restart the line that has been shut for about two years. On Friday, the U.S. Department of Defense awarded Raytheon four contracts to sell a total of 280 SM-2 Block IIIA and IIIB missiles to the Netherlands, South Korea, Japan and Australia. The deal could keep the Arizona production line open through 2035 because Raytheon anticipates more orders as the United States and its allies rebuild their inventories using the modernized production line, Lawrence told Reuters. SM-2 missiles are often used to defend ships against anti-ship missiles and aircraft. They have a range of about 90 nautical miles. The U.S. Congress would be notified shortly of the proposed Foreign Military Sales, Lawrence said. Congress must approve most major foreign weapons sales. Delivery of the weapons could begin in 2020 Lawrence added. The order will add to Raytheon''s $36 billion order backlog. More than 41 percent of Raytheon''s backlog was international customers at the end of the quarter reported in April. Raytheon is based in Waltham, Massachusetts-based and had 2016 sales of $24 billion. It has 63,000 employees. (Reporting by Mike Stone in Paris; Editing by Edmund Blair)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-airshow-paris-raytheon-idUKKBN1990XQ'|'2017-06-19T03:53:00.000+03:00'
'fa4472c736461f208e16b1205b54810da56cc5e4'|'Greece rolls over 3-month T-bills, yield steady'|'ATHENS, June 14 Greece sold 1.3 billion euros ($1.46 billion) of three-month T-bills to refinance a maturing issue, the country''s debt agency PDMA said on Wednesday.The three-month paper was sold at a yield of 2.70 percent, unchanged from a previous sale earlier this month. The amount raised included 300 million euros in non-competitive bids.The sale''s bid-to-cover ratio was 1.30, unchanged from the previous auction.In a rollover T-bill holders renew their positions instead of getting paid on the maturing paper they hold. The settlement date of the new bills is June 16. ($1 = 0.8922 euros) (Reporting by George Georgiopoulos)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/greece-treasuries-idINZYN281H00'|'2017-06-14T07:24:00.000+03:00'
'545a11682bcbdde3497b96ff1506c7f86500faff'|'Elliott calls for BHP board overhaul as new chairman looms'|'Business News - Wed Jun 14, 2017 - 10:27am BST Elliott calls for BHP board overhaul as new chairman looms FILE PHOTO: Australian mining company BHP''s new corporate logo, released to Reuters from their Melbourne, Australia, headquarters May 15, 2017. BHP/Handout via REUTERS/File Photo SYDNEY Activist shareholder Elliott Management called on BHP on Wednesday to "upgrade" its board of directors as the mining giant prepares to select a new chairman this week. "BHP has an entrenched board, with long-tenured directors having approved the disastrous acquisitions and poorly timed share buybacks that are at the root of much of today''s underperformance," Elliott said in a statement. "A significant upgrade in directors is needed." Elliott, a New York-based fund that has built up a 4.1 percent stake in BHP, has maintained a barrage of criticism of the global miner since releasing a list of changes it wants at the company, including an exit from its U.S. oil shale business. BHP''s board of directors is currently meeting in Chile, home to the company''s vast copper mining business, where it is expected to select a new chairman. Australian wealth management group Escala and fund Tribeca Investment Partners have also campaigned for a revamp at the company, with calls for board changes and reviews of the energy divisions. In a note last week, AMP Capital, one of BHP''s largest shareholders, called on the miner to conduct an "independent assessment" of Elliott''s proposal to unify BHP''s dual-listed company structure and to "prove the worth of its U.S. onshore business and why it is compatible in the BHP portfolio." BHP was not immediately available to comment. (Reporting by James Regan; Editing by Richard Pullin)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-bhp-billiton-elliott-idUKKBN19510M'|'2017-06-14T17:27:00.000+03:00'
'2da4ae1dca64b4cee51e6c34980b6313c9b2e511'|'Zara-owner Inditex reports 18 percent rise in first quarter net profit'|'Business News  21am BST Zara-owner Inditex reports 18 percent rise in first quarter net profit FILE PHOTO: People are seen outside of an Inditex owned Zara store in Milan, Italy, March 30, 2017. REUTERS/Alessandro Garofalo/File Photo MADRID Inditex, the world''s biggest fashion retailer, reported on Wednesday a 18 percent rise in first-quarter net profit from the year before to 654 million euros (575.4 million pounds), in line with analysts'' forecasts. The Spanish owner of fashion label Zara said earnings before interest, tax, depreciation and amortisation (EBITDA) in the first quarter of its 2017 fiscal year were 1.1 billion euros, up 17 percent year-on-year and slightly above forecasts. Sales at constant exchange rates from Feb. 1 to June 3 rose 12 percent year-on-year, the company said. (Reporting by Gdynia Newsroom; Writing by Angus Berwick; Editing by Robert Hetz)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-inditex-results-idUKKBN1950F8'|'2017-06-14T13:21:00.000+03:00'
'5286e05e7ea3ca1351417b633c17398f6ad08a22'|'Instagram to add label for paid product endorsements'|'Business News   2:33pm BST Instagram to add label for paid product endorsements A screen displays the Instagram logo during a presentation in New York December 12, 2013. REUTERS/Lucas Jackson/File Photo By David Ingram - SAN FRANCISCO SAN FRANCISCO Photo-sharing app Instagram plans to roll out a feature on Wednesday that will make it easier to label posts as paid promotions, taking what it called a step toward transparency in an area that has drawn attention from U.S. authorities. Product endorsements have become more common on Instagram, owned by Facebook Inc, as celebrities and others with large followings on the social network have struck deals to talk up clothing, food and other items. Known inside the industry as "influencers," people promoting products are required under truth-in-advertising rules to tell fans about their compensation, according to the U.S. Federal Trade Commission (FTC). It is not clear how many do. Instagram said in a statement that it would begin allowing people who are posting a picture to add a "paid partnership with" label that would appear above the picture. Users can already add such disclosures below a picture. "As more and more partnerships form on Instagram, it''s important to ensure the community is able to easily recognise when someone they follow is paid to post content," the company said. The label would be voluntary, Instagram said. The company added, though, that it expects the label to be used because some users requested it. Instagram said it would develop a policy about paid endorsements based in part on the feedback it gets about the label. The policy would include some kind of enforcement but the details are still to be determined, the company said. The FTC, the chief enforcer of U.S. truth-in-advertising rules, has sent letters to more than 35 stars and more than 40 companies telling them they must disclose compensation for promoting products on social media. As advertising has migrated from television and print publications to social media, it has become increasingly difficult to distinguish from non-advertising content. The FTC settled with retailer Lord & Taylor in 2016 over social media posts by select "fashion influencers" who put up photos of a paisley dress. As part of the settlement, Lord & Taylor agreed to ensure that future paid posts would be identified. (Reporting by David Ingram,; additional reporting by Diane Bartz in Washington; Editing by Andrew Hay)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-instagram-influencers-idUKKBN1951XX'|'2017-06-14T21:33:00.000+03:00'
'17e20cc8ef85a44cf9a4a2adad47709f4cfb250d'|'UK workers suffer spending power hit, raising pressure on May'|'  12:56pm BST UK workers suffer spending power hit, raising pressure on May A municipal worker sweeps the street outside the cabinet office in Westminster, central London, Britain, June 9, 2017. REUTERS/Clodagh Kilcoyne By Andy Bruce and William Schomberg - LONDON LONDON British workers are suffering from an increasingly tight squeeze in their spending power, data showed on Wednesday, adding to concerns about a slowdown in the world''s fifth-biggest economy and to the challenges for a weakened   May. A fall of 0.4 percent in wage growth in the three months to April, when adjusted for inflation, represented the biggest loss of real earnings for households since 2014, even as a joint record high proportion of people in Britain are in work. Britain''s economy withstood the shock of last year''s Brexit in 2016, prompting some supporters of Brexit to say fears of a hit to the economy were overblown. But growth slowed sharply in early 2017 as consumers felt the pinch of rising inflation caused by the fall in the value of the pound after the referendum. Credit card firm Visa said on Monday it saw the first annual fall in spending by consumers in nearly four years in May. Other rich countries around the world are also struggling with the phenomenon of low unemployment but weak wages. But the challenge looks particularly acute for May and her minority government, which is still putting together a deal with a small Northern Irish party that will give her enough votes in parliament to pass legislation. The opposition Labor Party won many more votes than expected   with its promises of measures such as the end to a 1-percent cap on pay increases for public sector workers and a higher minimum wage. "Public sector workers have not had a proper pay rise since 2011," Dave Prentis, head of UNISON, a union which represents the sector, said. "The public sector pay cap must go." Finance minister Philip Hammond is due to deliver his first speech since the election on Thursday. STERLING FALLS Ratings agency Moody''s has said the government might now slow Britain''s push to lower the budget deficit, having already pushed back the target date for a surplus to the mid-2020s. Hammond''s predecessor as finance minister, George Osborne, said on Tuesday that the government''s problems would "get a whole lot worse if it ditches fiscal responsibility." Wednesday''s data showing the worsening hit to earnings is likely to add to the view among the majority of Bank of England officials to leave interest rates on hold when they announce their latest policy statement on Thursday. The BoE has so far seen no sign that inflation is pushing up wages which would create longer-lasting pressure on prices. It expects wages to rise by 2 percent this year and pick up in 2018 and 2019, something many economists now say looks optimistic. The central bank is widely expected to keep interest rates at their record low of 0.25 percent on Thursday. Sterling hit a day''s low against the dollar after the data, while British government bond prices rallied, suggesting investors took the figures as a sign that interest rates would not be rising any time soon. The weakness in pay has puzzled economists given the apparent strength of Britain''s labor market. The Office for National Statistics said the unemployment rate in the period between February and April held steady at a more than four-decade low of 4.6 percent. The number of people in work increased by 109,000 in the three months to April, taking the employment rate to 74.8 percent, a joint record high, the ONS said. But economists focused on the weak wage data. In nominal terms, wages grew at the slowest pace since February 2016, rising an annual 2.1 percent in the three months to April and slowing from 2.3 percent in the first quarter. Economists taking part in a Reuters poll had expected wage growth of 2.4 percent. Samuel Tombs, an economist at consultancy Pantheon Macroeconomics, said the wage numbers appeared consistent with signs of rising underemployment. "The wage figures are astonishingly weak," he said. (Editing by Tom Heneghan and Andrew Heavens)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-britain-jobs-idUKKBN19510Q'|'2017-06-14T19:48:00.000+03:00'
'd87be1552fe25a2eb999d638f4cf8c4fd5713216'|'China''s "nifty 50" slumps most in six months on weaker investment data, Anbang tumult'|'SHANGHAI China stocks fell on Wednesday, with the country''s leading "nifty 50" stocks posting their worst day in six months, as weak investment data reinforced views that the world''s second-largest economy will start to lose some momentum in coming months.Trading was thin, however, as investors awaited a likely U.S. interest rate hike later in the session and debated whether China''s central bank would follow with modest tightening of its own, as it did in March.The blue-chip CSI300 index fell 1.3 percent to 3,535.30 points, while the Shanghai Composite Index closed down 0.7 percent at 3,130.67.The Shanghai SE 50 Index, dubbed China''s "nifty 50" index, slumped 1.5 percent in its worst day since mid-December, as investors took profits in blue-chips which had far outperformed the broader market in the past months.Investors also dumped stocks - mainly big-caps - that are partly-owned by Anbang Insurance Group, after the acquisitive company said late on Tuesday its chairman Wu Xiaohui was no longer able to fulfil his duties.Hours earlier, Chinese magazine Caijing reported that Wu had been taken away for investigation.Anbang-invested shares - including Financial Street Holdings, China Vanke, China Merchants Shekou, Gemdale and China State Construction Engineering - all dropped sharply.Confidence was further dented by data that showed fixed asset investment grew more slowly than expected in the first five months of the year, while the pace of new construction starts decelerated sharply in May.That weakness, if sustained, suggests a cooling in China''s economic growth in coming months, though industrial output and retail sales are holding up better than expected and cushioning a broader slowdown."Given the recent data, we are almost certain to see a continued slowdown in the second half of 2017 and 2018," wrote Larry Hu, analyst at Macquarie Capital Ltd."Reflation has become disinflation. Inventory stocking has turned into destocking. Property is entering a downcycle."Main sectors fell across the board, led by real estate and banking stocks.(Reporting by Luoyan Liu and John Ruwitch; Editing by Kim Coghill)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/china-stocks-close-idINKBN1950NV'|'2017-06-14T15:38:00.000+03:00'
'1f1f45f18f59cd9a3ce742674b276ae66d6b3ddc'|'Brazil''s Itau forms credit intelligence venture with four other banks'|'SAO PAULO, June 14 Itaú Unibanco Holding SA , Brazil''s largest lender by market value, said on Wednesday it had formed a credit intelligence venture with Banco Bradesco SA, Banco Santander, Banco do Brasil and Caixa Economica Federal.Itau said in a securities filing that each bank would have a 20 percent stake in the venture that would create a database to manage credit information on companies and individuals, with the aim of facilitating credit. Operations would begin in 2019.(Reporting by Anthony Boadle; Editing by Richard Chang)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/itau-unibco-hldg-credit-idUSE6N1H6029'|'2017-06-15T07:49:00.000+03:00'
'b54606cd970dcfa08bc3f38796bc4fd0362e140c'|'H&M sales rise 4 percent in May, miss forecast'|'Business News - Thu Jun 15, 2017 - 7:55am BST H&M sales miss forecast after rough start to May Commuters walk past an H&M store during the morning rush at Union Station in Washington, U.S. June 12, 2017. REUTERS/Jonathan Ernst STOCKHOLM Sweden''s H&M reported slower than expected sales in May, the latest in a string of soft sales numbers from the world''s second biggest fashion retailer, and said it had faced tough conditions in many of its markets early in the month. After decades of strong growth, H&M has repeatedly missed sales forecasts over the past year while earnings have come under pressure from heavy investment and stiff competition from budget rivals and new online players. H&M, second in size only to Zara owner Inditex, reported a 4 percent year-on-year rise in local currency sales for the month of May, missing a mean forecast for growth of 6 percent seen in a poll of analysts. "In the first half of the month sales were affected by tough market conditions in several countries," the retailer, which is controlled by the founding Persson family, said in a statement. "Sales improved considerably in the second half of the month." Inditex has outperformed H&M and other rivals over the past few years on the back of online growth and its flexible fast-fashion model. But while the market leader this week posted a 18 percent rise in first-quarter profit, it too saw sales growth slow slightly over the past month. H&M shares are down 16 percent this year, sharply underperforming a 9 percent rise for Inditex. "H&M has disappointed market expectations on sales trends for many months now," Societe Generale analyst Anne Critchlow said. "The young value fashion market, in which the H&M concept operates, is very difficult, as we have seen from recent reports of sales and profit declines at chains in the UK, such as New Look and Arcadia." May is the final month of the group''s fiscal second quarter and H&M said net quarterly sales reached 51.4 billion Swedish crowns (4.6 billion pounds) for the period, up from a year-ago 46.9 billion but short of the 51.9 billion seen by analysts. (Reporting by Niklas Pollard and Johannes Hellstrom; Editing by Adrian Croft) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-hennes-mauritz-sales-idUKKBN1960FS'|'2017-06-15T14:10:00.000+03:00'
'b716ba441f7626d9f8b22b3ca5453babebed6bcc'|'Daimler invests in ride-hailing firm Careem''s latest funding round'|'Autos   11:59am BST Daimler invests in ride-hailing firm Careem''s latest funding round Daimler AG sign is pictured at the IAA truck show in Hanover, Germany, September 22, 2016. REUTERS/Fabian Bimmer/File Photo By Alexander Cornwell - DUBAI DUBAI Dubai-based ride hailing firm Careem will step up expansion into new markets after raising $150 million from investors, including German carmaker Daimler ( DAIGn.DE ) and Saudi Arabia''s Kingdom Holding 4280.SE. After the fundraising, Careem, an Uber rival operating in 12 mainly Middle East countries, wants to move into new markets in North Africa, such as Tunisia and Algeria, while strengthening its position in Kuwait and Turkey, CEO Mudassir Sheikha told Reuters by telephone. "That continues to be a focus, getting into more cities, more markets." The latest fundraising, announced on Thursday, increases investment in the company to $500 million from $350 million last December when it was valued at $1 billion. Participants also included venture capital firm DCM Ventures and hedge fund Coatue Management. Sheikha said Careem could speed up existing plans to expand its number of registered drivers to one million next year from 250,000 today after the latest funding round. "We just need to bring a lot more scale and get a lot more people on platform; both the customer and the captains side," he said. The company has around 10 million registered users growing at a rate of 20 percent a month, according to Sheikha. Kingdom Holding, owned by Saudi billionaire Prince Alwaleed bin Talal, spent $62 million acquiring 7.11 percent stake in Careem which was partly purchased from emerging markets-focused private equity firm Abraaj Group. Kingdom Holding, which is also an investor in Uber''s U.S. rival Lyft, will receive a seat on Careem''s board. Sheikha said there had been no material impact on Careem''s operations in Qatar which earlier this month had diplomatic, economic and transport ties cut off by four Arab countries. He also said the firm had "no plans" to enter Iran, one of the region''s largest economies, whilst an initial public offering would eventually happen, it is not an immediate focus. Careem has previously said it is targeting profitability in the second half of 2018. (Reporting by Alexander Cornwell; editing by Jason Neely and Jane Merriman)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-kingdom-holding-careem-idUKKBN19618R'|'2017-06-15T18:59:00.000+03:00'
'454369c5049e1fbbb1f1beb731742ea4d79f361b'|'Nike, Sanrio, Universal Studios face EU probe over online sales'|'Wed Jun 14, 2017 - 3:26pm BST Nike, Sanrio, Universal Studios face EU probe over online sales FILE PHOTO: The logo of Nike (NKE) is seen in Los Angeles, California, United States, April 12, 2016. REUTERS/Lucy Nicholson/File Photo By Foo Yun Chee - BRUSSELS BRUSSELS EU antitrust regulators have opened investigations into whether Nike ( NKE.N ), Comcast''s ( CMCSA.O ) Universal Studios and Hello Kitty owner Sanrio ( 8136.T ) illegally block some cross-border sales or ban certain online retailers from selling their products. The European Commission, announcing the investigations on Wednesday, did not provide details of the suspected illegal sales practices. However, the move follows a year-long inquiry by the EU competition authority into e-commerce practices by 1,900 companies in Europe, part of a broader strategy to boost online trade and economic growth. The inquiry found that some companies allow their products to be sold online only by pre-selected distributors while others use pricing restrictions and even online sales bans to block certain sellers. "We are going to examine whether the licensing and distribution practices of these three companies may be denying consumers access to wider choice and better deals in the single market," European Competition Commissioner Margrethe Vestager said in a statement. Nike is the license rights holder for Barcelona soccer club merchandise, while Sanrio owns the Hello Kitty brand, which adorn items ranging from stationery to clothing. Universal Studios holds the rights for movies such as Minions and Despicable Me. The new investigations would cover similar issues to those of the e-commerce inquiry, but also include licensing of rights and offline distribution. "They complement the sector inquiry and other pending investigations in so far as they aim to tackle potential barriers to online and offline cross-border trade," a Commission spokesman said, adding that the case had been brought by the EU executive rather than following a complaint. In February EU antitrust regulators opened three investigations into online sales of consumer electronics makers, video game makers and hotels. Last week the EU announced a probe into U.S. clothing company Guess''s ( GES.N ) cross-border distribution deals. Companies can face fines of up to 10 percent of their global turnover if found guilty of breaking EU antitrust rules. (Reporting by Foo Yun Chee; Editing by Philip Blenkinsop and Susan Fenton)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-eu-nike-sanrio-antitrust-idUKKBN19513S'|'2017-06-14T22:16:00.000+03:00'
'c65a370f0b15d0c3536ba0161465523280d3d12e'|'British American Tobacco says trading well, in line with expectations'|'LONDON British American Tobacco ( BATS.L ) said on Wednesday it continued to perform "very well" and was trading in line with its expectations.BAT, home to the Lucky Strike and Dunhill cigarette brands, said it continued to record market share growth and noted that profit growth was expected to be weighted to the second half of the year, reflecting the phasing of volume shipments, product investment and marketing spend.It said that if exchange rates stayed the same for the remainder of the year, there would be an adverse transactional impact on operating profit of 2 percent for both the first half and the full year.But the translation impact would be a tailwind on operating profit of about 13 percent for the half year and 7 percent for the full year.First-half earnings per share was expected to benefit from a significant translational foreign exchange tailwind of around 14 percent.(Reporting by James Davey, Editing by Paul Sandle)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-brit-am-tobacco-outlook-idUSKBN1950J8'|'2017-06-14T14:21:00.000+03:00'
'e74dc62943f12deb45c6ba273aa0dd0fed9d1ba7'|'METALS-Copper prices fall ahead of U.S. Fed outlook'|'Market News - Tue Jun 13, 2017 - 9:47pm EDT METALS-Copper prices fall ahead of U.S. Fed outlook SYDNEY, June 14 Copper prices eased in early Asian trading, with investors cautious ahead of the outcome of a two-day meeting where the U.S Federal Reserve is expected to hike interest rates and give clues on its policy outlook for the rest of the year. The U.S. central bank is scheduled to release its interest rate decision at 1800 GMT on Wednesday at the conclusion of its policy meeting. Fed Chair Janet Yellen is due to hold a press conference at 1830 GMT. The timing and pace of further U.S. tightening could set the course for base metal prices in coming months, according to analysts. FUNDAMENTALS * LONDON COPPER: Three-month copper on the London Metal Exchange had slipped $4 to $5,713 a tonne by 0100 GMT, extending losses from the previous session. * SHANGHAI COPPER: The most-traded copper contract on the Shanghai Futures Exchange opened down 0.69 percent at 45,750 yuan ($6,730) a tonne. * CHINA DATA: Data on Chinese retail sales, industrial growth and urban investment is due on Wednesday, with consensus forecasts weaker for all three. * PERU: Grupo Mexico SAB de CV will double its metals smelting capacity in Peru because environmental regulations have been loosened, said Peruvian President Pedro Pablo Kuczynski. * ELECTRIC CARS: The growing number of electric vehicles hitting roads is set to fuel a nine-fold increase in copper demand from the sector over the coming decade, according to an industry report. * COPPER STOCKS: Traders were watching stock movements in LME approved warehouses, which rose 2,700 tonnes to 279,575 tonnes, but overall inventories are still down more than 20 percent since May 4. MCUSTX-TOTAL * QATAR: Qatar''s Qatalum aluminium plant is now exporting metals via ports in Kuwait and Oman, as well as a Qatari container port, following a diplomatic row with neighbours that had blocked shipments. NICKEL: LME nickel rebounded by 1 percent to $8,780 a tonne, recouping overnight losses. * For the top stories in metals and other news, click or MARKETS NEWS * Asian shares crept higher on Wednesday after Wall Street notched another all-time high, while the dollar and bonds awaited clarity on the Fed''s future path for U.S. policy after a likely rate rise later in the day. DATA/EVENT AHEAD (GMT) 0200 China Retail sales May 0200 China Industrial output May 0200 China Urban investment May 0600 Germany Consumer prices final May 0900 Euro zone Employment Q1 0900 Euro zone Industrial production Apr 1230 U.S. Consumer prices May 1230 U.S. Retail sales May 1400 U.S. Business inventories Apr 1800 Federal Reserve announces policy meeting outcome 1830 Fed Chair Janet Yellen holds news conference PRICES'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/global-metals-idUSL3N1JB166'|'2017-06-14T09:47:00.000+03:00'
'9536971591189387d593d165c7e2de2e76c163c4'|'Asia shares encouraged by Wall St. record, await Fed outlook'|'By Rodrigo Campos - NEW YORK NEW YORK Oil prices tumbled on Wednesday after an unexpectedly large buildup in gasoline stockpiles and the U.S. dollar fell after weak data made investors question the current path of interest rate increases from the Federal Reserve.Energy stocks led Wall Street lower, while Treasury yields fell.Oil prices fell to their lowest in over five weeks following the U.S. gasoline data and International Energy Agency (IEA) data projecting an increase in non-OPEC production."Oil futures are being dragged down by gasoline futures. The industry continues to turn a crude oil surplus into a gasoline and distillate product surplus," Andrew Lipow, president of Lipow Oil Associates in Houston said.U.S. crude CLcv1 fell 3.57 percent to $44.80 per barrel and Brent LCOcv1 was last at $47.01, down 3.51 percent on the day.The dollar index touched its lowest since Nov. 9 as the biggest drop in retail sales in 16 months and retreating inflation pressures were seen affecting monetary policymakers'' view that the economic soft patch was transitory."The numbers cast serious, serious doubt on whether there will be another hike this year," said Greg Anderson, global head of foreign exchange strategy at BMO Capital Markets in New York.The widely expected quarter-point interest rate hike after the current Fed meeting wraps up later on Wednesday will take the Fed funds target rate above 1 percent for the first time since the immediate aftermath of the collapse of Lehman Brothers in 2008.The dollar index .DXY fell 0.54 percent, with the euro EUR= up 0.55 percent to $1.1276.The Japanese yen strengthened 0.83 percent versus the greenback at 109.18 per dollar, while Sterling GBP= was last trading at $1.2806, up 0.44 percent on the day.U.S. interest rates futures rose after the weak data, suggesting traders reduced their bets on a possible third Fed interest rate increase in 2017."We think this effectively takes September off the table," said Ian Lyngen, head of U.S. rates strategy at BMO Capital Markets in New York, in reference to the impact of the data on the probability of a September Fed rate increase.Benchmark 10-year notes US10YT=RR last rose 27/32 in price to yield 2.1151 percent, from 2.207 percent late on Tuesday.Energy sector shares tracked the slide in crude prices and weighed on the S&P 500, which had been trading higher earlier in the session.The Dow Jones Industrial Average .DJI rose 9.06 points, or 0.04 percent, to 21,337.53, the S&P 500 .SPX lost 2.38 points, or 0.10 percent, to 2,437.97 and the Nasdaq Composite .IXIC added 7.87 points, or 0.13 percent, to 6,228.24.The pan-European FTSEurofirst 300 index .FTEU3 lost 0.18 percent and MSCI''s gauge of stocks across the globe .MIWD PUS gained 0.18 percent.Emerging market stocks rose 0.63 percent. MSCI''s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS closed 0.73 percent higher.Gold rose after the weaker-than-expected U.S. data knocked the dollar.Spot gold XAU= added 0.9 percent to $1,276.44 an ounce. U.S. gold futures GCcv1 gained 0.78 percent to $1,278.50 an ounce.Copper CMCU3 lost 0.30 percent to $5,700.00 a tonne.(Reporting by Rodrigo Campos, additional reporting by Dion Rabouin, Sam Forgione and Scott DiSavino; Editing by Nick Zieminski)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/us-global-markets-idINKBN195020'|'2017-06-13T22:34:00.000+03:00'
'75f4a6c2397dea5fdb8ae65f012c9378ada0bfa6'|'BRIEF-Amaya appoints Jerry Bowskill as chief technology officer'|'Market  06am EDT BRIEF-Amaya appoints Jerry Bowskill as chief technology officer June 14 Amaya Inc LONDON, June 14 Fading fears of early elections, a blow to populist parties in local polls and confidence that ECB stimulus will remain in place for some time have driven the most dramatic gains in Italian bonds in four years. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories Reuters News Agency - Brand Attribution Guidelines - Careers Reuters is the news and media division of Thomson Reuters . Thomson Reuters is the world''s largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Learn more about Thomson Reuters products:'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-amaya-appoints-jerry-bowskill-as-c-idUSFWN1JB0MF'|'2017-06-14T22:06:00.000+03:00'
'41352730851fe881178c2bdd6ff88ade285cc378'|'French air force chief backs A400M after Germany row'|'Business   7:58am BST French air force chief backs A400M after Germany row left right An Airbus A400M Atlas military aircraft participates in a flying display before the opening of the 52nd Paris Air Show at Le Bourget airport near Paris, France, June 16, 2017. REUTERS/Pascal Rossignol 1/2 left right An Airbus A400M Atlas military aircraft participates in a flying display before the opening of the 52nd Paris Air Show at Le Bourget airport near Paris, France, June 16, 2017. REUTERS/Pascal Rossignol 2/2 By Cyril Altmeyer - PARIS PARIS France''s air force defended the troubled Airbus A400M military airlifter on Monday, expressing a "positive outlook" for Europe''s new army plane despite German protests over missing defensive capabilities. The reassurance from top air force general Andre Lanata offers some respite to manufacturer Airbus after months of renewed debate over the delayed plane. The A400M - ordered by Belgium, Britain, France, Germany, Luxembourg, Spain and Turkey - has been hit by engine gearbox problems and delays in fitting parachuting capacity and advanced defences. A confidential report by the German defence ministry warned recently that such problems as well as contract disputes could impair the full operational use of the transporter. But speaking to journalists to mark the start of the June 19-25 air show at Le Bourget, near Paris, Lanata said he believed Airbus was getting to grips with the problems. "I believe that all that is now mainly behind us," he told the AJPAE media association. Earlier this year, Airbus took a new writedown of 1.2 billion euros against losses on the A400M, and urged the seven NATO buyers to limit its exposure to heavy fines and payment delays caused by new technical snags and delays. France currently has 11 A400M planes, of which six are fully operational - a tally which Lanata called "very satisfactory", even though not all of them yet have the specifications originally envisaged in Europe''s largest defence contract. The French army is due to get another 15 A400M planes by 2019, and French President Emmanuel Macron was due to arrive at the Paris Airshow on Monday on board an A400M in a further show of support for the model. Lanata said that while there were technical issues that needed to be resolved, France remained fully behind the A400M. "It is very important that optimism and support shown by France is not hampered by any industrial problems, given how tough the Germans have been on this matter," added another French army official, asking not to be named. (Reporting by Cyril Altmeyer; Writing by Tim Hepher and Sudip Kar-Gupta; Editing by Mark Potter)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-airshow-paris-a-idUKKBN19A0OM'|'2017-06-19T14:58:00.000+03:00'
'a0ef55734e74abe74dc9a40d522c3c33be771a87'|'ECB lifts lid on enigmatic emergency bank lifeline terms'|'Central Banks   2:20pm BST ECB lifts lid on enigmatic emergency bank lifeline terms A huge Euro logo is pictured by the headquarters of the European Central Bank (ECB) in Frankfurt, September 29, 2011. REUTERS/Ralph Orlowski/File Photo FRANKFURT The European Central Bank revealed the full terms of its emergency bank funding scheme on Monday, including how much it charges lender, as part of an attempt to make the often criticised liquidity lifeline more transparent. Provided to solvent European banks experiencing a temporary loss of funding during crises, Emergency Liquidity Assistance (ELA) has kept many afloat, with Greek lenders still relying on the lifeline from the euro zone''s national central banks. But critics argue it is not transparent and was used for political purposes at the height of the Greek crisis, forcing Athens to take unpopular action to stave off the collapse of banks and the ejection of the country from the currency bloc. Transparency International said this year that the ECB used the ''technical task'' of ELA to exert pressure on Athens, without publicly communicating the details of its ELA decisions. "No other central bank in the world holds that power – no decision by the US Fed could result in the ejection of a state from the Union," the anti-corruption watchdog said in March. ELA will be provided for at least 100 basis points above the ECB''s marginal lending rate, which currently stands at 0.25 percent, putting the minimum cost of the emergency loan at 125 basis point, the ECB said in the refreshed ELA guidelines. Banks on ELA must provide a funding plan within two months of receiving ELA and this needs to be updated every quarter while it receives liquidity help, the ECB said. Banks also need to report regulatory capital ratios on a monthly basis and may also need to prepare a recapitalisation plan. If ELA, provided by each country''s central bank, is given for more than six months, a detailed exit strategy must also be presented. Any extension of ELA beyond one year requires justification on a monthly basis and also the support of the rate-setting Governing Council. The ECB added that ELA is not legal if used to fund obligations to the state, as it would constitute monetary financing. (Reporting by Balazs Koranyi; editing by Alexander Smith)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-eurozone-banks-ecb-idUKKBN19A1RV'|'2017-06-19T21:20:00.000+03:00'
'1208ae45c0d798d6c67d6657bd06e480b7d37696'|'PRECIOUS-Gold edges down on firm dollar; Fed''s Dudley awaited for cues'|'BENGALURU, June 19 Gold slipped on Monday on a firm dollar as markets awaited comments by a top Federal Reserve official for clues on whether recent strength can be sustained, after last week''s soft economic data. FUNDAMENTALS * Spot gold was down 0.1 percent at $1,252.21 per ounce, as of 0127 GMT. * U.S. gold futures for August delivery fell 0.2 percent to $1,254 per ounce. * U.S. homebuilding fell for a third straight month in May to the lowest level in eight months as construction activity declined broadly, suggesting that housing could be a drag on economic growth in the second quarter. * The market is looking to comments by New York Fed President William Dudley for potential support for the greenback. Dudley, a close ally of Fed Chair Janet Yellen, is due to take part in a roundtable with local business leaders in Plattsburgh, New York. * Brexit Secretary David Davis starts negotiations in Brussels on Monday that will set the terms on which Britain leaves the European Union and determine its relationship with the continent for generations to come. * Hedge funds and money managers reduced their net long positions in COMEX gold and silver for the first time in four weeks, in the week to June 13, U.S. Commodity Futures Trading Commission (CFTC) data showed on Friday. * Gold Reserve Inc said on Friday it received $40 million from the government of Venezuela as part of a $1.03 billion settlement arbitrated by the World Bank for the termination of its Las Brisas gold concession in 2009. * The dollar steadied against a basket of currencies early on Monday after slipping on soft U.S. economic data, with investors awaiting comments by a top Federal Reserve official for clues on whether recent strength can be sustained. * Asia gold demand ticked up this week as global prices came off seven-month highs, while Indian buyers stayed on the sidelines waiting for further price drops in the absence of fresh triggers to stoke purchases. * One of President Donald Trump''s personal lawyers said in an interview that the president was not under investigation for obstruction of justice, but later said he was uncertain. * South Africa mine''s minister defended new regulations seeking to accelerate black ownership in the key industry as a "win-win" situation for all, despite objections from an industry body threatening court action to block the changes. DATA AHEAD (GMT) 0130 China House prices May (Reporting by Nithin Prasad in Bengaluru; Editing by Sherry Jacob-Phillips)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/global-precious-idINL3N1JG14D'|'2017-06-18T23:45:00.000+03:00'
'5bbbff5c68260a404b4d09f5c3c434cffe5711c9'|'WORLD-NEWS-SCHEDULE AT 1400 GMT/10 AM ET'|'Market News - Mon Jun 19, 2017 - 10:03am EDT WORLD-NEWS-SCHEDULE AT 1400 GMT/10 AM ET Editor: Toby Chopra + 44 20 7542 7923 Picture Desk: Singapore + 65 6870 3775 Graphics queries: + 65 6870 3595 (All times GMT/ET) TOP STORIES Britain''s May condemns "sickening" attack as van rams Muslim worshippers LONDON - A van ploughs into worshippers near a London mosque, injuring 10 people in what Prime Minister Theresa May says was a sickening, terrorist attack on Muslims. (BRITAIN-SECURITY/ (UPDATE 12, PIX, TV, GRAPHIC), moved, by Alistair Smout and Costas Pitas, 850 words) + See also: BRITAIN-SECURITY/WALLACE (URGENT), moved, 102 words Britain seeks "special" EU ties as Brexit talks start BRUSSELS - Britain''s negotiators come to Brussels seeking a "new, deep and special partnership with the European Union" as talks on the unprecedented British withdrawal from the bloc finally get under way. (BRITAIN-EU/ (UPDATE 3, TV, PIX), moved, by Alastair Macdonald and Elizabeth Piper, 720 words) + See also: - BRITAIN-EU/HAMMOND (PICTURE, TV), moved, 865 words Real victory will be in 5 years, says Macron camp after election win PARIS - President Emmanuel Macron''s government promises to reshape France''s political landscape as final results showed he had won the commanding parliamentary majority he wanted to push through far-reaching pro-growth reforms. (FRANCE-ELECTION/ (UPDATE 2, TV, PICTURE, GRAPHIC), expect by 1200 GMT, by Richard Lough and Brian Love, 630 words) + See also: - FRANCE-ELECTION/WOMEN (UPDATE 1, PICTURE), moved, by Jemima Kelly, 590 words - FRANCE-ELECTION/UNIONS (ANALYSIS), moved, by Leigh Thomas and Caroline Pailliez, 875 words Death toll in London tower fire rises to 79, police say LONDON - The death toll from a fire that ravaged a London tower block last week has risen to 79, police say, as the government tries to show it is improving its handling of a tragedy that has angered the public. (BRITAIN-FIRE/ (UPDATE 1, TV, PIX), moved, by Estelle Shirbon and William James, 750 words) Portugal''s deadliest fire still rages after 62 people killed PEDROGAO GRANDE - More than 1,000 firefighters are still battling Portugal''s deadliest forest blaze after it killed at least 62 people over the weekend. (PORTUGAL-FIRE/ (PICTURE, TV), moved, by Axel Bugge, 435 words) UNITED STATES An hour passed before Japan authorities were notified of Fitzgerald collision TOKYO - Nearly an hour elapsed before a Philippine-flagged container ship reported a collision with a U.S. warship, the Japanese coastguard says, as investigations begin into the accident in which seven U.S. sailors were killed. (USA-NAVY/ASIA (UPDATE 5), by Tim Kelly and Kaori Kaneko, 845 words) Trump to meet with tech CEOs on government overhaul WASHINGTON - President Donald Trump will meet with the chief executives of technology companies including Apple Inc and Amazon.com Inc on Monday as the White House looks to the private sector for help in cutting government waste and improving services. (USA-TRUMP/TECH, moved, by David Shepardson, 580 words) + See also: USA-TRUMP/RUSSIA-LAWYERS (PIX), moved, by Karen Freifeld, 719 words AMERICAS U.S. top court hands Chevron victory in Ecuador pollution case WASHINGTON - The U.S. Supreme Court hands a victory to Chevron Corp by preventing Ecuadorean villagers and their American lawyer from trying to collect on an $8.65 billion pollution judgment issued against the oil company by a court in Ecuador. (USA-COURT/CHEVRON (UPDATE 1), moved, by Lawrence Hurley, 449 words) Venezuela soldiers guard Chavez symbols in seething heartland SABANETA, Venezuela - In the agricultural town of Hugo Chavez''s birth, soldiers guard an immense statue of the former Venezuelan leader while nearby opposition activists dream of pulling it down. (VENEZUELA-POLITICS/BARINAS (FEATURE, PICTURE, TV), moved, by Andrew Cawthorne, 900 words) EUROPE New Boeing jet and F-35 demand lift aerospace spirits in Paris PARIS - The Paris Airshow opens under bright blue skies, with a new member of Boeing''s best-selling 737 range set to vie for attention with a potentially huge order for F-35 fighter jets and a visit by French President Emmanuel Macron. (AIRSHOW-PARIS/ (UPDATE 1, PICTURE), expect by 1200 GMT, by Tim Hepher and Mike Stone, 400 words) MIDDLE EAST U.S., Russia, Iran draw new red lines in Syria BEIRUT - Russia, Iran and the United States are drawing new "red lines" for each other in Syria with Moscow warning Washington it would treat any U.S.-led coalition planes in its area of operations as potential targets after the U.S. air force downed a Syrian jet. (MIDEAST-CRISIS/SYRIA (PIX), expect by 1500 GMT/11 AM ET, by Tom Perry and Babak Dehghanpisheh, 950 words) Mosul Old City battle goes house to house as Islamic State fighters defend MOSUL/BAGHDAD - Islamic State fighters defend their remaining stronghold in the Old City of Mosul, moving stealthily along narrow back alleys and slipping from house to house through holes in walls as U.S.-backed Iraqi forces slowly advance. (MIDEAST-CRISIS/IRAQ-MOSUL (UPDATE 1, TV, PIX), moved, by Sergei Karazy, Alkis Konstantinidis and Ahmed Rasheed, 650 words) UAE warns Qatar sanctions could last years DOHA/PARIS - The United Arab Emirates warns Qatar that sanctions imposed by several of its neighbours could last for years unless Doha accepts demands which Arab powers plan to reveal in coming days. (GULF-QATAR/ (UPDATE 1, TV, PIX), moved, by Tom Finn and John Irish, 810 words) + See also: - MIDEAST-CRISIS/IRAQ-SAUDI (UPDATE 1), moved, 330 words AFRICA Four guests killed in Mali resort attack BAMAKO - Unidentified gunmen kill four guests at a Mali luxury resort popular with Western expatriates just outside the capital Bamako, and one other guest is still missing, authorities say. (MALI-SECURITY/ (UPDATE 3, TV), moved, by Idrissa Sangare, 350 words) ASIA Four foreign inmates break out of Bali jail using tunnel DENPASAR, Indonesia - Indonesian police have launched a search for four foreign inmates, who escaped from an overcrowded prison on the resort island of Bali by crawling through a narrow tunnel dug under the walls, authorities say. (INDONESIA-PRISON/ESCAPE (UPDATE 1, TV), moved, 325 words) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/world-news-schedule-at-1400-gmt-10-am-et-idUSL8N1JG41L'|'2017-06-19T22:03:00.000+03:00'
'5f50fcf383e89d5903ab78ce200a5cdf7753b192'|'China Eastern sells stakes in cargo unit to four firms'|'By Brenda Goh - SHANGHAI SHANGHAI China Eastern Air Holding said on Monday it has sold almost half of its freight unit to four firms including Legend Holdings ( 3396.HK ) and Global Logistic Properties (GLP) ( GLPL.SI ) in the Chinese aviation sector''s first mixed-ownership reform deal.The parent company of China Eastern Airlines ( 600115.SS ) ( 0670.HK ) said in a statement it signed the deal for Eastern Air Logistics with the four companies, which also include Chinese express delivery firm Deppon Logistics and Greenland Financial, at a ceremony in Shanghai.The deal comes as China has prioritized implementing mixed ownership reforms to revamp the country''s bloated and debt-ridden state sector. The reforms envision private capital investing in firms run directly by the central government.China Eastern Air Holding (CEA Holding) said it will retain a 45 percent stake in the cargo unit, while Legend Holdings, GLP, Deppon and Greenland Financial will hold 25 percent, 10 percent, 5 percent and 5 percent respectively. The remaining 10 percent will be held by Eastern Air Logistics'' core employees.Financial terms of the deal were not disclosed. However, CEA Holdings said 4.1 billion yuan ($601.61 million) of state and non-state capital was invested in the freight unit, bringing its debt ratio down to 75 percent, from 87.86 percent at the end of 2016.The deal aims to turn the company into a "world-class air logistics national team capable of competing with FedEx, UPS and DHL, and will pave the way for the reform of China''s state-owned enterprises," CEA Holding said in the statement.Eastern Air Logistics will be involved in logistics real estate, cross-border e-commerce and express delivery through its new shareholders, it added.China Eastern Airlines sold Eastern Air Logistics to its parent in February for 2.43 billion yuan ($356.57 million), saying the unit''s shrinking market share and debts were crimping the airline''s overall operating performance.Air China ( 0753.HK )( 601111.SS ) is also expected to introduce mixed-ownership reforms in its air freight logistics business after it gained approval from China''s top state planner in April.($1 = 6.8150 Chinese yuan)(Reporting by Brenda Goh; Editing by Gopakumar Warrier and Sunil Nair)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-china-eastern-cargo-idINKBN19A0WS'|'2017-06-19T06:29:00.000+03:00'
'e064340a6f0f8e56dc5a88b451945d34f7194b96'|'Oil holds near multi-month lows as glut fears persist'|'Business News - Wed Jun 21, 2017 - 4:09pm EDT Oil drops to 10-month low; biggest first-half slide in 20 years A worker fills a tank with subsidized fuel at a fuel station in Jakarta April 18, 2013. REUTERS/Beawiharta By Julia Simon - NEW YORK NEW YORK Oil prices ended down more than 2 percent on Wednesday after hitting a 10-month low in volatile trade, as growing U.S. production and reduced Chinese refinery activity fed mounting concern over the stubborn global crude glut. U.S. crude futures CLc1 settled at $42.53, down 98 cents or 2.3 percent, after touching a low of $42.13, the lowest intraday level since August 2016. Since peaking in late February, crude has dropped more than 20 percent, with only brief rallies. More than 1 million front-month crude contracts changed hands on Wednesday, far exceeding the daily average of 560,000 contracts. Brent crude futures LCOc1 settled down $1.20 or 2.61 percent at $44.82 a barrel. "The market wants proof that OPEC cuts are shifting petroleum balances, and it''s not getting it. Crude prices are now on the hunt to find the stress point for the U.S. producers and we''re not there yet," said Anthony Headrick, energy market analyst at CHS Hedging LLC in Inver Grove Heights, Minnesota. Oil prices rose in late 2016 and early 2017 in response to the OPEC agreement, but weeks of surprisingly high inventory figures shifted sentiment among speculators who are shedding long positions as the crude glut persists. The U.S. Energy Information Administration said crude inventories declined by 2.7 million barrels last week, exceeding expectations for a 2.1 million-barrel drop. The data briefly supported prices, but "updated inventory balances don''t represent a game changer," said Headrick. The EIA also reported that U.S. crude production rose to 9.35 million bpd, nearing levels of top producers Russia and Saudi Arabia. U.S. producers have added rigs for 22 weeks straight. Oil has slid 20 percent in the first half of 2017, a period when prices have tended to rise. It was the biggest first half slide for Brent since 1997; the contract has risen in the first half of all but six years over that period. An agreement late last year from the Organization of the Petroleum Exporting Countries and other producers to cut output by 1.8 million barrels per day from January was supposed to reduce the global glut. Yet production is rising in Nigeria and Libya, countries exempt from the deal, offsetting cuts by other OPEC members. Nigeria''s crude exports are set to surpass 2 million barrels per day (bpd) in August, the highest in 17 months. Iranian oil minister Bijan Zanganeh said OPEC members were considering deeper output cuts, but not immediately. Investors were discouraged by data showing oil refineries in China, the world''s top crude importer, cutting operations during the peak demand summer season. The December 2017 U.S. crude contract is at its biggest discount to December 2018 futures CLZ7-Z8 since July, a signal that traders expect the glut to persist even longer. Options activity picked up on Wednesday as well, as investors bought protection against further declines. "Now everyone seems to be negative," said Commerzbank analyst Eugen Weinberg. In the U.S. Gulf of Mexico, oil facilities braced for Tropical Storm Cindy. About 17 percent of oil production in the Gulf was shut in and 40 platforms, or about 5 percent, were evacuated. Prolonged outages at refineries could drive up gasoline prices. (Additional reporting by Amanda Cooper in London, Aaron Sheldrick in Tokyo; Editing by David Gregorio)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-global-oil-idUSKBN19C02T'|'2017-06-21T08:46:00.000+03:00'
'aa767425d0e0f53ce8db471abf177d6753e10803'|'Guangzhou Rural Bank HK IPO priced near middle of range, raises $1 billion: source'|'By Elzio Barreto and Julie Zhu - HONG KONG HONG KONG Guangzhou Rural Commercial Bank Co Ltd (GRCB) priced its Hong Kong IPO slightly below the middle of expectations, a source said on Wednesday, underscoring tepid demand for the $1 billion deal amid concerns over rising non-performing loans in China.China''s No.5 rural commercial bank by assets priced the deal at HK$5.10 per share, after marketing it in a HK$4.99-HK$5.27 indicative range, said a person with direct knowledge of the deal, who did not want to be identified as details of the transaction were not public.The initial public offering consisted of 1.58 billion shares, with 91 percent new shares and the remainder existing stock from a group of 13 state-owned shareholders. It was the largest IPO in Hong Kong this year, surpassing the $511 million raised by WuXi Biologics (Cayman) Inc ( 2269.HK ) last week.GRCB declined to comment on the IPO pricing. The shares are slated to debut on the Hong Kong stock exchange on June 20.Chinese lenders are barred from selling new shares below book value, making some IPOs less appealing to investors since several banks already listed on the Hong Kong stock exchange trade at lower valuations.Hong Kong brokerage Phillip Securities, which offers margin loans for retail investors to buy into share offerings in the city, said demand from retail investors for the GRCB deal amounted to just HK$30 million worth of stock."That was quite a small amount, given the size of the IPO," said Jasper Chan, assistant manager of corporate finance at Phillip Securities. "Retail investors don''t really want to buy it because they can get similar stocks in the secondary market and they''re cheaper than buying into IPOs."Worries about rising bad debt in China also dragged on investor sentiment.Non-performing loans at Chinese commercial banks rose to 1.58 trillion yuan ($232.4 billion) at the end of March, from 1.51 trillion yuan in December, regulatory data showed.With the world''s No.2 economy growing at a slower pace, that figure is expected to grow further, analysts said.The benchmark index for financial firms listed in Hong Kong .HSHFI is up 10.8 percent this year, well below the 17.1 percent gain in the broader market index .HSI .GRCB''s deal comes ahead of other expected listings from medium-sized Chinese lenders in Hong Kong, including Zhongyuan Bank and Bank of Gansu, which plan to raise about $1 billion and $700 million respectively.Jilin Jiutai Rural Commercial Bank Corp ( 6122.HK ) raised $446 million in an IPO in January, with its shares up 7.5 percent since the lender went public.($1 = 6.7974 Chinese yuan renminbi)(Reporting by Julie Zhu, writing by Elzio Barreto; Editing by Himani Sarkar)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-grcbank-ipo-idINKBN1950A8'|'2017-06-14T01:48:00.000+03:00'
'732c2a24630557d94903f2b1cce7e8354cb7801a'|'European shares get tech support, Hexagon soars on M&A talk'|'LONDON Recovering technology stocks gave European shares another leg up on Wednesday, while deal chatter sent Sweden''s Hexagon soaring to a record high.The pan-European STOXX 600 benchmark and its euro zone counterpart .STOXXE rose 0.6 to 0.7 percent, in line with blue-chips .STOXX50E , with broad investor focus on the U.S. Fed rate decision later in the day in which the bank is widely expected to raise rates.They climbed to a session high after Euro zone industrial output data showed healthy economic growth, and employment hit a record high.In Britain the FTSE 100 .FTSE rose 0.5 percent while midcaps .FTMC rose 0.8 percent.Hexagon ( HEXAb.ST ) stole the limelight, jumping more than 16 percent to a new record high after a Wall Street Journal report that the Swedish measurement technology firm was in talks for a potential sale to undisclosed buyers.Hexagon said in a statement that the market would be immediately informed should evaluations lead to concrete results.Technology stocks .SX8P were the best-performing for the second session running, up 1.3 percent and clawing back after a nosedive fueled by jitters over valuations, particularly in the U.S.Chipmakers Infineon ( IFXGn.DE ), Dialog Semiconductor ( DLGS.DE ) and ASML ( ASML.AS ) all gained 1.2 to 1.5 percent.Tech sector aside, the trend of outperformance of defensives relative to cyclical sectors continued, with utilities among the best-performing sectors while banks made timid gains and autos were in the red."We expect the dominant market narrative over the coming months to be the fade in Euro area PMI momentum," said Deutsche Bank European equity strategist Sebastien Raedler."We remain underweight European cyclicals versus defensives, which have underperformed by 4 percent since early May, as Euro area macro surprises have started to roll over."British housebuilder Bellway ( BWY.L ) gained ground after its trading update showed robust demand for homes did not slow ahead of the national election on June 8.The builder''s upbeat tone also lifted peers Barratt Development ( BDEV.L ) and Taylor Wimpey ( TW.L ).Meanwhile, a changing of the guard at French utility EDF ( EDF.PA ) boosted it by 4.3 percent. EDF appointed an Italian to run its British unit handling the construction of two nuclear reactors at Hinkley Point C.Elsewhere, broker updates propelled share prices.Austria''s Raiffeisen Bank ( RBIV.VI ) sank to the bottom of the European index after Barclays cut the stock to an "underweight", saying it is relatively expensive and less geared to rising rates than its peer Erste bank."We believe that Raiffeisen''s stock has run too far on its restructuring and earnings recovery, and that its higher risk business profile makes its earnings outlook volatile," said Barclays analyst Victor Galliano.(Reporting by Helen Reid; Editing by Tom Heneghan)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-europe-stocks-idUSKBN1950P1'|'2017-06-14T15:35:00.000+03:00'
'692e06aa517c5ca84fdf355831268082f157bd08'|'Racist post fines on social media firms illegal -German parliament body'|'Market  36am EDT Racist post fines on social media firms illegal -German parliament body By Joseph Nasr - BERLIN, June 14 BERLIN, June 14 A draft law approved by the German government allowing social network companies to be fined if they failed to remove racist posts and fake news quickly infringes on the constitutional right to freedom of expression, a parliamentary body has found. Politicians fear that a proliferation of such posts directed at the more than one million Muslim migrants who have entered Germany in the last two years might sway public opinion in the September election. Critics said the government was rushing through legislation that could damage free speech. The proposal known as the "Facebook Law" had not clearly defined what constituted a punishable offence, the Wissenschaftlicher Dienst said in a non-binding opinion. "The draft law doesn''t specify guidelines, examples or reference points to define criminal or punishable content," it said. "It would have been extremely useful to provide data as well as studies to help make a proper assessment of the danger posed by the dissemination of punishable hateful content and fake news and the assumed destructive effect they have." Under the law, Facebook, Twitter and Google-parent Alphabet Inc would face up to 50 million euros ($56 million) in fines for not removing posts promptly. Martin Ott, Facebook''s chief in Germany, told Handelsblatt newspaper in an interview published on Tuesday that the draft law was problematic because it shifted the legal responsibility from the courts to companies. "We don''t think the law meets its aim as a private company should not decide what is legal or illegal," he said. "This is the job of courts." A justice ministry spokesman said the research body''s reservations would be taken into consideration and any proposed amendments would be debated by parliamentary committees. The draft law would give social networks 24 hours to delete or block obviously criminal content and seven days to deal with less clear-cut cases, with an obligation to report back to the person who filed the complaint about how they handled the case. (Editing by Louise Ireland)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/germany-socialmedia-hatecrime-idUSL8N1JB3M7'|'2017-06-14T21:36:00.000+03:00'
'f45b4481dc04fd4fb45c7121857a4054a3cdcf61'|'Chinese bankers flock to Hong Kong as expats retreat'|'Top   11:23am BST Chinese bankers flock to Hong Kong as expats retreat A bus with an advertisement of CFA Institute, featuring Hao Hong, head of research at Bocom International, drives past in Hong Kong, China October 6, 2016. Picture taken October 6, 2016. REUTERS/Bobby Yip By Jess Macy Yu and Julie Zhu - HONG KONG HONG KONG A flood of Chinese bankers is changing the social fabric of Hong Kong, as they rapidly expand their footprint in one of the world''s premier financial centres, even as Beijing struggles to tame the former British colony politically. Twenty years after Hong Kong''s handover to Chinese rule, scores of mainland professionals are filling the elite financial ranks of Hong Kong, while a series of lay-offs at Western banks has led to an exodus of expatriates. The largest increase in mainland staff over the past decade has come in investment banks, with 80 percent seeing an increase of at least 20 percent, according to a 2015 Financial Services Development Council survey. "It has a much better environment than Beijing where I used to work," said Hong Hao, a managing director at BOCOM International, who has lived in Hong Kong for five years. "The food is good, and the tax rate is also good." Tax rates in Hong Kong are around 15-17 percent, while they can be as much as 45 percent in mainland China. Chinese initial public offerings (IPO) dominate the Hong Kong market, the world''s largest IPO market in 2016 when mainland offerings represented 80 percent of all new listings, according to Thomson Reuters data. Hong Kong''s financial services industry accounts for 18 percent of the territory''s economy, compared with just 10.4 percent in 1997 when the city returned to Chinese rule. EXPAT CUSTOMERS FALL Evan Zhang, a 26-year-old from Guangdong province, is one of those new kids on the block in Hong Kong. For Zhang, one of the younger hires at CITIC Securities International, the increasing outward flow of Chinese capital in recent years is an opportunity. "With Chinese people more willing now to allocate assets overseas, and overseas investors willing to invest in China, I can play a go-between role to help them," he said. As top banks such as Goldman Sachs ( GS.N ), UBS ( UBSG.S ), and Bank of America ( BAC.N ) trim their Asia headcount, businesses across Hong Kong have taken a direct hit. Bo Innovation, a Michelin-star restaurant, said its Western expat customers fell roughly 10 percent in the last 10 years, according to owner and executive chef Alvin Leung. Mainland clients increased by about the same percentage, he added. Western companies are also increasingly turning to more affordable locations such as Quarry Bay, at a time when Chinese companies are boosting their presence in the prime Central district, according to Tom Gaffney, a managing director at real estate services firm CBRE. The value of a typical expat package for middle managers in Hong Kong, has fallen by two percent in U.S. dollar terms over the past five years, while the value of their benefits has fallen five percent over the same period, according to consultancy firm ECA International. "I have seen an enormous change in the expat landscape and packages offered," said Christine Davis, a manager at international relocation firm The Santa Fe Group who was an expat in Hong Kong in 1999-2001 and again since 2011. Everything was paid for by hosting companies in the past, she said, but now expat terms had been reduced "drastically". Hong Kong dropped two places to 13th in the world in HSBC''s 2016 Expat Explorer Survey, which measures various aspects of expat life. EASIER TO RECRUIT The new expat environment is making its easier to recruit talent. Several Chinese brokerages, asset management firms, and a Big Four Chinese bank told Reuters in recent months they intend to expand and hire more people in Hong Kong. "When I first joined the company 14 years ago, we could barely recruit the right people as we couldn''t offer a good salary," said Chen Shuang, chief executive of China Everbright Ltd, the Hong Kong investment arm of state-owned China Everbright Group. "But now, it''s much easier to recruit top talent, even those from large Wall Street banks, which was unimaginable in the past." Some senior Chinese bankers, such as managing directors and department heads, now earn more than their Western counterparts, which offer compensation of about $1 million a year, including base salary and cash bonus, according to executive recruiter Bernard Yeo of Bo Le Associates. On the flip side, junior Chinese bankers are typically paid 20 to 30 percent less than their foreign counterparts and enjoy a less generous package that excludes housing, school fees, and club memberships enjoyed by many Western expats, Yeo said. The changing demographics of the financial industry is reflected in the local economy. Restaurants featuring provincial mainland Chinese cuisine, like Old Beijing restaurant and San Xilou, which offers spicy Sichuanese fare, are doing well, restaurant managers say. So are serviced apartment companies, English learning programs, and Audis, a popular car brand among Chinese. In contrast, Trattoria Doppio Zero, a popular Italian restaurant in the central business district, has seen over a 10-percent drop in its customers the last three years, said manager Jeffrey Ko. (Additional Reporting by Michelle Price, Michelle Chen, Gabriel Yiu, Katy Wong, and Raffaele Huang in HONG KONG; Editing by Anne Marie Roantree and Bill Tarrant)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-hongkong-anniversary-banking-idUKKBN19907U'|'2017-06-18T15:11:00.000+03:00'
'5310bd42e57921b002c1e24e084e560109478fa7'|'Malaysia''s 1MDB says it was not contacted in connection with U.S. lawsuit'|'  12:07pm IST Malaysia''s 1MDB says it was not contacted in connection with U.S. lawsuit A construction worker talks on the phone in front of a 1Malaysia Development Berhad (1MDB) billboard at the Tun Razak Exchange development in Kuala Lumpur, Malaysia, February 3, 2016. REUTERS/Olivia Harris/Files KUALA LUMPUR Malaysia''s 1Malaysia Development Berhad (1MDB) said on Friday that it is not a party to the civil lawsuit filed by the United States Department of Justice (DOJ), and has never been contacted in relation to the case. "1MDB notes that the civil lawsuit does not contain any appendices with documentary proof or witness statements to support the allegations made by the DOJ," the state fund said in a statement. The Justice Department took legal action on Thursday to recover about $540 million in assets that authorities say were stolen by financiers associated with 1MDB. (Reporting by Praveen Menon; Editing by Christian Schmollinger)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/malaysia-scandal-1mdb-idINKBN1970DF'|'2017-06-16T02:55:00.000+03:00'
'4b61750fae6812b1cc300280c6a70ae54765f566'|'Buyout group says support for Shawbrook offer inches up ahead of Monday deadline'|'June 16 Private equity groups trying to take control of British challenger bank Shawbrook Group Plc said 46.6 percent of shares in the lender now counted towards the 50 percent threshold needed by a deadline on Monday for the deal to go through.Marlin Bidco, the buyout vehicle set up by BC Partners and Pollen Street Partners, said that as of Thursday afternoon it had received valid support for its offer from other Shawbrook shareholders owning a combined 7.75 percent of the company.Shawbrook this month rejected a raised and final 868 million pound ($1.1 billion) offer from the private equity groups, which already hold 38.8 percent.The offer will now remain open until Monday.The consortium first made a bid for Shawbrook in January, offering 307 pence per share, before raising its offer to 330 pence in March. However, so far Shawbrook''s directors have advised shareholders to reject the offer. ($1 = 0.7832 pounds) (Reporting by Noor Zainab Hussain in Bengaluru; Editing by Susan Fenton)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/shawbrook-group-buyout-idINL8N1JD0QH'|'2017-06-16T05:14:00.000+03:00'
'4e092e4b9a19c8cfd105144e143900454432d213'|'Exxon, partners set $4.4 bln for mega oil project in Guyana'|'  11:08pm IST Exxon, partners set $4.4 bln for mega oil project in Guyana FILE PHOTO: The logo of Exxon Mobil Corporation is shown on a monitor above the floor of the New York Stock Exchange in New York, December 30, 2015. REUTERS/Lucas Jackson/File Photo By Ernest Scheyder Exxon Mobil Corp said on Friday it and partners would spend $4.4 billion to develop part of the Liza oilfield off the coast of Guyana, approving a megaproject at a time when the oil industry has grown obsessed with lower-cost shale. Exxon''s decision shows that oil companies remain interested in large projects, especially offshore, even in an era of belt-tightening after two years of low crude prices. The Guyana announcement from Exxon and partners Hess Corp and CNOOC was the fifth deepwater project to gain approvals this year. BP Plc and Reliance Industries said on Thursday they would spend $6 billion to develop natural gas reserves off the Indian coast. Exxon, which spent nearly $7 billion earlier this year to more than double its holdings in the Permian shale formation in the United States, said the Guyana project was approved due in part to its low cost of production. "We''re excited about the tremendous potential of the Liza field and accelerating first production through a phased development in this lower cost environment," Liam Mallon, Exxon''s head of development, said in a statement. Phase One of the Liza development project should tap about 450 million barrels of oil and pump about 120,000 barrels per day when it comes online in 2020, Exxon said in a statement. The Liza field is roughly 190 kilometers off the coast of Guyana. Exxon plans 17 wells as part of the project''s first phase. A second phase is possible in the future, the company said. New York-based Hess said it expects its share of the project''s cost to be about $955 million. Shares of Exxon rose 0.7 percent to $82.97 on Friday. (Reporting by Ernest Scheyder in Houston and Ahmed Farhatha in Bengaluru; Editing by Sai Sachin Ravikumar)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/exxon-mobil-guyana-idINKBN1972G0'|'2017-06-16T15:38:00.000+03:00'
'd5ca6e1cbcab91538e5d886c6bbe3027e348b543'|'France, banks and retail rebound make for bright start for European shares'|'Top News - Mon Jun 19, 2017 - 6:11pm BST European shares rise as France stocks gain, banks, retailers rebound Stock index price for France''s CAC 40 and company stock price information are displayed on screens as they hang above the Paris stock exchange, operated by Euronext NV, in La Defense business district in Paris, France, December 14, 2016. REUTERS/Benoit Tessier - RTX2V16B By Helen Reid and Kit Rees - PARIS PARIS French stocks outperformed upbeat European indices on Monday following a convincing parliamentary victory for President Emmanuel Macron, while banks rebounded following upgrades and retailers recovered from last week''s losses. France''s blue-chips gained nearly 1 percent after President Emmanuel Macron cemented an overwhelming parliamentary majority, further increasing his party''s capacity to push through reforms. Banks BNP Paribas, Societe Generale and Credit Agricole underpinned gains on the index. "Markets are celebrating the fact the Macron government has been strengthened by this outcome," said Vincent Juvyns, global market strategist at JP Morgan Asset Management. "Planned reforms could enhance the growth potential of the country and reduce the structural deficit, something which would lift French GDP going forward," he said. Berenberg chief economist Holger Schmieding said France could become the strongest major economy in Europe in a decade. He said this would outclass "a Germany that is resting on its laurels and a UK that is impairing its long-term growth prospects by losing (some of) its preferential access to its major market, the EU," Schmieding said. Britain began negotiations on Monday to leave the European Union. Euro zone blue-chips closed 0.9 percent higher, as did the pan-European STOXX 600. The retail sector, particularly grocers, which were sent into a tailspin on Friday after Amazon''s surprise $13.7 billion deal to buy Whole Foods, bounced back, partly on hopes of more deal activity in the sector. The regional retail index, which suffered its worst week in 16 months last week, rose 0.8 percent. Britain''s Ocado soared more than 11 percent, the top-performing stock across the region. Exane upgraded Ocado to "outperform" on hopes that partnerships, if not a takeout, were more likely. Analysts at the French broker said Amazon''s progress could be hemmed in the short term by the limitations of the store pick model - in which employees pick online orders from the store floor rather than in distribution centres. "We''re minded to not overreact therefore, but the deal is still bad news for the sector, we think, unless of course you are a target," they added. "Ocado might not be a target but the probability of a partnership just increased materially." Dutch healthcare technology firm Philips jumped to a 15-year high after The Times reported activist hedge fund Third Point was building a stake in the company. Also, in notable broker activity, Credit Suisse found favour among analysts at Morgan Stanley, Citi and Deutsche Bank. Citi named Credit Suisse ( CSGN.S ) its preferred Swiss bank, while Morgan Stanley reinstated coverage on the stock with an "outperform." Credit Suisse shares rose 3.4 percent. Formal Brexit negotiations got under way on Monday with Britain''s Brexit Secretary David Davis meeting EU chief negotiator Michel Barnier, though this did not ruffle market sentiment in the short-term. (Reporting by Helen Reid and Kit Rees, editing by Larry King) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-europe-stocks-idUKKBN19A0TD'|'2017-06-19T15:46:00.000+03:00'
'245701292544cb6e04daf379a7760becc289b701'|'U.S. retail sales post biggest drop in 16 months'|'WASHINGTON U.S. consumer prices unexpectedly fell in May and retail sales recorded their biggest drop in 16 months, suggesting a softening in domestic demand that could limit the Federal Reserve''s ability to continue raising interest rates this year.The Fed is expected to increase borrowing costs later on Wednesday, but the signs of retreating inflation pressures and moderate consumer spending could worry policymakers who have previously viewed the softness as transitory."For the Fed, today''s reports are a twin disappointment," said Michael Hanson, chief economist at TD Securities in New York. "Continued softness in the economic data could call into question the Fed''s conviction, but that is unlikely to be a main theme at today''s meeting, in our view."The Labor Department said its Consumer Price Index dipped 0.1 percent last month, weighed down by declining prices for gasoline, apparel, airline fares, motor vehicles, communication and medical care services, among others.The second drop in the CPI in three months followed a 0.2 percent rise in April. In the 12 months through May, the CPI rose 1.9 percent, the smallest increase since last November, after advancing 2.2 percent in April.The year-on-year gain in the CPI in May was still larger than the 1.6 percent average annual increase over the past 10 years. Economists had forecast the CPI unchanged last month and advancing 2.0 percent from a year ago.The so-called core CPI, which strips out food and energy costs, rose 0.1 percent in May after a similar gain in April as rents continued to increase moderately. The core CPI increased 1.7 percent year-on-year, the smallest rise since May 2015, after advancing 1.9 percent in April.The Fed has a 2 percent inflation target and tracks an inflation measure which is currently at 1.5 percent.While the U.S. central bank is expected to raise interest rates by 25 basis points on Wednesday, its second hike this year, the weakness in inflation and retail sales, if sustained, could put further monetary tightening in jeopardy.INCOMING DATA CRUCIAL"Clearly officials will be mindful of incoming inflation trends in the coming months before greater confidence can be made with second half of the year policy normalization plans," said Sam Bullard, a senior economist at Wells Fargo Securities in Charlotte, North Carolina.The dollar fell to a seven-month low against a basket of currencies on the data, while prices for U.S. Treasuries rallied. U.S. stocks were little changed ahead of the Fed''s interest rate decision.In a separate report, the Commerce Department said retail sales fell 0.3 percent last month amid declining purchases of motor vehicles and discretionary spending after a 0.4 percent increase in April. May''s drop was the largest since January 2016 and confounded economists'' expectations for a 0.1 percent gain.Retail sales rose 3.8 percent in May on a year-on-year basis. While some of the drop in monthly retail sales reflected lower gasoline prices, which weighed on receipts at service stations, sales at electronics and appliance stores recorded their biggest decline since March 2010.Excluding automobiles, gasoline, building materials and foodservices, retail sales were unchanged last month after an upwardly revised 0.6 percent rise in April. These so-called core retail sales correspond most closely with the consumer spending component of gross domestic product and were previously reported to have increased 0.2 percent in April.Consumer spending accounts for more than two-thirds of the U.S. economy. Despite last month''s weak core retail sales reading, low inflation could translate into higher consumer spending in the calculation of GDP.The economy grew at a 1.2 percent annualized rate in the first quarter, held back by a near stall in consumer spending and a slower pace of inventory investment.Output increased at a 2.1 percent pace in the October-December period. The Atlanta Fed is forecasting GDP rising at a 3.2 percent annualized rate in the second quarter.(Reporting by Lucia Mutikani; Editing by Andrea Ricci and Meredith Mazzilli)A shopper passes a window display at the Beverly Center mall in Los Angeles, California November 8, 2013. REUTERS/David McNew'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-usa-economy-idUSKBN1951Q8'|'2017-06-14T20:47:00.000+03:00'
'7e7a7b3153e0bb6661f9967897673e407fe4fbc2'|'Street wars 2035: can cyclists and driverless cars ever co-exist? - Cities'|'P icture yourself cycling down a city street in the year 2035. You’re late for a meeting, but the road you must cross ahead has recently been designated an “Autonomous Vehicle-only” route, where platoons of driverless cars whizz past, mere centimetres apart. You can’t ride across it, as cyclists and pedestrians have been banned for fear they would slow the driverless traffic. You must find a way around.The clock is ticking. Do you attempt to climb the barrier and make a dash through the traffic? As you wait, you see a group of kids on a side street which is open to all vehicles. They are darting between driverless pods and forcing them to a stop. It’s a popular game. Rewind to today. A report last month estimated that by 2035 up to 25% of new vehicles sold could be fully autonomous. Humans can be terrible drivers, and many proponents believe AV could reduce the 1.34 million annual global road death toll. But cities have some urgent questions to answer and failure to address the issues raised could see us sleepwalking back into the problems of the 1960s and 70s, where cities became thoroughfares for traffic first … and places for people second.Facebook Twitter Pinterest A human behind the wheel of Hyundai’s Ionic driverless car. Photograph: Hyundai The ‘problem’ posed by cyclists Driverless cars navigate and detect other road users using a combination of cameras, detailed maps, radar and, in the case of Google cars, Lidar (light detection and ranging), a laser-sensing system adapted from oceanographic surveying. Google, in a company now spun off as Waymo , has been testing driverless cars (with pilots inside) on public streets in the US since 2009, clocking 2.5 million miles, and honing the technology following interactions with other road users.A driverless car will, in theory, stop if it detects an object in its path – but cyclists, being small and agile, represent a unique challenge. AVs struggle with changes in speed and the huge variety of cycle shapes and sizes. They even struggle to detect which way a bicycle is pointing. Deep3DBox, a programme designed to identify 3D objects from 2D images, such as camera footage, is the most successful at doing this; yet it only spots a cyclist in 74% of cases , and correctly predicts the direction they are facing just 59% of the time. Poor weather makes detection even less accurate.Former Renault-Nissan chief executive Carlos Ghosn described cyclists as “one of the biggest problems for driverless cars” last year. They confuse the vehicles, he said, because at times they behave like pedestrians, at other times like cyclists, and “they don’t respect any rules usually”.Google has acknowledged that “it’s hard for others to anticipate their movements”. This came after one cyclist bamboozled a self-driving Lexus by performing a prolonged track stand at a junction. Google has since taught its cars to recognise cyclists’ hand signals, different sizes and shapes of bike, and allows them more space on the road.The issue of detecting and reacting to unpredictable behaviour is far from solved, though, as the Guardian recently witnessed during a ride in a driverless Nissan Leaf . In a separate incident earlier this year a driverless Leaf was caught on camera overtaking a cyclist at very close proximity, even though the vehicle’s monitors indicated it had detected the rider. Facebook Twitter Pinterest A skateboarder rides next to an electric driverless bus in Lyon, France. Photograph: Jean-Philippe Ksiazek/AFP/Getty ‘Unworkable’ But what action should a driverless car be programmed to take when it sees a cyclist or a pedestrian in its path? And what happens if people crossing roads learn they can simply walk in front of AVs which will be forced to brake?Robin Hickman, a reader in transport and city planning at University College London’s Bartlett School of Planning, believes this makes driverless cars “unworkable” on busy urban streets.“In terms of the algorithm for dealing with obstacles that move in unpredictable ways, like cyclists or pedestrians, I would say that’s unsolvable,” says Hickman. “If a pedestrian knows it’s an automated vehicle, they will just take the priority. It would take you hours to drive down a street in any urban area.“And in the context of India or China,” he adds, “where there are different types of vehicles, more pedestrians, more cyclists, I would say it’s even more difficult for the AV to mix with all these unpredictable users.”There’s a lot of interest and people tend to get distracted by this shiny new toyJanette Sadik-Khan The options for solving these kinds of problems are not always attractive. One possibility is an integrated network of environmental sensors, making the street an extension of the internet of things. This would reduce the likelihood, for example, that a child running out from behind a parked car could surprise an autonomous vehicle. But what about privacy?Then there’s the idea of the electronic detection of road users via some form of RFID beacon system, which could even be built into future e-bikes. But – as Ceri Woolsgrove, road safety and technical policy officer at the European Cyclists’ Federation – says: “What about the 30, 40, 50% of pedestrians, cyclists who aren’t connected? It doesn’t exactly make you feel very safe.”Or how about prosecuting pedestrians or cyclists who get in the way of driverless cars? David Levinson, a professor at the School of Civil Engineering at the University of Sydney, is broadly supportive of AVs, but says: “It’s very big brother like, there’s a question of safety v freedom. How much risk to endanger yourself are we going to let you take?”Thinking back to the kids stopping driverless cars on our imaginary future street, Levinson sees a future where blocking a driverless car could even be criminalised. “The car has a camera and the picture will be sent to the police department, and the police department will come and arrest you for annoying an autonomous vehicle.”Facebook Twitter Pinterest Endless streams of traffic on Sheikh Zayed Road in Dubai. Photograph: Gavin Hellier/Alamy Back to the 60s? Given these challenges, experts including Hickman and Levinson believe segregation and AV-only roads are inevitable. But wouldn’t that risk a return to the urban dystopia of the 1960s and 70s, when planners crisscrossed cities with elevated highways and erected barriers around roads with the aim of improving safety? The unintended consequences were fast, aggressive driving, and the splitting in two of countless communities.“I think there will be some roads that will be transformed to higher speed roads,” says Levinson. “I’d be sceptical of someone who says we will not do any of that. But if you can move traffic away from the lower speed streets that pedestrians and cyclists want to use, that’s an improvement.”Hickman believes “the case is overwhelming against AVs” but fears the powerful motor industry lobby means there is so much private and government money already at stake that the rise of driverless cars would be hard to stop.In Britain, the Department for Business, Innovation and Skills is delivering a feasibility and R&D programme worth more than £200m, via Innovate UK. This includes the GATEway programme in Greenwich, which recently turned a section of bike path along the Thames into an AV shuttle lane. The European Commission has said it is “fully committed to a fast deployment of self-driving technologies”, citing the economic and safety benefits. A recent commission document on Smart Cities mentioned cycling only once, and that was in reference to helmets.And in the US, legislation to allow the testing of driverless cars has been introduced in 35 of 50 states, and adopted in six. Google, Lyft, Uber , Ford and Volvo recently formed the Self Driving Coalition for Safer Streets to lobbying for more favourable federal standards.Facebook Twitter Pinterest The effect of driverless pods on healthy lifestyles, as imagined by Pixar movie Wall-E As Hickman says: “We shouldn’t be designing our future transport strategies based on selling vehicles, we should have different objectives. It should be more about the liveability of urban life, and the benefits of active lifestyles which include walking and cycling. I think there should be a full stop after that.”Woolsgrove of the ECF sees “potential for good and potential for evil”. “In terms of the car itself, Vision Zero could be genuinely within reach with some of these technologies,” he says. “You can programme a car to obey all of the traffic rules perfectly and to be extra vigilant of cyclists and walkers. You can literally control where the car goes.”‘It’s about people, not cars’ Although driverless cars may be many years from our streets, some of the technology is here already. Lane departure prevention, forward emergency brakes, and automatic parking are fitted in today’s cars. Progress is slow now, but it will reach a tipping point, after which adoption will rapidly accelerate. There is a real concern that while cities are thinking about the implications of autonomous vehicles, the ground is shifting under their feet.Two-wheel takeover: bikes outnumber cars for the first time in Copenhagen Read more The level of mapping data required for AV navigation, with accuracy down to the millimetre, means a vehicle can only currently download the information for a single city. This makes an urban, lift-sharing scenario more likely but – as former New York transportation commissioner Janette Sadik-Khan warns – human-controlled Uber and Lyft cars have already added “tremendous” numbers of vehicles to city streets.Sadik-Khan, who is chair of the National Association of City Transportation Officials (Nacto), says mayors around the world should be asking themselves: “What is the city that you want to be?”“There’s a lot of interest and people tend to get distracted by this shiny new toy,” she says. “Let’s make sure that is the focus – creating the city that we want to have – and not looking at the technology as the be all and end all. “There are some exciting possibilities with autonomous vehicles but I think we need to remember what makes a great city, and that’s really about the people, not the cars.”Guardian Cities is dedicating a week to exploring the future of cycling in cities around the world. Explore our coverage here and follow us on on Twitter and Facebook to join the discussion. Accept our challenge to have a conversation with a fellow city cyclist? Tell us about it here, or on Twitter or Instagram using #cycleconvo , and we’ll feature the best at Guardian Cities Topics Cities Guardian Cities cycle week Uber Waymo Automotive industry features  '|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/cities/2017/jun/14/street-wars-2035-cyclists-driverless-cars-autonomous-vehicles'|'2017-06-14T03:00:00.000+03:00'
'9f3a422961af296294880bbeea200c754479d0dc'|'Brazil''s Temer led graft scheme, billionaire tells Época magazine'|' 32pm IST Brazil''s Temer led graft scheme, billionaire tells Época magazine Brazilian President Michel Temer attends a ceremony of the 152nd anniversary of the Riachuelo Naval Battle at the Marine Corps Headquarters in Brasilia, Brazil June 9, 2017. REUTERS/Ueslei Marcelino/Files SAO PAULO Brazilian President Michel Temer led a corruption scheme in which lawmakers squeezed high-profile executives for bribes, billionaire Joesley Batista told magazine Época in an interview published on Saturday. In his first interview since striking a leniency agreement with Brazilian prosecutors, Batista told Época that Temer asked for money several times since 2010. Batista told the magazine that Temer led a group of senior politicians regularly demanding kickbacks in exchange for political favors. Former speakers Eduardo Cunha and Henrique Eduardo Alves, as well as Temer''s current chief of staff Eliseu Padilha and Cabinet Minister Wellington Moreira Franco, participated in Temer''s scheme, Batista said in the interview. "Temer is the leader of a lower house criminal organization," Época quoted Batista as saying. "Those who are not under arrest are in the government. They''re very dangerous." Temer''s media office declined to comment. Press representatives for Batista and his family''s investment holding company, J&F Investimentos SA, were not immediately available for comment. Efforts to reach the lawyers of Cunha, Alves, Moreira Franco and Padilha were unsuccessful. The comments took Batista''s accusations against Temer a bit further since the billionaire entrepreneur told prosecutors that Temer worked to obstruct an ongoing corruption investigation as president. Last week, Temer escaped the threat of ouster after Brazil''s top electoral court dismissed a case over alleged illegal campaign funding for the 2014 election - in which he ran on the same ticket of former President Dilma Rousseff. Rousseff was impeached last year on accusation she oversaw the doctoring of budget accounts. J&F agreed to pay a record-setting 10.3 billion-real ($3.1 billion) leniency fine, after Joesley Batista and his brother Wesley admitted to bribing almost 1,900 politicians in recent years. J&F-controlled JBS SA, the world''s No. 1 meatpacker, is being investigated for alleged insider trading ahead of the announcement of the Batista family''s leniency deal. Batista denied having ordered insider trades at JBS, according to the Época interview, adding that he believed they were all made in line with the law. He said J&F will sell "as many assets as necessary" to quash concerns about the group''s solvency. J&F diversified from meatpacking in recent years, expanding into fashion, home cleaning, banking and pulpmaking with the help of state loans, prosecutors said. ($1 = 3.2925 reais)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/brazil-corruption-jbs-idINKBN1980J3'|'2017-06-17T12:02:00.000+03:00'
'5f488c6fa4aba93c397c8e632c43663626e92e7a'|'For Whole Foods workers, fears of robots, drones and culture clash'|'Technology News   4:11am IST For Whole Foods workers, fears of robots, drones and culture clash Juice drinks for sale are pictured inside a Whole Foods Market in the Manhattan borough of New York City, New York, U.S. June 16, 2017. REUTERS/Carlo Allegri By Lisa Baertlein and Harriet McLeod - LOS ANGELES/MOUNT PLEASANT, S.C. LOS ANGELES/MOUNT PLEASANT, S.C. The merger that shook food and retail stocks on Friday - Amazon.com Inc''s ( AMZN.O ) proposed deal to buy Whole Foods Market Inc ( WFM.O ) - rattled some employees of the upscale grocery chain who expressed fears ranging from layoffs to the loss of their laid-back corporate culture. The online retailer hopes the $13.7 billion acquisition helps it disrupt the grocery business and expand its real-world store footprint. Carmen Clark, 37, a six-year employee at a store in Mount Pleasant, South Carolina, said some workers worry that Amazon-led automation could lead to job cuts. "Everybody''s been kind of joking that it''s going to be robots and drones," Clark said of potential changes from Amazon, which uses robots in its warehouses and is testing drones for delivery. But she is giving Amazon the benefit of the doubt. "I have purchased from Amazon for five years. It''s a good company," she said. Reuters approached a dozen employees in California, New York, Illinois, South Carolina and Rhode Island. Many said they had been told by managers not to speak to reporters. Several workers expressed relief and happiness about the planned sale, which came as Whole Foods faced pressure from hedge fund investor Jana Partners to improve results. Whole Foods recently overhauled its board and redoubled cost-cutting efforts, seeking to change a high-price image that has tagged it with the nickname "Whole Paycheck." But Whole Foods has lost market share to rivals Kroger Co ( KR.N ), Wal-Mart Stores Inc ( WMT.N ), Costco Wholesale Corp ( COST.O ) and others that have elbowed into the natural and organic segment Whole Foods pioneered. Some workers at the nonunion grocery chain wondered whether Amazon, known for its hard-driving culture, would mean big changes to their pay, benefits or employment. "I think that they are a very profit-driven company, so there might be some streamlining as far as labour," said Sasha Hardin, 28, of the Mount Pleasant store, who has been with Whole Foods for 6-1/2 years. A Los Angeles deli worker in his 30s, who is expecting his first child this summer, is worried about layoffs. "I want to keep working," said the worker, who did not want his name used. Whole Foods has a corporate culture that prizes inclusive decision-making, such as allowing workers to vote on benefits every three years and disclosing executive pay. "I''ve heard that Amazon''s culture is really cutthroat. That worries me," one bagger at a Providence, Rhode Island, store said. At least one customer was concerned that an Amazon purchase would further distance Whole Foods from its roots as a purveyor of premium, organic and specialty foods. "This store has become a money-making machine," said Tony Castro, a 40-year-old private chef, who shops daily in Whole Foods'' sprawling downtown Los Angeles store. (Additional reporting by Richa Naidu in Chicago, Svea Herbst-Bayliss in Providence, R.I., and Daniel Trotta in New York; Editing by Matthew Lewis)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/whole-foods-m-a-workers-idINKBN1972VK'|'2017-06-16T20:41:00.000+03:00'
'37538160c776b75089e0f6c8c12ff13df23de1b0'|'A380plus - Airbus upgrades world''s biggest passenger jet'|'Sun Jun 18, 2017 - 4:01pm BST A380plus - Airbus upgrades world''s biggest passenger jet left right A new fuel-efficient wingtip extension or winglet is seen on an Airbus A380 on the eve of the 52nd Paris Air Show at Le Bourget Airport, near Paris, France, June 18, 2017. REUTERS/Pascal Rossignol 1/2 left right A new fuel-efficient wingtip extension or winglet is seen on an Airbus A380 on the eve of the 52nd Paris Air Show at Le Bourget Airport, near Paris, France, June 18, 2017. REUTERS/Pascal Rossignol 2/2 PARIS Airbus ( AIR.PA ) unveiled an upgraded version of the world''s biggest passenger jet on Sunday, seeking to boost demand for the slow-selling superjumbo and including a new wingtip design aimed at reducing fuel burn by up to 4 percent. The new wing design adds to other modifications presented earlier this year, including new stairways and cabin rest area to fit in more seats, with Airbus dubbing the enhanced version the "A380plus". Airbus announced the plan at the Paris Airshow, where it revealed the new wingtips and new "A380plus" branding on the fuselage and wing of an A380 belonging to the Air and Space Museum at Le Bourget airport. Reuters had previously reported the plans, which the planemaker hopes will help revive weak sales of the double-decker jet. "The A380plus is an efficient way to offer even better economics and improved operational performance at the same time," Airbus sales chief John Leahy said in a statement. Overall, the changes will lead to a 13 percent reduction in cost per seat compared with the current A380, Airbus said. The "A380plus" will also have an increased maximum take-off weight of 578 tonnes, meaning it can either carry 80 more passengers or fly a further 300 nautical miles. Airbus said it would also offer longer time between maintenance checks, meaning the plane can fly more and thus cutting maintenance costs. (Reporting by Victoria Bryan; Editing by Mark Potter) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-airshow-paris-a-idUKKBN1990OX'|'2017-06-18T23:01:00.000+03:00'
'96de0fabdc2efbe9530325d09b46ffa9de77e83b'|'Despite differing fortunes, UK, French leaders find common ground on security'|'By Elizabeth Piper and Michel Rose - PARIS, June 13 PARIS, June 13 He is the man of the moment after winning the French presidency with ease, while she is in the spotlight for all the wrong reasons after gambling away a majority in the British parliament.When Theresa May met Emmanuel Macron in Paris on Tuesday, their political fortunes could hardly have been more different and neither could their outlooks.The French president is an ardent supporter of the European Union as the best defence against inequalities wrought by globalisation. The British prime minister wants to leave the bloc in "the national interest".While the two briefly raised Brexit - Macron said the door was open for Britain to change its mind and May said she was sticking to her time line - they were more interested in highlighting their common fight against terrorism.Before heading for a dinner of duck liver pate and monkfish and a friendly soccer match between England and France, the two said they would work together to find new ways to encourage firms to clamp down on internet hate speech."We are launching a joint UK-French campaign to ensure that the internet cannot be used as a safe space for terrorists and criminals, and that it cannot be used to host the radicalising material that leads to so much harm," May told a joint news conference on the grounds of France''s Elysee Palace."Crucially, our campaign will also include exploring creating a legal liability for tech companies if they fail to take the necessary action to remove unacceptable content."After two Islamist militant attacks in Britain in less than two weeks, May''s bid to clamp down on internet extremism has struck a chord with international leaders, especially Macron, whose country has suffered several jihadist attacks since 2015.To honour the victims of the attacks on London and Manchester that killed 30, the French Republican Guard before the soccer match played the Manchester rock anthem "Don''t look back in anger" before a one-minute silence at the Stade de France, where a suicide bomber blew himself up in 2015."We have decided to go further on a concrete plan to reinforce the obligation of social media companies to remove content that promotes hate and terrorism online. Current measures are not enough," said Macron.Internet firms, such as Google and Twitter , say they are investing heavily and employing thousands of people to take down hate speech and violent content on their platforms, with evidence their efforts are working.UPBEATMaking her first foreign visit since last Thursday''s election when May saw her Conservatives'' slim majority disappear after what several sources called "an awful campaign", May was more upbeat after winning a stay of execution from her party.Earlier, she even joked about her election performance, which saw an early double-digit lead in the polls collapse, squandered with the introduction of a policy on funding for elderly care, dubbed "the dementia tax" by the opposition.Congratulating the parliamentary speaker on his re-election in London earlier in the day, she said: "At least someone got a landslide."She must still reach a deal to prop up her government with Northern Ireland''s Democratic Unionist Party, which has raised concerns the start of Brexit talks may be held up - something she denied on Tuesday.A spokesman for May''s office said talks with the DUP broke up for the night on Tuesday and were set to resume on Wednesday."What we''re doing in relation to the talks that we''re holding, the productive talks we''re holding with the Democratic Unionist Party, is ensuring that it is possible to, with their support, give the stability to the UK government that I think is necessary at this time," May said."I confirmed to President Macron that the timetable for the Brexit negotiation remains on course and will begin next week."Her weakened authority has helped turn the tables on the "bloody difficult woman" she said she would portray at the negotiating table with the EU, putting her in the thrall of two wings of her party: the "purists" who want a clean break with the bloc, and the remainers who want closer ties.Now 2-1/2 months after triggering Article 50 of the EU''s Lisbon Treaty to start the talks, the EU has warned Britain that any further delay risks the negotiations'' failure.Macron, who on a visit to London before winning the presidential election called on businesses in London to move to Paris to take advantage of the bloc''s single market, played down any risk, saying he wanted a good deal for both sides."The door of course is still open as long as Brexit negotiations have not been concluded, but a sovereign decision to leave the EU has been taken and I respect that decision," Macron said, adding it would be difficult to walk back once exit talks began. (Additional reporting by Alistair Smout in London; Writing by Elizabeth Piper; Editing by Peter Cooney)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/britain-politics-france-may-idINL8N1JA3F6'|'2017-06-13T19:58:00.000+03:00'
'b1820a72d8a464c36026bfe818c2efde89702add'|'MOVES-BNP Paribas'' unit hires new APAC head of institutional sales'|'June 14 BNP Paribas'' asset management unit named Mark Speciale Asia Pacific head of institutional sales.Speciale, who has about 30 years of experience in financial services, will be based in Singapore and report to Ligia Torres, BNP Paribas Asset Management''s Asia Pacific chief executive.Speciale most recently was head of distribution, Asia Pacific at BNY Mellon Investment Management, based in Singapore. (Reporting by Diptendu Lahiri in Bengaluru; Editing by Anil D''Silva)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/bnp-paribas-asset-management-moves-mark-idINL3N1JB3KI'|'2017-06-14T07:44:00.000+03:00'
'3cf6279c6d000e324355364bd4cb77118598ba93'|'Munich, home to BMW, considers diesel ban to tackle pollution'|'Environment   2:42pm BST Munich, home to BMW, considers diesel ban to tackle pollution left right FILE PHOTO: Flags near the headquarters of German luxury carmaker BMW before the company''s annual shareholder meeting in Munich, Germany, May 11, 2017. REUTERS/Michael Dalder/File Photo 1/2 left right The Munich skyline with the famous landmark ''Frauenkirche'' (Cathedral of Our Lady) is seen in front of the Alps, Germany, January 26, 2016. REUTERS/Michael Dalder 2/2 FRANKFURT Munich, home to carmaker BMW, has become the latest German city to consider banning some diesel vehicles amid "shocking" nitrogen oxide emissions in the Bavarian capital. "As much as I would welcome avoiding such bans, I think it is just as unlikely that we can continue to do without bans in the future," Munich mayor Dieter Reiter was quoted as saying by the Sueddeutsche Zeitung newspaper on Wednesday. Asked about the latest nitrogen oxide readings, which the paper said violated European air quality standards well beyond busy trunk roads, the mayor said: "The results are shocking, nobody expected this." The scandal over rigged diesel emission tests at Volkswagen ( VOWG_p.DE ) has already thrown the future of diesel engines into doubt, and has highlighted carmakers'' struggle to comply with ever stricter rules on the nitrogen oxides emissions. Shares in German carmakers BMW, Volkswagen and Daimler initially dropped between 0.7 and 1.6 percent amid gains in the broader German market, with traders pointing to the prospect of diesel bans, but later recovered some of their losses. A spokesman for BMW, whose products range from electric i3 compact cars to luxury gasoline- and diesel-powered sedans and SUVs, said encouraging electric vehicle use was a better way to improve air quality than imposing a ban on diesel cars. Germany''s federal government was also against individual states and cities banning diesel cars, a transport ministry spokesman said on Wednesday with regard to the possibility of a ban being imposed in Munich. "Driving bans are the wrong political approach," the spokesman said. However, the city of Stuttgart, home of Mercedes-Benz and VW''s Porsche subsidiary, is already preparing to ban some diesel vehicles from next year which do not meet the latest emission standards. Sueddeutsche Zeitung said between 133,000 and 170,000 vehicles could be affected by a ban in Munich, depending on how strict it will be, but cars meeting the latest Euro 6 emission standard would be exempt. German environmental campaign group Deutsche Umwelthilfe has launched a legal challenge against Germany''s regional states, pushing for measures to improve the air quality in more than two dozen cities. In response the states'' environmental ministers have already proposed retrofitting Euro-5 vehicles to meet the stricter Euro-6 standard but it is not yet clear how costs will be split between the state, carmakers and owners. Due to the more efficient fuel burn and lower carbon dioxide emissions compared with gasoline-powered cars, Germany''s three major carmakers have invested heavily in diesel technology. While only a niche market in the United States, about half the new cars sold in Germany were diesel-powered before the VW scandal broke, but the market share has since declined to just over 40 percent. The prospect of diesel bans is also seen weighing on the used vehicle market, which would affect carmakers'' leasing and vehicle financing divisions as car loans are secured against these values. (Reporting by Jan C. Schwartz, Sabine Wollrab, Ilona Wissenbach and Ludwig Burger, editing by Louise Heavens, Greg Mahlich)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-germany-autos-diesel-idUKKBN1950VD'|'2017-06-14T21:38:00.000+03:00'
'dc26886c2c358a23700df3c00cf5e3770740ec63'|'With Whole Foods, Amazon on collision course with Wal-Mart'|'By Nandita Bose and Jeffrey Dastin - CHICAGO/SAN FRANCISCO, June 18 CHICAGO/SAN FRANCISCO, June 18 When Wal-Mart Stores Inc bought online retailer Jet.com for $3 billion last year, it marked a crucial moment - the world''s largest brick-and-mortar retailer, after years of ceding e-commerce leadership to arch rival Amazon, intended to compete.On Friday, Amazon.com Inc countered. With its $14 billion purchase of grocery chain Whole Foods Market Inc , the largest e-commerce company announced its intention to take on Wal-Mart in the brick-and-mortar world.The two deals make it clear that the lines that divided traditional retail from e-commerce are disappearing and sector dominance will no longer be bound by e-commerce or brick-and-mortar, but by who is better at both.Amazon''s purchase of Whole Foods also brings disruption to the $700 billion U.S. grocery sector, a traditional area of retailing that stands on the precipice of a ferocious price war. German discounters Aldi and Lidl are battling Wal-Mart, which controls 22 percent of the U.S. grocery market, with each vowing to undercut whatever price the others offer.The stakes are highest for Wal-Mart. Amazon''s move aims at the heart of the Bentonville, Arkansas-based retail giant''s business - groceries, which account for 56 percent of Wal-Mart''s $486 billion in revenue for the year ending Jan. 31. With the deal, Whole Foods’ more than 460 stores become a test bed with which Amazon can learn how to compete with Wal-Mart’s 4,700 stores with a large grocery offering that are also within 10 miles (16 km) of 90 percent of the U.S. population.Amazon is expected to lower Whole Foods'' notoriously high prices, enabling it to pursue Wal-Mart''s customers. The push comes as Wal-Mart is headed in the opposite direction - going after Amazon''s higher-income shoppers with a recent string of acquisitions of online brands such as Moosejaw and Modcloth and on Friday, menswear e-tailer Bonobos.Wal-Mart may be ready. In preparation for the grocery price war, Wal-Mart in recent months has cut grocery prices, improved fresh food and meat offerings, modernized shelving and lighting in its grocery aisles, and expanded its online grocery pickup service.Marc Lore, the Jet.com founder who now runs Wal-Mart''s e-commerce business after selling a startup to Amazon, told Reuters in an interview that Amazon''s move does not change Wal-Mart''s game plan. "We''re playing offense," he said.Wal-Mart is offering curbside pickup of online grocery purchases at 700 locations, with 300 more planned by year end. It also is testing same-day fresh and frozen home delivery from 10 of its stores. "We see an opportunity to do a lot more of that," Lore said.Roger Davidson, who oversaw Wal-Mart''s global food procurement and now is president of Oakton Advisory Group, said the deal will reduce Wal-Mart''s brick-and-mortar advantage."I think this acquisition is a concern," he said.Some industry observers say Amazon will find it difficult to use Whole Foods to pull away Wal-Mart shoppers because the two stores appeal to different customers.But Michelle Grant, head of retailing at market research firm Euromonitor, said Amazon could use an obscure part of the Whole Foods portfolio - Whole Foods 365 - to lure Wal-Mart shoppers.Whole Foods 365 offers private-label goods and lower prices than typical Whole Foods stores, and is targeted at younger, value-conscious shoppers. Amazon could provide the financial capital and tactical ability to build that into something big."That (Whole Foods 365) may become a big problem for Wal-Mart," Grant said.Amazon, which reported $12.5 billion in cash and equivalents and a free cash flow of $10.2 billion in the year ended March 31, has plenty to spend. Wal-Mart reported $6.9 billion in cash and equivalents and $20.9 billion in free cash flow at its year ended Jan. 31.Brittain Ladd, a former senior manager at Amazon who worked on its brick-and-mortar strategy, said Amazon will use Whole Foods to test concepts for the grocery store of the future.Ladd, who left Amazon in March, said Amazon will seek to eliminate checkout lines by using technology that automatically scans goods as customers add them to their shopping carts. It will select merchandise based on Amazon''s vaunted customer data, and potentially expects the use of technology to change prices during the course of a day.Amazon declined comment on competition with Walmart but spokesman Drew Herdener said in a statement the company has no plans to cut jobs or use technology in development at its Seattle Amazon Go store to automate jobs of cashiers.Ladd, who helped with AmazonFresh''s global expansion and now is a supply chain consultant, said an Amazon-owned Whole Foods also likely will offer in-car pickup of online purchases, and home delivery from Whole Foods stores, add pharmacies and showcase Amazon devices inside the stores."Amazon will reduce prices and change the assortment of products carried in Whole Foods stores to attract a larger customer base," said Ladd. "Kroger and Wal-Mart will be impacted as their customers will defect to Amazon."(Additional reporting by Richa Naidu in Chicago; Editing by David Greising, Peter Henderson and Bill Trott)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/whole-foods-ma-amazoncom-walmart-idINL1N1JD1XU'|'2017-06-18T09:00:00.000+03:00'
'4a90349a16ca51ff1c48d9653130f8e284a11a79'|'Bank of England reports consumer squeeze, solid business investment'|'Business News   2:23pm IST Bank of England reports consumer squeeze, solid business investment FILE PHOTO: A general view shows the Bank of England in the City of London, Britain April 19, 2017. REUTERS/Hannah McKay/File Photo LONDON The Bank of England reported on Wednesday that consumers were under growing pressure form rising inflation, but business investment plans had strengthened and sterling weakness was boosting export volumes. The assessment from the BoE''s regional agents broadly matches that in last week''s policy statement, when three of the BoE''s eight rate-setters unexpectedly voted to increase the cost of borrowing. "In light of the further increase in price inflation for retail goods ... annual sales growth in volume terms had continued to slow. Higher price inflation in areas such as food had also squeezed consumers'' ability to fund discretionary big-ticket purchases such as homeware," the BoE said. The central bank also said businesses had reported reduced inflows of migrants from continental Europe, due to the weaker value of the pound and concerns about their residency status after Britain leaves the EU. (Reporting by David Milliken, editing by Estelle Shirbon)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/us-britain-economy-boe-idINKBN19C0ZR'|'2017-06-21T16:52:00.000+03:00'
'32475a47904e484179ff2855b48624cb54cba481'|'UPDATE 1-Finnish growth rises along with calls for government to reform economy'|'(Adds comments, detail, government reforms)HELSINKI, June 21 Finland''s finance ministry lifted its growth forecasts on Wednesday, citing recovering exports, and called once again for the government to take advantage of the upswing to reform the economy and cut public debt.The euro zone''s northernmost member is returning to growth after a decade of stagnation sparked among other things by the decline of Nokia''s former phone business, rigid labour markets and a recession in neighbouring Russia.The ministry expects gross domestic product to grow 2.4 percent this year, 1.6 percent in 2018 and 1.5 percent in 2019 against forecasts in April for growth of just 1.2 percent in 2017, 1.0 percent in 2018 and 1.2 percent in 2019."Conditions are improving for growth in exports as global export demand is rising and businesses are becoming more cost-competitive. After years of negative contribution, foreign trade will begin boosting GDP growth," a ministry statement said.However, the ageing population will mean an increase public spending and government debt after 2020, sending the debt-to-GDP ratio up from existing levels of about 64 percent, it said."The upswing will not resolve structural problems in the economy. Long-term growth prospects are muted, with insufficient revenue to cover public spending over the long term," it said.The centre-right government, which this week survived a coalition crisis, is looking to implement a complicated health care and local government reform to cut future spending.However, it is set to fall short of its target to lift the employment rate to 72 percent from 69 percent by 2019, the ministry said, calling for more reforms to boost employment. (Reporting by Tuomas Forsell Editing by Jussi Rosendahl and Louise Ireland)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/finland-economy-financeministry-idINL8N1JI1IU'|'2017-06-21T06:45:00.000+03:00'
'e4fa48734ba25970f3e5973703efd8a47bc038a1'|'Iran sees gas deal with Total within weeks - minister'|'Business News - Sat Jun 17, 2017 - 12:49pm BST Iran sees gas deal with Total within weeks - minister FILE PHOTO: A view shows the Total Tower, French oil giant Total headquarters, at La Defense business and financial district in Courbevoie near Paris, France, February 25, 2016. REUTERS/Jacky Naegelen/File Photo DUBAI Iran expects to sign a long-delayed gas deal with French oil major Total ( TOTF.PA ) in the next few weeks, Iranian Oil Minister Bijan Zanganeh was quoted as saying on Saturday. "Iran and Total are summing up the discussions on signing the contract for the development of phase 11 of South Pars, and this is almost in the final stages," said Zanganeh, quoted by the oil ministry''s news website SHANA. "The contract ... will be signed before the end of the (current) government," Zanganeh said. Re-elected in May, President Hassan Rouhani is expected to form his new cabinet in August. Total''s chief executive Patrick Pouyanne said in late May that the company planned to conclude the South Pars gas deal before summer. Separately, the state-run National Iranian Oil Company (NIOC) said it had certified five more companies from Russia and Azerbaijan to bid for Iranian upstream energy projects. "NIOC has added Russia''s Gazprom Neft ( SIBN.MM ), Rosneft ( ROSN.MM ), Tatneft ( TATN.MM ) and Zarubezhneft and Azerbaijan''s state-owned SOCAR, taking its list of pre-qualified companies to a total of 34," NIOC said on its website. In January, Iran named 29 companies from more than a dozen countries as being allowed to bid for oil and gas projects using the new, less restrictive Iran Petroleum Contract (IPC) model. (Reporting by Dubai newsroom; Editing by Adrian Croft) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-iran-energy-total-idUKKBN1980BI'|'2017-06-17T19:49:00.000+03:00'
'8b0a8be4f8dac998178406102e0f38a3c528805c'|'Qatar Airways sticks to fleet, route growth despite rift'|'Money News   6:22pm IST Qatar Airways sticks to fleet, route growth despite rift A Qatar Airways Airbus A350 XWB aircraft is displayed at the Singapore Airshow at Changi Exhibition Center February 18, 2016. REUTERS/Edgar Su/File Photo By Victoria Bryan - PARIS PARIS A boycott by four Arab nations will not halt Qatar Airways'' growth or plans to accept delivery of new aircraft, it said on Monday, adding it was seeing demand return after an initial downturn. Saudi Arabia, the United Arab Emirates, Bahrain and Egypt cut ties with Qatar on June 5 in the worst diplomatic crisis in the region in years. The crisis has seen those countries close their airspace to Qatar Airways, forcing it to fly longer routes and thereby adding costs. "There has been monetary impact," Chief Executive Akbar al Baker said in an interview onboard one of Qatar Airways'' 777 jets at the Paris Airshow on Monday. "We have had a lot of cancellations, especially to the four countries that did this illegal blockade, but we have found new markets and this is our growth strategy," he said, adding passengers were returning to the carrier after initially being deterred when the boycott started. He said Qatar was not the only country affected by the crisis. "All these countries have families on either side of the borders, they have relatives, children, investments. Eventually people will realise that the move they have done against my country was ill-thought out and ill-advised and that life has to come back to normal," he said. Qatar is talking with the United Nations'' aviation agency, ICAO, about the airspace rights'' dispute, and Al Baker said he was disappointed with their actions thus far. "I don''t think they have moved enough, I don''t think they have taken this matter very seriously," he said. He said Qatar Airways had plenty of growth opportunities elsewhere, citing new routes opening this month to Dublin, Skopje and Sarajevo as examples. "We are not going to defer any of our aircraft ... We are continuing our aircraft deliveries at the same pace as we are contractually obligated to do," he said, adding Qatar was in talks to add more freighter capacity. Al Baker said Qatar Airways still wanted to buy a stake in Italian carrier Meridiana, though there were "a few things to iron out." However, Qatar is not interested in struggling carrier Alitalia, which is in the process of seeking a buyer. "We are not interested to look at the books because I know how it has been left behind by one of the airlines that was too keen to relaunch it and failed," he said. Separately, Qatar plans to set up a full service Indian carrier to fly domestic routes with around 100 narrowbody planes after the country opened up the airline industry to foreign investors. Al Baker said an application would be made for an operating licence soon, without giving a more precise timeframe. (Reporting by Victoria Bryan; Editing by Louise Heavens and Mark Potter)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/airshow-paris-qatar-airways-idINKBN19A1OG'|'2017-06-19T20:52:00.000+03:00'
'c28c4188cfb1258e25ce2bc1821fc35bfdfca88d'|'UK ad spending to tumble while recovery seen in Latin America - Zenith'|'Business  06am BST UK ad spending to tumble while recovery seen in Latin America - Zenith Spending on advertising in Britain is expected to decline sharply this year weighed by a slowing economy, rising inflation and political uncertainty, a leading forecaster said on Monday. Zenith, owned by France''s Publicis, forecasted a 0.9 percent growth in UK advertising spending in 2017, down from 9.6 percent growth last year. It cited a slowing economy, rising inflation, political uncertainty following a snap general election and negotiations Britain now faces after its vote late June to leave the European Union. Global advertising expenditure is expected to grow by 4.2 percent in 2017, down from 4.8 percent in 2016. However, underlying growth will strengthen from 3.6 percent in 2016 to 5.4 percent in 2017 as year-ago results benefitted from non-annual events such the U.S. presidential elections, Rio Olympics and Euro Cup 2016, it said. The slowdown in Britain, a persistent outperformer in ad spending in Western Europe, will drag regional spending growth down to 2 percent in 2017 from 4.6 percent last year. WPP, world''s largest advertising group, cut its 2017 sales forecasts in March and said clients were seeking to drive down costs. In other regions, economic recovery in Brazil and Argentina will help drive 4.1 percent growth in Latin America this year after a 0.2 percent contraction last year, it said. The United States, the world''s largest economy, will be the leading contributor of new ad dollars to the global market over the next three years and China will rank second, it said. (Reporting by Rahul B in Bengaluru; editing by Jason Neely)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-advertising-forecast-idUKKBN19A0V8'|'2017-06-19T16:06:00.000+03:00'
'45a083ad1e0256327c198b8a075e4a033ea84c9a'|'France''s Europcar to acquire low-cost peer Goldcar'|'  6:54am BST France''s Europcar to acquire low-cost peer Goldcar The logo of Europcar rental company is pictured in Ulm, Germany, April 6, 2017. REUTERS/Michaela Rehle Europcar has signed an agreement to acquire Spain-based Goldcar, a low-cost car rental company, the French car rental group said on Monday. The proposed transaction is based on an enterprise value of 550 million euros (482.3 million pounds) and is expected to generate close to 30 million euros in annual cost synergies by 2020. Europcar said it had signed a dedicated bridge-financing with a large and international banking syndicate to support the deal, which is expected to close in the second half of 2017. (Reporting by Wout Vergauwen; Editing by Himani Sarkar)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-europcar-m-a-goldcar-idUKKBN19A0JL'|'2017-06-19T13:54:00.000+03:00'
'2d211f692ad943edd22b74d9fd91b7f40c050100'|'Hexagon''s shares hit record high after report of sale talks'|'By Johannes Hellstrom - STOCKHOLM STOCKHOLM Shares in Swedish industrial technology and software firm Hexagon AB ( HEXAb.ST ) soared to a record high on Wednesday after a newspaper report said it had held talks on a possible sale to a U.S. or European rival which could value the company at about $20 billion.The Wall Street Journal, citing people familiar with the matter, reported late on Tuesday that talks between Hexagon and the potential buyers were at an early stage and that the company may ultimately decide not to pursue a sale.Industrial software and technology firms are in high demand as manufacturing processes become more automated and intelligent through the use of sensors to gather more digital data.Recent deals include Siemens'' ( SIEGn.DE ) $4.5 billion acquisition of U.S.-based Mentor Graphics, announced late last year, and ABB''s ( ABBN.S ) purchase of industrial automation company Bernecker & Rainer.Hexagon said in a statement on Wednesday it "regularly evaluates various opportunities to optimize the company’s positioning and shareholder value"."Should these evaluations lead to concrete results, the market will be immediately informed," it said.Shares in Hexagon rose more than 17 percent in early trade and were still up 11.3 percent at 420.40 crowns by 1008 GMT, valuing the company at about 150 billion crowns ($17.3 billion) and putting it just outside the 10 largest Swedish listed firms and well ahead of companies such as home appliances maker Electrolux ( ELUXb.ST ).Swedbank analyst Mathias Lundberg said a deal was possible but expressed doubts about the reported price tag."If you look at the price tag it''s too low to let Hexagon go. And the company has a long way left on its own journey. They are merely at the beginning of the whole digitalization part," he said. Swedbank has a neutral rating on the stock.Investment firm Melker Schorling AB ( MELK.ST ), Hexagon''s biggest shareholder with a 26 percent stake and 46.9 percent of voting rights as of the end of May, declined to comment. Its shares were up 6 percent.The second biggest owner in Hexagon is fashion retailer H&M Hennes & Mauritz''s ( HMb.ST ) chairman Stefan Persson''s Ramsbury Invest, with a 4.8 percent stake.TURMOILOver the past year Chief Executive Ola Rollen has faced allegations of insider trading while long-time chairman Melker Schorling recently stepped down due to poor health.Rollen''s trial in Norway on charges of insider trading, which relates to an investment that did not involve Hexagon, is expected to start in late October. Rollen denies wrongdoing.As CEO, Rollen has helped transform a sprawling conglomerate with a market value of a few billion crowns in 2000 into a measurement technology market leader following a steady stream of acquisitions and high growth.In February it bought U.S.-based MSC Software in a $834 million deal to boost its portfolio in automated manufacturing.Hexagon counts Trimble Navigation ( TRMB.O ), Autodesk ( ADSK.O ) and Dassault Systemes ( DAST.PA ) among its competitors.Its sensors and software are used for measurement and quality inspection in manufacturing processes and in engineering plant design and operations. Its products are also used in areas such as infrastructure planning, construction, mining, agriculture and energy."I think it is not unlikely there will be some kind of structural change in Hexagon over time," Handelsbanken Capital Markets analyst Daniel Djurberg said, pointing to Hexagon''s industrial-focused business as the main attraction for prospective buyers."But I think it would be a complex process for potential buyers to buy all of Hexagon with a big premium if they only are interested in half of the company."Hexagon, which has around 18,000 staff, had sales of 3.1 billion euros in 2016 and is aiming for sales of 4.6-5.1 billion euros by 2021.(Additional reporting by Helena Soderpalm and Olof Swahnberg; Editing by Niklas Pollard, Greg Mahlich)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-hexagon-m-a-idINKBN1951BK'|'2017-06-14T11:23:00.000+03:00'
'993ac6a7405340db5b1a1767587f996551ed7a89'|'Fed could start reducing balance sheet ''relatively soon'' - Yellen - Reuters'|'WASHINGTON The Federal Reserve could begin trimming its holdings of bonds "relatively soon," Fed Chair Janet Yellen said on Wednesday."We could put this into effect relatively soon," Yellen told a news conference, referring to the Fed''s plan to reduce reinvestments of maturing securities later this year.(Reporting by Jason Lange; Editing by Chizu Nomiyama)'|'reuters.com'|'http://in.reuters.com/finance/economy'|'http://in.reuters.com/article/usa-fed-yellen-idINKBN1952X8'|'2017-06-14T17:43:00.000+03:00'
'9896570095ec21efee7a1e6d80de20c38260627b'|'Morning News Call - India, June 14'|'To access the newsletter, click on the link: here If you would like to receive this newsletter via email, please register at: here FACTORS TO WATCH 11:30 am: Piaggio to launch new small commercial vehicle in Mumbai. 12:00 pm: Government to release May wholesale inflation data in New Delhi. 2:00 pm: NASSCOM Chairman Ganesh Natarajan to speak at an event in Mumbai. 7:30 pm: Oil Minister Dharmendra Pradhan at JV pact signing ceremony between state-run oil marketing companies, to build refinery-cum-petrochemicals project on West coast, in New Delhi. GMF: LIVECHAT - CHARTING FX Take a look at the FX charts with Reuters technical analyst Martin Miller at 3:30 pm IST. To join the conversation, click on the link: here INDIA TOP NEWS • India to direct banks to start bankruptcy proceedings against 12 defaulters India''s central bank said on Tuesday it has identified 12 of the largest loan defaulters and will order lenders to start bankruptcy proceedings against them to start unclogging the $150 billion in bad debt plaguing Asia''s third-largest economy. • Co-owner of Formula One team Force India could face further charges, UK court told Vijay Mallya, the co-owner of Formula One team Force India, could face further charges and a second request to extradite him from Britain to India, a London court heard on Tuesday. • INTERVIEW-Pakistan eyes 2018 start for China-funded mega dam opposed by India Pakistan expects China to fund a long-delayed Indus river mega dam project in Gilgit-Baltistan, part of disputed Kashmir, with work beginning next year, Planning Minister Ahsan Iqbal said in an interview. GLOBAL TOP NEWS • U.S. attorney general dodges Trump questions, angering Democrats U.S. Attorney General Jeff Sessions on Tuesday denounced as a "detestable lie" the idea he colluded with Russian meddling in the 2016 presidential election, and he clashed with Democratic lawmakers over his refusal to detail his conversations with President Donald Trump. • High-level U.S. visit leads North Korea to free student in coma Otto Warmbier, an American university student held prisoner in North Korea for 17 months and said by his family to be in a coma, has been medically evacuated from the reclusive country after a rare visit there from a high-level U.S. official. • U.S. weighs restricting Chinese investment in artificial intelligence The United States appears poised to heighten scrutiny of Chinese investment in Silicon Valley to better shield sensitive technologies seen as vital to U.S. national security, current and former U.S. officials tell Reuters. LOCAL MARKETS OUTLOOK (As reported by NewsRise) • The SGX Nifty Futures were trading at 9,617.00, up 0.02 percent from previous close. • The Indian rupee will likely open lower against the dollar, as investors await clues on the Federal Reserve’s future policy trajectory after a near-certain rate increase later today. • Indian government bonds will likely open steady and trade in a narrow band, as investors may defer purchases ahead of an expected interest rate increase by the U.S. Federal Reserve later today. The yield on the benchmark 6.79 percent bond maturing in 2027 is likely to trade in a 6.47 percent-6.52 percent band today GLOBAL MARKETS • Wall Street gained on Tuesday, with the S&P 500, Dow industrials and Russell 2000 setting record closing highs, as technology stocks bounced back and investors positioned for an expected Federal Reserve interest rate hike. • Asian shares turned mixed as investors everywhere awaited clarity on the Federal Reserve''s future path for U.S. policy after a likely rate rise later in the day. • The dollar eased with investors looking past an expected U.S. rate hike later in the day for clues on Federal Reserve policy for the rest of the year. • Short-dated U.S. Treasury yields briefly hit multi-week highs on Tuesday after new data showed rising U.S. services prices, but the market was barely changed after a strong 30-year debt auction ahead of Wednesday''s Federal Reserve decision on interest rates. • Oil prices fell by one percent after data showed a build in U.S. crude stocks and OPEC reported a rise in its production despite its pledge to cut back. • Gold crept up as the market waited for the end of a two-day U.S. Federal Reserve meeting, with the central bank expected to hike interest rates and give indications on its monetary policy for the rest of the year. CLOSE FII INVESTMENTS EQUITIES DEBT PNDF spot 64.42/64.45 June 13 -$48.50 mln $208.61 mln 10-yr bond yield 6.83 Month-to-date -$232.21 mln $3.15 bln Year-to-date $7.75 bln $16.59 bln For additional data: India govt bond market volumes Stock market reports Non-deliverable forwards data Corporate debt stories [IN CORPD] Local market closing/intraday levels [IN SNAPSHOT] Monthly inflows [INFLOWS RTRS TABLE IN] ($1 = 64.33 Indian rupees) (Compiled by Pathikrit Bandyopadhyay in Bengaluru)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/india-morningcall-idUSL3N1JB0XR'|'2017-06-14T11:21:00.000+03:00'
'94c179c01f7379699413c82f2e25464a3c1fd97f'|'China stocks regulator approves six IPOs to raise $499 million'|'Business News - Sat Jun 17, 2017 - 7:12am BST China stocks regulator approves six IPOs to raise $499 million SHANGHAI China''s securities regulator has said it has approved six initial public offerings (IPOs) that aim to raise a combined total of up to 3.4 billion yuan ($499.29 million). Three of the approved IPOs are on the Shanghai bourse, one on the Shenzhen small and medium enterprise (SME) board, and two on the start-up ChiNext board, the China Securities Regulatory Commission said in a statement on its official microblog on Friday. ($1 = 6.8845 Chinese yuan) Amazon to buy Whole Foods for $13.7 billion, wielding online might in brick-and-mortar world Amazon.com Inc said on Friday it would buy Whole Foods Market Inc for $13.7 billion (10.72 billion pounds), in an embrace of brick-and-mortar stores that could turn the high-end grocer into a mass-market merchant and upend the already struggling U.S. retail industry. LONDON Tesco , Britain''s biggest retailer, reported its strongest quarterly sales growth in seven years on Friday but its stellar performance was overshadowed by news of Amazon''s $14 billion takeover of Whole Foods Market . MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-china-ipo-idUKKBN198066'|'2017-06-17T14:12:00.000+03:00'
'7cbeeca4ea5906cda3878ae037dba022d6991ca5'|'Autos, Tesco spur European shares rebound'|'Top News - Fri Jun 16, 2017 - 8:29am BST Autos, Tesco spur European shares rebound Traders work in front of the German share price index, DAX board, at the stock exchange in Frankfurt, Germany, June 15, 2017. REUTERS/Staff/Remote MILAN European shares bounced back from two days of losses on Friday as auto stocks rose following higher car sales in May and a strong update from Tesco offered relief to the battered retail sector. The pan-European STOXX 600 index rose 0.5 percent in early trades while Britain''s FTSE gained 0.3 percent. Tesco was among the leading gainers, up more than 2 percent, after Britain''s biggest retailer released a first quarter update that showed UK like-for-like sales growth of 2.3 percent that beat analyst expectations. Its gains helped European retailers over part of the heavy losses suffered in the previous session when UK data showed consumers are feeling the impact of rising inflation. Autos rose 0.8 percent after data showed that European car sales returned to growth with a rise of 7.7 percent in May. While Friday''s gains were spread across the market with all sectors in positive territory, European and British indices were on track to end lower for the second week in a row, weighed by fresh growth worries, valuation concerns and political uncertainty in the UK. (Reporting by Danilo Masoni, Editing by Vikram Subhedar) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-europe-stocks-idUKKBN1970PA'|'2017-06-16T15:29:00.000+03:00'
'1a95b568f5a8358b6e8ec96f3244dd9e65220970'|'India''s Lanco Infratech confirms RBI order on insolvency process'|'MUMBAI, June 17 Lanco Infratech Ltd confirmed on Saturday that India''s central bank had directed the company''s lead lender IDBI Bank to initiate a corporate insolvency resolution process under the country''s bankruptcy laws.Lanco is among 12 companies that the Reserve Bank of India (RBI) has ordered lenders to take to bankruptcy court as it strives to cut the country''s $150 billion in soured debt, sources told Reuters on Friday.The 12 companies together account for about 2 trillion rupees ($31 billion), or roughly a quarter, of Indian bank loans that have been categorised as non-performing.Lanco, whose businesses include power and infrastructure, said it had outstanding fund-based loans of 81.46 billion rupees and another 32.21 billion rupees in non-fund-based exposure as of March 31, 2016.Non-fund-based exposure typically includes bank guarantees and letters of credit.IDBI Bank has called a meeting of the group of lenders to the company on Monday to discuss the resolution process, Lanco said in a stock exchange filing. ($1 = 64.4300 Indian rupees) (Reporting by Devidutta Tripathy; Editing by Dale Hudson)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/lanco-infra-bankruptcy-idUSL3N1JE07Z'|'2017-06-17T19:47:00.000+03:00'
'9115a4cba38613646994ea0fee3e98063d7f87e6'|'Chairman Wu charts roller-coaster ride for Waldorf-owner Anbang'|'* Wu Xiaohui temporarily steps aside after report of detention* Wu founded Anbang, led ambitious global M&A spree* Some recent international falter among questionsBy Matthew MillerBEIJING, June 14 Founded as a provincial auto insurer, Anbang Insurance burst from obscurity with a $2 billion bid for New York''s Waldorf-Astoria Hotel in 2014, casting the company and its ambitious chairman as flagbearers for a new breed of Chinese dealmakers.But its headline-grabbing deals and the connections forged by chairman Wu Xiaohui - from Beijing to President Donald Trump''s son-in-law - have invited closer scrutiny.On Wednesday, the privately held company said Wu had temporarily stepped aside, following unverified reports of his detention in China. It has not provided further details.Wu, who married the grand-daughter of late Chinese leader Deng Xiaoping, has been the driving force at Anbang since founding the company in 2004.The group worked in obscurity before turning to more aggressive financing to catapult it over rivals who rake in much larger volumes of premiums.Over the past three years, Anbang has secured acquisitions worth more than $30 billion - a diverse list that has raised regulatory questions at home and abroad.As queries grew, the low-profile Wu made more public appearances this year at key events including the annual Boao Forum, China''s answer to the Davos World Economic Forum.On one panel there he playfully sparred with Levin Zhu, the politically powerful former CEO of China International Capital Corp and a former Anbang director, who repeatedly questioned him on the company''s finances, attendees reported."Anbang''s rise to international prominence has been much like that of modern China itself - meteoric, with mystical origins, and often misunderstood," said Brock Silvers, managing director of Kaiyuan Capital, a Shanghai-based investment advisory firm."The company was continuously dogged by rumors regarding its capital origins, yet continued to succeed," he added.HARD-DRIVING, HANDS-ONKnown for his hard-driving, hands-on approach and single-minded ambition, Wu is not the first high-profile executive reported to be targeted or questioned by Chinese authorities.China-born billionaire Xiao Jianhua was taken from a luxury Hong Kong hotel in a wheelchair in January, a source told Reuters. Local media reported the group that took him away were mainland Chinese agents, which Chinese authorities have not commented on.Fosun chairman Guo Guangchang reportedly lost contact with the healthcare-to-insurance conglomerate in 2015 before re-emerging to say he was assisting authorities in a probe.Wu says he works at least 12 hours a day, and those working with him say calls from Wu at all hours of the day or night are not uncommon. Occasionally, he sleeps in his office."We must win the first battle and every battle thereafter as we are representing Chinese enterprises going global," Wu, now 51, told students at Harvard University in 2015."We must have conviction that we can make profit even under the worst case scenario in order to move forward on each investment."DEAL OR NO DEALMany of Anbang''s latest deals, though, have faltered.The Beijing-based firm in 2016 offered $14 billion for U.S. hotel operator Starwood but pulled out from what would have been the largest Chinese takeover of a U.S. company.A year later, it held talks with Jared Kushner, Trump''s son-in-law, to develop a New York office tower. That deal foundered amid controversy over the extended family of the U.S. president selling to a politically connected Chinese tycoon.Anbang''s $1.6 billion offer for U.S. annuities and life insurer Fidelity & Guaranty Life fell through in April.Anbang had separately sought to list its life insurance business in Hong Kong and invited banks last August to pitch for the deal, sources familiar with the matter said at the time.That too went quiet.Wu''s strategy echoed that of famed U.S. investor Warren Buffett - an aggressive pursuit of yield-producing companies, funded by cash from selling insurance products and other sources.In addition to his international deals, Wu also bought significant stakes in a number of Chinese banks and financial companies.He also aligned with powerful allies.When he set up Anbang, Wu enlisted a small consortium of private and state investors, led by Shanghai Automotive Industry Group Corp (SAIC), the parent of a government-owned automaker. State-owned China Petrochemical Corp later bought a stake.In addition to Levin Zhu, Anbang''s original board included Long Yongtu, China''s chief negotiator when it joined the World Trade Organization. Wu also turned to Chen Xiaolu, a son of Chinese Marshal Chen Yi, for support.One source who has advised Anbang said Wu worked hard to cultivate connections with politically connected figures and princelings, the children of the country''s political elite, including the Deng family."Even if you marry a princeling, that doesn''t necessarily mean you are a full member of the family," the source said. (Additional reporting by Julie Zhu in HONG KONG; Writing by Clara Ferreira Marques; Editing by Lincoln Feast)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/anbang-group-chairman-profile-idINL3N1JB2E6'|'2017-06-14T07:27:00.000+03:00'
'3665e7f776b160d095700dd592bdc864282d5a69'|'UK Stocks-Factors to watch on June 14'|'June 14 Britain''s FTSE 100 index is seen opening 1 point lower on Wednesday, according to financial bookmakers. * BHP: Activist shareholder Elliott Management called on BHP on Wednesday to "upgrade" its board of directors as the mining giant prepares to select a new chairman this week. * RYANAIR: European low-cost airline Ryanair is in talks with Boeing about placing an order for its proposed new 737 MAX 10 airliner, two people familiar with the matter said on Tuesday. * ELECTION-BREXIT: Britain entered a sixth day of political limbo on Wednesday with Prime Minister Theresa May yet to seal a deal to prop up her minority government and facing calls to soften her stance on Brexit days before negotiations on leaving the EU begin. * EU-MARKETS/CLEARING: The European Union plans to give itself powers to move euro clearing business away from London''s financial sector to the EU after Brexit and adopt a model closer to that operated by the United States, the bloc''s executive said on Tuesday. * ELECTION-BREXIT: British Prime Minister Theresa May should consult with the opposition Labour Party and others on her Brexit strategy, David Cameron, May''s predecessor, said on Tuesday, according to the Financial Times. * OIL: Oil prices settled higher on Tuesday after OPEC detailed supply cuts around the world, but the cartel also said overall production rose in May, and crude stayed well below $50 a barrel despite the modest recovery. * GOLD: Gold turned slightly higher on Tuesday, as the market awaited signals of future monetary tightening by the U.S. Federal Reserve and a Senate panel''s questioning of Attorney General Jeff Sessions about his dealings with Russian officials. * The UK blue chip index closed 0.15 percent lower at 7,500.44 points on Tuesday, as investors continued to sift through the fall-out from Britain''s election. * For more on the factors affecting European stocks, please click on: cpurl://apps.cp./cms/?pageId=livemarkets * UK CORPORATE DIARY: Biffa BIFF.L Full Year 2016 Earnings Release Bellway BWY.L Trading Update Charles Stanley Group CAY.L Full Year 2017 Earnings Release Severfield SFR.L Full Year 2017 Earnings Release Summit Therapeutics SUMM.L Q1 2018 Earnings Release Norcros NXR.L Preliminary 2016 Earnings Release Enteq Upstream NTQ.L Full Year 2017 Earnings Release British American Tobacco BATS.L Q1 2017 Pre-Close Trading Update Worldwide Healthcare Trust WWH.L Full Year 2016 Earnings Release TODAY''S UK PAPERS > Financial Times > Other business headlines Multimedia versions of Reuters Top News are now available for: * 3000 Xtra : visit topnews.session.rservices.com * For Top News : topnews.reuters.com (Reporting by Justin George Varghese)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-stocks-factors-idUSL3N1JB2B9'|'2017-06-14T13:28:00.000+03:00'
'07cdf829efbd563bb853b7ba4480eb54e553be36'|'MSCI to consider adding Saudi Arabia to key index during 2019'|'* MSCI will announce decision in June 2018* Upgrade would occur in two phases, May 2019 and August 2019* Saudi Arabia could be bigger than Russia, Mexico in index* Over $50 billion of new money may enter country in a few years* But economic pressures mean share price rally not certainBy Andrew TorchiaDUBAI, June 21 Global index compiler MSCI said on Tuesday it would consider upgrading Saudi Arabia to emerging market status, a move that would attract tens of billions of dollars of fresh foreign money as the country seeks to diversify its economy beyond oil.MSCI will announce its decision in June 2018, and any move to upgrade would take effect in two phases - in May 2019 and August 2019.Riyadh opened its market, the Arab world''s biggest, to direct investment by foreign institutions in June 2015 and has been bringing its settlement and other systems closer to international practice since then. So many fund managers expect a positive decision."Inclusion in the MSCI Emerging Markets Index would be a transformative catalyst not just for Saudi Arabia’s stock market but for exchanges throughout the entire region," said Bassel Khatoun, chief investment officer for Middle Eastern and North African equities at Franklin Templeton Investments."With approximately $2 trillion in active and passively managed money tracking it, MSCI’s EM Index is a significant dictator of equity market flows. Inclusion into MSCI EM will put Saudi, and the MENA region, firmly on the radar of international investors.”MSCI estimated 32 major Saudi stocks would gain emerging market status, giving the country a potential weight of 2.4 percent in its index.That calculation does not include the planned public offer in late 2018 of a roughly 5 percent stake in national oil giant Saudi Aramco, expected to be the world''s biggest IPO.Listing Aramco in Riyadh would approximately double Saudi Arabia''s weighting in the emerging markets index, fund managers estimate, possibly making the kingdom a bigger presence in the index than Russia and Mexico.Fund managers estimate an MSCI upgrade - as well as an expected decision by FTSE this September to lift Riyadh to secondary emerging market status - could bring over $50 billion of foreign money into the country in the next few years. That estimate includes "passive" funds which track indexes as well as actively managed funds.The Saudi market currently has a capitalisation of about $445 billion. With the economy and state finances squeezed by low oil prices, Riyadh is eager to attract foreign capital, partly to help improve the management of Saudi companies.But an MSCI upgrade would not guarantee a strong rally in share prices from current levels. The bourse is not cheaply valued - its 12-month forward price-earnings ratio is 13.9, while the MSCI Emerging Market Index is at about 12 - and the economy faces difficult times in the next few years.The government is imposing austerity policies to cut a huge budget deficit and will introduce a value-added tax next year. Partly because of such pressures, all types of foreign investors currently own only a little more than 4 percent of the market.(Reporting by Andrew Torchia; Editing by Shri Navaratnam)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/msci-indexes-saudi-idUSL8N1JH6Q1'|'2017-06-21T08:25:00.000+03:00'
'acd9a35a9f75b97f7f07887e8a4999a59bfc2e6a'|'U.S. Supreme Court ruling threatens massive talc litigation against J'|'Top News - Wed Jun 21, 2017 - 12:40am BST U.S. Supreme Court ruling threatens massive talc litigation against J&J FILE PHOTO - A Johnson & Johnson building is shown in Irvine, California, U.S., January 24, 2017. REUTERS/Mike Blake/File Photo By Nate Raymond Johnson & Johnson ( JNJ.N ) is seizing upon a U.S. Supreme Court ruling from Monday limiting where injury lawsuits can be filed to fight off claims it failed to warn women that talcum powder could cause ovarian cancer. New Jersey-based J&J has been battling a series of lawsuits over its talc-based products, including Johnson''s Baby Powder, brought by around 5,950 women and their families. The company denies any link between talc and cancer. A fifth of the plaintiffs have cases pending in state court in St. Louis, where juries in four trials have hit J&J and a talc supplier with $307 million (243.05 million pounds) in verdicts. Those four cases and most of the others on the St. Louis docket involve out-of-state plaintiffs suing an out-of-state company. On Monday, the Supreme Court ruled 8-1 in a case involving Bristol-Myers Squibb Co ( BMY.N ) that state courts cannot hear claims against companies that are not based in the state when the alleged injuries did not occur there. The ruling immediately led a St. Louis judge at J&J''s urging to declare a mistrial in the latest talc case, in which two of the three women at issue were from out of state. It also could imperil prior verdicts and cases that have yet to go to trial. "We believe the recent U.S. Supreme Court ruling on the Bristol-Myers Squibb matter requires reversal of the talc cases that are currently under appeal in St. Louis," J&J said in a statement. The question of where such lawsuits can be filed has been the subject of fierce debate. The business community has argued plaintiffs should not be allowed to shop around for the most favourable court to bring lawsuits, while injured parties claim corporations are trying to deny them access to justice. Along with talc cases, large-scale litigation alleging injuries from Bayer AG''s ( BAYGn.DE ) Essure birth control device in Missouri and California and GlaxoSmithKline''s ( GSK.L ) antidepressant Paxil in California and Illinois are examples of other cases where defendants could utilise the Supreme Court decision. Although he declared a mistrial on Monday, St. Louis Circuit Judge Rex Burlison left the door open for the plaintiffs to argue they still have jurisdiction. Plaintiffs lawyer Ted Meadows said he would argue the St. Louis court still had jurisdiction based on a Missouri-based bottler J&J used to package its talc products, which he said would create a sufficient connection to the state. "It''s very disappointing to mistry a case because the Supreme Court changed the rules on us," said Meadows. The lawsuit decided by the high court on Monday involved claims against Bristol-Myers and California-based drug distributor McKesson Corp ( MCK.N ) by 86 California residents and 575 non-Californians over the blood thinner Plavix. Beyond Monday''s mistrial, the Supreme Court''s ruling could bolster a pending appeal by J&J of a $72 million verdict in favour of the family of Alabama resident Jacqueline Fox, who died in 2015. A Missouri appeals court had said in May it would wait until the Supreme Court issued its decision to decide the appeal. J&J has won only one of the five trials so far in Missouri. It previously sought to move talc cases out of St. Louis, but the Missouri Supreme Court in January denied its bid. The company has also cast the St. Louis court as overly plaintiff-friendly and has allowed evidence linking talc to cancer that was rejected by a New Jersey state court judge overseeing over 200 talc cases. The plaintiffs are appealing. The talc verdicts against J&J led the business-friendly American Tort Reform Association last year to declare the St. Louis state court the nation''s top "Judicial Hellhole." Corporations like J&J facing a large volume of cases in venues chosen by plaintiffs will likely cite the Supreme Court to try to dismiss those claims, said Rusty Perdew, a defence lawyer at the law firm Locke Lord. "You have a bunch of defendants who can go back and say, ''Judge, you got that wrong and you''re going to have to dismiss claims by all those plaintiffs,''" he said. (Reporting by Nate Raymond in Boston; Editing by Anthony Lin and Tom Brown)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-johnson-johnson-cancer-lawsuit-idUKKBN19B3AX'|'2017-06-21T07:19:00.000+03:00'
'7c79193bac1d1855fb4d828f89d702f939c7beb7'|'No more quiet chats? Australia becomes new frontier for shareholder disruption'|'Wed Jun 21, 2017 - 12:06am BST No more quiet chats? Australia becomes new frontier for shareholder disruption left right FILE PHOTO: Paul Singer, founder, CEO, and co-chief investment officer for Elliott Management Corporation, speaks during the Skybridge Alternatives (SALT) Conference in Las Vegas, Nevada May, 9, 2012. REUTERS/Steve Marcus/File Photo 1/2 left right FILE PHOTO: Australian mining company BHP''s new corporate logo, released to Reuters from their Melbourne, Australia, headquarters May 15, 2017. BHP/Handout via REUTERS/File Photo 2/2 By Jamie Freed and Maiya Keidan - SYDNEY/LONDON SYDNEY/LONDON As BHP Billiton ( BHP.AX ) fends off the attention of Elliott Management, activist funds are targeting other Australian firms, shaking up a corporate culture that has long favored quiet chats over splashy headlines. Seeking new, less crowded markets, activist investors are using Australia''s shareholder-friendly laws to pressure corporate boards criticized as clubby and conservative in an effort to improve returns. "Whereas before it was quite normal for companies to address any potential shareholder activism in Australia behind closed doors, only now is there a real appetite to go public and to take the message direct to shareholders," said Michael Chandler, governance director at shareholder engagement firm Global Proxy Solicitation. Activists publicly targeted 26 Australia-listed companies in the first five months of 2017, a quarter more than same period five years ago, according to data from research firm Activist Insight. While the number of targets is similar to last year, the size of targets has jumped. Elliott''s three month campaign targeting BHP, known as "The Big Australian", has cemented the idea that no company is immune. The strategy appears to be bearing some fruit, with activist shareholders winning board-level resignations or strategy changes. Among the more recent campaigns, building firm Brickworks Ltd ( BKW.AX ) is in court to defend its corporate structure from attack by Perpetual Ltd ( PPT.AX ), while Wilson Asset Management forced the exit of Hunter Hall Global Value Ltd''s ( HHV.AX ) chairman in April. GRAPHIC on activist campaigns: here NEW FRONTIERS More attacks are also coming from overseas - a change for a country where activist investors have largely been homegrown. Between 2013 and 2016, 86 percent of Australian campaigns came from domestic investors, compared with 59 percent in Canada and 39 percent in Japan, according to Activist Insight data. "The U.S. markets are a bit saturated, so (activist investors) look at the markets that don''t have as much activist focus at the moment and that are most similar to the U.S.," said David Hunker, head of shareholder activism defense at J.P. Morgan. Apart from New York-based Elliott''s push into Australia, Britain''s Crystal Amber Fund Ltd ( CRSL.L ) has moved aggressively into the market, last year building an initial 10 percent stake in medical device developer GI Dynamics Inc ( GIDYL.PK ). Crystal Amber backed a new management team''s plan to commercialize the company''s obesity and diabetes treatment, is pushing for an AIM listing in Britain and has grown its stake to more than 40 percent. Unlike some other Asian markets, Australian corporate rules help activist investors. Shareholders can call a meeting to remove directors with only a 5 percent stake and boards are barred from putting in place U.S.-style "poison pills" to insulate themselves from a change of control. Yet compared with the United States, where Elliott last month raised more than $5 billion in 24 hours for a new fund, shareholder activism is still niche in Australia. "None of the big name marquee activists have really made an attack down here publicly until Elliott," said Gabriel Radzyminski, managing director of Sandon Capital, one of the few dedicated activist funds in Australia. "You''ve got to have an appreciation for local mores and customs. It doesn''t mean foreigners can''t do it, but you have just got to be conscious." Australia has a relatively insular, risk-averse community of board members and investors who for the most part do not seek public confrontation, said Gilbert + Tobin partner Justin Mannolini. "I do think we are culturally inclined to avoid conflict rather than to bring it on," he said. Many independent directors also hold seats on multiple boards. “In Australia we have this independent non-executive director club where you have a large group of ex-CEOs, ex-bankers, ex-lawyers in some cases and they are very much dependent on their income for parts of their retirement in sitting on four or five board seats," said another lawyer who advises boards and requested anonymity for fear of reprisals. "It is very much a club." Sometimes, the mere act of taking a campaign public can sometimes be enough to shake things up. Directors don''t want to be "tainted" and lose out on future roles and fees because they were rejected by shareholders. A Gilbert + Tobin review of the 2016 AGM season found nearly half of the proposed resolutions from activists seeking to remove board members were withdrawn before the meeting because the directors voluntarily resigned or the activist succeeded in getting a board appointment of its choosing. Some investors and directors say Australian boards do respond to feedback from major investors and they can achieve their aims without confrontational, public spats. For example, Insurance Australia Group ( IAG.AX ) in 2015 killed plans to establish a general insurance business in China after fund managers privately baulked at the risks. Shareholders in BHP succeeded in privately persuading the miner to change its dividend policy last year and to halt pricey expansion plans in 2012. Aberdeen Asset Management portfolio manager Mark Daniels, whose firm owns BHP shares, said he couldn''t recall any case in which he backed an activist''s public push for change. "We wouldn''t be invested in the company if we didn''t like it in the first place," he said. ($1 = 1.3378 Australian dollars) (Additional reporting by Vikram Subhedar in LONDON, Nichola Saminather in SINGAPORE, Michelle Price in HONG KONG and Michael Flaherty in NEW YORK; Editing by Lincoln Feast)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-australia-activism-idUKKBN19B39O'|'2017-06-21T07:03:00.000+03:00'
'9feb8f5db7a6c0433a8005abb754f605e141e261'|'AIRSHOW-Malaysia Airlines converts order of Boeing 737 MAX planes to latest variant'|'Market   10:00am EDT AIRSHOW-Malaysia Airlines converts order of Boeing 737 MAX planes to latest variant PARIS, June 21 Malaysia Airlines has converted part of its order for 25 Boeing 737 MAX aircraft to the planemaker''s latest variant of the jet, the 737 MAX 10, it said on Wednesday. The order for 10 of the latest variant is worth $1.25 billion at list prices. (Reporting by Matthias Blamont; Writing by Victoria Bryan; Editing by David Goodman)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/airshow-paris-boeing-malaysia-airlines-idUSP6N1JF02Z'|'2017-06-21T22:00:00.000+03:00'
'32d32bf5aad592df4a25e069063c9c475b36a3b9'|'Italy''s Leonardo sees Asia, South American interest in M-346 attack fighter'|'Business News - Sun Jun 18, 2017 - 7:39pm BST Italy''s Leonardo sees Asia, South American interest in M-346 attack fighter PARIS Italian defence group Leonardo SpA ( LDOF.MI ) on Sunday unveiled the new fighter attack version of its M-346 advanced trainer, saying many air forces had already expressed interest in the planes, especially in Asia and South America. Leonardo, which presented the new fighter variant at the Paris Air Show, said the M-346 fighter would be equipped with the Grifo multi-mode fire control radar, also built by Leonardo. It said the new fighter was designed to help different air forces meet their needs rapidly by building on a common base. "The M-346FA is of interest to many international customers, specifically in the Far East and South America," a spokeswoman said. She declined to identify any specific potential customers. "The M-346FA’s characteristics make it not only an excellent advanced trainer, but also a light fighter aircraft capable of carrying out operational missions at far lower costs than those of frontline fighters," Leonardo said. It said the jets had seven pylons for external weapons loads, enabling it to carry 2,000 pounds of external weapons. It said the plane could carry out air-to-surface, air-to-air and tactical reconnaissance missions. It also said the jets could perform combat air patrol missions for more than two hours at a 35,000 foot altitude. In addition, Leonardo unveiled its new single-engine M-345 basic jet trainer, which had its first flight in December. Italy has ordered five of the M-345 training aircraft. Leonardo hoped to sign a contract with a second undisclosed country by the end of the year, the spokeswoman said. (Reporting by Andrea Shalal; Editing by Edmund Blair)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-airshow-paris-leonardo-idUKKBN1990VM'|'2017-06-19T02:39:00.000+03:00'
'274a3b774806986e95631a894de968f91f8655ee'|'Republicans debating remedies for corporate tax avoidance'|'By David Morgan - WASHINGTON WASHINGTON President Donald Trump and Republican leaders in Congress will soon confront a complex challenge for tax reform: how to limit U.S. corporate tax avoidance schemes that take advantage of low tax rates in foreign countries.Congressional and administration staff have begun to examine options to address profit-shifting schemes that include so-called transfer pricing, earnings stripping and tax inversions.A decision on how to handle these in tax legislation could come before Congress leaves town for its one-week July 4 recess on June 29, officials and lobbyists said.Lawmakers say the current tax code incentivizes profit shifting overseas because of the high 35 percent U.S. corporate income tax rate and rules that allow companies to hold profits abroad tax free until returned to U.S. soil.Without effective measures against tax avoidance, experts and lobbyists said tax legislation could trigger a new exodus of income and assets abroad. Because Trump and Republicans in Congress also want to end U.S. taxes on foreign earnings, companies could eliminate their U.S. tax bills altogether without restrictions.Tax reduction strategies have been employed for decades by companies including Microsoft Corp ( MSFT.O ), Apple Inc ( AAPL.O ) and Amazon.com Inc ( AMZN.O ).Independent analysts estimate the federal government misses out on more than $100 billion a year in corporate tax revenues as a result of tax reduction maneuvers. That is equal to one-third of the $300 billion in annual corporate tax revenues.Many schemes seek lower corporate tax bills through "transfer pricing" - using transactions between business units to shift income abroad. The shift often coincides with the transfer of intangible assets such as intellectual property to low-tax nations where companies can expect single-digit tax rates.Last week, Senate Finance Committee Democrats asked Treasury Secretary Steven Mnuchin to leave in place regulations adopted under President Barack Obama to combat earnings stripping and tax inversions.Companies use earnings stripping to shift income abroad as tax-deductible interest payments to foreign affiliates.Inversions are international mergers in which U.S. companies move their headquarters to foreign countries with low taxes, if only on paper, to lower their U.S. tax bills.Companies have accumulated some $2.6 trillion in abroad, equivalent to more than three-quarters of the $3.3 trillion in annual government receipts expected this year.BORDER-ADJUSTMENT TAXBut the most effective measures against corporate tax avoidance schemes, including House Speaker Paul Ryan''s controversial border-adjustment tax, or BAT, have proved unpopular, raising the possibility that tax legislation could simply cut the corporate tax rate to 15 percent to reduce the advantages offered by foreign tax havens.Aside from BAT, which taxes imports but not exports, tax reform discussions are also looking at a minimum tax on profits from tax havens, a tax on intangible income and other measures to discourage companies from shifting profits to low-tax countries where they do little actual business, according to aides and lobbyists.Lobbyists said none of the options have enjoyed consensus support in Congress. Meanwhile, the idea of a simple rate cut does not sit well with House Republican leaders."Even with a low rate, we''ll continue to see U.S. jobs and research and headquarters move overseas," said House Ways and Means Committee Chairman Kevin Brady, a leading BAT proponent.Experts warn that the 15 percent rate sought by Trump is well above a 5 percent effective rate that some corporations pay in countries like Ireland, the Netherlands and Luxembourg.Brady and Ryan are expected to address the issue in coming weeks with Mnuchin, White House economic adviser Gary Cohn, Senate Republican leader Mitch McConnell and Senate Finance Committee Chairman Orrin Hatch. The six are trying to forge legislation that could be unveiled as early as September.Trump has pledged the biggest tax overhaul since Ronald Reagan. But Republican infighting over healthcare has delayed the timetable.(Reporting by David Morgan; Editing by Cynthia Osterman)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-usa-trump-tax-idINKBN1990HC'|'2017-06-18T09:07:00.000+03:00'
'dcfcea0a15b21d72ada26ed6f278d86a12872bc7'|'UPDATE 1-Kazakhstan''s Tengizchevroil cuts dividends to finance expansion'|'(Adds details, context)ASTANA, June 15 Tengizchevroil, Kazakhstan''s biggest oil producer, has reduced dividend payouts to its shareholders Chevron, ExxonMobil, LUKOIL , and KazMunayGaz, KazMunayGaz''s chief executive Sauat Mynbayev said on Thursday.Mynbayev told reporters Tengizchevroil would also borrow about $20 billion to help finance the $37 billion expansion.He did not say what the previous and new Tengizchevoil dividends were. The company is privately held and does not disclose dividend data.Under the expansion plan Tengiz will increase output to 39 million tonnes a year (850,000 barrels per day) by 2022 from about 27 million tonnes currently.Kazakhstan holds a 20 percent stake in the venture via state oil and gas firm KazMunayGaz. Chevron owns 50 percent, Exxon Mobil has 25 percent and Lukarco, controlled by Russia''s LUKOIL, the remaining 5 percent.Kazakhstan and foreign partners also continue talks on another oil project, Karachaganak, over a financial dispute, Mynbayev said.Lukoil said last year Kazakhstan had filed a $1.6 billion claim against the consortium developing the Karachaganak gas condensate field. Kazakhstan''s energy ministry has said the dispute is about calculations of the parties'' shares in the field''s output."I hope (resolving the dispute) will take less than a year (from now)," Mynbayev said.Shell and Eni hold stakes of 29.25 percent each in the consortium while Chevron owns 18 percent, Lukoil has around 13.5 percent and KazMunaiGas holds 10 percent. (Reporting by Mariya Gordeyeva; Writing by Olzhas Auyezov; Editing by Andrey Ostroukh; Editing by Greg Mahlich)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/tengizchevroil-dividend-idUSL8N1JC1XK'|'2017-06-15T17:56:00.000+03:00'
'1d40e884524eb032b867deb1dbbf4c1b5d5826f0'|'Beachfront homes – in pictures - Money'|'Beachfront homes – in pictures   View more sharing options Share   Close Enjoy the salt air at these seafront properties, from Whitby to MauritiusAnna Tims Wednesday 14 June 2017 07.00 BST Last modified on Wednesday 14 June 2017 11.55 BST Home: Whitby, North Yorkshire This two-bedroom cottage sits at the bottom of the 199 steps that lead from Whitby’s cobbled old town to the ruined priory and church. Below the windows is Tatehill Beach and views across the harbour to the sea. The aquatic location makes up for the peculiar arrangements inside. The two bedrooms are three storeys apart, one on the lower ground floor and one in the attic, while the elderly kitchen and bathroom have the ground floor to themselves. The living room is on the first floor. Yours for £200,000. On the Market , 01947 485972 Facebook Twitter Pinterest Home: Isle of Coll, Argyll & Bute 48 Hebridean acres come with this three-bedroom house, half a rough mile down a track from the main road. It sits solitary beside the white sand and turquoise waters for which the island is noted, and there are sheltered moorings a few steps from the back door from where you can watch basking sharks. A derelict cottage in the grounds could be salvaged if you desire company or rental income. On the market for £375,000. Bell Ingram , 01631 566122 Facebook Twitter Pinterest Home: Ranelagh Road, Deal, Kent This modern apartment block is doing its best to blend in with the Victoriana along Deal’s largely unsullied seafront. Your morning swim is a quick dash across the road, but you won’t be watching the storms roll in from this £245,000 third-floor flat because it faces west across the roof tops. There’s a bathroom for both bedrooms, one of them en suite, an 18ft living room and two lifts to carry you and the beach bags. Oddly for a new-build there’s no central heating – only electric storage heaters. Bright & Bright , 01304 374071 Facebook Twitter Pinterest Away: Cala Murada, Mallorca An old fishing village has expanded into a holiday resort and the beach is 150 metres from these four new houses in a gated development. It’s a brief amble down the lane to a bar on the sands and a natural lake by the sea. Each one has three bedrooms, two terraces, air conditioning and designer fittings. Prices start from £352,000.Taylor Wimpey Spain, 08000 121 020 Facebook Twitter Pinterest Away: Tamarin, Mauritius They don’t exist yet, but when by the end of the year they do, sliding doors will open the living area on to the balcony, granting palm-fringed views of mountains and sea. White sands are a step away and it’s a woodland walk to the resort of Flic-en-Flac. Your down payment gets you a year’s free membership of the golf club for two people and special rates at the beach club. Residents share a pool in the tropical grounds. A one-bedroom flat costs £388,000. International Property ForSale.com , 020 8339 6036 Facebook Twitter Pinterest Topics Property Home and away Buying property abroad Homes'|'theguardian.com'|'https://www.theguardian.com/uk/business'|'https://www.theguardian.com/money/gallery/2017/jun/14/beachfront-homes-in-pictures-home-and-away'|'2017-06-14T15:00:00.000+03:00'
'0e8c553e4c485e86fa66659e04f395bcea7aacab'|'China''s EXIM Bank plans more dollar, euro-denominated bonds this year'|'By Shu Zhang and Umesh Desai - BEIJING/HONG KONG BEIJING/HONG KONG The Export-Import Bank of China (EXIM) plans to issue up to another $4 billion in euro- and dollar-denominated bonds this year, on top of $4 billion issued so far, as Beijing''s Belt and Road initiative drives demand for foreign currency funds.In a rare interview, Wang Kai, general manager of the policy lender''s treasury department, said EXIM expects to issue $2-$4 billion in dollar- and euro-denominated bonds in the second half of the year. It issued $5.1 billion of euro and dollar bonds last year."Our need for foreign currency funds is diversifying by the day, and the amount will steadily grow," Wang told Reuters late on Tuesday.EXIM, owned by the finance ministry and central bank, plays a critical role in providing export financing and government-directed lending to other countries.China''s President Xi Jinping last month pledged more than $100 billion for the Beijing-led Belt and Road initiative that aims to boost infrastructure and trade links between Asia, Africa, Europe and beyond.EXIM has agreed to support more than 1,200 Belt and Road programmes worth more than 700 billion yuan ($103 billion) - equivalent to 30 percent of the bank''s total end-2016 loan volume.Last month, the bank launched a $30 billion Eximbank Funding Programme, comprising $27 billion in medium-term notes and $3 billion in euro commercial paper.The finance ministry said on Tuesday that China plans to issue its first dollar-denominated sovereign bonds since 2004, which Wang said could indicate how much pricing has been impacted by Moody''s recent downgrade on China''s sovereign ratings."The international market will gradually realise China''s credit strength. Based on current pricing levels, there''s actually space (for the credit spread) to narrow," Wang said.LONGER-TERM MATURITYEXIM and two other Chinese policy lenders - China Development Bank and Agricultural Development Bank of China - also had their long-term issuer ratings downgraded by Moody''s.The downgrade "could be a mistake", Wang said, as China is moving to address its debt problems and promote stable development.A week after the one-notch downgrade, EXIM''s head office and its Paris branch launched a dual-currency offering. Investor demand allowed the issuer to price the new bonds flat to existing bonds as orders were two and three times the euro tranche and the dollar tranche, respectively."As a sovereign-linked issuer, we have the responsibility to do a benchmark offering to stabilise the market and provide the market with a clear direction," Wang said.Without giving a timeframe, Wang said he expected EXIM to issue more long-term, fixed-rate dollar-denominated debt, which would cap liability costs in the long run, pointing to the flattening U.S. treasury yield curve and market expectations of two U.S. interest rate hikes this year.EXIM, he said, would consider issuing dollar-denominated bonds with maturities of up to 30 years. Presently, the longest maturity for EXIM''s dollar bonds is 10 years.The bank also plans to increase its euro-denominated bond programme and gradually lengthen the maturity to more than 7 years, from the current 5-year maximum, Wang said.Separately, EXIM plans to raise 650 billion yuan through the sale of yuan-denominated bonds this year, up from 633 billion yuan in 2016, he said, adding the bank would consider issuing supplementary capital to boost financial strength. EXIM''s capital structure mainly comprises Tier-1 capital.($1 = 6.7972 Chinese yuan renminbi)(Reporting by Shu Zhang and Umesh Desai; Editing by Ian Geoghegan)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/china-exim-idINKBN19517S'|'2017-06-14T18:18:00.000+03:00'
'09aea08b73284b21e93206ff611bc9c905cf969e'|'India''s engineering exports to Doha hit by Qatar crisis'|'Money News - Wed Jun 14, 2017 - 2:24pm IST India''s engineering exports to Doha hit by Qatar crisis Cargo containers are seen stacked outside the container terminal of Jawaharlal Nehru Port Trust (JNPT) in Mumbai, July 15, 2015. REUTERS/Shailesh Andrade/Files NEW DELHI India''s exports of engineering goods to Doha have suffered after Arab powers led by Saudi Arabia severed ties with Qatar accusing it of supporting terrorism, the Engineering Export Promotion Council said in a statement on Wednesday. "Inputs from our engineering exporters indicate that shipping lines operating between India and Doha are keeping the containers on hold," the engineering trade body said. (Reporting by Nidhi Verma; Editing by Sanjeev Miglani) '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/india-qatar-engineering-exports-idINKBN1950Q5'|'2017-06-14T15:47:00.000+03:00'
'dc878e4e22b38335da78374760e1098af8445348'|'AIRSHOW-Viva Air Peru nears $5 bln Airbus airliner deal-sources'|'Market News   1:52pm EDT AIRSHOW-Viva Air Peru nears $5 bln Airbus airliner deal-sources PARIS, June 18 Peruvian low-cost airline startup Viva Air Peru is close to reaching a roughly $5 billion deal with Airbus to order about 30 recently upgraded A320neo jets and 15 current-generation models known as A320ceo, two industry sources said. The deal could be announced at the Paris Airshow and follows a competition against rival Boeing''s 737 MAX. A spokesman for Airbus said: "We do not comment on discussions that we may or may not be having with potential customers." Viva Air Peru, which won an operating licence earlier this year, is owned by Irelandia Aviation. Neither firm could be reached for comment. (Reporting by Tim Hepher; Editing by Edmund Blair)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/airshow-paris-viva-idUSL8N1JF0RT'|'2017-06-19T01:52:00.000+03:00'
'05193845acd60379859047b8e413bf4aea786ce8'|'In Brexit boost, Jaguar Land Rover to hire 5,000 staff'|'Top   6:52pm BST In Brexit boost, Jaguar Land Rover to hire 5,000 staff FILE PHOTO: A worker stands under Union Flags at the Jaguar Land Rover facility in Solihull, Britain, January 30, 2017. REUTERS/Darren Staples/File Photo By Costas Pitas - LONDON LONDON Britain''s biggest carmaker Jaguar Land Rover (JLR) ( TAMO.NS ) will hire 5,000 staff as it boosts its skills in autonomous and electric technology, a welcome business endorsement as Prime Minister Theresa May starts Brexit talks after a botched election. JLR, which employs more than 40,000 people globally, said it would hire 1,000 electronic and software engineers as well as 4,000 additional personnel including in manufacturing, most of whom will be based in Britain. The recruitment process will take place over the next 12 months, just as Britain begins talks to leave the European Union, which carmakers have warned must result in a deal which retains free and unfettered trade to protect jobs. The carmaker, which is owned by India''s Tata Motors, will build its first electric vehicle, the I-PACE, in Austria but has said it wants to build such models in Britain if conditions such as support from government and academia are met. Automakers are racing to produce greener cars and improve charge times in a bid to meet rising customer demand and fulfil air quality targets but Britain lacks sufficient manufacturing capacity, an area ministers have said they want to build up. JLR, which builds just under a third of Britain''s 1.7 million cars, has said half of all its new models will be available in an electric version by the end of the decade, requiring new skills among its staff. Sunday''s announcement comes as May is still trying to seal a deal with Northern Ireland''s Democratic Unionist Party to support her government a week and a half after unexpectedly failing to win an outright majority at a national election. The news is a welcome bright spot as the prospect of greater political uncertainty before Monday''s start to Brexit talks has seen business confidence tumble in recent days, according to surveys and business groups. (Editing by Edmund Blair)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-jaguarlandrover-jobs-idUKKBN1990SN'|'2017-06-19T01:20:00.000+03:00'
'b94035f5f54c772311b98982c7c753657bbee506'|'Viva Air Peru nears $5 billion Airbus airliner deal - sources'|'Sun Jun 18, 2017 - 7:00pm BST Viva Air Peru nears $5 billion Airbus airliner deal: sources FILE PHOTO: The Airbus A320neo (New Engine Option) takes off during its first flight event in Colomiers near Toulouse, southwestern France, September 25, 2014. REUTERS/Regis Duvignau PARIS Peruvian low-cost airline startup Viva Air Peru is close to reaching a roughly $5 billion deal with Airbus ( AIR.PA ) to order about 30 recently upgraded A320neo jets and 15 current-generation models known as A320ceo, two industry sources said. The deal could be announced at the Paris Airshow and follows a competition against rival Boeing''s ( BA.N ) 737 MAX. A spokesman for Airbus said: "We do not comment on discussions that we may or may not be having with potential customers." Viva Air Peru, which won an operating license earlier this year, is owned by Irelandia Aviation. Neither firm could be reached for comment. (Reporting by Tim Hepher; Editing by Edmund Blair)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-airshow-paris-viva-idUKKBN1990U6'|'2017-06-19T01:59:00.000+03:00'
'a2ab694d39903db24a08530b4fccbf203182cc00'|'DFS warns over profits in latest sign of UK spending squeeze - Business'|'A surprise profit warning from sofa chain DFS has sent shockwaves through the high street, as concerns grow that Britons’ spending power is being squeezed by higher living costs.The chief executive of DFS, Ian Filby, blamed a sharp fall in orders in recent weeks on the upheaval created by the general election as well as the general air of uncertainty hanging over the economy. This backdrop had deterred consumers from committing to “big ticket” discretionary purchases with the retailer experiencing a huge slump in the number of shoppers visiting its stores, he said.“The trading environment has recently weakened beyond our expectation, with significant declines in store footfall leading to a material reduction in customer orders,” he added.Pay squeeze intensifies as wage growth falls further behind inflation Read moreFilby’s gloomy commentary on consumer spending hit investor confidence about the outlook for the retail sector, with the share prices of major chains including Next, Marks & Spencer, Debenhams, Dixons Carphone and AO World all hit. Homewares specialist Dunelm, which like DFS trades from “out-of-town” superstores on retail parks, was also marked down. Official data published this week showed British workers’ earnings after inflation have been shrinking at their fastest pace since 2014 .DFS said it now expected to make profits of of £82m to £87m for its year to the end of July. Analysts were previously forecasting £96.1m, up from £94.2m in 2015-16. The profit warning wiped more than £100m off DFS’s market value. Its shares were down more than 20% to 198p at lunchtime.The profit alert came as official data showed a worse-than-expected 1.2% decline in retail sales volumes in May, as rising prices depressed annual consumer spending growth to levels last seen in 2013. Furniture sellers were among the worst hit as consumers diverted their spending to food and other essentials. Fooring specialist Topps Tiles warned last month that its annual profits would come in towards the bottom of City expectations after a slowdown in sales this year.Majestic Wine’s chief executive, Rowan Gormley, said the retailer was “preparing for the worst”, with the pace of UK sales growth expected to shrink to less than 5% in the year. “UK retail is likely to be in for a rough ride, with downward pressure on demand, due to falling household incomes and upward pressure on prices,” he said.Majestic, which also owns the Naked Wines website, said group sales rose 11.4% to £461m in the year to 3 April but it slid £1.5m into the red partly as a result of costs related to the acquisition of Naked and more investment in stores and staff.Gormley said the volume of sales in the UK had not been affected so far, but shoppers were switching to wines from eastern Europe, South Africa and England as they sought to offset a 6% year-on-year price rise in wines.“We believe the rest of 2017 will be quite tough for the UK retail sector, ” said Nicla Di Palma, analyst at Brewin Dolphin. “ Consumers’ disposable incomes are declining as wage growth is not keeping pace with inflation, and the price of both food as well as non-food items is bound to increase due to sterling depreciation. This will lead to a subdued outlook for retailers, as the UK consumer will be reluctant to spend on discretionary purchases.”Topics Retail industry EU referendum and Brexit news '|'theguardian.com'|'https://www.theguardian.com/business/all'|'https://www.theguardian.com/business/2017/jun/15/dfs-profits-uk-spending-squeeze-election-brexit-uk-consumers'|'2017-06-15T18:14:00.000+03:00'
'40d111e90a584d1023d7ebc5e2ea38d85820ccd4'|'Uber''s open COO job in the spotlight amid leadership void'|'Technology News   2:03am BST Uber''s open COO job in the spotlight amid leadership void The logo of Uber is seen on an iPad, during a news conference to announce Uber resumes ride-hailing service, in Taipei, Taiwan April 13, 2017. REUTERS/Tyrone Siu By Heather Somerville - SAN FRANCISCO SAN FRANCISCO With Chief Executive Travis Kalanick taking a leave of absence from Uber Technologies Inc, the vacant job of chief operating officer takes on a lot more importance as the company frames the position as key to solving its woes. Kalanick, under fire for crass behavior and fostering a culture of sexism and rule-breaking, in early March announced he was searching for a COO to help run the ride-services company. But in the months since, Uber has suffered a string of controversies and embarrassing setbacks and the job has remained unfilled - part of a leadership vacuum that extends through the company and up to the board of directors. In a report released Tuesday, former U.S. Attorney General Eric Holder and his law firm, Covington & Burling, recommended sweeping management changes at Uber in the wake of sexual harassment allegations and other scandals. The report advocates for a COO who "will act as a full partner" and run "day-to-day operations." It also calls on the board of directors to take steps to limit the CEO''s responsibilities and provide "clear lines of demarcation between" the COO and the CEO. "The way the COO job is written in the recommendations makes it a really powerful and important job," said Bradley Tusk, an Uber investor and adviser. Executive recruiters and tech investors agreed that the job might look more appealing now than it did before Tuesday''s report. Still, it remains unclear if the company can attract a top-notch leader while Kalanick retains both the CEO title and, along with two allies, voting control of the company. Kalanick said on Tuesday he was stepping aside at Uber because he needed time to grieve his recently deceased mother and work on his leadership shortcomings, according to a staff email seen by Reuters. He also said his leave "may be shorter or longer than we might expect." Such ambiguity will effect Uber''s efforts to rebuild its executive ranks, startup experts say. "The lack of clarity around Travis'' position hangs over everything," said Bill Aulet, managing director of the entrepreneurship center at the Massachusetts Institute of Technology. "You''re dealing with the most important thing, which is, who is your boss?" VACANCIES AT THE TOP In the meantime, 14 people who report to Kalanick are charged with running the company until the CEO returns or a COO is hired. The company also is without a chief financial officer, general counsel and a head of engineering, among other open positions. "We have a strong leadership team including veterans who helped make the business what it is today and new talent who are helping to drive the changes we''re committed to making," Uber said in a statement. Uber is struggling to recruit new employees and has many who are eager to leave. Ed Zschau, founder of Inductus Associates, an executive search firm for startups, said his firm has "people from Uber in the search process" for a new job, including senior-level employees. "If the board can be recomposed a bit and get the company back on track, who the COO is will be an important signal as to whether people will want to work there," Zschau said. Concerns about a lack of leadership extend to the board of directors. Holder''s recommendations, including prohibiting romantic relationships between bosses and their subordinates and drinking on the job, suggest the Uber board failed to ensure the company had even the most basic checks and balances, say experts. "The Holder report could have been written by a law student who took an introductory corporate governance course," said Erik Gordon, a technology and entrepreneurship expert at the University of Michigan''s Ross School of Business. "The board shares responsibility for the wreck." Uber retained Holder''s firm in February after a female former employee publicly accused the company of brazen sexual harassment. A wake of scandals followed, including a criminal investigation of the company''s use of technology to evade regulators, a lawsuit alleging stolen self-driving car technology and a string of allegations relating to a toxic culture. On Tuesday, David Bonderman, a founder of private equity firm TPG Capital, an Uber investor, resigned from the board after making a sexist comment about women talking too much at the Uber staff meeting convened to discuss the Holder report. The resignation leaves Uber''s board with seven voting members and four vacant seats. Unlike the boards of most big companies, Uber''s directors have little executive experience. In addition to Kalanick, the board includes co-founder and Chairman Garrett Camp, early employee Ryan Graves, venture capitalist Bill Gurley, Saudi investor Yasir al-Rumayyan and media impresaria Arianna Huffington. Wan Ling Martello, an executive vice president at Nestle, was added to the board this week as an independent director. The Holder recommendations call for a restructured board, but the recommendation to install an independent board chair was left up to the board only to consider. (Reporting by Heather Somerville; Editing by Jonathan Weber and Bill Trott)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-uber-ceo-idUKKBN1953C1'|'2017-06-15T08:09:00.000+03:00'
'105e4c3b2d1f559d05032ee8ae1df2a39f44594a'|'Sky and Virgin Media join-up in targeted TV advertising'|'Market   2:16am EDT Sky and Virgin Media join-up in targeted TV advertising LONDON, June 15 British pay-TV rivals Sky and Liberty Global''s Virgin Media said on Thursday they would work together to offer advertisers targeted access to more than 30 million TV viewers in the UK and Ireland. The partnership, which covers both broadcast and video on demand (VOD) advertising, will make use of Sky''s AdSmart targeted advertising platform as well as Liberty Global''s technology, Sky said. (Reporting by Paul Sandle, editing by James Davey)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/sky-liberty-global-advertising-idUSFWN1JB0T1'|'2017-06-15T10:16:00.000+03:00'
'48b2f358721dc70ca10225918c6f3b97ee6807ed'|'HSBC Malaysia to invest $250 million to build HQ in TRX financial district'|'Banks - Thu Jun 15, 2017 - 8:15am BST HSBC Malaysia to invest $250 million to build HQ in TRX financial district FILE PHOTO - The HSBC bank logo is seen at their offices in the Canary Wharf financial district in London, Britain, March 3, 2016. REUTERS/Reinhard Krause/File Photo KUALA LUMPUR HSBC''s Malaysian subsidiary said it would invest $250 million (196.1 million pounds) to acquire land and build its headquarters at the Tun Razak Exchange (TRX) financial district. In a joint statement on Thursday, HSBC Bank Malaysia Bhd and TRX City Sdn Bhd said they signed a sale-and-purchase agreement for the development of the bank''s future headquarters. While they did not give any details on when the construction would start or be completed, the bank said it planned to build a minimum office space of 568,000 square feet. HSBC is the first foreign bank to invest in the financial district - the master developer for which is TRX City, a former 1Malaysia Development Bhd division now owned by the Malaysian finance ministry. TRX City CEO Azmar Talib said around 70 percent of the plots available in the financial district have been commercialized. "TRX City continues to receive significant interest from various local and international investors and tenants, including several of the world''s major banks and financial institutions," he said. TRX is planned as an international financial district located in Kuala Lumpur city, encompassing office space, residential, hospitality, retail components. In May, TRX City called off a $1.7 billion deal in another major property development, Bandar Malaysia. TRX City said the buyers of a 60 percent stake in that development had failed to meet payment obligations. (Reporting by Liz Lee; Editing by Himani Sarkar) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-malaysia-trx-hsbc-idUKKBN1960LS'|'2017-06-15T15:15:00.000+03:00'
'06ba7c39146335f17816b06bc47cdfe6cb31e4ec'|'Spain says Eurogroup may block Greek loan if officials not granted immunity'|'Top News - Fri Jun 16, 2017 - 12:23pm BST Spain says Eurogroup may block Greek loan if officials not granted immunity Spain''s Economy Minister Luis de Guindos and Greek Finance Minister Euclid Tsakalotos (R) attend a eurozone finance ministers meeting in Brussels, Belgium May 22, 2017. REUTERS/Francois Lenoir MADRID The Eurogroup of finance ministers may block an 8.5-billion-euro (7.44 billion pounds) loan to Greece if it does not grant immunity to privatisation agency officials from Spain, Italy and Slovakia, Spanish Economy Minister Luis de Guindos said on Friday. In 2015, a Greek prosecutor charged three officials at the country''s privatisation agency with embezzlement for withholding interest payments and breach of duty in relation to a sale and lease-back deal of 28 state-owned buildings. The case is still pending. "If there''s not a definitive solution for the situation of these three experts, the Eurogroup will block the payment," de Guindos said in Luxemburg. Greece would do "whatever necessary" to immediately settle the legal case, a Greek government official said. European Economic and Monetary Affairs Commissioner Pierre Moscovici said he was confident the problem would be resolved and that he would continue to discuss the issue with Spain during his visit to Madrid next week. "The problem has to be solved. We should not over dramatise it. The disbursement will happen and at the same time will find a solution to this problem," Moscovici said on his arrival at a meeting of EU finance ministers in Luxemburg on Friday. On Thursday, euro zone governments threw Greece the latest financial lifeline and sketched new details on possible debt relief, allowing Athens to avoid defaulting on bailout repayments next month. Italy''s Economy Minister Pier Carlo Padoan said the disbursement of the 8.5-billion-euro loan would continue as the progress on the officials'' case was assessed and that he was optimistic of a quick solution. (Reporting by Sarah White, Francesco Guarascio and Lefteris Papadimas; Writing by Paul Day; Editing by Julien Toyer and Jeremy Gaunt) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-spain-greece-idUKKBN1970TY'|'2017-06-16T16:16:00.000+03:00'
'fcb0818298852fbf50e076460499dcf9b3e51a10'|'Volkswagen brand CEO sees new models driving profit and sales'|'Fri Jun 16, 2017 - 12:47pm BST VW brand CEO sees new models driving profit and sales left right Head of Volkswagen design Klaus Bischoff, chairman of Volkswagen board Herbert Diess and Frank Welsch, member of the Board for Development of Volkswagen, present the new Volkswagen Polo car during the World premiere of Volkswagen''s new Polo in Berlin, Germany June 16, 2017. REUTERS/Stefanie Loos 1/2 left right Herbert Diess, chairman of the board of Volkswagen, presents the new Volkswagen Polo car during the World premiere of Volkswagen''s new Polo in Berlin, Germany June 16, 2017. REUTERS/Stefanie Loos 2/2 BERLIN Volkswagen ( VOWG_p.DE ) is making headway with efforts to raise profitability at its troubled core brand and expects strong business next year thanks to a raft of new models, the division''s top executive said. The world''s largest automaker''s core division is being restructured with thousands of job cuts and retrenchments in parts and vehicle development as it struggles to fund a post-dieselgate shift to electric cars and new technologies. More than 10 new models launched this year including the top-of-the-line Arteon fastback and a redesigned Polo subcompact, one of VW''s all-time bestsellers, would stoke demand and underpin the turnaround, VW brand chief executive Herbert Diess told Reuters on Friday. "We are making good progress," Diess said during an event to present the next-generation Polo. "2018 will be a strong year for VW," he said, adding a new product always helped margins. VW brand''s operating margin jumped to 4.6 percent in the first quarter from 0.3 percent a year earlier, still lagging French rivals PSA Peugeot Citroen ( PEUP.PA ) and Renault ( RENA.PA ) but nearing its long-term 2025 target of 6 percent. Diess said VW had a goal for 2017 to maintain the brand''s first-quarter performance when operating profit surged to 869 million euros from 73 million a year ago. "The most important thing is the product offensive in coming months," Diess said. Wolfsburg-based VW is counting on the larger, technology-packed Polo model to revive its sluggish sales in the core European market where the brand''s deliveries slid 0.2 percent in the January-to-May period to 726,000 cars. The new Polo, priced from 12,975 euros ($14,500) and due to hit showrooms in October, will be the main volume product VW launches this year, preceding the all-new T-Roc, a Golf-sized sport utility vehicle (SUV) which is due out later in 2017. A spokesman declined to specify the new Polo''s on-road nitrogen oxide (NOx) emissions and whether they met EU targets, saying VW at this point only had emissions estimates for the model which cannot be disclosed. The advent of the new Polo will intensify the struggle for dominance in Europe''s crowded subcompact segment where the VW model is going up against a redesigned Ford ( F.N ) Fiesta and an upgraded Renault ( RENA.PA ) Clio, all vying for the top spot. Research firm IHS Markit expects the VW model to win easily. European deliveries of the Polo may jump a quarter to 368,158 cars by 2025 from 293,700 this year, compared with a 2.7 percent gain to 328,846 models for the Fiesta and a 32 percent plunge to 185,525 cars for the Clio, according to IHS. Registrations of the Peugeot ( PEUP.PA ) 208 model may surge a fifth to 277,067 cars, IHS said. (Reporting by Andreas Cremer and Jan Schwartz; Editing by Edmund Blair)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-volkswagen-presentation-idUKKBN1971H5'|'2017-06-16T19:32:00.000+03:00'
'2f5f2ccf274a76fe5b8ab57e76a1fa8cca8aef78'|'U.S. stocks see second biggest weekly inflows on record - BAML'|'Market News  08am EDT U.S. stocks see second biggest weekly inflows on record - BAML By Marc Jones - LONDON, June 16 LONDON, June 16 The second biggest ever inflow into U.S. stocks has given global share funds their best week since last year''s U.S. election, data from Bank of America Merrill Lynch showed, though there was a warning a "Humpty-Dumpty"-style big fall could be coming. Figures from the U.S. bank which tracks investment flows from Wednesday to Wednesday showed $17 billion had gone into Wall Street equity funds over the last week, second only to a $35.5 billion one back in December 2014. It fuelled a $24.6 billion global increase into stocks as a $26.3 billion surge into exchange traded funds saw no impact from the week''s sell-off in tech stocks and was only trimmed fractionally by a $1.7 billion outflow from mutual funds. Investors also continued to pile into "high-yielding" fixed income such as emerging market bonds and high-yield debt too, taking inflows over the past four weeks to $35 billion, the fastest pace since Feb. 15. In the tug of war between deflation and inflation, government bonds, seen as a deflation asset, saw the largest inflows in 20 weeks at $1 billion whereas inflation-linked U.S. ''TIPS'' saw minor outflows for a forth week in five. There was also a warning about the recent rise in stocks. BAML analysts said an "end of an era" was looming with the world''s big central banks, that have flooded $10.8 trillion into financial markets since the collapse of Lehman Brothers and spent $1.5 trillion this year alone, set to become sellers of assets in the coming years. It "won''t spark (an) immediate bear market... But this inflection point in monetary policy will become negative in coming quarters; Icarus trade likely followed by Humpty-Dumpty (a "big top" or big flash crash) later in year," BAML said. "Finally volatility is a buy." (Reporting by Marc Jones; Editing by Toby Davis)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/markets-flows-baml-idUSL8N1JD2P3'|'2017-06-16T20:08:00.000+03:00'
'34bbd1ae74af9ba95cb17cc6c92e7635e8dbdd4a'|'UPDATE 1-AIRSHOW-Boeing sees strong interest in potential new 737 model - Reuters'|'(Adds details, Quote: s)By Tim HepherPARIS, June 18 Boeing has received strong interest in a potential new member of its best-selling 737 aircraft range, the planemaker''s new commercial chief said on Sunday.Boeing is expected to launch the 190-230 seat 737 MAX 10 with more seats and a modified landing gear at the opening of the Paris Airshow on Monday, adding a larger, new version to its narrowbody medium-haul family to plug a gap against Airbus."We are working very closely with a large number of customers, with offers on the table," Boeing Commercial Airplanes Chief Executive Kevin McAllister said in a briefing.He dismissed concerns by some financiers about fragmentation of the Boeing 737 MAX family into what would now be five separate models, potentially making some harder to finance."There is significant demand for each model," he said.Speaking before the world''s largest air show at Le Bourget from June 19 to 25, McAllister offered a glimpse of new Boeing market forecasts due to be published on Tuesday.The world will need 41,000 commercial jets over the next 20 years, he said, a 4 percent increase from last year''s Boeing forecast. By comparison, Airbus last week forecast 34,899 jets over the same period, which was 6 percent above its own 2016 forecast. Boeing will unveil detailed figures on Tuesday.SERVICES PUSHBoeing is working to complete a three-year study on the potential for a so-called "mid-market" jet that would sit between the existing narrowbody and widebody categories. The company is working on a cost and business case for such a plane."I would like to do it as quickly as we can," McAllister said, but added: "I would rather take the time to do it right."Airbus has dismissed the case for such an aircraft, saying its A321neo, which can seat up to 240 people in an all-economy layout, mostly fits the gap. Boeing says the potential market spans 200 to 270 seats and requires an all-new plane.McAllister, a former General Electric executive who was appointed in November, said there was huge potential for new digital technologies in production and in providing aftermarket services. Such services, which are key to engine makers and are now working their way into aircraft manufacturing, will be part of the decisions on whether to launch the mid-market jet.The Boeing official called for greater efficiency from suppliers including Spirit AeroSystems, which builds the fuselage of 737 jets and parts of the 787 Dreamliner.Boeing is involved in pricing negotiations with its former subsidiary, formed in 2005 from the sale of its Wichita base."We are still negotiating with Spirit. I expect the same accountability from the supply chain as we place on ourselves," McAllister said.Spirit said in May talks were taking longer than expected and that there was still a gap on 737 and 787..On the 777 mini-jumbo, whose production is slowing before the transition to a new model due to enter service in 2020, McAllister said the plane was sold out for 2017 but the firm had "some holes to fill" in the order book in 2018 and 2019. (Editing by Edmund Blair)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/airshow-paris-boeing-idINL8N1JF0OA'|'2017-06-18T16:16:00.000+03:00'
'144d8250412f70b726fdf47b5723ae76d64733f1'|'China''s Fosun raises offer for Fabergé owner Gemfields'|'June 20 China''s Fosun International has increased its offer for Fabergé owner Gemfields to 256 million pounds ($324 million), turning up the heat in a bid battle with the largest shareholder of the London-listed company.Fosun Gold, part of the acquisitive Fosun International conglomerate, said on Tuesday it had increased its offer for Gemfields to 45 pence per share from an earlier proposal of 40.85 pence per share.That trumps a rival offer of 38.5 pence per share from mining group Pallinghurst Resources Ltd to buy the 52.91 percent of Gemfields it does not already own.Gemfields, which mines for emeralds and amethysts in Zambia and for crimson and pinkish-red coloured ruby and corundum in Mozambique, had rejected the offer from Pallinghurst, saying it "significantly undervalues" the companyPallinghurst has said it intends to delist Gemfields from London''s junior market.Gemfields said on Tuesday its independent committee considered the terms of Fosun''s offer were neither fair nor reasonable, but that in the light of Pallinghurst''s offer it intended to recommend shareholders to accept Fosun''s bid.Pallinghurst said on Monday it had valid acceptances for its bid from shareholders owning 61.25 percent of Gemfield''s shares, including its own stake.($1 = 0.7890 pounds) (Reporting by Noor Zainab Hussain in Bengaluru; Editing by Mark Potter)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/gemfields-ma-fosun-intl-idINL8N1JH3HY'|'2017-06-20T10:54:00.000+03:00'
'faeb4185eef7c12793aa12bab35609c978db248b'|'Banks to vote on alternative to Libor as new rate benchmark'|'Business News - Tue Jun 20, 2017 - 4:32pm BST Banks to vote on alternative to Libor as new rate benchmark Offices in the financial district of Canary Wharf in London, Britain January 19, 2017. Picture taken January 19, 2017. REUTERS/Kevin Coombs By Karen Brettell A committee of global banks will vote on Thursday on an alternative to the London Interbank Offered Rate (Libor) for use as a benchmark U.S. interest rate for derivatives contracts, after a decline in short-term bank lending since the 2008 financial crisis undermined faith in the rate. Reforms to banking and money market fund regulations, along with allegations of Libor manipulation before and during the crisis, has resulted in fewer interbank short-term loans and reduced funds'' demand for bank debt, so Libor rates are sometimes estimated rather than based on actual transactions. As a result, bankers and regulators in the United States, Britain, Europe and Japan are developing alternative benchmark interest rates. "Getting a rate that’s supported, that’s well built and robust, is very important because they need to move a lot of the swaps market off of Libor,” said Darrell Duffie, a finance professor at Stanford University who chaired a committee of market participants that advised the Financial Stability Board on reference rate reform. The two alternative rates under proposal in the United States are the Overnight Bank Funding Rate, an unsecured bank lending rate based on transactions in the fed funds and eurodollar markets, and a rate based on overnight lending in the U.S. Treasury collateralised repurchase agreement, or "repo", market. Over time, the new benchmark may be used as a reference rate for corporate loans, residential mortgages and credit cards. “The hope is that whatever rate emerges can be the basis of a liquid enough market that it can be used for many different purposes, just as Libor is,” Duffie said. However, the process of building trading volumes around the new benchmark is likely to be slow. Asset managers, corporations and other swaps users are unlikely to trade any contracts based on the new rate until liquidity has been established. Private and exchange-traded derivatives have by far the largest exposures to U.S. dollar Libor, at around $150 trillion (118.43 trillion pounds). To regulators including the Federal Reserve, the size of the derivatives exposures creates systemic risks for financial markets if liquidity in Libor falls further. Fed data shows that interbank lending activity at U.S. commercial banks is at its lowest levels since the 1970s. At a meeting last year of the Alternative Reference Rates Committee (ARRC), which is developing the new benchmark, Fed Governor Jerome Powell warned that “benchmarks sometimes come to a halt." ICE Benchmark Administration, which took over administration of Libor from the British Bankers'' Association in 2014, said last year that only around 30 percent of three-month U.S.-dollar Libor submissions were transaction-based in 2015. ICE declined to comment on the vote for the new rate. A SLOW TRANSITION The process of moving to a new benchmark rate is likely to be slow, but over time it may reshape financial markets. “Any movement away from Libor for United States dollar transactions, however its stage and whatever the scope of that transition, will undoubtedly have profound implications for financial markets throughout the world,” said David Duffee, a finance partner at law firm Mayer Brown in New York. One issue is that both rates under consideration are for overnight loans, and there is not yet a market for term loans such as one and three months, as in Libor. “There are a lot of questions about how they will be replacing three-month Libor contracts. My guess is that the market will continue to use Libor until the time that a term market in the new index develops,” said Sam Priyadarshi, head of portfolio risk and derivatives at Vanguard in Malvern, Pennsylvania. Three-month Libor contracts are used as the reference rate for most interest rate derivatives. Banks also rely heavily on the CME Group’s ( CME.O ) Eurodollar futures market, which is Libor-based, to hedge swap transactions, so liquidity in similar futures contracts based on the new benchmark will likely be needed to boost trading in swaps contracts based on the new rate. The ARRC indicated in its interim report in 2016 that clearinghouses that guarantee swap trades should begin by offering banks and other participants an option for payments based on the interest rate swaps daily value using the new rate. That is expected to help build liquidity around the new rate before trading begins. The creation of a new market to trade the basis between Libor-based swaps and contracts based on the new rate is also envisioned. (Additional reporting by Richard Leong; Editing by Clive McKeef and Meredith Mazzilli) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-banks-libor-derivatives-idUKKBN19B27F'|'2017-06-20T23:32:00.000+03:00'
'824e38335b108e920eb549f892304eee7d9cf251'|'China''s pork demand hits a peak, shocking producers, as diets get healthier'|'Tue Jun 20, 2017 - 12:04am BST China''s pork demand hits a peak, shocking producers, as diets get healthier   A customer chooses meat at a meat market in Beijing May 31, 2013. REUTERS/Kim Kyung-Hoon/File Photo 1/3   Staff of the Zhenxiangfudi restaurant work in the kitchen, in central Beijing, China May 18, 2016. REUTERS/Damir Sagolj/File Photo 2/3   A fruit and vegetable stall owner uses a calculator to work out prices for a customer at a small market in central Beijing, China July 7, 2011. REUTERS/David Gray/File Photo 3/3 By Dominique Patton - BEIJING BEIJING China''s frozen dumpling makers are finding there''s a quick route to winning new sales - increase the vegetable content, and cut down on the meat. This departure from traditional pork-rich dumplings is a hit with busy, young urbanites, trying to reduce the fat in diets often heavy on fast food. "They like to try to eat more healthy products once a week or fortnight. It''s a big trend for mainland China consumers, especially those aged 20 to 35," said Ellis Wang, Shanghai-based marketing manager at U.S. food giant General Mills, which owns top dumpling brand Wanchai Ferry. For pig farmers in China and abroad, it is a difficult trend to stomach. The producers and other market experts had expected the growth to continue until at least 2026. Chinese hog farmers are on a building spree, constructing huge modern farms to capture a bigger share of the world''s biggest pork market, while leading producers overseas have been changing the way they raise their pigs to meet Chinese standards for imports. Some have, for example, stopped using growth hormones banned in China. China still consumes a lot more meat than any other country. People here will eat about 74 million tonnes of pork, beef and poultry this year, around twice as much as the United States, according to U.S. agriculture department estimates. More than half of that is pork and for foreign producers it has been a big growth market, especially for Western-style packaged meats. But pork demand has hit a ceiling, well ahead of most official forecasts. Sales of pork have now fallen for the past three years, according to data from research firm Euromonitor. Last year they hit three-year lows of 40.85 million tonnes from 42.49 million tonnes in 2014, and Euromonitor predicts they will also fall slightly in 2017. Chinese hog prices are down around 25 percent since January, even though official numbers suggest supply is lower compared with last year. China''s meat and seafood sales IMG: tmsnrt.rs/2s83aam RARE LUXURY Since China began opening up to the world in the late 1970s, pork demand expanded by an average 5.7 percent every year, until 2014 as the booming economy allowed hundreds of millions of people to afford to eat meat more often. During Mao Zedong''s reign as Chinese leader from 1949-76 meat had, for many, been a rare luxury. Now, growing concerns about obesity and heart health shape shopping habits too, fuelling sales of everything from avocados to fruit juices and sportswear. [ reut.rs/2rpFDhp ] [ reut.rs/2tis0Tg ] "Market demand remains very weak. I think one factor behind this is people believe less meat is healthier. This is a new trend," said Pan Chenjun, executive director of food and agriculture research at Rabobank in Hong Kong. Sales of vegetable-only dumplings grew 30 percent last year, compared with around 7 percent for all frozen dumplings, Nielsen research also shows. "Demand for vegetable products keeps rising, giving us large room for growth," said Zhou Wei, product manager at number two dumpling producer Synear Food. Guangzhou-based Harmony Catering says health is the key to reduced servings of meat to the roughly 1 million workers eating at its 300 canteens each day. Staff at the technology companies, banks and oil majors that are Harmony''s clients will consume about 10 percent less meat today than they did five years ago, but around 10 percent more green vegetables, according to Harmony vice president Li Huang. "It''s mainly because of media, the concept of health has entered popular consciousness," he said. For now, it''s mostly urban and white-collar workers paying closer attention to their diets. There''s been, for example, a sharp rise in vegetarian food stations at university campuses. But the government wants a nationwide shift in eating habits. Childhood obesity in China is rocketing, and the country also faces an epidemic of heart disease, Harvard researchers warned last year. Among the problems, they blamed growing consumption of red meat and high salt intake. In April, the health ministry kicked off its second 10-year healthy lifestyle campaign, urging citizens to consume less fat, salt and sugar, and aim for a ''healthy diet, healthy weight and healthy bones''. By 2030, Beijing wants to see a marked increase in nutritional awareness, a 20 percent cut in the per capita consumption of salt, and slower growth in the rate of obesity, it said in its recently published ''Healthy China 2030'' pamphlet. Meat consumption by type and country: reut.rs/2s3F00J Some companies have been urgently changing the mix of products they sell, going for higher-margin pork meats rather than volume. Sales of traditionally less popular lamb and beef have also been increasing. Li of Harmony Catering says although servings of pork are down, the firm is including more beef and lamb in meals. "People usually eat lean beef or lamb, like beef brisket, while with pork it''s both fatty and lean parts, like in ''hong shao rou''," said Beijing-based nutritionist Chen Zhikun, referring to the widely consumed braised pork dish. China''s top pork producer WH Group has been going up market, selling Western-style products in China, such as sausages and ham. A lot of this is imported from Smithfield, the largest U.S. pork producer, which was acquired by WH in 2013. Some producers say that the recent drop in pork consumption can be partly explained by sharply lower output. A prolonged period of losses during 2013 to 2015 forced farmers to cull millions of hogs, hitting supply and sending pork prices to record levels in 2016. But for a growing portion of Chinese consumers, price tags on food items are less and less important. A spate of safety scandals in recent years, many related to meat, have made urban Chinese highly sensitive to food quality. More than 80 percent of people in China surveyed by Nielsen last year said they were willing to pay more for foods without undesirable ingredients, much higher than the global average of 68 percent. "China is in a new stage where consumption of pork and other foods is no longer a simple matter of ''more is better''," said Fred Gale, senior economist at the United States agriculture department. (Reporting by Dominique Patton and Beijing Newsroom. Additional reporting by Julie Zhu in HONG KONG; Editing by Martin Howell)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-china-meat-demand-insight-idUKKBN19A31C'|'2017-06-20T07:08:00.000+03:00'
'133152eb2ebe7a6c4ded0bafd3bce524a8951346'|'PRESS DIGEST- British Business - June 20'|'June 20 The following are the top stories on the business pages of British newspapers. Reuters has not verified these stories and does not vouch for their accuracy.The Times* Bruno Iksil, a former JP Morgan trader accused of being behind the American investment bank''s multibillion-dollar trading loss scandal, said that Jamie Dimon, the bank''s chief executive, had been involved in the ultimately loss-making trades that his desk had bought. bit.ly/2su0na6* Greencoat Renewables, a wind farm operator is planning to breeze on to the London and Dublin stock exchanges with a 219 million pounds float. bit.ly/2stUKIXThe Guardian* Silvana Tenreyro, an economics professor from the London School of Economics who warned against Brexit, has been appointed to the Bank of England''s interest rate-setting committee. bit.ly/2stV8H6* ITV''s hunt for a chief executive has narrowed to a shortlist that includes Andrew Griffith, chief operating officer at Sky, Paul Geddes, chief executive of Direct Line, and Rob Woodward, the outgoing chief executive of STV. bit.ly/2sttk5VThe Telegraph* Boeing has unveiled an enlarged version of its best-selling 737 airliner at the Paris airshow as the U.S. aerospace giant battles back against European arch-rival Airbus . bit.ly/2sttwCb* Orange SA is selling around a third of its stake in BT, just five months after the French state telecoms monopoly was released from a lock-up preventing a share sale. bit.ly/2stVzBiSky News* Pension Protection Fund is putting the funds into the company which operates the M6 toll road, just days after it was sold to IFM Investors, its second group of Australian owners, according to Sky News. bit.ly/2stPyop* Jaguar Land Rover says it is hunting 5,000 recruits as it bids to bolster its UK workforce despite concerns about the implications of the Brexit vote. bit.ly/2stKtMVThe Independent* Google says it will step up its efforts to stem online extremism by putting more resources into identifying YouTube videos that spread hate. ind.pn/2stWaTy* A survey of over 2,000 public and private sector employees conducted by Badenoch and Clark has revealed that two in five workers in the UK say that they have experienced workplace bias, and one in five have hidden their age, disability, social background or sexuality when applying for a job. ind.pn/2stCDCR (Compiled by Bengaluru newsroom; Editing by Bill Trott)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/britain-press-business-idINL8N1JG6B8'|'2017-06-19T21:18:00.000+03:00'
'e0f11d2c9cd7f7eecef49205270546895746164f'|'Asia firms'' confidence at three-year high on brighter global outlook -Thomson Reuters/INSEAD'|'By Brenda Goh - SHANGHAI SHANGHAI Business confidence in Asia rose to a three-year-high in the second quarter of the year, propelled by a slew of favourable economic data across the region and easing concerns over the health of China''s economy, a Thomson Reuters/INSEAD survey showed.The Thomson Reuters/INSEAD Asian Business Sentiment Index, representing the six-month outlook of 101 firms, climbed to 74 in April-June from 70 three months earlier. A reading over 50 indicates a positive view."The world economy is starting to look more solid," said Singapore-based economics professor Antonio Fatas at global business school INSEAD."The U.S. is reaching good levels of GDP and employment, with Europe finally recovering and Asia seeing less risks ahead. China looks like it''s in a more stable situation after having ups and downs because of capital outflows over the last couple of years and also the risks of a debt crisis."China is widely expected to meet its 6.5 percent economic growth target this year without too many bumps, helped by a pick-up in exports and stable growth in factory output and retail sales. The government has also sought to reduce debt.Reflecting the upbeat picture, the country upon which much of Asia depends for trade scored a business sentiment subindex of 75, up from 72 three months prior.In nearby Japan, sentiment hit its highest-ever with a subindex of 83 compared with 61 in the previous quarter and an average of 58 in the survey''s eight-year life. The country''s central bank in April offered its most optimistic assessment of the economy in nine years, saying it was turning toward expansion.Buoyant consumer confidence and export growth that exceeded initial estimates helped Indonesia''s sentiment subindex rise 8 points to 83, its highest in over a year.Sentiment rebounded the most in South Korea with a 50-point jump in its subindex to 75. The result came after the country''s new president vowed to review a decision to deploy a U.S. anti-missile system which had angered China and prompted a boycott of Korean goods."The cloud of political risk has disappeared," Fatas said. "Last quarter the data for South Korea was looking weaker. There was potential for crisis with some trading partners, in particular China."Sentiment also edged up in India and Thailand, but weakened in Australia, Taiwan and the Philippines. Singapore posted the lowest subindex of 62 - but even that was the strongest lowest subindex the survey has seen since it began in 2009.CONSTRUCTION BULLISHThomson Reuters and INSEAD polled companies from June 2 to 16. Of the 101 respondents, 56 percent rated their six-month outlook as positive, the highest proportion in over six years. 37 percent were neutral and 7 percent were negative.Respondents included Australia''s APA Group, Japan''s Hitachi Ltd, South Korea''s Kia Motors Corp, India''s Vedanta Ltd and China Eastern Airlines Co Ltd.The most bullish respondents were from the construction and engineering as well as transport and logistics industries, with half of such firms saying business volume had grown over the past three months.The two sectors are set to benefit from China''s pledge in May to lend about $56 billion for infrastructure projects across Asia, Europe and Africa as part of its Belt and Road initiative.The metals and chemicals industry registered the biggest jump in sentiment, by 41 points to 81, while confidence was also buoyant among firms in the healthcare, financial and retail sectors."E-commerce in Southeast Asia has significant potential for growth for years to come," said Magnus Ekbom, group chief strategy officer at survey respondent Lazada Group SA, an online retailer backed by Alibaba Group Holding Ltd."We are on track to achieving our goal of making 100 million products available across all of our 6 markets."The real estate sector and the household, food and beverage sector tied for the lowest subindex, while sentiment in the technology and telecommunications industry fell 7 points to 67.Survey respondent Intouch Holdings PCL, a Thai telecoms firm, said it was anticipating positive impact in the second-half of the year from the mobile and fixed broadband business."Overall, mobile competition still remains due to continued handset campaign offerings," the firm said in an email to Reuters. "However, we see an opportunity from an uplift in data consumption from customer''s behavioural changes."Firms ranked disruptive technologies as the chief risk to their six-month outlooks. Disruptive technologies include the sharing platforms of Uber Technologies Inc and Airbnb Inc which are increasingly taking market share from traditional industry leaders.Other risks cited include an inconsistent U.S. administration and protectionism. The U.S. president has pledged to pursue policies widely described as protectionist, including withdrawing from the Trans-Pacific Partnership trade pact.Note: Companies surveyed can change from quarter to quarter.(Reporting by Brenda Goh; Editing by Christopher Cushing)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/asia-businesssentiment-idINKBN19C09M'|'2017-06-21T12:06:00.000+03:00'
'18988f24089eb839567196f32ca2ef6c00d762be'|'What the sale of the Times to Murdoch can teach us today - Media'|'I n a curious way, it’s events almost four decades old that have huge relevance now as we snap and snarl over the media lessons of this election. Events recorded in the obit columns rather than on any front page.Sir Gordon Brunton, dead at 95, was consigliere to Roy Thomson as the genial Canadian bought the Times and Sunday Times . But, as Brunton’s obituaries in the Times and Telegraph recall, bringing those two hitherto separate papers together doubled their problems with labour relations.When Thomson died in 1976, his son Ken wanted industrial peace and the chance to catch up with the digital typesetting strides made around the world. No dice. Both titles were off the street for 11 months; and soon after they came back, journalists struck over pay.That was the “final straw” for Brunton. He told Ken to sell in four months or close the whole damned operation. He set about determined negotiation and, in the end, passed the papers to Rupert Murdoch for a bargain £12m.Why choose the man who, even then, was the Dirty Digger? “Several high-profile bidders showed an interest, including David Frost, Lord Matthews (then in charge of the Express group), Tiny Rowland, Robert Maxwell and Lord Rothermere,” says the Times obit. The Telegraph adds Jimmy Goldsmith to that list. But only Murdoch was manifestly willing to take on the loss-making Times as well as the potentially succulent Sunday; only he took the rough with the smooth. Which is why, for Brunton, his bid prevailed.So three thoughts bridge the 70s and 2017, whatever you make of Rupert since. One is that supposed union power delivered the papers to him: he became a press baron because he took risks others wouldn’t. Ken Thomson didn’t want to forsake his dad’s legacy; he wanted benignly to carry on. But, lesson two: without the union tumult and Brunton’s push to get out of print, there might have been no Thomson Reuters, the crown of Ken’s ambition.'|'theguardian.com'|'http://www.guardian.co.uk/theobserver/news/business/rss'|'https://www.theguardian.com/media/2017/jun/18/what-sale-of-times-to-rupert-murdoch-can-teach-us'|'2017-06-18T03:00:00.000+03:00'
'e8576fd641b4b6af5aa0c653d70155415852ffb8'|'PRESS DIGEST- Wall Street Journal - June 19'|'Market News - Mon Jun 19, 2017 - 12:29am EDT PRESS DIGEST- Wall Street Journal - June 19 June 19 The following are the top stories in the Wall Street Journal. Reuters has not verified these stories and does not vouch for their accuracy. - Boeing Co''s commercial airplane boss sees big market potential for a new jetliner the company has been studying but still wants more time before committing billions of dollars to the project. on.wsj.com/2rLJMMP - Activist investor Land & Buildings Investment Management LLC, which has accumulated a stake of roughly 4.3 percent in Hudson''s Bay Co, said in a letter that is expected to be delivered to the company''s board Monday that its real estate is worth four times the stock price. on.wsj.com/2rM3vvU - A small autonomous-cars company Cruise Automation owned by General Motors Co is getting into the high-definition mapping business, a move that could help the Detroit auto giant compete with Google and others in the race to develop self-driving vehicles. on.wsj.com/2rLOvxT (Compiled by Bengaluru newsroom) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/press-digest-wsj-idUSL3N1JG1YG'|'2017-06-19T12:29:00.000+03:00'
'79209cf106b5a6b96f6d59bb8cbdba5a6e5fcbd3'|'FTSE 350 pensions in weakest position since 2009 - report'|'Top News - Mon Jun 19, 2017 - 12:05am BST FTSE 350 pensions in weakest position since 2009 - report Pensioners sit on a bench in a park, Merthyr Tydfil, Wales, May 22, 2017. P REUTERS/Rebecca Naden LONDON British listed companies'' ability to meet the obligations of their defined benefit, or final salary, pension schemes is at its weakest since 2009 as a result of falling gilt yields, consultancy firm PwC said on Monday. Low interest rates have increased the gap between pension schemes'' assets, typically held in UK government bonds, and the fixed sums they need to pay to pensioners. Large pension deficits can reduce companies'' ability to pay dividends as they divert cash into the pension schemes and can crimp merger activity. "The biggest pressure on company deficits is rising liabilities as a result of the fall in long-term gilt yields," PwC said in a report. PwC''s Pensions Support Index, which tracks the financial strength of FTSE 350 companies .FTSE .FTMC against the size of their pension scheme commitments, dropped to a score of 69 out of 100, its lowest since 2009 and down 13 points from 2016. The weakest pension schemes need to focus on "the strength of their employer, the ability to make increased contributions and the risks attached to their investment strategy", Jonathon Land, head of PwC''s pensions credit advisory practice, said. (Reporting by Carolyn Cohn; Editing by Elaine Hardcastle)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-pensions-ftse-research-idUKKBN19912J'|'2017-06-19T07:05:00.000+03:00'
'c7fdf8a92b7634b797c98a978852d15f5d0fdc5f'|'Asian shares flat, still on track for winning week'|'Business News - Fri Jun 23, 2017 - 7:21pm BST Stocks climb as dollar weakness boosts oil left right Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., June 2, 2017. REUTERS/Brendan McDermid 1/2 left right Traders work in front of the German share price index, DAX board, at the stock exchange in Frankfurt, Germany, June 22, 2017. REUTERS/Staff/Remote 2/2 By Chuck Mikolajczak - NEW YORK NEW YORK World stocks advanced on Friday and were on track to end the week with a slight gain as a drop in the dollar helped boost slumping oil prices. The dollar fell against a basket of major currencies as preliminary data on U.S. factory and services activities in June fell short of analyst forecasts, stoking doubts about U.S. economic growth for the rest of 2017. That drop in the greenback helped crude oil pull away from 10-month lows, although prices were still set for their worst first-half performance since 1997. On the week, both Brent and WTI crude have lost nearly 4 percent. "In relative terms, it is not such a big move," said JJ Kinahan, chief market strategist at TD Ameritrade in Chicago. "Part of the reason it sparked oil a little bit is it’s the end of the week, there was a big selloff, so I imagine you are just seeing people flatten some positions." U.S. crude CLcv1 rose 0.58 percent to $42.99 per barrel and Brent LCOcv1 was last at $45.50, up 0.62 percent on the day. The climb in crude helped lift energy stocks on Wall Street, with the group .SPNY up 0.5 percent. The U.S. dollar briefly managed to recoup some of its declines after economic data showed new U.S. single-family home sales rose in May and the median sales price surged to an all-time high. The PHLX housing index .HGX advanced 0.6 percent. The Dow Jones Industrial Average .DJI rose 13.75 points, or 0.06 percent, to 21,411.04, the S&P 500 .SPX gained 6.74 points, or 0.28 percent, to 2,441.24 and the Nasdaq Composite .IXIC added 31.89 points, or 0.51 percent, to 6,268.57. The slide in energy prices in recent weeks has worsened the outlook for inflation, creating a problem for the world''s major central banks as they attempt to normalize interest rates after years of ultra-loose policy. The pan-European FTSEurofirst 300 index .FTEU3 lost 0.28 percent and MSCI''s gauge of stocks across the globe .MIWD PUS gained 0.26 percent. The dollar index .DXY fell 0.33 percent, with the euro EUR= up 0.41 percent to $1.1196. The dollar hit a one-month high on Tuesday following comments with a hawkish tone from Fed officials including New York Fed President William Dudley and Boston Fed President Eric Rosengren. But it has been stuck in a tight range since and is up slightly on the week. Earlier on Friday, St. Louis Fed President James Bullard said the central bank should wait on any further rate increases until it is clear inflation is reliably heading to the Fed''s 2 percent target. Cleveland Fed President Loretta Mester said failure to hike rates in the U.S. could mean missing inflation and employment goals that could cause a recession. Fed Board Governor Jerome Powell is also due to speak on Friday. The lower dollar also helped boost gold prices, but the prospect of further interest rate rises in the United States limited gains. Spot gold XAU= added 0.4 percent to $1,255.34 an ounce. U.S. gold futures GCcv1 gained 0.54 percent to $1,256.20 an ounce. (Reporting by Chuck Mikolajczak; Editing by Chizu Nomiyama)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-global-markets-idUKKBN19E028'|'2017-06-23T12:07:00.000+03:00'
'04eeafc4955c2a32c16c686a241cf170e1c5bdd4'|'Airshow: New Boeing jet and F-35 demand lift aerospace spirits in Paris'|'By Tim Hepher and Mike Stone - PARIS PARIS Boeing unveiled a new member of its best-selling 737 aircraft range, injecting new life into a faltering civil aviation market as French President Emmanuel Macron flew in to open the Paris Airshow on Monday.After years of booming orders, driven by rising air travel and more fuel-efficient planes, passenger jetmakers are bracing for a slowdown in demand while they focus on meeting tight delivery schedules and ambitious production targets.But Boeing generated a fresh burst of activity at the world''s biggest airshow by launching the 737 MAX 10 to plug a gap in its portfolio at the top end of the market for single-aisle jets following runaway sales of European rival Airbus'' A321neo.The U.S. planemaker said it had more than 240 orders and commitments from at least 10 customers for the new plane, which can carry up to 230 people in a single-class configuration."The MAX 10 is going to add more value for customers and more energy to the marketplace," Boeing Chief Executive Dennis Muilenburg said at a presentation ceremony.But industry sources said Airbus would immediately hit back with a large order for the A321neo.People familiar with the matter said on Sunday Airbus was also close to clinching a roughly $5 billion deal with low-cost carrier Viva Air Peru.Airbus will announce an order for 10 of its A350-900 wide-body jets as well, industry sources added.While demand for passenger jets may be faltering, there are signs interest in military aircraft is picking up after years in the doldrums due to budget cuts and weak economic growth.Lockheed Martin is in the final stages of negotiating a $37 billion-plus deal to sell 440 F-35 fighter jets to a group of 11 nations including the United States, two people familiar with the matter told Reuters.That would be the biggest deal yet for the stealthy warplane, set to make its Paris Airshow debut this week.In another boost for a defence project, French President Emmanuel Macron flew into the show on an Airbus A400M military transporter in his first official engagement since winning a parliamentary majority in elections on Sunday.His arrival was followed by a flypast by the world''s largest passenger plane, the Airbus A380, and France''s aerial display team.The ceremony lent high-level support to two ambitious European aerospace projects tarnished by problems in recent years: the A400M because of chronic cost overruns and delays and the A380 because of weak sales that threaten its future.Airbus said on Sunday it was working on an upgrade of the A380 - called A380plus - with fuel-saving wingtips, confirming plans reported by Reuters in March.Boeing, however, is expected to say at the Paris show that demand for mammoth planes such as the A380 and its own 747 is moribund.(Additional reporting by Vicki Bryan; Editing by David Clarke and Mark Potter)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/airshow-paris-idINKBN19A0XP'|'2017-06-19T16:39:00.000+03:00'
'd4bc40592f02227d77073e8e45531698f2be427e'|'Lebanon''s Blom Bank completes acquisition of HSBC Lebanon unit'|'Autos - Sun Jun 18, 2017 - 10:04pm BST Lebanon''s Blom Bank completes acquisition of HSBC Lebanon unit A general view shows the headquarters building of the Lebanese Blom Bank where an explosion occurred outside the bank on Sunday in Beirut, Lebanon June 13, 2016. REUTERS/Jamal Saidi BEIRUT Lebanon''s Blom Bank ( BLOM.BY ) said on Monday it had completed its acquisition of HSBC Bank Middle East Limited – Lebanon, a wholly owned subsidiary of HSBC Holdings ( HSBA.L ). Blom said in November it would acquire the assets in the first half of this year subject to central bank approval. Blom said in a statement it would retain HSBC staff. Terms of the acquisition were not disclosed. HSBC had been in Lebanon since 1946 and has three branches in Dora, Ras Beirut and St Georges Bay. Blom said in November HSBC had about $953 million (£746.5 million) in assets in Lebanon as of June 30 last year. "This acquisition falls under Blom Bank''s strategy of expanding its customer base and diversifying its assets and sources of revenue. The transaction will help Blom Bank expand its corporate and commercial businesses as well as its retail activities," Blom said. Blom is Lebanon''s largest bank by market capitalisation, according to Thomson Reuters data, just ahead of Bank Audi. ( AUDI.BY ) (Reporting by Lisa Barrington; Editing by Adrian Croft)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-lebanon-banking-blom-hsbc-idUKKBN1990ZX'|'2017-06-19T05:04:00.000+03:00'
'90e154a8199e78bde4613830770918ede6a64e7b'|'Sanofi to invest further in biologics'|'Health News - Wed Jun 14, 2017 - 12:51pm BST Sanofi to invest further in biologics A logo is seen in front of the entrance at the headquarters French drugmaker Sanofi in Paris October 30, 2014. REUTERS/Christian Hartmann/File Photo By Matthias Blamont - PARIS PARIS Sanofi announced plans to invest 600 million euros ($673 million) annually over the next two to three years in the field of biologics production, an area of strong growth potential. In contrast to most drugs that are chemically synthesized, many biologics are produced using living cells. They are seen as a promising answer in cardiovascular, neurology and cancer diseases. Experts say they also provide means to treat a variety of medical illnesses and conditions that have no other treatments available. But they are also more expensive than traditional products. In March, the U.S. Food and Drug Administration approved Regeneron Pharmaceuticals and Sanofi''s biologic drug for eczema, Dupixent, that will sell for a list price of $37,000 a year. Philippe Luscan, executive vice president of global industrial affairs at the French drugmaker, told reporters on Wednesday the investments would follow 3.3 billion euros already spent in this area in the last five years - representing the lion''s share of total investment in production of 4.7 billion euros. Earlier this year, Sanofi and Swiss manufacturer Lonza said they would spend 270 million euros by 2020 on a new large-scale biologics facility that will produce monoclonal antibodies. "In 2012, 43 percent of our pipeline was made of biologics. The figure stood at around 60 percent in 2016 and in 2020, it will increase even more," Luscan said. Figures compiled by EvaluatePharma show conventional drugs still represented 70 percent of the top 100 medications sold worldwide before 2010, but that the proportion would narrow to 50 percent as soon as around 2022. Such projections do not automatically translate into higher volume sales for drugmakers because of a high potential for production problems and patent disputes in a competitive segment of the industry. In addition, the U.S. Supreme Court cut the time it will take for copycat versions of biologic drugs to get to the market in a pivotal ruling on Monday. The ruling has major implications for the pharmaceutical sector because it will dictate how long brand-name makers of biologic drugs can keep near-copies, called biosimilars, off the market. Sanofi had no immediate comment on the ruling. (Editing by Andrew Callus) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-sanofi-biologics-idUKKBN1951IV'|'2017-06-14T19:40:00.000+03:00'
'1aed158ccb9ff23e21cd254c8c246080516c9500'|'WH Smith''s sales rise 2 percent in 15 weeks to June 10'|'  8:01am BST WH Smith''s sales rise 2 percent in 15 weeks to June 10 FILE PHOTO - A company logo is pictured outside a branch of WH Smith in Manchester northern England, March 17, 2016. REUTERS/Phil Noble/File Photo British books and stationery retailer WH Smith Plc said its sales rose 2 percent in the 15 weeks to June 10 as a strong performance at outlets at transport hubs outshone weakness in its high street operations. WH Smith has more than 750 outlets at transport hubs, mainly in airports, railway stations and motorway service areas, and sales across these locations rose 8 percent during the period. However, sales were down 4 percent at its UK-focused high street business which operates more than 600 stores. "We remain confident in the outcome for the full year," WH Smith said in a statement, without elaborating. (Reporting by Rahul B in Bengaluru; Editing by Susan Fenton)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-wh-smith-outlook-idUKKBN1950LU'|'2017-06-14T15:01:00.000+03:00'
'f07279fc0bca45016b72780f928941b06f38ffdc'|'U.S. Supreme Court and top patent court rarely see eye to eye'|'WASHINGTON The U.S. Supreme Court''s unanimous backing on Monday of a ruling by the country''s top patent court was a rare instance of agreement with a body whose decisions in that specialized area it regularly overturns.Tellingly, Monday''s decision related to trademarks, not patents. Since its term began last October, the Supreme Court has thrown out all six patent-related decisions by the U.S. Court of Appeals for the Federal Circuit, which was set up to handle such cases.Since 2014, the high court has upheld the patent court in only two of 16 patent cases, a Reuters review showed.The lack of agreement between the high court and the patent court reflects a basic conflict at the top of the U.S. legal system over intellectual property rights, which are critical to many industries.The high court''s pattern on patent law is part of a wider trend, under Chief Justice John Roberts, of the court siding with business in legal disputes that come before it.Business interests have won a string of victories in the current term, which is scheduled to end next week.Through its repeated reversals of the patent court, the Supreme Court is making it harder to sue companies using patents. That helps major technology firms such as Google, Apple and Samsung, all frequent targets of patent infringement lawsuits by "patent trolls."Other industries, including drug and medical diagnostics companies, have warned against weaker patent rights."The patent system has been weakened, and as far as I''m concerned the Supreme Court is unaware of that," said Paul Michel, who retired as Federal Circuit chief judge in 2010.Michel said the high court''s decisions had created huge uncertainty for companies and investors over patent rights and could affect research and development and innovation.Reached by Reuters, a representative for the Federal Circuit declined to comment.The Supreme Court''s patent cases this term have been significant, including one involving Apple and Samsung over smartphones. In that case, the justices said the Federal Circuit misinterpreted the law on design patents.In another major case, the Supreme Court repudiated a 27-year-old Federal Circuit precedent and tightened where patent lawsuits may be filed, a blow to the "trolls," or entities that generate revenue by suing over patents."It’s pretty safe to say that it''s one of the most impactful decisions of the term," said Allyson Ho, a business lawyer, at a U.S. Chamber of Commerce event on Friday.In an exception that perhaps proves the rule, the high court on Monday upheld the Federal Circuit''s decision to strike down a law that prevents disparaging names from being trademarked. The Federal Circuit also handles some trademark cases.CONDESCENDING TONEThe justices have sometimes adopted a condescending tone toward the Federal Circuit''s patent rulings.During arguments in a 2014 case, Roberts suggested the Federal Circuit was failing at streamlining patent law, one of the reasons for its creation in 1982.Supreme Court Justice Samuel Alito wrote in an opinion that same year that the Federal Circuit "fundamentally misunderstands what it means to infringe" certain patents.When the patent court was founded, the judges "saw their mission as making patents stronger, and the Supreme Court thought it went too far and started to reel them in," said Rochelle Dreyfuss, a professor of law at New York University who has studied the court. "Now the question is whether the pendulum has swung too far in the other direction."She said the patent court was doing a better job explaining its rulings. It recently seated several new judges, and Sharon Prost, viewed as less pro-patent than her predecessor, became chief judge in 2014.Duke University law professor Arti Rai said the high court seemed to disapprove of treating patent law differently from other areas of law.The situation could spark further debate over the future trajectory of the specialist court, Rai said. For several years, attorneys, judges and professors have sparred over whether the court should retain exclusive control over patent cases.Some observers note that other appeals courts also go through periods of high reversal rates.Carter Phillips, who frequently argues patent cases, said that since the Federal Circuit was the sole appeals court to decide patent issues, the Supreme Court was more likely to review only those rulings it thinks are wrong.(Additional reporting by Lawrence Hurley; Editing by Kevin Drawbaugh and Peter Cooney)A general view of the U.S. Supreme Court building in Washington, U.S., November 15, 2016. REUTERS/Carlos Barria'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-usa-court-patents-idUSKBN19A34I'|'2017-06-20T07:51:00.000+03:00'
'986ca7355ee4b00719dddba6b610fdfd9ffbb219'|'US STOCKS-Wall St set to open flat as fall in oil prices weigh'|'* Oil prices fall to seven-month lows* Lennar higher after quarterly profit beats expectations* Chipotle falls after saying Q2 costs might be higher than Q1* Dow down 5 pts, S&P off 2.25 pts, Nasdaq up 1.5 pts (Adds details, comment, updates prices)By Tanya AgrawalJune 20 U.S. stocks looked set to open little changed on Tuesday, a day after the S&P 500 and Dow Jones Industrial Average hit record highs, as oil prices fell to seven-month lows.Oil prices dropped after news of increases in supply by several key producers, a trend which has undermined attempts by OPEC and other producers to support the market through reduced output.Oil majors Chevron and Exxon were down about 1 percent in premarket trading.The S&P 500 and the Dow Jones Industrial Average hit record highs on Monday with tech stocks finding favor as investors appeared to regain confidence in the economy after upbeat comments from Federal Reserve officials.Chicago Fed President Charles Evans said it may be worthwhile for the U.S. central bank to wait until year-end to decide whether to raise rates again.New York Fed head William Dudley said inflation was a bit low but should rise alongside wages as the labor market continues to improve.On Tuesday, Boston Fed President Eric Rosengren said that the era of low interest rates in the United States and elsewhere poses financial stability risks and that central bankers must factor such concerns into their decision-making.Dow e-minis were down 5 points, or 0.02 percent, with 21,218 contracts changing hands at 8:41 a.m. ET (1241 GMT).S&P 500 e-minis were down 2.25 points, or 0.09 percent, with 119,331 contracts traded.Nasdaq 100 e-minis were up 1.5 points, or 0.03 percent, on volume of 26,182 contracts.The S&P technology sector is coming off two straight weeks of losses on worries about the sector''s valuation and a move into more defensive sectors. Tech stocks have led the S&P 500''s 9.6 percent rally this year."The sector which was held responsible for the pullback in equities in the last two weeks is driving indices to record highs," said Hussein Sayed, chief market strategist at FXTM said."Suddenly valuations are no longer a worrying factor, and Fed tightening is less of a concern. It seems like bargain hunters were waiting for the opportunity to dive in."Among stocks, Lennar rose 2.9 percent to $54.30 after the No. 2 U.S. homebuilder reported a higher-than-expected quarterly profit.Chipotle fell 4.1 percent to $441.90 after the burrito chain said its operating costs in the second quarter will be slightly higher than the first quarter.Parexel International was up 3.9 percent to $87.19 after private equity firm Pamplona Capital is nearing a deal to acquire the pharmaceutical research services provider for more than $4.5 billion. (Reporting by Tanya Agrawal)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/usa-stocks-idINL3N1JH408'|'2017-06-20T10:59:00.000+03:00'
'923654d26d9cc69b3665a7480d46ab45406995d6'|'MIDEAST STOCKS-Saudi pulls back before MSCI decision, Qatar hits post-crisis low'|'Market News - Tue Jun 20, 2017 - 9:57am EDT MIDEAST STOCKS-Saudi pulls back before MSCI decision, Qatar hits post-crisis low * Saudi opens higher, then gives up gains in thin trade * Fundamentals could curb any post-MSCI rally * Tabreed''s rise slows, Dana Gas pulls back in UAE * Qatar posts lowest close since diplomatic crisis started * Egypt''s Orascom Telecom Media plunges as it goes ex-dividend By Andrew Torchia DUBAI, June 20 Gulf stock markets were weighed down by weak oil prices on Tuesday as Saudi Arabia pulled back despite hopes for positive news from index compiler MSCI, while Qatar closed at its lowest level since it was hit by a diplomatic crisis early this month. MSCI was due after the close on Tuesday to announce whether it will launch a review of Saudi Arabia for possible inclusion in its emerging market index; inclusion would bring tens of billions of dollars of fresh foreign money. The Saudi index surged 2.4 percent on Monday after Mohammed El-Kuwaiz, vice chairman of the Capital Market Authority, was quoted as saying by the Asharq al-Awsat newspaper that he expected inclusion by the end of 2018. On Tuesday, the index rose as much as 0.6 percent early on but closed 1.3 percent lower in thin trade. The three top losers were banks which had surged in the past week because of a belief that foreign funds would flow into them in the event of a positive MSCI decision. Saudi British Bank, for example, pulled back 4.7 percent to 24.30 riyals after jumping 14 percent in the past four days. Petrochemical blue chip Saudi Basic Industries, which would be a key Saudi component of MSCI''s emerging market index if the upgrade happens, fell 0.8 percent. Though fund managers agree MSCI inclusion would be bullish for the Saudi market, many think fundamentals are not very attractive at present, with valuations significantly above those of the MSCI emerging market average, and Saudi Arabia''s introduction of a sales tax looming next year. So the market may have little room to rally in coming months. Dubai''s index fell 0.2 percent as builder Drake & Scull, the most heavily traded stock, slid 3.0 percent after saying it had obtained regulatory approval to start a capital restructuring after heavy losses. National Central Cooling Co (Tabreed) rose 3.8 percent to 2.20 dirhams but came far off the day''s high of 2.37 dirhams. It soared its 15 percent daily limit on Monday, when France''s Engie said it had agreed to buy 40 percent of Tabreed for 2.8 billion dirhams ($763 million) from Mubadala. Abu Dhabi''s index dropped 0.8 percent as Dana Gas pulled back 4.4 percent. It had gained 66 percent this month on what some brokers said was buying by a strategic investor; late on Monday Goldilocks Investment Co, part of Abu Dhabi Financial Group, said it had bought 5 percent of the firm. Qatar''s index slipped 1.5 percent to 8,934 points, its lowest finish since January 2016. It remains depressed by economic sanctions against Doha announced by Saudi Arabia and other Arab states on June 5, and has now lost 10 percent since then. Some investors have been hoping for a diplomatic resolution but a top United Arab Emirates official said on Monday that Qatar''s isolation could last for years. Many banks dropped; Doha Bank fell 2.1 percent. Qatari banks have been weak because of concern about increases in their funding costs after other Gulf countries imposed sanctions on Qatar early this month, accusing it of supporting terrorism. Egypt''s index fell 0.7 percent; Orascom Telecom Media, the most heavily traded stock, plunged 15 percent as it went ex-dividend. HIGHLIGHTS * The index dropped 1.3 percent to 6,953 points. DUBAI * The index fell 0.2 percent to 3,452 points. ABU DHABI * The index dropped 0.8 percent to 4,456 points. QATAR * The index sank 1.5 percent to 8,934 points. EGYPT * The index fell 0.7 percent to 13,416 points. KUWAIT * The index fell 0.7 percent to 6,783 points. BAHRAIN * The index rose 0.2 percent to 1,319 points. OMAN'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/mideast-stocks-idUSL8N1JH1NN'|'2017-06-20T21:57:00.000+03:00'
'f0fe32df4497de9c87d12ac11d1b2fb3de84cb4c'|'Exclusive: British insurer Aviva selling its tobacco investments'|'By Simon Jessop - LONDON LONDON Aviva ( AV.L ), Britain''s biggest life insurer, is selling about 1 billion pounds ($1.3 billion) worth of bonds and shares it holds in tobacco companies, joining a global campaign to divest from the industry.The move by insurance companies to sell holdings in tobacco firms forms part of a drive to pressure governments and companies to do more to limit the damage tobacco can cause to public health.Aviva decided to sell its own holdings in tobacco companies in November and has been divesting since then though it is not selling tobacco investments made on behalf of third-party clients."We have decided to stop investing in the tobacco sector and will divest over time," an Aviva spokeswoman said. "We consider tobacco as ''harmful when used as intended'', and have been reviewing our investment position for some time now."The review began in early 2016, she said.Aviva joins French rival AXA ( AXAF.PA ) and reinsurer SCOR ( SCOR.PA ), both of which have pledged to divest over the last year, with AXA calling tobacco, "the biggest threat to public health in the world today".Other tobacco-free insurers include France''s Covea and Dutch rival Achmea, though many others have yet to follow suit.Aviva said most of its tobacco-related sales were either complete or underway though it was not possible to give a firm date for when the program would be completed.Most of the remaining assets were fixed-income securities that would either be sold or in some cases held until they matured, the spokeswoman said.At the end of 2016, about 0.25 percent of Aviva''s 450 billion pounds of managed assets, which included third-party investments, was in tobacco assets, the spokeswoman said.It was not clear how much money would remain invested in tobacco companies on behalf of third parties.The anti-tobacco campaign has prompted some big name firms to sell their investments, but its overall impact on the share prices of tobacco companies has been limited.In May, 50 leading finance firms representing $3.5 trillion in assets announced their public support for efforts to reduce tobacco use, which the World Health Organisation says costs the world economy $1 trillion a year.Among other high-profile supporters are Norway''s sovereign wealth fund, the biggest in the world with nearly $1 trillion in assets, the $300 billion California Public Employees'' Retirement System and the Irish Sovereign Wealth Fund.Many investors remain reluctant to sell out, however, given the strong returns from the leading tobacco companies, including attractive dividends at a time of low bond yields, as well as the prospect for gains from consolidation in the sector.Shares in the four biggest tobacco companies - Philip Morris ( PM.N ), Imperial Brands ( IMB.L ), Japan Tobacco ( 2914.T ) and British American Tobacco ( BATS.L ) - have risen between 93 percent and 185 percent since 2009, while Britain''s blue-chip FTSE 100 index has climbed 69 percent.Norway''s sovereign wealth fund said its decision not to invest in a range of industries had cost it $1.42 billion in returns between 2006 and 2016, with its tobacco divestment the most painful.($1 = 0.7817 pounds)(Additional reporting by Martinne Geller; editing by David Clarke)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/us-aviva-tobacco-idINKBN19B2FU'|'2017-06-20T15:25:00.000+03:00'
'563149c7fe37e36becc8101255f8a7d0a4b9b5df'|'NYSE proposes to list more quadruple-leveraged ETFs -filing'|'Market  44am EDT NYSE proposes to list more quadruple-leveraged ETFs -filing NEW YORK, June 20 Intercontinental Exchange Inc''s NYSE Arca exchange is asking U.S. securities regulators for permission to list a new set of exchange-traded funds that aim to quadruple the performance of the market, a filing this week showed. The U.S. Securities and Exchange Commission last month approved what would have been the first such funds in the United States but then halted that decision pending further review. (Reporting by Trevor Hunnicutt and John McCrank) Magenta offers 19.6 bln pesos in OHL Mexico tender MEXICO CITY, June 20 Magenta Infraestructura will offer some 19.6 billion pesos ($1.1 billion) to buy 42 percent of shares in OHL Mexico, a unit of Spanish builder Mexico, in a tender offer, OHL Mexico said in a statement on Tuesday. NEW YORK, June 20 American Express Co has invested in Next Insurance, a Palo Alto-based technology startup that sells customized insurance for small businesses online, as Silicon Valley companies look to shake up the insurance sector. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/sec-etfs-idUSL1N1JH0YD'|'2017-06-20T23:44:00.000+03:00'
'49e9fedaafd3f327eb08416ddca558f0b4565dd4'|'GLOBAL MARKETS-Oil nose-dive takes shine off stocks'|'(Adds Wall Street futures, oil slide)* Oil dives almost 3 percent to 7-month low* Wall St set to open almost flat* Sterling hit by BoE chief Carney''s comments on interest rates* Tech rebound cools concerns over sector of last fortnight* Graphic: World FX rates in 2017 tmsnrt.rs/2egbfVhBy Patrick GrahamLONDON, June 20 A 2.5 percent drop in oil prices to their lowest in seven months dragged stock markets off all-time highs on Tuesday, cooling a recovery in hi-tech shares as central bankers sent cautious signals on the outlook for growth and interest rates.Japan''s Nikkei had jumped to a near two-year high in Asian trading and European shares built on their biggest one-day gain in two months after a bounce in tech stocks drove Wall Street to record highs on Monday.But the dive in crude helped take the shine off those moves and left the main U.S. markets set to open roughly flat.Japan''s yen, a refuge for investors whenever appetite for risk cools, recovered all of the day''s losses to trade higher against the dollar and euro in response.Russia''s rouble sank 1.5 percent."The oil thing is big and it is feeding a little bit into the yen and is certainly being felt in the Russian rouble," said head of Saxo Bank FX strategy John Hardy."I think we are just waking up to risk appetite (being very elevated) at these levels."After jitters on hi-tech stocks this month, investors are fairly confident that major central banks will not be tightening the flow of cash that has kept markets rising for eight years, at a time when growth globally looks solid.Bank of England Governor Mark Carney, days after a meeting at which three colleagues on the bank''s policy committee voted for higher rates, knocked half a percent off Britain''s pound by saying now was "not the time" to hike borrowing costs.Similarly, in a speech late on Monday, Chicago Federal Reserve President Charles Evans said it may be worthwhile for the U.S. central bank to wait until year-end to decide whether to raise rates again.That helped the Nikkei rack up gains of almost 1 percent and drove minimal gains for continental Europe''s main indices. ."Companies are in aggregate in robust health, and with all the cash from quantitative easing still washing around the system, there is a lack of alternatives for investors to put their money in," said Andy Sullivan, portfolio manager with GL Asset Management UK in London.Monday''s rebound also cooled nerves over the technology sector after a second week of falls last week."Hi-tech shares just went through a correction," said Mutsumi Kagawa, chief global strategist at Rakuten Securities."Valuation is not that expensive, standing far below their levels at the peak of the dot-com bubble ... Given that their profits are expected to see exponential growth in coming years, it is premature to say the rally in hi-tech shares is over."For Reuters Live Markets blog on European and UK stock markets see reuters://realtime/verb=Open/url=http://emea1.apps.cp.extranet.thomsonreuters.biz/cms/?pageId=livemarkets (Additional reporting by Marc Jones, Helen Reid and Vikram Subheder in LONDON and Hideyuki Sano in TOKYO; Editing by Jeremy Gaunt and John Stonestreet)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/global-markets-idUSL8N1JH3GA'|'2017-06-20T20:55:00.000+03:00'
'603e39f2c6bdd9b1e1353a4cf4dac858a0ac23a8'|'AirAsia CEO shelves low-cost flights to Europe ''for now'''|'PARIS Budget carrier AirAsia X is giving up on the idea of low-cost, long-haul flying to Europe for now, and will concentrate on growth in Asia instead, AirAsia chief executive officer Tony Fernandes said on Tuesday."We looked at every aircraft, every configuration, it''s coming, but for the moment they''re all killing each other so we''ll wait," he told Reuters at the Paris Airshow.Low-cost, long-haul has taken off recently, especially across the North Atlantic, but there are doubts whether it can work in other regions."We think we have so much growth right now in Asia," Fernandes said, adding China and India were of particular interest."My core strategy is about connecting Asia''s secondary and tertiary cities rather than going into a fight with the Arab carriers," he said, referring to the likes of Etihad, Emirates and Qatar Airways, which connect Europe to Asia via their hubs in the Middle East.(Reporting by Victoria Bryan; Editing by Mark Potter)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/airshow-paris-airasia-idINKBN19B1M7'|'2017-06-20T20:04:00.000+03:00'
'fe422523d7a69f51d27dcf64b5bc54cde12d0ae4'|'Cenovus replaces CEO, plans asset sales after unpopular deal'|'By Ethan Lou and Nia Williams - CALGARY, Alberta CALGARY, Alberta Cenovus Energy Inc ( CVE.TO ) said on Tuesday it will replace Chief Executive Brian Ferguson, who championed an unpopular purchase of western Canadian oil sands assets that doubled the size of the company but sent its stock plunging.Canada''s third-largest oil producer failed to name a successor to Ferguson, however, pushing its stock down another 10 percent on Tuesday.The company said Ferguson will remain CEO until October while it searches for a new leader, then stay on in an advisory role until March 2018.The delay in naming a successor upset investors looking for quick change at the top of Cenovus, whose stock has lost about half its value, wiping out nearly $7 billion, since it announced plans in March to buy oil sands and natural gas assets from ConocoPhillips."There''s no natural heir, they have not done a very good job of succession planning," said Laura Lau, senior portfolio manager at Brompton Group, which owns Cenovus shares. "That''s why he is there until October and unfortunately he is almost a lame duck."Shareholders balked at the size of the $13.3 billion ConocoPhillips deal, which doubles down on the high-cost oil sands at a time when international energy firms are exiting that area and growth opportunities look scarce because of weak global crude prices.Investors criticized Ferguson for buying ConocoPhillips natural gas operations, an area where the company has no experience. They also complained they were given no opportunity to vote on the deal, which saddled the company''s pristine balance sheet with debt.A renewed slump in oil prices, which on Tuesday hit a seven-month low below $43 a barrel CLc1, added to Cenovus'' clouded outlook. The company''s shares were down 10.5 percent at C$9.20 in Toronto on Tuesday afternoon."It has gone from bad to worse for these guys," said Brian Pow, analyst at Acumen Capital Partners in Calgary. "What they thought was a great acquisition three months ago is turning out to look like it was bought at the top of the market."Cenovus on Tuesday also unveiled plans to ramp up divestitures and sell C$4 billion to C$5 billion in noncore assets to reduce debt. Previously the company said it would offload about C$3.6 billion of assets including Pelican Lake and Suffield.Other assets the company may sell include part of the Deep Basin gas field it acquired from ConocoPhillips and Marten Hills heavy oil assets.It is also looking to sell its Palliser and Weyburn conventional oil projects in a deal that could be announced in the fourth quarter, Ferguson said at an investors'' meeting in Toronto on Tuesday.(Additional reporting by Yashaswini Swamynathan in Bengaluru, and; Fergal Smith and Solarina Ho in Toronto; Editing by Jim Finkle and Matthew Lewis)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-cenovus-energy-ceo-idINKBN19B1TM'|'2017-06-20T11:40:00.000+03:00'
'1e072ba8a8a4ef92ab1ee0f2140bf045415fa983'|'UPDATE 1-Ford to export next Focus from China to U.S. in 2019 -exec'|'Autos   2:49pm EDT Ford bets on low oil prices, moves Focus production to China The Ford logo is seen on a car in a park lot in Sao Paulo, Brazil June 2, 2017. REUTERS/Paulo Whitaker - RTX38PH6 By Paul Lienert and David Shepardson - DETROIT/WASHINGTON DETROIT/WASHINGTON Ford Motor Co ( F.N ) said Tuesday it will move some production of its Focus small car to China and import the vehicles to the United States in a long-term bet on low oil prices and stable U.S.-China trade relations despite recent tensions. The move suggests China could play a much larger role in future vehicle production for North America, perhaps eclipsing Mexico as a low-cost manufacturing source. Ford painted the production shift from Mexico to China, slated in mid-2019, as a purely financial move that will save the company $500 million in reduced tooling costs. But Ford also expects to ship about 80,000 vehicles to China this year, including the redesigned Lincoln Navigator that goes into production this fall at Ford''s Kentucky truck plant. Ford''s decision to import its first vehicles from China is also the first major manufacturing investment decision made by new Chief Executive Jim Hackett, who succeeded Mark Fields in May. Discussion about the small-car production shift from Mexico to China began "a couple months ago" under Fields, said Joe Hinrichs, president of global operations. The decision also signals a shift in strategy at Ford, which is responding to dwindling U.S. consumer demand for small cars in favor of more expensive and more profitable trucks and SUVs. Ford on Tuesday said it would invest $900 million at the Kentucky truck plant to build the redesigned Navigator and Ford Expedition. It has contingency plans to build more of the big SUVs at an Ohio plant if demand grows. In January, after U.S. President Donald Trump criticized Ford for shipping small-car manufacturing to Mexico, Ford said it would kill plans to build a $1.8-billion Focus plant in San Luis Potosi and instead produce the new Focus at an existing plant in Hermosillo. "The Ford decision shows how flexible multinational companies are in terms of geography," Commerce Secretary Wilbur Ross said in a statement. Although it is cheaper to build and ship cars to the United States from Mexico than China, "this was not a variable cost decision," Hinrichs said in a Tuesday morning briefing. "It allows us to free up a lot of capital" because Ford now has to retool only one plant - the existing Focus factory in Chongqing - rather than two to supply North America. The current Focus will be phased out of production in Wayne, Michigan in mid-2018, according to Hinrichs. The Wayne plant will begin building a new Ranger midsize truck in late 2018 and a Bronco midsize SUV in 2020. Ford executives told Trump last year that moving production to Michigan of bigger vehicles that were more profitable would secure the Wayne plant''s future - a decision later praised by Trump. No U.S. jobs will be affected by shifting Focus production to China, Ford said, adding that it employs more U.S. hourly workers and builds more vehicles in the United States than any other automaker. The United Auto Workers declined to comment. Hinrichs said "the capital saving outweighs the risk" of having to pay a potential border tax on the Chinese-built Focus. Ford U.S. Focus sales have fallen 22 percent this year, as low gas prices have helped spur more buyers into larger vehicles. Ford''s full-size F-series pick-up remains the best-selling U.S. vehicle by a wide margin. General Motors Co ( GM.N ) has been exporting Buick and Cadillac cars from China to the United States, as has Volvo Cars, a unit of Chinese automaker Geely ( 0175.HK ). Ford shares were down 0.8 percent at $11.15 in late trading. (Reporting by Paul Lienert in Detroit, additional reporting by Steve Holland; editing by Nick Zieminski)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-ford-china-idUSKBN19B1RO'|'2017-06-20T20:48:00.000+03:00'
'e70434b7d7da1fbdf122555b9fb0bcc82213e4d4'|'UPDATE 1-Australia''s OrotonGroup explores options after expressions of interest'|'(Adds details on strategic options being explored)June 20 Australia''s OrotonGroup Ltd, a maker of luxury handbags, said on Tuesday it has received expressions of interest that could involve a sale of the company and plans to begin a formal process to explore its options.The interest comes after it hired investment bank Moelis & Co in May to run a strategic review."Following that announcement, numerous parties have expressed interest in exploring certain strategic options which may involve a sale, refinancing of debt facilities or recapitalisation," it said in a statement.It added that it may invite additional parties to participate in the process.The company, which also has a joint venture with U.S. clothing brand Gap in Australia, has been hammered by fierce competition from international rivals like Coach, and said "market conditions remain very competitive and challenging, and difficult to forecast."Oroton''s shares rose 4.4 percent on Tuesday after the announcement, giving the company a market value of A$45 million.It also said it has received up to A$3 million in credit support from J. Will Vicars, one of its major shareholders and former director and is in talks with long time lender, Westpac Banking Corp, over the terms of a A$35 million facility that expires in April 2018.Oroton, which began in 1938 as an international fashion textile importer, left its earnings guidance unchanged. It has forecast full-year earnings before interest, tax, depreciation and amortisation at A$2 million to A$3 million ($1.5 million- $2.3 million). ($1 = 1.3180 Australian dollars) (Reporting by Christina Martin in Bengaluru; Editing by Sonali Paul and Edwina Gibbs)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/orotongroup-ltd-sale-idINL3N1JH168'|'2017-06-20T01:18:00.000+03:00'
'9280e9f463aa8389226ce9e47423f1d28d6e1512'|'Facebook to add fundraising option to ''Safety Check'''|'Top News - Wed Jun 14, 2017 - 5:21pm BST Facebook to add fundraising option to ''Safety Check'' Facebook logo is seen at a start-up companies gathering at Paris'' Station F in Paris, France, January 17, 2017. REUTERS/Philippe Wojazer Facebook said on Wednesday it would soon allow its U.S. users to raise and donate money using its "Safety Check" feature, to make it easier for people affected by natural disasters and violent attacks to receive help. "Safety Check," launched in 2014, allows Facebook users to notify friends that they are safe. The feature was used for the first time in the United States last year after a gunman massacred 49 people at a nightclub in Orlando, Florida. The fundraising tool in "Safety Check" will roll out in the coming weeks in the United States, Facebook said in a blog post. bit.ly/2rvr6AZ The social network, which has about 1.94 billion users worldwide, activated "Safety Check" for users in London on Wednesday following a fire in a housing block that killed at least six people and injured more than seventy. It also made the tool available earlier this month following deadly attacks on London Bridge. Facebook also said its "Community Help" feature, which helps people affected by disasters find each other locally to provide and receive assistance, would soon expand to include desktop users. (Reporting by Rishika Sadam in Bengaluru; Editing by Sai Sachin Ravikumar) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-facebook-safety-idUKKBN19522N'|'2017-06-14T22:18:00.000+03:00'
'0cf6026bf0c5400feb8c26b74e09eb04c6dfa9fb'|'Pound hit by wage disappointment, signs of delay to coalition deal'|' 37am BST Pound hit by wage disappointment, signs of delay to coalition deal left right FILE PHOTO: A bank employee counts pound notes at Kasikornbank in Bangkok, Thailand October 12, 2010. REUTERS/Sukree Sukplang/File Photo 1/2 left right FILE PHOTO: A trader at ETX Trading reacts at their offices in London, Britain August 5, 2016. REUTERS/Peter Nicholls/File Photo 2/2 By Ritvik Carvalho - LONDON LONDON Sterling handed back early gains to trade lower on Wednesday after a reading of UK wages missed forecasts and a report that a deal needed to form a government could be delayed until next week. The pound had been recovering from its almost 3 percent slide since Prime Minister Theresa May unexpectedly lost her parliamentary majority in elections last Thursday. But the BBC report that a deal to obtain support from Northern Ireland''s Democratic Unionist Party, which May needs to form a government, would not now be signed on Wednesday, drove the pound back into negative territory against both the dollar and the euro. "One of the things we thought was very positive for sterling was that we''d extended the life of the parliament to give a very large window after the end of the two-year negotiation period (on Brexit)," said Adam Cole, head of G10 currency strategy with RBC in London. "That no longer looks like the case." By 1010 GMT, sterling was down 0.1 percent on the day at $1.2738, having traded as strong as $1.2797 earlier. GBP= It was also 0.1 percent weaker at 87.95 pence per euro. EURGBP= The wages numbers added to a handful of worrying signals since the election for an economy that is now trailing many of its European contemporaries. Pay grew at the slowest pace since February 2016, rising an annual 2.1 percent in the three months to April compared to forecasts of growth of 2.4 percent. That followed a rise in inflation to its highest level in four years, adding to the pain for British consumers who already seem to be easing back on the spending which propped up Britain''s economy in the aftermath of last year''s Brexit vote. "Falling real wage growth is not a new theme, but the fact that inflation-adjusted wage growth has continued to fall to its lowest level for 3-years, is likely to keep a lid on the GBP and firmly keep the BOE on hold for some time," Kathleen Brooks, research director at City Index wrote in a note. Ten-year gilt yields GB10YT=RR were down more than 4 basis points on the day at 0.99 percent and their spread over 10-year Bunds EU10YT=RR tightened by 4 basis points to 73 basis points. A number of major banks and asset managers have raised the prospect of the Bank of England buying more debt to provide more stimulus for the economy if it slows sharply in what promises to be a politically turbulent year. One problem is that any further stimulus would be likely to weaken the pound further and only add to inflation, in turn hurting consumers and household incomes. (Reporting by Ritvik Carvalho and David Milliken; Editing by Andrew Heavens)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-sterling-idUKKBN1950SP'|'2017-06-14T18:37:00.000+03:00'
'3c59f628d3dc8f694633e6c02d90914929016a53'|'UPDATE 1-RedHill Bio''s gastric drug succeeds in late-stage study'|'Market  35am EDT UPDATE 1-RedHill Bio''s gastric drug succeeds in late-stage study (Adds details, shares) June 14 Israel-based RedHill Biopharma Ltd said its experimental drug for the treatment of gastroenteritis met the main goal in a late-stage study. Gastroenteritis is the inflammation of the stomach and intestines that causes vomiting and diarrhea. The trial tested the efficacy and safety of the drug, bekinda, compared with a placebo, in 321 patients suffering from the condition. Bekinda is a once-daily oral pill formulation of the existing anti-nausea drug ondansetron and is designed to provide relief from nausea and vomiting symptoms for a 24-hour period. Data showed Bekinda can provide patients with 24 hours of relief and works regardless of the initial severity of gastroenteritis, the company said. RedHill is still analyzing the dataset and plans to discuss the path to approval with the Food and Drug Administration, it added on Wednesday. Gastroenteritis is a very common illness in the United States, with about 179 million cases annually, and can be caused by many different infectious agents, typically viral infections, according to the Centers for Disease Control & Prevention. Data from a mid-stage study testing bekinda in patients with diarrhea-predominant irritable bowel syndrome is expected in September. U.S.-listed shares of Tel Aviv-based company rose about 5 percent at $9.92 in early trading on Wednesday. (Reporting by Natalie Grover in Bengaluru; Editing by Anil D''Silva)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/redhill-biopharm-study-idUSL3N1JB49K'|'2017-06-14T21:35:00.000+03:00'
'203d2e104a761ac0ea74d0947ade725a473c61ea'|'U.S. longer-dated bond net shorts lowest in two months -JPMorgan'|' 24am EDT U.S. longer-dated bond net shorts lowest in two months -JPMorgan NEW YORK, June 20 The margin of investors who are bearish on longer-dated U.S. Treasuries over those who are bullish narrowed to its tightest since mid-April, J.P. Morgan''s latest Treasury client survey showed on Tuesday. Investors scaled back their bearish bond bets as the recent softening in inflation data has raised doubts whether the Federal Reserve would raise interest rates again by year-end after it raised them last week, analysts said. Short investors, or those who said they were holding fewer longer-dated Treasuries than their benchmarks, outnumbered long investors who said they were holding more longer-dated bonds than their benchmarks by 7 points on June 19. This resulted in the fewest net shorts since April 17, J.P. Morgan said. Last week, net shorts totaled 18 points, which was the most since Dec. 12, 2016, J.P. Morgan said. On Tuesday, the yield on the benchmark 10-year Treasury note was 2.177 percent, down from 2.207 percent a week ago, according to Reuters data. The drop in longer-dated yield followed the Fed''s widely expected increase of key overnight borrowing costs by a quarter point to 1.00-1.25 percent last Wednesday, marking the fourth rate hike since December 2015. J.P. Morgan surveyed clients that included bond fund managers, central banks and sovereign wealth funds. Their active clients included market makers and hedge funds. Below is the latest J.P. Morgan survey of its Treasury clients: All clients Long Neutral Shorts Net Position June 19 18 57 25 -7 June 12 9 64 27 -18 Active clients June 19 20 60 20 0 June 12 10 40 50 -40 *positive value denotes net long, negative value denotes net short (Reporting by Richard Leong; Editing by Andrea Ricci)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/treasuries-jpmorgan-idUSL1N1JH0N9'|'2017-06-20T22:24:00.000+03:00'
'718ecb9ea986f0b5aaa8369c5a25d166205a3665'|'Barclays, former bosses, charged over 2008 Qatar fundraising'|'Business News - Tue Jun 20, 2017 - 8:15am BST Barclays, former bosses, charged over 2008 Qatar fundraising FILE PHOTO: A Barclays bank building is seen at Canary Wharf in London, Britain May 17, 2017. REUTERS/Stefan Wermuth/File Photo LONDON Barclays ( BARC.L ) and four former senior executives have been criminally charged in a high-profile UK investigation into undisclosed payments to Qatari investors during a 12 billion pound ($15.4 billion) emergency fund raising in 2008. In a highly anticipated announcement, the Serious Fraud Office (SFO) said on Tuesday it was charging the bank with conspiracy to commit fraud by false representation and unlawful financial assistance. Barclays said it was considering its position over the charges and awaited further information. It also charged Barclays'' former senior executives John Varley, Roger Jenkins, Thomas Kalaris and Richard Boath. The fundraising in 2008 included a $3 billion loan facility made to the wealthy Gulf state in November 2008, the SFO said. Former chief executive Varley, Jenkins, a former senior investment banker, Kalaris, a former CEO of Barclays'' wealth division and Boath, ex European head of financial institutions, have been charged with conspiracy to commit fraud by false representation during a June 2008 capital raising. Varley and Jenkins have also been charged with conspiracy to commit fraud by false representation in relation to the October 2008 capital raising. Varley and Jenkins also face a charge of unlawful financial assistance, the SFO said. The men are the most senior bankers in Britain to date to be accused by prosecutors of alleged crimes during the financial crisis, which brought the global financial system to its knees and plunged much of the world into recession. (Reporting by Kirstin Ridley and Lawrence White, editing by Simon Jessop and Susan Fenton) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-barclays-qatar-charges-idUKKBN19B0IJ'|'2017-06-20T14:54:00.000+03:00'
'0a835b0d446e16453c8bcf885b7fd72034428f98'|'Tesla close to agreement on first production plant in China-Bbg'|'Market News - Mon Jun 19, 2017 - 6:23pm EDT Tesla close to agreement on first production plant in China-Bbg June 19 Tesla Inc is close to an agreement to produce its electric cars in China for the first time and gain better access to the world''s largest auto market, Bloomberg reported, citing people familiar with the matter. An agreement with the city of Shanghai would allow Tesla to build its facilities in Lingang development zone and could come as soon as this week, the report said. ( bloom.bg/2rOQwcG ) The electric carmaker, whose revenue from China tripled to more than $1 billion last year, would need to set up a joint venture with at least one local partner under existing rules, Bloomberg reported. Tesla was not immediately available for comment. In March, Tencent Holdings Ltd, China''s biggest internet company, bought a 5 percent stake in Tesla for $1.8 billion. (Reporting by Laharee Chatterjee in Bengaluru; Editing by Arun Koyyur) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/tesla-china-idUSL3N1JG58N'|'2017-06-20T06:23:00.000+03:00'
'117924d7c20c084d58054c3a5f928c3b4ea75c5b'|'Britain''s embattled fraud office bares teeth with Barclays charges'|'Market  54pm EDT Britain''s embattled fraud office bares teeth with Barclays charges * SFO charges Barclays and four former top executives * Comes weeks after ruling party pledged to abolish agency By Kirstin Ridley LONDON, June 20 Britain''s Serious Fraud Office has defied critics who accuse it of failing to pursue top executives by criminally charging Barclays and four former senior managers, a month after the ruling party pledged to abolish the crime-fighting agency. Prime Minister Theresa May''s Conservatives pledged in the election manifesto to fold the independent investigator and prosecutor into the broader National Crime Agency to "strengthen Britain''s response to white-collar crime". That proposal drew criticism from lawyers and anti-corruption group Transparency International, which called it an "ill-conceived manifesto one-liner" and said the SFO had enjoyed increasing success in recent years. The fraud charges brought by the agency on Tuesday were over undisclosed Barclays payments to Qatari investors during emergency fundraisings in 2008 that saved the bank from a state bailout. "Taking on Barclays, one of the largest banks in the world, and its most senior officials who literally were at the very top, sends a very strong message that the SFO is now fearless in terms of the companies and individuals it pursues," said Sarah Wallace, a partner at law firm Irwin Mitchell. The U.S. Department of Justice has long had a tougher reputation for pursuing multinational companies and individuals to face justice in the United States, often targeting wrongdoing outside its borders. In contrast the SFO, which has a tight annual budget of around 35 million pounds ($44 million) and has to request extra funding from the government for its top cases, has been often criticised by lawmakers over its efforts to bring companies and senior individuals to book. Some lawyers have also criticised the agency for prosecuting junior traders in its high-profile investigations into the manipulation of Libor benchmark interest rates - although SFO head David Green has said the agency merely follows the evidence. The Barclays prosecution could buy the agency more time, said Michael Potts, a lawyer at Byrne and Partners. "It certainly may make it more difficult for the government to abolish the SFO at a time when they are spearheading such a high-profile case," he added. "Many will be surprised that they (the SFO) have sought to take on Barclays and no doubt an army of defence lawyers but it is indicative of a more emboldened SFO that they have sought to take on such a high-profile and possibly difficult case." A spokeswoman for the Cabinet Office, which supports the Prime Minister and is responsible for the day-to-day running of the government, declined to comment when asked whether the Barclays charges had altered May''s plans for the SFO. The government''s Queen''s Speech, in which it traditionally spells out legislative programme, has been delayed after May lost her parliamentary majority in a June 8 election. It is now due on Wednesday. ''BETTING THE FARM'' Green, who is due to step down next April after a six-year stint running the SFO, was forced in 2015 to scrap his first corporate prosecution - that of Olympus Corp over a $1.7 billion accounting scandal - because judges ruled the SFO''s criminal charge could not be brought against a company. The corruption trial of British Canadian businessman Victor Dahdaleh collapsed in 2013 and the acquittal of eight former bankers over the last 15 months, charged with manipulating Libor, also dealt a blow to the agency. But a series of recent deferred prosecution agreements (DPAs) with companies such as retailer Tesco and engineering group Rolls-Royce, and combined fines of around 630 million pounds, have been welcomed in parliament. Some lawyers are questioning if it is in the public interest to prosecute a bank over conduct a decade ago, leaving current shareholders and employees to pick up the tab. "Who does it punish and what purpose does it serve?" asked Jonathan Pickworth, partner at law firm White & Case. But Green has talked tough throughout the five-year Barclays investigation. Barclays was not offered a DPA, a deal under which a company can be fined but avoids criminal prosecution if a judge agrees the terms are fair and the interests of justice served. Green has repeatedly stressed that companies need to fully cooperate with investigators to qualify. The bank locked horns with investigators over documentary evidence that it argued was protected by legal professional privilege, before deciding to relinquish the cache. This, lawyers say, is likely to have cost it a settlement. Professional legal privilege ensures the advice lawyers give clients remains confidential. The SFO''s challenge now will be to show they can bring a tricky case to trial. "David Green accepted in 2012 that the SFO would be judged on the performance of its Libor prosecutions. The SFO now seems to be betting the farm and possibly its future on a highly complex and very prominent prosecution of Barclays," said Ben Rose, a lawyer at Hickman and Rose. ($1 = 0.7890 pounds) (Reporting by Kirstin Ridley; Editing by Pravin Char)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/barclays-qatar-sfo-idUSL8N1JH3VY'|'2017-06-21T00:49:00.000+03:00'
'1f212365a31290d09eab08a0ee8c901299879157'|'MIDEAST STOCKS-Cheaper oil depresses most of Gulf but MSCI hopes buoy Saudi'|'* MSCI to make decision on review list on Tuesday* Savola jumps 5 percent to highest close since January 2016* Saudi banks not hurt by news of Oger woes* Dubai''s Union Properties up on Al Ramz liquidity deal* Big drop by Qatar National Bank drags down DohaBy Andrew TorchiaDUBAI, June 18 Most major Gulf stock markets fell on Sunday because of weak oil prices, but hopes that Saudi Arabia will join MSCI''s group of emerging markets, which would trigger billions of dollars of fund inflows, buoyed that market.MSCI will announce late on Tuesday whether it is adding Saudi Arabia to a list for possible upgrade to emerging market status; the upgrade, if it happens, would probably not occur before mid-2019.The Saudi index rose 0.9 percent in thin trade as some stocks expected to be targets of incoming foreign funds rose, with Food maker Savloa jumping 5.0 percent to 48.40 riyals, its highest finish since January 2016.National Commercial Bank, the biggest lender, was up 2.1 percent while petrochemical blue chip Saudi Basic Industries added 2.2 percent.The Saudi labour ministry said it was working to transfer around 8,000 remaining workers at financially troubled construction company Saudi Oger to other firms. A spokesman for Oger could not be reached for comment, while a source close to the company said there was no decision to close it down.Most Saudi banks are exposed to Oger debt, but many have already taken partial provisions for it, while any wind-up process could be prolonged. Bank shares in general did not appear to be hurt by the Oger news.In most other big Gulf markets, however, the mood was glum. Brent oil futures settled at $47.37 a barrel on Friday - not a disastrous level for the Gulf, but one which means governments may have less to spend this year than investors hoped just a few weeks ago."Oil prices above US$50/bbl are conducive to helping reforms succeed while oil prices below US$40/bbl are likely to endanger macro stability," Bank of America Merrill Lynch said in a report last week.Dubai''s stock index dropped 0.4 percent as Emaar Properties pulled back 0.9 percent.But Union Properties, the most heavily traded stock, gained 1.8 percent after saying it had entered an agreement with Al Ramz Capital to provide liquidity for its shares. Al Ramz is permitted to own up to 5 percent of the company''s shares under the deal.Qatar, which has been hurt by the sanctions against Doha by other Arab states, dropped 0.8 percent as the biggest bank, Qatar National Bank, lost 2.5 percent.HIGHLIGHTSSAUDI ARABIA* The index rose 0.9 percent to 6,881 points.DUBAI* The index fell 0.4 percent to 3,444 points.ABU DHABI* The index edged down 0.02 percent to 4,501 points.QATAR* The index slipped 0.8 percent to 9,188 points.EGYPT* The index edged up 0.1 percent to 13,496 points.KUWAIT* The index rose 0.6 percent to 6,853 points.BAHRAIN* The index fell 0.3 percent to 1,323 points.OMAN* The index edged up 0.02 percent to 5,249 points. (Editing by Larry King)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/mideast-stocks-idINL8N1JF072'|'2017-06-18T11:42:00.000+03:00'
'f913a0fdf54f17de1e42eef3a56f8f29f145b7bd'|'Adidas loses rulings over Skechers'' alleged ''Springblade'' knockoffs'|'A federal judge has rejected Adidas AG''s ( ADSGn.DE ) ( ADDYY.PK ) effort to block Skechers USA Inc ( SKX.N ) from selling athletic sneakers that it said copied its "Springblade" concept.In two decisions this week, U.S. District Judge Michael Simon in Portland, Oregon said Skechers did not willfully infringe two Adidas patents by selling its less expensive "Mega Blade" sneakers, and denied Adidas'' request for a preliminary injunction to halt sales.The decisions are a blow to Adidas, which like some rivals often turns to U.S. courts to stop rivals from selling products it considers knockoffs.In its lawsuit last July, the German company said Skechers copied "leaf spring" elements of its Springblade midsole, meant to propel runners forward and improve performance.It said this enabled Skechers to get a free ride on its technology without the development costs, and harmed Adidas'' reputation and market share by cutting into Springblade''s pricing power, "coolness" and "cachet."Adidas had launched Springblade in 2013, at $180 a pair.Simon, however, found no willful infringement because Skechers began selling Mega Blade sneakers one year before the Adidas patents were issued in May 2016.The judge also said an injunction was inappropriate because Adidas did not show it faced irreparable harm without one, or that it was likely to win the case."Adidas''s evidence of irreparable injury is too conclusory and speculative," and the company "fails to make a persuasive showing that the Mega Blade shoe has had an appreciable adverse effect on the Springblade shoe," Simon wrote.Both decisions are dated Monday, and the decision on the preliminary injunction was made public on Wednesday.The judge put the case on hold so the U.S. Patent and Trial Appeals Board could consider related issues.Adidas and its lawyers did not immediately respond on Thursday to requests for comment.Michael Greenberg, Skechers'' president, said the Manhattan Beach, California-based company was pleased with the decisions."Skechers respects the intellectual property rights of other companies and has invested tremendous resources into building a brand identity by developing its own distinctive designs, not by copying others," Greenberg said in a statement.Adidas has also sued Skechers for having allegedly copied the design for its classic white Stan Smith tennis sneakers. A trial is scheduled for April 2018, court records show.The case is Adidas America Inc et al v Skechers USA Inc, U.S. District Court, District of Oregon, No. 16-01400.(Reporting by Jonathan Stempel in New York; Editing by Marguerita Choy)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-skechers-usa-adidas-lawsuit-idUSKBN19626N'|'2017-06-15T23:49:00.000+03:00'
'f8d080a553d4f7a05ef429c400026f98655df19f'|'Finland tests an unconditional basic income'|'JUHA JARVINEN, an unemployed young father in a village near Jurva, western Finland, brims with ideas for earning a living. “I’m an artist and entrepreneur. Sometimes I’m too active, I don’t have time to stop,” he says. He just agreed to paint the roofs of two neighbours’ houses. His old business, making decorative window frames, went bust a few years ago. Having paid off debts, he recently registered another, to produce videos for clients.Mr Jarvinen says that for six years he had wanted to start a new business but it had proved impossible. The family got by on his wife’s wages as a nurse, plus unemployment and child benefits. Mr Jarvinen had a few job offers in the main local industries—forestry, furniture-making and metalwork. But taking on anything short of a permanent, well-paid post made no sense, since it would jeopardise his (generous) welfare payments. To re-enroll for benefits later, if needed, would be painfully slow. “It is crazy, so no one will take a bit of work.”  an hour   7   Mr Jarvinen’s luck turned in January. That is when he was picked at random from Finland’s unemployed (who total 10% of the workforce) to take part in a two-year pilot study to see how getting a basic income, rather than jobless benefits, might affect incentives in the labour market. He gets €560 ($624) a month unconditionally, so he can add to his earning without losing any of it. Not only is he active in seeking work and creating a business, he also says he is much less stressed, relieved from the “silly show” of filling out monthly forms or enduring official interviews to prove his job-seeking efforts.If Mr Jarvinen is making progress, it is too soon to draw overall conclusions. Kela, Finland’s national welfare body and the organiser of the pilot, will not contact participants directly before 2019, lest that influences outcomes. Instead it monitors things remotely, using national registers of family incomes, taxes paid, purchases at state-run pharmacies and more. These (anonymised) data will be made available to researchers, who might ask, for example, if consumption of antidepressants changes among grant recipients.Some lessons in how to run such an experiment are emerging. Olli Kangas, who says he is agnostic on basic incomes, helped to design the study and now runs it for Kela. The process is far harder to implement than expected, he says with a sigh. “I never anticipated how difficult it is to put such a simple thing into a complex system. It is a nightmare.”He laments fickle politicians who blow hot and cold, yet insist the study must be wrapped up before an election in 2019. He grumbles that “they don’t use calculators”, calling them “small boys with toy cars, who become bored and move on”. Finnish politics is intricate: the Centre party, Greens and a far-left party back the study. So does a libertarian wing of the conservatives, hoping to simplify the welfare state. Sceptics include traditional conservatives, many Social Democrats and big unions.Such unions, with (mostly male) members in permanent jobs in heavy industry, manage unemployment funds and do not want to lose control, so they dislike the idea of a basic income says Mr Kangas. In contrast the idea appeals to those that represent part-time service staff, such as (mostly female) cleaners or retail workers. He says surveys show the wider public wavering: 70% like the idea of the grant in theory, but that drops to 35% when respondents are told already high income taxes would have to rise to pay for it.The study’s design faced constraints. The constitution ordains equality for all, so getting permission for some welfare recipients to get special treatment was difficult. That limitation, and a budget of only €20m (plus diverted welfare funds that would have otherwise gone to the recipients), restricted the sample size to just 2,000 people. Mr Kangas frets that might prove too few to be statistically robust.A larger sample might also suggest answers to more questions than the one of whether a basic income makes the unemployed keener to work. Mr Kangas would like to try similar grants on those with low-income jobs, to see if such recipients choose to work less, for example. It would also have been instructive—but too expensive and politically difficult—to give grants to residents of entire municipalities to see how local economies are affected: would the local demand for goods and services rise, for example.Sympathisers see other limitations. Elina Lepomaki, a parliamentarian and chair of Libera, a libertarian-minded think-tank, argues a more affordable and hence realistic approach would have let welfare benefits fall as recipients’ incomes rose over a certain level. Kate McFarland, of the Basic Income Earth Network, which has promoted the idea of basic incomes since the 1980s, says a two-year study is too short to learn how the psychology of beneficiaries changes.Whatever its flaws, the pilot is a good example of a Finnish fondness for social experiments. Participants will be followed for ten years to identify long-term effects. International interest has been intense: this month television crews from South Korea and Sweden have been queuing up to see Mr Kangas; he regularly lectures abroad and advises others on similar studies. Just getting started counts as a success, he says. “This is trial and error, and the door is now open for better experiments.”'|'economist.com'|'http://www.economist.com/sections/business-finance/rss.xml'|'http://www.economist.com/news/business-and-finance/21723759-experiment-effect-offering-unemployed-new-form?fsrc=rss'|'2017-06-20T08:00:00.000+03:00'
'd4a86cbcc3d001b0d2aeb1eeb2a13be41c7e736a'|'New test may turn AZ''s Lynparza into precision drug for prostate cancer'|'Health News - Sun Jun 18, 2017 - 7:12pm EDT New test may turn AZ''s Lynparza into precision drug for prostate cancer FILE PHOTO: The logo of AstraZeneca is seen on a medication package in a pharmacy in London, Britain, April 28, 2014. REUTERS/Stefan Wermuth/File Photo LONDON Scientists have developed a new three-in-one blood test that has the potential to turn AstraZeneca''s drug Lynparza into a precision medicine for prostate cancer. Lynparza, which is already approved for ovarian and recently produced good results in breast cancer, is currently in clinical development against prostate tumors. Researchers at the Institute of Cancer Research (ICR) in London said on Monday their new test was able to pick out which men with advanced disease were likely to benefit from the drug, while also checking that those taking it were responding. In addition, the test can quickly detect if prostate cancer is evolving genetically and might be becoming drug-resistant. They hope this will allow Lynparza to become a standard weapon for advanced prostate cancer that would be targeted selectively at the men most likely to benefit. The development of the new test, details of which were reported in the medical journal Cancer Discovery, marks a step forward for so-called liquid biopsies, which involve simple blood sampling as opposed to an invasive tissue biopsy. AstraZeneca''s drug, also known as olaparib, is the first in a new class of anti-cancer agents called PARP inhibitors that block enzymes involved in repairing damaged DNA, thereby helping to kill cancer cells. Lynparza - abandoned at one stage by AstraZeneca but revived by CEO Pascal Soriot when he took over in 2012 - became the first PARP drug to reach the market when it won U.S. approval for ovarian cancer at the end of 2014. It now faces competition from rival products made by Tesaro and Clovis Oncology that are also approved for ovarian cancer. The ICR team believe their test could potentially be adapted to monitor treatment with PARP inhibitors for other cancers. (Reporting by Ben Hirschler; Editing by Mark Potter) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-astrazeneca-cancer-prostate-idUSKBN19912P'|'2017-06-19T07:01:00.000+03:00'
'ae9a98747ebc75fb5522010b5a32edc6f6315701'|'Marshall Islands court dismisses Frontline''s attempt to stop DHT-BW Group deal'|'Market News - Mon Jun 19, 2017 - 4:28am EDT Marshall Islands court dismisses Frontline''s attempt to stop DHT-BW Group deal OSLO, June 19 The High Court of the Marshall Islands has dismissed with prejudice a lawsuit brought by tanker firm Frontline to stop rival DHT selling a major stake to shipper BW Group, DHT said on Monday. Frontline, which according to Thomson Reuters Eikon data holds a 10.3 percent stake in DHT and is controlled by shipping tycoon John Fredriksen, has been trying for the past year to take over its New York-listed rival. However, DHT struck a tankers-for-shares deal with BW Group in March, making the latter DHT''s biggest shareholder with a stake of over 30 percent. On June 7 the same Marshall Islands court had rejected a preliminary injunction by Frontline in the same case. "Frontline is now precluded from bringing similar claims against DHT, its directors and BW Group in any other court," DHT said in a statement. "Under Marshall Islands'' law, the dismissal also constitutes a ruling on the merits in favor of DHT." DHT''s chairman Erik Lind said DHT "was very pleased with the dismissal". "We have consistently stated, both in court and to our shareholders, that Frontline''s claims are without merit. Two courts have now agreed with us, and we welcome the dismissal as an appropriate end to the matter," he said in the statement. Frontline declined to comment. (Reporting by Ole Petter Skonnord, writing by Gwladys Fouche, editing by Terje Solsvik) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/dht-frontline-ma-idUSL8N1JG1K7'|'2017-06-19T12:28:00.000+03:00'
'2ee2fb742d3cdea767689c2d44fd51289cb51de7'|'Exclusive - Lockheed nears F-35 block buy deal worth more than $37 billion: sources'|'  7:38pm BST Exclusive - Lockheed nears $37 billion-plus deal to sell F-35 jet to 11 countries: sources left right A U.S. soldier adjusts his cap in the cockpit as a Lockheed Martin F-35 Lightning II aircraft is moved on the eve of the 52nd Paris Air Show at Le Bourget Airport near Paris, France June 18, 2017. REUTERS/Pascal Rossignol 1/3 left right U.S. soldiers stand guard as a Lockheed Martin F-35 Lightning II aircraft is moved on the eve of the 52nd Paris Air Show at Le Bourget Airport near Paris, France June 18, 2017. REUTERS/Pascal Rossignol 2/3 left right U.S. soldiers walk next to a Lockheed Martin F-35 Lightning II aircraft, as it is moved, on the eve of the 52nd Paris Air Show at Le Bourget Airport near Paris, France June 18, 2017. REUTERS/Pascal Rossignol 3/3 By Mike Stone Lockheed Martin Corp ( LMT.N ) is in the final stages of negotiating a deal worth more than $37 billion (£28.9 billion) to sell a record 440 F-35 fighter jets to a group of 11 nations including the United States, two people familiar with the talks said. This would be the biggest deal yet for the stealthy F-35 jet, set to make its Paris Airshow debut this week. The sale represents a major shift in sales practices from annual purchases to more economic multi-year deals that lower the cost of each jet. The pricing of the jets was still not final, although the average price of the 440 jets was expected to be $85 million, the people said on condition of anonymity because they were not authorized to discuss the negotiations publicly. The multi-year deal for the fighters will consist of three tranches over fiscal years 2018-2020. A Lockheed representative said the U.S. company does not discuss negotiations on contracts and said any deal involving a "block buy" would be announced by the U.S. government. A representative for the customers including the United States did not immediately respond to a request for comment on Sunday. Last week, representatives from 11 F-35 customer nations met in Baltimore, Maryland to discuss terms and toured a Northrop Grumman Corp ( NOC.N ) facility in Maryland that provides equipment for the jet. Those nations included Australia, Denmark, Israel, Italy, Japan, the Netherlands, Norway, Turkey, South Korea, Britain and the United States. The memorandum of understanding being negotiated between Lockheed and the customers aims to procure 135 or more jets in fiscal year 2018 for delivery in 2020 for about $88 million per jet, the people said. In the subsequent fiscal years, 2019 and 2020, procurement would ramp up to 150 or more jets per year. The average price in 2019 could be $85 million for the F-35 "A" variant and could drop below $80 million in 2020, the people said. That would mark the lowest price ever paid for an F-35, making this deal an important step in reducing the overall cost of each jet. The F-35 has been widely criticized for being too expensive, including by U.S. President Donald Trump and other U.S. officials who have criticized the Pentagon''s most expensive programme for delays and cost overruns. Recently, a quarter of the operating F-35 fleet was grounded until further notice because of irregularities in the pilots'' oxygen supplies. REDUCING COSTS The memorandum of understanding will guarantee contracts will take place in each successive future year. This allows the manufacturing group led by Lockheed to take advantage of greater economies of scale, reducing the cost of each jet. They have been working to reduce the cost of the jets through streamlining the supply chain and purchasing materials in bulk. Recently revised estimates indicate the U.S. Defence Department expects to spend $379 billion, down from $391 billion, to develop and buy 2,443 of the supersonic warplanes through 2039, one of the people said. "This is part of an ongoing process. If it gets done, it would be a plus for Lockheed, allowing for better long-term production management," said Robert Stallard, an analyst at Vertical Research. The F-35 comes in three configurations, the A-model for the U.S. Air Force and U.S. allies; the B-model, which can handle short take-offs and vertical landings for the Marine Corps and the British navy; and the carrier-variant F-35C jets. In February, the Pentagon agreed to a deal for the tenth batch of the fighter aircraft and agreed to pay below $95 million per jet for the first time, compared with $102 million in the previous purchase which was the lowest price up until that point. Around that time the Pentagon said the price of a jet could fall 16 percent to around $80 million in future purchases. The F-35 business accounts for about 37 percent of Lockheed''s total revenue. During the first quarter, Lockheed''s revenue from its aeronautics business increased 8 percent to $4.1 billion, led by higher sales of the F-35. Lockheed executives have estimated that a multi-year deal will save about $2 billion for the nations that choose to participate in the multi-year purchase. Lockheed, the prime contractor, and its partners, including Northrop Grumman Corp ( NOC.N ), United Technologies Corp''s ( UTX.N ) Pratt & Whitney and BAE Systems Plc ( BAES.L ), have been working on building a more cost-effective supply chain to fuel the production line in Fort Worth, Texas. (Reporting by Mike Stone; Editing by Chris Sanders, Susan Fenton and Edmund Blair)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-airshow-paris-f35-exclusive-idUKKBN1990SA'|'2017-06-19T00:43:00.000+03:00'
'0e135e3cd11316ad1c109efdb2cf4142d89e9a8a'|'Raytheon to restart SM-2 missile line after $650m sale-executive'|'By Mike Stone - PARIS June 18 PARIS June 18 U.S. missile maker Raytheon plans to announce it will restart its Standard Missile 2 (SM-2) production line after a $650 million dollar order from four U.S. allies, the president of Raytheon''s Missile Systems, Taylor Lawrence, said on Sunday.Raytheon is attending the June 19-25 Paris Airshow where it plans to make the announcement that it will restart the line that has been shut for about two years.On Friday, the U.S. Department of Defense awarded Raytheon four contracts to sell a total of 280 SM-2 Block IIIA and IIIB missiles to the Netherlands, South Korea, Japan and Australia.The deal could keep the Arizona production line open through 2035 because Raytheon anticipates more orders as the United States and its allies rebuild their inventories using the modernized production line, Lawrence told Reuters.SM-2 missiles are often used to defend ships against anti-ship missiles and aircraft. They have a range of about 90 nautical miles.The U.S. Congress would be notified shortly of the proposed Foreign Military Sales, Lawrence said. Congress must approve most major foreign weapons sales.Delivery of the weapons could begin in 2020 Lawrence added.The order will add to Raytheon''s $36 billion order backlog. More than 41 percent of Raytheon''s backlog was international customers at the end of the quarter reported in April.Raytheon is based in Waltham, Massachusetts-based and had 2016 sales of $24 billion. It has 63,000 employees. (Reporting by Mike Stone in Paris; Editing by Edmund Blair)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/airshow-paris-raytheon-idINL1N1JF059'|'2017-06-18T17:49:00.000+03:00'
'16c64dd14c68f8b4ed16a0ec2edbc69fbefc2199'|'U.S. House speaker vows to complete tax reform in 2017'|'Business News - Tue Jun 20, 2017 - 5:07am BST U.S. House speaker vows to complete tax reform in 2017 Speaker of the House Paul Ryan walks through National Statuary Hall after making a statement at the U.S. Capitol Building in Washington, U.S., June 14, 2017. REUTERS/Aaron P. Bernstein By David Morgan - WASHINGTON WASHINGTON The top Republican in the U.S. House of Representatives vowed on Tuesday to complete tax reform in 2017, saying that President Donald Trump and his fellow Republicans in Congress cannot allow the chance to overhaul the U.S. tax code to slip. In remarks for a speech to U.S. manufacturers released by his office, House Speaker Paul Ryan said that Congress and the Trump administration are moving "full speed ahead" to deliver fundamental tax reform for individuals, corporations and small businesses. Ryan and other Republicans are under mounting pressure from U.S. businesses and voters to make progress on tax reform, a top 2016 Republican campaign pledge that could determine whether Ryan''s party retains control of the House and the Senate in the 2018 midterm elections. But it is not clear whether Republicans in Congress can overcome infighting over healthcare legislation and government spending to move forward on tax reform legislation. "We are going to get this done in 2017. We need to get this done in 2017. We cannot let this once-in-a-generation moment slip," Ryan said in remarks prepared for a Tuesday afternoon speech to the National Association of Manufacturers, a powerful Washington lobby group. "Transformational tax reform can be done, and we are moving forward. Full speed ahead," he added. Major stock indexes hit multiple record highs from Trump''s November election to the end of the first quarter, on bets that he would improve economic growth by cutting taxes and boosting infrastructure spending. [nL2N1H81YV] The tax reform debate has largely moved behind closed doors, where Ryan is trying to hammer out an agreement with Senate Republican leader Mitch McConnell, Treasury Secretary Steven Mnuchin, White House economic adviser Gary Cohn and the Republican chairmen of two congressional tax committees. The aim is to unveil tax reform legislation in September. Ryan will not delve into details about tax reform provisions on Tuesday but will describe major provisions of any major legislation including a "territorial" system that would no longer tax the foreign profits over U.S. corporations. Ryan will also emphasize the importance of permanent reforms, reject the notion that legislation should do little more than reduce tax rates and make a case for mechanisms to prevent U.S. corporations from moving income, assets and jobs overseas. (Reporting by David Morgan; Editing by Leslie Adler) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-usa-congress-tax-idUKKBN19B0A3'|'2017-06-20T12:07:00.000+03:00'
'a36e1eaf569a463c5bcf8747b6a66ca7b35b447f'|'Exclusive: British insurer Aviva selling its tobacco investments'|'LONDON Aviva ( AV.L ), Britain''s biggest life insurer, is selling about 1 billion pounds ($1.3 billion) worth of bonds and shares it holds in tobacco companies, joining a global campaign to divest from the industry.The move by insurance companies to sell holdings in tobacco firms forms part of a drive to pressure governments and companies to do more to limit the damage tobacco can cause to public health.Aviva decided to sell its own holdings in tobacco companies in November and has been divesting since then though it is not selling tobacco investments made on behalf of third-party clients."We have decided to stop investing in the tobacco sector and will divest over time," an Aviva spokeswoman said. "We consider tobacco as ''harmful when used as intended'', and have been reviewing our investment position for some time now."The review began in early 2016, she said.Aviva joins French rival AXA ( AXAF.PA ) and reinsurer SCOR ( SCOR.PA ), both of which have pledged to divest over the last year, with AXA calling tobacco, "the biggest threat to public health in the world today".Other tobacco-free insurers include France''s Covea and Dutch rival Achmea, though many others have yet to follow suit.Aviva said most of its tobacco-related sales were either complete or underway though it was not possible to give a firm date for when the program would be completed.Most of the remaining assets were fixed-income securities that would either be sold or in some cases held until they matured, the spokeswoman said.At the end of 2016, about 0.25 percent of Aviva''s 450 billion pounds of managed assets, which included third-party investments, was in tobacco assets, the spokeswoman said.It was not clear how much money would remain invested in tobacco companies on behalf of third parties.The anti-tobacco campaign has prompted some big name firms to sell their investments, but its overall impact on the share prices of tobacco companies has been limited.In May, 50 leading finance firms representing $3.5 trillion in assets announced their public support for efforts to reduce tobacco use, which the World Health Organisation says costs the world economy $1 trillion a year.Among other high-profile supporters are Norway''s sovereign wealth fund, the biggest in the world with nearly $1 trillion in assets, the $300 billion California Public Employees'' Retirement System and the Irish Sovereign Wealth Fund.Many investors remain reluctant to sell out, however, given the strong returns from the leading tobacco companies, including attractive dividends at a time of low bond yields, as well as the prospect for gains from consolidation in the sector.Shares in the four biggest tobacco companies - Philip Morris ( PM.N ), Imperial Brands ( IMB.L ), Japan Tobacco ( 2914.T ) and British American Tobacco ( BATS.L ) - have risen between 93 percent and 185 percent since 2009, while Britain''s blue-chip FTSE 100 index has climbed 69 percent.Norway''s sovereign wealth fund said its decision not to invest in a range of industries had cost it $1.42 billion in returns between 2006 and 2016, with its tobacco divestment the most painful.($1 = 0.7817 pounds)(Additional reporting by Martinne Geller; editing by David Clarke)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-aviva-tobacco-idUSKBN19B2FU'|'2017-06-20T21:25:00.000+03:00'
'572473847ea6930ff4f102db513f4b9c4d8be5dd'|'HSBC to create 500 new jobs in Scotland'|'Business News - Tue Jun 20, 2017 - 2:25pm BST HSBC to create 500 new jobs in Scotland The HSBC bank logo is seen at their offices in the Canary Wharf financial district in London, Britain, March 3, 2016. REUTERS/Reinhard Krause/File Photo LONDON HSBC ( HSBA.L ) will create 500 new jobs in Scotland in its Global Risk and Customer Contact units, the bank said on Tuesday, its third expansion in the country in the last three years. The new roles, which also include jobs in other parts of the bank, will increase the total number of HSBC staff in Scotland to 4,500, the bank said in a statement. "HSBC''s expansion with the creation of 500 new jobs across Scotland is fantastic news for the economy, Scottish First Minister Nicola Sturgeon, who visited HSBC''s Global Risk operations in Edinburgh on Tuesday, said in the bank''s statement. HSBC has also announced a fund of 500 million pounds for lending to small businesses in the country. HSBC in common with other banks has meanwhile been slashing jobs in other parts of its business in recent years, closing bank branches across Britain and trimming hundreds of roles from its investment bank and retail banking divisions. (Reporting By Lawrence White, editing by Pritha Sarkar) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-hsbc-scotland-idUKKBN19B1V3'|'2017-06-20T21:25:00.000+03:00'
'dd0860c568ce6489a556728b64527d833fcd476b'|'Boeing''s defence unit seeks franchise-level win - executive'|'Money News - Wed Jun 21, 2017 - 12:48am IST Boeing''s defence unit seeks franchise-level win - executive FILE PHOTO: Boeing Co''s logo is seen above the front doors of its largest jetliner factory in Everett, Washington, U.S. January 13, 2017. REUTERS/Alwyn Scott By Mike Stone and Andrea Shalal - PARIS PARIS Boeing Co ( BA.N ), the world''s largest plane maker, is banking on the recent reorganization of its defence arm to deliver a large U.S. defence contract win, the CEO of the unit said Tuesday. Last week, Boeing announced its defence business would cut about 50 executive positions as it removed a layer of management and reorganized into seven business units instead of five. Leanne Caret, the CEO of Boeing''s Defense, Space & Security business, said in an interview at the Paris Airshow landing a big defence contract has been elusive for Boeing. Caret, who became the head of the unit in February 2016, said she was excited about competing in four franchise-making programmes and work in the classified realm. Specifically, Caret had her sights set on the next U.S. supersonic training jet competition, known as the T-X as well as the new intercontinental ballistic missile weapons system competition, known as the ground-based strategic deterrent (GBSD). Boeing''s defence unit is also competing for the U.S. Air Force''s flying command and targeting centre, the Joint Surveillance Target Attack Radar System (JSTARS). Caret also said Boeing was keen for a win in the MQ-25 project, an unmanned aircraft to assist U.S. Navy''s carrier''s with surveillance around the ship. Caret, a second-generation Boeing employee who said she bleeds "Boeing blue", is looking at opportunities to work on several classified projects as well. Boeing''s defence business accounted for nearly a third of the company''s total revenue in 2016. The reorganization, aimed at making Boeing more agile and responsive to customer needs will be effective on July 1. (Reporting by Mike Stone and Andrea Shalal; editing by Susan Thomas)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/airshow-paris-boeingdefense-idINKBN19B2UK'|'2017-06-20T17:18:00.000+03:00'
'b7092bdb17af8eaa84e165b30a4dcccbb9f1fbf1'|'Ireland set to net three billion euros from AIB IPO as pricing narrowed'|' 09pm BST Ireland set to net three billion euros from AIB IPO as pricing narrowed FILE PHOTO: A gardener mows the grass outside the headquarters of AIB on the day the bank announced it''s results, in Dublin April 12, 2011. REUTERS/Cathal McNaughton By Padraic Halpin - DUBLIN DUBLIN Ireland is set to net at least 3 billion euros (2.64 billion pounds) from its initial public offering of Allied Irish Banks ( ALBK.I ) (AIB) after the bookrunners said order books were covered in the upper half of a narrowed price range. Dublin launched its long-awaited stock market listing of AIB in May and last week set a price range of between 3.90 euros and 4.90 euros, planning to raise 2.6 billion to 3.3 billion euros from the sale of a 25 percent stake. Pricing was revised to 4.20 euros to 4.60 euros on Tuesday after books were subscribed multiple times within the initial range. The government will receive 3 billion to 3.1 billion euros if the stock prices in the upper half of the new range. As the deal also includes a greenshoe or over-allotment option, the size of the IPO could rise to 28.75 percent if demand proves   following AIB''s debut and boost the state''s coffers by around another 450 million euros. The government will use the funds to cut some 1.5 percent from a national debt that at 200 billion euros is still among the highest in the euro zone by most measures. The float will also be one of Europe''s largest bank listings since the 2008 financial crisis and is the biggest test yet of investor demand for a banking sector that required the euro zone''s most expensive state rescue less than a decade ago. One of Ireland''s two dominant lenders, AIB needed a 21 billion euro taxpayer bailout to survive a spectacular property crash, the biggest bill for any Irish bank still trading. But like Ireland''s economy, which is growing faster than any other in Europe, the bank has recovered strongly, posting a profit for each of the last three years and becoming the first domestically owned lender to restart dividend since the crash. Order books will close on Thursday with trading set to commence on Friday, the bookrunners said. Bank of America Merrill Lynch ( BAC.N ), Davy Stockbrokers and Deutsche Bank ( DBKGn.DE ) are acting as global coordinators for the sale. Citigroup ( C.N ), Goldman Sachs GS.N, Goodbody Stockbrokers, JPMorgan ( JPM.N ) and UBS ( UBSG.S ) are the bookrunners. (Reporting by Padraic Halpin. Editing by Jane Merriman and Susan Thomas)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-aib-ipo-idUKKBN19B2PD'|'2017-06-21T02:09:00.000+03:00'
'7120f2fe222ab24561aac015262fe48fe628032e'|'As inflation misses goal, Fed''s Evans calls for gradual rate hikes'|'Business News - Tue Jun 20, 2017 - 4:59am IST As inflation misses goal, Fed''s Evans calls for gradual rate hikes FILE PHOTO: Chicago Federal Reserve Bank President Charles Evans takes a question during a round table with the media in Shanghai, China March 23, 2010. REUTERS/Nir Elias/File Photo NEW YORK With inflation stubbornly soft despite a 16-year low in the U.S. unemployment rate, the Federal Reserve should move only slowly to raise interest rates and trim its massive bond portfolio, Chicago Fed President Charles Evans said Monday. "I don’t want to get hung up over small differences" between whether the Fed raises rates two, three or four times over the course of 2017, Evans said in remarks prepared for delivery to Money Marketeers of New York University. "The important feature is that the current environment supports very gradual rate hikes and slow preset reductions in our balance sheet." Repeating much of a similar talk he gave in May, Evans said that while the Fed had essentially achieved its goal of full employment, it has had a "serious policy outcome miss" on its other goal of 2-percent inflation. Unemployment fell to 4.3 percent in May, below what many Fed officials say is sustainable in the long run. But inflation, which by the Fed''s preferred gauge fell to 1.5 percent in April, has run below the Fed''s 2-percent target for years. Despite his warning on too-low inflation, Evans last week cast his vote with the 8-1 majority at the Fed who supported lifting the target range for short-term interest rates by a quarter of a percentage point. Interest rate hikes are typically aimed at slowing growth and inflation. Fed officials also reaffirmed their expectation of one more rate hike in 2017, bringing the total for the year to three, and said they expect to begin allowing the $4.5 trillion balance sheet to shrink by an initial $10 billion a month. On the margin, a smaller Fed balance sheet delivers less downward pressure on longer-run borrowing costs. "It remains to be seen whether there will be two rate hikes this year, or three, or four—or exactly when we start paring back reinvestments of maturing assets," Evans said. "Ultimately, our exact actions will appropriately be driven by how events transpire to influence the outlook for achieving our policy goals." (Reporting by Richard Leong; Writing by Ann Saphir; Editing by Diane Craft) '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/us-usa-fed-evans-idINKBN19A2ZI'|'2017-06-20T06:16:00.000+03:00'
'de58f8b85460b43f8aeb0f796d455174ce8f7530'|'AIRSHOW-United Airlines converts 100-jet Boeing order into 737 MAX 10s'|'Company News  16am EDT AIRSHOW-United Airlines converts 100-jet Boeing order into 737 MAX 10s PARIS, June 20 United Airlines has converted an order for 100 Boeing 737 MAX jets into one for the U.S. planemaker''s new 737 MAX 10 model, the companies said at the Paris Airshow on Tuesday. United Airlines, which will become the largest single 737 MAX 10 customer in the world, also announced an order for four additional Boeing 777-300ER aircraft. Asked by reporters why the latest deal was a conversion of a previous order, rather than a new one, United Airlines executive Gerry Laderman told Reuters: "We have a very healthy order book ... and it is very customary for us to place an order to have a certain timeline/time slots, and closer to the time we pick which model we want." Laderman added that United Airlines already had a large MAX order, so there was no need for an incremental one. (Reporting by Giulia Segreti; Editing by Sudip Kar-Gupta and Mark Potter)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/airshow-paris-boeing-unitedairlines-idUSP6N1IJ02I'|'2017-06-20T21:16:00.000+03:00'
'493e347c0989b573245d694f8b0ca92b8c812c29'|'Boeing launches data analytics activity to boost services'|'Market News - Mon Jun 19, 2017 - 10:29am EDT Boeing launches data analytics activity to boost services PARIS, June 19 Boeing has launched an in-house data-crunching activity called "Boeing AnalytX" to pull together systems and about 800 data experts to provide services to customers and define improvements in the way Boeing builds jets, company officials said. The move is part of a shift by planemakers and suppliers towards methods pioneered by Silicon Valley to help drive down internal costs and build profits outside core manufacturing. (Reporting by Tim Hepher) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/airshow-paris-boeing-data-idUSL8N1JG46B'|'2017-06-19T22:29:00.000+03:00'
'f99da87ab1d245129bd6e13c88a5078e11dff36c'|'New aircraft platform with GE a start for future investments: fund CEO'|'MONTREAL The chief executive of Caisse de depot et placement du Quebec on Monday called the fund''s $2 billion investment in a new aircraft leasing platform with GE Aviation Capital Services a "starting point" for further investments.“This platform, at $2 billion today, has the potential over time to be meaningfully larger,” said Michael Sabia in a phone interview.(Reporting By Allison Lampert; Editing by Chris Reese)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-caisse-ge-aviation-idINKBN19A2LV'|'2017-06-19T16:14:00.000+03:00'
'bcd5ff6fea5d438993c6940d7a9291e395a3a4df'|'DFS Furniture warns on profit, blames dip in demand'|'Business News   7:24am BST DFS Furniture warns on profit, blames dip in demand LONDON British upholstered furniture retailer DFS Furniture warned on Thursday that it would not meet profit expectations for the current year, blaming a weakening trading environment. The firm said it now expected to make core earnings of 82-87 million pounds. DFS said the trading environment had recently weakened beyond its expectation, with significant declines in store footfall leading to a material reduction in customer orders. "We believe these demand effects are market-wide, in line with industry indicators, and are linked to customer uncertainty regarding the general election and the uncertain macroeconomic environment," it said. (Reporting by James Davey, Editing by Paul Sandle)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-dfs-furn-outlook-idUKKBN1960HH'|'2017-06-15T14:24:00.000+03:00'
'21e826d18e2d56171568e23d3fffe910a2bce8ae'|'Seattle love, dread of activist investor help clinch Amazon M&A roles'|'By Lauren Hirsch - June 16 June 16 A decision by Goldman Sachs Group Inc last year to move an investment banking veteran to Seattle, as well as Evercore Partners Inc''s hiring of a top banker defending companies against activist investors, has paid off handsomely.Goldman advised Amazon.com Inc and Evercore advised Whole Foods Markets Inc on Amazon''s $13.7 billion acquisition of Whole Foods that will see the U.S. organic grocery chain become part of the world''s largest internet retailer.The deal was Amazon''s first valued at more than $1 billion, making it a coveted trophy for investment bankers in search of fees and glory.Goldman had laid the ground for this moment. Last year, it dispatched senior bankers to several North American cities where big companies are based, including Atlanta, Toronto and Seattle.One of those bankers, David Eisman, moved from San Francisco to Seattle to help lead a small team tasked with strengthening ties with the city''s biggest companies, including Amazon, Microsoft Corp and Starbucks Corp.When Amazon decided to approach Whole Foods last month, it picked Goldman for advice. Eisman advised the company alongside fellow Goldman bankers Colin Ryan, who focuses on technology mergers, and Cosmo Roe, who focuses on consumer and retail companies.Evercore itself clinched a role in the deal with the help of a Goldman alumnus. Last year, Evercore poached Goldman''s head of activism defense Bill Anderson, who for more than 12 years had advised more than 175 companies on how to tackle activist investors and hostile bids.When Jana Partners LLC in April said it had raised its stake in Whole Foods in April and pushed for a sale of the company, Whole Foods interviewed several investment banks to hire an adviser to help defend against the activist hedge fund."From the moment Jana had announced its stake in Whole Foods ... an onslaught of attention from media and banks ensued," Whole Foods'' chief executive, John Mackey, said in a Texas Monthly article this month.Whole Foods'' conversations with banks took place before the company was approached by Amazon, so Goldman was also vying for a role with Whole Foods. With Anderson among its ranks, however, Evercore prevailed.When Amazon approached, Whole Foods turned again to Evercore. Anderson advised Whole Foods alongside senior Evercore bankers Eduardo Mestre and William Hiltz.Goldman now stands to receive $30 million to $35 million in advisory fees, while Evercore stands to receive $40 million to $50 million, according to estimates from investment banking advisory firm Freeman & Co LLC.Goldman and Bank of America Corp, which provided bridge financing to Amazon, could receive between $35 million and $50 million in debt arranging fees, according to Freeman. (Reporting by Lauren Hirsch in New York; Additional reporting by Michael Flaherty in New York; Editing by Leslie Adler)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/whole-foods-ma-amazoncom-banks-idINL1N1JD20C'|'2017-06-16T21:20:00.000+03:00'
'5b5bc71c3c677aaf23ea2fea24fe28bce50e7896'|'Serco Group wins $2 billion Australian contract'|'Business News - Tue Jun 20, 2017 - 7:48am BST Serco Group wins $2 billion Australian contract A Serco flag is seen flying alongside a Union flag outside Doncaster Prison in northern England in this December 13, 2011 file photograph. REUTERS/Darren Staples/Files Serco Group Plc has won a contract worth about A$2.6 billion ($1.98 billion) to operate what will be Australia''s largest correctional facility, the British outsourcing company said on Tuesday. Winning the contract is a major boost for Serco, which has been restructuring after a string of profit warnings. Serco is part of the NorthernPathways consortium which will design, build and operate the New Grafton Correctional Centre (NGCC) in New South Wales in a Public Private Partnership for the New South Wales government. Serco, which said in March that it had been named as the preferred bidder on the project, said its contract for operation is expected to commence in 2020. Serco, which provides security, traffic, defence and education services for governments across the world, has suffered in recent years following problems with government contracts that included overcharging the British government for monitoring criminals and escalating costs on a deal to provide accommodation to UK asylum seekers. Britain''s outsourcing sector has also been hit by uncertainty created by the country''s vote to leave the European Union, causing delays to contract decisions. (Reporting by Arathy S Nair in Bengaluru, editing by Louise Heavens) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-serco-group-contract-australia-idUKKBN19B0JR'|'2017-06-20T14:48:00.000+03:00'
'd2b458bf45a88b3883149af8c0abb19c58701de2'|'EU states spar over hosting London-based agencies after Brexit'|'Top News - Tue Jun 20, 2017 - 5:25pm BST EU states spar over hosting London-based agencies after Brexit European Union flags flutter outside the EU Commission headquarters in Brussels, Belgium June 14, 2017. REUTERS/Francois Lenoir By Gabriela Baczynska - LUXEMBOURG LUXEMBOURG European Union states locked horns on Tuesday over moving the bloc''s London-based regulators for banking and drugs after Brexit, a test of unity for the 27 remaining members, most of which have expressed interest in hosting them. "Despite the high political dimension, we are committed to ensuring a successful outcome and hence the unity among the EU 27 remains our priority," said Malta''s Helena Dalli, who chaired a meeting of EU ministers on the issue. But the ministers, meeting in Luxembourg, failed to agree on procedure for choosing the new sites for the European Banking Authority (EBA) and the European Medicines Agency (EMA), which together employ more than 1,000 people. Germany and Ireland are among states to have already said they will apply to host both bodies, though diplomats say both will not go to one single country. The newer member states in former communist eastern Europe, which have joined since 2004, complain they host fewer common EU bodies and want this disparity addressed. The EU''s executive European Commission will propose a set of criteria to choose the new locations, including logistical support, infrastructure, and access to the labour market and medical care for the employees'' relatives. Eastern bloc members say these criteria favour the wealthier west and say a geographical spread of sites should also be taken into account. Italy withheld its consent on Tuesday, saying the Commission should go further and shortlist several of the most eligible sites. The Netherlands also had reservations, diplomats said. UNITY OF 27 "This is a difficult discussion because for the first time since the Brexit decision, this theme is actually dividing the 27 whereas so far our strength in facing Brexit has been in our unity," one senior EU diplomat said. "Eventually it will be a political decision with a lot of horse-trading behind the scenes." EU leaders meeting for a summit in Brussels on Thursday are due to finalise the process and member states will have until the end of July to propose cities. A final decision is expected in October after the EU states vote, first on the medical, then on the banking authority. Barcelona, Milan, Copenhagen and Dublin have all started campaigning to host the EMA, which has an annual budget of $360 million (284.23 million pounds). Frankfurt, Paris, Amsterdam, Vienna, Lyon and Strasbourg are among the cities wanting the EBA, whose 160 London-based employees write and coordinate banking rules across the bloc. "The agencies are really a joke," one senior EU official said of the relatively small budgets at stake for national governments. "They don''t matter themselves but the stakes are high because it''s about the unity of the 27." (Additional reporting by Alastair Macdonald; Writing by Gabriela Baczynska; Editing by Richard Balmforth) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-eu-agencies-idUKKBN19B1LC'|'2017-06-20T19:54:00.000+03:00'
'fdae9722147f4f28e4f0dcaa2f18c1365cb077dd'|'Moody''s downgrade of Australian banks won''t raise funding costs - analysts'|'Business News - Tue Jun 20, 2017 - 2:01am BST Moody''s downgrade of Australian banks won''t raise funding costs: analysts By Jamie Freed - SYDNEY SYDNEY A credit ratings downgrade of Australia''s biggest banks by Moody''s Investor Service is not expected to raise their funding costs because the new rating is in line with other ratings agencies, banking analysts said. Moody''s on Monday downgraded the four largest Australian banks to a long-term credit rating of Aa3 from Aa2, citing risks from high household debt levels after sharp property price rises. The new rating is in line with the long-term AA- credit rating that Commonwealth Bank of Australia ( CBA.AX ), Westpac Banking Corp ( WBC.AX ), Australia and New Zealand Banking Group Ltd and National Australia Bank Ltd (NAB) ( NAB.AX ) have from Standard & Poor''s and Fitch Ratings. "Given this downgrade merely brings the major banks'' credit ratings under Moody''s to the equivalent notches under S&P and Fitch, we expect no impact on funding costs," Deutsche Bank analysts said in a note to clients published on Monday. However, the analysts said there was still a risk that S&P would downgrade the major banks due to a sovereign ratings downgrade or a reduction in government support, which could lift long-term funding costs by around 10 basis points. S&P revised its outlook on the major banks to negative last July but it did not downgrade them when it lowered ratings on 23 smaller lenders in May based on expectations the government would support the big banks if needed. Bell Potter analyst TS Lim said the government''s introduction of a new 6 basis points tax on certain liabilities to help return the budget to a surplus made it appear even more likely that the banks would be bailed out in the event of a crisis. "Given that, the ratings look pretty safe for the time being," he said. Both houses of Australian parliament on Monday voted in favor of a tax on four biggest banks and Macquarie Group Ltd ( MQG.AX ) designed to raise $4.6 billion over the first four years. The banks have criticized the tax as unfair and argued that foreign rivals should be included to level the playing field. A Senate committee on Monday recommended the bank tax should be reviewed in two years and possibly waived in times of financial distress, but Treasurer Scott Morrison on Tuesday rejected those arguments. "There''s no need to do any of those things," he told the Australian Broadcasting Corp. Moody''s also downgraded the New Zealand subsidiaries of the Australian banks in line with their parents. The banks have acknowledged the ratings downgrade but have not commented any further. Bank shares opened flat on Tuesday in line with the broader market. (Reporting by Jamie Freed; Additional reporting by Sonali Paul in MELBOURNE; Editing by Stephen Coates and Edwina Gibbs)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-australia-banks-idUKKBN19A339'|'2017-06-20T09:01:00.000+03:00'
'7cdf58f910e3e9f320df4cfb615982812c72fe6f'|'U.S. meat processor Tyson to test new method to stun chickens'|'Commodities  02am EDT U.S. meat processor Tyson to test new method to stun chickens Tyson foods Inc and Hillshire Brands Jimmy Dean sausages are shown in this photo illustration in Encinitas, California May 29, 2014. REUTERS/Mike Blake/File Photo By Tom Polansek - CHICAGO CHICAGO Tyson Foods Inc will test a new way to render chickens unconscious before slaughter, the company said on Wednesday, in the latest sign that heightened concerns about animal welfare are affecting U.S. meat processors. Within the next year, Tyson, the biggest U.S. chicken company, will launch a pilot program at two processing plants to use gas instead of electricity to stun birds before they are killed. Poultry companies render birds unconscious prior to slaughter so they do not feel pain and have increasingly explored gas as a potentially more humane option. Consumers and some restaurants have also called for more humane practices. Tyson''s program "is a very significant step forward for us in understanding if this is scalable," Justin Whitmore, chief sustainability officer, said in an interview. The project is part of a broader shift in production practices in the U.S. poultry industry, in which companies have also backed away from antibiotics due to health concerns. Such changes generally increase production costs. Tyson also announced a new video monitoring system to ensure live chickens are handled properly, after saying last year that it had not done enough to stop the mistreatment of animals. Whitmore declined to discuss costs of Tyson''s gas stunning project. In January, U.S. chicken processor Pilgrim''s Pride Corp touted GNP Company''s use of gas stunning when it paid $350 million to buy the smaller rival. In GNP''s system, birds were lowered into a sealed tunnel in specially designed modules where the amount of carbon dioxide gradually rose to 70 percent from 5 percent, according to the company. In minutes, the birds passed out as carbon dioxide displaced oxygen in the air. With gas stunning, chickens are unconscious when they are shackled for slaughter. Some companies view this as more humane than stunning them afterward with electricity. Perdue Farms, another rival, is retrofitting a Delaware plant to stun chickens with gas, instead of electricity, and expects it to be operational by year''s end, spokeswoman Andrea Staub said. The company has a goal to eventually use the method at all processing facilities. Panera Bread Co, food service company Sodexo and Hormel Foods Corp''s Applegate brand have each said they want to buy chicken from U.S. birds rendered unconscious by a multi-step gas stunning process by 2024. McDonald''s Corp is evaluating the method, spokeswoman Becca Hary said, after failing in 2009 to find conclusive evidence that it was better for birds. (Editing by Matthew Lewis)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-tyson-foods-slaughter-idUSKBN19C16V'|'2017-06-21T18:00:00.000+03:00'
'52380aaa899677d2670de63d4a280c381175a920'|'Financial Conduct Authority chairman to leave at end of March 2018'|'Business News - Sun Jun 18, 2017 - 5:37pm BST Financial Conduct Authority chairman to leave at end of March 2018 FILE PHOTO: John Griffith-Jones, the Chairman designate of the new Financial Conduct Authority (FCA) attends a Thomson Reuters Newsmaker event, in the Canary Wharf business district of east London October 16, 2012. REUTERS/Andrew Winning LONDON The chairman of Britain''s Financial Conduct Authority (FCA) will leave the organisation at the end of his term on March 31 next year, the FCA said in a statement on Sunday. John Griffith-Jones, who is also the chairman of the Payment Systems Regulator (PSR), will leave both bodies. He took on the role at the FCA in April 2013. "John Griffith-Jones has provided strong leadership to both Boards during his tenure, helping to establish them as key parts of the UK financial regulatory system," finance minister Philip Hammond said in a statement. The finance ministry will now begin recruiting Griffith-Jones'' successor at the FCA, which oversees markets to protect the financial system. (Reporting by Costas Pitas; editing by Andrew Roche) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-fca-moves-idUKKBN1990S2'|'2017-06-19T00:37:00.000+03:00'
'e8d45f887f6bb503a6d36848122505c449699afd'|'Foresight Group buys British battery storage project'|'Business News - Wed Jun 21, 2017 - 12:15am BST Foresight Group buys British battery storage project By Susanna Twidale - LONDON LONDON Foresight Group has made its first foray into battery energy storage, buying a 35 megawatt (MW) project in Britain, the infrastructure and private equity investment manager said on Wednesday. Attracted by the prospects of a business that aims to tap increasing demand for storage of renewable power, Foresight will use its Foresight ITS fund to buy the project in Port of Tyne in northeast England from RES (Renewable Energy Systems). Foresight, which has about 2.6 billion pounds of assets under management, did not give a price for the deal. The project, which is expected to start operations next year, already has contracts with Britain''s National Grid ( NG.L ), to provide electricity balancing services and a government contract to provide back-up power to the system when demand is high. RES, will continue to build and operate the project, Foresight said. Rapid growth of solar and wind energy means that power supplies increasingly rely on the wind blowing or sun shining. As a result, utilities are looking for new ways to store renewable energy for release into the grid when supplies are low. In Britain the challenge is especially acute because the buffer between supply and demand is tighter than in other European countries, with ageing fossil fuel plants being shut down. "The acquisition consolidates Foresight''s position as a leader in investing both in renewable energy generation and the flexible grid infrastructure required to accommodate increasing penetration of renewables," Dan Wells, a partner at Foresight, said in a statement. Foresight funds manage a portfolio of more than 80 solar power projects in the UK, southern Europe, Australia and North America, as well as 28 Energy from Waste projects in Britain. (Editing by David Goodman)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-batteries-investment-idUKKBN19B3AP'|'2017-06-21T07:15:00.000+03:00'
'3142a21aa01699ce63ac537621c88b890e0cbc79'|'Vattenfall enters UK home energy market with iSupplyEnergy acquisition'|'Business  29am BST Vattenfall enters UK home energy market with iSupplyEnergy acquisition Vattenfall logo is seen on its headquaters in Stockholm, Sweden April 18, 2016. Pontus Lundahl/TT News Agency/File Photo via REUTERS LONDON Swedish utility Vattenfall has bought British home energy supplier iSupplyEnergy for an undisclosed sum, entering the highly competitive domestic energy retail market in Britain for the first time. The move follows state-owned Vattenfall''s announcement last month that it has started selling renewable power to British businesses, setting itself up to compete in a market that already has more than 50 suppliers. iSupplyEnergy supplies more than 120,000 gas and electricity customers and employs 170 people, Vattenfall said. "The acquisition of iSupplyEnergy is in line with Vattenfall''s strategy to grow our customer base in northern Europe," Chief Executive Magnus Hall said. Britain''s energy market has attracted a range of new suppliers that are gradually gaining market share from the ''Big Six'' incumbents which are Centrica''s British Gas, SSE, E.ON, npower, EDF Energy and Scottish Power. Theresa May''s ruling Conservative Party has pledged to cap energy prices, however, a move that would be the first government intervention since markets were opened to competition. (Reporting by Karolin Schaps; editing by Jason Neely)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-vattenfall-britain-idUKKBN19C0QN'|'2017-06-21T15:29:00.000+03:00'
'fd7ab5e56f02090b44e2808cfdb85aa69fe5d1f3'|'ECB rate setter questions euro zone''s hallowed inflation target'|'Business News - Wed Jun 14, 2017 - 4:21pm BST ECB rate setter questions euro zone''s hallowed inflation target FILE PHOTO: Inflated euro sign is seen outside the new headquarters of the European Central Bank (ECB) in Frankfurt, January 22, 2015. REUTERS/Kai Pfaffenbach/File Photo By Francesco Canepa - FRANKFURT FRANKFURT Often outspoken European Central Bank rate setter Ewald Nowotny questioned the ECB''s most sacred tenet on Wednesday: its inflation target. Euro zone inflation has been low for years and the ECB is not expecting to achieve its objective of a rate near 2 percent for at least another two years, despite spending 2.3 trillion euros ($2.59 trillion) on bond purchases and pushing interest rates below zero. Speaking at a conference packed with current and former ECB policymakers, Nowotny asked whether adopting an inflation range, rather than a specific target, would make more sense in a situation where price growth is low for a long time. "Could you foresee that in such a situation there would be an easing or broadening of the inflation goal in the sense of setting a range instead of a clear-cut target?" Nowotny, an Austrian, asked at an event organized by Germany''s Bundesbank. Any such move would allow the ECB to dial back its stimulus measures earlier, pleasing critics in Germany and other northern European countries, who fear the ultra-easy policy is creating bubbles. But it would potentially make funding more expensive for indebted governments in the south of the bloc, such as Italy and Portugal. Economists have long wondered whether the historically low inflation rates seen in the euro zone and Japan were due to factors beyond central banks'' reach, such as an ageing population and structurally high unemployment. But the very notion of abandoning its inflation target has been anathema to ECB rate setters, who fear any mention of it would dent its credibility with investors. "We need more than ever very solid anchoring of long-term inflation expectations," former ECB president Jean-Claude Trichet said. "We are still in an extremely dangerous situation." ECB President Mario Draghi batted back a similar question at a news conference last week, saying the central bank was confident inflation would hit its objective once unemployment falls. But Japan''s former central bank governor Masaaki Shirkawa, who also battled with ultra-low inflation during his five-year tenure ending in 2013, expressed some sympathy for Nowotny''s argument. "My worry with setting a precise number is that it can crowd out other very important considerations, such as financial stability," Shirkawa said, speaking at the same conference. Tasked by European Union treaties to maintain price stability in the euro zone, the ECB has fine-tuned its target in the past. It initially set its objective as an inflation rate "below 2 percent" in 1998 but five years later it changed it to "below, but close to 2 percent over the medium term". For a graphic of ECB rates and inflation click - tmsnrt.rs/2sAsmHt (Editing by Jeremy Gaunt)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-ecb-policy-inflation-idUKKBN195281'|'2017-06-14T23:13:00.000+03:00'
'2a3c3e849d1f968ca5f9b17b5ec3e597ce64d83d'|'Macron says France must be country that ''thinks and moves like a startup'''|'Internet News   7:27pm BST Macron says France must be country that ''thinks and moves like a startup'' French president Emmanuel Macron (C) stands next to a robot at the Viva Technology event dedicated to start-ups development, innovation and digital technology in Paris, France, June 15, 2017. REUTERS/Martin Bureau/Pool By Jean-Baptiste Vey and Jemima Kelly - PARIS PARIS French President Emmanuel Macron laid out his vision for a digital future on Thursday, saying he wants France to undergo a revolution so that it becomes a country that "thinks and moves like a startup". Speaking at the Viva Technology conference in Paris, Macron repeated he wanted to reform labor laws to give more decision-making powers to companies and lower corporate tax. The state should act as an enabler - not a constraint - for innovators and entrepreneurs, he said. The French president said he would limit the wealth tax to cover just property in order to help businesses, and would create a single levy of 30 percent on capital income so as not to scare businesses away. "When an entrepreneur has too much success, he gets stigmatized and, in general, he gets taxed. This is over!", Macron told a crowd of start-up founders, investors and students. "I''m proud of you," he told the audience, drawing applause. "Everywhere, women and men want to innovate. France is in the middle of becoming a nation of startups," he said. France''s startup scene has been gaining traction, with investment by venture capital funds booming and expectations high for a business-friendly government under Macron, whose "Republic on the Move" (LREM) party looks set for a landslide victory in Sunday''s parliamentary elections. Bpifrance, the state investment bank which has in effect become France''s number one venture capital fund, told Reuters this week that is increasing its investment pot to 1 billion euros ($1.12 billion). Macron, who during his campaign promised that 10 billion euros would be invested in innovation, said France needed only to carry out a technological revolution but to transform society as a whole, across all business sectors. "We will drive through these transformation without delay," Macron promised. "You do not wait, because your competitors do not wait." (Additional reporting by Mathieu Rosemain; Editing by Richard Balmforth)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-france-tech-macron-idUKKBN1962L3'|'2017-06-16T01:55:00.000+03:00'
'9a3ffdb7cf8be1a9fd1ee367c03fd15a05ee2ee2'|'Nestle may sell U.S. confectionery business'|'Business News - Thu Jun 15, 2017 - 5:24pm BST Nestle may sell U.S. confectionery business The Nestle logo is pictured on the company headquarters entrance building in Vevey, Switzerland February 18, 2016. REUTERS/Pierre Albouy By Martinne Geller - LONDON LONDON Swiss food group Nestle ( NESN.S ) may sell its U.S. confectionery business, which has annual sales of 900 million Swiss francs ($922.23 million), it said on Thursday. The business includes brands like Butterfinger, BabyRuth, 100Grand, SkinnyCow and Raisinets. "Nestle will explore strategic options for its U.S. confectionery business, including a potential sale," the company said in a statement. The review of options does not include Nestle''s Toll House baking products in the U.S. or its international confectionery business. "Nestle remains fully committed to growing its leading international confectionery activities around the world, particularly its global brand KitKat," Nestle said. Nestle said its global confectionery sales were 8.8 billion Swiss francs last year. (Reporting by Martinne Geller; Editing by Ben Hirschler and Jane Merriman)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-nestle-confectionery-idUKKBN19629O'|'2017-06-16T00:24:00.000+03:00'
'81b21cd92fc19e48cad3d50ead81cfdfc83e81b9'|'Glencore to pitch to Rio board for Australian coal unit - sources'|'Business  11am BST Glencore to pitch to Rio board for Australian coal unit - sources FILE PHOTO: The logo of Glencore is seen in front of the company''s headquarters in Baar, Switzerland, September 7, 2012. REUTERS/Michael Buholzer/File Photo By James Regan - SYDNEY SYDNEY Glencore will pitch its $2.55 billion (2 billion pounds) bid for Rio Tinto''s Australian Coal & Allied unit directly to Rio Tinto''s board in Canada on Thursday, two sources familiar with the matter told Reuters. The meeting, headed by Glencore''s Australian Chief Executive Peter Freyberg, comes five days after Glencore outbid Chinese-owned Yancoal for Coal & Allied Industries Ltd, which operates thermal coal mines in Australia''s Hunter Valley. Glencore''s proposal is $100 million higher and fully funded, but Rio Tinto has to give Yancoal the chance to make a counter offer, opening the way for a bidding war. A formal response from Rio Tinto to Glencore''s offer could come by the end of the week, the sources said, given Glencore''s acceptance deadline of June 26. If Glencore''s offer is accepted by Rio Tinto, Yancoal will have five days to respond. Yancoal and Glencore declined to comment. Rio Tinto could not be reached for immediate comment. Freyberg will argue before the Rio Tinto directors, who are meeting this week in Canada, that Glencore''s offer provides greater financial certainty than Yancoal''s because it intends to fund the acquisition from cash on hand and committed facilities, subject only to regulatory conditions. "Glencore thinks it has the better offer because it''s higher and there are may be doubts over Yancoal''s funding," one of the sources said. Yancoal''s second-biggest shareholder is struggling commodities trader Noble Group. Yancoal plans a capital raising to help pay for Coal & Allied and Noble would have to invest $260 million in newly issued Yancoal stock to maintain its stake at 13 percent. "This is an element that Glencore will be stressing," the source said. Fitch Ratings cut Noble''s rating on May 26 on concern over its ability to address about $2 billion of debt maturing over the next 12 months. Yancoal said last month it was not concerned at that time over Noble''s financial strength. Freyberg is also expected to try and assure Rio Tinto that its bid would not run into hurdles from competition regulators in China and Australia. The bulk of the coal is sold to power companies in Japan, South Korea and Taiwan, with little remaining in Australia or sold to China. (Reporting by James Regan; Additional reporting by Jamie Freed; Editing by Richard Pullin)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-rio-tinto-divestiture-glencore-idUKKBN1950SV'|'2017-06-14T16:11:00.000+03:00'
'91aa4980ae480d5b9ce0f5c6afed4937a647bebf'|'Nikkei edges down ahead of Fed; Nintendo, Ono Pharma outperform'|'TOKYO, June 14 Japanese stocks ended marginally lower in choppy trade on Wednesday, as investors refrained from taking positions ahead of the U.S. Federal Reserve''s monetary policy decision.The Nikkei share average fell 0.1 percent to 19,883.52 after trading in positive territory earlier.The index was confined to a narrow range ahead of the Fed''s two-day policy meeting that ends later on Wednesday, at which the U.S. central bank is expected to raise interest rates.Meanwhile, some companies were under the spotlight on individual news. Nintendo Co rose 1.8 percent and was the most traded stock by turnover after the company announced on Twitter that it would release Super Mario Odyssey for Switch on Oct. 27.Ono Pharmaceutical Co jumped 5.1 percent after the company said it would repurchase up to 20 million shares, representing 3.8 percent of outstanding shares. It also said it planned to retire up to 50 million shares of its common stock, including repurchased shares between June 14 and Sept. 29 - on Oct. 31.The broader Topix shed 0.1 percent to 1,591.77, and the JPX-Nikkei Index 400 also declined 0.1 percent to 14,176.26. (Reporting by Ayai Tomisawa; Editing by Jacqueline Wong)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/japan-stocks-close-idUSL3N1JB2KA'|'2017-06-14T14:31:00.000+03:00'
'2553e0c1fd498cccc36052587e8aef0b1b6f4c88'|'Dutch pushchair maker Bugaboo up for sale after founders throw tantrum'|'By Toby Sterling - AMSTERDAM AMSTERDAM Bugaboo, the Dutch company that transformed the market for high-end baby buggies after one of its prams featured on TV show "Sex and the City", is up for sale in a deal that could fetch 200 million euros ($223 million) following a row between its co-owners, people familiar with the matter said.Long-standing tensions between the company''s founders - former brothers-in-law - first became public during a court hearing on March 7.Businessman Eduard Zanen, who provided seed capital for the company, had become frustrated after co-founder and inventor Max Barenbrug continued to influence strategic direction after agreeing to a design role. Zanen invoked a 2012 agreement that either could trigger the sale of the company to a third party.That disagreement was settled without a ruling, a spokeswoman for the Amsterdam District Court said. But Het Financieele Dagblad first reported on Thursday that the partners have now agreed to a sale. Zanen and Barenbrug''s sister divorced a decade earlier, the paper said.Founded in 1999, Bugaboo''s breakthrough came after one of its strollers was shown on in an episode of hit TV series "Sex and The City" in 2002, when the character Miranda had a baby.The pushchairs, which can cost more than $1,000, have been snapped up by celebrities including Gwynneth Paltrow, Victoria Beckham, and Elton John.Designers Viktor & Rolf, Bas Kosters and the Andy Warhol Foundation, among others, have crafted limited edition designs, and the company recently made a foray into luggage.The company made a pretax profit of 16.8 million euros ($18.75 million)on sales of 95 million euros in 2015, according to its most recent filing with the Dutch Chamber of Commerce.Jelena Sokolova, analyst at Morningstar, said Bugaboo could be valued against luggage makers Samsonite ( 1910.HK ) and Rimowa, recently acquired by LVMH ( LVMH.PA ), which both trade at 2 times sales.Rabobank, which has been given the commission to sell the company, will approach both strategic and private equity buyers for Bugaboo."Selling is the wisest decision in a situation like this: when the owners start to fight, that can be the beginning of the end for a lifestyle brand," said Dutch marketing specialist Paul Moers.Moers noted that while Bugaboo''s image of sturdy quality and versatility has spawned many imitators, its reputation is still solid and the market is fragmented."It''s not too late for Bugaboo, not by any means," he said."Find a buyer with knowledge of sales and marketing and the power to invest behind advertising and you can grab market share, become a much bigger player."Competitors and possible buyers for Bugaboo include Britax[BRITA.UL], owned by Nordic Capital, Stokke, owned by Korean investment firm MXMH, Quinny, owned by Canada''s Dorel Industries, Graco, owned by U.S. firm Newell Brands, and LVMH, among others.Bugaboo has 1,200 employees and models are sold in most developed markets.($1 = 0.7875 pounds)($1 = 0.8961 euros)(Reporting by Toby Sterling, editing by Louise Heavens)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-bugaboo-m-a-idINKBN19B1MT'|'2017-06-20T10:10:00.000+03:00'
'99e9b6bb310ba808624338d72c65f3e103452f97'|'Asian currencies subdued as New York Fed president''s comments lift dollar'|'  10:58am IST Asian currencies subdued as New York Fed president''s comments lift dollar William C. Dudley, President and Chief Executive Officer of the Federal Reserve Bank of New York speaks during a panel discussion at The Bank of England in London, Britain, March 21, 2017. REUTERS/Kirsty Wigglesworth/Pool/Files By Shashwat Pradhan Most Asian currencies slipped on Tuesday, as the dollar saw support after an influential Federal Reserve official said U.S. inflation was likely to rise alongside wages, supporting expectations for the Fed to keep raising interest rates. The comments by New York Fed President William Dudley, a close ally of Fed Chair Janet Yellen, were among the first after the U.S. central bank raised rates last week in the face of a series of soft inflation readings. "This is actually a pretty good place to be" with unemployment at 4.3 percent and inflation at about 1.5 percent, Dudley told the North Country Chamber of Commerce in Plattsburg, New York. Asked about a so-called flattening of yields in the bond market, which suggest investors are sceptical that this Fed policy-tightening cycle will last much longer, Dudley said pausing policy now could raise the risk of inflation surging and would hurt the economy. Dudley''s comments have the "potential to convince markets that the U.S. economy has been and is continuing to do fine without Trump’s stimulus plans," DBS said in a note. The dollar rose to 111.770 yen at one point, reaching its strongest level since May 26. Most Asian currencies depreciated against the dollar, with the Indian rupee, Malaysian ringgit and the Chinese yuan edging 0.1 percent lower. The Taiwanese dollar fell marginally, remaining on track to reverse yesterday''s gains. Taiwan''s central bank is expected to leave its policy rate unchanged for the fourth straight quarter at a meeting on Thursday, as exports continue to gather momentum and inflation remains mild. "Taiwan dollar swap rates are likely to stay around current levels. A revisit of the lows seen in 2016 appears unlikely unless the central bank allows domestic liquidity to surge again," DBS added. The Indonesian rupiah fell marginally to 13,292 against the dollar. Indonesian Finance Minister Sri Mulyani Indrawati said on Monday that she expects the country''s 2017 budget deficit might reach 2.6 percent of gross domestic product versus the 2.41 percent seen in the current plan. KOREAN WON The South Korean won fell as much as 0.5 percent to touch an eight-week low on Tuesday, leading the declines among emerging Asian currencies. South Korea on Monday announced tighter mortgage rules and curbs on speculative resales of homes in Seoul and parts of Busan - the toughest rules in almost three years as policymakers sought to stabilise hot housing markets amid soaring household debt. Despite today''s declines, the won has been one of the best performing currencies in Asia this year, strengthening more than six percent against the dollar. The non-deliverable outright market expects the currency to appreciate to 1128.3 against the dollar in a year. PHILIPPINE PESO The Philippine peso weakened as much as 0.4 percent on Tuesday to a seven-week low. The Philippine central bank is widely expected to leave interest rates steady on Thursday, a Reuters poll showed, but pressures on inflation are likely to keep an interest rate increase on the cards this year. The central bank has kept policy settings unchanged since a 25 basis point hike in interest rates in September 2014. Additionally, the Philippines posted a balance of payments deficit of $59 million in May compared with a surplus of $917 million in April, data released by the Philippine central bank showed. The following table shows rates for Asian currencies against the dollar at 0503 GMT. CURRENCIES VS U.S. DOLLAR Currency Latest bid Previous day Pct Move Japan yen 111.650 111.51 -0.13 Sing dlr 1.387 1.3866 +0.01 Taiwan dlr 30.379 30.361 -0.06 Korean won 1136.800 1132.7 -0.36 Baht 33.970 33.92 -0.15'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/asia-forex-emerging-idINKBN19B0DN'|'2017-06-20T13:28:00.000+03:00'
'fff168d04eb8afde238e286dfd5ef18ffb82bc0a'|'EU lawmakers seek to widen trade defences against China'|'Business News - Tue Jun 20, 2017 - 1:00pm BST EU lawmakers seek to widen trade defences against China BRUSSELS EU lawmakers proposed toughening rules to guard against cheap Chinese imports on Tuesday in a vote exposing a shift towards a more cautious stance on free trade in Europe. The European Parliament''s international trade committee voted overwhelmingly in favour of a text that would give the EU greater scope to impose duties on products coming from countries where the state interferes with the economy. The parliament''s proposal will force it into negotiations with the 28 member states, which last month agreed more restricted rules for dumping cases. Trade is set to be one of the key issues at a summit of EU leaders in Brussels on Thursday and Friday with France, Germany and Italy pushing for the power to screen foreign investments. An EU-China summit this month was overshadowed by divisions on trade. The EU is also wrestling over Beijing''s demand that it be treated as a "market economy" 15 years after it joined the World Trade Organisation. For now, China is treated as a special case and dumping established if the export prices of a given product are lower than those of a third country, such as the United States. The European Commission, now backed by the EU''s 28 member states, believes that must change and that all WTO members, including China, should be treated the same, with dumping only established if export prices are below domestic prices. However, while not naming China, the plan includes an exception for "significant market distortions" that would clear the way for hefty anti-dumping duties. EU lawmakers argue that "significant" needs to be broadly defined, setting out a long list covering state interference. They said investigators should look into compliance with international labour, fiscal and environmental standards. The lawmakers also said the Commission must produce reports on certain countries or sectors, exposing possible distortions. The initial proposal said the Commission "may" produce such reports. Their text also seeks to address a problem identified by critics that the new rules would shift the burden of proof, meaning EU producers would have to show distortions rather than Chinese or foreign companies their absence. European steel association Eurofer, which has brought a large number of complaints about Chinese steel, welcomed the committee''s proposals, saying they better defined what distortions were and did not place additional burdens on industry. (Reporting by Philip Blenkinsop, editing by Ed Osmond) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-eu-trade-china-idUKKBN19B1LY'|'2017-06-20T20:00:00.000+03:00'
'e556bfca8501079bf779065c79e0146308431dfa'|'U.S. Supreme Court ruling threatens massive talc litigation against J'|'Johnson & Johnson is seizing upon a U.S. Supreme Court ruling from Monday limiting where injury lawsuits can be filed to fight off claims it failed to warn women that talcum powder could cause ovarian cancer.New Jersey-based J&J has been battling a series of lawsuits over its talc-based products, including Johnson''s Baby Powder, brought by around 5,950 women and their families. The company denies any link between talc and cancer.A fifth of the plaintiffs have cases pending in state court in St. Louis, where juries in four trials have hit J&J and a talc supplier with $307 million in verdicts. Those four cases and most of the others on the St. Louis docket involve out-of-state plaintiffs suing an out-of-state company.On Monday, the Supreme Court ruled 8-1 in a case involving Bristol-Myers Squibb Co that state courts cannot hear claims against companies that are not based in the state when the alleged injuries did not occur there.The ruling immediately led a St. Louis judge at J&J''s urging to declare a mistrial in the latest talc case, in which two of the three women at issue were from out of state. It also could imperil prior verdicts and cases that have yet to go to trial."We believe the recent U.S. Supreme Court ruling on the Bristol-Myers Squibb matter requires reversal of the talc cases that are currently under appeal in St. Louis," J&J said in a statement.The question of where such lawsuits can be filed has been the subject of fierce debate.The business community has argued plaintiffs should not be allowed to shop around for the most favorable court to bring lawsuits, while injured parties claim corporations are trying to deny them access to justice.Along with talc cases, large-scale litigation alleging injuries from Bayer AG''s Essure birth control device in Missouri and California and GlaxoSmithKline''s antidepressant Paxil in California and Illinois are examples of other cases where defendants could utilize the Supreme Court decision.Although he declared a mistrial on Monday, St. Louis Circuit Judge Rex Burlison left the door open for the plaintiffs to argue they still have jurisdiction.Plaintiffs lawyer Ted Meadows said he would argue the St. Louis court still had jurisdiction based on a Missouri-based bottler J&J used to package its talc products, which he said would create a sufficient connection to the state."It''s very disappointing to mistry a case because the Supreme Court changed the rules on us," said Meadows.The lawsuit decided by the high court on Monday involved claims against Bristol-Myers and California-based drug distributor McKesson Corp by 86 California residents and 575 non-Californians over the blood thinner Plavix.Beyond Monday''s mistrial, the Supreme Court''s ruling could bolster a pending appeal by J&J of a $72 million verdict in favor of the family of Alabama resident Jacqueline Fox, who died in 2015. A Missouri appeals court had said in May it would wait until the Supreme Court issued its decision to decide the appeal.J&J has won only one of the five trials so far in Missouri. It previously sought to move talc cases out of St. Louis, but the Missouri Supreme Court in January denied its bid.The company has also cast the St. Louis court as overly plaintiff-friendly and has allowed evidence linking talc to cancer that was rejected by a New Jersey state court judge overseeing over 200 talc cases. The plaintiffs are appealing.The talc verdicts against J&J led the business-friendly American Tort Reform Association last year to declare the St. Louis state court the nation''s top "Judicial Hellhole."Now J&J could try to use the Supreme Court ruling to dismiss many of the cases it faces in Missouri, according to legal experts.Corporations facing a large volume of cases in venues chosen by plaintiffs will likely cite the Supreme Court to try to dismiss those claims, said Rusty Perdew, a defense lawyer at the law firm Locke Lord."You have a bunch of defendants who can go back and say, ''Judge, you got that wrong and you''re going to have to dismiss claims by all those plaintiffs,''" he said.(This story was corrected to show that Perdew was speaking about corporations in general, not J&J, in next-to-last paragraph.)(Reporting by Nate Raymond in Boston; Editing by Tom Brown and Bill Trott)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-johnson-johnson-cancer-lawsuit-idUSKBN19B3AV'|'2017-06-21T07:13:00.000+03:00'
'c4c4138960866c23cddbf47cac97aa290196a556'|'Hike rolls out India''s first payment wallet within messaging platform'|'By Sankalp Phartiyal - MUMBAI, June 20 MUMBAI, June 20 Indian instant messaging platform Hike rolled out an in-app electronic payments wallet on Tuesday in a bid to cash in on rising digital transactions, replicating similar services offered by its backer Tencent Holdings in China.E-payments have surged in India since a shock ban of high-value bank notes in November last year. Providers such as Paytm, backed by Alibaba and SoftBank Group, have rapidly increased their share of the market amid predictions it will jump nearly 10 times to $500 billion by 2020.Hike''s wallet, however, is the first such service by a messaging platform in the country and comes ahead of a possible launch of a payment facility by Facebook-owned WhatsApp later this year.Hike said its wallet will allow instant money transfer among its clients and enable fund transfer to banks using the government-backed United Payments Interface (UPI) system.The startup has been looking at Tencent''s WeChat services in China and finding ways to adapt them to India''s digital payments market, said Hike Chief Executive Kavin Mittal."For sure we talk to Tencent quite often, we are inspired by them and it''s great to have them as a partner," Mittal told Reuters in an interview.Hike has partnered Indian private sector lender Yes Bank to facilitate money transfers to banks using the UPI system, Mittal said.Besides mobile phone bill payments and traditional wallet-to-wallet transfers, Hike will also allow its users to send "blue packets" or envelopes containing digital money to friends, a feature borrowed from WeChat''s "red packets".Hike, part of India''s Bharti Enterprises, says it has more than 100 million registered users.It was launched in December 2012, and has raised over $260 million from investors including Tiger Global, Tencent and Bharti SoftBank - a joint venture between Japan''s SoftBank and Bharti Enterprises.Headed by Mittal''s father, billionaire Sunil Mittal, Bharti Enterprises'' businesses include top Indian mobile carrier Bharti Airtel and joint ventures in insurance and renewable.Paytm is India''s biggest electronic wallets provider with 225 million clients. Swedish communications app Truecaller, which has a large user base in India, also started a mobile payment service in the country this year based on the UPI platform. (Reporting by Sankalp Phartiyal; Editing by Devidutta Tripathy and Himani Sarkar)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/hikemessenger-payments-idINL3N1JG3RZ'|'2017-06-20T06:34:00.000+03:00'
'30e046b79b6f22d567bd2138d137fe58a4b336a5'|'CORRECTED-AB InBev kicks off sale of German beers Hasseroeder and Diebels - sources'|'Market News   2:13pm EDT CORRECTED-AB InBev kicks off sale of German beers Hasseroeder and Diebels - sources (Corrects advisory line-up to remove Lazard) By Martinne Geller and Arno Schuetze LONDON/FRANKFURT, June 20 Anheuser Busch InBev has kicked off the process of selling its small German beer brands Hasseroeder and Diebels as it sheds non-core assets following last year''s blockbuster takeover of SABMiller, people close to the matter told Reuters. The world''s largest brewer, which owns the Budweiser and Stella Artois brands, has sent out first information packages to prospective bidders and has asked for first bids before the summer break, the people said. The sources, who declined to be identified, said the two German brands could fetch as much as 200 million euros ($223 million). They said AB InBev was working with Deutsche Bank on the sale, which would follow its divestiture of SABMiller''s European brands, including Peroni, Grolsch and Pilsner Urquell, to Japan''s Asahi. An AB InBev spokesman confirmed the company was considering the future of the German brands, saying it continuously reviews its portfolio. "We are having discussions regarding the future development of the Diebels and Hasseroeder brands along with their two associated breweries with a limited number of investors that would be able to implement a more focused strategy for these brands," the spokesman said in an email. "It is very early days and we have nothing further to share at this stage." Deutsche Bank declined to comment. Hasseroeder and Diebels, which have combined sales of about 140 million euros, are sold primarily in Germany with little international business. The brands are well integrated into AB InBev''s German activities and do not have standalone sales and marketing divisions, making an acquisition challenging for any potential buyer lacking a German presence, the sources said. German brewers such as Bitburger or Radeberger are expected to express interest in Hasseroeder, one of the best-selling brands in Eastern Germany, as well as for Diebels, which is famous for its top-fermented dark Altbier, drunk mainly in Duesseldorf and some neighbouring cities. The German beer market has grown increasingly competitive in recent years as consumer habits change and consumption slows, putting pressure on sales and profits. ($1 = 0.8968 euros) (Editing by David Clarke)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/ab-inbev-divestiture-germany-idUSL8N1JH5OI'|'2017-06-21T02:13:00.000+03:00'
'2c58eeeef1cca167db53faf20f3911353bf072f1'|'Forcing clearing to leave London may be appropriate: ECB''s Coeure'|'Business News - Tue Jun 20, 2017 - 3:25pm BST Forcing clearing to leave London may be appropriate: ECB''s Coeure Benoit Coeure, board member of the European Central Bank (ECB), is photographed during an interview with Reuters journalists at the ECB headquarters in Frankfurt, Germany, May 17, 2017. Picture taken May 17, 2017. REUTERS/Kai Pfaffenbach FRANKFURT It may be appropriate for the European Union to force the relocation of clearing activities from London after Brexit if there is no other way to control risks, European Central Bank Executive Board Member Benoit Coeure said on Tuesday. Around 90 percent of euro denominated derivatives are cleared in London and post-Brexit options include denying recognition to a clearing house if it poses excessive risks and to require it to move to the EU. "I believe that such an approach will be justified in case EU authorities are unable to adequately control risks and fulfil their mandates through other means," Coeure said in a speech. He added that the ECB would issue an opinion on clearing in the coming months. (Reporting by Balazs Koranyi; Editing by Alison Williams)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-eu-clearing-ecb-idUKKBN19B20U'|'2017-06-20T22:25:00.000+03:00'
'215843dd536ea9d82efe7c3c05167ff5635cbe5e'|'EMERGING MARKETS-Brazilian stocks rise, led by Embraer; Mexican peso slips'|'(Adds peso slipping on Fed member comments) June 19 Brazilian stocks rose on Monday, supported by planemaker Embraer SA, while the Mexican peso slipped from a 13-month peak after comments by a Federal Reserve official supported bets of further U.S. interest rate hikes. Embraer SA rose 4.6 percent as traders bet on fresh orders for the jetmaker at the start of the Paris Airshow, the global aviation industry''s biggest event. Gains in Brazilian markets were limited due to concerns that a political scandal may hamper the implementation of President Michel Temer''s reform agenda. Temer on Saturday pledged to sue billionaire Joesley Batista, the founder of meatpacker JBS SA, after the businessman accused Temer of leading a corruption scheme in which politicians squeezed high-profile executives for bribe. Shares of JBS dropped 4.1 percent. The Brazilian real was little changed. Both the real and the Bovespa sank last month when accusations exploded that Temer was involved in a wide-ranging graft probe. The Mexican peso lost nearly 0.3 percent after New York Federal Reserve President William Dudley said halting a U.S. policy-tightening cycle now would imperil the U.S. economy. Higher U.S. rates curb the appeal of emerging market assets, which are seen as riskier than U.S. assets. Slack U.S. inflation data has fueled expectations that the Fed could slow its path of raising borrowing costs. The Mexican currency has recovered from a record low hit in January and has been the best-performing major currency this year, up more than 15 percent. The peso has gained as the administration of U.S. President Donald Trump has moved back from threats to slap tariffs on Mexican exports and toward talks to renegotiate the North American Free Trade Agreement. Key Latin American stock indexes and currencies at 2140 GMT: Stock indexes daily YTD % % change Latest change MSCI Emerging Markets 1012.95 0.98 17.47 MSCI LatAm 2542.36 0.33 8.62 Brazil Bovespa 62014.03 0.63 2.97 Mexico IPC 49169.57 -0.1 7.73 Chile IPSA 4824.41 -0.24 16.21 Chile IGPA 24156.87 -0.23 16.51 Argentina MerVal 21657.19 1.71 28.01 Colombia IGBC 10904.32 0.95 7.66 Venezuela IBC 118905.7 1.48 275.04 7 Currencies daily YTD % % change change Latest Brazil real 3.2843 0.07 -1.07 Mexico peso 17.96 -0.28 15.50 Chile peso 661.5 0.37 1.39 Colombia peso 2975.28 -0.11 0.88 Peru sol 3.266 0.18 4.53 Argentina peso (interbank) 16.1350 -0.53 -1.61 Argentina peso (parallel) 16.59 -0.36 1.39 (Reporting by Bruno Federowski in Sao Paulo and Michael O''Boyle in Mexico City; Editing by Leslie Adler)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/emerging-markets-latam-idINL1N1JG1RT'|'2017-06-19T21:18:00.000+03:00'
'60703469bba0995ca27ac3b367a8156774405ac0'|'BlackRock takes Scalable Capital stake in Europe ''robo-advisor'' push'|'Technology News - Tue Jun 20, 2017 - 4:46am IST BlackRock takes Scalable Capital stake in Europe ''robo-advisor'' push FILE PHOTO: The BlackRock logo is seen outside of its offices in New York City, U.S., October 17, 2016. REUTERS/Brendan McDermid/File Photo - RTX389R9 By Simon Jessop and Trevor Hunnicutt - LONDON/NEW YORK LONDON/NEW YORK BlackRock ( BLK.N ), the world''s biggest asset manager, made its first push into Europe''s "robo-advice" market on Tuesday after taking a stake in Anglo-German digital investment manager Scalable Capital. BlackRock, which manages $5.4 trillion across a range of actively managed and index-tracking funds, led a 30 million euro ($33.6 million) funding round for Scalable alongside its two existing German venture capital backers, a joint statement said. The funding will help Scalable expand its robo-advice business - which uses low-cost exchange-based funds and online distribution - with financial institutions and corporates to help grow assets past the 250 million euros raised in the 16 months since launch from more than 6,000 retail clients. The expansion of BlackRock''s digital efforts comes as fund and wealth managers globally look to overhaul their distribution models amid tougher regulation, pressure on fees and the changing investment needs of a younger generation. Patrick Olson, BlackRock''s chief operating officer for Europe, the Middle East and Africa, and who will join Scalable''s supervisory board, said the decision to invest came as investors increasingly wanted to access their holdings using technology. "This trend is prompting strong demand from European financial institutions – including banks, insurers, wealth managers and advisory firms – for high-quality technology-enabled investment solutions," Olsen said. Scalable Capital, founded in 2014 and based in Munich and London, uses exchange-traded funds from BlackRock and others to build low-cost portfolios for clients and is actively looking to expand into other European countries. As well as Britain and Germany, it is also active in Austria. New European rules aimed at improving transparency, value for money and protections for investors meant traditional asset and wealth managers would need to use technology to help design, manage and distribute investments, the companies said. "Technology is not just a competitive advantage but a requirement for wealth management businesses to be successful in the future," Adam French, co-founder and co-CEO at Scalable Capital, said. The deal is subject to regulatory approval and is expected to close in the third quarter. The companies declined to specify the size of the equity stake taken by BlackRock or its growth targets. FINTECH STABLE The deal for Scalable comes several months after BlackRock Chief Executive Officer Larry Fink told Reuters he was considering up to four small acquisitions to shore up its technology and investment expertise. It also follows the purchase in 2015 of U.S.-based robo-advicer FutureAdvisor which, like Scalable, uses exchange-traded funds to build portfolios for clients and began serving retail customers. Since then, FutureAdvisor has put more emphasis on licensing its service to big wealth management companies to offer through their own advisers, typically to lower-tier clients who they might otherwise not retain. BlackRock is keen to win more market share with those wealth management firms, which are already a primary distributor of its funds to the general public. FutureAdvisor disclosed having $969 million in assets under management and 13,751 accounts in a February filing with U.S. regulators, up from $232 million and 3,460 accounts around when the BlackRock deal was announced in 2015. As well as FutureAdvisor, BlackRock''s digital wealth management business includes Aladdin Risk for Wealth, iRetire and iCapital, all of which are solely for U.S.-based clients. Fink has placed an unusual emphasis on technology for a company in his industry, including through the company''s Aladdin operating system for investment management, which it licenses to rivals. It is also exploring how computer models can improve stock picking while reducing costs and in March announced plans to bolster an internal team known for data-driven approaches to picking stocks. (Reporting by Simon Jessop, editing by David Evans)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/blackrock-scalablecapital-idINKBN19A31N'|'2017-06-19T21:16:00.000+03:00'
'9eb1f8402042d6ec8d5c062c73d1f1e7a13a4637'|'Jaguar Land Rover to create 5,000 new jobs in UK - Telegraph report'|'Top News - Sat Jun 17, 2017 - 10:08pm BST Jaguar Land Rover to create 5,000 new jobs in UK - Telegraph report left right Signs are seen outside the Jaguar Land Rover plant at Halewood in Liverpool, northern England, September 12 , 2016. REUTERS/Phil Noble 1/2 left right FILE PHOTO: A worker stands under Union Flags at the Jaguar Land Rover facility in Solihull, Britain, January 30, 2017. REUTERS/Darren Staples/File Photo 2/2 LONDON Britain''s biggest carmaker Jaguar Land Rover (JLR) is drawing up plans to hire an extra 5,000 engineers and technical staff in the next year, the Sunday Telegraph reported, in a boost to the government as it embarks on the Brexit negotiations. The newspaper said the recruitment drive, which could be announced next week, would focus on electronic and software engineers as the industry adapts to develop autonomous vehicles. Ralf Speth, the chief executive of JLR, has previously said he wants to build electric models in the country. The government has sought to promote Britain as a hub for innovation in electric cars after the country voted to leave the European Union. The Telegraph said the Indian-owned JLR may need to recruit workers from outside Britain due to a lack of engineers in the country. No one at JLR was immediately available to comment. (Reporting by Kate Holton; editing by Andrew Roche) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-jaguarlandrover-jobs-idUKKBN1980SD'|'2017-06-18T04:46:00.000+03:00'
'23dba3ceb70fd021f67bc23ecbcaaabae705b766'|'Billionaire Buffett throws lifeline to cash-starved Home Capital'|'Warren Buffett has again ridden to the rescue of an embattled company in desperate need of a vote of confidence.Berkshire Hathaway Inc''s ( BRKa.N ) commitment of a C$2 billion (US$1.51 billion) credit facility to Home Capital Group Inc ( HCG.TO ), Canada''s largest nonbank lender, marks the billionaire''s latest effort to shore up a company in dire need of cash."It''s a traditional, opportunistic Berkshire transaction," said Cathy Seifert, a CFRA Research equity analyst, in an interview. "For Home Capital, the assumption is that Berkshire did its due diligence, and came to a conclusion that there was presumably a franchise and business model worth saving. It implies a seal of approval."Home Capital shares soared as much as 18 percent, but was still more than two-thirds below the 2014 peak.The investment in Home Capital, which has acknowledged responsibility for mortgage fraud, also lets Omaha, Nebraska-based Berkshire deploy a small piece of its recent $96.5 billion hoard of cash, equivalents and Treasury bills."Today''s announcement is a modest positive," wrote Meyer Shields, a Keefe, Bruyette & Woods analyst. "But it also reflects how difficult it is for Berkshire to meaningfully use its cash."Berkshire also agreed through its Columbia Insurance unit to buy up to C$400 million (US$302 million) of Home Capital shares for a 38.4 percent stake, pending shareholder and regulatory approvals.The credit line carries an interest rate of at least 9 percent, and Berkshire could collect C$180 million if fully tapped.Buffett came to be seen as a lender of last resort during the global financial crisis.From 2008 to 2011, Berkshire spent more than $25 billion to buy high-yielding stocks and bonds in such companies as Bank of America Corp ( BAC.N ), Dow Chemical Co ( DOW.N ), General Electric Co ( GE.N ), Goldman Sachs Group Inc ( GS.N ) and Harley-Davidson Inc ( HOG.N ).With those investments having passed, the 86-year-old Buffett has been struggling to generate income in a persistently low interest rate environment."Home Capital''s strong assets, its ability to originate and underwrite well-performing mortgages, and its leading position in a growing market sector make this a very attractive investment," Buffett said in a statement.Berkshire did not respond to a request for further comment.HOUSING, REPUTATION RISKSHome Capital has suffered a deposit exodus resembling a bank run since mid-April, when the Ontario Securities Commission accused it of deceiving investors.Last week, the company reached separate settlements with the regulator and investors over making misleading statements about its mortgage underwriting.Berkshire''s investment reflects its willingness to commit to companies whose practices have drawn criticism.These include Wells Fargo & Co ( WFC.N ), now embroiled in scandal for creating unauthorized customer accounts, and Coca-Cola Co ( KO.N ), often faulted for its sugary drinks."Reputational risk is why he''s getting 9 percent interest" at Home Capital, said Seifert.The investment comes after Berkshire withdrew a U.S. regulatory application in April to boost its Wells Fargo stake above 10 percent, citing limits on its business ties to the largest U.S. mortgage lender.Berkshire has more than 90 units, including manufactured home company Clayton Homes, ice cream chain Dairy Queen and HomeServices of America, the second largest U.S. residential real estate brokerage.Its foray into Canada comes amid uncertainty about that country''s housing sector. The government has levied a 15 percent tax on foreign buyers to cool a frothy Toronto-area real estate market.Buffett is "not going to stop the credit cycle up there," said Marc Cohodes, a short seller betting against Home Capital. "But it''s a bailout by the most renowned investor on the planet."(Reporting by Jonathan Stempel in New York; Additional reporting by Trevor Hunnicutt; Editing by Jennifer Ablan and Jeffrey Benkoe)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-home-capital-buffett-investment-idUSKBN19D2IA'|'2017-06-22T23:44:00.000+03:00'
'4d783f7e6e06583383543aa67bb22a0156bf938f'|'Popolare Vicenza chairman hopes a deal on Veneto banks can be clinched this weekend'|'MILAN Gianni Mion, the chairman of ailing Banca Popolare di Vicenza, said on Thursday he hoped a deal to save the lender and its regional rival Veneto Banca could be reached this weekend.The government is scrambling to prevent the two banks from being wound down under European banking rules that would impose losses on senior bondholders and large depositors before taxpayers money can be used.To find an alternative solution, the government put up for sale the good assets of the two lenders. On Wednesday Intesa Sanpaolo ( ISP.MI ), Italy''s biggest retail bank, filed an offer subject to strict conditions."The offer (filed by Intesa) has been judged the best possible... now we need to wait for the government response," Mion told Reuters on the sidelines of an event."We hope everything will be worked out this weekend," he said.(Reporting by Andrea Mandala; writing by Francesca Landini)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-eurozone-banks-italy-veneto-idINKBN19D1D8'|'2017-06-22T09:45:00.000+03:00'
'18fc1437f7071f03966b31e2495f02d125d26c25'|'CEO Zuckerberg tweaks Facebook mission to focus on groups'|'By David Ingram - SAN FRANCISCO SAN FRANCISCO Facebook Inc ( FB.O ) Chief Executive Mark Zuckerberg revised the world''s largest online social network''s mission statement on Thursday to emphasize support for hobby clubs, civil society organizations and other community groups.The move comes as Facebook faces pressure from smaller rivals such as Nextdoor and Meetup, whose online networks bring together neighbors and people in the same area with shared interests.Zuckerberg said on his Facebook page that his company''s new mission is to "give people the power to build community and bring the world closer together."The previous mission was "to give people the power to share and make the world more open and connected." Facebook''s pursuit of that mission has been criticized in the past 12 months after the network became one of the main distribution points for so-called fake news, which many think influenced the 2016 U.S. presidential election.Zuckerberg said in February he wanted to boost the number of Facebook users who are members of what they called "very meaningful" groups. Only about 5 percent were members of such groups, he said then.The head of Facebook, with 1.9 billion users and $27.6 billion in revenue last year, was in Chicago on Thursday to meet people who run group pages on Facebook."If what you''re trying to do is run a group that has thousands of people, you need tools to help manage that," he told CNN in an interview. Facebook wants to build those tools, he said.Alphabet Inc''s ( GOOGL.O ) Google also hosts community groups, as do Nextdoor and Meetup. Nextdoor, a site for neighbors to meet one another and share news and advice, said on Monday it was expanding into Germany after rapid growth elsewhere.Zuckerberg told CNN that supporting organizations built around neighbors, churches, pets and the like has a larger purpose."Once people are coming together in these smaller groups, that actually grows and it ends up with much bigger changes in the world," he said.(Reporting by David Ingram; Editing by Bill Rigby)'|'reuters.com'|'http://in.reuters.com/finance/economy'|'http://in.reuters.com/article/us-facebook-zuckerberg-idINKBN19D2EX'|'2017-06-22T17:26:00.000+03:00'
'5398d5ff71808ae487388e64ae55b75872ba3a6b'|'PRESS DIGEST- New York Times business news - June 20'|'June 20 The following are the top stories on the New York Times business pages. Reuters has not verified these stories and does not vouch for their accuracy.- Timothy Cook of Apple, Jeff Bezos of Amazon, Satya Nadella of Microsoft and Eric Schmidt of Alphabet were among 18 tech executives and investors — many of whom have criticized the Trump administration — who attended the four-hour afternoon session to discuss cloud computing and procurement systems run by government agencies. nyti.ms/2rPyJSJ- The meal-delivery service Blue Apron''s plans for a public debut come amid upheaval in the food retail industry generated by Amazon.com Inc''s takeover bid for Whole Foods Market Inc. nyti.ms/2rPjnxy- The Chicago businessman Edwin Eisendrath heads a group, whose bid sets up a potential battle with Tronc Inc, owner of The Chicago Tribune and The Los Angeles Times. nyti.ms/2rPQRvU(Compiled by Bengaluru newsroom)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/press-digest-nyt-idINL3N1JH1UR'|'2017-06-20T02:28:00.000+03:00'
'cfefc2db18c35afbb6192fa4d284ac403a7f29c3'|'Standard Life and Aberdeen shareholders back 11 billion pound deal'|'By Simon Jessop and Carolyn Cohn - LONDON LONDON Standard Life''s ( SL.L ) 11 billion pound deal to buy Aberdeen Asset Management ( ADN.L ) was approved by both companies'' shareholders at meetings on Monday.The deal announced in March is due to complete in mid-August and will create Britain''s biggest listed asset manager and one of the world''s top 25 active fund management companies.More than 95 percent of shareholders at both companies voted for the merger, comfortably passing the minimum support needed.Aberdeen Chairman Simon Troughton said that investors'' "overwhelming" support reflected the strategic and financial rationale for the deal."The strengths of the combined businesses ... are strongly aligned to the needs of clients now and in the future," he said in a statement."The new company will have a robust balance sheet and diverse revenue streams, by asset class and distribution channel. This will facilitate investment in the business to support long-term growth and shareholder returns."(Reporting by Simon Jessop and Carolyn Cohn; Editing by David Goodman)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/standard-life-aberdeen-egm-idINKBN19A32P'|'2017-06-19T21:20:00.000+03:00'
'dbe93acc2f830b81a2515f2f77f7138ff484b000'|'Genealogy website Ancestry.com files for confidential IPO'|'Genealogy website Ancestry.com Inc on Monday said it had confidentially submitted a draft registration statement on a proposed initial public offering (IPO) to the U.S. Securities and Exchange Commission.The Lehi, Utah-based company did not disclose the number of shares to be offered and the price range for the proposed offering.The website helps people discover their history by tracing their family generations. It also provides personal DNA testing.Last May, Ancestry.com said in a statement that U.S. private equity fund Silver Lake and Singapore''s sovereign wealth fund GIC Private Ltd had acquired minority stakes in a deal valuing Ancestry.com at about $2.6 billion.(Reporting by Divya Grover in Bengaluru; Editing by Sandra Maler)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-ancestry-com-ipo-idINKBN19B01S'|'2017-06-19T22:49:00.000+03:00'
'91590ddb455fbde17920c8c182af69204b9c8afc'|'Italy seeks buyers as it prepares to break up Veneto banks - sources'|'Banks   4:07pm BST Italy seeks buyers as it prepares to break up Veneto banks - sources The logo of Veneto Banca bank is seen in Venice, Italy, January 31 2016. REUTERS/Alessandro Bianchi/File Photo By Silvia Aloisi and Gianluca Semeraro - MILAN MILAN Italy has hired Rothschild to find buyers for the best assets of two ailing Veneto-based lenders, with Intesa Sanpaolo ( ISP.MI ) viewed as the most likely taker, said several sources close to the situation. The move is part of a new plan by the Rome government that envisages the effective liquidation of Banca Popolare di Vicenza and Veneto Banca with the help of state money to reduce losses for the lenders'' private investors. Rome is scrambling to prevent the two banks from being wound down under European banking rules that would impose losses on senior bondholders and large depositors before taxpayer money can be used -- a politically unpalatable prospect ahead of national elections next year. Instead the government is working on a hybrid plan that would split the two lenders'' assets into "bad" and "good" banks. The bad bank would take on their soured debts and be financed partly with state money, with junior bondholders and shareholders also taking a hit, two sources said. Pressure has been mounting on Italy to resolve the Veneto banks problem, particularly since Spain''s Banco Popular ( POP.MC ) was rescued by Santander ( SAN.MC ) this month. Intesa Sanpaolo, Italy''s top retail bank, is considering buying the healthier parts of the two Veneto banks. However, Intesa wants to pay as little as possible to avoid having to launch a capital increase or backtrack on its dividend policy, said two other sources close to the matter. The Iccrea group of cooperative lenders is also looking at the assets but is seen as a less likely candidate, while UniCredit ( CRDI.MI ) has ruled itself out, these sources said. Details of the scheme remain sketchy and it is not clear whether the European Commission, which must authorise the use of state aid, would allow the plan to proceed. The Italian treasury, Rothschild and the Commission declined to comment. LOOPHOLE Rome is hoping to take advantage of a loophole in European rules that allows the use of routine insolvency proceedings with banks not considered systemically important, allowing the process to be handled by the member state rather than the banks being wound down by EU authorities. The two Veneto banks have a combined market share of only 3 percent at the national level, with loans totalling about 40 billion euros. They had planned to merge, creating Italy''s eighth-biggest bank by assets. "There will not be a (European) resolution because the process will be managed at the national level," said one of the sources, speaking on condition of anonymity because the negotiations are confidential. "State money will be used to help fund the asset management company that will take on the bad assets of the two banks. The good assets will be sold in an auction." An announcement should be made this week or next, the source added. A second source confirmed that the plan involved the sale of some assets and the use of state money. "What is certain is that there won''t be a bail-in. That is to say senior bondholders and depositors will not be hit." The two banks had initially asked for a state bailout to plug a capital gap of 6.4 billion euros (5.64 billion pounds) under a European scheme known as precautionary recapitalisation, which allows the temporary use of taxpayer money to rescue lenders that are deemed viable. But that plan floundered because the European Commission demanded that private investors pump 1.25 billion euros into the two banks before state aid could be disbursed. With no willing investors, Rome had to come up with an alternative solution to avoid the risk of European authorities pulling the plug on the two banks on their own terms. (Additional reporting by Francesca Landini, Valentina Za and Andrea Mandala; Editing by David Goodman)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-eurozone-banks-italy-venetobanks-idUKKBN19B251'|'2017-06-20T23:07:00.000+03:00'
'fbfde3bb8922f32b831c713ea0a7977df7e7e0e7'|'Wealthy Chinese rise to 1.6 million in past decade, up nearly nine times - survey'|'Business News - Tue Jun 20, 2017 - 3:10am BST Wealthy Chinese rise to 1.6 million in past decade, up nearly nine times - survey FILE PHOTO: A China yuan note is seen in this illustration photo May 31, 2017. REUTERS/Thomas White/Illustration/File Photo BEIJING The number of high net worth individuals (HNWIs) in China has risen nearly 9 times since a decade ago, a private survey released on Tuesday showed, as strong growth in the world''s second-largest economy has spurred wealth creation. Chinese with at least 10 million yuan (1.2 million pounds) of investable assets hit 1.6 million in 2016, up from 180,000 in 2006, according to the 2017 China Private Wealth Report by Bain Consulting and China Merchants Bank. The overall value of the private wealth market increased to 165 trillion yuan in 2016, growing at 21 percent annually in 2014-2016. But the growth rate of China''s private wealth market is expected to decline to 14 percent in 2017 to a total size of 188 trillion yuan. Around 120,000 HNWIs had at least 100 million yuan worth of investable assets, up from less than 10,000 people in 2006. The percentage of HNWIs with overseas investment increased to 56 percent in 2017, up from 19 percent in 2011, but the overall percentage of assets invested overseas has stabilised since 2013. The top five destinations for overseas investment were Hong Kong, the United States, Australia and Canada although Hong Kong''s popularity fell 18 percent and the United States dropped 3 percent from 2015 to 2017. Respondents said their top three reasons for investing overseas were to diversify investment risks, to capture market opportunities of overseas investments and to migrate. Sixty-three percent of rich Chinese rely on financial service providers to manage their domestic financial assets and among them, around half use private banking services provided by commercial banks. China''s wealthy are concentrated in major cities and coastal areas, the survey found, but now 22 Chinese provinces have at least 20,000 HNWIs. Most respondents said their top priorities. were "wealth preservation" and "wealth inheritance", in contrast to 2009 when nearly half of HNWIs surveyed said "wealth creation" or "quality of life" were their main goals. (Reporting by Sue-Lin Wong and Shu Zhang; Editing by Jacqueline Wong)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-china-economy-wealthy-idUKKBN19B05V'|'2017-06-20T10:10:00.000+03:00'
'a3fccc083056e898a2a4b2d29212207a000fb156'|'Uber to allow tips for drivers in reversal of longstanding policy'|'By Heather Somerville - SAN FRANCISCO SAN FRANCISCO Uber said on Tuesday it will begin allowing drivers to collect tips through its smartphone app, part of the ride services company''s broader effort to improve an often-contentious relationship.San Francisco-based Uber Technologies Inc [UBER.UL] had for years opposed adding a tipping feature to its app despite drivers'' complaints that the extra money would help compensate for decreasing wages.Uber drivers are independent contractors, not employees, and lack paid sick leave and vacation. They also must pay for car maintenance and other costs.Beginning on Tuesday, drivers in Houston, Minneapolis and Seattle can collect tips, Uber said. The feature will be available to all drivers in the United States by the end of July.Uber also rolled out other changes on Tuesday, including paying drivers while they wait for passengers, as it begins a six-month push to improve drivers'' working conditions.An Uber spokesman declined to say why the company reversed its tipping policy, though he pointed to a company blog post that called the change "long overdue."Lyft Inc, which is Uber''s chief ride-services competitor in the United States, has always allowed drivers to collect tips through its app. Lyft said on Monday its drivers have collected a total of $250 million in tips during the company''s lifetime.In March, Uber executives outlined a series of improvements for drivers, including a new navigation system and fairer approach to reviewing driver performance. The changes come as Uber works to repair the damage to its reputation following an investigation into allegations of sexual harassment, bullying and other employee concerns.Uber earlier this month fired 20 employees, including executives, for their behaviour. Last week, Chief Executive Travis Kalanick announced he was taking a leave of absence for an unspecified length of time.(Reporting by Heather Somerville; Editing by Bernadette Baum and Paul Simao)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/uber-tipping-idINKBN19B2MF'|'2017-06-20T17:01:00.000+03:00'
'4350079ea6177d4e4de1236ffc147904699ef8f0'|'As inflation misses goal, Fed''s Evans calls for gradual rate hikes'|'Business News - Mon Jun 19, 2017 - 7:29pm EDT As inflation misses goal, Fed''s Evans calls for gradual rate hikes FILE PHOTO: Chicago Federal Reserve Bank President Charles Evans takes a question during a round table with the media in Shanghai, China March 23, 2010. REUTERS/Nir Elias/File Photo NEW YORK With inflation stubbornly soft despite a 16-year low in the U.S. unemployment rate, the Federal Reserve should move only slowly to raise interest rates and trim its massive bond portfolio, Chicago Fed President Charles Evans said Monday. "I don’t want to get hung up over small differences" between whether the Fed raises rates two, three or four times over the course of 2017, Evans said in remarks prepared for delivery to Money Marketeers of New York University. "The important feature is that the current environment supports very gradual rate hikes and slow preset reductions in our balance sheet." Repeating much of a similar talk he gave in May, Evans said that while the Fed had essentially achieved its goal of full employment, it has had a "serious policy outcome miss" on its other goal of 2-percent inflation. Unemployment fell to 4.3 percent in May, below what many Fed officials say is sustainable in the long run. But inflation, which by the Fed''s preferred gauge fell to 1.5 percent in April, has run below the Fed''s 2-percent target for years. Despite his warning on too-low inflation, Evans last week cast his vote with the 8-1 majority at the Fed who supported lifting the target range for short-term interest rates by a quarter of a percentage point. Interest rate hikes are typically aimed at slowing growth and inflation. Fed officials also reaffirmed their expectation of one more rate hike in 2017, bringing the total for the year to three, and said they expect to begin allowing the $4.5 trillion balance sheet to shrink by an initial $10 billion a month. On the margin, a smaller Fed balance sheet delivers less downward pressure on longer-run borrowing costs. "It remains to be seen whether there will be two rate hikes this year, or three, or four—or exactly when we start paring back reinvestments of maturing assets," Evans said. "Ultimately, our exact actions will appropriately be driven by how events transpire to influence the outlook for achieving our policy goals." (Reporting by Richard Leong; Writing by Ann Saphir; Editing by Diane Craft) '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-usa-fed-evans-idUSKBN19A2ZI'|'2017-06-20T06:15:00.000+03:00'
'd162120dd6e42bd759010a9f15702cf1cdb11dcd'|'Crisis-era fraud charges haunt Barclays as rivals move on'|' 17pm BST Crisis-era fraud charges haunt Barclays as rivals move on FILE PHOTO: Chief executive officer of Barclays, Jes Staley, takes part in the Yahoo Finance All Markets Summit in New York, U.S., February 8, 2017. REUTERS/Lucas Jackson/File Photo By Lawrence White - LONDON LONDON Criminal charges over Barclays'' fundraising in the 2008 financial crisis add to the bank''s legal battles in key markets just as rivals are leaving their troubles from that period behind. Britain''s Serious Fraud Office charged Barclays Plc and four former executives on Tuesday over undisclosed payments to Qatari investors during a 12 billion pound ($15 billion) emergency fundraising in 2008. The bank, whose top management has changed since then, said it is considering its position over the charges which add to pressure on Chief Executive Jes Staley less than three months after regulators put him under investigation. He has repeatedly described its legal cases as being ''legacy issues'' that the bank is seeking to put behind it. While it is not unusual for global banks to have an array of regulatory battles even as business shrinks, competitors, including Deutsche Bank, have been working their way through major cases, especially those from the crisis. Barclays is facing 21 regulatory investigations and civil actions mainly in the United States and Britain, its 2016 annual report showed. These include major probes by the U.S. Department of Justice (DoJ) and the Securities and Exchange Commission (SEC). "It now appears that Barclays are fighting just about all the major regulators of the world," said Edward Firth, analyst at KBW in a research note on Tuesday. "At some stage this must be a serious distraction to the management of the core business." Barclays declined to comment on the business impact of the charges. Since Barclays'' holding company has been charged rather than any of its subsidiaries its business operations should be shielded from any negative fallout if the holding company is convicted on any of the charges, lawyers said. But the criminal charges, the first to be levied on a bank anywhere in the world for its conduct during the crisis, could lead to fines. It could also mean lost business from governments that put a high premium on banks'' behavior and which could temporarily halt or reduce business with a lender accused of fraud. "The accusation of fraud could impact Barclays'' banking relationships with government and United Nations departments as well as the bank''s ability to bid for business from those entities," said a senior lawyer with expertise in white collar crime who did not wished to be named as his firm works with Barclays. RIVALS COULD BENEFIT Probes by the DoJ and SEC over the Qatar payments are still pending, and center on whether the bank breached U.S. anti-bribery rules. Other major cases include an investigation by the SEC and DoJ into hiring practices in Asia; global probes over alleged manipulation of interest rates and foreign exchange markets; and the DoJ lawsuit alleging fraud over mis-selling of mortgage backed securities. Barclays also faces a civil action by the U.S. Federal Energy Regulatory Commission over alleged manipulation of energy markets in California, and is providing information to the DOJ and Commodity Futures Trading Commission about allegations of precious metals price manipulation. "Barclays now finds itself facing yet another regulatory battle...Skeletons seem to be jumping out of lots of closets at once for Barclays," said Laith Khalaf, senior analyst at online investment platform Hargreaves Lansdown. Rivals have also faced legal battles. Royal Bank of Scotland ( RBS.L ) , for example, is fighting cases with the U.S. DoJ, FHFA and New York State attorney as well as the Swiss Financial Market Authority, UK Financial Conduct Authority (FCA) and an investigation by the Central Bank of Ireland. But others have started to move on. Deutsche Bank, waylaid for years by mounting litigation costs, has cleared several major legal cases in the past year, including settling charges with the DoJ for mis-selling mortgage securities. Swiss bank Credit Suisse( CSGN.S ) in December cleared its biggest legal cloud by agreeing a $5.3 billion settlement over its own mortgage-backed securities mis-selling case. Barclays by contrast is seeing its major legal cases mount. It adopted a more combative stance than its peers over the charges of mis-selling mortgage securities, with the bank contesting the DOJ''s claims where rivals have settled. The UK fraud charges also come after the FCA and Prudential Regulation Authority opened an investigation into Staley over his attempts to unmask a whistleblower. The former JPMorgan banker took over the reins at Barclays in December 2015 and impressed investors by restructuring the bank to remove bad assets and reinvigorate investment banking. But the investigation raised questions about the American, who put a premium on improving bankers'' conduct with a stream of internal messages and training sessions about good behavior. Investors largely shrugged off the news of Tuesday''s charges, with the bank''s shares falling 2 percent by the end of trading against a 1 percent drop in the STOXX European banks index .SX7P. "Whilst broadly expected, we see this as negative for Barclays as it clearly implies that Barclays failed to reach a settlement (speculated at £100-£200m last week) and that the SFO are looking for a higher fine," said Firth. (Additional reporting by Andrew MacAskill, and John O''Donnell in Frankfurt; editing by Anna Willard)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-barclays-qatar-ceo-idUKKBN19B2PW'|'2017-06-21T02:17:00.000+03:00'
'e6a24446bee75b905b7b7cbf28669a8010502165'|'UPDATE 2-Mexico auctions two-thirds of blocks in shallow water oil tender'|'Commodities - Mon Jun 19, 2017 - 5:53pm EDT Mexico auctions two-thirds of blocks in shallow water oil tender left right Martin Magana, bidding director for the Mexico’s national hydrocarbons commission (CNH) examines documents during an auction of 15 offshore blocks, in Mexico City, Mexico June 19, 2017. REUTERS/Henry Romero 1/5 left right Mexico''s Secretary of Energy Pedro Joaquin Coldwell looks on during an auction of 15 offshore blocks, in Mexico City, Mexico June 19, 2017. REUTERS/Henry Romero 2/5 left right Juan Carlos Zepeda, head of Mexico’s national hydrocarbons commission (CNH), looks on during an auction of 15 offshore blocks in Mexico City, Mexico June 19, 2017. REUTERS/Henry Romero 3/5 left right Mexico''s Secretary of Energy Pedro Joaquin Coldwell (C) and Juan Carlos Zepeda (L), head of Mexico''s national hydrocarbons commission (CNH), listen during an auction of 15 offshore blocks, in Mexico City, Mexico June 19, 2017. REUTERS/Henry Romero 4/5 left right Mexico''s Secretary of Energy Pedro Joaquin Coldwell looks on during an auction of 15 offshore blocks, in Mexico City, Mexico June 19, 2017. REUTERS/Henry Romero 5/5 By Adriana Barrera - MEXICO CITY MEXICO CITY Mexico on Monday auctioned two-thirds of the shallow water oil and gas blocks up for grabs in the latest round of its energy market opening, surpassing the cautious estimates officials made last week. Italy''s Eni, Colombia''s Ecopetrol and Capricorn Energy, a unit of Edinburgh-based Cairn Energy, were among the companies at the forefront of the bidding for 15 blocks in the southern Gulf of Mexico. Ten of the 15 blocks were taken up in the auction. "This is a great result," Juan Carlos Zepeda, head of the oil industry regulator known as the CNH, told a news conference. Eni took one of the blocks by itself and two in consortium with other companies. One comprised Capricorn and Mexican oil firm Citla Energy, the other was with Citla alone. Citla also partnered with Capricorn to win another block, edging out Eni in a tie-breaker after a hotly contested bid for the ninth block in which both made the maximum possible offer. Russia''s Lukoil also took a block, as did a tie-up between France''s Total SA and Royal Dutch Shell Plc. The potential output from the blocks auctioned could total 170,000 barrels per day of crude equivalent, and investments could eventually reach $8.2 billion, Energy Minister Pedro Joaquin Coldwell said. The auction was the latest step in Mexico''s bid to attract more private investment to the industry after Congress changed the constitution in late 2013 to end the 75-year production and exploration monopoly of state oil company Pemex. Pemex won two blocks in Monday''s bidding: one in consortium with Germany''s Deutsche Erdoel AG, and another with Ecopetrol. The Colombian company also won a block with PC Carigali, a unit of Malaysian oil firm Petronas. Spain''s Repsol combined with the company Sierra Perote to win another block in the southern Gulf of Mexico. Top government officials said before the auction they were hopeful Mexico would assign at least one-third to 40 percent of the blocks in the shallow water round. The auction was the fifth since the energy reform, including one deep water and two previous shallow water tenders. The previous ones yielded 39 contracts with forecast investment over their lifespan of $48.8 billion, according to the government. Mexico hopes opening the energy sector will help reverse years of declining crude output. Total crude production in Mexico has fallen to 2.01 million barrels per day from a peak of 3.38 million in 2004. (Reporting by Adriana Barrera; Editing by Bill Trott, Leslie Adler and David Gregorio) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-mexico-oil-idUSKBN19A2V3'|'2017-06-20T05:53:00.000+03:00'
'3030d41769d3a61900157c947bf065c1d7bf3df6'|'Ifo institute raises growth forecast for German economy'|'Autos  11am BST Ifo institute raises growth forecast for German economy The Frankfurt skyline, Germany, September 29, 2016. REUTERS/Kai Pfaffenbach/File Photo BERLIN The Ifo economic institute raised its 2017 growth forecast for the German economy to 1.8 percent from 1.5 percent previously, with vibrant domestic demand and strong export growth propelling employment levels to historic highs. "We''re experiencing a first half which is so strong that the impetus will carry on into the coming year," Timo Wollmershaeuser, head of economic research at Ifo, said in a statement on Tuesday. "The upswing is being driven by the domestic economy, especially construction and consumption," he added. "But now we have industry too. The improving economies of the euro zone and the rest of the world are significantly boosting exports." For 2018, the institute now predicts Germany''s gross domestic product (GDP) will expand by 2.0 percent, up from the 1.8 percent it had predicted previously. It expected there to be 44.2 million people employed this year, an all time high, compared to 43.6 million last year. That would be coupled with higher inflation, reaching 1.7 percent this year and 1.6 percent in 2018, compared with 0.6 percent in 2016. The improved outlook chimes with the projections of Germany''s central bank, which has raised its growth forecasts for the German economy to a workday-adjusted 1.9 percent in 2017 and 1.7 percent in 2018. Still, Economy Minister Brigitte Zypries said in a Reuters interview last week that the government was sticking to its more cautious growth outlook for Europe''s biggest economy despite solid economic data and upbeat sentiment indicators. The government said in April that it expected an economic growth rate on a non-adjusted basis of 1.5 percent in 2017 and 1.6 percent in 2018. (Reporting by Michael Nienaber and Thomas Escritt, editing by Michelle Martin)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-geermany-economy-ifo-idUKKBN19B0TH'|'2017-06-20T16:11:00.000+03:00'
'a3e5a89a66b643d6acedde2719789f5706a5208d'|'An industry shudders as Amazon buys Whole Foods for $13.7bn'|'AMAZON announced on June 16th that it would pay $13.7bn to buy Whole Foods, a grocer known for its organic produce. On the face of it, the purchase might not seem to upset the grocery cart, either for Amazon or for the supermarket business. Amazon controls a measly 0.2% of America’s grocery market; Whole Foods has just 1.2%, according to GlobalData, a research firm and consultancy. By Chinese standards, Amazon looks slow: Alibaba, another e-commerce titan, bought a 32% stake in a Chinese grocer last year.Nor is Whole Foods a juggernaut. It has about 450 stores in America, Britain and Canada, but American shoppers are now buying a wide range of organic foods at other grocers, without having to put up with Whole Foods’s steep prices or its hipster clientele.  2 hours   8   Nevertheless, the deal marks a new era for Amazon. It has run a few experiments in physical retail, including bookstores in Chicago and in New York. In Seattle it is testing a small grocer, Amazon Go, where consumers can pick up food without having to stop at any checkout counter. Buying Whole Foods is a venture into brick-and-mortar shops on a different scale. The deal is ten times larger than any the e-commerce giant has pursued to date (Twitch Interactive, a gaming site bought in 2014, for example, cost less than $1bn).That its first big deal in physical retail is a grocer underlines how successful the company has been in selling other types of goods online. Amazon has no need to buy a chain of electronics stores, for instance; it has already bulldozed into that category. Some clothing shops had predicted that consumers would never want to buy online—surely people would want to test a frock’s fit in stores, they argued. It turns out that many consumers do not. In 2016 a fifth of American clothes and accessories were bought online, according to Cowen, a financial-services firm.Selling fresh food through the internet is a different story. E-commerce accounts for just 2% of America’s food-and-beverage sales. Even as Amazon has raced into other segments of goods, it has only tiptoed into grocery. Amazon Fresh, a grocery-delivery service that it started ten years ago, is still in only a handful of cities. (Prime Now, its two-hour delivery programme launched in 2014, is already in 31.) That’s because grocery’s margins are low, even when sold in stores, and its goods devilishly hard to deliver. Bananas bruise, meat rots, ice cream melts and a gallon of milk, if packed at the top of a grocery bag, will crush the muffins placed below.Amazon has tried to attack these challenges, using machine learning, for example, to distinguish ripe strawberries from mouldy ones. But the acquisition of Whole Foods marks the start of something new, with the combined firms likely to have an outsized impact.The most straightforward next step is for Amazon to unleash its usual arsenal of cash and innovation to enhance Whole Foods’s existing offering. For example, it might improve Whole Foods’s delivery service, now run by a startup called Instacart, or deploy the "Amazon Go" technology that lets customers leave the store without checking out.Running Whole Foods, in turn, will help Amazon better understand and expand its overall grocery business, online and off. Whole Foods has a fantastic cold supply chain, which immediately gives the Amazon Fresh model a big boost, says Paul Beswick of Oliver Wyman, a consultancy. Whole Foods will also give Amazon more data on how consumers shop, how to spot promising local brands and how to expand private-label goods. Whole Foods’s store brand could in future be sold on Amazon.com. As with most of Amazon’s new ventures, the company will probably accept slightly lower margins and pursue a bevy of experiments, gathering data as it goes, then scale up the few that work. Years ago a deal that gave Amazon less than 2% of a market might not have raised eyebrows. Now competitors know Amazon well enough to be terrified.The acquisition is troubling both for food startups such as Instacart and for big grocers. Walmart, with about 15% of the grocery market, remains formidable. Last year it paid $3bn for Jet.com, a challenger to Amazon. It has poured its cash into helping shoppers order food online and pick it up in stores. But the battle between Walmart and Amazon just intensified. Other grocers are even more vulnerable. They have struggled to keep up as Walmart cuts prices and competition online increases. On June 15th Kroger, the country’s second-biggest chain, reported declining like-for-like sales. In the hours after the deal was announced, shares for Walmart, Kroger and other retailers plunged.The deal may spell trouble for other types of retailers, too, from home-goods stores such as Bed Bath & Beyond to drug stores such as CVS, sellers of detergent and other household products. Amazon is in the business of changing customer habits: once a shopper gets used to buying goods from Amazon, usually after joining its “Prime” free delivery programme, that shopper is likely to buy more and more goods from Amazon. Morgan Stanley estimates that those who subscribe to Prime spend at least three times as much on Amazon as those who don’t. That shoppers stock up on groceries so often explains much of the appeal of the market to Amazon. If Amazon can enmesh itself in that frequent habit of buying milk and bread, experience shows that customers will turn to Amazon for other types of goods, too.There are already protests that owning Whole Foods will give Amazon too much power. The company accounts for about half of all new spending online in America. Amazon has already spread its tentacles into many parts of the economy, from retail to cloud computing and from entertainment to advertising.However regulators are unlikely to intervene. The deal, after all, gives Amazon less than one-fiftieth of the grocery market. Indeed, it seems far more probable that a company such as Walmart, wary of Amazon’s dominance, might swoop in and make Whole Foods a higher offer (Amazon is paying about a 27% premium to the stock’s closing price on June 15th). Barring that, the deal will likely go through, Amazon expects, within the next six months.'|'economist.com'|'http://www.economist.com/sections/business-finance/rss.xml'|'http://www.economist.com/news/business-and-finance/21723680-investors-hammered-shares-other-grocers-wake-deal-industry-shudders?fsrc=rss'|'2017-06-16T08:00:00.000+03:00'
'2520f4d7cc2a3c0368a579ccdb8f35c3c01d706d'|'Don''t believe the hype: the downside of being the next big thing - Guardian Small Business Network'|'T he history of business is littered with the debris of companies that fell prey to hype, usually of their own making. From New Coke to the Apple Newton, many have found that a wave of hype often propels an idea only so far until it is smothered by the heightened expectations it has created. The recent launch of SnapChat’s Snap Spectacles to much fanfare inevitably calls to mind its predecessor Google Glass, which suffered a well-documented demise .Rivalry can bring out the best in a startup'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/small-business-network/2017/jun/20/dont-believe-the-hype-the-downside-of-being-the-next-big-thing'|'2017-06-20T17:00:00.000+03:00'
'f381a3592c760ff8018c38f14a2384702a17d325'|'AIRSHOW-Germany aims to finish missile defence deal with MBDA, Lockheed by year end -ministry'|'Market News   1:58pm EDT AIRSHOW-Germany aims to finish missile defence deal with MBDA, Lockheed by year end -ministry By Andrea Shalal - PARIS, June 20 PARIS, June 20 The German government hopes to complete negotiations with European weapons maker MBDA and its U.S. partner, Lockheed Martin Corp about a multi-billion euro missile defence system by year-end, a ministry spokesman said on Tuesday. That would pave the way for the German parliament to review and approve the proposed contract in 2018, the spokesman said. He said the future structure of the MDBA-Lockheed partnership was part of the negotiations about the Medium Extended Air Defense System (MEADS), which is to replace Germany''s Patriot air and missile defence system. The ministry had told lawmakers in March that it remained committed to the programme, but did not expect to complete work on the contract during the current legislative period. At the time, it said there was still work to do on the MBDA proposal, and how the overall project would be managed. The ministry spokesman said negotiations about the contract began on May 29. The MEADS system would help Germany extend its defences and enhance air and missile defences from a range of threats at a time when fears of a greater military threat from Russia have prompted NATO to beef up its presence in eastern Europe. Germany selected MEADS in 2015 to replace its Patriot system but it has taken far longer than expected to move forward. Thomas Gottschild, managing director of MBDA Deutschland, confirmed negotiations had begun in late May. "We are aiming for a parliamentary review next year. I am optimistic that we will reach this mutual goal," he said. The ministry has not given any details about the price of the system. In October, sources had said the proposal came in billions of euros higher than the previous estimate of 4 billion euros ($4.2 billion) and lacked some critical details. MEADS was developed by MBDA, which is owned by Airbus Group , Britain''s BAE Systems Plc and Italy''s Leonardo Finmeccanica SpA, in a joint venture with U.S. arms maker Lockheed. A senior Lockheed official said the German government was continuing to "support our solution and the path we are on to a TLVS contract." Work on the missile defence programme was initially funded by Germany, Italy and the United States but Washington dropped out of the programme several years ago. (Reporting by Andrea Shalal; editing by Susan thomas)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/airshow-paris-germany-meads-idUSL1N1JH17S'|'2017-06-21T01:58:00.000+03:00'
'84b01b7e8910225cc1ad4aef34b46ec442dbbe88'|'Metals recycler Befesa attracts private equity bids - sources'|'Market News - Tue Jun 20, 2017 - 10:07am EDT Metals recycler Befesa attracts private equity bids - sources By Arno Schuetze and Claire Ruckin - FRANKFURT/LONDON, June 20 FRANKFURT/LONDON, June 20 Metals recycler Befesa has attracted bids from several private equity groups as its owner mulls whether to list the company on the stock exchange or opt for an outright sale. CVC, Blackstone and Access Industries have put in non-binding offers for the company, which is owned by buyout group Triton, the people said. One of the people said that the offers value Befesa at about 1.3-1.4 billion euros ($1.45-1.56 billion) including debt. Triton''s sell side advisers Citi and Goldman Sachs are supplying a pre-arranged staple financing package of 1 billion euros or 5.75 times Befesa''s earnings before interest, tax, depreciation and amortization, the sources said. Other banks are working on financing packages of 6-6.5 times EBITDA of 150 million euros. Separately, Triton is weighing the possibility of an IPO and Befesa may send out an intention to float as early as next week if Triton deems that option more profitable, the sources said. Triton and the bidders declined to comment. Befesa - which is headquartered in Luxembourg and was listed until it was bought by Spain''s Abengoa in 2000 - specialises in recycling steel dust from the steel and galvanizing industry and salt slags from the aluminium industry. Abengoa sold the company to Triton in 2013 for 850 million in cash, or 1.1 billion euros including debt. ($1 = 0.8975 euros) (Additional reporting by Alexander Huebner Editing by Jeremy Gaunt)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/befesa-ipo-idUSL8N1JH3F8'|'2017-06-20T22:07:00.000+03:00'
'8b52000dc32985bc54ac935b0521157df8df3f29'|'Russia''s Rosneft says oilfield discovered offshore Eastern Arctic'|'Business News - Sun Jun 18, 2017 - 1:13pm BST Russia''s Rosneft finds first oilfield offshore eastern Arctic FILE PHOTO: The shadow of a worker is seen besdide the logo of the Rosneft oil company at an oil field in Russia, August 4, 2016. REUTERS/Sergei Karpukhin/File Photo By Vladimir Soldatkin - MOSCOW MOSCOW Russia''s largest oil producer Rosneft ( ROSN.MM ) said on Sunday it had found its first oilfield in the Laptev Sea in the eastern Arctic, making a breakthrough in the search for hydrocarbons in the harsh and far-flung region despite Western sanctions. Rosneft and its partners plan to invest 480 billion roubles (6.57 billion pounds) in developing Russia''s offshore energy industry in the next five years, part of a drive to boost output from new areas. The company has sought tie-ups with several global oil players to develop Russia''s offshore regions. But a deal to work in the Kara Sea in the western Arctic with U.S. company Exxon Mobil ( XOM.N ) was suspended in 2014 after the imposition of Western sanctions against Moscow. "The result of the drilling at the Khatanga licence block allows Rosneft to be considered the discoverer of (oil) fields in offshore Eastern Arctic," the company said in a statement. Most Russian oil output comes from western Siberia, where fields are depleting, pushing producers to look for new regions. Sanctions complicate the process, barring Western companies from helping with Arctic offshore, deepwater and shale oil projects. The Arctic offshore area is expected to account for between 20 and 30 percent of Russian production, one of the world''s largest, by 2050. Rosneft owns 28 blocks in the Arctic offshore area with combined estimated resources of 34 billion tonnes of oil equivalent. There is only one offshore platform in the Russian Arctic, Prirazlomnoye, operated by Gazprom Neft ( SIBN.MM ), which plans to produce 2.6 million tonnes (52,000 barrels per day) this year. Analysts say oil production in the region - apart from Prirazlomnoye - is years away and may start only in the mid-2020s Rosneft has been working in the Laptev Sea since 2014. It values the hydrocarbon resources of the sea at around 9.5 billion tonnes of oil equivalent. (Reporting by Vladimir Soldatkin; Editing by Mark Potter) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-russia-rosneft-arctic-idUKKBN1990HZ'|'2017-06-18T19:25:00.000+03:00'
'6378718e11a6ae90ecd2ea8ad3c9451876740f4d'|'Changing of the guard: China Vanke founder Wang Shi steps down'|'Business News - Wed Jun 21, 2017 - 12:20am EDT Changing of the guard: China Vanke founder Wang Shi steps down left right Vanke''s Chairman Wang Shi reacts after hitting the gong during the debut of his company at the Hong Kong Stock Exchange June 25, 2014. REUTERS/Tyrone Siu 1/2 left right FILE PHOTO: Vanke''s Chairman Wang Shi attends the debut of his company at the Hong Kong Stock Exchange June 25, 2014. REUTERS/Tyrone Siu/File Photo 2/2 By Clare Jim - HONG KONG HONG KONG China Vanke Co ( 2202.HK ) ( 2.SZ ) Chairman Wang Shi, one of the best known people in Chinese business, will step down from the board after a years-long power struggle saw the nation''s No.2 property developer fall under state control. The 66-year-old former government official and People’s Liberation Army veteran said it was time to hand over the reins of the company he founded in 1988 and built into a real estate powerhouse that rode on the back of China''s economic boom. The move was widely expected after China Vanke was taken over by the Shenzhen government in March, ending a struggle for boardroom control and raising questions about to what extent the property giant would remain a market-driven company. "I have decided not to be re-elected as Vanke''s director since the beginning of the discussion of a new board," Wang wrote in his blog. "Today, I''m handing the leadership to (President) Yu Liang. I believe it''s the best timing. They are younger but mature enough." A shareholder meeting to elect new board members will be held on June 30, and the company said it had nominated three senior executives of major shareholder Shenzhen Metro, including its chairman, general manager and chief financial officer, as non-executive directors. The state-owned subway operator''s control over Vanke was affirmed earlier this month after it raised its stake to 29.38 percent, surpassing financial conglomerate Baoneng Group, which had sought to oust Vanke''s management. HIGH REGARD Wang is an unusually colourful figure in China’s staid boardrooms - an entrepreneur who also rows, climbs mountains and hit gossip headlines when he began dating a much younger actress. He has scaled Everest twice and is the first Chinese man to climb the highest mountains in all seven continents. He set up Vanke - now valued at $34 billion - from an office equipment company and donated his shares to a charity early in its transformation into a private company. "Someone who got rich overnight could be in danger, probably even be killed … and I didn’t know what to do with so much money,” he was quoted as telling a seminar. The leadership crisis began in late 2015 after Baoneng launched its takeover bid and some disgruntled investors stepped up criticism that Wang was spending too much time studying at Harvard and Cambridge and not enough at the company. The ensuing power tussle saw Wang cede much authority to the Shenzhen government as Vanke lost its title as the country''s biggest homebuilder to rival China Evergrande Group ( 3333.HK ). Wang''s departure could be a positive for the company, removing the last element of the boardroom battle and appeasing some investors, analysts said. "The Wang Shi era has officially come to an end, but he stopped managing the company years ago so his departure will have no impact to the company''s operation," CRIC Hong Kong head of research David Hong said. Shenzhen Metro said in a statement it "respects Mr. Wang Shi''s decision" and would continue to support Vanke''s mixed ownership. Vanke shares in Hong Kong and Shenzhen edged up 1.2 percent and 0.7 percent respectively in morning trading. The Hang Seng Index .HSI was down 0.6 percent. (Reporting by Clare Jim; Editing by Stephen Coates)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-vanke-board-idUSKBN19C07M'|'2017-06-21T12:20:00.000+03:00'
'ee8f492f8b1998ac45bec4dc4069ee414dde6e6d'|'Sensex edges lower; investors eye RBI minutes'|'Indian shares posted small losses for a second consecutive session on Wednesday, tracking lower Asian markets after oil prices slumped, with investors waiting for the minutes of a central bank policy meeting held earlier this month.The broader NSE Nifty closed down 0.21 percent at 9,633.60, while the benchmark BSE Sensex was 0.04 percent lower at 31,283.64.(Reporting by Jessica Kuruthukulangara in Bengaluru; Editing by Biju Dwarakanath)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/india-nifty-sensex-stocks-idINKBN19C0JY'|'2017-06-21T14:27:00.000+03:00'
'b7d1c5258e64af1fd76c42bb87a92e777af40a16'|'Harley-Davidson enters race to buy Italian rival Ducati - sources'|'By Pamela Barbaglia - LONDON LONDON U.S. motorcycle maker Harley-Davidson ( HOG.N ) is lining up a takeover bid for Italian rival Ducati, potentially bringing together two of the most famous names in motorcycling in a deal that could be worth up to 1.5 billion euros ($1.67 billion), sources told Reuters.Indian motorcycle maker Bajaj Auto ( BAJA.NS ) and several buyout funds are also preparing bids for Ducati, which is being put up for sale by German carmaker Volkswagen ( VOWG_p.DE ).A deal with Harley-Davidson would bring together the maker of touring bikes like the Electra Glide that are symbolic of America with a leading European maker whose high-performance bikes have a distinguished racing heritage.Milwaukee-based Harley-Davidson has hired Goldman Sachs to work on the deal, one source familiar with the matter said, adding tentative bids were expected in July.Volkswagen, whose Audi division controls Ducati – maker of the iconic Monster motorbike – is working with investment boutique Evercore on the sale which will help it fund a strategic overhaul following its emissions scandal.Based in the northern Italian city of Bologna, Ducati was on the wish list of private equity funds KKR ( KKR.N ), Bain Capital and Permira, which are all working on the deal, said the sources who declined to be identified as the process is private.Ducati was launched in 1926 as a maker of vacuum tubes and radio components and its Bologna factory remained open in World War Two despite being the target of several bombings.Ducati racers have won the Superbike world championship 14 times, with Carl Fogarty and Troy Bayliss its most successful riders.Harley-Davidson, which commands about half the U.S. big-bike market, was founded in Milwaukee, Wisconsin at the start of the last century and was one of two major American motorcycle manufacturers to survive the great depression.Demand for Harley''s motorcycles continues to be slow as its loyal baby boomer demographic ages and rivals such as the Indian brand bike maker Polaris Industries Inc ( PII.N ) and Japan''s Honda Motor Co Ltd ( 7267.T ) offer discounts.Volkswagen''s powerful labour unions, which control half the seats on the carmaker''s 20-strong supervisory board, repeated their opposition to selling the Italian motorcycle maker."Ducati is a jewel, the sale of which is not supported by the labour representatives on Volkswagen''s supervisory board," a spokesman for VW group''s works council said in an email."Harley-Davidson is miles behind Ducati in technology terms," he added.BIDDING FIELDEvercore has sent out information packages to a number of potential suitors including Ducati''s previous owner Investindustrial, sources with knowledge of the matter said.Investindustrial bought a stake in Ducati before the financial crisis, subsequently taking control of the business before selling it to Audi in 2012.It is now looking to compete with heavyweight private equity firms and large industry players to regain control.Volkswagen, Audi, Harley-Davidson, KKR and Bain Capital declined to comment. Bajaj, Investindustrial and Permira were not immediately available.Volkswagen, Europe''s largest carmaker, is seeking to move beyond an emissions-cheating scandal that has tarnished its image and left it facing billions of euros in fines and settlements.A successful deal for Ducati, which last year reported revenues of 593 million euros, would show Volkswagen boss Matthias Mueller is serious about reversing his predecessor''s quest for size.Volkswagen said last June it would review its portfolio of assets and brands, rekindling speculation among analysts that "non-core" businesses could be put up for sale.Volkswagen hopes to raise between 1.4 billion and 1.5 billion euros from the sale of Ducati, valuing it at 14-15 times its earnings before interest, taxes, depreciation and amortisation (EBITDA) of about 100 million euros, the sources said.The German car maker wants a valuation that reflects trading multiples of similar trophy assets in the automotive industry, such as Italian car maker Ferrari ( RACE.MI ) which trades at almost 30 times its forward earnings.Yet it may need to compromise on price as some of the bidders would struggle to pay as much as 1.5 billion euros for Ducati, several sources said.Price expectations have already proved challenging for some industry players who recently decided against bidding.Indian motorcycle firm Hero MotoCorp ( HROM.NS ) and its rival TVS Motor Company ( TVSM.NS ) initially expressed interest in Ducati but were put off by its price tag and decided to walk away, the sources said.German car marker BMW ( BMWG.DE ) and Japanese motorcycle makers Honda ( 7267.T ) and Suzuki ( 7269.T ) have also decided against bidding for Ducati, sources close to the companies told Reuters.A BMW spokesman confirmed the German firm was not interested in Ducati, while Hero and TVS were not immediately available for comment.Another source close to Volkswagen said the sale of Ducati might not be finalised before the annual EICMA motorcycle show in Milan in mid-November as Volkswagen wanted to find the right buyer and the sales process might take time.(Additional reporting by Arno Schuetze in Frankfurt, Andreas Cremer in Berlin, Naomi Tajitsu in Tokyo, Aditi Shah in New Delhi and Kane Wu in Hong Kong; Editing by Adrian Croft and Edmund Blair)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/volkswagen-ducati-m-a-idINKBN19C1Y1'|'2017-06-21T12:38:00.000+03:00'
'6ed91971865c157ed41bf562deab245a004773ba'|'Oil firms could waste trillions if climate targets reached-report'|'* Many high-cost projects unnecessary if climate targets met* More than a third of Exxon, Shell budgets seen at risk by 2025By Ron BoussoLONDON, June 21 Oil giants including Exxon Mobil and Royal Dutch Shell risk spending more than a third of their budgets by 2025 on oil and gas projects that will not be feasible if international climate targets are to be met, a thinktank says.More than $2 trillion of planned investments in oil and gas projects by 2025 risk becoming redundant if governments stick to targets to lower carbon emissions to limit global warming to 2 degrees celsius, according to a report by the Carbon Tracker thinktank and a group of institutional investors.The report analysed the costs of oil and gas projects planned for approval by 69 companies into 2025. It then compared their carbon intensity to targets needed to meet the 2 degree limit set by the 2015 Paris agreement, which would lead to a decline in fossil fuel consumption.According to the report, Exxon, the world''s top publicly-traded oil and gas company, risks spending up to half its budget on new fields that will not be needed. Shell and France''s Total would see up to 40 percent of their budgets outside the limits.Fossil fuel companies have come under growing pressure from investors to reduce carbon emissions and increase transparency over future investments.Sweden''s largest national pension fund, AP7, one of the authors of the report, said last week it had wound down investments in six companies, including Exxon, that it says violate the Paris climate agreement.The world''s top fossil fuel companies have voiced support for the Paris agreement reached by nearly 200 countries. Many of them have urged governments to impose a tax on carbon emissions to support cleaner sources of energy such as gas.President Donald Trump said this month he would withdraw the United States from the Paris accord which he said would undermine the U.S. economy and weaken American national sovereignty.The report gave the example of five of the most expensive projects, including the extension of the giant Kashagan field in Kazakhstan and the Bonga Southwest and Bonga North in Nigeria, which will not be needed within the 2 degree scenario.Around two thirds of the potential oil and gas production which is surplus to requirements under the 2 degree scenario is controlled by the private sector, "demonstrating how the risk is skewed towards listed companies rather than national oil companies," the report said.On the other hand, Saudi Arabia''s national oil company Aramco, widely considered the lowest cost oil producer in the world, would only see up to 10 percent of its production uneconomical under the carbon emissions scenario, the report said.The report''s authors said their discussions with oil companies had shown they wanted to remain flexible to respond to future developments and possible changes in the oil price.International oil companies including Shell and BP have rejected the idea that some of their assets could end up redundant, saying the reserves they hold are too small to be affected by any long-term decline in demand. (Reporting by Ron Bousso; Editing by Adrian Croft)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/climatechange-oil-idUSL8N1JH4ST'|'2017-06-21T07:01:00.000+03:00'
'c8705d3f2e103d94036183514641ce7bb4d44c73'|'Johnson & Johnson''s flu drug succeeds in mid-stage trial'|'Health News - Wed Jun 14, 2017 - 12:26pm BST Johnson & Johnson''s flu drug succeeds in mid-stage trial A Johnson & Johnson building is shown in Irvine, California, U.S., January 24, 2017. REUTERS/Mike Blake Johnson & Johnson said on Wednesday its experimental flu drug significantly reduced viral load compared to a placebo in a mid-stage study of patients with a type of influenza. Study data also showed that adding J&J''s drug, pimodivir, to a widely-used flu treatment called oseltamivir resulted in a significantly lower viral load in some patients, compared to those who received pimodivir alone. (Reporting by Divya Grover in Bengaluru; Editing by Sai Sachin Ravikumar)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-johnson-johnson-trial-idUKKBN1951GC'|'2017-06-14T19:15:00.000+03:00'
'1660dd85eaf5b191bf80dc396d1d536a6f920cc6'|'Brazil watchdog wants out of Oi reorganization, paper says'|'Technology News - Wed Jun 14, 2017 - 9:13am EDT Brazil watchdog wants out of Oi reorganization, paper says SAO PAULO Brazil telecommunications industry watchdog Anatel has asked a bankruptcy court to exclude the 11 billion reais ($3.3 billion) in debt it is owed by phone carrier Oi SA from the purview of the carrier''s in-court reorganization plan, O Estado de S. Paulo said on Wednesday. Anatel President Juarez Quadros told Estado that the request had been presented to the judge in charge of Oi''s bankruptcy protection case last Friday. The debt corresponds to back fines and levies that Oi failed to honor before filing for creditor protection on June 20 last year. According to Estado, Quadros said excluding the Anatel debt from the Oi process will prevent the agency from accepting losses that often go north of 70 percent in similar cases. Oi Chief Executive Officer Marco Schroeder told Reuters on June 9 that he will present an amended restructuring plan this month and put it to vote at an assembly of creditors by around September. Anatel did not immediately confirm Quadros'' comments. Oi''s reorganization process, which began almost a year ago and remains Brazil''s largest bankruptcy protection case to date, has been marked by a series of disputes between creditors and shareholders over the fate of Brazil''s No. 4 wireless carrier. Anatel has repeatedly threatened to take the carrier''s licenses over should Oi stakeholders fail to reach an agreement. (Reporting by Guillermo Parra-Bernal; Editing by W Simon) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-oi-sa-restructuring-idUSKBN1951V0'|'2017-06-14T20:55:00.000+03:00'
'482d86b3ce09f981983eda90d416f7b74d456783'|'China''s Fosun proposes to buy Faberge owner Gemfields'|'Business News   9:08am BST China''s Fosun joins bid battle for Faberge owner Gemfields FILE PHOTO: A company logo of Fosun International is seen at the Fosun Fair held alongside the annual general meeting of the Chinese conglomerate in Hong Kong, China May 28, 2015. REUTERS/Bobby Yip/File Photo China''s Fosun International Ltd joined the race for Fabergé owner Gemfields Plc with an approach that valued the London-listed company at 225 million pounds. Gemfields, which mines for emeralds and amethysts in Zambia and for crimson and pinkish-red coloured ruby and corundum in Mozambique has already received a buyout offer from leading shareholder Pallinghurst Resources Ltd. "Gemfields represents a compelling opportunity to continue to develop a leading gemstone producer with a dominant position in both global emerald and ruby production and a strong consumer brand," Fosun said. Fosun Gold, part of acquisitive conglomerate Fosun International, said it had proposed buying Gemfields at a price of 40.85 pence per share, a premium of 15.1 percent to Gemfield''s closing price of 35.5 pence on Tuesday. Mining group Pallinghurst had offered 38.5 pence per share to buy the remaining 52.91 percent it does not already own. Gemfields had said Pallinghurst''s offer "significantly undervalues" the company. Its shares rose 12 percent to 40 pence on Wednesday. Last month, Fosun announced a $887 million strategic investment into Russia''s top gold producer Polyus, increasing its exposure to the global natural resources sector. Hong Kong-listed Fosun is also said to be interested in buying oil and gas assets worth about $1.5 billion from Australia''s top energy retailer Origin. AIM-listed Gemfields said in February that India''s move to scrap higher value banknotes forced the company to delay an emerald auction and would hurt its revenue and core earnings for the full-year ending June. (Reporting by Noor Zainab Hussain in Bengaluru; Editing by Louise Heavens and Keith Weir)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-gemfields-m-a-fosun-intl-idUKKBN1950KX'|'2017-06-14T14:50:00.000+03:00'
'57f07da5da7477b25d4a4df48ba382346619a335'|'RPT-UPDATE 3-Australian TV station Ten in administration after Murdoch-led backers quit'|'(Repeats to additional subscribers with no change to text)* Ten appoints administrators after Murdoch pulls debt guarantee* Company counting on Australian deregulation to pass parliament* Murdoch and another TV boss plan joint restructureBy Byron Kaye and Jamie FreedSYDNEY, June 14 Australian television broadcaster Ten Network Ltd called in administrators on Wednesday after creditors including Lachlan Murdoch pulled a debt guarantee and outlined plans to restructure the youth-focused free-to-air broadcaster.Administrators were appointed after the private companies of News Corp co-chairman Murdoch and regional TV boss Bruce Gordon declined to extend support for a debt facility past 2017, the network said in a statement.Sydney-based Ten said the unusual move would help it re-negotiate costly content licensing fees with U.S. production studios like CBS Corp, and added that its directors "regret very much that these circumstances have come to pass".Murdoch and Gordon had "agreed to work together exclusively to facilitate the potential formulation, negotiation and implementation of a restructure proposal", they said in a regulatory filing to the Australian Securities Exchange.Murdoch and Gordon, who jointly control about 22 percent of Ten''s shares, had not yet agreed on terms of that proposal, it added.Administrators Mark Korda, Jenny Nettleton and Jarrod Villani, from KordaMentha, said in a statement they were "confident that the network is an attractive asset which will find a buyer or will be capitalised".They did not name a potential buyer.Pay-TV company Foxtel, which owns 14 percent of Ten, has long been touted as its most likely buyer, although that would be stopped by current media ownership restrictions. Foxtel declined comment.Broadcasters and Ten in particular have suffered large losses as advertisers follow viewers onto streaming services like Netflix and Amazon.com Inc''s Amazon Prime.Ten said it has already agreed, on an informal basis, to new licensing deals with CBS and Twenty-First Century Fox Inc which would halve its future liabilities while still allowing it access to those studios'' productions over the medium term.As well as its reality television-heavy programming, the perpetual ratings laggard uses content deals with those U.S. studios to air shows such as NCIS and CSI: Crime Scene Investigation.Ten''s predicament adds to pressure on the government to deregulate media ownership and make it easier for traditional media companies to buy each other. Bills to that effect are to be tabled in parliament on Thursday, and face opposition over concerns about diversity in an already concentrated market.A takeover by Murdoch or Gordon may face regulatory hurdles under the country''s current media ownership laws."The Ten Network should be a wake-up call for opponents of media reform," Federal Communications Minister Mitch Fifield told reporters.Ten said part of Fifield''s package, a reduction in television licence fees, would cut overheads.The Australian Securities Exchange suspended Ten shares indefinitely.The stock last traded on Friday at 16 cents, having closed at A$2.56 two years earlier.(Reporting by Byron Kaye and Jamie Freed in Sydney and Ambar Warrick in Bengaluru; Editing by Stephen Coates)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/ten-network-administration-idINL3N1JB2TW'|'2017-06-14T05:20:00.000+03:00'
'bf46d36b245ac4585cc0c444c56a6b0668a04d0d'|'Debt collectors make Europe''s bad loans pay again'|'* Debt collectors capitalise on Europe''s bad debt* Regulators wary of too much consolidation in sector* Seek to strengthen secondary market for NPLs* Graphic on Italian non-performing loans: reut.rs/2lKLiwhBy Alasdair PalLONDON, June 14 When Heli Vesanto’s Norwegian gym thought she had fallen a month behind on her membership fees, it did not contact her itself but called on one of Europe''s largest debt collection companies instead.“Of course you feel a bit of pain opening a letter like that,” she said, referring to fears that her credit rating would be affected, making it harder for her to borrow.The overdue payment letter sent by Sweden''s Intrum Justitia turned out to be a mistake by the gym - Vesanto had cancelled her membership - but it was also a window, for her, on an industry that has become familiar to many Europeans.The growing use of debt collection companies in Europe has been a boon for investors in the major firms which have come to dominate the field. Continuing consolidation of the industry has also led regulators to seek to counterbalance their influence.As well as selling debt recovery services to clients such as Vesanto''s gym, Intrum and other big European debt collection companies Hoist Finance, also from Sweden, and Italy''s Cerved Information Solutions, buy unpaid loans at a discount and recover what they can.They have benefited from the fact that Europe''s banks are weighed down by almost a trillion euros of non-performing loans and under pressure from regulators to get those debts off their balance sheets.Shares in Intrum and Hoist have risen by 17 and 30 percent in the last two years respectively. Cerved''s share price is up nearly 50 percent over the same period, compared with a 16 percent loss for European banking shares.“Specialisation works,” said Erik Forsberg, chief financial officer for Intrum Justitia. “We argue we will always be more efficient than a bank or telco or a utility."Last month, however, Intrum''s share price took a hit after it was forced to row back on its merger plans.In the biggest of a series of tie-ups in the sector, Intrum plans to merge with privately-owned Norwegian firm Lindhoff, creating Europe''s largest debt collection company.The European Commission approved the merger on Monday, after Intrum proposed a string of divestments that has sent its share price down 17 percent since May 18. Intrum said they would cut the proposed cost savings of the merger by nearly a third.Also in the regulators'' sights is the extent to which the debt collection firms have been able to dictate prices of non-performing loans, to the detriment of Europe''s struggling banks.HEADWINDSItaly''s 350 billion euros of bad debt was one of last year''s biggest market worries, with the Italian government forced to create a state-backed bail-out fund to tackle rising non-performing loans.In December UniCredit, Italy''s biggest lender by assets, estimated that the price of recent deals would allow it to recoup just 23 cents to the euro on its bad loans, far below the 43 cents to the euro average for Italian banks. It then went on to sell a large portion of its bad loan portfolio at just 13 cents to the euro.Nicolas Veron, a senior fellow at Brussels-based think tank Bruegel, said low prices were a market reality and arguably reflected the low value of the loans rather than any fire-sales.But regulators are keen to close the gap between what banks sell their loans for and what the debt collection companies are ready to pay. The European Union is considering plans to strengthen the secondary market for NPLs, which may boost demand and raise their sale prices.On May 24 the European Central Bank said it is encouraging public-private partnerships to improve data quality and recovery processes to reduce asymmetries between buyers and sellers.Veron said he did not think such measures would lift prices that much because their level reflected a tough political and economic climate. "Some of the initiatives are helpful but I don''t think they will change the prices you get under current conditions."The eurozone''s bad debts are finally beginning to fall, according to ECB data released in April, but still stand at some 931 billion euros.The three big debt collection companies'' net profit margins, meanwhile, have risen, with Intrum at 24.1 percent, Hoist at 19.5 percent and Cerved at 12.9 percent, the first time the company, floated in 2014, has reported a double digit margin.Intrum said in April it saw pricing pressure from increased competition in western Europe in the first quarter of 2017 hitting its margins slightly, arguing that boosting efficiency should compensate over time.Cabot Credit Management, majority owned by U.S. firm Encore Capital, plans to list as early as this year, according to Sky News, joining its UK-listed peer Arrow Global."We are reviewing our strategic options, but no decisions have been finalised," a spokesperson for Cabot said.Virginia-based PRA Group is also active in Europe.In the United States, PRA and Encore have fared less well than their European counterparts and their share prices have fallen over the last three years.Some U.S. Supreme Court Justices criticised the business models of debt collectors after a subsidiary of Encore tried to collect a decade-old debt from a woman who filed for bankruptcy in 2014. On May 15, the Supreme Court ruled by majority that the woman could not sue the firm.The debt collectors say their success is not due to heavy-handed practices but rather a sophisticated analysis of borrowers'' ability to pay.StepChange, a UK charity that helps people with debt problems, said consolidation and stricter regulation meant conditions in Britain had improved in recent years. "There are larger, more reputable firms operating and the more unsavoury elements have exited the market," a spokesperson said.But companies should keep the way they do business under constant review, Stepchange said. "There is still some evidence of poor practice, including some clients who report pressure to make unaffordable repayments."(Additional reporting by Valentina Za in Milan, Francesco Guarascio in Brussels and Anna Ringstrom in Stockholm; editing by Philippa Fletcher)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/europe-debtcollectors-idINL4N1FR3SE'|'2017-06-14T03:30:00.000+03:00'
'cc6d93dd6ebc0a3c601de0a32b04f888d235350c'|'Saab expects talks to supply jets to Bulgaria to start within months'|'Market  31am EDT Saab expects talks to supply jets to Bulgaria to start within months SOFIA, June 14 Sweden''s Saab expects to enter into talks with Bulgaria in a few months to supply it with new Gripen fighter jets, a company executive said on Wednesday. The previous interim government in Sofia had said talks should start with Sweden for the purchase of eight Gripen aircraft, but current Prime Minister Boyko Borissov has cast doubts on whether Sofia should rush into a deal, estimated at 1.5 billion levs ($860 million). The defence ministry, looking to replace ageing MiG-29 aircraft, had picked the Swedish jet over an offer from Portugal and the United States for second-hand U.S. F-16s and an Italian offer of second-hand Eurofighter Typhoons. "What we hope and expect is that we would be called to negotiate ... probably after the summer break," Magnus Lewis-Olsson, Saab''s head of Europe, told reporters in Sofia. "If Bulgaria wants their aircraft in quite quickly then obviously we hope negotiations (are going) to start soon because we''ve got to build the aircraft as well," he said. Bulgarian officials say the country, a member of the European Union and NATO, should move ahead simultaneously with buying new ships and armoured vehicles for its army, and that would require significant financial resources. Lewis-Olsson said Saab was ready to discuss different financing options, including payments over a long period, and would be prepared to provide about 4 fighter jets in 18 months upon signing. "This is something that is going to last for 40 years, it is a cost for a country for a long time, so we are prepared to discuss how we finance it," he said. Last month Saab, which has provided Gripen warplanes to Hungary and the Czech Republic, said it hoped Croatia could enter the market for fighter jets soon and that it would hold talks with Slovakia over new aircraft. ($1 = 1.7443 leva) (Reporting by Tsvetelia Tsolova; Editing by Mark Potter)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/saab-bulgaria-gripen-idUSL8N1JB1ES'|'2017-06-14T20:31:00.000+03:00'
'31be45184f9eba569e62a196216ddef31d699350'|'France''s EDF picks new head of UK unit overseeing nuclear project'|'Business News - Wed Jun 14, 2017 - 9:53am BST France''s EDF picks new head of UK unit overseeing nuclear project By Geert De Clercq - PARIS PARIS French utility EDF has appointed an Italian who heads its international operations to run its British unit that is handling the construction of two new nuclear reactors, EDF said. Simone Rossi, 47, will take up the post of chief executive at EDF Energy in November, succeeding Vincent de Rivaz, who is retiring after 15 years as CEO of the unit. Rossi, who joined EDF in 2004, will be in charge of the 18 billion pound project to build two nuclear reactors at Hinkley Point C on Britain''s west coast. The contract was signed in September 2016 and construction began this year. The reactors are due to start up in 2025. Rossi''s role will include keeping the project on track, when similar Areva-designed European Pressurized Reactor (EPR) projects in France, Finland and China are running late and over budget. "There will be a change of style. De Rivaz was a bulldozer who battled for years to get the contract signed. Rossi is a fine strategist, who listens to people," said an EDF executive who has worked with both men. Rossi, who was chief financial officer of EDF Energy from 2011 to 2015, also previously held the post of CFO at EDF''s U.S. joint venture Constellation Energy Nuclear Group before EDF pulled out of U.S. nuclear industry. As head of EDF''s international operations, Rossi oversaw EDF investments in Africa and Latin America, including the Bolero solar plant in Chile, hydro power projects in Cameroon and Brazil and an off-grid solar project in West Africa. Rossi, a clarinet player, will in his new role have to navigate the UK energy market where EDF is one of six big suppliers facing public and government criticism for energy bills that have doubled in the past decade to about 1,200 pounds a year. The ruling Conservative Party pledged to cap domestic energy prices in its election campaign, but Prime Minister Theresa May''s failure to secure a majority in last week''s poll could reduce the risk of more state intervention in power pricing. Following the appointment of Marc Benayoun to lead EDF''s Italian unit Edison early last year, EDF Chief Executive Jean-Bernard Levy has now put his imprint on the two most important EDF business units abroad. (Additional reporting by Karolin Schaps in London; Editing by Edmund Blair)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-edf-britain-moves-idUKKBN1950WL'|'2017-06-14T16:53:00.000+03:00'
'461ffb702d791b53a1173067c1bdd6fb19b585e2'|'Israeli biopharmaceutical firm Eloxx raises $24 million'|'Business News - Wed Jun 14, 2017 - 12:51pm BST Israeli biopharmaceutical firm Eloxx raises $24 million TEL AVIV Eloxx Pharmaceuticals Ltd, a clinical stage company developing drugs for genetic diseases, raised $24 million in an investment round led by Catalyst CEL Fund and Israeli life sciences venture capital fund Pontifax, among others, Catalyst said on Wednesday. Eloxx is seeking treatments for rare genetic diseases caused by mutations such as cystic fibrosis and cystinosis. The company entered into a merger agreement with Sevion Therapeutics ( SVON.PK ) on May 31. Eloxx will become a wholly owned subsidiary of Sevion, which will change its name to Eloxx and intends to apply to have its shares listed on Nasdaq. The Catalyst CEL Fund, jointly managed by Israel''s Catalyst Equity Management and China Everbright Ltd ( 0165.HK ), primarily invests in companies whose growth strategy is oriented towards emerging markets, with a special focus on China. (Reporting by Tova Cohen)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-pharmaceuticals-eloxx-fundraising-idUKKBN1951JJ'|'2017-06-14T19:51:00.000+03:00'
'e4f2f183547551ba610315c26256e7dc02b7bfb2'|'UPDATE 1-Cigna''s 2017 growth may include Medicare Advantage acquisitions'|'Market News  39am EDT UPDATE 1-Cigna''s 2017 growth may include Medicare Advantage acquisitions (Adds CEO comments, background on industry mergers) NEW YORK, June 21 Cigna Corp Chief Executive David Cordani told investors on Wednesday that the company has $7 billion to $14 billion in capital that it could use in 2017 for mergers and acquisitions in several areas, including Medicare Advantage for older people. Cordani, speaking during the company''s first meeting with investors since its deal to be bought by Anthem Inc officially broke off last month, said the company would also do at least $2 billion in share buybacks this year and set a target of $16 in earnings per share for 2021. He said M&A areas that the No. 5 health insurer is considering also include growing internationally and building out its pharmacy and physician-related businesses, its retail capabilities, and its government risk-based insurance programs. Cigna has a pharmacy management business that it is looking to expand both internally and through acquisitions, Cordani said. When an investor asked if the company was as interested now in building its Medicare Advantage business as it was two years ago, before the deal to be bought by Anthem was announced, Cordani confirmed that was the case. Several Wall Street analysts have recently written research notes about the merits of Cigna buying Humana Inc, a deal that they said had been under consideration before the Anthem deal was made. (Reporting by Caroline Humer; Editing by Nick Zieminski)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/cigna-investors-idUSL1N1JI0KL'|'2017-06-21T21:39:00.000+03:00'
'79f310851aa365208e6d6d0c55ccc3effbdbbf91'|'UPDATE 1-S.Korea stocks may see outflow of up to 4.3 trln after MSCI includes China -official'|'(Adds currency to headline)* Overall impact on S.Korean shares won''t be significant -official* KOSPI falls 0.93 pct to 2,347.10 as of 0035 GMT* Market cap of S.Korea''s benchmark KOSPI at 1,536 trln wonSEOUL, June 21 The South Korean share market could see outflows of up to 4.3 trillion won following MSCI''s decision to add China''s mainland-listed shares to its global indexes, a senior Korean government official said on Wednesday."Considering the size of global funds that track the MSCI Emerging Markets Index, we see possible outflow of about 600 billion won ($525.92 million) to 4.3 trillion won ($3.77 billion) from our equities," Jeong Eun-bo, vice chairman of the Financial Services Commission said in a policy meeting in Seoul.While such an outflow is a possibility from South Korea''s benchmark index KOSPI and junior KOSDAQ, the overall impact won''t be significant on South Korean equities, Jeong added.Early on Wednesday, U.S. index provider MSCI Inc. said it will add domestic Chinese equities to its widely tracked Emerging Markets Index, which will draw billions of dollars to China''s A shares and decrease South Korea''s weight in the index.The South Korean regulator said the country''s weight in the index will shrink by 0.23 percentage points to 15.2 percent, as China''s weighting increases to 28.4 percent from 27.7 percent.Seoul shares will shrug off an outflow of few trillion won, analysts said, as the total market capitalization of stocks listed on the benchmark main Korean Composite Stock Price Index (KOSPI) reached 1,536 trillion won as of closing on June 20."Foreign investors generally buy and sell quite large amounts of local stocks, such an amount (4.3 trillion won) will not be a source of fear for local market players," said Rhoo Yong-seok, a stock analyst at KB securities.South Korean equities saw a 9 trillion won of net inflow from foreign investors between January and May this year, which will more than offset any potential outflow following China''s inclusion in the MSCI index, the FSC said.The KOSPI fell 0.93 percent to 2,347.10 points as of 0035 GMT, and the won was Quote: d at 1,141.6 to the dollar, down 0.5 percent versus Tuesday''s close. ($1 = 1,140.8500 won) (Reporting by Cynthia Kim, Dahee Kim; Editing by Shri Navaratnam)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/msci-indexes-southkorea-idUSL3N1JI02F'|'2017-06-21T08:52:00.000+03:00'
'cdf0a261648cb487d33ddb0819c2a70495a57b2a'|'PIMCO says U.S. may lift rates four times in 2018, but recession likely'|'Business News - Tue Jun 20, 2017 - 5:34am EDT PIMCO says U.S. may lift rates four times in 2018, but recession likely LONDON The U.S. may raise interest rates as much as four times next year, but the probability of recession over the next three to five years remains high, PIMCO''s Andrew Balls said on Tuesday. Balls, the chief investment officer for global fixed income at PIMCO, one of the world''s biggest bond funds, said he expected the Fed''s main rate to top out around 2 percent in the current hiking cycle. The Fed raised rates once in 2015 and 2016 and has already raised twice so far this year. "They may go again this year, they could go...four times next year depending on what we get on fiscal policy," he told a Euromoney conference in London. "The probability of a recession over the next 3-5 years is pretty high." (Reporting by Dhara Ranasinghe; Editing by John Geddie) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-usa-fed-pimco-idUSKBN19B140'|'2017-06-20T17:30:00.000+03:00'
'b1bf8156877c7bc5c83d1357508a73f95ca696d0'|'Dubai Aerospace to issue up to $2 bln bond for AWAS acquisition - sources'|'Market News - Mon Jun 19, 2017 - 10:23am EDT Dubai Aerospace to issue up to $2 bln bond for AWAS acquisition - sources By Alexander Cornwell - DUBAI, June 19 DUBAI, June 19 Government-controlled Dubai Aerospace Enterprise (DAE) plans to raise up to $2 billion in July to finance part of its acquisition of Dublin-based aircraft lessor AWAS, according to sources familiar with the matter. DAE is favouring a bond issuance in the United States, with a bond roadshow expected to start there early next month, the sources said. The proceeds would be put towards the acquisition announced by DAE in April that will more than double its fleet to 394 aircraft by the end of 2018. DAE, the aircraft leasing and maintenance company controlled by the government of Dubai, previously said it would fund the deal through committed debt financing and internal resources. It is acquiring AWAS from private equity firm Terra Firma Capital Partners and the Canadian Pension Plan Investment Board (CPPIB). The acquisition, subject to regulatory approval, is expected to close in the third quarter. DAE will emerge as one of the world''s major aircraft leasors once the deal completes, growing its fleet from 131 owned, managed and committed jets to 394 with a total value of over $14 billion. It will have more than 110 airline customers spread across 55 countries. AWAS has a fleet of 263 owned, managed and committed narrow and wide-body aircraft, including a pipeline of 23 new aircraft on order to be delivered before the end of 2018. (Additional reporting by Davide Barbuscia; Editing by Mark Potter) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/dubai-aerospace-growth-idUSL8N1JG3RQ'|'2017-06-19T22:23:00.000+03:00'
'c34a85d16cf60f4dac83258641533e3785232368'|'Snake on a plane! Don''t panic, it''s probably just a (soft) robot'|'Technology  04am BST Snake on a plane! Don''t panic, it''s probably just a (soft) robot left right A soft robot designed in the form of a salamander is displayed in Singapore June 5, 2017. Picture taken June 5, 2017. REUTERS/Edgar Su 1/3 left right A robot that makes worm-like movements using soft actuators as ''artificial muscles'' is showcased at the National University of Singapore June 8, 2017. Picture taken June 8, 2017. REUTERS/Edgar Su 2/3 left right An National University of Singapore (NUS) researcher shows a fabric-based soft robotic glove at NUS in Singapore June 8, 2017. Picture taken June 8, 2017. REUTERS/Edgar Su 3/3 By Jeremy Wagstaff - SINGAPORE SINGAPORE Robots are getting softer. Borrowing from nature, some machines now have arms that curl and grip like an octopus, others wriggle their way inside an airplane engine or forage underwater to create their own energy. This is technology that challenges how we think of, and interact with, the robots of the not-too-distant future. Robots are big business: by 2020, the industry will have more than doubled to $188 billion, predicts IDC, a consultancy. But there''s still a lot that today''s models can''t do, partly because they are mostly made of rigid metal or plastic. Softer, lighter and less reliant on external power, future robots could interact more safely and predictably with humans, go where humans can''t, and do some of the robotic jobs that other robots still can''t manage. A recent academic conference in Singapore showcased the latest advances in soft robotics, highlighting how far they are moving away from what we see as traditional robots. "The theme here," says Nikolaus Correll of Colorado University, "is a departure from gears, joints and links." One robot on display was made of origami paper; another resembled a rolling colostomy bag. They are more likely to move via muscles that expand and contract through heat or hydraulics than by electricity. Some combine sensing and movement into the same component - just as our fingertips react to touch without needing our brain to make a decision. These ideas are already escaping from the lab. SMALL, AGILE Rolls-Royce, for example, is testing a snake-like robot that can worm its way inside an aircraft engine mounted on the wing, saving the days it can take to remove the engine, inspect it and put it back. Of all the technologies Rolls-Royce is exploring to solve this bottleneck, "this is the killer one," says Oliver Walker-Jones, head of communications. The snake, says its creator, Arnau Garriga Casanovas, is made largely of pressurized silicone chambers, allowing the controller to propel and bend it through the engine with bursts of air. Using soft materials, he says, means it can be small and agile. For now, much of the commercial action for softer robots is in logistics, replacing production-line jobs that can''t yet be handled by hard robots. Food preparation companies and growers like Blue Apron, Plated and HelloFresh already use soft robotics for handling produce, says Mike Rocky, of recruiter PrincetonOne. The challenge, says Cambridge Consultants'' Nathan Wrench, is to overcome the uncertainty when handling something - which humans deal with unconsciously: figuring out its shape and location and how hard to grip it, and distinguishing one object from another. "This is an area robots traditionally can''t do, but where (soft robots) are on the cusp of being able to," said Wrench. MARINE INSPIRATION Investors are excited, says Leif Jentoft, co-founder of RightHand Robotics, because it addresses a major pain point in the logistics industry. "Ecommerce is growing rapidly and warehouses are struggling to find enough labor, especially in remote areas where warehouses tend to be located." Some hope to ditch the idea that robots need hands. German automation company Festo and China''s Beihang University have built a prototype OctopusGripper, which has a pneumatic tentacle made of silicone that gently wraps itself around an object, while air is pumped in or out of suction cups to grasp it. The ocean has inspired other robots, too. A soft robot fish from China''s Zhejiang University swims by ditching the usual rigid motors and propellers for an artificial muscle which flexes. It''s lifelike enough, says creator Tiefeng Li, to fool other fish into embracing it as one of their own, and is being tested to explore or monitor water salinity. And Bristol University in the UK is working on underwater robots that generate electrical energy by foraging for biomatter to feed a chain of microbial fuel-cell stomachs. Hemma Philamore says her team is talking to companies and environmental organizations about using its soft robots to decontaminate polluted waterways and monitor industrial infrastructure. This doesn''t mean the end of hard-shelled robots. Part of the problem, says Mark Freudenberg, executive technology director at frog, a design company, is that soft materials break easily, noting that most animatronic dolls like Teddy Ruxpin and Furby have rigid motors and plastic casings beneath their fur exteriors. To be sure, the nascent soft robot industry lacks an ecosystem of software, hardware components and standards - and some companies have already failed. Empire Robotics, one of the first soft robot gripper companies, closed last year. RightHand''s Jentoft says the problem is that customers don''t just want a robot, but the whole package, including computer vision and machine learning. "It''s hard to be a standalone gripper company," he says. And even if soft robots find a niche, chances are they still won''t replace all the jobs done by human or hard-shelled robots. Wrench, whose Cambridge Consultants has built its own fruit picking robot, says he expects to see soft robots working with humans to harvest fruit like apples and pears which are harder to damage. Once the robot has passed through, human pickers would follow to grab fruit hidden behind leaves and in hard-to-reach spots. "It''s a constant race to the bottom, so there''s a pressing business need," Wrench said. (Reporting by Jeremy Wagstaff; Editing by Ian Geoghegan)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-tech-robots-idUKKBN19A0UV'|'2017-06-19T16:03:00.000+03:00'
'0cbedb4afebe052f35d53e83e2b76f557eabae1a'|'Silicon Valley giants outrank many nations, says first ''techplomat'''|'Top News - Mon Jun 19, 2017 - 11:44am BST Silicon Valley giants outrank many nations, says first ''techplomat'' left right Denmark''s tech ambassador Casper Klynge poses for a picture in Copenhagen, Denmark, June 15 2017. REUTERS/Stine Jacobsen 1/3 left right Denmark''s tech ambassador Casper Klynge poses for a picture in Copenhagen, Denmark, June 15 2017. REUTERS/Stine Jacobsen 2/3 left right Denmark''s tech ambassador Casper Klynge poses for a picture in Copenhagen, Denmark, June 15 2017. REUTERS/Stine Jacobsen 3/3 By Stine Jacobsen - COPENHAGEN COPENHAGEN The top firms in California''s Silicon Valley carry more weight on the global stage than many countries, which makes building diplomatic relations with them increasingly important, the world''s first national technology ambassador said. Chosen to fill what his country''s foreign ministry has dubbed the first "techplomacy" posting on the U.S. West Coast, Denmark''s Casper Klynge will be tasked with building direct ties between his country and the likes of Facebook ( FB.O ), Apple ( AAPL.O ) and Alphabet''s Google ( GOOGL.O ). "We are to continue doing traditional diplomacy with countries and organisations, but we also have to start looking into what relation you can have with these big tech companies," Klynge told Reuters in an interview. The aim was to help Denmark understand the impact of rapid changes in digital technology while promoting the country''s interests and values - setting up a channel of communication that would also benefit the companies. "If you look at these companies'' involvement and significance for you and me, many of them have a much greater degree of influence than most nations," he said in comments cleared for publication late on Friday. In economic terms, the new partners are comparable. Denmark''s 2016 gross domestic product was 2.06 trillion Danish crowns (242.25 billion pounds), sitting between Facebook''s current $437 billion (341.46 billion pounds) market value and the $185 billion of Oracle Corp ( ORCL.N ). With tech companies under growing pressure to share encrypted information to prevent terrorism, Klynge also identified the ability of radical individuals or groups to exploit online platforms as a key issue. "We saw what happened after the terror acts in London when Facebook came forward and said they are ready to discuss how we prevent terror organisations using its network to promote their actions," said Klynge, who takes up his new role on Sept 1. In May, Facebook was fined 150,000 euros ($166,000) by France''s data protection watchdog for failing to prevent users'' data being accessed by advertisers. "If you look at what impacts us in our daily lives and how much data they can pull on all of us... (the firms) are truly influential players," Klynge said. Technological diplomacy is one of Denmark''s five foreign policy priorities alongside national security; Brexit; the Arctic region; and migration, instability and terrorism. (Editing by Terje Solsvik and John Stonestreet) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-denmark-tech-idUKKBN19A15X'|'2017-06-19T18:01:00.000+03:00'
'8e894f1812795895dd362d279768a6d322e2fbad'|'UK property asking prices see first June fall since 2009 - Rightmove'|'  1:06am BST UK property asking prices see first June fall since 2009 - Rightmove Property sale and rental signs are seen next to a street sign in London, October 18, 2014. REUTERS/Toby Melville LONDON Asking prices for British houses and apartments fell in June, the first decline in the month since 2009, led by drops in the London area as wage growth slowed and political uncertainty rose, property website Rightmove said on Monday. The figures are based on property advertised between May 14 and June 10, covering mostly the final weeks before a June 8 national election which saw Prime Minister Theresa May unexpectedly lose her parliamentary majority. Rightmove said average asking prices for property sold on its website dropped 0.4 percent in June, normally a month which sees a seasonal price rise, after rising 1.2 percent in May. "The price of property coming to the market had increased in June in every year since 2009, so buyers'' confidence has clearly been affected by inflation outstripping their pay packets and current political events," Rightmove director Miles Shipside said. May has so far been unable to secure support for her Conservative Party from its most likely parliamentary ally, Northern Ireland''s Democratic Unionist Party. Figures last week showed consumer price inflation jumped to its highest in nearly four years at 2.9 percent in May - squeezing households'' disposable income - while wage growth has lagged behind. In a move likely to make prospective home-buyers'' even warier, three of the Bank of England''s eight policymakers voted to raise interest rates last week, the closest the central bank has come to increasing borrowing costs since 2007. Prices in most of England and Wales rose, Rightmove said, but a 2.4 percent drop in London plus smaller declines in parts of central and southeastern England, weighed on the overall average. Compared with a year earlier, asking prices across Britain were 1.8 percent higher, the smallest annual increase since April 2013. Other house price measures have also shown price rises levelling off since Britain voted to leave the European Union almost a year ago. Mortgage lender Nationwide reported three successive monthly falls in house prices for the first time since 2009, while rival Halifax says annual growth is the lowest since 2013. Rightmove says more than 90 percent of British estate agents use its website to advertise property. (Reporting by David Milliken)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-houseprices-rightmove-idUKKBN19912L'|'2017-06-19T07:07:00.000+03:00'
'33d4ba53e33a7fa6298769e7b66df88de1aa6b8b'|'UPDATE 2-Trade-focused academic Tenreyro picked as Bank of England policymaker'|'Market News - Mon Jun 19, 2017 - 8:51am EDT UPDATE 2-Trade-focused academic Tenreyro picked as Bank of England policymaker * Academic Tenreyro replaces hawk Kristin Forbes on MPC * Tenreyro''s research has focused on trade, wages * LSE economist Tenreyro has criticised Brexit (Adds details, Tenreyro views on UK outlook, Barro comments) By William Schomberg and Andy Bruce LONDON, June 19 Britain named Silvana Tenreyro, a trade-focused London School of Economics academic, as a Bank of England rate-setter on Monday at a critical time for the economy as Brexit talks begin. Tenreyro''s appointment also comes amid a deepening split over the need to raise interest rates for the first time since before the global financial crisis a decade ago. She will replace the strongest advocate for a rate hike on the BoE''s Monetary Policy Committee, meaning economists will scrutinise her opinions even more closely than usual. Tenreyro''s work has focused on issues including trade and wage growth, both of which are important factors for the BoE''s thinking as Britain prepares to leave the European Union and as pay increases have fallen behind inflation. Robert Barro, a Harvard University economics professor who steered Tenreyro through her doctorate, said she had been a great success -- particularly on research about the links between international trade and exchange rate regimes. "She is very knowledgeable about economic fluctuations and the role of monetary policy. So, I think she''s a great appointment," Barro said. Tenreyro - who has British, Italian and Argentine citizenships, according to her resume on the LSE website - was one of 280 economists who signed a public letter which said it would be a "major mistake" for Britain to leave the EU in the run-up to last year''s Brexit referendum. In an annual Financial Times survey of economists published in January, Tenreyro described a "difficult trade-off" for the BoE in balancing rising inflation and weak growth - echoing Governor Mark Carney''s language at the time. "The (next move in interest rates) could go either way. Certainly the terms for Brexit will affect where the economy ends up - and the subsequent actions of the BoE," Tenreyro said. She also thought Britain''s economy would expand around 1.5 percent this year, roughly in line with the BoE''s central forecast at the time. "My pessimism regarding Brexit has not moved much: I think it will have a negative impact on the UK economy and Europe more generally," Tenreyro said. She spoke about the risks of a "hard Brexit" in which Britain leaves the EU single market and imposes stringent immigration quotas. "The effects on the UK economy will certainly be negative -- many firms will need to rethink and reorganise production as they lose talented workers," she told the FT. REPLACING A HAWK Before working at the LSE, Tenreyro was an economist at the U.S. Federal Reserve Bank of Boston between 2002-04 and an external member of MPC at the Bank of Mauritius between 2012 and 2104, the ministry said. She replaces Kristin Forbes whose MPC term expires this month. Forbes was one of the three policymakers who voted last week to raise interest rates. The MPC''s five other members voted to keep rates on hold. Jordan Rochester, a foreign exchange strategist with Nomura in London, said it was unlikely that Tenreyro would immediately vote against the majority who remain in favour of keeping rates at 0.25 percent. "We would assume a slight swing to a more dovish vote," he said in a note to clients. The BoE is also seeking a replacement for former deputy governor Charlotte Hogg who quit in March after failing to report a potential conflict of interest involving her brother''s position at Barclays. The finance ministry said on Monday that Hogg''s replacement would be appointed in due course, restoring the MPC to its full quota of nine members. (Editing by Alexander Smith) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-boe-tenreyro-idUSL8N1JG2S1'|'2017-06-19T20:51:00.000+03:00'
'd3f6fb8f4aaf80f51295a812bcf8c550c96c26d2'|'Businesses warn UK over freedom of movement as Brexit talks begin - think tanks'|'LONDON Britain should ensure that employers retain access to both skilled and unskilled workers from the European Union as it begins talks to leave the bloc or there is a risk of damaging UK businesses, a research report by two think tanks said on Monday.With Britain''s negotiations on the terms of its departure from the EU set to begin on Monday, the country risks skills shortages and losing business if it ends freedom of movement without a new plan for attracting workers, the report by the National Institute of Economic and Social Research and the Chartered Institute of Personnel and Development said."If the Government does not provide a user-friendly, flexible and affordable immigration system for EU nationals post Brexit... significant numbers of employers will be forced to relocate or focus future growth outside the UK," said Gerwyn Davies, CIPD labour market adviser."With the Brexit negotiations starting this week, there is still little clarity on the immigration system that the UK will adopt after Brexit."The report found that a quarter of organisations would be negatively impacted by a restriction on EU migrants to only those who have job offers.And one in five businesses said that they would target future growth outside the UK or even relocate as a result of the Brexit vote.British Prime Minister Theresa May has said that the vote one year ago was partly a vote for Britain to control its borders, and has said that Britain will leave Europe''s single market, as membership is incompatible with restricting immigration.However the report warned against the government targeting an arbitrary limit of the absolute numbers of migration, such as a pledge to bring immigration into the tens of thousands."An overly blinkered approach focused on simply cutting immigration to tens of thousands and focusing only on high skilled employees could leave employers high and dry, especially those who rely on EU migrants to fill low-skilled jobs," Davies said.(Reporting by Alistair Smout; Editing by Stephen Powell)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/britain-eu-migration-idINKBN19A0CF'|'2017-06-19T02:03:00.000+03:00'
'03c281ccb419716447395e898be8615f73b64702'|'Delivery Hero sets IPO for June 30 as it fends off Uber, Amazon'|'Business News - Mon Jun 19, 2017 - 7:11am BST Delivery Hero IPO to raise nearly 1 billion euros Andreas Harte, a Foodora delivery cyclist poses in front of Delivery Hero headquarters in Berlin, Germany, June 2, 2017. REUTERS/Fabrizio Bensch FRANKFURT Online food takeaway firm Delivery Hero said it would sell up to 39 million shares in its initial public offering (IPO), raising around 927 million euros (814.3 million pounds), as it seeks to fend off new competitors such as Uber and Amazon. Delivery Hero will become the fourth major online food delivery firm to go public in recent years globally, following GrubHub, Just Eat and Takeaway.com, which have all seen their shares soar since listing. Almost 19 million of the shares to be offered to investors at 22.00 to 25.50 euros apiece will be from a capital increase, Delivery Hero said on Monday. Fifteen million shares will come from existing shareholders, including German e-commerce investor Rocket Internet. The listing will provide a much-needed boost to struggling Rocket Internet, which holds a 35 percent stake in Delivery Hero, making it the biggest holding in its portfolio. An additional 5.1 million shares indirectly held by Rocket could be placed in an over-allotment, Delivery Hero said. The shares are expected to start trading on the Frankfurt Stock Exchange on June 30. Founded in Berlin in 2011, Delivery Hero has grown rapidly and now employs over 6,000 people, providing a digital platform to order meals from more than 150,000 restaurants in 40 countries in Europe, the Middle East, Latin America and Asia. (Reporting by Tom Sims and Maria Sheahan; Editing by Himani Sarkar) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-delivery-hero-ipo-idUKKBN19A0H9'|'2017-06-19T13:28:00.000+03:00'
'72c3bf169e465d13225b4b5da89f23b12817a081'|'''Markets don’t like chaos'' – experts debate Brexit watch data - Politics'|'David Blanchflower P rofessor of economics at Dartmouth College, New Hampshire, and member of the Bank’s monetary policy committee from June 2006 to May 2009 It was a surprise that the vote on the MPC was 5-3 to keep rates constant . Markets hadn’t expected so many votes for rate rises. On the same day as the vote was published we had very weak data on retail sales, which suggests that rising prices, which were higher than expected, are continuing to reduce living standards. Retail sales volumes dropped 1.2% in May , a deeper fall than the 0.8% forecast by economists. Oops!It seems to me that the three votes for a rise were in error. Indeed, it is clear that every vote for a rise since 2008 has been a mistake the economy could not have handled. Chances are the next move will have to be a cut. It matters to the central bank and all of us that there is no credible government and no dependable fiscal authority. We have no clue what economic policies the government will implement and whether failed austerity is dead and buried. It should be. Other post-election economic data have not been strong. The pound weakened on the election news. The Markit/CIPS UK purchasing managers’ index for services missed expectations as a squeeze on household incomes began to make itself felt at consumer-facing businesses. Sales of new cars to private individuals were down 14%. It was the second month in a row that total sales were down after a record March when there was a rush for new cars before tax changes on vehicle emissions. Plus, the Bank of England’s agents’ summary of business conditions suggested that “heightened uncertainty remained a drag on some businesses’ willingness to invest”. They found that growth in total labour costs had remained subdued across sectors. Steady as she goes isn’t what is happening.Brexit economy: UK faces slowdown amid living standards squeeze Read more It will help that oil prices are tumbling again and have entered a bear market, which will lower inflation. Brent crude on Thursday had fallen below $45 a barrel, compared with less than $43 for West Texas Intermediate crude so, thankfully, inflation is set to moderate and pretty quickly.Markets don’t like chaos.Andrew Sentance Senior economic adviser at the PwC consultancy and member of the Bank’s MPC from October 2006 to May 2011 Brexit discussions have started this week, but the impact of the EU referendum result on most households in the UK has been to squeeze both their incomes and spending . Inflation has risen because of the weakness of the pound and that has turned real wage growth from positive to negative. That, in turn, is squeezing consumer spending – which we are seeing reflected in sluggish growth in retail sales. Employment growth continues to be quite robust, however, so that offers a countervailing positive influence on the prospects for consumer spending.The world economy looks very resilient, though, and that is going to help the UK economy avoid the worst effects of the current squeeze on consumers. The three main regions of the world economy – North America, Europe and Asia – are growing at a reasonably healthy rate. That will support export growth and help the financial position of the many international businesses that operate here in the UK, giving them a breathing space to assess the full consequences of the Brexit outcome.The net impact of these forces will be to create a modest slowdown in UK economic growth – to 0.2% to 0.3% a quarter. That will drag the average GDP growth rate for 2017 down to about 1.5%. In 2018, we should see a similar consumer-driven squeeze, offset by reasonably healthy world growth, with average economic growth also close to 1.5%.With inflation pushing up towards 3% , however, it is reasonable for members of the MPC to question whether they should follow the US Federal Reserve and start pushing up interest rates. Three MPC members voted for a rate rise in June, the highest number since 2011. The Bank’s chief economist, Andy Haldane, has suggested he might be sympathetic to a rate rise. So the interest rate climate in the UK may now be shifting to the upside, despite the slowdown in economic growth.Topics EU referendum and Brexit Guardian Brexit watch Interest rates Economics European Union Economic growth (GDP) analysis'|'theguardian.com'|'https://www.theguardian.com/business/economics'|'https://www.theguardian.com/politics/2017/jun/22/markets-brexit-watch-bank-of-england-interest-rate'|'2017-06-22T19:01:00.000+03:00'
'd45776d59e3641a2870d919e6b9ebf5e3aec6236'|'UPDATE 2-Altice USA jumps 7.2 percent in debut'|'(New throughout, adds comment from Altice USA CEO and Cox Communications spokesman)By Anjali Athavaley and Aparajita SaxenaJune 22 Shares of Altice USA Inc rose as much as 7.2 percent in their debut on Thursday, giving the cable operator a market capitalization of $23.71 billion as it prepares for U.S. expansion.The 63.9-million share offering raised $1.9 billion after being priced at $30 per share, within the expected range of $27 to $31.That makes it the second-largest U.S. initial public offering this year behind messaging app Snap Inc''s $3.9 billion offering in March.Altice USA''s IPO is viewed as a means for its founder, Franco-Israeli billionaire Patrick Drahi, to expand his U.S. cable empire by giving the company public stock it can use as currency for new acquisitions.The company, which Netherlands-based Altice NV put together by acquiring Cablevision Systems and Suddenlink Communications, is the fourth-biggest U.S. cable provider.Shares touched a high of $32.17 before paring gains to $32.00 in midday trading.One hurdle Altice could face is that there are few U.S. cable assets out there to buy. Altice USA''s Chief Executive Officer Dexter Goei said in an interview on Thursday that there were no specific targets on his radar."It''s really about being ready for tomorrow," he said. "We''re not the type of people to be kicking down doors. There needs to be a confluence of minds if something is going to happen."Some analysts have said that Altice could harbor ambitions to one day take on large targets such as privately held Cox Communications, which has long said it does not want to sell."Hopefully, they will consider us as partners if they choose to do it," Goei said. "But it''s not going to be the driver of the success of our business."A Cox spokesman said the company has been clear it is not for sale and that it is aggressively investing in its own network, products and strategic partnerships.Following the IPO, 75.2 percent of the company''s shares will be held by its parent, Altice NV, which translates to 98.5 percent of the voting power.Altice USA, which reported a net loss of $76.2 million for the three months ended March 31, expects to use proceeds from the offering to pay down debt of nearly $21 billion.It is the second U.S. cable operator to go public in the last five years. WideOpenWest Inc raised about $310 million in its IPO last month, which was priced below the expected range. (Additional reporting by Aparajita Saxena in Bengaluru; editing by Tom Brown and David Gregorio)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/altice-usa-ipo-idINL3N1JJ4HA'|'2017-06-22T15:14:00.000+03:00'
'c450d2d4431ce695b5f7b31ab8f07d3d470bdfda'|'UPDATE 1-Whole Foods CEO hints at another brand under Amazon'|'(Adds executive comment, background, changes headline)June 19 After Amazon.com Inc completes its takeover of high-end grocer Whole Foods Market Inc, it might launch another brand with different standards, the grocery chain''s chief executive said in remarks reported in a securities filing on Monday.Amazon plans to keep the natural grocer''s high standards, Whole Foods Chief Executive John Mackey said, adding, "They’re not stupid enough to go change that." The filing with the Securities and Exchange Commission contained a transcript of a town hall meeting for Whole Foods employees held on Friday.But Mackey, at the town hall, said, "Over time, there could be other formats that evolve that - that might - wouldn''t be branded Whole Foods Market, potentially, wouldn''t be our standards."The remarks offered a preview into how e-commerce giant Amazon might turn around the sluggish sales of Whole Foods since announcing on Friday it would buy the company for $13.7 billion, including debt. Industry observers have said that Amazon may add a selection of discounted, non-organic food to distance the chain from its "Whole Paycheck" nickname.Mackey said Amazon''s innovations will help the grocer transform from "class dunce" in technology to "class valedictorian." (Reporting by Jeffrey Dastin in San Francisco; Editing by Sandra Maler and Leslie Adler)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/whole-foods-ma-amazoncom-ceo-idINL1N1JH00G'|'2017-06-19T23:40:00.000+03:00'
'147f8996d020c866cbf3beb5d30a5c32d5f5cac6'|'RPT-For Whole Foods workers, fears of robots, drones and culture clash'|'Market News - Mon Jun 19, 2017 - 7:01am EDT RPT-For Whole Foods workers, fears of robots, drones and culture clash (Repeats June 16 story for wider distribution.) By Lisa Baertlein and Harriet McLeod LOS ANGELES/MOUNT PLEASANT, S.C., June 16 The merger that shook food and retail stocks on Friday - Amazon.com Inc''s proposed deal to buy Whole Foods Market Inc - rattled some employees of the upscale grocery chain who expressed fears ranging from layoffs to the loss of their laid-back corporate culture. The online retailer hopes the $13.7 billion acquisition helps it disrupt the grocery business and expand its real-world store footprint. Carmen Clark, 37, a six-year employee at a store in Mount Pleasant, South Carolina, said some workers worry that Amazon-led automation could lead to job cuts. "Everybody''s been kind of joking that it''s going to be robots and drones," Clark said of potential changes from Amazon, which uses robots in its warehouses and is testing drones for delivery. But she is giving Amazon the benefit of the doubt. "I have purchased from Amazon for five years. It''s a good company," she said. Reuters approached a dozen employees in California, New York, Illinois, South Carolina and Rhode Island. Many said they had been told by managers not to speak to reporters. Several workers expressed relief and happiness about the planned sale, which came as Whole Foods faced pressure from hedge fund investor Jana Partners to improve results. Whole Foods recently overhauled its board and redoubled cost-cutting efforts, seeking to change a high-price image that has tagged it with the nickname "Whole Paycheck." But Whole Foods has lost market share to rivals Kroger Co , Wal-Mart Stores Inc, Costco Wholesale Corp and others that have elbowed into the natural and organic segment Whole Foods pioneered. Some workers at the nonunion grocery chain wondered whether Amazon, known for its hard-driving culture, would mean big changes to their pay, benefits or employment. "I think that they are a very profit-driven company, so there might be some streamlining as far as labor," said Sasha Hardin, 28, of the Mount Pleasant store, who has been with Whole Foods for 6-1/2 years. A Los Angeles deli worker in his 30s, who is expecting his first child this summer, is worried about layoffs. "I want to keep working," said the worker, who did not want his name used. Whole Foods has a corporate culture that prizes inclusive decision-making, such as allowing workers to vote on benefits every three years and disclosing executive pay. "I''ve heard that Amazon''s culture is really cutthroat. That worries me," one bagger at a Providence, Rhode Island, store said. At least one customer was concerned that an Amazon purchase would further distance Whole Foods from its roots as a purveyor of premium, organic and specialty foods. "This store has become a money-making machine," said Tony Castro, a 40-year-old private chef, who shops daily in Whole Foods'' sprawling downtown Los Angeles store. (Additional reporting by Richa Naidu in Chicago, Svea Herbst-Bayliss in Providence, R.I., and Daniel Trotta in New York; Editing by Matthew Lewis) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/whole-foods-ma-workers-idUSL1N1JD212'|'2017-06-19T19:01:00.000+03:00'
'a246674d253b09fbfaee49057c9577efee1eb0ea'|'Rising sales, loss-making store closures bring cheer to N Brown'|'Business News  32am BST Rising sales, loss-making store closures bring cheer to N Brown By Noor Zainab Hussain British plus-size fashion retailer N Brown Group Plc ( BWNG.L ) reported a 10 percent rise in first-quarter product revenue and said it would shutter up to five loss-making stores, sending its shares to their highest in more than a year. N Brown, whose brands target women aged 30 and above and those of a larger frame, said demand was strong for its women''s clothing and reported a 16 percent rise in online sales in the 13 weeks to June 3, amid a tough trading conditions that have hit retailers. Ladieswear and its Simply Be brand had a very strong period, with good responses to N Brown spring and summer campaigns, particularly JD Williams'' "Spring into Summer" and Simply Be''s "We Are Curves", the retailer said. Rival Bonmarche Holdings Plc ( BONB.L ), which makes women''s clothing in sizes 10-28, reported an almost 40 percent drop in full-year profit, and said the apparel market was hurt by lower demand, Britain''s move to leave the European Union and unseasonal weather patterns. Rising inflation and muted wage growth following the Brexit vote in June last year has forced consumers to rein in their spending. British retail sales posted their biggest quarterly fall in seven years in the first three months of 2017, hurt by rising prices following the Brexit vote, reinforcing views that household spending, the main driver of the UK economy, was slowing sharply. "Although the outlook for consumer confidence remains uncertain, our offering is resonating with customers," Chief Executive Angela Spindler said. Analysts at Jefferies nudged up their full-year 2018 pretax profit expectations for N Brown by 1 million pounds ($1.3 million) and pushed up 2019 estimates by 2 million pounds, accounting for the store closures. Analysts at Peel Hunt upgraded the stock to a "hold" from "reduce." N Brown said on Tuesday that it would close up to five Simply Be and Jacamo dual-fascia stores as a result of ongoing weak footfall in some locations. Together, these five stores contributed 5 million pounds to revenue, but accounted for the entire 2 million pounds operating loss of N Brown''s store estate in full year 2017, it said. The retailer expects the process to complete by the end of August and sees exceptional costs between 10 million pounds to 14 million pounds. Shares in N Brown were up 11.5 percent at 316.52 pence at 0753 GMT. ($1 = 0.7889 pounds)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-n-brown-outlook-idUKKBN19B0VU'|'2017-06-20T16:32:00.000+03:00'
'2fbbe6811cddf45de173fd03c4a3220f3a19e990'|'Tesla driver in fatal ''Autopilot'' crash got numerous warnings - U.S. government'|'Technology   10:36pm BST Tesla driver in fatal ''Autopilot'' crash got numerous warnings: U.S. govt. A Tesla Model S involved in the fatal crash on May 7, 2016 is shown with the top third of the car sheared off by the impact of the collision of the Tesla with a tractor-trailer truck on nearby highway and came to rest in the yard of Robert and Chrissy VanKavelaar in... REUTERS By David Shepardson - WASHINGTON WASHINGTON A man killed in a crash last year while using the semi-autonomous driving system on his Tesla Model S sedan kept his hands off the wheel for extended periods of time despite repeated automated warnings not to do so, a U.S. government report said on Monday The National Transportation Safety Board (NTSB) released 500 pages of findings into the May 2016 death of Joshua Brown, a former Navy SEAL, near Williston, Florida. Brown''s Model S collided with a truck while it was engaged in the "Autopilot" mode and he was killed. A Tesla Inc ( TSLA.O ) spokeswoman Tesla spokeswoman Keely Sulprizio declined to comment on the NTSB report. Lawyers for Brown''s family did not return messages seeking comment. The incident raised questions about the safety of systems that can perform driving tasks for long stretches with little or no human intervention, but which cannot completely replace human drivers. During a 37-minute period of the trip when Brown was required to have his hands on the wheel, he apparently did so for just 25 seconds, the NTSB said in the report. The report said the Autopilot mode remained on during most of his trip and that it gave him to a visual warning seven separate times that said "Hands Required Not Detected." In six cases, the system then sounded a chime before it returned to "Hands Required Detected" for one to three second periods. Tesla in September unveiled improvements in Autopilot, adding new limits on hands-off driving and other features that its chief executive officer said likely would have prevented the crash death. The updated system temporarily prevents drivers from using the system if they do not respond to audible warnings to take back control of the car. The NTSB makes safety recommendations but cannot order recalls. In January, the National Highway Traffic Safety Administration (NHTSA) said it had found no evidence of defects in the aftermath of Brown''s death. NHTSA said Brown did not apply the brakes and his last action was to set the cruise control at 74 miles (119 km) per hour less than two minutes before the crash -- above the 65 mph speed limit. The agency said the truck should have been visible to Brown for at least seven seconds before impact. Brown "took no braking, steering or other actions to avoid the collision," the report said. A Florida Highway Patrol spokesman said the truck driver was charged with a right of way traffic violation. He is due for a court hearing on Wednesday. The NTSB report disclosed that the Tesla Model S uses a proprietary system to record a vehicle''s speed and other data, which authorities cannot access with the commercial tools used to access information from event data recorders in most other cars. For that reason, the NTSB said it "had to rely on Tesla to provide the data in engineering units using proprietary manufacturer software." (Reporting by David Shepardson; Additional reporting by Bernie Woodall in Fort Lauderdale, Florida; Editing by Tom Brown)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-tesla-crash-idUKKBN19A2XC'|'2017-06-20T05:36:00.000+03:00'
'f13328d95bfc7aa371f3be03faf6a47e325b84a8'|'Brexit critic joins Bank of England interest rate-setting committee - Business'|'An economics professor from the London School of Economics who warned against Brexit has been appointed to the Bank of England’s interest rate-setting committee.Silvana Tenreyro was one of 280 economists who signed a public letter ahead of the referendum last year stating it would be a “major mistake” for Britain to leave the EU. She will replace the US economist Kristin Forbes who leaves the monetary policy committee this month.Tenreyro joins at a time of heated debate among policymakers over whether to leave interest rates at their record low to shore up growth as Brexit talks unfold, or to raise them in order to keep a lid on rising inflation. Forbes was one of three members voting for an increase in borrowing costs at this month’s meeting. The other five, including governor Mark Carney, voted to leave interest rates at 0.25%.Business Today: sign up for a morning shot of financial news Read more The LSE professor, who has British, Argentine and Italian citizenships, was appointed to the Bank’s monetary policy committee by chancellor Philip Hammond as one of four external members who supplement the expertise of those policymakers working inside the Bank full-time. Her appointment is for an initial three-year term starting in July.Tenreyro, the only woman on the MPC, will get her first chance to vote on interest rates at the committee’s next meeting in August. In the meantime, investors will be poring over her previous comments on monetary policy to gauge whether she will tend towards a “hawkish” stance – being more likely to push for higher rates to curb inflation -– or err the other way as a so-called “dove”.Martin Beck at the consultancy Oxford Economics said Tenreyro’s appointment meant that the MPC’s “arch-hawk” had been replaced by an “unknown quantity”.“Professor Tenreyro’s academic background does not offer any clues as to what her attitude might be towards the stance of UK monetary policy. However, she does replace someone who has recently been the most hawkish member of the MPC. Ms Forbes used the last three successive Committee meetings to vote for a hike in Bank rate,” said Beck.“Given that it is very much the pattern for newly-appointed committee members not to vote against the consensus view, it seems likely that Professor Tenreyro’s appointment will shift the MPC’s balance in a dovish direction, at least in the next meeting.”Tenreyro has a PhD in economics from Harvard University and at the LSE has specialised in macroeconomics and monetary economics, teaching in those subjects since 2004. She also has previous experience in monetary policy setting having worked as an economist at the US Federal Reserve Bank of Boston and served as an external member on the monetary policy committee at the Bank of Mauritius - attending many of its quarterly meetings via video-conference.Carney, who has been under pressure to ensure the Bank has more women in top jobs , welcomed Tenreyro’s appointment.“Her extensive and varied academic experience – on the monetary transmission mechanism, the dynamics of productivity, trade, housing issues as well as wage dynamics, to name just a few ­– will be invaluable to the committee as it seeks to promote the good of the people of the United Kingdom through maintaining monetary stability,” Carney said in a statement.Hammond commented: “I am confident that Professor Tenreyro will be a strong addition to the MPC, bringing a wealth of economic experience and academic rigour to the committee’s deliberations.” In responses to a survey from the Centre for Macroeconomics after the Brexit vote, Tenreyro she said she felt the causes for the result were “multiple”. Tenreyro indicated that some politicians had played on the immigration issue. “Immigration certainly played a role in the exit vote, and many voters (partly encouraged by misleading politicians) thought immigration was to be blamed for their problems, while those problems are more complex and date longer,” she said in the July 2016 comments.“Skill-biased technological progress, globalization, and the fall of unions have created winners and losers, and the latter have not been compensated for their losses. They saw their standards of living deteriorate since the late 1970s, while at the same time salaries at the top of the distribution rocketed. Inequality is a critical issue in the UK and the West that needs to be addressed. Brexit was mostly an angry vote against the lack of progress of the bottom half.”'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/2017/jun/19/brexit-bank-of-england-philip-hammond-lse-silvana-tenreyro-eu'|'2017-06-19T23:47:00.000+03:00'
'a2a9eb80ac3175629125bdabe722cbb37d92f930'|'Fiat Chrysler denies report it has decided to pull Chrysler brand from Japan'|'Autos - Mon Jun 19, 2017 - 4:39am BST Fiat Chrysler denies report it has decided to pull Chrysler brand from Japan A woman walks past a logo of Fiat Chrysler Automobiles (FCA) in Turin March 31, 2014. REUTERS/Giorgio Perottino TOKYO Fiat Chrysler Automobiles denied it had decided to pull the plug on the Chrysler brand in Japan, after local media reported it was planning to stop selling the U.S. cars in the country as early as next year following years of poor sales. "Although FCA Japan has already announced its intention to concentrate its resources on the Jeep brand ahead, no decisions have been made regarding (the) Chrysler brand," the automaker said in a statement on Monday. The Nikkei business daily reported that the European-U.S. automaker, which also sells the Jeep, Fiat, Alfa Romeo and Abarth brands in Japan, was close to deciding to throw in the towel on the Chrysler brand, which posted sales of less than 300 vehicles in 2016, having fallen steadily since around 2000. Sales of the brand in Japan have shrunk to roughly one-tenth of what they were a decade ago. At the moment, FCA sells only one Chrysler model in Japan, the full-sized 300s luxury sedan, which is sold at the company''s Jeep dealerships. As its sales struggle, FCA''s Fiat brand, which include smaller models, and its Jeep brand have been growing in the country. Last year they sold around 6,700 and 9,400 units, respectively, making them top 10-selling foreign branded vehicles in the Japanese market. Foreign cars comprise a small portion of the total Japanese auto market, which is dominated by domestic brands. Last year, 295,000 foreign branded new cars were sold in the country, roughly one-tenth of total new vehicle sales. (Reporting by Naomi Tajitsu; Editing by Himani Sarkar) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-fca-japan-chrysler-idUKKBN19A0AK'|'2017-06-19T11:39:00.000+03:00'
'91fafe193ce0592f396a02a7afcfc2f02ddd71e4'|'South Korea''s antitrust chief to urge change in talks with chaebol executives'|'Business   5:54am BST South Korea''s antitrust chief to urge change in talks with chaebol execs By Hyunjoo Jin - OSONG, South Korea OSONG, South Korea South Korea''s antitrust chief said on Monday that he will urge powerful family-run business empires including Samsung and Hyundai to "voluntarily" reform themselves when he meets executives in the wake of a bruising political bribery scandal. Korea Fair Trade Commission Chairman Kim Sang-jo said he would begin a round of meetings with top executives from the so-called chaebols as soon as this week, amid calls for better corporate governance and greater transparency. "I will pursue chaebol reforms through a positive campaign where companies voluntarily create exemplary cases," he told reporters after his appointment last week by President Moon Jae-in to oversee the anti-trust watchdog. "I will urge them to change if they continue practices that go against the hopes of the government, the society and the market." The government would take "appropriate action" if the conglomerates which dominate Asia''s fourth-biggest economy continued business as usual, Kim added without elaborating. Transactions among group affiliates - long claimed by critics to favor the owning families and disrupt fair competition - would be closely analyzed and investigations could ensue if any wrongdoing was suspected, he said. The former shareholder activist who campaigned against big businesses was considered an architect of chaebol reform pledges made by Moon during the election campaign last month. Moon campaigned strongly for changes to the chaebols'' corporate cultures following the corruption scandal which led to the ouster of his predecessor, Park Geun-hye, and the arrest of Samsung Group chief Jay Y. Lee. The conglomerates helped make South Korea a corporate powerhouse but critics say they have abused their power to crowd out smaller businesses. They also blame the chaebol''s complex web of cross-shareholdings and opaque governance for devaluing their shares in comparison to their global peers. (Reporting by Hyunjoo Jin; Editing by Stephen Coates)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-southkorea-antitrust-idUKKBN19A0EO'|'2017-06-19T12:53:00.000+03:00'
'fcfc7410ffde4df0d507c9956cd6f2120fc08a5a'|'PE firms to take Britain''s Shawbrook private after prolonged battle'|'Private equity groups trying to buy British challenger bank Shawbrook Group Plc ( SHAW.L ) said on Monday that shareholder acceptance of the takeover had exceeded a key threshold, allowing the buyers to take the lender private.Marlin Bidco, the buyout vehicle set up by BC Partners and Pollen Street Partners, said it had received valid support for its offer from other Shawbrook shareholders owning a combined 75.6 percent of the company.Shawbrook declined to comment.Valid acceptances representing 50 percent of the company were required for the deal to go through with Shawbrook remaining listed on the London Stock Exchange.Under the deal structure, the company would be de-listed if at least 75 percent of its shareholders accept the offer, with those who did not accept, being part owners of an unlisted entity.Shawbrook earlier this month rejected a raised and final 868 million pound ($1.1 billion) offer from the private equity groups, which already hold 38.8 percent of the lender.The consortium first made a bid for Shawbrook in January, offering 307 pence per share, before raising its offer to 330 pence in March. However, so far, Shawbrook''s directors had advised shareholders to reject the offers.Founded in 2011, London-listed Shawbrook is one of several ''challenger'' banks to emerge since the financial crisis to fill a gap in small-business lending after larger banks slimmed down to focus on bolstering their capital to meet tougher regulatory requirements.These challenger banks have increasingly been seen as ripe for takeovers in recent months, bankers who advise on mergers and acquisitions have said, as a prolonged period of low interest rates has squeezed earnings and the pound''s fall has made them cheaper for foreign buyers.(Reporting by Noor Zainab Hussain and Sanjeeban Sarkar in Bengaluru; Editing by Sai Sachin Ravikumar)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-shawbrook-group-buyout-idINKBN19A2KP'|'2017-06-19T15:57:00.000+03:00'
'00f1c90e0c134e70dfae59eb3146be11a99aceb3'|'Etisalat Nigeria loan restructuring talks fail as lenders step in'|'LAGOS/ABU DHABI Etisalat has been instructed to transfer its 45 percent stake in Etisalat Nigeria to a loan trustee after debt restructuring talks with lenders failed, the Abu Dhabi telecoms company said on Tuesday.Etisalat Nigeria had been in talks with Nigerian banks to restructure a $1.2 billion loan after missing repayments but those discussions failed to produce an agreement on restructuring the debt, Etisalat said in a statement.Nigeria''s financial system, hobbled by lower oil prices and economic recession, has suffered shortages in dollars, making it difficult for companies to make the loan repayments.Etisalat said its had been notified to transfer its stake by June 23. It said the stake had a carrying value of zero on its books.An Etisalat Nigeria spokesman said the company was still in discussions with lenders to find a "non-disruptive" solution.Etisalat said its financial exposure to Etisalat Nigeria was related to operational services worth 191 million UAE dirhams ($52 million) and that discussions were ongoing with lenders regarding the use of the Etisalat brand.($1 = 3.6729 UAE dirham)(Reporting by Stanley Carvalho and Chijioke Ohuocha; editing by Jason Neely)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-etisalat-group-nigeria-debtrenegotiat-idINKBN19B0SR'|'2017-06-20T06:05:00.000+03:00'
'2460d574f1ef003c04c1c6686d432af3a7a9a8d5'|'Whole Foods CEO says brand''s standards intact under Amazon'|'June 19 Whole Foods Market Inc will keep its quality standards if Amazon.com Inc''s $13.7 billion purchase goes through -- though in the future the company might introduce a different brand with different standards, according to a filing on Monday."They''re not stupid enough to go change that," Whole Foods Chief Executive John Mackey said in a Friday town hall, according to the filing. "We''ve been assured ... Over time, there could be other formats that evolve that -- that might -- wouldn''t be branded Whole Foods Market, potentially, wouldn''t be our standards." (Reporting By Jeffrey Dastin in San Francisco; Editing by Sandra Maler)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/whole-foods-ma-amazoncom-ceo-idINL1N1JG1ZD'|'2017-06-19T22:05:00.000+03:00'
'd9ef59ef2a5d8a3c506a8dd9147652651cbe81fb'|'Brazil''s BNDES arm not considering selling JBS stake, CEO says'|'Market News - Tue Jun 20, 2017 - 12:14pm EDT Brazil''s BNDES arm not considering selling JBS stake, CEO says RIO DE JANEIRO, June 20 The investment arm of Brazil''s state development bank BNDES is not considering selling a 21 percent stake in meatpacker JBS SA, whose controlling shareholder remains ensnared in a corruption scandal and a mudslinging with the country''s president. Speaking at a Tuesday event in Rio de Janeiro, BNDES Chief Executive Officer Paulo Rabello de Castro said that BNDESPar is not mulling exiting the company, because the moment now is "to help preserve jobs and revenue" at JBS, which is the world''s second-largest food processor. JBS is also the world''s No. 1 meatpacker. (Reporting by Rodrigo Viga Gaier; Writing by Guillermo Parra-Bernal) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brazil-corruption-jbs-bndespar-idUSE6N1D202A'|'2017-06-21T00:14:00.000+03:00'
'7702801e95278ead0cf51d4ca33fc2c3a1b3e837'|'Euro zone current account surplus dips in April'|'Business News  20am BST Euro zone current account surplus dips in April The European flag flies outside of the La Canada shopping centre in Marbella, southern Spain January 23, 2013. REUTERS/Jon Nazca FRANKFURT The euro zone''s current account surplus dipped in April as imports into the 19-member currency bloc increased and the services surplus eased, European Central Bank data showed on Tuesday. The working-day and seasonally adjusted surplus narrowed to 22.2 billion euros ($24.8 billion) from 35.7 billion euros a month earlier. The rolling 12-month surplus eased to 3.2 percent of the bloc''s GDP from 3.4 percent a year earlier. The unadjusted surplus dropped to 21.5 billion euros from 46.4 billion. The ECB earlier said it expected the current account surplus to decline somewhat this year, partly on higher commodity - especially oil - prices. The bank expects a drop to 2.8 percent of GDP from 3.4 percent, and for the reading to hover around the lower level for some years. For more detail on current account data, please click on: here ($1 = 0.8963 euros)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-eurozone-currentaccount-idUKKBN19B0V5'|'2017-06-20T16:20:00.000+03:00'
'2ca6e7e3798dd4423b1cc50ea460bc0dd6498a8f'|'Germany to focus on free, fair trade at G20 summit: Merkel'|'Business News   6:01am EDT Germany to focus on free, fair trade at G20 summit: Merkel left right German Chancellor Angela Merkel attends the German Industry Day, hosted by the BDI industry association, in Berlin, Germany, June 20, 2017. REUTERS/Hannibal Hanschke 1/5 left right German Chancellor Angela Merkel attends the German Industry Day, hosted by the BDI industry association, in Berlin, Germany, June 20, 2017. REUTERS/Hannibal Hanschke 2/5 left right German Chancellor Angela Merkel arrives for the German Industry Day, hosted by the BDI industry association, in Berlin, Germany, June 20, 2017. REUTERS/Hannibal Hanschke 3/5 left right German Chancellor Angela Merkel leaves the German Industry Day, hosted by the BDI industry association, in Berlin, Germany, June 20, 2017. REUTERS/Hannibal Hanschke 4/5 left right BDI President Dieter Kempf and Director General Joachim Lang welcome German Chancellor Angela Merkel to the German Industry Day, hosted by the BDI industry association, in Berlin, Germany, June 20, 2017. REUTERS/Hannibal Hanschke 5/5 BERLIN Germany wants to make progress in its presidency of the Group of 20 leading economies on improving free and fair trade and will try to get broad agreement on open markets at next month''s leaders'' summit, Chancellor Angela Merkel said on Tuesday. She cautioned, however, that this might not be easy with U.S. President Donald Trump who has made waves with his protectionist rhetoric. "Open markets and free, fair sustainable and inclusive trade is a key focus of our G20 presidency," said Merkel, who will host the G20 in Hamburg next month. She added that such conditions were beneficial for everyone and globalization was not just fate but rather a process that could be shaped on the basis of Germany''s belief in the social market economy. "We''ll do all we can to get as broad an agreement on this as possible in Hamburg. Given the new American administration that''s not easy but nonetheless we need to make the effort," Merkel told an event hosted by the BDI industry association. She added that G20 leaders would also discuss the steel industry, saying that progress needed to be made on the issues of overcapacity and fair competition in the sector. "There''s not just trade - it must be based on rules and needs to be fair," she said. The findings of an investigation by Trump''s administration into whether foreign-made steel imports pose a risk to U.S. national security are expected to be released later this week. German Economy Minister Brigitte Zypries has written a letter to U.S. Commerce Secretary Wilbur Ross in which she criticized Washington''s plans to take action against steel imports, a German newspaper reported on Tuesday. Merkel also said she deeply regretted Trump''s decision to quit the Paris climate pact, which she described as an "ecological must". She added: "I don''t think that changes anything about the arguments in favor of this accord ... so we need to continue with this but I think we have set out an ambitious path and implementing that is now the most important task." (Reporting by Michelle Martin and Paul Carrel, Editing by Madeline Chambers and Ed Osmond)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-germany-merkel-idUSKBN19B170'|'2017-06-20T18:01:00.000+03:00'
'd42a658a1268829466571b895ee58e189c4385e2'|'Britain''s largest natural gas storage site to close'|'Business  17am BST Britain''s largest natural gas storage site to close Centrica ( CNA.L ) will cease storage operations at Rough, Britain''s largest natural gas storage site, the energy supplier said on Tuesday. Centrica Storage Ltd (CSL) said it intends to file applications to permanently end Rough''s status as a storage facility but aims to produce all recoverable gas from the field, which is estimated at 183 billion cubic feet (bcf). Britain depends on stored gas reserves to help manage winter energy demand spikes and to ensure security of supply. More than 30 years old, Rough has suffered repeated outages. Concerns about the integrity of wells at the site prompted Centrica in April to put off any further gas injections until at least April 2018. (Reporting by Arathy S Nair in Bengaluru; editing by Jason Neely)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-gas-rough-idUKKBN19B0TZ'|'2017-06-20T16:17:00.000+03:00'
'9e5e798215e1cf44c7cbf63c7f41be7d6007802d'|'BlackRock takes Scalable Capital stake in Europe ''robo-advisor'' push'|'Business News  28am BST BlackRock takes Scalable Capital stake in Europe ''robo-advisor'' push FILE PHOTO: The BlackRock logo is seen outside of its offices in New York City, U.S., October 17, 2016. REUTERS/Brendan McDermid By Simon Jessop and Trevor Hunnicutt - LONDON/NEW YORK LONDON/NEW YORK BlackRock ( BLK.N ), the world''s biggest asset manager, made its first push into Europe''s "robo-advice" market on Tuesday after taking a stake in Anglo-German digital investment manager Scalable Capital. BlackRock, which manages $5.4 trillion (4.24 trillion pounds) across a range of actively managed and index-tracking funds, led a 30 million euro (26.39 million pounds) funding round for Scalable alongside its two existing German venture capital backers, a joint statement said. The funding will help Scalable expand its robo-advice business - which uses low-cost exchange-based funds and online distribution - with financial institutions and corporates to help grow assets past the 250 million euros raised in the 16 months since launch from more than 6,000 retail clients. The expansion of BlackRock''s digital efforts comes as fund and wealth managers globally look to overhaul their distribution models amid tougher regulation, pressure on fees and the changing investment needs of a younger generation. Patrick Olson, BlackRock''s chief operating officer for Europe, the Middle East and Africa, and who will join Scalable''s supervisory board, said the decision to invest came as investors increasingly wanted to access their holdings using technology. "This trend is prompting strong demand from European financial institutions – including banks, insurers, wealth managers and advisory firms – for high-quality technology-enabled investment solutions," Olsen said. Scalable Capital, founded in 2014 and based in Munich and London, uses exchange-traded funds from BlackRock and others to build low-cost portfolios for clients and is actively looking to expand into other European countries. As well as Britain and Germany, it is also active in Austria. New European rules aimed at improving transparency, value for money and protections for investors meant traditional asset and wealth managers would need to use technology to help design, manage and distribute investments, the companies said. "Technology is not just a competitive advantage but a requirement for wealth management businesses to be successful in the future," Adam French, co-founder and co-CEO at Scalable Capital, said. The deal is subject to regulatory approval and is expected to close in the third quarter. The companies declined to specify the size of the equity stake taken by BlackRock or its growth targets. FINTECH STABLE The deal for Scalable comes several months after BlackRock Chief Executive Officer Larry Fink told Reuters he was considering up to four small acquisitions to shore up its technology and investment expertise. It also follows the purchase in 2015 of U.S.-based robo-adviser FutureAdvisor which, like Scalable, uses exchange-traded funds to build portfolios for clients and began serving retail customers. Since then, FutureAdvisor has put more emphasis on licensing its service to big wealth management companies to offer through their own advisers, typically to lower-tier clients who they might otherwise not retain. BlackRock is keen to win more market share with those wealth management firms, which are already a primary distributor of its funds to the general public. FutureAdvisor disclosed having $969 million in assets under management and 13,751 accounts in a February filing with U.S. regulators, up from $232 million and 3,460 accounts around when the BlackRock deal was announced in 2015. As well as FutureAdvisor, BlackRock''s digital wealth management business includes Aladdin Risk for Wealth, iRetire and iCapital, all of which are solely for U.S.-based clients. Fink has placed an unusual emphasis on technology for a company in his industry, including through the company''s Aladdin operating system for investment management, which it licenses to rivals. It is also exploring how computer models can improve stock picking while reducing costs and in March announced plans to bolster an internal team known for data-driven approaches to picking stocks. (Reporting by Simon Jessop, editing by David Evans)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-blackrock-scalablecapital-idUKKBN19A32I'|'2017-06-20T07:19:00.000+03:00'
'5ff233598a63dda2964007715e1e33d7319a4888'|'AIRSHOW-Constellium sees aluminium comeback in planes with new mixes'|'Market  33am EDT AIRSHOW-Constellium sees aluminium comeback in planes with new mixes * Constellium among leading metal suppliers for planes * Sees aerospace growth slowing as composites take off * Says all to play for in materials for planes in 2030s * R&D includes mixed metal-fibre parts By Gus Trompiz and Laurence Frost PARIS/VOREPPE, France, June 20 All-metal planes are a thing of the past, but evolving aluminium-based materials remain in the race with composites to supply the next generation of jets, according to aluminium maker Constellium. The growing use of carbon composites in aircraft has eroded aluminium''s dominance as the material of choice for planemakers. This has left aerospace demand for aluminium trailing behind booming use of the metal in the car industry, where aluminium supplied by the likes of Arconic, Aleris International and Constellium has played the challenger to steel. Constellium projects aluminium demand from aerospace will grow by an average 2 percent over the next five years, about half of what it has seen historically. That compares with the 10-20 percent annual growth rate it anticipates from the car sector in the coming years. The group is "not hoping for" a return to all-aluminium plane bodies, after composites established their role, but sees much to play for as planemakers study options for jets that will take to the skies in the 2030s, Chief Executive Officer Jean-Marc Germain said. "I think like everything in life there is a moment of excitement about composites, justifiably so, but sometimes the pendulum will swing as well," he said in an interview coinciding with the Paris Airshow. Composites have clearly shown their attractiveness in wing strength. But design setbacks in some parts of the plane have already let aluminium claw back share in recent jet programmes, Germain said, declining to give specific details. The tried-and-tested qualities of aluminium have been talked up by metal suppliers as planemakers focus on meeting tight delivery schedules and ambitious production targets. But aluminium is not just a fallback option, according to Germain, who said developments in lighter alloys and combining of different materials would keep metals in the running as planemakers draw up new designs. At Constellium''s research centre in Voreppe, located in what was the heartland of the French aluminium industry in the Alps, test projects range from combining fine layers of metal and glass fibre, to gluing aluminium parts together with resin to dispense with rivets that weigh more. Lighter alloys have already earned Constellium and its peers market share on recent jet programmes by narrowing the weight gap with lightweight composites. But they also cost more, eroding aluminium''s price advantage over composites, while plastic materials continue to benefit from innovations. A new single-aisle airliner produced by Russia''s United Aircraft Corporation boasts composite wings made using a cheaper manufacturing process that could help open up the middle of the jet market to composite-driven designs. (Reporting by Gus Trompiz; Additional reporting by Laurence Frost; Editing by Mark Potter)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/airshow-paris-constellium-idUSL8N1JG3HN'|'2017-06-20T21:33:00.000+03:00'
'38a3ba4532043092ff0fb4b6593f2bc5eb412e75'|'ANALYSIS: Will McDonald''s customers wait for the new Quarter Pounder?'|'  10:51am IST ANALYSIS: Will McDonald''s customers wait for the new Quarter Pounder? left right A sign advertising hamburgers made with fresh beef is seen at a McDonald''s restaurant in Dallas, Texas, U.S. April 18, 2017. Picture taken April 18, 2017. REUTERS/Liz Hampton 1/2 left right A hamburgers made with fresh beef is seen at a McDonald''s restaurant in Dallas, Texas, U.S. April 18, 2017. Picture taken April 18, 2017. REUTERS/Liz Hampton 2/2 By Lisa Baertlein and Liz Hampton - LOS ANGELES/DALLAS LOS ANGELES/DALLAS Tracy Moore grew impatient as she waited for a Quarter Pounder recently in the parking lot of a McDonald''s restaurant in central Dallas. The burger, made with fresh beef and billed as hotter and juicer than the original made from a frozen patty, is part of the company''s effort to serve tastier food. But after about four minutes, it was Moore who was steamed. Like other customers who''d ordered the new Quarter Pounder at the restaurant''s drive-through, she was asked to pull into a parking space and wait. "If it''s going to be that long every time, I won''t order it. I''d go" elsewhere, said Moore, who hits the drive-through every morning for a Coke and dines frequently at the chain. The tradeoff between time and taste looms large for McDonald''s Corp as it works to win back business lost to rivals. The introduction of cooked-to-order, quarter-pound burgers made with fresh beef is part of the chain''s attempt to improve food quality. Announced in March, the new sandwiches are already in selected test markets and are expected to be served in all U.S. stores by mid-2018. But the success of the initiative may well hinge on satisfying important customers like Moore: speed-minded drive-through patrons who account for 70 percent of the firm''s U.S. revenue. An on-demand Quarter Pounder takes about a minute longer to land in a customer''s hands than does the original sandwich, according to restaurant managers and analysts, even though fresh beef fries up faster than frozen patties. That''s because grilling begins only after a patron orders. Traditional Quarter Pounders were often cooked up in batches ahead of time. Every second counts in the fast-food business. McDonald''s drive-through speeds already lag those of some major competitors, according to one widely watched survey. McDonald''s does not share such data, but company representatives told Reuters earlier this year that service times have slowed. Still, company executives are bullish on prospects for the popular Quarter Pounder, which accounts for about one-fourth of McDonald''s U.S. burger sales. At an investor conference last month, Chief Executive Steve Easterbrook said the changeover has created fewer complications than expected and that restaurant operators are on board. Some industry veterans, however, are skeptical. Richard Adams, a former Southern California McDonald''s franchisee-turned-consultant, says convenience is paramount for the chain''s patrons, who may go elsewhere if speed deteriorates. "Any time the cooking process begins after the customer orders, the service time will be slower," Adams said. The fresh-beef initiative comes as pressure builds on McDonald''s kitchens. Adams says restaurant crews already are juggling trickier menu items thanks to the recent national launch of McDonald''s new "Signature Crafted" sandwich line, which allows customers to pick their own meat, buns and toppings. "Signature Crafted" quarter-pound burgers also will use fresh beef as it becomes available nationwide. McDonald''s cooks could be further strained by the chain''s embrace of self-service kiosks and mobile ordering. The technology shaves ordering times, but can create new bottlenecks by swamping kitchens at peak hours, as companies such as Starbucks Corp have learned. FRESH VS. FAST The revamped Quarter Pounder is the latest move by Easterbrook to modernize the 60-year-old chain and reverse four straight years of traffic declines. It''s also a direct shot at Wendy''s Co, Whataburger and In-N-Out. Those fresh-burger chains are among the fast-food rivals that McDonald''s says have siphoned 500 million U.S. transactions from its stores since 2012. Easterbrook''s introduction of all-day breakfast in October 2015 was a big hit and has helped lift sales. The company''s stock price is up more than 25 percent so far this year. Analysts expect the fresh-beef push, along with moves to ditch artificial ingredients in popular items such as chicken nuggets, to bolster sales by addressing consumer demand for simpler, "cleaner" and fresher ingredients. The Quarter Pounder makeover has won early support from analysts and McDonald''s franchisees in the heart of cattle country, where the product has been tested for almost two years in about 400 stores in Oklahoma and Texas. Three Dallas-area McDonald''s managers who spoke with Reuters estimated the switch has improved their Quarter Pounder sales from 20 percent to 50 percent, albeit aided by advertising and coupons. "We''ve been stealing customers from a Whataburger down the street," said Edgar Meza, a manager at a McDonald''s restaurant in an upscale neighborhood in north Dallas. Officials at Texas-based Whataburger, a regional chain, declined to comment. Some burger lovers are taking notice too. "They''re a little juicier," said Bob Riley, who was polishing off a Quarter Pounder at an outlet near Dallas'' Deep Ellum neighborhood, his third McDonald''s meal of the week. "I think Wendy''s woke them up," he said. Joe Jasper, a former McDonald''s executive who owns 20 restaurants in the Dallas-Fort Worth area, has been deeply involved in the effort. He described the new Quarter Pounder as "the best burger in our industry, but more importantly, (one delivered) at the speed of McDonald''s." Trouble is, the "speed of McDonald''s" isn''t as fast as that of many of its competitors. The average service time at a McDonald''s drive-through last year was 208.2 seconds, according to a study published by QSR magazine, an industry publication, using data from SeeLevel HX, an Atlanta-based business intelligence firm. That''s well behind industry leader Wendy''s at 169.1 seconds, according to the survey. Burger King, Dunkin'' Donuts and KFC all beat McDonald''s too. McDonald''s narrowed the gap with Wendy''s by one-third from 2012 to 2016 by adding more drive-through lanes at some stores and by scrapping products such as "snack wraps," tortilla-wrapped sandwiches that proved time-consuming to prepare. Still, its average drive-through service time last year was almost 20 seconds slower than it was in 2012, according to SeeLevel HX data. [For a look at drive-through speeds, see tmsnrt.rs/2sLWMqW ] Claudia Barcenas, assistant manager at a McDonald''s off Dallas'' Central Expressway, says her counter and drive-through staff inform patrons that fresh-beef Quarter Pounders can be delayed, particularly if the sandwiches are ordered well-done. "We have to explain that it takes a bit longer. Perhaps a minute," Barcenas said. Whether that''s worth it for McDonald''s customers remains to be seen as the experiment goes nationwide. Juan Rodriguez waited on his lunch break for a fresh-beef Quarter Pounder at the drive-through of another Dallas McDonald''s outlet about nine miles from Barcenas'' store. At the three-minute mark, the 20-year-old was getting restless. "If it''s better, I don''t mind waiting," Rodriguez said. "But if it tastes the same, then no." (Editing by Marla Dickerson)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/mcdonalds-strategy-idINKBN19B0DB'|'2017-06-20T13:21:00.000+03:00'
'e957e246de3e4e7f728c2612dbcaccebc0856846'|'CEE MARKETS-Leu hovers near 4-1/2-year lows as PM faces no-confidence vote'|'BUDAPEST, June 21 The Romanian leu hovered near 4-1/2-year lows as Prime Minister Sorin Grindeanu faced a no-confidence vote in parliament on Wednesday. His Social Democrat Party (PSD) and a coalition partner withdrew support for Grindeanu a week ago saying he had failed to roll out their governing programme, leaving his fate in the balance. At 0749 GMT, the leu was 0.1 percent stronger on the day, broadly in line with gains among other currencies in the region. However, the unit has been the worst performer in central Europe, down 1.2 percent since the start of the year. "This political turmoil coincides with economic upheaval. While, at the start of the year, the country reported the highest growth rates among Eastern European countries amid very low inflation rates, this momentum is essentially based on thrifty fiscal policy," analysts at Commerzbank said in a note. "The elevated political uncertainty is weighing on the RON. The managed currency recently traded at just under 4.60 EUR-RON and has thus not been so weak since 2012. The political situation should keep the RON under pressure initially." The forint was a touch stronger in early trade, pulling back from a one-month-low caused by Tuesday''s decision by the National Bank of Hungary (NBH) to push more funds than expected from its three-month deposits into the economy to help cut borrowing costs. The NBH, seen as the most dovish central bank in central Europe, also lowered its inflation forecasts for the next two years and affirmed its readiness to ease monetary conditions further if below-target inflation persists. "This supports our call of limited HUF appreciation potential going forward as the (NBH) will remain reluctant to end its expansionary monetary policy," analysts at Raiffeisen Bank said in a note. "We would expect to see HUF underperforming its peers PLN (Polish zloty) and CZK (Czech crown) over the coming months as their central banks are expected to tighten monetary policy earlier." Before Tuesday''s policy meeting, analysts polled by Reuters had forecast the Hungarian base rate staying unchanged at least until the second quarter of 2019. Czech central bank Governor Jiri Rusnok was Quote: d as saying on Wednesday that the strength of the crown, trading on the strong side of its former cap on its value at 27 to the euro, could be a reason for a slower rise in interest rates. A currency dealer said the crown was likely to stay in a range between 26.150-26.450 in the coming days. CEE MARKETS SNAPSH AT 0949 CET OT CURRENCIES Latest Previo Daily Change us bid close change in 2017 Czech crown 26.325 26.339 +0.05 2.59% 0 0 % Hungary 308.87 309.16 +0.10 -0.02% forint 00 50 % Polish zloty 4.2365 4.2445 +0.19 3.95% % Romanian leu 4.5925 4.5975 +0.11 -1.25% % Croatian 7.4140 7.4195 +0.07 1.90% kuna % Serbian 121.56 121.79 +0.19 1.47% dinar 00 00 % Note: daily calculated previo close 1800 change from us at CET STOCKS Latest Previo Daily Change us close change in 2017 Prague 994.40 998.21 -0.38% +7.90 % Budapest 35762. 35989. -0.63% +11.7 50 69 5% Warsaw 2284.3 2302.8 -0.80% +17.2 1 3 7% Bucharest 8353.7 8376.5 -0.27% +17.9 0 0 1% Ljubljana 785.63 790.35 -0.60% +9.48 % Zagreb 1856.8 1856.0 +0.05 -6.92% 7 3 % Belgrade 706.16 703.95 +0.31 -1.56% % Sofia 686.32 687.32 -0.15% +17.0 3% BONDS Yield Yield Spread Daily (bid) change vs change Bund in Czech spread Republic 2-year 0.005 -0.044 +065b -3bps ps 5-year -0.001 0.041 +041b +5bps ps 10-year 0.952 0.057 +070b +7bps ps Poland 2-year 1.931 -0.084 +258b -7bps ps 5-year 2.591 -0.011 +300b +0bps ps 10-year 3.155 -0.013 +291b +0bps ps FORWARD RATE AGREEMENT 3x6 6x9 9x12 3M interb ank Czech Rep <PR 0.34 0.42 0.5 0 IBOR=> Hungary <BU 0.19 0.22 0.26 0.15 BOR=> Poland <WI 1.77 1.765 1.81 1.73 BOR=> Note: FRA are for ask Quote: s prices'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/easteurope-markets-idINL8N1JI1CD'|'2017-06-21T06:17:00.000+03:00'
'72f4416ea67eda538fa799c6860c858925fe3f2e'|'UPDATE 1-Former Epix executive pleads guilty to $7 million fraud at network'|'Market  26pm EDT UPDATE 1-Former Epix executive pleads guilty to $7 million fraud at network (Adds comment from Rensing''s attorney) By Brendan Pierson NEW YORK, June 20 The former chief digital officer of the Epix cable television network pleaded guilty on Tuesday to defrauding his former employer of more than $7 million, U.S. prosecutors said. Emil Rensing, 43, entered his plea to a single count of wire fraud before U.S. Magistrate Judge James Cott in federal court in Manhattan, Acting U.S. Attorney Joon Kim announced. "This has been a difficult time for Emil and his family," said Rensing''s lawyer, Henry Mazurek. "Today, he took a major step forward in getting on with his life and career." Mazurek noted that Rensing''s deal with prosecutors did not require him to plead to the most serious charge against him, aggravated identity theft. Rensing was arrested and charged in April 2016. Epix, a joint venture between Viacom Inc, Lions Gate Entertainment Corp and Metro-Goldwyn-Mayer Inc, was not identified by name in the charging documents, but the company has confirmed that it was the alleged victim. In a criminal complaint, prosecutors said that while working at Epix from April 2010 to August 2015, Rensing caused the company to contract with vendor companies he owned to perform digital media services. Those services were largely never performed, and while the contracts listed several of Rensing''s former professional associates as vendor personnel, those associates had never heard of the vendors, the complaint said. Prosecutors also said Rensing hid the scheme by using false and stolen identities to conceal his involvement. The wire fraud count to which he pleaded guilty carries a maximum prison sentence of 20 years. The case is U.S. v. Rensing, U.S. District Court, Southern District of New York, No. 16-mj-2650. (Reporting By Brendan Pierson in New York; Editing by Jonathan Oatis and Cynthia Osterman)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-crime-epix-idUSL1N1JH26I'|'2017-06-21T07:26:00.000+03:00'
'a189689e762bd5fb32858614ee3f6f11968593f3'|'Developer China Vanke founder Wang Shi steps down from board'|'Business   5:21am BST Changing of the guard: China Vanke founder Wang Shi steps down FILE PHOTO: Vanke''s Chairman Wang Shi attends the debut of his company at the Hong Kong Stock Exchange June 25, 2014. REUTERS/Tyrone Siu By Clare Jim - HONG KONG HONG KONG China Vanke Co Chairman Wang Shi, one of the best known people in Chinese business, will step down from the board after a years-long power struggle saw the nation''s No.2 property developer fall under state control. The 66-year-old former government official and People’s Liberation Army veteran said it was time to hand over the reins of the company he founded in 1988 and built into a real estate powerhouse that rode on the back of China''s economic boom. The move was widely expected after China Vanke was taken over by the Shenzhen government in March, ending a struggle for boardroom control and raising questions about to what extent the property giant would remain a market-driven company. "I have decided not to be re-elected as Vanke''s director since the beginning of the discussion of a new board," Wang wrote in his blog. "Today, I''m handing the leadership to (President) Yu Liang. I believe it''s the best timing. They are younger but mature enough." A shareholder meeting to elect new board members will be held on June 30, and the company said it had nominated three senior executives of major shareholder Shenzhen Metro, including its chairman, general manager and chief financial officer, as non-executive directors. The state-owned subway operator''s control over Vanke was affirmed earlier this month after it raised its stake to 29.38 percent, surpassing financial conglomerate Baoneng Group, which had sought to oust Vanke''s management. HIGH REGARD Wang is an unusually colourful figure in China’s staid boardrooms - an entrepreneur who also rows, climbs mountains and hit gossip headlines when he began dating a much younger actress. He has scaled Everest twice and is the first Chinese man to climb the highest mountains in all seven continents. He set up Vanke - now valued at $34 billion - from an office equipment company and donated his shares to a charity early in its transformation into a private company. "Someone who got rich overnight could be in danger, probably even be killed … and I didn’t know what to do with so much money,” he was quoted as telling a seminar. The leadership crisis began in late 2015 after Baoneng launched its takeover bid and some disgruntled investors stepped up criticism that Wang was spending too much time studying at Harvard and Cambridge and not enough at the company. The ensuing power tussle saw Wang cede much authority to the Shenzhen government as Vanke lost its title as the country''s biggest homebuilder to rival China Evergrande Group. Wang''s departure could be a positive for the company, removing the last element of the boardroom battle and appeasing some investors, analysts said. "The Wang Shi era has officially come to an end, but he stopped managing the company years ago so his departure will have no impact to the company''s operation," CRIC Hong Kong head of research David Hong said. Shenzhen Metro said in a statement it "respects Mr. Wang Shi''s decision" and would continue to support Vanke''s mixed ownership. Vanke shares in Hong Kong and Shenzhen edged up 1.2 percent and 0.7 percent respectively in morning trading. The Hang Seng Index was down 0.6 percent. (Reporting by Clare Jim; Editing by Stephen Coates)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-vanke-board-idUKKBN19C07O'|'2017-06-21T10:23:00.000+03:00'
'9d1b04772bf773056c901b3fff719eb056e96d2e'|'Tesla''s autopilot software head quits in less than six months'|'Business   5:01am BST Tesla''s autopilot software head quits in less than six months FILE PHOTO -- A Tesla Model S charges at a Tesla Supercharger station in Cabazon, California, U.S. May 18, 2016. REUTERS/Sam Mircovich/File Photo By Subrat Patnaik Tesla Inc said the head of its autopilot software, Chris Lattner, left the company in less than six months since joining the electric carmaker. "Chris just wasn''t the right fit for Tesla, and we''ve decided to make a change," a Tesla spokeswoman told Reuters in an email on Tuesday. "Turns out that Tesla isn''t a good fit for me after all," Lattner, who worked at Apple Inc for more than a decade before joining Tesla in January, tweeted. "I''m interested to hear about interesting roles for a seasoned engineering leader!" Tesla said it hired Andrej Karpathy as director of artificial intelligence and Tesla Vision team, the spokeswoman said. Karpathy, who most recently worked as a research scientist at OpenAI, will directly report to Chief Executive Elon Musk. Karpathy will work closely with Jim Keller, who now has overall responsibility for autopilot hardware and software, she added. Electrek.co website earlier reported Lattner''s exit. (Reporting by Subrat Patnaik in Bengaluru; Editing by Gopakumar Warrier)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-tesla-moves-lattner-idUKKBN19C0B7'|'2017-06-21T12:01:00.000+03:00'
'6b8994efb4950abd53f889d50df8e295e50f4ff2'|'Shire''s long-acting ADHD drug wins U.S. approval'|'Health News - Wed Jun 21, 2017 - 4:40am EDT Shire wins U.S. approval for long-acting ADHD drug By Natalie Grover and Ben Hirschler Shire has won U.S. approval for a long-acting attention deficit drug aimed at adolescents and adults, boosting its stock of medicines for the cognitive condition that affects millions of children and is being diagnosed more in older people. The U.S. Food and Drug Administration (FDA) green light for Mydayis follows good results for Shire''s new hereditary angioedema drug and helps offset the setback of early generic competition to a Shire drug for ulcerative colitis. Shares in Dublin-based Shire rose 1.5 percent by 0800 GMT in London on Wednesday following the overnight FDA news. The new drug Mydayis, previously known as SHP465, contains the same active ingredient as Shire''s widely used attention deficit hyperactivity disorder (ADHD) treatment Adderall XR but is formulated to last up to 16 hours. Adderall XR, which is also available in generic forms, manages symptoms for up to 12 hours. "It''s obviously not a new molecule but it does extend delivery," said Gregory Mattingly, who has been a study investigator in multiple Shire ADHD drug trials. Shire, whose ADHD drugs Adderall XR and Vyvanse generated close to $2.4 billion in sales last year, plans to launch Mydayis in the third quarter of 2017. The company has said Mydayis could have annual sales of $500 million by 2020, well above the $294 million consensus figure, as compiled by Thomson Reuters. Jefferies analysts noted that every ADHD drug launched by Shire has significantly exceeded initial market projections. While Shire was once best-known for its ADHD medicines, analysts now view the business as essentially a cash-generating machine to help the company repay debt and fund investment in its large portfolio of drugs for rare diseases. Mydayis is designed to help those patients, many of them college students or adults, who now take two doses of various ADHD treatments to control their symptoms throughout the day. The drug cannot be used by children aged 12 years or younger. Shire first filed an application to market Mydayis in 2006 but faced multiple setbacks, including a requirement for additional studies to satisfy the FDA. ADHD is characterized by inattention and/or hyperactivity-impulsivity that affects development. Estimates vary but recent data show up to 11 percent of American children are afflicted and more than half continue to suffer as adults. Both Mydayis and Adderall XR contain amphetamine, a stimulant that elevates levels of dopamine - a neurotransmitter associated with motivation, attention and movement. As a stimulant, such drugs carry a risk of abuse, can be poorly tolerated, and even be fatal in rare cases. Non-stimulant ADHD treatments have fewer side-effects but are typically less effective. Other ADHD drug developers include Neos Theraputics Inc, Alcobra Ltd, Aevi Genomic Medicine and privately held NLS Pharma. (Editing by Bill Trott and David Clarke) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-shire-fda-idUSKBN19B3BB'|'2017-06-21T07:19:00.000+03:00'
'accf85f69d00af6f437cb3b6eb2b819b128a7126'|'Mexico''s Pemex to up gasoline imports after refinery fire - source'|'MEXICO CITY, June 20 Mexican state oil producer Pemex will import additional gasoline after a major fire last week at its largest refinery that halted production, a company source said on Tuesday.Pemex is still evaluating the extent of the damage from the fire at the Salina Cruz refinery in the state of Oaxaca and does not know when production will resume, said the source. (Reporting by Ana Isabel Martinez in Mexico City)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/mexico-pemex-idUSU5N1HR00T'|'2017-06-21T06:21:00.000+03:00'
'466786fa2e75066c4088ec5db87ee148707049f7'|'Businesses warn UK over freedom of movement as Brexit talks begin - think tanks'|'Business  09am BST Businesses warn UK over freedom of movement as Brexit talks begin - think tanks FILE PHOTO: A view of the London skyline shows the City of London financial district, seen from St Paul''s Cathedral in London, Britain February 25, 2017. REUTERS/Neil Hall/File Photo LONDON Britain should ensure that employers retain access to both skilled and unskilled workers from the European Union as it begins talks to leave the bloc or there is a risk of damaging UK businesses, a research report by two think tanks said on Monday. With Britain''s negotiations on the terms of its departure from the EU set to begin on Monday, the country risks skills shortages and losing business if it ends freedom of movement without a new plan for attracting workers, the report by the National Institute of Economic and Social Research and the Chartered Institute of Personnel and Development said. "If the Government does not provide a user-friendly, flexible and affordable immigration system for EU nationals post Brexit... significant numbers of employers will be forced to relocate or focus future growth outside the UK," said Gerwyn Davies, CIPD labour market adviser. "With the Brexit negotiations starting this week, there is still little clarity on the immigration system that the UK will adopt after Brexit." The report found that a quarter of organisations would be negatively impacted by a restriction on EU migrants to only those who have job offers. And one in five businesses said that they would target future growth outside the UK or even relocate as a result of the Brexit vote. British Prime Minister Theresa May has said that the vote one year ago was partly a vote for Britain to control its borders, and has said that Britain will leave Europe''s single market, as membership is incompatible with restricting immigration. However the report warned against the government targeting an arbitrary limit of the absolute numbers of migration, such as a pledge to bring immigration into the tens of thousands. "An overly blinkered approach focused on simply cutting immigration to tens of thousands and focusing only on high skilled employees could leave employers high and dry, especially those who rely on EU migrants to fill low-skilled jobs," Davies said. (Reporting by Alistair Smout; Editing by Stephen Powell)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-eu-migration-idUKKBN19912O'|'2017-06-19T07:09:00.000+03:00'
'9d930f1be087baae304df7f73f9014dd4dcb4dfa'|'UPDATE 1-Brazilian meatpacker JBS unveils $1.8 billion divestment plan'|'Deals  38pm EDT Brazilian meatpacker JBS unveils $1.8 billion divestment plan FILE PHOTO - General view of Brazilian meatpacker JBS SA in the city of Lapa, Parana state, Brazil, March 21, 2017. REUTERS/Ueslei Marcelino/File Photo By Tatiana Bautzer and Michael Hirtzer - SAO PAULO/CHICAGO SAO PAULO/CHICAGO Brazilian meatpacker JBS SA revealed a $1.8 billion divestment plan on Tuesday, putting dairy, poultry and cattle feeding assets on the block to cut debt after a corruption scandal raised concerns about its financing costs. JBS, whose controlling shareholder recently agreed to pay a massive leniency fine after becoming embroiled in sweeping graft probes that have ensnared politicians and executives, said in a securities filing that its board and state development bank BNDES still had to approve the planned asset sales. The plan, which aims to raise 6 billion reais ($1.8 billion), includes a 19.2 percent stake in Brazil-based dairy company Vigor Alimentos SA, along with its Northern Ireland unit Moy Park and Five Rivers Cattle Feeding in North America. Five Rivers has a combined feeding capacity of more than 980,000 head of cattle and locations in Colorado, Kansas, Oklahoma, Texas, Arizona, and Idaho, according to its website. Five Rivers also manages a 75,000-head capacity feedyard in the Canadian province of Alberta. U.S. feeder cattle futures fell to nearly a two-month low of 140.775 cents per pound after the JBS announcement, before rebounding to trade down 1.625 cents at 143.175 cents. JBS shares were down 3.46 percent at 6.13 reais in early afternoon trading in Sao Paulo. Traders said some investors were paring bets that JBS would have to sell larger slaughter operations, which would have been far more disruptive than selling its feed operations. "Originally, we were unsure if a packer would have to close a plant or something like that. This is just divesting itself from a feeding unit that someone else could buy and operate," said David Hales, a U.S. cattle analyst. MOY PARK UP FOR SALE Moy Park is one of Britain''s top 10 food companies, with 13 processing and manufacturing units in Northern Ireland, England, France, the Netherlands and Ireland. The company supplies 25 percent of chicken consumed in Western Europe, according to its website. Moy Park also has brands of ready-to-eat meals, breaded and frozen foods and desserts. JBS acquired Moy Park from Brazilian rival Marfrig Global Foods SA two years ago for $1.5 billion. Reuters reported last week that two investment banks empowered to handle a sale of Vigor have contacted French dairy producers Danone SA and Groupe Lactalis SA, Mexico''s Grupo Lala SAB de CV and Switzerland''s Emmi AG to analyze the business. JBS has a minority state in Vigor, which is majority-controlled by JBS'' parent, J&F Investimentos SA. (Reporting by Tatiana Bautzer in Sao Paulo and Michael Hirtzer in Chicago; Additional reporting by Silvio Cascione in Brasilia and Tom Polansek in Chicago; Editing by Daniel Flynn and Paul Simao)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-jbs-divestiture-idUSKBN19B1NI'|'2017-06-21T00:32:00.000+03:00'
'eb0364b062cd351c3764f0dc1885806eb1be2ef2'|'Uncertainty over Stada bid likely to drag on over weekend - sources'|'Business   6:45pm BST Uncertainty over Stada bid likely to drag on over weekend - sources The logo of the pharmaceutical company Stada Arzneimittel AG is pictured at its headquarters in Bad Vilbel near Frankfurt March 14, 2012. REUTERS/Alex Domanski By Alexander Hübner - FRANKFURT FRANKFURT Buyout groups Bain Capital and Cinven must wait over the weekend to see whether their takeover bid for the German generic drugmaker Stada ( STAGn.DE ) has been successful, two sources familiar with the situation said. The tender offer for the agreed 5.3 billion euro (4.63 billion pounds) deal at 66 euros per share ran through to the end of Thursday, June 22, and was made conditional on securing 67.5 percent of the shares in the drugmaker. By late Friday, they had not announced the threshold had been crossed. "We''re not yet there. But hope springs eternal," one source told Reuters. Bain, Cinven and Stada declined to comment. By Thursday at 1030 GMT 45.3 percent of the shares had been tendered, the buyout groups said, 22 points short of the required minimum. Even though institutional investors typically tender shortly before the deadline, the bidders have grown increasingly uneasy about the slow uptake, sources close to them have told Reuters. Shares in Stada closed at 63.76 euros on Friday, under the offer price of 66 euros a share. The bid is nevertheless widely regarded as attractive, given the premium of 49 percent over the share price before initial reports emerged that a takeover was on the cards. Bain and Cinven had vied fiercely with a rival consortium comprising Advent and Permira for control of Stada. Many buyout firms are flush with cash after recent divestments and cheap borrowing costs and they are particularly attracted to healthcare assets for their reliable cash flows that are immune to swings in the business cycle. In early June Bain and Cinven lowered the minimum acceptance threshold from 75 percent and postponed the cut-off date by two weeks. A relatively large 27 percent of shares are held by individual non-professional investors, many of whom are elderly, according to the sources. Only about half of these retail investors are expected to tender, with the rest expected to ignore or forget letters from custodian banks informing them of the offer. Some custodian banks may take longer to notify Stada and its suitors of the shares tendered, meaning it may be Monday or Tuesday before the last shares arrive. "Some banks still send them in the post," one investment banker said. Complicating things further for Stada''s suitors, index tracking funds that cannot tender are seen as holding about 12 percent of the shares. While German takeover rules bar Bain and Cinven from amending their offer a second time, they could make a renewed bid with Stada''s approval within a year of the first attempt failing. (Writing by Ludwig Burger and Victoria Bryan; editing by Susan Thomas)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-stada-arzneimitt-m-a-idUKKBN19E22J'|'2017-06-24T01:45:00.000+03:00'
'7b46f1f50b8422cd5f435fcbf417f12fa169ee5f'|'US STOCKS-Futures little changed as oil prices edge up'|'Market News - Fri Jun 23, 2017 - 7:31am EDT US STOCKS-Futures little changed as oil prices edge up * Indexes down: Dow 53 pts, S&P 1 pt, Nasdaq 9.25 pts By Sruthi Shankar June 23 U.S. stock index futures were little changed on Friday as oil prices edged up and ahead of economic data and speeches by Federal Reserve policymakers. * Crude oil bounced off this week''s 10-month lows, although prices were still set for their worst first-half performance since 1997. * Sliding oil prices have added to concerns on the inflation outlook, which along with a flattening yield curve, could pose a challenge to the Federal Reserve in deciding whether the economy was ready for another interest rate hike this year. * At current levels, the S&P 500 energy index, down 15 percent so far this year, is on track to post its worst weekly decline in about 18 months. * Wall Street ended flat on Thursday, but healthcare stocks rallied as Senate Republicans unveiled legislation that would replace Obamacare with a plan that scales back aid to the poor and kills a tax on the wealthy. * The Fed''s annual stress test results showed that 34 largest U.S. banks have all cleared the first stage, implying they would be able to maintain enough capital in an extreme recession. * Shares of Bank of America, JPMorgan, Wells Fargo and Goldman Sachs were up between 0.5 percent and 0.74 percent in premarket trading. * Concerned by falling oil prices, investors sought the safety of gold, which climbed to one-week highs. * St. Louis Fed President James Bullard, Cleveland Fed chief Loretta Mester and Fed governor Jerome Powell are all scheduled to make appearances later in the day. * Data is expected to show that new U.S. single family home sales likely grew 5.4 percent in May. The data is expected at 10:00 a.m. ET (1400 GMT). * Separately, data firm Markit''s preliminary services PMI is expected to have increased to 53.7 in June, from a prior reading of 53.6. * U.S.-listed shares of Blackberry were down 7.23 percent at $10.30 premarket after the company''s quarterly revenue missed analysts'' estimates. * Caterpillar was down 1.21 percent at $102.58 following a Deutsche Bank downgrade to "hold". * Bed Bath & Beyond was down 9.28 percent after the home furnishing retailer reported a bigger-than-expected fall in same-store sales in the first quarter. Futures snapshot at 6:45 a.m. ET: * Dow e-minis were down 53 points, or 0.25 percent, with 15,691 contracts changing hands. * S&P 500 e-minis were down 1 point, or 0.04 percent, with 74,039 contracts traded. * Nasdaq 100 e-minis were down 9.25 points, or 0.16 percent, on volume of 14,713 contracts. (Reporting by Sruthi Shankar in Bengaluru) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-stocks-idUSL3N1JK3KO'|'2017-06-23T19:31:00.000+03:00'
'425d4279f2c2a75abde8041f0e183fd842c907ba'|'Brazil''s Triunfo sells port to partner MSC: source'|'SAO PAULO TPI Triunfo Participações & Investimentos SA has agreed to sell a 50 percent stake in a port terminal to partner MSC Mediterranean Shipping Co SA''s TIL unit, a key step towards advancing the debt-laden Brazilian infrastructure firm''s turnaround, a person familiar with the matter said on Monday.According to the person, Triunfo ( TPIS3.SA ) sold the 50 percent it has in Terminal Portuário de Navegantes SA for 1.3 billion reais ($396 million) to TIL, which with it had been partners since 2001. The transaction still hinges on antitrust and port industry regulatory approval, the person said.São Paulo-based Triunfo declined to comment.($1 = 3.2819 reais)(Reporting by Guillermo Parra-Bernal; editing by Diane Craft)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-tpi-triunfo-part-restructuring-idINKBN19A2XY'|'2017-06-19T19:43:00.000+03:00'
'5b7e0427cdabde2ea6fe10cb3098f4d189420bac'|'FCA reviews travel insurance for cancer patients'|' 45am BST FCA reviews travel insurance for cancer patients The logo of the new Financial Conduct Authority (FCA) is seen at the agency''s headquarters in the Canary Wharf business district of London April 1, 2013. REUTERS/Chris Helgren LONDON Britain''s markets watchdog opened a public consultation on Tuesday to see if changes are needed to make it easier for people with cancer to get travel insurance. The Financial Conduct Authority (FCA) said it was also looking at the reasons for pricing differences in premiums quoted by insurers. The consultation is part of a wider look at problems some consumers can face when trying to buy insurance. The FCA said insurance markets were becoming more segmented with the use of "big data" - or very detailed information about which customers pose the highest risk to insurers. Such customers may have to "navigate an increasingly complex and confusing market" to find insurers willing to cover them. "These issues are particularly apparent for those with, or recovering from, cancer," the FCA said. (Reporting by Huw Jones; Editing by Susan Fenton)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-markets-insurance-idUKKBN19B0JM'|'2017-06-20T14:45:00.000+03:00'
'e631fd7bbc599a18a98fe8c2e29b2bee12d2ca5c'|'Nestle buys minority stake in U.S. ready meals group Freshly'|'ZURICH, June 20 Nestle said on Tuesday it has acquired a minority stake in U.S. group Freshly, a provider of direct-to-consumer freshly prepared meals, its latest step to improve the health profile of its sprawling portfolio.The Swiss food giant said it was lead investor in a round of new funding for Freshly, helping it gain access to the $10 billion market for prepared meals in the United States. It did not disclose financial terms.The investment will help Freshly build a new East Coast kitchen and distribution centre in 2018 as it prepares to expand its U.S. service nationwide.Nestle USA''s Food Division President Jeff Hamilton would join Freshly''s board of directors.Nestle said last week it may sell its roughly $900 million-a-year U.S. confectionery business, which includes Butterfinger and BabyRuth. (Reporting by Michael Shields; Editing by Edwina Gibbs)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/nestle-ma-freshly-idINL8N1JH0BX'|'2017-06-20T03:00:00.000+03:00'
'9b0d3512c8f9f497ae8ea896bd0f3613e8885f1b'|'ProSiebenSat.1 sells online travel agency Etraveli to CVC'|'Business News - Tue Jun 20, 2017 - 7:19am BST ProSiebenSat.1 sells online travel agency Etraveli to CVC The logo of Germany''s biggest commercial broadcaster ProSiebenSat.1 Media AG is pictured in front of their headquarters in Unterfoehring, near Munich, Germany in this February 26, 2014 file photo. REUTERS/Michaela Rehle FRANKFURT German broadcaster ProSiebenSat.1 said it had agreed to sell Etraveli Holding to CVC Capital Partners as part of a review of its online travel businesses. Etraveli has an enterprise value of 508 million euros (445.3 million pounds), having grown from 235 million when ProSieben bought the business in 2015, the group said in a statement on Tuesday. It said the deconsolidation of Sweden-based Etraveli, expected in the third quarter, would prompt it to adjust its 2018 targets, adding it would provide details on the revision at its Capital Markets Day on Dec. 6. (Reporting by Maria Sheahan, editing by Thomas Escritt) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-prosieben-media-divestiture-idUKKBN19B0HR'|'2017-06-20T14:19:00.000+03:00'
'9bc3f26d6ab6f149ba3f198d4a290ab78d4a1865'|'Bank of England''s Carney says now not the time to raise rates'|'Economy - Tue Jun 20, 2017 - 9:10am BST Bank of England''s Carney says now not the time to raise rates left By David Milliken - LONDON LONDON Now is not the time to raise interest rates, Bank of England Governor Mark Carney said on Tuesday, warning of weak wage growth and a likely hit to incomes as Britain prepares to leave the European Union. Carney, speaking to London''s banking community alongside finance minister Philip Hammond a day after Brexit talks started, said that depending on how the talks progress, businesses might soon need to activate contingency plans. "Before long, we will all begin to find out the extent to which Brexit is a gentle stroll along a smooth path to a land of cake and consumption," he said. "Monetary policy cannot prevent the weaker real income growth likely to accompany the transition to new trading arrangements with the EU." Last week, three BoE policymakers of the eight on the Monetary Policy Committee unexpectedly voted to raise interest rates. Carney voted to keep them at a record low 0.25 percent and gave no sign he was in a rush to change his view. "Given the mixed signals on consumer spending and business investment, and given the still subdued domestic inflationary pressures, in particular anemic wage growth, now is not yet the time to begin that adjustment," he said. "In the coming months, I would like to see the extent to which weaker consumption growth is offset by other components of demand, whether wages begin to firm, and more generally, how the economy reacts to ... the reality of Brexit negotiations." Carney also underlined the importance of trade liberalization - especially in financial services - and said it was unclear if Britain''s large current account deficit was yet on a sustainable footing. (editing by John Stonestreet) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-britain-economy-carney-idUKKBN19B0O5'|'2017-06-20T15:32:00.000+03:00'
'cf440bb74a73f7e4e38303da0e3c3a62921b421a'|'Germany to focus on free, fair trade at G20 summit, says Merkel'|'BERLIN Germany wants to make progress in its presidency of the Group of 20 leading economies on improving free and fair trade and will try to get broad agreement on open markets at next month''s leaders'' summit, Chancellor Angela Merkel said on Tuesday.She cautioned, however, that this might not be easy with U.S. President Donald Trump who has made waves with his protectionist rhetoric."Open markets and free, fair sustainable and inclusive trade is a key focus of our G20 presidency," said Merkel, who will host the G20 in Hamburg next month.She added that such conditions were beneficial for everyone and globalisation was not just fate but rather a process that could be shaped on the basis of Germany''s belief in the social market economy."We''ll do all we can to get as broad an agreement on this as possible in Hamburg. Given the new American administration that''s not easy but nonetheless we need to make the effort," Merkel told an event hosted by the BDI industry association.She added that G20 leaders would also discuss the steel industry, saying that progress needed to be made on the issues of overcapacity and fair competition in the sector."There''s not just trade - it must be based on rules and needs to be fair," she said.The findings of an investigation by Trump''s administration into whether foreign-made steel imports pose a risk to U.S. national security are expected to be released later this week.German Economy Minister Brigitte Zypries has written a letter to U.S. Commerce Secretary Wilbur Ross in which she criticised Washington''s plans to take action against steel imports, a German newspaper reported on Tuesday.Merkel also said she deeply regretted Trump''s decision to quit the Paris climate pact, which she described as an "ecological must".She added: "I don''t think that changes anything about the arguments in favour of this accord ... so we need to continue with this but I think we have set out an ambitious path and implementing that is now the most important task."(Reporting by Michelle Martin and Paul Carrel, Editing by Madeline Chambers and Ed Osmond)German Chancellor Angela Merkel attends the German Industry Day, hosted by the BDI industry association, in Berlin, Germany, June 20, 2017. REUTERS/Hannibal Hanschke'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/germany-merkel-idINKBN19B14G'|'2017-06-20T17:40:00.000+03:00'
'8802bd378cb8cbf171ac4870914841a405191050'|'Neigborhood social network Nextdoor expands into Germany'|'  1:00am EDT Neigborhood social network Nextdoor expands into Germany By Eric Auchard - LOS GATOS, Calif., June 19 LOS GATOS, Calif., June 19 U.S. local social networking phenomenon Nextdoor is entering Germany, Europe''s largest market, the company said on Monday, following expansion moves last year into Britain and the Netherlands, where it has grown rapidly. San Francisco-based Nextdoor launched in 2011 and now covers more than 144,000 discrete U.S. neighborhoods, or roughly three-quarters of the country, the company estimates. Local residents can use the site to ask advice on everything from finding babysitters to organizing neighborhood sports clubs or even how to contend with household rodent invasions, via computer or mobile phone apps. Its local forums serve as conversation starters that help neighbors meet one another, forging real-world bonds instead of the virtual ones that connect friends as well as strangers on social networks such as Facebook, Snapchat or Twitter. "Most social media apps are about self-expression," Co-founder and Chief Executive Nirav Tolia said in an interview. "Nextdoor is about getting things done. It''s more of a utility." "If you lose your dog, your online friends can give you sympathy but your neighbors help you find it," he said. Nextdoor has raised over $210 million in funding from top-tier Silicon Valley venture capitalists, with its last financing round in 2015 valuing the company at more than $1 billion. Since expanding into Britain last year, Nextdoor has signed up users in 40 percent of UK neighborhoods, or about 11,000 in all. Similarly, it has drawn in members in 4,000 Dutch neighborhoods, covering about 44 percent of the country, Nextdoor said. The company has already been testing its service in 200 neighborhoods in Germany and aims to have thousands up and running by the end of this year, Tolia said. It has hired veteran internet executive Marcus Riecke, the one-time head of eBay''s German local selling site and CEO of StudiVZ, a successful early German rival to Facebook that ran out of steam around the start of this decade. Riecke will run Nextdoor''s national offices from Berlin. To join Nextdoor Germany, members must use their real names and confirm their home address at nextdoor.de . Conversations are only accessible among verified local neighbors and are not available via Google or other search engines. Nextdoor began generating revenue from its U.S. site this year by selling online advertising. The model is similar but more locally focused than the ads that finance Facebook or Google, reviving the tradition of local classified ads that has disappeared as the online era wiped out the economics of local newspaper circulars. (Reporting By Eric Auchard; Editing by Richard Pullin)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/internet-local-nextdoor-idUSL8N1JH07C'|'2017-06-20T13:00:00.000+03:00'
'bc23ad2e08d1135d43c8d6b6c3f24c1d862d8145'|'UK Stocks-Factors to watch on June 20'|'June 20 Britain''s FTSE 100 index is seen opening 9 points higher on Tuesday, according to financial bookmakers. * BT: French telecoms company Orange could get 900 million pounds ($1.15 billion) by reducing its stake in British rival BT Group from 4 percent to as little as 1.33 percent, it said on Monday. * SHELL: A consortium comprising France''s Total and Royal Dutch Shell won the 15th shallow water oil and gas block put up for auction on Monday, the Mexican oil regulator said. * UNILEVER: Unilever said on Monday it would buy luxury cosmetics brand Hourglass. Terms of the deal were not disclosed. * SSE: British energy supplier SSE is eyeing the offshore wind power industry for a possible first foreign investment, its chief executive said on Monday. * HINKLEY POINT: The head of one of Britain''s top utilities, SSE, said on Monday that EDF''s planned nuclear power station at Hinkley Point is likely to be the only one to go ahead in the UK. * SHAWBROOK: Private equity groups trying to buy British challenger bank Shawbrook Group Plc said on Monday that shareholder acceptance of the takeover had exceeded a key threshold, allowing the buyers to take the lender private. * STANDARD LIFE/ABERDEEN: Standard Life''s 11 billion pound ($14.04 billion) deal to buy Aberdeen Asset Management was approved by both companies'' shareholders at meetings on Monday. * GSK: GlaxoSmithKline has struck a deal for Luke Miels to start as its new head of pharmaceuticals in September, following a lengthy dispute over his contract with his former employer AstraZeneca. * JAGUAR LAND ROVER: India''s Tata Motors Ltd said on Monday it had no plans to list its luxury British car brand Jaguar Land Rover after Bloomberg reported that the automaker was considering an initial public offering of the unit. * BREXIT: British Finance minister Philip Hammond and Bank of England Governor Mark Carney are expected to spell out on Tuesday how they plan to prevent a further hit to its already weakened growth prospects following the launch of the country''s historic Brexit talks. * BREXIT: Britain has not agreed to make any financial settlement to the European Union to cover outstanding obligations when it leaves, a senior EU official said after the first day of negotiations between London and the EU. * BREXIT: The chief Brexit negotiators of Britain and the European Union agreed on Monday that talks until October should focus on citizens rights, a financial settlement and other separation issues, with a separate dialogue on Northern Ireland, a document showed. * BRITAIN ECONOMIC GROWTH: The Confederation of British Industry on Tuesday bumped up its forecast for economic growth in Britain, reflecting strong momentum towards the end of last year rather than any fundamental change to its view. * OIL: Oil markets held around seven-month lows on Tuesday as investors focused on persistent signs of rising supply that are undermining attempts by OPEC and other producers to support prices. * COPPER: London copper traded little changed on Tuesday, supported by upbeat sentiment over the global economy after confidence at Japanese manufacturers rebounded, but prices were capped by a stronger dollar. * GOLD: Gold edged higher on Tuesday after hitting near five-week lows in the previous session when the dollar rose as an reaffirmed the central bank''s hawkish stance. * The UK blue chip index closed 0.81 percent higher at 7,523.81 on Monday. * For more on the factors affecting European stocks, please click on: cpurl://apps.cp./cms/?pageId=livemarkets * UK CORPORATE DIARY: RWS Holdings PLC Half Year Wolseley Plc Q3 Accsys Technologies PLC Preliminary Earnings Release TODAY''S UK PAPERS > Financial Times > Other business headlines Multimedia versions of Reuters Top News are now available for: * 3000 Xtra : visit topnews.session.rservices.com * For Top News : topnews.reuters.com (Reporting by Noor Zainab Hussain in Bengaluru)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/britain-stocks-factors-idINL3N1JH23T'|'2017-06-20T04:07:00.000+03:00'
'16b8533a5b120a2e097efa66fd0ffbc6c83e94f3'|'MOVES-Man Group appoints Steven Desmyter head of responsible investment'|'Market  07pm EDT MOVES-Man Group appoints Steven Desmyter head of responsible investment June 20 Hedge fund Man Group Plc said on Tuesday it appointed Steven Desmyter as head of responsible investment. Desmyter, who is head of sales for Europe, Middle East and Africa, will continue in his current role, the company said. In his new position, Desmyter will serve the clients'' interest in incorporating environmental, social and corporate governance (ESG) considerations in the investment decision-making process, the company said. He will also chair Man Group''s responsible investment committee. (Reporting by John Benny; Editing by Arun Koyyur) Brazil''s BNDES arm not considering selling JBS stake, CEO says RIO DE JANEIRO, June 20 The investment arm of Brazil''s state development bank BNDES is not considering selling a 21 percent stake in meatpacker JBS SA, whose controlling shareholder remains ensnared in a corruption scandal and a mudslinging with the country''s president. PARIS, June 20 Boeing won an endorsement from United Airlines for the latest model of its best-selling 737 jet as it struck an upbeat tone on Tuesday, raising its 20-year industry demand forecast despite recent signs of a slowdown. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/mangroup-moves-stevendesmyter-idUSL3N1JH4HC'|'2017-06-21T00:07:00.000+03:00'
'c29835f7c5d558cf59dc44de332651ac1d4c9348'|'CANADA STOCKS-TSX falls as slide in oil prices pressures energy shares'|'Market   9:45am EDT CANADA STOCKS-TSX falls as slide in oil prices pressures energy shares TORONTO, June 20 Canada''s main stock index fell on Tuesday as energy shares dived with oil prices, while Cenovus Energy tumbled 10 percent after the company announced plans to replace its chief executive. The Toronto Stock Exchange''s S&P/TSX composite index fell 65.39 points, or 0.43 percent, to 15,200.65, shortly after the open. Six of the index''s 10 main groups were lower. (Reporting by Fergal Smith; Editing by Chizu Nomiyama)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/canada-stocks-open-idUSL1N1JH0M9'|'2017-06-20T21:45:00.000+03:00'
'c26a133f81d0dc8448cd8a68b8ce35e46bdfeacf'|'Yuan bears throw in the towel, say it isn''t worth fighting China''s PBOC'|'SINGAPORE A slew of Western investors and traders who placed bets in the past two years that China’s yuan currency would drop because of a weaker Chinese economy, the threat of a debt crisis, and capital outflows, abandoned those positions in recent months.They have decided that – at least in the short term - they may well be on a loser if they try to fight the People’s Bank of China, the nation’s central bank, which has been taking a series of measures that appear aimed at keeping the currency stable.This is particularly the case ahead of an autumn congress of the ruling Communist Party of China, that is expected to allow Chinese leader Xi Jinping to consolidate his power. Also, the Chinese economy has been more robust than expected, the nation’s authorities have taken stiff measures to reduce capital outflows, and the U.S. dollar has been retreating from gains it made last year.Major global fund managers – such as Goldman Sachs Asset Management, Old Mutual Global Investors, Standard Life Investments and Aviva Investors -- have taken off short yuan positions even as many of them see some weakness further down the road.The PBOC has made some moves to defend the yuan, which is also known as the renminbi. It has pushed up the cost of short-selling the currency and even changing the way it sets a daily mid-point used as a benchmark."They are not happy with a really weaker renminbi," said Mark Nash, the London-based head of global bonds at Old Mutual Global Investors. "People obviously don’t want to fight the central bank.”Nash, whose firm manages $44.7 billion globally, said he had been short the yuan at the turn of 2017 but took that position off early in the year.But he said he believes the strength in the yuan is reflective more of "an exercise in financial regulation" rather than an improvement in China''s economic outlook and hopes to go short again soon.Standard Life Investments'' Hong Kong-based emerging markets fixed income fund manager, Mark Baker, said he gave up his short yuan position in the first quarter of 2017, after seeing the success China was having with capital controls and some improvement in economic data. "There is a desire to rein in expectations that the currency is merely a one-way bet,” he said.The PBOC did not respond to a Reuters request for comments for this article.The yuan has risen 2 percent against the dollar so far this year. In the latest policy tweak, the PBOC has included a "counter-cyclical factor" in its method for fixing the daily mid-point around which the currency is allowed to trade.The adjustment to the fixing method in May was the second this year and came after a string of capital control moves, all aimed at stopping domestic Chinese investors from moving cash abroad.That has put a floor under a currency which fell 6.5 percent in 2016 and 4.5 percent in 2015. Concern about the decline led the central bank to spend a billion dollars over 2-1/2-years to defend the yuan. Short yuan positions are expensive. It costs about 5 percent annually to own and short the yuan directly based on short-term borrowing costs, though there are a myriad ways in which an investor or trader can structure a short bet. Some investors interviewed for this article said they mainly use offshore forward currency contracts - settled for cash at a particular date - which makes the trade somewhat cheaper.INTENTIONS UNCLEARBeijing is also keen on keeping the yuan strong so that U.S. President Donald Trump isn’t given any reason to take tough trade measures against China. During the election campaign, Trump had accused Beijing of manipulating its currency to make Chinese exports more competitive, hurting U.S. companies. The stronger yuan also helps to dissuade Chinese companies and citizens from moving money offshore.Jonathan Xiong, head of the fixed income alternatives group at Goldman Sachs Asset Management, said he closed out his short yuan positions at the beginning of the year as China’s growth prospects improved.Stuart Ritson, head of Asian rates and FX at Aviva Investors, with about $453 billion under management, removed his short position around the end of the first quarter, and is now positive on the yuan owing to the PBOC''s preference for a stronger currency, reduced capital outflows and because the yuan offers one of the best yields relative to volatility among emerging market currencies. Ritson hasn’t taken a bullish bet as yet.Not everyone has left the trade. Kyle Bass, the founder of Dallas-based hedge fund Hayman Capital Management, has kept his short position because he says he believes the nation’s credit bubble problems are “metastasizing.”Bass, has long argued that the Chinese yuan is set to fall 30 percent against the U.S. dollar. “The numbers are telling me that we are right. The numbers are getting so bad so quickly,” he said.But even those who see the currency weakening have pulled back their forecasts. Deutsche Bank''s chief China economist, Zhiwei Zhang, sees the yuan ending the year at 7.1 per dollar, rather than the 7.4 he was forecasting at the beginning of the year. There should be some weakness, he says, because economic growth is likely to slow, capital controls could become less effective over time and the dollar may not continue depreciating.At the other end of the spectrum are fund managers such as Jan Dehn, London-based head of research at asset manager Ashmore Group, who says he believes the market shouldn''t be blind-sided by conspiracy theories."The recent stabilisation of the yuan has perfectly sound foundations and can be explained without having to resort to some suspect or obscure schemes on the part of Chinese policy makers," said Dehn.(Additional reporting by Jennifer Ablan in NEW YORK and Kevin Yao in BEIJING; Editing by Martin Howell)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-china-yuan-funds-idUKKBN19B0WC'|'2017-06-20T16:37:00.000+03:00'
'bce658f5263e45b07454275fba1857a54bd54f17'|'Higher wages would be nice, Mr Lowe, but weak unions make it unlikely - Business'|'  Last modified on Monday 19 June 2017 20.02 BST T he current record low wages growth is something that not only concerns workers – the governor of the Reserve Bank, Philip Lowe, has also expressed dismay given its impact on household consumption. During a panel session at ANU yesterday, Lowe suggested that there was a real wage “crisis” . One reason he suggests for the crisis is that workers – especially those who are underemployed – may be trapped into thinking a wage rise is a trade-off for less job security. Universal basic income could greatly improve workers'' lives, report argues Read more Coming as they did after the rather dismal GDP figures, the May unemployment figures out last week were a nice bit of economic sunshine. In seasonally adjusted terms, Australia’s unemployment rate has fallen from 5.9% in March to 5.5% just two months later: And while the figures are certainly good news, it always pays to be a little bit sceptical. The main reason for the fall in unemployment was the rise of women in full-time employment in New South Wales. In May, the ABS estimates that total employment increased by 42,000, and 92% of that increase was due to 39,000 women in NSW gaining full-time work. That’s pretty impressive given full-time working women in NSW account for just 8% of all people employed in Australia. The 4.1% increase in women in NSW working full-time was the second biggest monthly jump ever recorded in NSW, So as ever we should treat the seasonally adjusted figures with some scepticism, but even the trend figures are looking good – the annual growth of both employment and hours is now in sync: But with these figures came the rather less happy news that in May there was a record 1.13m people underemployed. Underemployment is a relatively new problem. Back when I was studying economics in the late 1980s and early 1990s it barely rated a mention. The reason was there was so little of it – over 80% of workers worked full-time and the much bigger problem was unemployment. And while the 1990s recession saw a massive change in the level of full-time employment, even then underemployment did not become a major issue – as it stayed relatively flat throughout the 1990s: Even when the number of underemployed overtook unemployed in 2004, underemployment still was not a massive issue. The reason was no longer because there was so little of it, but because it largely moved in sync with unemployment. From 2004-2014, through the mining boom, the GFC and the recovery, when the unemployment rate fell or rose, the underemployment rate fell or rose – the correlation between the two was almost perfect: It was clear if you wanted to reduce underemployment all you needed to do was reduce unemployment. Certainly easier said than done, but it was nice that the two problems could be solved at the same time. And then at the end of 2014 things went bonkers: Had the nice 2004-14 relationship held, with an unemployment rate of 5.7%, underemployment would be around 7.7%. And yet instead it is a record high 8.8%, with 140,000 more people underemployed than we would have expected just three years ago. Recipe to avoid recession has also kept jobs and wages growth at bay - Greg Jericho Read more So much for two problems, one solution. One reason is that part-time employment has grown much faster than full-time employment. And yet not everyone who works part-time wants more hours. Only around 27% of part-time workers consider themselves underemployed – and that level has not risen since 2014: But obviously if you have more of the labour force working part-time you will also have more of the labour force wanting more hours. In the past decade the percentage of employed people working part-time has risen from 28.3% to 31.9% - equivalent to around 430,000 more people working part-time. Part of the reason is also Western Australia – which has seen a massive spike in underemployment: And yet while it would be nice to put all the blame on the end of the mining boom out west, even if we excluded WA from the national figures, the underemployment rate would still be a record high of 8.6% and the relationship between unemployment and underemployment over the past three years would still be out of whack: The big concern is that while the underemployed have work, the growing number of those wanting more hours is causing the weak growth in wages, even while the unemployment rate is falling. In terms of the spare capacity in the labour market, reducing unemployment is a much bigger issue. The Reserve Bank recently noted that “unemployed people seek 33 hours of work per week compared with 14 additional hours per week for underemployed people”. This is why in normal times reducing unemployment has the bigger impact on wages growth – less unemployed leads to a higher growth of wages because it sees a big increase in the total hours of work being done. The recent improvement in the unemployment rate would normally mean wages growth would start to pick up. And yet there is little sign that it has. It would seem that underemployment is now having a greater impact on wages than is unemployment. The RBA suggests that this might be because underemployment might have a different impact on wages. Workers who are after more hours might take them rather than a pay rise. So firms are able to increase hours not through employing new workers – and having to pay them more to entice them to work for that company – but by giving more hours to existing workers without needing a pay rise to entice them. Philip Lowe doesn’t want workers to accept that trade off. For if that remains the decision – more hours versus better wages – then as underemployment grows so too will the downward pressure on wages growth. And while it is good to hear the head of the RBA argue for greater worker activism for higher wages, in a world where little over 10% of private sector workers are in a union it is hard to see where the impetus for this change is to come. For now it appears that while underemployment grows, it is unlikely to see real wages improve. Topics'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/grogonomics/2017/jun/19/higher-wages-would-be-nice-mr-lowe-but-weak-unions-make-it-unlikely'|'2017-06-20T03:00:00.000+03:00'
'2932dd638274893e8fbaefbfe97df3e47be43220'|'PRESS DIGEST- British Business - June 19'|'June 19 The following are the top stories on the business pages of British newspapers. Reuters has not verified these stories and does not vouch for their accuracy.The TimesThe founding chairman of the Financial Conduct Authority, John Griffith-Jones, is to step down and will not stand for a second term after a four-year stint during which he was criticised over bungled reports. bit.ly/2sgjtlrCo-op Bank could announce a deal this week that would lead to the struggling lender''s hedge fund owners and the Co-operative Group Ltd agreeing a 700 million pounds ($894.04 million) bailout package, averting a wind down that would leave millions of customers and thousands of pensioners facing uncertainty. bit.ly/2sgltKnThe GuardianBarclays Plc and a number of its former executives are expected to learn this week whether the Serious Fraud Office intends to bring criminal charges in relation to emergency fundraising at the height of the financial crisis. bit.ly/2sg4GXQLloyds Banking Group Plc is expected to extend the deadline for making compensation offers to victims of the HBOS Reading fraud, as it emerged only one of 64 affected customers has received compensation. bit.ly/2sgrneoThe TelegraphThe corner shop group Nisa is poised to sign an exclusivity agreement with the supermarket giant J Sainsbury Plc which will temporarily bar the mutually owned group from courting other buyers. bit.ly/2sga6C5A rescue bid from Sanjeev Gupta''s Liberty Industries group which will guarantee jobs at struggling steel business Caparo Merchant Bar could be announced as soon as Monday. bit.ly/2sgk7znSky NewsBlackstone Group Lp is buying British flexible office provider The Office Group in a deal will value the privately owned landlord of corporate clients such as Facebook and Santander UK at 500 million pounds, according to insiders. bit.ly/2sgwwDpThe IndependentPrime Minister Theresa May''s post-Brexit plan to slash immigration will have a devastating "double whammy" impact on the British economy, according to the most detailed study of EU nationals to date. ind.pn/2sgfhSP ($1 = 0.7830 pounds) (Compiled by Bengaluru newsroom)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/britain-press-business-idINL1N1JG00H'|'2017-06-18T22:30:00.000+03:00'
'2b35c7898902b08016c36c43011d2aad1ba343da'|'New Boeing jet and F-35 demand lift aerospace spirits in Paris'|' 42am BST New Boeing jet and F-35 demand lift aerospace spirits in Paris FILE PHOTO: A U.S. soldier adjusts his cap in the cockpit as a Lockheed Martin F-35 Lightning II aircraft is moved on the eve of the 52nd Paris Air Show at Le Bourget Airport near Paris, France June 18, 2017. REUTERS/Pascal Rossignol/File Photo By Tim Hepher and Mike Stone - PARIS PARIS The Paris Airshow opened under bright blue skies on Monday, with a new member of Boeing''s best-selling 737 range set to vie for attention with a potentially huge order for F-35 fighter jets and a visit by French President Emmanuel Macron. After years of booming orders, driven by rising air travel and more fuel-efficient planes, passenger jetmakers are bracing for a slowdown in demand while they focus on meeting tight delivery schedules and ambitious production targets. But U.S. planemaker Boeing ( BA.N ) is expected to generate a fresh burst of activity at the world''s biggest airshow by launching the 737 MAX 10 to plug a gap against European rival Airbus''s ( AIR.PA ) A321neo. Industry sources say the 190-230 seat plane could attract in the region of 150 orders at the July 19-25 Paris event. Not to be outdone, Airbus is close to clinching a roughly $5 billion deal with low-cost carrier Viva Air Peru for about 30 planes, two industry sources said on Sunday. While demand for passenger jets may be faltering, there are signs interest in military aircraft is picking up after years in the doldrums due to budget cuts and weak economic growth. Lockheed Martin ( LMT.N ) is in the final stages of negotiating a $37 billion-plus deal to sell 440 F-35 fighter jets to a group of 11 nations including the United States, two people familiar with the matter told Reuters. That would be the biggest deal yet for the stealthy warplane, set to make its Paris Airshow debut this week. In another boost for a defence project, French President Emmanuel Macron was due to fly into the show on an Airbus A400M military transporter in his first official engagement since winning a parliamentary majority in elections on Sunday. His arrival is expected to be followed by a flypast by the world''s largest passenger plane, the Airbus A380, and France''s aerial display team. The ceremony will lend high-level support to two ambitious European aerospace projects tarnished by problems in recent years: the A400M because of chronic cost overruns and delays and the A380 because of weak sales that threaten its future. Airbus said on Sunday it was working on an upgrade of the A380 - called A380plus - with fuel-saving wingtips, confirming plans reported by Reuters in March. Boeing, however, is expected to say at the Paris show that demand for mammoth planes such as the A380 and its own 747 is moribund. (Additional reporting by Vicki Bryan; writing by Mark Potter; editing by David Clarke)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-airshow-paris-f-idUKKBN19A0Y3'|'2017-06-19T16:42:00.000+03:00'
'9548a2a424fecf0c5ca7b25b7ab6bab9396430c6'|'UPDATE 2-Novartis eye drug works with fewer injections than rival'|'Market News  31pm EDT UPDATE 2-Novartis eye drug works with fewer injections than rival (Adds analyst comment, Regeneron trading; updates Novartis shares) By Michael Shields and John Miller ZURICH, June 20 A Novartis drug to treat a leading cause of vision loss in people over 65 does not need to be injected as frequently as a rival medicine from Regeneron Pharmaceuticals to be effective, clinical trials showed on Tuesday. Novartis said the trials showed its RTH258 drug would reduce the injection burden for patients with neovascular age-related macular degeneration (nAMD). Novartis shares were up 0.8 percent, with analysts saying the trial results gave RTH258 a competitive advantage over rival treatments. Head-to-head late-stage trials showed RTH258, which goes by the generic name brolucizumab, worked as well as Regeneron''s Eylea, with just over half the patients needing doses every 12 weeks, rather than every eight weeks for Eylea. While the data appeared to be negative for Regeneron, its shares surprisingly surged 6.7 percent to $503.59, a level not seen since February 2016. Leerink Partners analyst Geoffrey Porges said the data removes an uncertainly for Regeneron investors who had been on the sidelines and were now looking to take advantage of the positive sales trajectory of Dupixent, the company''s recently approved treatment for severe atopic dermatitis. He added that it appeared the potential negative impact of Novartis data was already fully priced into the Regeneron stock. Still, analysts at Jefferies called the trial result "a significant differentiator and competitive advantage for RTH258." Cutting the frequency of injections could also give RTH258 an edge over Lucentis, a best-selling eye drug that Roche sells in the United States and Novartis sells elsewhere. Lucentis patients generally receive doses every four weeks. "It exceeds our expectations and we''re looking forward to filing in 2018" for regulatory approval, Vas Narasimhan, Novartis''s drug development chief, said in an interview. "We had hoped to see 40 percent or greater" of patients responding positively to injections every 12 weeks, he said. "Now that we see it well into the 52 to 57 percent range, we feel very good about the result." Novartis expects eventual annual sales to top $1 billion. Zuercher Kantonalbank analyst Michael Nawrath said the data should help Novartis win back share in a highly lucrative market of 20 million to 25 million patients. Eylea, which was developed with Bayer, has powered much of Regeneron''s growth since late 2011. However, the drug''s sales growth has slowed, mainly due to competition from Lucentis. Lucentis topped $3.2 billion in sales in 2016 for Roche and Novartis. Regeneron is betting on Dupixent and its also just approved Kevzara for rheumatoid arthritis, both with blockbuster potential, to reduce its reliance on Eylea, which accounts for nearly 70 percent of its revenue. Competition for nAMD patients is likely to grow even more intense, with data from trials on Abicipar, an investigational medicine being developed by Allergan and Switzerland''s Molecular Partners <MOL N.S>, set for release in 2018. Allergan is also banking on reduced injection frequency compared to Lucentis and Eylea to win over eye doctors and patients, should its drug win approval. (Additional reporting by Bill Berkrot in New York; Editing by David Clarke and Bernadette Baum)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/novartis-rth-idUSL8N1JH4Z2'|'2017-06-21T00:31:00.000+03:00'
'3f46fd466aae8284c819a2edfb4542a78d3221a8'|'UPDATE 1-NYSE proposes to list more quadruple-leveraged ETFs -filing'|'Business News - Tue Jun 20, 2017 - 4:23pm EDT More quadruple-leveraged ETFs proposed despite SEC review By Trevor Hunnicutt and John McCrank - NEW YORK NEW YORK Intercontinental Exchange Inc''s ( ICE.N ) NYSE Arca exchange is asking the U.S. Securities and Exchange Commission for permission to list a new set of exchange-traded funds that aim to quadruple the performance of the market, a filing this week showed. The exchange would list two "ProShares QuadPro" ETFs that would aim to deliver four times the return of an index of S&P 500 .SPX or Russell 2000 futures over a single day. A fund whose index declines 5 percent might fall by 20 percent. Another two QuadPro funds would target four times the inverse of those benchmarks. That means a fund could gain 8 percent on a day the index it tracks falls by 2 percent. The proposed listing of the quadruple-leveraged ETFs comes amid ambivalence on the part of the SEC about such products. Last month, the SEC approved what would have been the first such "4X" funds in the United States but then halted that decision pending further review. Those funds would be branded ForceShares and carry the tickers "UP" and "DOWN." ETFs offering three times leverage already trade in the United States, but more reactive products have been limited to Europe. "To the extent these products will be coming to market, we believe it is important they be offered by providers that bring the deep experience and resources necessary to manage them appropriately and to educate investors about their potential risks and benefits," said a spokesman for ProShare Advisors in a statement emailed to Reuters. Brokerage firms have been penalized for selling leveraged ETFs to investors for whom they were not suitable. BlackRock Inc ( BLK.N ) Chief Executive Larry Fink in 2014 said the leveraged ETFs'' structural problems had the potential to "blow up the whole industry one day." "Leveraged ETFs are not for the faint of heart - you can get hurt very easily if hold on to any of these products for the long haul," said Todd Rosenbluth, director of ETF and mutual fund research at CFRA. "For those that are willing to take the risk, there''s the potential for reward." "Our top priority is partnering with our ETF issuers to help them to bring new, innovative and interesting products to market," said Douglas Yones, NYSE''s head of ETFs, in an emailed statement to Reuters. A separate ProShares filing shows the company is planning additional "QuadPro" funds targeting crude oil and U.S. Treasury bond futures. (Reporting by Trevor Hunnicutt and John McCrank; Editing by Tom Brown and Steve Orlofsky)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-sec-etfs-idUSKBN19B2DP'|'2017-06-21T00:34:00.000+03:00'
'49027b534f177f124a3659fecb82db31aaea666a'|'Textron Systems introduces new drone at Paris Air Show'|' 33am BST Textron Systems introduces new drone at Paris Air Show Paris Textron Inc ( TXT.N ) on Monday introduced at the Paris Air Show a next-generation drone, which offers improved combat capability over its widely-used unmanned aircraft system, Shadow. The new drone, Nightwarden Tactical Unmanned Aircraft System (TUAS), developed by Textron Systems, a unit of Textron Inc, offers a maximum speed of 90 knots with a flight time of up to 15 hours and a payload capacity of 130 pounds, the company said. A Goldman Sachs report on the drone industry released last year said the largest market for drones will continue to be the defence sector, with a market opportunity worth $70 billion between 2016 and 2020. Textron''s Shadow drone has clocked more than one million flight hours and is currently used by the armed forces of the United States, Italy, Sweden and Australia. Shadow''s developer AAI Corp, a unit of Textron, had won a $475 million U.S. defence contract in January for mid-endurance unmanned aircraft systems to be used at multiple locations worldwide. (Reporting by Mike Stone in Paris and Kanishka Singh in Bengaluru; Editing by Arun Koyyur)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-airshow-paris-textron-idUKKBN19A0X9'|'2017-06-19T16:33:00.000+03:00'
'd8c8754c26bffb30cd34461814c2ae297c9e9c9d'|'Carbon capture needed in climate change fight, IEA says'|'Business   8:21am BST Carbon capture needed in climate change fight, IEA says left right The trail of an aeroplane can be seen amongst clouds and between a helicopter and a plane in the sky above Sydney in Australia, June 5, 2017. REUTERS/David Gray 1/3 left right Storm clouds can be seen behind chimneys at the Bayswater coal-powered thermal power station located near the central New South Wales town of Muswellbrook, Australia, March 14, 2017. REUTERS/David Gray 2/3 left right Chimneys from the coal-powered Mount Piper power station are be seen behind trees near the town of Lithgow, located west of Sydney in Australia, February 26, 2017. REUTERS/David Gray 3/3 By Sonali Paul - MELBOURNE MELBOURNE Carbon capture and storage is gradually gaining government attention after being overtaken by investment in wind and solar energy, with the International Energy Agency (IEA) saying the technology will be crucial to limiting global warming. The IEA estimates carbon capture and storage (CCS) will be needed to cut 14 percent of the emissions that have to be abated by 2060 to limit the global rise in temperature to less than 2 degrees Celsius (3.6 degrees Fahrenheit). "The size of the challenge really requires all technologies to be deployed," IEA energy analyst Samantha McCulloch told Reuters on the sidelines of a Global CCS Institute forum in Melbourne. By one estimate, $80 billion has been invested in renewable energy compared with $20 billion in CCS, Australia''s ambassador for the environment, Patrick Suckling, told the forum. Efforts to expand carbon capture and storage include a Japanese project to bury carbon dioxide below the seabed off Hokkaido island and construction of China''s first large-scale carbon capture, utilisation and storage (CCUS) project at a coal-to-chemicals plant run by Yanchang Petroleum in Xian. In Australia, the government has proposed allowing its A$10 billion (5.9 billion pounds) Clean Energy Finance Corp to provide loans to carbon capture projects as part of a "technology-neutral" approach to cutting carbon emissions. "We''re seeing renewed interest from governments," McCulloch said. Two projects in Australia are driving hope for the technology. Chevron Corp is in the final stages of starting up the world''s largest CCS operation, estimated at A$2 billion at its huge Gorgon liquefied natural gas (LNG) plant on Barrow Island off Western Australia, where carbon dioxide will be stripped from natural gas, compressed, piped and injected 2 kms (1.2 miles) below the island. The other project, CarbonNet, is a A$150 million government study in the state of Victoria. CarbonNet has identified a site 1.5 kms below the seabed off the state''s coast where it estimates it could store 125 million tonnes of carbon dioxide, project director Ian Filby told the forum. It aims to have the Pelican site approved for storage and secure an injection license by 2020. Filby said the lowest cost applications for CCS would be for industrial operations, like gas processing, fertiliser manufacturing and hydrogen production, at an estimated A$30 a ton for compressing, transporting and burying carbon dioxide. That could suit a project that Japan''s Kawasaki Heavy Industries (KHI) is pursuing to use Victoria''s brown coal to produce ultra clean hydrogen fuel, a project it has said will need CCS. (Reporting by Sonali Paul; Editing by Richard Pullin)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-australia-carboncapture-idUKKBN19A0QJ'|'2017-06-19T15:21:00.000+03:00'
'06db22c35f26230639c459080b742d590eb4d02f'|'Deals of the day-Mergers and acquisitions'|'June 21 The following bids, mergers, acquisitions and disposals were reported by 1000 GMT on Wednesday:** Toshiba Corp has chosen a consortium of Japanese government investors and Bain Capital as the preferred bidder for its chip business, aiming to seal a deal worth some $18 billion by next week as it scrambles for funds to cover massive losses.** British Gas parent company Centrica has agreed to sell its two biggest gas-fired power plants to Czech peer EPH for 318 million pounds ($401 million), pushing forward with its plan to become a nimbler energy supplier in a fiercely competitive market.** Sweden''s Scandic Hotels plans to buy 43 hotels in Finland from Restel Oy for 114.5 million euros ($127 million), the companies said.** India sold a 2.5 percent stake in engineering and construction group Larsen & Toubro Ltd (L&T), raising more than 40 billion rupees ($619.27 million) that will help the government meet its annual fiscal deficit target.** Swedish mobile telecom gear maker Ericsson said it was selling its power modules business, the first exit of assets under a new strategy to focus on its core business. (Compiled by John Benny in Bengaluru)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/deals-day-idINL3N1JI3AN'|'2017-06-21T08:03:00.000+03:00'
'1e558f256631b8f2342b9e09704b9e25e6a3f355'|'Morning News Call - India, June 21'|'To access the newsletter, click on the link: here If you would like to receive this newsletter via email, please register at: here FACTORS TO WATCH 2:30 pm: Commerce Secretary Rita Teaotia at an event in Kolkata. GMF: LIVECHAT - CHARTING FX Take a look at the FX charts with Reuters technical analyst Martin Miller at 3:30 pm IST. To join the conversation, click on the link: here INDIA TOP NEWS • Modi to discuss visa issue with Trump next week - official Indian Prime Minister Narendra Modi will take up the issue of visas for skilled workers when he meets U.S. President Donald Trump next week in Washington, a senior Indian government official said on Tuesday. • No excuse for firms not to be ready for India''s GST - Jaitley Indian small business has been given enough time to prepare for the July 1 rollout of a new national Goods and Services Tax (GST), Finance Minister Arun Jaitley said on Tuesday, ruling out any further slippage in the timeline. • India''s Punjab state to forgive over $1.5 billion in farm debts India''s northern Punjab state will waive more than $1.5 billion in loans to farmers, becoming the third state to do so in response to growing rural distress caused by food oversupply and weak prices. • Hike rolls out India''s first payment wallet within messaging platform Indian instant messaging platform Hike rolled out an in-app electronic payments wallet on Tuesday in a bid to cash in on rising digital transactions, replicating similar services offered by its backer Tencent Holdings in China. • Bombardier agrees to sell up to 50 Q400s to India''s SpiceJet Canadian airplane maker Bombardier Inc said on Tuesday it agreed to sell up to 50 Q400 turboprop aircraft to Indian budget carrier SpiceJet Ltd. • India''s Eris Lifesciences up to $270 million IPO oversubscribed Indian drug maker Eris Lifesciences Ltd''s initial public offering of shares to raise up to $270 million was subscribed more than three times on the last day of the sale on Tuesday, stock exchange data showed. • India asks Qatar to invest in power plants as condition for LNG deals India on Tuesday said it would sign future long-term liquefied natural gas (LNG) purchase deals with Qatar if only Doha agrees to acquire stakes in the South Asian nation''s power plants, oil minister Dharmendra Pradhan said. GLOBAL TOP NEWS • China ''A'' shares get MSCI nod, Argentina snubbed U.S. index provider MSCI said on Tuesday it would add mainland Chinese stocks to one of its key benchmarks, but shocked many emerging market investors by failing to upgrade Argentina from the frontier market category where it has languished in recent years. • Asia firms'' confidence at 3 year-high on brighter global outlook -Thomson Reuters/INSEAD Business confidence in Asia rose to a three-year-high in the second quarter of the year, propelled by a slew of favourable economic data across the region and easing concerns over the health of China''s economy, a Thomson Reuters/INSEAD survey showed. • Belgium probes station bomber fatally shot by soldiers Belgian counter-terrorism police are probing the identity of a suspected suicide bomber shot dead by troops guarding a Brussels railway station after he set off explosives that failed to injure anyone. LOCAL MARKETS OUTLOOK (As reported by NewsRise) • The SGX Nifty Futures were trading at 9,646.50, down 0.3 percent from its previous close. • The Indian rupee is poised to open lower against the dollar, as an overnight slump in crude oil prices hurt investor appetite for risk assets. • Indian government bonds will likely trade largely steady today before the Monetary Policy Committee releases the minutes of its June meeting, where it kept rates and policy stance unchanged, but lowered inflation projections, fuelling bets of a rate cut in coming months. The yield on the benchmark 6.79 percent bond maturing in 2027 is likely to trade in a 6.43 percent-6.47 percent band today. GLOBAL MARKETS • U.S. stocks closed lower on Tuesday as a sharp drop in oil prices hurt energy stocks and retail stocks were pulled down by concerns about Amazon.com''s plan to boost its apparel business, while investors also worried about future Federal Reserve rate hikes. • Japan''s Nikkei share average edged down after a slightly stronger yen sapped risk appetite, while mining stocks underperformed on the back of weaker oil prices. • The dollar edged back from one-month highs against a basket of currencies as a tumble in crude oil prices pushed down U.S. yields, while the pound wobbled near a two-month low after Bank of England Governor Mark Carney shot down hopes of a British interest rate hike. • The U.S. Treasury yield curve flattened to its lowest levels since December 2007 as more hawkish Federal Reserve officials led intermediate-dated notes to underperform long-term bonds, which are being supported by falling inflation. • Oil prices held around multi-month lows in early Asian trading as investors discounted evidence of strong compliance by OPEC and non-OPEC oil producers with a deal to cut global output. • Gold inched up after hitting its lowest in five weeks in the previous session, buoyed as equities fell. CLOSE FII INVESTMENTS EQUITIES DEBT PNDF spot 64.43/64.46 June 20 -$48.5 mln $76.90 mln 10-yr bond yield 6.82 Month-to-date $313.93 mln $3.73 bln Year-to-date $8.29 bln $17.17 bln For additional data: India govt bond market volumes Stock market reports Non-deliverable forwards data Corporate debt stories [IN CORPD] Local market closing/intraday levels [IN SNAPSHOT] Monthly inflows [INFLOWS RTRS TABLE IN] ($1 = 64.5350 Indian rupees) (Compiled by Nayyar Rasheed)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/india-morningcall-idUSL3N1JI1PH'|'2017-06-21T11:30:00.000+03:00'
'5bc34943f92490a4ea470dd7060791265430c2e4'|'European shares slide again, Provident Financial plummets'|'Top News - Wed Jun 21, 2017 - 10:02am BST European shares slide further, Provident Financial plummets People walk through the lobby of the London Stock Exchange in London, Britain November 30, 2015. REUTERS/Suzanne Plunkett By Helen Reid - LONDON LONDON Weakness among financial and retail stocks sent European shares sliding again on Wednesday, as Provident Financial fell sharply after a profit warning. Europe''s STOXX 600 fell 0.8 percent, extending the previous session''s losses, while euro zone stocks fell more sharply, down 1 percent along with the bloc''s blue chips. Financial services, insurance and banking stocks were among the worst-performing sectors, punished by heavy losses from British subprime lender Provident Financial. Provident plummeted as much as 20 percent after warning on profit, saying operational disruption from the reorganisation of its consumer credit division would weigh for the rest of the financial year. "We had been concerned about rising impairments and customer attrition in the consumer credit division as the new model was implemented. The transition appears to have been more painful than expected," said Liberum analysts. The lender''s plunge weighed on sentiment for banks, which were among the top fallers on France''s CAC 40 and Germany''s DAX. Credit Agricole, Societe Generale, BNP Paribas and Natixis fell 1.9 to 2.4 percent, helping make the French blue-chip index the worst European performer. Deutsche Bank and Commerzbank fell up to 1.7 percent. Belgium''s KBC was the worst-performing on the banking index, down 3.3 percent as its investor day got off to a disappointing start. KBC released a new core equity tier 1 target, a key metric of banks'' solvency, of 16.6 percent, and analysts at KBW said the new figure did not leave room for excess capital distribution. "We expect the share price may be on the weak side before further details are disclosed during the day," they said. A supply glut weighing on crude prices compounded losses, sending the oil and gas index to a near 7-month low. Retail stocks were also weighed by Belgian food retailer Colruyt falling 4.8 percent after its full-year results missed consensus. "This disappointing performance is mainly due to higher operating costs as Colruyt continued to invest in staff and stores, as well as a more competitive environment in Belgium in the second hald," said Barclays analysts. Scout24 fell after Deutsche Telekom sold a 9.3 percent stake in the online classified-ads firm. Meanwhile, Costa Coffee owner Whitbread was the best European performer, up 5.1 percent after reporting first-quarter sales rose 7.6 percent. It spurred the European travel and leisure sector up 0.2 percent, the only sector not in the red. Despite some glum company updates on the day, the latest first-quarter results figures highlight the reasons for investors’ belief in underlying strength among European corporates. STOXX 600 companies have on average reported earnings 10.2 percent above estimates, beating the 4 percent average surprise factor (since 2011) and the 6 percent surprise factor over the past four quarters, Thomson Reuters data showed. Of the 300 companies reporting first quarter revenues to date, 74.3 percent exceeded analyst estimates, against 53.6 percent in a typical quarter. (Reporting by Helen Reid; Editing by Alison Williams)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-europe-stocks-idUKKBN19C0Q9'|'2017-06-21T15:26:00.000+03:00'
'b9180dad4f79f20d57c443ded6211552427bb998'|'Apple tells court Qualcomm chip licenses are invalid'|'Apple Inc broadened a legal attack on Qualcomm Inc, arguing to a U.S. federal court that license agreements that secure the chip maker a cut of every iPhone manufactured were invalid.If successful, Apple''s attack would undermine a core tenet of Qualcomm''s business model.Apple sued San Diego-based Qualcomm in January, saying the chip maker improperly withheld $1 billion in rebates because Apple helped Korean regulators investigate Qualcomm.Apple''s initial lawsuit was a relatively narrow one focused on whether it violated a contract with Qualcomm by helping regulators that were investigating Qualcomm''s business practices. But the new filing expands Apple''s claims and seeks to stop Qualcomm''s longstanding business model using a legal theory based on a ruling last month.The U.S. Supreme Court made it harder for manufacturers and drug companies to control how their products are used or resold, ruling in May against printer company Lexmark International Inc in a patent dispute over another company''s resale of its used ink cartridges.In a Tuesday brief seen by Reuters, Apple took aim at Qualcomm''s practice of requiring customers to sign patent license agreements before purchasing chips, known in the industry as "no license, no chips".The license allows Qualcomm to take a percentage of the overall selling price for iPhone in exchange for supplying the modem chips that let phones connect to cellular data networks.Apple argued that the ruling involving Lexmark showed that Qualcomm was entitled to only "one reward" for its intellectual property and products.Qualcomm should be allowed to charge for either a patent license or a chip, but not both, Apple argued.Apple wants to be able to buy chips without signing the license agreement that forces it to pay a part of the overall iPhone sale price.Apple also asked the court to stop lawsuits that Qualcomm had filed against Foxconn Technology Group and three other contract makers that assemble the iPhone on Apple''s behalf and are the formal buyers of Qualcomm''s chip, as is standard in the electronics industry.Apple argued that the court fight should be between Apple and Qualcomm.(Reporting by Stephen Nellis; Editing by Himani Sarkar)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-apple-qualcomm-licenses-idUSKBN19B1M0'|'2017-06-20T20:02:00.000+03:00'
'2e54704f95a2f0d6acbc261b17f94857f1c2264b'|'Toshiba selects Japan govt-led group as preferred bidder for chip business'|'By Makiko Yamazaki - TOKYO TOKYO Toshiba Corp has chosen a consortium of Japanese government investors and Bain Capital as the preferred bidder for its chip business, aiming to seal a deal worth some $18 billion by next week as it scrambles for funds to cover massive losses.But prospects for a clean early resolution to the sale of the world''s No. 2 producer of NAND flash chips remain unclear as Western Digital, its chips business partner that has launched legal action to prevent a deal without its consent, was not part of the winning group.The consortium has offered around 2 trillion yen ($18 billion), a Toshiba spokesman said. That appeared to be somewhat less than a 2.2 trillion yen offer from a rival bidder, U.S. chipmaker Broadcom and its partner U.S. private equity firm Silver Lake.But the government-Bain consortium, while hastily and awkwardly conceived, has been seen as the most likely suitor by many analysts as it would automatically gain an implicit stamp of approval from the Japanese government which is keen to keep key semiconductor technology under domestic control.While some analysts believe that talks over the hotly contested deal have been so complex that only a government-led solution is viable, others doubt that the group will provide the necessary leadership the chip unit needs."There are many parties involved in this consortium," said Atsushi Osanai, a professor at Waseda University Business School."It has undergone so many twists and turns during its formation process, that I''m sceptical about whether it can promptly make bold decisions. In that sense, Broadcom or Foxconn would be better suited."In addition to Bain, the group includes state-backed fund, the Innovation Network Corp of Japan and the Development Bank of Japan. South Korean chipmaker SK Hynix Inc and the core banking unit of the Mitsubishi UFJ Financial Group Inc are in talks to provide financing.Toshiba said in a statement it took into consideration concern about technology transfers, job security for its domestic workforce and prospects of clearing regulatory reviews in its decision.Following the announcement, Western Digital reasserted in a statement that Toshiba was in breach of their joint venture contracts and said that a U.S. court hearing on its request for an injunction was scheduled for July 14.A representative for Broadcom was not immediately available for comment. Silver Lake declined to comment.Foxconn, the world''s largest contract electronics maker, also bid. Formally known as Hon Hai Precision Industry, the Taiwanese firm''s consortium included Apple Inc and computing giant Dell Inc.Foxconn did not immediately respond to a request for comment.Toshiba is rushing to sell the unit to cover billions of dollars in cost overruns at its now-bankrupt Westinghouse nuclear unit and to dig itself out negative shareholders'' equity that could lead to a delisting.Toshiba''s shares were 1 percent lower in afternoon trade, compared with a 0.4 percent decline in the broader market.($1 = 111.2200 yen)(Reporting by Makiko Yamazaki; Additional reporting by Naomi Tajitsu and Junko Fujita in Tokyo, Joyce Lee in Seoul and JR Wu in Taipei; Editing by Edwina Gibbs)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/toshiba-accounting-idINKBN19C09S'|'2017-06-21T01:21:00.000+03:00'
'9d1d726a87b14e7bf64725101e030e45c5f6c9c7'|'Exclusive - Payless settles creditor dispute over dividends - sources'|'Money  00am IST Exclusive - Payless settles creditor dispute over dividends - sources A Payless ShoeSource store logo is pictured in the Manhattan borough of New York, New York, U.S. April 4, 2017. REUTERS/Carlo Allegri By Jessica DiNapoli and Tracy Rucinski Payless ShoeSource Inc settled a dispute with its creditors on Tuesday, after creditors alleged that the company''s private equity owners inappropriately siphoned off $400 million before the U.S. retailer''s bankruptcy, people familiar with the matter said. The case has been monitored closely by other private equity-owned companies and their creditors, because it could spark more claims against bankrupt companies over so-called dividend recapitalizations, which involve a company borrowing money so it can pay the buyout firms which own it a special dividend. Payless'' creditors had said in court filings that private equity firms Golden Gate Capital and Blum Capital, which together hold 98.5 percent of the company and control its board, received more than $400 million in dividends in recent years. This added to the company''s debt pile. Payless filed for bankruptcy in April with $838 million of debt, joining a long list of retailers struggling in a sharp downturn in the sector. Under the settlement, the shoe chain''s unsecured creditors, largely its landlords and vendors, will receive $25 million in cash in the bankruptcy reorganization, the people said, asking not to be identified because the deal is not yet public. The payout amounts to a recovery of between 17 and 21 cents on the dollar for the claims of the creditors, a major improvement from the pennies they expected when the case began, one of the people said. The shoe seller and its owners did not to admit to any wrongdoing as part of the settlement, the people said. The deal will net an additional $7.3 million for another pool of creditors, the people said. Golden Gate and Payless declined to comment. Blum did not immediately return a request for comment. The agreement sets Payless on track to exit bankruptcy as soon as August, according to the people and court papers, avoiding winding down its business like many of its bankrupt peers. Payless said last month that independent board member Charles Cremens was conducting his own investigation of possible claims against the private equity firms. The company opposed a separate investigation by the creditors, saying it could hinder attempts to bring the company out of bankruptcy. As part of its reorganization plan, Payless has said it must renegotiate 3,600 U.S. store leases as well as joint venture partnerships in Latin America, a region it has described as a cornerstone for future growth. (Reporting by Jessica DiNapoli in New York and Tracy Rucinski in Chicago; Editing by Leslie Adler)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/payless-bankruptcy-privateequity-idINKBN19C0A9'|'2017-06-21T11:30:00.000+03:00'
'ce744fa80412995396999f2bc2c7d232838eddb5'|'LPC: Amazon bridge loan heats up lukewarm M&A financing'|'Market News  35am EDT LPC: Amazon bridge loan heats up lukewarm M&A financing By Lynn Adler - NEW YORK, June 21 NEW YORK, June 21 A bridge loan for up to US$13.7bn to back Amazon.com’s purchase of upscale grocer Whole Foods Markets, which is the second-largest US bridge this year, is stoking merger-related financing that has been stifled by prolonged uncertainty about the Trump administration’s policies. Even with Amazon’s 364-day loan, which is also the thirteenth largest in the past two decades, US bridge financing of about US$57bn this year is 21% lower than the same period last year, including deals closed and in process, according to Thomson Reuters LPC. As a result, fee income for banks arranging and syndicating the bridge facilities and longer-term funding is being squeezed. Bridges are usually replaced with permanent financing, including equity and bonds. “Everyone is hoping that Amazon/Whole Foods is the start of the next wave, but there’s no telling if that’s the case or if there won’t be anything else big until there’s more clarity around tax policy etc,” a senior banker said. Amazon.com said it expects to fund its US$13.7bn merger with debt that could include senior unsecured notes, term loans, bridge loans, or any combination, along with cash on hand. The Whole Foods acquisition, which according to Thomson Reuters ranks as the eleventh biggest global retail deal and the fourth biggest US retail deal on record, will help boost fee income for lenders at the tail end of a tough first half. Bridge financing so far this year roughly matches volume in the same period of 2015, and is the lowest since about US$31bn four years ago. Earlier this year, several high-profile insurance company mergers were scuttled by US antitrust rulings, and the lack of action on tax, trade and healthcare legislation is stifling the pace of new M&A, bankers noted. FASTER TAKEOUT Some of this year’s borrowers are replacing bridges more quickly with permanent financing, expecting little regulatory scrutiny or opposition to their M&A deals, several bankers and analysts said. At the same time, companies are taking advantage of ongoing lofty investor demand for bonds and other debt, and looking to lock in still low borrowing costs. “Given the robustness of the capital markets, and given the current situation with a lot of borrowers not having significant antitrust issues, borrowers have elected to hit the bond market immediately versus waiting a couple of months,” another banker said. “They feel good about closing their acquisitions, and there’s a quick takeout of the bridge." The swifter pace of swapping from a bridge to bonds, as well as the reduced overall loan volume, is weighing on total fees earned by lending banks. Fee income from providing bridge loans is US$109m so far this year, a 47% slump from the same time last year, according to a Freeman Consulting Services analysis based on LPC data. The fees earned from arranging permanent financing on those loans have also declined, although more modestly, by around 21% to US$172m. US medical supplier Becton Dickinson’s US$15.7bn bridge loan to buy medical technology company C R Bard, this year’s largest US bridge financing, is an example of the quicker turnaround to longer-term debt. “The Becton Dickinson bond offering closed less than a month after the acquisition was announced and the bridge was arranged,” said Jeff Nassof, a director at Freeman. “In cases like this, bridge loan fees are likely to be relatively low. This trend is a primary reason why bridge loan fees have declined at a sharper pace than volumes in the last year.” (Reporting by Lynn Adler; Editing By Chris Mangham and Jon Methven)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/amazon-bridge-idUSL1N1JI0KV'|'2017-06-21T21:35:00.000+03:00'
'07d61c656c80c09c61623cdcdac5bf9daecb5668'|'European shares rise as France stocks gain, banks, retailers rebound'|' 42pm EDT European shares rise as France stocks gain, banks, retailers rebound * STOXX 600 up 0.8 pct * French stocks, banks gain as Macron solidifies reform mandate * Ocado jumps 11 pct as Exane eyes Amazon possibilities * Third Point stake-building report boosts Philips (Updates prices at close) By Helen Reid and Kit Rees PARIS, June 19 French stocks outperformed upbeat European indices on Monday following a convincing parliamentary victory for President Emmanuel Macron, while banks rebounded following upgrades and retailers recovered from last week''s losses. France''s blue-chips gained nearly 1 percent after President Emmanuel Macron cemented an overwhelming parliamentary majority, further increasing his party''s capacity to push through reforms. Banks BNP Paribas, Societe Generale and Credit Agricole underpinned gains on the index. "Markets are celebrating the fact the Macron government has been strengthened by this outcome," said Vincent Juvyns, global market strategist at JP Morgan Asset Management. "Planned reforms could enhance the growth potential of the country and reduce the structural deficit, something which would lift French GDP going forward," he said. Berenberg chief economist Holger Schmieding said France could become the strongest major economy in Europe in a decade. He said this would outclass "a Germany that is resting on its laurels and a UK that is impairing its long-term growth prospects by losing (some of) its preferential access to its major market, the EU," Schmieding said. Britain began negotiations on Monday to leave the European Union. Euro zone blue-chips closed 0.9 percent higher, as did the pan-European STOXX 600. The retail sector, particularly grocers, which were sent into a tailspin on Friday after Amazon''s surprise $13.7 billion deal to buy Whole Foods, bounced back, partly on hopes of more deal activity in the sector. The regional retail index, which suffered its worst week in 16 months last week, rose 0.8 percent. Britain''s Ocado soared more than 11 percent, the top-performing stock across the region. Exane upgraded Ocado to "outperform" on hopes that partnerships, if not a takeout, were more likely. Analysts at the French broker said Amazon''s progress could be hemmed in the short term by the limitations of the store pick model - in which employees pick online orders from the store floor rather than in distribution centres. "We''re minded to not overreact therefore, but the deal is still bad news for the sector, we think, unless of course you are a target," they added. "Ocado might not be a target but the probability of a partnership just increased materially." Dutch healthcare technology firm Philips jumped to a 15-year high after The Times reported activist hedge fund Third Point was building a stake in the company. Also, in notable broker activity, Credit Suisse found favour among analysts at Morgan Stanley, Citi and Deutsche Bank. Citi named Credit Suisse its preferred Swiss bank, while Morgan Stanley reinstated coverage on the stock with an "outperform." Credit Suisse shares rose 3.4 percent. Formal Brexit negotiations got under way on Monday with Britain''s Brexit Secretary David Davis meeting EU chief negotiator Michel Barnier, though this did not ruffle market sentiment in the short-term. (Reporting by Helen Reid and Kit Rees, editing by Larry King)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/europe-stocks-idUSL8N1JG4RQ'|'2017-06-20T00:42:00.000+03:00'
'e75c70a5d460cca33782f21f211dda121adafb06'|'Driver killed in Tesla crash was warned seven times to put hands on wheel - Jun. 20, 2017'|'Driver killed in Tesla crash was warned seven times to put hands on wheel by Chris Isidore @CNNMoney June 20, 2017: 9:10 AM ET Fatal crash sparks Tesla Autopilot investigation Joshua Brown''s Tesla warned him seven times to put his hands back on the wheel before he plowed into a truck. A National Transportation Safety Board report on the deadly crash also found that Brown had his hands on the wheel of the Tesla ( TSLA ) Model S for 25 seconds out of 37 minutes that the car was on autopilot. The crash, near Gainesville, Florida, in May 2016, drew attention because of the questions it raised about the safety of self-driving cars. An earlier investigation by the National Highway Traffic Safety Administration found that the crash was not the result of any defect in Tesla''s autopilot feature, which can keep a car in a lane and brake to avoid traffic and other obstacles. In this case, the car hit the trailer of a truck that pulled across its lanes of traffic at an intersection. The NTSB cautioned that its report was only fact-finding about the crash. The agency said it was not drawing conclusions about why the crash happened. CNNMoney (New York) First published June 20, 2017: 9:04 AM ET '|'cnn.com'|'http://rss.cnn.com/rss/money_technology.rss'|'http://money.cnn.com/2017/06/20/technology/tesla-autopilot-fatal-crash-warnings/index.html'|'2017-06-20T17:10:00.000+03:00'
'052b7d9e73bac698d06eb52836b10976076673ef'|'Analysis: Yuan bears throw in the towel, say it isn''t worth fighting China''s PBOC'|'Business News - Tue Jun 20, 2017 - 1:45pm IST Yuan bears throw in the towel, say it isn''t worth fighting China''s PBOC FILE PHOTO: A China yuan note is seen in this illustration photo May 31, 2017. REUTERS/Thomas White/Illustration/File Photo By Vidya Ranganathan - SINGAPORE SINGAPORE A slew of Western investors and traders who placed bets in the past two years that China’s yuan currency would drop because of a weaker Chinese economy, the threat of a debt crisis, and capital outflows, abandoned those positions in recent months. They have decided that – at least in the short term - they may well be on a loser if they try to fight the People’s Bank of China, the nation’s central bank, which has been taking a series of measures that appear aimed at keeping the currency stable. This is particularly the case ahead of an autumn congress of the ruling Communist Party of China, that is expected to allow Chinese leader Xi Jinping to consolidate his power. Also, the Chinese economy has been more robust than expected, the nation’s authorities have taken stiff measures to reduce capital outflows, and the U.S. dollar has been retreating from gains it made last year. Major global fund managers – such as Goldman Sachs Asset Management, Old Mutual Global Investors, Standard Life Investments and Aviva Investors -- have taken off short yuan positions even as many of them see some weakness further down the road. The PBOC has made some moves to defend the yuan, which is also known as the renminbi. It has pushed up the cost of short-selling the currency and even changing the way it sets a daily mid-point used as a benchmark. "They are not happy with a really weaker renminbi," said Mark Nash, the London-based head of global bonds at Old Mutual Global Investors. "People obviously don’t want to fight the central bank.” Nash, whose firm manages $44.7 billion globally, said he had been short the yuan at the turn of 2017 but took that position off early in the year. But he said he believes the strength in the yuan is reflective more of "an exercise in financial regulation" rather than an improvement in China''s economic outlook and hopes to go short again soon. Standard Life Investments'' Hong Kong-based emerging markets fixed income fund manager, Mark Baker, said he gave up his short yuan position in the first quarter of 2017, after seeing the success China was having with capital controls and some improvement in economic data. "There is a desire to rein in expectations that the currency is merely a one-way bet,” he said. The PBOC did not respond to a Reuters request for comments for this article. The yuan CNY=CFXS has risen 2 percent against the dollar so far this year. In the latest policy tweak, the PBOC has included a "counter-cyclical factor" in its method for fixing the daily mid-point around which the currency is allowed to trade. The adjustment to the fixing method in May was the second this year and came after a string of capital control moves, all aimed at stopping domestic Chinese investors from moving cash abroad. That has put a floor under a currency which fell 6.5 percent in 2016 and 4.5 percent in 2015. Concern about the decline led the central bank to spend a billion dollars over 2-1/2-years to defend the yuan. Short yuan positions are expensive. It costs about 5 percent annually to own and short the yuan directly based on short-term borrowing costs, though there are a myriad ways in which an investor or trader can structure a short bet. Some investors interviewed for this article said they mainly use offshore forward currency contracts - settled for cash at a particular date - which makes the trade somewhat cheaper.INTENTIONS UNCLEAR Beijing is also keen on keeping the yuan strong so that U.S. President Donald Trump isn’t given any reason to take tough trade measures against China. During the election campaign, Trump had accused Beijing of manipulating its currency to make Chinese exports more competitive, hurting U.S. companies. The stronger yuan also helps to dissuade Chinese companies and citizens from moving money offshore. Jonathan Xiong, head of the fixed income alternatives group at Goldman Sachs Asset Management, said he closed out his short yuan positions at the beginning of the year as China’s growth prospects improved. Stuart Ritson, head of Asian rates and FX at Aviva Investors, with about $453 billion under management, removed his short position around the end of the first quarter, and is now positive on the yuan owing to the PBOC''s preference for a stronger currency, reduced capital outflows and because the yuan offers one of the best yields relative to volatility among emerging market currencies. Ritson hasn’t taken a bullish bet as yet. Not everyone has left the trade. Kyle Bass, the founder of Dallas-based hedge fund Hayman Capital Management, has kept his short position because he says he believes the nation’s credit bubble problems are “metastasizing.” Bass, has long argued that the Chinese yuan is set to fall 30 percent against the U.S. dollar. “The numbers are telling me that we are right. The numbers are getting so bad so quickly,” he said. But even those who see the currency weakening have pulled back their forecasts. Deutsche Bank''s chief China economist, Zhiwei Zhang, sees the yuan ending the year at 7.1 per dollar, rather than the 7.4 he was forecasting at the beginning of the year. There should be some weakness, he says, because economic growth is likely to slow, capital controls could become less effective over time and the dollar may not continue depreciating, At the other end of the spectrum are fund managers such as Jan Dehn, London-based head of research at asset manager Ashmore Group, who says he believes the market shouldn''t be blind-sided by conspiracy theories. "The recent stabilization of the yuan has perfectly sound foundations and can be explained without having to resort to some suspect or obscure schemes on the part of Chinese policy makers," said Dehn. (Additional reporting by Jennifer Ablan in NEW YORK and Kevin Yao in BEIJING; Editing by Martin Howell)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/us-china-yuan-funds-analysis-idINKBN19B0UB'|'2017-06-20T16:15:00.000+03:00'
'3c6d9712e1dbe7c142e0532b4004097d95ca8324'|'Lack of pilots could hinder airlines'' growth: study'|'Business News - Tue Jun 20, 2017 - 5:25am EDT Shortage of pilots could hinder airlines'' growth FILE PHOTO: An Alitalia pilot holds his cap at Fiumicino international airport in Rome September 24, 2008. REUTERS/Max Rossi By Alana Wise - NEW YORK NEW YORK The worldwide commercial aviation industry will need an extra 255,000 pilots by 2027 to sustain its rapid growth and is not moving fast enough to fill the positions, according to a 10-year forecast published by training company CAE Inc ( CAE.TO ). More than half of the required pilots have not yet begun training, the report adds, storing up potential problems as the industry braces for an increase in passenger air traffic that is expected to double the size of the commercial air transport industry in the next 20 years. "Rapid fleet expansion and high pilot retirement rates create a further need to develop 180,000 first officers into new airline captains, more than in any previous decade," said the report by CAE, which trains pilots for airlines around the world. "The shortage of pilots is a problem today. There''s demand today, so people need to start building a strategy with us or other professional academies to be able to build that pipeline," Nick Leontidis, CAE''s Group President for civil aviation training solutions told journalists at the Paris Airshow on Tuesday. Rival L3 ( LLL.N ) also operates pilot training academies. To meet demand, Leontidis said CAE would seek to grow its own training academy business, rather than make acquisitions. Pilot unions in the United States have said low wages and limited benefits for entry-level positions are deterring a new generation of potential aviators from pursuing the career. In the United States, training requirements also are a hurdle for many would-be pilots. The United States is the only country to require co-pilots to have at least 1,500 flight hours unless they have experience flying planes in the military or are graduates of certain specialized programs. According to the U.N.''s aviation agency, which sets global standards typically adopted by regulators from its 191-member countries, it takes a minimum of about 250 hours to obtain a commercial pilot license for work as a co-pilot. By contrast, 1,500 hours is the minimum required to become a captain under norms set by the International Civil Aviation Organization (ICAO), the U.N. agency that supports the development of global aviation. While the U.S. Federal Aviation Administration previously had followed ICAO norms, the 1,500-hour requirement for co-pilots was imposed following the crash of Colgan Air Flight 3407, a regional jet, in 2009, that killed 50 people. The 1,500-hour mandate is supported by pilots'' unions as a way to improve air safety. However, regional airlines and some aviation experts say the tougher standard does not make flying any safer and has exacerbated the pilot shortage by making the training process longer and more costly. (Reporting by Alana Wise in New York and Allison Lampert in Montreal; Additional reporting by Victoria Bryan in Paris; Editing by Joseph White, Bill Trott and Mark Potter) '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-airshow-paris-cae-idUSKBN19B0OL'|'2017-06-20T15:38:00.000+03:00'
'3f728540e939001d6d8cac31ed5aa627f14d4015'|'Neighbourhood social network Nextdoor expands into Germany'|'Technology News - Tue Jun 20, 2017 - 6:17am BST Neighborhood social network Nextdoor expands into Germany Nextdoor CEO Nirav Tolia poses for a portrait at the company''s headquarters in San Francisco, California February 11, 2013. REUTERS/Robert Galbraith By Eric Auchard - LOS GATOS, Calif. LOS GATOS, Calif. U.S. local social networking phenomenon Nextdoor is entering Germany, Europe''s largest market, the company said on Monday, following expansion moves last year into Britain and the Netherlands, where it has grown rapidly. San Francisco-based Nextdoor launched in 2011 and now covers more than 144,000 discrete U.S. neighborhoods, or roughly three-quarters of the country, the company estimates. Local residents can use the site to ask advice on everything from finding babysitters to organizing neighborhood sports clubs or even how to contend with household rodent invasions, via computer or mobile phone apps. Its local forums serve as conversation starters that help neighbors meet one another, forging real-world bonds instead of the virtual ones that connect friends as well as strangers on social networks such as Facebook, Snapchat or Twitter. "Most social media apps are about self-expression," Co-founder and Chief Executive Nirav Tolia said in an interview. "Nextdoor is about getting things done. It''s more of a utility." "If you lose your dog, your online friends can give you sympathy but your neighbors help you find it," he said. Nextdoor has raised over $210 million in funding from top-tier Silicon Valley venture capitalists, with its last financing round in 2015 valuing the company at more than $1 billion. Since expanding into Britain last year, Nextdoor has signed up users in 40 percent of UK neighborhoods, or about 11,000 in all. Similarly, it has drawn in members in 4,000 Dutch neighborhoods, covering about 44 percent of the country, Nextdoor said. The company has already been testing its service in 200 neighborhoods in Germany and aims to have thousands up and running by the end of this year, Tolia said. It has hired veteran internet executive Marcus Riecke, the one-time head of eBay''s German local selling site and CEO of StudiVZ, a successful early German rival to Facebook that ran out of steam around the start of this decade. Riecke will run Nextdoor''s national offices from Berlin. To join Nextdoor Germany, members must use their real names and confirm their home address at nextdoor.de . Conversations are only accessible among verified local neighbors and are not available via Google or other search engines. Nextdoor began generating revenue from its U.S. site this year by selling online advertising. The model is similar but more locally focused than the ads that finance Facebook or Google, reviving the tradition of local classified ads that has disappeared as the online era wiped out the economics of local newspaper circulars. (Reporting By Eric Auchard; Editing by Richard Pullin) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-internet-local-nextdoor-idUKKBN19B0D0'|'2017-06-20T13:12:00.000+03:00'
'bcbf8d1e23f91aac5404f4b50b7460132c64d258'|'France''s Total to go ahead with major Iran gas project - CEO'|'Business News - Tue Jun 20, 2017 - 7:02am BST France''s Total to go ahead with major Iran gas project - CEO FILE PHOTO: Total Chief Executive Officer Patrick Pouyanne attends a session of the St. Petersburg International Economic Forum (SPIEF) in St. Petersburg, Russia, June 1, 2017. REUTERS/Valery Sharifulin/TASS/Host Photo Agency/Pool/File Photo. By Ron Bousso and Dmitry Zhdannikov - LONDON LONDON Total will go ahead with development of a giant Iranian gas field this summer, its CEO told Reuters, in the first major western energy investment in the country since Tehran signed an international nuclear deal. Chief Executive Patrick Pouyanne said the French group would make an initial $1 billion investment after the United States extended sanctions relief for Iran under the 2015 agreement. Washington has warned that it could cancel the sanctions waivers if it believes Tehran is not curbing its nuclear programme in line with the deal with world powers. "It is worth taking the risk at $1 billion because it opens a huge market. We are perfectly conscious of some risks. We have taken into account (sanctions) snap-backs, we have to take into account regulation changes," Pouyanne said in an interview. The offshore field was first developed in the 1990s, and Total was one of the biggest investors in Iran until the international sanctions were imposed in 2006 over suspicions that Tehran was trying to develop nuclear arms. Total has decided to return and develop phase 11 of the South Pars project in the Gulf, which will cost up to $5 billion, at a time when President Hassan Rouhani has faced criticism at home over a lack of economic revival following the easing of sanctions under the nuclear deal. Though one of the world''s largest oil and gas producers, most major international giants including Royal Dutch Shell and BP have so far shown limited appetite to invest in Iran, due to uncertainty over contract terms and a sharp drop in global oil prices. U.S. President Donald Trump''s hard line on Iran has further cooled the investment climate, even though his administration extended the wide sanctions relief last month. "The U.S. waivers have been renewed and they will be renewed every six to eight months. We have to live with some uncertainty," said Pouyanne. Total holds a 50.1 interest in the South Pars project along with state-owned China National Petroleum Corporation, with 30 percent, and Iran''s Petropars with a 19.9 percent, he said. The French group has also made a number of significant investments in recent years in Abu Dhabi, Qatar and Brazil as Pouyanne sees the three-year downturn in the global energy market as an opportunity to clinch deals for cheap resources to secure strong growth. "REAL IMPROVEMENT" Total aims to achieve returns of above 15 percent on every new project it is enters into around the world. That includes South Pars, where terms discussed with the Iranian government would be significantly better than in the pre-sanctions period, Pouyanne said. Investors have complained that previous Iranian contracts allowed foreign companies little profit. Total worked on phases 2-3 of South Pars in the 1990s. The new Iranian Petroleum Contract (IPC) differs from its predecessor by offering the operator remuneration based on production rather than a simple percentage of the development costs, Pouyanne said. It also extends over a period of 20 years rather than seven or eight. "The IPC is a real improvement," he said. "We will not go to Iran if there is not a reward which is commensurate." With U.S. sanctions still in place prohibiting trading with Iran in dollars, Total will finance the project in euros from its own resources. Gas from South Pars will supply only the fast-growing domestic Iranian market and none will be exported, Pouyanne said. Total will be paid not in cash but in condensate, a very light crude oil which is a by-product of gas production. South Pars is part of a giant gas reservoir that straddles the territorial waters of Iran and Qatar, where Total is also a major player in gas production as well as in oil and refining. Tehran has indicated that the development of the project will not be hit by Qatar''s diplomatic isolation due to a dispute with Saudi Arabia and some of its Gulf Arab allies. Total is also considering a petrochemicals project in Iran which would require external financing from Asian banks, although this remains in less advanced stage, Pouyanne said. (Reporting by Ron Bousso; editing by David Stamp) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-iran-total-idUKKBN19B0GA'|'2017-06-20T14:02:00.000+03:00'
'64770a91557d3caa1d1b64d935abab5bd5d82b6d'|'MOVES-Global Financial Markets Association names Allison Parent executive director'|'Market News - Tue Jun 20, 2017 - 11:55am EDT MOVES-Global Financial Markets Association names Allison Parent executive director June 20 The Global Financial Markets Association, an organization made up of financial industry trade groups in Europe, Asia and the United States, appointed Allison Parent as its new executive director. Parent will be responsible for the day-to-day management of GFMA including policy initiatives, advocacy and communications efforts, the association said. Parent, who will be based in the Securities Industry and Financial Markets Association (SIFMA) office in Washington, was most recently the head of global policy and strategy at Barclays . (Reporting by Arunima Banerjee in Bengaluru) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/gfma-moves-allison-parent-idUSL3N1JH4H4'|'2017-06-20T23:55:00.000+03:00'
'284c72331de02d8261f56540ee7d33b9e52a110b'|'AB InBev kicks off sale of German beers Hasseroeder and Diebels - sources'|'Business News - Tue Jun 20, 2017 - 2:55pm BST AB InBev kicks off sale of German beers Hasseroeder and Diebels - sources A man walks past the logo of Anheuser-Busch InBev at the brewer''s headquarters in Leuven February 26, 2014. REUTERS/Francois Lenoir By Martinne Geller and Arno Schuetze - LONDON/FRANKFURT LONDON/FRANKFURT Anheuser Busch InBev ( ABI.BR ) has kicked off the process of selling its small German beer brands Hasseroeder and Diebels as it sheds non-core assets following last year''s blockbuster takeover of SABMiller, people close to the matter told Reuters. The world''s largest brewer, which owns the Budweiser and Stella Artois brands, has sent out first information packages to prospective bidders and has asked for first bids before the summer break, the people said. The sources, who declined to be identified, said the two German brands could fetch as much as 200 million euros (176.13 million pounds). They said AB InBev was working with Deutsche Bank ( DBKGn.DE ) and Lazard ( LAZ.N ) on the sale, which would follow its divestiture of SABMiller''s European brands, including Peroni, Grolsch and Pilsner Urquell, to Japan''s Asahi ( 2502.T ). An AB InBev spokesman confirmed the company was considering the future of the German brands, saying it continuously reviews its portfolio. "We are having discussions regarding the future development of the Diebels and Hasseroeder brands along with their two associated breweries with a limited number of investors that would be able to implement a more focused strategy for these brands," the spokesman said in an email. "It is very early days and we have nothing further to share at this stage." Lazard and Deutsche Bank declined to comment. Hasseroeder and Diebels, which have combined sales of about 140 million euros, are sold primarily in Germany with little international business. The brands are well integrated into AB InBev''s German activities and do not have standalone sales and marketing divisions, making an acquisition challenging for any potential buyer lacking a German presence, the sources said. German brewers such as Bitburger or Radeberger are expected to express interest in Hasseroeder, one of the best-selling brands in Eastern Germany, as well as for Diebels, which is famous for its top-fermented dark Altbier, drunk mainly in Duesseldorf and some neighbouring cities. The German beer market has grown increasingly competitive in recent years as consumer habits change and consumption slows, putting pressure on sales and profits. (Editing by David Clarke) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-ab-inbev-divestiture-germany-idUKKBN19B1XG'|'2017-06-20T21:55:00.000+03:00'
'9ff23744df879952c1d69c997f82b364186d0384'|'Ford to export next Focus from China to U.S. in 2019 - exec'|'Tue Jun 20, 2017 - 7:49pm BST Ford bets on low oil prices, moves Focus production to China The Ford logo is seen on a car in a park lot in Sao Paulo, Brazil June 2, 2017. REUTERS/Paulo Whitaker - RTX38PH6 By Paul Lienert and David Shepardson - DETROIT/WASHINGTON DETROIT/WASHINGTON Ford Motor Co ( F.N ) said Tuesday it will move some production of its Focus small car to China and import the vehicles to the United States in a long-term bet on low oil prices and stable U.S.-China trade relations despite recent tensions. The move suggests China could play a much larger role in future vehicle production for North America, perhaps eclipsing Mexico as a low-cost manufacturing source. Ford painted the production shift from Mexico to China, slated in mid-2019, as a purely financial move that will save the company $500 million in reduced tooling costs. But Ford also expects to ship about 80,000 vehicles to China this year, including the redesigned Lincoln Navigator that goes into production this fall at Ford''s Kentucky truck plant. Ford''s decision to import its first vehicles from China is also the first major manufacturing investment decision made by new Chief Executive Jim Hackett, who succeeded Mark Fields in May. Discussion about the small-car production shift from Mexico to China began "a couple months ago" under Fields, said Joe Hinrichs, president of global operations. The decision also signals a shift in strategy at Ford, which is responding to dwindling U.S. consumer demand for small cars in favor of more expensive and more profitable trucks and SUVs. Ford on Tuesday said it would invest $900 million at the Kentucky truck plant to build the redesigned Navigator and Ford Expedition. It has contingency plans to build more of the big SUVs at an Ohio plant if demand grows. In January, after U.S. President Donald Trump criticized Ford for shipping small-car manufacturing to Mexico, Ford said it would kill plans to build a $1.8-billion Focus plant in San Luis Potosi and instead produce the new Focus at an existing plant in Hermosillo. "The Ford decision shows how flexible multinational companies are in terms of geography," Commerce Secretary Wilbur Ross said in a statement. Although it is cheaper to build and ship cars to the United States from Mexico than China, "this was not a variable cost decision," Hinrichs said in a Tuesday morning briefing. "It allows us to free up a lot of capital" because Ford now has to retool only one plant - the existing Focus factory in Chongqing - rather than two to supply North America. The current Focus will be phased out of production in Wayne, Michigan in mid-2018, according to Hinrichs. The Wayne plant will begin building a new Ranger midsize truck in late 2018 and a Bronco midsize SUV in 2020. Ford executives told Trump last year that moving production to Michigan of bigger vehicles that were more profitable would secure the Wayne plant''s future - a decision later praised by Trump. No U.S. jobs will be affected by shifting Focus production to China, Ford said, adding that it employs more U.S. hourly workers and builds more vehicles in the United States than any other automaker. The United Auto Workers declined to comment. Hinrichs said "the capital saving outweighs the risk" of having to pay a potential border tax on the Chinese-built Focus. Ford U.S. Focus sales have fallen 22 percent this year, as low gas prices have helped spur more buyers into larger vehicles. Ford''s full-size F-series pick-up remains the best-selling U.S. vehicle by a wide margin. General Motors Co ( GM.N ) has been exporting Buick and Cadillac cars from China to the United States, as has Volvo Cars, a unit of Chinese automaker Geely ( 0175.HK ). Ford shares were down 0.8 percent at $11.15 in late trading. (Reporting by Paul Lienert in Detroit, additional reporting by Steve Holland; editing by Nick Zieminski)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-ford-china-idUKKBN19B1RO'|'2017-06-20T20:56:00.000+03:00'
'34bae58b202304faaffd89e0e2095828e71ca209'|'Russia''s UAC targets sales of more than 600 long-range planes'|'Business  37pm BST Russia''s UAC targets sales of more than 600 long-range planes By Matthias Blamont - PARIS PARIS Russia''s United Aircraft Corporation (UAC) ( UNAC.MM ) said on Tuesday it hoped a long-range, widebody plane it is developing with the Commercial Aircraft Corporation of China (COMAC) would sell more than 600 over a 20-year period. The jet represents a Russian and Chinese effort to compete in the lucrative widebody segment that is now divided between Europe''s Airbus ( AIR.PA ) and U.S. rival Boeing ( BA.N ). The maiden flight for the venture''s new plane is scheduled for 2023, with first delivery expected two years later. "We have big expectations with COMAC for this product," UAC President Yury Slyusar said at the Paris Airshow, adding that he was hopeful about selling more than 600 of the planes over 20 years. UAC was established by a 2006 presidential decree that consolidated Russia''s aviation assets and aimed to revive the fortunes of the nation''s plane business. It owns Russian brands such as Tupolev, Ilyushin and MiG, as well as Sukhoi''s commercial Superjet programme. Slyusar also called for the lifting of Western sanctions from Russia. "We are interested in eliminating, cancelling any sanctions, it would be very useful in the future," he said in later comments to Reuters. The measures were imposed by the European Union and the United States after Moscow''s annexation of the Crimea region of Ukraine in 2014. A Russian official earlier said Russian industry had adapted to sanctions by, for instance, building an indigenous capacity to produce parts that had previously come from European firms. (Editing by Edmund Blair)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-airshow-paris-uac-idUKKBN19B2MC'|'2017-06-21T01:37:00.000+03:00'
'a1b208026d8d59d3cccb67ed3191b73173ce16ce'|'IP Group offers to buy rival Touchstone for 466 million pounds'|'Business  22pm BST IP Group offers to buy rival Touchstone for 466 million pounds IP Group ( IPO.L ) said on Tuesday it made an offer of about 466 million pounds for rival intellectual property business company Touchstone Innovations Plc ( IVO.L ), about a month after its earlier bid was rejected. The latest all-share offer of 289 pence apiece was a discount of 0.56 percent to Touchstone''s closing price on Monday at the London Stock Exchange. If the deal concludes, IP Group shareholders would own about 67 percent of the combined company, while Touchstone shareholders would own the rest, IP Group said. As part of the expanded offer, the company said current Touchstone Chief Executive Officer Russ Cummings would join the board of the combined group. IP Group also said two non-executive directors on the Touchstone Board would become non-executive directors of the combined group. Touchstone rejected a 500 million pound all-share offer from IP Group in May. However, three of the firm''s largest shareholders wanted the company to engage with IP Group. Touchstone shares are down 1.4 percent since IP Group''s announced its initial offer. IP Group said it has received support from Touchstone shareholders representing, in aggregate, 74.3 percent of Touchstone''s issued share capital for the offer. (Reporting by Sanjeeban Sarkar in Bengaluru; Editing by Arun Koyyur)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-touchstone-m-a-ip-group-idUKKBN19B2JQ'|'2017-06-21T01:22:00.000+03:00'
'03856093e4ef6b00d9959f4b6b06d732904b1997'|'S&P could cut Britain''s rating again before Brexit terms known'|'Top News - Tue Jun 20, 2017 - 1:20pm BST S&P says could cut Britain''s rating again before Brexit terms known A statue of Winston Churchill is seen in front of Big Ben and the Houses of Parliament in London, Britain March 29, 2017. REUTERS/Hannah McKay By John Geddie and Dhara Ranasinghe - LONDON LONDON S&P Global may not wait until the terms of Britain''s divorce from the European Union are known before it takes action on its rating again, most likely resulting in another cut, its sovereign ratings chief told Reuters on Tuesday. The firm stripped Britain of its coveted triple-A rating after the Brexit vote last June, downgrading it by two notches to AA and assigning a negative outlook. Asked if it would wait until the end of the Brexit negotiations to take another ratings action on Britain, Moritz Kraemer said: "No, we don''t have to wait." "We will review the UK every six months... and if necessary more often... We will be watching the economic implications, the implications for the public finances, the constitutional implications like the whole Scotland situation... and things like the currency and if it will maintain its reserve status." Kraemer, speaking on the sidelines of a Euromoney conference, said the next rating action would most likely be a cut because of the negative outlook. Almost a year to the day since voters decided to leave the EU, the Brexit strategy debate within Britain has been opened up again by Prime Minister Theresa May''s unexpected failure to win a parliamentary majority in the June 8 ballot. Some analysts have argued a likely tie-up between her Conservatives and the DUP could ensure a softer stance because the small northern Irish party will not support a deal that creates a hard border with its Republic of Ireland neighbours. But Kraemer said this uncertainty over the government''s stance only raised the prospect for negotiations finishing with no deal - the most economically damaging outcome. "With dependence on the DUP, a customs union is becoming a bit more likely...But if we have a customs union then that means Britain cannot strike trade deals with other countries and that might create controversy with some in the Conservative party. "It might just come to nothing, that is the risk. That is how a hard Brexit would come about and we think that would be very detrimental for the UK economy." The inconclusive elections have also raised the prospect of another vote later this year, which Kraemer said would be a negative for the rating if it delayed Brexit negotiations. "There is no time to be wasted. If we have another hiatus with Brussels because of an election campaign going on, then that in itself would, all other things being equal, be negative." (Reporting by John Geddie; Editing by Dhara Ranasinghe and Hugh Lawson) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-eu-s-p-idUKKBN19B1CV'|'2017-06-20T18:48:00.000+03:00'
'da5fece0b0e82344a2ecd50730716b391406e162'|'Italy tries Europe''s patience with fumbled Veneto banks'' rescue'|'Market News - Fri Jun 23, 2017 - 1:39am EDT Italy tries Europe''s patience with fumbled Veneto banks'' rescue (Repeats late Thursday item without changes) * Intesa wants just healthy parts of Veneto lenders * Clean-up costs could be dumped on state * Rome criticised for bending rules on bank bailouts By John O''Donnell and Silvia Aloisi FRANKFURT/MILAN, June 22 A clumsy attempt by Italy to tackle problems at two Veneto-based banks by allowing a major lender to cherry-pick their prime assets for a pittance has left the government testing the boundaries of European law. With a deal expected within days, critics are concerned that Rome is exploiting loopholes to bend EU rules designed to prevent state bailouts. One European official privately admitted to "exasperation", after the European Central Bank and European Commission have tussled with Rome for years over how to solve its banks'' problems within EU law. On Wednesday, Italy''s biggest retail bank Intesa Sanpaolo laid down tough conditions to buy the healthy parts of the two Veneto banks for just 1 euro, a move that would force the state to foot the bulk of the bill. Intesa said it would only take the banks if they were stripped of bad loans and risks, prompting criticism from those who designed the EU regime to stop the state from having to shoulder losses in bank crises, passing them on to investors instead. That solution also contrasts starkly with Santander''s recent overnight rescue of a struggling lender in Spain, where it too paid just 1 euro but took on the smaller bank''s troubled loans and will raise billions to clean it up. Rome is taking advantage of a flexibility in European rules that permits routine insolvency proceedings for banks not considered systemically important, allowing the process to be handled by the state rather than EU authorities. One EU official said state aid in this case might be technically possible given that banks'' shareholders and junior bondholders are also going to take a hit. But critics said Italy was being allowed to cut corners. "The Italians do not respect the rules. The ECB and the Commission are too weak to enforce them," said Sven Giegold, a German member of the European Parliament. "This is destroying trust." Italy is the last country in the euro zone to get to grips with the problems of its banking sector, meaning it faces stricter ''bail-in'' rules - written by Giegold and others and introduced last year - that impose losses chiefly on bondholders and investors. With elections due next year and much of its banks'' debt in the hands of ordinary Italians, Rome wants to avoid this step. "The signals from Italy are very negative," said Volker Wieland, one of the German government''s economic advisors. Wieland accused Italy of "looking for exceptions" to the rules, warning that such an approach would discourage Germany from supporting any common European protection of deposits, a proposal made to underpin confidence in the region''s lenders. The ECB, which supervises Italian banks, and the EU Commission, which rules on whether state support can be allowed, have declined to comment on the Italian proposal, saying they await a formal announcement from Rome. NO HIDING PLACE At home too the tactics in Rome - after more than six years of procrastination through the country''s banking crisis - are raising questions. The government had hoped healthier Italian banks would club together to help the lenders, Banca Popolare di Vicenza and Veneto Banca. But most demurred, having already spent billions propping up ailing banks, including through the government-sponsored Atlante fund that pumped 3.4 billion euros into the Veneto banks and is now set to be wiped out. Others had problems of their own, such as Monte dei Paschi, which is being bailed out by the state using another exception to the EU rules. Most banks said the government should stop asking them to chip in, and use instead the 20 billion euros it set aside for bank rescues, negotiating terms with Brussels. Opposition politicians have been critical. "Intesa gets a free gift, the state takes on all the bad stuff and the taxpayer pays," said Renato Brunetta, parliamentary leader for former prime minister Silvio Berlusconi''s Forza Italia (Go Italy!) party, estimating the cost for the Italian state could be 5-6 billion euros. "Did we really need to take so much time to come up with such a rubbish solution?" Carla Ruocco, a prominent lawmaker of the 5-Star movement, echoed this view: "By wasting years, the government put itself in a bind." (Additional reporting by Gavin Jones in Rome and Francesco Guarascio in Brussels; writing by John O''Donnell; editing by John Stonestreet) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/eurozone-banks-italy-intesa-idUSL8N1JJ58Q'|'2017-06-23T13:39:00.000+03:00'
'7fa0a37130ec44ff7c09d9676a6fa9f0be6b1f0a'|'New Irish housing minister casts doubt over first-time buyers scheme'|'Business News - Sun Jun 18, 2017 - 2:02pm BST New Irish housing minister casts doubt over first-time buyers scheme FILE PHOTO: A crane is seen behind a row of residential properties in the Capital Dock area of Dublin, Ireland December 5, 2016. REUTERS/Clodagh Kilcoyne DUBLIN Ireland''s new housing minister said he is concerned a subsidy for first-time home buyers introduced last year may be pushing prices higher and failing to deliver the anticipated new supply amid newspaper reports that it will be scrapped. New Irish prime minister Leo Varadkar has accelerated a review of the "help to buy scheme" and said that if it was driving up prices, it would be phased out and replaced with incentives for increasing housing supply. The Sunday Times newspaper quoted a government source as saying the review would almost certainly find the scheme has been inflationary, leading to its removal. The Sunday Business Post also said it was due to be scrapped in October''s budget. "It is a concern of mine (that it may be inflationary), and it''s a concern that it perhaps hasn''t achieved the delivery on the supply side that we need and that''s why in my review I will be looking at direct supply side measures," Housing Minister Eoghan Murphy told national broadcaster RTE. "I''m going to look at everything. No decisions have been taken." The scheme, which provides a tax rebate for prospective homebuyers and is limited to new builds in an attempt to stimulate a chronic lack of supply, is due to run until 2019. House price growth has begun to accelerate again in Ireland in recent months, climbing 10.5 percent in the year to the end of April, drawing the concerns of EU institutions. (Reporting by Padraic Halpin, editing by Pritha Sarkar) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-ireland-housing-idUKKBN1990LC'|'2017-06-18T21:02:00.000+03:00'
'a91774af8af7d4194760ad619b3c804be2a3ae16'|'Reports of globalisation''s death greatly exaggerated, says BIS'|'Central Banks - Sun Jun 18, 2017 - 5:12pm BST Reports of globalisation''s death greatly exaggerated, says BIS FILE PHOTO: A man enters the Bank for International Settlements (BIS) in Basel December 5, 2013. REUTERS/Arnd Wiegmann By Marc Jones - LONDON LONDON Claims that globalisation has peaked are misplaced, the Bank for International Settlements, the central bank for the world''s central banks said on Sunday, although policymakers need to manage its side-effects carefully from here. The BIS said the pace of globalisation had been slowed by the global financial crisis, and that challenges created by an uneven distribution of wealth are known, but there was no basis to say it was going into reverse. "Arguments that question the benefits of globalisation have been receiving greater attention in the public debate," head of the BIS, Jaime Caruana, said in a pre-released chapter of its annual report. "This shows that we risk forgetting the lessons of the past and taking for granted the gains in living standards, productivity and prosperity achieved over the last half-century." The report said there was strong empirical evidence that globalisation was also not actually the main cause of increased within-country income inequality; technology was. Globalisation itself has seen "global value chain" trade between emerging markets more than double since 2001 with China alone now responsible for 19 percent of that compared to 7 percent at the start of the century. And although global trade is growing at a slower rate than the world economy for one of the only times since the mid-1800s, large multinational firms still account for around 90 percent of trade in the United States. Dollar-denominated credit to firms and governments in emerging markets has also doubled since the outbreak of the financial crisis to $3.6 trillion, as global interest rates have tumbled. Over the last two decades there has also been significant rise in the co-movement of global asset prices. For example, the correlation of advanced economy sovereign 10-year bond yields have more than doubled relative to the previous two. Some of the options the BIS report cites to address the problematic effects of globalisation include government policies to foster more adaptability, such as retraining programmes and employment initiatives in affected regions. Banking systems also have to be made strong enough so any financial busts can be cleared up quickly. It also called for globally applicable regulations and for beefed-up currency swap lines between the world''s big central banks. "Instead of retreating from the ties of global trade and finance, we should reinforce them. Instead of loosening them, we should make them more resilient," Caruana said. (For full report click www.bis.org) (Reporting by Marc Jones Editing by Jeremy Gaunt) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-markets-globalisation-bis-idUKKBN1990R9'|'2017-06-19T00:12:00.000+03:00'
'f02ef67eeb3cfe515c649e6925db376a64708462'|'GE says planemakers calling for more CFM engines'|'Business News - Mon Jun 19, 2017 - 8:38am BST GE says planemakers calling for more CFM engines PARIS Major planemakers are asking CFM International to provide an extra 800 engines between 2018 and 2020, spread between the current CFM56 model and the recently introduced LEAP model, the head of GE Aviation said on Monday. CFM produces engines exclusively for the Boeing 737 MAX family and competes with Pratt & Whitney to provide engines for the Airbus A320neo. It is co-owned by GE Aviation and France''s Safran. Speaking at the Paris Airshow, GE Aviation Chief Executive David Joyce declined to give a breakdown, but said CFM would quicken output of the LEAP engine to keep up with demand. "That means we slow down the reduction of CFM, come down that slope more slowly, at the same time as we come up the LEAP ramp-up faster," Joyce told reporters. CFM is sticking with plans to produce 1,400 CFM56 and 500 LEAP engines this year, he said. Next year it will produce 1,200 LEAP engines, in 2019 it will produce 1,900 and in 2020 it will produce 2,100 engines. "So it is game on and we feel we are ready," he added. Safran last year said that CFM aimed to reach an annual production rate of 2,000 engines by 2020. (Reporting by Tim Hepher; Editing by Mark Potter)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-airshow-paris-idUKKBN19A0S5'|'2017-06-19T15:38:00.000+03:00'
'd5921d0387d2fd2467fdc5ee3730b2315e1adde1'|'Oil prices fall on further rise in U.S. drilling, signs of slowing demand'|'Business   9:28pm BST Oil falls to seven-month low on more signs of growing crude glut FILE PHOTO: A worker walks past oil pipes at a refinery in Wuhan, Hubei province March 23, 2012. REUTERS/Stringer/File Photo By Scott DiSavino - NEW YORK NEW YORK Oil prices fell about 1 percent on Monday to a seven-month low as market players saw more signs that rising crude production in the United States, Libya and Nigeria undercut OPEC-led efforts to support the market with output curbs. "We''re seeing more tankers used for storage and more crude from West Africa and Europe being offered into the U.S. Gulf Coast at the same time the Gulf Coast has been an exporter of light sweet crude," said Andrew Lipow, president of Lipow Oil Associates in Houston. "These are all signs of an oversupplied market." Brent LCOc1 futures for August fell 46 cents, or 1 percent, to settle at $46.91 a barrel, their lowest since Nov. 29, the day before the Organization of the Petroleum Exporting Countries agreed to cut output for the first six months of 2017. U.S. West Texas Intermediate crude CLc1 futures for July dropped 54 cents, or 1.2 percent, to settle at $44.20 per barrel, the lowest close since Nov. 14. The July contract will expire on Tuesday, and August will become the front month. Both benchmarks are down more than 15 percent since late May, when producers led by OPEC extended by nine months their pledge to cut output by 1.8 million barrels per day (bpd). There were still almost 70,000 WTI contracts for July outstanding at the end of trade on Friday, which would require delivery of about 70 million barrels of oil to Cushing, Oklahoma after Tuesday''s expiration. "Some of the pressure on Monday is because it is hard to get rid of that many (WTI) contracts in just two days," said Phil Davis, managing partner at PSW Investments in Woodland Park, New Jersey, noting "very few traders actually want to take physical delivery." Traders noted the Brent front-month contract was at the highest premium since late May over the same WTI contract WTCLc1-LCOc1. OPEC supplies jumped in May as output recovered in Libya and Nigeria, two countries exempt from the production cut agreement. Libya''s oil production has risen more than 50,000 bpd after the state oil company settled a dispute with Germany''s Wintershall, a Libyan source told Reuters. Analysts said rising U.S. crude production has fed the global glut. Data on Friday showed a record 22nd consecutive week of increases in U.S. oil rigs. Investment bank Goldman Sachs said if the U.S. rig count holds, fourth-quarter domestic oil production would rise substantially. There are also signs of stalling demand growth in Asia, the world''s biggest oil-consuming region. Japan''s customs-cleared crude imports fell 13.5 percent in May from a year earlier. India took in 4.2 percent less crude in May than the year before. (Additional reporting by Libby George in London and Henning Gloystein in Singapore; Editing by Louise Heavens and David Gregorio)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-global-oil-idUKKBN19A029'|'2017-06-19T08:49:00.000+03:00'
'3d00a18cb3dffd31b7037649bec742b23169c6a0'|'Deals of the day-Mergers and acquisitions'|'(Adds Time Warner; Updates Liberty House Group, EQT)June 19 The following bids, mergers, acquisitions and disposals were reported by 2045 GMT on Monday:** U.S. oil and gas company EQT Corp said it would buy Rice Energy for $6.7 billion in its biggest deal ever, as it looks to expand its natural gas business.** Europcar has agreed to buy Europe''s largest low-cost car rental company Goldcar, the French group said, marking its fourth acquisition this year.** Britain''s Liberty House Group said it submitted a revised bid for troubled Australian steel group Arrium Ltd, after last week conceding defeat to a South Korean private equity syndicate.** Engie SA has agreed to buy a 40 percent stake in Dubai''s National Central Cooling Company (Tabreed) and help drive the company''s expansion in emerging markets such as Turkey, India and Egypt.** Scientific instruments maker PerkinElmer Inc said it would buy Germany''s Euroimmun Medical Laboratory Diagnostics AG for about $1.3 billion in cash to expand its reach into autoimmune and allergy diagnostic markets.** Finland''s largest construction company YIT will acquire rival Lemminkainen for 632 million euros ($707 million) in an all-share deal aimed at boosting growth, the firms said.** The High Court of the Marshall Islands has dismissed with prejudice a lawsuit brought by tanker firm Frontline to stop rival DHT selling a major stake to shipper BW Group , DHT said.** A group of investors led by U.S. private equity firm Apollo Global Management LLC and Ontario Teachers'' Pension Plan Board will buy a majority stake in job portal CareerBuilder. ** Standard Life''s 11 billion pound ($14.04 billion) deal to buy Aberdeen Asset Management was approved by both companies'' shareholders at meetings. (Compiled by John Benny and Arunima Banerjee in Bengaluru)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/deals-day-idINL3N1JG38H'|'2017-06-19T18:46:00.000+03:00'
'0c0e44520d033997d8782d3eb254d3585093dc8c'|'IMF says Japan needs to stick with fiscal, monetary stimulus'|' 04am BST IMF says Japan needs to stick with fiscal, monetary stimulus The International Monetary Fund logo is seen during the IMF/World Bank spring meetings in Washington, U.S., April 21, 2017. REUTERS/Yuri Gripas TOKYO The International Monetary Fund on Monday urged Japan to avoid withdrawing fiscal policy stimulus and to keep monetary policy accommodative to accelerate growth and achieve higher inflation. The real exchange rate is in line with medium-term economic fundamentals but Japan''s current account balance last year was slightly stronger than warranted by economic fundamentals, the IMF said. "The expiration of fiscal support in 2018 under current policies together with a smaller expansion in foreign demand would reduce growth to less than half of that in 2017," the IMF said in its annual Article 4 evaluation of Japan''s economy. "Without additional spending, the fiscal stance could become contractionary in 2018–20 due also to the scheduled consumption tax hike in October 2019." Japan also needs to move faster on reforms to increase productivity, diversify the labor market and increase corporate investment, the IMF said. (Reporting by Stanley White and Tetsushi Kajimoto; Editing by Chang-Ran Kim)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-japan-economy-imf-idUKKBN19A0FM'|'2017-06-19T13:29:00.000+03:00'
'5f1fa5936658299722808797f8093f3b0090a057'|'Airshow: Boeing lifts 20-year industry demand forecast to $6 trillion'|'Money News - Tue Jun 20, 2017 - 3:00pm IST Airshow: Boeing lifts 20-year industry demand forecast to $6 trillion A Boeing 737 Max takes part in a flyng display at the first day of the 52nd Paris Air Show at Le Bourget airport near Paris, France June 19, 2017. REUTERS/Pascal Rossignol By Tim Hepher and Victoria Bryan - PARIS PARIS Boeing revised up its rolling 20-year industry forecast for passenger and freight planes by 4 percent on Tuesday, though signs at the world''s biggest air show suggest a cooling of demand at the moment after years of red-hot growth. The U.S. planemaker continued to rack up orders at the Paris Airshow for a new version of its best-selling 737 aircraft, which was launched amid a flurry of deals. Leasing firm Aviation Capital Group (ACG), for example, said on Tuesday it had placed an order for 20 of the new 737 MAX 10 jets, worth a total of $2.5 billion at list prices. "It is getting a big endorsement from airlines and that is leading to more lessors endorsing it too," Ihssane Mounir, Boeing vice president for sales and marketing, told reporters. But analysts expect demand at the June 19-25 event to fall short of recent years, and some aviation companies themselves have cut back staff and hospitality at the show. Over the longer-term, though, Boeing sees an industry in rude health, forecasting 41,030 industry deliveries over the next two decades, up from 39,620 in a similar projection a year ago and topping $6 trillion in value. That includes a five percent increase in the 20-year forecast for deliveries of single-aisle aircraft like the Boeing 737 and Airbus A320 families, respectively the cash cows of the world''s two largest aircraft manufacturers. Boeing now expects 29,530 deliveries in the medium-haul single-aisle category, which is popular with low-cost airlines. Planemakers also see growing opportunities in aviation services. Boeing forecast that market could be worth $8.5 trillion over 20 years, growing at an average 4 percent a year. Air travel has been on a sharp uptrend, led by emerging economies as China looks set to replace North America as the world''s biggest transport market in coming years. But China''s growth is now slowing even though it remains above 6 percent a year. Boeing trimmed its 20-year forecast for average global traffic growth to 4.7 percent from 4.8 percent. Airbus took a similar step in its own 20-year forecast released earlier this month, while increasing the projection for total deliveries by 6 percent, compared with last year''s edition, to 34,899 aircraft. Boeing''s overall tally is a bigger number partly because it counts aircraft with 90 seats or more, whereas Airbus starts at 100 seats. BIGGER NOT BEST? In a symbolic change likely to rankle with its European rival, Boeing ditched its forecast for very large four-engined airplanes such as the Airbus A380 and its own 747-8. For the first time, it lumped these together with large two-engined jets such as the Boeing 777 and largest A350. Boeing has long argued that the "very large" category is on its way out as airlines switch to smaller twinjets. Both manufacturers have had to cut output of four-engined jumbos. "In fact, frankly, we look at the demand for really big airplanes and we find it hard to believe that Airbus will be able to deliver the rest of their A380s in backlog," Marketing Vice-President Randy Tinseth said in a briefing. Boeing also expects to deliver only "a handful" of 747-8 passenger jets. Airbus insists the double-decker A380 has a future due to airport congestion and predicts 5 percent of aircraft delivered over the next 20 years will be very large people carriers or freighters, even though its forecast has been revised lower. Despite slower growth in some of the hottest aviation markets, Boeing said it continued to see "resilient" demand with a long-term growth trend in traffic of 5 percent a year. Passenger travel tends to outpace the economy, reflecting growing numbers of people with some disposable income, while cargo is a barometer of trade and business confidence. Boeing predicted demand for 920 cargo planes, down 1 percent from its previous forecast. Much air cargo nowadays goes in the belly of wide-body passenger planes rather than freighters. (Additional reporting by Andrea Shalal, Matthias Blamont, Giulia Segreti, Mike Stone, and Alwyn Scott in Seattle; Writing by Mark Potter, editing by David Evans)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/airshow-paris-boeing-forecast-idINKBN19B12K'|'2017-06-20T17:30:00.000+03:00'
'dc56765da43b3b4ad08d18dfa9f15da8c14f47bf'|'Hinkley Point likely to be only new UK nuclear plant: SSE CEO'|'Deals - Mon Jun 19, 2017 - 1:47pm EDT Hinkley Point likely to be only new UK nuclear plant: SSE CEO Hinkley Point C nuclear power station site is seen near Bridgwater in Britain, September 14, 2016. REUTERS/Stefan Wermuth/File Photo By Geert De Clercq - ESTORIL, Portugal ESTORIL, Portugal The head of one of Britain''s top utilities said on Monday that EDF''s ( EDF.PA ) planned nuclear power station at Hinkley Point is likely to be the only one to go ahead in the UK. Alistair Phillips-Davies, chief executive officer of SSE ( SSE.L ) - an energy supplier and a former investor in new nuclear plants - said that nuclear power has a role to play in reducing carbon emissions, but that existing technologies may not be the right ones. "The bottom line in nuclear is that it looks like only Hinkley Point will get built and Flamanville needs to go well for that to happen," Phillips-Davies told Reuters at the Eurelectric utilities conference in Estoril. EDF is building the same type of European Pressurised Reactor (EPR) in Flamanville, France as it plans for Hinkley Point, but the project is years behind schedule and billions of euros over budget. French nuclear regulator ASN is set to give a provisional ruling next month on whether the plant can start up as planned in 2018, despite potential weak spots in its reactor vessel. "Technology needs to help to bring costs down, like in offshore wind. We need the same in nuclear," Phillips-Davies said, adding that reactor builders may need to look at smaller, more modular nuclear power stations. In an opinion piece published last year, Phillips-Davies said Britain does not need EDF''s Hinkley Point C nuclear plant to ensure the lights will stay on because alternative projects like new gas plants will be able to fill the gap. Asked whether the Toshiba-led NuGen ( 6502.T ) and Hitachi-led Horizon ( 6501.T ) consortia, which also plan to build nuclear power stations in Britain, would go ahead despite the bankruptcy of Toshiba-owned reactor builder Westinghouse, Phillips-Davies said "just looking from the outside, it looks tricky". "Toshiba looks like it has a lot of problems and whether Hitachi will view that as meaning that they do not want to have a go either, I think that is quite likely. I would not expect them to get done any time soon," he said. In April, Horizon formally applied for a site license for its project to build two nuclear reactors in Wylfa, Wales. Horizon has said it expects to make a final investment decision by the end of 2019. SSE had a 25 percent stake in NuGen until 2011. After Westinghouse moved into Chapter 11 protection earlier this year, Toshiba''s remaining partner Engie also pulled out of the project. (Editing by Alexander Smith) '|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-britain-nuclear-idUSKBN19A2KH'|'2017-06-19T21:47:00.000+03:00'
'1409a0deace7ca631d4f3d052312754df8ce3786'|'Hess to sell Permian EOR assets to Occidental for $600 million'|'By Ernest Scheyder - HOUSTON HOUSTON Hess Corp ( HES.N ) said on Monday it would sell its stake in enhanced oil recovery (EOR) projects in the Permian Basin of West Texas and New Mexico to Occidental Petroleum Corp ( OXY.N ) for $600 million in cash.The deal cements Occidental''s status as the dominant U.S. producer of oil via carbon injection, a process favored by environmentalists and oil producers alike, and one that could grow in popularity if Congress expands a tax credit this summer.The EOR process harnesses the carbon dioxide produced during the extraction of oil, from power plants or from natural sources, and forces it back into aging oil fields. That boosts the pressure underground and drives more oil to the surface.Occidental is not only buying out Hess''s stakes in carbon injection projects, but is also getting complete control of naturally occurring sources of underground carbon dioxide, a boost to the company''s bottom line. The cost of carbon is one of the largest expenses in EOR projects typically.For Hess, the deal gives it cash to further expand in North Dakota''s Bakken shale and the U.S. Gulf of Mexico, areas in which it already invests heavily. The deal is expected to close by August.Shares of Hess fell about 1 percent to $43.25 in morning trading.Separately, Occidental said it would sell remote acreage in the Permian for $600 million to undisclosed buyers and acquire other acreage closer to existing wells. The deals will effectively cut Occidental''s holdings in the Permian, America''s largest oilfield, by 13,000 acres.Occidental declined to disclose the buyer but said the deal was not connected to the Hess transaction. The company said the deals should help it, one day, to break even with oil prices CLc1 at $50 per barrel after paying its dividend.Oil on Monday traded near $45 per barrel."By monetizing assets in the tail of the portfolio that were not strategic to us, but are synergistic to other companies, we are creating value for our shareholders," Vicki Hollub, Occidental''s chief executive, said in a statement.Shares of Oxy fell a penny to $61.82 per share in morning trading.(Reporting by Ernest Scheyder; Editing by Bernadette Baum)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-hess-permian-occidental-idINKBN19A1V6'|'2017-06-19T11:54:00.000+03:00'
'9d446ad7ac33bbc1565c830a46cc6d51ba1fb0bb'|'Auto supplier Magna to manufacture BMW 5-series plug-in hybrids'|'Technology News   5:33pm IST Auto supplier Magna to manufacture BMW 5-series plug-in hybrids A BMW 5-Series Li car is displayed at the Shanghai Auto Show during its media day, in Shanghai, China April 19, 2017. REUTERS/Aly Song By Alexandria Sage - SAN FRANCISCO SAN FRANCISCO Canadian auto supplier Magna International Inc will produce BMW''s new 5-series plug-in hybrid at its Austrian factory, the company said on Monday, part of a strategy to produce electric cars on a contract basis for global automakers. The BMW 530 plug-in hybrid will be manufactured beginning this summer at Magna''s plant in Graz, Austria, where it already plans to produce Jaguar''s I-PACE SUV beginning in early 2018. Global automakers and their suppliers are investing heavily in fully-electric and gasoline-electric hybrid vehicles. Consumer demand is still low versus that for gasoline engine vehicles, but companies are beginning to offer more choices to respond to government mandates for greater sales of vehicles that emit little or no carbon dioxide, and prepare for a future experts believe will be dominated by electric vehicles. Rival tier-one auto supplier Continental AG, for example, said in April it was increasing spending by 300 million euros ($334.68 million) on new products such as charging systems and battery management components related to electric vehicles. Magna, North America''s largest automotive supplier and the third globally, is alone among the top auto suppliers to perform contract manufacturing for carmakers. Its Austrian plant can produce about 200,000 cars per year. Magna is currently building a new paint shop in Slovenia due to increased demand. A Magna spokeswoman would not comment on a statement by the Slovenian government in March that the auto supplier would potentially invest up to 1.24 billion euros in the country, including a car plant with capacity of 100,000 to 200,000 vehicles per year. Having contract manufacturing in its portfolio creates a niche for the company as automakers slowly bring more electrified vehicles to market over the next decade. For automakers, outsourcing the assembly can be an advantage on low-volume models to minimize capital expenditures and avoid tying up their own production lines. Swamy Kotagiri, Magna''s chief technology officer, said he sees contract manufacturing of electric vehicles as a "near-term opportunity" for the company, given that by 2025, 40 to 50 percent of all vehicles produced will include some electrification elements. "We are setting up knowing the penetration will be higher." Magna has also produced non-electric cars at its Austrian facility, including BMW''s Mini Countryman and Mercedes-Benz'' luxury G-Wagen SUV. Last month, Magna raised its full-year sales forecast on higher demand. ($1 = 0.8964 euros)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/magna-bmw-electric-idINKBN19A1JL'|'2017-06-19T10:03:00.000+03:00'
'fab848bcf319f92010a442a0323d76e13ab8ea72'|'AIRSHOW-Qatar Airways CEO sees no need for Boeing mid-market jet'|'Market News - Mon Jun 19, 2017 - 11:13am EDT AIRSHOW-Qatar Airways CEO sees no need for Boeing mid-market jet PARIS, June 19 Qatar Airways does not see any need for Boeing to make a mid-market jet, saying it could instead tweak the 787-8, the airline''s chief executive said on Monday. Boeing is studying a gap in the market between narrow-body jets and long-haul aircraft for a potential new plane that could seat 220 to 270 passengers. But Qatar Airways'' CEO Akbar al Baker said at the Paris Airshow that Boeing should not invest billions in a new jet. "They don''t need to reinvent the wheel, they only need to do some fine-tuning to this (787-8) aircraft and it can be a perfect middle-size airplane. (Reporting by Victoria Bryan; Editing by David Goodman) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/airshow-paris-qatar-airways-mid-market-idUSFWN1JG0GQ'|'2017-06-19T23:13:00.000+03:00'
'58aba7684f685add5359a286d0ade72769eca0de'|'Hammond names LSE economist Tenreyro as new BoE policymaker'|'Top News - Mon Jun 19, 2017 - 2:16pm BST Trade-focused academic Tenreyro picked as Bank of England policymaker A general view shows the Bank of England in the City of London, Britain April 19, 2017. REUTERS/Hannah McKay/File Photo By William Schomberg and Andy Bruce - LONDON LONDON Britain named Silvana Tenreyro, a trade-focused London School of Economics academic, as a Bank of England rate-setter on Monday at a critical time for the economy as Brexit talks begin. Tenreyro''s appointment also comes amid a deepening split over the need to raise interest rates for the first time since before the global financial crisis a decade ago. She will replace the strongest advocate for a rate hike on the BoE''s Monetary Policy Committee, meaning economists will scrutinise her opinions even more closely than usual. Tenreyro''s work has focused on issues including trade and wage growth, both of which are important factors for the BoE''s thinking as Britain prepares to leave the European Union and as pay increases have fallen behind inflation. Robert Barro, a Harvard University economics professor who steered Tenreyro through her doctorate, said she had been a great success -- particularly on research about the links between international trade and exchange rate regimes. "She is very knowledgeable about economic fluctuations and the role of monetary policy. So, I think she''s a great appointment," Barro said. Tenreyro - who has British, Italian and Argentine citizenships, according to her resume on the LSE website - was one of 280 economists who signed a public letter which said it would be a "major mistake" for Britain to leave the EU in the run-up to last year''s Brexit referendum. In an annual Financial Times survey of economists published in January, Tenreyro described a "difficult trade-off" for the BoE in balancing rising inflation and weak growth - echoing Governor Mark Carney''s language at the time. "The (next move in interest rates) could go either way. Certainly the terms for Brexit will affect where the economy ends up - and the subsequent actions of the BoE," Tenreyro said. She also thought Britain''s economy would expand around 1.5 percent this year, roughly in line with the BoE''s central forecast at the time. "My pessimism regarding Brexit has not moved much: I think it will have a negative impact on the UK economy and Europe more generally," Tenreyro said. She spoke about the risks of a "hard Brexit" in which Britain leaves the EU single market and imposes stringent immigration quotas. "The effects on the UK economy will certainly be negative -- many firms will need to rethink and reorganise production as they lose talented workers," she told the FT. REPLACING A HAWK Before working at the LSE, Tenreyro was an economist at the U.S. Federal Reserve Bank of Boston between 2002-04 and an external member of MPC at the Bank of Mauritius between 2012 and 2104, the ministry said. She replaces Kristin Forbes whose MPC term expires this month. Forbes was one of the three policymakers who voted last week to raise interest rates. The MPC''s five other members voted to keep rates on hold. Jordan Rochester, a foreign exchange strategist with Nomura in London, said it was unlikely that Tenreyro would immediately vote against the majority who remain in favour of keeping rates at 0.25 percent. "We would assume a slight swing to a more dovish vote," he said in a note to clients. The BoE is also seeking a replacement for former deputy governor Charlotte Hogg who quit in March after failing to report a potential conflict of interest involving her brother''s position at Barclays ( BARC.L ). The finance ministry said on Monday that Hogg''s replacement would be appointed in due course, restoring the MPC to its full quota of nine members. (Editing by Alexander Smith) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-boe-tenreyro-idUKKBN19A1DI'|'2017-06-19T19:52:00.000+03:00'
'd2fc52014856deb9fe5eed63e2f16b131b86fb3a'|'Blue Apron launches IPO roadshow under shadow of Amazon''s Whole Foods deal'|' 38pm BST Blue Apron launches IPO roadshow under shadow of Amazon''s Whole Foods deal left right Noodles are held in an undated photo illustration provided by New York-based meal kit delivery service Blue Apron. Blue Apron/Handout via REUTERS 1/2 left right Vegetables are seen in an undated photo illustration provided by New York-based meal kit delivery service Blue Apron. Blue Apron/Handout via REUTERS 2/2 By Lauren Hirsch and Sruthi Shankar Blue Apron Holdings Inc APRN.N began marketing an initial public offering (IPO) on Monday, as an already competitive meal-kit industry faces a potential threat from Amazon.com Inc''s ( AMZN.O ) plan to buy Whole Foods Market Inc ( WFM.O ). Blue Apron''s up to $510 million (400.57 million pounds) IPO will test whether the growth seen by the meal-kit industry''s greatest players will continue to whet investor appetite, even as costs to acquire new customers mount and possible new competitors with established distribution systems appear. Amazon, which said on Friday it would buy Whole Foods in a $13.7 billion deal, has dallied with both food delivery, through AmazonFresh, and meal kits, which deliver fresh ingredients and recipes to subscribers. Though its AmazonFresh programme is more advanced than its meal kits programs, both are still limited to certain metropolitan areas. "It''s going to take some time to figure out the impact of the acquisition on food delivery, and there are a lot more available ways to raise money when you''re public than when you''re private," said Kathleen Smith, a manager of IPO-focused exchange-traded funds at Renaissance Capital. New York-based Blue Apron, named after the uniform that apprentice chefs wear in France, delivers pre-packaged ingredients and recipes to subscribers'' doorsteps for them to prepare meals at home. It is the largest U.S. meal kit delivery service. The IPO price range it issued on Wednesday implies a valuation of up to $3.2 billion. This equates to roughly three times the company''s sales, and while Blue Apron has no publicly listed peer, some analysts pointed out that was higher than home good company Wayfair Inc''s ( W.N ) 1.8 times sales multiple. Both Wayfair and Blue Apron are quickly growing, unprofitable e-commerce companies considered to be the leader in their respective niches. Such a comparatively rich valuation indicates that Blue Apron, which was founded five years ago by Matt Salzberg, Ilia Papas and Matt Wadiak, believes its rapid growth will be sufficient to entice investors, despite having never turned a profit. Blue Apron posted a net loss of $54.9 million last year, even as revenue more than doubled to $795.4 million, as it poured money into logistics and marketing. It was valued at as much as $2 billion in a June 2015 private fundraising round. The timing of the Blue Apron IPO was not affected by the Whole Foods deal, a source close the company said. Blue Apron said in a regulatory filing on Monday that it was looking to sell 30 million Class A shares at between $15 to $17 per share, raising as much as $510 million. DISTRIBUTION CHALLENGES The meal-kit industry, which includes HelloFresh in Europe and Chefs Plate in Canada, is attempting to win consumers over from supermarkets by delivering fresh ingredients directly to subscribers without a middle man. The industry is also becoming more competitive, as companies have struggled to balance marketing costs with attractive prices. Food-delivery startup Maple announced it was shutting down earlier this year about a year after SpoonRocket made a similar announcement. Amazon first experimented with AmazonFresh in 2007, though has struggled with the same challenge facing all food delivery services: having a wide and cost-efficient distribution network for fresh food. With Amazon gaining access to Whole Foods'' roughly 400-store footprint, the e-commerce juggernaut would command a distribution network dwarfing that of any meal-kit service. Its automated warehouses rely on robots to manage everything from inventory tracking and replacement, making it a formidable player as it cuts cost. Blue Apron has fulfilment centres in Richmond, California, Jersey City, New Jersey, and Arlington, Texas and has also worked to increased its automation. Reuters reported in March that Blue Apron competitor, Sun Basket, which focuses on organic ingredients, has hired banks for an IPO that could come in the second half of the year. Bessemer Venture Partners, Stripes Group and Fidelity are among Blue Apron''s investors. Goldman Sachs, Morgan Stanley, Citigroup and Barclays are among the underwriters to its IPO. (Reporting by Lauren Hirsch in New York and Sruthi Shankar in Bengaluru; Editing by Sai Sachin Ravikumar and Meredith Mazzilli)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-blueapron-ipo-idUKKBN19A2QS'|'2017-06-20T03:38:00.000+03:00'
'dbdeee0821372015094ddb6075104954134d9600'|'Lion Air provisionally orders 50 Boeing 737 MAX 10'|'Market News - Mon Jun 19, 2017 - 10:42am EDT Lion Air provisionally orders 50 Boeing 737 MAX 10 PARIS, June 19 Indonesia''s Lion Air signed a provisional order on Monday for 50 newly launched Boeing 737 MAX 10 jetliners. The deal, signed at the Paris Airshow, is in addition to 387 single-aisle Boeing jets already ordered, and does not include conversions from existing models, Boeing officials said. Lion Air Chariman Edward Sirait told reporters at a signing ceremony the aircraft would be used for regional and domestic flights. (Reporting by Tim Hepher; editing by Richard Lough) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/airshow-paris-lion-idUSL8N1JG45H'|'2017-06-19T22:42:00.000+03:00'
'35f4d2469ecff79234910fd1e7475409ad4c660f'|'PerkinElmer to buy Germany''s Euroimmun for about $1.3 billion'|'Deals  53am BST PerkinElmer to buy Germany''s Euroimmun for about $1.3 billion Scientific instruments maker PerkinElmer Inc ( PKI.N ) said on Monday it would buy Germany''s Euroimmun Medical Laboratory Diagnostics AG for about $1.3 billion in cash to expand its reach into autoimmune and allergy diagnostic markets. The deal also offers new infectious disease capabilities to its customers in China, PerkinElmer said. The acquisition is expected to add about $0.28 to $0.30 per share to PerkinElmer''s 2018 adjusted earnings, it said, and reaffirmed its 2017 revenue and earnings per share forecast. Lubeck, Germany-based Euroimmun, which has about 2,400 employees, is expected to generate about $310 million in revenue this year, PerkinElmer said in a statement. The deal is expected to close in the fourth quarter of 2017, PerkinElmer said. (Reporting by Subrat Patnaik in Bengaluru; Editing by Gopakumar Warrier)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-euroimmun-m-a-perkinelmer-idUKKBN19A0U2'|'2017-06-19T15:52:00.000+03:00'
'7160c739df7a9ff0af0cb5843fafd3a18b6d9528'|'BPCL seeks 70,000 tonnes petrol to plug supply gap'|'SINGAPORE/BANGALORE India''s Bharat Petroleum Corp Ltd is seeking gasoline in a rare move, due to a scheduled, month-long shutdown of a crude unit and a continuous catalytic reformer (CCR), sources said on Wednesday.BPCL will shut a 100,000-barrel-per-day (bpd) crude unit for a month from July 29 and the CCR from August 6 at its 190,000-bpd Kochi refinery in Southern India, sources with knowledge of the plan said.The state-owned refiner is seeking 70,000 tonnes of 91.5-octane gasoline with a maximum 0.004 percent sulphur content in two equal lots for Aug. 8-10 and Aug. 20-22 arrival at Kochi, a tender document showed.It has an option to buy an extra 35,000 tonnes for Sept. 3-7 arrival at the same port through the same tender which closes on June 29, with offers to stay valid until July 3.BPCL''s unusual move to seek petrol came at a time when India''s top refiner Indian Oil Corp plans extensive maintenance work at its key refineries.(Reporting by Seng Li Peng in SINGAPORE and Arathy S Nair in BANGALORE; Editing by Amrutha Gayathri)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/gasoline-india-bpcl-idINKBN19C0UZ'|'2017-06-21T16:10:00.000+03:00'
'4d7d07674ae06644a75bb9a4025ea5d571867e3d'|'Bank of England''s Haldane says expects to vote for rate hike this year'|'Top News - Wed Jun 21, 2017 - 1:09pm BST Bank of England''s Haldane says expects to vote for rate hike this year A man stands outside the Bank of England in the City of London, Britain April 19, 2017. Sterling basked in the glow of a six-month high following Tuesday''s surprise news of a snap UK election. REUTERS/Hannah McKay By William Schomberg - LONDON LONDON The Bank of England''s chief economist, Andy Haldane, said he would likely vote for a rate hike later this year, striking a more hawkish tone than BoE Governor Mark Carney and adding to signs of a split at the central bank. The comments from one of the BoE policymakers who is usually considered supportive of keeping rates low pushed up the value of sterling by more than half a cent against the U.S. dollar and hit government bond and share prices. Last week, the BoE''s eight policymakers voted 5-3 to keep interest rates on hold at a record low, a closer outcome than expected by investors, triggering a spike in the pound. Haldane said he was likely to switch to supporting UK''s first rate hike in a decade soon, given the strength of the global economy and the resilience of Britain''s economy to last year''s Brexit vote. "Provided the data are still on track, I do think that beginning the process of withdrawing some of the incremental stimulus provided last August would be prudent moving into the second half of the year," he said in a speech published on Wednesday. In August last year the BoE cut interest rates to 0.25 percent and took other measures to give the economy a boost after signs of a sharp slowdown caused by the referendum decision in June to leave the European Union. In the end, Britain''s economy withstood the referendum shock better than expected in 2016, although it has shown signs of a slowdown since the start of this year as the fall in the value of the pound pushes up inflation and pinches consumer spending. In a speech delivered on Tuesday, BoE Governor Carney said he first wanted to see how the economy coped with Brexit talks in coming months before he would consider a rate hike. But Haldane listed several factors behind his shifting view. These included signs that British economic growth was less reliant on consumers, a recent jump in the country''s main inflation rate to 2.9 percent - far above the BoE''s 2 percent target - and signs in the bond market that "policy actions rather than words" were what counted for investors. Furthermore "any tightening in policy needs to be put in context," he said. "The first 25 basis-point rise in UK interest rates for 10 years seems like a momentous step. But it would still leave monetary policy highly accommodative by any historical metric." STILL SOME RISK OF SLOWDOWN Haldane said he had decided not to vote for a rate hike last week because there were few signs of wage growth picking up and because there was "still some chance" of a sharper-than-expected slowdown in the economy. "Both are reasons for monetary policy not to rush its fences. Nor does it need to do so, given the slow build of nominal pressures in the economy," he said. He also said the inconclusive outcome of Britain''s national election earlier this month - which cost Prime Minister Theresa May her majority in parliament - had "thrown up a dust-cloud of uncertainty", he said. "It is unclear what twists and turns lie ahead, with potentially important implications for asset prices and, at least potentially, confidence among businesses and consumers," Haldane said. "I do not think adding a twist or a turn from monetary policy would, in this environment, be especially helpful in building confidence, at least until the dust cloud has started to settle." (Reporting by William Schomberg; Editing by David Milliken and Andrew Heavens) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-boe-haldane-idUKKBN19C1DW'|'2017-06-21T19:10:00.000+03:00'
'5667eb5f96fb56eb0630c3d9aac829bb5acc8bac'|'BRIEF-Nuvectra files regulatory submission with FDA for Algovita MRI-conditional approval'|' 13am EDT BRIEF-Nuvectra files regulatory submission with FDA for Algovita MRI-conditional approval June 21 Nuvectra Corp * Nuvectra files regulatory submission with fda for Algovita MRI-conditional approval * Nuvectra -submission, pending regulatory approval from FDA, would position company to achieve MRI-conditional approval at or around year end 2017  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-nuvectra-files-regulatory-submissi-idUSASA09UK0'|'2017-06-21T19:13:00.000+03:00'
'2415de9a396173ae1ca96408548304ac208d7551'|'UPDATE 1-Finnish growth rises along with calls for government to reform economy'|'Market   4:45am EDT UPDATE 1-Finnish growth rises along with calls for government to reform economy (Adds comments, detail, government reforms) HELSINKI, June 21 Finland''s finance ministry lifted its growth forecasts on Wednesday, citing recovering exports, and called once again for the government to take advantage of the upswing to reform the economy and cut public debt. The euro zone''s northernmost member is returning to growth after a decade of stagnation sparked among other things by the decline of Nokia''s former phone business, rigid labour markets and a recession in neighbouring Russia. The ministry expects gross domestic product to grow 2.4 percent this year, 1.6 percent in 2018 and 1.5 percent in 2019 against forecasts in April for growth of just 1.2 percent in 2017, 1.0 percent in 2018 and 1.2 percent in 2019. "Conditions are improving for growth in exports as global export demand is rising and businesses are becoming more cost-competitive. After years of negative contribution, foreign trade will begin boosting GDP growth," a ministry statement said. However, the ageing population will mean an increase public spending and government debt after 2020, sending the debt-to-GDP ratio up from existing levels of about 64 percent, it said. "The upswing will not resolve structural problems in the economy. Long-term growth prospects are muted, with insufficient revenue to cover public spending over the long term," it said. The centre-right government, which this week survived a coalition crisis, is looking to implement a complicated health care and local government reform to cut future spending. However, it is set to fall short of its target to lift the employment rate to 72 percent from 69 percent by 2019, the ministry said, calling for more reforms to boost employment. (Reporting by Tuomas Forsell Editing by Jussi Rosendahl and Louise Ireland)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/finland-economy-financeministry-idUSL8N1JI1IU'|'2017-06-21T16:45:00.000+03:00'
'03754845d127729ef68a921abf545f194c256ff2'|'Nestle buys minority stake in U.S. ready meals group Freshly'|'Business News - Tue Jun 20, 2017 - 6:15am BST Nestle buys minority stake in U.S. ready meals group Freshly A Nestle company logo is pictured on a bar of Milky Bar chocolate in Manchester, Britain April 25, 2017. REUTERS/Phil Noble ZURICH Nestle said on Tuesday it has acquired a minority stake in U.S. group Freshly, a provider of direct-to-consumer freshly prepared meals, its latest step to improve the health profile of its sprawling portfolio. The Swiss food giant said it was lead investor in a round of new funding for Freshly, helping it gain access to the $10 billion market for prepared meals in the United States. It did not disclose financial terms. The investment will help Freshly build a new East Coast kitchen and distribution centre in 2018 as it prepares to expand its U.S. service nationwide. Nestle USA''s Food Division President Jeff Hamilton would join Freshly''s board of directors. Nestle said last week it may sell its roughly $900 million-a-year U.S. confectionery business, which includes Butterfinger and BabyRuth. (Reporting by Michael Shields; Editing by Edwina Gibbs) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-nestle-m-a-freshly-idUKKBN19B0CY'|'2017-06-20T13:15:00.000+03:00'
'03e5e462cdd16dd088a198a2e8e1c146503b5526'|'Rio Tinto confirms earlier recommendation of Yancoal offer for coal group'|'SYDNEY Rio Tinto ( RIO.L )( RIO.AX ) on Tuesday reconfirmed its earlier recommendation of Yancoal Australia ( YAL.AX ) as the preferred buyer of its Coal & Allied division."The Rio Tinto board has reconfirmed its recommendation that shareholders vote in favor of the sale of its wholly-owned subsidiary Coal & Allied Industries Ltd to Yancoal Australia Ltd," Rio Tinto said.The recommendation follows consideration by the board of a counter proposal from commodities group Glencore ( GLEN.L ) and a proposal from Yancoal comprising improved terms to its previously announced transaction, according to Rio Tinto.(Reporting by James Regan; Editing by Christian Schmollinger)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-rio-tinto-divestiture-glencore-idINKBN19B148'|'2017-06-20T07:51:00.000+03:00'
'91484cb92058af73d433359320333ca85904bb4b'|'PRESS DIGEST- British Business - June 20'|'Market News - Mon Jun 19, 2017 - 7:18pm EDT PRESS DIGEST- British Business - June 20 June 20 The following are the top stories on the business pages of British newspapers. Reuters has not verified these stories and does not vouch for their accuracy. The Times * Bruno Iksil, a former JP Morgan trader accused of being behind the American investment bank''s multibillion-dollar trading loss scandal, said that Jamie Dimon, the bank''s chief executive, had been involved in the ultimately loss-making trades that his desk had bought. bit.ly/2su0na6 * Greencoat Renewables, a wind farm operator is planning to breeze on to the London and Dublin stock exchanges with a 219 million pounds float. bit.ly/2stUKIX The Guardian * Silvana Tenreyro, an economics professor from the London School of Economics who warned against Brexit, has been appointed to the Bank of England''s interest rate-setting committee. bit.ly/2stV8H6 * ITV''s hunt for a chief executive has narrowed to a shortlist that includes Andrew Griffith, chief operating officer at Sky, Paul Geddes, chief executive of Direct Line, and Rob Woodward, the outgoing chief executive of STV. bit.ly/2sttk5V The Telegraph * Boeing has unveiled an enlarged version of its best-selling 737 airliner at the Paris airshow as the U.S. aerospace giant battles back against European arch-rival Airbus . bit.ly/2sttwCb * Orange SA is selling around a third of its stake in BT, just five months after the French state telecoms monopoly was released from a lock-up preventing a share sale. bit.ly/2stVzBi Sky News * Pension Protection Fund is putting the funds into the company which operates the M6 toll road, just days after it was sold to IFM Investors, its second group of Australian owners, according to Sky News. bit.ly/2stPyop * Jaguar Land Rover says it is hunting 5,000 recruits as it bids to bolster its UK workforce despite concerns about the implications of the Brexit vote. bit.ly/2stKtMV The Independent * Google says it will step up its efforts to stem online extremism by putting more resources into identifying YouTube videos that spread hate. ind.pn/2stWaTy * A survey of over 2,000 public and private sector employees conducted by Badenoch and Clark has revealed that two in five workers in the UK say that they have experienced workplace bias, and one in five have hidden their age, disability, social background or sexuality when applying for a job. ind.pn/2stCDCR (Compiled by Bengaluru newsroom; Editing by Bill Trott) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-press-business-idUSL8N1JG6B8'|'2017-06-20T07:18:00.000+03:00'
'84715312cab5bd9ca10c1f2a6f1a016f8f2d02b3'|'Boeing see 20-year demand for aircraft worth $6 trillion'|' 03pm BST Boeing gets boost from United and lifts demand forecast left A Boeing 737 Max takes part in a flying display. REUTERS/Pascal Rossignol 1/10 left right A Boeing 737 Max takes part in flying display at the 52nd Paris Air Show at Le Bourget Airport near Paris, France, June 20, 2017. REUTERS/Pascal Rossignol 2/10 left right A Boeing 737 Max takes part in flying display at the 52nd Paris Air Show at Le Bourget Airport near Paris, France, June 20, 2017. REUTERS/Pascal Rossignol 3/10 left right Boeing Commercial Airplanes President Kevin McAllister poses with a model of 737 MAX 10, during the 52nd Paris Air Show at Le Bourget Airport near Paris, France June 20, 2017. REUTERS/Pascal Rossignol 4/10 left right Visitors walk past the aircrafts on the static display during the 52nd Paris Air Show at Le Bourget Airport near Paris, France, June 20, 2017. REUTERS/Pascal Rossignol 5/10 left right Visitors walk past the aircrafts on the static display during the 52nd Paris Air Show at Le Bourget Airport near Paris, France, June 20, 2017. REUTERS/Pascal Rossignol 6/10 left right A Rolls Royce jet engine is seen on Boeing 787-10 on the static display during the 52nd Paris Air Show at Le Bourget Airport near Paris, France June 20, 2017. REUTERS/Pascal Rossignol 7/10 left right A CFM LEAP jet engine is seen on a Boeing 737 MAX on the static display during the 52nd Paris Air Show at Le Bourget Airport near Paris, France June 20, 2017. REUTERS/Pascal Rossignol 8/10 left right Visitors walk past the aircrafts on the static display during the 52nd Paris Air Show at Le Bourget Airport near Paris, France, June 20, 2017. REUTERS/Pascal Rossignol 9/10 left right Visitors walk past the aircrafts on the static display during the 52nd Paris Air Show at Le Bourget Airport near Paris, France, June 20, 2017. REUTERS/Pascal Rossignol 10/10 By Giulia Segreti and Matthias Blamont - PARIS PARIS Boeing ( BA.N ) won a key endorsement from United Airlines for the latest model of its best-selling 737 on Tuesday and struck an upbeat tone by raising its 20-year industry demand forecast despite signs the pace of growth is slowing. A day after the launch of the 737 MAX 10 at the world''s biggest air show in Paris, United ( UAL.N ) said it would convert an order for 100 other 737 MAX planes to the new model. Gerry Laderman, United senior vice president, said the MAX 10 had "the best economics of the family", a boost for a plane Boeing designed to plug a gap in its range at the top end of the market for single-aisle jets, following runaway sales of the rival Airbus ( AIR.PA ) A321neo. The United deal brought the number of MAX 10s covered by air show order announcements to a   total of more than 320, though more than half were conversions and net new orders and commitments for Boeing stood closer to 160. Despite the interest in the MAX 10, analysts expect passenger jet orders at the Paris Airshow to fall short of recent boom years, as airlines digest a flood of deliveries and manufacturers focus on production targets. But over the longer term, Boeing sees an industry in rude health, forecasting 41,030 passenger and freight plane deliveries worth more than $6 trillion over the next two decades, up from 39,620 in a similar projection a year ago. Boeing''s projection includes a 5 percent increase in the 20-year forecast for deliveries of single-aisle aircraft such as the Boeing 737 and Airbus A320 families, the cash cows of the world''s two largest aircraft manufacturers. Boeing now expects 29,530 deliveries in the medium-haul single-aisle category, which is popular with low-cost airlines. In a sign of that interest, aircraft leasing company Avolon announced a provisional deal to buy 75 Boeing 737 MAX 8s worth $8.4 billion at list prices and said it would have a "hard look" at possible orders for the MAX 10. Airbus agreed a provisional $5 billion deal with South American low-cost carrier Viva Air for 50 A320 jets, confirming a Reuters report. Boeing''s head of airplane developments also said he was "very optimistic" about the chances of establishing the business case for a mid-market jet project to open up new routes from the middle of the next decade. AVIATION SERVICES Air travel has been on a sharp uptrend, led by emerging economies as China looks set to replace North America as the world''s biggest transport market in the coming years. But China''s economic expansion is slowing, even though it remains above 6 percent a year. Boeing trimmed its 20-year forecast for average global traffic growth to 4.7 percent from 4.8 percent. Airbus took a similar step in its 20-year forecast earlier this month, though it raised its projection for total deliveries by 6 percent from last year to 34,899 aircraft. Boeing''s overall tally is higher partly because it counts aircraft with 90 seats or more, whereas Airbus starts at 100. With demand for new jets cooling, planemakers are seeing greater opportunities in aviation services. Boeing forecast that market could be worth $8.5 trillion over 20 years, growing at an average 4 percent a year. Airbus launched a digital services platform on Tuesday, which it said could crunch data to help airlines improve maintenance, reduce fuel burn and optimise routes. BIGGER NOT BETTER? In a symbolic change likely to rankle with its European rival, Boeing ditched its forecast for very large four-engined airplanes such as the Airbus A380 and its own 747-8. For the first time, it lumped these models with large two-engined jets such as the Boeing 777 and the largest Airbus A350. Boeing has long argued that the "very large" category is on its way out as airlines switch to smaller twinjets. Both manufacturers have had to cut production of four-engined jumbos. Airbus insists the double-decker A380 has a future due to airport congestion and predicts 5 percent of aircraft delivered over the next 20 years will be in that category. "They would do that, the 747-8 isn''t selling," Airbus sales chief John Leahy said of Boeing''s decision to ditch its separate forecast for the biggest planes. "We have no intention of sharing that market with them, albeit a smaller market than we might have thought." "Traffic is doubling," he said. "(Boeing''s) explanation is we''ll fly more flights. I''m sorry, but you can''t do it. You have to have bigger aircraft." (Additional reporting by Tim Hepher, Victoria Bryan, Andrea Shalal, Mike Stone, Cyril Altmeyer in Paris and Alwyn Scott in Seattle; writing by Mark Potter; editing by Alexander Smith and David Clarke)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-airshow-paris-boeing-forecast-idUKKBN19B0RE'|'2017-06-20T15:55:00.000+03:00'
'd44e24127b744453f25fcb760dc4e5afd1815bca'|'OPEC, non-OPEC compliance with oil cuts hits highest in May - source'|'Money News   10:30pm IST OPEC, non-OPEC compliance with oil cuts hits highest in May - source The OPEC logo is seen outside the group''s headquarters in Vienna, Austria May 24, 2017. REUTERS/Leonhard Foeger/File Photo LONDON OPEC and non-OPEC oil producers'' compliance with a deal to cut global output has reached its highest in May since they agreed on the curbs last year, reaching 106 percent last month, a source familiar with the matter said on Tuesday. OPEC compliance with the output curbs in May was 108 percent, while non-OPEC compliance was 100 percent, the source said. Another source confirmed compliance by all producers in May was 106 percent. "This is the highest compliance since the beginning of the deal," one of the sources said. The Organization of the Petroleum Exporting Countries and allies agreed to cut supply by about 1.8 million barrels per day (bpd) starting in January to get rid of a supply glut. A technical committee of OPEC and non-OPEC producers met in Vienna on Tuesday to monitor compliance with the pact. The producers agreed at a May 25 meeting to extend the accord until March 2018. But oil has declined sharply since then, with Brent crude falling to a seven-month low near $45 a barrel on Tuesday on persistent over-supply concerns. [O/R] With recovering production from Nigeria and Libya - OPEC members exempted from supply cuts due to losses caused by unrest - adding to supplies, some OPEC delegates are questioning whether the agreement is enough. But oil ministers, including Saudi Energy Minister Khalid al-Falih, are of the view that the market is heading in the right direction and needs time to rebalance. The panel, which met at OPEC''s Vienna headquarters, is the Joint Technical Committee (JTC) established in January to monitor adherence to supply cuts. Top OPEC producer Saudi Arabia is also a member of the JTC in its capacity as 2017 OPEC president. (Reporting by Reuters OPEC team; editing by Susan Thomas and Jane Merriman)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/oil-opec-compliance-idINKBN19B2H0'|'2017-06-21T01:00:00.000+03:00'
'9e042039e92f1df9b7c972fa55c22a4b6f94af5b'|'Tullow Oil names Les Wood as finance chief'|' 34am BST Tullow Oil names Les Wood as finance chief Africa-focused oil company Tullow Oil Plc ( TLW.L ) said it had appointed Les Wood as its finance head, after its Chief Financial Officer Ian Springett stepped down due to ill health. Tullow, which has production assets in Ghana and exploration acreage in Mauritania, Namibia and Zambia, named Wood, vice president of finance and commercial, as interim chief financial officer in January after Springett took an extended leave of absence for medical treatment. Wood, who joined Tullow in 2014, previously spent 28 years at BP Plc ( BP.L ), including in regional CFO roles in Canada and the Middle East. Springett, also an ex-BP regional finance head, had been in Tullow''s top finance job since 2008. (Reporting by Noor Zainab Hussain in Bengaluru, editing by Louise Heavens)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-tullow-moves-cfo-idUKKBN19B0IR'|'2017-06-20T14:34:00.000+03:00'
'295fb384c8db7766039227efdf19b8e83dc5d8eb'|'VW''s Slovak workers strike over pay, denting production'|'Autos - Tue Jun 20, 2017 - 7:16am EDT VW''s Slovak workers strike over pay, halt production lines FILE PHOTO: A Volkswagen (VW) logo is seen on a car''s front at a scrapyard in Fuerstenfeldbruck, Germany, May 21, 2016. REUTERS/Michaela Rehle/File Photo By Tatiana Jancarikova - BRATISLAVA BRATISLAVA Volkswagen ( VOWG_p.DE ) was hit by its first ever strike in Slovakia on Tuesday as workers began a walkout to demand a higher pay increase which could hurt the central European country''s manufacturing output. About 70 percent of VW''s 12,300 employees at its three factory facilities joined the protest, union chief Zoroslav Smolinsky said, adding that production would be hit. VW said the Bratislava plant halted production lines that make Volkswagen Touareg, Audi Q7, Volkswagen up!, Seat Mii, Skoda Citigo and bodies for the Porsche Cayenne. More than 99 percent of the plant''s output is exported. It said VW parts and machinery factories in towns of Stupava and Martin were working normally on Tuesday. The first strike at a major Slovak plant since the 1989 end of communist rule comes as economies across central Europe outpace western Europe, leading to a labor shortage that many companies worry will limit growth. On Monday, Slovak Prime Minister Robert Fico supported the strike action, which began as labor office data on Tuesday showed Slovakia''s unemployment rate fell to 7.4 percent in May, the lowest since the global financial crisis hit central Europe in 2008. "Why should a company making one of highest quality and most luxurious cars with a high labor productivity pay its Slovak workers half or one third of the amount it pays to the same workers in western Europe?" Fico said to reporters. But VW''s Slovak unit said last week that union demands for a bigger pay hike would endanger the plant''s competitiveness within the car group and also job stability. The VW workers are seeking a 16 percent pay hike and have refused management''s offer of a 4.5 percent raise this year and 4.2 percent raise next year, plus bonuses. "We deserve at least a double-digit raise," Smolinsky said. VW produced 388,687 cars in Slovakia in 2016. The company pays an average wage of 1,800 euros ($2,008) a month, double the national average. That figure is also higher than the average salary of 37,000 crowns ($1,577) that VW pays at its Czech carmaker Skoda Auto. Slovakia''s Finance Ministry has calculated 12 days of an uninterrupted strike would cut 0.1 percentage points off the country''s annual economic output. Growth is seen at 3.3 percent this year and above 4 percent in coming years, with the auto sector the most important driver. Slovakia, with a population of 5.4 million, makes more than a 1 million vehicles a year making it the biggest per capita auto producer in the world. Besides VW, Kia ( 000270.KS ) and Peugeot ( PEUP.PA ) have plants in Slovakia and Jaguar Land Rover [TAMOJL.UL] is building a plant due to open next year. Peugeot and Kia have raised wages at their Slovak plants by 6.3 percent and 7.5 percent, respectively. ($1 = 0.8963 euros) '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-volkswagen-slovakia-strike-idUSKBN19B10I'|'2017-06-20T17:10:00.000+03:00'
'd06389dc6049632f92e64ed45465ab252803d160'|'Bombardier to supply, maintain 750 coaches for South Western rail network'|'Business News - Tue Jun 20, 2017 - 9:33am BST Bombardier to supply, maintain 750 rail carriages for UK''s South Western A Bombardier logo is pictured on the company booth during the European Business Aviation Convention & Exhibition (EBACE) at Cointrin airport in Geneva, Switzerland, May 24, 2016. REUTERS/Denis Balibouse Canadian plane and train manufacturer Bombardier Inc ( BBDb.TO ) has signed a $1.14 billion contract to supply passenger trains to the two new operators of Britain''s South Western rail franchise. Bombardier Transportation will sell and maintain 750 Bombardier Aventra rail carriages to Britain''s FirstGroup ( FGP.L ) and Hong Kong''s MTR Corp ( 0066.HK ). FirstGroup, also operator of the Great Western franchise, will run the Southern Western franchise - trains to London from cities such as Bristol and Exeter - along with MTR from August 20. Bombardier will also enter a technical services and spares supply agreement for the duration of the seven-year franchise, with an option to extend it later, it said. Bombardier and Siemens ( SIEGn.DE ) have been identified in recent media reports as holding talks to unite their rail operations, although such a tie-up would be difficult because of anti-trust concerns and questions over which company would retain control of the combined venture. ($1 = 0.7845 pounds)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-bombardier-contract-britain-idUKKBN19B0LF'|'2017-06-20T15:11:00.000+03:00'
'7ede41d501b8db434795180b87fc932d3c6963e0'|'China''s Fosun raises offer for Fabergé owner Gemfields'|'Business News   2:11pm BST China''s Fosun raises offer for Fabergé owner Gemfields A company logo of Fosun International is seen at the Fosun Fair held alongside the annual general meeting of the Chinese conglomerate in Hong Kong, China May 28, 2015. REUTERS/Bobby Yip/File Photo China''s Fosun International ( 0656.HK ) has increased its offer for Fabergé owner Gemfields ( GEM.L ) to 256 million pounds, turning up the heat in a bid battle with the largest shareholder of the London-listed company. Fosun Gold, part of the acquisitive Fosun International conglomerate, said on Tuesday it had increased its offer for Gemfields to 45 pence per share from an earlier proposal of 40.85 pence per share. That trumps a rival offer of 38.5 pence per share from mining group Pallinghurst Resources Ltd ( PGLJ.J ) to buy the 52.91 percent of Gemfields it does not already own. Gemfields, which mines for emeralds and amethysts in Zambia and for crimson and pinkish-red coloured ruby and corundum in Mozambique, had rejected the offer from Pallinghurst, saying it "significantly undervalues" the company Pallinghurst has said it intends to delist Gemfields from London''s junior market. Gemfields said on Tuesday its independent committee considered the terms of Fosun''s offer were neither fair nor reasonable, but that in the light of Pallinghurst''s offer it intended to recommend shareholders to accept Fosun''s bid. Pallinghurst said on Monday it had valid acceptances for its bid from shareholders owning 61.25 percent of Gemfield''s shares, including its own stake. (Reporting by Noor Zainab Hussain in Bengaluru; Editing by Mark Potter)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-gemfields-m-a-fosun-intl-idUKKBN19B1TI'|'2017-06-20T21:11:00.000+03:00'
'bb15ed65003f6a531a3e913fc20f111a6d123260'|'Japan government-led group tells Toshiba to fix chip spat with Western Digital - sources'|'Internet  48am BST Japan government-led group tells Toshiba to fix chip spat with Western Digital: sources FILE PHOTO: A logo of Toshiba Corp is seen outside an electronics retail store in Tokyo, Japan, February 14, 2017. REUTERS/Toru Hanai/File Photo By Taro Fuse and Se Young Lee - TOKYO/SEOUL TOKYO/SEOUL A Japanese government-led consortium has told Toshiba Corp it needs to resolve its legal dispute with Western Digital Corp before it will invest in the firm''s chip unit, sources briefed on the matter said. The consortium is seen as one of the strongest suitors for the unit - the world''s No. 2 producer of NAND chips - as it would automatically have the government''s stamp of approval, but it is worried about legal risks if the spat is not settled, the sources said. The group includes a state-backed fund, the Innovation Network Corp of Japan (INCJ), the Development Bank of Japan (DBJ), as well as U.S. private equity firm Bain Capital and South Korean chipmaker SK Hynix Inc. Western Digital, which jointly operates Toshiba''s main chip plant, has sought a court injunction to prevent its partner from selling its chip business without the U.S. firm''s consent. Toshiba, which is seeking a minimum of $18 billion for its chip business, wants to complete the deal as quickly as possible to help cover billions of dollars in cost overruns at its now-bankrupt Westinghouse nuclear unit and to dig itself out negative shareholders'' equity that could lead to a delisting. The conglomerate had set its sights on choosing a preferred bidder at a board meeting on Wednesday, separate sources   said. It wants to reach a definitive agreement by June 28, the day of its annual shareholders meeting. But the sources added that the condition set by the government-led group could prompt Toshiba to postpone the vote. The sources declined to be identified as discussions concerning the sale were confidential. INCJ, DBJ and SK Hynix   A representative for Bain was not immediately available for comment. Toshiba said it would not comment on the auction process. Western Digital reiterated a June 15 statement by Chief Executive Steve Milligan in which he said that Toshiba was violating contractual rights and had left the U.S. firm no choice but to pursue legal action. The government-led consortium''s bid has been orchestrated in large part by the trade ministry which wants to keep the chip unit under domestic control. It has been seeking to counter a 2.2 trillion yen ($19.7 billion) from U.S. chipmaker Broadcom and its partner, U.S. private equity firm Silver Lake. Foxconn, the world''s largest contract electronics maker, is also a suitor. Formally known as Hon Hai Precision Industry, the Taiwanese firm is leading a consortium that includes Apple Inc and computing giant Dell Inc [DI.UL]. ($1 = 111.7400 yen)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-toshiba-accounting-idUKKBN19B0Y7'|'2017-06-20T16:47:00.000+03:00'
'd10854579c277db27d2dc8400aa95fe379ada2d6'|'German economy to grow by around 1.5 percent this year - BDI industry body'|'Business   8:04am BST German economy to grow by around 1.5 percent this year - BDI industry body FILE PHOTO: A Hapag Lloyd containership is loaded at the shipping terminal Altenwerder in the harbour of Hamburg, Germany August 15, 2016. REUTERS/Fabian Bimmer/File Photo/File Photo BERLIN Germany''s BDI industry association on Tuesday confirmed its forecast that German economic output would increase by around 1.5 percent this year as exports pick up but it warned that Europe''s largest economy should not rest on its laurels. "The good economic situation is not a free ticket to taking a rest," said BDI President Dieter Kempf. "Our success is due to a weak euro exchange rate, a moderate oil price and the European Central Bank''s expansive monetary policy," he said, adding that Germany''s influence on those factors was limited. Given global risks, the German economy needs to be made resilient to crises so record tax revenues and budget surpluses should not lead to tax cuts but rather be used to invest and to reform tax legislation. (Reporting by Rene Wagner; Writing by Michelle Martin)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-germany-economy-bdi-idUKKBN19B0KQ'|'2017-06-20T15:04:00.000+03:00'
'c19783533af14642c06abee0598b2a88152ce29e'|'EMERGING MARKETS-Emerging assets mostly fall; MSCI move lifts Chinese A-shares, Saudi'|'LONDON, June 21 Emerging equities fell for a second day on Wednesday, dragged down by weak oil prices and losses in Asian bourses that could see investment outflows as a result of MSCI''s decision to include China in a benchmark share index.MSCI said its emerging equity benchmark would include 222 China so-called "A" shares from next year, a move that could bring up to $18 billion into the country initially.The announcement pushed Shanghai and Shenzen markets 0.5 and 1.2 percent higher , while Saudi Arabian stocks, put on the watchlist for eventual inclusion into the index, enjoyed a 2-percent rallyThe Saudi market was also boosted by news that Prince Mohammed bin Salman, architect of the kingdom''s economic reforms, had been promoted to become crown prince. Investors saw this as reassurance that reforms – including selling a stake in oil firm Saudi Aramco - will continue.However, MSCI''s emerging equity index slipped 0.6 percent as Asian bourses in Hong Kong and Korea lost ground on anticipated selling by investors to make room for China.The other drag was the oil price fall, with Brent crude down almost 10 percent this month, hitting inflation expectations and potentially forcing the U.S. Federal Reserve to put rate-hike plans on hold. The U.S. bond curve has reacted, pushing spreads between five- and 10-year yields to the narrowest since 2007.Morgan Stanley analysts said the backdrop was a mixed one for emerging markets which have taken in new money for seven months in a row."The recent decline of oil prices suggests that global funding costs may stay low for longer, keeping yield searching investors pushing funds into EM assets," Morgan Stanley wrote."There is one caveat to consider in the short term. Over recent weeks U.S. inflation expectations have fallen faster than nominal yield, pushing U.S. real yields to their highest levels since March. Elevated real yield could provide a risk hiccup, explaining why the equity market traded lower overnight."Commodity exporters'' currencies extended losses, with the rouble down 0.7 percent to 4-1/2 month low against the dollar and the rand falling 0.5 percent.The Chinese yuan was flat, shrugging off potential MSCI-related inflow, with many feeling that capital outflows from China would eclipse foreign buying.HSBC analysts said the $18 billion that the market could initially receive was "not large" in the context of China''s balance of payments."The inflows may also not be enough to offset residents'' structural asset diversification outflows, which support our forecasts for a modest yuan depreciation to 6.9 by end-2017 and 7.0 by end-2018," HSBC added.On the bonds front, Russia successfully placed 10- and 30-year dollar bonds despite extended U.S. sanctions and both issues, sold at par, were holding up well, with the 30-year issue marked higher at 100.85/101.Sergey Dergachev, senior portfolio manager at Union Investments said the 30-year tranche was attractive, offering a 30-40 basis point premium over the Russian secondary market."So far generally there is good appetite for long-end bonds, look at Argentina''s 100-year deal," he said, referring to the "century" bond issue on Monday.For GRAPHIC on emerging market FX performance 2017, see tmsnrt.rs/2e7eoml For GRAPHIC on MSCI emerging index performance 2017, see tmsnrt.rs/2dZbdP5For CENTRAL EUROPE market report, seeFor TURKISH market report, seeFor RUSSIAN market report, see) Emerging Markets Prices from Reuters Equities Latest Net Chg % Chg % Chgon yearMorgan Stanley Emrg Mkt Indx 1002.30 -6.37 -0.63 +16.24Czech Rep 994.31 -3.90 -0.39 +7.89Poland 2284.66 -18.17 -0.79 +17.29Hungary 35790.72 -198.97 -0.55 +11.84Romania 8354.83 -21.67 -0.26 +17.92Greece 822.07 -4.94 -0.60 +27.72Russia 973.68 -7.35 -0.75 -15.50South Africa 44805.60 -164.89 -0.37 +2.06Turkey 98780.93 -488.34 -0.49 +26.42China 3156.38 +16.36 +0.52 +1.70India 31213.64 -83.89 -0.27 +17.23Currencies Latest Prev Local Localclose currency currency% change % changein 2017Czech Rep 26.29 26.29 +0.01 +2.74Poland 4.24 4.25 +0.08 +3.79Hungary 309.09 308.88 -0.07 -0.09Romania 4.59 4.60 +0.11 -1.20Serbia 121.64 121.66 +0.02 +1.41Russia 60.02 59.62 -0.66 +2.08Kazakhstan 327.06 322.61 -1.36 +2.01Ukraine 26.02 26.00 -0.08 +3.77South Africa 13.10 13.05 -0.37 +4.80Kenya 103.55 103.60 +0.05 -1.14Israel 3.55 3.54 -0.21 +8.56Turkey 3.54 3.54 -0.02 -0.46China 6.83 6.83 -0.01 +1.66India 64.65 64.54 -0.18 +5.10Brazil 3.33 3.33 +0.00 -2.20Mexico 18.24 18.18 -0.31 +13.58Debt Index Strip Spd Chg %Rtn IndexSov''gn Debt EMBIG 332 1 .00 7 87.26 1All data taken from Reuters at 08:34 GMT. Currency percent change calculated from the daily U.S. close at 2130 GMT. (Additional reporting by Karin Strohecker; Editing by Andrew Heavens)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/emerging-markets-idUSL8N1JI1C4'|'2017-06-21T16:57:00.000+03:00'
'c90a8d57b80210014657e7e291b6bf81ea7f6b6f'|'GRAINS-Wheat firms to linger near one-year high on U.S., French production concerns'|'SYDNEY, June 21 U.S. wheat rose for a fifth consecutive session on Wednesday as concerns over French and U.S. production due to unfavourable weather pushed prices to a near one-year high. FUNDAMENTALS * The most active wheat futures on the Chicago Board Of Trade rose 0.2 percent to $4.73-1/4 a bushel, having closed up 1.2 percent on Tuesday when prices hit a high of $4.75-3/4 a bushel - the highest since June 23, 2016. * The most active soybean futures rose 0.2 percent to $9.29-1/4 a bushel, having closed down 1.1 percent on Tuesday. * The most active corn futures rose 0.1 percent to $3.70-1/2 a bushel, having closed down 1.4 percent in the previous session when prices hit a low of $3.69-1/4 a bushel - the lowest since June 1. * The U.S. Department of Agriculture late on Monday rated 41 percent of the U.S. spring wheat crop as good to excellent, down from 45 percent a week earlier. Analysts surveyed by Reuters had expected an improvement. * A heatwave hitting France and southern Europe will damage this year''s wheat crops, mainly in top EU producer France and in Spain, while rainfall benefited crops in Germany, Poland and Britain where they are expected to be higher, analysts said. * The USDA late Monday rated 67 percent of the U.S. corn and soybean crops in good to excellent condition. The corn figure was steady with the previous week while the soybean figure was up 1 percentage point. MARKET NEWS * The dollar edged back from one-month highs against a basket of currencies early on Wednesday as a tumble in crude oil prices pushed down U.S. yields, while the pound wobbled near a two-month low after Bank of England Governor Mark Carney shot down hopes of a British interest rate hike. * Oil fell about 2 percent on Tuesday, with Brent settling at seven-month lows and U.S. crude at its cheapest level since September, after increased supply from several key producers overshadowed high compliance by OPEC and non-OPEC oil producers with a deal to cut global output. * U.S. stocks closed lower on Tuesday as a sharp drop in oil prices hurt energy stocks and retail stocks were pulled down by concerns about Amazon.com''s plan to boost its apparel business, while investors also worried about future Federal Reserve rate hikes. DATA AHEAD (GMT) 1400 U.S. Existing home sales May Grains prices at 0039 GMT Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 473.25 0.75 +0.16% +1.34% 439.17 80 CBOT corn 370.50 0.50 +0.14% -1.27% 374.13 40 CBOT soy 929.25 1.50 +0.16% -0.91% 940.52 44 CBOT rice 11.19 -$0.18 -1.58% -2.86% $11.04 48 WTI crude 43.48 -$0.03 -0.07% -1.63% $47.52 27 Currencies Euro/dlr $1.113 $0.000 +0.00% -0.13% USD/AUD 0.7569 -0.001 -0.13% -0.33% Most active contracts Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight RSI 14, exponential (Reporting by Colin Packham; Editing by Richard Pullin)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/global-grains-idUSL3N1JI090'|'2017-06-21T09:08:00.000+03:00'
'c89005eb49f031099386f98f5ff4428335e6d1f9'|'BRIEF-TSMC''s Nanjing subsidiary orders machinery equipment from Applied Materials'|'Market   5:06am EDT BRIEF-TSMC''s Nanjing subsidiary orders machinery equipment from Applied Materials June 21 Taiwan Semiconductor Manufacturing Co Ltd * Says its Nanjing subsidiary orders machinery equipment worth T$542 million ($17.78 million) Source text on Eikon: EMERGING MARKETS-Emerging assets mostly fall; MSCI move lifts Chinese A-shares, Saudi LONDON, June 21 Emerging equities fell for a second day on Wednesday, dragged down by weak oil prices and losses in Asian bourses that could see investment outflows as a result of MSCI''s decision to include China in a benchmark share index. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories Reuters News Agency - Brand Attribution Guidelines - Careers Reuters is the news and media division of Thomson Reuters . Thomson Reuters is the world''s largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Learn more about Thomson Reuters products:'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-tsmcs-nanjing-subsidiary-orders-ma-idUSS7N1I502K'|'2017-06-21T17:06:00.000+03:00'
'ecce2dc98c2f2472fed20dd44286119903f9d192'|'PRECIOUS-Gold edges up on falling equities, easing dollar'|'Market News - Wed Jun 21, 2017 - 4:12am EDT PRECIOUS-Gold edges up on falling equities, easing dollar * Dollar index edges away from 1-month highs * Silver close to near six-week lows touched on Tuesday * Spot gold may break resistance at $1,248 an ounce - technicals (Updates prices) By Nithin ThomasPrasad BENGALURU, June 21 Gold inched up on Wednesday after hitting its lowest in five weeks in the previous session, buoyed as equities fell and the dollar eased from one-month highs following a tumble in crude oil prices. A renewed slump in oil markets to seven-month lows put Asian investors on edge, and pushed down U.S. Treasury yields and the dollar index against a basket of currencies. "It''s mostly the dollar (supporting gold). It is a little bit weaker than yesterday''s closing," said Yuichi Ikemizu, Tokyo branch manager at ICBC Standard Bank. Spot gold was up 0.2 percent at $1,245.82 per ounce, as of 0801 GMT. U.S. gold futures for August delivery climbed 0.3 percent to $1,246.7 per ounce Gold is also being supported by a bout of short-covering following its recent weakness, said OCBC analyst Barnabas Gan. However, the possibility of another interest rate hike by the U.S. Federal Reserve this year is underpinning the bearish outlook for the yellow metal, he added. Meanwhile, the outlook for inflation and the future of financial stability are emerging as dueling concerns at the heart of a debate at the U.S. central bank over how fast to proceed on future interest-rate hikes. Dallas Fed President Robert Kaplan on Tuesday expressed doubt that short-term interest rates are very accommodative and said he wants to wait for more data to understand whether recent weak inflation readings are transitory as he suspects. Higher interest rates tend to boost the dollar and push bond yields up, pressuring gold prices by increasing the opportunity cost of holding non-yielding bullion. Spot gold may break resistance at $1,248 per ounce and rise towards the next resistance level at $1,251, as it has managed to stabilize around support at $1,243, according to Reuters technical analyst Wang Tao. "A lack of solid data this week globally won''t be helping gold''s direction in either way," said OANDA analyst Jeffrey Halley. Russia''s central bank posted an increase in gold reserves in May, the fifth consecutive month of gains. Among other precious metals, silver gained 0.1 percent to $16.47 per ounce, hovering near a six-week low hit in the previous session. Platinum slid 0.1 percent to $917.25 per ounce, while palladium was flat at $867.99 per ounce. (Additional reporting by Vijaykumar Vedala in Bengaluru; Editing by Joseph Radford and Sherry Jacob-Phillips)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/global-precious-idUSL3N1JI1KS'|'2017-06-21T12:49:00.000+03:00'
'ddd6c38a47888aa0e58ae3ad344ac6565ef0527a'|'Japan Inc says shrinking domestic market, worker shortage are biggest headaches'|'Business News - Wed Jun 21, 2017 - 12:13am BST Japan Inc says shrinking domestic market, worker shortage are biggest headaches FILE PHOTO : Job seekers walk into a job fair held for fresh graduates in Tokyo, Japan, March 20, 2016. REUTERS/Yuya Shino/File Photo By Tetsushi Kajimoto - TOKYO TOKYO Japanese firms say shrinking domestic demand is their biggest worry over the next three years while labour shortages are a close second, a Reuters poll found, highlighting the difficulties of coping with a dwindling and rapidly ageing population. Japan''s demographic challenges have for decades hindered efforts by policymakers to engineer a sustained economic recovery as the country''s greying consumers, lacking confidence in the future, tend to scrimp and save rather than spend. Asked what was their biggest concern over the next three years, 40 percent of businesses cited the country''s shrinking market, the Reuters Corporate Survey showed. "The domestic market isn''t expanding and there''s nothing we can do about it," wrote a manager at an auto sector firm in the survey conducted June 2-15. (GRAPHIC: Japan Inc wary about shrinking domestic demand - tmsnrt.rs/2rAEEfo ) But the problem of fewer customers is now being exacerbated by a lack of workers as population woes deepen, pressuring companies to raise wages and in some cases even cut back on services offered. Thirty-four percent of firms said the lack of workers was now their main concern. "We''re having trouble both in hiring new grads and with pulling in people mid-career, especially those with technical expertise," said a manager at a metals and machinery firm. Delivery firm Yamato Holding Co ( 9064.T ) is one of many firms that has grabbed headlines recently, announcing in April it would cut delivery volumes and hike prices because it did not have enough workers. The country''s working-age population has dropped 11 percent since its peak in 1995 to 77.2 million in 2015 and is projected to tumble to 45.2 million by 2065. While most firms said they could secure sufficient staff over the next three years, 26 percent thought they wouldn''t be able to. By sector, IT services firms, transport as well as other services were the most pessimistic with 40-45 percent of companies worried they would be left short of employees. To secure sufficient labour, 48 percent said they would expand training and investment in human resources, a quarter saw wage hikes as a way to go, while 13 percent plan to hire foreign workers. Worries about domestic demand and the lack of workers far outstripped other corporate concerns. Trade stagnation due to protectionism only garnered 9 percent of the votes, while deflation, a state of falling prices that has long been the bete noire of Japanese authorities, gained just 5 percent. The survey, conducted monthly for Reuters by Nikkei Research, polled 526 big and mid-sized businesses, who reply on condition of anonymity. Between 200 and 240 companies answered questions on their three-year outlook. COOL ON CHINA CAPEX The poll also showed that 48 percent plan to expand domestic capital spending over the next three years, while 46 percent said they would keep it at current rates. The remaining 6 percent said they were taking a cautious stance. Those results underscore a firm, although not exactly robust, trend for Japan business investment - one that is being driven in part by the need for companies to invest in labour saving technology as they seek to offset the shortage of workers, said Hidenobu Tokuda, a senior economist at Mizuho Research Institute, who reviewed the survey results. Japanese companies were, however, much more cautious about boosting investment in their main overseas markets. Over the next three years, only 12 percent plan to boost capital spending in China and only 18 percent aim to do so in the United States. "We''ll reduce the weighting of China in our investment strategy. It''s easy to expand sales there given the size of China''s market, but it''s hard to raise profits due to regulations, licenses, high labour costs and opaque business practices," wrote a manager at an electrical machinery firm. The outlook for investment in the rest of Asia was somewhat brighter with 38 percent expecting to lift investment. (Reporting by Tetsushi Kajimoto; Additional reporting by Izumi Nakagawa; Editing by Malcolm Foster and Edwina Gibbs)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-japan-companies-outlook-idUKKBN19B3A9'|'2017-06-21T07:13:00.000+03:00'
'a58715c9898ad137eb07c4baf38e5b8e5ea5762d'|'South Africa''s Barclays Africa to challenge anti-graft report findings'|'Business News - Wed Jun 21, 2017 - 6:33am BST South Africa''s Barclays Africa to challenge anti-graft report findings JOHANNESBURG South African lender Barclays Africa on Wednesday said it will challenge findings in an anti-graft watchdog report that it unduly benefited from an apartheid-era bailout. "This is due to numerous misrepresentations and factual inaccuracies which form the basis of the Public Protector''s findings, and what we submit are the irrational and unreasonable legal conclusions in the report," the bank said. (Reporting by Tiisetso Motsoeneng) Asia firms'' confidence at three year-high on brighter global outlook - Thomson Reuters/INSEAD SHANGHAI Business confidence in Asia rose to a three-year-high in the second quarter of the year, propelled by a slew of favourable economic data across the region and easing concerns over the health of China''s economy, a Thomson Reuters/INSEAD survey showed. Toshiba picks Japan government-Bain group to buy chip unit, big hurdles remain TOKYO Toshiba Corp has chosen a consortium of Japanese government investors and Bain Capital as the preferred bidder for its chip business, aiming to seal a deal worth some $18 billion by next week as it scrambles for funds to cover massive losses. LONDON Foresight Group has made its first foray into battery energy storage, buying a 35 megawatt (MW) project in Britain, the infrastructure and private equity investment manager said on Wednesday. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-barclays-group-corruption-idUKKBN19C0FM'|'2017-06-21T13:33:00.000+03:00'
'5a004e03f612c7118eeb99363a6358b7aace19f9'|'UPDATE 1-Brazil Senate committee shuns labor reform draft, markets drop'|'Company News  41pm EDT UPDATE 1-Brazil Senate committee shuns labor reform draft, markets drop (Recasts, adds lawmaker comments and context) BRASILIA, June 20 A Brazilian Senate committee on Tuesday rejected a preliminary draft text on President Michel Temer''s plan to revamp labor laws, in an unexpected blow to his administration that does not kill the proposal but shows weakening support for his reform agenda. The proposal, rejected in the social affairs committee by 10 to 9 votes, now moves to the constitutional and justice committee before its heads to the floor for a full vote, said Ricardo Ferraco, the senator drafting the bill. Ferraco has said he expected the bill to be approved by late June. The surprise setback comes as Temer fights off allegations that he took millions of dollars in bribes from the world''s largest meatpacking company JBS SA. Brazil''s benchmark Bovespa stock index accelerated losses on the news, shedding 1.77 percent at 1:29 p.m. l (1629 GMT). The country''s currency, the real, weakened to a one-month low of 3.33 reais to the dollar. (Reporting by Maria Carolina Marcello; Writing by Alonso Soto; Editing by W Simon)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brazil-politics-idUSL1N1JH12V'|'2017-06-21T00:41:00.000+03:00'
'65d68a76475edfc2c8b296b045930d658946f594'|'PRESS DIGEST- Financial Times - June 21'|'June 21 The following are the top stories in the Financial Times. Reuters has not verified these stories and does not vouch for their accuracy.HeadlinesTime runs out for Tory-DUP deal ahead of Queen''s Speech on.ft.com/2so61fkEast European immigration to UK hits decade low on.ft.com/2socqHpPhillip Hammond insists he will stick with austerity on.ft.com/2so2sGbBarclays and former executives charged with crisis-era fraud on.ft.com/2snSrILEmpty stores rise as retailers focus on prime sites on.ft.com/2snTkkSOverviewBritish Prime Minister Theresa May will begin the delicate task of running a minority government on Wednesday, after talks with Northern Ireland''s Democratic Unionist party failed to produce a deal in time.The number of eastern Europeans applying to work in Britain has fallen to its lowest level in over a decade, researchers at the Oxford Migration Observatory at the University of Oxford have found.Chancellor Philip Hammond said on Tuesday he is not preparing a tax and spending spree and will stick to his target of balancing the government''s books by 2025, even as he admitted voters in June''s general election were "weary after seven years of hard slog" after the financial crisis.Barclays Plc and four former top executives, including former CEO John Varley, were charged by UK authorities on Tuesday with fraud related to the emergency cash injections that saved the bank from a government bailout at the height of the 2008 financial crisis.UK retailers are becoming concentrated in fewer, "prime" locations as online shopping depletes demand for premises and the number of empty shops rises, according to a study by estate agency Colliers. (Compiled by Bengaluru newsroom; Editing by Sandra Maler)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-press-ft-idUSL3N1JH5NR'|'2017-06-21T07:54:00.000+03:00'
'8b456b2a80d1f6f7131587bf00d4921b227efa5e'|'About 10-15 injured by turbulence on United flight to Houston'|'AUSTIN, Texas At least nine passengers and one crew member were injured by turbulence on a United Airlines flight between Panama City and Houston on Tuesday, the airline said."Paramedics met the aircraft to provide medical care, and initial reports are that nine customers and one crew member were transported to the hospital for evaluation," the airline said in a statement about its flight 1031.There have been no reports on the condition of those taken to hospital."United Flight 1031, a Boeing 737, reported encountering severe turbulence in Mexican airspace, about 80 miles (130 km) east of Cancun," Federal Aviation Administration spokesman Lynn Lunsford said in an email.He said the aircraft landed safely at Houston''s George Bush Intercontinental Airport just after 2:30 p.m.(Reporting by Jon Herskovitz; Editing by Sandra Maler and Leslie Adler)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-ual-turbulence-idUSKBN19B33A'|'2017-06-21T04:49:00.000+03:00'
'3342905f95f56723978aacdcb48eb312f2eee409'|'Nikkei nears two-year high as U.S. hi-tech rebound boosts mood'|'Top News - Tue Jun 20, 2017 - 4:40pm BST Global stocks retreat as oil price slumps on supply worry left right Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., June 2, 2017. REUTERS/Brendan McDermid 1/3 left right An oil tanker stands attached to a mooring station near a refinery in Bayonne, New Jersey August 24, 2011. New York will mark the 10th anniversary of the attacks on the World Trade Center with ceremonies on September 11. REUTERS/Lucas Jackson 2/3 left right Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., June 2, 2017. REUTERS/Brendan McDermid 3/3 By Chuck Mikolajczak - NEW YORK NEW YORK World stock markets lost ground on Tuesday, pressured by a sharp drop in oil prices to their lowest in more than a year, while the U.S. dollar strengthened on hawkish comments from U.S. Federal Reserve officials. Brent crude touched its lowest level since April 2016 and WTI hit its lowest since February 2016 following news of increases in supply by several key producers. [O/R] That slide weighed down energy stocks on Wall Street and in Europe. The S&P energy index dropped 1.9 percent as the worst performing of the 11 major S&P sectors and Europe''s oil & gas sector slumped 2.1 percent. "What is amazing about this market is that we have been able to make new all-time highs with energy basically back to what it was doing in 2014 and 2015," said Marc Chaikin, chief executive of Chaikin Analytics in Philadelphia. The Dow and benchmark S&P500 had hit fresh records on Monday, buoyed by a rebound in the tech sector. Chaikin sees the 2,450 level on the S&P 500 as a strong resistance point the market is having difficulty climbing over, "given that earnings season is over and we are just sort of wavering between various stimuli." The Dow Jones Industrial Average .DJI fell 2.1 points, or 0.01 percent, to 21,526.89, the S&P 500 .SPX lost 7.26 points, or 0.30 percent, to 2,446.2 and the Nasdaq Composite .IXIC dropped 13.97 points, or 0.22 percent, to 6,225.05. The pan-European FTSEurofirst 300 index .FTEU3 lost 0.43 percent and MSCI''s gauge of stocks across the globe .MIWD PUS shed 0.44 percent. U.S. crude CLcv1 fell 2.99 percent to $42.88 per barrel and Brent LCOcv1 was last at $45.67, down 2.64 percent. The U.S. dollar strengthened for a second day as Federal Reserve officials maintained a hawkish tone on hiking interest rates. On Monday, New York Fed President William Dudley said halting the rate-hiking cycle now would imperil the economy. That was followed by Boston Fed President Eric Rosengren, who said on Tuesday the era of low interest rates in the United States and elsewhere poses financial stability risks. [nL1N1JG15M][nN9N1IS003] The dollar index .DXY, tracking the unit against other key world currencies, rose 0.31 percent, with the euro EUR= down 0.22 percent to $1.1124. The greenback is up nearly 1 percent for the month. Sterling GBP= was last trading at $1.261, down 0.96 percent on the day. Bank of England Governor Mark Carney doused speculation that he might soon back higher interest rates, telling bankers on Tuesday that he first wanted to see how the economy coped with Brexit talks in coming months. [nL8N1JH1BB] Benchmark 10-year notes US10YT=RR last rose 6/32 in price to yield 2.1687 percent, from 2.188 percent late on Monday. [nL1N1JH0L8] (Editing by Bernadette Baum)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-global-markets-idUKKBN19B022'|'2017-06-20T08:55:00.000+03:00'
'6ed09c0de75628f38623b7b70aec88fc58533a80'|'Britain''s embattled fraud office bares teeth with Barclays charges'|'* SFO charges Barclays and four former top executives* Comes weeks after ruling party pledged to abolish agencyBy Kirstin RidleyLONDON, June 20 Britain''s Serious Fraud Office has defied critics who accuse it of failing to pursue top executives by criminally charging Barclays and four former senior managers, a month after the ruling party pledged to abolish the crime-fighting agency.Prime Minister Theresa May''s Conservatives pledged in the election manifesto to fold the independent investigator and prosecutor into the broader National Crime Agency to "strengthen Britain''s response to white-collar crime".That proposal drew criticism from lawyers and anti-corruption group Transparency International, which called it an "ill-conceived manifesto one-liner" and said the SFO had enjoyed increasing success in recent years.The fraud charges brought by the agency on Tuesday were over undisclosed Barclays payments to Qatari investors during emergency fundraisings in 2008 that saved the bank from a state bailout."Taking on Barclays, one of the largest banks in the world, and its most senior officials who literally were at the very top, sends a very strong message that the SFO is now fearless in terms of the companies and individuals it pursues," said Sarah Wallace, a partner at law firm Irwin Mitchell.The U.S. Department of Justice has long had a tougher reputation for pursuing multinational companies and individuals to face justice in the United States, often targeting wrongdoing outside its borders.In contrast the SFO, which has a tight annual budget of around 35 million pounds ($44 million) and has to request extra funding from the government for its top cases, has been often criticised by lawmakers over its efforts to bring companies and senior individuals to book.Some lawyers have also criticised the agency for prosecuting junior traders in its high-profile investigations into the manipulation of Libor benchmark interest rates - although SFO head David Green has said the agency merely follows the evidence.The Barclays prosecution could buy the agency more time, said Michael Potts, a lawyer at Byrne and Partners."It certainly may make it more difficult for the government to abolish the SFO at a time when they are spearheading such a high-profile case," he added."Many will be surprised that they (the SFO) have sought to take on Barclays and no doubt an army of defence lawyers but it is indicative of a more emboldened SFO that they have sought to take on such a high-profile and possibly difficult case."A spokeswoman for the Cabinet Office, which supports the Prime Minister and is responsible for the day-to-day running of the government, declined to comment when asked whether the Barclays charges had altered May''s plans for the SFO.The government''s Queen''s Speech, in which it traditionally spells out legislative programme, has been delayed after May lost her parliamentary majority in a June 8 election. It is now due on Wednesday.''BETTING THE FARM''Green, who is due to step down next April after a six-year stint running the SFO, was forced in 2015 to scrap his first corporate prosecution - that of Olympus Corp over a $1.7 billion accounting scandal - because judges ruled the SFO''s criminal charge could not be brought against a company.The corruption trial of British Canadian businessman Victor Dahdaleh collapsed in 2013 and the acquittal of eight former bankers over the last 15 months, charged with manipulating Libor, also dealt a blow to the agency.But a series of recent deferred prosecution agreements (DPAs) with companies such as retailer Tesco and engineering group Rolls-Royce, and combined fines of around 630 million pounds, have been welcomed in parliament.Some lawyers are questioning if it is in the public interest to prosecute a bank over conduct a decade ago, leaving current shareholders and employees to pick up the tab."Who does it punish and what purpose does it serve?" asked Jonathan Pickworth, partner at law firm White & Case.But Green has talked tough throughout the five-year Barclays investigation.Barclays was not offered a DPA, a deal under which a company can be fined but avoids criminal prosecution if a judge agrees the terms are fair and the interests of justice served. Green has repeatedly stressed that companies need to fully cooperate with investigators to qualify.The bank locked horns with investigators over documentary evidence that it argued was protected by legal professional privilege, before deciding to relinquish the cache. This, lawyers say, is likely to have cost it a settlement.Professional legal privilege ensures the advice lawyers give clients remains confidential.The SFO''s challenge now will be to show they can bring a tricky case to trial."David Green accepted in 2012 that the SFO would be judged on the performance of its Libor prosecutions. The SFO now seems to be betting the farm and possibly its future on a highly complex and very prominent prosecution of Barclays," said Ben Rose, a lawyer at Hickman and Rose.($1 = 0.7890 pounds) (Reporting by Kirstin Ridley; Editing by Pravin Char)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/barclays-qatar-sfo-idINL8N1JH3VY'|'2017-06-20T14:54:00.000+03:00'
'56e631bf474deacb61170f09d616dfde097c1ab6'|'UPDATE 1-Mexico''s Pemex to up gasoline imports after refinery fire -source'|'(Adds background on Mexican gasoline refinement)By Ana Isabel MartinezMEXICO CITY, June 20 Mexican state oil producer Pemex will import additional gasoline after a major fire last week at its largest refinery that halted production, a company source said on Tuesday.Pemex is still evaluating the extent of the damage from the fire at the Salina Cruz refinery in the state of Oaxaca and does not know when production will resume, said the source. He did not know how much gasoline Pemex would import.For over a year Pemex has been searching for investment partners to boost the aging facility''s productivity, but with no takers to date. It has a capacity of 330,000 barrels per day.This year through April, Pemex imported 489,700 barrels per day of gasoline on average, while it produced 317,900 barrels per day of gasoline, according to company figures.Most of Pemex''s gasoline imports come from the United States. (Reporting by Ana Isabel Martinez; Editing by Sandra Maler)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/mexico-pemex-idUSL1N1JH245'|'2017-06-21T06:34:00.000+03:00'
'a9174df80f8e73a8c3a23a633ec910e85b45e16d'|'BRIEF-Western Digital says Toshiba has no right to transfer its JV interests to a third party without SanDisk''s consent'|'June 21 Western Digital Corp:* Western Digital says Toshiba continues to ignore both SanDisk''s consent rights and the dual-track legal process currently underway* Western Digital says Toshiba has no right to transfer its JV interests to a third party without SanDisk''s consent* Western Digital says hearing for injunctive relief is scheduled for July 14 Further coverage: (Reporting By Chris Gallagher and Makiko Yamazaki)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/brief-western-digital-says-toshiba-has-n-idINT9N1IK00A'|'2017-06-21T02:28:00.000+03:00'
'd5eeb82c5f2306aab5bec584ded2c33e5fedb6bc'|'DERIVATIVES-ECB takes steps to extend CCP oversight powers'|'Market News  28pm EDT DERIVATIVES-ECB takes steps to extend CCP oversight powers By Helen Bartholomew LONDON, June 23 (IFR) - The European Central Bank has called for greater legal powers over central counterparty clearinghouses operating from third-country regimes, echoing support for European Commission proposals that could require the most systemically important CCPs to relocate in the EU. The Governing Council of the ECB has recommended an amendment to Article 22 of the Eurosystem statute, stating that "the ECB and national central banks may provide facilities and ECB may make regulations, to ensure efficient and sound clearing and payment systems, and clearing systems for financial instruments, within the Union and with other countries." The amendment, which follows proposed changes to the European Market Infrastructure Directive that would enhance third-country oversight and enable ESMA to force CCPs to move some euro clearing activities onshore, is subject to approval by the European Parliament and European Council. “This is a necessary legal step to give the ECB the powers and jurisdiction that it will need as the EU''s institutions assert supervisory authority over third-country CCPs," said Vincent Keaveny, partner and co-chair of financial services at DLA Piper. Speaking at a meeting of the Global Financial Markets Association in Frankfurt earlier this week, ECB executive board member Benoit Coeure said the UK''s decision to leave the European Union had prompted a significant rethink of Europe''s CCP supervision approach - currently based on cooperative arrangements with UK authorities and a memorandum of understanding between the ECB and Bank of England. He called recent Commission proposals to enhance third-country CCP oversight "a step in the right direction". "What concerns us today in the context of Brexit is that the current EU regime regarding third-country CCPs was never designed to cope with major systemic CCPs operating from outside the EU," said Coeure. "Reviewing this regime has therefore become urgent in the current environment. We need to ensure we can preserve a framework that ensures the safety and stability of the financial system when the UK is no longer a member of the EU." LCH''s SwapClear currently clears more than 90% of euro-denominated interest rate swaps traded by eurozone banks. In credit default swaps, the Intercontinental Exchange''s UK clearing arm is responsible for 40% of cleared activity from eurozone banks. Coeure expressed support for a framework that allows EU regulators to deny recognition to CCPs posing excessive risk to EU financial stability, ultimately forcing those entities to reestablish activities in the bloc in order to continue providing clearing services there. "This would be just one of the tools available to EU authorities under the revised EMIR proposal," said Coeure. "I believe that such an approach will be justified in case EU authorities are unable to adequately control risks and fulfil their mandates through other means. Ultimately, however, it will be up to the Commission and the EU legislators to decide on the specific conditions for triggering such a requirement." His comments followed criticism of CCP relocation from Bank of England governor, Mark Carney, earlier in the week. At his Mansion House speech, Carney warned that a "non-recognition approach" would split liquidity into onshore and offshore pools, potentially costing EU-based firms an additional €22bn stemming from a pricing basis that would emerge between the two markets. “Fragmentation is in no one’s economic interest. Nor is it necessary for financial stability. Indeed it can damage it," Carney said "Fragmenting clearing would lead to smaller liquidity pools in CCPs, reducing the ability to diversify risks and diminishing resilience.” The ECB''s support for a euro clearing location policy is long-standing. The central bank''s 2011 Eurosystem Oversight Policy Framework aimed to force CCPs with daily net credit exposure of over €5bn in euro-denominated product categories to be legally incorporated in the eurozone. Those efforts were thwarted in 2015 by a Luxembourg court, which deemed the proposals a breach of the EU''s single market rules. An enhanced framework providing greater supervisory power over third-country CCPs, which largely replicates approaches already followed by many other major jurisdictions, has been widely anticipated across the industry. "Most market participants accept that dual supervision by the EU authorities and by the UK regulators, and information sharing amongst those regulators, will be necessary after Brexit. It is still not clear whether that will be enough to satisfy all of the EU regulators," said DLA Piper''s Keaveny. (Reporting by Helen Bartholomew)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/derivatives-ecb-takes-steps-to-extend-cc-idUSL8N1JK3S1'|'2017-06-24T02:28:00.000+03:00'
'4ac8152a5b62b7b78fdc1bb0bf65ebe4518a8d21'|'India’s huge buffalo-meat industry is in limbo'|'IN A corner of the state of Uttar Pradesh (UP) stands a gleaming building dedicated to animal slaughter on an industrial scale. Neatly mown lawns lead the way to a corral for hundreds of the curly-horned Murrah buffalo typical of the region. Nearby is a lorry-sized, stainless-steel machine in which the animals are killed. A Muslim cleric stands ready to oversee the incantation that ensures each carcass will be halal. Upstairs a microbiology lab monitors the progress of each beast through stages of chilling, deboning and deglanding. Each pile of disaggregated buffalo is then frozen solid and put into a loading chamber.Such facilities are common in UP, although they do not advertise their whereabouts for fear of antagonising “cow vigilantes”, Hindu militants who harass and extort in the name of protecting cows, which a majority of Indians hold to be sacred. India earns around $4bn a year from exporting beef, and last year was the world’s biggest exporter of the product. But nearly all of it comes from buffalo, not cow. 10 A few dozen integrated meat companies have harnessed the potential of water buffalo over the past 15 years, developing the means to send herds of beasts from tiny farms through mechanised slaughterhouses and on to foreign markets. Firms such as Hind Agro, Allana and M.K. Overseas, plus dozens more, most of them crowded into the west of UP, have helped raise the value of India’s beef exports 14-fold within a decade—their worth is now equivalent to nearly a third of the country’s monthly trade deficit.But the environment ministry has put the business on the chopping block. In May it ordered that cattle, including water buffalo, may no longer be sold in open markets for the express purpose of slaughter. The ruling was issued with immediate effect, on the ground of preventing cruelty to a class of animals that defines oxen and even camels, as well as water buffalo and cows, as “cattle”.The ruling has prompted an outcry. Many note that the ban appears unconstitutional. India’s individual states, some of which allow cow slaughter, are objecting. It also seems biased against the country’s Muslims, who are heavily involved in the meat and tannery trades both as workers and owners. The Supreme Court heard a case against the ruling on June 15th.The timing of the ban is particularly irksome for the industry, because it ought to be enjoying a golden period. Brazil, the second-largest exporter, has been hobbled by a meat-contamination scandal affecting JBS, the world’s biggest meatpacker. Shiploads of Brazilian meat have been waiting in the Pacific, as Asian buyers have had second thoughts.India’s industry is well-placed to take advantage. High standards, regulatory and sanitary, have been enforced, partly because of local sensitivities about animal slaughter. Teams of foreign buyers considering the Indian market have brought extra scrutiny. Their inspectors are relentless: three teams of Malaysians spot-checked 32 plants in one fortnight in April, for example. Unlike the giant feedlot operations of the American Midwest, say, which tend to stink of manure and death from miles away, the high-tech UP abattoir sits near neighbours on other industrial estates, kept spotless and odour-free by an enormous workforce.Unless the government’s ruling is overturned, however, such advantages are hypothetical. Farmers and traders have become even warier of transporting their animals within the UP plant’s 200km-radius catchment area. That is a reprieve for the buffalo, at least. "Meatpacking district"'|'economist.com'|'http://www.economist.com/sections/business-finance/rss.xml'|'http://www.economist.com/news/business/21723859-countrys-slaughterhouses-are-envy-rich-world-indias-huge-buffalo-meat-industry?fsrc=rss'|'2017-06-24T08:00:00.000+03:00'
'28ca2b9b6f7565cc708d91cf633829f502fae9ad'|'Nestle buys minority stake in U.S. ready meals group Freshly'|'Market News - Tue Jun 20, 2017 - 1:00am EDT Nestle buys minority stake in U.S. ready meals group Freshly ZURICH, June 20 Nestle said on Tuesday it has acquired a minority stake in U.S. group Freshly, a provider of direct-to-consumer freshly prepared meals, its latest step to improve the health profile of its sprawling portfolio. The Swiss food giant said it was lead investor in a round of new funding for Freshly, helping it gain access to the $10 billion market for prepared meals in the United States. It did not disclose financial terms. The investment will help Freshly build a new East Coast kitchen and distribution centre in 2018 as it prepares to expand its U.S. service nationwide. Nestle USA''s Food Division President Jeff Hamilton would join Freshly''s board of directors. Nestle said last week it may sell its roughly $900 million-a-year U.S. confectionery business, which includes Butterfinger and BabyRuth. (Reporting by Michael Shields; Editing by Edwina Gibbs) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/nestle-ma-freshly-idUSL8N1JH0BX'|'2017-06-20T13:00:00.000+03:00'
'250625b8423e43ca0b22d3f52457ff6d5a38fe19'|'RPT-U.S. bank investors hope Fed stress test results lead to big payouts'|'Market News - Mon Jun 19, 2017 - 7:00am EDT RPT-U.S. bank investors hope Fed stress test results lead to big payouts By Pete Schroeder and David Henry - June 19 June 19 Investors are hoping the Federal Reserve will allow big U.S. banks to put an estimated $150 billion in idle capital toward stock buybacks, dividends and profit-boosting investments in the coming weeks after conducting a regular examination of financial strength. On Thursday, the Fed is scheduled to begin releasing results from its two-part annual stress test, which was adopted in response to the financial crisis, to gauge banks'' ability to weather an economic storm that could threaten the stability of the system. The results will be the first since Republican President Donald Trump took office. Trump has not yet made any appointments to the Fed, but Republicans have turned up pressure on the central bank to cut red tape and ease regulations. Wall Street analysts said they will be parsing language the Fed uses in presenting the results for any signs that its approach is starting to soften. Analysts say they do not expect the Fed to announce any explicit changes to the stress test, but they do expect higher payouts. According to their estimates, the Fed could allow banks to distribute nearly as much capital to shareholders over the next year as they generate in profits, a benchmark not hit since before the 2008 crisis. Higher payouts "would be significant from a signaling standpoint" that regulators are easing up on capital requirements, said Steven Chubak, a bank analyst at Nomura Instinet. "That is a key part of the value case for a lot of these stocks." Banks going through the stress tests have roughly $150 billion more capital than they need, Morgan Stanley analyst Betsy Graseck estimates. She expects the typical big bank to be allowed to increase stock buybacks by 27 percent and dividends by 8 percent, for a combined capital payout of 95 percent of annual earnings, up from 84 percent last year. The Fed first conducted stress tests in 2009 as a way to boost confidence in the financial system. Congress codified the test into law the following year as part of a broader financial reform package, and the Fed came to see it as an important tool to ensure that banks not only maintain enough capital to withstand economic storms, but also run their businesses in ways that avoid operational calamities. However, bankers complain that stress tests have morphed into an overly complex and time-consuming process that occurs in the secrecy of a black box. They have pleaded for more details about models the Fed uses to conduct the numeric part of the tests, and more clarity on a qualitative component that judges factors like risk management. The Fed has been making some changes to enhance transparency, but officials say that revealing too much would allow lenders to game the exams. "We are concerned that releasing all details on the models would give banks an incentive to adjust their business practices in ways that change the results of the stress test without changing the risks faced by the firms," Fed Chair Janet Yellen told Congress in a letter on Friday. "The result could be less effective stress tests." Thursday''s results, known as DFAST, will show how much capital the biggest banks would have after an imagined crisis. Shortly after the Fed posts its numbers, big banks tend to disclose results under their own models. Banks can compare the scoring and then scale back and resubmit their capital plans to improve their chances of a passing grade. On June 28, the Fed will announce whether it has approved the plans in a further examination known as the Comprehensive Capital Analysis and Review, or CCAR. The Fed has been under pressure for some time to simplify the stress tests, and changes are widely expected under Trump. A proposed financial regulatory overhaul ordered by Trump and released by the Treasury Department last week included easing stress tests. Trump is also expected to name as many as five new officials to the Fed''s seven-member governing board over the next two years. Although Wall Street is upbeat about the idea of lighter regulations and higher payouts, regulatory experts are less sure that the Fed will unleash bank balance sheets overnight. It takes time for large institutions like the Fed to shift, even after top officials and regulatory mandates change, they said. "It should change over time," said Brian Gardner, a policy analyst at Keefe Bruyette & Woods. "Markedly? That''s tougher to determine." (Reporting by Pete Schroeder in Washington and David Henry in New York; Editing by Lauren Tara LaCapra and Leslie Adler) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-banks-stress-idUSL1N1JE0D2'|'2017-06-19T19:00:00.000+03:00'
'aabf97b87432010c7cc1b0bfdf33355a753f6cc2'|'Squeezed at home, Japan''s Nomura seeks to push into Wall Street''s home turf'|'By Sumeet Chatterjee and Emi Emoto - HONG KONG/TOKYO, June 19 HONG KONG/TOKYO, June 19 Under pressure in Japan from Wall Street rivals and anticipating more deals in the United States or by American companies overseas, Nomura Holdings is boosting its U.S. investment banking business, including some senior hires in the technology and finance sectors.Two sources familiar with the matter said Nomura plans to add a dozen senior- and mid-level investment bankers over the next 12 to 18 months in the United States, covering mergers and acquisitions, equity capital markets and leveraged financing - building out a team of around 200 there.Nomura has poached investment bankers from global investment banks as well as boutiques such as Jefferies and Houlihan Lokey since the beginning of this year.It has hired Jim Voorheis from UBS, where he was head of speciality finance in the Americas, as managing director for its financial institutions group, and Credit Suisse veteran Thomas Chung as managing director for U.S. equity capital markets.The number of hires could eventually be much higher, one of the sources said, depending on deals momentum and the outlook for the profitability of Nomura''s international operations.The sources, who have direct knowledge of Nomura plans, did not want to be named as they were not authorised to speak to the media.They said Nomura has made a U.S. expansion of its wholesale business, which includes global markets and investment banking, one of its priorities.This comes after a major restructuring – including a big shrinking of its operations in Europe last year - following its disastrous acquisition of Lehman Brothers'' Asian and European businesses in 2008. That led to internal clashes, and was followed by six consecutive years of losses for its international operations.As a result previous plans to expand in the U.S. were put on hold and Nomura reduced its total staff across all divisions in the Americas to 2,279 at the end of 2016 from 2,501 a year earlier. The number had crept back up to 2,314 by the end of March."STRONG CANDIDATE"In March, it named company veteran Kentaro Okuda, head of investment banking and a contender to become Nomura’s future chief executive, as head of its Americas arm."He knows all of our clients from Japan and he can look after their deals," said one of the sources. "If Okuda does well in the U.S., he might emerge as a strong candidate to become group CEO."Two of the sources said Nomura plans to bolster its coverage of the technology, financial and healthcare sectors in the U.S. where it sees growing dealmaking opportunities within the country and outside.It expects to benefit from American companies doing deals in Japan, a market where it has strong presence and contacts in the local corporate sectors, they said, and even China - where it has been increasing its presence.Nomura currently only has about 0.5 percent of the U.S. investment banking fee pool. Even getting this up a little can make a meaningful difference given its size – the fees were worth an estimated $39.6 billion last year, one of the sources said.In response to Reuters queries, Nomura said that it sees its Americas business as a key element of its international strategy and it would continue to make "strategic additions" in areas, including sales and trading, and financing."Nomura is ... well-positioned to connect markets east and west. Part of our continued strategy is to capture more cross-border client transactions," it said, without giving details on expansion plans.In part, the U.S. push is a response to concerns at home.Once a go-to bank for the Japanese firms and top of the Japanese M&A league table for years, Nomura took the number 6 rank in the home league table last year, down from second position in 2015, according to Thomson Reuters data.In the first quarter of this year, the bank slipped to 11th position, lagging behind Goldman Sachs, JPMorgan, Morgan Stanley, and even smaller domestic rival Daiwa Securities.In the overall investment banking fee league table, Nomura''s share of the revenue in Japan has dropped to 14 percent last year from 18 percent in 2008, the data shows. (Reporting by Sumeet Chatterjee in HONG KONG and Emi Emoto in TOKYO; Additional reporting by Olivia Oran in NEW YORK and Tom Wilson in TOKYO; Editing by Clara Ferreira Marques and Martin Howell)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/nomura-hldgs-usa-idINL3N1IZ3F8'|'2017-06-19T07:12:00.000+03:00'
'6c3dcb7ea48a49ac573fdbf0f3c7f338a39e392c'|'France''s Europcar to acquire low-cost rival Goldcar'|'By Wout Vergauwen and Dominique Rodriguez Europcar ( EUCAR.PA ) has agreed to buy Europe''s largest low-cost car rental company Goldcar, the French firm said on Monday, marking its fourth acquisition this year and sending its shares to a record high.The proposed Goldcar transaction is based on an enterprise value of 550 million euros ($616 million) and a post-synergy adjusted corporate EBITDA (earnings before interest, tax, depreciation and amortisation) multiple of about seven times.Europcar has already acquired Milan-based carsharing company GuidaMi, Danish franchisee Europcar Denmark and Germany''s Buchbinder in pursuit of its goal of reaching annual sales of more than 3 billion euros and an underlying EBITDA margin above 14 percent by the end of 2020.Goldcar, which is based in Spain and was sold to Europcar by Italian investment fund Investindustrial, has a strong position on the Iberian peninsula and adds to the French company''s low-cost businesses, which already include the InterRent brand."We are well placed to have completed the bulk of our 2020 ambition in terms of acquisitions," Chief Executive Caroline Parot said in a statement, adding that the focus now shifted to integration and delivering expected cost savings.Europcar shares rose as much as 4.6 percent to a record high of 12.60 euros on Monday.Europcar said it had agreed bridge financing with a large international banking syndicate to support the deal, which is expected to close in the second half of 2017.The French company said it planned to raise equity equivalent to up to 10 percent of its capital, or an increase of 160-165 million euros, to maintain an "efficient and resilient capital structure".Following the acquisition and capital increase, Europcar expects to reach a corporate net financial debt to EBITDA ratio comfortably below three times by the end of 2017.Parot said the capital increase was not linked to the Goldcar acquisition and no date had yet been set."We are not obliged to do so either after or before (the Goldcar transaction)," she told reporters. "It is the sound management of our balance sheet policy given the ambitious programme of non-organic growth that we have."In 2016, Goldcar generated full-year revenue of about 240 million euros and an adjusted corporate EBITDA of some 48 million euros.($1 = 0.8933 euros)(Editing by Louise Heavens and David Clarke)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-goldcar-m-a-europcar-groupe-idINKBN19A0NM'|'2017-06-19T04:40:00.000+03:00'
'04015ec14fa47a197425b6cfb2f67a7c91974eec'|'Mexico oil sector accidents raise doubts about deep water exploration'|'Business News - Mon Jun 19, 2017 - 7:04am BST Mexico oil sector accidents raise doubts about deep water exploration left right FILE PHOTO - An employee works on at the Centenario deep-water oil platform in the Gulf of Mexico off the coast of Veracruz, Mexico January 17, 2014. REUTERS/Henry Romero/File Photo 1/2 left right FILE PHOTO - A general view of the Centenario deep-water oil platform in the Gulf of Mexico off the coast of Veracruz, Mexico January 17, 2014. REUTERS/Henry Romero/File Photo 2/2 By David Alire Garcia - MEXICO CITY MEXICO CITY As Mexico opens its energy market to more private investment, the country''s drive to exploit untapped deepwater oil riches has raised safety concerns due to mounting accidents that have blotted the country''s safety record. The biggest Mexican oil refinery Salina Cruz has been offline since a fire broke out at the coastal facility on Wednesday following a tropical storm, the latest in a string of mishaps. Violent summer storms have visited Mexico for years, but the country has very little experience in deep water drilling, a risky activity still marked by the 2010 Deepwater Horizon well blow out in the northern Gulf of Mexico that killed 11 people and pumped 5 million barrels of oil into the sea. That disaster prompted a rethink of safety measures in the United States. As a result, U.S. operators now have on permanent standby a so-called capping stack that ultimately sealed the well, while third-party inspectors verify deepwater project safety. Mexico, which awarded its first eight deepwater projects in a December auction, so far has none of these safeguards. "All these companies are going into Mexican deep waters naked with none of the protections set up on the U.S. side," said George Baker, publisher of Mexico Energy Intelligence. Industry executives and regulators say there is still time to ensure adequate protections are in place. The first wells will be drilled as soon as 2019 and a second round of deep water blocks is due to be auctioned in December. Carlos de Regules, head of Mexico''s oil safety regulator ASEA, said companies beginning deepwater operations, like France''s Total and China National Offshore Oil Corporation, already have clear rules to follow. "The operators have to show they can react, contain and deal with the possibility of an out-of-control well," he said. De Regules said ASEA aims to certify third-party inspectors in the next year, but noted it was up to companies whether they wanted to follow the U.S. capping stack model or create their own. Leaving it up to companies may not be enough, said Miriam Grunstein, a Mexico City-based oil regulation expert. "It''s up to (ASEA) to make sure the industry does it," she said. Alberto de la Fuente, president of the AMEXHI association of Mexican oil producers, said emergency response firms such as Oil Spill Response have entered Mexico, and the industry is examining its options. "I''m positive about what''s been achieved, but we need to redouble our efforts," he said. (Reporting by David Alire Garcia; Editing by David Gregorio) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-mexico-oil-deepwater-idUKKBN19A0KE'|'2017-06-19T14:04:00.000+03:00'
'abb6b9b6329220206bc2538f2e6494c4d6ffe53a'|'U.S. bank investors hope Fed stress test results lead to big payouts'|'Central Banks - Mon Jun 19, 2017 - 6:22am BST U.S. bank investors hope Fed stress test results lead to big payouts FILE PHOTO: A police officer keeps watch in front of the U.S. Federal Reserve building in Washington, DC, U.S. on October 12, 2016. REUTERS/Kevin Lamarque/File Photo By Pete Schroeder and David Henry Investors are hoping the Federal Reserve will allow big U.S. banks to put an estimated $150 billion (117.4 billion pounds) in idle capital toward stock buybacks, dividends and profit-boosting investments in the coming weeks after conducting a regular examination of financial strength. On Thursday, the Fed is scheduled to begin releasing results from its two-part annual stress test, which was adopted in response to the financial crisis, to gauge banks'' ability to weather an economic storm that could threaten the stability of the system. The results will be the first since Republican President Donald Trump took office. Trump has not yet made any appointments to the Fed, but Republicans have turned up pressure on the central bank to cut red tape and ease regulations. Wall Street analysts said they will be parsing language the Fed uses in presenting the results for any signs that its approach is starting to soften. Analysts say they do not expect the Fed to announce any explicit changes to the stress test, but they do expect higher payouts. According to their estimates, the Fed could allow banks to distribute nearly as much capital to shareholders over the next year as they generate in profits, a benchmark not hit since before the 2008 crisis. Higher payouts "would be significant from a signalling standpoint" that regulators are easing up on capital requirements, said Steven Chubak, a bank analyst at Nomura Instinet. "That is a key part of the value case for a lot of these stocks." Banks going through the stress tests have roughly $150 billion more capital than they need, Morgan Stanley analyst Betsy Graseck estimates. She expects the typical big bank to be allowed to increase stock buybacks by 27 percent and dividends by 8 percent, for a combined capital payout of 95 percent of annual earnings, up from 84 percent last year. The Fed first conducted stress tests in 2009 as a way to boost confidence in the financial system. Congress codified the test into law the following year as part of a broader financial reform package, and the Fed came to see it as an important tool to ensure that banks not only maintain enough capital to withstand economic storms, but also run their businesses in ways that avoid operational calamities. However, bankers complain that stress tests have morphed into an overly complex and time-consuming process that occurs in the secrecy of a black box. They have pleaded for more details about models the Fed uses to conduct the numeric part of the tests, and more clarity on a qualitative component that judges factors like risk management. The Fed has been making some changes to enhance transparency, but officials say that revealing too much would allow lenders to game the exams. "We are concerned that releasing all details on the models would give banks an incentive to adjust their business practices in ways that change the results of the stress test without changing the risks faced by the firms," Fed Chair Janet Yellen told Congress in a letter on Friday. "The result could be less effective stress tests." Thursday''s results, known as DFAST, will show how much capital the biggest banks would have after an imagined crisis. Shortly after the Fed posts its numbers, big banks tend to disclose results under their own models. Banks can compare the scoring and then scale back and resubmit their capital plans to improve their chances of a passing grade. On June 28, the Fed will announce whether it has approved the plans in a further examination known as the Comprehensive Capital Analysis and Review, or CCAR. The Fed has been under pressure for some time to simplify the stress tests, and changes are widely expected under Trump. A proposed financial regulatory overhaul ordered by Trump and released by the Treasury Department last week included easing stress tests. Trump is also expected to name as many as five new officials to the Fed''s seven-member governing board over the next two years. Although Wall Street is upbeat about the idea of lighter regulations and higher payouts, regulatory experts are less sure that the Fed will unleash bank balance sheets overnight. It takes time for large institutions like the Fed to shift, even after top officials and regulatory mandates change, they said. "It should change over time," said Brian Gardner, a policy analyst at Keefe Bruyette & Woods. "Markedly? That''s tougher to determine." (Reporting by Pete Schroeder in Washington and David Henry in New York; Editing by Lauren Tara LaCapra and Leslie Adler) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-usa-banks-stress-idUKKBN19A0GY'|'2017-06-19T13:22:00.000+03:00'
'5209d03a9dfa559552749c0f250662ede1ab5ce0'|'Dubai Aerospace to issue up to $2 bln bond for AWAS acquisition - sources'|'By Alexander Cornwell - DUBAI, June 19 DUBAI, June 19 Government-controlled Dubai Aerospace Enterprise (DAE) plans to raise up to $2 billion in July to finance part of its acquisition of Dublin-based aircraft lessor AWAS, according to sources familiar with the matter.DAE is favouring a bond issuance in the United States, with a bond roadshow expected to start there early next month, the sources said.The proceeds would be put towards the acquisition announced by DAE in April that will more than double its fleet to 394 aircraft by the end of 2018.DAE, the aircraft leasing and maintenance company controlled by the government of Dubai, previously said it would fund the deal through committed debt financing and internal resources.It is acquiring AWAS from private equity firm Terra Firma Capital Partners and the Canadian Pension Plan Investment Board (CPPIB).The acquisition, subject to regulatory approval, is expected to close in the third quarter.DAE will emerge as one of the world''s major aircraft leasors once the deal completes, growing its fleet from 131 owned, managed and committed jets to 394 with a total value of over $14 billion. It will have more than 110 airline customers spread across 55 countries.AWAS has a fleet of 263 owned, managed and committed narrow and wide-body aircraft, including a pipeline of 23 new aircraft on order to be delivered before the end of 2018. (Additional reporting by Davide Barbuscia; Editing by Mark Potter)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/dubai-aerospace-growth-idINL8N1JG3RQ'|'2017-06-19T12:23:00.000+03:00'
'b6bf80eb0a0a9c9c726d9964e077d731982f07d1'|'Co-op Bank has lost £2.6bn since the crisis – but can still bounce back - Nils Pratley - Business'|'Monday 19 June 2017 19.38 BST First published on Monday 19 June 2017 19.15 BST H ere come those dastardly hedge funds, up to their usual tricks: they’re rescuing the Co-operative Bank for a second time . The oddity here is worth noting. Ethical banking, Co-op Bank-style, would be at risk of death, or uncertain resolution at the hands of the Bank of England, if the hedge funds that own the bonds were not willing to find the extra £750m of funding. Nobody, it appears, wanted to buy the bank after a four-month hunt for a purchaser, so the bondholders are having to dig deep, just as they did in 2014. The hedge funds are not swapping their high-yielding bonds into shares out the goodness of their hearts, of course. That would be more than odd: it would be bizarre. Instead, the deal in the offing is a gamble born from necessity. By playing for time and allowing more of the poisonous commercial property loans to wash out of the system, the financiers are hoping to get shot of the Co-op Bank on more favourable terms at some point over the horizon. Co-op Bank in advanced talks to secure hundreds of millions for rescue Read more The hedge funds’ returns to date are impossible to calculate, not least because the cast has changed over the years. For example, those that originally paid 50p in the pound for bonds paying an 11% rate of interest haven’t done too badly, even if they now have to convert into shares. But the remarkable aspect of the post-2014 financial adventure is that the Co-op Bank’s brand hasn’t obviously been damaged. The number of current account holders has fallen from 1.5 million to 1.4 million since 2014 but that does not represent a mass desertion. Beneath headline losses of £2.6bn since the crisis, there lurks a profitable retail bank awaiting the balm of higher interest rates. One can understand why the hedge funds are staying in. Many were also sceptical that the Co-op Bank could protect its ethical constitution once the Co-op Group – the business that owns the food shops, funeral service and insurance unit – had been diluted down to a 20% holding. But, actually, the arrangement seems to have worked. The set-up remains quirky. The Co-op Bank, despite its name, was never a mutual (it was just owned by a mutual) but it can apparently continue to use the suggestive name even if the Co-op Group is now diluted down a few percentage points. If the customers don’t mind, little harm is done. Indeed, we should be grateful to the rescuers if the Co-op Bank emerges one day as a “challenger” bank capable of standing on its own feet. In a banking jungle lacking biodiversity, it’s definitely different. Lloyds shouldn’t have raised HBOS hopes Strictly speaking, Lloyds Banking Group never said that all the victims of the HBOS Reading fraud would be offered compensation by the end of June. The bank merely “anticipated” that this would be the case. It also wrote itself a get-out clause stating the length of time would depend on individual circumstances and the pace at which customers themselves would wish to proceed. All the same, Lloyds is guilty of raising unrealistic expectations. As matters stand with a fortnight to go, only one out of 64 victims has received and accepted an offer. A further set – the number is said to be in single digits – has received an offer but not yet responded formally. Even if Lloyds were now to go into overdrive, the chances of it meeting the end-June semi-deadline are virtually nil. The independent reviewer of the cases, Professor Russel Griggs, has done the right thing by saying customers can have as long as they wish to provide evidence, consult their lawyers and so on. It would be absurd if Griggs felt any pressure from Lloyds to hurry up. But you have wonder why the bank ever thought it sensible to put an end-June timescale in the public domain. It looked impossible to meet when it was announced in late April, and so it has proved. Lloyds, even when it is belatedly issuing apologies and offering money to victims, has managed to reinforce the impression that it’s overly anxious to get the sorry HBOS Reading affair out of the headlines. SSE chief’s pay hike is a shocker In an undistinguished field, SSE is one of the more transparent and progressively-minded energy companies. But they can all be relied upon to trip themselves up on remuneration. Last year’s 72% pay rise to £2.9m for chief executive Alistair Phillips-Davies, announced late on Friday, looks appalling. No doubt, it all flows arithmetically from the usual short, medium and long-term performance measures. But, in the fight with politicians over price caps for customers , the 72% increase is a 100% own goal. Topics'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/nils-pratley-on-finance/2017/jun/19/co-op-bank-hedge-funds'|'2017-06-20T02:25:00.000+03:00'
'2db14361fecb3ff6217031ac502b8e41c1a1e60a'|'EMERGING MARKETS-Brazil stocks track commodities higher, political worries linger'|' 43pm EDT EMERGING MARKETS-Brazil stocks track commodities higher, political worries linger By Bruno Federowski SAO PAULO, June 19 Brazilian stocks rose on Monday, supported by shares of miners and planemaker Embraer SA, though lingering concerns that a political crisis could delay structural reforms kept a lid on gains. Shares of miner Vale SA added the most points to Brazil''s benchmark Bovespa stock index, tracking iron ore futures higher. Embraer SA was the biggest gainer on the Bovespa as traders bet on fresh orders for the jetmaker at the start of the Paris Airshow, the global aviation industry''s biggest event. Still, concerns remained that a mounting political scandal may further hamper the implementation of President Michel Temer''s reform agenda, curbing investor demand for higher-risk Brazilian assets. Temer on Saturday pledged to sue billionaire businessman Joesley Batista, the founder of meatpacker JBS SA, strongly rebuffing his accusations that he led a corruption scheme in which politicians squeezed high-profile executives for bribe. Shares of JBS dropped 3.4 percent, leading losses on the Bovespa index. The Brazilian real weakened as much as 0.8 percent amid the political uncertainty before paring losses to around 0.2 percent. The Mexican peso also slipped as traders booked gains from a recent rally that last week drove it to a thirteen-month peak against the dollar, while the country''s S&P/BVM IPC stock index followed crude prices lower. Trading in Latin American markets was mostly thin, with investors sticking to the sidelines as they awaited further hints over the pace of U.S. interest rate increases over the coming months. Key Latin American stock indexes and currencies at 1630 GMT: Stock indexes Latest Daily YTD pct pct change change MSCI Emerging Markets 1,011.38 0.82 16.33 MSCI LatAm 2,539.16 0.2 8.26 Brazil Bovespa 62,062.56 0.71 3.05 Mexico S&P/BVM IPC 49,000.47 -0.45 7.36 Chile IPSA 4,841.38 0.11 16.62 Chile IGPA 24,236.86 0.1 16.89 Argentina MerVal 21,626.81 1.57 27.83 Colombia IGBC 10,904.32 0.95 7.66 Venezuela IBC 118,905.77 1.48 275.04 Currencies Latest Daily YTD pct pct change change Brazil real 3.2933 -0.21 -1.34 Mexico peso 17.9430 -0.18 15.61 Chile peso 661 0.45 1.47 Colombia peso 2,975.48 -0.12 0.87 Peru sol 3.267 0.15 4.50 Argentina peso (interbank) 16.0725 -0.14 -1.23 Argentina peso (parallel) 16.56 -0.18 1.57 (Reporting by Bruno Federowski, editing by G Crosse)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/emerging-markets-latam-idUSL1N1JG0LV'|'2017-06-20T00:43:00.000+03:00'
'3a795a867e6356091f4f0f5224a34228146584a9'|'Sharp to apply for relisting on TSE''s first section'|'  4:03am BST Sharp to apply for relisting on TSE''s first section FILE PHOTO : A logo of Sharp Corp is pictured at CEATEC (Combined Exhibition of Advanced Technologies) JAPAN 2016 at the Makuhari Messe in Chiba, Japan, October 3, 2016. REUTERS/Toru Hanai/File Photo TOKYO Sharp Corp will apply for relisting on the first section of the Tokyo Stock Exchange, the company said on Tuesday, underlining its recovery under Taiwanese owner Foxconn. The application for relisting will be made on June 29th or 30th, the company said. Sharp''s shares jumped as much as 4.1 percent to 406 yen in morning trading in Tokyo. The electronics maker''s shares were moved to the TSE''s second section last August after it fell into negative net worth. Sharp has since returned to positive net assets after a capital infusion by Foxconn, formally known as Hon Hai Precision Industry Co Ltd, and is forecasting its first annual net profit in four years. (Reporting by Sam Nussey; Editing by Stephen Coates)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-sharp-stocks-idUKKBN19B085'|'2017-06-20T11:03:00.000+03:00'
'b4f77c2de9f225b6e33b568665a570cebe9a1916'|'Oil firms could waste trillions if climate targets reached: report'|'  6:16am EDT Oil firms could waste trillions if climate targets reached -report An energy installation on a property leased to Devon Energy Production Company by the Catholic Archdiocese of Oklahoma City is seen near Guthrie, Oklahoma, September 15, 2015. REUTERS/Nick Oxford By Ron Bousso - LONDON LONDON Energy giants including Exxon Mobil ( XOM.N ) and Royal Dutch Shell ( RDSa.L ) risk wasting more than a third of their budgets on projects that will not be needed if climate targets are to be met, a thinktank report shows. More than $2 trillion of planned investment in oil and gas projects by 2025 could be redundant if governments stick to targets to lower carbon emissions to limit global warming to 2 degrees Celsius, according to a report by the Carbon Tracker thinktank and institutional investors. It compared the carbon intensity of oil and gas projects planned by 69 companies with requirements needed to meet the warming target set by the 2015 Paris agreement, which will require curbing fossil fuel consumption. It found Exxon, the world''s top publicly-traded oil and gas company, risks wasting up to half its budget on new fields that will not be needed. Shell and France''s Total ( TOTF.PA ) would see up to 40 percent of their budgets misspent. Fossil fuel producers have come under growing pressure from investors to reduce carbon emissions and increase transparency over future investment. Sweden''s largest national pension fund, AP7, one of the authors of the report, said last week it had wound down investments in six companies, including Exxon, which it said had violated the Paris agreement. Top energy companies have voiced support for the Paris agreement reached by nearly 200 countries. Many of them have urged governments to impose a tax on carbon emissions to support cleaner sources of energy such as gas. U.S. President Donald Trump said this month he would withdraw the United States from the Paris accord which he said would undermine the U.S. economy. The report found five of the most expensive projects, including the extension of Kazakhstan''s giant Kashagan field and Bonga Southwest and Bonga North in Nigeria, will not be needed if the global warming target is to be met. Around two thirds of the potential oil and gas production which would be surplus to requirement is controlled by the private sector, "demonstrating how the risk is skewed toward listed companies rather than national oil companies", the report said. Saudi Arabia''s state-run Aramco, widely considered the lowest cost oil producer, would see up to 10 percent of its production rendered uneconomical, the report said. The report''s authors said their discussions with oil companies had shown the companies wanted to remain flexible to respond to future developments and possible changes in the oil price. Companies including Shell and BP have rejected the idea that assets could end up redundant, saying the reserves they hold are too small to be affected by any long-term decline in demand. "We believe our business strategy is resilient to the energy transition. We are convinced there is a role for gas to help with the transition to a lower carbon world," Shell said in response to the report. (Reporting by Ron Bousso; editing by Adrian Croft and Jason Neely)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-climatechange-oil-idUSKBN19B3AR'|'2017-06-21T07:20:00.000+03:00'
'776592f25f18350f20428baed5b685caa1ceb9c7'|'EU set to rule out state aid for Veneto banks - report'|'Business News - Sun Jun 18, 2017 - 7:06pm BST Italy rules out winding down struggling Veneto banks - source FILE PHOTO: The logo of Veneto Banca bank is seen in Venice, Italy, January 31 2016. REUTERS/Alessandro Bianchi/File Photo MILAN/ROME Italy has ruled out the idea of winding down two struggling lenders in the northern Veneto area, a source said on Sunday, following a report Brussels was set to tell Rome it could not use direct state support to rescue them. "The Treasury excludes any suggestion of a banking resolution," a Treasury source said. According to La Stampa daily the European Commission will tell Italy in coming days it cannot inject public money to rescue Veneto Banca [VBANC.UL] and rival Banca Popolare di Vicenza [BPVS.UL]. Citing sources at the Italian Treasury and EU institutions, the newspaper said Rome''s plan of using a precautionary recapitalisation to save the two lenders by using more than 5 billion euros (4.38 billion pounds) of public funds was no longer viable. Instead the branches and assets of the two banks would be hived off into a "good" bank while the non-performing loans would be placed in a "bad" bank, it said. A spokesman for the Commission said he could not confirm the report. "The Commission and the Italian authorities are working closely together to ensure a viable solution". Rome has been trying for months to reach an agreement over a bailout to avoid their liquidation. Talks with the European Commission have dragged on because Brussels wants private investors to pump 1.25 billion euros into the banks before any taxpayer money can be used to avert them being wound down. But La Stampa said Rome had failed to find lenders willing to provide the private capital requested by the Commission. It said talks with Italy''s main banks in recent days had spoken of a resolution - the EU procedure to wind down a failing lender - of the two Veneto lenders and their sale at a symbolic price. Earlier this month European authorities stepped in to avert a collapse of Spain''s Banco Popular following a run on the bank, orchestrating a last-minute rescue by Santander ( SAN.MC ). La Stampa said it was still not clear who might buy the performing assets of the two Veneto lenders but said talks were most advanced with Italy''s Intesa Sanpaolo ( ISP.MI ). However it cautioned that Italy''s biggest retail bank was concerned about stretching its balance sheet and jeopardising dividends, adding that any acquisition might prompt the European Central Bank to ask for a capital increase. The Italian Treasury and Intesa Sanpaolo were not immediately available for comment. Italian Economy Minister Pier Carlo Padoan said on Friday he was confident a solution for the two banks could be reached soon. (Reporting by Stephen Jewkes and Giuseppe Fonte, additional reporting by Francesco Guarascio in Brussels and Paola Arosio in Milan, editing by Louise Heavens and Susan Fenton)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-eurozone-banks-italy-venetobanks-idUKKBN1990GN'|'2017-06-18T19:02:00.000+03:00'
'26b9240386ef1017e6152a6e252e0d5f9633506a'|'Chinese state oil giants take petrol price battle to the pumps'|'Business News - Mon Jun 19, 2017 - 12:29am BST Chinese state oil giants take petrol price battle to the pumps left right Discounts of gasoline prices are displayed at a CNPC gas station in Qingdao, Shandong province, China March 27, 2017. Picture taken March 27, 2017. REUTERS/Stringer 1/2 left right Banners showing discounts of gasoline prices are pictured at a Sinopec gas station in Qingdao, Shandong province, China March 27, 2017. Picture taken March 27, 2017. REUTERS/Stringer 2/2 By Chen Aizhu - LULIANG, China LULIANG, China Chinese state oil giants Sinopec and PetroChina are waging war at the nation''s gas pumps, slashing prices at unprecedented rates in an effort to reclaim sales lost to private local and foreign rivals in the $440 billion (£344.6 billion) retail fuel market. The rare price war kicked off in late March as Sinopec ( 0386.HK ) reported first quarter retail sales had slid to a three-year low. Spurred by a glut of fuel, Sinopec started offering hefty discounts in response to ad-hoc but frequent promotions by independent petrol station operators. PetroChina ( 0857.HK ) swiftly joined in, triggering a ferocious battle against independents and international firms including Shell ( RDSa.L ) and BP ( BP.L ), said three state oil sources involved in retail fuel marketing. The heavy discounting is now spreading from the most heavily oversupplied provinces in China''s north, squeezing fat retail profit margins in the world''s No. 2 fuel market. The battle is proving a boon for China''s drivers. In the gritty northern coal town of Luliang, taxi and delivery drivers were queued up at a Sinopec outlet after it slashed pump prices by 1.4 yuan (16p) per litre, or nearly a quarter, one recent weekend. "We all know Sinopec has higher gas quality but it was so expensive, so before I went to independent stations to fill my vehicle," one driver surnamed Zhang told Reuters as he waited to gas up his dusty, grey 7-seat van. "Now I switch to Sinopec and will keep visiting here as long as Sinopec offers discounts like this." Nearby gas stations run by PetroChina and local private operator Taihua each offered the same discount, promoting the bargain prices with eye-catching red banners, free car washes, and credits in pre-paid petrol cards. Sinopec spokesman Lu Dapeng said price cutting was "the most common approach in market competition". He didn''t elaborate. RARE DISCOUNTS Such basement prices are rare for Sinopec, officially known as China Petroleum & Chemical Corp ( 600028.SS ), and PetroChina, the listed subsidiary of China National Petroleum Corporation. In late March, both were selling high grade fuel at a discount of just 0.20-0.40 yuan per litre. "As the independents deepened discounts to unbearable levels, Sinopec responded by launching targeted attacks to reclaim lost sales," said a state oil marketing official. Price battles were rare before 2013 as rigid government price controls capped margins. As recently as 2010, gas stations rationed diesel fuel as shortage hit. But the plunge in global oil prices since 2014 and the sudden rise of independent refineries known as teapots transformed the market by flooding the country''s 90,000 petrol stations with cheaper fuels. Short of retail infrastructure and barred from exports, teapots sell oil mostly to the country''s 40,000-plus private petrol stations, many run by families or independent fuel dealers "The huge surplus the teapot oil plants have created is eroding the 80-percent market share the two oil giants used to hold several years ago," said Yan Kefeng, veteran oil researcher with IHS Markit. Sinopec and PetroChina now control around two-thirds of retail sales and independents about a quarter, according to Yu Chang, a former retail director with Shell China and the founder of AutoGo, a fuel retailing e-platform. The battle has also drawn in global players such as BP, Shell, Total ( TOTF.PA ) and Exxon ( XOM.N ). Foreign firms now own and operate nearly 4,000 stations accounting for about 8 percent of sales, mostly in joint-ventures with Sinopec or PetroChina. "There has been price volatility in the fuel retailing market with seasonal demand and supply changes," Shell wrote in an email. Shell has rapidly boosted its retail network in China and now has a total of 1,200 sites. MARGIN HIT While margins have taken a hit, Sinopec and PetroChina are far from losing money in their retail businesses, thanks to their market dominance in key consuming regions in the south and east where there is little need for discounts and wealthier motorists are less sensitive to price cuts. Compared to 5.24 yuan a litre in Luliang, Beijing motorists pay around 6.66 yuan for 95-octane, euro-5 quality gasoline. Beijing prices are some 12 percent above the premium gasoline in California, but about half that of Singapore prices. Sources at rivals say Sinopec may also be leading the charge as it aims to stem falling retail fuel sales and bolster its retail business ahead of a planned multi-billion-dollar IPO. Even with the hit in sales, Sinopec''s network of 30,000 fuel stations and more than 23,000 convenience stores is considered a jewel in the crown. The division is estimated by analysts to be worth as much as $58 billion. (Reporting by Beijing newsroom and Chen Aizhu)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-china-petrol-idUKKBN199133'|'2017-06-19T07:29:00.000+03:00'
'3130f9f1254e24e0cab936ce496fc78fb7508c21'|'U.S. top court says law banning offensive trademarks is unconstitutional - Reuters'|'Money News - Mon Jun 19, 2017 - 8:12pm IST U.S. top court says law banning offensive trademarks is unconstitutional Members of the Portland, Oregon-based Asian-American rock band The Slants (L-R) Tyler Chen, Ken Shima, Simon Tam, Joe X. Jiang pose in Portland, Oregon, U.S., August 21, 2015 in a picture released by band representatives. Anthony Pidgeon/Handout via Reuters /files By Andrew Chung - WASHINGTON WASHINGTON The U.S. Supreme Court ruled on Monday that a law forbidding official registration of offensive trademarks unconstitutionally limits free speech in a case involving a band called The Slants, an outcome the government has said could lead to a proliferation of racial slurs as sanctioned trademarks. The court ruled 8-0 in favor of Portland, Oregon-based Asian-American dance rock band The Slants, which had been denied a trademark because the government deemed the name disparaging to people of Asian descent. The band challenged the rejection as a violation of free speech rights under the U.S. Constitution''s First Amendment, winning at the appeals court level before the government appealed to the high court. The ruling is expected to have a direct impact on another high-profile case involving the National Football League''s Washington Redskins. The team filed a legal challenge to a 2014 decision by U.S. Patent and Trademark Office tribunal canceling its trademarks as disparaging to Native Americans. After the government rejected The Slants request, band frontman Simon Tam appealed to the U.S. Court of Appeals for the Federal Circuit in Washington, which in 2015 ruled that the so-called disparagement provision of the 1946 law governing trademarks ran afoul of the Constitution''s guarantee of free speech. Tam has said he chose to call the band The Slants to reclaim a term some consider a derogatory reference to Asian people''s eyes, and wear it as a "badge of pride." The band''s lawyers have argued that the government cannot use trademark law to impose burdens on free speech to protect listeners from offense. The federal government, which appealed the appeals court ruling, said in court papers that the government should not be required to approve trademarks "containing crude references to women based on parts of their anatomy; the most repellent racial slurs and white-supremacist slogans; and demeaning illustrations of the prophet Mohammed and other religious figures." Writing for the court on Monday, Justice Samuel Alito did not mince words in ruling that the trademark provision is unconstitutional. "It offends a bedrock First Amendment principle: Speech may not be banned on the ground that it expresses ideas that offend," Alito wrote. In the separate Redskins case, a trademark board in 2014 canceled the team''s six trademarks at the request of Native American activists on grounds that the team name disparaged Native Americans. The team''s appeal, also on free speech grounds, was put on hold in the 4th Circuit Court of Appeals in Richmond, Virginia, pending the outcome of The Slants'' case. Justice Neil Gorsuch joined the court after arguments were heard in the case and did not participate in the decision. (Reporting by Andrew Chung; Editing by Will Dunham)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/usa-court-band-idINKBN19A20A'|'2017-06-19T12:42:00.000+03:00'
'88f56dd2e49722db79f4921bf62fc0c8acb2d4e9'|'Boeing upbeat on mid-market jet, sees composite fuselage'|'Business News - Tue Jun 20, 2017 - 3:11pm BST Boeing upbeat on mid-market jet, sees composite fuselage Maziar Farzam, President of Inhance Digital, demonstrates virtual reality glasses which provide digital information about the Boeing 787-10 aircraft. REUTERS/Pascal Rossignol By Tim Hepher - PARIS PARIS Boeing''s head of airplane developments said on Tuesday he was "very optimistic" that the world''s largest planemaker would close the business for a new mid-market jet designed to open up new routes from the middle of the next decade. Mike Delaney, general manager of airplane developments at Boeing Commercial Airplanes, said the final decision would be for Boeing''s top leadership but that design, production and cost characteristics were all pointing in the right direction. Speaking to Reuters, Delaney confirmed for the first time publicly that the proposed new aircraft would have a composite fuselage, a key decision likely to boost suppliers such as Boeing''s sole composites contractor Toray ( 3402.T ) of Japan. In a separate briefing at the Paris Airshow, Delaney said the jet would make "extensive use" of composites and confirmed it would have a "hybrid" cross-section, apparently referring to the need for a large cabin and slimmed-down cargo space. Delaney''s keenly awaited annual briefing at the world''s largest air show gave fresh clues on how the U.S. planemaker''s newest airplane might be designed. The idea is to carve out a new market between medium-haul single-aisle planes like the 737 and Airbus A320 family and the smallest long-haul jets like the A330 and Boeing 787. Boeing faces a difficult puzzle as it tries to square conflicting airline demands for a wide twin-aisle cabin with the low operating costs of the 737 category. Delaney said airlines consulted by Boeing had stressed that what counts most is being able to carry the right number of passengers for the routes for which the jet is designed. Based on Boeing market forecasts that is likely to be 220 to 270. They are less worried about carrying cargo. That is the opposite of what airlines had said when Boeing was developing larger planes like the 787 and 777, Delaney said. In those cases, engineers had designed the fuselage around the cargo containers and then adjusted the rest of the fuselage and therefore the seating capacity around that. DESIGN CLUES Delaney''s statements give important clues about what is expected to be an unconventional fuselage for the mid-market plane, which in turn may determine whether Boeing can square that circle of wide cabins and low operating cost. Industry sources have said the fuselage will have a somewhat elliptical shape when seen from the front because the bottom of the plane will be flattened to get rid of unnecessary cargo space. Usually a pressurised fuselage is round to avoid stress points. Building the fuselage out of tough lightweight composites allows less conventional shapes. In turn, stripping away unnecessary space reduces drag and makes the plane cheaper to fly. Delaney declined to talk in detail about the design except to say the fuselage would have a "hybrid" cross-section. "It is a geometry that supports twin-aisle comfort and single-aisle economics," he said. Another Boeing executive recently said it had considered options from "mild to wild" for the new jet. The new jet is expected to enter service in 2025, if Boeing decides to go ahead and develop it. (Reporting by Tim Hepher; Editing by Sudip Kar-Gupta and Mark Potter)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-airshow-paris-boeing-jet-idUKKBN19B1ZB'|'2017-06-20T22:11:00.000+03:00'
'a0262c60ce8e0e5cf3efb1a8527320dd224c901c'|'European shares slip as weak oil weighs on energy, mining stocks'|'Market  16pm EDT European shares slip as weak oil weighs on energy, mining stocks * STOXX 600 down 0.7 pct at close * Oil drop weighs on energy shares, miners * Eurotunnel falls as Barclays cuts to sell * Germany''s DAX hits fresh record high (Adds detail, updates prices at close) By Helen Reid and Kit Rees LONDON, June 20 Stocks sensitive to the price of oil fell on Tuesday, putting pressure on European shares, with the pan-European benchmark ending lower after a strong start to the session. Euro zone blue chips closed 0.4 percent lower and the regional STOXX index fell 0.6 percent, retreating from a two-week high and giving up most of the gains made in the previous session. Europe''s oil and gas companies fell more than 2 percent with Royal Dutch Shell down 2.3 percent and BP down 2.6 percent after oil prices hit seven-month lows . Mining shares fell more than 3 percent. "People are once more paying attention (to) the fundamentals and the heavy oversupply that we''re seeing on the oil market, and that''s really causing some downside pressure," said Jonathan Roy, advisory investment manager at Charles Hanover Investments. Britain''s FTSE 100 index, the worst-performing major benchmark in Europe this year, fell 0.7 percent, hit by its heavy weighting in commodities stocks. "Investors across Europe are taking cue from the downside we''re seeing in London and, looking at the quite heavily overbought conditions that we''re seeing in Europe, are taking that as a cue to take some money off the table," Charles Hanover Investments'' Roy added. Aside from the slide in oil-related stocks, Germany''s Prosiebensat 1 was a bright spot, after it sold its online travel agency Etraveli to CVC. Germany''s benchmark DAX index touched a fresh record high before retreating 0.6 percent. "We are slightly surprised that the company did not sell a group of travel assets, but management suggests the rest of the travel portfolio remains under review," they added. Among the stocks falling the most was Groupe Eurotunnel , which runs Eurostar trains; the shares fell 6 percent after the second broker downgrade in as many weeks. Barclays cut the company to "sell", citing slowing traffic and recent militant attacks, which could weigh on tourism. Broker action also took Domino''s Pizza shares to fall 6.5 percent to 16-month lows. Investec began its coverage of the stock with a "sell" rating, saying that it expects like-for-like growth to slow. Shares in British services office provider IWG were the biggest fallers, down more than 7 percent after founder and CEO Mark Dixon sold down his stake. Swedish real estate company Castellum fell 4.3 percent after pension fund AP2 sold the majority of its stake. (Reporting by Kit Rees and Helen Reid, editing by Larry King)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/europe-stocks-idUSL8N1JH4WH'|'2017-06-21T00:16:00.000+03:00'
'd41df83117a52dbe821304e482bcb383da25ac2e'|'Egypt signs $575 million agreement with GE for 100 locomotives'|'Business News - Sat Jun 17, 2017 - 5:12pm BST Egypt signs $575 million agreement with GE for 100 locomotives The logo of General Electric Co. is pictured at the Global Operations Center in San Pedro Garza Garcia, neighbouring Monterrey, Mexico, May 12, 2017. REUTERS/Daniel Becerril CAIRO Egypt signed a $575 million (450.03 million pounds) agreement with General Electric Co ( GE.N ) on Saturday for GE to provide 100 new multi-use locomotives, 15 years of technical support and spare parts, and maintenance and upgrades of 81 trains, the government said. Transport Minister Hisham Arafat said in a government statement the first shipment of 25 locomotives would arrive in 2018 as part of a plan to have 25 million tonnes of goods transported via railway by 2022. The agreement also includes GE carrying out maintenance and upgrades on 81 trains the Egyptian National Railways bought in 2008, and training Egyptian engineers. (Reporting by Ahmed Aboulenein; editing by Andrew Roche) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-egypt-ge-idUKKBN1980MQ'|'2017-06-18T00:12:00.000+03:00'
'46392a80fcc9d82c8b6256899dd33b6771cdc20d'|'Dow, DuPont merger wins U.S. antitrust approval with conditions'|'By Diane Bartz DuPont ( DD.N ) and Dow Chemical Co ( DOW.N ) have won U.S. antitrust approval to merge on condition that the companies sell certain crop protection products and other assets, according to a court filing on Thursday.The asset sales required by U.S. antitrust enforcers were similar to what the companies had agreed to give up in a deal they struck with European regulators in March. The deal is one of several big mergers by farm suppliers, and the antitrust approval was quickly denounced by the head of the National Farmers Union, saying that farmers would face higher costs.The Justice Department said the asset sales would prevent price hikes or lost innovation.Dow and DuPont announced the deal in December 2015 in what was billed as an all-stock merger valued at $130 billion.According to the filing in U.S. District Court for the District of Columbia, the assets to be sold include DuPont''s Finesse herbicide for winter wheat and Rynaxypyr insecticides, which the Justice Department said had U.S. annual sales of more than $100 million.In addition, Dow will sell its U.S. acid copolymers and ionomers business. The products are used to make food packaging and other goods.The president of the National Farmers Union, Roger Johnson called the antitrust approval "deeply disappointing.""Clearly, the Trump administration is content allowing our country’s consolidation complex to continue," Johnson said in a statement. "The combination of Dow and DuPont, coupled with other pending mergers, ... drives up costs for farmers’ inputs, and it reduces the incentive for the remaining agricultural input giants to compete."The Justice Department and Federal Trade Commission, which share the work of antitrust enforcement, have reviewed or are reviewing no fewer than four deals involving corporate titans that supply U.S. farmers.In addition to Dow and DuPont merger deal, Bayer ( BAYGn.DE ) has a deal to buy Monsanto ( MON.N ), and ChemChina is purchasing Syngenta ( SYNN.S ). In addition, fertiliser companies Potash Corp and Agrium are planning a merger.After Dow completes the merger with DuPont, the companies have said that they would split into three separate companies specializing in material sciences, speciality products, and seeds and agrochemicals."As originally proposed, the merger would have eliminated important competition between Dow and DuPont in the development and sale of insecticides and herbicides that are vital to American farmers who plant winter wheat and various speciality crops," acting Assistant Attorney General Andrew Finch said in a statement, adding that the merged company would have also gained a monopoly over ethylene derivatives used to manufacture food packaging and other products.Finch said the settlement "will preserve vigorous competition."Analyst Brett Wong of Piper Jaffrey Co said he did not foresee another round of consolidation in the agricultural supply business in the near future. "It''s going to take some time for the current dust to settle," he said.Dow and DuPont have already received clearance to merge from Europe, China and Brazil. They are now awaiting approval from just a handful of countries, including Canada and Mexico.(Reporting by Diane Bartz in Washington; Editing by Chris Sanders and Leslie Adler)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/du-pont-m-a-dow-idINKBN1962SJ'|'2017-06-15T18:59:00.000+03:00'
'27176a9259b9cdc6993363ec454d1bc834f3a211'|'Venezuela''s Maduro slams Twitter after accounts blocked'|'CARACAS Venezuela''s President Nicolas Maduro on Saturday said Twitter was an "expression of fascism" after accounts linked to his government were suspended, accusing the U.S. company of persecuting his followers.One of the Twitter accounts suspended belonged to Radio Miraflores, a station set up by Maduro that broadcasts from the presidential palace, including a salsa music program the president hosts."Twitter in Venezuela today deactivated thousands of people''s accounts," Maduro said at televised rally. "Simply for being ''Chavistas,''" he said, using the term for followers of his predecessor, late socialist leader Hugo Chavez.Chavez was a pioneer among politicians in the use of Twitter, gathering millions of followers and frequently announcing news on the platform. Even today, Chavez''s 4 million followers beat Maduro''s 3 million.Maduro encouraged a pro-government journalist to publish photos of the head of Twitter in Venezuela, to show people "who was responsible for the manipulation." It was not immediately clear if Twitter has employees in Venezuela.Media contacts listed on Twitter''s corporate website did not return email requests for comment. The company does not list Caracas among the cities where it has international offices.It was not clear why the accounts were suspended, or how many had been affected. Earlier, Information Minister Ernesto Villegas said 180 accounts were hit.Villegas said the last tweet from one of the accounts @miraflores_TV, reported comments by Maduro against U.S. Vice-President Mike Pence, made on Thursday.Twitter''s guidelines say accounts can be suspended for abusive behavior, security or spam, among other reasons.Despite the strong words, Maduro encouraged his supporters to keep using the service as a way of countering online the opposition, which has taken to the streets over the past two months to demand elections, protest restrictions and complain about crippling food and medicine shortages."They killed thousands of accounts, if they shut down a thousand, we will open 10,000 or more with the youth," Maduro said. "The battle on social media is very important."On Saturday, hundreds of opposition activists held prayer services in Caracas and other cities to oppose Maduro''s plan to rewrite the constitution, while the government held rallies in several regions to support the initiative.The protesters have kept the pressure on the government, with clashes with security forces killing at least 72 people since April.Maduro threatened opposition leader and former presidential candidate Henrique Capriles on Saturday, saying he would sooner or later "face justice" for deaths in an earlier round of protests.In April, authorities banned Capriles, who narrowly lost the presidential election in 2013, from holding political office for 15 years, a key factor fuelling the protests.(Reporting by Frank Jack Daniel)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-venezuela-politics-twitter-idINKBN1980U1'|'2017-06-17T20:31:00.000+03:00'
'5cc43ea73ac3e3c9e89ab90eb50f2dadd414daf4'|'Tesco to close Cardiff customer service centre, 1,100 jobs affected'|'Top News - Wed Jun 21, 2017 - 3:10pm BST Tesco to cut up to 1,100 jobs with Cardiff customer centre closure A Tesco supermarket is seen, in west London on September 30, 2008. REUTERS/Toby Melville/Files LONDON Tesco ( TSCO.L ), Britain''s biggest retailer, has proposed closing its customer service centre in Cardiff with the loss of up to 1,100 jobs, the company said on Wednesday, part of a broader drive to cut costs and improve margins. The company said it was consolidating its two customer engagement centres into a single expanded operation in Dundee, Scotland, where 250 new positions would be created. Tesco set out a plan last October to reduce operating costs by 1.5 billion pounds over three years. It needs the savings to help achieve its target of a group operating margin of 3.5 percent to 4.0 percent by the 2019-20 financial year, up from 2.3 percent in 2016-17. "The retail sector is facing unprecedented challenges and we must ensure we run our business in a sustainable and cost-effective way, while meeting the changing needs of our customers," said Matt Davies, UK CEO of Tesco. "We realise this will have a significant effect on colleagues in the Cardiff area," Davies said. In February, Tesco detailed plans to replace 1,700 deputy managers at its "Express" convenience stores and in January it proposed a reorganisation of its distribution network with a net loss of 500 jobs. Tesco is Britain''s biggest private sector employer with a staff of more than 310,000. (Reporting by James Davey; editing by David Clarke) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-tesco-redundancies-idUKKBN19C1QI'|'2017-06-21T21:23:00.000+03:00'
'b7ab5bc2330b31b8a8da6ab348077fece0690997'|'Ericsson begins sale of assets with power modules deal'|'Business News -  25am BST Ericsson begins sale of assets with power modules deal A general view of an office of Swedish telecom giant Ericsson is seen in Lund, Sweden, September 18, 2014. REUTERS/Stig-Ake Jonsson/TT News Agency/File Photo STOCKHOLM Swedish mobile telecom gear maker Ericsson ( ERICb.ST ) said on Wednesday it was selling its power modules business, the first exit of assets under a new strategy to focus on its core business. The company announced the strategy in March, saying it would concentrate on its main product areas of networks, digital services and Internet of Things. On Wednesday it said it had signed an agreement with software firm Flex ( FLEX.O ) to sell its power modules business, which includes a manufacturing site in China and assets in Sweden. More than 300 employees and consultants are expected to transfer from Ericsson to Flex Power, but Ericsson did not disclose any financial details about the transaction. "In line with our strategy, we are focussing our business on fewer core areas," Christian Hedelin, head of strategy for Ericsson''s Networks business, said in a statement. On Tuesday, Bloomberg, citing sources, reported that Ericsson had hired banks to explore a sale of its much larger media businesses. (Reporting by Olof Swahnberg; Editing by Niklas Pollard and Susan Fenton)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-ericsson-divestment-idUKKBN19C0WN'|'2017-06-21T16:25:00.000+03:00'
'0d191a4b0b5168890b5d4a47c795c7af03e05886'|'Japan trade ministry asks Western Digital to join Japan Government-Bain consortium for Toshiba chip unit: sources'|'TOKYO The Japanese trade ministry is in talks with Western Digital Corp ( WDC.O ) about the U.S. firm joining a government-led consortium chosen as the preferred bidder for Toshiba Corp''s ( 6502.T ) chip business, people familiar with the matter said.Western Digital, which jointly operates Toshiba''s main chip plant, has sought a court injunction to prevent its partner from selling its chip business without the U.S. firm''s consent.The consortium has told Toshiba it needs to resolve its legal dispute with Western Digital Corp ( WDC.O ) before it will invest in the firm''s chip unit, separate people briefed on the matter said.The group consists of a state-backed fund, the Innovation Network Corp of Japan (INCJ), the Development Bank of Japan (DBJ), as well as U.S. private equity firm Bain Capital.South Korean chipmaker SK Hynix Inc ( 000660.KS ) and the core banking unit of the Mitsubishi UFJ Financial Group Inc ( 8306.T ) are set to provide financing.(Reporting by Makiko Yamazaki and Taro Fuse; Editing by Christopher Cushing)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-toshiba-accounting-western-digital-idINKBN19C0V1'|'2017-06-21T06:09:00.000+03:00'
'c3c735a78041be88bbbb5e7b673de2bc394bdb18'|'SEBI tightens rules for offshore derivatives'|'Money News - Wed Jun 21, 2017 - 6:25pm IST SEBI tightens rules for offshore derivatives The logo of the Securities and Exchange Board of India (SEBI) is seen on the facade of its headquarters building in Mumbai, March 1, 2017. REUTERS/Shailesh Andrade/Files By Zeba Siddiqui and Abhirup Roy - MUMBAI MUMBAI The Securities and Exchange Board of India (SEBI) on Wednesday tightened regulations on offshore derivatives by increasing fees and banning the sale of certain products, while at the same time easing registration rules for foreign portfolio investors. SEBI said its board had decided to impose a fee of $1,000 every three years, starting from April 1 this year, on each offshore derivative instrument (ODI) subscriber to be collected by the issuer. SEBI also said it would prohibit ODIs that track derivatives except for those issued for hedging purposes, in a statement issued at the conclusion of its quarterly board meeting - sticking closely to draft proposals it issued last month. At the same time, the regulator proposed easing some rules for foreign portfolio investors, including expanding the eligible jurisdictions for registration under this category to more countries with diplomatic tie-ups with India. The change is intended to steer more funds to register as foreign portfolio investors instead of investing through ODIs that track Indian assets, which are harder to oversee for Indian regulators. India has long been suspicious of offshore instruments, such as participatory-notes, or P-notes, because of fears these investments are a conduit for money laundering or the channelling of unaccounted wealth held by Indians abroad into domestic markets. SEBI Chairman Ajay Tyagi said the goal was not to get rid of products such as P-notes but to provide more regulation and "to make sure that Indian and NRIs (non-resident Indians) don''t use that route for investing in India". "The idea is not at all to ban it but to tighten it," he said at a news briefing. ODIs such as P-Notes were once a popular way to invest in India but they have decreased in popularity as India has eased norms for direct investment. Among other actions on Wednesday, the SEBI also relaxed rules for investors buying distressed companies from banks in an effort to help resolve the country''s massive bad debt problem. Investors interested in acquiring companies where banks have swapped part of their loans with equity would not need to make a mandatory open offer provided they were willing to abide with a three-year lock-in and get shareholder approval, SEBI said. SEBI also said it would review the derivatives market and consult stakeholders, without providing further details. Tyagi noted at the briefing the regulator had become concerned about the size of the derivatives market relative to cash markets. Separately, the regulator said it would allow category III alternative investment funds (AIFs), such as hedge funds, to invest in the commodity derivative markets, with some conditions. (Additional reporting by Devidutta Tripathy and Swati Bhat; Editing by Rafael Nam) '|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/india-sebi-derivatives-idINKBN19C1ID'|'2017-06-21T09:37:00.000+03:00'
'ec9b7226047eba7ee9bac382b17ba29f376cc832'|'UPDATE 1-UK PM May''s deal with N.Ireland''s DUP unlikely this week- DUP source'|'Market News  37am EDT UPDATE 1-UK PM May''s deal with N.Ireland''s DUP unlikely this week- DUP source (Recasts, add details) By Amanda Ferguson LONDON, June 21 A deal to prop up British Prime Minister Theresa May''s minority government is not likely this week though talks with Northern Ireland''s Democratic Unionist Party (DUP) to support her government are continuing, a DUP source told Reuters. After May lost her majority in parliament with a botched gamble on a snap June 8 election, she is trying to secure the backing of the DUP''s 10 lawmakers, though talks have dragged on for nearly two weeks. While the details are still to be thrashed out, a deal is considered likely. The DUP knows a deal with May is its best chance to secure extra cash for Northern Ireland while the Conservatives know that the DUP do not want risk a Labour government under Jeremy Corbyn, who has appeared beside Sinn Fein leaders in the past. When asked whether a deal would be finalised this week, the DUP source said: "It does not look likely." "Talks are continuing," said the source, who spoke on condition of anonymity. DUP sources said on Tuesday that May''s party needed to give greater focus to discussions and added that the DUP could not be taken for granted. While the two parties are largely aligned on domestic issues and Brexit, the talks have snagged on the extent of financial support that Northern Ireland will get as part of any deal, according to sources. One issue that has caused friction in talks is air passenger duty - an excise duty on passengers flying from airports in the United Kingdom - which the DUP want to be scrapped so that Belfast can compete with Dublin''s airport. In its manifesto, the DUP said it would pursue the abolition of air passenger duty and cut value added tax for tourism businesses. (Reporting by Amanda Ferguson; writing by Costas Pitas; editing by Kate Holton and Guy Faulconbridge)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-politics-dup-idUSL8N1JI3HS'|'2017-06-21T21:37:00.000+03:00'
'9a73c5e7b7a6e9a4ac37722d146a83cfacfdf757'|'FTSE propped up by Whitbread, Berkeley as Provident Financial plummets'|'Top News - Wed Jun 21, 2017 - 12:27pm BST FTSE propped up by Whitbread, Berkeley as Provident Financial plummets A red London bus passes the Stock Exchange in London, Britain, February 9, 2011. REUTERS/Luke MacGregor/File Photo By Helen Reid - LONDON LONDON British shares slipped less than their European peers on Wednesday as gains from Whitbread helped mitigate losses from sub-prime lender Provident Financial. Before the Queen''s Speech, which will lay out the government''s legislative programme, at 1030 GMT, the FTSE 100 .FTSE was down 0.3 percent. Euro zone shares .STOXXE fell as much as 0.93 percent. However, Provident Financial ( PFG.L ) plummeted up to 20 percent after it warned that disruption from the reorganisation of its consumer credit division would weigh its results for the rest of the financial year. Analysts at Liberum said they had been concerned about rising impairments and customer attrition in the division as the new model was implemented, but the transition was "more painful than expected." "The sheer speed of the deterioration has taken us by surprise, particularly after a reassuring Q1 interim management statement on May 12," they added. Its losses also weighed on Hargreaves Lansdown ( HRGV.L ), the second-worst blue-chip performer. Gains by Whitbread and Centrica helped the FTSE 100 .FTSE outperform despite Provident''s fall. Costa Coffee and Premier Inn owner Whitbread ( WTB.L ) was top performer among UK and European shares, up 4.5 percent after reporting sales rose 7.6 percent in the first quarter. "If the consumer gets squeezed by inflation, then they will have to cut back, but probably more on the bigger-ticket items in the short term," said Greg Johnson, analyst at Shore Capital. "Affordable treats, lower-ticket leisure expenditure will probably outperform bigger-ticket items such as houses." With most of its hotels in the UK, Whitbread was also well positioned to benefit from a potential rise in ''staycations'', Johnson said. Energy firm Centrica rose as investors cheered the sale of its two biggest gas plants to a subsidiary of Czech energy company EPH. Mining company Fresnillo ( FRES.L ) rose as gold prices ticked higher. London-focussed housebuilder Berkeley Group ( BKGH.L ) was a top gainer among lacklustre mid-caps, up 2.2 percent after its full-year results beat expectations with a 53 percent increase in profits before tax. However, it warned uncertainty related to Brexit could cut into demand for houses. "Full-year 2016/2017 is likely to represent peak profits for Berkeley Group. As had been flagged for some time, the company will see margins (currently in the mid-to-high 20s) revert to more ''normal'' levels (below 20%)," said Colin Sheridan, analyst at Davy Research. "The results are strong, however, and the market is likely to be encouraged by comments that selling trends in London have improved into the end of the financial year," he added. (Reporting by Helen Reid, editing by Larry King) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-stocks-idUKKBN19C15M'|'2017-06-21T17:56:00.000+03:00'
'400710e6de4da6bc02d5569b8ee73b155aaab11f'|'UPDATE 1-UK government says considering how to tackle household energy prices'|'(Adds Secretary of State, Ofgem comments)LONDON, June 21 British Prime Minister Theresa May''s government said it remained committed to helping consumers hit by the most expensive energy tariffs, but had not decided how to intervene in the market and did not mention a price cap when setting out policy objectives.May previously said she would tackle high household energy prices if she was re-elected by introducing a cap on standard variable tariffs that could affect about 17 million families."We have committed to extending the price protection currently in place for some vulnerable energy consumers to more of those on the poorest value tariffs," the government said on Wednesday, as it set out its policy plan.Britain''s Secretary of State for Energy, Greg Clark, told energy regulator Ofgem in a written letter seen by Reuters to "proceed without delay" and to advise him on what it intends to do regarding helping customers on the poorest value tariffs.Ofgem, which in theory has the power to impose a cap on energy prices, said it would shortly be setting out the work it has underway."We share the government''s concern that the energy market needs to work better for all consumers and that energy companies need to do more to help loyal consumers get a better deal," a spokesman said.Clark said Ofgem''s response would inform the government''s decisions on tackling the energy tariff issue.However, Britain''s energy retailers took the government''s announcement as a signal against a market-wide price cap."(The government) may end up intervening to make sure that unfair practices are remediated but they have removed the manifesto promise and language around capping prices," Centrica Chief Executive Iain Conn told journalists on Wednesday.Analysts previously said the government would likely decide against imposing a blanket cap on energy prices in favour of a curb on prices for the most vulnerable customers.Shares in Centrica, which through British Gas is the largest energy supplier in Britain, were up around 2 percent after the company announced the disposal of two gas plants.However, shares remain around 11 percent lower than last October, when May first suggested possible market intervention.Shares in SSE, Britain''s second largest supplier were flat, but are down around 7 pct from last October. (Reporting by Susanna Twidale, Karolin Schaps and Kate Holton; editing by Guy Faulconbridge and David Evans)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/britain-politics-energy-idINL8N1JI3GY'|'2017-06-21T11:11:00.000+03:00'
'd8e3481aef74e752f82eedfecdafa4966c984618'|'New York City pushes for new method to build big public projects'|'NEW YORK, June 20 The notion that governments can build big public projects on time and on budget may be a long-running joke for some skeptics, but New York City is not laughing.The largest U.S. city is not allowed to use a project delivery method called "design-build" that other cities around the country - and New York state - have increasingly adopted to save time and money on major infrastructure projects.But city officials and industry firms are making a final push for the power to use this method before the state''s legislative session ends on Wednesday.Due to New York''s existing statutes, the city must continue using the traditional design-bid-build method, which employs a different party for each stage instead of the more streamlined single entity that collaborates on all aspects of a project from the start under design-build.A bill before lawmakers would allow three New York City agencies, including its Department of Transportation, to deploy design-build for eight specific projects, with provisions for using organized labor."We will use it to save the taxpayers money, to speed up projects, and to bring innovation," said New York City DOT Commissioner Polly Trottenberg in an interview. "We will use it for good purposes just as the state has done and just as almost every city and state across the country is doing."Trottenberg wants to use design-build for the biggest, most complicated project on her department''s roster: a $1.9 billion renovation of a "triple cantilever" section of an old, heavily used expressway, where three tiers of traffic are stacked atop each other as they curve through the borough of Brooklyn over 21 individual bridges.Just a few miles away from the cantilever, on a separate section of the same highway, the state successfully used design-build to construct the first span of a new $555 million Kosciuszko Bridge, which opened on time and on budget in April.Firms that build and finance major New York projects -- including Skanska AB, AECOM, HNTB, Citigroup Inc., RBC Capital Markets and Delta Air Lines Inc. -- sent a letter on Monday to state lawmakers urging them to pass the bill without delay.Lisa Washington, executive director of the Design-Build Institute of America, said New York City is "behind everybody else. It seems unfortunate that everything around these core infrastructure projects is reaping the benefits (of design-build) and New York City ... has been unable to."(Reporting by Hilary Russ; Editing by Daniel Bases and Dan Grebler)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/new-york-infrastructure-idUSL1N1JG1SC'|'2017-06-21T05:49:00.000+03:00'
'9a21308626ee8db15148ad394d463756a3a2f227'|'Agrium-Potash merged company to be called Nutrien'|'WINNIPEG, Manitoba Canadian fertilizer producers Agrium Inc ( AGU.TO ) and Potash Corp of Saskatchewan Inc ( POT.TO ), which are seeking regulator approval to merge, said on Wednesday that the combined company would be called Nutrien.The companies said in a statement that they expect the deal to close in the third quarter of the year.Agrium and Potash announced plans to merge last year, as excessive supplies weigh on fertilizer prices. The deal requires approval from regulators in the United States and elsewhere.Shares of both companies rose slightly in afternoon trading.(Reporting by Rod Nickel in Winnipeg, Manitoba; Editing by Bernadette Baum)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-agrium-potash-corp-m-a-idINKBN19C2QA'|'2017-06-21T17:29:00.000+03:00'
'67e558d09173ad82e5e8d5c6a045e5a6f96b4f4e'|'Daimler presses ahead with Mercedes-Benz plant in Russia'|'Autos - Tue Jun 20, 2017 - 1:24pm BST Daimler presses ahead with Mercedes-Benz plant in Russia Daimler AG sign is pictured at the IAA truck show in Hanover, Germany, September 22, 2016. REUTERS/Fabian Bimmer/File Photo By Jack Stubbs - ESIPOVO, Russia ESIPOVO, Russia Germany''s Daimler ( DAIGn.DE ) began construction of a new Mercedes-Benz plant near Moscow on Tuesday, following through on the first new investment by a major foreign automaker in Russia since Western sanctions were imposed three years ago. Daimler said in February that it will invest more than 250 million euros (220 million pounds) in the factory, contrasting with widespread wariness among international investors after a prolonged downturn brought on by sanctions and a collapse in global oil prices. But Russia''s economy has recently shown signs of recovery, while its car market is returning to growth after four years of decline. Speaking at a ceremony to lay the factory''s first stone, Markus Schaefer, a member of the divisional board of Mercedes-Benz Cars, said Daimler had made the decision after a "very, very successful conversation" with the Russian government. Moscow Regional Governor Andrey Vorobyov said President Vladimir Putin had personally signed off on the deal, allowing the regional government to offer unspecified conditions previously not available to foreign investors. "Ultimately, we want to build cars where customers are," Schaefer said at the construction site in the town of Esipovo, 60 km (37 miles) from Moscow. "We are confident in the long-term potential of Russia." Global automakers had viewed Russia as a promising growth market until the 2014 sanctions over Moscow''s actions in Ukraine and the economic downturn prompted companies to put projects on hold. Car sales have more than halved from a 2012 peak of almost 3 million a year and U.S. auto giant General Motors ( GM.N ) quitthe market in 2015. Though Mercedes'' Russian car sales dropped 11 percent last year to 36,888, according to the Association of European Business (AEB) lobby group, Schaefer said he expects numbers to show an increase in 2017 and continue growing after the new plant opens in 2019. The company''s Russian car sales in May jumped 8 percent year on year. The factory will employ more than 1,000 people working across a 85-hectare site to produce more than 20,000 Mercedes-Benz cars and SUVs a year. Hoping to benefit from a future rebound in Russian car sales, some international manufacturers have recently started to strengthen their presence in Russia. Germany''s Volkswagen ( VOWG_p.DE ) announced projects last week to boost its VW and Skoda brands as well as commercial vehicles. (Editing by Tom Pfeiffer and David Goodman)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-russia-daimler-factory-idUKKBN19B1O2'|'2017-06-20T20:24:00.000+03:00'
'ef10ec4d9afc2b54596c57c05f7411d90907e7de'|'Ford to export Focus car from China to U.S. in 2019 - exec'|'Autos   2:23pm BST Ford to export Focus car from China to U.S. in 2019 - exec The Ford logo is seen on a car in a park lot in Sao Paulo, Brazil June 2, 2017. REUTERS/Paulo Whitaker DETROIT Ford Motor Co ( F.N ) will export the next-generation Focus compact car from China to North America in 2019, rather than from Mexico as earlier planned, the company said on Tuesday. The current Focus will be phased out of production in Wayne, Michigan in mid-2018, according to Joe Hinrichs, president of global operations. The Wayne plant will begin building a new Ranger compact truck in late 2018. No U.S. jobs will be affected, Ford said, adding that it employs more U.S. hourly workers and builds more vehicles in the United States than any other automaker. The redesigned Focus for North America will be built at a joint-venture plant in Chongqing, China, Hinrichs said. Earlier this year, Ford cancelled plans for a new $1.8-billion (1.42 billion pounds) small-car plant in San Luis Potosi, Mexico, and said it would build the new Focus instead at an existing plant in Hermosillo. The decision to shift from Hermosillo to Chongqing, where Ford has an existing Focus plant, was made "over the last couple months," according to Hinrichs, and will save the automaker $500 million in tooling costs. Ford also said some future variants of the new Focus will be shipped later from Europe. U.S. President Donald Trump had criticized Ford for shifting small-car production from the United States to Mexico. Hinrichs said Ford planned to inform the White House this morning. Hinrichs said Ford remains a major exporter to China, shipping about 80,000 vehicles a year from North America. General Motors Co ( GM.N ) has been exporting Buick and Cadillac cars from China to the United States, as has Volvo Cars, a unit of Chinese automaker Geely ( 0175.HK ). (Reporting by Paul Lienert in Detroit; Editing by Nick Zieminski)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-ford-china-idUKKBN19B1S0'|'2017-06-20T21:23:00.000+03:00'
'9dc411ebd0b8a00a1d7265852141e7acfac1bf60'|'Essar Oil''s creditors approve $12.9 billion Rosneft takeover: sources'|'By Promit Mukherjee and Devidutta Tripathy - MUMBAI MUMBAI Creditor banks to India''s Essar Oil approved the acquisition of the company by a group including Russia''s Rosneft, two sources familiar with the matter said, removing a key hurdle to the $12.9 billion deal that has been in the works for two years.The news comes a day after Igor Sechin, CEO of the Russian oil and gas giant, said the Essar Oil deal could be considered as closed. Kremlin-controlled Rosneft, which sees the buyout as vital to expanding in Asia''s fastest growing energy market, had aimed to close the deal at the end of 2016 but it got held up over debt issues.Those delaying what is Rosneft''s biggest foreign acquisition were India''s state-run banks and financial institutions that hold about $500 million of Essar''s debt, sources said in May.However, it is still unclear whether India''s biggest insurer Life Insurance Corporation (LIC), which also lent money to Essar Oil, had given its approval or not.LIC was not a part of the creditors'' group that gave its nod to the deal on Friday, said one of the two sources, who did not want to be named due to rules on talking to media.An LIC spokesman did not answer a call seeking comment. A call made to the Essar Oil CEO also went unanswered.The deal will give Rosneft a 49 percent stake in Essar Oil, while another 49 percent will be split between Swiss commodities trader Trafigura [TRAFGF.UL] and Russian fund United Capital Partners. Essar''s founder billionaire Ruia brothers will retain a 2 percent stake.(Reporting by Promit Mukherjee and Devidutta Tripathy; Editing by Himani Sarkar)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-rosneft-oil-essar-banks-idINKBN19E0TP'|'2017-06-23T06:35:00.000+03:00'
'ab9160f4c820c9fca581c13922a9ade74f6a5a34'|'MRJ regional jet on target for first delivery in mid-2020'|'Sun Jun 18, 2017 - 12:34 PM BST MRJ regional jet on target for first delivery in mid-2020 FILE PHOTO: Mitsubishi Heavy Industries President and Chief Executive Shunichi Miyanaga attends a news conference in Tokyo, Japan May 9, 2016. Reuters/Issei Kato PARIS Japan''s first passenger aircraft in half a century is on track for first delivery in mid-2020, the president and chief executive of Mitsubishi Heavy Industries ( 7011.T ) said on Sunday. "We have brought it here to demonstrate that the plane is making good progress," Shunichi Miyanaga told journalists at the Paris Airshow. The MRJ, which is on static display at the air show, was delayed for two more years in January to redesign its wiring. Mitsubishi Aircraft Corp has now brought French company Latecoere ( LAEP.PA ) on board to introduce new wiring, Alex Bellamy, senior director of the programme management office, at Mitsubishi Aircraft Corp, said. (Reporting by Victoria Bryan, editing by Louise Heavens) ADVERTISEMENT '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-airshow-paris-mitsubishi-heavy-idUKKBN1990IH'|'2017-06-18T19:34:00.000+03:00'
'561f3d15063ebb2bf9776c51340ca48baf9d423d'|'Humble pie on the menu for press after election defies opinion polls - Media'|'Peter Preston on press and broadcasting Humble pie on the menu for press after election defies opinion polls It’s been a painful week for many media big names after predictions of a wipeout for Jeremy Corbyn failed to come true Opinion polls predicted bigger gains for Prime Minister Theresa May’s Conservative party in the general election. l Photograph: Dominic Lipinski/PA Peter Preston on press and broadcasting Humble pie on the menu for press after election defies opinion polls It’s been a painful week for many media big names after predictions of a wipeout for Jeremy Corbyn failed to come true View more sharing options Peter Preston Sunday 18 June 2017 07.00 BST Back, one more time, to the 8 June inquest. Here’s the habitually strong and stable Dominic Lawson in the Sunday Times . “As I was saying last week, or at least as the headline on this column accurately summed it up: ‘Don’t panic … May is well ahead.’ Wrong, Lawson, and not for the first time in this campaign. It’s no defence that there was scarcely a single so-called expert who anticipated the actual outcome.” He’s quite right, of course. John Rentoul of the Indy will now “try harder to learn from his mistakes”. Polly Toynbee of the Guardian heard the “munch, munch of humble pie”, a chomping sound washing through Observer corridors too. And why did all Dominic’s “experts” get it so wrong? Because, like TV pundits, like Tory canvassers, like shrugging Labour party wizards on the day before, they all relied on the opinion polls and judged prospects on those results. Because, one more time, the polls were frail, contradictory – and wrong. Topics '|'theguardian.com'|'http://www.guardian.co.uk/theobserver/news/business/rss'|'https://www.theguardian.com/media/2017/jun/18/humble-pie-on-menu-newspaper-pundits-general-election-results'|'2017-06-18T03:00:00.000+03:00'
'223bc7f9b10f59da6753830754f82f625c464414'|'Trade minister Fox travels to U.S in pursuit of free trade deal'|'Business News - Sun Jun 18, 2017 - 3:38pm BST British trade minister Fox travels to U.S in pursuit of free trade deal Liam Fox, Secretary of State for International Trade, arrives in Downing Street for a cabinet meeting, in central London, Britain June 13, 2017. REUTERS/Stefan Wermuth LONDON Britain''s International Trade Secretary Liam Fox said he would meet U.S. trade leaders in Washington on Sunday to talk about the possibility of signing a free trade deal between the two countries soon after Britain leaves the European Union. "This visit will help lay the groundwork for a potential future UK-US free trade agreement and the practical steps we can take now in order to enable companies in both countries to trade and do business with one another more easily," Fox said in a statement ahead of his two-day visit. Britain starts formal Brexit talks with the other 27 EU countries on Monday, and is due to leave the bloc in March 2019. Fox will meet U.S. Trade Representative Robert Lighthizer, as well as the U.S. Chamber of Commerce, trade policy organizations and business representatives. (Reporting by Paul Sandle; Editing by Mark Trevelyan) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-britain-usa-trade-idUKKBN1990HN'|'2017-06-18T19:15:00.000+03:00'
'3fff7b9756f58c150ba5822512e47a5ca1410672'|'Auto supplier Magna to manufacture BMW 5-series plug-in hybrids'|'Autos - Mon Jun 19, 2017 - 8:06am EDT Auto supplier Magna to manufacture BMW 5-series plug-in hybrids FILE PHOTO - A BMW plug-in hybrid vehicle is seen in a BMW shop at Siam Paragon mall in Bangkok, Thailand on June 4, 2017. REUTERS/Jorge Silva/File Photo By Alexandria Sage - SAN FRANCISCO SAN FRANCISCO Canadian auto supplier Magna International Inc ( MG.TO ) will produce BMW''s new 5-series plug-in hybrid at its Austrian factory, the company said on Monday, part of a strategy to produce electric cars on a contract basis for global automakers. The BMW ( BMWG.DE ) 530 plug-in hybrid will be manufactured beginning this summer at Magna''s plant in Graz, Austria, where it already plans to produce Jaguar''s I-PACE SUV beginning in early 2018. Global automakers and their suppliers are investing heavily in fully-electric and gasoline-electric hybrid vehicles. Consumer demand is still low versus that for gasoline engine vehicles, but companies are beginning to offer more choices to respond to government mandates for greater sales of vehicles that emit little or no carbon dioxide, and prepare for a future experts believe will be dominated by electric vehicles. Rival tier-one auto supplier Continental AG ( CONG.DE ), for example, said in April it was increasing spending by 300 million euros ($334.68 million) on new products such as charging systems and battery management components related to electric vehicles. Magna, North America''s largest automotive supplier and the third globally, is alone among the top auto suppliers to perform contract manufacturing for carmakers. Its Austrian plant can produce about 200,000 cars per year. Magna is currently building a new paint shop in Slovenia due to increased demand. A Magna spokeswoman would not comment on a statement by the Slovenian government in March that the auto supplier would potentially invest up to 1.24 billion euros in the country, including a car plant with capacity of 100,000 to 200,000 vehicles per year. Having contract manufacturing in its portfolio creates a niche for the company as automakers slowly bring more electrified vehicles to market over the next decade. For automakers, outsourcing the assembly can be an advantage on low-volume models to minimize capital expenditures and avoid tying up their own production lines. Swamy Kotagiri, Magna''s chief technology officer, said he sees contract manufacturing of electric vehicles as a "near-term opportunity" for the company, given that by 2025, 40 to 50 percent of all vehicles produced will include some electrification elements. "We are setting up knowing the penetration will be higher." Magna has also produced non-electric cars at its Austrian facility, including BMW''s Mini Countryman and Mercedes-Benz'' ( DAIGn.DE ) luxury G-Wagen SUV. Last month, Magna raised its full-year sales forecast on higher demand. ($1 = 0.8964 euros) '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-magna-bmw-electric-idUSKBN19A1JZ'|'2017-06-19T20:06:00.000+03:00'
'30863f121c55f711c2b8929d9e8d1ba1ec3471eb'|'Buyout fund CVC hires banks for $1.1 billion Continental Foods sale - sources'|' 21pm IST Buyout fund CVC hires banks for $1.1 billion Continental Foods sale - sources By Martinne Geller and Pamela Barbaglia - LONDON LONDON Private equity fund CVC Capital Partners has picked advisers to sell its food firm Continental Foods in a deal that could be worth more than 1 billion euros ($1.12 billion), sources familiar with the matter told Reuters on Monday. The business, which produces soups, sauces and bouillons, includes brands like Liebig in France and Erasco in Germany. CVC has owned it since late 2013, when it purchased it from Campbell Soup for 400 million euros ($447.1 million). CVC''s decision to sell Continental Foods comes amid a wave of deal-making in the packaged food sector where large companies are looking for ways to boost profits in a weak market. Unilever is trying to sell its margarines business after rebuffing a takeover bid by Kraft Heinz, while Reckitt Benckiser Group is selling its French mustard business. Nestle said last week that it would explore options, including a possible sale, for its roughly $900 million-a-year U.S. confectionery business. London-based CVC, which recently raised a record 16 billion euros for its latest fund, is working with Swiss bank UBS and Paris-based investment boutique Messier Maris on a possible sale, the sources, who declined to be identified as the process is private, said. Continental Foods, CVC, UBS and Messier Maris declined to comment. Based near Antwerp in Belgium, Continental employs more than 1,000 staff across Europe. It has production facilities in France, Belgium and Germany and is active in five European markets including Finland and Sweden with revenues of about 400 million euros. It could fetch more than 1 billion euros, based on a multiple of 12 times its earnings before interest, tax, depreciation and amortisation (EBITDA) of around 90 million euros, the sources said. Private equity funds typically look to sell or list their portfolio companies within three to five years, hoping to cash out with a profit. ($1 = 0.8946 euros)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/continentalfoods-m-a-idINKBN19A2DX'|'2017-06-20T00:51:00.000+03:00'
'6d69809bc930a11a228fc8e5e189073dec3198da'|'Japan business mood up, points to better BOJ tankan - Reuters Tankan'|'Business News - Mon Jun 19, 2017 - 7:06pm EDT Japan business mood up, points to better BOJ tankan - Reuters Tankan FILE PHOTO: Newly manufactured cars of the automobile maker Honda await export at port in Yokohama, Japan, January 16, 2017. REUTERS/Toru Hanai/File Photo By Tetsushi Kajimoto and Izumi Nakagawa - TOKYO TOKYO Confidence among Japanese manufacturers bounced in June to match a decade-high level recorded in April and is expected to rise for several months, a Reuters survey found, providing more evidence of economic recovery. Service-sector mood rose to a two-year high, evidence of broadening confidence, although the Reuters Tankan also found that confidence was seen slipping over the next three months. The readings in the Reuters'' monthly poll - which tracks the Bank of Japan''s closely watched quarterly tankan - suggested a slight improvement in the central bank''s survey due July 3, which would support the BOJ''s upbeat economic outlook. The central bank kept monetary policy steady on Friday and upgraded its assessment of private consumption for the first time in six months, signaling its confidence in an export-driven economic recovery that is gaining momentum. In the poll of 526 large- and mid-sized firms, conducted between June 2-15 in which 250 responded, the sentiment index for manufacturers rose to 26 from 24 in May, led by materials firms such as oil refinery/ceramics and textiles/paper. The index matched April''s reading, which was the highest since August 2007, shortly before the global financial crisis. The index was up by one point from three months ago, and it was seen rising further to 29 in September. "Machine tool makers, who are our main clients, are performing well for both external and domestic markets. The situation is good because currencies remain stable," a manager of a nonferrous metal firm wrote in the survey. A recent run of indicators and business activity surveys have pointed to solid exports and factory output, although wage growth and household spending remain stubbornly sluggish despite a tightening job market. The Reuters Tankan service-sector index rose to 33 from 30 in May, led by gains in real estate/construction firms and wholesalers. It was seen slipping to 28 in September. Compared with three months ago, the sentiment index was up seven points. The Reuters Tankan indexes are calculated by subtracting the percentage of pessimistic respondents from optimistic ones. A negative figure means pessimists outnumber optimists. The BOJ''s last tankan on April 3 showed big manufacturers'' business confidence improved for a second straight quarter to hit a one-and-a-half year high, and service-sector sentiment improved for the first time in six quarters. (Reporting by Tetsushi Kajimoto; Editing by Eric Meijer) '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-japan-economy-tankan-idUSKBN19A31Y'|'2017-06-20T07:05:00.000+03:00'
'7810428533b29cb10459378f0f7343a2ebbff23f'|'BRIEF-BlackRock''s Emily Fletchter comments on MSCI decision on Argentina, Saudi Arabia'|'June 20 BlackRock''s Emily Fletchter:* Says decision by MSCI to not upgrade Argentina to Emerging Markets status may be a disappointment to some market participants* Says remind investors of "substantial" positive macro-economic changes Argentina witnessed over recent years* Says Argentina government has made good progress in "dismantling the protectionist structures" of economy, addressing currency controls* Says Argentine market remains attractive; believe it is still a "compelling investment destination" for long-term investors* Says "welcome" MSCI’s decision to launch a review on whether to include Saudi Arabia into MSCI Emerging Markets index* Says while Saudi Arabia''s upgrade by MSCI expected to take place in 2019, MSCI has ability to potentially accelerate timeline* Says view decision by MSCI on Saudi Arabia as positive given long-term growth opportunities in Saudi Arabian equity market'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-blackrocks-emily-fletchter-comment-idUSFWN1JH0O8'|'2017-06-21T05:19:00.000+03:00'
'ef16663523d20319b842f9f9cc0bd2ce9e5852df'|'VW''s Slovak plant workers call strike over wage demand'|'Autos   2:30pm BST VW''s Slovak plant workers call strike over wage demand A VW logo is seen in front of the main building of the Volkswagen brand at the Volkswagen headquarters during a media tour to present Volkswagen''s so called ''''Blaue Fabrik'''' (Blue Factory) environmental program, in Wolfsburg, Germany May 19, 2017. REUTERS/Fabian Bimmer - RTX36N7O PRAGUE Workers at Volkswagen''s ( VOWG_p.DE ) Slovak factory voted to strike from Tuesday over demands for a higher wage rise, the carmaker''s union said on Wednesday. The union expects majority participation in the strike, leading to a production stop, union officials were quoted as saying in local media. The union said in a statement the strike would be unlimited. VW''s Slovak unit said last week that union demands for a 16 percent pay hike were unacceptable. The company has offered a base pay rise of 4.3 percent, along with a one-off payment of 350 euros and other bonuses. (Reporting by Jason Hovet; editing by Alexander Smith)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-volkswagen-slovakia-idUKKBN1951X6'|'2017-06-14T21:30:00.000+03:00'
'393042f6f32d03375345bb2ee4f1aec9ecc985a6'|'UPDATE 1-Australian TV station Ten in administration after Murdoch-led backers quit'|'* Ten appoints administrators after Murdoch pulls debt guarantee* Ten hopes to cut U.S. licensing fees by 50 pct to CBS, Fox* Company counting on Australian deregulation to pass parliament (Adds TV licence changes, government fee reduction, shares, dateline)SYDNEY, June 14 Australian television broadcaster Ten Network Ltd said on Wednesday it would enter voluntary administration after creditors including Lachlan Murdoch declined to extend their support for a $150 million debt guarantee past 2017.The move lets ratings laggard Ten renegotiate expensive licensing contracts with United States studios for shows such as NCIS and CSI: Crime Scene Investigation."The directors of Ten regret very much that these circumstances have come to pass," the company said in a statement, adding that operations would continue "as much as possible on a business as usual basis".Broadcasters and Ten in particular have suffered large losses and are scrambling to cut costs as advertisers follow viewers who have turned to streaming services like Netflix and Amazon.com Inc''s Amazon Prime.Ten said it has already agreed, on an informal basis, to new licensing deals with CBS Corp and Twenty-First Century Fox Inc which would halve its future liabilities while still allowing the Sydney-based broadcaster access to those studios'' productions over the medium term.The Sydney-based company was relying on the Australian government to push through legislation to deregulate media ownership and make it easier for traditional media companies to buy each other, although the upper house has yet to agree to the reforms.Part of that package, a reduction in television licence fees, would result in lower overheads for Ten "after the changes to regulations anticipated to be tabled in parliament tomorrow pass through the parliamentary process", it said.A day after Ten requested a 48-hour trading halt of its shares while it considered its future, the Australian Securities Exchange said it had suspended the shares indefinitely.The stock last traded on Friday at 16 cents, having closed at A$2.56 two years earlier.(Reporting by Byron Kaye in Sydney and Ambar Warrick in Bengaluru; Editing by Stephen Coates)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/ten-network-administration-idINL3N1JB1AG'|'2017-06-14T00:39:00.000+03:00'
'2050d36a617df4066c99fcccd0500a8627a50c6b'|'Moody''s downgrades Australia''s top banks over housing risk'|'Business  29am BST Moody''s downgrades Australia''s top banks over housing risk A combination of photographs shows people using automated teller machines (ATMs) at Australia''s ''''Big Four'''' banks - Australia and New Zealand Banking Group Ltd (bottom R), Commonwealth Bank of Australia (top R), National Australia Bank Ltd (bottom L) and Westpac Banking... REUTERS/Staff SYDNEY Moody''s Investors Service on Monday downgraded 12 Australian banks, including the four biggest lenders, reflecting what it called elevated risks in the household sector. Such risk was heightening the sensitivity of the banks'' credit profiles to an adverse shock, according to the ratings agency. "While Moody''s does not anticipate a sharp housing downturn as a core scenario, the tail risk represented by increased household sector indebtedness becomes a material consideration in the context of the very high ratings assigned to Australian banks," it said. Moody''s said the long-term credit ratings for Australia and New Zealand Banking Group, Commonwealth Bank of Australia, National Australia Bank an Westpac Banking Corp were downgraded to Aa3 from Aa2. It reaffirmed their short-term ratings. The Australian government has taken steps in recent months to cool the red-hot property market amid concerns that speculation in housing could ultimately hurt consumers, banks and the economy. House prices in Sydney and Melbourne have more than doubled since 2009. With cash interest rates at a record low and house prices near record highs, the nation''s household debt-to-income ratio has climbed to an all-time peak of 189 percent, according to the Reserve Bank of Australia (RBA). That means there are an increasing number of people who have little cash for discretionary spending – on everything from cars to electrical appliances and new clothes - as their pay packets get consumed by large mortgages and high rental payments. "The resilience of household balance sheets and consequently bank portfolios to a serious economic downturn has not been tested at these levels of private sector indebtedness," Moody''s said. (Reporting by James Regan; Editing by Jacqueline Wong and Richard Borsuk)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-australia-banks-idUKKBN19A12H'|'2017-06-19T17:29:00.000+03:00'
'f704c5df74f949ea9de4ea699b19fbde20c341dc'|'France''s Europcar to acquire low-cost rival Goldcar'|'Deals - Mon Jun 19, 2017 - 5:15am EDT France''s Europcar to acquire low-cost rival Goldcar The logo of Europcar rental company is pictured in Ulm, Germany, April 6, 2017. REUTERS/Michaela Rehle By Wout Vergauwen and Dominique Rodriguez Europcar ( EUCAR.PA ) has agreed to buy Europe''s largest low-cost car rental company Goldcar, the French firm said on Monday, marking its fourth acquisition this year and sending its shares to a record high. The proposed Goldcar transaction is based on an enterprise value of 550 million euros ($616 million) and a post-synergy adjusted corporate EBITDA (earnings before interest, tax, depreciation and amortisation) multiple of about seven times. Europcar has already acquired Milan-based carsharing company GuidaMi, Danish franchisee Europcar Denmark and Germany''s Buchbinder in pursuit of its goal of reaching annual sales of more than 3 billion euros and an underlying EBITDA margin above 14 percent by the end of 2020. Goldcar, which is based in Spain and was sold to Europcar by Italian investment fund Investindustrial, has a strong position on the Iberian peninsula and adds to the French company''s low-cost businesses, which already include the InterRent brand. "We are well placed to have completed the bulk of our 2020 ambition in terms of acquisitions," Chief Executive Caroline Parot said in a statement, adding that the focus now shifted to integration and delivering expected cost savings. Europcar shares rose as much as 4.6 percent to a record high of 12.60 euros on Monday. Europcar said it had agreed bridge financing with a large international banking syndicate to support the deal, which is expected to close in the second half of 2017. The French company said it planned to raise equity equivalent to up to 10 percent of its capital, or an increase of 160-165 million euros, to maintain an "efficient and resilient capital structure". Following the acquisition and capital increase, Europcar expects to reach a corporate net financial debt to EBITDA ratio comfortably below three times by the end of 2017. Parot said the capital increase was not linked to the Goldcar acquisition and no date had yet been set. "We are not obliged to do so either after or before (the Goldcar transaction)," she told reporters. "It is the sound management of our balance sheet policy given the ambitious programme of non-organic growth that we have." In 2016, Goldcar generated full-year revenue of about 240 million euros and an adjusted corporate EBITDA of some 48 million euros. ($1 = 0.8933 euros) '|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-goldcar-m-a-europcar-groupe-idUSKBN19A0NM'|'2017-06-19T13:15:00.000+03:00'
'ee0fbb291dc81ae7d46ea2d434e7fe2b9214a85b'|'China May home prices rise 0.7 percent month on month, 10.4 percent year on year'|'Business News - Mon Jun 19, 2017 - 3:49am BST China''s month-on-month home price growth remains robust in May A construction site for residential apartments is seen in Dalian, Liaoning province, China, November 17, 2015. REUTERS/China Daily By Yawen Chen and Ryan Woo - BEIJING BEIJING Prices in China''s sizzling property market kept pace in May with the previous month, indicating resilient demand despite the imposition of tougher official measures to curb surging prices. Firm price gains highlight the challenge Chinese authorities face in taming an overheating market without disrupting the economy, in which real estate is a major driver of growth. Average new home prices in China''s 70 major cities rose 0.7 percent in May from the previous month, in line with April, Reuters calculated from an official survey out on Monday. Compared with a year ago, new home prices rose 10.4 percent in May, easing from a 10.7 percent gain in April, Reuters calculated from National Bureau of Statistics (NBS) data. Policymakers have prioritised stabilising an overheated market ahead of a Communist Party reshuffle later this year.The NBS said price growth for new homes in China''s 15 most overheated cities - mainly provincial capitals - has remained "basically stable" from the previous month as city-based control measures continued to take effect. Prices for new homes in China''s biggest cities such as Beijing and Shanghai stopped climbing in May on a monthly basis, while prices fell 0.6 percent in Shenzhen, the fastest seen in three months. Central bank data published last Wednesday showed Chinese banks extended more credit than expected in May, with home loans expanding even as policymakers struggled to rein in riskier borrowing without impeding economic growth. Household loans, mostly mortgages, rose to 610.6 billion yuan in May from 571 billion yuan in April, accounting for 55 percent of total new loans last month, up from 52 percent in April, the data showed. Investors, banned from the hottest markets, are increasingly looking inland, driving up prices in more remote, smaller cities with fewer buying restrictions, leading to a surprise pick-up in May sales. Sales by value in smaller cities have risen 30 percent so far in 2017 compared to a year ago, said Sam Xie, head of research at property services provider CBRE China. But economists say new tightening measures introduced since mid-March have started taking some heat out of the market. Annual growth in China''s real estate investment slowed in May, the first fall-off in three months, taking a toll on new developments as new construction starts almost halved from the previous month, official data showed last Wednesday. (Reporting by Yawen Chen and Ryan Woo; Editing by Eric Meijer) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-china-economy-homeprices-idUKKBN19A052'|'2017-06-19T09:57:00.000+03:00'
'e274dd0031129e227980f25d490815d14e87e656'|'Tory pledge to cap energy bills missing from Queen''s speech - Money'|'Tory pledge to cap energy bills missing from Queen''s speech Protection for 17m families paying most expensive tariff, which Conservatives promised during election campaign, has been dropped In place of its pledge to rein in energy bills, it seems likely that the government will extend a cap for people using prepayment meters. Photograph: E M Welch/Rex Features Tory pledge to cap energy bills missing from Queen''s speech Protection for 17m families paying most expensive tariff, which Conservatives promised during election campaign, has been dropped View more sharing options Wednesday 21 June 2017 16.57 BST Last modified on Wednesday 21 June 2017 19.32 BST Millions of people are unlikely to see their energy bills capped after Theresa May appeared to make a U-turn on one of her flagship election promises – to the delight of big energy companies. The prime minister had pledged to cap bills for 17 million families on the worst-value energy tariffs, but the plan was missing from the Queen’s speech and No 10 would not confirm a cap would go ahead. Instead, the government looks likely to extend an existing ceiling on bills for 4m households on prepayment meters to a further 2.6 million vulnerable customers. That compromise would be exactly what the industry has been lobbying for , and a huge rowing back by the Conservatives after months of escalating rhetoric from May and ministers. Theresa May is warned: don''t break election vow on energy price cap Read more An extension of the prepayment meter cap, which started on 1 April after a recommendation by the competition watchdog, is far from the “muscular and strong” action that Greg Clark, the business secretary, had threatened. No 10 would only say that May was committed to extending price protection for vulnerable customers, and was considering how best to do that. The share price of Centrica , which owns British Gas and is the UK’s biggest energy company, climbed more than 2% after the Queen’s speech. Iain Conn, the chief executive, who has argued that price caps could stifle competition, said he believed a wide-ranging cap was off the table. “I’m hopeful that this approach in the Queen’s speech could actually go further and more progressively towards the right type of market than if we had gone for an explicit price cap,” he said. “I’m encouraged by what’s been said so far, but it’s early days.” However, the government does appear to be entertaining the idea of setting targets for shifting customers off standard variable tariffs, the default energy deals that two-thirds of households are on. In a letter to the energy regulator sent on Wednesday, Clark asked Ofgem to consider “the future of standard variable tariffs”, and to safeguard “customers on the poorest value tariffs”. The business secretary said he hoped energy companies would not attempt to delay new measures during any consultations. “I would be surprised and disappointed if the major energy companies did not acknowledge the need for such changes and be supportive of them, and for them to be made quickly, so there is common treatment across the industry.” However, one industry expert was sceptical. Nick Mabey, chief executive of the energy thinktank E3G, said: “The prime minister claimed she would do what it takes to reduce energy bills. That will take a lot more than the business secretary, Greg Clark, issuing tinkering instructions to Ofgem.” ScottishPower, which has called for a car-insurance-style model instead of standard variable tariffs , urged Ofgem to abolish the tariffs “as a matter of urgency”. John Penrose, a Tory MP who has led calls for a relative price cap, asked May if the promised “price protections” would be a cap that saved 17m households up to £100 each, as she had said during the campaign. “I can confirm we do indeed intend to take action on this issue. We recognise the problem that there is in relation to energy bills,” said May in parliament, though she did not refer to any cap. Rebecca Long-Bailey, the shadow business secretary, said: “This is another stunning U-turn from a demonstrably weak and wobbly government. Only last month Theresa May was explicitly promising a price cap for 17 million families and has now seemingly collapsed under lobbying from the big six energy companies.” The Liberal Democrats, who did not back a cap in their manifesto, said the Conservative policy had been “pure economic illiteracy”. “The best way to bring down bills is to break up the monopoly of the ‘big six’ and encourage new entrants to the energy market,” said Lynne Featherstone, the party’s energy spokesperson. Topics '|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/money/2017/jun/21/cap-energy-bills-missing-from-speech-standard-variable'|'2017-06-21T23:57:00.000+03:00'
'1881078e0221a91d7fa1666afe5bc6a780b3d5ea'|'Upheaval for Burberry as chairman signals departure'|'Further boardroom upheaval is underway at Burberry after the luxury fashion brand revealed its long-standing chairman, Sir John Peace, is planning to leave.Peace has been chair of the FTSE 100 company since it was spun out of GUS in 2002, and has signalled his departure as the new chief executive prepares to take the helm .Marco Gobbetti will become chief executive next month after being recruited from French luxury rival Céline. His appointment is one of a number of senior management changes at the company, which recently hired Julie Brown from the medical supplies group Smith & Nephew as chief operating officer and chief financial officer.Once Gobbetti takes over, Christopher Bailey, who had been combining the role of chief executive and chief creative officer, will become president of the business, renowned for its trenchcoats and distinctive check patterns.It not clear whether the departure of 68-year-old Peace from Burberry will mark the end of a long career in the boardrooms of some of the UK’s biggest companies. At one point, he chaired three FTSE 100 businesses – Burberry, the credit-checking company Experian and Standard Chartered bank.At Burberry, he was forced to defend the decision to combine Bailey’s role as chief creative designer with chief executive after Angela Ahrendts quit to run Apple’s retail operations in 2013. He also had to defend the pay arrangements after a bruising annual general meeting in 2014 when 52.7% of investors rebelled against Bailey’s pay deal .The announcement that preparations for his replacement are underway comes before next month’s AGM. This year, the company has attempted to appease investor anger by reducing overall pay deals.Burberry''s Bailey to get £10.5m in shares when he checks out as CEO Read moreThe search for Peace’s successor will be led by Jeremy Darroch, the chief executive of Sky who on Wednesday was named as senior independent director (SID) of Burberry.In a stock market announcement , Burberry said Darroch was taking over the crucial non-executive role from Phillip Bowman, who is leaving the board in October after joining in 2002.“It will be the responsibility of Jeremy Darroch as the newly appointed SID to lead the process of appointing a successor to Sir John Peace. It is anticipated that a successor will be announced by the end of 2018,” Burberry said.Burberry''s sales growth slows despite ''exceptional'' UK performance Read morePeace had a particularly bruising year in 2014; he left the board of Experian and ran into a corporate governance row when he was replaced by the chief executive, usually frowned upon by investors. As well as the revolt over pay at Burberry, there was another at Standard Chartered. He left there last year, after a tumultuous period during which the chief executive and four other directors all left the troubled emerging markets-focused bank.Knighted in 2011 for services to business and the voluntary sector, Peace made his name at GUS, once known as General Universal Stores, where he helped set up Experian before becoming chief executive in 2000. He spun off Burberry in 2002 and Experian in 2006.Topics Burberry Retail industry Standard Chartered Experian Banking news'|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/business/2017/jun/21/upheaval-for-burberry-as-chairman-signals-departure'|'2017-06-21T03:00:00.000+03:00'
'354311e61b960fe63a2ed5acb4f2df00f3acc4d5'|'Swiss stocks - Factors to watch on June 21'|'ZURICH, June 21 Here are some of the main factors that may affect Swiss stocks on Wednesday.NESTLEGlobal coffee retailer Jacobs Douwe Egberts BV said on Tuesday it is eyeing new acquisitions in Brazil, where it is seeking double-digit growth as it chases Nestle in the international coffee retail business.ABBABB in talks to buy out India''s L&T electrical business - Economic Times reports bit.ly/2trt3kbCOMPANY STATEMENTS* Aevis Victoria said it had again increased its offer for Linde Holding in Biel following a similar move by rival bidder Hirslanden.ECONOMY(Reporting by Zurich newsroom)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/markets-swiss-stocks-idINL8N1JH55K'|'2017-06-21T02:35:00.000+03:00'
'ca51e06edbdc18c48506c04ecbc97a637db02e6c'|'AIRSHOW-Russia''s UAC targets sales of more than 600 long-range planes'|'Market News  35pm EDT AIRSHOW-Russia''s UAC targets sales of more than 600 long-range planes By Matthias Blamont - PARIS, June 20 PARIS, June 20 Russia''s United Aircraft Corporation (UAC) said on Tuesday it hoped a long-range, widebody plane it is developing with the Commercial Aircraft Corporation of China (COMAC) would sell more than 600 over a 20-year period. The jet represents a Russian and Chinese effort to compete in the lucrative widebody segment that is now divided between Europe''s Airbus and U.S. rival Boeing. The maiden flight for the venture''s new plane is scheduled for 2023, with first delivery expected two years later. "We have big expectations with COMAC for this product," UAC President Yury Slyusar said at the Paris Airshow, adding that he was hopeful about selling more than 600 of the planes over 20 years. UAC was established by a 2006 presidential decree that consolidated Russia''s aviation assets and aimed to revive the fortunes of the nation''s plane business. It owns Russian brands such as Tupolev, Ilyushin and MiG, as well as Sukhoi''s commercial Superjet programme. Slyusar also called for the lifting of Western sanctions from Russia. "We are interested in eliminating, cancelling any sanctions, it would be very useful in the future," he said in later comments to Reuters. The measures were imposed by the European Union and the United States after Moscow''s annexation of the Crimea region of Ukraine in 2014. A Russian official earlier said Russian industry had adapted to sanctions by, for instance, building an indigenous capacity to produce parts that had previously come from European firms. (Editing by Edmund Blair)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/airshow-paris-uac-idUSL8N1JH4VN'|'2017-06-21T01:35:00.000+03:00'
'325f6f1d8ebe6a8ffb7abc3abd7c86a16a7b11f4'|'Bhushan, Essar Steel among 12 firms being moved to insolvency courts - sources'|'By Devidutta Tripathy - MUMBAI MUMBAI The Reserve Bank of India (RBI) has asked lenders to initiate bankruptcy proceedings against a dozen companies, including Essar Steel, Bhushan Steel Ltd, Monnet Ispat and Energy Ltd, sources with direct knowledge of the matter said.This follows a change enacted in laws last month that gives the Reserve Bank of India greater power to address the $150 billion stressed loan problem plaguing growth in Asia''s third-largest economy. This week, the RBI said it had identified 12 of the country''s biggest loan defaulters.Jaypee Infratech, Electrosteel Steels, unlisted Bhushan Power & Steel, textiles maker Alok Industries, ABG Shipyard and Jyoti Structures are also among the firms that will be taken to insolvency courts by the RBI, said the sources, who asked not to be named as the list was not public.The RBI has yet to officially name any of the 12 companies, which account for about 2 trillion rupees ($31 billion) of India''s non-performing loans, or roughly 25 percent of all the country''s bad loans.CNBC TV18, which reported the 12 names earlier on Friday, also said Lanco Infratech, Amtek Auto and Era Infra Engineering were on the list. Reuters could not immediately verify these three names.According to the television station, RBI has asked banks to initiate bankruptcy proceedings against six of the firms within 15 days and to file petitions for the others within 30 days.The RBI had no official comment.A spokesman for Essar Steel declined to comment, while a spokesman for Electrosteel said they had heard from their main lender that creditors wanted to initiate resolution of the unpaid loans through the National Company Law Tribunal.The NCLT has been appointed as the nodal court for insolvency and bankruptcy proceedings in India. A bankruptcy filing would result in recovering some funds owed through a debt restructuring, or ultimately through liquidation of the company.Such action means banks would no longer leave bad debt on their books and it could force them to put more money aside to cover losses - at a time when funds are already short as banks seek to comply with international capital standards.The filings could have far reaching implications, as India''s new insolvency code sets out a tight deadline for restructuring resolutions to be struck, failing which the defaulters would be moved into forced liquidation, potentially leading to further value erosion and jeopardizing tens of thousands of jobs at the heavy industry companies on the list.Indian banks typically lend larger sums in groups. Lead banks plan to call meetings of the groups over the next two weeks to decide the next course of action, one source said.Jaypee Infratech, Lanco, Bhushan Steel, Monnet, Bhushan Power & Steel, Jyoti, Era, Amtek, Alok and ABG were not immediately reachable for comments.($1 = 64.4400 Indian rupees)(Reporting by Devidutta Tripathy; Editing by Euan Rocha and Himani Sarkar)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/india-bankruptcy-idINKBN1971EQ'|'2017-06-16T09:39:00.000+03:00'
'b0a455c7dde5fee7dfca5d95378e4e73e75216d7'|'Canadian miners, casinos hit by hacker eyeing new targets -FireEye'|'Market   8:00am EDT Canadian miners, casinos hit by hacker eyeing new targets -FireEye By Alastair Sharp - TORONTO, June 16 TORONTO, June 16 The same hacker targeting Canadian casinos and mining companies for extortion since 2013 is planning more attacks, researchers at cyber security company FireEye Inc said in a report on Friday. FireEye said it believes that a single hacker or hacking group that it dubbed FIN10 is behind the breaches due to similarities in method: how they broke into corporate systems, stealing gigabytes of sensitive data and demanding ransom paid in Bitcoin, and publicizing the stolen information by alerting bloggers. While FireEye declined to identify victims by name, the methods described in their report echoed those used in attacks on Goldcorp, the world''s third-biggest gold miner by market value, smaller operator Detour Gold, and the Casino Rama Resort. FireEye said FIN10''s degree of operational success makes more campaigns "highly probable" and that it had evidence suggesting the group had targeted additional victims. FireEye said FIN10 used the moniker Angels_of_Truth at least once, claiming to attack in retaliation for Canadian sanctions against Russia. More often, it borrowed the name Tesla Team from a group of Serbian hacktivists. FireEye believes FIN10 was flying ''false flags'' with those names, with no backing from a nation-state or affiliation with organized criminals. Angels_of_Truth was the name used by hackers who contacted a databreaches.net blogger between April and June 2015 claiming credit in Russian and English for the Detour intrusion. The same blogger, alerted to a breach at Goldcorp in April 2016, published details on the Daily Dot website before Goldcorp acknowledged the compromise. The Vancouver-based miner has since modified its IT processes, increased network security protocols, and worked to educate its staff about cyber risks, a spokeswoman said. After that breach, a mining industry group formed a network to share information on cyber threats. At least six members, including Teck Resources Ltd, will take the project live next month. FIN10 is still in contact with some victims and more targets may "become aware of the threat in the coming weeks or months," said Charles Carmakal, vice president at FireEye''s Mandiant unit. Detour Gold did not respond to requests for comment. Nor did Casino Rama, which said in November that sensitive customer, employee and vendor data had been stolen. Some was reportedly later posted online, and they now face a class action lawsuit over the breach. (Additional reporting by Jim Finkle; Editing by Tom Brown)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/canada-cyber-mining-idUSL1N1JA225'|'2017-06-16T20:00:00.000+03:00'
'77f8ccf4038fae74e2e41408aefb7bb53171c77d'|'Sinopac''s U.S. unit sale may collapse if it doesn''t provide more details: source'|'By Faith Hung - TAIPEI TAIPEI Taiwan''s financial watchdog will not approve Sinopac Financial Holdings'' ( 2890.TW ) $340 million sale of its U.S. unit to Cathay General Bancorp ( CATY.O ) unless Sinopac submits the necessary paperwork, a source with the regulator said.Some board members at Taiwan''s Sinopac are hesitant to sign off on the deal, feeling "seller''s remorse" as the price tag now looks too low, three separate sources with direct knowledge of the matter said.It has been a year since the deal was announced and the foot dragging comes ahead of a June 20 deadline imposed by the U.S. Federal Reserve, which approved the deal in March, although Cathay General, a Los Angeles-based bank, can request an extension.A collapse of the deal could also taint the reputation of Sinopac and Taiwanese banks in the U.S. market, coming in the wake of $180 million in U.S. fines for Taiwan''s Mega Financial Holding ( 2886.TW ) for violations of rules including lax attention to risk exposure in Panama."We have asked Sinopac to provide additional paperwork. If they don''t do that, they automatically forfeit the deal," said an official at Taiwan''s Financial Supervisory Commission.Sinopac needs to explain the full terms of the agreement in a satisfactory way, said the official, declining to elaborate.The official and other sources declined to be identified as they were not authorised to speak to the media on matter.A spokesman for Sinopac said the company would submit the additional paperwork "soon" and hopes that the deal will close.The FSC suspended a review of the acquisition application, according to a Sinopac statement earlier this month, which did not provide further details.Cathay General did not reply to requests for comment via email.Nasdaq-listed Cathay General has complained to Sinopac for not trying hard enough to get clearance from Taiwan regulators, said the three sources with direct knowledge of the matter.One of the sources said that the price had looked good to Sinopac last year amid uncertainties about Britain''s decision to leave the European Union and the U.S. presidential election."But now things have changed. The U.S. and global economies are showing strong momentum," the source said.(Reporting by Faith Hung; Editing by Jacqueline Wong and Edwina Gibbs)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-sinopac-cathaygeneral-idINKBN1970EP'|'2017-06-16T03:04:00.000+03:00'
'21650ee8138ca96fc87de0a2b9f3570c1e63a294'|'Exclusive - Ahead of Modi visit, U.S. lawmakers ask India to rethink price cap on stents'|'  3:15pm IST Exclusive - Ahead of Modi visit, U.S. lawmakers ask India to rethink price cap on stents left right FILE PHOTO: A woman walks past a chemist shop in Mumbai, India April 28, 2017. REUTERS/Shailesh Andrade/File Photo 1/2 left right FILE PHOTO: A worker waters plants next to an advertisement billboard of Abbott in Mumbai, India, November 12, 2015. REUTERS/Danish Siddiqui/File photo 2/2 By Aditya Kalra - NEW DELHI NEW DELHI A group of U.S. lawmakers has backed medical device makers by urging India to reconsider its decision to cap prices of heart stents, raising the issue ahead of Prime Minister Narendra Modi''s visit to the United States later this week. In a letter sent to the Indian ambassador to Washington last month, and seen by Reuters, 18 members of Congress said they were "troubled" by the price cap, warning that it could deter firms from launching new medical products in India. Modi''s government has in recent years capped prices of hundreds of life-saving drugs to make them more affordable. And in February, it imposed a 75 percent price cut for certain heart stents - wire mesh tubes used to treat blocked arteries. The government justified its action by citing "huge unethical markups". But global medical device makers have protested the new cap, with some saying it would force them to sell below cost. The U.S. lawmakers warned that people would be denied access to the latest medical advances if companies backed away from India''s $5 billion medical-technology market. "The sudden and unprecedented nature of the decision threatens citizens'' access to the newest and most innovative medical technologies and raises strong concerns about the business environment in India," they said in the May 22 letter, which has not previously been made public. The Indian embassy in Washington did not respond to a request for comment. The U.S. Department of Commerce is likely to raise the issue with Modi during his visit on June 25-26, according to an industry source aware of the plans. "It''s one of the biggest pain points," the source said. "BE PREPARED TO QUIT" An aide to Modi said companies were being asked to bring down prices of medical devices "or be prepared to quit" the country, and a bureaucrat who works closely with the prime minister''s office said raising the matter to diplomatic levels would not influence India''s position. U.S.-based companies such as Boston Scientific Corp and Abbott Laboratories sell heart stents in India, while Johnson & Johnson sells other devices. Following the February decision, Abbott moved to withdraw one of its stents from India, but its plea was rejected by Modi''s government. Boston Scientific - which also has a research base near New Delhi - sought a higher price for one of its stents but a government panel declined the request. Such decisions, the group of U.S. Congress members wrote, had forced companies to sell "leading edge technology in India at a loss". Signatories to the letter included Indiana Republican Jackie Walorski, and Ron Kind, a Wisconsin Democrat. Both are members of the House Ways and Means Committee. Before the pricing order, for example, Boston Scientific was selling its high-end Synergy stent for about $3,000 in India, well above its $750 cost, according to a company document seen by Reuters. The new cap reduces the price to $450, and the company says it would result in losses of at least $7 million this year. Indian health activists have lauded the government decision to cap heart stent prices, saying it is in the public interest. "It was found that huge unethical mark-ups are charged at each stage in the supply chain of coronary stents resulting in irrational, restrictive and exorbitant prices in a failed market system," the Indian government said in February. A month later, India''s federal drug pricing regulator privately asked the health ministry to add at least four more medical devices to a list of essential medicines, opening the way for them to be made subject to price controls. In their letter, the U.S. lawmakers echoed concerns raised by the medical device industry, saying India''s interventionist policy on pricing would hamper innovation and jeopardise investment. "We are especially worried that comments by government officials signal the intention to double down on this dangerous policy and expand price cuts to other medical devices," they wrote in their letter. (Additional reporting by Rupam Jain; Editing by Douglas Busvine and Simon Cameron-Moore)'|'reuters.com'|'http://in.reuters.com/finance/economy'|'http://in.reuters.com/article/india-us-medtech-idINKBN19A0RF'|'2017-06-19T07:45:00.000+03:00'
'483bf2643d6823213af2b5117f0d071cc20eff9a'|'Boeing launches new jet as Macron opens Paris show'|'Mon Jun 19, 2017 - 11:08am BST Boeing launches new jet as Macron opens Paris show French President Emmanuel Macron sits in the cockpit of an Airbus A400M turboprop transport plane before taking off from Villacoublay military airbase near Paris, France, June 19, 2017. REUTERS/Michel Euler/Pool By Tim Hepher and Mike Stone - PARIS PARIS Boeing ( BA.N ) unveiled a new member of its best-selling 737 aircraft range, injecting new life into a faltering civil aviation market as French President Emmanuel Macron flew in to open the Paris Airshow on Monday. After years of booming orders, driven by rising air travel and more fuel-efficient planes, passenger jetmakers are bracing for a slowdown in demand while they focus on meeting tight delivery schedules and ambitious production targets. But Boeing generated a fresh burst of activity at the world''s biggest airshow by launching the 737 MAX 10 to plug a gap in its portfolio at the top end of the market for single-aisle jets following runaway sales of European rival Airbus'' ( AIR.PA ) A321neo. The U.S. planemaker said it had more than 240 orders and commitments from at least 10 customers for the new plane, which can carry up to 230 people in a single-class configuration. "The MAX 10 is going to add more value for customers and more energy to the marketplace," Boeing Chief Executive Dennis Muilenburg said at a presentation ceremony. But industry sources said Airbus would immediately hit back with a large order for the A321neo. People familiar with the matter said on Sunday Airbus was also close to clinching a roughly $5 billion deal with low-cost carrier Viva Air Peru. Airbus will announce an order for 10 of its A350-900 wide-body jets as well, industry sources added. While demand for passenger jets may be faltering, there are signs interest in military aircraft is picking up after years in the doldrums due to budget cuts and weak economic growth. Lockheed Martin ( LMT.N ) is in the final stages of negotiating a $37 billion-plus deal to sell 440 F-35 fighter jets to a group of 11 nations including the United States, two people familiar with the matter told Reuters. That would be the biggest deal yet for the stealthy warplane, set to make its Paris Airshow debut this week. In another boost for a defence project, French President Emmanuel Macron flew into the show on an Airbus A400M military transporter in his first official engagement since winning a parliamentary majority in elections on Sunday. His arrival was followed by a flypast by the world''s largest passenger plane, the Airbus A380, and France''s aerial display team. The ceremony lent high-level support to two ambitious European aerospace projects tarnished by problems in recent years: the A400M because of chronic cost overruns and delays and the A380 because of weak sales that threaten its future. Airbus said on Sunday it was working on an upgrade of the A380 - called A380plus - with fuel-saving wingtips, confirming plans reported by Reuters in March. Boeing, however, is expected to say at the Paris show that demand for mammoth planes such as the A380 and its own 747 is moribund. (Additional reporting by Vicki Bryan; Editing by David Clarke and Mark Potter) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-airshow-paris-idUKKBN19A0WH'|'2017-06-19T17:10:00.000+03:00'
'32833eafe2172e63476ed8e3a5fac1eb7d75c010'|'French and Benelux stocks-Factors to watch on June 19'|'PARIS, June 19 Below are company-related news and stories from French and Benelux media which could have an impact on the region''s markets or individual stocks.AIRBUSAirbus unveiled an upgraded version of the world''s biggest passenger jet on Sunday, seeking to boost demand for the slow-selling superjumbo and including a new wingtip design aimed at reducing fuel burn by up to 4 percent.Low-cost carrier Viva Air Peru looked close to reaching a roughly $5 billion deal with Airbus for medium-haul jets on Sunday, as Western planemakers seek to defy expectations of slow sales at this year''s Paris Airshow.ALTICE/SFRActivist hedge fund CIAM said on Friday it had filed a complaint in a French court on behalf of minority investors in telecoms company SFR Group over the way majority shareholder Altice has used SFR''s assets.ARCELORMITTALA consortium led by ArcelorMittal said on Friday it reached an agreement with the Italian government regarding the lease and obligation to purchase Ilva and its subsidiaries.BOUYGUESFrench telecommunications regulator ARCEP announced on Friday that it authorized Bouygues Telecom and SFR to use the 2.1 GHz frequency band for the 4G network, the band which was historically used for 3G.FRENCH POLITICS:President Emmanuel Macron won a commanding majority in France''s parliamentary election on Sunday, sweeping aside traditional parties and securing a powerful mandate for pro-business reforms.IPSENFDA approved Dysport (abobotulinumtoxinA) for treatment of lower limb spasticity in adults, the French pharma company said on Friday.ORANGEFrench telecom operator Orange said on Friday that rival telecom group SFR had lost a lawsuit against it over fibre optic network coverage, confirming a report on the website of the newspaper Le Parisien.SAFRANSafran and its U.S. partner General Electric would be willing to provide engines should Boeing go ahead with a new middle of market jet, the head of Safran''s aircraft engine business said on Friday.Pan-European market data: European Equities speed guide FTSE Eurotop 300 index DJ STOXX index Top 10 STOXX sectors Top 10 EUROSTOXX sectors Top 10 Eurotop 300 sectors Top 25 European pct gainers Top 25 European pct losers Main stock markets: Dow Jones Wall Street report Nikkei 225 Tokyo report FTSE 100 London report Xetra DAX Frankfurt items CAC-40 Paris items World Indices Reuters survey of world bourse outlook European Asset Allocation Reuters News at a glance: Top News Equities Main oil report Main currency report'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/france-benelux-markets-idINL8N1JD4YR'|'2017-06-19T02:30:00.000+03:00'
'65ad15dda2388bef981cc773f0cb8ccf748796ea'|'Anthem to reduce Obamacare offerings in Wisconsin, Indiana'|'Anthem Inc, which has urged lawmakers to commit to paying government subsidies for the Obamacare individual health insurance system, said on Wednesday it would reduce the number of individual plan offerings in Wisconsin and Indiana next year.The largest U.S. health insurer, which sells Blue Cross Blue Shield plans in 14 states including New York and California, for months has said that uncertainty over the payments used to make insurance more affordable could cause it to exit markets.The subsidies are available to low-income Americans who buy individual health insurance on the exchanges created under the 2010 Affordable Care Act (ACA), former President Barack Obama''s signature healthcare law, popularly known as Obamacare.Republican lawmakers and President Donald Trump have promised to repeal and replace the law, but have disagreed over the details, creating uncertainty at a time when insurers must submit plans and premium rates for 2018."Planning and pricing for ACA-compliant health plans has become increasingly difficult due to a shrinking and deteriorating individual market, as well as continual changes and uncertainty in federal operations," Anthem spokeswoman Leslie Porras said.Wednesday''s announcement follows a decision by Anthem earlier this month to exit most of the Ohio market in 2018. Other large health insurers have also pulled out for 2018, including Aetna Inc and Humana Inc(Reporting by Natalie Grover in Bengaluru; Editing by Shounak Dasgupta)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-anthem-obamacare-idINKBN19C2DJ'|'2017-06-21T15:17:00.000+03:00'
'105a8426bc886d2b4512c25dba6a019941f6e1fc'|'UPDATE 1-Apple tells court Qualcomm chip licenses are invalid'|'(Adds comments from Qualcomm)By Stephen NellisJune 20 Apple Inc broadened a legal attack on Qualcomm Inc, arguing to a U.S. federal court that license agreements that secure the chip maker a cut of every iPhone manufactured were invalid.If successful, Apple''s attack would undermine a core tenet of Qualcomm''s business model."Apple is trying to distract from the fact that it has made misleading statements about the comparative performance of its products, and threatened Qualcomm not to disclose the truth," Don Rosenberg, executive vice president and general counsel of Qualcomm, told Reuters in an e-mailed statement.Apple sued San Diego-based Qualcomm in January, saying the chip maker improperly withheld $1 billion in rebates because Apple helped Korean regulators investigate Qualcomm.Apple''s initial lawsuit was a relatively narrow one focused on whether it violated a contract with Qualcomm by helping regulators that were investigating Qualcomm''s business practices. But the new filing expands Apple''s claims and seeks to stop Qualcomm''s longstanding business model using a legal theory based on a ruling last month.The U.S. Supreme Court made it harder for manufacturers and drug companies to control how their products are used or resold, ruling in May against printer company Lexmark International Inc in a patent dispute over another company''s resale of its used ink cartridges.In a Tuesday brief seen by Reuters, Apple took aim at Qualcomm''s practice of requiring customers to sign patent license agreements before purchasing chips, known in the industry as "no license, no chips."The license allows Qualcomm to take a percentage of the overall selling price for the iPhone in exchange for supplying the modem chips that let phones connect to cellular data networks.Apple argued that the ruling involving Lexmark showed that Qualcomm was entitled to only "one reward" for its intellectual property and products. Qualcomm should be allowed to charge for either a patent license or a chip, but not both, Apple argued.Apple wants to be able to buy chips without signing the license agreement that forces it to pay a part of the overall iPhone sale price."As Apple recently acknowledged, it is rarely first to market with any new technology, which shows it is relying heavily on the R&D investments in the most revolutionary technologies by companies like Qualcomm. We are confident these truths will prevail in our legal disputes with Apple," Rosenberg said.Apple has also asked the court to stop lawsuits that Qualcomm had filed against Foxconn Technology Group and three other contract makers that assemble the iPhone on Apple''s behalf and are the formal buyers of Qualcomm''s chip, as is standard in the electronics industry.Apple argued that the court fight should be between Apple and Qualcomm. (Reporting by Stephen Nellis; Editing by Himani Sarkar and Leslie Adler)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/apple-qualcomm-licenses-idUSL1N1JH291'|'2017-06-21T08:34:00.000+03:00'
'25caca57c2fcda9fb4fcd09700aef85604296789'|'Shawbrook accepts third buyout offer from PE groups'|'Business News - Tue Jun 20, 2017 - 10:35am BST Shawbrook accepts third buyout offer from PE groups British challenger bank Shawbrook Group Plc called on its shareholders to accept an increased and final 868 million pound offer from private equity groups, setting the stage for the buyers to take the lender private. Marlin Bidco, the buyout vehicle set up by BC Partners and Pollen Street Partners, said on Monday it had received valid support for its offer from other Shawbrook shareholders owning a combined 75.6 percent of the company, exceeding a key threshold. Under the deal structure, the company would be de-listed if at least 75 percent of its shareholders accept the offer, with those who did not accept becoming part owners of an unlisted entity. Shawbrook said on Tuesday that it continued to believe that the offer from the groups, which already hold 38.8 percent of the lender, undervalued the company. However, the lender said its independent directors, who have been advised by Bank of America Merrill Lynch and Goldman Sachs, would accept the offer in terms of their own beneficial shareholding. The offer would be open for acceptance until July 10. The consortium first made a bid for Shawbrook in January, offering 307 pence per share, before raising its offer to 330 pence in March and to 340 pence this month. However, so far, Shawbrook''s directors had advised shareholders to reject the offers. Analysts at Investec recommended that Shawbrook shareholders recycle their profits into other UK challenger banks such as Virgin Money, Aldermore and OneSavings. These challenger banks, which emerged since the financial crisis to fill a gap in small-business lending, have increasingly been seen as ripe for takeovers in recent months, bankers who advise on mergers and acquisitions have said, as a prolonged period of low interest rates has squeezed earnings, while the pound''s fall has made them cheaper for foreign buyers. "We believe that Marlin Bidco''s final offer for Shawbrook of 340p, equivalent to 9.5x 2017 EPS estimate, serves to illustrate the scale of undervalued opportunities elsewhere within the "challenger bank" space," the analysts said. (Reporting by Noor Zainab Hussain in Bengaluru; Editing by Amrutha Gayathri)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-shawbrook-group-buyout-idUKKBN19B144'|'2017-06-20T17:35:00.000+03:00'
'53f1692b9d3f93115077da1f89a3071c21346ed7'|'TREASURIES-Yield curve flattens as Fed stays hawkish amid low inflation'|'* Fed''s Rosengren: Low rates are risk to financial stability * US five-, 30-year yield curve flattest since 2007 By Karen Brettell NEW YORK, June 20 The U.S. Treasury yield curve flattened to its lowest levels since December 2007 as more hawkish Federal Reserve officials led intermediate-dated notes to underperform long-term bonds, which are being supported by falling inflation. Boston Fed President Eric Rosengren said on Tuesday that the era of low interest rates in the United States and elsewhere poses financial stability risks and that central bankers must factor such concerns into their decision-making. On Monday, New York Fed President William Dudley said halting the rate-hiking cycle now would imperil the economy, and unemployment at 4.3 percent now and inflation at 1.5 percent were "a pretty good place to be.” “The more the Fed beats in this relentlessly hawkish message, the more the yield curve just ends up flattening on it,” said Aaron Kohli, an interest rate strategist at BMO Capital Markets in New York. The yield curve between five-year notes and 30-year bonds flattened to 107 basis points, the lowest since December 2007. The yield curve has flattened as the Fed’s hawkishness contrasts with weakening inflation. Data last Wednesday showed that the so-called core Consumer Price Index (CPI), which strips out food and energy costs, increased 1.7 percent year-on-year in May, the smallest rise since May 2015. That measure has fallen from a year-on-year rise of 2.2 percent in February. “The Fed has been talking much more hawkishly than the past in the context of the recent data,” said Kohli. “It’s not that the levels are disturbing, it’s that the trend is really disturbing.” Five-year note yields , which are among the most sensitive to Fed policy, have jumped to 1.80 percent from a six-month low of 1.67 percent on Wednesday, before the U.S. central bank raised interest rates for the second time in three months. Thirty-year bond yields , which are most influenced by inflation expectations, by contrast have tumbled to 2.76 percent from 2.80 percent after the Fed’s rate hike last week. Benchmark 10-year notes were last up 3/32 in price to yield 2.18 percent, down from 2.19 percent late on Monday. (Editing by Bernadette Baum) )'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/usa-bonds-idINL1N1JH0L8'|'2017-06-20T11:45:00.000+03:00'
'7a455670357b58094f1b139a4ec29d29ca754e92'|'Delivery Hero to use IPO proceeds to keep ahead of Uber'|'Business News - Tue Jun 20, 2017 - 8:52am BST Delivery Hero to use IPO proceeds to keep ahead of Uber Andreas Harte, a Foodora delivery cyclist poses in front of Delivery Hero headquarters in Berlin, Germany, June 2, 2017. REUTERS/Fabrizio Bensch BERLIN Online takeaway food delivery group Delivery Hero will use the proceeds from a stock market listing to help keep it ahead in a highly competitive market, its chief executive said on Tuesday. Niklas Ostberg told journalists the entry of the likes of Uber into the delivery market was helping keep the firm on its toes, adding the capital it hoped to raise would be used to help it grow organically and through acquisitions. Delivery Hero announced on Monday it aims to raise around 927 million euros (809 million pounds) through a stock market listing that could value it at up to 4.4 billion euros. Christoph Stanger, an investment banker from Goldman Sachs who is advising Delivery Hero, said the books are already covered for the initial public offering (IPO) but said he was keen to build a "high quality book". (Reporting by Emma Thomasson; Editing by Maria Sheahan) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-deliveryhero-ipo-idUKKBN19B0R7'|'2017-06-20T15:52:00.000+03:00'
'8310378517cfe9fc7b527ecd97c420e1c649d6b3'|'Dubai Aerospace to consider jet order after AWAS deal closes'|'By Alexander Cornwell - DUBAI DUBAI Government-controlled Dubai Aerospace Enterprise (DAE) will consider ordering more than 20 new aircraft after it acquires Dublin-based lessor AWAS, a deal it expects to close in the "early part of the third quarter," its chief executive said.DAE, the aircraft leasing and maintenance company controlled by the government of Dubai, previously said the deal, announced in April, would finalize sometime in the third quarter. The acquisition is subject to regulatory approval."I think it is fair to say after the close we will seriously consider placing a large order so that we have proper line of sight on ... growth for our company for the next several years," DAE CEO Firoz Tarapore told Reuters.The order would be "bigger than" the 23 new Airbus aircraft AWAS has on order, he said.The AWAS acquisition would more than double DAE''s fleet from 131 owned, managed and committed aircraft to 394 worth over $14 billion by the end of 2018. That will make DAE one of the world''s top aircraft lessors behind the likes of General Electric ( GE.N ) and AerCap ( AER.N ).DAE is interested in buying narrow and wide-body jets from Airbus ( AIR.PA ) and Boeing ( BA.N ), and turboprop aircraft from ATR which is co-owned by Airbus and Italy''s Leonardo LDOF.PA with deliveries to start from late 2019 - subject to availability.Tarapore said the firm would look at the Airbus A320neo and A350-900, Boeing''s 737 MAX, 787-9 and 777 freighter, and ATR''s 72-600."Narrow-bodies of course are the first preference but we believe that there are a few wide-body types that are quite appropriate to have on a leasing company books," he said.The ATR 72-600 fleet could grow to the "top end" of the 60-to-100 spectrum, he added. DAE currently has 57 owned and committed ATR 72-600s.DAE believes the AWAS acquisition will give it the benefits of scale - it will have more than 110 airline customers spread across 55 countries.Reuters reported on Monday that DAE plans to raise up to $2 billion in July with the proceeds to be used towards financing the AWAS acquisition.It is acquiring AWAS from private equity firm Terra Firma Capital Partners [TERA.UL] and the Canadian Pension Plan Investment Board (CPPIB).(Editing by Mark Potter)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-dubai-aerospace-awas-idINKBN19B0SA'|'2017-06-20T06:01:00.000+03:00'
'd22108448385292670982b87d8f59326ac58c2f7'|'Parenting expert sues Disney, says it stole ''Inside Out'' idea'|'Market News  37pm EDT Parenting expert sues Disney, says it stole ''Inside Out'' idea By Jonathan Stempel - June 20 June 20 A parenting and child development specialist has sued Walt Disney Co and its Pixar unit, accusing them of stealing from her the concept for their 2015 blockbuster movie, "Inside Out." In a complaint filed on Monday in Los Angeles federal court, Denise Daniels said the animated film, featuring color-coded characters representing individual human emotions, mirrors a children''s program called "The Moodsters" that she conceived and pitched to Disney every year from 2005 to 2009. Daniels, who lives in Minnesota''s Twin Cities area and has appeared on TV shows including "Today" and "Oprah," said she had an "implied-in-fact" contract with Disney requiring that she be paid from box office, DVD, Blu-Ray, iTunes and merchandise revenue from "Inside Out." The film has grossed more than $850 million worldwide since its June 2015 release. Daniels said this "extreme success" was not possible without her work, and that Disney should pay her because it is "custom and common in the entertainment industry." Disney did not immediately respond on Tuesday to requests for comment. Ronald Schutz, a lawyer for Daniels declined to comment. Daniels, in her early 60s, was unavailable to comment. The lawsuit is at least the second in three months accusing Disney of stealing a concept for a blockbuster film. In March, the Hollywood screenwriter Gary Goldman, whose credits include the Arnold Schwarzenegger film "Total Recall," sued Disney for allegedly copying its Oscar-winning animated film "Zootopia" from his work. "Inside Out" follows 11-year-old Riley, voiced by Kaitlyn Dias, as she tries to cope with her family''s move to San Francisco from Minnesota. It also shows her dealing with personifications of five emotions: Joy (yellow), Sadness (blue), Fear (purple), Anger (red) and Disgust (green), voiced by Amy Poehler, Phyllis Smith, Bill Hader, Lewis Black and Mindy Kaling. Daniels said this resembled "The Moodsters," in which characters also had assigned colors: Happiness (yellow), Sadness (blue), Fear (green), Anger (red) and Love (pink). According to her complaint, "Inside Out" director Pete Docter, former Disney Chief Financial Officer Thomas Staggs and several other Disney executives "had access" to her pitch. No individuals were named as defendants. In the "Zootopia" case, Disney has denied wrongdoing and asked a federal judge to dismiss Goldman''s complaint. The Daniels case is Daniels v. Walt Disney Co et al, U.S. District Court, Central District of California, No. 17-04527. The Goldman case is Esplanade Productions Inc v. Walt Disney Co et al in the same court, No. 17-02185. (Reporting by Jonathan Stempel in New York; Editing by Bernadette Baum)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/walt-disney-insideout-idUSL1N1JH0VQ'|'2017-06-21T00:37:00.000+03:00'
'4a45c90866dcfaef3cdb00593d4491340010cbe9'|'How Qatar is shrugging off partial Arab embargo'|'How Qatar is shrugging off partial Arab embargo... for now by Zahraa Alkhalisi @CNNMoney June 21, 2017: 12:33 PM ET Food, fuel and flights: How Qatar may suffer Qatar is not sounding the alarm bells just yet. When its neighbors severed diplomatic ties and cut land, sea and air links, panic rippled through the tiny Gulf state.There was a rush to buy food, people lined up at banks, and stock prices slumped. Now, three weeks into what Qatar calls a "blockade," it is finding ways around the sanctions imposed by the United Arab Emirates, Saudi Arabia, Bahrain and Egypt, who have accused their fellow Arab state of funding terrorism and destabilizing the Middle East. Qatar denies those claims, and appears to be prepared for a long dispute. The UAE warned this week that the pressure on its neighbor could last "years." So how is Qatar coping with the unprecedented isolation? Oil and gas unaffected Oil and gas accounts for more than half of the country''s GDP. Qatar is the world''s largest supplier of liquified natural gas, much of which comes from a giant offshore field that it shares with Iran. Its biggest crude and gas customers include Japan, South Korea, India and Singapore. The UAE is also a big customer, sourcing 30% of its energy needs from Qatar, and a pipeline connecting the two countries is still pumping. As long as those exports keep flowing, the pressure on Qatar''s economy should be eased. New food suppliers Despite its wealth, the desert state relies heavily on imported food, a third of which used to come from Saudi Arabia and the UAE. Early fears of shortages quickly subsided, in part because the government was able to find alternative suppliers. Iran has said it plans to send 100 tons of fresh fruit and legumes every day. And Turkish dairy producers have been quick to fill the fridges at Doha''s major supermarkets. "After the initial period of chaos the government has responded, and is prepared to withstand this siege for a longer period, should there be a need," said Adel Abdel Ghafar, visiting fellow at the Brookings Doha Center. Prices have risen but so far the government has been making up for the difference with subsidies, a policy that could become costly if the crisis escalates, he added. The embargo has forced freight companies to find new routes. Indian food suppliers, for example, used to make a stop in the UAE and Saudi Arabia. Now they fly their products on cargo planes direct to Qatar. Migrant workers keep coming Only about 12% of Qatar''s population of 2.2 million are Qatari citizens and the state relies on foreign nationals to keep its economy ticking over. They work in every industry from healthcare and media, to education and energy. The numbers are expected to peak this year as tens of thousands of migrants come from countries such as India and Nepal to help build stadiums for the 2022 World Cup. The Philippines government was quick to ban its workers from going to Qatar when the Gulf dispute began, saying it was concerned about the welfare of its 140,000 citizens living in Doha. It has since lifted the ban "in view of the normalization of conditions within the state of Qatar and with the guarantee of the safety for Filipinos there given by the Gulf state," the Philippines'' government said in a statement. Flying high but longer The state''s national carrier was hard hit by the ban. It suddenly found 18 destinations out of bounds, forcing it to ground about 50 flights a day. It also now has to avoid the airspace above the UAE, Bahrain, Egypt and Saudi Arabia when flying anywhere in the world. This means longer flight times and more fuel costs for the airline. A direct flight from Doha to Khartoum now take about six hours, nearly twice as long as before the embargo. Qatar Airways, which this week won the Skytrax "Airline of the Year" award, is unbowed. CEO Akbar Al Baker said last week his airline is scheduling more flights to other destinations to make up for the lost business and will continue with plans to add 24 new destinations in the next 12 months. Qatar, like the UAE, has used its strategic location of straddling east and west to become a global aviation player. Sovereign wealth Thanks to its huge mineral wealth , Qatar is one of the richest countries in the world by size of population. It sits on a $335 billion sovereign wealth fund and has major investments around the world . Its portfolio spans everything from stakes in Volkswagen to Tiffany & Co. That hasn''t prevented some analysts from worrying. Standard & Poor''s has downgraded Qatar''s rating, warning that the diplomatic crisis could prompt investors to pull money out of the country. The Arab states boycotting Qatar still have major investments there. Investor confidence has been shaken, and there are concerns about a financial shock. However, Qatar''s huge funds provide some protection. "Our foreign assets and our foreign investment is more than 250% of our GDP so we are very much comfortable," Qatar''s finance minister Ali Shareef Al Emadi said last week in an interview with CNBC. The sovereign fund provides "ample cover to Qatar''s exposure[to the Gulf states], even taking into account concerns regarding the liquidity and usability of a significant portion of these assets," noted Farouk Soussa, Citibank''s chief economist for the Middle East. What about the World Cup? The Gulf crisis has the potential to disrupt preparations for the 2022 tournament because of the aviation restrictions and the closure of the land border with Saudi Arabia. But the Qatari committee in charge of delivering the World Cup said in a statement on Monday that "construction is advancing rapidly across all of the stadiums and infrastructure sites for the tournament." The Khalifa International Stadium -- one of eight under construction -- was completed in May, it said. CNNMoney (Dubai) First published June 21, 2017: 12:33 PM ET '|'cnn.com'|'http://rss.cnn.com/rss/money_news_economy.rss'|'http://money.cnn.com/2017/06/21/news/qatar-surviving-embargo-uae-saudi-arabia/index.html'|'2017-06-21T20:33:00.000+03:00'
'b7beae95a45a817a817a48af27a8159a66309197'|'China ''A'' shares get MSCI nod, Argentina snubbed'|'Business News - Wed Jun 21, 2017 - 5:16am BST ''A'' shares get MSCI nod in landmark moment for China''s markets left right FILE PHOTO: An investor looks at a screen showing stock information at a brokerage house in Shanghai, China November 9, 2016. REUTERS/Aly Song/File Photo 1/4 left right FILE PHOTO: A man looks at an electronic board at a brokerage house in Shanghai August 31, 2009. REUTERS/Aly Song/File Photo 2/4 left right FILE PHOTO: An investor holds onto prayer beads as he watches a board showing stock prices at a brokerage office in Beijing, China, July 6, 2015. REUTERS/Kim Kyung-Hoon/File Photo 3/4 The MSCI logo is seen in this June 20, 2017 illustration photo. REUTERS/Thomas White/Illustration 4/4 By Dion Rabouin and Michelle Price - NEW YORK/HONG KONG NEW YORK/HONG KONG China''s stocks took a major step toward global acceptance on Wednesday, finally winning a long campaign for inclusion in a leading emerging markets benchmark, in what was seen as a milestone for global investing. U.S. index provider MSCI said on Wednesday Hong Kong time it would add a selection of China''s so-called "A" shares to its Emerging Markets Index .MSCIEF after having rejected them for three years running. Inclusion in the index marks a key victory for the Chinese government, which has been working steadily over the past few years to open up its capital markets, investors said. "Given the size and importance of China as an economic superpower, I think this is a historic moment," Kevin Anderson, senior managing director of State Street Global Advisors and head of investments in the Asia Pacific region told Reuters on Wednesday. "It''s a long-awaited and much-debated decision in the past, and I think it''s more than symbolic as it will create additional flow of capital and potentially a new segment of institutional investors in the China market." Traders said MSCI''s widely-expected "Yes" decision had been largely priced in, with the announcement triggering some profit-taking in blue-chips, which are no longer cheap after strong rallies this year. Shanghai shares .SSEC opened just 0.3 percent higher, and turning negative shortly after opening. MSCI has been in discussions with Chinese regulators and global investors for four years over whether to add yuan-denominated shares to the Emerging Markets Index – tracked by around $1.6 trillion in assets – but excluded them because of restricted access to China''s equity markets. On Wednesday, the company said China had made enough progress in opening up its markets for MSCI to add a selection of 222 large-cap stocks. The stocks, which would represent a weighting of just 0.73 percent in the benchmark, will be included via a two-phase process in May and August next year. The move will see around $17 billion to $18 billion of global assets move into Chinese stocks initially, MSCI executives told reporters on Wednesday, adding that over the long-term the full inclusion of the China market could see more than $340 billion of foreign capital flow into the country. Sebastien Lieblich, global head of index management research at MSCI declined, however, to provide a likely timeline for the full inclusion of "A" shares, saying it would depend on continued progress on China''s reform agenda. MSCI, he noted, would like to see China further relax controls on repatriating capital out of the country, and act to curb frequent share suspensions. "It''s really in the hands of the Chinese stakeholders, they are dictating the timing. It''s very difficult for us to articulate any type of timeline with respect to further inclusion," Lieblich told reporters. The China Securities Regulatory Commission, which has overseen many key reforms in recent years, welcomed MSCI''s decision. "The inclusion of ''A'' shares in the MSCI index is in line with the inevitable needs of international investors and reflects the confidence of international investors in the good prospects for China''s economic development and stability of the financial market," the CSRC said in a statement. RELAXED CRITERIA MSCI in March relaxed its criteria for inclusion by cutting the number of proposed stocks to 169 from 448 in a bid to address ongoing curbs on repatriating capital from China and investor concerns over the country''s high number of suspended stocks. The 169 stocks can be easily accessed by foreigners through the "Stock Connect" link launched in 2014 and significantly expanded in December. MSCI said it had increased the selection to include a further 53 domestic Chinese stocks that are also listed in the Hong Kong market, and which will be better known to foreign investors. Chinese companies listed overseas already account for 28 percent of the EM Index as of May but the addition of domestic, yuan-denominated China stocks could see the country account for as much as 40 percent of MSCI''s Emerging Market Index in the future. The A-share market, including shares from Shanghai and Shenzhen markets, is worth roughly $7.5 trillion, the world''s largest after the New York Stock Exchange and Nasdaq. BlackRock Inc ( BLK.N ), the world''s largest asset manager, endorsed MSCI''s decision. "We believe our clients will benefit from today''s decision to bring Chinese equities into mainstream investment," said Ryan Stork, BlackRock''s chairman for Asia-Pacific in Hong Kong and one of the company''s most senior executives, in an emailed statement. MSCI also surprised many emerging market investors by failing to upgrade Argentina, leaving its in the smaller frontier markets index, where it has been since 2009. The index provider also said it would consult investors about adding Saudi Arabia companies to the emerging benchmark and that Nigeria would remain a frontier market, with the possibility of being downgraded to "standalone" status. (Reporting by Dion Rabouin in New York and Michelle Price in Hong Kong; additional reporting by Sam Shen in Shanghai, Donny Kwok in Hong Kong, Saqib Ahmed and Richard Leong in New York and Sujata Rao in London; Editing by Eric Meijer) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-msci-indexes-idUKKBN19B325'|'2017-06-21T08:54:00.000+03:00'
'd1feef6414533769202a6a2444169d35d4da0039'|'Qatar rift risks raising cost for Gulf debt issuers and slowing Saudi reforms'|'DUBAI/RIYADH Qatar''s rift with its Arab neighbors is threatening to puncture investor appetite for the Gulf region as a whole, translating into potentially higher debt costs for governments and possibly slowing the pace of Saudi Arabia''s economic reforms.Saudi, United Arab Emirates, Bahrain and Egypt broke relations and transport ties with Qatar on June 5, alleging it finances terrorism, something Doha vehemently denies.The move has thrown the region -- which has been relatively stable, if troubled by Sunni and Shi''ite Muslim rivalry -- into diplomatic turmoil that is now putting off investors."We were used to a relatively peaceful region and now the landscape has changed," said Brigitte Le Bris, head of emerging debt and currencies at Paris-based Natixis Asset Management, which manages about 350 billion euros ($392 billion) in assets."We are not yet ready to increase our exposure to the region. We need to know whether this crisis is isolated to Qatar or it can spread and affect other countries or the crisis can worsen."One obvious area is sovereign debt, where the crisis has the potential of raising borrowing costs.Following the sanctions, rating agency Standard & Poor''s downgraded Qatar while Fitch put it on its watchlist for a potential downgrade.To date, foreign investors still appear to be comfortable holding Qatar paper due to the size of the country''s reserves and assets held by its sovereign wealth fund, Qatar Investment Authority.Yields on Qatar’s sovereign dollar bonds maturing in 2026 spiked over 40 basis points after the sanctions were announced on June 5 but have now recovered nearly 20 bps.Other Gulf Cooperation Council countries'' sovereign bonds saw some weakness in the immediate aftermath of the diplomatic crisis, but again have largely gone back to their pre-crisis levels.How long this lasts, however, may depend on how long the crisis goes on, which may be "for years" according to one UAE minister..The market''s take, however, is that the diplomatic crisis will be resolved via political mediation, said Max Wolman, senior portfolio manager at Aberdeen Asset Management in London."But if the likes of Bahrain, Oman or even Saudi Arabia were to issue these days, I think there would be a slight risk premium of 10 to 15 basis points in the primary to the secondary market because of current political uncertainty," he said.SAUDI REFORMSAnother risk could be to Saudi Arabia''s economic reforms, many of which depend on investor cash flowing in."Investors may become concerned about Saudi over-extending itself, as the war in Yemen continues and domestically reforms have adversely impacted consumer sentiment," Asha Mehta, portfolio manager at Acadian Asset Management.A senior banker, who has done extensive investment banking work in the Middle East, pointed to the high-profile listing of oil company Aramco as a potential issue."If the situation continues like this and they planned their IPO, they would be bombarded with questions on this (political upheaval)," he told Reuters, asking not to be named.Even though the Aramco IPO is not expected until 2018, Saudi Arabia was preparing the sale of government stakes in airports, healthcare and educational firms, aiming to raise $200 billion.The privatization is part of the reforms to reduce Saudi Arabia''s dependence on oil, after its price plunge hurt the kingdom''s economy and stretched its finances.Bank of America Merrill Lynch in a recent note said geopolitics may delay the reforms, although not derail them.Saudi''s reform process could get some impetus, however, from the announcement on Wednesday that Mohammed bin Salman will become the crown prince, replacing his cousin in a sudden announcement that confirms Saudi Arabia King Salman''s 31-year-old son as next ruler of the kingdom.MBS, as he is known, was behind the sweeping economic reforms aimed at ending the kingdom''s "addiction" to oil, part of his campaign.Brent was unchanged at $46.02 barrel at 0651 GMT on Wednesday at multi-month lows after falling nearly 2 percent in the previous session to its lowest settlement since November as investors discounted evidence of strong compliance to a deal to cut a global output.(additional reporting by Marc Jones in London, and Tom Arnold in Dubai Editing by Jeremy Gaunt)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-gulf-qatar-investment-idUSKBN19C115'|'2017-06-21T17:08:00.000+03:00'
'b94f2d553cd3343730a0e520872a3fffde96724f'|'Oil firms could waste trillions if climate targets reached - report'|'Business News   11:51am BST Oil firms could waste trillions if climate targets reached - report A Shell logo is seen reflected in a car''s side mirror at a petrol station in west London, Britain, January 29, 2015. REUTERS/Toby Melville/File Photo By Ron Bousso - LONDON LONDON Energy giants including Exxon Mobil ( XOM.N ) and Royal Dutch Shell ( RDSa.L ) risk wasting more than a third of their budgets on projects that will not be needed if climate targets are to be met, a thinktank report shows. More than $2 trillion (1.58 trillion pounds) of planned investment in oil and gas projects by 2025 could be redundant if governments stick to targets to lower carbon emissions to limit global warming to 2 degrees Celsius, according to a report by the Carbon Tracker thinktank and institutional investors. It compared the carbon intensity of oil and gas projects planned by 69 companies with requirements needed to meet the warming target set by the 2015 Paris agreement, which will require curbing fossil fuel consumption. It found Exxon, the world''s top publicly-traded oil and gas company, risks wasting up to half its budget on new fields that will not be needed. Shell and France''s Total ( TOTF.PA ) would see up to 40 percent of their budgets misspent. Fossil fuel producers have come under growing pressure from investors to reduce carbon emissions and increase transparency over future investment. Sweden''s largest national pension fund, AP7, one of the authors of the report, said last week it had wound down investments in six companies, including Exxon, which it said had violated the Paris agreement. Top energy companies have voiced support for the Paris agreement reached by nearly 200 countries. Many of them have urged governments to impose a tax on carbon emissions to support cleaner sources of energy such as gas. U.S. President Donald Trump said this month he would withdraw the United States from the Paris accord which he said would undermine the U.S. economy. The report found five of the most expensive projects, including the extension of Kazakhstan''s giant Kashagan field and Bonga Southwest and Bonga North in Nigeria, will not be needed if the global warming target is to be met. Around two thirds of the potential oil and gas production which would be surplus to requirement is controlled by the private sector, "demonstrating how the risk is skewed towards listed companies rather than national oil companies", the report said. Saudi Arabia''s state-run Aramco, widely considered the lowest cost oil producer, would see up to 10 percent of its production rendered uneconomical, the report said. The report''s authors said their discussions with oil companies had shown the companies wanted to remain flexible to respond to future developments and possible changes in the oil price. Companies including Shell and BP have rejected the idea that assets could end up redundant, saying the reserves they hold are too small to be affected by any long-term decline in demand. "We believe our business strategy is resilient to the energy transition. We are convinced there is a role for gas to help with the transition to a lower carbon world," Shell said in response to the report. (Reporting by Ron Bousso; editing by Adrian Croft and Jason Neely)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-climatechange-oil-idUKKBN19C19H'|'2017-06-21T18:22:00.000+03:00'
'1cf13b51dfa677cf26b02e66cbc3b9362e919fa7'|'BRIEF-Byline Bancorp sees IPO of 5.7 mln shares of common stock to be priced between $19-$21/shr'|'June 19 Byline Bancorp Inc* Sees ipo of 5.7 million shares of common stock to be priced between $19 and $21 per share - sec filing* Byline bancorp inc says intends to use ipo net proceeds to repay outstanding balance under line of credit of about $16.2 million as of june 19* Byline bancorp inc says intends to use ipo net proceeds to repurchase all outstanding shares of series a preferred stock for about $26.8 million Source text for Eikon: ( bit.ly/2tjqKzo )'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/brief-byline-bancorp-sees-ipo-of-57-mln-idINFWN1JG09D'|'2017-06-19T08:52:00.000+03:00'
'834ae062697446291c18dbd3ee55852045d803c6'|'Exclusive: Wal-Mart not considering a bid for Whole Foods - source'|'By Nandita Bose and Greg Roumeliotis Wal-Mart Stores Inc ( WMT.N ) is not actively considering making an offer for Whole Foods Market Inc ( WFM.O ), a source familiar with the matter told Reuters on Friday.Whole Foods, which accepted a $13.7 billion offer from Amazon.com Inc ( AMZN.O ) last week, has not received any rival bids as of Friday, a second source said. Both sources spoke on condition of anonymity because the matter is confidential.Wal-Mart spokesman Greg Hitt declined to comment on whether the company is considering a bid for Whole Foods. Whole Foods and Amazon did not immediately respond to requests for comment.Whole Foods shares have been trading above Amazon''s deal price of $42 per share since the deal was announced last Friday, as stock market investors speculate about the possibility of a higher offer.Whole Foods shares reached a high of $43.84 earlier on Friday, but dropped after Reuters reported that no rival bids have so far emerged. Its shares were last trading after hours at $42.85.Wal-Mart had been tipped as a potential bidder for Whole Foods by retail analysts, although Hitt previously called reports that Wal-Mart might put in a rival offer "false and baseless."Wal-Mart, the world''s largest retailer, has been investing heavily in building its e-commerce business and has been acquiring smaller online companies such as Jet.com, ModCloth, Moosejaw and Bonobos."Bidding for Whole Foods would be a 180-degree turn from what Wal-Mart’s strategy has been for the past two to three years," said Edwards Jones analyst Brian Yarbrough.Amazon''s proposed purchase of Whole Foods brings disruption to the $700 billion U.S. grocery sector, a traditional area of retailing that is in the middle of an intense price war.In preparation for that price war, Wal-Mart in recent months has cut grocery prices, improved its fresh food and meat offerings, modernized shelving and lighting in its grocery department and expanded its online pick-up service.Whole Foods'' peer Kroger Co ( KR.N ), as well as Target Corp ( TGT.N ) and Costco Wholesale Corp ( COST.O ), have also been identified by analysts as potential bidders for Whole Foods.Both Amazon and Whole Foods cater to younger consumers, including millennials, as well as more affluent shoppers.Whole Foods has said it will continue to operate stores under the Whole Foods Market brand, and that John Mackey will remain chief executive.(Reporting by Nandita Bose in Chicago and Greg Roumeliotis in New York; Editing by Bill Rigby)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/whole-foods-m-a-exclusive-idINKBN19E2D8'|'2017-06-23T19:45:00.000+03:00'
'232719858ff2a0e76b8e0c08c48723f082aeef75'|'Toshiba selects Japan government-led group as preferred bidder for chip business'|'TOKYO Toshiba Corp ( 6502.T ) has chosen a consortium of Bain Capital and Japanese government investors as the preferred bidder for its chip business, aiming to seal a deal worth some $18 billion by next week as it scrambles for funds to cover massive losses.But prospects for a clean early resolution to the sale of the world''s No. 2 producer of NAND flash chips remain unclear as Western Digital ( WDC.O ), Toshiba''s chips business partner, has launched legal action to prevent a deal without its consent.The consortium has offered around 2 trillion yen, a Toshiba spokesman said. Bain plans to be the biggest investor, providing 850 billion yen ($7.7 billion) in equity, three sources briefed on the matter said.The bid was less than a rival 2.2 trillion yen offer from U.S. chipmaker Broadcom ( AVGO.O ) and its partner U.S. private equity firm Silver Lake. It was also hastily put together but has the implicit stamp of approval from the Japanese government which is keen to keep key semiconductor technology under domestic control.Toshiba cannot afford to ignore the government because it needs its help with plans including the decommissioning of domestic nuclear power plants and as overseas nuclear power projects are currently in limbo after the bankruptcy of its U.S. nuclear unit.Some analysts believe that talks over the hotly contested deal have become so complex that only a government-orchestrated solution is viable, but others doubt that the group will provide the necessary leadership the chip unit needs."There are many parties involved in this consortium," said Atsushi Osanai, a professor at Waseda University Business School."It has undergone so many twists and turns during its formation process, that I''m skeptical about whether it can promptly make bold decisions. In that sense, Broadcom or Foxconn would be better suited."Toshiba said in a statement it took into consideration concern about technology transfers, job security for its domestic workforce and prospects of clearing regulatory reviews in its decision.While Bain will be the biggest investor, it will obtain around half the amount in financing from South Korean chipmaker SK Hynix Inc ( 000660.KS ), the sources said, declining to be identified due to the sensitivity of the negotiations.A state-backed fund, the Innovation Network Corp of Japan and the Development Bank of Japan (DBJ) will each provide 300 billion yen in equity, while the core banking unit of the Mitsubishi UFJ Financial Group Inc ( 8306.T ) will provide 550 billion yen in financing.The numbers have yet to be finalised and are still subject to change, one of the sources said.A representative for DBJ was not immediately available to comment. All other members of the consortium as well as Toshiba declined to comment on the details of the deal.IN A HURRYToshiba is rushing to clinch an agreement by June 28, the day of its annual shareholders meeting. It needs to sell the unit to cover billions of dollars in cost overruns at its Westinghouse nuclear unit and to dig itself out negative shareholders'' equity that could lead to a delisting.Following the announcement, Western Digital, which jointly operates Toshiba''s main chip plant, reasserted in a statement that Toshiba was in breach of their joint venture contracts and said that a U.S. court hearing on its request for an injunction was scheduled for July 14.Japan''s trade ministry, which has arranged much of the winning bid, is in talks with Western Digital, trying to persuade it to join the consortium, two separate sources familiar with the matter said.But Western Digital is reluctant to join the group in its current form due to worries that high-level technology for NAND chips, which provide long-term data storage, could be leaked to rival SK Hynix, they added.SK Hynix said it had joined the consortium because it sees new business opportunities with the deal. Although the South Korean chip maker is strong in DRAM chips, which help electronic devices perform multiple tasks at once, it is relatively weak in NAND.Suitors that lost out refrained from comment on Wednesday.A representative for Broadcom did not respond to requests for comment. Silver Lake declined to comment.Foxconn, the world''s largest contract electronics maker which also bid, did not respond to requests for comment. Formally known as Hon Hai Precision Industry ( 2317.TW ), the Taiwanese firm''s consortium includes Apple Inc ( AAPL.O ) and computing giant Dell Inc.Toshiba''s shares ended 2 percent lower. They are down about 30 percent since problems at Westinghouse surfaced late last year but have come some way off lows as talks about the chip unit sale progressed.(Reporting by Makiko Yamazaki and Taro Fuse and Se Young Lee; Additional reporting by Taiga Uranaka, Naomi Tajitsu and Junko Fujita in Tokyo, Joyce Lee in Seoul and JR Wu in Taipei; Editing by Edwina Gibbs)FILE PHOTO - A logo of Toshiba Corp is seen on a printed circuit board in this photo illustration taken in Tokyo July 31, 2012. REUTERS/Yuriko Nakao/File Photo'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-toshiba-accounting-idUSKBN19C094'|'2017-06-21T11:10:00.000+03:00'
'9c4f194214cf853d89d15547fed27df3797e1f5b'|'Honda halts Japan car plant after WannaCry virus hits computer network'|'Technology News - Wed Jun 21, 2017 - 6:12am BST Honda halts Japan car plant after WannaCry virus hits computer network FILE PHOTO: The logo of Honda is seen during the 87th International Motor Show at Palexpo in Geneva, Switzerland March 8, 2017. REUTERS/Arnd Wiegmann/File Photo TOKYO Honda Motor Co ( 7267.T ) said on Wednesday it halted production at a domestic vehicle plant for a day this week after finding the WannaCry ransomware that struck globally last month in its computer network. The automaker shut production on Monday at its Sayama plant, northwest of Tokyo, which produces models including the Accord sedan, Odyssey Minivan and Step Wagon compact multipurpose vehicle and has a daily output of around 1,000 vehicles. Honda discovered on Sunday that the virus had affected networks across Japan, North America, Europe, China and other regions, a spokeswoman said, despite efforts to secure its systems in mid-May when the virus caused widespread disruption at plants, hospitals and shops worldwide. Production at other plants operated by the automaker had not been affected, and regular operations had resumed at the Sayama plant on Tuesday, she said. The spread of the WannaCry ransomware which locked up more than 200,000 computers in more than 150 countries has slowed since last month, but security experts have warned that new versions of the worm may strike. Rival automakers Renault SA ( RENA.PA ) and Nissan Motor Co ( 7201.T ) were also affected by the virus last month, when the automaking alliance companies stopped production at plants in Japan, Britain, France, Romania and India. (Reporting by Naomi Tajitsu; Editing by Richard Pullin) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-honda-cyberattack-idUKKBN19C0EI'|'2017-06-21T13:11:00.000+03:00'
'63575b10d0f694cf06bad89ad67f830377a6e4f5'|'Intel drones and VR headed to 2018 Olympics - Jun. 21, 2017'|'Star power helps Intel click with Millennials The next Olympic Games will be a spectacle of modern technology. The International Olympic Committee (IOC) on Wednesday announced a new partnership with Intel ( INTC , Tech30 ) that will run through 2024. The Santa Clara, Calif.-based chip maker will provide drones, virtual reality, artificial intelligence and 360-degree video platforms to help capture Olympic events. The partnership will start with the 2018 Winter Games in South Korea. The news comes one week after McDonald''s ( MCD ) parted ways with the Olympics after a four decade long sponsorship. McDonald''s has worked with the Olympics since 1968. Although technology at the Olympics is nothing new, it will play a bigger role in broadcasting games. For example, Intel said home viewers will be able to choose viewing points at Olympic venues, such as front row seats, through virtual reality and 360 video. Drones will also become more prominent at the Olympics. Intel hasn''t announced the various ways it will use the technology but noted they''ll create "images in the sky," likely during the opening ceremony. Intel-powered drones were used in Lady Gaga''s Super Bowl halftime show this year. "Drones are excellent for light shows, filming at different angles and moving something light from point A to point B," Intel chief strategy officer Aicha Evans told CNN Tech. Related: McDonald''s and the Olympics are parting ways Evans said Intel''s technology will also help athletes and coaches. For example, coaches could use virtual reality to closely analyze an athletes'' performance from different angles, Evans said. The sponsorship builds on Intel''s bigger push into sports. The company recently announced a three-year deal with Major League Baseball to use its True VR platform to broadcast live games and show highlights and on-demand replays. Intel has also partnered with the National Football League. During Super Bowl LI in 2017, its "Be the Player" perspective, shown via 360 video, provided a point-of-view shot from any player on the field. Related: Stunning underwater Olympics shots are now taken by robots The Olympics Committee''s move is part of a greater effort to attract a younger audience amid declining viewership . "The average audience age in traditional TV continues to go up. [Younger people] consume it off of different platforms and in different ways," Timo Lumme, IOC managing director of TV and marketing services, told CNN Tech. "We know these technologies will engage a younger demographic." Technology continues to have a growing presence at the Olympics. In recent years, photographers have used 3D cameras and underwater robots to capture unique shots. CNNMoney (New York)   21, 2017: 3:15 PM ET'|'cnn.com'|'http://rss.cnn.com/rss/money_technology.rss'|'http://money.cnn.com/2017/06/21/technology/intel-olympics-partnership/index.html'|'2017-06-21T23:15:00.000+03:00'
'33098ad0d98ea00af711554330412e5174a2dc80'|'BRIEF-Delivra appoints new member to its board and stock option grant'|' 08am EDT BRIEF-Delivra appoints new member to its board and stock option grant June 21 Delivra Corp * Delivra appoints new member to the board of directors and stock option grant * Says has granted stock options in amount of 137,500 to certain members of board of directors under company''s stock option plan * Says each stock option is exercisable for a five-year period to acquire one common share at a price of $0.455 per share Source text for Eikon:  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-delivra-appoints-new-member-to-its-idUSASA09UJV'|'2017-06-21T19:08:00.000+03:00'
'cc76ee3b910b4cbc061a0498c48059ce6cf36610'|'Greek two-year bond yield falls to lowest since early 2010'|'LONDON, June 21 Greek government borrowing costs fell to their lowest level since early 2010 on Wednesday, the latest leg lower after the country reached a debt deal with its creditors last week.The move comes as Prime Minister Alexis Tsipras said Athens should be in a position to return to bond markets very soon, predicting yields on the country''s bonds would continue to fall.Greece''s two-year bond yield -- an indication of the level at which the country can borrow cash for two years in financial markets -- fell as far down as 4.15 percent, its lowest in more than seven years, according to Reuters data.Ten-year bond yields fell to their lowest since September 2014 at 5.56 percent. (Reporting by Dhara Ranasinghe; Editing by John Geddie)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/eurozone-bonds-greece-idINL8N1JI35A'|'2017-06-21T09:55:00.000+03:00'
'246bc8b8ca05e0bfcb98790885a661857b0a5d71'|'Foresight Group buys British battery storage project'|'By Susanna Twidale - LONDON LONDON Foresight Group has made its first foray into battery energy storage, buying a 35 megawatt (MW) project in Britain, the infrastructure and private equity investment manager said on Wednesday.Attracted by the prospects of a business that aims to tap increasing demand for storage of renewable power, Foresight will use its Foresight ITS fund to buy the project in Port of Tyne in northeast England from RES (Renewable Energy Systems).Foresight, which has about 2.6 billion pounds ($3.28 billion) of assets under management, did not give a price for the deal.The project, which is expected to start operations next year, already has contracts with Britain''s National Grid ( NG.L ), to provide electricity balancing services and a government contract to provide back-up power to the system when demand is high. RES, will continue to build and operate the project, Foresight said.Rapid growth of solar and wind energy means that power supplies increasingly rely on the wind blowing or sun shining.As a result, utilities are looking for new ways to store renewable energy for release into the grid when supplies are low.In Britain the challenge is especially acute because the buffer between supply and demand is tighter than in other European countries, with ageing fossil fuel plants being shut down."The acquisition consolidates Foresight''s position as a leader in investing both in renewable energy generation and the flexible grid infrastructure required to accommodate increasing penetration of renewables," Dan Wells, a partner at Foresight, said in a statement.Foresight funds manage a portfolio of more than 80 solar power projects in the UK, southern Europe, Australia and North America, as well as 28 Energy from Waste projects in Britain.($1 = 0.7924 pounds)(Editing by David Goodman)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-britain-batteries-investment-idINKBN19B3AH'|'2017-06-20T21:14:00.000+03:00'
'73e483b8a39d758fce21c22446b19e6c475a4039'|'PRESS DIGEST- British Business - June 21'|'June 21 The following are the top stories on the business pages of British newspapers. Reuters has not verified these stories and does not vouch for their accuracy.The Times* Pallinghurst Resources, a private equity group run by Brian Gilbertson, the former boss of BHP Billiton, said that it now had effective control of 61 percent of Gemfields stock, scuppering a rival offer by Fosun International. bit.ly/2syhyr3* Aston Martin has ordered a global recall of 1,658 of its Vantage model after problems with a routine software update led to cars in China stalling and losing power at high speed. bit.ly/2syhS9hThe Guardian* The Serious Fraud Office charged former Barclays Chief Executive John Varley and three former colleagues – Roger Jenkins, Tom Kalaris and Richard Boath – with offences after a five-year investigation into the events surrounding the 11.8 billion pounds emergency fundraising conducted by the bank in 2008. bit.ly/2syuaOI* A Brexit deal that puts jobs and prosperity first is the only way the UK will be able to deliver the strong growth that will enable it finally to escape from the long years of austerity, said British Finance Minister Philip Hammond. bit.ly/2syrEIiThe Telegraph* Bombardier has landed its biggest ever contract for its Aventra trains, with an order for 750 engines and carriages from the new operators of Britain''s South Western network. bit.ly/2syeUSb* Uber has agreed to allow its drivers to collect tips through its smartphone app and has reduced the cancellation windows for customers, in an effort to improve its troubled relationship with its drivers. bit.ly/2syq9dkSky News* Karen Bradley, the secretary of state for culture, media and sport, is expected to give her verdict on Twenty-First Century Fox''s 18.5 billion pounds takeover of Sky plc the owner of Sky News, by Thursday next week. bit.ly/2sy4TEd* Bank of England Governor Mark Carney has outlined his opposition to a rise in interest rates as pressure for an increase builds at the Bank of England. bit.ly/2syjJdXThe Independent* Speaking at an industry event in London on Tuesday, Mike Hawes, chief executive of the Society of Motor Manufacturers and Traders, cautioned that Brexit could lead to "permanent damage" and "death by a thousand cuts" in investment that could lead to a surge in the price of new cars from Europe by as much as 1,500 pounds. ind.pn/2syua1c* The Confederation of British Industry on Tuesday bumped up its forecast for economic growth in Britain, reflecting strong momentum towards the end of last year rather than any fundamental change to its view. ind.pn/2syshlk (Compiled by Bengaluru newsroom)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/britain-press-business-idINL8N1JH6NZ'|'2017-06-20T21:31:00.000+03:00'
'cdfae6c08130037b08f77cc64d440fb98cc91208'|'Centrica sells its two biggest UK gas plants to EPH'|'Business News - Wed Jun 21, 2017 - 8:16am BST Centrica sells UK gas plants to EPH in shift to flexible supply By Karolin Schaps - LONDON LONDON British Gas parent company Centrica has agreed to sell its two biggest gas-fired power plants to Czech peer EPH for 318 million pounds, pushing forward with its plan to become a nimbler energy supplier in a fiercely competitive market. Centrica''s Langage and South Humber power plants, which jointly employ around 130 people, have an installed capacity of 2.3 gigawatts (GW) and hold contracts to provide back-up power for the coming four years. "The transaction is consistent with Centrica''s strategy to shift investment towards its customer-facing businesses," Centrica said in a statement. The news comes a day after Centrica announced the permanent closure of its Rough gas storage site, Britain''s largest. Two weeks ago it sold its Canadian oil and gas assets, highlighting its move away from traditional energy. Instead, Centrica said it wants to focus on flexible power generation assets. It has already invested in fast-response gas peaking plants and a power storage facility. For EPH, the purchase builds on its existing power plant portfolio in Britain, which consists of the Eggborough and Lynemouth power stations. The company has been snapping up coal, gas and nuclear power assets in recent years, betting they will remain needed and investments will pay off once electricity prices rise. (Editing by David Goodman and Jason Neely)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-centrica-disposal-idUKKBN19C0JW'|'2017-06-21T14:25:00.000+03:00'
'4431f14b87c4324b0d68e3d9fe7940f0e0ab0d71'|'Emirates interested in retrofit for A380 changes proposed by Airbus on new planes'|'Business  51am BST Emirates interested in retrofit for A380 changes proposed by Airbus on new planes A new fuel-efficient wingtip extension or winglet is seen on an Airbus A380 during the opening of the 52nd Paris Air Show at Le Bourget Airport, near Paris, France, June 19, 2017. REUTERS/Pascal Rossignol By Victoria Bryan - PARIS PARIS Emirates, the world''s largest A380 customer, would be interested in changes being made to its current fleet of the superjumbo that manufacturer Airbus said this week would only be for new aircraft. Airbus unveiled an upgraded version of the world''s biggest passenger jet on Sunday, seeking to boost demand for the slow-selling superjumbo and including a new wingtip design aimed at reducing fuel burn by up to 4 percent. Airbus Chief Operating Officer Fabrice Bregier said on Monday the wingtips would only be put into production if Airbus received "a large order." "If they said we’ll give you these winglets on a retrofit basis, to save up to 2.5 percent fuel, I would look at that," Emirates President Tim Clark told reporters at the Paris Airshow on Wednesday. Emirates is by far the largest A380 customer, having ordered 142 of the jets with 95 in its fleet today. Clark said he would be interested in ordering more A380s "but I don’t want to be left with a pup, with a plane that is going into obsolescence." (Writing by Alexander Cornwell; Editing by Mark Potter)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-airshow-paris-emirates-a-idUKKBN19C0TB'|'2017-06-21T15:51:00.000+03:00'
'6bead26a87b4231be5b0a2f2facba0b656c569da'|'UPDATE 1-Spotify loss widens ahead of potential stock market listing'|'(Adds subscriber detail, background)By Johan Ahlander and Sophie SassardSTOCKHOLM/LONDON, June 15 Music streaming company Spotify''s operating loss widened in 2016 but revenue rose significantly, the Swedish company said in its annual financial statement ahead of a possible stock market listing before the end of next year.Spotify, which recently hired advisers to explore a direct listing on the New York Stock Exchange, reported an operating loss of 349 million euros ($389 million) in 2016, up 47 percent compared with the previous year."This is explained by substantial investments that have been made during the year, mostly in product development, international expansion and a general increase in personnel," Spotify''s Luxembourg-based holding company wrote in its regulatory filing on Thursday.Revenue rose by more than 50 percent to 2.93 billion euros as paid subscribers increased to 48 million in 2016 from 28 million the previous year. Overall, the service said it now has 140 million monthly active users, against 126 million at the end of last year.The company, which depends on acquiring content licences from a limited number of music majors, struck a new deal with Vivendi-owned Universal Music in April.The move could make the streaming platform more attractive to its top-selling artists, such Adele, Lady Gaga, Coldplay and Kanye West, by letting them release albums exclusively to premium users. American singer Taylor Swift recently made her music available again on Spotify and other streaming platforms.Spotify is now hoping to strike deals with Sony Music and Warner Music in the run-up to a market listing, a source close to the matter said in May.Most recently valued at $13 billion, Spotify could be floated within a year, a separate source told Reuters this month.The music streaming service, which competes for users and advertising with cash-rich rivals such as Apple Music and Amazon Music among others, will be the first major company to carry out a direct listing on the New York Stock Exchange when it goes public this year or early next year, two sources have told Reuters.The company is working with investment banks Morgan Stanley , Goldman Sachs and Allen & Co to advise them on the process, the sources said.Last year Spotify raised $1 billion in convertible debt from private equity firm TPG Capital Management and hedge fund Dragoneer Investment Group. ($1 = 0.8965 euros)(Editing by Johannes Hellstrom and David Goodman)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/spotify-results-idINL8N1JC3EG'|'2017-06-15T12:07:00.000+03:00'
'0c48f12a08e87a480cb414f344a542529fc1b1c4'|'Canada''s Frontera Energy to invest $2.5 billion in Peru'|'LIMA Canada''s Frontera Energy Corp FEC.TO plans to invest $2.5 billion in oil and gas exploration and production in Peru, the company said in a statement on Thursday.The company, known as Pacific Exploration & Production before a name change earlier this week, said it has had a presence in Peru since 2001.(Reporting by Marco Aquino; Writing by Luc Cohen; Editing by Phil Berlowitz)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-frontera-energy-peru-idINKBN1962NW'|'2017-06-15T17:03:00.000+03:00'
'a133e2fc40413a791c3d4ebc735de075f9686b20'|'Jetmakers hunt for new growth as order binge fizzles out'|'By Tim Hepher and Cyril Altmeyer - PARIS PARIS Plane giants are preparing to squeeze the last drop out of a once raging torrent of airplane orders without the razzmatazz of recent years, as the aerospace industry heads to a belt-tightening Paris Airshow looking for new sources of revenue.The June 19-25 gathering takes place against the backdrop of surprisingly strong airline traffic driven by economic growth, but a steep drop in the appetite for new planes following robust demand for the latest fuel-efficient models in recent years.Instead, many firms will talk up efforts to extract new revenues out of powerful data-crunching services, while the first Paris display of a U.S. stealth jet in decades, the F-35, points to a defence recovery at the world''s largest air show.The meeting also comes amid tensions in the Gulf over a transport and economic boycott of Qatar that is fuelling questions over the resilience of a major source of demand.Dominating an otherwise thin slate of commercial orders will be a new version of Boeing''s most-sold airliner, the 737.The 190-to-230-seat Boeing 737 MAX 10, designed to narrow a gap against European rival Airbus, will be launched on Monday with over 100 orders, two people familiar with the plans said.Analysts said one unknown quantity is how many of the MAX 10 orders may merely be replacing previous orders for other variants as Boeing rejigs its medium-haul portfolio.Low-cost giants Lion Air of Indonesia and Ireland''s Ryanair have confirmed Reuters reports of interest in the new jet, though talks with Ryanair could take longer to complete.CDB Aviation, the aircraft leasing arm of China Development Bank, is in talks to place orders with both Boeing and Airbus and could complete at least one of the deals by the show.It may buy 40-50 Boeings, including about 5 MAX 10s, and a similar number of Airbus jets, two sources said.Boeing is seen anxious to win backing of major operators for the new catch-up model and has also talked to United Airlines."I think you''ll see some activity on this in Paris and that will start the process of seeing how airlines react to it," said Peter Barrett, chief executive of SMBC Aviation Capital.''DIFFERENT DYNAMIC''Seeking to leapfrog Airbus after a mixed few years for the MAX series, Boeing will also give more details on a larger new mid-market jet employing a novel fuselage designed to try to capture projected growth in demand for 220-270 seaters.But few expect a repeat of the more than 400 orders and commitments at last year''s Farnborough Airshow in Britain."I think it is going to be a relatively quiet air show compared to previous years," said Robert Martin, chief executive of BOC Aviation.Instead, some of the airlines that have become synonymous with air show hoopla in previous years, such as Malaysia''s AirAsia, may return to sign up for digital services to make their new fleets more efficient to operate and maintain.Manufacturers are exploiting breakthroughs in data storage and other technologies to cut development times by a third while offering services like "predictive maintenance" to airlines, mimicking the post-sales success of their engine suppliers."We have 10,000 aircraft flying and we have to apply these technologies to these aircraft," Airbus chief operating officer and planemaking president Fabrice Bregier said.It will also be the first air show since China and Russia successfully flew new passenger jets in recent weeks, completing a series of debuts by new entrants that also include Japan.Mitsubishi''s MRJ90 will appear in Paris for the first time.While there is no immediate threat to Airbus and Boeing, delegates say the feeling is taking hold in boardrooms and governments that their duopoly cannot be taken for granted."There is a long road from first flight to certification and all that goes with it, but I think it will be a slightly different dynamic than we might have had in previous air shows where they were paper or theoretical airplanes and now we have real aircraft," Barrett said of the would-be challengers.In another turning point, it may be the last major air show for Airbus super-salesman John Leahy, who has said he will retire soon. He has presided over sales of over 10,000 planes.With the New Yorker''s departure, the swagger and deliberate baiting of rivals at such shows may become a thing of the past, but the industry is unlikely to retreat from fierce competition.The more muted tone, and cost-cutting to focus on production after years of strong sales, are reflected in the logistics. Several firms have cut back space and host planemaker Airbus is halving staff attendance and slashing catering, insiders said.(Additional reporting by Victoria Bryan, Allison Lampert, Alexander Cornwell, Matthias Blamont, Andrea Shalal, Mike Stone; Editing by Mark Potter)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/airshow-paris-idINKBN1961ZY'|'2017-06-15T22:54:00.000+03:00'
'541ba3f239e76c67cbb4ca3b3513b20d4a35e0e8'|'Exclusive: China''s SPIC in exclusive talks to purchase LAP''s Chile assets - sources'|'By Gram Slattery - SANTIAGO SANTIAGO China''s State Power Investment Corp (SPIC) [CPWRI.UL] is in exclusive talks to acquire energy company Latin America Power''s Chilean assets for $325 to $400 million, two sources with knowledge of the process said this week, as SPIC steps up its involvement in the region.Latin America Power (LAP) has more than 300 megawatts of wind and hydropower assets in Chile and Peru, over 250 megawatts of which is located in Chile. That includes two large wind farms near the Chilean capital Santiago.In 2015, now-bankrupt SunEdison ( SUNEQ.PK ) agreed to purchase the company, which is partially held by Grupo BTG Pactual SA [BTG.UL] and Blackstone Group-backed Patria Investimentos ( BX.N ), for $700 million. The U.S. solar company later terminated the deal, however, resulting in a court battle and a $28.5 million settlement for LAP in 2016.LAP then put its assets back on the market and attracted interest from a number of companies including Chilean power company Colbun COL.SN, SPIC, and Canadian company BluEarth Renewables Inc, according to the sources who requested anonymity as they are not permitted to speak publicly.However, both BluEarth and Colbun COL.SN are no longer in the running, the sources said.SPIC, through a Chilean subsidiary, declined to comment, as did LAP and Colbun.BluEarth said in a statement that it "is always exploring new opportunities, including the Chilean power market," but would not comment on "rumors or speculation" as a matter of policy.The potential acquisition by SPIC marks another big move by the company into Latin American renewables. In late 2015, the state-owned utility snapped up IFM Investors'' Pacific Hydro for $2.5 billion. That company had almost 1 gigawatt of wind and hydropower assets in operation at the time of acquisition, spread throughout Brazil, Chile, and Australia.In recent years, China has been upping its investments in Chile. In addition to energy acquisitions, Chinese companies have made bids for major infrastructure projects and are in discussions to link the two countries with a $600 million underwater fiber optic cable.(Reporting by Gram Slattery; editing by Grant McCool)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-latam-power-m-a-spic-idINKBN1951KX'|'2017-06-14T10:07:00.000+03:00'
'e2c9fd3e4091c2b61d70ee6773fe807b2d410e24'|'German postal service enlists Ford for electric vans drive'|'DUESSELDORF, Germany German logistics group Deutsche Post DHL Group ( DPWGn.DE ) is expanding its foray into electric delivery vans, signing Ford ( F.N ) as a components supplier for a new line of larger vehicles, the companies said on Wednesday.Deutsche Post initially developed an electric minivan dubbed Streetscooter for its own operations to avoid inner-city emissions after growth in online shopping resulted in increased parcel deliveries. But in April it took on carmakers by unveiling plans to step up production and sell to other delivery firms.For the larger van, Ford will supply vehicle technology based on the Transit model, with Deutsche Post keeping assembly, distribution and sales in-house, a Germany-based Ford spokesman told Reuters.The new model is part of a plan to build another production site for the Streetscooter unit and double annual output to 20,000 vans by the end of the year."This step emphasizes that Deutsche Post is an innovation leader. It will relieve the inner cities and increase people''s quality of life," Deutsche Post executive board member Juergen Gerdes said in a statement.Advances in manufacturing software are allowing auto industry newcomers such as Deutsche Post, Google and start-ups to tap suppliers to design, engineer and test new vehicle concepts without hiring thousands of engineering staff or investing billions in tooling and factories.Deutsche Post, which is also building a country-wide network of maintenance and repair shops, wants a fleet of at least 2,500 of the new vans on the road by the end of 2018, it said.The postal services group decided to build its own vans after it could not agree on a wider supply contract with established vehicle makers.It is phasing out use of Volkswagen''s ( VOWG_p.DE ) Caddy vans in favor of Streetscooters, and going it alone with the electric van project has upset VW.($1 = 0.9430 euros)(Reporting by Matthias Inverardi; Writing by Ludwig Burger; Editing by Mark Potter)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-deutsche-post-streetscooter-ford-idUSKBN19519U'|'2017-06-14T18:29:00.000+03:00'
'6357fc3875146b99b418e08ee17a492f46ce607b'|'Brazil''s Raízen offers Tonon Bioenergia $248 mln for two ethanol mills'|'SAO PAULO, June 13 Brazil''s sugar and ethanol company Raízen SA, a joint venture between Cosan SA Indústria e Comércio and Royal Dutch Shell Plc has offered 823 million reais ($248 million) to buy two ethanol mills from Tonon Bioenergia SA.Cosan said in a securities filing on Tuesday that Tonon Bioenergia, which has been going through an in-court reorganization, is expected to sell two ethanol mills, Santa Cândida and Paraíso, in an auction. ($1 = 3.3145 reais) (Reporting by Tatiana Bautzer)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/tonon-bioenergia-ma-raizen-idINE6N1FG044'|'2017-06-13T20:36:00.000+03:00'
'de1e37812f2dc0974f1cc2ae931c241d157a04ce'|'US STOCKS SNAPSHOT-Tech leads Wall St rebound; energy trails'|' 14pm EDT US STOCKS SNAPSHOT-Tech leads Wall St rebound; energy trails NEW YORK, June 19 U.S. stocks rose on Monday, with the S&P 500 and the Dow hitting record highs with growth sectors such as technology in favor again as investors appeared to regain confidence in the economy. The Dow Jones Industrial Average rose 144.71 points, or 0.68 percent, to close at 21,528.99, the S&P 500 gained 20.31 points, or 0.83 percent, to 2,453.46 and the Nasdaq Composite added 87.26 points, or 1.42 percent, to 6,239.01. (Reporting by Sinead Carew; Editing by James Dalgleish)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-stocks-idUSZXN0R1M2I'|'2017-06-20T04:14:00.000+03:00'
'7586dd1347e7293798a6dbccee447f650c680d85'|'France''s Engie to buy 40 percent stake in UAE''s Tabreed'|'By Stanley Carvalho - ABU DHABI ABU DHABI Engie SA has agreed to buy a 40 percent stake in Dubai''s National Central Cooling Company (Tabreed) and help drive the company''s expansion in emerging markets such as Turkey, India and Egypt.Engie is buying the stake for 2.8 billion dirhams ($762 million) from Abu Dhabi state investor Mubadala Investment Co, making it Tabreed''s second largest shareholder after Mubadala, which will retain 42 percent, the two companies said on Monday.Mubadala''s stake is held in a combination of equity and mandatory convertible bonds (MCBs). Under the deal, it will convert its MCBs into shares equivalent to a 40 percent stake that will be transferred to Engie at 2.62 dirhams per share.Shares in Tabreed, which provides cooling for buildings and other infrastructure, surged 15 percent to hit their daily limit of 2.12 dirhams at 10.48 a.m. (0748 GMT).Reuters reported in November that Mubadala was considering the sale of a least part of its Tabreed stake."Tabreed is a company with a strong growth trajectory and will benefit from Engie''s experience as an operator of world-class utility businesses," Homaid al Shimmari, deputy group chief executive of Mubadala, said in a statement, adding that Mubadala would remain a significant, long-standing shareholder.Tabreed will become one of Engie''s main regional development platforms and the French company is expected to lead rapid growth for Tabreed in new emerging markets such as India, Egypt and Turkey, the statement said.The two companies have also agreed certain cooperation arrangements designed to support Tabreed''s growth strategy and management team, they said.The deal is expected to close in the third quarter of 2017.Mubadala first invested in Tabreed in 2004 and by 2008 had put in 800 million dirhams. Then in 2009, Mubadala injected some 2.9 billion dirhams as part of Tabreed''s re-capitalisation.Mubadala spokesman Brian Lott said Tabreed had returned 1.9 billion to Mubadala since 2009 through buybacks, dividends and coupons, leaving an investment of about 1.8 billion dirhams."With this 2.8 billion dirhams deal with Engie, Mubadala effectively made a gain of 1 billion dirhams on its investment,” he said.Mubadala, which recently merged with fellow state fund International Petroleum Investment Co, has stakes in companies including private equity firm Carlyle and Brazilian iron-ore port terminal Porto Sudeste.($1 = 3.6729 UAE dirham)(Editing by David Clarke)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/ntnl-centl-coolg-m-a-engie-idINKBN19A0WC'|'2017-06-19T16:23:00.000+03:00'
'b5a028a06a1657eb858e458fd13e5173f5f03929'|'PE firms to take Britain''s Shawbrook private after prolonged battle'|'Deals   6:57pm BST PE firms to take Britain''s Shawbrook private after prolonged battle Private equity groups trying to buy British challenger bank Shawbrook Group Plc ( SHAW.L ) said on Monday that shareholder acceptance of the takeover had exceeded a key threshold, allowing the buyers to take the lender private. Marlin Bidco, the buyout vehicle set up by BC Partners and Pollen Street Partners, said it had received valid support for its offer from other Shawbrook shareholders owning a combined 75.6 percent of the company. Shawbrook declined to comment. Valid acceptances representing 50 percent of the company were required for the deal to go through with Shawbrook remaining listed on the London Stock Exchange. Under the deal structure, the company would be de-listed if at least 75 percent of its shareholders accept the offer, with those who did not accept, being part owners of an unlisted entity. Shawbrook earlier this month rejected a raised and final 868 million pound ($1.1 billion) offer from the private equity groups, which already hold 38.8 percent of the lender. The consortium first made a bid for Shawbrook in January, offering 307 pence per share, before raising its offer to 330 pence in March. However, so far, Shawbrook''s directors had advised shareholders to reject the offers. Founded in 2011, London-listed Shawbrook is one of several ''challenger'' banks to emerge since the financial crisis to fill a gap in small-business lending after larger banks slimmed down to focus on bolstering their capital to meet tougher regulatory requirements. These challenger banks have increasingly been seen as ripe for takeovers in recent months, bankers who advise on mergers and acquisitions have said, as a prolonged period of low interest rates has squeezed earnings and the pound''s fall has made them cheaper for foreign buyers. (Reporting by Noor Zainab Hussain and Sanjeeban Sarkar in Bengaluru; Editing by Sai Sachin Ravikumar)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-shawbrook-group-buyout-idUKKBN19A2KP'|'2017-06-20T01:55:00.000+03:00'
'64b753095ef6c7f4efe09b67508f7549606b1abd'|'US STOCKS SNAPSHOT-Wall St higher at the open; Dow hits record high'|'Market News - Mon Jun 19, 2017 - 9:33am EDT US STOCKS SNAPSHOT-Wall St higher at the open; Dow hits record high June 19 U.S. stocks opened higher on Monday, with the Dow Jones Industrial Average hitting a record high, as investors snapped up beaten down technology stocks. The Dow Jones Industrial Average rose 69.3 points, or 0.32 percent, to 21,453.58. The S&P 500 gained 9.98 points, or 0.41 percent, to 2,443.13. The Nasdaq Composite added 44.71 points, or 0.73 percent, to 6,196.47. (Reporting by Tanya Agrawal; Editing by Saumyadeb Chakrabarty) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-stocks-idUSL3N1JG45Q'|'2017-06-19T21:33:00.000+03:00'
'b823c47d363d536e49fc2dff7f66fcb9665106ea'|'Panic averted as bonds sail gently out of decades-old bull market'|'Central Banks  15pm BST Panic averted as bonds sail gently out of decades-old bull market By Dhara Ranasinghe and John Geddie - LONDON LONDON Almost a year after the tide turned on an unbroken three-decade decline in world bond yields, stubbornly low wage growth and inflation and central bank hesitancy suggest any rise in ultra-low borrowing costs will be far slower than many had feared. Yields in Europe, Japan and the United States are all up from record lows hit a year ago as fears of deflation ebb and the global economic expansion goes up a gear. The euro zone, for example, is recording its best growth rates in a decade. But a lack of sustained consumer, wage or commodity price pressures mean there is no urgency for much tighter monetary policy over the longer term, even though the U.S. Federal Reserve last week lifted rates for the second time in 2017. And that puts long-term debt markets back on a more comfortable footing, even if the super-low yields of this time last year are behind us for good. "We have seen the end of the secular bond market bull run, but that doesn''t necessarily mean that you transition straight into a secular bear market," said Mark Dowding, a portfolio manager at BlueBay Asset Management. U.S. 10-year yields US10YT=RR have retraced almost all of the sharp rise that followed President Donald Trump''s election last November on promises of higher spending seen as likely to boost growth and inflation in the world''s biggest economy. In Europe, German equivalents are around 50 basis points above a low hit in early July 2016 DE10YT=TWEB, but have traded in a tight 30-40 bps range all year. One of the reasons is the constant demand for bonds from pension and insurance funds, who favour fixed income investments to better match liabilities and to ''de-risk'' portfolios as ageing workers move toward retirement. Data compiled by JP Morgan shows that bonds have made up 45-50 percent of the assets of G4 -- euro zone, Britain, Japan and U.S. -- pension funds and insurance companies for the last eight years, proving relatively insensitive to price changes. For the graphic on global funds hold on bonds, click reut.rs/2s5gSuy Combined with central bank holdings, this ''sticky money'' makes up at least 50 percent of investment into bonds globally, private estimates suggest. And even some of the more speculative funds polled by Reuters have shown no sign of giving up on what has historically been seen as a reliable store of wealth. Those polls show global investors -- including asset managers and private wealth funds -- have kept their allocations to fixed income fairly steady between 39 and 41 percent over the past year. [ASSET/WRAP] RETHINK The last few months appear to have given bond investors comfort that even if yields trend higher over the next few years, the final destination is less dismaying than it once seemed and it may take longer to get there. A tell-tale sign of this in markets has been a flattening of yield curves. That is when rising short-term rates are coupled with falling long-term equivalents. Comparing the current path of monetary tightening in the United States to previous cycles explains why investors may have come to this conclusion. When the Fed last embarked on successive rate hikes over a decade ago, it took two years to raise rates from 1 percent to over 5 percent, with hikes at 17 consecutive meetings. In the current cycle, it has taken 18 months for 1 percentage point of an increase. Policymakers project rates will top out at around 3 percent by late 2019 or early 2020. Yet money markets are pricing rates no higher than 2 percent in that time. Investors have also seen other major central banks turn more cautious -- with the possible exception of the Bank of England, which is battling Brexit-induced inflation pressures. The European Central Bank cut its inflation forecast this month and said it had not discussed scaling back its monetary stimulus, dampening talk that stronger growth and easing political risks could pave the way for policy tightening. The Bank of Japan last week ruled out an early exit from its stimulus scheme. "There are plenty of reasons why with the current growth/inflation path and structural pressures, yields will remain pretty subdued for some time," said Charles Diebel, head of rates at Aviva Investors. "This does not mean that higher yields will not come, but more that the transition away from emergency measures is a slow and grinding process." For the graphic on German government bond yield curve now and a month ago, click reut.rs/2sza3mp (Additional reporting by Dan Burns; Graphics by Nigel Stephenson and John Geddie; Editing by Catherine Evans)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-global-bonds-sweetspot-idUKKBN19A230'|'2017-06-19T23:15:00.000+03:00'
'62c82a6810ed53cfada5bcc431e26d960b8547b9'|'New Boeing jet and F-35 demand lift aerospace spirits in Paris'|'Top News   7:48pm BST Boeing launches new jet with flurry of orders left A Boeing 737 Max takes part in a flying display. REUTERS/Pascal Rossignol 1/7 left right Boeing Chairman and CEO Dennis Muilenburg and Boeing Commercal Airplanes President Kevin McAllister are seen at the launch of the Boeing 737 MAX 10, on the first day of the 52nd Paris Air Show at Le Bourget airport near Paris, France, June 19, 2017. REUTERS/Pascal Rossignol 2/7 left right FILE PHOTO: A Boeing 737 MAX is seen on the static display, before the opening of the 52nd Paris Air Show at Le Bourget airport near Paris, France, June 16, 2017. REUTERS/Pascal Rossignol 3/7 left right FILE PHOTO: Empennage of a Boeing 737 MAX and a 787 are seen on the static display, before the opening of the 52nd Paris Air Show at Le Bourget Airport near Paris, France June 17, 2017. REUTERS/Pascal Rossignol 4/7 left right French President Emmanuel Macron (C), French Minister of the Armed Forces Sylvie Goulard (L) and Dassault Aviation CEO Eric Trappier (R) watch demonstration flights as part of the inauguration of the 52nd Paris Air Show in Le Bourget, north of Paris, France, June 19, 2017. REUTERS/Michel Euler/Pool 5/7 left right French President Emmanuel Macron sits in the cockpit of an Airbus A400M turboprop transport plane before taking off from Villacoublay military airbase near Paris, France, June 19, 2017. REUTERS/Michel Euler/Pool 6/7 left right French President Emmanuel Macron sits in the cockpit of an Airbus A400M turboprop transport plane before taking off from Villacoublay military airbase near Paris, France, June 19, 2017. REUTERS/Michel Euler/Pool 7/7 By Tim Hepher and Victoria Bryan - PARIS PARIS Boeing ( BA.N ) unveiled a new version of its bestselling 737 aircraft on Monday, injecting life into a faltering civil aviation market as French President Emmanuel Macron flew in to open the world''s biggest air show in Paris. After years of booming orders driven by increased air travel and more fuel-efficient planes, passenger jet manufacturers are bracing for a slowdown in demand while they focus on meeting tight delivery schedules and ambitious production targets. In a sign of their more modest expectations, some companies have cut back on staffing and catering at this year''s Paris show and made less space available for the media. But Boeing generated a burst of activity on the opening day by launching the 737 MAX 10 to plug a gap in its portfolio at the top end of the market for single-aisle jets, following runaway sales of the rival Airbus ( AIR.PA ) A321neo. The U.S. planemaker said it had more than 240 orders and commitments from at least 10 customers for the new 737, which can carry up to 230 people in a single-class configuration. "Many airports are running out of capacity and for those airports this is a perfect aircraft," said Ajay Singh, the chairman of low-cost Indian airline SpiceJet ( SPJT.BO ), as his company signed a provisional deal to buy 40 MAX 10s. However, Airbus immediately hit back with an order for 100 of its popular A320neo planes from leasing company GECAS, as well as a deal for 12 A321neos with Air Lease Corporation. Airbus sales chief John Leahy brushed off the latest Boeing challenge, saying that much of the interest in the MAX 10 was from existing Boeing customers switching orders from other models. "We think the 737 MAX 10 is a competitor to the (MAX) 9 and that''s why a lot of people are converting," he said. Twenty of SpiceJet''s provisional order for 40 MAX 10s were conversions from an existing order for other 737 models. GECAS also converted an existing 737 order for 20 planes to the new model and Europe''s largest tour operator TUI Group ( TUIGn.DE ) did likewise for 18 aircraft. Boeing did announce provisional new orders for 90 MAX 10s including 50 from Indonesia''s Lion Air. It also won a boost from leasing giant AerCap ( AER.N ) for its 787 Dreamliner long-range jet, which sits in a category for which demand has been fragile over the past year. Industry sources said that Airbus would soon announce an order for 10 of its A350-900 wide-body jets from Ethiopian Airways, while it also looked set to clinch a $5 billion deal with low-cost carrier Viva Air Peru. Providing reassurance for planemakers, Qatar Airways said it was sticking with plans to increase its fleet and routes despite a diplomatic rift with four Arab nations that have closed their airspace to the company. "We have had a lot of cancellations, especially to the four countries that did this illegal blockade, but we have found new markets and this is our growth strategy," Chief Executive Akbar al Baker told Reuters. F-35 DEBUT While demand for passenger jets may be ebbing, there are signs that interest in military aircraft is picking up after years in the doldrums because of government budget cuts and weak economic growth. Lockheed Martin ( LMT.N ) is in the final stages of negotiating a $37 billion-plus deal to sell 440 F-35 fighter jets to a group of 11 nations including the United States, two people familiar with the matter told Reuters. That would be the biggest deal yet for the stealth warplane, which is making its Paris debut this week. President Macron flew into the show aboard an Airbus A400M military transporter in his first official engagement since winning a parliamentary majority in elections on Sunday. His arrival was followed by a flypast by the world''s largest passenger plane, the Airbus A380, with France''s aerobatic team. The ceremony lent high-level support to two ambitious European aerospace projects tarnished by difficulties: the A400M because of chronic cost overruns and delays and the A380 because of weak sales that threaten its future. Airbus said on Sunday that it was working on an A380 upgrade -- dubbed A380plus -- with fuel-saving wingtips, confirming plans reported by Reuters in March. Airbus chief Fabrice Bregier said on Monday that the company was in talks with several potential customers for the upgraded plane. But it would only be put into production if it received "a large order", he said, without elaborating. Four-engined, double-decker superjumbos such as the A380 and Boeing''s 747 were once viewed as the future of air travel between international hubs, but interest has waned as airlines have preferred cheaper, more nimble aircraft. (Additional reporting by Mike Stone, Matthias Blamont, Andrea Shalal and Giulia Segreti; Writing by Mark Potter; Editing by David Clarke and David Goodman)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-airshow-paris-idUKKBN19A0Y3'|'2017-06-19T16:42:00.000+03:00'
'54ed4b92dddefc67c061240cf8e23c9f5670693c'|'Boeing launches new jet as Macron opens Paris show'|'  8:18pm IST Boeing launches new jet as Macron opens Paris show A Boeing 737 Max takes part in a flyng display at the first day of the 52nd Paris Air Show at Le Bourget airport near Paris, France June 19, 2017. REUTERS/Pascal Rossignol By Tim Hepher and Victoria Bryan - PARIS PARIS Boeing unveiled a new version of its best-selling 737 aircraft on Monday, injecting life into a faltering civil aviation market as French President Emmanuel Macron flew in to open the world''s biggest airshow in Paris. After years of booming orders driven by increased air travel and more fuel-efficient planes, passenger jet manufacturers are bracing for a slowdown in demand while they focus on meeting tight delivery schedules and ambitious production targets. In a sign of their more modest expectations, some companies have cut back on staffing and catering at this year''s Paris Airshow and made less space available for the media. But Boeing generated a burst of activity on the opening day by launching the 737 MAX 10 to plug a gap in its portfolio at the top end of the market for single-aisle jets, following runaway sales of the rival Airbus A321neo. The U.S. planemaker said it had more than 240 orders and commitments from at least 10 customers for the new 737, which can carry up to 230 people in a single-class configuration. "Many airports are running out of capacity and for those airports this is a perfect aircraft," said Ajay Singh, the chairman of low-cost Indian airline SpiceJet, as his company signed a provisional deal to buy 40 MAX 10s. However, Airbus immediately hit back with an order for 100 of its popular A320neo planes from leasing firm GECAS, as well as a deal for 12 A321neos with Air Lease Corporation. Airbus sales chief John Leahy brushed off the latest Boeing challenge saying much of the interest in the MAX 10 was from existing Boeing customers switching orders from other models. "We think the 737 MAX 10 is a competitor to the (MAX) 9 and that''s why a lot of people are converting," he said. Twenty of SpiceJet''s provisional order for 40 MAX 10s were conversions from an existing order for other 737 models. Industry sources also said Airbus would soon announce an order for 10 of its A350-900 wide-body jets, while sources said on Sunday it was close to clinching a deal worth about $5 billion with low-cost carrier Viva Air Peru. Providing more reassurance for planemakers, Qatar Airways said it was sticking with plans to increase its fleet and routes, despite a diplomatic rift with four Arab nations which have closed their airspace to the company. "We have had a lot of cancellations, especially to the four countries that did this illegal blockade, but we have found new markets and this is our growth strategy," Chief Executive Akbar al Baker told Reuters. MACRON JETS IN While demand for passenger jets may be ebbing, there are signs interest in military aircraft is picking up after years in the doldrums due to government budget cuts and weak growth. Lockheed Martin is in the final stages of negotiating a $37 billion-plus deal to sell 440 F-35 fighter jets to a group of 11 nations including the United States, two people familiar with the matter told Reuters. That would be the biggest deal yet for the stealth warplane, set to make its Paris Airshow debut this week. In another boost for defence projects, President Macron flew into the airshow aboard an Airbus A400M military transporter in his first official engagement since winning a parliamentary majority in elections on Sunday. His arrival was followed by a flypast by the world''s largest passenger plane, the Airbus A380, and France''s aerial display team. The ceremony lent high-level support to two ambitious European aerospace projects tarnished by problems: the A400M because of chronic cost overruns and delays and the A380 because of weak sales that threaten its future. Airbus said on Sunday it was working on an upgrade of the A380 - called A380plus - with fuel-saving wingtips, confirming plans reported by Reuters in March. Airbus chief Fabrice Bregier said on Monday the company was in talks with several potential customers for the upgraded plane. But it would only be put into production if it received "a large order", he said, without elaborating. Four-engined, double-decker superjumbos such as the A380 and Boeing''s 747 were once viewed as the future of air travel between international hubs, but interest has waned as airlines have preferred cheaper, more nimble aircraft. (Additional reporting by Mike Stone, Matthias Blamont, Andrea Shalal and Giulia Segreti; writing by Mark Potter; editing by David Clarke)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/airshow-paris-idINKBN19A210'|'2017-06-19T12:48:00.000+03:00'
'73d4563c95b65488045c937bf19ac1a1d47c6e58'|'CEE MARKETS-Stock markets buoyed by Macron''s win, sentiment positive across region'|'By Krisztina Than BUDAPEST, June 19 Central European stock markets rose on Monday following a convincing parliamentary majority for President Emmanuel Macron in France which helped boost investor sentiment across Europe. Czech stocks gained around 1 percent putting the PX index just above the psychological level of 1,000 points. Komercni Banka shares led the rise, gaining 1.9 percent, and rebounding after hitting their lowest since February last week after the central bank put higher capital requirements on banks. Hungarian stocks also jumped 1 percent, with OTP shares gaining 1.3 percent by 0838 GMT and oil and gas group MOL shares also rising as much as 1.6 percent. "These gains in stocks are partly due to Macron''s win ...sentiment is positive as Asian stock markets also look good," Zoltan Varga, an analyst at brokerage Equilor said. He said shares of drug firm Richter also had room to rise further towards 7,600 forints per share from 7,241 forints on Monday, after it rose to historic highs last week. Central European bourses have soared to new highs this year helped by a strong performance of the region''s economies, and good prospects for this year and next. Riding the positive sentiment, Hungarian road transport firm Waberer''s International launched an initial public offering (IPO) in Budapest on Monday, in which it plans to raise about 45 million euros in capital to help finance its purchase of Polish peer Link. Polish stocks also gained 1.1 percent in early trade. Meanwhile, currencies across the region were little changed. The Serbian dinar, which hit 17-month highs against the euro last week, gained a further 0.15 percent on Monday. The dinar is mainly helped by fiscal reforms and to some extent also the nomination of a new prime minister Ana Brnabic, who is seen as business-friendly. A dealer with a Belgrade-based bank said the dinar "was bolstered by seasonal demand, lending in dinars, more euros from Serbs working abroad and because overall good state fiscal performance." The fundamental support to the dinar is the fiscal reforms which secured a budget surplus worth 1.2 percent of GDP in the first quarter of 2017 instead of a deficit agreed with the International Monetary Fund. CEE MARKETS SNAPSH AT 1019 CET OT CURRENCIES Latest Previo Daily Change us bid close change in 2017 Czech crown 26.225 26.192 -0.12% 2.98% 0 5 Hungary 307.80 307.77 -0.01% 0.33% forint 00 50 Polish zloty 4.2145 4.2092 -0.13% 4.49% Romanian leu 4.5825 4.5836 +0.02 -1.04% % Croatian 7.3970 7.3977 +0.01 2.14% kuna % Serbian 121.82 122.00 +0.15 1.26% dinar 00 00 % Note: daily calculated previo close 1800 change from us at CET STOCKS Latest Previo Daily Change us close change in 2017 Prague 1000.2 990.77 +0.95 +8.53 2 % % Budapest 35870. 35512. +1.01 +12.0 68 47 % 9% Warsaw 2327.1 2304.5 +0.98 +19.4 1 0 % 7% Bucharest 8469.6 8467.6 +0.02 +19.5 3 7 % 4% Ljubljana 782.74 784.23 -0.19% +9.08 % Zagreb 1855.9 1857.8 -0.11% -6.96% 1 7 Belgrade 707.18 710.41 -0.45% -1.42% Sofia 685.68 685.12 +0.08 +16.9 % 2% BONDS Yield Yield Spread Daily (bid) change vs change Bund in Czech spread Republic 2-year 0.024 0.063 +068b +4bps ps 5-year -0.02 0.018 +038b +1bps ps 10-year 0.946 0.051 +066b +5bps ps Poland 2-year 1.934 -0.007 +259b -3bps ps 5-year 2.573 -0.045 +297b -5bps ps 10-year 3.157 -0.013 +287b -2bps ps FORWARD RATE AGREEMENT 3x6 6x9 9x12 3M interb ank Czech Rep <PR 0.34 0.42 0.51 0 IBOR=> Hungary <BU 0.19 0.22 0.28 0.15 BOR=> Poland <WI 1.75 1.765 1.792 1.73 BOR=> Note: FRA are for ask Quote: s prices'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/easteurope-markets-idINL8N1JG1SI'|'2017-06-19T07:06:00.000+03:00'
'f698eef964a72df82ab59cc542485b06b8e230ac'|'Oil and gas producer EQT to buy Rice Energy in $6.7 billion deal'|'By Yashaswini Swamynathan and Arathy S Nair U.S. oil and gas company EQT Corp ( EQT.N ) said on Monday it would buy Rice Energy ( RICE.N ) for $6.7 billion in its biggest deal ever, as it looks to expand its natural gas business.Rice Energy''s shares surged more than 24 percent to $24.47 in early trading, but below the $27.05 per share offered by EQT. EQT''s shares were down 9.4 percent.The deal comes at a time when U.S. energy firms are pumping in money to develop facilities in gas-rich states like Pennsylvania, West Virginia and Ohio as the country prepares to become the world''s top natural gas exporter.EQT said it would be able to drill longer horizontal wells in Pennsylvania after the deal as most of the acquired acreage is next to where EQT already drills or owns land."EQT is a decade behind in fracking technology used by industry leaders in Marcellus/Utica," said Dallas Salazar, CEO of energy consulting firm Atlas Consulting. "EQT needs a lot - and Rice offers a lot of what it needs."EQT has been buying acreage in the Marcellus shale field - where gas is among the cheapest in the country. Most recently it picked up 53,400 acres in the field from Stone Energy Corp.EQT said the acquisition would increase its 2017 average sales volume by 1.3 billion cubic feet equivalent per day (bcfe/d) and its core acres in the Marcellus field by 187,000 to 670,000.The deal would also give the company access to Rice Energy''s midstream assets, including a 92 percent interest in Rice Midstream GP Holdings. EQT will take on about $1.5 billion in debt.Rice Energy shareholders will receive $5.30 per share in cash and 0.37 EQT shares for each share they hold, EQT said.The offer translates to a price of $27.05 per Rice Energy share, representing a premium of 37.4 percent to the stock''s Friday closing price, according to Reuters calculations.Citigroup was EQT''s financial adviser, while Wachtell, Lipton, Rosen & Katz were its legal advisers. Barclays Capital Inc was Rice Energy''s financial adviser and Vinson & Elkins LLP its legal adviser.(Reporting by Yashaswini Swamynathan and Arathy S Nair in Bengaluru; Editing by Sai Sachin Ravikumar and Saumyadeb Chakrabarty)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-rice-enrgy-m-a-eqt-corp-idINKBN19A1LI'|'2017-06-19T10:33:00.000+03:00'
'1de63118f5104fb8d0e92841d640d9e911b855b8'|'Noble shares gain some ground after credit facility extended'|' 28am IST Noble shares gain some ground after credit facility extended FILE PHOTO: An employee is reflected on the wall as she walks past a signage of Noble Resources, a Noble Group subsidiary, at their premises in Singapore March 6, 2015. REUTERS/Edgar Su/File Photo SINGAPORE Shares in Singapore-listed commodity trader Noble Group had some respite on Monday, climbing 9 percent after a source familiar with the matter said its creditors have agreed to push back a key repayment deadline by four months. Battered by concerns over its financial strength in recent weeks, the firm has been in negotiations with banks over a $2 billion credit facility, which is due to be rolled over by the end of this week. The expiry of the credit line has been extended until October, the source said on Friday. In exchange, creditors have asked Noble to find a strategic investor. Noble declined to comment. But the outlook for the firm remains grim. The value of its shares has been almost wiped out, collapsing from a 2011 peak on accusations of murky accounting and hit with the impact of a broad commodity downturn. The company has stood by its accounts. Financial woes have worsened this year after Noble posted surprise quarterly loss that was followed by warnings from ratings agencies about its ability to service debt. Noble shares rose 9.2 percent to S$0.35 in thin morning trade. Its 2022s bonds are trading half a point lower at 37/39 cents on the dollar, while its credit default swaps are implying a high default probability of 94 percent. "While it is certainly a positive sounding headline, I am not sure it is the grand type of event that will arrest the negative momentum afflicting the company," said Todd Schubert, head of fixed income research at Bank of Singapore. "First, it is only four months and gives the company limited breathing room. Also, we do not know either the pricing/terms of the extension." (Reporting by Miyoung Kim in Singapore and Umesh Desai in Hong Kong; Editing by Edwina Gibbs)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/noble-credit-idINKBN19A0BR'|'2017-06-19T01:58:00.000+03:00'
'616947e313bcb902613747e50035279af3f37d5b'|'PRECIOUS-Gold edges up from five-week lows as equities fall'|'Market News - Tue Jun 20, 2017 - 9:04pm EDT PRECIOUS-Gold edges up from five-week lows as equities fall BENGALURU, June 21 Gold inched up on Wednesday after hitting its lowest in five weeks in the previous session, buoyed as equities fell. FUNDAMENTALS * Spot gold had risen 0.2 percent to $1,245.30 per ounce by 0038 GMT, after dropping as far as $1,241 in the previous session. * U.S. gold futures for August delivery climbed 0.2 percent to $1,246.3 an ounce. * A renewed slump in oil prices to seven-month lows put Asian investors on edge on Wednesday, overshadowing a decision by U.S. index provider MSCI to add mainland Chinese stocks to one of its popular benchmarks. * However, MSCI shocked many emerging market investors by failing to upgrade Argentina from the frontier market category where it has languished in recent years. * Oil fell about 2 percent on Tuesday, with Brent settling at seven-month lows and U.S. crude at its cheapest level since September, after increased supply from several key producers overshadowed high compliance by OPEC and non-OPEC oil producers with a deal to cut global output. * The outlook for inflation and the future of financial stability are emerging as dueling concerns at the heart of a debate at the U.S. central bank over how fast to proceed on future interest-rate hikes. * Dallas Federal Reserve Bank President Robert Kaplan on Tuesday expressed doubt that short-term interest rates are very accommodative and said he wants to wait for more data to understand whether recent weak inflation readings are transitory as he suspects. * Bank of England Governor Mark Carney doused speculation that he might soon back higher interest rates, telling bankers on Tuesday that he first wanted to see how the economy coped with Brexit talks in coming months. * British finance minister Philip Hammond said on Tuesday the world''s fifth-biggest economy faced tough times as it tries to avoid a damaging "cliff-edge" departure from the European Union. * British Prime Minister Theresa May said on Tuesday that her government was committed to leaving the EU and would listen to others'' views while delivering a Brexit that commanded "maximum public support". * Russia''s central bank posted an increase in gold reserves in May, the fifth consecutive month of gains. DATA AHEAD (GMT) 1400 U.S. Existing home sales May (Reporting by Nithin Prasad in Bengaluru; Editing by Joseph Radford) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/global-precious-idUSL3N1JI07R'|'2017-06-21T09:04:00.000+03:00'
'8c5b620b2d4d5304546f3666cd786af5f0e066be'|'No more quiet chats? Australia becomes new frontier for shareholder disruption'|'Business News - Tue Jun 20, 2017 - 7:06pm EDT No more quiet chats? Australia becomes new frontier for shareholder disruption left right FILE PHOTO: Paul Singer, founder, CEO, and co-chief investment officer for Elliott Management Corporation, speaks during the Skybridge Alternatives (SALT) Conference in Las Vegas, Nevada May, 9, 2012. REUTERS/Steve Marcus/File Photo 1/2 left right FILE PHOTO: Australian mining company BHP''s new corporate logo, released to Reuters from their Melbourne, Australia, headquarters May 15, 2017. BHP/Handout via REUTERS/File Photo 2/2 By Jamie Freed and Maiya Keidan - SYDNEY/LONDON SYDNEY/LONDON As BHP Billiton ( BHP.AX ) fends off the attention of Elliott Management, activist funds are targeting other Australian firms, shaking up a corporate culture that has long favored quiet chats over splashy headlines. Seeking new, less crowded markets, activist investors are using Australia''s shareholder-friendly laws to pressure corporate boards criticized as clubby and conservative in an effort to improve returns. "Whereas before it was quite normal for companies to address any potential shareholder activism in Australia behind closed doors, only now is there a real appetite to go public and to take the message direct to shareholders," said Michael Chandler, governance director at shareholder engagement firm Global Proxy Solicitation. Activists publicly targeted 26 Australia-listed companies in the first five months of 2017, a quarter more than same period five years ago, according to data from research firm Activist Insight. While the number of targets is similar to last year, the size of targets has jumped. Elliott''s three month campaign targeting BHP, known as "The Big Australian", has cemented the idea that no company is immune. The strategy appears to be bearing some fruit, with activist shareholders winning board-level resignations or strategy changes. Among the more recent campaigns, building firm Brickworks Ltd ( BKW.AX ) is in court to defend its corporate structure from attack by Perpetual Ltd ( PPT.AX ), while Wilson Asset Management forced the exit of Hunter Hall Global Value Ltd''s ( HHV.AX ) chairman in April. GRAPHIC on activist campaigns: here NEW FRONTIERS More attacks are also coming from overseas - a change for a country where activist investors have largely been homegrown. Between 2013 and 2016, 86 percent of Australian campaigns came from domestic investors, compared with 59 percent in Canada and 39 percent in Japan, according to Activist Insight data. "The U.S. markets are a bit saturated, so (activist investors) look at the markets that don''t have as much activist focus at the moment and that are most similar to the U.S.," said David Hunker, head of shareholder activism defense at J.P. Morgan. Apart from New York-based Elliott''s push into Australia, Britain''s Crystal Amber Fund Ltd ( CRSL.L ) has moved aggressively into the market, last year building an initial 10 percent stake in medical device developer GI Dynamics Inc ( GIDYL.PK ). Crystal Amber backed a new management team''s plan to commercialize the company''s obesity and diabetes treatment, is pushing for an AIM listing in Britain and has grown its stake to more than 40 percent. Unlike some other Asian markets, Australian corporate rules help activist investors. Shareholders can call a meeting to remove directors with only a 5 percent stake and boards are barred from putting in place U.S.-style "poison pills" to insulate themselves from a change of control. Yet compared with the United States, where Elliott last month raised more than $5 billion in 24 hours for a new fund, shareholder activism is still niche in Australia. "None of the big name marquee activists have really made an attack down here publicly until Elliott," said Gabriel Radzyminski, managing director of Sandon Capital, one of the few dedicated activist funds in Australia. "You''ve got to have an appreciation for local mores and customs. It doesn''t mean foreigners can''t do it, but you have just got to be conscious." Australia has a relatively insular, risk-averse community of board members and investors who for the most part do not seek public confrontation, said Gilbert + Tobin partner Justin Mannolini. "I do think we are culturally inclined to avoid conflict rather than to bring it on," he said. Many independent directors also hold seats on multiple boards. “In Australia we have this independent non-executive director club where you have a large group of ex-CEOs, ex-bankers, ex-lawyers in some cases and they are very much dependent on their income for parts of their retirement in sitting on four or five board seats," said another lawyer who advises boards and requested anonymity for fear of reprisals. "It is very much a club." Sometimes, the mere act of taking a campaign public can sometimes be enough to shake things up. Directors don''t want to be "tainted" and lose out on future roles and fees because they were rejected by shareholders. A Gilbert + Tobin review of the 2016 AGM season found nearly half of the proposed resolutions from activists seeking to remove board members were withdrawn before the meeting because the directors voluntarily resigned or the activist succeeded in getting a board appointment of its choosing. Some investors and directors say Australian boards do respond to feedback from major investors and they can achieve their aims without confrontational, public spats. For example, Insurance Australia Group ( IAG.AX ) in 2015 killed plans to establish a general insurance business in China after fund managers privately baulked at the risks. Shareholders in BHP succeeded in privately persuading the miner to change its dividend policy last year and to halt pricey expansion plans in 2012. Aberdeen Asset Management portfolio manager Mark Daniels, whose firm owns BHP shares, said he couldn''t recall any case in which he backed an activist''s public push for change. "We wouldn''t be invested in the company if we didn''t like it in the first place," he said. ($1 = 1.3378 Australian dollars) (Additional reporting by Vikram Subhedar in LONDON, Nichola Saminather in SINGAPORE, Michelle Price in HONG KONG and Michael Flaherty in NEW YORK; Editing by Lincoln Feast) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-australia-activism-idUSKBN19B39O'|'2017-06-21T07:00:00.000+03:00'
'24bf0845e9e580ade1dccfff35c691da2db382b3'|'UK subprime lender Provident Financial warns on profit over operational disruption'|'Business News - Wed Jun 21, 2017 - 10:24am BST Subprime lender Provident Financial hit by shortage of debt collectors By Noor Zainab Hussain British subprime lender Provident Financial Plc said that a fall in the number of debt collection agents at its home credit division will weigh on profits for the rest of the financial year, sending its shares sharply lower The company said a reorganisation of the business had led to a rise in the number of agents leaving, with the recent vacancy rate hitting 12 percent, twice the level anticipated. The company, which provides credit to people who do not meet the lending criteria of mainstream banks, is ending its practice of using self-employed collection agents and employing them instead. However the rate of applications by its current agents has fallen short of expectations. "We didn''t get it right. The incentives we had in place and the other management actions and communications that were there, were not sufficient to retain the number of agents that we anticipated," CEO Peter Crook told analysts on Wednesday. Shares in the lender plunged 20 percent on Wednesday morning, making the stock the biggest loser on London''s blue-chip index. The unfilled jobs were in the lender''s UK business, Finance Director Andrew Fisher said on the analyst call, adding there were about 450 vacancies. It is aiming to employ a total of 2,500 in total. "When you are going through a period of 4-5 months when essentially most of the work force is on notice and you''re having to re-recruit much of your workforce into new positions within a new structure, it creates an air of uncertainty across the organisation," Fisher said. Operational disruption had led to more uncollected home credit and hit sales penetration and customer retention, Provident Financial said. The lender said the shortfall in the unit''s contribution to profit was estimated to be about 40 million pounds in the first half of the year, up from the 15 million pound hit the company forecast in April. Provident Financial said recent collections performance had "deteriorated", particularly in May. June collections were "stabilising", with performance expected to normalise next month. This operational disruption on collections and sales is forecast to reduce 2017 pre-exceptional profits from the consumer credit division to around 60 million pounds, from 115 million pounds a year earlier. Crooke said the company expects things to be back to "normal" by the fourth quarter. "We don''t have a credit quality issue, we have an issue whereby we haven''t collected on customers in the normal disciplined, diligent," he said. (Reporting by Noor Zainab Hussain in Bengaluru; Editing by Amrutha Gayathri)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-provident-fin-outlook-idUKKBN19C0HI'|'2017-06-21T13:59:00.000+03:00'
'a6a033ac77d076bbbb8a531728ead2264cd449f3'|'U.S. grain handler Lansing buys Interstate as consolidation continues'|'CHICAGO Grain handler Lansing Trade Group LLC is buying Interstate Commodities, marking another step in consolidation that is rippling through the U.S. agriculture sector as persistently low prices keep pressure on profits.The combined companies could handle as much as 7 percent of the U.S. corn supply of over 15 billion bushels, according to the companies'' websites."Both Lansing and Interstate believe the industry needs consolidation and want to be out at the forefront of a more efficient and customer-focused business model," Lansing President and Chief Executive Officer Bill Krueger said in a joint statement with Interstate on Tuesday.Interstate last year sold two grain elevators in Ohio to Smithfield Foods Inc [SFII.UL]. Smithfield, the world''s biggest pork producer, was seeking to eliminate middlemen such as grain handlers in a push to buy directly from farmers.Glencore Agriculture Ltd, jointly owned by Glencore and two Canadian pension funds, last month approached Bunge Ltd about a merger after Bunge Chief Executive Soren Schroder said consolidation was needed.Lansing was founded in 1922 and handles nearly 1 billion bushels of corn annually, supplying livestock farmers in the U.S., Canada and Mexico, according to its website.Grain and energy trader The Andersons Inc owns about 39 percent of Lansing Trade Group. Lansing in 2015 also sold about 20 percent of its equity for $127.5 million in cash to New Hope Liuhe Investment Inc, a U.S. subsidiary of Chinese hog and feed company, New Hope Liuhe Co Ltd, according to a press release on its website.Interstate Commodities handles about 200 million bushels of grain with annual sales of $2 billion at elevators and rail terminals in South Dakota, Nebraska, Illinois, Ohio and other U.S. states, according to its website."Lansing and Interstate have had a strong relationship for decades and believe now is the perfect time to combine our teams," Interstate Chief Executive Officer Greg Oberting said in a statement. "As a combined company, we will be able to grow both organically and through additional acquisitions."The deal was expected to close in the third quarter. Terms were not disclosed.(Reporting by Michael Hirtzer; Editing by Cynthia Osterman)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-interstate-m-a-lansing-trade-idUSKBN19B39C'|'2017-06-21T06:47:00.000+03:00'
'7f700f58a9bea79278c377f39d006517a825541e'|'BRIEF-MSCI says inflows to reach $340 bln if all China A shares included in futures'|'June 21 * MSCI Inc. expects initial inflows following partial inclusion of A share to be around $17 billion to $18 billion* Inflows could reach around $340 billion if China A shares fully included in futures, according to an MSCI executive* Expects roughly 450 large-and-mid-cap A shares under full inclusion, the executive says, adding it is "very difficult to say" on timeline for further China A share inclusion* Investors strongly urge Chinese exchanges, regulators to consider additional measures to curb share suspensions - executive (donny.kwok@thomsonreuters.com)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/brief-msci-says-inflows-to-reach-340-bln-idINL3N1JI008'|'2017-06-20T22:43:00.000+03:00'
'50985161bcf40d947d387e07daeb462181851546'|'GSK to get new pharma head in September, after AstraZeneca tussle'|'Business  46pm BST GSK to get new pharma head in September, after AstraZeneca tussle Signage for GlaxoSmithKline is seen on it''s offices in London, Britain, March 30, 2016. REUTERS/Toby Melville/File Photo LONDON GlaxoSmithKline ( GSK.L ) said on Monday it had reached an agreement for Luke Miels to start as its new head of pharmaceuticals on Sept. 4, following a drawn-out dispute over his contract with former employer AstraZeneca ( AZN.L ). (Reporting by Ben Hirschler; Editing by Kate Kelland)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-gsk-astrazeneca-idUKKBN19A27J'|'2017-06-19T23:46:00.000+03:00'
'd005dbaf86cf5cc38c90afc313c9f89b49787ba9'|'Buyout fund Blackstone buys The Office Group valuing it at $640 million'|'Deals - Mon Jun 19, 2017 - 7:46am EDT Buyout fund Blackstone buys The Office Group valuing it at $640 million LONDON Buyout fund Blackstone ( BX.N ) said on Monday it had agreed to acquire a majority interest in The Office Group (TOG), valuing the flexible workspace provider at about 500 million pounds ($640 million). Launched in 2003, TOG provides workspace in 36 buildings, mainly across central London, and has a growing client base of more than 15,000 members. Its clients include AOL, Dropbox, Pinterest, British Gas and Santander. "The traditional workspace is being redefined in gateway cities across the globe, as evolving business practices increase demand for flexible office space," said Anthony Myers, Blackstone''s head of European real estate. Lloyd Dorfman, the founder of Travelex who had a majority state in TOG, as well as TOG''s co-founders, Charlie Green and Olly Olsen, will remain shareholders after the Blackstone buyout. The deal is expected to close this month. Green and Olsen will remain TOG''s co-chief executives. Rothschild acted as sole financial adviser to TOG. Blackstone’s real estate business, founded in 1991, has about $102 billion in investor capital under management. Its assets include Hilton Worldwide and OfficeFirst. This month it announced the sale of European warehousing giant Logicor to China Investment Corporation CIC.UL for 12.25 billion euros ($13.73 billion). (Reporting by Dasha Afanasieva; Editing by Edmund Blair) '|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-officegroup-m-a-blackstone-idUSKBN19A1I5'|'2017-06-19T15:46:00.000+03:00'
'a160c0b2bc9536f3e9d16bcf702e317796ac4331'|'Swiss stocks - Factors to watch on June 19'|'ZURICH, June 19 The following are some of the main factors expected to affect Swiss stocks on Monday.COMPANY STATEMENTS* Raiffeisen board president Johannes Rueeg-Stuerm told Swiss newspaper Le Temps that Raiffeisen is in it for the long run with its investment in Leonteq.* Aevis Victoria''s Swiss Medical Network SA said it had raised its offer to shareholders of Linde Holding Biel/Bienne AG with the offer running until June 22.ECONOMYSwiss sight deposits at 0800 GMT. ($1 = 0.9736 Swiss francs) (Reporting by Zurich newsroom)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/markets-swiss-stocks-idINL8N1JD3TP'|'2017-06-19T02:53:00.000+03:00'
'034cece3b7c7efd4c2dbbf03dd477a496c976d93'|'UPDATE 1-Clear Macron win whets appetite for French bonds'|'* President''s party wins strong parliamentary majority* French/German yield gap tightens towards 7-month lows* Focus turns to Macron''s reform agenda* Brexit talks get under way in Brussels* Euro zone periphery govt bond yields tmsnrt.rs/2ii2Bqr (Updates prices, adds comment)By Dhara RanasingheLONDON, June 19 The gap between French and German bond yields held near its tightest level in seven months on Monday, after French President Emmanuel Macron won a commanding majority in parliamentary elections, securing a strong mandate for pro-business reforms.France''s 10-year government bond yield was steady, also within sight of seven-month lows around 0.58 percent hit last week after a first round of parliamentary elections had pointed to a strong showing for Macron''s party.His centrist Republic on the Move LREM party and its centre-right Modem ally won 350 out of 577 seats in the lower house in Sunday''s second-round vote, fewer than previously forecast.Record low voter turnout suggested France''s new leader, the youngest since Napoleon, would need to proceed cautiously with reforms in a country where trade unions and street protests have in the past forced new legislation to be diluted."He will also face an enormous amount of resistance on the ground from the vested interests of the trade unions which still wield an enormous amount of influence, and could make life very difficult for the inexperienced new President and his party," said Michael Hewson, chief market analyst at CMC Markets UK.But the scale of his victory gives Macron, a pro-European Union centrist, a solid platform to carry out his campaign promises to revive the euro zone''s second biggest economy.That lifted investor sentiment on Monday, with French stocks rallying 1 percent and outperforming European peers. Banking stocks, a barometer of appetite for French assets, jumped over 1 percent .Berenberg chief economist Holger Schmieding said France could become the strongest economy in Europe in a decade.IN THE PASTSunday''s vote also closes a chapter on what has been a driver of European market risk, given the popularity of anti-euro far-right leader Marine Le Pen heading into France''s presidential elections in April and May.The gap between French and German bond yields - an important gauge of risk appetite - had widened sharply heading into that vote but has since tightened.The 10-year bond yield gap was at 35 bps on Monday, just 2 bps away from levels hit last week that marked the tightest since November. The spread is down more than 40 bps from highs hit in February at the height of French election jitters ."What is also important is the composition of the (parliament)," said Peter Chatwell, head of euro rates strategy at Mizuho."Having the Socialists loose so many seats means this is still a very much business- and reform-friendly assembly and that''s why we''ve been able to see the CAC-40 (stock market) rally nicely ...while French spreads are still relatively tight."Positive developments in French politics contrasted with turbulence in Britain, where a weakened government on Monday kicked off divorce talks with the EU.Outside France, most euro zone bond yields were a touch higher on the day.For Reuters Live Markets blog on European and UK stock markets see reuters://realtime/verb=Open/url=http://emea1.apps.cp.extranet.thomsonreuters.biz/cms/?pageId=livemarkets(Reporting by Dhara Ranasinghe, editing by Louise Heavens and John Stonestreet)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/eurozone-bonds-idINL8N1JG1XJ'|'2017-06-19T08:40:00.000+03:00'
'579717c09ea14621fa53879ac042c56ca6e32425'|'Delivery Hero sets IPO for June 30 as it fends off Uber, Amazon'|'FRANKFURT Online food takeaway firm Delivery Hero said it would sell up to 39 million shares in its initial public offering (IPO), raising around 927 million euros ($1.04 billion), as it seeks to fend off new competitors such as Uber [UBER.UL] and Amazon ( AMZN.O ).Delivery Hero will become the fourth major online food delivery firm to go public in recent years globally, following GrubHub ( GRUB.N ), Just Eat ( JE.L ) and Takeaway.com ( TKWY.AS ), which have all seen their shares soar since listing.Almost 19 million of the shares to be offered to investors at 22.00 to 25.50 euros apiece will be from a capital increase, Delivery Hero said on Monday. Fifteen million shares will come from existing shareholders, including German e-commerce investor Rocket Internet ( RKET.DE ).The listing will provide a much-needed boost to struggling Rocket Internet, which holds a 35 percent stake in Delivery Hero, making it the biggest holding in its portfolio.An additional 5.1 million shares indirectly held by Rocket could be placed in an over-allotment, Delivery Hero said.The shares are expected to start trading on the Frankfurt Stock Exchange on June 30.Founded in Berlin in 2011, Delivery Hero has grown rapidly and now employs over 6,000 people, providing a digital platform to order meals from more than 150,000 restaurants in 40 countries in Europe, the Middle East, Latin America and Asia.($1 = 0.8933 euros)(Reporting by Tom Sims and Maria Sheahan; Editing by Himani Sarkar)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-delivery-hero-ipo-idINKBN19A0H2'|'2017-06-19T03:27:00.000+03:00'
'9f68f97fc7f6f3172502084fbaa502e14efda10e'|'FTC plans to challenge DraftKings FanDuel merger - Jun. 19, 2017'|'5 Stunning stats about daily fantasy sports The Federal Trade Commission has a message for DraftKings and FanDuel before they merge: Not so fast. The two daily fantasy sports sites announced they''d join forces back in November, but the FTC has concerns about whether the move would violate antitrust laws. That''s because FanDuel and DraftKings are the largest sites of their kind in the U.S. Together they control an estimated 90% of the market for paid daily fantasy games, according to the FTC. The FTC and the attorneys general of California and the District of Columbia say they plan to file together in federal court to block the merger. "This merger would deprive customers of the substantial benefits of direct competition between DraftKings and FanDuel," said Tad Lipsky, acting director of the FTC''s Bureau of Competition. "The FTC is committed to the preservation of competitive markets." The companies issued a joint statement saying there were disappointed by the action and that they were considering what to do next in response. "We continue to believe that a merger is in the best interests of our players, our companies, our employees and the fantasy sports industry," said the joint statement. Related: DraftKings, FanDuel agree to end college sports contests DraftKings and FanDuel proposed the merger as a way to bounce back from regulatory crackdowns they faced in 2015. "By combining and streamlining resources, FanDuel and DraftKings can work more efficiently with state government officials to develop a standard regulatory framework for the industry," they said in a November statement. Several state attorneys general charged them with violating state laws that prohibit gambling. The issue made it hard for the sites to continue operating in some of their biggest markets, including New York, Texas and Illinois. In New York, the companies eventually agreed to a $12 million settlement with Attorney General Eric Schneiderman. Each company was responsible for paying $6 million for false advertising. Before the crackdowns, the companies each raised about $300 million with major investors like the NBA, MLB and even media companies like CNN''s parent company, Time Warner ( TWX ) . At their peak, the sites were each valued at over $1 billion. But their value has plunged due to their legal battles.   1:23 PM ET'|'cnn.com'|'http://rss.cnn.com/rss/money_news_companies.rss'|'http://money.cnn.com/2017/06/19/news/companies/draftkings-fanduel-merger-ftc/index.html'|'2017-06-19T21:23:00.000+03:00'
'6f9d5249a111c4dfbe02c3251c85d66f1db1e120'|'U.S. activist investor urges Hudson''s Bay to go private'|'Market News - Mon Jun 19, 2017 - 8:48am EDT U.S. activist investor urges Hudson''s Bay to go private June 19 U.S. activist investor Land & Buildings Investment Management LLC on Monday urged the management of Canadian retailer Hudson''s Bay Co to explore alternatives including taking the company private. Land & Buildings owns a 4.3 percent stake in Hudson''s Bay. (Reporting by John Benny in Bengaluru; Editing by Sai Sachin Ravikumar) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/hudsons-bay-land-and-buildings-idUSL3N1JG3Y9'|'2017-06-19T20:48:00.000+03:00'
'd4a42ed97a2b78968c0200704374afe4f2397c99'|'Watchdog sets July 3 deadline for EU securities licences'|'Business News - Mon Jun 19, 2017 - 11:36am BST Watchdog sets July 3 deadline for EU securities licences The logo of the new Financial Conduct Authority (FCA) is seen at the agency''s headquarters in the Canary Wharf business district of London April 1, 2013. REUTERS/Chris Helgren LONDON Financial firms in Britain must submit applications by July 3 for licences for sweeping new European Union securities rules that will come into effect from 2018, the Financial Conduct Authority said on Monday. Although Britain is due to leave the EU in 2019, British regulators have said that firms must still implement the new rules, known as MiFID II, on time. Without full compliance, it would be much harder for Britain to obtain a trading deal with Brussels on continued access to EU financial markets after Brexit. The new rules aim to increase transparency requirements in stock, bond and commodities markets, applying lessons from the 2008 financial crisis "Firms who need to change their regulatory permissions as a result of MiFID II should submit a complete application for authorisation or a variation of permission now, to ensure that we can we determine it before MiFID II takes effect," the FCA said in a statement. "To be sure that we can determine an application in time for 3 January 2018, it needs to be complete by 3 July 2017." There is no guarantee that late applications will be processed in time, the FCA said. The MiFID rule allow financial firms such as banks and trading companies to serve customers across the EU from a base in Britain. The FCA said that firms operating without MiFID II licences by January next year would face sanctions. (Reporting by Huw Jones. Editing by Jane Merriman)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-eu-regulations-idUKKBN19A19A'|'2017-06-19T18:36:00.000+03:00'
'270a454df8784bdc5b8d7eabbf2af37ee298cec2'|'PerkinElmer to buy Germany''s Euroimmun for about $1.3 billion'|'Scientific instruments maker PerkinElmer Inc ( PKI.N ) said on Monday it would buy Germany''s Euroimmun Medical Laboratory Diagnostics AG for about $1.3 billion in cash to expand its reach into autoimmune and allergy diagnostic markets.The deal also offers new infectious disease capabilities to its customers in China, PerkinElmer said.The acquisition is expected to add about $0.28 to $0.30 per share to PerkinElmer''s 2018 adjusted earnings, it said, and reaffirmed its 2017 revenue and earnings per share forecast.Lubeck, Germany-based Euroimmun, which has about 2,400 employees, is expected to generate about $310 million in revenue this year, PerkinElmer said in a statement.The deal is expected to close in the fourth quarter of 2017, PerkinElmer said.(Reporting by Subrat Patnaik in Bengaluru; Editing by Gopakumar Warrier)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-euroimmun-m-a-perkinelmer-idINKBN19A0U2'|'2017-06-19T05:53:00.000+03:00'
'887137b7aca6c16d106ac0b8c59bc456ce0b4260'|'Mediaset owns all pay TV unit after acquiring Telefonica stake'|'MILAN Italian broadcaster Mediaset ( MS.MI ) said on Monday it had acquired an 11.1 percent stake in its pay-TV unit Mediaset Premium from Spanish telephone group Telefonica ( TEF.MC ).The broadcaster, controlled by the family of former Prime Minister Silvio Berlusconi, said as a result it now owned the whole of the Premium unit.It did not disclose any financial details. But a source close to the matter said in exchange for its stake Telefonica would get part of damages Mediaset hopes to get from Vivendi ( VIV.PA ) in an ongoing legal spat involving the unit.Telefonica declined to comment.Mediaset and Vivendi have been at loggerheads since July when the French media giant ditched an agreement to take control of Premium. Mediaset is seeking 1.5 billion euros ($1.7 billion)in damages in the case.Telefonica originally bought the stake in the Italian pay-TV business at the start of 2015 for 100 million euros in a deal valuing Premium at 900 million euros.According to the source, Mediaset had reached an agreement with the Spanish group to buy the stake for about 70 million euros and then sell it on to Vivendi.But the sale did not go through when the deal to sell Premium to Vivendi fell through."Telefonica was a passive shareholder in a difficult market and that''s why it''s decided to sell the Mediaset stake," said a second source with knowledge of the matter.(Reporting by Giancarlo Navach and Stephen Jewkes, additional reporting by Sonya Dowsett in Madrid, editing by Francesca Landini and Toby Chopra)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-mediaset-m-a-telefonica-idINKBN19A2U6'|'2017-06-19T18:57:00.000+03:00'
'a90828f06ebbd4f62e8a3bac1aa3dd4a6c2457b0'|'Hammond says new UK-EU regulatory process needed after Brexit'|'Business News - Tue Jun 20, 2017 - 8:42am BST Hammond says new UK-EU regulatory process needed after Brexit left right Britain''s Chancellor of the Exchequer, Philip Hammond, delivers a speech to the Bankers and Merchants at The Mansion House in London, Britain June 20, 2017. REUTERS/Stefan Wermuth 1/4 left right Britain''s Chancellor of the Exchequer, Philip Hammond, delivers a speech to the Bankers and Merchants at The Mansion House in London, Britain June 20, 2017. REUTERS/Stefan Wermuth 2/4 left right Britain''s Chancellor of the Exchequer, Philip Hammond, delivers a speech to the Bankers and Merchants at The Mansion House in London, Britain June 20, 2017. REUTERS/Stefan Wermuth 3/4 left right Britain''s Chancellor of the Exchequer, Philip Hammond, delivers a speech to the Bankers and Merchants at The Mansion House in London, Britain June 20, 2017. REUTERS/Stefan Wermuth 4/4 LONDON A new system is needed for allowing British and European Union banks to do business with each other after Brexit to avoid splitting markets, Britain''s finance minister Philip Hammond said on Tuesday. Britain, the EU''s biggest financial market is leaving the bloc in 2019, raising the prospect of an abrupt cut in cross-border links without a new trade deal. "Fragmentation of financial services would result in poorer quality, higher priced products for everyone concerned," Hammond told a financial audience in London. At present, banks and insurers in London serve the EU market from a single base, but this "passporting" is set to end after Brexit without new arrangements. "First, we will need a new process for establishing regulatory requirements for cross-border business between the UK and EU. It must be evidence-based, symmetrical, and transparent. And it must reflect international standards," Hammond said. "Second, cooperation arrangements must be reciprocal, reliable, and prioritise financial stability. Crucially they must enable timely and coordinated risk management on both sides." "Third, these arrangements must be permanent and reliable for the businesses regulated under these regimes," Hammond said. (Reporting by Huw Jones; Editing by Alison Williams) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-eu-banks-idUKKBN19B0OJ'|'2017-06-20T15:35:00.000+03:00'
'a5bf2b1b5d88de90b3c674020550d2cc3d801c1e'|'U.S. sees possible legal challenges to crackdown on steel imports'|'Business News - Mon Jun 19, 2017 - 5:22pm EDT U.S. sees possible legal challenges to crackdown on steel imports U.S. Secretary of Commerce Wilbur Ross speaks at 2017 SelectUSA Investment Summit in Oxon Hill, Maryland, U.S., June 19, 2017. REUTERS/Joshua Roberts WASHINGTON The Trump administration expects U.S. and World Trade Organization-related legal challenges in response to a possible crackdown on foreign imports of steel or aluminum, U.S. Secretary of Commerce Wilbur Ross said on Monday. President Donald Trump ordered the investigation in April under the rarely used section 232 of the Trade Expansion Act of 1962. It allows the president to impose restrictions on imports for reasons of national security. Ross is expected to announce within days the outcome of the steel inquiry. "We assume that if there is any affirmative action that comes out of either one, there probably will be either a domestic legal challenge and, or, a WTO challenge, so we have that very much in mind," Ross told a news conference on the sidelines of the SelectUSA investment summit. The administration says the lack of domestic producers could impede U.S. defense procurement for its armed forces as well as for strategically important infrastructure. Foreign steel companies have been concerned the probe may be aimed at shoring up American producers and cutting out foreign competition While the investigation has mainly been aimed at cheap imports from China, European steel exporters worry they will be targeted by the U.S. measures. European steel association (Eurofer) chief Axel Eggert told Reuters last week his group was exploring options, including submitting a complaint to the World Trade Organization, in response to U.S. tougher measures. Speaking during the investment conference, Ross said he expects the outcome of the investigations to be concluded this month. Trump would move swiftly to act on the recommendations of the report, he added. "The president being the president I don''t think he will dilly dally very long on making his decision whatever it turns out to be," Ross said. "I would expect this to come to a head during the month of June." Steel stocks gained broadly on Monday after four steel companies were upgraded following a Reuters report on Friday that the investigation was nearly done. Nucor, Steel Dynamics, U.S. Steel, and AK Steel were all upgraded to buy by Longbow Research. The S&P 1500 steel sector .SPCOMSTEEL was up 2.5 per cent. U.S. Steel was up 3.9 per cent, AK Steel was up 4.0 per cent, Nucor was up 3.1 pct and Steel Dynamics was up 1.6 pct. Asked during a panel discussion on Monday with UK trade minister Liam Fox whether European concerns over a potential U.S. crackdown steel were overblown, Ross said: "There have been a number of European companies against whom we have had trade cases and so the problem of overcapacity is not unique to one segments over the world, it happens to be very concentrated in China." "Since we are the world''s largest importer of steel, we''re the main victim of the overcapacity, so that is the issue we have to grapple with," he added. Fox acknowledged that Britain had concerns over possible U.S. actions on steel imports because the two countries traded steel for military projects. The two countries had a "shared view" on national security as NATO allies, he added. "We will wait to see what the report says. It''s in our interest that global overcapacity is dealt with ... but we have unique US-UK security concerns which we have raised," he added. (Reporting by Lesley Wroughton; Editing by Sandra Maler) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-trade-usa-steel-idUSKBN19A2WD'|'2017-06-20T05:19:00.000+03:00'
'd8e9cc3bdc74ba5164551f9d88f581caaa54d57e'|'Ford says new Focus cars to be initially sourced from China'|'June 20 Ford Motor Co said on Tuesday it would begin production of its next-generation Focus small car in the second half of 2019 and most of the cars for the North American market would be initially sourced from China."The new North America Focus production plan saves $1 billion in investment costs versus the original plan...," the company said in a statement.Ford had earlier said it planned to import the new Focus from its plant in Hermosillo, Mexico.Ford also said it was investing $900 million in its Kentucky truck plant for upgrades to build the all-new Ford Expedition and Lincoln Navigator SUVs, which will begin arriving in dealerships this fall. (Reporting by Ankit Ajmera in Bengaluru; Editing by Saumyadeb Chakrabarty)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/ford-motor-focus-idUSL3N1JH3YX'|'2017-06-20T20:48:00.000+03:00'
'fa8f648781a74d702f3ecdf8e553c9719cb80a00'|'U.S. jobless claims rise, labor market still tight'|'WASHINGTON The number of Americans filing for unemployment benefits increased slightly last week, but remains at levels consistent with a tight labor market.Initial claims for state unemployment benefits increased 3,000 to a seasonally adjusted 241,000 for the week ended June 17, the Labor Department said on Thursday.Economists polled by Reuters had forecast first-time applications for jobless claims rising to 240,000 in the latest week.Following the report, the dollar held at slightly lower levels against a basket of currencies while U.S. Treasuries were little changed.Jobless claims for the prior week were revised upwards by 1,000 to 238,000 from 237,000. The week''s tally is the 120th consecutive week that claims have been below 300,000, the threshold associated with a strong labor market. It''s the longest stretch that claims have remained below that level since 1970.The four-week moving average of claims, considered a better measure of labor market trends as it smoothes week-to-week volatility, rose 1,500 to 244,750 last week, the highest since early April.Many economists consider the labor market to be at or near full employment. The unemployment rate in May declined to a 16-year low of 4.3 percent.The U.S. Federal Reserve raised interest rates by a quarter percentage point last week for the second time in three months and signaled it remains on track for one more rate hike this year.Fed officials have been buoyed by the tightening jobs market although it has yet to translate into significant pricing pressures.Indeed, some policymakers at the central bank have begun to show increasing concern that a recent pullback in inflation may point to sustained difficulty in returning it to the Fed''s 2 percent target.A Labor Department official said there were no special factors influencing the claims data. Only claims for Louisiana were estimated.Thursday''s claims report also showed the number of people still receiving benefits after an initial week of aid increased 8,000 to 1.94 million in the week ended June 10.The so-called continuing claims have now been below 2 million for 10 straight weeks, indicating diminishing labor market slack.(Reporting by Lindsay Dunsmuir; Editing by Andrea Ricci)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-usa-economy-idUSKBN19D1JL'|'2017-06-22T20:39:00.000+03:00'
'c904f144a249165636ff6b7d73fbc0fae848bb0b'|'Chinese Authorities Put the Squeeze on Anbang'|'Finance Chinese Authorities Put the Squeeze on Anbang It bought the Waldorf and danced with a Kushner company. Now China’s high-profile insurer could face a cash crunch. Bloomberg News Wu Xiaohui, chairman of Anbang Insurance Group, at the China Development Forum in Beijing on March 18, 2017. Photographer: Thomas Peter/Reuters Outside China, Anbang Insurance Group Co. has been best known for its high-profile deals . It acquired New York’s iconic Waldorf Astoria hotel, made an aborted bid for Starwood Hotels & Resorts Worldwide Inc., and in March pulled out of talks for a real estate deal with a company owned by the family of Jared Kushner. Now it’s also notable for the recent detention for questioning by the Chinese government of its chairman, Wu Xiaohui. Anbang has said Wu can’t perform his duties for personal reasons. In its home country, Anbang has been a place to stash savings. Many of its popular insurance products were more like high-yielding investments. Think something like a U.S. certificate of deposit but riskier, with returns paid after a specific period such as one or two years. These weren’t bank accounts, but 99 percent of premium income in the company’s Anbang Life unit last year came from sales in banks. The products helped fuel Anbang’s investing. Before authorities brought in Wu, China began a clampdown in the insurance industry that’s hit Anbang hard. In May regulators temporarily banned its life insurance unit from applying for permission to sell new products. Authorities have asked lenders to suspend some business dealings with Anbang, and at least seven large banks have stopped selling Anbang policies in their branches, according to people with knowledge of the matter. “If Anbang can’t sell over bank counters, other channels can hardly contribute revenue in a meaningful way in the next few months,” says Steven Lam, a Bloomberg Intelligence analyst. The most important business stories of the day. Get Bloomberg''s daily newsletter. Sign Up The company could face a cash crunch if too many clients start asking for their money back. Anbang sold 47.6 billion yuan ($7 billion) of a policy called Longevity Sure Win No.1 in 2015. Those customers can leave this year and get back what they put in plus a 4.7 percent annual yield, though that can rise to 5.8 percent if they stay three more years. An Anbang representative says it’s building new sales channels, such as a mobile app, and is selling more long-term, traditional insurance products. It said in April its life unit had cash reserves of 207.8 billion yuan. In a June 20 note, political risk consultants at Eurasia Group wrote that Chinese authorities would likely act to prevent losses to retail investors or a fire sale of Anbang’s long-term assets, but a disorderly implosion remained a risk. "The political costs of a sudden collapse would be high, and officials have a mandate to maintain financial stability," analyst Christopher Beddor wrote. "But Anbang’s business model is clearly finished." BOTTOM LINE - Anbang has sold insurance products in China that look a lot like investments. For a while, that money helped to power the company’s growth. Before it''s here, it''s on the Bloomberg Terminal. '|'bloomberg.com'|'https://www.bloomberg.com/businessweek'|'https://www.bloomberg.com/news/articles/2017-06-21/chinese-authorities-put-the-squeeze-on-anbang'|'2017-06-22T05:00:00.000+03:00'
'ac7fcc274349c0a14eed62ab6749adc3c4e78165'|'UK car industry says full EU deal not possible over two years'|'Business  43am BST UK car industry says full EU deal not possible over two years LONDON Britain''s car industry said it does not believe the UK will be able to strike a full and comprehensive Brexit deal with the European Union during the course of two-year talks and must secure interim arrangements to help safeguard the sector. "Our biggest fear is that, in two years'' time, we fall of a cliff edge - no deal, outside the single market and customs union and trading on inferior WTO (World Trade Organisation) terms," said SMMT Chief Executive Mike Hawes. "We need government to seek an interim arrangement." (Reporting by Costas Pitas; editing by Michael Holden)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-eu-autos-idUKKBN19B0PT'|'2017-06-20T15:43:00.000+03:00'
'22a2f1e6428ffb85e7bf20ed690535eab1daba81'|'Former JPMorgan trader Iksil links CEO Dimon to ''London Whale'' losses'|'Mon Jun 19, 2017 - 9:51pm BST Former JPMorgan trader Iksil links CEO Dimon to ''London Whale'' losses JPMorgan Chase Chairman and Chief Executive James Dimon speaks during the Institute of International Finance Annual Meeting in Washington October 10, 2014. REUTERS/Joshua Roberts Bruno Iksil, the former JPMorgan Chase & Co ( JPM.N ) trader at the center of the "London Whale" trading scandal, has accused the Wall Street bank''s Chief Executive James Dimon of laying the ground for the $6.2 billion loss. In an account on his website, Iksil, a French national who traded credit derivatives for JPMorgan in London, also blamed senior executives at the bank. ( bit.ly/2sjf2WS ) "The senior executives chose Iksil to work as a screen for them in late 2010", he said. The Chief Investment Office (CIO), where Iksil worked, lost $6.2 billion in trading in 2012, hurting the bank''s reputation. "When the CIO of JPMorgan had lost $1 billion dollar, JPMorgan as a whole had made $4 billion for itself net of its CIO loss," Iksil alleged. "The JPMorgan CIO lost in whole $6.3 billion which led to an ultimate profit at JPMorgan of more than $25 billion in 2012," he said on the website. The bank had to pay more than $1 billion and admit to wrongdoing to settle U.S. and British probes into the losses. JPMorgan declined to comment.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-jpmorgan-londonwhale-idUKKBN19A2UA'|'2017-06-20T04:50:00.000+03:00'
'ceac5644212b6fed834c01fd86eb1777070bde31'|'UK to give initial ruling on Fox-Sky takeover by June 29'|'LONDON The British government will rule on whether Rupert Murdoch''s proposed takeover of European pay-TV group Sky ( SKYB.L ) needs a thorough investigation by June 29, the Culture and Media Secretary said on Tuesday.The government received reports from the independent media regulator Ofcom and the Competition and Markets Authority watchdog on Tuesday, looking into whether the proposed takeover would give Murdoch''s Twenty-First Century Fox ( FOXA.O ) too much control of the media in Britain.Fox has offered to buy the 61 percent of the British pay-TV group it does not already own for $14.8 billion.(Reporting by Kate Holton, Editing by Paul Sandle)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-sky-m-a-twenty-first-fox-idINKBN19B1X2'|'2017-06-20T11:51:00.000+03:00'
'dae18ade5afd2c363091e2cab5c6c50e7be598d0'|'MSCI adds domestic Chinese stocks to global benchmark'|'NEW YORK, June 20 U.S. index provider MSCI Inc said on Tuesday it will add domestic Chinese equities to its global emerging markets benchmark index.MSCI decided not to add Argentina to the index and will consult on adding Saudi Arabia. Nigeria will remain a frontier market, awaiting further review.MSCI''s decision to add the "A" shares to its widely tracked Emerging Markets Index could move as much as $400 billion of funds from asset managers, pension funds and insurers to mainland China''s equity markets over the next decade. The company had declined to add the shares for three years leading up to Tuesday''s decision.The "A" shares are expected to make up only 0.5 percent of the emerging markets index once they are added. About $1.5 trillion globally is held in index funds that track the MSCI Emerging Markets Index. (Reporting by Dion Rabouin; Editing by Dan Grebler)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/msci-indexes-idUSL1N1JH1KT'|'2017-06-21T04:44:00.000+03:00'
'b3987cea85b3848d02c45edc343aff0f29640991'|'Creditor talks to save Spain''s Reyal Urbis break down - source'|'MADRID, June 21 Talks between Spanish real estate company Reyal Urbis and its lenders have broken down, leaving the company just one step away from full liquidation, a source with knowledge of the talks said on Wednesday.Real Urbis has been in bankruptcy proceedings since 2013 and executives at the company have been in talks with its creditors in a last ditch attempt to avoid liquidation, which is likely to be triggered after they failed to get a majority of lenders on board for an agreement.The company had proposed to its lenders - which include the Spanish "bad bank" Sareb, the budget ministry and Santander - a debt "haircut" of 88 to 93 percent on a 2.28 billion euro ($2.54 billion) debt pile.Reyal Urbis was not immediately available for comment. ($1 = 0.8973 euros) (Reporting by Rodrigo de Miguel, Writing by Paul Day, Editing by Sarah White)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/reyalurbis-debt-idINE8N1HZ055'|'2017-06-21T08:21:00.000+03:00'
'd1912f0a6f716c15c2a7255f4f5e3c02734de4fd'|'Israeli credit card firm Isracard names outgoing Teva CFO as chairman'|'Market News - Wed Jun 21, 2017 - 7:25am EDT Israeli credit card firm Isracard names outgoing Teva CFO as chairman TEL AVIV, June 21 Israel''s biggest credit card company Isracard on Wednesday named Eyal Desheh, the outgoing chief financial officer of Teva Pharmaceutical Industries , as its new chairman. Teva in April said Desheh would step down at end-June after nearly a decade in the job, the second top official to resign from the Israel-based company this year. Isracard is a unit of Bank Hapoalim, Israel''s largest lender. A new regulation requires that Hapoalim and top rival Leumi sell off their credit card units in the coming years. Teva was left without a permanent chief executive in February after Erez Vigodman stepped down, leaving new management to restore confidence in the world''s biggest generic drugmaker after a series of missteps. Then chairman Yitzhak Peterburg replaced Vigodman on a temporary basis. At Isracard Desheh replaces Ronen Stein, deputy CEO of Hapoalim. Under new rules, a manager at the credit card companies cannot also serve as a member of board of management at a bank. Desheh served as deputy CFO at Teva from 1989 to 1996 before becoming CFO of Scitex and then Check Point Software Technologies. He returned as Teva''s CFO in 2008 and was acting CEO from October 2013 to February 2014. Michael McClellan has been named interim CFO at Teva, where for the last two years he was CFO of Teva''s speciality medicines division. (Reporting by Tova Cohen; Editing by Steven Scheer and David Evans) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/bank-hapoalim-isracard-chairman-idUSL8N1JI2UD'|'2017-06-21T19:25:00.000+03:00'
'14a17d1c036cc654366abdb9ab5d1baee07333d8'|'PRESS DIGEST- British Business - June 21'|'June 21 The following are the top stories on the business pages of British newspapers. Reuters has not verified these stories and does not vouch for their accuracy.The Times* Pallinghurst Resources, a private equity group run by Brian Gilbertson, the former boss of BHP Billiton, said that it now had effective control of 61 percent of Gemfields stock, scuppering a rival offer by Fosun International. bit.ly/2syhyr3* Aston Martin has ordered a global recall of 1,658 of its Vantage model after problems with a routine software update led to cars in China stalling and losing power at high speed. bit.ly/2syhS9hThe Guardian* The Serious Fraud Office charged former Barclays Chief Executive John Varley and three former colleagues – Roger Jenkins, Tom Kalaris and Richard Boath – with offences after a five-year investigation into the events surrounding the 11.8 billion pounds emergency fundraising conducted by the bank in 2008. bit.ly/2syuaOI* A Brexit deal that puts jobs and prosperity first is the only way the UK will be able to deliver the strong growth that will enable it finally to escape from the long years of austerity, said British Finance Minister Philip Hammond. bit.ly/2syrEIiThe Telegraph* Bombardier has landed its biggest ever contract for its Aventra trains, with an order for 750 engines and carriages from the new operators of Britain''s South Western network. bit.ly/2syeUSb* Uber has agreed to allow its drivers to collect tips through its smartphone app and has reduced the cancellation windows for customers, in an effort to improve its troubled relationship with its drivers. bit.ly/2syq9dkSky News* Karen Bradley, the secretary of state for culture, media and sport, is expected to give her verdict on Twenty-First Century Fox''s 18.5 billion pounds takeover of Sky plc the owner of Sky News, by Thursday next week. bit.ly/2sy4TEd* Bank of England Governor Mark Carney has outlined his opposition to a rise in interest rates as pressure for an increase builds at the Bank of England. bit.ly/2syjJdXThe Independent* Speaking at an industry event in London on Tuesday, Mike Hawes, chief executive of the Society of Motor Manufacturers and Traders, cautioned that Brexit could lead to "permanent damage" and "death by a thousand cuts" in investment that could lead to a surge in the price of new cars from Europe by as much as 1,500 pounds. ind.pn/2syua1c* The Confederation of British Industry on Tuesday bumped up its forecast for economic growth in Britain, reflecting strong momentum towards the end of last year rather than any fundamental change to its view. ind.pn/2syshlk (Compiled by Bengaluru newsroom)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-press-business-idUSL8N1JH6NZ'|'2017-06-21T07:31:00.000+03:00'
'f27d7868e2f4d1d98dee7f0562128e801c3a6b34'|'Lockheed wins U.S. Air Force deal for radar threat simulators'|'Business News - Wed Jun 21, 2017 - 8:16am EDT Lockheed wins U.S. Air Force deal for radar threat simulators A US Marine Corps Lockheed Martin F-35B fighter jet taxis after landing at the Royal International Air Tattoo at Fairford, Britain on July 8, 2016. REUTERS/Peter Nicholls/File Photo PARIS Lockheed Martin Corp ( LMT.N ) said on Wednesday it had won a $104 million U.S. Air Force contract to develop, produce and field a threat simulator to train combat aircrews to recognize and deal with rapidly evolving threats, such as surface-to-air missiles. Tim Cahill, vice president of air and missile defense systems for Lockheed, said a number of other countries had already expressed interest in the Advanced Radar Threat System Variant 2, and talks could begin soon on possible sales. Cahill did not estimate the volume of possible future sales, but potential buyers included all countries that plan to operate the stealthy F-35 fighter jet in coming years. "It''s a cool little program," he said. "This is just the first tranche, but it has the potential to be a really big program for us." "As the capabilities on the ground from potential threat nations get stronger and better and more capable ... it''s very important that the pilots need to train against a system that is actually a high-fidelity simulation of what they would fly against in combat," he said. The contract calls for development and delivery of a production-ready system and options to produce up to 20 more. Cahill said the truck-mounted system would emit signals that simulated those of current and evolving advanced surface-to-air threats. (Reporting by Andrea Shalal; Editing by Mark Potter) '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-airshow-paris-lockheed-threats-idUSKBN19C1LT'|'2017-06-21T20:16:00.000+03:00'
'8d066131a121e88ff15e429c1c9c7427f6280acb'|'Airbus sales chief plays down prospect of blockbuster order'|'Business News   4:25am EDT Airbus sales chief plays down prospect of blockbuster order A new fuel-efficient wingtip extension or winglet is seen on an Airbus A380 on the eve of the 52nd Paris Air Show at Le Bourget Airport, near Paris, France, June 18, 2017. REUTERS/Pascal Rossignol PARIS Airbus ( AIR.PA ) sales chief John Leahy on Wednesday played down expectations of a last-minute blockbuster order to win the Paris Airshow, while dismissing a flurry of deals for a new Boeing jet as the result of heavy conversions from existing models. Speaking to Reuters on day three of the June 19-25 air show, Leahy said: "We will have some orders today, but today''s isn''t going to be one of our record air shows." Regarding orders that Airbus could get over the rest of the Paris Airshow, Leahy added that such deals would be "nothing big, but real stuff." (Reporting by Tim Hepher; Editing by Mark Potter)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-airshow-paris-airbus-sales-idUSKBN19C0WJ'|'2017-06-21T16:25:00.000+03:00'
'8d4acdb21a6c9b76dc5e787c6177c4834721a8da'|'Pound surges, FTSE falls as Haldane rows in behind BoE rate rise'|'Top News   12:27pm BST Pound surges, FTSE falls as Haldane rows in behind BoE rate rise An English ten Pound note is seen in an illustration taken March 16, 2016. REUTERS/Phil Noble/Illustration/File photo LONDON Sterling surged by around half a cent on Wednesday, briefly trading above $1.27 after Bank of England Chief Economist Andy Haldane signalled he would weigh in behind a rise in interest rates in the second half of this year. Haldane''s comments ran contrary to those of Governor Mark Carney, who drove the pound lower on Tuesday by saying "now was not the time" to begin to raise interest rates and sparked a surge in bets on a rise in rates within the next year. Short sterling contracts for December of this year reversed all of their gains since Carney''s speech, pricing in a greater than 50 percent chance of the Bank raising rates by then. British gilt futures FLGcv1 shed around 25 ticks and government bond yields hit session highs.GB2YT=RR GB10YT=RR The pound rose as high as $1.2704 before settling 0.4 percent stronger on the day at $1.2684. GBP=D3 Against the euro it gained just over a third of a percent to 87.83 pence per euro. EURGBP=D3 The UK''s blue chip FTSE 100 .FTSE , which tends to fall as sterling rises, hit a session low and was last down 0.5 pct, as were British mid cap stocks .FTMC which fell further to trade 0.5 percent lower. (Reporting by Patrick Graham, Ritvik Carvalho, Andy Bruce and Kit Rees)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-sterling-haldane-idUKKBN19C1GW'|'2017-06-21T19:27:00.000+03:00'
'25ecedca83647ac96b5df46faecf215e118d0f87'|'BlackRock says investors will benefit from MSCI nod on China stocks'|'By Trevor Hunnicutt - NEW YORK, June 20 NEW YORK, June 20 BlackRock Inc, the world''s largest asset manager, on Tuesday endorsed the decision by U.S. index provider MSCI to add mainland Chinese stocks to one of its key benchmarks."We believe our clients will benefit from today''s decision to bring Chinese equities into mainstream investment," said Ryan Stork, the company''s chairman for Asia-Pacific in Hong Kong and one of its most senior executives, in an emailed statement."BlackRock has continued to support all opening of investment in China''s onshore capital markets for a number of years."MSCI said it planned to add 222 Chinese stocks – which will have an initial weighting in the index of just 0.73 percent.The full inclusion of domestic Chinese stocks in the widely tracked MSCI Emerging Markets Index could eventually pull more than $400 billion of funds from asset managers, pension funds and insurers into mainland China''s equity markets over the next decade, according to analysts.BlackRock manages $5.4 trillion in assets.(Reporting by Trevor Hunnicutt; Editing by Dan Grebler)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/msci-index-blackrock-idINL1N1JH22J'|'2017-06-20T20:03:00.000+03:00'
'c61f026cd672d5f188b9854398dd5e99decc56b7'|'Ericsson begins sale of assets with power modules deal'|'Market  22am EDT Ericsson begins sale of assets with power modules deal STOCKHOLM, June 21 Swedish mobile telecom gear maker Ericsson said on Wednesday it was selling its power modules business, the first exit of assets under a new strategy to focus on its core business. The company announced the strategy in March, saying it would concentrate on its main product areas of networks, digital services and Internet of Things. On Wednesday it said it had signed an agreement with software firm Flex to sell its power modules business, which includes a manufacturing site in China and assets in Sweden. More than 300 employees and consultants are expected to transfer from Ericsson to Flex Power, but Ericsson did not disclose any financial details about the transaction. "In line with our strategy, we are focusing our business on fewer core areas," Christian Hedelin, head of strategy for Ericsson''s Networks business, said in a statement. On Tuesday, Bloomberg, citing sources, reported that Ericsson had hired banks to explore a sale of its much larger media businesses. (Reporting by Olof Swahnberg; Editing by Niklas Pollard and Susan Fenton)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/ericsson-divestment-idUSL8N1JI1EC'|'2017-06-21T16:22:00.000+03:00'
'7549c94c504b9afd0b89e42571b8393735788919'|'BRIEF-Verde Agritech announces non-brokered private placement to existing shareholders and other investors'|' 13am EDT BRIEF-Verde Agritech announces non-brokered private placement to existing shareholders and other investors June 21 Verde Agritech Plc * Verde Agritech announces non-brokered private placement to existing shareholders and other investors * Verde Agritech - non brokered private placement to raise up to C$1 million through issuance of up to 952,380 units of securities at $1.05 per unit  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-verde-agritech-announces-non-broke-idUSASA09UJZ'|'2017-06-21T19:13:00.000+03:00'
'eb009e86070f389d209747944c9087b905034197'|'CORRECTED-(OFFICIAL)-BRIEF-Samba TV says secured $30 mln in Series B financing'|'Market News - Wed Jun 21, 2017 - 12:32am EDT CORRECTED-(OFFICIAL)-BRIEF-Samba TV says secured $30 mln in Series B financing (Corrects to remove reference to Disney in bullet point, after Samba TV issued a corrected release) June 19 Samba TV: * Samba TV says secured $30 million in Series B financing led by Union Grove Venture Partners, followed by Interpublic Group and Time Warner, among others Source text for Eikon: '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSFWN1JG0EX'|'2017-06-21T12:32:00.000+03:00'
'd699d09dd46fa73eedfd179153d812ec6e1e9dcf'|'US STOCKS-Futures lower as oil hovers near 7-month lows'|'Business News - Wed Jun 21, 2017 - 10:00am EDT Wall St. slightly higher on healthcare; oil steadies Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., May 31, 2017. REUTERS/Brendan McDermid By Sruthi Shankar U.S. stocks opened higher on Wednesday as healthcare stocks rose and oil prices steadied but gains were limited as the commodity continued to hover near seven-month lows. Oil has lost 20 percent in value this year as a global oversupply continues to weigh on prices despite efforts by major producers to reduce output. Oil prices are on track for their biggest slide in the first half of any year since 1997.[O/R] Brent crude LCOc1 pared early losses to trade slightly lower at $45.90, while U.S. crude CLc1 was marginally up at $43.53 after Iran''s oil minister said OPEC members were considering further output cuts. The downturn has hemorrhaged the S&P energy index .SPNY, making it the worst performing sector among the 11 major indexes this year. The index fell more than 13 percent during the period, while the S&P 500 rallied 8.85 percent. "With oil entering the so-called bearish territory, the market is looking at the negatives of lower oil prices and not necessarily the benefits of lower oil prices," said Peter Cardillo, chief market economist at First Standard Financial. "If oil prices continue to move lower, obviously that would be bad for inflation or even result in disinflation." Investors are also mindful of the impact of inflation on the pace of future interest rate hikes, with a tug-of-war between inflation and the future of financial stability playing out among the Federal Reserve''s policymakers. Dallas and Chicago Fed chiefs Robert Kaplan and Charles Evans expressed concerns regarding weak inflation, which remains stubbornly below the central bank''s 2 percent target. Both Kaplan and Evans are voting members on the Fed''s rate-setting committee. However, Boston Fed head Eric Rosengren said that the era of low interest rates in the United States and elsewhere poses financial stability risks and that central bankers must factor such concerns into their decision-making. At 9:41 a.m. ET (1341 GMT), the Dow Jones Industrial Average .DJI was down 3.93 points, or 0.02 percent, at 21,463.21, the S&P 500 .SPX was up 1.36 points, or 0.06 percent, at 2,438.39 and the Nasdaq Composite index .IXIC was up 19.07 points, or 0.31 percent, at 6,207.10. Eight of the 11 major S&P sectors were lower, with the financial index''s SPSY 0.36 percent fall leading the decliners. Healthcare .SPXHX led the three gainers, with a rise of 0.65 percent. UnitedHealth ( UNH.N ) and Johnson and Johnson ( JNJ.N ) rose about 0.5 percent and were among the biggest boosts on the Dow. Adobe Systems ( ADBE.O ) was up 3.4 percent at $145.71 after the software forecast current-quarter above analysts'' estimates. Declining issues outnumbered advancers on the NYSE by 1,250 to 1,231. On the Nasdaq, 1,310 issues rose and 886 fell. (Reporting by Sruthi Shankar in Bengaluru; Editing by Saumyadeb Chakrabarty) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-usa-stocks-idUSKBN19C1HZ'|'2017-06-21T19:28:00.000+03:00'
'36b07aa11f5b96c9f237534693ca26485a14c3bd'|'U.S. seeks to block DraftKings, FanDuel fantasy sports merger'|'WASHINGTON The U.S. Federal Trade Commission said on Monday it will seek to stop the merger of DraftKings and FanDuel, because the combined company would control more than 90 percent of the U.S. market for paid daily fantasy sports contests.The FTC, along with the attorneys general of California and the District of Columbia, will file a complaint in federal district court seeking a preliminary injunction to stop the deal, the antitrust regulator said.The two companies announced the deal in November 2016 as a merger of equals.Between them, the two companies have 95 percent of daily fantasy sports, according to data from Eilers and Krejcik Gaming LLC. DraftKings and FanDuel have argued that they compete against larger, more powerful companies in the broader fantasy sports business, like ESPN and Yahoo.Modern fantasy sports started in 1980 and have mushroomed online. Participants typically create teams that span an entire season in professional sports, including American football, baseball, basketball and hockey.Daily fantasy sports, a turbocharged version of the season-long game, have developed over the past decade into a multibillion-dollar industry.Participants draft teams for a single game, enabling fans to spend money on contests with a frequency critics compare to sports betting.(Reporting by Diane Bartz; Writing by Washington Newsroom; Editing by Steve Orlofsky)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-fanduel-m-a-draftkings-idINKBN19A25R'|'2017-06-19T14:11:00.000+03:00'
'a2e496f6e8e5a83765e6575f7ca3909921d03141'|'New gov''t set for Western Canadian province seen short-lived'|'Market News  40pm EDT New gov''t set for Western Canadian province seen short-lived By Nicole Mordant - VANCOUVER, June 20 VANCOUVER, June 20 A new left-leaning government has yet to take office in the Canadian province of British Columbia after a drawn-out vote recount, but speculation is mounting there may soon be a new election. With a fragile one-seat lead, the government set to be formed by a New Democrat-Green alliance could be sunk by a single lawmaker missing a crucial confidence vote due to unforeseen events. The political limbo has created uncertainty for business in Canada''s third-most-populous province, notably for oil and gas projects such as Kinder Morgan Inc''s Trans Mountain pipeline expansion project, which the New Democrats (NDP) and Greens oppose. "People are starting to clue in to the fact that this is quite likely an unworkable legislature," said Hamish Telford, a political science professor at the University of the Fraser Valley. The requirement for a neutral parliamentary speaker, who is likely to come from the alliance, could also endanger the fledgling government as it would reduce its seat count to a 43-43 tie with the Liberals. Premier Christy Clark, whose Liberal Party lost its majority in a knife-edge election on May 9, has recalled the province''s legislature for this Thursday. Her government is expected to be defeated next Thursday in a no-confidence vote. "It will be very tough to make (the government) last four years just from the serious probability of random events. All it takes is one by-election, one death in office," said Richard Johnston, a political science professor at the University of British Columbia. The Greens, with three seats, agreed last month to back the NDP government on all confidence measures, ousting the Liberals, who have governed British Columbia for 16 years. The provincial Liberals are unrelated to Canadian Prime Minister Justin Trudeau''s party of the same name. Liberal government house leader Michael de Jong told CBC Television on Monday that his party would not put up a speaker to "prop up the other guys." The speaker is allowed to vote to break a tie, but repeated votes in favor of one party would undermine the impartiality of the role. Rather than risk throwing the legislature into disrepute, the province''s lieutenant-governor could call another election. At least two confidence votes, one on the Throne Speech, the party''s agenda for the parliamentary session, and another on a provincial budget, are to occur soon after an NDP government is installed. (Reporting by Nicole Mordant in Vancouver; Editing by Dan Grebler)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/canada-politics-britishcolumbia-idUSL1N1JG1M1'|'2017-06-21T00:40:00.000+03:00'
'37abc25a943d00a8e1ea3d539864563dd9b1bf95'|'AIRSHOW-Boeing upbeat on mid-market jet, sees composite fuselage'|'Market   9:58am EDT AIRSHOW-Boeing upbeat on mid-market jet, sees composite fuselage (Adds details, background) By Tim Hepher PARIS, June 20 Boeing''s head of airplane developments said on Tuesday he was "very optimistic" that the world''s largest planemaker would close the business for a new mid-market jet designed to open up new routes from the middle of the next decade. Mike Delaney, general manager of airplane developments at Boeing Commercial Airplanes, said the final decision would be for Boeing''s top leadership but that design, production and cost characteristics were all pointing in the right direction. Speaking to Reuters, Delaney confirmed for the first time publicly that the proposed new aircraft would have a composite fuselage, a key decision likely to boost suppliers such as Boeing''s sole composites contractor Toray of Japan. In a separate briefing at the Paris Airshow, Delaney said the jet would make "extensive use" of composites and confirmed it would have a "hybrid" cross-section, apparently referring to the need for a large cabin and slimmed-down cargo space. Delaney''s keenly awaited annual briefing at the world''s largest air show gave fresh clues on how the U.S. planemaker''s newest airplane might be designed. The idea is to carve out a new market between medium-haul single-aisle planes like the 737 and Airbus A320 family and the smallest long-haul jets like the A330 and Boeing 787. Boeing faces a difficult puzzle as it tries to square conflicting airline demands for a wide twin-aisle cabin with the low operating costs of the 737 category. Delaney said airlines consulted by Boeing had stressed that what counts most is being able to carry the right number of passengers for the routes for which the jet is designed. Based on Boeing market forecasts that is likely to be 220 to 270. They are less worried about carrying cargo. That is the opposite of what airlines had said when Boeing was developing larger planes like the 787 and 777, Delaney said. In those cases, engineers had designed the fuselage around the cargo containers and then adjusted the rest of the fuselage and therefore the seating capacity around that. DESIGN CLUES Delaney''s statements give important clues about what is expected to be an unconventional fuselage for the mid-market plane, which in turn may determine whether Boeing can square that circle of wide cabins and low operating cost. Industry sources have said the fuselage will have a somewhat elliptical shape when seen from the front because the bottom of the plane will be flattened to get rid of unnecessary cargo space. Usually a pressurised fuselage is round to avoid stress points. Building the fuselage out of tough lightweight composites allows less conventional shapes. In turn, stripping away unnecessary space reduces drag and makes the plane cheaper to fly. Delaney declined to talk in detail about the design except to say the fuselage would have a "hybrid" cross-section. "It is a geometry that supports twin-aisle comfort and single-aisle economics," he said. Another Boeing executive recently said it had considered options from "mild to wild" for the new jet. The new jet is expected to enter service in 2025, if Boeing decides to go ahead and develop it. (Reporting by Tim Hepher; Editing by Sudip Kar-Gupta and Mark Potter)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/airshow-paris-boeing-jet-idUSL8N1JH3J0'|'2017-06-20T21:58:00.000+03:00'
'0f41bae20e9cb996f9b90a0275a81188c96a95a3'|'AIRSHOW-United Airlines converts 100-jet Boeing order into 737 MAX 10s'|'Market   9:52am EDT AIRSHOW-United Airlines converts 100-jet Boeing order into 737 MAX 10s (adds details, quotes) By Giulia Segreti PARIS, June 20 United Airlines has converted an order for 100 Boeing 737 MAX jets into one for the U.S. planemaker''s new 737 MAX 10 model, the companies said at the Paris Airshow on Tuesday. Boeing launched the new version of its best-selling 737 aircraft on Monday amid a flurry of deals. United Airlines, which will become the largest single 737 MAX 10 customer in the world, said it expected the delivery of the first of the planes in late 2020. Boeing Commercial Airplanes President and CEO Kevin McAllister said the order was an "endorsement" for the MAX 10. Asked why the latest deal was a conversion a previous order, rather than a new one, United Airlines executive Gerry Laderman told Reuters: "We have a very healthy order book ... and it is very customary for us to place an order to have a certain timeline, and closer to the time we pick which model we want." Laderman said that United Airlines already had a large MAX order, so there was no need for an incremental one. He added the group had picked the MAX 10 model because it considered it to be "the one with the best economics of the family," in terms of seat per mile cost. The executive said the U.S carrier had not finalised the seating configuration for the airplanes but that they would be used as domestic aircraft. United also announced an order for four additional Boeing 777-300ER aircraft, lifting the total to 18. Laderman added three would start service from next summer, while the fourth one would be delivered at the end of next year. (Reporting by Giulia Segreti; Editing by Sudip Kar-Gupta and Mark Potter)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/airshow-paris-boeing-unitedairlines-idUSL8N1JH422'|'2017-06-20T21:52:00.000+03:00'
'6206d51935e241ba9e4fca2a8400dee75a81b255'|'Exclusive: China problems force Aston Martin into global recall of 1,658 cars'|'By Norihiko Shirouzu - BEIJING BEIJING British sports car maker Aston Martin Lagonda Ltd is ordering a global recall of 1,658 Vantage cars after problems with a routine transmission software update led to incidents in China in which some cars stalled and lost power, its CEO told Reuters.Chief executive Andy Palmer said the decision was taken after a team of Aston Martin engineers went to China in May to investigate a problem that several customers there had been complaining about since 2014."Normally (recalls) start in America. I don''t think it is the only example, but it''s interesting that it started from China and becomes a global recall," Palmer told Reuters by telephone."It demonstrates the importance of China, the sophistication of the customer and the diligence of the authority there."The luxury carmaker, famous for making the car driven by secret agent James Bond, sold 3,259 cars globally last year, nearly 8 percent of them in China.Aston Martin''s plan was conveyed on Tuesday to Chinese regulatory agencies that had taken up the issue after dissatisfied customers complained. Formal documents would be submitted by the end of the European day, Palmer said.Chinese authorities did not respond to a request for comment.The global recall will be unwelcome publicity for a company that has said for years it wants to go public. It reported its first Q1 profit in a decade in May.Palmer did not say how much the recall would cost, but knowledgeable people close to the company estimated the total cost at around 300,000 pounds ($380,760).The recall will cover 1,658 Vantage cars built between June 2010 and September 2013 with the Sportshift I and Sportshift II automated manual transmission gearboxes, including 113 that were sold in China. The Vantage is the only Aston Martin model with a semi-manual shift.FAILURE TO RESETPalmer said the problem occurred because some dealerships in China failed to reset the clutch position after software updates to the automatic transmission system.“In the normal course of events, when you make a software change, you have to re-teach the engagement position of the clutch. And most of our dealers around the world automatically did that,” he said.If the clutch is not re-taught the biting point - the point when the clutch plate engages with the engine plate - "it''s possible that a car could initially stall while in operation", he said.Aston Martin sent its engineers to China after it tried and failed to replicate the stalling problem in its own engineering laboratories. When they arrived, they discovered that some cars suffered unusual noise and vibration, and in worst cases an engine stall, after the new software was installed.The stalling caused a complete loss of power in some cases, shutting off the engine and power to the electrically-assisted steering and brakes, making it extremely difficult for a driver to guide the car safely to a stop.Given that dealers and customers in China may have less experience operating and maintaining supercars like Aston Martins, Palmer said the company should have spelt out to dealerships what they needed to do.“I blame us,” Palmer said. “Basically we should have explicitly said within the service action for the software that we should re-teach the clutch. We didn’t explicitly say that. Therefore we take responsibility for fixing it.”Palmer, who joined Aston Martin from Nissan Motor Co in late 2014, said the company knows of 21 instances of potential sudden engine stall, all in China.The fuel pipe connectors on the gearboxes would also be replaced during the recall, he said.Three years ago Aston Martin recalled most of the cars sold in China that had been built since 2007 after discovering a problem with defective brake pads, which it blamed on Chinese subcontractors using counterfeit plastic material."TOO DANGEROUS"The Beijing branch of China''s product quality watchdog - the General Administration of Quality Supervision, Inspection and Quarantine (AQSIQ) - in January last year asked the company to investigate the issue and report back.AQSIQ''s Defective Product Administrative Center opened its own investigation in April. Also in April, China''s Consumers Association issued a statement saying that there were enough incidents of the Vantage stalling to warrant a recall.Carson Guo and his brother James lost their licensed dealership with Aston Martin in Beijing in December 2016 after fielding complaints from customers about stalling cars. Of the eight customers who complained, six had bought Vantages.Carson Guo told Reuters several customers waged a campaign against the British carmaker via Weibo, China''s answer to Twitter, and at least two received a refund.One of the knowledgeable individuals close to Aston Martin said the Guos'' contract was terminated due to a "significant reduction in sales through that outlet".Zhang Jia''ao, a 32-year-old partner at a Beijing-based venture capital firm, did not get a refund.He told Reuters he bought his Vantage S coupe from the Guo dealership for 2.35 million yuan ($344,287) in 2013, and sold it 11 months later to a used-car dealer for 1.23 million yuan ($180,201) after a series of stalls, some at high speed.On one occasion, following a complete loss of power, Zhang only managed to slow the car down by repeatedly bumping the tires against the kerb, he said."It was too dangerous," Zhang said.Asked about the problems Zhang encountered, Simon Sproule, chief marketing officer at Aston Martin Lagonda, said: "The recall will ensure that any issues with this car are fixed."($1 = 0.7879 pounds)($1 = 6.8257 Chinese yuan renminbi)(Editing by Simon Cameron-Moore and Sonya Hepinstall)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/china-autos-aston-martin-idINKBN19B22F'|'2017-06-20T22:47:00.000+03:00'
'5dae9e0041d53a7ccbdeef694cfa9487871eea2a'|'Fed''s Fischer says more to be done to prevent future crises'|'Tue Jun 20, 2017 - 8:21am BST Fed''s Fischer says more to be done to prevent future crises FILE PHOTO: U.S. Federal Reserve Vice Chair Stanley Fischer addresses The Economic Club of New York in New York, U.S. on March 23, 2015. REUTERS/Brendan McDermid/File Photo Federal Reserve Board Vice Chair Stanley Fischer on Tuesday warned that while the U.S. and other countries have taken steps to make their housing finance systems stronger, more needs to be done to prevent a future crisis. Fischer did not address the outlook for U.S. monetary policy or the economy in remarks prepared for delivery to the DNB-Riksbank Macroprudential Conference Series in Amsterdam. Instead he focused on preventing financial instability, arguing that since the 2007-2009 financial crisis in the United States, "the core of the financial system is much stronger, the worst lending practices have been curtailed, much progress has been made in processes to reduce unnecessary foreclosures," and a 2008 law helped clarify the status of government support for housing agencies Fannie Mae and Freddie Mac. But to prevent a new crisis, he said, governments ought to do more, including stress tests for banks on their resilience should house prices decline dramatically, and making it easier to avoid foreclosures, which hurt both lenders and borrowers. "(T)here is more to be done, and much improvement to be preserved and built on, for the world as we know it cannot afford another pair of crises of the magnitude of the Great Recession and the Global Financial Crisis," he said. (Reporting by Ann Saphir; editing by Diane Craft)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-usa-fed-fischer-idUKKBN19B0MF'|'2017-06-20T15:16:00.000+03:00'
'839e18624822f8ccc35c77dcda666422ba38ff29'|'Exclusive: Buyout fund CVC hires banks for $1.1 billion Continental Foods sale - sources'|'By Martinne Geller and Pamela Barbaglia - LONDON LONDON Private equity fund CVC Capital Partners has picked advisers to sell its food firm Continental Foods in a deal that could be worth more than 1 billion euros ($1.12 billion), sources familiar with the matter told Reuters on Monday.The business, which produces soups, sauces and bouillons, includes brands like Liebig in France and Erasco in Germany.CVC has owned it since late 2013, when it purchased it from Campbell Soup ( CPB.N ) for 400 million euros ($447.1 million).CVC''s decision to sell Continental Foods comes amid a wave of deal-making in the packaged food sector where large companies are looking for ways to boost profits in a weak market.Unilever ( ULVR.L ) ( UNc.AS ) is trying to sell its margarines business after rebuffing a takeover bid by Kraft Heinz ( KHC.O ), while Reckitt Benckiser Group ( RB.L ) is selling its French mustard business.Nestle ( NESN.S ) said last week that it would explore options, including a possible sale, for its roughly $900 million-a-year U.S. confectionery business.London-based CVC, which recently raised a record 16 billion euros for its latest fund, is working with Swiss bank UBS ( UBSG.S ) and Paris-based investment boutique Messier Maris on a possible sale, the sources, who declined to be identified as the process is private, said.Continental Foods, CVC, UBS and Messier Maris declined to comment.Based near Antwerp in Belgium, Continental employs more than 1,000 staff across Europe. It has production facilities in France, Belgium and Germany and is active in five European markets including Finland and Sweden with revenues of about 400 million euros.It could fetch more than 1 billion euros, based on a multiple of 12 times its earnings before interest, tax, depreciation and amortization (EBITDA) of around 90 million euros, the sources said.Private equity funds typically look to sell or list their portfolio companies within three to five years, hoping to cash out with a profit.($1 = 0.8946 euros)(Editing by Jane Merriman)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-continentalfoods-m-a-idINKBN19A27L'|'2017-06-19T13:49:00.000+03:00'
'edaa24c7bd8adfd2c94dff33137914b2de4d2426'|'French and Benelux stocks-Factors to watch on June 19'|'Market News - Mon Jun 19, 2017 - 2:05am EDT French and Benelux stocks-Factors to watch on June 19 PARIS, June 19 Below are company-related news and stories from French and Benelux media which could have an impact on the region''s markets or individual stocks. French CAC futures were up 0.6 percent by 0605 GMT. AIRBUS Airbus unveiled an upgraded version of the world''s biggest passenger jet on Sunday, seeking to boost demand for the slow-selling superjumbo and including a new wingtip design aimed at reducing fuel burn by up to 4 percent. Low-cost carrier Viva Air Peru looked close to reaching a roughly $5 billion deal with Airbus for medium-haul jets on Sunday, as Western planemakers seek to defy expectations of slow sales at this year''s Paris Airshow. ALTICE/SFR Activist hedge fund CIAM said on Friday it had filed a complaint in a French court on behalf of minority investors in telecoms company SFR Group over the way majority shareholder Altice has used SFR''s assets. ARCELORMITTAL A consortium led by ArcelorMittal said on Friday it reached an agreement with the Italian government regarding the lease and obligation to purchase Ilva and its subsidiaries. BOUYGUES French telecommunications regulator ARCEP announced on Friday that it authorized Bouygues Telecom and SFR to use the 2.1 GHz frequency band for the 4G network, the band which was historically used for 3G. ENGIE: Engie said it had bought a 40 percent stake in National Central Cooling Company PJSC (Tabreed) from Mubadala Investment Company. ICADE/CREDIT AGRICOLE: Groupama said it had sold its stake in Icade to Credit Agricole Assurances for 715 million euros. FRENCH POLITICS: President Emmanuel Macron won a commanding majority in France''s parliamentary election on Sunday, sweeping aside traditional parties and securing a powerful mandate for pro-business reforms. IPSEN FDA approved Dysport (abobotulinumtoxinA) for treatment of lower limb spasticity in adults, the French pharma company said on Friday. ORANGE French telecom operator Orange said on Friday that rival telecom group SFR had lost a lawsuit against it over fibre optic network coverage, confirming a report on the website of the newspaper Le Parisien. SAFRAN Safran and its U.S. partner General Electric would be willing to provide engines should Boeing go ahead with a new middle of market jet, the head of Safran''s aircraft engine business said on Friday. Pan-European market data: European Equities speed guide FTSE Eurotop 300 index DJ STOXX index Top 10 STOXX sectors Top 10 EUROSTOXX sectors Top 10 Eurotop 300 sectors Top 25 European pct gainers Top 25 European pct losers Main stock markets: Dow Jones Wall Street report Nikkei 225 Tokyo report FTSE 100 London report Xetra DAX Frankfurt items CAC-40 Paris items World Indices Reuters survey of world bourse outlook European Asset Allocation Reuters News at a glance: Top News Equities Main oil report Main currency report '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/france-benelux-markets-idUSL8N1JD4YR'|'2017-06-19T12:30:00.000+03:00'
'd78bbfd694a68496536b910498eb7c17bd0ad3f5'|'Asia stocks inch higher, sterling and euro steady ahead of Brexit talks'|'Business   9:13pm BST Stocks buoyed by tech rebound; Dudley remarks lift Treasury yields left right FILE PHOTO: Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., May 31, 2017. REUTERS/Brendan McDermid/File Photo 1/3 left right Traders work in front of the German share price index, DAX board, at the stock exchange in Frankfurt, Germany, June 19, 2017. REUTERS/Staff/Remote 2/3 left right A worker shelters from the rain under a Union Flag umbrella as he passes the London Stock Exchange in London, Britain, October 1, 2008. REUTERS/Toby Melville/File Photo 3/3 By Chuck Mikolajczak - NEW YORK NEW YORK World stock markets climbed on Monday as technology and retail stocks rebounded from recent weakness and U.S. Treasury yields rose in the wake of hawkish comments from a Federal Reserve official. The tech sector .SPLRCT, up 1.7 percent, pushed equity indexes on Wall Street higher, with the Dow and S&P 500 closing at records. The group had fallen 3.4 percent over the past two weeks but are up nearly 19 percent on the year. "From a technical standpoint you know there are throngs of investors probably sitting on the sidelines watching that tech rally, wanting to be part of it," said Jack Ablin, chief investment officer at BMO Private Bank in Chicago. "Any incremental downturn looked more like an opportunity than a threat." Retailers in Europe .SXRP, closed up 0.8 percent, and in the U.S. .SPXRT, gained 0.9 percent, recouping some losses that were triggered on Friday by news of Amazon''s ( AMZN.O ) $13.7 billion deal to buy upscale grocer Whole Foods Market ( WFM.O ). It was Amazon''s first major brick-and-mortar acquisition in the sector and already struggling retailers were hit hard by the prospect of having a well-known disruptor as a competitor. The Dow Jones Industrial Average .DJI rose 144.71 points, or 0.68 percent, to end at 21,528.99, the S&P 500 .SPX gained 20.31 points, or 0.83 percent, to 2,453.46 and the Nasdaq Composite .IXIC added 87.26 points, or 1.42 percent, to 6,239.01. A 1.2 percent gain in Europe''s banks .SX7E also boosted European shares in the wake of broker upgrades for Credit Suisse ( CSGN.S ). The pan-European FTSEurofirst 300 index .FTEU3 rose 0.87 percent and MSCI''s gauge of stock markets across the globe .MIWD PUS gained 0.65 percent. DUDLEY COMMENTS The U.S. dollar and Treasury yields moved higher after comments from New York Federal Reserve President William Dudley that reinforced expectations the U.S. central bank will continue on its path of tightening monetary policy. The dollar index .DXY, tracking the greenback against a basket of key currencies, rose 0.4 percent, with the euro EUR= down 0.46 percent to $1.1146. Benchmark 10-year notes US10YT=RR were last down 10/32 in price to yield 2.1914 percent, from 2.157 percent late on Friday. The Fed raised rates last week and said it would begin cutting its holdings of bonds and other securities this year. The stronger dollar weighed on gold prices, but losses were curbed by uncertainty as talks commenced on the terms of Britain''s departure from the European Union. The EU said after a first day of talks on Britain''s exit from the 28-member bloc that the clock was ticking on negotiations, but British Brexit minister David Davis said he was optimistic they would yield a swift and good outcome. Oil prices gave up early gains and turned negative as rising production in the United States, Libya and Nigeria have foiled an OPEC-led effort to support the market by cutting output. U.S. crude CLcv1 settled down 1.2 percent at $44.20 per barrel, its lowest since Nov. 14. Brent LCOcv1 settled 1 percent lower at $46.91. (Editing by Bernadette Baum and James Dalgleish)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-global-markets-idUKKBN19A02V'|'2017-06-19T08:56:00.000+03:00'
'a830ec44e92c8ec9c8807a1bbbfefce32ecd5874'|'Glencore to move sugar trade to Rotterdam'|'Business   3:06pm BST Glencore to move sugar trade to Rotterdam The logo of commodities trader Glencore is pictured in front of the company''s headquarters in the Swiss town of Baar November 20, 2012. REUTERS/Arnd Wiegmann/File Photo Glencore ( GLEN.L ) will move its global sugar trading desk to Rotterdam from London early in 2018, an industry source said on Monday. The relocation, first reported by Bloomberg, coincides with the retirement of Glencore''s long-standing Global Head of Sugar Michael Rembaum and follows the company''s decision last year to spin off its agriculture business and sell nearly 50 percent to Canadian pension funds. Sugar traders said that Glencore was primarily involved in proprietary trading in sugar futures and could seek to minimise activities in areas where margins have been poor, such as physical trading of raw sugar. Glencore''s share price was up 2.6 percent by 1355 GMT. (Reporting by Barbara Lewis and Nigel Hunt; Editing by David Goodman)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-glencore-sugar-idUKKBN19A1WO'|'2017-06-19T22:06:00.000+03:00'
'430187417337aca676307b02326c70abd772e59f'|'Bain, Cinven collect 36.55 percent of Stada shares'|'FRANKFURT Buyout groups Bain Capital and Cinven have so far been offered 36.55 percent of German drugmaker Stada ( STAGn.DE ) shares, the private equity groups said on Monday.The tender offer for the agreed 5.3 billion euro deal runs through June 22 and is conditional on securing 67.5 percent of Stada''s shares.The investors lowered minimum acceptance threshold earlier this month.Investors typically tender shortly before the deadline.People close to the deal have said that passing the set threshold may prove a challenge given the large number of shares held by retail investors, who are more likely to forget to tender than institutional stockholders, as well as by index tracking funds that cannot tender for technical reasons.Activist investor Active Ownership Capital earlier this month sold its Stada stake to someone who is expected to tender it in the offer, according to people close to the deal.(Reporting by Arno Schuetze; Editing by Ludwig Burger)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-stada-arzneimitt-m-a-idINKBN19A1IH'|'2017-06-19T09:47:00.000+03:00'
'f348cec432c1054db94346d4017577118f64df51'|'Tata Motors no plans to list Jaguar Land Rover'|'Money News - Mon Jun 19, 2017 - 10:58pm IST Tata Motors says no plans to list Jaguar Land Rover A Jaguar Land Rover logo is seen on the building inside the Chery Jaguar Land Rover plant in Changshu, Jiangsu province, October 21, 2014. REUTERS/Aly Song/Files Tata Motors Ltd said on Monday it had no plans to list its luxury British car brand Jaguar Land Rover after Bloomberg reported that the automaker was considering an initial public offering of the unit. "There are no plans to list Jaguar Land Rover," a Tata spokesman told Reuters. "There is no truth in those rumours." (Reporting by Costas Pitas in London; Editing by Sai Sachin Ravikumar) '|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/jaguarlandrover-ipo-tatamotors-idINKBN19A2HW'|'2017-06-19T15:28:00.000+03:00'
'f6a18fcaa109f66d5746ce377b2fbeb2a532ca2f'|'Meal-kit service Blue Apron seeks $3.2 billion valuation in IPO'|'By Lauren Hirsch and Sruthi Shankar Blue Apron Holdings Inc began marketing an initial public offering (IPO) on Monday, as an already competitive meal-kit industry faces a potential threat from Amazon.com Inc''s ( AMZN.O ) plan to buy Whole Foods Market Inc ( WFM.O ).Blue Apron''s up to $510 million IPO will test whether the growth seen by the meal-kit industry''s greatest players will continue to whet investor appetite, even as costs to acquire new customers mount and possible new competitors with established distribution systems appear.Amazon, which said on Friday it would buy Whole Foods in a $13.7 billion deal, has dallied with both food delivery, through AmazonFresh, and meal kits, which deliver fresh ingredients and recipes to subscribers. Though its AmazonFresh program is more advanced than its meal kits programs, both are still limited to certain metropolitan areas."It''s going to take some time to figure out the impact of the acquisition on food delivery, and there are a lot more available ways to raise money when you''re public than when you''re private," said Kathleen Smith, a manager of IPO-focused exchange-traded funds at Renaissance Capital.New York-based Blue Apron, named after the uniform that apprentice chefs wear in France, delivers pre-packaged ingredients and recipes to subscribers'' doorsteps for them to prepare meals at home. It is the largest U.S. meal kit delivery service.The IPO price range it issued on Wednesday implies a valuation of up to $3.2 billion. This equates to roughly three times the company''s sales, and while Blue Apron has no publicly listed peer, some analysts pointed out that was higher than home good company Wayfair Inc''s ( W.N ) 1.8 times sales multiple.Both Wayfair and Blue Apron are quickly growing, unprofitable e-commerce companies considered to be the leader in their respective niches.Such a comparatively rich valuation indicates that Blue Apron, which was founded five years ago by Matt Salzberg, Ilia Papas and Matt Wadiak, believes its rapid growth will be sufficient to entice investors, despite having never turned a profit.Blue Apron posted a net loss of $54.9 million last year, even as revenue more than doubled to $795.4 million, as it poured money into logistics and marketing. It was valued at as much as $2 billion in a June 2015 private fundraising round.The timing of the Blue Apron IPO was not affected by the Whole Foods deal, a source close the company said.Blue Apron said in a regulatory filing on Monday that it was looking to sell 30 million Class A shares at between $15 to $17 per share, raising as much as $510 million.DISTRIBUTION CHALLENGESThe meal-kit industry, which includes HelloFresh in Europe and Chefs Plate in Canada, is attempting to win consumers over from supermarkets by delivering fresh ingredients directly to subscribers without a middle man.The industry is also becoming more competitive, as companies have struggled to balance marketing costs with attractive prices. Food-delivery startup Maple announced it was shutting down earlier this year about a year after SpoonRocket made a similar announcement.Amazon first experimented with AmazonFresh in 2007, though has struggled with the same challenge facing all food delivery services: having a wide and cost-efficient distribution network for fresh food.With Amazon gaining access to Whole Foods'' roughly 400-store footprint, the e-commerce juggernaut would command a distribution network dwarfing that of any meal-kit service. Its automated warehouses rely on robots to manage everything from inventory tracking and replacement, making it a formidable player as it cuts cost.Blue Apron has fulfillment centers in Richmond, California, Jersey City, New Jersey, and Arlington, Texas and has also worked to increased its automation.Reuters reported in March that Blue Apron competitor, Sun Basket, which focuses on organic ingredients, has hired banks for an IPO that could come in the second half of the year.Bessemer Venture Partners, Stripes Group and Fidelity are among Blue Apron''s investors.Goldman Sachs, Morgan Stanley, Citigroup and Barclays are among the underwriters to its IPO.(Reporting by Lauren Hirsch in New York and Sruthi Shankar in Bengaluru; Editing by Sai Sachin Ravikumar and Meredith Mazzilli)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-blue-holdings-ipo-idINKBN19A1JJ'|'2017-06-19T10:02:00.000+03:00'
'5b578f25e12427bc24b2b209bb5b38e9898ce15b'|'Nikkei hits 2-week high as weak yen supports; Nomura Real Estate dives'|'* Turnover, volume at lowest since May 30* Takata resumes trading, share price tumbles* Futures-led trading lifts market - traders* Domestic-demand sensitive stocks outperformBy Ayai TomisawaTOKYO, June 19 Japanese stocks hit two-week highs on Monday, as the dollar''s steady performance against the yen fuelled buying of futures, while Nomura Real Estate dived after saying Japan Post was no longer considering buying a stake in the property company.The Nikkei gained 0.6 percent to 20,067.75, its highest close since June 5.The broader Topix rose 0.6 percent to 1,606.07, but only 1.48 billion shares changed hands, the lowest volume since May 30. Turnover was also the lowest since then."Investors are buying futures today... it''s more like today''s trading is futures-led than trade-led by individual stocks," said Yutaka Miura, a senior technical analyst at Mizuho Securities.The dollar was up 0.2 percent to comfortably stay above 111 yen during most of the session, which lifted U.S. futures , underpinning risk appetites in Asian trade.Investors also believe Wall Street will fare better on Monday than on Friday, when it was subdued, Mizuho''s Miura said.The Nikkei remained above the psychologically important 20,000-line as the market digested the Bank of Japan''s decision to keep policy unchanged on Friday.After the U.S. Federal Reserve''s rate hike and the BOJ''s meeting, traders see no major catalysts this week but will stay focused on coming U.S. economic indicators."We expect that the 20,000 level will become the Nikkei''s support level soon, and it will likely depend on whether the long-term U.S. yields will rise or not," said Takuya Takahashi, a strategist at Daiwa Securities.Monday''s notable gainers included domestic-demand sensitive stocks.Construction companies Taisei Corp rose 2.4 percent and Kajima Corp soared 2.5 percent.Nomura Real Estate Holdings sank 14 percent after it confirmed weekend media reports that Japan Post Holdings would likely scrap the talks to buy a stake in Nomura as the two companies had struggled to agree on terms. The potential deal, first reported in mid-May, had pushed Nomura''s shares up by 20 percent.Major exporters were mixed, with Toyota Motor Corp falling 0.1 percent, Nissan Motor Co shedding 0.9 percent and Hitachi Ltd gaining 0.3 percent.On Monday, the exchange''s suspension of Takata Corp , the troubled maker of air bag inflators, was lifted. There was a glut of sell orders and a trade at the end of the day left the stock at 404 yen, compared with 484 yen where it last traded on Thursday.Trading in Takata was suspended throughout Friday because the company offered no official statement after sources said it was preparing to file for bankruptcy as early as this week. (Editing by Richard Borsuk)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/japan-stocks-close-idINL3N1JG2DD'|'2017-06-19T04:53:00.000+03:00'
'93189e5d47378d666936b99c8069ba495288acfa'|'UPDATE 1-UK Stocks-Factors to watch on June 19'|'Market News - Mon Jun 19, 2017 - 2:42am EDT UPDATE 1-UK Stocks-Factors to watch on June 19 (Adds futures, company news items) June 19 Britain''s FTSE 100 index is seen opening up 46 points on Monday, according to financial bookmakers, with futures up 0.8 percent ahead of the cash market open. * BRITAIN-SECURITY: A van ploughed into worshippers leaving a London mosque on Monday, killing at least one person and injuring 10 others in what witnesses said was a deliberate attack on Muslims. British Prime Minister Theresa May said the incident was being treated by police as a potential terrorist attack. * CO-OPERATIVE BANK: Britain''s Co-operative Bank said it is in advanced talks with existing investors over a rescue plan as the struggling lender seeks a solution that would ward off the need for state intervention. * BARCLAYS: Britain''s Serious Fraud Office (SFO) is to announce on Tuesday whether it will bring criminal charges against Barclays and some of its former senior executives over a 2008 emergency fundraising from Qatar, according to a person familiar with the plans. * ASTRAZENECA: Scientists have developed a new three-in-one blood test that has the potential to turn AstraZeneca''s drug Lynparza into a precision medicine for prostate cancer. * ROLLS-ROYCE: Executives from aircraft and engine makers Boeing and Rolls-Royce said recent instability in the Middle East had not so far led to deferrals or cancellations of plane orders. * HSBC: Lebanon''s Blom Bank said on Monday it had completed its acquisition of HSBC Bank Middle East Limited – Lebanon, a wholly owned subsidiary of HSBC Holdings. * SOLGOLD: Copper and gold explorer SolGold on Friday said it was raising $41.2 million, on top of more than $30 million announced in October, as it widens its search for resources in Ecuador after already finding one world class asset. * JAGUAR LAND ROVER: Britain''s biggest carmaker Jaguar Land Rover will hire 5,000 staff as it boosts its skills in autonomous and electric technology, a welcome business endorsement as Prime Minister Theresa May starts Brexit talks after a botched election. * LLOYDS: Lloyds Banking Group is expected to extend the deadline for making compensation offers to victims of the HBOS Reading fraud, the Guardian reported. bit.ly/2sgrneo * BREXIT: Brexit Secretary David Davis starts negotiations in Brussels on Monday that will set the terms on which Britain leaves the European Union and determine its relationship with the continent for generations to come. * BREXIT: Britain should ensure that employers retain access to both skilled and unskilled workers from the European Union as it begins talks to leave the bloc or there is a risk of damaging UK businesses, a research report by two think tanks said on Monday. * BRITAIN-ELECTIONS: Sidelined for months by his boss Theresa May, Britain''s finance minister Philip Hammond has returned to the political frontline, criticising the prime minister over her recent election campaign and calling for pragmatism in Brexit talks that begin on Monday. * BRITAIN-CONSUMERS: Households in Britain have become more worried about the outlook for their finances in the 12 months ahead as rising inflation puts a squeeze on their spending power, a survey by IHS Markit showed on Monday. * BRITAIN-PENSIONS: British listed companies'' ability to meet the obligations of their defined benefit, or final salary, pension schemes is at its weakest since 2009 as a result of falling gilt yields, consultancy firm PwC said on Monday. * BRITAIN-PROPERTY PRICES: Asking prices for British houses and apartments fell in June, the first decline in the month since 2009, led by drops in the London area as wage growth slowed and political uncertainty rose, property website Rightmove said on Monday. * BRITAIN-TRADE: Britain''s International Trade Secretary Liam Fox said he would meet U.S. trade leaders in Washington on Sunday to talk about the possibility of signing a free trade deal between the two countries soon after Britain leaves the European Union. * BRITAIN-FINANCIAL WATCHDOG: The chairman of Britain''s Financial Conduct Authority (FCA) will leave the organisation at the end of his term on March 31 next year, the FCA said in a statement on Sunday. * OIL: Oil prices dipped on Monday, weighed down by a continuing expansion in U.S. drilling that has helped to maintain high global supplies despite an OPEC-led initiative to cut production to tighten the market. * OIL: Chinese state oil giants Sinopec and PetroChina are waging war at the nation''s gas pumps, slashing prices at unprecedented rates in an effort to reclaim sales lost to private local and foreign rivals in the $440 billion retail fuel market. * MEXICO OIL: As Mexico opens its energy market to more private investment, the country''s drive to exploit untapped deepwater oil riches has raised safety concerns due to mounting accidents that have blotted the country''s safety record. * COPPER: London copper traded little changed on Monday as broader financial markets gave no directional cues, with the potential for inventory builds as the monthly prompt date comes due potentially keeping a lid on prices. * GOLD: Gold edged lower on Monday to touch a near four-week low as the dollar held firm, with the market waiting on comments from a top U.S. Federal Reserve official after last week''s soft economic data. * The UK blue chip index closed up 0.6 percent at 7,463.54 on Friday, as strength in financials and energy firms supported the index but it posted its widest weekly loss in two months after a week of political uncertainty and jitters about the resilience of the consumer engine of the UK economy. * For more on the factors affecting European stocks, please click on: cpurl://apps.cp./cms/?pageId=livemarkets TODAY''S UK PAPERS > Financial Times > Other business headlines Multimedia versions of Reuters Top News are now available for: * 3000 Xtra : visit topnews.session.rservices.com * For Top News : topnews.reuters.com (Reporting by Noor Zainab Hussain in Bengaluru) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-stocks-factors-idUSL3N1JG2GK'|'2017-06-19T14:42:00.000+03:00'
'11b4fa42bc7c444576decc8dcdc081b6c5d76233'|'Telemedicine provider Teladoc says to acquire Best Doctors'|'By Carl O''Donnell Teladoc Inc ( TDOC.N ), the largest provider of telemedicine in the United States, said on Monday it agreed to acquire medical consultation company Best Doctors to expand its ability to offer remote treatments for complex, chronic diseases.As part of agreement, Teladoc will purchase Best Doctors for $375 million in cash and $65 million in Teladoc stock."The combination of the two companies will create a very powerful single resource for customers to go to whether they are experiencing flu symptoms or a critical life threatening illness," Jason Gorevic, Teladoc''s chief executive officer, told Reuters in an interview.In recent years, telemedicine has overcome key hurdles as state governments created new regulatory frameworks to ease its adoption and insurers began to see it as a way to hold down treatment costs.Teladoc, which completed its initial public offering in 2015, is the largest player in the telemedicine space, with about 75 percent of market share.Boston-based Best Doctors Inc brings together a network of about 50,000 doctors and medical experts and combines it with data analytics in an effort to help solve particularly complex, life-threatening medical cases.By combining the two companies, Gorevic said Teladoc hopes to accelerate Best Doctors'' growth by selling its services into its existing relationships with employer health plans.It should also benefit from Best Doctors'' strong relationships internationally, which could help Teladoc expand beyond the United States, he added.(Reporting by Carl O''Donnell in New York, editing by G Crosse)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-bestdoctors-m-a-teladoc-idINKBN19A2RN'|'2017-06-19T18:04:00.000+03:00'
'ddb11afba9662991b5c1552072508c1883378486'|'AIRSHOW-Mauritania Airlines orders one Boeing 737 MAX 8 plane'|'Market   6:37am EDT AIRSHOW-Mauritania Airlines orders one Boeing 737 MAX 8 plane PARIS, June 21 Mauritania Airlines has ordered one Boeing 737 MAX 8 airliner, the companies said at the Paris Airshow. The order, valued at around $112 million at list price, had been previously attributed to an unidentified customer on Boeing''s website, Boeing said in a statement. Boeing executive Van Rex Gallard said the plane would be delivered later this year. (Reporting by Matthias Blamont; editing by Jason Neely)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/airshow-paris-boeing-mauritania-idUSP6N1JF02U'|'2017-06-21T18:37:00.000+03:00'
'ff7230f00495fef3cea51a883f0517113383eb78'|'Nigerian stocks extends gain to stay at 2-year high'|'Market  51pm EDT Nigerian stocks extends gain to stay at 2-year high LAGOS, June 19 Nigerian stocks rose to a fresh two-year high on Monday, lifted by gains in cement and banking shares extending a rally which started last month, traders said. The main index climbed 0.96 percent to cross 34,000 points, a level it last reached in May 2015. Index provider MSCI this month increased Nigeria''s weight on its frontier index to 7.9 percent from 6.5 percent, meaning that funds tracking it would buy shares to replicate the new weight, analysts say. In April the central bank allowed investors to trade the naira at market rates, lifting a currency control for them, to help boost confidence as Nigeria grapples with a currency crisis and a recession brought on by low oil prices. Share in Dangote Cement, which accounts for a third of the market capitalisation, climbed 2.44 percent to lift the index. Skyebank rose 8 percent, followed by pan-African banking group, ETI which increased by 7.12 percent. Nigeria''s top 10 banking index has gained 51.2 percent so far. (Reporting by Oludare Mayowa; Editing by Chijioke Ohuocha and Pritha Sarkar)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/nigeria-stocks-idUSL8N1JG4OH'|'2017-06-20T00:51:00.000+03:00'
'c23e0b07b2ed8276e21f592321c2ebf70da71242'|'Whole Foods shares keep rising in bidding war speculation'|'Business News   7:53pm BST Whole Foods shares keep rising in bidding war speculation FILE PHOTO: A Whole Foods Market is pictured in the Manhattan borough of New York City, New York, U.S. June 16, 2017. REUTERS/Carlo Allegri/File Photo By Sinead Carew and David Randall Whole Foods Market Inc ( WFM.O ) shares rose on Monday for the second straight trading session after Amazon.com Inc ( AMZN.O ) announced plans to buy the upscale grocer, with investors betting that rivals could step in to create a bidding war. Despite that possibility, Amazon shares also gained as Wall Street analysts lauded the proposed $42-per-share deal and bet that the company would prevail in any bidding battle. Whole Foods shares rose as much as 2.2 percent on Monday - suggesting hopes the company might fetch a higher price - and were still up 1.3 percent at $43.25 in afternoon trading. Amazon shares rose as much 3 percent and were still up 0.6 percent at $993.17. “Every grocery store out there now is having a conversation about how much they can afford to spend to keep Amazon out of the space,” said Brian Culpepper, a portfolio manager at James Advantage funds. Culpepper, who owns Kroger Co ( KR.N ) shares, said Kroger is the company would be most likely improve Whole Foods’ efficiency, but that it would have difficulty matching Amazon’s cash offer. Kroger shares were up 1.3 percent at $22.59 on Monday afternoon. “Kroger would have to pay in stock, and their stock has been hurting,” giving them less leverage to get into a protracted bidding war with Amazon, Culpepper said. Barclays analyst Karen Short raised her Whole Foods price target to $48 from $38 and upgraded the stock to overweight from equal-weight, citing the possibility of counterbids. "Many will do anything to either make this acquisition more costly for Amazon, or prevent the asset from landing in Amazon''s lap," Short wrote in a note to clients. A $48-a-share price tag would be more than reasonable for a fellow retailer that could eliminate overhead at Whole Foods, Short said, while adding that very few companies could outbid Amazon. Amazon''s offer of $13.7 billion (10.76 billion pounds), representing a multiple of 10 times earnings before interest, tax, depreciation and amortisation, could possibly be raised to 11 or 12 times, according to Kevin Dreyer, co-chief investment officer at Gabelli Funds, which holds Whole Foods shares. "Fourteen billion is a big number but it’s not a number where there’s no other buyer," said Dreyer. "Others could certainly look at this and sharpen their pencils." Wal-Mart Stores Inc ( WMT.N ) could have sufficiently deep pockets to make a counter bid and other grocery rivals such as Kroger or Albertsons Cos Inc ( ABS.N ) would have the motivation, he said. (Reporting by Sinead Carew and David Randall in New York; Editing by Lisa Von Ahn and Matthew Lewis)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-whole-foods-m-a-amazon-com-idUKKBN19A2OI'|'2017-06-20T02:53:00.000+03:00'
'6b9ee895943b166a7a08df36919eb80e650f9f7e'|'Chinese state oil giants take petrol price battle to the pumps'|'Business News - Mon Jun 19, 2017 - 7:18am EDT Chinese state oil giants take petrol price battle to the pumps left right FILE PHOTO: Discounts of gasoline prices are displayed at a CNPC gas station in Qingdao, Shandong province, China March 27, 2017. REUTERS/Stringer 1/2 left right FILE PHOTO: Banners showing discounts of gasoline prices are pictured at a Sinopec gas station in Qingdao, Shandong province, China March 27, 2017. REUTERS/Stringer 2/2 By Chen Aizhu - LULIANG, China LULIANG, China Chinese state oil giants Sinopec and PetroChina are waging war at the nation''s gas pumps, slashing prices at unprecedented rates in an effort to reclaim sales lost to private local and foreign rivals in the $440 billion retail fuel market. The rare price war kicked off in late March as Sinopec ( 0386.HK ) reported first quarter retail sales had slid to a three-year low. Spurred by a glut of fuel, Sinopec started offering hefty discounts in response to ad-hoc but frequent promotions by independent petrol station operators. PetroChina ( 0857.HK ) swiftly joined in, triggering a ferocious battle against independents and international firms including Shell ( RDSa.L ) and BP ( BP.L ), said three state oil sources involved in retail fuel marketing. The heavy discounting is now spreading from the most heavily oversupplied provinces in China''s north, squeezing fat retail profit margins in the world''s No. 2 fuel market. The battle is proving a boon for China''s drivers. In the gritty northern coal town of Luliang, taxi and delivery drivers were queued up at a Sinopec outlet after it slashed pump prices by 1.4 yuan ($0.21) per liter, or nearly a quarter, one recent weekend. "We all know Sinopec has higher gas quality but it was so expensive, so before I went to independent stations to fill my vehicle," one driver surnamed Zhang told Reuters as he waited to gas up his dusty, gray 7-seat van. "Now I switch to Sinopec and will keep visiting here as long as Sinopec offers discounts like this." Nearby gas stations run by PetroChina and local private operator Taihua each offered the same discount, promoting the bargain prices with eye-catching red banners, free car washes, and credits in pre-paid petrol cards. Sinopec spokesman Lu Dapeng said price cutting was "the most common approach in market competition". He didn''t elaborate. RARE DISCOUNTS Such basement prices are rare for Sinopec, officially known as China Petroleum & Chemical Corp ( 600028.SS ), and PetroChina, the listed subsidiary of China National Petroleum Corporation. In late March, both were selling high grade fuel at a discount of just 0.20-0.40 yuan per liter. "As the independents deepened discounts to unbearable levels, Sinopec responded by launching targeted attacks to reclaim lost sales," said a state oil marketing official. Price battles were rare before 2013 as rigid government price controls capped margins. As recently as 2010, gas stations rationed diesel fuel as shortage hit. But the plunge in global oil prices since 2014 and the sudden rise of independent refineries known as teapots transformed the market by flooding the country''s 90,000 petrol stations with cheaper fuels. Short of retail infrastructure and barred from exports, teapots sell oil mostly to the country''s 40,000-plus private petrol stations, many run by families or independent fuel dealers "The huge surplus the teapot oil plants have created is eroding the 80-percent market share the two oil giants used to hold several years ago," said Yan Kefeng, veteran oil researcher with IHS Markit. Sinopec and PetroChina now control around two-thirds of retail sales and independents about a quarter, according to Yu Chang, a former retail director with Shell China and the founder of AutoGo, a fuel retailing e-platform. The battle has also drawn in global players such as BP, Shell, Total ( TOTF.PA ) and Exxon ( XOM.N ). Foreign firms now own and operate nearly 4,000 stations accounting for about 8 percent of sales, mostly in joint-ventures with Sinopec or PetroChina. "There has been price volatility in the fuel retailing market with seasonal demand and supply changes," Shell wrote in an email. Shell has rapidly boosted its retail network in China and now has a total of 1,200 sites. MARGIN HIT While margins have taken a hit, Sinopec and PetroChina are far from losing money in their retail businesses, thanks to their market dominance in key consuming regions in the south and east where there is little need for discounts and wealthier motorists are less sensitive to price cuts. Compared to 5.24 yuan a liter in Luliang, Beijing motorists pay around 6.66 yuan for 95-octane, euro-5 quality gasoline. Beijing prices are some 12 percent above the premium gasoline in California, but about half that of Singapore prices. Sources at rivals say Sinopec may also be leading the charge as it aims to stem falling retail fuel sales and bolster its retail business ahead of a planned multi-billion-dollar IPO. Even with the hit in sales, Sinopec''s network of 30,000 fuel stations and more than 23,000 convenience stores is considered a jewel in the crown. The division is estimated by analysts to be worth as much as $58 billion. (Reporting by Beijing newsroom and Chen Aizhu) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-china-petrol-idUSKBN19912D'|'2017-06-19T07:00:00.000+03:00'
'39a403144054dcf7ef52975b0f4ae31601f6ec58'|'UPDATE 1-U.S. Supreme Court again limits where companies can be sued'|'(Recasts first paragraph, adds background, details from ruling, paragraphs 4-12)By Andrew ChungWASHINGTON, June 19 The Supreme Court on Monday slapped limits on where injury lawsuits may be filed for the second time in three weeks, again siding with businesses that want to prevent plaintiffs from "shopping" for friendly courts for their cases.In an 8-1 ruling, the justices overturned a lower court''s decision that had allowed hundreds of out-of-state patients who took Bristol-Myers Squibb Co''s blood-thinning medication Plavix to sue the company in California.State courts cannot hear claims against companies that are not based in the state when the alleged injuries did not occur there, the justices ruled.The Supreme Court on May 30 reached a similar conclusion in a separate case involving out-of-state injury claims against Texas-based BNSF Railway Co.Businesses and plaintiffs are engaged in a battle over where lawsuits seeking financial compensation for injuries can be filed.Companies typically can be sued in a state where they are headquartered or incorporated, as well as where they have important ties. Businesses want to limit the ability of plaintiffs to shop for courts in states with laws conducive to such injury lawsuits.Plaintiffs contend that corporations are seeking to squeeze their access to compensation for injuries by denying them their day in state courts.The underlying lawsuits filed in 2012 against Bristol-Myers and California-based drug distributor McKesson Corp involved 86 California residents and 575 non-Californians, alleging Plavix increased their risk of stroke, heart attack and internal bleeding.Bristol-Myers argued it should not face claims in California by plaintiffs who do not live in the state. The company is incorporated in Delaware and headquartered in New York.The California Supreme Court ruled in August 2016 that it could preside over the case because Bristol-Myers conducted a national marketing campaign and sold nearly $1 billion of the drug in the state.Writing for the Supreme Court majority on Monday, Justice Samuel Alito said the California court was wrong to rule that it could hear the case "without identifying any adequate link between the state and the nonresidents'' claim."In a dissenting opinion, Justice Sonia Sotomayor predicted that the Supreme Court''s ruling will make it harder to consolidate lawsuits against corporations in state courts and lead to unfairness for individual injury plaintiffs.There "is nothing unfair about subjecting a massive corporation to suit in a state for a nationwide course of conduct that injures" state residents and nonresidents alike, Sotomayor wrote.(Reporting by Andrew Chung; Editing by Will Dunham)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/usa-court-bristol-myers-idINL1N1JG0S1'|'2017-06-19T14:15:00.000+03:00'
'df708b7a70dc392e824631b98a4beeeac27058cd'|'PRESS DIGEST- Financial Times - June 19'|'June 19 The following are the top stories in the Financial Times. Reuters has not verified these stories and does not vouch for their accuracy.HeadlinesUK financial conduct watchdog searches for new leader on.ft.com/2sgpONOHammond looks to ease austerity after ''hearing the message'' on.ft.com/2sg7qV6Sainsbury''s in talks to buy convenience store operator Nisa on.ft.com/2sgD2drOverviewUK Financial Conduct Authority is searching for its next chairman after the agency''s inaugural chairman, John Griffith-Jones, confirmed he would step down when his term expires next March.Chancellor Philip Hammond said on Sunday that the government had "heard a message last week in the general election" — in which the Labour party made unexpected gains with their manifesto that promised to end tough fiscal policies.J Sainsbury Plc entered into exclusive discussions to buy Nisa for 130 million pounds ($166.05 million) after the convenience store operator considered buyout offers from multiple bidders.($1 = 0.7829 pounds) (Compiled by Bengaluru newsroom; Editing by Peter Cooney)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/britain-press-ft-idINL1N1JG00P'|'2017-06-18T22:58:00.000+03:00'
'7f3aab1915b2574331ddcdd66bb6f3f2e46cf577'|'Struggling Co-op Bank says in rescue talks with investors'|'  7:36am BST Struggling Co-op Bank says in rescue talks with investors A sign hangs outside of a branch of The Co-operative Bank in London, Britain, February 13, 2017. REUTERS/Hannah McKay LONDON Britain''s Co-operative Bank said it is in advanced talks with existing investors over a rescue plan as the struggling lender seeks a solution that would ward off the need for state intervention. The bank said on Monday that it also continues to pursue a sale process and is in talks with the Bank of England''s Prudential Regulation Authority after struggling to meet its regulatory capital requirements. The lender said in a statement it "is in advanced discussions with a group of existing investors with a view to a prospective equity capital raise and liability management exercise." Co-operative Bank, which put itself up for sale in February, nearly collapsed in 2013 after losses from problem real estate loans and has been struggling to rebuild its financial health. (Reporting By Andrew MacAskill; Editing by Rachel Armstrong)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-co-opbank-sale-idUKKBN19A0M5'|'2017-06-19T14:28:00.000+03:00'
'19bf6f9a1339a2762d854427f3f317d9bc5023a7'|'RPT-Argentina''s return to MSCI EM index seen as a sure thing'|'Market News - Mon Jun 19, 2017 - 7:00am EDT RPT-Argentina''s return to MSCI EM index seen as a sure thing (Repeats story published earlier on June 19, no changes to headline or text) By Dion Rabouin NEW YORK, June 19 U.S. index provider MSCI is all but sure to promote Argentina next week to its emerging market index after relegating the country to the frontier index since 2009, investors said, and some expressed worries that prices that ran up ahead of the move will fall after it is announced. Argentina''s benchmark Merval stock index has risen 24 percent year-to-date and has more than doubled from its January 2016 low. Some fund managers believe the expected MSCI upgrade has been largely behind the surge. "The underlying story on the macro front is hardly compelling," said Tina Byles Williams, founder and chief executive of asset manager FIS Group. "So if you take out the euphoria around the MSCI inclusion there''s not much there. Once it happens the bourse tends to go nowhere." Argentina''s economy has been slow to reap the expected gains from President Mauricio Macri''s reversal of currency controls, relaxation of capital holding requirements and other market deregulation. Inflation has slowed but remains at 24 percent year on year, outstripping a government target of 17 percent. GDP is expected to grow to 2.8 percent after contracting in 2016, but that is still short of the government''s 3.5 percent forecast. Another risk is that MSCI declines to add Argentina altogether, said Chuck Knudsen, emerging markets equity portfolio specialist at T Rowe Price. "Then you could see the market selling off," he said. While Knudsen said the probability of Argentina being added to the index was only slightly more than even, other investors and analysts said they viewed the move as a near certainty. FIS Group''s Williams sold out of her positions in Argentina entirely last month. She has history on her side. Data shows countries upgraded from frontier to emerging markets tend to follow the classic "buy the rumor, sell the fact" pattern. But the "news" seems to come once the markets are incorporated into the index, which tends to happen a year after the announcement. This pattern was seen most recently when Qatar and the United Arab Emirates were upgraded. From June 2013, when the reclassification was announced, to May 2014, when the UAE''s stocks were included in the emerging markets index, Abu Dhabi''s benchmark stock exchange rose 38.9 percent. Qatar''s general stock index rose 42.8 percent during the equivalent period. In the year leading up to the announcement of inclusion, Abu Dhabi gained 49.1 percent while Qatar rose 14.9 percent, according to Reuters data. Both indexes have performed poorly since their stocks were included in the index. Qatari stocks have fallen 28.6 percent since their May 2014 peak and the Abu Dhabi exchange has slumped 14.3 percent over the same period. Still, some fund managers and analysts say Argentina has a more compelling growth story than previous countries, given its return to international credit markets after a 15-year absence last year following a settlement with holdout creditors and Macri''s reforms. "An upgrade of Argentina to EM status is the result of a much longer-term tailwind created by the increasing openness of their capital markets," said Jay Jacobs, director of research at Global X Funds. "We believe this openness will stimulate greater foreign investment in much needed areas like infrastructure and create a more competitive business environment, both of which we believe will continue to promote strong growth over the long term." (Reporting by Dion Rabouin; editing by Christian Plumb and David Gregorio) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/msci-indexes-argentina-idUSL1N1JD1SG'|'2017-06-19T19:00:00.000+03:00'
'a219cf61d63f2fea55590c422b358c9e7cf0d634'|'Barclays Africa must repay 1.1 billion rand over bailouts'|'Money News  30pm IST Barclays Africa must repay 1.1 billion rand over bailouts FILE PHOTO - A Barclays logo is pictured outside the Barclays towers in Johannesburg, South Africa, December 16, 2015. REUTERS/Siphiwe Sibeko/File Photo PRETORIA Barclays Africa Group unduly benefited from apartheid-era bailouts and must repay 1.1 billion rand ($86 million), South Africa''s anti-graft watchdog said on Monday. Public Protector Busisiwe Mkhwebane in January reopened a probe of Barclays South Africa following a wider report published last November by her predecessor. She said on Monday that the probe had found that the apartheid government breached the constitution by supplying Bankorp, which was acquired by Barclays Africa unit Absa in 1992, with a series of bailouts from 1986 to 1995. Barclays Africa would have to pay 1.1 billion rand ($86 million), Mkhwebane said, adding that her office had referred the matter to the Special Investigating Unit to help recover the money. Barclays Africa said it planned to issue a statement. ($1 = 12.7941 rand) (Reporting by Dinky Mkhize; writing by Ed Stoddard and Tiisetso Motsoeneng; editing by James Macharia and Jason Neely)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/safrica-zuma-barclays-group-idINKBN19A1J6'|'2017-06-19T10:00:00.000+03:00'
'3ded17f9e55c73ce2c0f0f081adf9b43af88a26b'|'Britain''s Liberty House submits revised bid for Australia''s Arrium'|'Business News - Mon Jun 19, 2017 - 8:11am BST Britain''s Liberty House submits revised bid for Australia''s Arrium FILE PHOTO: The logo of Australian miner Arrium Ltd is displayed in the reception area of their office in Sydney, Australia, April 7, 2016. REUTERS/David Gray/File Photo SYDNEY Britain''s Liberty House Group said on Monday it submitted a revised bid for troubled Australian steel group Arrium Ltd, after last week conceding defeat to a South Korean private equity syndicate. "We remain passionate about the opportunity and intend to continue pursuing discussions," Liberty House said in an email to Reuters. The Seoul-based private equity syndicate led by Newlake Alliance and JB Asset Management was named on June 15 as the preferred bidder over Liberty, and that was thought to be the end of more than a year of Morgan Stanley-led efforts to provide a financial rescue package to Arrium. Morgan Stanley recommended the Newlake and JB Asset consortium to Arrium''s committee of creditors, which overwhelmingly supported the South Korean group, according to the steelmaker''s financial administrator, KordaMentha. The creditors'' committee includes Australian lenders Commonwealth Bank, National Australia Bank, Westpac and ANZ Bank, which together are owed a combined A$1 billion (595.8 million pounds). KordaMentha confirmed a revised bid had been submitted by Liberty House, but said administrators continued to deal with the Korean consortium on an exclusive basis. South Australia state has pledged A$50 million to the new owner to help upgrade Arrium''s steelworks. A spokesman for the South Australia treasurer, Tom Koutsantonis, said the state would work with either group to keep Arrium in business. Newlake''s and JB''s bid proposes spending more than A$1 billion on the Whyalla upgrade and on Arrium''s mini-mills, steel distribution and iron ore mining divisions. The consortium also plans to build a gas-fired power station to feed the steelworks, which would help combat South Australia''s energy shortage. Newlake has said it will use the Finex steelmaking technology under license from South Korean steelmaker POSCO to revamp the Arrium''s main Whyalla steelworks. The decision to use the technology played a key role in the selection process, according to KordaMentha. Newlake and JB West were not immediately available for comment. Liberty House, which operates together with commodities and energy conglomerate SIMEC under the $9.4 billion Gupta Family Group (GFG) Alliance, hit the headlines last year when it offered to rescue steel plants owned by Tata Steel UK that were on the verge of shutdown. Liberty''s so-called green metal model is based on using renewable energy to fire furnaces and smelters that recycle local scrap and sell the finished metal to manufacturers. (Reporting by James Regan; Editing by Tom Hogue) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-arriujm-m-a-liberty-house-idUKKBN19A0GS'|'2017-06-19T13:18:00.000+03:00'
'dfc340fea3a19a7b41369a0a5c956609000dfd80'|'Standard Life and Aberdeen shareholders back 11 bln pound deal'|'By Simon Jessop and Carolyn Cohn - LONDON LONDON Standard Life''s ( SL.L ) 11 billion pound ($14.04 billion) deal to buy Aberdeen Asset Management ( ADN.L ) was approved by both companies'' shareholders at meetings on Monday.The deal announced in March is due to complete in mid-August and will create Britain''s biggest listed asset manager and one of the world''s top 25 active fund management companies.More than 95 percent of shareholders at both companies voted for the merger, comfortably passing the minimum support needed.Aberdeen Chairman Simon Troughton said that investors'' "overwhelming" support reflected the strategic and financial rationale for the deal."The strengths of the combined businesses ... are strongly aligned to the needs of clients now and in the future," he said in a statement."The new company will have a robust balance sheet and diverse revenue streams, by asset class and distribution channel. This will facilitate investment in the business to support long-term growth and shareholder returns."($1 = 0.7834 pounds)(Reporting by Simon Jessop and Carolyn Cohn; Editing by David Goodman)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-standard-life-aberdeen-egm-idINKBN19A1VM'|'2017-06-19T12:42:00.000+03:00'
'0ff1641abbe4968d24286ffc1803a622c0e1f542'|'AIRSHOW-AerCap orders 30 Boeing 787-9 jets'|'Market News - Mon Jun 19, 2017 - 8:53am EDT AIRSHOW-AerCap orders 30 Boeing 787-9 jets PARIS, June 19 Aircraft leasing giant AerCap placed an order worth $8.1 billion at list prices for 30 Boeing 787-9 Dreamliners at the Paris Airshow, in a vote of confidence for long-haul aircraft amid declining orders for many wide-body models. The world''s largest independent leasing company is also the largest owner of 787s, with 122 in its portfolio including those bought directly from Boeing and those acquired from airlines in sale-and-leaseback transactions. AerCap Chief Executive Aengus Kelly called the 787 the "premier wide-body" and said the aircraft would serve parts of the world where traffic is growing fast, such as Asia. AerCap did not, however, join a number of other leasing companies in placing an immediate order for Boeing''s new single-aisle model, the 737 MAX 10, launched earlier on Monday. "We think the MAX 10 will be a very good airplane and we are talking to our friends at Boeing," Kelly said. At an industry conference earlier this year, Kelly voiced concerns that the five members of the 737 MAX family might "cannibalize each other" and said he was cautious about demand for models other than the best-selling 737 MAX 8. AerCap is the second-largest lessor of 737 MAX jetliners. (Reporting by Tim Hepher; Editing by Mark Potter) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/airshow-paris-aercap-idUSL8N1JG2KL'|'2017-06-19T20:53:00.000+03:00'
'0efc9ab3669eddd652a8d451f3b9831616f95a6a'|'Whole Food shares keep rising, leading to bidding war speculation'|'Business News  18pm BST Whole Food shares keep rising, leading to bidding war speculation FILE PHOTO: A Whole Foods Market is pictured in the Manhattan borough of New York City, New York, U.S. June 16, 2017. REUTERS/Carlo Allegri/File Photo By Sinead Carew Whole Foods Market Inc ( WFM.O ) shares rose on Monday for the second straight trading session after Amazon.com Inc ( AMZN.O ) announced plans to buy the upscale grocer, with investors appearing to bet that rivals could step in to create a bidding war. Despite that possibility, Amazon shares also gained as Wall Street analysts lauded the proposed $42-per-share deal and bet that the company would prevail in any bidding battle. After closing at $42.68 on Friday, Whole Foods shares were up 1.5 percent at $43.32 on Monday morning after rising as high as $43.64 earlier in the session, suggesting hopes it would end up fetching a higher price. Amazon hit a high of $1,017 and was last up 1.4 percent at $1,001.13. Barclays analyst Karen Short raised her Whole Foods price target to $48 from $38 and upgraded the stock to overweight from equal-weight, citing the possibility of counterbids. "Many will do anything to either make this acquisition more costly for Amazon, or prevent the asset from landing in Amazon''s lap," Short wrote in a note to clients. A $48-a-share price tag would be more than reasonable for a fellow retailer that could eliminate overhead at Whole Foods, Short said, while adding that very few companies could outbid Amazon. Benchmark Research analyst Daniel Kurnos also expects a bidding war, but he said: "Amazon will ultimately be able to outbid any other party by a meaningful amount, given the valuation gap between them and WFM." Wedbush analyst Michael Pachter said the deal was a "healthy option to accelerate growth" at Amazon as it could use Whole Foods supermarkets as distribution centres for its online grocery service and to sell its own branded devices, such as Kindle e-readers. Pachter said Amazon was likely to increase spending to build its online grocery business over the next several years, so the acquisition would add only slightly to earnings while boosting revenue significantly. (Reporting by Sinead Carew; Editing by Lisa Von Ahn)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-usa-stocks-wholefoods-idUKKBN19A23Y'|'2017-06-19T23:18:00.000+03:00'
'fe0eb5ec73b7d5da3b56a98baafcf3193384893e'|'EU agrees to use sanctions against cyber hackers'|'Business News - Mon Jun 19, 2017 - 10:12am BST EU agrees to use sanctions against cyber hackers LUXEMBOURG The European Union can levy economic sanctions on anyone caught attacking EU states'' computer networks, EU foreign ministers said on Monday, the bloc''s latest step to deter more attacks following incidents in Britain and France. With German national elections in September, interference in democratic votes is a concern for the bloc after accusations of Russian meddling in the U.S. presidential election last November and the French election in May. EU foreign ministers agreed that so-called restrictive measures including travel bans, assets freezes and blanket bans on doing business with a person, company or government could be used for the first time. "A joint EU response to malicious cyber activities would be proportionate to the scope, scale, duration, intensity, complexity, sophistication and impact of the cyber activity," the bloc said in a statement. U.S. intelligence agencies concluded last year that Russia hacked and leaked Democratic Party emails as part of an effort to tilt the presidential election in favour of President Donald Trump, which Russia denies. A British intelligence agency has told political parties to protect themselves against potential cyber attacks, while the French government dropped plans to let its citizens abroad vote electronically in Sunday''s legislative elections because of the risk of cyber attacks. (Reporting by Robin Emmott, editing by Ed Osmond)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-eu-cyber-sanctions-idUKKBN19A119'|'2017-06-19T17:12:00.000+03:00'
'898b0da3f87a7fe6d98028f57dac524e5e3cf03a'|'PRESS DIGEST- New York Times business news - June 19'|'June 19 The following are the top stories on the New York Times business pages. Reuters has not verified these stories and does not vouch for their accuracy.- YouTube has struggled for years with videos that promote offensive viewpoints but do not necessarily violate the company''s guidelines for removal. Now it is taking a new approach: Bury them. nyti.ms/2rLtN1n- Mattress maker Casper plans to announce as soon as Monday that it has raised $170 million. The investment is being led by Target, which on Sunday began selling Casper mattresses, pillows, sheets and more in its stores and on its website. nyti.ms/2rL7ybU- Representatives of Jared Kushner, President Trump''s son-in-law and senior adviser, have quietly contacted high-powered criminal lawyers about potentially representing him in the wide-ranging investigation into Russia''s influence on the 2016 election, according to three people briefed on the matter. nyti.ms/2rLu1p8(Compiled by Bengaluru newsroom)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/press-digest-nyt-idINL3N1JG1WX'|'2017-06-19T02:09:00.000+03:00'
'6beea3c6ec3fd0f223d956a4a6b2e704e179032a'|'BRIEF-Blue Apron estimates IPO price will be between $15-$17/shr'|'June 19 Blue Apron Holdings Inc:* Sees IPO of 30.0 million shares of Class A common stock - SEC filing* Blue Apron Holdings Inc says currently estimated that the initial public offering price will be between $15.00 and $17.00 per share* Blue Apron Holdings says intend to use portion of IPO net proceeds to repay outstanding borrowings under revolving credit facility of about $125 million Source text: ( bit.ly/2tjjqnp )'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/brief-blue-apron-estimates-ipo-price-wil-idINFWN1JG099'|'2017-06-19T08:29:00.000+03:00'
'b7f04fb9fde9c51c4131d075f4ea36627cbd77fd'|'FTSE gets sterling boost as Carney holds line on rates'|'Top  50am BST FTSE gets sterling boost as Carney holds line on rates FILE PHOTO: A man shelters under an umbrella as he walks past the London Stock Exchange in London, Britain August 24, 2015. REUTERS/Suzanne Plunkett/File Photo By Helen Reid - LONDON LONDON Britain''s index of major companies got a boost from a weaker pound, which fell after Bank of England governor Mark Carney said now was not the time to raise interest rates. Sterling hit a one-week low after Mark Carney dashed prospects of an early rise in borrowing costs after three BoE members surprised markets by voting for a hike last week. The sterling effect turned the FTSE around from a lacklustre start of trading, with some weak company updates weighing. The index was up 0.2 percent by 0920 GMT. The prospect of lower rates for longer boosted housebuilders Persimmon and Taylor Wimpey, which were among the top FTSE gainers. Shares in plumbing and heating supplier Wolseley fell 3.4 percent after its quarterly results. The firm saw sales growth in all its regions except the UK, adding to signs that Britons are cutting back on big ticket spending. Analysts at Liberum and Davy Research said eroding margins in its U.S. business were disappointing. BT fell up to 1.6 percent, then paring losses after France''s Orange said it could get $1.15 billion by cutting its stake in the British telecoms company. A downgrade to ''neutral'' from BAML on Monday also weighed. Antofagasta, Glencore, BHP Billiton and Rio Tinto reined blue-chips back, falling on lower copper and iron ore prices. Barclays was in focus after the bank and four former senior executives were criminally charged over undisclosed payments to Qatari investors during a 12 billion pound emergency fundraising in 2008. The announcement, which had been anticipated, left Barclays shares down 0.3 percent. Domino''s Pizza fell 5.1 percent to a 16-month low after Investec initiated coverage of the company with a ''sell''. Workspace provider IWG was set for its worst day in a year after Estorn Limited placed 27 million shares in the company for sale at 345.1 pence per share. Despite the losses from IWG and Domino''s, mid-caps rose 0.2 percent gain, with Serco up 2.9 percent after winning a $2 billion contract to run an Australian prison. Consumer, financial and tech stocks were the main drivers for the FTSE 250 index which, having suffered heavy losses on Thursday, was climbing back up to near record highs on Tuesday. Among small caps, plus-size clothes retailer N Brown jumped 12 percent to a 14-month high after a strong start to the year with first-quarter revenue up 10 percent and loss-making store closures pleasing investors. (Reporting by Helen Reid; editing by John Stonestreet)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-stocks-idUKKBN19B15X'|'2017-06-20T17:50:00.000+03:00'
'd85a57dbea54e6baea735df36562ce2b93a1accc'|'PRESS DIGEST- Canada-June 21'|'Market  31am EDT PRESS DIGEST- Canada-June 21 June 21 The following are the top stories from selected Canadian newspapers. Reuters has not verified these stories and does not vouch for their accuracy. THE GLOBE AND MAIL ** Top executives in charge of customer experience and branding are leaving Rogers Communications Inc as part of changes to the company''s organizational structure under new CEO Joe Natale. tgam.ca/2sSMGV5 ** An executive shakeup at Canadian Imperial Bank of Commerce is redrawing senior roles and putting fresh blood in charge of core businesses. tgam.ca/2sSZjj7 NATIONAL POST ** Divisions within the Canadian oilpatch are coming into sharp relief as a number of mid-sized producers have quit the country’s largest industry association amid rifts over carbon tax policies and pricey membership. bit.ly/2sSRk5i ** Alternative mortgage lender Home Capital Group Inc announced Tuesday that its subsidiary has entered into an agreement with KingSett Capital to sell a portfolio of commercial mortgage assets valued at about $1.2 billion, giving the embattled company some much needed liquidity to pay down a pricey emergency credit line. bit.ly/2rUBFO7 (Compiled by Bengaluru newsroom)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/press-digest-canada-idUSL3N1JI3OI'|'2017-06-21T19:31:00.000+03:00'
'3f9ec205c8693444d26dcd13c4952685a8821489'|'Trump to meet with top executives on wireless tech, drones'|'Technology News - Tue Jun 20, 2017 - 10:25pm BST Trump to meet with top executives on wireless tech, drones U.S. President Donald Trump participates in an American Technology Council roundtable at the White House in Washington, U.S., June 19, 2017. REUTERS/Carlos Barria By David Shepardson - WASHINGTON WASHINGTON U.S. President Donald Trump will discuss advanced wireless technologies and drones on Thursday with top executives at AT&T Inc, Verizon Communications Inc, T-Mobile US Inc and other firms, focusing on how government can create the right environment for breakthroughs. AT&T Chief Executive Randall Stephenson, Sprint CEO Marcelo Claure and CenturyLink Inc CEO Glen Post will be among the executives discussing advanced technologies such as unmanned aerial vehicles, or drones, 5G wireless technologies and universal broadband, officials said. White House press secretary Sean Spicer said Trump will see "demonstrations of how these technologies will contribute to the 21st century economy and how the government can ensure that their safe adoption leads to the best possible outcomes for the American worker and American businesses." Federal Communications Commission Chairman Ajit Pai, Deputy Chief Technology Officer Michael Kratsios, Commerce Secretary Wilbur Ross, White House National Economic Director Gary Cohn and FAA and NASA officials will attend small group meetings before the group meets with Trump at about 11 a.m. EDT (1500 GMT). Venture capital firms and portfolio companies also are expected. Last year, the FCC cleared the way for 5G, a lightning-fast next generation of wireless services that lead to universal access to broadband wireless. Testing is under way and deployment is expected around 2020. New 5G networks are expected to provide speeds at least 10 times and maybe 100 times faster than today''s 4G networks, the FCC said. Policymakers and mobile phone companies have said the next generation of wireless signals needs to be much faster and far more responsive to allow advanced technologies such as virtual surgery or controlling machines remotely. They face regulatory hurdles to adding infrastructure to create the system. The 5G networks could help wirelessly connect devices such as thermostats or washing machines to facilitate the "internet of things." They could improve road traffic by monitoring sensors in streetlights and cars. It could even help detect air pollution using sensors in trees. The FAA in March estimated that by 2021 the fleet of small hobbyist drones will more than triple and the commercial drone fleet will increase tenfold to about 442,000. The Obama administration implemented rules that opened the skies to low-level small drones for education, research and routine commercial use. The Trump administration still is considering whether to allow a sweeping expansion in drone use for purposes such as deliveries where aircraft would fly beyond the sight of an operator. (Reporting by David Shepardson; Editing by Bill Trott) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-usa-trump-tech-idUKKBN19B34K'|'2017-06-21T05:23:00.000+03:00'
'03ffe056a61586bb3e25f407508258f00ff18792'|'Asia firms'' confidence at three year-high on brighter global outlook - Thomson Reuters/INSEAD'|'Business News - Wed Jun 21, 2017 - 7:40am BST Asia firms'' confidence at three year-high on brighter global outlook: Thomson Reuters/INSEAD left right FILE PHOTO: A man walks through a cloud of dust whipped up by wind at the construction site near newly erected office skyscrapers in Beijing, China April 20, 2017. REUTERS/Thomas Peter/File Photo 1/5 left right FILE PHOTO: An exotic used car dealership designed to resemble a vending machine in Singapore May 15, 2017. REUTERS/Thomas White/File Photo 2/5 left right FILE PHOTO: People travel in a train to work in Colombo,Sri Lanka June 14, 2017. REUTERS/Dinuka Liyanawatte/File Photo 3/5 left right FILE PHOTO: Office workers pass a UOB bank branch in Singapore''s central business district April 27, 2017. REUTERS/Edgar Su/File Photo 4/5 left right FILE PHOTO: A nurse takes care of newborn babies wearing Chinese traditional costumes to celebrate the Chinese New Year at the nursery room of Paolo Chockchai 4 Hospital, in Bangkok, Thailand January 27, 2017. REUTERS/Athit Perawongmetha/File Photo 5/5 By Brenda Goh - SHANGHAI SHANGHAI Business confidence in Asia rose to a three-year-high in the second quarter of the year, propelled by a slew of favorable economic data across the region and easing concerns over the health of China''s economy, a Thomson Reuters/INSEAD survey showed. The Thomson Reuters/INSEAD Asian Business Sentiment Index .TRIABS RACSI, representing the six-month outlook of 101 firms, climbed to 74 in April-June from 70 three months earlier. A reading over 50 indicates a positive view. "The world economy is starting to look more solid," said Singapore-based economics professor Antonio Fatas at global business school INSEAD. For PDF of survey click: tmsnrt.rs/2skXVUI For graphic on business sentiment index click: tmsnrt.rs/2tjdpqW For graphic on biggest perceived risks click: tmsnrt.rs/2hkNhpx "The U.S. is reaching good levels of GDP and employment, with Europe finally recovering and Asia seeing less risks ahead. China looks like it''s in a more stable situation after having ups and downs because of capital outflows over the last couple of years and also the risks of a debt crisis." China is widely expected to meet its 6.5 percent economic growth target this year without too many bumps, helped by a pick-up in exports and stable growth in factory output and retail sales. The government has also sought to reduce debt. Reflecting the upbeat picture, the country upon which much of Asia depends for trade scored a business sentiment subindex of 75, up from 72 three months prior. In nearby Japan, sentiment hit its highest-ever with a subindex of 83 compared with 61 in the previous quarter and an average of 58 in the survey''s eight-year life. The country''s central bank in April offered its most optimistic assessment of the economy in nine years, saying it was turning toward expansion. Buoyant consumer confidence and export growth that exceeded initial estimates helped Indonesia''s sentiment subindex rise 8 points to 83, its highest in over a year. Sentiment rebounded the most in South Korea with a 50-point jump in its subindex to 75. The result came after the country''s new president vowed to review a decision to deploy a U.S. anti-missile system which had angered China and prompted a boycott of Korean goods. "The cloud of political risk has disappeared," Fatas said. "Last quarter the data for South Korea was looking weaker. There was potential for crisis with some trading partners, in particular China." Sentiment also edged up in India and Thailand, but weakened in Australia, Taiwan and the Philippines. Singapore posted the lowest subindex of 62 - but even that was the strongest lowest subindex the survey has seen since it began in 2009. CONSTRUCTION BULLISH Thomson Reuters and INSEAD polled companies from June 2 to 16. Of the 101 respondents, 56 percent rated their six-month outlook as positive, the highest proportion in over six years. 37 percent were neutral and 7 percent were negative. Respondents included Australia''s APA Group ( APA.AX ), Japan''s Hitachi Ltd ( 6501.T ), South Korea''s Kia Motors Corp ( 000270.KS ), India''s Vedanta Ltd ( VDAN.NS ) and China Eastern Airlines Co Ltd ( 600115.SS ). The most bullish respondents were from the construction and engineering as well as transport and logistics industries, with half of such firms saying business volume had grown over the past three months. The two sectors are set to benefit from China''s pledge in May to lend about $56 billion for infrastructure projects across Asia, Europe and Africa as part of its Belt and Road initiative. The metals and chemicals industry registered the biggest jump in sentiment, by 41 points to 81, while confidence was also buoyant among firms in the healthcare, financial and retail sectors. "E-commerce in Southeast Asia has significant potential for growth for years to come," said Magnus Ekbom, group chief strategy officer at survey respondent Lazada Group SA, an online retailer backed by Alibaba Group Holding Ltd ( BABA.N ). "We are on track to achieving our goal of making 100 million products available across all of our 6 markets." The real estate sector and the household, food and beverage sector tied for the lowest subindex, while sentiment in the technology and telecommunications industry fell 7 points to 67. Survey respondent Intouch Holdings PCL ( INTUCH.BK ), a Thai telecoms firm, said it was anticipating positive impact in the second-half of the year from the mobile and fixed broadband business. "Overall, mobile competition still remains due to continued handset campaign offerings," the firm said in an email to Reuters. "However, we see an opportunity from an uplift in data consumption from customer''s behavioral changes." Firms ranked disruptive technologies as the chief risk to their six-month outlooks. Disruptive technologies include the sharing platforms of Uber Technologies Inc [UBER.UL] and Airbnb Inc which are increasingly taking market share from traditional industry leaders. Other risks cited include an inconsistent U.S. administration and protectionism. The U.S. president has pledged to pursue policies widely described as protectionist, including withdrawing from the Trans-Pacific Partnership trade pact. Note: Companies surveyed can change from quarter to quarter. (Reporting by Brenda Goh; Editing by Christopher Cushing)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-asia-businesssentiment-idUKKBN19C08V'|'2017-06-21T11:06:00.000+03:00'
'712fefe39caf18cf71029fed9b0a3182a7d270fb'|'Sears Canada preparing to seek creditor protection - source'|'By John Tilak - June 20 June 20 Billionaire Eddie Lampert-controlled Sears Canada Inc is preparing to seek court protection against creditors in the coming weeks, a person familiar with the matter said on Tuesday.A Sears Canada representative was not immediately available for comment.The business may be sold off in pieces after the court filing which will likely lead to liquidation, the person said.The company had last week said it was exploring strategic options, including a sale of the company, following years of declining sales.The company''s sales have fallen every quarter since it was spun off from Sears Holdings in 2012.Sears Canada, much like Sears Holdings, now its fourth-largest shareholder, has struggled for years to remain relevant to shoppers who have switched to stores that keep up with fast-changing fashion trends.Bloomberg had earlier reported on the company preparing to seek court protection against creditors. ( bloom.bg/2tLqg4s ) (Reporting by Kanishka Singh in Bengaluru)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/sears-canada-restructuring-idINL3N1JI099'|'2017-06-20T23:22:00.000+03:00'
'1ec7f10f09272abc543db4c317345513711e021c'|'Airshow: Lockheed signs pact with Tata to make F-16 planes in India'|'By Mike Stone - PARIS PARIS Lockheed Martin signed an agreement with India''s Tata Advanced Systems on Monday to produce F-16 fighter planes in India, pressing ahead with a plan to shift its Fort Worth, Texas plant to win billions of dollars worth of order from the Indian military.India''s air force needs hundreds of aircraft to replace its Soviet-era fleet, but Prime Minister Narendra Modi''s government has said foreign suppliers would have to make the planes in India with a local partner to help build a domestic industrial base and cut outright imports.The agreement is an "intent to partner together to meet India’s Make-in-India requirement through the establishment of an F-16 production line in India," Lockheed Martin''s leader of F-16 business development, Phil Howard, said on Monday on the sidelines of the Paris Airshow.But Modi''s Make-in-India drive runs the risk of conflicting with U.S. President Donald Trump''s America First campaign under which he has been pressing for companies to invest in the United States and create jobs instead of setting up factories abroad.However, Lockheed has met and briefed the current U.S. administration on its plan, and Howard said he had a sense of full support from the Trump administration.In announcing their agreement at the Paris Airshow, Lockheed and Tata said moving the production base to India would still retain jobs in the United States."F-16 production in India supports thousands of Lockheed Martin and F-16 supplier jobs in the U.S., creates new manufacturing jobs in India, and positions Indian industry at the center of the most extensive fighter aircraft supply ecosystem in the world," a joint statement by the firms said.Sweden''s Saab is the other contender to supply the Indian Air Force, offering to make its Gripen fighter in India. It has not yet announced a local partner for the plane which it has pitched as a modern alternative to the F-16s.The announcement comes days before Modi travels to Washington for a first meeting with Trump, scheduled for June. 26. India and the United States have built a close defence relationship in recent years with Washington emerging as among the top three arms suppliers to India, along with Russia and Israel.India will also have the chance to export the F-16 that is flown by air forces around the world, the joint statement said. Some 3,200 of these planes are being flown by 26 countries and the model that is being offered to India will be Block 70, the most modern of all the F-16s."This unprecedented F-16 production partnership between the world’s largest defense contractor and India’s premier industrial house provides India the opportunity to produce, operate and export F-16 Block 70 aircraft, the newest and most advanced version of the world’s most successful, combat-proven multi-role fighter," the statement said.Tata is already building airframe components for the C-130 military transport aircraft.India has not opened formal bidding for the jet order, which is expected to be anything from 100 planes to 250.(Additional reporting by Bangalore Newsroom; Writing by Sanjeev Miglani; Editing by Mark Potter)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/airshow-paris-india-idINKBN19B0AI'|'2017-06-20T02:13:00.000+03:00'
'e48a2eedb1b73d1b0cbca63c4beeaa9f078559d4'|'Lockheed launches new version of Super Hercules aircraft'|'Business News  23am BST Lockheed launches new version of Super Hercules aircraft Lockheed Martin''s logo is seen during Japan Aerospace 2016 air show in Tokyo, Japan, October 12, 2016. REUTERS/Kim Kyung-Hoon Lockheed Martin Corp ( LMT.N ) launched on Tuesday a new version of its Super Hercules military transport aircraft at the Paris Air Show, meant for use in special operations. The multi-mission airlifter, C-130J-SOF, comes with special mission equipment options and can be configured for armed overwatch that includes a 30 millimetre gun and Hellfire missiles, the largest U.S. weapons maker said. The C-130J variant can touch down on austere landing zones or makeshift runways and have been deployed both in combat operations and in humanitarian relief missions, the company said. The latest one, configured for special forces, is the tenth variant of four-engine turboprop Super Hercules, which is used by 17 nations and has clocked more than 1.5 million flight hours, Lockheed said. (Reporting by Arunima Banerjee in Bengaluru; Editing by Arun Koyyur)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-airshow-paris-lockheed-idUKKBN19B0VB'|'2017-06-20T16:23:00.000+03:00'
'601febe0dc29f7f69a13b666b629b46596b93901'|'Will McDonald''s customers wait for the new Quarter Pounder?'|'LOS ANGELES/DALLAS Tracy Moore grew impatient as she waited for a Quarter Pounder recently in the parking lot of a McDonald''s restaurant in central Dallas.The burger, made with fresh beef and billed as hotter and juicer than the original made from a frozen patty, is part of the company''s effort to serve tastier food.But after about four minutes, it was Moore who was steamed. Like other customers who''d ordered the new Quarter Pounder at the restaurant''s drive-through, she was asked to pull into a parking space and wait."If it''s going to be that long every time, I won''t order it. I''d go" elsewhere, said Moore, who hits the drive-through every morning for a Coke and dines frequently at the chain.The tradeoff between time and taste looms large for McDonald''s Corp as it works to win back business lost to rivals. The introduction of cooked-to-order, quarter-pound burgers made with fresh beef is part of the chain''s attempt to improve food quality. Announced in March, the new sandwiches are already in selected test markets and are expected to be served in all U.S. stores by mid-2018.But the success of the initiative may well hinge on satisfying important customers like Moore: speed-minded drive-through patrons who account for 70 percent of the firm''s U.S. revenue.An on-demand Quarter Pounder takes about a minute longer to land in a customer''s hands than does the original sandwich, according to restaurant managers and analysts, even though fresh beef fries up faster than frozen patties. That''s because grilling begins only after a patron orders. Traditional Quarter Pounders were often cooked up in batches ahead of time.Every second counts in the fast-food business. McDonald''s drive-through speeds already lag those of some major competitors, according to one widely watched survey. McDonald''s does not share such data, but company representatives told Reuters earlier this year that service times have slowed.Still, company executives are bullish on prospects for the popular Quarter Pounder, which accounts for about one-fourth of McDonald''s U.S. burger sales. At an investor conference last month, Chief Executive Steve Easterbrook said the changeover has created fewer complications than expected and that restaurant operators are on board.Some industry veterans, however, are skeptical. Richard Adams, a former Southern California McDonald''s franchisee-turned-consultant, says convenience is paramount for the chain''s patrons, who may go elsewhere if speed deteriorates."Any time the cooking process begins after the customer orders, the service time will be slower," Adams said.The fresh-beef initiative comes as pressure builds on McDonald''s kitchens.Adams says restaurant crews already are juggling trickier menu items thanks to the recent national launch of McDonald''s new "Signature Crafted" sandwich line, which allows customers to pick their own meat, buns and toppings. "Signature Crafted" quarter-pound burgers also will use fresh beef as it becomes available nationwide.McDonald''s cooks could be further strained by the chain''s embrace of self-service kiosks and mobile ordering. The technology shaves ordering times, but can create new bottlenecks by swamping kitchens at peak hours, as companies such as Starbucks Corp have learned.FRESH VS. FASTThe revamped Quarter Pounder is the latest move by Easterbrook to modernize the 60-year-old chain and reverse four straight years of traffic declines.It''s also a direct shot at Wendy''s Co, Whataburger and In-N-Out. Those fresh-burger chains are among the fast-food rivals that McDonald''s says have siphoned 500 million U.S. transactions from its stores since 2012.Easterbrook''s introduction of all-day breakfast in October 2015 was a big hit and has helped lift sales. The company''s stock price is up more than 25 percent so far this year.Analysts expect the fresh-beef push, along with moves to ditch artificial ingredients in popular items such as chicken nuggets, to bolster sales by addressing consumer demand for simpler, "cleaner" and fresher ingredients.The Quarter Pounder makeover has won early support from analysts and McDonald''s franchisees in the heart of cattle country, where the product has been tested for almost two years in about 400 stores in Oklahoma and Texas.Three Dallas-area McDonald''s managers who spoke with Reuters estimated the switch has improved their Quarter Pounder sales from 20 percent to 50 percent, albeit aided by advertising and coupons."We''ve been stealing customers from a Whataburger down the street," said Edgar Meza, a manager at a McDonald''s restaurant in an upscale neighborhood in north Dallas. Officials at Texas-based Whataburger, a regional chain, declined to comment.Some burger lovers are taking notice too."They''re a little juicier," said Bob Riley, who was polishing off a Quarter Pounder at an outlet near Dallas'' Deep Ellum neighborhood, his third McDonald''s meal of the week."I think Wendy''s woke them up," he said.Joe Jasper, a former McDonald''s executive who owns 20 restaurants in the Dallas-Fort Worth area, has been deeply involved in the effort. He described the new Quarter Pounder as "the best burger in our industry, but more importantly, (one delivered) at the speed of McDonald''s."Trouble is, the "speed of McDonald''s" isn''t as fast as that of many of its competitors.The average service time at a McDonald''s drive-through last year was 208.2 seconds, according to a study published by QSR magazine, an industry publication, using data from SeeLevel HX, an Atlanta-based business intelligence firm. That''s well behind industry leader Wendy''s at 169.1 seconds, according to the survey. Burger King, Dunkin'' Donuts and KFC all beat McDonald''s too.McDonald''s narrowed the gap with Wendy''s by one-third from 2012 to 2016 by adding more drive-through lanes at some stores and by scrapping products such as "snack wraps," tortilla-wrapped sandwiches that proved time-consuming to prepare. Still, its average drive-through service time last year was almost 20 seconds slower than it was in 2012, according to SeeLevel HX data.(For a look at drive-through speeds, see tmsnrt.rs/2sLWMqW )Claudia Barcenas, assistant manager at a McDonald''s off Dallas'' Central Expressway, says her counter and drive-through staff inform patrons that fresh-beef Quarter Pounders can be delayed, particularly if the sandwiches are ordered well-done."We have to explain that it takes a bit longer. Perhaps a minute," Barcenas said.Whether that''s worth it for McDonald''s customers remains to be seen as the experiment goes nationwide.Juan Rodriguez waited on his lunch break for a fresh-beef Quarter Pounder at the drive-through of another Dallas McDonald''s outlet about nine miles from Barcenas'' store. At the three-minute mark, the 20-year-old was getting restless."If it''s better, I don''t mind waiting," Rodriguez said. "But if it tastes the same, then no."(Editing by Marla Dickerson)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-mcdonalds-strategy-analysis-idUSKBN19B0CG'|'2017-06-20T13:06:00.000+03:00'
'b72d9e4ee60189d748fbb304aa527497925f31b3'|'U.S. banks, corporations establish principles for cyber risk ratings firms'|'Market   10:00am EDT U.S. banks, corporations establish principles for cyber risk ratings firms By Anna Irrera and Olivia Oran - June 20 June 20 More than two dozen U.S. companies, including several big banks, have teamed up to establish shared principles that would allow them to better understand their cyber security ratings and to challenge them if necessary, the U.S. Chamber of Commerce said on Tuesday. Large corporations often use the ratings, the cyber equivalent of a FICO credit score, to assess how prepared the companies they work with are to withstand cyber attacks. Insurers also look at the ratings when they make underwriting decisions on cyber liability. The group includes big banks like JPMorgan Chase & Co , Goldman Sachs Group Inc and Morgan Stanley , as well as non-financial companies like coffee retailer Starbucks Corp, health insurer Aetna Inc and home improvement chain Home Depot Inc. They are organizing the effort through the Chamber of Commerce, a broad trade group for corporate America. The move comes in response to the emergence of such startups as BitSight Technologies, RiskRecon and SecurityScorecard that collect and analyze large swaths of data to rate companies on cyber security. As these startups have gained prominence and venture capital funding, the companies they rate have complained of a lack of transparency. "The challenge is that their (startups'') methodologies are proprietary and there hasn’t been transparency on how they go about creating the ratings," JPMorgan Global Chief Information Security Officer Rohan Amin said in an interview. The financial services industry is among the most vulnerable to cyber crime because of the massive amount of money and valuable data that banks, brokerages and investment firms process each day. Several technology companies, including Microsoft Corp and Verizon Communications Inc, also support the principles being developed, as do the cyber ratings firms, the Chamber of Commerce said. Ratings issued by those companies could help guide the standards being set by U.S. corporations. BitSight, for example, rates companies on a scale of 250 to 900 with a higher rating indicating better security performance. "For organizations to use your platform you have to demonstrate trustworthiness and reliability," said Jake Olcott, BitSight''s vice president of strategic partnerships. (Reporting by Anna Irrera and Olivia Oran in New York; Editing by Lauren Tara LaCapra and Lisa Von Ahn)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/banks-cyber-idUSL1N1JG1JE'|'2017-06-20T22:00:00.000+03:00'
'ace8afa572032141554bcb8767e45c9ae466593a'|'UPDATE 2-Argentine grain ships halted when replacement workers quit'|'Commodities - Mon Jun 19, 2017 - 7:49pm EDT Argentine grain ships halted when replacement workers quit BUENOS AIRES Grain cargo ships in Argentina''s main shipping hub of Rosario were halted late on Monday when replacement workers filling in for striking unions walked off the job after receiving threats, the country''s export chamber said. Regular port workers were on the fifth day of a wage strike on Monday when replacement workers were brought in early in the day, allowing for the resumption of some loading of freshly harvested corn and soy. "New problems came up, including threats and intimidation, so work was halted," Andres Alcaraz, spokesman for Argentina''s CIARA-CEC export companies'' chamber, told Reuters by telephone. Some 80 percent of Argentine grains output is shipped through the Rosario port system. On Thursday some 20 ships were prevented from moving due to the strike by members of the CGT San Lorenzo port workers union. Industry giants like Cargill [CARG.UL] and Bunge have crushing plants and terminals in the region. Edgardo Quiroga, head of the San Lorenzo delegation of the CGT, said the strike would continue and the union would block access to port terminals. (Reporting by Maximilian Heath; Writing by Caroline Stauffer and Hugh Bronstein; Editing by Jeffrey Benkoe and Sandra Maler) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-argentina-grains-idUSKBN19A34B'|'2017-06-20T07:48:00.000+03:00'
'97c49e3074f96c160675c51d36f36e1915afe71b'|'Mexico oil sector accidents raise doubts about deep water exploration'|'Market News - Mon Jun 19, 2017 - 2:00am EDT Mexico oil sector accidents raise doubts about deep water exploration By David Alire Garcia - MEXICO CITY, June 19 MEXICO CITY, June 19 As Mexico opens its energy market to more private investment, the country''s drive to exploit untapped deepwater oil riches has raised safety concerns due to mounting accidents that have blotted the country''s safety record. The biggest Mexican oil refinery Salina Cruz has been offline since a fire broke out at the coastal facility on Wednesday following a tropical storm, the latest in a string of mishaps. Violent summer storms have visited Mexico for years, but the country has very little experience in deep water drilling, a risky activity still marked by the 2010 Deepwater Horizon well blow out in the northern Gulf of Mexico that killed 11 people and pumped 5 million barrels of oil into the sea. That disaster prompted a rethink of safety measures in the United States. As a result, U.S. operators now have on permanent standby a so-called capping stack that ultimately sealed the well, while third-party inspectors verify deepwater project safety. Mexico, which awarded its first eight deepwater projects in a December auction, so far has none of these safeguards. "All these companies are going into Mexican deep waters naked with none of the protections set up on the U.S. side," said George Baker, publisher of Mexico Energy Intelligence. Industry executives and regulators say there is still time to ensure adequate protections are in place. The first wells will be drilled as soon as 2019 and a second round of deep water blocks is due to be auctioned in December. Carlos de Regules, head of Mexico''s oil safety regulator ASEA, said companies beginning deepwater operations, like France''s Total and China National Offshore Oil Corporation , already have clear rules to follow. "The operators have to show they can react, contain and deal with the possibility of an out-of-control well," he said. De Regules said ASEA aims to certify third-party inspectors in the next year, but noted it was up to companies whether they wanted to follow the U.S. capping stack model or create their own. Leaving it up to companies may not be enough, said Miriam Grunstein, a Mexico City-based oil regulation expert. "It''s up to (ASEA) to make sure the industry does it," she said. Alberto de la Fuente, president of the AMEXHI association of Mexican oil producers, said emergency response firms such as Oil Spill Response have entered Mexico, and the industry is examining its options. "I''m positive about what''s been achieved, but we need to redouble our efforts," he said. (Reporting by David Alire Garcia; Editing by David Gregorio) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/mexico-oil-deepwater-idUSL1N1JB2N8'|'2017-06-19T14:00:00.000+03:00'
'bfad170d60ea8405e70a3ffdb6e0a9d9a2690cc2'|'MIDEAST STOCKS-Saudi surges before MSCI decision, UAE''s Tabreed soars on Engie buy'|'Market News - Mon Jun 19, 2017 - 10:21am EDT MIDEAST STOCKS-Saudi surges before MSCI decision, UAE''s Tabreed soars on Engie buy * Saudi jumps on optimistic comments by regulator * Stocks that could benefit from MSCI upgrade are top gainers * But analysts say fundamentals may not support sustained rally * UAE''s Tabreed soars on Engie''s potential majority ownership * Commodity-linked shares main drag on Doha By Celine Aswad DUBAI, June 19 Saudi Arabia''s stock market surged on Monday after a regulatory official was quoted as predicting the bourse would enter MSCI''s emerging market index sooner than most investors had expected, while the rest of the region was subdued. Mohammed El-Kuwaiz, vice chairman of the Capital Market Authority, was quoted as saying by the Asharq al-Awsat newspaper that he expected the Saudi market to be included in the index by the end of 2018. MSCI will announce late on Tuesday whether it is putting Saudi Arabia on a list for possible index inclusion. Most funds think Riyadh has done enough to be included, but if MSCI follows its usual timetable, actual entry would occur in mid-2019. However, MSCI has the flexibility to move faster if it wishes. The Saudi stock index rose 2.4 percent, its largest single-day gain since November, although trading volume was only moderate. "Local funds which have been somewhat sceptical of MSCI putting Riyadh on review reacted to the comments made by the vice chairman," said Mohamad al-Hajj, macroeconomic strategist at EFG Hermes. Some of the top-performing shares on Monday were those which may eventually be added to MSCI''s standard emerging market index, including Banque Saudi Fransi, which jumped 7.5 percent, and medical insurer BUPA Arabia, up 6.0 percent. Although progress towards inclusion would be a net positive for the Saudi stock market, some analysts are cautious about speculative fever trumping fundamentals, which are not particularly supportive. Saudi Arabia''s 12-month forward price-earnings ratio is 13.9 while the MSCI Emerging Market Index is at 12. "While we believe that inclusion in watch list for Saudi will lead to enhanced market liquidity and generate more interest in the Saudi market, we caution investors to be wary of irrational exuberance as inclusion is unlikely to change market fundamentals which currently remain tepid," said a note by Alrajhi Capital. The government''s petrodollar revenues remain under pressure and reforms planned for the next 12 months include another round of fuel and electricity price hikes and introduction of a value- added tax, which will raise costs for the private sector. Meanwhile, Dubai''s National Central Cooling Co (Tabreed) surged its 15 percent daily limit to 2.12 dirhams after French power and gas group Engie agreed to buy a 40 percent stake for 2.8 billion dirhams ($763 million) from Abu Dhabi''s Mubadala. Mubadala will convert its mandatory convertible bonds into shares, with 1.086 billion shares to be transferred to Engie at about 2.62 dirhams each. The Abu Dhabi fund will keep 42 percent after the deal has been approved by regulators. Analysts at Arqaam Capital said they were keeping their target price for the stock unchanged at 2.32 dirhams, as Tabreed''s growth would benefit from Engie''s experience but share buy-backs by the company were no longer likely. Drake & Scull climbed 1.2 percent after its acting chief financial officer told reporters that the company had not been affected by Qatar''s diplomatic rift with some of its Gulf neighbours, although DSI was not bidding for new business in that country. DSI expects to complete a plan to reduce its capital by 75 percent by the end of the third quarter, deferring the process by one month, its chief executive said. The Dubai index added 0.4 percent. Qatar lost 1.3 percent with commodity-linked companies some of the worst performers as Brent oil stayed near its 2017 lows. Drilling rig provider Gulf International Services declined 4.0 percent and petrochemical maker Industries Qatar fell 2.7 percent. Abu Dhabi''s index edged down 0.2 percent, weighed down by a 2.9 percent decline in Dana Gas, the most heavily traded stock on Monday. HIGHLIGHTS * The index jumped 2.4 percent to 7,047 points. DUBAI * The index advanced 0.4 percent to 3,458 points. ABU DHABI * The index fell 0.2 percent to 4,491 points. QATAR * The index dropped 1.3 percent to 9,069 points. EGYPT * The index edged up 0.1 percent to 13,508 points. KUWAIT * The index lost 0.3 percent to 6,830 points. BAHRAIN * The index fell 0.5 percent to 1,317 points. OMAN '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/mideast-stocks-idUSL8N1JG3R8'|'2017-06-19T22:21:00.000+03:00'
'17bc1ff7b58d8a63fedb317ee8e0058e4b08a5d0'|'MOVES- Macquarie, Mirova, Houlihan Lokey'|'Market News - Mon Jun 19, 2017 - 4:47pm EDT MOVES- Macquarie, Mirova, Houlihan Lokey June 19 The following financial services industry appointments were announced on Monday. To inform us of other job changes, email moves@thomsonreuters.com. MACQUARIE GROUP LTD Colin Hamilton, head of commodities research at Macquarie in London, has left the bank, a source with direct knowledge of the matter said. MIROVA The affiliate of Natixis Global Asset Management said Herve Guez will take on the additional role of head of equities and fixed income at the company. HOULIHAN LOKEY INC The investment bank said Jeffrey Baliban has joined the firm''s financial advisory services as a managing director for dispute resolution consulting. (Compiled by Arunima Banerjee in Bengaluru) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/financial-moves-idUSL3N1JG4WQ'|'2017-06-20T04:47:00.000+03:00'
'a411c07105319ca9f1d5ad400566ba76bca02d5b'|'Neighbourhood social network Nextdoor expands into Germany'|'By Eric Auchard - LOS GATOS, Calif. LOS GATOS, Calif. U.S. local social networking phenomenon Nextdoor is entering Germany, Europe''s largest market, the company said on Monday, following expansion moves last year into Britain and the Netherlands, where it has grown rapidly.San Francisco-based Nextdoor launched in 2011 and now covers more than 144,000 discrete U.S. neighbourhoods, or roughly three-quarters of the country, the company estimates.Local residents can use the site to ask advice on everything from finding babysitters to organising neighbourhood sports clubs or even how to contend with household rodent invasions, via computer or mobile phone apps.Its local forums serve as conversation starters that help neighbours meet one another, forging real-world bonds instead of the virtual ones that connect friends as well as strangers on social networks such as Facebook, Snapchat or Twitter."Most social media apps are about self-expression," Co-founder and Chief Executive Nirav Tolia said in an interview. "Nextdoor is about getting things done. It''s more of a utility.""If you lose your dog, your online friends can give you sympathy but your neighbours help you find it," he said.Nextdoor has raised over $210 million in funding from top-tier Silicon Valley venture capitalists, with its last financing round in 2015 valuing the company at more than $1 billion.Since expanding into Britain last year, Nextdoor has signed up users in 40 percent of UK neighbourhoods, or about 11,000 in all. Similarly, it has drawn in members in 4,000 Dutch neighbourhoods, covering about 44 percent of the country, Nextdoor said.The company has already been testing its service in 200 neighbourhoods in Germany and aims to have thousands up and running by the end of this year, Tolia said.It has hired veteran internet executive Marcus Riecke, the one-time head of eBay''s German local selling site and CEO of StudiVZ, a successful early German rival to Facebook that ran out of steam around the start of this decade. Riecke will run Nextdoor''s national offices from Berlin.To join Nextdoor Germany, members must use their real names and confirm their home address at nextdoor.de . Conversations are only accessible among verified local neighbours and are not available via Google or other search engines.Nextdoor began generating revenue from its U.S. site this year by selling online advertising. The model is similar but more locally focused than the ads that finance Facebook or Google, reviving the tradition of local classified ads that has disappeared as the online era wiped out the economics of local newspaper circulars.(Reporting By Eric Auchard; Editing by Richard Pullin)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/internet-local-nextdoor-idINKBN19B0CC'|'2017-06-20T03:06:00.000+03:00'
'3bb20a212dfc60c4295af2a86e7a510d19bcd241'|'CORRECTED-Argentina plans to issue $2.6 bln more in foreign currency debt in 2017'|'(Corrects that new total 2017 debt issuance target is $12.75 bln, not $12.65 bln)BUENOS AIRES, June 19 Argentina has another $2.6 billion in foreign currency-denominated debt to be issued before the end of the year, Finance Minister Luis Caputo told reporters on Monday after the government sold its first-ever 100-year bond.The government is now planning to issue a total of $12.75 billion in foreign currency bonds this year, up from a previously planned $10 billion, Caputo said. (Reporting by Luc Cohen; Editing by Jonathan Oatis and Phil Berlowitz)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/argentina-bonds-minister-idINL1N1JG1QK'|'2017-06-19T19:38:00.000+03:00'
'5ec1625d15ce755b1f8e66331c3b963bfbaa2988'|'Germany''s Merkel: Europe not yet recovered from financial crisis'|' 24pm BST Germany''s Merkel: Europe not yet recovered from financial crisis German Chancellor Angela Merkel addresses the Civil20 summit, bringing together civil society organisations from over 50 countries to discuss its recommendations to the G20 in Hamburg, Germany, June19, 2017. REUTERS/Fabian Bimmer HAMBURG, Germany German Chancellor Angela Merkel said on Monday that Europe had not yet recovered from the financial crisis and the United States was not completely over it yet either. (Reporting by Andreas Rinke; Writing by Michelle Martin, editing by Thomas Escritt)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-g20-germany-merkel-europe-idUKKBN19A1Z2'|'2017-06-19T22:24:00.000+03:00'
'eddb21f6be5cb93be4bb3247d1226b5737ce7ead'|'France''s Orange to cut stake in BT Group to 2.66 percent or less'|'Business  00pm BST France''s Orange to cut stake in BT Group to 2.66 percent or less The logo for BT is seen outside of offices in the City of London, Britain, January 24, 2017. REUTERS/Toby Melville PARIS French telecoms firm Orange said on Monday it was reducing its stake in Britain''s BT Group to about 2.66 percent from 4 percent, and could cut it further to as little as 1.33 percent. Orange said in a statement it had launched the sale of about 133 million shares of BT, representing around 1.33 percent of the group, via a private placement. BT would buy up to 200 million pounds in the placement, it said. The French group also launched an offering of four-year maturity bonds exchangeable into BT shares for 520 million pounds, reflecting a premium in the range of 35 to 40 percent above the share price set via the initial private placement. (Reporting by Mathieu Rosemain; Editing by Edmund Blair)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-orange-bt-group-idUKKBN19A2EV'|'2017-06-20T01:00:00.000+03:00'
'ab9e6d5c559255c7c8b97eea960bfd86b86c15b9'|'Vice Media gets $450 mln from TPG to aid expansion efforts'|' 48pm EDT Vice Media gets $450 mln from TPG to aid expansion efforts June 19 Vice Media said on Monday it had closed a $450 million investment from private equity firm TPG, as the millennial-focused media company seeks to offer more programming content as well as expand into new markets. TPG''s investment values New York City-based Vice at about $5.7 billion, a source familiar with the matter said. Vice, home to channels such as Viceland and Motherboard, said it would use the funding to launch "Vice Studios," a platform that will offer scripted programming. It will also use the funds to develop over-the-top and direct-to-consumer services. Vice, which started in 1994 as a Montreal punk magazine, has evolved into a multimedia company offering print, television and online content as well as a record label and book publishing. Walt Disney Co, which owns an 18 percent stake in Vice, did not participate in the funding, the Wall Street Journal reported, citing people familiar with the matter. on.wsj.com/2siO8OQ TPG also has investments in music streaming service Spotify AB and home-sharing company Airbnb. (Reporting by Pushkala A and Anya George Tharakan in Bengaluru; Editing by Sai Sachin Ravikumar)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/vice-media-funding-idUSL3N1JG4FS'|'2017-06-20T00:48:00.000+03:00'
'c86faca21d90326502f2441264c0e34b13cbff05'|'UPS announces peak surcharges in the U.S. for holiday season'|'U.S. - Mon Jun 19, 2017 - 11:41am EDT UPS to levy holiday surcharges to battle e-commerce costs By Nick Carey - DETROIT DETROIT United Parcel Service Inc said on Monday it will levy surcharges on U.S. residential packages during its crucial peak holiday season this year as it seeks to combat the spiraling costs of delivering e-commerce packages. Like its main rival FedEx Corp, UPS has struggled with the expense of "the last mile" associated with delivering to residential addresses. The cost per package to businesses is typically lower because they receive more deliveries. Atlanta-based UPS, the world''s largest shipping company, said residential packages, large packages and those exceeding system weight limits would face surcharges of up to 97 cents for two-day air services to residential addresses from Dec. 17-23. A 27 cent surcharge per package will apply to UPS'' ground service from Nov. 19 to Dec. 2 and between Dec. 17 and Dec. 23. "We''re focused on helping our customers achieve success during some of their most important selling seasons," Alan Gershenhorn, UPS'' chief commercial officer, said in a statement. UPS''s average daily volume exceeded 30 million packages on some days during its 2016 peak holiday season, far above its normal daily average of more than 19 million packages. To meet that demand, UPS said it "acquires on a temporary basis and often at shorter-term premium rates, additional air and truck cargo capacity, temporary facilities, and additional sorting and delivery personnel." UPS has worked closely with retailers to manage the peak season surge since struggling to do so in 2013 and 2014. Both UPS and FedEx have spent billions of dollars in upgrading their networks to handle rapidly rising e-commerce package volumes, leaving investors chafing over the expense. It is unclear whether Memphis-based FedEx, which is due to report quarterly results after the close of trading on Tuesday, plans to adopt a similar peak season surcharge policy. Cutting delivery costs is a key priority in the e-commerce sector and was, according to industry experts, one of the reasons for Amazon Inc''s announcement last week that it was buying Whole Foods Market Inc for $13.7 billion. UPS shares were down 6 cents at $110.53 in late morning trading on Monday. FedEx was down 74 cents at $209.76 a share. (Additional reporting by Ankit Ajmera in Bengaluru; Edited by Martina D''Couto and Paul Simao) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-united-parcel-surcharge-idUSKBN19A1YC'|'2017-06-19T22:00:00.000+03:00'
'ccad69a7a8a1bdf53b892db0a46db3894f95c00d'|'RPT-With Whole Foods, Amazon on collision course with Wal-Mart'|'Market News - Mon Jun 19, 2017 - 7:01am EDT RPT-With Whole Foods, Amazon on collision course with Wal-Mart (Repeats without change) By Nandita Bose and Jeffrey Dastin CHICAGO/SAN FRANCISCO, June 19 When Wal-Mart Stores Inc bought online retailer Jet.com for $3 billion last year, it marked a crucial moment - the world''s largest brick-and-mortar retailer, after years of ceding e-commerce leadership to arch rival Amazon, intended to compete. On Friday, Amazon.com Inc countered. With its $14 billion purchase of grocery chain Whole Foods Market Inc , the largest e-commerce company announced its intention to take on Wal-Mart in the brick-and-mortar world. The two deals make it clear that the lines that divided traditional retail from e-commerce are disappearing and sector dominance will no longer be bound by e-commerce or brick-and-mortar, but by who is better at both. Amazon''s purchase of Whole Foods also brings disruption to the $700 billion U.S. grocery sector, a traditional area of retailing that stands on the precipice of a ferocious price war. German discounters Aldi and Lidl are battling Wal-Mart, which controls 22 percent of the U.S. grocery market, with each vowing to undercut whatever price the others offer. The stakes are highest for Wal-Mart. Amazon''s move aims at the heart of the Bentonville, Arkansas-based retail giant''s business - groceries, which account for 56 percent of Wal-Mart''s $486 billion in revenue for the year ending Jan. 31. With the deal, Whole Foods’ more than 460 stores become a test bed with which Amazon can learn how to compete with Wal-Mart’s 4,700 stores with a large grocery offering that are also within 10 miles (16 km) of 90 percent of the U.S. population. Amazon is expected to lower Whole Foods'' notoriously high prices, enabling it to pursue Wal-Mart''s customers. The push comes as Wal-Mart is headed in the opposite direction - going after Amazon''s higher-income shoppers with a recent string of acquisitions of online brands such as Moosejaw and Modcloth and on Friday, menswear e-tailer Bonobos. Wal-Mart may be ready. In preparation for the grocery price war, Wal-Mart in recent months has cut grocery prices, improved fresh food and meat offerings, modernized shelving and lighting in its grocery aisles, and expanded its online grocery pickup service. Marc Lore, the Jet.com founder who now runs Wal-Mart''s e-commerce business after selling a startup to Amazon, told Reuters in an interview that Amazon''s move does not change Wal-Mart''s game plan. "We''re playing offense," he said. Wal-Mart is offering curbside pickup of online grocery purchases at 700 locations, with 300 more planned by year end. It also is testing same-day fresh and frozen home delivery from 10 of its stores. "We see an opportunity to do a lot more of that," Lore said. Roger Davidson, who oversaw Wal-Mart''s global food procurement and now is president of Oakton Advisory Group, said the deal will reduce Wal-Mart''s brick-and-mortar advantage. "I think this acquisition is a concern," he said. Some industry observers say Amazon will find it difficult to use Whole Foods to pull away Wal-Mart shoppers because the two stores appeal to different customers. But Michelle Grant, head of retailing at market research firm Euromonitor, said Amazon could use an obscure part of the Whole Foods portfolio - Whole Foods 365 - to lure Wal-Mart shoppers. Whole Foods 365 offers private-label goods and lower prices than typical Whole Foods stores, and is targeted at younger, value-conscious shoppers. Amazon could provide the financial capital and tactical ability to build that into something big. "That (Whole Foods 365) may become a big problem for Wal-Mart," Grant said. Amazon, which reported $12.5 billion in cash and equivalents and a free cash flow of $10.2 billion in the year ended March 31, has plenty to spend. Wal-Mart reported $6.9 billion in cash and equivalents and $20.9 billion in free cash flow at its year ended Jan. 31. Brittain Ladd, a former senior manager at Amazon who worked on its brick-and-mortar strategy, said Amazon will use Whole Foods to test concepts for the grocery store of the future. Ladd, who left Amazon in March, said Amazon will seek to eliminate checkout lines by using technology that automatically scans goods as customers add them to their shopping carts. It will select merchandise based on Amazon''s vaunted customer data, and potentially expects the use of technology to change prices during the course of a day. Amazon declined comment on competition with Walmart but spokesman Drew Herdener said in a statement the company has no plans to cut jobs or use technology in development at its Seattle Amazon Go store to automate jobs of cashiers. Ladd, who helped with AmazonFresh''s global expansion and now is a supply chain consultant, said an Amazon-owned Whole Foods also likely will offer in-car pickup of online purchases, and home delivery from Whole Foods stores, add pharmacies and showcase Amazon devices inside the stores. "Amazon will reduce prices and change the assortment of products carried in Whole Foods stores to attract a larger customer base," said Ladd. "Kroger and Wal-Mart will be impacted as their customers will defect to Amazon." (Additional reporting by Richa Naidu in Chicago; Editing by David Greising, Peter Henderson and Bill Trott) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/whole-foods-ma-amazoncom-walmart-idUSL1N1JF08Q'|'2017-06-19T19:01:00.000+03:00'
'bd55d686fe788d4e56486375354fa403f0bd364b'|'PerkinElmer to buy Germany''s Euroimmun for about $1.3 billion'|'Business News - Mon Jun 19, 2017 - 8:26am BST PerkinElmer to buy Germany''s Euroimmun for about $1.3 billion Scientific instruments maker PerkinElmer Inc said on Monday it would buy Germany''s Euroimmun Medical Laboratory Diagnostics AG for about $1.3 billion (1.02 billion pounds) in cash. The acquisition is expected to add about $0.28 to $0.30 per share to PerkinElmer''s 2018 adjusted earnings. PerkinElmer also reaffirmed its 2017 revenue and earnings per share guidance. The deal is expected to close in the fourth quarter of 2017, PerkinElmer said in a statement. (Reporting by Subrat Patnaik in Bengaluru; Editing by Gopakumar Warrier)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-euroimmun-m-a-perkinelmer-idUKKBN19A0R0'|'2017-06-19T15:26:00.000+03:00'
'334893b8cb8b00f5a4ba9b718541a0b7461dd313'|'ECB to ask banks to report all major cyber incidents'|'Business News - Mon Jun 19, 2017 - 9:48am BST ECB to ask banks to report all major cyber incidents A man holds a laptop computer as cyber code is projected on him in this illustration picture taken on May 13, 2017. REUTERS/Kacper Pempel/Illustration FRANKFURT The European Central Bank will require banks it supervises to report all major cyber incidents starting this summer as it increases its focus on IT security, ECB board member Sabine Lautenschlaeger said on Monday. "We conducted a successful pilot phase in 2016. And now we will implement a long-term solution for all those banks that we directly supervise," Lautenschlaeger said. "As from this summer, they will be required to report all significant cyber incidents," she said. "This will help us to assess more objectively how many incidents there are and how cyber threats evolve." (Reporting by Balazs Koranyi; Editing by Gareth Jones)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-eurozone-banks-ecb-idUKKBN19A0YQ'|'2017-06-19T16:48:00.000+03:00'
'229151635f7ba79f9ecb9a65e345999e432765b9'|'With Whole Foods, Amazon on collision course with Wal-Mart'|'Deals   12:12pm BST With Whole Foods, Amazon on collision course with Wal-Mart left right The logo of Amazon is seen at the company logistics center in Lauwin-Planque, northern France, February 20, 2017. REUTERS/Pascal Rossignol 1/4 left right Juice drinks for sale are pictured inside a Whole Foods Market in the Manhattan borough of New York City, New York, U.S. June 16, 2017. REUTERS/Carlo Allegri 2/4 left right Produce is pictured inside a Whole Foods Market in the Manhattan borough of New York City, New York, U.S. June 16, 2017. REUTERS/Carlo Allegri 3/4 left right Shopping carts are seen outside a new Wal-Mart Express store in Chicago July 26, 2011. REUTERS/John Gress/Files 4/4 By Nandita Bose and Jeffrey Dastin - CHICAGO/SAN FRANCISCO CHICAGO/SAN FRANCISCO When Wal-Mart Stores Inc bought online retailer Jet.com for $3 billion last year, it marked a crucial moment - the world''s largest brick-and-mortar retailer, after years of ceding e-commerce leadership to arch rival Amazon, intended to compete. On Friday, Amazon.com Inc countered. With its $14 billion purchase of grocery chain Whole Foods Market Inc, the largest e-commerce company announced its intention to take on Wal-Mart in the brick-and-mortar world. The two deals make it clear that the lines that divided traditional retail from e-commerce are disappearing and sector dominance will no longer be bound by e-commerce or brick-and-mortar, but by who is better at both. Amazon''s purchase of Whole Foods also brings disruption to the $700 billion U.S. grocery sector, a traditional area of retailing that stands on the precipice of a ferocious price war. German discounters Aldi and Lidl are battling Wal-Mart, which controls 22 percent of the U.S. grocery market, with each vowing to undercut whatever price the others offer. The stakes are highest for Wal-Mart. Amazon''s move aims at the heart of the Bentonville, Arkansas-based retail giant''s business - groceries, which account for 56 percent of Wal-Mart''s $486 billion in revenue for the year ending Jan. 31. With the deal, Whole Foods’ more than 460 stores become a test bed with which Amazon can learn how to compete with Wal-Mart’s 4,700 stores with a large grocery offering that are also within 10 miles (16 km) of 90 percent of the U.S. population. Amazon is expected to lower Whole Foods'' notoriously high prices, enabling it to pursue Wal-Mart''s customers. The push comes as Wal-Mart is headed in the opposite direction - going after Amazon''s higher-income shoppers with a recent string of acquisitions of online brands such as Moosejaw and Modcloth and on Friday, menswear e-tailer Bonobos. Wal-Mart may be ready. In preparation for the grocery price war, Wal-Mart in recent months has cut grocery prices, improved fresh food and meat offerings, modernized shelving and lighting in its grocery aisles, and expanded its online grocery pickup service. Marc Lore, the Jet.com founder who now runs Wal-Mart''s e-commerce business after selling a startup to Amazon, told Reuters in an interview that Amazon''s move does not change Wal-Mart''s game plan. "We''re playing offense," he said. Wal-Mart is offering curbside pickup of online grocery purchases at 700 locations, with 300 more planned by year end. It also is testing same-day fresh and frozen home delivery from 10 of its stores. "We see an opportunity to do a lot more of that," Lore said. Roger Davidson, who oversaw Wal-Mart''s global food procurement and now is president of Oakton Advisory Group, said the deal will reduce Wal-Mart''s brick-and-mortar advantage. "I think this acquisition is a concern," he said. Some industry observers say Amazon will find it difficult to use Whole Foods to pull away Wal-Mart shoppers because the two stores appeal to different customers. But Michelle Grant, head of retailing at market research firm Euromonitor, said Amazon could use an obscure part of the Whole Foods portfolio - Whole Foods 365 - to lure Wal-Mart shoppers. Whole Foods 365 offers private-label goods and lower prices than typical Whole Foods stores, and is targeted at younger, value-conscious shoppers. Amazon could provide the financial capital and tactical ability to build that into something big. "That (Whole Foods 365) may become a big problem for Wal-Mart," Grant said. Amazon, which reported $12.5 billion in cash and equivalents and a free cash flow of $10.2 billion in the year ended March 31, has plenty to spend. Wal-Mart reported $6.9 billion in cash and equivalents and $20.9 billion in free cash flow at its year ended Jan. 31. Brittain Ladd, a former senior manager at Amazon who worked on its brick-and-mortar strategy, said Amazon will use Whole Foods to test concepts for the grocery store of the future. Ladd, who left Amazon in March, said Amazon will seek to eliminate checkout lines by using technology that automatically scans goods as customers add them to their shopping carts. It will select merchandise based on Amazon''s vaunted customer data, and potentially expects the use of technology to change prices during the course of a day. Amazon declined comment on competition with Walmart but spokesman Drew Herdener said in a statement the company has no plans to cut jobs or use technology in development at its Seattle Amazon Go store to automate jobs of cashiers. Ladd, who helped with AmazonFresh''s global expansion and now is a supply chain consultant, said an Amazon-owned Whole Foods also likely will offer in-car pickup of online purchases, and home delivery from Whole Foods stores, add pharmacies and showcase Amazon devices inside the stores. "Amazon will reduce prices and change the assortment of products carried in Whole Foods stores to attract a larger customer base," said Ladd. "Kroger and Wal-Mart will be impacted as their customers will defect to Amazon." (Additional reporting by Richa Naidu in Chicago; Editing by David Greising, Peter Henderson and Bill Trott)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-whole-foods-m-a-amazon-com-walmart-idUKKBN1990HH'|'2017-06-18T19:09:00.000+03:00'
'e59bf8162dd1b548d7bc4aaadf2458c718ebd72d'|'Boeing sees strong interest in potential new 737 model'|'Business News - Sun Jun 18, 2017 - 2:57pm BST Boeing sees strong interest in potential new 737 model A Boeing 737 MAX is seen on the static display, before the opening of the 52nd Paris Air Show at Le Bourget airport near Paris, France, June 16, 2017. REUTERS/Pascal Rossignol PARIS Boeing ( BA.N ) has received strong interest in a potential new member of its best-selling 737 aircraft range, the planemaker''s new commercial chief said on Sunday. Boeing is widely expected to launch the 190-230-seat 737 MAX 10 at the opening of the Paris Airshow on Monday, adding a larger new variant to its narrowbody medium-haul family. Boeing Commercial Airplanes Chief Executive Kevin McAllister said the U.S. planemaker hopes to conclude a three-year study of a gap between narrowbody and wide-body jets soon, but declined to say when it might take the next steps towards launching a possible new ''mid-market'' aircraft family. Speaking ahead of the June 19-25 air show, McAllister, a former General Electric ( GE.N ) executive picked last November to run Boeing''s commercial business, also stressed the potential of new digital technologies in production and aftermarket services and urged continued efforts on efficiency from suppliers. (Reporting by Tim Hepher) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-airshow-paris-boeing-idUKKBN1990ML'|'2017-06-18T21:57:00.000+03:00'
'293c329d0616c19176df74305503b806d4916ba3'|'BRIEF-FACC extends strategic cooperation with Bombardier'|'Market News - Mon Jun 19, 2017 - 10:19am EDT BRIEF-FACC extends strategic cooperation with Bombardier June 19 Facc Ag * U.S. Special Operations command awards Harris Corporation $255 million IDIQ contract for next-generation manpack radios MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories Reuters News Agency - Brand Attribution Guidelines - Careers Reuters is the news and media division of Thomson Reuters . Thomson Reuters is the world''s largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Learn more about Thomson Reuters products: '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-facc-extends-strategic-cooperation-idUSFWN1JG0CS'|'2017-06-19T22:19:00.000+03:00'
'499560c0fae8c83d676f05fe97771b0171614908'|'Wall Street set to open flat as fall in oil prices weigh'|'NEW YORK U.S. stocks closed lower on Tuesday as a sharp drop in oil prices hurt energy stocks and retail stocks were pulled down by concerns about Amazon.com''s ( AMZN.O ) plan to boost its apparel business. Based on the latest available data, the Dow Jones Industrial Average .DJI fell 61.85 points, or 0.29 percent, to 21,467.14, the S&P 500 .SPX lost 16.43 points, or 0.67 percent, to 2,437.03 and the Nasdaq Composite .IXIC dropped 50.98 points, or 0.82 percent, to 6,188.03.(Reporting by Caroline Valetkevitch; Editing by Nick Zieminski)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/usa-stocks-idINKBN19B1SQ'|'2017-06-20T21:11:00.000+03:00'
'b778cd4cf5c04033d67855f6548042208ffe2f2a'|'UPDATE 2-Israel securities regulator opens investigation into Bezeq'|'(Adds Bezeq and analyst comments, details)By Ari RabinovitchJERUSALEM, June 20 The Israel Securities Authority said on Tuesday it had opened an investigation into the country''s largest telecom group, Bezeq Israel Telecom and its controlling shareholder.The market regulator said in a statement that the probe "deals with suspicions of violations of the securities law and the penal code relating to transactions connected to the controlling shareholder". It did not elaborate.Trading in Bezeq and its parent companies was halted in Tel Aviv following the announcement.The company said it learned of the investigation on Tuesday morning and that its offices were searched."The company does not have any additional information about the nature and circumstances of the investigation," it said.Bezeq is controlled by its chairman, Shaul Elovitch, through holding company Eurocom Group, which declined to comment.But another Eurocom subsidiary, Internet Gold, said it was suspending a planned bond issue as a result of the investigation.Eurocom gives Elovitch control over a myriad of assets like satellite operator Spacecom and Enlight Renewable Energy. He is also a close friend of Prime Minister Benjamin Netanyahu, a relationship that bars Netanyahu from dealing with all things Bezeq."A prolonged trading halt is a rather rare procedure which requires approval from the Tel Aviv Stock Exchange''s chairman and cannot exceed one trading day and gives the company a chance to provide colour to the market," Barclays analyst Tavy Rosner said in a note.Israel''s financial news websites reported that investigators were focusing on a recent deal in which Bezeq bought control of its satellite TV unit from Eurocom.Bezeq has dominated Israel''s telecom sector for decades and, with a generous dividend policy of distributing all its net profit, is a favourite among foreign investors.Looking to shore up its position further, Bezeq is lobbying the government to end a forced separation of its fixed-line, mobile and satellite TV units.However, opponents say that allowing Bezeq to combine its subsidiaries into a single company will stifle competition. (Additional reporting by Steven Scheer; editing by Alexander Smith)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/bezeq-investigation-idINL8N1JH0UU'|'2017-06-20T07:40:00.000+03:00'
'856da55a3fb335406cebb95e64373798d9ac87ee'|'Corruption watchdog''s attack on central bank stuns South Africa'|'Business  43pm EDT Corruption watchdog''s attack on central bank stuns South Africa By Ed Cropley - JOHANNESBURG JOHANNESBURG In eight months as the head of South Africa''s anti-graft agency, Busisiwe Mkhwebane, has avoided the limelight, a break from her predecessor whose dogged pursuit of corruption cases against President Jacob Zuma made her a household name. That changed this week when Mkhwebane, an advocate with 20 years experience, slid a monetary policy bombshell into the findings of an investigation into an apartheid-era bailout of a bank bought by Barclays Africa Group ( BGAJ.J ). At the end of a 56-page summary of the probe the Public Protector launched an attack on the South African Reserve Bank (SARB) and its constitutional obligation to protect the rand, a central pillar of the post-apartheid state. Specifically, Mkhwebane proposed changing the constitution to remove the phrase "to protect the value of the currency" from the definition of the SARB''s primary role. Instead, it should define the bank''s main objective as promoting "balanced and sustainable economic growth... while ensuring that the socio-economic well-being of the citizens are protected", she said. That set alarm bells ringing for many South Africans concerned that the change could lead to money printing and threaten the SARB''s independence. The central bank''s inflation targeting has long been derided by leftists from Zuma''s ruling ANC party who see a weak currency as an economic panacea. Former SARB Governor Tito Mboweni was incensed, pointing to political skulduggery ahead of ANC elections in December that will replace Zuma, facing a series of scandals, as party leader. "When we negotiated our sovereign constitution, we entered into a covenant about the independence of the SA Reserve Bank," he wrote in an essay. "It is unwise to try and change this at the slightest political provocation. It is a very serious matter for our beloved country. Please think carefully about this." Mboweni, who was also instrumental in smoothing South Africa''s return to the global financial system after Nelson Mandela''s election in 1994, also lamented the potential damage to Pretoria''s image and credibility. Currency and bond markets reacted sharply to the watchdog''s comments, with the rand losing 2 percent in two days and bond yields spiking as ratings agencies warned of further downgrades to South Africa''s already crumbling credit profile. Former finance minister Trevor Manuel, another architect of South Africa''s post-apartheid stability, shared Mboweni''s concerns. "This report extends so far beyond the remit of the Public Protector that it portends significant danger," he told Reuters. "What is her locus standi to propose amendments to the constitution? That is so way above her pay grade." LEGALLY FLAWED Legal analysts and the SARB denounced her conclusions as legally flawed and beyond her remit of investigating alleged corruption by public officials. "The Reserve Bank has consulted its legal team and has been advised that the remedial action prescribed by the Public Protector falls outside her powers and is unlawful," it said in a statement. It would take urgent legal action, it added. Even the person who brought the initial complaint about the bank bailout, advocate and anti-corruption campaigner Paul Hoffman, was flummoxed. "It came like a bolt from the blue," he told Reuters. "It wasn''t asked for, it wasn''t required and it isn''t legal. The complaint had nothing to do with it. The scope of the powers of the Public Protector do not extend to changing the constitution because of what she had for breakfast." Newspapers were equally perplexed. "What is Busi doing?" the Johannesburg-based Citizen asked in a front-page headline, while the Sowetan led on the backlash under the headline "Public Protector''s directive slammed". With few other explanations to hand, suspicion has turned to Zuma and finance minister Malusi Gigaba, who some see as a political opportunist who regularly denounces the evils of "white monopoly capital" - shorthand for the disproportionate financial clout of the white minority, a lingering legacy of apartheid. As a remedy - and with the ruling ANC''s popularity falling ahead of 2019 elections - Gigaba and others have been pushing for "radical economic transformation" without saying what it entails. But on Tuesday, he defended the central bank. "We need to protect at all times the independence of the South Africa Reserve Bank so we don''t subject it to undue influence from anybody," he told Reuters in an interview. Mkhwebane also defended her integrity in a radio interview on Tuesday but she said the SARB''s status as a lender of last resort "has commercial benefits only in respect of the financial sector", and "does not improve the socio-economic conditions of ordinary citizens". "Once the state takes control of creating money and credit, numerous benefits aimed at alleviating economic ails [sic] of ordinary disadvantaged people may be achieved," she added. (Editing by Anna Willard)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-safrica-cenbank-legality-idUSKBN19B2WU'|'2017-06-21T03:41:00.000+03:00'
'761240fd55eaa6d91e1df6358734f9918ce216a9'|'Don''t deviate from international banking rules, EU tells Trump'|'Business News - Tue Jun 20, 2017 - 4:13pm BST Don''t deviate from international banking rules, EU tells Trump left right European Commission Vice-President Valdis Dombrovskis addresses a news conference at the EU Commission headquarters in Brussels, Belgium May 22, 2017. REUTERS/Francois Lenoir 1/2 left right U.S. President Donald Trump participates in an American Technology Council roundtable at the White House in Washington, U.S., June 19, 2017. REUTERS/Carlos Barria 2/2 BRUSSELS The vice president of the European Commission warned the Trump administration on Tuesday against deviating from international banking rules in its review of U.S. financial regulations. The U.S. Treasury last week unveiled plans to upend the country''s financial regulatory framework in a 150-page report that suggested more than 100 changes, some of which could affect rules previously agreed with international partners. "The signal we are sending to the U.S. authorities is that we expect continuous adherence to globally agreed standards and rules," Valdis Dombrovskis told lawmakers in the European Parliament. The U.S. Treasury has called for a delay in implementing a globally agreed rule on bank liquidity which requires banks to cover long-term funding needs from January, 2018. Washington also wants to delay a fundamental review of banks'' trading books, which was agreed globally through the Basel Committee of international regulators. Answering EU lawmakers'' questions, Dombrovskis referred directly to the two recommended reforms as examples of internationally-agreed rules that needed to be respected. The trading book review represented a major overhaul of how banks set aside capital to cover risks from stocks, bonds and other instruments kept in their trading businesses. Dombrovskis, who has sided with EU banks in tweaking other banking reforms on capital requirements agreed by global regulators, stressed that the U.S. plans at the moment are mere recommendations which need to be translated into concrete legislative proposals. "We must see what practical steps will be taken," Dombrovskis said. He argued that a reform of the U.S. regulatory framework did not pose a problem as long as it did not encourage deregulation. (Reporting by Francesco Guarascio, editing by Ed Osmond)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-usa-banks-regulations-eu-idUKKBN19B25L'|'2017-06-20T23:13:00.000+03:00'
'37c3f78aaa361d493d453972a123537995ffb944'|'Protectionism would compromise China''s financial sector - PBOC''s Zhou'|'Central Banks - Tue Jun 20, 2017 - 4:24am BST Protectionism hurts China''s financial sector, opening helps - PBOC''s Zhou Zhou Xiaochuan, Governor of the People''s Bank of China, attends a news conference during the ongoing National People''s Congress (NPC), China''s parliament, in Beijing China March 10, 2017. REUTERS/Jason Lee By Andrew Galbraith and Winni Zhou - SHANGHAI SHANGHAI Healthy financial institutions are a prerequisite for preventing a financial crisis, and further opening will help build a strong and competitive financial sector, China''s central bank governor Zhou Xiaochuan said on Tuesday. Speaking at an annual forum in Shanghai, Zhou focused on broad reforms and competition, but did not discuss more immediately pressing policy challenges like managing the yuan exchange rate or balancing efforts to "de-leverage" the economy and encourage growth. Zhou said some people keen to limit foreign participation in the financial sector were "focused on their own interests" and not doing Chinese financial institutions any favours. "From the experience of many countries, including our own, protections will lead to laziness and weakness... protectionism will lead to weak competitiveness and will hurt the industry''s development, and (make for) unhealthy and unstable markets and institutions," he said. The financial services industry had benefited from opening up, and must continue to do so, he said at the start of the Lujiazui Forum in China''s finance hub. While the government has opened parts of the financial sector to foreign participation, non-Chinese firms still face a range of restrictions on both investment and business. Analysts say the risks to China''s financial sector and the broader economy have grown as debt has soared. Maintaining healthy financial institutions was key to defending against a financial sector crisis, Zhou said. As part of efforts to lift the yuan''s status as a globally significant currency, China''s long-planned international payment system for cross-border yuan settlement would "soon" be based in Shanghai, Zhou said. The China International Payments System, or CIPS, would replace a patchwork of networks and allow hassle-free yuan payments. China has been keen to turn the yuan into a global currency, but its efforts have been stymied by a string of capital control measures aimed at easing depreciation pressure in recent months. The yuan lost about 6.5 percent of its value against the dollar last year and economists had expected further depreciation this year, but capital controls, a weaker dollar and other steps by the authorities have bolstered the value of the Chinese currency. (Reporting by Andrew Galbraith and Winni Zhou; Writing by John Ruwitch; Editing by Shri Navaratnam) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-china-economy-finance-idUKKBN19B05D'|'2017-06-20T10:03:00.000+03:00'
'b42e9d40e1c79c31be4248268768ef951306e2ee'|'CIBC shakes up management, retail head Williamson to leave'|'Market News  48am EDT CIBC shakes up management, retail head Williamson to leave TORONTO, June 20 Canadian Imperial Bank of Commerce on Tuesday announced changes to its management team, including the departure of retail head David Williamson, who had been a contender for the top job, and wealth management chief Steve Geist. Christina Kramer, currently executive vice president, retail distribution and channel strategy, was promoted to group head, personal and small business banking and will oversee the bank''s retail operations. Jon Hountalas, who runs the bank''s commercial banking business, will also assume responsibility for wealth management in an expanded role as group head, commercial banking and wealth management. Harry Culham will continue to run the bank''s capital markets business while Larry Richman, chief executive officer of PrivateBancorp, which CIBC is in the process of acquiring, will become group head, US region, when the deal closes on June 23. Williamson, who had been a contender to become CEO of the bank before Victor Dodig was appointed CEO in 2014, will leave the bank in the first quarter of 2018. Geist will leave at the end of the year. CIBC, Canada''s fifth biggest lender, last month reported second-quarter earnings that beat market expectations, benefiting from growth across its businesses. (Reporting by Matt Scuffham; Editing by Jeffrey Benkoe)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/cibc-moves-idUSL1N1JG1OZ'|'2017-06-20T20:48:00.000+03:00'
'e6d56cae236445581c95e6011e8979291df9f7ee'|'Funding scramble squeezes China''s borrowers despite PBOC injections'|'Central Banks - Tue Jun 20, 2017 - 3:29am BST Funding scramble squeezes China''s borrowers despite PBOC injections FILE PHOTO: People walk past the headquarters of the People''s Bank of China (PBOC), the central bank, as two paramilitary police officials patrol around it in Beijing November 20, 2013. REUTERS/Jason Lee/File Photo By Andrew Galbraith and Samuel Shen - SHANGHAI SHANGHAI Generous money injections by China''s central bank are helping to maintain some calm in the country''s financial markets, but market rates are persistently high, reflecting worries that liquidity conditions remain unusually tight. Rates on 14-day repos climbed to 5.3 percent on Monday, their highest late April, showing that a large gap remains between the supply of funding and demand from banks. Liquidity conditions are typically tight in China in June due to tax payments and as companies look to make their balance books look healthier at the end of the month and quarter. A rigorous quarterly inspection by the People''s Bank of China (PBOC) is also prompting banks to hoard cash. This year, a regulatory clampdown on riskier forms of financing, particularly between banks and non-financial institutions, has created additional strains on the system. "Liquidity is tight toward of the end of the month, and there''s high demand for borrowing that spans into next month, which is why you see the 14-day rates are pretty high," said a trader at Xiuwu Rural Commercial Bank, a small lender in China''s central Henan province, who is borrowing 100 million yuan (11.5 million pounds) from the market for 1-14 days. But she said the PBOC''s recent money injections had helped to ease market stress. The PBOC injected a net 110 billion yuan into money markets on Monday through a combination of seven-day, 14-day and 28-day reverse repos, traders said, bringing net injections through regular open market operations since the end of May to 540 billion yuan, according to Reuters calculations. That is in addition to an injection of 498 billion yuan into the financial system through the PBOC''s medium-term lending facility (MLF) loans earlier in June, more than offsetting the 431.3 billion yuan of MLF loans maturing this month. The PBOC had been actively draining funds from the system earlier in the year and has been pressing banks to deleverage as part of a concerted campaign by Chinese authorities to contain risks in the financial system from a rapid buildup in debt. The closely watched three-month Shanghai Interbank Offered Rate (SHIBOR) was at 4.74 percent on Monday, just four basis points below a two-year peak last Wednesday. The three-month SHIBOR rate has risen more than 45 percent since the beginning of 2017, eclipsing the PBOC''s benchmark lending rate of 4.35 percent. "Because of the liquidity injections by the PBOC, we have seen the market sentiment improving over the past couple of weeks, but if the imbalance between assets and liabilities cannot be solved, we still see strong pressure on SHIBOR," said David Qu, market economist at ANZ in Shanghai. Rapid expansion of lending by mid-sized banks over the past several months has eaten up their liquidity cushions, forcing them to turn to an increasingly expensive interbank market for funding, Qu said. The rise in SHIBOR rates this year has been accompanied by a rise in rates paid for Negotiable Certificates of Deposit (NCDs). These short-term debt instruments, favoured by smaller banks, are not yet included in the PBOC''s Macro Prudential Assessment (MPA), the quarterly inspection of banks'' books. The rate on three-month AAA-rated NCDs was at 4.8461 percent on Monday, according to data from the China Foreign Exchange Trading Service (CFETS), hovering near two-year highs of more than 5 percent last week. Zheng Lianghai, an analyst and Dongxing Securities, said that higher NCD issuance despite high borrowing costs shows that "some banks are quite desperate for money." Despite the squeeze on borrowers, market observers don''t fear a cash crunch like that in June 2013, as they expect the PBOC to continue to supply necessary liquidity to the market. Some China watchers believe the squeeze three years ago had been triggered at least in part by the PBOC''s efforts to encourage more de-risking at a time when conditions were already seasonally tight. The resulting spike in borrowing rates roiled domestic and global financial markets. But there is a risk in banking on continued PBOC support, said Qu. "I think the market may be relying on the authorities'' relaxation, or the PBOC''s liquidity injections, too much," he said, noting that deleveraging remains a priority for regulators in the medium term. "Sooner or later they will start deleveraging again ... you cannot win a bet on relaxation." (Reporting by Andrew Galbraith and Samuel Shen; Editing by Kim Coghill) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-china-banks-rates-idUKKBN19B06S'|'2017-06-20T10:29:00.000+03:00'
'6e930d32721c44d17e71c07b8ed36c7d15ee3a5a'|'Samsung Electronics plans Galaxy Note 8 launch event for August - source'|'Business  52am BST Samsung Electronics plans Galaxy Note 8 launch event for August - source A man looking at his mobile phone walks past an advertisement promoting Samsung Electronic''s Galaxy S8 at its store in Seoul, South Korea, April 27, 2017. REUTERS/Kim Hong-Ji By Se Young Lee - SEOUL SEOUL Tech giant Samsung Electronics Co Ltd plans to hold a launch event in New York City for its next Galaxy Note smartphone in the second half of August, a person   told Reuters on Tuesday. The person, who was not authorised to speak publicly on the matter and so declined to be identified, said the Galaxy Note 8 will sport a curved screen that is marginally larger than the 6.2-inch version of the Galaxy S8 smartphone and feature two rear cameras. The Note 7 was equipped with a 5.7-inch curved screen and one rear camera. The person did not elaborate further on the phone including pricing. A Samsung Electronics spokesman   Samsung is intent on continuing the premium Note series despite the costly collapse of the Galaxy Note 7, which it was forced to scrap roughly two months from launch in October due to fire-prone batteries. The incident, one of the biggest product safety failures in tech history, cost the firm 6.1 trillion won ($5.4 billion) in operating profit and hurt its credibility. The firm disclosed its preliminary findings in January that different battery problems from two suppliers caused the fires, which was corroborated by two other independent probes. The firm implemented several steps including a new set of battery safety checks to avoid repeat incidents, which analysts said is helping it win back consumer trust. Strong initial response for the Galaxy S8 smartphones that began selling in April indicate the firm is recovering quickly, with some analysts forecasting the device to set Samsung''s internal sales records and push the firm towards what is widely expected to be its best-ever profit for April-June. There have been no battery fire incidents reported for the S8. Counterpoint Research estimates Samsung regained its spot as the top global smartphone maker in the first quarter after ceding the spot to arch-rival Apple Inc in the previous quarter. Apple is widely expected to unveil its next iPhones by October. ($1 = 1,136.4500 won)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-samsung-elec-smartphones-idUKKBN19B0YJ'|'2017-06-20T16:52:00.000+03:00'
'ed4d6f6f3ce6dc8960c8973f886b68580e506263'|'From decks to moats: the complete guide to modern office jargon - Guardian Small Business Network - The Guardian'|'Wednesday 21 June 2017 15.00 BST Last modified on Wednesday 21 June 2017 15.02 BST If you want to add value to your tell-mode paradigm in the competitive modern workplace, you need to keep up to date with the latest business jargon. Such language is widely acknowledged to make workers feel unhappy and stressed, and cause everyone to feel as though they spend their days in a nightmare of corporate newspeak, where anything that isn’t completely meaningless must mean exactly the opposite of what it appears to say. The problem is that while everyone knows this, everyone is also well aware that they don’t want to be the one person who is ridiculed for speaking normal English. Game theory as well as common sense dictates that being the lone voice of reason is no good to anyone. So if you can’t beat them, join them, with this selection of the hippest, most bleeding-edge horror words out there. Deck People are increasingly annoying one another by asking for the “deck” when it comes to a particular Powerpoint presentation, as though they are card sharks in a New Orleans saloon. Can’t you just say “file” or “slides”? But of course it makes no sense to use the word “slides” for the individual images in a slideshow: that’s an obsolete tech metaphor from the days of overhead projectors. These things – like the floppy disk icon that means “save” – will presumably live on until no one can remember what they originally meant. Moat We have Game of Thrones to thank for the fact that business jargon is adopting language reminiscent of fantasy medieval warfare. According to Bloomberg, “moat” is the mot du jour in Silicon Valley presentations and earnings calls. But rather than a literal body of water around a castle it is “used to describe products or services that protect a company from incursions by competitors”. The term was popularised a decade ago by the Sage of Omaha, Warren Buffett, but over the past year it seems that if you’re not busy building a moat, you’re digging your own grave. O n all fours Are you on all fours with that? Should we get down on all fours and look at it from the client’s point of view? Either this is supposed to be smirkingly pornographic, or implies that the client is extremely small. In any case, getting down on all fours was already advertising jargon in 1950s New York. How long it will take for us to re-evolve back to a bipedal attitude is anyone’s guess. S egment (verb) Overheard by a correspondent on a bus: “We’ve got to segment that down.” How disgusting. And yet, like many apparently modern abuses of language, the transitive use of segment as a verb – “to divide into segments” – dates back to 19th-century biological science, becoming popular in computer programming in the 1970s, which is probably where the business use came from. There are also inspirational examples from other disciplines. One anthropologist asked in 1962: “How do we segment the stream of speech into category-designating units?” An excellent question to start any meeting. S wim lanes Business jargon likes to make itself sound fun by borrowing terms from more exciting pursuits. Sport is a fertile category, what with the awful ubiquity of “close of play”, “deep dive” and so forth. There are also “swim lanes”, as though everyone in the office is doing the Australian crawl in an Olympic pool. The mundane truth is that a swim lane is a column or row in a flowchart, with each lane devoted to one unit or process within the business. You can also make reference to Rummler-Brache diagrams or, simply, multi-column charts (which is what, in fact, they are), but that doesn’t quite evoke the cheering crowd and overpowering stench of chlorine. S olve (noun) According to my informant, at least one person on the planet has actually said: “Let’s action that solve,” which is a shattering two-for-one. The verb “action” – to mean “do” or “fulfil” – is now unavoidable, since it sounds so enjoyably active (and probably proactive), that people throughout the land are finding themselves screaming: “Action!” at their co-workers as though they are despotic film directors. Meanwhile, to use “solve” as a noun meaning “solution” seems like a weird novelty for the sake of sounding monosyllabically technical – until you realise that Shakespeare uses it in sonnet 69, so it’s probably fine after all. S weep the sheds Oddly, “sweeping the sheds” has become a popular buzzphrase for a kind of humble attention to detail. It derives from sport rather than gardening, being popularised by a 2013 business book offering success lessons from the New Zealand rugby team – apparently the All Blacks use brooms to sweep out their own locker room. Where sheds come into it is anyone’s guess. Do you know anyone who actually sweeps their shed? Isn’t the whole point of a shed that you don’t have to sweep it? S nackable I regret to observe that “snackable content” is a thing in marketing, meaning an attempt to draw people in with bite-sized nuggets of text or video or whatever so as to bolster brand visibility. This has inevitably led to a whole constellation of eating metaphors: how to make your readers “hungry” for snackable content; how to give them a “satisfying and speedy feed”, and so on ad nauseam. C hange agent The received wisdom in both business and self-help is that change is always good, which of course is rubbish. Change is often extremely bad. Yet you cannot be a modern, thrusting executive unless you are a “change agent”, daringly leading whatever change it happens to be. Otherwise you are an enemy of change. T ransformative These days, of course, a change is all the better if it is transformative. A change that was not transformative, however, would just be fiddling about, because a transformation is a change in form or a thorough metamorphosis. (Confusingly, however, a “reform” is usually just a minor improvement.) In general speech, something transformative is a particularly dramatic or delightful change: “She went on a fungus-and-kale diet and within weeks she was transformed.” So “transformative” is just a fancier way of saying “big” and “nice”. Nice, big change. Just remember that it is also a transformative change when a company goes bust or its directors are imprisoned. K aizen Alternatively, you can accomplish transformative change through gradual improvements, or so says mystical wisdom from the east. If saying: “Let’s try consistently to make things better,” doesn’t sound sufficiently impressive, just drop the word “kaizen” instead. Introduced to an awestruck western readership by Masaaki Imai in his 1986 book Kaizen: The Key to Japan’s Competitive Success, the word is now incontinently applied to methods of personal self-help as well as business processes, even though the Japanese word itself just means any change for the better with no necessary implication of continuous improvement over time. But it does have the inestimable advantage of making the anglophone user feel like a cross between a Zen master and a samurai, although bringing swords into the office is still largely discouraged. R unway How long is your runway? No, this is not some weird sex code but a normal business question, particularly in the tech industry, where as Bloomberg reports, execs used it “2,348 times in analyst calls, presentations and filings over the last decade”. In this sense, your “runway” is simply how long your company can last before running out of money. It’s therefore rather an odd metaphor, because it seems as though at the end of this particular runway every aircraft will just crash into a fence and explode into flames, rather than taking off into the wide blue yonder. This is obviously not a desirable feature of real-life civilian or military aviation, although it is an accurate description of the life-cycle of most Silicon Valley startups. I nflection point An inflection point is a moment after which things will change, no doubt in a transformative way. So says Investopedia: “An event that results in a significant change in the progress of a company, industry, sector, economy or geopolitical situation.” Excitingly, this phrase derives from differential calculus, where the inflection point is a point at which a curve changes from concave to convex or vice versa. Its corporate use jettisons such technical detail and, in the usual way of terminological inflation, can now be applied to pretty much anything. I feel that last cup of coffee was really an inflection point for my ability to add value today. P ivot Pivoting is an excellent euphemism for failing. It’s what you do when your business model proves to be a crock: just pivot to another one, and maybe another one after that, until something sticks. It’s borrowed from the military term of pivoting to swing around and come at the enemy from a different angle, although many celebrated business pivots look more like jumping ship entirely. “Groupon”, explains the FT, “famously pivoted from their original aim to organise social advocacy campaigns” and turned into the shopping giant we all know and can’t unsubscribe from. This provides an exciting new jargon opportunity for creative politicians. If accused of a U-turn by an excited media, a minister should just say that, after due consideration, they have simply pivoted to an even better idea. ITL Much of the senior executive’s work is spent dreaming up new euphemisms for the sadly necessary business of firing people. After “downsizing” was considered too much of a downer, we got “rightsizing”, then “demising”, as though sacking people was actually killing them. But the best new circumlocution for getting rid of people is the innocuous-seeming initialism ITL, which stands for: “Invited to leave.” There is, of course, no possibility of declining such an invitation, although if there is severance involved at least there’ll be an “ITL package”, and so forth. You have to love the chutzpah of “invited”, as though one were being offered the chance to go to a really good party, which, let’s face it, definitely isn’t happening in the office.'|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/small-business-network/2017/jun/21/from-decks-to-moats-the-complete-guide-to-modern-office-jargon'|'2017-06-21T03:00:00.000+03:00'
'ecdd709a8bd52688b25ece82d05e257b43843104'|'CANADA STOCKS-Futures drop on renewed slump in oil prices'|'Market  27am EDT CANADA STOCKS-Futures drop on renewed slump in oil prices June 21 Canadian stock futures pointed to a lower opening on Wednesday as the slump in oil prices continued, with investors fretting over no relief from a production cutback deal between OPEC and non-OPEC producers. September futures on the S&P TSX index were down 0.15 percent at 7:15 a.m. ET. Canada''s benchmark stock index closed sharply lower on Tuesday as energy shares dived alongside oil prices, while Cenovus Energy Inc tumbled after the company said its chief executive was stepping down. Dow Jones Industrial Average e-mini futures were down 0.01 percent at 7:15 a.m. ET, while S&P 500 e-mini futures were down 0.13 percent and Nasdaq 100 e-mini futures were down 0.17 percent. (Morning News Call newsletter here ; The Day Ahead newsletter here ) TOP STORIES Billionaire Eddie Lampert-controlled Sears Canada Inc is preparing to seek court protection against creditors in the coming weeks, a person familiar with the matter said on Tuesday. ANALYST RESEARCH HIGHLIGHTS Crius Energy Trust: National Bank of Canada resumes coverage with "outperform" rating Enerflex Ltd: CIBC raises price target to C$25 from C$24.50 Spin Master: National Bank of Canada raises rating to "outperform" from "sector perform" COMMODITIES AT 7:15 a.m. ET Gold futures: $1,245.00; +0.32 pct US crude: $43.49; -0.07 pct Brent crude: $45.96; -0.09 pct LME 3-month copper: $5,681.50; +0.43 pct U.S. ECONOMIC DATA DUE ON WEDNESDAY 1000 Existing home sales for May: Expected 5.55 mln; Prior 5.57 mln 1000 Existing home sales percentage change for May: Expected -0.5 pct; Prior -2.3 pct FOR CANADIAN MARKETS NEWS, CLICK ON CODES: TSX market report Canadian dollar and bonds report Reuters global stocks poll for Canada Canadian markets directory ($1= C$1.33) (Reporting by Riniki Sanyal in Bengaluru; Editing by Shounak Dasgupta)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/canada-stocks-idUSL3N1JI3NE'|'2017-06-21T19:27:00.000+03:00'
'f886aa5d18e38e6f234d99c7aa2fd2441c7c240f'|'Norway offers record number of blocks for Arctic oil exploration'|'Business News -  16am BST Norway offers record number of blocks for Arctic oil exploration OSLO Norway''s oil ministry kept a record number of blocks proposed for oil and gas exploration in the Barents Sea in its final offer for the 24th licensing round on Wednesday, brushing off concerns about drilling impact on Arctic environment. The ministry proposed 102 blocks in total, including 93 blocks in the Barents Sea and 9 blocks in the Norwegian Sea, despite calls from the country''s Environment Agency to take about 20 blocks near the Bear Island off the list. The deadline to apply for acreage is November 30, and the plan is to announce awards during the first half of 2018, the ministry said. (Reporting by Nerijus Adomaitis, editing by Terje Solsvik)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-norway-oil-idUKKBN19C0VL'|'2017-06-21T16:16:00.000+03:00'
'3970abddc00e778b081bdf7dcb51f138e50c6f96'|'Pune moves to revive municipal market with bond sale'|'  8:47pm IST Pune moves to revive municipal market with bond sale An India Rupee note is seen in this illustration photo June 1, 2017. REUTERS/Thomas White/Illustration/files By Rafael Nam and Krishna Merchant - MUMBAI MUMBAI Pune sold $31 million in 10-year bonds on Monday, as cities in Asia''s third-largest economy look to tap investors for the first time in a decade to finance infrastructure projects. Though small, the issuance is a key first step in India''s plan to revive a municipal bond market that saw its last sale in 2007. The funds raised will help pay for its ambitious "Smart Cities" project that aims to modernise 100 cities by 2020, including by improving water supply and transportation. Pune Municipal Corp sold the debt at 7.59 percent, raising 2 billion rupees ($31.04 million) SBI Capital Markets, the sole arranger, said. That compared with around 7.40 percent for a similar maturity bond from Maharashtra state. The proceeds will be used to provide uninterrupted municipal water supply in the city, up from 4-6 hours currently. Bondholders will be paid interest from money raised from property taxes. Although India is planning to spend up to 48 billion rupees in its Smart Cities project, it needs cities such as Pune to raise up to 75 billion rupees from bond investors. Pune plans to raise a total of 23 billion rupees in the year to March, while New Delhi and Hyderabad are among other cities looking to raise debt, bankers and analysts said. Subodh Rai, senior director and head analytics at CRISIL Ratings, said it was important for India to develop its municipal bond market. "We are talking billions of dollars that need to be poured into urban infrastructure, and municipal corps cannot be dependent on the state or central governments to fund all of these projects," he said. India has seen only 11 billion rupees worth of municipal bond issuance over the previous two decades, according to think tank Pahle India Foundation, which estimates only 1 percent of urban bodies'' requirements are funded by municipal bonds compared to around 10 pct in the United States. Seeking to change that, capital markets regulator Securities and Exchange Board of India this year eased rules for cities selling bonds, while the government has said it will subsidise part of the interest payments. But many challenges remain, with bankers and analysts warning most cities in India typically have antiquated or opaque accounting methods, while infrastructure projects suffer from frequent delays or cost overruns that can jeopardise the ability to pay bondholders. "Most municipal corporations will not be able to raise the required amount of money from capital markets based on their balance sheets," said Sunil Kumar Sinha, principal economist and director of public finance at India Ratings. ($1 = 64.4400 Indian rupees)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/india-municipals-pune-idINKBN19A22O'|'2017-06-19T23:17:00.000+03:00'
'81b350938c141c2bcbf37ed60c709baeae8345a7'|'Silicon Valley giants outrank many nations, says first ''techplomat'''|'Technology Photos - Mon Jun 19, 2017 - 4:13pm IST Silicon Valley giants outrank many nations, says first ''techplomat'' left right Denmark''s tech ambassador Casper Klynge poses for a picture in Copenhagen, Denmark, June 15 2017. REUTERS/Stine Jacobsen 1/3 left right Denmark''s tech ambassador Casper Klynge poses for a picture in Copenhagen, Denmark, June 15 2017. REUTERS/Stine Jacobsen 2/3 left right Denmark''s tech ambassador Casper Klynge poses for a picture in Copenhagen, Denmark, June 15 2017. REUTERS/Stine Jacobsen 3/3 By Stine Jacobsen - COPENHAGEN COPENHAGEN The top firms in California''s Silicon Valley carry more weight on the global stage than many countries, which makes building diplomatic relations with them increasingly important, the world''s first national technology ambassador said. Chosen to fill what his country''s foreign ministry has dubbed the first "techplomacy" posting on the U.S. West Coast, Denmark''s Casper Klynge will be tasked with building direct ties between his country and the likes of Facebook, Apple and Alphabet''s Google. "We are to continue doing traditional diplomacy with countries and organizations, but we also have to start looking into what relation you can have with these big tech companies," Klynge told Reuters in an interview. The aim was to help Denmark understand the impact of rapid changes in digital technology while promoting the country''s interests and values - setting up a channel of communication that would also benefit the companies. "If you look at these companies'' involvement and significance for you and me, many of them have a much greater degree of influence than most nations," he said in comments cleared for publication late on Friday. In economic terms, the new partners are comparable. Denmark''s 2016 gross domestic product was 2.06 trillion Danish crowns ($310 billion), sitting between Facebook''s current $437 billion market value and the $185 billion of Oracle Corp. With tech companies under growing pressure to share encrypted information to prevent terrorism, Klynge also identified the ability of radical individuals or groups to exploit online platforms as a key issue. "We saw what happened after the terror acts in London when Facebook came forward and said they are ready to discuss how we prevent terror organizations using its network to promote their actions," said Klynge, who takes up his new role on Sept 1. In May, Facebook was fined 150,000 euros ($166,000) by France''s data protection watchdog for failing to prevent users'' data being accessed by advertisers. "If you look at what impacts us in our daily lives and how much data they can pull on all of us... (the firms) are truly influential players," Klynge said. Technological diplomacy is one of Denmark''s five foreign policy priorities alongside national security; Brexit; the Arctic region; and migration, instability and terrorism. (Editing by Terje Solsvik and John Stonestreet) '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/us-denmark-tech-idINKBN19A17A'|'2017-06-19T18:37:00.000+03:00'
'350b2312fbcb6942fa018bf43baf1ccfb6fda1de'|'Tories'' 30-hour free childcare plan fails to target poor families, says expert'|'The government’s plan to provide 30 hours’ free childcare has been criticised by a leading global education expert for failing to target the most disadvantaged families whose children stand to gain the most. Andreas Schleicher, education director of the Organisation for Economic Co-operation and Development (OECD), welcomed the doubling of the free childcare offer , which he said would bring England up from the bottom of the international league in terms of hours offered to an average position.But he questioned the government’s decision to target the offer at working parents, who can earn up to £100,000 each and still be eligible, rather than prioritising access for the most deprived families who may not qualify.From September, three- and four-year-olds of working parents in England will be eligible for 30 hours of government-funded childcare per week. To qualify, each parent – or the sole parent in a single parent family – will need to earn at least the equivalent of 16 hours per week working at the national minimum or living wage. The Conservative initiative has been widely welcomed by working parents among whom it was a clear vote winner in the 2015 election, but Labour has warned that low-income families in insecure employment or on zero-hours contracts, who may be unable to guarantee how many hours of work they will get from one month to the next, will lose out.In addition, early years providers have warned repeatedly that they will struggle to deliver high-quality care and education – and sufficient places – with the funding being made available.Schleicher, who made his comments at the launch of an OECD report comparing early education in the world’s industrialised countries, said he understood the importance of supporting parents to get back into the workforce. But he added: “It’s not just the 30 hours – it’s making sure those children who need it most get the best provision.”Neil Leitch, chief executive of the Pre-school Learning Alliance, said his organisation had long argued that, given limited resources, the government should focus its spending on where it was needed most. “As it stands, a family with a household income of nearly £200,000 will be eligible for the scheme, while another where, for example, one partner works 15 hours a week at the minimum wage in addition to volunteering, training, or further education, will not. How is this an effective use of government funding?“The OECD report rightly argues that when it comes to early years care and education, real efforts must be made to reach out to the most deprived families – and yet the fact remains that these are the very families who are likely to gain little to no benefit from current government early years policies.”The report, published on Wednesday, provides evidence that children who have received high-quality early childhood education experience better outcomes later in life.On an academic level, they get significantly better scores in international Pisa tests at the age of 15. After accounting for student and school-level socioeconomic status, students who had attended early childhood education for a year or more scored an average of 25 points higher in the Pisa science assessment compared with those who had not – 30 Pisa points is the equivalent of a school year.In countries where the proportion of under-threes in formal education and care is high, there is less obesity.Schleicher said the UK, like other OECD countries, had made considerable advances in early years care and education. There remained, however, wide variation in enrolment rates and the number of hours available per week.Countries such as Estonia, Finland, Greece, Hungary, Latvia and Poland provide several hours per week to a small proportion of under-threes – Latvian children get 38 hours a week, for example. In the Netherlands and New Zealand, fewer hours per week are provided – 20 or less – to a much greater proportion of children. Spending levels have risen, with countries such as Denmark and Norway investing most in their youngest.Over the past two decades, many countries have taken initiatives to increase access for disadvantaged children but Schleicher, launching the report in London, said disadvantaged families in many countries still found it harder to secure early years education for their child, particularly “of the quality they need and deserve”.Of the cohort of 15-year-olds who took part in the 2015 Pisa tests, 72% of disadvantaged students said they had attended early years education for at least two years compared with 82% of their wealthier peers. The differences in enrolment between advantaged and disadvantaged students are the largest (15-30 percentage points) in Slovenia, the Slovak Republic, Turkey and the United States. Leitch said: “Over recent years, government policy in England has been increasingly preoccupied with making more, cheaper, places available to parents, with nowhere near enough attention paid to whether or not these places are of good enough quality.“As this report highlights, early years education can have a significantly positive impact on children’s long term attainment, but only if the quality of the services being provided is sufficiently high.”A Department for Education spokesperson said the government was investing more than ever into childcare, spending £6bn by 2020. “We are also supporting the most disadvantaged families with 15 free hours per week for two-year-olds, our pupil premium which is worth more than £300 a year per child and our new disability access fund, providing £615 per eligible child.”Topics Childcare Benefits Children OECD Conservatives Economics news'|'theguardian.com'|'http://www.guardian.co.uk/business/economics/rss'|'https://www.theguardian.com/money/2017/jun/21/tories-30-hour-free-childcare-plan-fails-poor-families-oecd'|'2017-06-21T17:04:00.000+03:00'
'b347a3b355899ff9948da5efc36ca2349955016d'|'BRIEF-Jumei announces investment in TV drama production'|' 15am EDT BRIEF-Jumei announces investment in TV drama production June 21 Jumei International Holding Ltd : * Jumei announces investment in television drama production * Jumei International Holding Ltd - to invest an aggregate of RMB96 million in production of a television drama series titled "Here To Heart" * Jumei International Holding Ltd - production is expected to take place from July to September 2017  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-jumei-announces-investment-in-tv-d-idUSFWN1JI0HU'|'2017-06-21T19:15:00.000+03:00'
'ee34f26cfd1f549f201ece9aebcb8c6938606c5b'|'BRIEF-Sarepta, Genethon announce research collaboration for DMD treatment'|' 18am EDT BRIEF-Sarepta, Genethon announce research collaboration for DMD treatment June 21 Sarepta Therapeutics Inc: * Sarepta Therapeutics and Genethon announce a gene therapy research collaboration for the treatment of Duchenne Muscular Dystrophy * Sarepta Therapeutics Inc - financial terms of collaboration have not been disclosed * Sarepta Therapeutics Inc - Sarepta has option to co-develop Genethon''s micro-dystrophin program, which includes exclusive U.S. commercial rights * Sarepta Therapeutics Inc - under terms of collaboration, Genethon will be responsible for early development work  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-sarepta-genethon-announce-research-idUSFWN1JI0FU'|'2017-06-21T19:18:00.000+03:00'
'751e79f1f911897095f135ef0e49f937eba00e51'|'BMC Software explores merger with CA -source'|'Deals - Wed Jun 21, 2017 - 9:06am EDT BMC Software explores merger with CA: source By Liana B. Baker Privately owned BMC Software has contacted banks about putting together a financing package for an acquisition offer for enterprise software maker CA Inc ( CA.O ), according to a source familiar with the matter. The deal would combine two of the largest U.S. providers of information technology management software and would be the biggest leveraged buyout since Dell''s $24.4 billion take-private transaction in 2013. BMC''s bid for CA, which has a market capitalization of more than $13 billion, would require a large financing package and equity financing from BMC''s private equity owners, Bain Capital and Golden Gate Capital, the source said on Tuesday. The source cautioned that no deal is certain and asked not to be identified because the deliberations are confidential. CA and BMC could not immediately be reached for comment. Bain Capital and Golden Gate declined to comment. CA shares rose 14.8 percent to $36.24 in after-hours trading after Bloomberg News reported that BMC and CA are in early-stage talks about a potential merger. CA, formerly known as Computer Associates, has its roots in providing mainframe computers used by large institutions like banks. It has been trying to shift its business to the cloud, and announced in March that it was acquiring application security firm Veracode for $614 million. BMC, which provides software that helps corporations organize their tech support functions, was taken private for $6.9 billion in 2013 by Golden Gate and Bain Capital, after pressure from activist hedge fund Elliott Management Corp. (This version of the story corrects year of Dell deal to 2013 from 2014 in second paragraph) (Reporting by Liana B. Baker in San Francisco; Editing by Leslie Adler)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-ca-m-a-bmcsoftware-idUSKBN19C036'|'2017-06-21T08:45:00.000+03:00'
'fa498299dc020902f2e37da5a973143ca418dcd6'|'GLOBAL MARKETS-Investors skittish as oil enters bear territory; eyes on China stocks'|'Business News - Wed Jun 21, 2017 - 12:30pm EDT Shares dogged by oil weakness; Treasury yield curve flattens FILE PHOTO - A general view of the Centenario deep-water oil platform in the Gulf of Mexico off the coast of Veracruz, Mexico January 17, 2014. REUTERS/Henry Romero/File Photo By Sam Forgione - NEW YORK NEW YORK Declines in financial and energy shares weighed on U.S. and European equity markets on Wednesday, while the U.S. Treasury yield curve hit the narrowest in nearly a decade as investors evaluated hawkish Federal Reserve policy and deteriorating inflation measures. The U.S. S&P 500 financial sector .SPSY was last down about 0.4 percent while the European Stoxx Europe 600 Financial Services index .SXFP was down 1.3 percent. The financial sector fell as the U.S. Treasury yield curve held near 10-year lows. A drop in oil prices to near seven-month lows also put pressure on energy shares as investors discounted evidence that major producers are sticking to a deal to cut output. The U.S. Nasdaq Composite bucked the trend, rising on gains in biotechnology stocks. So far this year, oil has lost 20 percent in value, its weakest performance for the first six months of the year since 1997. Brent crude LCOc1 was last down 43 cents, or 0.93 percent, at $45.59 a barrel. U.S. crude CLc1 was down 33 cents, or 0.76 percent, at $43.18 per barrel. "Oil has perhaps tempered some sentiment near-term," said Terry Sandven, chief equity strategist at U.S. Bank Wealth Management in Minneapolis. "If oil falls below $40, one would see pressure on overall earnings, not just the energy sector." MSCI''s all-country world equity index .MIWD PUS was last down 0.58 points or 0.12 percent, at 465.71. The Dow Jones Industrial Average .DJI was last down 26.95 points, or 0.13 percent, at 21,440.19. The S&P 500 .SPX was down 0.18 points, or 0.01 percent, at 2,436.85. The Nasdaq Composite .IXIC added 33.13 points, or 0.54 percent, to 6,221.17. Europe''s broad FTSEurofirst 300 index .FTEU3 dropped 0.23 percent to 1,527.1. The yield curve between five-year notes and 30-year bonds US5US30=TWEB flattened to 96 basis points, the narrowest since December 2007. Five-year note yields US5YT=RR, which are highly sensitive to rate policy, rose to a four-week high of 1.80 percent on Tuesday. Thirty-year bond yields US30YT=RR, which are largely driven by future expectations of growth and inflation, meanwhile dropped to 2.72 percent on Wednesday, the lowest since Nov. 9. "I think the market may be pricing in a little higher odds of another rate hike before the end of the year, and that is helping drive some of the flattening,” said Gennadiy Goldberg, an interest rate strategist at TD Securities in New York. Hawkish comments from the Bank of England’s chief economist Andy Haldane were also seen as hurting short-term bonds on Wednesday. The dollar edged higher against the yen after data showed U.S. existing home sales posted a surprise increase in May, soothing some concerns about a real estate slowdown. Gold steadied after sliding to a five-week low in the previous session. Spot gold prices XAU= were last up $1.68, or 0.14 percent, at $1,244.49 an ounce. (Additional reporting by Marc Jones and Sujata Rao in London and Karen Brettell and Richard Leong in New York; Editing by Nick Zieminski)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-global-markets-idUSKBN19C020'|'2017-06-21T08:24:00.000+03:00'
'197b5bc0abfa3cf8586d8716d378be179a39e695'|'Hong Kong''s Li Ka-shing says retirement won''t stop him working'|'Business News - Wed Jun 21, 2017 - 2:10am EDT Hong Kong''s Li Ka-shing says retirement won''t stop him working FILE PHOTO: Hong Kong tycoon Li Ka-shing attends a news conference announcing CK Hutchison Holdings company results in Hong Kong, China March 22, 2017. REUTERS/Bobby Yip/File Photo By Venus Wu - HONG KONG HONG KONG Hong Kong''s richest man Li Ka-shing said on Wednesday he has not decided when to retire and will stay as group senior advisor after he steps down as the chairman of CK Hutchison Holdings ( 0001.HK ). Li''s comments came a day after the Wall Street Journal reported the tycoon had told associates he planned to retire by his 90th birthday in July next year. "When I decide to retire, I will make an announcement for sure," Li told reporters in comments carried by TVB News. "But not much will change. I will still come to the building, I will still come to the office, I will still work. I will be a senior advisor then." Li said he was in "very good health" and he was not worried his retirement would affect his companies'' stock performances. The self-made billionaire had named his eldest son, Victor, 52, as his successor five years ago. Victor, already on the board, is seen as a steady hand unlikely to change course. "Everything has been arranged many years ago," Li said. (Reporting by Venus Wu; Editing by Stephen Coates) '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-hongkong-likashing-idUSKBN19C0IV'|'2017-06-21T14:10:00.000+03:00'
'95f29517041bf86ef48a5b570193f2d8144f0fe2'|'UK debt office chief says past year highlights virtue of clear issuance plan'|'Business News - Wed Jun 21, 2017 - 10:28am BST UK debt office chief says past year highlights virtue of clear issuance plan LONDON The head of Britain''s debt management office said on Wednesday that uncertainty following last year''s referendum vote to leave the European Union highlighted the importance of a clear plan for debt issuance. Britain kicked off talks this week to leave the EU, almost a year after the country held a referendum on its membership of the bloc. "If we think about what has happened in the UK and elsewhere in the last 12 months, there is a real virtue in having a very clear, predictable plan," UK Debt Management Office chief executive Robert Stheeman said at a Euromoney bond conference in London. "We will, within this, move things around this year, as we have done in previous years but in general we like to be as predictable as possible in times like this." (Reporting by Dhara Ranasinghe; Editing by Abhinav Ramnarayan)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-bonds-brexit-idUKKBN19C12Z'|'2017-06-21T17:28:00.000+03:00'
'4817cea83c33a29bfc5ad31c5da7036aca511711'|'Royal Bank of Canada to cut 450 jobs'|'TORONTO, June 21 Royal Bank of Canada, Canada''s biggest lender, said on Wednesday that it would cut 450 jobs, primarily from its head offices in Toronto, as part of a restructuring enabling it to invest more in new technology.Canada''s biggest banks have been cutting jobs in response to customers banking more online and new technological advancements which have allowed them to automate some roles."We consolidate where necessary so that we can re-invest in key areas including digital, data, new technology as well as investment in high growth business areas," RBC said in a statement.The bank said it would also be making hundreds of changes that include promotions, transfers, creation of new roles and new teams as well as outsourcing some roles.Last month, RBC reported an 11 percent increase in second quarter earnings, beating market forecasts, helped by a strong performance in its capital markets and wealth management businesses. (Reporting by Matt Scuffham; Editing by Bernard Orr)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/rbc-jobs-idINL1N1JI0Q3'|'2017-06-21T12:35:00.000+03:00'
'cc1cac39f9fdd7cfd8401d839cd6b5d42df77b8f'|'BAWAG advances IPO preparations, Morgan Stanley helps - sources'|'By Arno Schuetze and Michael Shields - FRANKFURT/ZURICH FRANKFURT/ZURICH BAWAG PSK is moving ahead with preparations for an initial public share offer that could value the Austrian bank at up to 5 billion euros ($5.6 billion) and has picked a lead organiser, people close to the matter said.Its majority owner, private equity investment group Cerberus, has recruited Morgan Stanley to help with global coordination of the share sale, which could launch as early as autumn, the sources said.However, no official mandates are out yet and more banks will be added in coming weeks, the sources said, adding Goldman Sachs and Citi also stand a good chance of being part of the bank line-up.Rothschild is seen as having an edge over Lazard and Evercore to take the role of a so-called independent IPO adviser, which will help with the selection of bookrunners, they added.BAWAG and the investment banks declined to comment.Cerberus held talks with investment banks in New York in late April to hear their proposals for an exit, they said.Cerberus acquired BAWAG with other investors for 3.2 billion euros in 2007. It now owns 52 percent while GoldenTree Asset Management has a 40 percent stake.The investors could opt to sell a stake of 20-30 percent in a potential IPO, which could value the bank at 4 to 5 billion euros.Although no final decision on the location has been taken, the company is expected to have Vienna as its primary listing location with a secondary listing in either Frankfurt or London.At 4.5 billion euros, BAWAG would be valued at roughly 1.5 times its book value - in line with the valuation of Nordic banks but at a premium to most banks in continental Europe.BAWAG does not comment on its owners'' potential plans. Cerberus and GoldenTree declined to comment.Shares in European banks on average trade just below book value, according to Thomson Reuters data. Among Austrian lenders, Erste Group trades at 1.03 times and Raiffeisen Bank International at 0.7 times book value.Unlike Austrian peers with large operations in central and eastern Europe, BAWAG focuses on western markets.BAWAG''s 2017 targets include a return on equity (ROE) above 15 percent and making more than 500 million euros in profit before tax. In 2016 its ROE was 15.9 percent.European banks on average had an ROE of 3.3 percent in the last quarter of 2016, according to the European Banking Authority."The sentiment in the market is very positive but (the decision) wasn''t because of catching the market at the right time," a person close to the matter said. "The bank has been preparing for a strategic action for some time. It had (an exit) process two years ago, but was probably too early in the game."BAWAG has margins ranging in the top 5 percent among ECB-regulated banks, so investors have increasingly come to see its performance as credible, the person added.($1 = 0.8981 euros)(Additional reporting by Pamela Barbaglia; Editing by Harro ten Wolde and Adrian Croft)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/bawag-psk-ipo-idINKBN19C1GE'|'2017-06-21T19:20:00.000+03:00'
'fb42ab97e7cead8aee545c967fa769f9c1ed485d'|'Exclusive: Uruguayan drugmaker taps Jefferies for bond, stock debut, sources say'|'By Tatiana Bautzer - SAO PAULO SAO PAULO The billionaire owners of Uruguay''s Mega Pharma SA have hired Jefferies LLC to explore alternatives for Latin America''s No. 4 pharmaceutical company, which could include debut bond and stock offerings, two people with knowledge of the matter said.According to the people, Mega Pharma would first issue a bond as early as this year. Tapping global debt markets first would speed up a plan by Germany''s Struengmann family to market a future initial public offering globally, the people said.Mega Pharma, which is based in an industrial park in the Uruguayan city of Canelones, is controlled by twin brothers Andreas and Thomas Struengmann - also the founders of generic drugmaker Hexal AG that was sold to Novartis AG ( NOVN.S ) 12 years ago and a fixture in recent biotech investment rounds.Both the Struengmanns and Mega Pharma, which has $1 billion in annual revenue and 10 factories across Latin America, considered listing the stock in the United States and either Colombia, Brazil or Argentina, the people said.Jefferies declined to comment. The Struengmanns and Mega Pharma did not respond to requests for comment. The people spoke under the condition of anonymity to discuss the plans freely.Their quest for investor money underscores how pharmaceutical deals could gain further steam in a region where demand for medicines has spiked in recent years. Some biotech investors globally are also burning through cash faster than ever before, as they try to turn their companies into specialty pharmaceutical firms.In the 12 months through June 22, there were 21 pharmaceutical-related mergers and acquisitions in Latin America, compared with only five in the same period a decade ago, according to Thomson Reuters data.Based on the value of recent pharmaceutical deals in Latin America, Mega Pharma could be worth about $2.5 billion, private equity bankers told Reuters. Mega Pharma''s focus on branded medicines has shielded it from heightened competition in generic drugs, a segment that has seen declining returns in recent years, the same bankers said.The Struengmanns joined Mega Pharma when Argentina''s Laboratorios Roemmers SA decided to form a unit grouping some local assets in Argentina with others in Uruguay, Mexico, Dominican Republic, Ecuador and Venezuela. A year ago, Mega Pharma opened Mega Labs, a $110 million compound in Uruguay that is so far its largest.They own stakes in German biotech firms Glycotope and BioNTech. Along with buyout investors, three years ago they purchased a hearing aid devices producer from Siemens AG ( SIEGn.DE ). Since selling Hexal, the Struengmanns have invested in banking too.A month ago, the brothers agreed to sell their German regional lender Suedwestbank AG, their main investment in banking and which they bought in 2004, to a Cerberus Capital Management LP-led bank from Austria.(Additional reporting by Malena Castaldi in Montevideo; Editing by Guillermo Parra-Bernal and Lisa Shumaker)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-mega-pharma-deals-idINKBN19E0RR'|'2017-06-23T06:02:00.000+03:00'
'7f879b80bb296266178b6ac1f175efe87793ccb0'|'Barclays Africa must repay 1.1 billion rand over bailouts'|'Business News - Mon Jun 19, 2017 - 2:11pm BST South Africa watchdog says Barclays Africa must repay $86.44 million over bailouts A Barclays logo is pictured outside the Barclays towers in Johannesburg, South Africa, December 16, 2015. REUTERS/Siphiwe Sibeko/File Photo PRETORIA Barclays Africa Group ( BGAJ.J ) unduly benefited from apartheid-era bailouts and must repay 1.125 billion rand (67.89 million pounds), South Africa''s anti-graft watchdog said on Monday, though the bank denied any wrongdoing. Public Protector Busisiwe Mkhwebane in January reopened a probe of Absa, a unit of Barclays Africa, following a wider report published last November by her predecessor. She said on Monday that the probe had found that the apartheid government breached the constitution by supplying Bankorp, which was acquired by Absa in 1992, with a series of bailouts from 1985 to 1995. Absa said in a statement it had not received a copy of the report and denied any wrongdoing, saying it "met all its obligations in respect of the loan provided by the South African Reserve Bank by October 1995." "Once we have read it we will consider our legal options including seeking a High Court review. It is our firm position that there is no obligation to pay anything to the South African government," Absa said. Shares in Barclays Africa fell 2.61 percent to 142.68 rand by 1253 GMT. (Reporting by Dinky Mkhize in Pretoria and Nqobile Dludla in Johannesburg; Editing by James Macharia) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-safrica-zuma-barclays-group-idUKKBN19A1JN'|'2017-06-19T20:04:00.000+03:00'
'f2ccafcffd9ceeb1c145008103f0d99b5e621d59'|'Standard Life and Aberdeen shareholders back 11 bln pound deal'|'Deals - Mon Jun 19, 2017 - 11:50am EDT Standard Life and Aberdeen shareholders back 11 billion pound deal FILE PHOTO: A worker leaves the Standard Life House in Edinburgh, Scotland, Britain, February 27, 2014. REUTERS/Russell Cheyne/File Photo By Simon Jessop and Carolyn Cohn - LONDON LONDON Standard Life''s ( SL.L ) 11 billion pound ($14.04 billion) deal to buy Aberdeen Asset Management ( ADN.L ) was approved by both companies'' shareholders at meetings on Monday. The deal announced in March is due to complete in mid-August and will create Britain''s biggest listed asset manager and one of the world''s top 25 active fund management companies. More than 95 percent of shareholders at both companies voted for the merger, comfortably passing the minimum support needed. Aberdeen Chairman Simon Troughton said that investors'' "overwhelming" support reflected the strategic and financial rationale for the deal. "The strengths of the combined businesses ... are strongly aligned to the needs of clients now and in the future," he said in a statement. "The new company will have a robust balance sheet and diverse revenue streams, by asset class and distribution channel. This will facilitate investment in the business to support long-term growth and shareholder returns." ($1 = 0.7834 pounds) '|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-standard-life-aberdeen-egm-idUSKBN19A1VM'|'2017-06-19T18:42:00.000+03:00'
'5d71fa6f1a8b510b979048a56fffa84c25bf85a2'|'BRIEF-Ancestry submits draft registration statement for proposed initial public offering'|'June 19 (Reuters) -* Ancestry Inc announces confidential submission of draft registration statement for proposed initial public offering* Ancestry says it has confidentially submitted a draft registration statement on form s-1 with sec* Ancestry inc- number of shares to be offered and price range for proposed offering have not yet been determined Source text for Eikon:'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/brief-ancestry-submits-draft-registratio-idINASA09UD1'|'2017-06-19T21:56:00.000+03:00'
'b964abe4e5d360cd0483d35a49992843966504b7'|'BRIEF-MSCI says inflows to reach $340 bln if all China A shares included in futures'|'June 21 * MSCI Inc. expects initial inflows following partial inclusion of A share to be around $17 billion to $18 billion* Inflows could reach around $340 billion if China A shares fully included in futures, according to an MSCI executive* Expects roughly 450 large-and-mid-cap A shares under full inclusion, the executive says, adding it is "very difficult to say" on timeline for further China A share inclusion* Investors strongly urge Chinese exchanges, regulators to consider additional measures to curb share suspensions - executive (donny.kwok@thomsonreuters.com)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-msci-says-inflows-to-reach-340-bln-idUSL3N1JI008'|'2017-06-21T08:43:00.000+03:00'
'709a9a5387e57f5f1d24053085eb135e6bd2a002'|'Gas prices are falling fast - Jun. 21, 2017'|'5 stunning stats about Exxon The recent drop in the cost of oil has been a happy surprise for drivers, who are enjoying the cheapest gas prices at the start of summer in 12 years. Oil prices have dipped into bear market territory and gasoline prices have followed, falling every day since June 2, according to AAA. The average price nationally for a gallon of regular is now $2.28, down 10 cents since the start of the month. And the outlook for the rest of the month is good: Wholesale gas prices suggest that prices drivers pay will keep falling, and this weekend could bring the cheapest prices so far in 2017, said Tom Kloza, chief oil analyst for the Oil Price Information Service, which tracks pump prices for AAA. "There''s a lot of oil out there right now, and that oil is being turned into gasoline," said Kloza. The start of summer is typically not a time for cheap gas, because people drive more and demand for gasoline goes up. In addition, gas stations are required to sell a special type of gas, known as the summer blend, that creates less smog -- but also pushing prices slightly higher. Kloza said for the first time this century, prices at the pump could be cheaper over the July 4 holiday weekend than during the previous Christmas and New Year. Related: Shale oil boom to hurt OPEC well into 2018 "It''s been that kind of year," he said. "Literally everyone predicted oil prices would be in the $50s, and some thought it would get to $65 to $70 because of OPEC''s actions." Instead, oil prices closed at a nine-month low of $43.23 a barrel Tuesday, before rebounding slightly on Wednesday. U.S. shale oil producers that have ramped up output in recent months, balancing out efforts by OPEC and Russia to limit supply and drive up prices. Related: Oil prices enter bear market as supply gut fears return Gas for less than $2 a gallon is becoming more common. The cheapest state right now is South Carolina, where gas is selling for an average of $1.96 a gallon, according to AAA. Several other states, including Oklahoma, Alabama and Mississippi, are poised to fall below the $2 a gallon average within days. Those prices likely overstate what most drivers are actually paying. Every state in the south -- and even a few in the north -- has some stations already selling gas for below $2 a gallon according to GasBuddy.com. "If wholesale prices predict retail, and I do believe they do, we''re poised for some very cheap gas ahead," Kloza said. CNNMoney (New York)   2:07 PM ET'|'cnn.com'|'http://rss.cnn.com/rss/money_news_economy.rss'|'http://money.cnn.com/2017/06/21/news/economy/low-gas-prices/index.html'|'2017-06-21T22:07:00.000+03:00'
'297f064215e8a61bd87dcedb97a5980a83097005'|'Accountants face fines for aggressive corporate tax planning under draft EU law'|'Business  57pm BST Accountants face fines for aggressive corporate tax planning under draft EU law By Francesco Guarascio - BRUSSELS BRUSSELS Tax advisers in the European Union risk fines for helping companies to cut their tax bills by shifting profits to low-tax countries, if proposed new EU legislation gets approval. Under the draft law, proposed by the European Commission on Wednesday, tax advisers including the Big Four accounting firms, banks and lawyers, would be required to inform authorities about "potentially aggressive tax planning arrangements" set up for their clients. Britain, Ireland and Portugal have already introduced penalties for intermediaries favouring tax avoidance but the new law would apply across the EU, although penalties would be decided by national governments. In Britain, the measure was recently introduced and is estimated to have reduced tax avoidance by "over 12 billion pounds", EU tax commissioner Pierre Moscovici told a news conference. Schemes involving transactions to tax-free jurisdictions, such as Jersey, Guernsey or the Cayman Islands, would have to be reported. The new disclosure obligation would also cover cross-border arrangements whereby companies may shift tax liabilities to EU countries with "preferential tax regimes". The planned legislation is part of a set of measures adopted by the European Union after last year''s Panama Papers and other revelations of widespread tax avoidance by wealthy individuals and big companies through carefully constructed schemes. EU officials said examples of preferential regimes would include a tax rebate offered by Malta to foreign-owned companies, which can slash the tax rate to as low as 5 percent; patent box regimes in several EU countries that allow firms to pay less tax on intellectual property revenues; or cross-border tax incentives for specific industries. Tax planning schemes benefiting from these arrangements present "a strong indication of tax avoidance or abuse" and therefore would need to be reported to the tax authorities, the European Commission said. However, EU officials stressed that this does not automatically mean that these arrangements were illegal. The Association of Chartered Certified Accountants (ACCA), a global body, welcomed the proposal as a way to curb abusive tax planning but warned against the risk of a flood of disclosures. "The fear of inadvertent non-compliance and the penalties that will result may drive some tax professionals to over-disclose, just to be on the safe side," Chas Roy-Chowdhury, head of taxation at ACCA, said stressing that an excess of information could make the fight against tax avoidance less effective. But some EU lawmakers saw the proposal as having little relevance in tackling tax avoidance. Markus Ferber, a German lawmaker of the European People''s Party, the largest in the legislature, said it "will not be a game-changer". "The EU is just not credible as long as there are inner-European tax havens and some member states keep systematically undermining their neighbours'' tax base," he said, adding that tax advisers were likely to avoid disclosure by citing their professional discretion obligations. The draft law dictates "effective, proportionate and dissuasive penalties" for non-compliance, but leaves EU states free to decide sanctions or fines at national level. EU leftist lawmaker Fabio De Masi called for tougher sanctions, including the removal of business licences for advisers promoting aggressive tax planning. Under the new law, if there is no intermediary, or the tax adviser is located outside the EU, the obligation of disclosure would fall on the taxpayer using the arrangement. The proposal will need the approval of the European Parliament and all EU states to become law. Some EU states have shown little appetite to move fast in the fight against tax avoidance, saying it could hamper the competitiveness of European companies. (Reporting by Francesco Guarascio @fraguarascio; Editing by Susan Fenton)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-accounts-eu-taxation-idUKKBN19C1OK'|'2017-06-21T20:57:00.000+03:00'
'ff1e1375e0761976e791f24ebdf92f68742ac278'|'Exclusive: Payless settles creditor dispute over dividends - sources'|'Payless ShoeSource Inc settled a dispute with its creditors on Tuesday, after creditors alleged that the company''s private equity owners inappropriately siphoned off $400 million before the U.S. retailer''s bankruptcy, people familiar with the matter said.The case has been monitored closely by other private equity-owned companies and their creditors, because it could spark more claims against bankrupt companies over so-called dividend recapitalizations, which involve a company borrowing money so it can pay the buyout firms which own it a special dividend.Payless'' creditors had said in court filings that private equity firms Golden Gate Capital and Blum Capital, which together hold 98.5 percent of the company and control its board, received more than $400 million in dividends in recent years.This added to the company''s debt pile. Payless filed for bankruptcy in April with $838 million of debt, joining a long list of retailers struggling in a sharp downturn in the sector.Under the settlement, the shoe chain''s unsecured creditors, largely its landlords and vendors, will receive $25 million in cash in the bankruptcy reorganization, the people said, asking not to be identified because the deal is not yet public.The payout amounts to a recovery of between 17 and 21 cents on the dollar for the claims of the creditors, a major improvement from the pennies they expected when the case began, one of the people said.The shoe seller and its owners did not to admit to any wrongdoing as part of the settlement, the people said. The deal will net an additional $7.3 million for another pool of creditors, the people said.Golden Gate and Payless declined to comment. Blum did not immediately return a request for comment.The agreement sets Payless on track to exit bankruptcy as soon as August, according to the people and court papers, avoiding winding down its business like many of its bankrupt peers.Payless said last month that independent board member Charles Cremens was conducting his own investigation of possible claims against the private equity firms. The company opposed a separate investigation by the creditors, saying it could hinder attempts to bring the company out of bankruptcy.As part of its reorganization plan, Payless has said it must renegotiate 3,600 U.S. store leases as well as joint venture partnerships in Latin America, a region it has described as a cornerstone for future growth.(Reporting by Jessica DiNapoli in New York and Tracy Rucinski in Chicago; Editing by Leslie Adler)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-payless-bankruptcy-privateequity-idUSKBN19C05W'|'2017-06-21T09:44:00.000+03:00'
'a289bf1062c6262bc858cef739a9f4dece9151ab'|'AIRSHOW-Emirates, flydubai seek closer ties in leaner times'|'Market  23am EDT AIRSHOW-Emirates, flydubai seek closer ties in leaner times By Victoria Bryan - PARIS, June 21 PARIS, June 21 Emirates, the Middle East''s largest airline, and budget carrier flydubai will start to deepen their relationship over the next 18 months as their owner, the Dubai government, seeks to improve returns. Emirates President Tim Clark told reporters on Wednesday that changes could include more closely coordinated connecting - or feeder - flights, and a joint decision on schedules to soften head-to-head competition in some markets. The comments at the Paris Airshow come two months after the chairman of both airlines, Sheikh Ahmed bin Saeed al-Maktoum said they had "to work with a better synergy." The carriers currently have an interline agreement allowing their passengers to connect between each other''s flights. “We are minded to accelerate a greater joining of the hip, of what we do, there’s a lot of work going on there to extract value for the shareholder,” Clark said. The push by their state owner comes amid pressure on profits at both airlines. Emirates'' annual profit fell in the year ended March 31 for the first time in five years. Flydubai''s 2016 profit fell for a second consecutive year. A "rationalisation of assets and airport utilisation" by Emirates and flydubai could extend the life of Dubai International Airport, Clark said. Emirates operates an exclusively wide-body fleet of Airbus A380 and Boeing 777 aircraft, whereas flydubai operates narrow-body Boeing 737s. Dubai Airport, the hub for both airlines and the world''s busiest for international travel, has become increasingly congested during peak periods. It handled 30.1 million passengers in the first four months of the year, up 7.8 percent on the same period last year. Clark has previously warned congestion at the airport, which is expected to hit its maximum capacity of 118 million passengers a year by 2023, could limit Emirates'' growth. Dubai is expanding a new airport, Al Maktoum International, which is slated one day to be capable of handling 240 million passengers a year. The expansion has been delayed and Clark signalled Emirates'' plans to move there by 2025 have been pushed back until sometime between 2026 and 2030. Dubai Airport Chief Executive Paul Griffiths told Reuters its goal remained to deliver a "capacity of 120 million passengers per year by 2025." "However, given the scale of that project and the unprecedented complexity of the relocation of the Emirates hub, it is sensible for Emirates to build contingencies into its plan," he said. (Writing and additional reporting by Alexander Cornwell; Editing by Mark Potter)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/airshow-paris-emirate-flydubai-idUSL8N1JI2DQ'|'2017-06-21T19:23:00.000+03:00'
'70b3a1bca15f76b7bb818fc500083d8569ab1d6d'|'IKEA aims to halve food waste at its restaurants by mid-2020'|' 22pm BST IKEA aims to halve food waste at its restaurants by mid-2020 Flags and the company''s logo are seen outside of an IKEA Group store in Spreitenbach, Switzerland April 27, 2016. REUTERS/Arnd Wiegmann/File Photo STOCKHOLM IKEA, which as well as being the No.1 furniture retailer also runs one of the world''s biggest restaurant chains, aims to halve its food waste in three years to save money and reduce its environmental footprint. Daily food waste at each of the Swedish company''s nearly 400 in-store self-service outlets, known for their trademark meatballs, averages some 300 kilogrammes, Ylva Magnusson, a spokeswoman for IKEA Food Services, said on Monday. Restaurant and grocery chains are under growing pressure to reduce food waste and with around 650 million restaurant visitors last year, IKEA has been binning some 43,000 tonnes of food annually. IKEA said a scheme launched in December at 84 of its restaurants which measured what was thrown away, and at what time of the day and week, had resulted in 79 tonnes less food waste as the amounts it cooked were better tailored to demand. "Based on an average dish price of 5 euros we have avoided throwing 880,000 euros in the bin," Magnusson said of the initiative, which will now be rolled out across all markets. The United Nations says a third of food produced is not eaten, and food loss and waste accounts for $940 billion in economic losses and 8 percent of greenhouse gas emissions annually. Its 2016 Sustainable Development Goals called on all states to halve food waste by 2030. In its fiscal year through August 2016, IKEA Food Services grew turnover by 8 percent to 1.9 billion euros (1.66 billion pounds). (Reporting by Anna Ringstrom; editing by Alexander Smith)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-ikea-food-waste-idUKKBN19A1Y8'|'2017-06-19T22:22:00.000+03:00'
'6bb12e1836d38a96b8de990cc0a1a8c261013baa'|'Bain, Cinven collect 36.55 percent of Stada shares'|'Deals - Mon Jun 19, 2017 - 7:47am EDT Bain, Cinven collect 36.55 percent of Stada shares FRANKFURT Buyout groups Bain Capital and Cinven have so far been offered 36.55 percent of German drugmaker Stada ( STAGn.DE ) shares, the private equity groups said on Monday. The tender offer for the agreed 5.3 billion euro deal runs through June 22 and is conditional on securing 67.5 percent of Stada''s shares. The investors lowered minimum acceptance threshold earlier this month. Investors typically tender shortly before the deadline. People close to the deal have said that passing the set threshold may prove a challenge given the large number of shares held by retail investors, who are more likely to forget to tender than institutional stockholders, as well as by index tracking funds that cannot tender for technical reasons. Activist investor Active Ownership Capital earlier this month sold its Stada stake to someone who is expected to tender it in the offer, according to people close to the deal. (Reporting by Arno Schuetze; Editing by Ludwig Burger) '|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-stada-arzneimitt-m-a-idUSKBN19A1IH'|'2017-06-19T15:47:00.000+03:00'
'0105410e0855b2570efdfc1a429e20edeb1c30ae'|'Asian currencies climb as soft economic data hurts dollar'|'By Shashwat Pradhan Most emerging Asian currencies edged up on Monday, with the Korean won leading gains as the dollar was subdued by questions over the strength of the U.S. economy after weak economic data.The dollar''s rally on the back of rising interest rates was tempered by a fall in U.S. housing starts in May to the lowest in eight months and after a barometer of U.S. consumer sentiment unexpectedly fell in early June."Whether forex markets are clueless on the way forward or dollar bulls are getting cold-feet with post-FOMC knee-jerk rallies fading, is debatable," Mizuho Bank said in a note.Political risks in the United States involving Trump, the FBI and Russia have stymied hawkish cues from the Federal Reserve to some extent with softer economic data also hampering the dollar bulls for now, Mizuho added.The won led the gains among emerging Asian currencies, climbing as much as 0.5 percent, after posting sharp losses on Friday.South Korea''s central bank was suspected of selling dollars to slow the won''s fall towards the close of onshore trade, multiple traders said on Friday.In other currencies, the Taiwanese dollar appreciated 0.2 percent against the dollar.Taiwan''s export orders in May likely rose for the 10th month in a row helped by strong global demand for the island''s components for the upcoming Apple iPhone 8 and other tech gadgets, according to the median estimate of 10 analysts polled by Reuters.Bucking the trend, the yen drifted lower after strengthening marginally on Friday.Japan''s imports rose more than expected in May, partly due to increasing demand for intermediate goods companies need to manufacture their products.CHINA''S YUANThe Chinese yuan drifted marginally higher to 6.812 on Monday, remaining on track to end a two-day losing streak against the dollar.Net foreign exchange sales by China''s commercial banks rose to their highest level in four months, official data showed, although capital outflows were kept under control by a string of tight regulatory steps.China has tightened controls on money leaving the country to support the yuan and stem a slide in its foreign exchange reserves.Yuan also saw some support from data showing prices in China''s sizzling property market kept pace in May with the previous month, indicating resilient demand despite the imposition of tougher official measures to curb rising prices.THAI BAHTThe baht nudged higher on Monday, continuing its strong performance against the dollar this year which has made it Southeast Asia''s best performing currency.Recent gains in the baht, now hovering near two-year highs, has had only limited impact on exports, a Bank of Thailand official said on Friday.The baht is still moving in line with Thailand''s economic fundamentals and regional currencies, assistant governor Vachira Arromdee, who leads the central bank''s financial markets operations group, told Reuters in an interview.The central bank does not target specific levels of the baht, but is ready to act on any excessive moves in the currency, she added.Thailand is treading carefully after adopting draconian capital controls in 2006 that tarnished its reputation and triggered a 15 percent stock market plunge, but were later scrapped.(Reporting by Shashwat Pradhan in Bengaluru; Editing by Jacqueline Wong)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/asia-forex-emerging-idINKBN19A0KV'|'2017-06-19T14:09:00.000+03:00'
'c479b2d977736ff02289a5ff3411ed2d7d15b54e'|'EU clears 377 million euros of French, German aid to Airbus X6'|'Business News - Mon Jun 19, 2017 - 8:51am BST EU clears 377 million euros of French, German aid to Airbus X6 The logo of Airbus Group, Europe''s largest aerospace group, is pictured in front of the company headquarters building in Ottobrunn, near Munich February 26, 2014. REUTERS/Michaela Rehle BRUSSELS The European Commission on Monday approved 377 million euros (329.7 million pounds) of French and German support to Airbus Group to develop its new X6 heavy helicopter model, saying it would contribute to research and development in the bloc. "The French and German support will stimulate considerable private investment in this project," European Commissioner Margrethe Vestager, in charge of competition policy, said in a statement. "The support will help bring a new generation of innovative heavy helicopters to the market, without causing undue distortions of competition." The X6 is widely described as a successor to the Super Puma, a workhorse of the offshore oil industry. (Reporting by Alissa de Carbonnel) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-eu-airbus-idUKKBN19A0TO'|'2017-06-19T15:51:00.000+03:00'
'd5cd747a65974ea531a7078ea014e14dcf14d903'|'Boeing launches 737 MAX 10 with 240 orders, commitments'|'  9:27am BST Boeing launches 737 MAX 10 with 240 orders, commitments Winglet of a Boeing 737 MAX is seen on the static display, before the opening of the 52nd Paris Air Show at Le Bourget Airport near Paris, France June 17, 2017. REUTERS/Pascal Rossignol PARIS Boeing ( BA.N ) launched a new version of its 737 MAX jetliner as French President Emmanuel Macron opened the Paris Airshow on Monday. The U.S. planemaker said it had more than 240 orders and commitments from at least 10 customers for the new 737 MAX 10, which would carry up to 230 people in a single-class configuration. "The MAX 10 is going to add more value for customers and more energy to the marketplace," Boeing Chief Executive Dennis Muilenburg said at a presentation ceremony. Analysts say the fifth member of the 737 MAX family aims to plug a gap in Boeing''s portfolio at the top end of the market for single-aisle jets following runaway sales of Airbus'' ( AIR.PA ) A321neo, which can seat up to 240 people. (Reporting by Tim Hepher; Editing by Sudip Kar-Gupta)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-airshow-paris-idUKKBN19A0WF'|'2017-06-19T16:27:00.000+03:00'
'd0a3afd4c42a271eb437df1f70e651ade66b8672'|'Eni-led consortium wins block in Mexico shallow water oil auction'|'Commodities  07pm EDT Eni-led consortium wins block in Mexico shallow water oil auction FILE PHOTO: Eni''s logo is seen in front of its headquarters in San Donato Milanese, near Milan, Italy, April 27, 2016. REUTERS/Stefano Rellandini/File Photo MEXICO CITY A consortium comprising Italy''s Eni, Capricorn Energy Ltd and Citla Energy have won the seventh block in a shallow water oil and gas auction on Monday, the Mexican oil regulator said. Block 7 is located in the southern Gulf of Mexico off the states of Veracruz and Tabasco, and includes estimated prospective resources of up to 169 million barrels of oil covering an area of 228 square miles (591 sq km). (Reporting by Adriana Barrera)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-mexico-oil-seven-idUSKBN19A2GB'|'2017-06-20T01:05:00.000+03:00'
'86cdc4e9e349609f37f24f87f9bfd6b7ef97bb6f'|'Exclusive: British insurer Aviva selling its tobacco investments'|'Money News   10:33pm IST Exclusive: British insurer Aviva selling its tobacco investments Pedestrians walk past an Aviva logo outside the company''s head office in the city of London, Britain March 5, 2009. REUTERS/Stephen Hird/File Photo By Simon Jessop - LONDON LONDON Aviva, Britain''s biggest life insurer, is selling about 1 billion pounds ($1.3 billion) worth of bonds and shares it holds in tobacco companies, joining a global campaign to divest from the industry. The move by insurance companies to sell holdings in tobacco firms forms part of a drive to pressure governments and companies to do more to limit the damage tobacco can cause to public health. Aviva decided to sell its own holdings in tobacco companies in November and has been divesting since then though it is not selling tobacco investments made on behalf of third-party clients. "We have decided to stop investing in the tobacco sector and will divest over time," an Aviva spokeswoman said. "We consider tobacco as ''harmful when used as intended'', and have been reviewing our investment position for some time now." The review began in early 2016, she said. Aviva joins French rival AXA and reinsurer SCOR, both of which have pledged to divest over the last year, with AXA calling tobacco, "the biggest threat to public health in the world today". Other tobacco-free insurers include France''s Covea and Dutch rival Achmea, though many others have yet to follow suit. Aviva said most of its tobacco-related sales were either complete or underway though it was not possible to give a firm date for when the programme would be completed. Most of the remaining assets were fixed-income securities that would either be sold or in some cases held until they matured, the spokeswoman said. At the end of 2016, about 0.25 percent of Aviva''s 450 billion pounds of managed assets, which included third-party investments, was in tobacco assets, the spokeswoman said. It was not clear how much money would remain invested in tobacco companies on behalf of third parties. The anti-tobacco campaign has prompted some big name firms to sell their investments, but its overall impact on the share prices of tobacco companies has been limited. In May, 50 leading finance firms representing $3.5 trillion in assets announced their public support for efforts to reduce tobacco use, which the World Health Organisation says costs the world economy $1 trillion a year. Among other high-profile supporters are Norway''s sovereign wealth fund, the biggest in the world with nearly $1 trillion in assets, the $300 billion California Public Employees'' Retirement System and the Irish Sovereign Wealth Fund. Many investors remain reluctant to sell out, however, given the strong returns from the leading tobacco companies, including attractive dividends at a time of low bond yields, as well as the prospect for gains from consolidation in the sector. Shares in the four biggest tobacco companies - Philip Morris, Imperial Brands, Japan Tobacco and British American Tobacco - have risen between 93 percent and 185 percent since 2009, while Britain''s blue-chip FTSE 100 index has climbed 69 percent. Norway''s sovereign wealth fund said its decision not to invest in a range of industries had cost it $1.42 billion in returns between 2006 and 2016, with its tobacco divestment the most painful. ($1 = 0.7817 pounds)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/aviva-tobacco-idINKBN19B2HI'|'2017-06-21T01:03:00.000+03:00'
'2b54ba8a501e54dd75077c0b1c783d7187966ff5'|'U.S. sees possible legal challenges to crackdown on steel imports'|'Business News - Tue Jun 20, 2017 - 12:44am BST U.S. sees possible legal challenges to crackdown on steel imports U.S. Secretary of Commerce Wilbur Ross speaks at 2017 SelectUSA Investment Summit in Oxon Hill, Maryland, U.S., June 19, 2017. REUTERS/Joshua Roberts WASHINGTON The Trump administration expects U.S. and World Trade Organization-related legal challenges in response to a possible crackdown on foreign imports of steel or aluminium, U.S. Secretary of Commerce Wilbur Ross said on Monday. President Donald Trump ordered the investigation in April under the rarely used section 232 of the Trade Expansion Act of 1962. It allows the president to impose restrictions on imports for reasons of national security. Ross is expected to announce within days the outcome of the steel inquiry. "We assume that if there is any affirmative action that comes out of either one, there probably will be either a domestic legal challenge and, or, a WTO challenge, so we have that very much in mind," Ross told a news conference on the sidelines of the SelectUSA investment summit. The administration says the lack of domestic producers could impede U.S. defence procurement for its armed forces as well as for strategically important infrastructure. Foreign steel companies have been concerned the probe may be aimed at shoring up American producers and cutting out foreign competition While the investigation has mainly been aimed at cheap imports from China, European steel exporters worry they will be targeted by the U.S. measures. European steel association (Eurofer) chief Axel Eggert told Reuters last week his group was exploring options, including submitting a complaint to the World Trade Organization, in response to U.S. tougher measures. Speaking during the investment conference, Ross said he expects the outcome of the investigations to be concluded this month. Trump would move swiftly to act on the recommendations of the report, he added. "The president being the president I don''t think he will dilly dally very long on making his decision whatever it turns out to be," Ross said. "I would expect this to come to a head during the month of June." Steel stocks gained broadly on Monday after four steel companies were upgraded following a Reuters report on Friday that the investigation was nearly done. Nucor ( NUE.N ), Steel Dynamics ( STLD.O ), U.S. Steel ( X.N ), and AK Steel ( AKS.N ) were all upgraded to buy by Longbow Research. The S&P 1500 steel sector .SPCOMSTEEL was up 2.5 per cent. U.S. Steel was up 3.9 per cent, AK Steel was up 4.0 per cent, Nucor was up 3.1 pct and Steel Dynamics was up 1.6 pct. Asked during a panel discussion on Monday with UK trade minister Liam Fox whether European concerns over a potential U.S. crackdown steel were overblown, Ross said: "There have been a number of European companies against whom we have had trade cases and so the problem of overcapacity is not unique to one segments over the world, it happens to be very concentrated in China." "Since we are the world''s largest importer of steel, we''re the main victim of the overcapacity, so that is the issue we have to grapple with," he added. Fox acknowledged that Britain had concerns over possible U.S. actions on steel imports because the two countries traded steel for military projects. The two countries had a "shared view" on national security as NATO allies, he added. "We will wait to see what the report says. It''s in our interest that global overcapacity is dealt with ... but we have unique US-UK security concerns which we have raised," he added. (Reporting by Lesley Wroughton; Editing by Sandra Maler) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-trade-usa-steel-idUKKBN19A343'|'2017-06-20T07:44:00.000+03:00'
'ddb38d163dde3aebbbce37285ed1b590ca2fa727'|'Vivendi''s video-sharing website bets on new partnerships to gain viewers'|'PARIS Vivendi''s video-sharing website Dailymotion said on Tuesday it signed new partnerships with major U.S. music and media providers to stimulate its viewership and better compete world giants Facebook and Alphabet''s Google.The three new partnerships were signed with Vivendi''s Universal Music Group, Time Warner''s international news channel CNN and Vice Media, Dailymotion said in a statement.The website is betting on gaining new viewers through higher quality content and a new smartphone application that will be launched in France on July 25."The new version will favor well-produced videos," Dailymotion''s chief executive Maxime Saada said."There is an opportunity for us to serve a population aged between 18 and 49, upper-middle class, which is not necessarily well served by other platforms."About 100 engineers were recruited over the past twelve months to work on the application, which has less aggressive advertisements features, Saada added. Total staff should reach 400 by year-end.Vivendi acquired about 90 percent of Dailymotion two years ago for 246 million euros ($274 million). The group has invested about the same amount to develop the new Dailymotion offer, a source close to the matter said.The platform has 300 million unique users per month worldwide. This represents a fraction of Google''s YouTube platform, which has more than a billion users, or almost one third of all people on the internet.(Reporting by Mathieu Rosemain ang Gwenaelle Barzic; editing by John Irish)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-vivendi-dailymotion-idUSKBN19B2AZ'|'2017-06-20T23:58:00.000+03:00'
'e83cf38ecdea839100b0f7dd422856ed93e8fdc6'|'Judge taps VW case lawyer to lead Fiat Chrysler owners'' case'|'Business News - Mon Jun 19, 2017 - 10:23pm BST Judge taps VW case lawyer to lead Fiat Chrysler owners'' case FILE PHOTO: People talk as they stand next to a logo of Fiat Chrysler Automobiles (FCA) in Turin, Italy on March 31, 2014. REUTERS/Giorgio Perottino/File Photo WASHINGTON A federal judge in San Francisco on Monday named lawyer Elizabeth Cabraser to lead the case brought against Fiat Chrysler Automobiles NV ( FCHA.MI ) by owners over allegations it bypassed diesel emission controls. Cabraser, a lawyer at Lieff, Cabraser, Heimann & Bernstein, also served as lead attorney for owners in the Volkswagen AG ( VOWG_p.DE ) diesel emissions case that led to the German automaker agreeing to offer to buyback 500,000 vehicles and spend billions compensating owners. Judge Edward Chen said in an order Monday there is a consensus among lawyers that Cabraser "has been extremely effective in leading the VW team." He also named nine lawyers to a steering committee to work with Cabraser, including many who were involved in the Volkswagen case. Chen directed Cabraser and her team to file a consolidated complaint within 30 days and he plans an Aug. 8 status conference. Fiat Chrysler''s lead lawyer is Robert Giuffra of law firm Sullivan & Cromwell LLP, who also represented Volkswagen. In May, the Justice Department sued Fiat Chrysler, accusing it of illegally using software that led to excess emissions in nearly 104,000 diesel vehicles sold since 2014. Giuffra said on Wednesday the company is optimistic regulators will approve the company''s proposed software update as part of certifying 2017 diesel models to allow them to go on sale and then use that software to update the vehicles on the road. The U.S. Environmental Protection Agency and California Air Resources Board accused Fiat Chrysler in January of using undisclosed software to allow excess diesel emissions. (Reporting by David Shepardson; editing by Grant McCool)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-fiatchrysler-emissions-idUKKBN19A2WJ'|'2017-06-20T05:23:00.000+03:00'
'd422dcf97d90e4f00a8a594ec4b067812dd2b210'|'Russekoff''s hedge fund Smith Cove hires ex-Perry exec Gulati'|'Money  22pm EDT Russekoff''s hedge fund Smith Cove hires ex-Perry exec Gulati BOSTON Hedge fund manager David Russekoff has hired Chetan Gulati, a former colleague from Perry Capital, to beef up the investment team at his newly formed firm Smith Cove Capital. Gulati will work in London, a spokesman for Smith Cove confirmed on Tuesday. Russekoff and Gulati will reunite at Smith Cove after having worked together at Perry for eight years. Russekoff, who had been Perry''s chief investment officer, left the firm in 2015 and Gulati, who specialized in buying distressed structured securities, stayed through 2016 when Perry announced plans to shut down. Russekoff already hired former colleague Bob Carroll as his head trader. Roger Schmitz, who used to work at Monarch Alternative Capital, and Victor Consoli, who previously worked with Perella Weinberg Partners, round out the investment team. Smith Cove began trading with less than $100 million in partner capital in March and likely will begin trying to raise outside capital later in the year. The firm owned Rice Energy Inc. whose share price surged on Monday amid news that it would be acquired by EQT Corp.. (Reporting by Svea Herbst-Bayliss; Editing by Bill Trott)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-hedgefund-smithcove-idUSKBN19B304'|'2017-06-21T04:21:00.000+03:00'
'c02e4fe5433a5f4dced161b404d29dd4f5ca9d62'|'MSCI adds domestic Chinese stocks to global benchmark'|'NEW YORK/HONG KONG China''s stocks took a major step toward global acceptance on Wednesday, finally winning a long campaign for inclusion in a leading emerging markets benchmark, in what was seen as a milestone for global investing.U.S. index provider MSCI said on Wednesday Hong Kong time it would add a selection of China''s so-called "A" shares to its Emerging Markets Index .MSCIEF after having rejected them for three years running.In the broader overhaul, MSCI surprised many investors by failing to upgrade Argentina from the frontier market category where it has languished in recent years, but said it would consult investors about adding Saudi Arabia to the benchmark.Inclusion in the index marks a key victory for the Chinese government, which has been working steadily over the past few years to open up its capital markets, investors said."Given the size and importance of China as an economic superpower, I think this is a historic moment," Kevin Anderson, senior managing director of State Street Global Advisors and head of investments in the Asia Pacific region told Reuters."It''s a long-awaited and much-debated decision in the past, and I think it''s more than symbolic as it will create additional flow of capital and potentially a new segment of institutional investors in the China market."Traders said MSCI''s widely expected "Yes" decision had been largely priced in, with the announcement triggering some profit-taking in blue chips, which are no longer cheap after strong rallies this year.Shanghai shares .SSEC opened just 0.3 percent higher, dipped into negative territory, and then rallied to end the day up 0.5 percent. The blue-chip CSI300 Index .CSI300 shook off early profit taking to finish up 1.2 percent at its highest close in 1-1/2 years.MSCI has been in discussions with Chinese regulators and global investors for four years over whether to add yuan-denominated shares to the Emerging Markets Index – tracked by around $1.6 trillion in assets – but excluded them because of restricted access to China''s equity markets.On Wednesday, the company said China had made enough progress in opening up its markets for MSCI to add a selection of 222 large-cap stocks.The bulk of the shares will be financial and industrial companies, many state-owned. According to Credit Suisse, among the 222 stocks on the simulated list of constituents for the new proposal of China A-share inclusion, 50 are in the financial sector with a total weight of 36 percent, and 44 stocks are in the industrial sector with a total weight of 16 percent.The stocks, which would represent a weighting of just 0.73 percent in the benchmark, will be included via a two-phase process in May and August next year.The move will see around $17 billion to $18 billion of global assets move into Chinese stocks initially, MSCI executives told reporters, adding that over the long term the full inclusion of the China market could see more than $340 billion of foreign capital flow into the country.Sebastien Lieblich, global head of index management research at MSCI declined, however, to provide a likely timeline for the full inclusion of "A" shares, saying it would depend on continued progress on China''s reform agenda.MSCI, he noted, would like to see China further relax controls on repatriating capital out of the country, and act to curb frequent share suspensions."It''s really in the hands of the Chinese stakeholders, they are dictating the timing. It''s very difficult for us to articulate any type of timeline with respect to further inclusion," Lieblich told reporters.The China Securities Regulatory Commission, which has overseen many key reforms in recent years, welcomed MSCI''s decision."The inclusion of ''A'' shares in the MSCI index is in line with the inevitable needs of international investors and reflects the confidence of international investors in the good prospects for China''s economic development and stability of the financial market," the CSRC said in a statement.RELAXED CRITERIAMSCI in March relaxed its criteria for inclusion by cutting the number of proposed stocks to 169 from 448 in a bid to address ongoing curbs on repatriating capital from China and investor concerns over the country''s high number of suspended stocks.The 169 stocks can be easily accessed by foreigners through the "Stock Connect" link launched in 2014 and significantly expanded in December.MSCI said it had increased the selection to include a further 53 domestic Chinese stocks that are also listed in the Hong Kong market, and which will be better known to foreign investors.Chinese companies listed overseas already account for 28 percent of the EM Index as of May but the addition of domestic, yuan-denominated China stocks could see the country account for as much as 40 percent of MSCI''s Emerging Market Index in the future.The A-share market, including shares from Shanghai and Shenzhen markets, is worth roughly $7.5 trillion, the world''s largest after the New York Stock Exchange and Nasdaq.BlackRock Inc ( BLK.N ), the world''s largest asset manager, endorsed MSCI''s decision."We believe our clients will benefit from today''s decision to bring Chinese equities into mainstream investment," said Ryan Stork, BlackRock''s chairman for the Asia-Pacific in Hong Kong and one of the company''s most senior executives, in an emailed statement.Failing to upgrade Argentina means the country remains in MSCI''s smaller frontier markets index, where it has been since 2009. Nigeria will also remain a frontier market, with the possibility of being downgraded to "standalone" status.(Reporting by Dion Rabouin in New York and Michelle Price in Hong Kong; additional reporting by Sam Shen and John Ruwitch in Shanghai, Donny Kwok in Hong Kong, Saqib Ahmed and Richard Leong in New York and Sujata Rao in London; Editing by Eric Meijer and Jacqueline Wong)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-msci-indexes-idUSKBN19B325'|'2017-06-21T04:54:00.000+03:00'
'c9e1f7f5636a69e65187ad32463316935ef4d339'|'UK government drops proposed changes to corporate pay rules, SFO'|'Top News - Wed Jun 21, 2017 - 4:15pm BST UK to intervene in foreign takeovers of critical infrastructure left right Workers walk to work during the morning rush hour in the financial district of Canary Wharf in London, Britain, January 26, 2017. REUTERS/Eddie Keogh 1/2 The City of London is seen from Canary Wharf, Britain May 17, 2017. REUTERS/Stefan Wermuth 2/2 LONDON Prime Minister Theresa May plans to give her government the powers to intervene in the takeover of any critical infrastructure by a foreign buyer to enable it to protect national security. The world''s fifth-largest economy has attracted more foreign investment than any other country in Europe but May has said her government should have the power to scrutinise significant foreign investment and intervene when it concerns critical assets such as nuclear power. The proposal was included in the government''s two-year policy plan set out on Wednesday, one of the few planned changes to British business that was mentioned in the 82-page document known as the Queen''s Speech. "This will ensure that foreign ownership of companies controlling important infrastructure does not undermine British security or essential services, it said. "It is important that we protect national security, while remaining an open and liberal international trading partner and a global champion of free trade and investment." May, who became prime minister after Britain voted to leave the EU last June, faced one of her first major challenges when she gave the go-ahead for a $24 billion plan for a Chinese-backed nuclear power plant in southwest England. She ultimately approved the deal but said her government would take a more cautious approach over similar foreign investments in the future. Before a botched gamble on a snap election cost her party its majority in parliament, May had set out a raft of proposals for corporate Britain, including curbing soaring levels of executive pay and giving workers a greater say on strategy. A spokesman for the prime minister said the government remained committed to improving corporate governance, after the proposal was not listed in the policy document. The government could try to introduce changes to corporate pay by seeking to get companies to support their plans without bringing in primary legislation, or by changing the rules within existing legal frameworks without the need to pass fresh laws though parliament. The government is expected to publish its plans for corporate governance in a green paper in the coming months. "We were expecting a stripped-back Queen''s Speech and that''s what we got, but business leaders will actually be pleased to see the tighter focus on the most immediate challenges," said Stephen Martin, Director General of the Institute of Directors. "The scale of the task ahead is significant and business confidence, in light of our present political limbo, is low." (Reporting by Kate Holton; editing by Paul Sandle and Susan Thomas) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-politics-corporate-idUKKBN19C1E2'|'2017-06-21T19:12:00.000+03:00'
'9ccbcf7af656da370533b9ed75a3e87549af3364'|'Intesa Sanpaolo board approves offer for good assets of Veneto banks - source'|'Business News - Wed Jun 21, 2017 - 2:58pm BST Intesa Sanpaolo board approves offer for good assets of Veneto banks - source The Intesa Sanpaolo logo is seen in Milan, Italy, in this January 18, 2016 file photo. REUTERS/Stefano Rellandini MILAN The board of Italy''s top retail bank, Intesa Sanpaolo ( ISP.MI ), has approved making an offer for one euro for the good assets of two ailing Veneto lenders, a source close to the matter said. La Stampa and Il Messaggero daily said on their websites that the board had approved launching an offer for the healthy assets of Banca Popolare di Vicenza and Veneto Banca after a recapitalisation of the lenders by the state and the transfer of their bad assets to a special vehicle. That vehicle would also be financed by the state as well as by the banks'' shareholders and junior bondholders, Il Messaggero said. (Reporting by Andrea Mandala, writing Silvia Aloisi)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-eurozone-banks-italy-veneto-idUKKBN19C1TX'|'2017-06-21T21:58:00.000+03:00'
'7f1407c395e935dcb5fe5857f7797297ba65b4a4'|'The prospects for the world’s biggest IPO'|'THE proposed sale of 5% of Saudi Aramco is not just likely to be the biggest initial public offering (IPO) of all time. “It’s like Gibraltar selling the rock,” as one expert on Saudi Arabia’s oil policy puts it. The world’s biggest oil company keeps the House of Saud in power, bankrolled 60% of the national budget last year, and is a paragon of efficiency in an economy otherwise mired in bureaucracy.The elevation on June 21st of Muhammad bin Salman, the 31-year-old architect of the IPO, to crown prince is likely to add more momentum to a sale planned for the second half of 2018. The news will further sideline domestic critics of the IPO, some of whom wonder whether it would be better to borrow the money than sell the family silver. But the success of the IPO is not guaranteed. The tendency of MBS, as the prince is known, to micromanage the listing runs counter to the spirit of openness and liberalisation that he says he wants for Saudi Arabia. That could backfire on the IPO itself. The more he interferes, the less keen investors will be to buy shares. 10 Aramco’s role underpinning the Saudi economy is an even bigger challenge in valuing this IPO than the firm’s immense size. On the one hand, advisers say, its low costs and lean workforce make it comparable to blue-chip oil supermajors such as ExxonMobil and Royal Dutch Shell. On the other, the risks of political interference mean that it is likely to suffer from the stigma associated with being a national oil company (NOC). Many NOCs, such as PetroChina and Brazil’s Petrobras, have come to market amid the sort of fanfare that Aramco is generating. In a decade, they have destroyed more than $500bn-worth of value compared with their private peers (see chart).As an oil company, the selling-points for Aramco are strong (provided the oil price is high enough). It has a concession for 12 times more oil and gas than ExxonMobil and 27 times more than Shell. Its production levels are several times higher. It has fewer employees, higher debt-adjusted cashflow per barrel, and decent margins in its refining and petrochemicals businesses as well as upstream. By the time it lists, its advisers hope it will have a board structure similar to that of the supermajors, and will be comparable on a number of parameters, including dividend projections, that will enable investors to value it accordingly. “The day this company goes public, it will look like one of the top blue-chip oil companies,” one says.The trouble is, MBS has already stated what he thinks the valuation should be, and at $2trn, it is punchy enough to make even a Silicon Valley boss look bashful. To achieve it, a 5% sliver would be worth $100bn—four times the biggest IPO to date, that of China’s Alibaba, an e-commerce firm, in 2014.According to an analysis by Sanford C. Bernstein, a research firm, at $2trn its value per barrel of oil equivalent coming out of the ground would be about 60% higher than that of its blue-chip peers. A valuation at or below $1.5trn would be closer to the mark, but risks disappointing the new crown prince. “He may have to make a choice between selling cheap and pulling the plug on the process. Either case would be a loss of face,” says Steffen Hertog of the London School of Economics, a writer on the state and oil in Saudi Arabia.To get closer to his target, the kingdom recently slashed tax rates on Aramco, from 85% to 50%. That brings them nearer to international norms for oil firms and will appeal to investors: lower taxes mean the company can pay out higher dividends.The country also has a plan to wean its people off some of the world’s cheapest energy by 2020, which would bolster Aramco’s profits. According to Jim Krane, of Rice University’s Baker Institute for Public Policy, about a third of Aramco’s output is sold for domestic purposes, with power generation, for instance, enjoying discounted prices of under $6 a barrel—a “massive opportunity cost”.But investors would be wise not to view issues like taxes and subsidies in isolation. Some analysts express worry that dividends are unstable, and that the kingdom would have to unwind the tax cuts on Aramco if the state needed the money. The introduction of more realistic pricing could also have political and social ramifications, since Saudis are some of the world’s biggest consumers of cheap energy.Another worry for investors would be if MBS continues to use Aramco as a tool of global oil policy on behalf of OPEC, the producers’ cartel. The kingdom may believe that OPEC serves as a stabilising force in global oil markets, which benefits Aramco. But its latest attempts to play puppet-master with the oil market have been counter-productive. On June 21st global oil prices fell to their lowest level since August, despite an agreement by OPEC and non-OPEC producers to cut output until next March. As a result, Aramco is not only losing income, it is losing market share to rivals not bound by the cuts.Last, as his global stature grows, the prince may be tempted to mix up geopolitics and commerce. Anecdotal evidence of this emerged during President Donald Trump’s visit to Riyadh in May. Even as Aramco was supposedly disentangling itself from the myriad noncore activities it carries out on behalf of the state, the firm was on extra-curricular duty. At breakneck pace, it built the Global Centre for Combating Extremist Ideology in Riyadh, where Mr Trump and MBS’s 81-year-old father, King Salman bin Abdel Aziz Al Saud, performed a weird inauguration ceremony involving a glowing globe. The reason for Aramco’s involvement: no other body in the kingdom could do it half as quickly.Venue, vidi, viciSuch strategic considerations may also be influencing the decision on whether to list the non-Saudi portion of the IPO in New York or London (a small slice will be listed on Tadawul, the local bourse). Aramco’s lawyers are more comfortable with a London Stock Exchange (LSE) listing, on the ground that it would spare the company the real risk of class-action lawsuits related, for instance, to the terror attacks of September 11th 2001, of litigation from tree-hugging attorneys-general, and of other claims on its assets that it might face on the New York Stock Exchange (NYSE).But MBS is believed to be leaning more towards New York. This may be because of liquidity: listed companies on the NYSE have a combined market capitalisation of about $20trn, versus $4trn on the LSE. The NYSE also has more prestige; the big peers Aramco wants to be judged against are listed there. Yet he is also understood to have been under pressure from the White House for a New York listing, and is keen to cement ties with Mr Trump. If that were to sway the final consideration, investors might not thank him for it.Many will shrug. The chance to buy shares in one of the world’s most resilient oil firms will be hard to resist. Moreover, sovereign-wealth funds may well be keen to become “anchor tenants” of the IPO, to deepen their own countries’ relationships with Aramco and the new crown prince.But MBS’s leapfrog towards the throne will not silence the questions that still swirl. What will happen to the money raised? Will the listing plug a budget gap of 8% of GDP? Will it fund domestic industries such as mining, defence and tourism? Or will it become a “magic money tree”, promising all things to all people? The original goal of the IPO was to bring more transparency and stronger market forces to Saudi Arabia—creating a sort of Thatcherite oasis in the Arabian desert. If that is truly what MBS wants, he should learn to leave well alone. "A king-to-be’s ransom"'|'economist.com'|'http://www.economist.com/sections/business-finance/rss.xml'|'http://www.economist.com/news/business/21723872-saudi-aramco-cannot-be-seen-isolation-kingdom-it-funds-prospects-worlds?fsrc=rss'|'2017-06-24T08:00:00.000+03:00'
'e5d7f0fbdfb0b26365b83b8ebca7dbe06aef251d'|'Turkish exports to Qatar triple during Gulf crisis - trade minister'|'Business News - Fri Jun 23, 2017 - 6:49am BST Turkish exports to Qatar triple during Gulf crisis: trade minister Buildings are seen on a coast line in Doha, Qatar, June 15, 2017. REUTERS/Naseem Zeitoon ANKARA Turkish exports to Qatar have tripled from their normal levels to $32.5 million since four Arab countries began boycotting the Gulf state on June 5, Turkey''s Customs and Trade Minister Bulent Tufenkci said late on Thursday. Saudi Arabia, the United Arab Emirates (UAE), Egypt and Bahrain accuse Qatar of funding terrorism, fomenting regional instability and cosying up to revolutionary theocracy Iran. Qatar has denied the accusations. They have sent Doha a list of 13 demands including closing Al Jazeera television, reducing ties to their regional adversary Iran and closing a Turkish military base in Qatar, an official of one of the four countries told Reuters. Turkey, which has long tried to play the role of regional mediator, has backed Qatar in the dispute but is also wary of upsetting its other allies, including Saudi Arabia. "Since June 5 exports to Qatar have amounted to $32.5 million. Of this $12.5 million is food. This figure is three times the normal level," Tufenkci told reporters at a Ramadan fast-breaking dinner on Thursday evening. Turkey has sent more than 100 cargo planes of supplies to Qatar but Economy Minister Nihat Zeybekci has said it was not sustainable to maintain supplies through an air lift. On Thursday, Turkey sent its first ship carrying food to Qatar and dispatched a small contingent of soldiers and armored vehicles there, while President Tayyip Erdogan spoke with Saudi Arabia''s leaders on calming tension in the region. Turkey fast-tracked legislation on June 7 to allow more troops to be deployed to a military base in Qatar that houses Turkish soldiers under an agreement signed in 2014. (Reporting by Ercan Gurses; Writing by Daren Butler; Editing by Gopakumar Warrier) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-gulf-qatar-turkey-idUKKBN19E0GH'|'2017-06-23T13:48:00.000+03:00'
'8271af2489522802ea7194ed09e456a4a6d87691'|'Health insurers says Senate bill''s Medicaid cuts to hurt states'|'Health News   3:24pm EDT Health insurers says Senate bill''s Medicaid cuts to hurt states An emergency sign points to the entrance to Scripps Memorial Hospital in La Jolla, California, U.S. March 23, 2017. REUTERS/Mike Blake By Caroline Humer - NEW YORK NEW YORK Health insurers are concerned about the U.S. Senate''s plans to cut the Medicaid program for the poor and the impact such a move would have on state governments, the industry''s largest lobbyist said on Friday. Republicans in the U.S. Senate on Thursday unveiled a draft bill to repeal and replace the Affordable Care Act, commonly known as Obamacare. The bill would replace its individual insurance coverage with new subsidies and requirements and cut federal funding for Medicaid. Hospital groups came out against the bill on Thursday. The legislation includes changes health insurers had been seeking, including tens of billions of dollars to help stabilize the individual insurance market during a transition year and the ability to charge older members more. But it repeals the individual mandate requiring people to buy health insurance without creating incentives for Americans to stay in their plans. In addition, the proposed changes to Medicaid financing for people who were newly covered under Obamacare and those in the standard Medicaid program are dramatic. That program is jointly funded by the states and the federal government. "We''re worried about the burden it creates for the states," Kristine Grow, spokeswoman at America''s Health Insurance Plans (AHIP), said on Friday. The lobbying group is waiting to see the analysis of the bill''s impact on spending and insurance coverage from the nonpartisan Congressional Budget Office, expected next week. AHIP represents Anthem Inc, one of the largest sellers of health insurance on the Obamacare exchanges, and Cigna Corp, among others. Anthem has decided to leave the individual market in three of the 14 states where it sells Blue Cross Blue Shield plans, while Cigna is still weighing its decision. Molina Healthcare Inc, which has more than 1 million customers in Obamacare plans, said in a statement that dropping the individual mandate with no replacement provision will lead healthy people to forgo coverage and thus drive up premium rates. The U.S. House of Representatives'' version of the Obamcare repeal bill includes a provision in which customers must maintain coverage or pay more, but Democrats argued that conflicted with Republican President Donald Trump''s promise to keep the guaranteed insurance provision of Obamacare. Molina also said that the bill''s proposal to tie cost-sharing subsidies to the lowest-level "bronze"-rated healthcare plans will make coverage less affordable, not more, by raising customers'' out-of-pocket costs. Under Obamacare, these subsidies are tied to the mid-range "silver"-rated plans. (Reporting by Caroline Humer; Editing by Jonathan Oatis)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-usa-healthcare-insurers-idUSKBN19E2B4'|'2017-06-24T03:16:00.000+03:00'
'e20218f577f892ac869254230aa16a4c3c7e1f2b'|'UPDATE 1-South Africa''s Naspers lifts FY profit, Tencent robust'|'(Adds details, shares)JOHANNESBURG, June 23 South African e-commerce and pay-TV giant Naspers reported a 41 percent jump annual profit on Friday as strong results from its Chinese money spinner Tencent offset weak performances from its pay-TV and other e-commerce ventures.Founded in 1915, Naspers has transformed itself from an apartheid-era newspaper publisher into a $85 billion multinational with private equity-style investments e-commerce platforms such as auction sites, online retail and e-classifieds.But it owes much of that valuation to its 33 percent Tencent stake, which is worth about $114 billion rand, or 20 percent more than Naspers itself. The discount has prompted some investors to urge Chief Executive Bob van Dyk to find ways to narrow it.Naspers, South Africa''s biggest company by market value, said core headline earnings totalled $1.8 billion, or 406 cents per share, compared with $1.2 billion, or 298 cents per share, a year earlier.Core headline EPS is Naspers'' main profit measure that strips out non-operational and one-off items.Naspers said its e-commerce division, which excludes Tencent and houses assets such as OLX, the biggest classifieds sites in India and Brazil, widened losses to $682 million from $648 million."During the 2018 financial year the group will keep scaling its commerce businesses to drive profitability and cash generation," the company said.Naspers has ploughed around $4 billion since 2012 into the business to drive growth mainly in e-commerce platforms and reduce its dependence on Tencent and pay-TV, which thrives in South Africa but faces headwinds elsewhere.Shares in Naspers rose 2.18 percent to 2,627 rand at 1355 GMT. (Reporting by Nqobile Dludla and Tiisetso Motsoeneng, editing by David Evans)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/naspers-results-idINL8N1JK33N'|'2017-06-23T12:05:00.000+03:00'
'9dc73ff5636b3fe92427772fb5708fbdf573718f'|'UPDATE 1-Bank of England financial crisis liquidity auctions cleared by fraud agency'|'  9:59am EDT UPDATE 1-Bank of England financial crisis liquidity auctions cleared by fraud agency (Adds detail, BoE reaction) LONDON, June 23 Britain''s Serious Fraud Office (SFO) has found no evidence of criminality in its investigation into how the Bank of England (BoE) pumped liquidity into the financial system to support banks during the financial crisis, it said on Friday. Auctions of central bank funds in return for collateral such as bonds took place in 2007 and 2008 during a crisis that ultimately forced taxpayers to bail out lenders such as Royal Bank of Scotland and Lloyds. "The focus of the investigation was whether assistance had been provided to certain financial institutions to enable them to bid successfully for the available funding, to the possible detriment of other institutions," the SFO said on Friday. "After a thorough investigation the SFO has concluded that there is no evidence of criminality in relation to this matter." The SFO said it has now closed its investigation. The BoE said the events under investigation occurred nearly a decade ago at a time when a number of Britain''s large financial institutions were under unprecedented stress. The financial crisis exposed shortcomings in the BoE''s frameworks for providing liquidity insurance, operating procedures and governance arrangements, the Bank said in a statement. After the SFO''s decision to open an investigatation, the Bank''s Court of Directors commissioned a "rigorous and comprehensive" review of other key market operations during the financial crisis. "The review resulted in a number of recommendations, which the Bank has now implemented," the BoE said, adding that details of the review were published on Friday. "The Bank is proud of the dedication and professionalism displayed by its staff during the financial crisis," it said. (Editing by David Goodman)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/boe-fraud-sfo-idUSL8N1JK2ZL'|'2017-06-23T21:59:00.000+03:00'
'ae59c512fb033711647d1301b2c5e41da547d884'|'GE wins first major deal from Alstom portfolio, in Romania'|'Commodities  45am EDT GE wins first major deal from Alstom portfolio, in Romania FILE PHOTO: The logo of General Electric Co. is pictured at the Global Operations Center in San Pedro Garza Garcia, neighbouring Monterrey, Mexico, May 12, 2017. REUTERS/Daniel Becerril FRANKFURT General Electric has won a large contract to supply gas power equipment for a new 430 megawatt Romanian power plant, the first major deal to result from its $10.6 billion 2015 acquisition of Alstom''s power business. GE will supply all the core technology for the 268 million- euro ($299 million) combined-cycle plant being built in Iernut by Duro Felguera and Romelectro for state gas producer Romgaz. Before the Alstom acquisition, GE would have simply supplied the gas turbines and walked away. With Alstom, it acquired steam technology as well as the ability to supply all the peripheral equipment needed to build a complete power plant. GE told Reuters on Friday the plant would generate enough power to supply 1 million Romanian households, making it southeast Europe''s biggest gas project in five years. GE will supply four 6F gas turbines, two steam turbines and four heat-recovery steam generators for the plant, where building will start later this year and which is scheduled to be completed in 2019, replacing an existing plant at the same site. U.S.-based GE has been present in Romania since 1984. (Reporting by Georgina Prodhan)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-ge-romania-gas-idUSKBN19E1JT'|'2017-06-23T21:34:00.000+03:00'
'd9ced62d9fc6f91911af3fd2eb9d847c8a48c070'|'GE wins first major deal from Alstom portfolio, in Romania'|'(Corrects headline, paragraph 1 to clarify it is first major deal in the region, not globally)FRANKFURT, June 23 General Electric has won a large contract to supply gas power equipment for a new 430 megawatt Romanian power plant, the first major deal in the region to result from its $10.6 billion 2015 acquisition of Alstom''s power business.GE will supply all the core technology for the 268 million- euro ($299 million) combined-cycle plant being built in Iernut by Duro Felguera and Romelectro for state gas producer Romgaz.Before the Alstom acquisition, GE would have simply supplied the gas turbines and walked away. With Alstom, it acquired steam technology as well as the ability to supply all the peripheral equipment needed to build a complete power plant.GE told Reuters on Friday the plant would generate enough power to supply 1 million Romanian households, making it southeast Europe''s biggest gas project in five years.GE will supply four 6F gas turbines, two steam turbines and four heat-recovery steam generators for the plant, where building will start later this year and which is scheduled to be completed in 2019, replacing an existing plant at the same site.U.S.-based GE has been present in Romania since 1984. ($1 = 0.8950 euros) (Reporting by Georgina Prodhan, editing by David Evans)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/ge-romania-gas-idINL8N1JK31I'|'2017-06-23T11:34:00.000+03:00'
'de8d59d5282b22168872eb38903bd256d3fe355f'|'RBI policy panel turns less hawkish, awaits data - minutes'|'Money News - Wed Jun 21, 2017 - 6:00pm IST RBI policy panel turns less hawkish, awaits data - minutes A Reserve Bank of India (RBI) logo is seen at the entrance gate of tts headquarters in Mumbai, India June 7, 2017. REUTERS/Shailesh Andrade/File Photo MUMBAI The Reserve Bank of India''s monetary policy committee welcomed data showing inflation easing below its target, but wanted more assurance the trend would continue before deciding whether to lower interest rates, minutes from its last meeting showed on Wednesday. The RBI voted 5-1 to keep the repo rate at 6.25 percent earlier this month, but issued a slightly less hawkish statement after consumer inflation eased to 2.99 percent in April, below its 4 percent target. Ravindra H. Dholakia, a professor who is one of three non-RBI members, was the lone dissenter, voting to lower the repo rate by 50 basis points by arguing that inflation had eased enough to justify a rate cut. The vote marked the first non-unanimous decision in the five meetings since the MPC was formed last September. However, the rest of the panel members, including Governor Urjit Patel, wanted more evidence that inflation would ease, while expressing concern that consumer prices would accelerate later this year. Data after the RBI''s June 6-7 policy meeting showed inflation easing further to 2.18 percent in May from a year earlier, the lowest in at least five years. India will post one more inflation data next month before the RBI''s next policy meeting on Aug. 1-2. (Reporting by Suvashree Dey Choudhury; Additional reporting by Swati Bhat, Devidutta Tripathy, Sudipto Ganguly and Euan Rocha; Editing by Rafael Nam) '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/india-cenbank-minutes-idINKBN19C1MP'|'2017-06-21T20:30:00.000+03:00'
'951fd0cc422c9ff6f77acfda987958086e0e0f33'|'European shares slide further, Provident Financial plummets'|'* STOXX 600 down 0.8 pct* Provident Financial slumps on profit warning* Financial services, banks top European losers* Oil & gas sector hits 7-month low on crude weakness (ADVISORY- Follow European and UK stock markets in real time on the Reuters Live Markets blog on Eikon - see cpurl://apps.cp./cms/?pageId=livemarkets)By Helen ReidLONDON, June 21 Weakness among financial and retail stocks sent European shares sliding again on Wednesday, as Provident Financial fell sharply after a profit warning.Europe''s STOXX 600 fell 0.8 percent, extending the previous session''s losses, while euro zone stocks fell more sharply, down 1 percent along with the bloc''s blue chips .Financial services, insurance and banking stocks were among the worst-performing sectors, punished by heavy losses from British subprime lender Provident Financial.Provident plummeted as much as 20 percent after warning on profit, saying operational disruption from the reorganisation of its consumer credit division would weigh for the rest of the financial year."We had been concerned about rising impairments and customer attrition in the consumer credit division as the new model was implemented. The transition appears to have been more painful than expected," said Liberum analysts.The lender''s plunge weighed on sentiment for banks, which were among the top fallers on France''s CAC 40 and Germany''s DAX.Credit Agricole, Societe Generale, BNP Paribas and Natixis fell 1.9 to 2.4 percent, helping make the French blue-chip index the worst European performer.Deutsche Bank and Commerzbank fell up to 1.7 percent.Belgium''s KBC was the worst-performing on the banking index, down 3.3 percent as its investor day got off to a disappointing start.KBC released a new core equity tier 1 target, a key metric of banks'' solvency, of 16.6 percent, and analysts at KBW said the new figure did not leave room for excess capital distribution."We expect the share price may be on the weak side before further details are disclosed during the day," they said.A supply glut weighing on crude prices compounded losses, sending the oil and gas index to a near 7-month low.Retail stocks were also weighed by Belgian food retailer Colruyt falling 4.8 percent after its full-year results missed consensus."This disappointing performance is mainly due to higher operating costs as Colruyt continued to invest in staff and stores, as well as a more competitive environment in Belgium in the second hald," said Barclays analysts.Scout24 fell after Deutsche Telekom sold a 9.3 percent stake in the online classified-ads firm.Meanwhile, Costa Coffee owner Whitbread was the best European performer, up 5.1 percent after reporting first-quarter sales rose 7.6 percent. It spurred the European travel and leisure sector up 0.2 percent, the only sector not in the red. Despite some glum company updates on the day, the latest first-quarter results figures highlight the reasons for investors’ belief in underlying strength among European corporates.STOXX 600 companies have on average reported earnings 10.2 percent above estimates, beating the 4 percent average surprise factor (since 2011) and the 6 percent surprise factor over the past four quarters, Thomson Reuters data showed.Of the 300 companies reporting first quarter revenues to date, 74.3 percent exceeded analyst estimates, against 53.6 percent in a typical quarter. (Reporting by Helen Reid; Editing by Alison Williams)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/europe-stocks-idUSL8N1JI1AQ'|'2017-06-21T16:57:00.000+03:00'
'152538d7b14fe1fc9004b407e633ebfe0d854fee'|'SoftBank founder Son pledges to stay at helm as company''s firepower grows'|'Business News - Wed Jun 21, 2017 - 7:09am BST SoftBank founder Son pledges to stay at helm as company''s firepower grows FILE PHOTO: SoftBank Group Corp Chairman and CEO Masayoshi Son attends a news conference in Tokyo, Japan, February 8, 2017. REUTERS/Toru Hanai/File Photo TOKYO SoftBank Group founder Masayoshi Son, Japan''s richest man, said on Wednesday he''ll spend the next decade identifying a successor to drive his rapidly growing technology empire, which has amassed an unprecedented investment warchest over the past year. Since the departure of former chief operating officer Nikesh Arora last year, Son has been without an immediate candidate to replace him should he step down. While Arora''s resignation at the time raised questions about bench strength within the company''s senior management, significant changes in its board of directors, the launch of Son''s massive new private equity fund and recent acquisitions have made it one of the more dynamic companies in Japan''s recent corporate history. Son, aged 59, told investors at the group''s annual general meeting in Tokyo on Wednesday that he had no intention to step down anytime soon. "I feel energised. I couldn''t possibly retire," he said, noting he had no successor in mind since Arora''s departure. "Over the next 10 years, that''s the challenge I should keep addressing," he said, adding that a successor would most likely come from the company''s management ranks. Since Arora''s resignation in June last year, Son has raised $93 billion dollars for his Vision Fund, the world''s largest private equity fund, and made a string of acquisitions of technology firms, including robotics startup Boston Dynamics from Google earlier this month. Separately on Wednesday, SoftBank said it had invested $100 million in cybersecurity startup Cybereason. The group has also boosted the number of directors with the election of the heads of key overseas subsidiaries to an expanded board of directors. The board is now majority non-Japanese, reflecting the company''s increasingly global ambitions. Outside director and chief executive of Nidec Corp Shigenobu Nagamori struck a note of dissent at a broadly congratulatory shareholders meeting, saying that he thought Son had massively overpaid for chip designer ARM Holdings, bought for $33 billion dollars last year. New directors include Marcelo Claure, chief executive officer of U.S. wireless telecommunications service provider Sprint Corp, Simon Segars, CEO of ARM, and Rajeev Misra, the head of the Vision fund. "We combined knowledge of technology and financing to establish the fund," Son said of the Vision Fund, pointing to the range of investors from oil rich Saudi Arabia and UAE to tech firms Apple and Foxconn. "We are not just targeting financial returns ... we want an information revolution across the world." (Reporting by Sam Nussey; Editing by Sam Holmes and Christopher Cushing) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-softbank-group-agm-idUKKBN19C0IT'|'2017-06-21T14:09:00.000+03:00'
'88f4cce706c1fb9caa7cdc16b6e48c5f3bab6b66'|'INSIGHT - Innovators toil to revive Canada oil sands as majors exit'|'By Nia Williams and Ernest Scheyder - CALGARY, Alberta/HOUSTON CALGARY, Alberta/HOUSTON In the boreal forests and on the remote prairies of Alberta, a handful of firms are running pilot projects they hope will end a two-decade drought in innovation and stem the exodus of top global energy firms from Canada''s oil sands.They are searching for a breakthrough that will cut the cost of pumping the tar-like oil from the country''s vast underground bitumen reservoirs and better compete with the booming shale industry in the United States.If they fail, a bigger chunk of the world''s third-largest oil reserves will stay in the ground. Canada''s oil sands sector has become one of the biggest victims of the global oil price crash that began in 2014 when top OPEC producer Saudi Arabia flooded the market with cheap crude to drive out high cost competitors.This year alone, oil majors have sold over $22.5 billion of assets in Canada''s energy industry, and been lured south to invest in the higher returns of U.S. shale.Joseph Kuhach is among the entrepreneurs in Canada hoping they can turn the tide. He runs a small Calgary-based firm, Nsolv, that is testing the use of solvents to liquefy the bitumen buried in the sands and make it flow as oil.Kuhach says using solvents can cut 20 to 40 percent from the cost of producing the oil. The technique currently used is to use steam to heat the sands underground to extract the oil.It''s a hard sell, he said, to Canadian producers struggling with low oil prices. They are reluctant to invest in a multi-million dollar technology that is unproven on a commercial scale, he said."The comment I hear so often when I am talking to companies is, ''We want to be the very first in line to be second''," said Kuhach. "It''s easier to go after incremental improvements that they can back away from with no great cost and no great risk."Nsolv is winding down a three-year pilot project with Canada''s second-largest energy producer Suncor Energy at its Dover oil sands lease in northern Alberta. Suncor is evaluating the results, the firm''s spokeswoman Erin Rees said.Fourth-largest producer Imperial Oil, controlled by ExxonMobil Corp, is also developing solvent technology and has had an ongoing C$100-million pilot project since 2013, the company said.The caution of oil sands producers stems in part from the unique challenges of operating here, where projects take years to build and require billions of dollars in upfront capital.The development of the technique using steam two decades ago made Canada''s sands the new frontier for the oil industry, and majors were among the firms that flocked to buy in.Since then, innovation has stalled. That failure, energy-industry entrepreneurs and venture capitalists told Reuters, is rooted in a risk-averse culture that has left oil sands years behind U.S. shale.The exodus of international oil firms such as Royal Dutch Shell and Statoil ASA from oil sands has made innovation tougher because there are fewer potential customers who might adopt new technology, said Joe Gasca, chairman of Fractal Systems Inc. His firm processes bitumen into higher-quality crude at the wellhead.Fractal is running a 1,000 barrel-per-day (bpd) test plant in eastern Alberta for third-largest producer Cenovus Energy, which has yet to make a decision on whether to proceed commercially.DATING AND MARRIAGEThe shale sector moved fast to innovate and cut costs to survive the oil price crash. In 2014, producing oil from most shale fields cost more than the average $60 a barrel needed for a new Canadian oil sands project to make money. Now, there are some shale patches that can make a profit at $15 a barrel.It takes months of pumping steam into underground reservoirs before bitumen starts to flow from the oil sands. That makes engineers reluctant to experiment with the delicate balance of heat and pressure.Shale, by contrast, provides comparatively fertile ground for innovation. The initial investment is a fraction of what the cost of an oil sands project. Relatively easy access encourages competition as the many firms involved look for an edge. Wells can be drilled quickly. The stakes are lower and the scale is smaller if experiments fail.Drilling longer wells and being better able to pinpoint where in those wells to fracture the rock, among other techniques, have supercharged U.S. shale output in the past two years. That has boosted firms including Noble Energy and Devon Energy and drawn billions of dollars in new private equity investment.Canadian producers have fewer projects to experiment with and are unwilling to risk their massive upfront investments, said Steve Fisher, chief executive of Calgary-based startup Veerum."Shale is like going on a date, the oil sands is like getting married," he said. "The risk for capital is high in the oil sands, you have massive assets that need to complete on time and operate for 40 years to make money."Veerum''s technology cuts capital costs by tracking how accurately a new project sticks to design specifications during construction, reducing the need for costly fixes later.The company is supported by GE''s Zone Startups Calgary, an incubator for new firms in the energy capital of Canada.Another hurdle to innovation is the lack of sales and marketing expertise in the city''s oil industry to carry ideas through to commercial execution, said Marty Reed, chief executive of clean-tech fund Evok Innovations."At $100 a barrel it didn''t take a sales and marketing genius to sell the product," Reed said. "But if you are a new company trying to get Suncor to adopt a new widget those skills are crucial."Evok was launched last year with a C$100 million investment from Cenovus and Suncor over 10 years to accelerate development of technologies to cut oil sands costs and emissions.''INCREMENTAL GAINS''Since oil prices began falling in 2014, the long-term forecast for oil sands output in 2030 has fallen to 3.7 million bpd, down from 5.2 million bpd, according to the Canadian Association of Petroleum Producers. Current output is around 2.4 million bpd.Expansion will mostly come from adding units at existing projects, given new projects are unprofitable at current international oil prices of around $45 a barrel.Canadian oil sands producers recognize that innovation is crucial for their survival, and some firms are spending more.The country''s top energy producer Canadian Natural Resources Ltd allocated C$549 million ($406.97 million) or 14 percent of its 2016 C$3.8 billion capital budget on research and development (R&D), up 4 percent from C$527 million in 2015, when capital spending was higher."It''s mostly about incremental gains, but we do have some big stuff that could change things," Canadian Natural President Steve Laut told reporters last month, declining to elaborate.Suncor and Imperial both held R&D spending steady from the previous year while reducing overall capital budgets. Suncor spent C$150 million, or 3 percent of its budget in 2016 on what it calls "step-change technologies", while Imperial spent C$195 million, roughly 17 percent of its budget, company filings showed.The firms all said they were working on ways to reduce costs and environmental impact. Producers also said new technology is often developed in the field during normal operations and does not necessarily show up in R&D budgets.A number of producers, including Cenovus and Suncor are looking at ways to add solvents to steam in their commercial operations.Unlike the solvent-only technique being pitched by Nsolv, this would allow firms to adapt existing thermal plants rather than build new ones, Kuhach said.Even if pilot steam-and-solvent projects are successful, it would take another three to five years for the technology to spread across the industry, said Dan Wicklum, chief executive of the Canadian Oil Sands Innovation Alliance.Vancouver-based Chrysalix Venture Capital has become more cautious about new oil sands investments since the oil majors pulled out, Chief Executive Wal van Lierop said, but is investing in technologies that may prove valuable to the sector."I am really hoping we can get breakthrough technologies, but I don''t see them yet," he said."Mediocracy will not help. It will be go big or go home."($1 = 1.3490 Canadian dollars)(Editing by Simon Webb and Brian Thevenot)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/canada-oilsands-technology-idINKBN19A0HX'|'2017-06-19T13:38:00.000+03:00'
'778b1e00fc0134757245007a37a9312a18321a88'|'Exclusive - Buyout fund CVC hires banks for $1.1 billion Continental Foods sale: sources'|'Business  50pm BST Exclusive - Buyout fund CVC hires banks for $1.1 billion Continental Foods sale: sources By Martinne Geller and Pamela Barbaglia - LONDON LONDON Private equity fund CVC Capital Partners has picked advisers to sell its food firm Continental Foods in a deal that could be worth more than 1 billion euros (876.34 million pounds), sources familiar with the matter told Reuters on Monday. The business, which produces soups, sauces and bouillons, includes brands like Liebig in France and Erasco in Germany. CVC has owned it since late 2013, when it purchased it from Campbell Soup ( CPB.N ) for 400 million euros. CVC''s decision to sell Continental Foods comes amid a wave of deal-making in the packaged food sector where large companies are looking for ways to boost profits in a weak market. Unilever ( ULVR.L ) ( UNc.AS ) is trying to sell its margarines business after rebuffing a takeover bid by Kraft Heinz ( KHC.O ), while Reckitt Benckiser Group ( RB.L ) is selling its French mustard business. Nestle ( NESN.S ) said last week that it would explore options, including a possible sale, for its roughly $900 million-a-year U.S. confectionery business. London-based CVC, which recently raised a record 16 billion euros for its latest fund, is working with Swiss bank UBS ( UBSG.S ) and Paris-based investment boutique Messier Maris on a possible sale, the sources, who declined to be identified as the process is private, said. Continental Foods, CVC, UBS and Messier Maris declined to comment. Based near Antwerp in Belgium, Continental employs more than 1,000 staff across Europe. It has production facilities in France, Belgium and Germany and is active in five European markets including Finland and Sweden with revenues of about 400 million euros. It could fetch more than 1 billion euros, based on a multiple of 12 times its earnings before interest, tax, depreciation and amortisation (EBITDA) of around 90 million euros, the sources said. Private equity funds typically look to sell or list their portfolio companies within three to five years, hoping to cash out with a profit. (Editing by Jane Merriman)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-continentalfoods-m-a-exlcusive-idUKKBN19A27N'|'2017-06-19T23:50:00.000+03:00'
'f5672c5038c171779add5dbcbe9f35e93f72966c'|'BRIEF-RXI Pharma completes enrollment of Phase 1/2 trial with RXI-109'|' 09am EDT BRIEF-RXI Pharma completes enrollment of Phase 1/2 trial with RXI-109 June 21 RXI Pharmaceuticals Corp: * RXI Pharmaceuticals announces completion of enrollment of Phase 1/2 clinical trial with RXI-109 for retinal scarring * RXI Pharmaceuticals Corp - RXI-109 has been well tolerated with no drug related issues occurring to date Source text for Eikon:  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-rxi-pharma-completes-enrollment-of-idUSASA09UK7'|'2017-06-21T19:09:00.000+03:00'
'347f84b2ee5e27521366e249e5e80966c00094e4'|'Bank of England reports consumer squeeze, solid business investment'|'Economy - Wed Jun 21, 2017 - 10:11am BST Bank of England reports consumer squeeze, solid business investment FILE PHOTO: Shoppers walk along Oxford Street in London, Britain December 18, 2016. REUTERS/Neil Hall/File Photo LONDON The Bank of England reported on Wednesday that consumers were under growing pressure form rising inflation, but business investment plans had strengthened and sterling weakness was boosting export volumes. The assessment from the BoE''s regional agents broadly matches that in last week''s policy statement, when three of the BoE''s eight rate-setters unexpectedly voted to increase the cost of borrowing. "In light of the further increase in price inflation for retail goods ... annual sales growth in volume terms had continued to slow. Higher price inflation in areas such as food had also squeezed consumers'' ability to fund discretionary big-ticket purchases such as homeware," the BoE said. The central bank also said businesses had reported reduced inflows of migrants from continental Europe, due to the weaker value of the pound and concerns about their residency status after Britain leaves the EU. (Reporting by David Milliken, editing by Estelle Shirbon) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-economy-boe-idUKKBN19C0ZV'|'2017-06-21T16:59:00.000+03:00'
'fbf0c3164961ac42263b68303470b13d65373e81'|'Saudi energy minister says oil market fundamentals going towards right direction - paper'|'Business News - Mon Jun 19, 2017 - 5:57am BST Saudi energy minister says oil market fundamentals going towards right direction - paper OPEC President, Saudi Arabia''s Energy Minister Khalid al-Falih, talks to journalists before the beginning of a meeting of the Organization of the Petroleum Exporting Countries (OPEC) in Vienna, Austria, May 25, 2017. REUTERS/Leonhard Foeger DUBAI Saudi Energy Minister Khalid al-Falih said market fundamentals are going towards the right direction, but the market needs time to rebalance, the London-based newspaper Asharq al-Awsat reported on Monday. "In my opinion, market fundamentals are going in the right direction, but in light of the large surplus in stockpile over the past years, the cut needs time to take effect," he told the newspaper in an interview. Compliance in April and May to the Organization of the Petroleum Exporting Countries (OPEC) cuts agreement was above 100 percent, he said. Al-Falih said he hopes Libya''s production levels go back to normal levels, which Libyans fully deserve. "It is inappropriate to pressurise Libya to slowdown the pace of the recovery of its production," he was quoted as saying. (Reporting by Hadeel Al Sayegh; Editing by Saeed Azhar) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-saudi-oil-idUKKBN19A0EZ'|'2017-06-19T12:57:00.000+03:00'
'73d25899237ed2de0ddd8ec09cd249b16b64c18a'|'Foreign investors bet billions on China blue-chips joining MSCI index'|'  10:10am BST Foreign investors bet billions on China blue-chips joining MSCI index left right FILE PHOTO: A man looks at an electronic board at a brokerage house in Shanghai August 31, 2009. REUTERS/Aly Song/File Photo 1/2 The MSCI logo is seen in this June 20, 2017 illustration photo. REUTERS/Thomas White/Illustration 2/2 By Samuel Shen and John Ruwitch - SHANGHAI SHANGHAI Foreign investors are betting U.S. index publisher MSCI will finally agree to include China-listed shares in its emerging markets benchmark this week, stepping up their buying of Chinese blue-chips that could gain from inclusion in the index. In May, overseas investors bought a net 19.8 billion yuan (2.3 billion pounds) of mainland shares via the "Connect" schemes that link the Hong Kong and China markets, pushing up volumes by 56 percent from the previous month. "We believe this was due to foreign investors'' expectation that MSCI will announce the inclusion of A-shares this week," said UBS strategist Gao Ting, noting that northbound investors have mostly chosen shares in the consumer and pharmaceutical sectors over the past month. Net inflows so far this month have reached nearly 15 billion yuan. The flows into Chinese firms such as Midea Group and Gree Electric Appliances came ahead of MSCI''s decision on whether to open up its Emerging Markets Index (EMI) to mainland-listed China shares. The announcement is due shortly after 4.30 pm New York time on Tuesday, June 20 (4.30am Wednesday in Hong Kong). If China A shares were to be included, consumer and real estate stocks in particular would see their weighting increase - at the expense of financials - under MSCI''s new methodology unveiled in March, which will cut the number of constituents to 169 from 448. MSCI has previously declined to include China in the EMI three times amid investor complaints about curbs on repatriating capital from China and concerns over the country''s large number of suspended stocks. The newly adopted methodology is designed to address these issues and make inclusion more likely, analysts said. China''s securities regulator said on Friday that it hopes MSCI can open its index to China shares, but if not, Chinese capital market reform will not be derailed. All the Chinese stocks set to be included are big-caps and can be easily accessed by foreigners through the "Connect" trading link between mainland and Hong Kong markets. Morgan Stanley sees a more than 50 percent chance of a "Yes" decision, expecting a 0.5-1 percent rise in the Shanghai Composite Index on a positive result, although it noted that actual implementation would not take place until June, 2018. Eligible Chinese stocks would represent a weighting of only 0.5 percent in the MSCI EM index. "In the case of a ''No'' decision: The A-share market might first react with a minor decline of 1.0 percent," Morgan Stanley said in a recent report. Asset managers have noted that inclusion in the index after the three previous rejections is likely this time, with the weight of money flowing into Chinese A shares evidence of that conviction. Over the past two weeks, an average of 1.2 billion yuan has flowed into Chinese shares via the Connect each day, nearly 30 percent more than the average during the Jan-May period. Shenzhen-listed Chinese home appliance maker Midea Group Co - potentially a heavyweight in the EMI - has witnessed a surge in foreign interest since MSCI in March unveiled its new methodology for China inclusion. Overseas holdings in Midea via the Shenzhen-Hong Kong Stock Connect doubled to 4.16 percent, from 1.94 percent three months ago, with about 230 million shares acquired by foreign investors during the period. Founder Securities, another potential EMI constituent, has seen foreign holdings in the brokerage under the Shanghai-Hong Kong Stock Connect surge to 17.2 percent, from just 10 percent three months ago. In another sign of rising foreign interest in Chinese big-caps ahead of the MSCI decision, qualified foreign institutional investors have visited a total of 29 Chinese listed companies so far this month, 23 of which have stocks in the Connect schemes, the Shanghai Securities News reported on Tuesday. However, some investors appear retreating just ahead of the MSCI announcement, exchange-traded fund (ETF) data suggests. ETFs tracking China stock indices saw 14.5 million euro ($16.17 million) of outflows on Friday, reversing a trend of steady inflows seen since the beginning of this month, according to independent ETF selection platform TrackInsight. That suggests some investors are thinking again about the likelihood of inclusion in the index, TrackInsight said. (Reporting by Samuel Shen and John Ruwitch; Additional reporting by Michelle Price and Liu Luoyan; Editing by Eric Meijer)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-msci-indexes-china-idUKKBN19B10G'|'2017-06-20T17:10:00.000+03:00'
'799e58d747c33c8d2216b9c040d1632cc1e89c14'|'HongKong, Canadian funds bid for German metering firm Ista: sources'|'By Arno Schuetze and Christoph Steitz - FRANKFURT FRANKFURT HongKong''s CK Infrastructure ( 1038.HK ) (CKI) is vying with Canadian investors to buy German metering and energy management group Ista, which could be worth more than 4.5 billion euros ($5 billion), sources close to the matter told Reuters on Tuesday.CKI, part of ports-to-telecoms conglomerate CK Hutchison ( 0001.HK ) which is chaired by tycoon Li Ka-shing, put in a non-binding bid for private equity-owned Ista earlier this month, they said.It is competing with Canada Pension Plan Investment Board, which already owns a minority stake in Ista and has tied up with Blackstone ( BX.N ) to make a bid for the full company, they added.Altogether, a handful of bids came in - including one from Brookfield and Ontario Teachers'' Pension Plan - with final offers due around July 10, the sources said.Canada''s Caisse de depot et placement du Quebec and Kuwait''s Wren House Infrastructure had also expressed interest, but it remained unclear whether they placed offers.Buyout group CVC, which bought Ista in 2013 at a valuation of 3.1 billion euros, is hoping to fetch a price tag of up to 5 billion euros or 12 times Ista''s expected earnings before interest, tax, depreciation and amortization (EBITDA) of 420 million euros, the sources said.First-round bids came in closer to 10.5 to 11 times core earnings.Ista, which provides energy and water metering, posted EBITDA of 370 million euros in 2016, on sales of 850 million.CVC and the bidders declined to comment or were not immediately available for comment.European bankers are working on debt financings in excess of 7 times Ista''s EBITDA. Some bankers are working on leverage levels as high as 8.5 times, banking sources said.CVC''s advisor Goldman Sachs is offering a staple of around 5.8 times, significantly lower than European banks, in a bid to comply with the U.S. leveraged lending guidelines.Hoping to attract sponsors, the staple is a hybrid and has infrastructure-style features, including full dividend capacity from closing, to enable dividend payments, the sources said.($1 = 0.8977 euros)(Additional reporting by Claire Rucking in London and Matt Scuffham in Toronto; Editing by Elaine Hardcastle)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-cvc-ista-sale-idINKBN19C2FU'|'2017-06-21T15:35:00.000+03:00'
'a04528e3292cef5beb484469321c4cf4a039e7a0'|'Judge approves temporary stop to DraftKings, FanDuel merger'|'WASHINGTON A federal judge has approved a temporary halt of a merger between sport fantasy companies DraftKings and FanDuel.Earlier this week, the U.S. Federal Trade Commission, California and the District of Columbia said they would seek to stop the merger because the combined company would control more than 90 percent of the U.S. market for paid daily fantasy sports contests.Judge Ketanji Brown Jackson of the U.S. District Court of the District of Columbia on Tuesday approved a temporary restraining order agreed by the FTC and the two companies.The companies announced the deal in November 2016 as a merger of equals that would cut their legal bills.FanDuel had no comment on the filing but reiterated its comment from earlier in the week that the companies were considering legal options regarding the FTC complaint.The companies have a history of aggressive advertising as they battled for market share. They cut ad spending significantly in 2016 and said the combined company could again expand spending on advertising and customer acquisition.(Reporting by Diane Bartz; Editing by Bernadette Baum)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-fanduel-m-a-draftkings-idINKBN19C2S3'|'2017-06-21T17:56:00.000+03:00'
'0f4763d54bcf44f89e02c3d4b60cb75ad86d393e'|'Deals of the day-Mergers and acquisitions'|'Market News  03am EDT Deals of the day-Mergers and acquisitions June 21 The following bids, mergers, acquisitions and disposals were reported by 1000 GMT on Wednesday: ** Toshiba Corp has chosen a consortium of Japanese government investors and Bain Capital as the preferred bidder for its chip business, aiming to seal a deal worth some $18 billion by next week as it scrambles for funds to cover massive losses. ** British Gas parent company Centrica has agreed to sell its two biggest gas-fired power plants to Czech peer EPH for 318 million pounds ($401 million), pushing forward with its plan to become a nimbler energy supplier in a fiercely competitive market. ** Sweden''s Scandic Hotels plans to buy 43 hotels in Finland from Restel Oy for 114.5 million euros ($127 million), the companies said. ** India sold a 2.5 percent stake in engineering and construction group Larsen & Toubro Ltd (L&T), raising more than 40 billion rupees ($619.27 million) that will help the government meet its annual fiscal deficit target. ** Swedish mobile telecom gear maker Ericsson said it was selling its power modules business, the first exit of assets under a new strategy to focus on its core business. (Compiled by John Benny in Bengaluru)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/deals-day-idUSL3N1JI3AN'|'2017-06-21T14:03:00.000+03:00'
'a6a0090485dea286a8e57871a4160c945d617a66'|'Global growth risks easing, but new ones emerging - ECB'|'Central Banks -  05am BST Global growth risks easing, but new ones emerging - ECB FILE PHOTO: The European Central Bank (ECB) headquarters in Frankfurt, Germany, July 29, 2016. REUTERS/Ralph Orlowski/File Photo FRANKFURT Risks to global growth appeared to have diminished, with markets so far taking policy tightening from the U.S. Federal Reserve in their stride, the European Central Bank said on Wednesday in a regular economic bulletin. But the outlook remains tilted towards the downside due to new factors, notably signals from the United States suggesting a shift towards protectionism. The chances of an abrupt shift in global financial conditions appear to have eased, major emerging market economies seem to be in better shape than in recent years and Chinese policy support for growth has mitigated concerns about the short-term outlook, the ECB said. "Careful communication by the Federal Reserve System, coupled with a very gradual course of monetary policy tightening, and the decline in vulnerabilities in major emerging markets, appears to have eased the risk of a disorderly tightening of global financial conditions," the ECB said. But new sources of risk, particularly from the potentially protectionist direction of the new U.S. administration, could have a significant negative effect on the global economy, the ECB added. China''s vulnerabilities over the medium term are also still elevated, given a further rise in leverage, and potentially contentious negotiations over Britain''s departure from the European Union remain a source of concern, it added. "Overall, therefore, although some risks appear to have diminished, the balance of risks to the global outlook remains tilted to the downside," the ECB added. (Reporting by Balazs Koranyi; editing by John Stonestreet)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-ecb-policy-risks-idUKKBN19C0UR'|'2017-06-21T16:05:00.000+03:00'
'23b3077b4c7c50b1888fefd0a08dee16fbd8f79c'|'Sovereign investors tweak portfolios for environmental risk'|'Business News - Mon Jun 19, 2017 - 6:45am BST Sovereign investors tweak portfolios for environmental risk FILE PHOTO: Participants are seen in silhouette as they look at a screen showing a world map with climate anomalies during the World Climate Change Conference 2015 (COP21) at Le Bourget, near Paris, France, December 8, 2015. REUTERS/Stephane Mahe/File Photo By Claire Milhench - LONDON LONDON Some sovereign investors are reducing their exposure to fossil fuels or seeking clean alternatives to protect their portfolios from rising environmental risk. Norway''s $900 billion sovereign wealth fund (SWF) -- itself financed by oil sales -- and the New Zealand Super Fund (NZSF) are among those adjusting investments in anticipation of tougher environmental rules or damage from the impact of global warming. Rising temperatures could lead to more violent storms and flooding, posing a threat to infrastructure and prime real estate, both favoured by sovereign investors. U.N. scientists say greenhouse gases are the main cause of warming and while the U.S. administration has questioned the science, many countries are introducing rules to cut emissions. Norway''s SWF, the world''s largest, is divesting from companies that derive more than 30 percent of their turnover or activity from coal, a major source of greenhouse gases. It is also investing in alternative fuel companies such as NextEra Energy, a U.S. wind farm developer. By July the fund''s ethics watchdog is likely to recommend the fund excludes or puts on a watch list the first of several firms in the oil, cement and steel industries. The fund is also pushing companies to disclose carbon emissions and plans to handle climate change risk. "In terms of greenhouse gas emissions, we are actually expecting companies to increase reporting on it," the fund''s chief executive Yngve Slyngstad told Reuters. "We want to have more transparency on investment plans and how they are affected." The NZSF said last year it would set a target by the end of June to reduce its carbon footprint. "We should be able to increase our returns for the same risk, or get the same returns with less risk," Adrian Orr, chief executive of NZSF, said in November. In an update, an NZSF spokeswoman said the fund was looking at its passive portfolio rules and this would lead to a reduction in fossil fuel holdings. More details would be given when the changes have been made, she said. It has already invested in energy efficient glass manufacturer View and waste gas-to-fuel firm LanzaTech. France''s SWF Caisse des Depots (CDC) is also aiming to reduce the carbon footprint of its equity portfolio by 20 percent by 2020, and is exiting companies that derive more than 20 percent of revenue from coal. "Coal is a 19th century energy, it is not the energy of the future," said Joel Prohin, head of portfolio management at CDC. COUNTING THE COST Investors have committed to divesting some $5 trillion from fossil fuel companies, according to Arabella Advisors, with pension funds leading the way. In June, Swedish pension fund, AP7 sold its investments in six energy-related companies it says violate the 2015 Paris Agreement, which aims to limit global warming to below 2 degrees Celsius and has pushed environmental risk up the agenda. That is despite U.S. President Donald Trump''s decision last month to take the United States out of the agreement, which attracted international condemnation. A 2016 study by the London School of Economics and others put value at risk at $2.5 trillion in a ''business as usual'' emissions scenario of 2.5 degrees Celsius of warming by 2100. "If you believe climate change is happening and there''s going to be a cost to that, do you pay that cost upfront as a preventative measure, or wait for the impacts to happen and then pay the bills?" said Alex Millar, head of EMEA sovereigns at Invesco. One SWF official, speaking on condition of anonymity, said it was steering clear of Miami real estate given the risk of rising sea levels in the low lying area. "It''s very likely that in 10 years'' time the parking is going to be flooded," he said. A 2017 Invesco study of sovereign investors found climate change was the most important environmental, social and governance (ESG) issue for those that had already incorporated ESG factors into their investment process. Seventy percent of ESG adopters perceived an increase in long-term returns. But it also noted adoption of ESG practices was patchy, with some investors in the United States and emerging markets reluctant to commit without harder data on risks and returns. ENERGY FOR FREE The International Forum of Sovereign Wealth Funds (IFSWF) is exploring the investment implications of the global commitment to curb greenhouse gas emissions and will report back to its members in September. "Funds that are primarily funded through fossil fuel production will feel an accelerated demand to diversify as quickly as possible," said NZSF''s Orr, who also chairs the IFSWF. Even where fossil fuel divestment is not a priority, more investors want to capture the upside in the green economy. The Abu Dhabi Investment Authority has invested in renewable energy firms Greenko and ReNew Power while Singapore''s GIC has targeted investments in electric vehicles. Ithmar Capital, Morocco''s strategic investment fund, wants to raise $1-2 billion from infrastructure specialists and other SWFs for its Africa-focused green infrastructure fund. "Africa is contributing the least to climate change, but it is suffering the most so it needs a specific action plan," Tarik Senhaji, chief executive of Ithmar Capital, said. Mahmood Alkooheji, chief executive of Bahrain''s SWF Mumtalakat, also described renewables as "the way forward". "We can''t not be thinking of the environment," he told Reuters. "For Bahrain it''s a very promising area, we have sunshine 366 days in a year ... so that''s a lot of energy being wasted. It''s energy for free so why not invest in it?" (Additional reporting by Gwladys Fouche and Sujata Rao; editing by Anna Willard) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-global-swf-environment-idUKKBN19A0IR'|'2017-06-19T13:45:00.000+03:00'
'cd75f5e8eae7eccb0a2f94f876366b3b10f536af'|'UPDATE 1-AIRSHOW-Mitsubishi targets 1,000-plus sales of regional jet in 20 years'|'Market News - Mon Jun 19, 2017 - 9:59am EDT UPDATE 1-AIRSHOW-Mitsubishi targets 1,000-plus sales of regional jet in 20 years (Recasts on sales target) PARIS, June 19 Mitsubishi Aircraft Corp aims to sell more than 1,000 of its new Mitsubishi Regional Jet (MRJ) aircraft by around 2040, aided by expected growth in demand for medium-sized planes. The company brought Japan''s first passenger aircraft in half a century to the Paris Airshow, confirming that it is on track for first delivery of the 90-seat aircraft in mid-2020 and hoping to show potential customers that progress had been made despite delays and cost increases. Asked how many planes his company was hoping to sell, Yugo Fukuhara, vice president of sales and marketing at Mitsubishi Aircraft, told Reuters: "More than 1,000. That is the target during a 20-year time period." Fukuhara said earlier on Monday that the programme has taken 427 orders so far. "All customers are committed to the programme and are very supportive," he said in a reference to the announcement this year that the plane was delayed for two more years to redesign its wiring and meet requirements for certification by the U.S. Federal Aviation Administration (FAA). Launch customer ANA, which has resorted to leasing jets and pushing back the retirement of older aircraft while its awaits the delayed MRJ, said on Sunday that it remains committed to the programme. Despite these setbacks, Fukuhara said that Mitsubishi would become one of two major regional jet manufacturers in a sector dominated by companies such as Brazil''s Embraer and Canada''s Bombardier. "We see more than 5,000 regional jet deliveries (for the sector) in the next 20 years. This segment of the market is very healthy and our goal is to establish a global customer base, Fukuhara said. (Reporting by Matthias Blamont; Editing by Mark Potter and David Goodman) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/airshow-paris-mrj-idUSL8N1JG3OP'|'2017-06-19T21:59:00.000+03:00'
'bfe6d6f38713ab7315530c9d8402270ae831b7be'|'Clovis Oncology''s cancer drug Rubraca succeeds in key study'|'Market News - Mon Jun 19, 2017 - 3:56am EDT Clovis Oncology''s cancer drug Rubraca succeeds in key study June 19 Clovis Oncology Inc said its ovarian cancer drug Rubraca slowed disease progression in a late-stage trial involving patients with various gene mutations who had undergone initial therapy. The U.S. Food and Drug Administration last December granted Rubraca accelerated approval in patients whose tumors have a mutation called BRCA, and whose disease had advanced despite two or more rounds of chemotherapy. Based on the findings of the trial announced on Monday, Clovis plans to submit an application within the next four months to expand Rubraca''s label. Rubraca, like Tesaro Inc''s niraparib and AstraZeneca Plc''s lynparza, belongs to a closely watched class of new medicines called PARP inhibitors, which block enzymes involved in repairing damaged DNA, thereby helping to kill cancer cells. (Reporting by Natalie Grover in Bengaluru; Editing by Amrutha Gayathri) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/clovis-study-idUSL3N1JG2T6'|'2017-06-19T11:56:00.000+03:00'
'c38e3d742ebf2a8abd22bf37d37a9f31814c7e28'|'South African parliament opposes calls to change central bank mandate'|'Market News - Fri Jun 23, 2017 - 2:43am EDT South African parliament opposes calls to change central bank mandate JOHANNESBURG, June 23 The South African parliament will launch a court challenge against an anti-graft watchdog''s recommendation of constitutional changes to alter the mandate of the central bank, it said. The legislative assembly joined the central bank and lender Barclays Africa in seeking a court review of Public Protector Busi Mkhwebane''s proposal to change the central bank''s primary mandate of maintaining currency and price stability to focus on economic growth. "Parliament believes that the remedial action (mandate change), which is binding in terms of the law, usurps the powers of the institution under the Constitution," it said in a statement posted on its website. "Parliament will accordingly initiate a court application to have this remedial action set aside on the basis of its unconstitutionality." Mkhwebane made her proposal to a Pretoria news conference on Monday where she delivered her findings on an apartheid-era bailout of Barclays Africa Group. The lender has denied any wrongdoing. Her call threatens to further stain South Africa''s image as an investor-friendly emerging market, coming less than a week after mines minister Mosebenzi spooked investors by raising the minimum threshold for black ownership of mining companies to 30 percent from 26 percent. The independence row over the South African Reserve Bank has also highlighted divisions within the tripartite alliance of the ruling African National Congress, the country''s biggest union, Cosatu, and the South African Communist Party. Both the ANC and the communist party are opposed to constitutional changes aimed at altering the role of the central bank while Cosatu backed calls for amendments. (Reporting by Tiisetso Motsoeneng) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/safrica-cenbank-idUSL8N1JK0OA'|'2017-06-23T14:43:00.000+03:00'
'a8869e17a1350312a16d50720f69cd2a27d7004e'|'Bulgaria to start talks with Sweden over warplane purchase'|'Market News - Fri Jun 23, 2017 - 10:53am EDT Bulgaria to start talks with Sweden over warplane purchase SOFIA, June 23 Bulgaria is to start talks to buy new Swedish Gripen warplanes to replace its Soviet-designed MiG-29s but will expect Sweden''s commitment on investments in the Balkan country before signing a deal, the prime minister said on Friday. The question of which warplanes Bulgaria should buy has been bounced around successive governments for more than a decade. Talks about the Sweden planes had looked to have been ditched last month when Prime Minister Boyko Borissov said an interim government should not have announced in April it would enter into negotiations. The interim government pledged to enter talks to buy eight new Gripens, made by SAAB, after approving a Defence Ministry-produced ranking which picked the Swedish jet over an offer from Portugal for secondhand U.S. F-16s and an Italian offer of secondhand Eurofighter Typhoons. But when Borissov took power, he said the previous government should not have made the call on a deal worth an estimated 1.5 billion levs ($858 million) as "the plane is not the most important thing in an army". Magnus Lewis-Olsson, Saab''s head of Europe, told reporters in Sofia last week it expected to enter into talks with Bulgarian within months, suggesting the deal was still alive, as confirmed by Borissov on Friday. “Either next Wednesday or on Wednesday thereafter we will decide when to start negotiations (with Sweden),” Borissov told reporters after meeting Sweden''s Prime Minister Stefan Lofven in Brussels. “I told my Swedish colleague: we are making a decision, we are negotiating with you first, then with Eurofighter,” he said, adding Bulgaria would sign the deal only after commitment about Swedish investments in the poorest European Union member. Lewis-Olsson said last week Saab was ready to discuss different financing options, including payments over a long period. Defence Minister Krassimir Karakachanov said on Friday Bulgaria would not buy the used F-16s from Portugal because the payment instalments in the first years were higher than expected. NATO member Bulgaria has said it wants to seal a deal by the year-end to acquire eight new or secondhand fighter jets between 2018 and 2022 in order to modernise its fleet and improve its compliance with the military alliance''s standards. Bulgaria joined NATO in 2004 and the European Union three years later. ($1 = 1.7483 leva) (Reporting by Angel Krasimirov; Editing by Alison Williams) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/bulgaria-defence-airplane-idUSL8N1JK3DX'|'2017-06-23T22:53:00.000+03:00'
'0c966019ea5a8b70829c8397f2f60582579f5d3b'|'Usiminas in talks with Brazil''s CSA for steel slab supply contract'|'SAO PAULO Usinas Siderúrgicas de Minas Gerais SA, Brazil''s No. 1 listed flat steelmaker, has signed a memorandum of understanding to buy slabs from ThyssenKrupp AG''s CSA Cia Siderúrgica do Atlántico SA for about 60 months.In a Thursday securities filing, Usiminas ( USIM5.SA ) said the purchase of CSA''s slabs will be funneled into the Cubatão mill. The transaction will only take effect once Brazil''s antitrust watchdog Cade decides on the takeover of CSA by Ternium SA ( TX.N ) - which is also a major shareholder in Usiminas, the filing said.(Reporting by Guillermo Parra-Bernal; Editing by Lisa Shumaker)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-usiminas-steel-contract-idUSKBN19D2XO'|'2017-06-23T07:13:00.000+03:00'
'95108366c79003b6afb1c8f9a5d5185e9e12ae66'|'Exclusive - Wal-Mart not considering a bid for Whole Foods: source'|'Fri Jun 23, 2017 - 9:01pm BST Exclusive: Wal-Mart not considering a bid for Whole Foods - source left A general view shows a Wal-Mart store in Monterrey, Mexico, August 10, 2016. REUTERS/Daniel Becerril 1/2 left right A Whole Foods Market is pictured in the Manhattan borough of New York City, New York, U.S. June 16, 2017. REUTERS/Carlo Allegri 2/2 Wal-Mart Stores Inc is not actively considering making an offer for Whole Foods Market Inc, a source familiar with the matter told Reuters on Friday. Whole Foods, which has accepted a $13.7 billion offer from Amazon.com Inc, has not received any rival bids as of Friday, a second source said. Both sources spoke on condition of anonymity because the matter is confidential. A Wal-Mart spokesman declined to comment on whether the company is considering a bid for Whole Foods. Whole Foods and Amazon did not immediately respond to requests for comment. Whole Foods shares have been trading above Amazon''s deal price of $42 since the deal was announced last Friday, as stock market investors speculate about the possibility of a higher offer. Wal-Mart has been tipped as a potential bidder for Whole Foods by retail analysts. (Reporting by Nandita Bose in Chicago and Greg Roumeliotis in New York; Editing by Bill Rigby)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-whole-foods-m-a-exclusive-idUKKBN19E2DE'|'2017-06-24T04:01:00.000+03:00'
'20afb99933826a82d28f4a877b29adbe77a8940e'|'Bayer CEO says talks with EU over Monsanto deal constructive'|'Business News  06am BST Bayer CEO says talks with EU over Monsanto deal constructive Werner Baumann, CEO of German pharmaceutical and chemical maker Bayer AG, poses in front of the company''s logo before the annual general shareholders meeting in Bonn, Germany, April 28, 2017. REUTERS/Wolfgang Rattay DUESSELDORF Bayer''s ( BAYGn.DE ) chief executive said talks with the EU Commission over the antitrust scrutiny of the German drugmaker''s planned takeover of U.S. seeds maker Monsanto ( MON.N ) were "very good and constructive", confirming a target to wrap up the deal by year-end. Bayer still expects to be able to file for regulatory approval in Europe by the end of June, and CEO Werner Baumann reiterated that EU regulators would likely launch an in-depth analysis of the transaction, which will create the world''s largest supplier in the combined seeds and crop chemicals market. "We are in very good and constructive talks with the EU Commission''s Competition Department. But we are not quite there yet," Baumann told journalists. (Reporting by Matthias Inverardi; Writing by Ludwig Burger; Editing by Maria Sheahan)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-bayer-antitrust-idUKKBN19B0T3'|'2017-06-20T16:06:00.000+03:00'
'c6169d5ef5eac5e87308b5c8ca0091d17b184218'|'Cheap debt allows private equity firms to reap more dividends'|'Business News - Tue Jun 20, 2017 - 11:52am BST Cheap debt allows private equity firms to reap more dividends By Dasha Afanasieva and Lina Saigol - LONDON LONDON Private equity firms have used buoyant debt markets to take almost $3 billion in special payouts from European portfolio companies so far this year, quadrupling the same period in 2016. Buyout firms typically invest in a company for up to five years before "exiting", but if they are unable or unwilling to sell out they can turn to so-called dividend recapitalisations, funded by loans or bonds, to get a cash return. Their use has been criticised in the past because it can saddle portfolio companies with high levels of debt, while private equity firms and their investors make a profit. "Dividend recapitalisation is a legitimate instrument used by all kinds of businesses for short-term liquidity. In private equity it can be one way of enabling investors to realise some of the value they have created in a portfolio company," Michael Collins, chief executive of industry body Invest Europe, said. In Europe, these payouts to private equity have totalled 2.6 billion euros (2.29 billion pounds) so far this year, up from 650 million euros for the same period in 2016, data from S&P Global Market Intelligence showed. Despite the rise, dividends paid to private equity in the region through bond markets and loans were way off the 11.32 billion euros paid in the whole of 2006, at the height of the previous credit boom. Out of 2.6 billion euros, around 1.6 billion euros came from loans and the rest via the bond market. "It is not in the interests of fund managers to load an unsustainable level of debt onto a portfolio company given that the stronger and more valuable that company is the higher the return they will get at exit," Collins said. The rise in payouts has partly been fuelled by buoyant credit markets in Europe as well as investors seeking to buy non-investment grade debt as they look for higher yields during a period of record low interest rates. "Fierce competition (in the debt markets) coupled with the liquidity, means private equity sponsors can still take money off the table for their investors by effecting a dividend recapitalisation of a portfolio company, when they are not in a position to exit that investment," said Tom Whelan, head of private equity at law firm Hogan Lovells. But the trend could already be nearing an end. "I think there''s going to be a healthy exit environment and the balance may swing back to sales over recaps," Whelan said. DEBT IS CHEAP Although full details of individual deals are not disclosed, Advent International-owned Allnex launched a dividend recapitalisation in March after huge demand from investors for the Belgian chemicals company to issue new debt. The move was expected to net a 425 million euro payout to its owners. And Spanish sports management company Dorna Sports financed a dividend payment of up to 300 million euros to its private equity owner Bridgepoint, marking the third payout from the company in six years. The leverage ratios for Dorna and Allnex were not disclosed but if a company''s earnings have risen sufficiently during their period of private equity ownership, they may not be any higher than when the companies were bought. Cheap debt is the oil in the gears for such deals and the pricing of leveraged loans has dropped to around 316 basis points in the second quarter so far from a 10-year peak of 450 basis points in the final quarter of 2011, according to LPC, a provider of information and data on syndicated loans and high yield bonds. According to the S&P data, the sharp rise in dividend recaps has also coincided with a sharp fall in the volume of private equity sales. Macroeconomic and political uncertainties across Europe have at times made it more difficult for buyout firms to trade their assets either via initial public offerings or sales. Sales and listings of assets in the region have fallen to 78.5 billion euros so far this year, compared with 172.4 billion euros in the same period of 2016. "In this market, while debt financing is cheap, valuations are high so maximizing value through a sale may not be feasible for all companies," said Rajani Gupta, Leveraged Finance Partner at law firm Allen & Overy. "Neither is the IPO market – which has picked up considerably in certain sectors, but remains volatile enough that may not be an available option either."'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-privateequity-dividends-idUKKBN19B1C0'|'2017-06-20T18:39:00.000+03:00'
'8831e6c61b2ba94e10adbdf3b7cb8d7251314fa7'|'CK Hutchison says Li Ka-shing will announce retirement "when he decides"'|'Business News - Tue Jun 20, 2017 - 5:56am BST CK Hutchison says Li Ka-shing will announce retirement "when he decides" FILE PHOTO: Hong Kong tycoon Li Ka-shing attends a news conference announcing CK Hutchison Holdings company results in Hong Kong, China March 22, 2017. REUTERS/Bobby Yip/File Photo HONG KONG Hong Kong conglomerate CK Hutchison Holdings Ltd said on Tuesday its chairman Li Ka-shing was in "very good health" and would make an announcement when he decides to step down. The group made the statement in response to a Wall Street Journal report that Li told associates he plans to step down as chairman by next year, when he turns 90. "Mr Li has from time to time talked about his retirement and his confidence in (deputy chairman) Victor (Li Tzar-kuoi) to lead the company," a company spokesman said in an email. "Mr Li is in very good health and will make his official announcement when he decides to retire." (Reporting by Donny Kwok; Editing by Clara Ferreira Marques) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-hongkong-li-kashing-idUKKBN19B0C1'|'2017-06-20T12:56:00.000+03:00'
'24495846199cd677f505f23ad12ae843809e9c24'|'UPDATE 1-Global dairy prices fall, after six auctions of gains'|'(Adds analyst comment, market reaction) By Charlotte Greenfield WELLINGTON, June 21 Global dairy prices slipped, breaking a winning streak of six consecutive rises, at a fortnightly auction on Wednesday, as whole milk powder softened. The Global Dairy Trade (GDT) Price Index dipped 0.8 percent, with an average selling price of $3,434 per tonne, in the auction held in the early hours of Wednesday morning. The index had risen 0.6 pct at the previous sale. After two years of declining prices, farmers and analysts had been concerned that a 50 percent rebound during 2016 could be temporary but prices got back on track the past few months as global supply tightened. The fall at the latest auction was led by weaker-than-expected prices for whole milk powder (WMP), which fell 3.3 percent compared to derivative markets expectations of a 1.3 percent rise. "WMP has been selling regularly over recent months, so some buyers have sufficient coverage for now. The quantity of WMP sold to North Asia was less than seen at recent events," said Amy Castleton, an analyst at AgriHQ. The auction results can affect the New Zealand dollar as the dairy sector generates more than 7 percent of the country''s gross domestic product. The Kiwi slipped from around $0.7268 to $0.7237. GDT Events is owned by New Zealand’s Fonterra Co-operative Group Ltd , the world''s largest exporter of dairy, but operates independently from the company, but operates independently. U.S.-listed CRA International Inc is the trading manager for the twice-monthly Global Dairy Trade auction. A total of 21,171 tonnes was sold at the latest auction, falling 3.8 percent from the previous one, the auction platform said. The auctions are held twice a month, with the next one scheduled for July 4. (Reporting by Charlotte Greenfield; editing by Grant McCool)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/dairy-auction-results-idUSL3N1JH5AI'|'2017-06-21T06:02:00.000+03:00'
'00c2a6d802f4b3261aa49193d7d83e06ff5d1dff'|'Greek PM says declining bond yields will help Athens return to markets'|'Business  33am BST Greek PM says declining bond yields will help Athens return to markets Greek Prime Minister Alexis Tsipras waits to welcome his Turkish counterpart Binali Yildirim at the Maximos Mansion in Athens, Greece June 19, 2017. REUTERS/Costas Baltas ATHENS Greek Prime Minister Alexis Tsipras told a cabinet meeting on Wednesday he expects government bonds yields to continue to fall, helping the country''s plans to return to bond markets. "I expect that in the coming period the downward path of (government bond) yields will continue so that very soon we will have the ability to make our first test-exit to the markets on good terms," he told ministers. Tsipras said euro zone finance ministers at the Eurogroup meeting of June 15 had agreed to support Greece''s return to markets so that it will be able to refinance its debt once the bailout ends in August 2018. Euro zone governments threw Athens another 11th-hour credit lifeline on Thursday worth $9.5 billion and sketched new detail on possible debt relief as the IMF finally offered to help out after two years of hesitation. (Reporting by George Georgiopoulos and Lefteris Papadimas)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-greece-economy-pm-idUKKBN19C13S'|'2017-06-21T17:33:00.000+03:00'
'c8bd2050fd2523599857e8739364fec1d8b8af47'|'Berkeley posts 50 percent profit rise but warns of uncertainty ahead'|'Business News - Wed Jun 21, 2017 - 8:21am BST Builder Berkeley warns of Brexit impact despite profit leap LONDON London-focused housebuilder Berkeley posted a better than expected 53 percent profit leap on Wednesday but warned that tax rises on top-end properties had muted new construction and Brexit could harm the sector in the months ahead. Berkeley, which reported pretax profit of 812 million pounds in the 12 months to April 30, warned that Britain''s exit from the European Union could lead to a prolonged period of uncertainty in the sector. "Brexit and wider global macro instability impact both confidence and sentiment and will result in constrained investment levels," the company said. "This leads to greater uncertainty around the timing of delivery of homes from our land bank." Increases to stamp duty, which is levied in bands according to the market value of a property, began to hit the London market from early 2015, leading to big drops in demand and prices in the city centre, where Berkeley has several developments. A further increase for those buying second homes and buy-to-let properties delivered another blow to demand in a market where many sales are driven by foreign investors. Chief Executive Rob Perrins also warned that Britain must continue after Brexit to secure the supply of European labour, which accounts for half of workers on London''s building sites, to address a decades-long housing shortage. Without transitional rules for European labour the company cannot say with certainty that it will be able to build homes in two years'' time, Perrins said. "By nature, you will invest less in that environment." (Reporting by Costas Pitas; Editing by David Goodman)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-berkeley-results-idUKKBN19C0JC'|'2017-06-21T14:17:00.000+03:00'
'900892a6560ecca091cee4631925adc900c3d2be'|'Whitbread reports first-quarter sales up 7.6 percent'|'Business News - Wed Jun 21, 2017 - 7:56am BST Whitbread reports first-quarter sales up 7.6 percent A company logo is seen on the front of a coffee machine at a branch of Costa Coffee near Manchester, Britain May 5, 2017. REUTERS/Phil Noble Britain''s Whitbread, which runs the Costa Coffee chain and Premier Inn hotels, reported group sales up 7.6 percent in its first quarter. Whitbread, which had previously warned that it sees tougher trading ahead, said on Wednesday that the performance in the 13 weeks to June 2 was in line with its expectations. Total sales at its Costa Coffee chain for the period rose by 8.7 percent while Premier Inn''s total sales were up 9.2 percent, with revenue per available room at its London properties rising by 2.8 percent. (Reporting by Rahul B in Bengaluru; Editing by David Goodman)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-whitbread-outlook-idUKKBN19C0MF'|'2017-06-21T14:56:00.000+03:00'
'facc0356e65db7c23a7116a79a0db392cb92d531'|'Former Epix executive pleads guilty to $7 million fraud at network'|'NEW YORK, June 20 The former chief digital officer of the Epix cable television network pleaded guilty on Tuesday to defrauding his former employer out of more than $7 million, U.S. prosecutors said.Emil Rensing, 43, entered his plea to a single count of wire fraud before U.S. Magistrate Judge James Cott in federal court in Manhattan, Acting U.S. Attorney Joon Kim announced. Rensing''s lawyer could not immediately be reached for comment.Rensing was arrested and charged in April 2016.Epix, a joint venture between Viacom Inc, Lions Gate Entertainment Corp and Metro-Goldwyn-Mayer Inc, was not identified by name in the charging documents, but the company has confirmed that it was the alleged victim.In a criminal complaint, prosecutors said that while working at Epix from April 2010 to August 2015, Rensing caused the company to contract with vendor companies he owned to perform digital media services.Those services were largely never performed, and while the contracts listed several of Rensing''s former professional associates as vendor personnel, those associates had never heard of the vendors, the complaint said.Prosecutors also said Rensing hid the scheme by using false and stolen identities to conceal his involvement.The wire fraud count to which he pleaded guilty carries a maximum prison sentence of 20 years.The case is U.S. v. Rensing, U.S. District Court, Southern District of New York, No. 16-mj-2650. (Reporting By Brendan Pierson in New York; Editing by Jonathan Oatis)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-crime-epix-idUSL1N1JH25E'|'2017-06-21T07:04:00.000+03:00'
'89c3ca953d9a47412d933684460d1705a553913e'|'India raises rice, cotton buying prices as farmers'' protests mount'|'MUMBAI/NEW DELHI India raised minimum purchase prices for rice, cotton and other crops by the most since Prime Minister Narendra Modi came to power in 2014, according a government circular seen by Reuters, amid ongoing protests in the country''s biggest farming states.Prices paid to local farmers for common grade paddy rice are to be raised by 5.4 percent to 1,550 rupees ($24.03) per 100 kg for the year starting on July 1, while long staple cotton prices have been hiked by 3.8 percent to 4,320 rupees per 100 kg.The increases for rice, cotton and other crops follow an outburst of discontent in the heartland states of Madhya Pradesh and neighbouring Maharashtra as farmers sought higher prices and debt relief.Five protesting farmers were shot dead this month in the central state of Madhya Pradesh, which along with Maharashtra is ruled by Modi''s Bharatiya Janata Party (BJP).The unrest has posed a challenge to regional BJP leaders and Modi, who have promised to double farmers'' incomes over the next five years.India is the world''s biggest rice exporter and buys the grain from local farmers to protect them from distressed sales and to build stocks for welfare programmes.The government fixes minimum prices for more than two dozen farm commodities, although it mainly procures wheat and rice.Growers of other crops like onions, tomatoes and potatoes are also protesting due to steep falls in the prices of their produce and the absence of the government buying.The government has also raised soybean prices by 9.9 percent to 3,050 rupees per 100 kg, and corn by 7.1 percent to 1,425 rupees per 100 kg, effective from July 1. The increases for these two grains were also the greatest since 2012/13.($1 = 64.5125 Indian rupees)(Reporting by Rajendra Jadhav in MUMBAI and Nidhi Verma in NEW DELHI; Editing by Tom Hogue)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/india-farmers-prices-idINKBN19B0SN'|'2017-06-20T14:32:00.000+03:00'
'3e648e7d203bc32bcc4f43a7e4c8c4ac993e4507'|'Australian tribunal clears bookmaker Tabcorp to buy lotto firm for $4.7 billion'|'SYDNEY Australia''s competition watchdog said on Tuesday it would let the country''s top sports betting company, Tabcorp Holdings Ltd ( TAH.AX ), buy lottery owner Tatts Group Ltd ( TTS.AX ) for A$6.15 billion ($4.67 billion).Australian Competition Tribunal president John Middleton said in a written summary of his ruling that he was "satisfied that the proposed merger is likely to result in substantial public benefits".Middleton said the only condition he would impose on the proposed deal would be that Tabcorp proceed with a planned sale of a gambling compliance business.The ruling vindicates Tabcorp''s decision to bypass the usual arbiter of corporate buyouts, the Australian Competition and Consumer Commission (ACCC), and take its planned deal straight to the Federal Court''s ACT which usually acts as an appeal court.In March, the ACCC published a lengthy list of concerns about the proposed deal, although it made no ruling. Tabcorp then offered to sell gambling compliance unit Odyssey before presenting its case to the ACT.ACT President Middleton said he would publish his reasons for the decision in two days.A Tabcorp spokesman was not immediately available for comment, while a Tatts spokesman said the company had no comment.Shares of Tabcorp and Tatts were in a trading halt on Tuesday morning.(Reporting by Byron Kaye; Editing by Stephen Coates)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-tatts-group-m-a-tabcorp-idINKBN19B01F'|'2017-06-19T23:01:00.000+03:00'
'bd70b3520b494c16ace4ccd66c695bd495aeb3bd'|'Squaring the circle on jargon. Why do we speak in riddles at work? - Guardian Small Business Network'|'F or anyone wanting to unsettle an audience with a turn of phrase there’s plenty to inspire in the lexicon of corporate jargon. Republican representative Jason Chaffetz did this to great effect when calling for Donald Trump to reveal his tax returns in the run up to the US presidential election last year, by telling him: “open your kimono and show us everything”.Along with “open the kimono” the business world has brought us “one throat to choke” meaning the person ultimately responsible for a failed project and “punch the puppy” – doing something that’s extremely reprehensible but good for business.Business jargon – the 10 words to avoid at all costs'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/small-business-network/2017/jun/20/squaring-the-circle-on-jargon-why-do-we-speak-in-riddles-at-work'|'2017-06-20T17:00:00.000+03:00'
'795826239799ee72ee6ceea1fcb595196ac2e41c'|'UPDATE 1-ProSiebenSat.1 sells online travel agency Etraveli to CVC'|'* Etraveli enterprise value at 508 mln eur* ProSieben to adjust 2018 targets after deconsolidation* Says to continue review of travel business (Adds further details on ProSieben travel business, 2018 targets)FRANKFURT, June 20 German broadcaster ProSiebenSat.1 is selling Sweden-based Etraveli, with an enterprise value of 508 million euros ($567 million), to CVC Capital Partners as part of a strategic review of its online travel businesses.The deal values the online travel agency, which operates with brands Gotogate, Supersaver and Seat24, at around 14 times core profit, ProSieben said in a statement on Tuesday.ProSieben had announced in February that it was looking into where to go with it travel business, which includes Internet portals such as event agency mydays and travel booking site weg.de and accounts for more than a third of digital revenues at the company.Critics had previously said ProSieben lacked a clear leader in an e-commerce portfolio which they argued was too diversified, with activities in travel, price comparison, online dating and even sex toys.ProSieben said it would continue the review of its remaining online travel business, especially travel booking portals weg.de and tropo.It aims to use proceeds from the sale of Etraveli to fund further growth, make bolt-on acquisitions in the Digital Entertainment and Commerce business and acquire minority stakes in companies already in its portfolio.The deconsolidation of Etraveli, expected in the third quarter, will force ProSieben to adjust its 2018 targets, the group said, adding it would provide details on the revision at its Capital Markets Day on Dec. 6.So far, the company has targeted 2018 sales of 4.5 billion euros and earnings before interest, tax, depreciation and amortisation (EBITDA) of 1.15 billion.($1 = 0.8960 euros) (Reporting by Maria Sheahan; editing by Thomas Escritt and Jason Neely)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/prosieben-media-divestiture-idINL8N1JH0T9'|'2017-06-20T05:11:00.000+03:00'
'19e04ca666a41ed72e96b08d2f07fa745e16d7cf'|'UK to give initial ruling on Fox-Sky takeover by June 29'|'Top News - Tue Jun 20, 2017 - 4:16pm BST UK to give new ruling on Fox-Sky takeover by June 29 Workers remove the advertising of Sky TV provider after the German Bundesliga second leg relegation playoff soccer match between Karlsruhe SC and Hamburg SV in Karlsruhe, Germany June 1, 2015. REUTERS/Ralph Orlowski/File Photo LONDON Rupert Murdoch will find out by June 29 whether he is closer to securing takeover target Sky ( SKYB.L ) after Britain set out a timetable to rule on whether the media mogul is a suitable owner of Europe''s biggest broadcaster. Murdoch''s Twenty-First Century Fox ( FOXA.O ) has offered $14.8 billion (11.68 billion pounds) to buy the 61 percent of Britain''s Sky it does not already own, reigniting a row in the country over whether the Australian-born businessman has too much influence. On Tuesday two regulators submitted their findings to the government after being asked to look into whether Fox would have too much control of the media, and whether it would be committed to upholding broadcasting standards if the deal went ahead. Media regulator Ofcom has also examined whether executives at Fox are "fit and proper" to hold a broadcasting licence. The reports will be made public when the British government makes its statement. The government will now decide whether to approve the deal, whether to refer it to the Competition and Markets Authority for a longer investigation or whether to engage with both parties to find solutions to their concerns. Media Secretary Karen Bradley said she would make an initial statement by June 29. "There will then be an opportunity for representations to be made before I take a final decision," she said. Murdoch and his family have long coveted full control of Sky, despite the damaging failure of a previous attempt in 2011 when their British newspaper business became embroiled in a phone-hacking scandal which forced them to drop the bid. Wary of the political fallout from the last attempt, when a public inquiry exposed close ties between Murdoch''s newspapers and leading politicians, the British government has asked its regulators to assess the impact. Fox, which owns cable, film and pay-TV assets around the world, says the media market has changed dramatically in recent years as broadcasters face new challenges from streaming services like Netflix. The Murdoch family has split its newspaper businesses, which own the Times and Sun papers in Britain, from its television and film assets in a move that helped pave the way for another tilt at Sky. (Reporting by Kate Holton; Editing by Paul Sandle and Adrian Croft) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-sky-m-a-twenty-first-fox-idUKKBN19B1WO'|'2017-06-20T21:52:00.000+03:00'
'b58b79017886c6280cb8ec7e86af0c7690aab55b'|'Brexit risks to UK economy in focus as Hammond, Carney speak'|'Business News - Tue Jun 20, 2017 - 12:14am BST Brexit risks to UK economy in focus as Hammond, Carney speak left right FILE PHOTO: Philip Hammond, Britain''s Chancellor of the Exchequer, waits to greet Party Secretary of China, Hu Chunhua, outside 11 Downing Street, in central London, Britain June 14, 2017. REUTERS/Stefan Wermuth/File Photo 1/2 left right FILE PHOTO: Bank of England Governor Mark Carney speaks during the central Bank''s quarterly Inflation Report press conference at the Bank of England in the City of London, Britain May 11, 2017. REUTERS/Adrian Dennis/File Photo - RTX38HXB 2/2 By William Schomberg - LONDON LONDON The two men in charge of Britain''s economy are expected to spell out on Tuesday how they plan to prevent a further hit to its already weakened growth prospects following the launch of the country''s historic Brexit talks. A day after British and European Union negotiators met for the first time in Brussels, finance minister Philip Hammond and Bank of England Governor Mark Carney will deliver speeches they postponed last week because of a deadly fire in a London housing block. Britain went from being one of the fastest-growing economies among the Group of Seven nations in 2016 to its slowest in early 2017 as the fall in the value of the pound after the Brexit referendum pushed up inflation and hit consumer spending. While the drag from inflation on the world''s fifth-biggest economy is likely to fade next year, Hammond and Carney have both stressed the importance of avoiding a so-called hard Brexit in 2019. At the weekend, Hammond revived his opposition to an abrupt departure from the EU, calling for a phasing-in of Britain''s new trade and regulatory relationship with its main trading partner. "If we are going to radically change the way we work together, we need to get there via a slope not via a cliff edge," he told BBC television on Sunday. His tone was less confrontational than that of Prime Minister Theresa May, who repeatedly said no deal with the EU was better than a bad deal before she was weakened by failing to win a parliamentary majority in an election this month. Hammond had looked set to lose his job until May''s election flop. He has now re-emerged as big business'' leading proponent in government and might provide more details on Tuesday on how he thinks the two-year Brexit process should run. Hammond may also give more details of his budget plans after saying on Sunday that he was "not deaf" to the weariness of voters to nearly a decade of spending cuts for many services and tight controls on public sector pay. The combination of rising prices and slowing wage growth represents a challenge for the Bank of England and its top policymakers, three of whom voted last week to raise interest rates to head off the acceleration of inflation. They were outvoted by five rate-setters, led by Carney, who kept borrowing costs at their record low. But the unexpectedly close vote spurred a brief surge in the value of the pound GBP= and government bond yields GB10YT=RR. Investors want some clarity from Carney on Tuesday about whether he shares the concerns about inflation or is putting more weight on the hit to spending power of consumers which would suggest he sees no rush to raise rates. The Confederation of British Industry on Tuesday raised its growth forecasts for 2017 to reflect the economy''s strong end to 2016, but said quarter-on-quarter growth would be stuck at around 0.3 or 0.4 percent until the end of 2018, roughly half the average seen since 2013. The speeches by Hammond and Carney are expected to be published at 0730 GMT. (Writing by William Schomberg; Editing by James Dalgleish) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-britain-economy-idUKKBN19A32G'|'2017-06-20T07:03:00.000+03:00'
'3590e871ffdebd308d2c6689edde3711861beec4'|'AIRSHOW-Avolon signs up for 75 Boeing 737 MAX 8 planes, and will consider 737 MAX-10 models'|'PARIS, June 20 Aircraft leasing company Avolon announced a memorandum of understanding (MoU) for 75 Boeing 737 MAX 8 aircraft, and Avolon''s chief executive said he would also consider Boeing''s 737 MAX 10 models.Avolon said the order for the 75 737 MAX 8 planes was worth $8.4 billion at current list prices, and included an option for a further 50 of those aircraft.Avolon''s Chief Executive Domhnal Slattery also told reporters at the Paris Airshow that he would have a "hard look" regarding the possible orders of the 737 MAX 10 plane.(Reporting by Tim Hepher; Editing by Susan Fenton)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/airshow-paris-boeing-avolon-idINP6N1IJ02A'|'2017-06-20T07:47:00.000+03:00'
'a2eaec97dd09814f3fc440f51553e8cc30a18937'|'Carney warns EU against splitting euro clearing market'|'Central Banks - Tue Jun 20, 2017 - 9:22am BST Carney warns EU against splitting euro clearing market REUTERS/Stefan Wermuth LONDON Splitting Europe''s market for clearing euro-denominated derivatives would bump up costs for users and do little to improve financial stability, Bank of England Governor Mark Carney said on Tuesday. Regulators should instead work with each other to forge a new form of cross-border supervision of clearing houses, Carney said. "Fragmentation is in no one''s economic interest. Nor is it necessary for financial stability. Indeed it can damage it," Carney said in a speech in London''s Mansion House. Last week the European Union''s executive European Commission proposed giving itself powers to move euro clearing business away from London after Britain leaves the bloc in 2019. It said such powers might be needed to maintain financial stability in the EU given that the bulk of euro clearing takes place in London, where it is regulated by the BoE. Carney said fragmentation of such global markets by jurisdiction or currency would reduce the benefits of central clearing, which ensures the safe completion of a trade. Instead of forced relocation, authorities "can and should build on current models to develop a new form of regulatory and supervisory cooperation," Carney said. "The European Commission’s proposals announced last week recognise the importance of effective cooperation arrangements between the relevant EU authorities and their overseas counterparts," Carney said. "The Bank welcomes this." '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-economy-carney-clearing-idUKKBN19B0O9'|'2017-06-20T15:33:00.000+03:00'
'2efa4d937a10fe2ce1acf7e42120e2d2ab16f26f'|'Uber co-founder Travis Kalanick resigns as chief executive: NYT'|'Technology News   8:38am EDT Uber CEO Travis Kalanick resigns under investor pressure left right FILE PHOTO - Uber CEO Travis Kalanick attends the summer World Economic Forum in Tianjin, China, June 26, 2016. REUTERS/Shu Zhang/File Photo 1/3 left right FILE PHOTO - Chief Executive Officer of Uber Travis Kalanick arrives at the Google, HBO and the Smithsonian''s American Art Museum Celebration of Creativity cocktail party to celebrate the White House Correspondents Association dinner weekend in Washington, U.S., April 29, 2016. REUTERS/Joshua Roberts/File Photo 2/3 left right FILE PHOTO - Uber CEO Travis Kalanick speaks to students during an interaction at the Indian Institute of Technology (IIT) campus in Mumbai, India, January 19, 2016. REUTERS/Danish Siddiqui/File Photo 3/3 By Heather Somerville and Joseph Menn Uber Technologies Inc Chief Executive Travis Kalanick, co-founder of one of the most influential technology companies of its generation, resigned on Tuesday under mounting pressure from investors over his leadership. Kalanick''s departure caps a tumultuous period for the world''s largest ride-services company, which upended the taxi industry and transportation regulations globally with Kalanick at the helm. "I love Uber more than anything in the world and at this difficult moment in my personal life I have accepted the investors'' request to step aside so that Uber can go back to building rather than be distracted with another fight," Kalanick said in a statement first reported by the New York Times and verified by an Uber spokesman. Kalanick, 40, has faced increased scrutiny in recent weeks following an investigation into the culture and workplace practices at a company he helped start in 2009 and is now the world''s most highly valued startup. But it was a chorus of demands for changes at the top from some of Uber''s biggest investors that ultimately forced Kalanick out, according to a source familiar with the matter. Venture capital firm Benchmark, whose partner Bill Gurley is one of Uber''s largest shareholders and sits on its board, as well as investors First Round Capital, Lowercase Capital, Menlo Ventures and Fidelity Investments, all pressed Kalanick to quit. They delivered a letter to Kalanick while he was in Chicago, the New York Times reported, citing people with knowledge of the situation. The newspaper, which was first to report Kalanick''s resignation, said he would remain on Uber''s board. ( nyti.ms/2soTB79 ) Kalanick''s decision "was a surprise to everyone", a second Uber spokesman said. Kalanick''s departure comes after a lengthy investigation led by former U.S. Attorney General Eric Holder. Uber hired Holder to look into its culture and workplace practices after a female former employee publicly accused the company of what she described as brazen sexual harassment. Privately held Uber has been valued at $68 billion, shattering the norms for Silicon Valley startups, and the company embodied many of Kalanick''s aggressive and pugnacious personality traits. Following the release of recommendations stemming from the Holder investigation, which called for increased controls and oversight at the company, Kalanick said last week he would take a leave of absence for an undetermined period. He said he needed space to grieve the death of his mother, who died recently in a boating accident in which his father was also seriously injured, and to work on his leadership skills. Gurley, one of Kalanick''s closest confidants, praised the CEO on Twitter, after calling for his resignation. "There will be many pages in the history books devoted to @travisk - very few entrepreneurs have had such a lasting impact on the world," Gurley wrote. (Additional reporting by Subrat Patnaik in Bengaluru and Douglas Busvine in New Delhi; editing by Gopakumar Warrier and David Clarke)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-uber-ceo-idUSKBN19C0G6'|'2017-06-21T13:45:00.000+03:00'
'2e99b8e4f0f10ea98660bf3b26c6618d0e6788b1'|'Toshiba to seek extension on financial filing Friday - Yomiuri'|'Business News - Fri Jun 23, 2017 - 12:59am BST Toshiba to seek extension on financial filing Friday - Yomiuri FILE PHOTO: The logo of Toshiba is seen as a shareholder arrives at Toshiba''s extraordinary shareholders meeting in Chiba, Japan March 30, 2017. REUTERS/Toru Hanai/File Photo TOKYO Toshiba Corp ( 6502.T ) plans to ask regulators for an extension for filing its annual financial statement on Friday, the Yomiuri daily reported. The industrial conglomerate had been aiming to file the financial report by end-June but has not been able to obtain approval from its auditor, the report said. Toshiba was not immediately available for comment. The Financial Services Agency is expected to approve Toshiba''s request, likely extending the deadline to mid-August, according to the report. Toshiba has chosen a consortium of Bain Capital and Japanese government investors as the preferred bidder for its chip business, aiming to seal a deal worth some $18 billion (£14.2 billion) by next week as it scrambles for funds to cover massive losses. (Reporting by Kaori Kaneko; Editing by Chang-Ran Kim) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-toshiba-accounting-idUKKBN19D2ZD'|'2017-06-23T07:59:00.000+03:00'
'f07da135ad4bfda3ed91b97c0e2818123a616fc9'|'UPDATE 1-U.S. drillers add oil rigs for record 23rd week in a row -Baker Hughes'|'Commodities  35pm EDT U.S. drillers add oil rigs for record 23rd week in a row: Baker Hughes U.S. energy firms added oil rigs for a record 23rd week in a row, extending a year-long drilling recovery as producers boost spending on expectations crude prices will rise in future months despite this week''s decline to a 10-month low. Drillers added 11 oil rigs in the week to June 23, bringing the total count up to 758, the most since April 2015, energy services firm Baker Hughes Inc said in its closely followed report on Friday. That is more than double the same week a year ago when there were only 330 active oil rigs. Drillers have added rigs in 52 of the past 56 weeks since the start of June 2016. "The higher rig count this week reflects decisions made a couple of months ago when oil prices were higher," said James Williams, president of WTRG Economics in Arkansas, noting he expects the current low prices to cause the count to fall in some weeks over the next month or two. U.S. crude futures were trading around $43 per barrel, which puts the front-month on track for a fifth consecutive week of declines and close to a 10-month low as OPEC-led production cuts have failed to reduce a global crude glut. After agreeing in December to cut production by around 1.8 million barrels per day (bpd) from January-June, OPEC and other producers in late May agreed to extend those cuts for another nine months through the end of March 2018. Analysts said those OPEC-led cuts were being frustrated by rising output from U.S. shale drillers and other producers hoping to capture higher oil prices in future months. Futures for the balance of 2017 were trading just over $43 a barrel, while calendar 2018 was fetching about $45 a barrel. Analysts said crude prices are likely to remain under pressure until there are signs the number of rigs drilling for oil in the United States is stabilizing or declining. U.S. producers are expected to increase output to 9.3 million bpd in 2017 and a record 10.0 million bpd in 2018 from 8.9 million bpd in 2016, according to federal projections. The biggest increase in rigs this week was in the Bakken formation in North Dakota where drillers added three rigs, bringing the total there to 52, the most since December 2015 and double the same week a year ago. "It''s not surprising the rig count has been rising in the Bakken because producers there will not see the full extent of the crude price drop we''ve had over the past month," Williams at WTRG said. "They just got access to a new pipeline, which will reduce the cost of transporting their crude by train," he said, referring to the Dakota Access pipeline that entered service at the start of June. The break even price for drilling new wells in the United States varies considerably among shale formations and even between different parts of the same play, but most analysts say producers need U.S. crude prices of $45-$50. However, consultancy Rystad Energy, which specializes in exploration and production, said wellhead break-evens average around $38 per barrel for the Bakken shale wells completed in 2016-2017. (Reporting by Scott DiSavino; Editing by Marguerita Choy)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-usa-rigs-baker-hughes-idUSKBN19E20H'|'2017-06-24T02:33:00.000+03:00'
'c981ee0d9b659f30426a27e2f09427c5958debd1'|'Ireland could review cap on bank share sales - finance minister'|' 01pm BST Ireland could review cap on bank share sales - finance minister left right Irish Minister for Public Expenditure Paschal Donohoe speaks during an interview with Reuters at the Ministry of Finance in Dublin, Ireland September 22, 2016. REUTERS/Clodagh Kilcoyne/File Photo 1/2 left right FILE PHOTO: A gardener mows the grass outside the headquarters of AIB on the day the bank announced it''s results, in Dublin April 12, 2011. REUTERS/Cathal McNaughton 2/2 DUBLIN Ireland''s minority government would review a pledge to sell a maximum of 25 percent in any of its bank shareholdings by the end of 2018 if the right opportunities arise, Finance Minister Paschal Donohoe said on Friday. The government inserted the clause in its legislative programme last year and hit the limit for Allied Irish Banks ( ALBK.I ) on Friday in a 3 billion euro (2.63 billion pounds) initial public offering. "I will continue to be bound by the programme for government but of course if opportunities were to occur that I believe offered long-term value for the taxpayer, I would go back to cabinet and present options to them in relation to that," Donohoe told reporters. (Reporting by Padraic Halpin; Editing by William Schomberg)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-ireland-aib-idUKKBN19E1BJ'|'2017-06-23T20:01:00.000+03:00'
'd829fe124e052956b527eb54b354583709698882'|'Kroton confident Brazil will approve Estacio deal, source says'|'By Gabriela Mello - SAO PAULO SAO PAULO Kroton Educacional SA expects a key appointment at Brazil''s antitrust watchdog Cade this week will help it win approval of its purchase of rival Estácio Participações SA, creating the world''s No. 1 for-profit education company, a person directly involved in the transaction said on Friday.According to the person, who asked for anonymity because of the sensitivity of the issue, Kroton was exploring Estacio''s interest in requesting a delay to the Cade vote on the deal scheduled for June 28 because of opposition among Cade members.But the appointment of Alexandre Barreto de Souza on Thursday as Cade president has changed the outlook, the person said. Prior skepticism among Kroton executives quickly morphed into optimism that the deal will be cleared with Barreto''s arrival."Barreto''s appointment to Cade reignited hopes that the transaction can be cleared, because of his expertise and technical qualities," said the person. Cade did not have a comment.The situation reflects uncertainty about the deal, as Kroton rivals and consumer groups air concerns about the creation of a juggernaut with 10 times as many students as its closest rival. Investors in a Morgan Stanley & Co survey saw a 75 percent chance of the deal being rejected.Shares of Estácio ( ESTC3.SA ) and Kroton led gains in Brazil''s benchmark stock index on Friday, on news of a more sanguine outlook for the deal. Neither company commented on the current status of the deal.Shares of Kroton ( KROT3.SA ) and Estácio ( ESTC3.SA ) slumped 7 percent and 14 percent, respectively, between Monday and Tuesday, after several Brazilian newspapers warned of growing opposition to the deal at the watchdog.Reuters reported on June 5 that Cade had demanded asset sales larger than initially expected by Kroton as a condition to approve the deal. In February, a preliminary report by the watchdog''s economic analysis division said the deal could hamper competition and lead to higher costs for consumers.(Writing and additional reporting by Guillermo Parra-Bernal; Editing by Cynthia Osterman)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-estacio-part-m-a-kroton-idINKBN19E29V'|'2017-06-23T17:03:00.000+03:00'
'93c4a2a03fddde39e12a902e70417d92a9bd1518'|'Ford''s China move casts new cloud on Mexican carmaking'|'Autos - Fri Jun 23, 2017 - 11:55am EDT Ford''s China move casts new cloud on Mexican carmaking FILE PHOTO: The logo of Ford is pictured at the 38th Bangkok International Motor Show in Bangkok, Thailand March 28, 2017. REUTERS/Athit Perawongmetha/File Photo - RTS18CA7 By Stefanie Eschenbacher and Dave Graham - MEXICO CITY MEXICO CITY A second U-turn this year by Ford Motor Co ( F.N ) in Mexico has raised the specter of Chinese competition for local carmaking, adding to pressure on the industry after repeated threats by U.S. President Donald Trump to saddle it with punitive tariffs. Ford announced on Tuesday it would move some production of its Focus small car to China instead of Mexico, a step that follows the U.S. automaker''s January cancellation of a planned $1.8 billion plant in the central state of San Luis Potosi. The scrapping of the Ford plant was a bitter blow, coming after U.S. President Donald Trump had blamed the country for hollowing out U.S manufacturing on the campaign trail, and threatened to impose hefty tariffs on cars made in Mexico. Since then, rhetoric from the Trump administration has become more conciliatory, and Mexico and the United States have expressed confidence that the renegotiation of the NAFTA trade deal, expected to begin in August, could benefit both nations. But the loss of the Focus business is an unwelcome reminder of competition Mexico faces from Asia at a time China''s auto exports and the quality of its cars are rising. "For a long time, the quality of vehicles coming out of China was not to global standards. There was a gap in quality that (favored) Mexico - but that is closing," said Philippe Houchois, an analyst covering the auto industry at investment bank Jefferies. "That is probably a threat to Mexico." In the past decade, global automakers have invested heavily in Chinese factories to make them capable of building cars at quality levels that make the grade in developed markets. Ford''s decision to shift Focus production for the United States market to China from Mexico shows automakers have increasing flexibility to choose between the two countries to supply niche vehicles to American consumers or other markets. ''VERY TROUBLING'' Demand for small cars in the United States is waning and General Motors Co ( GM.N ) faces a similar situation to Ford''s with its Chevrolet Cruze compact. Were GM to go down the same path with the Cruze and shift its production out of U.S. factories, it could give more work to its Mexican plants - but might also bring its Chinese operations in Shenyang or Yantai into play. "The Cruze is a global product that is built in multiple GM plants around the world, including the U.S.," said GM spokesman Pat Morrissey. "Our general philosophy is that we like to build where we sell." Studies show Mexican manufacturing is competitive, and business leaders believe that NAFTA talks between Mexico, the United States and Canada could ultimately yield tougher regional content rules for the region that benefit local investment. Ford said its decision balanced cheaper Chinese labor rates against pricier shipping, but that in the end an already-planned refit of its Chinese factory saved it some $500 million over retooling both that facility and its Hermosillo plant in Mexico. The volatile state of U.S.-Mexican trade relations also carries big risks if Trump renews his threats to impose 35-percent tariffs on cars made in Mexico. To be sure, Trump has also threatened to levy 45-percent tariffs on Chinese goods and his Trade Representative Robert Lighthizer said he found Ford''s China move "very troubling." Trump''s threats have battered the peso, ironically making Mexico''s goods cheaper. Uncertainty over the future of NAFTA pushed the currency to a record low in January, although it has since rebounded. That same month, the Boston Consulting Group published an assessment of manufacturing competitiveness that gave Mexico an 11-percent lead over China. That advantage has prompted global firms to plow billions of dollars into the Mexican auto industry, pushing output to record highs. Some officials in the automotive sector painted Ford''s move as a one-off decision. "There''s still very dynamic investment and growth in plants," said Alfredo Arzola, director of the automotive cluster in Guanajuato state, one of Mexico''s top carmaking hubs. Still, there have been "significant quality improvements" in Chinese cars, consultancy J.D. Power said in a 2016 study. Chinese car manufacturing could catch up with international standards in China by 2018 or 2019, said Jacob George, general manager of J.D. Power''s Asia Pacific Operations, citing the consultancy''s gauge of "hard quality", or failures. However, when measured in terms of "perceptual" quality, China was probably still some 4 to 6 years behind, he added. (Additional reporting by Joe White and Paul Lienert in Detroit; Editing by Christian Plumb and Nick Zieminski) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-ford-motor-mexico-idUSKBN19E1U7'|'2017-06-23T23:30:00.000+03:00'
'5935485510d2fb7fa69177c12dafefcb86eb1b7c'|'Subaru takes slow lane for self-driving cars, says costly for buyers'|'Autos - Mon Jun 19, 2017 - 10:19am BST Subaru takes slow lane for self-driving cars, says costly for buyers FILE PHOTO: Subaru''s new XV hits a shopping cart carrying water bottles during a collision test demonstration at its factory in Ota, north of Tokyo, Japan May 24, 2017. REUTERS/Kim Kyung-Hoon/File Photo By Naomi Tajitsu - TOKYO TOKYO While major automakers race to develop driverless cars, Subaru ( 7270.T ) is taking a slower approach, saying its vehicles may be less advanced than its rivals'' by 2020 as autonomous features remain costly for the buyers of Japan''s smallest carmaker. Automakers such as Ford Motor Co ( F.N ), General Motors Co ( G.N ) and Nissan Motor Co ( 7201.T ) are increasingly looking beyond conventional vehicles to survive in an industry that is moving into electric and self-driving cars. Smaller players are doing the same, but automakers like Subaru with limited research and development resources than their bigger rivals are showing caution in committing to advanced technologies on their own. At a recent demonstration of its driving assist system "Eyesight", Subaru said its goals for autonomous driving were modest versus bigger rivals, some of which aim for self-driving cars on city streets by 2025. "We''re looking at how to develop (more advanced)capabilities, but we believe such functions will remain beyond the reach of Subaru customers," Tetsuo Onuki, chief general manager at Subaru''s technical research centre, said last week in comments for publication on Monday. "We''re not aiming to develop driverless cars. What we''re trying to do is make driving safer for people." Subaru''s new automated cruise control system can track cars travelling in front at low speeds, building on a similar feature marketed by bigger rival Nissan last year. The automaker has said it will continue to develop automated functions on its own, tapping outside technology as needed. It has plans to start developing an all-battery electric car this year, but it will use technology developed by Toyota Motor ( 7203.T ) in a plug-in hybrid model planned for release in 2018. "The risk Subaru runs with tempering their ambitions is that, if the market wants (more sophisticated technologies) ... and they don''t make it on their own, they''ll have to buy it off the shelf from a supplier," CLSA analyst Chris Richter said. He added that an increased dependence on suppliers would leave Subaru with less control over developing new technologies. Other smaller Japanese automakers have also acknowledged the challenges of competing with bigger rivals on advanced technologies given their relatively limited budgets. Mazda Motor Corp ( 7261.T ) has yet to announce plans to develop self-driving cars, while it will draw on its partnership with Toyota to develop electric cars. Mitsubishi Motors Corp ( 7211.T ) has said its takeover by Nissan last year had given it access to Nissan''s automated driving technology, something it had lacked the resources to pursue on its own. (Reporting by Naomi Tajitsu; Editing by Himani Sarkar)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-subaru-automated-idUKKBN19A120'|'2017-06-19T17:20:00.000+03:00'
'51e121e3e755735461bce47b8054fd8d54cccc4a'|'Britain''s SSE considers venturing overseas in offshore wind'|' 04pm BST Britain''s SSE considers venturing overseas in offshore wind By Geert De Clercq - ESTORIL, Portugal ESTORIL, Portugal British energy supplier SSE ( SSE.L ) is eyeing the offshore wind power industry for a possible first foreign investment, its chief executive said on Monday. Unlike most major European utilities, Britain''s second-biggest energy supplier SSE is focused mainly on its domestic market, though it is a highly diversified group involved in nearly every aspect of the UK power and gas business. In recent years it has invested heavily in offshore wind power and other renewables, but until now it has been uninterested in emulating continental peers that have built on their specialisations at home to win market share abroad. These include France''s EDF ( EDF.PA ) operating Britain''s nuclear plants, Norway''s hydropower specialist Statkraft building dams in Asia and Latin America and Denmark''s Dong Energy ( DENERG.CO ) becoming a top player in offshore wind in Britain and Germany. SSE operates several large offshore wind farms on British and Irish coasts, often in partnerships with EU utilities such as Dong and Germany''s Innogy ( IGY.DE ), but it has no operations on foreign shores. "That is a global business where we have to think about whether we need to have more global ambitions. We have a very strong franchise around the UK and Ireland ... should we be looking further afield? That is a good question for us to ask ourselves," SSE chief executive Alistair Phillips-Davies told Reuters at the Eurelectric conference. He said that SSE last year came reasonably close to an American onshore renewables investment. Though that did not come to fruition, Phillips-Davies said he is continuing to look at opportunities while seeking value for shareholders and remaining consistent with the company''s skill base. "I would not say we are the world leader (in offshore wind) but we have possibilities there. Dong would clearly be the number one company out there at the moment ... but I think there are lots of things that we can do," he said, adding that SSE is also strong in networks and thermal generation. In terms of exporting those skills to other countries, Phillips-Davies said that SSE would look at partnerships or an acquisition rather than dropping its own staff on the ground. Centrica ( CNA.L ) and SSE are the only two UK-owned utilities among Britain''s big six energy suppliers, with European utilities EDF, E.ON ( EONGn.DE ), RWE ( RWEG.DE ) and Iberdrola ( IBE.MC ) all having built up significant shares in the market. (Editing by David Goodman)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-sse-windpower-idUKKBN19A2P5'|'2017-06-20T03:04:00.000+03:00'
'2a53f6237c1985ac910bf3937a5973ff72a45947'|'China Vanke in talks to join Chinese consortium bidding for Singapore''s GLP -sources'|'By Julie Zhu and Sumeet Chatterjee - HONG KONG, June 16 HONG KONG, June 16 China Vanke, the country''s No.2 homebuilder by sales, is in talks to join a Chinese consortium led by Hopu Investment Management and Hillhouse Capital Group to bid for Global Logistic Properties , three sources said.Shenzhen-based Vanke has been in discussions with the Hopu-Hillhouse consortium for a couple of weeks, said one source, adding that the bidding group was talking to at least two other potential investors from China.The consortium, also backed by the Singapore-listed firm''s CEO Ming Mei, plans to set up an investment fund for its bid, two sources said. Potential new backers, including Vanke, are considering joining the race as limited partners (LPs) of the fund, rather than potential equity holders in GLP.All the sources, familiar with the talks, declined to be named because the information was not public.Vanke, Hopu, GLP declined to comment while Hillhouse did not respond to a Reuters request for comment.GLP, which is backed by Singapore''s sovereign wealth fund GIC Private Ltd and whose customers include Amazon.com and JD.com, said last week that it had asked short-listed bidders to present firm proposals by the end of June.Private equity firms Warburg Pincus and Blackstone Group LP are among the bidders that were picked by GLP to move to a new phase of the bidding process and examine the company''s financials, Reuters reported in February.GLP, which has a market capitalization of about $10 billion, earns two-thirds of its revenue from China, where it has 15.8 million square meters of leasable or completed logistics facilities on lease.Vanke''s interest in GLP stems from the fact that it has also been diversifying into warehousing over the past two years as the property development business struggles amid intensifying competition. The company, which has a logistics joint venture with Blackstone, posted a lower first-quarter profit.Vanke has yet to finalise the terms with the Hopu-Hillhouse consortium and the composition of the bidders could be subject to changes later, two sources said.JPMorgan is advising GLP''s special committee on the proposals. (Reporting by Julie Zhu and Sumeet Chatterjee; Editing by Himani Sarkar)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/glp-ma-idINL8N1JD1FK'|'2017-06-16T09:41:00.000+03:00'
'53d54312bce2905ecfab03fe97b4c2b96b9b1d8e'|'Fiat Chrysler CEO says 2018 targets unaffected by diesel woes'|'Fri Jun 16, 2017 - 12:14pm BST Fiat Chrysler CEO says 2018 targets unaffected by diesel woes FILE PHOTO: Fiat Chrysler CEO Sergio Marchionne answers questions from the media during the FCA Investors Day at the Chrysler World Headquarters in Auburn Hills, Michigan, U.S., on May 6, 2014. REUTERS/Rebecca Cook/File Photo VENICE, Italy Fiat Chrysler ( FCHA.MI ) does not expect its diesel woes in the United States to have an impact on its business targets to 2018, the carmaker''s Chief Executive Sergio Marchionne said on Friday. In May, the U.S. Justice Department sued Fiat Chrysler, accusing the Italian-American automaker of illegally using software to bypass emission controls in 104,000 diesel vehicles sold since 2014, in a move that could potentially lead to heavy fines. Speaking on the sidelines of a meeting in Venice of the council for the United States and Italy, Marchionne said he expected U.S. authorities to give their approval to a software fix proposed by the carmaker "much sooner" than months. A U.S. Justice Department lawyer this week said it could take "weeks or months" before regulators decide whether to approve the fix. Marchionne added that the second quarter was going in line with expectations and confirmed the targets for the full year. (Reporting by Agnieszka Flak)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-fiatchrysler-emissions-idUKKBN1971BX'|'2017-06-16T19:14:00.000+03:00'
'de8b4a670af94c6e030de7c5083c911111e5e340'|'BoE warns of potential disruption from ring-fencing banks'|'Top News - Fri Jun 16, 2017 - 2:37pm BST BoE warns of potential disruption from ring-fencing banks A man stands outside the Bank of England in the City of London, Britain April 19, 2017. Sterling basked in the glow of a six-month high following Tuesday''s surprise news of a snap UK election. REUTERS/Hannah McKay By Huw Jones - LONDON LONDON Customers at British retail banks risk facing disruption in day-to-day banking as major lenders ring-fence their high street businesses from investment banking operations , the Bank of England said on Friday. Speaking at an event, James Proudman, the central bank''s executive director for supervision of deposit takers, reiterated that there was no room for manoeuvre on the January 2019 deadline for banks to separate the businesses. Ring-fencing deposit-taking operations from riskier, investment banking was a central reform following the financial crisis which forced taxpayers to bail out several lenders. Britain''s vote last year to leave the European Union and the upheaval it could mean for the banking sector had, however, raised hopes ring-fencing would be pushed back. "The Bank of England will require full and prompt implementation of the ring-fencing legislation and requirements by 2019," Proudman said. "As with any big infrastructure project, there is some potential for disruption to everyday activities as new group structures are moved into place and new ways of operating are brought online," he said. The aim of the reform is to ensure that day-to-day banking will be insulated with enough capital to continue unaffected if problems emerge in investment banking. It will be a major change to the structure of British banking, with 75 percent of customer deposits being affected by the reorganisations within lenders. Banks estimate almost a million people and businesses will see changes to their bank account details as they are placed on the right side of the fence. "To minimise the disruption these changes could cause to customers, banks will ensure that any outgoing payments, for example standing orders and direct debits, are made as normal," the BoE said. Banks and payment schemes will also redirect any incoming payments to the new accounts. Some banks will need to move the assets and liabilities of significant numbers of customers from one legal entity to another to comply with the legislation. A judge will consider the impact of this on customers and others. HSBC has already set up a separate high street lender, HSBC UK, which is due to open its new head office in January. "While the timelines vary, all banks plan to meet this tight deadline, with the bulk of restructuring activities planned from now to mid-2018," Proudman said. (Editing by David Clarke) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-boe-banks-ringfencing-idUKKBN1971BF'|'2017-06-16T19:15:00.000+03:00'
'a6c297d50e2e69394662ea50a078e0a377fa90d7'|'Booz Allen Hamilton says DOJ investigating accounting practices'|'Booz Allen Hamilton Holding Corp ( BAH.N ) said on Thursday that the U.S. Department of Justice was conducting an investigation related to some of its cost accounting and indirect cost charging practices with the U.S. government.The company said its audit processes had not identified any material weaknesses or "significant erroneous cost charging", according to a regulatory filing. ( bit.ly/2rB0v5C )The company''s shares fell about 12 percent to $34.50 after the bell.(This version of the story was corrected to remove extraneous word in last paragraph)(Reporting by Narottam Medhora in Bengaluru; Editing by Shounak Dasgupta)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-booz-allen-probe-idINKBN1962VO'|'2017-06-15T19:01:00.000+03:00'
'72fde3ed239f6e5b9065530eb18cc46788c0d57f'|'BRIEF-Concordia International provides update on development of long-term growth strategy'|' 10am EDT BRIEF-Concordia International provides update on development of long-term growth strategy June 21 Concordia International Corp: * Concordia International Corp. provides update on development of long-term growth strategy * Says company intends to communicate its details with stakeholders in second half of 2017 * Concordia International Corp - company''s development of a "long-term growth" strategy is nearing completion * Concordia International Corp - company has engaged perella weinberg partners lp to provide financial advisory services * Concordia International - financial advisory services may include, but are not limited to, helping co explore, evaluate potential transactional alternatives Source text for Eikon:  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-concordia-international-provides-u-idUSASA09UK4'|'2017-06-21T19:10:00.000+03:00'
'df8d902a3835f627a1ff7efc6ac705ed7346c47d'|'Ex-EBRD banker jailed for six years for bribery by UK court'|'Business News - Tue Jun 20, 2017 - 11:14pm BST Ex-EBRD banker jailed for six years for bribery by UK court By Marc Jones - LONDON LONDON A former banker at the European Bank for Reconstruction and Development (EBRD) was jailed for six years by a top UK court on Tuesday for accepting bribes totaling over $3.5 million. Andrey Ryjenko, 44, who has joint UK and Russian citizenship, had been found guilty of conspiring to make or accept corrupt payments between July 2008 and November 2009 while he worked at the London-based development bank. The court was told in the trial that Ryjenko''s role at the EBRD required him to vet applications for investment from eastern European oil, gas and mining firms. It found he struck an agreement with a U.S.-based consultant who he then introduced to a number of firms in former Soviet states to help them make applications for EBRD funding. Ryjenko then took 50 percent of the consultant''s commission fee when the applications were approved, with the money paid into accounts in the name of his sister Tatjana Sanderson, who was declared unfit to stand trial. "Andrey Ryjenko repeatedly abused his position of power within a publicly-funded bank by accepting corrupt payments," Elspeth Pringle, a prosecutor with the UK''s Crime Prosecution Service''s Specialist Fraud Division said in a statement. Ryjenko was also convicted of money laundering by concealing, disguising, converting and transferring criminal property and sentenced to two years in prison, which will run concurrently. The EBRD, which was founded in 1991 to finance the transition of former communist Europe to market and whose main shareholders are G7 governments, said its internal systems had flagged up the wrongdoing. "We discovered his activities in 2010 and informed the police," it said in a statement. "The Bank did not suffer any loss as a result of his actions." Ryjenko''s lawyer in the case, Peter Lownds from the firm 2 Hare Court did not respond to an e-mailed request for a comment on the sentencing by the time this story was published. (Reporting by Marc Jones)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-ebrd-corruption-prison-idUKKBN19B37Y'|'2017-06-21T06:13:00.000+03:00'
'4c7ca940fe144cd83b8ed1a5694e9102941358df'|'BRIEF-Western Digital says Toshiba has no right to transfer its JV interests to a third party without SanDisk''s consent'|'United States Market News - Wed Jun 21, 2017 - 12:28am EDT BRIEF-Western Digital says Toshiba has no right to transfer its JV interests to a third party without SanDisk''s consent June 21 Western Digital Corp: * Western Digital says Toshiba continues to ignore both SanDisk''s consent rights and the dual-track legal process currently underway * Western Digital says Toshiba has no right to transfer its JV interests to a third party without SanDisk''s consent * Western Digital says hearing for injunctive relief is scheduled for July 14 Further coverage: (Reporting By Chris Gallagher and Makiko Yamazaki) EMERGING MARKETS-Emerging assets mostly fall; MSCI move lifts Chinese A-shares, Saudi LONDON, June 21 Emerging equities fell for a second day on Wednesday, dragged down by weak oil prices and losses in Asian bourses that could see investment outflows as a result of MSCI''s decision to include China in a benchmark share index. LONDON, June 21 The Bank of England reported on Wednesday that consumers were under growing pressure form rising inflation, but business investment plans had strengthened and sterling weakness was boosting export volumes. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-western-digital-says-toshiba-has-n-idUST9N1IK00A'|'2017-06-21T12:28:00.000+03:00'
'e9b532f5b8e862fe71822ea954d64b5d0a76b2a7'|'Investors doubt Kroton can win approval for Estácio takeover: report'|'SAO PAULO Investors are skeptical that a merger of Kroton Educacional SA and Estácio Participações SA to form the world''s No. 1 for-profit education company will win Brazil''s approval, Morgan Stanley said on Thursday.In a report, Morgan Stanley ( MS.N ) analysts led by Javier Martínez de Olcoz Cerdán said Kroton''s planned takeover of Estácio has approximately a 75 percent chance of being rejected, based on a selloff of both stocks on Monday and Tuesday.Investors drove shares of Kroton ( KROT3.SA ) and Estácio ( ESTC3.SA ) down 7 percent and 14 percent, respectively.However, Martínez sees a 60 percent chance the deal will be approved on the condition that the companies sell assets accounting for 15 percent of the combined entity''s revenue.The rout in the shares of both companies came after two Brazilian newspapers said antitrust watchdog Cade is considering vetoing Kroton''s takeover of Estácio at a meeting scheduled for June 28. According to the report, only one of the agency''s five directors, Cristiane Alkmin, has given signs that the deal could be approved.Scrutiny of the Kroton-Estácio tie-up comes as rivals and consumer groups air concerns about creating a juggernaut with 10 times as many students as its closest rival in Brazil.Reuters reported on June 5 that Cade has demanded asset sales larger than initially expected by Kroton as a condition to approve the deal. In February, a preliminary report by the watchdog''s economic analysis division said the deal could hamper competition and lead to higher costs for consumers.Cade, Kroton and Estácio declined to comment.Martínez interviewed more than 80 local and foreign investors between June 13 and June 19 to understand their views about the Kroton-Estácio deal.His conclusion that shares are pricing in a no-deal scenario stems from expectations by those investors that Kroton and Estácio would be down 9 percent and 13 percent if Cade rejected the combination.(Reporting by Guillermo Parra-Bernal; Editing by Steve Orlofsky)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-estacio-part-m-a-kroton-idINKBN19D2MP'|'2017-06-22T18:14:00.000+03:00'
'7a29087f494bbe5836ca44c6e59c6310132a5eb3'|'INVESTMENT FOCUS-Stocks flying, oil crying as 2017 hits halfway point'|'Market News - Fri Jun 23, 2017 - 11:34am EDT INVESTMENT FOCUS-Stocks flying, oil crying as 2017 hits halfway point By Marc Jones - LONDON, June 23 LONDON, June 23 World stocks could be about to record their best start to a year since 1998, when global markets were recovering from the Asian crisis, while oil and the dollar are facing their worst first-half in years. It has been a six months marked, first, by the crumbling of so-called Trump trades that were premised on U.S. President Donald Trump''s pledges of multi-trillion dollar spending. The second feature has been a political and growth outlook shift in Europe which has lured investors back to the continent. As this graphic shows reut.rs/2sxO66c 16-17 percent gains in emerging markets and Europe on a dollar-adjusted basis have boosted world stocks around 10 percent so far this year. Oil on the other hand is 2017''s worst performer, despite almost 2 million barrels-per-day of OPEC supply cuts. Undercut by high output from shale and some producers such as Nigeria, Brent crude futures have slumped 20 percent in their biggest first-half drop since 1997. The price moves have rekindled memories of the 50 percent rout seen in the second half of 2014. But equities have held up well despite a hefty tech share selloff earlier in June and a run of softer U.S. economic data which hint at slowing price growth and a major setback for the "Trumpflation" trades in vogue at the start of 2017. Despite two Federal Reserve rate hikes already this year, the dollar has fallen 4.5 percent against the world''s other top currencies -- its worst start to a year since 2006. "From a global perspective it is increasing the appetite for risky assets," said ABN Amro''s chief investment officer Didier Duret. Duret also noted the defeat for far-right, anti-establishment parties in French and Dutch elections, as well as a synchronised recovery in world growth. The euro zone is seen growing 2 percent this year, its best run in a decade, while latest data shows consumer confidence at a 16-year high. In Brexit-bound Britain, which has just been through a messy election, the pound has dropped 3 percent against the euro, whereas UK government bonds and the FTSE 100 have risen 2.4 and 6.4 percent respectively. Emerging markets too have enjoyed a trade and growth bounce. "There is a growing recognition we are seeing accumulative stability, with lower volatility and lower correlation between assets and this is constructive for creating momentum for equities," Duret said. While U.S. stocks have returned almost 10 percent year-to-date, many investors reckon European stocks offer better value - funds polled by Reuters every month have just upped euro zone equity exposure to a nine-month high. "Previously there were lots of reasons not to invest in Europe. Now Europe is growing faster than the U.S.," said Pictet Asset Management''s chief strategist Luca Paolini, who prefers European and emerging stocks. The past week has seen biggest U.S. equity outflows in five weeks. PERFECT LANDING Emerging markets have shrugged off the U.S. rate rises and the oil and tech tumbles. While emerging equities are the top performers, bonds in emerging market currencies have returned almost 10 percent in dollar terms, while hard currency sovereign debt is up 6 percent. "At the end of last year, everyone was long dollar but suddenly people realised the dollar was getting weaker. Usually when that happens it''s very good for EM assets," said Francois Savary, CIO of Swiss investment manager Prime Partners. There is likely room for more gains in the coming year, given the sector has underperformed for five years, he added. But within emerging markets there are losers as well as winners: tmsnrt.rs/2dZbdP5 Russian equities, heavily oil-reliant and a star of late 2016, have lost 17 percent but energy importer Turkey''s stock index has risen 30 percent, despite inflation, domestic political risks and policy wobbles. The Mexican peso is the world''s top performing currency, up 14 percent on the dollar, as faith wanes in Trump''s ability to implement anti-trade and anti-immigration pledges. Perhaps the biggest surprise has been Poland''s zloty which has surged more than 10 percent against the dollar, outstripping the euro''s 5.8 percent rise. Brazil''s real has been one of the worst-performing currencies, down 5 percent in 2017 due to fresh corruption scandals that have hit the country. "The question for the next six months is how far the positive European momentum should go," said ABN''s Duret. "And can China control its slowdown. Can it continue to achieve a perfect soft landing?" (Additional reporting by Sujata Rao and Dhara Ranasinghe in London; Editing by Catherine Evans)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/markets-2017-graphic-idUSL8N1JK2J1'|'2017-06-23T23:34:00.000+03:00'
'aa687a543eaba19055854faca620ad67fd1d30b2'|'South African supermarket giants in fine food fight'|'Top News - Mon Jun 19, 2017 - 2:24pm BST South African supermarket giants in fine food fight left right Workers pack fruit at an outlet of retailer Shoprite Checkers in Cape Town, South Africa, June 15, 2017. Picture taken June 15, 2017. REUTERS/Mike Hutchings 1/10 left right Ready to eat meals are displayed at an outlet of retailer Shoprite Checkers in Cape Town, South Africa, June 15, 2017. Picture taken June 15, 2017. REUTERS/Mike Hutchings 2/10 left right A worker packs cold meats at an outlet of retailer Shoprite Checkers in Cape Town, South Africa, June 15, 2017. Picture taken June 15, 2017. REUTERS/Mike Hutchings 3/10 left right Vegetables are seen at an outlet of retailer Shoprite Checkers in Cape Town, South Africa, June 15, 2017. Picture taken June 15, 2017. REUTERS/Mike Hutchings 4/10 left right Street vendors sell fruit outside an outlet of retailer Shoprite Checkers in Cape Town, South Africa, June 15, 2017. REUTERS/Mike Hutchings 5/10 left right A woman walks past an outlet of retailer Woolworths in Cape Town, South Africa, June 19, 2017. REUTERS/Mike Hutchings 6/10 left right Ready to eat meals are displayed at an outlet of retailer Shoprite Checkers in Cape Town, South Africa, June 15, 2017. REUTERS/Mike Hutchings 7/10 left right Customers pay for goods at an outlet of retailer Checkers in Cape Town, South Africa, June 15, 2017. Picture taken June 15, 2017. REUTERS/Mike Hutchings 8/10 left right Fresh fruit is displayed at an outlet of retailer Shoprite Checkers in Cape Town, South Africa, June 15, 2017. Picture taken June 15, 2017. REUTERS/Mike Hutchings 9/10 left right Fresh fruit is displayed at an outlet of retailer Shoprite Checkers in Cape Town, South Africa, June 15, 2017.Picture taken June 15, 2017. REUTERS/Mike Hutchings 10/10 By TJ Strydom - JOHANNESBURG JOHANNESBURG As South Africa slides into recession, and households have less and less to spend, the number one supermarket group Shoprite is adopting an unlikely strategy: it''s pushing upmarket. While the lower-income families that have long been its core customers cut back, the spending of the wealthier class remains undented by the downturn. In a bid to retain its leading industry position, the discount retailer''s new boss is driving hard into the upmarket, higher-margin niche dominated by rival Woolworths ( WHLJ.J ). The stage is set for a turf war to win the hearts, minds and wallets of South Africa''s richest 2 million households - and ultimately preeminence in the supermarket sector. Shoprite CEO Pieter Engelbrecht told Reuters that affluent areas and customers were where he saw growth in the maturing South African market. "A lot of those (wealthier) customers, 2 million of them, actually frequent our stores already, but not exclusively," he said in an interview. "Our job is to get a better share of their wallets when they are in our stores and then impress them so that they come back again." Shoprite is doubling its offering of the kind of high-end convenience foods that Woolworths has built its reputation on - from gourmet lamb shanks and oxtail stew to teriyaki-and-ginger basted pork ribs. Its range will reach around 500 products by the end of this year, Engelbrecht said. These products typically cost about 200 rand ($15) for a meal for four - 10 times the minimum wage of 20 rand an hour as set by new labour laws making their way through parliament. As part of the drive to expand its range, Engelbrecht said Shoprite had upgraded its food technology and development facilities and gone on a hiring spree for food developers and technologists. He said the department had grown 10-fold in a year, without giving more specific details on staff numbers. The mainly discount retail group is executing this strategic shift by expanding its higher-end Checkers chain of stores. It plans to open 23 new outlets, mostly in wealthy suburbs such as Waterfall City north of Johannesburg, by June next year to bring the number of stores to about 230. Checkers has for years been underrepresented in the wealthiest neighbourhoods with the most spending power, according to analysts. New Checkers stores, and established ones that have been refurbished, resemble Woolworths outlets with sparse lighting and wood-panelled sections boasting extensive wine and gourmet coffee selections, as well as counters selling quality selections of cheese and meat. NUMBERS GAME Shoprite''s core, low-income customer base has been battered by a year of high inflation, stagnant wages and unemployment reaching a 14-year peak. Higher interest rates and currency depreciation have further eroded consumers'' disposable income. Africa''s most advanced economy has fallen into recession for the first time since 2009, data showed last week, in a slide that has slowed profits across the grocery sector. The discount group''s push upmarket has been driven by its own economics. It is grappling with an internal inflation rate - the rise in what it pays for its goods - of 7.4 percent, the highest level in years, but has not been able to fully pass the increase on to poorer consumers. This has undermined its traditional, mass-market strategy of low margins and high volumes. To absorb the hit, and continue to secure the growth demanded by investors, it is hunting the higher margins and healthier sales growth on offer at the higher-end of the market by expanding Checkers. While Shoprite-branded stores'' sales have grown by 8.8 percent over the past 12 months, Checkers'' have risen by 11.1 percent. "The Checkers supermarkets have reported low double-digit sales growth over the last three years, growing well ahead of the Shoprite brand, which supports management''s ambition," Investec Asset Management analyst Unathi Loos told Reuters. The Woolworths and Shoprite groups also variously encompass the likes of furniture and clothing. Woolworths Foods'' margin is about 7 percent, according to the company''s financial reports. Shoprite does not separate the margin on its supermarket food division from the financial services products offered in-store, but Loos said the consensus view among analysts was that the figure was between 3.5 and 4 percent. Shoprite did not immediately respond to a request for comment on the food margin figure. ''I LOVE WOOLIES'' The country''s - and the continent''s - two largest retailers have very different backgrounds. Shoprite, which is 16 percent owned by retail tycoon Christo Wiese, has grown from 8 supermarkets in 1979 to a no-frills mass-market grocer with operations in 15 African countries. Woolworths, which is over 80 years old, morphed from a clothing chain into South Africa''s fine-foods market leader in the early 2000s. Engelbrecht took the reins of Shoprite in February from Whitey Basson, who had led the group for 37 years. Part of his strategy is based on a bet that he can lure affluent shoppers away from Woolworths with high-quality convenience products priced slightly below those offered by its rival. "Woolworths over time has constantly moved the price of (those products) up and up, because they were virtually the only players in that market, which gives us the opportunity to come in," Engelbrecht said. A crucial question is how will Woolworths respond to defend a market that has delivered handsome profits for the company and whose chief executive Ian Moir said in February its food business continued to grow ahead of the market. When asked by Reuters about Shoprite''s push into upmarket convenience food, Woolworths told Reuters that it had an "incredibly valuable emotional connection" with its customers. "Retail is a dynamic environment and the competition in the Grocery and Food market category means that we will always keep a watching brief on our competitors'' activities," it added. "We conduct weekly basket checks against the prices of competitors to ensure that our prices are comparable." Analysts say the high-end clash between the two industry titans was unlikely to develop into a price war because that part of the market was not as price-sensitive as the lower end. But Woolworths will be forced to respond and would likely push back with new products and pack sizes, they say. "They have been good at introducing new products and other innovations in line with consumer trends and feedback," said Old Mutual Invest food retail analyst Kaya Nodada. It''s a tall order for Shoprite to break Woolworths'' stranglehold. If it is to prevail, it will have to win over shoppers like JF Fourie. "I love Woolies. The microwave meals are a bit overpriced, but they are tasty," the 28-year-old who works in marketing said in the Woolworths branch in eastern Pretoria as she added shimeji mushrooms to the baby brinjals in her basket. But Fourie - a big fan of Gordon Ramsay - said she would need some convincing about the quality of Shoprite''s products, but would give it a go because Checkers adverts feature the British celebrity chef. "I like the chef and he hates airplane food," she added. "He''s fussy and I am too." (Editing by Pravin Char) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-safrica-retailers-insight-idUKKBN19A1N6'|'2017-06-19T20:42:00.000+03:00'
'9ba7c9c0cf9be8773a0845ccece4b4bb7d3b43c0'|'Britain''s Liberty House submits revised bid for Australia''s Arrium'|'SYDNEY Britain''s Liberty House Group said on Monday it submitted a revised bid for troubled Australian steel group Arrium Ltd ( ARI.AX ), after last week conceding defeat to a South Korean private equity syndicate."We remain passionate about the opportunity and intend to continue pursuing discussions," Liberty House said in an email to Reuters.The Seoul-based private equity syndicate led by Newlake Alliance and JB Asset Management was named on June 15 as the preferred bidder over Liberty, and that was thought to be the end of more than a year of Morgan Stanley-led ( MS.N ) efforts to provide a financial rescue package to Arrium.Morgan Stanley recommended the Newlake and JB Asset consortium to Arrium''s committee of creditors, which overwhelmingly supported the South Korean group, according to the steelmaker''s financial administrator, KordaMentha.The creditors'' committee includes Australian lenders Commonwealth Bank ( CBA.AX ), National Australia Bank ( NAB.AX ), Westpac ( WBC.AX ) and ANZ Bank ( ANZ.AX ), which together are owed a combined A$1 billion ($761 million).KordaMentha confirmed a revised bid had been submitted by Liberty House, but said administrators continued to deal with the Korean consortium on an exclusive basis.South Australia state has pledged A$50 million to the new owner to help upgrade Arrium''s steelworks.A spokesman for the South Australia treasurer, Tom Koutsantonis, said the state would work with either group to keep Arrium in business.Newlake''s and JB''s bid proposes spending more than A$1 billion on the Whyalla upgrade and on Arrium''s mini-mills, steel distribution and iron ore mining divisions. The consortium also plans to build a gas-fired power station to feed the steelworks, which would help combat South Australia''s energy shortage.Newlake has said it will use the Finex steelmaking technology under license from South Korean steelmaker POSCO ( 005490.KS ) to revamp the Arrium''s main Whyalla steelworks.The decision to use the technology played a key role in the selection process, according to KordaMentha.Newlake and JB West were not immediately available for comment.Liberty House, which operates together with commodities and energy conglomerate SIMEC under the $9.4 billion Gupta Family Group (GFG) Alliance, hit the headlines last year when it offered to rescue steel plants owned by Tata Steel UK ( TISC.NS ) that were on the verge of shutdown.Liberty''s so-called green metal model is based on using renewable energy to fire furnaces and smelters that recycle local scrap and sell the finished metal to manufacturers.($1 = 1.3141 Australian dollars)(Reporting by James Regan; Editing by Tom Hogue)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-arriujm-m-a-liberty-house-idINKBN19A0GA'|'2017-06-19T03:13:00.000+03:00'
'c0588c5686f26b2e09ea0bf3e756346eb60b8824'|'U.S. judge wants more details on ex-drug executive Shkreli''s finances'|'Mon Jun 19, 2017 - 9:01pm BST Judge wants more details on ex-drug executive Shkreli''s finances Martin Shkreli, former chief executive officer of Turing Pharmaceuticals and KaloBios Pharmaceuticals Inc, arrives for a hearing at U.S. Federal Court in Brooklyn, New York, U.S., April 26, 2017. REUTERS/Brendan McDermid By Brendan Pierson Former drug company executive Martin Shkreli should reveal more about his finances if he wants his $5 million bail cut to $2 million, a Brooklyn federal judge said Monday, a week before Shkreli is set to face trial on securities fraud charges. Lawyers for Shkreli, who drew public outrage after raising the price of a life-saving drug 5,000 percent when he was CEO of Turing Pharmaceuticals in 2015, said in a court filing last week that he needed the $3 million to pay back taxes and his lawyers and accountants. Federal prosecutors have not agreed to the request. U.S. District Judge Kiyo Matsumoto did not rule on Shkreli''s request at a hearing on Monday, but said she would be "reluctant" to release the money without knowing more about what assets Shkreli had and what he had done to liquidate them. Shkreli has pleaded not guilty to criminal charges involving his management of his previous company Retrophin Inc and the hedge fund MSMB Capital Management from 2009 to 2014. Prosecutors claim that he engaged in a Ponzi-like scheme in which he defrauded investors in MSMB and took millions in assets from Retrophin to repay them. A trial is set to begin next Monday and last at least four weeks. Alixandra Smith, Assistant U.S. Attorney in Brooklyn, said at Monday''s hearing that Shkreli had reported his net worth at $70 million after being arrested. Shkreli''s lawyer, Benjamin Brafman, conceded that Shkreli still owned a share of Turing worth $30 to $50 million, but said he could not sell it without the consent of the other partners in the company. Smith said the government was skeptical that Shkreli was cash-poor in part because he bragged of his wealth on Twitter and other social media, flaunting purchases like a $2 million Wu-Tang Clan album, a Picasso and a World War II-era Enigma code breaking machine. Shkreli has also pledged in a Facebook post to pay $100,000 for information leading to the arrest of the killer of former Democratic National Committee employee Seth Rich, whose murder has sparked conspiracy theories. He also offered $40,000 to a Princeton student who solved a mathematical proof, Smith said. Brafman, however, suggested that Shkreli''s social media boasting was just a sign of the times. "Tweeting has become, unfortunately, so fashionable, and when people tweet, they don''t always mean what they say," he said. (Reporting By Brendan Pierson in New York; editing by Diane Craft)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-usa-crime-shkreli-idUKKBN19A2RD'|'2017-06-20T04:01:00.000+03:00'
'53ef115dbdaf498ee17e398a1947e8705bbac0ce'|'South Africa anti-graft chief open to talks on central bank -report'|'JOHANNESBURG, June 24 The head of South Africa''s anti-graft watchdog is open to talks on her recommendation to change the central bank''s mandate, a proposal that has drawn sharp criticism from parliament, the ruling party and investors, a local news agency said on Saturday.Public Protector Busi Mkhwebane''s recommendation to alter the South African Reserve Bank''s principal constitutional mandate of maintaining currency and price stability to focus on economic growth has highlighted worsening divisions between the country''s state institutions.Both the central bank and parliament plan to mount legal challenges to the proposal.Mkhwebane defended her recommendation but said she was willing to hold discussions with those opposing it, news agency Eyewitness News (EWN) reported."I haven''t overstepped and I think those will be the deliberations which we''ll be having further and again. I''ll see how the notice of motion, the content and why are they disputing that. We''ll take it from there," Mkhwebane was Quote: d as saying.Mkhwebane made her proposal on Monday as she delivered her findings on an apartheid-era bailout of Barclays Africa Group. The lender has denied any wrongdoing.Her call threatens to further stain South Africa''s image as an investor-friendly emerging market, coming less than a week after mines minister Mosebenzi spooked investors by raising the minimum threshold for black ownership of mining companies to 30 percent from 26 percent.The row over the central bank''s role has also highlighted divisions in the tripartite political alliance of the ruling African National Congress party (ANC), the country''s biggest union, Cosatu, and the South African Communist Party (SACP).Both the ANC and the SACP are opposed to altering the role of the central bank while Cosatu has backed calls for changes. (Reporting by Olivia Kumwenda-Mtambo; Editing by Helen Popper)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/safrica-cenbank-idINL8N1JL051'|'2017-06-24T07:43:00.000+03:00'
'b12c3351ef43e70a0e1c5c4ba498ea877083e7d6'|'Italian government decree for Veneto banks delayed to Sunday: source'|'Business News - Sat Jun 24, 2017 - 2:15pm EDT Italian government decree for Veneto banks delayed to Sunday: source left right FILE PHOTO: The Banca Popolare di Vicenza headquarters is seen in Vicenza, Italy, March 5, 2016. REUTERS/Stefano Rellandini/File Photo 1/2 left right FILE PHOTO: The logo of Veneto Banca bank is seen in Venice, Italy, January 31 2016. REUTERS/Alessandro Bianchi/File Photo 2/2 MILAN An Italian government decree that will start liquidation proceedings for two ailing Veneto-based lenders, Banca Popolare di Vicenza and Veneto Banca, is set to be delayed to Sunday, a government source said. A cabinet meeting to approve the decree had been due to take place on Saturday but the government is still working on the measure. The European Commission on Friday gave preliminary approval for the Italian plan to wind down the two banks with state money in a move that may allow Rome to solve its latest banking crisis on its own terms. The decree is expected to split the two lenders'' assets into "good" and "bad" banks. The country''s top retail bank Intesa Sanpaolo ( ISP.MI ) is set to buy the good assets for one euro, leaving the state to foot the bulk of the bill for losses stemming from the banks'' bad loans, legal risks and restructuring costs. (Reporting by Silvia Aloisi) '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-eurozone-banks-italy-veneto-idUSKBN19F0O6'|'2017-06-25T02:15:00.000+03:00'
'61713ba6461c21d2fb94889118109be3278be055'|'EQT buys 20 percent of German artificial limb maker Otto bock'|'Business News   1:42pm BST EQT buys 20 percent of German artificial limb maker Otto Bock FRANKFURT Swedish buyout group EQT has agreed to buy a 20 percent stake in Otto Bock HealthCare GmbH, valuing the German artificial limb maker at 3.15 billion euros (2.77 billion pounds), the two parties said on Saturday. EQT beat rival investor CVC, confirming a Reuters report from last month that it had emerged as the leading bidder to help the family-owned company finance further growth and prepare for an initial public offering (IPO). "We continue pursuing the possibility of an IPO. However, such a step will come later rather than sooner thanks to the partnership with EQT," said Hans Georg Naeder, the president and owner of the parent company and grandson of its founder. Otto Bock, which was founded in 1919 as a maker of prosthetics for World War One veterans, had previously said it wanted to go public in 2018 or 2019. The stake purchase is subject to approval by cartel authorities and expected to close in the second half of 2017. EQT specialises in family-owned companies and has a focus on medical technology. It has investments in hearing aid specialist Sivantos, formerly Siemens Audiology Solutions, and Italian internal prosthesis maker Lima. (The story has been refiled to fix typo in headline) (Reporting by Georgina Prodhan; Editing by Toby Chopra)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-otto-bock-hlthcr-eqt-idUKKBN19F0EY'|'2017-06-24T20:24:00.000+03:00'
'1e1973571ef7cc1117f2f42f5c9449281f75b03f'|'UPDATE 1-Kenya central bank to extend receivership of Imperial Bank, licenses new bank'|'(Adds licensing of new commercial bank)By George ObulutsaNAIROBI, June 23 Kenya''s central bank said on Friday it planned to extend the receivership of Imperial Bank by a year to help finalise a deal with a strategic investor to take a stake in the bank.The regulator also said it had granted a licence to a new locally owned bank, Mayfair Bank Limited, the second such licence since 2015, when it imposed a moratorium on approving new lenders.The central bank gave no reason for the suspension of licensing, but it came after it had placed Imperial Bank under receivership in October 2015, following the board of the privately owned mid-sized lender alerting it to suspected malpractices.The Imperial Bank receivership rattled confidence in a financial sector where more than 40 foreign and local banks operate - especially as it came just two months after the liquidation of a smaller bank."After initial preparations, the formal process will commence with an invitation for expressions of interest from potential strategic investors, and the bank’s shareholders if they so wish, in taking an interest in the bank," the central bank said in a statement."Mindful of the concerns by depositors and the need for the process to be fully credible to potential strategic investors in order to maximise the value for depositors, the entire process is anticipated to be about 48 weeks."The central bank had initially hoped to get Imperial Bank out of receivership by March 2016, but this was delayed after the regulator said it needed more time for investigations to determine Imperial''s fate.In also announcing the granting of the new licence, the bank said: "Mayfair Bank Limited will principally target the corporate market segment."It said Mayfair would use an initial network of two branches in Nairobi and one in Mombasa.In April, the central bank issued a licence to DIB Bank Kenya Ltd, which is owned by United Arab Emirates-based Dubai Islamic Bank.In March, the central bank said both banks had received "approval in principle" before the 2015 suspension of licensing. (Reporting by George Obulutsa; Editing by Alison Williams)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/kenya-banking-idINL8N1JK1OQ'|'2017-06-23T08:30:00.000+03:00'
'26a60435398d56c126018fb6d2479e51f4dd4d5f'|'Ireland raises 3 billion euros from "milestone" AIB share sale'|' 05am BST Ireland raises 3 billion euros from "milestone" AIB share sale FILE PHOTO: Chief Executive Officer of Allied Irish Bank Bernard Byrne speaks at the Allied Irish Bank Annual General Meeting in Dublin, Ireland April 27, 2017. REUTERS/Clodagh Kilcoyne/File Photo By Padraic Halpin - DUBLIN DUBLIN Ireland raised 3 billion euros (2.6 billion pounds) on Friday by returning Allied Irish Banks (AIB) to the stock market in one of the largest bank listings since the financial crisis, achieving a price close to the bank''s book value. Ireland''s government sold a quarter of its 99.9 percent AIB stake at 4.40 euros per share in the biggest test yet of investor appetite for a banking sector that required the euro zone''s most costly state rescue less than a decade ago. "The successful completion today of AIB''s IPO represents a significant milestone," Finance Minister Paschal Donohoe said of the long-awaited initial public offering his predecessor Michael Noonan launched in May. "This successful IPO has created a strong platform for the state to recover all the money it has invested in AIB and to further dispose of our banking investments for the benefit of the Irish people." The price was at the midpoint of an initial range of 3.90 euros and 4.90 euros set last week and valued the bank at 11.9 billion euros, meaning investors got only a slight discount on the bank''s book value of 12.3 billion euros at the end of 2016. At 0.97 times tangible book value, the IPO priced AIB at a premium to the 0.87 times book value its main Irish rival Bank of Ireland ( BKIR.I ) trades at and towards the level of European rivals like Lloyds ( LLOY.L ) and ABN AMRO ( ABNd.AS ). By market capitalisation, the sale was the biggest IPO in London in almost 6 years and Ireland''s finance ministry said the offer was more than four times oversubscribed. AIB will be listed on the Dublin and London stock exchanges. "LANDMARK DAY" It marks a remarkable turnaround for AIB which was at the forefront of Irish banks that lent recklessly during the "Celtic Tiger" boom a decade ago. It needed a 21 billion euro taxpayer bailout to survive the subsequent massive property crash, the biggest bill for any Irish bank still trading. But like Ireland''s economy, which is growing faster than any other in Europe, the bank has recovered strongly, posting a profit for each of the last three years and becoming the first domestically owned lender to restart dividends since the crash. "This is a landmark day for the bank," AIB chief executive Bernard Byrne said in a statement. "The level of investor interest and support is a great vote of confidence in the strength of the turnaround in the bank and the wider economy." The return for the state brings to almost 10 billion euros the amount AIB has repaid in capital, fees, dividends and coupons since its bailout began in 2009. Ireland put 64 billion euros into all its banks and expects to turn a profit on the half given to the three surviving banks. Noonan said last month that it would probably take 8-10 years to fully return AIB to private ownership The government will use Friday''s proceeds to cut some 1.5 percent from a national debt that the bank bailout helped to increase and that at 200 billion euros is still among the highest in the euro zone by most measures. As the deal also includes a greenshoe or over-allotment option, the size of the IPO could rise to 28.75 percent if demand proves higher than expected following AIB''s debut and boost the state''s coffers by around another 400 million euros. (Additional reporting by Dasha Afanasieva in London. Editing by Jane Merriman)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-aib-ipo-idUKKBN19E0J4'|'2017-06-23T15:05:00.000+03:00'
'b7d11e43f88f6b706db170a364633e2b9e1d168b'|'Euro zone stays on growth road, hitting occasional bump'|'Top News   12:46pm BST Euro zone stays on growth road, hitting occasional bump An employee checks spools of plastic fibre in a giant loom at the Open Hybrid Lab Factory, which is a research and development center of several companies like German car maker Volkswagen, during a media tour to present Volkswagen''s so called ''''Blaue Fabrik'''' (Blue Factory)... REUTERS/Fabian Bimmer By Jeremy Gaunt - LONDON LONDON Evidence built on Friday that the sturdy improvement in euro zone economic growth touted by the European Central Bank is in place -- albeit with some wobbles. Cruising speed, not acceleration, Morgan Stanley economists said. Surveys of purchasing managers'' plans in the euro zone, Germany and France all indicated steady growth, if not perhaps as much as some economists had expected. The broadest of the managers'' surveys -- IHS Markit''s June flash purchasing managers composite index for the euro zone -- dipped to 55.7 from 56.8 in May. This was lower than anyone in a Reuters economists poll had predicted, but still way above 50, the level Markit says divides expansion from contraction. "Businesses experienced the strongest quarter in six years," Bert Colijn, ING senior economist for the euro zone, said in a note. "With just a week to go in this quarter, all signs are pointing towards a strong (growth) reading." At the country level, the most significant development may have been France''s manufacturing PMI, which rose far more than expected to 55, rising back after a dip in May possibly because the political risks around the presidential and legislative have gone. Companies also took on workers at the fastest pace in nearly 10 years, a sub-index showed, giving France''s new president, Emmanuel Macron, an early economic present. Overall, however, the PMIs showed something of a tailing off of activity -- primarily in services -- even if that was within the context of expansion. Germany''s composite index, for example, was down 1.3 points -- from a six-year high -- to a still solid 56.1. HAPPY CAMPERS The business data came on the heels of Thursday''s buoyant euro zone consumer sentiment report. Here again, the news was relative. The actual number was minus 1.3 points, meaning that sentiment is negative. But that is usually the case with the euro zone. So the fact that there was a jump from -3.3 points in May to the highest level in 16 years was seen as a bullish sign. "It all points to labour market wage growth and private consumption," Berenberg economist Florian Hense said. Other data on Friday, however, showed that the euro zone economy is not without its risks. Italy, the currency bloc''s third largest economy, reported a sharp fall in industrial sales and orders in April. The data, which matched industrial output figures released earlier in the month showing a surprise decline, suggests a poor start to the second quarter after 0.4 percent growth in the first. Considered by many economists to be the weak link in the euro zone revival, Italy is facing an election next year at the latest, where the anti-euro, anti-establishment 5-Star Movement is currently seen making gains. The International Monetary Fund projects Italy''s economy to grow 1.3 percent this year because of the general euro zone growth picture, but to slow next year. "Weak productivity and low aggregate investment remain key challenges for faster growth, held back by structural weaknesses, high public debt, and impaired bank balance sheets," the IMF said this month in its latest report. (Additional reporting by Jonathan Cable; Editing by Gareth Jones)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-eurozone-economy-idUKKBN19E1AS'|'2017-06-23T19:46:00.000+03:00'
'2e2eb85d6078fa0ebfcba03200ef34702a789d3b'|'Carigali and Ecopetrol win block in Mexico shallow water oil auction'|' 43pm EDT Carigali and Ecopetrol win block in Mexico shallow water oil auction MEXICO CITY, June 19 A consortium of Malaysia''s PC Carigali and Colombia''s Ecopetrol made the winning bid for the sixth shallow water oil and gas block put up for auction on Monday, Mexico''s oil regulator said. Block 6 is off the Gulf coast state of Veracruz, and includes estimated prospective resources of up to 516 million barrels of oil covering an area of 216 square miles (559 sq km). (Reporting by Adriana Barrera) EMERGING MARKETS-Brazil stocks track commodities higher, political worries linger By Bruno Federowski SAO PAULO, June 19 Brazilian stocks rose on Monday, supported by shares of miners and planemaker Embraer SA, though lingering concerns that a political crisis could delay structural reforms kept a lid on gains. Shares of miner Vale SA added the most points to Brazil''s benchmark Bovespa stock index, tracking iron ore futures higher. Embraer SA was the biggest gainer on the Bovespa as traders bet on fresh orders for the jetmaker at the start of the P BUENOS AIRES/LONDON, June 19 Argentina has offered a 100-year bond in U.S. dollars, the finance ministry said on Monday, only just over a year after the nation emerged from default. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/mexico-oil-sixth-idUSE1N1IP01F'|'2017-06-20T00:43:00.000+03:00'
'5925da4d00b1a246920d00c6cae8666fd96c3aa6'|'Toshiba says open to talks with Western Digital over chip unit sale'|'TOKYO Toshiba Corp said it was open to talks with Western Digital Corp in their dispute over the sale of the Japanese conglomerate''s prized chip unit - an apparent olive branch after it chose another suitor as preferred bidder.Toshiba would be willing to hold talks but does not expect the composition of the preferred bidder consortium, which includes Bain Capital and Japanese government investors, to change before June 28, Chief Executive Satoshi Tsunakawa told a news conference.It is aiming to clinch a deal, worth some $18 billion, by June 28, the day of its shareholders'' annual meeting.(Reporting by Makiko Yamazaki; Writing by Sam Nussey; Editing by Edwina Gibbs)'|'reuters.com'|'http://in.reuters.com/finance/markets/companyOutlooksNews'|'http://in.reuters.com/article/toshiba-accounting-western-digital-idINKBN19E0ZP'|'2017-06-23T07:26:00.000+03:00'
'9a626274458172c44294a39b621e0e872dee6219'|'Pfizer denies over-charging for cancer drugs in South Africa'|'Business News - Wed Jun 14, 2017 - 3:02pm BST Pfizer denies over-charging for cancer drugs in South Africa The Pfizer logo is seen at their world headquarters in New York April 28, 2014. REUTERS/Andrew Kelly/File photo U.S. drugmaker Pfizer ( PFE.N ) has denied allegations it over-charged for cancer medicines in South Africa following an investigation launched on Tuesday into three drug companies by the country''s competition watchdog. The Competition Commission said it would investigate Aspen Pharmacare ( APNJ.J ), Africa''s biggest generic drugmaker, Pfizer and Swiss-based Roche Holding ( ROG.S ) on suspicion of charging too much for cancer medicines. Pfizer denied it supplied its lung cancer product at the alleged price of 152,000 rand (9,426.23 pounds) and said it would cooperate fully with the investigation. "We await the opportunity to be contacted by the Commission to clarify the pricing for this product," it said in a statement. The Commission said it had information that suggested Pfizer''s lung cancer treatment cost approximately 152,000 rand for 250 mg when bought through an agent. Aspen, a local company based in Durban, has also denied any wrongdoing, saying it had not increased its prices for medicines used to treat leukaemia beyond the margin approved by the South African health department. Roche said in an email it had not been formally notified by the Commission but would cooperate fully with the authorities. (Reporting by Tanisha Heiberg; Editing by Mark Potter)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-safrica-pharmaceuticals-idUKKBN195218'|'2017-06-14T22:02:00.000+03:00'
'3220ac54d1e4756778323a8cd0939bbbfbc59853'|'StanChart brings in senior talent to fuel U.S. expansion'|'Money   11:31am IST StanChart brings in senior talent to fuel U.S. expansion FILE PHOTO - A woman walks down the stairs of the Standard Chartered headquarters in Hong Kong in this October 13, 2010 file photo. REUTERS/Bobby Yip/File Photo By Carmel Crimmins and Sumeet Chatterjee - NEW YORK/HONG KONG NEW YORK/HONG KONG Standard Chartered aims to expand its U.S. presence with a local hiring push and by bolstering its team in the country with senior staff from its main regions of Asia, the Middle East and Africa, its top bankers said. The world''s top economy contributed $661 million to Standard Chartered''s operating income in 2016, or 5 percent of the total, making it the smallest of its major markets - Hong Kong, China, India, and the United Arab Emirates. "We really view the Americas as a growth area. When I say that, we are not looking to be JPMorgan or BAML (Bank of America Merrill Lynch) or Wells Fargo," StanChart''s Americas CEO Torry Berntsen told Reuters at the bank''s New York office. "We think we have a special calling card in terms of what our network looks like." The plan is to offer StanChart''s trade finance, transaction banking, cash management and forex market products to large U.S. firms, senior bankers said. This push comes about five years after StanChart reached a $340 million settlement with U.S. authorities over transactions linked to Iran. The bank is due to stay under supervision until end-2017, although there are concerns this could be extended. Higher interest rates, healthy corporate loan growth, and hopes President Donald Trump''s lower taxes and plans for lighter financial regulation would boost banking sector growth provide the right backdrop for expansion. "It''s more of a new focus and it is as a result of Bill and Simon coming in ... We think it is a great growth prospect for the bank," said Berntsen, referring to CEO Bill Winters and former HSBC banker Simon Cooper who joined last year as chief of corporate and institutional banking, the bank''s largest unit. Since joining, Cooper has made changes to turn around the bank that had been hit by losses from bad debts and slowing economic growth in its major markets, including hiring senior external bankers like Berntsen, who came on board in October. StanChart posted its first annual loss in 26 years in 2015. Cooper has also expanded industrial sector coverage and streamlined the bank''s mammoth workforce to get a bigger share of the traditional banking businesses. In the last few months, StanChart''s senior external hires in the United States included former Morgan Stanley banker Jens Andersen, who has joined the bank as head of its financial markets and trading forex in the Americas. Internally, it has relocated global head of financial firms Jeremy Amias from Hong Kong as co-head of global banking for Americas, and Singapore-based head of transaction banking for banks Anurag Bajaj as head of transaction banking in Americas. StanChart has traditionally been focused on helping its clients based in Asia, Africa and the Middle East to do business in the United States. It still makes most of its profit in Asia, but is now looking at the other side. The bank''s U.S. assets were at $47.6 billion at the end of 2016, accounting for 7 percent of its total, versus 21 percent in Hong Kong and 13 percent in Singapore. "We''re not trying to conquer the U.S. market," CFO Andy Halford told Reuters in a interview in April. "We''re saying for those businesses in the U.S. who have or might have interest in the emerging markets but have never heard of us, we should be making ourselves more visible." (Reporting by Carmel Crimmins, Sumeet Chatterjee and Lawrence White; Editing by Clara Ferreira-Marques and Himani Sarkar)'|'reuters.com'|'http://in.reuters.com/finance/markets/companyOutlooksNews'|'http://in.reuters.com/article/stanchart-usa-idINKBN1950H0'|'2017-06-14T04:01:00.000+03:00'
'b8b4bd424371623d4b4176e52231b9fd64b33dcd'|'Indebted Irish households susceptible to ECB rate rise - central bank'|'Business  01am BST Indebted Irish households susceptible to ECB rate rise - central bank DUBLIN Irish households remain relatively highly indebted and vulnerable to potential interest rate hikes despite growing employment supporting a fall in personal debt, the country''s central bank said on Wednesday. Ireland has had the fastest-growing economy in Europe for the past three years but its debt-to-disposable income ratio was still among the highest in Europe at 142 percent at the end of last year, following the financial crisis of a decade ago. With almost half of all mortgage debt on products that track the European Central Bank''s low interest rate and a further 41 percent on variable interest rates, the central bank said Irish borrowers were susceptible to any increases in ECB policy rates. "While household debt has been declining, some households remain highly indebted, leaving them vulnerable to a rise in interest rates," the central bank said in its biannual macro-financial review. "Debt is not distributed evenly across households. Those in the 30-44 age category have high debt-to-income ratios relative to other age cohorts and by international comparison." (Reporting by Padraic Halpin; Editing by Hugh Lawson)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-ireland-cenbank-idUKKBN19514T'|'2017-06-14T18:01:00.000+03:00'
'26fe33eea89abea3c3ccb758a6263548c69e16f2'|'Asia shares lag record Wall Street, cautious of Fed plans'|'Business News - Wed Jun 14, 2017 - 4:16am BST Asia shares lag record Wall Street, cautious of Fed plans A man looks at an electronic board showing market indices outside a brokerage in Tokyo, Japan, March 2, 2016. REUTERS/Thomas Peter By Wayne Cole - SYDNEY SYDNEY Asian shares turned mixed on Wednesday as investors everywhere awaited clarity on the Federal Reserve''s future path for U.S. policy after a likely rate rise later in the day. Economic data out of China showed retail sales and industrial output topped forecasts in May, but a miss in urban investment reinforced views the world''s second-largest economy will soon start to lose some momentum as lending costs rise and the property market cools. ECONCN The market reaction was tepid with Shanghai stocks easing 0.5 percent .SSEC and South Korea .KS11 off 0.2 percent. Moves elsewhere were also cautious with MSCI''s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS up a fraction and Japan''s Nikkei .N225 ahead by 0.1 percent. Wall Street had been in a more confident mood overnight notching record closing peaks for all the major indices. The Dow .DJI rose 0.44 percent, while the S&P 500 .SPX gained 0.45 percent and the Nasdaq .IXIC 0.73 percent.[.N] The S&P 500 technology sector .SPLRCT rebounded 0.9 percent, following its biggest two-day decline in nearly a year. Big tech names, including Microsoft ( MSFT.O ) and Facebook ( FB.O ), led the index higher. The U.S. central bank is scheduled to release its decision at 1800 GMT on Wednesday with a news conference to follow from Chair Janet Yellen. Investors fully expect a rate rise largely because Fed officials have told them to, so attention will rather be on the outlook for policy and particularly when the central bank might begin to wind down its massive portfolio of U.S. debt. "The main focus this week will be on the Fed''s balance sheet policy," said Michelle Girard, chief U.S. economist at RBS. "While we expect the formal announcement of a change in its balance sheet policy to be made in September, we do not rule out the possibility that strong guidance regarding the time frame for tapering is delivered sooner." BEWARE HAWKS While the Fed still has another hike pencilled in for this year, a recent run of soft inflation data has left fund futures <0#FF:> implying only a 40 percent chance of a move by December. The market''s five-year outlook for inflation has been falling steadily and currently stands at a seven-month trough of 2.18 percent USIL5YF5Y=R. It had spiked as high as 2.52 percent last November in the wake of President Donald Trump''s surprise election victory. This leaves the market vulnerable to any hawkish spin from the Fed, which would likely slug Treasury prices while lifting the embattled U.S. dollar. The currency could do with the help having taken a fresh knock on Tuesday, when the head of Canada''s central bank put his own hawkish spin on the outlook for rates there. The U.S. dollar fell as far as C$1.3209 CAD= , its lowest since Feb. 28, having shed two cents in as many days. It also lost ground to sterling GBP= after UK inflation data surprised on the high side and amid reports Britain''s ruling Conservative Party was likely to sign a deal on Wednesday to form a minority government. Against a basket of currencies, the dollar was a whisker weaker at 96.952 .DXY. It was little changed on the Japanese yen at 110.00 JPY= and the euro at $1.1217 EUR= . In commodity markets, oil slipped after industry data showed a surprise rise in crude stocks and OPEC reported a rise in its production despite its pledge to cut back. [O/R] Benchmark Brent crude LCOc1 retreated 35 cents to $48.37 a barrel while U.S. light crude CLc1 shed 42 cents to $46.04. (Editing by Kim Coghill and Jacqueline Wong) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-global-markets-idUKKBN195020'|'2017-06-14T10:47:00.000+03:00'
'516506a216b0d24ecf2ddec499d8e6fd92043581'|'German private sector growth slows more than expected in June - PMI'|'Business  38am BST German private sector growth slows more than expected in June - PMI FILE PHOTO: FILE PHOTO: Employees of German car manufacturer Mercedes Benz make final adjustments at the end of the Mercedes A class (A-Klasse) production line at the factory in Rastatt, Germany, January 22, 2016. REUTERS/Kai Pfaffenbach/File Photo BERLIN, June 23 Germany''s private-sector grew at a slower pace in June, a survey showed on Friday, mainly weighed down by weaker activity in the services sector, where the rate of expansion fell to a five-month low. Markit''s flash composite Purchasing Managers'' Index (PMI), which tracks the manufacturing and services sectors that account for more than two-thirds of the economy, fell to a four-month low of 56.1 from 57.4 in May. The reading undershot the consensus forecast in a Reuters poll of economists but remained well above the 50 mark that separates growth from contraction. Markit said that despite the fall, the reading still pointed to a strong growth in Europe''s largest economy. "The headline output index for Germany declined for the second time in three months during June, according to the flash estimate, but nevertheless remained at a level indicative of strong economic growth," said Markit''s Trevor Balchin. He added: "The average reading for the second quarter, at 56.7, was the highest since the second quarter of 2011." Activity in the manufacturing sector slowed slightly, with the index falling to 59.3 from 59.5 a month earlier. The services sector index fell to 53.7 from 55.4 in May. Strong demand from Europe, America and Asia translated into growth in new orders for the sixth time in seven months. New orders grew at the fastest pace since March 2011. "The latest data signalled a growing performance gap between manufacturing and services," said Balchin. "The goods-producing sector continued to outperform, with the headline PMI little-changed from May''s 73-month record," he said. "Although growth of manufacturing output, exports and jobs all eased slightly since May, expansions in backlogs and total new orders gathered pace and supply bottlenecks intensified." Markit''s figures chime with data pointing to accelerated growth in Germany this year. The Ifo economic institute this week lifted it growth forecast to 1.8 percent from 1.5 percent, citing vibrant domestic demand and strong export growth fuelled by a recovery in the euro zone. Markit expects the economy to expand by 2 percent this year, which would be the highest rate since 2011. (Reporting by Joseph Nasr; Editing by Erik Kirschbaum and Hugh Lawson)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-germany-economy-pmi-idUKKBN19E0OB'|'2017-06-23T15:38:00.000+03:00'
'3ff9f586370daf444e54b457fb281c7714160d8b'|'ECB seeks greater power over clearing supervision'|'Business   7:22am BST ECB seeks greater power over clearing supervision FILE PHOTO: The European Central Bank (ECB) headquarters in Frankfurt, Germany, July 29, 2016. REUTERS/Ralph Orlowski/File Photo FRANKFURT The European Central Bank is seeking to take on enhanced powers in the supervision of clearing activities outside the European Union, it said on Friday, in an effort to shore up its powers once Britain leaves the bloc. "These powers include a significantly enhanced role for central banks of issue in the supervisory system of central counterparties (CCPs), in particular with regard to the recognition and supervision of systemically important third-country CCPs clearing significant amounts of euro-denominated transactions," the ECB said in a statement. Under the proposed amendments, the ECB and its national central banks will monitor and address risks associated with central clearing activities that could affect the conduct of monetary policy, the operation of payment systems and the stability of the euro. With around 90 percent of euro denominated derivatives clearing taking place in London, some European officials want to require the relocation of these activities into the EU while the ECB has said that relocation is only necessary if it loses its current supervisory powers. (Reporting by Balazs Koranyi; Editing by Maria Sheahan)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-ecb-policy-brexit-idUKKBN19E0IU'|'2017-06-23T14:22:00.000+03:00'
'555c723e7fafbfada5366db9971db86ee48a98ec'|'General Motors is getting smaller but more profitable'|'THE headquarters of General Motors (GM) tower over the other skyscrapers in Detroit’s city centre, a reminder that the carmaker still rules the American market. Yet GM’s domestic might increasingly contrasts with its position elsewhere in the world. Although most other carmakers see becoming ever bigger everywhere as the answer to the industry’s multiple challenges, GM is in retreat.It, too, long vied with the world’s largest carmakers for the global crown. Along with Volkswagen, Toyota and Renault-Nissan, it made around 10m cars last year. Investors have been unimpressed. Although GM had record profits in 2015 and 2016 and has performed solidly this year, its share price has barely budged since its IPO of 2010, after the financial crisis had forced it into bankruptcy. 38 minutes ago Deep cuts to Medicaid remain the centerpiece of the Republicans’ proposals Democracy in America 16 hours ago America’s segregated labour market Graphic detail 20 hours ago How the Opera di Roma turned things around Prospero a day ago Why Such is the frustration that Greenlight Capital, a hedge fund with a 3.6% stake in GM, proposed splitting its shares into two classes—one keeping the current dividend and the other benefiting from stock buybacks and dividend increases. The plan was roundly defeated at the firm’s annual shareholders meeting on June 6th, in a victory for Mary Barra, the CEO since 2014.GM reckons that handing back membership of the “10m club” is a better solution. The downsizing began in 2015 when it left two emerging markets, Russia and Indonesia, and shrank operations in Thailand. The boldest step came in March, with the news that it would pull out of Europe by selling Opel to France’s PSA Group. In May GM also said it would stop selling vehicles in India and leave South Africa.Pegging GM back to making 8.5m cars a year signals that profits are its priority. Jefferies, an investment bank, reckons that revenues in 2017 will fall by a tenth but that profits before interest and taxes will rise by 2-3%. Dan Ammann, GM’s president, says that his firm can no longer strive to be “all things to all people in all places”. It should concentrate on areas where it is strong, could become strong or where there are generous profits to be made, he says. Both North America and China fulfil his requirements. GM may be losing money in Latin America at the moment, but it has a big market share there on which to build.Picking markets carefully should give GM a better chance of nurturing existing businesses while preparing for a future of autonomous vehicles and ride-sharing. This upheaval is still in its very early stages: of the 3trn vehicle-miles driven in America last year, just 5bn, or 0.15% of the total, were undertaken in ride-hailing services such as Uber and Lyft. But investors are thinking far ahead, to a time when technology giants such as Apple and Google change the nature of personal transport. They fear that GM will get left behind.The firm’s difficulty lies in convincing them that it is spending enough to stay in this race but not too much on businesses that, at present, bring no returns. (A similar conundrum led to the ousting of Ford’s chief executive, Mark Fields, last month.) GM has sensibly stressed its future technological capabilities and downplayed the cost of developing them. Spending $500m on a stake in Lyft, as it recently did, and the same amount to buy Cruise Automation, a self-driving startup, in addition to another $600m on other autonomous-vehicle costs, is a relatively small sum to set against an annual capital expenditure and research-and-development budget of $16bn.Yet still its shares languish. Old-fashioned problems are not helping. Carmaking is cyclical: the American market is at a peak and China’s roaring growth may slow. GM is expected to make a big announcement soon about its plans to reap rewards from the future of mobility. But if it comes just as the cycle appears to be turning downwards, the news may not give the firm’s shares the tune-up they deserve. "Shrink to fit"'|'economist.com'|'http://www.economist.com/rss/business_rss.xml'|'http://www.economist.com/news/business/21723869-yet-uncertainty-about-how-it-will-fare-future-still-weighs-its-share-price-general-motors?fsrc=rss%7Cbus'|'2017-06-24T08:00:00.000+03:00'
'5df68104d6ba9be7ec9fc3e339c03646dc179dfc'|'Spain''s OHL to sell up to 40 pct of concessions affiliate'|'MADRID, June 23 Spanish builder OHL said on Friday it was looking to sell between 25 percent and 40 percent of is concessions affiliate in an effort to find the unit a partner by the end of the year.It had received a number of offers for a stake in the affiliate OHL Concesiones SA, the company said during a conference call.On Thursday, OHL said it was evaluating the possibility of incorporating a significant minority shareholder at the wholly owned subsidiary and would use the proceeds to reduce its net debt. (Reporting by Jose Elias Rodriguez; Writing by Paul Day)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/ohl-ma-concessions-idINE8N1HZ059'|'2017-06-23T05:59:00.000+03:00'
'614d0d49fe0254c6b3335b31f96fcc3c5ada02a5'|'Emirates looking at Saudi Arabia to make up for drop in U.S. demand'|'Wed Jun 21, 2017 - 9:32am BST Emirates looking at Saudi Arabia to make up for drop in U.S. demand An Emirates Airlines Airbus A380-800, with Tail Number A6-EOF, lands at San Francisco International Airport, San Francisco, California, April 16, 2015. REUTERS/Louis Nastro By Victoria Bryan - PARIS PARIS Emirates, the Middle East''s largest airline, is looking to the region''s biggest economy, Saudi Arabia, to help make up for a drop in demand that has forced it to keep five aircraft grounded. Emirates has redeployed eight aircraft elsewhere after grounding 13 jets as a result of cutting back on services to the United States since May, President Tim Clark told reporters at the Paris Airshow on Wednesday. He said the airline was looking at Saudi Arabia''s demand for charter flights for the aircraft that remain grounded. Earlier on Wednesday, Saudi Arabia elevated Deputy Crown Prince Mohammed bin Salman, the architect of its economic reforms, to crown prince. "It appears to us that the Saudi''s are being a little bit more expansive, inclusive, call it what you like," Clark said. "I am optimistic that we will get more access to Saudi and that’s quite important to us because that’s a very powerful market." Saudi Arabia attracts millions of Muslim pilgrims each year by land, sea and air to undertake Haj and Umrah. The Haj is a pilgrimage to Mecca in Saudi Arabia and takes place once a year, with more than one million Muslims traveling by air, while the Umrah pilgrimage, also to Mecca, can be undertaken at any time of the year. (Writing by Alexander Cornwell; Editing by Mark Potter)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-airshow-paris-emirates-saudi-idUKKBN19C0X3'|'2017-06-21T16:29:00.000+03:00'
'4089f9c5f1eeeb095efce424018dea31ca9d8793'|'Australia''s Woodside says Senegal govt confirms company''s participation in oil project'|'June 21 Australia''s Woodside Petroleum said on Wednesday that Senegal''s energy minister had issued an order confirming the company''s "participation" in an oil project in the west African nation.Woodside, Australia''s biggest independent oil and gas producer, bought a 35-percent stake in the deepwater SNE project from ConocoPhillips last year and as part of the deal was due to become the operator later this year.Woodside said earlier this month that minority stakeholder FAR Ltd had advised that it would not support arrangements for Woodside to take over as operator.FAR contends that it should have had pre-emptive rights over the ConocoPhillips stake, which was sold for what was considered a cheap price of $350 million, and had said the Senegalese government was yet to approve the deal.Woodside also said on Wednesday that FAR had "apparently initiated arbitration proceedings".(Reporting by Anusha Ravindranath in Bengaluru)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/woodside-senegal-idINFWN1JH0OV'|'2017-06-20T23:32:00.000+03:00'
'e8a9e6b60d51507bc340c54f64ae6abe9c3ce32c'|'U.S. existing home sales unexpectedly rise in May'|'Business News - Wed Jun 21, 2017 - 10:02am EDT U.S. existing home sales unexpectedly rise in May An existing single family home which is up for sale is pictured in Burbank, California December 15, 2011. REUTERS/Fred Prouser WASHINGTON U.S. home resales unexpectedly rose in May to the third highest monthly level in a decade and a chronic inventory shortage pushed the median home price to an all-time high. The National Association of Realtors said on Wednesday existing home sales increased 1.1 percent to a seasonally adjusted rate of 5.62 million units last month. Economists polled by Reuters had forecast sales declining 0.5 percent to a rate of 5.55 million units. Sales were up 2.7 percent from May 2016. The number of homes on the market rose 2.1 percent, but supply was down 8.4 percent from a year ago. Housing inventory has dropped for 24 straight months on a year-on-year basis. The median house price increased to an all-time high of $252,800, a 5.8 percent jump from one year ago, reflecting the dearth of properties on the market. "We have a housing shortage, we may even use the term housing crisis in some markets," NAR chief economist Lawrence Yun said. House price gains have also been helped by an unemployment rate that is at a 16-year low. Mortgage rates also remain favorable by historical standards. At the current sales rate, it would take 4.2 months to clear inventory, down from 4.7 months one year ago. The median number of days homes were on the market in May was 27, the shortest time frame since NAR began tracking data in 2011. Despite robust demand for housing, the sector has shown some recent signs of strain. U.S. homebuilding fell for a third straight month in May to its lowest level in eight months, the U.S. Commerce Department reported last week. (Reporting by Lindsay Dunsmuir; Editing by Paul Simao)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-usa-economy-housing-idUSKBN19C1UH'|'2017-06-21T22:02:00.000+03:00'
'2862aed6e31bd859264638fe3f401b1ab21d2c0b'|'Toshiba picks Japan government-Bain group to buy chip unit, big hurdles remain'|'By Makiko Yamazaki and Taro Fuse - TOKYO TOKYO Toshiba Corp ( 6502.T ) has chosen a consortium of Bain Capital and Japanese government investors as the preferred bidder for its chip business, aiming to seal a deal worth some $18 billion by next week as it scrambles for funds to cover massive losses.But prospects for a clean early resolution to the sale of the world''s No. 2 producer of NAND flash chips remain unclear as Western Digital ( WDC.O ), Toshiba''s chips business partner, has launched legal action to prevent a deal without its consent.The consortium has offered around 2 trillion yen, a Toshiba spokesman said. Bain plans to be the biggest investor, providing 850 billion yen ($7.7 billion) in equity, three sources briefed on the matter said.The bid was less than a rival 2.2 trillion yen offer from U.S. chipmaker Broadcom ( AVGO.O ) and its partner U.S. private equity firm Silver Lake. It was also hastily put together but has the implicit stamp of approval from the Japanese government which is keen to keep key semiconductor technology under domestic control.Toshiba cannot afford to ignore the government because it needs its help with plans including the decommissioning of domestic nuclear power plants and as overseas nuclear power projects are currently in limbo after the bankruptcy of its U.S. nuclear unit.Some analysts believe that talks over the hotly contested deal have become so complex that only a government-orchestrated solution is viable, but others doubt that the group will provide the necessary leadership the chip unit needs."There are many parties involved in this consortium," said Atsushi Osanai, a professor at Waseda University Business School."It has undergone so many twists and turns during its formation process, that I''m skeptical about whether it can promptly make bold decisions. In that sense, Broadcom or Foxconn would be better suited."Toshiba said in a statement it took into consideration concern about technology transfers, job security for its domestic workforce and prospects of clearing regulatory reviews in its decision.While Bain will be the biggest investor, it will obtain around half the amount in financing from South Korean chipmaker SK Hynix Inc ( 000660.KS ), the sources said, declining to be identified due to the sensitivity of the negotiations.A state-backed fund, the Innovation Network Corp of Japan and the Development Bank of Japan (DBJ) will each provide 300 billion yen in equity, while the core banking unit of the Mitsubishi UFJ Financial Group Inc ( 8306.T ) will provide 550 billion yen in financing.The numbers have yet to be finalised and are still subject to change, one of the sources said.A representative for DBJ was not immediately available to comment. All other members of the consortium as well as Toshiba declined to comment on the details of the deal.IN A HURRYToshiba is rushing to clinch an agreement by June 28, the day of its annual shareholders meeting. It needs to sell the unit to cover billions of dollars in cost overruns at its Westinghouse nuclear unit and to dig itself out negative shareholders'' equity that could lead to a delisting.Following the announcement, Western Digital, which jointly operates Toshiba''s main chip plant, reasserted in a statement that Toshiba was in breach of their joint venture contracts and said that a U.S. court hearing on its request for an injunction was scheduled for July 14.Japan''s trade ministry, which has arranged much of the winning bid, is in talks with Western Digital, trying to persuade it to join the consortium, two separate sources familiar with the matter said.But Western Digital is reluctant to join the group in its current form due to worries that high-level technology for NAND chips, which provide long-term data storage, could be leaked to rival SK Hynix, they added.SK Hynix said it had joined the consortium because it sees new business opportunities with the deal. Although the South Korean chip maker is strong in DRAM chips, which help electronic devices perform multiple tasks at once, it is relatively weak in NAND.Suitors that lost out refrained from comment on Wednesday.A representative for Broadcom did not respond to requests for comment. Silver Lake declined to comment.Foxconn, the world''s largest contract electronics maker which also bid, did not respond to requests for comment. Formally known as Hon Hai Precision Industry ( 2317.TW ), the Taiwanese firm''s consortium includes Apple Inc ( AAPL.O ) and computing giant Dell Inc.Toshiba''s shares ended 2 percent lower. They are down about 30 percent since problems at Westinghouse surfaced late last year but have come some way off lows as talks about the chip unit sale progressed.(Reporting by Makiko Yamazaki and Taro Fuse and Se Young Lee; Additional reporting by Taiga Uranaka, Naomi Tajitsu and Junko Fujita in Tokyo, Joyce Lee in Seoul and JR Wu in Taipei; Editing by Edwina Gibbs)FILE PHOTO - A logo of Toshiba Corp is seen on a printed circuit board in this photo illustration taken in Tokyo July 31, 2012. REUTERS/Yuriko Nakao/File Photo'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-toshiba-accounting-idINKBN19C094'|'2017-06-21T06:10:00.000+03:00'
'3c2bdef0578f783007e44077d379ccf5f96b18d6'|'Australia''s Woodside says Senegal govt confirms company''s participation in oil project'|'June 21 Australia''s Woodside Petroleum said on Wednesday that Senegal''s energy minister had issued an order confirming the company''s "participation" in an oil project in the west African nation.Woodside, Australia''s biggest independent oil and gas producer, bought a 35-percent stake in the deepwater SNE project from ConocoPhillips last year and as part of the deal was due to become the operator later this year.Woodside said earlier this month that minority stakeholder FAR Ltd had advised that it would not support arrangements for Woodside to take over as operator.FAR contends that it should have had pre-emptive rights over the ConocoPhillips stake, which was sold for what was considered a cheap price of $350 million, and had said the Senegalese government was yet to approve the deal.Woodside also said on Wednesday that FAR had "apparently initiated arbitration proceedings".(Reporting by Anusha Ravindranath in Bengaluru)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/woodside-senegal-idUSFWN1JH0OV'|'2017-06-21T09:32:00.000+03:00'
'db89cc145faa7543c69773646d25b9ccf4c40fd7'|'Four of biggest Canada banks are main Trans Mountain lenders -filings'|'CALGARY, Alberta, June 22 Royal Bank of Canada , Canadian Imperial Bank of Commerce, Bank of Nova Scotia and Toronto-Dominion Bank are the main lenders for Kinder Morgan Canada Ltd''s Trans Mountain pipeline expansion, the company said in fillings on Thursday.Activists have said they would exert pressure on those banks to drop Trans Mountain once they are named. The four are among 24 banks that granted C$5.5 billion in loans to an operating subsidiary of Kinder Morgan Canada Ltd, which is majority-owned by Kinder Morgan Inc. (Reporting by Ethan Lou; Editing by Leslie Adler)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/canada-kinder-morgan-de-lenders-idUSL1N1JJ26K'|'2017-06-23T06:20:00.000+03:00'
'3cf19bcb4219ea9c77402638776c464e638cde91'|'South Africa''s Naspers lifts FY profit, Tencent robust'|'Market News  28am EDT South Africa''s Naspers lifts FY profit, Tencent robust JOHANNESBURG, June 23 South African e-commerce and pay-TV giant Naspers, reported a 41 percent jump annual profit on Friday as strong results from its Chinese money spinner Tencent offset weak performance from its pay-TV and other e-commerce ventures. Cape Town-based Naspers, which owns about a third of China''s biggest social network and online entertainment firm Tencent , said core headline earnings totalled $1.8 billion, or 406 cents per share, compared with $1.2 billion, or 298 cents per share, a year earlier. Core headline EPS is Naspers'' main profit measure that strips out non-operational and one-off items. (Reporting by Nqobile Dludla and Tiisetso Motsoeneng, editing by David Evans)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/naspers-results-idUSL8N1JI522'|'2017-06-23T21:28:00.000+03:00'
'b6109441f0f8d99c7ff2abca1149b1b70b1d9d10'|'GSK''s new CEO aims to divest sports nutrition brand: sources'|'LONDON GlaxoSmithKline Plc''s new Chief Executive Officer Emma Walmsley is shaking up the British drugmaker''s portfolio of smaller products with plans to divest its MaxiNutrition sports nutrition brand, two people familiar with the matter said on Thursday.GSK bought the business, which makes protein bars, drinks and powders, for 162 million pounds ($205 million) in 2010 under previous CEO Andrew Witty. It is best known for its Maximuscle products for weight-trainers.The original acquisition was seen as complementing GSK''s Lucozade sports drinks. Lucozade, however, was sold in 2013 and Walmsley, who took over on April 1, has decided the UK-focused MaxiNutrition business no longer fits in the wider group.GSK''s consumer healthcare business, which was previously led by Walmsley and includes an extensive range of over-the-counter medicines, is heavily geared towards global brands.The proceeds from the sale of MaxiNutrition will not move the dial significantly at the drugs giant, which has a market value of 85 billion pounds, but the decision shows Walmsley is ready to reverse past management decisions.A spokesman for GSK declined to comment on the divestment plans, which were first reported by Sky News.Walmsley is due to outline her vision for GSK alongside half-year results next month. She has already made clear that a key priority will be improving research productivity in the core prescription drug business.($1 = 0.7885 pounds)(Reporting by Ben Hirschler and Pamela Barbaglia; Editing by Lisa Shumaker)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-gsk-maxinutrition-idINKBN19D2QU'|'2017-06-22T19:17:00.000+03:00'
'982db0679bf989a9ecf40bdd1895ad7a30248ec8'|'EU promises tough line on U.S., China while pushing for free trade'|'Business News - Fri Jun 23, 2017 - 11:13am EDT EU promises tough line on U.S., China while pushing for free trade U.S. President Donald Trump talks to German Chancellor Angela Merkel (L) and Tunisia''s President Beji Caid Essebsi (2-L) at the G7 Summit expanded session in Taormina, Sicily, Italy May 27, 2017. REUTERS/Jonathan Ernst By Philip Blenkinsop - BRUSSELS BRUSSELS German Chancellor Angela Merkel warned U.S. President Donald Trump on Friday that Europe would react in kind if the United States did not play fair in trade, while EU leaders also agreed to consider screening investments by state-owned Chinese firms. The 28 EU leaders signed up to a document saying they and the European Commission should look into ways to increase reciprocity in government procurement and investment. "Reciprocity is the right way. If we have for example access to public contracts in the United States, then we can say ''yes'' to access to public contracts in Europe," Merkel said, but if full access was denied then Europe would "need an answer". The leaders called on the Commission to analyze foreign investments in strategic sectors, adding they would return to the issue at a future meeting. The written conclusions to the European Union summit that ended on Friday made no mention of the bloc''s two largest trading partners, the United States or China, but both were in the background of its "free and fair" trade push. The 28-nation union tried for three years to forge a trade alliance with the United States, but now sees itself as an open markets counterweight to a country whose President Donald Trump is looking at restricting steel and aluminum imports. Beijing is also in the sights of the "protection agenda" of new French President Emmanuel Macron, described as an embrace of free trade, but with limits on foreign takeovers in areas such as energy, banking and technology, where China seeks Europe''s know-how. An EU-China summit earlier this month, designed to show the two as allies in climate change after the U.S. withdrawal from the Paris accord, was overshadowed by disagreements over trade and over-production of steel. "Fair competition is better than the law of the jungle," Macron told a news conference alongside German Chancellor Angela Merkel. France, Germany and Italy have backed the idea of allowing the EU to block Chinese investments, partly because European companies are denied similar access in China. More pro-trade countries such as Sweden have said this is a step down the path of protectionism, while smaller eastern and southern European economies that are dependent on Chinese investment have rejected steps against Beijing. New Irish Prime Minister Leo Varadkar said it made sense to screen foreign investments to ensure that public infrastructure or defense firms did not to fall into foreign state-owned hands. "The key thing we wanted to avoid was any effort to use this proposal as a Trojan horse for protectionism," he said. Trade, agreed the EU leaders, created growth and jobs, encouraging progress in trade negotiations with countries in the Americas and Asia. "I think that a time when protectionism is strongly on agendas, the European Union''s commitment to a free and rule-based trading system is very important," Merkel said. The most advanced talks are with Japan, with the EU''s chief negotiator in Tokyo seeking a breakthrough that would allow a provisional deal to be signed in early July. The EU wants Japan to scrap tariffs on cheese and wine, while Tokyo is seeking greater access for cars and car parts. (Additional reporting by Noah Barkin; editing by Robin Emmott and Angus MacSwan) '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-eu-summit-trade-idUSKBN19E1RS'|'2017-06-23T23:13:00.000+03:00'
'4c1f891bafe1c9cd075573b56ea3b2ab7bbb5aa6'|'Japan''s May exports rise fastest in over two years, set to sustain growth'|'Business News - Mon Jun 19, 2017 - 4:24am BST Japan''s May exports rise fastest in over two years, set to sustain growth Newly manufactured cars of the automobile maker Subaru await export in a port in Yokohama, Japan May 30, 2017. REUTERS/Toru Hanai By Stanley White - TOKYO TOKYO Japan''s exports surged in May by the fastest in more than two years on higher shipments of cars and steel, an encouraging sign that robust global demand will help keep the country''s modest economic recovery on track. The 14.9 percent annual increase in exports in May was the biggest rise since January 2015 and nearly twice the pace seen in April, though it was below analysts'' expectations of 16.1 percent. Japan''s imports rose more than expected in May, partly due to increasing demand for intermediate goods companies need to manufacture their products. Exports are likely to continue rising at a steady clip as overseas economies show increasing signs of strength, which should help Japan''s economy extend its recent run of expansion. "The main scenario is Japan''s exports will continue to recover," said Shuji Tonouchi, senior market economist at Mitsubishi UFJ Morgan Stanley Securities. "However, the pace of growth could slow somewhat as inventories of certain goods, like electronics, start to build up overseas." Exports of cars and car parts rose partly because an earthquake in Kumamoto last year in May temporarily shut down production of these goods, Tonouchi noted. TRADE SURPLUS WITH U.S. SURGES Japan''s exports to the United States rose 11.6 percent in May from a year ago, the fastest increase since July 2015, due to an increase of shipments of autos and auto parts. The trade surplus with the United States was 411.1 billion yen (2.9 billion pounds) in May, up 19.0 percent from the same period a year ago. In April, Japan''s trade surplus with the United States fell an annual 4.2 percent. A large trade surplus could draw criticism from the Trump administration, which has repeatedly indicated that it prefers protectionist policies to reduce the U.S. trade deficit and increase exports. Exports to China increased 23.9 percent year-on-year in May, following a 14.8 percent annual increase in April. Larger shipments of flat panels and semiconductor manufacturing equipment drove the gains in China-bound exports. Exports to Asia, which includes China, rose 16.8 percent in May from a year ago, the fastest increase in three months, due to increased shipments of electronics to Hong Kong and steel to Indonesia, the data showed. In terms of volume, Japan''s exports rose 7.5 percent in May from a year ago, the fastest gain in three months, another indication that overseas demand is firm. IMPORT GROWTH AT MORE THAN 3-YEAR HIGH Japan''s imports rose 17.8 percent in the year to May, the strongest gain since early 2014, versus the median estimate for a 14.8 percent annual increase, as a rise in the price of oil from a year ago pushed up the value of imports. Excluding oil imports, the data showed increasing demand for chemicals, electronic parts and raw materials used in Japanese factories. In terms of volume, imports rose 5.4 percent in May from a year ago, the third consecutive month of gains in a sign of growing demand. The trade balance came to a deficit of 203.4 billion yen, versus the median estimate for a 76.0 billion yen surplus. "You can say domestic demand is doing well, but this is being driven more by the manufacturing sector," said Hidenobu Tokuda, senior economist at Mizuho Research Institute. "There are some gains in durable goods, which are related to consumer spending, but rising factory output is the bigger factor behind imports." Policymakers and economists have become more optimistic about Japan''s prospects this year as an increase in factory output and a tightening labour market show the economy is poised to extend its recent growth. The Bank of Japan kept monetary policy steady on Friday and upgraded its assessment of private consumption for the first time in six months. Consumption has been a soft spot in Japan''s otherwise strengthening economy, with its weakness blamed for keeping inflation subdued by discouraging companies from raising prices, leaving growth heavily reliant on exports. (Reporting by Stanley White; Editing by Eric Meijer and Kim Coghill) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-japan-economy-trade-idUKKBN19A09V'|'2017-06-19T11:24:00.000+03:00'
'ec9157c0838f5b801e79c243f95424c11694ff00'|'Wolseley reiterates full-year forecast after quarterly profit rise'|' 29am BST Wolseley reiterates full-year forecast after quarterly profit rise Heating and plumbing supplier Wolseley forecast full-year trading profit in line with market expectations, as it reported a 9.5 percent rise in third-quarter profit on the back of sales growth in all its regions except the UK. The company said trading profit restated to exclude some exceptional restructuring costs rose to 254 million pounds in the three months ended April 30, from 232 million pounds a year earlier. Wolseley, set to change its name at the end of next month to match its U.S. brand Ferguson Plc, said revenue grew 16.7 percent to 4.27 billion pounds. Like-for-like revenue grew 6.6 percent, ahead of the 3.2 percent comparable growth reported in the first half. "Since the end of the period revenue growth has been broadly in line with the third quarter, gross margins and cost control have been good," Chief Executive John Martin   (Reporting by Esha Vaish in Bengaluru; Editing by Amrutha Gayathri)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-wolseley-outlook-idUKKBN19B0IE'|'2017-06-20T14:29:00.000+03:00'
'beb02cc8dbbb9affaabbcfd2d96dbca81e71b3c0'|'EMERGING MARKETS-Stocks wait on MSCI China call, rand steadies after swoon'|'Market News - Tue Jun 20, 2017 - 6:01am EDT EMERGING MARKETS-Stocks wait on MSCI China call, rand steadies after swoon * EM stocks consolidate after best gains in four weeks * China stocks dip ahead of MSCI decision on index inclusion * Rand recovers footing after more than 1.5 percent fall Monday * Hungary c.bank expected to pump more liquidity into markets By Marc Jones LONDON, June 20 Emerging market stocks took a breather on Tuesday after their best day in almost two months, as investors waited to see whether MSCI would add the first batch of mainland China-listed shares to its $1.5 trillion EM index. South Africa''s rand stabilised too having been spooked by talk of changing the central bank''s mandate, Hungary looked set to slosh more cheap money into its banking system, while Russian stocks were on their best run in almost two months. Taiwan''s stock market also hit a 17-year high but the main focus of the day was the potential landmark decision by global index provider MSCI on adding 169 mainland-China listed ''A-shares'' to its widely tracked emerging market benchmark. Though it would represent a token 0.5 percent weighting in the index and represent just 5 percent of the mainland China stocks universe, it would be a symbolic step in recognising China''s growing stature in financial markets. "It is a close call, but in our view they will be added to the index and according to our calculations it could create 7 billion of inflows (over time)," said senior emerging market strategist at Crédit Agricole Guillaume Tresca. "So it is positive but it is a long-term change, so I don''t think it will be a trigger for CNY (yuan) appreciation or anything like that." Chinese stocks dipped 0.2 percent overnight in Asia , but have risen more than 7 percent over the last month as the MSCI expectations have added to a growing sense that U.S. trade war risks have receded. Over the past two weeks, an average of 1.2 billion yuan ($177.15 million) has flowed into Chinese shares via the Connect each day, nearly 30 percent more than the average during the Jan-May period. Away from China, South Africa''s rand regained some ground having slumped more than 1.5 percent on Monday after a public watchdog recommended changing the country''s constitution to force the central bank to promote economic growth rather than currency and price stability. It was changing hands at 12.9950 per dollar in morning trade, government bond yields were steady after hitting a three-week high and stocks were down 0.5 percent, having been boosted almost 2 percent by Monday''s rout in the rand. The central bank hit back on Tuesday saying Public Protector Busisiwe Mkhwebane had no business in making recommendations about how it is run. "The Reserve Bank has consulted its legal team and has been advised that the remedial action prescribed by the Public Protector falls outside her powers and is unlawful," it said. In central Europe, the Hungarian forint trod water with its central bank expected to keep interest rates at record lows later and pump more liquidity into money markets despite rising wage growth in the country. The NBH is regarded as one of central Europe''s most dovish central banks and a Budapest-based trader said that barring any unexpected developments, the decisions would leave the forint somewhere between 307.30 to 308.50 versus the euro. "We expect the central bank to really remain on the dovish side," added Crédit Agricole''s Tresca. For GRAPHIC on emerging market FX performance 2017, see tmsnrt.rs/2e7eoml For GRAPHIC on MSCI emerging index performance 2017, see tmsnrt.rs/2dZbdP5 For CENTRAL EUROPE market report, see For TURKISH market report, see For RUSSIAN market report, see) (Reporting by Marc Jones; Editing by Janet Lawrence) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/emerging-markets-idUSL8N1JH26D'|'2017-06-20T18:01:00.000+03:00'
'5b7fad9c00eda949b239475187d774872d2369e2'|'Euro zone debt chiefs cautiously eye sustainable bond options'|'LONDON, June 20 Portugal, Ireland and Italy are all looking at the possibility of following France by issuing sustainable debt, the heads of their respective debt agencies said on Tuesday.France this year became the second sovereign after Poland to sell so-called "green bonds", where the proceeds are used to finance projects to address climate change.Portugal''s debt agency chief Cristina Casalinho told an audience at a Euromoney conference in London: "We''ve always been trying to diversify our investor base. We are considering green bonds, responsible bonds."Ireland''s head of funding Frank O''Connor added that green bonds could also be an option, alongside potentially issuing in U.S. dollars to broaden its investor base."The issue we may find in Ireland is sufficient projects that could qualify (for green investment) ... but we keep an open mind," said O''Connor.Italy''s debt chief Maria Cannata added that while she had no firm plans and was concerned about the reporting requirements of issuing sustainable debt, the Italian Treasury was "investigating all the aspects" of the new asset class. (Reporting by John Geddie and Dhara Ranasinghe)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/eurozone-bonds-green-idINU8N1CQ01I'|'2017-06-20T14:25:00.000+03:00'
'54dfdcf6d0d981e47af98da6095ef09fd15721c8'|'Travis Kalanick steps down as chief executive of Uber'|'“WE HAVE a lot of attention as it is. I don’t even know how we could get more,” Travis Kalanick, the boss of Uber, said last year. The ride-hailing giant found a way. Mr Kalanick failed to manage the fallout from a series of high-profile blunders and scandals. On June 20th he resigned as chief executive officer of the firm he co-founded in 2009.Uber is facing several crises, including senior executive departures, a lawsuit over alleged intellectual-property theft, claims about sexual harassment and a federal probe into its use of potentially illegal software to track regulators. Mr Kalanick had previously said he would take a leave of absence, in part to deal with a personal tragedy—the death of his mother in a boating accident. That was not enough for investors in Uber, who asked him to make his leave permanent. Uber will not change overnight. Mr Kalanick trained it to be unrelentingly competitive, aggressive and ready to break rules. That culture helped make it the most prominent private American technology firm, with a valuation of nearly $70bn. But the impact of Mr Kalanick’s self-styled “always be hustlin’ ” approach has been stark. Uber’s controversies have dented its brand, hurt its ability to recruit the best engineers and cost it customers in America, who are defecting to its rival, Lyft.The identity of Mr Kalanick’s replacement will be crucial. Uber’s board will seek an experienced boss, perhaps a woman. He or she will need experience running a multinational. Whether the board should hire someone with a background in transport (perhaps from an airline or logistics firm) or a candidate from the technology industry is unclear. Some have suggested that Sheryl Sandberg, who serves as number two at Facebook, would be a good choice, but she may not be willing to jump.Investors in Uber have accepted that Mr Kalanick will stay on the company’s board (along with his co-founder and another early executive, he controls the majority of super-voting shares) so he is likely to have a strong influence on the firm. He will need to exercise restraint. Twitter, an internet company that is struggling to attract more users, found it hard to settle on a clear strategy in part because several co-founders who once ran it continued to serve on the board and second-guessed the boss.Mr Kalanick’s departure should be enough to placate some alienated customers. Regulators may treat Uber more kindly, too. Abroad, its scandals have barely registered. In the first quarter of this year it notched up record revenues, of $3.4bn. Its losses, of around $700m, are still high but diminishing. The next chief executive will need to decide whether to chase growth and endure continued steep losses, or cut back on international expansion in order to make more money. After watching Mr Kalanick push the pedal to the metal, Uber’s investors may hope that a more conservative era—in terms of finances as well as culture—is about to begin. "Gear change"'|'economist.com'|'http://www.economist.com/rss/business_rss.xml'|'http://www.economist.com/news/business/21723860-new-era-begins-ride-hailing-giant-travis-kalanick-steps-down-chief-executive-uber?fsrc=rss%7Cbus'|'2017-06-22T21:43:00.000+03:00'
'013dd2bfedd209445dc5e9780c6db167768d1af1'|'Iran''s Zagros Airlines commits to buying 28 Airbus aircraft'|' 30am BST Iran''s Zagros Airlines commits to buying 28 Airbus aircraft FILE PHOTO: The Airbus A320neo (New Engine Option) takes off during its first flight event in Colomiers near Toulouse, southwestern France, September 25, 2014. REUTERS/Regis Duvignau PARIS Iran''s Zagros Airlines has signed a memorandum of understanding (MoU) to buy 28 new Airbus ( AIR.PA ) planes, comprising 20 A320neo jets and eight A330neo aircraft, Airbus   Iran has stepped up its orders of planes after international sanctions against the country were lifted in return for curbs on the country''s nuclear activities. Airbus said the MoU with Zagros Airlines was contingent upon all necessary approvals, including from the U.S. Office of Foreign Assets Control. Airbus said it would continue to act in full compliance with the Iran nuclear deal, also know as the Joint Comprehensive Plan Of Action, and associated rules. The Zagros Airlines deal was signed at the Paris Airshow. (Reporting by Sudip Kar-Gupta; editing by David Clarke)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-airshow-paris-airbus-zagros-idUKKBN19D0IG'|'2017-06-22T14:24:00.000+03:00'
'689800ec3515c173b6e0b18f33be2ba90ca54dbc'|'Amazon patent reveals drone delivery ''beehives'' for every city - Jun. 23, 2017'|'Amazon patent reveals drone delivery ''beehives'' by Kaya Yurieff @kyurieff June 23, 2017: 9:44 AM ET Why Amazon is buying Whole Foods The future of Amazon drone deliveries could start at massive ''beehives." Amazon ( AMZN , Tech30 ) has filed for a patent for beehive-like towers that would serve as multi-level fulfillment centers for its delivery drones to take off and land. The facilities would be built vertically to blend in with high rises in urban areas. Amazon envisions each city would have one. The patent application, filed in December 2015 and published on Thursday by the U.S. Patent and Trademark Office, features several drawings of these buildings, such as the beehive, a cylinder-shaped center and one that looks like a UFO. The towers could support traditional truck deliveries and include a self-service area where customers can pick up items, the patent states. It also details how employees would attach the packages on drones. Related: Amazon patents shipping label with built-in parachute for drone deliveries Amazon envisions its drone delivery fulfillment centers as beehives. Traditional fulfillment centers are often located outside of cities due to their large size. But the facilities aren''t always convenient for quick deliveries into cities, where a growing number of people live. Amazon''s drone delivery facilities aim to change that. Although it''s unclear if Amazon will make the drone centers a reality -- patents often don''t see the light of day -- it''s the latest look into the ecommerce giant''s ambitions for drone delivery. Related: DJI''s new drone fits in the palm of your hand Another rendering of Amazon''s vision for a drone delivery fulfillment center. Amazon also filed for a patent in April 2016 for blimps stocked with drones to make extra speedy deliveries. In 2013, Amazon unveiled plans for a new delivery service called Prime Air, which would use drones to deliver packages. Amazon made its first drone delivery in the U.K. in December 2016. The company plans to expand the service to dozens of customers near its British facility in the near future. CNNMoney (New York) First published June 23, 2017: 9:44 AM ET'|'cnn.com'|'http://rss.cnn.com/rss/money_technology.rss'|'http://money.cnn.com/2017/06/23/technology/amazon-drone-beehives/index.html'|'2017-06-23T17:44:00.000+03:00'
'f443545d5fa0c7545ecb9eef488342fd9c90282e'|'Exclusive - Investment funds offered to invest in Italy''s Veneto banks three weeks ago: sources'|'Fri Jun 23, 2017 - 7:55pm BST Exclusive: Investment funds offered to invest in Italy''s Veneto banks three weeks ago - sources left right FILE PHOTO: The Banca Popolare di Vicenza headquarters is seen in Vicenza, Italy, March 5, 2016. REUTERS/Stefano Rellandini/File Photo 1/3 left right The logo of Veneto Banca bank is seen in Venice, Italy, January 31 2016. REUTERS/Alessandro Bianchi/File Photo 2/3 left right A Banca Popolare di Vicenza sign is seen in Rome, Italy, March 29, 2017. REUTERS/Alessandro Bianchi 3/3 By Pamela Barbaglia - LONDON LONDON A group of four international investment funds offered to inject 1.6 billion euros ($1.79 billion) of fresh capital into two ailing Italian banks in Veneto at the end of May, sources told Reuters, but their plan was not pursued by Rome. Funds Sound Point Capital, Cerberus, Attestor and Varde submitted a rescue proposal for Banca Popolare di Vicenza and Veneto Banca on May 30, the sources familiar with the situation said, using Deutsche Bank as their financial adviser. However the sources said the offer was not formally followed up on by Rome. The Italian government is expected to start liquidation proceedings for the two banks on Friday or Saturday, with retail bank Intesa Sanpaolo ( ISP.MI ) set to buy their good assets for 1 euro. The state is expected to foot the bulk of the bill, taking on the lenders'' soured debt. The consortium led by U.S. hedge fund Sound Point Capital - who has former Goldman Sachs chairman Stephen Friedman as a limited partner - offered initially to pump in an overall 1.6 billion euros of capital. Their proposal envisaged about 1.3 billion euros going into new tier one and tier two bonds that the banks would issue to them, and another 300 million euros into their shares, the sources said. The proposal was briefly discussed with the Italian Treasury in early June but the funds never got a formal response, the sources said, adding news of a possible deal with Intesa came as a surprise. The Bank of Italy and Deutsche Bank declined to comment while the Italian Treasury, the Veneto Banks and the four investment funds were not immediately available for comment. As part of the deal, the four funds were hoping to take a 15 percent stake in the two banks and control their governance, the sources said. They added that they had worked closely with Popolare Vicenza boss Fabrizio Viola, a former CEO of Monte dei Paschi, who was going to play a leading role if the plan had succeeded. Italy has tried for weeks to prevent the two banks, which have a capital shortfall of 6.4 billion euros, from being wound down under European banking rules due to concerns senior bondholders and large depositors would be hit with heavy losses. However Rome failed to convince other, healthier lenders, to stump up funds to salvage them. (Reporting By Pamela Barbaglia; Editing by Rachel Armstrong and Adrian Croft)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-eurozone-banks-italy-funds-exclusive-idUKKBN19E25O'|'2017-06-24T02:32:00.000+03:00'
'8d5a2f84b3de71d38d9d8aea52e716b9087763e3'|'Carney is only BoE rate-setter scheduled to speak next week'|'Business News - Fri Jun 23, 2017 - 5:35pm BST Carney is only BoE rate-setter scheduled to speak next week The Governor of the Bank of England, Mark Carney, delivers a speech to the Bankers and Merchants at The Mansion House in London, Britain June 20, 2017. REUTERS/Stefan Wermuth LONDON Bank of England Governor Mark Carney is the only member of the central bank''s Monetary Policy Committee scheduled to speak next week, at a time when investors are keen to get a clearer sense of how close an interest rate rise might be. Carney will take part in a panel discussion hosted by the European Central Bank in Portugal on Wednesday. He is also expected to chair a news conference to mark the publication of the BoE''s half-yearly Financial Stability Report on Tuesday at which other policymakers might speak. Deputy governors Ben Broadbent and Jon Cunliffe, as well as MPC members Ian McCafferty, Michael Saunders and Gertjan Vlieghe, are yet to speak publicly since last week''s unexpected 5-3 split on the MPC over whether to start to raise rates. The BoE''s weekly events calendar is provisional and subject to change. (Reporting by William Schomberg; Writing by David Milliken)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-boe-idUKKBN19E1YA'|'2017-06-24T00:35:00.000+03:00'
'68bebb830a4f7f2cc3c837b6d0fd489373b6eacd'|'Rio flags $180 million hit to first-half underlying profit after bond buyback'|'Rio Tinto ( RIO.AX ) ( RIO.L ) said on Friday it has completed a planned bond buyback, reducing gross debt by $2.5 billion, with the early redemption costs likely to reduce first-half underlying profit by about $180 million.The global miner said that since the start of 2016 it has reduced the face value of outstanding bonds to about $9.5 billion from around $21 billion.Analysts, on average, expect Rio to post half-year profit of $4.78 billion, Eikon data.Rio cut net debt by about $4.2 billion in 2016 and said in February it would like to see further debt reduction as it looks to withstand any volatility in commodity markets.Early redemption costs from the latest buyback would likely reduce its cash flow from operating activities by about $260 million in the first half ending on June 30, the company said.Reductions in underlying earnings and cash flow would be offset by savings in future periods, it said.Earlier this week, Rio selected Yancoal ( YAL.AX ) to buy its Coal & Allied division in Australia for $2.45 billion, surprising commodities trading giant Glencore, ( GLEN.L ) which had put in a higher bid.(Reporting by Anusha Ravindranath in Bengaluru; Editing by Richard Pullin)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-rio-tinto-debt-idINKBN19D2WH'|'2017-06-22T21:54:00.000+03:00'
'81100964ceed3ac2983308af9cc6e814d0e4959b'|'Gunman in California UPS shooting targeted co-workers for slayings'|'By Steve Gorman - June 23 June 23 The UPS employee who shot three coworkers to death last week inside a United Parcel Service facility in San Francisco before killing himself appears to have singled out his victims deliberately, but a motive remains unknown, police said on Friday.Investigators have yet to examine the contents of computers, cell phones and a journal seized from the gunman''s home in their search for clues to the June 14 attack, San Francisco Police Commander Greg McEachern said at a news conference.McEachern also revealed the murder weapon was a MasterPiece Arms "assault-type pistol" that he said was "commonly known as a MAC-10," equipped with an extended 30-round magazine. He said such weapons are outlawed in California.That gun and a second, semiautomatic pistol recovered from the scene were both listed as stolen weapons - the MAC-10 from Utah and the other handgun in California, McEachern said.Police offered few new details about how the shooting itself unfolded.The gunman, Jimmy Lam, 38, was attending a morning briefing with fellow employees at the UPS package-sorting and delivery center in San Francisco when he pulled out a gun and "without warning or saying anything" opened fire on four co-workers, the police commander said.The first two victims, identified as Wayne Chan, 56, and Benson Louie, 50, were killed.In the ensuing pandemonium, Lam walked calmly outside the building, approached another co-worker, Michael Lefiti, 46, and shot him dead without uttering a word, then reentered the facility.Moments later, as police closed in, Lam put a gun to his head and pulled the trigger, McEachern said, adding that Lam fired about 20 rounds in all before the bloodshed ended. Police never fired a shot.While no motive has been established, McEachern said interviews of various witnesses have led investigators to believe that the three slayings were "purposeful and targeted," based on actions observed that day.He said surveillance video also showed that during the rampage, Lam appeared to pass by other co-workers "without there being any interactions," suggesting those he did shoot were intentionally singled out. It was less clear whether the two surviving gunshot victims were deliberately targeted, he said.News of the carnage in San Francisco was largely overshadowed that day by an unrelated shooting hours earlier in the Virginia suburbs of Washington that left a congressman and several others wounded before police killed the assailant. (Reporting by Steve Gorman in Los Angeles; Editing by Bill Rigby)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/california-ups-shooting-idINL1N1JL018'|'2017-06-23T23:51:00.000+03:00'
'c68ef7c2bec79517e79021eda7335f07b8f3e4ce'|'Oil holds near multi-month lows as glut fears persist'|'Business News - Wed Jun 21, 2017 - 1:59am BST Oil holds near multi-month lows as glut fears persist A worker fills a tank with subsidized fuel at a fuel station in Jakarta April 18, 2013. REUTERS/Beawiharta TOKYO Oil prices held around multi-month lows in early Asian trading on Wednesday as investors discounted evidence of strong compliance by OPEC and non-OPEC oil producers with a deal to cut global output. Brent LCOc1 was down 6 cents at $45.96 barrel at 0035 GMT. The global benchmark ended down 89 cents, or 1.9 percent, on Tuesday at its lowest settlement since November. U.S. crude futures CLc1 for August were trading down 3 cents at $43.48. The July contract, which expired on Tuesday, settled down than 2 percent at its lowest since September. The Organization of the Petroleum Exporting Countries and other producers agreed to cut output by 1.8 million barrels per day (bpd) for six months from January and compliance with the agreement has reached more than 100 percent. "The lack of a positive response in oil prices clearly suggests market participants are not convinced that the OPEC''s efforts will help shore up prices in a meaningful way in the short-term as shale supply continues to rise in the U.S.," said Fawad Razaqzada, market analyst at futures brokerage Forex.com. "Unless we see a marked reduction in crude stockpiles, the possibility of further short term falls in the price of oil cannot be ruled out," he added. The American Petroleum Institute said on Tuesday U.S. crude stockpiles had dropped more than forecast. A government report is due at 10:30 a.m. EDT (1430 GMT) on Wednesday and the official figures often differ sharply from those of the industry group. OPEC and non-OPEC oil producers'' compliance with the output deal has reached its highest in May at 106 percent last month, a source familiar with the matter said on Tuesday. OPEC compliance with the output curbs in May was 108 percent, while non-OPEC compliance was 100 percent, the source said. Another source confirmed compliance by all producers in May was 106 percent. (Reporting by Aaron Sheldrick; Editing by Richard Pullin)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-global-oil-idUKKBN19C02T'|'2017-06-21T08:56:00.000+03:00'
'c282a866bf77da772487279024e813fc978e1d75'|'Sears Canada preparing to seek creditor protection - source'|'June 20 Billionaire Eddie Lampert-controlled Sears Canada Inc is preparing to seek court protection against creditors in the coming weeks, a person familiar with the matter said on Tuesday.A Sears Canada representative was not immediately available for comment.The business may be sold off in pieces after the court filing which will likely lead to liquidation, the person said.The company had last week said it was exploring strategic options, including a sale of the company, following years of declining sales.The company''s sales have fallen every quarter since it was spun off from Sears Holdings in 2012.Sears Canada, much like Sears Holdings, now its fourth-largest shareholder, has struggled for years to remain relevant to shoppers who have switched to stores that keep up with fast-changing fashion trends.Bloomberg had earlier reported on the company preparing to seek court protection against creditors. ( bloom.bg/2tLqg4s ) (Reporting by Kanishka Singh in Bengaluru)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/sears-canada-restructuring-idUSL3N1JI099'|'2017-06-21T09:22:00.000+03:00'
'359019543d7e1d4cb8e070c7d29bd0b539ee3091'|'Austal USA wins $584.2 mln U.S. defense contract -Pentagon'|'Deals - Fri Jun 23, 2017 - 5:21pm EDT Austal USA wins $584.2 million U.S. defense contract: Pentagon WASHINGTON Austal USA, a Mobile, Alabama-based subsidiary of Australian shipbuilder Austal Ltd ( ASB.AX ), is being awarded a $584.2 million contract for the construction of a littoral combat ship for the U.S. Navy, the Pentagon said on Friday. The contract includes associated LCS class services and related material and integrated data environment support, as well as options for the construction of additional LCS, class services and post-delivery availability support, the Pentagon said in a statement. (Reporting by Eric Walsh; Editing by Eric Beech) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-austal-pentagon-idUSKBN19E2J5'|'2017-06-24T05:13:00.000+03:00'
'62685cfdaa6e3a1610f8dc669c7244628009565e'|'Global stocks advance as dollar weakness lifts oil'|'Top News - Fri Jun 23, 2017 - 9:16pm BST Global stocks advance as dollar weakness lifts oil left right Traders work on the floor of the New York Stock Exchange shortly after the opening bell in New York, U.S., June 22, 2017. REUTERS/Lucas Jackson 1/3 left right Patrick Drahi, founder and controlling shareholder of the the telecommunications group Altice (C), rings a ceremonial bell marking the IPO of the company on the New York Stock Exchange shortly after the opening bell in New York, U.S., June 22, 2017. REUTERS/Lucas Jackson 2/3 left right Smoke rises from chimneys and cooling towers of a refinery in Ningbo, Zhejiang province August 19, 2014. REUTERS/China Daily/File Photo 3/3 By Chuck Mikolajczak - NEW YORK NEW YORK World stocks advanced on Friday to end the week with a slight gain as a drop in the dollar helped boost slumping oil prices. The dollar fell against a basket of major currencies as preliminary data on U.S. factory and services activities in June fell short of analyst forecasts, stoking doubts about U.S. economic growth for the rest of 2017. That drop in the greenback helped crude oil pull away from 10-month lows, although prices were still set for their worst first-half performance since 1997. On the week, both Brent and WTI crude have lost nearly 4 percent. "Overall, the market is saying it would be nice to have a little more strength in the energy sector but the economy is doing OK without it," said David Joy, chief market strategist at Ameriprise Financial in Boston. "At the consumer level, cheap gasoline is not a bad thing and this is all translating into the lower inflation. Maybe that is part of the reason why the dollar is as soft as it is." U.S. crude CLcv1 settled up 0.6 percent at $43.01 per barrel and Brent LCOcv1 settled up 0.7 percent at $45.54 on the day. The climb in crude helped lift energy stocks on Wall Street, with the group .SPNY up 0.8 percent. The U.S. dollar briefly managed to recoup some of its declines after economic data showed new U.S. single-family home sales rose in May and the median sales price surged to an all-time high. The PHLX housing index .HGX advanced 0.6 percent. The Dow Jones Industrial Average .DJI fell 2.53 points, or 0.01 percent, to 21,394.76, the S&P 500 .SPX gained 3.8 points, or 0.16 percent, to 2,438.3 and the Nasdaq Composite .IXIC added 28.57 points, or 0.46 percent, to 6,265.25. The slide in energy prices in recent weeks has worsened the outlook for inflation, creating a problem for the world''s major central banks as they attempt to normalise interest rates after years of ultra-loose policy. The pan-European FTSEurofirst 300 index .FTEU3 lost 0.28 percent and MSCI''s gauge of stocks across the globe .MIWD PUS gained 0.19 percent to close out the week up 0.2 percent. The dollar index .DXY fell 0.34 percent, with the euro EUR= up 0.41 percent to $1.1196. The dollar had hit a one-month high on Tuesday following comments with a hawkish tone from Fed officials, including New York Fed President William Dudley and Boston Fed President Eric Rosengren. But it has been stuck in a tight range since and is up slightly on the week. Earlier on Friday, St. Louis Fed President James Bullard said the central bank should wait on any further rate increases until inflation is reliably heading to the Fed''s 2-percent target. Cleveland Fed President Loretta Mester said failure to hike U.S. rates could mean missing inflation and employment goals that could cause a recession. The lower dollar also helped boost gold prices, but the prospect of further interest rate rises in the United States limited gains. Spot gold XAU= added 0.4 percent to $1,255.13 an ounce. U.S. gold futures GCcv1 gained 0.59 percent to $1,256.80 an ounce. (Reporting by Chuck Mikolajczak; Editing by Chizu Nomiyama and Nick Zieminski)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-global-markets-idUKKBN19E026'|'2017-06-24T04:16:00.000+03:00'
'23a864932a1e4d37a5c0b1bc193fa0d44c1a05f0'|'Hexagon holding early talks with rivals on possible sale - Wall Street Journal'|'STOCKHOLM Swedish measurement technology and software firm Hexagon AB ( HEXAb.ST ) has held talks on a possible sale to a U.S. or European rival which could value the company at about $20 billion, the Wall Street Journal reported on Tuesday, citing people familiar with the matter.The Journal said the talks between Hexagon and the potential buyers were at an early stage and that the company may ultimately decide not to pursue a sale.Hexagon has a current market value of around 130 billion Swedish crowns ($15 billion), and had sales of 3.1 billion euros ($3.47 billion) in 2016. It is aiming for sales of 4.6-5.1 billion euros by 2021.The company was not immediately available for comment when contacted by Reuters.According to the Journal, two factors were pushing Hexagon to consider a deal: an insider trading case against Chief Executive Ola Rollen and the bad health of Melker Schorling, whose firm is Hexagon''s main shareholder and who recently stepped down as Hexagon chairman.Rollen''s trial for insider trading in Norway, which relates to an investment that did not involve Hexagon, is expected to start in late October. Rollen denies wrongdoing.With Rollen at the helm, Hexagon has transformed from a sprawling conglomerate with a market value of a few billion crowns in 2000 into a 130 billion-crown global measurement technology market leader following a steady stream of acquisitions and high growth.In February the company made its biggest deal since 2010 by acquiring U.S.-based MSC Software in a $834 million deal to boost its product portfolio in automated manufacturing.(Reporting by Johannes Hellstrom)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/hexagon-ab-m-a-idINKBN1942YB'|'2017-06-13T20:19:00.000+03:00'
'516354852f1d98152232ce22a0dff7936954fbc9'|'U.S. approves sale of drones to India - General Atomics'|'Deals - Sat Jun 24, 2017 - 1:38am IST U.S. approves sale of drones to India - General Atomics Prime Minister Narendra Modi gestures during a session of the St. Petersburg International Economic Forum (SPIEF), Russia, June 2, 2017. REUTERS/Mikhail Metzel/TASS/Host Photo Agency/Pool The United States government has approved the sale of a naval variant of the Predator drone made by General Atomics Aeronautical Systems Inc to India, the U.S.-based company said on Friday. Reuters reported earlier on Friday that the U.S. government was expected to authorise the sale of drones ahead of a visit next week by Prime Minister Narendra Modi. India has been looking to buy 22 of the unarmed surveillance aircraft, MQ-9B Guardian, worth more than $2 billion to keep watch over the Indian Ocean. "We are pleased that the U.S. Government has cleared the way for the sale of the MQ-9B Guardian to the Indian Government," General Atomics Aeronautical Systems Chief Executive Linden Blue said in a statement. The Indian embassy and the U.S. State Department did not immediately respond to a request for comment. Securing agreement on the purchase of the drones is seen in New Delhi as a key test of defence ties that flourished under former President Barack Obama but have drifted under Trump, who has courted Asian rival China as he seeks Beijing''s help to contain North Korea''s nuclear programme. The deal would be the first such purchase by a country that is not a member of the NATO alliance. Such a sale of sensitive military hardware must be authorized by the State Department before being sent to Congress for review. A congressional source said on Thursday that no notification of a planned sale has yet been sent to Congress, but this could come next week. The State Department declined comment on Thursday ahead of any notification. (Reporting by Mike Stone and David R. Brunnstrom in Washington, Arunima Banerjee and Ankit Ajmera in Bengaluru; Editing by Arun Koyyur)'|'reuters.com'|'http://in.reuters.com/finance/economy'|'http://in.reuters.com/article/india-usa-drone-idINKBN19E2DK'|'2017-06-23T18:08:00.000+03:00'
'87587dcfbde29adcfb6942e09e1c7a9a990b0bcf'|'Renewable energy no longer a niche to institutional investors'|'Environment - Thu Jun 22, 2017 - 5:33pm EDT Renewable energy no longer a niche to institutional investors left right FILE PHOTO: An old style windmill is pictured with newer and larger wind turbines in the background, at a wind farm near Milford, Utah May 21, 2012. . REUTERS/George Frey/File Photo 1/2 left right FILE PHOTO: Wind turbines operate at a wind farm near Milford, Utah May 21, 2012. REUTERS/George Frey/File Photo 2/2 By Dave Gregorio - NEW YORK NEW YORK Institutional investors remain eager to put money to work on renewable energy projects even as U.S. President Donald Trump has vowed to revive their chief competitor: coal, financial executives said at a conference this week. "Five or six years ago, funds weren''t specifically targeting renewable investment; today it''s a key component of infrastructure investment," said David Giordano, managing director and head of North American, Latin American and Asia Pacific investments at BlackRock, on the sidelines of the Renewable Energy Finance Forum in New York. Giordano, who is also a board member of the American Council on Renewable Energy, which put on the forum, said renewable energy was no longer considered a niche. BlackRock''s renewable infrastructure investment platform, launched in 2012 by Giordano''s team, now manages more than $4 billion in client assets, mostly in wind and solar projects. Strong interest in green energy comes as Trump is championing fossil fuels and targeting environmental regulations as job killers. Trump’s administration, however, has made no moves to target federal tax incentives for renewable energy projects, which have helped make the technologies more competitive with traditional fuels like coal and natural gas, thanks mainly to bipartisan support in Congress. Even without federal government involvement, executives noted that U.S. cities, states and corporations appear committed to renewable energy, as do most other countries. This should help projects attract capital in an era of low interest rates. "We have seen considerable interest from a wide range of investor classes, including infrastructure funds, insurance companies, pension funds, money managers and corporations," said Raymond Wood, managing director and global head of power and renewables at Bank of America Merrill Lynch ( BAC.N ). Major U.S. corporations such as Wal-Mart Stores Inc ( WMT.N ) and General Motors Co ( GM.N ) have become some of America’s biggest buyers of renewable energy in recent years, according to industry figures reviewed by Reuters. Wood noted that wind and solar developers together have added about 40 gigawatts to the U.S. grid over the past two years, bringing total installed wind and solar capacity to about 120 gigawatts. After 15 to 20 years of growth, "it''s telling that the system has added a third of its total capacity in the past two years," he said. "Practically speaking, renewables deployment has hit escape velocity. Experts see enormous additional installations between 2017-2020." Wood said the bank''s sustainability investment goal was $50 billion in 2013, but the target has grown to $125 billion by 2025. He pointed to a deal in February in which Canada''s investment fund manager Alberta Investment Corp teamed with U.S. power utility company AES Corp ( AES.N ) to buy FTP Power Llc, which builds utility-scale solar projects, for $853 million in cash. While Bank of America was not involved in that deal, Wood said it illustrated growing institutional investor interest in the sector. Nick Knapp, managing director at CohnReznick Capital, said that deal also showed that utilities have a growing appetite for renewables. Knapp said wind and solar project developers have many more financing options now than traditional utility power purchase agreements. Corporations are making agreements directly, and banks and other financers have developed hedges and other more nuanced financing options to attract investors. Knapp said CohnReznick Capital has closed more than 90 M&A and project finance renewable energy transactions in the last few years, with an aggregate asset value of about $12 billion. U.S. corporate demand for energy has "changed the dynamics of the industry," he said. Corporate interest "forces utilities to increase their exposure," Knapp said. "We''ve passed that inflection point." (Reporting By Dave Gregorio; Editing by Richard Valdmanis and Jonathan Oatis) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-energy-renewables-funds-idUSKBN19D2SA'|'2017-06-23T05:29:00.000+03:00'
'3a70904081525bad1d3d376e4fb192cbc4df8d0f'|'Elbit Systems says innovation key to crowded drone market'|'Fri Jun 23, 2017 - 5:36am BST Elbit Systems says innovation key to crowded drone market FILE PHOTO: Logo of Israeli defence electronics firm Elbit Systems is seen at their offices in Haifa, Israel February 26, 2017. REUTERS/Baz Ratner/File Photo By Mike Stone - PARIS PARIS Israeli defense electronics company Elbit Systems Ltd ( ESLT.TA ), ( ESLT.O ) is moving quickly to innovate and maintain its edge in a global market in which it faces increasing competition from China, France, Turkey and others. The unmanned aerial vehicles (UAV) maker''s vice president Elad Aharonson told Reuters his firm is adding new capabilities to its drones and boosting their data processing power to meet the needs of his Australian, Brazilian, South Korean, Indian and U.S customers. Elbit unveiled a new remotely-operated drone at the Paris Airshow, SkyStriker, described as a "long-loitering munition" that is designed to fly for hours while sending back live video and data and to also be guided onto a target to deliver explosives. The drone offers a "kill" function that allows an operator to abort the strike at the last minute. New products like the SkyStriker UAV are an example of the constant need for innovation, said Aharonson, who also leads Elbit''s intelligence, surveillance, target acquisition and reconnaissance (ISTAR) division created in 2015. The division allows Elbit to fuse drone data collection with data management and analysis. Aharonson said customers need more than just hours of footage from flying drones. "A lot of data is collected on the desk of the officer, and he doesn''t know what to do with it," Aharonson said. In the U.S. military market the firms with the most annual sales are General Atomics, Northrop Grumman NOC.N. and Textron ( TXT.N ) according to analytics firm Govini, which tracks the public records of federal contracts. Currently, Elbit considers its main competition to be U.S. and Israeli firms, Aharonson said. At the end of the first quarter, Elbit posted higher profits boosted by a rise in revenue. At the time, Chief Executive Bezhalel Machlis said he saw larger defenses spending "especially in the electronic defense sphere." (Reporting by Mike Stone; Editing by Christian Schmollinger) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-airshow-paris-elbit-systems-idUKKBN19E0BW'|'2017-06-23T12:34:00.000+03:00'
'4dc8e4ca45aad1e5abb4dba1fbf7a840c9f66cd1'|'Itaú''s Setubal sees high growth at Brazil''s XP'|'SAO PAULO, June 24 The price that Itaú Unibanco Holding SA paid for a minority stake in Brazilian independent securities firm XP Investimentos SA embeds "very high growth rates" ahead, co-Chairman Roberto Setubal said on Saturday.Itaú, Brazil''s largest bank, paid 5.7 billion reais ($1.76 billion) for the 49.9 percent stake in May to grow in the retail brokerage and money management segments. Setubal said during a speech at an event in Sao Paulo that keeping XP as an independent financial firm is good to help deepen capital markets activity in the long run. (Reporting by Guillermo Parra-Bernal; Editing by Marguerita Choy)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/itau-unibanco-outlook-idUSS0N17U00T'|'2017-06-24T21:31:00.000+03:00'
'9f618386b6b1a8e96b3833a12422bed893a2f191'|'Abu Dhabi''s Mubadala has pulled out of Etisalat Nigeria: cenbank'|'LAGOS Abu Dhabi state investment fund Mubadala has pulled out of Etisalat Nigeria after the telecoms firm failed to secure a deal with its lenders over a $1.2 billion loan renegotiation it took four years ago, the central bank said on Friday.The regulator said Mubadala had also pulled out of ongoing negotiations with Etisalat''s lenders, leaving only the Nigerian partners, led by company chairman Hakeem Belo-Osagie.On Tuesday UAE''s Etisalat said it was carrying its 45 percent stake in the Nigerian arm at nil value, and that it had been ordered to transfer its shares to a loan trustee by June 23, following the failure of negotiations.(Reporting by Chijioke Ohuocha, editing by David Evans)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-etisalat-group-nigeria-mubadala-idINKBN19E2CM'|'2017-06-23T17:50:00.000+03:00'
'd1dd45d581e50d5684502015b4addd4064cf9afa'|'WORLD NEWS SCHEDULE AT 1800 GMT/2 PM ET'|'Market   2:26pm EDT WORLD NEWS SCHEDULE AT 1800 GMT/2 PM ET Editor: Angus MacSwan +44 207 542 7923 Picture Desk: Singapore + 65 6870 3775 Graphics queries: + 65 6870 3595 (All times GMT/ET) TOP STORIES Iraqi forces free hundreds of civilians in Mosul Old City battles as death toll mounts MOSUL, Iraq - Iraqi forces open exit routes for hundreds of civilians to flee the Old City of Mosul as they battle to retake the quarter from Islamic State militants mounting a last stand in what was the de facto capital of their "caliphate". (MIDEAST-CRISIS/IRAQ-MOSUL (UPDATE 2, TV, PIX), moved, by Marius Bosch, 800 words) 15 dead, scores missing hours after landslide buries Chinese village BEIJING - Fifteen people were killed in a landslide in southwest China''s Sichuan Province on Saturday and about 100 were believed to be still buried in the debris and feared dead, state media said. (CHINA-LANDSLIDE/ (UPDATE 4, PIX, TV), moved, by Christian Shepherd, 358 words) London tower blocks evacuated as 27 buildings fail fire tests LONDON - Britain says 27 high-rise apartment blocks failed fire safety checks carried out after the deadly Grenfell Tower blaze, including several in north London where residents are forced to evacuate in chaotic scenes. (BRITAIN-FIRE/ (UPDATE 1, PIX, TV), moved, by Kate Holton and Jamillah Knowles, 607 words) UAE sees "parting of ways" if Qatar does not accept Arab demands DUBAI - A senior United Arab Emirates official says that if Qatar did not accept an ultimatum issued by fellow Arab states which imposed a boycott it, there would be a "parting of ways". (GULF-QATAR/ (UPDATE 2, PIX, TV), moved, by Aziz El Yaakoubi, 587 words) MIDDLE EAST Istanbul bans gay and transgender pride march for second year ISTANBUL - Istanbul''s governor bans a gay and transgender pride march which was due to take place in the city on Sunday, citing security concerns after threats from an ultra-nationalist group. (TURKEY-LGBT/PRIDE (UPDATE 1), moved, 279 words) EUROPE Under pressure, Western tech firms bow to Russian demands to share cyber secrets WASHINGTON/MOSCOW - Western technology companies, including Cisco, IBM and SAP, are acceding to demands by Moscow for access to closely guarded product security secrets, at a time when Russia is accused of a growing number of cyber attacks on West, a Reuters investigation finds. (USA-RUSSIA/TECH (UPDATE 2, INSIGHT, PIX, GRAPHIC), moved, by Joel Schectman, Dustin Volz and Jack Stubbs, 1,500 words) Arconic knowingly supplied flammable panels for use in tower -emails LONDON - Six emails sent by and to an Arconic Inc sales manager raise questions about why the company supplied combustible cladding to a distributor for use at Grenfell Tower, despite publicly warning such panels were a fire risk for tall buildings. (BRITAIN-FIRE/ARCONIC (UPDATE 1), by Tom Bergin, 977 words) British lawmakers hit by cyber security attack LONDON - Britain''s parliament is hit by a cyber attack in which hackers tried to access email accounts, just over a month after a ransomware worm crippled parts of the country''s health service. (BRITAIN-POLITICS/CYBER (UPDATE 3), moved, 293 words) MIDDLE EAST Egypt''s Sisi ratifies contested deal handing Red Sea islands to Saudi Arabia CAIRO - Egyptian President Abdel Fattah al-Sisi ratifies a maritime demarcation agreement that sees the country cede sovereignty over two uninhabited Red Sea islands to Saudi Arabia. (EGYPT-SAUDI/ISLANDS (UPDATE 1), moved, 253 words) Amnesty for militants in Syria''s Raqqa aims to promote stability AIN ISSA, Syria - A civil council expected to rule Raqqa once Islamic State is dislodged from the Syrian city pardons 83 of the jihadist group''s low-ranking militants, a goodwill gesture designed to promote stability. (MIDEAST-CRISIS/SYRIA-RAQQA-AMNESTY (PIX, TV), moved, by Michael Georgy, 471 words) If Baghdadi is dead, next IS leader likely to be Saddam-era officer BAGHDAD - If Islamic State leader Abu Bakr al-Baghdadi is confirmed dead, he is likely to be succeeded by one of his top two lieutenants, both of whom were Iraqi army officers under the late dictator Saddam Hussein. (MIDEAST-CRISIS/SYRIA-BAGHDADI-SUCCESSION (UPDATE 1, PIX), moved, by Maher Chmaytelli, 598 words) Yemen government says to investigate allegations of abuse in secret prisons DUBAI - President Abd-Rabbu Mansour Hadi''s government says it is investigating reports that forces backed by the United Arab Emirates are running secret prisons in southern Yemen where detainees are subjected to torture and abuse. (YEMEN-SECURITY/ABUSE, moved, 414 words) HUMAN RIGHTS EXCLUSIVE-U.S. list to drop Iraq, Myanmar as worst offenders on child soldiers WASHINGTON - Secretary of State Rex Tillerson plans to remove Iraq and Myanmar from a U.S. list of the world''s worst offenders in use of child soldiers, U.S. officials say, a step that could prompt accusations the Trump administration is prioritising security and diplomatic interests ahead of human rights. (USA-TRAFFICKING/CHILDSOLDIERS (EXCLUSIVE), moved, by Matt Spetalnick and Jason Szep, 800 words) UNITED STATES Trump lobbies lawmakers on healthcare as another says ''no'' WASHINGTON -   makes calls to fellow Republicans in U.S. Senate to mobilise support for their party''s healthcare overhaul while acknowledging the legislation is on "very, very narrow path" to passage. (USA-HEALTHCARE/ (UPDATE 6, PIX, TV), moved, by Jeff Mason and Yasmeen Abutaleb, 715 words) AMERICAS Slain Venezuelan protester''s father appeals to "friend" Maduro CARACAS - A man describing himself as a former boss and friend of Venezuelan President Nicolas Maduro urges an investigation into the killing of his son in anti-government unrest. (VENEZUELA-POLITICS/ (UPDATE 1, PIX, TV), moved, by Silene Ramírez and Andreina Aponte, 640 words) + See also: - VENEZUELA-POLITICS/PROTESTER (PIX), moved, 635 words ASIA North Korea says U.S. student''s death a "mystery to us" too SEOUL - North Korea says the death of U.S. university student Otto Warmbier soon after his return home was a mystery and dismisses accusations that he had died because of torture and beating during his captivity as "groundless". (USA-NORTHKOREA/ (UPDATE 5, PIX), moved, by Jack Kim, 605 words)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/world-news-schedule-at-1800-gmt-2-pm-et-idUSL3N1JL06M'|'2017-06-25T02:26:00.000+03:00'
'5a8c709041d1b2f9c85ca171a9e62209a94364e4'|'Emirates sees demand returning on U.S. routes weakened by Trump policies'|'Wed Jun 21, 2017 - 8:16am BST Emirates sees demand returning on U.S. routes weakened by Trump policies Emirates Airlines aircrafts are seen at Dubai International Airport, United Arab Emirates May 10, 2016. REUTERS/Ashraf Mohammad By Victoria Bryan - PARIS PARIS Emirates, the Middle East''s largest airline, is seeing a return in demand on routes to the United States that it had started to retreat from in May, President Tim Clark said on Wednesday. Emirates announced in April it would cut flights on five U.S. routes from May, blaming travel restrictions imposed by President Donald Trump''s administration for softening demand. "The markets are coming back to us. I’m watching every day to see whether we can put back the Boston''s and Seattle''s because the seat factors are in the low 90s," Clark told reporters at the Paris Airshow, referring to an industry measure on the proportion of seats filled in planes. "I’m hoping that the trauma of a few months ago in March is starting to even out. I''m hoping we can get operations back to where they were." (Writing by Alexander Cornwell; Editing by Mark Potter)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-airshow-paris-emirates-idUKKBN19C0OA'|'2017-06-21T15:10:00.000+03:00'
'e23ad2693ca546be3a6ba1363dc837de6ded24ba'|'PRESS DIGEST- New York Times business news - June 21'|'June 21 The following are the top stories on the New York Times business pages. Reuters has not verified these stories and does not vouch for their accuracy.- Index provider MSCI Inc announced in New York that it would add domestic Chinese stocks to its influential emerging markets benchmark. nyti.ms/2sp1CsD- A draft of an executive order obtained by The Times appears to give the drug industry what it wants with no guarantee that consumer costs will fall. nyti.ms/2soRkZi- Despite Libya''s political instability, its production has grown to 885,000 barrels a day, undercutting OPEC''s efforts to shrink supplies worldwide. nyti.ms/2soja8c- Ford Motor Co, which canceled plans to build in Mexico under pressure from President Trump, will also invest in a Kentucky plant for SUVs. nyti.ms/2soNRdo- The criminal charges against the British bank Barclays Plc and four former executives take aim at how it avoided a government bailout during the financial crisis. nyti.ms/2sooPLo (Compiled by Bengaluru newsroom)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/press-digest-nyt-idUSL3N1JI1UY'|'2017-06-21T12:31:00.000+03:00'
'ba4444ddccfc5c718f3bcd191babe2e4fd3d0e5e'|'MOVES- KKR, StanChart, Metro Bank, Aviva'|'Market   9:42am EDT MOVES- KKR, StanChart, Metro Bank, Aviva June 21 The following financial services industry appointments were announced on Wednesday. To inform us of other job changes, email moves@thomsonreuters.com. KKR & CO LP The private equity firm has appointed Go Yamashita as head of KKR Capital Markets, its capital markets arm, in Japan. STANDARD CHARTERED PLC Standard Chartered has hired Axel Granger as managing director of its M&A division in Singapore. METRO BANK PLC The British bank said it appointed Monique Melis as an independent non-executive director to its board. RPMI RAILPEN The British investment manager for the Railways Pension Scheme said it appointed Paul Nathan as chief operating officer. AVIVA PLC Britain''s biggest life insurer said it appointed Maurice Tulloch as an executive director to its board. (Compiled by John Benny in Bengaluru) TREASURIES-Long bonds outperform on inflation concerns * Yield curve holds near flattest levels in decade * Fed speakers in focus this week * BoE''s Haldane takes hawkish tone on rate hikes By Karen Brettell NEW YORK, June 21 The U.S. Treasury yield curve held near 10-year lows on Wednesday as investors evaluated the impact of hawkish Federal Reserve policy on the economy at the same time inflation measures are deteriorating. New York Fed President William Dudley and Boston Fed President Eric Rosengren both took t UPDATE 1-Cigna''s 2017 growth may include Medicare Advantage acquisitions NEW YORK, June 21 Cigna Corp Chief Executive David Cordani told investors on Wednesday that the company has $7 billion to $14 billion in capital that it could use in 2017 for mergers and acquisitions in several areas, including Medicare Advantage for older people. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/financial-moves-idUSL3N1JI478'|'2017-06-21T21:42:00.000+03:00'
'203825109df6481208eae5783a702bd6ac352cfd'|'Japan Inc says shrinking domestic market, worker shortage are biggest headaches'|'Market News   7:00pm EDT Japan Inc says shrinking domestic market, worker shortage are biggest headaches * 40 pct for Japan firms say domestic demand is biggest headache * Labour shortage a close second, cited by 34 pct * Nearly half of Japan firms plan to expand capex over next 3 yrs * Few Japanese firms keen to boost China, U.S. investment By Tetsushi Kajimoto TOKYO, June 21 Japanese firms say shrinking domestic demand is their biggest worry over the next three years while labour shortages are a close second, a Reuters poll found, highlighting the difficulties of coping with a dwindling and rapidly ageing population. Japan''s demographic challenges have for decades hindered efforts by policymakers to engineer a sustained economic recovery as the country''s greying consumers, lacking confidence in the future, tend to scrimp and save rather than spend. Asked what was their biggest concern over the next three years, 40 percent of businesses cited the country''s shrinking market, the Reuters Corporate Survey showed. "The domestic market isn''t expanding and there''s nothing we can do about it," wrote a manager at an auto sector firm in the survey conducted June 2-15. But the problem of fewer customers is now being exacerbated by a lack of workers as population woes deepen, pressuring companies to raise wages and in some cases even cut back on services offered. Thirty-four percent of firms said the lack of workers was now their main concern. "We''re having trouble both in hiring new grads and with pulling in people mid-career, especially those with technical expertise," said a manager at a metals and machinery firm. Delivery firm Yamato Holding Co is one of many firms that has grabbed headlines recently, announcing in April it would cut delivery volumes and hike prices because it did not have enough workers. The country''s working-age population has dropped 11 percent since its peak in 1995 to 77.2 million in 2015 and is projected to tumble to 45.2 million by 2065. While most firms said they could secure sufficient staff over the next three years, 26 percent thought they wouldn''t be able to. By sector, IT services firms, transport as well as other services were the most pessimistic with 40-45 percent of companies worried they would be left short of employees. To secure sufficient labour, 48 percent said they would expand training and investment in human resources, a quarter saw wage hikes as a way to go, while 13 percent plan to hire foreign workers. Worries about domestic demand and the lack of workers far outstripped other corporate concerns. Trade stagnation due to protectionism only garnered 9 percent of the votes, while deflation, a state of falling prices that has long been the bete noire of Japanese authorities, gained just 5 percent. The survey, conducted monthly for Reuters by Nikkei Research, polled 526 big and mid-sized businesses, who reply on condition of anonymity. Between 200 and 240 companies answered questions on their three-year outlook. COOL ON CHINA CAPEX The poll also showed that 48 percent plan to expand domestic capital spending over the next three years, while 46 percent said they would keep it at current rates. The remaining 6 percent said they were taking a cautious stance. Those results underscore a firm, although not exactly robust, trend for Japan business investment - one that is being driven in part by the need for companies to invest in labour saving technology as they seek to offset the shortage of workers, said Hidenobu Tokuda, a senior economist at Mizuho Research Institute, who reviewed the survey results. Japanese companies were, however, much more cautious about boosting investment in their main overseas markets. Over the next three years, only 12 percent plan to boost capital spending in China and only 18 percent aim to do so in the United States. "We''ll reduce the weighting of China in our investment strategy. It''s easy to expand sales there given the size of China''s market, but it''s hard to raise profits due to regulations, licenses, high labour costs and opaque business practices," wrote a manager at an electrical machinery firm. The outlook for investment in the rest of Asia was somewhat brighter with 38 percent expecting to lift investment. (Reporting by Tetsushi Kajimoto; Additional reporting by Izumi Nakagawa; Editing by Malcolm Foster and Edwina Gibbs)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/japan-companies-outlook-idUSL3N1JA1L4'|'2017-06-21T07:00:00.000+03:00'
'e306797b576436c619a19f16cd78a0259712ab62'|'After MSCI verdict, still long wait for China''s full entry to global indexes'|'Top News   12:47pm BST After MSCI verdict, still long wait for China''s full entry to global indexes The MSCI logo is seen in this June 20, 2017 illustration photo. REUTERS/Thomas White/Illustration By Michelle Price - HONG KONG HONG KONG MSCI''s decision to add Chinese shares to a key benchmark is a major milestone, but investors say it will be a long and rocky road ahead before the might of the world''s second-largest economy is fully reflected in global indexes. The U.S. index provider said on Tuesday it would add 222 China-listed stocks to its Emerging Markets Index, tracked by around $1.6 trillion (1.27 trillion pounds), in what analysts and investors described as a gesture designed to end a four-year impasse with regulators over China''s remaining market controls. But they said it could still take as long as a decade for MSCI to include Chinese shares at the country''s full weighting, citing ongoing uncertainty over the pace of reform, the risk of regulatory shifts and weak corporate governance. "MSCI is at a crossroads. There has been a bit of a stand-off between MSCI and the Chinese regulators, with both parties keen for inclusion to happen - but there are still all these issues unresolved," said Douglas Morton, Head of Research Asia at Northern Trust Capital Markets. "The government does step in to support the market. From an international investor''s point of view, there are concerns that this is not a freely floated index," said Morton, noting Western governments were not immune to similar interventions. Although China has made strides with its liberalisation agenda, it has also proved willing to temporarily row-back on reforms at times of crisis. Beijing intervened heavily in the stock market during the 2015 crash, imposing a raft of capital controls only months before the International Monetary Fund made a decision to include the yuan in its basket of reserve currencies. MSCI has been in discussions with Chinese regulators and global investors for four years over whether to add yuan-denominated shares to the benchmark, but long excluded them because of restricted access to China''s equity markets. The company said it could add a selection of 222 large-cap stocks at a tiny weight of just 0.73 percent, because these shares can be easily traded through a Hong Kong-China "Connect" link. Increasing that weighting will require further market liberalisation, from allowing capital to flow more freely in and out of equities to addressing the high number of stocks that are suspended for long periods. LONG MARCH Sebastien Lieblich, global head of index management research at MSCI, said he could not provide an indicative timeline for full inclusion, or an initial weighting increase. "It''s really in the hands of the Chinese stakeholders, they are dictating the timing," he told reporters. Global investors Schroders, Robeco and Manulife asset management estimated full inclusion could take as long as a decade - longer than already protracted processes for South Korea and Taiwan. "I think it could take five to 10 years for China to be represented at half its total weight in the global indices. In terms of the uplift in inclusion factor, I''d be surprised if they make a following adjustment next year," said David MacKenzie, head of Asian Equity Management at Schroders. And China still has hearts and minds to win elsewhere. Despite MSCI''s move, Mark Makepeace, CEO of MSCI rival FTSE Russell, which compiles the other major emerging market benchmark, told Reuters that many investors continued to have reservations about the China market. "The obligations of China with respect to opening up to international investors in the event of inclusion need to be clear," he said in an interview. The China Securities Regulatory Commission, the country''s securities watchdog, said in a statement that inclusion was "both an opportunity and a challenge for reform" and that China would continue to try to internationalise its market while promoting stability at home. "A" share inclusion and an influx of institutional investors should help promote Beijing''s reform agenda over the long term, but investors worry the addition of the new shares, the bulk of which will be in China''s troubled financial and industrial sectors, also poses near-term risk. "In our experience, many Chinese A-share managements have yet to fully grasp the duties imposed by a listing, not to mention inclusion in a global index," said Gary Greenberg, head of emerging markets at Hermes Investment Management, in a note. "The ability to communicate with foreign investors, even in companies with worldwide operations, tends to be less than world class. For businesses with top line revenues that can top $15 billion, this should have been fixed by now." (Editing by Jacqueline Wong)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-msci-indexes-china-idUKKBN19C1FH'|'2017-06-21T19:13:00.000+03:00'
'53733678e2cb6be9cd9d6900bdae76894d759220'|'Boeing''s Conner bows out with $1.2 billion air show deal'|'PARIS Boeing ( BA.N ) Vice Chairman Ray Conner on Wednesday sealed his last air show deal before retiring, signing off with the conversion of ten orders to the new 737 MAX 10 model for Donghai Airlines in China, where near-record traffic growth is powering aviation.Conner signed the deal to add the Shenzhen-based airline to a list of launch customers for the new jet at the Paris Airshow, calling it "great to finish up this way" and expressing satisfaction that it was with an "all-Boeing customer."The deal for jets worth $1.2 billion was signed at an emotional ceremony at Boeing''s air show base as sales vice president Ihssane Mounir hailed a "very good friend, mentor and boss."Donghai Chairman Wong Cho-Bau said he was happy to sign Conner''s last deal but could not resist a final tweak of the negotiations, joking that he wanted "early delivery positions".He also said he was considering other purchases from Boeing to expand the group''s fleet.Conner, previously chief executive of Boeing''s planemaking division, is due to retire officially at the end of the year but will wind up most day-to-day activities after the show.Conner joined Boeing as a mechanic 40 years ago on the 727 assembly line, working his way up to become the company''s sales chief and then boss of the commercial planemaking division.He was replaced as head of Boeing Commercial Airplanes last November by former General Electric executive Kevin McAllister. [nL4N1DM4YT]Conner was credited with cementing a shift in the company''s strategy for single-aisle jets and focusing on market share.Six months into the job, he faced a four-month grounding of the 787 Dreamliner due to battery problems, from which Boeing emerged without losing any customers but with wounded pride, and set about stabilizing production of the new high-tech jet.But he clashed with unions over employment and efforts to make Boeing more competitive against Europe''s Airbus.His departure marks a turning point coinciding with the planned retirement later this year of Airbus sales chief John Leahy, another industry veteran who went head to head with Conner in pursuit of deals worth tens of billions of dollars."Ray is the best salesman I have ever known at Boeing and a friend," Philippe Petitcolin, chief executive of engine supplier Safran ( SAF.PA ), told Reuters.(Reporting by Tim Hepher, Giulia Segreti; Editing by Mark Potter and Jane Merriman)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-airshow-paris-boeing-donghai-idINKBN19C2H8'|'2017-06-21T15:49:00.000+03:00'
'fcd232d8c2a25c915a30de458a87e1ba0b6bafd3'|'Cigna''s 2017 growth may include Medicare Advantage acquisitions'|'By Caroline Humer - NEW YORK NEW YORK Cigna Corp ( CI.N ) Chief Executive David Cordani told investors on Wednesday that the company has $7 billion to $14 billion in capital it could use in 2017 for mergers and acquisitions in several areas, including Medicare Advantage for older people.Cordani, speaking during the company''s first meeting with investors since its deal to be bought by Anthem Inc ( ANTM.N ) officially broke off last month, also said the company would do at least $2 billion in share buybacks this year and set a target of $16 in earnings per share for 2021.He said M&A areas that the No. 5 health insurer is considering also include growing internationally and building out its pharmacy and physician-related businesses, its retail capabilities and its government risk-based insurance programs.Cigna has a pharmacy management business that it is looking to expand both internally and through acquisitions, Cordani said.But the most attention regarding Cigna''s M&A prospects on Wednesday was around rival Humana Inc ( HUM.N ), where Medicare Advantage accounts for two-thirds of revenue.Several Wall Street analysts have recently written research notes about the merits of Cigna buying Humana, a deal they said had been under consideration before the Anthem deal was made two years ago.When an investor asked if Cigna was as interested now in building its Medicare Advantage business as it was two years ago, Cordani confirmed that was the case.In an interview, Cordani declined to discuss the possibility that the company is interested in buying Humana or give a size or timing for any acquisitions."We tend not to get too fixated on the headlines," Cordani said. The company considers deals based on if they create value for shareholders and moves ahead if they do, he said.Shares of Cigna were up 0.2 percent and Humana gained 1.2 percent in afternoon trading.OBAMACARE INDIVIDUAL MARKETSCordani said Cigna has filed premium rates to stay in the same seven states where it now offers Obamacare individual plans for 2018, but that the company is waiting to make a final decision about its participation.Republicans and U.S. President Donald Trump have pledged to repeal the Affordable Care Act, also known as Obamacare. Insurers deciding about participation must submit rates to HealthCare.gov by the end of Wednesday, but can withdraw as late as September.Cigna''s decision depends on new government rules or regulations for insurance or legislation, including whether the government will continue to fund the cost-sharing subsidies that affect individuals'' out-of-pocket payments, it said.(Reporting by Caroline Humer; Editing by Nick Zieminski and Meredith Mazzilli)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-cigna-investors-idINKBN19C2NS'|'2017-06-21T16:57:00.000+03:00'
'38c54316d36ab03f6d9bc17a0612cb5ca0ba76ed'|'TREASURIES-Yield curve flattens on bullish Fed, falling inflation'|'(Adds oil price drop, CPI data; Updates prices) * Yield curve flattest level since Dec 2007 * Thirty-year bond yields lowest since November * Fed speakers in focus this week By Karen Brettell NEW YORK, June 21 The U.S. Treasury yield curve flattened to almost 10-year lows on Wednesday as investors evaluated the impact of hawkish Federal Reserve policy on the economy even as inflation measures are deteriorating. New York Fed President William Dudley and Boston Fed President Eric Rosengren both took the view this week that keeping interest rates low may pose risks to the economy. “I think the market may be pricing in a little higher odds of another rate hike before the end of the year, and that is helping drive some of the flattening,” said Gennadiy Goldberg, an interest rate strategist at TD Securities in New York. Five-year note yields , which are highly sensitive to rate policy, rose to a four-week high of 1.80 percent on Tuesday. They last traded at 1.77 percent. Meanwhile, thirty-year bond yields , which are largely driven by future expectations of growth and inflation, dropped to 2.72 percent on Wednesday, the lowest since Nov. 9. The yield curve between five-year notes and 30-year bonds flattened to 95 basis points, the narrowest since December 2007. Long bonds have been supported by inflation concerns, since data last Wednesday showed that the so-called core Consumer Price Index (CPI), which strips out food and energy costs, increased 1.7 percent year-on-year in May, the smallest rise since May 2015. Oil prices fell about 3 percent to a 10-month low in heavy trading on Wednesday, as nagging fears about a global glut fed a selloff that was interrupted briefly by news of a larger-than-expected drop in U.S. inventories. With no major economic data due this week investors are focused on Fed speakers. Federal Reserve Board Governor Jerome Powell will speak on Thursday and Friday. St. Louis Fed President James Bullard and Cleveland Fed President Loretta Mester will speak on Friday. (Editing by Meredith Mazzilli and Bernadette Baum) )'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/usa-bonds-idINL1N1JI1MO'|'2017-06-21T17:34:00.000+03:00'
'27a5a0def73d2741af305fdec251f55aefd4243b'|'NBC''s NY television reporter Gabe Pressman dies at 93'|'U.S. - Fri Jun 23, 2017 - 12:03pm EDT NBC''s NY television reporter Gabe Pressman dies at 93 By Gabriella Borter Gabe Pressman, a veteran reporter for NBC''s New York television affiliate and a pioneer of broadcast journalism who worked in the medium for more than 60 years, died at the age of 93, WNBC said on Friday. Credited as New York''s first television journalist, Pressman started his career as a newspaper reporter, moved into radio and arrived at WNBC-TV in New York in 1956, the station said. Over the course of his career, he covered some of the biggest events in modern American history, including President John F. Kennedy''s assassination, Woodstock and the American Civil Rights movement. He won 11 Emmy awards for excellence in television broadcasting, according to NBC. "He was truly one of a kind and represented the very best in television news reporting," said WNBC President Eric Lerner. "Gabe was still coming to work and thinking about the next story. He was a treasured colleague and friend to all of us and he will be missed." Pressman was "a tenacious seeker of truth" who fought "ferociously for journalists'' rights" and tirelessly defended the Constitution''s First Amendment guarantee of the right to free speech, said Steve Scott, president of the New York Press Club. Pressman held that post from 1997 to 2000. Born and raised in New York, Pressman served as a combat naval officer in World War Two and graduated from New York University and the Columbia School of Journalism. In his last years of reporting, Pressman ran a series of profiles of New York City neighborhoods for NBC News 4 New York. Mayor Bill de Blasio, in a tweet, called Pressman "a New York City treasure" who mentored "countless reporters." Pressman is survived by his wife, four children and eight grandchildren. (Editing by Frank McGurty and Dan Grebler) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-people-pressman-idUSKBN19E1VW'|'2017-06-24T00:00:00.000+03:00'
'7d03799e6527089ff97f60d51b46ffee2c0df360'|'Google to stop scanning Gmail for creating targeted ads'|'Company News  32pm EDT Google to stop scanning Gmail for creating targeted ads June 23 Alphabet Inc''s Google said on Friday it would stop scanning Gmail content for creating personalized ads from later this year, bringing the widely-used email service in line with its enterprise offering, G Suite. The decision was outlined in a blog post by Google cloud computing chief Diane Greene, who joined the company in 2015 and has been responsible for the rapid growth of Google''s cloud business. Google''s practice of analyzing incoming and outgoing emails of its free consumer Gmail users has been criticized on privacy concerns. Google''s G Suite business bundle have been gaining more enterprise users in the past year, with more than 3 million companies paying for the G Suite service, the company said. ( bit.ly/2t3zXPA ) Gmail has more than 1.2 billion users worldwide. (Reporting by Laharee Chatterjee; Editing by Arun Koyyur)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/alphabet-gmail-idUSL3N1JK4KR'|'2017-06-24T03:32:00.000+03:00'
'e050e6a71fae843a4962830be5fc8cbf6180fb80'|'Oil creeps up from 10-month low, down nearly 4 percent on week'|'Business News - Fri Jun 23, 2017 - 7:04pm BST Oil creeps up from 10-month low, down nearly 4 percent on week By Scott DiSavino - NEW YORK NEW YORK Oil futures edged higher on Friday with a lift from a weaker dollar but remained down for a fifth week in a row and close to a 10-month low as OPEC-led production cuts have failed to substantially reduce a global crude glut. Brent futures LCOc1 were up 15 cents, or 0.3 percent, at $45.37 a barrel by 1:48 p.m. EDT (1748 GMT). U.S. West Texas Intermediate crude (WTI) CLc1 was up 11 cents, or 0.3 percent, at $42.85 per barrel. Prices pared earlier gains after oil services firm Baker Hughes Inc ( BHI.N ) released its widely followed report showing U.S. drillers added 11 oil rigs this week, the biggest increase in three weeks. "The higher rig count this week reflects decisions made a couple of months ago when oil prices were higher," said James Williams, president of WTRG Economics in Arkansas, noting he expects the current low prices to cause the count to fall in some weeks over the next month or two. Both Brent and WTI were on track to decline for a fifth week in a row, which would be the longest slumps for the front-month contracts since August 2015. The U.S. dollar .DXY was down 0.3 percent against a basket of currencies, on track for its biggest daily percentage decline since early June after weaker-than-expected U.S. economic data. This boosted greenback-denominated oil. Still, oil prices remain down about 20 percent this year despite an effort led by the Organization of the Petroleum Exporting Countries to cut production 1.8 million barrels per day (bpd). That puts the market on course for its biggest first-half percentage fall since the late 1990s, when rising output and the Asian financial crisis led to sharp losses. "We doubt that demand growth will accelerate sufficiently to break the current downward price momentum," analysts at Bank of America Merrill Lynch said in a note on Friday, citing surprisingly weak recent economic data in the United States, China and Asia. OPEC-led efforts to reduce production and end the oil glut have been frustrated by soaring output from the United States and OPEC members Libya and Nigeria, which are exempt from the cuts. Thanks to shale drillers, U.S. oil production C-OUT-T-EIA has risen more than 10 percent in the past year to 9.35 million bpd, close to the level of top exporter Saudi Arabia. "Rising U.S. output continues to stress markets, with increasing evidence that improved efficiency and technology makes many of the shale plays profitable below $40 a barrel," analysts at Cenkos Securities wrote. (Additional reporting by Karolin Schaps in London and Henning Gloystein in Singapore; Editing by Marguerita Choy and David Gregorio) A diesel oil pump is seen at a bus terminal in Vienna, Austria May 31, 2017. REUTERS/Heinz-Peter Bader'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-global-oil-idUKKBN19E06R'|'2017-06-24T02:03:00.000+03:00'
'cffc3e8cd1199a14f777f2afe3addcbf1f41093c'|'Stock futures little changed as oil prices edge up'|' 13pm EDT Tech, energy shares lift Wall Street   shortly after the opening bell   22, 2017. REUTERS/Lucas Jackson NEW YORK Wall Street ended higher on Friday as gains in tech and energy stocks more than offset weakness in the financial sector, while a slide in Home Depot kept the Dow in check. The   For the week, the Dow added 0.05 percent, the S&P rose 0.21 percent and the Nasdaq gained 1.84 percent. (Reporting by Sinead Carew; Editing by Nick Zieminski)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-usa-stocks-idUSKBN19E1AN'|'2017-06-23T19:38:00.000+03:00'
'08f1c4d76128bba8758a2c23a18ae60985d2bc06'|'Wall St Week Ahead-Oil''s drop could leave a stain on earnings'|'Business News  23pm EDT Oil''s drop could leave a stain on earnings Traders work on the floor of the New York Stock Exchange shortly after the opening bell in New York, U.S., June 22, 2017. REUTERS/Lucas Jackson By Caroline Valetkevitch and Rodrigo Campos - NEW YORK NEW YORK Heading into second-quarter earnings season, investors are looking for a continuation of strong U.S. company results to justify high stock valuations, now trading near their loftiest levels since 2004. However, drilling a hole into that hopeful scenario is the current bear market in oil prices and an economy showing signs of growth below the pace expected earlier in the year. "A lot of the expectation for a recovery in earnings is predicated on oil prices being around $47-$50 a barrel," said Hugh Johnson, chief investment officer of Hugh Johnson Advisors LLC in Albany, New York. "So if you don''t get those numbers, you don''t get the strong earnings the stock market needs. This is not trivial stuff. It creates a lot of uncertainty and volatility in forecasts." U.S. crude futures CLc1 have been pressured lower by a supply glut. They''ve averaged over $48 per barrel so far this quarter, but traded around $43 on Friday and are down more than 20 percent from February, when they hit an 18-month high. U.S. stocks are in the ninth year of a bull run which has been fueled of late by bets on pro-growth policies from U.S. President Donald Trump. However, with the timetable for reforms stretching further into the future, earnings are seen as a critical support for stock prices. With indexes near record highs, there is speculation among Wall Street analysts about whether a correction is due. Earnings expectations have dropped for 10 of 11 industry groups since early April, with only industrials looking better than they did then. The benchmark S&P 500 stock index as a whole is expected to deliver 7.9 percent profit growth, down from 15.3 percent in the first quarter, and below the 10.2 percent forecast in April, Thomson Reuters data shows. On Thursday, Nike ( NKE.N ) will be the first Dow component to report earnings for the most recent quarter. The season heats up in the second week of July. Technology earnings are seen posting double-digit growth, helped by gains in semiconductor companies, and financials are close behind with estimated 8.1-percent profit growth. While lower energy prices can help some sectors such as industrials and transports, as well as boosting consumer sentiment, high expectations for energy earnings growth mean any stumble will be felt broadly. Energy sector profits are seen up a whopping 683 percent from a year ago, when many companies posted losses, according to Thomson Reuters data. Without energy, profit growth estimates drop to 4.8 percent for the quarter. Expectations for the sector will probably have to come down for the second half of the year if low oil prices persist, said David Joy, chief market strategist at Ameriprise Financial in Boston. "The one wild card right now is the price of oil. Expectations that are baked into full-year forecasts assume a higher price for oil certainly than we have now," he said. Energy has been the weakest performing sector so far this year, with the S&P energy index .SPNY down near 15 percent. OVER-OPTIMISTIC FORECASTS? The drop in oil prices notwithstanding, some analysts have cautioned that Wall Street has been too optimistic about overall earnings. Michael Purves, chief global strategist at Weeden & Co, cut his 2017 S&P 500 earnings estimates from $127 to $116, below the $131.51 consensus, as economic growth and inflation are not as high as expected. "I''m looking for CEOs to start taking down their forecasts for the year," Purves said. In fact, the Citigroup U.S. economic surprise index .CESIUSD, a gauge of economic data compared to expectations, this month fell near a six-year low. An Atlanta Federal Reserve model recently forecast second-quarter economic growth coming in at a 2.9-percent annualized pace, down from a previous 3.2 percent. Another hurdle for earnings growth: declining corporate buybacks. "Over the past two years, more than 20 percent of S&P 500 issues have given at least a 4 percent tailwind for (earnings per share) via reduced share counts," Howard Silverblatt, senior index analyst at S&P Dow Jones Indices, said in a note. For the first quarter of 2017, that rate fell to 14.8 percent of companies, and there are indications of "even less support" in the second quarter, he said. (Additional reporting and editing by Megan Davies; Editing by Daniel Bases and Nick Zieminski)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-usa-stocks-weekahead-idUSKBN19E219'|'2017-06-24T01:00:00.000+03:00'
'362ef060f024066c767c8205708448710abdd3d7'|'Oil edges up, but set for worst first half performance in 20 years'|'Business News - Fri Jun 23, 2017 - 6:35am BST Oil edges up, but still set for worst first half performance in 20 years FILE PHOTO: An employee pumps petrol into a car at a petrol station in Hanoi, Vietnam December 20, 2016. REUTERS/Kham/File Photo By Henning Gloystein - SINGAPORE SINGAPORE Oil edged up on Friday, recovering some of the steep falls earlier in the week, but crude is still set for the worst first-half decline in two decades despite ongoing production cuts. Brent crude futures were at $45.39 per barrel at 0501 GMT, up 17 cents, or 0.4 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures were up 17 cents, or 0.4 percent, at $42.91 per barrel. Oil prices have fallen about 20 percent this year despite an effort led by the Organization of the Petroleum Exporting Countries (OPEC) to cut production by 1.8 million barrels per day (bpd) that has been in place since January. That''s the worst first-half performance for crude oil since 1997, when rising output and the Asian financial crisis led to sharp price falls. The weak markets are a result of doubts over OPEC''s ability to rein in a fuel supply overhang that has dogged markets since 2014 as production has largely outpaced consumption. "Markets remain sceptical of OPEC''s ability to balance supplies," ANZ bank said on Friday. At the heart of the glut is that recent efforts to reduce production from the traditional suppliers of OPEC and Russia has been met by soaring output from the United States. Thanks largely to shale drillers, U.S. oil production has risen by more than 10 percent over the last year to 9.35 million bpd, close to the level of top exporter Saudi Arabia. Excess production has left storage tanks around the world bloated. "Inventories through April are up 80m (million barrels) since the beginning of the year, raising market concerns about the efficacy of OPEC market management," U.S. investment bank Jefferies said. "We remain of the view that inventories will draw by 1.5 million bpd in the second half (of 2017), but empirical evidence of this is likely necessary for oil prices to inflect into an upward trend," it added. (Reporting by Henning Gloystein; Editing by Richard Pullin and Christian Schmollinger) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-global-oil-idUKKBN19E06P'|'2017-06-23T10:35:00.000+03:00'
'8deef2f4d209a4e7706f1856ba8a53f4bd3a56c3'|'UPDATE 1-BlackRock says investors will benefit from MSCI nod on China stocks'|'(Adds BlackRock statement on Argentina, Saudi Arabia)By Trevor HunnicuttNEW YORK, June 20 BlackRock Inc, the world''s largest asset manager, on Tuesday endorsed the decision by U.S. index provider MSCI to add mainland Chinese stocks to one of its key benchmarks."We believe our clients will benefit from today''s decision to bring Chinese equities into mainstream investment," Ryan Stork, the company''s chairman for Asia-Pacific in Hong Kong and one of its most senior executives, said in an emailed statement."BlackRock has continued to support all opening of investment in China''s onshore capital markets for a number of years."MSCI said it planned to add 222 Chinese stocks – which will have an initial weighting in the index of just 0.73 percent.The full inclusion of domestic Chinese stocks in the widely tracked MSCI Emerging Markets Index could eventually pull more than $400 billion of funds from asset managers, pension funds and insurers into mainland China''s equity markets over the next decade, according to analysts.BlackRock manages $5.4 trillion in assets and is a major MSCI client.MSCI also said it would not yet upgrade Argentina from the frontier market category where it has languished in recent years, and launched a review of its classification of Saudi Arabian markets.BlackRock portfolio manager Emily Fletcher said that Argentina has significant growth prospects and that "the government has made good progress in dismantling the protectionist structures of the economy."Fletcher said in a statement that the Saudi Arabia review is "an endorsement of the positive Saudi Arabian stock market reforms" opening that market to more foreign investment. (Reporting by Trevor Hunnicutt; Editing by Dan Grebler and Jonathan Oatis)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/msci-index-blackrock-idUSL1N1JH23F'|'2017-06-21T06:30:00.000+03:00'
'285aa1f291a79068866d51bc827ed90f9cc80d95'|'CANADA STOCKS-TSX flat shortly after open as banks offset materials'|'Market   9:47am EDT CANADA STOCKS-TSX flat shortly after open as banks offset materials TORONTO, June 21 Canada''s main stock index was little changed on Wednesday, as bank stock declines offset gains in mining shares. The Toronto Stock Exchange''s S&P/TSX composite index was off 1.33 points, at 15,148.27, see-sawing between positive and negative territory in early trading. Four of the index''s 10 main groups were in positive territory. (Reporting by Solarina Ho; Editing by Chizu Nomiyama)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/canada-stocks-open-idUSL1N1JI0MH'|'2017-06-21T21:47:00.000+03:00'
'd5071f09d8be900d342794320da41fbd9f37a83c'|'Japan government raises economic view, says moderate recovery intact'|'TOKYO Japan''s government on Thursday raised its overall view of the economy for the first time in six months, reflecting a gradual pick-up in private consumption and underscoring its confidence that an export-led recovery is broadening.The government also raised its view of private consumption - which has been a weak link in the economy - saying that it is picking up gradually.A government official said a pick-up will be sustained on the back of the improving job market and household incomes, which prompted the upgrade of the overall assessment.The upgrade came after the Bank of Japan (BOJ) on Friday raised its assessment on private consumption for the first time in six months, describing it as increasingly resilient."The economy is experiencing a moderate recovery," the Cabinet Office said in its monthly economic report for June.It dropped a previous reference to delayed improvement in some areas, namely consumer spending, from the overall assessment, which is the first upgrade since December.The BOJ has a slightly rosier view on the economy, which it said has been turning toward a moderate expansion.An official in the Cabinet Office said the underlying economic recovery was not strong enough to be described as expansion.The Cabinet Office, which helps coordinate economic policy, raised its view on capital spending - needed for a sustainable economic recovery - for the first time in four months.Brisk car output and overseas demand for smartphones and IT goods are underpinning capital spending, the official said."Business investment is picking up," the Cabinet Office said in the monthly report.The office also raised its assessment on housing construction and public investment. It left unchanged its assessment that exports and output are picking up.Japan''s economy grew for a fifth consecutive quarter in January-March, led by exports, although wage growth and household spending remain stubbornly weak despite a tightening job market.The economy is expected to recover moderately, the Cabinet Office said, while sticking to its cautious view on the uncertain global economic outlook and financial market swings.(Reporting by Tetsushi Kajimoto; Editing by Richard Borsuk)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/japan-economy-report-idINKBN19D0QC'|'2017-06-22T16:14:00.000+03:00'
'ae5471512615e4d9fe3de16fe3e6b62a9568cb79'|'REFILE-UPDATE 1-Cable operator Altice USA raises $1.9 bln in IPO'|'(Fixes syntax in first sentence, no further changes to text)By Lauren Hirsch and Liana B. BakerJune 21 Altice USA Inc, the cable operator that Netherlands-based Altice NV formed by acquiring Cablevision and Suddenlink Communications, said on Wednesday it had raised $1.9 billion in an initial public offering.Taking Altice USA public will give Altice''s founder, French billionaire Patrick Drahi, traded shares in the company which he can then use as currency in new acquisitions in order to expand what is already the fourth-biggest U.S. cable provider.Altice USA priced 63.9 million shares at $30, within its indicated price range of $27 to $31, making it this year''s second largest U.S. IPO and giving the company a market capitalization of approximately $22 billion.There has only been one IPO of a U.S. cable company in the last five years, WideOpenWest Inc, which last month raised about $310 million in an IPO, pricing below its expected range.Most sizeable cable companies are already public. Those that are not often seek scale by being acquired rather than going public. Last month, private equity firm TPG Global LLC said it would buy Wave Broadband for $2.37 billion, to combine it with its existing investments, RCN Telecom Services LLC and Grande Communications Networks.A wave of dealmaking has swept the U.S. cable sector over the past few years, as consumers have dropped cable-providers in favor of internet streaming, forcing many companies in the sector to slash prices as they compete for subscribers.Some analysts have said that Altice USA could harbor ambitions to one day take on large acquisition targets such as Charter Communications Inc and privately held Cox Communications.Altice USA, which operates in 21 states, had $9.2 billion in pro forma annual revenue in 2016. It has said it plans to use IPO proceeds to pay down some of its roughly $21 billion in debt.Altice USA''s parent is a European and Israeli telecoms and cable empire that Drahi has built through debt-heavy acquisitions. It will hold 70.3 percent of Altice USA''s shares and 98.3 percent of the voting rights in the company thanks to a separate bundle of stock.Private equity firm BC Partners Ltd and Canada Pension Plan Investment Board, two pre-existing minority investors in Altice USA, will jointly own a minority stake in the company.JPMorgan Chase & Co, Morgan Stanley, Citigroup Inc and Goldman Sachs Group Inc are joint bookrunners on the IPO.Altice USA will list on Thursday on the New York Stock Exchange under the ticker ''ATUS''. (Reporting by Lauren Hirsch in New York and Liana B. Baker in San Francisco; Editing by Chris Reese and Lisa Shumaker)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/altice-usa-ipo-idINL1N1JI216'|'2017-06-21T20:32:00.000+03:00'
'e5010f8cf23affea2aab532a74e2803b4d7aa9ba'|'Sycamore Partners close to deal to acquire Staples - sources'|'By Greg Roumeliotis and Lauren Hirsch Private equity firm Sycamore Partners is in advanced talks to acquire Staples Inc following an auction for the U.S. office supplies retailer, people familiar with the matter said on Wednesday, in a deal that could top $6 billion.The acquisition would come a year after a U.S. federal judge thwarted a merger between Staples and peer Office Depot Inc on antitrust grounds.It would represent a bet by Sycamore that Staples could more quickly shift its business model from serving consumers to catering to companies if it were to go private.Sycamore is in the process of finalizing a debt financing package for its bid for Staples after it prevailed over another private equity firm, Cerberus Capital Management, three sources said.An agreement could be announced as early as next week, though negotiations between Sycamore and Staples are continuing and there is still a possibility that deal discussions could fall apart, the sources added.The sources asked not to be identified because the negotiations are confidential. Framingham, Massachusetts-based Staples and New York-based Sycamore declined to comment. Cerberus, which is also based in New York, did not immediately respond to a request for comment.Staples, which made its name selling paper, pens and other supplies in retail stores, reported a smaller-than-expected fall in first-quarter comparable sales last month, while its profit met analyst estimates, helped by a growth in demand for facilities, breakroom supplies and technology solutions.Staples has 1,255 stores in the United States and 304 in Canada. It has the largest market share of office supply stores in the United States at 48 percent, and its share has increased since 2011, according to Euromonitor.Private-equity acquisitions of retailers have become increasingly rare, as the investment firms worry about increasing headwinds facing the industry and their portfolio companies struggle with the debt burden left behind from leveraged buyouts. Retail deals comprised the smallest share of mergers and acquisitions in the first quarter of the year, according to Thomson Reuters data.A number of private equity-backed retailers, from Sports Authority Inc to Payless ShoeSource Inc, have filed for bankruptcy in the last two years.Sycamore, however, specializes in retail investments and has been more bullish on the sector. Its previous investments include regional department store operator Belk Inc, discount general merchandise retailer Dollar Express and mall and web-based specialty retailer Hot Topic.(Reporting by Greg Roumeliotis and Lauren Hirsch in New York; Editing by Lisa Shumaker)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/staples-m-a-sycamorepartners-idINKBN19D07M'|'2017-06-22T01:05:00.000+03:00'
'8b81593876d3cdf4973c6091a7dd7e72686f01ab'|'Toshiba shares slip as it gears up for chip unit sale'|'Technology News - Thu Jun 22, 2017 - 1:42am BST Toshiba shares slip as it gears up for chip unit sale The logo of Toshiba Corp is seen behind cherry blossoms at the company''s headquarters in Tokyo, Japan April 11, 2017. REUTERS/Toru Hanai TOKYO Shares of Toshiba Corp ( 6502.T ) skidded on Thursday, as the company aims to seal a deal worth some $18 billion by next week for the sale of its chip business needed to cover massive losses. Toshiba shares were down 1.6 percent in early trading at 318 yen after dropping as low as 313.2 yen earlier. Toshiba has chosen a consortium of Bain Capital and Japanese government investors as the preferred bidder. The Nikkei reported that the consortium would propose to have Innovation Network Corp of Japan buy 50.1 percent of Toshiba memory''s common stock. (Reporting by Tokyo markets team; Editing by Chang-Ran Kim) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-toshiba-accounting-stocks-idUKKBN19D011'|'2017-06-22T08:22:00.000+03:00'
'e5222f5eb49a7058d049ae3f9a3803c503a363cf'|'Diageo to buy George Clooney''s tequila brand Casamigos for up to $1 billion'|' 46am BST Diageo to buy George Clooney''s tequila brand Casamigos for up to $1 billion left right Actor George Clooney holds his trophy during a photocall after receiving an Honorary Cesar Award at the 42nd Cesar Awards ceremony in Paris, France, February 24, 2017. REUTERS/Gonzalo Fuentes 1/2 left right A sign is seen at the headquarters of Diageo in London, August 27, 2009. REUTERS/Toby Melville 2/2 By Martinne Geller - LONDON LONDON Diageo Plc ( DGE.L ) has agreed to buy George Clooney''s high-end tequila brand Casamigos in a deal valuing it at up to $1 billion (£789 million), as the world''s largest spirits maker seeks to boost its presence in a high-growth market. Diageo said on Wednesday it would pay $700 million initially for the company, co-founded by the American actor, with potential payment of a further $300 million linked to performance over 10 years. The deal comes two weeks after Pernod Ricard ( PERP.PA ) took a stake in mezcal maker Del Maguey, and highlights the opportunity companies see in Mexico''s native spirits. A new spate of high-end tequilas has helped the drink transcend its traditional image as a party beverage for young drinkers. Its sales rose 5.2 percent globally last year, according to data tracker IWSR, outperforming a spirits industry that edged up only 0.3 percent. Casamigos, which means "house of friends," was founded in 2013 by Clooney and his friends - nightlife entrepreneur Rande Gerber, who is married to model Cindy Crawford, and real estate developer Mike Meldman. They will continue to promote the brand. Diageo, which has arrangements with other celebrities including David Beckham and Sean Combs, said Casamigos will be neutral to earnings for the first three years and add to earnings thereafter. The brand sold 120,000 9-litre cases in 2016, primarily in the United States, and is on track to reach over 170,000 by the end of the year. Diageo said expanding the brand to Europe would be a source of future growth. The company did not provide revenue or earnings figures for the business. Its North American president, Deirdre Mahlan, told reporters that companies like Casamigos, which are growing fast with lots of room ahead, were "notoriously challenging to value under traditional methods". When asked about rising tensions between Mexico and the United States, Mahlan said she did not anticipate any barriers that would stop Diageo from continuing to grow its business. Diageo''s other tequila brands include Don Julio, DeLeon and Peligroso. It distributed Jose Cuervo outside of Mexico until 2012, following its failure to strike a deal to buy it outright from the brand''s founding family. The Casamigos deal is expected to close in second half of the year. (Reporting by Martinne Geller; Editing by Elaine Hardcastle and Edmund Blair)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-diageo-m-a-casamigos-idUKKBN19C29M'|'2017-06-22T03:37:00.000+03:00'
'ef2c225966d5df458db4d4785f6c70fe829d27da'|'Asian stocks climb as oil crawls up from 10-month low'|'Top News - Thu Jun 22, 2017 - 12:29pm BST Global stock markets stumble as oil languishes near lows Traders work at their desks in front of the German share price index, DAX board, at the stock exchange in Frankfurt, Germany, March 1, 2017. REUTERS/Ralph Orlowski By Dhara Ranasinghe - LONDON LONDON European stocks fell for a third straight day on Thursday, as oil prices kept within sight of the seven-month lows reached overnight on worries about a supply glut and falling demand. Britain''s FTSE 100 .FTSE and France''s CAC 40 .FCHI slipped 0.4 percent each. Germany''s benchmark stock index DAX .GDAXI pared earlier losses but remained in negative territory. Trading in U.S. stock futures suggested Wall Street shares would open flat to a touch weaker ESc1 1YMc1. "Most of the weakness in equity markets is related to the energy sector, and that''s due to the massive weakness we''ve seen in oil, which is now trading in bear territory," said Naeem Aslam, the chief market analyst at ThinkMarkets in London. "In oil markets, however, we are at levels where you would see bargain hunters come back into the market." In fact, oil prices edged higher as the European session continued but remained within sight of lows hit on Wednesday. [O/R] Global benchmark Brent LCOc1 was up 0.6 percent at around $45.08 but not far off Wednesday''s seven-month low of $44.35. U.S. crude futures CLc1 were 0.4 percent firmer at $42.67 a barrel. They closed down 1.6 percent on Wednesday after touching their lowest level since August. Since peaking in late February, crude has dropped around 20 percent, with only brief rallies, completely erasing gains at the end of the year after the initial OPEC-led production cut. Oil''s decline has hurt energy stocks and curbed investor expectations for higher inflation that would pave the way for tighter monetary policies among major central banks. "As far as the market mentality is concerned, as long as the oil price keeps weakening, this is going to tell us something about the underlying capacity of the global economy to generate inflation on a sustained basis," said Chris Scicluna, head of economic research at Daiwa Capital Markets. Earlier in Asia, MSCI''s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS climbed 0.6 percent. But Japan''s Nikkei .N225 ended a touch lower as a stronger yen and a plunge in the shares of auto air-bag maker Takata Corp took a toll on sentiment. Excitement after MSCI included mainland Chinese shares in its emerging market indexes this week further boosted China''s stock market. The blue-chip CSI300 index .CSI300 rose to its highest level in one and a half years. Subdued inflation and concerns about the outlook for world growth when the U.S. Federal Reserve is raising interest rates have led to a flattening in bond yield curves. The gap between yields on U.S. five-year notes and 30-year bonds US5US30=TWEB narrowed to 95 basis points, holding near its smallest since December 2007. A flattening yield curve is often viewed as a negative economic indicator. It shows concern about the future pace of growth and inflation, because buyers of long-dated debt would demand higher yields if they expected higher costs. In currency markets, the New Zealand dollar NZD= gained 0.5 percent to $0.7257 after the central bank held official cash rates at record lows but sounded less dovish than bears in the market had wagered on. The U.S. dollar dipped 0.1 percent to 111.26 yen JPY=D4 . The dollar index .DXY, which measures the U.S. currency against a basket of six other major currencies, was roughly flat at 97.53, down from a one-month high of 97.871 set on Tuesday. The euro EUR=EBS was also flat at $1.1164, after Wednesday''s 0.3 percent gain. In emerging markets, Saudi Arabia grabbed the spotlight. Saudi Arabian stocks .TASI rose more than 1 percent, heading for their biggest weekly gain in six years, after the promotion of a reformist Prince Mohammed to the role of crown prince and the prospect of inclusion in MSCI''s equity index. (Additional reporting by Nichola Saminather in Singapore; Editing by Larry King) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-global-markets-idUKKBN19D02I'|'2017-06-22T08:43:00.000+03:00'
'ff4333b6528533eb49e2e933d7e966b2e49b99fe'|'Traders test OPEC ''whatever it takes'' resolve to defend oil price'|'Business News - Thu Jun 22, 2017 - 3:00pm BST Traders test OPEC ''whatever it takes'' resolve to defend oil price FILE PHOTO: OPEC President Saudi Arabia''s Energy Minister Khalid al-Falih talks to journalists before the beginning of a meeting of the Organization of the Petroleum Exporting Countries (OPEC) in Vienna, Austria, May 25, 2017. REUTERS/Leonhard Foeger/File Photo By Henning Gloystein and Dmitry Zhdannikov - SINGAPORE/LONDON SINGAPORE/LONDON When OPEC leader Saudi Arabia pledged in May to do "whatever it takes" to defend world oil prices, it didn''t expect the market to be testing its resolve just one month later. As the Organization of the Petroleum Exporting Countries extended oil production cuts, oil prices fell 18 percent in just 20 days. OPEC members appear determined not to rush into deeper output curbs despite market pressure. Oil traders have chosen to ignore bullish news for prices - including a long-awaited decline in U.S. oil stocks on Wednesday - and focused instead on negative factors such as a stubborn global glut. [O/R] As a result, the oil market posted its worst performance in the first six months in two decades effectively signaling its refusal to accept the effectiveness of the OPEC statement and its desire for further production cuts. The "whatever it takes" pledge was made by Saudi Energy Minister Khalid al Falih at a meeting in Kuala Lumpur in early May, echoing a promise by European central banker Mario Draghi five years ago during his successful fight to defend the euro. "You cannot fight the Federal Reserve but you can fight OPEC," said Bob McNally, President of the Rapidan Group, a Washington-based energy market and policy consultant. "Somebody at OPEC has to cut further but no one is willing." The oil price decline and Saudi''s ability to defend prices also puts in the spotlight Saudi Arabia''s future king, 31-year-old Prince Mohammed bin Salman, who on Wednesday was made next in line to the throne by his father King Salman. Prince Mohammed has been the ultimate Saudi energy decision-maker in the last two years and his strategy has shifted from orders to raise oil production to defend OPEC market share to curbing output to prop up prices. WAITING IT OUT Falih and other OPEC ministers and officials have said the cartel would not rush to deepen production cuts from the current four percent to arrest the price decline. They said the group would rather wait until existing joint cuts with non-OPEC Russia finally result in a global stocks decline during the third quarter when demand for crude oil is usually strong. OPEC and Russian sources also told Reuters there were few signs the group is preparing any extraordinary action ahead of a joint ministerial monitoring committee meeting in Russia at the end of July. "We are in discussions with OPEC members to prepare ourselves for a new decision," Iranian Oil Minister Bijan Zanganeh said on Wednesday. "But making decisions in this organization is very difficult because any decision will mean production cuts for the members," he added. An oil price surge at the end of the last decade and the start of this one spurred multiple oil production projects around the world, including from U.S. shale formations, resulting in global oversupply which sent prices tumbling from $120 per barrel in 2014 to below $30 per barrel last year. OPEC and Russia tried to stabilize prices with cuts at around $50-$60 per barrel, but this week Brent prices fell toward $44 per barrel on persistent oversupply worries. Traders and investors have raised their bets that the oil price will remain under pressure. The U.S. crude options market shows that the largest change since the OPEC meeting in holdings of derivatives maturing in December this year is in put, or sell, options at $45 a barrel. Open interest, which shows the number of contracts that are open that have been traded but not yet liquidated, has risen by more than 5,000 lots in the last month to nearly 38,000 lots, equivalent to 38 million barrels of oil. SHALE RETURNS AT FULL FORCE "Global supply outages have fallen to a new low not seen in years. U.S. shale is returning at full force ... (and there are) high storage levels afloat and on land," said Oystein Berentsen, managing director for oil trading company Strong Petroleum. The United States is not part of any supply reduction deals and is expected to increase production from shale formations by up to one million barrels per day or almost 10 percent of the country''s total crude output. Berentsen said that unless OPEC deepened cuts or there was a large, unexpected production stoppage, prices will remain low. "A deeper cut could arrest the price decline but OPEC needs to actually do it rather than just talk about it," said Greg McKenna, chief market strategist at futures brokerage AxiTrader. OPEC sources have said that one of the options could be to include sooner rather than later OPEC members Nigeria and Libya in output cuts after their production grew steeply in recent months from levels previously depressed by unrest. At the moment Nigeria and Libya are exempt from the production cuts agreement. MISTAKES OF THE PAST Saudi Arabia, which has the cheapest production costs in the world, has repeatedly said it had learned from its mistakes of the past, when it drastically cut production in the 1980s to prop up prices but lost market share to rivals. Earlier this year, Saudi officials told top independent U.S. oil firms in a closed-door meeting they should not assume OPEC would extend curbs to offset rising U.S. output. Jeffrey Halley, senior market analyst at brokerage OANDA, said OPEC''s other choice would be to allow oil prices to drop to levels at which even "the newly slimline U.S. shale industry struggles to break even at". That may not be far off as prices approach cost levels for U.S. shale drillers, who are responsible for a rise in production that has undermined OPEC efforts. C-OUT-T-EIA "For the (Bakken shale), wells completed in 2016-2017, wellhead break-evens average around $38 per barrel," said consultancy Rystad Energy, which specialises in exploration and production. Besides closely following production patterns of its rivals, OPEC needs to keep a keen eye on global demand. While major forecasters including the International Energy Agency sees global oil demand growing by a healthy 1.5 percent next year, there are signs growth is slowing in major Asian hubs China and India, the engines of demand growth in recent years. (Additional reporting by Amanda Cooper, writing by Dmitry Zhdannikov and Henning Gloystein, editing by Peter Millership)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-oil-markets-slump-idUKKBN19D1PX'|'2017-06-22T21:54:00.000+03:00'
'328cedf823cf3106b975bb8143d87e975087586f'|'Brazil''s Fibria eyes bid for Eldorado Brasil -filing'|'Market News  07am EDT Brazil''s Fibria eyes bid for Eldorado Brasil -filing BRASILIA, June 22 Brazil''s Fibria SA, the world''s No. 1 eucalyptus pulpmaker, is considering a bid for rival Eldorado Brasil Celulose SA, it said in a securities filing late on Wednesday. Fibria said it had not yet signed any purchase agreement as it keeps looking for opportunities to grow and preserve its market leadership. J&F Investimentos SA, controlled by the billionaire Batista 7family, owns 81 percent of Eldorado. The company is among the flagship assets that J&F put up for sale after agreeing to pay a record-setting 10.3 billion real ($3.2 billion) fine for its role in corruption scandals that threaten to topple Brazil President Michel Temer. The remaining 19 percent is owned by Brazilian pension funds Petros Fundação and Funcef Fundação dos Economiarios , and special purpose vehicle FIP Olímpia. Other possible bidders for Eldorado include Arauco, a unit of Chile''s Empresas Copec SA, which announced interest in a securities filing on Friday. Brazilian rival Suzano Papel & Celulose SA is also considering a bid, a source told Reuters last week. (Reporting by Silvio Cascione; Editing by Lisa Von Ahn)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/eldorado-brasil-ma-idUSL1N1JJ0B1'|'2017-06-22T19:07:00.000+03:00'
'65ffaccbdc1370c76bf6abb59624c43049499ef8'|'Diageo to buy George Clooney''s tequila brand Casamigos for up to $1 billion'|'Deals   12:43am BST Diageo to buy George Clooney''s tequila brand Casamigos for up to $1 billion left right Actor George Clooney holds his trophy during a photocall after receiving an Honorary Cesar Award at the 42nd Cesar Awards ceremony in Paris, France, February 24, 2017. REUTERS/Gonzalo Fuentes 1/2 left right A man walks past barrels outside the Diageo Shieldhall facility near Glasgow, Scotland August 26, 2010. REUTERS/David Moir 2/2 By Martinne Geller - LONDON LONDON Diageo Plc ( DGE.L ) has agreed to buy George Clooney''s high-end tequila brand Casamigos in a deal valuing it at up to $1 billion, as the world''s largest spirits maker seeks to boost its presence in a high-growth market. Diageo said on Wednesday it would pay $700 million initially for the company, co-founded by the American actor, with potential payment of a further $300 million linked to performance over 10 years. The deal comes two weeks after Pernod Ricard ( PERP.PA ) took a stake in mezcal maker Del Maguey, and highlights the opportunity companies see in Mexico''s native spirits. A new spate of high-end tequilas has helped the drink transcend its traditional image as a party beverage for young drinkers. Its sales rose 5.2 percent globally last year, according to data tracker IWSR, outperforming a spirits industry that edged up only 0.3 percent. Casamigos, which means "house of friends," was founded in 2013 by Clooney and his friends - nightlife entrepreneur Rande Gerber, who is married to model Cindy Crawford, and real estate developer Mike Meldman. They will continue to promote the brand. Diageo, which has arrangements with other celebrities including David Beckham and Sean Combs, said Casamigos will be neutral to earnings for the first three years and add to earnings thereafter. The brand sold 120,000 9-litre cases in 2016, primarily in the United States, and is on track to reach over 170,000 by the end of the year. Diageo said expanding the brand to Europe would be a source of future growth. The company did not provide revenue or earnings figures for the business. Its North American president, Deirdre Mahlan, told reporters that companies like Casamigos, which are growing fast with lots of room ahead, were "notoriously challenging to value under traditional methods". When asked about rising tensions between Mexico and the United States, Mahlan said she did not anticipate any barriers that would stop Diageo from continuing to grow its business. Diageo''s other tequila brands include Don Julio, DeLeon and Peligroso. It distributed Jose Cuervo outside of Mexico until 2012, following its failure to strike a deal to buy it outright from the brand''s founding family. The Casamigos deal is expected to close in second half of the year. (Reporting by Martinne Geller; Editing by Elaine Hardcastle and Edmund Blair)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-diageo-m-a-casamigos-idUKKBN19C296'|'2017-06-22T07:42:00.000+03:00'
'39e75e13dadc98665dcc91a52c54c02a28a44dee'|'Danish agri-food export to UK could be halved post-Brexit - study'|'Business News   1:26pm BST Danish agri-food export to UK could be halved post-Brexit - study COPENHAGEN Danish food and agricultural exports to Britain could fall by almost 50 percent after Brexit even if Britain agrees a free trade deal with the European Union, a study commissioned by the Danish government found. Britain is an important destination for Danish agricultural and food products like bacon and butter and Denmark exports more than 12 billion Danish crowns ($1.8 billion) of agri-food products to Britain each year, according to the report. The study by University of Copenhagen researchers for the Ministry of Environment and Food, found the "best case scenario" with a free trade agreement between the block and UK, would see Danish food exports to Britain fall by as much as 48 percent. In a situation where Britain fails to strike a deal on a new relationship with the EU and comes under World Trade Organisation rules, the decline in exports could be as much as 79 percent. "Even if the UK manages to negotiate an FTA (free trade agreement) with EU27, such that goods trade will not be subjected to tariff barriers, this will presumably still lead to an increase in overall trade costs," the report said. However, the report stated that the total reduction in Danish exports will be quite small in both scenarios due to the possibility of redirecting exports within the European Union and partner countries to the various preferential trade agreements. (Reporting by Julie Astrid Thomsen; Editing by Catherine Evans)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-denmark-trade-idUKKBN19E1ED'|'2017-06-23T20:26:00.000+03:00'
'7646786cd11e4d95f768e6d4cba3baf56ff42234'|'BRIEF--GM settles part of litigation over defective ignition switches'|'Market   1:59pm EDT BRIEF--GM settles part of litigation over defective ignition switches June 23 * 23-Jun-2017 01:56:10 PM - GENERAL MOTORS REACHES CONFIDENTIAL SETTLEMENT WITH 203 PLAINTIFFS IN IGNITION SWITCH LITIGATION -- COURT FILING * 23-Jun-2017 01:57:02 PM - LAWYERS FOR GM SAY SETTLEMENT COULD RESOLVE HUNDREDS OF STATE COURT CLAIMS AS WELL -- COURT FILING'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/gm-recall-filing-idUSL1N1JK17S'|'2017-06-24T01:59:00.000+03:00'
'f17101258a7ab4f9281347cdbf6ad41698e7f360'|'AIRSHOW-Are you being served? Planemakers alter sales pitch to boost profit'|'Business News - Fri Jun 23, 2017 - 12:39pm EDT Are you being served? Planemakers alter sales pitch to boost profit An aerial view of the 52nd Paris Air Show at Le Bourget Airport. REUTERS/Pascal Rossignol By Tim Hepher and Victoria Bryan - PARIS PARIS Airbus and Boeing leave this week''s Paris Airshow with plans for ambitious growth in aviation services, as flattening demand for new jets and pressure to raise profit margins encourages planemakers to deepen their exposure to airline operations. The two largest planemakers set out their stalls at the world''s biggest air show in a series of announcements that could set them in competition with some of their suppliers and even some of the airlines that have ordered jets in recent years. The overlap reflects the complexity of the aviation market as it matures, leaving a large fleet of aircraft to service or upgrade and tens of thousands of people to train - all services that could in turn become tools to help sell even more jets. "Many customers are now looking for fixed cost per flight hour with assured outcomes on part availability. It is the (airline) CFO''s dream to get costs out and management risks under a third party," Stan Deal, head of Boeing''s newly created global services division, told Reuters. "The future state we want to get to is that we can support every element of a day of operations on the airplane." For years, air shows were all about "moving the metal," winning as many orders as possible. Orders are still buzzing, but higher-margin services have taken a prime time slot for the first time with a volley of announcements from each company. "Would you imagine having your Mercedes car without the associated services? It makes no sense," said Laurent Martinez, head of ''Services by Airbus''. "We are definitely the best placed to serve our aircraft because we know the aircraft nose to tail," he told Reuters. Boeing''s ( BA.N ) newest division starts up on July 1 with a mandate to roughly triple Boeing''s commercial and defense services to $50 billion in 10-15 years. The existing commercial unit will also keep its own services sales team to support the effort. Airbus ( AIR.PA ) said the worldwide aftermarket services business for jetliners will double to $3.2 trillion over the next 20 years. The overall services market is worth an estimated $100 billion a year: almost as much as building and selling jets but yielding fatter margins. "We are definitely on a major growth plan," Martinez told Reuters. "In 2017, we will see double-digit growth." ACQUISITIONS Both companies are ready to look at modest acquisitions to expand their services businesses. "I would characterize them as bolt-on acquisitions to accelerate our position in the market," Deal said. Competitors include the major maintenance and repair organizations (MRO) such as Air France Industrie ( AIRF.PA ) and Lufthansa Technik ( LHAG.DE ), though there are partnerships with such firms too. "The market is growing fast. ... We see more and more airlines that are concentrating on their core business and want to have all their operations subcontracted," Martinez said. Norwegian Air Shuttle ( NWC.OL ) , which had selected Boeing over Lufthansa Technik to maintain its fleet in Boeing''s biggest commercial services deal last year, returned to the show to sign a new deal for Boeing to take charge of flight training. As fleets age, upgrades are lucrative too. United Parcel Service ( UPS.N ) last month signed a deal with Airbus and Honeywell ( HON.N ) to upgrade the cockpits on 52 elderly A300-600 freighters, and arrived in Paris this week with a deal for Boeing to convert three second-hand 767 jetliners to freighters. Powering the expansion in services is a transformation in the way data can be used to connect aircraft, pepper them with sensors and predict upcoming maintenance problems. Airbus launched such a platform with four airlines, powered by analytics firm Palantir Technologies. "We are able to define the weak signals for components and ... change the component before it fails. This is the future of maintenance," Martinez said. Data can also be used to optimize a flight trajectory, saving fuel by 1-2 percent, Airbus said. Boeing offers to manage airlines'' fuel demands, even if their jets were made by Airbus. In a further step, services are being baked into the way planes like Boeing''s proposed mid-market jet are designed. The switch demands a different culture from the measured, highly regulated process of building a plane for public transport. That will stay in place wherever safety is an issue. "Part of standing it up separately (as a new services division) is to break the shackles of that, recognizing that we are going to be a fast-paced innovator with short sprints of incremental innovation and some big-bang innovation," Deal said. (Editing by Mark Potter) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-airshow-paris-services-idUSKBN19E1YE'|'2017-06-24T00:36:00.000+03:00'
'63180176f42bb88a7a1af53a628b8e57ab65a351'|'Exclusive: Hedge funds made repeated attempts to invest in Veneto banks - sources'|'By Pamela Barbaglia - LONDON LONDON A group of four international investment funds offered to inject 1.6 billion euros (1.4 billion pounds) of fresh capital into two ailing Italian banks in Veneto at the end of May, sources told Reuters, but their plan was not pursued by Rome along some recent approaches to be part of a rescue deal.Investment firms Sound Point Capital, Cerberus, Attestor and Varde submitted a rescue proposal for Banca Popolare di Vicenza and Veneto Banca on May 30, said the sources, who declined to be named as the matter is confidential.They picked Deutsche Bank to work on the deal, partly due to its expertise with troubled Greek banks.However the proposal, which was subject to due diligence, was not followed up on by Rome and recent attempts made by the funds to contact the Italian Treasury and restate their interest in the deal went unanswered.The last conversation with the Treasury was 10 days ago, the sources said, but provided no clarity on whether the funds could play a role.The government is expected to start liquidation proceedings for the two banks on Friday or Saturday, with retail bank Intesa Sanpaolo ( ISP.MI ) set to buy their good assets for 1 euro.The state is likely to foot the bulk of the bill, using taxpayers'' money to take on the lenders'' soured debt.The consortium led by U.S. hedge fund Sound Point Capital - who has former Goldman Sachs chairman Stephen Friedman as a limited partner - offered to pump in an overall 1.6 billion euros of capital.Their proposal envisaged about 1.3 billion euros going into new tier one and tier two bonds that the banks would issue to them, and a further 300 million euros into their shares, the sources said.The offer was briefly discussed with the Italian Treasury in early June but the funds never got a formal response, the sources said, adding recent reports of a possible deal with Intesa came as a surprise.In mid-June the funds told the Treasury they had the flexibility to work on an alternative proposal and team up with Italian lenders Intesa and UniCredit ( CRDI.MI ), one of the sources said, in the event that the biggest Italian banks formed an investment vehicle and led the rescue of the Veneto banks.But the Treasury ignored their interest, the source said.The Bank of Italy, Deutsche Bank and Sound Point Capital declined to comment while the Italian Treasury, the Veneto Banks, Cerberus, Attestor and Varde were not immediately available for comment.As part of the deal, the four funds were hoping to take a 15 percent stake in the two banks and control their governance, the sources said."Having control of the governance and management team was a key point," one source said, adding this might have put off the Treasury.The four funds worked closely with Popolare Vicenza boss Fabrizio Viola, a former CEO of Monte dei Paschi, who would have played a leading role had the plan succeeded, the sources said.To proceed the four funds needed at least four weeks to carry out extensive due diligence on the banks'' books whereas Rome was looking for a much faster solution.Italy has tried for weeks to prevent the two banks, which have a capital shortfall of 6.4 billion euros, from being wound down under European banking rules due to concerns senior bondholders and large depositors would be hit with heavy losses.However, Rome failed to convince other, healthier lenders, to stump up funds to salvage them.(Reporting By Pamela Barbaglia; Editing by Rachel Armstrong, Adrian Croft and David Evans)'|'reuters.com'|'http://in.reuters.com/finance/economy'|'http://in.reuters.com/article/eurozone-banks-italy-funds-exclusive-idINKBN19E2CC'|'2017-06-23T17:46:00.000+03:00'
'0ddba91b4692f5d20f1d37e6969049769960ce8b'|'Germany, Italy push for changes to Europe''s rules on bank failure'|'By Francesco Guarascio - BRUSSELS, June 14 BRUSSELS, June 14 European Union regulators should consider the social impact of winding down banks when they apply new liquidation rules that could affect depositors, retail investors and senior bondholders, a German-Italian joint paper said.The document, seen by Reuters, appears to challenge rules on bank failure in force since last year and that aimed to stop taxpayers having to rescue failed banks by mandating that bondholders, shareholders and uninsured depositors bare the brunt of any losses.The rules have been criticised by Italy, which reached a preliminary deal with the EU this month for an exception so it could use public money to rescue Banca Monte dei Paschi di Siena , the country''s fourth biggest lender.Many Italian banks have a high number of retail investors, and the government wants to protect them from losing all of their investments when a lender fails.Germany has previously been a staunch defender of the rules that it helped shape after the 2010-2012 euro zone debt crisis.Berlin now says it recognises the social impact may need to be considered when a bank is put under "resolution", the EU procedure to liquidate a failing lender that was applied for the first time in the case of Spain''s Banco Popular when it was rescued last week by Santander.In the joint paper, Germany said banks'' customers were diversified and "in some cases deserve more protection" as they were not always well informed about risks of bank failure."This may also have an impact on the way resolution is managed due to the different social impact," the paper said.Current rules only focus on protecting financial stability and reducing costs for taxpayers.Bail-in rules have never been fully applied so far. The resolution of Popular spared depositors and senior bondholders.Italy is now in talks with the EU on a rescue plan for two struggling banks - Veneto Banca and Popolare di Vicenza. Whatever the outcome of those talks, depositors would not be affected, a Commission spokesman said on Tuesday. (Editing by Edmund Blair)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/eurozone-banks-bankruptcy-idINL8N1JB4C3'|'2017-06-14T14:57:00.000+03:00'
'ebff7ab78435a7b182b0b40a0fcebfbcce6ffafd'|'TransCanada to spend C$2 bln to expand gas pipeline capacity'|'Market News - Wed Jun 14, 2017 - 9:19am EDT TransCanada to spend C$2 bln to expand gas pipeline capacity June 14 TransCanada Corp, Canada''s No.2 pipeline operator, said on Wednesday it would invest about C$2 billion ($1.5 billion)between now and 2021 to expand its natural gas gathering pipeline in western Canada. The investment in the NOVA Gas Transmission Ltd (NGTL) system will be used to build new pipeline infrastructure to connect western Canadian natural gas production across North America, the company said. ($1 = 1.3175 Canadian dollars) (Reporting by Ahmed Farhatha in Bengaluru; Editing by Sai Sachin Ravikumar) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/transcanada-pipeline-idUSL3N1JB4E3'|'2017-06-14T21:19:00.000+03:00'
'cf25d32edb5a7ef34d5d88d67e320d31f73c2b29'|'Johnson & Johnson''s flu drug succeeds in mid-stage trial'|'Market News -  12am EDT Johnson & Johnson''s flu drug succeeds in mid-stage trial June 14 Johnson & Johnson said on Wednesday its experimental flu drug significantly reduced viral load compared to a placebo in a mid-stage study of patients with a type of influenza. Study data also showed that adding J&J''s drug, pimodivir, to a widely-used flu treatment called oseltamivir resulted in a significantly lower viral load in some patients, compared to those who received pimodivir alone. (Reporting by Divya Grover in Bengaluru; Editing by Sai Sachin Ravikumar)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/johnsonjohnson-trial-idUSL3N1JB3XU'|'2017-06-14T15:12:00.000+03:00'
'0c66ecc03ef1095d658947c257ad63480475c7a9'|'Don’t drop the energy price cap, Theresa May. You called this absolutely right - John Penrose - Opinion'|'W hatever the problems and criticisms levelled at the Conservative party’s election campaign, we got one thing absolutely right: the energy price cap . Wherever I went and whoever’s doorstep I was on, it was popular and it’s easy to see why.Tory MPs plot to water down Theresa May''s energy price cap pledge Read more Millions of us have been ripped off for years by the big six energy companies . Roughly two-thirds of all customers – that’s at least 20 million families – are on the expensive, rip-off “ standard variable tariff ”.And while a minority of customers switch to a different energy supplier regularly, perhaps 90% of us don’t – either because we forget, are too busy, or simply don’t know how to do it.The big six know this better than anyone. They exploit customer loyalty rather than rewarding it, by quietly switching us on to rip-off deals. Unless we do something about it, they’ll keep milking us for as long as they can.The thing is, markets aren’t natural creations, like the laws of physics. They’re man-made. If we get the rules right, consumers and citizens are top dogs. But if we get them wrong, then prices go up, quality goes down, and either the shareholders or the bosses make out like bandits at our expense.So how do we fix the energy market, so it works in favour of consumers and citizens instead?First, we need to make switching simple, quick, easy and safe. There are some detailed, but vital, steps that would make it less stressful and not so scary. If you could change your energy supplier, or your contract, in a few seconds, with a click of a mouse or a tick of a box, the number of people switching would go through the roof.But persuading us all to behave differently and to switch more will take time, probably years. And we can’t leave more than two-thirds of the country – that’s 20 million households – to carry on being ripped off while it happens.All parties, including Labour and the DUP, agreed in their manifestos that we need an energy price cap to stop this sort of behaviour. The 30 or so challenger energy companies that are snapping at the big six agree, and have been clamouring for a relative price cap for some time. I think we should listen to them.Simply put, the relative price cap is a maximum mark-up between each energy firm’s best deal, and their default tariff. It would mean that, once your existing deal comes to an end, if you forget to switch to a new one then you won’t be ripped off too badly.Energy firms could still have as many tariffs as they wanted, so there would be plenty of customer choice, and competition would be red hot.It would be a lot better than an absolute price cap or freeze, which is what Ed Miliband originally proposedCrucially, it would be a lot better than an absolute price cap or freeze, which is what Ed Miliband originally proposed, because each energy firm could still adjust prices whenever it wanted, if the wholesale price of gas or electricity went up or down.A month ago the argument was won, but over the past couple of days the big six have been stirring things up and are still trying to stitch up a deal to get the whole thing dropped . The very fact that they don’t like it, while their best challengers and competitors do, should tell us we’re on the right track.Like millions of families, I’m fed up with rip-off energy prices. As the prime minister promised back in May: “If I am re-elected … I will take action to end this injustice by introducing a cap on unfair energy price rises.”We’ve got re-elected. Let’s ignore the big six and deliver on our promises. Then we’ll have won a huge prize: an energy sector that behaves like a normal industry at last, where the customer is king – not the regulator or the politicians. And that would be an industry that is fair, that isn’t hated by its customers, and that can hold its head up high at last.Topics Energy bills Opinion Theresa May Consumer affairs Conservatives Household bills General election 2017 comment     Reuse this content'|'theguardian.com'|'https://www.theguardian.com/uk/business'|'https://www.theguardian.com/commentisfree/2017/jun/14/energy-price-cap-theresa-may-big-six-tory-policy'|'2017-06-15T02:24:00.000+03:00'
'34cf8719a3d846b0f6038eb06b0b61212021f7db'|'Swiss stocks - Factors to watch on June 23'|'ZURICH, June 23 The following are some of the main factors expected to affect Swiss stocks on Friday:NESTLEThe Swiss food giant''s Gerber baby food business could make acquisitions and sign partnerships with innovative startups to fuel growth in its home market, the United States, and in the fast-growing Chinese market, the division''s head told Reuters.For more clickCOMPANY STATEMENTS* VP Bank set aside 9.9 million euros ($11.05 million) in provisions to settle cases involving German clients with untaxed assets being pursued by authorities in North Rhine-Westfalia. Even so, the bank said it likely had higher profitability in the first half of 2017 than the year-ago period''s 24.4 million Swiss francs ($25.14 million).* Goldbach Media extended its partnership with 3 Plus.* Credit Suisse had its A/A-1 ratings for Credit Suisse and its BBB+ rating for Credit Suisse Group AG affirmed by S&P Global Ratings, which cited progress on restructuring and balance sheet strengthening. S&P said it believes that the Swiss bank''s profitability will continue to underperform peers.* Novartis said its combination targeted therapy tafinlar + mekinist received U.S. Food and Drug Administration approval for BRAF V600E mutant metastatic non-small cell lung cancer (NSCLC).* Roche said the FDA approved Rituxan Hycela (rituximab and hyaluronidase human) for subcutaneous injection in certain blood cancers, making a more convenient injection available to patients who previously underwent 90-minute infusions.* Swiss Finance & Property Investment said it secured a development opportunity in the Basel region.ECONOMY* The Swiss National Bank (SNB) will keep its ultra-loose monetary policy in the near term, Board Member Andrea Maechler said on Thursday.($1 = 0.8959 euros) ($1 = 0.9706 Swiss francs) (Reporting by Zurich newsroom)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/markets-swiss-stocks-idINL8N1JJ4OJ'|'2017-06-23T02:56:00.000+03:00'
'2667fb683fccafbdd5b93346fdb9e1fad8c00ba2'|'WORLD NEWS SCHEDULE AT 1400 GMT/10 AM ET'|'Editor: Mark Heinrich +44 207 542 7923Picture Desk: Singapore + 65 6870 3775Graphics queries: + 65 6870 3595(All times GMT/ET)TOP STORIESIraqi forces free hundreds of civilians in Mosul Old City battles as death toll mountsMOSUL, Iraq - Iraqi forces open exit routes for hundreds of civilians to flee the Old City of Mosul as they battle to retake the ancient quarter from Islamic State militants mounting a last stand in what was the de facto capital of their "caliphate". (MIDEAST-CRISIS/IRAQ-MOSUL (UPDATE 2, TV, PIX), expect by 1500 GMT/11 AM ET, by Marius Bosch, 800 words)London tower blocks evacuated as 27 buildings fail fire testsLONDON - Britain says 27 high-rise apartment blocks have failed fire safety checks carried out after the deadly Grenfell Tower blaze, including several in north London where residents are forced to evacuate amid chaotic scenes. (BRITAIN-FIRE/ (UPDATE 1, PIX, TV), moved, by Kate Holton and Jamillah Knowles, 607 words)+ See also:- BRITAIN-FIRE/ARCONIC (UPDATE 1), by Tom Bergin, 977 words- BRITAIN-EU/BROADCASTERS-PATRIOTISM, moved, 312 wordsUAE says alternative to Qatar demands is "not escalation but parting ways"DUBAI - A senior United Arab Emirates (UAE) official says that if Qatar does not accept an ultimatum issued by Arab states that imposed a boycott this month on the tiny Gulf Arab nation, "the alternative is not escalation but parting ways". (GULF-QATAR/ (UPDATE 2, PIX, TV), expect by 1600 GMT/12 PM ET, 500 words)+ See also:- GULF-QATAR/EMIRATES, moved, by Yara Bayoumy, 352 wordsUnder pressure, Western tech firms bow to Russian demands to share cyber secretsWASHINGTON/MOSCOW - Western technology companies, including Cisco, IBM and SAP, are acceding to demands by Moscow for access to closely guarded product security secrets, at a time when Russia is accused of a growing number of cyber attacks on West, a Reuters investigation finds. (USA-RUSSIA/TECH (UPDATE 2, INSIGHT, PIX, GRAPHIC), moved, by Joel Schectman, Dustin Volz and Jack Stubbs, 1,500 words)ASIALandslide buries Chinese mountain village, fears for 141 peopleBEIJING - Fears grow for 141 people missing in China after a landslide buries their mountain village in the southwestern province of Sichuan, with reports that only three survivors had been pulled out of the mud and rock hours after the calamity struck. (CHINA-LANDSLIDE/ (UPDATE 2, PIX, TV) moved, 340 words)North Korea says U.S. student''s death a "mystery to us" tooSEOUL - North Korea says the death of U.S. university student Otto Warmbier soon after his return home was a mystery and dismisses accusations that he had died because of torture and beating during his captivity as "groundless". (USA-NORTHKOREA/ (UPDATE 5, PIX), moved, by Jack Kim, 605 words)Ahead of Modi visit, U.S. sees no threat to Pakistan from arms deal with IndiaNEW DELHI/WASHINGTON - With the United States expected to authorise India''s purchase of naval drones, a senior White House official says any U.S. military transfer to India would not represent a threat to its rival neighbour Pakistan. (INDIA-USA/ (UPDATE 5, PIX), moved, by Sanjeev Miglani and David Brunnstrom, 570 words)EUROPEUK PM May defends Brexit rights offer in face of EU doubtsBRUSSELS - British Prime Minister Theresa May defends her offer to let millions of EU citizens stay in Britain after Brexit as fellow EU leaders respond coolly to her opening move in negotiations on Britain''s withdrawal. (BRITAIN-EU/ (UPDATE 3, PIX, TV), moved, by Alastair Macdonald and Elizabeth Piper, 784 words)MIDDLE EASTAmnesty for militants in Syria''s Raqqa aims to promote stabilityAIN ISSA, Syria - A civil council expected to rule Raqqa once Islamic State is dislodged from the Syrian city pardons 83 of the jihadist group''s low-ranking militants, a goodwill gesture designed to promote stability. (MIDEAST-CRISIS/SYRIA-RAQQA-AMNESTY (PIX, TV), moved, by Michael Georgy, 471 words)If Baghdadi is dead, next IS leader likely to be Saddam-era officerBAGHDAD - If Islamic State leader Abu Bakr al-Baghdadi is confirmed dead, he is likely to be succeeded by one of his top two lieutenants, both of whom were Iraqi army officers under the late dictator Saddam Hussein. (MIDEAST-CRISIS/SYRIA-BAGHDADI-SUCCESSION (UPDATE 1, PIX), moved, by Maher Chmaytelli, 598 words)Bomber planning to attack Mecca''s Grand Mosque blows himself up - ministryDUBAI - Saudi security forces foil a suicide attack on the Grand Mosque in the Muslim holy city of Mecca, cornering the would-be attacker in an apartment where he blew himself up, the Interior Ministry says. (SAUDI-SECURITY/ (UPDATE 1), moved, 290 words)Yemen government says to investigate allegations of abuse in secret prisonsDUBAI - President Abd-Rabbu Mansour Hadi''s government says it is investigating reports that forces backed by the United Arab Emirates are running secret prisons in southern Yemen where detainees are subjected to torture and abuse. (YEMEN-SECURITY/ABUSE, moved, 414 words)HUMAN RIGHTSEXCLUSIVE-U.S. list to drop Iraq, Myanmar as worst offenders on child soldiersWASHINGTON - Secretary of State Rex Tillerson plans to remove Iraq and Myanmar from a U.S. list of the world''s worst offenders in use of child soldiers, U.S. officials say, a step that could prompt accusations the Trump administration is prioritising security and diplomatic interests ahead of human rights. (USA-TRAFFICKING/CHILDSOLDIERS (EXCLUSIVE), moved, by Matt Spetalnick and Jason Szep, 800 words)UNITED STATESTrump reaches out to lawmakers on healthcare as another says ''no''WASHINGTON - President Donald Trump makes calls to fellow Republicans in U.S. Senate to mobilise support for their party''s healthcare overhaul while acknowledging the legislation is on "very, very narrow path" to passage. (USA-HEALTHCARE/ (UPDATE 6, PIX, TV), moved, by Jeff Mason and Yasmeen Abutaleb, 715 words)U.S. Supreme Court limits rights of property ownersWASHINGTON - The U.S. Supreme Court narrows the rights of property owners in disputes with governments and lays out a formula for determining when landowners are owed compensation in case involving a vacant lot on the picturesque St. Croix River in Wisconsin. (USA-COURT/PROPERTY (UPDATE 3, PIX), moved, by Andrew Chung, 577 words)AMERICASSlain Venezuelan protester''s father appeals to "friend" MaduroCARACAS - A man describing himself as a former boss and friend of Venezuelan President Nicolas Maduro urges an investigation into the killing of his son in anti-government unrest convulsing the OPEC nation for nearly three months. (VENEZUELA-POLITICS/ (UPDATE 1, PIX, TV), moved, by Silene Ramírez and Andreina Aponte, 640 words)+ See also:- VENEZUELA-POLITICS/PROTESTER (PIX), moved, 635 words'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/world-news-schedule-at-1400-gmt-10-am-et-idINL3N1JL06D'|'2017-06-24T12:29:00.000+03:00'
'133d22784761614e785a37123fed4d77b8c7795e'|'EDF''s Hinkley Point seen overrunning budget - Le Monde'|'Business News - Sat Jun 24, 2017 - 11:36am BST EDF''s Hinkley Point seen overrunning budget - Le Monde FILE PHOTO: A tractor mows a field on the site where EDF Energy''s Hinkley Point C nuclear power station will be constructed in Bridgwater, southwest England in this file photograph taken October 24, 2013. REUTERS/Suzanne Plunkett/Files PARIS EDF''s ( EDF.PA ) Hinkley C nuclear power plant will experience a budget overrun of between one billion and 3 billion euros as its construction could be delayed by two years, French newspaper Le Monde said on Saturday, citing sources close to the matter. Le Monde said that the first conclusions of an internal review of the project showed that construction initially slated for end-2025 was not likely to start before 2027. "The first conclusions...show there will be a financial overrun tied to calendar delays," several sources close to the matter said. EDF declined to comment. Hinkley Point C is Britain''s first new nuclear plant to be built in decades. It has been plagued by delays and criticised for its guaranteed price for electricity, which is higher than current market prices. EDF''s UK arm EDF Energy is building the 18 billion pound plant in southwest England with China General Nuclear Power Corporation (CGN), which has a 33.5 percent stake. (Reporting by Dominique Vidalon, Geert de Clercq; Editing by Toby Chopra) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-edf-hinkley-overun-idUKKBN19F0BF'|'2017-06-24T18:36:00.000+03:00'
'd2e77505fa8ceb4977f4e6fe6039367c482cd171'|'Asian central banks have cause to keep holding rates while the Fed hikes'|'Central Banks   6:37am BST Asian central banks have cause to keep holding rates while the Fed hikes FILE PHOTO: A logo of Bangko Sentral ng Pilipinas (Central Bank of the Philippines) is seen at their main building in Manila, Philippines March 23, 2016. REUTERS/Romeo Ranoco/File Photo By Marius Zaharia Asian central banks have not blinked since the Federal Reserve raised U.S. rates for the third time in six months last week. New Zealand, Taiwan and the Philippines are all expected to hold rates on Thursday. Indonesia and Japan stood pat last week, as Australia and India did earlier in June. China''s central bank, which raised some interest rates after the Fed''s March move, kept them unchanged this time. Unlike in past Fed tightening cycles, Asia is much more reliant on China than on the United States. "There is a common thread and it is that China, Asia''s economic engine, continues to stutter," said Frederic Neumann, HSBC''s co-head of Asian economic research in Hong Kong. "We have more central banks on hold or even with an easing bias because China is weighing on demand and the western world isn''t strong enough to compensate for that." In 2016, U.S. trade with 10 top Asian partners rose by roughly 25 percent from levels before the 2008-09 global financial crisis. But China''s trade with the other nine grew almost 60 percent in the same period to $1.05 trillion, according to Reuters calculations. The United States'' trade with those nine countries is about half as much. FADING MOMENTUM? China has seen fairly solid first-half growth but momentum is expected to fade as crackdowns on riskier forms of financing take effect. Chinese demand remains subdued, placing a cap on growth and prices across Asia, where virtually no central bank is in danger of overshooting its inflation target. India''s retail inflation is lowest in at least five years. In the Philippines, pencilled in by many as the Asian country most likely to increase rates, May inflation was a four-month low. "When you look at where their mandates are, there''s no real pressure on any of these central banks to be following the Fed in hiking rates," said Khoon Goh, Asia research head at ANZ in Singapore. A key reason why emerging Asia used to hike when the Fed did was competition for funding. Higher U.S. rates can spark pressure on currencies and outflows from other countries if their yield premium erodes. But while recent Fed hikes have lifted short-term U.S. yields, there''s less impact on the long-end. Thirty-year bond yields, at around 2.75 percent, are closer to 2.1 percent record lows than the 4 percent levels of four years ago, and have unwound the surge on Donald Trump''s election as the new president struggles to implement policy. GOOD CONDITIONS In May, when last week''s Fed move was largely priced in, $5.5 billion came into emerging Asian stock markets while debt markets got $8.7 billion, according to ANZ analysts. "Conditions are still good for risk taking," DBS strategists said in their third-quarter outlook, noting that U.S. long-term yields are likely to remain low in a highly liquid environment, despite expectations for further rate hikes. Another reason why Asia needs to keep rates low is debt. Moody''s Investors Service last month cut China''s sovereign ratings a notch, saying its financial strength could erode as growth slows and debt continues to rise. In parts of Asia, household debt is worryingly high, and mortgage rates - unlike benchmarks - have been rising. South Korea on Monday announced tough rules to cool its housing market. At 92.8 percent of GDP, South Korea''s household debt exceeds that of the United States and Japan. "If the Fed hikes rates by 200 basis points, would Korea hike by 200 bps or by 50-75bps? Every hike would have a bigger tightening effect than in the U.S. because of the high debt levels," said HSBC''s Neumann. (Editing by Richard Borsuk)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-asia-economy-idUKKBN19C0FS'|'2017-06-21T13:37:00.000+03:00'
'999c401dff46d4c047db701c3a535a7d78af6451'|'Japan trade ministry asks Western Digital to join Japan Government-Bain consortium for Toshiba chip unit: sources'|'TOKYO The Japanese trade ministry is in talks with Western Digital Corp ( WDC.O ) about the U.S. firm joining a government-led consortium chosen as the preferred bidder for Toshiba Corp''s ( 6502.T ) chip business, people familiar with the matter said.Western Digital, which jointly operates Toshiba''s main chip plant, has sought a court injunction to prevent its partner from selling its chip business without the U.S. firm''s consent.The consortium has told Toshiba it needs to resolve its legal dispute with Western Digital Corp ( WDC.O ) before it will invest in the firm''s chip unit, separate people briefed on the matter said.The group consists of a state-backed fund, the Innovation Network Corp of Japan (INCJ), the Development Bank of Japan (DBJ), as well as U.S. private equity firm Bain Capital.South Korean chipmaker SK Hynix Inc ( 000660.KS ) and the core banking unit of the Mitsubishi UFJ Financial Group Inc ( 8306.T ) are set to provide financing.(Reporting by Makiko Yamazaki and Taro Fuse; Editing by Christopher Cushing)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-toshiba-accounting-western-digital-idUSKBN19C0V1'|'2017-06-21T12:09:00.000+03:00'
'ff566dbe140d2e7f55ad61f9929bc5a6cb58f187'|'Diageo to buy George Clooney''s tequila brand Casamigos for $1 billion'|'LONDON Diageo PLC ( DGE.L ) has agreed to buy George Clooney''s high-end tequila brand Casamigos in a deal that values it at up to $1 billion, as the world''s largest spirits company seeks to boost its presence in a high-growth market.Diageo said on Wednesday it will pay $700 million initially for the brand, co-founded by the American actor, with a further potential $300 million to be paid, based on a performance linked earn-out over 10 years.The maker of Smirnoff vodka and Guinness beer said the deal will be neutral to earnings for the first three years and add to earnings thereafter.The deal is expected to close in second half of the year.(Reporting by Martinne Geller; Editing by Elaine Hardcastle)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-diageo-m-a-casamigos-idINKBN19C296'|'2017-06-21T14:24:00.000+03:00'
'e19fc4bda106d01b66f8ba61293a25c21eac71fd'|'Continental joins BMW, Intel, Mobileye platform for self-driving cars'|'Technology News - Tue Jun 20, 2017 - 9:10am BST Continental joins BMW, Intel, Mobileye platform for self-driving cars Elmar Degenhart, CEO of German tyre company Continental, poses for the media before the annual news conference in Hanover, Germany March 2, 2017. REUTERS/Fabian Bimmer BERLIN Continental ( CONG.DE ) said on Tuesday it would join a self-driving platform developed by BMW ( BMWG.DE ), Intel ( INTC.O ) and Mobileye ( MBLY.N ) with the German auto parts and tire maker handling integration of components and software. The costs to integrate hardware, software and data and the accelerating pace of development of self-driving vehicles has sparked a growing number of alliances between automakers and suppliers. Continental, the world''s second-biggest supplier to carmakers by sales, said it would play a key role in commercializing the new platform, which is to be sold to other auto manufacturers. "We can meet the steep demands in autonomous driving through an industry-wide collaboration more comprehensively, rapidly and at lower costs than by going alone," Chief Executive Elmar Degenhart said in an emailed statement. BMW already last year joined forces with U.S. chipmaker Intel and Mobileye, the Israeli vision system and mapping expert on the self-driving platform, which is targeted for production in 2021. U.S. parts maker Delphi Automotive ( DLPH.N ) has since joined the tie-up. In April, Germany''s Daimler ( DAIGn.DE ) formed a similar alliance with supplier Robert Bosch [ROBG.UL] to speed development of self-driving vehicles. (Reporting by Jan Schwartz and Andreas Cremer; Editing by Maria Sheahan) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-continental-autonomous-idUKKBN19B0TP'|'2017-06-20T16:03:00.000+03:00'
'4a503d4b5c30d705264d1e48e75f10010b797436'|'UK car industry warns Brexit cliff edge could permanently damage sector'|'  9:57am BST UK car industry warns Brexit cliff edge could permanently damage sector A man walks across a car park behind the tower in Blackpool, Britain May 16, 2017. Picture taken May 16, 2017. REUTERS/Phil Noble LONDON Britain''s car industry set out a list of Brexit demands to Prime Minister Theresa May''s government on Tuesday, warning that a return to World Trade Organisation rules could permanently damage the successful sector. The Society of Motor Manufacturers and Traders said Britain needed to retain the right to approve vehicles for use in the European Union, maintain passporting rights for automotive finance firms and have access to EU trade deals with nations such as Japan. Britain''s car industry, which is on course for record output by the end of the decade, is concerned that tariffs and a loss of access to its biggest export market could hurt investment and ultimately risk the viability of plants. May failed to win an outright majority in a snap election, weakening her authority and prompting differing views within her cabinet and ruling Conservatives over whether Britain should remain in the European customs union, which guarantees unfettered trade, when it leaves the EU. (Reporting by Costas Pitas; editing by Michael Holden)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-eu-autos-smmt-idUKKBN19B0Z1'|'2017-06-20T16:57:00.000+03:00'
'45c153b8ef0e8ff67ec1ae09875f06cc26840180'|'Whole Foods shares keep rising in bidding war speculation'|'By Sinead Carew and David Randall Whole Foods Market Inc shares added to their gains on Monday after Amazon.com Inc announced plans last week to buy the upscale grocer, with investors betting that rivals could step in to create a bidding war.Amazon shares also rose as Wall Street analysts lauded the proposed $42-per-share deal and bet that the company would prevail in any bidding battle.Whole Foods shares rose 1.3 percent on Monday to close at $43.22 - adding to Friday''s 29 percent rise and reflecting hopes the company might fetch a higher price. Amazon shares ended up 0.8 percent at $995.17.“We thought Amazon was thrifty in its offer," said Charles Kantor, managing director at Neuberger Berman Investment Advisers LLC, which owns around 2.7 percent of Whole Foods shares and had pressured the company to take steps to improve its stock price.Kantor noted that Amazon’s market cap gain roughly equaled the amount the company is paying for Whole Foods.“I think there’s the argument that Amazon acquired Whole Foods for free," he said. "The reaction of shareholders suggests that Amazon has left themselves lots of room to pay more for this strategic asset."Some investors suspected other companies were weighing a rival bid.“Every grocery store out there now is having a conversation about how much they can afford to spend to keep Amazon out of the space,” said Brian Culpepper, a portfolio manager at James Advantage funds.Culpepper, who owns Kroger Co shares, said Kroger is the company that would be most likely improve Whole Foods’ efficiency, but that it would have difficulty matching Amazon’s cash offer.Kroger shares climbed 1.6 percent to close at $22.64 on Monday.“Kroger would have to pay in stock, and their stock has been hurting,” giving them less leverage to get into a protracted bidding war with Amazon, Culpepper said.Barclays analyst Karen Short raised her Whole Foods price target to $48 from $38 and upgraded the stock to overweight from equal-weight, citing the possibility of counterbids."Many will do anything to either make this acquisition more costly for Amazon, or prevent the asset from landing in Amazon''s lap," Short wrote in a note to clients.A $48-a-share price tag would be more than reasonable for a fellow retailer that could eliminate overhead at Whole Foods, Short said, while adding that very few companies could outbid Amazon.Amazon''s offer of $13.7 billion, representing a multiple of 10 times earnings before interest, tax, depreciation and amortization, could possibly be raised to 11 or 12 times, according to Kevin Dreyer, co-chief investment officer at Gabelli Funds, which holds Whole Foods shares."Fourteen billion is a big number but it’s not a number where there’s no other buyer," said Dreyer. "Others could certainly look at this and sharpen their pencils."Wal-Mart Stores Inc could have sufficiently deep pockets to make a counter bid and other grocery rivals such as Kroger or Albertsons Cos Inc would have the motivation, he said.Any of the big grocery chains that bid on Whole Foods would likely win antitrust approval to buy the premium grocery chain, according to three antitrust experts.Any buyer of Whole Foods would likely argue that it was not in the same market, said Alden Abbott, an antitrust expert with the Heritage Foundation."Even if they did compete ... you''d have to look at the presence of (other grocery chains)," said Abbott, who argued that many Whole Foods stores are in close proximity to other grocery stores, which means antitrust enforcers might be satisfied there was adequate competition.(Additional reporting by Michael Flaherty and Lewis Krauskopf in New York and Diane Bartz in Washington; Editing by Lisa Von Ahn and Matthew Lewis)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/whole-foods-m-a-amazon-com-idINKBN19B07T'|'2017-06-20T10:59:00.000+03:00'
'1468d4b61abce8f382d92491c27c34f09ed2598d'|'Japan business mood up, points to better BOJ tankan - Reuters Tankan'|'Central Banks  11am BST Japan business mood up, points to better BOJ tankan - Reuters Tankan left right FILE PHOTO: Newly manufactured vehicles await export at a port in Yokohama, Japan, January 16, 2017. REUTERS/Toru Hanai/File Photo 1/2 left right FILE PHOTO: A bicycle rider rides past a factory at Keihin industrial zone in Kawasaki, south of Tokyo, Japan, August 18, 2016. REUTERS/Kim Kyung-Hoon/File Photo 2/2 By Tetsushi Kajimoto and Izumi Nakagawa - TOKYO TOKYO Confidence among Japanese manufacturers bounced in June to match a decade-high level recorded in April and is expected to rise for several months, a Reuters survey found, providing more evidence of economic recovery. Service-sector mood rose to a two-year high, evidence of broadening confidence, although the Reuters Tankan also found that confidence was seen slipping over the next three months. The readings in the Reuters'' monthly poll - which tracks the Bank of Japan''s closely watched quarterly tankan - suggested a slight improvement in the central bank''s survey due July 3, which would support the BOJ''s upbeat economic outlook. The central bank kept monetary policy steady on Friday and upgraded its assessment of private consumption for the first time in six months, signalling its confidence in an export-driven economic recovery that is gaining momentum. In the poll of 526 large- and mid-sized firms, conducted between June 2-15 in which 250 responded, the sentiment index for manufacturers rose to 26 from 24 in May, led by materials firms such as oil refinery/ceramics and textiles/paper. The index matched April''s reading, which was the highest since August 2007, shortly before the global financial crisis. The index was up by one point from three months ago, and it was seen rising further to 29 in September. "Machine tool makers, who are our main clients, are performing well for both external and domestic markets. The situation is good because currencies remain stable," a manager of a nonferrous metal firm wrote in the survey. A recent run of indicators and business activity surveys have pointed to solid exports and factory output, although wage growth and household spending remain stubbornly sluggish despite a tightening job market. The Reuters Tankan service-sector index rose to 33 from 30 in May, led by gains in real estate/construction firms and wholesalers. It was seen slipping to 28 in September. Compared with three months ago, the sentiment index was up seven points. The Reuters Tankan indexes are calculated by subtracting the percentage of pessimistic respondents from optimistic ones. A negative figure means pessimists outnumber optimists. The BOJ''s last tankan on April 3 showed big manufacturers'' business confidence improved for a second straight quarter to hit a one-and-a-half year high, and service-sector sentiment improved for the first time in six quarters. (Reporting by Tetsushi Kajimoto; Editing by Eric Meijer)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-japan-economy-tankan-idUKKBN19A327'|'2017-06-20T07:11:00.000+03:00'
'236e8906de955a294fc417b23718b0c9ce907f4d'|'Lack of pilots could hinder airlines'' growth - study'|'Business News - Tue Jun 20, 2017 - 8:38am BST Lack of pilots could hinder airlines'' growth - study Empennage of a Boeing 737 MAX and a 787 are seen on the static display, before the opening of the 52nd Paris Air Show at Le Bourget Airport near Paris, France June 17, 2017. REUTERS/Pascal Rossignol By Alana Wise - NEW YORK NEW YORK The worldwide commercial aviation industry will need an additional 255,000 pilots by 2027 to sustain its rapid growth, according to a 10-year forecast published by training company CAE Inc on Tuesday. More than half of the necessary pilots have not yet begun training, the report concludes, as the industry braces for an increase in passenger air traffic that will double the size of the commercial air transport industry in the next 20 years. "Rapid fleet expansion and high pilot retirement rates create a further need to develop 180,000 first officers into new airline captains, more than in any previous decade," said the report by CAE, which trains pilots for airlines around the world. Pilot unions in the United States have said low wages and scarce benefits for entry-level positions are deterring a new generation of potential aviators from pursuing the field. In the U.S., training requirements also are a hurdle for many would-be pilots. The United States is the only country to require co-pilots to have at least 1,500 flight hours unless they have experience flying planes in the military or are graduates of certain specialised programs. According to the U.N.''s aviation agency, which sets global standards typically adopted by regulators from its 191-member countries, it takes a minimum of about 250 hours to obtain a commercial pilot license for work as a co-pilot. By contrast, 1,500 hours is the minimum time required to become a captain under norms set by the International Civil Aviation Organization (ICAO), the U.N. agency that supports the development of global aviation. While the U.S. Federal Aviation Administration previously had followed ICAO norms, the 1,500-hour requirement for co-pilots was imposed following the crash of Colgan Air Flight 3407, a regional jet, in 2009, that killed 50 people. The 1,500-hour mandate is supported by pilots'' unions as a way to improve air safety. However, regional airlines and some aviation experts say the tougher standard does not make flying any safer and has exacerbated the pilot shortage by making the training process longer and more costly. "The idea was that you would fly a year or two as a paid co-pilot and then become a captain when you had the 1,500 hours," said one aviation source familiar with the matter. "Now you have to get the 1,500 hours before you get the first paycheck." (Reporting by Alana Wise in New York and Allison Lampert in Montreal; Editing by Joseph White and Bill Trott) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-airshow-paris-cae-idUKKBN19B0OX'|'2017-06-20T15:38:00.000+03:00'
'e5798e961bbcc384178caf49a2a8a0214029de9e'|'AT&T unclear what final merger conditions Justice Department will seek'|'Technology News   8:56pm IST AT&T unclear what final merger conditions Justice Department will seek FILE PHOTO: An AT&T sign is seen outside a branch in Rolling Meadows, Illinois, U.S., October 24, 2016. REUTERS/Jim Young/File Photo By David Shepardson - WASHINGTON WASHINGTON AT&T Inc was confident it would win regulatory approval for its $85.4 billion acquisition of Time Warner Inc before year''s end as the Justice Department continues its review, but was still awaiting details about any final requirements for the deal, a senior executive said. Bob Quinn, AT&T''s senior executive vice president for external and legislative affairs, said in a C-SPAN interview this week that the telecommunications company was unclear what final conditions the Justice Department may seek as part of any approval. "That conversation is just beginning really," Quinn said. "We''ve gotten through the point where we''re produced all the data and answered all the questions and I think that process will kick off this summer." In June, a Senate panel voted 19-1 to advance the nomination of Makan Delrahim, who was chosen by President Donald Trump to be the top U.S. antitrust regulator. The Senate must still vote to confirm Delrahim and it is not clear when they will vote. Until Delrahim is confirmed, "it is kind of hard to predict whether even the list that we see preliminarily will be the final list that they want to close on," said Quinn, without elaborating. The No. 2 U.S. wireless carrier still needs some foreign approvals. In March, it won the European Commission''s nod for the deal. Separately, a group of Senate Democrats on Wednesday, including Bernie Sanders, Elizabeth Warren and Al Franken, urged the Justice Department to closely scrutinize the deal. "We have strong concerns that the combined company''s unmatched control of popular content and the distribution of that content will lead to higher prices, fewer choices, and poorer quality services for Americans," they wrote. "Before initiating the next big wave of media consolidation, you must consider how the $85 billion deal will impact Americans'' wallets, as well as their access to a wide range of news and entertainment programming." AT&T said in a statement it had previously addressed all the issues in the letter and argued that the deal would offer consumers more choice, and "will expand distribution and creative opportunities for diverse and independent voices." (Reporting by David Shepardson; Editing by Bernadette Baum)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/time-warner-m-a-at-t-idINKBN19D1ZY'|'2017-06-22T13:26:00.000+03:00'
'6a952261428ba17a21b75cdcea015a562fd5c731'|'Sears Canada to end pension payments-court filing'|'NEW YORK, June 22 Sears Canada Inc plans to file a motion with a Canadian court to request permission to suspend certain monthly payments to its pension plan because it is running low on cash, according to a court filing.The retailer, which filed for bankruptcy Thursday, also intends to stop payments to a post-retirement benefit plan providing retirees with life insurance and medical and dental benefits, according to the filing. Sears Canada is current on the payments for the pension and post-retirement benefit plan now.The company also said in the filing that all 32 of the Corbeil appliance stores are expected to remain operational during the insolvency. Corbeil has a separate management structure from the rest of Sears Canada, according to the filing.(Reporting by Jessica DiNapoli)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/searscanada-bankruptcy-pension-idUSL1N1JJ1EY'|'2017-06-22T22:34:00.000+03:00'
'4a5c3bd0d5e42562a1040bf10535e16873af8146'|'American Airlines says Qatar Airways interested in buying 10 percent stake'|'By Alexander Cornwell American Airlines Group Inc ( AAL.O ) said on Thursday that Qatar Airways, the Gulf country''s state-owned airline embroiled in a airspace row, had expressed interest in buying as much as a 10 percent stake worth at least $808 million in the U.S. airline.The potential investment comes against the background of diplomatic and competitive turbulence for Qatar Airways, its home country and U.S. airlines. Operations at Qatar Airways were disrupted after four Arab nations cut diplomatic and economic ties with Qatar this month in the worst diplomatic crisis in the region in years.Separately, American, United Continental Holdings Inc ( UAL.N ), and Delta Air Lines ( DAL.N ) have pressed the U.S. government to take action to curb U.S. flights by Qatar Airways and rival Gulf carrier''s Emirates Airline [EMIRA.UL] and Etihad Airways. The U.S. carriers charge that their Gulf rivals have received billions of dollars in unfair state subsidies, allegations the Gulf carriers deny.American said in a regulatory filing its opposition to the Gulf carriers would not be changed by Qatar Airway''s interest.Shares of American Airlines rose more than five percent in pre-market trade after it disclosed Qatar''s potential investment. The stock was up 1 percent at $48.95 midday.Qatar Airways indicated its interest in buying a stake in American on the open market, American said in the filing. ( bit.ly/2tRVFlK )Qatar Airways said in a statement that it sees a "strong investment opportunity" in American and that it "intends to build a passive position in the company with no involvement in management, operations or governance.""Qatar Airways plans to make an initial investment of up to 4.75 percent. Qatar Airways will not exceed 4.75 percent without prior consent of the American Airlines board. Qatar Airways will make all necessary regulatory filings at the appropriate time."American Airlines declined comment and it was not clear how American''s board or management would respond to Qatar''s potential investment.American, in its filing, noted potential obstacles to Qatar''s plan to acquire the stake. American said its rules prohibit "anyone from acquiring 4.75 percent or more of the company''s outstanding stock without advance approval from the board," and said it had received no request from Qatar for such approval. Further, American said, "there are foreign ownership laws that limit the total percentage of foreign voting interest to 24.9 percent."Qatar''s request for a 10 percent stake would put it on par with Warren Buffett''s Berkshire Hathaway ( BRKa.N ), which always holds a 10 percent stake in the airline.The stake in American Airlines by Qatar Airways would also add to its investment portfolio. The Middle East''s second biggest airline also owns 20 percent of British Airways-owner International Airlines Group (IAG) and 10 percent of South America''s LATAM.Qatar Airways Chief Executive Akbar al-Baker has said the investments were purely financial, though he has looked for opportunities to cut costs or expand service with the oneworld alliance airlines in which it owns stakes.Qatar Airways, American Airlines, IAG''s British Airways, Iberia and LATAM, are all members of the oneworld airline alliance.British Airways and Qatar Airways have a revenue sharing partnership between their respective hubs in Doha and London, and Qatar Airways plans to launch flights to LATAM''s base in Santiago, Chile.“The U.S. market is strategically important to Qatar Airways and this would strengthen their ability to feed at the U.S. end," independent aviation consultant John Strickland told Reuters. "However, if it does go ahead it would not give them automatic antitrust immunity. That would have to be negotiated separately.”The crisis in the Gulf has seen Saudi Arabia, the United Arab Emirates, Bahrain and Egypt close their airspace to Qatar Airways, forcing it to cut flights to those countries, fly longer routes and thereby adding costs. Qatar had asked the United Nations'' aviation agency to intervene in the dispute.Al-Baker, who has been highly critical of the blocking of airspace, has said Qatar Airways would use the aircraft used to fly to those countries for fast-track expansion plans elsewhere.The dispute among the Arab states is a diplomatic test for the United States which is an ally of the main parties in the conflict.In Washington''s strongest language on the dispute this week, the U.S. State Department questioned the motives of Saudi Arabia and the UAE in announcing their boycott of Qatar. U.S. President Donald Trump, however, has taken a tougher stance on Qatar, accusing it of being a "high level" sponsor of terrorism, but he has also offered help to the parties in the dispute to resolve their differences.(Reporting by Alexander Cornwell in Dubai, Rachit Vats in Bengaluru and Alana Wise in New York; Editing by Sai Sachin Ravikumar, Bernard Orr)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-american-airline-stake-qatarairways-idINKBN19D1IS'|'2017-06-22T10:58:00.000+03:00'
'326437ac044b57bf481bd49e6712a95a165a97e6'|'Compelling Vietnam: Foreign investors unfazed by Trump''s trade deal rebuff'|'HANOI Every 45 seconds or so, a neatly wrapped VanHeusen dress shirt destined for a J C Penney store in the United States drops off a new production line at a factory north of Vietnam''s capital.Next door, rice paddies the size of 40 football fields have been filled for the $320 million textile mill which Hong Kong based TAL Group plans to build so it won''t need to import cloth for the shirts.As elsewhere in Vietnam, there has been no sign of an impact on investment plans since U.S. President Donald Trump abandoned the proposed Trans Pacific Partnership (TPP) trade deal which had been expected to benefit Vietnam more than any country.In fact, foreign direct investment rose 6 percent year-on-year to $6.15 billion in the first five months of 2017. Cheap labor is an obvious lure for foreign investors. TAL''s chief executive, Roger Lee, said Vietnam also scores highly on middle management, work ethic and government policy.Though the removal of U.S. import tariffs under a TPP pact would have been a bonus, Lee said he had no second thoughts about investment plans after Trump pulled out of the deal soon after taking office."Vietnam is a very compelling proposition," said Lee.The wage for garment workers is $250 a month in Vietnam, compared to $700 in China, where TAL recently shut a factory for cost reasons.The removal of tariffs of up to about 30 percent would have made clothing firms particular beneficiaries of the TPP deal, which had been forecast to add 28 percent to Vietnam''s exports and 11 percent to its gross domestic product over a decade.Other clothing firms were also not discouraged by the scrapping of the deal. Lawsgroup''s chief executive, Bosco Law, told Reuters it was now seeking to expand from its three factories with 10,000 workers.Vietnam''s trade surplus over the United States - the sixth biggest last year - has come under scrutiny as a result of Trump''s "America First" policy to bring manufacturing jobs back to America. But it hasn''t discouraged investment."We have started working for a couple of American manufacturing companies that contacted us after the TPP''s demise and that are willing to relocate part of their operations from China," said Oscar Mussons, Senior Associate at Dezan Shira and Associates professional services firm.CHEAPER THAN CHINAVietnam has been a big winner as Chinese manufacturing costs have risen and China itself is now one of the three biggest investors in Vietnam.The TPP deal would have further improved access to U.S. and other markets for manufacturers based there, but also bound Vietnam to reforms meaning everything from opening up food import markets to strengthening labor rights.Investment and Planning Minister Nguyen Chi Dung told Reuters that Vietnam planned to go ahead with its commitments under TPP anyway - both to strengthen the economy and because of other trade deals, such as one with the European Union. The 11 remaining TPP members are also still trying to keep it alive.Dung said Vietnam had a target of $10 billion a year in foreign direct investment over the next five years – compared to nearly $16 billion in 2016 alone – as it sought a change in the type of investment it wants to draw."Before we focused on quantity, now we switch to quality," Dung said. "Higher technology, higher added value, less use of energy, less use of raw materials, less cheap labor."That is where Vietnam has a greater challenge. It lags competitors for top skills. The proportion of secondary school leavers going on to further studies is a third higher in China and over three times higher in South Korea.“Vietnam is still a very attractive country, but companies might not invest as much as expected because they find the employees lack the skills for that added value,” Mussons said.“Companies have been too focused on reducing costs and not enough on training.”(Additional reporting and writing by Matthew Tostevin; Editing by Shri Navaratnam)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-vietnam-investment-idUSKBN19C32X'|'2017-06-22T07:00:00.000+03:00'
'4a204c0a4d0f2f01fe1a2e0523c00e9660640c53'|'BRIEF-Compareeuropegroup appoints former investment banker Georgy Egorov as its CFO'|'Market News - Thu Jun 22, 2017 - 1:08am EDT BRIEF-Compareeuropegroup appoints former investment banker Georgy Egorov as its CFO June 22 Compareeuropegroup * Compareeuropegroup appoints former Goldman Sachs and UBS investment banker Georgy Egorov as its CF * CompareEuropeGroup is an European financial management platform for insurance, banking, and telco products * Egorov joins co after 19 years in the finance industry including various positions with Goldman Sachs and UBS, where he headed equity capital markets for emerging markets * CompareEuropeGroup was founded in 2015 by former McKinsey and Goldman Sachs trio, Antonio Gagliardi, Thomas Munk and Mads Faurholt-Jorgensen * CompareEuropeGroup closed their EUR 20 million Series A earlier this year led by ACE & Company and including Pacific Century Group, Nova Founders Capital, SBI Holdings alongside Mark Pincus, founder of Zynga and Peter Thiel, founder of Paypal'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-compareeuropegroup-appoints-former-idUSL3N1JJ1ZY'|'2017-06-22T13:08:00.000+03:00'
'fbda70c83a404299a15f359e1cf8650986665590'|'Looming Chinese refinery cuts to hit oil demand'|'Top News   11:12am BST Looming Chinese refinery cuts to hit oil demand left right Employees close a valve of a pipe at a PetroChina refinery in Lanzhou, Gansu province January 7, 2011. REUTERS/Stringer/File Photo 1/2 left right Smoke rises from chimneys and cooling towers of a refinery in Ningbo, Zhejiang province August 19, 2014. REUTERS/China Daily/File Photo 2/2 By Meng Meng , Florence Tan and Libby George - BEIJING/SINGAPORE/LONDON BEIJING/SINGAPORE/LONDON Some of China''s top oil refineries are having to take the highly unusual step of cutting operations during what is typically the peak demand summer season when hot weather drives up power usage and families take to the road during school holidays. Almost 10 percent of China''s refining capacity is set to be shut down during the third quarter, signalling that demand growth from the world''s top crude importer is stuttering further. West African and European suppliers are already feeling the chill from China''s reduced demand, and a global glut has dragged spot prices for crude LCOc1 this week to their lowest since November, 2016. Major Chinese oil refineries, including PetroChina''s ( 601857.SS ) Jinzhou will set their run rates around 6,500 barrels per day (bpd) lower than the second quarter, sources at the affected refineries said. Petrochina''s Fushun refinery, with an annual capacity of 233,200 bpd, began a 45-day full shutdown at the start of June, the sources said on condition of anonymity as they are not authorised to speak to media. Rival Sinopec ( 600028.SS ) is considering slashing as much as 230,000 bpd, equivalent to about 5 percent of its average daily production last year, in what would be only the second time in 16 years that the firm has cut runs. Stocks of surplus products like gasoline and diesel have been building since mid-2015, when Beijing started giving out crude import licenses to independent refiners, sometimes called teapots. This has forced state-owned Sinopec and PetroChina to cut back operations, and reduced their crude buying. "Refiners probably realized that the domestic market cannot take so much gasoline and diesel, and the only way is to cut runs," said Gao Jian, crude oil analyst with China Sublime Information Group. Adding to these cuts, around 1.3 million bpd of refining capacity is going to shut in the third quarter as four state-run refineries and six independents begin planned maintenance, data provided by China Sublime Information Group showed. Those closures mean almost 10 percent of China''s 15.1 million bpd total refining capacity will go offstream in the third quarter. To whittle down the surplus weighing on the domestic market, analysts expect China to export refined product, putting more pressure on a well supplied global markets. "China will have to export product... onto Asian markets, which given demand conditions regionally does not appear particularly constructive," said Harry Tchilinguirian, head of commodity strategy at French bank BNP Paribas. The lower refinery throughput should reduce China''s demand for crude until around September. Some suppliers are already feeling the chill. Shipments by Angola, which sends most its oil to China, were running at the lowest level in at least a year during the first few weeks of June. From the North Sea, just 2 million barrels of Forties crude has been shipped to Asia so far this month, compared with around 6 million barrels in June last year, and 10 million barrels in May. BUT DON''T WRITE CHINA OFF The imminent cuts in China''s refining sector are likely to further weigh on oil prices, which have more than halved since 2014 due to oversupply. However, traders say that China''s voracious thirst for oil will likely return once the immediate glut is cleared. Nineteen Chinese independent refiners this week received fresh licenses to import crude for 2017. "I''d expect improved buying now that teapot quotas have been released. If prices drop, China tends to buy more," said Oystein Berentsen, managing director for Strong Petroleum, a trading firm supplying Chinese refiners. Taken together with the licenses awarded earlier, independent refiners now have import quotas for about 1.42 million bpd this year, and it is possible that eight companies will receive allocations for another 340,000 bpd. As refiners start chartering tankers to import crude, the impact of the new import allowances is expected to show from the end of the third quarter. Traders said they will meet much of this demand by re-selling crude stored in South Korea and China, particularly from Shandong province where most of the independent refiners are, and from tankers off Malaysia. Some traders even expect demand to spike in the fourth quarter, as seen late last year as teapots rushed to use up quotas to build their case for maintaining or increasing future quota allocations. "China is a bit unpredictable – suddenly they buy a lot out of the blue, so you can never underestimate China''s buying," said Berentsen. (Additional reporting by Aizhu Chen in BEIJING, and Mark Tay in SINGAPORE; Editing by Henning Gloystein & Simon Cameron-Moore)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-china-oil-demand-analysis-idUKKBN19C16I'|'2017-06-21T18:01:00.000+03:00'
'157d76721f9dc70b15dded56aab565f07e94acf5'|'AIRSHOW-Wizz Air orders 10 Airbus A321ceo planes'|'Market News  03am EDT AIRSHOW-Wizz Air orders 10 Airbus A321ceo planes PARIS, June 21 Budget airline Wizz Air has signed a firm order for 10 Airbus A321ceo planes, the companies said at the Paris Airshow on Wednesday. "Based on current list prices, the value of the new order, placed with Airbus S.A.S. and IAE International Aero Engines AG, is some $1.16 billion, although Airbus has granted significant discounts from list prices to Wizz Air," the airline said in a statement. Chief Executive József Váradi said the aircraft would be delivered in 2018 and 2019 and help the airline expand in central and eastern Europe. (Reporting by Matthias Blamont; editing by Jason Neely)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/airshow-paris-airbus-wizzair-idUSP6N1JF02S'|'2017-06-21T18:03:00.000+03:00'
'9af86cd17cf6e1ed1d3f8150a49de6e3f8ca9798'|'BRIEF-Chemical Financial Corp reports retirement of CEO David Ramaker'|' 09am EDT BRIEF-Chemical Financial Corp reports retirement of CEO David Ramaker June 21 Chemical Financial Corp: * Chemical Financial Corporation announces retirement of its CEO and president David B. Ramaker * Says Thomas C. Shafer appointed vice chairman of the board * Says chief executive officer and president David Ramaker has decided to retire from corporation in q3 of this year Source text for Eikon:  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-chemical-financial-corp-reports-re-idUSASA09UK3'|'2017-06-21T19:09:00.000+03:00'
'25169e92c1e5495b2815a1121ca938916b19289a'|'Toshiba shares slip as it gears up for chip unit sale'|'TOKYO Shares of Toshiba Corp ( 6502.T ) skidded on Thursday, as the company aims to seal a deal worth some $18 billion by next week for the sale of its chip business needed to cover massive losses.Toshiba shares were down 1.6 percent in early trading at 318 yen after dropping as low as 313.2 yen earlier.Toshiba has chosen a consortium of Bain Capital and Japanese government investors as the preferred bidder.The Nikkei reported that the consortium would propose to have Innovation Network Corp of Japan buy 50.1 percent of Toshiba memory''s common stock.(Reporting by Tokyo markets team; Editing by Chang-Ran Kim)The logo of Toshiba Corp is seen behind cherry blossoms at the company''s headquarters in Tokyo, Japan April 11, 2017. REUTERS/Toru Hanai'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-toshiba-accounting-stocks-idUSKBN19D011'|'2017-06-22T08:18:00.000+03:00'
'ef54c9de5cb61644ca05c186b4d31dc58d542d4b'|'A trendy Asian lifestyle chain opens in North Korea'|'WHEN Miniso said in January that its stores would “bring the happiness of stress-free shopping to the Koreans”, you would be forgiven for thinking they were referring to emporium-loving Seoulites. In fact, the home-goods store, co-founded by a Chinese entrepreneur and a Japanese designer, was announcing that it would be taking its capitalist trinkets into (ostensibly socialist) North Korea. In a joint-venture deal with one of the country’s state-owned enterprises, it agreed to establish the first foreign-branded chain store in Pyongyang, the destitute country’s showcase capital.The first Miniso store opened there in April, eight months after its first shop in South Korea began operating, and just before it launched in America. Its arrival is remarkable in a place where displays of branding are rare (the exception is a handful of billboards advertising a local car firm, Pyeonghwa Motors).Latest updates Why falling oil isn''t hurting markets Buttonwood’s notebook 13 minutes ago Retail sales, producer prices, wages and exchange rates 6 hours ago Foreign reserves 6 hours ago How the euro zone deals with failing banks The Economist explains 11 hours ago The Supreme Court says offensive trademarks are protected speech Democracy in America 20 hours ago The hope for Democrats after special-election losses Graphic detail 21 hours ago See all updates Miniso’s coup in the secretive kingdom is part of a global advance. Since it opened its first store in Guangzhou in China in 2013, it has signed deals to expand into more than 50 countries, from Mexico to Mongolia; it has more than 1,800 outlets in total. Revenue amounted to 10bn yuan ($1.5bn) in 2016, almost double that of the previous year.Ye Guofu, the Chinese entrepreneur who co-founded Miniso with Junya Miyake, who runs its design team in Tokyo, sends out some 200 buyers around the world in search of ideas. New household goods hit its shelves every week, from nail polishes to bath mats and frying pans. Its few pricey products cost no more than about $40. Its young fans see it as a cross between three popular Japanese retailers: Daiso, a ¥100 chain, where everything costs less than 90 cents; Uniqlo, a clothing company with minimalist design; and Muji, a lifestyle chain with a massive product range. Others gripe that it is misleadingly plugging its Japaneseness (it says it was founded in Tokyo, though it has only four shops there and over 1,000 in China) to appeal to Asian consumers keen on kawaii , or Japan’s brand of cuteness.Anecdotal evidence from Pyongyang suggests that the city’s coterie of privileged North Koreans is already enthusiastic. On a recent visit a foreign resident saw mainly toys, cosmetics and home-decor baubles being bought for between $2 and $10. Price tags at Miniso are in North Korean won but customers must pay in dollars, euros or Chinese yuan—an embarrassment to the regime, which knows its won are worthless. The store is in a lotus-flower-shaped building on Ryomyong Street, a cluster of high-rise apartments and shops (pictured) opened in April to fanfare by Kim Jong Un, the North’s leader, who took power on the death of his father in 2011.The young Mr Kim has promised his oppressed people more leisure and consumption: shopping centres, renovated funfairs and a water park have in recent years been unveiled in the capital. That helps to explain the entry of Miniso, which says it wants not only to “enrich people’s choices in North Korea, but also improve people’s living standard”. Lim Eul-chul of Kyungnam University in South Korea expects Miniso will soon be stocked with locally produced goods too. Yet this is not a market for the faint-hearted. Egypt’s Orascom Telecom entered into a joint venture with the state in 2008 to set up North Korea’s first 3G cellular network. It has yet to repatriate any profits, and in 2015 it said that the North Korean state had established a second carrier to compete with its own network. "Minisocialist"'|'economist.com'|'http://www.economist.com/rss/business_rss.xml'|'http://www.economist.com/news/business/21723871-miniso-hopes-appeal-monied-young-consumers-pyongyang-trendy-asian-lifestyle-chain?fsrc=rss%7Cbus'|'2017-06-22T21:43:00.000+03:00'
'520692dc3aa11c97cc1153c58eb22e2b9817cf2b'|'Barratt Developments appoints White as CFO'|'Business News  07am BST Barratt Developments appoints White as CFO Britain''s biggest builder, Barratt Developments, on Thursday appointed Jessica White as chief financial officer with immediate effect, five months after the former CFO left by mutual agreement. White joined Barratt 12 years ago and was appointed to the role of head of financial accounting in 2007. She was promoted to group financial controller in 2010, Barratt said. "Jessica has more than a decade of experience in the housebuilding industry, and has been integral to Barratt''s financial and operational progress," Chairman John Allan said in a statement. "We... believe she has the skills, experience and track record to help drive the future success of the company." Rising house prices, cheap mortgages and government schemes designed to help younger people enter the housing market have helped Barratt and most of its peers book bumper profits over the last few years. Barratt said last month that it expected its 2016/17 pretax profit to reach the top end of market expectations despite building barely more homes than in the previous financial year. The firm said White, a qualified chartered accountant, would also join its board as an executive director. (Reporting by Esha Vaish in Bengaluru; editing by Jason Neely)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-barratt-dev-cfo-idUKKBN19D0LL'|'2017-06-22T15:07:00.000+03:00'
'a42d94bc35e248b21e29f3c4b5191e0d82d4f7ae'|'Quintiles IMS explores sale of contract sales business -sources'|'Clinical researcher and pharmaceutical market data specialist Quintiles IMS Holdings Inc ( Q.N ) is exploring a sale of its contract sales business that could value it at as much as $1 billion, according to people familiar with the matter.The sale process comes as Quintiles IMS seeks to prune some of its non-core businesses in the wake of the $17.6 billion merger last year that saw IMS Health Holdings Inc and Quintiles Transnational Holdings Inc combine.Contract sales organizations have been under pressure in recent years, as large pharmaceutical companies increasingly rely on their own internal salesforce.Quintiles IMS has hired investment bank Goldman Sachs Group Inc ( GS.N ) to carry out a sale process for the contract sales business, which is still in the early stages, four sources said, cautioning that no deal is certain.The business for sale has 12-month earnings before interest, depreciation, and amortization of around $100 million, the sources said. Private equity firms have expressed interest in the auction, the sources added.The sources asked not to be identified because the deliberations are confidential. Quintiles IMS, which is based in Danbury, Connecticut and Research Triangle Park, North Carolina, did not respond to a request for comment. Goldman Sachs declined to comment.The Quintiles and IMS merger is so far proving to be a win for the combined company, which says it has added $400 million in revenues that it otherwise would not have obtained thanks to its new capabilities. Quintiles IMS now has a market capitalization of $19.4 billion.The merger was largely aimed at giving Quintiles contract research business access to IMS''s rich streams of drug use data to help it better plan clinical trials and build a case for why its clients'' drugs are differentiated from the competition.The pharmaceutical outsourcing industry has been undergoing a wave of consolidation, largely driven by contract researchers, as pharmaceutical companies cut costs, reduce clinical trial times and expand their research and development presence around the world.Earlier this week, buyout firm Pamplona Capital Management agreed to buy contract researcher Parexel International Corp ( PRXL.O ) for around $4.5 billion.Last month, INC Research Holdings Inc ( INCR.O ) agreed to merge with inVentiv Health Inc in a $4.6 billion deal.(Reporting by Greg Roumeliotis and Carl O''Donnell in New York)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-quintiles-ims-contractsales-idUSKBN19C2WG'|'2017-06-22T04:54:00.000+03:00'
'9cf4a507246002dea6ca8f7aaf204bb5770705dc'|'Boeing wins hot Paris order race'|'Top   1:20pm BST Boeing wins hot Paris order race left right An Airbus A350-1000 Xwb (back) and an Airbus A321neo are seen on static display during the 52nd Paris Air Show at Le Bourget Airport near Paris, France, June 22, 2017. REUTERS/Pascal Rossignol 1/4 left right An Airbus A321neo is seen in front of an Airbus A400M on static display during the 52nd Paris Air Show at Le Bourget Airport near Paris, France, June 22, 2017. REUTERS/Pascal Rossignol 2/4 left right An Airbus A350-1000 Xwb is seen on static display during the 52nd Paris Air Show at Le Bourget Airport near Paris, France, June 22, 2017. REUTERS/Pascal Rossignol 3/4 left right President and CEO of Airbus Fabrice Bregier and Chief Operating Officer-Customers of Airbus John Leahy react during a news conferance at the 52nd Paris Air Show at Le Bourget Airport near Paris, France, June 22, 2017. REUTERS/Pascal Rossignol 4/4 By Victoria Bryan and Tim Hepher - PARIS PARIS Boeing ( BA.N ) won a red hot race for new business at the Paris Airshow, rolling out a new model of its best-selling 737 airliner that helped it claim back the order crown from rival Airbus ( AIR.PA ) After a show in which both manufacturers did brisk business under a sweltering sun, the European planemaker said on Thursday it won 326 net new orders and commitments while U.S. rival Boeing said its total was 571. That included 147 new orders and commitments for the 737 MAX 10, plus 214 conversions to the MAX 10 from other models to support the launch of the new plane. "The MAX stole the show," Ihssane Mounir, vice president of sales and marketing at Boeing''s commercial aircraft division, told journalists. "This is probably one of our busiest air shows." Asked if Airbus had lost momentum after years in which it often trounced Boeing at annual industry gatherings, sales chief John Leahy said the slowdown in orders had been expected. "Is this a slower show than previous years? Yes, it is. Are we conceding that Boeing sold a few more airplanes than we did? Yes," he told a news conference. In a late flurry on Thursday morning, Airbus signed deals for almost 100 aircraft, with AirAsia and privately-owned Iranian carriers Zagros Airlines and Iran Airtour. Boeing topped up its tally by announcing a firm order for 125 737 MAX 8 airplanes with an undisclosed customer and another deal with lessor AerCap ( AER.N ) to convert 15 of its MAX 8 orders into the larger MAX 10. It also added a memorandum of understanding from Chinese domestic Riuli Airlines for 20 737 MAX 8 aircraft. Analyst Richard Aboulafia, of Virginia-based Teal Group, said commercial activity had been better than expected and was reminiscent of shows in 2009 and 2011, when the aircraft industry had bucked a retreating world economy. "This time we''ve got instability and uncertainty in many regions of the world, but airline traffic is strong, and as we''ve seen at this show, airlines want jets and the finance people are certainly happy to help." Leahy said he had expected the new Boeing plane to make more of a splash. "We had expected they would have had a bigger launch on the 737 MAX 10, not quite as many conversions, more incremental orders." While he did not expect the MAX 10 to be a viable competitor to the A321, Leahy said the Boeing plane''s launch could result in price pressure. "They''re clearly going to come after us on price." The A321 is larger than any previous member of the 737 family, a gap that the MAX 10 is intended to close. (Reporting by Tim Hepher and Victoria Bryan; Additional reporting by Andrea Shalal and Mike Stone; editing by John Stonestreet)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-airshow-paris-idUKKBN19D0UE'|'2017-06-22T20:20:00.000+03:00'
'4430a7a069726d2529a74cf3c8f14773a3596f39'|'Israel Chemicals looks to divest assets worth $500 million'|'Market News  01am EDT Israel Chemicals looks to divest assets worth $500 million JERUSALEM, June 22 Israel Chemicals (ICL) is looking to sell off subsidiaries and assets with "low synergies" worth at least $500 million, Chairman Johanan Locker said on Thursday. Locker, speaking at an investors'' conference, did not elaborate on which assets ICL -- one of the world''s largest suppliers of crop nutrient potash -- would divest. He said ICL, which has been hurt by a drop in potash prices, was looking to create available sources of financing for further investments and also to lower debt. The board, he noted, was formulating a new strategy to guide the future plans and operations of the company to grow ICL''s specialty solutions division and further strengthen the competitiveness of its commodity assets. (Reporting by Steven Scheer, Editing by Ari Rabinovitch)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/icl-divestiture-idUSL8N1JJ2GX'|'2017-06-22T19:01:00.000+03:00'
'ce4ecc4f4b5dfed04a930a3a0b5b7d5bf9a4006a'|'JDE bets on Brazil as it chases Nestle in global coffee retail'|'By Marcelo Teixeira - SAO PAULO SAO PAULO Global coffee retailer Jacobs Douwe Egberts BV said on Tuesday it is eyeing new acquisitions in Brazil, where it is seeking double-digit growth as it chases Nestle in the international coffee retail business.JDE executives said during a presentation of new products in Sao Paulo that the company was banking on higher quality products in the world''s second largest coffee market to increase revenues and market share.JDE has bought up a string of coffee and tea firms, establishing its position as a key player in the global retail business. It was created in 2015 when its controlling holding company, JAB Holdings BV, bought Mondelez International Inc''s coffee operations in a cash and stock deal.The company has since acquired some of the best-known brands in Brazil, such as Café do Ponto, Pilão and Café Pelé."We want to be a leader in Brazil. We continue to look for opportunities," Lara Barns, head of JDE local unit, told reporters after presenting a new set of products aimed at the premium coffee market in Brazil, as the firm bets on higher value-added items to boost revenues.JDE has around 20 percent of the local coffee retail market, behind leader Três Corações, a 50-50 joint venture between Israeli holding company Strauss Group Ltd and Brazilian family-owned firm São Miguel. Três Corações has 24 percent of share.Brazil accounts for 20 percent of JDE global sales volumes, but only 10 percent of total revenues of 5 billion euros in 2016, said Barns, pointing to lower prices. That is thanks to abundant supply in Brazil, the world''s largest producer, but is also due to a profusion of lower quality brands which make up most of the market, Barns said."But the premium coffee segment is the one that grows the most in Brazil. That is our bet," she added.According to Euromonitor, Nestle has 22 percent of the global coffee retail market. JDE has 9.5 percent, a share that could go up to 12 percent considering businesses from U.S.-based Keurig Green Mountain, acquired by JAB Holdings two years ago in a deal valued at $13.9 billion.(Reporting by Marcelo Teixeira; Editing by Sandra Maler)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-brazil-coffee-jde-idINKBN19B2Z8'|'2017-06-20T18:08:00.000+03:00'
'87d6927c0a55d884f32fbce5f95416694d089d0b'|'Land restoration in Ethiopia: ''This place was abandoned ... This is incredible to me'' - Global Development Professionals Network'|'Ethiopia is suffering from severe drought, but there is water in Gergera. 20 years of restoring its hills and river valley has brought life back to this area of the Tigray region in the country’s far north.The work has been painstaking, complex and multidimensional and continues to this day. But the hard-won results offer up two key lessons. We know now that landscape restoration in drylands hinges on water management. And we know, just as importantly, that restoration can create a base for better livelihoods and jobs for youth who formerly left in droves.Government ministers visited the revitalised watershed on 31 May 2017 after signing a memo of understanding to establish a National Agroforestry Platform to support climate-resilient green growth and transformation. Over 40 prominent figures attended, including ministers of state Kaba Urgesa and Gebregziabher Gebreyohannes, Wubalem Tadesse of the Ethiopian Environment and Forest Research Institute , Fassil Kebede, adviser to the minister of agriculture, and Eleni Gabre Madhin , founder of Ethiopia’s commodity exchange and representatives of embassies, development agencies, and civil society groups such as Oxfam, Farm Africa, the Ethiopian Orthodox Church, and Packard.I know this place. It was abandoned and untouched. This is very incredible to meEyasu Abraha, Ethiopia’s minister of agriculture and natural resourcesGergera watershed covers 1382 hectares in the kebele (Ethiopia’s smallest administrative unit) of Hayelom in Atsbi-Wonberta district in the eastern zone of Tigray. The visit began at the head of the valley where community leaders had gathered. Alighting and looking around, Ethiopia’s minister of agriculture and natural resources Eyasu Abraha was visibly moved. “I know this place. It was abandoned and untouched. This is very incredible to me,” he said.The group stood under tall trees, bathed by bird song, with luscious grasses and pools of clean water at their feet. So that it can regenerate, this part of Gergera has long been closed to cattle. “The first thing you notice is the change of vegetation,” said World Agroforestry Centre’s director general Tony Simons, pointing out a Sclerocarya birrea, the Marula tree which has a nutritious plum-like fruit with a kernel with oil prized for cosmetics by firms such as the Body Shop.Arid land to a fertile Eden: permaculture lessons from Portugal'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/global-development-professionals-network/2017/jun/21/land-restoration-in-ethiopia-this-place-was-abandoned-this-is-incredible-to-me'|'2017-06-21T17:30:00.000+03:00'
'b08281a8b0fd29d5607c2b1507d861e45995245b'|'MSCI to add mainland China shares to key benchmark'|'Top  00am BST China shares get MSCI nod in landmark moment for Beijing left right FILE PHOTO: Investors look at computer screens showing stock information at a brokerage house in Shanghai, China, April 21, 2016. REUTERS/Aly Song/File Photo 1/2 The MSCI logo is seen in this June 20, 2017 illustration photo. REUTERS/Thomas White/Illustration 2/2 By Dion Rabouin and Michelle Price - NEW YORK/HONG KONG NEW YORK/HONG KONG China''s stocks took a major step towards global acceptance on Wednesday, finally winning a long campaign for inclusion in a leading emerging markets benchmark, in what was seen as a milestone for global investing. U.S. index provider MSCI said on Wednesday Hong Kong time it would add a selection of China''s so-called "A" shares to its Emerging Markets Index after having rejected them for three years running. In the broader overhaul, MSCI surprised many investors by failing to upgrade Argentina from the frontier market category where it has languished in recent years, but said it would consult investors about adding Saudi Arabia to the benchmark. Inclusion in the index marks a key victory for the Chinese government, which has been working steadily over the past few years to open up its capital markets, investors said. "Given the size and importance of China as an economic superpower, I think this is a historic moment," Kevin Anderson, senior managing director of State Street Global Advisors and head of investments in the Asia Pacific region told Reuters. "It''s a long-awaited and much-debated decision in the past, and I think it''s more than symbolic as it will create additional flow of capital and potentially a new segment of institutional investors in the China market." Traders said MSCI''s widely expected "Yes" decision had been largely priced in, with the announcement triggering some profit-taking in blue chips, which are no longer cheap after strong rallies this year. Shanghai shares opened just 0.3 percent higher, dipped into negative territory, and then rallied to end the day up 0.5 percent. The blue-chip CSI300 Index shook off early profit taking to finish up 1.2 percent at its highest close in 1-1/2 years. MSCI has been in discussions with Chinese regulators and global investors for four years over whether to add yuan-denominated shares to the Emerging Markets Index – tracked by around $1.6 trillion in assets – but excluded them because of restricted access to China''s equity markets. On Wednesday, the company said China had made enough progress in opening up its markets for MSCI to add a selection of 222 large-cap stocks. The bulk of the shares will be financial and industrial companies, many state-owned. According to Credit Suisse, among the 222 stocks on the simulated list of constituents for the new proposal of China A-share inclusion, 50 are in the financial sector with a total weight of 36 percent, and 44 stocks are in the industrial sector with a total weight of 16 percent. The stocks, which would represent a weighting of just 0.73 percent in the benchmark, will be included via a two-phase process in May and August next year. The move will see around $17 billion to $18 billion of global assets move into Chinese stocks initially, MSCI executives told reporters, adding that over the long term the full inclusion of the China market could see more than $340 billion of foreign capital flow into the country. Sebastien Lieblich, global head of index management research at MSCI declined, however, to provide a likely timeline for the full inclusion of "A" shares, saying it would depend on continued progress on China''s reform agenda. MSCI, he noted, would like to see China further relax controls on repatriating capital out of the country, and act to curb frequent share suspensions. "It''s really in the hands of the Chinese stakeholders, they are dictating the timing. It''s very difficult for us to articulate any type of timeline with respect to further inclusion," Lieblich told reporters. The China Securities Regulatory Commission, which has overseen many key reforms in recent years, welcomed MSCI''s decision. "The inclusion of ''A'' shares in the MSCI index is in line with the inevitable needs of international investors and reflects the confidence of international investors in the good prospects for China''s economic development and stability of the financial market," the CSRC said in a statement. RELAXED CRITERIA MSCI in March relaxed its criteria for inclusion by cutting the number of proposed stocks to 169 from 448 in a bid to address ongoing curbs on repatriating capital from China and investor concerns over the country''s high number of suspended stocks. The 169 stocks can be easily accessed by foreigners through the "Stock Connect" link launched in 2014 and significantly expanded in December. MSCI said it had increased the selection to include a further 53 domestic Chinese stocks that are also listed in the Hong Kong market, and which will be better known to foreign investors. Chinese companies listed overseas already account for 28 percent of the EM Index as of May but the addition of domestic, yuan-denominated China stocks could see the country account for as much as 40 percent of MSCI''s Emerging Market Index in the future. The A-share market, including shares from Shanghai and Shenzhen markets, is worth roughly $7.5 trillion, the world''s largest after the New York Stock Exchange and Nasdaq. BlackRock Inc, the world''s largest asset manager, endorsed MSCI''s decision. "We believe our clients will benefit from today''s decision to bring Chinese equities into mainstream investment," said Ryan Stork, BlackRock''s chairman for the Asia-Pacific in Hong Kong and one of the company''s most senior executives, in an emailed statement. Failing to upgrade Argentina means the country remains in MSCI''s smaller frontier markets index, where it has been since 2009. Nigeria will also remain a frontier market, with the possibility of being downgraded to "standalone" status. (Reporting by Dion Rabouin in New York and Michelle Price in Hong Kong; additional reporting by Sam Shen and John Ruwitch in Shanghai, Donny Kwok in Hong Kong, Saqib Ahmed and Richard Leong in New York and Sujata Rao in London; Editing by Eric Meijer and Jacqueline Wong)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-msci-indexes-idUKKBN19B323'|'2017-06-21T05:47:00.000+03:00'
'993edca9bbff6149d21355e938c2c87015adb9c0'|'Airbus sales chief plays down prospect of blockbuster order'|'Wed Jun 21, 2017 - 9:25am BST Airbus sales chief plays down prospect of blockbuster order A new fuel-efficient wingtip extension or winglet is seen on an Airbus A380 on the eve of the 52nd Paris Air Show at Le Bourget Airport, near Paris, France, June 18, 2017. REUTERS/Pascal Rossignol PARIS Airbus ( AIR.PA ) sales chief John Leahy on Wednesday played down expectations of a last-minute blockbuster order to win the Paris Airshow, while dismissing a flurry of deals for a new Boeing jet as the result of heavy conversions from existing models. Speaking to Reuters on day three of the June 19-25 air show, Leahy said: "We will have some orders today, but today''s isn''t going to be one of our record air shows." Regarding orders that Airbus could get over the rest of the Paris Airshow, Leahy added that such deals would be "nothing big, but real stuff." (Reporting by Tim Hepher; Editing by Mark Potter)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-airshow-paris-airbus-sales-idUKKBN19C0WJ'|'2017-06-21T16:23:00.000+03:00'
'd09dcfb13ec5b4d1ff252fefea3215e5cae0d527'|'Takata to file for bankruptcy on Monday, SMBC to provide bridge loan - sources'|'Deals - Thu Jun 22, 2017 - 7:04am BST Takata to file for bankruptcy Monday, SMFG to provide bridge loan: sources FILE PHOTO: The logo of Takata Corp is seen on its display at a showroom for vehicles in Tokyo, Japan, February 9, 2017. REUTERS/Toru Hanai/File Photo By Taro Fuse and Maki Shiraki - TOKYO TOKYO Takata Corp ( 7312.T ) will seek bankruptcy protection from creditors on Monday, two sources said, as the Japanese company faces billions of dollars in liabilities stemming from the biggest recall in automotive history. The firm, whose defective air-bag inflators have been blamed for at least 16 deaths and more than 150 injuries worldwide, will file for protection in Tokyo District Court under the Civil Rehabilitation Act, Japan''s version of U.S. Chapter 11 bankruptcy, said the sources, one of whom has direct knowledge of the matter and one who was briefed on the process. Takata will then seek bridge loans from the core banking unit of Sumitomo Mitsui Financial Group Inc ( 8316.T ), which will provide tens of billions of yen (hundreds of millions of dollars) in bridge loans, one source said. Takata spokesman Toyohiro Hishikawa said nothing had been decided regarding any filing or financing. Shares in Takata changed hands for the first time since sources said last week that the struggling airbag maker was preparing to file for bankruptcy. By mid-afternoon shares had more than halved in value to 116 yen, eroding Takata''s market capitalization by about 75 percent from a week ago to nearly $86 million now. Any filing would coincide with a deal for financial backing from U.S. auto parts maker Key Safety Systems Inc. Key is expected to acquire Takata assets as part of a restructuring in bankruptcy, a source told Reuters. Takata would stop making air-bag inflators after completing a global recall as part of the restructuring plan with Key, separate sources said. Takata plans to begin bankruptcy proceedings in both the United States and Japan, sources have said. Such moves would culminate a long, tumultuous fall for the family-controlled company that grew to become a global supplier to most of the world''s major automakers. (Reporting by Taro Fuse and Maki Shiraki, writing by Thomas Wilson; Editing by Himani Sarkar) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-takata-bankruptcy-idUKKBN19D0DS'|'2017-06-22T13:07:00.000+03:00'
'4b439dfe75c62687d381090399396b1e87947183'|'EMERGING MARKETS-Argentine peso, stocks slump after surprise MSCI snub'|'(Updates with closing prices) By Bruno Federowski SAO PAULO, June 21 The Argentine peso on Wednesday fell to its weakest level ever while stocks tanked after index provider MSCI unexpectedly decided not to include the country in its emerging markets index. MSCI said it needed more signs that center-right President Mauricio Macri''s pro-market reforms were "irreversible" to reincorporate the country''s shares into its Emerging Markets Index. Macri has repealed the capital controls and foreign exchange restrictions that drove MSCI to downgrade Latin America''s No. 3 economy to "frontier" status. Argentina''s benchmark Merval stock index fell nearly 5 percent, its biggest daily decline since January 15. Shares of Pampa Energia SA led the losses, dropping 8.35 percent. The index had risen nearly 25 percent in 2017 as traders anticipated increased inflows from funds tracking the MSCI index. As those expectations faded, the peso weakened as much as 1 percent to a record low before recovering slightly. "There is no longer any rush for passive funds to get in, and those who have been buying in advance of an expected reclassification will probably now look to take some money off the table," strategists at Itaú BBA wrote in a note to clients. However, "we still have a positive view of the current domestic dynamics in Argentina, both political and economic." Trading in other Latin American markets was skittish, tracking volatility in commodity prices. The Mexican peso weakened by 0.1 percent, adding to a sharp decline on Tuesday, with falling crude prices pressuring the currency. Brazil''s benchmark Bovespa stock index edged down 0.01 percent, while shares of miner Vale SA tracked iron ore higher. Shares of meatpacker Minerva SA fell 1.6 percent after Reuters reported a judge blocked the $300 million purchase of JBS SA''s South American assets. Shares of JBS rose 5.32 percent. Key Latin American stock indexes and currencies at 2030 GMT: Stock indexes daily % YTD % Latest change change MSCI Emerging Markets 1006.47 -0.22 16.72 MSCI LatAm 2480.19 -0.45 5.96 Brazil Bovespa 60761.74 -0.01 0.89 Mexico IPC 48983.45 -0.1 7.32 Chile IPSA 4752.45 -0.9 14.48 Chile IGPA 23818.33 -0.82 14.87 Argentina MerVal 20614.35 -4.81 21.85 Colombia IGBC 10665.48 -1.15 5.31 Venezuela IBC 121418.08 2.24 282.96 Currencies daily % YTD % change change Latest Brazil real 3.3292 0.08 -2.40 Mexico peso 18.2235 -0.15 13.83 Chile peso 665.2 -0.23 0.83 Colombia peso 3057.2 -0.95 -1.82 Peru sol 3.271 0.03 4.37 Argentina peso (interbank) 16.2100 -0.31 -2.07 Argentina peso (parallel) 16.65 -0.06 1.02 (Reporting by Bruno Federowski; Editing by Meredith Mazzilli and Diane Craft)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/emerging-markets-latam-idUSL1N1JI1PH'|'2017-06-22T05:02:00.000+03:00'
'5297aefd3004eeab441f33b2abf1c2c5fbb7a82e'|'VW is cutting jobs at core brand more quickly than planned: HR boss'|'Autos - Fri Jun 23, 2017 - 11:29am EDT VW brand is cutting jobs more quickly than planned: HR boss FILE PHOTO: A Volkswagen VW car is seen at a car dealer in Bochum, Germany March 16,2016. REUTERS/Ina Fassbender/File Photo By Andreas Cremer and Jan Schwartz - WOLFSBURG, Germany WOLFSBURG, Germany Volkswagen ( VOWG_p.DE ) is reducing the workforce at its core division more rapidly than planned, its human resources chief said, helping the brand make progress on cost cuts needed to revive the business. The world''s largest automaker is overhauling its biggest division by sales to generate funds to invest in electric cars and self-driving technology as it struggles to overcome its emissions-cheating scandal. More than 7,500 workers have accepted offers of early retirement since a hard-fought turnaround plan was signed with unions last November, about 80 percent of the 9,300 pledges VW had budgeted for by 2020, group HR boss Karlheinz Blessing said in an interview with Reuters. To stoke demand for the measure, the carmaker has restricted until July 31 an offer to workers and managers born between 1955 and 1960 to take early retirement, the executive said. "Whoever comes later has missed an opportunity," Blessing said. "I believe we will achieve our targets on staff reduction sooner than planned." Investors have said a turnaround at the VW brand, long saddled with high development and personnel costs, will be key to turn the crisis-ridden group into a more attractive business. VW plans to raise productivity at its German plants by 7.5 percent this year and next, and a further 5 percent in 2019 and 2020, counting on fixed-cost cuts and fine-tuning of R&D, procurement and production operations. The carmaker is seeking to raise its brand operating margin to near the upper end of a 2.5-to-3.5 percent range this year, from 1.8 percent in 2016. That''s still below profitability benchmarks at European rivals such as Peugeot Citroen ( PEUP.PA ) and Renault ( RENA.PA ). "It''s a long way" to lastingly raise profitability, said Blessing. "2018, 2019 and 2020 will be the challenging years." VW is also moving fast with efforts to weed out temporary jobs. The core brand has slashed the number of temporary positions to around 2,600 now from 6,500 when the turnaround plan was launched, and aims to cut them further to around 1,000 by year-end, he said. The carmaker has a goal to work without any temporary jobs in its home market by the end of 2020. Management and unions have agreed to cut up to 23,000 jobs and, in return, create 9,000 new positions in the area of battery production and mobility services. Headcount may fall further due to "natural" turnover and buyouts which VW has not yet offered, Blessing said. "We have enough instruments to carry out the reduction in staff in a socially acceptable way." (Reporting by Andreas Cremer and Jan Schwartz; Editing by Tom Sims and Adrian Croft) '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-volkswagen-emissions-jobs-idUSKBN19E1OI'|'2017-06-23T22:39:00.000+03:00'
'ffeef82f6fbd78c69ea2d7f6e3805fefd0437ade'|'Ford''s China move casts new cloud on Mexican carmaking'|'Autos   5:06pm BST Ford''s China move casts new cloud on Mexican carmaking An employee uses a laptop next to a car body at an assembly line at a Ford manufacturing plant in Chongqing municipality April 20, 2012. REUTERS/Stringer By Stefanie Eschenbacher and Dave Graham - MEXICO CITY MEXICO CITY A second U-turn this year by Ford Motor Co ( F.N ) in Mexico has raised the spectre of Chinese competition for local carmaking, adding to pressure on the industry after repeated threats by U.S. President Donald Trump to saddle it with punitive tariffs. Ford announced on Tuesday it would move some production of its Focus small car to China instead of Mexico, a step that follows the U.S. automaker''s January cancellation of a planned $1.8 billion plant in the central state of San Luis Potosi. The scrapping of the Ford plant was a bitter blow, coming after U.S. President Donald Trump had blamed the country for hollowing out U.S manufacturing on the campaign trail, and threatened to impose hefty tariffs on cars made in Mexico. Since then, rhetoric from the Trump administration has become more conciliatory, and Mexico and the United States have expressed confidence that the renegotiation of the NAFTA trade deal, expected to begin in August, could benefit both nations. But the loss of the Focus business is an unwelcome reminder of competition Mexico faces from Asia at a time China''s auto exports and the quality of its cars are rising. "For a long time, the quality of vehicles coming out of China was not to global standards. There was a gap in quality that (favoured) Mexico - but that is closing," said Philippe Houchois, an analyst covering the auto industry at investment bank Jefferies. "That is probably a threat to Mexico." In the past decade, global automakers have invested heavily in Chinese factories to make them capable of building cars at quality levels that make the grade in developed markets. Ford''s decision to shift Focus production for the United States market to China from Mexico shows automakers have increasing flexibility to choose between the two countries to supply niche vehicles to American consumers or other markets. ''VERY TROUBLING'' Demand for small cars in the United States is waning and General Motors Co ( GM.N ) faces a similar situation to Ford''s with its Chevrolet Cruze compact. Were GM to go down the same path with the Cruze and shift its production out of U.S. factories, it could give more work to its Mexican plants - but might also bring its Chinese operations in Shenyang or Yantai into play. "The Cruze is a global product that is built in multiple GM plants around the world, including the U.S.," said GM spokesman Pat Morrissey. "Our general philosophy is that we like to build where we sell." Studies show Mexican manufacturing is competitive, and business leaders believe that NAFTA talks between Mexico, the United States and Canada could ultimately yield tougher regional content rules for the region that benefit local investment. Ford said its decision balanced cheaper Chinese labour rates against pricier shipping, but that in the end an already-planned refit of its Chinese factory saved it some $500 million over retooling both that facility and its Hermosillo plant in Mexico. The volatile state of U.S.-Mexican trade relations also carries big risks if Trump renews his threats to impose 35-percent tariffs on cars made in Mexico. To be sure, Trump has also threatened to levy 45-percent tariffs on Chinese goods and his Trade Representative Robert Lighthizer said he found Ford''s China move "very troubling." Trump''s threats have battered the peso, ironically making Mexico''s goods cheaper. Uncertainty over the future of NAFTA pushed the currency to a record low in January, although it has since rebounded. That same month, the Boston Consulting Group published an assessment of manufacturing competitiveness that gave Mexico an 11-percent lead over China. That advantage has prompted global firms to plow billions of dollars into the Mexican auto industry, pushing output to record highs. Some officials in the automotive sector painted Ford''s move as a one-off decision. "There''s still very dynamic investment and growth in plants," said Alfredo Arzola, director of the automotive cluster in Guanajuato state, one of Mexico''s top carmaking hubs. Still, there have been "significant quality improvements" in Chinese cars, consultancy J.D. Power said in a 2016 study. Chinese car manufacturing could catch up with international standards in China by 2018 or 2019, said Jacob George, general manager of J.D. Power''s Asia Pacific Operations, citing the consultancy''s gauge of "hard quality", or failures. However, when measured in terms of "perceptual" quality, China was probably still some 4 to 6 years behind, he added. (Additional reporting by Joe White and Paul Lienert in Detroit; Editing by Christian Plumb and Nick Zieminski)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-ford-motor-mexico-idUKKBN19E1W2'|'2017-06-24T00:06:00.000+03:00'
'a35fe831aa0d733810ee7f597ca5cbc644956174'|'Uncertainty over Stada bid likely to drag on over weekend: sources'|'By Alexander Hübner - FRANKFURT FRANKFURT Buyout groups Bain Capital and Cinven must wait over the weekend to see whether their takeover bid for the German generic drugmaker Stada ( STAGn.DE ) has been successful, two sources familiar with the situation said.The tender offer for the agreed 5.3 billion euro ($5.9 billion) deal at 66 euros per share ran through to the end of Thursday, June 22, and was made conditional on securing 67.5 percent of the shares in the drugmaker. By late Friday, they had not announced the threshold had been crossed."We''re not yet there. But hope springs eternal," one source told Reuters.Bain, Cinven and Stada declined to comment.By Thursday at 1030 GMT 45.3 percent of the shares had been tendered, the buyout groups said, 22 points short of the required minimum.Even though institutional investors typically tender shortly before the deadline, the bidders have grown increasingly uneasy about the slow uptake, sources close to them have told Reuters.Shares in Stada closed at 63.76 euros on Friday, under the offer price of 66 euros a share.The bid is nevertheless widely regarded as attractive, given the premium of 49 percent over the share price before initial reports emerged that a takeover was on the cards.Bain and Cinven had vied fiercely with a rival consortium comprising Advent and Permira for control of Stada.Many buyout firms are flush with cash after recent divestments and cheap borrowing costs and they are particularly attracted to healthcare assets for their reliable cash flows that are immune to swings in the business cycle.In early June Bain and Cinven lowered the minimum acceptance threshold from 75 percent and postponed the cut-off date by two weeks.A relatively large 27 percent of shares are held by individual non-professional investors, many of whom are elderly, according to the sources.Only about half of these retail investors are expected to tender, with the rest expected to ignore or forget letters from custodian banks informing them of the offer.Some custodian banks may take longer to notify Stada and its suitors of the shares tendered, meaning it may be Monday or Tuesday before the last shares arrive."Some banks still send them in the post," one investment banker said.Complicating things further for Stada''s suitors, index tracking funds that cannot tender are seen as holding about 12 percent of the shares.While German takeover rules bar Bain and Cinven from amending their offer a second time, they could make a renewed bid with Stada''s approval within a year of the first attempt failing.(Writing by Ludwig Burger and Victoria Bryan; editing by Susan Thomas)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-stada-arzneimitt-m-a-idINKBN19E22N'|'2017-06-23T15:40:00.000+03:00'
'74140ffe04003dc300d2fa571247a8c80f91cc20'|'Amazon’s big, fresh deal with Whole Foods'|'JEFF BEZOS does not like sitting still. In his annual letter to Amazon’s shareholders this year, he warned of “stasis. Followed by irrelevance. Followed by excruciating, painful decline. Followed by death.” Competitors are toiling to avoid the same fate but it is hard to keep up. On June 16th Amazon said it would pay $13.7bn for Whole Foods, an upscale grocer known for its organic produce. Lest be accused of sloth, four days later Amazon announced a new service to let shoppers try clothes at home, for no fee, then return those they don’t like.The news that Amazon would make clothes shopping even easier is a blow to America’s apparel chains, many of which are already in the middle of that excruciating decline. Yet it was the Whole Foods deal, more than ten times bigger than any acquisition Amazon has made so far, that caused the bigger stir. 7 The deal’s precise impact is hard to gauge. Buying Whole Foods hardly gives Amazon a stranglehold on food and drink: the combined companies will account for just 1.4% of America’s grocery market, according to GlobalData, a research firm. The people who shop at the chain are not the mass market. They are unusually wealthy and well-educated (see chart). Mr Bezos has made no big announcements about changes at Whole Foods—drone-delivered spelt grain is unlikely to become a reality soon. Instead he simply praised its work and said “we want that to continue.”Nevertheless, the news prompted the shares of a large group of rival grocery firms, including Walmart and Kroger, to sink quickly. As with so much about Amazon, the Whole Foods deal is important not for what it represents now but how it might transform Amazon and up-end rivals—most notably, Walmart—in future.Up to now, grocery has been a tough nut for Amazon to crack. A growing share of office supplies and clothes are bought online, yet last year e-commerce accounted for just 2% of American spending on food and drinks. Amazon Fresh, a ten-year-old grocery-delivery service, is still in only 20-odd cities. Prime Now, a two-hour delivery service introduced in 2014, is in 31.That is because grocery’s margins are low and its goods devilishly hard to deliver. Peaches bruise. Meat rots. Many consumers like to buy food in person: unlike choosing a battery or book, selecting a ripe tomato requires inspecting it or trusting someone who has.Amazon has tried to solve these problems—using machine learning, for example, to distinguish ripe strawberries from mouldy ones. But the Whole Foods deal is the start of something new. To date Amazon has run only a handful of stores; Whole Foods will give it more than 450. Amazon knows a lot about customer behaviour online; now it will be able to marry that to data about habits in physical stores. Paul Beswick of Oliver Wyman, a consultancy, notes that Whole Foods will provide a well-established supply chain, a boon to Amazon Fresh, as well as a roster of store-brand goods, which might now be sold online.It is all a huge headache for Walmart. The beast of Bentonville remains the world’s largest store and America’s biggest grocer, with revenues of $486bn compared with Amazon’s $136bn. It too is trying to avoid stasis. It paid $3bn last year to acquire Jet.com, a challenger to Amazon, and has invested in technology to help customers order groceries online and have them ready to pick up from its stores. Walmart is experimenting with other services: some staff deliver groceries on their way home.“Walmart is testing, reading and reacting,” notes Oliver Chen of Cowen, a financial-services firm. “That’s a new Walmart.” On the same day that Amazon said it would buy Whole Foods, Walmart announced the purchase of a menswear brand called Bonobos for $310m, which began online and now has three dozen stores. The deal, among other things, gives Walmart new staff to help the company transform itself further.Yet Amazon is playing a different, more complex game. It is enmeshing itself in its customers’ lives: each new service, from streaming video to its Alexa virtual assistant, makes it more integral to a person’s day. That gives it new data and revenue that help it improve services and offer additional ones. Shoppers buy groceries often. If Amazon can become part of Americans’ ritual of buying milk and eggs, the firm will understand its customers even better. Shoppers will have fewer reasons to go elsewhere.And Amazon is likely to integrate Whole Foods in ways that are not yet obvious. Finding ways to get more value out of its investments has been key to Amazon’s growth. The company’s warehouses, built for its own goods, are now used by independent sellers. The same is true of its cloud-computing power, which supports not just Amazon’s own business but legions of other firms. Amazon may use its infrastructure for Prime Now to deliver Whole Foods’ groceries. In future it may develop new services for Whole Foods that are in turn deployed in new ways, suggests Ben Thompson, a tech blogger. It could, for example, supply restaurants.For Walmart, and many other rivals, the best scenario would be if regulators were to slow Amazon’s expansion. The company accounts for about half of new spending online in America. It has reached into many parts of the economy, from retail to cloud computing and from entertainment to advertising. Yet intervention is improbable. The Whole Foods deal gives Amazon less than one-fiftieth of the grocery market. Walmart, were it to make Whole Foods a higher offer, by contrast, would be very likely to attract regulators’ wrath. In such circumstances, Walmart could be forgiven a severe attack of sour grapes. "Whole hog"'|'economist.com'|'http://www.economist.com/sections/business-finance/rss.xml'|'http://www.economist.com/news/business/21723868-buying-upscale-grocer-new-front-battle-beast-bentonville-amazons?fsrc=rss'|'2017-06-24T08:00:00.000+03:00'
'9f2df15110a9c6f7927a74296a812694381112b9'|'Global reinsurers ask EU for mutual market access with Britain post-Brexit'|'Business News - Fri Jun 23, 2017 - 6:27pm BST Global reinsurers ask EU for mutual market access with Britain post-Brexit By Carolyn Cohn and Anjuli Davies - LONDON LONDON Global reinsurers have written to the European Commission to ask it to ensure mutual access between British and European Union reinsurance markets after Britain leaves the bloc due to worries about market disruption, according to extracts from the letter seen by Reuters. Britain and the EU started talks this week on the terms of their divorce in March 2019. Brexit risks an end to so-called passporting rights, through which financial institutions are able to sell their services across the EU without locally regulated operations. Reinsurers such as Munich Re ( MUVGn.DE ) and Scor ( SCOR.PA ), who help insurers pay for big claims like hurricanes in exchange for part of the premium, technically do not need passporting rights to operate cross-border in the large marine, aviation and transport sectors. But without regulatory regimes in Britain and the EU that are formally recognised as equivalent to one another, reinsurers based in Britain may have difficulty doing business in some EU markets due to differing national regulations, industry sources say. Reinsurers outside Britain could also find it harder to get involved in deals led by the Lloyd''s of London market. "The UK''s withdrawal from the EU raises difficult questions about the future trading relationship between the two jurisdictions," the Zurich-based Global Reinsurance Forum, which represents some of the world''s largest reinsurers, said in the letter sent in April. "If passporting arrangements for EU reinsurers into the UK and vice versa are not maintained, then national regulations will inevitably make cross-border reinsurance between the two jurisdictions more difficult and expensive." The letter called for existing arrangements to continue under a future UK/EU trade deal. The reinsurers rejected suggestions by some industry participants that Britain should make major changes to EU Solvency II capital rules after Brexit, due to stringent capital costs and red tape. "We strongly support the position that the UK should continue to operate an insurance regulatory regime which is consistent with Solvency II," they said. The Global Reinsurance Forum is chaired by Inga Beale, chief executive of Lloyd''s. Other members of the group of 13 reinsurers include Munich Re, Scor and Swiss Re ( SRENH.S ), as well as reinsurers based outside Europe. Its main aim is "to promote a stable, innovative, and competitive worldwide reinsurance market," according to its website. (Writing by Carolyn Cohn, additional reporting by Andrew MacAskill in London, Maya Nikolaeva in Paris and Tom Sims in Frankfurt, editing by David Evans)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-eu-reinsurance-idUKKBN19E21I'|'2017-06-24T01:27:00.000+03:00'
'afefdfec0865dd1b3d98cb8f7e4da87deb1199b4'|'FTSE struggles one year on from Brexit, haunted by uncertainty'|'Top News - Fri Jun 23, 2017 - 5:09pm BST FTSE haunted by uncertainty one year after Brexit vote A worker shelters from the rain as he passes the London Stock Exchange in the City of London at lunchtime October 1, 2008. REUTERS/Toby Melville/File Photo By Kit Rees - LONDON LONDON One year on from Britain''s shock vote to leave the European Union, cracks are starting to appear in the FTSE 100''s rally, as concerns on both political and economic fronts saw UK shares fall for a third week in a row. The blue chip FTSE 100 .FTSE index was down 0.2 percent at 7,424.13 points at its close, while mid caps .FTMC were up 0.1 percent. UK shares were hit hard in the immediate aftermath of last June''s Brexit vote, but recovered speedily as a fall in sterling boosted firms that earn revenue in foreign currencies. While the FTSE ended 2016 up more than 14 percent, fresh political concerns stemming from a hung parliament in this month''s election and uncertainty around Brexit negotiations have put the brakes on UK shares this year. Despite hitting a series of record highs along the way, British blue chips are up just 4 percent year to date with the FTSE the weakest major European market in terms of performance. The pan-European STOXX 600 has gained more than 7 percent. "The market tries to run higher looking at the benefits from the weaker pound, but then is struck back by the reality of the fact that this is an inherently unsustainable situation," Ken Odeluga, market analyst at City Index, said. Though sectors such as housebuilders, which were hit hard, have largely bounced back, with Persimmon ( PSN.L ) and Bellway ( BWY.L ) making headway this year, investors remain concerned about firms exposed to the British economy, such as retailers. A depressed sterling has increased concerns around a rise in inflation, which has hit shares in British retail stocks .FTNMX5370 which could come under pressure as consumers'' pockets are squeezed. "We expect subpar growth as Brexit bites. We see greater political instability, including a risk of early elections and a new government, but also a softer Brexit and easier policy," Morgan Stanley''s economy and strategy team said in a note. The picture is lacklustre in dollar terms especially, with both the FTSE 100 and mid caps roughly flat since the Brexit vote. Firms in internationally exposed sectors such as miners, tobacco companies and consumer goods have been clear winners, though renewed weakness in the price of oil has dogged the FTSE 100''s energy constituents. On Friday, dollar earners were the biggest fallers, with health stocks AstraZeneca ( AZN.L ) and Shire ( SHP.L ), as well as Smurfit Kappa ( SKG.L ) and Diageo ( DGE.L ) all down between 1.3 and 2.5 percent. (Reporting by Kit Rees; Editing by Alison Williams) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-stocks-idUKKBN19E13I'|'2017-06-23T18:18:00.000+03:00'
'fb6cab510ec41881a1851efb9b894ead59e9090c'|'Madoff fund moves closer to payouts after criticism of delays'|'By Jonathan Stempel - NEW YORK, June 16 NEW YORK, June 16 The overseer of a $4 billion U.S. government fund to compensate victims of Bernard Madoff''s Ponzi scheme expects to start distributing money this year, following criticism of the lack of payouts in the nearly four years since the fund''s creation.Money would go to 35,508 victims from 123 countries whose total losses exceeded $6.5 billion.Their claims were deemed valid in early June by the Department of Justice, whose fund is overseen by former U.S. Securities and Exchange Commission Chairman Richard Breeden.More than 26,000 of the 35,508 eligible victims have received nothing since Madoff''s fraud was uncovered in December 2008.Payouts could begin as soon as late October, a person close to the process said.In an online update posted late Thursday, Breeden said about 98 percent of eligible victims invested indirectly through Madoff, such as through "feeder funds."They have been unable to recover any funds in the liquidation of Bernard L. Madoff Investment Securities LLC, in which court-appointed trustee Irving Picard is paying only former Madoff customers. He has approved 2,612 claims."We are currently planning on a first distribution of cash prior to the end of this year," Breeden wrote. "We are very optimistic we will succeed."Breeden declined to comment on Friday.The fund was set up in November 2013, mostly with settlement money from Madoff''s bank, JPMorgan Chase & Co, and the estate of former Madoff investor Jeffry Picower.Criticism over the lack of payouts was fueled by published reports last month that Breeden''s firm had billed the government millions of dollars for its services.The review process took over three years, during which about 50 people, including some with bank examination experience, assessed 65,500 petitions with millions of pages of paperwork.Hedge funds and other third parties that bought claims from victims are ineligible to recover, unlike in the Madoff firm''s liquidation, in which Picard is paying on such claims.Picard has recovered $11.6 billion and paid out more than $9 billion.The payout process for the fund Breeden oversees came up on Tuesday when Republican Senator Richard Shelby of Alabama questioned it during a Justice Department budget hearing."Obviously they''re not working because there are no distributions," he said.Deputy Attorney General Rod Rosenstein replied that reimbursing victims was important, and said "we should do it as quickly as possible." He pledged to look into the matter."Will you get back to the committee on that?" Shelby asked."Yes sir," Rosenstein responded. (Reporting by Jonathan Stempel in New York; Editing by Dan Grebler)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/madoff-payout-idINL1N1JD0JD'|'2017-06-16T13:13:00.000+03:00'
'c67d89fefaf4d04c4c04363078be890ecbcabca3'|'Apparel retailer Buckle says some credit card information compromised'|'Apparel retailer Buckle Inc said on Friday that credit card information of some of its customers may have been compromised after its payment system was breached by a "criminal entity" following purchases made at some of its stores.The Kearney, Nebraska-based company said it engaged outside experts to investigate the incident.Based on the investigation, Buckle said no Social Security numbers, email addresses or physical addresses were obtained by the criminal entity, but certain credit card numbers may have been compromised.The company said its store payment data systems were infected with a type of malicious code, which was then quickly removed."There is also no evidence that the buckle.com website or buckle.com guests were impacted," the retailer added.(Reporting by Laharee Chatterjee in Bengaluru; Editing by Leslie Adler)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-buckleinc-cyber-idINKBN19802B'|'2017-06-16T23:54:00.000+03:00'
'6d3a301bdd9bd8bb2ef0ab1cf6abc7282f931e3b'|'Takata would stop making air-bag inflators under new plan - sources'|'Banks - Fri Jun 16, 2017 - 8:20pm BST Takata would stop making air-bag inflators under new plan - sources FILE PHOTO: The logo of Takata Corp is seen on its display at a showroom for vehicles in Tokyo, Japan, February 9, 2017. REUTERS/Toru Hanai/File Photo By Naomi Tajitsu and Maki Shiraki - TOKYO TOKYO Japan''s Takata Corp ( 7312.T ), facing bankruptcy over the biggest recall in automotive history, would stop making air-bag inflators after completing a global recall, under a restructuring plan under consideration by its steering committee, sources told Reuters on Friday. The committee is discussing plans with rival Key Safety Systems Inc (KSS) which is negotiating to take control of the company. Any plan would require final approval from Takata''s board before the air bag maker submits them as part of expected bankruptcy filings in the United States and Japan. Takata declined to comment on the plans. Takata is still building replacements required under a recall of around 100 million inflators that could detonate with excessive force after prolonged exposure to heat. Exploding Takata airbag inflators have been blamed for at least 16 deaths and more than 150 injuries worldwide. Takata would stop producing airbag inflators after it completes production of replacement parts and fulfils existing supply contracts for them with automaker clients, the sources said. One source said existing contracts would likely end around 2020. Job cuts are also on the table, the sources said, including upper-level managers involved in manipulating inflator test results to conceal possible defects. Many plant managers would likely remain to ensure that production continues during the transition period. The plan is critical for a bankruptcy restructuring that could be launched as early as next week. Takata is hoping to erase billions in liabilities and resolve the recall of air-bag inflators. Any bankruptcy would pose limited risk to Takata''s ability to supply the roughly 100 million replacement inflators required to complete the global recall, one of the sources familiar with the company''s plans said. U.S. vehicle safety regulators are putting pressure on Takata and automakers to speed up the replacement of defective inflators in the United States. The plan would also have Takata air bags and seatbelts rebranded as KSS products after Takata emerges from bankruptcy. Michigan-based KSS, owned by Chinese supplier Ningbo Joyson Electronic Corp ( 600699.SS ), currently is a smaller competitor to Takata in airbags and seatbelts. (Reporting by Naomi Tajitsu and Maki Shiraki; Additional reporting by David Shepardson in Washington; Editing by William Mallard and Jane Merriman)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-takata-bankruptcy-idUKKBN1972H5'|'2017-06-17T03:20:00.000+03:00'
'bb2bd87d5badd512709cedbc2fb29b03e5be75de'|'Kroton confident Brazil will approve Estacio deal, source says'|'SAO PAULO Kroton Educacional SA expects a key appointment at Brazil''s antitrust watchdog Cade this week will help it win approval of its purchase of rival Estácio Participações SA, creating the world''s No. 1 for-profit education company, a person directly involved in the transaction said on Friday.According to the person, who asked for anonymity because of the sensitivity of the issue, Kroton was exploring Estacio''s interest in requesting a delay to the Cade vote on the deal scheduled for June 28 because of opposition among Cade members.But the appointment of Alexandre Barreto de Souza on Thursday as Cade president has changed the outlook, the person said. Prior skepticism among Kroton executives quickly morphed into optimism that the deal will be cleared with Barreto''s arrival."Barreto''s appointment to Cade reignited hopes that the transaction can be cleared, because of his expertise and technical qualities," said the person. Cade did not have a comment.The situation reflects uncertainty about the deal, as Kroton rivals and consumer groups air concerns about the creation of a juggernaut with 10 times as many students as its closest rival. Investors in a Morgan Stanley & Co survey saw a 75 percent chance of the deal being rejected.Shares of Estácio ( ESTC3.SA ) and Kroton led gains in Brazil''s benchmark stock index on Friday, on news of a more sanguine outlook for the deal. Neither company commented on the current status of the deal.Shares of Kroton ( KROT3.SA ) and Estácio ( ESTC3.SA ) slumped 7 percent and 14 percent, respectively, between Monday and Tuesday, after several Brazilian newspapers warned of growing opposition to the deal at the watchdog.Reuters reported on June 5 that Cade had demanded asset sales larger than initially expected by Kroton as a condition to approve the deal. In February, a preliminary report by the watchdog''s economic analysis division said the deal could hamper competition and lead to higher costs for consumers.(Writing and additional reporting by Guillermo Parra-Bernal; Editing by Cynthia Osterman)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-estacio-part-m-a-kroton-idUSKBN19E29V'|'2017-06-23T23:03:00.000+03:00'
'ab89f2c7b515a7aefe7db0156c23b6faa9317c4d'|'UPDATE 1-SeaWorld subpoenaed on disclosures about Blackfish impact, trading'|'(Adds details, decision on Chairman)June 23 SeaWorld Entertainment Inc said on Friday it received a subpoena from the U.S. Department of Justice in connection with an investigation over disclosures made about the impact of the "Blackfish" documentary and trading in the company''s securities.The investigation relates to the disclosures and public statements made by the company, certain executives and individuals on or before August 2014, the company said."Blackfish", which was released in 2013, led to widespread criticism of the marine park operator as the documentary depicted the captivity and public exhibition of killer whales as inherently cruel.Seaworld, which has reported falling revenues for the last three years, said in 2016 it would stop breeding killer whales in captivity.The company said it has also received subpoenas from the staff of the U.S. Securities and Exchange Commission and has set up a committee comprising independent directors to deal with these inquiries. ( bit.ly/2rLd1QU )Seaworld also said Chairman David D''Alessandro, who was voted out by at a shareholder meeting this month, will continue as the board''s non-executive chairman till Dec. 31.Reuters reported this month that SeaWorld''s shareholders turned against D''Alessandro, opposing a bonus incentive payout to certain employees.The board rejected D''Alessandro''s offer to resign immediately in view of certain challenges that the company was facing, including the federal investigations, Seaworld said in a regulatory filing.SeaWorld''s shares were down 2.4 percent in after-market trading at $15.29. (Reporting by Sruthi Ramakrishnan in Bengaluru; Editing by Arun Koyyur)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/seaworld-entrnmt-investigation-idINL3N1JK5IU'|'2017-06-23T20:32:00.000+03:00'
'61e4cebb232a888b90ecab2de1d80c7b432b0a9a'|'CEO of Raytheon''s Forcepoint eyes IPO: Boersen-Zeitung'|'FRANKFURT U.S. missile maker Raytheon''s ( RTN.N ) cybersecurity unit could thrive were it to be listed separately, the head of the unit, Forcepoint, told German business daily Boersenzeitung in an interview published on Saturday."Raytheon has undertaken that Forcepoint will achieve for civilian cyber defense what Raytheon does for the defense of nation states, and we think that we could unleash enormous potential in our company via a stock exchange listing," Matthew Moynahan said.He said it was a little early to contemplate such a move, though, according to the newspaper.Raytheon bought an 80 percent stake in Forcepoint, then known as Websense, from private equity firm Vista in 2015 for $1.9 billion and combined it with its own cybersecurity operations. Vista owns the other 20 percent.Vista retains the right to exit the joint venture, including by requiring Raytheon to buy its 20 percent stake or by Forcepoint''s pursuing an IPO.Forcepoint made sales of $566 million and operating income of $51 million in 2016.(Reporting by Georgina Prodhan; editing by John Stonestreet)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-raytheon-forcepoint-ipo-idINKBN19F0N0'|'2017-06-24T15:33:00.000+03:00'
'f9a246d0d5cd887297a82eee8926f191b33a3e6c'|'WORLD NEWS SCHEDULE AT 1800 GMT/2 PM ET'|'Editor: Angus MacSwan +44 207 542 7923Picture Desk: Singapore + 65 6870 3775Graphics queries: + 65 6870 3595(All times GMT/ET)TOP STORIESIraqi forces free hundreds of civilians in Mosul Old City battles as death toll mountsMOSUL, Iraq - Iraqi forces open exit routes for hundreds of civilians to flee the Old City of Mosul as they battle to retake the quarter from Islamic State militants mounting a last stand in what was the de facto capital of their "caliphate". (MIDEAST-CRISIS/IRAQ-MOSUL (UPDATE 2, TV, PIX), moved, by Marius Bosch, 800 words)15 dead, scores missing hours after landslide buries Chinese villageBEIJING - Fifteen people were killed in a landslide in southwest China''s Sichuan Province on Saturday and about 100 were believed to be still buried in the debris and feared dead, state media said. (CHINA-LANDSLIDE/ (UPDATE 4, PIX, TV), moved, by Christian Shepherd, 358 words)London tower blocks evacuated as 27 buildings fail fire testsLONDON - Britain says 27 high-rise apartment blocks failed fire safety checks carried out after the deadly Grenfell Tower blaze, including several in north London where residents are forced to evacuate in chaotic scenes. (BRITAIN-FIRE/ (UPDATE 1, PIX, TV), moved, by Kate Holton and Jamillah Knowles, 607 words)UAE sees "parting of ways" if Qatar does not accept Arab demandsDUBAI - A senior United Arab Emirates official says that if Qatar did not accept an ultimatum issued by fellow Arab states which imposed a boycott it, there would be a "parting of ways". (GULF-QATAR/ (UPDATE 2, PIX, TV), moved, by Aziz El Yaakoubi, 587 words)MIDDLE EASTIstanbul bans gay and transgender pride march for second yearISTANBUL - Istanbul''s governor bans a gay and transgender pride march which was due to take place in the city on Sunday, citing security concerns after threats from an ultra-nationalist group. (TURKEY-LGBT/PRIDE (UPDATE 1), moved, 279 words)EUROPEUnder pressure, Western tech firms bow to Russian demands to share cyber secretsWASHINGTON/MOSCOW - Western technology companies, including Cisco, IBM and SAP, are acceding to demands by Moscow for access to closely guarded product security secrets, at a time when Russia is accused of a growing number of cyber attacks on West, a Reuters investigation finds. (USA-RUSSIA/TECH (UPDATE 2, INSIGHT, PIX, GRAPHIC), moved, by Joel Schectman, Dustin Volz and Jack Stubbs, 1,500 words)Arconic knowingly supplied flammable panels for use in tower -emailsLONDON - Six emails sent by and to an Arconic Inc sales manager raise questions about why the company supplied combustible cladding to a distributor for use at Grenfell Tower, despite publicly warning such panels were a fire risk for tall buildings. (BRITAIN-FIRE/ARCONIC (UPDATE 1), by Tom Bergin, 977 words)British lawmakers hit by cyber security attackLONDON - Britain''s parliament is hit by a cyber attack in which hackers tried to access email accounts, just over a month after a ransomware worm crippled parts of the country''s health service. (BRITAIN-POLITICS/CYBER (UPDATE 3), moved, 293 words)MIDDLE EASTEgypt''s Sisi ratifies contested deal handing Red Sea islands to Saudi ArabiaCAIRO - Egyptian President Abdel Fattah al-Sisi ratifies a maritime demarcation agreement that sees the country cede sovereignty over two uninhabited Red Sea islands to Saudi Arabia. (EGYPT-SAUDI/ISLANDS (UPDATE 1), moved, 253 words) Amnesty for militants in Syria''s Raqqa aims to promote stabilityAIN ISSA, Syria - A civil council expected to rule Raqqa once Islamic State is dislodged from the Syrian city pardons 83 of the jihadist group''s low-ranking militants, a goodwill gesture designed to promote stability. (MIDEAST-CRISIS/SYRIA-RAQQA-AMNESTY (PIX, TV), moved, by Michael Georgy, 471 words)If Baghdadi is dead, next IS leader likely to be Saddam-era officerBAGHDAD - If Islamic State leader Abu Bakr al-Baghdadi is confirmed dead, he is likely to be succeeded by one of his top two lieutenants, both of whom were Iraqi army officers under the late dictator Saddam Hussein. (MIDEAST-CRISIS/SYRIA-BAGHDADI-SUCCESSION (UPDATE 1, PIX), moved, by Maher Chmaytelli, 598 words)Yemen government says to investigate allegations of abuse in secret prisonsDUBAI - President Abd-Rabbu Mansour Hadi''s government says it is investigating reports that forces backed by the United Arab Emirates are running secret prisons in southern Yemen where detainees are subjected to torture and abuse. (YEMEN-SECURITY/ABUSE, moved, 414 words)HUMAN RIGHTSEXCLUSIVE-U.S. list to drop Iraq, Myanmar as worst offenders on child soldiersWASHINGTON - Secretary of State Rex Tillerson plans to remove Iraq and Myanmar from a U.S. list of the world''s worst offenders in use of child soldiers, U.S. officials say, a step that could prompt accusations the Trump administration is prioritising security and diplomatic interests ahead of human rights. (USA-TRAFFICKING/CHILDSOLDIERS (EXCLUSIVE), moved, by Matt Spetalnick and Jason Szep, 800 words)UNITED STATESTrump lobbies lawmakers on healthcare as another says ''no''WASHINGTON - President Donald Trump makes calls to fellow Republicans in U.S. Senate to mobilise support for their party''s healthcare overhaul while acknowledging the legislation is on "very, very narrow path" to passage. (USA-HEALTHCARE/ (UPDATE 6, PIX, TV), moved, by Jeff Mason and Yasmeen Abutaleb, 715 words)AMERICASSlain Venezuelan protester''s father appeals to "friend" MaduroCARACAS - A man describing himself as a former boss and friend of Venezuelan President Nicolas Maduro urges an investigation into the killing of his son in anti-government unrest. (VENEZUELA-POLITICS/ (UPDATE 1, PIX, TV), moved, by Silene Ramírez and Andreina Aponte, 640 words)+ See also:- VENEZUELA-POLITICS/PROTESTER (PIX), moved, 635 wordsASIANorth Korea says U.S. student''s death a "mystery to us" tooSEOUL - North Korea says the death of U.S. university student Otto Warmbier soon after his return home was a mystery and dismisses accusations that he had died because of torture and beating during his captivity as "groundless". (USA-NORTHKOREA/ (UPDATE 5, PIX), moved, by Jack Kim, 605 words)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/world-news-schedule-at-1800-gmt-2-pm-et-idINL3N1JL06M'|'2017-06-24T16:26:00.000+03:00'
'bfede50ad4b0f3dad7d229d786c41a80a977adba'|'India''s Infosys says reassessing long-term goals due tougher market'|'Technology   12:28pm EDT India''s Infosys says reassessing long-term goals due to tougher market The logo of Infosys is pictured inside the company''s headquarters in Bengaluru, India, April 13, 2017. REUTERS/Abhishek N. Chinnappa Bengaluru Infosys Ltd, India''s second-biggest software services exporter, is re-evaluating its long-term targets because tougher market conditions have made them appear "daunting", the company''s chairman said on Saturday. Infosys Chief Executive Officer Vishal Sikka had said earlier that the IT services company was likely to struggle to reach its ambitious $20 billion revenue target by 2020 due to a challenging market environment. "The 2020 goals certainly appear daunting in the timeframe in which these goals have been talked about because of the kind of headwinds and the shift in marketplace that we have seen," company chairman R. Seshasayee told his last annual meeting before his planned retirement in May next year. "But we are re-evaluating our long-term goals," he added. India''s IT sector is facing new challenges in its biggest market, the United States, as   and his administration lean towards changing visa rules and hiking minimum wages tied to those visas that could hit outsourcing firms. (Story refiles to add dropped word in headline.) (Reporting by Arnab Paul and Jessica Kuruthukulangara; Writing by Malini Menon; Editing by Helen Popper)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-india-infosys-idUSKBN19F0L6'|'2017-06-25T00:20:00.000+03:00'
'60fcd05a1c8f126d166c0bc6a3d1010ff7499196'|'Ireland raises three billion euros from ''milestone'' AIB sale'|'By Padraic Halpin - DUBLIN DUBLIN Ireland raised 3 billion euros ($3.4 billion) by selling a quarter of Allied Irish Banks ( ALBK.I ) (AIB) on Friday in a remarkable turnaround for a company at the forefront of reckless lending during the "Celtic Tiger" boom.The sale took the overall return for the state from AIB to nearly half the 21 billion euros spent to bail the bank out after a massive property crash in 2009, the biggest bill for any Irish lender still trading.The state ended up with 99.9 percent of AIB and has been nursing it back to health, with the aim of eventually recouping all the taxpayer money it ploughed into the lender, one of three it managed to save in the euro zone''s most costly state rescue.The initial public offering (IPO) of 25 percent of AIB''s shares at 4.40 euros each was the third largest European bank listing since the financial crisis and the biggest IPO of any kind in London by market capitalization in almost six years."The successful completion today of AIB''s IPO represents a significant milestone," Finance Minister Paschal Donohoe said of the long-awaited share sale his predecessor Michael Noonan launched in May."This successful IPO has created a strong platform for the state to recover all the money it has invested in AIB and to further dispose of our banking investments for the benefit of the Irish people," Donohoe said.In the biggest test yet of investor appetite for the Irish banking sector since the crisis, the AIB shares on offer were four times oversubscribed and sold at the midpoint of an initial 3.90 euro to 4.90 euro range set last week.The sale price valued the bank at 11.9 billion euros, meaning investors only received a 3 percent discount to the bank''s book value of 12.3 billion euros at the end of 2016 - or 0.97 times tangible book value.That put AIB shares at a premium to its main Irish rival Bank of Ireland ( BKIR.I ), which trades at 0.87 times book value, and toward the level of European rivals such as Lloyds ( LLOY.L ) and ABN Amro ( ABNd.AS )."LANDMARK DAY"Shares in the bank ( ALBT.I ) ( ALBT.L ) climbed 7 percent to 4.71 euros in unofficial trading ahead of next Tuesday''s formal debut on the Dublin and London stock exchanges."Although the valuation only leaves around 7 percent upside versus our target price, we believe the potential for special dividends, excess capital and strong top down dynamics in Ireland are likely to be supportive of the stock price," Keefe, Bruyette & Woods analyst Daragh Quinn wrote in a note.Like Ireland''s economy, which is growing faster than any other in Europe, AIB has staged a strong recovery, posting a profit for each of the last three years and becoming the first domestically owned lender to restart dividends since the crash.The return for the state from the IPO, together with the amount AIB has repaid in capital, fees, dividends and coupons since its bailout, now comes to almost 10 billion euros."This is a landmark day for the bank," AIB chief executive Bernard Byrne said in a statement. "The level of investor interest and support is a great vote of confidence in the strength of the turnaround in the bank and the wider economy."Ireland pumped 64 billion euros into its banks and expects to turn a profit on the half given to the three that survived. Noonan said last month it would probably take eight to 10 years to return AIB fully to private ownership.The government will use Friday''s proceeds to cut some 1.5 percent from a national debt that at 200 billion euros is still among the highest in the euro zone by most measures.As the deal also includes a greenshoe, or over-allotment option, the size of the IPO could rise to 28.75 percent if demand proves higher than expected following AIB''s debut - and add another 400 million euros to state coffers.(Additional reporting by Dasha Afanasieva in London. editing by David Clarke)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-aib-ipo-idINKBN19E0V4'|'2017-06-23T06:46:00.000+03:00'
'750fc443b7ba2b8155867fdcdf4090e94a602c96'|'Sailing-Umpires keep America''s Cup on even keel with "UmpApp"'|'Market News  30pm EDT Sailing-Umpires keep America''s Cup on even keel with "UmpApp" By Alexander Smith - HAMILTON, Bermuda, June 23 HAMILTON, Bermuda, June 23 America''s Cup racing is fast, furious and dangerous. And for Iain Murray, the man running the event, the key to making the 35th America''s Cup a success has been to have the rules spelt out in "black and white" before crews even took to the crystal-clear waters of Bermuda. That means reams of protocols and instructions that can be understood and adhered to by competitors, reducing the need for "subjective" decisions. The umpires are also using a state-of-the art combination of GPS, electronics and graphics to ensure decisions are accurate. "Essentially, it''s the same technology that sends a missile into someone''s lounge room," Murray told Reuters on Friday at Bermuda''s Dockyard, where the America''s Cup finalists Emirates Team New Zealand and holders Oracle Team USA will resume battle for international sport''s oldest trophy this weekend. The regatta director has had some tough calls to make. "The hard one here has been the upper wind limit ... the day it came into question was the day that New Zealand capsized. For some people, it was my fault, but the rules had been modified a week before to actually lower the wind limits and to make it very clear," he said. The New Zealand crew "pitch poled" - making a spectacular high-speed forward capsize - just before they were about to start a semi-final against Britain''s Land Rover BAR (Ben Ainslie Racing) boat. Some of the six crew were plunged into the water and others left clinging to the upended hull of their 50-foot (15-metre) foiling catamaran. The capsize brought back memories from San Francisco in 2013, when Andrew "Bart" Simpson was killed in a similar incident. "It''s the same issue we went through in San Francisco after the fatality of Bart," said Murray, who was a friend of the British Olympic gold medal sailor. Murray was the official who had to come up with a safety plan immediately after Simpson''s death that would convince the coastguard to allow the competition to continue. The boats have evolved since 2013. They are smaller and "much more robust", and safety has been a major preoccupation for all the teams and the America''s Cup organisers. "These are top-end boats, and in the wrong hands, they can be dangerous. They go fast, and when they go wrong, situations can get bad," Murray said. "These guys are the best sailors in the world and they have worked for years to sail these boats and develop the systems on their boats. They don''t want to crash their boats, they don''t want to capsize. You won''t win races doing that," he added. "The difficulty is when they fall off the front or fall underneath ... that''s the world of foiling sailing boats." In recent decades foils - slender underwater "wings" that can lift a speeding vessel out of the water, minimising its drag - have become ubiquitous in racing sailing. ASK "UMPAPP" Murray''s right-hand man Richard Slater, who is chief umpire at the event, has also had some tough calls to make during the racing leading up to the America''s Cup final. Slater was on the receiving end of some vocal protests by Artemis Racing''s Team Manager Iain Percy during the Swedish team''s semi-final races after imposing penalties on them, but said that was to be expected given the intensity of racing. "You''re dealing with the heat of the battle and that''s one thing, as umpires, you have to remember," Slater told Reuters, adding that the sailors were in the "red zone" physically and this was bound to result in them reacting strongly to decisions. The umpires are armed with a graphics system called "UmpApp", which allows them to make calls based on information that is accurate to millimetres and milliseconds, and are focused on that to make sure they make the right call quickly. "If anything, when he was yelling at us we weren''t even listening at that point," Slater said, adding that the teams have access to the same information within seconds, so that they can see why a decision has been made. "UmpApp is kind of like a game," Murray said, saying it was easy for the younger sailors to get their heads around. (Editing by Andrew Roche)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/sailing-americas-umpires-idUSL8N1JK4AO'|'2017-06-24T02:30:00.000+03:00'
'c62aa7f20c32525ba757bda1874a91aa868a2734'|'Sailing-Winds of change for America''s Cup in Bermuda Triangle'|' 08pm EDT Sailing-Winds of change for America''s Cup in Bermuda Triangle By Alexander Smith - HAMILTON, Bermuda, June 23 HAMILTON, Bermuda, June 23 Mystery surrounds what next for the America''s Cup if New Zealand win sailing''s most prestigious prize in Bermuda next week. Emirates Team New Zealand are seeking to wrest the cup from holders Oracle Team USA and with it the rights to decide when the event is next held, its timing and the type of boats used. This is all dictated by the ancient "Deed of Gift" which stipulates the trophy first won in 1851 by the U.S. schooner "America" was to be "a perpetual challenge cup for friendly competition between nations" and allows the winner to take all. However, the history of the cup has been anything but friendly at times, riddled with costly legal feuds, bitter personal battles and a stop-start reputation which has made it hard to attract tens of millions of dollars needed in sponsorship and broadcasters willing to pay for rights. "From a sponsor''s perspective, you don''t have any certainty at all ... the defender decides virtually everything," Jaguar Land Rover''s Experiential Marketing Director Mark Cameron said on Friday of the firm''s support for Britain''s Land Rover BAR team, led by British sailor Ben Ainslie. That could all change if the U.S. holders are able to turn around a 3-0 Kiwi lead in the first-to-seven competition on Bermuda''s Great Sound when racing resumes this weekend. The team led by Oracle boss Larry Ellison signed up to a "framework agreement" with four of the other challengers this year which would mean the cup being held every two years in foiling catamarans as in Bermuda and a series of match races along the lines of Formula One around the world. This would please many sponsors, but not everyone liked the idea with some saying it was not true to the spirit of the cup and New Zealand boycotted the agreement. The New Zealand camp have not said so far what they will do if they win the cup back. WHOSE CUP IS IT ANYWAY? Bermuda offered big financial incentives to have the America''s Cup held on the small mid-Atlantic island and is keen to make sure that it gets repeat business. Painted on bus shelters along the island''s narrow, winding roads is the official slogan "America''s Cup, Bermuda''s Legacy, Our Moment", with posters depicting a smiling boy from the island saying "America''s Cup is Zico''s Cup". But not everyone agrees, with "America''s Cup is Larry''s (Ellison''s) Cup" in graffiti on one bus stop. If the U.S. team manage to keep the cup, there is speculation among other teams that the 36th edition could end up in Chicago rather than Bermuda, with races in places including Britain, France, Japan and Sweden. But if the Kiwis win, the expectation is that it will move to Auckland, although there are also some suggestions that it could also be held in Dubai, where the main New Zealand sponsor Emirates Airline is based. While an Auckland cup would be more expensive for some sponsors and create challenges for televising the event in some countries, sponsors such as Land Rover which supports Britain''s BAR team do not see it as a deal breaker. "We are clear that we want to compete in the next America''s Cup," Land Rover''s Cameron said, adding that his preference was for it to be governed by the framework agreement, with an established class of boats and a "World Series" racing circuit. "We would have to see the details ... but on the basis of location its not a game changer. We would be competing in Auckland," Cameron told Reuters by telephone. (Editing by Ed Osmond)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/sailing-americas-future-idUSL8N1JK44V'|'2017-06-24T04:08:00.000+03:00'
'99c95d9282f4bf0409f4ef1afc665b1f5258aed2'|'Euro zone businesses end second quarter with slower growth - PMI'|'Business News   9:38am BST Euro zone businesses end second quarter with slower growth: PMI FILE PHOTO: Inflated euro sign is seen outside the new headquarters of the European Central Bank (ECB) in Frankfurt, January 22, 2015. REUTERS/Kai Pfaffenbach/File Photo By Jonathan Cable - LONDON LONDON Roaring euro zone business growth tailed off unexpectedly toward the end of the first half of 2017 following a sudden slowing in the pace of expansion by services firms, a survey showed on Friday. But with inflation relatively resilient and overall growth still quite strong, pressure will likely be maintained on policymakers at the European Central Bank to pare back soon on their ultra-loose monetary policy. Earlier this month, the ECB gave up its bias for more rate cuts in a small step towards normalization. IHS Markit''s Flash Composite Purchasing Managers'' Index for June fell to 55.7 from the 56.8 it registered in April and May, which was its highest since April 2011. A reading above 50 indicates growth. A Reuters poll had predicted no change to the index, seen as a good guide to growth, and none of the economists polled had predicted such a big fall. "At the moment I''m not too worried about it," said Chris Williamson, chief business economist at IHS Markit. "We may be reaching the stage where growth has been strong for quite a few months and we are hitting a few ceilings in terms of degrees to which firms can expand capacity." Williamson said the PMI pointed to second quarter GDP growth of 0.7 percent, faster than the 0.5 percent predicted in a Reuters poll earlier this month. The PMIs had correctly indicated a 0.6 percent expansion last quarter. Economic data points to solid growth in the euro zone in the second quarter and inflation will hover near current levels in coming months, the ECB said in a regular economic bulletin on Thursday. As they have done for the previous seven months, firms increased prices in June, albeit at a weaker pace as input cost pressures eased. The output prices index dipped to 51.8 from 52.4. Firms operating in the bloc''s dominant service industry did not perform as expected. The services PMI fell to 54.7 from 56.3, well below even the most pessimistic forecaster in a Reuters poll of over 40 economists. "It''s not really clear what that''s about, there was no single cause we can pinpoint and I''m inclined to treat it just as some payback for the sheer strength of growth in recent months," Williamson said. In one bright spot, the employment index held at May''s 53.8. It has only been higher than that once since early 2008, in March of this year. Factories had a better month than predicted. The manufacturing PMI climbed to a more than six-year high of 57.3 from 57.0. The Reuters poll suggested it would dip to 56.8. An index measuring output nudged up to 58.5 from 58.3, its highest since April 2011. Implying the momentum would continue into July, new orders surged and factories ran down stocks of finished goods at the fastest rate for nine months. The related subindex sank to 47.9 from 49.1. (Editing by Hugh Lawson)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-eurozone-economy-pmi-idUKKBN19E0S2'|'2017-06-23T16:10:00.000+03:00'
'0ceaabfa4287722be21ea50444be6e97cff85437'|'CEE MARKETS-Leu regains some ground, but political crisis weighs'|'By Krisztina Than and Luiza Ilie BUDAPEST/BUCHAREST, June 23 The Romanian leu regained some ground and stabilized on Friday after the ruling Social Democrats toppled their prime minister this week and now plan to form a new government. The ruling party will propose a new prime minister to the president on Monday and, if he endorses the candidate, a new government could be formed within days, reducing political uncertainty. If President Klaus Iohannis, a centrist, rejects the new - as yet unknown - candidate, more instability and prolonged policy gridlock could follow, analysts said. This could boost volatility in local markets and weigh on the leu. On Friday the leu firmed 0.2 percent to trade at around 4.57 to the euro, but was still hovering around its weakest levels since 2012 of 4.599 hit earlier this week. "EUR/RON hovers at elevated levels not seen since 2012 on political uncertainty and the concerns regarding fiscal discipline," Raiffeisen said in a note. "With consultations starting on Monday to form a new government and with the uncertainty how the President could react to any nominee, the leu is expected to remain volatile over the coming week." Prime Minister Sorin Grindeanu fell in a no-confidence vote initiated by his own party, which is controlled by political adversary Liviu Dragnea. Dragnea is expected to come up with a new candidate by Monday in time for Iohannis to consider his choice. Iohannis has said he will only approve a candidate who has a clean criminal record - something that prevents Dragnea, who has a conviction for vote rigging, from taking the top job himself. Other currencies in the region moved little. "The sell-off of the Polish currency, which had been seen since the start of the week was halted on Thursday. The zloty showed some gains against the euro and the dollar," BZ WBK analysts in a note. "While in the morning EURPLN went above 4.26, another positive monthly data on budget performance and a successful switch auction helped the zloty to turn the tide." Poland posted the smallest central budget deficit in at least 18 years in the first five months of 2017 as value added tax (VAT) revenue jumped by a nearly a third compared to the previous year, the finance ministry said on Thursday. [nL8N1JJ3TQ ] Stocks around the region opened in the black, but were moderately in negative territory by around 0829 GMT. CEE MARKETS SNAPSHOT AT 0944 CET CURRENCIES Latest Previou Daily Change s bid close change in 2017 Czech crown 26.3120 26.3010 -0.04% 2.64% Hungary 309.3600 309.420 +0.02% -0.17% forint 0 Polish zloty 4.2430 4.2442 +0.03% 3.79% Romanian leu 4.5675 4.5780 +0.23% -0.71% Croatian 7.4140 7.4181 +0.06% 1.90% kuna Serbian 121.5400 121.710 +0.14% 1.49% dinar 0 Note: daily calculated previous close 1800 change from at CET STOCKS Latest Previou Daily Change s close change in 2017 Prague 988.21 988.30 -0.01% +7.23% Budapest 35809.99 35779.2 +0.09% +11.90 7 % Warsaw 2309.75 2308.16 +0.07% +18.58 % Bucharest 8354.52 8336.85 +0.21% +17.92 % Ljubljana 792.93 791.80 +0.14% +10.50 % Zagreb 1860.12 1856.47 +0.20% -6.75% Belgrade 0.00 706.37 +0.00% -100.00 % Sofia 684.61 683.59 +0.15% +16.74 % BONDS Yield Yield Spread Daily (bid) change vs Bund change in Czech spread Republic 2-year 0.049 -0.024 +066bp -4bps s 5-year 0.032 0 +041bp +0bps s 10-year 0.93 0 +067bp +0bps s Poland 2-year 1.939 -0.07 +255bp -8bps s 5-year 2.612 0.003 +299bp +0bps s 10-year 3.201 -0.002 +294bp -1bps s FORWARD RATE AGREEMENT 3x6 6x9 9x12 3M interba nk Czech Rep <PR 0.34 0.41 0.49 0 IBOR=> Hungary <BU 0.185 0.2 0.23 0.15 BOR=> Poland <WI 1.752 1.763 1.792 1.73 BOR=> Note: FRA are for ask Quote: s prices'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/easteurope-markets-idINL8N1JK1BK'|'2017-06-23T06:50:00.000+03:00'
'1faaa6cde814de1494c169c7d6d1a587f1c7e2c7'|'Toshiba estimates bigger loss for past year on Westinghouse, lawsuits'|'Business News - Fri Jun 23, 2017 - 7:51am BST Toshiba estimates bigger loss for past year on Westinghouse, lawsuits FILE PHOTO: A logo of Toshiba Corp is seen outside an electronics retail store in Tokyo, Japan, February 14, 2017. REUTERS/Toru Hanai/File Photo TOKYO Toshiba Corp said on Friday it now estimates a bigger loss for the past year ended in March due to potential legal damages over a $1.3 billion accounting scandal as well as an increase in liabilities at its now-bankrupt U.S. nuclear unit. The ailing industrial conglomerate said it expects to post a net loss of 995.2 billion yen (7.05 billion pounds), worse than its previous estimate of 950 billion yen. It said negative shareholder equity at end-March was likely 581.6 billion yen, bigger than a previously estimated 540 billion yen. It also said that it had received approval from regulators for an extension to file its annual earnings. The new deadline is Aug. 10. (Reporting by Makiko Yamazaki; Editing by Edwina Gibbs) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-toshiba-accounting-loss-idUKKBN19E0KY'|'2017-06-23T14:51:00.000+03:00'
'd79e7452b9d12bf890aa14e85d4bcb51b04bc5d2'|'WORLD NEWS SCHEDULE AT 1400 GMT/10 AM ET'|'Editor: Mark Heinrich +44 207 542 7923Picture Desk: Singapore + 65 6870 3775Graphics queries: + 65 6870 3595(All times GMT/ET)TOP STORIESIraqi forces free hundreds of civilians in Mosul Old City battles as death toll mountsMOSUL, Iraq - Iraqi forces open exit routes for hundreds of civilians to flee the Old City of Mosul as they battle to retake the ancient quarter from Islamic State militants mounting a last stand in what was the de facto capital of their "caliphate". (MIDEAST-CRISIS/IRAQ-MOSUL (UPDATE 2, TV, PIX), expect by 1500 GMT/11 AM ET, by Marius Bosch, 800 words)London tower blocks evacuated as 27 buildings fail fire testsLONDON - Britain says 27 high-rise apartment blocks have failed fire safety checks carried out after the deadly Grenfell Tower blaze, including several in north London where residents are forced to evacuate amid chaotic scenes. (BRITAIN-FIRE/ (UPDATE 1, PIX, TV), moved, by Kate Holton and Jamillah Knowles, 607 words)+ See also:- BRITAIN-FIRE/ARCONIC (UPDATE 1), by Tom Bergin, 977 words- BRITAIN-EU/BROADCASTERS-PATRIOTISM, moved, 312 wordsUAE says alternative to Qatar demands is "not escalation but parting ways"DUBAI - A senior United Arab Emirates (UAE) official says that if Qatar does not accept an ultimatum issued by Arab states that imposed a boycott this month on the tiny Gulf Arab nation, "the alternative is not escalation but parting ways". (GULF-QATAR/ (UPDATE 2, PIX, TV), expect by 1600 GMT/12 PM ET, 500 words)+ See also:- GULF-QATAR/EMIRATES, moved, by Yara Bayoumy, 352 wordsUnder pressure, Western tech firms bow to Russian demands to share cyber secretsWASHINGTON/MOSCOW - Western technology companies, including Cisco, IBM and SAP, are acceding to demands by Moscow for access to closely guarded product security secrets, at a time when Russia is accused of a growing number of cyber attacks on West, a Reuters investigation finds. (USA-RUSSIA/TECH (UPDATE 2, INSIGHT, PIX, GRAPHIC), moved, by Joel Schectman, Dustin Volz and Jack Stubbs, 1,500 words)ASIALandslide buries Chinese mountain village, fears for 141 peopleBEIJING - Fears grow for 141 people missing in China after a landslide buries their mountain village in the southwestern province of Sichuan, with reports that only three survivors had been pulled out of the mud and rock hours after the calamity struck. (CHINA-LANDSLIDE/ (UPDATE 2, PIX, TV) moved, 340 words)North Korea says U.S. student''s death a "mystery to us" tooSEOUL - North Korea says the death of U.S. university student Otto Warmbier soon after his return home was a mystery and dismisses accusations that he had died because of torture and beating during his captivity as "groundless". (USA-NORTHKOREA/ (UPDATE 5, PIX), moved, by Jack Kim, 605 words)Ahead of Modi visit, U.S. sees no threat to Pakistan from arms deal with IndiaNEW DELHI/WASHINGTON - With the United States expected to authorise India''s purchase of naval drones, a senior White House official says any U.S. military transfer to India would not represent a threat to its rival neighbour Pakistan. (INDIA-USA/ (UPDATE 5, PIX), moved, by Sanjeev Miglani and David Brunnstrom, 570 words)EUROPEUK PM May defends Brexit rights offer in face of EU doubtsBRUSSELS - British Prime Minister Theresa May defends her offer to let millions of EU citizens stay in Britain after Brexit as fellow EU leaders respond coolly to her opening move in negotiations on Britain''s withdrawal. (BRITAIN-EU/ (UPDATE 3, PIX, TV), moved, by Alastair Macdonald and Elizabeth Piper, 784 words)MIDDLE EASTAmnesty for militants in Syria''s Raqqa aims to promote stabilityAIN ISSA, Syria - A civil council expected to rule Raqqa once Islamic State is dislodged from the Syrian city pardons 83 of the jihadist group''s low-ranking militants, a goodwill gesture designed to promote stability. (MIDEAST-CRISIS/SYRIA-RAQQA-AMNESTY (PIX, TV), moved, by Michael Georgy, 471 words)If Baghdadi is dead, next IS leader likely to be Saddam-era officerBAGHDAD - If Islamic State leader Abu Bakr al-Baghdadi is confirmed dead, he is likely to be succeeded by one of his top two lieutenants, both of whom were Iraqi army officers under the late dictator Saddam Hussein. (MIDEAST-CRISIS/SYRIA-BAGHDADI-SUCCESSION (UPDATE 1, PIX), moved, by Maher Chmaytelli, 598 words)Bomber planning to attack Mecca''s Grand Mosque blows himself up - ministryDUBAI - Saudi security forces foil a suicide attack on the Grand Mosque in the Muslim holy city of Mecca, cornering the would-be attacker in an apartment where he blew himself up, the Interior Ministry says. (SAUDI-SECURITY/ (UPDATE 1), moved, 290 words)Yemen government says to investigate allegations of abuse in secret prisonsDUBAI - President Abd-Rabbu Mansour Hadi''s government says it is investigating reports that forces backed by the United Arab Emirates are running secret prisons in southern Yemen where detainees are subjected to torture and abuse. (YEMEN-SECURITY/ABUSE, moved, 414 words)HUMAN RIGHTSEXCLUSIVE-U.S. list to drop Iraq, Myanmar as worst offenders on child soldiersWASHINGTON - Secretary of State Rex Tillerson plans to remove Iraq and Myanmar from a U.S. list of the world''s worst offenders in use of child soldiers, U.S. officials say, a step that could prompt accusations the Trump administration is prioritising security and diplomatic interests ahead of human rights. (USA-TRAFFICKING/CHILDSOLDIERS (EXCLUSIVE), moved, by Matt Spetalnick and Jason Szep, 800 words)UNITED STATESTrump reaches out to lawmakers on healthcare as another says ''no''WASHINGTON - President Donald Trump makes calls to fellow Republicans in U.S. Senate to mobilise support for their party''s healthcare overhaul while acknowledging the legislation is on "very, very narrow path" to passage. (USA-HEALTHCARE/ (UPDATE 6, PIX, TV), moved, by Jeff Mason and Yasmeen Abutaleb, 715 words)U.S. Supreme Court limits rights of property ownersWASHINGTON - The U.S. Supreme Court narrows the rights of property owners in disputes with governments and lays out a formula for determining when landowners are owed compensation in case involving a vacant lot on the picturesque St. Croix River in Wisconsin. (USA-COURT/PROPERTY (UPDATE 3, PIX), moved, by Andrew Chung, 577 words)AMERICASSlain Venezuelan protester''s father appeals to "friend" MaduroCARACAS - A man describing himself as a former boss and friend of Venezuelan President Nicolas Maduro urges an investigation into the killing of his son in anti-government unrest convulsing the OPEC nation for nearly three months. (VENEZUELA-POLITICS/ (UPDATE 1, PIX, TV), moved, by Silene Ramírez and Andreina Aponte, 640 words)+ See also:- VENEZUELA-POLITICS/PROTESTER (PIX), moved, 635 words'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/world-news-schedule-at-1400-gmt-10-am-et-idUSL3N1JL06D'|'2017-06-24T22:29:00.000+03:00'
'4b379cd3bce7700f5cf249ced5a027b78a77fb1b'|'Euro zone vs Britain: strong and stable, weak and wobbly - Reuters'|'  6:25pm IST Euro zone vs Britain: strong and stable, weak and wobbly By Jeremy Gaunt - LONDON LONDON Britain and the euro zone are on such different economic paths as they move on with their divorce proceedings, London probably wishes it had done a pre-nup. While Britain''s economy is showing all kinds of strain -- as underlined starkly on Tuesday by Bank of England Governor Mark Carney -- the 19-member single currency area is more buoyant that it has been in years. This also was made clear on Tuesday with a bullish upgrade for German growth from one of its main economic research institutes, Ifo. Amusingly, Ifo''s press release noted Germany''s economy is "strong and stable", echoing British Prime Minister Theresa May''s campaign mantra for a June 8 election which backfired on her by depriving her of a parliamentary majority. Instead of matching its stereotype of a lagging, moribund growth engine, the euro zone -- the EU''s core -- is now being hailed as relatively dynamic. Brian Coulton, chief economist at Fitch Ratings, noted as much late on Monday when his firm significantly upgraded its 2017 euro zone growth forecast to 2 percent from 1.7 percent, leaving it just a tad behind the United States. "Stronger incoming data, improving external demand and greater confidence that (European Central Bank policy) is gaining traction on activity have resulted in (our) upward revision," he said. Britain, by contrast, was seen by Fitch growing 1.5 percent this year, down from 1.8 percent last year and 2.1 percent in pre-Brexit vote 2015. The fall in the value of the pound after the Brexit referendum has pushed up inflation and hit consumer spending in Britain, taking it from being one of the fastest-growing economies among the Group of Seven nations in 2016 to its slowest in early 2017. The BoE''s Carney in a speech on Tuesday made no bones about his view of the danger to Britain''s economy from Brexit, saying firmly that now was not the time to raise interest rates even if inflation was at 2.9 percent. He also took at dig at leading Brexit advocate Boris Johnson, now foreign minister, who once said Britain could have its cake and eat it outside the EU. "Before long, we will all begin to find out the extent to which Brexit is a gentle stroll along a smooth path to a land of cake and consumption," he said, then added: "Monetary policy cannot prevent the weaker real income growth likely to accompany the transition to new trading arrangements with the EU." EUROPE REDUX Some of Britain''s woes will be based on uncertainty about what kind of Brexit it will have. The lucrative trade deals promised by Brexit advocates, for example, may well come but they are a long way off. There is appears little such uncertainty in the rest of Europe, however. In its latest forecast, Ifo said the upturn in the German economy that began in 2013 is becoming broader and gaining impetus -- a key for Europe as a whole given Germany''s dominant economic role. [nL8N1JH1LV} It also indicated that it did not expect Germany to suffer from Brexit. "An exit plan should emerge early on without any major negative effects on the economic interdependence between the EU and Britain," said Timo Wollmershaeuser, Ifo''s head of economic research. But it is not all Germany. Spain said on Tuesday it planned to raise its 2017 GDP growth forecast upwards from the current 2.7 percent. The Bank of France has also raised it forecast to 1.6 percent and manufacturing surveys are relatively bullish. Problems remain of course -- with Italy, in particular -- but the overall outlook is upbeat, adding strength to one side in the great Brexit divorce. (Additional reporting by William Schomberg, David Milliken and Michael Niebaber; editing by Mark John)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/britain-eu-economy-idINKBN19B1S6'|'2017-06-20T10:55:00.000+03:00'
'e328537a71fe7c7d5036869c6423f1a41de30874'|'Home Capital to sell C$1.2 billion commercial mortgage book'|'By Matt Scuffham Canadian lender Home Capital Group Inc ( HCG.TO ) said on Tuesday it would sell a portfolio of commercial mortgage assets valued at C$1.2 billion ($904 million) to private equity firm KingSett Capital.Proceeds from the sale will bolster its liquidity and trim outstanding debt on a C$2 billion emergency facility it agreed with the Healthcare of Ontario Pension Plan (HOOPP) in April.The expensive bridge financing of C$2 billion provided by HOOPP came with an effective interest rate of 22.5 percent on the first C$1 billion drawn down. That affected the company''s ability to originate new mortgages since it could not afford to lend money at lower rates than its cost of borrowing."Proceeds from the transaction are expected to have an immediate impact by enabling us to enhance our liquidity and reduce the outstanding debt under the company''s $2 billion credit facility," said Interim Chief Executive Bonita Then.Home Capital said KingSett had agreed to purchase the portfolio for 99.61 percent of its outstanding value, less a share of future losses on the loans.It expects to receive an initial cash payment of C$1.16 billion in the third quarter, equivalent to 97 percent of the value the mortgages. The balance of the payment will depend upon the level of any future losses.Shares of Home Capital rose as much as 6.8 percent on Tuesday and were trading up 4.2 percent at 1325 EST."We view the terms of this sale favorably and supportive of the high quality of Home Capital''s mortgage book," said Raymond James analyst Brenna Phelan.Home Capital said in April it was pursuing new financing and strategic options, including the possible sale of some assets.Depositors have withdrawn 95 percent of funds from Home Capital''s high interest savings accounts since March 27, when the company terminated the employment of former Chief Executive Martin Reid.The withdrawals accelerated after April 19, when the Ontario Securities Commission (OSC), Canada''s biggest securities regulator, accused Home Capital of making misleading statements to investors about its mortgage underwriting business.Home Capital said last week it agreed a settlement with the OSC and accepted responsibility for misleading investors about problems with its mortgage underwriting procedures.The company still faces significant hurdles, including securing new long-term funding, finding a permanent chief executive, rebuilding relationships with brokers, and winning back the support of depositors and borrowers.(Additional reporting by Yashaswini Swamynathan in Bengaluru; Editing by Bernadette Baum and Cynthia Osterman)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-home-capital-lender-divestiture-idINKBN19B1O4'|'2017-06-20T10:54:00.000+03:00'
'62a06fe3d70c8b65f6706e18596f66de32e849c1'|'Britain''s Shawbrook accepts third buyout offer from PE groups'|'British challenger bank Shawbrook Group Plc ( SHAW.L ) called on its shareholders to accept an increased and final 868 million pound ($1.10 billion) offer from private equity groups, setting the stage for the buyers to take the lender private.Marlin Bidco, the buyout vehicle set up by BC Partners and Pollen Street Partners, said on Monday it had received valid support for its offer from other Shawbrook shareholders owning a combined 75.6 percent of the company, exceeding a key threshold.Under the deal structure, the company would be de-listed if at least 75 percent of its shareholders accept the offer, with those who did not accept becoming part owners of an unlisted entity.Shawbrook said on Tuesday that it continued to believe that the offer from the groups, which already hold 38.8 percent of the lender, undervalued the company.However, the lender said its independent directors, who have been advised by Bank of America Merrill Lynch and Goldman Sachs, would accept the offer in terms of their own beneficial shareholding.The offer would be open for acceptance until July 10.The consortium first made a bid for Shawbrook in January, offering 307 pence per share, before raising its offer to 330 pence in March and to 340 pence this month. However, so far, Shawbrook''s directors had advised shareholders to reject the offers.Analysts at Investec recommended that Shawbrook shareholders recycle their profits into other UK challenger banks such as Virgin Money ( VM.L ), Aldermore ( ALD.L ) and OneSavings ( OSBO.L ).These challenger banks, which emerged since the financial crisis to fill a gap in small-business lending, have increasingly been seen as ripe for takeovers in recent months, bankers who advise on mergers and acquisitions have said, as a prolonged period of low interest rates has squeezed earnings, while the pound''s fall has made them cheaper for foreign buyers."We believe that Marlin Bidco''s final offer for Shawbrook of 340p, equivalent to 9.5x 2017 EPS estimate, serves to illustrate the scale of undervalued opportunities elsewhere within the "challenger bank" space," the analysts said.($1 = 0.7879 pounds)(Reporting by Noor Zainab Hussain in Bengaluru; Editing by Amrutha Gayathri)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-shawbrook-group-buyout-idINKBN19B122'|'2017-06-20T07:24:00.000+03:00'
'2e6c6d0841385ae69a34aa5530e15f7f0bb95a10'|'Pamplona Capital to take Parexel private in $5 bln deal'|'June 20 Parexel International Corp said it would be taken private in a deal valued at about $5 billion, including debt, by private equity firm Pamplona Capital Management LLP.The private equity firm has offered $88.10 per Parexel share, representing a 5 percent premium to the stock''s Monday close.The equity value of the deal is $4.5 billion, based on Parexel''s total diluted shares outstanding. (Reporting by Akankshita Mukhopadhyay in Bengaluru; Edited by Martina D''Couto)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/parexel-intl-ma-pamplona-idINL3N1JH3PH'|'2017-06-20T09:15:00.000+03:00'
'cc878b37f756e82c24f992f8d7d6a59de381e2a5'|'Brazilian meatpacker JBS unveils $1.8 billion divestment plan'|'By Tatiana Bautzer and Michael Hirtzer - SAO PAULO/CHICAGO SAO PAULO/CHICAGO Brazilian meatpacker JBS SA revealed a $1.8 billion divestment plan on Tuesday, putting dairy, poultry and cattle feeding assets on the block to cut debt after a corruption scandal raised concerns about its financing costs.JBS, whose controlling shareholder recently agreed to pay a massive leniency fine after becoming embroiled in sweeping graft probes that have ensnared politicians and executives, said in a securities filing that its board and state development bank BNDES still had to approve the planned asset sales.The plan, which aims to raise 6 billion reais ($1.8 billion), includes a 19.2 percent stake in Brazil-based dairy company Vigor Alimentos SA, along with its Northern Ireland unit Moy Park and Five Rivers Cattle Feeding in North America.Five Rivers has a combined feeding capacity of more than 980,000 head of cattle and locations in Colorado, Kansas, Oklahoma, Texas, Arizona, and Idaho, according to its website. Five Rivers also manages a 75,000-head capacity feedyard in the Canadian province of Alberta.U.S. feeder cattle futures fell to nearly a two-month low of 140.775 cents per pound after the JBS announcement, before rebounding to trade down 1.625 cents at 143.175 cents. JBS shares were down 3.46 percent at 6.13 reais in early afternoon trading in Sao Paulo.Traders said some investors were paring bets that JBS would have to sell larger slaughter operations, which would have been far more disruptive than selling its feed operations."Originally, we were unsure if a packer would have to close a plant or something like that. This is just divesting itself from a feeding unit that someone else could buy and operate," said David Hales, a U.S. cattle analyst.MOY PARK UP FOR SALEMoy Park is one of Britain''s top 10 food companies, with 13 processing and manufacturing units in Northern Ireland, England, France, the Netherlands and Ireland. The company supplies 25 percent of chicken consumed in Western Europe, according to its website.Moy Park also has brands of ready-to-eat meals, breaded and frozen foods and desserts. JBS acquired Moy Park from Brazilian rival Marfrig Global Foods SA two years ago for $1.5 billion.Reuters reported last week that two investment banks empowered to handle a sale of Vigor have contacted French dairy producers Danone SA and Groupe Lactalis SA, Mexico''s Grupo Lala SAB de CV and Switzerland''s Emmi AG to analyze the business. JBS has a minority state in Vigor, which is majority-controlled by JBS'' parent, J&F Investimentos SA.(Reporting by Tatiana Bautzer in Sao Paulo and Michael Hirtzer in Chicago; Additional reporting by Silvio Cascione in Brasilia and Tom Polansek in Chicago; Editing by Daniel Flynn and Paul Simao)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-jbs-divestiture-idINKBN19B1NI'|'2017-06-20T14:38:00.000+03:00'
'65577d12bc50a8574daf36dfa5bb180a12bd0f31'|'Pallinghurst lowers acceptance threshold for Gemfields bid'|'Business News - Tue Jun 20, 2017 - 8:26pm BST Pallinghurst lowers acceptance threshold for Gemfields bid Pallinghurst Resources Ltd ( PGLJ.J ) said on Tuesday it lowered the minimum number of acceptances from shareholders of Gemfields Plc ( GEM.L ) on its takeover offer, after China''s Fosun International raised its offer for the gemstone company. Pallinghurst said it lowered the acceptance condition to 60 percent, from 75 percent, making its offer unconditional. The company said on Monday it won valid acceptances for its bid from shareholders owning 61.25 percent of Gemfield''s shares, including its own stake. Earlier in the day, Fosun Gold, part of the acquisitive Fosun International conglomerate, increased its offer for Fabergé owner Gemfields to 256 million pounds or 45 pence apiece from 40.85 pence. Fosun''s offer has turned up the heat on Pallinghurst, which owns 47.09 percent of Gemfields and has offered 38.5 pence per share for the remaining stake. Gemfields said its independent committee considered the terms of Fosun''s offer were neither fair nor reasonable, but that in the light of Pallinghurst''s offer it intended to recommend shareholders to accept Fosun''s bid. Gemfields mines for emeralds and amethysts in Zambia and for crimson and pinkish-red coloured ruby and corundum in Mozambique. (Reporting by Sanjeeban Sarkar and Noor Zainab Hussain in Bengaluru; Editing by Arun Koyyur)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-gemfields-m-a-pallinghurst-idUKKBN19B2V8'|'2017-06-21T03:26:00.000+03:00'
'72bc4fe120bfb515fc68e5069e6a34062d13ce09'|'Irish debate on debt targets has not fazed investors - funding head'|'Business News -  43pm BST Irish debate on debt targets has not fazed investors - funding head LONDON Investors have not raised concerns about proposals by the new Irish prime minister to set looser debt reduction targets or scrap a rainy day fund planned to offset future economic shocks, the country''s head of funding said on Tuesday. New Prime Minister Leo Varadkar and newly appointed Finance Minister Paschal Donohoe have proposed the plans to free up spending for infrastructure projects in a country that remains one of the most indebted in the euro zone. "Investors are asking about Brexit, they are asking about Irish economic growth… but we''re not getting questions on the debt reduction target," Frank O''Connor told Reuters at the sidelines of a Euromoney event in London. "There is a debate in Ireland about our infrastructure needs and how you address that in an environment where you''ve come through a period of elevated debt. "But it is very early days for the new government, and it is not in the forefront of investors'' minds. You will have to wait and see some policy before it will become a bigger topic." Donohoe, who was promoted to the post of finance minister last week, told Reuters on Saturday that he would review the planned pace and start date of a contingency reserve or "rainy day fund" that is set to kick in from 2019. He also backed Varadkar''s plans to free up additional resources by setting a less ambitious debt reduction target than the one set last year, a policy that was questioned by the chief economist in Donohoe''s department this week. Ireland''s economy has grown faster than any other in the European Union for the past three years but its capital spending remains among the lowest in the bloc after grinding to a near halt during a financial crisis that swelled the national debt. (Reporting by John Geddie, editing by Padraic Halpin)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-ireland-bonds-investors-idUKKBN19B2S9'|'2017-06-21T02:43:00.000+03:00'
'965ee939240628cc78a0b871a4d48f4ddcf1ebf0'|'Accenture''s net revenue rises 5.1 pct'|'Market News  08am EDT Accenture''s net revenue rises 5.1 pct June 22 Consulting and outsourcing services provider Accenture Plc reported a 5.1 percent increase in quarterly net revenue on Thursday, as the company''s investments to boost its digital and cloud service offerings pay off. Net revenue rose to $8.87 billion from $8.43 billion in the third quarter ended May 31. Net income attributable to Accenture fell to $669.5 million or $1.05 per share, from $897.2 million or $1.41 per share, a year earlier. Accenture has been investing heavily on acquisitions to boost its digital, cloud and security-related offerings, which make up about half its total revenue. (Reporting by Rishika Sadam in Bengaluru; Editing by Sai Sachin Ravikumar)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/accenture-results-idUSL3N1JJ3PV'|'2017-06-22T19:08:00.000+03:00'
'5ac4b59c15466ed62a4d1043b5bc87e51628b1b8'|'Russia''s Rosneft CEO says takeover of India''s Essar is closed'|'SOCHI, Russia The takeover of India''s Essar Oil by Russia''s largest oil producer Rosneft ( ROSN.MM ) can be now considered as closed, Rosneft CEO Igor Sechin told a shareholders'' meeting on Thursday.The deal, where Rosneft will hold a 49 percent stake, will allow the Russian company to increase oil refining output by 20 percent this year, he said.Sechin also said that the synergy effect from the privatization of oil company Bashneft ( BANE.MM ) had totaled more than 40 billion rubles ($669.9 million) in the first two quarters of this year.Rosneft''s gas production is set to be rising by more than 10 percent a year, Sechin said, while overall investments are seen at more than 1 trillion rubles annually in the coming years.($1 = 59.7109 rubles)(Reporting by Vladimir Soldatkin; Writing by Dmitry Solovyov; Editing by Katya Golubkova)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-russia-rosneft-essar-idUSKBN19D1FI'|'2017-06-22T15:57:00.000+03:00'
'1d562e42dc635723c63030a4dbe0b58e0521f3b4'|'Italy''s Veneto banks failing, to be wound up: ECB'|' 48pm EDT Italy''s Veneto banks failing, to be wound up: ECB left right A Banca Popolare di Vicenza sign is seen in Rome, Italy, March 29, 2017. REUTERS/Alessandro Bianchi 1/2 left right The logo of Veneto Banca bank is seen in Venice, Italy, January 31, 2016. REUTERS/Alessandro Bianchi/File Photo 2/2 FRANKFURT Italian lenders Veneto Banca and Banca Popolare di Vicenza are failing or likely to fail and will be wound down, the European Central Bank ruled on Friday. "The ECB had given the banks time to present capital plans, but the banks had been unable to offer credible solutions going forward," the ECB said. "Consequently, the ECB deemed that both banks were failing or likely to fail and duly informed the Single Resolution Board (SRB), which concluded that the conditions for a resolution action in relation to the two banks had not been met." "The banks will be wound up under Italian insolvency procedures," it added. The Italian government is expected to start liquidation proceedings for the two ailing lenders sometime this weekend, issuing an emergency decree that would effectively remove one of the government''s biggest banking headaches by splitting the two lenders'' assets into "good" and "bad" banks. (Reporting by Balazs Koranyi; Editing by Kevin Liffey)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-eurozone-banks-italy-ecb-idUSKBN19E2CE'|'2017-06-24T03:48:00.000+03:00'
'3ee10adb2d2305c074a20c3f5c4df3abd144ff99'|'Russia''s Rosneft works on new strategy, plans to hike dividends'|'Money News - Thu Jun 22, 2017 - 6:55pm IST Russia''s Rosneft works on new strategy, plans to hike dividends Workers stand next to a logo of Russia''s Rosneft oil company at the central processing facility of the Rosneft-owned Priobskoye oil field outside the West Siberian city of Nefteyugansk, Russia, August 4, 2016. REUTERS/Sergei Karpukhin/File Photo By Vladimir Soldatkin - SOCHI, Russia SOCHI, Russia Igor Sechin, the head of Russia''s state-controlled and largest oil producer Rosneft, said on Thursday the company was working on a new strategy to counter the challenges of the global oil market and planned to pay higher 2017 dividends. Oil producers around the world have faced highly volatile oil markets and declining prices due to a supply glut. Sechin, a close ally of Russian President Vladimir Putin, told the company''s annual general meeting that global markets were undergoing "tectonic shifts" shown by tougher competition, regulatory changes and higher risks for oil producers. He said Rosneft, in which BP owns around 20 percent, was working on a new strategy to tackle those issues. "The basis for this strategy should be high-quality changes in the company''s business, thanks to a technological breakthrough," he said adding the strategy should be ready by the year-end. He also said part of the strategy, called Rosneft-2022, would be a shift to a holding structure in Rosneft''s management, and would aim to unbundle the retail business and increase petrochemicals'' share of the company''s total refining capacity to 20 percent. Within this strategy, Rosneft plans organic oil production growth of 20-30 million tonnes in the next five years thanks to new technologies. Last year, Rosneft produced 210 million tonnes of oil (4.2 million barrels per day). Sechin also said Rosneft had budgeted for an average oil price of $40 per barrel in 2018 and a little over $40 for 2017. HIGHER DIVIDENDS Rosneft, controlled by state-owned Rosneftegaz holding, decided to pay 35 percent of its net income as dividends on 2016 results. The government, which is battling a budget deficit mainly due to falling oil prices, has ordered state companies to pay 50 percent of earnings in dividends. Highly indebted Rosneft, which has been on a buying spree for the past few years to become the world''s largest oil producer by output, had fought off the order. However, earlier this week Putin told Sechin to increase the payout. "We support this decision," said Sechin, referring to paying 50 percent of its net profit in dividends starting from 2017. Rosneft pays dividends twice a year. Among the assets, which Rosneft recently acquired, is India''s Essar Oil. The completion of the deal had been held up by Essar''s creditors. Sechin said the deal was now practically completed after a legally binding deal was signed on Wednesday. (Reporting by Vladimir Soldatkin; Writing by Dmitry Solovyov; Editing by Polina Devitt and David Evans) '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/russia-rosneft-strategy-idINKBN19D1O8'|'2017-06-22T21:25:00.000+03:00'
'c2d225bec0f94bde36d2db228d2288975cea0a9b'|'PRESS DIGEST- New York Times business news - June 22'|' 18am EDT PRESS DIGEST- New York Times business news - June 22 June 22 The following are the top stories on the New York Times business pages. Reuters has not verified these stories and does not vouch for their accuracy. - Travis Kalanick stepped down as chief executive of Uber Technologies Inc, the ride-hailing service that he helped found in 2009 and built into a transportation colossus, after a shareholder revolt made it untenable for him to stay on at the company. nyti.ms/2st1OH6 - Magazine publisher Wenner Media has agreed to sell its men''s lifestyle title to American Media to focus on expanding its remaining brand, Rolling Stone. nyti.ms/2st1iJl - An appeals court is set to rule on whether premium, subscriber-based news organizations should have the same protection as a traditional media company. nyti.ms/2st2vk4 (Compiled by Bengaluru newsroom)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/press-digest-nyt-idUSL3N1JJ21P'|'2017-06-22T13:18:00.000+03:00'
'5fc67a869f1e88483527296d2c868e28d4b224c0'|'China not facing same pressure as Fed to shrink balance sheet - PBOC adviser'|'Central Banks - Thu Jun 22, 2017 - 3:12am BST China not facing same pressure as Fed to shrink balance sheet - PBOC adviser FILE PHOTO: People walk past the headquarters of the People''s Bank of China (PBOC), the central bank, as two paramilitary police officials patrol around it in Beijing November 20, 2013. REUTERS/Jason Lee/File Photo SHANGHAI China''s central bank will not take action to shrink its balance sheet like the U.S. Federal Reserve as it does not face the same pressures due to its use of different policy tools, an adviser to the People''s Bank of China (PBOC) said on Thursday. The Fed is looking to start reducing its massive $4.2 trillion (3.3 trillion pounds) portfolio of Treasury bonds and mortgage-backed securities beginning later this year. Most of the assets were purchased in the wake of the 2007-2009 financial crisis and recession. However, the PBOC''s assets are mainly foreign exchange-based, Sheng Songcheng, former director-general of statistics and research at the central bank, wrote in the Shanghai Securities News. "The balance sheet structures of China and the United States'' are very different," he wrote in the newspaper. "The PBOC does not have the huge portfolio of securities assets that need to be dealt with and foreign exchange accounts are impacted by capital flows, which can be hedged by adjusted other subjects," he said. The PBOC also held a neutral monetary policy, he added, while the Fed is aiming to gradually normalise ultra-loose conditions. Sheng also said that while the Fed''s balance sheet expanded rapidly during the financial crisis, from less than $900 billion before 2007 to $4.5 trillion in 2014, the PBOC''s balance sheet less than doubled in size during that period. The Federal Reserve raised interest rates last week for the second time in three months and said it would begin cutting its holdings of bonds and other securities this year in a bid to shrink its balance sheet. While the PBOC''s policy stance has also been seen as super loose since the financial crisis, China''s economic stimulus has been more direct - largely coming in the form of credit extended by big state-controlled banks and increased government spending on items like big infrastructure projects. Aggregate financing in China, which includes bank loans as well as off-balance sheet lending, surged in March and was a record in the first quarter. (Reporting by Brenda Goh; Editing by Kim Coghill) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-china-economy-policy-idUKKBN19D06E'|'2017-06-22T10:12:00.000+03:00'
'5da87be1a23c659e41d40049a67d3d2b29546d47'|'America’s hungriest wind and solar power users: big companies'|'Autos  08am BST America’s hungriest wind and solar power users: big companies left right FILE PHOTO: A man views solar panels on a roof at Google headquarters in Mountain View, California, U.S., on June 18, 2007. REUTERS/Kimberly White/File Photo 1/2 left right A rooftop panel system is shown on the roof of a new IKEA store in Burbank, California, U.S., June 19, 2017. REUTERS/Nichola Groom 2/2 By Nichola Groom - LOS ANGELES LOS ANGELES Major U.S. corporations such as Wal-Mart Stores Inc and General Motors Co have become some of America’s biggest buyers of renewable energy, driving growth in an industry seen as key to helping the United States cut carbon emissions. Last year nearly 40 percent of U.S. wind contracts were signed by corporate power users, along with university and military customers. That''s up from just 5 percent in 2013, according to the American Wind Energy Association trade group. These users also accounted for an unprecedented 10% of the market for large-scale solar projects in 2016, figures from research firm GTM Research show. Just two years earlier there were none. The big reason: lower energy bills. Costs for solar and wind are plunging thanks to technological advances and increased global production of panels and turbines. Coupled with tax breaks and other incentives, big energy users such as GM are finding renewables to be competitive with, and often cheaper than, conventional sources of electricity. The automaker has struck deals with two Texas wind farms that will soon provide enough energy to power over a dozen GM facilities, including the U.S. sport utility vehicle assembly plant in Arlington, Texas that produces the Chevrolet Tahoe, Cadillac Escalade and GMC Yukon. The company is already saving $5 million a year worldwide, according to Rob Threlkeld, GM''s global manager of renewable energy, and has committed to obtaining 100% of its power from clean sources by 2050. "It''s been primarily all driven off economics," Threlkeld said. "Wind and solar costs are coming down so fast that it made it feasible." (For a graphic showing the corporate green-energy rush, see: tmsnrt.rs/2spS81j ) Growing corporate demand for green energy comes as U.S. President Donald Trump is championing fossil fuels and targeting environmental regulations as job killers. This month he announced the United States will withdraw from the landmark Paris Agreement to fight climate change, a move that was condemned by several prominent U.S. executives, including General Electric Co Chief Executive Jeff Immelt. Trump’s administration, however, has made no moves to target federal tax incentives for renewable energy projects, thanks mainly to bipartisan support in Congress. Many Republican lawmakers hail from states that are major solar or wind energy producers, among them Texas, Oklahoma and Iowa. U.S. companies, meanwhile, are pursuing their own clean-energy agendas independent of Washington politics. Over the past four years, corporations have contracted for about 7 gigawatts of renewable energy – enough to power more than 1 million homes. That number is expected to rise to 60 GW by 2025, according to the Edison Foundation Institute for Electric Innovation, a utility-backed non-profit based in Washington D.C. Growth in renewables for years was driven by utilities labouring to meet tough state mandates to reduce carbon emissions, particularly in places such as California. Early corporate adopters included Alphabet Inc and Amazon.com Inc, leading-edge companies with progressive company cultures, deep pockets and major power needs. Now mainstream industries are stepping in as costs have plummeted. Wind-power costs have dropped 66% since 2009, according to the American Wind Energy Association, while the cost to install solar has declined 70% since 2010, according to the Solar Energy Industries Association trade group. This year alone, home improvement retailer Home Depot Inc, wireless provider T-Mobile US Inc, banker Goldman Sachs and food producer General Mills announced major purchases of renewable energy. POWER TO THE PPA Such deals can take many forms, but most are so-called power purchase agreements. Known as PPAs, these are roughly 10-to-20-year contracts in which the owner of a large solar or wind project sells electricity to large customers, often at rates lower than those charged by utilities. These agreements allow energy users to buy renewables at attractive prices with no upfront investment. These agreements also help companies avoid outages if the sun doesn''t shine or the wind doesn''t blow. The massive wind farms and solar plants that support these contracts often supply electricity straight to the grid rather than feed it directly to corporate customers'' plants and offices. Companies get the benefit of clean energy without cutting themselves off from the security of the grid. The arrangement also saves companies from having to do it all themselves. Mark Vanderhelm, vice president of energy for Wal-Mart, said the retailer is about half way to its goal of sourcing 50% of its power from renewable sources by 2025. While the chain has installed solar panels atop hundreds of stores, it has purchased much of its green energy via two PPAs. "For us to meet our goals, we wouldn''t be able to get there by doing it all on site. We just fundamentally don''t have enough roof space," Vanderhelm said. He said Wal-Mart is seeing roughly single-digit percentage savings with its green-power contracts. Furniture retailer IKEA is a notable exception to the PPA trend, preferring to own the renewable-energy assets that serve its U.S. business, including rooftop solar systems on most of its buildings and two wind farms in Texas and Illinois. The approach is part of the Swedish company''s long-term corporate strategy of owning all of its stores, factories and the land on which they''re built. Demand from big corporations has benefited a host of wind and solar developers including Pattern Energy, First Solar and NextEra Energy. BNB Renewable Energy Holdings LLC, a privately held New York-based developer, said corporations now make up about half its business. "There is a convergence right now where price is low and their sustainability commitments are high," said Jos Nicholas, a managing partner with BNB. The developers or owners of the projects, meanwhile, get the stability of long-term contracts plus those federal tax breaks. The solar credit is worth up to 30 percent of a project''s value. For wind, the most popular tax credit is a maximum of 2.4 cents per kilowatt-hour of electricity produced for a decade. AMBITIOUS GOALS Since 2014, nearly 100 large global companies have committed to transitioning to 100% renewables through a partnership with The Climate Group, a nonprofit that''s working to reduce greenhouse gas emissions. Roughly two corporations a month are joining that effort, according to Amy Davidsen, the organization''s executive director for North America. In addition to GM, U.S. companies that have made the commitment include Johnson & Johnson, Procter & Gamble Co and Nike Inc. Still, many big firms remain on the sidelines because they lack an overall corporate sustainability mandate, view renewables as having unattractive returns or because the contracts are too long, according to a 2016 PricewaterhouseCoopers survey. Many small- and medium-sized businesses have a hard time benefiting too. They don''t consume enough energy to negotiate large, lowest-cost PPAs like the big guys. Smaller projects, such as installing rooftop solar panels, tend to depend heavily on state and local incentives that come and go. The 2020 expiration of the federal tax incentives is another concern. But industry watchers expect U.S. companies will continue their ambitious public commitments to boost renewable energy use even if those breaks aren''t renewed. General Mills, for instance, sees climate change as a major threat to the agricultural supply chain behind products such as Cheerios cereal and Yoplait yogurt. The company has a goal of reducing its greenhouse gas emissions by 28 percent by 2025. "If the front end of that business model breaks down -- Mother Nature -- we''re in a world of hurt," Lynch said. (Editing by Marla Dickerson)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-usa-companies-renewables-idUKKBN19C0EC'|'2017-06-21T13:08:00.000+03:00'
'33bf0bee0ef9e088e6b9862073b660bab1f63a40'|'Slow wage growth down to shift back to the past - Business'|'The lack of wage growth in Britain’s economy is the result of turning the clock back to the days before the Industrial Revolution when there were no trade unions and self-employment was rife, the chief economist of the Bank of England has suggested.Andy Haldane said the current relationship between pay and employment had more in common with the period between 1500 and 1750 than in the subsequent period, because in the post-1750 era, collective bargaining and the expansion of full-time paid employment meant workers were able to secure generous pay awards when labour was scarce.“The move towards greater self-employment and less unionisation is, in some respects, a shift back to the future in the nature of work,” Haldane said, harking back to the days before James Watt, a key figure in the emergence of the steam engine, and other pioneers began the transformation of Britain’s largely agrarian economy.“Prior to the Industrial Revolution, and indeed for some years after it, most workers were self-employed or worked in small businesses. There were no unions. Hours were flexible, depending on what work was needed to collect the crops, milk the cows or put bread on the table. Work was artisanal, task-based, divisible.”Haldane, whose speech revealed differences with the Bank’s governor, Mark Carney, over interest rates , said the read-across from pre-industrial Britain to the 21st century was not exact but that there were parallels with today’s gig economy. He added that there was evidence that changes in the nature of work had been a factor in explaining why wage growth was running at just 2% at a time when unemployment was the lowest since the mid-1970s.Facebook Twitter Pinterest James Watt was instrumental in ushering in the Industrial Revolution. Photograph: Getty ImagesThe chief economist said a period of “divide and conquer” had left workers less able to bargain for higher wages. “There is power in numbers. A workforce that is more easily divided than in the past may find itself more easily conquered. In other words, a world of divisible work may reduce workers’ wage-bargaining power.”Trade union membership has declined from 38% of employees in 1990 to 23% in 2016, and Haldane noted that the downward trend was likely to continue.“The fact that unionisation rates have been falling within each age cohort over time, and are lowest among the young, suggests the downward trend in rates of unionisation may still have some distance to travel.“For example, if unionisation rates were to continue to decline at the same average rate as over the past decade, then they are likely to fall to around 10% of employees, or 3 million people, within a generation.”Self-employment had increased from 8% of the workforce in 1980 to almost 15%, or about 4.25 million people. Only one in six of the self-employed hired other workers compared with 30% in 1990. The number of people on zero-hours contracts had increased from 170,000 (0.6% of those in employment) in 2010 to almost 1 million workers (3% of employees) by 2016. At the current rate of expansion, employees on zero-hour contracts would reach about 7% within a decade.Haldane said: “Gigging can be fun for some. But not everyone wants to be a roadie when it comes to the world of work.”Topics Bank of England Trade unions Unemployment Gig economy Economics news'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/2017/jun/21/slow-wage-growth-down-to-return-to-the-past-bank-of-england-chief-economist'|'2017-06-22T00:09:00.000+03:00'
'a4eff3fe10db9ce64a6d6bad1928a3b87da4ea53'|'Trump to meet with top executives on wireless tech, drones'|'WASHINGTON U.S. President Donald Trump will discuss advanced wireless technologies and drones on Thursday with top executives at AT&T Inc, Verizon Communications Inc, T-Mobile US Inc and other firms, focusing on how government can create the right environment for breakthroughs.AT&T Chief Executive Randall Stephenson, Sprint CEO Marcelo Claure and CenturyLink Inc CEO Glen Post will be among the executives discussing advanced technologies such as unmanned aerial vehicles, or drones, 5G wireless technologies and universal broadband, officials said.White House press secretary Sean Spicer said Trump will see "demonstrations of how these technologies will contribute to the 21st century economy and how the government can ensure that their safe adoption leads to the best possible outcomes for the American worker and American businesses."Federal Communications Commission Chairman Ajit Pai, Deputy Chief Technology Officer Michael Kratsios, Commerce Secretary Wilbur Ross, White House National Economic Director Gary Cohn and FAA and NASA officials will attend small group meetings before the group meets with Trump at about 11 a.m. EDT (1500 GMT).Venture capital firms and portfolio companies also are expected.Last year, the FCC cleared the way for 5G, a lightning-fast next generation of wireless services that lead to universal access to broadband wireless. Testing is under way and deployment is expected around 2020.New 5G networks are expected to provide speeds at least 10 times and maybe 100 times faster than today''s 4G networks, the FCC said.Policymakers and mobile phone companies have said the next generation of wireless signals needs to be much faster and far more responsive to allow advanced technologies such as virtual surgery or controlling machines remotely. They face regulatory hurdles to adding infrastructure to create the system.The 5G networks could help wirelessly connect devices such as thermostats or washing machines to facilitate the "internet of things." They could improve road traffic by monitoring sensors in streetlights and cars. It could even help detect air pollution using sensors in trees.The FAA in March estimated that by 2021 the fleet of small hobbyist drones will more than triple and the commercial drone fleet will increase tenfold to about 442,000.The Obama administration implemented rules that opened the skies to low-level small drones for education, research and routine commercial use.The Trump administration still is considering whether to allow a sweeping expansion in drone use for purposes such as deliveries where aircraft would fly beyond the sight of an operator.(Reporting by David Shepardson; Editing by Bill Trott)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-usa-trump-tech-idUSKBN19B34K'|'2017-06-21T05:20:00.000+03:00'
'50117b69a1ee5e85725eeee626a0ab41e8a65267'|'UPDATE 1-Investors look toward further Argentina reforms after MSCI snub'|'BUENOS AIRES/NEW YORK The surprise decision by benchmark investment index provider MSCI to not promote Argentina to its emerging markets stock index could delay much-needed investment in the country, showing that President Mauricio Macri''s reform agenda is still far from complete, investors said on Wednesday.Many funds use the MSCI benchmark stock and bond markets indices as guides for allocating investments into emerging markets.Argentina''s benchmark Merval stock index .MERV rose nearly 25 percent in 2017 as traders bet on the inclusion of the country''s stocks in the benchmark index, a move which could have triggered close to $2 billion in additional capital inflows.The decision was also a blow to Argentine companies hoping for more liquidity in their equities market to raise funds."The real damage that the MSCI''s decision may cause is the delay of IPOs and investments," said Fausto Spotorno, economist at Buenos Aires consultancy Orlando Ferreres.The Merval index slumped 4.8 percent on Wednesday, its steepest drop this year, while the Argentine peso currency ARS=RASL fell as much as 2.0 percent to a record low 16.48 per U.S. dollar.President Macri declared Argentina open for business after a decade of interventionist rule scared away foreign investors but progress has been uneven since he took office 18 months ago.MSCI''s decision underlined how Macri has struggled to lure private investments crucial to boosting a sluggish economy and to pass market-friendly legislation which has stalled in the opposition-controlled congress.Key among those bills is a capital markets reform which the administration proposed last year and which would undo measures allowing the market regulator wide leeway to intervene in company affairs.The legislation would also allow licensed wealth managers to invest Argentine citizens'' funds in overseas assets, as well as lowering some taxes."The local market is still hard to access," said Asha Mehta, senior portfolio manager at Acadian Asset Management in Boston. "It''s costly. I consider the capital gains tax environment in Argentina to be prohibitive."''IRREVERSIBLE''?Argentine Finance Minister Luis Caputo has said Congress could approve the reform this year, and local media have reported that the CNV securities regulator is mulling a decree that would accomplish some of the reform''s aims. A spokeswomen for the CNV said she had no information about a possible decree.Shortly after taking office in December 2015, Macri got rid of the most glaring distortions put in place by his populist predecessor Cristina Fernandez, including capital controls and foreign exchange restrictions. The capital controls were cited by MSCI in 2009 as the reason for downgrading Argentina to "frontier" market status in the first place.A surprise $2.75 billion sale of 100-year bonds on Monday, which was more than three times oversubscribed, reflected improving investor confidence in Macri, but foreign direct investment has been slower to come, with many eyeing midterm elections in October and a presidential vote in 2019 for signs of the longevity of Macri''s reforms.Similarly, MSCI said it needed more signs that the changes were "irreversible" to reincorporate the country''s shares into its emerging markets index .MSCIEF, which guides major developing country stock allocations worldwide by investment funds.Still, investors said the MSCI decision did not change fundamental optimism about Argentina, where the economy is expected to grow around 3.0 percent this year after falling 2.3 percent in 2016, and inflation is seen at half last year''s 40 percent.Data published on Wednesday afternoon showed the Argentine economy grew 0.3 percent in the first quarter of 2017 versus the same period the prior year, snapping three straight quarters of year-on-year declines."It probably makes us a bit more negative in the very short term, but in the long term what we''re focused on is the direction of the reforms," said Leigh Innes, lead portfolio specialist for frontier markets strategy at T Rowe Price.(Additional reporting by Trevor Hunnicutt and Caroline Valetkevich in New York, Bruno Federowski in Sao Paulo, Jorge Otaola in Buenos Aires and Michelle Price in Hong Kong; Writing by Luc Cohen; Editing by Christian Plumb)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-msci-indexes-argentina-idUSKBN19C2ZL'|'2017-06-22T05:33:00.000+03:00'
'54c2930bb9e21de4f76ee12dc46e74c48e761f18'|'Takata to file for bankruptcy Monday, SMBC to provide bridge loan:'|'TOKYO Takata Corp ( 7312.T ) will seek bankruptcy protection from creditors on Monday, two sources said, as the Japanese company faces billions of dollars in liabilities stemming from the biggest recall in automotive history.The Japanese company, whose defective air-bag inflators have been blamed for at least 16 deaths and more than 150 injuries worldwide, will file for protection in Tokyo District Court under the Civil Rehabilitation Act, Japan''s version of U.S. Chapter 11 bankruptcy, said the sources, one of whom has direct knowledge of the matter and one who was briefed on the process.Takata will then seek bridge loans from the core banking unit of Sumitomo Mitsui Financial Group Inc ( 8316.T ), which will provide tens of billions of yen (hundreds of millions of dollars) in bridge loans, one source said.Takata spokesman Toyohiro Hishikawa said nothing has been decided regarding any filing or financing.(Reporting by Taro Fuse and Maki Shiraki; Writing Thomas Wilson; Editing by William Mallard and Chang-Ran Kim)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-takata-bankruptcy-idINKBN19D0DS'|'2017-06-22T03:07:00.000+03:00'
'0b34465bd615328bc8d8970c5ad33464ac91a706'|'Big Mac, smaller effort: Uber to run McDonald''s deliveries in UK - Business - The Guardian'|'Thursday 22 June 2017 14.13 BST Last modified on Thursday 22 June 2017 14.32 BST Fancy a Big Mac but just can’t be bothered to get up off the sofa? McDonald’s has finally answered your prayers– if you live in parts of London, Nottingham and Leeds at least. The fast food giant has launched its long-awaited “McDelivery” trial in the UK after teaming up with Uber’s food delivery service, UberEats. McDonald’s will offer the service from 22 outlets across the capital and another 10 restaurants in Leeds and Nottingham – although customers will have to live within a 1.5 mile radius of a restaurant. Customers can place orders through the UberEats app between 7am and 2am. Claude Abi-Gerges, a McDonald’s franchisee who has five London outlets taking part in the trial, said the service would offer a “new level of convenience” to fit around customers’ busy lives. McDonald’s said it would be monitoring the trial closely to see whether it proved popular. Mathieu Proust, general manager of UberEats, said the trial would let people “get the food they want” quickly and reliably. The launch comes after KFC launched home deliveries from 30 outlets in greater London via the Just Eat platform earlier this year. Growth in the number of ready-to-eat food deliveries was stronger than that for the broader eating out market last year, according to analysts at NPD Group. The McDonald’s move follows similar tie-ups with Uber in the US, while the chain already delivers in China and Singapore. Early last year the company said it would experiment with table service and cooked-to-order gourmet burgers at hundreds of UK restaurants, in a bid to head off competition from upmarket rivals such as Byron. In April McDonald’s said quarterly profits rose by a better than expected 8% to $1.21bn, despite a 3.9% fall in revenue to $5.68bn. Operating costs dropped nearly 12%. Sales at US restaurants open for more than a year rose 1.7% in the three months to March 2017. The increase comes after the chief executive, Steve Easterbrook, who is British, launched a turnaround plan involving slashing overheads, weeding out underperforming restaurants, offering the breakfast menu all day and switching US restaurants to chicken raised without human antibiotics. Topics'|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/business/2017/jun/22/big-mac-smaller-effort-uber-to-run-mcdonalds-deliveries-in-uk-ubereats'|'2017-06-22T03:00:00.000+03:00'
'6b3bfb4aac3202780e533cf5ec6e1ec4eaf822c9'|'Apple working with Hertz to test self-driving technology - BBG'|' 04pm BST Apple working with Hertz to test self-driving technology: Bloomberg The Apple Inc. store is seen on the day of the new iPhone 7 smartphone launch in   U.S., September 16,   Apple Inc is leasing a small fleet of cars from rental company Hertz Global Holdings Inc to test self-driving technology, Bloomberg reported on Monday. Hertz shares were up 13.5 percent at $10.82, while shares of Apple were slightly down. Apple is renting Lexus RX450h sport-utility vehicles from Hertz''s Donlen fleet-management unit, according to the Bloomberg report, citing documents released recently by the California Department of Motor Vehicles. The iPhone maker is concentrating on technology for self-driving cars, Chief Executive Tim Cook said earlier this month in an interview with Bloomberg. Hertz and Apple were not immediately available for comment. Alphabet Inc''s self-driving car unit Waymo announced a similar partnership with Avis Budget Group Inc, earlier on Monday, to offer fleet support and maintenance services for its fleet of autonomous vehicles. (Reporting by Rishika Sadam in Bengaluru; Editing by Shounak Dasgupta)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-apple-hertz-glo-hldg-idUKKBN19H2CH'|'2017-06-27T03:00:00.000+03:00'
'65536b07d1736a3c2243cc85fbc7141cb3d49a94'|'Schaeuble says he''s open to German parliament discussing Greek deal'|'Business News - Sun Jun 25, 2017 - 6:44pm BST Schaeuble says he''s open to German parliament discussing Greek deal German Finance Minister Wolfgang Schaeuble arrives for the weekly cabinet meeting at the Chancellery in Berlin, Germany June 7, 2017. REUTERS/Hannibal Hanschke BERLIN German Finance Minister Wolfgang Schaeuble said on Sunday he was not opposed to an open discussion in parliament on the euro zone''s decision to give Greece a new credit lifeline - even though internal party opposition may embarrass Chancellor Angela Merkel''s conservative party just months before the election. Speaking on ARD TV''s "Bericht aus Berlin", Schaeuble noted the parliamentary budget committee could by itself approve the 8.5 billion euro (£7.4 billion) loan to Greece, meaning a full debate in parliament was not required. "I don''t have any difficulty at all talking openly about it," Schaeuble said when asked if the full parliament would discuss the loan to Greece as the centre-left Social Democrats (SPD) have demanded. But he said on June 16 that calls from a senior lawmaker in the SPD, Johannes Kahrs, for a full debate on the deal for Greece could unsettle financial markets. Schaeuble said he had talked to conservative lawmakers in parliament about the deal and the role of the International Monetary Fund (IMF) that was less than conservatives had hoped for, but that there had hardly been any questions about it. Some of Merkel''s own conservatives have in the past opposed aid to Greece. Sixty-three of the 309 members of her conservative parliamentary group voted against the third bailout for Greece in August 2015. There were three abstentions. The parliamentary budget committee, which postponed a meeting on the issue from last Wednesday to next week, has to decide if the full house has to approve the disbursement of a fresh tranche that was agreed to by euro zone finance ministers. Schaeuble said there were discrepancies between Germany, EU institutions and the International Monetary Fund on whether Greece''s debt was sustainable. Euro zone ministers, under pressure from the IMF, said they could in 2018 extend the average maturities of Greek loans and grace periods by up to 15 years. The average maturity now is 30 years. But this was not enough for either the IMF or the ECB, with the Fund deciding to wait with disbursements to Greece until the euro zone provides more clarity on debt relief. SPD lawmaker Kahrs believes the IMF''s decision to delay its own disbursements despite joining the bailout is a major change to the deal and needs the approval of the whole German parliament. (Reporting by Erik Kirschbaum)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-eurozone-greece-germany-schaeuble-idUKKBN19G0SM'|'2017-06-26T01:44:00.000+03:00'
'5575fc727dd504815b2ca5dbcc9bb9ee29894451'|'Clash of the retail titans: Amazon goes head to head with Walmart - Business'|'Edward Helmore in New York   10.00 BST Last modified on   10.01 BST A fter Amazon’s $14bn acquisition of Whole Foods , the stage is set for an epic clash between the online behemoth and the traditional retail king of America, Walmart. Whole Foods for thought: Austin foodies ponder future under Amazon Read more On one side, a business with an advanced online operation but little physical presence. On the other, a retailer with a huge physical presence but an underdeveloped digital side. Their battlefield of choice? The $800bn US retail food market. After the deal was announced, Amazon’s role in gutting bricks-and-mortar retail caused stock in rival grocery businesses including Kroger, Costco and Supervalu to fall by as much as 17%. Such losses were mirrored by larger retailers, including Walmart, whose stock fell as much as 7%. The deal also raised questions about Amazon’s accumulation of power. But the US commerce secretary, Wilbur Ross, rejected anti-trust considerations, telling Fox Business Network he had not seen “anything that Amazon has done that would qualify remotely for anti-trust consideration”. The size of a company was not in itself a problem, Ross said. “Take their acquisition of Whole Foods . I think that’s a very clever move to marry together a very good, high-quality, niche retailer with the very broad brush approach of marketing everything that Amazon has done so well. But I surely don’t see any anti-trust implications in that.” The success of Amazon’s entry into the grocery business is not assured. Delivering fresh food is hardly the same as delivering books and clothing – “last mile” delivery of perishable goods to customers is notoriously problematic. Whole Foods’ 460 stores, however, give Amazon a high-end distribution chain, including a delivery service and the ability for Amazon to expand into markets to which it previously had no access. Whole Foods gets Amazon’s massive cache of consumer data and technology. Analysts say that while the hook-up could affect other grocery chains, including the upscale Kroger, it’s unlikely to affect Walmart, at least in the short term. The Bentonville, Arkansas-based company is the largest seller of food in the US, generating more than half its $486bn annual revenue from groceries. With 4,700 stores, Walmart has enjoyed a rare advantage, even as it struggles to compete with Amazon online. Last week, as the Amazon-Whole Foods deal was announced, Walmart fired back with its $310m acquisition of Bonobos , an innovative clothing retailer. That was the the company’s fourth e-commerce acquisition since it paid $3.3bn for the e-commerce site Jet.com last year and placed founder Marc Lore in charge of its e-commerce operations. Analysts point out that Whole Foods’ and Walmart’s grocery business are not natural competitors. Whole Foods stores are concentrated in wealthier, higher-density markets. Walmart is focused on lower-income, lower-density areas. Nor, says Michael Pachter of Wedbush Securities, do their customer bases overlap. According to data from Kantar Retail, only around 9% of households who shopped at Whole Foods in April also shopped at a Walmart. “Walmart customers were late adopters of Amazon Fresh (Amazon’s grocery delivery service) and Amazon Prime,” Pachter says, “so they’re going to be late adopters of the Whole Foods premium experience.” Over time Walmart is likely to expand its grocery business, just as Amazon plans to do. Groceries ensure customers return frequently and not only when they need a new appliance, and can therefore be run as a zero-margin business – a terrifying notion to grocery rivals. As Pachter points out, no other sector in the economy besides rent or mortgage payments accounts for monthly outgoings so significant or consistent. Groceries, he says, matters “because it is huge”. “Walmart wants to sell everything and Amazon is called the everything store. Groceries are a significant driver of other purchases. So the trick with Amazon may be to get trucks equipped so they can deliver groceries and TV sets. You have to assume that ultimately the biggest grocers and retailers are going to suffer equally.” Amazon, with 50 million Prime customers in the US, may also be looking to adapt its grocery services to include a lower price point. The company recently cut fees for its Prime membership program to people on government food programs – nearly 20% of the US population, a move suggesting that the retailer plans to expand its services to lower-income consumers. That should also send a message to Walmart, which generates around $13bn annually in sales revenue from customers receiving food assistance. Last week, at a Whole Foods store in downtown Manhattan, many customers said the company’s reputation for inflated prices was overblown and its products unfairly associated with consumer indulgence frivolity. It''s not just Amazon coming for Whole Foods – Silicon Valley is eating the world Read more Exiting with two bags of groceries, Lisa Miller said: “Honestly, I don’t know why it was so criticized. It has great policy, the food is amazing. Maybe it’s a dollar more than the grocery store but I’d rather pay for the quality.” Amazon’s expansion into food sales and distribution comes as it scales up its distribution infrastructure. Earlier this year it announced a $1.49bn worldwide air services hub at Cincinnati/Northern Kentucky international airport and the leasing of 20 Boeing 767 air cargo planes. In order to compete with Walmart, however, Amazon-owned Whole Foods may have to lower prices and force existing stores to conform, a move that appears antithetical to the culture of the John Mackey -led chain, where individual stores were given a degree of autonomy. The Amazon takeover may also come just in time. Over the past year, Whole Foods had begun closing underperforming stores and reducing its expansion program. Hostile actions by the equity fund Jana Partners forced several changes in the boardroom. In Manhattan, Whole Foods customers said they welcomed the deal. “Amazon is moving into food, so Amazon and Walmart are going to be head to head,” said Shayne McQuade, by trade a designer of solar backpacks. “It might be the beginning of a new era.” Topics'|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/business/2017/jun/24/amazon-whole-foods-groceries-walmart'|'2017-06-24T03:00:00.000+03:00'
'1ba3c681d15d4e53df085b1b31c40bb997d3d3c1'|'Frustrated homebuyers in a fight to the finish with Bovis - Money'|'A t the Bovis annual meeting in May the chairman, Ian Tyler, apologised to homebuyers for “ letting them down ” and admitted the company had been cutting corners to reach ambitious targets. Quality and customer service had suffered in the past two years, he said. Tyler indicated that hundreds of homebuyers had suffered. “We absolutely got it wrong. We have compromised along the way ... We built too quickly. We started sites too early and handed over too early.”Bovis had used subcontractors that “may not have been of the highest quality”, he said, but added that most customer complaints had been resolved.This was news to Rob Elmes and his wife who moved into a £320,000 three-bed Bovis property in Inkberrow, Worcestershire, in February. He turned down a £3,000 cheque from Bovis to complete by 23 December because, he said, the property was riddled with problems. Five months on the couple were still battling to get them fixed.“The main issue is the speed at which things are being fixed and the lack of communication. It is a case of one step forward, several steps back. This shouldn’t happen with a brand-new house,” Elmes says, though after Money intervened his problems were resolved.Stung by such accusations, Bovis has retrained 90% of its 1,100 staff and appointed a new customer experience director. The firm also set aside £7m to rectify build issues and, in a few cases, pay compensation after it emerged homeowners were pressured to move into incomplete homes before Christmas. It issued a profit warning in late December and its then-chief executive, David Ritchie, quit not long after.Existing owners with problems are still being given the runaroundThe new chief executive, the ex-Galliford Try boss Greg Fitzgerald, will unveil changes to the business in September.Tyler said Bovis had slowed down production by adding a three-week “noncompressible” period between final inspections and handover to customers to iron out any issues. The firm is aiming to build 1,500 homes between January and June, which means output this year will be 10%-15% lower than in 2016. It will issue a trading update on 6 July.There are reports on the 2,200-strong Bovis Homes Victims group on Facebook that buyers are again being pressured to complete on unfinished homes. Bovis denies this. Some allege they are not being allowed to have a “snagging” survey before moving in. Bovis says it will “accommodate inspection requests where it is practicable to do so”.The National House Building Council , the standard-setting body and main home construction warranty provider for new-builds in the UK, carries out spot checks at key stages of the build process but has been criticised for signing off homes riddled with “snags”. It says its inspections significantly reduce the number of defects: “Our inspectors are not on site at all times and it is ultimately the builder’s responsibility to ensure that homes conform to the building regulations and NHBC technical standards.”Other allegations on the Facebook group include shoddy painting or plastering, faulty plumbing, cracks in tiles or brickwork, the wrong fittings being installed, creaking and moving floors and more serious structural issues.Dave Howard and his wife, Ann, set up the group in January 2016. They say it took them two-and-a-half years to resolve all the issues at their home in Bicester, Oxfordshire. “We are working constructively with Bovis, having resolved all the problems to our satisfaction with our property,” Howard says. He is one of five members from the Facebook group who are joining the company’s 12-member homebuyers panel, which will have an advisory role.While things may have improved for some new buyers, Howard says “existing owners with problems are still being given the runaround and are not being treated with the respect they should be as customers”. He says the carelessness displayed by contractors sent by Bovis to fix defects was shocking.A couple in Norwich were among more than a dozen Bovis homebuyers who have contacted the Eastern Daily Press. James and Rachel Hipperson told the local paper that there were holes in the wall, fittings and parts of the conservatory missing, cracks in the floor and problems with drainage.Industry experts have called for closer supervision, especially at bigger sites, and a change to work practices.A recent customer satisfaction survey from industry body the Home Builders Federation showed Bovis dropped down a notch from last year to a two-star rating, putting it at the bottom of the league table of 34 builders. Rival Persimmon was stuck at a three-star rating, and of the major housebuilders only Barratt and Bellway boasted a five-star rating.A survey conducted by homelessness charity Shelter found homebuyers’ satisfaction with the condition of their new homes on moving in has declined by 10%, to 78%, over the past five years. It found 38% experienced more problems than expected, up from 27% in 2012, and 69% reported six or more issues to the builder, up from 56%.Topics Property Consumer affairs Consumer rights Bovis Homes Construction industry features'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/money/2017/jun/24/frustrated-bovis-homebuyers-bovis-quality-problems'|'2017-06-24T14:00:00.000+03:00'
'a81414039c16f3abd1843589df2a8b0ca3f4eebc'|'EU promises tough line on U.S., China while pushing for free trade'|'Top News   4:19pm BST EU promises tough line on U.S., China while pushing for free trade German Chancellor Angela Merkel and French President Emmanuel Macron addresses a joint news conference at the EU summit in Brussels, Belgium, June 23, 2017. REUTERS/Gonzalo Fuentes By Philip Blenkinsop - BRUSSELS BRUSSELS German Chancellor Angela Merkel warned U.S. President Donald Trump on Friday that Europe would react in kind if the United States did not play fair in trade, while EU leaders also agreed to consider screening investments by state-owned Chinese firms. The 28 EU leaders signed up to a document saying they and the European Commission should look into ways to increase reciprocity in government procurement and investment. "Reciprocity is the right way. If we have for example access to public contracts in the United States, then we can say ''yes'' to access to public contracts in Europe," Merkel said, but if full access was denied then Europe would "need an answer". The leaders called on the Commission to analyse foreign investments in strategic sectors, adding they would return to the issue at a future meeting. The written conclusions to the European Union summit that ended on Friday made no mention of the bloc''s two largest trading partners, the United States or China, but both were in the background of its "free and fair" trade push. The 28-nation union tried for three years to forge a trade alliance with the United States, but now sees itself as an open markets counterweight to a country whose President Donald Trump is looking at restricting steel and aluminium imports. Beijing is also in the sights of the "protection agenda" of new French President Emmanuel Macron, described as an embrace of free trade, but with limits on foreign takeovers in areas such as energy, banking and technology, where China seeks Europe''s know-how. An EU-China summit earlier this month, designed to show the two as allies in climate change after the U.S. withdrawal from the Paris accord, was overshadowed by disagreements over trade and over-production of steel. "Fair competition is better than the law of the jungle," Macron told a news conference alongside German Chancellor Angela Merkel. France, Germany and Italy have backed the idea of allowing the EU to block Chinese investments, partly because European companies are denied similar access in China. More pro-trade countries such as Sweden have said this is a step down the path of protectionism, while smaller eastern and southern European economies that are dependent on Chinese investment have rejected steps against Beijing. New Irish Prime Minister Leo Varadkar said it made sense to screen foreign investments to ensure that public infrastructure or defence firms did not to fall into foreign state-owned hands. "The key thing we wanted to avoid was any effort to use this proposal as a Trojan horse for protectionism," he said. Trade, agreed the EU leaders, created growth and jobs, encouraging progress in trade negotiations with countries in the Americas and Asia. "I think that a time when protectionism is strongly on agendas, the European Union''s commitment to a free and rule-based trading system is very important," Merkel said. The most advanced talks are with Japan, with the EU''s chief negotiator in Tokyo seeking a breakthrough that would allow a provisional deal to be signed in early July. The EU wants Japan to scrap tariffs on cheese and wine, while Tokyo is seeking greater access for cars and car parts. (Additional reporting by Noah Barkin; editing by Robin Emmott and Angus MacSwan)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-eu-summit-trade-idUKKBN19E1SB'|'2017-06-23T23:19:00.000+03:00'
'db74ebb37a5ce44db796264823f6c39f7cd20773'|'Bulgaria to start talks with Sweden over warplane purchase'|'SOFIA, June 23 Bulgaria is to start talks to buy new Swedish Gripen warplanes to replace its Soviet-designed MiG-29s but will expect Sweden''s commitment on investments in the Balkan country before signing a deal, the prime minister said on Friday.The question of which warplanes Bulgaria should buy has been bounced around successive governments for more than a decade.Talks about the Sweden planes had looked to have been ditched last month when Prime Minister Boyko Borissov said an interim government should not have announced in April it would enter into negotiations.The interim government pledged to enter talks to buy eight new Gripens, made by SAAB, after approving a Defence Ministry-produced ranking which picked the Swedish jet over an offer from Portugal for secondhand U.S. F-16s and an Italian offer of secondhand Eurofighter Typhoons.But when Borissov took power, he said the previous government should not have made the call on a deal worth an estimated 1.5 billion levs ($858 million) as "the plane is not the most important thing in an army".Magnus Lewis-Olsson, Saab''s head of Europe, told reporters in Sofia last week it expected to enter into talks with Bulgarian within months, suggesting the deal was still alive, as confirmed by Borissov on Friday.“Either next Wednesday or on Wednesday thereafter we will decide when to start negotiations (with Sweden),” Borissov told reporters after meeting Sweden''s Prime Minister Stefan Lofven in Brussels.“I told my Swedish colleague: we are making a decision, we are negotiating with you first, then with Eurofighter,” he said, adding Bulgaria would sign the deal only after commitment about Swedish investments in the poorest European Union member.Lewis-Olsson said last week Saab was ready to discuss different financing options, including payments over a long period.Defence Minister Krassimir Karakachanov said on Friday Bulgaria would not buy the used F-16s from Portugal because the payment instalments in the first years were higher than expected.NATO member Bulgaria has said it wants to seal a deal by the year-end to acquire eight new or secondhand fighter jets between 2018 and 2022 in order to modernise its fleet and improve its compliance with the military alliance''s standards.Bulgaria joined NATO in 2004 and the European Union three years later. ($1 = 1.7483 leva) (Reporting by Angel Krasimirov; Editing by Alison Williams)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/bulgaria-defence-airplane-idINL8N1JK3DX'|'2017-06-23T12:53:00.000+03:00'
'971066ae48489bbab67337cb289f59893d557d7e'|'Facebook launches UK initiative to counter online extremist material'|'Top News   11:35am BST Facebook launches UK initiative to counter online extremist material A man walks in front of the Facebook logo at the new Facebook Innovation Hub during a preview media tour in Berlin, Germany, February 24, 2016. REUTERS/Fabrizio Bensch Facebook Inc is launching a UK programme to train and fund local organizations to combat extremist material online, as internet companies attempt to clamp down on hate speech and violent content on their services. Facebook, which outlined new efforts to remove extremist and terrorism content from its social media platform last week, will launch the Online Civil Courage Initiative in the UK on Friday, the company said in a statement. The new initiative will train non-governmental organizations to help them monitor and respond to extremist content and create a dedicated support desk so they can communicate directly with Facebook, the company said. "There is no place for hate or violence on Facebook," said Sheryl Sandberg, Facebook''s chief operating officer. "We use technology like AI to find and remove terrorist propaganda, and we have teams of counterterrorism experts and reviewers around the world working to keep extremist content off our platform." The British government has stepped up attacks on Silicon Valley internet companies for not acting quickly enough to take down extremist online propaganda and fostering "safe places" where extremists can breed following a string of attacks in recent months in London and Manchester. Facebook, Alphabet Inc''s Google and Twitter Inc have responded by saying they have made heavy investments and employed thousands of people to take down hate speech and violent content over the past two years. Security analysts say the efforts have dramatically reduced the use of these platforms for jihadist recruitment efforts, although more work needs to be done. Prime Minister Theresa May has sought to enlist British public opinion to force the U.S. internet players to work more closely with the government rather than proposing new legislation or policies to assert greater control over the web. Earlier this week, May urged fellow European Union leaders at a meeting in Brussels to join her in putting pressure on tech companies to ''rid terrorist material from the internet in all our languages''. She called for the internet companies to shift from reactively removing content when they are notified of it, towards greater use of automatic detection and removal tools - and ultimately preventing it from appearing on their platforms in the first place. (Reporting by Subrat Patnaik in Bengaluru; Additional reporting by Eric Auchard in Berlin and Julia Fioretti in Brussels and Michael Holden in London; Editing by Gopakumar Warrier)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-facebook-counterterrorism-britain-idUKKBN19E0R3'|'2017-06-23T15:58:00.000+03:00'
'3391433e240e22e3c26a27a6e33fc4918b22f311'|'VW waives appeal against German dieselgate compensation cases'|'  8:55am BST VW waives appeal against German dieselgate compensation cases FILE PHOTO: A Volkswagen logo is pictured at Volkswagen''s headquarters in Wolfsburg, Germany, April 22, 2016. REUTERS/Hannibal Hanschke/File Photo BERLIN German carmaker Volkswagen has agreed to buy back diesel cars equipped with illicit emissions control software after deciding not to appeal a German court ruling backing plaintiffs'' calls for compensation. Consumer agencies across Europe have been pushing for compensation for Volkswagen (VW) drivers who bought diesel cars on the strength of their green credentials. Despite VW''s admission of wrongdoing in the United States, it says it has not broken the law in Europe and sees no need to compensate European consumers. The carmaker has committed to fixing all affected vehicles by autumn. But first-instance rulings by the regional courts of Arnsberg and Bayreuth published in May which upheld plaintiffs'' calls for compensation have now become legally binding after VW decided to waive an appeal, the plaintiffs'' lawyers at Duesseldorf-based law firm Rogert & Ulbrich said by email. "In future the injured parties may have justified hope that they will be able to enforce their claims in only one instance," lawyer Marco Rogert said. VW played down the significance of the ruling, saying its decision to forego an appeal was an exception and stemmed from the low value of the vehicles in question. The carmaker does not expect the two rulings to have any bearing on other ongoing cases and, if necessary, will use its right to appeal unjustified customer complaints in future, it said in emailed comments. The law firm said VW decided not to appeal three compensation court cases including a verdict published in April by a regional court in Wuppertal, whereas VW said its course of action only affected the two cases at Arnsberg and Bayreuth. (Reporting by Andreas Cremer; editing by Jason Neely)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-volkswagen-emissions-court-idUKKBN19E0QN'|'2017-06-23T15:55:00.000+03:00'
'e9c4acb6e6a83433099357afdfe042c1290d768d'|'Syngenta must pay $217.7 mln to Kansas farmers in GMO corn case -jury'|'A U.S. jury on Friday ordered Syngenta AG ( SYNN.S ) to pay $217.7 million to more than 7,000 Kansas farmers over its decision to commercialize a genetically modified strain of corn before China approved importing it.The verdict by a federal jury in Kansas City, Kansas, was announced by lawyers for the farmers, who blamed the Swiss company for causing catastrophic damage to them after Chinese officials began refusing U.S. corn shipments in 2013.Their case was the first to go to trial. Thousands of other corn producers and traders also are seeking damages over China''s non-approval of the agrochemical giant''s corn seeds for importation.Lawyers for the corn producers said in a statement that the verdict was "only the beginning." They have claimed that damages for farmers nationally totaled $5.77 billion, according to court papers.Syngenta said it will appeal the verdict, which included only compensatory damages and no punitive damages."We are disappointed with today''s verdict because it will only serve to deny American farmers access to future technologies even when they are fully approved in the U.S.," Syngenta said in a statement.In 2010, Syngenta began selling in the United States a strain of insect-resistant genetically modified corn called Agrisure Viptera. It started selling a second strain called Agrisure Duracade in 2013.In their lawsuit, the Kansas corn farmers accused Syngenta of negligently commercializing the corn seeds before obtaining export approval in China, a major importer.In 2013, Chinese officials detected Viptera in U.S. corn shipments. The country began rejecting shipments containing millions of metric tons of U.S. corn because they contained the strain, which was unapproved for import, the farmers said.Nearly 90 percent of corn in the United States, the world''s top grains producer, is now genetically engineered, according to the U.S. Department of Agriculture, as farmers embrace technology that helps kill weeds and fight pests.The loss of the Chinese market caused U.S. corn prices to plummet, leading to over $5 billion in losses for corn producers, the farmers'' lawyers said. China did not approve Viptera until December 2014, while Duracade is still pending approval.Syngenta denied wronging. It said at the time that no company had ever delayed launching a U.S. approved corn product in the United States just because China had yet to approve its import.It also said the decline in sales to China was offset by exports to other countries.The case is In Re: Syngenta AG MIR 162 Corn Litigation, U.S. District Court, District of Kansas, No. 14-md-02591.(Reporting by Nate Raymond in Boston; Additional reporting by Tom Polansek in Chicago; Editing by Paul Simao; Editing by Chizu Nomiyama)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-syngenta-ag-lawsuit-idUSKBN19E1VY'|'2017-06-23T23:49:00.000+03:00'
'456c22397360d46e0bcaf153967a0203bf9893a7'|'CANADA STOCKS-TSX rises as resources lift, BlackBerry tumbles on miss'|'Market News  44am EDT CANADA STOCKS-TSX rises as resources lift, BlackBerry tumbles on miss TORONTO, June 23 Canada''s main stock index opened moderately higher on Friday, as the index''s heavyweight sectors offset sharp losses in BlackBerry Ltd shares, which tumbled after first quarter sales missed expectations. The Toronto Stock Exchange''s S&P/TSX composite index rose 14.15 points, or 0.09 percent, to 15,234.05 shortly after the open. Six of the index''s 10 main groups were in positive territory. (Reporting by Solarina Ho; Editing by Chizu Nomiyama)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/canada-stocks-idUSL1N1JK0LE'|'2017-06-23T21:44:00.000+03:00'
'f67b1f0b3712fb307c0318347ac2117cd1608f29'|'Under pressure, Western tech firms bow to Russian demands to share cyber secrets'|'Technology News - Fri Jun 23, 2017 - 10:30am BST Under pressure, Western tech firms bow to Russian demands to share cyber secrets left right An exterior view shows a building, which houses the office of technology testing company Echelon, in Moscow, Russia June 18, 2017. REUTERS/Sergei Karpukhin 1/3 left right A view shows a sign with the logo of technology testing company Echelon outside its office in Moscow, Russia June 18, 2017. Picture taken June 18, 2017. REUTERS/Sergei Karpukhin 2/3 left right A sign with the logo of technology testing company Echelon is on display outside its office in Moscow, Russia June 18, 2017. Picture taken June 18, 2017. REUTERS/Sergei Karpukhin 3/3 By Joel Schectman , Dustin Volz and Jack Stubbs - WASHINGTON/MOSCOW WASHINGTON/MOSCOW Western technology companies, including Cisco ( CSCO.O ), IBM ( IBM.N ) and SAP ( SAPG.DE ), are acceding to demands by Moscow for access to closely guarded product security secrets, at a time when Russia has been accused of a growing number of cyber attacks on the West, a Reuters investigation has found. Russian authorities are asking Western tech companies to allow them to review source code for security products such as firewalls, anti-virus applications and software containing encryption before permitting the products to be imported and sold in the country. The requests, which have increased since 2014, are ostensibly done to ensure foreign spy agencies have not hidden any "backdoors" that would allow them to burrow into Russian systems. But those inspections also provide the Russians an opportunity to find vulnerabilities in the products'' source code - instructions that control the basic operations of computer equipment - current and former U.S. officials and security experts said. While a number of U.S. firms say they are playing ball to preserve their entree to Russia''s huge tech market, at least one U.S. firm, Symantec ( SYMC.O ), told Reuters it has stopped cooperating with the source code reviews over security concerns. That halt has not been previously reported. Symantec said one of the labs inspecting its products was not independent enough from the Russian government. U.S. officials say they have warned firms about the risks of allowing the Russians to review their products'' source code, because of fears it could be used in cyber attacks. But they say they have no legal authority to stop the practice unless the technology has restricted military applications or violates U.S. sanctions. From their side, companies say they are under pressure to acquiesce to the demands from Russian regulators or risk being shut out of a lucrative market. The companies say they only allow Russia to review their source code in secure facilities that prevent code from being copied or altered. (Graphic on source code review process: tmsnrt.rs/2sZudWT ) The demands are being made by Russia’s Federal Security Service (FSB), which the U.S. government says took part in the cyber attacks on Hillary Clinton’s 2016 presidential campaign and the 2014 hack of 500 million Yahoo email accounts. The FSB, which has denied involvement in both the election and Yahoo hacks, doubles as a regulator charged with approving the sale of sophisticated technology products in Russia. The reviews are also conducted by the Federal Service for Technical and Export Control (FSTEC), a Russian defense agency tasked with countering cyber espionage and protecting state secrets. Records published by FSTEC and reviewed by Reuters show that from 1996 to 2013, it conducted source code reviews as part of approvals for 13 technology products from Western companies. In the past three years alone it carried out 28 reviews. A Kremlin spokesman referred all questions to the FSB. The FSB did not respond to requests for comment. FSTEC said in a statement that its reviews were in line with international practice. The U.S. State Department declined to comment. Moscow''s source code requests have mushroomed in scope since U.S.-Russia relations went into a tailspin following the Russian annexation of Crimea in 2014, according to eight current and former U.S. officials, four company executives, three U.S. trade attorneys and Russian regulatory documents. In addition to IBM, Cisco and Germany''s SAP, Hewlett Packard Enterprise Co ( HPE.N ) and McAfee have also allowed Russia to conduct source code reviews of their products, according to people familiar with the companies'' interactions with Moscow and Russian regulatory records. Until now, little has been known about that regulatory review process outside of the industry. The FSTEC documents and interviews with those involved in the reviews provide a rare window into the tense push-and-pull between technology companies and governments in an era of mounting alarm about hacking. Roszel Thomsen, an attorney who helps U.S. tech companies navigate Russia import laws, said the firms must balance the dangers of revealing source code to Russian security services against possible lost sales. "Some companies do refuse," he said. "Others look at the potential market and take the risk." "WE HAVE A REAL CONCERN" If tech firms do decline the FSB''s source code requests, then approval for their products can be indefinitely delayed or denied outright, U.S. trade attorneys and U.S. officials said. The Russian information technology market is expected to be worth $18.4 billion this year, according to market researcher International Data Corporation (IDC). Six current and former U.S. officials who have dealt with companies on the issue said they are suspicious about Russia''s motives for the expanded reviews. "It’s something we have a real concern about," said a former senior Commerce Department official who had direct knowledge of the interaction between U.S. companies and Russian officials until he left office this year. "You have to ask yourself what it is they are trying to do, and clearly they are trying to look for information they can use to their advantage to exploit, and that’s obviously a real problem." However, none of the officials who spoke to Reuters could point to specific examples of hacks or cyber espionage that were made possible by the review process. Source code requests are not unique to Russia. In the United States, tech companies allow the government to audit source code in limited instances as part of defense contracts and other sensitive government work. China sometimes also requires source code reviews as a condition to import commercial software, U.S. trade attorneys say. "CLEAN ROOMS" The reviews often takes place in secure facilities known as "clean rooms." Several of the Russian companies that conduct the testing for Western tech companies on behalf of Russian regulators have current or previous links to the Russian military, according to their websites. Echelon, a Moscow-based technology testing company, is one of several independent FSB-accredited testing centers that Western companies can hire to help obtain FSB approval for their products. Echelon CEO Alexey Markov told Reuters his engineers review source code in special laboratories, controlled by the companies, where no software data can be altered or transferred. Markov said Echelon is a private and independent company but does have a business relationship with Russia’s military and law enforcement authorities. Echelon’s website touts medals it was awarded in 2013 by Russia’s Ministry of Defense for "protection of state secrets." The company’s website also sometimes refers to Markov as the "Head of Attestation Center of the Ministry of Defense." In an email, Markov said that title is only intended to convey Echelon’s role as a certified outside tester of military technology testing. The medals were generic and insignificant, he said. But for Symantec, the lab "didn''t meet our bar" for independence, said spokeswoman Kristen Batch. “In the case of Russia, we decided the protection of our customer base through the deployment of uncompromised security products was more important than pursuing an increase in market share in Russia,” said Batch, who added that the company did not believe Russia had tried to hack into its products. In 2016, the company decided it would no longer use third parties, including Echelon, that have ties to a foreign state or get most of their revenue from government-mandated security testing. "It poses a risk to the integrity of our products that we are not willing to accept," she said. Without the source code approval, Symantec can no longer get approval to sell some of its business-oriented security products in Russia. "As a result, we do minimal business there," she said. Markov declined to comment on Symantec’s decision, citing a non-disclosure agreement with the company. TRUSTED LABS Over the past year, HP has used Echelon to allow FSTEC to review source code, according to the agency''s records. A company spokesman declined to comment. An IBM spokesman confirmed the company allows Russia to review its source code in secure, company-controlled facilities "where strict procedures are followed." FSTEC certification records showed the Information Security Center, an independent testing company based outside Moscow, has reviewed IBM’s source code on behalf of the agency. The company was founded more than 20 years ago under the auspices of an institute within Russia’s Ministry of Defense, according to its website. The company did not respond to requests for comment. In a statement, McAfee said the Russia code reviews were conducted at "certified testing labs" at company-owned premises in the United States. SAP allows Russia to review and test source code in a secure SAP facility in Germany, according to a person familiar with the process. In a company statement, SAP said the review process assures Russian customers “their SAP software investments are safe and secure.” Cisco has recently allowed Russia to review source code, according to a person familiar with the matter. A Cisco spokeswoman declined to comment on the company''s interactions with Russian authorities but said the firm does sometimes allow regulators to inspect small parts of its code in "trusted" independent labs and that the reviews do not compromise the security of its products. Before allowing the reviews, Cisco scrutinizes the code to ensure they are not exposing vulnerabilities that could be used to hack the products, she said. (Reporting by Joel Schectman and Dustin Volz in Washington and Jack Stubbs in Moscow; Editing by Jonathan Weber and Ross Colvin) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-usa-russia-tech-idUKKBN19E0XB'|'2017-06-23T17:27:00.000+03:00'
'a11c6515d502e684bb3daa0a681a8c5efcd23374'|'Abadi leaves Safra National Bank for Morgan Stanley -sources - Reuters'|'By Guillermo Parra-Bernal - SAO PAULO, June 23 SAO PAULO, June 23 Mauricio Abadi resigned on Friday as an executive vice president of Safra National Bank of New York to join Morgan Stanley & Co, three people familiar with the situation said.According to one of the people, who requested anonymity because of the sensitivity of the issue, Abadi had had some of his responsibilities cut back over the past year.The other two said he often disagreed over strategy with Chief Executive Officer Simoni Morato.Efforts to contact New York-based Abadi were unsuccessful.A media relations company representing Safra National said the lender does not comment on personnel matters.Abadi''s departure comes amid a flurry of high-level staff changes at private banking firms with strong links to wealthy Latin Americans as competition for clients and assets escalates.Private banks offer transaction services and help wealthy families devise financial planning strategies.Safra National is the U.S.-based private banking unit of billionaire Joseph Safra''s family. Forbes Magazine ranks the Brazilian-Lebanese banker as the world''s richest, with a fortune of about $19 billion.Safra National had $16.4 billion of client assets at the end of 2016.Abadi worked with Safra National for almost two decades, one of the people said. At some point, Brazil-born Abadi oversaw more than $3 billion of Safra National''s client money, the first person added.It was unclear what Abadi''s responsibilities would be at Morgan Stanley, the people said. (Reporting by Guillermo Parra-Bernal; Editing by Leslie Adler)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/safra-natl-bk-ny-moves-abadi-idINL1N1JK1WJ'|'2017-06-23T21:01:00.000+03:00'
'02624ccc01a744779afbddbf7699a6c8f88741b3'|'Shebah is the women-only ride sharing service we should not need – but do - Guardian Sustainable Business'|'T here are always a few hiccups when a start-up launches, but the founder of female-only ride sharing company Shebah wasn’t expecting 45 minutes of abuse from a customer when her app didn’t work properly on its launch date.“She tore strips off me,” says Georgina McEncroe, who launched Shebah only three months ago.Towards the end of the tirade, McEncroe asked the caller if she was all right and the reason for the woman’s anger and distress became apparent.The woman was an assault survivor and the trauma had kept her housebound. “She was a shut-in and she had just been waiting for Shebah to launch so she could leave the house,” says McEncroe.In its short life, the Shebah app has been downloaded 12,000 times and 1,400 women have begun the process of registering to be drivers, suggesting strong demand.Getting men on board is part of the solution to female disadvantage at work - Catherine Fox'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/sustainable-business/2017/jun/19/shebah-is-the-women-only-ride-sharing-service-we-should-not-need-but-do'|'2017-06-20T03:00:00.000+03:00'
'1d98b4a5f18a4df601a902bce0b32991b940817c'|'PRESS DIGEST- New York Times business news - June 19'|'Market News - Mon Jun 19, 2017 - 12:09am EDT PRESS DIGEST- New York Times business news - June 19 June 19 The following are the top stories on the New York Times business pages. Reuters has not verified these stories and does not vouch for their accuracy. - YouTube has struggled for years with videos that promote offensive viewpoints but do not necessarily violate the company''s guidelines for removal. Now it is taking a new approach: Bury them. nyti.ms/2rLtN1n - Mattress maker Casper plans to announce as soon as Monday that it has raised $170 million. The investment is being led by Target, which on Sunday began selling Casper mattresses, pillows, sheets and more in its stores and on its website. nyti.ms/2rL7ybU - Representatives of Jared Kushner, President Trump''s son-in-law and senior adviser, have quietly contacted high-powered criminal lawyers about potentially representing him in the wide-ranging investigation into Russia''s influence on the 2016 election, according to three people briefed on the matter. nyti.ms/2rLu1p8 (Compiled by Bengaluru newsroom) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/press-digest-nyt-idUSL3N1JG1WX'|'2017-06-19T12:09:00.000+03:00'
'9078b57b9dad76d3634be1e71272e81b2989511d'|'Mubadala in talks to buy stake in hotel group from 1MDB-linked Low: FT'|'UAE state fund Mubadala Development Co PJSC is in talks with the U.S. Department of Justice for approval to buy the rest of the partially-owned Viceroy Hotel Group from Jho Low, a financier linked by prosecutors to Malaysia''s 1MDB corruption scandal, the Financial Times reported on Sunday.Mubadala hoped to finalize a deal, that would need the DoJ''s approval, to buy 50 percent of Viceroy Hotel Group "within a matter of days," the Financial Times reported, citing one person aware of the matter.The Abu Dhabi fund already owns 50 percent of Viceroy, which has more than a dozen hotels across the world, while the remainder is owned by Low and affiliates that purchased rights to and interests in the hotel group with funds from 1Malaysia Development Berhad (1MDB), the newspaper said.The Justice Department filed complaints on Thursday seeking to recover $540 million stolen from 1MDB, in the latest legal action tied to alleged money-laundering at the fund that brought the total claims by the DoJ to more than $1.7 billion.The department alleged more than $4.5 billion belonging to the state wealth fund, set up by Malaysian Prime Minister Najib Razak in 2009, was taken by high-level fund officials and their associates.The proceeds of the sale, if agreed by Low, would be placed into an escrow account frozen by the Justice Department, the FT said.U.S. authorities, in civil complaints, have accused Low of laundering more than $400 million stolen from the scandal-tainted Malaysian fund through an account The Malaysian businessman has not been charged with any crime.Viceroy declined to comment while the Justice Department, Mubadala, and Jho Low''s Hong Kong-based company Jynwel Capital did not immediately respond to emailed requests for comment outside of regular working hours.(Reporting by Ismail Shakil in Bengaluru; Editing by Steve Orlofsky)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-malaysia-scandal-usa-viceroy-hotel-gr-idINKBN199114'|'2017-06-18T19:47:00.000+03:00'
'840df7f9c2750f9dbbce65ec1ca8ca25b146c0ca'|'UK budget deficit set to increase this year amid living standards squeeze - Business - The Guardian'|'The government’s spending deficit is on course to worsen this year as official figures show the economic slowdown is beginning to take a toll on the UK’s public finances.As ministers struggle with demands for higher spending on health, police and social care, the Office for National Statistics (ONS) said public borrowing was narrowly lower in May than the same month last year. Public sector net borrowing excluding the nationalised banks was £6.7bn, down from £7.1bn a year earlier and slightly below the consensus expectation of £6.8bn.But analysts said this still meant the government would fail to meet its previous plan of reducing the deficit in every year of the parliament, with the gap between government income and spending heading towards £58bn, compared with £47bn last year.UK deficit falls in boost for Philip Hammond - business live Read more The economy has slowed dramatically since the start of the year as the prospect of Brexit negotiations unnerved businesses and the lower value of the pound fed through into increased inflation, causing living standards to fall .The chancellor, Philip Hammond , revised the government’s pledge to bring down the deficit in his autumn statement last year when he set a target for a balanced budget by the middle of the next decade, rather than his predecessor’s forecast of 2020.The Office for Budget Responsibility, the Treasury’s independent forecaster, expects public sector net borrowing to increase this year and then resume its downward path.Public sector borrowing Revisions by the ONS to last year’s deficit show it was better than expected at 2.4% of GDP, compared with the previous estimate of 2.6%. Scott Bowman, the UK economist at Capital Economics , said the 2016-17 figure was flattered by a series of one-off sources of revenue and the prospect for 2017-18 was for the deficit to increase for the first time since 2010.“We still think that borrowing for the fiscal year as a whole will increase by several billion pounds as a number of one-off factors that lowered borrowing in 2016-17 unwind,” he said. “What’s more, the election result suggests that the planned forthcoming fiscal squeeze may be scaled back slightly.”Yael Selfin, the chief UK economist at accountancy firm KPMG, said: “Since the ‘great recession’ we have seen a period of gradual improvements, but expected headwinds are now likely to put significant pressure on public finances. “A slowing economy, a potential hefty exit payment to the EU and an eventual gradual rise in borrowing costs are all coming the UK’s way. Taken together, this may leave little room for the government to satisfy public demands for an end to austerity.”A Treasury spokeswoman said: “We have reduced the deficit by three-quarters since 2010, but there is still further to go. We are committed to bringing the public finances back to balance by the middle of the next decade, building a stronger economy that can deliver higher living standards for people across the country.”Bowman said Hammond’s Mansion House speech earlier this week showed he intends to stick to the fiscal rules set out in the November autumn statement, meaning “fiscal policy is still set to provide a significant drag on GDP growth over the next few years”.Ross Campbell, the public sector director at accountants’ body ICAEW, said any easing of austerity should be directed at increasing growth. “The hung parliament increases the uncertainty associated with Brexit, while also diverting resources and attention away from the economy. This could negatively impact the health of the public finances. As a result, and in order to deliver credible fiscal plans, it’s important that government puts strong financial leadership at the top of its priority list,” he said.“There have been signals from government that we are likely to see an end to austerity and therefore a possible increase in public spending. With the economy still in a fragile state, it’s important that any increased expenditure is allocated to areas that will help to drive economic growth – infrastructure, training and fiscal stimulus.”The fall in borrowing announced on Wednesday was due to an increase in central government revenue of £2.6bn outweighing higher expenditure of £2.2bn. The strong revenue growth partly reflected a 4.3% rise in VAT receipts, although recent shopping trends appear to show this will weaken in the coming months.The Bank of England said in a separate report that higher food prices were leaving people with less money to spend on non-essentials such as furniture and eating out.Households were also starting to feel the pinch from increased clothing prices and utility bills, according to the latest snapshot from the Bank’s team of regional agents, based on discussions with businesses across the UK.Topics Budget deficit Economics Office for National Statistics news'|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/business/2017/jun/21/uk-budget-deficit-philip-hammond-ons-may'|'2017-06-21T03:00:00.000+03:00'
'3b4e0a0da5eef6c928b830390c5510dbb73e9b74'|'CANADA STOCKS-TSX falls as oil price drops, Cenovus Energy weighs'|'* TSX falls 116.44 points, or 0.76 pct, to 15,149.60* Energy drops 2.2 pct, hits 14-month low* Cenovus slumps to C$9.44, touches record low of C$9.11* Nine of the TSX''s 10 main groups declineBy Solarina HoTORONTO, June 20 Canada''s benchmark stock index closed sharply lower on Tuesday as energy shares dived alongside oil prices, while Cenovus Energy Inc tumbled after the company said its chief executive was stepping down.Cenovus said it would replace Chief Executive Brian Ferguson, who championed an unpopular purchase of western Canadian oil sands assets, but did not name a successor, sending its shares down 8.2 percent to close at C$9.44. Earlier in the session, shares touched a record low of C$9.11.The overall energy group fell 2.2 percent, paring some of its earlier losses, but still hitting its lowest since April 2016. Oil and gas company shares fell as crude prices slumped following news of increases in supply by several key producers.U.S. crude prices, which traded around nine-month lows, were down 2.2 percent to $43.34 a barrel after falling more than 3 percent earlier in the session."There''s no apparent relief in terms of (OPEC) cooperation and production cutback," said Michael Sprung, president at Sprung Investment Management Inc. Sprung said an increase in consumption during the summer driving months would hopefully curtail inventory builds.Enbridge Inc fell 2 percent to C$50.06, while Suncor Energy fell 2.3 percent to C$38.11.Bank shares, which had rallied on Monday, also lost ground. Royal Bank of Canada fell 0.6 percent to C$93.76, while the overall financial services group fell 0.5 percent."Financials - they are stronger then the markets are giving them credit for," said Sprung, adding that concerns remained about the housing sector.Shares of Home Capital Group Inc climbed 4.3 percent to C$15.42 after the alternative lender said it would sell a portfolio of commercial mortgage assets valued at C$1.2 billion to private equity firm KingSett Capital.The Toronto Stock Exchange''s S&P/TSX composite index fell 116.44 points, or 0.76 percent, to 15,149.60.Nine of the index''s 10 main groups were lower. Industrials fell 0.7 percent as railroad stocks lost ground, while the materials group, which includes precious and base metals miners and fertilizer companies, declined 0.5 percent.Gold futures fell 0.2 percent to $1,241.5 an ounce as the U.S. dollar climbed and copper prices declined 1.0 percent to $5,668 a tonne.Healthcare also fell sharply, retreating 1 percent.Canadian wholesale trade rose more than expected in April, led by the machinery industry, data from Statistics Canada showed. The 1.0 percent increase topped economists'' estimates for a gain of 0.5 percent. (Editing by Peter Cooney)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/canada-stocks-idUSL1N1JH1ZO'|'2017-06-21T05:36:00.000+03:00'
'ad15c7b9d0d3e2c31f1194680f3837839f8da1f1'|'Kia Motors tops JD Power quality study'|'June 21 Kia Motors topped an initial quality study of new vehicles sold in the United States based on owner responses for the second consecutive year, business consultancy J.D. Power said on Wednesday.Hyundai Motor''s Genesis cars came second in the survey, followed by Porsche, a sports luxury brand owned by Volkswagen AG,.Fiat Chrysler Automobiles NV''s Ram and U.S. automaker Ford Motor Co''s namesake brand shared the fourth position.Fiat, Jaguar Land Rover''s luxury car brand Jaguar and Volvo were at the bottom.BMW''s Mini was the most improved brand, with owners reporting fewer problems than in 2016. Ford was also among the brands with strong improvement in quality, the study said.Brands of Hyundai, General Motors Co and BMW were among the highest ranked in the survey.J.D. Power received more than 80,000 responses from owners of new 2017 model-year vehicles in the first 90 days of ownership. In a 233-question survey, the owners reported problems encountered with their purchases. (Reporting by Arunima Banerjee in Bengaluru; Editing by Arun Koyyur)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/autos-study-jdpower-idINL3N1JI4QA'|'2017-06-21T18:00:00.000+03:00'
'be71ccd9c5372f003b47ac90b6fd3fcb0412f8d4'|'Euro zone consumer confidence jumps in June'|'Business News  27pm BST Euro zone consumer confidence jumps in June Shoppers walk in a Karstadt hot deal department store in Frankfurt/Oder October 24, 2014. REUTERS/Fabrizio Bensch BRUSSELS Euro zone consumer confidence jumped much more than expected in June, rising to -1.3 points from -3.3 points in May, a flash estimate from the European Union''s statistics office Eurostat showed on Thursday. Economists polled by Reuters had expected a rise to only -3.0. (This story corrects economists'' expectations in second paragraph to -3.0 from 3.0.) (Reporting By Jan Strupczewski) AT&T     (67.46 billion pounds)     LONDON Bank of England policymakers are increasingly split over the need to raise interest rates for the first time in a decade. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-eurozone-sentiment-idUKKBN19D1RL'|'2017-06-22T22:27:00.000+03:00'
'75dd9faa5e6458ee96ce4e53b6360d2e4fcdc8e6'|'Will I be taxed if I sell my house, which I rented out, and buy a new one to live in? - Money'|'Q Could you please help? In 1984, I purchased a house and lived there with my late wife until August 2015. I then rented the house out and moved in with a friend as I didn’t want to live there anymore (too many memories). I would now like to sell the house and buy another in a different area to live in on my own. Would I be liable for any tax, doing this? TAA If the house you end up buying costs more than £125,000, you will definitely have to pay stamp duty land tax (SDLT) and you can work out exactly how much using our handy SDLT calculator .There may also be a capital gains tax (CGT) bill. If you had sold your old property within 18 months of moving out, there wouldn’t be a CGT bill. That is because you would have been eligible for what’s called “private residence relief” on the whole of the gain even though you didn’t live in the property for the whole time you owned it.However, as you are selling after 18 months of moving out, only part of the gain you make – the gain being the sale price less the purchase price less expenses such as legal fees, estate agency fees and SDLT – will attract private residence relief.To work this out, you add 18 to the number of months you actually lived in the property, then divide this figure by the number of months you owned it. You then multiply the gain you made on selling the property by this fraction to arrive at the figure that tells you how much of the gain is tax-free because of private residence relief.We''re buying as tenants in common – but what if we split up? Read moreBut that’s not the whole story. Because you let the property for a while, more of the gain can be tax-free because of what is called “lettings relief”. According to guidance from HM Revenue & Customs (HMRC) tax manuals, the way you work that out is by subtracting 18 from the number of months you let the house then dividing that figure by the number of months you owned the property. You then multiply this fraction by the gain you made on selling the property to arrive at the “gain arising by reason of letting”. You then compare the figures for private residence relief, the gain arising from letting and £40,000. You use the lowest of these three figures to arrive at the amount you can claim as lettings relief, that is the extra amount that will be tax-free because you let the property at some point.To see what your taxable gain is, you take the gain you made on selling then deduct the figure for private residence relief and then the figure for lettings relief. You are off the hook if this comes to less than the CGT-exempt amount of £11,300 (in the 2017-18 tax year). Otherwise you will pay tax at 10% or 20% on any amount over £11,300.Finally, to answer another reader’s question, if you are married and sell a jointly owned asset, you each have an CGT-exempt amount to put against your share of any gain.Topics Money Ask the experts: homebuying Capital gains tax Renting property Property Tax features'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/money/2017/jun/22/will-i-be-taxed-if-i-sell-my-house-rented-out-buy-new-one-to-live-in'|'2017-06-22T14:00:00.000+03:00'
'df6e71b40583d143bc023cfda0500e59644906ef'|'Life swap … landlords are being given the chance to live like their tenants - Money'|'Renting property Life swap … landlords are being given the chance to live like their tenants Will they put up with the terrible conditions some tenants have to suffer? A new BBC programme is putting them to the test Multimillionaire and self-style ‘HMO Guy’ Paul Preston has more than 100 tenants. Photograph: Fremantle UK Media/BBC Renting property Life swap … landlords are being given the chance to live like their tenants Will they put up with the terrible conditions some tenants have to suffer? A new BBC programme is putting them to the test View more sharing options Patrick Collinson Saturday 24 June 2017 07.00 BST L inda is 66, lives alone and sets her alarm for 4.30am to start work as a carer for children with special needs. She has taken on three jobs a week, despite being close to pensionable age, to earn enough to pay the £950 rent on her two-bed flat in Chadwell Heath, a workaday suburb on the fringes of east London. The bathroom hot water tap seized up long ago. Half the rings on her electric cooker aren’t working. The smell from the mould and damp is overpowering. And, after paying her rent and bills, she is left with just £54.12 a week. Father and son Peter and Mark are her landlords. They own £7m-worth of property, making £15,000 a month. “It’s just the best way of becoming wealthy,” says Mark, 36. “Some people are saving for their first home. I’ve got 40.” He admits to hiking the rent on one flat by £100 a month above the average in that part of London. “All the other agents fell in line. I was actually responsible for putting up all the rents,” he boasts. Linda’s last rent rise was also £100, squeezing her income even more at a time when her pay went up by just £40 a month. Michael, meanwhile, is 33 and regularly works long hours as a team leader at a Tesco store in Edmondsley, a village north of Durham. His rent and bills are £800 a month, equal to around 70% of his take-home pay. A window is broken, doors rotten, and rubbish from previous tenants is strewn outside, while inside the boiler piping is exposed. Though relatively young, single and hard-working he can rarely afford a night out. His buy-to-let landlords are young Londoners Dan and Jamie who have snapped up 14 cheap homes in the north-east. Dan lives in a penthouse flat in Leeds and wonders how he can show it off on Tinder to attract girls. Our properties are mostly in the north-east. I can’t remember the last time we went to the area Jamie’s hobby is flying light planes. He never cooks, saying it’s better to outsource dull tasks such as food preparation for £10 an hour when they can make £750 an hour. “There are two types of people, winners and losers – and I am a winner,” says Dan. He and Jamie rarely visit the homes they bought on the cheap. “They are mostly in the north-east. I can’t remember the last time we actually went to the area,” says Jamie. This picture of broken-Britain-in-miniature is part of a BBC1 series, The Week the Landlords Moved In, that airs this coming Wednesday. The idea is that landlords are forced to spend a week in the life of one of their tenants. We are shown an “HMO” (house of multiple occupation) in Milton Keynes where the rent from the rooms is around £2,500 a month, but where rats run up the drainpipes. The multimillionaire landlord, Paul Preston, describes them as a “furry family” and “something that happens in built-up areas”. Preston is the self-styled “HMO Guy” who has more than 100 tenants and sells motivational “property success” seminars. Meanwhile, in Essex, landlord Prab and wife Meena run 80 properties with an income of “£30,000-£40,000” a month. He says he is “driven by providing a service” and that “my tenants are my customers”. He has passed day-to-day management to his 18-year-old son. In Leeds we meet Vishal and his wife who give Prab £550 a month for a two-bed flat where the paint is peeling, mould is in the children’s room, and where he has just discovered his electricity meter is supplying a second property, yet he has been paying for it. After their rent and bills they are left with £87.75 a week. Once the landlords are confronted with the condition of their properties, most say they had no idea, largely blaming the tenants for not telling them of any issues. When Linda’s landlord, Peter, sees the state of his property, he says: “I’ve never heard from her. If there were issues I would expect her to call.” After a night spent shivering in the cold, damp flat and going to bed in thermals, hoodie and a fleece, he says: “It hasn’t been cared for, and maintenance issues were not reported … I’m disappointed with Linda not coming forward.” He gets angry that a repair job that could have been done for a few pounds if spotted early, will now set him back £400. “I’m concerned for Linda, but I’m concerned for us, for our business,” he says. Yet the tenants give a different story. Many say pleas to agents go unheeded. Others say they are simply too frightened to tell the landlord there are problems, as they fear being evicted if regarded as a nuisance. Housing charity Shelter says that in recent years as many as 200,000 tenants have been victims of “revenge evictions” after complaining. Landlords can use “section 21” notices to evict a tenant without any obligation to give a reason. However, since October 2015 private renters have been better protected. Tenant Linda works three jobs to pay her £950 rent. Photograph: Screen grab/BBC Yet tenants feel almost completely disempowered. “[Landlords] have the power to say ‘you’ve nagged too much, you’re gone’,” says one. “If I kick up too much of a fuss it’s going to be easier to get a new tenant,” says another. But, contrary to initial expectations, the landlords are not monsters. Many make amends, with father-and-son duo Peter and Mark appearing to be genuinely affected by Linda’s predicament, albeit at the risk of turning the show into something closer to heartwarming BBC1 makeover programme DIY SOS. What do the landlords learn? That they must visit their properties far more and not rely on agents. That buy-to-let is not about buying a property and then forgetting about it as the rent rolls in. What we don’t learn is how much the landlords really make. We hear lots about the value of properties, but not about the huge amounts of mortgages almost certainly attached to them. New taxes and lending criteria also make buy-to-let less of a moneyspinner than in the past. But the show is an antidote to the “rogue tenant” output from some channels. Those featured are the working poor, victims of spiralling rents and low wages, paying their rent on time but unable to save to buy their own home. As Michael in Durham says about his London landlords: “They live down there buying cheaper houses up here. We don’t have a chance.” • The first episode of The Week the Landlords Moved In airs on Wednesday 28 June on BBC1 at 9pm Fees ban and deposit cap proposed Landlords and letting agents will only be able to demand a deposit equal to one month’s rent when tenants move into a new property, if the tenants’ fees bill proposed in the Queen’s speech this week gets the go-ahead. The government also brought forward its much-anticipated ban on letting agency fees. Around 40% of renters pay deposits exceeding a month’s rent. With average rents across the UK around £900 a month, the cap is likely to save people £450 – more in London. The government says the draft bill will “ban landlords and agents from requiring tenants to make any payments as a condition of their tenancy with the exception of the rent, a capped refundable security deposit, a capped refundable holding deposit and tenant default fees; and to cap holding deposits at no more than a week’s rent and security deposits one month’s rent”. The moves were warmly welcomed by campaign group Generation Rent, which says it is “testament to the power of renters when we get organised”. But the National Landlords Association condemned the move as “a political gesture from a government desperate to court voters who supported their opponents at the last general election”. Topics'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/money/2017/jun/24/renting-property-landlords-tenants-bbc-series-buy-to-let'|'2017-06-24T14:00:00.000+03:00'
'dfb52365efd8f77d3407ecb962bdfc89fd52a80d'|'Altice USA raises $1.9 billion in IPO: sources'|'By Lauren Hirsch Altice USA Inc ATUS.N, the cable operator that Netherlands-based Altice NV ( ATCA.AS ) formed by acquiring Cablevision and Suddenlink Communications, raised $1.9 billion in an initial public offering on Wednesday, people familiar with the matter said.Taking Altice USA public will give Altice''s founder, French billionaire Patrick Drahi, traded shares in the company which he can then use as currency in new acquisitions in order to expand what is already the fourth-biggest U.S. cable provider.Altice USA priced 63.9 million shares at $30, within its indicated price range of $27 to $31, giving the company a market capitalization of approximately $22 billion, the sources said.The sources asked not to be named because the information is not yet public. Altice USA declined to comment.(The story was refiled to fix a syntax in first sentence, no further changes to text)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-altice-usa-ipo-idINKBN19C2Z1'|'2017-06-21T19:32:00.000+03:00'
'408bd0a10c8af45d8a6116ff177d2d15b05ed669'|'BRIEF-EMA recommends approval of Merck''s multiple sclerosis drug'|'Market News - Fri Jun 23, 2017 - 7:43am EDT BRIEF-EMA recommends approval of Merck''s multiple sclerosis drug June 23 EU Medicines Agency: * EU Medicines Agency recommendations for June 2017 * EU Medicines Agency recommends approval of Merck KGAA multiple sclerosis drug * EU Medicines Agency recommends approval of Abbvie Hepatitis C combination * EU Medicines Agency recommends approval of Novartis Kisqali drug for breast cancer * EU Medicines Agency recommends approval of Aveo drug for kidney cancer * EU Medicines Agency recommends approval of Abbvie biosimilar drug for rheumatoid arthritis Source text for Eikon: [ bit.ly/1j4Ivvu ] (Bengaluru Newsroom) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-ema-recommends-approval-of-mercks-idUSFWN1JI0DF'|'2017-06-23T19:43:00.000+03:00'
'32916fb6dd613824f8e4d431c7fc5a1f374317e1'|'UK''s Imagination Tech up for sale after bruising battle with Apple'|'Technology News - Thu Jun 22, 2017 - 12:55pm EDT Imagination Tech up for sale after bruising Apple fight left right The headquarters of technology company Imagination Technologies is seen on the outskirts of London, Britain, June 22, 2017. REUTERS/Hannah McKay 1/7 left right The headquarters of technology company Imagination Technologies is seen on the outskirts of London, Britain, June 22, 2017. REUTERS/Hannah McKay 2/7 left right The headquarters of technology company Imagination Technologies is seen on the outskirts of London, Britain, June 22, 2017. REUTERS/Hannah McKay 3/7 left right The headquarters of technology company Imagination Technologies is seen on the outskirts of London, Britain, June 22, 2017. REUTERS/Hannah McKay 4/7 left right The headquarters of technology company Imagination Technologies is seen on the outskirts of London, Britain, June 22, 2017. REUTERS/Hannah McKay 5/7 left right The headquarters of technology company Imagination Technologies is seen on the outskirts of London, Britain, June 22, 2017. REUTERS/Hannah McKay 6/7 left right The headquarters of technology company Imagination Technologies is seen on the outskirts of London, Britain, June 22, 2017. REUTERS/Hannah McKay 7/7 By Kate Holton - LONDON LONDON Imagination Technologies, the British firm that lost 70 percent of its value after being ditched by its biggest customer Apple, put itself up for sale on Thursday in a disappointing end to a once-great European tech success story. Founded in 1985 and listed in 1994, Imagination has been rocked by Apple''s announcement in April that it was developing its own graphics chips and would no longer use Imagination''s processing designs in 15 months to two years time. Apple''s decision, which analysts said posed an existential threat to the company, sent Imagination''s shares plummeting 70 percent on April 3 and they have barely recovered since. The stock jumped as much as 21 percent on Thursday, however, after the sale announcement to 149.5 pence, giving the company a market capitalization of 425 million pounds ($538 million). Analysts said potential buyers could include Intel, Qualcomm, Mediatek, CEVA and various entities from China, while Apple itself could be interested. "Imagination Technologies announces that over the last few weeks it has received interest from a number of parties for a potential acquisition of the whole group," the company said. "The board of Imagination has therefore decided to initiate a formal sale process for the group and is engaged in preliminary discussions with potential bidders." Imagination has said it doubted Apple, which accounts for about half of its sales, could go it alone without violating Imagination''s patents. Analysts said legal battles were likely and Imagination started a dispute resolution procedure in May with the U.S. giant, which is valued at $761 billion. The British company initially responded to Apple''s decision to walk away by putting two of its main divisions up for sale. "That was a pretty dire scenario, akin to selling off the family silver to keep the estate going a little longer," said Neil Wilson, Senior Market Analyst, ETX Capital. "Now the shutters are up and a buyer sought. A pretty ignominious end to what was a great British tech success story." APPLE RELIANCE Imagination has licensed its processing designs to Apple from the time of the first iPod and receives a small royalty on every device using its graphics. Imagination''s shares rose sharply between 2009 and 2012 as sales of smartphones boomed, prompting Apple and Intel to buy stakes and the company was valued at more than 2 billion pounds in April 2012. Apple owns 8 percent of the shares. Imagination struggled, however, to reduce its reliance on Apple, and has faced increased competition from the likes of chipmaker Qualcomm and British rival ARM, which developed its own graphics to complement its core processor blueprints. Imagination downplayed fears it could lose Apple contract for years. Facing reports that Apple was building a graphics operation and hiring Imagination staff, the British firm told investors that Apple was just improving its customization of the technology Imagination sold, rather than replacing it. Analysts at Stifel said they thought interested parties could include those groups that want to develop their own processing technology across platforms such as mobile, wearable tech, vehicles and the so-called Internet of Things. "This could include a coordinated Chinese bid, a hyper-scale vendor from the cloud or some other IP player," they said. Imagination said on Thursday it had received indicative proposals for its embedded MIPS technology - processors used in vehicles and home appliances - and its mobile connectivity division Ensigma, the two businesses put up for sale in the wake of the slide in its shares. While Imagination has other clients for its technology, UBS analysts estimated in April that its non-Apple business was worth just 81 million pounds and the MIPS division, which it bought for $100 million in 2013, was worth 77 million pounds. UBS said the company could be worth 110 pence per share on a sum of the parts basis. In May, Jefferies said the wind up value was about 96 pence a share while Morgan Stanley said the company could be worth as little as 106 million pounds, or just 30 pence per share, though its base case was 95 pence. The U.S. investment bank said Imagination''s headquarters was worth 40 million pounds. (Additional reporting by Tom Bergin and Tenzin Pema; editing by David Clarke) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-imagination-tech-apple-sale-idUSKBN19D0H8'|'2017-06-22T14:17:00.000+03:00'
'830358f359be45284c42367208c773b56e59705e'|'Leveraging big data, Mercado Libre offers loans in Brazil and Mexico'|'  2:10pm EDT Leveraging big data, Mercado Libre offers loans in Brazil and Mexico left right Ignacio Caride, Director-General of Mercadolibre, speaks during an interview with Reuters in Mexico City, Mexico June 21, 2017. REUTERS/Henry Romero 1/3 left right Ignacio Caride, Director-General of Mercadolibre, speaks during an interview with Reuters in Mexico City, Mexico June 21, 2017. REUTERS/Henry Romero 2/3 left right Ignacio Caride, Director-General of Mercadolibre, speaks during an interview with Reuters in Mexico City, Mexico June 21, 2017. REUTERS/Henry Romero 3/3 By Sheky Espejo - MEXICO CITY MEXICO CITY Argentine online marketplace Mercado Libre Inc plans to provide working-capital loans to entrepreneurs in Brazil and Mexico this year, expanding on a program the company launched in its homeland last month. Sellers using Mercado Libre and its Mercado Pago payment platform will be eligible for loans equivalent to as much as two months of their monthly sales, Ignacio Caride, head of company''s Mexico operation, told Reuters in an interview. Developments in big-data analysis are helping Mercado Libre leverage information collected about its clients and their transactions in Latin America over 18 years. "We know what they sell, how they''ve grown their sales in recent years, how they treat their customers, how they resolve conflicts," Caride said. "No bank has that kind of granularity." Because the firm is using its own money, Caride said it did not need government authorization to issue the loans. He declined to say how much interest Mercado Libre would charge. Meaning "Free Market" in Spanish, Mercado Libre is Latin America''s top online retailer and posted net revenues of $274 million in the first quarter, a jump of some 74 percent compared with the same period in 2016. Low-income families and small businesses in Latin America often have poor or no credit histories and struggle to win approval for bank loans. Sellers will not be required to sign documents or submit financial documents to receive "Mercado Credito" loans from Mercado Libre, Caride said. Mercado Libre itself approves the loans to clients with proven cashflow and significant sales, information it gathers from an algorithm the firm developed using big data. The firm rolled out similar lending in Argentina last month. Brazil and Mexico accounted for about 60 percent of Mercado Libre''s revenues last year. Driven by its robust sales and profit growth, Mercado Libre''s stock has surged 77 percent so far in 2017 and recently hit record highs. "We believe Mercado Credito could make Mercado Libre 100 times larger than it is today," Caride said. Mercado Libre plans to invest over $100 million in Mexico this year and end 2017 with 40 million regular users in Mexico and at least 1 million sellers, Caride said. (Reporting by Sheky Espejo; Writing by Noel Randewich; Editing by Lisa Shumaker)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-mercadolibre-mexico-idUSKBN19E233'|'2017-06-24T01:41:00.000+03:00'
'425039c802773a04e5d3e940af62ba1733393f92'|'Live Q&A: What is the best model to bring healthcare to all? - Global Development Professionals Network'|'More than 400 million people around the world do not have access to health services, the World Health Organisation announced in 2015 in a report released shortly before the signing of the UN’s sustainable development goals (SDGs). And the punitive cost of accessing treatment is one of the biggest barriers: 6% of people are even driven further into poverty by health spending.Global health leaders clearly have a momentous challenge on their hands if they want to deliver on their promise of “achieving universal health coverage, including financial risk protection, access to quality essential health-care services and access to safe, effective, quality and affordable essential medicines and vaccines for all by 2030” one of the 169 targets that make up the SDGs.So, what needs to change to bridge this gap? Which affordable healthcare models are most effective and could they be scaled up? And how much influence should the private sector have in delivering universal health coverage?Join an expert panel on Thursday 29 June from 3-4.30pm BST, to discuss these questions and more.The live chat is not video or audio-enabled but will take place in the comments section (below). Want to recommend someone for the panel or ask a question in advance? Get in touch via globaldevpros@theguardian.com or @GuardianGDP on Twitter. Follow the discussion using the hashtag #globaldevlive .Panel to be confirmed.Topics Global development professionals network Healthcare industry Global health Live Q&As'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/global-development-professionals-network/2017/jun/23/live-qa-what-is-the-best-model-to-bring-healthcare-to-all'|'2017-06-23T22:19:00.000+03:00'
'2b70cdb395966d97deefb7e378808d94221ede65'|'Deadly London tower blaze began in a Hotpoint fridge freezer - police'|'Top News   10:46pm IST Police consider manslaughter charges over deadly London tower block blaze left right Extensive damage is seen to the Grenfell Tower block which was destroyed in a disastrous fire, in north Kensington, West London, Britain June 16, 2017. REUTERS/Hannah McKay 1/2 left right The burnt out remains of the Grenfell Tower are seen in North Kensington, London, Britain June 20, 2017. REUTERS/Marko Djurica 2/2 By Michael Holden - LONDON LONDON Investigators said on Friday they would consider bringing manslaughter charges over the London tower block fire that killed at least 79 people. The outside cladding engulfed by the blaze has since been shown to fail all safety tests, police said. They have already seized material from a number of undisclosed organisations. Detective Superintendent Fiona McCormack also said experts had now concluded the fire, the mostly deadly blaze in London since World War Two, had started in a fridge freezer. The blaze has provoked anger and heaped pressure on Prime Minister Theresa May, who is fighting for her political survival after her party lost its parliamentary majority in a snap election at a time when Britain is beginning divorce talks with the European Union. The speed at which the fire engulfed the 24-storey Grenfell Tower raised questions about the external cladding on the block. Asked if the insulation and aluminium tiles used were acceptable for such buildings, McCormack told reporters: "No they''re not." "All I can say at the moment is they don''t pass any of the safety tests. So that will form part of what is a manslaughter investigation." As well as possible manslaughter, police will consider health and safety offences and breaches of other building regulations. McCormack said all companies involved in the building and refurbishment of the building would be reviewed. Britain also ordered an immediate technical examination of the Hotpoint fridge model FF175BP, which had not been subject to any recall to establish whether further action should be taken, but said there was no need for owners to switch off their appliances. Whirlpool''s share price had dropped by 3.7 percent as of 1700 GMT on Friday, wiping more than $500 million off the company''s value. Whirlpool owns the Hotpoint brand in the Europe and Asia Pacific regions. In the United States, the Hotpoint brand now belongs to Haier, following the Chinese group''s purchase of General Electric Co''s appliance business. "We are working with the authorities to obtain access to the appliance so that we can assist with the ongoing investigations," said Whirlpool, the world’s largest maker of home appliances. "Words cannot express our sorrow at this terrible tragedy," Whirpool said in a statement. The company said 64,000 such fridge freezers were made by Indesit between 2006 and 2009 when the model was discontinued, some years before Whirlpool acquired Indesit. FOCUS OF ANGER The fire has acted as a focal point for anger at local authority funding cuts and, if more buildings are deemed unsafe, the government faces the task of rehousing people within existing social housing facilities which are stretched. The government said it was urgently conducting tests on some 600 high-rise buildings in England which have exterior cladding, often added to insulate them or improve the external appearance of ageing blocks. Some councils have begun removing the panels. Problems have so far been identified in 14 buildings in London, Manchester and elsewhere in England, it added. Grenfell Tower, in north Kensington, west London, had undergone an 8.7 million pound ($11 million) refurbishment which was completed in 2016, but residents of the more than 120 apartments had complained about its fire safety. McCormack said the police investigation would look at the entire facade of the building, how the building was constructed and the refurbishment work. She said it would examine all aspects of the cladding: the aluminium tiles, the insulation behind it, how it was fitted to building and the installation. In addition to the criminal investigation, police and firefighters are continuing painstaking efforts to locate the victims. So far only nine people have been formally identified and police say the remains of some might never be found, the blaze having been so fierce. Some residents believe the official number of those dead or missing presumed dead is lower than the true figure, and McCormack acknowledged they might not know everyone who was in the building as some people might fear coming forward because they were in the country illegally. She said the government had given assurances they were not interested in anyone''s immigration status. "I remain really concerned though that we do not have a complete picture," she said. "I fear that there are more." (Additional reporting by Alistair Smout, Martinne Geller and David Milliken, writing by Guy Faulconbridge, editing by Ralph Boulton and Angus MacSwan)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/britain-fire-idINKBN19E11N'|'2017-06-23T07:56:00.000+03:00'
'7ce069743aade97f54c6ceb5462c09e5c660be86'|'EMERGING MARKETS-Mexico rate futures down on central bank hint'|'Market News - Fri Jun 23, 2017 - 12:05pm EDT EMERGING MARKETS-Mexico rate futures down on central bank hint By Bruno Federowski SAO PAULO, June 23 Yields paid on Mexican interest-rate future contracts fell on Friday after the central bank signaled it would not increase borrowing costs any longer. In an unexpectedly divided decision, Banco de México raised its benchmark rate by a notch to 7 percent, as forecast by all 17 analysts surveyed by Reuters last week. One member voted to hold rates. In its policy statement, the bank said "the reference rate has reached a level that is consistent with the process of efficient convergence of inflation to the 3 percent target," hinting that further increases are no longer necessary. "Now the debate on the timing of potential rate cuts is set to heat up," economists at Morgan Stanley wrote in a report. "We still see talk of policy easing as premature. While there is merit in arguments that real rates may be already quite high, Mexico is still not out of the inflation woods." Rate-future prices indicated a nearly 100 percent probability that the central bank will keep its reference rate at 7 percent in its August meeting, with a cut coming only in December. Despite fading expectations of further policy tightening, the Mexican peso strengthened 0.9 percent, tracking an increase in crude prices. Oil-heavy Colombia''s peso firmed 0.6 percent. The Brazilian real and the country''s benchmark Bovespa stock index seesawed as lingering political concerns kept up volatility. Shares of power utility Centrais Elétricas Brasileiras SA were the biggest decliners on the index as traders booked gains from a 6.4 percent rally on Thursday triggered by optimism over its restructuring plans. Meatpackers JBS SA and Marfrig also fell after the United States decided late on Thursday to suspend imports of Brazilian fresh beef for sanitary concerns. Shares of rival Minerva SA, which will export to the United States from Uruguay instead of Brazil, rose 0.7 percent. Latin American stock indexes and currencies at 1600 GMT: Stock indexes daily % YTD % Latest change change MSCI Emerging Markets 1013.10 0.43 16.99 MSCI LatAm 2502.75 0.72 6.16 Brazil Bovespa 61384.37 0.18 1.92 Mexico S&P/BVM IPC 49089.12 0.15 7.55 Chile IPSA 4786.82 0.63 15.31 Chile IGPA 23970.55 0.56 15.61 Argentina MerVal 20949.40 -0.22 23.83 Colombia IGBC 10620.48 -0.2 4.86 Venezuela IBC 120519.88 -0.25 280.13 Currencies daily % YTD % change change Latest Brazil real 3.3297 0.16 -2.42 Mexico peso 17.9650 0.86 15.47 Chile peso 659.85 0.57 1.64 Colombia peso 3003.6 0.63 -0.07 Peru sol 3.254 0.18 4.92 Argentina peso (interbank) 16.1200 0.25 -1.52 Argentina peso (parallel) 16.5 0.18 1.94 (Reporting by Bruno Federowski; editing by Grant McCool) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/emerging-markets-latam-idUSL1N1JK0XL'|'2017-06-24T00:05:00.000+03:00'
'508ff841d6a4666fcf9ac382905238f9e0b3aad8'|'Honda engineer debunks own claim about cause of Takata air bag failures'|'Autos - Fri Jun 23, 2017 - 7:49pm BST Honda engineer debunks own claim about cause of Takata air bag failures FILE PHOTO: The logo of Takata Corp is seen on its display at a showroom for vehicles in Tokyo, Japan, February 9, 2017. REUTERS/Toru Hanai/File Photo By Joseph White - DETROIT DETROIT Honda Motor Co ( 7267.T ) on Friday released a 2013 email in which one of its engineers suggested that he knew some hidden truth about "the root cause" of Takata Corp ( 7312.T ) air bag failures, but the engineer later said he was mistaken. The engineer''s email was disclosed in a statement from Honda as part of its defence in a class action suit in Florida, where plaintiffs are seeking compensation for the lost value of vehicles due to defects in Takata air bag inflators. The inflators can explode with excessive force, launching metal shrapnel at passengers in cars and trucks. The inflators prompted the automotive industry''s largest ever safety recall and have been linked to at least 16 deaths worldwide. Nine of the 11 U.S. deaths have been reported in 2001-2003 model Honda and Acura vehicles. The engineer''s July 18, 2013 email, originally written in Japanese and translated by Honda, is part of an exchange with a colleague at the automaker. "I am a witness in the dark who knows the truth about Takata''s inflator recall," the engineer, whose name is blacked out in Honda''s statement, wrote in his email. "If I say something to NHTSA, it will cause a complete reversal in the auto industry which adopted Takata inflators," added the engineer, who told his colleague he had been taken off air bag-related work by Honda because of his supposed inside knowledge. NHTSA is the acronym of the U.S. National Highway Traffic Safety Administration. In a sworn affidavit filed with a federal court and dated June 1, 2017, the engineer acknowledged he had been mistaken, however. When he wrote email to his colleague, he was referring to an Oct. 16, 1999 event in which a prototype Takata air bag inflator ruptured, the engineer stated. "I believed that the root cause of the October 16, 1999 rupture related to the root cause of the Takata inflator recalls," the affidavit stated. Based on later findings by the NHTSA, "I now understand that I was incorrect and the root cause of the field events is not related to the root cause of the October 1999 rupture." Honda did not name the engineer but said in a statement that he was still employed by the company and had refused to testify in the Florida case. (Reporting by Joe White; Editing by Tom Brown)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-autos-takata-honda-idUKKBN19E27R'|'2017-06-24T02:49:00.000+03:00'
'dd4d5f85db7ca704a19efbbb579f6aa08b41fd86'|'China''s JD.com to invest $397 million in UK fashion retailer Farfetch'|'BEIJING JD.com Inc ( JD.O ), China''s No.2 e-commerce firm, said it would invest $397 million in fashion retailer Farfetch UK Ltd to expand its luxury offerings, amid fierce competition with Alibaba Group ( BABA.N ) for China''s high-end retail market.JD will become a major shareholder in the UK firm following the transaction and its CEO Richard Liu will join Farfetch''s board, it said in a statement.Farfetch will be integrated into JD''s existing logistics and marketing systems and the former will also employ JD''s online finance tools, including payment service JD Pay and microcredit feature Baitiao, the statement added."All of these things [Farfetch] doesn''t have on a global basis and they certainly don''t have in China," Winston Cheng, head of JD''s international business, told Reuters. "With the rising household income [in China] we think the timing is good"The deal comes as JD is looking to broaden its offering of luxury and branded consumer goods, heating up the competition with its largest domestic rival Alibaba that has expanded heavily into branded goods with its online marketplace Tmall.JD initially gained popularity as a retail platform for electronics and appliances, but it has since leveraged its extensive in-house logistics network to expand into a range of products including grocery, apparel and on-demand services.Just this month, JD launched its high-end delivery service, JD Luxury Express, where staff in suits and white gloves deliver packages directly to customers'' homes using electric vehicles.The Farfetch deal is in line with JD''s push as the online UK fashion retailer is partnered with roughly 700 global luxury brands and boutiques."This partnership addresses the market''s challenges by combining the Farfetch brand and curation with the scale and influence of the foremost Chinese e-commerce giant," Farfetch CEO Jose Neves said in the statement.In an interview last year, Neves told Reuters he anticipated a possible Farfetch IPO within two or three years.The online luxury retailer - which counts France''s Eurazeo, Singapore sovereign wealth fund Temasek [TEM.UL] and China''s IDG Capital among its investors - was valued at around $1.5 billion in a fund-raising last year.(Reporting by Cate Cadell; Editing by Himani Sarkar)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-jd-investment-farfetch-idINKBN19D0NC'|'2017-06-22T05:30:00.000+03:00'
'86e778108662f71791094ed5aaf321868c60fc7b'|'AIRSHOW-Two private Iranian airlines plan to buy 73 Airbus jets'|'(Adds Iran Airtour order, comments from Airbus)PARIS, June 22 Airbus said two Iranian privately owned airlines on Thursday had committed to buying 73 planes in a last-minute flurry of deals for the European planemaker at the Paris Airshow.Iranian domestic carrier Zagros Airlines signed a memorandum of understanding (MoU) to buy 28 new Airbus planes, comprising 20 A320neo jets and eight A330neo aircraft, while Iran Airtour signed an MoU for 45 A320neo aircraft.Iran has stepped up its orders of planes after international sanctions against the country were lifted in return for curbs on the country''s nuclear activities.Airbus said the MoUs were contingent upon all necessary approvals, including from the U.S. Office of Foreign Assets Control.Airbus sales chief John Leahy said he expected the U.S. approvals within the next couple of months.Airbus said it would continue to act in full compliance with the Iran nuclear deal, also know as the Joint Comprehensive Plan Of Action, and associated rules.IranAir has ordered 100 planes from Airbus and 80 from Boeing. (Reporting by Tim Hepher and Victoria Bryan; additional reporting by Sudip Kar-Gupta; editing by David Clarke and Jason Neely)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/airshow-paris-airbus-zagros-idINL8N1JJ1N4'|'2017-06-22T07:12:00.000+03:00'
'a94e9a51633a09a8b69ad2254f5903273ba6a2de'|'CICC, Goldman to lead China Tower Hong Kong IPO worth up to $10 billion:'|'HONG KONG China Tower Corp has picked China International Capital Corp Ltd (CICC) ( 3908.HK ) and Goldman Sachs ( GS.N ) to lead a planned Hong Kong initial public offering worth up to $10 billion, people with plans said on Thursday.Their formal appointment still needs board approval and the deal could see other banks added to the final IPO sponsor team, added the people, who declined to be named because details of the deal were confidential.China Tower owns and manages the mobile phone towers for the country''s three state-owned telecom operators.China Unicom Hong Kong Ltd ( 0762.HK ), China Mobile Ltd ( 0941.HK ) and China Telecom Corp Ltd ( 0728.HK ) formed China Tower in October 2015 to save on infrastructure investment and cut management costs.The companies did not immediately reply to a Reuters request for comment on the China Tower IPO sponsors. CICC didn''t immediately respond to a Reuters request for comment on the mandate, while Goldman Sachs declined to comment.(Reporting by Julie Zhu and Elzio Barreto; Additional reporting by Fiona Lau of IFR; Editing by Edwina Gibbs)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-china-tower-ipo-idINKBN19D0CJ'|'2017-06-22T02:55:00.000+03:00'
'19b7810807d85217f45eda2fb7ca49df71828883'|'Short of IT workers at home, Israeli startups recruit elsewhere'|'Business News - Mon Jun 26, 2017 - 6:54am BST Short of IT workers at home, Israeli startups recruit elsewhere left right FILE PHOTO: Employees work at website-designer firm Wix.com offices in Tel Aviv, Israel July 4, 2016. REUTERS/Baz Ratner/File Photo 1/16 left right A specialist of IT company Infopulse is seen in her office in Kiev, Ukraine, June 13, 2017. Picture taken June 13, 2017. REUTERS/Gleb Garanich 2/16 left right FILE PHOTO: Employees work at website-designer firm Wix.com offices in Tel Aviv, Israel July 4, 2016. REUTERS/Baz Ratner/File Photo 3/16 left right A specialist of IT company Infopulse is seen in his office in Kiev, Ukraine, June 13, 2017. Picture taken June 13, 2017. REUTERS/Gleb Garanich 4/16 left right FILE PHOTO: Employees work at website-designer firm Wix.com offices in Tel Aviv, Israel July 4, 2016. REUTERS/Baz Ratner/File Photo 5/16 left right FILE PHOTO: Employees work at website-designer firm Wix.com offices in Tel Aviv, Israel July 4, 2016. REUTERS/Baz Ratner/File Photo 6/16 left right Alexey Chalimov, founder of software design firm, Eastern Peak, poses for a picture at his company''s offices in Herzliya, Israel June 21, 2017. Picture taken June 21, 2017. REUTERS/Amir Cohen 7/16 left right Executive Vice President of IT company Infopulse Andrey Link is seen in his office in Kiev, Ukraine, June 13, 2017. Picture taken June 13, 2017. REUTERS/Gleb Garanich 8/16 left right A specialist of IT company Infopulse is seen in his office in Kiev, Ukraine, June 13, 2017. Picture taken June 13, 2017. REUTERS/Gleb Garanich 9/16 left right A specialist of IT company Infopulse is seen in his office in Kiev, Ukraine, June 13, 2017. Picture taken June 13, 2017. REUTERS/Gleb Garanich 10/16 left right A specialist of IT company Infopulse uses a computer mouse in his office in Kiev, Ukraine, June 13, 2017. Picture taken June 13, 2017. REUTERS/Gleb Garanich 11/16 left right A specialist of IT company Infopulse is seen in her office in Kiev, Ukraine, June 13, 2017. Picture taken June 13, 2017. REUTERS/Gleb Garanich 12/16 left right A specialist of IT company Infopulse is seen in his office in Kiev, Ukraine, June 13, 2017. Picture taken June 13, 2017. REUTERS/Gleb Garanich 13/16 left right The logo of software design firm, Eastern Peak, is seen at their offices in Herzliya, Israel June 21, 2017. Picture taken June 21, 2017. REUTERS/Amir Cohen 14/16 left right Specialists of IT company Infopulse are seen in their office in Kiev, Ukraine, June 13, 2017. Picture taken June 13, 2017. REUTERS/Gleb Garanich 15/16 left right An office of IT company Infopulse is seen in Kiev, Ukraine, June 13, 2017. Picture taken June 13, 2017. REUTERS/Gleb Garanich 16/16 By Tova Cohen - TEL AVIV TEL AVIV When Alexey Chalimov founded software design firm Eastern Peak in Israel four years ago he knew he would not find the developers he needed at home. He went to Ukraine and hired 120 people to develop mobile apps and web platforms for international clients and smaller Israeli startups. "I worked for years in the Israeli market and I knew what the costs were in Israel and I knew there was a shortage of workers," he told Reuters. Driven by startups, Israel''s technology industry is the fastest growing part of the economy. It accounts for 14 percent of economic output and 50 percent of exports. But a shortage of workers means its position at the cutting edge of global technology is at risk, with consequences for the economy and employment. The government''s Innovation Authority forecasts a shortage of 10,000 engineers and programmers over the next decade in a market that employs 140,000. Israel has dropped six spots in three years to 17th in the World Economic Forum''s ranking of the ease of finding skilled technology employees. The shortage is particularly painful for Israel''s 5,000 startups which compete for talent with development centres of technology giants such as Google, Intel, Microsoft and Apple. They offer big incentives that a startup cannot afford. Israel will lose its edge if the shortage isn''t tackled, said Noa Acker, head of policy at the societal challenges division at the Innovation Authority. "Salaries will be very high and the industry will shrink to only very high level R&D while much of the work will be exported," she said. MATHS LESSONS, BOOT CAMPS The main reason for the shortfall is a sharp drop in the number of computer science, maths and statistics graduates, down from a peak of 3,000 in 2005 to a low of 1,600 in 2008. This is partly due to problems in secondary and primary schools where lack of funding means some classrooms do not have computers and advanced maths teachers are in short supply. "Why do we still have classes where there are no computers?" said Yifat Turbiner, a researcher in entrepreneurship and innovation at Ben-Gurion University. "If more budgets aren''t allocated to generate a technological state of mind ... from elementary school, I believe all industries will suffer, not just high-tech." Another reason for the shortage of computer science graduates is that after the dotcom bubble burst in 2000 many Israeli high tech workers lost their jobs, Acker said. This meant that students lost interest in tech careers and university applications declined. The Education Ministry has announced plans to boost studies of maths and science, especially in high-schools outside the cities where advanced classes are not always available. But Turbiner said initiatives are also needed for a higher standard of maths at a younger age including training more teachers. The government also has long-term initiatives to integrate ultra-Orthodox Jews and Arabs -- two fast-growing segments of the population with low labour participation -- into the industry. Ultra-Orthodox Jews make up about 11 percent of the population and many prioritise religious studies over science and maths. Military technology expertise gained by soldiers duringtheir service has been behind several successful Israeli firms including the country’s biggest tech company, Check Point Software Technologies. The government is also running "boot camps" of up to 18 months to train tech workers without technology degrees. GOOD CONNECTIONS While the government takes steps to stimulate organic growth of workers at home, it is also making changes to visas for a quick fix of importing foreign workers. The government is preparing 500 visas for students from abroad who studied science and engineering at Israeli universities so they can stay to work at tech firms for a year. It is also working on easing bureaucratic hurdles to unlimited “expert visas”. In the meantime, many Israeli startups are looking abroad. Ukraine is the top destination with about 100 Israeli development centres. A strong tradition of maths and computer science teaching that is present in many countries in former Soviet Union countries means Ukraine has more than 20,000 IT graduates each year. The 1990s arrival of a million immigrants from former Soviet countries, many of them scientists who went to work for technology companies, has also created strong ties. Israeli companies have also recruited workers in other eastern European countries such as Poland and Bulgaria. Wix.com, which helps small businesses build websites and is one of Israel''s hottest tech companies, employs 120 workers in two development centres in Ukraine and another 80 at a site in Lithuania. "They are in the same time zone, they have a good level of English and all are Russian speakers. Some of our people here are former Russians," said Boaz Inbal, general manager of Wix''s development centres. "We have direct flights to both countries. It''s easy for us to collaborate and communicate." Salaries for software developers in Ukraine are about 40 percent lower than in Israel, said Andrey Link, an executive vice president at Ukrainian software engineering firm Infopulse. But he said: "The key argument in our favour is not the cost but availability. To find 2-3 people (in Israel) is not a problem, but if they need...an R&D centre for 100 people, it is very difficult in Israel." (Additional reporting by Pavel Polityuk in Kiev and Steven Scheer in Jerusalem; editing by Anna Willard) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-tech-israel-ukraine-idUKKBN19H0GD'|'2017-06-26T13:54:00.000+03:00'
'fda45f36fc20758255a4964b616a476206c58d20'|'Cargill sells fruit processing plant in Brazil to Germany''s Doehler: source'|'SAO PAULO The Brazilian unit of U.S. food processor Cargill [CARG.UL] agreed to sell a fruit processing plant located in the Sao Paulo state to German food ingredients maker Doehler, a source with knowledge of the deal told Reuters on Monday.(Reporting by Roberto Samora; Writing by Marcelo Teixeira)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-brazil-carg-doehler-idINKBN19H27K'|'2017-06-26T15:50:00.000+03:00'
'420b2c38d2be1928775fd1d46e80abdfdc6309c4'|'Eyes on AirAsia as Airbus looks for airshow comeback: sources'|'Business News - Thu Jun 22, 2017 - 3:24am EDT Eyes on AirAsia as Airbus looks for airshow comeback: sources FILE PHOTO - A man walks past the logo of AirAsia at Don Muang International Airport in Bangkok, Thailand, June 14, 2016. REUTERS/Chaiwat Subprasom/File Photo PARIS Airbus ( AIR.PA ) has seen its rival Boeing ( BA.N ) grab most of the headlines at the Paris Airshow this week, but it could turn to AirAsia - one of its largest customers - to narrow the gap after the launch of a new Boeing plane, industry sources said. AirAsia co-founder Tony Fernandes signed a services agreement with Airbus earlier this week and stayed on for further negotiations with his company''s sole aircraft supplier, sources said, while cautioning a deal could not be guaranteed. Airbus declined to comment, while officials at AirAsia could not be reached for comment. Going into the fourth trade day of the Paris Airshow, Boeing was ahead on net, new orders and commitments after launching a new version of its 737 MAX family of planes. (Reporting by Tim Hepher; Editing by Sudip Kar-Gupta) '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-airshow-paris-airbus-airasia-idUSKBN19D0MV'|'2017-06-22T15:24:00.000+03:00'
'1f62cac56ecd611f8670213bcebf3e85b1d2dcfe'|'Eyes on AirAsia as Airbus looks for airshow comeback - sources'|'Business News  17am BST Eyes on AirAsia as Airbus looks for airshow comeback - sources AirAsia planes are seen parked on the tarmac at Kuala Lumpur International Airport 2 (KLIA2) in Sepang, Malaysia February 15, 2016. REUTERS/Lai Seng Sin PARIS Airbus has seen its rival Boeing grab most of the headlines at the Paris Airshow this week, but it could turn to AirAsia - one of its largest customers - to narrow the gap after the launch of a new Boeing plane, industry sources said. AirAsia co-founder Tony Fernandes signed a services agreement with Airbus earlier this week and stayed on for further negotiations with his company''s sole aircraft supplier, sources said. Airbus declined to comment, while officials at AirAsia could not be reached for comment. (Reporting by Tim Hepher; Editing by Sudip Kar-Gupta)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-airshow-paris-airbus-airasia-idUKKBN19D0MU'|'2017-06-22T15:17:00.000+03:00'
'45244ee1c875627d2c2de1e3674cb1a78c6d0c3a'|'Capita sells asset management arm to Link Group for 888 mln pounds'|'June 23 Outsourcer Capita said on Friday it would sell its asset management services arm to Australian financial services firm Link Administration Holdings for 888 million pounds ($1.13 billion).Capita, which specialises in providing IT-enabled business services to banks and investors, the National Health Service, retailers and utilities, has issued a series of profit warnings in the last year and said the deal would help it to raise cash and ease debt after being hurt by Britain''s vote to leave the European Union.The company''s chief executive Andy Parker resigned in March after it reported a bigger than expected drop in profit and said it would take until 2018 before it could return to growth.Reuters had earlier reported that Chicago-based private equity fund GTCR and European rival CVC Capital Partners were among a group of three buyout funds competing with Link Group, a provider of shareholder management services as well as analytics.($1 = 0.7862 pounds) (Reporting by Sanjeeban Sarkar in Bengaluru)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/capita-divestiture-link-administrtn-idINL8N1JK4IA'|'2017-06-23T16:19:00.000+03:00'
'a0bd21d386409467ce463a63010ea300a406291b'|'UK Stocks-Factors to watch on June 22'|' 29am EDT UK Stocks-Factors to watch on June 22 June 22 Britain''s FTSE 100 index is seen opening 10 points higher on Thursday, according to financial bookmakers. * DIAGEO: Diageo Plc has agreed to buy George Clooney''s high-end tequila brand Casamigos in a deal valuing it at up to $1 billion, as the world''s largest spirits maker seeks to boost its presence in a high-growth market. * GSK: A U.S. jury has ordered Teva Pharmaceutical Industries Ltd to pay GlaxoSmithKline Plc more than $235 million for infringing a patent covering its blood pressure drug Coreg, court documents showed. * HORNBY: Phoenix Asset Management on Wednesday it would become the majority shareholder in Hornby Plc and offered to buy the rest of the company, less than three months after thwarting efforts to oust the British toymaker''s chairman. * CAIRN ENERGY: British independent oil exploration company Cairn Energy''s 9.8 percent stake in Cairn India, may be put up for sale as part of tax recovery proceedings started late last week, India''s Business Standard newspaper reported. ( bit.ly/2tvhdFn ) * BRITAIN TOURISM: Britain''s tourism industry is proving resilient despite recent militant attacks and is set for higher bookings this year, outperforming the European average, travel data analysis company ForwardKeys said on Thursday. * BREXIT: Britain''s departure from the European Union could strengthen the bloc''s political integration and make Germany more attractive as a business location, German Deputy Finance Minister Thomas Steffen said on Thursday. * BREXIT: Prime Minister Theresa May will outline on Thursday her approach to the "hugely important issue" of reassuring EU expatriates about their futures in Britain, at a summit that is her first Brexit test since an election sapped her authority. * OIL: Oil prices rose on Thursday after U.S. crude and gasoline stockpiles fell, but worries over whether OPEC-led output cuts would be able to rein in a three-year glut continued to drag. * GOLD: Gold prices climbed on Thursday as an easing U.S. dollar flattened U.S. Treasury yields to their lowest in nearly a decade. * COPPER: London copper held on to hefty overnight gains, spurred on by data showing the metal''s shift to global a supply deficit. * EX-DIVS: Experian, Land Securities Group, Mediclinic , United Utilities Group will trade without entitlement to their latest dividend pay-out on Thursday, trimming 1.88 points off the FTSE 100 according to Reuters calculations * The UK blue chip index was down 0.3 percent at 7,447.79 points at its close on Wednesday, as losses among energy stocks and sub-prime lender Provident Financial weighed, while a stronger pound was also unhelpful. * For more on the factors affecting European stocks, please click on: cpurl://apps.cp./cms/?pageId=livemarkets * UK CORPORATE DIARY: Chemring Group PLC Half Year Go-Ahead Group PLC Full Year Carnival PLC Q2 TODAY''S UK PAPERS > Financial Times > Other business headlines Multimedia versions of Reuters Top News are now available for: * 3000 Xtra : visit topnews.session.rservices.com * For Top News : topnews.reuters.com (Reporting by Noor Zainab Hussain in Bengaluru)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-stocks-factors-idUSL3N1JJ238'|'2017-06-22T13:29:00.000+03:00'
'0daac0bd65e2ca4be5e2c045bb90f5aeeee7e3af'|'For thousands of U.S. auto workers, downturn is already here'|'Business   10:05pm BST For thousands of U.S. auto workers, downturn is already here left right FILE PHOTO: Chevrolet Cruze chassis move along the assembly line at the General Motors Cruze assembly plant in Lordstown, Ohio July 22, 2011. REUTERS/Aaron Josefczyk/File Photo 1/2 left right FILE PHOTO: A general view of the outside of the General Motors Chevrolet Cruze car assembly complex in Lordstown, Ohio July 22, 2011. REUTERS/Aaron Josefczyk/File Photo 2/2 By Nick Carey - LORDSTOWN, Ohio LORDSTOWN, Ohio Wall Street is fretting that the U.S. auto industry is heading for a downturn, but for thousands of workers at General Motors Co ( GM.N ) factories in the United States, the hard times are already here. Matt Streb, 36, was one of 1,200 workers laid off on Jan. 20 - inauguration day for Republican U.S. President Donald Trump - when GM cancelled the third shift at its Lordstown small-car factory here. Sales of the Chevrolet Cruze sedan, the only vehicle the plant makes, have nosedived as U.S. consumers switch to SUVs and pickup trucks. Streb is looking for another job, but employers are wary because they assume he will quit whenever GM calls him back. "I get it," said Streb, who has a degree in communications, "but it''s frustrating." Layoffs at Lordstown and other auto plants point to a broader challenge for the economy in Midwestern manufacturing states and for the Trump administration. The U.S. auto industry''s boom from 2010 through last year was a major driver for manufacturing job creation. The fading of that boom threatens prospects for U.S. industrial output and job creation that were central to President Trump''s victory in Ohio and other manufacturing states. "This is about economics, not what Trump says," said Robert Morales, president of United Auto Workers (UAW) union Local 1714, which represents workers at GM''s stamping plant at Lordstown. "Even if Trump went out and bought 10,000 Cruzes a month, he wouldn''t get the third shift back here." Last week the Federal Reserve said U.S. factory output fell 0.4 percent in May, the second decline in three months, due partly to a 2-percent drop in motor vehicles and parts production. Graphic on vehicle sales and jobs growth: tmsnrt.rs/2tPzY62 Mark Muro, a senior fellow at the Brookings Institution, has compiled data from government sources that show the auto industry punching higher than its weight in job creation in recent years - accounting for between 60 percent and 80 percent of all U.S. manufacturing jobs added in 2015 and 2016. In the first quarter of this year, the auto industry accounted for less than 2 percent of the 45,000 manufacturing jobs created. Graphic on manufacturing sector earnings: tmsnrt.rs/2sRB5F2 "There''s no argument with the idea that auto has been pulling the manufacturing sled up the mountain for the last three or four years," Muro said. "If you take auto out, you’re left with a very tepid outlook indeed." Long-term auto layoffs could threaten the economies of communities and states directly affected, although after decades of boom and bust, many communities in the auto manufacturing heartland have diversified. In Ohio''s Mahoning Valley, which was battered by the collapse of the once-dominant steel industry, the boom in drilling for shale gas helps offset job cuts at auto plants. Lordstown Mayor Arno Hill says the town salted away money during the boom to pay down its debts and new businesses are coming in, including a $900-million (£710 million) power plant being built in town that will burn cheap natural gas produced in the region. GM makes up 40 percent of tax receipts versus 85 percent in the early 1990s, he said. "GM is still the brightest star in the Mahoning Valley, but luckily we have diversified our economy," Hill said. "There is pain for the laid-off workers, but it won''t hurt us as bad it used to." Lordstown''s workers have taken steps to blunt the impact of layoffs, with help from GM. Matt Streb''s wife is due to start work soon after getting a degree, while he hopes to return to a former job as a mailman. In the meantime, GM gave advance notice of job cuts so he saved extra money and has drastically cut his spending. "The auto industry is cyclical and has always had its ups and downs," Streb said. "This is just another Lordstown downturn." STALLING SEDAN SALES The decline in U.S. auto sales is still minor compared to the dramatic collapse during the 2007-2009 financial crisis, when demand for new vehicles plunged to its lowest levels in decades. However, the days when auto assembly and parts plants throughout the Midwest were running flat-out because of high demand for nearly every type of vehicle are over. Recent sales trends show consumers becoming more selective, shunning older models and especially smaller cars. For much of the boom that ran from 2010 through to a record year in 2016 of 17.55 million new vehicles sold, the share of cars has declined versus "light trucks" - or pickup trucks, SUVs and crossovers. After peaking at 51.32 percent of all sales in 2012, passenger cars fell to 40.4 percent of sales in 2016. That decline equates to the output of seven or eight vehicle assembly plants. Through the first five months of this year, sedan sales fell 11 percent, even as the light truck category rose 4.7 percent. To avoid profit-sapping discounts, and reverse a decline in prices of used vehicles, automakers are ordering more and deeper production cuts. GM has laid off more than 5,000 workers so far this year - including 1,000 at its Fairfax plant in Kansas that makes the Chevrolet Malibu midsize sedan. GM has also laid off 1,100 workers at a plant in Lansing because it has ended production of the GMC Acadia SUV there. More GM workers will be hit with temporary layoffs this summer. Lordstown will shut up shop for five weeks this summer, much longer than the usual two-week summer vacation closure. Many laid-off GM workers are finding temporary employment at other facilities or taking permanent transfers to plants like its Arlington, Texas, facility where production of large sport utility vehicles continues unabated. However, those temporary postings require workers to relocate hundreds of miles from home. Randy Freeman, president of UAW Local 652 which represents workers at GM''s Grand River plant in Lansing, Michigan, which makes sedans, says he has been pleased by GM''s efforts to rehire workers and relations with the automaker "are on an upward swing." The threats to U.S. workers building sedans are not likely to ease, barring a spike in the price of gasoline. Ford Motor Co ( F.N ) signalled its long-term pessimism about small-car demand in the United States by announcing plans on Tuesday to shift production of its Focus compact car model to China. The Michigan plant that builds the Focus currently is expected to switch to building trucks and SUVs in 2018. At GM''s Lordstown and Lansing Grand River plants, UAW representatives say they are focused on improving quality in the hope that GM will pick their plant when it''s time to find a location for producing a new truck or SUV. At Lordstown, for instance, union officials tout the fact the plant has just won a quality award for local innovation on a part that helps the Cruz run better. "We''re working hard to make the best product we can," said Glenn Johnson, president of UAW Local 1112 at Lordstown, "so we can raise our hands and say to GM ''look at what we can do." (Reporting By Nick Carey; Editing by Nick Zieminski)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-autos-workers-analysis-idUKKBN19C2WS'|'2017-06-22T05:05:00.000+03:00'
'fdd454ecb9663543169c21954fa3b21765e57f50'|'Who might move next? The Bank of England''s rate-setters in focus'|'Top News - Thu Jun 22, 2017 - 5:26pm BST Who might move next? The Bank of England''s rate-setters in focus A general view shows the Bank of England in the City of London, Britain April 19, 2017. REUTERS/Hannah McKay By William Schomberg - LONDON LONDON Bank of England policymakers are increasingly split over the need to raise interest rates for the first time in a decade. A 5-3 vote last week in favour of keeping borrowing costs unchanged was closer than expected, and on Wednesday the BoE''s chief economist surprised investors by saying he was close to voting for a rate hike too. Some Monetary Policy Committee members argue that rising inflation requires a hike, especially at a time when they believe the economy is running at close to full capacity. But the majority say slow wage growth and Brexit uncertainties justify keeping rates at a record low. Following is a summary of where MPC members stand in the debate which has caused big swings in the value of the pound in recent days. The next MPC decision is due on Aug. 3. GOVERNOR MARK CARNEY - VOTED FOR NO CHANGE IN JUNE Carney sought to douse speculation about a rate hike when he said on Tuesday that he wanted to see how the economy copes in the coming months with the uncertainties caused by Britain''s planned departure from the European Union. He also said wage growth was "anaemic", underscoring his concerns about the financial health of consumers who drive Britain''s economy and his doubts about medium-term inflation pressure. CHIEF ECONOMIST ANDY HALDANE - VOTED FOR NO CHANGE IN JUNE Haldane surprised investors by saying, a day after Carney''s dovish speech, that he was likely to vote for a rate hike later this year, if the economic data come out as expected. Haldane was long considered to be one of the BoE policymakers who were most supportive of keeping rates low. He kept open the possibility of remaining in the majority camp by saying there was no rush to act, given the "dust cloud of uncertainty" caused by Britain''s inconclusive election this month. DEPUTY GOVERNOR BEN BROADBENT - VOTED FOR NO CHANGE IN JUNE Broadbent has not spoken publicly since May 11 and investors say his views will help them gauge the likelihood of a BoE rate hike. As deputy governor for monetary policy, Broadbent has tended to sound a similar note to Carney and in March he said sterling''s pre-Brexit fall was unlikely to give exporters a lasting boost. DEPUTY GOVERNOR JON CUNLIFFE - VOTED FOR NO CHANGE IN JUNE As deputy governor responsible for keeping an eye on the risks to the economy from the banking system, Cunliffe has stuck closely to the monetary policy views of Carney. GERTJAN VLIEGHE - VOTED FOR NO CHANGE IN JUNE The former hedge fund economist has a reputation as the BoE''s strongest advocate for keeping interest rates low. He said in March that inflation spiking above 3 percent - it has risen to 2.9 percent and looks set to go further - would not automatically push him to support higher rates. He has poured cold water on the argument of some colleagues that a pickup in British exports might offset the slowdown in consumer spending. SILVANA TENREYRO - HAS YET TO TAKE UP MPC SEAT Appointed to the MPC only this week, her views will be critical in determining whether the BoE will change course. The London School of Economics professor is expected to back the status quo when she votes for the first time on Aug. 3. Economists say her record as a central banker in Mauritius looks dovish and that it is unusual for someone to vote against the majority on the MPC shortly after joining it. MICHAEL SAUNDERS - VOTED FOR A RATE HIKE IN JUNE The former Citi economist had dropped hints that he might back a rate hike before doing just that last week. Saunders said in April that the BoE should not use uncertainty about the exact terms on which Britain would leave the European Union in 2019 as a reason to keep rates on hold. He also said a modest rise in rates would still leave "considerable stimulus" in place. IAN MCCAFFERTY - VOTED FOR A RATE HIKE IN JUNE McCafferty has supported higher interest rates on an on-and-off basis since 2014, but his decision to renew that push last week came as a surprise. In March, he highlighted a weak outlook for the economy, something many private-sector economists say remains the case now. Note - Kristin Forbes also voted for a rate hike last week but she leaves the BoE this month, making way for Tenreyro. British finance minister Philip Hammond has yet to name a replacement for Charlotte Hogg, who stood down as deputy governor in March after a conflict-of-interest case. (Editing by Hugh Lawson)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-economy-boe-factbox-idUKKBN19D1OS'|'2017-06-22T21:42:00.000+03:00'
'e2485be0c6e6dcebe3be51d2332fbfbc915b9c47'|'American Airlines says Qatar Airways interested in buying 10 pct stake'|'American Airlines'' chief executive said on Thursday the company is not "particularly excited" about Qatar Airway''s interest in buying up to 10 percent of the U.S. carrier''s shares, in a letter to employees following disclosure of the state-owned Gulf airline''s overture. The move by Qatar Airways to buy a stake in American would expand the Gulf carrier''s investments into North America against a turbulent diplomatic and global competitive backdrop. Qatar and four Arab nations are embroiled in the region''s worst diplomatic crisis in years, and Qatar had asked the United Nations'' aviation agency to intervene in an airspace rights dispute. Separately, American Airlines Group Inc ( AAL.O ), United Continental Holdings Inc ( UAL.N ), and Delta Air Lines ( DAL.N ) have pressed the U.S. government to take action to curb U.S. flights by Qatar Airways and rival Gulf carriers Emirates Airline [EMIRA.UL] and Etihad Airways. The U.S. carriers charge that their Gulf rivals have received billions of dollars in unfair state subsidies, allegations the Gulf carriers deny.Parker, in his letter, promised to continue American''s "full court press ... to stand up to companies that are illegally subsidized by their governments." The CEO also said he found Qatar Airways'' proposed investment "puzzling given our extremely public stance on the illegal subsidies that Qatar, Emirates and Etihad have all received over the years from their governments."The potential investment is worth at least $808 million, American said in a regulatory filing on Thursday, and would put Qatar Airway''s stake on par with Warren Buffet''s Berkshire Hathaway ( BRKa.N ), which holds a 10 percent stake in the airline.Shares of American Airlines rose more than five percent in pre-market trade after it disclosed the potential investment. The stock was up 1 percent at $48.88 in afternoon trade.Qatar Airways said in a statement that it sees a "strong investment opportunity" in American and that it "intends to build a passive position in the company with no involvement in management, operations or governance.""Qatar Airways plans to make an initial investment of up to 4.75 percent. Qatar Airways will not exceed 4.75 percent without prior consent of the American Airlines board. Qatar Airways will make all necessary regulatory filings at the appropriate time."American, in its filing, noted potential obstacles to Qatar''s plan. American said its rules prohibit "anyone from acquiring 4.75 percent or more of the company''s outstanding stock without advance approval from the board," and said it had received no request from Qatar for such approval. Further, American said, "there are foreign ownership laws that limit the total percentage of foreign voting interest to 24.9 percent."The stake in American Airlines by Qatar Airways would add to its investment portfolio. The Middle East''s second biggest airline also owns 20 percent of British Airways-owner International Airlines Group (IAG) and 10 percent of South America''s LATAM.Qatar Airways Chief Executive Akbar al-Baker has said the investments were purely financial, though he has looked for opportunities to cut costs or expand service with the oneworld alliance airlines in which it owns stakes.Qatar Airways, American Airlines, IAG''s British Airways, Iberia and LATAM, are all members of the oneworld airline alliance.British Airways and Qatar Airways have a revenue sharing partnership between their respective hubs in Doha and London, and Qatar Airways plans to launch flights to LATAM''s base in Santiago, Chile. "The U.S. market is strategically important to Qatar Airways and this would strengthen their ability to feed at the U.S. end," independent aviation consultant John Strickland told Reuters. "However, if it does go ahead it would not give them automatic antitrust immunity. That would have to be negotiated separately." The crisis in the Gulf has seen Saudi Arabia, the United Arab Emirates, Bahrain and Egypt close their airspace to Qatar Airways, forcing it to cut flights to those countries, fly longer routes and thereby adding costs. Al-Baker, who has been highly critical of the blocking of airspace, has said Qatar Airways would use the aircraft used to fly to those countries for fast-track expansion plans elsewhere.The dispute among the Arab states is a diplomatic test for the United States, which is an ally of the main parties in the conflict.In Washington''s strongest language on the dispute this week, the U.S. State Department questioned the motives of Saudi Arabia and the UAE in announcing their boycott of Qatar. U.S. President Donald Trump, however, has taken a tougher stance on Qatar, accusing it of being a "high level" sponsor of terrorism, but he has also offered help to the parties in the dispute to resolve their differences.(Reporting by Alexander Cornwell in Dubai, Rachit Vats in Bengaluru and Alana Wise in New York; Editing by Sai Sachin Ravikumar, Bernard Orr)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-american-airline-stake-qatarairways-idUSKBN19D1IS'|'2017-06-22T20:50:00.000+03:00'
'2036d8d28075d77090e4a998e6a955ce774f1325'|'Cigna stays in Obamacare for now; Anthem reduces participation'|'By Caroline Humer - NEW YORK NEW YORK U.S. healthcare insurer Cigna Corp said on Wednesday it will continue to offer individual coverage under Obamacare for now while rival Anthem Inc announced it was shrinking its participation, amid uncertainty over the fate of the government-subsidized program.Wednesday was the deadline for insurers to submit to the government their 2018 rates for individual plans sold on the HealthCare.gov website set up by former President Barack Obama''s 2010 healthcare restructuring.Cigna said it was keeping the option to stay in the seven states where it now sells plans, but that it would wait to make a final decision on its participation depending on how possible market changes shake out."We have worked very hard to be part of the solution here even in the face of a lot of withdrawals in the marketplace. We''ve stayed in a focused way," Cigna Chief Executive Officer David Cordani said in an interview after the company met with investors. Cigna has about 350,000 members in individual plans."If you get the right collaborative relationships up and running with physician groups and hospital groups like we have in Missouri, you can generate a better result, not a stellar result, but a better result," he said. Cordani said Cigna is losing money on the plans.President Donald Trump and fellow Republicans in Congress have vowed to repeal and replace the Affordable Care Act, often called Obamacare, arguing the law had boosted the cost of coverage and placed too much of a burden on businesses.They have also threatened to cut off the subsidies that make the plans affordable for many consumers as soon as this year. The House of Representatives has passed a bill to gut Obamacare and the Senate is expected to unveil its draft on Thursday.Cigna''s final decision on whether to continue participating in Obamacare next year will be made before the government''s late September deadline after more is known about anticipated new rules and regulations, Cordani said.Meanwhile, Anthem said in a statement it would mostly stop selling individual plans in Wisconsin and Indiana, exiting the Obamacare exchanges altogether and cutting out sales through brokers in all but one county in Wisconsin and five counties in Indiana.Anthem, the largest U.S. health insurer with Blue Cross Blue Shield plans in 14 states including New York and California, had already said it would leave the Obamacare-related market in all but one county in Ohio. Other large health insurers have also pulled out for 2018, including Aetna Inc and Humana Inc"Planning and pricing for ACA-compliant health plans has become increasingly difficult due to a shrinking and deteriorating individual market, as well as continual changes and uncertainty in federal operations," Anthem spokeswoman Leslie Porras said.Oscar Health, a small health insurer that has only been in a handful of states, said it was boosting its participation in Obamacare by adding plans in Tennessee and Ohio.(Reporting by Caroline Humer; Editing by Paul Simao)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-usa-healthcare-insurers-idINKBN19C2X8'|'2017-06-21T19:14:00.000+03:00'
'3cdf70e7c3449f157c1e1c92399a832afc457b2d'|'Celanese, Blackstone to form acetate tow joint venture'|'Market  05pm EDT Celanese, Blackstone to form acetate tow joint venture June 18 Specialty material company Celanese Corp said on Sunday it agreed with private equity firm Blackstone Group LP to combine their cellulose acetate tow units to form a bigger supplier of the material used in cigarette filters. Celanese will combine its cellulose derivatives unit with Blackstone''s Rhodia Acetow business, bought from Belgium''s Solvay SA in December, to create a global acetate tow supplier, the companies said in a statement. Dallas-based Celanese will receive $1.6 billion in cash on completion of the deal. The company said the transaction would add to its earnings per share after a year. The companies will take a mainly non-recourse debt of $2.2 billion on behalf of the joint venture. The debt will be supported by cash generated from the new company. Celanese will own 70 percent of the joint venture, which it said would generate 2017 annual pro forma revenue of about $1.3 billion, with around 2,400 employees. Blackstone will own 30 percent of the new company, which will have eight manufacturing facilities and three existing joint-venture sites. (Reporting by Ismail Shakil in Bengaluru; Editing by Peter Cooney)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/celanese-us-de-blackstone-group-jv-idUSL3N1JF0HN'|'2017-06-19T07:05:00.000+03:00'
'e9f39d0488ba59f722550cd1f1c578a0c2f1583f'|'AIRSHOW-Boeing launches 737 MAX 10 with 240 orders, commitments'|'Market News - Mon Jun 19, 2017 - 4:24am EDT AIRSHOW-Boeing launches 737 MAX 10 with 240 orders, commitments PARIS, June 19 Boeing launched a new version of its 737 MAX jetliner as French President Emmanuel Macron opened the Paris Airshow on Monday. The U.S. planemaker said it had more than 240 orders and commitments from at least 10 customers for the new 737 MAX 10, which would carry up to 230 people in a single-class configuration. "The MAX 10 is going to add more value for customers and more energy to the marketplace," Boeing Chief Executive Dennis Muilenburg said at a presentation ceremony. Analysts say the fifth member of the 737 MAX family aims to plug a gap in Boeing''s portfolio at the top end of the market for single-aisle jets following runaway sales of Airbus'' A321neo, which can seat up to 240 people. (Reporting by Tim Hepher; Editing by Sudip Kar-Gupta) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/airshow-paris-idUSL8N1JG1FU'|'2017-06-19T12:24:00.000+03:00'
'f5245988a01c2d3ad630f93070eaa49553231de4'|'Trump to meet with tech CEOs on government overhaul'|'Technology  12am BST Trump to meet with tech CEOs on government overhaul U.S. President Donald Trump arrives to deliver a speech on US-Cuba relations at the Manuel Artime Theater in Miami, Florida, U.S., June 16, 2017. REUTERS/Carlos Barria TPX IMAGES OF THE DAY By David Shepardson - WASHINGTON WASHINGTON President Donald Trump will meet with the chief executives of technology companies including Apple Inc ( AAPL.O ) and Amazon.com Inc ( AMZN.O ) on Monday as the White House looks to the private sector for help in cutting government waste and improving services. White House officials said on a conference call on Friday that the administration believed there was an "economic opportunity" to save up to $1 trillion over 10 years by significantly cutting government information technology costs, reducing government costs through improved IT, leveraging government buying power and cutting fraud across government agencies. The meeting with nearly 20 chief executives comes as the White House pushes to shrink government, cut federal employees and eliminate regulations. Many business executives are eager to work with the new administration as they face numerous regulatory and other policy issues. In May, Trump created an "American Technology Council," the latest in a series of efforts to modernize the U.S. government. He signed a separate order in March to overhaul the federal government and tapped son-in-law and senior adviser Jared Kushner to lead a White House Office of American Innovation to leverage business ideas and potentially privatize some government functions. Others planning to attend include Alphabet Inc ( GOOGL.O ) Executive Chairman Eric Schmidt, venture capital firm Kleiner Perkins Chairman John Doerr and the chief executives of Microsoft Corp ( MSFT.O ) IBM Corp ( IBM.N ), Mastercard Inc ( MA.N ), Intel Corp ( INTC.O ), Qualcomm Inc ( QCOM.O ), Oracle Corp ( ORCL.N ) and Adobe Systems Inc ( ADBE.O ), a White House official said on Sunday. In May, Trump asked lawmakers to cut $3.6 trillion in government spending over the next decade, taking aim at healthcare and food assistance programs for the poor in a budget that also boosted spending on defense. A 2016 U.S. Government Accountability Office report estimated the U.S. government spent more than $80 billion in IT annually, excluding classified operations. In 2015, there were at least 7,000 separate IT investments by the U.S. government and some agencies were using systems that had components at least 50 years old. Chris Liddell, a White House official who directs the American Technology Council and is a former Microsoft and General Motors Co ( GM.N ) chief financial officer, said on Friday the Trump administration aimed to improve government services to at least the level of the private sector. VISA PROGRAM The tech CEOs and White House also plan to discuss Trump''s review announced in April of the U.S. visa program for bringing high-skilled foreign workers into the country. More than a dozen Trump administration officials including Vice President Mike Pence, Treasury Secretary Steven Mnuchin, Kushner and Liddell will hold group sessions with the chief executives before they jointly meet with Trump. The council also seeks to boost the cyber security of U.S. government IT systems and wants to learn from private-sector practices. In 2015, hackers exposed the personal information of 22 million people from U.S. government databases. In a document outlining the working-group sessions, the White House said the federal government should require "making it easy for agencies to use the cloud." The White House thinks it can take lessons from credit card companies in significantly reducing fraud. A 2016 government audit found that in Medicaid alone, there was $29 billion in fraud in a single year. Following Trump''s June 1 decision to withdraw from the Paris climate accords, Tesla ( TSLA.O ) Chief Executive Elon Musk and Walt Disney ( DIS.N ) CEO Robert Iger stepped down from White House advisory panels. White House officials said the dispute had little impact and that they had to turn away tech leaders from Monday''s event because of lack of space. (Reporting by David Shepardson; Editing by Peter Cooney)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-usa-trump-tech-idUKKBN19A16Q'|'2017-06-19T18:05:00.000+03:00'
'edf34487d61d44a8763c883df7c446eae788c02f'|'UPDATE 1-Ethiopian Airlines places order for 10 Airbus planes'|'Market   10:10am EDT UPDATE 1-Ethiopian Airlines places order for 10 Airbus planes (Adds details, background) By Aaron Maasho ADDIS ABABA, June 20 Ethiopian Airlines has placed an order for 10 Airbus A350-900 aeroplanes, it said on Tuesday, in addition to at least another 10 it already has on order. The extra A350-900s will be deployed on the airline''s long haul routes connecting Addis Ababa with destinations in Africa, Europe, the Middle East and Asia, Chief Executive Tewolde GebreMariam said in a statement. The state-owned carrier is ranked the largest in Africa by revenue and profit by the International Air Transport Association (IATA), the global industry body. It wants to increase revenue to $10 billion by 2025 and expand its fleet to 140 aircraft from less than 90 now, with sights set on Asia. It has placed orders for 50 planes altogether. In February, Tewolde told Reuters the airline''s revenue rose 10.3 percent to 54.5 billion birr ($2.43 billion) in the 2015/16 fiscal year, while passenger numbers climbed 18 percent to 7.6 million. Net profit was up 70 percent at 6 billion birr. (Reporting by Aaron Maasho; Writing by George Obulutsa; editing by Susan Thomas)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/ethiopia-airlines-orders-idUSL8N1JH4A8'|'2017-06-20T22:10:00.000+03:00'
'22488db3f346521c8d6cb2c975fd86301e990678'|'No full German parliament approval needed for Greek aid - Merkel ally'|'Business  40pm BST No full German parliament approval needed for Greek aid - Merkel ally BERLIN Germany''s Bundestag lower house of parliament will not need to hold a full debate on paying out the next tranche of aid to Greece, the leader of Chancellor Angela Merkel''s conservative group in parliament said on Tuesday. Three months before an election, some lawmakers from the Social Democrats (SPD), the junior partner in Merkel''s coalition, had wanted a full parliamentary debate on the 8.5 billion euro (7.49 billion pounds) loan to Greece. Internal opposition could make a debate embarrassing for Merkel. However, approval from the whole assembly is not needed, said Michael Grosse-Broemer, head of the conservatives in parliament, adding that the parliamentary budget committee could deal with it. That committee meets on Wednesday and is widely expected to sign off on the loans agreed by euro zone governments last week without referring it to a full session of the Bundestag. Some of Merkel''s own conservatives have in the past opposed aid to Greece. Sixty-three of the 309 members of her conservative parliamentary group voted against the third bailout for Greece in August 2015. There were three abstentions. Conservative Finance Minister Wolfgang Schaeuble has said a full debate on the credit lifeline in the lower house could lead to market uncertainty. (Reporting by Markus Wacket; Writing by Madeline Chambers; Editing by Alison Williams)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-eurozone-greece-germany-idUKKBN19B1JP'|'2017-06-20T19:40:00.000+03:00'
'5fac0aaac92c2737a728827bece90d0ad1f3e874'|'Tesla close to agreement on first production plant in China - Bloomberg'|'Business News - Mon Jun 19, 2017 - 11:28pm BST Tesla close to agreement on first production plant in China - Bloomberg FILE PHOTO -- A Tesla Model X is photographed alongside a Model S at a Tesla electric car dealership in Sydney, Australia, May 31, 2017. REUTERS/Jason Reed/File Photo Tesla Inc ( TSLA.O ) is close to an agreement to produce its electric cars in China for the first time and gain better access to the world''s largest auto market, Bloomberg reported, citing people familiar with the matter. An agreement with the city of Shanghai would allow Tesla to build its facilities in Lingang development zone and could come as soon as this week, the report said. ( bloom.bg/2rOQwcG ) The electric carmaker, whose revenue from China tripled to more than $1 billion last year, would need to set up a joint venture with at least one local partner under existing rules, Bloomberg reported. Tesla was not immediately available for comment. In March, Tencent Holdings Ltd ( 0700.HK ), China''s biggest internet company, bought a 5 percent stake in Tesla for $1.8 billion. (Reporting by Laharee Chatterjee in Bengaluru; Editing by Arun Koyyur) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-tesla-china-idUKKBN19A30C'|'2017-06-20T06:28:00.000+03:00'
'ec3d929b9590e390a2db73a37d68fff593025e77'|'After MSCI verdict, still long wait for China''s full entry to global indexes'|'  6:56am EDT After MSCI verdict, still long wait for China''s full entry to global indexes * Move to full China inclusion could take a decade - investors * Some investors still question China''s commitment to reform * FTSE Russell says many investors still nervous on China * Fears over financial exposure, poor corporate governance By Michelle Price HONG KONG, June 21 MSCI''s decision to add Chinese shares to a key benchmark is a major milestone, but investors say it will be a long and rocky road ahead before the might of the world''s second-largest economy is fully reflected in global indexes. The U.S. index provider said on Tuesday it would add 222 China-listed stocks to its Emerging Markets Index, tracked by around $1.6 trillion, in what analysts and investors described as a gesture designed to end a four-year impasse with regulators over China''s remaining market controls. But they said it could still take as long as a decade for MSCI to include Chinese shares at the country''s full weighting, citing ongoing uncertainty over the pace of reform, the risk of regulatory shifts and weak corporate governance. "MSCI is at a crossroads. There has been a bit of a stand-off between MSCI and the Chinese regulators, with both parties keen for inclusion to happen - but there are still all these issues unresolved," said Douglas Morton, Head of Research Asia at Northern Trust Capital Markets. "The government does step in to support the market. From an international investor''s point of view, there are concerns that this is not a freely floated index," said Morton, noting Western governments were not immune to similar interventions. Although China has made strides with its liberalisation agenda, it has also proved willing to temporarily row-back on reforms at times of crisis. Beijing intervened heavily in the stock market during the 2015 crash, imposing a raft of capital controls only months before the International Monetary Fund made a decision to include the yuan in its basket of reserve currencies. MSCI has been in discussions with Chinese regulators and global investors for four years over whether to add yuan-denominated shares to the benchmark, but long excluded them because of restricted access to China''s equity markets. The company said it could add a selection of 222 large-cap stocks at a tiny weight of just 0.73 percent, because these shares can be easily traded through a Hong Kong-China "Connect" link. Increasing that weighting will require further market liberalisation, from allowing capital to flow more freely in and out of equities to addressing the high number of stocks that are suspended for long periods. LONG MARCH Sebastien Lieblich, global head of index management research at MSCI, said he could not provide an indicative timeline for full inclusion, or an initial weighting increase. "It''s really in the hands of the Chinese stakeholders, they are dictating the timing," he told reporters. Global investors Schroders, Robeco and Manulife asset management estimated full inclusion could take as long as a decade - longer than already protracted processes for South Korea and Taiwan. "I think it could take five to 10 years for China to be represented at half its total weight in the global indices. In terms of the uplift in inclusion factor, I''d be surprised if they make a following adjustment next year," said David MacKenzie, head of Asian Equity Management at Schroders. And China still has hearts and minds to win elsewhere. Despite MSCI''s move, Mark Makepeace, CEO of MSCI rival FTSE Russell, which compiles the other major emerging market benchmark, told Reuters that many investors continued to have reservations about the China market. "The obligations of China with respect to opening up to international investors in the event of inclusion need to be clear," he said in an interview. The China Securities Regulatory Commission, the country''s securities watchdog, said in a statement that inclusion was "both an opportunity and a challenge for reform" and that China would continue to try to internationalise its market while promoting stability at home. "A" share inclusion and an influx of institutional investors should help promote Beijing''s reform agenda over the long term, but investors worry the addition of the new shares, the bulk of which will be in China''s troubled financial and industrial sectors, also poses near-term risk. "In our experience, many Chinese A-share managements have yet to fully grasp the duties imposed by a listing, not to mention inclusion in a global index," said Gary Greenberg, head of emerging markets at Hermes Investment Management, in a note. "The ability to communicate with foreign investors, even in companies with worldwide operations, tends to be less than world class. For businesses with top line revenues that can top $15 billion, this should have been fixed by now." (Editing by Jacqueline Wong)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/msci-indexes-china-idUSL3N1JI2U5'|'2017-06-21T18:56:00.000+03:00'
'78317fb08ecdeda46384c3c1feb5b605d6ec5360'|'EMERGING MARKETS-Brazil stocks extend losses after labor reform rejected'|'(Updates prices with close of stock markets) By Bruno Federowski SAO PAULO, June 20 Brazil''s stocks extended losses on Tuesday after a Senate committee rejected a proposal to streamline labor laws while falling oil prices hurt the currencies of crude exporters. The labor law proposal in Brazil, rejected in the social affairs committee by 10 to 9 votes, now moves to the constitutional and justice committee before its heads to the floor for a full vote. The Brazilian real weakened as much as 1.7 percent to a one-month low to 3.34 to the dollar before recovering, while the benchmark Bovespa stock index dropped 2.01 percent. Five-year Brazilian credit default swaps reached 242 basis points, the highest since May 22. Traders feared a political scandal may have driven some lawmakers to reconsider their support for other reforms, including a proposal to cut pension spending seen as critical to balancing the government budget. The news drove investors away from Brazilian assets, adding to falling prices of commodities from iron ore to crude that weighed on assets from wider emerging markets earlier on Tuesday. News of increased supply by several key oil producers hammered crude futures to a seven-month low, reflecting unsuccessful attempts by OPEC and others to support prices by cutting output. That had the Colombian peso slipping 0.97 percent to its weakest in a year. The Mexican peso was down 1.3 percent. Shares of oil companies tumbled, weighing on stock markets in the region. Declining shares of Brazilian state-controlled Petróleo Brasileiro SA subtracted the most points from the Bovespa index. Shares of Colombia''s Ecopetrol dropped 2.9 percent. Brazilian miner Vale SA also fell as concerns over Chinese demand for steel and global oversupply dragged iron ore futures lower. Key Latin American stock indexes and currencies at 2027 GMT: Stock indexes daily % YTD % change change Latest MSCI Emerging Markets 1008.67 -0.42 16.98 MSCI LatAm 2491.42 -2 6.44 Brazil Bovespa 60766.16 -2.01 0.89 Mexico IPC 49033.05 -0.28 7.43 Chile IPSA 4795.59 -0.6 15.52 Chile IGPA 24016.22 -0.58 15.83 Argentina MerVal 21657.19 1.71 28.01 Colombia IGBC 10789.74 -1.05 6.53 Venezuela IBC 118753.50 -0.13 274.56 Currencies daily % YTD % change change Latest Brazil real 3.3300 -0.01 -2.44 Mexico peso 18.1950 -1.29 14.01 Chile peso 663.7 -0.33 1.05 Colombia peso 3040.62 -2.15 -1.29 Peru sol 3.272 -0.18 4.34 Argentina peso (interbank) 16.1350 -0.53 -1.61 Argentina peso (parallel) 16.59 -0.36 1.39 (Reporting by Bruno Federowski, additional reporting by Noel Randewich in Mexico City; Editing by Steve Orlofsky)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/emerging-markets-latam-idUSL1N1JH1PY'|'2017-06-21T04:45:00.000+03:00'
'8393a371133888e3337cfd130d87d06bd2721d79'|'China''s neighbours brace for outflows from their markets after MSCI inclusion'|'Business News - Wed Jun 21, 2017 - 4:51am EDT China''s neighbors brace for outflows from their markets after MSCI inclusion FILE PHOTO: A man looks at an electronic board at a brokerage house in Shanghai August 31, 2009. REUTERS/Aly Song/File Photo By Nichola Saminather - SINGAPORE SINGAPORE Investor reaction across Asia to the inclusion of China''s domestic stocks in one of U.S. index provider MSCI''s popular benchmarks was muted on Wednesday, but some Asian markets can expect to suffer from outflows when the indexes are rebalanced. South Korea and Taiwan are likely to be among markets with the biggest declines in their weightings on the MSCI Emerging Markets index .MSCIEF as a result of the change, according to Reuters calculations based on MSCI data. MSCI said that "A" shares, those listed on the mainland, will initially represent a weighting of just 0.73 percent in the benchmark, and will be included via a two-phase process in May and August next year. China''s blue-chip CSI 300 index .CSI300 shook off a bout of early profit taking on Wednesday to end up 1.2 percent - its best close since Dec. 31, 2015 - while the Shanghai Composite .SSEC added 0.5 percent. South Korea''s weighting is projected to fall to 15.27 percent from 15.65 percent as of May 31, according to MSCI data. Taiwan''s is set to be 12.07 percent after China''s initial inclusion, from 12.23 percent. The Philippines is likely to drop to 1.18 percent from 1.2 percent, according to Grace Aller, an analyst at AP Securities. The reduced weightings will result in investors who follow the index cutting their exposure to these markets to stay aligned with the benchmark. "The inclusion of China shares on MSCI''s Emerging Market index would displace shares of other emerging markets," said Jeffrey Lucero from RCBC Securities. South Korea could see outflows of between 600 billion won ($525.36 million) and 4.3 trillion won, the vice chairman of the Financial Services Commission said in a policy meeting in Seoul. Between T$11 billion ($360.80 million) and T$15 billion could exit Taiwan''s main index as a result of MSCI''s move, Taiwan authorities said. For now, investors appear to have largely shrugged off the impact of the MSCI decision, noting its symbolic significance to China but that the inclusion is small in scale. There is also ample lead time for investors to adjust to the change. South Korea''s KOSPI index .KS11 dropped as much as 1 percent after the announcement, but pared losses to 0.5 percent. while Taiwan shares initially fell 0.5 percent but recovered to trade close up 0.24 percent. "The scale of rebalancing required by index trackers will be much less than the impact of the 2015-16 addition of overseas listed stocks (i.e. the China ADRs) which were four to five times larger," UBS strategists Niall MacLeod and Matthew Gilman wrote in a note. Still, some markets are already trying to find ways to limit the outflows and entice investors to remain. Taiwan plans to create an index with South Korea, made up of technology and high-dividend shares, to keep investors from exiting, Chi-hsien Lee, president of the Taiwan Stock Exchange, told Reuters on Wednesday. Taiwan will also encourage more of the island''s financial institutions to list on the domestic bourse, Lee said. (Additional reporting by Nicole Pinto in Bangalore; Editing by Jacqueline Wong) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-msci-indexes-asia-idUSKBN19C0ZC'|'2017-06-21T16:48:00.000+03:00'
'9b1c36367527398f9f5b6dfe74a3d6fee048941c'|'Oracle profit beats as cloud shift gains steam, shares at record'|' 44pm BST Oracle profit beats as cloud shift gains steam, shares at record A sign marks a building housing Oracle offices in Burlington, Massachusetts, U.S., June 21, 2017. REUTERS/Brian Snyder Oracle Corp''s quarterly profit blew past Wall Street estimates and the business software maker forecast an upbeat current-quarter earnings, indicating that the company''s transition to cloud is starting to pay off. The company''s shares were up 10.6 percent to a record high of $51.25 in after-market trading on Wednesday. They had gained about 20 percent this year. A late entrant to the cloud market, Oracle has been doubling down on efforts to bolster its cloud-based services as customers increasingly shun the costlier licensing model. As part of the efforts, the company and AT&T Inc signed in May a deal under which the U.S. telecom provider agreed to move some of its large-scale databases to Oracle''s cloud platform. "In the coming year, I expect more of our big customers to migrate their Oracle databases and database applications to the Oracle Cloud," Oracle founder and Chief Technology Officer Larry Ellison said in a statement. Total cloud revenue surged 58.4 percent to $1.36 billion (£1.07 billion) in the fourth quarter ended May 31. "After several years of struggling to find its footing in cloud, Oracle seems to have turned the corner and heads into its fiscal 2018 with significant momentum," said Josh Olson, analyst at Edward Jones. The success in the cloud business was highlighted by company executives on a post-earnings call. "We sold more than $2 billion in cloud annually recurring revenue. This is the second year in a row that we sold more cloud ARR than Salesforce.com," Ellison said on the call. Buoyed by the growth in cloud, the company forecast first-quarter adjusted profit of between 59 cents and 61 cents per share on a constant currency basis, while analysts'' were expecting 59 cents. On a constant currency basis, Oracle said it expected revenue to grow between 4 percent and 6 percent in the current quarter. To increase its competitiveness in the cloud market, Oracle has also acquired companies including NetSuite, its largest purchase to date. Meanwhile, Oracle''s hardware revenue declined 13.2 percent to $1.11 billion and new software licenses fell 5.1 percent to $2.63 billion in the latest quarter. Net income rose to $3.23 billion, or 76 cents per share, in the fourth quarter, from $2.81 billion, or 66 cents per share, a year earlier. Excluding items, Oracle earned 89 cents per share. The company reported an adjusted revenue of $10.94 billion. Analysts on average had estimated a profit of 78 cents per share and revenue of $10.45 billion, according to Thomson Reuters I/B/E/S. (Reporting by Pushkala A and Laharee Chatterjee in Bengaluru; Editing by Arun Koyyur and Sriraj Kalluvila)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-oracle-results-idUKKBN19C31Z'|'2017-06-22T06:44:00.000+03:00'
'0fddc03d309b2b6ee14e7df9b80d6babfa2c657d'|'Russia''s Rosneft CEO says takeover of India''s Essar is closed'|'Deals - Asia - Thu Jun 22, 2017 - 5:27pm IST Russia''s Rosneft CEO says takeover of India''s Essar is closed Rosneft Chief Executive Igor Sechin speaks during a session of the St. Petersburg International Economic Forum (SPIEF), Russia, June 2, 2017. REUTERS/Sergei Karpukhin SOCHI, Russia The takeover of India''s Essar Oil by Russia''s largest oil producer Rosneft ( ROSN.MM ) can be now considered as closed, Rosneft CEO Igor Sechin told a shareholders'' meeting on Thursday. The deal, where Rosneft will hold a 49 percent stake, will allow the Russian company to increase oil refining output by 20 percent this year, he said. Sechin also said that the synergy effect from the privatization of oil company Bashneft ( BANE.MM ) had totaled more than 40 billion rubles ($669.9 million) in the first two quarters of this year. Rosneft''s gas production is set to be rising by more than 10 percent a year, Sechin said, while overall investments are seen at more than 1 trillion rubles annually in the coming years. ($1 = 59.7109 rubles) '|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-russia-rosneft-essar-idINKBN19D1FI'|'2017-06-22T09:57:00.000+03:00'
'56acc9244db0ba4999d2165bd7e7fd4760ffdd43'|'UPDATE 1-UK Stocks-Factors to watch on June 22'|'Market News - Thu Jun 22, 2017 - 2:53am EDT UPDATE 2-UK Stocks-Factors to watch on June 22 (Updates futures, adds items) June 22 Britain''s FTSE 100 futures were down 0.11 percent ahead of the cash market open. * STANDARD LIFE/ABERDEEN: Britain''s competition watchdog said it had cleared Standard Life''s 11 billion pound ($14 billion) deal to buy Aberdeen Asset Management, paving the way for the tie-up, which will create the country''s biggest listed asset manager. * IMAGINATION TECHNOLOGIES: Imagination Technologies, the British company that has lost 70 percent of its value following a dispute with its biggest customer Apple, said on Thursday it had put itself up for sale. * LONDON FIRE: The chief executive of a London borough where a tower block fire killed at least 79 people in Britain''s worst blaze since World War Two has resigned. * DIAGEO: Diageo Plc has agreed to buy George Clooney''s high-end tequila brand Casamigos in a deal valuing it at up to $1 billion, as the world''s largest spirits maker seeks to boost its presence in a high-growth market. * GSK: A U.S. jury has ordered Teva Pharmaceutical Industries Ltd to pay GlaxoSmithKline Plc more than $235 million for infringing a patent covering its blood pressure drug Coreg, court documents showed. * HORNBY: Phoenix Asset Management on Wednesday it would become the majority shareholder in Hornby Plc and offered to buy the rest of the company, less than three months after thwarting efforts to oust the British toymaker''s chairman. * CAIRN ENERGY: British independent oil exploration company Cairn Energy''s 9.8 percent stake in Cairn India, may be put up for sale as part of tax recovery proceedings started late last week, India''s Business Standard newspaper reported. ( bit.ly/2tvhdFn ) * BRITAIN TOURISM: Britain''s tourism industry is proving resilient despite recent militant attacks and is set for higher bookings this year, outperforming the European average, travel data analysis company ForwardKeys said on Thursday. * UK ELECTION: Theresa May will still be British leader at the end of this year, finance minister Philip Hammond said on Thursday. * BREXIT: Britain''s departure from the European Union could strengthen the bloc''s political integration and make Germany more attractive as a business location, German Deputy Finance Minister Thomas Steffen said on Thursday. * BREXIT: Prime Minister Theresa May will outline on Thursday her approach to the "hugely important issue" of reassuring EU expatriates about their futures in Britain, at a summit that is her first Brexit test since an election sapped her authority. * OIL: Oil prices rose on Thursday after U.S. crude and gasoline stockpiles fell, but worries over whether OPEC-led output cuts would be able to rein in a three-year glut continued to drag. * GOLD: Gold prices climbed on Thursday as an easing U.S. dollar flattened U.S. Treasury yields to their lowest in nearly a decade. * COPPER: London copper held on to hefty overnight gains, spurred on by data showing the metal''s shift to global a supply deficit. * EX-DIVS: Experian, Land Securities Group, Mediclinic , United Utilities Group will trade without entitlement to their latest dividend pay-out on Thursday, trimming 1.88 points off the FTSE 100 according to Reuters calculations * The UK blue chip index was down 0.3 percent at 7,447.79 points at its close on Wednesday, as losses among energy stocks and sub-prime lender Provident Financial weighed, while a stronger pound was also unhelpful. * For more on the factors affecting European stocks, please click on: cpurl://apps.cp./cms/?pageId=livemarkets TODAY''S UK PAPERS > Financial Times > Other business headlines Multimedia versions of Reuters Top News are now available for: * 3000 Xtra : visit topnews.session.rservices.com * For Top News : topnews.reuters.com (Reporting by Noor Zainab Hussain in Bengaluru)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-stocks-factors-idUSL3N1JJ2CX'|'2017-06-22T14:33:00.000+03:00'
'330ec91e640e2b47f8cead6486c3c6d11e6df2fd'|'Short seller Cohodes keeps Home Capital short bet despite Buffett'|'NEW YORK, June 22 Short seller Marc Cohodes, who has bet against Home Capital Group Inc shares for more than two years, said on Thursday he is keeping his short position on the Canadian lender despite a capital infusion from Warren Buffett''s Berkshire Hathaway Inc."This was clearly the best deal they had," Cohodes said in a telephone interview. "If it wasn''t Warren Buffett''s name, the stock would be way, way, way down today."Home Capital shares soared as much as 18 percent to its highest since April after Berkshire Hathaway agreed to provide a new C$2 billion loan facility. (Reporting by Jennifer Ablan; Editing by Jeffrey Benkoe)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/home-capital-buffett-cohodes-idINL1N1JJ12U'|'2017-06-22T14:17:00.000+03:00'
'007c534259380bbaa2847149d904b0f494b10283'|'Beyond air show, newcomers challenge Airbus-Boeing duopoly'|'By Matthias Blamont and Victoria Bryan - PARIS PARIS This year''s Paris Air Show was dominated by the annual order battle between Airbus and Boeing, but industry executives said the duopoly will be forced to share the stage at future shows as newcomers from Russia, China and Japan muscle into the passenger plane market.Japan''s Mitsubishi Aircraft Corp brought its MRJ regional jet to Europe for the first time during the air show. China and Russia carried out maiden flights of new narrow-body aircraft last month in their bids to enter the $100 billion-plus annual aerospace market.The two countries have also set up a joint venture to build wide-body jets to challenge incumbents.Consultants Alix Partners estimates that of the current order backlog of around 13,000 planes, about 7-8 percent are for planes from new entrants, among them Russia, China and Japan.Delegates at the show said mounting a proper challenge will take Russia and China at least a decade. The newcomers face headwinds including proving their technology, and gaining customer confidence by deploying and maintaining a quality aircraft maintenance and support network."Overall, there are big steps not only on the product side but on the support and services side for the airlines to feel confident that they can go in and order those aircraft," Pascal Fabre, managing director at Alix Partners in Paris, said.However, China and Russia are large enough markets that orders from their home countries alone could propel the respective airliner ventures.Among COMAC''s first customers for its C919 was China Eastern, which has ordered up to 20 planes from the Chinese manufacturer, while Aeroflot is due to take the Russian MS21.COMAC said this week total orders for the C919 stood at 600 from 24 customers.Giorgio Callegari, strategy and alliances director at Russian carrier Aeroflot, said people he met at the air show showed great interest in the MS21 and the Russian-China wide-body cooperation. Aeroflot is set to lease 50 MS21 planes from state defence conglomerate Rostec."If maybe in the past, Russian airplanes were discarded as a non-factor, they are now taken much more seriously and people can see that they are potentially a serious competitor," he told Reuters.The chief executive of Qatar Airways, Akbar Al Baker, said he would not have a problem buying jets from Chinese or Russian manufacturers, provided they met operational and performance requirements.BATTLE FOR THIRD SPOTSome executives at the airshow said the marketplace would eventually settle on three major manufacturers and placed their bets on China''s COMAC to win that third spot."Twenty years from now, I think there''ll be the big three manufacturers of Airbus, Boeing and China," said Airbus sales chief John Leahy.However, Leahy said it would be hard for countries to make billions of dollars of investments over decades to get the product line and support network up to scratch.Cedric Goubet, vice president of commercial engines at Safran, said he too is betting on the Chinese."My feeling is that it will be the Chinese. They have the resources, the skills, the national ambitions and a huge domestic market," he said, while adding that it was also crucial to get export orders.Dang Thiehong, deputy head of marketing at China''s COMAC, told Reuters the aircraft market was big enough to share. "We hope to provide our services and products to the market no matter in which part of the world," he said.China is crucial to the growth prospects of all the major airliner manufacturers.Randy Tinseth, vice president of marketing and sales at Boeing''s commercial aircraft division, cautioned against the dangers of underestimating new rivals, "Never sell your competition short."Japan''s Mitsubishi has set its sights on the regional jet market instead of going head to head with the larger planes sold by Airbus and Boeing or rising Chinese and Russian rivals.Yugo Fukuhara, vice president sales and marketing at Mitsubishi, told Reuters, "Our vision of this business is to become one of two major regional plane makers. We don''t compete with China and Russia."(Additional reporting by Tim Hepher, Andrea Shalal, Giulia Segreti, Cyril Altmeyer, Mike Stone; Editing by Adrian Croft)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/airshow-paris-newcomers-idINKBN19D2DK'|'2017-06-22T16:11:00.000+03:00'
'4499def22602b08b9b93522fc18c5ced2cde0aac'|'Oil prices climb off 10-month lows as U.S. stockpiles drop'|'Business  37am BST Oil prices climb off 10-month lows as U.S. stockpiles drop FILE PHOTO: A general view of the Cardon refinery complex which belongs to the Venezuelan state oil company PDVSA in Punto Fijo, Venezuela November 17, 2016. REUTERS/Carlos Garcia Rawlins TOKYO Oil prices rose on Thursday for the first time in three days after U.S. crude and gasoline stockpiles fell, but investors are looking for more signs that output cuts by OPEC and some other producers are ending a three-year glut. The market largely shrugged off comments overnight from Iran''s oil minister that members of the Organization of Petroleum Exporting Countries (OPEC) are considering deeper cuts in production. Brent crude futures LCOc1 were 9 cents, or 0.2 percent higher, at $44.91 a barrel at 0018 GMT, after falling 2.6 percent in the previous session to their lowest since August last year.   were 12 cents, or 0.3 percent, higher at $42.65 a barrel. On Wednesday, they settled down at $42.53,   intraday level since August 2016. Since peaking in late February, crude has dropped around 20 percent, with only brief rallies, completely erasing gains at the end of the year in the wake of the initial OPEC-led production cut. OPEC and other producers agreed to cut output by 1.8 million barrels per day from January for six months, subsequently extended for a further nine months. With production rising in Nigeria and Libya, countries exempt from the deal, and output surging in the United States, which was not part of the agreement, the bulls have thrown in the towel. And a bigger than expected cut in U.S. crude stockpiles reported overnight is barely shifting the dial. Crude inventories USOILC=ECI fell 2.5 million barrels in the week to June 16, surpassing analysts'' expectations for a decrease of 2.1 million barrels, as imports USOICI=ECI rose marginally by 56,000 barrels per day, the U.S. Energy Information Administration said on Wednesday. Gasoline stocks USOILG=ECI fell 578,000 barrels, compared with analysts'' expectations for a seasonally unusual 443,000-barrel gain, which had been seen as bearish in the market. Stocks of the motor fuel had also risen unexpectedly by 2.1 million barrels in the previous week, despite the start of the summer driving season. (Reporting by Aaron Sheldrick; Editing by Joseph Radford)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-global-oil-idUKKBN19D027'|'2017-06-22T08:37:00.000+03:00'
'd13a4add210d931d649845305fb8e12ff05f8cd1'|'Tech industry asks who will lead Toshiba''s motley white knights'|'Business   1:52pm BST Tech industry asks who will lead Toshiba''s motley white knights A shareholder arrives at Toshiba''s extraordinary shareholders meeting in Chiba, Japan March 30, 2017. REUTERS/Toru Hanai By Makiko Yamazaki - TOKYO TOKYO A hastily-assembled group of investors looks set to win the bid for Toshiba Corp''s prized memory chip business, but a lack of clear leadership or industry clout is raising questions about who will take tough decisions about strategy and investment. After a fiercely contested, months-long auction, Toshiba on Wednesday said a consortium of Japanese government investors and private equity firm Bain Capital was the preferred bidder, aiming to seal a deal worth some $18 billion (14.22 billion pounds) by next week. The sale will provide much-needed cash for the electronics giant, which has been forced to divest part of its chip business to cover billions of dollars in cost over-runs at its now-bankrupt U.S. nuclear power business Westinghouse. But the group of awkward bedfellows could struggle in the cash-intensive and competitive tech sector, famous for hairpin swings in consumer demand and a brutally small margin of assembly-line error, senior industry participants said. Flagging a lack of industry expertise and cultural differences, the disparate consortium would likely need to bring in a leader from outside to run the core unit to be spun off from the world''s eighth largest semiconductor maker, they said. "Chip chiefs must be someone like Carlos Ghosn, who exercised strong leadership in Nissan''s turnaround," said Tsugio Makimoto, former Hitachi Ltd chief engineer, referring to the Brazilian-born boss credited with reviving the fortunes of car makers Renault and Nissan. "It will be hard for a patched-together group like the Japan-U.S.-South Korea consortium to achieve such leadership." STATE INTERVENTION Japanese policymakers are notoriously reluctant to let big business failures hurt the wider economy, but state-led investors have a patchy history of turning around troubled corporates in the country. In addition to Bain, the group includes state-backed fund, the Innovation Network Corp of Japan (INCJ) and the Development Bank of Japan. South Korean chipmaker SK Hynix Inc and the core banking unit of the Mitsubishi UFJ Financial Group Inc are in talks to provide financing. A senior Toshiba executive said that anti-trust concerns around SK Hynix''s memory operations mean it would not participate in the management of the chip business. "No one in the consortium knows the management of the memory chip business as SK Hynix would stay in the background," the executive said. SK Hynix declined to comment. Still, the group is seen by many analysts as being the most likely suitor as it would automatically gain an implicit stamp of approval from the Japanese government, which is keen to keep key semiconductor technology under domestic control. Toshiba is the world''s No. 2 producer of NAND flash memory chips that are increasingly in demand from electronics makers as consumers look for ever larger long-term data storage. MIXED RESULTS INCJ''s past record in bringing Japanese electronic component makers back from the brink and aiding wider restructuring in the sector has yielded mixed results. The group, a public-private partnership, five years ago cobbled together Japan Display from the ailing display units of Sony Corp, Hitachi Ltd and Toshiba. The liquid crystal display maker has posted three consecutive years of losses and is now considering deeper restructuring despite receiving 75 billion yen ($685 million) in investment from INCJ in December. On the other hand, INCJ''s bailout of Renesas Electronics Corp in 2013 is considered a win, with its share price more than trebling to trade around 1,000 yen, from 300 yen at the time of its rescue. However, Kuninori Hamaguchi, a semiconductor expert who is currently external audit and supervisory board member at Oki Electric Industry Co, warns Toshiba''s investment requirements are incomparably greater than those of INCJ''s past rescues. "INCJ''s investment in Renesas is considered a success. Their strategy worked because they narrowed down their target to the automotive industry and focused on automotive chips," Hamaguchi said. "But Toshiba''s memory business is massive in scale. Flash memory will be central to data servers in coming years. It would be a capital battle." An INCJ spokeswoman said the fund plans to proceed with detailed negotiations to clinch a deal as a consortium, but declined to comment further. The Development Bank of Japan declined to comment, while representatives Bain Capital could not be reached. A spokeswoman said Toshiba Memory plans to provide sufficient information to the consortium to allow the new management to make decisions in a timely and appropriate manner. NOT OVER YET Meanwhile, the consortium''s bid is not over the finishing line yet. Rival bidder Western Digital says Toshiba is in breach of its joint venture contracts. The companies jointly operate a flash memory chip plant in Japan. Western Digital has requested a U.S. court injunction and a hearing is scheduled for mid-July. Terry Gou, the outspoken founder of Taiwan''s Foxconn, the world''s largest contract electronics maker and another bidder in the auction, still saw scope for his company''s bid to succeed given some of the uncertainties around the consortium''s structure. He also questioned the Japanese government''s involvement in the auction, contrasting it with his own experience of raising investment. "I haven''t gotten any government money," Gou told reporters at his company''s annual general meeting on Thursday. "I haven''t asked for a single dollar from the Taiwan government." (Additional reporting by Kentaro Hamada, Taro Fuse, Taiga Uranaka in TOKYO, Jess Macy Yu in TAIPEI, Joyce Lee in SEOUL,; Writing by Sam Holmes; Editing by Alex Richardson)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-toshiba-accounting-chips-analysis-idUKKBN19D1L7'|'2017-06-22T20:52:00.000+03:00'
'b33d1c737bdf425e0fe36653a5f2bf5fd2fa4828'|'Sharp CEO: Foxconn to continue to pursue Toshiba chip unit acquisition'|'Business News   4:47am BST Sharp CEO: Foxconn to continue to pursue Toshiba chip unit acquisition The logo of Foxconn, the trading name of Hon Hai Precision Industry, is seen on top of the company''s headquarters in New Taipei City, Taiwan June 12, 2017. REUTERS/Eason Lam TAIPEI Taiwan''s Foxconn will continue to pursue an acquisition of Toshiba Corp''s chip business, a day after the troubled conglomerate chose a rival suitor as the preferred bidder, the head of Foxconn''s Japanese unit said. "We will continue our efforts," Sharp Corp CEO Tai Jeng-wu told reporters on the sidelines of Foxconn''s annual shareholders meeting. "We will use our track record, our efforts at Sharp, Foxconn''s global reach - we are a global company, not a Taiwan company," Tai said. Foxconn is formally known as Hon Hai Precision Industry Co. (Reporting by J.R. Wu; Editing by Edwina Gibbs)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-toshiba-accounting-foxconn-idUKKBN19D09B'|'2017-06-22T11:47:00.000+03:00'
'b6df1ec6acc9e64d902a4524e22c8d03397e0a0c'|'BRIEF-Funds managed by Oaktree increase ownership in SunOpta'|'Market News - Wed Jun 21, 2017 - 4:55pm EDT BRIEF-Funds managed by Oaktree increase ownership in SunOpta June 21 Oaktree Capital Group Llc: * Oaktree Capital Group Llc - funds managed by Oaktree increased their beneficial ownership in common shares of SunOpta Inc during Q2 of 2017 * Oaktree Capital Group Llc - on May 12, 2017, funds managed by Oaktree acquired 1.4 million common shares in aggregate at a price of US$8.00 per share * Oaktree Capital Group Llc- funds managed by Oaktree beneficially own about 16.16 percent of outstanding common shares of SunOpta on partially diluted basis Source text for Eikon: '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-funds-managed-by-oaktree-increase-idUSFWN1JI0OL'|'2017-06-22T04:55:00.000+03:00'
'06ea96e2cd39ce97fe9be38488e85ce5157660a2'|'China''s Dalian Wanda Group denies ''rumors'' of bond sales'|'Business News - Thu Jun 22, 2017 - 1:13am EDT China''s Dalian Wanda Group denies ''rumors'' of bond sales Wang Jianlin of Dalian Wanda Group gives a speech at a university in Beijing, China May 12, 2017. REUTERS/Stringer BEIJING China''s Dalian Wanda Group Co denied as "malicious speculation" that some Chinese banks had ordered the sale of its bonds, the company said in a statement on Thursday. Wanda Group, controlled by billionaire Wang Jianlin, called the speculation "rumors", and said it was operating normally. Wanda-issued bonds traded on the Shanghai Stock Exchange dropped 1.8 percent on Thursday, and shares in Wanda Film Holding Co ( 002739.SZ ) fell 10 percent, before they were suspended on the Shenzhen bourse. (Reporting By Matthew Miller; Editing by Himani Sarkar) '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-china-wanda-idUSKBN19D0EB'|'2017-06-22T13:13:00.000+03:00'
'1c8dba2aee5f78aecd7c4016d43d900083c09ac9'|'Boeing wins hot Paris order race'|'Davos   2:47pm BST Boeing wins hot Paris order race left A Boeing 737 Max takes part in a flying display. REUTERS/Pascal Rossignol 1/8 A Boeing 737 Max takes part in flying display. REUTERS/Pascal Rossignol 2/8 left right Maziar Farzam, President of Inhance Digital, demonstrates virtual reality glasses which provide digital information about the Boeing 787-10 aircraft. REUTERS/Pascal Rossignol 3/8 left right Rick Anderson, Vice President of Northeast Asia Sales of Boeing Commercial Airplanes, and Xie Jinguo, President of Ruilli Airlines, are seen during a commercial announcement at the 52nd Paris Air Show at Le Bourget Airport near Paris, France, June 22, 2017. REUTERS/Pascal Rossignol 4/8 left right An Airbus A321 neo flies during a flying display at the first day of the 52nd Paris Air Show at Le Bourget airport near Paris, France June 19, 2017. REUTERS/Pascal Rossignol 5/8 left right An Airbus A350-1000 Xwb (back) and an Airbus A321neo are seen on static display during the 52nd Paris Air Show at Le Bourget Airport near Paris, France, June 22, 2017. REUTERS/Pascal Rossignol 6/8 left right An Airbus A350-1000 Xwb is seen on static display during the 52nd Paris Air Show at Le Bourget Airport near Paris, France, June 22, 2017. REUTERS/Pascal Rossignol 7/8 left right President and CEO of Airbus Fabrice Bregier and Chief Operating Officer-Customers of Airbus John Leahy react during a news conferance at the 52nd Paris Air Show at Le Bourget Airport near Paris, France, June 22, 2017. REUTERS/Pascal Rossignol 8/8 By Victoria Bryan and Tim Hepher - PARIS PARIS Boeing ( BA.N ) won a red hot race for new business at the Paris Airshow, rolling out a new model of its best-selling 737 airliner that helped it claim back the order crown from rival Airbus ( AIR.PA ) After a show in which both manufacturers did brisk business under a sweltering sun, the European planemaker said on Thursday it won 326 net new orders and commitments while U.S. rival Boeing said its total was 571. That included 147 new orders and commitments for the 737 MAX 10, plus 214 conversions to the MAX 10 from other models to support the launch of the new plane. "The MAX stole the show," Ihssane Mounir, vice president of sales and marketing at Boeing''s commercial aircraft division, told journalists. "This is probably one of our busiest air shows." Asked if Airbus had lost momentum after years in which it often trounced Boeing at annual industry gatherings, sales chief John Leahy said the slowdown in orders had been expected. "Is this a slower show than previous years? Yes, it is. Are we conceding that Boeing sold a few more airplanes than we did? Yes," he told a news conference. In a late flurry on Thursday morning, Airbus signed deals for almost 100 aircraft, with AirAsia and privately-owned Iranian carriers Zagros Airlines and Iran Airtour. Boeing topped up its tally by announcing a firm order for 125 737 MAX 8 airplanes with an undisclosed customer and another deal with lessor AerCap ( AER.N ) to convert 15 of its MAX 8 orders into the larger MAX 10. It also added a memorandum of understanding from Chinese domestic Riuli Airlines for 20 737 MAX 8 aircraft. Analyst Richard Aboulafia, of Virginia-based Teal Group, said commercial activity had been better than expected and was reminiscent of shows in 2009 and 2011, when the aircraft industry had bucked a retreating world economy. "This time we''ve got instability and uncertainty in many regions of the world, but airline traffic is strong, and as we''ve seen at this show, airlines want jets and the finance people are certainly happy to help." Leahy said he had expected the new Boeing plane to make more of a splash. "We had expected they would have had a bigger launch on the 737 MAX 10, not quite as many conversions, more incremental orders." While he did not expect the MAX 10 to be a viable competitor to the A321, Leahy said the Boeing plane''s launch could result in price pressure. "They''re clearly going to come after us on price." The A321 is larger than any previous member of the 737 family, a gap that the MAX 10 is intended to close. (Reporting by Tim Hepher and Victoria Bryan; Additional reporting by Andrea Shalal and Mike Stone; editing by John Stonestreet)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-airshow-paris-idUKKBN19D0UQ'|'2017-06-22T20:20:00.000+03:00'
'd0f76c14f18885053ce2439c135c43d5edd67473'|'BRIEF-Funds managed by Oaktree increase ownership in SunOpta'|'June 21 Oaktree Capital Group Llc:* Oaktree Capital Group Llc - funds managed by Oaktree increased their beneficial ownership in common shares of SunOpta Inc during Q2 of 2017* Oaktree Capital Group Llc - on May 12, 2017, funds managed by Oaktree acquired 1.4 million common shares in aggregate at a price of US$8.00 per share* Oaktree Capital Group Llc- funds managed by Oaktree beneficially own about 16.16 percent of outstanding common shares of SunOpta on partially diluted basis Source text for Eikon:'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/brief-funds-managed-by-oaktree-increase-idINFWN1JI0OL'|'2017-06-21T18:55:00.000+03:00'
'729ad6c2a2b12afcfe828c1b887176f170c641d3'|'Harley-Davidson enters race to buy Italian rival Ducati - sources'|'Business   8:30pm BST Harley-Davidson enters race to buy Italian rival Ducati - sources Harley-Davidson bikes are lined up at a bike fair in Hamburg, Germany, February 24, 2017. REUTERS/Fabian Bimmer By Pamela Barbaglia - LONDON LONDON U.S. motorcycle maker Harley-Davidson ( HOG.N ) is lining up a takeover bid for Italian rival Ducati, potentially bringing together two of the most famous names in motorcycling in a deal that could be worth up to 1.5 billion euros (£1.3 billion), sources told Reuters. Indian motorcycle maker Bajaj Auto ( BAJA.NS ) and several buyout funds are also preparing bids for Ducati, which is being put up for sale by German carmaker Volkswagen ( VOWG_p.DE ). A deal with Harley-Davidson would bring together the maker of touring bikes like the Electra Glide that are symbolic of America with a leading European maker whose high-performance bikes have a distinguished racing heritage. Milwaukee-based Harley-Davidson has hired Goldman Sachs to work on the deal, one source familiar with the matter said, adding tentative bids were expected in July. Volkswagen, whose Audi division controls Ducati – maker of the iconic Monster motorbike – is working with investment boutique Evercore on the sale which will help it fund a strategic overhaul following its emissions scandal. Based in the northern Italian city of Bologna, Ducati was on the wish list of private equity funds KKR ( KKR.N ), Bain Capital and Permira, which are all working on the deal, said the sources who declined to be identified as the process is private. Ducati was launched in 1926 as a maker of vacuum tubes and radio components and its Bologna factory remained open in World War Two despite being the target of several bombings. Ducati racers have won the Superbike world championship 14 times, with Carl Fogarty and Troy Bayliss its most successful riders. Harley-Davidson, which commands about half the U.S. big-bike market, was founded in Milwaukee, Wisconsin at the start of the last century and was one of two major American motorcycle manufacturers to survive the great depression. Demand for Harley''s motorcycles continues to be slow as its loyal baby boomer demographic ages and rivals such as the Indian brand bike maker Polaris Industries Inc ( PII.N ) and Japan''s Honda Motor Co Ltd ( 7267.T ) offer discounts. Volkswagen''s powerful labour unions, which control half the seats on the carmaker''s 20-strong supervisory board, repeated their opposition to selling the Italian motorcycle maker. "Ducati is a jewel, the sale of which is not supported by the labour representatives on Volkswagen''s supervisory board," a spokesman for VW group''s works council said in an email. "Harley-Davidson is miles behind Ducati in technology terms," he added. BIDDING FIELD Evercore has sent out information packages to a number of potential suitors including Ducati''s previous owner Investindustrial, sources with knowledge of the matter said. Investindustrial bought a stake in Ducati before the financial crisis, subsequently taking control of the business before selling it to Audi in 2012. It is now looking to compete with heavyweight private equity firms and large industry players to regain control. Volkswagen, Audi, Harley-Davidson, KKR and Bain Capital declined to comment. Bajaj, Investindustrial and Permira were not immediately available. Volkswagen, Europe''s largest carmaker, is seeking to move beyond an emissions-cheating scandal that has tarnished its image and left it facing billions of euros in fines and settlements. A successful deal for Ducati, which last year reported revenues of 593 million euros, would show Volkswagen boss Matthias Mueller is serious about reversing his predecessor''s quest for size. Volkswagen said last June it would review its portfolio of assets and brands, rekindling speculation among analysts that "non-core" businesses could be put up for sale. Volkswagen hopes to raise between 1.4 billion and 1.5 billion euros from the sale of Ducati, valuing it at 14-15 times its earnings before interest, taxes, depreciation and amortisation (EBITDA) of about 100 million euros, the sources said. The German car maker wants a valuation that reflects trading multiples of similar trophy assets in the automotive industry, such as Italian car maker Ferrari ( RACE.MI ) which trades at almost 30 times its forward earnings. Yet it may need to compromise on price as some of the bidders would struggle to pay as much as 1.5 billion euros for Ducati, several sources said. Price expectations have already proved challenging for some industry players who recently decided against bidding. Indian motorcycle firm Hero MotoCorp ( HROM.NS ) and its rival TVS Motor Company ( TVSM.NS ) initially expressed interest in Ducati but were put off by its price tag and decided to walk away, the sources said. German car marker BMW ( BMWG.DE ) and Japanese motorcycle makers Honda ( 7267.T ) and Suzuki ( 7269.T ) have also decided against bidding for Ducati, sources close to the companies told Reuters. A BMW spokesman confirmed the German firm was not interested in Ducati, while Hero and TVS were not immediately available for comment. Another source close to Volkswagen said the sale of Ducati might not be finalised before the annual EICMA motorcycle show in Milan in mid-November as Volkswagen wanted to find the right buyer and the sales process might take time. (Additional reporting by Arno Schuetze in Frankfurt, Andreas Cremer in Berlin, Naomi Tajitsu in Tokyo, Aditi Shah in New Delhi and Kane Wu in Hong Kong; Editing by Adrian Croft and Edmund Blair)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-volkswagen-ducati-m-a-idUKKBN19C1XP'|'2017-06-22T03:30:00.000+03:00'
'c5992ceac1ba3fce05200104a8fa55a34bc99619'|'Iran''s Zagros Airlines commits to buying 28 Airbus aircraft'|'Business News - Thu Jun 22, 2017 - 7:30am EDT Two Iranian airlines plan to buy 73 Airbus jets An Airbus A350-1000 Xwb is seen on static display during the 52nd Paris Air Show at Le Bourget Airport near Paris, France, June 22, 2017. REUTERS/Pascal Rossignol By Victoria Bryan and Tim Hepher - PARIS PARIS Airbus said on Thursday two Iranian airlines had committed to buying 73 planes in a last-minute flurry of deals for the European planemaker at the Paris Airshow. Iranian domestic carrier Zagros Airlines signed a memorandum of understanding (MoU) to buy 20 Airbus ( AIR.PA ) A320neo jets and eight A330neo aircraft, while privatized Iran Airtour signed an MoU for 45 A320neos. Iran has ordered more than 200 planes since international sanctions against the country were lifted last year in return for curbs on the country''s nuclear activities. IranAir has ordered 100 planes from Airbus, 80 from U.S. rival Boeing ( BA.N ) and 20 ATR turboprops but implementing the deals has been hampered by uncertainty over financing. Boeing has also signed a deal for 30 737 MAX jets with Iran''s Aseman Airlines, which is managed as a private company and owned by Iran''s civil service pension foundation. Iran Airtour was established as a subsidiary of IranAir and privatized in 2011 but maintains a status as subsidiary of the national flag carrier, according to CAPA aviation consultancy. Zagros Airlines is a private carrier. Airbus Chief Operating Officer and planemaking president Fabrice Bregier said he did not believe the deals were related to political issues. The company said the MoUs were contingent upon all necessary approvals, including from the U.S. Treasury''s Office of Foreign Assets Control. Airbus sales chief John Leahy said he expected the U.S. approvals within the next couple of months. Airbus said it would continue to act in full compliance with the Iran nuclear deal, also known as the Joint Comprehensive Plan Of Action, and associated rules. (Additional reporting by Parisa Hafezi and Sudip Kar-Gupta; editing by David Clarke) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-airshow-paris-airbus-zagros-idUSKBN19D0IG'|'2017-06-22T14:19:00.000+03:00'
'076f44f44032617164e753038d69e90c751dbd51'|'TREASURIES-Yield curve near almost 10-year lows on inflation concerns'|'(Adds Fed speakers; Updates prices) * Yield curve holds near flattest levels since 2007 * Fed''s Mester says inflation declines likely temporary * Fed''s Bullard says further rate hikes should depend on inflation By Karen Brettell NEW YORK, June 23 U.S. Treasuries yields were little changed on the day on Friday and the yield curve held near its flattest levels in almost 10-years as expectations of low inflation continued to boost demand for longer-dated debt. The yield curve flattened this week as oil prices declined and concerns lingered over last week’s weaker-than-expected Consumer Price Index report. “For the third month in a row, (CPI) was way below expectations,” said Jim Vogel, an interest rate strategist at FTN Financial in Memphis, Tennessee, adding that continued declines in non-seasonally adjusted consumer prices played a large role in the market move. A decline in oil prices despite positive fundamentals added to concerns, Vogel said. The yield curve was last at 96 basis points after flattening to 95 basis points on Thursday, the lowest since December 2007. Benchmark 10-year notes were unchanged on the day in price to yield 2.15 percent. Expectations that the Fed will continue on its tightening course has weighed on short- and intermediate-dated notes, which are the most sensitive to central bank''s policy, even as longer-dated debt rallied. New York Fed President William Dudley and Boston Fed President Eric Rosengren both took a hawkish tone this week on monetary policy, noting that pausing the tightening cycle could pose risks to the economy. Cleveland Fed President Loretta Mester added to the sentiment on Friday, saying that recent inflation weakness was likely temporary and it should not delay another interest-rate hike this year. St. Louis Fed President James Bullard, by contrast, said on Friday that the Fed should wait on any further rate increases until it is clear inflation is reliably heading to the Fed''s 2 percent target. The Fed has emphasized the improving job market and an expectation that inflation will return to targets despite recent declines. The next major economic release, June’s employment report on July 7, will be watched for signs of further improvement in the labor force. “If the Fed is going to continue to watch the employment rate while everyone else watches inflation, the Fed’s probably not going to veer off its course,” said Vogel. (Editing by Lisa Von Ahn and Grant McCool) )'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/usa-bonds-idINL1N1JK1C0'|'2017-06-23T16:41:00.000+03:00'
'258feb0d705799a04f123e9c99f467806f7f0106'|'A year after Brexit vote, European and UK shares diverge'|'Top News - Fri Jun 23, 2017 - 8:41am BST A year after Brexit vote, European and UK shares diverge People walk through the lobby of the London Stock Exchange in London, Britain August 25, 2015. REUTERS/Suzanne Plunkett/File photo LONDON Another wobble in commodity-related shares saw UK bluechips extend their underperformance against continental European peers on Friday. Britain''s FTSE 100 .FTSE fell 0.5 percent weighed down by weakness in mining and oil stocks, as well as in shares of large-cap dollar earners. Friday marked the one-year anniversary of Britons voting to leave the EU which sent sterling, UK and European stocks into a tailspin. While stocks have recovered sharply from their slump in the immediate aftermath, in US dollar terms, UK stocks continue to lag peers in Europe and elsewhere as a cloudy outlook for sterling dented appetite among foreign investors. European blue chips .STOXX50E retreated 0.1 percent on the day as gains in French and Italian banks helped limit losses. Finnish and Swedish markets were closed for a holiday. (Reporting by Kit Rees, Editing by Vikram Subhedar) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-europe-stocks-idUKKBN19E0P0'|'2017-06-23T15:41:00.000+03:00'
'380d288cb5a457a6e0bbab9aed6e919921b25bb9'|'PRESS DIGEST- New York Times business news - June 23'|'June 23 The following are the top stories on the New York Times business pages. Reuters has not verified these stories and does not vouch for their accuracy.- Tesla Inc is in discussions to establish a factory in Shanghai, its first in China, a move that could bolster its efforts in one of its major markets even as it further lifts China''s position as a builder of electric cars. nyti.ms/2swu9wo- The largest U.S. banks breezed through the first phase of their annual Federal Reserve stress tests, demonstrating that they have enough capital to withstand the type of financial shock that nearly ruined the industry and the world economy in 2008. nyti.ms/2sx12ZR- Berkshire Hathaway Inc, run by Warren Buffett, agreed to buy a stake in Home Capital Group Inc, which has struggled amid accusations of fraud. nyti.ms/2swtnzu- Akbar al-Baker, the chief executive of Qatar Airways, recently approached his counterpart at American Airlines Group Inc, a bitter rival, with some news: His state-owned company wanted to buy a 10 percent stake in American. nyti.ms/2sx3kZa- Martin Shkreli, former hedge fund manager, "pharma bro" and self-styled bad boy, sat in federal court for a hearing before his fraud trial begins next week. nyti.ms/2swFb4B(Compiled by Bengaluru newsroom)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/press-digest-nyt-idINL3N1JK1TH'|'2017-06-23T02:25:00.000+03:00'
'868f6829fc11e6d27cb8a258d2547cf60521496d'|'UPDATE 1-OLYMPICS-Intel signs Olympics sponsorship deal through 2024'|'Market News  40pm EDT UPDATE 1-OLYMPICS-Intel signs Olympics sponsorship deal through 2024 (Adds quotes from interviews with Intel, IOC official) By Liana B. Baker SAN FRANCISCO, June 21 Intel Corp said on Wednesday it would become a major sponsor of the International Olympic Committee, making the chipmaker the latest technology company to put marketing dollars behind the global sporting event. The new deal, which goes until 2024, comes a week after longtime Olympics sponsor McDonald''s Corp bowed out of its sponsorship deal three years early, citing a change in the company''s priorities as it tries to hold down costs. Financial terms of the deal were not disclosed but IOC sources have previously told Reuters that major sponsors pay about $100 million per four-year cycle, which includes one summer and one winter games. The IOC has been looking to increase the cost of those deals, sources previously said. Intel joins about a dozen global Olympics sponsors such as Coca-Cola Co, Samsung and most recently, Chinese e-commerce company Alibaba which signed on six months ago. The IOC has been trying to make the Olympics more technologically savvy and appeal to younger people through its internet-based TV network, the Olympic Channel. IOC President Thomas Bach and Chief Executive Officer Brian Krzanich said Intel''s sponsorship will open up new experiences for athletes, fans and spectators in emerging areas such as virtual reality. "We''ll allow people online to feel like they are there," Krzanich said, speaking at a press conference in New York. Intel said it would provide 5G wireless technology, virtual reality, artificial intelligence platforms, and drones that could be used in aerial filming or light shows. Intel''s business has undergone big changes in recent years. In March, it agreed to buy autonomous vehicle technology firm Mobileye for $15 billion in a bid to expand its reach beyond its core microprocessor business, which has faced declines along with the personal computer market. Intel may be seeking to expand its reach in Asia, which is preparing to host three consecutive Olympic Games. Pyeongchang in South Korea is staging the 2018 winter games, Tokyo the 2020 Summer Olympics and Beijing the 2022 Winter Olympics. The IOC is deciding between Paris and Los Angeles for the 2024 summer games. The IOC is looking to sign pricier deals while brands are trying to figure out whether exclusive Olympics sponsorship rights offer the marketing impact they once did. Some companies find it is much cheaper to work directly with athletes or specific countries than the IOC. Timo Lumme, managing director of IOC Television and Marketing Services, said in an interview that the IOC, with 13 top sponsors, has more partners than ever before, showing that brands see "tangible returns" from investing in the games. As for the tensions in the Korean Peninsula, Lumme said that the IOC is monitoring the situation daily to see if it could effect the 2018 games. "We feel very sure and comfortable and that the Korean government will provide a safe environment for the world''s athletes to meet next February," Lumme said. (Reporting by Liana B. Baker in San Francisco; Editing by Bernard Orr and Bill Trott)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/olympics-intel-ioc-idUSL1N1JI1TZ'|'2017-06-22T05:40:00.000+03:00'
'3a6bc95c97997c2528e0d921bd8388cc21db571e'|'Takata shares plunge, change hands for the first time since Friday'|'TOKYO Shares in Takata Corp ( 7312.T ) changed hands for the first time since sources said last week that the struggling airbag maker was preparing to file for bankruptcy, falling 50 percent in Thursday morning trade.The stock has closed down by its daily limit each day this week after being untraded during the day - a forced close in accordance with Tokyo Stock Exchange rules. It has lost about 75 percent of its value since Friday.Takata, facing billions in liabilities stemming from its defective air bag inflators, is preparing to file for bankruptcy as it works toward a deal for financial backing from U.S. auto parts maker Key Safety Systems Inc, sources have told Reuters.(Reporting by Thomas Wilson; Editing by Edwina Gibbs)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-takata-bankruptcy-stocks-idINKBN19D05U'|'2017-06-22T00:08:00.000+03:00'
'c94b8a184f308a5e103485b3a6239358d3a63854'|'Oil keeps a lid on European shares, Imagination Tech soars'|'Top  31am BST Oil keeps a lid on European shares, Imagination Tech soars Traders work in front of the German share price index, DAX board, at the stock exchange in Frankfurt, Germany, June 21, 2017. REUTERS/Staff/Remote LONDON European shares were in store for another weak session on Thursday pegged back by the slide in commodities-related sectors on the back of depressed oil prices. The pan-European STOXX 600 index was down 0.3 percent, on track for its third day of straight losses, while the blue chips dropped 0.4 percent. European energy sector and mining stocks were down about 1 percent. Health care was the top-gaining sector, up 0.8 percent with Switzerland''s Novartis in the driving seat as its shares advanced 2.5 percent, following a positive study result for its canakinumab medicine, which cut risks for heart attack survivors. Elsewhere, Imagination Tech, once a high flyer as a supplier of graphics technology to Apple <AAPL.O, soared more than 20 percent after it put itself up for sale. In April, Apple said that it would no longer use Imagination''s graphics technology in the iPhone, wiping out more than 60 percent of the British firm''s market value. (Reporting by Kit Rees, Editing by Vikram Subhedar)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-europe-stocks-idUKKBN19D0NM'|'2017-06-22T15:31:00.000+03:00'
'897ba9334c5398de5d75be6c89d3d1f478d8bec8'|'UK manufacturing soars thanks to weak pound and global recovery - Business'|'Manufacturing sector UK manufacturing soars thanks to weak pound and global recovery Order books at highest level for 29 years as CBI warns government to put ‘economy first’ in Brexit talks A worker at the Brompton bicycle factory in London. The CBI’s June report said British export orders were rising. Photograph: Bloomberg/Getty Manufacturing sector UK manufacturing soars thanks to weak pound and global recovery Order books at highest level for 29 years as CBI warns government to put ‘economy first’ in Brexit talks View more sharing options Thursday 22 June 2017 17.10 BST First published on Thursday 22 June 2017 12.33 BST Britain’s manufacturers are enjoying the strongest demand for their products in almost 30 years as a recovering global economy and a weaker pound boost order books. The monthly snapshot from the CBI found that export and total order books were both at their highest for decades – providing some hope that a stronger manufacturing sector would cushion the effect of higher inflation on consumer spending. The employers’ organisation said that particularly strong performances by the food, drink, tobacco and chemicals industries had spearheaded a pick-up in orders in 13 of the 17 industrial sub-sectors tracked each month. Brexit economy: UK faces slowdown amid living standards squeeze Read more As a result, the balance of companies reporting that order books were above normal rose from +9 percentage points in May to +16 points in June – the highest since the height of the late 1980s boom in August 1988. The balance for export orders rose from +10 points to +13 points – the joint highest in 22 years. But the CBI warned that manufacturers were still being affected by rising prices. The balance of companies expecting prices to rise in the coming months remained unchanged at +23 points between May and June, but was up from +1 point a year ago. Rain Newton-Smith, the CBI’s chief economist, said: “Britain’s manufacturers are continuing to see demand for ‘Made in Britain’ goods rise with the temperature. Total and export order books are at highs not seen for decades, and output growth remains robust. “Nevertheless, with cost pressures remaining elevated, it’s no surprise to see that manufacturers continue to have high expectations for the prices they plan to charge. “To build the right future for Britain’s economy, manufacturers and workers, the government must put the economy first as it negotiates the country’s departure from the EU. This approach will deliver a deal that supports growth and raises living standards across the UK.” Andrew Wishart, a UK economist at Capital Economics , said UK manufacturing was poised to record a strong performance in the second quarter of 2017. “Today’s strong survey supports our view that solid manufacturing and export growth will help to offset the slowdown in consumer spending growth this year,” he said. Topics '|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/2017/jun/22/uk-manufacturing-weak-pound-cbi-brexit-talks'|'2017-06-22T19:55:00.000+03:00'
'128721dd17edf4426f1cff8cfc0828ea68a4eec5'|'Poland, Hungary scold Macron after his warning on values'|'BRUSSELS Hungary and Poland hit back on Thursday at French President Emmanuel Macron after he warned eastern states that the European Union was no "supermarket" where they could pick and choose the parts of EU membership that they liked without regard for the bloc''s values.Macron made the remarks in an interview with European newspapers ahead of his first EU summit since becoming president last month, saying countries that don''t respect EU rules should face the consequences.His comments come amid an escalating row between the European Commission and the right-wing governments in Warsaw and Budapest, which have introduced curbs on judges and the media that the EU executive says undermines the rule of law and democratic norms."The French president is very young. He is coming here for the first time," Hungarian Prime Minister Viktor Orban told reporters at the summit."His start has not been very promising. He thought yesterday that he could kick the central European countries. This is not how it works here."Polish Prime Minister Beata Szydlo accused Macron of showing off his antipathy toward central European states in the media."It''s good to talk about facts, not use stereotypes," she said.But Macron, who is due to meet with Orban, Szydlo and the leaders of Slovakia and the Czech Republic on Friday morning, received strong backing from German Chancellor Angela Merkel, who usually steers clear of openly criticizing eastern states."I believe it was important that Emmanuel Macron said this again. Germany and France are completely on the same page," said Merkel, when asked about Macron''s remarks.The European Commission has opened several legal cases against Warsaw and Budapest. Some EU states want to reduce EU funds for the eastern countries as punishment for their government''s actions.Macron and the eastern states are at odds on a number of major issues currently under discussion in the EU.The French president has criticized them for not accepting refugees and is a vocal opponent of so-called "social dumping", in which companies employ cheaper labor, often from eastern countries, or move production to lower-wage countries.(Additional reporting by Noah Barkin, writing by Gabriela Baczynska; Editing by Noah Barkin)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-eu-summit-macron-easteurope-idUSKBN19D2HS'|'2017-06-22T23:08:00.000+03:00'
'57f595cb67543c9aa8744fef7c69e30ceed7f2c8'|'Nestle ''committed'' to strategy as activist investor moves in'|'Business News - Mon Jun 26, 2017 - 7:34am EDT Nestle ''committed'' to strategy as activist investor moves in FILE PHOTO: Kit Kat chocolate bars are pictured in London, Britain May 17, 2017. REUTERS/Stefan Wermuth LONDON Nestle ( NESN.S ), the world''s largest food maker, remains committed to its strategy, as it faces criticism from activist shareholder Third Point from the United States. "As always, we keep an open dialogue with all of our shareholders and we remain committed to executing our strategy and creating long-term shareholder value," a Nestle spokesman said in a statement. "Beyond that, we have no specific comment." (Reporting by Martinne Geller, editing by Louise Heavens) Oil rebounds but still threatened by growing U.S. supply NEW YORK Oil prices rebounded on Monday after last week''s seven-month lows, but were hemmed in by a relentless rise in U.S. supply and a surge in demand for short sale contracts that signal investors see potential for a price fall. Japanese airbag maker Takata files for bankruptcy, gets Chinese backing TOKYO/WASHINGTON Japan''s Takata Corp , at the center of the auto industry''s biggest-ever product recall, filed for bankruptcy protection in the United States and Japan, and said it had agreed to be largely acquired for $1.6 billion by the Chinese-owned U.S.-based Key Safety Systems. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-nestle-thirdpoint-strategy-idUSKBN19H0ZP'|'2017-06-26T17:55:00.000+03:00'
'ce871efdfe0aeb24325183bb1d4ad28112ecc089'|'FTSE snaps losing streak as oil bounces, banks rise'|'Top   5:09pm BST FTSE snaps losing streak as banks rise A worker shelters from the rain under a Union Flag umbrella as he passes the London Stock Exchange in London, Britain, October 1, 2008. REUTERS/Toby Melville/File Photo By Danilo Masoni and Kit Rees - LONDON LONDON British shares rose on Monday, snapping four straight days of losses, as banks joined a broader European rally and steadier crude oil prices supported energy firms. The blue chip FTSE index .FTSE was up 0.3 percent at 7,446.80 points at its close, paring back its earlier gains slightly as energy shares eased. Financials provided the biggest boost to the FTSE, adding 11.5 points to the index, with heavyweight banks HSBC ( HSBA.L ) and Barclays ( BARC.L ) both up 1.2 percent. Banking stocks were in demand in Europe after a deal to wind up two failed Italian regional lenders. While earlier gains among oil majors BP ( BP.L ) and Royal Dutch Shell ( RDSa.L ) helped underpin the market, both heavyweights saw gains ease as the price of oil steadied. [O/R] "Gains in (the) energy sector remain fragile as oil prices remain relatively soft compared to last month''s levels," Ipek Ozkardeskaya, senior market analyst at London Capital Group, said. She said investors were also awaiting for the Bank of England Financial Stability Report and Governor Mark Carney''s speech on Tuesday for clues about any possible hike in interest rates as inflationary pressures rise. The news that British   May had struck a deal with Northern Ireland''s Democratic Unionist Party had little impact on the internationally facing FTSE 100 index, though sterling ticked higher. While a drop among materials stocks weighed on British mid caps .FTMC , which ended the session flat, outsourcer Capita ( CPI.L ) was among standout movers. Its shares rose 2 percent after agreeing to sell its asset management services arm in a 888 million pounds deal that Jefferies said should help subside balance sheet concerns. Back on the FTSE, subprime lender Provident Financial ( PFG.L ) fell 1.7 percent as RBC downgraded the stock to "Sector Perform" from "Outperform" following last week''s profit warning. On the up were Nestle ( NESN.S ) rivals Unilever ( ULVR.L ) and Diageo ( DGE.L ), as the sector was lifted after activist investor Daniel Loeb''s Third Point urged the Swiss food giant to improve its margins, buy back stock and sell non-core assets. Top losers were precious metal miners Fresnillo ( FRES.L ) and Randgold ( RRS.L ), which declined 3.1 and 1.5 percent respectively after gold prices fell as investors remained cautious ahead of a flurry of U.S. data due this week. [GOL/] (Reporting by Danilo Masoni and Kit Rees; Editing by Alison Williams)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-stocks-idUKKBN19H0XG'|'2017-06-26T17:38:00.000+03:00'
'59d331b4eb01661527f7a4b7d2a6341bcb15947f'|'U.S. awards 2-year notes to strong demand, yield at highest since 2008'|'NEW YORK, June 26 The U.S. Treasury Department on Monday sold $26 billion of two-year government notes at a yield of 1.348 percent, which was the highest yield since October 2008, to strong investor demand, Treasury data showed.The ratio of bids to the amount of two-year notes offered was 3.03, which the strongest since November 2015. This measure of overall auction demand was 2.90 at the prior two-year note sale in May. (Reporting by Richard Leong, editing by G Crosse)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/usa-auction-2year-idINL1N1JN0ZI'|'2017-06-26T15:14:00.000+03:00'
'2032367ce1537712952a46a5b33ce84cbc14ba1a'|'China hands Crown Resorts employees short jail terms - official'|'  5:48am BST China hands Crown Resorts employees short jail terms - official The logo of Australian casino giant Crown Resorts Ltd adorns the hotel and casino complex in Melbourne, Australia, June 13, 2017. REUTERS/Jason Reed SHANGHAI A Chinese court sentenced three Australian employees of casino operator Crown Resorts Ltd ( CWN.AX ) to short jail terms on Monday, an Australian diplomat said, but they will have little time left to serve as the sentences run from the date of their detention last October. The embassy official said Crown''s head of international VIP gambling Jason O''Connor was given a ten month sentence, while two other Australians were handed nine month sentences. The ruling is a major step towards closing a case that has forced Melbourne-based Crown to abandon its strategy of luring Chinese high rollers to the casino hub of Macau and instead shift its focus back home. (Reporting by Engen Tham and Winni Zhou; Writing by Adam Jourdan and David Stanway; Editing by Simon Cameron-Moore)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-crown-resorts-china-trial-sentences-idUKKBN19H0CO'|'2017-06-26T12:48:00.000+03:00'
'aa8b8d3a38a7cd03270d2a93308d2650a57015a8'|'German truck parts maker Jost plans Frankfurt IPO in H2'|'Business   7:00am BST German truck parts maker Jost plans Frankfurt IPO in H2 FRANKFURT German truck and trailer parts maker Jost plans to list on the Frankfurt stock exchange in the second half of 2017, the group said on Monday. The initial public offering (IPO) will comprise new shares from a capital increase worth around 130 million euros (£114 million) as well as stock held by existing shareholders including buyout group Cinven. Sources had told Reuters last month that Cinven was reviving plans to list Jost, having previously shelved plans for a flotation due to wobbly capital markets. (Reporting by Maria Sheahan; Editing by Biju Dwarakanath)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-jost-ipo-idUKKBN19H0HW'|'2017-06-26T14:00:00.000+03:00'
'af55366f1be523530b8bb09fb83a2dcf9b7567cc'|'Sailing-Invisible Italians still hold sway over America''s Cup'|'Market   2:50pm EDT Sailing-Invisible Italians still hold sway over America''s Cup By Alexander Smith - HAMILTON, Bermuda, June 25 HAMILTON, Bermuda, June 25 Although there is no Italian America''s Cup team in Bermuda after Luna Rossa withdrew in anger over a rule change, Italy is having an impact on the final and could influence the cup''s future. When Prada boss Patrizio Bertelli pulled the team backed by the Italian luxury goods group out of the competition in April 2015, he offered key members of his team to help Emirates Team New Zealand, which is now challenging Oracle Team USA. As the holder of the "Auld Mug", the U.S. team gets to decide the rules, and the decision to change the specifications of the boats stirred the already bad blood with the Italians, who called the change an "abrupt and unacceptable imposition". Most significant among the team members who joined New Zealand''s attempt to dethrone Oracle was former Luna Rossa skipper and team director Max Sirena who switched ship in October 2015 to work alongside New Zealand CEO Grant Dalton. Sirena won the 33rd America’s Cup with BMW Oracle Team and led the Luna Rossa challenge in the 34th edition of the cup. Luna Rossa said at the time of his move to Emirates Team New Zealand that this underlined "the sporting and friendly ties of mutual respect" built up since 2000. As well as helping the New Zealand team out with personnel including designers, Bertelli has also helped them with support boats and other "assets", America''s Cup sources told Reuters. FOR THE RECORD These ties could come into play in the next phase of the cup because victory for New Zealand, who lead the U.S. holders in the first-to-seven competition, would mean they get to decide on the format of the 36th America''s Cup. A close relationship between Bertelli and Matteo de Nora, who is Team Principal and a financial supporter of Emirates Team New Zealand, has led to expectations among other America''s Cup teams, sponsors and sailors that Luna Rossa will become the "Challenger of Record" if New Zealand win. Under the terms set out by the America''s Cup "Deed of Gift", which dates back to the 1850s, the Challenger of Record is the first one accepted by the new defender of the cup. This is done formally by a yacht club linked to one of the teams and there is usually a scramble to get the challenge in as soon as the final race is decided, with notice being served to the winning team as their boat crosses the finish line. The challenger then negotiates initial crucial terms of the next cup, including location, the type of boat, the format and the rules under which teams will compete. "We all understand that they (New Zealand) are likely to have Luna Rossa as a challenger of record, but what their plans and intentions are is completely unknown," America''s Cup Regatta Director Iain Murray told Reuters this week. Oracle has signed up to a "framework agreement" with four of the other challengers this year which would mean the cup being held every two years in foiling catamarans and a series of match races along the lines of Formula One around the world. But not everyone liked the idea, with some saying it was not true to the spirit of the cup and New Zealand boycotted it. The New Zealand camp have not said so far what they will do if they win the cup back. (Editing by Adrian Croft)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/sailing-americas-italy-idUSL8N1JM0HZ'|'2017-06-26T02:50:00.000+03:00'
'ced21544a4c67b4526988f915d74f61fdb37b272'|'Citi hires UBS banker as China head of corporate, investment banking - memo'|'Banks - Thu Jun 22, 2017 - 9:13am EDT Citi hires two senior UBS Asia bankers for China, EMEA roles FILE PHOTO - FILE PHOTO -- People walk beneath a Citibank branch logo in the financial district of San Francisco, California July 17, 2009. REUTERS/Robert Galbraith/File Photo By Julie Zhu and Sumeet Chatterjee - HONG KONG HONG KONG Two senior bankers working for UBS Group AG ( UBSG.S ) in Asia have left to join Citigroup Inc ( C.N ), adding to other top bankers who have left the Swiss bank in the region in the last few months. Jiang Guorong, who has been with UBS for about three years and was its head of China investment banking and vice-chairman of Asia investment banking, has left to join Citi as chairman and head of the bank''s China corporate and investment banking, according to a memo sent to Citigroup staff and seen by Reuters. Guorong is likely to start his role at Citi in September this year. A Citi spokesman in Hong Kong confirmed the content of the memo. Separately, Citi on Thursday said it had hired Alison Harding-Jones, UBS''s head of Asia Pacific M&A, as its new head of EMEA (Europe, the Middle East and Africa) M&A and vice-chairman of EMEA corporate and investment banking. In her new role, Harding-Jones, who worked at UBS for 28 years, will focus on expanding M&A market share across the EMEA sectors and countries. She will move from Hong Kong to London, a Citi statement said. "With her long track record of building successful M&A practices... she will be a strong asset to our team and a key part of our growth strategy," Raymond McGuire, global head of corporate and investment banking at Citi, said. UBS has had a number of senior level departures in Asia in the last six months. In May, UBS lost three senior investment bankers, including its deputy head of China, Cheng Wang, who is due to join Morgan Stanley ( MS.N ) in August as vice chairman of investment banking in Asia Pacific. Joseph Chee, one of UBS'' top dealmakers in Asia, who was the go-to banker for Chinese state and private companies seeking to raise funds in Hong Kong and the United States, left in January to set up his own fund. In December last year, Damien Brosnan, co-head of Asia ECM at UBS, left the bank only seven months after taking up that position. UBS said in an internal note to staff on Thursday Samson Lo, its co-head of Asia M&A, will now become the head of that business. It also named Greg Peirce and Pei Shen Chou as co-heads of its M&A advisory business in Asia Pacific. UBS was a powerhouse in Asia equity capital markets and along with Goldman Sachs Group Inc ( GS.N ), it dominated the league tables from 2002. But in the past two years its performance has suffered as Chinese investment banks made inroads. (Reporting by Julie Zhu, Yan Jiang and Sumeet Chatterjee; Editing by Elaine Hardcastle and Jane Merriman) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-ubs-group-citigroup-idUSKBN19D1A9'|'2017-06-22T19:06:00.000+03:00'
'78d1fc339de006cc1aecce51f82199f3f9085696'|'Oil to keep flowing in Dakota line while legal battle continues'|'WASHINGTON Oil will continue to flow through the Dakota Access Pipeline through the summer while authorities conduct additional review of the environmental impact, after a judge on Wednesday ordered more hearings in coming months.Last week, U.S. District Court Judge James Boasberg in Washington ruled in favor of Standing Rock Sioux and Cheyenne River Sioux tribes, who said more environmental analysis of the Dakota Access line should have been carried out. The tribes had said the 1,170-mile (1,880 km) line violates their hunting, fishing and environmental rights.On Wednesday, Boasberg set out a schedule of hearings that will decide what will happen to the line while additional review is completed.A lawyer for the U.S. Army Corps of Engineers, which is responsible for environmental review, would not estimate when asked by Boasberg how long additional review would take. The judge could still order the line to be shut at a later date following a series of hearings scheduled through the summer."Our view has been that the pipeline should be shut down," said Jan Hasselmann, attorney for the tribes.Energy Transfer Partners LP ( ETP.N ) built the $3.8 billion pipeline to move crude from the Northern Plains to the Midwest and then on to the Gulf of Mexico. The line runs from western North Dakota into Patoka, Illinois, where it hooks up with another line to refiners in the Gulf of Mexico.ETP said on Wednesday it was "pleased with the judge''s decision" for pipeline operations to continue while the process "unfolds."The Native American tribes have been protesting the line''s construction for more than a year. The line finally went into service in June.(Reporting by Pete Schroeder in Washington; Editing by David Gaffen and Matthew Lewis)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-north-dakota-pipeline-idUSKBN19C2ZO'|'2017-06-22T05:34:00.000+03:00'
'737dff88d485813b47eacb6bd9360785ccbef35d'|'U.S. jobless claims rise, labor market still tight'|'WASHINGTON The number of Americans filing for unemployment benefits increased slightly last week, but remains at levels consistent with a tight labor market.Initial claims for state unemployment benefits increased 3,000 to a seasonally adjusted 241,000 for the week ended June 17, the Labor Department said on Thursday.Economists polled by Reuters had forecast first-time applications for jobless claims rising to 240,000 in the latest week.Following the report, the dollar held at slightly lower levels against a basket of currencies while U.S. Treasuries were little changed.Jobless claims for the prior week were revised upwards by 1,000 to 238,000 from 237,000. The week''s tally is the 120th consecutive week that claims have been below 300,000, the threshold associated with a strong labor market. It''s the longest stretch that claims have remained below that level since 1970.The four-week moving average of claims, considered a better measure of labor market trends as it smoothes week-to-week volatility, rose 1,500 to 244,750 last week, the highest since early April.Many economists consider the labor market to be at or near full employment. The unemployment rate in May declined to a 16-year low of 4.3 percent.The U.S. Federal Reserve raised interest rates by a quarter percentage point last week for the second time in three months and signaled it remains on track for one more rate hike this year.Fed officials have been buoyed by the tightening jobs market although it has yet to translate into significant pricing pressures.Indeed, some policymakers at the central bank have begun to show increasing concern that a recent pullback in inflation may point to sustained difficulty in returning it to the Fed''s 2 percent target.A Labor Department official said there were no special factors influencing the claims data. Only claims for Louisiana were estimated.Thursday''s claims report also showed the number of people still receiving benefits after an initial week of aid increased 8,000 to 1.94 million in the week ended June 10.The so-called continuing claims have now been below 2 million for 10 straight weeks, indicating diminishing labor market slack.(Reporting by Lindsay Dunsmuir; Editing by Andrea Ricci)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/usa-economy-idINKBN19D1PL'|'2017-06-22T21:41:00.000+03:00'
'8371cf016af409f2d3ff8ebec4524f88c9727def'|'France''s Macron: EU needs to screen foreign investment'|' 47pm BST France''s Macron: EU needs to screen foreign investment French President Emmanuel Macron arrives at the EU summit in Brussels, Belgium, June 22, 2017. REUTERS/Gonzalo Fuentes BRUSSELS French President Emmanuel Macron urged EU leaders to back a plan to screen foreign investments in strategic industry at an EU summit on Thursday to help level the playing field for European companies. Arriving for his first meeting with leaders of the other 27 EU nations, Macron said he backed free trade but curbs on foreign investment are needed in certain sectors "because others do not respect the rules." (Reporting by Alissa de Carbonnel; editing by Philip Blenkinsop)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-eu-trade-macron-idUKKBN19D1KR'|'2017-06-22T20:47:00.000+03:00'
'fe1315f5d3f00408db01eddc54a622e810c268d8'|'Nikkei slips as stronger yen takes a toll, Takata shares plummet'|'Market News - Wed Jun 21, 2017 - 11:11pm EDT Nikkei slips as stronger yen takes a toll, Takata shares plummet * Japanese shares shed early gains as yen rises * Takata shares trade, down more than 50 pct TOKYO, June 22 Japan''s Nikkei share average erased early modest gains on Thursday and edged down, as a stronger yen took its toll on market sentiment. The Nikkei was down 0.1 percent at 20,118.25 at the end of morning trade, extending Wednesday''s decline and moving further away from Tuesday''s session high of 20,318.11 - its loftiest level since August 2015. The dollar skidded 0.4 percent against the yen to 110.96 . "The Nikkei is heavy, as some investors continue to take profits on its recent rise and the yen strengthens," said Norihiro Fujito, a senior investment strategist at Mitsubishi UFJ Morgan Stanley Securities. "Some individual shares are rising on specific news, but overall, there are no big buying incentive factors," he said. On Wall Street overnight, U.S. shares put in a mixed performance, with only the Nasdaq Composite marking a gain. Satori Electric Co shares rose 2.9 percent after earlier touching their highest since November 2015. The company on Wednesday said it expected to post a net profit of 220 million yen ($1.98 mln) for its fiscal year through May 31, compared with its previous estimate of no profit. Shares in Takata Corp changed hands for the first time since sources said last week that the struggling airbag maker was preparing to file for bankruptcy, falling 51.6 percent. The stock has closed down by its daily limit each day this week after being untraded during the day - a forced close in accordance with Tokyo Stock Exchange rules. It has lost about 75 percent of its value since Friday. "Obviously, with Takata, someone is now seeing some kind of trading value there," said Gavin Parry, managing director at Parry International Trading Ltd. "But ultimately, there needs to be more clarity in quantifying the ultimate liability of this company, because who knows what kind of litigation or claims it will face down the line." Shares of Toshiba Corp pared losses but fell 0.1 percent, as the company aims to seal a deal worth some $18 billion by next week for the sale of its chip business needed to cover massive losses. Toshiba has chosen a consortium of Bain Capital and Japanese government investors as the preferred bidder. The mining sector fell 1.6 percent. While oil prices steadied in Asian trade after a recent spate of weakness, investors are looking for more signs that output cuts by OPEC and some other producers are ending a three-year glut. The broader Topix was slightly lower on the day at 1,611.14 while the JPX-Nikkei Index 400 was down 0.1 percent at 14,322.74. (Reporting by Tokyo Markets Team; Editing by Jacqueline Wong)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/japan-stocks-midday-idUSL3N1JJ1KB'|'2017-06-22T11:11:00.000+03:00'
'50949d93ee90258d51f9845465a83f8658deb3ec'|'PRESS DIGEST - Wall Street Journal - June 22'|' 32am EDT PRESS DIGEST - Wall Street Journal - June 22 June 22 The following are the top stories in the Wall Street Journal. Reuters has not verified these stories and does not vouch for their accuracy. - Oracle Corp reported earnings that topped Wall Street''s modest forecasts, sending the stock up more than 10 percent in after-hours trading. on.wsj.com/2ssIUQF - Nike Inc has agreed to sell some of its products directly to Amazon.com Inc, a person familiar with the matter said, a concession by the sneaker giant that it can no longer afford to ignore the online retailing behemoth. on.wsj.com/2ssXYOu - Diageo PLC agreed to buy actor George Clooney''s upscale tequila brand Casamigos for $700 million, part of a larger push by the spirits giant to increase its exposure to the tequila market. on.wsj.com/2ssKBxQ - Sears Canada Inc, which operates more than 200 stores, has hired advisers and is preparing to file for bankruptcy protection in Canada, according to people familiar with the matter. on.wsj.com/2st5xEA (Compiled by Bengaluru newsroom)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/press-digest-wsj-idUSL3N1JJ222'|'2017-06-22T13:32:00.000+03:00'
'54ef817cb28ee62189b1765fa5ac36b2e3c9c43a'|'Graphic - Italian industry started second quarter in the red'|'  2:54pm BST Graphic - Italian industry started second quarter in the red A worker checks a metal furnace before welding it in a factory in Gravellona Lomellina, 45km (27 miles) southwest of Milan, June 11, 2013. REUTERS/Stefano Rellandini By Jeremy Gaunt - LONDON LONDON Data on Friday confirmed Italian industry entered the second quarter on a down note with contractions in sales and orders to go along with an earlier production slide. It stood in sharp contrast to the general improvement across the euro zone. New orders contracted 0.7 percent in April, a better month-on-month showing from minus 4.3 percent in March, but still in the red. Sales slid to minus 0.5 percent from a 0.4 percent increase. Both numbers gelled with earlier industrial production data, which showed a 0.4 percent contraction in April compared with a 0.4 percent rise in March. The International Monetary Fund said of Italy this month: "Weak productivity and low aggregate investment remain key challenges for faster growth, held back by structural weaknesses, high public debt, and impaired bank balance sheets."'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-italy-economy-graphic-idUKKBN19E1KO'|'2017-06-23T21:54:00.000+03:00'
'3156d6de858706a62410707cf857d75116b9e234'|'Sterling weakness strengthens case for UK rate rise - BoE''s Forbes'|'Central Banks - Fri Jun 23, 2017 - 11:24am BST Sterling weakness strengthens case for UK rate rise - BoE''s Forbes FILE PHOTO: An English ten Pound note is seen in an illustration taken March 16, 2016. REUTERS/Phil Noble/Illustration By David Milliken - LONDON LONDON Bank of England policymaker Kristin Forbes said on Thursday she feared the pound''s weakness would have a lasting upward effect on inflation, and that she was concerned central banks were becoming more reluctant to raise rates than in the past. Forbes''s three-year term on the BoE''s Monetary Policy Committee ends this month, and since March she has voted to raise British interest rates from their record-low 0.25 percent. In her final speech as an MPC member, she expanded on a research paper she published last week which argued that sterling weakness had a longer-term effect on inflation than the BoE typically assumed. "''Lift-off'' of UK interest rates should not be delayed any longer," she said in a speech to be given at the London Business School. "Sterling''s depreciation has fundamentally shifted underlying inflation dynamics in a way that makes it more pressing to begin this voyage soon." Forbes''s remarks come after a turbulent seven days which have seen a big split emerge on the MPC at a time when inflation is picking up but growth prospects are unclear as the country prepares to leave the European Union. Two other policymakers unexpectedly joined Forbes last week in voting for higher rates, and the BoE''s chief economist has said he is likely to do so later this year once the "dust cloud" around Britain''s political outlook has cleared. One major bank, Nomura, said earlier on Thursday that it expected the BoE to raise rates at its next meeting in August - far earlier than the 2019 date given by most economists in a Reuters poll at the start of the month. But BoE Governor Mark Carney has poured cold water on the chances of a rate hike, highlighting "anaemic" wage growth which is likely to drag down on inflation once the effect of currency weakness fades. Britain''s economy slowed in the first quarter of this year after an unexpectedly robust performance in 2016, though the BoE expects reasonable growth overall this year and next. "The UK economy appears to be solid enough on key economic criteria, and even ''overstimulated'' by others, such that a moderate reduction in the substantial amount of monetary stimulus ... makes sense," Forbes said. Weak wage growth - a factor cited by both Carney and policymaker Andrew Haldane - was not a good enough reason to hold off from raising rates, given Britain''s low productivity and other price pressures. "A key lesson from monetary history is that a tightening cycle should start before wages accelerate to reach their level consistent with sustainable 2 percent inflation," Forbes added. RELUCTANCY Forbes said both the BoE and the U.S. Federal Reserve appeared more reluctant to raise interest rates than in the past. Possible reasons for this included greater accountability and public scrutiny than in earlier decades, which could make policymakers unwilling to take measures that were unpopular in the short-run. Forbes said she was not aware of BoE policymakers coming under pressure from government ministers to keep rates low. Another factor for the BoE could be its new responsibilities for financial stability, which gave senior BoE staff on the MPC less time to look in-depth at emerging inflation threats and challenge any internal consensus. "These institutional changes may provide substantial benefits for the central bank as a whole and overall economy, but these changes may also have played a role in making it more difficult to increase interest rates," Forbes said. (Editing by Jeremy Gaunt)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-boe-forbes-idUKKBN19D2CJ'|'2017-06-23T03:47:00.000+03:00'
'b00f51657b925ce0abfa26728baf8755b6577d6a'|'Markets one year after Brexit vote: it all comes down to the pound'|'* Spike in FTSE 100 is mostly caused by sterling slide* Safe haven gilts in demand, 10-year yields down 33 bps* Uncertain politics, BoE outlook clouds pictureBy Abhinav RamnarayanLONDON, June 23 UK-based investors who bought shares on the country''s main stock index the day after the Brexit vote one year ago could be forgiven for wondering what the fuss is all about. Foreign investors could tell them.While the main FTSE 100 index has risen 17 percent over the 12 months since Britain voted to leave the European Union, this has been driven almost exclusively by a fall in sterling. In dollar terms, British stocks have underperformed every developed index in the world.Even at the level of British equity sectors, the picture is similar: companies earning sterling - down 14.3 percent against the dollar and 13.2 percent against the euro since the June 23, 2016 vote - have underperformed dollar earners.The worst performers are telecoms and utilities <.MIGB0UT00PGB >, both focused on the British economy. Top of the pile are materials companies, which include dollar-earning miners. They have outperformed the MSCI UK index.Data from Bats Europe, an index compiler, shows that FTSE-listed companies that generate a large portion of their revenues from the UK are actually flat, whereas those with a high percentage of revenues from abroad are up 26 percent.KEEPING SAFEAnother clear winner has been British government debt, a low-risk investment sought in uncertain times.The yield on 10-year gilts, which moves inversely to price, has dropped by a quarter over the past year while German and U.S. equivalents have risen."Gilts will outperform as growth will ultimately disappoint and increase the risk of a harder Brexit outcome," said Morgan Stanley market strategist Andrew Sheets.In dollar terms, the 4.2 percent returns on gilts is still better than those on both U.S. Treasuries and German Bunds.Brexit negotiations began this week, against the backdrop of political uncertainty, with British Prime Minister Theresa May trying to forge a deal with a small Northern Ireland party to prop up her minority government after the June 8 snap election delivered a hung parliament.The picture is further clouded by an apparent split in opinion at the Bank of England on the future path for rates.Three British rate-setters said earlier this month that rates should start to rise for the first time in a decade, but BoE Governor Mark Carney doused speculation this week that he might soon back this view.(Reporting by Abhinav Ramnarayan; Editing by Toby Chopra)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/britain-europe-markets-idINL8N1JK0Z5'|'2017-06-23T12:36:00.000+03:00'
'8cc136db08e62d6553311e0a9c775916c13ad6ea'|'U.S. Treasury market not following Fed''s lead yet - Reuters poll'|'Central Banks  08am BST U.S. Treasury market not following Fed''s lead yet - Reuters poll By Hari Kishan and Rahul Karunakar - BENGALURU BENGALURU U.S. Treasury yields are forecast to climb over the coming year, but the outlook from fixed-income strategists hasn''t changed much in the past three months, in the latest sign that optimism about a global inflation pickup has at best plateaued. The latest Reuters poll of over 60 strategists at bond dealers and research institutions, taken June 19-22, suggests yield rises over the next year will at best track the Federal Reserve''s current intended rate-increase path. Since the last poll, the Fed has raised the federal funds rate once more, this month. But market conviction on the likelihood of a another rise as soon as September has fallen back, along with inflation expectations. Rather than steepen as would normally be the case as inflation picks up, the U.S. yield curve has flattened, a move generally seen by financial markets in this stage of an economic cycle as a harbinger of potential trouble ahead. But global stock markets have been buoyant. While the poll forecasts no major changes to the spread between two-year and 10-year notes from three months ago, the spread between five-year notes and 30-year bonds is the narrowest in nearly a decade, when the financial crisis was gathering pace. This has coincided with an extended period where economic data have been coming in consistently weaker than economists'' forecasts, providing scant evidence the economy is poised to break out of a roughly 2 percent steady trend growth rate. At the same time, many have dialed down expectations that the Trump administration will be able to get dramatic tax cuts through the U.S. Congress, and calls are getting louder for the Fed to consider a pause. "The fact the Fed hiked rates in June and continued to signal further hikes to come certainly has the makings of a policy error," wrote Matthew Hornbach, global head of interest strategy at Morgan Stanley, in a research note. "But we think it''s more than just that. In the context of weaker U.S. data, 10-year yields looked and continue to look attractive relative to other developed market sovereign 10-year bond yields." Natural demand for Treasuries when investors globally are looking for a safe place to park their money - but that still pays a yield - is also likely to keep yield rises restrained, especially if stock markets slip from record highs. Some consensus expectations for sovereign yields, notably for UK gilts, have shifted lower from where they were just three months ago, suggesting that a burst of imported inflation from the plunge in the pound won''t be sustained. The outlook for the British economy one year after Britons voted to leave the European Union has darkened, with households now getting squeezed as prices rise faster than their pay. But even fixed-income strategists as a group appear to be conflicted between sticking to subdued bond yields and their own assessment of the Fed''s policy path when asked directly about it. A majority of respondents who answered an extra question said they were confident the Fed will follow through broadly on its plans to raise rates, rating the central bank''s latest inflation outlook as just about right. Taken together, the responses suggest the risk is not that inflation expectations will take off and the Fed will need to do more, but that it may be forced to be even more gradual. "If they go too fast, then the end result of that is actually that the market is going to take a more bearish view," said Elwin De Groot, senior market economist at Rabobank, explaining how the bond market is pushing against the Fed, as it has done for most of the period since the financial crisis. The latest Reuters poll median puts the U.S. 10-year Treasury yield at 2.90 percent in a year, the same forecast as made in the March poll. That year-ahead forecast is similar to what was predicted in December 2014, when the Fed had just begun winding down its quantitative easing programme. Since then, the Fed has shut down the programme and has raised the funds rate by 100 basis points. This is a measure both of how chastened forecasters have become since then on their predictions for a "normalization" of the yield curve as well as ongoing plentiful investor demand for Treasuries. The spread between 10-year Treasuries and much lower-yielding German bunds over the forecast period is predicted to hold roughly steady at around 210 basis points compared with just three months ago. That reflects an ongoing divergence between the policies being pursued by the world''s two largest central banks -- one tightening and the other purchasing tens of billions of bonds a month -- and suggests no imminent changes to either one. (Polling by Shrutee Sarkar and Vartika Sahu; Editing by Ross Finley and Larry King)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-markets-bonds-poll-idUKKBN19E0XX'|'2017-06-23T17:08:00.000+03:00'
'4414c0a313e5ec83c5adba42fc061f4c644249ba'|'Deals of the day-Mergers and acquisitions'|'Market News   4:04pm EDT Deals of the day-Mergers and acquisitions (Adds Snam, Befesa) June 20 The following bids, mergers, acquisitions and disposals were reported by 2000 GMT on Tuesday: ** An Australian regulator cleared Tabcorp Holdings Ltd''s proposed takeover of lottery owner Tatts Group Ltd for A$6.15 billion ($4.67 billion), paving the way for a match-up that has fallen through twice before since 2006. ** Swedish media firm MTG said it was buying U.S. platform games publisher and developer Kongregate for $55 million and repeated its target of break-even for its digital arm in 2018. ** Bayer''s chief executive said talks with the EU Commission over the antitrust scrutiny of the German drugmaker''s planned takeover of U.S. seeds maker Monsanto were "very good and constructive", confirming a target to wrap up the deal by year-end. ** Kenya''s capital markets regulator said it had not received any notification about a proposed acquisition by KCB Group of a stake in National Bank of Kenya. ** British challenger bank Shawbrook Group Plc called on its shareholders to accept an increased and final 868 million pound ($1.10 billion) offer from private equity groups, setting the stage for the buyers to take the lender private. ** U.S. pharmaceutical research services provider Parexel International Corp said it would be taken private by Pamplona Capital Management LLP in a $4.5 billion deal. ** Rio Tinto, selected Yancoal to buy its Coal & Allied division in Australia for $2.45 billion, surprising commodities trading giant Glencore which had put in a higher bid. ** Canadian lender Home Capital Group Inc said it would sell a portfolio of commercial mortgage assets valued at C$1.2 billion ($904 million) to private equity firm KingSett Capital. ** Italian gas group Snam is in exclusive talks with EDF''s unit Edison to buy a stake in a liquefied natural gas terminal in northern Italy as part of plans to develop its LNG business, two sources said. ** Metals recycler Befesa has attracted bids from private equity groups as its owner mulls whether to list the company on the stock exchange or opt for an outright sale. CVC, Blackstone and Access Industries have put in non-binding offers for the company, which is owned by buyout group Triton, the people said. ** Privately-held hypermarket operator Auchan Retail is stepping up its investments in Ukraine with the acquisition of local retailer Karavan, the French company said. (Compiled by John Benny and Arunima Banerjee in Bengaluru)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/deals-day-idUSL3N1JH49D'|'2017-06-20T21:57:00.000+03:00'
'dcffd3d587fcf49721f7b99e5b5bef30971fa10a'|'Honda not clear if UK listening to sector''s Brexit needs'|'Top  49pm BST Honda not clear if UK listening to sector''s Brexit needs A Honda logo is seen on media day at the Paris auto show, in Paris, France, September 29, 2016. REUTERS/Benoit Tessier By Costas Pitas - LONDON LONDON Japanese carmaker Honda ( 7267.T ) called on British politicians to keep the benefits of the European customs union and single market in negotiating a European Union exit, but said it remained to be seen whether they were listening. Honda said no deal after two years of talks would likely damage suppliers and disrupt output and said it was discovering more cost and complexity as it examined the consequences of leaving the European customs union. Carmakers are worried that just-in-time delivery of parts, which allows for efficient production lines, could be slowed down by new regulations, border checks and even tariffs if there is a cliff-edge Brexit with no interim deal. The firm said it was engaged in discussions with Prime Minister Theresa May''s government, which lost its majority in a botched snap election on June 8. "Whether they are listening or not I really don''t know," Honda Europe Senior Vice President Ian Howells told Reuters on Tuesday, when asked whether politicians were trying to get a deal which maintained as many current benefits as possible. "We will see I think as the negotiations progress how closely they have been listening to us and industry in general," he said. "There are huge amounts of unknowns." Earlier, Chancellor of the Exchequer Philip Hammond appeared to soften the government''s mantra that no Brexit deal would be better than a bad one by saying he would seek to keep current customs border arrangements until new ones were in operation. Honda, which builds around 8 percent of Britain''s 1.7 million cars at its southern English plant in Swindon, said any gulf between British and EU regulation as a result of Britain leaving the single market could also hit output. "At the moment of course, produce a car, save for the fact that it''s left and right drive, the car is identical," said Howells, regarding exporting from its plant to the continent. "If that divergence starts to happen because regulatory-wise, Europe doesn''t recognise the UK, Europe doesn''t recognise the UK, then potentially we end up with a more costly production process that starts to hit our efficiency," he added. (Reporting by Costas Pitas; editing by Alexander Smith)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-eu-honda-idUKKBN19B1K3'|'2017-06-20T19:49:00.000+03:00'
'bc26793370fa9bf0842ac4ebc9fe88168a3219c2'|'Fed''s Evans says worth waiting until year-end to assess next rate hike'|'Business News - Mon Jun 19, 2017 - 8:16pm EDT Fed''s Evans says worth waiting until year-end to assess next rate hike Federal Reserve Bank of Chicago President Charles Evans speaks during a meeting in Madrid, Spain, March 27, 2017. REUTERS/Juan Medina NEW YORK Chicago Federal Reserve President Charles Evans said on Monday it may be worthwhile for the U.S. central bank to wait until year-end to decide whether to raise rates again. Given the recent softening in inflation data, "I don''t see why we would not be served to allow more time to wait," Evans told reporters after his speech before the Money Marketeers of New York University. (Reporting by Richard Leong; editing by Diane Craft) '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-usa-fed-evans-rates-idUSKBN19B00J'|'2017-06-20T08:16:00.000+03:00'
'e2e141b7023b9d8c9d24f14a24a01f954d7c5654'|'Why the scorching heat in U.S. Southwest is canceling flights'|'LOS ANGELES Airline passengers in the U.S. Southwest this week are learning that searing heat can be as potent as snow and ice when it comes to causing flight disruptions.As temperatures climbed into the triple digits across the region, major airlines were forced to delay or cancel flights out of Las Vegas and Phoenix airports, citing difficulty in operating aircraft in extreme heat.American Airlines canceled 20 regional flights out of Phoenix Sky Harbor International Airport on Tuesday after temperatures in the desert city soared toward 120 degrees F (49 C). At least four flights had been delayed at McCarran International Airport in Las Vegas as of Tuesday afternoon.Aviations experts said hotter air was also thinner, causing a decline in performance for jet engines, especially during takeoffs."As the ambient temperature at a particular airport increases, in this case into the 120s at Phoenix, the amount of lift and power in aircraft engines declines, and the result is that for any given runway length, you can carry less and less payload," said Robert Mann, an industry analyst and former airline executive."As temperatures get that extreme, you have to offload so much fuel or passengers or cargo that it no longer makes sense to fly," he said.Mann said aircraft may also be hampered because the charts used in flight manuals to calculate aircraft performance are not written with such heat in mind, making it impossible for pilots to accurately calculate payloads and takeoff speeds.The flights affected by the heat tend to be on smaller regional carriers, which use planes that operate under lower maximum temperatures."It doesn''t happen very often because these are exceedingly rare temperatures, but there''s a point at which either runway length is insufficient or the speed is so high that the tires wouldn''t be rated for it," Mann said of those aircraft.The heat can also create issues for ground crews, where pavement temperatures can reach more than 150 degrees F (66 C), life-threatening conditions if workers are exposed to it too long.The National Weather Service said the heat wave resulted from a high-pressure system camped over the Four Corners region where Colorado, Utah, New Mexico and Arizona meet.The sweltering weather was expected to peak on Tuesday or Wednesday as temperatures in Death Valley and the town of Needles, California, were forecast to spike as high as 127 degrees F (53 C).(Reporting by Dan Whitcomb; Editing by Peter Cooney)FILE PHOTO: A view is seen of the baggage pick-up area at McCarran International Airport in Las Vegas, Nevada, February 13, 2008. REUTERS/Las Vegas Sun/Steve Marcus/File Photo'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-usa-airlines-temperature-idUSKBN19B39B'|'2017-06-21T06:49:00.000+03:00'
'ec87ba7ac199859c93ef62abb0bce8402647e855'|'RPT-UPDATE 1-Japan''s Daiwa chooses Frankfurt for EU base after Brexit'|'Market News - Fri Jun 23, 2017 - 2:47am EDT RPT-UPDATE 1-Japan''s Daiwa chooses Frankfurt for EU base after Brexit (Repeats Thursday''s story without changes) * Brokerage firm heads to German financial capital * Several banks in advanced talks to follow - sources * Frankfurt seen as dull but stable By John O''Donnell FRANKFURT, June 22 Daiwa Securities Group will set up a subsidiary in Frankfurt, Japan''s No. 2 brokerage said on Thursday, making it one of the first banks to publicly chose Germany to keep a foothold in the European Union after Britain leaves the bloc. The announcement, which comes as several other banks prepare a similar move, shows financial groups are pressing on with plans to relocate part of their businesses, regardless of the shape of a final deal reached in Brexit divorce talks. Such moves are set to further bolster Frankfurt''s influence. Despite its small size and dull image, the city is favoured because it is the financial capital of Europe''s biggest economy and also home to the European Central Bank. Nomura, Japan''s biggest brokerage, has also picked Frankfurt as its EU headquarters after Brexit, one person with knowledge of the matter said. Several other banks are poised to make a similar move, said two people familiar with those discussions. Daiwa had previously said it favoured the German city, because London-based staff could easily be transferred to its investment banking branch there. Daiwa said in a statement on Thursday it would apply for a licence in Germany and its move would "ensure that Daiwa can continue to service its clients in EU after the United Kingdom leaves". The group has said it would still keep staff in London even after Brexit. It has 450 staff working in the EU now, mostly in the British capital. Frankfurt, which has long grappled with an unfavourable backwater image, promotes itself as a stable city for banks seeking to relocate, while the German government and politicians have discreetly welcomed those looking to move. Britain''s future following Brexit talks to leave the trading bloc is more uncertain than ever after an election where voters denied its Prime Minister Theresa May a majority in parliament. Against this backdrop, Germany''s steady, if sometimes grey, image holds appeal. (Additional reporting by Anjuli Davies in London; Editing by Maria Sheahan and Edmund Blair) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-eu-daiwa-idUSL8N1JK0SV'|'2017-06-23T14:47:00.000+03:00'
'5035c953a7b034f0637a57dfccb50de41e64703f'|'Accenture unloads $1.6 bln in pension liabilities to AIG, MassMutual'|'Business News - Fri Jun 23, 2017 - 7:33am EDT Accenture unloads $1.6 billion in pension liabilities to AIG, MassMutual FILE PHOTO: Visitors look at devices at Accenture stand at the Mobile World Congress in Barcelona, February 26, 2013. REUTERS/Albert Gea/File Photo Consulting and outsourcing services provider Accenture Plc ( ACN.N ) said on Friday it would transfer $1.6 billion in pension obligations to insurers American International Group Inc ( AIG.N ) and MassMutual. The transfer includes about $600 million in lump-sum payments to about 7,000 current and former U.S. employees of Accenture and $1 billion in purchases of annuities from insurance companies. U.S. insurers are buying corporate pension plans at a record clip as rising interest rates and all-time high stock-market values give companies the perfect excuse to offload them. Calculating they can make more money from selling companies an annuity to cover the cost of the pension plans and then invest the proceeds in bonds and other securities, insurers are competing to persuade corporate America to sell them their pension risk. Pension transfers totaling $13.7 billion were finalised last year, up 1 percent from 2015, according to LIMRA, an industry trade group. The figure is the second highest annual total ever recorded, LIMRA said. The average corporate pension fund was 83 percent funded in May, according to Mercer Investment Consulting. In May, Sears Holdings Corp ( SHLD.O ), the struggling retailer, transferred $515 million in pension obligations to Metlife Inc ( MET.N ), a deal covering 51,000 retirees, the company said. (Reporting By Aparajita Saxena in Bengaluru; Editing by Sai Sachin Ravikumar) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-accenture-pensions-aig-idUSKBN19E19Y'|'2017-06-23T19:29:00.000+03:00'
'974b7b33b9aaa3f741c1877962f7496402f77920'|'Altice USA raises $1.9 billion in IPO -sources'|'Deals - Wed Jun 21, 2017 - 6:37pm EDT Altice USA raises $1.9 billion in IPO: sources By Lauren Hirsch Altice USA Inc ( ATUS.N ), the cable operator that Netherlands-based Altice NV ( ATCA.AS ) formed by acquiring Cablevision and Suddenlink Communications, raised $1.9 billion in an initial public offering on Wednesday, people familiar with the matter said. Taking Altice USA public will give Altice''s founder, French billionaire Patrick Drahi, traded shares in the company which he can then use as currency in new acquisitions in order to expand what is already the fourth-biggest U.S. cable provider. Altice USA priced 63.9 million shares at $30, within its indicated price range of $27 to $31, giving the company a market capitalization of approximately $22 billion, the sources said. The sources asked not to be named because the information is not yet public. Altice USA declined to comment. (The story was refiled to fix a syntax in first sentence, no further changes to text) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-altice-usa-ipo-idUSKBN19C2Z1'|'2017-06-22T05:30:00.000+03:00'
'f6f71787c28ced7627dc5631742c1672a638661c'|'GSK wins $235 million from Teva in Coreg patent trial'|'A U.S. jury has ordered Teva Pharmaceutical Industries Ltd to pay GlaxoSmithKline Plc more than $235 million for infringing a patent covering its blood pressure drug Coreg, court documents showed.A federal jury in Wilmington, Delaware on Tuesday found that Teva willfully infringed the patent in connection with its sales of a generic version of the drug with a label indicating it could be used for treating chronic heart failure.The jury rejected Teva''s contention that the patent was invalid. It awarded GSK $234.1 million in lost profits and said the drug company deserved an additional $1.4 million in royalties.GSK in a statement said that it was pleased with the trial''s outcome. Teva said it was disappointed."We still intend to present our equitable defenses to the court at a separate hearing which could eliminate the liability determination or significantly reduce the assessed damages," Teva said in a statement. "We are also considering an appeal."The U.S. Food and Drug Administration approved Teva''s generic version of Coreg, or carvedilol, in 2007.GSK said that while Teva''s FDA application had a carve-out to address its use for treating chronic heart failure, which GSK said remained under patent, the generic drugmaker changed its label in 2011 to add that use.GSK said that as a result, Teva induced healthcare providers to infringe its patent by selling a generic version of the drug and marketing it as a substitute for Coreg.The case is GlaxoSmithKline LLC et al v. Teva Pharmaceuticals USA Inc, U.S. District Court, District of Delaware, No. 14-cv-00878.(Reporting by Nate Raymond in Boston; Editing by Cynthia Osterman)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-gsk-teva-pharm-ind-idUSKBN19C32B'|'2017-06-22T06:41:00.000+03:00'
'73a4129b1c01cc261e546dd47d16321fcbc576b4'|'Sailing-Umpires keep America''s Cup on even keel with UmpApp'|'By Alexander Smith - HAMILTON, Bermuda, June 23 HAMILTON, Bermuda, June 23 America''s Cup racing is fast, furious and dangerous.And for Iain Murray, the man running the event, the key to making the 35th America''s Cup a success has been to have the rules spelt out in "black and white" before crews even took to the crystal-clear waters of Bermuda.That means reams of protocols and instructions that can be understood and adhered to by competitors, reducing the need for "subjective" decisions.The umpires are also using a state-of-the art combination of GPS, electronics and graphics to ensure decisions are accurate."Essentially, it''s the same technology that sends a missile into someone''s lounge room," Murray told Reuters on Friday at Bermuda''s Dockyard, where the America''s Cup finalists Emirates Team New Zealand and holders Oracle Team USA will resume battle for international sport''s oldest trophy this weekend.The regatta director has had some tough calls to make."The hard one here has been the upper wind limit ... the day it came into question was the day that New Zealand capsized. For some people, it was my fault, but the rules had been modified a week before to actually lower the wind limits and to make it very clear," he said.The New Zealand crew "pitch poled" - making a spectacular high-speed forward capsize - just before they were about to start a semi-final against Britain''s Land Rover BAR (Ben Ainslie Racing) boat.Some of the six crew were plunged into the water and others left clinging to the upended hull of their 50-foot (15-metre) foiling catamaran.The capsize brought back memories from San Francisco in 2013, when Andrew "Bart" Simpson was killed in a similar incident."It''s the same issue we went through in San Francisco after the fatality of Bart," said Murray, who was a friend of the British Olympic gold medal sailor.Murray was the official who had to come up with a safety plan immediately after Simpson''s death that would convince the coastguard to allow the competition to continue.The boats have evolved since 2013. They are smaller and "much more robust", and safety has been a major preoccupation for all the teams and the America''s Cup organisers."These are top-end boats, and in the wrong hands, they can be dangerous. They go fast, and when they go wrong, situations can get bad," Murray said."These guys are the best sailors in the world and they have worked for years to sail these boats and develop the systems on their boats. They don''t want to crash their boats, they don''t want to capsize. You won''t win races doing that," he added."The difficulty is when they fall off the front or fall underneath ... that''s the world of foiling sailing boats."In recent decades foils - slender underwater "wings" that can lift a speeding vessel out of the water, minimising its drag - have become ubiquitous in racing sailing.ASK "UMPAPP"Murray''s right-hand man Richard Slater, who is chief umpire at the event, has also had some tough calls to make during the racing leading up to the America''s Cup final.Slater was on the receiving end of some vocal protests by Artemis Racing''s Team Manager Iain Percy during the Swedish team''s semi-final races after imposing penalties on them, but said that was to be expected given the intensity of racing."You''re dealing with the heat of the battle and that''s one thing, as umpires, you have to remember," Slater told Reuters, adding that the sailors were in the "red zone" physically and this was bound to result in them reacting strongly to decisions.The umpires are armed with a graphics system called "UmpApp", which allows them to make calls based on information that is accurate to millimetres and milliseconds, and are focused on that to make sure they make the right call quickly."If anything, when he was yelling at us we weren''t even listening at that point," Slater said, adding that the teams have access to the same information within seconds, so that they can see why a decision has been made."UmpApp is kind of like a game," Murray said, saying it was easy for the younger sailors to get their heads around. (Editing by Andrew Roche)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/sailing-americas-umpires-idINL8N1JK4AO'|'2017-06-23T16:30:00.000+03:00'
'14fa118a1c32783179b0fbda3710fb679c128ae5'|'Volvo Cars relaunches Polestar as standalone electric car brand'|' 36am BST Volvo Cars relaunches Polestar as standalone electric car brand STOCKHOLM Geely-owned automaker Volvo Cars will make its Polestar Performance business a standalone brand within the group, focusing on electric cars, the company said on Wednesday. Polestar, bought by Volvo in 2015, will produce own-brand vehicles while continuing to deliver high-performance upgrades to the Volvo range. The new offering will be mainly electric vehicles, aimed at competing with Tesla and the Mercedes AMG division on battery supercars, Volvo said. "Polestar will be a credible competitor in the emerging global market for high-performance electrified cars," it said. Major markets are likely to include China and the United States. (Reporting by Anna Ringstrom; Editing by David Goodman)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-geely-volvo-polestar-idUKKBN19C0L1'|'2017-06-21T14:36:00.000+03:00'
'c40d19367b2986aa12a554cdeabc09dd34ce6660'|'Bain, Cinven collect 41.4 percent of Stada shares'|'FRANKFURT Buyout groups Bain Capital and Cinven have been offered just over 41 percent of the shares in German drugmaker Stada ( STAGn.DE ), 26 points short of the required minimum, the private equity groups said on Wednesday, one day before the offer period expires.The tender offer for the agreed 5.3 billion euro ($5.9 billion) deal runs through Thursday, June 22 and is conditional on securing 67.5 percent of Stada''s shares.The investors earlier this month lowered the minimum acceptance threshold from 75 percent and postponed the cutoff date by two weeks. German financial market rules prohibit any further amendments.(Reporting by Ludwig Burger; Editing by Harro ten Wolde)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-stada-arzneimitt-m-a-acceptance-idINKBN19C1PE'|'2017-06-21T11:16:00.000+03:00'
'10139cc1e80db6a4d69b75350902b387749d6582'|'Qatar rift risks raising cost for Gulf debt issuers and slowing Saudi reforms'|'Business News - Wed Jun 21, 2017 - 10:13am BST Qatar rift risks raising cost for Gulf debt issuers and slowing Saudi reforms FILE PHOTO: Cars drive past the King Abdullah Financial District, north of Riyadh, Saudi Arabia, March 1, 2017. REUTERS/Faisal Al Nasser/File Photo By Saeed Azhar , Davide Barbuscia and Katie Paul - DUBAI/RIYADH DUBAI/RIYADH Qatar''s rift with its Arab neighbors is threatening to puncture investor appetite for the Gulf region as a whole, translating into potentially higher debt costs for governments and possibly slowing the pace of Saudi Arabia''s economic reforms. Saudi, United Arab Emirates, Bahrain and Egypt broke relations and transport ties with Qatar on June 5, alleging it finances terrorism, something Doha vehemently denies. The move has thrown the region -- which has been relatively stable, if troubled by Sunni and Shi''ite Muslim rivalry -- into diplomatic turmoil that is now putting off investors. "We were used to a relatively peaceful region and now the landscape has changed," said Brigitte Le Bris, head of emerging debt and currencies at Paris-based Natixis Asset Management, which manages about 350 billion euros ($392 billion) in assets. "We are not yet ready to increase our exposure to the region. We need to know whether this crisis is isolated to Qatar or it can spread and affect other countries or the crisis can worsen." One obvious area is sovereign debt, where the crisis has the potential of raising borrowing costs. Following the sanctions, rating agency Standard & Poor''s downgraded Qatar while Fitch put it on its watchlist for a potential downgrade. To date, foreign investors still appear to be comfortable holding Qatar paper due to the size of the country''s reserves and assets held by its sovereign wealth fund, Qatar Investment Authority. Yields on Qatar’s sovereign dollar bonds maturing in 2026 spiked over 40 basis points after the sanctions were announced on June 5 but have now recovered nearly 20 bps. Other Gulf Cooperation Council countries'' sovereign bonds saw some weakness in the immediate aftermath of the diplomatic crisis, but again have largely gone back to their pre-crisis levels. How long this lasts, however, may depend on how long the crisis goes on, which may be "for years" according to one UAE minister.. The market''s take, however, is that the diplomatic crisis will be resolved via political mediation, said Max Wolman, senior portfolio manager at Aberdeen Asset Management in London. "But if the likes of Bahrain, Oman or even Saudi Arabia were to issue these days, I think there would be a slight risk premium of 10 to 15 basis points in the primary to the secondary market because of current political uncertainty," he said. SAUDI REFORMS Another risk could be to Saudi Arabia''s economic reforms, many of which depend on investor cash flowing in. "Investors may become concerned about Saudi over-extending itself, as the war in Yemen continues and domestically reforms have adversely impacted consumer sentiment," Asha Mehta, portfolio manager at Acadian Asset Management. A senior banker, who has done extensive investment banking work in the Middle East, pointed to the high-profile listing of oil company Aramco as a potential issue. "If the situation continues like this and they planned their IPO, they would be bombarded with questions on this (political upheaval)," he told Reuters, asking not to be named. Even though the Aramco IPO is not expected until 2018, Saudi Arabia was preparing the sale of government stakes in airports, healthcare and educational firms, aiming to raise $200 billion. The privatization is part of the reforms to reduce Saudi Arabia''s dependence on oil, after its price plunge hurt the kingdom''s economy and stretched its finances. Bank of America Merrill Lynch in a recent note said geopolitics may delay the reforms, although not derail them. Saudi''s reform process could get some impetus, however, from the announcement on Wednesday that Mohammed bin Salman will become the crown prince, replacing his cousin in a sudden announcement that confirms Saudi Arabia King Salman''s 31-year-old son as next ruler of the kingdom. MBS, as he is known, was behind the sweeping economic reforms aimed at ending the kingdom''s "addiction" to oil, part of his campaign. Brent was unchanged at $46.02 barrel at 0651 GMT on Wednesday at multi-month lows after falling nearly 2 percent in the previous session to its lowest settlement since November as investors discounted evidence of strong compliance to a deal to cut a global output. (additional reporting by Marc Jones in London, and Tom Arnold in Dubai Editing by Jeremy Gaunt)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-gulf-qatar-investment-idUKKBN19C115'|'2017-06-21T17:13:00.000+03:00'
'd3b68e9ead18c7a1e5100759802b0decd801273a'|'BMC Software explores merger with CA: source'|'By Liana B. Baker Privately owned BMC Software has contacted banks about putting together a financing package for an acquisition offer for enterprise software maker CA Inc ( CA.O ), according to a source familiar with the matter.The deal would combine two of the largest U.S. providers of information technology management software and would be the biggest leveraged buyout since Dell''s $24.4 billion take-private transaction in 2013.BMC''s bid for CA, which has a market capitalization of more than $13 billion, would require a large financing package and equity financing from BMC''s private equity owners, Bain Capital and Golden Gate Capital, the source said on Tuesday.The source cautioned that no deal is certain and asked not to be identified because the deliberations are confidential. CA and BMC could not immediately be reached for comment. Bain Capital and Golden Gate declined to comment.CA shares rose 14.8 percent to $36.24 in after-hours trading after Bloomberg News reported that BMC and CA are in early-stage talks about a potential merger.CA, formerly known as Computer Associates, has its roots in providing mainframe computers used by large institutions like banks. It has been trying to shift its business to the cloud, and announced in March that it was acquiring application security firm Veracode for $614 million.BMC, which provides software that helps corporations organize their tech support functions, was taken private for $6.9 billion in 2013 by Golden Gate and Bain Capital, after pressure from activist hedge fund Elliott Management Corp.(This version of the story corrects year of Dell deal to 2013 from 2014 in second paragraph)(Reporting by Liana B. Baker in San Francisco; Editing by Leslie Adler)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-ca-m-a-bmcsoftware-idINKBN19C036'|'2017-06-20T22:48:00.000+03:00'
'b572936e107c4d40ef0be7858f228df8f2f80d81'|'China''s ICBC says checks of loans by big acquirers are routine'|'Fri Jun 23, 2017 - 4:52am BST China''s ICBC says checks of loans by big acquirers are routine left right Fosun International Ltd services are displayed at a news conference in Hong Kong, China March 29, 2017. REUTERS/Bobby Yip 1/3 left right The HNA Group logo is seen in this illustration photo June 1, 2017. Picture taken June 1, 2017. REUTERS/Thomas White/Illustration 2/3 left right A sign of Dalian Wanda Group in China glows during an event announcing strategic partnership between Wanda Group and FIFA in Beijing, China March 21, 2016. REUTERS/Damir Sagolj 3/3 BEIJING Industrial and Commercial Bank of China (ICBC) said on Friday its checks of loans to companies that made overseas acquisitions is routine, following reports that the regulator had ordered lenders to assess credit extended to a handful of highly acquisitive firms. In a statement, ICBC ( 601398.SS )( 1398.HK ) also said it was not "dumping" bonds issued by companies whose loans it was assessing, an apparent response to market rumors on Thursday. Reuters and other media outlets reported on Thursday that China''s banking regulator had ordered a group of lenders to assess their exposure to offshore acquisitions by a handful of dealmakers that had been on an overseas buying spree. The firms include HNA Group, Dalian Wanda Group Co, Anbang Insurance Group [ANBANG.UL], Fosun International Ltd ( 0656.HK ) and Zhejiang Luosen, which was behind the purchase of A.C. Milan football club earlier this year, a source told Reuters. Wanda-issued bonds traded on the Shanghai Stock Exchange dropped 1.8 percent on Thursday, and shares in Wanda Film Holding Co ( 002739.SZ ) fell 10 percent on Thursday, before they were suspended on the Shenzhen bourse. (Reporting by Shu Zhang and Tony Munroe; Editing by Stephen Coates) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-china-cbrc-probe-icbc-idUKKBN19E0A4'|'2017-06-23T11:47:00.000+03:00'
'1faa795735463fca790fc29e6d8a075fab6bf4b7'|'ECB''s Draghi tells EU leaders expects economy, wages to grow'|'Central Banks   12:35pm BST ECB''s Draghi tells EU leaders expects economy, wages to grow European Central Bank President Mario Draghi speaks during a news conference following the Governing Council meeting in Tallinn, Estonia, June 8, 2017. REUTERS/Ints Kalnins BRUSSELS The euro zone economy is growing and unemployment is falling, but underlying inflation is not rising because wage growth has not yet picked up, European Central Bank President Mario Draghi told European Union leaders. In a presentation on the economy at a summit of the EU''s 28 leaders on Friday, Draghi said the slow price growth meant that the bank''s accommodative policy would stay as it is for now, an official with knowledge of Draghi''s remarks said. Underlying inflation, the measure of price growth that excludes volatile unprocessed food and energy costs, edged up to 1.2 percent year-on-year in April from 0.8 percent in March, but then eased again to 1.0 percent in May. But Draghi said he expected wage growth to pick up in coming months. Draghi said that sentiment was improving because one of the major uncertainties weighing down confidence last year was dispelled as new hope emerges about the future of the European Union, despite Britain''s decision to leave. Draghi quoted U.S. economist Larry Summers, the former top economic adviser to president Barack Obama, that "confidence is the cheapest stimulus". Draghi also told EU leaders that economic growth and improving business climate provided a unique opportunity for politicians to push through structural reforms and start a cycle of enhanced trust and economic convergence. (Reporting by Jan Strupczewski; editing by Robin Emmott)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-eu-summit-draghi-idUKKBN19E1AF'|'2017-06-23T19:35:00.000+03:00'
'47984b7578f07caabebb8568fb1d77b48b042965'|'Investors doubt Kroton can win approval for Estácio takeover: report'|'SAO PAULO Investors are skeptical that a merger of Kroton Educacional SA and Estácio Participações SA to form the world''s No. 1 for-profit education company will win Brazil''s approval, Morgan Stanley said on Thursday.In a report, Morgan Stanley ( MS.N ) analysts led by Javier Martínez de Olcoz Cerdán said Kroton''s planned takeover of Estácio has approximately a 75 percent chance of being rejected, based on a selloff of both stocks on Monday and Tuesday.Investors drove shares of Kroton ( KROT3.SA ) and Estácio ( ESTC3.SA ) down 7 percent and 14 percent, respectively.However, Martínez sees a 60 percent chance the deal will be approved on the condition that the companies sell assets accounting for 15 percent of the combined entity''s revenue.The rout in the shares of both companies came after two Brazilian newspapers said antitrust watchdog Cade is considering vetoing Kroton''s takeover of Estácio at a meeting scheduled for June 28. According to the report, only one of the agency''s five directors, Cristiane Alkmin, has given signs that the deal could be approved.Scrutiny of the Kroton-Estácio tie-up comes as rivals and consumer groups air concerns about creating a juggernaut with 10 times as many students as its closest rival in Brazil.Reuters reported on June 5 that Cade has demanded asset sales larger than initially expected by Kroton as a condition to approve the deal. In February, a preliminary report by the watchdog''s economic analysis division said the deal could hamper competition and lead to higher costs for consumers.Cade, Kroton and Estácio declined to comment.Martínez interviewed more than 80 local and foreign investors between June 13 and June 19 to understand their views about the Kroton-Estácio deal.His conclusion that shares are pricing in a no-deal scenario stems from expectations by those investors that Kroton and Estácio would be down 9 percent and 13 percent if Cade rejected the combination.(Reporting by Guillermo Parra-Bernal; Editing by Steve Orlofsky)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-estacio-part-m-a-kroton-idUSKBN19D2MP'|'2017-06-23T00:14:00.000+03:00'
'e6e23fa462a85800b5152c72a04f2a178959e311'|'Facebook to keep wraps on political ads data despite researchers'' demands'|'Technology News - Thu Jun 22, 2017 - 12:41pm BST Facebook to keep wraps on political ads data despite researchers'' demands FILE PHOTO: Miniature Facebook banners are seen on snacks prepared for the visit by Facebook''s Chief Operating Officer in Paris, France, January 17, 2017. REUTERS/Philippe Wojazer/File Photo By David Ingram - SAN FRANCISCO SAN FRANCISCO Facebook ( FB.O ) said it would not disclose information about political campaign advertising or related data such as how many users click on ads and if advertising messages are consistent across demographics, despite arguments from political scientists who want the data for research. Details such as the frequency of ads, how much money was spent on them, where they were seen, what the messages were and how many people were reached would remain confidential under the company''s corporate policy, which is the same for political advertising as for commercial customers. "Advertisers consider their ad creatives and their ad targeting strategy to be competitively sensitive and confidential," Rob Sherman, Facebook''s deputy chief privacy officer, said in an interview on Wednesday, when asked about political ads. "In many cases, they''ll ask us, as a condition of running ads on Facebook, not to disclose those details about how they''re running campaigns on our service," he said. "From our perspective, it''s confidential information of these advertisers." Sherman said it would not make an exception for political advertising. "We try to have consistent policies across the board, so that we''re imposing similar requirements on everybody." Academics who study political campaigns worldwide said this kind of information fosters accountability by analyzing how candidates compete for votes and whether election systems live up to expectations of fairness. Transparency can also deter fraudulent ads, they said. "We don''t have the capacity right now to track it, and nobody does, as far as we can tell," said Bowdoin College professor Michael Franz, a co-director of the Wesleyan Media Project, which catalogs political ads on traditional television but has no means of doing so on Facebook. Television has been the backbone of political advertising for decades, and local U.S. broadcasters are required to disclose a wealth of details about the cost and schedules of ads. The ads can be seen by anyone with a television provided they are aired in their markets. Online advertising, though, often targets narrow, more carefully constructed audiences, so for example an ad could be directed only to Democrats under 25 years of age. Thousands of variations of online ads can be directed at select groups and the targeting can be extreme. Academics argue this is where the process can become very opaque. "Candidates can speak out of both sides of their mouths," said Daniel Kreiss, a communications professor at the University of North Carolina at Chapel Hill. "Having some kind of digital repository of ads that are purchased during a particular cycle and linked to a particular source is a good, democratic thing for the public." No such repository exists, and the quandary for researchers is expected to worsen as more politicians use digital advertising because of its relatively low cost and opportunities for target marketing. According to U.S. President Donald Trump''s campaign, $70 million was spent for its ads on Facebook, more than on any other digital platform including Google ( GOOGL.O ), and Trump has credited Facebook with helping him defeat Democrat Hillary Clinton last November. Advertising on Facebook also figured prominently in recent elections in the Netherlands and the United Kingdom, researchers said. Britain is investigating how candidates use data to target voters. Facebook ads generally disappear with the scroll of a thumb on a smartphone, and they have no permanent links. Advocates for transparency call them "dark ads." Facebook calls them "unpublished posts." Researchers said that disclosure reports from the U.S. Federal Election Commission are unhelpful because they show what campaigns pay to intermediaries, not to internet platforms. The role of advertising online is as important to study as the effect of so-called "fake news," which has received more attention than ads, scholars said. "The holy grail, I think, of political analysis for the 2016 election is to figure out which communications from which entities had an effect on which jurisdictions in the United States," said Nathan Persily, a Stanford University professor who writes about elections. Facebook has such information and should make it available for study, Persily said. Facebook''s Sherman said the company was open to hearing research proposals, but he doubted much could be achieved. "Even if we were able to be more transparent in this area, it would only be a very small piece of an overall story," he said. (Reporting by David Ingram; Editing by Peter Henderson and Diane Craft) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-usa-politics-facebook-idUKKBN19D1CN'|'2017-06-22T19:27:00.000+03:00'
'099bad2690805e4dcb757cb82585de26c8053e8f'|'Exclusive: Sycamore Partners close to deal to acquire Staples - sources'|'By Greg Roumeliotis and Lauren Hirsch Private equity firm Sycamore Partners is in advanced talks to acquire Staples Inc ( SPLS.O ) following an auction for the U.S. office supplies retailer, people familiar with the matter said on Wednesday, in a deal that could top $6 billion.The acquisition would come a year after a U.S. federal judge thwarted a merger between Staples and peer Office Depot Inc ( ODP.O ) on antitrust grounds.It would represent a bet by Sycamore that Staples could more quickly shift its business model from serving consumers to catering to companies if it were to go private.Sycamore is in the process of finalizing a debt financing package for its bid for Staples after it prevailed over another private equity firm, Cerberus Capital Management, three sources said.An agreement could be announced as early as next week, though negotiations between Sycamore and Staples are continuing and there is still a possibility that deal discussions could fall apart, the sources added.The sources asked not to be identified because the negotiations are confidential. Framingham, Massachusetts-based Staples and New York-based Sycamore declined to comment. Cerberus, which is also based in New York, did not immediately respond to a request for comment.Staples, which made its name selling paper, pens and other supplies in retail stores, reported a smaller-than-expected fall in first-quarter comparable sales last month, while its profit met analyst estimates, helped by a growth in demand for facilities, breakroom supplies and technology solutions.Staples has 1,255 stores in the United States and 304 in Canada. It has the largest market share of office supply stores in the United States at 48 percent, and its share has increased since 2011, according to Euromonitor.Private-equity acquisitions of retailers have become increasingly rare, as the investment firms worry about increasing headwinds facing the industry and their portfolio companies struggle with the debt burden left behind from leveraged buyouts. Retail deals comprised the smallest share of mergers and acquisitions in the first quarter of the year, according to Thomson Reuters data.A number of private equity-backed retailers, from Sports Authority Inc to Payless ShoeSource Inc, have filed for bankruptcy in the last two years.Sycamore, however, specializes in retail investments and has been more bullish on the sector. Its previous investments include regional department store operator Belk Inc, discount general merchandise retailer Dollar Express and mall and web-based specialty retailer Hot Topic.(Reporting by Greg Roumeliotis and Lauren Hirsch in New York; Editing by Lisa Shumaker)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-staples-m-a-sycamorepartners-exclusiv-idINKBN19C35E'|'2017-06-21T22:00:00.000+03:00'
'8739f9a851629617fa714c112d0248e19bfdf676'|'White House aims to speed U.S. drone, wireless technologies'|'By David Shepardson - WASHINGTON, June 21 WASHINGTON, June 21 The White House is bringing together drone makers, wireless companies and venture capitalists on Thursday to look at ways government can help speed new technologies to the marketplace.President Donald Trump will meet with the chief executives of General Electric Co, Honeywell International Inc and AT&T Inc AT&T Inc, major drone industry firms and venture capitalists in the latest effort by the White House to focus on innovative technologies as a way of spurring job growth.Michael Kratsios, the White House''s deputy chief technology officer, told reporters the goal of the sessions is to find ways the United States "can maintain its leadership creating and fostering entirely new technologies that will drive our economic growth." The chief executives of several unmanned aerial system, or drone, companies including Kespry Inc, AirMap, Airspace Inc, Measure UAS Inc, Trumbull Unmanned, and PrecisionHawk Inc are attending the White House sessions.Senior executives at Xcel Energy Inc, Verizon Communications Inc and CenturyLink Inc are also taking part as are venture capital firms including AOL co-founder Steve Case who heads Revolution LLC, 500 Startups, Cayuga Ventures, Epic Ventures and Lightspeed Ventures.The administration wants to promote the development and commercialization of emerging technologies and speed the development of unmanned aerial vehicles or drones and 5G wireless technology, Kratsios said.The Obama administration implemented rules that opened the skies to low-level small drones for education, research and routine commercial use. The Trump administration is considering whether to expand drone use for purposes such as deliveries where aircraft would fly beyond the sight of an operator. Security issues would need to be resolved.The FAA in March estimated that by 2021 the fleet of small hobbyist drones will more than triple and the commercial drone fleet will increase tenfold to about 442,000.Last year, the FCC cleared the way for 5G, a lightning-fast next generation of wireless services. Testing is under way and deployment is expected around 2020.New 5G networks are expected to provide speeds at least 10 times and maybe 100 times faster than today''s 4G networks. The next generation of wireless signals needs to be much faster and far more responsive to allow advanced technologies such as virtual surgery or controlling machines remotely, regulators say.The networks could help wirelessly connect devices such as thermostats or washing machines to facilitate the internet of things. (Reporting by David Shepardson; Editing by Cynthia Osterman)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/usa-trump-drones-idINL1N1JI20H'|'2017-06-21T23:00:00.000+03:00'
'c7119de2c3f2d0cb50360b8b2c1aadfaf66f8537'|'Amazon''s grocery push playing catch up with Chinese e-commerce giants'|'Innovation and Intellectual Property - Thu Jun 22, 2017 - 9:27am EDT Amazon''s grocery push playing catch up with Chinese e-commerce giants left right FILE PHOTO: A Whole Foods Market is pictured in the Manhattan borough of New York City, New York, U.S. June 16, 2017. REUTERS/Carlo Allegri/File Photo 1/8 left right FILE PHOTO: An Amazon.com Inc driver stands next to an Amazon delivery truck in Los Angeles, California, U.S. on May 21, 2016. REUTERS/Lucy Nicholson/File Photo 2/8 left right FILE PHOTO: People ride a double bicycle past the Alibaba Group logo, at the company''s headquarters, on the outskirts of Hangzhou, China November 10, 2014. REUTERS/Aly Song/File Photo 3/8 left right FILE PHOTO: A combination photo shows food and plants for sale inside a Whole Foods Market in the Manhattan borough of New York City, New York, U.S. June 16, 2017. REUTERS/Carlo Allegri/File Photo 4/8 left right FILE PHOTO: Employees work at a JD.com logistic centre in Langfang, Hebei province, November 10, 2015. REUTERS/Jason Lee/File Photo 5/8 The Singapore Lazada website is seen in this illustration photo June 20, 2017. REUTERS/Thomas White/Illustration 6/8 left right FILE PHOTO: Employees at online retailer Lazada fill orders at the company''s warehouse in Jakarta, Indonesia April 15, 2016. REUTERS/Darren Whiteside/File Photo 7/8 The Singapore Lazada website is seen in this illustration photo June 20, 2017. REUTERS/Thomas White/Illustration 8/8 By Cate Cadell - BEIJING BEIJING As Amazon.com Inc ( AMZN.O ) looks to swallow U.S. grocery chain Whole Foods, China''s tech giants are already digesting hefty bricks-and-mortar deals, taking the lead in the battle to transform supermarket shopping with big data and better supply chains. China''s Alibaba Group Holding ( BABA.N ) and JD.com Inc ( JD.O ) have invested heavily in offline retail - bricks-and-mortar stores - in recent years to complement their online offerings. With their ready-made payment and social media platforms to lure shoppers, Alibaba and JD.com have helped China become the world’s largest online grocery market, far ahead of the United States. This early lead, cemented by densely populated urban areas and cheap labor, could be key as retailers and tech firms race to boost margins on low-cost consumer goods by reinventing supply chains with big data analytics. "China is already the largest online grocery market in terms of value in the world so it''s really advanced in terms of scale," said Nick Miles, London-based head of Asia Pacific for food and grocery industry research body IGD. Sales made online are set to more than double to around 6.6 percent of China''s broader grocery market by 2020, compared to around 1.4 percent for U.S. sales by then. Both U.S. and Chinese e-commerce firms are grappling with the challenge of increasing their margins on fast moving consumer goods (FMCG), which include low-margin, high-demand goods with a short shelf-life - a staple of grocery stores. Alibaba, which has a burgeoning cloud business that competes directly with Amazon, plans to use its trove of consumer data to provide a suite of connected services back to brands whose goods they sell. Services will include inventory management, smart manufacturing and logistics, aiming to slash waste and margins across the entire supply chain, according to the company''s so-called "New Retail" strategy. Likewise, JD.com uses data from a partnership with China''s hugely popular messaging app WeChat, which has over 930 million users, to build data profiles for a range of brands including baby products, cosmetics and soft drinks. CATCH UP Alibaba has invested over $9.3 billion in offline retail stores since 2015, including supermarket chain Sanjiang, department store Intime Retail Group and Suning Commerce Group Co Ltd ( 002024.SZ ), one of China''s biggest offline retailers. In May it took an 18 percent stake in Lianhua Supermarket Holdings Co Ltd ( 0980.HK ), part of retailer Bailian Group. JD.com bought Wal-Mart Stores Inc''s ( WMT.N ) Chinese online platform Yihaodian for about $1.5 billion in shares in 2016. U.S. firms are now looking to play catch up - key as bricks-and-mortar stores are hit by a slowdown and online players battle with tight profit margins and high delivery costs. Amazon launched a $13.7 billion bid for grocery chain Whole Foods Market Inc WFM.N last week, marking its intention to take on Wal-Mart. Wal-Mart, which got a stake in JD.com in the Yihaodian deal, upped its share in the Chinese firm to 12.1 percent in February, having bought online retailer Jet.com in a $3 billion deal last year. It''s a race with a big global impact on the wider market: worries about Amazon''s new clout with the Whole Foods deal wiped more than $35 billion off the combined market value of dozens of U.S. supermarkets, food producers and shopping malls. The incentive for Chinese tech firms to slash costs and take a bigger bite of the offline market is clear. Despite being the world''s largest e-commerce market, over 80 percent of transactions are still conducted offline in China. The country''s e-commerce market grew over 50 percent last year while hypermarket and supermarket sales flatlined, according to consultancy Bain & Company. Online retail growth hasn''t been immune either, with analysts pointing to high delivery costs and tight margins. "It''s going to very hard for those pure e-commerce players to grow (margins), and for those offline players, it''s going to be very hard to survive and make money," said Bruno Lannes, Shanghai-based partner at Bain. "The answer is to combine in an integrated supply chain." COMPETITION China''s firms and their global rivals are increasingly looking to tap into overseas market such as South East Asia and India, the most likely battlegrounds for any stand-off. However, online-offline tie-ups, even in China, are still at a relatively early stage. Challenges remain with integrating physical store assets to online systems, cutting delivery costs and dealing with fierce competition. At the Hema seafood market on the east side of Beijing, these challenges - and China''s ambition - are on display. Shoppers peruse fresh fish and clams, but pay with smartphones, scanning QR codes using Alibaba-linked payment platform Alipay as staff in red t-shirts help set up accounts and connect to wifi. "I don''t think Amazon is competitive in this field... its pages, functions and payments are old fashioned," said one female shopper in her 20''s with the last name Liu. "Hema is like Ikea but better... it feels like home." (Additional reporting by BEIJING and SHANGHAI newsrooms; Editing by Adam Jourdan and Lincoln Feast) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-whole-foods-m-a-amazon-china-idUSKBN19C32V'|'2017-06-22T07:00:00.000+03:00'
'5518a087e3468b01f4d66078a0ae8dde92e3b188'|'CANADA STOCKS-TSX ends narrowly lower as oil price slump, financials weigh'|'(Adds portfolio manager Quote: s, details throughout; updates prices)* TSX closes down 1.07 points, or 0.01 pct, at 15,148.53* Just four of TSX''s 10 main industry groups end lower* U.S. crude oil futures settle 2.3 pct lower* Materials group adds 1.5 pctBy Fergal SmithTORONTO, June 21 Canada''s benchmark stock index edged lower on Wednesday as a slump in oil prices pressured energy and financial shares, offsetting a rally in gold stocks as the U.S. dollar fell.The Toronto Stock Exchange''s S&P/TSX composite index inched down 1.07 points, or 0.01 percent, to close at 15,148.53.The dip left the index stuck below its 200-day moving average, which is widely seen as a bearish signal."You could see some more downside on the TSX as long as energy prices keep going down," said Luciano Orengo, portfolio manager at Manulife Asset Management.U.S. crude oil futures settled 2.3 percent lower at $42.53 a barrel after hitting a 10-month low in volatile trade, as concerns mounted over a global supply glut. Oil prices have fallen more than 20 percent from their January peak, indicating a bear market.Cenovus Energy shares fell 3.2 percent to C$9.14 a day after being battered by news the company would replace its chief executive and sell some assets.Encana Corp shed 3.8 percent to C$10.72, while the overall energy group lost 0.5 percent.The drop in oil prices has reduced inflation prospects, contributing to a recent flattening in the yield curve, which tends to compress net interest margins for banks.The spread between Canada''s 2- and 10-year yields narrowed by 0.9 basis point to a spread of 58.1 basis points, its narrowest gap since last October, as longer-dated bonds outperformed.The financials group, which makes up roughly a third of the index''s weight, also retreated 0.5 percent. Manulife Financial Corp fell 2.1 percent to C$23.76 and Bank of Montreal retreated 0.9 percent to C$92.48.Investors may also worry about how a drop in oil prices will impact loans to the energy sector."It is a confluence of many things that put a lid on financial stock prices," Orengo said.Just four of the index''s 10 main sector groups ended lower.The materials group, which includes precious and base metals miners as well as fertilizer and lumber companies, added 1.5 percent.Goldcorp Inc rose 3.1 percent to C$17.85 and Barrick Gold Corp gained 1.4 percent to C$20.96, while Teck Resources added 2.5 percent to trade at C$20.37.Gold futures rose 0.1 percent to $1,242 an ounce as the U.S. dollar lost ground against a basket of major currencies, while copper prices advanced 1.2 percent to $5,725 a tonne. (Additional reporting by Solarina Ho, editing by G Crosse)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/canada-stocks-idUSL1N1JI1KC'|'2017-06-22T05:21:00.000+03:00'
'64e0ae78f03b44fa3b4a9413f6ffff06bf97721c'|'Go-Ahead reiterates full-year profit guidance'|'Business  34am BST Go-Ahead reiterates full-year profit guidance A Go Ahead bus crosses Westminster Bridge in London, Britain August 29, 2015. REUTERS/Neil Hall British transport company Go-Ahead Group Plc said on Thursday it was on track to meet its full-year profit forecast as strong bus passenger numbers in some regions offset still slow revenue growth at Southern railways following strike action. Go-Ahead, which owns around 5,200 buses transporting more than two million passengers daily, said its regional bus division was delivering revenue growth "slightly ahead" of wider industry trends. The company, which lowered its full-year profit outlook in February blaming repeated strike action on Southern railway, said Southern services had stabilised in the last five months but more strike action was planned. Southern is run by Govia Thameslink Railway (GTR), in which Go-Ahead has a 65 percent stake. "Disappointingly, the ASLEF union has called for an overtime ban for Southern train drivers which, if it goes ahead, will result in unnecessary disruption for customers," Go-Ahead said in a trading update. "GTR remains fully committed to resolving these issues to provide improved services for customers and reduce uncertainty for our stakeholders," it said. "Progress is being made in the ongoing discussions with the DfT (Department for Transport) regarding a number of contractual variations; management''s judgement around these discussions and the potential impact on rail profitability remains consistent with previous guidance." Separately, Go-Ahead said Govia has been short-listed by the UK Department for Transport to bid for the South Eastern franchise, a network it has been operating for over 10 years now. Shares in Go-Ahead were up 0.3 percent at 1,838 pence at 0723 GMT. (Reporting by Rahul B in Bengaluru; Editing by Susan Fenton)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-go-ahead-group-outlook-idUKKBN19D0NU'|'2017-06-22T15:34:00.000+03:00'
'd12c2ea25da5e98a5594b6d2a6b0987aed553bab'|'Exclusive - Qatar sovereign fund moves stakes to government, may sell assets'|'Business   8:20pm BST Exclusive - Qatar sovereign fund moves stakes to government, may sell assets FILE PHOTO: Buildings are seen on a coast line in Doha, Qatar June 5, 2017. REUTERS/Stringer/File Photo By Tom Finn - DOHA DOHA Qatar''s sovereign wealth fund has transferred over $30 billion (£23.7 billion) worth of its domestic equity holdings to the finance ministry and may sell other assets as part of a restructuring drive, people familiar with the matter told Reuters. Stakes in 18 companies were transferred earlier this year, before Qatar''s diplomatic rift with other Gulf states. The stakes include major holdings in some of the country''s top firms such as Qatar National Bank QNBK.QA, telecommunications operator Ooredoo ORDS.QA and Qatar Electricity & Water Co QEWC.QA. The Qatar Investment Authority, one of the world''s largest sovereign funds, moved the holdings as part of efforts by the entire government to become more efficient and generate higher returns, the sources said. "The assets were transferred so that the Ministry of Finance could oversee these holdings in a more active manner," one of the sources said. He added, "Under the rule of Sheikh Tamim, Qatar is moving into an era of greater government scrutiny and oversight of funds. The finance ministry has a hands-on approach to public investments." A second source said an internal restructuring of the QIA had started earlier this year, aiming to ensure the fund focused on its strengths, particularly international investing. The QIA declined to comment, while the finance ministry did not respond to requests for comment. The QIA, which rarely discusses its operations publicly, is believed to have over $300 billion of assets around the world. The holdings transferred to the finance ministry include stakes across the country''s banking industry: Islamic lender Masraf al Rayan MARK.QA, Ahli Bank AABQ.QA, Qatar Islamic Bank QISB.QA, Qatar International Islamic Bank QIIB.QA, Doha Bank DOBK.QA, Commercial Bank of Qatar COMB.QA and Al Khalij Commercial Bank KCBK.QA. They also include industrial, trading and transport firms: Qatar National Cement QANC.QA, Al Meera Consumer Goods MERS.QA, Qatar Gas Transport QGTS.QA, Gulf International Services GISS.QA, Mannai Corp MCCS.QA, Mayaza Qatar Real Estate MRDS.QA, Qatar Industrial Manufacturing Co QIMC.QA and Qatar Oman Investment Co QOIS.QA. The sources did not specify exactly how holdings in these companies would be managed more actively. They bring to the finance ministry annual dividend revenue estimated at over 3 billion riyals ($824 million) this year. "It has not been decided yet how the revenue from the company dividends will be used. They could form an additional revenue stream for the government, or the finance ministry holdings could be prepared for privatisations or strategic sales," the first source said. The restructuring of the QIA was decided months before Saudi Arabia, the United Arab Emirates and Bahrain cut diplomatic and transport ties with Doha this month, accusing it of backing terrorism - a charge which Doha strongly denies. The changes at the QIA are part of a country-wide consolidation drive which includes planned mergers of state-owned liquefied natural gas producers Qatargas and RasGas, and Qatar Petrochemical Co with Qatar Vinyl Co. The second source said assets which the QIA might sell included Hassad Food, the country''s top investor in the international food and agri-business sectors. It was established in 2008 as a wholly owned subsidiary of the QIA. No decision has been made, the source stressed. (Writing by Andrew Torchia; Editing by Toby Chopra)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-gulf-qatar-qia-exclusive-idUKKBN19C2PQ'|'2017-06-22T03:20:00.000+03:00'
'1cbf76fd836d508dd60af38c73c71af034a54f72'|'Bidders for Toshiba''s Landis+Gyr narrows to two: sources'|'By Clara Denina , Claire Ruckin and Arno Schuetze - LONDON/FRANKFURT LONDON/FRANKFURT The field of prospective bidders for Japanese conglomerate Toshiba Corp.''s ( 6502.T ) Swiss-based smart meter group Landis+Gyr has narrowed to two, three banking sources said on Monday.The two - Goldman Sachs Group Inc.''s ( GS.N ) private equity arm and Canada''s Onex Corp ( ONEX.TO ) - are undertaking due diligence checks, the sources said.A consortium of buyout firm CVC Capital Partners and Japanese conglomerate Hitachi Ltd ( 6501.T ) had withdrawn its offer, as had Honeywell International Inc ( HON.N ), the sources said.A first round of bids for Landis+Gyr, for which bankers are preparing debt packages of around $1 billion or 5-6 times its $200 million EBITDA (earnings before interest, tax, depreciation and amortization), closed in May and binding offers are expected in July.Goldman Sachs and Landis+Gyr declined to comment. CVC declined to comment, while Hitachi and Onex were not immediately available for comment.Toshiba is also preparing for an initial public offering (IPO) of Landis if final bids fall short of its expectations, as the Japanese company scrambles to raise funds to cover massive losses at U.S. nuclear unit Westinghouse.Toshiba hired UBS this year for the deal and later added Morgan Stanley, Credit Suisse and JP Morgan to help with the potential IPO.CVC and Hitachi, whose initial preemptive offer of almost $2 billion to buy Landis+Gyr was declined, as well as Honeywell decided not to pursue deals due to the likely valuation and the prospects of a listing, the sources said.One of the sources said the company was aiming for offers 12 times EBITDA, which deterred many bidders.There has been a wave of M&A activity in the metering industry. CVC is selling German metering and energy management group Ista, which could be worth up to 4.5 billion euros, while German metering group Techem could be put up for sale this year.Toshiba bought Landis+Gyr in 2011 for $2.3 billion jointly with state-backed Innovation Network Corporation of Japan, which holds the remaining 40 percent in the company.Landis+Gyr, in which Toshiba has a 60 percent stake, employs more than 5,700 staff and is active in over 30 countries.(Additional reporting by Oliver Hirt in Zurich; Editing by Susan Thomas)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-landis-m-a-bidders-idINKBN19H1XT'|'2017-06-26T14:13:00.000+03:00'
'8c9d667aa5536441b31b086b0d5c1d5d35c635a9'|'UK Stocks-Factors to watch on June 26'|'Market News - Mon Jun 26, 2017 - 2:02am EDT UK Stocks-Factors to watch on June 26 June 26 Britain''s FTSE 100 index is seen opening up 15 points at 7,439 on Monday, according to financial bookmakers. * RBS: British lender Royal Bank of Scotland is planning to cut 443 jobs dealing with business loans and many of them will move to India, the bank said. * SKY/VODAFONE: New Zealand pay television provider Sky Network TV on Monday said it was terminating a sales agreement to buy Vodafone''s local unit, a deal the country''s competition regulator had ruled against. * GLENCORE/RIO: Miner and trader Glencore on Friday hit back with an increased offer of $2.675 billion in cash to buy Australian coal assets from Rio Tinto, that earlier this week said it was favouring a Chinese bid. * TESCO: Tesco, Britain''s biggest private sector employer, is to raise pay for hourly paid store staff by an inflation-beating 10.5 percent over the next two years, it said on Friday. * CAPITA: Outsourcer Capita said on Friday it would sell its asset management services arm to Australian financial services firm Link Administration Holdings for 888 million pounds ($1.13 billion). * CO-OPERATIVE BANK: Britain''s Co-operative Bank is close to a 700 million pounds rescue deal with US hedge funds, while in talks about the separation of the vast pension scheme it shares with the Co-op Group, Sky News reported. bit.ly/2scCNg5 * UK CYBER ATTACK: Britain''s parliament was hit by a "sustained and determined" cyber attack on Saturday designed to identify weak email passwords, just over a month after a ransomware worm crippled parts of the country''s health service. * REINSURERS: Global reinsurers have written to the European Commission to ask it to ensure mutual access between British and European Union reinsurance markets after Britain leaves the bloc due to worries about market disruption, according to extracts from the letter seen by Reuters. * INSURANCE: The insurance industry warned the British government of the dangers of flammable external surfaces on buildings a month before the Grenfell Tower fire that killed at least 79 people. * LONDON FIRE: British investigators said on Friday they would consider manslaughter charges over the London tower block fire that killed at least 79 people, as thousands of apartment-dwellers a few miles away were told to leave their homes due to fire risk. * LONDON TOWER BLOCKS: Britain said 34 high-rise apartment blocks had failed fire safety checks carried out after the deadly Grenfell Tower blaze, including several in north London where residents were forced to evacuate amid chaotic scenes. * INVESTMENT BANKS: Some global investment banks risk losing up to $240 million in business by 2020 as a regulatory overhaul, which will change the way securities research is priced and used, makes independent firms more attractive for clients, a financial consultancy said. * GOLD: Gold prices edged lower on Monday as investors remained cautious ahead of a flurry of U.S. data due this week, with firmer Asian stocks also weighing on the market. * COPPER: London copper eased on Monday but remained within reach of the highest in more than two months, after expectations of the U.S. interest rate hike trajectory were tempered which weighed on the dollar. * OIL: Oil prices rose more than 1 percent early on Monday on a weaker dollar, but another rise in U.S. drilling activity stoked worries that a global supply glut will persist despite an OPEC-led effort to curb output. * The UK blue chip index was down 0.2 percent at 7,424.13 at its close on Friday, as one year on from Britain''s shock vote to leave the European Union, cracks are started to appear in the index''s rally, as concerns on both political and economic fronts saw UK shares fall for a third week in a row. * For more on the factors affecting European stocks, please click on: cpurl://apps.cp./cms/?pageId=livemarkets * UK CORPORATE DIARY: D4t4 Solutions Plc Full Year 2017 Earnings Release Monks Investment Trust Plc Full Year 2016 Earnings Release Northgate Plc Full Year 2017 Earnings Release TODAY''S UK PAPERS > Financial Times > Other business headlines Multimedia versions of Reuters Top News are now available for: * 3000 Xtra : visit topnews.session.rservices.com * For Top News : topnews.reuters.com (Reporting by Noor Zainab Hussain in Bengaluru) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-stocks-factors-idUSL3N1JN267'|'2017-06-26T10:02:00.000+03:00'
'ed46a748102010f6a537a8bb867bdfdac55b3559'|'China blue-chips at 18-month high, MSCI talks up A-shares'|'Money News   12:59pm IST China blue-chips at 18-month high, MSCI talks up A-shares An investor looks at an electronic screen at a brokerage house in Hangzhou, Zhejiang province, January 26, 2016. REUTERS/China Daily/Files SHANGHAI China''s blue-chip index closed at its highest in over a year on Monday, boosted by news of index provider MSCI saying it could substantially raise the future weighting of China ''A'' shares in its emerging markets benchmark. The Shanghai SE 50 Index, an index tracking the 50 most representative blue-chips on the Shanghai Stock Exchange, advanced 0.6 percent to an 18-month high. The index has gained 11.2 percent in 2017, versus a gain of 2.6 percent in the benchmark SSEC. The blue-chip CSI300 index rose 1.3 percent, to 3,668.09 points, while the Shanghai Composite Index ticked up 0.9 percent to 3,185.44 points. Shanghai Securities News reported MSCI Inc Chief Executive Henry Fernandez saying MSCI could raise the future weighting of China ''A'' shares in its Emerging Markets Index, potentially adding 195 mid-sized stocks. MSCI''s decision to add 222 China-listed large-cap stocks to its Emerging Markets Index (EMI), tracked by around $1.6 trillion, has already fuelled a blue-chip buying spree on the mainland. "For now we are optimistic about the ''A'' share market, which has been picking up recently, aided by better policy and liquidity conditions," Haitong Securities wrote in a report. Listed companies in the ''A'' share market are also expected to record rapid profit growth in the second quarter and for the full year, the brokerage added. Sectors rallied across the board. The top performing real estate sector jumped 4.6 percent to a near seven-month high, led by bellwether China Vanke which soared 10 percent for the second straight session. The market showed scant reaction to news that China imposed a penalty of nearly 700 million yuan ($102.30 million) on a Russian-controlled high-frequency trading firm on Friday for futures market manipulation. ($1 = 6.8423 Chinese yuan renminbi) (Reporting by Luoyan Liu and John Ruwitch; Editing by Eric Meijer & Shri Navaratnam)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/china-stocks-close-idINKBN19H0NW'|'2017-06-26T15:29:00.000+03:00'
'a06207ca42c8a02d52271876ebed1597e13a25ef'|'Co-op Bank says nears rescue deal with investor group'|'  10:22am BST Co-op Bank says nears rescue deal with investor group A woman walks past a branch of The Co-operative Bank in London, Britain, February 13, 2017. REUTERS/Hannah McKay LONDON Britain''s Co-operative Bank said on Monday it was close to agreeing a financial rescue package with leading investors that would shore up its capital base and end months of uncertainty about its future. The Co-op Bank, which provides banking services to almost 4 million retail and small and medium sized enterprises, said it was in advanced talks with a group of existing investors over a deal which includes a recapitalisation. A deal would allow the bank to meet the longer term capital requirements demanded by the regulator and to continue as a stand-alone entity, while safeguarding its values and ethics, it said in a statement. The bank, which put itself up for sale in February, nearly collapsed in 2013 after losses from problem real estate loans and has been struggling to rebuild its financial health. Co-op said it was discussing its capital raising options with the UK''s Prudential Regulation Authority. A majority of the key commercial aspects of the deal had been "substantially agreed", it said, and it was in advanced talks over how to manage the group''s pension liabilities, it said in response to media reports of an impending deal. "Discussions are continuing between the parties, including on other key matters, with a view to agreeing the final aspects of the Proposal and a further announcement will be made in due course," it said. As a result, the Co-op said it had decided to discontinue a formal sale process. Financial support for the bank''s portion of Co-operative Group''s 10 billion pound pension scheme has been one of the sticking points of the deal. Co-operative Group currently has a 20 percent stake in the bank. However, the positions of the bank''s investors and the pension scheme trustees on the issue were now "largely aligned", a source familiar with the matter said. In an update on its financials, the Co-op said it now targeted an improved capital position, sustainable profitability in the medium term and a mid-single digit return-on-equity in 2021. (Reporting by Simon Jessop and Carolyn Cohn; editing by Louise Heavens and Jason Neely)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-co-operative-bank-bailout-idUKKBN19H0MO'|'2017-06-26T15:17:00.000+03:00'
'83b1321c43d36a78f316f3e53e6cf78ae4fdf344'|'BoE rollercoaster leaves pound range-bound, investors split'|'Top News - Thu Jun 22, 2017 - 4:57pm BST BoE rollercoaster leaves pound range-bound, investors split An English ten Pound note is seen in an illustration taken March 16, 2016. REUTERS/Phil Noble/Illustration/File Photo By Ritvik Carvalho - LONDON LONDON Sterling traded slightly below $1.27 on Thursday as investors were divided over the prospect of a rise in interest rates from the Bank of England after two of its top officials gave opposing signals on the matter this week. BoE Governor Mark Carney said in a speech on Tuesday it was not the right time to raise interest rates, while the Bank''s chief economist, Andy Haldane, separately said he expected to vote for a rate rise later this year. That split came barely a week after three members of the central bank''s eight-strong rate-setting committee voted to hike record low interest rates, fuelling differing views among investors over when the Bank would make the first UK interest rate hike in a decade. Sterling weakened almost 1 percent after Carney''s comments, but was bumped higher after Haldane spoke on Wednesday, recovering to as much as $1.2704. It hovered between $1.2654 and $1.2688 for most of the day, last trading flat at $1.2666 by 1440 GMT. GBP=D3 Against the euro, it was 0.1 percent higher at 88.10 pence. EURGBP=D3 Jeremy Stretch, currency strategist with CIBC World Markets said sterling''s bump higher on Haldane''s speech looked overdone. "The market has become a little over-excited about the prospect of monetary tightening in the UK...Haldane''s growth assumptions I think are too elevated and accordingly if those are revised lower he will not be too hawkish and sterling support will prove to diminish." Strategists at Nomura took a different view, saying they expected the BoE to undo its Brexit-induced rate cut at its next meeting on Aug. 3. "With the Bank growing increasingly intolerant of above-target inflation, it has begun to feel that weaker data would now be needed to prove the case for keeping policy on hold, rather than stronger data being required to justify higher rates," they wrote in a note. Potentially adding to arguments for a rate hike from the BoE was a monthly survey which showed British factory orders hit their highest level in nearly 30 years in June. The same survey showed export order growth at its strongest in 22 years, helped by the fall in sterling''s value that was triggered by Britain''s vote last year to leave the European Union. ECONGB Outgoing MPC member Kristin Forbes, long an anti-inflation hawk on the BoE committee, is due to speak at London Business School later in the day. Investors were also following political developments, with Prime Minister Theresa May presenting to EU leaders her approach to giving guarantees to EU citizens over their rights in Britain. After a snap election eroded her Conservative Party''s majority in parliament, May is still in talks with Northern Ireland''s Democratic Unionist Party to form a minority government. Chancellor of the Exchequer Philip Hammond said he was confident May would strike a deal with the DUP to gain support for her minority government, and DUP lawmaker Jeffrey Donaldson said there was a "very good" chance of a deal by next Thursday. "Sterling has had its Haldane-inspired lift, and probably has little further upside with the main focus on politics," Kit Juckes, currency strategist with Societe Generale wrote in a note. (Reporting by Ritvik Carvalho; Editing by Angus MacSwan and Toby Davis)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-sterling-idUKKBN19D0TM'|'2017-06-22T23:57:00.000+03:00'
'8ce0dd98b31f9d9ed5253b8d754de28894c4b6cd'|'Brazil blocks JBS deal, seeks asset freeze amid corruption probe'|'By Lisandra Paraguassu and Cesar Raizer - BRASILIA BRASILIA A Brazilian judge has blocked JBS SA''s planned sale of a South American unit while the attorney general''s office urged the company''s assets be frozen, in signs of fallout from a corruption probe involving the controlling shareholders of the world''s No. 1 meatpacker.Federal Judge Ricardo Leite blocked JBS''s $300 million sale of the unit to rival Minerva SA, citing a corruption scandal ensnaring JBS''s controlling Batista family, court documents seen by Reuters showed on Wednesday.In a separate decision, the attorney general''s office urged state auditors to freeze assets of JBS and the Batistas, who own 42 percent of JBS. The move guarantees that funds reimbursing state lender BNDES for faulty dealings with JBS will be preserved, the attorney general''s office said in a statement.Common shares in JBS surged 4.3 percent, while those of Minerva reversed early gains on the judge''s decision. Minerva''s stock shed 2.7 percent to 11.52 reais as of 4:20 p.m. local time (1920 GMT).Leite, the judge, sits on the court that will review a leniency deal the Batistas reached with prosecutors, and his decision highlights the legal risks for the meatpacker and its founding family.Last month, Prosecutor-General Rodigo Janot reached a plea agreement with billionaire brothers Wesley and Joesley Batista to avoid prosecution if they turned in 1,893 politicians involved in a bribery scheme. A separate leniency deal between the Batistas and federal prosecutors was signed on May 31, requiring the family to pay a 10.3 billion reais ($3.1 billion)fine over 25 years.The terms of the plea agreement have drawn intense scrutiny after the Batistas alleged that President Michel Temer took part in a bribery scheme, threatening to topple the president and sink his reform agenda.Leite said in his ruling that the deal to sell JBS beef plants in Argentina, Paraguay and Uruguay could harm the corruption investigation.(Writing by Marcelo Teixeira, Brad Haynes and Guillermo Parra-Bernal; Editing by Jeffrey Benkoe and Cynthia Osterman)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/brazil-corruption-jbs-idINKBN19D07U'|'2017-06-22T01:09:00.000+03:00'
'0381c539b34dae7514d8708940239c75bea726ad'|'UK wants to revive gas extraction in oldest part of North Sea oil basin'|'Top News - Thu Jun 22, 2017 - 3:12pm BST UK wants to revive gas extraction in oldest part of North Sea oil basin A section of the BP Eastern Trough Area Project (ETAP) oil platform is seen in the North Sea, around 100 miles east of Aberdeen in Scotland February 24, 2014. REUTERS/Andy Buchanan/pool/File Photo LONDON Britain wants oil and gas drillers to recover pockets of gas that are more difficult to reach in a part of the North Sea where drilling for fossil fuels started over 50 years ago. Britain''s oil regulator, the Oil and Gas Authority (OGA), said on Thursday that some 3.8 trillion cubic feet (tcf) of tight gas remain in the southern North Sea, one of the world''s oldest offshore gas extraction areas that has produced more than 40 tcf. Drilling activity in Britain''s North Sea has been at a record low for two years as weak oil prices make projects less attractive. The basin is estimated to have billions of barrels of oil left for extraction, worth around 200 billion pounds ($250 billion) for British government coffers, which the government is keen to see developed. The regulator on Thursday published an eight-step programme it wants oil companies to follow to tap the southern North Sea tight gas deposits, which were traditionally unpopular among explorers because they were difficult to access and therefore more expensive to develop. Tight gas deposits sit in less permeable stone, such as sandstone, and are part of the unconventional type of reservoirs like shale gas or coal bed methane. New technologies allowing extraction in less permeable geologies and efforts by explorers to share equipment mean tapping these resources is now more economic. "Maximising recovery of tight gas represents a real opportunity to extend the life of the southern North Sea''s existing infrastructure," said Eric Marston, the OGA''s area manager for the southern North Sea. Companies exploring for gas in the southern North Sea are supportive of the regulator''s push to develop tight gas projects and are making plans to drill new wells. "It''s clear that there is still a lot the industry can do to maximise the potential of one of the most mature regions of the North Sea," said Fraser Weir, North Sea director at Centrica ( CNA.L ), one of the companies active in the area. The energy company said it managed to reduce costs at one of its prospective gas fields, Pegasus, by 25 percent partly by finding ways to share some of the equipment with other companies. Centrica will later this year decide whether to proceed with the project. Oil explorer Premier Oil ( PMO.L ) is also assessing whether to invest in developing a huge gas field in the area, Tolmount, which it said could contain up to 1 tcf of gas. (This story refiles to correct spelling of gas field name in final paragraph.) (Reporting by Karolin Schaps; Editing by Adrian Croft) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-gas-exploration-idUKKBN19D1MF'|'2017-06-22T21:04:00.000+03:00'
'1931b0d19bac47628548d0e8526c668dfb987639'|'Plant nursery continues to nurse customer grudges - Money'|'E arlier this month, HM of London wrote in about the intemperate response from the online nursery scentedgeraniums.co.uk when she questioned the quality of a plug plant.Her experience was a consolation for AC of Lower Chute, Wiltshire. She had been a regular customer for five years when, in 2015, she was banned from shopping with the company. Her offence? To have asked, in a politely phrased email, when she might expect an order of plug plants placed two months previously.''I’m irritated you even asked'': What''s the worst customer service you''ve had? Read moreThe response from owner Annie was typed entirely in capital letters. It reads: “I REALLY CANNOT EXPRESS IN WORDS HOW TOTALLY DISAPPOINTED I AM – YOU FIRST ORDERED FROM US IN 2010 AND YET YOU THINK IT ACCEPTABLE TO NOW GIVE US GRIEF AS YOU ORDERED TOO LATE THIS YEAR! AFTER 5 YEARS WE WOULD REALLY THINK THAT YOU HAD BOTHERED TO READ OUR ORDERING PAYMENT AND DELIVERY INFORMATION SEVERAL YEARS AGO. WE EXPECT GRIEF FROM NEWCOMERS TO OUR WEBSITE – NOT FROM ONGOING REPEAT CUSTOMERS!! I SHALL NEVER SELL TO YOU AGAIN AND I REALLY DO MEAN THAT – NEVER ORDER AGAIN AS I SHALL CANCEL ANY ORDER RECEIVED.”Annie is unrepentant. She tells The Observer that if AC – “a name I will most definitely not forget in the future” – had read the terms and conditions, she would have realised that earlier orders are dispatched before later ones, and that she ordered “far too late” and had to go to the back of the queue. AC’s loyal custom over the previous five years is, she says, illogical given her ignorance of the nursery’s dispatch procedures. She claims that since the original letter appeared in The Observer the business has been bombarded with abuse from someone she suspects is a competitor, and that the website has been suspended prior to a revamp.The nursery has decided to discontinue plug plants because of “a small minority of customers” who complain. “We shall be tightening up our T&C’s for 2018 deliveries and if an order needs to be cancelled – it most certainly will be,” she warns.“As for complaining after receiving an order – nobody will ever please every single customer all of the time. We would average maybe five complaints a year out of several hundred orders. We would hope any newspaper thinks about this prior to publishing hatred and untruths.”The nursery appears to be good at growing plants; hopefully, during its relaunch, it will work on nurturing goodwill.The T&Cs seethe with resentment about customers who dare question or complain, and its contact section declares that the owners are too busy to accept phone calls.Those same T&Cs end with a warning against rudeness. “Please communicate with us in a POLITE way. You’ll get a much better result.”Perhaps Annie should read them.If you need help email Anna Tims at your.problems@observer.co.uk or write to Your Problems, The Observer, Kings Place, 90 York Way, London N1 9GU. Include an address and phone number.Topics Consumer rights Your problems with Anna Tims Consumer affairs Online shopping features'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/money/2017/jun/22/plant-nursery-grudge-customers-scented-geraniums'|'2017-06-22T13:59:00.000+03:00'
'fb196d1c23f974a7fd2e870c455df013f732b8bf'|'French economy minister calls for convergence on corporate tax with Germany'|'Business News - Fri Jun 23, 2017 - 8:49pm BST French economy minister calls for convergence on corporate tax with Germany French Finance Minister Bruno Le Maire meets with Greek Prime Minister Alexis Tsipras (not pictured) at Maximos Mansion in Athens, Greece, June 12, 2017. REUTERS/Costas Baltas PARIS New French economy minister Bruno Le Maire has called for swift convergence with Germany on corporate tax, and said his government will implement "difficult" measures this summer to ensure France honors its European pledge on public spending. In an interview with the French daily Le Figaro made available on Friday, Le Maire said his teams would draft proposals on taxes ahead of a Franco-German meeting scheduled for July 13. "Our ambition is to achieve quick convergence of corporate tax. We want to move very fast," he said, adding that a reinforcement of the euro zone would also help make the bloc more competitive with China and the United States. Le Maire also said the French government would take "difficult" domestic measures in the coming weeks to help France keep its word on public deficits, but did not elaborate. He added that an existing tax break could be converted to a cut in employer contributions. France, the euro zone''s second largest economy, foresees a reduction in its deficit to 2.8 percent of gross domestic product this year, which would be the first time since 2007 that it has met an EU-imposed limit of 3 percent. (Reporting by Matthias Blamont; Editing by Kevin Liffey)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-france-economy-idUKKBN19E2CK'|'2017-06-24T03:45:00.000+03:00'
'2d7e9b732ee0596d740564b6cc93a86ad06792fa'|'REFILE-Cobalt 27 aims to tap electric car revolution with $150 mln IPO'|'(Removes extraneous characters from headline; no change to text)By Pratima DesaiLONDON, June 23 Minerals company Cobalt 27 Capital Corp made its debut on Canada''s Venture Exchange on Friday, raising C$200 million ($150.7 million) in a listing that offers investors exposure to cobalt, a key metal for batteries in electric cars.Cobalt 27''s initial public offering highlights the burgeoning market for cobalt as the car industry''s push towards electric vehicles gathers pace.The company''s shares were trading at C$9.17 at 1351 GMT, against an offer price of $9 and an earlier high C$9.50.Cobalt 27 owns close to 2,160 tonnes of cobalt -- worth about $125 million, according to London Metal Exchange prices. The cobalt is stored in warehouses in Baltimore, Antwerp and Rotterdam.Most cobalt is a byproduct of copper and nickel production by miners such as Glencore, Canada''s Sherritt International and China Molybdenum."We''re a pure play on cobalt and a thematic play on electric vehicles," Cobalt 27 Chief Executive Anthony Milewski told Reuters. "Our cobalt can be traced back to the producer. It hasn''t been produced by child labour."That is a reference to artisinal mining in places such as the Democratic Republic of Congo, where individuals mine independently to produce metal, often illegally and under poor health and safety conditions.Congo''s rich cobalt deposits -- it accounts for almost two thirds of global output -- has also attracted fellow Canadian resources company First Cobalt, which is investing there despite the central African nation''s turbulent political environment.As Milewski indicated, the interest is largely down to cobalt''s use in lithium-ion batteries used to power electric vehicles, which are expected to become increasingly popular as governments clamp down on polluting fossil fuels such as gasoline and diesel.UBS recently raised its forecasts for global sales of electronic vehicles in 2021 to 3.1 million units from 2.5 million and to 14.2 million by 2025 from 9.7 million. It expects electric vehicles to account for 3.1 percent of global car sales in 2021 and 13.7 percent in 2025, against 1 percent this year."Commodity markets in the lithium battery supply chain would be most disrupted by a rapid increase in EV (electric vehicle) penetration, in particular lithium, cobalt and graphite," UBS analysts said recently."But only cobalt faces the issue of limited reserves, whereas for the other materials current production capacity is the only bottleneck."Cobalt 27''s management is planning to grow the business through royalties and agreements with mining companies to buy all or part of their cobalt output at a fixed, predetermined price."The company has entered into six agreements to acquire royalties on eight exploration-stage properties containing cobalt, to be acquired immediately following closing of the offering," the company said in an investor presentation.Global demand for cobalt last year totalled about 100,000 tonnes, of which roughly half was used in batteries to power electric cars, as well as products including mobile phones, laptops, digital cameras and cordless power tools."(Cobalt 27) needs a pipeline of secure supplies," said Frances Hudson, global thematic strategist at Standard Life Investments, referring to the company''s potential for investors looking for a piece of the cobalt action."If the cash flows are there and they can pay a dividend, then this would be a sensible way to do it." ($1 = 1.3273 Canadian dollars)(Editing by David Goodman)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/cobalt27-ipo-idINL8N1JK2OU'|'2017-06-23T13:17:00.000+03:00'
'acceca782ea260e39ecf39f9246de899e2999f7d'|'Exclusive: Investment funds offered to invest in Italy''s Veneto banks three weeks ago - sources'|'Business News   2:30pm EDT Exclusive: Investment funds offered to invest in Italy''s Veneto banks three weeks ago - sources left right The logo of Veneto Banca bank is seen in Venice, Italy, January 31 2016. REUTERS/Alessandro Bianchi/File Photo 1/2 left right A Banca Popolare di Vicenza sign is seen in Rome, Italy, March 29, 2017. REUTERS/Alessandro Bianchi 2/2 By Pamela Barbaglia - LONDON LONDON A group of four international investment funds offered to inject 1.6 billion euros ($1.79 billion) of fresh capital into two ailing Italian banks in Veneto at the end of May, sources told Reuters, but their plan was not pursued by Rome. Funds Sound Point Capital, Cerberus, Attestor and Varde submitted a rescue proposal for Banca Popolare di Vicenza and Veneto Banca on May 30, the sources familiar with the situation said, using Deutsche Bank as their financial adviser. However the sources said the offer was not formally followed up on by Rome. The Italian government is expected to start liquidation proceedings for the two banks on Friday or Saturday, with retail bank Intesa Sanpaolo ( ISP.MI ) set to buy their good assets for 1 euro. The state is expected to foot the bulk of the bill, taking on the lenders'' soured debt. The consortium led by U.S. hedge fund Sound Point Capital - who has former Goldman Sachs chairman Stephen Friedman as a limited partner - offered initially to pump in an overall 1.6 billion euros of capital. Their proposal envisaged about 1.3 billion euros going into new tier one and tier two bonds that the banks would issue to them, and another 300 million euros into their shares, the sources said. The proposal was briefly discussed with the Italian Treasury in early June but the funds never got a formal response, the sources said, adding news of a possible deal with Intesa came as a surprise. The Bank of Italy and Deutsche Bank declined to comment while the Italian Treasury, the Veneto Banks and the four investment funds were not immediately available for comment. As part of the deal, the four funds were hoping to take a 15 percent stake in the two banks and control their governance, the sources said. They added that they had worked closely with Popolare Vicenza boss Fabrizio Viola, a former CEO of Monte dei Paschi, who was going to play a leading role if the plan had succeeded. Italy has tried for weeks to prevent the two banks, which have a capital shortfall of 6.4 billion euros, from being wound down under European banking rules due to concerns senior bondholders and large depositors would be hit with heavy losses. However Rome failed to convince other, healthier lenders, to stump up funds to salvage them. (Reporting By Pamela Barbaglia; Editing by Rachel Armstrong and Adrian Croft)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-eurozone-banks-italy-funds-exclusive-idUSKBN19E25O'|'2017-06-24T02:30:00.000+03:00'
'47375b8b441e98e433518d7b6554c88d0f2a63d2'|'Touted sea change in Indonesia shipping network may hit choppy waters'|'Business News - Fri Jun 23, 2017 - 5:30am BST Touted sea change in Indonesia shipping network may hit choppy waters left right A container ship leaves the New Priok Container Terminal One (NPTC1) in Tanjung Priok, North Jakarta, Indonesia, May 26, 2017. REUTERS/Darren Whiteside 1/6 left right A tug boat is seen in Tanjung Priok Port in North Jakarta, Indonesia May 26, 2017. REUTERS/Darren Whiteside 2/6 left right A container ship is seen through the base of a crane as it leaves the New Priok Container Terminal One (NPTC1) in Tanjung Priok, North Jakarta, Indonesia, May 26, 2017. REUTERS/Darren Whiteside 3/6 left right Trucks unload a ship in Tanjung Priok Port in North Jakarta, Indonesia May 26, 2017. REUTERS/Darren Whiteside 4/6 left right FILE PHOTO: A ship is unloaded at New Priok Container Terminal One in Tanjung Priok, north Jakarta, Indonesia November 16, 2016. REUTERS/Darren Whiteside/File Photo 5/6 left right A general view of the New Priok Container Terminal One (NPTC1) in Tanjung Priok, North Jakarta, Indonesia, May 26, 2017. REUTERS/Darren Whiteside 6/6 By Eveline Danubrata and Cindy Silviana - JAKARTA JAKARTA With its towering new cranes and wharves that can handle some of the world''s biggest ships, Indonesia''s main international port has been shaking off its reputation for inefficiency and congestion with a $2.5 billion upgrade. But the revamp is just the first step in an ambitious drive to overhaul shipping in the country, with experts warning that a scheme to dot the sprawling archipelago with a string of new harbours over the next few years could be heading for choppy waters as it still needs billions of dollars in financing. President Joko Widodo wants Indonesia to become a "global maritime axis", looking to slash logistics costs as the nation competes with neighbours Vietnam and Thailand to be a major regional manufacturing base for automotive and electronics companies including Toyota Motor Corp and Samsung Electronics. "In terms of challenges, locating adequate funding is clearly one of the biggest," said Turloch Mooney, senior editor for global ports at research provider IHS Markit. Indonesia ranked 63rd out of 160 countries last year on the World Bank''s Logistics Performance Index, which measures the ease of trade including the timeliness of shipments, customs performance and infrastructure quality. The costs of moving goods across one of the world''s most populous countries stood at 27 percent of gross domestic product, according to a 2013 study co-written by the World Bank. That compared with 13 percent in Malaysia and 8 percent in Singapore. Indonesia has an ambitious plan to build or expand a total of 24 ports, though it is unclear what the overall cost would be, with the work largely divvied up between four state-controlled port operators that have their own fundraising plans. "While (these companies) are certainly capable of developing and operating ports, in reality their capacity is limited, particularly in financing large ports," said Raj Kannan, managing director of infrastructure consultancy Tusk Advisory. PT Pelabuhan Indonesia II (Pelindo 2), which runs Jakarta''s revamped Tanjung Priok port, needs 40-50 trillion rupiah ($3-3.75 billion) over the next three years to build at least three new ports and other infrastructure, said President Director Elvyn G. Masassya. Pelindo 2, which issued $1.6 billion worth of bonds two years ago, is now in talks with potential investors from China and other countries, Masassya said, adding that he was confident the company could raise enough money. Another state-controlled port operator, PT Pelabuhan Indonesia III (Pelindo 3), is planning to raise up to 5.5 trillion rupiah from a bond issue this year. Fitch Ratings said in April that Pelindo 3''s estimated cash flow from operations of 14 trillion rupiah over 2017-2020 would not cover forecast capital expenditure of 22 trillion rupiah. Pelindo 3 CEO Ari Askhara this week said the spending plan was "still an estimation" and that any shortage of funds could be filled by tapping capital markets or getting bank loans. BOTTLENECK While the dwell time - how long it takes cargo to move through a port - has dropped to around three days at Jakarta''s port over the last few years, experts estimate that it still takes eight days or more at Indonesia''s secondary ports. In comparison, the average dwell time at established maritime hub Singapore is only around a day. Manufacturers have long criticised Indonesia''s shipping system, saying it slows the import of raw materials and the export of finished products. Anne Patricia Sutanto, a senior executive at garment maker PT Pan Brothers Tbk, said there were not enough shipping lines out of Semarang, a port city on the north of Java island, which it uses for 70 percent of its exports. Pan Brothers says on its website that its clients include Germany''s Adidas and Japan''s Uniqlo, owned by Fast Retailing. Nevertheless, some analysts said there was room to be optimistic on the long-term prospects for the overhaul of shipping in Indonesia, with the improvements at Tanjung Priok seen as a good starting point. "The goals are highly ambitious but also very important to the future economic fortunes of the country, and therefore have support within the highest levels of the administration," said IHS Markit''s Mooney. (Reporting by Eveline Danubrata and Cindy Silviana; Additional reporting by Stefanno Reinard and Henning Gloystein; Editing by Ed Davies and Joseph Radford) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-indonesia-ports-idUKKBN19E0BO'|'2017-06-23T12:30:00.000+03:00'
'fd711cc2684220649e84d6b904f89427fefaead1'|'DBRS downgrades Cenovus after ConocoPhillips deal'|'  3:35pm EDT DBRS downgrades Cenovus after ConocoPhillips deal left right A warning sign is pictured near wellheads that inject steam into the ground and pump oil out at the Cenovus Energy Christina Lake Steam-Assisted Gravity Drainage (SAGD) project 120 km (74 miles) south of Fort McMurray, Alberta, August 15, 2013. REUTERS/Todd Korol 1/2 left right Logos of ConocoPhillips are seen in its booth at Gastech, the world''s biggest expo for the gas industry, in Chiba, Japan, April 4, 2017. REUTERS/Toru Hanai 2/2 CALGARY, Alberta Ratings agency DBRS on Friday downgraded Cenovus Energy Inc, saying the Canadian oil company''s acquisition of ConocoPhillips assets in March negatively affects its credit and more than outweighs the benefits of the deal. DBRS rated Cenovus at BBB, down one notch from BBB (high), in what the oil company said was its first downgrade following the deal. Cenovus'' debt-fueled $13.3 billion purchase of ConocoPhillips'' oil sands and natural gas assets in March sparked a near 50 percent fall in shares. The company''s aim to pay down debt to restore its once-pristine balance sheet now hinges on selling conventional oil and gas assets in a market with a shrinking pool of buyers as oil prices hit 10-month lows around $42 a barrel. Fund managers have said those efforts face a rocky road ahead. DBRS said the trend for the company is negative with Cenovus facing execution risk and uncertainty in its planned asset dispositions and ability to sufficiently reduce financial leverage. Cenovus spokesman Brett Harris said in a statement the lower rating is still of "investment grade," on par with assessments by Standard & Poor''s and Fitch, which have not downgraded Cenovus. "DBRS noted that the revision in their outlook partially reflects the overall current weak pricing environment," he said. "DBRS also noted that it would consider changing the trend to stable if we complete our asset sales at or above the midpoint of our targeted range and we’re able to reduce debt." Cenovus has said it would sell up to C$5 billion ($3.8 billion) of energy assets, an effort that fund managers have said is complicated by the surprise departure of Chief Executive Brian Ferguson, announced on Tuesday. (Reporting by Ethan Lou; Editing by Bill Trott)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-cenovus-energy-divestiture-rating-idUSKBN19E2BP'|'2017-06-24T03:29:00.000+03:00'
'3f8ab9d92d57845ffbbb93941377beff988082c2'|'Brazil blocks JBS deal, seeks asset freeze amid corruption probe'|'By Lisandra Paraguassu and Cesar Raizer - BRASILIA BRASILIA A Brazilian judge has blocked JBS SA''s ( JBSS3.SA ) planned sale of a South American unit while the attorney general''s office urged the company''s assets be frozen, in signs of fallout from a corruption probe involving the controlling shareholders of the world''s No. 1 meatpacker.Federal Judge Ricardo Leite blocked JBS''s $300 million sale of the unit to rival Minerva SA ( BEEF3.SA ), citing a corruption scandal ensnaring JBS''s controlling Batista family, court documents seen by Reuters showed on Wednesday.In a separate decision, the attorney general''s office urged state auditors to freeze assets of JBS and the Batistas, who own 42 percent of JBS. The move guarantees that funds reimbursing state lender BNDES [BNDES.UL] for faulty dealings with JBS will be preserved, the attorney general''s office said in a statement.Common shares in JBS surged 4.3 percent, while those of Minerva reversed early gains on the judge''s decision. Minerva''s stock shed 2.7 percent to 11.52 reais as of 4:20 p.m. local time (1920 GMT).Leite, the judge, sits on the court that will review a leniency deal the Batistas reached with prosecutors, and his decision highlights the legal risks for the meatpacker and its founding family.Last month, Prosecutor-General Rodigo Janot reached a plea agreement with billionaire brothers Wesley and Joesley Batista to avoid prosecution if they turned in 1,893 politicians involved in a bribery scheme. A separate leniency deal between the Batistas and federal prosecutors was signed on May 31, requiring the family to pay a 10.3 billion reais ($3.1 billion)fine over 25 years.The terms of the plea agreement have drawn intense scrutiny after the Batistas alleged that President Michel Temer took part in a bribery scheme, threatening to topple the president and sink his reform agenda.Leite said in his ruling that the deal to sell JBS beef plants in Argentina, Paraguay and Uruguay could harm the corruption investigation.(Writing by Marcelo Teixeira, Brad Haynes and Guillermo Parra-Bernal; Editing by Jeffrey Benkoe and Cynthia Osterman)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-brazil-corruption-jbs-idINKBN19C24T'|'2017-06-21T19:01:00.000+03:00'
'28302c07c19abbd2468c167eac7d632ab61226cc'|'PRECIOUS-Gold inches higher after 5-wk low as dollar gains on rate hike views'|'Market News - Mon Jun 19, 2017 - 9:07pm EDT PRECIOUS-Gold inches higher after 5-wk low as dollar gains on rate hike views BENGALURU, June 20 Gold edged higher on Tuesday after hitting near five-week lows in the previous session when the dollar rose as an influential Federal Reserve official reaffirmed the central bank''s hawkish stance. FUNDAMENTALS * Spot gold rose 0.1 percent to $1,243.90 per ounce, as of 0044 GMT, after it hit a fresh near five-week low of $1,242.61 during the session. * U.S. gold futures for August delivery fell 0.1 percent to $1,245.10 per ounce. * New York Federal Reserve President William Dudley reinforced expectations that the U.S. central bank will continue on its path of tightening monetary policy. * World stock markets climbed on Monday as technology and retail stocks rebounded from recent weakness and U.S. Treasury yields rose in the wake of hawkish comments from a Federal Reserve official. * The dollar reached to session highs against the euro and yen on Monday as comments from New York Federal Reserve President William Dudley, suggesting the central bank remains on track to raise U.S. interest rates further despite recent disappointing inflation data. * With inflation stubbornly soft despite a 16-year low in the U.S. unemployment rate, the Federal Reserve should move only slowly to raise interest rates and trim its massive bond portfolio, Chicago Fed President Charles Evans said Monday. * Confidence among Japanese manufacturers bounced in June to match a decade-high level recorded in April and is expected to rise for several months, a Reuters survey found, providing more evidence of economic recovery. * The two men in charge of Britain''s economy are expected to spell out on Tuesday how they plan to prevent a further hit to its already weakened growth prospects following the launch of the country''s historic Brexit talks. * The British and EU Brexit negotiators agreed how to organise talks on Britain''s divorce at a first meeting in Brussels on Monday, where both sides stressed goodwill but also the huge complexity and tight deadline. * Sibanye Gold''s Cooke mine in South Africa will remain shut until at least Thursday as the company goes through an appeals process for workers fired for taking part in a wildcat strike, it said on Monday. DATA AHEAD (GMT) 0600 Germany Producer prices May 0800 Euro zone Current account Apr 1230 U.S. Current account Q1 (Reporting by Nithin Prasad in Bengaluru; Editing by Richard Pullin) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/global-precious-idUSL3N1JH05D'|'2017-06-20T09:07:00.000+03:00'
'9a08f2cfd24234ca08ec0721bd93921680a72bb9'|'Worldwide drug sale forecasts fall as pricing pressures mount'|'LONDON Forecasts for global sales of pharmaceuticals have declined for the first time in a decade as continuing pressure on prices in the key U.S. market has caused analysts to moderate revenue expectations, according to a report on Tuesday.Evaluate Pharma, which compiles consensus numbers based on analysts'' forecasts, said worldwide drug sales were now expected to hit $1.06 trillion in 2022, down from $1.12 trillion predicted a year ago for the same period.It is the first time in 10 years that total drug sales have failed to beat the previous year''s forecast level."The continued political and public scrutiny over pricing of both the industry’s new and old drugs is not going to go away and we are starting to feel the impact now," said Antonio Iervolino, Evaluate''s head of forecasting.He highlighted disappointing sales of some new drugs such as the expensive injectable cholesterol treatments Repatha and Praluent, from Amgen and Sanofi.Drugmakers are under fire over prices around the world, but the impact is particularly notable in the United States, where a number of companies are now promising moderation after years of price hikes that often ran well above inflation.Evaluate said Novartis, Pfizer and Roche were all in contention to be the company with the highest worldwide prescription drug sales in 2022, although Novartis seemed to have a slight edge.(Reporting by Ben Hirschler; editing by Susan Thomas)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-pharmaceuticals-sales-idUSKBN19B1Y0'|'2017-06-20T21:55:00.000+03:00'
'a246ca03e7b3daff5ff6ef944d6c3a0ca5d6e42f'|'Standard Life, Aberdeen shareholders back 11 billion pound merger'|'Top   8:49pm BST Standard Life and Aberdeen shareholders back 11 billion pound deal A worker leaves the Standard Life House in Edinburgh, Scotland February 27, 2014. REUTERS/Russell Cheyne By Simon Jessop and Carolyn Cohn - LONDON LONDON Standard Life''s ( SL.L ) 11 billion pound deal to buy Aberdeen Asset Management ( ADN.L ) was approved by both companies'' shareholders at meetings on Monday. The deal announced in March is due to complete in mid-August and will create Britain''s biggest listed asset manager and one of the world''s top 25 active fund management companies. More than 95 percent of shareholders at both companies voted for the merger, comfortably passing the minimum support needed. Aberdeen Chairman Simon Troughton said that investors'' "overwhelming" support reflected the strategic and financial rationale for the deal. "The strengths of the combined businesses ... are strongly aligned to the needs of clients now and in the future," he said in a statement. "The new company will have a robust balance sheet and diverse revenue streams, by asset class and distribution channel. This will facilitate investment in the business to support long-term growth and shareholder returns." (Reporting by Simon Jessop and Carolyn Cohn; Editing by David Goodman)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-standard-life-aberdeen-egm-idUKKBN19A1VI'|'2017-06-19T21:56:00.000+03:00'
'1472305abfdfbfae8f3bbfafbfa72009dbbaeef6'|'Merkel: Brexit-bound Britain might copy EU''s low tax islands'|'Business   5:03pm BST Merkel: Brexit-bound Britain might copy EU''s low tax islands FILE PHOTO: EU and Union flags fly above Parliament Square in London, Britain March 25, 2017. REUTERS/Peter Nicholls/File Photo HAMBURG, Germany German Chancellor Angela Merkel said on Monday that Britain might end up following the example of other islands in the European Union with low tax rates when it quits the bloc. Merkel, who said it was already hard to organize fair tax competition in Europe, also announced plans for a Franco-German corporation tax reform. Speaking to non-governmental organizations in Hamburg before she hosts a G20 summit there next month, Merkel said: "I don''t want to pillory anyone but the island states of Ireland, Malta and Cyprus say: we have a bad geographical location, we''re at such a disadvantage, we can only attract companies by having very low taxes." She added: "And when, within the context of Brexit, Britain one day decides to step into this tax competition too, then of course that would be a huge challenge for countries." Germany and France will therefore attempt a joint corporation tax reform via a common tax assessment framework "so that at least two countries can be a role model", she said, adding that this could also be a blueprint for a global tax system. The G20 summit is due to take place in Hamburg in early July. On July 13 the governments of Germany and France will meet in Paris for the Franco-German Council of Ministers, where they want to make proposals for closer cooperation in areas such as tax. In a manifesto document ahead of a June 8 election, Britain''s Conservatives - who emerged as the largest party but lost their parliamentary majority - said corporation tax would be cut to 17 percent by 2020. (Reporting by Andreas Rinke; Writing by Michelle Martin; Editing by Michael Nienaber and Ralph Boulton)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-g20-germany-merkel-europe-idUKKBN19A28R'|'2017-06-20T00:02:00.000+03:00'
'd62cef74da493be12e436af41300d36dc1cd3f51'|'Accenture, Microsoft team up on blockchain-based digital ID network'|'Technology News  14pm BST Accenture, Microsoft team up on blockchain-based digital ID network left right A screen grab of software from Accenture Plc and Microsoft Corp who have teamed up to build a digital ID network using blockchain technology, as part of a United Nations-supported project to provide legal identification to 1.1 billion people worldwide with no official documents. Coutesy Accenture Plc/Handout via REUTERS 1/2 left right People gather at the United Nations headquarters for ID2020, a public-private consortium promoting the U.N. 2030 Sustainable Development Goal of providing legal identity for everyone on the planet in New York City, New York, U.S. June 19, 2017. REUTERS/Anna Irrera 2/2 By Anna Irrera - NEW YORK NEW YORK Accenture Plc and Microsoft Corp are teaming up to build a digital ID network using blockchain technology, as part of a United Nations-supported project to provide legal identification to 1.1 billion people worldwide with no official documents. The companies unveiled a prototype of the network on Monday at the UN headquarters in New York during the second summit of ID2020, a public-private consortium promoting the UN 2030 Sustainable Development Goal of providing legal identity for everyone on the planet. The project aims to help individuals such as refugees prove who they are in order to gain access to basic services such as education and healthcare. Blockchain, first developed as a public ledger of all transactions in the digital currency bitcoin, is increasingly being used to securely track data in other fields. "Without an identity you can''t access education, financial services, healthcare, you name it. You are disenfranchised and marginalized from society," David Treat, a managing director in Accenture''s financial services practice, said in an interview. "Having a digital identity is a basic human right." The new platform will connect existing record-keeping systems of commercial and public entities through blockchain, allowing users to access to their personal information wherever they are. For example, refugees who have fled their country leaving behind birth or education paper certificates would still be able to provide proof of those credentials through the system. One of the main advantages of blockchain is that it allows systems of different organizations to communicate with each other, Yorke Rhodes, global business strategist at Microsoft, said in an interview. The prototype was built on top of an existing Accenture platform, which powers the biometric identity management system used by the UN High Commissioner for Refugees. Accenture and Microsoft, which worked on the prototype with managed service provider Avanade Inc, are inviting other companies to join their project. PricewaterhouseCoopers and Cisco Systems Inc are among the organizations involved in ID2020. "What ID2020 is truly focused on is bringing together an alliance of stakeholders to ensure the technology that is being developed is responsive to the needs of individuals," Dakota Gruener, executive director at ID2020, said in an interview. "Technology is only one piece of this." (Reporting by Anna Irrera; Editing by Richard Chang)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-microsoft-accenture-digitalid-idUKKBN19A22B'|'2017-06-19T23:07:00.000+03:00'
'8bead7b032aac58ad1e6532fefe50691ca73fd4e'|'Japan government raises economy view, says moderate recovery intact'|'Business News - Thu Jun 22, 2017 - 9:00am BST Japan government raises economy view, says moderate recovery intact A worker walks underneath cranes at a construction site for a commercial building in Tokyo, Japan June 9, 2017. REUTERS/Kim Kyung-Hoon TOKYO Japan''s government on Thursday raised its overall view of the economy for the first time in six months, reflecting a gradual pick-up in private consumption and underscoring its confidence that an export-led recovery is broadening. The government also raised its view of private consumption - which has been a weak link in the economy - saying that it is picking up gradually. A government official said a pick-up will be sustained on the back of the improving job market and household incomes, which prompted the upgrade of the overall assessment. The upgrade came after the Bank of Japan (BOJ) on Friday raised its assessment on private consumption for the first time in six months, describing it as increasingly resilient. "The economy is experiencing a moderate recovery," the Cabinet Office said in its monthly economic report for June. It dropped a previous reference to delayed improvement in some areas, namely consumer spending, from the overall assessment, which is the first upgrade since December. The BOJ has a slightly rosier view on the economy, which it said has been turning toward a moderate expansion. An official in the Cabinet Office said the underlying economic recovery was not strong enough to be described as expansion. The Cabinet Office, which helps coordinate economic policy, raised its view on capital spending - needed for a sustainable economic recovery - for the first time in four months. Brisk car output and overseas demand for smartphones and IT goods are underpinning capital spending, the official said. "Business investment is picking up," the Cabinet Office said in the monthly report. The office also raised its assessment on housing construction and public investment. It left unchanged its assessment that exports and output are picking up. Japan''s economy grew for a fifth consecutive quarter in January-March, led by exports, although wage growth and household spending remain stubbornly weak despite a tightening job market. The economy is expected to recover moderately, the Cabinet Office said, while sticking to its cautious view on the uncertain global economic outlook and financial market swings. (Reporting by Tetsushi Kajimoto; Editing by Richard Borsuk)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-japan-economy-report-idUKKBN19D0PM'|'2017-06-22T15:58:00.000+03:00'
'87b8d4d4207b887a17c654458602fe54ba249130'|'BRIEF-French group Safran buys stake in Kalray'|'June 22 Safran:* Acquired an equity interest in Kalray through its Safran Corporate Ventures subsidiary, which invests in disruptive technology businesses* Safran Corporate Ventures is participating in a €23.6 million round of fresh funding alongside investors that have backed Kalray for many years, including CEA Investissement and ACE Management, in addition to a new Asian investor, the Pengpai investment fund'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/brief-french-group-safran-buys-stake-in-idINP6N1JF03D'|'2017-06-22T06:11:00.000+03:00'
'a6e8cc707ea789b9336ddf73c60d6db746874e91'|'New SEC Chair Clayton wants more companies to go public: speech'|'WASHINGTON The new U.S. Securities and Exchange Commission chairman wants to reverse the steep decline in initial public offerings and give individual investors more access to smaller, successful companies, according to a speech he is scheduled to deliver on Thursday.Chairman Jay Clayton, confirmed six weeks ago, wants to look into why fewer companies are going public, according to his prepared remarks to an industry board which advises the agency on investors. The regular meeting will also cover legislation to overhaul post-financial crisis regulatory reforms, which has passed the House of Representatives and languished in the Senate.Last year IPOs in the United States fell by more than a third from 2015, and many of those 102 share offerings ended up trading below their debut price.IPOs had been held back by uncertainty about the outcome of the U.S. presidential election and the Federal Reserve''s expected interest rate hikes this year. But regulation and the threat of litigation also discourage companies from going public because that would require increased disclosures and invite greater SEC scrutiny.When companies stay private, they put possibly winning investments out of reach for smaller, individual investors, according to Clayton."High quality companies may choose to go public at a later stage, after much of their early growth has already been achieved. Other companies may choose to stay private," according to the speech."This ultimately results in fewer opportunities for Main Street Americans to share in our economy''s growth, at a time when we are asking them to do more on their own to save and invest for their future and their children''s futures."SEC staff is exploring ways to make going public more attractive while protecting investors, according to Clayton.One member of the advisory board, former congressional staffer Hester Peirce, may be able to carry out Clayton''s ideas in the near future, as she is rumored to be President Donald Trump''s pick for the commission''s open Republican seat.(Reporting by Lisa Lambert; Editing by Richard Chang)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-usa-sec-ipo-idINKBN19D1S2'|'2017-06-22T12:22:00.000+03:00'
'987d82179fdf7a1cdb0659f1676a3f0b0887d0a1'|'Aerospace group Zodiac aims to resolve delivery issues by end-September - chairman'|'Business   7:55am BST Aerospace group Zodiac aims to resolve delivery issues by end-September - chairman FILE PHOTO: The logo of French aircraft seats and equipment manufacturer Zodiac Aerospace is seen in Paris, France, April 20, 2016. REUTERS/Benoit Tessier/File Photo PARIS Zodiac Aerospace aims to have its problems with delays in deliveries and the quality of products fixed in September, before the planned merger with Safran, the chairman of its executive board Yann Delabrière told Les Echos newspaper. Zodiac''s board has accepted a 15 percent cut in a takeover offer from aero engine maker Safran to create the world''s third largest aerospace supplier, after a string of profit warnings from Zodiac. Delabrière took over as chairman of Zodiac''s executive board in June, a fortnight after the company agreed on the deal with Safran. "Zodiac...has very important problems with failures in operational systems that need to be solved as soon as possible," Delabrière told Les Echos business newspaper. Zodiac has been behind schedule in the production and supply of its products, such as aircraft seats and toilets, which disrupted some airplane deliveries. "The first among the priorities is to solve the problems of our clients," Delabrière told Les Echos. It said earlier in June that efforts to resolve problems in a UK plant that had disrupted the supply of business-class seats for the Airbus A350 plane were now going according to plan. (Reporting by Maya Nikolaeva; Editing by Sudip Kar-Gupta)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-safran-zodiac-aero-idUKKBN19E0LB'|'2017-06-23T14:55:00.000+03:00'
'ce25831cdfcc8f009e14a0cf6277bfd9a8bece41'|'Critics say Whole Foods deal would give Amazon an unfair advantage'|'WASHINGTON While antitrust experts expect Amazon.com Inc''s ( AMZN.O ) bid for Whole Foods Market Inc ( WFM.O ) to win regulatory approval, some critics argue the deal should be blocked because it gives the online retailer a nearly unstoppable head start toward domination of online grocery delivery.They argue the Whole Foods acquisition will give Amazon an unfair advantage over traditional grocers and new players that might emerge in the market, potentially grounds for the deal to be blocked for antitrust reasons."As a matter of policy, should this be blocked? ...There should be a challenge to this because there should be a strong presumption against growth by acquisition and in fact there is supposed to be such a presumption in our law. It''s what Congress intended," said Chris Sagers, a professor of antitrust law at Cleveland State University.Amazon declined comment. Sagers and other critics urge regulators to prevent dominant firms from buying a major foothold in an adjacent industry.Founded as a bookseller in 1994 and now the world''s biggest online retailer that sells everything from paper towels to designer clothing, Amazon sent grocery stocks into a tailspin Friday when it announced it planned to buy Whole Foods for $13.7 billion.Critics believe Amazon''s strengths in logistics, its scale and leverage with suppliers could enable it to dominate groceries as it did with bookselling. Antitrust experts who represent deals being reviewed by the Justice Department and the Federal Trade Commission said the transaction will be approved because Amazon sells few groceries and Whole Foods is a minnow in the grocery market with 444 U.S. stores compared with 4,692 for Wal-Mart ( WMT.N ).U.S. antitrust enforcement has generally looked favorably on deals that reduce consumer prices, and Amazon supporters contend the deal will be good for consumers. The drop in grocer share prices the day the deal was announced - No. 1 U.S. grocer Kroger fell more than 9 percent - demonstrates the threat investors feel Amazon poses to traditional grocery chains."Competitors can be expected not to like a merger that puts more pressure on them. If their share price goes down, it''s a sign they''ll be under more competitive pressure," said Alden Abbott, antitrust expert at the Heritage Foundation.Amazon was accused of crippling book retailers like Borders in part through price cutting. At $480 billion, Amazon''s market value equals 90 percent of all the stocks in the S&P 1500 food and staples index, which includes Walmart.Sagers argues, however, that it would be legal for Amazon to independently develop its grocery sales rather than leapfrog ahead through acquisition. A Republican former antitrust enforcer, who asked not to be named to protect business relationships, agreed."The notion of leveraging your power in market A to enter into market B has a been around for a long time as a basis for enforcement," the ex-enforcer said.PRECEDENTS IN MICROSOFT, COMCASTWhen the Justice Department sued Microsoft Corp ( MSFT.O ) in 1998 the lawsuit was aimed at stopping it from using its dominance of the operating system market to also dominate browser software.Similarly, when the government allowed Comcast Corp ( CMCSA.O ) to buy NBC Universal Inc in 2011, it tried to ensure Comcast would not interfere with the development of cable''s online competitors.Some deal experts warn the proposed transaction could hurt companies that supply a combined Amazon and Whole Foods with organic flour, milk and other goods.Excessive "buyer power" worried Darren Bush, a veteran of the Justice Department''s Antitrust Division who teaches at the University of Houston''s Law Center.Bush said Amazon''s success in offering a massive array of products at low prices masks a business model that succeeds by pushing producer prices down.Food producers could soon face the sort of pressure that booksellers faced from Amazon, which for example removed the "buy" button in 2010 from books sold by a publisher it was embroiled in a dispute with.Historically, changes in the economy - say from horse and buggies to cars - has always led to anxiety as corporate giants fall into decline to be replaced by dynamic upstarts, said Herb Hovenkamp, who teaches at the University of Pennsylvania."I always take the long view of these things. Over time, we have always had these big firms that somebody said, ''We have to do something about these guys,''" said Hovenkamp. "Businesses cycle in and cycle out. There''s no question in my mind that this will happen to Amazon."(Additional reporting by Jeffrey Dastin; editing by Chris Sanders and Cynthia Osterman)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-whole-foods-m-a-amazon-com-antitrust-idUSKBN19D2Q8'|'2017-06-23T05:04:00.000+03:00'
'c6282c635cd3be992e3a4f3395a484e3b18df470'|'BRIEF-Spain''s OHL seeks investor for its concessions business'|'Market News - Fri Jun 23, 2017 - 1:30am EDT BRIEF-Spain''s OHL seeks investor for its concessions business June 23 Obrascon Huarte Lain SA: * Said on Thursday it evaluates possibility to incorporate a significant minority shareholder at its wholly owned subsidiary OHL Concesiones SA * The potential transaction would be carried out through incorporation of an institutional investor * To keep majority stake and control over OHL Concesiones * To use proceeds from the transaction in its net debt reduction plan Source text for Eikon: '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/idUSL8N1JK0GH'|'2017-06-23T13:30:00.000+03:00'
'6922ce4e3f1a6095ede88227aa81a097339972d8'|'GSK wins $235 million from Teva in Coreg patent trial'|'Business News - Wed Jun 21, 2017 - 11:51pm BST GSK wins $235 million from Teva in Coreg patent trial FILE PHOTO: A building belonging to Teva Pharmaceutical Industries, the world''s biggest generic drugmaker and Israel''s largest company, is seen in Jerusalem February 8, 2017. REUTERS/Ronen Zvulun By Nate Raymond A U.S. jury has ordered Teva Pharmaceutical Industries Ltd ( TEVA.TA ) to pay GlaxoSmithKline Plc ( GSK.L ) more than $235 million (£185 million) for infringing a patent covering its blood pressure drug Coreg, court documents showed. A federal jury in Wilmington, Delaware on Tuesday found that Teva wilfully infringed the patent in connection with its sales of a generic version of the drug with a label indicating it could be used for treating chronic heart failure. The jury rejected Teva''s contention that the patent was invalid. It awarded GSK $234.1 million in lost profits and said the drug company deserved an additional $1.4 million in royalties. GSK in a statement said that it was pleased with the trial''s outcome. Teva said it was disappointed. "We still intend to present our equitable defences to the court at a separate hearing which could eliminate the liability determination or significantly reduce the assessed damages," Teva said in a statement. "We are also considering an appeal." The U.S. Food and Drug Administration approved Teva''s generic version of Coreg, or carvedilol, in 2007. GSK said that while Teva''s FDA application had a carve-out to address its use for treating chronic heart failure, which GSK said remained under patent, the generic drugmaker changed its label in 2011 to add that use. GSK said that as a result, Teva induced healthcare providers to infringe its patent by selling a generic version of the drug and marketing it as a substitute for Coreg. The case is GlaxoSmithKline LLC et al v. Teva Pharmaceuticals USA Inc, U.S. District Court, District of Delaware, No. 14-cv-00878. (Reporting by Nate Raymond in Boston; Editing by Cynthia Osterman)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-gsk-teva-pharm-ind-idUKKBN19C329'|'2017-06-22T06:51:00.000+03:00'
'356c8f404e5fbe34960313633ca7d83f4f2e0b9e'|'Home Capital to get $300.2 million credit facility from Berkshire Hathaway'|'Canadian lender Home Capital Group Inc ( HCG.TO ) said Berkshire Hathaway Inc ( BRKa.N ) will provide a new C$2 billion line of credit to its unit Home Trust Co and indirectly buy C$400 million ($300.2 million) of its common shares in a private placement.Berkshire, through its unit, will hold an about 38.39 percent equity stake in the company after buying 40 million shares at an average price of about C$10.00 per common share, Home Capital said on Wednesday.The company will make an initial investment of C$153.2 million to buy 16 million common shares and an additional investment of C$246.8 million to purchase 24 million shares through a private placement.Home Capital''s strong assets, its ability to originate and underwrite well-performing mortgages, and its leading position in a growing market sector make this a very attractive investment," said Warren Buffett, Berkshire Chairman and Chief Executive Officer.The C$2 billion loan facility will replace the existing one for a similar amount between Home Trust Company and a major institutional investor.The lender also said it will continue to explore further asset sales and financing deals over the next year, but has concluded its strategic review process that began in April 2017.Berkshire will not be granted any rights to nominate directors of Home Capital or any governance rights as an equity holder, Home Capital said.In June, the company said it would sell a portfolio of commercial mortgage assets valued at C$1.2 billion to bolster its liquidity and trim outstanding debt on a C$2 billion emergency facility it agreed with the Healthcare of Ontario Pension Plan in April.($1 = 1.3323 Canadian dollars)(Reporting by Abinaya Vijayaraghavan in Bengaluru; Editing by Gopakumar Warrier and Sunil Nair)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/home-capital-berkshire-hatha-idINKBN19D0A7'|'2017-06-22T02:08:00.000+03:00'
'd0da9ee204dbd9f83394fb9418414217f5c4672c'|'Foxconn to continue to pursue Toshiba chip unit acquisition: Sharp CEO'|'TAIPEI Taiwan''s Foxconn ( 2317.TW ) will continue to pursue an acquisition of Toshiba Corp''s ( 6502.T ) chip business, a day after the troubled conglomerate chose a rival suitor as the preferred bidder, the head of Foxconn''s Japanese unit said."We will continue our efforts," Sharp Corp ( 6753.T ) CEO Tai Jeng-wu told reporters on the sidelines of Foxconn''s annual shareholders meeting."We will use our track record, our efforts at Sharp, Foxconn''s global reach - we are a global company, not a Taiwan company," Tai said.Foxconn is formally known as Hon Hai Precision Industry Co.(Reporting by J.R. Wu; Editing by Edwina Gibbs)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-toshiba-accounting-foxconn-idINKBN19D093'|'2017-06-22T01:46:00.000+03:00'
'50e4999ca213b1efb4a2f38dbcbc65f0be374f64'|'RBNZ plays down currency rise, weaker Q1 growth as it holds rates'|'Money  30am IST RBNZ plays down currency rise, weaker Q1 growth as it holds rates By Ana Nicolaci da Costa and Charlotte Greenfield - WELLINGTON WELLINGTON New Zealand''s central bank on Thursday played down the recent rise in the New Zealand dollar and shrugged off weaker economic growth at the start of the year, as it kept interest rates steady at record lows for a fourth consecutive rate review. Reserve Bank Governor Graeme Wheeler said a 3 percent rise in the currency since May was partly due to higher export prices and that a lower currency would help rebalance the growth outlook. Growth prospects were "positive" thanks to low interest rates and changes in the 2017 Budget that would boost family income and infrastructure spending. The central bank reiterated rates policy would be accommodative for a "considerable period," with first quarter growth data reinforcing its view that it is too early to rein in growth. New Zealand has been among the best-performing advanced economies in recent years. "There (are) a few tweaks in the language in regards to the currency and acknowledging the budget, but, look, the broad message is unchanged – the Reserve Bank is cautious, it''s watchful, but it''s neutral," said Philip Sorkin, senior economist at AN. "It looks like the hurdle for them to shift from that neutral stance in either direction remains very high." None of the 26 economists polled by Reuters expected the RBNZ to move this week, though four thought a hike was possible as early as the first quarter of 2018. [nL3N1JG1VB] The NZ dollar NPD=D4 jumped towards four-month highs to $0.7280 from around $0.7211 before the statement. It retraced to around $0.7247 by 0148 GMT. "Potentially the market was looking for the Reserve Bank to do more to talk down the currency," said Jane Turner, senior economist at AS Bank. LANGUAGE Rates would stay accommodative for a considerable period, while "numerous uncertainties" remained and policy may have to adjust accordingly, Wheeler said, sticking with the language used in central bank statements from February, March and May. However, he dropped a reference in May'' s release that developments since the last monetary policy statement had been neutral for policy, which some economists at the time considered to be an "aggressively neutral" stance. The Reserve Bank''s neutral stance was the source of recent controversy between the RBNZ and the Bank of New Zealand, with Wheeler complaining in writing to BNP that one of its research notes questioned the RBNZ''s integrity. [nL3N1JG1GN] "There was a chance that the Reserve Bank could reassert the possibility of cuts as well as hikes. They didn''t, so we''ve seen a little relief rally in the New Zealand dollar," said Michael Gordon, acting chief economist at Westphalia. For the text of the statement click on [nZZN001O00]. (Reporting by Ana Nicolaci da Costa and Charlotte Greenfield; Additional Reporting by Swati Pandey and Wayne Cole in Sydney; Editing by Eric Meijer)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/newzealand-economy-rbnz-idINKBN19D07G'|'2017-06-22T11:00:00.000+03:00'
'0b3f67b5ca2acc7af3b1b65eb0d5188c0599a53a'|'Peter Hambro ousted from his gold mining company Petropavlovsk'|' 57pm BST Peter Hambro ousted from his gold mining company Petropavlovsk By Barbara Lewis - LONDON LONDON Shareholders voted for four new board members at Russian-focused gold miner Petropavlovsk ( POG.L ) on Thursday, ousting Peter Hambro who has run the company since he founded it in 1994. Rebel shareholders, holding around 40 percent of the company, backed nominees to replace four out of six of the board at Petropavlovsk, including Hambro, Hambro said. The new appointments include Bruce Buck, who is chairman of Chelsea Football Club, and Vladislav Egorov, who works for Renova, Russian billionaire Viktor Vekselberg''s conglomerate. Speaking after the annual general meeting at a city lawyers'' offices on the banks of the Thames in London, Peter Hambro said he could not disguise his disappointment. But he hoped "with all my heart" the new board would build on progress he said the company had made. "I will enjoy my new role as an ordinary shareholder and in it I shall advocate for a continuation of the same transparency, diligence and good corporate governance that I believe we achieved at Petropavlovsk," he said. In an initial report, shareholder adviser ISS recommended against supporting any of the proposals from rebel shareholders, but last week, it issued revised advice, saying it had received additional information. However, ISS only recommended backing two of the dissidents'' nominees -- namely, Garrett Soden, who has worked for the Lundin group of companies for a decade, and Ian Ashby, nominated to be chairman. Ashby headed BHP''s ( BHP.AX ), ( BLT.L ) iron ore division from 2006 to 2012 and was named in May as a non-executive director at Anglo American ( AAL.L ). Any shareholder holding more than 5 percent can call an extraordinary general meeting and require the circulation of a resolution. Renova is Petropavlovk''s biggest shareholder with 14.65 percent, according to Reuters data. Other major shareholders DE Shaw, M&G and Sothic, which together hold 25 percent, said in a statement last week they had no intention of taking control of the company and were not acting with Renova, which has declined to comment. Hambro, who holds 4.6 percent, had accused the rebel shareholders of pursuing a "takeover by stealth" but the Takeover Panel found there was no legal requirement for a formal takeover bid. He agreed earlier this year to stand down as chairman and instead be an executive director. In the years before a restructuring in 2015, Petropavlovsk''s equity value collapsed. The share price has recovered from lows around 2 pence at the end of 2014 to just over 7 pence, boosted by a return to profit in 2016. So far this year, it has risen 4.32 percent. (Editing by David Evans)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-petropavlovsk-agm-idUKKBN19D27E'|'2017-06-23T00:57:00.000+03:00'
'a6ab71f6cd5472dd767293b9b070fd03bad44675'|'Home Capital''s shares surge as Buffett rides to rescue'|'Deals   1:55pm EDT Home Capital''s shares surge as Buffett rides to rescue FILE PHOTO - The entry to the Home Capital Group''s headquarters is seen at an office tower in the financial district of Toronto, Ontario, Canada on May 1, 2017. Picture taken using a wide angle lens. REUTERS/Chris Helgren/File Photo By Matt Scuffham - TORONTO TORONTO Warren Buffett''s Berkshire Hathaway Inc ( BRKa.N ) is providing a C$2 billion loan to Home Capital Group Inc ( HCG.TO ) and taking a 38 percent stake in the lender, with the U.S. billionaire pitching himself against short-sellers who have targeted the stock as Canada''s housing market has turned riskier. Home Capital shares soared as much as 18 percent to its highest since April on Thursday. The deal brings to a close a near two-month process during which Home Capital''s beefed-up board and advisers RBC Capital Markets and BMO Capital Markets sought funding to replace a costly credit facility with the Healthcare of Ontario Pension Plan (HOOPP). Canada''s housing market has turned riskier as home prices in Toronto and Vancouver have fallen after the government introduced measures to cool overheating prices and household debt in Canada has reached record levels. Home Capital has played an important role in Canada''s mortgage market, lending to new immigrants and self-employed workers who may not be able to get loans from the country''s biggest banks. In a statement on Wednesday, Buffett said the lender''s "leading position in a growing market sector make this a very attractive investment." Investors are wondering whether the deal will be as successful as Buffett''s decidedly bigger deal to buy Goldman Sachs ( GS.N ) preferred shares after credit markets froze during the financial crisis in 2008. Alan Hibben, a Home Capital director, said the lender received interest from over 70 parties but decided Buffett''s proposal was the best option, partly because of his credibility with investors and depositors. "This transaction represents a very strong validation and endorsement of Home Capital from a world-renowned long-term value investor," he told analysts on a conference call. "We believe that a strong corporate sponsor will further restore confidence in Home in the capital and deposit markets." Short sellers are continuing to take positions in Home Capital, which they have targeted for the past two years. They aim to make a profit by selling borrowed shares on the hope of buying them back later at a lower price. "We will see whether things change over the next week or so but shorts are still trying to accumulate a position in Home Capital," said Ihor Dusaniwsky, head of research at S3 Partners, in New York. Combined short interest in the company''s Canadian and U.S.-listed shares ( HMCBF.PK ) stands at about $183 million, up $62 million this month, according to data from financial analytics firm S3 Partners. Marc Cohodes, a short seller who has been betting against Home Capital for two years, said on Thursday he continued to do so. "If it wasn''t Warren Buffett''s name, the stock would be way, way way, down today," he said in an interview. Home Capital was forced into a capital squeeze after depositors rushed to withdraw funds from its high-interest savings accounts. They have pulled 95 percent of funds from Home Capital''s high-interest savings accounts since March 27, when the company terminated the employment of former Chief Executive Officer Martin Reid. The withdrawals accelerated after April 19, when Canada''s biggest securities regulator, the Ontario Securities Commission, accused Home Capital of making misleading statements to investors about its mortgage underwriting business. It reached a settlement with the commission last week and accepted responsibility for misleading investors about mortgage underwriting problems. "The ''endorsement'' from Warren Buffet may prove to rehabilitate depositor confidence, thus turning deposit flow positive," said National Bank of Canada analyst Jaeme Gloyn. The Berkshire credit agreement comes with an interest rate of 9 percent, with a standby fee on funds not drawn down of 1.75 percent, compared with 2.5 percent previously. Berkshire will buy C$400 million in new Home Capital shares, issued at C$9.55 per share, a 15 percent discount to the average share price prior to its final proposal on June 13 and a 33 percent discount to Wednesday''s closing price. Berkshire Hathaway will also take a 38.4 percent stake in the company after buying $400 million worth of Home Capital stock. Buffett has not been especially active in Canada in recent years. He was a shareholder in oil and gas producer Suncor Energy Inc ( SU.TO ) but sold the stake in 2016. Shares in Home Capital rose as high as $18.94 before easing to $17.21, up 15.1 percent. (Additional reporting by Jennifer Ablan and Saqib Ahmed in New York; Editing by Jeffrey Benkoe)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-home-capital-buffett-investors-idUSKBN19D1OH'|'2017-06-23T01:55:00.000+03:00'
'713d18edfcdd643c593c56b4e7ce214672c8e0f4'|'REFILE-UPDATE 1-Cable operator Altice USA raises $1.9 bln in IPO'|'(Fixes syntax in first sentence, no further changes to text)By Lauren Hirsch and Liana B. BakerJune 21 Altice USA Inc, the cable operator that Netherlands-based Altice NV formed by acquiring Cablevision and Suddenlink Communications, said on Wednesday it had raised $1.9 billion in an initial public offering.Taking Altice USA public will give Altice''s founder, French billionaire Patrick Drahi, traded shares in the company which he can then use as currency in new acquisitions in order to expand what is already the fourth-biggest U.S. cable provider.Altice USA priced 63.9 million shares at $30, within its indicated price range of $27 to $31, making it this year''s second largest U.S. IPO and giving the company a market capitalization of approximately $22 billion.There has only been one IPO of a U.S. cable company in the last five years, WideOpenWest Inc, which last month raised about $310 million in an IPO, pricing below its expected range.Most sizeable cable companies are already public. Those that are not often seek scale by being acquired rather than going public. Last month, private equity firm TPG Global LLC said it would buy Wave Broadband for $2.37 billion, to combine it with its existing investments, RCN Telecom Services LLC and Grande Communications Networks.A wave of dealmaking has swept the U.S. cable sector over the past few years, as consumers have dropped cable-providers in favor of internet streaming, forcing many companies in the sector to slash prices as they compete for subscribers.Some analysts have said that Altice USA could harbor ambitions to one day take on large acquisition targets such as Charter Communications Inc and privately held Cox Communications.Altice USA, which operates in 21 states, had $9.2 billion in pro forma annual revenue in 2016. It has said it plans to use IPO proceeds to pay down some of its roughly $21 billion in debt.Altice USA''s parent is a European and Israeli telecoms and cable empire that Drahi has built through debt-heavy acquisitions. It will hold 70.3 percent of Altice USA''s shares and 98.3 percent of the voting rights in the company thanks to a separate bundle of stock.Private equity firm BC Partners Ltd and Canada Pension Plan Investment Board, two pre-existing minority investors in Altice USA, will jointly own a minority stake in the company.JPMorgan Chase & Co, Morgan Stanley, Citigroup Inc and Goldman Sachs Group Inc are joint bookrunners on the IPO.Altice USA will list on Thursday on the New York Stock Exchange under the ticker ''ATUS''. (Reporting by Lauren Hirsch in New York and Liana B. Baker in San Francisco; Editing by Chris Reese and Lisa Shumaker)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/altice-usa-ipo-idUSL1N1JI216'|'2017-06-22T02:32:00.000+03:00'
'e8033fc3b78baf46bfd1ee884c4423ae4bd46bf6'|'China''s Dalian Wanda Group denies "rumours" of bond sales'|'Business News - Thu Jun 22, 2017 - 6:13am BST China''s Dalian Wanda Group denies "rumours" of bond sales A sign of Dalian Wanda Group in China glows during an event announcing strategic partnership between Wanda Group and FIFA in Beijing, China March 21, 2016. REUTERS/Damir Sagolj/File Photo BEIJING China''s Dalian Wanda Group Co denied as "malicious speculation" that some Chinese banks had ordered the sale of its bonds, the company said in a statement on Thursday. Wanda Group, controlled by billionaire Wang Jianlin, called the speculation "rumours", and said it was operating normally. Wanda-issued bonds traded on the Shanghai Stock Exchange dropped 1.8 percent on Thursday, and shares in Wanda Film Holding Co fell 10 percent, before they were suspended on the Shenzhen bourse. (Reporting By Matthew Miller; Editing by Himani Sarkar) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-china-wanda-idUKKBN19D0EF'|'2017-06-22T13:13:00.000+03:00'
'7b3591e052a0680199bea6a62ba35a170a69ba8b'|'Imagination Tech up for sale after bruising battle with Apple'|'Technology News - Thu Jun 22, 2017 - 2:26pm BST Imagination Tech up for sale after bruising Apple fight left right The headquarters of technology company Imagination Technologies is seen on the outskirts of London, Britain, June 22, 2017. REUTERS/Hannah McKay 1/7 left right The headquarters of technology company Imagination Technologies is seen on the outskirts of London, Britain, June 22, 2017. REUTERS/Hannah McKay 2/7 left right The headquarters of technology company Imagination Technologies is seen on the outskirts of London, Britain, June 22, 2017. REUTERS/Hannah McKay 3/7 left right The headquarters of technology company Imagination Technologies is seen on the outskirts of London, Britain, June 22, 2017. REUTERS/Hannah McKay 4/7 left right The headquarters of technology company Imagination Technologies is seen on the outskirts of London, Britain, June 22, 2017. REUTERS/Hannah McKay 5/7 left right The headquarters of technology company Imagination Technologies is seen on the outskirts of London, Britain, June 22, 2017. REUTERS/Hannah McKay 6/7 left right The headquarters of technology company Imagination Technologies is seen on the outskirts of London, Britain, June 22, 2017. REUTERS/Hannah McKay 7/7 By Kate Holton - LONDON LONDON Imagination Technologies, the British firm that lost 70 percent of its value after being ditched by its biggest customer Apple, put itself up for sale on Thursday in a disappointing end to a once-great European tech success story. Founded in 1985 and listed in 1994, Imagination has been rocked by Apple''s announcement in April that it was developing its own graphics chips and would no longer use Imagination''s processing designs in 15 months to two years time. Apple''s decision, which analysts said posed an existential threat to the company, sent Imagination''s shares plummeting 70 percent on April 3 and they have barely recovered since. The stock jumped as much as 21 percent on Thursday, however, after the sale announcement to 149.5 pence, giving the company a market capitalization of 425 million pounds ($538 million). Analysts said potential buyers could include Intel, Qualcomm, Mediatek, CEVA and various entities from China, while Apple itself could be interested. "Imagination Technologies announces that over the last few weeks it has received interest from a number of parties for a potential acquisition of the whole group," the company said. "The board of Imagination has therefore decided to initiate a formal sale process for the group and is engaged in preliminary discussions with potential bidders." Imagination has said it doubted Apple, which accounts for about half of its sales, could go it alone without violating Imagination''s patents. Analysts said legal battles were likely and Imagination started a dispute resolution procedure in May with the U.S. giant, which is valued at $761 billion. The British company initially responded to Apple''s decision to walk away by putting two of its main divisions up for sale. "That was a pretty dire scenario, akin to selling off the family silver to keep the estate going a little longer," said Neil Wilson, Senior Market Analyst, ETX Capital. "Now the shutters are up and a buyer sought. A pretty ignominious end to what was a great British tech success story." APPLE RELIANCE Imagination has licensed its processing designs to Apple from the time of the first iPod and receives a small royalty on every device using its graphics. Imagination''s shares rose sharply between 2009 and 2012 as sales of smartphones boomed, prompting Apple and Intel to buy stakes and the company was valued at more than 2 billion pounds in April 2012. Apple owns 8 percent of the shares. Imagination struggled, however, to reduce its reliance on Apple, and has faced increased competition from the likes of chipmaker Qualcomm and British rival ARM, which developed its own graphics to complement its core processor blueprints. Imagination downplayed fears it could lose Apple contract for years. Facing reports that Apple was building a graphics operation and hiring Imagination staff, the British firm told investors that Apple was just improving its customization of the technology Imagination sold, rather than replacing it. Analysts at Stifel said they thought interested parties could include those groups that want to develop their own processing technology across platforms such as mobile, wearable tech, vehicles and the so-called Internet of Things. "This could include a coordinated Chinese bid, a hyper-scale vendor from the cloud or some other IP player," they said. Imagination said on Thursday it had received indicative proposals for its embedded MIPS technology - processors used in vehicles and home appliances - and its mobile connectivity division Ensigma, the two businesses put up for sale in the wake of the slide in its shares. While Imagination has other clients for its technology, UBS analysts estimated in April that its non-Apple business was worth just 81 million pounds and the MIPS division, which it bought for $100 million in 2013, was worth 77 million pounds. UBS said the company could be worth 110 pence per share on a sum of the parts basis. In May, Jefferies said the wind up value was about 96 pence a share while Morgan Stanley said the company could be worth as little as 106 million pounds, or just 30 pence per share, though its base case was 95 pence. The U.S. investment bank said Imagination''s headquarters was worth 40 million pounds. (Additional reporting by Tom Bergin and Tenzin Pema; editing by David Clarke) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-imagination-tech-apple-sale-idUKKBN19D0H8'|'2017-06-22T14:19:00.000+03:00'
'12faac6d7429025210fce42bcccd997871377e76'|'Mexico''s Supreme Court rules in spat related to telecom reform'|'Market News - Wed Jun 21, 2017 - 10:57pm EDT Mexico''s Supreme Court rules in spat related to telecom reform By Noel Randewich - MEXICO CITY, June 21 MEXICO CITY, June 21 Mexico''s Supreme Court ruled on Wednesday in a spat over interconnection rates paid between telecommunications firm America Movil and rivals that touches on a bigger case related to an antitrust reform the company is fighting. Long-dominant America Movil, controlled by billionaire Carlos Slim, is challenging several aspects of a 2013-14 telecommunications reform that opened the door to more competition in the industry. On Wednesday, the court ruled partly in favor of a unit of America Movil against Pegaso PCS and Grupo de Telecomunicaciones Mexicanas, both of which are units of Telefonica, in a case involving rates charged to interconnect calls between their networks in 2015. After the industry reform went into effect in late 2014, it was too late to resolve disagreements over an interconnection rate for the following year, so the rate from 2014 was adopted by regulators. The Supreme Court said that was wrong. But it also said that under a newly negotiated rate for 2015, the amounts of money previously paid between companies would have to be adjusted to adhere to the newly determined rate. The case was just one of several the Supreme Court is considering that relate to the telecom reform. (Reporting by Noel Randewich, additional reporting by Noe Torres; Editing by Stephen Coates)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/mexico-telecom-idUSL1N1JJ039'|'2017-06-22T10:57:00.000+03:00'
'4d8a0250982b205a6a6363c494a06a3e62e0318d'|'Global stocks advance as oil stages modest recovery'|'Business News   4:39pm BST Stocks advance as oil stages modest recovery Traders work in front of the German share price index, DAX board, at the stock exchange in Frankfurt, Germany, June 20, 2017. REUTERS/Staff/Remote By Chuck Mikolajczak - NEW YORK NEW YORK World stock markets edged higher on Thursday, buoyed by a slight rebound in oil prices after hitting seven-month lows, while the U.S. dollar weakened for a second consecutive session. Oil edged up from November lows hit in the prior session, but prices remained under pressure from a supply glut that has persisted despite OPEC-led efforts to balance the market. U.S. crude CLcv1 rose 1.62 percent to $43.22 per barrel and Brent LCOcv1 was last at $45.71, up 1.99 percent on the day. "It’s pretty low and you are looking for a bit of a breather but all the forces seem to be aligning against the price of oil, it is just a question of where does it settle out," said Thomas Martin, senior portfolio manager at Globalt Investments in Atlanta, Georgia. "You go below $40 and you get a lot of people who are worried about things." With the gains, the energy sector in Europe .SXEP remained under pressure, down 0.4 percent, but well off earlier lows. The index is down about 2 percent on the week and is on track for its fifth straight weekly drop. Those declines weighed on European shares but the picture was reversed on Wall Street, with energy .SPNY up 0.5 percent, among the best performing sectors. The Dow Jones Industrial Average .DJI rose 35.07 points, or 0.16 percent, to 21,445.1, the S&P 500 .SPX gained 3.46 points, or 0.14 percent, to 2,439.07 and the Nasdaq Composite .IXIC added 4.15 points, or 0.07 percent, to 6,238.10. Healthcare .SPXHC, up 1.5 percent was the best performing group on Wall Street as Senate Republicans unveiled a draft bill to replace the Affordable Care Act. The pan-European FTSEurofirst 300 index .FTEU3 lost 0.01 percent and MSCI''s gauge of stocks across the globe .MIWD PUS gained 0.20 percent. Since peaking in late February, crude has dropped around 20 percent, with only brief rallies, completely erasing gains at the end of the year after the initial OPEC-led production cut. Oil''s decline has hurt energy stocks and curbed investor expectations for higher inflation that would enable major central banks to pursue tighter monetary policies. Subdued inflation and concerns about the outlook for world growth when the U.S. Federal Reserve is raising interest rates have led to a flattening in bond yield curves. The gap between yields on U.S. five-year notes and 30-year bonds US5US30=TWEB on Wednesday narrowed to 94.9 basis points, holding near its smallest since December 2007. The curve steepened slightly to 96.5 basis points on Thursday, suggesting the flattening of the yield curve this week was stalling. A flattening yield curve is often viewed as a negative economic indicator. It shows concern about the future pace of growth and inflation, because buyers of long-dated debt would demand higher yields if they expected higher costs. Benchmark 10-year notes US10YT=RR last fell 3/32 in price to yield 2.1633 percent, from 2.155 percent late on Wednesday. The dollar index .DXY fell 0.05 percent, with the euro EUR= down 0.07 percent to $1.1158. (Reporting by Chuck Mikolajczak; Editing by Bernadette Baum)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-global-markets-idUKKBN19D02G'|'2017-06-22T23:36:00.000+03:00'
'9e2e5f3267f564fa06c16155e0d46302082ca6e6'|'A hybrid startup offers AI services to business'|'BOSSES are more likely to groan than feel giddy about advances in artificial intelligence (AI). They need a strategy, but few companies can hope to own a unit like Google’s DeepMind, whose algorithms not only beat the world’s best Go players but made a 40% improvement in the energy efficiency of its parent’s data centres. A Canadian startup, Element AI, wants to let all businesses tap into the world’s best AI minds.The brain behind the new firm is Yoshua Bengio, a pioneer in “deep learning”, a branch of AI. As firms such as Google and Facebook lured dozens of AI academics, some in the field expressed fears about a brain drain from academia. In 2015, for example, Uber, a ride-hailing startup, poached 40 researchers from Carnegie Mellon University. Mr Bengio meanwhile stayed at the University of Montreal (though in January he became an adviser to Microsoft). Element AI will let researchers stay in their university posts while working on corporate projects. It plans, in effect, to build an AI platform on which a network of member firms (in which it may take stakes) can serve other companies. These member firms will tap Element AI’s brain trust and license its technical platform. This month the startup raised $102m of capital from backers including Intel and Nvidia, two chip giants.Its system addresses a shortcoming of many AI applications. Individual firms are awash with data but may not have enough to train AI models. Element AI’s network will be able to share algorithmic learning from all the data they crunch, enabling better performance than they would achieve using only one client’s data. For example, an oil major might want to use image-recognition to identify corrosion on its pipes. Element AI could develop a system to spot it and predict the likelihood of a leak, to rank which pipes get fixed first. If the client lacks images to train the algorithm, Element AI’s work in an adjacent area—say, corrosion on railway tracks—could be used.Jean-François Gagné, Element AI’s boss, says that the company aims to “democratise” AI by making state-of-the-art technology available to companies well beyond the main technology giants. “We are a neutral player you can trust,” he argues. But it is notoriously hard to move techniques from the research lab into real-life applications.If AI does become the bedrock of corporate technology, there should be room for several models. Big consultancies are already believers and have begun acquiring data-analytics firms themselves. Element AI’s approach is promising. But the McKinsey of AI may yet turn out to be McKinsey itself. "Deep minds for hire"'|'economist.com'|'http://www.economist.com/rss/business_rss.xml'|'http://www.economist.com/news/business/21723863-not-only-google-and-facebook-should-have-access-ai-it-argues-hybrid-startup-offers-ai?fsrc=rss%7Cbus'|'2017-06-22T21:43:00.000+03:00'
'd37bdb207f2f3d1556316537da28c6b23d90b586'|'Japan''s Daiwa chooses Frankfurt for base after Brexit'|'Market News - Thu Jun 22, 2017 - 11:32am EDT Japan''s Daiwa chooses Frankfurt for base after Brexit FRANKFURT, June 22 Daiwa Securities Group will set up a subsidiary in Frankfurt, Japan''s No. 2 brokerage firm said on Thursday, making it one of the first banks to publicly chose Germany to keep a foothold in the European Union after Britain leaves. The firm had previously said it favoured the German city, as London-based staff can easily be transferred to its investment banking branch there. In a statement on Thursday, Daiwa said it will apply for a license in Germany and that its move would "ensure that Daiwa can continue to service its clients in EU after the United Kingdom leaves". (Reporting By John O''Donnell; Editing by Maria Sheahan)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-eu-daiwa-idUSF9N1II016'|'2017-06-22T19:32:00.000+03:00'
'696ab2faa02e4b1d21b4e36776d6694d387b9f91'|'Strike at Volkswagen''s Slovak unit to continue after talks fail: union'|'Home Capital''s shares surge as Buffett rides to rescue TORONTO Warren Buffett''s Berkshire Hathaway Inc is providing a C$2 billion loan to Home Capital Group Inc and taking a 38 percent stake in the lender, with the U.S. billionaire pitching himself against short-sellers who have targeted the stock as Canada''s housing market has turned riskier. Qatar Airways wants to buy 10 percent stake in American Airlines American Airlines Group Inc said on Thursday that Qatar Airways, the Gulf country''s state-owned airline embroiled in a airspace row, had expressed interest in buying as much as a 10 percent stake worth at least $808 million in the U.S. airline. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-volkswagen-slovakia-strike-idUSKBN19D2CN'|'2017-06-23T02:05:00.000+03:00'
'01c597dd6632e206f2bb7f01a5407051c3ee74e2'|'Italy holds emergency cabinet meeting over Veneto banks'|'Banks   4:45pm EDT Italy winds up Veneto banks at cost of up to 17 billion euros left right FILE PHOTO: The logo of Veneto Banca bank is seen in Venice, Italy January 31, 2016. REUTERS/Alessandro Bianchi/File Photo 1/7 left right A Banca Popolare di Vicenza sign is seen in Rome, Italy, March 29, 2017. REUTERS/Alessandro Bianchi 2/7 left right FILE PHOTO: The Intesa Sanpaolo logo is seen outside the bank in downtown Milan, Italy January 18, 2016. REUTERS/Stefano Rellandini/File Photo 3/7 left right Italy''s Economy Minister Pier Carlo Padoan attends a news conference at Chigi Palace in Rome, Italy, June 25, 2017. REUTERS/Alessandro Bianchi 4/7 left right Italy''s Economy Minister Pier Carlo Padoan attends a news conference at Chigi Palace in Rome, Italy, June 25, 2017. REUTERS/Alessandro Bianchi 5/7 left right Italy''s Economy Minister Pier Carlo Padoan looks on during a news conference at Chigi Palace in Rome, Italy, June 25, 2017. REUTERS/Alessandro Bianchi 6/7 left right Italy''s Economy Minister Pier Carlo Padoan attends a news conference at Chigi Palace in Rome, Italy, June 25, 2017. REUTERS/Alessandro Bianchi 7/7 By Silvia Aloisi and Steve Scherer - MILAN/ROME MILAN/ROME Italy began winding up two failed regional banks on Sunday in a deal that could cost the state up to 17 billion euros ($19 billion) and will leave the lenders'' good assets in the hands of the nation''s biggest retail bank, Intesa Sanpaolo. The government will pay 5.2 billion euros to Intesa, and give it guarantees of up 12 billion euros, so that it will take over the remains of Popolare di Vicenza and Veneto Banca, which collapsed after years of mismanagement and poor lending. Economy Minister Pier Carlo Padoan said the total funds "mobilized" by the state would be for up to 17 billion euros - three times more than had initially been estimated to recapitalize the banks with public money. The deal, approved by the European Commission, allows Italy to solve a banking crisis on its own terms, ensuring the two Veneto lenders are not wound down under potentially tougher European rules. The cost for taxpayers, however, is hefty. "Those who criticize us should say what a better alternative would have been. I can''t see it," Padoan told reporters after the government spent the weekend drafting an emergency decree to liquidate the two banks. The decree effectively means that the Veneto banks'' branches and employees will be part of Intesa Sanpaolo by Monday morning, a move designed to avoid a potential run on deposits that could have spread chaos across the whole banking industry. The decree will have to be voted into law by parliament within 60 days. Under the plan, the banks'' soured loans, as well as legal risks stemming from a mis-selling scandal, will be moved to a bad bank, partly financed by the state. Junior bondholders and shareholders in the two banks will suffer losses, but senior bonds and depositors will be protected. Padoan said that on top of the 5.2 billion euros payment to Intesa, which includes 1.3 billion euros to cover job cuts, the state will offer guarantees to fund potential losses arising from due diligence of the two banks'' soured and risky loans. A treasury source said the government estimated that the total 12 billion euros in guarantees would translate into a fair-value exposure of just 400 million euros for the state, but did not explain how it arrived at that figure. The EU Commission also said in a statement that the "net costs to the Italian state will be much lower than the nominal amounts of the measures provided". It too did not explain. Banking analysts, however, said the state could ultimately be on the hook for up to 17 billion euros, even though some value could be salvaged once the soured loans were fully analyzed, limiting the final bill for taxpayers. ''TOUGH CONDITIONS'' Intesa Sanpaolo, Italy''s best-capitalized large bank, said last week it was open to purchasing the rump of the good assets for one euro on condition Italy''s government passed a decree agreeing to shoulder the cost of winding down the two banks. Setting tough conditions for the deal, Intesa CEO Carlo Messina has insisted that his bank''s capital ratios and dividend policy would not be affected by the transaction. "Without Intesa Sanpaolo''s offer - the only significant one submitted at the auction held by the government - the crisis of the two banks would have had a serious impact on the whole Italian banking system," Messina said in a statement on Sunday. The European Central Bank, which supervises the two lenders based in the country''s rich north-eastern Veneto region, had declared on Friday that they were "failing or likely to fail", setting in motion the process that led to them being wound down. After months of tense negotiations between Rome and EU regulators, Italy has been allowed to use national insolvency procedures rather than EU rules designed to prevent the use of state money to deal with bank crises. Those EU rules could have imposed losses on senior bondholders and large depositors, a politically unpalatable prospect ahead of national elections next year given that Italian households hold a large chunk of bonds issued by banks. Some European officials have voiced exasperation at the way Italy has dealt with a string of trouble spots in its banking industry, which is weighed down by nearly 350 billion euros of soured debts -- a third of the euro zone''s total. The country''s fourth-biggest bank, Monte dei Paschi di Siena, is being bailed out by the state to cover a capital shortfall of 8.8 billion euros. Four other smaller banks were wound down in 2015. The future of the Veneto banks had hung in the balance over the past two years since the ECB uncovered a capital hole caused by a spike in bad loans and a mis-selling scandal whereby the banks'' customers were sold shares in exchange for loans. The dragged-out negotiations between Rome, Frankfurt and Brussels and their outcome on Sunday have raised serious questions about the effectiveness of banking supervision and the credibility of Europe''s own rules for dealing with bank crises. (Additional reporting by Stefano Bernabei in Rome and Gianluca Semeraro in Milan; editing by Susan Thomas and Mark Bendeich)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-eurozone-banks-italy-veneto-idUSKBN19G0LD'|'2017-06-25T22:29:00.000+03:00'
'd3a276e1371538c50db4f4055242a5987872eec9'|'Pandora Media''s CEO Tim Westergren to step down - Recode'|'Business News - Mon Jun 26, 2017 - 4:09am BST Pandora Media''s CEO Tim Westergren to step down - Recode Traders work at the kiosk where Pandora internet radio is traded on the floor of the New York Stock Exchange, in this June 15, 2011 file photo. REUTERS/Brendan McDermid/Files Music streaming service Pandora Media Inc''s ( P.N ) founder and chief executive, Tim Westergren, plans to step down, Recode reported citing people familiar with the company''s plans. The company has not yet selected a replacement for Westergren, who is likely to stay on at Pandora until a new chief executive is in place, Recode reported on Sunday. bit.ly/2sc8ciP Westergren, who co-founded Pandora in 2000, served as its Chief Executive and president from May 2002 to July 2004, before returning to the company as its chief executive last year. The company could not be immediately reached for comment. Earlier this month, Sirius XM Holdings Inc ( SIRI.O ) said it would invest $480 million (£377 million) in Pandora, giving the satellite radio company better exposure to internet music streaming while providing financial footing to Pandora. Pandora faces stiff competition from services such as Sweden''s Spotify, Apple Inc''s ( AAPL.O ) Apple Music, Google ( GOOGL.O ) Play Music and Amazon.com Inc''s ( AMZN.O ) Amazon Music Unlimited, which dominate the on-demand music service market. (Reporting by Abinaya Vijayaraghavan in Bengaluru; Editing by Gopakumar Warrier) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-pandora-media-ceo-idUKKBN19H08B'|'2017-06-26T11:09:00.000+03:00'
'e4eabec037aa0a8f256c1b9fc1740a7e654ee59c'|'PRESS DIGEST- Financial Times - June 26'|'Market News - Sun Jun 25, 2017 - 7:07pm EDT PRESS DIGEST- Financial Times - June 26 June 25 The following are the top stories in the Financial Times. Reuters has not verified these stories and does not vouch for their accuracy. Headlines * Insurers warned of tower fire risk in month before Grenfell. on.ft.com/2sQwwc8 * Rome sets aside 17 bln euros to wind down failing lenders. on.ft.com/2sQKjzf * Mikhail Fridman fund to buy Holland & Barrett for 1.8 bln stg. on.ft.com/2sQOafR Overview * The Association of British Insurers had warned the government of the dangers of flammable cladding on buildings a month before the Grenfell Tower fire that killed at least 79 people. * Italy began winding down two failed regional banks on Sunday in a deal that could cost the state up to 17 billion euros ($19.03 billion) and will leave the lenders'' good assets in the hands of the nation''s biggest retail bank, Intesa Sanpaolo. * Russian billionaire Mikhail Fridman''s fund L1 Retail has agreed to buy health food chain Holland & Barrett for about 1.8 billion pounds ($2.3 billion). ($1 = 0.8933 euros) (Compiled by Bengaluru newsroom; Editing by Andrew Hay) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-press-ft-idUSL8N1JM0SV'|'2017-06-26T07:07:00.000+03:00'
'd998752f53d0fd7259d5722613490c98897813b4'|'France''s EDF says still reviewing Hinkley Point costs'|'Business   8:15am BST France''s EDF says still reviewing Hinkley Point costs Hinkley Point C nuclear power station site is seen near Bridgwater in Britain, September 14, 2016. REUTERS/Stefan Wermuth/File Photo PARIS French state-owned power company EDF ( EDF.PA ) said on Monday that it was still reviewing the costs and schedule of its planned Hinkley Point C power station in Britain, responding to a media report that said the project faced cost overruns. "As indicated in the 2016 annual financial report, a full review of the costs and schedule of the Hinkley Point C project is in progress following the financial investment decision and in accordance with the project company''s rules of governance," EDF said in a statement. "EDF will disclose the results of this review as soon as it is completed," it said. Le Monde newspaper reported over the weekend that Hinkley Point C would have a budget overrun of between 1-3 billion euros (£0.87-£2.63 billion) as its construction could be delayed by two years. Hinkley Point C would be Britain''s first new nuclear plant in decades, but it has been plagued by delays and criticised for its guaranteed price for electricity, which is higher than current market prices. (Reporting by Sudip Kar-Gupta; editing by Jason Neely)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-edf-hinkley-idUKKBN19H0MS'|'2017-06-26T15:15:00.000+03:00'
'0c738febebe01481b85fbeb795009d7f0e32cdb4'|'At EU summit, Macron pleads for limits to foreign takeovers'|'BRUSSELS/PARIS French President Emmanuel Macron vowed on Thursday to convince China''s closest allies in Europe that curbing foreign takeovers in strategic industries was in their interest, warning EU governments not to be naive in global trade.Smaller eastern and southern European economies that are dependent on Chinese investment have rejected any steps against Beijing, even going as far as to block EU statements criticizing China''s human rights record.But Macron, at his first EU summit, said being an attractive destination for investment did not mean exposing Europe to what he termed "the disorder of globalisation", as he seeks to make good on a campaign pledge with a so-called protective Europe."Things are changing because we see the disorder of globalisation and the consequences in your own country. I want to build an alliance around this idea," Macron told a news conference during the summit of EU leaders."I am for free trade ... but I am not for naivety."State-owned ChemChina''s $43 billion purchase of Swiss pesticides and seeds group Syngenta, Beijing''s biggest overseas sale to date, has deepened concerns in Europe that the bloc is ceding control of its advanced technology, EU diplomats said.Macron, who defeated the anti-Europe, far-right leader Marine Le Pen last month, said that he had always been a defender of globalisation and free trade during his time as minister but that leaders should hear from workers hit by globalisation.The issues of globalisation and "social dumping" took center-stage in France''s campaign after Le Pen used the relocation of a Whirlpool factory in northern France to Poland to paint Macron as a globalist who did not care about workers.A free-trade advocate, Macron let several national corporate champions be taken over by foreign firms as a minister.But since his election he has sought to drum up support in Europe for what he calls a "protection agenda".He has found some support from Germany and Italy. EU leaders will agree on Friday to allow the European Commission to explore ways to limit foreign takeovers in areas such as energy, banking and technology, where China seeks Europe''s know-how.In a statement, leaders will ask the Commission "to examine the need and ways to screen investments from third countries in strategic sectors, while fully respecting members states'' competences," a reference to national sovereignty on the issue.Berlin, Paris and Rome are upset that the Commission, the bloc''s competition regulator, approved ChemChina''s purchase of Syngenta while China maintains restrictions on EU investment.Chinese direct investment in the European Union jumped by 77 percent last year to more than 35 billion euros ($38 billion), compared with 2015, while EU acquisitions in China fell for the second consecutive year, according to the Rhodium Group.But free-trade advocates such as Sweden want to avoid any measures that might contradict the bloc''s rejection of the protectionism promoted by U.S. President Donald Trump.Frits Bolkestein, a former Dutch European Commissioner, poured scorn on Macron''s ideas on Thursday."This Colbertist instinct — that French wealth should serve the French state — runs deep among its elite," he said in a column in Politico, referring to Jean-Baptiste Colbert, French king Louis XIV''s minister of finance and industry."The last thing we need now is for hard-won progress to be rolled back by protectionism," he said.(Reporting by Jean-Baptiste Vey; writing by Michel Rose; Editing by Richard Lough and Hugh Lawson)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-eu-summit-macron-idUSKBN19D2HY'|'2017-06-22T23:08:00.000+03:00'
'377de65f67307b51fd7476cb33d16d27d33d5e55'|'China''s JD.com to invest $397 million in UK fashion retailer Farfetch'|'Business News -  08am BST China''s JD.com to invest $397 million in UK fashion retailer Farfetch FILE PHOTO: A sign of China''s e-commerce company JD.com is seen at CES (Consumer Electronics Show) Asia 2016 in Shanghai, China, May 12, 2016. REUTERS/Aly Song/File Photo BEIJING Chinese e-commerce firm JD.com Inc ( JD.O ) on Thursday said it will invest $397 million (313.6 million pounds) in UK fashion retailer Farfetch UK Ltd. JD will become a major shareholder in the firm following the transaction, and its CEO Richard Liu will join Farfetch''s board, it   JD says it will leverage the UK retailer to expand its luxury sales channels in China. (Reporting by Cate Cadell; Editing by Himani Sarkar)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-jd-investment-farfetch-idUKKBN19D0GB'|'2017-06-22T14:08:00.000+03:00'
'fc11c876f4ef86f2117a06c63060e359b4f86cc0'|'CORRECTED-Investors scoop up U.S. 30-year TIPS supply'|'(In 2nd paragraph, corrects to highest since October 2011 not highest in a year)NEW YORK, June 22 The U.S. Treasury Department on Thursday sold $5 billion of 30-year Treasury Inflation Protected Securities to robust investor demand, resulting in a yield of 0.880 percent, lower than what traders had expected, Treasury data showed.The ratio of bids to the amount of 30-year TIPS offered was 2.83, which was the highest since October 2011. The ratio was 2.25 at the prior 30-year TIPS auction in February. (Reporting by Richard Leong; Editing by Dan Grebler)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/usa-auction-tips-idINL1N1JJ1A1'|'2017-06-22T15:51:00.000+03:00'
'9c85e18215abafdff4cadc58d21fb04a4dc15b6c'|'REFILE-AIRSHOW-Boeing wins hot Paris order race'|'Market News   12:06pm EDT REFILE-AIRSHOW-Boeing wins hot Paris order race (Corrects airline name to Ruili from Riuli, para 8) By Victoria Bryan and Tim Hepher PARIS, June 22 Boeing won a red hot race for new business at the Paris Airshow, rolling out a new model of its best-selling 737 airliner that helped it claim back the order crown from rival Airbus After a show in which both manufacturers did brisk business under a sweltering sun, the European planemaker said on Thursday it won 326 net new orders and commitments while U.S. rival Boeing said its total was 571. That included 147 new orders and commitments for the 737 MAX 10, plus 214 conversions to the MAX 10 from other models to support the launch of the new plane. "The MAX stole the show," Ihssane Mounir, vice president of sales and marketing at Boeing''s commercial aircraft division, told journalists. "This is probably one of our busiest air shows." Asked if Airbus had lost momentum after years in which it often trounced Boeing at annual industry gatherings, sales chief John Leahy said the slowdown in orders had been expected. "Is this a slower show than previous years? Yes, it is. Are we conceding that Boeing sold a few more airplanes than we did? Yes," he told a news conference. In a late flurry on Thursday morning, Airbus signed deals for almost 100 aircraft, with AirAsia and privately-owned Iranian carriers Zagros Airlines and Iran Airtour. Boeing topped up its tally by announcing a firm order for 125 737 MAX 8 airplanes with an undisclosed customer and another deal with lessor AerCap to convert 15 of its MAX 8 orders into the larger MAX 10. It also added a memorandum of understanding from Chinese domestic Ruili Airlines for 20 737 MAX 8 aircraft. Analyst Richard Aboulafia, of Virginia-based Teal Group, said commercial activity had been better than expected and was reminiscent of shows in 2009 and 2011, when the aircraft industry had bucked a retreating world economy. "This time we''ve got instability and uncertainty in many regions of the world, but airline traffic is strong, and as we''ve seen at this show, airlines want jets and the finance people are certainly happy to help." Leahy said he had expected the new Boeing plane to make more of a splash. "We had expected they would have had a bigger launch on the 737 MAX 10, not quite as many conversions, more incremental orders." While he did not expect the MAX 10 to be a viable competitor to the A321, Leahy said the Boeing plane''s launch could result in price pressure. "They''re clearly going to come after us on price." The A321 is larger than any previous member of the 737 family, a gap that the MAX 10 is intended to close. (Reporting by Tim Hepher and Victoria Bryan; Additional reporting by Andrea Shalal and Mike Stone; editing by John Stonestreet)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/airshow-paris-idUSL8N1JJ1P1'|'2017-06-23T00:06:00.000+03:00'
'0b2b3f2560f9d0c483bd98b9816a854cf74972f0'|'EU, Britain need close defence ties post-Brexit - MBDA'|'Business News   4:03pm BST EU, Britain need close defence ties post-Brexit - MBDA Antoine Bouvier, CEO of European missile maker MBDA, attends a news conference in Paris March 18, 2014. REUTERS/Jacky Naegelen By Andrea Shalal - PARIS PARIS Europe risks losing the critical mass it needs in terms of military capabilities unless negotiations on Britain''s exit from the European Union preserve close ties on defence matters, a European industry executive said on Thursday. Antoine Bouvier, chief executive of missile maker MBDA, said failure to agree on a "new association" on defence could have significant negative implications for both sides, as well as the United States. "Without the UK, with its capabilities, technologies, industry and programmes, we the remaining 27 states will have more difficulties to achieve critical mass in terms of budget, in terms of industrial capabilities," Bouvier told Reuters in an interview at the Paris Airshow. "So we will have to find a way to maintain the right access for the UK to the EU defence initiatives," said Bouvier, whose company is owned by Airbus Group ( AIR.PA ), Britain''s BAE Systems Plc ( BAES.L ) and Italy''s Leonardo Finmeccanica SpA ( LDOF.MI ). EU leaders are meeting in Brussels on Thursday and Friday to discuss defence, security and other issues, including Brexit. EU Commission President Jean-Claude Juncker this month urged EU governments to forge a tighter military alliance, given Britain''s decision to leave the bloc and U.S. President Donald Trump''s lukewarm stance on the Washington-led North Atlantic Treaty Organisation. Although the EU has more than a dozen military missions abroad, the world''s biggest trading bloc has never been able to match its economic might with broad defensive power, preferring to rely on NATO instead. Monika Hohlmeier, a German member of the European Parliament and chair of the Sky & Space Intergroup, told Reuters she was open to Britain remaining engaged in defence and security matters, but only if it stopped blocking EU initiatives. "There can''t be the cherrypicking that we''ve seen in the past," she said. "The Britons have to make up their minds where they want to participate, and then they have to contribute." France, Germany and Italy want ways to pay for common military missions abroad, to be able to use EU battlegroups for the first time and for industries to collaborate and develop weapons and helicopters that can be used by all EU armies. (Reporting by Andrea Shalal; editing by John Stonestreet)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-airshow-paris-europe-mbda-idUKKBN19D1XN'|'2017-06-22T23:03:00.000+03:00'
'722e49c2ca64cac1820d9e4d9b454dd8a8af74e0'|'Thyssenkrupp signals steel merger decision by end Sept: works council'|'DUISBURG, Germany Germany''s Thyssenkrupp wants to decide by the end of September whether to pursue a European steel merger with India''s Tata Steel, the head of its steel works council said on Thursday.Guenter Back told reporters that Chief Financial Officer Guido Kerkhoff had said the company would decide by the end of the 2016/17 fiscal year whether to proceed, after more than a year of talks that have been complicated by the UK Brexit vote."The ghost must be laid to rest," he said.Thyssenkrupp declined to comment.Thyssenkrupp and Tata are keen to combine their European operations in a 50/50 joint venture to remove overcapacity from the market and cut costs. Thyssenkrupp''s operations are mainly in Germany, while Tata''s are in Britain and the Netherlands.A condition of any deal is that Tata finds a solution for its 15 billion-pound ($19 billion) UK pension scheme, which is heavily in deficit. It is unclear whether a recent deal to separate the pension from operations is sufficient.(Reporting by Tom Kaeckenhoff; Writing by Georgina Prodhan; Editing by Maria Sheahan)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-thyssenkrupp-tata-steel-idUSKBN19D224'|'2017-06-22T19:54:00.000+03:00'
'1e7580921fcb63afb8d26a7f3220f0f5dc84697d'|'Sears Canada to end pension payments-court filing'|'NEW YORK, June 22 Sears Canada Inc plans to file a motion with a Canadian court to request permission to suspend certain monthly payments to its pension plan because it is running low on cash, according to a court filing.The retailer, which filed for bankruptcy Thursday, also intends to stop payments to a post-retirement benefit plan providing retirees with life insurance and medical and dental benefits, according to the filing. Sears Canada is current on the payments for the pension and post-retirement benefit plan now.The company also said in the filing that all 32 of the Corbeil appliance stores are expected to remain operational during the insolvency. Corbeil has a separate management structure from the rest of Sears Canada, according to the filing.(Reporting by Jessica DiNapoli)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/searscanada-bankruptcy-pension-idINL1N1JJ1EY'|'2017-06-22T16:34:00.000+03:00'
'0caf04c07338091e8979956a166c42ef931425d2'|'Google''s Eric Schmidt: We need critical thinking now more than ever - Guardian Small Business Network'|'Eric Schmidt , executive chairman of Alphabet Inc (Google’s parent company), is optimistic about the future. “We’re entering what I call the age of abundance,” he says. “And during the age of abundance, we’re going to see a new age … the age of intelligence.“By 2020, most human beings will have access to the internet. When you have everyone harnessed with this information, the world gets more inter-connected. It gets stronger. There’s more knowledge sharing. There’s more freedom and there’s more openness.”Schmidt was talking at last week’s Viva Technology conference in Paris where he was a headline speaker. Also present was the newly appointed president of France, Emmanuel Macron, who announced: “France is becoming the nation for startups and must succeed in this challenge.”Schmidt spoke just a few days before he, along with other technology CEOs, met with President Trump , to discuss modernising the US government’s information technology systems.“I’ve come to believe that science and critical thinking really do matter. Even more so now in the political world that we have in the United States and in other areas of the world,” Schmidt added.He acknowledged that the fast pace of innovation had made many wary of change. But he emphasised that machine learning and artificial intelligence hold opportunities for a broad range of sectors, including farming, energy, fashion, and healthcare, even if they operated very differently to today.A new company every week: inside the UK''s AI revolution Read more“The largest taxi company has no taxis, that’s Uber. The largest accommodation company has no real estate, that’s Airbnb. The largest phone company has no infrastructure, that’s Skype. The most valuable retailer has no inventory, that’s Alibaba. The largest movie theatre, has no movie theatres, that’s Netflix.“These of course are huge disruptions ... and incumbents [always] resist change. When Henry Ford released his Model T car, it was dismissed as a fad because horses are here to stay. In 1928, a doctor warned that rail travel at high speeds would cause passengers to die of asphyxiation. And – my favourite – in 2007, [Microsoft CEO] Steve Ballmer said there was no chance the iPhone was going to achieve any significant market share. ”A report released during the conference by McKinsey Global Institute , highlighted the global growth of the artificial intelligence (AI) sector. There was three times as much investment into AI in 2016 (between $26bn and $39bn) as there was in 2013. This was predominantly spent on research and development, particularly in the machine learning space. Companies in the US accounted for 66% of that investment, with China second at 17%.Progress has largely been driven by large corporates, such as Google and Amazon, and the broader technology sector. In the report’s survey of 3,000 AI-aware executives across 10 countries, only 20% said they use AI technology in a core part of their business. Almost half (41%) of those asked, said they were uncertain of the business case for AI.“The conclusion is that all businesses will change,” Schmidt said of McKinsey’s report. “This age of intelligence will allow you to build a company that’s far more efficient. Prices [will be] lower, volumes [will be] better, the quality [will be] better. Computers, instead of just doing analysis will really be able to help you.”He gives the example of two self driving cars, owned by separate people, that have each only been taught to turn one way. What if they could exchange information?“That’s something that computers can do, but humans cannot. This ability [of computers] to learn from peers, means that as things are learned, everyone learns them. The combination of connectivity and the ability for this insight around the globe, means a rate of innovation that we’ve never seen throughout society.”Rather than this leading to a loss of jobs, Schmidt believes the future will see more jobs available that are highly paid.“You’ll take people plus computers and the computers will make the people smarter. If you make people smarter, their wages go up, not down. And the number of jobs will go up, not down. What will happen to human interaction? I think there’ll be more.“It used to take months for discovery and new developments to be understood. Now they can occur simultaneously all around the world.”Sign up to become a member of the Guardian Small Business Network here for more advice, insight and best practice direct to your inbox.Topics Guardian Small Business Network The Disruptors Entrepreneurs Artificial intelligence (AI) Computing Google Alphabet news'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/small-business-network/2017/jun/22/alphabets-eric-schmidt-google-artificial-intelligence-viva-technology-mckinsey'|'2017-06-22T14:00:00.000+03:00'
'41494337c0d3ac5e8fe59de3d14accadfb56265f'|'Deals of the day-Mergers and acquisitions'|'June 22 The following bids, mergers, acquisitions and disposals were reported by 1000 GMT on Thursday:** Britain''s competition watchdog said it had cleared Standard Life''s 11 billion pound ($14 billion) deal to buy Aberdeen Asset Management, paving the way for the tie-up which will create the country''s biggest listed asset manager.** Imagination Technologies, the British company that has lost 70 percent of its value following a dispute with its biggest customer Apple, said it had put itself up for sale.** Mytaxi, the ride hailing app owned by German carmaker Daimler, has agreed to buy a Romanian rival as part of efforts to create a pan-European service to take on Uber.** Diageo Plc has agreed to buy George Clooney''s high-end tequila brand Casamigos for up to $1 billion, as the world''s largest spirits maker seeks to lift its presence in a high-growth market.** EU antitrust regulators said that they had cleared German chemical company Evonik''s planned $630 million purchase of U.S. company Huber Corp''s silica business. (Compiled by John Benny in Bengaluru)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/deals-day-idINL3N1JJ3FN'|'2017-06-22T08:09:00.000+03:00'
'a592f9e53ea3604b39582d0749dc892b708f51a2'|'Payment firm Worldpay says can operate via Dutch unit after Brexit'|'Business   1:03pm BST Payment firm Worldpay says can operate via Dutch unit after Brexit Payment processor Worldpay Group Plc ( WPG.L ) expects to operate in the European Union through its Dutch business after Britain leaves the bloc, a company spokesman said on Thursday. "We expect to retain access to the single market by way of our Dutch business, which is regulated and fully licensed," Worldpay told Reuters in emailed comments. "This (Dutch) business is already processing material transaction volumes and gives us increased optionality if the UK loses passporting rights, or if EU customers want data to be kept in an EU jurisdiction." FTSE 100 company Worldpay did not comment on whether it would increase staff in Amsterdam, its Dutch base. Worldpay, which provides platforms to allow merchants to accept payments by cards and other methods, floated on the London Stock Exchange in 2015. (Reporting by Noor Zainab Hussain in Bengaluru)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-eu-worldpay-grp-netherlands-idUKKBN19D1GQ'|'2017-06-22T20:03:00.000+03:00'
'41bf66e81bd1284a73219c4d5a20a972a674d3e4'|'Home Capital to get C$2 billion credit facility from Berkshire Hathaway'|'Home Capital Group Inc ( HCG.TO ) said billionaire Warren Buffett''s Berkshire Hathaway Inc ( BRKa.N ) will provide a new C$2 billion ($1.50 billion) line of credit to its unit Home Trust Co, ending the Canadian lender''s strategic review process.Berkshire will also indirectly buy C$400 million of Home Capital''s common shares in a private placement through its unit Columbia Insurance Co, Home Capital said on Wednesday."Home Capital''s strong assets, its ability to originate and underwrite well-performing mortgages, and its leading position in a growing market sector make this a very attractive investment," said Warren Buffett, Berkshire chairman and CEO.Berkshire will hold an about 38.39 percent equity stake in Home Capital after buying 40 million shares at an average price of about C$10.00 per common share.Berkshire will make an initial investment of C$153.2 million to buy 16 million common shares and an additional investment of C$246.8 million to purchase 24 million shares through a private placement.The additional investment is subject to shareholder approval, while the initial investment will not require approval from shareholders.Canada''s biggest non-bank lender also said it will continue to explore further asset sales and financing deals over the next year, but has concluded its strategic review process that began in April."This investment from Berkshire not only addresses Home Capital''s near-term requirements for additional liquidity and a lower-cost credit agreement, but also facilitates what the Board feels is the best available path to long-term success," Home Capital''s Chair Brenda Eprile said.Berkshire will not be granted any rights to nominate directors to Home Capital board or any governance rights as an equity holder, Home Capital said.The C$2 billion loan facility, expected to be effective on June 29, will replace the existing one for a similar amount between Home Trust Company and a major institutional investor.On Tuesday, the company said it would sell a portfolio of commercial mortgage assets valued at C$1.2 billion to bolster its liquidity and trim outstanding debt on a C$2 billion emergency facility it agreed with the Healthcare of Ontario Pension Plan in April.Last week, Home Capital reached a C$30.5 million settlement with the Ontario Securities Commission, settled a class action lawsuit and accepted responsibility for misleading investors about problems with its mortgage underwriting procedures.The settlement is expected to help secure long-term financing at sustainable interest rates, investors and analysts said.(Reporting by Abinaya Vijayaraghavan in Bengaluru; Editing by Sunil Nair and Gopakumar Warrier)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/us-home-capital-berkshire-hatha-idINKBN19D08X'|'2017-06-22T02:25:00.000+03:00'
'133c429fbab43b224fc2152e0e91381b5bae1579'|'CEE MARKETS-Leu stable as ruling party expected to propose new PM by Monday'|'By Marton Dunai BUDAPEST, June 22 The Romanian leu held steady on Thursday despite the political uncertainty over who will succeed ousted Prime Minister Sorin Grindeanu. Grindeanu fell in a no-confidence vote initiated by his own party, which is controlled by political adversary Liviu Dragnea. Dragnea is expected to come up with a new candidate by Monday, when President Klaus Iohannis considers his choice. Centrist President Klaus Iohannis has said he will only approve a candidate who has a clean criminal record - something that prevents Dragnea, who has a conviction for vote rigging, from taking the top job himself. "The leu will probably stick to this area of under 4.6 for a while until markets see what is going on with the new government," said one trader with a foreign bank in Bucharest. "But I don''t think there are reasons for it to appreciate. There is instability, unpredictability and (hasty) policies." Iohannis rejected Dragnea''s candidate for prime minister in December after his party won an election by a wide margin. "It can only be hoped that Dragnea will choose his candidate wisely. Otherwise President Iohannis will once again be unable to agree and a deepening of the crisis will be inevitable. Against this background (the leu) will remain under depreciation pressure against the euro," analysts at Commerzbank said in a note. All other currencies also moved in tight ranges on Thursday. In the Czech Republic, the crown could continue to appreciate, albeit slower, despite a fresh message from several rate-setters, including central bank Governor Jiri Rusnok, that rate hikes may come later than expected. A strengthening Czech crown may lead to a slower rise of interest rates, possibly pushing a move beyond the third quarter projected in the central bank''s latest economic outlook, Rusnok was Quote: d as saying on Wednesday. "We view the change of guidance as the result of declining inflation momentum around the region, and declining probability of the ECB hiking rates anytime soon," Commerzbank said. "But such a change of guidance is likely to slow down the pace of CZK appreciation from here - we forecast EUR-CZK to stay stable at around 26.00 through end-2017." Stocks around the region fell moderately except in Budapest where majors OTP Bank and Richter fuelled mild gains. French President Emmanuel Macron on Wednesday singled out Hungary and Poland when he said EU states that spend the bloc''s finances but turn their backs on its principles should feel "the full political consequences". Macron will meet leaders of the Visegrad Four nations of Poland, Hungary, Slovakia and the Czech Republic at a summit of the European Council on Thursday and Friday. CEE MARKETS SNAPSHO AT 0947 CET T CURRENCIES Latest Previo Daily Change us bid close change in 2017 Czech crown 26.3000 26.286 -0.05% 2.69% 0 Hungary 309.660 309.44 -0.07% -0.27% forint 0 00 Polish zloty 4.2555 4.2539 -0.04% 3.49% Romanian leu 4.5930 4.5974 +0.10 -1.26% % Croatian 7.4150 7.4175 +0.03 1.89% kuna % Serbian 121.660 121.74 +0.07 1.39% dinar 0 00 % Note: daily calculated previou close 1800 change from s at CET STOCKS Latest Previo Daily Change us close change in 2017 Prague 992.40 994.97 -0.26% +7.68 % Budapest 36030.9 35945. +0.24 +12.5 6 23 % 9% Warsaw 2304.31 2319.1 -0.64% +18.3 3 0% Bucharest 8344.29 8374.5 -0.36% +17.7 1 7% Ljubljana 793.77 788.96 +0.61 +10.6 % 2% Zagreb 1856.47 1856.0 +0.02 -6.94% 3 % Belgrade 702.58 704.04 -0.21% -2.06% Sofia 684.73 686.25 -0.22% +16.7 6% BONDS Yield Yield Spread Daily (bid) change vs change Bund in Czech spread Republic 2-year 0.049 0.024 +069b +4bps ps 5-year 0.024 0.044 +040b +5bps ps 10-year 0.949 0 +070b +2bps ps Poland 2-year 1.936 -0.053 +257b -4bps ps 5-year 2.608 -0.011 +299b +0bps ps 10-year 3.186 0.006 +294b +2bps ps FORWARD RATE AGREEMENT 3x6 6x9 9x12 3M interb ank Czech Rep <PR 0.34 0.41 0.5 0 IBOR=> Hungary <BU 0.19 0.2 0.23 0.15 BOR=> Poland <WI 1.76 1.78 1.81 1.73 BOR=> Note: FRA are for ask Quote: s prices'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/easteurope-markets-idINL8N1JJ18N'|'2017-06-22T06:30:00.000+03:00'
'01022ff391b4bcf66679a4e89a64a6df00cd8dae'|'Oil and gas producer EQT to buy Rice Energy in $6.7 billion deal'|'Deals - Mon Jun 19, 2017 - 1:58pm EDT EQT to pay $6.7 billion for Rice, creating biggest U.S. natgas producer By Yashaswini Swamynathan and Arathy S Nair U.S. oil and gas company EQT Corp ( EQT.N ) said on Monday it would buy Rice Energy ( RICE.N ) for $6.7 billion, a deal that would create the biggest natural gas producer in the United States. This would be the biggest deal ever for EQT as it looks to expand its natural gas business. Rice Energy''s shares surged almost 27 percent to $24.95 in afternoon trading, but below the $27.05 per share offered by EQT. EQT''s shares were down 7.6 percent. The deal would put the combined EQT-Rice ahead of Exxon Mobil Corp ( XOM.N ) as the nation''s biggest gas producer. U.S. energy firms are pumping money into gas-rich states like Pennsylvania, West Virginia and Ohio. The United States should soon become the world''s top natural gas exporter. "EQT appears to be empire building," analysts at Mizuho said in a report, noting they expect EQT to begin monetizing Rice''s midstream assets by dropping them down to EQT Midstream Partners ( EQM.N ), which could raise $1.3 billion. EQT said it would be able to drill longer horizontal wells in Pennsylvania after the deal as most of the acquired acreage is next to where EQT already drills or owns land. "EQT is a decade behind in fracking technology used by industry leaders in Marcellus/Utica," said Dallas Salazar, CEO of energy consulting firm Atlas Consulting. "EQT needs a lot, and Rice offers a lot of what it needs." EQT has been buying acreage in the Marcellus shale field, with some of the cheapest gas in the country. Most recently it picked up 53,400 acres in the field from Stone Energy Corp. EQT said the acquisition would increase its 2017 average sales volume by 1.3 billion cubic feet equivalent per day (bcfe/d) and core acres in the Marcellus field by 187,000 to 670,000. The deal would also give the company access to Rice Energy''s midstream assets, including a 92 percent interest in Rice Midstream GP Holdings. EQT will take on about $1.5 billion in debt. Rice Energy shareholders will receive $5.30 per share in cash and 0.37 EQT shares for each share they hold, EQT said. The offer translates to a price of $27.05 per Rice Energy share, representing a premium of 37.4 percent to the stock''s Friday closing price, according to Reuters calculations. Citigroup was EQT''s financial adviser, while Wachtell, Lipton, Rosen & Katz were its legal advisers. Barclays Capital Inc was Rice Energy''s financial adviser and Vinson & Elkins LLP its legal adviser. (Additional reporting by Scott DiSavino in New York; Editing by Sai Sachin Ravikumar, Saumyadeb Chakrabarty and David Gregorio) '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-rice-enrgy-m-a-eqt-corp-idUSKBN19A221'|'2017-06-20T01:35:00.000+03:00'
'5f574d946a11199c30f72eb31d3f025fc4dabbb5'|'Long-dated JGBs follow Treasuries higher, yield curve flattens'|'TOKYO, June 21 Longer-dated Japanese government bond prices gained on Wednesday, tracking overnight gains in U.S. Treasuries, causing the yield curve to flatten.The benchmark 10-year JGB yield was unchanged at 0.050 percent, while the 30-year yield fell a basis point to 0.790 percent.The JGB yield curve mirrored overnight moves by U.S. Treasuries, which saw the yield curve flatten as more hawkish Federal Reserve officials led intermediate-dated notes to underperform long-term bonds, which are being supported by falling inflation.Superlong JGBs such as the 20- and 30-year tenors also drew support from firm domestic demand.Data released on Tuesday by the Japan Securities Dealers Association showed that large domestic banks bought a net 521.6 billion yen ($4.69 billion) of superlongs in May.In the past, domestic banks were not keen investors in superlong JGBs due to the duration risk associated with these maturities. But they have moved down the curve in search of higher yields, with even the benchmark 10-years not yielding much above zero percent under the Bank of Japan''s extensive monetary easing.($1 = 111.2100 yen) (Reporting by the Tokyo markets team; Editing by Sunil Nair)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/japan-bonds-idINL3N1JI1VC'|'2017-06-21T02:30:00.000+03:00'
'ebf117299be94b8db51684eb9d9efcea2c812bed'|'From Middle East to Argentina, France''s Total bets on cheap resources'|'Business News - Wed Jun 21, 2017 - 7:05am BST From Middle East to Argentina, France''s Total bets on cheap resources FILE PHOTO: Patrick Pouyanne, Chief Executive Officer of Total, speaks during the 26th World Gas Conference in Paris, France, June 2, 2015. REUTERS/Benoit Tessier/File Photo By Dmitry Zhdannikov and Ron Bousso - LONDON LONDON As the world witnesses spectacular growth in oil and gas production from the U.S. shale deposits, the boss of French energy giant Total paradoxically says this is one area where he doesn''t want to expand. Instead, chief executive Patrick Pouyanne told Reuters he can find an edge over rivals by going after cheaper reserves elsewhere, including from shale in Argentina and deepwater wells in the Gulf of Mexico, as well as through new gas technology. "Shale oil is too expensive," said Pouyanne, who has clinched strategic deals for Total in Brazil, the United Arab Emirates, Qatar and Iran since taking over as CEO at the end of 2015. Rapid growth in U.S. shale production has led to a sharp increase in global oil supplies that depressed prices. This year, it is forecast to increase by up to 1 million barrels per day to more than five million, or almost 10 percent of the country''s total crude output. Low production costs and relatively short development times have made shale attractive during one of the worst downturns in the oil industry''s history. Companies including Exxon Mobil, Chevron and Statoil have invested billions in recent months to enter U.S. shale areas such as in the Permian basin in Texas. The problem lies with asset prices, Pouyanne said in an interview. The cost of buying land to exploit shale deposits below the surface has rocketed, as has the purchase price of companies which already hold development rights. An acre of land in the Permian basin rose from $1,000 in 2012 to $50,000 last year, according to consultancy WoodMackenzie. Pouyanne therefore remains reluctant to expand beyond Total''s current gas fields in the Barnett and Utica shale formations in Texas and Ohio respectively. Total has cut costs throughout the downturn, leading to a surge in first quarter adjusted net profit to $2.6 billion, up 56 percent on the same period of 2016. Now Total, which is France''s largest company, is cautiously returning to new projects. This year it gave its first go-ahead since 2014 to develop Argentina''s Vaca Muerta gas project, one of very few exploited shale deposits outside North America and where land costs are significantly lower. The first phase will cost around $500 million. In U.S. production, Pouyanne sees greater opportunities in the Gulf of Mexico, where Total along with only a handful of the world''s other top oil companies have the necessary expertise in deep water drilling. "Today it is a game of only five or six players," he said. Many smaller producers abandoned capital intensive projects in the Gulf of Mexico after an explosion on the Deepwater Horizon rig in 2010 killed 11 people and led to the largest oil spill in U.S. history. That cost BP $60 billion in clean-up costs and fines. Deepwater production costs fell sharply in the wake of the oil price crash, as project cancellations forced service companies to cut their prices. Today companies such as Total, Royal Dutch Shell and BP can develop some fields at around $40 a barrel, on a par with the most competitive shale. Total will raise its production by around 30 percent during this decade and has already surprised the market with better than expected growth rates in the past few quarters as projects in Angola, Russia and Brazil added new barrels. Pouyanne''s formula is to concentrate on fields that will still be competitive after global oil demand has finally peaked and begun declining. "Let''s concentrate on low cost oil. Don''t tell me I need to invest in the highest technology barrels because low cost oil is the answer to volatility and peak oil," he said. Last year, Total became the first major energy group to renew a giant long-term production concession in Abu Dhabi, one of the United Arab Emirates, which alongside OPEC leader Saudi Arabia has some of the world''s lowest cost reserves. "That''s why I told Saudi Arabia: ''Don''t panic, the last barrels that will be produced will come from your country''," said Pouyanne. "It is why we have taken the position in Abu Dhabi." FOCUS ON GAS Last month, the Organization of the Petroleum Exporting Countries and non-member producers including Russia agreed to extend production cuts until March 2018, aiming to drain a global oil glut. Pouyanne said he thought the oil market would take another 12-18 months to rebalance supply and demand, adding that he still believed prices would be high in the long term due to the lack of new project start-ups and cuts in investment in the last three years. Like many of his peers, Pouyanne aims to shift Total increasingly towards less polluting gas as the world seeks to reduce carbon emissions to near zero by the end of the century. For the 53-year-old, renewable energy sources such as solar and wind will make up around 20 percent of Total''s portfolio within 20 years. However, Pouyanne says coal remains the main threat to gas and he supports a drive by some oil majors for more countries to impose punitive taxes on carbon emissions, which are much greater from burning coal than gas. "Gas might be undercut by coal. Renewables will grow but the real fight is against coal. That is why we are advocating a carbon tax," he said. Britain could serve as a model after its imposition of a carbon tax helped to reduce coal usage drastically. "The UK has managed to shift its power system to gas from coal in one year. The UK has demonstrated it works," he said. Total will also prioritise using new technology to lower the cost of gas infrastructure around the world, making it affordable for more smaller economies. This includes regasification plants, where liquefied natural gas shipped in by sea is converted back into gas for fuelling power stations. "We are building more and more infrastructure around the world. Disrupting technology for regasification is changing the world because for $200-$300 million you can build a new point of regasification. You can have a network in the world of more producers and more points to sell your gas," he said. (reporting by Dmitry Zhdannikov; editing by David Stamp) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-total-strategy-idUKKBN19C0HY'|'2017-06-21T14:05:00.000+03:00'
'00f3033a0377d8446a2140f85c7eb84cbcd2fb23'|'Global growth risks easing, but new ones emerging: ECB'|'FRANKFURT Risks to global growth appeared to have diminished, with markets so far taking policy tightening from the U.S. Federal Reserve in their stride, the European Central Bank said on Wednesday in a regular economic bulletin.But the outlook remains tilted towards the downside due to new factors, notably signals from the United States suggesting a shift towards protectionism.The chances of an abrupt shift in global financial conditions appear to have eased, major emerging market economies seem to be in better shape than in recent years and Chinese policy support for growth has mitigated concerns about the short-term outlook, the ECB said."Careful communication by the Federal Reserve System, coupled with a very gradual course of monetary policy tightening, and the decline in vulnerabilities in major emerging markets, appears to have eased the risk of a disorderly tightening of global financial conditions," the ECB said.But new sources of risk, particularly from the potentially protectionist direction of the new U.S. administration, could have a significant negative effect on the global economy, the ECB added.China''s vulnerabilities over the medium term are also still elevated, given a further rise in leverage, and potentially contentious negotiations over Britain''s departure from the European Union remain a source of concern, it added."Overall, therefore, although some risks appear to have diminished, the balance of risks to the global outlook remains tilted to the downside," the ECB added.(Reporting by Balazs Koranyi; editing by John Stonestreet)'|'reuters.com'|'http://in.reuters.com/finance/economy'|'http://in.reuters.com/article/ecb-policy-risks-idINKBN19C0UG'|'2017-06-21T06:02:00.000+03:00'
'84ebfec856f1f90173409b040420060bb877b64d'|'UK Stocks-Factors to watch on June 21'|'June 21 Britain''s FTSE 100 index is seen opening 20 points lower on Wednesday, according to financial bookmakers. * COAL & ALLIED: Rio Tinto, selected Yancoal on Tuesday to buy its Coal & Allied division in Australia for $2.45 billion, surprising commodities trading giant Glencore, which had put in a higher bid. * BARCLAYS: Barclays and four former top executives were charged with fraud on Tuesday over undisclosed payments to Qatari investors as part of a 12 billion pound ($15 billion) emergency fundraising during the financial crisis in 2008. * AVIVA: Aviva, Britain''s biggest life insurer, is selling about 1 billion pounds ($1.3 billion) worth of bonds and shares it holds in tobacco companies, joining a global campaign to divest from the industry. * GEMFIELDS: Pallinghurst Resources Ltd said on Tuesday it lowered the minimum number of acceptances from shareholders of Gemfields Plc on its takeover offer, after China''s Fosun International raised its offer for the gemstone company. * IP GROUP: IP Group said on Tuesday it made an offer of about 466 million pounds ($587 million) for rival intellectual property business company Touchstone Innovations Plc, about a month after its earlier bid was rejected. * PROVIDENT FINANCIAL: British subprime lender Provident Financial Plc said on Tuesday it expected operational disruption from the reorganisation of its home credit division to weigh on profit for the rest of the financial year as reduced agent effectiveness bit into revenue. * BELGIUM: Belgian counter-terrorism police are investigating the motives of a suspected suicide bomber shot dead by troops guarding a Brussels railway station after he set off explosives that failed to injure anyone. * BREXIT: Lawmakers in British Prime Minister Theresa May''s Conservative party believe they can stop Britain leaving the European Union without a deal if such a situation should arise, news media reported on Tuesday. * BREXIT: British Prime Minister Theresa May said on Tuesday that her government was committed to leaving the European Union and would listen to others'' views while delivering a Brexit that commanded "maximum public support". * GOLD: Gold inched up on Wednesday after hitting its lowest in five weeks in the previous session, buoyed as equities fell and the U.S. dollar eased from one-month highs following a tumble in crude oil prices. * OIL: Oil prices dipped on Wednesday, trading around multi-month lows as investors discounted evidence of strong compliance by OPEC and non-OPEC oil producers with a deal to cut global output. * The UK blue chip index, the worst-performing major benchmark in Europe this year, closed down 0.7 percent on Tuesday, hit by its heavy weighting in commodities stocks. * For more on the factors affecting European stocks, please click on: cpurl://apps.cp./cms/?pageId=livemarkets * UK CORPORATE DIARY: Whitbread PLC Q1 Berkeley Group Holdings PLC Full Year Centrica PLC Trading Update Hornby PLC Full Year TODAY''S UK PAPERS > Financial Times > Other business headlines Multimedia versions of Reuters Top News are now available for: * 3000 Xtra : visit topnews.session.rservices.com * For Top News : topnews.reuters.com (Reporting by Noor Zainab Hussain and Arathy S Nair in Bengaluru)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/britain-stocks-factors-idINL3N1JI245'|'2017-06-21T03:57:00.000+03:00'
'8239378da23de4d5284e64d26050024812270566'|'SK Hynix says it is part of consortium picked to buy Toshiba chip business'|'SEOUL South Korea''s SK Hynix Inc ( 000660.KS ) on Wednesday said it was part of a Japan-led consortium picked as the preferred bidder for Toshiba Corp''s ( 6502.T ) memory business.A SK Hynix spokesman said the firm took part in the consortium to seek new business opportunities, but declined to give further details.Earlier on Wednesday, Toshiba said its board had chosen a Japanese government-led consortium as the preferred bidder for the conglomerate''s prized flash memory chip business.(Reporting by Se Young Lee, Writing byJoyce Lee; Editing by Himani Sarkar)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-toshiba-accounting-sk-hynix-idINKBN19C0A0'|'2017-06-21T01:30:00.000+03:00'
'0da61a2f0746ad86bd0422894ef5d97bfefbc873'|'Bain to be biggest investor in Toshiba chip unit, putting up $7.7 billion: sources'|'By Taro Fuse and Se Young Lee - TOKYO/SEOUL TOKYO/SEOUL Bain Capital plans to be the biggest investor in Toshiba Corp''s ( 6502.T ) chip unit, providing 850 billion yen ($7.7 billion) in equity as part of a consortium that also includes Japan government investors, three sources briefed on the matter said.The U.S. private equity firm will, however, obtain around half that amount in financing from South Korean chipmaker SK Hynix ( 000660.KS ), the sources said, declining to be identified due to the sensitivity of the negotiations.Toshiba said earlier it has chosen a consortium of Bain and Japanese government investors as the preferred bidder for its chip business, aiming to clinch a deal worth some 2 trillion yen ($18 billion) by next week as it scrambles for funds to cover massive losses.State-backed fund, Innovation Network Corp of Japan (INCJ) and the Development Bank of Japan (DBJ) will each provide 300 billion yen in equity, while the core banking unit of the Mitsubishi UFJ Financial Group Inc ( 8306.T ) will provide 550 billion yen in financing, they added.The numbers have yet to be finalised and are still subject to change, one of the sources said.A representative for DBJ was not immediately available to comment. All other members of the consortium as well as Toshiba declined to comment.($1 = 111.1500 yen)(Reporting by Taro Fuse and Se Young Lee; Additional reporting by Makiko Yamazaki and Taiga Uranaka; Editing by Edwina Gibbs)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-toshiba-accounting-bain-idINKBN19C13Z'|'2017-06-21T07:35:00.000+03:00'
'2520124cf214ba7702ead4328fefc90038ebe2ec'|'Payment firm Worldpay says can operate via Dutch unit after Brexit'|'June 22 Payment processor Worldpay Group Plc expects to operate in the European Union through its Dutch business after Britain leaves the bloc, a company spokesman said on Thursday. "We expect to retain access to the single market by way of our Dutch business, which is regulated and fully licensed," Worldpay told Reuters in emailed comments."This (Dutch) business is already processing material transaction volumes and gives us increased optionality if the UK loses passporting rights, or if EU customers want data to be kept in an EU jurisdiction."FTSE 100 company Worldpay did not comment on whether it would increase staff in Amsterdam, its Dutch base.Worldpay, which provides platforms to allow merchants to accept payments by cards and other methods, floated on the London Stock Exchange in 2015. (Reporting by Noor Zainab Hussain in Bengaluru)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/britain-eu-worldpay-grp-netherlands-idINL3N1JJ3UQ'|'2017-06-22T10:00:00.000+03:00'
'c6c797090338ab2ac9d732cb9739fe97999ff2e4'|'ECB sees solid second quarter euro zone growth'|'Business  10am BST ECB sees solid second-quarter euro zone growth FILE PHOTO: The headquarters of the European Central Bank (ECB) are pictured   September 8, 2016. REUTERS/Ralph Orlowski/File Photo FRANKFURT Economic data points to solid growth in the euro zone in the second quarter and indicates a rebound in global growth after a rough patch, the European Central Bank said in a regular economic bulletin on Thursday. Inflation will hover near the current level in the coming months and while there is still no convincing upswing in consumer prices, there are early signs of pipeline price pressures in the production and pricing chain, the ECB added. "Overall, incoming data point to solid growth in the second quarter of 2017," the ECB said in a bulletin that is largely consistent with the outlook presented after its June policy meeting. "Domestic demand is expected to be buoyed by a number of favorable factors." "Very favorable financing conditions and low interest rates continue to promote a recovery in investment in the context of rising profits and lower deleveraging needs," the ECB added. (Reporting by Balazs Koranyi; Editing by Angus MacSwan)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-eurozone-economy-ecb-idUKKBN19D0QG'|'2017-06-22T16:09:00.000+03:00'
'a6018ce12503b259fda899ccda22d40a66bbd4ce'|'Phoenix proposes to buy rest of Hornby after raising stake'|'Phoenix Asset Management on Wednesday it would become the majority shareholder in Hornby Plc ( HRN.L ) and offered to buy the rest of the company, less than three months after thwarting efforts to oust the British toymaker''s chairman.The investment manager said it agreed to buy 17.6 million shares of Hornby from New Pistoia Income Ltd (NPIL), which in April had called for a meeting to remove the company''s Chairman Roger Canham amid falling sales and multiple profit warnings.Phoenix, Hornby''s largest shareholder, struck a deal with smaller stakeholders Ruffer LLP and Downing LLP to vote against NPIL''s proposal. NPIL is Hornby''s second-largest investor.Canham, who has been in the post since February 2013 and is also the chairman of Phoenix, on Wednesday said he resigned from the Hornby board with immediate effect.Phoenix said it offered to buy Hornby shares from NPIL at 32.375 pence per share. The acquisition will take the fund''s holding in Hornby to about 55.2 percent.Following the acquisition, Phoenix UK, as required by British takeover laws, made a cash offer for Hornby at 32.375 pence per share, valuing the toy train maker at 27.4 million pounds ($34.71 million).Hornby''s shares closed up 3.6 percent at 32.38 pence on Wednesday.The company, which is trying to turn around its business, said its board acknowledged the offer and advised its shareholders to take no action for now.Hornby said in 2016 it would decrease its product lines by 40 percent and exit a majority of its concession agreements in UK to boost its gross margins.In its earnings statement released on Wednesday, Hornby said its gross margin for the 11 weeks to June 18 rose 5 percentage points from a year earlier.Full-year revenue declined 15 percent to 47.4 million pounds, the company said.(Reporting by Ismail Shakil in Bengaluru; Editing by Sriraj Kalluvila)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-hornby-m-a-phoenix-asset-management-idINKBN19C2TY'|'2017-06-21T18:18:00.000+03:00'
'74aa7a4fb5333216bebb4a9dd543ec8463890eb4'|'Stocks flying, oil crying as 2017 hits halfway point'|'Business News - Fri Jun 23, 2017 - 4:40pm BST Stocks flying, oil crying as 2017 hits halfway point left right Traders work on the floor of the New York Stock Exchange shortly after the opening bell in New York, U.S., June 22, 2017. REUTERS/Lucas Jackson 1/2 left right A motorist holds a fuel pump at a Gulf petrol station in London April 18, 2006. REUTERS/Luke MacGregor/File Photo 2/2 By Marc Jones - LONDON LONDON World stocks could be about to record their best start to a year since 1998, when global markets were recovering from the Asian crisis, while oil and the dollar are facing their worst first-half in years. It has been a six months marked, first, by the crumbling of so-called Trump trades that were premised on U.S. President Donald Trump''s pledges of multi-trillion dollar spending. The second feature has been a political and growth outlook shift in Europe which has lured investors back to the continent. As this graphic shows reut.rs/2sxO66c 16-17 percent gains in emerging markets .MSCIEF and Europe .FTEU3 on a dollar-adjusted basis have boosted world stocks around 10 percent so far this year. Oil LCOc1 on the other hand is 2017''s worst performer, despite almost 2 million barrels-per-day of OPEC supply cuts. Undercut by high output from shale and some producers such as Nigeria, Brent crude futures have slumped 20 percent in their biggest first-half drop since 1997 LCOc1. The price moves have rekindled memories of the 50 percent rout seen in the second half of 2014. But equities have held up well despite a hefty tech share selloff earlier in June and a run of softer U.S. economic data which hint at slowing price growth and a major setback for the "Trumpflation" trades in vogue at the start of 2017. Despite two Federal Reserve rate hikes already this year, the dollar .DXY has fallen 4.5 percent against the world''s other top currencies -- its worst start to a year since 2006. "From a global perspective it is increasing the appetite for risky assets," said ABN Amro''s chief investment officer Didier Duret. Duret also noted the defeat for far-right, anti-establishment parties in French and Dutch elections, as well as a synchronised recovery in world growth. The euro zone is seen growing 2 percent this year, its best run in a decade, while latest data shows consumer confidence at a 16-year high. In Brexit-bound Britain, which has just been through a messy election, the pound has dropped 3 percent against the euro, whereas UK government bonds and the FTSE 100 .FTSE have risen 2.4 and 6.4 percent respectively. Emerging markets too have enjoyed a trade and growth bounce. "There is a growing recognition we are seeing accumulative stability, with lower volatility and lower correlation between assets and this is constructive for creating momentum for equities," Duret said. While U.S. stocks .SPX have returned almost 10 percent year-to-date, many investors reckon European stocks offer better value - funds polled by Reuters every month have just upped euro zone equity exposure to a nine-month high. "Previously there were lots of reasons not to invest in Europe. Now Europe is growing faster than the U.S.," said Pictet Asset Management''s chief strategist Luca Paolini, who prefers European and emerging stocks. The past week has seen biggest U.S. equity outflows in five weeks. PERFECT LANDING Emerging markets have shrugged off the U.S. rate rises and the oil and tech tumbles. While emerging equities are the top performers, bonds in emerging market currencies have returned almost 10 percent in dollar terms, while hard currency sovereign debt is up 6 percent. "At the end of last year, everyone was long dollar but suddenly people realised the dollar was getting weaker. Usually when that happens it''s very good for EM assets," said Francois Savary, CIO of Swiss investment manager Prime Partners. There is likely room for more gains in the coming year, given the sector has underperformed for five years, he added. But within emerging markets there are losers as well as winners: tmsnrt.rs/2dZbdP5 Russian equities, heavily oil-reliant and a star of late 2016, have lost 17 percent but energy importer Turkey''s stock index .XU100 has risen 30 percent, despite inflation, domestic political risks and policy wobbles. The Mexican peso MXN= is the world''s top performing currency, up 14 percent on the dollar, as faith wanes in Trump''s ability to implement anti-trade and anti-immigration pledges. Perhaps the biggest surprise has been Poland''s zloty PLN= which has surged more than 10 percent against the dollar, outstripping the euro''s EUR= 5.8 percent rise. Brazil''s real BRL= has been one of the worst-performing currencies, down 5 percent in 2017 due to fresh corruption scandals that have hit the country. "The question for the next six months is how far the positive European momentum should go," said ABN''s Duret. "And can China control its slowdown. Can it continue to achieve a perfect soft landing?" (Additional reporting by Sujata Rao and Dhara Ranasinghe in London; Editing by Catherine Evans)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-markets-2017-graphic-idUKKBN19E1UB'|'2017-06-23T23:40:00.000+03:00'
'a0ee6e9fcca03fb520ad877cb8cb2c0c2bce7c3a'|'Big Oil turns to big data to save big money on drilling'|'Business News - Fri Jun 23, 2017 - 6:07am BST Big Oil turns to big data to save big money on drilling FILE PHOTO - A pump jack used to help lift crude oil from a well in South Texas’ Eagle Ford Shale formation stands idle in Dewitt County, Texas, U.S. on January 13, 2016. REUTERS/Anna Driver/File Photo By Swetha Gopinath and Liz Hampton In today''s U.S. shale fields, tiny sensors attached to production gear harvest data on everything from pumping pressure to the heat and rotational speed of drill bits boring into the rocky earth. The sensors are leading Big Oil''s mining of so-called big data, with some firms envisioning billions of dollars in savings over time by avoiding outages, managing supplies and identifying safety hazards. The industry has long used sophisticated technologies to find oil and gas. But only recently have oil firms pooled data from across the company for wider operating efficiencies - one of many cost-cutting efforts spurred by the two-year downturn in crude oil CLc1 prices. ConocoPhillips ( COP.N ) says that sensors scattered across its well fields helped it halve the time it once took to drill new wells in Eagle Ford shale basin of South Texas. By comparing data from hundreds of sensors, its program automatically adjusts the weight placed on a drill bit and its speed, accelerating the extraction of oil, said Matt Fox, ConocoPhillips'' executive vice president for strategy, exploration and technology. It is just one application, but if applied to the more than 3,000 wells ConocoPhillips hopes to drill in the Texas basin, those small sensors could lead to "billions and billions of dollars" in savings, Fox said in an interview. "We started using data analytics in our Eagle Ford business," he said. "And everywhere we look there are applications for this." The cost and complexity of such systems vary widely. Oil giants such as ConocoPhillips buy a mix of off-the-shelf and custom programs, along with data repositories. The Houston-based producer''s employees use Tibco Software Inc''s Spotfire data visualization package to analyse information from well sites. Tibco declined to discuss its pricing. Services firms including Schlumberger NV ( SLB.N ) and General Electric Co ( GE.N ) oil and gas unit sell sensor-equipped gear, data repositories and software to improve producers'' decision-making. Back when oil traded at more than $100 a barrel - before the price crash in 2014 - data analysis was an "afterthought" for most oil firms, said Binu Mathew, who oversees digital products at GE Oil & Gas. Now - with prices at about $43 a barrel after recovering from a low of about $26 in early 2016 - "the efficiency aspect is far, far more important," Mathew said. FINDING HIDDEN VALUE A survey by Ernst & Young last year examined 75 large oil and gas companies and found that 68 percent of them had invested more than $100 million each in data analytics during the past two years. Nearly three quarters of those firms planned to allocate between 6 and 10 percent of their capital budgets to digital technology, the survey found. Effectively mining large data sets could lead to supplanting workers with artificial intelligence and machine learning systems, according to firms selling and buying data-driven technology. Simple sensors already increase safety and savings by eliminating the need to send workers to rigs or production facilities to gather data. Automating drilling decisions can produce more consistent results by cutting out human errors, said Duane Cuku, vice president of sales for rig technology at Precision Drilling Corp ( PD.TO ). "The driller is now able to focus his attention on the well - and the performance and safety of his crews - as opposed to the manual manipulation of controls," Cuku said. Occidental Petroleum Corp ( OXY.N ) also uses an analytical tool to find the best design for hydraulic fracturing wells. A new version of the software analyses data on well completions and geology to recommend whether injecting steam or water would produce more oil. Abhishek Gaurav, a petroleum engineer for closely-held Texas Standard Oil, said he uses big-data analytics to help his company choose which properties to explore. Using Spotfire, the same program utilized by Conoco, Standard applies a combination of data science and petroleum engineering to rank asking prices for land based on a variety of completion, production and geological variables - such as the amount of sand that likely would be required to complete a well in a given formation. The technique, Gaurav said, has reduced the time needed for evaluating land parcels from weeks to hours - and resulted in better decisions. "We found value in properties when many other teams did not," he said. RECRUITING IN CALIFORNIA Some of the information craved by oil firms isn''t so easy to gather or analyse. Surveys and maps that companies use to acquire acreage for drilling, for instance, are often not digitised. Older company data on wells may be unstructured or spread among suppliers using different storage formats, making integration and analysis a challenge. General Electric and its oil-and-gas unit are moving aggressively into the business of digitising industrial equipment for other firms, and have invested in large data processing centres for energy clients. GE sees huge potential for market growth: A company study estimated that only 3 percent to 5 percent of oil and gas equipment is connected digitally, and less than one percent of the data collected gets used for decision-making, the study found. Getting the industry more fully connected will take time. "There is a huge amount of data prep, data sanitization and data extraction needed for big data to be totally disruptive," said Kate Richard, chief executive at private equity investor Warwick Energy. She projects a major payoff from the technology is still five or ten years away. Oklahoma City-based Warwick - which manages interests in thousands of wells across Oklahoma and Texas - is preparing for that payoff by hiring people from tech hubs in California, Richard said. "They all have computer programming and data science backgrounds," she said. (Reporting by Swetha Gopinath and Liz Hampton; Editing by Gary McWilliams and Brian Thevenot) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-usa-oil-bigdata-idUKKBN19E0DR'|'2017-06-23T13:07:00.000+03:00'
'b58e13a5a4e9648da22118afc48059e866efaf71'|'Kenya central bank to extend receivership of Imperial Bank by 12 months'|'NAIROBI, June 23 Kenya''s central bank said on Friday it planned to extend the receivership of Imperial Bank by a year to help finalise a deal with a strategic investor to take a stake in the bank.The Central Bank of Kenya (CBK) ordered the privately owned bank to be put into receivership in October 2015 after the board of the mid-sized lender alerted it to suspected malpractices.The Imperial Bank receivership rattled confidence in a financial sector where more than 40 foreign and local banks operate - especially as it came just two months after the liquidation of a smaller bank."After initial preparations, the formal process will commence with an invitation for Expressions of Interest from potential strategic investors, and the bank’s shareholders if they so wish, in taking an interest in the bank," the central bank said in a statement."Mindful of the concerns by depositors and the need for the process to be fully credible to potential strategic investors in order to maximise the value for depositors, the entire process is anticipated to be about 48 weeks."The central bank had initially hoped to get Imperial Bank out of receivership by March 2016, but this was delayed after the regulator said it needed more time for investigations to determine Imperial''s fate. (Reporting by George Obulutsa; Editing by Alison Williams)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/kenya-banking-idINL8N1ID1GO'|'2017-06-23T07:48:00.000+03:00'
'a1cbb00cb96072d30941b53f1593e6fe811b8970'|'At EU summit, Macron pleads for limits to foreign takeovers'|'Deals   8:08pm BST At EU summit, Macron pleads for limits to foreign takeovers French President Emmanuel Macron addresses a press conference at the EU summit in Brussels, Belgium, June 22, 2017. REUTERS/Gonzalo Fuentes By Robin Emmott and Michel Rose - BRUSSELS/PARIS BRUSSELS/PARIS French President Emmanuel Macron vowed on Thursday to convince China''s closest allies in Europe that curbing foreign takeovers in strategic industries was in their interest, warning EU governments not to be naive in global trade. Smaller eastern and southern European economies that are dependent on Chinese investment have rejected any steps against Beijing, even going as far as to block EU statements criticizing China''s human rights record. But Macron, at his first EU summit, said being an attractive destination for investment did not mean exposing Europe to what he termed "the disorder of globalisation", as he seeks to make good on a campaign pledge with a so-called protective Europe. "Things are changing because we see the disorder of globalisation and the consequences in your own country. I want to build an alliance around this idea," Macron told a news conference during the summit of EU leaders. "I am for free trade ... but I am not for naivety." State-owned ChemChina''s $43 billion purchase of Swiss pesticides and seeds group Syngenta, Beijing''s biggest overseas sale to date, has deepened concerns in Europe that the bloc is ceding control of its advanced technology, EU diplomats said. Macron, who defeated the anti-Europe, far-right leader Marine Le Pen last month, said that he had always been a defender of globalisation and free trade during his time as minister but that leaders should hear from workers hit by globalisation. The issues of globalisation and "social dumping" took center-stage in France''s campaign after Le Pen used the relocation of a Whirlpool factory in northern France to Poland to paint Macron as a globalist who did not care about workers. A free-trade advocate, Macron let several national corporate champions be taken over by foreign firms as a minister. But since his election he has sought to drum up support in Europe for what he calls a "protection agenda". He has found some support from Germany and Italy. EU leaders will agree on Friday to allow the European Commission to explore ways to limit foreign takeovers in areas such as energy, banking and technology, where China seeks Europe''s know-how. In a statement, leaders will ask the Commission "to examine the need and ways to screen investments from third countries in strategic sectors, while fully respecting members states'' competences," a reference to national sovereignty on the issue. Berlin, Paris and Rome are upset that the Commission, the bloc''s competition regulator, approved ChemChina''s purchase of Syngenta while China maintains restrictions on EU investment. Chinese direct investment in the European Union jumped by 77 percent last year to more than 35 billion euros ($38 billion), compared with 2015, while EU acquisitions in China fell for the second consecutive year, according to the Rhodium Group. But free-trade advocates such as Sweden want to avoid any measures that might contradict the bloc''s rejection of the protectionism promoted by U.S. President Donald Trump. Frits Bolkestein, a former Dutch European Commissioner, poured scorn on Macron''s ideas on Thursday. "This Colbertist instinct — that French wealth should serve the French state — runs deep among its elite," he said in a column in Politico, referring to Jean-Baptiste Colbert, French king Louis XIV''s minister of finance and industry. "The last thing we need now is for hard-won progress to be rolled back by protectionism," he said. (Reporting by Jean-Baptiste Vey; writing by Michel Rose; Editing by Richard Lough and Hugh Lawson)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-eu-summit-macron-idUKKBN19D2HY'|'2017-06-23T03:03:00.000+03:00'
'1d4491301fd50e2a5b5813c2ca9bbf99eccfbf32'|'UPDATE 1-Freeport Indonesia says giant copper mine running as normal despite strike'|'Market News  19am EDT UPDATE 1-Freeport Indonesia says giant copper mine running as normal despite strike * Thousands of workers to extend strike -union * Company says Grasberg copper mine is running as normal * Freeport negotiating new mining permit with govt (Recasts on Freeport Indonesia comment, adds background) JAKARTA, June 22 Operations at the world''s No.2 copper mine in Indonesia are "running as normal", a spokesman for the local unit of Freeport-McMoRan Inc said, despite thousands of workers extending a strike for another month. Riza Pratama said in a text message on Thursday that "around 25,000 workers and contractors" continued to work at the Grasberg mine, a key supplier to buyers including top metals consumer China. That came after Freeport Indonesia union industrial relations officer Tri Puspital told Reuters on Wednesday that 6,000 workers would remain on strike. Workers started their strike in May after Freeport laid off around 10 percent of its 32,000 workforce while it negotiates a new mining permit with the government. Freeport resumed exports of copper concentrate in April after a 15-week outage related to the negotiations with Jakarta. Earlier this month, Freeport''s chief financial officer said the company was on track to reach an agreement with the government. (Reporting by Bernadette Christina Munthe and Fransiska Nangoy; Editing by Joseph Radford)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/indonesia-freeport-strike-idUSL3N1JJ1ZK'|'2017-06-22T14:19:00.000+03:00'
'c0df29cbf0fb427d009b3ea9e8db5b80ef2af0e8'|'Brexit could strengthen EU, Germany as business location - German official'|'Business News - Wed Jun 21, 2017 - 11:04pm BST Brexit could strengthen EU, Germany as business location - German official The skyline with its characteristic banking towers is pictured during sun down after a sunny spring day in Frankfurt, Germany, April 9, 2017. REUTERS/Kai Pfaffenbach BERLIN Britain''s departure from the European Union could strengthen the bloc''s political integration and make Germany more attractive as a business location, German Deputy Finance Minister Thomas Steffen said on Thursday. At their first meeting in Brussels on Monday, British and EU negotiators agreed on a timetable for the Brexit talks. Both sides stressed their goodwill but also acknowledged the task''s huge complexity and tight deadline. "The decision by the United Kingdom to leave the EU is unfortunate," Steffen said in the editorial of the finance ministry''s monthly report. In the forthcoming negotiations, the remaining EU member states will be faced with the challenge of preserving the unity of the EU-27 and the coherence of the EU''s internal market while also limiting the damage to citizens and businesses, he said. Steffen said that the EU-27 were determined to remain united and to put future relations on a new common basis. "The Brexit process could also bring opportunities for a stronger EU and for Germany as a business location," he added. Germany has thrown its hat into the ring to host the London-based European Medicines Agency (EMA) and the European Banking Authority (EBA) following Britain''s departure from the EU, though diplomats say both will not go to a single country. In its monthly report, the finance ministry said Germany could benefit from Brexit as the future relationship with the UK was still unclear and London''s market access was not secured. The location question is therefore already present for many financial services companies and Germany can offer a good alternative with Frankfurt as one of the leading financial centres in Europe, it said. The ministry pointed to the proximity to the European Central Bank and its banking oversight. "The role of Frankfurt as the centre of banking supervision in Europe could be further strengthened and completed by a shift of the European Banking Supervisory Authority, which is still based in London," it said. "It is therefore self-evident that the state of Hesse and the federal government are committed to get the European Banking Authority to Frankfurt," the finance ministry concluded. (Reporting by Michael Nienaber, editing by Larry King) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-eu-germany-official-idUKKBN19C317'|'2017-06-22T06:04:00.000+03:00'
'54e79705125ad21f97a86197b53ddfabf89069e0'|'Unilever shows innovation still intact with ''once-in-a-decade'' laundry soap'|'Business News   8:49pm BST Unilever shows innovation still intact with ''once-in-a-decade'' laundry soap left right Containers of Unilever''s Persil Ultimate Powergems Bio Detergent (L) and Non-Bio Detergent (R) are seen in a photo illustration shot June 22, 2017. REUTERS/Simon Newman/Illustration 1/3 left right Unilever''s Persil Ultimate Powergems Bio Detergent is seen in a photo illustration shot June 22, 2017. REUTERS/Simon Newman/Illustration 2/3 left right A measuring cap of Unilever''s Persil Ultimate Powergems Non-Bio Detergent is seen in a photo illustration shot June 22, 2017. REUTERS/Simon Newman/Illustration 3/3 By Martinne Geller - PORT SUNLIGHT, England PORT SUNLIGHT, England Nearly three months after Unilever ( ULVR.L ) ( UNc.AS ) CEO Paul Polman promised shareholders greater returns coupled with investments to drive growth, the launch of what it calls the biggest laundry breakthrough in a decade will be a key test of whether it can put its money where its mouth is. The Anglo-Dutch company is this week launching Persil Powergems, a brand new kind of detergent that is neither powder nor liquid, after spending 18 million euros (£15.8 million) on research, development and marketing. It remains to be seen whether the premium-priced, lentil-shaped crystals will make their way beyond Britain, the launch market. Not all innovations are hits, as Unilever learned when its now-abandoned Persil Power was found to damage clothes in the 1990s. But if successful, Powergems could strengthen Unilever''s No. 2 position behind Procter & Gamble ( PG.N ) in a global retail laundry market worth $74 billion and lift the company, which investors are closely watching to see if its new cost-savings promises will hurt long-term growth. "We''re not holding back or saying we have to pause, that we can''t do this this year or next year, no. We are going straight ahead, investing as much as is needed," Nitin Paranjpe, president of Unilever''s home care business, told Reuters. This project, code-named "Dazzle," was well on its way at the Port Sunlight R&D lab in northwestern England in February when Unilever fought off a surprise $143 billion bid from Kraft Heinz ( KHC.O ) that forced changes designed to show it can improve performance as an independent company. "It would''ve been throwing money away to not launch this one, but the question is, will we see more of these going forward?" said Liberum analyst Robert Waldschmidt. "They need to keep doing this type of thing because driving innovation is the lifeblood of big, branded companies." Evolving consumer tastes and an onslaught of new, upstart brands that can gain popularity quickly mean that traditional multinationals need to improve their portfolios faster to protect market share. FRUGALITY Paranjpe said Unilever''s heightened frugality would not interfere with that, and said adopting the "zero-based budgeting" approach making waves across the sector does not automatically mean investments will be cut. For example, he said the company''s R&D budget, of about 1 billion euros a year, was not being cut. Zero-based budgeting (ZBB)is an accounting method whereby all expenses must be justified from scratch for each new period. The approach, responsible for the fat profit margins at Kraft Heinz, is spreading throughout the industry as growth slows. "Many people have given ZBB a bad name, only thinking of it in terms of indiscriminately cutting things to shore up the bottom line. We don''t believe in that," Paranjpe said, citing Unilever''s promise to reinvest two-thirds of the 6 billion euros in savings it has targeted. He said his 10 billion euros-a-year home care business was a little ahead of its cost-savings plans. "It has given us a pot that has enabled us to invest in initiatives," he said, referring to the 18 million euro splashout on Powergems, which covered things like a new line at its Warrington factory and new technology that allows fragrance molecules to cling to fabric throughout the wash. In addition, he said a recent restructuring has helped speed cooperation between groups, allowing for more quick, local projects, such as a Thai laundry soap for black clothes rolled out in only two months after the death of the king sparked a year-long period of mourning. Keith Rutherford, head of R&D for Unilever''s home care business, said creativity is often boosted by restrictive guidelines. He cited financial or environmental concerns, which are both common on his team, which designs lots of goods for developing and emerging markets where disposable incomes are limited. "The more I constrain and say ''I want you to innovate on less than two euro cents per unit, or without the use of water'', everyone initially says it can''t be done," Rutherford said in Port Sunlight, built in the 19th century by William Lever to house his soap factory workers. "And then about two weeks later, someone says they can." (Reporting by Martinne Geller; Editing by Adrian Croft)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-unilever-persil-launch-idUKKBN19D2KP'|'2017-06-23T03:49:00.000+03:00'
'd2a9bc38ee8e36b8a238c4868128384751cb265d'|'Italy tries Europe''s patience with fumbled Veneto banks'' rescue'|'(Repeats late Thursday item without changes)* Intesa wants just healthy parts of Veneto lenders* Clean-up costs could be dumped on state* Rome criticised for bending rules on bank bailoutsBy John O''Donnell and Silvia AloisiFRANKFURT/MILAN, June 22 A clumsy attempt by Italy to tackle problems at two Veneto-based banks by allowing a major lender to cherry-pick their prime assets for a pittance has left the government testing the boundaries of European law.With a deal expected within days, critics are concerned that Rome is exploiting loopholes to bend EU rules designed to prevent state bailouts.One European official privately admitted to "exasperation", after the European Central Bank and European Commission have tussled with Rome for years over how to solve its banks'' problems within EU law.On Wednesday, Italy''s biggest retail bank Intesa Sanpaolo laid down tough conditions to buy the healthy parts of the two Veneto banks for just 1 euro, a move that would force the state to foot the bulk of the bill.Intesa said it would only take the banks if they were stripped of bad loans and risks, prompting criticism from those who designed the EU regime to stop the state from having to shoulder losses in bank crises, passing them on to investors instead.That solution also contrasts starkly with Santander''s recent overnight rescue of a struggling lender in Spain, where it too paid just 1 euro but took on the smaller bank''s troubled loans and will raise billions to clean it up.Rome is taking advantage of a flexibility in European rules that permits routine insolvency proceedings for banks not considered systemically important, allowing the process to be handled by the state rather than EU authorities.One EU official said state aid in this case might be technically possible given that banks'' shareholders and junior bondholders are also going to take a hit.But critics said Italy was being allowed to cut corners."The Italians do not respect the rules. The ECB and the Commission are too weak to enforce them," said Sven Giegold, a German member of the European Parliament. "This is destroying trust."Italy is the last country in the euro zone to get to grips with the problems of its banking sector, meaning it faces stricter ''bail-in'' rules - written by Giegold and others and introduced last year - that impose losses chiefly on bondholders and investors.With elections due next year and much of its banks'' debt in the hands of ordinary Italians, Rome wants to avoid this step."The signals from Italy are very negative," said Volker Wieland, one of the German government''s economic advisors.Wieland accused Italy of "looking for exceptions" to the rules, warning that such an approach would discourage Germany from supporting any common European protection of deposits, a proposal made to underpin confidence in the region''s lenders.The ECB, which supervises Italian banks, and the EU Commission, which rules on whether state support can be allowed, have declined to comment on the Italian proposal, saying they await a formal announcement from Rome.NO HIDING PLACEAt home too the tactics in Rome - after more than six years of procrastination through the country''s banking crisis - are raising questions.The government had hoped healthier Italian banks would club together to help the lenders, Banca Popolare di Vicenza and Veneto Banca.But most demurred, having already spent billions propping up ailing banks, including through the government-sponsored Atlante fund that pumped 3.4 billion euros into the Veneto banks and is now set to be wiped out.Others had problems of their own, such as Monte dei Paschi, which is being bailed out by the state using another exception to the EU rules. Most banks said the government should stop asking them to chip in, and use instead the 20 billion euros it set aside for bank rescues, negotiating terms with Brussels.Opposition politicians have been critical."Intesa gets a free gift, the state takes on all the bad stuff and the taxpayer pays," said Renato Brunetta, parliamentary leader for former prime minister Silvio Berlusconi''s Forza Italia (Go Italy!) party, estimating the cost for the Italian state could be 5-6 billion euros."Did we really need to take so much time to come up with such a rubbish solution?"Carla Ruocco, a prominent lawmaker of the 5-Star movement, echoed this view: "By wasting years, the government put itself in a bind." (Additional reporting by Gavin Jones in Rome and Francesco Guarascio in Brussels; writing by John O''Donnell; editing by John Stonestreet)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/eurozone-banks-italy-intesa-idINL8N1JJ58Q'|'2017-06-23T03:39:00.000+03:00'
'1c6ff0e2e794ccd54044882c36af01065713d03d'|'India’s huge buffalo-meat industry is in limbo'|'IN A corner of the state of Uttar Pradesh (UP) stands a gleaming building dedicated to animal slaughter on an industrial scale. Neatly mown lawns lead the way to a corral for hundreds of the curly-horned Murrah buffalo typical of the region. Nearby is a lorry-sized, stainless-steel machine in which the animals are killed. A Muslim cleric stands ready to oversee the incantation that ensures each carcass will be halal. Upstairs a microbiology lab monitors the progress of each beast through stages of chilling, deboning and deglanding. Each pile of disaggregated buffalo is then frozen solid and put into a loading chamber.Such facilities are common in UP, although they do not advertise their whereabouts for fear of antagonising “cow vigilantes”, Hindu militants who harass and extort in the name of protecting cows, which a majority of Indians hold to be sacred. India earns around $4bn a year from exporting beef, and last year was the world’s biggest exporter of the product. But nearly all of it comes from buffalo, not cow. 41 minutes ago Deep cuts to Medicaid remain the centerpiece of the Republicans’ proposals Democracy in America 16 hours ago America’s segregated labour market Graphic detail 20 hours ago How the Opera di Roma turned things around Prospero a day ago Why A few dozen integrated meat companies have harnessed the potential of water buffalo over the past 15 years, developing the means to send herds of beasts from tiny farms through mechanised slaughterhouses and on to foreign markets. Firms such as Hind Agro, Allana and M.K. Overseas, plus dozens more, most of them crowded into the west of UP, have helped raise the value of India’s beef exports 14-fold within a decade—their worth is now equivalent to nearly a third of the country’s monthly trade deficit.But the environment ministry has put the business on the chopping block. In May it ordered that cattle, including water buffalo, may no longer be sold in open markets for the express purpose of slaughter. The ruling was issued with immediate effect, on the ground of preventing cruelty to a class of animals that defines oxen and even camels, as well as water buffalo and cows, as “cattle”.The ruling has prompted an outcry. Many note that the ban appears unconstitutional. India’s individual states, some of which allow cow slaughter, are objecting. It also seems biased against the country’s Muslims, who are heavily involved in the meat and tannery trades both as workers and owners. The Supreme Court heard a case against the ruling on June 15th.The timing of the ban is particularly irksome for the industry, because it ought to be enjoying a golden period. Brazil, the second-largest exporter, has been hobbled by a meat-contamination scandal affecting JBS, the world’s biggest meatpacker. Shiploads of Brazilian meat have been waiting in the Pacific, as Asian buyers have had second thoughts.India’s industry is well-placed to take advantage. High standards, regulatory and sanitary, have been enforced, partly because of local sensitivities about animal slaughter. Teams of foreign buyers considering the Indian market have brought extra scrutiny. Their inspectors are relentless: three teams of Malaysians spot-checked 32 plants in one fortnight in April, for example. Unlike the giant feedlot operations of the American Midwest, say, which tend to stink of manure and death from miles away, the high-tech UP abattoir sits near neighbours on other industrial estates, kept spotless and odour-free by an enormous workforce.Unless the government’s ruling is overturned, however, such advantages are hypothetical. Farmers and traders have become even warier of transporting their animals within the UP plant’s 200km-radius catchment area. That is a reprieve for the buffalo, at least. "Meatpacking district"'|'economist.com'|'http://www.economist.com/rss/business_rss.xml'|'http://www.economist.com/news/business/21723859-countrys-slaughterhouses-are-envy-rich-world-indias-huge-buffalo-meat-industry?fsrc=rss%7Cbus'|'2017-06-24T08:00:00.000+03:00'
'c5308f18493c144ba5143b9fbb773512752310e0'|'Amazon’s big, fresh deal with Whole Foods'|'JEFF BEZOS does not like sitting still. In his annual letter to Amazon’s shareholders this year, he warned of “stasis. Followed by irrelevance. Followed by excruciating, painful decline. Followed by death.” Competitors are toiling to avoid the same fate but it is hard to keep up. On June 16th Amazon said it would pay $13.7bn for Whole Foods, an upscale grocer known for its organic produce. Lest be accused of sloth, four days later Amazon announced a new service to let shoppers try clothes at home, for no fee, then return those they don’t like.The news that Amazon would make clothes shopping even easier is a blow to America’s apparel chains, many of which are already in the middle of that excruciating decline. Yet it was the Whole Foods deal, more than ten times bigger than any acquisition Amazon has made so far, that caused the bigger stir. 43 minutes ago Deep cuts to Medicaid remain the centerpiece of the Republicans’ proposals Democracy in America 16 hours ago America’s segregated labour market Graphic detail 20 hours ago How the Opera di Roma turned things around Prospero a day ago Why The deal’s precise impact is hard to gauge. Buying Whole Foods hardly gives Amazon a stranglehold on food and drink: the combined companies will account for just 1.4% of America’s grocery market, according to GlobalData, a research firm. The people who shop at the chain are not the mass market. They are unusually wealthy and well-educated (see chart). Mr Bezos has made no big announcements about changes at Whole Foods—drone-delivered spelt grain is unlikely to become a reality soon. Instead he simply praised its work and said “we want that to continue.”Nevertheless, the news prompted the shares of a large group of rival grocery firms, including Walmart and Kroger, to sink quickly. As with so much about Amazon, the Whole Foods deal is important not for what it represents now but how it might transform Amazon and up-end rivals—most notably, Walmart—in future.Up to now, grocery has been a tough nut for Amazon to crack. A growing share of office supplies and clothes are bought online, yet last year e-commerce accounted for just 2% of American spending on food and drinks. Amazon Fresh, a ten-year-old grocery-delivery service, is still in only 20-odd cities. Prime Now, a two-hour delivery service introduced in 2014, is in 31.That is because grocery’s margins are low and its goods devilishly hard to deliver. Peaches bruise. Meat rots. Many consumers like to buy food in person: unlike choosing a battery or book, selecting a ripe tomato requires inspecting it or trusting someone who has.Amazon has tried to solve these problems—using machine learning, for example, to distinguish ripe strawberries from mouldy ones. But the Whole Foods deal is the start of something new. To date Amazon has run only a handful of stores; Whole Foods will give it more than 450. Amazon knows a lot about customer behaviour online; now it will be able to marry that to data about habits in physical stores. Paul Beswick of Oliver Wyman, a consultancy, notes that Whole Foods will provide a well-established supply chain, a boon to Amazon Fresh, as well as a roster of store-brand goods, which might now be sold online.It is all a huge headache for Walmart. The beast of Bentonville remains the world’s largest store and America’s biggest grocer, with revenues of $486bn compared with Amazon’s $136bn. It too is trying to avoid stasis. It paid $3bn last year to acquire Jet.com, a challenger to Amazon, and has invested in technology to help customers order groceries online and have them ready to pick up from its stores. Walmart is experimenting with other services: some staff deliver groceries on their way home.“Walmart is testing, reading and reacting,” notes Oliver Chen of Cowen, a financial-services firm. “That’s a new Walmart.” On the same day that Amazon said it would buy Whole Foods, Walmart announced the purchase of a menswear brand called Bonobos for $310m, which began online and now has three dozen stores. The deal, among other things, gives Walmart new staff to help the company transform itself further.Yet Amazon is playing a different, more complex game. It is enmeshing itself in its customers’ lives: each new service, from streaming video to its Alexa virtual assistant, makes it more integral to a person’s day. That gives it new data and revenue that help it improve services and offer additional ones. Shoppers buy groceries often. If Amazon can become part of Americans’ ritual of buying milk and eggs, the firm will understand its customers even better. Shoppers will have fewer reasons to go elsewhere.And Amazon is likely to integrate Whole Foods in ways that are not yet obvious. Finding ways to get more value out of its investments has been key to Amazon’s growth. The company’s warehouses, built for its own goods, are now used by independent sellers. The same is true of its cloud-computing power, which supports not just Amazon’s own business but legions of other firms. Amazon may use its infrastructure for Prime Now to deliver Whole Foods’ groceries. In future it may develop new services for Whole Foods that are in turn deployed in new ways, suggests Ben Thompson, a tech blogger. It could, for example, supply restaurants.For Walmart, and many other rivals, the best scenario would be if regulators were to slow Amazon’s expansion. The company accounts for about half of new spending online in America. It has reached into many parts of the economy, from retail to cloud computing and from entertainment to advertising. Yet intervention is improbable. The Whole Foods deal gives Amazon less than one-fiftieth of the grocery market. Walmart, were it to make Whole Foods a higher offer, by contrast, would be very likely to attract regulators’ wrath. In such circumstances, Walmart could be forgiven a severe attack of sour grapes. "Whole hog"'|'economist.com'|'http://www.economist.com/rss/business_rss.xml'|'http://www.economist.com/news/business/21723868-buying-upscale-grocer-new-front-battle-beast-bentonville-amazons?fsrc=rss%7Cbus'|'2017-06-24T08:00:00.000+03:00'
'39464a62f88b1eb6c017368af7c4fcbe5cbe77ac'|'U.S. plaintiffs'' lawyers warn of automaker role in Takata bankruptcy'|'Autos - Tue Jun 27, 2017 - 5:16pm EDT U.S. plaintiffs'' lawyers warn of automaker role in Takata bankruptcy FILE PHOTO: A woman stands next to a logo of Takata Corp at a showroom for vehicles in Tokyo, Japan, November 6, 2015. REUTERS/Toru Hanai/File Photo By Tom Hals - WILMINGTON, Del. WILMINGTON, Del. Lawyers for people injured by exploding Takata Corp ( 7312.T ) air bags told a U.S. bankruptcy court judge on Tuesday that the company''s restructuring plan is being skewed to benefit automakers over victims. TK Holdings Inc, the U.S. business of Takata, filed for Chapter 11 bankruptcy on Sunday due to tens of billions of dollars of liabilities from recalls and lawsuits over its air bags, along with 11 Mexican and U.S. subsidiaries. Most of Takata''s obligations are owed to automakers for recalling and replacing millions of its air bags, and the Japanese supplier''s restructuring plan relies heavily on financial support from its customers. Several personal injury lawyers told U.S. Bankruptcy Judge Brendan Shannon that Takata had made too many concessions to automakers, without investigating the value of their claims. Lawyers for TK Holdings and General Motors Co ( GM.N ) argued the need for financing outweighed the need to investigate the protections granted to the automakers, which could be investigated later. "I will figure that out in due course, but I’m not doing that today," Shannon said. Authorities have linked 16 deaths, mostly in the United States, and more than 180 injuries to explosions of Takata air bag inflators made with ammonium nitrate that became volatile with age and prolonged exposure to heat. Around 100 personal injury and wrongful death cases have been filed in the United States and the company has set aside $125 million for individual claims related to its air bags. Kevin Dean of the Motley Rice law firm urged Shannon to ensure current and future personal injury plaintiffs get an official committee, which includes a budget for lawyers and advisers. "You’ll see 10 years from now these inflators involved in a volume of injuries over time," said Dean. "We’re dealing with horribly injured plaintiffs." Shannon acknowledged the role of the plaintiffs and said a committee could be appointed. The U.S. case, and parallel foreign proceedings, opens the door to the acquisition of Takata''s viable operations by Key Safety Systems (KSS), a Michigan-based parts supplier owned by China''s Ningbo Joyson Electronic Corp ( 600699.SS ). Ningbo Joyson acquired KSS in 2016 in a $920 million deal. The remaining operations will be reorganized to churn out millions of replacement inflators for cars that are subject to recalls. Takata in February pleaded guilty in a U.S. federal court to a felony charge as part of a $1 billion settlement that included compensation funds for automakers and victims of its faulty inflators. (Reporting by Tom Hals in Wilmington, writing by David Shepardson in Washington) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-takata-bankruptcy-usa-idUSKBN19I2US'|'2017-06-28T05:10:00.000+03:00'
'594dacae7e7aa69a9636e6fd14bb2164ca0b0a89'|'Tourist trap: China''s surpluses may be bigger than thought'|' 20pm BST Tourist trap: China''s surpluses may be bigger than thought FILE PHOTO: A tourist from China takes pictures of Japanese traditional masks at a souvenir shop in Asakusa district in Tokyo July 17, 2014. REUTERS/Yuya Shino/File Photo By Jeremy Gaunt - LONDON LONDON Tales of Chinese tourist largesse providing a big boost to destination economies are legend. They may also be incorrect, with China''s current account surpluses understated as a result. Anna Wong, a senior economist with the U.S. Federal Reserve, reckons the money spent overseas by Chinese tourists -- some $215 billion last year, according to one industry estimate -- is not all it is cracked up to be. In a draft paper for the Fed''s governors, Wong says a large amount of the money designated as having come from Chinese tourists globally should actually count as investment in assets. "Financial outflows concealed as travel imports are large and significant, growing to around 1 percent of China’s GDP in 2015 and 2016, and account for a quarter of recorded net private financial outflows," she wrote. This would mean that China''s current account surpluses over the past few years are actually larger than reported, and possibly as big as before the financial crisis. China''s capital controls make it difficult for wealthier Chinese to invest abroad. But the implication of Wong''s findings is that there are a plethora of ways for the country''s "tourists" to buy property and other assets overseas. Factors suggesting this is happening come down to the amount of money being reported as tourist-related versus the actual macroeconomic conditions surrounding it. One example is that China''s travel expenditure as a share of GDP was reported to be higher than Britain''s in 2014, even though the latter''s per capita GDP is seven times China''s. Similarly, in the same year, spending by Chinese tourists abroad was reported to have increased four times faster than the actual number of tourists. The way that money designated as tourist inflows ends up as asset buying is mainly anecdotal. Wong cites "purchases of insurance saving and annuity products, real estate properties, and cashback through a cover-up jewelery transaction", as examples. NOT WHOLE STORY None of this is to say that Chinese tourism is not a huge boon to some countries, or that the phenomenon of a new wave of tourists is not real. But it does have some impact on both tourist economies and China''s finances. For the former, it means tourist expenditure may not be adding to jobs, revenues and manufacturing in the way that has been assumed. Instead, a lot of the money designated as Chinese tourist inflow may simply be pumping up asset prices -- in real estate, for example -- that do not necessarily benefit the economies, or the locals, of the destination countries. For China, it suggests that official current account surplus data may have been distorted, that far more money is escaping capital controls than believed, and that China''s services deficit has been inflated. Alex Wolf, senior emerging markets economist at British fund firm Standard Life Investments, says the main implication of Wong''s report is that the current account surplus is larger than implied by official statistics -- a hot potato politically. "Transactions that appear as travel imports actually should have been on the capital or financial account," he said. "If then the services deficit is smaller than implied, the overall net surplus would then be larger. "China’s current account surplus is likely as large (as a percentage of GDP) as it was before the global financial crisis." Wolf noted that the U.S. Treasury has recently cited progress in China reducing its external balance. If Wong''s analysis is correct, the Treasury''s assessment may not be. (Editing by Hugh Lawson)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-global-economy-china-tourists-idUKKBN19J1J1'|'2017-06-28T15:09:00.000+03:00'
'b1f7a03ff48aa4e81da5687c40856e3287bfe33a'|'Hedge fund Paulson & Co discloses 6.3 percent stake in Valeant'|'New York-based hedge fund Paulson & Co on Monday reported a 6.3 percent stake in embattled Canadian drugmaker Valeant Pharmaceuticals International Inc ( VRX.TO ) ( VRX.N ).The disclosure comes a week after billionaire investor John Paulson, whose hedge fund firm is the biggest owner of Valeant, joined the company''s board as it restructures to repay debt.The hedge fund had a 5.7 percent stake in Valeant as of March 31. ( bit.ly/2rUDJGQ )Paulson & Co has suffered heavy losses as Valeant''s stock price plummeted some 96 percent since mid-2015 after the drugmaker became embroiled in an accounting scandal and was investigated for hefty price hikes.In March, ValueAct Capital also raised its stake in Valeant, making it the second-biggest stakeholder in the company, days after Valeant''s largest shareholder Pershing Square Capital Management sold out of the stock.(Reporting by Divya Grover in Bengaluru; Edited by Martina D''Couto)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-valeant-pharm-in-stake-paulson-idINKBN19H2IK'|'2017-06-26T19:27:00.000+03:00'
'f060765a4470a5f5fce19bd094810bf80459e44b'|'GM says settles many lawsuits over ignition switches'|'Autos - Fri Jun 23, 2017 - 8:04pm BST GM settles hundreds of ignition switch lawsuits The GM logo is seen at the General Motors Lansing Grand River Assembly Plant in Lansing, Michigan October 26, 2015. Photo taken October 26. REUTERS/Rebecca Cook By Jonathan Stempel - NEW YORK NEW YORK General Motors Co ( GM.N ) has agreed to settle federal lawsuits by as many as 203 plaintiffs over defective ignition switches in its vehicles, a Friday court filing shows. Settlement terms are confidential, but the accord could also resolve hundreds of state court claims, as well, lawyers for the automaker said in the filing in Manhattan federal court. Lawyers for the settling plaintiffs could not immediately be reached for comment. A GM spokesman did not immediately respond to a request for comment. GM has been defending against hundreds of lawsuits over faulty ignition switches that could cause engines to stall and prevent airbags from deploying in crashes. The defect has been linked to 124 deaths and 275 injuries, and prompted a recall that began in February 2014. GM has paid about $2.5 billion in penalties and settlements related to the defect. In April, the U.S. Supreme Court let stand a lower court ruling that blocked GM''s effort to scuttle many private lawsuits. The Detroit-based automaker had argued that its 2009 bankruptcy reorganization excused it from addressing earlier defects. GM''s lawyers said they are working with the plaintiffs'' lawyers to complete documentation within the next month for the settlement, whose terms "will take some time" to implement. The case is In re: General Motors LLC Ignition Switch Litigation, U.S. District Court, Southern District of New York, No. 14-md-02543. (Reporting by Jonathan Stempel in New York; Editing by Jeffrey Benkoe and Nick Zieminski)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-gm-recall-settlement-idUKKBN19E26V'|'2017-06-24T02:40:00.000+03:00'
'09929c44713ac074c7d27e71ea1ee61db6c310d1'|'U.S. drillers add oil rigs for record 23rd week in a row -Baker Hughes'|'Commodities  16pm EDT U.S. drillers add oil rigs for record 23rd week in a row: Baker Hughes U.S. energy firms added oil rigs for a record 23rd week in a row, extending a year-long drilling recovery as producers boost spending on expectations crude prices will rise in future months despite this week''s decline to a 10-month low. Drillers added 11 oil rigs in the week to June 23, bringing the total count up to 758, the most since April 2015, energy services firm Baker Hughes Inc said in its closely followed report on Friday. That is more than double the same week a year ago when there were only 330 active oil rigs. Drillers have added rigs in 52 of the past 56 weeks since the start of June 2016. U.S. crude futures were trading around $43 per barrel on a lift from a falling dollar but remained down for a fifth week in a row and close to a 10-month low as OPEC-led production cuts have failed to reduce a global crude glut. [O/R] After agreeing in December to cut production by around 1.8 million barrels per day (bpd) from January-June, OPEC and other producers in late May agreed to extend those cuts for another nine months through the end of March 2018. Analysts said those OPEC-led cuts were being frustrated by rising output from U.S. shale drillers and other producers hoping to capture higher oil prices in future months. Futures for the balance of 2017 were trading just over $43 a barrel, while calendar 2018 was fetching about $45 a barrel. Analysts said crude prices are likely to remain under pressure until there are signs the number of rigs drilling for oil in the United States is stabilizing or declining. U.S. producers are expected to increase output to 9.3 million bpd in 2017 and a record 10.0 million bpd in 2018 from 8.9 million bpd in 2016, according to federal projections. [EIA/M] The break even price for drilling new wells in the United States varies considerably among shale formations and even between different parts of the same play, but most analysts say producers need U.S. crude prices of $45-$50. However, consultancy Rystad Energy, which specializes in exploration and production, said wellhead break-evens average around $38 per barrel for the Bakken shale wells completed in 2016-2017. (Reporting by Scott DiSavino; Editing by Marguerita Choy)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-rigs-baker-hughes-idUSKBN19E20H'|'2017-06-24T01:06:00.000+03:00'
'1cf44eaf6763fc99b9543eee49c28ee648e8a4b0'|'Tesco to raise store staff wages by 10.5 percent over two years'|'Top News - Fri Jun 23, 2017 - 7:18pm BST Tesco to raise store staff wages by 10.5 percent over two years A company logo is pictured outside a Tesco supermarket in Altrincham northern England, April 16, 2016. REUTERS/Phil Noble/File Photo LONDON Tesco, Britain''s biggest private sector employer, is to raise pay for hourly paid store staff by an inflation-beating 10.5 percent over the next two years, it said on Friday. "This reward package sees our biggest investment in store pay for a decade," said Matt Davies, Tesco''s UK CEO. Tesco''s move comes as the Bank of England is closely watching a pick-up in inflation for signs it might fuel higher pay settlements. However, official data earlier this month showed British workers'' earnings after inflation shrinking at the fastest pace since 2014. The supermarket chain, which employs 310,000 in the UK, said the current hourly rate of 7.62 pounds ($9.70) an hour will increase to 8.42 pounds an hour by November 2018. It said that alongside a staff benefits package which includes a bonus plan and pension, the average store worker will be on an equivalent hourly rate of 9.52 pounds by November next year. The government mandated National Living Wage for workers aged 25 and over currently stands at 7.50 pounds an hour. News of the Tesco pay increase comes two days after it said it would close a customer service centre in Cardiff with the loss of up to 1,100 jobs. (Reporting by James Davey, editing by David Evans)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-tesco-pay-idUKKBN19E23L'|'2017-06-24T01:55:00.000+03:00'
'738dd340d1fdb99800a191b56893155be1e5df9c'|'BlackBerry misses first-quarter forecasts, shares slide as services sales fall'|'By Narottam Medhora and Jim Finkle - WATERLOO, Ontario WATERLOO, Ontario BlackBerry Ltd ( BB.TO ) ( BBRY.O ) posted quarterly revenue that missed analysts'' forecasts due to an unexpected sales decline, pushing shares down as much as 13 percent, which would be their biggest one-day drop in more than two years.The company reported that software and professional sales fell 4.7 percent to $101 million during the first quarter.Investors pay close attention to that category because growth of high-margin software sales is at the heart of Chief Executive Officer John Chen''s turnaround strategy for the company. Its stock had gained about 60 percent over the past quarter on expectations that sales of new software products are starting to take off."This is a big disappointment for the stock and likely to cast a pall on the sustainability of the turnaround," said Tim Ghriskey, chief investment officer with Solaris Asset Management who helps manage $1.5 billion.The Waterloo, Ontario-based company is focused on expanding sales to automakers and other manufacturers, and expanding in cyber security market, after ceding the smartphone market to rivals including Apple Inc ( AAPL.O ), Alphabet Inc''s ( GOOGL.O ) Google and Samsung Electronics Co Ltd ( 005930.KS ).''ORGANIC'' GROWTHChen said at a news conference that the company had "organic growth" in software sales of 12 percent, after adjusting for deferred-revenue from an acquisition in the year-earlier quarter.He added that the company would have to "play catch up" to meet its goal of boosting software and services revenue by 10 percent to 15 percent this year: "We intend to do that.”Chen also said the first-quarter drop was due to a decline in professional services, which went from $27 million in the fourth quarter to "almost nothing" in the first quarter."A lot of the newer markets BlackBerry is trying to position around are longer-term markets ... Managing short-term, quarter-on-quarter performance in light of that trajectory is going to be a challenge," said Nick McQuire, vice president for enterprise research at CCS Insight.BlackBerry''s U.S.- and Toronto-listed shares were down about 10 percent after falling as much as 13 percent, their biggest respective one-day falls since January 2015.The company reported revenue on adjusted basis of $244 million for the quarter ended May 31, missing analysts'' estimates of $264.5 million, according to Thomson Reuters I/B/E/S.It reported a quarterly profit of $671 million, or $1.23 per share, compared with a loss of $670 million, or $1.28 per share, a year earlier. ( blck.by/2sJnsFS )The results included a previously disclosed $940 million arbitration payment from U.S. chipmaker Qualcomm Inc ( QCOM.O ).Excluding items, the company earned 2 cents per share. Analysts on average had expected the company to break even.The company also said it would buy back 31 million shares.(Reporting by Jim Finkle in Waterloo, Ontario; and Narottam Medhora in Bengaluru; editing by G Crosse and Lisa Shumaker)'|'reuters.com'|'http://in.reuters.com/finance/markets/companyOutlooksNews'|'http://in.reuters.com/article/us-blackberry-results-idINKBN19E189'|'2017-06-23T14:10:00.000+03:00'
'67443d8373161e5ebc113c6dad27a3fe00d465e3'|'Speculators boost net long U.S. dollars; euro longs fall -CFTC, Reuters'|'Big Story 10   3:56pm EDT Speculators boost net long U.S. dollars; euro longs fall: CFTC, Reuters A U.S. Dollar note is seen in this June 22, 2017 illustration photo. REUTERS/Thomas White/Illustration NEW YORK Speculators boosted net long positions on the U.S. dollar, after slashing them the previous week to their lowest level since last August, according to calculations by Reuters and Commodity Futures Trading Commission data released on Friday. The value of the dollar''s net long position rose to $7.82 billion in the week ended June 20, from $6.48 billion the previous week. Euro net longs, meanwhile, fell to a one-month low after hitting a more than six-year high the previous week, CFTC data showed. (Reporting by Gertrude Chavez-Dreyfuss; Editing by Lisa Shumaker)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-cftc-forex-idUSKBN19E2D2'|'2017-06-24T03:51:00.000+03:00'
'c6fe9e124ee7ea172c2fd45f1f84544301bed031'|'Global reinsurers ask EU for mutual market access with Britain post-Brexit'|'Business News - Fri Jun 23, 2017 - 7:17pm BST Global reinsurers ask EU for mutual market access with Britain post-Brexit FILE PHOTO: An EU flag flies above Parliament Square during a Unite for Europe march, in London, Britain March 25, 2017. REUTERS/Peter Nicholls/File Photo By Carolyn Cohn and Anjuli Davies - LONDON LONDON Global reinsurers have written to the European Commission to ask it to ensure mutual access between British and European Union reinsurance markets after Britain leaves the bloc due to worries about market disruption, according to extracts from the letter seen by Reuters. Britain and the EU started talks this week on the terms of their divorce in March 2019. Brexit risks an end to so-called passporting rights, through which financial institutions are able to sell their services across the EU without locally regulated operations. Reinsurers such as Munich Re ( MUVGn.DE ) and Scor ( SCOR.PA ), who help insurers pay for big claims like hurricanes in exchange for part of the premium, technically do not need passporting rights to operate cross-border in the large marine, aviation and transport sectors. But without regulatory regimes in Britain and the EU that are formally recognized as equivalent to one another, reinsurers based in Britain may have difficulty doing business in some EU markets due to differing national regulations, industry sources say. Reinsurers outside Britain could also find it harder to get involved in deals led by the Lloyd''s of London [LOL.UL] market. "The UK''s withdrawal from the EU raises difficult questions about the future trading relationship between the two jurisdictions," the Zurich-based Global Reinsurance Forum, which represents some of the world''s largest reinsurers, said in the letter sent in April. "If passporting arrangements for EU reinsurers into the UK and vice versa are not maintained, then national regulations will inevitably make cross-border reinsurance between the two jurisdictions more difficult and expensive." The letter called for existing arrangements to continue under a future UK/EU trade deal. The reinsurers rejected suggestions by some industry participants that Britain should make major changes to EU Solvency II capital rules after Brexit, due to stringent capital costs and red tape. "We strongly support the position that the UK should continue to operate an insurance regulatory regime which is consistent with Solvency II," they said. The Global Reinsurance Forum is chaired by Inga Beale, chief executive of Lloyd''s. Other members of the group of 13 reinsurers include Munich Re, Scor and Swiss Re ( SRENH.S ), as well as reinsurers based outside Europe. Its main aim is "to promote a stable, innovative, and competitive worldwide reinsurance market," according to its website. (Writing by Carolyn Cohn, additional reporting by Andrew MacAskill in London, Maya Nikolaeva in Paris and Tom Sims in Frankfurt, editing by David Evans)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-britain-eu-reinsurance-idUKKBN19E22B'|'2017-06-24T01:27:00.000+03:00'
'ceba5144227ac77ca50bb354a999068c2e0dd80e'|'Exclusive - London Metal Exchange to cut fees, see if volumes can be lured back: sources'|'  12:39pm BST Exclusive - London Metal Exchange to cut fees, see if volumes can be lured back: sources left right Men walk past the London Metal Exchange (LME) in London, July 22, 2011. REUTERS/Paul Hackett/File Photo 1/2 left right Traders and clerks react on the floor of the London Metal Exchange in the City of London February 14, 2012. REUTERS/Luke MacGregor/File Photo 2/2 By Pratima Desai - LONDON LONDON The London Metal Exchange is expected to cut trading fees within months after two years of complaints but might only do so for a trial period of up to six months to see if volumes that moved to over-the-counter markets return to the exchange, sources said. A 31 percent average fee hike in January 2015 is cited by metal industry sources as a major reason behind tumbling LME volumes. Three metal industry sources said cutting the fees would be the result of a discussion paper on market structure launched by the exchange in April. Responses are due by the end of June. The LME said it would be inappropriate to second guess the outcomes of the discussion paper when asked about any move to cut fees, but said that it would take "the necessary steps to protect and grow the market". Fee cuts will be targeted at carry trades -- buying and selling for random dates that don''t match contract dates -- where volumes have been hit the worst. "We''ve been told there''s a 180-degree turn coming on carry fees. It''s classic textbook, you have a new chief executive who kitchen sinks the numbers and blames his predecessor," a senior broking source told Reuters. "They could do a complete U-turn, but it''s unlikely. Flagging it as temporary would mean they don''t need to do the ''revenue-neutral'' thing," the source said. Matt Chamberlain took over as CEO in April from Garry Jones who, sources say, raised fees at a time when economic slowdown in China, the world''s largest consumer of industrial metals, was starting to hurt brokers'' and the LME''s volumes and revenues. Chamberlain recently told Reuters any fee cuts could be "revenue-neutral" in that they could be offset by rises elsewhere so the LME''s income remained intact. "OTC is cheaper, I can''t see that business going back, but (fee cuts) might stop more going off-exchange," one head of a metals brokerage said. "The board will need to ok it." One source at a resources focused fund said Charles Li, chief executive of parent company Hong Kong Exchanges & Clearing ( 0388.HK ), might resist any moves to lower fees as the LME makes a significant contribution to its revenues. "Limiting it to three or six months might make it easier for Charles Li to accept," the fund source said. Carry trades overall cost 90 U.S. cents per leg, per lot, per side. Within that category are short-dates -- deals between tomorrow and 15 days -- where fees were cut last year to 50 cents per leg, per lot, per side. But volumes are still sliding. Overall volumes in the five months to the end of May fell more than 5 percent from the same period last year. The annual drop last year was 7.7 percent. The damage to carry volumes can be seen in aluminium, where falling stocks due to reforms aimed at cutting queues to get metal out of LME approved warehouses exacerbated the problem. Volumes for aluminium tom/next trades -- used to roll positions forward on a daily basis -- have crashed 40 percent since the final quarter of 2014 to just below 250,000 lots or 6.25 million tonnes in the first quarter of this year. "They will cut fees for all carries. If volumes improve, they won''t need to raise fees elsewhere because income will improve too," a source at a commodity trader said. "There''s not much detail about the new exchange, but it could be a prod." A new company, NFEx Markets, plans to launch a base metals trading platform in the first quarter of next year. Its contracts will mimic LME contracts.   Peter Hobson; Editing by Veronica Brown and Edmund Blair)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-lme-fees-exclusive-idUKKBN19D1CD'|'2017-06-22T19:39:00.000+03:00'
'674c48ef7032f767f8c5d0e5bb800f3392391e64'|'Fidelity’s lessons for the asset-management business'|'SCHUMPETER got a surprise on a recent visit to Boston to meet people at Fidelity, a family-controlled firm that is the world’s fourth-largest asset manager and its industry’s best-known brand. The company is not dying, or even in decline; the opposite, in fact. That is a shock because the conventional money-management business is thought to face annihilation from technological advance, along with other anachronisms such as shops, taxis, travel agents, car firms, watches, hotels and broadcast television.The big trends must be obvious to Fidelity’s stockpickers. They are being threatened by computer programs that run money in ways widely described as “passive”. There are funds that track indices inexpensively and others, known as “smart beta” or “factor” investments, that replicate elements of what humans do at a fraction of the cost. Customers have removed about $2.5trn from active funds since 2000 and placed a similar amount into passive ones. About two-fifths of the global industry’s equity assets are managed passively, up from close to zero in 2000, according to Inigo Fraser-Jenkins of Sanford C. Bernstein, a research firm. This has been a huge jolt for the asset-management industry, because fees on passive funds are up to 80% lower. The industry’s most valuable company is BlackRock, a titan in exchange-traded funds (ETFs)—vehicles used mainly for passive investment—whose intellectual capital consists chiefly of software. Conventional managers are merging in order to lower costs. Three combinations have occurred in the past six months: Amundi and Pioneer (French and Italian, respectively); Aberdeen and Standard Life (both British); and Janus and Henderson (American and British). The deals have prompted unkind jokes about pairs of drunks propping each other up.Yet a glance at Fidelity’s figures over the past decade tells a more complex story. The firm’s assets under management have risen by 52%, revenues by 42% and operating profits by 62%. Last year operating profits reached a record high, of $3.5bn; they grew faster than BlackRock’s in the same period. Fidelity has done slightly better than its peer group. For the 20 biggest listed asset managers that have their roots in active funds, operating profits rose by 54% over the past decade.Fidelity may be synonymous with active management, but it has adapted quickly to change. It was founded in 1946 by Edward C. Johnson and is under a third generation of family control. Abigail Johnson, the founder’s granddaughter, has run it since 2014. Mr Johnson believed that following human intuition is the best way to navigate markets. The firm’s Magellan mutual fund was once the world’s largest; it was run in 1963-71 by Ms Johnson’s father, Ned, and then in 1977-90 by Peter Lynch, a stockpicker who said that his main tools were “yellow legal pads, two-and-a-half-inch pencils, and the clunky Sharp Compet calculator”.But that approach is now little more than a company legend. Fidelity has shifted from selling the magic of its star managers to being a merchant helping people and firms interact with the capital markets. Fidelity sells other firms’ funds, both the passive and active kind; these now make up 63% of the client funds that it administers. It has introduced its own ETFs and also sells its products directly to individuals and to firms, as well as indirectly through brokers.Attracting many more customers has helped to counteract lower margins. Fidelity has a quarter of the market for corporate 401(k) plans, a popular kind of employer-sponsored pension. It deals with a fifth of all investors in America in some way. Paradoxically, even as individual investors desire cheap passive funds, a growing number of them want their affairs to be consolidated and supervised by advisers in “managed accounts”. A rough outline of how the industry is likely to look in future is emerging. There will be a group of mega-managers offering a range of products—active and passive, stand-alone and in bundles—at massive scale and low cost. Even BlackRock, the emperor of passive investing, is getting into the business of active funds.The passive attack will nevertheless continue. Only about 15-20% of American shares are owned by passive funds, and the proportion is lower still for bonds. That portends a further price squeeze. For every $100 that Fidelity administers for clients, its sales (the sum total of the various kinds of fees it charges clients) have dropped from 39 cents to 28 cents since 2006. Tight control of costs has offset some of that fall, so that operating profits have fallen only slightly, from eight to six cents. Ms Johnson, who is shy but thoughtful, is a realist who expects the industry’s margins to drop further still. If the top 20 asset managers’ margins fell to BlackRock’s level, their profits would drop by around half.Technology poses other threats. If the gig economy takes off, fewer people will save through employers using 401(k) plans. “Robo-advisers” could reduce financial advice to a mere commodity. And as digital products become pervasive, global scale could become an advantage. This is a conundrum for Fidelity, which spun off its international arm in 1980 (the family still owns a big stake in it). Ms Johnson may have to reunite the two firms.Asset managers are dead, long live asset managers!Assuming these hurdles are surmounted, a world beckons in which the mega-managers compete with other platform companies to run consumers’ financial affairs. Some may be banks: JPMorgan Chase, for example, boasts of being able to offer car loans in addition to Indian equity funds. Alphabet, Google, Facebook and Apple have been slow off the mark, but may enter the financial business. Amid technological change it is easy to assume that incumbent firms in most industries will be swept away. But Fidelity illustrates an important point: such groups can be more resilient than you might expect. History, culture and brand, combined with openness to technology and the will to adapt, are a powerful mix. "Alive and kicking"'|'economist.com'|'http://www.economist.com/rss/business_rss.xml'|'http://www.economist.com/news/business/21723843-rise-passive-investing-need-not-sweep-away-incumbents-fidelitys-lessons?fsrc=rss%7Cbus'|'2017-06-22T21:43:00.000+03:00'
'59a9b1b5b44a68ba96dad6d6b749af68786264f8'|'U.S. judge stops EnergySolutions'' purchase of rival'|'WASHINGTON A federal judge on Wednesday blocked EnergySolutions from buying rival Waste Control Specialists, a unit of Valhi Inc ( VHI.N ) the Justice Department said.The government had sued in November to stop the deal valued at $367 million as the Justice Department had argued that the two companies are each other''s most significant competitor in 36 states and the District of Columbia. The waste is generated by hospitals, nuclear power generators and others.A spokesman for EnergySolutions said he did not know whether the company would appeal. "We believe this acquisition was in the best interest of the long-term waste disposal needs for the nuclear industry, so we are disappointed with today’s decision," said David Lockwood, president and CEO of EnergySolutions.+(Reporting by Diane Bartz, editing by G Crosse)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-waste-control-specialists-m-a-energys-idINKBN19C2T9'|'2017-06-21T18:10:00.000+03:00'
'f689051d6c03981d03d35cf2136fcf57cb515b68'|'Sharp CEO: Foxconn to continue to pursue Toshiba chip unit acquisition'|'TAIPEI Taiwan''s Foxconn will continue to pursue an acquisition of Toshiba Corp''s chip business, a day after the troubled conglomerate chose a rival suitor as the preferred bidder, the head of Foxconn''s Japanese unit said."We will continue our efforts," Sharp Corp CEO Tai Jeng-wu told reporters on the sidelines of Foxconn''s annual shareholders meeting."We will use our track record, our efforts at Sharp, Foxconn''s global reach - we are a global company, not a Taiwan company," Tai said.Foxconn is formally known as Hon Hai Precision Industry Co.(Reporting by J.R. Wu; Editing by Edwina Gibbs)FILE PHOTO: The logo of Foxconn, the trading name of Hon Hai Precision Industry, is seen on top of the company''s headquarters in New Taipei City, Taiwan March 29, 2016. REUTERS/Tyrone Siu/File Photo'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-toshiba-accounting-foxconn-idUSKBN19D093'|'2017-06-22T11:43:00.000+03:00'
'867ad7a3b5b064c846f9231cd35e86fd95fd6881'|'Nikkei ends lower as stronger yen takes a toll, Takata shares plummet'|'Market  27am EDT Nikkei ends lower as stronger yen takes a toll, Takata shares plummet * Japanese shares shed early gains as yen rises * Takata shares trade, down more than 50 pct TOKYO, June 22 Japan''s Nikkei share average erased early modest gains on Thursday and edged down, as a stronger yen took its toll on market sentiment. The Nikkei ended 0.1 percent lower at 20,110.51, extending Wednesday''s 0.5 percent decline and moving further away from Tuesday''s session high of 20,318.11 - its loftiest level since August 2015. The dollar skidded 0.4 percent against the yen to 111.04 . "The Nikkei is heavy, as some investors continue to take profits on its recent rise and the yen strengthens," said Norihiro Fujito, a senior investment strategist at Mitsubishi UFJ Morgan Stanley Securities. "Some individual shares are rising on specific news, but overall, there are no big buying incentive factors," he said. On Wall Street overnight, U.S. shares put in a mixed performance, with only the Nasdaq Composite marking a gain. Satori Electric Co shares rose 2.7 percent after earlier touching their highest since November 2015. The company on Wednesday said it expected to post a net profit of 220 million yen ($1.98 million) for its fiscal year through May 31, compared with its previous estimate of no profit. Shares in Takata Corp changed hands for the first time since sources said last week that the struggling airbag maker was preparing to file for bankruptcy, falling 54.9 percent. The stock had closed down by its daily limit each day this week after being untraded during the day - a forced close in accordance with Tokyo Stock Exchange rules. It has lost more than 75 percent of its value since Friday. Takata will seek bankruptcy protection from creditors on Monday, two sources said. "Obviously, with Takata, someone is now seeing some kind of trading value there," said Gavin Parry, managing director at Parry International Trading Ltd. "But ultimately, there needs to be more clarity in quantifying the ultimate liability of this company, because who knows what kind of litigation or claims it will face down the line." Shares of Toshiba Corp trimmed losses but still ended down 0.3 percent, as the company aims to seal a deal worth some $18 billion by next week for the sale of its chip business needed to cover massive losses. Toshiba has chosen a consortium of Bain Capital and Japanese government investors as the preferred bidder. The mining sector fell 1.4 percent, while the oil and coal sector slipped 0.5 percent. Oil prices resumed their slid in Asian trade. The broader Topix was 0.1 percent lower on the day at 1,610.38 while the JPX-Nikkei Index 400 was down 0.1 percent at 14,318.08. (Reporting by Tokyo Markets Team; Editing by Jacqueline Wong)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/japan-stocks-close-idUSL3N1JJ29J'|'2017-06-22T14:27:00.000+03:00'
'd2d6a534e36876c4a732b7ceed39c8ebc9452790'|'Oil bear market separates strong, weak U.S. shale producers'|'HOUSTON Crude oil''s bear market is highlighting the haves and have nots among U.S. shale producers, with the stronger promising to keep pumping even as prospects dim for some of their financially strapped peers.Crude prices have dropped more than 20 percent since late February, in part because of rising U.S. shale production that is offsetting OPEC''s efforts to tame global stockpiles. On Wednesday, prices fell more than 2 percent to $42.58 after touching a 10-month low during the day.The price tumble has dragged down shares of oil and natural gas producers and raised the specter of trims to drilling budgets set when oil was trading around $50 a barrel. Oil producers'' average capital spending was previously projected to rise by 50 percent this year over depressed levels of 2016.Analysts say prices that stick between $40 and $45 a barrel could trigger some companies to quietly scale back planned drilling activities. But industry-wide, major changes to capital spending budgets likely will not be announced until later this summer as quarterly results are released."Companies will try to push that back as long as possible," said Dan Katzenberg, an oil industry analyst at Baird.A Wall Street sell-off of energy stocks largely has spared those shale producers with strong balance sheets, hedged production and significant operations in the Permian basin. Investors are treating them as likely not only to survive but thrive at below $45 a barrel.The Permian Basin of West Texas and New Mexico, America''s largest oilfield, can produce profitably even if oil prices drop below $40 per barrel."Investors are starting to make that separation between companies that were already outspending cash flow and those that weren''t," said Baird''s Katzenberg.Permian producer Parsley Energy Inc, which has hedged most of its production through 2019, bullishly raised its production forecast last month."I don''t see Parsley dialing back," said Chief Executive Bryan Sheffield.Shares of Parsley, which operates in the Permian, fell 1.6 percent on Wednesday.By contrast, Whiting Petroleum Corp, heavily in debt from a 2014 buyout deal that made it the largest oil producer in North Dakota''s Bakken region, saw its stock price drop 9.2 percent on Wednesday.Whiting, which nearly doubled its 2017 capital budget in February, did not respond to a request for comment.Some oil producers see the crude price drop as an opportunity to buy acreage cheaply from distressed peers."I''m kind of licking my chops right now," said Avi Mirman, CEO of Lilis Energy, which bought Permian acreage at a discount when oil prices last plunged two years ago."I would not complain if oil prices got down into the $30s" per barrel range, he said. Shares of Lilis fell 1.8 percent on Wednesday. The stock is up 13 percent in the last three months.Wall Street''s optimism on the financially strong may be based on future trading projections for oil prices, which show a slight increase through the end of the decade.<0#CLCAL:>"That picture is very important for psychological reasons," said Scott Sheffield, executive chairman of Permian producer Pioneer Natural Resources Co, one of the leading U.S. shale producers.WPX Energy, also a Permian producer, said it has no plans to dial back its drilling."We''ve already contemplated this scenario (of falling oil prices) and planned for it to protect our drilling plans and our production targets this year and next," said WPX spokesman Kelly Swan.(This version of the story was refiled to remove extraneous words in paragraph eight)(Reporting by Ernest Scheyder; Editing by Gary McWilliams and Cynthia Osterman)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-usa-oil-shale-idUSKBN19C34Y'|'2017-06-22T07:40:00.000+03:00'
'803336ab2ff3615902f65c237af59b7e16f5d780'|'India farm protests push for rise in edible oils import tax'|'By Rajendra Jadhav - MUMBAI MUMBAI India''s government is facing mounting pressure to raise import duties on edible oils after farmers staged mass protests in key farm states amid a slump in oilseed prices to below government support levels.Local oilseed crushers are struggling to compete with cheaper edible oil imports from Indonesia, Malaysia, Brazil and Argentina, reducing demand for local rapeseed and soybeans, even after prices tumbled by a third over the past 14 months due to bumper global production.Politically powerful farm groups want the government to raise import duties, boosting margins for local oilseed crushers like Ruchi Soya and encouraging cultivation for the 2017/18 season."It''s high time to do it. The sowing has started and prices are below the support level," said Davish Jain, chairman of the Soybean Processors Association of India (SOPA). "Some farmers have already decided to switch to other crops."India, the world''s biggest palm and soybean oil importer, now relies on imports for 70 percent of its edible oils, up from 44 percent in 2001/02.Prime Minister Narendra Modi, who had promised to double farmers'' incomes over five years, remains a popular leader three years into his term. But unrest has flared in states ruled by his Bharatiya Janata Party (BJP), catching regional leaders flat-footed.In Madhya Pradesh, the top soybean producing state, five farmers were shot dead during protests earlier this month.Farmers are demanding better prices for their produce and billions of dollars in debt relief after BJP governments in Uttar Pradesh and Maharashtra announced a more than $10 billion loan write-off for farmers.Industry body, the Solvent Extractors Association of India (SEA), has petitioned the government to raise the duty on crude vegetable oils to 20 percent and on refined products to 35 percent, from 7.5 percent and 12.5 percent currently.Trade officials say lower food price inflation in India will make it easier for the government to raise import duties, protecting farmers without hurting consumers."Raising the import duty can help put a damper on imports as well as encourage domestic crushing and refining," said Dinesh Shahra, managing director of Ruchi Soya.Finance ministry spokesman D.S. Malik declined to comment.While the government fixes minimum prices for more than two dozen farm commodities, it mainly buys wheat and rice. In the absence of support, local prices move in tandem with overseas prices.Many farmers were forced to sell soybeans at 2,550 rupees per 100 kg in the spot market, below the support price of 2,775 rupees, which has been raised to 3,050 rupees for the 2017/18 season.Meanwhile, India''s soybean stocks are likely to hit 1.83 million tonnes at the end of this year, up from 441,000 tonnes at the start of the marketing year on Oct. 1, SOPA estimates, as an appreciating rupee makes soymeal exports unattractive."The government should try to boost oilmeal exports by giving some kind of incentives for exports. It will help in reducing inventory," said Ali Muhammad Lakdawala, procurement in charge of Oils & Fats at diversified consumer company ITC Ltd..(Reporting by Rajendra Jadhav; Editing by Richard Pullin)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/india-edibleoils-duty-idINKBN19D0GS'|'2017-06-22T14:19:00.000+03:00'
'673b7bce2ec56695de4319086765e4899163495e'|'Nomura predicts Bank of England will raise rates in August'|'Business News   4:01pm BST Nomura predicts Bank of England will raise rates in August A man stands outside the Bank of England in the City of London, Britain April 19, 2017. Sterling basked in the glow of a six-month high following Tuesday''s surprise news of a snap UK election. REUTERS/Hannah McKay LONDON Japanese bank Nomura forecast on Thursday that the Bank of England will raise interest rates for the first time in a decade at its next rate meeting on Aug. 3, far earlier than most economists have previously predicted. Nomura economist George Buckley said BoE chief economist Andy Haldane''s call for a rate rise this year in a speech released on Wednesday, combined with a 5-3 vote split among BoE rate-setters last week, made an early rate move likely. "With the Bank growing increasingly intolerant of above-target inflation, it has begun to feel that weaker data would now be needed to prove the case for keeping policy on hold, rather than stronger data being required to justify higher rates," Buckley wrote in a note to clients. None of the more than 50 economists polled by Reuters at the start of this month expected the BoE to raise rates this year, and most - including Nomura - did not expect rates to rise in 2018 either. (Reporting by David Milliken; Editing by William Schomberg)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-boe-nomura-idUKKBN19D1XH'|'2017-06-22T23:01:00.000+03:00'
'001cabce44fb11abaa555f142575f9c5001ff8d7'|'BA ruined our break – but it still won’t pay out! - Money'|'A family of six who lost their holiday to Portugal after the British Airways meltdown are still out of pocket, because neither the airline nor their travel insurer will pay out for the villa they were forced to abandon.The family’s fight for compensation is an early indicator of the many more battles ahead for holidaymakers following the IT failure in which more than 700 flights were cancelled just as families were jetting off for the school break.Sam Warren had planned the trip to celebrate her husband James’s 40th birthday. The family, from Maidenhead, booked with BA, paying “over the odds” – about £750 each – because they didn’t want to compromise on quality, and took out travel insurance with the Post Office rather than a cheaper provider.BA was quick to refund the cost of the flights it cancelled and pay the compensation they were entitled to under EU law, but Sam says the airline and insurer have “washed their hands of us” when it comes to their accommodation. She adds that the whole affair has “shaken my faith in companies and brands upon whom I’d previously relied”.Some commentators have argued that BA should offer those caught up in last month’s IT meltdown free flights as a gesture of apology and goodwill. Not only did the Warrens not get any free flights but, in what some might see as a petty-minded move, when BA refunded their air fares Sam was stripped of the Avios points she had earned on the original purchase. She had taken out a British Airways American Express card before making the booking so she could collect Avios points to put towards future BA flights.Like millions of people, they booked with the resort directly and arranged their own flights, but now Sam wonders whether they left themselves “exposed” by not booking a standard package through a tour operator.The week-long May half-term trip to Sagres on the Algarve had been planned for almost a year. The couple, their children (aged five and two) and James’s parents were all going. Because it was a big birthday, they also decided to spend more than they normally would on accommodation – a villa with a pool by the beach costing €3,000 (£2,620).On 27 May when they arrived at Gatwick to catch their flight to Faro, it soon became apparent there was a major problem. They were told all flights were being cancelled and that they should leave and try to rebook.It later emerged that the IT failure forced the airline to cancel a total of 726 flights over three days, which left at least 75,000 passengers stranded.“It became apparent that we would receive a refund of the cost of our flights if we were unable to rebook, and we reasonably assumed we would be covered by our travel insurance for the cost of the accommodation,” says Sam. But she was told that the Post Office’s insurance claims team was not available over the weekend, and was also closed on the bank holiday Monday (29 May).In spite of having had our holiday ruined and none of it being our fault, we are the ones out of pocket“By Sunday we were able to access the BA website and it was clear that the earliest we would be able to fly to Portugal was the Wednesday. This was well over halfway into our planned holiday and was therefore not acceptable as our accommodation was only available until the Saturday. “Also, as my daughter was on half term we had no option to extend our holiday into the next week.”The family scrabbled around to see what else they could book, but there was little available. Keen not to disappoint everyone they settled on four nights at Butlins in Bognor Regis, West Sussex.Warren says it wasn’t until the Tuesday that they were able to speak to someone in the Post Office’s claims team. “We were read a ‘script’ about the British Airways problems, stating that we were not covered and we should claim from BA,” she says, adding that they were told the cover only extended to adverse weather, strike action or a mechanical fault.“However, the only relevant general exclusions are for acts of war or terrorism. A system shutdown appears to be neither covered nor excluded – but, given that it is out of our control and unforeseen, it is impossible to see how it does not sit alongside those things which are stated as being covered.”The family claim that the delay caused by the lack of anyone available to provide advice “caused us to suffer further losses” as they had had to make decisions, and they booked the Butlins trip “on the reasonable assumption that our policy would provide cover [for the accommodation]”.BA refunded the cost of the flights and paid the family the €400 (£350) compensation to each person which they are entitled to under EU law, but told the family it is not responsible for any “consequential losses” suffered as a result of the cancellations. “So, in spite of having had our holiday ruined and none of it being our fault, we are the ones out of pocket.”Once the EU compensation is taken into account, says Sam, “we are probably about £700 out of pocket on the accommodation”. The family’s single-trip travel insurance policy cost £52.In a statement BA said: “We understand how frustrating it was for our customers to have their holidays disrupted last month, so we are pleased that within four days we were able to refund the full cost of the Warren family’s flights and pay compensation they were due. Thousands of families have already received their payments, and we have brought in extra staff to help process applications as quickly as we can.”Meanwhile, a Post Office spokesperson said: “As advised by the Association of British Insurers, in the first instance customers should contact BA to make a claim for any irrecoverable costs and additional expenses under EU Passenger Rights legislation.“Cover under a travel insurance policy varies depending on level of cover purchased. While the information provided to our customer was correct, unfortunately this was not put formally in writing and our specialist teams here will be responding to the Warren family directly.”Who will meet a claimWhile the Post Office has rebuffed the Warren family’s claim, it appears that several other travel insurers would have covered the cost of their villa.Many policies do not cover “consequential losses” – ie, non-refundable hotels/villas, car hire etc, that you were unable to use because you couldn’t get there – but some do in certain situations. Aviva’s standard policy covers unused personal travel and accommodation costs where a customer abandons their trip as a result of their flight being delayed for more than 24 hours.Direct Line and its Churchill arm have indicated that their policies wouldn’t normally cover this, but they have extended their terms for BA passengers., while Axa says it has been considering claims from BA customers, adding: “Independent travellers who have missed hotel stays or other pre-paid activities should contact us about their claim as soon as possible.”Generally, insurers say people should be claiming from BA – but BA says it is something insurers should be covering.So what’s the best advice? In terms of insurance, complain to the Financial Ombudsman Service. As for whether BA should be coughing up, this should be taken up with the Centre for Effective Dispute Resolution (CEDR), which runs an independent dispute resolution service that handles passenger complaints about BA, easyJet, Thomas Cook and Thomson.It is free to use, and if your claim is successful you will receive 100% of the compensation directed. Only if your claim is thrown out will you be charged a nominal fee of £25. Barrister Richard Colbey wrote an article about the CEDR-run service for Guardian Money earlier this month.Topics Consumer rights Insurance British Airways Flights Travel & leisure Airline industry features'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/money/2017/jun/24/british-airways-it-failure-ruined-holiday-wont-pay-insurance-claim'|'2017-06-24T14:00:00.000+03:00'
'90ba44c7e152d7c735860e6e8546e13191b26352'|'Fridman''s L1 Retail to buy Holland & Barrett for $2.3 billion'|'Deals   12:13pm BST Fridman''s L1 Retail to buy Holland & Barrett for $2.3 billion By Clara Denina and Maiya Keidan - LONDON LONDON Russian billionaire Mikhail Fridman''s L1 Retail has agreed to buy Britain''s Holland & Barrett for 1.77 billion pounds ($2.26 billion) in its first acquisition, betting on continued growth and expansion abroad for the health foods chain. L1 Retail, part of Fridman''s empire that spans investments in ride-hailing firm Uber to North Sea assets, said it expected to complete the purchase from The Nature''s Bounty Co. and The Carlyle Group by September, subject to regulatory approvals. Britain''s retailers face an uncertain future, with consumer spending slowing and online competition picking up. Luxury clothing chain Jaeger fell into administration in April, while dealmaking has also been on the rise, with Brazil''s Natura set to buy The Body Shop from L''Oreal. However, some industry experts think healthier foods could prove a resilient part of the market, with online giant Amazon.com ( AMZN.O ) agreeing to buy U.S. chain Whole Foods for $13.7 billion earlier this month. Researchers Euromonitor reckon the health and wellness market grew 4.8 percent a year between 2011 and 2016, reaching a total value of $704 billion last year. Holland & Barrett, whose products range from vitamins and homeopathic remedies to "free from" foods for allergy sufferers, says it has grown same-store sales for 32 consecutive quarters, with revenues topping 610 million pounds in 2016. While focused mainly in Britain, the 1,000-plus store chain has been expanding abroad as well as online, helping to catch L1 Retail''s eye. "We believe that the company is well positioned to benefit from structural growth in the ... health and wellness market and has multiple levers for long term growth and value creation," said L1 Retail managing partner Stephen DuCharme. Holland & Barrett was founded in 1870, but traces its roots in health and wellness back to 1920 when Samuel Ryder - who went on to sponsor the international golf tournament that bears his name - set up a company specializing in herbs. ''PUSH BACK'' Jonathan Buxton, partner and head of retail at Cavendish Corporate Finance, said the takeover by L1 Retail could help Holland & Barrett fend off growing competition. "With this kind of investment, we would expect that the retailer will continue to invest in its stores but more importantly, seek to increase its online presence to push back against the likes of Amazon following its acquisition of Whole Foods," he said. According to Forbes, Fridman reached the seventh spot in Russia''s 2017 rich list, with wealth of $14.4 billion. Though he has moved his base to London from Moscow, the 53-year-old and his partners still own major assets in several industries in Russia, including a majority stake in Russia''s biggest food retailer by sales X5 Retail, top-10 lender Alfa Bank and Russia''s third-biggest mobile operator Vimpelcom. However, since selling out of oil company TNK-BP to Russia''s state-owned energy group Rosneft ( ROSN.MM ) in 2013, they have largely sought to invest outside Russia. L1 Retail''s advisers include Karl-Heinz Holland, former CEO of German discount retailer Lidl Group, and Clive Humby, a founder of retail data pioneer dunnhumby. A spokesman for L1 told Reuters the company would create a board for Holland & Barrett that would include L1 Retail''s advisory board and investment team, possibly some outside non-executive directors and the chief executive and chief financial officer of the chain. Private equity firm Carlyle acquired Nature''s Bounty, including Holland & Barrett, in 2010 for $3.8 billion. Reuters reported in January that Carlyle had hired Goldman Sachs to help it sell Nature''s Bounty, but that it might opt to sell Holland & Barrett separately. Carlyle was advised by Goldman Sachs, Houlihan Lokey, UBS, PwC, Latham Watkins and OC&C. (Additional reporting by Maria Kiselyova in Moscow; Editing by Simon Jessop and Mark Potter)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-deals-carlyle-group-l-idUKKBN19H0K1'|'2017-06-26T19:07:00.000+03:00'
'897af193dd623c4bae18aa5b1b41c9587cf0ebb1'|'Apple, Cisco want cyber security insurance discount for joint customers'|' 33pm BST Apple, Cisco want cyber security insurance discount for joint customers left right An Apple store is seen in   United States, April 22,   1/2 left right The logo of Cisco is seen at Mobile World Congress in Barcelona, Spain, February 27, 2017. REUTERS/Eric Gaillard 2/2 Apple Inc ( AAPL.O ) is working with Cisco Systems ( CSCO.O ) to help businesses that primarily use gear from both companies to obtain a discount on cyber-security insurance premiums, Apple Chief Executive Tim Cook told Cisco CEO Chuck Robbins onstage at a Cisco event in Las Vegas. Cook argued that the combination of gear from the two companies was more secure than the use of competing technology, such as the Android mobile operating system made by Alphabet Inc''s ( GOOGL.O ) Google. "The thinking we share here is that if your enterprise or company is using Cisco and Apple, that the combination of these should make that (cyber-security) insurance cost significantly less," Cook said. "This is something we''re going to spend some energy on. You should reap that benefit." (Reporting by Stephen Nellis; editing by Jonathan Oatis)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-tech-cyber-apple-cisco-systems-idUKKBN19H2BK'|'2017-06-27T02:50:00.000+03:00'
'c88012c11db86f44d8228321069ba1939ae12e71'|'High hopes ride on marijuana painkillers amid opioid crisis'|'Health News - Fri Jun 23, 2017 - 10:26am EDT High hopes ride on marijuana painkillers amid opioid crisis An employee inspects the leaf of a cannabis plant at a medical marijuana plantation in northern Israel March 21, 2017. Picture taken March 21, 2017. REUTERS/Nir Elias By Natalie Grover A handful of drugmakers are taking their first steps toward developing marijuana-based painkillers, alternatives to opioids that have led to widespread abuse and caused the U.S. health regulator to ask for a withdrawal of a popular drug this month. The cannabis plant has been used for decades to manage pain and there are increasingly sophisticated marijuana products available across 29 U.S. states, as well as in the District of Columbia, where medical marijuana is legal. There are no U.S. Food and Drug Administration (FDA)-approved painkillers derived from marijuana, but companies such as Axim Biotechnologies Inc, Nemus Bioscience Inc and Intec Pharma Ltd have drugs in various stages of development. The companies are targeting the more than 100 million Americans who suffer from chronic pain, and are dependent on opioid painkillers such as Vicodin, or addicted to street opiates including heroin. Opioid overdose, which claimed celebrities including Prince and Heath Ledger as victims, contributed to more than 33,000 deaths in 2015, according to the Centers for Disease Control and Prevention. Earlier this month, the FDA asked Endo International Plc to withdraw its Opana ER painkiller from the market, the first time the agency has called for the removal of an opioid painkiller for public health reasons. The FDA concluded that the drug''s benefits no longer outweighed its risks. FIGHTING THE EPIDEMIC Multiple studies have shown that pro-medical marijuana states have reported fewer opiate deaths and there are no deaths related to marijuana overdose on record.( reut.rs/2r74Sbe ) But marijuana-derived drugs could take longer than usual to hit the market as the federal government considers marijuana a "schedule 1" substance - a dangerous drug with no medicinal value - making added approvals necessary. Any drug typically takes at least a decade from discovery to approval. It could be worth the wait. An FDA-approved marijuana-based painkiller would ensure consistent dosing and potency, and availability across the country, analysts and experts said. "Doctors like to be able to write a prescription and know that whatever they wrote is pure and from a blinded, placebo-controlled trial," California-based Nemus''s CEO Brian Murphy told Reuters. Nemus is testing its product - a synthetic version of the non-psychoactive CBD compound found in cannabis - on rats with chronic pain and expects to report data later this year. Rival Axim, whose North American headquarters is in New York, is conducting preclinical studies on a chewing gum containing synthetic CBD and THC, a psychoactive compound found in marijuana. The company expects to submit an FDA application to start a trial on opioid-dependent patients this year. Leading the pack is Israel-based Intec, which recently announced the start of an early-stage study testing its painkiller made of natural CBD and THC extracts. OTHER OPTIONS Independent scientists are also looking to find natural, non-pharmaceutical alternatives to opioids, but many have said it is difficult to access government-approved marijuana to conduct research due to supply restrictions. "It''s taken me seven years to get the DEA license," said Dr Sue Sisley, who is planning to conduct an FDA-regulated study evaluating whether marijuana can help opioid-dependent patients. There could soon be other alternatives as well. Pfizer Inc and Biogen Inc are among a clutch of drugmakers developing non-opioid painkillers that are in advanced clinical studies. Still, opioid painkillers are here to stay and will continue to be widely prescribed, especially for patients with acute and post-surgical pain. The Republican healthcare bill unveiled on Thursday has proposed a drastic cut to the Medicaid budget and could gut, what advocates say, is essential coverage for drug addiction treatment, potentially hampering the fight against opioid abuse. (Reporting by Natalie Grover in Bengaluru; Editing by Sayantani Ghosh and Sriraj Kalluvila) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-marijuana-fda-idUSKBN19E1NU'|'2017-06-23T22:24:00.000+03:00'
'2433be6284703bd10314860ed53442807f1cb8ae'|'UPDATE 1-South Africa''s Naspers lifts FY profit, Tencent robust'|'  10:05am EDT UPDATE 1-South Africa''s Naspers lifts FY profit, Tencent robust (Adds details, shares) JOHANNESBURG, June 23 South African e-commerce and pay-TV giant Naspers reported a 41 percent jump annual profit on Friday as strong results from its Chinese money spinner Tencent offset weak performances from its pay-TV and other e-commerce ventures. Founded in 1915, Naspers has transformed itself from an apartheid-era newspaper publisher into a $85 billion multinational with private equity-style investments e-commerce platforms such as auction sites, online retail and e-classifieds. But it owes much of that valuation to its 33 percent Tencent stake, which is worth about $114 billion rand, or 20 percent more than Naspers itself. The discount has prompted some investors to urge Chief Executive Bob van Dyk to find ways to narrow it. Naspers, South Africa''s biggest company by market value, said core headline earnings totalled $1.8 billion, or 406 cents per share, compared with $1.2 billion, or 298 cents per share, a year earlier. Core headline EPS is Naspers'' main profit measure that strips out non-operational and one-off items. Naspers said its e-commerce division, which excludes Tencent and houses assets such as OLX, the biggest classifieds sites in India and Brazil, widened losses to $682 million from $648 million. "During the 2018 financial year the group will keep scaling its commerce businesses to drive profitability and cash generation," the company said. Naspers has ploughed around $4 billion since 2012 into the business to drive growth mainly in e-commerce platforms and reduce its dependence on Tencent and pay-TV, which thrives in South Africa but faces headwinds elsewhere. Shares in Naspers rose 2.18 percent to 2,627 rand at 1355 GMT. (Reporting by Nqobile Dludla and Tiisetso Motsoeneng, editing by David Evans)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/naspers-results-idUSL8N1JK33N'|'2017-06-23T22:05:00.000+03:00'
'ec7578cdd9669473c8a043ae221bd6163a05b1a5'|'Glencore increases offer to buy Rio''s stake in Coal & Allied'|'Miner and trader Glencore Plc ( GLEN.L ) said on Friday it had submitted a higher offer to buy Australian miner Rio Tinto''s ( RIO.AX ) ( RIO.L ) stake in Coal & Allied Industries Ltd for $2.675 billion in cash plus a coal price-linked royalty.The offer from Glencore, up from its previous $2.55 billion, comes three days after Rio Tinto selected Yancoal ( YAL.AX ) on Tuesday to buy its Coal & Allied division in Australia for $2.45 billion.Glencore said the offer was at least $225 million greater than Yancoal''s proposal and that the full $2.675 billion cash consideration was payable in full on completion with no deferred payments."Rio Tinto must provide Yancoal with the opportunity to present a counter offer. If any such counter offer is determined by the Rio Tinto board to be equally or no less favorable than the competing proposal, then Rio Tinto must accept the Yancoal counter offer," Glencore said.Glencore shares were down 1.1 percent at 278.80 pence at 1344 GMT while London-listed shares in Rio were up 0.4 percent at 3050 pence.(Reporting by Rahul B in Bengaluru; Editing by Alison Williams)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-rio-tinto-divestiture-glencore-idINKBN19E1JZ'|'2017-06-23T12:02:00.000+03:00'
'594584b1b562e12dec0026dbd15c7fd484adc615'|'Linde to terminate ADRs due to Praxair merger'|'FRANKFURT German industrial gases group Linde ( LING.DE ) will terminate its American depository receipt program on Sept. 29 due to its planned $74 billion merger with U.S. peer Praxair ( PX.N ), it said on Friday."ADRs are not subject to the public offer to exchange Linde shares for shares in the new holding company, therefore ADR holders must exchange their ADRs for Linde shares in order to participate in the exchange offer," it said.Linde and Praxair plan to list shares in the new combined company in both New York and Frankfurt.(Reporting by Georgina Prodhan; Editing by Maria Sheahan)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-linde-adrs-idINKBN19E1EN'|'2017-06-23T10:31:00.000+03:00'
'3df8f6a15b3b753b750a678d5b5f54608fe4eb2c'|'CANADA STOCKS-Futures little changed ahead of inflation data'|'Market News - Fri Jun 23, 2017 - 7:44am EDT CANADA STOCKS-Futures little changed ahead of inflation data June 23 Stock futures pointed to a flat opening for Canada''s main stock index on Friday as investors awaited a report on inflation. Canada''s annual inflation rate is forecast to have cooled to 1.5 percent in May, from 1.6 percent in April, which will take it further away from the Bank of Canada''s 2 percent target. The report is scheduled to release at 8:30 a.m. ET. September futures on the S&P TSX index were up 0.06 percent at 7:15 a.m. ET. Canada''s main stock index rose on Thursday as the financial and resource sectors advanced, while non-bank lender Home Capital Group jumped after it said it would get a line of credit from Berkshire Hathaway Inc. Dow Jones Industrial Average e-mini futures were down 0.18 percent at 7:15 a.m. ET. S&P 500 e-mini futures were up 0.01 percent and Nasdaq 100 e-mini futures were down 0.09 percent. (Morning News Call newsletter here ; The Day Ahead newsletter here ) TOP STORIES BlackBerry Ltd, reported first-quarter revenue that missed analysts'' estimates as the company received fewer orders from its enterprise customers. Four of Canada''s biggest banks are the largest providers of C$5.5 billion in credit for Kinder Morgan Canada Ltd''s Trans Mountain pipeline expansion project, the company said in regulatory filings on Thursday. With Western companies in Democratic Republic of Congo treading carefully in the face of political turbulence and a worsening business climate, Canada''s First Cobalt Corp is an unlikely newcomer to the central African nation''s mining scene. ANALYST RESEARCH HIGHLIGHTS Bombardier: TD Securities raises price target to C$2.15 from C$2.05 Home Capital Group: National Bank of Canada raises rating to "sector perform" from "underperform" Silver Standard Resources Inc: Deutsche Bank cuts target price to C$14 from C$14.5 COMMODITIES AT 7:15 a.m. ET Gold futures: $1,258.8; +0.75 pct US crude: $42.86; +0.28 pct Brent crude: $45.55; +0.31 pct LME 3-month copper: $5,807.50; +1.14 pct U.S. ECONOMIC DATA DUE ON FRIDAY 0945 Markit Composite Flash PMI for June: Prior 53.60 0945 Markit Manufacturing PMI Flash for June: Expected 53.0; Prior 52.7 0945 Markit Services PMI Flash for June: Expected 53.7; Prior 53.6 1000 New home sales-units for May: Expected 0.597 mln; Prior 0.569 mln 1000 New home sales change mm for May: Expected 5.4 pct; Prior -11.4 pct 1030 ECRI Weekly Index: Prior 144.0 1030 ECRI weekly annualized: Prior 3.7 pct FOR CANADIAN MARKETS NEWS, CLICK ON CODES: TSX market report Canadian dollar and bonds report Reuters global stocks poll for Canada Canadian markets directory ($1 = C$1.32) (Reporting by Benny Thomas in Bengaluru; Editing by Sriraj Kalluvila) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/canada-stocks-idUSL3N1JK3K2'|'2017-06-23T19:44:00.000+03:00'
'3ad018e4cf3a242fcbbb0c977a4d0d7a5f34979f'|'Brazil''s Oi unveils plan to repay small creditors'|'Market News - Fri Jun 23, 2017 - 7:15am EDT Brazil''s Oi unveils plan to repay small creditors By Guillermo Parra-Bernal - SAO PAULO, June 23 SAO PAULO, June 23 Oi SA has unveiled a plan that facilitates the early repayment of small debts to suppliers and contractors, as Brazil''s No. 4 wireless carrier seeks to emerge faster from creditor protection. The plan was made public in newspaper ads on Friday. Under its terms, all creditors will be eligible for an early repayment of their debts to a maximum limit of 50,000 reais ($15,000) each. According to Chief Executive Officer Marco Schroeder, the plan seeks Oi''s so-called Classes 1, 3 and 4 of creditors to negotiate ahead of a vote on the carrier''s bankruptcy plan. About 53,000 out of Oi''s 55,000 creditors can be considered as small creditors, he said. The initiative underscores Schroeder''s efforts to untangle a protracted reorganization that has met fierce resistance from creditors and major shareholders. At stake is the recovery of a carrier that employs about 140,000 people and is the only phone company operating in about one-third of Brazil''s cities. "This facilitates bankruptcy protection procedures and incentivizes earlier settlements with creditors with smaller accounts receivable," Schroeder told Reuters. Reuters first reported the plan in November. LARGEST REORGANIZATION Rio de Janeiro-based Oi filed for bankruptcy protection a year ago on 65.4 billion reais of debt. The carrier''s in-court reorganization remains Latin America''s biggest ever to date. The amount owed to the targeted members of the three classes is over 800 million reais ($239 million), or just 1.2 percent of Oi''s debt under restructuring, Schroeder said. Still, reducing the size of Oi''s creditor list could help management focus on negotiating with banks and bondholders, he said. Schroeder said he expects Oi''s board to discuss a final, amended restructuring plan "within days or weeks," before delivering it to creditors. He upheld a September deadline for a creditor vote, which he announced in a June 9 interview. The judge in charge of Oi''s bankruptcy protection had backed the plan in December. Oi''s two largest groups of creditors did not have an immediate comment on the plan. Initially, creditors owed more than 50,000 reais could get 90 percent of that 10 business days after signing on the plan, and the rest once the bankruptcy court validates Oi''s in-court reorganization, Schroeder said. ($1 = 3.3412 reais) (Reporting by Guillermo Parra-Bernal; Editing by Lisa Shumaker) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/oi-sa-restructuring-idUSL1N1JJ00H'|'2017-06-23T19:15:00.000+03:00'
'6dcab1180177de09f69a052e9e435d0209e8e8ec'|'German mobile firm Drillisch to move upmarket after 1&1 deal'|'By Harro Ten Wolde and Alexander Hübner - FRANKFURT FRANKFURT German low-cost mobile phone operator Drillisch plans to move upmarket after its 8 billion euro ($8.9 billion) merger with United Internet''s 1&1 brand, its chief executive said, posing a new challenge to premium brands.Deutsche Telekom, Vodafone and Telefonica Deutschland have faced little threat until now from Drillisch, which appeals to customers on a tight budget and is known for its corny television ads featuring local celebrities."The perception that Drillisch stands for cheap deals will change," Chief Executive Vlasios Choulidis told Reuters. "We will be at the same level with the three big operators.""We will continue to be able to offer the best value for money, but at higher prices we will also be able to offer more. Our products will be better and prices will rise accordingly," Choulidis said.Drillisch has been on a roadshow to convince investors to back the 1&1 deal. It needs the support of 75 percent of shareholders at an extraordinary meeting on July 25 for it to go through.The new Drillisch had been expected by analysts to become a greater threat to the more price-sensitive products offered by the three main operators, and leave the top end of the market relatively undisturbed.Bernstein analyst Dhananjay Mirchandani said when the deal was announced that it should create heightened competition in more price-conscious sections while Telefonica Deutschland said it did not expect the deal to affect its strategy."POSITIVE FEEDBACK"Drillisch is in the process of a staggered stock and cash deal with United Internet that will create a business valued at 8 billion euros with more than 12 million customers, offering mobile and fixed-line products under one roof.That will make it the fourth biggest player in the German telecoms market, helped by United Internet''s strong 1&1 brand and fiber network, the country''s second largest, as well as having no need to invest in a mobile network.Drillisch secured access to Telefonica Deutschland''s mobile network three years ago as part of the steps Telefonica needed to take to get its 8.6 billion euro acquisition of KPN''s E-Plus approved.United Internet has already secured more than 30 percent of Drillisch via a Drillisch capital increase and share swap, and has made an offer of 50 euros per share to other shareholders who do not want to take part in the deal.The arrangement involves Drillisch acquiring 1&1 through another capital increase and United Internet getting a majority of Drillisch in exchange. The cash offer expires on Friday.Drillisch shares were trading at 54 euros at 1151 GMT, down 0.6 percent.The Drillisch chief executive said the deal needed a lot of explaining but once shareholders got it, they liked it."We get decidedly positive feedback from our investors. Therefore, we are confident that we will get the approval from the shareholder meeting," he said.UBS analyst Vikram Karnany said after meeting Drillisch management this month that the combination was attractive, mainly due to Drillisch''s guaranteed access to Telefonica''s network and the high cost savings likely to be achieved."We still think there is a high likelihood of the deal approval despite concerns from some shareholders on transaction structure," Karnany wrote in a note. "There remains low visibility on the terms of the deal."($1 = 0.8954 euros)(Editing by Maria Sheahan and David Clarke)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-drillisch-strategy-idINKBN19E1JJ'|'2017-06-23T12:38:00.000+03:00'
'2903ce0a2e769c4debe13a5c14219ce9f4f741d7'|'The Truth About the Gig Economy'|'As you’ve surely heard—and perhaps experienced firsthand—American jobs aren’t what they used to be. Corporations long ago stopped being a source of secure employment. Workers have responded by jumping from job to job and reinventing their careers. Loyalty is out the window. Before long the very idea of a “job” itself may be history, too, with fleeting gigs as independent free agents, or maybe just robots, taking its place.At least, that’s the frequently told story. So why is it that so much of the data seems to contradict it? To wit:The median number of years that wage and salary workers in the U.S. have been with their current employer was 4.2 when the Bureau of Labor Statistics last checked in January 2016. That’s higher than at any time in the 1980s or ’90s.The percentage of Americans switching employers or shifting in and out of the workforce has been declining since the 1980s, economists at the Federal Reserve Board and University of Notre Dame documented last year.Moves across state lines, which are often made by people searching for new job opportunities, have become much less common.Only 1.5 percent of Americans made such moves from early 2015 to early 2016, reports the U.S. Census Bureau, down from 3.6 percent from 1969 to 1970. Moves across county lines within the same state have also declined.Self-employment has fallen slightly as a percentage of overall employment over the past decade, according to the BLS, and is far below the levels of the 1950s.Some of these results become less surprising when you dig into the demographic details. For example, men aged 45 through 54 saw their median job tenure drop from 12.8 years in 1983 to 8.4 years in 2016, which fits the standard narrative of declining job security. A 2013 study by sociologists Matissa Hollister and Kristin Smith found that most of the rise in median tenure from 1983 to 2008 was a result of women becoming less likely to leave their jobs when they had kids.Still, over the past decade even middle-aged men have seen median job tenure rise. And in general, since the early 2000s the statistical evidence of reduced job-market dynamism has become more pronounced and harder to explain away with demographics.Another possibility is mismeasurement. Perhaps the government’s standard jobs questionnaires are too moored in an old model of work to capture the changes going on. Even as self-employment as measured by BLS surveys has declined, for example, the Internal Revenue Service has seen big increases in the number of 1099-MISC forms reporting nonemployee income. The Census Bureau’s count of what it calls “nonemployer businesses” (also based on tax data) rose almost 60 percent from 1997 to 2015. And a study released last year by economists Lawrence Katz and Alan Krueger found that those in “alternative work arrangements” such as independent contracting and on-call jobs had jumped to 15.8 percent of the workforce in 2015, from 10.1 percent in 2005.These developments may well point to a very different job-market future. But when I asked Krueger whether there was a contradiction between his findings and the broad evidence of declining job turnover, he wrote back that “alternative jobs are still only 15 percent of the workforce, and some last a long time (e.g., being an independent contractor or contract employee). They are not necessarily less permanent.”So that leaves us ... pretty much back where we started. “It just doesn’t seem to square with people’s perceptions that job turnover would be declining,” says Notre Dame economist Abigail Wozniak, who co-authored the job-switching study cited above and has conducted related research. One partial explanation, she says, is a sharp drop since the late 1990s in the number of jobs lasting only a few months. This has driven job turnover down and median tenure up, but it doesn’t mean a lot to long-term jobholders. “People feel uncertain because they know that these longer-term jobs are less stable,” Wozniak says. Short-duration jobs becoming less common just isn’t “an experience that’s as salient.”The decline in short-duration jobs seems to be part of a general trend of decreasing economic dynamism in the U.S. since about 2000. Startups have become rarer, turnover in the ranks of the Fortune 500 and S&P 500 is down, and more industries have come to be dominated by just a few companies. For all the talk of disruption, the past decade and a half has actually been great for incumbent businesses, which would seem to be compatible with reduced job turnover. Public perception may still be lagging this new reality.The most important business stories of the day. Get Bloomberg&apos;s daily newsletter. Sign Up Then again, the public perception that jobs aren’t what they used to be is backed up by ample evidence that workers have lost ground since the late 1970s. Real wages (after inflation) have risen only modestly since then (they’ve fallen for men), and labor’s share of gross domestic product has dropped while corporations’ share has soared. Company pension plans have given way to 401(k)s, which don’t guarantee steady retirement income. Maybe the rational reaction to this reduced status and increased risk is to hold on to your job as long as you can.“People actually shifted jobs a lot in the 1950s,” says Rick Wartzman, author of the new history The End of Loyalty: The Rise and Fall of Good Jobs in America . “It wasn’t uncommon for a male worker to have 10 to 15 jobs over a career. What’s different is that’s what the worker chose. They moved in search of opportunity.”This may have begun to happen again as the job market has strengthened over the past few years. That 4.2-year median job tenure in 2016 was actually down from 4.6 years in 2014 (it’s measured every other year). It was the first such drop since 2000—and an indication that job hopping can be a consequence of prosperity rather than insecurity.BOTTOM LINE - Statistics say the labor force is more stable now than in the past. But workers have good reasons to be concerned about their prospects.'|'bloomberg.com'|'https://www.bloomberg.com/businessweek'|'https://www.bloomberg.com/news/articles/2017-06-23/the-truth-about-the-gig-economy'|'2017-06-23T20:00:00.000+03:00'
'119377b8f39e3e0678d981cd8f44c1361bc62cb6'|'UK inflation expectations edge up only slightly in June - Citi/YouGov'|'Central Banks   11:40am BST UK inflation expectations edge up only slightly in June - Citi/YouGov Shoppers browse aisles in a supermarket in London, Britain April 11, 2017. REUTERS/Neil Hall LONDON The British public''s expectations for inflation over the next 12 months rose only slightly in June, a survey for Citi by polling company YouGov showed, in welcome news for Bank of England policymakers who are holding off on raising interest rates. "Expectations are close to long-run averages, but strong upward momentum that would call for urgent monetary tightening is absent, in our view," Citi economist Christian Schulz said in a note to clients on Friday. Despite Britain''s official inflation rate hitting a nearly four-year high of 2.9 percent in May, respondents to the poll said they expected inflation next June to be 2.62 percent, a 0.05 percentage-point rise from last month''s survey. Longer-term inflation expectations for the next five to 10 years rose to 3.1 percent, up from 3.0 percent in May but below February''s 3.2 percent peak, Citi said. YouGov polled 2,095 adults on June 20 and 21. Last week, the BoE''s policymakers voted 5-3 in favour of keeping interest rates at a historic low of 0.25 percent, a narrower vote than expected. BoE Governor Mark Carney sought to counter speculation about a rate hike on Tuesday by saying he wanted to see the impact of Brexit on the economy over the coming months, despite a strong rise in inflation. But the Bank''s chief economist, Andy Haldane, said on Wednesday he was likely to vote for a rate hike in the second half of this year, barring a further slowdown in the economy. (Writing by William Schomberg; editing by Costas Pitas)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-economy-inflation-idUKKBN19E152'|'2017-06-23T18:40:00.000+03:00'
'e2901abcb7afdcb0b0ddc0a9fc4a0a152fbfb159'|'EU in ''intense phase'' of Japan trade talks, hopes for deal soon'|'Business News - Mon Jun 26, 2017 - 3:05pm BST EU in ''intense phase'' of Japan trade talks, hopes for deal soon BRUSSELS The European Union is in a "very intense phase" in its negotiations for a free-trade agreement with Japan and could sign a provisional deal as early as next week, EU trade chief Cecilia Malmstrom said on Monday. A trade accord with the world''s third-largest economy would be the European Union''s biggest trade scalp to date. The EU has forecast trade between the two could increase by a third, boosting the EU economy by 0.8 percent and Japan''s by 0.3 percent over the long term. The EU''s chief negotiator has been in Tokyo for the past two weeks seeking to conclude talks. "We are in a very intense phase of our negotiation and hope to close an agreement in principle very soon. This is an agreement that would help us shape globalisation in line with our values," Malmstrom said. EU and Japanese officials have mooted the upcoming G20 leaders summit in Hamburg on July 7-8 as the moment for Japanese Prime Minister Shinzo Abe and top EU officials to sign an initial agreement. "The date of the G20 has been mentioned... It would be an opportunity perhaps to announce if it''s ready... It''s an indicative date, but if it''s not ready, we''ll have to wait," Malmstrom said. From 2013 until 2016, the EU''s principal trade focus was the Trans-Atlantic Trade and Investment Partnership (TTIP) with the United States, but that has been put on hold since the election victory of protectionist-leaning U.S. President Donald Trump. Now the partners of choice are Japan, Mexico and the Mercosur bloc of Argentina, Brazil, Paraguay and Uruguay. "In the current international environment, an ambitious agreement between the EU and Japan would send a powerful signal to the rest of the world that two of the largest economies are ready to stand up against protectionism," Malmstrom said. Japan and the EU launched negotiations in 2013 and held an 18th round of negotiations in April, but are still to achieve breakthroughs in key areas, such as Japan scrapping tariffs on EU cheese and wine and Europe giving greater access for Japanese cars and car parts. (Reporting By Philip Blenkinsop Editing by Jeremy Gaunt.)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-japan-eu-trade-idUKKBN19H1ME'|'2017-06-26T22:05:00.000+03:00'
'dcd3f445b772af89a4bfae8be49f918a82e7457b'|'Capita sells asset management arm to Link Group for 888 million pounds'|'Outsourcer Capita ( CPI.L ) said on Friday it would sell its asset management services arm to Australian financial services firm Link Administration Holdings ( LNK.AX ) for 888 million pounds ($1.13 billion).Capita, which specializes in providing IT-enabled business services to banks and investors, the National Health Service, retailers and utilities, has issued a series of profit warnings in the last year and said the deal would help it to raise cash and ease debt after being hurt by Britain''s vote to leave the European Union.The company''s chief executive Andy Parker resigned in March after it reported a bigger than expected drop in profit and said it would take until 2018 before it could return to growth.Reuters had earlier reported that Chicago-based private equity fund GTCR and European rival CVC Capital Partners CVC.UL were among a group of three buyout funds competing with Link Group, a provider of shareholder management services as well as analytics.(Reporting by Sanjeeban Sarkar in Bengaluru)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-capita-divestiture-link-administrtn-idINKBN19E27D'|'2017-06-23T16:43:00.000+03:00'
'e6084ce797419c713f0281a36c3bc4eaec2b71ca'|'UPDATE 1-Brazil farm minister heads to U.S. over fresh beef ban'|'Market   11:05am EDT UPDATE 1-Brazil farm minister heads to U.S. over fresh beef ban (Adds share performance, comment from BTG sales desk) By Roberto Samora and Bruno Federowski SAO PAULO, June 23 Brazil''s Agriculture Minister Blairo Maggi prepared to travel to the United States on Friday to fight a ban on imports of fresh Brazilian beef, which hit shares of local meatpackers and revived concerns over the image of the world''s largest exporter. The U.S. Department of Agriculture''s decision on Thursday to impose the ban over safety concerns did not affect the bulk of Brazilian beef imports, which are frozen. But it was a setback for Brazil''s recently opened fresh beef trade with the United States and another black eye for the sector after recent scandals. The USDA first cleared U.S. consumption of fresh Brazilian beef last year and it still represents just 1 percent of the Brazilian industry''s exports, according to a note from the sales desk of bank BTG Pactual. "It''s a small share, but the message behind the decision is bad," the bank told clients in a note. "The U.S. waited 17 years to open its market to fresh Brazilian beef and it''s suspending imports again a year after opening the market." Maggi, himself a billionaire soy producer, said corrective measures were already being made. He said Brazil would stick to its target of raising exports to 10 percent of Brazilian beef production in five years, up from 7 percent now. "We will fight for this market!" the minister said in a message posted to social networks late on Thursday, reiterating his commitment to keeping the U.S. market open to fresh Brazilian beef. Since March, the USDA has rejected 11 percent of Brazilian fresh beef products, compared to the rejection rate of 1 percent for shipments from the rest of the world. The shipments, totaling about 1.9 million pounds, raised concerns about public health, animal health and sanitation, the USDA said. The latest setback for Brazilian meatpackers came just three months after a scandal involving alleged bribery of health officials, which briefly shut Brazil''s protein exports out of major global markets from China to Europe. Controlling owners of JBS SA also confessed to widespread bribery of Brazilian politicians, stoking a political crisis and triggering asset sales amid fears of higher financing costs. Shares of the world''s largest meatpacker JBS and local rival Marfrig Global Foods SA both fell about 1 percent in early trading in Sao Paulo. JBS declined to comment on the matter. Marfrig did not immediately respond to requests for comment. Rival Minerva SA, whose shares were flat in morning trading, said it would ship fresh beef to the U.S. market from Uruguay rather than Brazil, adding that the change would not affect its export volumes. (Reporting by Bruno Federowski and Roberto Samora in Sao Paulo; Additional reporting by Pedro Fonseca in Rio de Janeiro; Writing by Brad Haynes; Editing by Daniel Flynn and Marguerita Choy)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-brazil-beef-idUSL1N1JK0J9'|'2017-06-23T23:05:00.000+03:00'
'aac8662110f070052da21340fa67c45bcc78ac29'|'Toshiba stock listing status downgraded, deeper losses flagged'|'Technology News   10:31am BST Toshiba stock listing status downgraded, deeper losses flagged left right Toshiba Corp CEO Satoshi Tsunakawa (L) bows during a news conference after asking regulators for extension on financial filing and deal on chip unit sale, at the company headquarters in Tokyo, Japan June 23, 2017. REUTERS/Issei Kato 1/6 left right Toshiba Corp CEO Satoshi Tsunakawa bows during a news conference after asking regulators for extension on financial filing and deal on chip unit sale, at the company headquarters in Tokyo, Japan June 23, 2017. REUTERS/Issei Kato 2/6 left right Toshiba Corp CEO Satoshi Tsunakawa attends at a news conference after asking regulators for extension on financial filing and deal on chip unit sale, at the company headquarters in Tokyo, Japan June 23, 2017. REUTERS/Issei Kato 3/6 left right Toshiba Corp CEO Satoshi Tsunakawa bows during a news conference after asking regulators for extension on financial filing and deal on chip unit sale, at the company headquarters in Tokyo, Japan June 23, 2017. REUTERS/Issei Kato 4/6 left right Toshiba Corp CEO Satoshi Tsunakawa attends a news conference after asking regulators for extension on financial filing and deal on chip unit sale, at the company headquarters in Tokyo, Japan June 23, 2017. REUTERS/Issei Kato 5/6 left right Reporters raise their hands for a question during a news conference by Toshiba Corp CEO Satoshi Tsunakawa (not in picture) at the company headquarters in Tokyo, Japan June 23, 2017. REUTERS/Issei Kato 6/6 By Makiko Yamazaki - TOKYO TOKYO Crisis-wracked Toshiba Corp suffered further indignities on Friday, estimating bigger losses for the past financial year and getting demoted to the second section of the Tokyo Stock Exchange. It also received regulatory approval to delay filing its annual earnings by more than a month amid a prolonged accounting investigation at its bankrupt Westinghouse nuclear unit. It is the sixth time since 2015 that Toshiba has delayed an earnings filing. Underscoring the firm''s dire financial position that has forced it to sell off its highly prized chip unit, Toshiba said it now estimates it had a worse-than-expected negative shareholders'' equity of around $5.2 billion as of end-March. With negative shareholder equity confirmed, the Tokyo Stock Exchange said it would move Toshiba''s listing to the second section of the bourse from Aug. 1. Regulators have now given Toshiba until Aug. 10 instead of June 30 to make its earnings filing. Failure to gain an extension would have put the troubled company''s stock exchange listing in further jeopardy. Toshiba President Satoshi Tsunakawa will hold a news conference at 5 p.m. Tokyo time (0800 GMT). The firm has been on the Tokyo bourse''s supervision list since mid-March as it has failed to clear up concerns about its internal controls after a 2015 accounting scandal. It still needs to dig itself out of negative shareholders'' equity by the end of this financial year to stay listed. Toshiba also estimated a net loss of 995.2 billion yen for the past financial year, bigger than a previous estimate of 950 billion yen, as it braces for potential damages over an accounting scandal as well as an increase in liabilities Westinghouse. Toshiba this week chose a consortium of Bain Capital and Japanese government investors as the preferred bidder for its flash memory chip business, aiming to seal a deal worth some $18 billion by next week. But prospects for a clean early resolution to the sale of the world''s No. 2 producer of NAND flash chips remain unclear as Western Digital Corp, Toshiba''s chips business partner, has launched legal action to prevent a deal without its consent. (Reporting by Makiko Yamazaki and Kaori Kaneko; Editing by Chang-Ran Kim and Edwina Gibbs)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-toshiba-accounting-idUKKBN19D2YW'|'2017-06-23T17:11:00.000+03:00'
'7fbf309c63d2830227bc9110a55c484d7d599e22'|'Tesla moves a step closer to building electric cars in China'|'Business News - Fri Jun 23, 2017 - 4:56am BST Tesla moves a step closer to building electric cars in China FILE PHOTO: A Tesla logo hangs on a building outside of a Tesla dealership in New York, U.S., April 29, 2016. REUTERS/Lucas Jackson/File Photo By Norihiko Shirouzu and Paul Lienert - BEIJING/DETROIT BEIJING/DETROIT Tesla Inc took a step closer toward establishing an electric vehicle manufacturing plant in China with its announcement on Thursday that it is in exploratory talks with the Shanghai municipal government. Tesla has said it wants to build electric cars in China to avoid a 25-percent tariff on imported vehicles. The company did not provide a timeline for setting up a China plant, but said it expects to "more clearly define" its China production plans by the end of the year. Tesla shares closed up 1.7 percent at $382.61 in Thursday trading. China''s central government requires foreign companies such as Tesla to have a Chinese partner in new auto manufacturing ventures, with the foreign company owning no more than 50 percent. Tesla did not say which companies it might partner with, sparking rampant online speculation. At least three companies - Shanghai Electric Group Co, Shanghai Lingang Holdings Co and Tianjin Motor Dies Co - reported in exchange filings that they were not in touch with Tesla about its plans in response to media reports implicating them. Much of the speculation has centered on Tencent Holdings Ltd, the internet giant that is China''s largest company. Earlier this year, Tencent acquired a five-percent stake in Tesla for $1.8 billion (1.4 billion pounds). Tesla has not said which vehicles it plans to build in China. However, a supplier familiar with the company''s thinking said it was considering the Model 3 sedan and a crossover companion called Model Y. The Model 3 is slated to begin production in July at Tesla''s Fremont plant in California, with the Model Y tentatively scheduled to follow in mid-2019. In a separate but related development, U.S. Trade Representative Robert Lighthizer said on Thursday he was concerned about Ford Motor Co''s announcement earlier this week that it will move some production of its Focus small car to China and import the vehicles to the United States. "If it happened for reasons that are non-economic reasons, then I think the administration should take action," Lighthizer told U.S. lawmakers. Tesla is the most valuable U.S. automaker, with a market capitalization of more than $60 billion, but it has yet to turn an annual profit. (Reporting by Norihiko Shirouzu in Beijing and Paul Lienert in Detroit; Additional reporting by Jake Spring; Editing by Marguerita Choy and Bernadette Baum) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-tesla-china-idUKKBN19D1W3'|'2017-06-23T11:56:00.000+03:00'
'f90bc60f0ab69a1fbf8657db1f1cfd39ccd94bce'|'China metes out $100 million punishment to Russian-controlled fund for role in 2015 crash'|'Business News   9:49am BST China metes out $100 million punishment to Russian-controlled fund for role in 2015 crash SHANGHAI A Chinese court meted out a nearly 700 million yuan ($102.4 million) punishment to a Russian-controlled high-frequency trading firm for futures market manipulation on Friday, drawing a line under one of the most high-profile cases of misconduct Beijing blames for contributing to the 2015 stock market crash. The verdict by the Shanghai No. 1 Intermediate People''s Court, posted on its official microblog, also involves a penalty to three executives of Yishidun International Trading Co. The ruling comes at the end of a week in which index publisher MSCI agreed to include China''s domestic shares to its emerging market benchmark. "Malicious" short selling by domestic and foreign "speculators" have been largely blamed by the Chinese government for causing the market crisis that started in the summer of 2015. Yishidun, based in China''s eastern city of Zhangjiagang, and controlled by Russian nationals Georgy Zarya and Anton Murashov, pocketed illegal gains worth 389 million yuan by frequently trading China''s index futures between June 1 and July 6, 2015, the Shanghai court said in a statement. According to the verdict, Yishidun would be fined 300 million yuan, and its illegal gains would also be confiscated. Meanwhile, the court also sentenced Yishidun''s three executives, Gao Yan, Liang Zezhong and Jin Wenxian, to imprisonment ranging from 2-1/2 years to five years, for market manipulation. In its battle against speculators during the market crisis, Beijing netted journalists, senior executives in brokerages and even securities regulators. Other foreign funds punished by Beijing included Chicago-based hedge fund Citadel, whose account in Shanghai was suspended by the Chinese government. (Reporting by Samuel Shen and David Stanway; Editing by Jacqueline Wong)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-china-court-fund-idUKKBN19E0VF'|'2017-06-23T16:49:00.000+03:00'
'126d7ad915de104c9cc9eb69e4daf656831c5481'|'Official urges limited Fed role in addressing U.S. inequality'|'Business News - Fri Jun 23, 2017 - 12:46pm EDT Official urges limited Fed role in addressing U.S. inequality Fashionistas pose for photographs in front of a homeless man outside Moynihan Station following a showing of the Rag & Bone Spring/Summer 2013 collection during New York Fashion Week September 7, 2012. REUTERS/Lucas Jackson CLEVELAND The Federal Reserve cannot directly address the problems of inequality, globalization and the challenges facing lower-income Americans, a Fed official said on Friday, though it can help identify solutions for legislators to take up. Cleveland Fed President Loretta Mester did not comment on interest rates or U.S. economic prospects in her prepared remarks. Instead she told a conference on housing and inequality here that the central bank has a limited role to play in solving problems that beset the world''s largest economy. "While monetary policy cannot address issues such as income inequality, the longer-run issues of workforce development, or the distributional effects of globalization and technological change, other government policies and private-public programs - if they are well-designed - can," said Mester said at the Fed-sponsored event. "The Fed is committed to increasing knowledge about the economic challenges facing low- and moderate-income households and communities and helping to identify effective policies and best practices to address these challenges," added Mester, a hawkish rate-setter who votes on policy next year under a rotation. Since the 2007-2009 financial crisis prompted the Fed to take extraordinary steps to revive the economy, some advocacy groups and lawmakers have argued it should play a bigger role in leveling society''s playing field. Fed Chair Janet Yellen has warned that economic inequalities, and barriers to women in the workforce, hurt broader economic growth. The Fed''s congressional mandate is to achieve the lowest sustainable level of unemployment as well as price stability, which the Fed defines as 2-percent annual inflation. (Reporting by Jonathan Spicer; Editing by Chizu Nomiyama) '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-usa-fed-mester-idUSKBN19E1YI'|'2017-06-24T00:46:00.000+03:00'
'5f888f1d9c53f722866a0a7c1308f1d9fb93d946'|'EMERGING MARKETS-Short-term Brazil rate futures slip after central bank report'|'Market News - Thu Jun 22, 2017 - 11:39am EDT EMERGING MARKETS-Short-term Brazil rate futures slip after central bank report By Bruno Federowski SAO PAULO, June 22 Yields paid on Brazilian short-term interest rate future contracts slipped on Thursday as traders slightly increased bets on a steep rate cut after the central bank cut its forecasts for inflation. In a quarterly report, the bank lowered its inflation outlook to 3.8 percent from 4.0 percent for 2017 and to 4.5 percent from 4.6 percent for 2018. But it reiterated that the next policy decisions still depend on incoming economic data, signaling it was unsure whether to slow monetary easing from the brisk 100 basis-point current pace of rate cuts. Rate-future yield prices showed an increased likelihood that the central bank will lower the benchmark Selic rate by 100 basis points to 9.25 percent next month, although a majority of traders still bet on a slower 75-basis-point reduction. Concerns that a mounting political crisis could delay the implementation of structural reforms have led the central bank to adopt a cautious stand. Those concerns helped to keep the Brazilian real flat, while most other Latin American currencies strengthened on the back of rising prices of crude and other commodities. Brazil''s benchmark Bovespa stock index rose 0.8 percent, supported by shares of iron ore miner Vale SA and state-controlled oil company Petróleo Brasileiro SA . Shares of Cia Energética de Minas Gerais, Brazil''s No. 3 power utility, led the gains after it kick-started the sale of its controlling stake in Light SA to cut debt. Shares of Light, which are not part of the Bovespa index, soared more than 25 percent, its biggest daily gain in more than two decades. Argentina''s Merval stock index rose 1.8 percent, rebounding from its biggest daily loss in a year and a half following a decision by MSCI not to include the country in its emerging market index. Key Latin American stock indexes and currencies at 1520 GMT: Stock indexes daily % YTD % change change Latest MSCI Emerging Markets 1009.29 0.28 16.72 MSCI LatAm 2487.63 0.3 5.96 Brazil Bovespa 61229.01 0.77 1.66 Mexico S&P/BVM IPC 48917.23 -0.14 7.17 Chile IPSA 4751.31 -0.02 14.45 Chile IGPA 23818.16 0 14.87 Argentina MerVal 20980.24 1.77 24.01 Colombia IGBC 10656.78 -0.08 5.22 Venezuela IBC 120957.1 -0.38 281.51 3 Currencies daily % YTD % change change Latest Brazil real 3.3325 -0.02 -2.50 Mexico peso 18.1180 0.63 14.49 Chile peso 663.16 0.31 1.14 Colombia peso 3032.4 0.82 -1.02 Peru sol 3.267 0.12 4.50 Argentina peso (interbank) 16.2000 0.22 -2.01 Argentina peso (parallel) 16.58 0.72 1.45 (Reporting by Bruno Federowski; Editing by Lisa Von Ahn)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/emerging-markets-latam-idUSL1N1JJ0ZN'|'2017-06-22T19:39:00.000+03:00'
'1ccaf9a9bb8293c5bf1bd977ef3a9ddba602e1cd'|'AT&T unclear what final merger conditions Justice Department will seek'|'Deals   3:26pm BST AT&T unclear what final merger conditions Justice Department will seek FILE PHOTO: An AT&T sign is seen outside a branch in Rolling Meadows, Illinois, U.S., October 24, 2016. REUTERS/Jim Young/File Photo By David Shepardson - WASHINGTON WASHINGTON AT&T Inc was confident it would win regulatory approval for its $85.4 billion acquisition of Time Warner Inc ( TWX.N ) before year''s end as the Justice Department continues its review, but was still awaiting details about any final requirements for the deal, a senior executive said. Bob Quinn, AT&T''s ( T.N ) senior executive vice president for external and legislative affairs, said in a C-SPAN interview this week that the telecommunications company was unclear what final conditions the Justice Department may seek as part of any approval. "That conversation is just beginning really," Quinn said. "We''ve gotten through the point where we''re produced all the data and answered all the questions and I think that process will kick off this summer." In June, a Senate panel voted 19-1 to advance the nomination of Makan Delrahim, who was chosen by President Donald Trump to be the top U.S. antitrust regulator. The Senate must still vote to confirm Delrahim and it is not clear when they will vote. Until Delrahim is confirmed, "it is kind of hard to predict whether even the list that we see preliminarily will be the final list that they want to close on," said Quinn, without elaborating. The No. 2 U.S. wireless carrier still needs some foreign approvals. In March, it won the European Commission''s nod for the deal. Separately, a group of Senate Democrats on Wednesday, including Bernie Sanders, Elizabeth Warren and Al Franken, urged the Justice Department to closely scrutinize the deal. "We have strong concerns that the combined company''s unmatched control of popular content and the distribution of that content will lead to higher prices, fewer choices, and poorer quality services for Americans," they wrote. "Before initiating the next big wave of media consolidation, you must consider how the $85 billion deal will impact Americans'' wallets, as well as their access to a wide range of news and entertainment programing." AT&T said in a statement it had previously addressed all the issues in the letter and argued that the deal would offer consumers more choice, and "will expand distribution and creative opportunities for diverse and independent voices." (Reporting by David Shepardson; Editing by Bernadette Baum)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-time-warner-m-a-at-t-idUKKBN19D1T6'|'2017-06-22T22:26:00.000+03:00'
'316f5bbb7754c1881c74af9aaaccb7a6bc9bbbcc'|'Chinese bicycle-sharing startup Mobike expands into Japan'|'SHANGHAI Chinese bicycle-sharing startup Mobike has set up a subsidiary in Fukuoka city in northern Japan and plans to begin service later this year, it said on Thursday.The move into one of Japan''s largest cities marks the latest overseas venture for the firm, which has already launched services in Singapore and the UK. The company has operations in around 100 Chinese cities and has raised over $900 million since October."The company is committed to providing smart bike-share services in collaboration with local governments across Japan," the company said in a statement, but did not provide details on its investment.Mobike, whose backers include Tencent and Sequoia, has 100 million users and supports roughly 25 million rides a day. Its top competitor, ofo, raised $450 million in May from a range of investors including Chinese ride-sharing service Didi Chuxing.The firm''s app lets users scan QR codes on Mobike-branded bicycles, allowing them to unlock, use and pay for rentals on-demand.(This story corrects figure in second paragraph to $900 million from $900)(Reporting by Brenda Goh; Editing by Amrutha Gayathri)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-mobike-japan-idINKBN19D0ET'|'2017-06-22T03:41:00.000+03:00'
'd0add8ee2e0ef61758f9feb9bc2ccc24e1e433e5'|'Oil prices fall further with glut concerns persisting'|'Business News - Thu Jun 22, 2017 - 8:23am BST Oil prices fall further with glut concerns persisting An oil pump is seen operating in the Permian Basin near Midland, Texas, U.S. on May 3, 2017. REUTERS/Ernest Scheyder By Aaron Sheldrick and Henning Gloystein - TOKYO TOKYO Oil turned lower on Thursday after posting gains earlier in the session as traders look ready to test new lows for crude prices with worries persisting over a global glut. Brent crude futures were down 15 cents at $44.67 a barrel at 0715 GMT, after spending much of the Asian trading day in positive territory. They fell 2.6 percent in the previous session to their lowest since November. U.S. crude futures were down 14 cents $42.39 a barrel, after also spending much of the day trading higher. On Wednesday, they settled down at $42.53, after touching their lowest intraday level since August 2016. Since peaking in late February, crude has dropped around 20 percent, with only brief rallies, completely erasing gains at the end of the year in the wake of the initial OPEC-led production cut. The Organization of Petroleum Exporting Countries (OPEC) and other producers agreed to cut output by 1.8 million barrels per day from January for six months, subsequently extended for a further nine months. "The market didn''t actually buy into the cut for fundamental reasons. It bought into it because it was a shift in strategy from OPEC and it gave the market hope," said Matt Stanley, fuel broker at Freight Investor Services in Dubai. "But (OPEC) didn''t do enough and ... other producers were always going to fill the void," he said. With output rising in Nigeria and Libya, countries exempt from the deal, and output surging in the United States, which was not part of the agreement, many bulls appear to have thrown in the towel. The market largely shrugged off comments overnight from Iran''s oil minister that members of OPEC are considering deeper cuts in production. A bigger-than-expected cut in U.S. crude stockpiles reported overnight is also barely shifting the dial. Crude inventories fell 2.5 million barrels in the week to June 16, surpassing analyst expectations for a decrease of 2.1 million barrels, as imports rose marginally by 56,000 barrels per day, the U.S. Energy Information Administration said on Wednesday. Gasoline stocks fell 578,000 barrels, compared with analyst expectations for a seasonally unusual 443,000-barrel gain, which had been seen as bearish in the market. Stocks of the motor fuel had also risen unexpectedly by 2.1 million barrels in the previous week, despite the start of the summer driving season. (Editing by Joseph Radford and Sunil Nair) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-global-oil-idUKKBN19D023'|'2017-06-22T15:23:00.000+03:00'
'944eef2fcb3c3edd666abe72044e38f161b0b244'|'Zakat requires Muslims to donate 2.5% of their wealth: could this end poverty? - Global Development Professionals Network'|'U sman, a fisherman in North Sumatra, used to have a rickety fishing boat that could only take him as far as the mouth of the river, just before it meets the sea. He could not catch enough to feed his family of five but last month, he was able to buy a new boat with the help of Islamic donations. Now he can sail further into the sea, he catches more fish and his income can pay for school fees and even some pocket money for his children. This is just one of countless examples of how zakat can improve livelihoods and reduce poverty worldwide.For Muslims around the world, the month of Ramadan is a time of deep reflection, sacrifice and joyous family gatherings. It’s also a time when Muslims make donations known as zakat; the giver is believed to be purified through the act of transferring wealth to the poor. Zakat is also a powerful source of good with untapped potential for contributing to sustainable development in communities, such as the small fishing village in North Sumatra.There are some striking commonalities between the sustainable development goals (SDGs) and zakat. In the Islamic faith, five foundational goals – known as Maqasid al Sharia – include the protection of faith, life, progeny, intellect and wealth. Much of the SDGs – goals to alleviate poverty and hunger, improve health, education and access to water and sanitation, reduce inequality and protect the environment – are reflected in these Islamic values.Religion and money: is Islamic banking the way forward for Ethiopians? Read more As one of the five pillars of Islam , zakat is mandatory giving; all Muslims eligible to pay it must donate at least 2.5% of their accumulated wealth for the benefit of the poor, destitute and others – classified as mustahik . It is one of the largest forms of wealth transfer to the poor in existence.But despite its tremendous potential for contributing to the SDGs, zakat organisations have been overlooked by development organisations as an influential partner and source of finance. Between $3tn and $5tn is estimated to be needed per year to achieve the goals, but current investment falls short at around $1.4tn . By working together with religious organisations, development bodies can fill the $2.5tn investment gap, while also promoting peace and development.Roughly 22% of the world’s population is Muslim. Islamic finance, including zakat, was estimated at almost $2tn in 2015 [pdf] and is expected to surpass $3tn by 2020 . In addition, between $200bn and $1tn is spent in the form of zakat [pdf] across the Muslim world annually. Zakat is often channelled informally between individuals – a cash payment to an acquaintance in need, for example. Just a quarter of contributions are thought to be channelled through formal certified organisations. But there is growing recognition among Islamic organisations that giving to more intractable issues, such as poverty reduction, can reach more people, thus providing a more sustainable solution. Shifting the public mindset so that zakat is seen as a programme needing professional management for positive change, rather than simply charity, will enhance its development impact. These shifts could increase the development impact of zakat in African and Asian countries that have large Muslim populations and high levels of poverty and hunger.As the fourth-most populous and the largest Muslim-majority country in the world, there is enormous potential in Indonesia for zakat to reduce poverty and inequality, and contribute to sustainable development. Some 28 million Indonesians live in poverty – 11% of the population – and a further 40% are vulnerable to falling into poverty, with incomes hovering just above the poverty line.The case for fundraising without borders Read more Many Indonesians regularly contribute zakat and it could comprise up to 3% of GDP, but 64% of adults in Indonesia do not have a bank account. Technological advances such as online banking and mobile money will make it easier for people to contribute zakat and for it to be distributed, while also improving the efficiency and effectiveness of the programme.People also need to trust that zakat institutions will spend their money wisely. In return, institutions need to show that they are transparent and well governed by developing their capacity to collect revenues and through monitoring, reporting and evaluation. Greater emphasis on communicating development impact and contribution to SDGs is also important.Zakat authorities and development organisations have enormous potential to work together to formalise these funds for sustainable development by:Raising awareness and increasing understanding among zakat organisations of the importance of the SDGs and how they are relevant. Supporting zakat institutions to create incentives for people to contribute through formal channels, including financial inclusion programmes that use new technologies. Building on the development experience, learning and networks that Islamic organisations offer, including Islamic principles regarding financial inclusion and social solidarity. Identifying alternative sources of funding to fill the SDGs financing gap; looking beyond governments and traditional donors to find ways for Islamic finance to support good investments, society and the environment. Could Islamic finance save capitalism? Read more Zakat organisations have much to learn about the SDGs, and development organisations have much to learn from Islamic finance principles. At a time when Islam is under fire in some quarters due to its association with violent extremism, it is important to look at what the Islamic faith means to believers and how it can contribute to a better society. Zainulbahar Noor is deputy director of BAZNAS Indonesia and Francine Pickup is the deputy country director of UNDP Indonesia . Join our community of development professionals and humanitarians. Follow @GuardianGDP on Twitter. Topics Development finance Development 2030 Sustainable development goals Environmental sustainability Charitable giving Islam Ramadan comment'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/global-development-professionals-network/2017/jun/22/zakat-requires-muslims-to-donate-25-of-their-wealth-could-this-end-poverty'|'2017-06-22T19:17:00.000+03:00'
'31c4f3b5906c1c6b767b37bec35bea1a0f7c9302'|'Mexico''s Supreme Court rules in spat related to telecom reform'|'Business News - Wed Jun 21, 2017 - 11:10pm EDT Mexico''s Supreme Court rules in spat related to telecom reform The logo of America Movil is pictured on the wall of a reception area in the company''s corporate offices in Mexico City, Mexico, May 18, 2017. REUTERS/Edgard Garrido By Noel Randewich - MEXICO CITY MEXICO CITY Mexico''s Supreme Court ruled on Wednesday in a spat over interconnection rates paid between telecommunications firm America Movil ( AMXL.MX ) and rivals that touches on a bigger case related to an antitrust reform the company is fighting. Long-dominant America Movil, controlled by billionaire Carlos Slim, is challenging several aspects of a 2013-14 telecommunications reform that opened the door to more competition in the industry. On Wednesday, the court ruled partly in favor of a unit of America Movil against Pegaso PCS and Grupo de Telecomunicaciones Mexicanas, both of which are units of Telefonica ( TEF.MC ), in a case involving rates charged to interconnect calls between their networks in 2015. After the industry reform went into effect in late 2014, it was too late to resolve disagreements over an interconnection rate for the following year, so the rate from 2014 was adopted by regulators. The Supreme Court said that was wrong. But it also said that under a newly negotiated rate for 2015, the amounts of money previously paid between companies would have to be adjusted to adhere to the newly determined rate. The case was just one of several the Supreme Court is considering that relate to the telecom reform. (Reporting by Noel Randewich, additional reporting by Noe Torres; Editing by Stephen Coates) '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-mexico-telecom-idUSKBN19D07W'|'2017-06-22T11:10:00.000+03:00'
'8a72ff9a6a3d76d9060a9ddc923c47d2baeaf3e7'|'Michigan fires contractor doing Enbridge oil pipeline risk analysis'|'CALGARY, Alberta Michigan said on Wednesday it has fired a consultant after state officials discovered a conflict of interest with an employee of the company conducting an independent analysis on the risks of an oil spill from Calgary-based Enbridge Inc''s Line 5 pipeline in the Great Lakes.The company, Det Norske Veritas Inc, was to produce a risk analysis by the end of June on Enbridge''s 540,000 barrel per day Line 5 pipeline, which travels underwater through the Straits of Mackinac.That report will no longer be delivered, said Melody Kindraka, a public information officer with the Michigan Department of Environmental Quality.Det Norske Veritas did not immediately respond to requests for comment on the issue. The state said it came to light after Det Norske Veritas informed officials that an employee who worked on the Line 5 risk analysis subsequently worked on another project for Enbridge while the risk analysis was still being finished.This violated conflict of interest clauses in the contract."Our trust was violated and we now find ourselves without a key piece needed to fully evaluate the financial risks associated with the pipeline that runs through our Great Lakes, this is unacceptable," Michigan Attorney General Bill Schuette said in a statement. "Terminating the contract is the only option we have to maintain the integrity of the risk analysis."The 64-year-old Line 5 pipeline running under the Straits of Mackinac has become the subject of fierce environmental opposition in Michigan because of fears the aging infrastructure could leak crude oil into the Great Lakes.It is a key part of Enbridge''s Mainline system, which delivers the bulk of Canadian crude imports to the United States.In 2016 state officials ordered two independent reports into the pipeline, one looking at the risks of a spill and the other assessing potential alternatives to the underwater crossing in the Straits of Mackinac.Enbridge spokesman Michael Barnes said the company supported the state''s actions and was disappointed by the developments.Kindraka said the state is reassessing its plans on how to move forward with a risk assessment but the report on alternatives to the pipeline from another firm, Dynamic Risk Assessment Systems, will be presented to the public on July 6.So far Det Norske Veritas has not received any payment for its work and the state is reviewing the payment terms of the contract, she added.(Editing by David Gregorio)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-enbridge-inc-pipeline-michigan-idUSKBN19C2Y4'|'2017-06-22T05:18:00.000+03:00'
'546a34f827e6cd5cad0d9f032a6d71e9b8b87ad8'|'Amazon''s grocery push playing catch up with Chinese e-commerce giants'|'Business News - Thu Jun 22, 2017 - 12:10am BST Amazon''s grocery push playing catch up with Chinese e-commerce giants left right FILE PHOTO: People ride a double bicycle past the Alibaba Group logo, at the company''s headquarters, on the outskirts of Hangzhou, China November 10, 2014. REUTERS/Aly Song/File Photo 1/7 left right FILE PHOTO: Employees work at a JD.com logistic centre in Langfang, Hebei province, November 10, 2015. REUTERS/Jason Lee/File Photo 2/7 left right FILE PHOTO: An Amazon.com Inc driver stands next to an Amazon delivery truck in Los Angeles, California, U.S. on May 21, 2016. REUTERS/Lucy Nicholson/File Photo 3/7 The Singapore Lazada website is seen in this illustration photo June 20, 2017. REUTERS/Thomas White/Illustration 4/7 left right FILE PHOTO: A Whole Foods Market is pictured in the Manhattan borough of New York City, New York, U.S. June 16, 2017. REUTERS/Carlo Allegri/File Photo 5/7 left right FILE PHOTO: Employees at online retailer Lazada fill orders at the company''s warehouse in Jakarta, Indonesia April 15, 2016. REUTERS/Darren Whiteside/File Photo 6/7 left right FILE PHOTO: A combination photo shows food and plants for sale inside a Whole Foods Market in the Manhattan borough of New York City, New York, U.S. June 16, 2017. REUTERS/Carlo Allegri/File Photo 7/7 By Cate Cadell - BEIJING BEIJING As Amazon.com Inc looks to swallow U.S. grocery chain Whole Foods, China''s tech giants are already digesting hefty bricks-and-mortar deals, taking the lead in the battle to transform supermarket shopping with big data and better supply chains. China''s Alibaba Group Holding and JD.com Inc have invested heavily in offline retail - bricks-and-mortar stores - in recent years to complement their online offerings. With their ready-made payment and social media platforms to lure shoppers, Alibaba and JD.com have helped China become the world’s largest online grocery market, far ahead of the United States. This early lead, cemented by densely populated urban areas and cheap labour, could be key as retailers and tech firms race to boost margins on low-cost consumer goods by reinventing supply chains with big data analytics. "China is already the largest online grocery market in terms of value in the world so it''s really advanced in terms of scale," said Nick Miles, London-based head of Asia Pacific for food and grocery industry research body IGD. Sales made online are set to more than double to around 6.6 percent of China''s broader grocery market by 2020, compared to around 1.4 percent for U.S. sales by then. Both U.S. and Chinese e-commerce firms are grappling with the challenge of increasing their margins on fast moving consumer goods (FMCG), which include low-margin, high-demand goods with a short shelf-life - a staple of grocery stores. Alibaba, which has a burgeoning cloud business that competes directly with Amazon, plans to use its trove of consumer data to provide a suite of connected services back to brands whose goods they sell. Services will include inventory management, smart manufacturing and logistics, aiming to slash waste and margins across the entire supply chain, according to the company''s so-called "New Retail" strategy. Likewise, JD.com uses data from a partnership with China''s hugely popular messaging app WeChat, which has over 930 million users, to build data profiles for a range of brands including baby products, cosmetics and soft drinks. CATCH UP Alibaba has invested over $9.3 billion (£7.3 billion) in offline retail stores since 2015, including supermarket chain Sanjiang, department store Intime Retail Group and Suning Commerce Group Co Ltd, one of China''s biggest offline retailers. In May it took an 18 percent stake in Lianhua Supermarket Holdings Co Ltd, part of retailer Bailian Group. JD.com bought Wal-Mart Stores Inc''s Chinese online platform Yihaodian for about $1.5 billion in shares in 2016. U.S. firms are now looking to play catch up - key as bricks-and-mortar stores are hit by a slowdown and online players battle with tight profit margins and high delivery costs. Amazon launched a $13.7 billion bid for grocery chain Whole Foods Market Inc last week, marking its intention to take on Wal-Mart. Wal-Mart, which got a stake in JD.com in the Yihaodian deal, upped its share in the Chinese firm to 12.1 percent in February, having bought online retailer Jet.com in a $3 billion deal last year. It''s a race with a big global impact on the wider market: worries about Amazon''s new clout with the Whole Foods deal wiped more than $35 billion off the combined market value of dozens of U.S. supermarkets, food producers and shopping malls. The incentive for Chinese tech firms to slash costs and take a bigger bite of the offline market is clear. Despite being the world''s largest e-commerce market, over 80 percent of transactions are still conducted offline in China. The country''s e-commerce market grew over 50 percent last year while hypermarket and supermarket sales flatlined, according to consultancy Bain & Company. Online retail growth hasn''t been immune either, with analysts pointing to high delivery costs and tight margins. "It''s going to very hard for those pure e-commerce players to grow (margins), and for those offline players, it''s going to be very hard to survive and make money," said Bruno Lannes, Shanghai-based partner at Bain. "The answer is to combine in an integrated supply chain." COMPETITION China''s firms and their global rivals are increasingly looking to tap into overseas market such as South East Asia and India, the most likely battlegrounds for any stand-off. However, online-offline tie-ups, even in China, are still at a relatively early stage. Challenges remain with integrating physical store assets to online systems, cutting delivery costs and dealing with fierce competition. At the Hema seafood market on the east side of Beijing, these challenges - and China''s ambition - are on display. Shoppers peruse fresh fish and clams, but pay with smartphones, scanning QR codes using Alibaba-linked payment platform Alipay as staff in red t-shirts help set up accounts and connect to wifi. "I don''t think Amazon is competitive in this field... its pages, functions and payments are old fashioned," said one female shopper in her 20''s with the last name Liu. "Hema is like Ikea but better... it feels like home." (Additional reporting by BEIJING and SHANGHAI newsrooms; Editing by Adam Jourdan and Lincoln Feast) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-whole-foods-m-a-amazon-china-idUKKBN19C33G'|'2017-06-22T07:10:00.000+03:00'
'60494de3c271acbcc48f1d45f6f1ac6b68b7e777'|'WORLD NEWS SCHEDULE AT 1400 GMT/10 AM ET'|'Editor: Mark Heinrich +44 207 542 7923Picture Desk: Singapore + 65 6870 3775Graphics queries: + 65 6870 3595(All times GMT/ET)TOP STORIESIraqi forces free hundreds of civilians in Mosul Old City battles as death toll mountsMOSUL, Iraq - Iraqi forces open exit routes for hundreds of civilians to flee the Old City of Mosul as they battle to retake the ancient quarter from Islamic State militants mounting a last stand in what was the de facto capital of their "caliphate". (MIDEAST-CRISIS/IRAQ-MOSUL (UPDATE 2, TV, PIX), expect by 1500 GMT/11 AM ET, by Marius Bosch, 800 words)London tower blocks evacuated as 27 buildings fail fire testsLONDON - Britain says 27 high-rise apartment blocks have failed fire safety checks carried out after the deadly Grenfell Tower blaze, including several in north London where residents are forced to evacuate amid chaotic scenes. (BRITAIN-FIRE/ (UPDATE 1, PIX, TV), moved, by Kate Holton and Jamillah Knowles, 607 words)+ See also: BRITAIN-FIRE/ARCONIC (UPDATE 1), by Tom Bergin, 977 words- BRITAIN-EU/BROADCASTERS-PATRIOTISM, moved, 312 wordsUAE says alternative to Qatar demands is "not escalation but parting ways"DUBAI - A senior United Arab Emirates (UAE) official says that if Qatar does not accept an ultimatum issued by Arab states that imposed a boycott this month on the tiny Gulf Arab nation, "the alternative is not escalation but parting ways". (GULF-QATAR/ (UPDATE 2, PIX, TV), expect by 1600 GMT/12 PM ET, 500 words)+ See also:- GULF-QATAR/EMIRATES, moved, by Yara Bayoumy, 352 wordsUnder pressure, Western tech firms bow to Russian demands to share cyber secretsWASHINGTON/MOSCOW - Western technology companies, including Cisco, IBM and SAP, are acceding to demands by Moscow for access to closely guarded product security secrets, at a time when Russia is accused of a growing number of cyber attacks on West, a Reuters investigation finds. (USA-RUSSIA/TECH (UPDATE 2, INSIGHT, PIX, GRAPHIC), moved, by Joel Schectman, Dustin Volz and Jack Stubbs, 1,500 words)ASIALandslide buries Chinese mountain village, fears for 141 peopleBEIJING - Fears grow for 141 people missing in China after a landslide buries their mountain village in the southwestern province of Sichuan, with reports that only three survivors had been pulled out of the mud and rock hours after the calamity struck. (CHINA-LANDSLIDE/ (UPDATE 2, PIX, TV) moved, 340 words)North Korea says U.S. student''s death a "mystery to us" tooSEOUL - North Korea says the death of U.S. university student Otto Warmbier soon after his return home was a mystery and dismisses accusations that he had died because of torture and beating during his captivity as "groundless". (USA-NORTHKOREA/ (UPDATE 5, PIX), moved, by Jack Kim, 605 words)Ahead of Modi visit, U.S. sees no threat to Pakistan from arms deal with IndiaNEW DELHI/WASHINGTON - With the United States expected to authorise India''s purchase of naval drones, a senior White House official says any U.S. military transfer to India would not represent a threat to its rival neighbour Pakistan. (INDIA-USA/ (UPDATE 5, PIX), moved, by Sanjeev Miglani and David Brunnstrom, 570 words)EUROPEUK PM May defends Brexit rights offer in face of EU doubtsBRUSSELS - British Prime Minister Theresa May defends her offer to let millions of EU citizens stay in Britain after Brexit as fellow EU leaders respond coolly to her opening move in negotiations on Britain''s withdrawal. (BRITAIN-EU/ (UPDATE 3, PIX, TV), moved, by Alastair Macdonald and Elizabeth Piper, 784 words)MIDDLE EASTAmnesty for militants in Syria''s Raqqa aims to promote stabilityAIN ISSA, Syria - A civil council expected to rule Raqqa once Islamic State is dislodged from the Syrian city pardons 83 of the jihadist group''s low-ranking militants, a goodwill gesture designed to promote stability. (MIDEAST-CRISIS/SYRIA-RAQQA-AMNESTY (PIX, TV), moved, by Michael Georgy, 471 words)If Baghdadi is dead, next IS leader likely to be Saddam-era officerBAGHDAD - If Islamic State leader Abu Bakr al-Baghdadi is confirmed dead, he is likely to be succeeded by one of his top two lieutenants, both of whom were Iraqi army officers under the late dictator Saddam Hussein. (MIDEAST-CRISIS/SYRIA-BAGHDADI-SUCCESSION (UPDATE 1, PIX), moved, by Maher Chmaytelli, 598 words)Bomber planning to attack Mecca''s Grand Mosque blows himself up - ministryDUBAI - Saudi security forces foil a suicide attack on the Grand Mosque in the Muslim holy city of Mecca, cornering the would-be attacker in an apartment where he blew himself up, the Interior Ministry says. (SAUDI-SECURITY/ (UPDATE 1), moved, 290 words)Yemen government says to investigate allegations of abuse in secret prisonsDUBAI - President Abd-Rabbu Mansour Hadi''s government says it is investigating reports that forces backed by the United Arab Emirates are running secret prisons in southern Yemen where detainees are subjected to torture and abuse. (YEMEN-SECURITY/ABUSE, moved, 414 words)HUMAN RIGHTSEXCLUSIVE-U.S. list to drop Iraq, Myanmar as worst offenders on child soldiersWASHINGTON - Secretary of State Rex Tillerson plans to remove Iraq and Myanmar from a U.S. list of the world''s worst offenders in use of child soldiers, U.S. officials say, a step that could prompt accusations the Trump administration is prioritising security and diplomatic interests ahead of human rights. (USA-TRAFFICKING/CHILDSOLDIERS (EXCLUSIVE), moved, by Matt Spetalnick and Jason Szep, 800 words)UNITED STATESTrump reaches out to lawmakers on healthcare as another says ''no''WASHINGTON - President Donald Trump makes calls to fellow Republicans in U.S. Senate to mobilise support for their party''s healthcare overhaul while acknowledging the legislation is on "very, very narrow path" to passage. (USA-HEALTHCARE/ (UPDATE 6, PIX, TV), moved, by Jeff Mason and Yasmeen Abutaleb, 715 words)U.S. Supreme Court limits rights of property ownersWASHINGTON - The U.S. Supreme Court narrows the rights of property owners in disputes with governments and lays out a formula for determining when landowners are owed compensation in case involving a vacant lot on the picturesque St. Croix River in Wisconsin. (USA-COURT/PROPERTY (UPDATE 3, PIX), moved, by Andrew Chung, 577 words)AMERICASSlain Venezuelan protester''s father appeals to "friend" MaduroCARACAS - A man describing himself as a former boss and friend of Venezuelan President Nicolas Maduro urges an investigation into the killing of his son in anti-government unrest convulsing the OPEC nation for nearly three months. (VENEZUELA-POLITICS/ (UPDATE 1, PIX, TV), moved, by Silene Ramírez and Andreina Aponte, 640 words)+ See also:- VENEZUELA-POLITICS/PROTESTER (PIX), moved, 635 words'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/world-news-schedule-at-1400-gmt-10-am-et-idINL3N1JL059'|'2017-06-24T12:04:00.000+03:00'
'648dca434fe0ead5af5d3b5cebec05e8900abb9a'|'Italy to start winding down Veneto banks Saturday after EU green-light'|'Business News - Fri Jun 23, 2017 - 5:14pm EDT Italy to start winding down Veneto banks Saturday after EU green-light left right A Banca Popolare di Vicenza sign is seen in Rome, Italy, March 29, 2017. REUTERS/Alessandro Bianchi 1/2 left right The logo of Veneto Banca bank is seen in Venice, Italy, January 31, 2016. REUTERS/Alessandro Bianchi/File Photo 2/2 By Silvia Aloisi and Balazs Koranyi - MILAN/FRANKFURT MILAN/FRANKFURT The European Commission on Friday gave preliminary approval for an Italian plan to wind down two ailing Veneto-based regional lenders with state money in a move that may allow Rome to solve its latest banking crisis on its own terms. Italy plans to start liquidation proceedings for Banca Popolare di Vicenza and Veneto Banca on Saturday, a source close to the matter said, issuing an emergency decree that will effectively remove one its biggest banking headaches by splitting the two lenders'' assets into "good" and "bad" banks. The country''s top retail bank Intesa Sanpaolo ( ISP.MI ) is set to buy the good assets for one euro, leaving the state to foot the bulk of the bill for losses stemming from the banks'' bad loans, legal risks and restructuring costs. "EU state aid rules allow for the possibility of granting state support in these kind of situations," the European Commission, which must rule on the use of state money, said in a statement. It added it was in constructive discussions with Italian authorities. "Good progress is being made to find a solution very soon." The Italian government has been scrambling to prevent the two lenders from being wound down under European banking rules designed to stop the use of state money in banking crises. Rome feared that under those rules losses could have been imposed on senior bondholders and large depositors, a politically unpalatable prospect in the run-up to elections next year. Instead, under the Italian plan only junior bondholders and shareholders will be hit, but the cost for taxpayers is likely to be hefty. With the two banks'' soured or risky debts totaling more than 20 billion euros ($22.4 billion), one banker said the government would put in 5 billion euros, while some Italian media reports on Friday said the final bill could be as high as 12 billion euros. The emergency decree to be approved on Saturday will "create the conditions" for a sale of the banks'' good assets to Intesa, the source said. "The sale will allow the regular functioning of the banks'' branches on Monday morning," it said, adding the terms of the transaction will be made public in coming days. Earlier the European Central Bank said the two banks, which have a capital shortfall of 6.4 billion euros and are bleeding deposits, were failing or likely to fail, setting in motion the process that will lead to them being wound down. "The ECB had given the banks time to present capital plans, but the banks had been unable to offer credible solutions going forward," it said in a statement. Pressure on Rome to find a solution for the two Veneto lenders had increased since Spain''s Banco Popular POP.MC was rescued by Santander ( SAN.MC ) this month in a deal orchestrated by European authorities. In Popular''s case, no state money was used and Santander is seeking around 7 billion euros of capital from shareholders to help it take on Popular. The Italian plan instead takes advantage of an exception to EU bank rules that allows the use of routine insolvency proceedings with banks not considered systemically important, allowing the process to be handled by the member state. The plan has sparked criticism from some European officials who said Italy was being allowed to cut corners, while at home, opposition politicians have also criticized the scheme put forward by the government. "Intesa gets a free gift, the state takes on all the bad stuff and the taxpayer pays," Renato Brunetta, parliamentary leader for former prime minister Silvio Berlusconi''s Forza Italia (Go Italy!) party said on Thursday. "Did we really need to take so much time to come up with such a rubbish solution?" (Additional reporting by Francesca Piscioneri and Giuseppe Fonte in Rome, Agnieszka Flak in Milan and Foo Yun Chee in Brussels)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-eurozone-banks-italy-veneto-idUSKBN19E2IH'|'2017-06-24T05:14:00.000+03:00'
'af73a149c213595898922e020a08afb28df490fc'|'Canada''s CIBC completes $5 billion PrivateBancorp buy'|'TORONTO Canadian Imperial Bank of Commerce ( CM.TO ) has completed the $5 billion acquisition of Chicago-based PrivateBancorp PVTB.O, which will help it diversify from its domestic market, it said on Friday.CIBC, Canada''s fifth-biggest lender, has the biggest exposure to the country''s housing markets. Concerns are mounting about falling home prices in Toronto and Vancouver, and the bank has long coveted a major U.S. acquisition.CIBC Chief Executive Officer Victor Dodig said he had talked about a deal with PrivateBank CEO Larry Richman for almost three years."PrivateBank has always been part of our medium- to long-term strategy," Dodig said in an interview.The combined U.S. business will be renamed CIBC beginning in the fourth quarter, and Richman will run it as group head for the U.S. region.Dodig said the bank would focus on integrating the two businesses for the next two years but left an option open to make acquisitions in wealth management."There''s so much opportunity to grow it organically," he said.CIBC is paying $2.4 billion in cash and the remainder in shares. It expects the acquisition will add to its earnings within three years.(Reporting by Matt Scuffham; Editing by Lisa Von Ahn)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-privatebancorp-m-a-cibc-idINKBN19E1EB'|'2017-06-23T11:14:00.000+03:00'
'3b153af79d6619bf1e114c0e75419601ca542c24'|'Germans'' purchasing power grows at slowest pace in more than three years'|'Business   7:49am BST Germans'' purchasing power grows at slowest pace in more than three years General view inside of shopping mall ''Pasing Arcaden'' in Munich, Germany August 18, 2016. REUTERS/Michaela Rehle/File Photo BERLIN Germans'' purchasing power increased in the first quarter at its weakest rate in more than three years as inflation accelerated in Europe''s largest economy, data from the Federal Statistics Office showed on Friday. Real wages climbed by 0.6 percent between January and March compared with the same period last year - their slowest rise since the end of 2013. Earnings rose by 2.6 percent, a stronger rate than in the previous three quarters, but inflation picked up to 1.9 percent, reaching its highest level since the end of 2012, partly due to the higher cost of petrol and heating oil. Rising wages, record high employment and ultra-low borrowing costs have helped make consumption a key pillar of growth in Germany, which has traditionally been an export-driven economy. (Reporting by Rene Wagner; Writing by Michelle Martin, editing by Thomas Escritt)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-germany-economy-idUKKBN19E0KQ'|'2017-06-23T14:49:00.000+03:00'
'd2dcc536d96ed551350c2119c17a671323ae8c02'|'Toshiba to seek extension on financial filing Friday - Yomiuri'|'By Makiko Yamazaki - TOKYO TOKYO Toshiba Corp said it was open to talks with Western Digital Corp in their dispute over the sale of the Japanese conglomerate''s prized chip unit - an apparent olive branch after it chose another suitor as preferred bidder.The two have been feuding bitterly and Western Digital, which jointly runs Toshiba''s main semiconductor plant, has sought a U.S. court injunction to prevent any deal that does not have its consent.The softer tone from Toshiba comes on a day of further indignities as the crisis-wracked conglomerate saw itself demoted to the second section of the Tokyo Stock Exchange and estimated bigger losses for the past financial year.This week it chose a consortium of Bain Capital and Japanese government investors as preferred bidder for the unit, the world''s No. 2 producer of NAND flash chips. It wants to clinch a deal, worth some $18 billion, by June 28, the day of its shareholders meeting."Western Digital used to be a good partner, so we want to continue talks. I''m disappointed with the current dispute," Toshiba CEO Satoshi Tsunakawa told a news conference, adding it was important that they joined forces to better compete against bigger rival Samsung Electronics."We want Western Digital to jointly invest to fight against Samsung. It will be so disappointing if we can''t do so because of the dispute," he said.But in a sign that tensions were still high, Tsunakawa also said Toshiba was not going to be the first to propose the U.S. firm join the consortium and it was still considering whether to block Western Digital employees not based at the plant from accessing joint venture data servers.Tsunakawa also said he did not expect any changes to the make-up of the consortium before June 28.Western Digital''s offer had not found favour on price and because the U.S. firm wanted to take control of the unit, he said, adding that he expected executives from Toshiba to still be running operations after the sale.His comments come after sources familiar with matter said earlier this week that the Bain consortium members had made resolving the dispute with Western Digital a condition of their investment.Representatives for Western Digital were not immediately available to comment.HYNIX HURDLES?South Korean chipmaker SK Hynix Inc is also part of the Bain consortium and its membership has raised concerns that the winning bid may find it difficult to clear anti-trust reviews.Its presence has made Western Digital reluctant to join the group in its current form due to worries that high-level technology for NAND chips, which provide long-term data storage, could be leaked to its rival, sources familiar with the matter have said.But Tsunakawa said SK Hynix would not be holding any equity and would not be involved in management - an arrangement that was unlikely to raise regulatory red flags and would prevent leaks of key technology information.SK Hynix, which is relatively weak in NAND flash memory chips, has said it has joined the group because it sees new business opportunities. It will provide half of the 850 billion yen ($7.6 billion) that Bain plans to put up in the form of financing, sources have said.Earlier in the day, Toshiba flagged a net loss of around $9 billion for the year ended in March with negative shareholders'' equity of around $5.2 billion, both worse than expected on an increase in liabilities at bankrupt nuclear unit Westinghouse and potential legal damages.With negative shareholder equity confirmed, the Tokyo Stock Exchange said it would move Toshiba''s listing to the second section of the bourse from Aug. 1 - the latest in a series of humiliating developments since December for a firm that has been in business for more than 140 years.Toshiba also received regulatory approval to delay filing its annual earnings by more than a month amid a prolonged accounting investigation at Westinghouse. It is the sixth time since 2015 that Toshiba has delayed an earnings filing.Regulators have now given Toshiba until Aug. 10 instead of June 30 to submit the filing. Failure to gain an extension would have put the troubled company''s stock exchange listing in further jeopardy, although it still needs to dig itself out of negative shareholders'' equity by the end of this financial year to stay listed.($1 = 111.2000 yen)(Reporting by Makiko Yamazaki and Kaori Kaneko; Editing by Chang-Ran Kim and Edwina Gibbs)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/toshiba-accounting-idINKBN19D2Z0'|'2017-06-22T21:54:00.000+03:00'
'c7d46273cdc311a91255438f4ce0b6b2c64c5116'|'CANADA STOCKS-TSX ends higher as energy, mining stocks shine'|' 09pm EDT CANADA STOCKS-TSX ends higher as energy, mining stocks shine TORONTO, June 23 Canada''s main stock index finished broadly higher on Friday, as resource stocks led the rally, but BlackBerry saw its biggest one-day fall in about 2-1/2 years after disappointing first quarter sales. The Toronto Stock Exchange''s S&P/TSX composite index closed up 99.66 points, or 0.65 percent, at 15,319.56. Eight of the index''s 10 main groups advanced. (Reporting by Solarina Ho; Editing by Sandra Maler)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/canada-stocks-close-idUSL1N1JK1ML'|'2017-06-24T04:09:00.000+03:00'
'0bee600d8484ec7ea5bbc6141ce3ebebbb8cf395'|'Sistema says court ''arrests'' stake in its largest asset over Rosneft dispute'|'  10:01pm BST Sistema says court ''arrests'' stake in its largest asset over Rosneft dispute The logo of Sistema JSFC is seen on its headquarters building in Moscow, September 17, 2014. REUTERS/Maxim Shemetov By Anastasia Teterevleva and Vladimir Soldatkin - MOSCOW MOSCOW Russian conglomerate Sistema ( SSAq.L ) ( AFKS.MM ) said on Monday a Russian court had "arrested" some shares it owns, including in the country''s biggest mobile operator MTS ( MBT.N ), in a legal dispute with oil company Rosneft ( ROSN.MM ). Rosneft is suing Sistema for 170.6 billion roubles (2.28 billion pounds) in damages over the purchase of oil producer Bashneft ( BANE.MM ). Sistema proposed an out-of-court settlement last week. Rosneft spokesman Mikhail Leontyev said the arrest of the shares, which halts their use but does not seize them, was a "security measure" and the shares arrested equaled the value of Rosneft claims against Sistema. Sistema is one of the largest private holdings in Russia and is controlled by businessman Vladimir Yevtushenkov. MTS, with the market value of $8 billion according to Thomson Reuters data, is Sistema''s largest asset. Sistema interests also include agriculture, real estate and other assets. On Monday, Sistema said it had received notice of an enforcement action from the Moscow Directorate of the Federal Bailiffs Service and a copy of a court order from the Republic of Bashkortostan Arbitration Court. According to the court order, an arrest was imposed on a 31.76 percent stake in MTS, 100 percent of its Medsi chain of medical clinics, and 90.47 percent of Bashkirian Power Grid company owned by Sistema and its unit Sistema-Invest. Under the order, a relatively common device in Russia, Sistema still owns the shares but cannot carry out any action using them until the court allows it to. The court can order the shares to be seized, released or sold off as part of the dispute. Sistema owns a little over 50 percent in MTS, also present in Ukraine, Belarus, Armenia and Turkmenistan with a total 110 million clients. MTS shares lost over 6 percent in New York trade following shares arrest. "FAIR COMPENSATION" "The arrest of shares was made ... as a security in the framework of the legal claim lodged by Rosneft, Bashneft and the Republic of Bashkortostan against Sistema and Sistema-Invest," Sistema said on Monday. It said it considered the demands "unlawful and unfounded". MTS said in a separate statement: "This situation does not impact operations with MTS shares, and the rights to receive dividends on MTS shares owned by other shareholders." Bashneft, which produces around 400,000 barrels of crude oil a day, was owned by Sistema for a couple of years until 2014, when the court has ruled to return the company to the state. Yevtushenkov himself was accused in 2014 of misappropriating Bashneft shares and held for three months under house arrest. The charges, which Sistema denied, were eventually dropped Rosneft bought Bashneft from the state last year. "Shares are not being seized but a number of actions such as sale, purchase, usage as a collateral, are being suspended ... Rosneft needs a fair compensation of its claims and these assets act as guarantee for this becoming possible," Rosneft spokesman Leontyev said. He was later quoted by RIA news agency as saying that Rosneft was ready to accept any other "adequate" collateral from Sistema. Independent directors on Sistema''s board have asked Russian President Vladimir Putin to intervene in the dispute, but Kremlin has said Putin will not. (Additional reporting by Jack Stubbs,; Writing by Katya Golubkova; Editing by Alison Williams)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-russia-sistema-rosneft-mts-idUKKBN19H2J3'|'2017-06-27T05:01:00.000+03:00'
'27839a13abfe2176dca30ba9e90f9790e4871be3'|'In Amazon''s shadow, hedge funds take aim at Brexit-hit retailers'|'  11:42am BST In Amazon''s shadow, hedge funds take aim at Brexit-hit retailers left right People rush past Debenhams department store on Oxford Street, in central London, Britain January 10, 2011. REUTERS/Ki Price/File Photo 1/4 left right Pedestrians walk past an M&S shop in northwest London July 8, 2014. REUTERS/Suzanne Plunkett/File photo 2/4 left right Shoppers walk past a branch of the food retailer Morrisons in west London, Britain, January 7, 2017. REUTERS/Toby Melville 3/4 left right Workers pack bags as a conveyer belt transports goods inside the Ocado Customer Fulfilment Centre in Hatfield on the outskirts of London, Britain, April 6, 2016 . REUTERS/Dylan Martinez 4/4 By Alasdair Pal - LONDON LONDON Hedge funds have significantly stepped up bets against Britain''s traditional high street retailers, as the sector struggles with online competition, worries about a stretched consumer and weakening sales and profits. The risks were on full display on Tuesday when shares in Debenhams slid more than 3 percent to an eight-year low following a weak trading update and a warning on UK sales. Britain''s upcoming exit from the European Union, an inconclusive general election, and worrying data on consumer spending have muddied the outlook for bricks-and-mortar retailers like Debenhams, Marks & Spencer and Next, whose share prices have fallen this year. Short-sellers, who borrow shares in a company before selling them into the market, hoping to buy them back at a lower price in the future and pocket the difference, are doubling down. Of the 10 most-shorted stocks in the UK, five – M&S, Debenhams, Pets At Home and grocers Morrisons and Ocado – are now in the retail sector, according to data from UK regulator the Financial Conduct Authority. This comes after sofa retailer DFS warned on June 15 that it would miss expectations on profits this year, blaming an uncertain political and economic outlook, and that the lack of demand was “market-wide”. DFS''s comments sent a stock index tracking Britain’s retailers down 4.1 percent on June 15 – its biggest one-day fall since Britain voted to leave the European Union in June 2016. That was followed a day later by Amazon announcing its intention to buy Whole Foods, stoking fears the online giant may push further into retail. Analysts and investors are braced for further weakness. “Traditional clothing retailers are an area where I find it much harder to see how the pressure is going to go away,” said Matthew Tillett, a fund manager at Allianz Global Investors. “I am always asking, ‘is it Amazon-able?’ If the answer to that question is ‘yes’ it is always going to be hard for me to buy a bricks and mortar retailer.” UK retail sales fell more sharply than expected in May, data from the Office of National Statistics showed on the same day as the DFS profit warning, with non-food retailers particularly badly affected. “It is a tough backdrop,” said Tineke Frikkee, a fund manager at Smith & Williamson. It owns shares in M&S and Debenhams, both of which have seen increases in short interest in the last week. “The response shows you the glass is half empty on these stocks,” Frikkee said. In particular, DFS’s profit warning and Amazon’s expansion have coincided with a spike in short-selling in M&S and Debenhams. Of the 11 funds short M&S’s shares, six increased their positions on June 15 and 16, according to regulatory filings. Short interest in the retailer, which primarily sells clothing and food, has risen more than five-fold to 10.2 percent since the start of the year. Hedge funds shorting M&S include Marshall Wace, which has a 2.3 percent position in the company’s shares and is also shorting pet food retailer Pets At Home. At around 130 million pounds, the bet against M&S is one of the fund’s largest shorts in the UK. Marshall Wace declined to comment. Debenhams, already one of the UK’s most shorted stocks, has seen short interest nearly double since the start of the year to reach an all-time high of 11.9 percent. Odey Asset Management, run by billionaire investor Crispin Odey, increased its position to nearly 4 percent of the company’s shares on June 15, according to filings. The firm did not respond to requests for comment. Shorting the sector has been a successful trade so far in 2017: Pets At Home has fallen 33 percent and Debenhams has lost more than a fifth of its value this year. M&S is down 3 percent. (Reporting by Alasdair Pal, Editing by Vikram Subhedar and Susan Fenton)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-hedgefunds-ukretail-idUKKBN19I152'|'2017-06-27T18:34:00.000+03:00'
'c1049f67d175fd27e9a51d13e28ca7b58b3a1e08'|'Sailing-Mission accomplished: New Zealand plan brings America''s Cup revenge'|'Market News - Mon Jun 26, 2017 - 6:32pm EDT Sailing-Mission accomplished: New Zealand plan brings America''s Cup revenge By Alexander Smith and Tessa Walsh - HAMILTON, Bermuda, June 26 HAMILTON, Bermuda, June 26 Emirates Team New Zealand''s successful plan to regain the America''s Cup started as soon as they had lost in devastating fashion to Oracle Team USA in San Francisco in 2013. The New Zealand outfit had been highly secretive about their activities during the campaign to win the 35th America''s Cup in Bermuda but opened up after clinching the "Auld Mug" on Monday. "After San Francisco, we had a pretty brutal debrief," the team''s CEO Grant Dalton told reporters after lifting the cup. That resulted in a 20-point plan focused on what the team, which is part government-funded alongside sponsorship from Emirates, Toyota and wealthy benefactors, had to do differently. Key among them was the need to "invest in technology on a pretty limited budget", an emotional Dalton, who is known by the rest of the team as "Dalts", revealed. The Kiwi team underwent a major shake-up and struggled for cash in the aftermath of the defeat at the hands of the better-funded team backed by Oracle founder Larry Ellison. Their own team principal and benefactor Matteo de Nora, who said on Monday he "knew we had an opportunity to do something" with Dalton, was instrumental in providing support and guidance during a period when others doubted. "They saw us as cowboys... we were to a point," Dalton said, adding that there were times when the team had not been able to pay salaries but had managed to keep going. THINKING OUTSIDE THE BOAT Dalton and skipper Glenn Ashby, the only surviving member of the 2013 San Francisco ''shipwreck'', worked together to come up with a plan that would be bold, different and revolutionary. That resulted in one significant secret weapon, which other teams have acknowledged changed the course of the cup. "We knew we couldn''t outspend them (Oracle Team USA) so we had to out-think them," Dalton said, adding that he and Ashby agreed from the start they would "throw the ball out as far as we can and see if we can get to it". It was Ashby, who Dalton calls "Glenny", who stuck to his guns on critical elements of the new programme. "The foresight that we had as a team to be aggressive and bold in our design philosophy has ultimately provided us with the victory here today," Ashby said. This included the decision to employ "cyclors", sailors who pedal to provide the hydraulic power needed to drive the boat, rather than traditional "grinders", who use their arms. "Glenn wouldn''t let us employ any grinders," Dalton said. New Zealand managed to keep the pedal set-up secret until late in the game, training at home and not showing their hand until February of this year when they revealed that Olympic cycling medallist Simon van Velthooven would be on board. Another masterstroke was signing up Peter Burling to steer the team''s 50-foot (15 metre) foiling catamaran. Dalton met secretly at his home with the 26-year-old, who has won Olympic gold and silver medals in the 49er skiff class. Burling, who has shown extraordinary calmness and composure during the America''s Cup campaign and has been widely viewed as unflappable, said he wanted to helm the new New Zealand boat. "It was investing in the right people, giving them responsibility and not shackling them," Dalton said. That philosophy paid off on Bermuda''s Great Sound, and for de Nora, who did not reveal how much money he had ploughed into the campaign, it was finally "mission accomplished". (Editing by Ken Ferris) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/sailing-americas-new-zealand-idUSL8N1JN576'|'2017-06-27T06:32:00.000+03:00'
'5ed9c4cfc0ee7a092df6a087074b72c11a46481a'|'Oil little changed after three-day gain, supply glut weighs'|'Business News - Tue Jun 27, 2017 - 4:41am BST Oil up for fourth day on short-covering, supply glut caps gains A pumpjack drills for oil in the Monterey Shale, California, April 29, 2013. REUTERS/Lucy Nicholson By Naveen Thukral - SINGAPORE SINGAPORE Crude oil futures rose for a fourth consecutive session on Tuesday as investors covered short positions, though worries over a festering supply glut kept a lid on prices. U.S. West Texas Intermediate (WTI) crude futures CLc1 were up 12 cents, or 0.3 percent, at $43.50 per barrel by 0323 GMT. Brent crude futures LCOc1 gained 14 cents, or 0.3 percent, to $45.97 per barrel. The market is up slightly so far this week after dropping for the past five weeks. "The market has fallen a lot as the news has been bad pretty consistently for the oil market," said Ric Spooner, chief market analyst at CMC Markets in Sydney. "It has moved a long way in response to that news. Maybe we are getting to a point that there is upside risk to any good news?" The Organization of the Petroleum Exporting Countries (OPEC) and its partners have been trying to reduce a global crude glut with production cuts. OPEC states and 11 other exporters agreed in May to extend cuts of 1.8 million barrels per day (bpd) until March. However, Nigeria and Libya, OPEC members exempt from the cuts, have raised output. Iran was allowed a small increase to recover market share lost under Western sanctions over its nuclear programme. It said its production has surpassed 3.8 million bpd and is expected to reach 4 million bpd by March. And U.S. shale oil output has risen around 10 percent since last year, with the number of U.S. oil rigs in operation at the highest in more than three years. <RIG/U> Hedge funds and other money managers appear to have abandoned all hope that OPEC will rebalance the oil market, slashing formerly bullish bets on crude futures and options, John Kemp, a Reuters market analyst wrote in a column. "Exchange data showed that speculators had cut their net long positions in WTI and Brent to (the) lowest level in 10 months last week," ANZ said in a note. "Traders are also looking ahead to the EIA Energy Conference in Washington, where U.S. shale oil producers are expected to give their view of current market conditions." Analysts at Bank of America-Merrill Lynch said demand had not grown quickly enough to absorb excess output. As the global oil market frets about a stubborn supply glut, faltering demand growth in key Asian crude importers is further hampering efforts to restore market balance. A fuel glut in China, a hangover from demonetisation in India, and an ageing, declining population in Japan are holding back crude oil demand growth in three of the world''s top four oil buyers. (Reporting by Naveen Thukral; Editing by Richard Pullin and Joseph Radford) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-global-oil-idUKKBN19I01H'|'2017-06-27T08:23:00.000+03:00'
'b86563d1adfad24fd9343e43703bc99872d3386d'|'Deutsche Telekom CEO praises U.S. business amid merger rumours'|'Business  49am BST Deutsche Telekom CEO praises U.S. business amid merger rumours Timotheus Hoettges, CEO of Germany''s telecommunications giant Deutsche Telekom AG addresses the CyberSecurity summit in Bonn November 3, 2014. REUTERS/Wolfgang Rattay DUESSELDORF The chief executive of Deutsche Telekom praised the performance of its T-Mobile US business while declining to comment on renewed merger speculation in the American mobile market. Deutsche Telekom has long sought a buyer for T-Mobile US, which accounts for most of its profits and growth. It has talked in the past to Sprint, AT&T and Dish but more recently has indicated it wants to keep control. "We are extremely successful in the U.S. Our growth is double-digit in the U.S. We added a million subscribers for 14 quarters in a row. The U.S. is bigger than our European business and our management there is fantastic," Tim Hoettges said. His comments to reporters late on Monday were made before news broke that Sprint, the fourth largest mobile operator in the U.S., was in talks with cable companies Charter Communications and Comcast about a partnership. Shares in Deutsche Telekom were down 2.1 percent by 0810 GMT on Tuesday, at the bottom of the STOXX Europe 600 Telecommunications index which was down 0.9 percent. "The probability for this transaction gets hit hard," a Frankfurt-based trader said about a potential deal between Sprint and T-Mobile US. "Still, the company is also very attractive on a standalone basis." Sources told Reuters on Monday that an agreement between Sprint and the cable providers over its network does not preclude Sprint from seeking a merger agreement with T-Mobile. Deutsche Telekom has 64 percent control of T-Mobile US. Hoettges declined to give any comment about possible consolidation in the United States, saying only that the market remained more attractive than Europe. "The conditions of the U.S. market are clearly better. There are consistent policies for a single market of 330 million customers, while in Europe we can''t get it done. The market is too regulated," Hoettges said. Earlier this year, Reuters reported Softbank, which owns the majority of Sprint, was prepared to give up control of Sprint to T-Mobile US to clinch a merger of the two U.S. wireless carriers, according to people familiar with the matter. (Reporting by Matthias Inverardi; Writing by Harro ten Wolde; Editing by Keith Weir)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-deutsche-telekom-t-mobile-us-idUKKBN19I0UD'|'2017-06-27T16:49:00.000+03:00'
'f7d618b7604374dd8869c02716070a14a482c0be'|'Britain to establish catastrophe bond centre this year - minister'|'Business   12:28pm BST Britain to establish catastrophe bond centre this year - minister LONDON Britain will be on track to become a centre for insurance-linked securities such as catastrophe bonds later this year, after regulations are brought before parliament in the next few weeks, minister Stephen Barclay said on Tuesday. Britain''s insurance industry has been pushing to set up a catastrophe bond market to take on rival centres such as Bermuda, which already have regulations in place to allow the repackaging of large risks like hurricane insurance as debt instruments. "The regulations are now being finalised so they can be laid in parliament before the summer recess, with a view to the regime coming into force in the autumn of this year," Barclay, whose official title is Economic Secretary to the Treasury, said in a letter to lobby group the London Market Group. Catastrophe bonds and other insurance-linked securities are popular investments for pension funds due to their high yield compared with traditional asset classes. Catastrophe bond issuance totalled $5.8 billion in 2016, according to broker Aon Benfield. (Reporting by Carolyn Cohn. Editing by Jane Merriman)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-insurance-catastrophe-bonds-idUKKBN19I1BP'|'2017-06-27T19:28:00.000+03:00'
'c90e2dc16a9e0286666b260595d4d90749f14d60'|'Miranda Kerr returns jewelry gifted in alleged Malaysian scheme'|'Business News - Tue Jun 27, 2017 - 12:38pm EDT Miranda Kerr returns jewelry gifted in alleged Malaysian scheme 89th Academy Awards - Oscars Vanity Fair Party - Beverly Hills, California, U.S. - 26/02/17 Model Miranda Kerr REUTERS/Danny Moloshok/File Photo LOS ANGELES Australian model and actress Miranda Kerr has handed over millions of dollars worth of jewelry that U.S. authorities say was given to her as part of a Malaysian money laundering scheme, her spokesperson said on Tuesday. Kerr, a former Victoria''s Secret model, was given diamond pendants, earrings and other jewelry worth about $8 million in 2014 by Malaysian financier Jho Low, according to a June 15 U.S. Department of Justice civil lawsuit. Kerr is not accused of any wrongdoing and her spokesperson said she has co-operated fully with U.S. authorities from the start of the inquiry. "The transfer of the jewelry gifts from Ms. Kerr''s safe deposit box in Los Angeles to government agents was completed on last Friday afternoon," the spokesperson said in a statement. The gifts of jewelry were detailed in the Justice Department''s lawsuit, in a long-running case over an alleged conspiracy to launder money misappropriated from the 1Malaysia Development Berhad fund, known as 1MDB, which was set up by Malaysian Prime Minister Najib Razak in 2009 to promote economic development. The Justice Department alleges that more than $4.5 billion was taken from 1MDB by high-level fund officials and their associates. Kerr, who was in between marriages to actor Orlando Bloom and Snapchat co-founder Evan Spiegel at the time, was given a heart-shaped diamond necklace worth $1.8 million, with her initials inscribed on the back, as a 2014 Valentine''s Day gift from Low, according to the lawsuit. Later in 2014, investigators said, Low gave Kerr a second, pink diamond, pendant worth $4.8 million, followed by matching earrings, a bracelet and a ring worth almost $2 million. The lawsuit said the funds for the jewelry were misappropriated from the 1MDB account. Low, whose whereabouts are unknown, could not be reached for comment. Actor Leonardo DiCaprio also is tied up in the scandal after accepting artwork by Picasso and Basquiat worth more than $12 million from financiers connected with the 1MDB case, along with an Oscar once owned by actor Marlon Brando. DiCaprio is cooperating with authorities and has initiated the return of the items, his spokesman has said. DiCaprio''s involvement stems from his 2013 film "The Wolf of Wall Street," which investigators allege was financed through Hollywood production company Red Granite with $100 million diverted from the 1MDB fund. Red Granite has denied any wrongdoing and has said it is fully co-operating with the Justice Department. (Reporting by Jill Serjeant and Gina Cherelus; Editing by Steve Orlofsky) '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-malaysia-scandal-miranda-kerr-idUSKBN19I29A'|'2017-06-28T00:13:00.000+03:00'
'e3adbe95e4ae0d2525806685de9cbb8e87610619'|'Tesla, others seek ways to ensure drivers keep their hands on the wheel'|'Technology News   12:49pm EDT Tesla, others seek ways to ensure drivers keep their hands on the wheel FILE PHOTO: A Tesla Model X is photographed alongside a Model S at a Tesla electric car dealership in Sydney, Australia, May 31, 2017. REUTERS/Jason Reed/File Photo By David Shepardson - WASHINGTON WASHINGTON Automakers are using tiny cameras, sensors to track drooping heads, steering wheel monitors and audible alerts to ensure drivers pay attention when using advanced driver assistance systems, like Tesla’s Autopilot, that allow drivers to take their hands off the wheel. In a report this week on the May 2016 crash of a Tesla Inc Model S that killed a driver who was using Autopilot, the National Transportation Safety Board demonstrated that users could mostly keep their hands off the wheel for extended periods despite repeated warnings from the vehicle. But the crash underscored a vexing problem for automakers that want to gain an edge by launching technology that completely automates driving tasks. Unless a car is capable of driving itself safely in every situation, drivers will still have to remain alert and ready to take control even if the car is piloting itself. The NTSB, the federal agency charged with investigating significant transportation accidents, said during a 37-minute section of the 41-minute Tesla trip, the driver kept his hands on the wheel for just 25 seconds, putting his hands on the wheel for one- to- three second increments after getting repeated visual and audible warnings. General Motors Co delayed introduction of a driver assistance technology called Super Cruise that was initially planned for late last year because it said it was not ready. The technology will go on sale this fall. Barry Walkup, chief engineer of Super Cruise, said the company added "a driver attention function, to insist on driver supervision." The system uses a small camera that focuses on the driver and works with infrared lights to track head position to determine where the driver is looking. If the system - which uses facial recognition software - detects the driver is not paying attention, it will prompt the driver to return attention to the road. If the driver does not respond, it will escalate alerts, including a steering wheel light bar, visual indicators, tactile alerts in the seat and audible alerts. If the driver does not respond, the vehicle is brought to a controlled stop. Volkswagen AG''s ( VOWG_p.DE ) luxury Audi unit has a system that handles steering and braking at speeds of up to 40 miles. The system requires the driver to check in with the steering wheel every 15 seconds. Audi said the system will beep alerts at the driver, and if the driver does not respond, it will bring the vehicle to a stop. The National Highway Traffic Safety Administration, which is the lead agency for regulating self-driving cars, does not test or preapprove driver assistance systems before automakers install them. Instead, the agency responds to complaints or crashes when it investigates whether a potential defect poses an unreasonable risk to driver safety. The May 2016 Tesla accident has raised concerns about the regulation of self-driving cars. The NTSB will issue probable cause findings and may make recommendations to the NHTSA in the Tesla crash but does not plan to hold a public hearing on the incident, spokesman Keith Holloway said. In September 2016, Tesla unveiled new restrictions on Autopilot after widespread concerns the system lulled users into a false sense of security through its "hands-off" driving capability. The updated system temporarily prevents drivers from using the system if they do not respond to audible warnings to take back control of the car. The car sounds warnings if drivers take their hands off the wheel for more than a minute at speeds above 45 miles per hour (72 kph) when there is no vehicle ahead, Tesla Chief Executive Elon Musk told reporters in September. If the driver ignores three audible warnings in an hour, the system temporarily shuts off until it is parked. Musk said at the time that autopilot accidents are far more likely for expert users of the system, saying some users got as many as 10 warnings in an hour under the prior system. “It''s not the neophytes, it''s the experts. They get very comfortable with it and repeatedly ignore the car''s warnings and in effect it becomes like a reflex action,” Musk said. Tesla monitors drivers through their interactions with the steering wheel, turn signal, and speed setting, NHTSA said in a separate report. Alphabet Inc''s Waymo unit, which is also working on self-driving technology, is taking a different approach, arguing that asking drivers to pay attention while the car drives itself is wrong. Waymo is focusing its efforts on fully autonomous vehicles where humans take no part in driving, rather driver assistance. "We''re not seeking to build a better car. Our goal is to build a better driver," Waymo Chief Executive Officer John Krafcik said earlier this year. (Reporting by David Shepardson; Editing by Chris Sanders and Bernard Orr)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/uk-usa-autos-selfdriving-safety-idUSKBN19E1ZA'|'2017-06-24T00:45:00.000+03:00'
'7a3d5bf5ce59e8890ef8f20b1225d8c4a0775e4b'|'Italy holds emergency cabinet meeting over Veneto banks'|'  3:54pm BST Italy holds emergency cabinet meeting over Veneto banks left right FILE PHOTO: The logo of Veneto Banca bank is seen in Venice, Italy, January 31 2016. REUTERS/Alessandro Bianchi/File Photo 1/2 left right FILE PHOTO: A Banca Popolare di Vicenza sign is seen in Rome, Italy, March 29, 2017. REUTERS/Alessandro Bianchi/File Photo 2/2 ROME The Italian cabinet convened on Sunday afternoon to approve an emergency decree that will start liquidation proceedings for two ailing Veneto-based lenders, Banca Popolare di Vicenza and Veneto Banca, the prime minister''s office said. The decree must be approved by midnight on Sunday, in time for the reopening of bank branches and markets on Monday. The European Commission on Friday gave preliminary approval for the Italian plan to wind down the two banks with state money in a move that may allow Rome to solve its latest banking crisis on its own terms. The decree is expected to split the two lenders'' assets into "good" and "bad" banks. The country''s top retail bank Intesa Sanpaolo ( ISP.MI ) is set to buy the good assets for one euro, leaving the state to foot the bulk of the bill for losses stemming from the banks'' bad loans, legal risks and restructuring costs. (Reporting by Silvia Aloisi)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-eurozone-banks-italy-veneto-idUKKBN19G0L9'|'2017-06-25T22:31:00.000+03:00'
'eddfb3d135896a32cf8fbed76a8b30e7a0a9d39f'|'Canada allows Dow, Dupont merger after firms agree to sell assets'|'OTTAWA Canada''s Competition Bureau said on Tuesday it would allow a planned merger between DuPont ( DD.N ) and Dow Chemical Co ( DOW.N ) after both firms agreed to dispose of some assets.The announcement is similar to those made by U.S. and European Union regulators, who also allowed the merger to go ahead as long as the firms made divestitures they already have outlined."The agreement reached today ensures that consumers and businesses continue to benefit from a dynamic marketplace," competition commissioner John Pecman said in a statement.DuPont will sell a significant part of its global herbicides business and research and development branch to FMC Corp ( FMC.N ). Dow will sell its global business of certain specialised plastics products to SK Global Chemical Corp[SKENGC.UL], the Competition Bureau said in a statement.The bureau said the asset sales were needed to prevent a substantial lessening of competition in the supply and development of some crop protection products and specialised packaging plastics.(Reporting by David Ljunggren; Editing by Richard Chang and Sandra Maler)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/du-pont-m-a-dow-canada-idINKBN19I2YR'|'2017-06-27T20:26:00.000+03:00'
'b3f6bd2202405ec8e33676b9316be9f92ea4be21'|'BMW, competing with Tesla, to introduce electric 3 Series - Handelsblatt'|'Autos - Wed Jun 28, 2017 - 7:26pm BST BMW, competing with Tesla, to introduce electric 3 Series - Handelsblatt A BMW logo is seen at a car dealership in Vienna, Austria, May 30, 2017. REUTERS/Heinz-Peter Bader FRANKFURT BMW ( BMWG.DE ) plans to introduce an electric version of its popular 3 Series in September, a move designed to fend off rival Tesla ( TSLA.O ), Handelsblatt reported on Wednesday. The German carmaker will present the vehicle at the IAA auto show in Frankfurt in September, the paper said. The 3 series, which is a high volume sales model, will have a range of 400 km (248 miles) and is seen as a direct response to the success of Tesla''s Model 3, according to Handelsblatt. BMW declined to comment.'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-bmw-tesla-electric-idUKKBN19J2KS'|'2017-06-28T21:26:00.000+03:00'
'393f6e210cd9bef92deaace5c8659a7d3509013f'|'Exclusive: Activist wants Potbelly to alter plan or explore sale'|'By Michael Flaherty Potbelly Corp ( PBPB.O ) is under pressure from an activist shareholder that wants the sandwich chain to change its strategy or explore the sale of the company, according to a letter obtained by Reuters.Ancora Advisors LLC, which said it owns 4 percent of Potbelly shares, outlined steps it wants the company to take to boost its share price, including franchising more of its restaurants. It said it should explore a sale if it does not go through with these proposed changes."We would strongly urge it to immediately pursue a sale/ going-private transaction, as we do not believe the current strategy would be attractive for current or potential public/minority shareholders over any investable time frame," Ancora said in the letter, which was sent to the board.Potbelly, a chain of sub and sandwich shops based in Chicago with a $276 million market capitalization, did not immediately respond to a phone call seeking comment.The company''s wood-paneled restaurants, fast service, and make-your-own-sub format from an array of fresh ingredients make it a popular place for the in-and-out lunch crowd.After shares doubled on its debut to nearly $31 in October 2013, the stock has steadily declined. Shares rose 3 percent on Thursday to $11.50.The company announced last month that Chief Executive and Chairman Aylwin Lewis will leave the company in August.Ancora, an activist investor based in Cleveland, said that during the search for a new chief executive, the board should find a candidate with a significant amount of franchise experience.Activist investors often call on restaurant chains to franchise more restaurants, rather than owning them outright, because it allows the company to accumulate more cash to give back to shareholders in the form of buybacks or dividends.Ancora''s chief criticism was that the company was opening too many new restaurants that are not franchised.The investment fund said a heavier mix of franchised restaurants could more than double the company''s stock price."We firmly believe Potbelly should seek out shareholder representation for its board," Ancora said in the letter, adding it may seek its own board presence at next year''s annual meeting.(Reporting by Michael Flaherty in New York; Editing by Bernadette Baum)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-potbelly-ancora-idINKBN19D1VX'|'2017-06-22T13:22:00.000+03:00'
'91f0b51f25e74c492ff1188d592ced614ec19728'|'What We Need—and Don’t Need—From Government in the Robot Age'|'View What We Need—and Don’t Need—From Government in the Robot Age Michael R. Bloomberg on how to think about wages, health insurance, and education in the wake of technological advances. By A robotic arm transports sheets of glass during the manufacturing of photovoltaic cells at SolarWorld AG in Freiberg, Germany. Photographer: Martin Leissl/Bloomberg Capitalism has brought opportunity to billions of people around the world and reduced poverty and disease on a monumental scale. Driving that progress have been advances in knowledge and technology that disrupt industries and create new ones. We celebrate market disruptions for the overall benefits they generate, but they also present challenges to workers whose skills are rendered obsolete. Today, as the age of automation affects more industries, those challenges are affecting more and more people. Attempting to slow the pace of technological change to preserve particular jobs is neither possible nor desirable, and there may be no better example than in the energy industry. In the 1920s more than 800,000 Americans worked in the coal mines. Many developed debilitating and deadly health problems. In 2008 national coal production peaked, yet technology had cut the number of jobs by 90 percent. Today, as consumers turn to cleaner and cheaper sources of energy, the societal benefits are widespread: Deaths from coal pollution have dropped 40 percent, and jobs in the renewable energy industry have soared. But this trend has also left coal miners, whose numbers have dwindled, in difficult positions, particularly since their employers have been walking away from their pension and health-care obligations. We can both embrace the societal benefits of technological change and confront the challenges it poses for individual workers and their communities—but only if we expect government leaders to look forward instead of backward and to develop effective responses rather than pitting groups against one another. There are no panaceas, including the idea that the wealthy should pay more in taxes, with the money redistributed to support those who lose jobs—which I’m not averse to, if the money is spent wisely. But work is an important part of what gives our lives meaning and direction. Giving people a check isn’t the same as giving them an opportunity to pursue their ambitions and fulfill their potential. Industriousness, and the chance to shape your own destiny, has always been a critical part of what’s made America an exceptional nation. Finding more ways to reward and encourage work will be essential to coping with automation. The Earned Income Tax Credit is one way to do that. It’s effectively a wage subsidy for low-income earners—and expanding it, or using other subsidies to encourage employment as we do with investment, may become increasingly necessary. It may even be that governments will experiment with direct employment programs, putting Americans to work performing jobs that produce some public benefits, however limited. Whatever the approach—and all have their costs—keeping working-age adults in the labor market, rather than them sitting at home, is a goal worth pursuing. Disruption from automation will also have an impact on Americans’ health. Some 150 million Americans get health insurance through their work. Employer-sponsored health insurance is an accident of history—businesses began offering the benefit as a way around World War II wage controls—and the Affordable Care Act left the system largely in place. One way to mitigate the harmful effects on workers who lose their jobs would be to de-link health insurance from employment to ensure that everyone can receive care when they need it, including when they are between jobs or unable to find one. The most important business stories of the day. Get Bloomberg''s daily newsletter. Sign Up We will also have to rethink our approach to education, which follows an antiquated model: School years are based on an agricultural economy that required children to work the fields during the summer months. Education laws stifle innovation and parental choice. And vocational training programs are based on an industrial past, turning off many students who might opt for such programs and often leaving those who do enroll ill-prepared for careers. At the same time, community colleges too often saddle students with debt without doing enough to ensure they earn a degree and marketable skills. And continuing education and training programs, which could help save adults from getting locked out of the evolving labor market, are often divorced from the needs of employers. There will always be politicians making promises the market won’t allow them to keep. But to spread the benefits of the age of automation far and wide, we’ll need more cooperation among government, business, education, and philanthropic leaders. Before it''s here, it''s on the Bloomberg Terminal. '|'bloomberg.com'|'https://www.bloomberg.com/businessweek'|'https://www.bloomberg.com/news/articles/2017-06-22/what-we-need-and-don-t-need-from-government-in-the-robot-age'|'2017-06-22T17:00:00.000+03:00'
'c16da15d31014bfbd1ee89f309c7075f7fcf9fc0'|'Home Capital''s shares surge as Buffett rides to rescue'|'By Matt Scuffham - TORONTO TORONTO Warren Buffett''s Berkshire Hathaway Inc ( BRKa.N ) is providing a C$2 billion loan to Home Capital Group Inc ( HCG.TO ) and taking a 38 percent stake in the lender, with the U.S. billionaire pitching himself against short-sellers who have targeted the stock as Canada''s housing market has turned riskier.Home Capital shares soared as much as 18 percent to its highest since April on Thursday.The deal brings to a close a near two-month process during which Home Capital''s beefed-up board and advisers RBC Capital Markets and BMO Capital Markets sought funding to replace a costly credit facility with the Healthcare of Ontario Pension Plan (HOOPP).Canada''s housing market has turned riskier as home prices in Toronto and Vancouver have fallen after the government introduced measures to cool overheating prices and household debt in Canada has reached record levels.Home Capital has played an important role in Canada''s mortgage market, lending to new immigrants and self-employed workers who may not be able to get loans from the country''s biggest banks.In a statement on Wednesday, Buffett said the lender''s "leading position in a growing market sector make this a very attractive investment."Investors are wondering whether the deal will be as successful as Buffett''s decidedly bigger deal to buy Goldman Sachs ( GS.N ) preferred shares after credit markets froze during the financial crisis in 2008.Alan Hibben, a Home Capital director, said the lender received interest from over 70 parties but decided Buffett''s proposal was the best option, partly because of his credibility with investors and depositors."This transaction represents a very strong validation and endorsement of Home Capital from a world-renowned long-term value investor," he told analysts on a conference call. "We believe that a strong corporate sponsor will further restore confidence in Home in the capital and deposit markets."Short sellers are continuing to take positions in Home Capital, which they have targeted for the past two years. They aim to make a profit by selling borrowed shares on the hope of buying them back later at a lower price."We will see whether things change over the next week or so but shorts are still trying to accumulate a position in Home Capital," said Ihor Dusaniwsky, head of research at S3 Partners, in New York. Combined short interest in the company''s Canadian and U.S.-listed shares ( HMCBF.PK ) stands at about $183 million, up $62 million this month, according to data from financial analytics firm S3 Partners.Marc Cohodes, a short seller who has been betting against Home Capital for two years, said on Thursday he continued to do so."If it wasn''t Warren Buffett''s name, the stock would be way, way way, down today," he said in an interview.Home Capital was forced into a capital squeeze after depositors rushed to withdraw funds from its high-interest savings accounts. They have pulled 95 percent of funds from Home Capital''s high-interest savings accounts since March 27, when the company terminated the employment of former Chief Executive Officer Martin Reid.The withdrawals accelerated after April 19, when Canada''s biggest securities regulator, the Ontario Securities Commission, accused Home Capital of making misleading statements to investors about its mortgage underwriting business.It reached a settlement with the commission last week and accepted responsibility for misleading investors about mortgage underwriting problems."The ''endorsement'' from Warren Buffet may prove to rehabilitate depositor confidence, thus turning deposit flow positive," said National Bank of Canada analyst Jaeme Gloyn.The Berkshire credit agreement comes with an interest rate of 9 percent, with a standby fee on funds not drawn down of 1.75 percent, compared with 2.5 percent previously.Berkshire will buy C$400 million in new Home Capital shares, issued at C$9.55 per share, a 15 percent discount to the average share price prior to its final proposal on June 13 and a 33 percent discount to Wednesday''s closing price.Berkshire Hathaway will also take a 38.4 percent stake in the company after buying $400 million worth of Home Capital stock.Buffett has not been especially active in Canada in recent years. He was a shareholder in oil and gas producer Suncor Energy Inc ( SU.TO ) but sold the stake in 2016.Shares in Home Capital rose as high as $18.94 before easing to $17.21, up 15.1 percent.(Additional reporting by Jennifer Ablan and Saqib Ahmed in New York; Editing by Jeffrey Benkoe)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-home-capital-buffett-investors-idINKBN19D1OH'|'2017-06-22T15:55:00.000+03:00'
'b58ee50efe1a829ea319063d62f18eefa8161c11'|'PRESS DIGEST- Canada-June 23'|'Market News - Fri Jun 23, 2017 - 9:51am EDT PRESS DIGEST- Canada-June 23 June 23 The following are the top stories from selected Canadian newspapers. Reuters has not verified these stories and does not vouch for their accuracy. THE GLOBE AND MAIL ** Insolvent Sears Canada Inc has got court protection from its creditors in a last-ditch effort to slim down and shape up after years-long attempts to transform its business. ( tgam.ca/2t29th6 ) ** Royal Bank of Canada, Canadian Imperial Bank of Commerce, Bank of Nova Scotia and Toronto-Dominion Bank provided nearly a third of the credit for Kinder Morgan Canada Ltd''s Trans Mountain pipeline expansion project. ( tgam.ca/2t2m0kW ) NATIONAL POST ** Postmedia will sell its Infomart business to media intelligence firm Meltwater for C$38.25 million. ( bit.ly/2t2erux ) ** The CBC hired an external investigator to probe two top television executives after receiving complaints that at least 13 contracts were handed to production companies owned by their spouses. ( bit.ly/2tBMK8O ) (Compiled by Bengaluru newsroom) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/press-digest-canada-idUSL3N1JK43I'|'2017-06-23T21:51:00.000+03:00'
'cb78f25605beeb1976d82e4a61d52265a799e62b'|'L1 Retail agrees to buy Holland & Barrett for $1.77 bln pounds'|'Market News - Mon Jun 26, 2017 - 2:21am EDT L1 Retail agrees to buy Holland & Barrett for $1.77 bln pounds LONDON, June 26 L1 Retail has agreed to buy Holland & Barrett from The Nature''s Bounty Co. and The Carlyle Group for 1.77 billion pounds ($2.26 billion), the companies said in a statement. Russian billionaire Mikhail Fridman''s L1 Retail is expected to close the transaction by September 2017 subject to customary regulatory approvals. The deal for the health and wellness chain was first reported by the Financial Times on Sunday. "We believe that the company is well positioned to benefit from structural growth in the growing 10 billion pound health and wellness market and has multiple levers for long term growth and value creation," said L1 Retail Managing Partner Stephen DuCharme. Carlyle was advised by Goldman Sachs, Houlihan Lokey, UBS, PWC, Latham Watkins and OC&C. ($1 = 0.7846 pounds) (Reporting by Maiya Keidan; editing by Simon Jessop) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/deals-carlyle-group-l-idUSFWN1JM00U'|'2017-06-26T14:21:00.000+03:00'
'79076611f1158acfde86ea3f622f0fd7efdbb198'|'Sterling inches higher as May strikes deal with DUP'|'Business News - Mon Jun 26, 2017 - 5:33pm BST Sterling inches higher as May strikes deal with DUP By Ritvik Carvalho - LONDON LONDON Sterling gained 0.1-0.2 percent against the dollar and euro on Monday after Prime Minister Theresa May struck a deal to prop up her minority government, peeling away one layer of uncertainty for Britain as its negotiates its exit from the European Union. May secured the backing of Northern Ireland''s Democratic Unionist Party (DUP) and its 10 lawmakers, concluding two weeks of talks since she lost her majority in an election on June 8. The pound hit a one-week high against the dollar of $1.2759 in morning London trade in anticipation of the deal, before briefly turning negative an hour before the announcement. After news broke of the deal being finalised, sterling reclaimed lost ground and last traded 0.1 percent higher at $1.2735. GBP=D3 It was also 0.1 percent higher at 87.97 pence per euro. EURGBP=D3 "There wasn''t really an expectation for it (the deal) to fall apart," said Christopher Beauchamp, markets analyst at IG Markets, explaining the move. "In rather heavily trailed events, it (sterling) always tends to see that kind of unimpressed reaction." Sterling has recovered more than a cent of its losses since the election as investors have upped their expectations for a rise in record low interest rates in Britain. More Bank of England policymakers than forecast voted for a hike at its last policy meeting, and its chief economist said last week that he expected to vote for a hike later this year. However, economic data in the coming weeks was likely to stay the Bank''s hand on rates, said ING currency strategist Viraj Patel. "We''re a bit less optimistic and think the data will continue on a slowing path ahead of the August meeting where the bank may stick to the status quo and all these hawkish expectations fade away," he said. Patel''s comments chimed with those of strategists'' at UBS, who argued Britain''s current account was likely to be a greater driver for sterling in the medium-term versus the BoE''s shifting stance towards rates. "Improvements in the income balance have been mostly driven by global asset reflation and not recent sterling weakness. If these improvements stick, then the downside for the pound may be less than what we thought before, other things equal," they wrote in a note. "But equally, if they don''t, then even more sterling weakness is likely required for the current account to revert to more sustainable levels." Data on first-quarter economic output, a consumer confidence survey, business investment numbers and a reading of Britain''s current account are all due later this week. ECONGB (Editing by Robin Pomeroy and Pritha Sarkar) A British pound note is seen in front of a stock graph in this November 7, 2016 picture illustration. Picture taken November 7. REUTERS/Dado Ruvic/Illustration '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-sterling-idUKKBN19H0RC'|'2017-06-26T19:25:00.000+03:00'
'0b38995b57cb3e3657842c84eb7336496c539e4d'|'Facebook in talks to produce original TV-quality shows - WSJ'|'Business   4:56pm BST Facebook in talks to produce original TV-quality shows - WSJ Facebook Inc is in talks with Hollywood studios about producing scripted, TV-quality shows, with an aim of launching original programming by late summer, the Wall Street Journal reported on Sunday. The social networking giant has indicated that it was willing to commit to production budgets as high as $3 million per episode, in meetings with Hollywood talent agencies, the Journal reported, citing people familiar with the matter. Facebook is hoping to target audiences from ages 13 to 34, with a focus on the 17 to 30 range. The company has already lined up "Strangers", a relationship drama, and a game show, "Last State Standing", the report said. "We''re focused on episodic shows and helping all our partners understand what works across different verticals and topics," said Nick Grudin, Facebook''s vice president for media partnerships. The company is expected to release episodes in a traditional manner, instead of dropping an entire season in one go like Netflix Inc and Amazon.com Inc, WSJ reported. The company is also willing to share its viewership data with Hollywood, the report said. Apple Inc hired co-presidents of Sony Pictures Television, Jamie Erlicht and Zack Van Amburg, earlier this month, to lead its video-programming efforts. Apple began its long-awaited move into original television series last week, with a reality show called "Planet of the Apps", an unscripted show about developers trying to interest celebrity mentors with a 60-second pitch on an escalator. The company''s future programming plans include an adaptation of comedian James Corden''s "Carpool Karaoke" segment from his CBS Corp show that will begin airing in August. (Reporting by Abinaya Vijayaraghavan in Bengaluru; Editing by Amrutha Gayathri) Facebook logo is seen on a wall at Paris'' Station F in Paris, France, January 17, 2017. REUTERS/Philippe Wojazer'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-facebook-television-idUKKBN19H0IS'|'2017-06-26T14:13:00.000+03:00'
'345fe8665dcbd2e02c50cdd0f51bdec585376529'|'Macron and Merkel back tougher EU approach on trade'|'  3:03pm BST Macron and Merkel back tougher EU approach on trade left right German Chancellor Angela Merkel and French President Emmanuel Macron addresses a joint news conference at the EU summit in Brussels, Belgium, June 23, 2017. REUTERS/Gonzalo Fuentes 1/3 left right German Chancellor Angela Merkel and French President Emmanuel Macron addresses a joint news conference at the EU summit in Brussels, Belgium, June 23, 2017. REUTERS/Gonzalo Fuentes 2/3 left right German Chancellor Angela Merkel and French President Emmanuel Macron addresses a joint news conference at the EU summit in Brussels, Belgium, June 23, 2017. REUTERS/Gonzalo Fuentes 3/3 BRUSSELS French President Emmanuel Macron and German Chancellor Angela Merkel both voiced support on Friday for a more robust European approach to trade, saying the bloc must respond if other countries block access to their markets. At a joint news conference between the two leaders at the end of a two-day European Union summit, Macron said he favoured open markets but that Europe "cannot be naive". Merkel voiced support for the concept of reciprocity in trade and investment, saying Europe "must respond" if other countries prevented its companies from competing for public contracts. She singled out the United States which has taken a more protectionist approach under President Donald Trump. "If we have access to public contracts in the United States, then we can say ''yes'' to access to public contracts in Europe," Merkel said. But if this access was not there, she said, Europe must think about an answer. (Reporting by Noah Barkin, Andreas Rinke and Jean-Baptiste Vey)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-eu-summit-trade-idUKKBN19E1LU'|'2017-06-23T22:03:00.000+03:00'
'46e68ac1b0175c5333fcf48f01000856bb0d6875'|'TREASURIES-Yields inch higher; Fed speakers in focus'|'* Fed''s Powell, Bullard, Mester to speak * Yield curve steepens from almost 10-year lows By Karen Brettell NEW YORK, June 23 U.S. Treasuries yields edged higher on Friday as investors waited on Federal Reserve speakers for any new indications on when the U.S. central bank is likely to next raise interest rates, after inflation concerns this week sent the yield curve to almost 10-year lows. The yield curve between five-year notes and 30-year hit its flattest levels in almost 10 years as oil prices declined and concerns lingered over last week’s weaker-than-expected Consumer Price Index report. “For the third month in a row, (CPI) was way below expectations,” said Jim Vogel, an interest rate strategist at FTN Financial in Memphis, Tennessee. Continued declines in non-seasonally adjusted consumer prices played a large role in the move, he added. A decline in oil prices despite positive fundamentals added to concerns, Vogel said. The yield curve was last at 97 basis points after flattening to 95 basis points on Thursday, the lowest since December 2007. Benchmark 10-year notes were down 4/32 in price to yield 2.17 percent, up from 2.15 percent on late Thursday. Fed officials including New York Fed President William Dudley and Boston Fed President Eric Rosengren both took a hawkish tone this week on monetary policy, noting that pausing the tightening cycle could pose risks to the economy. Expectations that the Fed will continue on its tightening course has weighed on short- and intermediate-dated notes, which are the most sensitive to central bank''s policy, even as longer-dated debt rallied. Federal Reserve Board Governor Jerome Powell, St. Louis Fed President James Bullard and Cleveland Fed President Loretta Mester are all due to speak on Friday. The Fed has emphasized the improving job market and an expectation that inflation will return to targets despite recent declines. The next major economic release, June’s employment report on July 7, will be watched for signs of further improvement in the labor force. “If the Fed is going to continue to watch the employment rate while everyone else watches inflation, the Fed’s probably not going to veer off its course,” said Vogel. (Editing by Lisa Von Ahn) )'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/usa-bonds-idINL1N1JK0IT'|'2017-06-23T11:34:00.000+03:00'
'5e55acf43ee37c21c72541e71fed44dbae62c720'|'Russia threatens to block Telegram messaging app'|'Business News - Fri Jun 23, 2017 - 6:57am BST Russia threatens to block Telegram messaging app Two men pose with smartphones in front of a screen showing the Telegram logo in this picture illustration taken in Zenica, Bosnia and Herzegovina November 18, 2015. REUTERS/Dado Ruvic MOSCOW Russia''s communications regulator Roskomnadzor on Friday accused the Telegram messaging app of violating Russian legislation and said it could be blocked if it did not provide the watchdog with information about the company that controls Telegram. Roskomnadzor''s head Alexander Zharov said in a letter published on the regulator''s website that time was running out for Telegram to provide Roskomnadzor with the necessary information. (Reporting by Alexander Winning; Editing by Christian Lowe) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-russia-telegram-regulator-idUKKBN19E0H2'|'2017-06-23T13:57:00.000+03:00'
'4668c704b58a21ed78f2babf1059c3423ca5fccf'|'Essar Oil''s creditors approve $12.9 billion Rosneft takeover - sources'|'Deals   9:35am BST Essar Oil''s creditors approve $12.9 billion Rosneft takeover: sources Employees walk past an Essar Group logo outside their headquarters in Mumbai May 20, 2013. REUTERS/Vivek Prakash By Promit Mukherjee and Devidutta Tripathy - MUMBAI MUMBAI Creditor banks to India''s Essar Oil approved the acquisition of the company by a group including Russia''s Rosneft, two sources familiar with the matter said, removing a key hurdle to the $12.9 billion deal that has been in the works for two years. The news comes a day after Igor Sechin, CEO of the Russian oil and gas giant, said the Essar Oil deal could be considered as closed. Kremlin-controlled Rosneft, which sees the buyout as vital to expanding in Asia''s fastest growing energy market, had aimed to close the deal at the end of 2016 but it got held up over debt issues. Those delaying what is Rosneft''s biggest foreign acquisition were India''s state-run banks and financial institutions that hold about $500 million of Essar''s debt, sources said in May. However, it is still unclear whether India''s biggest insurer Life Insurance Corporation (LIC), which also lent money to Essar Oil, had given its approval or not. LIC was not a part of the creditors'' group that gave its nod to the deal on Friday, said one of the two sources, who did not want to be named due to rules on talking to media. An LIC spokesman did not answer a call seeking comment. A call made to the Essar Oil CEO also went unanswered. The deal will give Rosneft a 49 percent stake in Essar Oil, while another 49 percent will be split between Swiss commodities trader Trafigura [TRAFGF.UL] and Russian fund United Capital Partners. Essar''s founder billionaire Ruia brothers will retain a 2 percent stake. (Reporting by Promit Mukherjee and Devidutta Tripathy; Editing by Himani Sarkar)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-rosneft-oil-essar-banks-idUKKBN19E0TP'|'2017-06-23T16:34:00.000+03:00'
'2ba4e13fd09e2582822fd9740f63d98bc87639f6'|'Takata decides to file for bankruptcy - Japan media'|'Bonds News - Sun Jun 25, 2017 - 6:56pm EDT Takata decides to file for bankruptcy - Japan media TOKYO, June 26 Japan''s Takata Corp decided on Monday to file for bankruptcy protection in Japan with liabilities of more than 1 trillion yen ($9 billion), Japanese media reported, as the auto parts supplier has struggled due to its defective air bag inflators at the centre of the auto industry''s biggest ever product recall. The decision came at a special board meeting, public broadcaster NHK said. Nikkei also reported the decision, without citing any sources for the information. Takata is expected to file for a U.S. Chapter 11-style bankruptcy protection procedure, along with a similar filing in the United States, sources have told Reuters. This would open the door for a financial rescue from U.S. auto parts supplier Key Safety Systems, which Takata has tapped as its preferred financial sponsor. Faulty air bag inflators made by Takata have been linked to at least 17 deaths in the United States and other countries, prompting a massive global recall which began nearly a decade ago. ($1 = 111.2100 yen) (Reporting by Naomi Tajitsu; Editing by William Mallard) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/takata-bankruptcy-japan-idUSL3N1JH1UY'|'2017-06-26T06:56:00.000+03:00'
'07fd7dfbda1a9db1c26fa8afb96dd23285bd4a50'|'Platinum receiver asks to resign over disagreements with SEC'|'By Lawrence Delevingne - NEW YORK, June 26 NEW YORK, June 26 The man in charge of unwinding a large portion of the assets held by hedge fund firm Platinum Partners wants to resign after disagreements with U.S. securities regulators about its liquidation, according to a court filing.Bart Schwartz, chairman of professional monitoring firm Guidepost Solutions LLC, was appointed by the government as a receiver for two of Platinum''s three hedge funds after prosecutors in December accused leaders of the firm of running a more than $1 billion fraud. The six men pleaded not guilty to criminal and civil charges.However, Schwartz and U.S. Securities and Exchange Commission staff working on the case have "differing views" on how best to liquidate Platinum''s portfolio, according to a letter he sent on Friday to Brooklyn federal court Chief Judge Dora Irizarry, announcing his intention to resign as Platinum''s receiver.Irizarry would need to approve his resignation.Schwartz has been trying to unwind roughly 100 complicated and difficult-to-sell investments, aiming to potentially return hundreds of millions of dollars to investors and creditors. Putting more money into some of the investments could boost their value over the long term, allowing for higher redemptions, Schwartz wrote.However, SEC employees believe the underlying companies are too risky to put more money into, and want to sell the assets as quickly as possible to minimize costs, he said.SEC staffers are concerned about Schwartz’s relationship with an unnamed law firm that is now a debtor to the Platinum estate, according to the letter. However, Schwartz, a former federal prosecutor, said it was not an issue."My prior involvement with this firm did not have any effect on my actions as receiver nor did it negatively affect my ability to attempt to recover assets," he wrote.Spokesmen for Schwartz and the SEC declined to comment.The SEC has already consented to his resignation and plans to suggest a new receiver if Irizarry approves the change.Platinum was the subject of a Reuters investigation published in April 2016 that highlighted its many complicated and illiquid investments in controversial companies. ( reut.rs/2sJ4OPU )An April status report said that the assets under Schwartz''s purview were worth more than $600 million. That number, however, was based on calculations by Platinum''s own staff and the December charges involved inflating asset values.The receiver, with the help of an outside expert, has been independently assessing the value of the Platinum Partners Credit Opportunities Fund and the Platinum Partners Liquid Opportunity Fund. In February, Schwartz found there had not been a "major shift" from Platinum''s estimates of the portfolio''s value since an initial review following his appointment in December.Platinum''s largest group of funds, Platinum Partners Value Arbitrage, is being wound down under the supervision of a Cayman Islands-based liquidator. Platinum represented the gross value of its funds to be $1.7 billion at the time of the criminal charges.(Reporting by Lawrence Delevingne; Editing by Lauren Tara LaCapra and Tom Brown)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/hedgefunds-platinum-idINL1N1JN0AF'|'2017-06-26T14:34:00.000+03:00'
'f60c10192d13fe95ef20899939744609f20cb5ef'|'CANADA STOCKS-TSX down as softer commodity prices weigh on resource shares'|'Market News - Mon Jun 26, 2017 - 11:02am EDT CANADA STOCKS-TSX down as softer commodity prices weigh on resource shares * TSX down 36.41 points, or 0.24 percent, to 15,283.15 * Four of the TSX''s 10 main groups fall * Materials group down 0.9 percent, energy stocks fall 1 percent * Valeant Pharmaceuticals up 7.1 percent TORONTO, June 26 Canada''s main stock index fell on Monday as declines in heavyweight sectors such as energy and materials outweighed moderate gains in a number of other groups. Gold miners were the most influential decliners on the index as gold prices sank to near six-week lows. Agnico Eagle Mines Ltd slumped 2 percent to C$62.17, while Goldcorp Inc fell 1.2 percent to C$18.07. The materials group, which includes precious and base metals miners and fertilizer companies, lost 0.9 percent. Gold futures fell 0.9 percent to $1,245 an ounce as a large sell order hit sentiment, though losses were limited by global political uncertainty. At 10:41 a.m. ET (1441 GMT), the Toronto Stock Exchange''s S&P/TSX composite index fell 36.41 points, or 0.24 percent, to 15,283.15. Of the index''s 10 main groups four were in negative territory. The energy group gave back 1 percent, with Canadian Natural Resources Ltd down 1.1 percent to C$37.38. The group reversed earlier gains as oil prices dipped, with U.S. crude prices down 0.4 percent to $42.83 a barrel. Crude prices still managed to hold above last week''s seven-month lows, however. Financial stocks, which make up roughly a third of the index''s weight, also fell, slipping 0.2 percent as some of the country''s top banks lost ground. Healthcare rallied 2.3 percent, with Valeant Pharmaceuticals International Inc surging 7.1 percent to C$22.42, and hitting its highest since Jan. 10. Shares had jumped last week after billionaire investor John Paulson joined the company''s board. BlackBerry Ltd rebounded 3.8 percent to C$13.35 after sharp losses on Friday following disappointing quarterly results. Declining issues outnumbered advancing ones on the TSX by 154 to 87, for a 1.77-to-1 ratio on the downside. (Reporting by Solarina Ho; Editing by Meredith Mazzilli) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/canada-stocks-idUSL1N1JN0ND'|'2017-06-26T23:02:00.000+03:00'
'dabc94a2d4a4e213996a5acf432b2d092af843e9'|'Loeb''s Third Point targets ''staid'' Nestle for change'|'By Martinne Geller and Michael Flaherty - LONDON/NEW YORK LONDON/NEW YORK U.S. activist shareholder Third Point LLC has targeted Nestle ( NESN.S ) by taking a $3.5 billion stake in the food maker and urging Europe''s most valuable company to boost returns as demand for its products weakens.Nestle shares jumped as much as 4.8 percent on Monday, touching a record high after Third Point disclosed its position late on Sunday in a letter to the hedge fund''s investors.In the letter, Third Point said it was urging the Swiss group to improve margins, buy back shares and get rid of non-core businesses, including its $27 billion stake in L''Oreal ( OREP.PA ).Third Point''s 40 million shares - or 1.3 percent of the total - make it Nestle''s eighth-largest shareholder, according to Thomson Reuters data. The $10 billion added to Nestle''s market value on Monday showed that shareholders hoped the investment would spark change at a company which has a reputation for being slow-moving and insular."Nestle has arguably been lackadaisical and complacent and underperformed its potential," Bernstein analysts said. "It might now be stirred into action by an external force."New York-based Third Point is an $18 billion hedge fund run by American billionaire Daniel Loeb. Loeb runs a multi-strategy portfolio though he is known as an aggressive, bare-knuckled shareholder activist who has taken on major companies such as Yahoo Inc YHOO.O and Japan''s Sony Corp ( 6758.T ).Loeb and Nestle CEO Mark Schneider met in Switzerland earlier this month to discuss Third Point''s ideas, according to a person familiar with the matter.Senior managers at Third Point, which started buying Nestle shares at the end of the first quarter, plan to meet again with Nestle leaders in the next few weeks, said the person, who wished to remain anonymous.Third Point''s investment comes as Nestle and its packaged goods rivals grapple with slowing emerging markets, pressure on prices and consumers shifting from traditional brands toward healthier, fresher fare.Nestle has missed its long-term sales target for four straight years, but so far has eschewed radical moves like Danone''s ( DANO.PA ) $12.5 billion purchase of WhiteWave or Reckitt Benckiser''s ( RB.L ) $16.6 billion Mead Johnson deal.The company has instead pushed slowly into healthcare, with a series of small investments and acquisitions that blur the boundaries of food and medicine.Nestle, which is based on the shores of Lake Geneva and makes Nescafe coffee, Maggi noodles and Gerber baby food, said it was committed to its strategy under new Chief Executive Schneider, who joined from German healthcare group Fresenius ( FREG.DE )."As always, we keep an open dialogue with all of our shareholders and we remain committed to executing our strategy and creating long-term shareholder value," a Nestle spokesman said. "Beyond that, we have no specific comment."One top-40 investor said Nestle has done a good job adapting over the years to a changing industry, selling its stake in eyecare company Alcon and buying pet food business Ralston Purina and Wyeth Nutrition."The new CEO has been brought in with a mandate for change," the investor said, pointing out that Schneider is Nestle''s first external CEO hire in nearly a century. "We would prefer to let Schneider make his own decisions and judge him on the outcome than try to dictate what should happen."RECURRING PRESSURESThe move by Third Point cranks up pressure on Schneider, who arrived in January just before the sector was rocked by Kraft Heinz''s ( KHC.O ) abortive $143 billion approach for Unilever ( ULVR.L ).He has already been looking at ways to reignite growth. He has already scrapped the company''s long-standing sales target and said it might sell its U.S. confectionery business, which includes brands such as Baby Ruth and Butterfinger.Nestle had a market value of $263 billion on Friday, making it the biggest traded company in Europe.The consumer goods sector, home to usually reliable sales and dividends, has seen its share of investor activism in the past with mixed results. Before Nestle, the latest big bet was the $3.5 billion stake in Procter & Gamble ( PG.N ) disclosed by Trian Partners in February.U.S. activist hedge funds have slowly cast their nets wider as corporate America becomes saturated with dissident shareholders seeking rapid changes to boost share prices."We feel strongly that in order to succeed, Dr. Schneider will need to articulate a decisive and bold action plan that addresses the staid culture and tendency toward incrementalism that has typified the company''s prior leadership and resulted in its long-term underperformance," Third Point said in the letter.It argued that Nestle should sell its 23 percent stake in French cosmetics firm L''Oreal. Nestle shares closed 4.3 percent higher and L''Oreal shares rose 3.9 percent.The letter also said Nestle should set a formal profit margin target of 18 to 20 percent by 2020 to help improve productivity. Nestle''s current margin is 15.3 percent, below Unilever''s 16.4 percent but higher than Danone''s 13.8 percent.Third Point also recommended Nestle more than double its debt load, as well as sell the L''Oreal stake, in order to generate the capital to buy back stock.Vontobel analyst Jean-Philippe Bertschy said Third Point''s suggestions echoed proposals long made by other shareholders."Previous management was not too open to listen to critics," he said. "Now with Mr. Schneider, one of his top priorities was to improve shareholder communication and investor relations. I think he''s listening carefully to what investors are saying."Nestle''s previous CEO, Paul Bulcke, is now its chairman.Nestle will report half-year results on July 27 and host an investor meeting on Sept. 26. Its next annual meeting is April 12, 2018.(Additional reporting by Simon Jessop and Maiya Keidan in London, Michael Erman in New York and Parikshit Mishra in Bengaluru)A Kitkat chocolate bar is pictured in the supermarket of Nestle headquarters in Vevey, Switzerland, February 16, 2017. REUTERS/Pierre Albouy'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-loeb-nestle-idINKBN19G0W5'|'2017-06-25T20:56:00.000+03:00'
'f344bfe639c6937b6501a004ae4e6de3c60014e8'|'Carrefour''s property arm Carmila launches capital increase'|'Deals - Sun Jun 25, 2017 - 3:43pm EDT Carrefour''s property arm Carmila launches capital increase PARIS Carmila, the property unit of Europe''s largest retailer Carrefour ( CARR.PA ), announced on Sunday a capital increase of 557 million euros ($623.5 million) to fund its future expansion. The company said the capital increase would be priced in an indicative range of between 23 euros and 27 euros per share against a closing price of 30.50 euros for Carmila shares on June 23. The size of the capital increase may be increased to around 632 million euros in case of full exercise of the over-allotment option, the statement said. The move follows the merger earlier this month of Carmila with Cardety, a listed property unit also owned by Carrefour. The newly merged company has been trading on the Paris stock market under the Carmila ( CARM.PA ) name since June 14. It is the third-largest listed European retail property group with a portfolio including 205 shopping centres in France, Spain and Italy, and assets valued at 5.4 billion euros. The aim of the capital increase is to fund the company''s 2017-2020 development plan, including 37 extension projects, targeted acquisitions and the deployment of a digital marketing strategy aimed at supporting retailers in increasing revenues. Outgoing Carrefour CEO Georges Plassat spearheaded the creation of Carmila in April 2014 as part of his strategy to revive the group''s European hypermarkets by making them more attractive for shoppers. (Reporting by Dominique Vidalon; Editing by Adrian Croft) '|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-carrefour-carmila-idUSKBN19G0VP'|'2017-06-25T23:43:00.000+03:00'
'2995c0edb38dbae8cdf9de816e9b5cab9fa0fe34'|'MOVES-State Street appoints Steve Cook senior vice president of US investor services'|'Money  45pm EDT State Street appoints Steve Cook senior vice president of U.S. investor services Financial services provider State Street Corp said on Friday it appointed Steve Cook as senior vice president within its U.S. investment services business. Cook, an exchange trade fund (ETF) industry expert and mutual fund industry veteran, has previously spent 20 years at Bank Of New York Mellon Corp. Cook will oversee relationships with clients operating diverse fund structures in the United States and globally, the company said. (Reporting by Arunima Banerjee in Bengaluru; Editing by Arun Koyyur)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-state-str-moves-steve-cook-idUSKBN19E27F'|'2017-06-24T02:28:00.000+03:00'
'dd25117c22ad4e29fa6e700194df0ad07b598b46'|'Italy tries Europe''s patience with fumbled Veneto banks'' rescue'|' 54pm BST Italy tries Europe''s patience with fumbled Veneto banks'' rescue The Intesa Sanpaolo logo is seen in Milan, Italy, in this January 18, 2016 file photo. REUTERS/Stefano Rellandini By John O''Donnell and Silvia Aloisi - FRANKFURT/MILAN FRANKFURT/MILAN A clumsy attempt by Italy to tackle problems at two Veneto-based banks by allowing a major lender to cherry-pick their prime assets for a pittance has left the government testing the boundaries of European law. With a deal expected within days, critics are concerned that Rome is exploiting loopholes to bend EU rules designed to prevent state bailouts. One European official privately admitted to "exasperation", after the European Central Bank and European Commission have tussled with Rome for years over how to solve its banks'' problems within EU law. On Wednesday, Italy''s biggest retail bank Intesa Sanpaolo ( ISP.MI ) laid down tough conditions to buy the healthy parts of the two Veneto banks for just 1 euro, a move that would force the state to foot the bulk of the bill. Intesa said it would only take the banks if they were stripped of bad loans and risks, prompting criticism from those who designed the EU regime to stop the state from having to shoulder losses in bank crises, passing them on to investors instead. That solution also contrasts starkly with Santander''s ( SAN.MC ) recent overnight rescue of a struggling lender in Spain, where it too paid just 1 euro but took on the smaller bank''s troubled loans and will raise billions to clean it up. Rome is taking advantage of a flexibility in European rules that permits routine insolvency proceedings for banks not considered systemically important, allowing the process to be handled by the state rather than EU authorities. One EU official said state aid in this case might be technically possible given that banks'' shareholders and junior bondholders are also going to take a hit. But critics said Italy was being allowed to cut corners. "The Italians do not respect the rules. The ECB and the Commission are too weak to enforce them," said Sven Giegold, a German member of the European Parliament. "This is destroying trust." Italy is the last country in the euro zone to get to grips with the problems of its banking sector, meaning it faces stricter ''bail-in'' rules - written by Giegold and others and introduced last year - that impose losses chiefly on bondholders and investors. With elections due next year and much of its banks'' debt in the hands of ordinary Italians, Rome wants to avoid this step. "The signals from Italy are very negative," said Volker Wieland, one of the German government''s economic advisors. Wieland accused Italy of "looking for exceptions" to the rules, warning that such an approach would discourage Germany from supporting any common European protection of deposits, a proposal made to underpin confidence in the region''s lenders. The ECB, which supervises Italian banks, and the EU Commission, which rules on whether state support can be allowed, have declined to comment on the Italian proposal, saying they await a formal announcement from Rome. NO HIDING PLACE At home too the tactics in Rome - after more than six years of procrastination through the country''s banking crisis - are raising questions. The government had hoped healthier Italian banks would club together to help the lenders, Banca Popolare di Vicenza and Veneto Banca. But most demurred, having already spent billions propping up ailing banks, including through the government-sponsored Atlante fund that pumped 3.4 billion euros into the Veneto banks and is now set to be wiped out. Others had problems of their own, such as Monte dei Paschi, which is being bailed out by the state using another exception to the EU rules. Most banks said the government should stop asking them to chip in, and use instead the 20 billion euros it set aside for bank rescues, negotiating terms with Brussels. Opposition politicians have been critical. "Intesa gets a free gift, the state takes on all the bad stuff and the taxpayer pays," said Renato Brunetta, parliamentary leader for former prime minister Silvio Berlusconi''s Forza Italia (Go Italy!) party, estimating the cost for the Italian state could be 5-6 billion euros. "Did we really need to take so much time to come up with such a rubbish solution?" Carla Ruocco, a prominent lawmaker of the 5-Star movement, echoed this view: "By wasting years, the government put itself in a bind." (Additional reporting by Gavin Jones in Rome and Francesco Guarascio in Brussels; writing by John O''Donnell; editing by John Stonestreet)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-eurozone-banks-italy-intesa-idUKKBN19D276'|'2017-06-23T00:54:00.000+03:00'
'dad363729ce3e097003c424989c56a4b0b21dcbc'|'Solar shares shine after Trump talks up ''solar wall'''|'NEW YORK Shares of solar companies soared on Thursday and their options drew a rush of bullish activity a day after U.S. President Donald Trump broached the subject of placing solar-power panels on his proposed wall along the Mexican border.First Solar Inc''s shares ( FSLR.O ) rose 3.2 pct to $38.42 and SunPower Corp ( SPWR.O ) shares were up 13 percent to $8.69. Shares of the Guggenheim Solar fund ( TAN.P ) rose 2.5 pct to $19.39.Raymond James energy analyst Pavel Molchanov cited Trump''s comments about possibly putting solar panels on the wall during a rally in Cedar Rapids, Iowa, on Wednesday as the reason behind the spike in the shares."Trump talked yesterday about a ''solar wall'' on the Mexican border - that might sound like a joke but it''s not," he said.Solar panels are among proposals that have been submitted by companies interested in the wall project to the Department of Homeland Security, according to media reports.Molchanov warned investors this was not a good reason to chase the rally in shares."Setting aside the broader question of whether the wall will even be politically realistic, the notion that it will be covered in solar hardware is entirely far-fetched," he said. "It is hard to take this idea seriously."Molchanov has a "market perform" rating on First Solar and an "outperform" rating on SunPower.Traders in the options market took the opportunity to load up on bullish call options on First Solar, SunPower and Canadian Solar Inc ( CSIQ.O ).Calls convey the right to buy shares at a fixed price in the future and usually are used to place bets on shares rising.Near-term calls on First Solar and SunPower changed hands at a rapid pace, sending trading volume to several times their daily average, according to options analytics firm Trade Alert.Solar stocks, including Vivint Solar ( VSLR.K ) and Sunrun Inc ( RUN.O ) got a boost on Tuesday after Goldman Sachs upgraded its rating on Vivint to "buy," citing potential for mergers and acquisitions in the sector.(Reporting by Saqib Iqbal Ahmed; Editing by Daniel Bases and Bill Trott)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-usa-solar-stocks-idUSKBN19D2PC'|'2017-06-23T04:50:00.000+03:00'
'7331cbebb924af69d1bc7fade15fbe1e1a663e92'|'Ineos buys Dong Energy''s oil and gas business in £1bn deal - Business'|'Anglo-Swiss chemicals firm Ineos has bought the oil and gas business of Dong Energy for £1bn, a major milestone in the Danish company’s switch from hydrocarbons to renewable energy.The acquisition is the latest in a buying spree by Ineos, which recently bought a significant North Sea oil pipeline for £200m from BP, and takes it from 28th biggest oil and gas producer in the region to the top 10.The move highlights two sharply contrasting strategies for Europe’s energy companies: a doubling-down on fossil fuels or shifting exclusively to focus on clean energy.Ineos, which is funding the purchase through cash flow from its existing businesses including the Grangemouth refinery in Scotland, said the acquisition was a “very logical” step.“It builds on what we’ve got. It brings us to a much bigger scale – 100,000-plus barrels a day,” said Geir Tuft, a senior executive at Ineos, which also increased its shale gas acreage in the UK by a tenth in March. He said the company was sanguine about the relatively low oil price of about $50 a barrel , as it would keep costs low.Tuft said the Dong deal, which was higher than analysts’ valuations, reflected the companies’ differing strategies. “We’re of the opinion that hydrocarbons, and gas in particular, are still a significant part of the energy equation for the world for many years to come.” Around 440 Dong staff will transfer to Ineos. State-owned Dong, named after its origins as the Danish Oil and Natural Gas company, has now completed its plan of quitting oil and gas, which it first announced last November .When the sale completes in the third quarter, Dong will be left to focus on its core business of developing and selling windfarms, such as the one it recently built off the Liverpool coast using the world’s biggest turbines .Henrik Poulsen, the company’s chief executive, said: “The transaction completes the transformation of Dong Energy into a leading pure play renewables company.” The proceeds of the sale will go towards the six offshore windfarms the company is currently building. The company still has coal assets which it plans to divest.The move out of fossil fuels is one several major European energy companies are currently pursuing, such as France’s Engie, which plans to earn 90% of its earnings before tax and interest from low carbon businesses by 2019.Experts at asset management firm Bernstein said the sale had fetched an attractive price for Dong, which floated on the stock market last year for £10bn .Andrew Grant, of the UK-based thinktank Carbon Tracker, said: “There isn’t a one-size fits all conclusion for fossil fuel companies concerned about future demand. Some, like Dong, will be able to rebalance their portfolios into other assets like renewables. “However, not all energy companies will feel their skills translate to low-carbon energy sources, but they can still deliver good results with a disciplined approach of focussing only on the lowest-cost oil and gas projects and returning excess cash to shareholders.”Topics Energy industry Oil (Business) Gas Mergers and acquisitions Renewable energy Commodities news'|'theguardian.com'|'http://www.theguardian.com/business/oil/rss'|'https://www.theguardian.com/business/2017/may/24/ineos-buys-dong-energy-oil-and-gas-business'|'2017-05-25T14:29:00.000+03:00'
'c5f1020a359ca6e4b406d207249b93f2c548c8fa'|'Wind power''s big bet: turbines taller than skyscrapers'|'Business News - Tue Jun 27, 2017 - 11:17am BST Wind power''s big bet: turbines taller than skyscrapers left right Windmills turn in the breeze at Horns Rev 2, a wind farm off the west coast of Denmark near Esbjerg September 15, 2009. REUTERS/Bob Strong/File Photo 1/5 left right Two fishermen sit in their boat at the Gunfleet Sands Offshore Wind Farm near Clacton-on-Sea, Britain, May 16, 2014. REUTERS/Suzanne Plunkett/File Photo 2/5 left right FILE PHOTO: An off-shore wind farm stands in the water near the Danish island of Samso, May 19, 2008. REUTERS/Bob Strong/File Photo 3/5 left right Wind turbines are seen in a wind park off the coast of Ijmuiden, the Netherlands, September 3, 2007. REUTERS/Michael Kooren/File Photo 4/5 left right A crew boat passes through Horns Rev 2, a wind farm off the west coast of Denmark near Esbjerg September 15, 2009. REUTERS/Bob Strong/File Photo 5/5 By Stine Jacobsen and Vera Eckert - COPENHAGEN/FRANKFURT COPENHAGEN/FRANKFURT Wind farm operators are betting on a new generation of colossal turbines, which will dwarf many skyscrapers, as they seek to remain profitable after European countries phase out subsidies that have defined the green industry since the 1990s. The world''s three leading offshore wind operators - DONG Energy, EnBW and Vattenfall - all told Reuters they were looking to these megaturbines to help adapt to the upcoming reality with dwindling government handouts. According to interviews with turbine makers and engineers, at least one manufacturer - Siemens Gamesa - will have built a prototype megaturbine by next year and the first farms could be up and running in the first half of the next decade. These massive machines will each stand 300 metres tall – almost as high as London''s Shard, western Europe''s tallest building - with 200-metre rotor spans that will stretch the length of two football fields. The wind power sector is at a critical juncture as the subsidies that have cradled it since its inception in the early 1990s, and underpinned its business model, disappear as politicians enact a long-planned push to make the industry more commercially viable and able to compete with other energy sources. The countries that form the hub of the European offshore wind industry - Denmark, Germany, the Netherlands and Britain - are looking to gradually phase out the handouts over the next decade. This will end a crucial source of revenue for operators; in tenders concluded as recently as 2014, subsidies still accounted for around half of European wind projects'' income. With the writing on the wall, DONG and EnBW submitted bids with no subsidies factored in at a tender in April for a German project planned for 2024. The auction represented an industry milestone, the first with zero-subsidy bids, but raised the burning question of how operators will be able to make money and survive while offering a commercially attractive alternative to coal and nuclear. The answer, according to the companies, are the megaturbines, which would sweep a far bigger area and harness more wind, cutting costs per megawatt. They will each generate between 10 and 15 megawatts (MW) of power - a considerable leap from the largest turbines currently in operation, made by MHI Vestas, which are 195 metres tall and generate 8 MW. The megaturbines are no sure bet for the companies'' bottom lines, however. WATCH: Large U.S. companies warm up to renewable energy There are challenges on the technical front to create monumentally tall towers and light, slender blades that can withstand the strain of gale-force winds. Economically, there are also doubts among some industry experts about whether zero-subsidy wind projects can make money, even with the increased efficiency delivered by megaturbines. They say deeper savings must be made by operators across their businesses and electricity prices must also rise significantly to bring profitability. Michael Guldbrandtsen, offshore wind consultant at MAKE, said there were financial and technical risks associated with megaturbines, but that operators had little choice but to invest in a technology needed to make zero-subsidy projects viable. "Without a significant increase in the size of turbines it would not be possible to ensure a reasonable return," he added. PROTOTYPE MEGATURBINE Operators are nonetheless banking on the new technology. Michael Simmelsgaard, head of offshore business at Swedish utility Vattenfall, said the industry would cross the 10 MW turbine threshold "faster than many expect now", without being more specific. A 10 W turbine could power about 9,000 homes. "We will definitely see these big turbines," he added. DONG Energy''s wind business, Samuel Leupold, laid out more ambitious plans: "We believe we can utilise (turbines) in the range of 13 to 15 megawatts," he said on the sidelines of an offshore wind conference in London this month - the first time an industry executive has given such a high figure. Previously, companies have only spoken about turbines in the region of 10W. EnBW also said it was turning to megaturbines. "Size is an important driver of efficiency," said Dirk Guesewell, its head of generation portfolio development. "Bigger rotors mean fewer turbines and foundations are needed to achieve the same capacity." German turbine maker Senvion said it was developing megaturbines of over 10 MW. While the machines are still in the design stage, it said it was already offering them for future use to wind farm operators. "We envisage that the installations of those wind farms will take place in the first half of the next decade," head of Senvion''s Global Offshore business, Cornelius Druecker, told Reuters without saying how close the firm was to a prototype. An independent engineer working with Siemens Gamesa, who asked not to be named as they are authorised to speak publicly, said the German company will have built a prototype megaturbine by next year. Another engineer, who works with several big turbine makers, said designs had almost been completed across the sector and the process of producing prototypes was about to start. Siemens Gamesa declined to comment. READ MORE: Global sea level rise accelerates since 1990, study shows TECHNICAL HURDLES The biggest technical hurdle involves increasing the length of the turbine blades without putting too much strain on the structure which is built on a platform fastened to the seabed. With spans of around 200 metres, the blades will be about 50 metres longer than those of the most powerful turbines now in operation. As they are constantly exposed to different levels of wind, their construction, which requires adhesives that join different layers of carbon or glass-fibre to dry at exactly the right temperatures, is extremely complex. Denmark''s state research institute DTU Wind Energy, which has propelled much of the innovation in wind power, is working on keeping down the weight of these super-long blades by bumping up the carbon fibre content. They have designed blade features similar to the flaps on aeroplane wings to control and reduce load variations so turbulence does not break the blades. "Most people understand it is complicated to make calculations on an airplane or a helicopter, but turbines are at least as complicated and it is the same methods we use," said Flemming Rasmussen, the institute''s head of aerodynamic design. When mass production begins, new factories will be needed with enough space for the blades. DO NUMBERS ADD UP? No operator is prepared to publicly disclose the calculations and projections that underpins its strategy, citing commercial sensitivity. Even with megaturbines in place, the operators would also need other things to go their way to turn a profit without state subsidies - crucially, electricity prices must rise to a level where profitability outstrips investment costs. Bernstein researchers calculated that, at their current power price forecast, operators would need to reduce their capital expenditure (capex) by around 60 percent for zero-subsidy projects to break even. Increasing turbine sizes from 7 MW to 14 MW would reduce capex by around 40 percent, they added. The researchers expect a 5-6 euros a megawatt hour (MWh) rise from current power market prices of 30 euros/MWh by 2023. "Cost reductions and power prices will have to be consistently much higher than our predictions for the subsidy free projects to break even," they said. (Reporting by Stine Jacobsen in Copenhagen and Vera Eckert in Frankfurt; Additional reporting by Karolin Schaps, Susanna Twidale and Nina Chestney in London, and Alissa de Carbonnel in Brussels; Editing by Tom Pfeiffer and Pravin Char)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-windpower-megaturbines-insight-idUKKBN19I11F'|'2017-06-27T17:58:00.000+03:00'
'edfe63d489dba832ff6bb6cf01cf55c363fa7436'|'UK government must deliver orderly Brexit - insurance trade body'|'Business News - Tue Jun 27, 2017 - 12:08am BST UK government must deliver orderly Brexit - insurance trade body FILE PHOTO - The Union Flag flies near the Houses of Parliament in London, Britain, June 7, 2017. REUTERS/Clodagh Kilcoyne/File Photo LONDON Britain must make sure its exit from the European Union is orderly to avoid disruption for policyholders and compliance risks, the Association of British Insurers said on Tuesday. Insurers in Britain have been among the most vocal groups in warning of the problems that a disorderly departure from the bloc could bring. Several have announced plans for EU subsidiaries so they can continue to sell their policies across Europe. "To meet our clients'' needs as an industry and ensure full compliance with the law, the government has to deliver an orderly withdrawal, a stable transition and a sensible and mutually beneficial future trading relationship," Huw Evans, director general of the ABI, said in a statement ahead of the trade body''s conference on Brexit on Tuesday. The ABI said it would like to see formal cooperation between Britain''s main political parties in Westminster and between the upper and lower houses of parliament to ensure a Brexit deal. It said insurance issues that needed to be resolved included the treatment of contracts written before Brexit but still in force after Brexit, the future of the European health insurance card which cuts travel insurance for Britons, and the risk of increased complications around driving in Europe. (Reporting by Carolyn Cohn; editing by Susan Thomas) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-eu-insurers-idUKKBN19H2P4'|'2017-06-27T07:08:00.000+03:00'
'89bfa90e3d4065cd65883a0f3854fa024a887b45'|'South Africa anti-graft chief open to talks on central bank - report'|'Central Banks - Sat Jun 24, 2017 - 10:50am BST South Africa anti-graft chief open to talks on central bank - report JOHANNESBURG The head of South Africa''s anti-graft watchdog is open to talks on her recommendation to change the central bank''s mandate, a proposal that has drawn sharp criticism from parliament, the ruling party and investors, a local news agency said on Saturday. Public Protector Busi Mkhwebane''s recommendation to alter the South African Reserve Bank''s principal constitutional mandate of maintaining currency and price stability to focus on economic growth has highlighted worsening divisions between the country''s state institutions. Both the central bank and parliament plan to mount legal challenges to the proposal. Mkhwebane defended her recommendation but said she was willing to hold discussions with those opposing it, news agency Eyewitness News (EWN) reported. "I haven''t overstepped and I think those will be the deliberations which we''ll be having further and again. I''ll see how the notice of motion, the content and why are they disputing that. We''ll take it from there," Mkhwebane was quoted as saying. Mkhwebane made her proposal on Monday as she delivered her findings on an apartheid-era bailout of Barclays Africa Group. The lender has denied any wrongdoing. Her call threatens to further stain South Africa''s image as an investor-friendly emerging market, coming less than a week after mines minister Mosebenzi spooked investors by raising the minimum threshold for black ownership of mining companies to 30 percent from 26 percent. The row over the central bank''s role has also highlighted divisions in the tripartite political alliance of the ruling African National Congress party (ANC), the country''s biggest union, Cosatu, and the South African Communist Party (SACP). Both the ANC and the SACP are opposed to altering the role of the central bank while Cosatu has backed calls for changes. (Reporting by Olivia Kumwenda-Mtambo; Editing by Helen Popper)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-safrica-cenbank-idUKKBN19F08Y'|'2017-06-24T17:50:00.000+03:00'
'46cc0e25f08f3647722738cbefdb169ece5c8b27'|'UPDATE 1-Itaú''s Setubal urges passage of Brazil labor reform'|'(Adds Setubal comments on Brazil political situation)By Guillermo Parra-BernalSAO PAULO, June 24 Brazilian lawmakers need to urgently pass a revamping of the country''s outdated labor code in order to mitigate extra costs for companies and consumers, the co-chairman of Brazil''s largest bank said on Saturday.The excessive rigidity of Brazil''s labor legislation is creating an enormous burden for citizens, who end up paying more for the goods and services they buy, said Roberto Setubal, the co-chairman of Itaú Unibanco Holding SA.Speaking at an event sponsored by XP Investimentos SA, Setubal said political turmoil is unlikely to ease in coming months, posing challenges to President Michel Temer''s ambitious economic reform agenda. Successful policymaking has so far help mitigate those risks, he said."People need to understand that reforming an outdated labor code is good for business but, ultimately, for consumers, who are overburdened by market inefficiencies," Setubal said at the event.His remarks underscore how political problems are delaying efforts by Brazilian business leaders to regain competitiveness in the face of a bloated state structure and rigid industry rules. Temer wants to pass a pension and tax code reforms, aside from the labor plan.XP INVESTIMENTOSSetubal said the price that Itaú Unibanco paid for a minority stake in Brazilian independent securities firm XP Investimentos SA embeds "very high growth rates" ahead.Itaú paid 5.7 billion reais ($1.76 billion) for the 49.9 percent stake in May to grow in the retail brokerage and money management segments. Setubal said that keeping XP as an independent financial firm is good to help deepen capital markets activity in the long run. (Reporting by Guillermo Parra-Bernal; Writing by Marcelo Teixeira; Editing by Marguerita Choy)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/itau-unibanco-outlook-idUSL1N1JL09D'|'2017-06-24T21:51:00.000+03:00'
'150226bba5192544c2012b586035130525abe9bf'|'Italy to pass emergency decree on Veneto banks after EU green light - source'|'  9:33pm BST Italy to pass emergency decree on Veneto banks after EU green light - source left right   1/2 left right A   sign is seen in Rome, Italy, March 29, 2017. REUTERS/Alessandro Bianchi 2/2 ROME/BRUSSELS Italy is set to approve an emergency decree to wind up regional lenders Veneto Banca and   using state aid   said after the European Commission gave a preliminary green light to the move. The decree will create conditions for the sale of the banks'' assets to a bigger bank, the person added.   has offered to buy the good assets of the two banks for one euro, while the lenders'' soured loans and legal risks will be transferred to a "bad bank" financed partly by the state. Earlier on Friday the European Central Bank ruled that the two regional lenders were failing or likely to fail and should be wound up under Italian insolvency procedures. The Commission said in a separate statement that "EU   situations", adding that depositors and senior bond holders were not required to contribute to the rescue. (Reporting by Foo Yun Chee in Brussels, Giuseppe Fonte in Rome, writing by Agnieszka Flak)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-eurozone-banks-italy-eu-idUKKBN19E2FX'|'2017-06-24T04:33:00.000+03:00'
'b4762c0c42705d671f8e4a07116db3ef4c127e94'|'CEO of Raytheon''s Forcepoint eyes IPO - Boersen-Zeitung'|'Business News   6:37pm BST CEO of Raytheon''s Forcepoint eyes IPO - Boersen-Zeitung FILE PHOTO: One of Raytheon''s Integrated Defense buildings is seen in San Diego, California January 20, 2011. REUTERS/Mike Blake/File Photo FRANKFURT U.S. missile maker Raytheon''s cybersecurity unit could thrive were it to be listed separately, the head of the unit, Forcepoint, told German business daily Boersenzeitung in an interview published on Saturday. "Raytheon has undertaken that Forcepoint will achieve for civilian cyber defence what Raytheon does for the defence of nation states, and we think that we could unleash enormous potential in our company via a stock exchange listing," Matthew Moynahan said. He said it was a little early to contemplate such a move, though, according to the newspaper. Raytheon bought an 80 percent stake in Forcepoint, then known as Websense, from private equity firm Vista in 2015 for $1.9 billion (£1.5 billion) and combined it with its own cybersecurity operations. Vista owns the other 20 percent. Vista retains the right to exit the joint venture, including by requiring Raytheon to buy its 20 percent stake or by Forcepoint''s pursuing an IPO. Forcepoint made sales of $566 million and operating income of $51 million in 2016. (Reporting by Georgina Prodhan; editing by John Stonestreet)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-raytheon-forcepoint-ipo-idUKKBN19F0N8'|'2017-06-25T01:37:00.000+03:00'
'43e9583114bef929e42c3136ca376a3bb309cff2'|'EQT buys 20 percent of German artificial limb maker Otto Bock'|'FRANKFURT Swedish buyout group EQT has agreed to buy a 20 percent stake in Otto Bock HealthCare GmbH, valuing the German artificial limb maker at 3.15 billion euros ($3.52 billion), the two parties said on Saturday.EQT beat rival investor CVC, confirming a Reuters report from last month that it had emerged as the leading bidder to help the family-owned company finance further growth and prepare for an initial public offering (IPO)."We continue pursuing the possibility of an IPO. However, such a step will come later rather than sooner thanks to the partnership with EQT," said Hans Georg Naeder, the president and owner of the parent company and grandson of its founder.Otto Bock, which was founded in 1919 as a maker of prosthetics for World War One veterans, had previously said it wanted to go public in 2018 or 2019.The stake purchase is subject to approval by cartel authorities and expected to close in the second half of 2017.EQT specializes in family-owned companies and has a focus on medical technology. It has investments in hearing aid specialist Sivantos, formerly Siemens Audiology Solutions, and Italian internal prosthesis maker Lima.(Story refiles to fix typo in headline.)(Reporting by Georgina Prodhan; Editing by Toby Chopra)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-otto-bock-hlthcr-eqt-idINKBN19F0F0'|'2017-06-24T10:41:00.000+03:00'
'c07d189efb879996cc3b773b4aa43f944d479485'|'CANADA STOCKS-TSX ends narrowly lower as resource shares weigh'|'Market News - Mon Jun 26, 2017 - 5:30pm EDT CANADA STOCKS-TSX ends narrowly lower as resource shares weigh (Add portfolio manager quotes, details throughout; updates prices) * TSX dips 3.54 points, or 0.02 percent, to 15,316.02 * Five of the TSX''s 10 main groups fall * Materials and energy groups fall 0.6 percent * Valeant Pharmaceuticals up 8.0 percent By Fergal Smith TORONTO, June 26 Canada''s main stock index edged lower on Monday in cautious trading ahead of the end of the second quarter, as declines in the heavyweight resource and financial groups offset gains for consumer-related shares. The Toronto Stock Exchange''s S&P/TSX composite index fell 3.54 points, or 0.02 percent, to 15,316.02. Trading volume was its lowest in three weeks. "No one is going to stick their neck out given that it is quarter-end coming up on Friday," said Irwin Michael, portfolio manager at ABC Funds. "People are a little nervous; little bit of concern out of the (United) States with regard to a flattening yield curve." The spread between the U.S. two-year and 10-year yield has narrowed to 80 basis points, nearly its smallest gap since September. A flat yield curve could indicate that some investors see a recession ahead. Gold miners were among the most influential decliners on the index as gold prices sank to near six-week lows. Agnico Eagle Mines Ltd slumped 1.3 percent to C$62.58, while Goldcorp Inc fell 1.2 percent to C$18.07. The materials group, which includes precious and base metals miners and fertilizer companies, lost 0.6 percent, while gold futures fell 1.0 percent to $1,244.3 an ounce. The energy group gave back 0.6 percent after rallying on Friday. Suncor Energy Inc fell 1.2 percent to C$38.07 even as oil prices held above last week''s seven-month lows. U.S. crude oil futures settled 37 cents higher at $43.38 a barrel. Financial stocks, which make up roughly a third of the index''s weight, also fell, slipping 0.2 percent as some of the country''s top banks lost ground. Of the index''s 10 main groups five ended higher, including the consumer discretionary group, which rose 0.8 percent and the consumer staples group, which rose nearly 1 percent. Shares of Alimentation Couche-Tard Inc rose 3.6 percent to C$63.62. The company has won U.S. antitrust approval to buy rival CST Brands Inc on condition that it sell up to 71 gas stations in eight states, the Federal Trade Commission said. Healthcare rallied 2.4 percent, with Valeant Pharmaceuticals International Inc surging 8.0 percent to C$22.61, and reaching its highest since Jan. 10. Shares had jumped last week after billionaire investor John Paulson joined the company''s board. BlackBerry Ltd rebounded 5.7 percent to C$13.59 after sharp losses on Friday following disappointing quarterly results. (Additional reporting by Solarina Ho; Editing by Meredith Mazzilli and Tom Brown) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/canada-stocks-idUSL1N1JN1M3'|'2017-06-27T05:30:00.000+03:00'
'b953024e64466a15ff884ec1c8f4969e21774771'|'U.S. awards 5-year note at weakest bidding since February'|'NEW YORK, June 27 The U.S. Treasury Department on Tuesday sold $34 billion of five-year government debt to the weakest demand in four months, resulting in a yield of 1.828 percent, the lowest yield for this maturity at an auction since November, Treasury data showed.The ratio of bids to the amount of five-year notes offered came in at 2.33, the lowest since February. This measure of overall auction demand retreated from 2.67 in May, which was the highest in five months. (Reporting by Richard Leong; editing by Jonathan Oatis)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/usa-auction-5year-idINL1N1JO14Z'|'2017-06-27T15:17:00.000+03:00'
'7e534ebd9df43d8ee0c35498f4a09b5c1e479752'|'MOVES-JP Morgan hires Hughes as head of global custody'|'LONDON, June 27 (IFR) - JP Morgan has hired former Deutsche Bank banker Mike Hughes to head its global custody business in London.Hughes starts this week and will report to Chris Rowland, global head of custody, which also includes the trust and fiduciary businesses.JP Morgan has been growing the business and earlier this year BlackRock, the world''s biggest asset manager, moved over US$1trn of assets from State Street, one of the largest ever shifts in custody assets.Hughes was most recently head of strategic execution for Deutsche Bank''s global securities services business. He has also held senior roles in transaction banking and fund services and managed a number of large fund and custody client relationships, according to a memo sent by Rowland. (Reporting by Steve Slater; editing by Sudip Roy)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/moves-jp-morgan-hires-hughes-as-head-of-idINL8N1JO19L'|'2017-06-27T06:03:00.000+03:00'
'589f940aca94e7dc7b183196104161de50d7fcc3'|'Marcato threatens to replace Deckers'' board in case of no sale'|'Activist investor Marcato Capital Management said on Tuesday it will seek to replace Deckers Outdoor Corp''s ( DECK.N ) board if the footwear maker''s review of strategic alternatives did not result in a sale of the company.Marcato, which said it owns a 6 percent stake in Deckers'' shares, will nominate a slate of director candidates to replace the company''s entire board, the hedge fund warned in a letter.Deckers, the maker of UGG boots and apparel, said in April it was exploring a sale as part of a review of strategic options.Investment management firm Red Mountain Capital Partners LLC in March pushed Deckers for a sale, saying its stock had underperformed due to management''s "consistently poor capital allocation decisions."Deckers'' shares were up 1.4 percent at $67.90 on Tuesday in afternoon trading.(Reporting by Sruthi Ramakrishnan in Bengaluru; Edited by Martina D''Couto)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-deckers-outdoor-marcato-idINKBN19I2M9'|'2017-06-27T16:41:00.000+03:00'
'333f02ca194b56811b9d8424ca98d02d44c4290a'|'Deals of the day-Mergers and acquisitions'|'Market   3:49pm EDT Deals of the day-Mergers and acquisitions (Adds National Bank, Syngenta, Trump Hotels, Sistema, DuPont, ABN Amro and CESP; Updates Ryanair) June 27 The following bids, mergers, acquisitions and disposals were reported by 2000 GMT on Tuesday: ** Privatization of Russian state shipping company Sovcomflot ( IPO-SKF.MM ) is planned for early July, the TASS news agency quoted Russian Deputy Transport Minister Viktor Olersky as saying. ** Western Digital Corp and U.S. private equity firm KKR & Co LP have resubmitted an offer for Toshiba Corp''s flash memory chip unit, in an eleventh hour effort to prevent the conglomerate signing a deal with its preferred bidder. ** Spain''s state-owned Bankia agreed to acquire Banco Mare Nostrum (BMN), creating the country''s fourth-biggest lender amid consolidation in Europe''s struggling banking sector. ** South African telecommunications firm Blue Label Telecoms said it would buy a mobile device supplier for 1.9 billion rand ($148 million) to expand its existing business in that field. ** Buyout groups Bain Capital and Cinven are talking to investors about a potential new offer for German generic drugmaker Stada after their 5.3 billion euro ($6 billion) bid fell through, people close to the matter said. ** Chinese company 5USport has agreed to purchase a majority stake in English League One side Northampton Town, the club said in a statement. ** Ryanair would seek a majority stake in Alitalia if it decides to invest in the loss-making Italian airline, its chief executive said during a visit to Rome. ** Wells Fargo & Co said it agreed to sell its commercial insurance business to private insurer USI Insurance Services, as the third-largest U.S. bank plans to focus on core banking products and services. ** The board of Greece''s National Bank (NBG) approved the sale of a majority stake in the group''s wholly-owned insurance subsidiary to American-Dutch consortium Calamos-EXIN, a banker close to the deal told Reuters. ** Switzerland''s Syngenta, the crop protection company acquired by ChemChina, has vowed to bulk up its seeds business and join the chase for assets rival Bayer must sell to gain regulatory approval for its takeover of Monsanto. ** The name Trump will be removed from a high-rise hotel and condo development in downtown Toronto after the project''s new owner, JCF Capital ULC, reached a deal with Trump Hotels to buy out its management contracts for an undisclosed amount. ** A Russian court said it had frozen more than $3 billion of Sistema''s assets as it began hearing oil producer Rosneft''s lawsuit against the business conglomerate. ** Mexico''s antitrust watchdog said that it has given approval to DuPont and Dow Chemical Co to merge on the condition that they sell certain crop protection products and other assets. ** The Dutch state announced plans to sell down its stake in ABN Amro bank from 70 percent to 63 percent. ** Brazil''s São Paulo state will send officials and advisors to China, Europe and North America in July to meet investors about the privatization of state-controlled power firm CESP, a source with knowledge of the plans told Reuters. (Compiled by John Benny and Divya Grover in Bengaluru)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/deals-day-idUSL3N1JO37M'|'2017-06-27T18:02:00.000+03:00'
'50a8a9c49ecc35d802a7d27e492ee9bbea95651c'|'GM expects charge from its sale of Opel to reach $5.5 billion'|'Deals   3:40pm EDT GM expects charge from its sale of Opel to reach $5.5 billion The GM logo is seen in Warren, Michigan, U.S. on October 26, 2015. REUTERS/Rebecca Cook/File Photo DETROIT General Motors Co ( GM.N ) now expects the charge for its sale of Opel to Peugeot SA PEUPP.PA to reach $5.5 billion versus its previous estimate of $4.5 billion due to additional costs associated with the deal, a top executive said on Monday. GM''s chief financial officer, Chuck Stevens, also told analysts on a conference call that the No. 1 U.S. automaker expects new vehicle sales to hit a seasonally adjusted annual rate of "low 17 million" units for 2017 and reiterated the company''s target to bring U.S. inventories of its vehicles down to 70 days'' supply by December from 110 days in June. (Reporting by Nick Carey; Editing by Leslie Adler)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-autos-gm-opel-idUSKBN19H2E8'|'2017-06-26T23:40:00.000+03:00'
'09ed803a0ff3ce77b531600bfb30c4ee2313a1d3'|'Asia stocks edge up on optimism over global growth, oil rebounds'|'Business News - Mon Jun 26, 2017 - 2:52am BST Asia stocks edge up on optimism over global growth, oil rebounds FILE PHOTO: Passersby walk past in front of stock quotation board outside a brokerage in Tokyo, Japan, September 29, 2015. REUTERS/Issei Kato By Hideyuki Sano - TOKYO TOKYO Asian shares edged up on Monday on optimism about global growth while the dollar was on the defensive as a subdued U.S. inflation outlook capped U.S. bond yields. MSCI''s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS ticked up 0.2 percent while Japan''s Nikkei .N225 rose 0.3 percent. Trading was slow with many markets in the region closed for holidays to celebrate the end of Ramadan. The prospect of solid global economic growth has kept alive investors'' optimism over world equities even as some markets, including Wall Street, have slowed down from a frenetic run due to high valuations. Share prices have also been supported by relatively loose monetary policies in the developed world, with the Bank of Japan and the European Central Bank still pumping in funds. While the U.S. Federal Reserve is gradually tightening its policy, investors think the pace of its tightening will be much slower than its policymakers want given subdued U.S. inflation. Money market futures price FFZ7 FFF8 in only about 50 percent chance of another rate hike by the end of the year, compared to Fed''s own projection of one more rate increase. The 10-year U.S. Treasuries yield US10YT=RR stood at 2.144 percent, not far from seven-month low of 2.103 percent hit in mid-June. The 30-year yield hit 7-1/2-month low of 2.710 percent US30YT=RR on Friday, making the yield curve the flattest in almost a decade. It last stood at 2.721 percent. The lower yields have put the dollar on the defensive, though some market players say both Treasury yields and the dollar could rise if U.S. President Donald Trump manages to push through his healthcare bill in the parliament. "There will be renewed focus on U.S. healthcare bill. Its passage in the parliament could lead to expectations that the administration will get down to stimulus next," said Masahiro Ichikawa, senior strategist at Sumitomo Mitsui Asset Management. Republican Senate leader Mitch McConnell has pushed for a vote on the bill before the July 4th Independence Day holiday recess that begins at the end of this week. Yet he can afford to lose the support of only two Republicans in the face of unanimous Democratic opposition, while five Republican senators have said they will not support the bill in its current form. [nL1N1JM06G] The dollar stood at 111.22 yen JPY= , off last week''s high of 111.79. The euro EUR= traded at $1.1198, slowly recovering from its three-week low of $1.1119 touched on Tuesday. A strong reading in Germany''s Ifo business sentiment survey due at 0800 GMT could open the way for a test of $1.1296, its seven-month high hit earlier this month. The euro was little damaged by the news that Italy began winding up two failed regional banks on Sunday in a deal that could cost the state up to 17 billion euros ($19 billion). [nL8N1JM0IK] "This won''t cause a major financial crisis considering the current strength of the euro zone economy," said Yukio Ishizuki, senior strategist at Daiwa Securities. Oil prices ticked up early on Monday after having fallen for five weeks in a row on concerns OPEC-led production cuts have failed to ease a global crude glut stemming from increased oil production in the United States. Brent crude futures LCOc1 rose 0.5 percent to $45.78 per barrel from seven month lows of $44.35 hit last week. U.S. crude futures CLc1 fetched $43.22 per barrel, up 0.5 percent on the day and extending gains from their 10-month low of $42.05 set on Wednesday. (Editing by Shri Navaratnam) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-global-markets-idUKKBN19H03R'|'2017-06-26T09:18:00.000+03:00'
'96f561e38af32c705b7428e78812ba806aa80da1'|'CEE MARKETS-Romanian leu holds steady ahead of new PM nomination'|'Market News - Mon Jun 26, 2017 - 5:23am EDT CEE MARKETS-Romanian leu holds steady ahead of new PM nomination By Krisztina Than BUDAPEST, June 26 The Romanian leu held steady on Monday, unrattled by the ousting of Prime Minister Sorin Grindeanu last week, and stocks markets in the region opened higher, led by Polish banks. Poland''s index led gains, trading 1.2 percent higher at 0809 GMT. The country''s second-largest lender Bank Pekao SA jumped 3 percent, while mBank surged 2.4 percent. Traders said this was due to JP Morgan raising the target price for Pekao, and putting it to "overweight" from "underweight". The ruling party in Romania is expected to propose a new prime minister to President Klaus Iohannis, a centrist, on Monday to replace Grindeanu who was ousted last week in a no-confidence vote initiated by his own party. Once Iohannis endorses the candidate, a new government could be formed within days. The political uncertainty follows jitters over the government''s loose fiscal policies, but it was not expected to have a major impact on policy. "In our view, changing a prime minister will not entangle any major shifts in the current government policies except from the possibility of deviating further away from the anti-corruption path than under Grindeanu''s leadership," analysts at Nordea bank said in a note. "Regardless of who will be the new Romanian PM, the political and fiscal risks will remain in place with the government policies continuing to be quite hasty and sometimes unpredictable ... we are not too optimistic about the RON in the medium-term," they added. The leu was steady at around 4.57 to the euro but was still hovering around its weakest levels since 2012 of 4.599 hit last week. "A possibly fast implementation of a new government... and the resolving of the political uncertainty could in our view induce a quick return of EUR/RON into the 4.50-4.55 range," Raiffeisen analysts said. The Hungarian forint and the Polish zloty were both 0.1 percent firmer in early, slow trade. CEE MARKETS SNAPSH AT 0940 CET OT CURRENCIES Latest Previo Daily Change us bid close change in 2017 Czech crown n/a 26.261 n/a n/a 5 Hungary 309.30 309.68 +0.12 -0.16% forint 00 50 % Polish zloty 4.2207 4.2255 +0.11 4.34% % Romanian leu 4.5710 4.5721 +0.02 -0.79% % Croatian 7.4120 7.4155 +0.05 1.93% kuna % Serbian 121.41 121.67 +0.21 1.60% dinar 00 00 % Note: daily calculated previo close 1800 change from us at CET STOCKS Latest Previo Daily Change us close change in 2017 Prague 969.08 980.68 -1.18% +5.15 % Budapest 35780. 35599. +0.51 +11.8 40 51 % 0% Warsaw 2334.8 2304.4 +1.32 +19.8 1 8 % 6% Bucharest 8270.2 8347.5 -0.93% +16.7 2 5 3% Ljubljana 795.27 792.22 +0.38 +10.8 % 3% Zagreb 1867.4 1864.5 +0.15 -6.39% 4 8 % Belgrade 0.00 705.79 +0.00 -100.0 % 0% Sofia 687.77 687.67 +0.01 +17.2 % 8% BONDS Yield Yield Spread Daily (bid) change vs change Bund in Czech spread Republic 2-year 0.049 0 +068b +2bps ps 5-year -0.014 0.048 +036b +4bps ps 10-year 0.896 0 +064b +0bps ps Poland 2-year 1.937 -0.07 +256b -5bps ps 5-year 2.628 0.007 +300b +0bps ps 10-year 3.245 0 +299b +0bps ps FORWARD RATE AGREEMENT 3x6 6x9 9x12 3M interb ank Czech Rep <PR 0.34 0.41 0.49 0 IBOR=> Hungary <BU 0.185 0.2 0.23 0.15 BOR=> Poland <WI 1.75 1.766 1.82 1.73 BOR=> Note: FRA are for ask quotes prices (Additional reporting by Luiza Ilie and BArtosz Chmielewski; Editing by Raissa Kasolowsky) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/easteurope-markets-idUSL8N1JN1CG'|'2017-06-26T17:23:00.000+03:00'
'cbfd7ce088c0d6ca61f51e9304ddbdd1801e6963'|'Brazil''s Meirelles sees U.S. lifting Brazil beef ban soon'|'Commodities  41am EDT Brazil''s Meirelles sees U.S. lifting Brazil beef ban soon SAO PAULO Brazilian Finance Minister Henrique Meirelles said on Friday he expects the United States to lift a ban on imports of Brazilian fresh beef soon, stressing that the decision bore no relation to sanitary concerns. The U.S. Department of Agriculture decided on Thursday to impose the ban over safety concerns did not affect the bulk of Brazilian beef imports, which are frozen. Speaking to journalists, Meirelles said he sees no room to cut taxes as Brazil emerges from a deep recession. (Reporting by Thaís Freitas; Writing by Bruno Federowski)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-usa-brazil-beef-meirelles-idUSKBN19E1UG'|'2017-06-23T23:36:00.000+03:00'
'eddf65f4ce7be44db504ac0d1ad59045ad7920f0'|'Risk of air accidents in UK up after CAA cost-cutting, warns leaked report - Business'|'Risk of air accidents in UK up after CAA cost-cutting, warns leaked report Draft internal Civil Aviation Authority report criticised significant weaknesses, including in monitoring flight training and licensing pilots Emergency services at scene of Shoreham airshow crash in 2014. An official report revealed the CAA had inspected just 2.8% of the airshows it approved in 2014. Photograph: Peter Macdiarmid/Getty Images Risk of air accidents in UK up after CAA cost-cutting, warns leaked report Draft internal Civil Aviation Authority report criticised significant weaknesses, including in monitoring flight training and licensing pilots View more sharing options Friday 23 June 2017 15.40 BST Last modified on Friday 23 June 2017 15.42 BST Cost-cutting and overstretched staff at the Civil Aviation Authority have increased the risk of air accidents in Britain, according to a leaked internal report drafted by the air safety regulator but never released. Inspectors at the CAA, which oversees flight safety, warned bosses that they did not have the resources to do their job properly, the draft report shows. There were “significant weaknesses” in the CAA’s safety division, including monitoring flight training and licensing pilots, the report said. The provisional report, produced by the CAA’s head of strategy and safety assurance on the request of senior directors but never published, warned that the problems it identified were “those most likely to feature as contributory causal factors in aircraft accidents”. A staff survey detailed within the report showed that fewer than 10% believed their colleagues had time to undertake important safety activities to an acceptable standard. Fewer than 20% agreed that all of the organisation’s important safety functions were adequately covered. And fewer than 20% of staff agreed that its activities were “sufficient to assure ourselves that we are protecting the safety of the public”. Damning criticisms in the safety assurance review included: • A large number of licences issued to pilots contained errors. • The CAA was failing to properly oversee flight training organisations. • “Significant staff reductions … have led in some cases to insufficient access to expertise”. • Important safety activities required by the European Air Safety Agency (the EU regulator) were “significantly behind schedule”. • The CAA’s “capability does not match the true demands”. The review and survey was proposed by the CAA’s safety action group and commissioned by safety director Mark Swan, amid a shakeup of the CAA. The group proposed the review “to ensure that the organisation continued to be fit for purpose to deliver effective safety oversight”. While the review rated the overall fitness for purpose of the safety division as “adequate”, it found that “in all areas reviewed, there is evidence that the resources available … are at minimum levels. There is a general lack of resilience.” It added: “The areas that appear to be currently suffering the most are those most critical to protect public safety.” Questions had been raised about the CAA regime by accident investigators in the wake of the Shoreham airshow crash in August 2015 , in which 11 people were killed after a plane crashed while attempting a stunt. The official report by the Air Accident Investigation Branch revealed that the CAA had inspected just 2.8% of the airshows it approved in 2014, and did not require to see or approve risk assessments before permitting the Shoreham show to go ahead. What happened at the Shoreham airshow crash? Read more Although the CAA was not directly affected by government cuts, it was pressured by ministers to embrace more “light-touch regulation”, especially with regards to general aviation, which includes airshows. Grant Shapps, at the time a minister without portfolio, had demanded the “minimum necessary burden” for private flying in a so-called red-tape challenge to the CAA in 2013. The chief executive of the CAA, Andrew Haines, was appointed in 2009 with a brief to modernise the agency, and was incentivised to complete a transformation programme that saw the wage bill slashed. The regulator is funded by the airlines and operators it regulates, which have lobbied to lower the charges. The CAA pledged to freeze all its fees and charges, the source of its revenues, for three years in 2011 and by 2013 said it would be saving the equivalent of 120 full-time jobs. Insiders claim that pressure to run the authority as a commercial enterprise has diminished the CAA’s capacity to monitor safety. A significant number of highly trained and experienced staff in the safety division have left the CAA in recent years. The union representing safety inspectors said a significant number of its members had left the CAA. Steve Jary, national secretary, aviation, at Prospect, said: “Put simply, they are no longer confident that they can do their job – keeping the public safe. But they can’t speak out: around 30 have left with confidentiality agreements in their exit packages.” A spokesperson for the CAA said: “The UK has one of the best air safety records in the world, and the CAA is recognised as one of the world’s leading aviation regulators. We are subject to rigorous independent safety audits by the International Civil Aviation Organisation (ICAO) and the European Aviation Safety Agency (EASA). Their audits show the CAA is consistently performing to a very high standard, in compliance with our regulatory duties and often provides best practice guidance for Europe and other parts of the world – helping to protect UK citizens wherever they are travelling. “In addition, we assess our own performance. The 2014 safety assurance review was commissioned to ensure our regulatory oversight was responding to both current and emerging safety risks. The results helped to inform changes in how we organise our work and how we communicate within the organisation. We have consistently protected frontline safety roles at a time when other parts of the public sector have had to undertake drastic cuts.” Topics'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/2017/jun/23/risk-of-air-accidents-in-uk-up-after-caa-cost-cutting-warns-leaked-report'|'2017-06-23T22:40:00.000+03:00'
'97057604ce955eb4f5aebe786dcf7ad8469864b5'|'General Motors is getting smaller but more profitable'|'THE headquarters of General Motors (GM) tower over the other skyscrapers in Detroit’s city centre, a reminder that the carmaker still rules the American market. Yet GM’s domestic might increasingly contrasts with its position elsewhere in the world. Although most other carmakers see becoming ever bigger everywhere as the answer to the industry’s multiple challenges, GM is in retreat.It, too, long vied with the world’s largest carmakers for the global crown. Along with Volkswagen, Toyota and Renault-Nissan, it made around 10m cars last year. Investors have been unimpressed. Although GM had record profits in 2015 and 2016 and has performed solidly this year, its share price has barely budged since its IPO of 2010, after the financial crisis had forced it into bankruptcy. 10 Such is the frustration that Greenlight Capital, a hedge fund with a 3.6% stake in GM, proposed splitting its shares into two classes—one keeping the current dividend and the other benefiting from stock buybacks and dividend increases. The plan was roundly defeated at the firm’s annual shareholders meeting on June 6th, in a victory for Mary Barra, the CEO since 2014.GM reckons that handing back membership of the “10m club” is a better solution. The downsizing began in 2015 when it left two emerging markets, Russia and Indonesia, and shrank operations in Thailand. The boldest step came in March, with the news that it would pull out of Europe by selling Opel to France’s PSA Group. In May GM also said it would stop selling vehicles in India and leave South Africa.Pegging GM back to making 8.5m cars a year signals that profits are its priority. Jefferies, an investment bank, reckons that revenues in 2017 will fall by a tenth but that profits before interest and taxes will rise by 2-3%. Dan Ammann, GM’s president, says that his firm can no longer strive to be “all things to all people in all places”. It should concentrate on areas where it is strong, could become strong or where there are generous profits to be made, he says. Both North America and China fulfil his requirements. GM may be losing money in Latin America at the moment, but it has a big market share there on which to build.Picking markets carefully should give GM a better chance of nurturing existing businesses while preparing for a future of autonomous vehicles and ride-sharing. This upheaval is still in its very early stages: of the 3trn vehicle-miles driven in America last year, just 5bn, or 0.15% of the total, were undertaken in ride-hailing services such as Uber and Lyft. But investors are thinking far ahead, to a time when technology giants such as Apple and Google change the nature of personal transport. They fear that GM will get left behind.The firm’s difficulty lies in convincing them that it is spending enough to stay in this race but not too much on businesses that, at present, bring no returns. (A similar conundrum led to the ousting of Ford’s chief executive, Mark Fields, last month.) GM has sensibly stressed its future technological capabilities and downplayed the cost of developing them. Spending $500m on a stake in Lyft, as it recently did, and the same amount to buy Cruise Automation, a self-driving startup, in addition to another $600m on other autonomous-vehicle costs, is a relatively small sum to set against an annual capital expenditure and research-and-development budget of $16bn.Yet still its shares languish. Old-fashioned problems are not helping. Carmaking is cyclical: the American market is at a peak and China’s roaring growth may slow. GM is expected to make a big announcement soon about its plans to reap rewards from the future of mobility. But if it comes just as the cycle appears to be turning downwards, the news may not give the firm’s shares the tune-up they deserve. "Shrink to fit"'|'economist.com'|'http://www.economist.com/sections/business-finance/rss.xml'|'http://www.economist.com/news/business/21723869-yet-uncertainty-about-how-it-will-fare-future-still-weighs-its-share-price-general-motors?fsrc=rss'|'2017-06-24T08:00:00.000+03:00'
'18d714de038f46b96570ee80f9f7f007fa27fb85'|'UK consumer confidence plunges after PM May''s election flop - YouGov/Cebr'|'  7:45am BST UK consumer confidence plunges after May''s election flop - YouGov/Cebr A woman shops in a supermarket in London, Britain April 11, 2017. REUTERS/Neil Hall LONDON Britain''s messy election outcome and a weakening of the housing market have caused a sharp of loss of confidence among consumers, leaving the country dependent on exports to avoid a recession, according to a survey published on Tuesday. An index of consumer confidence produced by polling firm YouGov fell back to just above levels last seen just after last year''s shock referendum decision to leave the European Union. "Our preliminary assessment is that economic growth will fall sharply over the coming months and the country will only be saved from recession by strong international trade," said Douglas McWilliams, deputy chairman at the Centre for Economics and Business Research which produces the index with YouGov. Prime Minister Theresa May''s failure to secure a parliamentary majority in the June 8 election, raising the prospect of a weak government, weighed on consumers who were already feeling the strain of higher inflation and weak wage growth, YouGov said. "But the real cause for alarm will be the cooling of the property market, as this is one of the key things that has propped up consumer confidence over the past few years," Stephen Harmston, head of YouGov Reports, said. YouGov''s conclusions were based on data collected between June 9 and June 21. The online polling company conducts around 6,000 online surveys a month. Britain''s housing market has come under pressure in recent months. Mortgage lender Nationwide has reported three successive monthly falls in house prices for the first time since 2009, while rival Halifax says annual growth is the lowest since 2013. Britain''s economy as a whole initially withstood the shock of the Brexit vote but lost much of its momentum in early 2017. The combination of slow growth and high inflation has put the Bank of England in a difficult spot. Its interest-rate setters split 5-3 this month on the need to raise borrowing costs to see off a rise in inflation. The BoE is waiting to see if exports can offset weaker consumer demand. There was some more encouraging economic news on Tuesday from jobs website Adzuna. For the past two years it has reported year-on-year declines in available wages. May''s decline of 1.0 percent was the joint-smallest since July 2015. (Reporting by William Schomberg, editing by David Milliken)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-economy-idUKKBN19H2P6'|'2017-06-27T07:12:00.000+03:00'
'451241ddea0ba70bb22773d4f0b9610f3ce67984'|'HBOS fraud victims go unpaid as Lloyds battles Noel Edmonds - Business'|'Lloyds Banking Group HBOS fraud victims go unpaid as Lloyds battles Noel Edmonds Bank denies star’s claim £100m scheme is a ‘sham’ as only one victim of loans scam has received compensation Noel Edmonds is seeking £73m compensation from Lloyds over the HBOS fraud. Photograph: Tim Ireland/PA Lloyds Banking Group HBOS fraud victims go unpaid as Lloyds battles Noel Edmonds Bank denies star’s claim £100m scheme is a ‘sham’ as only one victim of loans scam has received compensation View more sharing options Monday 26 June 2017 18.07 BST Last modified   18.45 BST Five months after a high court judge handed out lengthy jail terms to a group of financiers who left business owners “cheated, defeated and penniless” , only one of the victims of the HBOS fraud has received compensation. Lloyds Banking Group – which rescued HBOS in 2008 after the fraud took place – has set aside £100m for redress but now has little chance of meeting a month-end deadline it had set to make offers to all 64 victims. Instead the bank is mired in a public battle with TV celebrity Noel Edmonds – one of the victims – who accuses Lloyds of creating a “sham” compensation process which lacks transparency . Edmonds is also calling on Professor Russel Griggs, the Scottish businessman appointed as independent reviewer of the compensation process, to quit. Business Today: sign up for a morning shot of financial news Read more There are concerns that the £100m compensation pot will not be enough – Edmonds alone is seeking £73m – amid signs that Lloyds is facing an uphill battle in resolving all the issues surrounding the fraud that took place over a decade ago at HBOS’s Reading office. The City regulator, the Financial Conduct Authority, is investigating the “extent and nature of the knowledge of these matters within HBOS”. Lloyds has also appointed a retired high court judge to look at whether it investigated the problems in Reading promptly at the time of the takeover and whether it then reported its findings to the authorities. Anthony Stansfeld, police and rime commissioner of Thames Valley police, which led the prosecution, reckons the £100m set aside by Lloyds is “nothing like the sum that will be required” to compensate the small businesses which had contact with the corrupt financiers. He said he has seen an email showing HBOS knew about the fraud in 2008 when it was estimated £200m had been defrauded. Even before the £100m compensation provision, Lloyds had lost £250m on loans caught up in the fraud which took place period between 2003 and 2007 when HBOS employee Lynden Scourfield, who was in charge of looking after troubled businesses, referred struggling companies to David Mills and his consultancy QCS in return for luxury cruises and lavish gifts. Mills and his associates, meanwhile, loaded big fees on the businesses and sometimes took control of them. Scourfield had pleaded guilty while the jury convicted Mills and his wife Alison, along with their associates Michael Bancroft and Tony Cartwright. Mark Dobson, a former HBOS banker, was also convicted. Edmonds has set up a countdown clock, a radio station and created a spoof TV ad online as part of his campaign for compensation. The TV entertainer was not a client of HBOS Reading nor did he become a client of the troubled business division. He is included in the review through his connections with Dobson. Edmonds claims that Dobson effectively became a shadow director of one his businesses, Unique, which was loaned money by HBOS. The former Noel’s House Party host claims HBOS prevented him from selling shares in another business, UBC which would have helped repay the loan. Jonathan Coad, the lawyer at Keystone Law representing Edmonds, sets out three basic characteristics of a decent compensation scheme, which he says are not present in the Lloyds scheme. They are: the payment of professional fees built up by the claimants; ensuring that customer information provided by Lloyds to the independent reviewer is transparent; and using a “cards on the table” approach to negotiations that allows customers to see the information Lloyds holds about them. Coad is not alone in being concerned. Alison Loveday, chief executive at law firm Berg, which specialises in bank litigation, warns that victims may have to go through the courts. “Even with the compensation scheme in place, customers are still reliant on the assessment of their claim by the bank and its independent reviewer. There is no confidence that this will result in fair and proper compensation being paid to the victims,” she said. Lloyds insists it is paying legal and accountancy fees and that the review is not a sham because Griggs’ role is “to agree the individual case outcomes, and to ensure that these outcomes are fair”. “He will make his decisions independently,” Lloyds said. Some £300,000 is thought to have been paid out to help customers with their day-to-day living costs. Griggs has hired accountancy firms RSM and Mercer & Hole to assist him and insists he is not rubber stamping compensation sums put to him by Lloyds. “We are thoroughly reviewing each individual case,” his spokesperson said. “Professor Griggs has written to all customers asking them to come forward with information. After this information is submitted to Lloyds, Professor Griggs is then available for meetings and phone calls to discuss the entirety of their information directly with the customer,” the spokesperson added. MPs are keeping a close watch. Jacob Rees-Mogg, the Conservative MP who intends to run as chairman of the Treasury select committee, said the bank should have been ready to compensate customers as soon as the case was over. “Further delay is unfair”, he says, and “out of common justice and decency” the customers’ losses should be made good. John Mann, a Labour MP who sat on the Treasury select committee in the previous parliament, said Lloyds should get on with it. “Compensation is not a give away. It’s for loss suffered. It’s rather symptomatic of the problem that this hasn’t been done,” said Mann. In the view of one business which was a victim of the fraud , the process is unnecessary. Nikki Turner, who with her husband Paul runs music publisher Zenith which was a customer of Scourfield, is refusing to take part in the Griggs review. She said: “There is no need for a review in the majority of cases because the situation is very clear cut ... The worst thing the bank can do is make the victims go through the whole experience again.” She added that she received a letter in March from the Lloyds chairman Lord Blackwell, telling her he hoped the compensation process would restore trust in the bank. For some of the victims, at least, that goal has yet is to be achieved. Topics'|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/business/2017/jun/26/hbos-fraud-lloyds-noel-edmonds-compensation'|'2017-06-26T03:00:00.000+03:00'
'24ce88bd35975d2d54227105667b916cebe0e2df'|'Bonus cap could cost Dutch Brexit banking business, employer group says'|'Banks  17am BST Bonus cap could cost Dutch Brexit banking business, employer group says By Toby Sterling - AMSTERDAM AMSTERDAM A limit on bankers'' bonuses is putting the Netherlands at risk of missing out on luring financial services firms over from London once Britain leaves the European Union, Dutch Employers'' Association VNO-NCW said on Monday. Under Dutch law, annual bonuses for financial services managers are capped at 20 percent of base pay, compared with 100 percent in the rest of the EU. Along with Frankfurt, Paris and Dublin, Amsterdam is frequently at or near the top of lists of European cities for Britain-based banks seeking to open offices in the euro zone in response to Brexit. Reasons include a good quality of life, a favourable tax regime and Amsterdam''s large English-speaking population. But so far that has not translated to any major wins, with Goldman Sachs telling daily Frankfurter Allgemeine Zeitung it was doubling its headcount in Frankfurt, and Lloyd''s of London choosing Brussels. "Our plea is that we take care we aren''t harsher (in terms of bonuses) than the EU is asking," VNO-NCW chairman Hans de Boer said in a statement. He told de Telegraaf that, provided the rules on bonuses were tweaked, three major banks were still considering Amsterdam as an option. The newspaper named JPMorgan, UBS, RBS and Morgan Stanley as possibilities. Real estate sources have told Reuters that JPMorgan had studied costs of building or aquiring office space in Amsterdam''s financial district, but was sceptical. It was not clear which three banks VNO considered serious candidates, but it said they would generate 7,000-17,000 jobs and up to 1 billion euros (0.87 billion pounds) a year in tax revenues, he said. The 20 percent bonus cap was pushed through by Jeroen Dijsselbloem''s Labour party, the junior coalition partner in conservative Prime Minister Mark Rutte''s previous government, amid public anger over banker pay seen as exorbitant following several major bailouts funded by taxpayers. Rutte won elections on March 15 but is still locked in negotiations to form a new, more conservative government that have snagged on immigration issues. Rutte has said that the bonus cap does not apply to foreigners working in the Netherlands as long as the bank''s office there is not a head office. The Amsterdam city government is working to remove other potential barriers, by approving new office space and opening more international schools. (Reporting by Toby Sterling; editing by John Stonestreet)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-eu-netherlands-idUKKBN19H0VE'|'2017-06-26T17:17:00.000+03:00'
'2ae72c82576fe8e8ca2734e6b70ea334bd71886c'|'Ten Network gains Australian tycoons'' support, expressions of interest'|'By Byron Kaye - SYDNEY SYDNEY Three Australian business magnates plan to financially support Ten Network Holdings ( TEN.AX ) until it finds a buyer, the TV broadcaster''s administrator said, adding that there had been "quite a number" of expressions of interest from potential acquirers.Potential buyers included offshore entities, administrator Mark Korda of KordaMentha told reporters after a creditors meeting on Monday, although he declined to name interested parties.News Corp NSWA.O Co-Chairman Lachlan Murdoch, regional TV boss Bruce Gordon and Crown Resorts'' ( CWN.AX ) James Packer own a combined 29.7 percent of the struggling free-to-air broadcaster and their support is essential if it is to survive a savage audience downturn which has hammered advertising sales.While administrators were called in this month after Murdoch and Gordon declined to extend support for a A$200 million ($152 million) debt facility past 2017, the move was widely seen as a necessary step to help it re-negotiate costly content licensing fees with U.S. production studios.The three tycoons now plan to put a financing facility in place to ensure that Ten has sufficient cash to continue to operate, Korda said."It will be all three at the present time, and the limit is just being worked on at the moment," he added.Murdoch and Gordon also said earlier this month that they had formed an agreement to restructure Ten.Australia''s broadcasters, and perpetual ratings laggard Ten in particular, have suffered large losses as advertisers follow viewers onto streaming services like Netflix ( NFLX.O ) and Amazon.com Inc''s ( AMZN.O ) Amazon Prime.Ten shares have been suspended from trading since the company called in administrators on June 14. The company had a market capitalization of A$58 million at its last traded price, a fraction of its value a few years earlier.The Australian Senate will debate a government bill later this year aimed at making it easier for media companies to buy each other. Under current laws, Murdoch and Gordon would likely face regulatory hurdles if they tried to buy Ten because they own other media assets.On Monday, Korda said Ten can continue as a viable company regardless of how the country''s parliament votes on relaxing media ownership laws.($1 = 1.3182 Australian dollars)(Reporting by Byron Kaye; Editing by Edwina Gibbs)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-ten-network-administration-idINKBN19H0RS'|'2017-06-26T06:35:00.000+03:00'
'c6553fd2c1445e2854666da3b036e66659c2e7c9'|'Google set to face record EU antitrust fine as soon as Tuesday - sources'|' 33pm BST Google set to face record EU antitrust fine as soon as Tuesday - sources left right A man holds his smartphone which displays the Google home page, in this picture illustration taken in Bordeaux, Southwestern France, August 22, 2016. REUTERS/Regis Duvignau 1/2 left right FILE PHOTO: A Google logo is seen in a store in Los Angeles, California, U.S., March 24, 2017. REUTERS/Lucy Nicholson/File Photo 2/2 PARIS EU antitrust regulators are likely to impose a record fine on Alphabet ( GOOGL.O ) unit Google over its shopping service as soon as Tuesday, two people familiar with the matter said on Monday, concluding one of three cases against the company. The European Commission''s case was triggered by scores of complaints from both U.S. and European rivals, leading to a seven-year-long investigation into the world''s most popular internet search engine. The EU competition authority charged Google in April 2015 with distorting internet search results to favour its shopping service, harming both rivals and consumers. The Commission declined to comment. Google said: "We continue to engage constructively with the European Commission and we believe strongly that our innovations in online shopping have been good for shoppers, retailers and competition." The company has said regulators ignored competition from online retailers Amazon ( AMZN.O ) and eBay Inc ( EBAY.O ). Reuters exclusively reported on June 1 that the EU competition enforcer aimed to sanction the company before the summer break in August. Companies found guilty of infringing EU antitrust rules can be fined as much as 10 percent of their global turnover, which in Google''s case could be about $9 billion of its 2016 turnover but it is not expected to reach this level. A 1.06 billion euro fine handed down to U.S. chipmaker Intel in 2009 is the highest to date. Apart from the fine, the Commission will tell Google to stop its alleged anti-competitive practices but it is not clear what measures it will order the company to adopt to ensure that rivals get equal treatment in internet shopping results. The Commission''s tough line is in sharp contrast with the U.S. Federal Trade Commission which settled its own web search case with the company in 2013 by requiring Google to stop "scraping" reviews and other data from rival websites for its own products. (Reporting by Foo Yun Chee; Editing by Adrian Croft)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-eu-google-antitrust-idUKKBN19H1YC'|'2017-06-27T00:15:00.000+03:00'
'3c6c29e707d1493a3740f745d0c0f7efe035121c'|'Oil climbs on weaker dollar, but rise in U.S. drilling drags'|'Business   7:47am BST Oil rises 1 percent on weaker dollar, but U.S. drilling drags A view of Mexico''s national oil company Pemex''s refinery in Salamanca, in Guanajuato state, Mexico, in this February 8, 2016 file photo. REUTERS/Edgard Garrido By Jane Chung - SEOUL SEOUL Oil prices rose 1 percent early on Monday on a weaker dollar, but an increase in U.S. drilling activity stoked worries that a global supply glut will persist despite an OPEC-led effort to curb output. Global benchmark Brent crude futures LCOc1 were trading up 45 cents, or 1.0 percent, at $45.99 per barrel at 0623 GMT. U.S. West Texas Intermediate (WTI) crude futures CLc1 were up 43 cents, or 1.0 percent, at $43.44 per barrel. Analysts said oil prices extended gains as investors covered short positions, but there was little fundamental news supporting prices. "It is just the fact that the oil market stopped falling... I suspect short covering," said Ric Spooner, chief market analyst at CMC Markets in Sydney. "And a slight support from a weak U.S. dollar." The U.S. dollar index .DXY stayed low on Monday against a basket of currencies amid fading expectations for the Federal Reserve to hike interest rates again later this year. A weaker dollar also makes oil cheaper for countries using other currencies. "Commodities stabilised after a turbulent week where most sectors suffered large falls," ANZ bank said in a note. "A slightly weaker U.S. dollar also helped improve investor appetite." Although oil prices have bounced back from 10-month lows, they are still down about 13 percent since late May, when the Organization of the Petroleum Exporting Countries (OPEC) and some other producers agreed to extend a deal to reduce output by 1.8 million barrels per day (bpd) until the end of next March. But crude supplies in the United States, which is not part of the OPEC-led deal, have been dampening the impact of curbs. U.S. energy firms added 11 oil rigs in the week to June 23, bringing the total count up to 758, the most since April 2014, according to data from energy services firm Baker Hughes Inc. RIG-OL-USA-BHI. Amid the rise in U.S. drilling activity, money managers cut net long U.S. crude futures and options holdings to their smallest long position since November. (Reporting by Jane Chung; Editing by Joseph Radford and Richard Pullin)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-global-oil-idUKKBN19H02Y'|'2017-06-26T08:58:00.000+03:00'
'c59abca8c27f69c762cb7d556104c4e20edb8169'|'UPDATE 7-Japanese air bag maker Takata files for bankruptcy, gets China backing'|'* Takata files for protection in Japan, U.S.* Liabilities estimated by analysts at $15 bln* Key Safety Systems to buy assets for $1.6 bln* Aims to maintain inflator production without interruption* Honda says no final agreement on recall liabilities (Adds details on restructuring, court hearing set for Tuesday, trims some material)By Naomi Tajitsu and David ShepardsonTOKYO/WASHINGTON, June 26 Japan''s Takata Corp , at the center of the auto industry''s biggest-ever product recall, filed for bankruptcy protection in the United States and Japan, and said it had agreed to be largely acquired for $1.6 billion by the Chinese-owned U.S.-based Key Safety Systems.In the biggest bankruptcy of a Japanese manufacturer, Takata faces tens of billions of dollars in costs and liabilities resulting from almost a decade of recalls and lawsuits. Its air bag inflators have been linked to at least 16 deaths and 180 injuries around the world because they can rupture and send metal fragments flying.Takata’s bankruptcy filing is a milestone in a restructuring orchestrated and financed in part by major automakers who need to assure a supply of replacement inflators for tens of millions of their cars that are still subject to recalls.The deal may also result in Key becoming a stronger competitor in the global market for air bag and safety technology and help ensure a broadly competitive air bag market for automakers.TK Holdings, its U.S. operations, filed Chapter 11 bankruptcy in Delaware on Sunday with liabilities of $10 billion to $50 billion; the Japanese parent filed for protection with the Tokyo District Court early on Monday.Scott Caudill, chief operating officer of TK Holdings, said in a court affidavit that the company "faces insurmountable claims" relating to the recalls and owes billions of dollars to automakers. He disclosed that Takata has recalled, or expects to recall, by 2019 about 125 million vehicles worldwide, including more than 60 million in the United States.Takata''s total liabilities stand at 1.7 trillion yen ($15 billion), Tokyo Shoko Research Ltd estimated.Final liabilities would depend on discussions with carmaker customers who have borne the bulk of the replacement costs, a lawyer for the company said.The filings open the door to the financial rescue by Key Safety Systems (KSS), a Michigan-based parts supplier owned by China''s Ningbo Joyson Electronic Corp. Ningbo Joyson acquired KSS in 2016 in a $920 million deal.In a deal that took 16 months to hammer out, KSS agreed to take over Takata''s viable operations, while the remaining operations will be reorganized to continue churning out millions of replacement inflators, the two firms said.Jason Luo, CEO of KSS, said in a statement the "underlying strength" of Takata''s business had not diminished despite the recall, citing its skilled employees, geographic reach and other safety products such as seat belts.Caudill said automakers would provide Takata up to $400 million over the course of the bankruptcy by accelerating payments and agreeing not to withhold what Takata owes them. In return, Takata agreed to provide the automakers access to their plants to ensure continued supply of parts.Takata does not plan to hold an auction of its assets, often used to ensure assets fetch top dollar for creditors. Caudill said that would be a waste of time, given Takata was extensively shopped prior to the bankruptcy and that only one bidder had clear support from automakers.Takata will ask the U.S. Bankruptcy Court in Delaware to appoint a representative for people who will be injured in the future from Takata inflators. The company said it plans to set aside sufficient money to cover those claims, which will be based on an expert’s estimate. An initial court hearing on the U.S. bankruptcy filing is set for Tuesday."We believe taking these actions in Japan and the U.S. is the best way to address the ongoing costs and liabilities of the air bag inflator issues with certainty and in an organized manner," Takata CEO Shigehisa Takada said in a statement.The remainder of Takata assets will be reorganized to produce replacement inflators, but it is not clear how long they will operate.CEO Takada said he and top management would resign "when the timing of the restructuring is set." His family - which still controls the 84-year-old company - likely would cease to be shareholders.Takata in February pleaded in a U.S. federal court to a felony charge as part of a $1-billion settlement that included compensation funds for automakers and victims of its faulty air bag inflators. Three former senior Takata executives were charged in January with falsifying test results.About two-thirds of 46.2 million recalled Takata inflators in the United States have not been fixed.It also faces hundreds of lawsuits and claims in the United States, Mexico and Canada, including consumer protection lawsuits filed by three states and 100 personal injury and wrongful death claims.Honda Motor Co, Takata''s biggest customer, said it had reached no final agreement with Takata on responsibilities for the recall. Honda said it would continue talks with the supplier but anticipated difficulties in recovering the bulk of its claims.UNPRECEDENTED RECALLSTakata faces billions in lawsuits and recall-related costs to its clients, including Honda, BMW, Toyota Motor Corp and others, which have been paying recall costs to date.The ammonium nitrate compound used in the air bags was found to become volatile with age and prolonged exposure to heat, causing the devices to explode. Takata continued to defend the compound even as competitors stopped using it, until reaching a 2015 agreement with regulators to phase out its use.Costs so far have pushed the company into the red for three years, and it has been forced to sell subsidiaries.Founded as a textiles company in 1933, Takata began producing air bags in 1987 and at its peak became the world''s No. 2 producer of the safety products. It also produces one-third of all seatbelts used in vehicles sold globally, along with other components.The Tokyo Stock Exchange said its shares would be delisted on July 27. The stock has collapsed 95 percent since January 2014. ($1 = 111.30 yen)(Reporting by Naomi Tajitsu; Additional reporting by David Shepardson in Washington, Tom Hals in Wilmington, Delaware and Maki Shiraki in Tokyo; Editing by Edwina Gibbs and Nick Zieminski)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/takata-bankruptcy-idINL3N1JN07F'|'2017-06-26T15:34:00.000+03:00'
'151c6858035fa3c9ca8d1afeb0a8461409f424dd'|'Martin Marietta to buy Bluegrass Materials for $1.63 billion'|'Building materials supplier Martin Marietta Materials Inc ( MLM.N ) said on Monday it agreed to buy construction material producer Bluegrass Materials Co for about $1.63 billion in cash.Bluegrass Materials makes aggregates and concrete blocks.Martin Marietta said it expected the deal to close in the fourth quarter.(Reporting by Ankit Ajmera in Bengaluru; Editing by Anil D''Silva)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-bluegrass-materials-m-a-martin-mari-m-idINKBN19H187'|'2017-06-26T09:19:00.000+03:00'
'5a266e3e2b4e38a7a4960ba9e79316bf1f27eebc'|'The prospects for the world’s biggest IPO'|'THE proposed sale of 5% of Saudi Aramco is not just likely to be the biggest initial public offering (IPO) of all time. “It’s like Gibraltar selling the rock,” as one expert on Saudi Arabia’s oil policy puts it. The world’s biggest oil company keeps the House of Saud in power, bankrolled 60% of the national budget last year, and is a paragon of efficiency in an economy otherwise mired in bureaucracy.The elevation on June 21st of Muhammad bin Salman, the 31-year-old architect of the IPO, to crown prince is likely to add more momentum to a sale planned for the second half of 2018. The news will further sideline domestic critics of the IPO, some of whom wonder whether it would be better to borrow the money than sell the family silver. But the success of the IPO is not guaranteed. The tendency of MBS, as the prince is known, to micromanage the listing runs counter to the spirit of openness and liberalisation that he says he wants for Saudi Arabia. That could backfire on the IPO itself. The more he interferes, the less keen investors will be to buy shares. 28 21 hours ago Why Aramco’s role underpinning the Saudi economy is an even bigger challenge in valuing this IPO than the firm’s immense size. On the one hand, advisers say, its low costs and lean workforce make it comparable to blue-chip oil supermajors such as ExxonMobil and Royal Dutch Shell. On the other, the risks of political interference mean that it is likely to suffer from the stigma associated with being a national oil company (NOC). Many NOCs, such as PetroChina and Brazil’s Petrobras, have come to market amid the sort of fanfare that Aramco is generating. In a decade, they have destroyed more than $500bn-worth of value compared with their private peers (see chart).As an oil company, the selling-points for Aramco are strong (provided the oil price is high enough). It has a concession for 12 times more oil and gas than ExxonMobil and 27 times more than Shell. Its production levels are several times higher. It has fewer employees, higher debt-adjusted cashflow per barrel, and decent margins in its refining and petrochemicals businesses as well as upstream. By the time it lists, its advisers hope it will have a board structure similar to that of the supermajors, and will be comparable on a number of parameters, including dividend projections, that will enable investors to value it accordingly. “The day this company goes public, it will look like one of the top blue-chip oil companies,” one says.The trouble is, MBS has already stated what he thinks the valuation should be, and at $2trn, it is punchy enough to make even a Silicon Valley boss look bashful. To achieve it, a 5% sliver would be worth $100bn—four times the biggest IPO to date, that of China’s Alibaba, an e-commerce firm, in 2014.According to an analysis by Sanford C. Bernstein, a research firm, at $2trn its value per barrel of oil equivalent coming out of the ground would be about 60% higher than that of its blue-chip peers. A valuation at or below $1.5trn would be closer to the mark, but risks disappointing the new crown prince. “He may have to make a choice between selling cheap and pulling the plug on the process. Either case would be a loss of face,” says Steffen Hertog of the London School of Economics, a writer on the state and oil in Saudi Arabia.To get closer to his target, the kingdom recently slashed tax rates on Aramco, from 85% to 50%. That brings them nearer to international norms for oil firms and will appeal to investors: lower taxes mean the company can pay out higher dividends.The country also has a plan to wean its people off some of the world’s cheapest energy by 2020, which would bolster Aramco’s profits. According to Jim Krane, of Rice University’s Baker Institute for Public Policy, about a third of Aramco’s output is sold for domestic purposes, with power generation, for instance, enjoying discounted prices of under $6 a barrel—a “massive opportunity cost”.But investors would be wise not to view issues like taxes and subsidies in isolation. Some analysts express worry that dividends are unstable, and that the kingdom would have to unwind the tax cuts on Aramco if the state needed the money. The introduction of more realistic pricing could also have political and social ramifications, since Saudis are some of the world’s biggest consumers of cheap energy.Another worry for investors would be if MBS continues to use Aramco as a tool of global oil policy on behalf of OPEC, the producers’ cartel. The kingdom may believe that OPEC serves as a stabilising force in global oil markets, which benefits Aramco. But its latest attempts to play puppet-master with the oil market have been counter-productive. On June 21st global oil prices fell to their lowest level since August, despite an agreement by OPEC and non-OPEC producers to cut output until next March. As a result, Aramco is not only losing income, it is losing market share to rivals not bound by the cuts.Last, as his global stature grows, the prince may be tempted to mix up geopolitics and commerce. Anecdotal evidence of this emerged during President Donald Trump’s visit to Riyadh in May. Even as Aramco was supposedly disentangling itself from the myriad noncore activities it carries out on behalf of the state, the firm was on extra-curricular duty. At breakneck pace, it built the Global Centre for Combating Extremist Ideology in Riyadh, where Mr Trump and MBS’s 81-year-old father, King Salman bin Abdel Aziz Al Saud, performed a weird inauguration ceremony involving a glowing globe. The reason for Aramco’s involvement: no other body in the kingdom could do it half as quickly.Venue, vidi, viciSuch strategic considerations may also be influencing the decision on whether to list the non-Saudi portion of the IPO in New York or London (a small slice will be listed on Tadawul, the local bourse). Aramco’s lawyers are more comfortable with a London Stock Exchange (LSE) listing, on the ground that it would spare the company the real risk of class-action lawsuits related, for instance, to the terror attacks of September 11th 2001, of litigation from tree-hugging attorneys-general, and of other claims on its assets that it might face on the New York Stock Exchange (NYSE).But MBS is believed to be leaning more towards New York. This may be because of liquidity: listed companies on the NYSE have a combined market capitalisation of about $20trn, versus $4trn on the LSE. The NYSE also has more prestige; the big peers Aramco wants to be judged against are listed there. Yet he is also understood to have been under pressure from the White House for a New York listing, and is keen to cement ties with Mr Trump. If that were to sway the final consideration, investors might not thank him for it.Many will shrug. The chance to buy shares in one of the world’s most resilient oil firms will be hard to resist. Moreover, sovereign-wealth funds may well be keen to become “anchor tenants” of the IPO, to deepen their own countries’ relationships with Aramco and the new crown prince.But MBS’s leapfrog towards the throne will not silence the questions that still swirl. What will happen to the money raised? Will the listing plug a budget gap of 8% of GDP? Will it fund domestic industries such as mining, defence and tourism? Or will it become a “magic money tree”, promising all things to all people? The original goal of the IPO was to bring more transparency and stronger market forces to Saudi Arabia—creating a sort of Thatcherite oasis in the Arabian desert. If that is truly what MBS wants, he should learn to leave well alone. "A king-to-be’s ransom"'|'economist.com'|'http://www.economist.com/rss/business_rss.xml'|'http://www.economist.com/news/business/21723872-saudi-aramco-cannot-be-seen-isolation-kingdom-it-funds-prospects-worlds?fsrc=rss%7Cbus'|'2017-06-24T08:00:00.000+03:00'
'd59e9a5bb8d9ff4ee6625a4abcd6a047fd92ddb8'|'WPP, Publicis criticise size and scope of ad conference in Cannes'|'Business News  52pm EDT WPP, Publicis criticize size and scope of ad conference in Cannes The logo of Publicis Groupe is seen at the company''s headquarters in Paris, France, February 6, 2017. REUTERS/Jacky Naegelen By Mathieu Rosemain - CANNES, France CANNES, France WPP ( WPP.L ) and Publicis ( PUBP.PA ) said on Friday the world''s biggest annual advertising industry conference in Cannes had become costly, too scattered and should return to its roots of solely promoting agencies'' creativity. The criticism highlights the frustration of the world''s number one and number three advertising groups as deep-pocketed tech giants such as Facebook ( FB.O ) and Alphabet''s ( GOOGL.O ) Google have been taking a greater part in the event, first held in 1954 to exhibit advertising films. "Cannes has to change," WPP''s chief executive Martin Sorrell told Reuters. "If we would be starting the concept again today, what would we do differently?" he added, saying he would prefer it if the conference took place in another city and at another time. WPP''s boss floated the idea that his group could consider not participating in the festival, following the stir caused by his counterpart at Publicis, Arthur Sadoun, who decided to skip the event altogether next year to focus on the development of a collaborative internal network, dubbed "Marcel". "...We''re shifting our promotional budget to reinvest in our people and the future of our company," Sadoun said in the memo, sent to the group''s 80,000 employees on Thursday. "So, we are taking a pause from awards shows, festivals and industry events for 365 days," he added. His predecessor, Maurice Levy, now chairman, pointed to the high costs of the Cannes event, which he says is now more focused on networking and business than on agencies'' products. "There are many excesses and a lot of spending," Levy told Reuters. "(This trend) is dominated by tech companies at a time when we are being asked to be more frugal by advertisers." In response to the criticism, event organizer Ascential ( ASCL.L ) said in a statement it would create an advisory committee to "help shape the future of the festival and ensure it continues to respond to the needs of the industry". (Editing by David Evans)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-advertising-cannes-conference-idUSKBN19E280'|'2017-06-24T02:49:00.000+03:00'
'8e37f8477a823b2253b0ed07930f25211d10712f'|'A year after Brexit vote, European and UK shares diverge'|'Market  23pm EDT A year after Brexit vote, European and UK shares diverge * STOXX 600, FTSE 100 down 0.2 pct at close * UK shares underperform European peers so far in 2017 * Financials, energy stocks fall (Recasts, adds detail and quote, updates prices at close) By Kit Rees LONDON, June 23 Another wobble in commodity-related shares and dollar earners put pressure on British blue chips on Friday, underscoring their underperformance against continental European peers a year on from Britain''s vote to leave the European Union. Britain''s FTSE 100 was down 0.2 percent at its close, weighed down by weakness in health care and mining stocks - large-cap dollar earners. Friday marked the one-year anniversary of Britons voting in a referendum by a narrow margin to quit the EU, a shock outcome which then sent sterling, British and European stocks into a tailspin. While stocks have recovered sharply from their slump in the immediate aftermath, in U.S. dollar terms, British stocks continue to lag peers in Europe and elsewhere as a cloudy outlook for sterling dented appetite among foreign investors. "Brexit itself, I don''t think, has had much of an effect on the market, but what has had an effect has been the fall in sterling," said Paul Mumford, senior investment manager at Cavendish Asset Management. Mumford said the inconclusive outcome of this month''s national election in Britain was also now weighing on sterling. "Because of the uncertainty that might have arisen from the election result, it may be that sterling is going to stay down longer than we thought," Mumford said. The pan-European STOXX 600 index was down 0.2 percent as falls among financials, pharma firms and energy shares weighed. Elsewhere, broker changes helped drive price action, with British broadcaster ITV rising more than 3 percent after Morgan Stanley upgraded it to "buy", citing its attractive valuation. "Timing is always tricky but typically the right moment to buy TV stocks is when advertising starts to improve, even if this is just on a second derivative basis (i.e. it starts to become less bad)," Morgan Stanley analysts said in a note. Shares in pizza delivery firm Domino''s Pizza were among the biggest fallers, down 2.8 percent near a two-year low after a downgrade from Berenberg. Berenberg analysts said Domino''s faced potential issues ahead, including falling behind in terms of technology as well as food inflation putting pressure on franchisee margins. Insurer NN Group was the biggest faller, down nearly 4 percent after Dutch watchdog KiFid said that the firm must compensate one its clients in a mis-selling case. Finnish and Swedish markets were closed for a holiday. (Reporting by Kit Rees, Editing by Vikram Subhedar and Gareth Jones)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/europe-stocks-idUSL8N1JK3H4'|'2017-06-24T00:23:00.000+03:00'
'c4d30e42ccafea8da9ffbb8c8bfd203beb97e6a8'|'Exclusive: Uber hires law firm to probe how it handled India rape case - source'|'Business News - Thu Jun 22, 2017 - 1:37pm EDT Exclusive: Uber hires law firm to probe how it handled India rape case - source An employee walks inside the office of ride-hailing service Uber in Gurugram, previously known as Gurgaon, on the outskirts of New Delhi, India, April 19, 2016. REUTERS/Anindito Mukherjee By Joseph Menn , Aditya Kalra and Heather Somerville - SAN FRANCISCO/NEW DELHI SAN FRANCISCO/NEW DELHI Uber Technologies Inc [UBER.UL] has hired a law firm to investigate how it obtained the medical records of an Indian woman who was raped by an Uber driver in 2014. The review will focus in part on accusations from some current and former employees that bribes were involved, two people familiar with the matter told Reuters. The law firm O''Melveny & Myers LLP, which is in the early stages of the probe, was hired by the ride service after employees gave contradictory accounts of how Uber obtained the medical records, one of the people said. The firm is also exploring whether former Chief Executive Travis Kalanick knew how Uber came into possession of the records, the person added. Kalanick through a spokesman declined to comment. Uber also declined to comment, and O''Melveny & Myers did not respond to a request for comment. Members of Uber''s board were briefed about the investigation in recent days, shortly before five major Uber investors sent a letter to Kalanick to demand his resignation, said the person. The probe was likely one reason the board turned against Kalanick, who stepped down on Tuesday, the first person said. The investigation is ongoing and has not reached any conclusions on whether Uber improperly obtained the records. Reuters has no evidence that bribery occurred. The rape victim sued Uber last week, accusing the ride service operator of improperly obtaining and sharing her medical records. The suit said that shortly after the rape occurred, former Uber Asia chief Eric Alexander "met with Delhi police and intentionally obtained plaintiff''s confidential medical records." Alexander, through spokeswoman Heather Wilson, denied paying any bribes and said that the files containing the victim''s records had been obtained through appropriate, legal methods. A Delhi police spokesman did not answer multiple phone calls from Reuters to seek comment. The rapist was convicted in 2015. According to a person familiar with conversations between Kalanick and Alexander, the two executives had discussed obtaining the victim''s records because they suspected the rape might have been fabricated by an Uber rival to damage the company. Another person said Alexander showed the medical files to colleagues in New Delhi more than once. Wilson denied that Alexander had discussed or shared the records with colleagues. She said that Alexander believed the victim was raped and never expressed the view that it was a set up. Uber fired Alexander earlier this month. Kalanick, 40, announced late on Tuesday that he was resigning as chief executive, though he would remain on the board of Uber. He said he had accepted "the investors'' request to step aside so that Uber can go back to building rather than be distracted with another fight." Privately held Uber has grown from startup to a global ride service valued at $68 billion in less than a decade, driven by Kalanick, who set the tone of a company that challenged laws and norms to succeed. Confidence in Kalanick had been strained this year by claims of sexual harassment in the company and a lawsuit accusing Uber of benefiting from trade secrets stolen from self-driving car technology from Alphabet Inc''s Waymo. (Reporting by Joseph Menn and Heather Somerville in San Francisco, and Aditya Kalra in New Delhi; Additional reporting by Dan Levine; Writing by Peter Henderson; Editing by Tiffany Wu and Edward Tobin)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-uber-india-exclusive-idUSKBN19D2AY'|'2017-06-23T01:37:00.000+03:00'
'91378b1936a0f4be0bc57025b8d64856d963c7d0'|'Australians among 19 on trial as Crown Resorts case opens in China'|'By Engen Tham and Winni Zhou - SHANGHAI SHANGHAI A Chinese court handed short jail terms to three Australian employees of Crown Resorts Ltd in a quick-fire trial following a lengthy probe into how the firm lured Chinese high-rollers to its casinos.The Australian consul general in Shanghai told reporters at the Baoshan District Court that Crown''s head of international VIP gambling Jason O''Connor was given a ten month sentence. Two other Australians were handed nine month sentences.The sentences would run from the date the employees were first detained on Oct. 14 last year, meaning they would only have a couple of months left to serve, the consul said. A lawyer for the defendants said they were "satisfied with the result".The three Australian citizens, along with 16 other defendants, were formally charged earlier this month, having been first detained late last year. Zhai Jian, a lawyer for the defendants, said all had pled guilty.Billionaire James Packer has a 49 percent stake in Melbourne-based Crown.The case - part of a wider crackdown on gambling in China - has forced Crown to tear up its strategy of luring wealthy Chinese to the casino hub in the Chinese territory of Macau and instead shift its focus back home.At the end of a swift trial that only began on Monday morning, relatives and lawyers were whisked away.Journalists had been barred from attending the actual proceedings.Crown does not directly run casinos in China. But it relies heavily on Chinese gamblers at its Australian operations, as it had done in Macau until last month when it sold its remaining stake in Macau-focused Melco Resorts & Entertainment Ltd for $1.16 billion.China has been cracking down on attempts by casinos to woo high-spending Chinese gamblers within China. In 2015 thirteen South Korean casino managers were arrested in China for offering Chinese gamblers free tours, free hotels and sexual services.The trial is the latest in a series of high-profile cases in China involving foreign firms. British drugmaker GlaxoSmithKline PLC was fined nearly $500 million in 2014 and food maker OSI saw employees jailed last year.($1 = 6.8390 Chinese yuan renminbi)(Reporting by Winni Zhou and Engen Tham; Writing by Adam Jourdan; Editing by Simon Cameron-Moore)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/crown-resorts-china-trial-idINKBN19H0AX'|'2017-06-26T12:24:00.000+03:00'
'eacd66caa2218faabffff8a79d126ee40cbb0188'|'Walt Disney''s Disneyland presentation map fetches $708,000 at auction'|'Market News - Mon Jun 26, 2017 - 12:58am EDT Walt Disney''s Disneyland presentation map fetches $708,000 at auction June 25 Walt Disney''s "presentation map," which the late animation entrepreneur drew in the 1950s to attract investors to the idea for his legendary theme park "Disneyland," sold for $708,000 at an auction of Disney memorabilia on Sunday. The price set a record for a Disney map and was among the highest ever paid for a piece of Disney ephemera at auction, organizers said. Still, it fell short of the predicted $900,000. "After some pretty exciting bidding, the map sold for $708,000, making it the most expensive Disneyland map ever sold," said Mike Van Eaton, co-owner of Van Eaton Galleries. "We are beyond thrilled that the map will continue to be appreciated and cherished just like it has been for all these years," he said. The buyer was not revealed. The map was one of the highlights of some 700 lots at the "Collecting Disney" auction, held by Van Eaton Galleries in Los Angeles. The sale of items drawn mostly from private collections was expected take in between $2 million and $3 million. Disney co-founded an animation studio in 1923, which eventually grew into a feature film production studio with films such as "Snow White and the Seven Dwarfs," "Bambi" and "Cinderella." He died in 1966 aged 65. The Walt Disney Company is now one of Hollywood''s top players, producing live action and animated feature fare. (Editing by Chris Michaud; Editing by Paul Tait) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/disney-auction-idUSL1N1JN02V'|'2017-06-26T12:58:00.000+03:00'
'1badba889922dcc61dd0e267000b050ef456997d'|'BOJ must communicate clearly, avoid stimulus-exit talk - June mtg summary'|'Central Banks - Mon Jun 26, 2017 - 3:08am BST BOJ must communicate clearly, avoid stimulus-exit talk - June mtg summary A man riding a bicycle rides past the Bank of Japan building in Tokyo, Japan April 27, 2017. REUTERS/Kim Kyung-Hoon By Leika Kihara - TOKYO TOKYO Bank of Japan policymakers focussed on how best to communicate their intentions as improvements in the economy heighten market attention to the timing of an exit from ultra-easy monetary policy, a summary of opinions from the June rate review showed. While board members stressed the need to discourage markets from speculating that a withdrawal of stimulus was near, they also showed little appetite for additional easing despite subdued inflation. With inflation distant from the BOJ''s 2 percent target and likely to take time accelerating, the best approach would be to maintain the current ultra-loose policy, the board members were quoted as saying in the summary released on Monday. "The price stability target cannot be achieved easily within a short time-frame. It is crucial to maintain accommodative financial conditions and keep the economy expanding as long as possible," one board member was quoted as saying. "It''s necessary to continue with the current easy policy persistently and wait for a steady increase in demand and further falls in the unemployment rate to lead to higher wages, prices and inflation expectations," another member said. Such comments align with a dominant market view that the BOJ will maintain a neutral policy stance, neither raising nor lowering interest rates for the time being, hoping that improvements in the economy will gradually push up inflation. The BOJ kept monetary policy steady at the June meeting, and upgraded its assessment of private consumption for the first time in six months, signalling its confidence in an export-driven economic recovery that is gaining momentum. Growing signs of life in Japan''s economy have presented the BOJ with a fresh communications challenge, pushing it to be clearer with markets on how it might dial back its stimulus - even though such a step remains a long way off. One board member said improvements in the economy, as well as the BOJ''s expanding balance sheet, were partly behind growing market attention to when and how the BOJ may withdraw stimulus. "As the economy continues to improve, the BOJ needs to be accountable for its thinking on monetary policy to avoid raising concern among market participants," the board member was quoted as saying. "The fundamental problem ... is that the timing of an exit cannot be foreseen as achievement of the price target is still considerably distant," another board member said. After three years of heavy asset buying failed to drive up inflation, the BOJ revamped its policy framework last year to one better suited for a long-term battle to beat deflation. Despite growing signs of strength in the economy, inflation remains subdued as companies remain wary of raising prices for fear of scaring away cost-conscious consumers. Data due on Friday will likely show core consumer inflation hit 0.4 percent in May from a year earlier, a Reuters poll found. (Reporting by Leika Kihara; Editing by Shri Navaratnam and Eric Meijer)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-japan-economy-boj-idUKKBN19H05A'|'2017-06-26T10:08:00.000+03:00'
'31b3e7157d074a558b261a616d12480beaa55626'|'TIMELINE-Japan''s Takata: From parachutes to airbags to bankruptcy'|'TOKYO, June 26 Takata Corp, at the centre of the auto industry''s biggest ever product recall, filed for bankruptcy protection in the United States and Japan, and said it would be bought for $1.6 billion by U.S.-based Key Safety Systems.Following are key events in the company''s history:1933 - Takezo Takada starts Takata Co, maker of lifelines for parachutes.1960 - Takata starts making two-point seatbelts.1987 - Takata begins producing driver''s side airbag modules.1989 - Takata TK Holdings Inc unit set up in North Carolina.Late 1990s - Takata starts developing airbags with ammonium nitrate-based propellant in the inflators.Early 2000s - Some managers in the company become aware of inflator failures, including ruptures. Test report data was altered to hide this from carmaker customers.2003 - Takata learns of a rupture during airbag deployment in a vehicle in Switzerland. Does not report incident to U.S. transport authorities.Before 2008 - Takata learns of a series of ruptures in the field, determines production issues as possible cause. Internal emails show executives discuss manipulating test data.2008 - Honda Motor Co recalls 4,000 Accords and Civics globally over Takata inflators that can explode with excessive force, spewing shrapnel into passenger compartments.Around 2009 - Senior Takata executives become aware of falsified test data being provided to at least one automaker. No disciplinary action taken at the time.2010 - Honda expands recalls.2013 - Toyota Motor Corp, Honda, Nissan Motor Co , Mazda Motor Corp, BMW recall around 3.4 million vehicles globally.May, 2014 - Takata tells U.S. National Highway Traffic Safety Administration (NHTSA) ruptures appear to reflect long-term exposure to high humidity and processing issues.June - Toyota, Honda, Nissan, Mazda expand recalls, bringing total recall to 10.5 million vehicles. NHTSA opens probe. Takata says nothing to indicate inflator safety defects.October - NHTSA expands U.S. recall to 7.8 million vehicles.November - New York Times reports Takata ordered technicians to destroy test results showing cracks in inflators. Democratic lawmakers call for criminal probe.February, 2015 - NHTSA fines Takata $14,000 a day for not cooperating fully with agency probe.May - NHTSA says Takata admits some inflators faulty. Some automakers expand recalls; Chrysler, Mitsubishi Motors Corp, Fuji Heavy Industries, General Motors Co join recalls, pushing global total over 31 million vehicles.November - Takata agrees to halt new contracts for ammonium-nitrate inflators in the United States, phase out manufacture and sale of such inflators without desiccant. Honda says Takata misrepresented, manipulated tests. Honda, Toyota others say they will stop using Takata inflators.February, 2016 - Takata names an outside steering committee to develop a comprehensive restructuring plan while continues to supply recall inflators.May - NHTSA recalls another 35-40 million inflators, on top of 29 million already recalled. Takata says has hired investment bank Lazard to lead the restructuring.June - Takata CEO Shigehisa Takada, grandson of founder, says he will resign after a "new management regime" is found.July - Honda says initial audit finds Takata engaged in widespread manipulation of test results for Honda inflators.January, 2017 - Takata pleads plead guilty to U.S. criminal wrongdoing, agrees to pay $1 billion fine. Federal grand jury indicts three Takata executives on wire fraud and conspiracy charges for allegedly convincing automakers to buy faulty inflators.May - Takata posts a full-year net loss of 79.6 billion yen, its third straight annual loss, over rising inflator replacement costs.June 26 - Takata files for bankruptcy protection in the United States and Japan. Key Safety Systems named as financial sponsor. Takada says he and top management will resign when takeover complete, expected in early 2018. (Reporting by Naomi Tajitsu; Editing by William Mallard and Himani Sarkar)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/takata-bankruptcy-timeline-idINL3N1JN2CO'|'2017-06-26T07:45:00.000+03:00'
'30814379feec3bd61a61dba589da8505cc80b07d'|'Takata decides to file for bankruptcy - Japan media'|'Top   6:49pm BST Japanese air bag maker Takata files for bankruptcy, gets China backing left right Takata Corp. Chairman and CEO Shigehisa Takada attends a news conference after its decision to file for bankruptcy protection in Tokyo, Japan, June 26, 2017. REUTERS/Toru Hanai 1/8 left right Takata Corp. Chairman and CEO Shigehisa Takada (C), company senior officials and lawyers attend a news conference after the company''s decision to file for bankruptcy protection in Tokyo, Japan, June 26, 2017. REUTERS/Toru Hanai 2/8 left right Takata Corp. Chairman and CEO Shigehisa Takada (L) and company senior officials attends a news conference after its decision to file for bankruptcy protection in Tokyo, Japan, June 26, 2017. REUTERS/Toru Hanai 3/8 left right Takata Corp. Chairman and CEO Shigehisa Takada attends a news conference after the company''s decision to file for bankruptcy protection in Tokyo, Japan, June 26, 2017. REUTERS/Toru Hanai 4/8 left right Takata Corp. Chairman and CEO Shigehisa Takada bows as he attends a news conference after its decision to file for bankruptcy protection in Tokyo, Japan, June 26, 2017. REUTERS/Toru Hanai 5/8 left right Takata Corp. Chairman and CEO Shigehisa Takada bows as he leaves a news conference after the company''s decision to file for bankruptcy protection in Tokyo, Japan, June 26, 2017. REUTERS/Toru Hanai 6/8 left right Takata Corp. Chairman and CEO Shigehisa Takada leaves a news conference after the company''s decision to file for bankruptcy protection in Tokyo, Japan, June 26, 2017. REUTERS/Toru Hanai 7/8 left right FILE PHOTO: Visitors walk behind a logo of Takata Corp on its display at a showroom for vehicles in Tokyo, Japan, November 6, 2015. REUTERS/Toru Hanai/File Photo 8/8 By Naomi Tajitsu and David Shepardson - TOKYO/WASHINGTON TOKYO/WASHINGTON Japan''s Takata Corp ( 7312.T ), at the centre of the auto industry''s biggest-ever product recall, filed for bankruptcy protection in the United States and Japan, and said it had agreed to be largely acquired for $1.6 billion (1.26 billion pounds) by the Chinese-owned U.S.-based Key Safety Systems. In the biggest bankruptcy of a Japanese manufacturer, Takata faces tens of billions of dollars in costs and liabilities resulting from almost a decade of recalls and lawsuits. Its air bag inflators have been linked to at least 16 deaths and 180 injuries around the world because they can rupture and send metal fragments flying. Takata’s bankruptcy filing is a milestone in a restructuring orchestrated and financed in part by major automakers who need to assure a supply of replacement inflators for tens of millions of their cars that are still subject to recalls. The deal may also result in Key becoming a stronger competitor in the global market for air bag and safety technology and help ensure a broadly competitive air bag market for automakers. TK Holdings, its U.S. operations, filed Chapter 11 bankruptcy in Delaware on Sunday with liabilities of $10 billion to $50 billion; the Japanese parent filed for protection with the Tokyo District Court early on Monday. Scott Caudill, chief operating officer of TK Holdings, said in a court affidavit that the company "faces insurmountable claims" relating to the recalls and owes billions of dollars to automakers. He disclosed that Takata has recalled, or expects to recall, by 2019 about 125 million vehicles worldwide, including more than 60 million in the United States. Takata''s total liabilities stand at 1.7 trillion yen ($15 billion), Tokyo Shoko Research Ltd estimated. Final liabilities would depend on discussions with carmaker customers who have borne the bulk of the replacement costs, a lawyer for the company said. The filings open the door to the financial rescue by Key Safety Systems (KSS), a Michigan-based parts supplier owned by China''s Ningbo Joyson Electronic Corp ( 600699.SS ). Ningbo Joyson acquired KSS in 2016 in a $920 million deal. In a deal that took 16 months to hammer out, KSS agreed to take over Takata''s viable operations, while the remaining operations will be reorganized to continue churning out millions of replacement inflators, the two firms said. Jason Luo, CEO of KSS, said in a statement the "underlying strength" of Takata''s business had not diminished despite the recall, citing its skilled employees, geographic reach and other safety products such as seat belts. Caudill said automakers would provide Takata up to $400 million over the course of the bankruptcy by accelerating payments and agreeing not to withhold what Takata owes them. In return, Takata agreed to provide the automakers access to their plants to ensure continued supply of parts. Takata does not plan to hold an auction of its assets, often used to ensure assets fetch top dollar for creditors. Caudill said that would be a waste of time, given Takata was extensively shopped prior to the bankruptcy and that only one bidder had clear support from automakers. Takata will ask the U.S. Bankruptcy Court in Delaware to appoint a representative for people who will be injured in the future from Takata inflators. The company said it plans to set aside sufficient money to cover those claims, which will be based on an expert’s estimate. An initial court hearing on the U.S. bankruptcy filing is set for Tuesday. "We believe taking these actions in Japan and the U.S. is the best way to address the ongoing costs and liabilities of the air bag inflator issues with certainty and in an organized manner," Takata CEO Shigehisa Takada said in a statement. The remainder of Takata assets will be reorganized to produce replacement inflators, but it is not clear how long they will operate. CEO Takada said he and top management would resign "when the timing of the restructuring is set." His family - which still controls the 84-year-old company - likely would cease to be shareholders. Takata in February pleaded in a U.S. federal court to a felony charge as part of a $1-billion settlement that included compensation funds for automakers and victims of its faulty air bag inflators. Three former senior Takata executives were charged in January with falsifying test results. About two-thirds of 46.2 million recalled Takata inflators in the United States have not been fixed. It also faces hundreds of lawsuits and claims in the United States, Mexico and Canada, including consumer protection lawsuits filed by three states and 100 personal injury and wrongful death claims. Honda Motor Co ( 7267.T ), Takata''s biggest customer, said it had reached no final agreement with Takata on responsibilities for the recall. Honda said it would continue talks with the supplier but anticipated difficulties in recovering the bulk of its claims. UNPRECEDENTED RECALLS Takata faces billions in lawsuits and recall-related costs to its clients, including Honda, BMW ( BMWG.DE ), Toyota Motor Corp ( 7203.T ) and others, which have been paying recall costs to date. The ammonium nitrate compound used in the air bags was found to become volatile with age and prolonged exposure to heat, causing the devices to explode. Takata continued to defend the compound even as competitors stopped using it, until reaching a 2015 agreement with regulators to phase out its use. Costs so far have pushed the company into the red for three years, and it has been forced to sell subsidiaries. Founded as a textiles company in 1933, Takata began producing air bags in 1987 and at its peak became the world''s No. 2 producer of the safety products. It also produces one-third of all seatbelts used in vehicles sold globally, along with other components. The Tokyo Stock Exchange said its shares would be delisted on July 27. The stock has collapsed 95 percent since January 2014. (Reporting by Naomi Tajitsu; Additional reporting by David Shepardson in Washington, Tom Hals in Wilmington, Delaware and Maki Shiraki in Tokyo; Editing by Edwina Gibbs and Nick Zieminski)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-takata-bankruptcy-japan-idUKKBN19G0YW'|'2017-06-26T07:43:00.000+03:00'
'818f051489560a62273749c0e2a0d850b83b03d9'|'Tradeweb to be main offshore trading platform for China "Bond Connect"'|'Business News - Mon Jun 26, 2017 - 4:42am BST Tradeweb to be main offshore trading platform for China "Bond Connect" SHANGHAI Tradeweb, a fixed-income trading platform, will connect with China Foreign Exchange Trading System (CFETS) to be the main interface for offshore investors trading in China''s bond market through the country''s upcoming "Bond Connect" scheme, the company said on Monday. Talks between Tradeweb and the Hong Kong exchange were exclusively reported by Reuters last August. Tradeweb, majority-owned by Thomson Reuters, the parent company of Reuters News, matches buyers and sellers of fixed income products across more than 22 international OTC bond markets. In a statement, Tradeweb said that eligible overseas institutional investors from its network of more than 2,000 clients would be able to trade directly with liquidity providers in the CFETS market through Tradeweb''s platform. Investors trading through Tradeweb will be able to use global custodians to settle through a nominee holding arrangement provided by the Hong Kong Monetary Authority''s Central Moneymarkets Unit, the statement said. Hong Kong and Chinese regulators said in May that they had approved the long-awaited "Bond Connect" programme, with only "Northbound" trades - trading of Chinese bonds by foreign and Hong Kong investors - permitted in its initial stage. Regulators have not yet revealed a launch date for the scheme. China''s bond market is the world''s third largest, worth about 65 trillion yuan, or about $9.5 trillion (7.4 trillion pounds), the Hong Kong Monetary Authority said in May. (Reporting by Andrew Galbraith; Editing by Shri Navaratnam)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-china-bondconnect-idUKKBN19H09J'|'2017-06-26T11:42:00.000+03:00'
'7b4e8b2f22ffa4378e0459b882ae2492ea8de76a'|'UPDATE 2-Abu Dhabi''s Mubadala fund pulls out of Etisalat Nigeria'|'(Recasts with Mubadala''s exit from Etisalat Nigeria)By Camillus Eboh and Chijioke OhuochaABUJA/LAGOS, June 23 Abu Dhabi state investment fund Mubadala has pulled out of Etisalat Nigeria after the telecoms firm failed to renegotiate a $1.2 billion loan taken out four years ago with 13 Nigerian banks, the central bank said on Friday.It gave no details on what it meant by "pulled out" but said it had intervened in the loan renegotiation talks to prevent job losses and asset stripping.Etisalat Nigeria had repaid $500 million of the loan before it defaulted in February due to a currency devaluation and its only remaining investors are its Nigerian partners, led by company chairman Hakeem Belo-Osagie.On Tuesday, parent company United Arab Emirates'' Etisalat, said it was carrying its 45-percent stake at nil value, and that the Nigerian lenders had ordered it to transfer its shares to a loan trustee by June 23 after the renegotiation failed.Neither Etisalat nor Mubadala, which owns 40 percent of Etisalat Nigeria, could be reached for comment."Given the inability of Etisalat (Nigeria) to come to an acceptable agreement with the banks, the largest shareholder in the company, Dubai-based Mubadala Development Company of the United Arab Emirates, has now pulled out of the company as well as the ongoing negotiations," the central bank said."It was based on the attempt of the banks to takeover the company that the financial and telecommunications regulators have moved in to intervene and forestall down-sizing and asset stripping," it said.In March, the central bank, which is also the banking watchdog, and the Nigeria Communications Commission (NCC)regulator tried to prevent lenders placing the firm in receivership to avoid a wider debt crisis and agreed with banks to pursue a default deal.But lenders, under pressure to avoid loan-loss provisions, have been pushing to finalise a restructuring before half-yearly audits this month.Central bank spokesman Isaac Okorafor said representatives from the central bank and the telecoms regulator would hold talks in the next few days with lenders and IHS Towers, the mobile phone tower managers, as well as "equipment suppliers".The original loan was a seven-year facility to refinance a $650 million loan and fund expansion of Etisalat Nigeria''s network. The company missed payments in February after sharp falls in the Nigerian naira bloated the loan''s value, making repayments difficult.Etisalat is Nigeria''s fourth biggest mobile operator with a 14-percent market share. South Africa''s MTN has 47 percent, Globacom 20 percent and Airtel - a subsidiary of India''s Bharti Airtel - 19 percent of Nigeria''s mobile phone market. (Additional reporting by Alexis Akwagyiram in Lagos and Stanley Carvalho in Abu Dhabi; Editing by Louise Ireland)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/etisalat-group-nigeria-idINL8N1JK4H0'|'2017-06-23T19:02:00.000+03:00'
'9f25a0ff88aa744df921a524a3dd27e99c925fbd'|'Letter to my younger self: your business is your life - Guardian Small Business Network'|'Founder and CEO of TableCrowd   09.00 BST Last modified on   09.03 BST Dear Kate, You’re 29 and well into your first year of running your own business, an online dating and parties website. You haven’t looked back since leaving your career as a solicitor – a job that you enjoyed, but that was never your dream. Entrepreneurship leaves little time to reflect as you turn an idea sketched out on a scrap of paper into a business plan to win over investors. But remember, this is what you’ve wanted since you were a child. You’ll always look back fondly on the moment you received your first certificate of company incorporation. Right now you feel that everything rides on your business idea; your success, your happiness and your financial security. But, eventually, you’ll see that your first venture isn’t “the one”. While the failures will cut deep, the next success is always just around the corner, because you’ll ensure that it is. Over the next three years, you’ll sacrifice everything for your first business. You won’t see your friends and you’ll miss out on the fun when you’re strapped for cash. You’ll find yourself, for example, choosing between paying a bill to avoid a court summons or splashing out for a cocktail-making class on a best friend’s hen do. Letter to my younger self: you never want to become the bully Read more You’re lucky that your friends are generous. And while you’ll find missing out difficult, you are working on the business you love and, at the moment, that business is your life. Eventually, you’ll stop and reflect: you’ve squeezed six years’ work into three. Starting a business is probably one of the hardest career choices, but it can be rewarding in more ways than you expected. The penny will drop that this is not a sprint, but a marathon. Commercial success may be your focus, but you’ll see that finding enjoyment in each working day is also vital. You experience the value of good advice and a powerful network. So much time and worry is saved by picking up the phone to someone who’s been there, rather than battling through every problem alone. You’ll surround yourself with people who inspire you and enhance your life, while cutting ties with those who follow you around like dark rain clouds. Great things happen from making new contacts, and having the right people around you. You’ll find connecting people immensely rewarding. This will inspire you to start a new business, TableCrowd . Through this you will build an offline network who meet at your dinner events, which revolve around a range of business topics. Eventually, you’ll stop and reflect: you’ve squeezed six years’ work into three You’ll look differently at what success means and see that it has many facets. The day-to-day is bursting with small wins that you don’t always recognise – fantastic feedback from customers, hitting milestones, gaining press coverage or securing vital investment. Too often you let the successes pass you by, while the things that go wrong linger. Remember to savour the good moments. You’re programmed to work hard, but you’ll eventually find a balance. Taking a break, a day off here and there, is beneficial to the business. It makes you better at your work. And those days off mean a happier personal life, seeing friends and doing the things you enjoy. The 10 years that lie ahead will be all about extremes. You’ll swing from closing large funding rounds, to having so little money that you’ll punch the air when the Tesco Clubcard vouchers arrive. You’ll meet people who expand your mind and leave you in awe, through to unscrupulous weasels who are out to take what they can get. You’ll work with people who are fiercely loyal to those who try to bully you. You’ll undertake work from the most mundane and repetitive to that which leaves you brimming with pride. You’ll make many mistakes along the way, but you won’t regret your choices. So many rich experiences lie ahead of you: the future looks bright. Kate Kate Jackson is the founder and CEO of TableCrowd . Sign up to become a member of the Guardian Small Business Network here for more advice, insight and best practice direct to your inbox. Topics'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/small-business-network/2017/jun/24/letter-younger-self-business-life-networking-tablecrowd'|'2017-06-24T16:00:00.000+03:00'
'90981181baf8387000ddbb012a9d26367d3f6534'|'Italy to start winding down Veneto banks Saturday after EU green-light'|'Business News - Fri Jun 23, 2017 - 10:15pm BST Italy to start winding down Veneto banks Saturday after EU green-light FILE PHOTO: The logo of Veneto Banca bank is seen in Venice, Italy, January 31 2016. REUTERS/Alessandro Bianchi/File Photo By Silvia Aloisi and Balazs Koranyi - MILAN/FRANKFURT MILAN/FRANKFURT The European Commission on Friday gave preliminary approval for an Italian plan to wind down two ailing Veneto-based regional lenders with state money in a move that may allow Rome to solve its latest banking crisis on its own terms. Italy plans to start liquidation proceedings for Banca Popolare di Vicenza and Veneto Banca on Saturday, a source close to the matter said, issuing an emergency decree that will effectively remove one its biggest banking headaches by splitting the two lenders'' assets into "good" and "bad" banks. The country''s top retail bank Intesa Sanpaolo ( ISP.MI ) is set to buy the good assets for one euro, leaving the state to foot the bulk of the bill for losses stemming from the banks'' bad loans, legal risks and restructuring costs. "EU state aid rules allow for the possibility of granting state support in these kind of situations," the European Commission, which must rule on the use of state money, said in a statement. It added it was in constructive discussions with Italian authorities. "Good progress is being made to find a solution very soon." The Italian government has been scrambling to prevent the two lenders from being wound down under European banking rules designed to stop the use of state money in banking crises. Rome feared that under those rules losses could have been imposed on senior bondholders and large depositors, a politically unpalatable prospect in the run-up to elections next year. Instead, under the Italian plan only junior bondholders and shareholders will be hit, but the cost for taxpayers is likely to be hefty. With the two banks'' soured or risky debts totalling more than 20 billion euros ($22.4 billion), one banker said the government would put in 5 billion euros, while some Italian media reports on Friday said the final bill could be as high as 12 billion euros. The emergency decree to be approved on Saturday will "create the conditions" for a sale of the banks'' good assets to Intesa, the source said. "The sale will allow the regular functioning of the banks'' branches on Monday morning," it said, adding the terms of the transaction will be made public in coming days. Earlier the European Central Bank said the two banks, which have a capital shortfall of 6.4 billion euros and are bleeding deposits, were failing or likely to fail, setting in motion the process that will lead to them being wound down. "The ECB had given the banks time to present capital plans, but the banks had been unable to offer credible solutions going forward," it said in a statement. Pressure on Rome to find a solution for the two Veneto lenders had increased since Spain''s Banco Popular POP.MC was rescued by Santander ( SAN.MC ) this month in a deal orchestrated by European authorities. In Popular''s case, no state money was used and Santander is seeking around 7 billion euros of capital from shareholders to help it take on Popular. The Italian plan instead takes advantage of an exception to EU bank rules that allows the use of routine insolvency proceedings with banks not considered systemically important, allowing the process to be handled by the member state. The plan has sparked criticism from some European officials who said Italy was being allowed to cut corners, while at home, opposition politicians have also criticised the scheme put forward by the government. "Intesa gets a free gift, the state takes on all the bad stuff and the taxpayer pays," Renato Brunetta, parliamentary leader for former prime minister Silvio Berlusconi''s Forza Italia (Go Italy!) party said on Thursday. "Did we really need to take so much time to come up with such a rubbish solution?" ($1 = 0.8936 euros) (Additional reporting by Francesca Piscioneri and Giuseppe Fonte in Rome, Agnieszka Flak in Milan and Foo Yun Chee in Brussels) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-eurozone-banks-italy-veneto-idUKKBN19E2IP'|'2017-06-24T05:15:00.000+03:00'
'e855eb40b8277d30ebdf39418eab85bcee66e8df'|'Russia''s Rosneft says to continue dispute with Sistema in court'|'Business News - Sat Jun 24, 2017 - 9:45am BST Russia''s Rosneft says to continue dispute with Sistema in court FILE PHOTO: The shadow of a worker is seen besdide the logo of the Rosneft oil company at an oil field in Russia, August 4, 2016. REUTERS/Sergei Karpukhin/File Photo MOSCOW Russian oil major Rosneft ( ROSN.MM ) will continue court proceedings against Russian business conglomerate Sistema ( SSAq.L ) ( AFKS.MM ), Rosneft said on Saturday. Rosneft is suing Sistema for 170.6 billion roubles (2.2 billion pounds) in damages over the purchase of oil producer Bashneft ( BANE.MM ). Sistema proposed an out-of-court settlement with Rosneft last week. "There is no subject for comment. The document does not contain any proposals on resolving the dispute. We will continue the proceedings in court and we are waiting for the court decision," Rosneft said. Sistema said last week that the mechanism to resolve the dispute which it proposed would allow the results of the Bashneft reorganisation, and the financial consequences of this reorganisation for the oil company, to be evaluated out of court. (Reporting by Oksana Kobzeva; writing by Polina Devitt; Editing by Toby Chopra)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-russia-sistema-rosneft-idUKKBN19F07J'|'2017-06-24T16:45:00.000+03:00'
'43ff8a44142d5fa3679362a78569f903fb63adda'|'Austal USA wins $584.2 million U.S. defense contract: Pentagon'|'WASHINGTON Austal USA, a Mobile, Alabama-based subsidiary of Australian shipbuilder Austal Ltd ( ASB.AX ), is being awarded a $584.2 million contract for the construction of a littoral combat ship for the U.S. Navy, the Pentagon said on Friday.The contract includes associated LCS class services and related material and integrated data environment support, as well as options for the construction of additional LCS, class services and post-delivery availability support, the Pentagon said in a statement.(Reporting by Eric Walsh; Editing by Eric Beech)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-austal-pentagon-idINKBN19E2J5'|'2017-06-23T19:21:00.000+03:00'
'354d390e1c518f17f836c1b8ada825b88fc1c69c'|'UPS looks to add more green vehicles to its fleet by 2025'|'United Parcel Service Inc said on Tuesday it would add more vehicles that run on non-conventional power to its fleet by 2025, as the package delivery company looks to cut its greenhouse emissions. The company said by 2020 about 25 percent of its vehicles purchased annually will be powered by alternative fuels or advanced technology, up from 16 percent in 2016. The vehicles could include electric, hybrid electric, hydraulic hybrid, or those that run on compressed natural gas, liquefied natural gas, and propane.UPS currently operates more than 8,300 alternative fuel and advanced technology vehicles. It had a total global ground fleet of about 114,000 package cars, vans, tractors and motorcycles at the end of December. The company also plans to draw 40 percent of its ground fuel from sources other than conventional gasoline and diesel by 2025, a big jump from the 19.6 percent in 2016.UPS said that 25 percent of the electricity it consumes currently will come from renewable energy sources by 2025, up from 0.2 percent in 2016.(Reporting by Ankit Ajmera   Kalluvila)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-united-parcel-renewables-idUSKBN19I1SZ'|'2017-06-27T21:56:00.000+03:00'
'1134b751b8fc23469f44ca639b0174484231de0c'|'Even with Whole Foods, Amazon would need many more warehouses to reshape grocery delivery'|'By Jeffrey Dastin If Amazon.com Inc ( AMZN.O ) hopes to revolutionize grocery delivery, then its bid to buy Whole Foods Market Inc ( WFM.O ) for $13.7 billion will be just the start of a long and costly process.The e-commerce giant would need to add a large network of specialized grocery distribution warehouses, former AmazonFresh employees and logistics experts said. This is something Wal-Mart Stores Inc ( WMT.N ) and other competitors have already done. Whole Foods, with a relatively small distribution footprint of its own, does little to change the picture for Amazon, they said.Amazon has a little more than 3 million square feet of U.S. warehousing dedicated to its existing AmazonFresh and Prime Pantry grocery programs - a tenth of the warehouse space Wal-Mart has for specialized food distribution, according to logistics consulting firm MWPVL International Inc."AmazonFresh really was for lack of a better word an after-thought," said Brittain Ladd, who until March was a senior manager for the grocery delivery program, which launched in 2007.One key to Amazon''s success in general retail sales has been its speed in delivering products to consumers, facilitated by warehouses located strategically throughout the United States. As of 2016, the company had about 100 million square feet of space in its fulfillment and data centers, some of it outfitted with state-of-the-art robotics to boost efficiency.Facilities for distributing fresh food are far more complicated than ordinary warehouses. A single facility can need a half dozen or more temperature settings to house products from Popsicles to berries. Some require certification from the U.S. Food and Drug Administration, and extra care must be taken to keep shelves clean and prevent pests from contaminating food.Whole Foods has over 1 million square feet of warehouse space for distribution to its markets, and a chunk of its inventory goes straight from suppliers to stores, MWPVL said."It''s a peanut. It''s nothing," MWPVL President Marc Wulfraat said of Whole Foods'' distribution. "If Amazon wants to become a dominant grocery company in a short period of time, then there would be an investment required, and it would be big."Amazon, which did not return requests for comment, has not detailed its plans for Whole Foods.12 OR MORE GROCERY WAREHOUSES NEEDEDAmazon''s fulfillment expenses jumped 31 percent in 2016 - a bit faster than in prior years and faster than its retail sales growth - to $17.6 billion, according to its annual regulatory filing.Industry experts estimate the company would have to add a dozen or more grocery warehouses, particularly if it wanted to supply Whole Food stores in addition to homes. The cost to do that is unclear.They said Amazon would likely continue to rely on United Natural Foods Inc ( UNFI.O ) to supply Whole Foods with hard-to-source products, but would probably aim to cut costs and handle more of the distribution for conventional items.Even using Whole Foods stores to provide food for delivering to nearby urban shoppers would have hard limits, since many outlets lack the floor space to handle thousands of online orders."It’s a space issue for stuff coming through. It’s a labor issue for people tripping over each other," said Tom Furphy, former vice president of consumables and AmazonFresh, and now chief executive of Consumer Equity Partners. There would also be a risk that "the quality starts to go down because the e-commerce orders are getting better product."(Reporting By Jeffrey Dastin in San Francisco; Editing by Sue Horton and Cynthia Osterman)The logo of Amazon is seen at the company logistics center in Lauwin-Planque, northern France, February 20, 2017. REUTERS/Pascal Rossignol'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/us-whole-foods-m-a-amazon-com-logistics-idINKBN19E2OK'|'2017-06-24T07:54:00.000+03:00'
'284f2accbd658a6cafe0533b668c0cda792f82d9'|'Allianz sells private bank OLB to Apollo for 300 million euros'|'FRANKFURT German insurer Allianz ( ALVG.DE ) said it had agreed to sell its 90 percent stake in private bank Oldenburgische Landesbank (OLB) ( OLBG.F ) to U.S. private equity firm Apollo ( APO.N ) for 300 million euros ($336 million).Apollo, which is consolidating the northern German banking market and has also signaled interest in HSH Nordbank, said it would attach OLB to its Bremer Kreditbank, which it bought in 2014.Allianz, which announced the sale agreement on Friday, had said last September it was exploring options for OLB, Germany''s largest regional private bank by assets. It acquired OLB as part of Dresdner Bank in 2001 and had said was no longer of strategic importance.New EU capital rules at the start of last year have been prompting insurers such as Allianz to review whether the profit they gain from stake holdings is worth the regulatory capital they are required to hold.Apollo will make an offer to the other 10 percent of OLB shareholders. The price it is paying Allianz represents 14.30 euros per share, compared with OLB''s closing price on Friday of 18.30 euros per share.Allianz said it would continue to cooperate with OLB to distribute insurance.(Reporting by Georgina Prodhan and Alexander Huebner; Editing by Tom Brown)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-allianz-oldburgsch-lds-apollo-idINKBN19E2MT'|'2017-06-23T20:25:00.000+03:00'
'aff3706af40d81328777710abdcfc907409e0d67'|'Workers at South Africa''s Illovo sugar farms to strike over pay'|'Business News   11:31am BST Workers at South Africa''s Illovo sugar farms to strike over pay JOHANNESBURG Around 1,000 workers at sugar producer Illovo are set to go on strike over wages and other benefits after talks with employers broke down, the trade union representing the staff said on Sunday. "The Food and Allied Workers Union and employers from eight Illovo farms in Kwa-Zulu Natal province have failed to reach an amicable agreement under the auspices of the CCMA and a strike certificate has been issued," an FAWU statement said. The Commission for Conciliation, Mediation and Arbitration (CCMA) is a dispute resolution body mandated by law to mediate labour disputes. Illovo is a wholly-owned subsidiary of London-listed Associated British Foods ( ABF.L ) and operates in South Africa, Mozambique, Tanzania, Malawi, Zambia and Swaziland. The labour dispute comes as the South African economy is in recession for the first time since 2009 because of weakness in manufacturing and trade. There is also growing opposition in the country to President Jacob Zuma, whose decision in March to fire finance minister Pravin Gordhan triggered credit downgrades by all three major credit rating agencies. FAWU members are seeking a 10 percent wage increase, versus the 5 percent annual rise the union says employers are offering, as well as pension benefits for both full-time and seasonal workers among a host of other demands. "That 5 percent is an insult. If you look at what the inflation rate has been since December, it would mean workers are toiling for nothing," provincial FAWU organiser August Mbhele said. Mbhele said the lowest paid workers on sugarcane farms earned around 2,752 rand (167.61 pounds) monthly, and that most lived over 30 km (18.6 miles) away from the farms and struggled to find or afford transport. Illovo was not immediately available for comment. Agriculture accounts for less than 5 percent of South Africa''s GDP but is expected to help to boost the economy after recovering from last year''s drought. It was one of two areas to show growth when the economy slipped into recession. (Reporting by Mfuneko Toyana. Editing by Jane Merriman)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-safrica-strike-idUKKBN19G0EG'|'2017-06-25T18:31:00.000+03:00'
'8bfd3aa38a31eb65e8c198395a7eba63b1f40d54'|'UPDATE 1-Airbag maker Takata files for bankruptcy protection in Japan'|'(Adds details on KSS deal in pars 4-5, Quote: s in pars 6-7, stock delisting)TOKYO, June 26 Embattled airbag maker Takata Corp on Monday filed for bankruptcy protection in Japan and said it would seek $1.588 billion in financial aid from U.S.-based auto parts supplier Key Safety Systems (KSS).The KSS deal would help it deal with the fallout from its defective airbag inflators at the centre of the global auto industry''s biggest ever recall, the two companies said in a joint statement.The filing at the Tokyo District Court followed a Chapter 11 bankruptcy protection filing in the United States.As part of the bankruptcy protection plans, KSS would acquire all of Takata''s assets barring certain assets and operations related to the airbag inflators involved in the global recall in the planned deal worth $1.59 billion.Takata would keep operations of its affected inflators for now to continue supplying recall replacement parts, and would eventually wind down those operations, the two companies said in a statement."KSS is the ideal sponsor as we address the costs related to airbag inflator recalls, and an optimal partner to the company''s customers, suppliers and employees," Takata CEO Shigehisa Takada said in a statement.Jason Luo, president and CEO of KSS, said in a statement the "underlying strength" of Takata''s business had not diminished despite the airbag recall.The Tokyo Stock Exchange said shares of Takata would be delisted on July 27 after it filed for bankruptcy protection.The stock will be suspended for all of Monday, after closing at 160 yen on Friday.(Reporting by Naomi Tajitsu; Editing by Stephen Coates)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/takata-bankruptcy-japan-filing-idINL3N1JN097'|'2017-06-25T23:02:00.000+03:00'
'52453836afd7ab764fa3a17caa1c14b5440d1e74'|'UPDATE 1-Tanker firm Frontline says no longer pursuing DHT or other acquisitions'|'(Adds Quote: s, detail)OSLO, June 26 Oslo-listed oil tanker firm Frontline is no longer pursuing a takeover of New York-listed competitor DHT Holdings and is not working on any other acquisitions, Frontline''s CEO told Reuters on Monday.DHT last month rejected a fifth takeover proposal from billionaire shipping tycoon John Fredriksen''s Frontline, calling the $500 million all-share bid "woefully inadequate"."We will not spend time pursuing the DHT track," Frontline Chief Executive Robert Hvide Macleod said in a written comment to Reuters."With our present opportunities for creating value through fleet renewal, we''re not currently pursuing any other acquisitions either," he added.Instead of a deal with Frontline, DHT struck a tankers-for-shares agreement with BW Group in March, making the latter DHT''s biggest shareholder with a stake of over 30 percent.Frontline attempted to block the BW deal, first in a U.S. court and later in the High Court of the Marshall Islands, but both lawsuits were eventually dismissed. (Reporting by Ole Petter Skonnord, writing by Terje Solsvik, editing by Alister Doyle and Louise Heavens)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/dht-holdings-ma-frontline-idINL8N1JN0XW'|'2017-06-26T05:40:00.000+03:00'
'e617a28f086255fad9a2a0b161db38efeb573a8a'|'Cyber attacks have long-lasting business impact - Lloyd''s of London'|'Business News - Wed Jun 28, 2017 - 12:13am BST Cyber attacks have long-lasting business impact - Lloyd''s of London FILE PHOTO: Inga Beale, Chief Executive Officer, Lloyd''s, attends the annual meeting of the World Economic Forum (WEF) in Davos, Switzerland, January 18, 2017. REUTERS/Ruben Sprich LONDON Businesses in Europe underestimate the "slow-burn" effects of cyber attacks and need to prepare more fully for a loss of customers, a fall in share price and other potential consequences, Lloyd''s of London said in a report on Wednesday. The risk of cyber attacks is rising and slow-burn effects are additional to short-term costs such as notifying customers, paying ransoms or public relations expenses, the report, written with consultants KPMG and law firm DAC Beachcroft, said. "There is a lack of understanding as to what cyber attacks can mean," Lloyd''s of London Chief Executive Inga Beale told Reuters. "Businesses need to prepare for the full costs of a cyber attack." Lloyd''s has a 20-25 percent share of the $2.5 billion cyber insurance market, Beale said. British broadband company TalkTalk ( TALK.L ) suffered a data breach in 2015 which caused a one-off cost of $52 million, but also led to slow-burn costs of more than $44 million, including an estimate for lost revenue, the report said. Ransomware attacks are on the increase, the report said, such as the Wannacry attack which infected 300,000 computers in more than 150 countries last month. A major ransomware attack this week hit computers at Russia''s biggest oil company, the country''s banks, Ukraine''s international airport as well as global shipping firm A.P. Moller-Maersk ( MAERSKb.CO ). Cyber crimes where attackers masquerade as chief executives to email finance staff and trigger fraudulent payments are also rising and causing "significant financial losses", the report added. (Reporting by Carolyn Cohn; Editing by Susan Fenton) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-cyber-insurance-survey-idUKKBN19I30S'|'2017-06-28T07:13:00.000+03:00'
'c5eb90655bfb013d85ddd292678851086951dcb2'|'Canada''s top court rules Google must block some results worldwide'|'Business News - Wed Jun 28, 2017 - 5:12pm BST Canada''s top court rules Google must block some results worldwide A man holds his smartphone which displays the Google home page, in this picture illustration taken in Bordeaux, Southwestern France, August 22, 2016. REUTERS/Regis Duvignau OTTAWA Canadian courts can force internet search leader Google to remove results worldwide, the country''s top court ruled on Wednesday, drawing criticism from civil liberties groups arguing such a move sets a precedent for censorship on the internet. In its 7-2 decision, Canada''s Supreme Court found that a court in the country can grant an injunction preventing conduct anywhere in the world when it is necessary to ensure the injunction''s effectiveness. "The internet has no borders - its natural habitat is global," the Supreme Court wrote in its judgment. "The only way to ensure that the interlocutory injunction attained its objective was to have it apply where Google operates - globally." Google, a unit of Alphabet Inc, did not immediately reply to a request for comment. The case stems from claims by Equustek Solutions Inc, a small technology company in British Columbia that manufactures network devices, that distributor Datalink Technologies Gateways relabelled one of its products and sold it as its own online and acquired trade secrets to design and manufacture a competing product. In 2012, Equustek asked Google to remove Datalink search results until the case against the company was resolved. While Google removed over 300 specific web pages associated with Datalink, it did so only on the Canadian version of its search engine. The Supreme Court of British Columbia subsequently ordered Google to stop displaying search results in any country for any part of Datalink''s websites. In its appeal before the Supreme Court of Canada, Google had argued that the global reach of the order was unnecessary and that it raised concerns over freedom of expression. The Supreme Court rejected Google''s argument that the right to freedom of expression should have prevented the order from being issued. "This is not an order to remove speech that, on its face, engages freedom of expression values," the court wrote in its ruling. "We have not, to date, accepted that freedom of expression requires the facilitation of the unlawful sale of goods." The global reach was necessary, according to the court, because if the removed search results were restricted to Canada alone, purchasers both in and out of Canada could easily continue to find and buy from Datalink. OpenMedia, a Canadian group campaigning for open communications, opposed the ruling. "There is great risk that governments and commercial entities will see this ruling as justifying censorship requests that could result in perfectly legal and legitimate content disappearing off the web because of a court order in the opposite corner of the globe," said OpenMedia spokesman David Christopher. Google cannot appeal the Supreme Court ruling. If the company has evidence that complying with the order would force it to violate other countries'' laws, including interfering with freedom of expression, it can apply to the British Columbia court to alter the order, the Supreme Court said, noting Google has not made such an application. (Reporting by Leah Schnurr; Editing by Bill Rigby)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-canada-google-idUKKBN19J28B'|'2017-06-28T19:12:00.000+03:00'
'116ccee0f06946d8c2d08125b32e6177f6bbd35c'|'BMW to streamline car equipment levels to pay for R'|'Autos  28pm BST BMW to streamline car equipment levels to pay for R&D A BMW logo is seen at a car dealership in Vienna, Austria, May 30, 2017. REUTERS/Heinz-Peter Bader By Edward Taylor - MUNICH MUNICH BMW ( BMWG.DE ) will streamline its manufacturing process, offering fewer variants of engines and equipment, to offset high research and development (R&D) spending through 2019, the German carmaker''s finance chief Nicolas Peter said on Wednesday. The group is developing electric, autonomous and connected cars in addition to vehicles with combustion engines to meet more stringent emissions tests. At the same time, China''s aggressive push to introduce electric car quotas has forced European carmakers to accelerate the development and roll-out of electric and hybrid vehicles, pushing up their costs. In 2016, BMW spent 5.16 billion euros (4.57 billion pounds) or 5.5 percent of revenue on R&D. "The next three years will be between 5.5 percent and 6 percent," Peter told journalists. Because electric and hybrid cars are less profitable than cars with petrol and diesel engines, BMW is looking for savings by reducing the complexity of its engine and equipment portfolio. "We have over 100 steering wheels on offer. Do we need that many variants?" Peter said. BMW will drop manual gearshift variants of the BMW 2 series Coupe in the United States to cut down the cost of certifying components in each market, and it has dropped manual shift options from entry-level versions of the new 5 series diesel, he said. It will also cut down the number of engine variants. "In the 5 series we have four diesel engines on offer. I would not bet on there being four diesel engines on offer in the next generation vehicle," Peter said. BMW stuck with its guidance for a slight increase in both vehicle sales and pre-tax profit tax this year as well as a margin on earnings before interest and tax (EBIT) of between 8 and 10 percent. Sales have received a boost from the launch of a new BMW 5 series limousine, which has exceeded expectations, Peter said, without providing details. The carmaker has seen double-digit sales growth in China and remains on track to keep this momentum with the launch of a long-wheelbase 5 series and a BMW X1, Peter said. BMW has also seen slight growth in Europe, although there are signs that demand in England is softening, he added. "There are some signals that the market is getting more difficult," Peter said, adding that order intake was slower and residual values were falling. The U.S. market may remain stable or even shrink slightly, Peter said, adding that BMW was working on cutting back vehicle inventory. He also said the group had not yet decided where to build the next electric version of the Mini, though a decision would come this year, with Oxford remaining a contender for the manufacturing site. (Reporting by Edward Taylor; Editing by Adrian Croft)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-bmw-strategy-idUKKBN19J1YV'|'2017-06-28T17:28:00.000+03:00'
'c44cc15f4cd18c7c9ae6025ed205b23afdbb7c04'|'Delivery Hero IPO to price in upper half of price range: sources'|'FRANKFURT Online takeaway food delivery group Delivery Hero is expected to price its initial public offering in the upper half of the price range of 22.00-25.50 euros a share, people close to the deal said.The price guidance for the company''s IPO narrowed further to a range of 24.50-25.50 euros a share, IFR, a Thomson Reuters publication, reported late on Tuesday, without specifying its sources.Earlier on Tuesday, sources said Delivery Hero had narrowed the IPO price guidance to 23.75-25.50 euros a share, adding new orders would only be taken until close of business on Tuesday.The company aims to raise 927 million euros ($1.04 billion) through a stock market listing that could value Delivery Hero at up to 4.4 billion euros.(Reporting by Arno Schuetze, Alexander Hübner and Andreas Cremer; Editing by Maria Sheahan and Alison Williams)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-deliveryhero-ipo-idINKBN19I2RR'|'2017-06-27T18:22:00.000+03:00'
'779f754f8b142291cdfa8b4514a8ab792ca134f3'|'Oil pipeline firms'' discounts rile clients, roil markets'|'NEW YORK U.S. pipeline operators are selling their underused space at steep discounts to keep crude flowing - angering shippers and distorting an already opaque market for oil trading.Pipeline firms such as Plains All American ( PAA.N ) and TransCanada Corp ( TRP.TO ) move about 10 million barrels of crude around the United States every day.For pipeline operators to secure financing to build pipelines and storage facilities, they need oil producers, refiners and traders to sign long-term contracts to use space on the pipelines.Pipeline firms can then use the guaranteed revenue from those contracts as collateral. Firms shipping on the pipeline have historically benefited from the long-term deals because they offered a discount compared to the price of buying space occasionally.But now, in the wake of a two-year oil price crash, pipeline firms are still struggling to keep their lines full. So their marketing arms are offering steep discounts to ad-hoc buyers of pipeline capacity - which irritates customers whose long-term contracts are now more expensive than spot purchases."If I were a producer with a long-term contract, I would be very unhappy at the present time,” said Rick Smead, managing director of advisory services at RBN Energy in Houston. “But, the reality is that when they (signed contracts), they were trapped.”Eight pipeline operators contacted by Reuters for this story declined to comment on their discounted spot pricing or the secondary market for pipeline capacity.Some of those pipeline firms are offering prices as low as 25 percent of federally regulated rates, creating a secondary market that undercuts shippers with long-term contracts, according to four sources at companies that regularly ship on the pipelines.For a graphic detailing how the discount deals work, see: tmsnrt.rs/2sJwW5EThe discounts emerged after a global glut and crashing oil prices caused many shippers to let their pipeline contracts lapse or declare bankruptcy.More than a dozen producers, traders and refiners told Reuters they were angry and frustrated that these discount deals have become a mainstay. They declined to be named because they were not authorized to speak publicly.The contract and regulatory framework of the industry makes it difficult for them to bargain down their own long-term contracts, leaving them paying more for the pipeline space than occasional shippers competing to send oil through the same lines.This gives the occasional shippers the edge in delivering cheaper crude to potential buyers at the end of the line.DEEP DISCOUNTSTransCanada''s 700,000 barrel-per-day Cushing-Marketlink pipeline - which carries oil from Cushing, Oklahoma, to Texas refineries - has long-term rates of between $1.63 and $2.93 a barrel to transport heavy crude, while occasional shippers typically paid $3.The industry downturn since 2014 has reduced demand from occasional shippers to use the line at that price.Earlier this year, TransCanada''s marketing arm offered customers the right to send crude through the line at a tariff of between 80 to 90 cents, traders using the line said.At the end of 2016, the rate offered was as low 30 to 40 cents. Even with the discounts, the line rarely reached 70 percent capacity.TransCanada declined to comment.Pipeline operators agree to charge specific tariffs for sending oil through the lines when they sign long-term contracts with oil shippers.Those rates are known as committed tariffs, and are subject to approval by the U.S. Federal Energy Regulatory Commission (FERC). The FERC also reviews the rates paid by occasional shippers, known as uncommitted tariffs.The FERC declined to comment on the secondary market and on the tariffs that the marketing arms of pipeline operators are charging in that market.AGGRESSIVE MARKETINGMost of the 10 largest U.S. pipeline operators - such as Enbridge ( ENB.TO ) and Enterprise Products Partners ( EPD.N ) - have established their own marketing or trading arms that are reselling space.Last year, TransCanada - which operates the massive Keystone pipeline system - became the most recent player to open a unit to trade oil and resell pipeline space.A few, such as Plains, have had marketing arms for more than a decade, but in the past they had mostly just sold or traded space that went unused by major producers who had committed to long-term contracts.On lines such as TransCanada’s, big producers such as ExxonMobil ( XOM.N ) and Suncor Energy ( SU.N ) account for up to 90 percent of the flow in a pipeline. The remaining 10 percent is sold to occasional shippers.Suncor and ExxonMobil declined to comment.With the three-year rout in oil, the volume accounted for in long-term contracts has fallen, and the marketing arms have gone from simply selling occasional space to needing to make big deals to fill the lines.The practice has become so widespread that even pipeline operators who had previously said they disliked the emergence of the secondary market have now joined the fray.Magellan Midstream Partners ( MMP.N ), for instance, in November applied to the FERC to establish a marketing arm, citing the more favorable terms other firms can offer customers. The move came after Magellan had declined for years to run its own operation out of fear that it would compete with its own customers.The secondary market is formed by marketing firms signing up to long-term contracts with their parent companies, the pipeline owners. The marketing firms become like committed customers to the line, and pay the same rates for the space as the firms with long-term contracts.Those marketing firms book a paper loss for shipping the volumes at a discount. But the sales keep the pipelines more full - which makes the parent firm look better to investors, who use pipeline volume as a key metric to judge those firms.Some companies have felt the pinch of the paper losses. Genesis Energy LP ( GEL.N ) - a Houston-based midstream firm with a market cap of $3.6 billion - said its supply and logistics unit saw fourth-quarter revenues fall by 15 percent from a year earlier.The company’s Chief Executive Grant Sims, during a recent earnings call, cited "volume cannibalization" for the decline, saying that it was forced to compete in a market in which participants were willing to lose money.Genesis declined to comment further to Reuters.Ed Longanecker president of the Texas Independent Producers & Royalty Owners Association, said tensions between producers and midstream firms become more strained in a low-price environment, with producers "at the mercy of an extremely competitive market."(Additional reporting by Liz Hampton in Houston; Editing by David Gaffen, Edward Tobin, Simon Webb and Brian Thevenot)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-usa-pipelines-tariffs-analysis-idUSKBN19J0E9'|'2017-06-28T13:01:00.000+03:00'
'41025ec332d9c57dd4f94e073b8bbdd6c869bf32'|'The Financial Conduct Authority knows its work has only just started - Business'|'T he fund management industry has become an elaborate exercise in siphoning savers’ capital for the benefit of insiders, critics have grumbled for years, with strong justification. Now the Financial Conduct Authority finally agrees – roughly speaking.The regulator’s language is softer, but many of its findings support familiar complaints about opaque fee structures, conflicts of interest and inadequate governance oversight. Price competition is “weak in a number of areas” to the point where average profit margins are 36% for asset managers and fees for active funds haven’t changed in 10 years. There is no relationship between charges and performance. Investment objectives aren’t communicated clearly. Benefits of scale aren’t passed onto retail investors. The charge sheet is long.The question is whether the FCA’s proposed remedies go far enough. There are some easy wins like banning the grubby practice known as “box management” – managers pocketing the difference between the “buy” and “sell” price when a unit in a fund is merely being transferred between customers. That some managers currently feel entitled to help themselves to this risk-free income is outrageous.A push for greater transparency – the big theme in the report – is welcome. The FCA supports the disclosure of all-in fees, including transaction charges. About time, too: all-in fees should mean what they say. The idea that fund managers should have at least two independent directors is sensible, though the FCA could have been bolder on numbers. The voice of customers is more likely to be heard if their interests are represented in the boardroom.Yet one gets a strong sense that the FCA, having lifted the lid on an industry that has escaped scrutiny for too long, knows its work has only just started. The list of other financial players cheduled for investigation is also long: investment consultants, fund platforms such as Hargreaves Lansdown (whose profit margins can be as high as 70%), hedge funds and the private equity brigade. Delivering a blast of transparency to all those corners of the investment game is not going to happen overnight.But the FCA should keep going and resist the inevitable lobbying backlash. Over the past 20 years, the fund management industry has exploded in size and its top individuals grown immensely wealthy. It’s about time somebody asked whether it is delivering value for money for customers. The answer in too many cases is no.Ploughing on at the Co-op bank Hurrah, the Co-operative Bank is saved. In truth, a successful recapitalisation never seemed in serious doubt, even when buyers didn’t show up with decent takeover offers. The hedge funds who have supported the bank since 2013 knew their best interests were served by finding fresh cash and supporting a debt-for-equity swap .Even after five years of losses in a row, there is still a decent retail bank at the core of the operation. Customers, including 1.4 million current account holders, have stayed loyal. The technology has been expensively overhauled. Sometime around 2021, the hedge funds may be able to sell. Their returns may not match their original expectations but, in current circumstances, ploughing on makes more financial sense for them than giving up.Can the Co-op Bank credibly still travel under a co-operative banner, though? Its chairman, Dennis Holt, protests that the ethically minded punters either don’t mind, or don’t notice, that the Co-op Bank is controlled by hedge funds. They are more interested in the bank’s trading values, he says. Well, okay, but Holt is dodging the question: the word “co-operative” in this context surely describes an ownership model, not a set of business principles. In practice, the polite fiction can probably continue harmlessly. Certainly, the business secretary, who has powers to intervene, would be unwise to upset the financial reconstruction by insisting on a change of name. It wouldn’t be worth the hassle.Tesco workers may well question Lewis’s bonuses Another day, another round of job losses at Tesco. This time 1,200 posts are going at head office . All supermarkets are reining in costs, of course, and Dave Lewis, Tesco’s chief executive, has more reason than most to cut. The share price, at 172p, down 16% this year, betrays the worry that his turnaround programme is losing puff. Some of Tesco’s soon-to-be-former employees may wonder if the £5.3m paid to Lewis in bonuses over the past two years was a reward for a commercial revival that hasn’t yet happened.Topics Financial sector Nils Pratley on finance Financial Conduct Authority Banking Tesco Supermarkets Retail industry comment'|'theguardian.com'|'https://www.theguardian.com/uk/business'|'https://www.theguardian.com/business/nils-pratley-on-finance/2017/jun/28/the-financial-conduct-authority-knows-its-work-has-only-just-started'|'2017-06-29T02:39:00.000+03:00'
'c5a5fccc365733a0916618a44135f27890f47639'|'Sky and Vodafone New Zealand walk away from sales deal, drop court appeal'|'WELLINGTON New Zealand pay television provider Sky Network TV ( SKT.NZ ) on Monday said it was terminating a sales agreement to buy Vodafone''s ( VOD.L ) local unit, a deal the country''s competition regulator had ruled against.The two companies had been fighting the New Zealand Commerce Commission''s decision to block the proposed NZ$1.3 billion ($946.40 million) deal in February, but said in a joint statement to the New Zealand stock exchange that they were also dropping their High Court appeal."SKY and Vodafone New Zealand will continue to work together to strengthen our commercial relationship for the benefit of the customers and the shareholders of our respective organisations," the firms said in the statement.The regulator in February had rejected the transaction, citing concerns it would create a monopoly on premium sports content, though the firms filed a detailed appeal with the courts challenging that decision in May.Sky''s chief executive John Fellett told Reuters in an interview after the Commerce Commission''s decision that he thought an appeal would take around a year, which some commentators pointed out could distract the firms from their core business for a long period.(Reporting by Charlotte Greenfield; Editing by Dan Grebler and Andrew Hay)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-skynetworktv-vodafonegroup-idINKBN19G0XB'|'2017-06-25T19:28:00.000+03:00'
'ae263c09bd9af131bbeb92d02e7e7bc6ed14b98e'|'UK Stocks-Factors to watch on June 27'|'June 27 Britain''s FTSE 100 index is seen opening 10 points higher, on Tuesday, according to financial bookmakers. * TESCO: Tesco, Britain''s biggest retailer, is to offer a one-hour grocery delivery service to customers in central London, firing the latest salvo in the cut-throat online supermarket sector. * MKANGO RESOURCES: Mkango Resources, one of a handful of rare earth miners outside China, aims to start production in Malawi in 2020 to catch an expected leap in demand for the metals that are used in electric vehicles and other new technologies. * OIL: Crude oil futures were largely unchanged in early Asian trade on Tuesday as the market took a breather following three days of gains with a supply glut keeping a lid on prices. * GOLD: Gold edged down on Tuesday on a firmer dollar ahead of a speech by Federal Reserve Chair Janet Yellen, which may give clues on the pace of possible interest rate hikes by the U.S. central bank. * The UK blue chip index closed up 0.3 percent at 7,446.80 points on Monday, as banks joined a broader European rally and steadier crude oil prices supported energy firms. * For more on the factors affecting European stocks, please click on: cpurl://apps.cp./cms/?pageId=livemarkets * UK CORPORATE DIARY: Findel Plc Full Year 2016 Earnings Release Carpetright Plc Full Year 2017 Earnings Release Porvair Plc Half Year 2017 Earnings Release Photo-Me International Plc Preliminary Q4 2016 Earnings Release Northgate Plc Full Year 2017 Earnings Release Debenhams Plc Q1 2017 Trading Statement Release TODAY''S UK PAPERS > Financial Times > Other business headlines Multimedia versions of Reuters Top News are now available for: * 3000 Xtra : visit topnews.session.rservices.com * For Top News : topnews.reuters.com (Reporting by Harish Bhaskar; Editing by Sunil Nair)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/britain-stocks-factors-idINL3N1JO249'|'2017-06-27T03:43:00.000+03:00'
'd0578fa282ac51d0262406d0bff289c0c28b2b5d'|'The Litigation Storm Around President Trump'|'The Litigation Storm Around President Trump The number of suits is less important than the importance of the issues they raise. By @DuneLawrence More stories by Dune Lawrence Illustration: 731 Liberal activists are thrilled to be suing President Donald Trump. “The reason you’re seeing a proliferation of lawsuits against President Trump is that he brought his lifelong contempt for the rule of law with him to the Oval Office,” says Norman Eisen, the chief White House ethics lawyer for President Barack Obama. Eisen now heads a watchdog group called Citizens for Responsibility and Ethics in Washington, which—along with Democratic members of Congress, the state of Maryland, and the District of Columbia—are suing Trump for violating the Constitution’s foreign emoluments clause. That long-dormant anti-corruption provision forbids public officials from accepting payments from foreign governments. The suits accuse Trump of profiting from private businesses such as his Washington hotel, which has been patronized by officials from Saudi Arabia, Kuwait, and other countries. “With unusual speed, Trump has created a shooting gallery of litigation targets,” says Joshua Matz, a Washington constitutional lawyer who works closely with attorneys bringing the emoluments cases. Another big-ticket legal action for months has stymied the president’s executive order imposing a temporary ban on immigrants from six predominantly Muslim countries. (The Supreme Court on Monday said it would hear arguments in October as to whether the ban is lawful; in the interim, the justices largely allowed the restriction to go into effect.) Yet another legal challenge has blocked a separate executive order cutting off certain federal funds from “sanctuary cities,” which refuse to have their police departments help federal authorities target immigrants for deportation. “This administration is overreaching,” says Patti Goldman, an attorney in Seattle with the group Earthjustice, which is spearheading a suit challenging a Trump order that directs federal agencies to kill two regulations for any new one they issue. Conservatives bemoan the situation. “This is lawfare—using litigation as a tool of political warfare,” says David Rivkin, an attorney who served in the Ronald Reagan and George H.W. Bush administrations. “It depresses me.” The White House did not respond to requests for comment. A look at Pacer , the official database of federal cases, shows more suits filed against the president during the first five months of the Trump administration than during comparable periods of the Obama and George W. Bush administrations. But the raw numbers aren’t terribly meaningful. The vast majority of cases filed against any president are frivolous, filed by prison inmates, quickly dismissed, or all of the above. Once peripheral cases are combed out, 29 suits remain against Trump, and many of those are redundant. Multiple travel-ban challenges are pending in the lower courts, for example, even as two of the cases await review by the Supreme Court. The Trump administration has asked the justices to reinstate the restrictions, arguing that the president has extremely broad authority over all immigration matters. “There’s a fair bit of litigation against any president,” says Deepak Gupta, a Washington lawyer involved in the emoluments cases. “What’s different about Trump is the profoundly important legal questions this administration has raised so early in its tenure by means of executive orders.” Obama eventually faced Republican-backed lawsuits targeting his health-reform initiative, his program to shield millions of undocumented immigrants from deportation, and his plan to limit carbon dioxide emissions from coal-fired power plants. In the wake of 9/11, Bush grappled with a wave of litigation challenging his policies on detention and interrogation of terrorism suspects. But neither Obama nor Bush had to deal with those consequential cases in their first five months. According to Pacer, Obama faced five non-frivolous suits during that early period; Bush, only one. And none of those cases raised fundamental issues about the presidency. A 2007 Supreme Court case in which a dozen states successfully sued the Bush administration''s Environmental Protection Agency to force it to regulate greenhouse gas emissions “really opened the door for states and municipalities to sue an administration,” says Raymond Brescia, an associate professor at Albany Law School. Republican state attorneys general regularly sued the Obama administration. While a legal challenge against Obamacare wasn''t successful, Obama''s Clean Power Plan and immigration-reform program were thwarted by Republican state attacks. Rivkin, the conservative attorney, served as an outside counsel to both the anti-Obamacare and anti-Clean Power Plan efforts. “There is a venerable tradition of states suing the federal government,” he says. He calls the cases against Trump “more personal.” The most important business stories of the day. Get Bloomberg''s daily newsletter. Sign Up Now Democratic-controlled state and local governments are playing prominent roles in the litigation over Trump’s immigration restrictions and sanctuary city executive orders. In California, Santa Clara County and the City of San Francisco won an April 25 federal court ruling that blocked most of Trump’s sanctuary city order. James Williams, the county''s counsel, describes its suit as defending "our basic framework of government—checks and balances. We''re trying to play our part here in Santa Clara." In response to its defeat, the Trump administration said it would scale back the defunding of sanctuary cities, and the judge presiding over the case has scheduled a hearing for July 12 to review the administration’s revised proposal. If any of Trump’s legislative priorities get signed into law—Obamacare repeal-and-replace, for example, or tax reform—those could elicit yet more litigation, says Brescia. “What we’ve seen so far could be just a portent of what’s to come.” Trump is unlikely to change direction because of hostile lawsuits. As a result of his long career in the rough-and-tumble New York real estate business, he “has far more experience as a litigant than all of the prior presidents combined,” says Jonathan Turley, a professor at George Washington University Law School. “Unlike past presidents, he is not deterred by the threat of litigation.” Before it''s here, it''s on the Bloomberg Terminal. '|'bloomberg.com'|'https://www.bloomberg.com/businessweek'|'https://www.bloomberg.com/news/articles/2017-06-27/the-litigation-storm-around-president-trump'|'2017-06-27T19:00:00.000+03:00'
'b9680725bcefb5879881cc31d137df4faf404c07'|'France''s Areva NP eyes higher sales, profits in next five years - report'|' 20am BST France''s Areva NP eyes higher sales, profits in next five years - report PARIS Areva NP, the nuclear reactor business company in which EDF ( EDF.PA ) is in the process of buying a majority stake, is eyeing a sharp rise in sales and profits over the next five years, Les Echos newspaper reported. Les Echos cited a document on Areva NP''s strategic plans from now until 2021, which said the company was eyeing sales to rise by 50 percent from now to reach 4.8 billion euros (£4 billion) by 2021. It added that Areva NP was also targetting earnings before interest, tax, depreciation and amortisation (EBITDA) of 600 million euros by 2021, up from 95 million euros last year. French state-owned power group EDF is currently in the process of buying a majority stake in Areva NP, following a restructuring of French nuclear group Areva. Officials at Areva NP   (Reporting by Sudip Kar-Gupta and Pascale Denis; Editing by Vyas Mohan)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-areva-outlook-idUKKBN19H0J9'|'2017-06-26T14:20:00.000+03:00'
'8bcc0e153b0475b5313024f869739ea6d3403b89'|'Pandora Media''s CEO Tim Westergren to step down - Recode'|'June 25 Music streaming service Pandora Media Inc''s founder and chief executive, Tim Westergren, plans to step down, Recode reported citing people familiar with the company''s plans.The company has not yet selected a replacement for Westergren, who is likely to stay on at Pandora until a new chief executive is in place, Recode reported on Sunday. bit.ly/2sc8ciPWestergren, who co-founded Pandora in 2000, served as its Chief Executive and president from May 2002 to July 2004, before returning to the company as its chief executive last year.The company could not be immediately reached for comment.Earlier this month, Sirius XM Holdings Inc said it would invest $480 million in Pandora, giving the satellite radio company better exposure to internet music streaming while providing financial footing to Pandora.Pandora faces stiff competition from services such as Sweden''s Spotify, Apple Inc''s Apple Music, Google Play Music and Amazon.com Inc''s Amazon Music Unlimited, which dominate the on-demand music service market. (Reporting by Abinaya Vijayaraghavan in Bengaluru; Editing by Gopakumar Warrier)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/pandora-media-ceo-idINL3N1JN1D7'|'2017-06-26T00:24:00.000+03:00'
'046ddf5f0e49ff8f3eb5e97c8d95f6d5be233b3a'|'U.S. home prices for April rise slower than expected'|'Business News - Tue Jun 27, 2017 - 4:17pm EDT Tight supply keeps U.S. home prices grinding up in April A single family home is shown for sale in Encinitas, California May 22, 2013. REUTERS/Mike Blake By Kimberly Chin - NEW YORK NEW YORK U.S. single-family home prices rose in April due to tight inventory of houses on the market and low mortgage rates, a survey showed on Tuesday, and economists see no imminent change in the trend. The S&P CoreLogic Case-Shiller composite index of 20metropolitan areas rose 5.7 percent in April on a year-over-year basis after a 5.9 percent gain in March, which matched the fastest pace in nearly three years. April''s result fell short of the 5.9 percent increase forecast in a Reuters poll of economists. Despite coming in below expectations, David Blitzer, managing director and chairman of the index committee at S&P Dow Jones Indices, said the supply of homes has barely kept up with demand and inventory of new or existing homes for sale had diminished to a 4-month supply. That is likely to keep home prices on the rise. "We hear that developers are having trouble finding the lots they want and finding the labor they want. With those two constraints, inventory is going to stay tight for a while," said Robert Dye, chief economist at Comerica. The National Association of Realtors reported last week that the inventory of existing homes available for sale rose in May by 2.1 percent to 1.96 million from the previous month. Still, that was 8.4 percent below last year''s level, and inventory has declined for consecutive 24 months on a year-over-year basis. Prices in the 20 cities covered by Case-Shiller rose 0.3 percent in April after seasonal adjustment, the survey showed, short of expectations for a 0.4 percent increase. On a non-seasonally adjusted basis, prices increased 0.9 percent from March. Secondary tech hubs like Seattle, Portland and Dallas reported the highest annual gains among the 20 metropolitan areas measured by the index. "We''re getting affordability issues in some markets that have seen an increasing rise in prices," said Scott Anderson, chief economist at Bank of the West, adding that he anticipates moderate home appreciation gains in the future. Another potential risk is whether interest rate increases from the U.S. Federal Reserve begin to force consumer borrowing costs higher. The Fed has raised short-term rates by 1 percentage point in the past 18 months, but longer-term rates have so far not followed suit as inflation pressures remain subdued. The average rate on a 30-year fixed-rate mortgage, the most popular U.S. home loan, was 4.13 percent in the latest week, down from 4.47 percent three months earlier, according to the Mortgage Bankers Association. "It will be interesting to see how robust is the housing market if we were to see mortgage rates in the 5 or 6 percent range," Dye said. (Reporting by Chuck Mikolajczak and Kimberly Chin; Editing by Dan Burns and Dan Grebler) '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-usa-economy-homes-idUSKBN19I1M7'|'2017-06-27T21:04:00.000+03:00'
'0438d343c30f1f4dd21a12c4b5e1f137899ca507'|'Three Little-Noticed Wins for Corporations at the Supreme Court'|'Three Little-Noticed Wins for Corporations at the Supreme Court Some class-action plaintiffs will have to find less-friendly courts for their lawsuits. By @AuthorPMBarrett More stories by Paul Barrett The Supreme Court wrapped up its 2016–17 term this week, with decisions on two high-profile cases on religion and gay rights , and the announcement that this fall it will hear arguments regarding President Donald Trump’s 90-day ban on immigration from six mostly Muslim countries, which it partially revived in the meantime. For corporations threatened by lawsuits, three other, less-noticed rulings handed down in recent weeks may prove to be no less important, at least for their bottom lines. The trio of decisions place new limits on “forum shopping,” a longstanding practice among plaintiffs’ lawyers who seek out jurisdictions viewed as liberal or pro-consumer. In effect, the high court tilted the scales of justice toward corporate defendants. The rulings, which were either unanimous or nearly so, provoked an ecstatic reaction from business interests. “For too long too many lower courts have encouraged litigation tourism,” Tiger Joyce, president of the American Tort Reform Association, a Washington-based, corporate-supported advocacy group, wrote via email. He added that the “trifecta” of rulings will provide “welcomed relief” for companies targeted in courts in California, Montana, parts of Texas, and other venues considered plaintiff-friendly. “It is a dramatic and welcome development for businesses that have had to bear extraordinary expense to defend cases in judicial hellholes,” said Victor Schwartz, a partner with Shook, Hardy & Bacon LLP, a firm that defends companies. The most recent, and most significant, of the decisions came on June 19, when the high court ruled (PDF) for Bristol-Myers Squibb Co. The company had been sued in California state court by consumers alleging that the drug maker had misrepresented the risk of heart attack and stroke caused by its blood thinner Plavix. Broadly speaking, the key to establishing jurisdiction is showing a connection between the court in question and the parties; the California courts had allowed plaintiffs’ attorneys to add almost 600 non-Californians to a suit on behalf of 86 state residents pursuing claims against Bristol-Myers. By an 8-1 vote, the justices said that state courts can’t hear claims brought by out-of-state plaintiffs against companies that aren’t based there if the alleged injuries occurred elsewhere, too. Writing for the majority, Justice Samuel Alito noted that consumers from multiple states could still band together to sue Bristol-Myers in New York, where the company is based, or Delaware, where it’s incorporated. The California plaintiffs, moreover, may proceed against the company in their home state. In dissent, Justice Sonia Sotomayor said the ruling “may make it impossible to bring certain mass actions ” —specifically when the suits include plaintiffs from across the country. Her point was demonstrated that very day, when Johnson & Johnson persuaded a St. Louis city court judge that, in light of the Supreme Court''s action, he ought to end a trial over the deaths of three women whose families blame exposure to talc for their ovarian cancers. The case was part of a much larger group filed in that courthouse—a well-known plaintiffs’ haven—combining claims of Missouri residents with those of out-of-state residents. J&J has recently lost four jury verdicts in the St. Louis court, totaling $307 million in damages. (The company, which is based in New Brunswick, N.J., has also won one trial there.) On May 30, the justices issued what will be seen as a companion ruling (PDF) to the one about Bristol-Myers. By another 8-1 vote, they rejected a lower-court decision in Montana that allowed out-of-state plaintiffs to sue there over injuries suffered anywhere in the national network of Texas-based BNSF Railway. In her majority opinion, Justice Ruth Bader Ginsburg said that, although BNSF has 2,000 miles of track and 2,000 employees in Montana, this isn’t a sufficient basis to sue there for injuries unconnected to the state. Sotomayor, again in lonely dissent, called the decision a “jurisdictional windfall” for large corporations with far-flung operations. The third high court ruling was narrower but still important. The justices unanimously ruled (PDF) on May 22 that patent suits should be filed only in the state where the defendant is incorporated. The decision will prevent many patent owners from bringing cases in the Eastern District of Texas, a federal jurisdiction known to be especially hospitable to patent-violation claims , which has made it a favorite of so-called “patent trolls.” More than one-third of all infringement suits are now filed there. The most important business stories of the day. Get Bloomberg''s daily newsletter. Sign Up But while the decisions were largely agreed on by the justices, plaintiffs’ advocates warned of dire consequences for ordinary people harmed by faulty products or corporate misbehavior. Paul Bland, executive director of Public Justice, a pro-plaintiff law firm in Washington, said in an email that the high court had rejected the notion, embraced by some lower courts, that “a broad sense of fairness” ought to govern where parties may sue. Now, he added, “corporations will be able to interpose all sorts of procedural and formalistic hurdles to impede plaintiffs from pursuing their claims.” Raymond Brescia, an associate professor at Albany Law School, agreed that the decisions would have unfortunate effects. “At a time when the Trump administration and Congress show little sign of serving as a check on corporate malfeasance,” Brescia asserted, “the courts, too, are taking a restrictive view of their role as a forum for plaintiffs to pursue consumer protection.” '|'bloomberg.com'|'https://www.bloomberg.com/businessweek'|'https://www.bloomberg.com/news/articles/2017-06-27/three-little-noticed-wins-for-corporations-at-the-supreme-court'|'2017-06-27T21:00:00.000+03:00'
'3077c8eeacc926d29b47b9cfa6638fa7c1c853db'|'Shares in Russia''s Sistema down more than 10 pct in early trade'|'Market News - Tue Jun 27, 2017 - 3:10am EDT Shares in Russia''s Sistema down more than 10 pct in early trade MOSCOW, June 27 Shares in Russian business conglomerate Sistema lost more than 10 percent in early trade in Moscow on Tuesday, after a Russian court arrested stakes in its three units late on Monday under a legal dispute with oil producer Rosneft. Sistema shares had been falling as deep as by 16 percent but pared losses minutes after the Russian market opened. Shares in mobile operator MTS, where Sistema owns slightly over 50 percent and of which almost 32 percent were arrested by the court, were down by 3.7 percent. (Reporting by Katya Golubkova; Editing by Dmitry Solovyov) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/russia-sistema-rosneft-shares-idUSR4N1IH000'|'2017-06-27T15:10:00.000+03:00'
'39f6633f02227ecaf7d492e49e12f450f1697329'|'EU hits Google with record 2.42 billion euro antitrust fine'|'Technology   2:00pm BST EU fines Google record $2.7 billion in first antitrust case left right European Competition Commissioner Margrethe Vestager holds a news conference at the EU Commission''s headquarters in Brussels, Belgium, June 27, 2017. REUTERS/Francois Lenoir 1/8 left right European Competition Commissioner Margrethe Vestager holds a news conference at the EU Commission''s headquarters in Brussels, Belgium, June 27, 2017. REUTERS/Francois Lenoir 2/8 left right FILE PHOTO: Google and European Union logos are seen in Sarajevo, in this April 15, 2015 photo illustration. REUTERS/Dado Ruvic/File Photo 3/8 left right European Competition Commissioner Margrethe Vestager holds a news conference at the EU Commission''s headquarters in Brussels, Belgium, June 27, 2017. REUTERS/Francois Lenoir 4/8 left right European Competition Commissioner Margrethe Vestager holds a news conference at the EU Commission''s headquarters in Brussels, Belgium June 27, 2017. REUTERS/Francois Lenoir 5/8 left right FILE PHOTO: Euro coins are seen in front of a Google logo in this picture illustration, April 21, 2015. REUTERS/Dado Ruvic/File Photo 6/8 left right FILE PHOTO: The Google logo is seen on a door at the company''s office in Tel Aviv January 26, 2011. REUTERS/Baz Ratner/File Photo 7/8 left right A man holds his smartphone which displays the Google home page, in this picture illustration taken in Bordeaux, Southwestern France, August 22, 2016. REUTERS/Regis Duvignau 8/8 By Foo Yun Chee - BRUSSELS BRUSSELS EU antitrust regulators hit Alphabet ( GOOGL.O ) unit Google with a record 2.42-billion-euro ($2.7 billion) fine on Tuesday, taking a tough line in the first of three investigations into the company''s dominance in searches and smartphones. It is the biggest fine the EU has ever imposed on a single company in an antitrust case, exceeding a 1.06-billion-euro sanction handed down to U.S. chipmaker Intel ( INTC.O ) in 2009. The European Commission said the world''s most popular internet search engine has 90 days to stop favoring its own shopping service or face a further penalty per day of up to 5 percent of Alphabet''s average daily global turnover. The fine, equivalent to 3 percent of Alphabet''s turnover, is the biggest regulatory setback for Google, which settled with U.S. enforcers in 2013 without a penalty after agreeing to change some of its search practices. The EU competition enforcer has also charged Google with using its Android mobile operating system to crush rivals, a case that could potentially be the most damaging for the company, with the system used in most smartphones. The company has also been accused of blocking rivals in online search advertising. The Commission found that Google, with a market share in searches of over 90 percent in most European countries, had systematically given prominent placement in searches to its own comparison shopping service and demoted those of rivals in search results. "What Google has done is illegal under EU antitrust rules. It denied other companies the chance to compete on the merits and to innovate. And most importantly, it denied European consumers a genuine choice of services and the full benefits of innovation," European Competition Commissioner Margrethe Vestager said in a statement. Google said its data showed people preferred links taking them directly to products they want and not to websites where they have to repeat their search. "We respectfully disagree with the conclusions announced today. We will review the Commission''s decision in detail as we consider an appeal, and we look forward to continuing to make our case," Kent Walker, Google''s general counsel, said in a statement. The action follows a seven-year investigation prompted by scores of complaints from rivals such as U.S. consumer review website Yelp ( YELP.N ), TripAdvisor ( TRIP.O ), UK price comparison site Foundem, News Corp ( NWSA.O ) and lobbying group FairSearch. The penalty payment for failure to comply would amount to around $12 million a day based on Alphabet''s 2016 turnover of $90.3 billion. The Commission did not specify what changes Google had to make. "This decision is a game-changer. The Commission confirmed that consumers do not see what is most relevant for them on the world’s most used search engine but rather what is best for Google," said Monique Goyens, director general of EU consumer group BEUC. Thomas Vinje, legal counsel to FairSearch, welcomed the Commission''s findings and urged it to act on Google''s Android mobile operating system following its 2013 complaint that Google restricted competition in software running on mobile devices. (Reporting by Foo Yun Chee; editing by Philip Blenkinsop and Jason Neely)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-eu-google-antitrust-idUKKBN19I108'|'2017-06-27T18:12:00.000+03:00'
'055d6f6e85f541974fe9684ca4a4839c1fa10a3d'|'France''s JCDecaux, America Movil create joint venture in Mexico'|'Business News - Tue Jun 27, 2017 - 6:46am BST France''s JCDecaux, America Movil create joint venture in Mexico The logo of outdoor advertising group JCDecaux is seen near an information panel with a neighbourhood map in Paris March 7, 2014. REUTERS/Jacky Naegelen France''s JCDecaux ( JCDX.PA ) said on Tuesday it will create a joint venture with Mexican telecommunications group America Movil ( AMXL.MX ) by merging their out of home (OOH) advertising businesses. JCDecaux will hold 60 percent of the new company, JCD Out Of Home Mexico, S.A. de C.V. (JCDecaux MX), with the remaining 40 percent held by a wholly owned subsidiary of America Movil, the French group said in a statement. The transaction is expected to close before year-end. (Reporting by Alan Charlish; Editing by Sherry Jacob-Phillips) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-jcdecaux-jointventure-idUKKBN19I0IH'|'2017-06-27T13:46:00.000+03:00'
'2e10bc8995fb8f385248a773c03d6f5af8ab59b6'|'Allianz to cut 700 jobs in Germany in next three years - Sueddeutsche'|'Business News - Thu Jun 22, 2017 - 11:03pm BST Allianz to cut 700 jobs in Germany in next three years - Sueddeutsche FILE PHOTO: Flags with the logo of Allianz SE, Europe''s biggest insurer, are pictured before the company''s annual shareholders'' meeting in Munich, Germany May 3, 2017. REUTERS/Michaela Rehle BERLIN Allianz ( ALVG.DE ) is planning to cut 700 jobs in Germany over the next three years, Sueddeutsche Zeitung reported on Friday, citing company sources. The cuts are part of a cost-reduction programme involving a total of almost 1,300 job reductions, some of which have already happened through early retirement, the newspaper said. Allianz wasn''t immediately available for comment. The insurer is also aiming to merge facilities in its operations and claims divisions by the end of 2020, the daily newspaper reported, without giving further details. Management has said disruptions caused by digitisation have forced the job cuts, a view disputed by many employees who say the insurer''s leadership is just trying to maximise profits, Sueddeutsche Zeitung said. (Reporting by Andreas Cremer)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-allianz-jobs-idUKKBN19D2U5'|'2017-06-23T06:03:00.000+03:00'
'fa9ff9f0ea1e7710e17f9a89bfea16bd8e0ed08b'|'Forget euro zone breakup, sterling now deemed riskier'|'Business News  08am BST Forget euro zone breakup, sterling now deemed riskier FILE PHOTO: 10 Euro banknotes are pictured under ultraviolet light at the headquarters of Bundesbank in Frankfurt, Germany, May 7, 2014. REUTERS/Ralph Orlowski/File Photo By Patrick Graham - LONDON LONDON For years the options market that companies and investors use to hedge against big swings in currencies viewed the euro as a bigger political and structural risk than Britain''s pound. No more. In the political and market turmoil immediately before and following Britain''s decision last June to leave the European Union, financial market investors flipped their long-held bias against the euro and now expect sterling to be the riskier party for years to come. Reuters data going back to 2012 shows three- and five-year risk reversals -- the cost of taking out an option to buy or sell the pound -- have consistently been below zero. That indicated it was almost always more expensive to hedge against the risk of euro exchange rates collapsing than of the same happening in sterling. There are always blips. On a handful of occasions since Mario Draghi''s promise to do "whatever it takes" to prop up the euro in 2012, the single currency has briefly been valued as steadier for the long term. But since an initial jump in the first six months of 2016, both three- and five-year euro-sterling risk reversal contracts have held consistently in positive territory, indicating the tail risk -- the risk of a low probability, high impact event -- is now instead with the pound. That is the first time in Reuters'' historical data on the options market and means it will be increasingly costly for investors exposed to the pound''s exchange rate to insure portfolios against further slides. With the pound pummelled by political and economic uncertainty, the euro/sterling five-year risk reversal EUGB5YRR= on Thursday matched its highest in 11 months, showing an increased bias towards sterling weakness. This followed open disagreement among Bank of England policymakers on the outlook for interest rates and, by extension, the pound. On Tuesday BoE Governor Mark Carney said now was not the time to raise rates, warning of weak wage growth as Britain prepared to quit the EU. On Wednesday, the central bank''s chief economist, Andy Haldane, said he was likely to join those voting for a hike later this year. Bankers are cautious about predicting further steep falls in the pound, but some senior currency market players wonder what will happen to sterling if Brexit talks turn bad. Some in the sales teams that focus on selling cheap option plays to hedge fund investors wanting to speculate on currency moves say the change is reflective of the broad swing in political risk. "Risk reversals tend to price fear," said the head of hedge fund sales with one of the big five international banks who run 40 percent of the $5 trillion a day global currency market. "It is when you are thinking you are going to get a big gap move. And historically the gap move that was on people''s minds over the last five years was the euro break-up story. This signals a change in the potential tail risks." At a time when global measures of volatility are at rock bottom, those in sterling have jumped in the past fortnight, driven initially by a shock electoral turnaround that saw Prime Minister Theresa May deprived of her parliamentary majority. Analysts say the move in the longer-term risk reversals, however, point to a broader questioning of faith in the pound. "The market is willing to pay a higher premium to hedge against a large sterling depreciation," said Sam Lynton-Brown, a strategist with BNP Paribas in London. "That is a change."'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-britain-sterling-options-analysis-idUKKBN19E0WV'|'2017-06-23T17:00:00.000+03:00'
'9a79429c97bcbd05a2471c345d68662631467f44'|'Allianz sells private bank OLB to Apollo for 300 million euros'|'Deals - Fri Jun 23, 2017 - 6:25pm EDT Allianz sells private bank OLB to Apollo for 300 million euros Flags with the logo of Allianz SE, Europe''s biggest insurer, are pictured before the company''s annual shareholders'' meeting in Munich, Germany May 3, 2017. REUTERS/Michaela Rehle FRANKFURT German insurer Allianz ( ALVG.DE ) said it had agreed to sell its 90 percent stake in private bank Oldenburgische Landesbank (OLB) ( OLBG.F ) to U.S. private equity firm Apollo ( APO.N ) for 300 million euros ($336 million). Apollo, which is consolidating the northern German banking market and has also signaled interest in HSH Nordbank, said it would attach OLB to its Bremer Kreditbank, which it bought in 2014. Allianz, which announced the sale agreement on Friday, had said last September it was exploring options for OLB, Germany''s largest regional private bank by assets. It acquired OLB as part of Dresdner Bank in 2001 and had said was no longer of strategic importance. New EU capital rules at the start of last year have been prompting insurers such as Allianz to review whether the profit they gain from stake holdings is worth the regulatory capital they are required to hold. Apollo will make an offer to the other 10 percent of OLB shareholders. The price it is paying Allianz represents 14.30 euros per share, compared with OLB''s closing price on Friday of 18.30 euros per share. Allianz said it would continue to cooperate with OLB to distribute insurance. (Reporting by Georgina Prodhan and Alexander Huebner; Editing by Tom Brown) '|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-allianz-oldburgsch-lds-apollo-idUSKBN19E2MT'|'2017-06-24T02:25:00.000+03:00'
'64e495e90133a5dd87542089d173d0d646deffbb'|'Anthem to pay record $115 million to settle U.S. lawsuits over data breach'|'Anthem Inc ( ANTM.N ), the largest U.S. health insurance company, has agreed to settle litigation over hacking in 2015 that compromised about 79 million people''s personal information for $115 million, which lawyers said would be the largest settlement ever for a data breach.The deal, announced Friday by lawyers for people whose information was compromised, must still be approved by U.S. District Judge Lucy Koh in San Jose, California, who is presiding over the case.The money will be used to pay for two years of credit monitoring for people affected by the hack, the lawyers said. Victims are believed to include current and former customers of Anthem and of other insurers affiliated with Anthem through the national Blue Cross Blue Shield Association.People who are already enrolled in credit monitoring may choose to receive cash instead, which may be up to $50 per person, according to a motion filed in California federal court Friday."We are very satisfied that the settlement is a great result for those affected and look forward to working through the settlement approval process,” Andrew Friedman, a lawyer for the victims, said in a statement.The credit monitoring in the settlement is in addition to the two years of credit monitoring Anthem offered victims when it announced the breach in February 2015, according to Anthem spokeswoman Jill Becher, who said the company was pleased to be resolving the litigation.The Indianapolis-based company did not admit wrongdoing, and there was no evidence any compromised information was sold or used to commit fraud, Becher said.Anthem said in February 2015 that an unknown hacker had accessed a database containing personal information, including names, birthdays, social security numbers, addresses, email addresses and employment and income information. The attack did not compromise credit card information or medical information, the company said.More than 100 lawsuits filed against Anthem over the breach were consolidated before Judge Koh.The breach is one of a series of high-profile data breaches that resulted in losses of hundreds of millions of dollars to U.S. companies in recent years, including Target Corp ( TGT.N ), which agreed to pay $18.5 million to settle claims by 47 states in May, and Home Depot Inc ( HD.N ), which agreed to pay at least $19.5 million to consumers last year.(Reporting by Brendan Pierson in New York; Editing by Lisa Shumaker)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-anthem-cyber-settlement-idUSKBN19E2ML'|'2017-06-24T06:18:00.000+03:00'
'd3feabcb34c772b793c04940fe3192eca626d395'|'Clogged oil arteries slow U.S. shale rush to record output'|'By David Gaffen - GUERNSEY, WYOMING GUERNSEY, WYOMING A gallon of gasoline that allows a driver on the U.S. East Coast to travel about 25 miles has already navigated thousands of miles from an oil field to one of the world''s largest fuel markets.If its last stop is one of the region''s struggling refineries - an increasingly unlikely prospect - the crude used to produce the gas would have probably arrived by tanker from West Africa. That''s because the region''s five plants have no pipeline access to U.S. shale fields or Canada''s oil sands.Or the journey to an East Coast gas pump might start instead in North Dakota''s Bakken shale fields - which means it could take up to three months, including a stop at a Gulf Coast refinery. The same trip would have been even longer a month ago, before the opening of the controversial Dakota Access Pipeline.That line was nearly derailed last year by protesters. Its arduous path to approval provides one case study in the oil industry''s struggle to open up a bottleneck holding back resurgent domestic oil production - an outmoded U.S. distribution system.The equally divisive Keystone XL pipeline provides a more poignant example: First proposed in 2008 to connect Canada''s oil sands to Gulf Coast refineries, the line may now never get built - despite the enthusiastic backing of U.S. President Donald Trump.As permitting dragged on for years, oil prices crashed, dimming the prospects for investment in the oil sands. Top firms have since written down or sold off billions of dollars in Canadian production assets and decamped for U.S. shale fields.Pipeline construction often lags production booms by years - if proposed lines are built at all - because of opposition from environmentalists and landowners, topographic obstacles, and permitting and construction challenges. That forces drillers to limit output or ship oil domestically, usually by rail - which is more costly and arguably less safe.The crimped production, in turn, costs the economy jobs, keeps prices higher for consumers and stymies the nation''s long-held geopolitical goal of reducing dependence on foreign oil.Obstacles to pipeline construction are coming into sharp focus as resurgent shale firms, after a two-year downturn, are now on pace to take domestic crude oil output to a record in 2018, surpassing 10 million barrels per day (bpd), according to the U.S. Energy Department.That would top the previous peak in the early 1970s and challenge Russia and Saudi Arabia for the title of top global producer.OBSTACLE TO ''ENERGY INDEPENDENCE''To transport all that oil from central shale regions such as Texas and North Dakota to the East Coast, the U.S. relies largely on pipelines built decades ago. The industry has retooled many old oil arteries, and the resulting patchwork often offers a convoluted route."It''s a hodge-podge way of doing it," said Tricia Curtis, oil analyst at Petronerds, a consultancy based in Denver.U.S. Interior Minister Ryan Zinke wants the nation to become the dominant global energy player, and is considering opening more federal lands - such as national parks and Native American reservations - to fossil fuel development. He also aims to lift restrictions on offshore drilling.That''s a new twist on achieving "energy independence," an elusive, almost mythical goal that''s been a standby of U.S. political dialogue over the half century since Richard Nixon was president.Surging shale has reduced import dependence, but achieving anything approaching "independence" would require an overhaul of the nation''s pipeline network - including construction of the kind of projects that face bleak prospects because of political opposition and geographic realities.About half of U.S. petroleum consumption is on the East and West Coasts, while the large expanse in the middle of the country accounts for 93 percent of crude output in the lower 48 states.The challenges to building new pipelines are likely to keep the East and West Coast markets - where most Americans live - dependent on imported oil, said Doug Johnson, vice president at Tallgrass Energy Partners, which operates pipelines and storage facilities in the central and western United States.The Rocky Mountains makes construction to much of the West Coast impossible, as does difficult topography and dense population on the East Coast."Moving new pipelines through those areas is very, very challenging," Johnson said.Tallgrass''s Pony Express line kicks off in Guernsey, Wyoming, a small town of 1,000 near the historic Oregon Trail Ruts. It''s one small example of the industry''s history of repurposing old lines. Originally built as a crude line in 1954, it was converted to a natural gas line in 1997, then changed back into a crude line in 2014."This thing is like the cat with nine lives," Johnson said.NO DIRECT LINEBuilding pipelines from faraway oil fields such as the Bakken directly to the densely populated East Coast would be a boon to energy firms and consumers. But it won''t happen, said Sandy Fielden, an analyst at Morningstar."That flies in the face of NIMBY," he said, referring to the ''not in my backyard'' political resistance to construction. "Pipelines being built across New Jersey is not considered to be a practical proposition."Resistance to new pipelines in the Northeast has led firms to battle for control of existing lines.Midwest refiners are clashing with East Coast refiners over a proposal to reverse the flow of fuels on a Pennsylvania pipeline that transports refined products from east to west. Midwest refiners - who can access Dakota and Canada crudes, unlike their East Coast competitors - want that flow reversed to give them access to gasoline markets further east.In at least one case, pipeline protesters are demanding the removal of an existing line. A 60-year-old Enbridge Line in Wisconsin and Michigan, an essential artery of oil from Canada, has come under fire from opponents of varying political stripes.Environmentalists call the current pipeline network strong enough. They argue the country needs to look toward renewable energy sources rather than expanding climate-damaging oil-and-gas development.Another environmental threat comes from an irony of the patchwork of U.S. pipelines - that the network is both over-subscribed and yet, in places, underused. Because many arteries travel similar routes, they duplicate one another and often can''t operate at full capacity.That raises the prospect of damaging leaks that go unnoticed by automated detection systems that require highly pressurized lines to function, said Anthony Swift, a director at the National Resources Defense Council.One bright spot for firms that already own pipelines: It''s far easier, politically and logistically, to expand a line than to build a new one - making existing lines increasingly valuable.But in the long term, the U.S. will struggle to boost production without new pipelines that serve key consumer markets, said Tad True, president and CEO of Casper, Wyoming-based True Companies, a private pipeline owner."One of the successes of this country was based on access to cheap energy," he said. "The continued success of the United States depends on continued access to cheap energy."(Editing by Simon Webb and Brian Thevenot)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/usa-pipelines-idINKBN19H0DW'|'2017-06-26T03:25:00.000+03:00'
'a6d235c8efe2099d07167ffa39c9849756012909'|'Noyer says Brexit banks taking formal steps to secure EU business in Paris'|'Business News - Tue Jun 27, 2017 - 12:34pm BST Noyer says Brexit banks taking formal steps to secure EU business in Paris left right Economist Christian Noyer, speaks at the 2017 Paris EUROPLACE International Financial Forum in the Manhattan borough of New York City, New York, U.S., May 23, 2017. REUTERS/Carlo Allegri/File Photo 1/2 left right FILE PHOTO: Economist Christian Noyer speaks at the 2017 Paris EUROPLACE International Financial Forum in the Manhattan borough of New York City, New York, U.S. May 23, 2017. REUTERS/Carlo Allegri/File Photo 2/2 By Maya Nikolaeva and Huw Jones - PARIS PARIS Banks from London have been quietly securing licences to operate from Paris after Brexit as planned reforms from new president Emmanuel Macron boost the French capital''s prospects as a financial centre, former Bank of France governor told Reuters. Christian Noyer, tasked by the French government with making the case for Paris as a post-Brexit financial hub, said the attitude of bankers to Paris has improved after elections that saw Macron, a pro-EU ex-banker and former economy minister, sweep to power. "It is clear that it''s easier to sell France because it''s Macron. The context has changed," Noyer told Reuters in an interview in Paris. Bankers have said that high payroll charges and constantly changing taxation put Paris behind other European financial hubs in terms of competitiveness. France has made its tax regime for expatriates more favourable, and set up a fast-track licence application, while Macron promises an overhaul of the labour market, tax and pension systems. "Now with the draft reforms, if things go as the intention is today, in three or four months from now we shall have much better labour flexibility than Germany and the like." Since Britain voted a year ago to leave the European Union, banks in London have been drawing up contingency plans to ensure they can still serve customers across Europe even if there is no single market access after 2019. Noyer has held hundreds of meetings with bankers in London, New York and elsewhere to drum up business for the French financial capital. But to date, rival financial centres like Frankfurt, Dublin and Luxembourg have stolen the headlines as banks, insurers and asset managers reveal plans to open new beachheads there. On Tuesday Japan''s largest brokerage, Nomura Holdings Inc ( 8604.T ), said it was applying for a licence to operate in Frankfurt, just days after No.2 Japanese brokerage Daiwa Securities Group ( 8601.T ) said it would set up a subsidiary there. Noyer said Paris is also chalking up successes, however. "In some cases, banks don''t even need a licence. Some of them have already done it and they decided not to announce it. Some of them have actual licences, are ready to operate," Noyer said. "They decided to say nothing and I respect their decision. It''s a little bit frustrating, but it''s like that." Other banks have said they were at the point of asking for a licence to operate in Paris as a "Plan B". "Plan A is we use the licence we have in such and such a place, but we create a branch of this entity that exists, and the branch will receive the trading room," Noyer said. "What I see at the moment is not markets moving to Frankfurt but markets moving to Paris. When they say, OK we are going to use our existing entity in Frankfurt and build on it, I think that means they use that to create a branch in Paris and develop things in Paris." EURO CLEARING LCH ( LSE.L ) in London is Europe''s main centre for clearing euro-denominated "swaps", a derivative contract that enables companies to insure themselves against adverse moves in currencies or interest rates. Worried about such an important euro-based activity taking place outside the EU, the bloc has proposed a system of "enhanced supervision" of LCH after Brexit. But Noyer said this does "not suffice" and that the EU should go further and require a portion of clearing to move to the mainland, as the European Central Bank has long sought. "In the end, you are only sure of what''s under your control and jurisdiction," Noyer said. "We need the legislative power, the judiciary power, supervisory power, the central bank control of liquidity. I cannot imagine really that we get that in London, having an inspection from time to time." If the activity was split 50:50 between London and Paris, there would be enough business passing through the euro zone for regulators to have a grip on market players, he said. "They could say, ''OK, if you don''t make that change then we order all banks to go to a contract in Paris and not any more in London'' and the threat would be sufficient." Paris would, however, face euro clearing competition from Eurex ( DB1Gn.DE ) in Frankfurt. Noyer''s comments echo Bank of England Governor Mark Carney, who has said an "appropriate" portion of euro clearing should remain in London after Brexit. "It does not mean that we should create disorder. We need to analyse clearly, make sure what are the contracts we need, at least partly in the EU, and discuss with industry what would be the optimal technical solutions, how do we need to develop that," Noyer said. "Myself, I would say it may take up to four years for some market segments". (Reporting by Huw Jones; Editing by Hugh Lawson) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-eu-paris-banks-idUKKBN19I1AE'|'2017-06-27T19:34:00.000+03:00'
'a1c63b5bb4cf93ad2d8f9cbc137aac40c5fd5dca'|'EU antitrust regulators hit Google with record 2.42 billion euro fine'|'Technology News - Wed Jun 28, 2017 - 12:25am IST EU hits Google with record $2.7 billion fine left right European Competition Commissioner Margrethe Vestager holds a news conference at the EU Commission''s headquarters in Brussels, Belgium, June 27, 2017. REUTERS/Francois Lenoir 1/3 left right European Competition Commissioner Margrethe Vestager holds a news conference at the EU Commission''s headquarters in Brussels, Belgium, June 27, 2017. REUTERS/Francois Lenoir 2/3 left right European Competition Commissioner Margrethe Vestager holds a news conference at the EU Commission''s headquarters in Brussels, Belgium, June 27, 2017. REUTERS/Francois Lenoir 3/3 By Foo Yun Chee - BRUSSELS BRUSSELS EU antitrust regulators hit Google with a record 2.4-billion-euro ($2.7 billion) fine for favouring its own shopping service, taking a tough line in the first of three probes of its dominance in searches and smartphone operating systems. It is the biggest fine the European Commission has ever imposed on a single company in an antitrust case, exceeding a 1.06-billion-euro sanction handed down against U.S. chipmaker Intel in 2009 and goes far beyond what U.S. regulators have ever fined a tech company. European Union competition chief Margrethe Vestager on Tuesday gave Google 90 days to stop favouring its own shopping service in internet searches or face a further daily penalty of up to 5 percent of parent company Alphabet''s average daily global revenue. "Google''s strategy for its comparison shopping service wasn''t just about attracting customers. It wasn''t just about making its product better than those of its rivals. Instead, Google has abused its market dominance as a search engine," she told a news conference. The fine will be easy for the world''s biggest search engine to absorb, but Google must now move fast to satisfy Vestager''s concerns while limiting the longer-term hit to its highly lucrative search business. It also leaves other tech companies wondering how far Vestager may go to force U.S. tech giants to concede more ground to smaller competitors. Vestager has become one of the world’s most combative antitrust regulators with powers to impose multi-billion dollar fines and force companies to make radical changes to their businesses. Last year, the former Danish economy minister ordered Apple to pay Ireland unpaid taxes of 13 billion euros as it ruled the company had received illegal state aid. Apple is appealing the decision. The decision is the first of a series of competition rulings that Google faces from the European Commission, which has not shrunk from taking on U.S. tech giants such as Alphabet, which has annual revenues of $90 billion and a market value of $665 billion. The Commission has also charged Google with using its Android mobile operating system to crush rivals, a case that could potentially be the most damaging for the company, as it is the system used in most smartphones. The company has also been accused of blocking rivals in online search advertising. RIVALS DEMOTED The Commission found that Google, with a market share in searches of over 90 percent in most European countries, had systematically given prominent placement in searches to its own comparison shopping service and demoted those of rivals in search results. Vestager said in a statement that Google had "denied other companies the chance to compete on the merits and to innovate. And most importantly, it denied European consumers a genuine choice of services and the full benefits of innovation." Google said its data showed people preferred links taking them directly to products they want and not to websites where they have to repeat their search. "We respectfully disagree with the conclusions announced today. We will review the Commission''s decision in detail as we consider an appeal, and we look forward to continuing to make our case," Kent Walker, Google''s general counsel, said in a statement. Alphabet, whose shares were down about 1 percent, said in a separate statement it would review the Commission''s formal decision but expected to accrue the fine in the second quarter. The biggest risk to Google is not the fine but the changes demanded to its business, said Richard Windsor, an independent financial analyst who tracks competition among the biggest U.S. and Asian internet and mobile companies. Google will have to brief the Commission on what measures it plans to take within 60 days of the decision and present periodic reports. Eight complainants were involved in the case which the EU declined to name in line with its policy. According to Windsor''s calculations, the 2.42-billion-euro fine represents just 22.6 days of the operating cash flow that Alphabet reported in its latest quarter. "What has the potential to hurt Google and be far more damaging is what remedies the European Commission may or may not impose on Google as a result," Windsor said. "That''s where the real damage could be done." The fine, equivalent to 3 percent of Alphabet''s revenue, is the biggest regulatory setback for Google, which settled with U.S. enforcers in 2013 without a penalty after agreeing to change some of its search practices. The Commission''s action follows a seven-year investigation prompted by scores of complaints from rivals such as U.S. consumer review website Yelp, TripAdvisor, UK price comparison site Foundem, News Corp and lobbying group FairSearch. News Corp said it applauded "the European Commission''s leadership in confronting the discriminatory behavior of Google in the comparison shopping industry." "We strongly believe that the abuse of algorithms by dominant digital platforms should be of concern to every country and company seeking a fair, competitive and creative society," it said in a statement, accusing Google of profiting from "commodifying content and enabling the proliferation of flawed and fake news." The penalty payment for failure to comply would amount to around $12 million a day based on Alphabet''s 2016 turnover of $90.3 billion. "This decision is a game-changer. The Commission confirmed that consumers do not see what is most relevant for them on the world’s most used search engine but rather what is best for Google," said Monique Goyens, director general of EU consumer group BEUC. Thomas Vinje, legal counsel to FairSearch, welcomed the Commission''s findings and urged it to act on Google''s Android mobile operating system following its 2013 complaint that Google restricted competition in software running on mobile devices. ($1 = 0.8890 euros) (Reporting by Foo Yun Chee; additional reporting by Eric Auchard in Frankfurt; editing by Philip Blenkinsop, Jason Neely and Adrian Croft)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/eu-google-antitrust-idINKBN19I10V'|'2017-06-27T17:52:00.000+03:00'
'6bbc001a28e1579b900ecf023353fe35669b7695'|'Russian toy retailer Detsky Mir sees 2017 revenue rising 30 percent - Interfax'|'  10:20am BST Russian toy retailer Detsky Mir sees 2017 revenue rising 30 percent - Interfax An interior view shows a store of Russian children''s goods retailer Detsky Mir in Moscow, Russia, January 16, 2017. REUTERS/Sergei Karpukhin MOSCOW Russia''s largest toy retailer Detsky Mir ( DSKY.MM ) plans to boost its revenue by 30 percent in 2017, Interfax new agency quoted Mikhail Shamolin, the head of Russian business conglomerate Sistema, Detsky Mir''s co-owner, as saying on Saturday. The 70-year-old retailer, which went public in February, reported 31-percent growth in revenue to 79.5 billion roubles (1 billion pound) in 2016. In May, Detsky Mir, which means "Children''s World" in Russian, said that it was on target to post a double-digit adjusted EBITDA margin in 2017. ($1 = 59.4330 roubles)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-russia-detsky-mir-idUKKBN19F07Y'|'2017-06-24T17:20:00.000+03:00'
'02c4913932e3ef85b13c4dde69c5b78c0078b43f'|'German truck parts maker Jost plans Frankfurt IPO in second half'|'FRANKFURT German truck and trailer parts maker Jost plans to list on the Frankfurt stock exchange in the second half of 2017, the group said on Monday.The initial public offering (IPO) will comprise new shares from a capital increase worth around 130 million euros ($145.5 million) as well as stock held by existing shareholders including buyout group Cinven.Sources had told Reuters last month that Cinven was reviving plans to list Jost, having previously shelved plans for a flotation due to wobbly capital markets.(Reporting by Maria Sheahan; Editing by Biju Dwarakanath)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-jost-ipo-idINKBN19H0F6'|'2017-06-26T03:24:00.000+03:00'
'7348b227216128649507abd11029b7adb79e07ff'|'Merkel sounds conciliatory tone on trade before G20 summit'|' 26pm BST Merkel sounds conciliatory tone on trade before G20 summit German Chancellor Angela Merkel addresses a press conference at the EU summit in Brussels, Belgium, June 22, 2017. REUTERS/Eric Vidal BERLIN German Chancellor Angela Merkel said on Tuesday that global trade was not a zero-sum game and that she would seek to establish a rules-based commerce system that benefits all, striking a compromising tone before a G20 summit next week. Merkel, who will host leaders of the G20 leading economies next week at a Hamburg summit where trade is expected to be one of the most divisive issues, added that Germany''s large trade surplus was partly the result of factors beyond her influence: the ECB''s expansive monetary policy and energy prices. "My vision of globalization is that in the global and interconnected world we need a rules-based trade system where all sides can win," Merkel said. "There is also an understanding of globalization that there are winners and losers as if it is a zero-sum game and I don''t believe in this." (Reporting by Joseph Nasr; Editing by Thomas Escritt)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-germany-merkel-idUKKBN19I2O0'|'2017-06-28T03:26:00.000+03:00'
'4c0abaf05931080c01ff12fe473643a639446bdd'|'China industrial profits quicken in May, seen fading as finance costs rise'|'Business News   4:08am BST China industrial profits quicken in May, seen fading as finance costs rise A general view of Shanghai''s financial district of Pudong is seen in Shanghai, China April 4, 2017. REUTERS/Aly Song BEIJING Profits at China''s industrial companies surged 16.7 percent in May from a year earlier, accelerating from April and defying expectations of a slowdown in the face of rising borrowing costs and a cooling property market. Profits in May rose to 625.99 billion yuan ($91.52 billion), the National Bureau of Statistics (NBS) said on its website on Tuesday. For the first five months of the year, profits reached 2.9 trillion yuan, up 22.7 percent from the same period of last year and lower than the 24.4 percent annual growth in the January-April period. The upbeat growth of industrial earnings in May was largely driven by continued demand for iron ore and other commodities used to feed a year-long construction boom. An infrastructure spending spree in China has helped spur sales and prices of building materials, reviving profits for long-ailing "smokestack" industries such as steel mills and smelters. "The quickened growth of China''s industrial profits was partly due to a low-base effect at the same time a year earlier, which marked the second slowest growth over the course of last year," stats bureau official He Ping said in a statement accompanying the data. He added that profit growth in industries such autos, power and tobacco was expected to rebound. Operating costs as a proportion of operating revenue rose on an annual basis for a third consecutive month in May, which He said needed to be closely watched. With producer price inflation reaching its perceived peak, profitability and new investment are seen tapering off this year. China''s factory gate inflation eased for the third straight month in May on sagging prices of raw materials, signaling a broader cooling in economic activity as profits are squeezed by slackening domestic demand and rising financing costs. Concerns about China grew after Moody''s Investors Service downgraded its credit rating last month. The agency said it expects Chinese financial strength will erode in coming years as growth slows and debt continues to rise. China''s statistics bureau said this month economic performance in the January-May period economic laid a solid foundation for achieving the full-year growth target of about 6.5 percent. China''s strong growth prompted the International Monetary Fund this month to raise its 2017 growth forecast to 6.7 percent from 6.6 percent. Capital Economics, which forecast last year that China''s economic rebound would run out of steam early in 2017 as policy support was withdrawn, said last week that the coming slowdown should be "mild" with growth dropping back towards "a sustainable pace". Still, with half a year left to go, the economy is expected to handily meet its annual growth target without hitting too many bumps, good news for President Xi Jinping ahead of a major political leadership reshuffle later this year. Industrial companies'' liabilities rose 6.5 percent year-on-year as of end-May, the statistics bureau said. Profits at China''s state-owned firms were up 53.3 percent at 652.04 billion yuan in January-May, compared with a 58.7 percent rise in the first four months. The data includes companies with annual operating revenue of more than 20 million yuan from their main operations. (Reporting by Beijing Monitoring Desk; Editing by Eric Meijer)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-china-economy-industrial-profits-idUKKBN19I0AN'|'2017-06-27T11:05:00.000+03:00'
'2137d67aef438d81df0998bc04df5e2df397d516'|'Russia''s Nornickel in talks to supply materials for BASF''s battery plans'|'MOSCOW Russia''s mining giant Norilsk Nickel (Nornickel) ( GMKN.MM ) is in talks with German chemicals firm BASF ( BASFn.DE ) to supply raw materials needed in the process for making lithium-ion batteries in Europe in the future, they said on Tuesday.The talks between BASF and Nornickel, the world''s second largest nickel producer and a major cobalt producer, highlight the burgeoning market for metals needed for lithium-ion batteries production as the car industry''s push towards electric vehicles gathers pace.Nornickel and BASF said in a joint statement the talks covered "cooperation to set the foundation to supply battery cell producers for electric vehicles in Europe with regionally produced cathode materials."BASF intended to invest up to 400 million euro ($452 million) as a first step to build production plants for cathode materials in Europe, the statement said.Through the prospective agreement, BASF would receive the raw materials from the Nornickel''s metal refinery in Harjavalta, Finland. Nornickel would also provide a supply of nickel and cobalt feedstock from its Russian mines at market prices."The envisioned cooperation with Nornickel and the construction of new BASF battery materials production plants in Europe, will result in a robust supply chain and enable BASF to expand its production of battery materials on a global scale," Kenneth Lane, the head of BASF''s catalysts division, said in the statement.BASF supplies cathode materials to the Asian and the U.S. markets, while the cooperation with Nornickel will help it to expand access to the European market."For Nornickel this project is an opportunity to increase our exposure to the high-potential and fast-growing rechargeable battery materials market," Sergey Batekhin, Nornickel''s head of sales, said."We are interested in supporting this target market with our nickel and cobalt products. The electric vehicle industry is set to contribute to a sustainable development."(Reporting by Polina Devitt; Editing by Edmund Balir and David Evans)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-russia-nornickel-basf-se-idINKBN19I2M5'|'2017-06-27T16:37:00.000+03:00'
'67b85b84adfb055085ca0d40309ddefee54c7c4f'|'Fed''s Williams sees advanced economies stuck in low growth mode'|'Central Banks   9:10am BST Fed''s Williams sees advanced economies stuck in low growth mode FILE PHOTO: San Francisco Federal Reserve President John Williams speaks to Reuters in San Francisco, California, U.S. on September 27, 2016. REUTERS/Stephen Lam/File Photo SYDNEY Central banks in the United States and other advanced economies will find themselves stuck with slow growth over the longterm unless fiscal authorities do something decisive to turn things around, a U.S. central banker warned Tuesday. That dour view may come as a surprise given that the Federal Reserve raised interest rates earlier this month and plans to continue to do so gradually to keep the U.S. economy from overheating. Rising interest rates often signal optimism about economic prospects. But, San Francisco Federal Reserve President John Williams said Tuesday, while the economic news is encouraging in the short-term, over the longer run it is bound to disappoint. Ageing demographics and a productivity slowdown are putting the brakes on global growth, he said in remarks prepared for delivery to Macquarie University in Sydney, with long-run yearly trend growth in the U.S., the euro area, the U.K. and Canada now estimated at just 1.5 percent. That is about half the normal pace before the financial crisis. With growth so lacklustre, monetary policymakers will have a harder time managing inflation and maintaining full employment. That is because lower growth reduces the demand for investment and pushes down on interest rates, leaving central banks less room to cut rates to offset an economic shock. Unless fiscal policymakers make investments in education, job training, infrastructure and research and development to boost output despite a slow-growing workforce, "monetary policy will be severely challenged to achieve stable prices, well-anchored inflation expectations, and strong macroeconomic performance," Williams said. (Writing by Ann Saphir; Editing by Diane Craft)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-usa-fed-williams-idUKKBN19I0SV'|'2017-06-27T16:10:00.000+03:00'
'8ae6ec735ff99f8d0ede84097a171467b2e01ad4'|'Exclusive - Ericsson scraps push for new clients beyond telecoms'|' 37am BST Exclusive - Ericsson scraps push for new clients beyond telecoms left right FILE PHOTO: Borje Ekholm, President and Chief Executive Officer of Ericsson, delivers his speech at Mobile World Congress in Barcelona, Spain, February 27, 2017. REUTERS/Eric Gaillard/File Photo 1/5 left right FILE PHOTO: A general view of an office of Swedish telecom giant Ericsson is seen in Lund, Sweden, September 18, 2014. REUTERS/Stig-Ake Jonsson/TT News Agency/File Photo. 2/5 left right FILE PHOTO: Ericsson CEO Borje Ekholm comments on the company''s first-quarter results during an interview with TT News Agency in Stockholm, Sweden April 25, 2017. TT News Agency/Henrik Montgomery via REUTERS/File Photo 3/5 left right FILE PHOTO: Ericsson''s flag is seen at the company''s headquarters in Stockholm, Sweden March 11, 2015. TT News Agency/Jonas Ekstromer/via REUTERS/File Photo 4/5 left right FILE PHOTO: Ericsson''s employees stand inside their booth at Mobile World Congress in Barcelona, Spain February 27, 2017. REUTERS/Eric Gaillard/File Photo 5/5 By Sophie Sassard and Olof Swahnberg - LONDON/STOCKHOLM LONDON/STOCKHOLM Ericsson has ditched its goal of winning more clients beyond the telecoms industry to refocus on selling networks to mobile phone companies in a move to cut costs and halt a dramatic fall in its share price. The Swedish firm''s clients in its core business include Vodafone and Verizon but profits have plunged due to competition from Nokia and China''s Huawei [HWT.UL] and as telecoms companies make savings. Its shares have fallen 30 percent in two years. Ericsson said in 2014 it would diversify so that by 2020 up to 25 percent of revenue would come from industries beyond telecoms, such as media, utilities and transport, from an estimated 10 percent in 2013. But the plan has not worked and the company will drop the target as new chief executive Borje Ekholm repositions to focus on the core business of mobile networks. "We will focus on telco clients and networks exclusively for now," Ericsson''s new head of Digital Services Ulf Ewaldsson told Reuters in a recent interview. The U-turn comes at a challenging time for Ekholm, who after only five months in the top job is being pressed by activist investor Cevian Capital, which has a $1 billion (£0.78 billion) stake in the company, to make faster changes. Ekholm unveiled a cost-cutting plan in March and announced up to $1.7 billion in provisions, writedowns and restructuring costs. He said this would include exploring options for its loss-making media arm and turning its managed services business around. Investors welcomed the greater focus after years of disappointing investments from Ericsson, but they worry the new plan will not generate growth. Moody''s cut the company''s credit rating to junk in May, partly due to worries that the cost-cutting could hamper innovation. Increasing dependence on telecoms operators could be risky as they are struggling to grow revenue due to fierce competition and so are unwilling to spend more on networks even as they prepare for 5G fifth-generation wireless broadband technology. Ericsson has to prove it can remain relevant in an industry that has gone from over 10 major players to three in 20 years. Investors question whether it can do this under Ekholm who has been on the board for a decade while Ericsson lost ground. RIVALS PUSH AHEAD Gear makers have long seen an opportunity to sell network equipment directly to corporate clients but have struggled because they lack the adequate sales network, telecom consultant Roman Friedrich of AlixPartners said. Instead of spending money trying to build its own sales channels, Ewaldsson told Reuters it will sell communication networks and IT services like cloud storage through the telecoms companies. While Ericsson pulls back, arch-rivals Huawei and Nokia are forging ahead with corporate clients in the automotive, transport and energy sector. They are increasingly building in-house private communication networks, for example to strengthen security. The Chinese and Finnish companies generate about 8 and 4 percent of their revenue, respectively, from corporate clients. Ericsson had been betting on media clients but is now exploring a sale of the unit. LOSING GROUND Ericsson sees opportunities to sell products to telecom clients which will need to upgrade their networks to address a greater flow of data enabled by 5G. It will also build additional capacity to connect objects around the world when the Internet of Things becomes reality. But Bengt Nordstrom, head of consultancy firm Northstream which advises telecom operators and vendors, said 5G will only help sustain existing revenues and won''t bring additional ones in the foreseeable future. Ericsson is also betting investments in automation and artificial intelligence will make its networks more efficient and boost profits for it and its clients, Ewaldsson said while declining to give more details on the plan. Stock pickers and analysts were hoping for more details of Ekholm''s cost-cutting plan to help explain how the company will reach its target of doubling 2016 margins after 2018. An obvious way is to shed loss-making businesses such as media operations, said analyst Richard Kramer of Arete Research. But doing so will cut 10-15 percent of revenue, meaning absolute profits will shrink, he said. Ericsson has already lost its position as market leader to Huawei in mobile infrastructure and SocGen analysts expect Nokia, which has expanded by merging with French rival Alcatel, will overtake it in services in two to three years. Ewaldsson said Ericsson was hoping to become the market leader again in radio base stations that send signals to connect devices to networks. Helping customers store and process data externally - cloud services - is another priority for Ericsson. But Kramer said its products lack an edge: "Ericsson simply lacks the products to sell to the likes of Google, Facebook, or Amazon, which are the biggest incremental spenders on infrastructure." IT executives at four European telecoms companies told Reuters they increasingly look at cheaper Asian rivals, especially Huawei, while new software players are gaining market share through tailor-made solutions that undercut Ericsson''s "one-fits-all" approach. Ericsson is relying on its partner Cisco to plug a product gap in routers, but some clients say they find it easier dealing with a single supplier and therefore tend to favour Nokia or Huawei. (Additional reporting by Helena Soderpalm; editing by Anna Willard)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-ericsson-strategy-exclusive-idUKKBN19I0I1'|'2017-06-27T13:37:00.000+03:00'
'483607ab918f7dedef38f8365aec8e47b589a0b1'|'Portugal investigating fraud linked to Venezuela PDVSA funds, PDVSA says'|'Banks   12:31am BST Portugal investigating fraud linked to Venezuela PDVSA funds, PDVSA says FILE PHOTO - The logo of the Venezuelan state oil company PDVSA is seen at a gas station in Caracas, Venezuela August 10, 2016. REUTERS/Marco Bello/File Photo CARACAS Portugal is investigating alleged appropriation of funds belonging to Venezuelan state oil company PDVSA [PDVSA.UL] that were channelled through now-defunct Portuguese bank Banco Espirito Santo between 2009 and 2014, PDVSA said on Saturday. PDVSA''s reputation has been tarnished in recent years by high-profile corruption investigations including guilty pleas by two U.S.-based contractors who authorities said ran a $1 billion (£786.6 million) corruption scheme associated with PDVSA contracts. Venezuela''s opposition-led Congress last year said about $11 billion in funds went missing at PDVSA while Rafael Ramirez, currently Venezuela''s U.N. envoy, was at the helm from 2004 to 2014. Ramirez slammed the report as "irresponsible lies." "Portuguese law enforcement agencies are investigating supposed appropriation of funds belonging to the corporation that were channelled through the above-mentioned institution," the company said in a statement. The investigators are reviewing operations "in which there could have been money laundering and in which former employees of PDVSA and its subsidiaries could have been involved." PDVSA until 2014 received payments for crude deliveries at its accounts at BES, as the bank was known, according to a 2014 Reuters report that cited an internal PDVSA document. BES collapsed in 2014. Some of its assets were used to create a new bank called Novo Banco. PDVSA had also bought $365 million in bonds issued by the holding company of the family of Ricardo Salgado, who was founder and president of the bank, according to a 2014 Reuters special report. The company said it will soon provide details on efforts to seek civil and criminal measures in jurisdictions where it has "identified assets of persons involved in corruption," and said it would carry out "legal actions" in Portugal. It did not provide details on such actions or the amounts being investigated. PDVSA has acknowledged problems with corruption and is seeking to improve procedures but insists that ideological adversaries are exaggerating the irregularities for political gain. "The national oil company will continue reinforcing its internal controls and implementing new mechanisms and procedures to ensure that situations like this do not occur again," the statement said. (Reporting by Brian Ellsworth; Editing by Cynthia Osterman)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-venezuela-pdvsa-idUKKBN19F0SP'|'2017-06-25T07:31:00.000+03:00'
'2eb19efba7eccb086c8b709efcba259dfe700397'|'Time may be nearing for ECB stimulus exit - Weidmann'|' 02am BST Time may be nearing for ECB stimulus exit - Weidmann Deutsche Bundesbank (German Federal Bank) President Jens Weidmann attends the ‘G20 Africa Partnership – Investing in a Common Future’ Summit in Berlin, Germany June 13, 2017. REUTERS/Axel Schmidt FRANKFURT The time may be nearing for the European Central Bank to start discussing the end of unprecedented stimulus as growth and inflation are both moving in the right direction, Bundesbank president Jens Weidmann told German newspaper Welt am Sonntag. Weidmann, who sits on the ECB''s rate-setting Governing Council, also said that the bank should not make any further changes to the key parameters of its bond purchase scheme, comments that signal opposition to an extension of asset buys since the ECB will soon hit its German bond purchase limits. Hoping to revive growth and inflation, the ECB is buying 2.3 trillion euros worth of bonds, mostly government debt, a scheme known as quantitative easing and long opposed by Germany, Europe''s biggest economy. The purchases are set to run until December and the ECB will decide this fall whether to extend it in order to boost inflation further or to wind it down, or taper. "As far as a possible extension of the bonds-buying programme goes, this hasn''t yet been discussed in the ECB Council," Weidmann told the newspaper in an interview. "But in my view, if the solid economic development and price development continues, as expected, it would be time to take a look at an exit from the very easy monetary policies," he said. Having flirted with deflation for years, price growth is now firmly above 1 percent but will miss the ECB''s target of almost 2 percent for years to come, its staff projections show. A key issue is that self-imposed rules allow the ECB to hold up to one third of each country''s debt and given Germany''s relatively low debt burden, it is likely to hit this level in the first half of next year. Any meaningful extension would therefore require a change in the programme''s rules, a move Weidmann said he firmly opposed. A key risk to curbing stimulus may be pressure from governments since any rise in borrowing costs threatens to blow a hole in national budgets after years of rock-bottom borrowing costs. "This can lead to a political pressure on the Governing Council to continue the loose monetary policies longer than necessary," Weidmann said. Weidmann, touted a potential successor to ECB President Mario Draghi when his term ends in late 2019, also said that Germany was not in need of stimulus as employment and capacity utilisation were already high. (Reporting by Balazs Koranyi; Additional reporting by Erik Kirschbaum in Berlin; Editing by Ros Russell)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-ecb-policy-weidmann-idUKKBN19G05X'|'2017-06-25T13:02:00.000+03:00'
'562c181912e9ac03e2de248895dd525ed9c92968'|'Volkswagen''s Slovak unit and union reach wage deal, ending six-day strike - VW spokeswoman'|'Autos - Sun Jun 25, 2017 - 8:50pm BST Volkswagen''s Slovak unit and union reach wage deal, ending six-day strike - VW spokeswoman A VW logo is seen in front of the main building of the Volkswagen brand at the Volkswagen headquarters during a media tour to present Volkswagen''s so called ''''Blaue Fabrik'''' (Blue Factory) environmental program, in Wolfsburg, Germany May 19, 2017. REUTERS/Fabian Bimmer BRATISLAVA Volkswagen''s Slovak unit said on Sunday it had reached a wage deal with a trade union to end a six-day strike that has hit production at the country''s biggest private employer. A VW spokeswoman said workers will get a 4.7 percent wage rise from this month, another 4.7 percent increase from January 2018 and a further 4.1 percent boost from November 2018 plus a 500 euro (£440) one-off bonus. The deal is a compromise between the union''s original demand of a 16 percent hike over two years and the company''s offer of a combined 8.7 percent boost. About 70 percent of VW''s 12,300 workers who joined the strike on Tuesday will return to work, and production lines that normally make about 1,000 cars a day will resume operations on Monday morning, the spokeswoman added. The union confirmed on its Facebook page that an agreement had been reached. "We''re ending the strike with a very successful negotiation. We managed to agree on a combined wage hike of 14.12 percent by November 2018," union chief Zoroslav Smolinsky said. VW produced 388,687 cars in Slovakia in 2016, including the Volkswagen, Audi, Seat and Skoda marques. The company pays its Slovak employees, excluding top management, an average of 1,800 euros a month including bonuses, double the national average but less than half of the 4,200 euros earned by equivalent employees in Germany, according to the union. Slovak Prime Minister Robert Fico has supported the strike, saying Volkswagen should pay its Slovak workers the same pay as its western European ones. The Finance Ministry has estimated that 12 days of strike would have cut 0.1 percentage point off the country''s annual economic output. The company, which exports almost all of its output, did not comment on the impact of the six-day strike. Slovakia''s growth is seen at 3.3 percent this year and above 4 percent in coming years, with the auto sector the most important driver. Slovakia, with a population of 5.4 million, produces more than 1 million vehicles a year, making it the biggest per-capita auto producer in the world. Kia Motors Corp ( 000270.KS ) and Peugeot ( PEUP.PA ) also have plants in Slovakia and Jaguar Land Rover[TAMOJL.UL] is due to open one next year. (Reporting by Tatiana Jancarikova; Editing by Adrian Croft) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-volkswagen-slovakia-strike-idUKKBN19G0U6'|'2017-06-26T02:36:00.000+03:00'
'ff687d0739dc4a0ef960af95b27402d3a440d027'|'Allianz expects loss of around $224 million from sale of OLB'|'FRANKFURT German insurer Allianz ( ALVG.DE ) expects to book a loss of around 200 million euros ($224 million) from the sale of private bank Oldenburgische Landesbank ( OLBG.F ) to U.S. private equity firm Apollo ( APO.N ), it said on Sunday.Allianz announced late on Friday that it had agreed to sell its 90 percent stake in the bank, which was no longer of strategic importance, for 300 million euros.The insurer said the loss did not affect its profit outlook for the year, because it had already taken it into account.It added that the sale would improve its Solvency II ratio, and that this was one of the reasons for the move.(Reporting by Alexander Huebner; Writing by Georgina Prodhan; editing by Susan Thomas)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-allianz-oldburgsch-lds-loss-idINKBN19G0UX'|'2017-06-25T16:50:00.000+03:00'
'16b9a380bd05bdf7205c040cce9e30d9109c4320'|'CEE MARKETS-Romanian leu holds steady ahead of new PM nomination'|'By Krisztina Than BUDAPEST, June 26 The Romanian leu held steady on Monday, unrattled by the ousting of Prime Minister Sorin Grindeanu last week, and stocks markets in the region opened higher, led by Polish banks. Poland''s index led gains, trading 1.2 percent higher at 0809 GMT. The country''s second-largest lender Bank Pekao SA jumped 3 percent, while mBank surged 2.4 percent. Traders said this was due to JP Morgan raising the target price for Pekao, and putting it to "overweight" from "underweight". The ruling party in Romania is expected to propose a new prime minister to President Klaus Iohannis, a centrist, on Monday to replace Grindeanu who was ousted last week in a no-confidence vote initiated by his own party. Once Iohannis endorses the candidate, a new government could be formed within days. The political uncertainty follows jitters over the government''s loose fiscal policies, but it was not expected to have a major impact on policy. "In our view, changing a prime minister will not entangle any major shifts in the current government policies except from the possibility of deviating further away from the anti-corruption path than under Grindeanu''s leadership," analysts at Nordea bank said in a note. "Regardless of who will be the new Romanian PM, the political and fiscal risks will remain in place with the government policies continuing to be quite hasty and sometimes unpredictable ... we are not too optimistic about the RON in the medium-term," they added. The leu was steady at around 4.57 to the euro but was still hovering around its weakest levels since 2012 of 4.599 hit last week. "A possibly fast implementation of a new government... and the resolving of the political uncertainty could in our view induce a quick return of EUR/RON into the 4.50-4.55 range," Raiffeisen analysts said. The Hungarian forint and the Polish zloty were both 0.1 percent firmer in early, slow trade. CEE MARKETS SNAPSH AT 0940 CET OT CURRENCIES Latest Previo Daily Change us bid close change in 2017 Czech crown n/a 26.261 n/a n/a 5 Hungary 309.30 309.68 +0.12 -0.16% forint 00 50 % Polish zloty 4.2207 4.2255 +0.11 4.34% % Romanian leu 4.5710 4.5721 +0.02 -0.79% % Croatian 7.4120 7.4155 +0.05 1.93% kuna % Serbian 121.41 121.67 +0.21 1.60% dinar 00 00 % Note: daily calculated previo close 1800 change from us at CET STOCKS Latest Previo Daily Change us close change in 2017 Prague 969.08 980.68 -1.18% +5.15 % Budapest 35780. 35599. +0.51 +11.8 40 51 % 0% Warsaw 2334.8 2304.4 +1.32 +19.8 1 8 % 6% Bucharest 8270.2 8347.5 -0.93% +16.7 2 5 3% Ljubljana 795.27 792.22 +0.38 +10.8 % 3% Zagreb 1867.4 1864.5 +0.15 -6.39% 4 8 % Belgrade 0.00 705.79 +0.00 -100.0 % 0% Sofia 687.77 687.67 +0.01 +17.2 % 8% BONDS Yield Yield Spread Daily (bid) change vs change Bund in Czech spread Republic 2-year 0.049 0 +068b +2bps ps 5-year -0.014 0.048 +036b +4bps ps 10-year 0.896 0 +064b +0bps ps Poland 2-year 1.937 -0.07 +256b -5bps ps 5-year 2.628 0.007 +300b +0bps ps 10-year 3.245 0 +299b +0bps ps FORWARD RATE AGREEMENT 3x6 6x9 9x12 3M interb ank Czech Rep <PR 0.34 0.41 0.49 0 IBOR=> Hungary <BU 0.185 0.2 0.23 0.15 BOR=> Poland <WI 1.75 1.766 1.82 1.73 BOR=> Note: FRA are for ask Quote: s prices'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/easteurope-markets-idINL8N1JN1CG'|'2017-06-26T07:23:00.000+03:00'
'92d7d81207a0616b508608abe9f42715d76b7c4f'|'UPDATE 1-U.S. mortgage activity posts biggest weekly drop in six months - MBA'|'Business News - Wed Jun 28, 2017 - 9:18am EDT U.S. mortgage activity posts biggest weekly drop in six months: MBA U.S. mortgage applications recorded their steepest weekly decline in six months last week, even as most borrowing costs on home loans held steady, according to Mortgage Bankers Association data released on Wednesday. The Washington-based group said its seasonally adjusted measure on loan requests for home purchases and refinancing fell to 417.4 in the week ended June 23, a drop of 6.2 percent from the previous week. This was the biggest weekly fall for the index since a 12.1 percent decline in the week of Dec. 23, 2016. Interest rates on conforming 30-year fixed-rate mortgages remained at their lowest since November for a third straight week at 4.13 percent. Conforming loans are those with balances of $424,100 or less that qualify for guarantees from federal mortgage agencies Fannie Mae ( FNMA.PK ) and Freddie Mac ( FMCC.PK ). Average rates on other types of mortgages that MBA tracks were mixed from the previous week. MBA''s seasonally adjusted gauge of applications for home purchases, a proxy for future home sales, decreased to 241.7 last week, marking a 4.1 percent fall, its biggest since the Feb. 10 week. The group''s seasonally adjusted barometer of refinancing applications declined to 1,396.2, down 8.6 percent, the steepest since a 23.2 percent drop six months ago. (Reporting by Richard Leong in New York; Editing by Jeffrey Benkoe)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-usa-mortgages-idUSKBN19J1N3'|'2017-06-28T16:16:00.000+03:00'
'b59e1a6d42a4ec6176893004905fab6080267f63'|'Tullow cuts debt, raises profit under new CEO but weak oil prices weigh'|'Business   9:55am BST Tullow cuts debt, raises profit under new CEO but weak oil prices weigh A view of Tullow Oil''s newly completed Floating Production, Storage and Offloading vessel (FPSO) Prof. John Evans Atta Mills at Sembcorp Marine''s Jurong Shipyard in Singapore January 20, 2016. REUTERS/Edgar Su/File Photo By Karolin Schaps - LONDON LONDON Africa-focused oil explorer Tullow Oil ( TLW.L ) reduced debt in the first half of the year and reported a rise in gross profit under new CEO Paul McDade but a recent drop in oil prices means the company''s bottom line remains under threat. Tullow has been under pressure to lower its mounting debt pile, racked up as it borrowed money to pay for the 2016 start-up of its giant TEN oilfields off Ghana, and to rein in spending elsewhere amid weak oil prices. On Wednesday, it reported a 17 percent fall in net debt to $3.8 billion (£3 billion) in the second quarter, a level it had targeted by the end of the year. The company used proceeds from a surprise $750 million cash call made in March to reduce borrowings. Tullow also reported a year-on-year increase in gross profit to $300 million, up from $200 million a year ago, as it benefited from rising production and an insurance payment to cover lost output during a shutdown. The company also cut its annual capital expenditure budget by another $100 million to $400 million as it expects to have to spend less this year. However, as oil prices have fallen around 15 percent in just four weeks, Tullow''s share price has fallen by nearly 30 percent over the same period and bearish price expectations mean analysts are expecting further impact on Tullow''s valuation. Tullow shares were down 2.8 percent at 0919 BST. "Although Tullow is working hard to deliver on its potential, we continue to expect the stock to trend with the oil price," analysts at RBC Capital Markets said. Tullow reported a $600 million net pre-tax impairment charge on the back of weak prices in the first half. As an exploration company, Tullow continues to drill for fresh resources and is focusing much of its exploration campaign on offshore Guyana and Suriname, a region where oil major Exxon Mobil and its partners earlier this month sanctioned a $4.4 billion project. "The prospect we are drilling is of the scale of the Greater Jubilee discovery in Ghana, it''s a massive prospect," CEO McDade told Reuters. He said explorations costs continued to fall and that the well Tullow is drilling off Suriname is costing around $60 million less than the company would have paid a few years ago. (Editing by Jason Neely)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-tullow-outlook-idUKKBN19J0L9'|'2017-06-28T11:55:00.000+03:00'
'3948ff547178dec7d04e66aaf01c746b1af5717f'|'BASF to invest 200 mln eur in ibuprofen plants'|'Market News   4:16am EDT BASF to invest 200 mln eur in ibuprofen plants FRANKFURT, June 28 German chemicals group BASF plans to invest around 200 million euros ($228 million) in a new ibuprofen plant at its headquarters in Ludwigshafen and expanding its capacities at a production site in Bishop, Texas, it said on Wednesday. It said the expansion would come onstream in early 2018 while the new plant would go into operation in 2021. "It will be the first world-scale ibuprofen plant in Europe," board member Markus Kamieth said in a statement. "With this investment, BASF aims to ensure high supply security for its customers and meet growing global demand," BASF said. ($1 = 0.8786 euros) (Reporting by Georgina Prodhan; Editing by Kirsti Knolle)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/basf-se-ibuprofen-idUSFWN1JP04H'|'2017-06-28T11:16:00.000+03:00'
'7938232c9a961d8e753ced551cbb68711e352aea'|'Energen sticks to business plan as Corvex raises stake'|'Activist investor Corvex Management LP reported a 7.6 percent stake in oil and gas producer Energen Corp ( EGN.N ) on Wednesday and expressed "disappointment" with the company''s decision to stick to its business plan.Corvex, run by Carl Icahn protege Keith Meister, said Energen''s decision was made without consulting shareholders on potential strategic alternatives for the company. ( bit.ly/2tlmPV8 )However, Energen said on Wednesday it conducted a review of its business with the help of two financial advisers and input from shareholders and concluded that its best option was to continue with its present business execution.Corvex last month disclosed a 5.5 percent stake in Energen and urged the company to explore a sale. The 7.6 percent stake revealed on Wednesday will make it Energen''s fifth-largest shareholder, according to Thomson Reuters calculation.Energen has a large concentration of assets in the Permian Basin which has become a hotbed of M&A activity in the energy industry as a recovery in oil prices spurs firms to make strategic investments.Birmingham, Alabama-based Energen''s shares were up 2.5 percent at $49.15, giving the company a market value of about $4.80 billion.(Reporting by Yashaswini Swamynathan in Bengaluru; Editing by Shounak Dasgupta)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-energen-corvex-idUSKBN19J2L0'|'2017-06-28T21:26:00.000+03:00'
'f79ff31648b09d7a04a4a9cc1570b4d1aedef2c0'|'UK orders sweeping changes to boost funds industry transparency'|'Top News   4:34pm BST UK orders sweeping changes to boost transparency of funds industry left right FILE PHOTO: The Canary Wharf financial district is seen at dusk in London, Britain November 7, 2014. REUTERS/Toby Melville/File Photo 1/2 left right The logo of the new Financial Conduct Authority (FCA) is seen at the agency''s headquarters in the Canary Wharf business district of London April 1, 2013. REUTERS/Chris Helgren 2/2 By Huw Jones , Simon Jessop and Carolyn Cohn - LONDON LONDON Britain''s markets watchdog announced radical changes to the country''s 7 trillion pound asset management industry on Wednesday, seeking to improve transparency and value for money for customers. The Financial Conduct Authority (FCA) said it would strengthen the duty of fund managers to act in the best interests of investors and, as in the United States, require them to appoint independent directors to their boards. Fund managers will also come under the FCA''s individual accountability regime, making it easier to punish them when rules are not followed. The reforms in a 112-page report follow an initial study last November that found a lack of competition and high profits for the industry. The FCA will now consult on how best to implement its plans. "This is really a major piece of work. It''s a major step forward," FCA Chief Executive Andrew Bailey told reporters. "We have put together a comprehensive package of reforms that will make competition work better and help both retail and institutional investors to make their money work well for them." The FCA said it would also launch a study into investment platforms which offer a range of funds online. That sent shares in platform provider Hargreaves Lansdown down more than 2 percent to the bottom of the UK''s benchmark FTSE 100 index. The watchdog recommended too that the government''s work and pensions department remove barriers to the pooling of pension schemes, which could cut investment costs for the schemes. FEES The combination of measures taken by the FCA will drive down fees for investors, Bailey said. The changes will be introduced in stages, which the industry will welcome as it faces other reforms, such as new European Union rules, and the unknown impact of Britain leaving the bloc on a sector with ties that criss-cross Europe. On fees, the FCA said it would broaden new EU fee disclosure requirements that come into force in January. The EU rules require intermediaries to publish a single, all-in fee, and the watchdog said this practice would be a requirement across all the sector. "The result is from the start of next year investors will get a simple disclosure of the fees they are being charged or will be charge, expressed in pounds and pence," the FCA said. It will consult later in the year on making the new EU rules work better. Bailey said the FCA was not "gold plating" EU rules, but making them consistent across the funds sector. "Many of the key recommendations work with the grain of European legislation already in the pipeline to introduce more clarity and transparency for consumers," the Investment Association industry body said. Owen Lysak, a partner at Clifford Chance law firm, said introducing independent board members marked a partial move towards a more U.S.-style approach to fund governance, that could mean a cultural shift in the market. However, some industry watchers said funds would be relieved the FCA didn''t go further "The FCA has delivered a report which spares them the harshest potential remedies flagged in their interim report last November," said Daniel Godfrey, founder of investment company The People''s Trust and ex-head of trade body Investment Association. "There''s a big difference between supporting the ''disclosure of an all-in fee'' and making managers actually charge an all-in fee." CONSULTATIONS The regulator stopped short of an immediate referral to Britain''s competition authority of the market for institutional advice, but is expected to do so later in the year after a public consultation launched on Wednesday. "Postponing this decision until September, pending further consultation, is almost certainly a delaying of the inevitable," KPMG''s Head of Investment Advisory, Nick Evans, said. It did, however, recommend the government consider bringing investment consultants under the remit of the FCA. The FCA''s November consultation paper raised hackles in the industry after it criticised asset managers for making hefty profits, and the watchdog said its final report confirmed those findings. "This found that price competition is weak in a number of areas of the industry," the FCA said. "Despite a large number of firms operating in the market, the FCA''s analysis found evidence of sustained, high profits over a number of years." The FCA said it also found investors are not always clear what the objectives of funds are, and fund performance is not always reported against an appropriate benchmark. David Morrey, a partner at Grant Thornton consultancy, said the FCA had backed away from the "frontal assault" it began in November on whether actively managed funds could ever be better than passive funds. The implementation of the "remedies" will take place in a number of stages. The FCA has published a consultation paper, focussing on the remedies related to governance and technical changes to promote fairness for investors. (Editing by Jane Merriman and Mark Potter)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-funds-regulations-idUKKBN19J0KT'|'2017-06-28T10:00:00.000+03:00'
'aa8b7e48c4c081fa4ebb519249c5fec3425de4c1'|'In Amazon''s shadow, hedge funds take aim at Brexit-hit retailers'|'Hedge Funds - Tue Jun 27, 2017 - 5:33pm IST In Amazon''s shadow, hedge funds take aim at Brexit-hit retailers left right People rush past Debenhams department store on Oxford Street, in central London, Britain January 10, 2011. REUTERS/Ki Price/File Photo 1/4 left right Pedestrians walk past an M&S shop in northwest London July 8, 2014. REUTERS/Suzanne Plunkett/File photo 2/4 left right Shoppers walk past a branch of the food retailer Morrisons in west London, Britain, January 7, 2017. REUTERS/Toby Melville 3/4 left right Workers pack bags as a conveyer belt transports goods inside the Ocado Customer Fulfilment Centre in Hatfield on the outskirts of London, Britain, April 6, 2016 . REUTERS/Dylan Martinez 4/4 By Alasdair Pal - LONDON LONDON Hedge funds have significantly stepped up bets against Britain''s traditional high street retailers, as the sector struggles with online competition, worries about a stretched consumer and weakening sales and profits. The risks were on full display on Tuesday when shares in Debenhams ( DEB.L ) slid more than 3 percent to an eight-year low following a weak trading update and a warning on UK sales. Britain''s upcoming exit from the European Union, an inconclusive general election, and worrying data on consumer spending have muddied the outlook for bricks-and-mortar retailers like Debenhams, Marks & Spencer ( MKS.L ) and Next ( NXT.L ), whose share prices have fallen this year. Short-sellers, who borrow shares in a company before selling them into the market, hoping to buy them back at a lower price in the future and pocket the difference, are doubling down. Of the 10 most-shorted stocks in the UK, five – M&S, Debenhams, Pets At Home ( PETSP.L ) and grocers Morrisons ( MRW.L ) and Ocado ( OCDO.L ) – are now in the retail sector, according to data from UK regulator the Financial Conduct Authority. This comes after sofa retailer DFS ( DFSD.L ) warned on June 15 that it would miss expectations on profits this year, blaming an uncertain political and economic outlook, and that the lack of demand was “market-wide”. DFS''s comments sent a stock index tracking Britain’s retailers .FTASX5370 down 4.1 percent on June 15 – its biggest one-day fall since Britain voted to leave the European Union in June 2016. That was followed a day later by Amazon ( AMZN.O ) announcing its intention to buy Whole Foods ( WFM.O ), stoking fears the online giant may push further into retail. Analysts and investors are braced for further weakness. “Traditional clothing retailers are an area where I find it much harder to see how the pressure is going to go away,” said Matthew Tillett, a fund manager at Allianz Global Investors. “I am always asking, ‘is it Amazon-able?’ If the answer to that question is ‘yes’ it is always going to be hard for me to buy a bricks and mortar retailer.” UK retail sales fell more sharply than expected in May, data from the Office of National Statistics showed on the same day as the DFS profit warning, with non-food retailers particularly badly affected. “It is a tough backdrop,” said Tineke Frikkee, a fund manager at Smith & Williamson. It owns shares in M&S and Debenhams, both of which have seen increases in short interest in the last week. “The response shows you the glass is half empty on these stocks,” Frikkee said. In particular, DFS’s profit warning and Amazon’s expansion have coincided with a spike in short-selling in M&S and Debenhams. Of the 11 funds short M&S’s shares, six increased their positions on June 15 and 16, according to regulatory filings. Short interest in the retailer, which primarily sells clothing and food, has risen more than five-fold to 10.2 percent since the start of the year. Hedge funds shorting M&S include Marshall Wace, which has a 2.3 percent position in the company’s shares and is also shorting pet food retailer Pets At Home. At around 130 million pounds, the bet against M&S is one of the fund’s largest shorts in the UK. Marshall Wace declined to comment. Debenhams, already one of the UK’s most shorted stocks, has seen short interest nearly double since the start of the year to reach an all-time high of 11.9 percent. Odey Asset Management, run by billionaire investor Crispin Odey, increased its position to nearly 4 percent of the company’s shares on June 15, according to filings. The firm did not respond to requests for comment. Shorting the sector has been a successful trade so far in 2017: Pets At Home has fallen 33 percent and Debenhams has lost more than a fifth of its value this year. M&S is down 3 percent. (Reporting by Alasdair Pal, Editing by Vikram Subhedar and Susan Fenton)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/uk-hedgefunds-ukretail-idINKBN19I152'|'2017-06-27T10:03:00.000+03:00'
'3a2386cde70ff7ac0a5f5136a53b47d12a9965c6'|'Petrofac sees higher bidding activity in core markets'|'Business News - Tue Jun 27, 2017 - 9:17am BST Petrofac says bidding opportunity pipeline robust Group Chief Executive of Petrofac Ayman Asfari speaks during the Oil & Money conference in London October 1, 2013. REUTERS/Luke MacGregor By Sanjeeban Sarkar British oilfield services company Petrofac Ltd on Tuesday said it expected an underlying net profit of $135 million (106 million pounds) to $145 million for the first half of 2017 as strong bidding activity in its core markets led to a robust order book. Shares in the company were down 2.6 percent at 415 pence at 0810 GMT on the London Stock Exchange. "High level of tendering activity is evidence of greater confidence in our core markets and we continue to have a very good pipeline of bidding opportunities," CEO Ayman Asfari said in a statement. Bidding activity in the first half of the year was consistent with Petrofac''s guidance of higher activity in its core Middle Eastern markets, CFO Alastair Cochran told Reuters. Full-year underlying net profit would be weighted towards the second half of the year in a ratio of about 40:60 percent, he added. Order book stood at $13 billion as of May 31, said the company, which builds and operates oil and gas facilities. It recorded an order book value of $14.3 billion in 2016 as orders picked up in its core Middle Eastern markets. The company''s high exposure to the Middle Eastern oil markets resulted in good backlog coverage for 2017 as record production in the region drove up contract awards. Petrofac is under investigation by the UK''s Serious Fraud Office (SFO) for its dealings with Monaco-based Unaoil, which Petrofac said it had engaged primarily in Kazakhstan to provide local consultancy services between 2002 and 2009. Petrofac suspended its chief operating officer, Marwan Chedid, last month in response to the investigation, raising concerns among investors about the company''s ability to win work. CFO Cochran said on Tuesday the company was engaged with the SFO and had not paid any penalty, when asked if the company had set aside cash in case of a fine. (Reporting by Sanjeeban Sarkar in Bengaluru; Editing by Gopakumar Warrier and Amrutha Gayathri) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-petrofac-outlook-idUKKBN19I0OD'|'2017-06-27T15:17:00.000+03:00'
'cc9cee7970b2255601c7113de3c06ef63e7bca18'|'U.S. 1-month bills sold at highest interest rate since 2008'|'NEW YORK, June 27 The U.S. Treasury Department on Tuesday sold $40 billion of one-month bills at an interest rate of 0.890 percent, which was the highest rate for this debt maturity at an auction since Sept. 9, 2008, Treasury data showed.The ratio of bids to the amount of one-month T-bills offered was 3.11, which the weakest level since the auction held on May 30. This measure of overall auction demand was 3.42 at last week one-month bill sale, which was the strongest since March 7. (Reporting by Richard Leong)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/usa-auction-tbills-idINL1N1JO0ZK'|'2017-06-27T14:08:00.000+03:00'
'e7f19aa3fec4fb385eaac6994b61f4a5e68bffb6'|'BlackRock makes technology deal in cash management business'|'Business News - Tue Jun 27, 2017 - 4:21pm BST BlackRock makes technology deal in cash management business FILE PHOTO: The BlackRock logo is seen outside of its offices in New York City, U.S., October 17, 2016. REUTERS/Brendan McDermid/File Photo By Trevor Hunnicutt BlackRock, the world''s biggest asset manager, on Tuesday said it would buy a software company that helps businesses invest their cash, marking its second investment in a technology firm this month. The investment giant with oversight of $5.4 trillion in assets will buy Denver-based Cachematrix Holdings LLC in a deal slated to close next quarter, according to a statement by both companies. Terms were not disclosed. Cachematrix builds a software tool that banks can provide to corporate treasurers managing the cash and short-term debt they hold. Investments can be made in money-market funds provided by BlackRock and rival money managers, such as Fidelity Investments, Goldman Sachs Group Inc and Charles Schwab Corp. Just last week, BlackRock said it would take a stake in Scalable Capital, a European digital investment manager. The deals come two months after BlackRock Chief Executive Officer Larry Fink told Reuters he was considering up to four small acquisitions to shore up the New York-based company''s technology and investment expertise. Fink has placed an unusual emphasis on technology for a company in his industry, including through the company''s Aladdin operating system for investment management, which it licenses to rivals. The latest deal gives BlackRock a new stable of bank clients and pushes Aladdin further into the business of advising companies on how to invest their cash. In a statement, BlackRock said it plans to combine some of Cachematrix''s features with Aladdin. On its website, Cachematrix lists Bank of America Corp, Morgan Stanley and HSBC among its clients and reports assisting with $200 billion of client assets. Banks trying to meet strict requirements intended to prevent another financial crisis have been looking to shed deposits that would require them to hold more capital. Businesses have been eager to find places to put cash as ultra-easy monetary policy has pushed yields on debt to historic lows. BlackRock in 2015 expanded its reach in the business of managing large institutions'' cash and short-term investments when it acquired the money-market fund business run by Bank of America. BlackRock''s cash business included nearly $400 billion in assets at the end of March. (Reporting by Trevor Hunnicutt)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-blackrock-moneymarket-idUKKBN19I22T'|'2017-06-27T23:21:00.000+03:00'
'f79886cca5caef202aba85219fae58629217d06e'|'PRESS DIGEST- Canada-June 27'|'Market News - Tue Jun 27, 2017 - 6:42am EDT PRESS DIGEST- Canada-June 27 June 27 The following are the top stories from selected Canadian newspapers. Reuters has not verified these stories and does not vouch for their accuracy. THE GLOBE AND MAIL ** After investing about C$40 million ($30.24 million) on tablet publishing, the Toronto Star said it was abandoning its app, Star Touch, and laying off 30 employees in the process. tgam.ca/2ti5c9v ** Ontario plans to ban rapid ticket-buying "bot" software and put a cap on markups for resold tickets at 50 per cent of their face value to make scalping less lucrative as part of broad legislation to make ticket buying more fair. tgam.ca/2thPBXy NATIONAL POST ** The Canada-U.S. softwood lumber trade dispute intensified Monday after the U.S. Department of Commerce boosted the levy it imposes on Canadian lumber shipments to 26.75 per cent from 19.88 per cent. bit.ly/2thWVma ** The Liberal government''s new defense plan potentially compromises national security by relying too much on private contractors to maintain the country''s new warships, public service unions have warned Prime Minister Justin Trudeau. bit.ly/2thNX8d ($1 = 1.3226 Canadian dollars) (Compiled by Bengaluru newsroom) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/press-digest-canada-idUSL3N1JO3CS'|'2017-06-27T18:42:00.000+03:00'
'7b64f97dbce60028562cefbc8cb2bbfaa678a1a1'|'Lufthansa wants to help, not take over, Air Berlin: Bild'|'FRANKFURT Lufthansa ( LHAG.DE ) sees no limit to the number of planes and crews it could lease from Air Berlin ( AB1.DE ), its chief executive told German newspaper Bild am Sonntag, amid criticism that support for its ailing rival is a stealth takeover attempt."We already support Air Berlin, in that we have leased 38 planes and set them on our routes. I can imagine, however, that we would expand this cooperation and lease further Air Berlin planes and crew," Carsten Spohr said."For me, there is no upper limit to this. On the other hand, I do not currently envisage a takeover of the company."Spohr has previously expressed interest in loss-making Air Berlin on condition its debt pile and costs could be reduced.Travel agencies, the German monopoly regulator and rival carrier Ryanair ( RYA.I ) have raised competition concerns over any possible takeover of Air Berlin, Germany''s second-biggest airline, by flagship Lufthansa.Air Berlin, 29 percent-owned by Abu Dhabi-based carrier Etihad, is trying to protect roughly 8,000 jobs in Germany. Last year, the carrier made a record net loss of 782 million euros ($875 million).(Reporting by Georgina Prodhan; Editing by Angus MacSwan)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-lufthansa-air-berlin-idINKBN19F0RK'|'2017-06-24T20:19:00.000+03:00'
'5d0444aa6af3eacf0a892023743b05db5d75faeb'|'Not another financial crisis in ''our lifetimes'' - Fed''s Yellen'|'Business   7:17pm BST Not another financial crisis in ''our lifetimes'': Fed''s Yellen left right The Federal Reserve Board Chairwoman Janet Yellen speaks during a discussion at The British Academy President''s Lecture in London, Britain, June 27, 2017. REUTERS/Hannah McKay 1/6 left right The Federal Reserve Board Chairwoman Janet Yellen speaks during a discussion at The British Academy President''s Lecture in London, Britain, June 27, 2017. REUTERS/Hannah McKay 2/6 left right The Federal Reserve Board Chairwoman Janet Yellen speaks during a discussion with the President of the British Academy Nicholas Stern during The British Academy President''s Lecture in London, Britain, June 27, 2017. REUTERS/Hannah McKay 3/6 left right The Federal Reserve Board Chairwoman Janet Yellen speaks during a discussion at The British Academy President''s Lecture in London, Britain, June 27, 2017. REUTERS/Hannah McKay 4/6 left right The Federal Reserve Board Chairwoman Janet Yellen speaks during a discussion at The British Academy President''s Lecture in London, Britain, June 27, 2017. REUTERS/Hannah McKay 5/6 left right The Federal Reserve Board Chairwoman Janet Yellen speaks during a discussion with the President of the British Academy Nicholas Stern during The British Academy President''s Lecture in London, Britain, June 27, 2017. REUTERS/Hannah McKay 6/6 LONDON U.S. Federal Reserve Chair Janet Yellen said on Tuesday that she does not believe that there will be a run on the banking system at least as long as she lives. "Would I say there will never, ever be another financial crisis? You know probably that would be going too far but I do think we''re much safer and I hope that it will not be in our lifetimes and I don''t believe it will be," Yellen said at an event in London. (Reporting by William Schomberg and Marc Jones in London; Additional reporting by Jason Lange and Lindsay Dunsmuir in Washington; Editing by Chizu Nomiyama)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-usa-fed-yellen-idUKKBN19I2I5'|'2017-06-28T02:13:00.000+03:00'
'5709ad0ac4e5830f4bd0820049b03c0e278c3268'|'Google faces years of EU oversight on top of record antitrust fine'|'Business News - Tue Jun 27, 2017 - 7:59pm BST Google faces years of EU oversight on top of record antitrust fine FILE PHOTO: The Google logo adorns the entrance of Google Germany headquarters in Hamburg, Germany July 11, 2016. REUTERS/Morris Mac Matzen By Foo Yun Chee and Eric Auchard - BRUSSELS/FRANKFURT BRUSSELS/FRANKFURT Beyond a headline-grabbing 2.4 billion euro (2.1 billion pounds) fine EU antitrust regulators have levelled against Google, the internet giant is likely to be shackled for years by Tuesday''s precedent-setting decision defining the company as a monopoly. The ruling opens the door for further regulatory actions against more crucial parts of Google''s business – mobile phones, online ad buying and specialised search categories like travel - while easing the standard of proof for rivals to mount civil lawsuits showing Google has harmed them. So far, investors have shrugged off the EU''s threatened crackdown, with Google''s holding company Alphabet''s shares down 1.8 percent in early U.S. trade amid a continued selloff in technology stocks. The stock has doubled in the two years since European authorities vigorously stepped up investigations of it. It trades just behind rival Apple ( AAPL.O ) as the world''s most valuable stock with a $666 billion market capitalisation. The real sting is not from the fine for anti-competitive practices in shopping search but the way the EU has thrown the issue back to Google to solve, meaning the company won''t be able to comply through an easy set of technical steps. In effect, the Commission is forcing Google to demonstrate that rivals have made substantial inroads into its businesses before there is much chance of it being let off the regulatory hook. EU competition chief Margrethe Vestager promised Google was in for years of monitoring to guard against further abuses. "Just being put on notice can limit Google''s strategic options into the future," said Matti Littunen, a digital media and online advertising analyst with Enders Analysis in London. The EU''s 2004 ruling that Microsoft Corp ( MSFT.O ) had abused its dominant market position in Windows and other markets is now seen as having curtailed the software giants moves over the subsequent decade to expand more quickly into emerging markets such as online advertising, opening the way for Google''s rise. Putting the onus on the company underlines regulators'' limited knowledge of modern technologies and their complexity, said Fordham Law School Professor Mark Patterson. "The decision shows the difficulty of regulating algorithm-based internet firms," he said. "Antitrust remedies usually direct firms that have violated antitrust laws to stop certain behaviour or, less often, to implement particular fixes. "This decision just tells Google to apply ''equal treatment,'' not how to do that". WARNING SHOT The EU ruling is a warning shot for two on-going EU probes into Google''s Android mobile operating system and AdSense ad system could turn out, said Richard Windsor, an independent financial analyst who tracks competition among the biggest U.S. and Asian internet and mobile players, including Google. "If the European Union turns around and says Google can no longer bundle its Google Play app store as a default feature on many Android smartphones, this opens up the market to other handset makers to put their own software and services front and centre on their phones," he said. Littunen of Enders Analysis agreed, saying while Google may be able to meet EU objections in the AdSense case by making relatively modest changes to its advertising systems to enable website customers to run ads from Google advertising rivals, the Android case has many complicated factors with no easy solution. More importantly, Google must find ways change its business practices without harming its very lucrative advertising business model, which accounted for around 85 percent of the $90.3 billion in revenue of parent company Alphabet in 2016. "The EU''s identification of ''super-dominance'' in internet search throughout the European Economic Area is confirmed and will provide a cornerstone for assessment of other ongoing cases, especially regarding Android and AdSense," said Jonas Koponen, competition chief at Linklaters law firm in Brussels. "This could result in a profound change to the company''s business models," he predicted. Yet another worry for the company could be a wave of lawsuits in the future. "We can expect to see a series of damages claims brought by the rivals that were excluded from the market by Google''s conduct," said Peter Wills, co-head of competition law for Bird & Bird in London, setting the stage for national court battles. With the EU''s Vestager giving no ground in her record demand last year to collect 13 billion euros in unpaid taxes from Apple and stopping Google from squeezing out rivals, other tech giants will probably think twice before testing her further. (Editing by David Evans)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-eu-google-antitrust-outlook-idUKKBN19I2MG'|'2017-06-28T02:50:00.000+03:00'
'b723b11815673a4c1c51c61a034f7ca432530a6a'|'Itaúsa, Cambuhy team up for control of Brazil''s Alpargatas'|'By Guillermo Parra-Bernal and Tatiana Bautzer - SAO PAULO SAO PAULO The investment holding companies overseeing the fortune of Brazil''s most prominent banking dynasties have teamed up to explore the purchase of a majority stake in footwear and apparel maker Alpargatas SA, whose controlling shareholder is working on a sale.Cambuhy Investimentos Ltda, a family office overseeing the fortune of Brazil''s billionaire Moreira Salles family, and Itaúsa Investimentos SA ( ITSA4.SA ) may split equally the 86 percent stake that another billionaire family, the Batistas, own in Alpargatas, according to separate securities filings on Monday.Itaúsa is the investment holding family that oversees the assets of the three families that control Itaú Unibanco Holding SA, Brazil''s No. 1 bank. The Moreira Salles are also major investors in Itaú ( ITUB4.SA ).Both Cambuhy - which is leading talks with the Batista family''s J&F Investimentos SA - and Itaúsa have yet to deliver a formal proposal for the Batista family''s stake in Alpargatas - the maker of the popular Havaianas flip flops, the filings said.The signature of a nondisclosure agreement between J&F and the Cambuhy-Itaúsa group suggests that the pace of talks for control of Alpargatas has gained steam in recent days. J&F is stepping up asset divestitures to raise cash and pay for a 10.3 billion real ($3.1 billion) leniency fine with Brazilian prosecutors.J&F''s leniency fine, the world''s biggest to date, was imposed after members of Brazil''s Batista family admitted to bribing almost 2,000 politicians. Reuters first reported Cambuhy''s interest in Alpargatas on June 16.Preferred shares of São Paulo-based Alpargatas, which manages a wide array of Brazilian fashion brands including upmarket beachwear brand Osklen, hit their highest level in almost three months on Monday, adding 3.9 percent. Itaúsa''s preferred shares gained 2.7 percent to 8.90 reais.Brothers Joesley and Wesley Batista, who negotiated the leniency deal, are conducting talks to sell Alpargatas themselves, people with knowledge of the talks told Reuters on Monday.(Additional reporting by Bruno Federowski in São Paulo; Editing by Cynthia Osterman)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-alpargatas-sa-m-a-idINKBN19H2K8'|'2017-06-26T19:22:00.000+03:00'
'd7382838efbee6c574008d7c6ea2dea2fb2d2614'|'Ryanair CEO says keen on majority stake if decides to bid for Alitalia'|'Business  36pm BST Ryanair CEO says keen on majority stake if decides to bid for Alitalia File photo of Chief Executive of Ryanair Michael O''Leary. Action Images via Reuters / Andrew Boyers Livepic ROME Should Ryanair ( RYA.I ) decide to bid for Alitalia, it would go after a majority stake in the loss-making Italian airline, the low-cost carrier''s chief executive said on Tuesday. Alitalia filed in May to be put under special administration for the second time in less than a decade, starting a process that will lead to the airline being overhauled, sold off or wound up. "In case of an acquisition, we would be interested in a majority stake, not a minority one," Michael O''Leary told journalists during a press conference in Rome. "We are not interested in a 49 percent stake." The Irish carrier has submitted an expression of interest to the administrators trying to sell Alitalia, but so far has always stressed it was interested in cooperating with the business rather than buying it. (Reporting by Alberto Sisto, writing by Agnieszka Flak, editing by Isla Binnie)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-alitalia-m-a-ryanair-hldgs-idUKKBN19I1Q6'|'2017-06-27T21:36:00.000+03:00'
'378cacfe6d3cea8f6261d8c2f0289bb6f3dee6b0'|'Swiss stocks - Factors to watch on June 28'|'ZURICH, June 28 The following are some of the main factors expected to affect Swiss stocks on Wednesday.NESTLEThe world''s biggest food company announced plans to buy back as much as 20 billion Swiss francs ($20.79 billion) worth of shares over three years, days after U.S. activist shareholder Third Point LLC began a campaign to boost performance at the company.For more clickUBSRobert MacNaughton is joining UBS as managing director and head of high-yield trading, according to a source familiar with the matter.For more clickCOMPANY STATEMENTS*Kudelski said it signed a patent cross-license agreement with Turner Broadcasting System, Inc.* BKW said Roland Kuepfer has been named leader of the Networks business unit.* GAM Holding said a non-affiliated institutional investor is looking to place 3 percent of the company, or 4.7 million shares, via an accelerated bookbuild.ECONOMYUBS Consumption indicator at 0600 GMTSwiss investor sentiment at 0800 GMT (Reporting by Zurich newsroom)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/markets-swiss-stocks-idINL8N1JO4IW'|'2017-06-28T02:29:00.000+03:00'
'4522c4c699ebcad972e2e5d2635669483b3dc396'|'Japan, EU press ahead on free trade pact to counter U.S. protectionism'|'Business News - Wed Jun 28, 2017 - 8:10am BST Japan, EU press ahead on free trade pact to counter U.S. protectionism A general view of a container area at a port in Tokyo June 20, 2012. REUTERS/Yuriko Nakao By Kaori Kaneko and Stanley White - TOKYO TOKYO Japanese and European Union negotiators meeting in Tokyo aim to reach a free trade deal that would stand against a protectionist tide threatening the global economy, and make the United States think twice over pursuing inward-looking policies. Japan and the EU have been negotiating since 2013, but talks have intensified since last week, with almost daily meetings to overcome key hurdles, including tariffs on Japanese automobiles and car parts and European wine, cheese, pasta and other foods. A Japan-EU deal could leave U.S. firms at a disadvantage, especially after President Donald Trump''s withdrawal of the United States from the Trans-Pacific Partnership, or TPP, earlier this year. "There is an atmosphere among negotiators that Japan and the EU need to stop protectionism that is prevailing in the world," said a source familiar with the issue who declined to be identified because talks are ongoing. "The momentum is building for Japan and the EU to take leadership in promoting and executing free trade." In a sign of optimism, EU trade chief Cecilia Malmstrom said on Monday she could sign a provisional deal with Japan as early as next week. An agreement between the EU and Japan would "send a strong message to the United States that free trade is important and that you shouldn''t be too inward looking," said another source, who declined to be named while negotiations were underway. Trump favours bilateral trade deals over multilateral accords and his decision to walk away the TPP, left the other 11 members of the Pacific Rim trading bloc, including Japan, in limbo. Although, together Japan and the EU account for about a third of global GDP, their trade relationship has a lot of room to grow - EU forecasts reckon by as much as a third. Their bilateral trade totalled $144 billion (112.4 billion pounds) last year, whereas Japan-China trade was $262 billion and Japan-US trade was $192 billion. After unsuccessful attempts to conclude a deal with Tokyo the past two years, there is a sense in the EU camp that people will start to lose faith if they cannot wrap it up this year, an EU official familiar with the talks said. Japan wants to phase out the EU''s 10 percent tariff on Japanese passenger cars over the next five to 10 years and scrap a 4 percent tariff on many car parts. The Europeans, meanwhile, would like Japan to reduce its 15 percent tariff on wine and up to 30 percent on cheese. For now, the Japanese side is digging in on dairy. "Our number of dairy farmers is in decline, but we have a plan to strengthen our dairy industry, so I would like to ask for understanding," Agriculture Minister Yuji Yamamoto told reporters on Tuesday. "I don''t think there is room to compromise any further." An agreement would put American companies at a disadvantage in Japan because they compete against European businesses in many of the same markets, said Junichi Sugawara, senior research officer at Mizuho Research Institute. It could even be used by Tokyo to convince Washington to rejoin the TPP, he said. "The U.S. side is likely to come at Japan with strong requests for better market access, but Japan can use a deal with the EU as leverage to lure the United States back to TPP," he said. (Additional reporting by Philip Blenkinsop in Brussels; Editing by Malcolm Foster & Simon Cameron-Moore) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-japan-eu-trade-idUKKBN19J0N5'|'2017-06-28T10:10:00.000+03:00'
'c42dcdb2ee160b2046f08e78ebed60de7d2ee1a8'|'UK pension consultants get brief reprieve from competition probe'|'Business News - Wed Jun 28, 2017 - 12:56pm BST UK pension consultants get brief reprieve from competition probe By Carolyn Cohn , Huw Jones and Simon Jessop - LONDON LONDON British pensions consultants got a brief stay of execution from a competition review on Wednesday but are still likely to face a probe later this year after the country''s financial watchdog rejected their defence. The Financial Conduct Authority proposed sweeping changes to the asset management sector in order to improve transparency and value for money for customers, including around fee disclosures and fund governance. In a toughly worded interim update in November, the FCA had raised the prospect of referring the consultants, which advise on 3 trillion pounds of investments for pension schemes and others, to the Competitions and Markets Authority, citing concerns around conflicts of interest and opaque fees. That prompted the three leading consultants, Aon ( AON.N ), Mercer ( MMC.N ) and Willis Towers Watson ( WLTW.O ), which together make up 60 percent of the market, to band together and issue a series of private pledges to the regulator to prevent a review. In its Wednesday statement, the FCA said it was inclined to reject those so-called ''undertakings in lieu'' because the proposals did not come from the whole market, and instead said it would consult further and make a decision in September. It also said it would recommend that the UK finance ministry consider allowing the watchdog to regulate the sector. Mary Starks, the FCA''s director of competition, said the "thoughtful and serious" offer of undertakings made by "big three" investment consultants cover about 60 percent of the market. "Our thinking is if we were to accept that, it would only give us partial market coverage," Starks told reporters. "We don''t think the offer does away with the need for in-depth investigation of that market." The head of the FCA, Andrew Bailey, said the move by some consultants into fiduciary management - running money like an asset manager - alongside their traditional advisory business, created potential conflicts of interest between the two. "It''s that sort of area we would recommend looking at," Bailey said. Tamasin Little, partner at law firm Reed Smith, said the attempt by the major investment consultants to head off a competition investigation by offering voluntary undertakings "appears to have failed". The consultants, which have not made their proposals public before, repeated in statements on Wednesday their belief the proposals should answer any regulatory concerns. "The combination of a mandatory tendering regime, performance and fee standards, and conflicts of interest protocols act as a powerful spur to competition," Mercer said. Willis Towers Watson, meanwhile, said the pledges provided "a solid foundation on which to build any future work on the investment consulting industry", while Aon said it was confident the proposals reflected best practice. The three firms also said they supported the plan to bring them under the regulatory remit of the FCA. Smaller consultants, however, remained eager for a shake-up of the sector. "Competition within the investment consultancy market is worth looking at, and (we) would encourage the FCA to make a recommendation to the CMA," Danny Vassiliades, head of investment consulting at Punter Southall, said in an emailed statement. "There is a clear requirement for remedies to increase competition." (Editing by Pritha Sarkar)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-funds-regulations-consultants-idUKKBN19J1FO'|'2017-06-28T14:56:00.000+03:00'
'e33b912c9d174abad87576d1930a896f37d2d5dd'|'Brexit, new challenges will force EU budget change - Commission'|'Top News   5:24pm BST Brexit, new challenges to force EU budget change - Commission European Union flags flutter outside the EU Commission headquarters in Brussels, Belgium June 14, 2017. REUTERS/Francois Lenoir BRUSSELS The European Union will have to change the way it collects and spends its funds to cope with Britain''s leaving and with other challenges, the European Commission said on Wednesday. It suggested the bloc could tap into new taxes and make savings. Britain contributes around 16 percent to the overall EU budget, or 10 billion to 11 billion euros annually, so its exit in March 2019 will create a financing gap that will be difficult to fill. "We will have to save money because it will not be possible to make up completely for the gap," Budget Commissioner Gunther Oettinger told a news conference. He presented a paper to be debated by EU governments this year, laying out options. "The EU budget ... will change after 2020. This is certain -- the status quo is not an option," the Commission paper said. The Commission outlined five scenarios, from a much lower to a significantly higher budget from 2020 under the headings of "carrying on", "doing less together", "those who want more, do more", "radical redesign" and "doing much more together". Only the "doing less together", which assumes a much lower budget, keeps the current financing sources and levels unchanged. All others assume new revenue sources, or bigger national co-financing and a review of spending or both. To fill the gap caused by Brexit, the document said, the EU could tap sources like corporate taxes, a tax on financial transactions, or levies on electricity, motor fuel, carbon emissions or proceeds from central bank currency issuance. The taxes, collected nationally, could be passed on in part, or in full to the EU, especially if they were generated directly by EU policies -- like revenues from auctions under the Emissions Trading System or emission premia for cars. The EU now gets its money from national contributions based on gross national income, from customs duties collected at all EU borders and from a tiny cut of national value added taxes. To make savings for the EU budget, governments could take on some of the direct payments to farmers made by the EU under the bloc''s Common Agricultural Policy, the paper said. Governments could also put in more of their own money to finance projects funded by the EU under its cohesion policy -- aid to less developed regions to equalise living standards. The EU could also try to make better use of existing funds, leveraging them to finance projects, similarly to its investment fund EFSI which is to generate some 500 billion euros of investment by 2020 by leveraging only 33.5 billion of own funds. All this would could help finance new areas of EU activity. "In the future, migration management, internal and external security, external border control, the fight against terrorism and defence will need to be budgeted ... alongside continuing investment to support stability and sustainable development in our partner countries," the Commission paper said. MONEY AND THE RULE OF LAW Under pressure from the EU''s biggest countries, who are also the biggest net contributors to the budget, the Commission put in the paper an idea that disbursements from the next budget could be linked to governments abiding by the rule of law. This is a clear reference to Poland which is one of the biggest beneficiaries of the EU budget and the only country the Commission is monitoring if it observes the rule of law. EU officials say Poland has been ignoring the Commission''s recommendations under the rule of law procedure, which call on the nationalist-minded government to respect the independence of the judiciary, media and civil rights. The head of the European Commission, Jean-Claude Juncker, has said he was against linking the rule of law procedure with budget payments. But there is growing pressure from Germany, France and Italy as well as Sweden to consider it. "(French) President (Emmanuel) Macron saying the European Union is not a supermarket is the most strongly-worded expression of that," Commission First Vice President Frans Timmermans told Reuters. "I... fully understand the point made by the French president, you can''t pick and chose, you can''t say ''Give us the money and we don''t want to hear anything else about European rules''," Timmermans said. (Reporting By Jan Strupczewski and Elizabeth Miles; Editing by Philip Blenkinsop/Jeremy Gaunt)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-eu-budget-future-idUKKBN19J17W'|'2017-06-28T13:47:00.000+03:00'
'73d2abed9d37037008d5baacc78650de15a7d7e9'|'Deutsche Bank said to lose as much as $60 million over derivative trade - Bloomberg'|' 31pm BST Deutsche Bank said to lose as much as $60 million over derivative trade - Bloomberg The logo of Deutsche Bank is seen at its headquarters ahead of the bank''s annual general meeting in Frankfurt, Germany May 18, 2017. REUTERS/Ralph Orlowski Deutsche Bank ( DBKGn.DE ) is set to lose as much as $60 million (46.76 million pounds) over a trade linked to U.S. inflation, Bloomberg reported, citing people familiar with the matter. The trade used derivative products tied to U.S. inflation and Germany''s largest bank is examining whether its traders breached risk limits on the deal, Bloomberg also reported. Deutsche Bank declined to comment when contacted by Reuters. Deutsche Bank settled a lawsuit for $170 million earlier this month that claimed that the bank had conspired with other banks to manipulate the benchmark European Interbank Offered Rate and related derivatives. (Reporting by Parikshit Mishra in Bengaluru, editing by David Evans)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-deutsche-bank-derivatives-idUKKBN19I2O4'|'2017-06-28T03:31:00.000+03:00'
'a577844fac20c0080d959a68b49178a206656c3c'|'Cabinet approves proposal to sell govt stake in Air India'|'Money News   7:14pm IST Cabinet approves proposal to sell govt stake in Air India An Air India aircraft is parked at Allama Iqbal International airport in Lahore May 2, 2013. REUTERS/Mani Rana/Files NEW DELHI India''s cabinet on Wednesday approved a proposal to sell the government''s stake in state-owned airline Air India, Finance Minister Arun Jaitley said. The cabinet has given an "in-principle" approval for the stake sale, Jaitley told reporters. Prime Minister Narendra Modi''s administration has been exploring ways to privatise the loss-making national carrier, which was bailed out in 2012 with $5.8 billion of federal funding. (Reporting by Sudarshan Varadhan; Editing by Malini Menon)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/air-india-privatisation-idINKBN19J1TO'|'2017-06-28T16:44:00.000+03:00'
'ed1e6b6b8699361d2d02a3ce8c04621b7a8a0e58'|'BNP Paribas says its real estate business impacted by global cyber attack'|'Market News   4:19am EDT BNP Paribas says its real estate business impacted by global cyber attack PARIS, June 28 BNP Paribas'' real estate unit took a hit from the global cyber attack that disrupted the computers of companies around the world on Tuesday, France''s biggest bank said in a statement. "The international cyber attack hit our non-bank subsidiary, Real Estate. The necessary measures have been taken to rapidly contain the attack," the bank said in a statement to Reuters on Wednesday. BNP Paribas Real Estate provides advisory, property and investment management and development services to corporates mostly in Europe. It employed 3,472 staff at end-2016, operated in 16 countries, and had 24 billion euros ($27.3 billion) in assets under management, according to BNP''s annual report. ($1 = 0.8795 euros) (Reporting by Maya Nikolaeva; Editing by Sudip Kar-Gupta)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/cyber-attack-bnp-paribas-idUSP6N1JF043'|'2017-06-28T11:19:00.000+03:00'
'e3ac768de7962785710df42149643337515d3e10'|'Investing with ''green'' ratings? It''s a gray area'|'Business   6:31am BST Investing with ''green'' ratings? It''s a gray area The New York Stock Exchange is seen from the steps of Federal Hall behind a Statue of former U.S. President George Washington in New York City, U.S., May 17, 2017. REUTERS/Brendan McDermid By Ross Kerber and Michael Flaherty - BOSTON/NEW YORK BOSTON/NEW YORK Investors betting trillions on ethically-appealing stocks may not be getting all they expect. Buying into companies based on environmental, social and governance factors, has become a hot trend on Wall Street, spawning a new industry that sells investors company ratings based on those factors and funds dedicated to rated companies. However, some investors and funds may rely too much on the scores of one rating firm, said Dan Hanson, a portfolio manager at Jarislowsky Fraser Global Investment Management. "The scores are in some cases being used in a way they are not really designed for," Hanson said. "It''s problematic to bolt them on to an investment process." There are no set criteria for who is bad and who is good and so-called ESG ratings vary widely, meaning investors may be less protected than they think, for example, from a scandal over labor practices or board pay. "We don''t have a common vernacular," said Asha Mehta, director of responsible investing at Acadian Asset Management in Boston. Sustainability analysis firm CSRHub compared such ratings given to companies in the S&P Global 1200 index by two leading firms in the field - a division of MSCI Inc, and Toronto-based Sustainalytics - and found they had a correlation coefficient of 0.32, a relatively weak level. Credit ratings, in contrast, are closely aligned, with the comparable figure for Moody’s and S&P ratings of around 0.9, according to research by Northern Illinois University finance professor Lei Zhou. The difference is that credit ratings rely on financial disclosures while the sustainability ratings may reflect different weightings given to factors such as workers'' rights, emissions, or responses to events such as an oil spill or product failure. Electric car maker Tesla, for example, has received a top AAA score from MSCI, but a middling grade from Sustainalytics, below that of traditional automakers Ford Motor Co and General Motors , partly because Tesla does not release carbon emissions data for its manufacturing plants. Tesla declined to comment. In interviews, a dozen professional investors and company executives told Reuters they were frustrated by the lack of common standards, even as many praised the work of the ratings firms individually. COMMON LANGUAGE One remedy, they say, would be to adopt a common language and reporting requirements. Starting next year, the European Union will require companies to report on their efforts in such areas as the environment and social responsibility. In the United States, a small group of companies, such as JetBlue Airways Corp, has embraced voluntary disclosures suggested by the Sustainability Accounting Standards Board, an independent organization. As more and more investors recognize the long-term financial benefits of good corporate governance and sustainable policies, the need for uniform criteria becomes more pressing. The Forum for Sustainable and Responsible Investment estimates that more than $8 trillion was invested by U.S. fund managers who incorporated at least some of such criteria in their strategy, up from $1.4 trillion in 2012. CSRHub counts 17 firms and organizations that track in some form corporate adherence to environmental, social and governance standards, including Thomson Reuters, the parent company of Reuters. At their best, rating firms can help investors avoid losses. For instance, both MSCI and Sustainalytics raised governance concerns about Volkswagen AG ( VOWG_p.DE ) months before the German automaker admitted to cheating on U.S. diesel emissions tests in September 2015. “They absolutely called that right,” said Seb Beloe, head of sustainability research at WHEB Asset Management in London. But there is also a risk that they will miss red flags because non-financial information is less readily available and open to interpretation. Simon MacMahon, who oversees ESG research at Sustainalytics, acknowledged sustainability can be difficult to define. "We''re talking about a whole host of issues here." Yet Linda-Eling Lee, head of ESG research at MSCI, said few executives object to its findings. "It''s only a handful of companies where we have a back and forth," she said. Some companies take advantage of the disparities to focus on ratings that are more favorable, said Robert Fernandez, director of ESG research for Breckinridge Capital Advisors in Boston. "You can certainly see how it''s a concern that they have divergent views," he said. The absence of a common standard has not stopped Wall Street. While larger investment firms usually combine ratings with their own research, some funds are built largely off ratings, even if sponsors acknowledge they may be imperfect. For example, a disclosure from one of the largest, the $866 million iShares MSCI KLD 400 Social ETF, run by BlackRock and based on MSCI ratings notes among its risk factors the chance MSCI might not pick companies with the right "ESG characteristics." Lynn Blake, a top investment officer at State Street Global Advisors, said the divergence in ratings, while warranting some caution, may ultimately make little difference for large, diverse portfolios. "We believe they are ''good enough,'' particularly for broad universe index funds," Blake said via e-mail. The case of Tesla, shows how ratings can reflect differences in approach rather than any flaws in analysis or data. In its report, Sustainalytics acknowledged CEO Elon Musk''s goal of making Tesla''s "Gigafactory" built in Nevada entirely powered by renewable energy. Yet it still gave the company an overall score of 55 out of 100 for not disclosing data on the carbon emissions from its automaking operations. "Their lack of corporate sustainability reporting is kind of a shame, especially considering their main product is a low-carbon product," Sustainalytics'' MacMahon said. Similarly, MSCI rated Tesla 5.3 on a 10-point scale for "carbon emissions," including its own operations. But that score did not dent Tesla''s overall top AAA grade because MSCI gave more weight to other factors, such as emissions of Tesla cars, said MSCI''s Lee. Ultimately the firm decides on what to focus on to make the rating more meaningful for investors, she said. "You could give three percent (importance) to lots of issues and at the end of the day, everything averages out," Lee said. (Reporting by Ross Kerber and Michael Flaherty; Editing by Carmel Crimmins and Tomasz Janowski)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-climate-ratings-analysis-idUKKBN19H0DM'|'2017-06-26T13:30:00.000+03:00'
'32941fe0d23a035c8a69b4fb998f9e6bc1dfd801'|'Sky and Vodafone NZ drop sales agreement, Commerce Commission appeal'|'Business   10:08pm BST Sky and Vodafone NZ drop sales agreement, Commerce Commission appeal FILE PHOTO: The Vodafone logo can be seen on top of a building outside Madrid, Spain, April 13, 2016. REUTERS/Andrea Comas/File Photo WELLINGTON New Zealand pay television provider Sky Network TV ( SKT.NZ ) on Monday said it was terminating the sales agreement to buy Vodafone''s ( VOD.L ) local unit, a deal the country''s competition regulator had ruled against. The two companies had been fighting the New Zealand Commerce Commission''s decision to block the proposed NZ$1.3 billion (£743.2 million) deal in February, but said in a joint statement to the New Zealand stock exchange that they were dropping their High Court appeal. (Reporting by Charlotte Greenfield; Editing by Dan Grebler)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-skynetworktv-vodafonegroup-idUKKBN19G0X4'|'2017-06-26T05:08:00.000+03:00'
'3eae7055f88ea324d9036d33e3d6e09803ee911e'|'Bank of England''s Carney says to debate rate rise "in the coming months"'|'SINTRA, Portugal The Bank of England is likely to need to raise interest rates as the British economy comes closer to operating at full capacity, and will debate this "in the coming months", BoE Governor Mark Carney said on Wednesday.Speaking at a European Central Bank conference in Portugal, Carney said that policymakers would need to look at the extent to which stronger business investment offset a slowdown in consumption, as well as growth in wages and labour costs."These are some of the issues that the MPC will debate in the coming months," Carney said. "Some removal of monetary stimulus is likely to become necessary if the trade-off facing the MPC continues to lessen and the policy decision accordingly becomes more conventional."The BoE''s Monetary Policy Committee split 5-3 earlier this month on whether it was time to start to raise British interest rates from a record-low 0.25 percent. Carney voted to keep rates steady.(Writing by David Milliken, editing by Andy Bruce)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/britain-boe-carney-idINKBN19J1UE'|'2017-06-28T16:50:00.000+03:00'
'19c555bca5519525fa0e9f833e8aeb2a01d0523f'|'Oil prices drop as rising U.S. fuel stocks revive glut concerns'|'Wed Jun 28, 2017 - 1:30am BST Oil prices drop as rising U.S. fuel stocks revive glut concerns A pumpjack drills for oil in the Monterey Shale, California, April 29, 2013. T REUTERS/Lucy Nicholson By Henning Gloystein - SINGAPORE SINGAPORE Oil prices fell early on Wednesday after a report of rising U.S. fuel inventories underscored concerns that a three-year old crude glut is far from over. Brent crude futures LCOc1 were at $46.32 per barrel at 0012 GMT, down 33 cents, or 0.7 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures CLc1 were down 38 cents, or 0.9 percent, at $43.86 per barrel. Oil had recovered some ground over the past week after falling nearly 20 percent since mid-May, but a report by the American Petroleum Institute showed that U.S. crude inventories rose by 851,000 barrels in the week to June 23 to 509.5 million, compared with analysts'' expectations for a decrease of 2.6 million barrels. Gasoline stocks rose by 1.4 million barrels, despite the ongoing peak demand U.S. summer driving season. The price falls come despite an ongoing effort by the Organization of the Petroleum Exporting Countries (OPEC) to cut production by 1.8 million barrels per day (bpd) between January 2017 and March 2018. Ian Taylor, head of the world''s largest independent oil trader Vitol, says Brent crude prices will stay in a range of $40-$55 a barrel for the next few quarters as higher U.S. production slows a rebalancing of the market. "Everybody was positioned for a market rebalancing and a stocks draw to happen in the second quarter. And if you look at the macro analysis, that should start happening," Taylor said in an interview with Reuters. "But so far it hasn''t happened and everyone has made the same mistake. Nobody has distinguished themselves," he said. (Reporting by Henning Gloystein; Editing by Richard Pullin)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-global-oil-idUKKBN19J01P'|'2017-06-28T08:28:00.000+03:00'
'f9498b978d902cd53960b27e2d337cbdb87d9d0c'|'Toshiba says suing Western Digital for $1 billion'|'Technology Photos - Wed Jun 28, 2017 - 11:04am IST Toshiba says suing Western Digital for $1 billion FILE PHOTO: A Western Digital office building is shown in Irvine, California, U.S., January 24, 2017. REUTERS/Mike Blake/File Photo - RTX39QXT TOKYO Japan''s Toshiba Corp said on Wednesday it is filing a lawsuit against joint venture partner Western Digital Corp. Toshiba is claiming 120 billion yen ($1.07 billion) in damages, saying in a statement that Western Digital is interfering with the sale of its memory chip division. Toshiba also said it has decided to shut out Western Digital employees based outside the Yokkaichi chip plant from accessing information relating to the two companies'' joint venture. (Reporting by Sam Nussey; Editing by Edwina Gibbs)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/us-toshiba-accounting-lawsuit-idINKBN19J0GU'|'2017-06-28T13:32:00.000+03:00'
'b72e105d1b2558ca183421247f8b8ba6c8b2d033'|'ProSiebenSat.1 sells venture capital portfolio to Lexington'|'FRANKFURT, June 28 German media group ProSiebenSat.1 has sold its media-for-equity investment portfolio to U.S. private equity firm Lexington Partners for around 50 million euros ($57 million).ProSiebenSat.1''s media-for-equity portfolio was created in 2009 and operates as a venture capital firm. It gives advertising space on its television channels and digital platforms to start-up firms in return for a stake in equity or future revenue streams."Sales proceeds amount to a mid-double-digit million euro figure," ProSieben said in a statement on Wednesday.,As part of the deal, ProSieben''s venture capital arm SevenVentures will bring in up to 16 minority participations in a new joint venture called Crosslantic Capital.SevenVetures will remain involved as a strategic partner with a minority stake of around 24.5 percent in Crosslantic.ProSieben''s most successful use of the media-for-equity business model was Zalando, which is now listed at the Frankfurt stock exchange and has a market value of almost 10 billion euros.ProSieben said in a statement that since its incubation the portfolio has doubled in value and generated an internal rate of return (IRR) of around 30 percent. ($1 = 0.8804 euros) (Reporting by Harro ten Wolde; Editing by Georgina Prodhan)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/prosieben-media-ma-idINF9N1II01L'|'2017-06-28T05:34:00.000+03:00'
'0855bbbccc6111932e16d38cc1154034ced39f26'|'Japan Tobacco tries to catch up with rival in smokeless tobacco'|'Japan - Wed Jun 28, 2017 - 6:12am BST Japan Tobacco tries to catch up with rival in smokeless tobacco left right A journalist tries out Japan Tobacco Inc''s Ploom Tech smokeless vaping product at the Ploom Shop in Tokyo, Japan June 28, 2017. REUTERS/Toru Hanai 1/10 left right Shop assistants explain to customers how Japan Tobacco Inc''s Ploom Tech smokeless vaping products work at its Ploom Shop in Tokyo, Japan June 28, 2017. REUTERS/Toru Hanai 2/10 left right Shop assistants explain to customers how Japan Tobacco Inc''s Ploom Tech smokeless vaping products work at its Ploom Shop in Tokyo, Japan June 28, 2017. REUTERS/Toru Hanai 3/10 left right Shop assistants present Japan Tobacco Inc''s Ploom Tech smokeless vaping products at its Ploom Shop in Tokyo, Japan June 28, 2017. REUTERS/Toru Hanai 4/10 left right A shop assistant demonstrates a Japan Tobacco Inc''s Ploom Tech smokeless vaping product at its Ploom Shop in Tokyo, Japan June 28, 2017. REUTERS/Toru Hanai 5/10 left right The logo of Japan Tobacco Inc''s Ploom Tech smokeless vaping product is seen at its Ploom Shop in Tokyo, Japan June 28, 2017. REUTERS/Toru Hanai 6/10 left right A shop assistant poses with Japan Tobacco Inc''s Ploom Tech smokeless vaping products at its Ploom Shop in Tokyo, Japan June 28, 2017. REUTERS/Toru Hanai 7/10 left right A shop assistant demonstrates a Japan Tobacco Inc''s Ploom Tech smokeless vaping product at its Ploom Shop in Tokyo, Japan June 28, 2017. REUTERS/Toru Hanai 8/10 left right Japan Tobacco Inc''s (JT) smokeless tobacco Ploom TECH is pictured as JT''s President and CEO Mitsuomi Koizumi smokes Ploom TECH during an interview with Reuters at the compnay''s headquarters in Tokyo, Japan May 29, 2017. REUTERS/Toru Hanai 9/10 left right Japan Tobacco Inc (JT) President and CEO Mitsuomi Koizumi poses with the company''s smokeless tobacco Ploom TECH after an interview with Reuters at the compnay''s headquarters in Tokyo, Japan May 29, 2017. REUTERS/Toru Hanai 10/10 TOKYO Japan Tobacco Inc ( 2914.T ) said on Wednesday it hoped to catch up with Philip Morris International Inc ( PM.N ) in smokeless tobacco by expanding the number of smoke-free restaurants and public places that allow its vaping product. Tobacco firms see Japan as a test ground for vaping products, as e-cigarettes using nicotine-laced liquid are not allowed under the country''s pharmaceutical regulations. While Marlboro maker Philip Morris''s heat-not-burn "IQOS" tobacco device is already enjoying strong demand in Japan, Japan Tobacco''s launch of its "Ploom Tech" product has run into delays due to production shortages. Japan Tobacco, a former state monopoly still a third owned by the government, will start selling Ploom Tech at its flagship shops on Thursday and 100 tobacco stores on July 10 in Tokyo. The company has said it plans to sell it nationwide in the first half of the next year. The company test-launched the product in southwestern city of Fukuoka in March last year and at its online shop. It had to temporarily suspend sales after demand overwhelmed supply. Japan Tobacco said it had sold 250,000 Ploom Tech devices by the end of last year. Unlike Philip Morris''s IQOS, Ploom Tech does not directly heat tobacco leaves. Instead, the battery-powered device generates vapor that goes through a capsule packed with tobacco leaves. Japan Tobacco said the mechanism produces less smell than "heat-not-burn" products, and the company hopes it will be a strong differentiating factor against rivals. It said Ploom Tech emits smell a five-hundredth of a conventional cigarette. The company said about 80 smoke-free restaurants, cafes and other public places in Fukuoka allow the use of Ploom Tech. In Tokyo, there are about 120 such facilities, it said. "The number of smoke-free places that allow Ploom Tech is increasing," Chito Sasaki, president of the company''s Japanese tobacco business, told reporters. (Reporting by Taiga Uranaka; Editing by Stephen Coates) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-japan-tobacco-smokeless-idUKKBN19J0DU'|'2017-06-28T13:12:00.000+03:00'
'cf952e22280018af2f4255ed798e5b71f869ea7e'|'Brazil''s Cemig says China''s State Power Investment bids for stake in dam'|'SAO PAULO Brazil''s Centrais Energeticas de Minas Gerais received a proposal from China''s State Power Investment Overseas Co. for its stake in Santo Antonio dam, the company said in a securities filing on Tuesday.State Power Investment Overseas Co. presented an offer to buy Cemig''s stake in Santo Antonio hydroelectric dam, in the Amazon region. Cemig has been selling assets to reduce its debt.(Reporting by Tatiana Bautzer; Editing by Sandra Maler)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-cemig-divestiture-idINKBN19I31G'|'2017-06-27T21:42:00.000+03:00'
'325e30ae6a340d029a2543072c36906ae5f88750'|'Germany: better to wind down unprofitable banks than prop them up'|'Money News - Mon Jun 26, 2017 - 8:20pm IST Germany criticises Italy deal to wind down Veneto banks Police waits outside the Finance Ministry for the arrival of U.S. Treasury Secretary Steve Mnuchin before meeting with German Finance Minister Wolfgang Schaeuble in Berlin, Germany, March 16, 2017. REUTERS/Fabrizio Bensch BERLIN Germany made clear on Monday it did not approve of the Italian government''s decision to begin winding down two failed banks and urged the European Commission, which approved the deal, to enforce rules requiring state aid to be limited to a minimum. Italy started winding down two failed regional banks on Sunday in a deal that could cost the state up to 17 billion euros ($19 billion) and will leave the lenders'' good assets in the hands of the nation''s biggest retail bank, Intesa Sanpaolo. "If banks are unprofitable, it is better to let them exit the market than keep them artificially alive with precautionary recapitalisation," Finance Ministry spokeswoman Friederike von Tiesenhausen said, stressing that she could not comment on individual cases. "The use of state aid should be avoided as much as possible in bankruptcy cases," she said, adding: "In insolvency proceedings too, the use of state aid should be avoided as much as possible. It is the task of the European Commission to ensure that state aid is limited to a minimum and to prevent the circumvention of winding down rules through national insolvency programmes." Italy will pay 5.2 billion euros to Intesa, and give it guarantees of up 12 billion euros, so that it will take over the remains of Popolare di Vicenza and Veneto Banca, which collapsed after years of mismanagement and poor lending. The deal allows Italy to solve a banking crisis on its own terms, ensuring the two Veneto lenders are not wound down under potentially tougher European rules. The cost for taxpayers, however, is hefty. Germany wants people who put their savings into bank bonds to suffer losses as a condition for state support. Italy and other euro zone members prefer to shield institutional investors and ordinary citizens. ($1 = 0.8946 euros)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/eurozone-banks-italy-germany-idINKBN19H1B8'|'2017-06-26T19:58:00.000+03:00'
'33bcdc8ab293ae2e44bbdc81dbdbe4e284edf762'|'Japan regional banks face further delays in merger plans'|'Business   4:40am BST Japan regional banks face further delays in merger plans By Takahiko Wada and Sumio Ito - TOKYO TOKYO A proposed merger between two banks in southern Japan will likely be delayed for a second time over monopoly concerns, sources said, highlighting the difficulty regional banks face in trying to consolidate to survive the shrinking market. Last year, the largest banking group on the island of Kyushu, Fukuoka Financial Group Inc, said it wanted to buy local rival Eighteenth Bank. It intended to merge it with Shinwa Bank, which it already controlled. But Japan''s Fair Trade Commission objected because the merged entity would control an unprecedented level of about 70 percent of loans in Nagasaki prefecture. The FTC argued the merger would undermine competition and lead to higher interest rates, poorer service and branch closures in remote areas. To overcome the objections, Shinwa Bank and Eighteenth Bank had been preparing to sell loans to other banks, but three officials familiar with the matter said reaching the target would be difficult. One official said the banks were not expected to sell enough loans to satisfy the FTC. Japan''s 100-plus regional banks have struggled, particularly in rural areas, as the country''s dwindling population has led to weaker loan demand. Wafer thin lending margins under the Bank of Japan''s negative rates policy has also squeezed profitability. To survive, some have tried to merge with neighbouring rivals, but so far the sector has remained largely unchanged even as big city banks have contracted from 21 to three "megabanks" over the past 20 years. As of May, regional banks held about 235 trillion yen (1.6 trillion pounds), or 53 percent, of Japan''s outstanding bank loans of 447 trillion yen. Fukuoka Financial Group''s president said earlier this month that he still hoped to complete the merger by October. A spokesman said the bank would have to decide in July whether to delay the transaction. “We are making our best efforts to complete the merger of our operations with Fukuoka Financial by October," said a spokesman at Eighteenth Bank, who asked not to be identified. But another official familiar with the dealings said it would be "very difficult" to complete the merger by October. Elsewhere, two smaller banks in Niigata prefecture Sea of Japan coast, Daishi Bank Ltd and Hokuetsu Bank Ltd, agreed to merge and are awaiting authorities'' approval. (Writing by Junko Fujita; editing by Malcolm Foster, Simon Cameron-Moore and Neil Fullick)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-japan-regional-banks-idUKKBN19G0Y7'|'2017-06-26T11:40:00.000+03:00'
'f8c3142b12c4d1fe0c35d07a5ed56bb0eb5678f6'|'Banks to borrow 1.5 billion euros of LTRO cash from ECB'|'Business   10:14am BST Banks to borrow 1.5 billion euros of LTRO cash from ECB The headquarters of the European Central Bank (ECB) (R) is seen next to the famous skyline in Frankfurt, Germany, April 9, 2017. REUTERS/Kai Pfaffenbach The European Central Bank will allot 1.5 billion euros (1.31 billion pounds) at its three-month long-term refinancing operation, more than the 1.31 billion euros maturing, a Reuters poll found on Monday. The poll of 21 euro money market traders also found the ECB will lend banks 12.0 billion euros at its weekly tender, more than the 11.52 billion euros maturing. (Reporting By Hari Kishan, Polling by Sujith Pai; editing by John Stonestreet)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-ecb-refi-poll-idUKKBN19H0V0'|'2017-06-26T17:14:00.000+03:00'
'5efa83169f15f2f642c06bd45ba44d7c8341207f'|'Special Report - How the Federal Reserve serves U.S. foreign intelligence'|'Top News - Mon Jun 26, 2017 - 12:54pm BST Special Report - How the Federal Reserve serves U.S. foreign intelligence left right FILE PHOTO: The seal for the Board of Governors of the Federal Reserve System is displayed in Washington, D.C., U.S., June 14, 2017. REUTERS/Joshua Roberts/File Photo 1/6 left right FILE PHOTO: The corner stone of the New York Federal Reserve Bank is seen surrounded by financial institutions in New York City, New York, U.S., March 25, 2015. REUTERS/Brendan McDermid/File Photo 2/6 left right FILE PHOTO: Governor of the Central Bank of Ireland Patrick Honohan attends the annual conference of the Institute for New Economic Thinking (INET) at the Organisation for Economic Cooperation and Development (OECD) headquarters in Paris April 9, 2015. REUTERS/Charles Platiau/File Photo. 3/6 left right FILE PHOTO: Economist Christian Noyer, speaks at the 2017 Paris EUROPLACE International Financial Forum in the Manhattan borough of New York City, New York, U.S., May 23, 2017. REUTERS/Carlo Allegri/File Photo 4/6 left right FILE PHOTO - Federal Reserve and New York City Police officers stand guard in front of the New York Federal Reserve Building in New York, October 17, 2012. REUTERS/Keith Bedford/File Photo 5/6 left right FILE PHOTO: Edwin Truman, Assistant Secretary of the United States Department of Treasury, addresses the board of governors conference at the Asian Development Bank (ADB) annual meeting in Chiang Mai, Thailand, May 7, 2000. REUTERS/Jason Reed/File Photo 6/6 By Jonathan Spicer - NEW YORK NEW YORK The Federal Reserve''s little-known role housing the assets of other central banks comes with a unique benefit to the United States: It serves as a source of foreign intelligence for Washington. Senior officials from the U.S. Treasury and other government departments have turned to these otherwise confidential accounts several times a year to analyse the asset holdings of the central banks of Russia, China, Iraq, Turkey, Yemen, Libya and others, according to more than a dozen current and former senior Fed and Treasury officials. The U.S. central bank keeps a tight lid on information contained in these accounts. But according to the officials interviewed by Reuters, U.S. authorities regularly use a "need to know" confidentiality exception in the Fed''s service contracts with foreign central banks. The exception has allowed Treasury, State and Fed officials without regular access to glean information about the movement of funds in and out of the accounts, those people said. Such information has helped Washington monitor economic sanctions, fight terror financing and money laundering, or get a fuller picture of market hot spots around the world. Some 250 foreign central banks and governments keep $3.3 trillion (2.59 trillion pounds) of their assets at the Federal Reserve Bank of New York, about half of the world''s official dollar reserves, using a service advertised in a 2015 slide presentation as "safe and confidential." The Bank for International Settlements, other major central banks and some commercial banks offer similar services, and clients usually have more than just one account. But only the Fed offers direct access to U.S. debt markets and to the world''s reserve currency, the dollar, making the U.S. central bank the top provider of this so-called custodial banking business. In all, the people interviewed by Reuters identified seven instances in the last 15 years in which the accounts gave U.S. authorities insights into the actions of foreign counterparts or market movements, at times leading to a specific U.S. response. In one relatively recent case, data from these foreign accounts offered U.S. authorities a sense of the mood in Moscow in March 2014, after Russia''s invasion of Crimea prompted the United States to respond with economic sanctions. When foreign holdings at the New York Fed plunged about $115 billion, U.S. officials confirmed what others could only suspect, according to two former Fed officials: Russia''s central bank had pulled its funds. While the Kremlin''s public response was defiant, Fed and Treasury officials concluded Moscow feared the United States would freeze Russia''s assets even though the account was not included in the narrow scope of the sanctions, according to one former official. After about two weeks, Russia''s central bank returned most of the money to its Fed account, but the incident made officials monitor the account more closely for signs the sanctions had forced Moscow to draw down its reserves, the same source said. It was unclear what effect the sanctions had. The Bank of Russia said it would not comment on "details of its operations and interaction with partners." The Russian Embassy in Washington did not respond to an emailed query. NO PROMISE The Fed acknowledged the practice of disclosing account intelligence, but declined to comment on individual clients. "While our account agreement does provide for the sharing of information with the U.S. government in limited circumstances, we require a clearly demonstrated need for the information and a commitment that the information will be treated confidentially," said a New York Fed spokeswoman. "This exception has been used on rare occasions and on a limited basis for such issues as compliance with sanctions requirements and anti-money laundering principles." The insights into the Fed operation come at a time when U.S. President Donald Trump threatens new economic sanctions on countries that could again be monitored through the foreign accounts. It also comes as U.S. intelligence-gathering has come under intense public scrutiny, with agencies investigating Russian meddling in last year''s election and possible collusion with Trump''s campaign. The Senate this month backed new sanctions on Russia in part to punish it for the meddling, while the Treasury added individuals and entities to those sanctioned over Moscow''s actions in Ukraine. According to a draft account agreement the New York Fed published online last year, the Treasury or any other U.S. government agency or Fed bank must have "a need to know such information" to access it. Seven people with direct knowledge of instances in which this exception was used told Reuters there was no working definition of the "need to know," and that New York Fed lawyers would usually decide case by case. The level of scrutiny by U.S. authorities and lack of clarity over what would constitute a "need to know" surprised some former foreign central bankers who spoke to Reuters. The Bank of France, which also maintains foreign accounts, guarantees "full confidentiality" for its clients unless information is needed in a criminal investigation, said Christian Noyer, who was governor from 2003 to 2015. "It''s only in that case," he said in an interview. "It''s not just to look at them and to know that." Less surprising was the fact that the United States leveraged the Fed''s position at the centre of global finance, they said. "The kinds of powerful central banks that can offer these services ... will want to use that power in ways that benefit their public remit," Patrick Honohan, governor of the Central Bank of Ireland from 2009 to 2015, told Reuters. Edwin Truman, who headed the Fed Board of Governors'' international finance division for more than two decades before joining the Treasury in 1998, said the Fed''s clients should not expect absolute secrecy. "There is no promise to clients that the information in their accounts will not be shared with U.S. official circles," Truman, now a fellow at the Peterson Institute for International Economics, said in an interview. A Treasury spokesman said the department monitors transactions and collects data from all financial firms "both routinely and in the course of investigations (and) has the ability to request information from banks beyond the ''need to know'' provision." He declined to comment on interactions with the New York Fed. TREASURY CALLING The U.S. officials interviewed by Reuters included executives and division heads, and people directly involved in discussions in which the confidentiality exception was used to analyse accounts that otherwise only a select group of Fed officials monitors. Most spoke on the condition of anonymity. Day to day, a team of about a dozen New York Fed analysts oversees the accounts. This low-profile unit, called Central Bank and International Account Services (CBIAS), came under the spotlight last year when it transferred $81 million from the Bangladesh central bank''s account into the hands of hackers in one of the largest cyber heists ever. The unit manages mostly Treasury and agency debt. It also oversees more than 500,000 gold bars that have accumulated in underground vaults since the New York Fed first opened accounts for Britain and France a century ago. The requests for information became more frequent after the passage of the 2001 U.S. Patriot Act, mostly from the Office of Foreign Assets Control, a Treasury division enforcing sanctions and targeting terrorist financing, money laundering, and weapons and drugs trafficking. The Department can also subpoena confidential information. Among the requests since then have been inquiries about the accounts belonging to Turkey, Iraq, Russia and others, often to help determine whether official funds were being used to finance sanctioned groups or individuals, according to three of the sources. A few countries of keen interest to the U.S. government have little or no funds at the New York Fed - such as Iran, which is sanctioned, and Saudi Arabia, which is not. An official at Turkey''s central bank said "operations are routinely carried out according to a correspondent banking agreement with the New York Fed, which is the standard operational procedure in correspondent banking." Iraq''s central bank stands out among those subject to U.S. scrutiny because of the extent of cooperation between Baghdad and New York. Earlier this month, based on information and instructions from the Fed''s foreign accounts team, the Central Bank of Iraq blacklisted a money exchange firm suspected of ties with Islamic State and Al Qaeda. The Al-Kawthar money exchange firm, from the town of Qaim near the Syrian border, had its assets frozen in the action. Fed officials rely on meetings and conference calls to advise the Iraqi central bank on how to track and freeze out local firms suspected of terrorist connections or of helping Iran bypass sanctions, an Iraq central bank official told Reuters. "We have direct contact with the foreign assets monitoring office in the Fed," the official said. In freezing the assets of Al-Kawthar, Iraq''s central bank followed Fed "verification procedures," added the official, who declined to be named. The U.S. Treasury announced the sanctions against Al-Kawthar on June 15, citing $2.5 million in money transfers it allegedly made to a firm linked to Islamic State facilitators. The owner of the money exchange firm was not available to comment. Sometimes, a peek into the Fed accounts has provided the Treasury insight into market upheaval. At the height of the global financial crisis in 2008, Treasury officials asked the New York Fed whether one of its clients was behind plummeting demand for short-term debt of mortgage giants Fannie Mae and Freddie Mac, according to a former CBIAS official. An analysis of the accounts showed that China''s central bank had curbed purchases, and that intelligence factored into the U.S. government''s decision to seize the agencies in September 2008, the person said. The People''s Bank of China declined to comment. In some cases, the Fed team handling the foreign accounts would activate the "need to know" clause if it spotted something unusual, two former Fed officials said. Since the 2010 Arab Spring uprisings, for example, the New York Fed has made several inquiries with the State Department about Yemeni and Libyan assets, according to one of these officials. The Fed team, which ranks accounts by levels of risk, sought clarity on whether the governments or insurgents were in control of those countries'' central banks, the official said. A State Department official said it "maintains contact with counterparts in the Federal Reserve system to share information on political and security developments" so they can "better evaluate and understand foreign governmental structures, leadership, and financial risk." Representatives of Libya''s and Yemen''s central banks, as well as Yemen''s embassy in Washington, did not respond to requests for comment. (Reporting by Jonathan Spicer in New York; Additional reporting by Ahmed Rasheed and Michael Georgy in Baghdad, Andrey Ostroukh in Moscow, David Dolan in Istanbul, and Yara Bayoumy in Washington; Editing by Tomasz Janowski) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-fed-accounts-intelligence-specialrepo-idUKKBN19H19D'|'2017-06-26T19:54:00.000+03:00'
'e7492992ca2460eaee96147e1b774f4f77c79d11'|'Loeb''s Third Point targets ''staid'' Nestle for change'|'Top   5:33am BST Loeb''s Third Point targets ''staid'' Nestle for change A Nestle company logo is pictured on a bar of Milky Bar chocolate in Manchester, Britain April 25, 2017. REUTERS/Phil Noble By Michael Erman Activist investor Daniel Loeb''s Third Point LLC on Sunday unveiled a stake of more than 1 percent in Switzerland''s Nestle SA and urged the world''s largest packaged foods maker to improve its margins, buy back stock and shed non-core businesses. The 3.28 billion Swiss francs (2.6 billion pounds) stake is the largest ever taken by the hedge fund, which pressed for change in recent years at U.S. internet firm Yahoo and Japan''s Sony Corp. Third Point disclosed the Nestle position in a letter to the hedge fund''s investors, in which it argued the food company should sell its 23 percent stake in French cosmetics firm L''Oreal SA. It said in the letter that it has already had productive conversations with Nestle management. Nestle could not be immediately reached for comment. Nestle is the biggest player in a packaged food industry struggling with a slowdown in emerging markets, falling prices in developed markets and consumers demanding fresher, healthier products. Mark Schneider, the company''s new chief executive, has been trying to reignite growth at the company since joining Nestle in January from German healthcare group Fresenius. In February, he scrapped Nestle''s longstanding sales target as it reported disappointing annual results, echoing rivals by striking a cautious tone. "We feel strongly that in order to succeed, Dr. Schneider will need to articulate a decisive and bold action plan that addresses the staid culture and tendency towards incrementalism that has typified the company''s prior leadership and resulted in its long-term underperformance," Third Point wrote in the letter. The hedge fund said that Nestle should set a formal margin target of 18 percent to 20 percent by 2020 in order to help improve productivity. It also recommended it more than double its debt load, as well as sell the L''Oreal stake, in order to generate the capital to buy back stock. Third Point''s roughly 40 million shares in Nestle would make it the company''s eighth-largest shareholder, according to Thomson Reuters data. Third Point''s stake was first reported by Bloomberg. Jan Bennink, former CEO of baby food maker Royal Numico, is advising Third Point on its Nestle investment and has also invested personally alongside the fund, Third Point said. Nestle said earlier this month that it might sell its $900 million-a-year U.S. confectionery business in its latest effort to improve the health profile of its sprawling portfolio. Nestle''s shares closed at 82.10 Swiss francs on Friday. (Additional reporting by Parikshit Mishra in Bengaluru; Editing by Adrian Croft, Andrew Hay and Bill Rigby)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-nestle-thirdpoint-idUKKBN19G0YM'|'2017-06-26T06:56:00.000+03:00'
'0b64ae6b2db82d439e072f6ee91bcbccf6573517'|'L1 Retail agrees to buy Holland & Barrett for 1.77 billion pounds'|'Top News - Mon Jun 26, 2017 - 7:36am BST L1 Retail agrees to buy Holland & Barrett for 1.77 billion pounds Mikhail Fridman in Moscow, Russia March 16, 2017. REUTERS/Sergei Karpukhin LONDON L1 Retail has agreed to buy Holland & Barrett from The Nature''s Bounty Co. and The Carlyle Group for 1.77 billion pounds, the companies said in a statement. Russian billionaire Mikhail Fridman''s L1 Retail is expected to close the transaction by September 2017 subject to customary regulatory approvals. The deal for the health and wellness chain was first reported by the Financial Times on Sunday. "We believe that the company is well positioned to benefit from structural growth in the growing 10 billion pound health and wellness market and has multiple levers for long term growth and value creation," said L1 Retail Managing Partner Stephen DuCharme. Carlyle was advised by Goldman Sachs, Houlihan Lokey, UBS, PWC, Latham Watkins and OC&C. (Reporting by Maiya Keidan; editing by Simon Jessop) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-deals-carlyle-group-l-idUKKBN19H0JZ'|'2017-06-26T14:36:00.000+03:00'
'0d069c5e2376f6d2b0e7cacbee233b35d6d185ea'|'China United Network Communications Ltd announces strategic investment plan'|'SINGAPORE China United Network Communications Ltd ( 600050.SS ) said on Monday its controlling shareholder planned to bring strategic investors into the unit via a private share placement, but said details had not been finalised.Reuters reported last week that Chinese tech giants Alibaba Group Holdings ( BABA.N ) and Tencent Holdings ( 0700.HK ) would be among new investors pouring about $10 billion into China Unicom, the country''s second largest telecom carrier.China United Network Communications Ltd said in a statement issued on the Shanghai stock exchange that its controlling shareholder, state-owned China United Network Communications Group Co Ltd (China Unicom), planned the placement."However, specific plans of the private placement, including targeted investors, issue size, price and use of proceeds, are at the preliminary stages and nothing has been decided yet," the Shanghai-listed unit said.Four sources had told Reuters that Alibaba and Tencent would invest in the Shanghai-listed unit, part of a capital-raising effort that Thomson Reuters data showed would be the biggest in Asia since the initial public offering of insurer AIA Group ( 1299.HK ) in 2010.The move by China Unicom is part of a bid by China''s government to rejuvenate state behemoths with private cash.(Reporting by Lee Chyen Yee; Editing by Edmund Blair)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-china-unicom-idINKBN19H1LA'|'2017-06-26T11:54:00.000+03:00'
'29a20f9ef4785d478f5adc21d6c6a44232525459'|'Western Digital objects to SK Hynix participation in Toshiba chip unit sale'|'By Makiko Yamazaki and Taro Fuse - TOKYO TOKYO Western Digital Corp ( WDC.O ) has told Toshiba Corp ( 6502.T ) that it will not agree to a sale of the Japanese conglomerate''s prized memory chip unit to a preferred bidding consortium that includes rival chipmaker SK Hynix Inc ( 000660.KS ).Western Digital, which jointly runs Toshiba''s main semiconductor plant, has been feuding bitterly with its Japanese partner over the sale of the world''s No. 2 producer of NAND chips and has sought a U.S. court injunction to prevent any deal that does not have its consent.The tensions come amid uncertainty over whether Toshiba can sign as planned a definitive agreement with its preferred bidder - a group led by the Japanese government and including U.S. private equity firm Bain Capital - by Wednesday, the day of its annual shareholders meeting.The conglomerate is rushing to sell the unit to cover billions of dollars in cost overruns at its bankrupt Westinghouse nuclear unit and to dig itself out of negative shareholders'' equity that could lead to a delisting.The preferred bidder consortium''s 2 trillion yen ($18 billion) offer calls for a state-backed fund, INCJ, to pay 300 billion yen for a majority stake in terms of voting rights while Bain will put up more but not hold a majority, sources have said - an unusual arrangement that satisfies the Japanese government''s desire to keep the firm under domestic control.Bain will invest 850 billion yen, which will include some equity with voting rights as well as some preferred shares, while South Korea''s SK Hynix will provide half the amount Bain plans to put up in the form of financing, the sources said.The Development Bank of Japan and the core unit of the Mitsubishi UFJ Financial Group are also part of the consortium.Western Digital said in a June 25 letter to Toshiba''s board that SK Hynix''s participation in the consortium increased the likelihood of technology leakage to the rival chipmaker, adding that the winning bid did not appear to be bigger than its own offer."I must make it clear that Western Digital will not consent to a transaction with the proposed consortium," CEO Stephen Milligan said in a letter, which was seen by Reuters."This potential course of action would make further litigation inevitable," the letter said.The letter comes after Toshiba CEO Satoshi Tsunakawa said on Friday it was open to talks with Western Digital, although it was not planning to make the first move.Tsunakawa also argued that SK Hynix would not be holding any equity and would not be involved in management - an arrangement that was unlikely to raise regulatory red flags and would prevent leaks of key technology information.SK Hynix declined to comment on the matter on Monday. The chipmaker, which is relatively weak in NAND chip technology, has said previously that it had decided to join the consortium as it sees business opportunities. Representatives for Bain could not be reached for comment outside regular office hours.Concerns about SK Hynix''s participation have also been voiced by some members of Toshiba''s board, sources familiar with the matter said on Monday, declining to be identified as discussions were confidential.Toshiba has previously sued its South Korean rival over the suspected theft of data related to flash memory technology - a claim that was settled by SK Hynix for $278 million in December 2014.Tsunakawa said on Friday he did not expect any changes to the make-up of the consortium before June 28, adding that Western Digital'' s offer had not found favor on price and because the U.S. firm wanted to take control of the unit.Western Digital expects a U.S. court ruling on its request for an injunction on July 14.(Reporting by Makiko Yamazaki and Taro Fuse; Editing by Edwina Gibbs)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-toshiba-accounting-idINKBN19H0XE'|'2017-06-26T10:20:00.000+03:00'
'0c303259f3a8fe71c008cd9e1aed221dd995f25a'|'Nestle, Italian banks wind up European shares'|'Business News - Mon Jun 26, 2017 - 8:37am BST Nestle, Italian banks wind up European shares Traders work in front of the German share price index, DAX board, at the stock exchange in Frankfurt, Germany, June 22, 2017. REUTERS/Staff/Remote MILAN European shares got off to a firm start to the week on Monday as banks rallied after Italy reached a deal on two failed regional banks and consumer bellwether Nestle hit a record high after becoming the next target of activist investor Third Point. Italy began winding up two failed regional banks on Sunday in a deal that could cost Rome up to 17 billion euros (15 billion pounds) and will leave the lenders'' good assets in the hands of Intesa Sanpaolo. Intesa ( ISP.MI ) shares rose 3.6 percent while the euro zone bank index .SX7E rose 1.2 percent. Gains in bank stocks helped the pan-European STOXX 600 and the euro zone blue chip .STOXX50E indexes rise both 0.7 percent, while UK''s FTSE .FTSE added 0.6 percent. Nestle ( NESN.S ) led gainers in the STOXX, up 4.1 percent. Activist investor Daniel Loeb unveiled a stake of more than 1 percent on Sunday, urging the group to improve its margins, buy back stock and shed non-core businesses. Gains in Nestle also gave a lift to sector peers such as Unilever and Diageo sending the European food and beverage index .SX3P up more than 2 percent and on track for its best day this year. Stronger oil prices also propped up the energy sector, the year''s worst performing this year, with majors such as BP ( BP.L ), Total ( TOTF.PA ) leading the charge. [O/R] Underscoring the broadly upbeat mood across markets, safe-haven utilities were the only sector in the red in early trades. Graphic - Europe YTD sector: reut.rs/2scx8qv (Reporting by Danilo Masoni, Editing by Vikram Subhedar) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-europe-stocks-idUKKBN19H0O8'|'2017-06-26T15:37:00.000+03:00'
'a23ecfcf9eaba081d1d21b8d8144e18a5112e7e9'|'Greece relaunches tender to sell majority stake in gas grid'|'Market News - Mon Jun 26, 2017 - 11:39am EDT Greece relaunches tender to sell majority stake in gas grid ATHENS, June 26 Greece on Monday relaunched a tender for the sale of a majority stake in its natural gas grid operator DESFA, the country''s privatisation agency said. Under its latest international bailout, Greece has agreed to sell state assets including a 66 percent stake in DESFA. It aims to conclude the divestment by the end of the year. Italy''s SNAM has said it was interested in buying the stake. A previous 400 million euro ($448 million) deal to sell the stake to Azerbaijan''s SOCAR fell through last November after Athens raised DESFA''s tariffs by less than SOCAR had expected and SOCAR demanded a lower price. ($1 = 0.8929 euros) (Reporting by Karolina Tagaris; Editing by David Goodman) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/greece-privatisation-desfa-idUSL8N1JN3TG'|'2017-06-26T23:39:00.000+03:00'
'439fd95cea84361dfdca8f9abf36ccf9e8c696d3'|'Long-dated JGB yield ticks up in sympathy with global trends'|'TOKYO, June 28 Yields on long-dated Japanese Government bonds edged up on Wednesday after European and U.S. bond yields soared on comments from the European Central Bank President Mario Draghi that fuelled expectations that the ECB is close to reducing stimulus.The yield on the benchmark 10-year JGB rose 1.0 basis point to 0.055 percent, though it is still in its narrow trading range between 0.045 and 0.060 percent over the past few weeks.The 20-year yield rose 1.0 basis point to 0.565 percent while the 30-year yield went up 1.5 basis point to 0.815 percent.The market tracked the rise in U.S. and European bond yields after Draghi indicated that the central bank might tweak its stimulus so that it does not become more accommodative as the eurozone economy recovers.Still, there was some buying in long-dated JGBs after the Bank of Japan''s operation in those maturities drew limited selling from market players.The benchmark 10-year JGB futures price fell 0.10 point to 150.52. (Reporting by Tokyo Markets Team)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/japan-bonds-idINL3N1JP2KB'|'2017-06-28T04:49:00.000+03:00'
'95beb41ae5deb642d6fd2e8a94dba7d5488c2151'|'CANADA STOCKS-TSX rises with financials, resource stocks weigh'|'Market News   10:49am EDT CANADA STOCKS-TSX rises with financials, resource stocks weigh (Adds details on specific stocks, updates prices) * TSX up 19.73 points, or 0.13 percent, to 15,300.95 * Six of the TSX''s 10 main groups move higher TORONTO, June 28 Canada''s main stock index rose slightly on Wednesday as gains for financial stocks and grocery operator Empire Co Ltd were offset by slips among gold miners and other resource stocks. The most influential movers on the index were the big financial stocks, which rose as investors increased their bets that the country''s central bank may hike interest rates as soon as next month. Royal Bank of Canada was up 0.5 percent at C$94.54 and Bank of Montreal gained 0.8 percent to C$94.95, while the financials group gained 0.4 percent overall. Interest rate cuts in 2015 have done their job and the Bank of Canada needs to consider its options as excess capacity is used up, Bank of Canada Governor Stephen Poloz said in a CNBC interview in Europe. Food retailer Empire advanced 8.9 percent to C$20.79. The parent of the Sobeys grocery chain, which is in the midst of a turnaround effort, posted adjusted earnings that beat expectations and increased its dividend payout. On the other side of the ledger, Gildan Activewear shares fell 2.8 percent to C$40.24 after one of its directors resigned to take up the chief operating officer role at Under Armour, and as CIBC downgraded the stock to ''neutral'' from ''outperform''. Eldorado Gold Corp lost 4.9 percent to C$3.53 after reducing its 2017 outlook for production from its Kisladag operations in Turkey, while larger gold miners also fell. At 10:35 a.m. ET (1435 GMT), the Toronto Stock Exchange''s S&P/TSX composite index was up 19.73 points, or 0.13 percent, to 15,300.95. The energy group retreated 0.2 percent, with Suncor Energy declining 0.6 percent to C$38.27 and pipeline operator Enbridge Inc largely unchanged at C$52.77. The materials group, which includes precious and base metals miners and fertilizer companies, lost 0.5 percent. Six of the index''s 10 main groups were in positive territory, with advancers outnumbering decliners by a 1.7-to-1 ratio overall. Brookfield Renewable Partners L.P fell 4.6 percent to C$41.47 after announcing a C$550 million equity offering. (Reporting by Alastair Sharp; Editing by Paul Simao)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/canada-stocks-idUSL1N1JP0SH'|'2017-06-28T17:49:00.000+03:00'
'47ebe11899dc6e9dfc8d8d372ff0c3d71d8f4c09'|'BMW to spend 5.5-6 percent of revenue on R&D in 2017-2019: CFO'|'MUNICH BMW ( BMWG.DE ) will streamline its manufacturing process, offering fewer variants of engines and equipment, to offset high research and development (R&D) spending through 2019, the German carmaker''s finance chief Nicolas Peter said on Wednesday.The group is developing electric, autonomous and connected cars in addition to vehicles with combustion engines to meet more stringent emissions tests.At the same time, China''s aggressive push to introduce electric car quotas has forced European carmakers to accelerate the development and roll-out of electric and hybrid vehicles, pushing up their costs.In 2016, BMW spent 5.16 billion euros or 5.5 percent of revenue on R&D."The next three years will be between 5.5 percent and 6 percent," Peter told journalists.Because electric and hybrid cars are less profitable than cars with petrol and diesel engines, BMW is looking for savings by reducing the complexity of its engine and equipment portfolio."We have over 100 steering wheels on offer. Do we need that many variants?" Peter said.BMW will drop manual gearshift variants of the BMW 2 series Coupe in the United States to cut down the cost of certifying components in each market, and it has dropped manual shift options from entry-level versions of the new 5 series diesel, he said. It will also cut down the number of engine variants."In the 5 series we have four diesel engines on offer. I would not bet on there being four diesel engines on offer in the next generation vehicle," Peter said.BMW stuck with its guidance for a slight increase in both vehicle sales and pre-tax profit tax this year as well as a margin on earnings before interest and tax (EBIT) of between 8 and 10 percent.Sales have received a boost from the launch of a new BMW 5 series limousine, which has exceeded expectations, Peter said, without providing details.The carmaker has seen double-digit sales growth in China and remains on track to keep this momentum with the launch of a long-wheelbase 5 series and a BMW X1, Peter said.BMW has also seen slight growth in Europe, although there are signs that demand in England is softening, he added."There are some signals that the market is getting more difficult," Peter said, adding that order intake was slower and residual values were falling.The U.S. market may remain stable or even shrink slightly, Peter said, adding that BMW was working on cutting back vehicle inventory.He also said the group had not yet decided where to build the next electric version of the Mini, though a decision would come this year, with Oxford remaining a contender for the manufacturing site.(Reporting by Edward Taylor; Editing by Adrian Croft)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-bmw-strategy-idUSKBN19J1NX'|'2017-06-28T16:04:00.000+03:00'
'b5b7f4afee8658f48c396636790bb87c8129c270'|'Sterling surges to three-week high, FTSE falls on Carney rate hike signal'|'LONDON Sterling surged to a three-week high and Britain''s FTSE 100 stock index fell on Wednesday, after Bank of England Governor Mark Carney said an interest rate rise was probably necessary and the bank would debate this "in the coming months".The pound jumped by well over a cent after Carney''s comments to hit $1.2971, its strongest since June 9, the day of the results of Britain''s parliamentary election. That left it up 1.2 percent on the day.Speaking at a European Central Bank conference in Portugal, Carney said policymakers would need to look at the extent to which stronger business investment offset a slowdown in consumption, as well as growth in wages and labour costs.The remarks showed a shift in emphasis since a speech last week when Carney said now was not the time to raise rates. He did not repeat that phrase on Wednesday, and markets immediately priced in a greater chance of an earlier-than-expected rise.Short sterling interest rate futures <0#FSS:> plunged, particularly across the mid-2018 to 2019 contracts, indicating a steeper path of interest rate hikes."Our main message would be not to over-interpret the comments – there’s definitely a disconnect when you look at what’s happening in the rates market and the way the FX market is moving," ING currency strategist Viraj Patel said."There is a risk that the moves are a bit too aggressive relative to what the central banks are trying to tell us. In the case of the UK, this withdrawal of stimulus could just be one rate hike and not the start of a full-blown hiking cycle. So you’ve got to be careful about overshoots in these currencies."Having touched a seven-month low against a resurgent euro, sterling jumped 0.9 percent to 87.71 pence.The euro jumped on Tuesday after European Central Bank President Mario Draghi hinted that the days of the bank''s stimulus programme were numbered.Britain''s exporter-heavy FTSE 100 stock index, which tends to move inversely to the pound, extended losses to trade 0.4 percent lower, while mid caps were down 0.2 percent."Upside (in sterling) may be capped in the near term as Mr Carney has not signalled that the Bank is ready to tighten, only that there is an active debate taking place within the MPC (BoE Monetary Policy Committee)," ETX Capital analyst Neil Wilson said."Nevertheless, this was the most explicit signal that we are close to reaching the point at which a hike would be warranted."Long gilt futures were last down 109 ticks on the day at 126.39, the biggest drop since Jan. 3 when inflation worries hammered British debt prices.The two-year gilt yield touched its highest level since late October at 0.329 percent, up about 6 basis points on the day.(Additional reporting by Andy Bruce, Kit Rees and Ritvik Carvalho; Editing by Louise Ireland)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-markets-carney-idUKKBN19J1V8'|'2017-06-28T16:57:00.000+03:00'
'5d03096426354078a7696112a839740de29d1d29'|'COLUMN-OPEC should let oil prices rebalance the market: Kemp'|'Market  53am EDT COLUMN-OPEC should let oil prices rebalance the market: Kemp (John Kemp is a Reuters market analyst. The views expressed are his own) By John Kemp LONDON, June 28 The 1980s film “WarGames” contains an important lesson for OPEC and shale producers about the futility of trying to manage the oil market. Released in 1983, the movie blended new concerns about home computers and hacking with older concerns about the accidental start of nuclear conflict and mutually assured destruction. In the film, the U.S. Air Force''s new war-planning computer, which displays an early form of artificial intelligence called Joshua, runs simulations for global thermonuclear war, trying to find a way to win. But the game becomes deadly serious when the computer seizes control of the U.S. nuclear arsenal and attempts to launch a real missile attack against the Soviet Union. The film''s hero, a young hacker, eventually teaches the computer a lesson in futility, forcing it to play tic-tac-toe, a game that has no winning strategy and always ends in a draw. The computer then applies the same lesson to its nuclear war simulations, realising there is no winner, only losers. The computer concludes global thermonuclear war is “A strange game. The only winning move is not to play” and stands down the missiles. In many ways, the renewed battle between OPEC and U.S. shale producers is similar to the self-defeating conflict portrayed in “WarGames”. If all oil producers try to maximise their output, the result is a glut of crude that depresses prices and proves ruinous for everyone. If one producer acts as swing producer and restricts output unilaterally, others increase their production to fill the gap, and the only result is a loss of market share. The only rational strategy is to avoid trying to manage production and allow prices to adjust to rebalance the market. SWING PRODUCER? “I personally believe (the oil price) where we are right now is not sustainable,” Tim Dove, chief executive of Pioneer Resources, told a conference in New York on Tuesday. “It comes in the form of two words: Saudi Arabia. They cannot have a scenario, which is $43 or $44 (per barrel) oil, and sustain their national budgets.” As a result, Saudi Arabia would likely move to boost oil prices to protect its own finances, according to Dove (“U.S. shale CEO sees Saudi Arabia moving to lift oil prices”, Reuters, June 27). Despite the glut, Pioneer has no plans to curb its own drilling. “We’re not going to not drill because this very well may be the time where the well costs are as low as they’re ever going to be,” Dove said. "We can pare away and still be profitable even in a $45 (per barrel) environment," he said. "We may just dial back at the margin in that scenario and not be a significant over-spender." The gist of his argument was that someone would have to cut production to lift prices, but it would not be Pioneer, one of the most prominent shale drillers in the Permian Basin. Similar logic holds for all producers, but if they all carry on drilling, the result will be continued oversupply and a decline in prices. Dove seemed to think Saudi Arabia would act as a swing producer again, and in the process deliver a windfall for shale firms in the form of higher prices. But acting as a swing producer simply to protect rival shale firms from a renewed price drop would not be a rational strategy for Riyadh. The only rational strategy is to eschew the swing producer role and allow prices to decline to the point where the shale drilling boom is curbed. In this game, acting as a swing producer is futile, and the only winning move is not to play - as Saudi Arabia discovered the hard way during the 1980s and is rediscovering now. Since the start of the year, Saudi Arabia has given up market share, only to watch other producers increase their own output, and end up with prices no higher than before. Further production cuts by Saudi Arabia and the rest of OPEC would likely result in the same self-defeating outcome. Saudi Arabia and its OPEC and non-OPEC allies have committed themselves to restraining output to the end of March 2018. The production cuts have arguably backfired but the kingdom has good reason to stick with the plan to maintain its credibility. For the future, however, the rational course is to make clear that the cuts will not be renewed when they expire next year. Saudi Arabia and the others should commit to gradually normalising their production levels in the course of 2018 and abandoning output restraint. The result would likely be somewhat lower oil prices in the near term, but that would curb the shale boom and protect Saudi Arabia’s market share and revenues in the medium term. Related column:'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/oil-opec-kemp-idUSL8N1JP3PH'|'2017-06-28T16:53:00.000+03:00'
'f9f530fde54c362193855e4c5bd4049fe9056863'|'In EU dealings, Google could learn from an erstwhile rival'|'BRUSSELS (BRUSSELS) - Google''s ( GOOGL.O ) clash with EU antitrust enforcers has echoes of Microsoft''s ( MSFT.O ) decade-long regulatory battle, a legacy that parent company Alphabet should bear in mind as it considers challenging the Commission, lawyers and fund managers said.After a seven-year investigation prompted by scores of complaints from rivals, the European Commission hit Google with a record 2.4 billion euro ($2.73 billion) fine for favoring its own shopping service and an order to treat rival services the same way it treats its own products."When I saw this yesterday, it absolutely rang a bell," said Georg Berrisch, a partner at Baker Botts who advised Microsoft in its EU regulatory dispute while at another law firm.The European Commission slapped a 497 million euro fine on Microsoft in 2004 and ordered it to take steps to boost software competition. It failed to comply with that decision and was subsequently fined 899 million euros. In total, its battle with the EU in several other investigations cost it more than 2.2 billion euros in penalties.In an oblique reference to Microsoft, which faced nearly two decades of legal scrutiny for antitrust violations, Alphabet Executive Chairman Eric Schmidt told a 2011 U.S. Senate hearing: "We get it. By that I mean, we get the lessons of our corporate predecessors."But Google has much to learn, said Stephen Kinsella at law firm Sidley Austin, who advises Google complainant and UK online shopping comparison website Kelkoo."Years ago Google said they wouldn''t make the mistakes that Microsoft did. Instead they made all of them and came up with a few of their own. The public statements yesterday show they still don''t get it," he said.Google said on Tuesday it disagreed with the EU''s findings that it had abused its dominant position and was considering an appeal. It said it looked forward to continuing to make its case."The real danger for Google is to enter into a prolonged battle with the Commission on whether what it has done is sufficient to comply with its decision. It could be quite expensive for Google in the end. This is not the end of the story," Berrisch said.Underlining Google''s task, the Commission on Wednesday published a tender for technical expertise to assist it with the case. The five-year contract is worth 10 million euros and can be renewed.So far, investors have given Google the benefit of the doubt, with Alphabet ranking just behind Apple ( AAPL.O ) as the world''s most valuable stock with a $666 billion market capitalization. But they are taking note."The real concern is whether the Commission will manage to force Google to change its business model, its algorithms in a way that could be detrimental to the business," said Wesley Lebeau, fund manager at CPR Asset Management, an Amundi company."Search engine is still about 60 percent of Alphabet''s valuation so that is a big deal, even though the drivers for future growth are YouTube and all the Alphabet companies -- Waymo, NEST, Verily," he said.Tech titans have benefited so far from the perception that they bring benefits to society, said Freddie Lait, founder at Latitude Investment Management."But there is a small chance that, if the shine wears off and you have more of these terrorist videos...and the fine is a huge fine, which sent a message to consumers that there''s been wrongdoing," he said. "If the shine comes off, the claws are out from regulators and governments to try and get their pound of flesh out of all of the big tech companies."(Additional reporting by Eric Auchard in Frankfurt, Simon Jessop and Sophie Sassard in London)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-eu-google-antitrust-microsoft-idUSKBN19J2O0'|'2017-06-28T22:23:00.000+03:00'
'6bf995d3a5cc4cdf691563f98df44845130ed241'|'Energen sticks to business plan as Corvex raises stake'|'Activist investor Corvex Management LP reported a 7.6 percent stake in oil and gas producer Energen Corp ( EGN.N ) on Wednesday and expressed "disappointment" with the company''s decision to stick to its business plan.Corvex, run by Carl Icahn protege Keith Meister, said Energen''s decision was made without consulting shareholders on potential strategic alternatives for the company. ( bit.ly/2tlmPV8 )However, Energen said on Wednesday it conducted a review of its business with the help of two financial advisers and input from shareholders and concluded that its best option was to continue with its present business execution.Corvex last month disclosed a 5.5 percent stake in Energen and urged the company to explore a sale. The 7.6 percent stake revealed on Wednesday will make it Energen''s fifth-largest shareholder, according to Thomson Reuters calculation.Energen has a large concentration of assets in the Permian Basin which has become a hotbed of M&A activity in the energy industry as a recovery in oil prices spurs firms to make strategic investments.Birmingham, Alabama-based Energen''s shares were up 2.5 percent at $49.15, giving the company a market value of about $4.80 billion.(Reporting by Yashaswini Swamynathan in Bengaluru; Editing by Shounak Dasgupta)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-energen-corvex-idINKBN19J2L0'|'2017-06-28T16:29:00.000+03:00'
'1b8c6b6115ebbf8e8560af0a26c8d29a15311522'|'Europe, Ukraine targeted in massive hack attack - Jun. 27, 2017'|'Massive cyberattack targets Europe, U.S. by Alanna Petroff and Selena Larson @CNNMoney June 27, 2017: 3:50 PM ET How to protect yourself from hackers Hackers launched blistering attacks Tuesday against companies and agencies across the world. Major global firms reported that they were under attack, including British advertising agency WPP ( WPPGY ) , Russian oil and gas giant Rosneft and Danish shipping firm Maersk. "IT systems in several WPP companies have been affected by a suspected cyber attack," said WPP on its official Twitter ( TWTR , Tech30 ) account. Maersk issued a similar statement, saying its IT systems "are down across multiple sites and business units due to a cyberattack." The U.S.-based pharmaceutical firm Merck ( MRK ) also said it''s been hit. "We confirm our company''s computer network was compromised today as part of global hack," it said on Twitter. The source of the attack is not yet clear. It is similar to WannaCry , which spread globally in May, but there are differences. Both asked victims to pay Bitcoin to get their files back, and both use a similar flaw to spread through networks. Related: Why WannaCry took down so many businesses The Moscow-based cybersecurity firm Group IB estimated that the virus affected about 80 companies in Russia and Ukraine. Group IB said the ransomware infects and locks a computer, and then demands a $300 ransom to be paid in Bitcoins. Many firms, including Symantec, have suggested the ransomware is a variant of Petya, a known ransomware. But according to security firm Kaspersky Lab, preliminary findings indicate the attacks are from a new ransomware which it''s calling "NotPetya." Either way, researchers say Tuesday''s attacks use a Windows flaw called EternalBlue to spread through corporate networks.WannaCry also leveraged the EternalBlue exploit, which was leaked as part of a trove of hacking tools believed to belong to the NSA. Microsoft ( MSFT , Tech30 ) issued a patch for the exploit in March. Microsoft said it is investigating the matter. Related: Attack sparks debate on when spy agencies should disclose cyber holes The Department of Homeland Security is also monitoring the cyberattacks. Spokesman Scott McConnell said DHS is "coordinating with our international and domestic cyber partners. We stand ready to support any requests for assistance." Europol said it is investigating the attack as well. Ukrainian companies and government agencies seem to have been hit particularly hard. Ukraine''s central bank warned financial firms across the country that an unknown virus hit the sector, creating problems for banks and customer service. Related: The hero who accidentally stopped the WannaCry cyberattack from spreading Officials at that country''s postal service and metro system in Kiev also reported hacking problems. Ukraine''s vice prime minister, Pavlo Rozenko, tweeted a screenshot of his malfunctioning computer saying computers at the Cabinet of Ministers have been affected. The Chernobyl nuclear power plant was also hit by the cyber attack, according to a Ukrainian federal agency. In a statement, it said that "in connection with the cyber attack, the Chernobyl nuclear power plant website is not working." Its Microsoft Windows systems were temporarily disconnected, and radiation monitoring in the area of the industrial site is being carried out manually, it said. Ransomware victims are always advised not to pay the ransom to get their files back, and in this case, it would be futile. That''s because victims need to notify the attackers that they''ve paid the Bitcoin, but Posteo, the company that hosts the attacker''s email has disabled the service. --CNN''s Marilia Brocchetto, Mary Ilyushina, David Shortell and Victoria Butenko contributed to this report. CNNMoney (London) First published June 27, 2017: 12:37 PM ET '|'cnn.com'|'http://rss.cnn.com/rss/money_technology.rss'|'http://money.cnn.com/2017/06/27/technology/hacking-petya-europe-ukraine-wpp-rosneft/index.html'|'2017-06-27T20:37:00.000+03:00'
'1143888e96cedef46b5359088de62acef1285ecb'|'Activist shareholder says loses faith in South Africa''s Group Five after resignations'|'Business News - Tue Jun 27, 2017 - 3:52pm BST Activist shareholder says loses faith in South Africa''s Group Five after resignations By Nqobile Dludla - JOHANNESBURG JOHANNESBURG Activist shareholder Allan Gray said on Tuesday it had lost faith in South African construction company Group Five''s ( GRFJ.J ) board to act in the best interest of the firm following the resignation of several directors and its chief executive. More than 10 executive and non-executive directors at Group Five ( GRFJ.J ) have resigned since February, including non-executive director Babalwa Ngonyama, chairperson of the firm''s audit committee and Mark Thomson, remuneration committee chairperson. No reasons were given for the resignations. Chief Executive Eric Vemer resigned in February after the company reported its first six-month loss in 11 years due to a 255 million rand ($19 million) settlement with the country''s government. "They have been unable to regain our trust following numerous meetings and engagements," Allan Gray Chief Investment Officer Andrew Lapping told Reuters, adding the board''s response after the resignations had been "unsatisfactory". In May the fund manager, which owns 25 percent of the company, notified Group Five of its request to call an extraordinary general meeting to reconstitute the board following a disagreement with it on the future direction of the company. Five non-executive directors resigned on Friday ahead of the meeting. Allan Gray has proposed that Michael Upton, former group chief executive at Group Five, be appointed to the new board along with other four nominated members. The current board opposes Upton''s appointment. Lapping said Allan Gray wanted a team with "continuity and institutional memory, sensitivity to historical industry behaviour and execution of the company''s strategy to deliver across the full infrastructure lifecycle and maximum shareholder support". In a notice to shareholders seen by Reuters on Friday, Group Five said its current board does not support Allan Gray''s "requests for an unbundling of Group Five if it does not create value for all stakeholders", as part of the board overhaul. But Allan Gray said its motivation for a board shake-up was not related to Group Five''s strategy, involving the unbundling of assets, or otherwise. "We simply want a board that is independent with the relevant skills that will protect and grow value for all stakeholders," Lapping said. Shareholders will select a new board at the EGM scheduled for July 24. (Reporting by Nqobile Dludla; editing by Susan Thomas)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-group-five-board-shareholders-idUKKBN19I20H'|'2017-06-27T22:52:00.000+03:00'
'20436131ddb29d97c562e4960a839e0ad673b393'|'European shares hit reverse as Schaeffler slump drags autos'|'Top News - Tue Jun 27, 2017 - 6:00pm BST European shares fall as rate-sensitive utilities tumble, warning hits autos Traders work in front of the German share price index, DAX board, at the stock exchange in Frankfurt, Germany, May 17, 2017. REUTERS/Staff/Remote By Danilo Masoni and Kit Rees - MILAN/LONDON MILAN/LONDON Hawkish comments from European Central Bank President Mario Draghi hit interest rate-sensitive utilities shares on Tuesday, dragging down European indexes, while a warning from auto parts supplier Schaeffler hit the whole sector. Draghi on Tuesday opened the door to tweaks in the bank''s aggressive stimulus policy, fuelling market expectations the bank will announce a reduction of stimulus as soon as September. Utilities, whose constant dividends flows become less attractive when monetary policy tightens, fell 2.4 percent, suffering their biggest one day loss since November. Shares in Spanish power network operator Red Electrica , Italian gas firm Italgas and German heavyweight utility E.ON were among the top losers in Europe with losses of more than 3 percent. Their losses helped drag the pan-European STOXX 600 index down 0.8 percent. However shares in banks, which have long suffered from the ECB''s ultra loose policy, were boosted by Draghi''s remarks with the euro zone sectoral index ending up 1.4 percent. "Today Draghi moved his first step towards indicating that ECB monetary policy will become less accommodative in 2018," said UniCredit chief euro zone economist Marco Valli. "Unless an unexpected shock materialises, a formal tapering announcement is likely to come at the ECB monetary policy meeting scheduled on 7 September," he added. Shares in banks such as Caixa, Deutsche Bank, Sabadell and Bankia - which are more sensitive than others to the rate cycle - were among the top five euro zone bank gainers, all up over 2.4 percent. Bankia got an extra boost as investors cheered to its deal to buy smaller peer BMN in a $924 million deal. A weak spot among banks was Italy''s Carige which fell 3.4 percent to a fresh record low on mounting talk the troubled Genoa-based lender will need more capital than the 450 million euro initially planned to repair its finances. Autos fell 1.5 percent after German auto parts supplier Schaeffler ( SHA_p.DE ) slashed its profit guidance on growing price pressures and high costs. Schaeffler shares tumbled 12.8 percent. "Schaeffler flagging increased pricing pressure will almost definitely raise concerns across the supplier space," Jefferies said in a note. "Schaeffler''s profit warning will reignite the debate on the resilience on supplier margins and organic growth (post pricing) as we approach the ''peak'' of the cycle." German drugmaker Stada dropped 3 percent after Bain Capital and Cinven failed to win the required shareholder acceptances to take over the firm. Stada, which have rallied nearly 26 percent this year, however came off earlier lows after Reuters reported that the private equity groups were discussing a new offer. A.P. Moller-Maersk the world''s biggest advertising agency WPP fell 0.5 and 0.8 percent respectively after falling victim of a global cyber attack. Gains among mining firms Anglo American, ArcelorMittal and Rio Tinto helped prop up the basic resources sector. (Editing by Jeremy Gaunt)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-europe-stocks-idUKKBN19I0PC'|'2017-06-27T15:29:00.000+03:00'
'8253a9abf57c054f20ad655a85a4bb4558fd186e'|'For too long, Pakistani schools have been a means to provide jobs, rather than education - Global Development Professionals Network'|'W ith more than 20 million children out of school , Pakistan has, at last, begun talking about its education crises. Our media and civil society routinely grill politicians on a lack of funding for public schools. Opinion sections of national newspapers usually publish a few articles a week on how the lack of quality education is becoming an existential threat to Pakistan’s social cohesion. Foreign aid funded projects take primetime television ads to tell parents about the importance of educating their children.It has had some impact; education has become a key talking point in political debates. The government regularly boasts about the growing education budget with promises to provide an “excellent environment” to students. But what is lacking in this increasingly noisy debate on Pakistan’s education crisis is the experience of parents and students on the ground.Education in Pakistan: building more schools to combat extremism Read moreThe lack of nuanced policy is leading to an alarming trend. Education spending on the ground is being translated into schools as a means to provide jobs, rather than to provide children with a quality education.There is a very strong political element to this, as legislators are customarily elected on the basis of how many jobs they can provide to their constituents, and hence hiring new teachers takes priority in budget allocation, particularly when close to a general election. For the government, this preoccupation appears to kill two birds with one stone; an easy fix for the education crises, and sought after permanent government jobs for their constituents. As a consequence, education departments are typically the single largest employers in most provinces.Increasing the number of teachers across the country has also been an easy policy for everyone to get behind, especially since the public discourse on fixing the education crisis has largely been focused on the need to spend more on education. In 2016, Pakistani provinces spent between 17 to 28% of their budgets on education, while the global average was 14%. Combined that’s $7.5bn spent on public education nationally, with most provinces doubling their budgets within the past five years.But Pakistan can’t simply spend its way out of its education crisis. On the ground, most of the spending is being used for hiring non-performing teachers or providing salary hikes for existing teachers . A small section of the spending is set aside for new education infrastructure however about half of it, on average, goes unspent by provinces every year. In fact, the proportion of spending on much-needed education infrastructure has decreased, as salaries take a larger than ever proportion of the spending total.The problem is that this rapid rise in spending isn’t translating into education for all. School enrollment nationally has continued to stagnate. Even if enrollment drives are able to get students into schools, evidence shows that only one in four children who enroll in the first grade remains in school by the 10th grade. Even of those students who remain in school, most aren’t learning basic skills like literacy. Studies have shown that over half of all 3rd graders, children aged 9-10, in government schools are illiterate.Obsession with ending poverty is where development is going wrong - Efosa Ojomo Read moreThe 4% GDP public education spending target - which is promoted as a golden scale by donors and campaigners - seems to provide a simplistic solution to Pakistan’s education crisis. Take for example, Sindh, Pakistan’s second largest province. In 2016, the province spent 12 times more on teacher salaries than it did in 2010; despite this increase the majority of its fifth graders can’t read a 2nd-grade level text. Sindh has been on the forefront of a general trend of turning public education departments into employment agencies.Ironically, Sindh’s provincial government has itself admitted that as many as 40% of its schoolteachers are ghost employees, meaning that these teachers don’t show up for work, and in some cases they don’t live in the towns where they are posted to teach. But the same teachers keep getting pay rises. Unsurprisingly, this toxic combination of political patronage and ineffective policies has seen a decline in net school enrollment rate in the province.Parents rightly ask what’s the benefit for them in sending their children to school when the children are unlikely to learn? Especially when these children are economically more beneficial for families when they are working.Pakistan has to build more schools and train its teachers. That requires it to spend better, not simply more. Something international donors need to understand. Pakistan’s private education sector - which educates about 40% of the country’s students - can serve as an example here.Private schools on average pay five times less to their teachers than their public school counterparts. What’s even more fascinating is that private school teachers also have lower academic qualifications and are half as likely to receive training than teachers employed in government schools. However, despite this, the students at these schools are on average two grades ahead of their government school peers.Why is it then private school teachers deliver better? At the core, private school teachers feel more accountable to parents. Parents can pull their fee-paying children out of school if they believe that their children aren’t learning the key skills. This makes teachers and private school administrators more efficient at delivering quality education. This isn’t the case in government schools who are answerable to usually an education department located often miles away.The ''Avon ladies'' of Pakistan selling contraception door to door Read moreThis means that public school teachers in Pakistan are rarely fired - even if they aren’t delivering in classrooms. How teachers are hired and promoted is also crucial. Public school teachers regularly report that politics play a strong role in these decisions, at times hinting towards outright political patronage .Ultimately, Pakistan needs to combine any spending increases with critical reforms that develop accountability between teachers and parents. It needs to look into the curriculum it is teaching in classrooms, and develop an intensive monitoring system that makes sure that teachers are showing up for work and delivering quality education. For too long, our leaders have been focusing on expanding the size of the country’s education budget and falsely marketing it as showing the government’s growing commitment to quality education.For change to happen the quality of the conversation around Pakistan’s education crisis needs to improve. The people need to demand better teachers who are accountable to the communities they teach in, while donors need to rethink about their fixation with unrealistic funding targets and instead support reforms which make schools more efficient.Shahrukh Wani is an Islamabad-based policy blogger. He tweets @ShahrukhWaniJoin our community of development professionals and humanitarians. Follow @GuardianGDP on Twitter.Topics Global development professionals network South and Central Asia Aid Teacher shortages Teacher training Teaching comment'|'theguardian.com'|'https://www.theguardian.com/uk/business'|'https://www.theguardian.com/global-development-professionals-network/2017/jun/27/for-too-long-pakistani-schools-have-been-a-means-to-provide-jobs-rather-than-education'|'2017-06-27T21:04:00.000+03:00'
'8d60be18c1560dea9480e8a98330083580e66afc'|'Oil prices drop as rising U.S. fuel stocks revive glut concerns'|'By Alex Lawler - LONDON LONDON Oil edged further below $47 a barrel on Wednesday after an industry report said U.S. inventories had increased, reviving concerns that a three-year supply glut is far from over.The American Petroleum Institute (API) said on Tuesday U.S. crude inventories rose by 851,000 barrels last week, while analysts expected a decline. Inventories of gasoline and distillates also increased, the API said."There appears to be no end to the bearish news on the oil market," said Carsten Fritsch, analyst at Commerzbank. "This is likely to add fuel to doubts that any process of market tightening is underway."Brent crude LCOc1 was down 5 cents at $46.60 a barrel at 1312 GMT. It reached a seven-month low of $44.35 on June 21. U.S. crude fell 15 cents to $44.09.A rise in U.S. stocks would suggest global supplies are still ample despite the effort led by the Organization of the Petroleum Exporting Countries to cut output by 1.8 million barrels per day (bpd) from January 2017.Top exporter Saudi Arabia and the other producers are trying to get rid of a supply glut which prompted prices to slide from above $100 a barrel in mid-2014."The U.S. crude oil stock build is not huge but it is still a build and that does not go in the direction of the Saudi rebalancing," said Olivier Jakob, analyst at Petromatrix.OPEC and its allies agreed on May 25 to extend the supply cut into 2018, but Brent has fallen from as high as $54 since then on rising production from the United States and from Nigeria and Libya, two OPEC members exempt from cutting output.Nonetheless, some analysts believe the sell-off is overdone.Traders will be awaiting the U.S. government''s official supply report for confirmation of the API figures. The Energy Information Administration releases its report at 1430 GMT.Ian Taylor, head of the world''s largest independent oil trader Vitol, said Brent will stay in a range of $40-$55 a barrel for the next few quarters as higher U.S. production slows a rebalancing of the market.Analysts at JBC Energy in a report saw room for prices to recover."While the physical crude market remains steady at best, it is worth noting there is now significant room for speculative support for prices to develop if a catalyst were to emerge," JBC said.(This version of the story corrects first paragraph to show oil moving further below $47, not edging lower toward $47).(Additional reporting by Henning Gloystein; Editing by Edmund Blair and Elaine Hardcastle)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/us-global-oil-idINKBN19J01P'|'2017-06-28T08:29:00.000+03:00'
'c1f17d3c023ceb7edd7f4318d3149259ca7a42b7'|'Italy''s BIM head confident the unit can be sold fast after Veneto Banca liquidation'|'MILAN The head of Italy''s BIM ( BIM.MI ) said on Monday he was confident the private banking group would be sold on the market quickly following the decision to liquidate its main shareholder Veneto Banca."We had started work to create a bank that was independent and able to become a high-end private banking pole. We will now restart that project...," CEO Giorgio Girelli told Reuters.On Sunday the Italian government approved a decree to wind down regional lenders Veneto Banca and Banca Popolare di Vicenza which collapsed after years of mismanagement and poor lending.Under the deal the good assets of the two lenders were sold to Intesa Sanpaolo ( ISP.MI ) while their soured loans, and legal risks, were put into a bad bank partly financed by the state.BIM is part of a series of assets that will be sold on the market by special commissioners appointed by the Bank of Italy to oversee the liquidation process."I hope that in a month or so the sale can be wrapped up, I don''t think it will be complicated," Girelli said.The CEO said that in the past interest had been expressed for the private banking unit.(Reporting by Andrea Mandala, writing by Stephen Jewkes)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-bim-m-a-venetobanca-idINKBN19H2AZ'|'2017-06-26T16:39:00.000+03:00'
'4175e20d96df5c72ed39e294da74de8e84283271'|'U.S. top court buries CalPERS suit over Lehman collapse'|'Banks  03pm EDT U.S. top court buries CalPERS lawsuit over Lehman collapse Chief Justice of the United States John Roberts (R) walks with associate Justice Neil Gorsuch during his investiture ceremony at the Supreme Court in Washington, U.S., June 15, 2017. REUTERS/Joshua Roberts By Andrew Chung - WASHINGTON WASHINGTON Nearly 30 banks that underwrote billions in debt offerings by Lehman Brothers before Lehman collapsed in 2008 will not have to defend a securities fraud lawsuit by a big California pension fund, the U.S. Supreme Court ruled on Monday. The justices ruled 5-4 that the California Public Employees'' Retirement System waited too long to sue the banks, upholding a federal appeals court decision throwing out the lawsuit. The dispute involves claims by the fund, known as CalPERS, against units of Australia and New Zealand Banking Group ( ANZ.AX ), Bank of New York Mellon Corp ( BK.N ), Royal Bank of Canada ( RY.TO ), France''s BNP Paribas SA ( BNPP.PA ) and Spanish lender BBVA ( BBVA.MC ), among others. Lehman Brothers investment bank''s collapse in 2008 helped trigger a global financial crisis. CalPERS, an investor in the banks'' securities, was a member of a class action suit filed in 2008 claiming the underwriters violated the Securities Act by misrepresenting and omitting facts about Lehman''s accounting and risk management practices. In February 2011, CalPERS decided to file a separate lawsuit. When the class action later settled, CalPERS opted out and continued with its own claims. Last year, the 2nd U.S. Circuit Court of Appeals in New York threw out CalPERS'' case, saying that a federal law called the Securities Act barred claims more than three years after a security is first offered to the public. Though the Supreme Court has said class actions extend certain deadlines by which individuals who drop out may file lawsuits on their own, the appeals court said this was not one of them. CalPERS appealed to the Supreme Court, saying that if class actions do not extend such deadlines, courts would be bombarded with thousands of costly lawsuits by investors protecting their right to sue on their own later. The underwriters countered in a legal brief that there is no evidence that this "parade of horribles has actually come to pass." (Reporting by Andrew Chung; Editing by Will Dunham and Grant McCool)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-usa-court-calpers-idUSKBN19H1N8'|'2017-06-26T22:16:00.000+03:00'
'a31a9c098f6a0c693b123ab88c148c8ed02fdd89'|'Germany''s Schaeuble bemoans EU ''loophole'' after Italy banks'' rescue'|'Business News - Wed Jun 28, 2017 - 7:44pm BST Germany''s Schaeuble bemoans EU ''loophole'' after Italy banks'' rescue German Finance Minister Wolfgang Schaeuble attends a news conference in Berlin, Germany June 28, 2017. REUTERS/Hannibal Hanschke BERLIN Finance Minister Wolfgang Schaeuble on Wednesday underscored Germany''s concerns about what he called a regulatory loophole after the EU cleared Italy to wind up two failed banks at a hefty cost to local taxpayers. Schaeuble told reporters that Europe should abide by rules enacted after the 2008 collapse of U.S. financial services firm Lehman Brothers that were meant to protect taxpayers. Existing European Union guidelines for restructuring banks aimed to ensure "what all political groups wanted: that taxpayers will never again carry the risks of banks," he said. Italy is transferring the good assets of the two Veneto lenders to the nation''s biggest retail bank, Intesa Sanpaolo ( ISP.MI ), as part of a transaction that could cost the state up to 17 billion euros ($19 billion). The deal, approved by the European Commission, allows Rome to solve a banking crisis on its own terms rather than under potentially tougher European rules. Noting that closure under national insolvency laws benefited owners and investors, Schaeuble said: "We in Europe need to think about this regulatory loophole." Schaeuble''s spokeswoman, Friederike von Tiesenhausen, on Monday urged the European Commission to enforce rules requiring state aid to be limited to a minimum in bankruptcy cases. (Reporting by Gernot Heller and Joseph Nasr; Writing by Andrea Shalal; editing by John Stonestreet)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-eurozone-banks-germany-idUKKBN19J2LT'|'2017-06-28T21:43:00.000+03:00'
'6a3d16c64846afbdee3be079623fd37eaf8689cb'|'Judge shoots down challenge to J. Crew debt deal'|'By Jessica DiNapoli A New York Supreme Court Justice sided with J. Crew Group Inc in a dispute with some of its senior lenders, allowing the U.S. preppy retailer to move forward with a restructuring deal to cut its $2.1 billion debt pile.The lenders had asked Justice Shirley Werner Kornreich to halt the deal because it unfairly gave collateral in the company, the J. Crew brand, to J. Crew''s junior creditors. Kornreich denied the lenders'' request because she said they did not show they would have success litigating it moving forward.The lenders can still pursue the case even though they lost an initial battle, but J. Crew is taking steps to dismiss the lawsuit. The small group of lenders is led by Eaton Vance Management and Highland Capital Management LP and they hold about $160 million of the term loan.The restructuring deal is supposed to help J. Crew avoid bankruptcy, a fate many of its peers have faced as retail goes through a major shift stemming from increasing consumer preference to shop online.Restructuring experts have been closely watching J. Crew because its deal could be a blueprint for other retailers with strong brand names to slash their debt without filing for bankruptcy. J. Crew is using its brand name to issue new debt to buy back existing bonds at a discount, helping it de-lever and avoid repayments for an additional two years.Millions in attorney fees had been spent trying to work out the restructuring deal J. Crew has achieved, Kornreich said."On the other side is 10 to 12 percent of the (lenders) who say ''Blow it up,''" she said.Attorneys for the lenders argued that J. Crew needed approvals from all of the holders before making changes to agreements that permit its restructuring. The retailer had secured 88 percent approval.Moody''s Investors Service published a report last month that named leather goods retailer Cole Haan, luxury label VINCE and canvas shoeseller TOMS Shoes as stressed brands that could pursue a path like J. Crew''s.J. Crew had said in court papers that if the judge halted the deal by granting the lenders a so-called injunction, it would "devastate J. Crew''s restructuring efforts and operations, with dire consequences for J. Crew and all of its stakeholders, including creditors and thousands of employees."(Reporting by Jessica DiNapoli in New York; Editing by Chizu Nomiyama, Bernard Orr)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-jcrew-creditors-idINKBN19J25A'|'2017-06-28T13:35:00.000+03:00'
'1b6fce7c2e79d8c4d2fd95b91da25d859ecefc37'|'Trump brand to exit Toronto skyline after buyout deal'|'TORONTO The name Trump will be removed from a high-rise hotel and condo development in downtown Toronto after the project''s new owner, JCF Capital ULC, reached a deal with Trump Hotels to buy out its management contracts for an undisclosed amount.U.S. President Donald Trump never owned the project, but his company had signed a long-term branding and management deal with the building''s developer, Talon International Development Inc, which defaulted on its construction loan last year.JCF Capital ULC earlier this year bought units in the 65-story Trump International Hotel & Tower that were not owned by individuals in a court-run sale.In a statement announcing the buyout on Tuesday, JCF Capital did not say whether it had reached a deal yet with another group to take over the management and branding of the building in Toronto''s financial district.Sources told Reuters earlier in June that Marriott International Inc''s ( MAR.O ) St. Regis brand was the lead bidder to take over the brand and management rights, with one saying that the Trump Organization had agreed to sever its connections."We are pleased to have reached this agreement with JCF and have enjoyed our relationship with them as the new owners of this property," Eric Danziger, chief executive of Trump Hotels, said in the JCF statement.JCF is a vehicle created by Juniper Capital Partners LLC and Cowie Capital Partners Inc to buy the tower.Trump''s business interest will receive at least $6 million for walking away from its long-term contracts, and the Trump signage could be removed as early as Aug. 1, Bloomberg reported, citing a person it did not identify.The tower, which opened in 2012 after construction delays, has had a troubled history, including lawsuits from unhappy investors and has also been the scene of several protests against President Trump''s policies and statements.His business connections around the world have sparked lawsuits and criticism about potential conflicts of interest since he took office in January.Since its opening, Talon had sold less than half of the tower''s residential condos, and the hotel''s occupancy rates have been lower than some investors in the rooms had hoped. A court last year ordered the developer to pay damages to one investor for "negligent misrepresentation" and for another sale to be rescinded.(Reporting by Alastair Sharp; Editing by Dan Grebler and Taylor Harris)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-canada-trump-hotel-idINKBN19I2CB'|'2017-06-27T18:17:00.000+03:00'
'75c705a8925d76bf7c9e89de84c64911cf2acd45'|'CPPIB commits up to $1 billion to buy U.S. oil and gas assets'|'By Nia Williams - CALGARY, Alberta CALGARY, Alberta Canada Pension Plan Investment Board (CPPIB), the country''s biggest public pension fund, plans to invest up to $1 billion to buy oil and gas assets in the United States in a partnership with Encino Energy Ltd.CPPIB said on Wednesday the partnership, Encino Acquisition Partners, would seek non-core assets being sold by global energy majors and would focus on basins already producing oil and gas.Houston-based energy company Encino Energy, which is privately-owned, will operate the assets acquired by the partnership and has committed $25 million.CPPIB, which manages C$317 billion ($243 billion) of national pension money on behalf of 20 million Canadians, does not have any particular assets or regions in mind, said Toronto-based Avik Dey, the fund''s head of natural resources. It is looking to buy assets being sold by large energy companies as they spend money on developing red-hot U.S. shale basins like the Permian and the so-called SCOOP and STACK plays in Oklahoma."We see an emerging opportunity to buy attractive assets from bigger companies that are remodeling their portfolios to pursue higher growth in the Permian and SCOOP/STACK," Dey said.International oil majors like ConocoPhillips ( COP.N ) have this year sold off oil and natural gas assets in both the United States and Canada to trim heir portfolios.CPPIB already holds close to C$4.5 billion of assets in the energy sector, 80 percent of which are in western Canada. In the United States it holds $900-million of Denver Jules Basin assets acquired from Encana Corp ( ECA.TO ) in 2015. The fund started investing natural resources in 2015 and it is one of the smaller groups in its portfolio.Dey said CPPIB although the partnership with Encino would be specifically focused on buying U.S. assets, it did not signify the fund was moving away from investing in the Canadian energy sector.(Additional reporting by Yashaswini Swamynathan in Bengaluru; Editing by Saumyadeb Chakrabarty and Andrew Hay)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-cppib-investment-encino-idINKBN19J1R4'|'2017-06-28T11:49:00.000+03:00'
'b98929b0d7a686b7130af914c8164ff18e50bf70'|'Assurant shares could double-Barron''s'|'Market  53pm EDT Assurant shares could double-Barron''s NEW YORK, June 25 Insurer Assurant Inc''s shares could double because it is emphasizing fee-based businesses while lowering its exposure to its riskier underwriting business, according to a report in Barron''s. The company generates around 60 percent of its revenue from its fee-based global lifestyle unit, the report in the June 26 issue of Barron''s said. Valuing that portion of the business similarly to what rival Allstate Corp paid for SquareTrade, which offers extended warranty plans for electronic gadgets, would suggest a value of nearly $190 a share for Assurant, Barron''s said. Assurant shares closed at $101.25 on Friday. (Reporting by Michael Erman; Editing by Dan Grebler)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/assurant-barrons-idUSL1N1JM0AH'|'2017-06-26T03:53:00.000+03:00'
'f40144eb7aecce0c1216c6f4391bb72ab2c8e12f'|'Allianz expects loss of around 200 million euro from sale of OLB'|'Deals - Sun Jun 25, 2017 - 7:50pm BST Allianz expects loss of around $224 million from sale of OLB FILE PHOTO: Flags with the logo of Allianz SE, Europe''s biggest insurer, are pictured before the company''s annual shareholders'' meeting in Munich, Germany May 3, 2017. REUTERS/Michaela Rehle FRANKFURT German insurer Allianz ( ALVG.DE ) expects to book a loss of around 200 million euros ($224 million) from the sale of private bank Oldenburgische Landesbank ( OLBG.F ) to U.S. private equity firm Apollo ( APO.N ), it said on Sunday. Allianz announced late on Friday that it had agreed to sell its 90 percent stake in the bank, which was no longer of strategic importance, for 300 million euros. The insurer said the loss did not affect its profit outlook for the year, because it had already taken it into account. It added that the sale would improve its Solvency II ratio, and that this was one of the reasons for the move. (Reporting by Alexander Huebner; Writing by Georgina Prodhan; editing by Susan Thomas) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-allianz-oldburgsch-lds-loss-idUKKBN19G0UX'|'2017-06-26T02:46:00.000+03:00'
'efc29e4c28a18d84872f0fc5a70e3fca06da7efa'|'RBS to cut 443 jobs in UK, move many of them to India'|'Money News - Sun Jun 25, 2017 - 11:56pm IST RBS to cut 443 jobs in UK, move many of them to India People walk past a Royal Bank of Scotland office in London, Britain, February 6, 2013. REUTERS/Neil Hall/Files British lender Royal Bank of Scotland is planning to cut 443 jobs dealing with business loans and many of them will move to India, the bank said. The Edinburgh-based bank said the cuts were part of a restructuring aimed at becoming a smaller bank."We realise this will be difficult news for staff and we will do everything we can to support those affected," the bank said in a statement. "All roles which require customer contact will remain in the UK."RBS, which is more than 70 percent state-owned, is in the midst of a major restructuring aimed at returning the bank to profit after almost a decade of straight years of losses. The bank was rescued with a 46 billion pound ($58.48 billion) state bailout during the 2007-09 financial crisis. ($1 = 0.7867 pounds) (Reporting by Andrew MacAskill in London; Additional reporting by Parikshit Mishra in Bengaluru; Editing by Adrian Croft) '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/layoffs-rbs-idINKBN19G0U0'|'2017-06-26T02:26:00.000+03:00'
'c92a254e3bb19676c7420166b08cd636723cefa0'|'Rosneft ready to accept any other adequate collateral from Sistema: RIA'|'MOSCOW Russian oil company Rosneft ( ROSN.MM ) is ready to accept any other "adequate" collateral from Sistema ( SSAq.L ) ( AFKS.MM ) in a legal dispute instead of the shares in some of the assets which have been arrested, RIA newsagency reported on Monday."Sistema may secure our lawsuit by any other adequate measures," Rosneft spokesman Mikhail Leontyev was Quote: d as saying by RIA.(Reporting by Anastasia Teterevleva; writing by Katya Golubkova. Editing by Jane Merriman)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-russia-sistema-rosneft-assets-idINKBN19H2CZ'|'2017-06-26T17:13:00.000+03:00'
'e7a8c19b1272412d1ce647ec651bb0c9f78a4021'|'Stada buyout falls short of shareholder acceptance target'|'FRANKFURT Private equity groups Bain Capital and Cinven failed to win the required shareholder acceptances to take over German generic drugmaker Stada ( STAGn.DE ) by the deadline, Stada said in a statement on Monday.Investors representing 65.52 percent of Stada''s equity capital tendered shares in the agreed 5.3 billion euro ($5.9 billion) deal at 66 euros per share, short of the 67.5 percent that the bid was conditional on, Stada said.Bain Capital and Cinven said in a separate statement that tendered shares would be returned to shareholders.Stada added that the termination of the deal did not have an impact on its 2017 and 2019 targets.(Reporting by Harro ten Wolde and Ludwig Burger; editing by Susan Thomas)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-stada-arzneimitt-m-a-idINKBN19H26K'|'2017-06-26T15:39:00.000+03:00'
'efe3f8877bc292e0081bf67b09a864a493710b99'|'Industry driving robust Q2 German expansion - Bundesbank'|'BERLIN A lively German manufacturing sector is driving solid growth in Europe''s largest economy, which should see strong expansion over the winter months carry through into the second quarter, the Bundesbank said on Monday."The upward drive is, above all, being sustained at the moment by lively manufacturing activity," the German central bank said in its monthly report for June, adding that the sector was being stimulated by both foreign and domestic demand.(Writing by Paul Carrel; Editing by Madeline Chambers)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/germany-economy-bundesbank-idINKBN19H1CA'|'2017-06-26T20:10:00.000+03:00'
'460d14c201f08ba8012d70adc60bede95b379550'|'Loeb''s Third Point hedge fund targeting Nestle for strategic changes- Bloomberg'|'Business News - Sun Jun 25, 2017 - 3:57pm EDT Loeb''s Third Point hedge fund targeting Nestle for strategic changes: Bloomberg A Kitkat chocolate bar is pictured in the supermarket of Nestle headquarters in Vevey, Switzerland, February 16, 2017. REUTERS/Pierre Albouy Nestle SA ( NESN.S ), is being targeted by activist investor Daniel Loeb''s hedge fund Third Point LLC, Bloomberg reported, citing people familiar with the matter. Loeb has recently bought a stake in the world''s largest packaged foods maker as he seeks strategic changes in the company, Bloomberg said. Nestle said earlier this month that it may sell its $900 million-a-year U.S. confectionery business in the Swiss food group''s latest effort to improve the health profile of its sprawling portfolio. Nestle and Third Point were not immediately available for comment. (Reporting by Parikshit Mishra in Bengaluru; Editing by Adrian Croft)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-loeb-nestle-idUSKBN19G0W5'|'2017-06-26T03:42:00.000+03:00'
'dd4c48113d7b938c8be76e3b86faf5235d57d98f'|'Exclusive - China''s CNPC suspends fuel sales to North Korea as risks mount: sources'|'Top News - Wed Jun 28, 2017 - 2:25am BST Exclusive - China''s CNPC suspends fuel sales to North Korea as risks mount: sources FILE PHOTO: PetroChina''s logo is seen at its petrol station in Beijing, China, March 21, 2016. Picture taken March 21, 2016. REUTERS/Kim Kyung-Hoon/File Photo By Chen Aizhu - BEIJING BEIJING China National Petroleum Corp has suspended sales of fuel to North Korea over concerns the state-owned oil company won''t get paid, as pressure mounts on Pyongyang to rein in its nuclear and missile programmes, three sources told Reuters. It''s unclear how long the suspension will last. A prolonged cut would threaten critical supplies of fuel and force North Korea to find alternatives to its main supplier of diesel and gasoline, as scrutiny of China''s close commercial ties with its increasingly isolated neighbour intensifies. CNPC and the Ministry of Commerce did not respond to requests for comment. China''s Foreign Ministry declined immediate comment. North Korea''s embassy in Beijing declined to comment. A source with direct knowledge of the matter said CNPC decided to put fuel sales on hold "over the last month or two" and described it as a "commercial decision". "It''s no longer worth the risks," said the source. Chinese and international banks are stepping up compliance checks on companies dealing with countries on the U.S. sanctions list, such as North Korea, he said. The North Korean agents who mostly buy the diesel and gasoline have been unable recently to pay for the supplies -- CNPC normally requires upfront payments, the source said. Reuters was unable to determine if the agents have started facing credit problems with Chinese and international banks worried about sanctions compliance issues. Two other sources briefed about CNPC''s decision confirmed the suspension of diesel sales, but did not know directly about the gasoline move. The three people declined to be named due to the sensitivity of the matter and are not authorised to speak to the media. PRICES SURGE IN NORTH Last year, China shipped just over 96,000 tonnes of gasoline and almost 45,000 tonnes of diesel worth a combined $64 million to North Korea, where it is used across the economy from fishermen and farmers to truckers and the military. Most of that was sold by CNPC, which has grown over the past two decades to dominate China''s energy trade with Pyongyang. Data for May released on Friday showed China supplied significantly lower volumes of diesel and gasoline compared with a month earlier, although monthly tonnages can vary widely. June data will be released in late July. Fuel prices in North Korea, meanwhile, have sharply risen in recent months, suggesting a tightening in supply. A Reuters analysis of data collected by Daily NK showed the price of gasoline sold by private dealers in Pyongyang and the northern border cities of Sinuiju and Hyesan had hit $1.46 per kg on June 21, up almost 50 percent from April 21. Until then, they had remained relatively stable since late last year. Diesel prices averaged $1.20 per kg as of June 21, more than double over the same period, according to Daily NK, a website run by defectors who collect prices via phone calls with North Korean fuel traders. U.S SCRUTINY North Korea''s unprecedented pace of nuclear and ballistic missile tests has prompted China, which handles 90 percent of North Korea''s trade, to start squeezing Pyongyang. In February, Beijing suspended coal purchases until the end of the year, cutting off North Korea''s main export revenue source. In 2016, North Korea sold 22.5 million tonnes of coal to China, worth about $1.9 billion (1.48 billion pounds), according to Chinese customs. The United States has pressed China to exert more economic and diplomatic pressure on North Korea, but Beijing has said its influence on North Korea is limited and it is doing all it can. President Donald Trump, frustrated over Beijing''s inaction on North Korea and bilateral trade issues, is now considering possible trade actions against China, three senior administration officials told Reuters on Tuesday. The sources in China saw no sign yet that Beijing is cutting crude oil to Pyongyang. China has not disclosed its crude exports to North Korea for several years, but industry sources say it supplies via an ageing pipeline about 520,000 tonnes of crude a year to North Korea, worth about $170 million at current market prices. North Korea imports all its oil needs, mostly from China and a much smaller amount from Russia. (Reporting by Chen Aizhu in BEIJING; additional reporting by Heekyong Yang; in SEOUL and Lusha Zhang in BEIJING; Editing by Josephine Mason and Bill Tarrant) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-china-northkorea-oil-exclusive-idUKKBN19J04V'|'2017-06-28T09:25:00.000+03:00'
'b99e9c70c54842f838bc9f30dac08379697ad29f'|'Euro zone household lending at fresh post-crisis high - ECB'|'Business  41am BST Euro zone household lending at fresh post-crisis high - ECB FRANKFURT Growth in bank loans to euro zone households rose to a post-crisis high in May while a key money supply indicator, which often predicts future economic activity, rose slightly, fresh data from the European Central Bank showed on Wednesday. Lending to households, driven almost entirely by mortgage lending, grew by 2.6 percent in May, picking up from 2.4 percent a month earlier and hitting its highest pace since March 2009. While this pace of growth was less than half of the pre-crisis level, it still suggested that the ECB''s cheap cash was making its way to the real economy, even if slower than the bank had originally hoped. Corporate lending in the 19-country currency bloc grew by 2.4 percent in May, unchanged from the previous month. The annual growth rate of the M3 measure of money circulating in the euro zone, which has in the past often predicted economic activity, rose to 5.0 percent last month from 4.9 percent in April and in line with expectations for 5.0. percent in a Reuters poll. (Reporting by Balazs Koranyi and Francesco Canepa)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-eurozone-lending-ecb-idUKKBN19J0UP'|'2017-06-28T11:41:00.000+03:00'
'359a3f4b2895c46edd1d42fa70331acdb0913b8c'|'Edinburgh Airport hit by power outage, some flights disrupted'|'Big Story 10  58am EDT Edinburgh Airport hit by power outage, some flights disrupted An aircraft lands at Edinburgh Airport in Scotland April 23, 2012. REUTERS/David Moir LONDON Scotland''s Edinburgh Airport said on Wednesday it had been hit by a power outage, disrupting some flights and forcing passengers to queue in the dark. "Everything that needs power is down, from coffee machines to security machines," a spokesman said. He added that some flights had been disrupted but were starting to return to normal. The airport said it was working to fix the problem. (Reporting by Alistair Smout; editing by Kate Holton)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-britain-airports-edinburgh-idUSKBN19J0WN'|'2017-06-28T11:53:00.000+03:00'
'da90448806cb270d0915d89b4d9a0a21bd8bd18b'|'UPDATE 1-Home Credit''s Russian bank restores some systems after cyber attack'|'Market News  07am EDT UPDATE 1-Home Credit''s Russian bank restores some systems after cyber attack (Updates after most systems back online) MOSCOW, June 28 The Russian consumer lending arm of Czech group Home Credit said on Wednesday that most of its systems were back online after being hit by a cyber attack. The bank was one of several victims caught up in a global cyber attack on Tuesday, which infected computers at Russia''s biggest oil company, Ukrainian banks and multinational firms. Home Credit earlier said it had suspended work on its IT systems until an investigation into "non-standard network behaviour" had been completed. "The restoration of banking systems cannot be carried out immediately - this takes time," a spokeswoman said. She said no customer data were lost and banking and payments were not affected because they do not run on standard operating systems. A Home Credit employee told Reuters on Tuesday the bank had closed all of its Russian branches because of the cyber attack. The spokeswoman said cash machines, call centre and mobile bank were working as normal in Russia. (Reporting by Kira Zavyalova, Jack Stubbs and Alexander Winning, editing by Louise Heavens; Editing by)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/cyber-attack-homecredit-russia-idUSL8N1JP36S'|'2017-06-28T16:07:00.000+03:00'
'b34b5e56a0c9d7f23569f069fbcf077ee75f3b0b'|'EU antitrust chief to speak at 1100 BST on competition case'|' 29am BST EU antitrust chief to speak at 1100 BST on competition case left right A Google logo is seen in a store in Los Angeles, California, U.S., March 24, 2017. REUTERS/Lucy Nicholson 1/2 left right European Competition Commissioner Margrethe Vestager holds a news conference at the EU Commission''s headquarters in Brussels, Belgium March 13, 2017. REUTERS/Francois Lenoir 2/2 BRUSSELS European Competition Commissioner Margrethe Vestager will hold a news conference on a competition case at 1200 CET (11 BST), the European Commission said on Tuesday, with sources saying she would announce her verdict on a case concerning Alphabet''s Google. EU antitrust regulators are likely to impose a record fine on Google over its shopping service as soon as Tuesday, two people familiar with the matter said on Monday, concluding one of three cases against the company. [nL8N1JN3W2] (Reporting by Robert-Jan Bartunek; editing by Foo Yun Chee)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/eu-google-antitrust-idUKKBN19I0YH'|'2017-06-27T17:29:00.000+03:00'
'07d116bcf3d64a57069391d3debad93e3e254df4'|'Nissan says CEO Ghosn''s salary rose 2.5 percent last year'|'Autos   3:17am BST Nissan says CEO Ghosn''s salary rose 2.5 percent last year Carlos Ghosn gestures during a news conference at a hotel in Bangkok, Thailand, April 26, 2017. REUTERS/Chaiwat Subprasom YOKOHAMA Nissan Motor Co ( 7201.T ) on Tuesday said it paid CEO Carlos Ghosn 1.098 billion yen (£8 million) in the year ended March, up 2.5 percent from the previous year. Ghosn, one of the best-paid auto executives, received a separate salary of 7.06 million euros ($7.89 million) last year as CEO of Renault SAC ( RENA.PA ), Nissan''s automating alliance partner. Ghosn stepped down as Nissan CEO at the end of March, but remains chairman of the Japanese company. He will also earn salaries for his positions as chairman and CEO of Renault, and as chairman of Mitsubishi Motors Corp ( 7211.T ), the newest member of the alliance. (Reporting by Naomi Tajitsu; Editing by Stephen Coates)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-nissan-ghosn-salary-idUKKBN19I086'|'2017-06-27T10:17:00.000+03:00'
'b605edde9086c93cd1c8c292c5596de7a7580403'|'Russia''s Rosneft to open trading office in Singapore - paper'|'Business News - Tue Jun 27, 2017 - 8:12am BST Russia''s Rosneft targets bigger gas output, lower costs Rosneft Chief Executive Igor Sechin speaks during a session of the St. Petersburg International Economic Forum (SPIEF), Russia, June 2, 2017. REUTERS/Sergei Karpukhin MOSCOW Russia''s Rosneft ( ROSN.MM ) aims to become the world''s third largest gas producer and as cost-effective as Saudi Aramco, the chief executive of the world''s top listed oil producer by volume wrote in an article published on Tuesday. "We must find the tools which will allow us to increase the efficiency of the company at all stages of the production chain - from oil and gas exploration to retail sales of oil products," CEO Igor Sechin wrote in the Izvestia daily newspaper. Rosneft last year became Russia''s largest independent gas producer and ranked sixth among global, listed gas producers, Sechin said. "Our task is to become the world''s third largest (listed gas producing) company by the start of the next decade, to raise gas output to 100 billion cubic metres by 2020 and our share on the Russian market to 20 percent," he said. The company will work to achieve production costs in line with those of Saudi Aramco in the long term, he wrote. If oil prices stay at $40 per barrel for a prolonged period, half of global oil production would become loss-making, including in Brazil and Canada, with shale oil producers also likely to face "difficulties", Sechin wrote. "Only producers from Russia, Saudi Arabia, as well as a number of efficient projects in the United States, Iran and in some other countries with relatively low production costs are able to remain steady at low oil prices," he wrote. "All other producers will have to go." Rosneft plans to open a trading office in Singapore, Sechin added. Sechin, a close ally of Russian President Vladimir Putin, said last week that Rosneft was working on a new strategy which it would present by the end of this year. By applying new technologies, Rosneft aims to increase oil output by a total of 500 million tonnes in the next 20 years, Sechin said. (Reporting by Vladimir Soldatkin; writing by Katya Golubkova and Dmitry Solovyov; editing by Himani Sarkar and Jason Neely) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-russia-rosneft-singapore-idUKKBN19I0IY'|'2017-06-27T13:48:00.000+03:00'
'9b90151189052f66da4c6702cc726c4f085de743'|'Canada allows Dow, Dupont merger after firms agree to sell assets'|'Deals - Tue Jun 27, 2017 - 7:38pm EDT Canada allows Dow, Dupont merger after firms agree to sell assets left right The Dow logo is seen on a building in downtown Midland, Michigan, in this May 14, 2015 file photograph. REUTERS/Rebecca Cook 1/2 left right The Dupont logo is displayed on a board above the floor of the New York Stock Exchange shortly after the opening bell in New York, U.S. on December 22, 2015. REUTERS/Lucas Jackson/File Photo 2/2 OTTAWA Canada''s Competition Bureau said on Tuesday it would allow a planned merger between DuPont ( DD.N ) and Dow Chemical Co ( DOW.N ) after both firms agreed to dispose of some assets. The announcement is similar to those made by U.S. and European Union regulators, who also allowed the merger to go ahead as long as the firms made divestitures they already have outlined. "The agreement reached today ensures that consumers and businesses continue to benefit from a dynamic marketplace," competition commissioner John Pecman said in a statement. DuPont will sell a significant part of its global herbicides business and research and development branch to FMC Corp ( FMC.N ). Dow will sell its global business of certain specialized plastics products to SK Global Chemical Corp[SKENGC.UL], the Competition Bureau said in a statement. The bureau said the asset sales were needed to prevent a substantial lessening of competition in the supply and development of some crop protection products and specialized packaging plastics. (Reporting by David Ljunggren; Editing by Richard Chang and Sandra Maler) '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-du-pont-m-a-dow-canada-idUSKBN19I2UB'|'2017-06-28T05:13:00.000+03:00'
'5caee5430294c3c877a3666e35d57f338a9621ae'|'Greece says needs to step up privatisations'|' 28am BST Greece says needs to step up privatisations George Chouliarakis arrives for a news conference at the ministry in Athens, Greece May 26, 2016. REUTERS/Alkis Konstantinidis ATHENS Greece needs to step up its privatisation programme, deputy finance minister George Chouliarakis said on Wednesday. Privatisations have been a main pillar of the country''s international bailouts since 2010 but have reaped only 3.4 billion euros in revenues due to political resistance and red tape. "A lot more needs to be done there, especially improving the business environment...be more assertive in advancing for direct investments, in accelerating the base of the privatisation programme," Chouliarakis told a conference in Athens. Greece aims to raise 4.4 billion euros (£3.89 billion)from the programme in 2017-18. Big tickets for this year include the sale of a 66 percent stake in the country''s natural gas grid DESFA and a 67 percent stake in its second biggest port Thessaloniki ( OLTr.AT ). The country''s privatisation agency is also seeking consultants on utilising the state shares in seven major companies, including power utility Public Power Corp. ( DEHr.AT ), Athens International Airport and telecoms operator OTE ( OTEr.AT ). (Reporting by Lefteris Papadimas, writing by Angeliki Koutantou, editing by Ed Osmond)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-eurozone-greece-privatisation-idUKKBN19J0ZU'|'2017-06-28T12:28:00.000+03:00'
'60fe414b3dcc711df63a0bb0977f36d1e566a737'|'Wipro touts U.S. jobs amid visa uncertainty'|'Money News   10:32pm IST Wipro touts U.S. jobs amid visa uncertainty MUMBAI Wipro Ltd, India''s third-largest software services exporter, said on Wednesday that more than half its workforce in the United States consists of locals after it hired more than 1,600 people in the last six months. The statement comes as U.S. President Donald Trump has asked federal agencies to review a visa program that Indian IT firms such as Wipro use to fly engineers to the United States to service clients. A tighter visa regime could force Indian IT companies to step up local hiring in their biggest market, potentially increasing costs and hitting margins. Wipro rival Infosys Ltd last month said it planned to hire 10,000 U.S. workers in the next two years and open four technology centres in the United States. Over the past couple of quarters IT clients slowed down discretionary spending, hitting growth in India''s $150 billion information technology sector. A leading lobby group for India''s IT industry last week forecast that the sector''s export revenues would grow at 7-8 percent for the year to March, as the industry faces continued headwinds from the U.S. market. Wipro said on Wednesday that more than 3,000 locals joined the Bengaluru-headquartered firm in fiscal 2017, increasing its total headcount in the U.S. to 14,000. It is also said it is working on expanding its centres in Tampa and Dallas. "We will continue to build a strong local talent pool with diverse skill sets and make strategic investments in close proximity to our clients to serve them better," Wipro Chief Executive Abidali Neemuchwala said. In a regulatory filing earlier this month, Wipro said "significant developments" under the new U.S. government could pose a risk to its business there. (Reporting by Zeba Siddiqui and Sankalp Phartiyal in Mumbai; Editing by Elaine Hardcastle)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/wipro-ltd-united-states-jobs-idINKBN19J2A0'|'2017-06-28T19:33:00.000+03:00'
'a29cf4c4d52c38bd96f2b6c005b1fd9cdd333bb5'|'Volvo and Autoliv team up with Nvidia for self-driving cars'|'Technology Photos  21am IST Volvo and Autoliv team up with Nvidia for self-driving cars left right A Volvo logo is seen at a car dealership in Vienna, Austria, May 30, 2017. REUTERS/Heinz-Peter Bader 1/2 left right The nVIDIA booth is shown at the E3 2017 Electronic Entertainment Expo in Los Angeles, California, U.S. June 13, 2017. REUTERS/ Mike Blake 2/2 STOCKHOLM Volvo Cars and Swedish car safety supplier Autoliv ( ALV.N ) have signed a deal with U.S. firm Nvidia Corp ( NVDA.O ), best known for its graphics technology in computer games, to develop software systems for self-driving cars. A joint venture between Volvo, owned by China''s Zhejiang Geely Holdings [GEELY.UL], and Autoliv will work with NVIDIA to develop systems that use artificial intelligence to recognize objects around vehicles, anticipate threats and navigate safely. The venture set up last year, called Zenuity, will provide Volvo Cars with self-driving software which Autoliv will also be able to sell to other carmakers. Volvo said it aims to have almost fully autonomous cars for sale by 2021. Volvo has been using Nvidia''s artificial intelligence systems in a pilot of semi-autonomous vehicles in its home town Gothenburg in southern Sweden since the start of the year. Nvidia, which also has partnerships with carmakers Toyota ( 7203.T ), Audi ( NSUG.DE ) and Mercedes, is among the more popular technology partners in the self-driving car race. German carmaker BMW ( BMWG.DE ) has joined forces with U.S. chipmaker Intel ( INTC.O ) and Mobileye ( MBLY.N ), the Israeli vision system and mapping expert, to develop a self-driving platform, which is targeted for production in 2021. U.S. parts maker Delphi Automotive ( DLPH.N ) and tyremaker Continental ( CONG.DE ) has since joined the tie-up. In April, Germany''s Daimler ( DAIGn.DE ) formed a similar alliance with supplier Robert Bosch ROBG.UL to speed development of self-driving vehicles. (Reporting by Simon Johnson; additional reporting by Edward Taylor in Frankfurt; editing by David Clarke)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-volvo-car-nvidia-selfdrive-idINKBN19I0IU'|'2017-06-27T03:51:00.000+03:00'
'd3445b67b968169faf35e61db91ec930612a08c3'|'Exclusive - China''s COFCO likely to sit out global grains race as it digests acquisitions'|'Top  30am BST Exclusive - China''s COFCO likely to sit out global grains race as it digests acquisitions left right The company logo of China Oil and Foodstuffs Corporation (COFCO) is seen at its headquarters in Beijing, China, November 3, 2016. REUTERS/Thomas Peter/File Photo 1/3 left right Grain is loaded onto ships for export at a port on the Parana river near Rosario, Argentina January 31, 2017. REUTERS/Marcos Brindicci/File Photo 2/3 left right A general view shows the headquarters of China Oil and Foodstuffs Corporation (COFCO) in Beijing, China, November 3, 2016. REUTERS/Thomas Peter/File Photo 3/3 By Jonathan Saul , Dominique Patton and Hugh Bronstein - LONDON/BEIJING/BUENOS AIRES LONDON/BEIJING/BUENOS AIRES As the world trade in farm commodities faces a shake-up, one of the groups widely expected to play a leading role - China''s COFCO - will probably have sit out the industry consolidation after all. Sources with knowledge of COFCO''s expansion strategy say the state-run conglomerate is struggling to integrate businesses it bought three years ago, deals which made it a significant global agricultural trader but are now hindering its ability to swoop on rivals. Illustrating the problems, the sources said that at times different arms of the agribusiness had tried to compete against each other in commodity deals. On top of this, several senior staff had recently left its trading operations while a heavy group debt burden presented another impediment to further mergers and acquisitions. "For now, the focus is on reorganisation and digesting the acquisitions," said a COFCO official, who declined to be identified. "Thoughts of further aggressive M&A or building assets are on the backburner for at least a couple of years," the official told Reuters. Spokespeople for COFCO Group and its newly-formed COFCO International trading arm did not respond to requests for comment. One of about 100 conglomerates controlled by China''s central government, COFCO Group has interests that include hotels, real estate and some of China''s leading food and drink brands including GreatWall wine. It trades more than 78 million tonnes of grain a year, according to state media, and in 2014 agreed to buy Dutch grain trader Nidera and the agribusiness of Singapore-listed Noble Group for more than $3 billion. The deals gave COFCO assets in some of the top grain, vegetable oil, sugar and coffee producing regions. They also allowed it to start challenging the "ABCD" quartet of agricultural commodity traders - Archer Daniels Midland (ADM) ( ADM.N ), Bunge ( BG.N ), Cargill and Louis Dreyfus Company - which have long dominated the global business. These firms were once highly profitable but in recent years record stocks of commodities such as corn, soybeans and wheat have sliced margins and dampened trading opportunities. A first sign of sweeping change for the industry emerged last month when Swiss mining and commodities group Glencore Plc ( GLEN.L ) made an informal approach to Bunge to discuss "a possible consensual business combination". While Bunge said it was not engaging in such talks, some kind of industry consolidation seems unavoidable and some people had said Glencore''s move might spur COFCO into M&A action. "For the past year I''ve expected that it would be COFCO that would go after Bunge. This may motivate them further," Jay O''Neil, an agricultural economist at Kansas State University, said last month. Sources familiar with COFCO''s thinking, however, also played down this possibility. "The company has suffered a lot because of the lengthy process of going towards one group," one of the sources said. "It will take some time to repair the damage of the last couple of years." As COFCO Group is a state-owned enterprise, any acquisition would also need Chinese government approval, which could be a lengthy process. COFCO INTERNATIONAL COFCO unveiled its new division, COFCO International, on April 24, bringing together Nidera and its Swiss-based grain arm COFCO Agri under new chief executive Johnny Chi. According to its website, the company aims to expand its business globally and "strengthen worldwide origination, logistics and trading capabilities" supported by COFCO''s unique position in China. The company has increased staff numbers in Geneva, home to COFCO International''s headquarters and the centre of its grains and oilseeds business. Its Rotterdam office separately plays a core role in trading activities. Since the start of the year, COFCO has tried to replace two top officials at COFCO Agri, who sources said left due to disagreements over the direction of the group. Company memos seen by Reuters showed that there has also been a string of departures in recent weeks, including head trader Wolfgang Stiehler, who had joined Nidera only in January this year to provide strategy also. Stiehler did not immediately respond to a Reuters request for comment. Other officials who have left included traders, back office staff and local country managers, the memos showed. A second source said Nidera and COFCO Agri had recently tried to compete for the same grain deal. While the duplication was eventually prevented, there were other similar instances and it was unclear whether those were stopped. "How is this supposed to happen if it''s one company?" the source added. "The transition into a merger is looking more difficult than people thought. The merger is complex and will not be quick," a third source said. Two of the sources said separately that COFCO Agri was still buying grains from bigger rivals such as ADM, even though COFCO International was operational. This was due to the need to hedge deals, or to ensure they are completed promptly, one of the sources said. DEBT AND CASH Another obstacle to more acquisitions is COFCO''s debt and cash position. Data from its results showed the group''s total debt had risen to 51.88 billion yuan (5.96 billion pounds) in 2016 from 50.63 billion yuan the previous year. Separately, the parent group''s cash and cash equivalent position dropped to 1.28 billion yuan in 2016 from 4.13 billion yuan in the previous year. COFCO group''s operating profit fell to 0.85 billion yuan in 2016 from 1.96 billion in 2015. COFCO International''s shareholders also include Singapore state investor Temasek, China-based private equity firm HOPU Investments, Standard Chartered ( STAN.L ) and the World Bank''s private sector investment arm IFC, according to regulatory statements. Temasek, HOPU and Standard Chartered all declined to comment, while COFCO''s investor relations department declined to provide details about the size of shareholdings in COFCO International. An IFC spokesman confirmed it had invested in the company but gave no details of the stake. SOUTH AMERICAN GROWTH Since first investing in Nidera, COFCO has reported several major problems, including a $150 million financial hole in its Latin American operations and $200 million in unauthorised trading losses on its biofuels desk in the region. However, it has also made progress there. Data seen by Reuters showed COFCO, through Nidera''s and Noble Agri''s existing operations, has become the second biggest grain exporter from Argentina, behind Cargill. In Brazil, data showed that COFCO had moved up to the no. 4 grain exporter slot in 2016, ahead of Louis Dreyfus. "It''s a new company with a lot of people coming from other firms," said Joseph Reiner, COFCO International''s Brazil-based global head of coffee. "Growth has to be sustainable, considering resources and results," he told Reuters. COFCO is already gaining prominence in the sugar market. Last month it sold the bulk of sugar - primarily sourced from Brazil - against the May ICE futures raw sugar contract. This was the second-largest delivery against the contract. COFCO is estimated to rank as Brazil''s no. 6 sugar player. Marcelo de Andrade, Sao Paulo-based president of global sugar at COFCO International, said the firm had looked at possible purchases of sugar mills in Brazil "but decided to abort any deals". "At the moment we are not looking (at buying) any more and we are keen to fill as much as possible our current crushing capacity," he told Reuters. (Additional reporting by Gus Trompiz in Paris, Michael Hogan in Hamburg, Karl Plume and Tom Polansek in Chicago, Marcelo Teixeira in Sao Paulo, Nigel Hunt in London and Sumeet Chatterjee in Hong Kong, Editing by Veronica Brown and David Stamp)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-cofco-grains-strategy-exclusive-idUKKBN19H12F'|'2017-06-26T18:30:00.000+03:00'
'e0b07267cb7f70ffa4f66ac1f83f4db73a90ee69'|'Rosneft ready to accept any other adequate collateral from Sistema: RIA'|'Deals - Mon Jun 26, 2017 - 3:13pm EDT Rosneft ready to accept any other "adequate" collateral from Sistema: RIA The logo of Russia''s oil producer Rosneft is seen on a board at the St. Petersburg International Economic Forum 2017 (SPIEF 2017) in St. Petersburg, Russia, June 1, 2017. REUTERS/Sergei Karpukhin MOSCOW Russian oil company Rosneft ( ROSN.MM ) is ready to accept any other "adequate" collateral from Sistema ( SSAq.L ) ( AFKS.MM ) in a legal dispute instead of the shares in some of the assets which have been arrested, RIA newsagency reported on Monday. "Sistema may secure our lawsuit by any other adequate measures," Rosneft spokesman Mikhail Leontyev was quoted as saying by RIA. (Reporting by Anastasia Teterevleva; writing by Katya Golubkova. Editing by Jane Merriman) '|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-russia-sistema-rosneft-assets-idUSKBN19H2CZ'|'2017-06-26T23:13:00.000+03:00'
'5ca68379253d6dc6e11d936346c6baa4a500d83e'|'U.S. says hopes China will approve more GMO corn for import'|'Environment - Tue Jun 27, 2017 - 11:30pm EDT U.S. says hopes China will approve more GMO corn for import BEIJING The United States hopes that more varieties of its genetically modified corn will be approved for import by Beijing, the U.S. ambassador to China said on Wednesday. The comments came after the world''s top grains buyer this month approved two new strains of U.S. genetically modified (GMO) crops for import, from Dow AgroSciences and Monsanto. "We are hopeful that other ... corn traits can also be approved," said Terry Branstad, who arrived in Beijing on Tuesday to take up his post. China does not permit the planting of genetically modified food crops, but does allow some GMO imports for use in animal feed. But getting a new GMO crop variety approved for import typically takes around six years, compared with under three in other major markets, forcing leading agrichemical players to restrict sales during China''s review process. This month''s approvals of new GMO imports follow an agreement by the two nations in May to restart trade in U.S. beef. "We are excited about the trade expansion and the opportunity to ... market American beef here," Branstad said. (Reporting by Michael Martina; Writing by Hallie Gu; Editing by Joseph Radford) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-china-usa-corn-idUSKBN19J09X'|'2017-06-28T11:27:00.000+03:00'
'ebed3795848977289ab6b11be22f54b042797578'|'BRIEF-First Potomac Realty Trust to be acquired by Government Properties Income Trust in all-cash deal valued at $1.4 bln'|'United States  12am EDT BRIEF-First Potomac Realty Trust to be acquired by Government Properties Income Trust in all-cash deal valued at $1.4 bln June 28 First Potomac Realty Trust * First Potomac Realty Trust to be acquired by Government Properties Income Trust in all-cash deal valued at $1.4 billion * First Potomac Realty Trust - First Potomac shareholders to receive $11.15 per share in cash * First Potomac Realty Trust - Transaction, which is valued at $1.4 billion, including assumption of debt, is expected to close prior to year end 2017 * First Potomac Realty Trust - Board of trustees of first potomac has unanimously approved merger agreement, has recommended approval of merger by First Potomac''s shareholders * First Potomac Realty Trust - Transaction is subject to customary closing conditions, including approval by First Potomac shareholders at a special meeting * First Potomac Realty Trust - Wells Fargo Securities / Eastdil secured is acting as exclusive financial advisor to First Potomac  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-first-potomac-realty-trust-to-be-a-idUSFWN1JP05F'|'2017-06-28T13:12:00.000+03:00'
'f9cdc8a6e140cb9d36854e1e3296cfe18c900f25'|'MSC says working on sharing data after Maersk cyber attack'|'LONDON, June 28 Swiss container line MSC (Mediterranean Shipping Company) is working with vessel-sharing partner Maersk to find ways to share data after a cyber attack on the Danish company, MSC said on Wednesday.MSC said it was prepared to divert ships away from affected Maersk terminals."We are working together to find other means to transmit data between the two companies. This includes ... customs information," MSC said in a statement, adding that it had not experienced any cyber attack on its own operations.Maersk and MSC are the world’s top two container shipping lines. (Reporting by Jonathan Saul; editing by Jason Neely)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/cyber-attack-msc-idINL8N1JP21B'|'2017-06-28T08:23:00.000+03:00'
'390027f4611a82a2a8791e70d665a667cbdb7e14'|'Alibaba-backed Best files for $750 million U.S. IPO'|'Best Inc, a Chinese logistics company backed by Alibaba Group Holding Ltd ( BABA.N ), on Monday filed for an initial public offering of American depositary shares to raise up to $750 million.Hangzhou-based Best Inc was founded by Shao-Ning Johnny Chou, a former Greater China president of Google.Alibaba owns about 23.4 percent stake in the company.Best Inc generates most of its revenue from order fulfillment services and transportation services. It also provides delivery for business-to-business convenience stores.The company said it incurred a net loss of 422.8 million yuan ($61 million) for the three months ended March 31.Best will apply for listing its ADSs on the NYSE or the Nasdaq Global Market, the company said. ( bit.ly/2sI6hWO )Citigroup, Credit Suisse, Goldman Sachs, J.P. Morgan, Deutsche Bank are the underwriters for the IPO.The amount of money a company says it plans to raise in its first IPO filings is used to calculate registration fees. The final size of the IPO could be different.(Reporting By Aparajita Saxena in Bengaluru; Editing by Sriraj Kalluvila)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-best-inc-ipo-idINKBN19H17U'|'2017-06-26T09:34:00.000+03:00'
'99cced6765da1586080902395144739ac498637a'|'Japan regional banks face further delays in merger plans'|'By Takahiko Wada and Sumio Ito - TOKYO TOKYO A proposed merger between two banks in southern Japan will likely be delayed for a second time over monopoly concerns, sources said, highlighting the difficulty regional banks face in trying to consolidate to survive the shrinking market.Last year, the largest banking group on the island of Kyushu, Fukuoka Financial Group Inc ( 8354.T ), said it wanted to buy local rival Eighteenth Bank ( 8396.T ). It intended to merge it with Shinwa Bank, which it already controlled.But Japan''s Fair Trade Commission objected because the merged entity would control an unprecedented level of about 70 percent of loans in Nagasaki prefecture. The FTC argued the merger would undermine competition and lead to higher interest rates, poorer service and branch closures in remote areas.To overcome the objections, Shinwa Bank and Eighteenth Bank had been preparing to sell loans to other banks, but three officials familiar with the matter said reaching the target would be difficult. One official said the banks were not expected to sell enough loans to satisfy the FTC.Japan''s 100-plus regional banks have struggled, particularly in rural areas, as the country''s dwindling population has led to weaker loan demand. Wafer thin lending margins under the Bank of Japan''s negative rates policy has also squeezed profitability.To survive, some have tried to merge with neighboring rivals, but so far the sector has remained largely unchanged even as big city banks have contracted from 21 to three "megabanks" over the past 20 years.As of May, regional banks held about 235 trillion yen ($2.12 trillion), or 53 percent, of Japan''s outstanding bank loans of 447 trillion yen.Fukuoka Financial Group''s president said earlier this month that he still hoped to complete the merger by October. A spokesman said the bank would have to decide in July whether to delay the transaction.“We are making our best efforts to complete the merger of our operations with Fukuoka Financial by October," said a spokesman at Eighteenth Bank, who asked not to be identified.But another official familiar with the dealings said it would be "very difficult" to complete the merger by October.Elsewhere, two smaller banks in Niigata prefecture Sea of Japan coast, Daishi Bank Ltd ( 8324.T ) and Hokuetsu Bank Ltd ( 8325.T ), agreed to merge and are awaiting authorities'' approval.(Writing by Junko Fujita; editing by Malcolm Foster, Simon Cameron-Moore and Neil Fullick)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-japan-regional-banks-idINKBN19G0YE'|'2017-06-26T01:38:00.000+03:00'
'85691689538dc9d8b49024c109bbe7d70b3751fc'|'Western Digital won''t consent to SK Hynix participation in Toshiba chip unit sale'|'Business News - Mon Jun 26, 2017 - 11:12am BST Western Digital won''t consent to SK Hynix participation in Toshiba chip unit sale A Western Digital office building under construction is shown in Irvine, California, U.S., January 24, 2017. REUTERS/Mike Blake/File Photo TOKYO Western Digital Corp ( WDC.O ) has told Toshiba Corp ( 6502.T ) that it will not agree to a sale of the Japanese conglomerate''s prized memory chip unit to a preferred bidding consortium that includes rival chipmaker SK Hynix Inc ( 000660.KS ). Western Digital, which jointly runs Toshiba''s main semiconductor plant, has been feuding bitterly with its Japanese partner over the $18 billion sale and has sought a U.S. court injunction to prevent any deal that does not have its consent. "I must make it clear that Western Digital will not consent to a transaction with the proposed consortium," CEO Stephen Milligan said in a letter sent to Toshiba''s board. The June 25 letter, seen by Reuters on Monday, said that SK Hynix''s participation in a consortium purchasing Toshiba''s interests in their joint ventures "increases the likelihood of technology leakage and harm to the JVs going forward." Toshiba last week chose a consortium of Bain Capital and Japanese government investors as preferred bidder for the unit, the world''s No. 2 producer of NAND flash chips. The South Korean chipmaker, which is relatively weak in NAND flash memory chips, will provide half of the 850 billion yen ($7.6 billion) that Bain plans to put up in the form of financing, sources have said. Toshiba CEO Satoshi Tsunakawa told a news conference on Friday that SK Hynix would not be holding any equity and would not be involved in management - an arrangement that was unlikely to raise regulatory red flags and would prevent leaks of key technology information. Toshiba is rushing to clinch an agreement by June 28, the day of its annual shareholders meeting. (Reporting by Makiko Yamazaki; Editing by Edwina Gibbs) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-toshiba-accounting-idUKKBN19H11F'|'2017-06-26T18:12:00.000+03:00'
'09e23f16ee4f804eb01a50a26eed04c1ff55a2ae'|'Private U.S. property insurers have highest Q1 catastrophe losses since 1994 quake'|'Market News  44am EDT Private U.S. property insurers have highest Q1 catastrophe losses since 1994 quake June 26 Private U.S. property casualty insurers suffered $7.3 billion in catastrophe losses during the 2017 first quarter, the worst such quarter since the 1994 earthquake in Northridge, California, a data company and trade group said on Monday. Net income for the sector plunged by 42.2 percent, to $7.7 billion from $13.4 billion for the prior year quarter, said ISO, a Verisk Analytics Inc and the Property Casualty Insurers Association of America (PCI). Catastrophe losses totaled $2.3 billion more than in the prior year quarter, they said. (Reporting by Suzanne Barlyn)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-insurance-catastrophe-idUSL1N1JN0OS'|'2017-06-26T23:44:00.000+03:00'
'803bf1bc73b2ad73be27c96c2a1ebb495ed5b99b'|'Clogged oil arteries slow U.S. shale rush to record output'|'Business News - Mon Jun 26, 2017 - 6:28am BST Clogged oil arteries slow U.S. shale rush to record output left right A pumping station owned by Tallgrass Energy is pictured in Guernsey, Wyoming, U.S. on January 17, 2017. Picture taken on January 17, 2017. REUTERS/David Gaffen 1/4 left right An interior of a pumping station owned by Tallgrass Energy is pictured in Guernsey, Wyoming, U.S. on January 17, 2017. Picture taken on January 17, 2017. REUTERS/David Gaffen 2/4 left right FILE PHOTO -- Pipes transport refined product to storage tanks at the Buckeye Partners'' Laurel Pipeline terminal in Pittsburgh, Pennsylvania, U.S. May 1, 2017. REUTERS/Jason Cohn/File Photo 3/4 left right A pumping station owned by Tallgrass Energy is pictured in Guernsey, Wyoming, U.S. on January 17, 2017. Picture taken on January 17, 2017. REUTERS/David Gaffen 4/4 By David Gaffen - GUERNSEY, WYOMING GUERNSEY, WYOMING A gallon of gasoline that allows a driver on the U.S. East Coast to travel about 25 miles has already navigated thousands of miles from an oil field to one of the world''s largest fuel markets. If its last stop is one of the region''s struggling refineries - an increasingly unlikely prospect - the crude used to produce the gas would have probably arrived by tanker from West Africa. That''s because the region''s five plants have no pipeline access to U.S. shale fields or Canada''s oil sands. Or the journey to an East Coast gas pump might start instead in North Dakota''s Bakken shale fields - which means it could take up to three months, including a stop at a Gulf Coast refinery. The same trip would have been even longer a month ago, before the opening of the controversial Dakota Access Pipeline. That line was nearly derailed last year by protesters. Its arduous path to approval provides one case study in the oil industry''s struggle to open up a bottleneck holding back resurgent domestic oil production - an outmoded U.S. distribution system. The equally divisive Keystone XL pipeline provides a more poignant example: First proposed in 2008 to connect Canada''s oil sands to Gulf Coast refineries, the line may now never get built - despite the enthusiastic backing of U.S. President Donald Trump. As permitting dragged on for years, oil prices crashed, dimming the prospects for investment in the oil sands. Top firms have since written down or sold off billions of dollars in Canadian production assets and decamped for U.S. shale fields. Pipeline construction often lags production booms by years - if proposed lines are built at all - because of opposition from environmentalists and landowners, topographic obstacles, and permitting and construction challenges. That forces drillers to limit output or ship oil domestically, usually by rail - which is more costly and arguably less safe. The crimped production, in turn, costs the economy jobs, keeps prices higher for consumers and stymies the nation''s long-held geopolitical goal of reducing dependence on foreign oil. Obstacles to pipeline construction are coming into sharp focus as resurgent shale firms, after a two-year downturn, are now on pace to take domestic crude oil output to a record in 2018, surpassing 10 million barrels per day (bpd), according to the U.S. Energy Department. That would top the previous peak in the early 1970s and challenge Russia and Saudi Arabia for the title of top global producer. OBSTACLE TO ''ENERGY INDEPENDENCE'' To transport all that oil from central shale regions such as Texas and North Dakota to the East Coast, the U.S. relies largely on pipelines built decades ago. The industry has retooled many old oil arteries, and the resulting patchwork often offers a convoluted route. "It''s a hodge-podge way of doing it," said Tricia Curtis, oil analyst at Petronerds, a consultancy based in Denver. U.S. Interior Minister Ryan Zinke wants the nation to become the dominant global energy player, and is considering opening more federal lands - such as national parks and Native American reservations - to fossil fuel development. He also aims to lift restrictions on offshore drilling. That''s a new twist on achieving "energy independence," an elusive, almost mythical goal that''s been a standby of U.S. political dialogue over the half century since Richard Nixon was president. Surging shale has reduced import dependence, but achieving anything approaching "independence" would require an overhaul of the nation''s pipeline network - including construction of the kind of projects that face bleak prospects because of political opposition and geographic realities. About half of U.S. petroleum consumption is on the East and West Coasts, while the large expanse in the middle of the country accounts for 93 percent of crude output in the lower 48 states. The challenges to building new pipelines are likely to keep the East and West Coast markets - where most Americans live - dependent on imported oil, said Doug Johnson, vice president at Tallgrass Energy Partners ( TEP.N ), which operates pipelines and storage facilities in the central and western United States. The Rocky Mountains makes construction to much of the West Coast impossible, as does difficult topography and dense population on the East Coast. "Moving new pipelines through those areas is very, very challenging," Johnson said. Tallgrass''s Pony Express line kicks off in Guernsey, Wyoming, a small town of 1,000 near the historic Oregon Trail Ruts. It''s one small example of the industry''s history of repurposing old lines. Originally built as a crude line in 1954, it was converted to a natural gas line in 1997, then changed back into a crude line in 2014. "This thing is like the cat with nine lives," Johnson said. NO DIRECT LINE Building pipelines from faraway oil fields such as the Bakken directly to the densely populated East Coast would be a boon to energy firms and consumers. But it won''t happen, said Sandy Fielden, an analyst at Morningstar. "That flies in the face of NIMBY," he said, referring to the ''not in my backyard'' political resistance to construction. "Pipelines being built across New Jersey is not considered to be a practical proposition." Resistance to new pipelines in the Northeast has led firms to battle for control of existing lines. Midwest refiners are clashing with East Coast refiners over a proposal to reverse the flow of fuels on a Pennsylvania pipeline that transports refined products from east to west. Midwest refiners - who can access Dakota and Canada crudes, unlike their East Coast competitors - want that flow reversed to give them access to gasoline markets further east. In at least one case, pipeline protesters are demanding the removal of an existing line. A 60-year-old Enbridge Line in Wisconsin and Michigan, an essential artery of oil from Canada, has come under fire from opponents of varying political stripes. Environmentalists call the current pipeline network strong enough. They argue the country needs to look toward renewable energy sources rather than expanding climate-damaging oil-and-gas development. Another environmental threat comes from an irony of the patchwork of U.S. pipelines - that the network is both over-subscribed and yet, in places, underused. Because many arteries travel similar routes, they duplicate one another and often can''t operate at full capacity. That raises the prospect of damaging leaks that go unnoticed by automated detection systems that require highly pressurized lines to function, said Anthony Swift, a director at the National Resources Defense Council. One bright spot for firms that already own pipelines: It''s far easier, politically and logistically, to expand a line than to build a new one - making existing lines increasingly valuable. But in the long term, the U.S. will struggle to boost production without new pipelines that serve key consumer markets, said Tad True, president and CEO of Casper, Wyoming-based True Companies, a private pipeline owner. "One of the successes of this country was based on access to cheap energy," he said. "The continued success of the United States depends on continued access to cheap energy." Graphic: Major U.S. crude pipelines - tmsnrt.rs/2sz7lfC (Editing by Simon Webb and Brian Thevenot) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-usa-pipelines-analysis-idUKKBN19H0F4'|'2017-06-26T13:28:00.000+03:00'
'e026fcfb56b8ae46ab6cb4a9e24008af6f007577'|'GM expects charge from its sale of Opel to reach $5.5 billion'|'Autos - Mon Jun 26, 2017 - 9:13pm BST GM lowers outlook for U.S. 2017 new vehicle sales The GM logo is seen at the General Motors Assembly Plant in Valencia, Venezuela April 21, 2017. REUTERS/Marco Bello By Nick Carey and Joseph White - DETROIT DETROIT General Motors Co ( GM.N ) now expects U.S. new vehicle sales in 2017 will be in the "low 17 million" unit range, reflecting a widespread expectation that the industry is headed for a moderate downturn, a top executive said on Monday. "The market is definitely slowing … it’s something we are going to monitor month to month," Chief Financial Officer Chuck Stevens told analysts on a conference call. "Pricing is more challenging." U.S. new vehicle sales hit a record of 17.55 million units in 2016 after a boom that began in 2010. A glut of nearly-new used vehicles is expected to undermine sales this year. Major automakers have reported sales declines for the past three months. GM had previously announced it expected 2017 new vehicle sales in the "mid-17 million" unit range. Stevens told analysts that sales could fall by 200,000 to 300,000 units this year but that the automaker had "somewhat insulated" itself from a downturn by reducing fleet sales, which lower vehicles'' residual values. "We are going to remain disciplined from a go-to market perspective," Stevens said. He reiterated the company''s target to bring U.S. inventories of its vehicles down to 70 days'' supply by December from 110 days in June. GM also expects a higher-than-expected charge for its sale of Opel to Peugeot SA (PSA) PEUPP.PA to reach $5.5 billion (4.32 billion pounds) versus its previous estimate of $4.5 billion due to additional costs associated with the deal. The company plans to issue $3 billion in short-term debt to cover pension liabilities that PSA will assume in order to finalise the transaction quickly, GM''s CFO said. (Reporting by Nick Carey; Editing by Leslie Adler and Tom Brown)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-autos-gm-opel-idUKKBN19H2DZ'|'2017-06-27T03:39:00.000+03:00'
'c0bf445575040610c306ac070669efbb4faf8828'|'Meat processor reaches deal with ABC in ''pink slime'' defamation case'|'Business News  29pm EDT Meat processor settles with ABC in ''pink slime'' defamation case FILE PHOTO: Lean, finely textured beef (LFTB) is produced at the Beef Products Inc (BPI) facility in South Sioux City, Nebraska November 19, 2012. REUTERS/Lane Hickenbottom/File Photo Beef Products Inc has settled its closely watched defamation lawsuit against the ABC television network over news reports on its processed beef product that critics dubbed "pink slime," both companies said on Wednesday. Terms of the settlement, which also covered BPI''s claims against ABC reporter Jim Avila, were not disclosed. Privately-held BPI had claimed that ABC, a unit of Walt Disney Co ( DIS.N ), and Avila defamed the company by calling its processed beef product “pink slime” and making errors and omissions in a series of 2012 reports. BPI attorney Dan Webb told Reuters the settlement came together "quickly this week," but declined to provide details, citing a confidentiality agreement signed by both parties. The settlement came 3-1/2 weeks after the trial in the case got under way in Elk Point, South Dakota. BPI is based in Dakota Dunes, South Dakota. ABC said in a statement that it stood by its reporting. Avila said after the case was settled that the company was not retracting his stories or apologizing, and his 2012 "pink slime" reports remained on the ABC News website. BPI''s signature product, commonly mixed into ground beef, is made from beef chunks, including trimmings, and exposed to bursts of ammonium hydroxide to kill E. coli and other contaminants. A former microbiologist with the U.S. Department of Agriculture is credited with having coined the term "pink slime." "While this has not been an easy road to travel, it was necessary to begin rectifying the harm we suffered as a result of what we believed to be biased and baseless reporting in 2012," BPI said in a statement. "Through this process, we have again established what we all know to be true about Lean Finely Textured Beef: it is beef, and is safe, wholesome, and nutritious." ABC maintains its reports were correct and has said its reporting deserved protection under the U.S. Constitution''s First Amendment, which guarantees freedom of speech and the press. "Throughout this case, we have maintained that our reports accurately presented the facts and views of knowledgeable people about this product," ABC said in a statement, saying that it agreed to the settlement because "continued litigation of this case is not in the company''s interests." Dane Butswinkas, an attorney for ABC and Avila, did not immediately respond to request for comment. "We''re not retracting anything. We''re not apologizing for anything," Avila told reporters outside of the Union County Courthouse where the trial was being held, in a report posted on the website of the local NBC affiliate. The trial had been expected to last eight weeks. BPI had claimed up to $1.9 billion in damages, which could have been tripled to $5.7 billion under South Dakota''s Agricultural Food Products Disparagement Act. During its reports, ABC used the term "pink slime" more than 350 times across six different media platforms including TV and online, Webb said during opening statements on June 5. In the aftermath of ABC''s broadcasts, BPI closed three of its four processing plants and said its revenue dropped 80 percent to $130 million. The company had around 1,300 employees before the reports. Some 700 were let go shortly after, Erik Connolly, a BPI attorney, told Reuters on Wednesday. "If inaccurate information is being put out there by a news organization, particularly one with a powerful reach, it can cause tremendous damage," he said. "There are real consequences to that for real people." Attorneys for ABC countered in opening arguments that the term was commonly used before ABC''s reports and said that BPI''s business was already suffering. (Reporting by Timothy Mclaughlin in Chicago; Additional reporting by Jonathan Stempel in New York; Editing by Noeleen Walder and Leslie Adler)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-abc-pinkslime-idUSKBN19J1W9'|'2017-06-28T17:04:00.000+03:00'
'f192dce35df0ffdbe1da68630a22279c62298c0f'|'Gold prices firm on weaker dollar, equities'|'By Peter Hobson - LONDON LONDON Gold prices rose on Wednesday as the dollar weakened and stock markets fell after a delayed U.S. healthcare bill increased doubts about President Donald Trump''s ability to pass economic stimulus measures.The dollar sank to its lowest since November as Japan''s yen strengthened and the euro hit a one-year high when European Central Bank President Mario Draghi hinted that stimulus could be trimmed this year.A weaker dollar makes dollar-denominated bullion cheaper for holders of other currencies and can increase demand.Spot gold was up 0.5 percent at $1,252.65 an ounce at 1159 GMT, while U.S. gold futures were 0.5 percent higher at $1,253.10 an ounce.Gold prices have been held down in recent months as stock markets rose and hit record highs in the United States and Britain, offering better investment returns.But the risk of a deeper stock market correction meant investors now wanted to keep their gold, said Ole Hansen, head of commodities strategy at Saxo Bank."With the selling appetite fading, it gives some room to the upside," he said.Stock investors were also on edge after U.S. Federal Reserve Chair Janet Yellen said on Tuesday shares may be overvalued, said Hansen.However, Draghi''s comments on ECB stimulus caused investors to sell bonds, driving yields higher and limiting the appeal of non-yielding bullion.On the technical side, gold rose above its 100-day moving average. Fibonacci resistance was at $1,255.20, analysts at ScotiaMocatta said in a note."Expect to see prices perking up heading into the latter part of the week, especially if the combination of a weaker dollar and U.S. equity markets stays with us for a little while longer," said INTL FCStone analyst Edward Meir in a note.In other precious metals, spot silver was up 1 percent at $16.84 an ounce.Platinum was 0.6 percent higher at $922.10, and palladium was up 0.3 percent at $860.40.The platinum market was heading for a third year of global surplus in 2017 as demand from the auto and jewellery sectors weakened, consultancy CPM Group said in a report. It also said a surplus was expected in the palladium market.(Additional reporting by Vijaykumar Vedala and Nithin Prasad; Editing by Adrian Croft and Elaine Hardcastle)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/global-precious-idINKBN19J05Y'|'2017-06-28T09:30:00.000+03:00'
'88cd8ca84be652ae9019ff6cb32d340cb86ed0c6'|'Nissan’s premium brand Infiniti courts NBA’s Stephen Curry'|'BEIJING Japanese automaker Nissan Motor Co Ltd''s premium brand Infiniti will announce a marketing agreement with U.S. basketball star Stephen Curry on Wednesday, according to a company statement seen by Reuters.In his first campaign for the company, the point guard for NBA champions the Golden State Warriors would feature in advertisements for the redesigned Infiniti Q50 flagship sports sedan, due for a launch around the world from August, the statement said.The campaign including television would be rolled out in the United States, China and other markets to coincide with the launch. Nissan is expected to publicly announce the campaign later on Wednesday."The U.S. is our biggest market and China is our biggest growth market, so partnering with Mr. Curry ... is a great way to reach consumers around the world in an authentic way,” said Roland Krueger, head of Infiniti, in a statement.Curry has won two NBA Championships with the Golden State Warriors. He is a two-time NBA Most Valuable Player, four-time NBA All-Star and the NBA leading scorer in 2016. Curry was also named the Associated Press Male Athlete of the Year in 2016.For the Chinese market, where Infiniti lags far behind Germany’s three main premium brands BMW, Audi ( VOWG_p.DE ) and Mercedes-Benz, as well as its home-market rival Lexus, the Japanese premium brand is expected to launch a long-wheel-base version of the new sedan.Infiniti last year sold more than 76,000 Q50 cars globally. It sold about 44,000 in the United States and 19,000 in China.(Reporting by Norihiko Shirouzu in Beijing; Editing by Stephen Coates)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-autos-nissan-infiniti-idUSKBN19J0XD'|'2017-06-28T12:02:00.000+03:00'
'fe11e53d8c44423c06ed2ab8d202d5883f448190'|'French experts confirm that EDF''s Flamanville reactor can start up - source'|' 36am BST French experts confirm that EDF''s Flamanville reactor can start up - source left right FILE PHOTO: Workers are seen on the construction site of the third-generation European Pressurised Water nuclear reactor (EPR) in Flamanville, France, November 16, 2016. REUTERS/Benoit Tessier/File Photo 1/5 left right FILE PHOTO: A general view of the construction site of the third-generation European Pressurised Water nuclear reactor (EPR) in Flamanville, France, November 16, 2016. REUTERS/Benoit Tessier/File Photo 2/5 left right FILE PHOTO: An EDF worker is seen on the construction site of the third-generation European Pressurised Water nuclear reactor (EPR) in Flamanville, France, November 16, 2016. REUTERS/Benoit Tessier/File Photo 3/5 left right FILE PHOTO: An EDF worker is seen on the construction site of the third-generation European Pressurised Water nuclear reactor (EPR) in Flamanville, France, November 16, 2016. REUTERS/Benoit Tessier/File Photo 4/5 left right FILE PHOTO: An EDF employee stands in front of the construction site of the third-generation European Pressurised Water nuclear reactor (EPR) in Flamanville, France. November 16, 2016. REUTERS/Benoit Tessier/File Photo 5/5 By Geert De Clercq - PARIS PARIS EDF''s ( EDF.PA ) nuclear reactor in Flamanville, north-western France, can start up despite weak spots in its steel, a group of experts said, confirming the nuclear regulator ASN''s recommendation, a source familiar with the situation said. The group, charged with reviewing the ASN''s report into the reactor, agreed with its conclusion that EDF will have to consider replacing the cover of the new reactor vessel in a few years if it is not able to implement additional tests required by the ASN. The group''s non-binding recommendation - which will be used by the ASN to formulate a final ruling on Flamanville this autumn - is expected to be published by the ASN later this week. The source also said that representatives of EDF told the group of experts that it had started a procedure to order a new cover for the reactor from Areva ( AREVA.PA ), which has designed the reactor. The new piece would be forged by Japan Steel Works ( 5631.T ) and tooled by Areva. EDF plans to build two of the same Areva-designed European Pressurized Reactor (EPR) models as Flamanville in Hinkley Point, Britain. EDF and ASN declined to comment. (Additional reporting by Benjamin Mallet, editing by Louise Heavens)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-edf-flamanville-idUKKBN19J10E'|'2017-06-28T12:36:00.000+03:00'
'2a08fc86f9c015c13c0a048a2ceea9bebaaecfb5'|'Security clampdown in far-western China exacts toll on businesses'|'Business News - Wed Jun 28, 2017 - 12:40am BST Security clampdown in far-western China exacts toll on businesses left right A view of a construction site at the Urumqi International Inland Dry Port in Urumqi, Xinjiang Province, China May 22. 2017. REUTERS/Sue-Lin Wong 1/3 left right A man installs fencing in front of a police station in Yili, Xinjiang Province, China May 17, 2017. REUTERS/Sue-Lin Wong 2/3 A general view of Urumqi, Xinjiang Province, China May 21 2017. REUTERS/Sue-Lin Wong 3/3 By Sue-Lin Wong - URUMQI, China URUMQI, China The economy of the vast Xinjiang region in far western China is officially growing at a robust pace, faster than the country as a whole. That is largely thanks to big investments in infrastructure from Beijing as the region - with its links to much of central Asia - is critical to Chinese President Xi Jinping’s new Silk Road initiative. But traders, business owners and residents in Xinjiang''s capital, Urumqi, are seeing little benefit from the central government''s cash injection, according to about 20 interviews with people in the city. One major reason for that, they say, is due to tightened security as the Chinese government seeks to control one of its biggest domestic threats. Beijing accuses separatist extremists among the Muslim Uighur ethnic minority of plotting attacks on the ethnic Han majority in Xinjiang and other parts of China, following a series of violent events in recent years. As a result, there are roadblocks and stringent security checks across the region, including at restaurants, hotels and shops, making it slow and frustrating to move around. The new Silk Road, officially known as the Belt and Road initiative, is Xi’s signature foreign and economic policy which aims to increase economic and political ties through roads, railways and other projects that link China to Central Asia and beyond. But the contrast between that ambition and the views at street level in Urumqi reflects the difficulty Beijing faces in trying to balance security against its other top priorities. This is particularly the case as China is determined to avoid any trouble ahead of a critical Communist Party congress in the autumn at which Xi is expected to consolidate his power, and as it faces the threat from some Uighurs who have become battle-hardened Islamic State fighters in the war in Syria and Iraq and may return home. DELIVERIES DIFFICULT The impact of the clampdown is clear at the Frontier International Trade Centre in Urumqi, where padlocked stores outnumber traders. "Business became really bad last year. I''ve got nothing to do except a stock-take," said Wei Chun, a shoe trader, surrounded by piles of high-heels. She blames poor sales partly on the impact of sluggish economies in neighbours Kazakhstan, Kyrgyzstan and Tajikistan, among the eight countries with which Xinjiang has borders. But she also says the Chinese authorities’ obsession with keeping Xinjiang secure at all costs is making it tough to do business here. "It''s very difficult to send and receive deliveries because of the security crackdown,” she said, complaining that authorities will often shut down the delivery system for “security reasons”. The Xinjiang government declined to make officials available for comment for this article. It also did not respond to a series of faxed questions. Xu Bin, the head of the Xinjiang government’s statistics bureau, told reporters in February that its growth – which was 7.6 percent last year - is mostly fuelled by fixed asset investment. But he then added: “Xinjiang faces slowing economic growth, falling industrial prices, companies are feeling the pain of falling profits and the growth rate of our tax revenue has dropped off.” Xinjiang''s trade with other countries fell in the first quarter of this year, according to the customs bureau, and is still below the level it recorded in the first quarter of 2013, the year that Belt and Road launched. Much of that drop was because a slump in the rouble in 2014-2015 hurt Xinjiang’s neighbours, and following the 2015 establishment of the Russian-led Eurasian Economic Union (EEU). That aims to develop Central Asia and lessen its reliance on Chinese goods. EVENTS CANCELLED People here point to many disruptions in ordinary life as one reason the economy doesn’t feel buoyant at street level. Group gatherings, whether for charity fun runs or trade expos, are often banned or cancelled at the last minute, they say. Phone lines sometimes go dead, and there''s no 4G internet because the authorities fear high-speed internet would help militants organize. While Belt and Road has created opportunities, small businesses complain these projects often reward large state-owned enterprises. "The Belt and Road Initiative doesn''t help small businessmen like me,” said Zhou Bangquan who sells men''s shoes in Urumqi. “It helps big state-owned enterprises that do energy or have big infrastructure projects." Among the projects financed are a highway to Pakistan and a network of high-speed railroads connecting cities in Xinjiang and the rest of China, with 1.5 trillion yuan (171.69 billion pounds) in capital investment expected in the region this year alone. But it is unclear how much of the money is used to buy materials from factories outside the region or ends up being sent to other provinces by workers brought in temporarily from elsewhere in China. It’s not just heightened security measures that concern businesses. People are required to attend flag ceremonies and other patriotic education, instead of working, say locals. Such events are meant to encourage Uighurs to become patriotic Chinese citizens but can also be used to monitor their behaviour. PATRIOTIC EDUCATION "I''m losing my mind, I''ve already had six staff sent back to their hometowns this past month for study," said a restaurant manager in Urumqi who, like many people Reuters spoke to in Xinjiang, declined to be named because of the sensitivity of the issue. His Uighur staff were required to return home to southern Xinjiang for one month''s study of Mandarin Chinese, another month learning about China''s legal system and a month of vocational training, he said. "We all spend so much time doing things that aren''t our actual jobs. I have to take my staff to watch a flag-raising forty weeks of the year. If I don''t, I will be taken away for thirty days of study," he said. As well as the time spent on such matters, Uighurs – who represent just over 45 percent of the population – are being increasingly marginalized by the Han Chinese, undermining the overall economy. Three Han Chinese entrepreneurs told Reuters local authorities had told them not to employ Uighurs. And a Han Chinese real estate agent in Urumqi said he had been told not to sell properties to Uighurs from southern Xinjiang. There has been a change in attitude towards balancing stability and economic growth in Xinjiang since Chen Quanguo became its new Communist Party boss last August in what analysts say was an implicit endorsement of his previous hard-line management of ethnic strife in Tibet. "Xinjiang used to have a policy of ''with one hand we maintain stability, with the other hand we grow the economy'' but now it''s just ''maintain stability with both hands, at all costs''," said a local businessman and former government official. Chen said in a speech last September that "all our work in Xinjiang revolves around maintaining a tight grip on stability." (Reporting by Sue-Lin Wong; Additional reporting by the Beijing Newsroom; Editing by Martin Howell)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-china-economy-xinjiang-idUKKBN19I317'|'2017-06-28T07:40:00.000+03:00'
'34fef166ba32f0da73b2cd41a7f477ec5ffd2bc9'|'ECB chief was overinterpreted by markets - sources'|'Top News - Wed Jun 28, 2017 - 2:20pm BST ECB chief was overinterpreted by markets: sources European Central Bank President Mario Draghi speaks during a news conference following the Governing Council meeting in Tallinn, Estonia, June 8, 2017. REUTERS/Ints Kalnins By Francesco Canepa - SINTRA, Portugal SINTRA, Portugal European Central Bank President Mario Draghi intended to signal tolerance for a period of weaker inflation, not an imminent policy tightening, when his comments sent the euro higher this week, sources familiar with Draghi''s thinking said on Wednesday. Draghi''s intention was to set up September as the earliest the bank would discuss rolling back stimulus, they said, but stressed it was by no means certain that it would come to a decision then. "The market failed to take note of the caveats in Draghi''s speech," one of the sources said. Draghi''s comments on Tuesday, taken as a hawkish swing, sent the euro and bond yields sharply higher. The sources said Draghi wanted to acknowledge the recent, strong economic data and prepare the market for a possible autumn decision on the future of the ECB''s 2.3 trillion euros (2.04 trillion pounds) bond-buying programme but without making any commitment. He also wanted to note that the ECB will not automatically ease policy due to the current slowdown in inflation, which is seen at 1.2 percent in June and is expected to hover around that level next year. Instead, the central bank is prepared to let prices take longer to reach its target of just under 2 percent, even after more than four years of inflation misses. But the speech was full of caveats, which also imply that the ECB is still ready to ease policy if financing conditions tighten as a result, for example, of a stronger euro or higher yields in the United States or Europe, the sources, who spoke on condition of anonymity said. Traders took the comments as a signal the ECB was gearing up to wind down the programme as early as January, an outcome that officials said had yet to be discussed and will ultimately depend on inflation and other economic data in the coming months. TANTRUM? Some commentators even wondered whether Draghi had sparked a "taper-tantrum" on financial markets like his U.S. counterpart of the time, Ben Bernanke, did in 2013 by hinting at a reduction in the Federal Reserve''s own quantitative easing programme. At the time, the Fed was forced to do a U-turn and the scheme was not reduced until the following year. This time may be different, however. The officials were adamant that the current slowdown in euro zone inflation was due to excess supply pushing down the price of crude, a boost for the oil-importing bloc. They stressed the difference from 2014-15, when the lower inflation was accompanied by signs of a general economic malaise, but cautioned they were watching out for any sign that the drop in oil was affecting other prices and wages. An oil price fall would boost growth so weaker inflation would be beneficial as long as they do not impact long term inflation expectations and hold back wage growth, they added. This meant the ECB does not plan to ramp up its stimulus programme in response to the current inflation slowdown but it is in no hurry to end it either. The Governing Council will have August flash inflation data and its own updated projections at the September meeting. "My takeaway from the Draghi speech is that a decision in September is possible but not certain," one of the sources said. (Editing by Jeremy Gaunt/Mark John) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-ecb-policy-idUKKBN19J1L5'|'2017-06-28T16:17:00.000+03:00'
'47ec515a1894e17fcaf1fe5bd1ff8b31d5bb87a2'|'UK''s Bunzl sees rise in H1 revenue, more acquisitions'|'  8:29am BST UK''s Bunzl sees rise in H1 revenue, more acquisitions By Noor Zainab Hussain and Esha Vaish British business supplies distributor Bunzl Plc ( BNZL.L ) estimated a 7 percent increase in first-half revenue at constant currency, as a boost from recent acquisitions continued to play out over the second quarter. Shares in Bunzl rose 1.3 percent at 2,339 pence, making it the biggest gainer on London''s blue-chip index .FTSE . Underlying revenue growth in the range of 3 percent to 4 percent for the six months ending June 30 was mainly due to the additional business won, albeit at lower margins, in North America towards the end of 2016. Revenue grew 19 percent after accounting for currency fluctuations, Bunzl said, beating estimates from at least three analysts. The company, which supplies products ranging from safety gear for builders and packaging materials for supermarkets, said it had bought three more businesses in Spain and Canada, adding acquisitions continued to be an important part its growth strategy. Bunzl, which buys smaller businesses to expand its operations or enter new markets and uses its scale to then drive growth, added it had made eight acquisitions this year, spending about 290 million pounds and adding revenue of 370 million pounds annually. "With a promising pipeline of additional opportunities, I would expect us to complete further acquisitions as the year progresses," Chief Executive Officer Frank van Zanten said. Bunzl said in August it was still keen on purchasing smaller businesses in the UK as Britain had not become any less attractive since its move to leave the European Union. The company has made more than 136 acquisitions globally since 2004, spending on average 194 million pounds annually. The three acquisitions in Spain and Canada, coupled with an active acquisitions pipeline, suggest earnings will continue to be supported by deal flow, Morgan Stanley analysts wrote in a note. As a supplier of low-value products such as carrier bags and toilet rolls to supermarkets, hospitals and hotels, Bunzl is more exposed to consumer spending than most of its support services peers that contract orders from large private firms and public budgets. Consumer confidence in the UK is beginning to slide, hitting the sales of general retailers. However, most of Bunzl''s revenue comes from North America. Bunzl said in February that it expected its U.S. business to see an uplift from President Donald Trump''s plan to encourage businesses to manufacture more locally. (Reporting by Noor Zainab Hussain and Esha Vaish in Bengaluru; Editing by Amrutha Gayathri)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-bunzl-outlook-idUKKBN19J0LP'|'2017-06-28T10:29:00.000+03:00'
'da9bdc82e6e8e65bcd071016e6208d6d8d7b0d5d'|'Nestle plans $20.8 billion share buyback after Third Point pressure'|'Deals  50pm BST Nestle plans $20.8 billion share buyback after Third Point pressure left right FILE PHOTO: The Nestle logo is pictured on the company headquarters entrance building in Vevey, Switzerland February 18, 2016. REUTERS/Pierre Albouy/File Photo 1/2 left right FILE PHOTO: Daniel S. Loeb, founder of Third Point LLC, participates in a panel discussion during the Skybridge Alternatives (SALT) Conference in Las Vegas, Nevada May 9, 2012. REUTERS/Steve Marcus/File Photo 2/2 ZURICH Nestle ( NESN.S ) plans to buy back as much as 20 billion Swiss francs ($20.79 billion) worth of shares by June 2020, the Swiss food giant said on Tuesday as it responds to pressure brought by U.S. activist shareholder Third Point LLC. The New York-based hedge fund, controlled by billionaire investor Daniel Loeb, disclosed a $3.5 billion stake in the company on Sunday and is pushing for Nestle to more aggressively boost performance. Nestle said it would adjust the size of its share buyback program, due to start on July 4, to reflect any big acquisitions. (Reporting by John Miller, editing by Michael Shields)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-nestle-thirdpoint-idUKKBN19I2AC'|'2017-06-28T00:30:00.000+03:00'
'd4906b3c155d92f8495857e205d60b52c980f0ca'|'Sterling surges to 3-week high, FTSE falls on Carney rate hike signal'|'Market  51am EDT Sterling surges to 3-week high, FTSE falls on Carney rate hike signal LONDON, June 28 Sterling surged to a three-week high and Britain''s main FTSE 100 stock index fell on Wednesday, after Bank of England Governor Mark Carney said the Bank was likely to need to raise interest rates and would debate this "in the coming months". The pound jumped a cent to $1.2943 after the speech''s release, its strongest since June 9, the day of the results of Britain''s parliamentary elections. That left sterling up around 1 percent on the day. Sterling also jumped 0.8 percent to 87.735 pence per euro . British government bond futures fell by 60 ticks after the BoE released the remarks and yields on 10-year gilts rose by 9 basis points to 1.184 percent, their highest since May 11. Five-year yields hit their highest since May 29 at 0.636 percent and two-year yields struck an eight-month high of 0.325 percent. Britain''s FTSE 100 extended losses to trade 0.4 percent lower, while mid caps were down 0.2 percent. Speaking at a European Central Bank conference in Portugal, Carney said policymakers would need to look at the extent to which stronger business investment offset a slowdown in consumption, as well as growth in wages and labour costs. (Reporting by Jemima Kelly, Kit Rees, John Geddie and David Milliken; Editing by Nigel Stephenson)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-markets-carney-idUSL8N1JP3XI'|'2017-06-28T16:51:00.000+03:00'
'a5c1c2f20bc8039e876f415980d114218a9397ac'|'Amtrak names former Delta executive as next CEO'|'WASHINGTON Amtrak on Monday named a former Delta Air Lines ( DAL.N ) chief executive as its next president and CEO as the U.S. passenger rail carrier makes major repairs at its busiest U.S. hub.Richard Anderson, who spearheaded Delta''s growth into the world''s largest airline by market value when he retired in May 2016, will assume the title of president and co-CEO on July 12 and take over the CEO role exclusively on Jan. 1.Wick Moorman, who became CEO in September and recruited Anderson, will remain on the job through the end of the year and then become an advisor to the company, Amtrak said in a statement.The leadership change comes as Amtrak''s repair program at Penn Station in New York City is expected to cause major service disruptions this summer for commuters across the metropolitan region.A rift is growing between Amtrak, which owns Penn Station, and the two states that use most of the hub''s track space, New York and New Jersey.The repairs, scheduled to take years, were expedited after recent derailments and other problems from decaying infrastructure left hundreds of thousands of commuters delayed throughout the greater New York City area.The Trump administration in May proposed ending $630 million in subsidies for Amtrak to operate long-distance train service, out of $1.4 billion in annual government support for passenger rail service.Anderson, one of the most outspoken U.S. airline industry leaders, assumed Delta''s top job in 2007 and led the company through a merger with Northwest Airlines in 2008.During his tenure, Delta outpaced its peers in on-time performance, grew rapidly in top business markets such as New York and acquired stakes in airlines in the United Kingdom, China, Mexico and Brazil.Moorman retired in 2015 as chairman, CEO and president of Norfolk Southern Corp ( NSC.N ) before taking the helm at Amtrak.(Reporting by David Shepardson; Editing by Richard Chang)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/usa-amtrak-idINKBN19H286'|'2017-06-26T16:01:00.000+03:00'
'bdf07256f3184ad6baf2b6eb1dbdf5d4f07b0373'|'Time Inc, Barclays to launch Fortune 500 stock indices'|'  12:54pm BST Time Inc, Barclays to launch Fortune 500 stock indices The Barclays logo is seen in front of displayed stock graph in this illustration taken June 21, 2017. REUTERS/Dado Ruvic/Illustration/File Photo By Sheila N. Dang - NEW YORK NEW YORK Time Inc said Monday it will license its Fortune brand for stock indexes based on the Fortune 500 in a new partnership with Barclays PLC in an effort to diversify Time''s revenue into the growing index-investing business. The Barclays Fortune 500 Equal Weighted Index will launch in July, tracking about 450 publicly traded companies with a combined revenue of more than $11 trillion (8.64 trillion pounds), Dupe Adeyemo, a director at Barclays, told Reuters. The index will exclude private companies, master limited partnerships and companies that do not meet liquidity requirements among the Fortune 500, Adeyemo said. Time, which like many of its publishing peers has been struggling as print circulation shrinks and advertisers shift to digital platforms, will aim to broaden its revenue with the partnership as index-based investing is increasing in popularity. "We''re trying to be more creative about ways to expand our brand," said Brian O''Keefe, deputy editor of Fortune magazine. "Frankly, this index should have been done a long time ago." In addition to the magazine, the brand hosts conferences such as the "Most Powerful Women Summit" and is expanding online. Time declined to discuss the financial terms of the partnership. Revenue-weighted and profit-weighted indexes are planned for the fourth quarter this year, Adeyemo said. “We think a name like Fortune that resonates with the public … will distinguish ourselves among other ETFs that come out in the market,” Adeyemo said. The Fortune 500 is an annual list compiled and published by Fortune magazine that ranks 500 of the largest U.S. corporations by total revenue. It is unclear if Time Inc will be able to generate meaningful revenue by getting into the index business. "The licensing of indices is not a phenomenally lucrative business," said Dave Nadig, chief executive officer of ETF.com, based in New York. Time evaluated a sale earlier this year, but talks with Meredith Corp failed when the two could not agree on price. Earlier this month, Time eliminated 300 positions or 4 percent of its workforce. Over the past 12 months, index mutual funds and exchange-traded funds pulled in $718 billion, while active funds bled $152 billion, according to the Thomson Reuters research service Lipper. (Reporting by Sheila Dang in New York; additional reporting by Trevor Hunnicutt in New York; Editing by Cynthia Osterman)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-time-fortune-index-idUKKBN19H16C'|'2017-06-26T19:05:00.000+03:00'
'7745931c3456991cce0d65dc39b90c506092be4a'|'Nestle, Italian bank deal prop up European shares'|'Market News  22pm EDT Nestle, Italian bank deal prop up European shares * STOXX up 0.4 pct at close * Banks rise as Italy solves Veneto banks crisis * Nestle rallies as activist investor urges changes * German business confidence rises to record * Oil bounce also supports market (Adds detail, updates prices at close) By Danilo Masoni and Kit Rees LONDON, June 26 European shares rose on Monday as banks rallied after Italy reached a deal to wind up two failed regional banks and Nestle climbed to a new record after an activist investor urged changes at the consumer bellwether. Italy began winding up two failed Veneto region banks on Sunday in a deal that could cost taxpayers up to 17 billion euros but puts an end to a long-running crisis and leaves the lenders'' good assets in the hands of Intesa Sanpaolo. "The announcement of definitive steps to resolve the two Veneto banks should be seen as a positive for Italian banks and the broader sector (albeit at a high cost)," said Jefferies analyst Benjie Creelan-Sandford. "Intesa, as acquirer of the ''good'' assets, also looks to be getting a good deal," he added. Shares in Intesa, Italy''s largest retail bank, rose 3.5 percent while the euro zone bank index rose 1.1 percent. Gains in bank stocks helped the pan-European STOXX 600 and the euro zone blue chip indexes end 0.4 and 0.5 percent higher respectively, while the UK''s FTSE added 0.3 percent. Further supporting sentiment was a survey showing that German business confidence unexpectedly rose in June to a record high, a fresh sign that company executives are more upbeat about the growth outlook of Europe''s largest economy. The German blue chip index gained 0.3 percent. Nestle led STOXX gainers, up 4.3 percent. Activist investor Daniel Loeb''s Third Point unveiled a stake of more than 1 percent, urging the group to improve its margins, buy back stock and sell its stake in L''Oreal. UBS said that despite its scale, Nestle lagged its rivals in profitability and that the move could put pressure on its CEO to take tangible steps to accelerate value creation. L''Oreal rose around 4 percent. Gains in Nestle also gave a lift to sector peers such as Danone and Diageo, sending the European food and beverage index up 2 percent. Higher oil prices propped up the energy sector, the worst performing this year, though the sector gave up earlier gains to end broadly flat as oil prices steadied. European tech stocks came under pressure, however, down 0.5 percent following a 3.7 percent fall in Dialog Semiconductor, which dropped after a media report cited comments from the chipmaker''s CEO that the group is looking for larger acquisitions to reduce its reliance on Apple. William Hill was another sizeable faller, down 4.4 percent following a downbeat broker note. (Reporting by Danilo Masoni and Kit Rees; Editing by Toby Chopra)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/europe-stocks-idUSL8N1JN3K2'|'2017-06-27T00:22:00.000+03:00'
'e622ca92dda41da347662b37b113fac1c16de8f3'|'In EU dealings, Google could learn from an erstwhile rival'|'Business News - Wed Jun 28, 2017 - 8:24pm BST In EU dealings, Google could learn from an erstwhile rival The Google logo adorns the entrance of Google Germany headquarters in Hamburg, Germany July 11, 2016. REUTERS/Morris Mac Matzen By Foo Yun Chee BRUSSELS (BRUSSELS) - Google''s ( GOOGL.O ) clash with EU antitrust enforcers has echoes of Microsoft''s ( MSFT.O ) decade-long regulatory battle, a legacy that parent company Alphabet should bear in mind as it considers challenging the Commission, lawyers and fund managers said. After a seven-year investigation prompted by scores of complaints from rivals, the European Commission hit Google with a record 2.4 billion euro (2.11 billion pounds) fine for favouring its own shopping service and an order to treat rival services the same way it treats its own products. "When I saw this yesterday, it absolutely rang a bell," said Georg Berrisch, a partner at Baker Botts who advised Microsoft in its EU regulatory dispute while at another law firm. The European Commission slapped a 497 million euro fine on Microsoft in 2004 and ordered it to take steps to boost software competition. It failed to comply with that decision and was subsequently fined 899 million euros. In total, its battle with the EU in several other investigations cost it more than 2.2 billion euros in penalties. In an oblique reference to Microsoft, which faced nearly two decades of legal scrutiny for antitrust violations, Alphabet Executive Chairman Eric Schmidt told a 2011 U.S. Senate hearing: "We get it. By that I mean, we get the lessons of our corporate predecessors." But Google has much to learn, said Stephen Kinsella at law firm Sidley Austin, who advises Google complainant and UK online shopping comparison website Kelkoo. "Years ago Google said they wouldn''t make the mistakes that Microsoft did. Instead they made all of them and came up with a few of their own. The public statements yesterday show they still don''t get it," he said. Google said on Tuesday it disagreed with the EU''s findings that it had abused its dominant position and was considering an appeal. It said it looked forward to continuing to make its case. "The real danger for Google is to enter into a prolonged battle with the Commission on whether what it has done is sufficient to comply with its decision. It could be quite expensive for Google in the end. This is not the end of the story," Berrisch said. Underlining Google''s task, the Commission on Wednesday published a tender for technical expertise to assist it with the case. The five-year contract is worth 10 million euros and can be renewed. So far, investors have given Google the benefit of the doubt, with Alphabet ranking just behind Apple ( AAPL.O ) as the world''s most valuable stock with a $666 billion market capitalisation. But they are taking note. "The real concern is whether the Commission will manage to force Google to change its business model, its algorithms in a way that could be detrimental to the business," said Wesley Lebeau, fund manager at CPR Asset Management, an Amundi company. "Search engine is still about 60 percent of Alphabet''s valuation so that is a big deal, even though the drivers for future growth are YouTube and all the Alphabet companies -- Waymo, NEST, Verily," he said. Tech titans have benefited so far from the perception that they bring benefits to society, said Freddie Lait, founder at Latitude Investment Management. "But there is a small chance that, if the shine wears off and you have more of these terrorist videos...and the fine is a huge fine, which sent a message to consumers that there''s been wrongdoing," he said. "If the shine comes off, the claws are out from regulators and governments to try and get their pound of flesh out of all of the big tech companies." (Additional reporting by Eric Auchard in Frankfurt, Simon Jessop and Sophie Sassard in London)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-eu-google-antitrust-microsoft-idUKKBN19J2NY'|'2017-06-28T22:24:00.000+03:00'
'c0a943a4d54e089b3138280986e89107362c0c98'|'FedEx says operations at TNT Express disrupted after virus attack'|'Cyber Risk   1:15pm EDT FedEx says operations at TNT Express disrupted after virus attack FILE PHOTO: The TNT Express logo is pictured at the headquarters in Hoofddorp April 7, 2015. REUTERS/Toussaint Kluiters/United Photos/File Photo Package delivery company FedEx Corp ( FDX.N ) said on Wednesday operations in its TNT Express unit were disrupted after its information systems were hit by a virus attack. FedEx, however, said no data breach was known to have occurred. The company said it was unable to measure the financial impact of the service disruption at TNT, but it could be "material". The Netherlands-based TNT Express said on Tuesday it was experiencing interference with some of its systems, following a global ransomware attack. The ransomware attack on Tuesday hit computers at Russia''s biggest oil company, Ukraine''s international airport, global shipping firm A.P. Moller-Maersk ( MAERSKb.CO ) and the world''s biggest advertising agency WPP ( WPP.L ). FedEx said it was implementing remediation steps and contingency plans as quickly as possible. (Reporting by Ankit Ajmera in Bengaluru; Editing by Saumyadeb Chakrabarty)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-cyber-attack-fedex-idUSKBN19J2BO'|'2017-06-28T19:49:00.000+03:00'
'cc39c9c089ca1bfb98f405af0882f60ac454164d'|'G20 watchdog says fintech doesn''t pose threat to financial stability'|'Tue Jun 27, 2017 - 11:13am BST G20 watchdog says fintech doesn''t pose threat to financial stability By Huw Jones - LONDON LONDON The rise of fintech does not pose any compelling risks to financial stability, according to a review by global regulators, but this may change as the sector grows. While financial technology is changing how financial services and information are being delivered, there is no evidence that services like crowdfunding, "robo" advice and cloud computing will fundamentally change underlying activities such as lending, the Financial Stability Board (FSB) said in a report published on Tuesday. The findings of the FSB, which coordinates regulation for the Group of 20 Economies (G20), signal no immediate rush to bring in new rules at the global level to mitigate financial stability risks. Regulators have taken a relatively relaxed approach to fintech, given its tiny size compared to banks with investment totaling $21 billion in the first nine months of 2016, but the FSB said it would keep monitoring the sector. Apart from potential risks, fintech offers potential benefits as well, such as greater efficiency, transparency, competition and resilience of the financial system, and economic growth, it said. "The FSB will continue to monitor and discuss the evolution of the potential financial stability implications of fintech developments," it said. A lack of data is also making it harder to assess financial stability threats, and regulators don''t want to stifle a new sector with heavy handed rules. Fintech activities are already covered within broader financial rules, and many countries are already planning to take further measures to protect consumers and investors, the FSB said. It identified three "priority areas" for international collaboration on monitoring fintech: managing operational risks such as management failures; mitigating cyber risks; and monitoring risks to the financial system that could emerge as fintech activities increase. The report classifies fintech by activities and primary function, an essential first move before fashioning any new rules. "Regulators need to understand the impact that developments in fintech can have on financial stability, especially given the rapid rise of innovation in this space," said Carolyn Wilkins, senior deputy governor at the Bank of Canada and chair of the FSB''s fintech issues group. "Our report today sets out a clear picture of supervisory and regulatory issues, which the FSB will continue to monitor and discuss going forward." (Reporting by Huw Jones; Editing by Susan Fenton)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-g20-fintech-regulations-idUKKBN19I13I'|'2017-06-27T18:09:00.000+03:00'
'98881bc7475b63016a5c91c3409729a8030fbb8d'|'Berkshire bulks up in real estate with Store Capital stake'|'NEW YORK Berkshire Hathaway Inc has taken a nearly 10 percent stake in the real estate investment trust Store Capital Corp, adding to bets in the sector by the conglomerate controlled by billionaire Warren Buffett.Store, which invests in single tenant properties, said Berkshire''s National Indemnity Co unit spent $377.1 million on 18.62 million shares at $20.25 each, giving it a 9.8 percent stake.The stake was announced four days after Berkshire said it would invest up to C$400 million for a 38.4 percent equity stake in struggling Canadian lender Home Capital Corp and provide a C$2 billion credit line.Shares of Store were up $2.20, or 10.6 percent, at $22.97 in afternoon trading, likely reflecting Buffett''s imprimatur.Christopher Volk, Store''s chief executive, in an interview said the Berkshire investment was three years in the making, beginning with his 2014 email to Buffett, when the REIT was still private, to gauge his interest.He said Buffett responded within three hours, and put him in touch with a deputy, Ted Weschler."Over the years, they followed every earnings release, every conference call, every presentation, every investor supplement, and became very familiar with the company and our investment strategy," Volk said."Then about 10 days ago, I got a call from Ted Weschler, and he said he would like to make an investment," Volk added. "I was not expecting his call."Berkshire did not immediately respond to a request for comment. The investment makes it Store''s third-largest investor, after Vanguard Group and Fidelity Management & Research.Store''s portfolio includes more than 1,750 properties in 48 U.S. states, including such customers as AMC Entertainment and the second-largest Applebee''s restaurant franchisee.Berkshire''s other investments tied to real estate include HomeServices of America, the second-largest U.S. residential real estate brokerage, and Clayton Homes, which makes manufactured housing.The Omaha, Nebraska-based conglomerate has more than 90 other business units.Store shares had fallen as much as 27 percent after November''s U.S. presidential election, a decline Volk attributed to worries about rising interest rates and the retail sector.But he said Store generates most revenue from the service and manufacturing sectors, and just 18 percent from retail."The quality of the contracts we create is incredible, and the spreads between lease rates and the costs of our borrowings is our highest in memory," Volk said.Store plans to use proceeds from the offering to buy properties, repay debt and other purposes.(Reporting by Jonathan Stempel in New York; editing by Jennifer Ablan, Bernard Orr)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-store-capital-m-a-berkshire-hatha-idUSKBN19H1OX'|'2017-06-26T22:38:00.000+03:00'
'89a0c4e71f39c40d8f66374cabd6da3f5c8df622'|'Singapore to allow banks to enter non-financial e-commerce'|'SINGAPORE Singapore''s central bank will streamline regulatory requirements to allow banks to conduct or invest in non-financial e-commerce businesses, it said late on Tuesday.Finance Minister Heng Swee Keat, speaking at an event organised by the Association of Banks in Singapore, said that these will be businesses that are related to or complementary to banks'' core financial operations."MAS (The Monetary Authority of Singapore) will allow banks to engage in the operation of digital platforms that match buyers and sellers of consumer goods or services as well as the online sale of such goods or services...," the central bank said in a statement.Banks are currently prohibited from selling consumer goods.MAS will issue a consultation paper on the operational details of the policy changes by the end of September.(Reporting by Anshuman Daga and Masayuki Kitano; Editing by David Goodman)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/singapore-banks-idINKBN19I1L6'|'2017-06-27T20:50:00.000+03:00'
'acb6199c64f504f5d3d43d7db4b25a4a3de9fb24'|'Carl Icahn to fund former Sargon co-manager Schechter''s new venture'|'Billionaire Carl Icahn''s investment firm, Icahn Enterprises LP ( IEP.O ), said on Monday it had entered an agreement with the former co-manager of its Sargon Portfolio, David Schechter, to fund his new private investment management business.Last year, Icahn''s son, Brett Icahn, and David Schechter had said they would no longer be co-managers of the portfolio, and would instead stay on as consultants to exclusively advise Carl Icahn.With the new agreement, the consulting agreement between Icahn Enterprises and Schechter would be terminated, while the one with Brett Icahn would remain.(Reporting by Aishwarya Venugopal in Bengaluru; Editing by Shounak Dasgupta)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-icahn-enter-moves-schechter-idINKBN19H2J0'|'2017-06-26T18:59:00.000+03:00'
'ac373cad33e665e4488a00d710c0917f192cbba0'|'EMERGING MARKETS-Brazil, Mexico currencies up after weak U.S. manufacturing data'|'Market News - Mon Jun 26, 2017 - 10:44am EDT EMERGING MARKETS-Brazil, Mexico currencies up after weak U.S. manufacturing data SAO PAULO, June 26 Brazilian and Mexican currencies strengthened on Monday after weaker-than-expected U.S. manufacturing data bolstered bets that the U.S. Federal Reserve will increase interest rates by less than planned in coming months. New orders for key U.S.-made capital goods unexpectedly fell in May and shipments declined, suggesting a loss of momentum in the manufacturing sector halfway through the second quarter. The reports added to a recent batch of mixed economic figures that have left investors skeptical about the Fed''s stated plan of raising U.S. rates once more before the end of 2017 and another three times next year. A slower pace of hikes could support demand for high-yielding emerging market assets. Traders will look for further clues on the U.S. central bank''s outlook on Tuesday, when Fed Chair Janet Yellen is scheduled to deliver a widely anticipated speech in Europe. The Brazilian real strengthened 0.9 percent, while the Mexican peso touched its strongest level since May 2016. Colombian markets were closed for a local holiday. Brazil''s benchmark Bovespa stock index rose 1.3 percent, the biggest gainer among markets in the region. Shares of steelmakers, such as Cia Siderúrgica Nacional SA and Usinas Siderúrgicas de Minas Gerais SA, led the upswing, tracking rising prices of steel and iron ore. Alpargatas SA, which is not part of the benchmark index, rose 4.3 percent to a nearly two-month high after its controlling shareholder J&F Investimentos SA signed a nondisclosure agreement with Cambuhy Investimentos Ltda to potentially sell all of its shares. Alpargatas is among the J&F assets put up for sale as the holding company seeks funds to pay for a 10.3 billion real ($3.11 billion) fine with Brazilian prosecutors. J&F''s fine, the world''s biggest to date, was imposed after members of the Batista family admitted to bribing scores of politicians. Key Latin American stock indexes and currencies at 1415 GMT: Stock indexes daily % YTD % change change Latest MSCI Emerging Markets 1020.37 0.86 17.33 MSCI LatAm 2524.56 1.26 6.52 Brazil Bovespa 61839.67 1.23 2.68 Mexico S&P/BVM IPC 49079.27 0.2 7.53 Chile IPSA 4766.20 0.19 14.81 Chile IGPA 23878.79 0.17 15.17 Venezuela IBC 121115.79 0.46 282.01 Currencies daily % YTD % change change Latest Brazil real 3.3101 0.86 -1.84 Mexico peso 17.8575 0.85 16.16 Peru sol 3.252 0.09 4.98 Argentina peso (interbank) 16.1800 0.00 -1.89 Argentina peso (parallel) 16.51 0.12 1.88 ($1 = 3.3137 reais) (Reporting by Bruno Federowski; Editing by Jeffrey Benkoe) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/emerging-markets-idUSL1N1JN0K9'|'2017-06-26T22:44:00.000+03:00'
'c6e3d077b4c296fa06606b8a268a5131c26aea73'|'UPDATE 1-Tanker firm Frontline says no longer pursuing DHT or other acquisitions'|'Market News - Mon Jun 26, 2017 - 3:40am EDT UPDATE 1-Tanker firm Frontline says no longer pursuing DHT or other acquisitions (Adds quotes, detail) OSLO, June 26 Oslo-listed oil tanker firm Frontline is no longer pursuing a takeover of New York-listed competitor DHT Holdings and is not working on any other acquisitions, Frontline''s CEO told Reuters on Monday. DHT last month rejected a fifth takeover proposal from billionaire shipping tycoon John Fredriksen''s Frontline, calling the $500 million all-share bid "woefully inadequate". "We will not spend time pursuing the DHT track," Frontline Chief Executive Robert Hvide Macleod said in a written comment to Reuters. "With our present opportunities for creating value through fleet renewal, we''re not currently pursuing any other acquisitions either," he added. Instead of a deal with Frontline, DHT struck a tankers-for-shares agreement with BW Group in March, making the latter DHT''s biggest shareholder with a stake of over 30 percent. Frontline attempted to block the BW deal, first in a U.S. court and later in the High Court of the Marshall Islands, but both lawsuits were eventually dismissed. (Reporting by Ole Petter Skonnord, writing by Terje Solsvik, editing by Alister Doyle and Louise Heavens) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/dht-holdings-ma-frontline-idUSL8N1JN0XW'|'2017-06-26T15:40:00.000+03:00'
'5cb0d8c2797d3c8d607c5aa838174374c54a07ca'|'Toshiba says chip unit pact delayed as talks with preferred bidder ongoing'|'TOKYO, June 28 Japan''s Toshiba Corp said on Wednesday it had not yet reached a final agreement with the preferred bidder for its chip unit as negotiations with several of the parties that make up the consortium were still ongoing.Toshiba said in a statement that it aimed to reach an agreement as soon as possible.The ailing Japanese conglomerate, which had pledged to sign a definitive agreement with a preferred bidder by Wednesday''s shareholder meeting, is rushing to sell the prized unit to cover billions of dollars in cost overruns at its bankrupt Westinghouse nuclear unit.The preferred bidder consortium is led by Japanese government investors and includes U.S. private equity firm Bain Capital. (Reporting by Sam Nussey; Editing by Edwina Gibbs)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/toshiba-accounting-chips-idINT9N1J5005'|'2017-06-27T22:58:00.000+03:00'
'265c0d5e9f8376ec60f6f295510a40aaf87ae006'|'German fiscal plans include provisions for possible ECB rate hikes - Schaeuble'|' 07pm BST German fiscal plans include provisions for possible ECB rate hikes - Schaeuble German Finance Minister Wolfgang Schaeuble speaks at an event of his CDU party''s economic council (Wirtschaftsrat) in Berlin, Germany, June 27, 2017. REUTERS/Hannibal Hanschke BERLIN Germany''s draft budget for 2018 and a blueprint for government spending up until 2021 include provisions for the impact of possible interest rate hikes by the European Central Bank, Finance Minister Wolfgang Schaeuble said on Wednesday. Schaeuble, speaking at a news conference after the cabinet approved the spending plans, rejected criticism that income tax cuts of 15 billion euros (13.29 billion pounds) a year over that period was too low to significantly boost growth through consumption. "A modest and reliable fiscal policy doesn''t allow much more wiggle room (to cut taxes)," Schaeuble said. "Our mid-term fiscal plans take into account the possibility of moderate interest rate rises and we set aside provisions," he added. The budget must still be confirmed by the lower house of parliament after a Sept. 24 national election. Asked about Italy''s decision to start winding down two failed regional banks in a deal that could cost the state up to 17 billion euros, Schaeuble said that the European Union needed to look again at whether loopholes were created by differences between bank closure rules and national insolvency regimes. (Reporting by Gernot Heller and Klaus Lauer; Writing by Joseph Nasr, editing by Thomas Escritt)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-germany-budget-schaeuble-idUKKBN19J1HG'|'2017-06-28T15:07:00.000+03:00'
'd98bc6ca6f4ff2631e2c67cf1d9c6df3ee6a5e0e'|'Blackstone agrees to buy Singapore-listed REIT for $650 mln'|'Market News - Wed Jun 28, 2017 - 1:10am EDT Blackstone agrees to buy Singapore-listed REIT for $650 mln SINGAPORE, June 28 U.S. private equity group Blackstone Group LLP agreed to buy Singapore-listed and Japan-focused Croesus Retail Trust (CRT) for S$900.6 million ($650 million), part of an trend of buyouts of real estate investment trusts (REITs). Affiliates of Blackstone Real Estate offered to pay S$1.17 in cash per unit, representing a 38 percent premium to CRT''s 12-month volume weighted average price, Blackstone and CRT said in a joint statement on Wednesday. The shares rose 10.9 percent to S$1.17 on Wednesday afternoon. "Croesus Retail Trust has an established portfolio of quality Japanese retail assets. This transaction represents a good opportunity for Blackstone''s real estate business to further expand its platform in Japan," said Christopher Heady, head of real estate Asia at Blackstone Group. Blackstone Group is one of the world''s largest institutional real estate investors and managed $102 billion of equity for real estate investments as of Dec. 31, 2016. This year, Warburg Pincus-backed warehouse operator e-Shang Redwood agreed to buy an 80 percent indirect stake in the manager of Cambridge Industrial Trust. Cambridge Industrial Trust is now called ESR-REIT. CRT, which is backed by Japanese real estate business conglomerate Daiwa House Industry Co Ltd and trading company Marubeni Corp, will be acquired through a "trust scheme" and delisted. CRT manages a portfolio of about S$1.5 billion. Citigroup Global Markets Singapore Pte Ltd is the financial adviser to Croesus Retail Asset Management - the trustee-manager - while DBS Bank is the financial adviser to Blackstone Group. ($1 = 1.3854 Singapore dollars) (Reporting by Anshuman Daga; Editing by Stephen Coates) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/crt-ma-blackstone-group-idUSL3N1JP1ZW'|'2017-06-28T13:10:00.000+03:00'
'353a0c2d0381c999d77c686f6a91b6aebdc14ff8'|'Travel barriers after Brexit risk a return to ''medieval age'' - Thomas Cook CEO'|'Top News   3:58pm BST Travel barriers after Brexit risk a return to ''medieval age'' - Thomas Cook CEO LONDON The travel industry risks going back to the "medieval age" if its demands are not met when Britain leaves the European Union, tour operator Thomas Cook''s chief executive said on Wednesday. Peter Fankhauser said Europe must have a single aviation market and transitional agreements for air traffic rights after Brexit and that it was imperative for the sector to co-ordinate and make its voice heard as negotiations begin. "Can you imagine needing again a visa to go to Germany? That would re-draw the map back to the medieval age," the Swiss CEO told Association of British Travel Agents (ABTA) delegates. "We have absolutely no excuse not to join forces to make our voice heard... We have to explain what we need and what the impact will be – on both sides of the Channel – if we don''t get what we need," he said at the conference in London. Travel firms and airlines have been vocal on the risks that Brexit poses the industry, with Ryanair chief Michael O''Leary warning that a worst case scenario could see a total end of flights between Britain and the European Union. Britain is due to exit the bloc in March 2019, and with bookings for summer 2019 due to open near the end of this year, the industry is looking for a swift deal for the sector now that negotiations between the EU and Britain are under way. (Reporting by Alistair Smout; Editing by Louise Ireland)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-eu-thomas-cook-grp-idUKKBN19J1ZU'|'2017-06-28T17:58:00.000+03:00'
'58e71bd56dbe8eeddfde335df6f8d86ba63900a1'|'Irish consumers could face higher prices in ''hard Brexit'''|'Business   5:56pm BST Irish consumers could face higher prices in ''hard Brexit'' DUBLIN Irish consumers could be forced to pay higher prices for everyday items if Britain''s exit from the European Union leads to tariffs being imposed on goods coming into the country, a government report said on Wednesday. Ireland''s export-focussed economy is considered the most vulnerable among the EU''s remaining members to Brexit due to its close trade links with Britain, putting tens of thousands of jobs and potential economic growth at risk. Irish exporters are particularly concerned that a "hard Brexit" -- where Britain would leave the EU''s single market and customs union -- will lead to a costly rise in tariffs, paperwork and transit times. However, in its annual national risk assessment report, the government said that tariffs could also have a big knock on effect on goods coming the other way given Irish firms reliance on raw materials from Britain and the presence of so many major British-based retail chains on the Irish high street. "As the UK is one of Ireland''s most important sources of intermediate and consumption goods, the aforementioned concerns (on tariffs) could increase import costs," a draft copy of the report that was published on Wednesday said. "In the energy sector, for example, Ireland imports around 88 percent of its total energy requirements, mainly through the UK. This could have an inflationary impact, which would see Irish consumers face higher product prices and the cost base for Irish manufacturers rise." British household names with a major presence in Ireland include Tesco ( TSCO.L ), the country''s second largest supermarket operator, Marks & Spencer ( MKS.L ), Debenhams ( DEB.L ) and the Sainsbury-owned ( SBRY.L ) general merchandise retailer Argos. So far Brexit has had the opposite effect on prices with a sharp fall in the value of sterling against the euro making imports cheaper for those companies to help keep inflation at near non-existent levels despite a rapid economic growth. (Reporting by Padraic Halpin Editing by Jeremy Gaunt)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-eu-ireland-inflation-idUKKBN19J2CF'|'2017-06-28T19:56:00.000+03:00'
'32cb5633e8420f109bfea1ed9be41bb4d2aff178'|'''Pharma bro'' Martin Shkreli''s notoriety slows New York jury selection'|'Wed Jun 28, 2017 - 12:51am BST ''Pharma bro'' Martin Shkreli''s notoriety slows New York jury selection Martin Shkreli, former chief executive officer of Turing Pharmaceuticals and KaloBios Pharmaceuticals Inc, departs after a hearing at U.S. Federal Court in Brooklyn, New York, U.S., June 26, 2017. REUTERS/Lucas Jackson By Brendan Pierson - NEW YORK NEW YORK Jury selection in the New York trial of former drug company executive Martin Shkreli will enter its third day Wednesday, after some potential jurors said they could not be fair to a man who gained notoriety by raising the price of a life-saving drug more than 5,000 percent. U.S. prosecutors have accused Shkreli, dubbed the "pharma bro," of running a Ponzi-like scheme at his former hedge fund and a drug company he once ran. Shkreli has pleaded not guilty to charges of securities and wire fraud. The difficulty of finding a jury became apparent on Monday, with potential jurors variously describing Shkreli as "evil" and a "snake." More jurors cited the length of the trial, expected to last up to six weeks, as a hardship. The ensuing headlines prompted Shkreli''s lawyer, Benjamin Brafman, to ask U.S. District Judge Kiyo Matsumoto in Brooklyn on Tuesday morning to declare a mistrial. She refused. The trouble continued Tuesday, as Matsumoto asked potential jurors left over from Monday whether they had been exposed to negative media reports about the previous day. Several who said they had were dismissed. Shkreli, 34, rose to fame in 2015 by raising the price of anti-parisitic drug Daraprim to $750 a pill, from $13.50, when he was chief executive of Turing Pharmaceuticals. The move sparked outrage among patients and U.S. lawmakers. Shkreli''s upcoming trial is not about Turing but about Shkreli''s management at his previous drug company, Retrophin Inc, and the hedge fund MSMB Capital Management between 2009 and 2012. Prosecutors said Shkreli lied about MSMB''s finances to lure investors and concealed devastating trading losses from them. They said he paid the investors back with money stolen from Retrophin, which he founded in 2011. Tuesday''s jury questioning suggested Turing might come up anyway. One juror, a pharmacist, was dismissed after saying he was familiar with the company, and that he would compare any testimony about drug pricing to his own knowledge. Shkreli himself may have complicated the jury selection. While most criminal defendants lie low, he has sought public attention since his December 2015 arrest, lashing out at critics and boasting of his wealth on social media. He was banned from Twitter in January for harassing a journalist. One juror was dismissed on Tuesday after saying he was familiar with Shkreli''s Twitter account. "Unfortunately, the Twitter history is just horrific," Brafman said. (Reporting by Brendan Pierson in New York; Editing by Tom Brown) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-usa-crime-shkreli-idUKKBN19I31T'|'2017-06-28T07:50:00.000+03:00'
'2efb086ea26476c88c5e7f59e9e256a0f6159784'|'Italy''s Mediaset files new claim against France''s Vivendi'|'Business News - Wed Jun 28, 2017 - 10:45am BST Italy''s Mediaset files new claim against France''s Vivendi The Vivendi logo is pictured at the main entrance of the entertainment-to-telecoms conglomerate headquarters in Paris, March 10, 2016. REUTERS/Charles Platiau/File Photo MILAN Italy''s Mediaset ( MS.MI ) has filed a new claim against France''s Vivendi ( VIV.PA ), the private broadcaster''s chairman Fedele Confalonieri said on Wednesday, as feuding between the two groups over a failed pay-TV deal grows. Confalonieri said the new claim was on the grounds of contract violation, unfair competition and breaking TV pluralism laws. Confalonieri, speaking at the beginning of the Milan-based group''s annual shareholder meeting, did not give any further details. The two groups are already involved in a legal battle in the Milan courts after Vivendi in July pulled out of an 800 million euro (£709 million) contract that would have given it full control of Mediaset''s pay-Tv unit Premium. Confalonieri said the unexpected U-turn by the French group had not allowed the group to "express its full potential" and that Mediaset would do everything possible to bring Premium back into "equilibrium". (Reporting by Giulia Segreti)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-mediaset-shareholders-claim-idUKKBN19J112'|'2017-06-28T12:45:00.000+03:00'
'2a9dd250fa8f7b0154d86fba6cde3969782cd1ac'|'EU court seen ruling on Intel antitrust case next year - judge'|'Business News - Mon Jun 26, 2017 - 10:50am BST EU court seen ruling on Intel antitrust case next year - judge The Intel logo is shown at the E3 2017 Electronic Entertainment Expo in Los Angeles, California, U.S. June 13, 2017. REUTERS/ Mike Blake By Foo Yun Chee - PARIS PARIS Europe''s top court is likely to rule on Intel''s ( INTC.O ) appeal against a record 1.06 billion euro (0.93 billion pound) EU antitrust fine next year, an EU judge said on Monday, a case that may affect companies such as Google ( GOOGL.O ) and Qualcomm ( QCOM.O ) in the EU''s crosshairs. The European Commission hit Intel with the record penalty seven years ago, accusing it of trying to stifle rival Advanced Micro Devices ( AMD.O ) by giving rebates to PC makers Dell [DI.UL], Hewlett-Packard Co ( HPE.N ), NEC ( 6701.T ) and Lenovo ( 0992.HK ) for buying most of their computer chips from Intel. The U.S. chipmaker subsequently challenged the decision at the Luxembourg-based General Court, Europe''s second highest. Judges rejected its arguments in 2014, saying the Commission had not acted too harshly in handing down the sanction amounting to 4.15 percent of Intel''s 2008 turnover against a possible maximum of 10 percent. The company then appealed to the Court of Justice of the European Union (ECJ). "I expect a judgment sometime next year," Marc van der Woude, vice-president at the General Court, told a competition conference organised by Concurrence. Intel got a boost last year when ECJ court adviser Nils Wahl questioned whether the company''s actions had really harmed competition. The court follows such recommendations in four out of five cases. Google has been charged with promoting its services versus rivals, among other charges, while U.S. chipmaker Qualcomm is fighting EU charges of using anti-competitive methods, including giving rebates, to squeeze a rival. (Reporting by Foo Yun Chee; Editing by Mark Potter)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-eu-intel-antitrust-idUKKBN19H0Y0'|'2017-06-26T17:50:00.000+03:00'
'e7951037da89f54091b876fb907d4435aedfb0b2'|'RPT-UPDATE 1-Takata decides to file for bankruptcy - source'|'(Repeats to more subscribers)* Takata board held meeting this morning in Tokyo - Japan media* Bankruptcy filings coming soon in Japan - Reuters sources* Filings would open door to financial rescue from KSSTOKYO, June 26 Japan''s Takata Corp, the firm at the centre of the auto industry''s biggest ever product recall, will file for bankruptcy protection in Japan on Monday with liabilities of more than 1 trillion yen ($9 billion), a source said.The decision came at a special meeting of the air-bag maker''s board, public broadcaster NHK said. The Nikkei business daily also reported the decision to file in Japan, without citing its sources.Takata''s U.S. arm filed Chapter 11 bankruptcy in Delaware with liabilities of $10 billion to $50 billion, a court filing showed. The firm would file a similar procedure in Japan in the coming hours, a source with knowledge of the matter told Reuters.The filings would open the door to a financial rescue from U.S.-based auto parts supplier Key Safety Systems, which Takata has tapped as its preferred financial sponsor as it must keep churning out millions of replacement air-bag inflators.It also faces billions in lawsuits and recall-related costs to its clients, including Honda Motor Co, BMW , Toyota Motor Corp and others which have been paying recall costs to date.Faulty air-bag inflators made by the 84-year-old Japanese company have been linked to at least 17 deaths and more than 180 injuries around the world. The ammonium nitrate compound used in the airbags can become volatile with age and prolonged exposure to heat, causing the safety devices to explode.Global transport authorities have ordered about 100 million inflators to be recalled, a process that has dragged on for nearly a decade. Industry sources have said that recall costs could climb to about $10 billion.Costs so far have pushed the company into the red for the past three years, and it has been forced to sell subsidiaries to pay fines and other liabilities.As a result, the company has seen its liabilities shoot up to 397.8 billion yen as of March, while it posted 30 billion yen in net assets, down sharply from about 160 billion yen five years ago.Industry sources say Takata would be able to complete the current global recall under bankruptcy, but could face problems if further recalls are required down the line. It has sought help from rival suppliers including Sweden''s Autoliv Inc to produce replacement inflators.It also faces potential liabilities stemming from class action lawsuits in the United States, Canada and other countries.Earlier this year, Takata pleaded guilty to a criminal charge of falsifying data on its inflator defects, agreeing to pay a $1 billion fine.Founded as a textiles company in 1933, Takata began producing airbags in 1987 and at its peak became the world''s No. 2 producer of the safety products. It also produces one-third of all seatbelts used in vehicles sold globally, along with childseats, steering wheel systems and other components.CEO and Chairman Shigehisa Takada, the bookish grandson of the company''s founder, has been criticised for his handling of the recall crisis. He has promised to resign after a new management team takes over.($1 = 111.2100 yen) (Reporting by Naomi Tajitsu in Tokyo, Additional reporting by David Shepardson on Washington D.C.; Editing by William Mallard and Stephen Coates)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/takata-bankruptcy-japan-idUSL3N1JN07F'|'2017-06-26T08:42:00.000+03:00'
'79a025f719c0af218969d4a4e0ce77dfc5570d73'|'Madoff sons'' estates in $23 million settlement over Ponzi scheme'|'By Jonathan Stempel The trustee recouping money for Bernard Madoff''s victims has reached more than $23 million of settlements with the estates of the swindler''s late sons and related defendants, ending more than eight years of litigation.According to a Monday court filing, the settlement will strip the estates of Andrew and Mark Madoff of "all assets, cash, and other proceeds" of their father''s fraud, leaving them with a respective $2 million and $1.75 million.The estates also agreed to withdraw roughly $99.5 million of claims against the bankruptcy estate of the former Bernard L. Madoff Investment Securities LLC, the filing shows.Monday''s settlement resolves some the highest-profile cases remaining in trustee Irving Picard''s efforts to compensate former Madoff customers who he estimates lost $17.5 billion. He has recovered $11.6 billion, or about two-thirds of that sum.The settlement also resolves claims against Mark Madoff''s widow, Stephanie Mack, and some entities affiliated with the Madoff family.It also ends an investigation by the U.S. Attorney''s office in Manhattan, whose criminal probe resulted in a 150-year prison term for Bernard Madoff, a 10-year term for his brother Peter, and 13 other convictions and guilty pleas.Madoff''s sons were never criminally charged, and had maintained they knew nothing about their father''s fraud until he confessed to them shortly before his Dec. 11, 2008 arrest.But in a civil lawsuit, Picard said Madoff''s firm operated as a family piggy bank, and sought to recoup $153.3 million from the sons'' estates alone.Settlement talks began in 2015, and the accord is a "global and complete resolution of all claims" against the estates, lawyers for Picard said in Monday''s filing.Mark Madoff committed suicide in December 2010 at age 46. Andrew Madoff died of cancer in September 2014 at age 48. Their father is 79.Lawyers for Picard could not immediately be reached for comment. Martin Flumenbaum, a lawyer for the Madoff sons'' estates, did not immediately respond to requests for comment. Alan Levine, a lawyer for Mack, declined to comment.The office of Acting U.S. Attorney Joon Kim in Manhattan had no immediate comment.A separate $4 billion fund overseen by former U.S. Securities and Exchange Commission Chairman Richard Breeden expects this year to begin payouts to Madoff victims, including third parties.The case is Picard v Madoff et al, U.S. Bankruptcy Court, Southern District of New York, No. 09-ap-01503. The main case is Securities Investor Protection Corp v. Bernard L. Madoff Investment Securities LLC in the same court, No. 08-01789.(Reporting by Jonathan Stempel in New York; Editing by Marguerita Choy)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-madoff-settlement-idINKBN19H2HJ'|'2017-06-26T18:34:00.000+03:00'
'4c94f4370cc13e5026678ae4f643a61f9b0119fb'|'Medical ad firm PatientPoint raises $140 million for digital growth'|'By Melissa Wen PatientPoint said on Tuesday it had raised $140 million in a financing round, the latest healthcare technology company to attract investment as the pace of U.S. healthcare spending rises faster than inflation.The funding for PatientPoint, which sells advertising in doctors'' offices and hospitals, came less than a month after larger competitor Outcome Health raised over $500 million from investors such as Alphabet''s growth equity fund CapitalG and Goldman Sachs ( GS.N ).Spending on healthcare in the United States is about $3.5 trillion a year, representing about 18 percent of U.S. gross domestic product.Cincinnati-based PatientPoint is one the players in the point-of-care industry, which puts advertisers and pharmaceutical companies in front of a captive audience in hospital waiting rooms and exam rooms. The company also develops health news and educational materials for patients.Searchlight Capital Partners and Silver Point Capital were the investors in the latest financing round. L Catterton, which acquired the company in 2007, will remain an investor.The new funding will be used to expand PatientPoint''s digital content such as interactive touch screens, which currently makes up roughly half of its products, Chief Executive Mike Collette said in an interview."The possibilities are limitless in terms of the various types of content that physicians and patients can engage with," Collette said.The most recent investment values the company at roughly $500 million, according to a person familiar with the matter, who did want to be named because the valuation of the deal was not disclosed.PatientPoint says it delivers health-information content via print and digital devices at 1,000 hospitals and 31,000 physician offices across the country.The company aims to double its digital footprint by 2018 and triple it by 2019, and the company also wants to expand into the realm of virtual medicine, Collette said.Boutique investment bank Peter J. Solomon Company, a unit of Natixis SA ( CNAT.PA ), advised PatientPoint.(Reporting by Melissa Wen in San Francisco; additional reporting by Liana B. Baker in San Francisco; Editing by Andrew Hay)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-patientpoint-fundraising-idINKBN19J01Y'|'2017-06-27T22:32:00.000+03:00'
'461ed5b1552ab93954e8c0e81e9aaa888083a19b'|'Linn, Citizen Energy form Oklahoma oil venture with 2018 listing plan'|'NEW YORK Linn Energy Inc and Citizen Energy II, LLC have agreed to form a joint oil and gas venture to develop 140,000 acres in Oklahoma, with the newly-created company expected to list early next year, according to a statement on Wednesday.The venture known as Roan Resources will be provided land by the two companies, on an equal basis, in an area which stretches across the SCOOP, STACK and Merge oil-rich shale formations in south and central Oklahoma.By forming the venture, Linn and Citizen aim to accelerate the development of the largely-contiguous acreage, with production reaching more than 40,000 barrels of oil equivalent per day by the end of the year, double the output as of May 2017, the statement said.Technology improvements allow companies to drill sideways over a longer distance, meaning oil and gas producers have been seeking out ways to acquire adjacent land to boost production from single oil wells.EQT Corp said last week it had agreed to buy fellow Appalachian gas and oil firm Rice Energy for $6.7 billion, a transaction that would make it the largest U.S. natural gas producer. One of its main rationales was Rice''s complementary acreage.Roan Resources is planning an initial public offering in early 2018, subject to market conditions, the statement added.Linn itself only returned to the public market in February, having reformed itself during a Chapter 11 process caused by the slump in oil prices from a peak in mid-2014.It has since sold a number of assets designated as not core to its strategic plan to help raise cash to fund new opportunities, including to Jonah Energy and Denbury Resources.Tulsa-based Citizen is focused on developing oil and gas reserves in the Anadarko basin in Oklahoma. It is backed by investment firm JVL Advisors, run by former Morgan Stanley banker John Lovoi.Jefferies and Citigroup were the respective financial advisers to Linn and Citizen, with Latham & Watkins and Thompson & Knight their respective legal advisers.(Reporting by David French; Editing by Andrew Hay)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-linn-enrgy-jointventure-citizen-energ-idUSKBN19J2HE'|'2017-06-28T20:39:00.000+03:00'
'3b270f989a527ed8cba368d2db027d01062c4d94'|'U.S. office vacancy rate flat in second quarter - Reis'|'Business News - Wed Jun 28, 2017 - 11:33pm EDT U.S. office vacancy rate flat in second quarter: Reis Morning commuters walk through a steam cloud on Wall St. during a morning snow fall in New York''s financial district March 4, 2016. REUTERS/Brendan McDermid U.S. office vacancy rate was flat at 16 percent in the second quarter of 2017, compared with the preceding quarter, according to real estate research firm Reis Inc ( REIS.O ). Asking rent and effective rent both rose 1.6 percent in the second quarter from the same period a year earlier. This is the lowest annual rate of rent growth since 2011. "We expect stronger construction in 2017 than in 2016 which means that the vacancy rate could continue to stay flat as occupancy grows at or near the same pace as new completions just as it has over the last two years," Barbara Denham, senior economist at Reis, said. Net absorption, which is measured in terms of available office space sold in the market during a certain time period, nearly halved to 3.33 million square feet, the lowest since the second quarter of 2014. Construction activity slowed, with 7.55 million square feet of new office construction completed in the quarter, compared with 9.52 million square feet in the first quarter. (Reporting by Arunima Banerjee in Bengaluru; Edited by Martina D''Couto) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-usa-property-office-idUSKBN19K0AK'|'2017-06-29T06:30:00.000+03:00'
'74b8b5755eebad57b6356efc7547d7f12bddd6cf'|'Cara reports mixed results from pain drug trial, shares plunge'|' 35pm EDT Cara reports mixed results from pain drug trial, shares plunge June 29 Cara Therapeutics Inc on Thursday reported mixed results from a pivotal trial testing the drug developer''s chronic pain treatment in patients with osteoarthritis of the knee or hip. Shares of the company fell 21.6 percent to $20 after the bell. The drug developer was testing three dosages of the drug, CR845, against a placebo. Two dosages of the drug - 1 mg and 2.5 mg - failed to meet the main goal of reducing pain intensity in patients, while the 5 mg dose exhibited a statistically significant reduction in joint pain, the company said. (Reporting by Divya Grover in Bengaluru; Editing by Shounak Dasgupta)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/cara-study-idUSL3N1JQ5MU'|'2017-06-29T23:35:00.000+03:00'
'99cdb1cf5844eb3bb2ef2a95a8e7622974823338'|'UPDATE 1-U.S. Congress split over privatizing air traffic control'|' 34pm EDT UPDATE 1-U.S. Congress split over privatizing air traffic control (Adds airline group criticism of proposal to set rules on fees, background) By David Shepardson WASHINGTON, June 29 The U.S. Congress is divided over whether to privatize the nation''s air traffic control system as both chambers advance bills to expand airline passenger protections. On Thursday, the Senate Commerce, Science and Transportation Committee adopted legislation that includes Federal Aviation Administration reforms, but unlike a House panel, does not spin off air traffic control and leaves it with the FAA. "The support is not there," said Senator Bill Nelson, the top Democrat on the panel. The U.S. House Transportation and Infrastructure Committee approved the privatization plan on Tuesday, putting air traffic control under the oversight of a nonprofit corporation. President Donald Trump has said the move would modernize air traffic control and lower flying costs. The proposal has drawn fire from private plane owners and rural airports. Critics say it would hand control of a key asset to special interests and big airlines. American Airlines Group Inc, United Airlines , Southwest Airlines Co and JetBlue Airways Corp all back the proposal. Congress has until Sept. 30 to reauthorize the FAA, but Republican Senator John Thune, chairman of the committee, said the Senate may not take up the proposal until after the August recess, potentially leaving little time to come up with a compromise measure. The Senate bill would require new rules prohibiting cancellation, baggage, seat selection and same day change fees that are not "reasonable and proportional." Airlines for America, an airline trade group, said it would result in "government-mandated price controls" and should be rejected. In 2016, U.S. airlines collected $7.1 billion in baggage and reservation change fees. Both measures would make it illegal for an airline to bump an already boarded passenger from a flight. In April, a United passenger was forcibly removed from his seat, prompting public outrage. The airline has since banned the practice. The Senate bill also requires new rules that would mandate airlines promptly refund passengers for baggage fees or other fees if they do not receive services. The House bill would require the FAA to set minimum seat sizes on U.S. airlines and a minimum distance between rows to "protect the safety and health of airline passengers." The average distance between rows of seats has dropped from 35 inches in the 1970s to about 31 inches today, supporters say, and the average width of airline seats has shrunk from 18 inches to about 16-1/2 inches. One contentious issue is training requirements for pilots, and whether certain simulated training hours can be counted. Thune said that two-thirds of U.S. airports are only served by regional carriers and that there is a "crisis" in trying to attract pilots, while Democrats said the revised rules could lead to unqualified pilots. Both bills would seek to speed approval of some commercial drone use and testing, while studying privacy implications. The measures also require medium- and large-sized airports to provide clean private rooms in all terminals for nursing mothers and would enshrine a ban on making in-flight mobile phone calls in law. The Senate bill would direct a study of airplane air quality and require a study of whether airlines are shrinking airplane bathrooms to add more seats. (Editing by Jeffrey Benkoe)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-aviation-idUSL1N1JQ1SA'|'2017-06-29T23:34:00.000+03:00'
'5b13f2a151bfaaa84005944cea267046ef79722b'|'Tesco launches one-hour delivery to London customers'|'Business News  03pm BST Tesco launches one-hour delivery to London customers FILE PHOTO: A company logo is pictured outside a Tesco supermarket in Altrincham northern England, April 16, 2016. REUTERS/Phil Noble/File Photo LONDON Tesco ( TSCO.L ), Britain''s biggest retailer, is to offer a one-hour grocery delivery service to customers in central London, firing the latest salvo in the cut-throat online supermarket sector. Online shopping is one of the better-performing parts of Britain''s retail sector and has become a key battleground for the big supermarkets as they grapple with the growth of German discounters Aldi [ALDIEI.UL] and Lidl [LIDUK.UL]. Britain''s online food market is expected to grow by 54 percent to 16 billion pounds ($20.3 billion) in the five years to 2022, according to industry research group IGD. Tesco said on Monday the new service will allow customers to order, through the Tesco Now app, up to 20 items from a range of 1,000 products, including fruit and vegetables, meat, bakery goods and dairy. Orders will be picked in a local store and delivered to customers via moped within 60 minutes. Priced at 7.99 pounds ($10.16), Tesco Now will be available to customers in some central London postal districts between 0800 until 2300 on weekdays and 0900 until 2300 at weekends. Tesco''s service is similar in concept to Amazon''s ( AMZN.O ) ''Prime Now'' offer and follows a one-hour home delivery trial from Sainsbury''s ( SBRY.L ), Britain''s No. 2 supermarket group, that was launched last year. Last year Amazon also launched a British version of its U.S. AmazonFresh food delivery service, stepping up the pressure on the traditional big supermarkets. Earlier this month Amazon agreed a $13.7 billion takeover of Whole Foods ( WFM.O ) signalling how serious it is about food retail. (Reporting by James Davey; Editing by Adrian Croft)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-tesco-internet-idUKKBN19H28J'|'2017-06-27T02:03:00.000+03:00'
'f83a2cee464970926cb5d56e27bbff31dfade41f'|'Industry driving robust second quarter German expansion - Bundesbank'|'Business  05am BST Industry driving robust second quarter German expansion - Bundesbank Workers are seen behind e-Golf electric cars during assembly at the new production line of the Transparent Factory of German carmaker Volkswagen in Dresden, Germany March 30, 2017. REUTERS/Fabrizio Bensch BERLIN A lively German manufacturing sector is driving solid growth in Europe''s largest economy, which should see strong expansion over the winter months carry through into the second quarter, the Bundesbank said on Monday. "The upward drive is, above all, being sustained at the moment by lively manufacturing activity," the German central bank said in its monthly report for June, adding that the sector was being stimulated by both foreign and domestic demand. (Writing by Paul Carrel; Editing by Madeline Chambers)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-germany-economy-bundesbank-idUKKBN19H10V'|'2017-06-26T18:05:00.000+03:00'
'55b85347933befebcba0b6b0498ecc470cae4f82'|'Carrefour''s property arm Carmila launches capital increase'|'PARIS Carmila, the property unit of Europe''s largest retailer Carrefour ( CARR.PA ), announced on Sunday a capital increase of 557 million euros ($623.5 million) to fund its future expansion.The company said the capital increase would be priced in an indicative range of between 23 euros and 27 euros per share against a closing price of 30.50 euros for Carmila shares on June 23.The size of the capital increase may be increased to around 632 million euros in case of full exercise of the over-allotment option, the statement said.The move follows the merger earlier this month of Carmila with Cardety, a listed property unit also owned by Carrefour.The newly merged company has been trading on the Paris stock market under the Carmila ( CARM.PA ) name since June 14.It is the third-largest listed European retail property group with a portfolio including 205 shopping centres in France, Spain and Italy, and assets valued at 5.4 billion euros.The aim of the capital increase is to fund the company''s 2017-2020 development plan, including 37 extension projects, targeted acquisitions and the deployment of a digital marketing strategy aimed at supporting retailers in increasing revenues.Outgoing Carrefour CEO Georges Plassat spearheaded the creation of Carmila in April 2014 as part of his strategy to revive the group''s European hypermarkets by making them more attractive for shoppers.(Reporting by Dominique Vidalon; Editing by Adrian Croft)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-carrefour-carmila-idINKBN19G0VP'|'2017-06-25T17:43:00.000+03:00'
'1dc25cf203b3112120921f5afef9293e1a2f30dd'|'''Always grasp the opportunity'': confronting ageism creatively - Guardian Sustainable Business'|'@fionaatwork Wednesday 28 June 2017 03.37 BST E ileen Kramer is reinventing ageing. The 102-year-old dancer and artist is working on a new ballet and plans to perform it in November – with a walking stick, if necessary. “I aim to be walking properly because there is nothing wrong with me except my balance,” she says. If she needs her cane, she will ask her dancing partner to use one too. “We can do a cane dance,” she says, miming the actions from her seat. Census 2016 finds Australia getting older and more female Read more Kramer is one of a growing number of older Australians who have decided to do ageing differently, busting through the stereotypes that say that people retire, apply for a pension, downsize to an apartment, then move to a retirement village to play cards, and then shuffle off to a nursing home to quietly die. Instead, we are seeing more older people switch to new careers in their 60s , become entrepreneurs, throw themselves into creative endeavours, chase adventure in travel and investigate new forms of communal living, where they remain in charge and avoid the humiliation of the institutional 5.30 pm dinners of soft foods and cordial. Kramer is the ambassador for the non-profit Arts Health Institute and has a 75-year international career that, most recently, included a role in the Belvoir production of the Wizard of Oz; appearances in music videos and a collaboration on a fashion project. “Always make the opportunity for yourself or else grasp the opportunity,” Kramer said at a recent forum in Sydney on confronting ageism. When asked if she believes herself to be old, Kramer replied: “I don’t use the word ‘old’. I say I have been on the planet a long time. “If you are doing creative work, you are absolutely ageless. There is no such thing as age in creativity. It is always something new.” Chief executive of the Arts Health Institute, Dr Maggie Haertsch, says creativity has beneficial effects on health and quality of life in older people. “Arts play a really significant role in building a person’s quality of life. I think that ability to keep learning and learning something new should never be underestimated, no matter what your capability is,” she said at the ageing forum. A study of 60,000 older people by National Taiwan University finds that those who took part in a creative (performance and art) program had lower rates of loneliness and depression, higher morale and improved hand dexterity. There are now 3.57 million people aged 65 and over in Australia and, by 2056, they may comprise around a quarter of the Australian population. That ability to keep learning and learning something new should never be underestimated Arts Health Institute''s Maggie Haertsch While those numbers create a powerful bloc, that has not yet resulted in an opening up of the employment market for mature-aged workers or the retreat of ageism. It takes an average of 68 weeks for someone aged over 55 to get a job. The lack of employment options could be one reason that 34% of young firms in Australia are led by senior entrepreneurs (55-64 years), which is a higher activity rate than average . Co-founders of the profit-for-purpose consultancy The Ageing Revolution, Leonie Sanderson and Simon Lowe, have found that it is not only young people who hold unhelpful and untrue views about their elders. The couple took a three-month fact-finding trip last year, interviewing “grey nomads” and mature-aged people around Australia and discovered that many people were discriminating against their own age group. “We are all hopefully going to grow old so why are we prejudicing our future lives?” asks Sanderson. Working later in life: share your experiences Read more “The negative beliefs about ageing are all around us. Even things like birthday cards have terms like ‘over the hill’, ‘one foot in the grave’ or ‘God’s waiting room’. “There are even beauty regimens to combat ageing from when you are in your twenties, hair dye to cover up your grey hair. It is like we are trying to erase any talk or discussion of ageing in our society at all, instead of focusing on the opportunities that come with growing older. “The discrepancy between these beliefs and how older people actually are is the most amazing thing.” On their road trip, Sanderson and Lowe had no shortage of grey nomads to interview. There are around 80,000 on the roads in Australia at any one time. Lowe says The Ageing Revolution aims to work with companies and startups to co-design and develop ideas and products, such as an app to help carers. Haertsch says the process of internalising ageism starts before people even hit middle age. “There comes a point in your life where you are somewhat ashamed, or embarrassed, or insecure about talking about your age. I hazard a guess it might be around the age of 30. “What happens is this internalised ageism is incredibly serious because it also plays out in areas where we do our work – which is in aged care and, particularly, residential aged care. “We find that some of the self-limiting age beliefs actually stop people flourishing. People don’t realise that they keep learning. Even if you have some form of cognitive impairment such as dementia, you can keep learning.” Topics '|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/sustainable-business/2017/jun/28/always-grasp-the-opportunity-confronting-ageism-creatively'|'2017-06-28T10:37:00.000+03:00'
'e44f4dd0472eca733fcb6d000abe9f525af3de85'|'BoE''s Cunliffe - See how slowdown plays out before deciding on rate hike'|'Top News - Wed Jun 28, 2017 - 8:12am BST Now is not the time to raise interest rates - BoE''s Cunliffe Britain''s Deputy Governor of the Bank of England Jon Cunliffe in London, Britain June 27, 2017. REUTERS/ Jonathan Brady/Pool By Andy Bruce - LONDON LONDON Bank of England Deputy Governor Jon Cunliffe on Wednesday signalled that now is not the time to raise interest rates, siding with his boss Mark Carney in a deepening split between officials on the need for higher borrowing costs. Speculation mounted last week that Governor Carney''s grip on decision-making at the BoE was weakening when chief economist Andy Haldane said he might break ranks and join dissenters who voted this month for Britain''s first rate hike in a decade. But Cunliffe said he wanted more time to see how improvements in business investment and exports could compensate for a consumer slowdown before deciding to raise interest rates from their record low 0.25 percent. He stressed weak wage growth and said the lesson from the last few years was that Britain''s economy had not generated much domestic inflation pressure, despite a sharp fall in unemployment. Asked in a BBC radio interview if now was the right time to raise interest rates, Cunliffe said: "(Consumer spending) is slowing as households'' real incomes are squeezed by higher inflation, we expect some of that slowing to be offset by growth in business investment, growth in exports. And I want to see how that plays out." "(We) do have to look at what''s happening to domestic inflation pressure, and I think that on the data we have at the moment, gives us a bit of time to see how this evolves," Cunliffe said. Earlier this month the BoE said a recent jump in inflation to 2.9 percent meant it was likely to exceed 3 percent this autumn - higher than the BoE forecast just a few weeks ago and well above its 2 percent inflation target. Three out of eight members of the Monetary Policy Committee unexpectedly voted to raise interest rates, jolting financial markets. The ninth seat on the MPC is currently vacant. The unexpectedly tight vote added questions over monetary policy to uncertainty over Britain''s political outlook since Prime Minister Theresa May failed to win a parliamentary majority in an election earlier in the month. Cunliffe said inflation overshooting the BoE''s target was "not a comfortable place" for any member of the MPC. But he said it was important to consider how much of the overshoot was generated domestically, rather than as a product of the pound''s fall in the aftermath of last year''s Brexit vote. Cunliffe highlighted that average earnings excluding bonuses rose at an annual rate of just 1.7 percent in the three months to April, the weakest increase since January 2015. Even with Haldane''s surprise intervention last week, most economists think interest rates are unlikely to rise in the next few months. One of the three MPC members who voted to hike rates, Kristin Forbes, has completed her term and has been replaced by Silvana Tenreyro, a trade-focused London School of Economics academic. On Tuesday, the BoE tightened its controls on bank credit to more normal levels, deciding the risk had passed of a big hit to the economy and to lending after last year''s Brexit vote. (Reporting by Andy Bruce; Editing by Richard Borsuk and Andrew Heavens) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-boe-cunliffe-idUKKBN19J0FH'|'2017-06-28T13:20:00.000+03:00'
'b5ca24e76f1f55582d1c02785ab6525e29b0c637'|'Macron Confronts the ‘Mother of All Reforms’'|'Macron Confronts the ‘Mother of All Reforms’ France’s president launches a campaign to free up the labor market. By Philippe Martinez, general secretary of the General Confederation of Labour union, shakes hands with Emmanuel Macron at the Elysee palace in Paris. Photographer: STEPHANE DE SAKUTIN/AFP Just past day 50 since he was elected president, Emmanuel Macron is about to take on a problem that has frustrated his predecessors: freeing up France''s labor market. Macron, whose cabinet Wednesday approved a broad outline of changes to the labor code, wants the authority to negotiate the details over the summer with unions and business groups. The government would then introduce the new framework in September by decree, short-circuiting the legislative process. After sweeping aside the establishment to claim the presidency and then cementing his dominance with a resounding majority in this month’s parliamentary elections, Macron intends to show France’s often frustrated European partners that he can deliver. With his political capital at a high and the economy coming off the strongest six-month period of growth since 2010, he might never get a better chance. “The labor-market reform is the mother of all reforms, both from an economic and social point of view,” Finance Minister Bruno Le Maire said in an interview with Le Figaro June 24. “While the context is favorable, we must not waste a minute.” Macron at the Elysee Palace on June 26, 2017. Photographer: Alain Jocard/AFP Loosening France’s labor code was a central campaign issue for Macron and he began negotiations with unions and business leaders as soon as he claimed the presidency May 7. The most hard-line elements within the union movement are preparing for battle. “I call on the president to be humble and prudent, and not to think that just because he was elected and has a big majority, he can do what he wants,” Philippe Martinez, head of the CGT, France’s second-largest union, said in a June 25 interview in Humanite. “The unions, including the CGT, are one obstacle he can’t get around.” General Strike The CGT has called for a general strike Sept. 12. France’s largest union, the CFDT, said it will wait to see the decrees in September before deciding what steps to take. The most important business stories of the day. Get Bloomberg''s daily newsletter. Sign Up The talks focus on three main areas: shifting some elements of labor contracts, such as working hours, from the industry level to individual companies; merging France’s myriad workers councils in companies, and setting upper and lower limits on severance pay to provide more visibility and security for employees and employers. Medef, a business lobby, is pushing for companies to have the right to agree terms with their employees, rather than being governed by industry-wide deals. The mostly symbolic 35-hour work week isn’t a priority, according to Labor Minister Muriel Penicaud. “I think we have found ways to adapt,'''' she said on RTL radio. “It’s not a major issue that requires immediate attention.” “France needs change, it needs reforms,” Pierre Moscovici, the European Union commissioner for economic affairs, said May 21 on France Inter radio. “It needs to be made more dynamic and that’s what we expect from the president.” Moscovici himself failed to make much progress on the labor market when he served as finance minister between 2012 and 2014 in the Socialist administration of Francois Hollande. In fact, France’s last three governments all tried to liberalize labor law, and all three watered down their plans in the face of union opposition. Past Efforts In 2003 and 2005 Jacques Chirac managed to loosen the 35-hour cap on the working week, making it easier and cheaper for companies to add extra hours. In 2008, Nicolas Sarkozy made it simpler for individual workers to negotiate their own departure. And Hollande’s reforms of 2013 and 2016 made it easier to justify layoffs due to a downturn in business. Macron, as economy minister under Hollande, had worked on earlier versions of the 2016 law that went much further in easing restrictions on firing and negotiating own labor accords. After the bill was watered, Macron quit the government to set up his own political movement. “When I speak to foreign clients, the first question usually they have is whether France will reform its labor code,” said Philippe Waechter, director of economic research at Natixis Asset Management. “Sometimes we never get on to other subjects. France’s image is really at stake in these talks.” Before it''s here, it''s on the Bloomberg Terminal. '|'bloomberg.com'|'https://www.bloomberg.com/businessweek'|'https://www.bloomberg.com/news/articles/2017-06-28/macron-confronts-the-mother-of-all-reforms'|'2017-06-28T21:45:00.000+03:00'
'f14a83bc58a3ea76fd297972fb9173f7d3f57222'|'Japan plots delay to balancing budget without spooking markets, G20 partners'|'Business News - Wed Jun 28, 2017 - 12:07am BST Japan plots delay to balancing budget without spooking markets, G20 partners FILE PHOTO : A worker walks at a construction site of New National Stadium for the Tokyo 2020 Olympics and Paralympics in Tokyo, Japan May 26, 2017. REUTERS/Issei Kato/File Photo By Leika Kihara and Stanley White - TOKYO TOKYO Japanese premier Shinzo Abe is looking to quietly ditch a pledge to balance the budget by fiscal 2020 in favour of a looser debt-to-GDP ratio target, a move that gives him a free hand to delay again an unpopular sales tax hike, government sources say. Any fiscal slippage would mean Japan keeping its money printing presses running longer, and would break a commitment to G20 countries. That could risk provoking fresh accusations of currency manipulation from the United States and other G20 countries if they saw Japan''s move as a further attempt to keep the yen weak. (For a graphic on Central bank balance sheets since 2007 click bit.ly/2rZnicf ) Abe also has to be careful of the potential market reaction. Any reduction in the commitment to whittling down a public debt, that at twice the size of the economy is the worst among major economies, could risk damaging investor confidence in Japan. While Abe is unlikely to have decided yet on whether to proceed with a scheduled sales tax hike in 2019, there are plenty of reasons to postpone it, the government sources say. Abe''s aides say the premier, who twice delayed a hike to 10 percent after an increase to 8 percent in 2014 pushed Japan to the verge of recession, won''t risk cooling the economy again. "I think the prime minister understands that putting off the sales tax hike is in the best interest of fiscal consolidation," said Satoshi Fujii, a special adviser to Abe. IMF BLESSING Having seen his support slump from a series of scandals, Abe must decide whether to move ahead with the tax hike by mid-next year - around the time he could call a general election that must be held by late 2018. But, even the International Monetary Fund said last week that sustaining economic growth should take priority over consolidating the budget for now. "What''s most important is to maintain growing momentum in the economy so that growth becomes sustained," IMF Deputy Managing Director David Lipton told Reuters on Monday. "It''s a good time to make sure that there''s not a premature consolidation that halts the economy," he said after annual Article 4 consultations with Japan. Having notched five straight quarters of growth, Japan''s economy is on its best run in a decade, but it is hardly impressive. Growth in the first quarter of this year was an annualised 1.0 percent, and the economy face numerous structural challenges, notably over-reliance on exports, slow wage growth handicapping domestic demand, and an aging population. Abe came to power in 2012 promising to wrench Japan''s economy out of nearly two decades of deflation, but the jury is still out on whether he is succeeding. With that in mind, Abe has repeatedly said Japan should fix its finances by boosting growth and tax revenues, rather than resorting to fiscal austerity steps, and has set a target to raise Japan''s nominal gross domestic product (GDP) to 600 trillion yen. SHIFTING GOALPOSTS Rather than risk a market backlash, the government kept a reference to the budget-balance target in its annual fiscal guidelines for this year, even though sources say there is a near-consensus in the administration that it won''t be met. But in the clearest sign yet that Abe was back-tracking on the budget goal, the guidelines - announced on June 9 - also included a pledge to simultaneously lower the debt-to-GDP ratio, which could help save face over any slippage on fiscal reform. The debt-to-GDP ratio is easier to meet as it improves as long as nominal GDP grows more than borrowing costs, and those can be contained by the Bank of Japan''s ultra-easy policy, the government sources said. "Even if the budget-balance cannot be achieved, the government can argue it passed the grade if the debt-to-GDP ratio improves temporarily," said one of the sources. This year''s guidelines also made no mention of the need to raise the sales tax, contrary to past years when the government referred to it as key to restoring fiscal health. "There wasn''t even discussion on the tax hike in government panels," one source said. Another source said the reference may have been removed to give Abe room to delay the tax hike. Abe''s aide Fujii said such changes to the guidelines meant the government is no longer committed to the budget-balance target and will instead focus on lowering the debt-to-GDP ratio. "You could say the government is obligated to increase spending by 3 to 4 percent this year and next year, because it is targeting a 600-trillion-yen economy," said Fujii, a professor at Kyoto University. Watering down the fiscal target is not without risks. The Bank of Japan could be forced to delay its exit from a massive stimulus, the sources say. That, in turn, could provoke fresh allegations of currency manipulation from U.S. President Donald Trump, and leaders of other G20 countries. "There would be criticism from the G20, because the economic impact would be the same as bankrolling government spending and influencing the currency," Akihiko Noda, senior economist at Mizuho Research Institute, said. "Japan shouldn''t take the G20 lightly." (Additional reporting by Tetsushi Kajimoto and Takashi Umekawa; Editing by Simon Cameron-Moore)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-japan-economy-fiscal-idUKKBN19I2ZW'|'2017-06-28T07:07:00.000+03:00'
'ce874b126ec7f88c7d1b605581f87314c286dabe'|'BRIEF-Ingenico Group invests in Joinedapp, a California-based start-up'|'Market News - Wed Jun 28, 2017 - 1:04am EDT BRIEF-Ingenico Group invests in Joinedapp, a California-based start-up June 28 INGENICO GROUP SA: * INGENICO GROUP INVESTS IN JOINEDAPP, A CALIFORNIA-BASED START-UP SOURCE TEXT FOR EIKON: bit.ly/2tRvxZc FURTHER COMPANY COVERAGE: (Gdynia Newsroom:) * Bunzl leads European stocks after upbeat update (ADVISORY- Follow European and UK stock markets in real time on the Reuters Live Markets blog on Eikon, see cpurl://apps.cp./cms/?pageId=livemarkets) MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-ingenico-group-invests-in-joinedap-idUSFWN1JO0IH'|'2017-06-28T13:04:00.000+03:00'
'0529d209af7c84c5bccc4fb616cee0f958737a05'|'French budget deficit to overshoot at 3.2 percent in 2017 - TF1, citing audit office'|'Business   7:42pm BST French budget deficit to overshoot at 3.2 percent in 2017 - TF1, citing audit office PARIS France''s public deficit could stand at 3.2 percent in 2017, once again above the EU limit of 3 percent, broadcaster TF1 said on Monday, citing information from the national audit office. Earlier in June, France''s central bank said that public finances were on course for a deficit of 3.1 percent of economic output this year, higher than the 2.8 percent predicted by the previous government. TF1 said that national audit officials, who will publish a review of estimates on Thursday, anticipated the deficit would be at 3.2 percent this year. "We shall see on Thursday," Finance Minister Bruno Le Maire told TF1. "The only thing I can confirm is that if we don''t do anything before the end of the year, then we will not meet our European commitments." (Reporting by John Irish and Sophie Louet; editing by Mark Heinrich)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-france-economy-deficit-idUKKBN19H2B1'|'2017-06-27T02:42:00.000+03:00'
'87fe9d98c5486b0a95cda296b1666146eb994f23'|'Maersk Line plans pharma transport market push with new digital tool'|'Business News  43am BST Maersk Line plans pharma transport market push with new digital tool COPENHAGEN Maersk Line, the world''s largest container shipping firm, is looking to expand in the air freight-dominated pharmaceuticals transport market, as it has completed fitting its refrigerated containers with a digital tool that helps monitor temperature. The company, a part of A.P. Moller-Maersk ( MAERSKb.CO ), said it had finished installing the Remote Container Management (RCM) tool on all of its 270,000 refrigerated containers, also known as reefers, and will now offer it to customers. The tool will help measure location, temperature, humidity and power status in real time. With the tool, Maersk is hoping to grow volumes within more traditional chilled perishable cargo like bananas, fish and meat, but also to expand into transport of high-valued pharmaceutical products where it now has a small presence. Pharmaceuticals are currently transported mainly via air and less than 20 percent is being shipped, Maersk''s head of Reefer, Anne Sophie Zerlang told Reuters on Monday, adding that the market had a potential to reach 100,000 containers a year. "We''re definitely looking to make the container market bigger by RCM," Zerlang said. "We are also hoping to penetrate newer markets like the pharma industry ... It has a very big potential but has extremely specific requirements because of the very high value of the cargo." Maersk expects to transport one million reefers this year. The RCM tool is the latest in the more than 100-year old conglomerate A.P. Moller-Maersk''s push into new technologies. The container shipping industry has lagged some other sectors in bringing more of its processes online, and there is still a huge amount of paperwork slowing down the handling and tracking of containers. (Reporting by Stine Jacobsen; Editing by Himani Sarkar)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-maersk-shipping-pharmaceuticals-idUKKBN19H0Y2'|'2017-06-26T17:43:00.000+03:00'
'9ce3a7e6d664fe03aaab765c8f5ce86e2f8ae756'|'Fridman''s L1 Retail to buy Holland & Barrett for 1.8 billion pounds: source'|'Russian billionaire Mikhail Fridman''s fund L1 Retail has agreed to buy health food chain Holland & Barrett for about 1.8 billion pounds ($2.3 billion), according to a source familiar with the matter.L1 Retail will take control of the chain from its private equity owners Carlyle Group ( CG.O ). The deal was first reported by the Financial Times.Carlyle Group bought Nature''s Bounty, the owner of Holland & Barrett, in 2010 for $3.8 billion.L1 Retail, Holland & Barrett, Carlyle Group and Nature''s Bounty were not immediately available to comment(Reporting by Pamela Barbaglia and Parikshit Mishra; Editing by Bill Rigby)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-holland-barrett-m-a-l1-retail-idINKBN19G0XL'|'2017-06-25T19:31:00.000+03:00'
'4141d9c29dfef77dcbd66729f19eba1ce0c9b6f2'|'FTSE stalls, Carpetright and Debenhams put UK consumer in spotlight'|'Top News - Tue Jun 27, 2017 - 9:49am BST FTSE stalls, Carpetright and Debenhams put UK consumer in spotlight People walk through the lobby of the London Stock Exchange in London, Britain August 25, 2015. REUTERS/Suzanne Plunkett/File photo By Helen Reid - LONDON LONDON Stalling auto stocks and a weak travel and leisure sector weighed on Britain''s FTSE, while updates from Carpetright and Debenhams gave conflicting pictures of the health of British consumers as inflationary pressures start to bite. The FTSE 100 .FTSE was down 0.4 percent by 0820 GMT, erasing all the previous session''s gains, with the top weights GKN, Marks & Spencer and TUI. A profit warning by German''s Schaeffler ( SHA_p.DE ), which sent its shares spiralling down 12 percent, also weighed on British car parts supplier GKN ( GKN.L ), as carmakers across Europe .SXAP slid 1.5 percent. "While we were braced for GKN to have a tougher second quarter after a strong first quarter, we suspect Schaeffler''s mention of pricing pressure will still send a shiver down the spine of most observers," say Jefferies analysts. They added, however, that they hesitated to make a direct read-across to GKN. Travel and leisure stocks were among the worst performers, with tour operator TUI ( TUIT.L ) down 2.3 percent after Barclays cut its target price on the stock. A downgrade to sell from Investec weighed on gambling company William Hill ( WMH.L ) on the mid-caps as well. Strength among miners lent the FTSE a helping hand, pushing it slightly ahead of European peers. Anglo American ( AAL.L ), Rio Tinto ( RIO.L ), Antofagasta ( ANTO.L ), BHP Billiton ( BLT.L ) and Glencore ( GLEN.L ) were the top gainers. Updates from small-caps Debenhams and Carpetright provided further pieces of the puzzle as investors continued to seek clarity on the resilience of the UK consumer. "Both Debenhams and Carpetright are heavily dependent on the health of the UK consumer," said Edward Park, investment director at Brooks Macdonald. "With wage growth softening at the same time as inflation is beating expectations, there is a real wage growth squeeze on individuals." "Additionally, savings levels are low which means consumers have less slack to bear these reductions in purchasing power," he added. Against this tense backdrop, there was relief as a positive trading update from Carpetright ( CPRC.L ) sent the carpet provider''s shares up 11 percent. It had suffered a sharp fall in late April after nudging its profit forecast down, indicating consumers were cutting back on spending on larger-ticket items related to home renovation. Its shares were on track for their best day in five months, but their value had still eroded 25 percent from their levels prior to the forecast trimming. Debenhams ( DEB.L ) however fell 3.4 percent to an eight-year low after it flagged a more volatile trading environment and said sales slid. Its 2017 profit could land towards the lower end of expectations if conditions did not improve, Chief Executive Sergio Bucher said. "Debenhams is particularly at risk from a slowing UK macro environment given its low margins," say Jefferies analysts. Marks & Spencer ( MKS.L ), which sells clothes and home items alongside food, fell 1.9 percent, weighed down by Debenhams. (Reporting by Helen Reid; Editing by Andrew Heavens) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-stocks-idUKKBN19I0VA'|'2017-06-27T16:49:00.000+03:00'
'2e2757b6add45958cdcdada57517bb9f9d1575b5'|'Novartis gets European OK for biosimilar of Amgen''s Enbrel'|'Market News - Tue Jun 27, 2017 - 1:31am EDT Novartis gets European OK for biosimilar of Amgen''s Enbrel ZURICH, June 27 Novartis''s generics unit Sandoz said the European Commission approved Erelzi, its biosimilar to Amgen''s Enbrel, to treat inflammatory diseases such as rheumatoid arthritis, psoriasis, and psoriatic arthritis. The approval was based on a development programme that demonstrated that Erelzi, a biosimilar of the drug also known as etanercept, matches its reference medicine in terms of safety, efficacy, and quality, Sandoz said in a statement on Tuesday. Including Erelzi, Sandoz now has five biosimilars approved in Europe, it said. Erelzi won U.S. regulatory approval last year. (Reporting by Silke Koltrowitz; Editing by Michael Shields) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/novartis-sandoz-idUSFWN1JN0KW'|'2017-06-27T13:31:00.000+03:00'
'81490b43b7101a57ce57398dfeb8a30b4ff9d70c'|'EU''s €2.4bn Google fine is no sign of anti-US bias - Nils Pratley - Technology'|'L et’s start by laying one falsehood to rest. In fining Google €2.42bn (£2.14bn), the European commission is not engaged in a form of underhand trade warfare against US technology companies. Instead, Margrethe Vestager, the EU competition commissioner, is addressing a central commercial question of the digital age: to what extent should companies such as Google be able to exploit their dominance in one area to gain advantage in another?Accusations of anti-American bias don’t hold water if one views the commission’s pro-competition patrols in aggregate. In other industries with different competition complaints, Brussels has been strong in dishing out fines against European firms. Just ask the truck makers – all European – who copped a collective €2.93bn fine last year for colluding on prices .The fact that most of the technology titans are American is just tribute to the fact that Silicon Valley has been extremely successful in producing companies that grow to dominate their markets. One wishes the commission had more European tech innovators to investigate. Note, too, that many of the onlookers cheering Vestager’s efforts are themselves American – the likes of Oracle and Yelp. There is no evidence of anti-American bias at the commission.Google fined record €2.4bn by EU over search engine results Read more As for the ruling itself, Vestager is treading on new regulatory ground but her argument seems entirely fair. If Google was over-hyping its Google Shopping facility in search results while artificially relegating rivals’ price comparison websites, there is bound to be an effect on competition. The consumer harm may be difficult to measure, but it surely exists. Upstarts, whose shopping services might be preferred by consumers, will struggle to get off the ground.It is also true, as Google has argued, that many online shopping rivals have still managed to prosper – just look at Amazon. But that objection is hardly a clincher. This investigation had to establish when dominance in one area (search) can be used to seek advantage in an adjacent field (shopping). The finding that Google was seeking an “illegal advantage” chimes with common sense. Google wasn’t merely giving its in-house service home advantage; it was massively distorting search results, says the commission.This finding will have far-reaching consequences if Google or others have also been privileging their products in areas such as travel and hotels. If so, consumer-friendly action by regulators should be applauded: the commission is saying dominance in new fields should be earned on merit, not by seeking to choke rivals.Such a strict pro-competition view of the world would benefit consumers everywhere, including the US. The wonder is that US regulators, who once upon a time had an honourable record of acting against powerful monopolists, have been so supine with the technology giants.Bank right to boost the buffers You don’t have to be a central banker to know there is a mini-credit boom taking place in the UK. The evidence is the number of new cars on the road, many financed with loan agreements known as personal contract purchases. Is it a worry? Yes it is, which is why the Bank of England is right to force banks to hold more capital if they wish to carry on feeding the demand. Consumer credit – not just in car loans, but also as credit card borrowing and personal loans – rose by 10.3% in the 12 months to April, which is obviously much faster than the rate of increase in incomes.The position is not necessarily dangerous but could become so if banks, fooled by the current low levels of default, relax lending standards. The UK’s experience with sudden credit booms is terrible.The Bank’s intervention is designed to encourage more prudence. In the jargon, counter-cyclical buffers are being increased. Banks will be obliged to hold £11.4bn of capital over the next 18 months to cover lending mistakes that, in practice, may or may not materialise.Wouldn’t it be easier to raise interest rates as a way to tell overstretched consumers to go easy on the credit? It could still come to that in theory – “monetary policy is the last line of defence to address financial stability issues”, the governor, Mark Carney, reminded his audience – but the Bank’s tweak with the buffers is a better formula. It targets the direct problem and avoids overkill.That, at least, is the big idea. After the banking crash of 2008, the Bank asked for its regulatory “toolbox” to be expanded to protect financial stability. There is no point having tools and not using them. The same buffers were cut last year to “cushion the shocks” from the vote for Brexit. Since that danger has now passed (for the time being, at least), restoring levels to a “standard” setting is sensible.Nestlé yields to Third Point pressure What a coincidence: activist investor Dan Loeb’s Third Point hedge fund is hounding Nestlé to improve its performance, and the consumer goods giant has decided this is exactly the right moment to launch a SFr20bn (£16bn) buy-back. The share purchase is not quite as dramatic as it sounds since it will be executed over three years. All the same, the move smells suspiciously like a panicky way to buy some peace. There is also a top-of-the-market whiff about it.'|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/technology/nils-pratley-on-finance/2017/jun/27/eu-google-fine-us-european-commission'|'2017-06-27T03:00:00.000+03:00'
'cc65c49ad84739a238fd4e7579431c69d987f030'|'China''s Premier Li says free trade curbs could lead to unfair trade practices'|'Business News - Tue Jun 27, 2017 - 5:29am BST China capable of achieving full-year GDP growth target, says premier Chinese Premier Li Keqiang in Beijing, China June 20, 2017. REUTES/Fred Dufour/Pool DALIAN, China China is entirely capable of achieving its full-year growth target and controlling systemic risks despite many challenges facing its economy, China''s Premier Li Keqiang said on Tuesday. Beijing is targeting economic growth of around 6.5 percent in 2017, compared with the actual 6.7 percent pace in 2016 - the slowest in 26 years. In a speech at the World Economic Forum (WEF) in the northeastern city of Dalian, Li said the Chinese economy remains steady with improving momentum in the second quarter, as domestic demand has become a key pillar for the world''s second-largest economy. Global markets continue to fret about the outlook for China as policy makers have tightened financial conditions and cracked down on wanton growth in debt in their quest to defuse bubble risks. Authorities have also taken steps to stabilise the yuan currency and reassure investors that Beijing remains committed to reforms of the capital markets, even as it puts up curbs to stem the flow of funds. China will continue to push for capacity cuts in sectors such as steel and coal, Li said. Li also stressed China will further facilitate foreign investment by making it easier for overseas firms to register new companies locally and easing market access for services and industrial sectors. (Reporting by Kevin Yao and Tony Munroe; Writing by Yawen Chen; Editing by Shri Navaratnam) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-china-wef-premier-idUKKBN19I0B7'|'2017-06-27T11:24:00.000+03:00'
'be43105f0357c6903f42e0aa9756b8c4c11b7327'|'Pandora Media''s CEO Tim Westergren to step down'|'Hollywood News - Tue Jun 27, 2017 - 7:11pm IST Pandora Media''s CEO Tim Westergren to step down left right Joe Kennedy (2nd L), then president and CEO, and Tim Westergren (2nd R), co-founder and then chief strategy officer of Pandora internet radio, ring the opening bell at the New York Stock Exchange, in this June 15, 2011 file photo. REUTERS/Brendan McDermid/Files 1/2 left right A person holds a smart phone with the Pandora app showing in New York U.S., June 9, 2017. REUTERS/Shannon Stapleton 2/2 Music streaming service Pandora Media Inc''s co-founder Tim Westergren stepped down as chief executive and board member as part of a management shuffle. The company''s shares fell 2.6 percent at $8.24 in early trading. Pandora said on Tuesday President Mike Herring and Chief Marketing Officer Nick Bartle are also leaving the company. Westergren, who co-founded Pandora in 2000, served as its CEO and president from May 2002 to July 2004, before returning to lead the company last year. Pandora named Naveen Chopra, who was hired as chief financial officer in February, as its interim CEO. Former Myspace co-president Jason Hirschhorn was named to the company''s board. Pandora, which has never turned a profit on an annual basis, faces intensifying competition from services such as Sweden''s Spotify, Apple Inc''s Apple Music and Alphabet''s Google Play Music. Sirius XM Holdings Inc said earlier this month that it would invest $480 million in Pandora, helping the company shore up its balance sheet. (Reporting by Supantha Mukherjee and Anya George Tharakan in Bengaluru; Editing by Anil D''Silva)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-pandora-media-ceo-idINKBN19I1O0'|'2017-06-27T11:16:00.000+03:00'
'8ba774c6368d2dd15565858e601960046e24052e'|'China pumps cash into African floating LNG projects in strategic push'|'Business News - Tue Jun 27, 2017 - 2:04am BST China pumps cash into African floating LNG projects in strategic push By Oleg Vukmanovic and Colin Leopold - LONDON LONDON China plans to pour almost $7 billion into floating liquefied natural gas (FLNG) projects in Africa, betting on a largely untested technology in the hope that energy markets will recover by the time they start production in the early 2020s. Western banks are wary due to the depressed state of the shipping and gas markets, as well as the technical difficulties of pumping gas extracted from below the ocean floor, chilling it into liquid form on a floating platform and transferring it into tankers for export. China, however, is making a strategic push into FLNG, aiming to become the lowest cost seller of the complex floating plants and lead the global rollout of a technique that remains in its infancy, with only one project in commercial production so far. The country needs gas as a cleaner alternative to coal under a drive to improve air quality in its cities, and has already lent $12 billion to Russia''s conventional Yamal LNG project in the Arctic as U.S. sanctions scared away Western banks. It has also lent or committed almost $4 billion to three FLNG schemes off the African coast. In two more African projects costing a total of $3 billion (2.36 billion pounds), it plans not only to provide the funding, but also build the production platforms. "We see a real commitment to FLNG in China both from the construction side and from the LNG consumption side where decreasing costs mean potentially lower cost LNG," said Steve Lowden, chairman of Jersey-based NewAge which is planning FLNG projects off Congo Republic and Cameroon. China already dominates the global market for solar panels and is a major supplier of coal-fired power plants, aided by easy money, cheaper labour and state support. Now, with Beijing pushing President Xi Jinping''s "Belt and Road" vision of expanding trade links between Asia, Africa and Europe, it is turning to FLNG to bring high technology work to its shipyards and create jobs - a strategic priority. FLNG is also attractive to resource-rich but debt-burdened African countries. Projects can sail into place, drop anchor, and begin exporting for much less than the cost of onshore plants, the price of which quadrupled in the decade to 2013. That, at least, is the theory. The reality is that the technology remains complex. Royal Dutch Shell''s ( RDSa.L ) mammoth Prelude FLNG plant, for example will be aboard the world''s biggest floating structure, but must squeeze the equipment into a quarter of the space occupied by an LNG plant on dry land. Wave motion and ocean currents add to the difficulties. The $12.6 billion Prelude project, which is due to start operating off Australia in 2018, is typical of those conceived during the era of high energy prices. However, spot LNG prices have fallen 70 percent since early 2014 and are expected to remain under pressure or drop further due to extra supply from new conventional plants in Australia and the United States. Despite this, some producers and buyers are banking on the glut ending early in the next decade, although they don''t want to lock themselves into big projects, preferring smaller, more flexible ones like in Africa. The only operational FLNG project launched in Malaysia last year, with construction of the floating platform costing around $1.6-$1.7 billion. Bankers say this is still too expensive and if the Chinese can build one for $1 billion, they would corner the market. ESTABLISHED SHIPYARDS With new investments in costly conventional LNG plants on hold, the only two production projects to advance this year are floating types, in Mozambique and Equatorial Guinea. Both are largely backed by Chinese loans although the platforms are being built by more established Asian shipyards. Lowden said the two NewAge projects will be wholly financed by Chinese companies and this time also built in Chinese shipyards. "They are more than fully able to handle such projects," he said. Still, Dutch offshore engineer SBM ( SBMO.AS ) and JGC ( 1963.T ) of Japan will partner with the Chinese players, including China Offshore Oil Engineering & Construction Ltd. NewAge expects to sanction both the projects next year. Last year, China''s Wison Offshore & Marine completed the first-ever FLNG ship but it remains unused following the cancellation of a project in Colombia it was intended for. VERY DEEP POCKETS As typical Western sources of funding have slowed due to the weak state of the shipping business, highly-capitalised Chinese players believe the market has reached the bottom and are keen to step up lending before the cycle turns and pushes up costs. "The difference is that in the West banks lend at the top of the market when they have most liquidity, but in China they''re smarter and put money in at the bottom," a financier who advises Chinese lenders on LNG shipping deals said. This month, Chinese banks including Industrial and Commercial Bank of China, and Bank of China committed around 1.75 billion to project finance the Coral South FLNG project in Mozambique, bankers said. ICBC declined comment while BOC did not respond to a request for comment. By contrast Western commercial banks provided just $200 million in uncovered debt to Coral, to be developed by Italy''s Eni ( ENI.MI ), instead of an originally proposed $1.9 billion. They cited uncertainties around FLNG technology and a public debt crisis in Mozambique. Adam Byrne, Managing Director at ING Bank, said Chinese lenders "have very deep pockets indeed". "If they decide to, they can support something for even a billion or a billion and a half dollars," Byrne told a shipping conference earlier this month. AFRICA AND BEYOND The next big African deal, in Equatorial Guinea, is being financed by China State Shipbuilding Corp with a $1.2 billion loan for Fortuna FLNG, bankers say. This project - which is being developed by UK-listed Ophir Energy ( OPHR.L ), shipping firm Golar LNG ( GLNG.O ) and oil services group Schlumberger ( SLB.N ) - will produce 2.2 million tonnes of LNG a year and is expected to be sanctioned within weeks. China State Shipbuilding Corp (CSSC) also lent $960 million to Golar LNG in 2015 for the first-ever conversion of a conventional LNG tanker into an FLNG platform, which is set to enter operation this year in Cameroon. CSSC declined comment. All these projects were awarded to established shipbuilders in South Korea, Singapore or Japan, but the experience sets up Chinese developers to take the lead on other projects in Africa and beyond, say consultants and industry sources. Equatorial Guinea sees scope for another two FLNG projects, its petroleum minister has said, while BP ( BP.L ) and joint venture partner Kosmos Energy are also eyeing two in the waters of Senegal and Mauritania. China also has plans for conventional LNG production in Africa. Chinese conglomerate Poly-GCL has begun construction of an onshore LNG facility in Djibouti which will export Ethiopian gas to China, according to Poly-GCL''s website. (Colin Leopold reports for Project Finance International, a Thomson Reuters company; Additional reporting by Shu Zhang and Brenda Goh in Beijing; Editing by Veronica Brown and David Stamp)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-china-lng-africa-idUKKBN19I03J'|'2017-06-27T09:04:00.000+03:00'
'6755fcb7f99eadd1a5e87d55e9b41d099b9db7d6'|'With Alphabet, Google faces a daunting challenge: organizing itself'|'Innovation and Intellectual Property   11:22am EDT With Alphabet, Google faces a daunting challenge: organizing itself By Julia Love - SAN FRANCISCO SAN FRANCISCO Google’s self-professed mission is to organize the world’s information. But a company known for engineering excellence is still trying to solve the very human problem of how to organize itself. Nearly two years ago, Google co-founder Larry Page announced the tech giant would be remade as Alphabet, a holding company whose units would include Google and an array of unrelated pursuits in areas such as healthcare, self-driving cars and urban planning. Wall Street cheered. Previously those riskier ventures had been lumped into Google''s overall financial results. Investors would now see Google’s performance independent of its so-called “Other Bets,” an eclectic collection of 11 ventures. They include Nest, a maker of Wi-Fi enabled thermostats; Calico, which seeks to prolong the human lifespan; and X, the company''s secretive research lab. Alphabet''s top management also aimed to boost accountability by appointing chief executives to head each of the Other Bets. Few people in Google''s constellation of ventures had ever held the title prior to that. But so far Alphabet has failed to show it can convert its Other Bets from experiments to businesses with the reach, impact and money-making potential of Google’s core search and advertising operations. Interviews with two dozen former Alphabet executives and employees reveal an organization grappling with how much time and resources Other Bets deserve in the pursuit of profitability. In the first quarter, which ended March 31, the ventures lost a combined $855 million; that''s on top of a collective $3.6 billion loss for 2016. As a whole, Alphabet generated $90.3 billion in revenue in 2016. Google''s share of that revenue was $89.5 billion, while its 2016 operating income was $27.9 billion. Alphabet''s early days have seen more pruning than expansion of its holdings. The company has skinned back plans for Google Fiber, which delivers rapid Internet service in 10 metro areas. This month, Alphabet agreed to sell robotics company Boston Dynamics to Japanese multinational SoftBank Group Corp. It unloaded its Terra Bella satellite imaging business in February. At one point last year, it was even looking to sell Nest, the largest of the Other Bets, three people familiar with the matter told Reuters. Google paid an eye-popping $3.2 billion for the start-up in 2014. (For a graphic showing Alphabet''s holdings, see: tmsnrt.rs/2rNgdKN ) Meanwhile, a series of executives have departed since the reorganization, including the heads of Nest, an Internet operation called Access and a venture capital firm known as GV. An Alphabet spokeswoman declined repeated requests for comment or to make executives available for interviews. Supporters of the restructuring frame the early struggles as typical growing pains. For now, Wall Street isn''t worried: Alphabet''s stock is near an all-time high, having reached $1,000 per share in June. Ruth Porat, the no-nonsense chief financial officer who has steered the restructuring, has won rave reviews from investors for enforcing financial accountability across Alphabet. Some Other Bets have made notable strides. Life sciences initiative Verily recently attracted $800 million in outside investment. Self-driving car project Waymo is considered among the leaders in the burgeoning industry. Still, it''s not yet clear the structure will enable Alphabet to do what most companies cannot: conceive the next wave of innovation in-house or through the development of key acquisitions. That goal is central to both the company''s mission and investor expectations, analysts say. “The reason Google gets to trade at a decent multiple… is because there''s a growth story beyond advertising,” said analyst James Wang of ARK Investment Management. CEO or COO? The Alphabet structure is Google’s stab at an age-old corporate conundrum: sustaining innovation within a giant enterprise. Alphabet''s strategy is to give entrepreneurs the autonomy of a startup, coupled with the discipline of a traditional corporate structure. Roughly once a quarter, Other Bets leaders meet with the Alphabet board – comprised of Porat, Page, Google co-founder Sergey Brin and David Drummond, Alphabet''s senior vice president of corporate development – to discuss funding and performance, according to two former employees. At the same time, Alphabet is establishing separate compensation plans for the Other Bets to reward employees if their ventures succeed, mirroring startup incentives. The formula has primed Alphabet''s emerging businesses for "global impact," Alphabet Executive Chairman Eric Schmidt said this month at the annual stockholders meeting at the Mountain View headquarters. "There is one solution that we know works well in capitalism, which is boards, shareholders, CEOs," Schmidt said. "My bet is that the traditional lessons of business organization will in fact result in success at Alphabet." Still, Alphabet top brass continue to hold sway over key strategy and financing decisions, a dynamic that has chafed Other Bets chief executives who''ve complained they are treated more like chief operating officers than shot callers, according to people familiar with the situation. In addition, scrutiny from Wall Street limits how generous Alphabet can be in extending Google''s resources to Other Bets, said Brian McClendon, a former vice president of engineering at Google. "As of yet, the restructuring hasn’t provided what I think is one of the immediate benefits, which is risk-taking investment," he said. NICKELED AND DIMED Some companies acquired by Google found that being part of Alphabet wasn''t what they''d bargained for. Two former Nest employees said they were promised generous funding and time to achieve profitability following the company''s acquisition by Google in 2014. But after the restructuring, Alphabet executives were keenly focused on revenue, one former employee said. Pricey overhead has made the path to profitability tougher. After the restructuring, Alphabet began charging Other Bets for their portion of shared services such as security and facilities, ending what had previously amounted to a subsidy, people familiar with the situation said. The units also felt pressure to maintain Google perks such as free employee meals. “One of the pitfalls (of Alphabet) is that those companies are asked to stand on their own two feet, but they may inherit the cost structure of Google," said Nest investor Peter Nieh, a partner at Lightspeed Venture Partners. In early 2016, Alphabet explored selling Nest in an effort code-named Project Amalfi, according to three people familiar with the matter. No deal materialized, and Nest co-founder Tony Fadell departed last year. Fadell declined to comment. Boston Dynamics, acquired in 2013 during a robotics shopping spree led by Android creator Andy Rubin, enjoyed generous funding at first. But it was adrift after Rubin''s departure, two former employees said. Rubin did not respond to requests for comment. GRUMPY GOOGLERS The creation of the Other Bets has also changed what it means to work for Google. Some grumble that their role now is to subsidize innovation at their sister companies, rather than to innovate themselves. “It did sort of send the message to people who stayed back at Google, whether in search or in ads: Your job isn’t to push the envelope,” one former Googler said. Employee transfers to X, the illustrious “moonshot factory,” are more complicated now that it''s a separate entity, former employees say. That’s a striking shift, especially for high-performing employees accustomed to moving about the company almost at will, said Punit Soni, a former Google employee who is now chief executive of Learning Motors, an artificial intelligence startup. “A basic premise of Google was people could do whatever they wanted,” Soni said. “I can see why people will feel like it’s no longer the old Google." In the meantime, co-founder Page is pursuing yet another "moonshot": flying cars. He is the primary investor in Kitty Hawk, a startup in the field that is entirely outside the Alphabet umbrella. (Editing by Marla Dickerson)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-alphabet-tensions-insight-idUSKBN19I0G9'|'2017-06-27T13:12:00.000+03:00'
'e504648f3e2150dbba24e5abd51852cea789d26b'|'Stada buyout falls short of shareholder acceptance target'|'  7:50am BST Stada buyout falls short of shareholder acceptance target FRANKFURT Private equity groups Bain Capital and Cinven failed to win the required shareholder acceptances to take over German generic drugmaker Stada ( STAGn.DE ), the companies said late on Monday. Investors representing 65.52 percent of Stada''s equity capital tendered shares in the agreed 5.3 billion euro (£4.66 billion) deal at 66 euros per share, short of the 67.5 percent target that the bid was conditional on, Stada said. Shares in Stada dropped 6.5 percent in pre-market trade, which would put them at their lowest level since Bain and Cinven raised their bid to beat out a rival consortium of Advent and Permira in an auction for the drugmaker in April. The bid was widely regarded as attractive, given the premium of 49 percent over the share price before initial reports emerged that a takeover was on the cards. But according to sources, the buyout groups struggled to galvanise non-professional, often elderly investors, many of whom the bidders feared were ignoring or forgetting letters from their custodian banks. They lowered the threshold for the deal to go through from 75 percent earlier this year because of concerns about low uptake. For Stada the outcome of the takeover bid was an expression of shareholders'' desire to keep Stada independent. "We respect the close vote of our shareholders and understand it as a mandate to press ahead with our successful growth strategy," Chief Executive Matthias Wiedenfels said. "However, we also regard this decision as a mark of confidence in Stada’s abilities, which our employees have impressively demonstrated, in particular over the past months." WHAT NEXT? Stada said that the termination of the deal did not have an impact on its earnings targets. For 2017, Stada still expects sales adjusted for currency and portfolio effects of 2.28 billion to 2.35 billion euros, with adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) of 430 million to 450 million euros and adjusted net income of 195 million to 205 million euros. For 2019, Stada still sees adjusted sales of 2.65 billion to 2.7 billion euros, adjusted EBITDA of 570 million to 590 million euros and adjusted net income of 250 million to 270 million euros. "The question now is if the former bidders, Advent and Permira, emerge again or if Bain and Cinven try a second bid," a local trader said. Many buyout firms are flush with cash after recent divestments and cheap borrowing costs and they are particularly attracted to healthcare assets for their reliable cash flows that are immune to swings in the business cycle. German takeover rules bar Bain and Cinven from amending their offer a second time. They could make a renewed bid but only with Stada''s approval within a year of the first attempt failing. Lowering the acceptance hurdle even further under any new offer would complicate the buyers'' efforts to get debt financing for the deal because the German takeover code requires at least 75 percent ownership for full access to a target company''s cash. (Reporting by Harro ten Wolde, Ludwig Burger and Maria Sheahan; Editing by Susan Thomas and Jane Merriman)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-stada-arzneimitt-m-a-idUKKBN19H27P'|'2017-06-27T14:50:00.000+03:00'
'ddb2f6dd9de388577ad10f496e29b9c334626def'|'UPDATE 1-Japan''s Takata offers condolences to victims of faulty air bags'|'* "We offer our condolences" to victims - CEO Takada* Air bags linked to at least 16 deaths and 180 injuries* Takata filed for bankruptcy in U.S. and Japan (updates with CEO comment, background, shareholder comments)TOKYO, June 27 Japanese auto parts maker Takata Corp expressed condolences on Tuesday to victims of its faulty air bags linked to at least 16 deaths and 180 injuries around the world, but stopped short of offering a full apology."We offer our condolences to the those who lost their lives and to those who suffered injuries," Shigehisa Takada, chairman and CEO of Takata, said at the company''s last annual shareholder meeting as a listed company.The meeting came a day after Takata, facing tens of billions of dollars in costs and liabilities following almost a decade of recalls and lawsuits, said it had filed for bankruptcy protection in Japan and the United States.As part of the arrangements it will be largely acquired for $1.6 billion by the Chinese-owned U.S.-based Key Safety Systems.The grandson of the company''s founder, Takada was criticised in the Japanese media for failing to address victims at a press conference announcing the bankruptcy on Monday. It was his first media appearance in more than a year and a half.At Tuesday''s meeting, he joined other executives in making a deep bow of contrition for the lives lost and shattered by the company''s defective air-bag inflators. Most victims were in the United States."I was told that I shouldn''t cause any bias and that I should leave it to others," Takada said, responding to the criticism. "I too felt shame about this."Takada "was full of excuses," said one female investor in her 40s from Tokyo."Constantly blaming the media and those around him, it''s not surprising things ended up like this," she said.The ammonium nitrate compound used in the air bags was found to become volatile with age and prolonged exposure to heat, causing the devices to explode with too much force and spray shrapnel into vehicle compartments.Takata shares were untraded with a glut of sell orders on Tuesday. The company is due to be delisted from the Tokyo Stock Exchange on July 27. (Reporting by Maki Shiraki, writing by Sam Nussey; Editing by Stephen Coates)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/takata-bankruptcy-agm-idINL3N1JO1Z4'|'2017-06-27T05:26:00.000+03:00'
'4b542d3c2e83dc9de5a6f40f8c85d5fd036dab54'|'Russian court freezes $3 billion of Sistema assets in Rosneft case'|'MOSCOW A Russian court said on Tuesday it had frozen more than $3 billion of Sistema''s ( SSAq.L ) ( AFKS.MM ) assets as it began hearing oil producer Rosneft''s ( ROSN.MM ) lawsuit against the business conglomerate.Rosneft is suing Sistema for 170.6 billion roubles in damages following its purchase of oil producer Bashneft ( BANE.MM ) last year. Rosneft has alleged that certain assets were removed from Bashneft, while Sistema has rejected these claims as groundless.Sistema, majority owned by businessman Vladimir Evtushenkov, said earlier the court had frozen part of its 50 percent stake in telecoms company MTS ( MBT.N ) and its holdings in two more businesses as part of the legal dispute with Rosneft.The value of Sistema''s frozen assets is 185 billion roubles ($3.14 billion), an order issued by the arbitration court of the Russian region of Bashkortostan showed on Tuesday after the court held the first hearing in the case.Sistema said it would file an appeal. Rosneft, in which the Russian state has a controlling stake, declined to comment.The court will continue hearing the case on July 12, Russian news agencies reported.The dispute between Sistema and Rosneft has echoes of a situation in 2014 involving Sistema, when the Russian government seized Sistema''s stake in Bashneft, saying Bashneft''s privatization had been illegal.Sistema said on Monday that in addition to the freeze on 31.76 percent of MTS, 90.47 percent of Bashkirian Power Grid company and its wholly-owned Medsi medical clinics chain, it could not receive any income on those shares.As a result it could miss out on about 15 billion roubles in dividends from subsidiaries this year, potentially limiting its scope for acquisitions, according to analyst estimates.Shares in Sistema slumped by as much as 17 percent early on Tuesday but later pared some losses to trade about 6 percent lower by 1430 GMT.VTB analysts estimated Sistema would only get about 8.5 billion roubles from MTS this year, down from 23 billion in 2016. Raiffeisenbank analysts put the overall dividend shortfall for Sistema at 15 billion roubles or more."It would not hurt Sistema''s ability to service its debt or fund its operational activity, but could restrict its freedom when it comes to mergers and acquisitions," Raiffeisenbank analyst Sergey Libin said.Sistema said earlier this year that it was looking to boost its land bank as it expands in farming with a view to listing its agricultural business in the next few years.(Reporting by Maria Kiselyova, Anastasia Teterevleva, Anastasia Lyrchikova and Vladimir Soldatkin; editing by David Clarke and Jane Merriman)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-sistema-rosneft-idINKBN19I25P'|'2017-06-27T13:36:00.000+03:00'
'30d5e8ba1ebfa7015f7df14bc87bd29fcd5fe078'|'ChemChina''s Syngenta says aims to become top three seeds maker'|'BASEL Switzerland''s Syngenta ( SYNN.S ), the crop protection company acquired by ChemChina, said it would pursue deals to become the third-biggest player in the seeds industry."The goal is to strengthen Syngenta''s leadership position in crop protection and to become an ambitious number three in seeds," the company said in a news release on Tuesday.Assets put up for sale by rivals involved in merger deals to allay anti-trust concerns could play a role in that, Chief Executive Erik Fyrwald told a news conference at the group''s Basel headquarters."We are very interested in seed assets from remedies and beyond that," he said in response to a question about assets to be sold by Bayer ( BAYGn.DE ) as an anti-trust remedy for its planned takeover of seeds maker Monsanto ( MON.N ).(Reporting by Ludwig Burger; Editing by Michael Shields)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-syngenta-chemchia-seeds-idINKBN19I1FK'|'2017-06-27T10:00:00.000+03:00'
'f723341126197f4c494dc42eacf0995c1c4b1f12'|'Chinese-owned Syngenta eyes Bayer assets to bolster seeds'|'BASEL Switzerland''s Syngenta, the crop protection company acquired by ChemChina, has vowed to bulk up its seeds business and join the chase for assets rival Bayer must sell to gain regulatory approval for its takeover of Monsanto.Syngenta, a distant third in the global seeds market behind Monsanto and Dupont, is determined not to lose ground on its rivals as the seeds and crop-protection sector continues an unprecedented wave of mergers and acquisitions.The Swiss group, the world''s leading crop chemicals maker, itself fought off unwanted suitor Monsanto before agreeing to be taken over by ChemChina to secure better access to Asian markets and is now targeting its own acquisitions and licensing deals."We are very interested in seed assets from remedies and beyond that," Chief Executive Erik Fyrwald told a news conference at the group''s Basel headquarters, responding to a question about assets to be sold by Bayer.Bayer last month said it will sell its LibertyLink-branded seeds businesses, a key part of asset sales required to satisfy competition authorities looking at the $66 billion Monsanto deal."The goal is to strengthen Syngenta''s leadership position in crop protection and to become an ambitious No.3 in seeds," the company said in a news release on Tuesday.Seeds will be the main plank of the growth strategy to meet ChemChina''s target for Syngenta to double its revenue over the next five to 10 years, the Chinese group said on Tuesday.ChemChina, which has acquired close to 98 percent of Syngenta''s shares, also plans to float a minority stake in its newly acquired subsidiary on the stock market in the next five years or so to bolster its balance sheet."The timing of the minority IPO of Syngenta will depend on the market situation, but the time frame would be about five years," ChemChina Chairman Ren Jianxin, now also Syngenta chairman, said at the news conference.Ren also dismissed as "rumours" reports that ChemChina could merge with state-owned Chinese peer Sinochem.(Reporting by Ludwig Burger; Editing by Michael Shields and David Goodman)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/syngenta-chemchina-seeds-idINKBN19I1VF'|'2017-06-27T12:14:00.000+03:00'
'b6908ba6c97d2b58bce05d457ea7bf6d19c07518'|'The mysterious (and continuing) fall in Saudi foreign reserves'|'Central Banks - Tue Jun 27, 2017 - 12:08pm BST The mysterious (and continuing) fall in Saudi foreign reserves left right FILE PHOTO: Saudi Arabia''s central bank governor Ahmed al-Kholifey speaks to reporters in Riyadh, Saudi Arabia, May 4, 2017. REUTERS/Faisal Al Nasser/File Photo 1/2 left right FILE PHOTO: View shows the King Abdullah Financial District, north of Riyadh, Saudi Arabia, March 1, 2017. REUTERS/Faisal Al Nasser/File Photo 2/2 By Andrew Torchia - RIYADH RIYADH Net foreign assets at Saudi Arabia''s central bank, a measure of its ability to support its currency, look set to fall sharply this year as oil prices slump and Riyadh expands its sovereign wealth fund to invest abroad. They shrank from a record high of $737 billion (578.36 billion pounds) in August 2014 to $529 billion at the end of 2016 as the government liquidated some assets to cover the huge budget deficit caused by the fall in oil prices. This year, an austerity drive and a partial rebound in oil prices have helped Riyadh make progress in cutting the deficit -- which narrowed 71 percent from a year ago to 26 billion riyals ($6.9 billion) in the first quarter. But net foreign assets have continued to shrink at about the same rate, by $36 billion in the first four months of 2017 -- a mystery to economists and diplomats monitoring Saudi Arabia, and a potential blow to markets'' confidence in Riyadh. "This suggests that there remains a significant deficit in the balance of payments of Saudi Arabia, which is not due to declining oil export revenues," said Khatija Haque, head of regional research at Emirates NBD, Dubai''s biggest bank. Saudi officials have not commented in detail on the reasons for the reserves drop, though some have suggested it is due to private sector activity, not government spending. Some analysts have speculated the fall is due to spending on Saudi Arabia''s military intervention in Yemen. This is unlikely; a top Saudi official indicated in late 2015 that the intervention -- largely a limited air campaign, not a major ground war -- was costing about $7 billion annually, in line with estimates by foreign military experts. Others speculate capital flight from Saudi Arabia may be sapping the reserves. But data from the central bank -- the Saudi Arabian Monetary Authority (SAMA) -- on foreign exchange transactions by commercial banks does not support this theory either. "Capital flight has diminished as an issue. Outflows in 2016 were pretty small beer compared with 2015, when there were significant outflows," said an economist at a Saudi bank. An international banker in touch with Saudi authorities said much of the decline in foreign assets appeared due to the transfer of money to state funds investing abroad -- particularly the main sovereign wealth fund, the Public Investment Fund (PIF). Riyadh plans to invest big amounts overseas to win access to technology and boost returns on its capital. The PIF has said it will invest up to $45 billion over five years in a technology fund created by Japan''s Softbank, and $20 billion in an infrastructure fund planned by U.S. firm Blackstone. Transfers to the PIF would not represent any reduction in the government''s total wealth, but they would mean a cut in the liquid assets which the central bank has available to defend the riyal if needed. The PIF declined to comment. OIL A fresh slump in oil prices also looks likely to pressure foreign assets. Brent oil averaged $54.57 in the first quarter of this year; it has since plunged to around $46, just $1 above its average price last year. This, combined with a minor relaxation of austerity in recent weeks to head off a recession, may mean Riyadh''s budget deficit for all of 2017 comes close to its original projection of 198 billion riyals ($52.79 billion), or possibly a little higher. That would be an improvement from last year''s 297 billion riyals, but combined with transfers to the PIF, it would force further liquidation of the central bank''s foreign assets. "Going forward, the decline is likely to continue given the projected budget deficit for the whole year, which would probably require withdrawals from foreign reserves to finance it," said Said al-Sheikh, group chief economist at National Commercial Bank, the largest Saudi bank. Riyadh''s heavy foreign borrowing -- it issued $9 billion of sukuk abroad in April -- gives it financial flexibility but does not increase its net foreign assets, since the debt is recorded as a liability, Sheikh said. The government has said it plans to resume domestic bond issues later this year after a gap of more than half a year. A senior finance ministry official estimated last month that local bonds would cover 25 to 35 percent of the 2017 deficit; this would leave a sizeable amount to be covered with foreign assets. At $493 billion as of the end of April, SAMA''s net foreign assets remain enough to defend the riyal for years -- they would pay for four years of imports. Nevertheless, a rise in the cost of insuring Saudi debt against default this month, to its highest level since early February, suggests concern may be increasing. (Additional reporting by Marwa Rashad Editing by Jeremy Gaunt)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-saudi-economy-reserves-analysis-idUKKBN19I17R'|'2017-06-27T18:46:00.000+03:00'
'cee5772c665b8c18c2e9910e32457f63038ca44e'|'Nomura, gearing up for Brexit, applies for license to operate in Frankfurt'|'Business  55am BST Nomura, gearing up for Brexit, applies for license to operate in Frankfurt FILE PHOTO: The logo of Nomura Securities is seen at the company''s Head Office in Tokyo, Japan, November 28, 2016. REUTERS/Toru Hanai/File Photo TOKYO Nomura Holdings Inc ( 8604.T ) said on Tuesday it is applying for a license to operate a new entity in Frankfurt, as Japan''s largest brokerage group prepares for Britain''s exit from the European Union. Nomura said in a statement it would be prepared to provide uninterrupted service to clients by the time of Britain''s exit from the bloc, regardless of the final terms of the departure. The announcement comes as several other banks prepare a similar move to Frankfurt. Daiwa Securities Group ( 8601.T ), Japan''s second-largest brokerage, said last week it would set up a subsidiary in the city. Nomura''s and Daiwa''s moves show that financial groups are pressing on with plans to relocate part of their businesses, regardless of the shape of a final deal reached in Brexit divorce talks. (Reporting By Thomas Wilson; Editing by Muralikumar Anantharaman)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-eu-nomura-hldgs-idUKKBN19I0WA'|'2017-06-27T16:55:00.000+03:00'
'ee1e56dd7fa5b74ffec56b4f94207ada201d8960'|'UK Stocks-Factors to watch on June 23'|'Market News - Fri Jun 23, 2017 - 1:25am EDT UK Stocks-Factors to watch on June 23 June 23 Britain''s FTSE 100 index is seen opening 14 points lower at 7,425.7 on Friday, according to financial bookmakers. * GSK: GlaxoSmithKline Plc''s new chief executive officer, Emma Walmsley, is shaking up the British drugmaker''s portfolio of smaller products with plans to divest its MaxiNutrition sports nutrition brand, two people familiar with the matter said on Thursday. * Petropavlovsk: Shareholders voted for four new board members at Russian-focused gold miner Petropavlovsk on Thursday, ousting Peter Hambro who has run the company since he founded it in 1994. * RIO: Rio Tinto , on Friday completed its planned bond buyback, reducing gross debt by $2.5 billion, and said the early redemption costs are likely to reduce first-half underlying profit by about $180 million. * WIZZ: Budapest-based airline Wizz Air has opened a new base at Luton airport, its first in western Europe, part of plans to expand its capacity. * The UK blue chip index closed down 0.1 percent at 7,439.29 points on Thursday, as a rise in defensive health care stocks and precious metals miners offset financials, which took the most points off the index. * For more on the factors affecting European stocks, please click on: cpurl://apps.cp./cms/?pageId=livemarkets TODAY''S UK PAPERS > Financial Times > Other business headlines Multimedia versions of Reuters Top News are now available for: * 3000 Xtra : visit topnews.session.rservices.com * For Top News : topnews.reuters.com (Reporting by Arathy S Nair in Bengaluru) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-stocks-factors-idUSL3N1JK20L'|'2017-06-23T13:25:00.000+03:00'
'71658a1b90b9315f05820c1d2660d61d60d0f557'|'SFO closes probe into Bank of England liquidity auctions'|'Central Banks   3:02pm BST Bank of England financial crisis liquidity auctions cleared by fraud agency A pedestrians walks under an arch opposite the Bank of England in London March 5, 2015. REUTERS/Suzanne Plunkett LONDON Britain''s Serious Fraud Office (SFO) has found no evidence of criminality in its investigation into how the Bank of England (BoE) pumped liquidity into the financial system to support banks during the financial crisis, it said on Friday. Auctions of central bank funds in return for collateral such as bonds took place in 2007 and 2008 during a crisis that ultimately forced taxpayers to bail out lenders such as Royal Bank of Scotland ( RBS.L ) and Lloyds ( LLOY.L ). "The focus of the investigation was whether assistance had been provided to certain financial institutions to enable them to bid successfully for the available funding, to the possible detriment of other institutions," the SFO said on Friday. "After a thorough investigation the SFO has concluded that there is no evidence of criminality in relation to this matter." The SFO said it has now closed its investigation. The BoE said the events under investigation occurred nearly a decade ago at a time when a number of Britain''s large financial institutions were under unprecedented stress. The financial crisis exposed shortcomings in the BoE''s frameworks for providing liquidity insurance, operating procedures and governance arrangements, the Bank said in a statement. After the SFO''s decision to open an investigation, the Bank''s Court of Directors commissioned a "rigorous and comprehensive" review of other key market operations during the financial crisis. "The review resulted in a number of recommendations, which the Bank has now implemented," the BoE said, adding that details of the review were published on Friday. "The Bank is proud of the dedication and professionalism displayed by its staff during the financial crisis," it said. (Editing by David Goodman)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-boe-fraud-sfo-idUKKBN19E1HL'|'2017-06-23T21:13:00.000+03:00'
'6921bd43ef51fa2a83d1ec0f137fee8ccf32a5f8'|'US STOCKS-Wall St weighed down by health, consumer shares'|'  10:05am EDT US STOCKS-Wall St weighed down by health, consumer shares * UnitedHealth biggest drag on the Dow * Banks marginally up after stress test results * Indexes down: Dow 0.22 pct, S&P 0.09 pct, Nasdaq 0.25 pct (Updates to open) By Sruthi Shankar June 23 U.S. stocks were mostly lower on Friday, dragged lower by healthcare and consumer staples shares. Health stocks had rallied on Thursday after Senate Republicans unveiled legislation that would replace Obamacare. However, the bill faced skepticism from the Democrats, who attacked the legislation as a callous giveaway to the rich that would leave millions without coverage. UnitedHealth was down about 1 percent and was the biggest drag on the Dow. Other major health stocks, including Regeneron and Amgen, were down between 1 percent and 3 percent. At 9:48 a.m. ET (1348 GMT), the Dow Jones Industrial Average was down 46.92 points, or 0.22 percent, at 21,350.37, the S&P 500 was down 2.2 points, or 0.09 percent, at 2,432.3. The Nasdaq Composite index was down 15.74 points, or 0.25 percent, at 6,220.94. Investors also awaited economic data and speeches by Federal Reserve policymakers for clues on interest rate hikes amid concerns over oil prices. Crude oil prices bounced off this week''s 10-month lows, but were still set for their worst first-half performance in almost two decades. Sliding oil prices have added to concerns on the inflation outlook, which along with a flattening yield curve, could pose a challenge to the Fed in deciding whether the economy was ready for another interest rate hike this year. "There is a concern that economy maybe struggling slightly, with oil prices hitting lows," said Andre Bakhos, managing director at Janlyn Capital in Bernardsville, New Jersey. "If it''s a supply problem, it''s wonderful for the market," he said. "If it is demand that is starting to wane, then it''s going to create more questions than give us answers." At current levels, the S&P 500 energy index, down 15 percent so far this year, is on track to post its worst weekly decline in about 18 months. Four of the 11 major S&P sectors were lower, with the S&P 500 consumer discretionary sector''s 0.37 percent fall leading the decliners. Shares of Bank of America, JPMorgan, Wells Fargo and Goldman Sachs were up marginally following the Fed''s stress test results on Thursday. The results showed that 34 largest U.S. banks have all cleared the first stage, implying they would be able to maintain enough capital in an extreme recession. St. Louis Fed President James Bullard, Cleveland Fed chief Loretta Mester and Fed governor Jerome Powell are all scheduled to make appearances later in the day. Economic data due includes new U.S. single family home sales for May at 10:00 a.m. ET. The reading is expected to show that single family home sales likely grew 5.4 percent. Caterpillar was off 0.74 percent, following a Deutsche Bank downgrade to "hold". U.S.-listed shares of Blackberry were down 10.6 percent at $9.88 after the company''s quarterly revenue missed analysts'' estimate. Bed Bath & Beyond was down 10.4 percent after the home furnishing retailer reported a bigger-than-expected fall in same-store sales in the first quarter. Advancing issues outnumbered decliners on the NYSE by 1,307 to 1,195. On the Nasdaq, 1,317 issues fell. (Reporting by Sruthi Shankar in Bengaluru; Editing by Sriraj Kalluvila)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-stocks-idUSL3N1JK409'|'2017-06-23T22:05:00.000+03:00'
'bf5824abda7c88cabc80258dff1853c49000a4af'|'BMW to invest $600 million in its Spartanburg plant in U.S.'|'Autos - Mon Jun 26, 2017 - 10:03am EDT BMW to invest $600 million in its Spartanburg plant in U.S. An overall view of the assembly line where the BMW X4 is made at the BMW manufacturing plant in Spartanburg, South Carolina March 28, 2014. REUTERS/Chris Keane Germany''s BMW AG ( BMWG.DE ) said on Monday it would invest $600 million in its Spartanburg, South Carolina plant in the United States, as it looks to bolster its manufacturing facilities for future generations of its BMW X sport utility vehicles. The investment, which is from 2018 to 2021, will also add 1,000 jobs at the plant, the company said. The plant is the company''s biggest worldwide and makes the BMW X vehicles for the U.S. and global markets. The Spartanburg plant manufactured more than 411,000 vehicles in 2016 and currently employs more than 9,000 people. (Reporting by Lesley Wroughton in Washington and Ankit Ajmera in Bengluru; Editing by Sriraj Kalluvila) '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-bmw-usa-spartanburg-idUSKBN19H1LS'|'2017-06-26T22:03:00.000+03:00'
'a5c8f0629750660a3b75f509a8aa860e1cd7f555'|'Oil jumps 1 pct on weaker dollar, but rise in U.S. drilling drags'|'By Julia Simon - NEW YORK NEW YORK Oil prices crept higher on Monday in quiet trade that featured bargain hunting after prices slid last week and hit seven-month lows, but gains were limited by rising crude supply in the United States and other countries.Brent crude futures were up 25 cents, or half a percent, at $45.79 a barrel by 1:13 p.m. (1713 GMT), still set for a near 20 percent drop in the first half of the year.U.S. crude futures were up 35 cents, or 0.8 percent, at $43.36 a barrel."I think it’s mostly bottom fishing at this point," said John Kilduff, partner with energy hedge fund Again Capital in New York, who noted there was some "book squaring" with the end of the quarter approaching."After how much we’ve fallen prices are attractive here as a result, so it’s not surprising that we''re getting some buying, just on a valuation perspective."In the week to June 20, investors in U.S. crude futures and options increased their short positions, or bets against rising prices."On a speculative basis it’s arguably worth going long here and playing for a bounce," Kilduff said. "The market is taking a breather here before we take a next move which I think will be lower."The Organization of the Petroleum Exporting Countries and its partners have been trying to reduce a global crude glut with production cuts. OPEC states and 11 other exporters agreed in May to extend cuts of 1.8 million barrels per day (bpd) until March.However, Nigeria and Libya, OPEC members exempt from the cuts, have hiked output. Iran was allowed a small increase to recover market share lost under Western sanctions. It said its production has surpassed 3.8 million bpd and is expected to reach 4 million bpd by March.Also, U.S. shale oil output is up around 10 percent since last year. The number of U.S. oil rigs in operation has hit its highest in over three years.“U.S. production could jump to 10, maybe 10.5 million barrels a day by the end of the year, and when you add Libya, Nigeria and North Sea production that will negate the Saudi-led cuts," said Gene McGillian, manager of market research at Tradition Energy in Stamford, Connecticut.Analysts at Bank of America-Merrill Lynch said demand had not grown quickly enough to mop up excess output."Looking into the second half of 2017, we now doubt that demand growth will accelerate sufficiently," they wrote.(Additional reporting by Amanda Cooper in London, Jane Chung in Seoul; Editing by Marguerita Choy and David Gregorio)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/global-oil-idINKBN19H0BR'|'2017-06-26T12:35:00.000+03:00'
'ae8aea1e44f897e98a33d6bf51a928459f96ea37'|'Exclusive - Aston Martin electric car goes limited edition after LeEco exit'|'  8:58pm BST Exclusive - Aston Martin electric car goes limited edition after LeEco exit left right FILE PHOTO: The Aston Martin logo is seen at a car repair workshop in Beijing, China June 19, 2017. REUTERS/Thomas Peter/File Photo 1/2 left right FILE PHOTO: FILE PHOTO: The Aston Martin logo on the front of a car at a dealership in Singapore June 1, 2017. REUTERS/Thomas White/File Photo 2/2 By Laurence Frost and Paul Lienert - PARIS/DETROIT PARIS/DETROIT British sports car maker Aston Martin has scaled back production plans for its first electric model after cash-strapped investment partner LeEco pulled out of the project, Chief Executive Andy Palmer told Reuters on Monday. The result, though, may be an even more exclusive car, aimed at customers who consider Tesla''s ( TSLA.O ) top of the range $130,000 Model S to be a little too run of the mill. Aston Martin will build only 155 of its RapidE, about a third of the initial plan, and lean more heavily on Formula One engineering specialist Williams ( WGF1G.DE ) after the withdrawal of Chinese TV and smartphone vendor LeEco, Palmer said. The setback and Aston''s response underscore the challenges and risks niche carmakers face as they scramble to address future demand for electrification from consumers and regulators. While the privately held Aston Martin brand benefits from the endorsement of fictitious spy James Bond, it lacks the backing of a large automotive parent that many rivals enjoy. "We''ve decided to make this car rare, which will obviously tend to push the price higher," Palmer said. "Aston Martin now plans to proceed independently, funding further development of RapidE by ourselves." Palmer agreed to be interviewed after sources told Reuters Aston Martin''s partnership with LeEco had unravelled. Unveiling the alliance in February last year, LeEco and Aston pledged to launch an all-electric version of the Rapide S sedan in 2018. But the Chinese conglomerate has since slashed its electric car investments, including its U.S. startup Faraday Future''s planned $1.3 billion factory in Nevada. Some Faraday suppliers, including seat maker Futuris and media provider Mill Group, have sued the company for non-payment, according to court records. Spokesmen for LeEco and Faraday did not respond to requests for comment on the end of the Aston partnership. Aston Martin declined to discuss its partner''s business. $250,000 PRICE TAG Aston returned to profit in the first quarter, a decade after it was sold by Ford ( F.N ). Now owned by private equity groups Investindustrial and Kuwait''s Investment Dar, the company is rolling out a new model each year under a taut recovery plan drawn up by Palmer, who joined from Nissan ( 7201.T ) in 2014. Without LeEco''s backing, the sports carmaker, based in Gaydon, Warwickshire, is pushing ahead as sole investor in the electric car, after paring down production and pushing back the launch date to 2019. The plan won board approval on June 21. Aston will start taking orders next month with 10 percent down payments on the RapidE, priced just shy of 200,000 pounds ($255,000) in its home market before incentives. That''s a significant premium on the 150,000 pound entry ticket for its V12 model, whose 5.9-litre engine develops 470 horsepower. Batteries will come from a new production facility built by a consortium led by Williams Advanced Engineering, the F1 team''s technical division, with matched British government funding. Williams, which supplies power packs to the Formula E electric car racing series, also built the RapidE prototype unveiled in 2015. Beyond the RapidE, Aston''s first full-production battery car will be an electric version of the DBX crossover it is launching in 2019 - hoping for a repeat of the success that greeted its DB11 coupe, with a little help from the latest Bond film. "The RapidE project was always about learning in readiness for the DBX derivative," Palmer said. "We can do that through a limited series." (Reporting by Laurence Frost and Paul Lienert. Editing by David Clarke and Jane Merriman)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-astonmartin-electric-exclusive-idUKKBN19H29Y'|'2017-06-27T02:28:00.000+03:00'
'3214e2a4597990fd92ab9b4c6357b21b6695c50a'|'RBS to cut 443 jobs in UK, move many of them to India'|'Top News - Sun Jun 25, 2017 - 7:43pm BST RBS to cut 443 jobs in UK, move many of them to India FILE PHOTO: People walk past a Royal Bank of Scotland office in London, Britain, February 6, 2013. REUTERS/Neil Hall/File Photo British lender Royal Bank of Scotland ( RBS.L ) is planning to cut 443 jobs dealing with business loans and many of them will move to India, the bank said. The Edinburgh-based bank said the cuts were part of a restructuring aimed at becoming a smaller bank."We realise this will be difficult news for staff and we will do everything we can to support those affected," the bank said in a statement. "All roles which require customer contact will remain in the UK."RBS, which is more than 70 percent state-owned, is in the midst of a major restructuring aimed at returning the bank to profit after almost a decade of straight years of losses. The bank was rescued with a 46 billion pound state bailout during the 2007-09 financial crisis. (Reporting by Andrew MacAskill in London; Additional reporting by Parikshit Mishra in Bengaluru; Editing by Adrian Croft) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-layoffs-rbs-idUKKBN19G0U2'|'2017-06-26T02:36:00.000+03:00'
'cdb391cef5cf615de43df2d7c2765785aea07e38'|'UPDATE 1-Key Safety Systems to buy Takata''s assets for $1.57 bln'|'Market News - Sun Jun 25, 2017 - 8:53pm EDT UPDATE 1-Key Safety Systems to buy Takata''s assets for $1.57 bln (adds details, background) June 26 Key Safety Systems (KSS) said on Sunday that it had reached a deal with Takata to purchase nearly all of its assets for about 175 billion yen ($1.57 billion), after the air-bag maker filed for bankruptcy in the United States and Japan. KSS said it would retain almost all of Takata''s employees and did not intend to close any of the company''s manufacturing facilities. Takata, the firm at the centre of the auto industry''s biggest ever product recall, said proceeds from the sale would be used to settle a plea agreement with the U.S Department of Justice. The company added that the bankruptcy proceedings should have no effect on the recall. The company also said that its Japan unit had also received a commitment for up to a 25 billion yen debtor-in-possession (DIP) financing from Sumitomo Mitsui Banking Corporation. Faulty air-bag inflators made by the 84-year-old Japanese company have been linked to at least 17 deaths and more than 180 injuries around the world. The ammonium nitrate compound used in the airbags can become volatile with age and prolonged exposure to heat, causing the safety devices to explode. ($1 = 111.3000 yen) (Reporting by Parikshit Mishra in Bengaluru; Editing by Andrew Hay) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/takata-sale-key-safety-systems-idUSL1N1JN00M'|'2017-06-26T08:53:00.000+03:00'
'b0f6b858cd57f1c4d5fbfa9bc4b87926a315111b'|'Some banks risk $240 million research loss as MiFID gives low-cost players a leg-up'|'Business   5:43am BST Some banks risk $240 million research loss as MiFID gives low-cost players a leg-up HONG KONG Some global investment banks risk losing up to $240 million (£188 million) in business by 2020 as a regulatory overhaul, which will change the way securities research is priced and used, makes independent firms more attractive for clients, a financial consultancy said. Unlike the big banks, the smaller securities research firms do not offer trading or corporate finance. They rely entirely on what they charge for research, as will be required under the European Union''s Markets in Financial Instruments Directive, or MiFID II, due to take effect in January 2018. Independent research firms are steadily growing, reflecting their capacity to produce analyses at a considerably lower cost than major sell-side brokerages, Hong Kong-based Quinlan & Associates said in a report released on Monday. "The most important priority for brokers now is to start making decisions around the structural make-up of their investment research offering," said Benjamin Quinlan, chief executive of the consultancy. The gradual shift to independent researchers and the high costs associated with sustaining research divisions is piling up the pressure on large global investment banks, the report said. The Quinlan report forecast that some research departments of big banks could face losses of up to $240 million post-MiFID II under their current structures. The potential loss does not take into account additional costs tied to a bank''s MiFID II compliance obligations, the report added. Under MiFID II, investment banks must charge fund managers an explicit fee for research rather than bundling the cost into trading commissions charged to clients, as at present. To mitigate the impact, banks can choose to transition from the current "fully-integrated" model to operating research out of a separate unit such as a joint venture or outsourcing research to independent research providers, the report said. The immediate impact of the regulation will be in Europe - a recent Greenwich Study predicts a cut of $100 million by European money managers in research budgets over the next 12 months - but Asia and the United States will be affected too. Global investment banks such as Standard Chartered ( STAN.L ), CLSA, Jefferies and Barclays ( BARC.L ) among others, have already retrenched staff or pulled back from equity research and sales businesses in some markets. "Given the negative outlook for integrated brokerages, we feel current structures are generally unsustainable, and believe brokers will need to make a brave call around their future business models post-2018," the Quinlan report said. (Reporting by Sumeet Chatterjee; Editing by Himani Sarkar)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-banks-research-idUKKBN19H0C0'|'2017-06-26T12:43:00.000+03:00'
'e7367d6b5691a214be43b0d8aca28d2a4352a160'|'Monte dei Paschi''s rescue deal has been finalised-Bank of Italy'|' 29pm BST Monte dei Paschi''s rescue deal has been finalised-Bank of Italy A man walks on a logo of the Monte Dei Paschi Di Siena bank in Rome, Italy, September 24, 2013. REUTERS/Alessandro Bianchi/File Photo ROME A rescue deal that will allow Italy to inject up to 6.6 billion euros (5.80 billion pounds) into the country''s fourth largest bank Monte dei Paschi di Siena ( BMPS.MI ) has received all necessary approvals by EU authorities, a top central bank official said. The Bank of Italy''s Deputy Governor Fabio Panetta told a press briefing on Monday that Monte dei Paschi''s bailout was a "a done deal." At the same briefing, Chief Supervisor Carmelo Barbagallo said the EU Commission had only to formalise its approval but there were no doubts that, unlike regional rival Popolare di Vicenza and Veneto Banca, Monte dei Paschi would be able to tap state aid to remain in business. Barbagallo said Monte dei Paschi would close a bad loan sale, a key plank of its rescue plan, thanks to the fact that banking industry bailout fund Atlante could now divert cash previously earmarked for the Veneto banks'' soured debts to buy Monte dei Paschi''s bad loans. (Reporting by Stefano Bernabei, writing by Valentina Za)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-italy-banks-monte-dei-paschi-idUKKBN19H193'|'2017-06-26T19:29:00.000+03:00'
'32613fe4901bcb18ad5bdbb39e9c0cd8fc0226a7'|'South Africa''s Naspers rules out $114 billion Tencent stake spin-off'|'Deals - Asia - Mon Jun 26, 2017 - 8:39pm IST South Africa''s Naspers rules out $114 billion Tencent stake spin-off FILE PHOTO: Dancers perform underneath the logo of Tencent at the Global Mobile Internet Conference in Beijing May 6, 2014. REUTERS/Kim Kyung-Hoon /File Photo By Tiisetso Motsoeneng - JOHANNESBURG JOHANNESBURG South Africa''s Naspers ( NPNJn.J ) does not plan to spin off its $114 billion stake in Tencent, its boss said on Monday, a push back against investors urging a break-up to close a widening discount between its market value and that of its one-third stake in the Chinese internet company. Founded in 1915, Naspers has transformed itself from an apartheid-era newspaper publisher into an $85 billion multinational with private equity-style investments in e-commerce platforms such as auction sites, online retail and e-classifieds. But it owes much of that valuation to its 33 percent Tencent ( 0700.HK ) stake, which is worth about $114 billion, or 20 percent more than Naspers itself. The discount has prompted some investors to urge Chief Executive Bob van Dijk to find ways to narrow it. "From the moment Tencent was listed on Hong Kong stock exchange, some had been asking us to do that. You can imagine how unhappy shareholders would be if I had done that 10 years ago," van Dijk told Reuters in a telephone interview. The value of Naspers'' stake surged from around $231 million to around $114 billion in 2004 when Tencent floated on the Hong Kong stock exchange. Tencent, which runs China''s biggest gaming and social media firm, shot past forecasts to post its highest quarterly profit in over two years last month, helped by strong growth in gaming and payments. Tencent is among the firms best placed to benefit from the roll out of faster 4G mobile network in China because it uses its instant messaging platform WeChat - a social media fabric in China - to sell other services such a music and video streaming. Van Dijk said the discount would narrow as and when the company''s e-commerce businesses, whose losses have been rising every year since 2012, contribute to the bottom line. "We''re working very hard to build our e-commerce businesses and I''m confident that the discount will narrow over time as those businesses get closer and closer to profitability," he said, without giving further details. Naspers has splurged around $4 billion since 2012 to drive growth mainly in commerce platforms that include mobile classifieds apps Letgo and OLX - the biggest classified sites in India and Brazil - but it has little to show for its investments so far. It once again rode the breakneck rise of Tencent to lift its annual earnings by more than 40 percent on Friday while the e-commerce unit widened losses to $682 million. Some investors insist pinning hopes on the e-commerce business is not the best solution to close the discount and that van Dijk should still consider hiving off the Tencent holding. "The most effective measure is to spin-off the Tencent stake to Naspers'' shareholders," AIM&R Managing Director Albert Saporta said in open letter dated June 15 and addressed to van Dijk. "You will not be the CEO of South Africa''s largest company by market capitalization anymore, but you will greatly enhance shareholder value." (Editing by Susan Thomas) '|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-naspers-tencent-holdings-ceo-idINKBN19H1S7'|'2017-06-26T13:09:00.000+03:00'
'ac6f419462e7430adf997e7ff48855c406b1eb83'|'Australians among 19 on trial as Crown Resorts case opens in China'|'Business News - Mon Jun 26, 2017 - 4:56am BST Australians among 19 on trial as Crown Resorts case opens in China FILE PHOTO - The logo of Australian casino giant Crown Resorts Ltd adorns the hotel and casino complex in Melbourne, Australia, June 13, 2017. REUTERS/Jason Reed/File Photo By Winni Zhou and Engen Tham - SHANGHAI SHANGHAI Three Australians went on trial in China on Monday along with a dozen other Crown Resorts Ltd ( CWN.AX ) employees and former employees accused of gambling crimes, following a lengthy probe into how the firm lured Chinese high-rollers to its casinos. The 19 defendants were formally charged earlier this month, having been first detained late last year, and the trial at Baoshan District Court in the north of Shanghai is expected to reach a fairly swift conclusion. Melbourne-based Crown is 49 percent owned by billionaire James Packer, and the most senior employee on trial is its Australia-based head of international VIP gambling Jason O''Connor. Three of the accused, believed to have been junior staff, had been released on bail. Family members were ushered into the courthouse as they arrived with lawyers in a convoy of cars on Monday morning, and some wore masks. Journalists were barred from attending proceedings. The case has forced Crown to tear up its strategy of luring wealthy Chinese to the casino hub in the Chinese territory of Macau and instead shift its focus back home. Crown does not directly run casinos in China. But it relies heavily on Chinese gamblers at its Australian operations, as it had done in Macau until last month when it sold its remaining stake in Macau-focused Melco Resorts & Entertainment Ltd ( MLCO.O ) for $1.16 billion (0.90 billion). China has been cracking down on attempts by casinos to woo high-spending Chinese gamblers within China. In 2015 thirteen South Korean casino managers were arrested in China for offering Chinese gamblers free tours, free hotels and sexual services. The trial is the latest in a series of high-profile cases in China involving foreign firms. British drugmaker GlaxoSmithKline PLC ( GSK.L ) was fined nearly $500 million in 2014 and food maker OSI saw employees jailed last year. (Reporting by Winni Zhou and Engen Tham; Writing by Adam Jourdan; Editing by Simon Cameron-Moore) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-crown-resorts-china-trial-idUKKBN19H0A6'|'2017-06-26T11:56:00.000+03:00'
'465dcea4d814f61cf40e731194f5f0211713e899'|'Airbag maker Takata files for bankruptcy protection in Japan'|'Market News - Sun Jun 25, 2017 - 8:35pm EDT Airbag maker Takata files for bankruptcy protection in Japan TOKYO, June 26 Embattled airbag maker Takata Corp on Monday filed for bankruptcy protection in Japan and said it would seek $1.588 billion in financial aid from U.S.-based auto parts supplier Key Safety Systems (KSS). The KSS deal would help it deal with the fallout from its defective airbag inflators at the centre of the global auto industry''s biggest ever recall, the two companies said in a joint statement. The filing at the Tokyo District Court followed a Chapter 11 bankruptcy protection filing in the United States. (Reporting by Naomi Tajitsu; Editing by Stephen Coates) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/takata-bankruptcy-japan-filing-idUST9N1IB02M'|'2017-06-26T08:35:00.000+03:00'
'9dd16dbe2d48be94f6a5b9fc878745c9e9cb3feb'|'With Alphabet, Google faces a daunting challenge: organising itself'|'Technology News - Tue Jun 27, 2017 - 6:12am BST With Alphabet, Google faces a daunting challenge: organizing itself left right FILE PHOTO: A Google search page is seen through a magnifying glass in this photo illustration taken in Berlin on August 11, 2015. REUTERS/Pawel Kopczynski/File Photo 1/2 left right FILE PHOTO -- Eric Schmidt, chairman of Alphabet Inc., speaks during the SALT conference in Las Vegas, Nevada, U.S. May 17, 2017. REUTERS/Richard Brian/File Photo 2/2 By Julia Love - SAN FRANCISCO SAN FRANCISCO Google’s self-professed mission is to organize the world’s information. But a company known for engineering excellence is still trying to solve the very human problem of how to organize itself. Nearly two years ago, Google co-founder Larry Page announced the tech giant would be remade as Alphabet, a holding company whose units would include Google and an array of unrelated pursuits in areas such as healthcare, self-driving cars and urban planning. Wall Street cheered. Previously those riskier ventures had been lumped into Google''s overall financial results. Investors would now see Google’s performance independent of its so-called “Other Bets,” an eclectic collection of 11 ventures. They include Nest, a maker of Wi-Fi enabled thermostats; Calico, which seeks to prolong the human lifespan; and X, the company''s secretive research lab. Alphabet''s top management also aimed to boost accountability by appointing chief executives to head each of the Other Bets. Few people in Google''s constellation of ventures had ever held the title prior to that. But so far Alphabet has failed to show it can convert its Other Bets from experiments to businesses with the reach, impact and money-making potential of Google’s core search and advertising operations. Interviews with two dozen former Alphabet executives and employees reveal an organization grappling with how much time and resources Other Bets deserve in the pursuit of profitability. In the first quarter, which ended March 31, the ventures lost a combined $855 million; that''s on top of a collective $3.6 billion loss for 2016. As a whole, Alphabet generated $90.3 billion in revenue in 2016. Google''s share of that revenue was $89.5 billion, while its 2016 operating income was $27.9 billion. Alphabet''s early days have seen more pruning than expansion of its holdings. The company has skinned back plans for Google Fiber, which delivers rapid Internet service in 10 metro areas. This month, Alphabet agreed to sell robotics company Boston Dynamics to Japanese multinational SoftBank Group Corp ( 9984.T ). It unloaded its Terra Bella satellite imaging business in February. At one point last year, it was even looking to sell Nest, the largest of the Other Bets, three people familiar with the matter told Reuters. Google paid an eye-popping $3.2 billion for the start-up in 2014. (For a graphic showing Alphabet''s holdings, see: tmsnrt.rs/2rNgdKN ) Meanwhile, a series of executives have departed since the reorganization, including the heads of Nest, an Internet operation called Access and a venture capital firm known as GV. An Alphabet spokeswoman declined repeated requests for comment or to make executives available for interviews. Supporters of the restructuring frame the early struggles as typical growing pains. For now, Wall Street isn''t worried: Alphabet''s stock is near an all-time high, having reached $1,000 per share in June. Ruth Porat, the no-nonsense chief financial officer who has steered the restructuring, has won rave reviews from investors for enforcing financial accountability across Alphabet. Some Other Bets have made notable strides. Life sciences initiative Verily recently attracted $800 million in outside investment. Self-driving car project Waymo is considered among the leaders in the burgeoning industry. Still, it''s not yet clear the structure will enable Alphabet to do what most companies cannot: conceive the next wave of innovation in-house or through the development of key acquisitions. That goal is central to both the company''s mission and investor expectations, analysts say. “The reason Google gets to trade at a decent multiple… is because there''s a growth story beyond advertising,” said analyst James Wang of ARK Investment Management. CEO or COO? The Alphabet structure is Google’s stab at an age-old corporate conundrum: sustaining innovation within a giant enterprise. Alphabet''s strategy is to give entrepreneurs the autonomy of a startup, coupled with the discipline of a traditional corporate structure. Roughly once a quarter, Other Bets leaders meet with the Alphabet board – comprised of Porat, Page, Google co-founder Sergey Brin and David Drummond, Alphabet''s senior vice president of corporate development – to discuss funding and performance, according to two former employees. At the same time, Alphabet is establishing separate compensation plans for the Other Bets to reward employees if their ventures succeed, mirroring startup incentives. The formula has primed Alphabet''s emerging businesses for "global impact," Alphabet Executive Chairman Eric Schmidt said this month at the annual stockholders meeting at the Mountain View headquarters. "There is one solution that we know works well in capitalism, which is boards, shareholders, CEOs," Schmidt said. "My bet is that the traditional lessons of business organization will in fact result in success at Alphabet." Still, Alphabet top brass continue to hold sway over key strategy and financing decisions, a dynamic that has chafed Other Bets chief executives who''ve complained they are treated more like chief operating officers than shot callers, according to people familiar with the situation. In addition, scrutiny from Wall Street limits how generous Alphabet can be in extending Google''s resources to Other Bets, said Brian McClendon, a former vice president of engineering at Google. "As of yet, the restructuring hasn’t provided what I think is one of the immediate benefits, which is risk-taking investment," he said. NICKELED AND DIMED Some companies acquired by Google found that being part of Alphabet wasn''t what they''d bargained for. Two former Nest employees said they were promised generous funding and time to achieve profitability following the company''s acquisition by Google in 2014. But after the restructuring, Alphabet executives were keenly focused on revenue, one former employee said. Pricey overhead has made the path to profitability tougher. After the restructuring, Alphabet began charging Other Bets for their portion of shared services such as security and facilities, ending what had previously amounted to a subsidy, people familiar with the situation said. The units also felt pressure to maintain Google perks such as free employee meals. “One of the pitfalls (of Alphabet) is that those companies are asked to stand on their own two feet, but they may inherit the cost structure of Google," said Nest investor Peter Nieh, a partner at Lightspeed Venture Partners. In early 2016, Alphabet explored selling Nest in an effort code-named Project Amalfi, according to three people familiar with the matter. No deal materialized, and Nest co-founder Tony Fadell departed last year. Fadell declined to comment. Boston Dynamics, acquired in 2013 during a robotics shopping spree led by Android creator Andy Rubin, enjoyed generous funding at first. But it was adrift after Rubin''s departure, two former employees said. Rubin did not respond to requests for comment. GRUMPY GOOGLERS The creation of the Other Bets has also changed what it means to work for Google. Some grumble that their role now is to subsidize innovation at their sister companies, rather than to innovate themselves. “It did sort of send the message to people who stayed back at Google, whether in search or in ads: Your job isn’t to push the envelope,” one former Googler said. Employee transfers to X, the illustrious “moonshot factory,” are more complicated now that it''s a separate entity, former employees say. That’s a striking shift, especially for high-performing employees accustomed to moving about the company almost at will, said Punit Soni, a former Google employee who is now chief executive of Learning Motors, an artificial intelligence startup. “A basic premise of Google was people could do whatever they wanted,” Soni said. “I can see why people will feel like it’s no longer the old Google." In the meantime, co-founder Page is pursuing yet another "moonshot": flying cars. He is the primary investor in Kitty Hawk, a startup in the field that is entirely outside the Alphabet umbrella. (Editing by Marla Dickerson)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-alphabet-tensions-insight-idUKKBN19I0G9'|'2017-06-27T13:06:00.000+03:00'
'99de12b449278360e654dedfd6d4d81fca73acc0'|'RPT-Apple working with Hertz to test self-driving technology - BBG'|'(Repeats with no change to text)June 26 Apple Inc is leasing a small fleet of cars from rental company Hertz Global Holdings Inc to test self-driving technology, Bloomberg reported on Monday.Hertz shares were up 13.5 percent at $10.82, while shares of Apple were slightly down.Apple is renting Lexus RX450h sport-utility vehicles from Hertz''s Donlen fleet-management unit, according to the Bloomberg report, citing documents released recently by the California Department of Motor Vehicles. ( bloom.bg/2tdqm8n )The iPhone maker is concentrating on technology for self-driving cars, Chief Executive Tim Cook said earlier this month in an interview with Bloomberg.Hertz and Apple were not immediately available for comment.Alphabet Inc''s self-driving car unit Waymo announced a similar partnership with Avis Budget Group Inc , earlier on Monday, to offer fleet support and maintenance services for its fleet of autonomous vehicles. (Reporting by Rishika Sadam in Bengaluru; Editing by Shounak Dasgupta)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/apple-hertz-glo-hldg-idUSL3N1JN4DJ'|'2017-06-26T23:11:00.000+03:00'
'2f504d437ddb6848854969322f5880653c1f7eb1'|'MOVES-Citi hires Toby Ali to co-head EMEA leveraged finance'|'LONDON, June 26 Citi hired Toby Ali as co-head of leveraged finance for Europe Middle East and Africa (EMEA) from Bank of America Merrill Lynch where he held the same role, the bank said in a staff memo on Monday.Ali will join Simon Francis in his role and will report to Philip Drury, head of capital markets origination for EMEA. The memo said Citi will create a new EMEA debt financing steering committee incorporating senior members of the leveraged finance and loans teams to be chaired by Toby Ali. (Reporting by Dasha Afanasieva, editing by Louise Heavens)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/moves-citigroup-ali-idINL8N1JN2AL'|'2017-06-26T09:24:00.000+03:00'
'd01ae163652eb2615b925c812b168b0d2301ce42'|'Oil up for fourth day on short-covering, supply glut caps gains'|' 26am BST Oil up for fourth day on short-covering, supply glut caps gains A pump jack is seen at sunrise near Bakersfield, California October 14, 2014. REUTERS/Lucy Nicholson/File Photo By Naveen Thukral - SINGAPORE SINGAPORE Oil prices rose for a fourth consecutive session on Tuesday as investors covered short positions, although worries over a persistent global supply glut still lingered. Brent crude futures LCOc1, the international benchmark for oil prices, gained 35 cents, or 0.7 percent, to $46.18 per barrel by 0815 BST. U.S. West Texas Intermediate (WTI) crude futures CLc1 were up 30 cents, or 0.7 percent, at $43.68 per barrel. The gains mean the market is up slightly so far this week, after spending much of the last month in negative territory. "Oil may be close to the bottom but badly damaged sentiment and a rising (U.S.) rig count will dent the recovery," U.S. bank Citi said on Tuesday. The Organization of the Petroleum Exporting Countries (OPEC) and its partners have been trying to reduce a global crude glut with production cuts. OPEC nations and 11 other exporters agreed in May to extend cuts of 1.8 million barrels per day (bpd) until March 2018. Despite the cuts, which started in January, markets remain well supplied due to rising output elsewhere. OPEC members Nigeria and Libya are exempt from the cuts and have raised production. OPEC member Iran was also allowed a small increase to recover market share lost under Western sanctions over its nuclear programme. U.S. shale oil output has risen about 10 percent since last year to 9.4 million bpd C-OUT-T-EIA, with the number of U.S. oil rigs in operation at the highest in more than three years. [RIG/U] "Traders are also looking ahead to the EIA Energy Conference in Washington, where U.S. shale oil producers are expected to give their view of current market conditions," ANZ bank said. Analysts at Bank of America-Merrill Lynch said demand was not growing quickly enough to absorb output, especially since imports in Asia are stuttering. A fuel glut in China, a hangover from demonetisation in India, and an ageing, declining population in Japan are holding back crude oil demand growth in three of the world''s top four oil buyers. (Reporting by Naveen Thukral; Editing by Joseph Radford and Tom Hogue)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-global-oil-idUKKBN19I01N'|'2017-06-27T15:26:00.000+03:00'
'34325ec721327ff7188d899754f07939d534fb3a'|'Sistema says court ''arrests'' stake in its largest asset over Rosneft dispute'|'By Anastasia Teterevleva and Vladimir Soldatkin - MOSCOW MOSCOW Russian conglomerate Sistema ( SSAq.L ) ( AFKS.MM ) said on Monday a Russian court had "arrested" some shares it owns, including in the country''s biggest mobile operator MTS ( MBT.N ), in a legal dispute with oil company Rosneft ( ROSN.MM ).Rosneft is suing Sistema for 170.6 billion roubles ($2.9 billion) in damages over the purchase of oil producer Bashneft ( BANE.MM ). Sistema proposed an out-of-court settlement last week.Rosneft spokesman Mikhail Leontyev said the arrest of the shares, which halts their use but does not seize them, was a "security measure" and the shares arrested equaled the value of Rosneft claims against Sistema.Sistema is one of the largest private holdings in Russia and is controlled by businessman Vladimir Yevtushenkov. MTS, with the market value of $8 billion according to Thomson Reuters data, is Sistema''s largest asset. Sistema interests also include agriculture, real estate and other assets.On Monday, Sistema said it had received notice of an enforcement action from the Moscow Directorate of the Federal Bailiffs Service and a copy of a court order from the Republic of Bashkortostan Arbitration Court.According to the court order, an arrest was imposed on a 31.76 percent stake in MTS, 100 percent of its Medsi chain of medical clinics, and 90.47 percent of Bashkirian Power Grid company owned by Sistema and its unit Sistema-Invest.Under the order, a relatively common device in Russia, Sistema still owns the shares but cannot carry out any action using them until the court allows it to. The court can order the shares to be seized, released or sold off as part of the dispute.Sistema owns a little over 50 percent in MTS, also present in Ukraine, Belarus, Armenia and Turkmenistan with a total 110 million clients. MTS shares lost over 6 percent in New York trade following shares arrest."FAIR COMPENSATION""The arrest of shares was made ... as a security in the framework of the legal claim lodged by Rosneft, Bashneft and the Republic of Bashkortostan against Sistema and Sistema-Invest," Sistema said on Monday.It said it considered the demands "unlawful and unfounded".MTS said in a separate statement: "This situation does not impact operations with MTS shares, and the rights to receive dividends on MTS shares owned by other shareholders."Bashneft, which produces around 400,000 barrels of crude oil a day, was owned by Sistema for a couple of years until 2014, when the court has ruled to return the company to the state.Yevtushenkov himself was accused in 2014 of misappropriating Bashneft shares and held for three months under house arrest. The charges, which Sistema denied, were eventually droppedRosneft bought Bashneft from the state last year."Shares are not being seized but a number of actions such as sale, purchase, usage as a collateral, are being suspended ... Rosneft needs a fair compensation of its claims and these assets act as guarantee for this becoming possible," Rosneft spokesman Leontyev said.He was later Quote: d by RIA news agency as saying that Rosneft was ready to accept any other "adequate" collateral from Sistema.Independent directors on Sistema''s board have asked Russian President Vladimir Putin to intervene in the dispute, but Kremlin has said Putin will not.(Additional reporting by Jack Stubbs,; Writing by Katya Golubkova; Editing by Alison Williams)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-russia-sistema-rosneft-mts-idINKBN19H2C9'|'2017-06-26T18:56:00.000+03:00'
'e4876fdf54ed9240573bc738995ad0d8a88a71d0'|'Bain, Cinven in talks over potential new Stada offer: sources'|'Deals - Americas  57pm IST Bain, Cinven discussing new offer for Stada: sources FILE PHOTO: The logo of the pharmaceutical company Stada Arzneimittel AG is pictured at its headquarters in Bad Vilbel near Frankfurt March 14, 2012. REUTERS/Alex Domanski/File Photo By Arno Schuetze and Maria Sheahan - FRANKFURT FRANKFURT Buyout groups Bain Capital and Cinven are talking to investors about a potential new offer for German generic drugmaker Stada ( STAGn.DE ) after their 5.3 billion euro ($6 billion) bid fell through, people close to the matter said. Investors representing 65.52 percent of Stada''s equity signed up for the bid, below a 67.5 percent threshold, despite the 49 percent premium offered by the buyout groups to trump a rival offer from private equity duo Advent and Permira. The new offer is unlikely to see the price increased, but may come with a lower acceptance threshold, the sources said, speaking on condition of anonymity as the matter isn''t public. Before launching a new bid, however, Bain and Cinven want irrevocable commitments from investors that they will tender their shares, the sources said. Any new bid launched within a year would need recommendation from Stada''s executive and supervisory boards and approval by financial watchdog Bafin, as German takeover rules otherwise bar Bain and Cinven from amending their offer a second time. The buyout groups made an initial proposal of 58 euros per share before tabling their 66 euros per share bid in April. The sources said investors such as hedge funds held back some of their shares, speculating on securing a higher price for any remaining stock after a successful initial tender offer. But the buyout groups also struggled to galvanize non-professional, often elderly investors, many of whom the bidders feared were ignoring or forgetting letters from their custodian banks. A relatively large 27 percent of shares are held by retail investors. Index tracking funds that cannot tender initially but only after a successful deal hold about 12 percent of the stock. Lowering the acceptance hurdle too far under any new offer would complicate the buyers'' efforts to get debt financing for the deal because the German takeover code requires at least 75 percent ownership for full access to a target company''s cash, which could then be used to back the borrowing. Cinven declined to comment, while Bain was not immediately available for comment. Stada shares, which touched a record high last month, fell to 56.51 euros, their lowest level since April, but later trimmed their losses to trade around 3 percent lower. Bain and Cinven had offered 66 euros per share. While former counterbidders Advent and Permira remain interested in Stada, they are not expected to take immediate action to put together a new bid, but will wait to see if Bain and Cinven launch a second attempt, people close to the matter said. Advent and Permira declined to comment. "We had been expecting the deal to go through as we had viewed the offer as a great deal for shareholders, so we view this as a significant setback," Jefferies analyst James Vane-Tempest wrote, who has a "hold" rating on Stada shares. Many buyout firms are flush with cash after recent divestments and amid cheap borrowing costs. They are particularly attracted to healthcare assets for their reliable cash flows and resistance to swings in the business cycle. "We respect the close vote of our shareholders and understand it as a mandate to press ahead with our successful growth strategy," Chief Executive Matthias Wiedenfels said. "However, we also regard this decision as a mark of confidence in Stada’s abilities, which our employees have impressively demonstrated, in particular over the past months." Stada said the termination of the deal did not have an impact on its earnings targets. For 2017, Stada still expects sales adjusted for currency and portfolio effects of 2.28 billion to 2.35 billion euros, with adjusted earnings before interest, tax, depreciation and amortization (EBITDA) of 430 million to 450 million euros. (Additional reporting by Alexander Hübner, Harro ten Wolde, Ludwig Burger, and Georgina Prodhan; Editing by Louise Heavens and Mark Potter)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-stada-arzneimitt-m-a-idINKBN19I120'|'2017-06-27T08:04:00.000+03:00'
'27131b4c9807a55497b94efd8765b8710aec059e'|'Lithuania signs first deal for U.S. LNG'|'Commodities - Mon Jun 26, 2017 - 6:42am EDT Lithuania signs first deal for U.S. LNG VILNIUS Lithuania''s state-owned gas trader Lietuvos Duju Tiekimas (LDT) said on Monday it had signed a deal to buy liquefied natural gas (LNG) directly from the United States for the first time and expects to receive a delivery in the second half of August. The deal is with a unit of Cheniere Energy and is part Lithuania''s efforts to diversify its gas suppliers and reduce its reliance on Russia''s Gazprom. LDT, part of state-owned energy group Lietuvos Energija, signed a deal last year with Koch Supply & Trading for LNG supplies throughout 2017. Cheniere Energy was expected to supply LNG from a U.S. field, an LDT spokesman told Reuters. "It will be the first time Lithuania imports gas from the U.S.," he said. "We opted for delivery from Cheniere after evaluating several offers for LNG," the spokesman said. The LNG terminal at the Klaipeda port broke Russia''s Gazprom gas supply monopoly in the Baltic States when it came online in 2014 and now provides Lithuania with roughly half of its gas. Gazprom supplies the rest, but can no longer charge monopoly prices. State-run Polish gas firm PGNiG received its first U.S. spot delivery of LNG from Cheniere Energy this month. Poland is hoping a visit from U.S. President Donald Trump next month will pave the way for more LNG deals with U.S. producers. Lithuania will store the LNG gas at its Incukalns underground gas storage, LDT said. Litgas, also owned by Lietuvos Energija, and Lithuanian fertilizer producer Achema import LNG through the terminal from Norway''s Statoil. (Reporting By Andrius Sytas; Editing by Simon Johnson and Edmund Blair) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-lithuania-lng-idUSKBN19H14M'|'2017-06-26T18:41:00.000+03:00'
'b09eea17b6a7acf36b35e1f75abcd6832b9c3bcc'|'Hedge fund PSAM buys stake in CdR Capital'|'By Lawrence Delevingne - NEW YORK NEW YORK Hedge fund firm P. Schoenfeld Asset Management has bought a minority stake in CdR Capital, the two investment managers said in a statement on Monday.P. Schoenfeld, the $2.2 billion New York and London-based firm known as PSAM and led by Peter Schoenfeld, specializes in more traditional research-based investing as part of its core strategy of betting on corporate events.The purpose of the acquisition is to capitalize on CdR''s expertise in quantitative investment and asset allocation, according to the statement. Terms of the deal were not disclosed.CdR is based in London and Geneva and manages more than $3 billion in fee-earning assets when counting a partnership with CdR Hollander. Founded in 2012 by Omar Ayache and Steve Smith, CdR manages investment portfolios for wealthy individuals and institutions.CdR recently added a team specialized in so-called risk premia, a quantitative investment technique that attempts to capture returns above various market indexes based on historical patterns.(Reporting by Lawrence Delevingne; Editing by Bernard Orr)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-hedgefunds-psam-idINKBN19H1NP'|'2017-06-26T13:38:00.000+03:00'
'36e4858197e82c721ec7385ff67643a1a13fd01b'|'Russia''s Evraz says hit by cyber attack - RIA'|'Cyber Risk  45am EDT Russia''s Evraz says hit by cyber attack - RIA MOSCOW Russian steelmaker Evraz ( EVRE.L ) said on Tuesday that its information systems had been hit by a cyber attack, RIA news agency reported, citing a Evraz representative. A Evraz spokesman was not available for comment when contacted by Reuters. (Reporting by Jack Stubbs and Maria Kiselyova; writing by Alexander Winning; editing by Polina Devitt)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-cyber-attack-evraz-idUSKBN19I1RA'|'2017-06-27T21:38:00.000+03:00'
'3d052adcab67e91801e3fb20d765685d71ec7d52'|'Wells Fargo to sell commercial insurance business'|'Wells Fargo & Co ( WFC.N ) said on Tuesday it agreed to sell its commercial insurance business to private insurer USI Insurance Services, as the third-largest U.S. bank plans to focus on core banking products and services.The financial terms of the deal, expected to close in the fourth quarter, were not disclosed by the companies.The deal comes at a time when the bank is recovering from a sales scandal last year that damaged its reputation. Wells Fargo has doubled its cost-cutting target after expenses soared in the aftermath of the scandal.The sales abuses in the bank''s branch banking operation led to a $190 million regulatory settlement, launches of other government probes, the firing of several bankers and the departure of CEO John Stumpf.Wells Fargo plans to reduce expenses by another $2 billion through the end of 2019, on top of a $2 billion cost-cutting target the management previously announced.The bank said on Tuesday its personal insurance business will report into consumer lending to serve retail customers.(Reporting by Diptendu Lahiri in Bengaluru; Editing by Sriraj Kalluvila and Arun Koyyur)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-m-a-wells-fargo-usiinsurance-idINKBN19I1OA'|'2017-06-27T11:53:00.000+03:00'
'2b834dea2372c982acd488ab5ced77cc05b6d466'|'Tech stocks sour, sending European shares to two-month low'|'* STOXX 600 down 1 pct, hits 2-month low* Cybersecurity stocks fall, bucking trend* Ransomware attack sweeps globe* France''s Legrand boosted by U.S. acquisition* Bunzl leads European stocks after upbeat update (ADVISORY- Follow European and UK stock markets in real time on the Reuters Live Markets blog on Eikon, see cpurl://apps.cp./cms/?pageId=livemarkets)By Helen ReidLONDON, June 28 Slumping technology stocks after a global cyber attack and depressed crude oil prices cast a cloud over European shares on Wednesday, sending them to their lowest in two months.The pan-European STOXX 600 hit its lowest since April 24 in early deals, down 1 percent, in step with euro zone stocks and blue-chips.Technology stocks fell 1.6 percent to a two-week low, the worst performer with every stock on the index in the red.The losses came after a ransomware attack swept the globe, disrupting computers at banks and large companies including WPP , Moeller Maersk and Metro.Shares in affected companies were not hugely or uniformly dented, with WPP down 0.4 percent, Maersk up 0.2 percent and Metro up 0.5 percent.Anti-virus provider Sophos fell 4.9 percent, a top UK mid-cap faller, and security firm NCC Group slid 2.1 percent. Both had been among the best performers when a global ''WannaCry'' ransomware attack hit computers in mid-May.In Helsinki, digital security firm F-Secure, which had also made gains in the previous cyber-attack, was down 1 percent. But investors said tech stocks were falling in the wake of U.S. peers."Tech generally is weak following the lead of U.S. tech which sold off aggressively last night," said Neil Campling, head of global telecoms, media and technology research at Northern Trust, adding that a downgrade to ''hold'' was also weighing on Sophos."After high profile attacks you have a massive spike in corporate activity - shutting the door after the horse has bolted," he added. "We see the downgrade today on Sophos as giving an opportunity to buy."Semiconductor makers AMS, Dialog Semiconductor , ASM International and STMicro were among the worst performers on Wednesday, falling 2 to 4.1 percent.Interest-rate sensitive utilities and real estate stocks tumbled, weighed by hawkish comments from European Central Bank President Mario Draghi and a slew of Federal Reserve policymakers including Fed Chief Janet Yellen.Germany''s utilities RWE and E.ON were the worst-performing on the DAX, down 2 to 2.2 percent.Adding insult to injury, lower oil prices weighed on oil and gas stocks, with Tullow Oil the biggest faller after its first-half results.Meanwhile, positive results and acquisitions drove the handful of gainers.Business supplies distributor Bunzl bounced 4 percent after saying a boost in recent acquisitions would help it increase first-half revenue 7 percent."We anticipated an acceleration in underlying growth to 7 percent in the second half but organic growth is tracking ahead of our forecasts already at Q2," said UBS analysts."New M&A announced today should have a positive impact of around 0.5 percent to the top-line when fully annualised," they added.French industrial group Legrand also rose 2.8 percent after saying it would buy U.S. infrastructure company Milestone. (Reporting by Helen Reid; Editing by Ed Osmond and Keith Weir)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/europe-stocks-idUSL8N1JP197'|'2017-06-28T11:46:00.000+03:00'
'b723b00b8c8c27b27b79dac093e876bcdbac3d83'|'U.S. to announce new enhanced aviation security measures -- sources'|'Market News - Wed Jun 28, 2017 - 10:57am EDT U.S. to announce new enhanced aviation security measures -- sources WASHINGTON, June 28 U.S. Homeland Security officials are announcing on Wednesday new enhanced security measures for flights arriving in the United States from around the world, but are not announcing an immediate expansion of an in-cabin ban on large electronic devices including laptops, sources briefed on the matter said Wednesday. The decision not to impose new restrictions on laptops is a boost to U.S. airlines who had worried that an expansion of the ban to Europe or other locations could have caused significant logistical problems and potentially deterred some travel plans. Airports who failed to meet new security requirements could still face future restrictions, sources said. (Reporting by David Shepardson. Additional reporting by Alana Wise in New York; Editing by Chizu Nomiyama)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-airlines-electronics-idUSL1N1JP0SU'|'2017-06-28T17:57:00.000+03:00'
'8512434a4b7fe060d523380d1fd61f91ce84ffa4'|'French PM to announce further steps to boost Paris as financial hub'|'Business News  26pm BST French PM to announce further steps to boost Paris as financial hub The financial district of La Defense is seen at dusk near Paris, France, January 5, 2017. REUTERS/Christian Hartmann PARIS French Prime Minister Edouard Philippe will announce "strong measures" in the coming weeks in order to boost the attractiveness of Paris as a global financial hub, said a government spokesman on Wednesday. Government spokesman Christophe Castaner told reporters at a news briefing that those new measures were likely to be announced by mid-July. He did not give any more precise details. Paris, along with other rival European cities such as Frankfurt, has been stepping up its plans to enhance its standing as a global business capital following Britain''s vote last year to quit the European Union. Former Bank of France governor told Reuters this week that banks from London have been quietly securing licences to operate from Paris after Brexit, with planned reforms from new president Emmanuel Macron likely to boost the French capital''s standing as a financial centre. (Reporting by Michel Rose; Writing by Sudip Kar-Gupta; editing by John Irish)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-france-politics-idUKKBN19J1CI'|'2017-06-28T14:26:00.000+03:00'
'41b010102c4457eb06c98966d3b9a7a96e444eb6'|'CANADA STOCKS-TSX rises as financials benefit from rate hike bets'|'Market  49am EDT CANADA STOCKS-TSX rises as financials benefit from rate hike bets TORONTO, June 28 Canada''s main stock index rose in early trade on Wednesday, as financial stocks gained as investors priced in a greater chance of a interest rate hike and Empire Co Ltd jumped after reporting quarterly results and increasing its dividend. The Toronto Stock Exchange''s S&P/TSX composite index was up 9.29 points, or 0.06 percent, to 15,290.51 shortly after the open. The energy sector offset the index''s gains. (Reporting by Alastair Sharp; Editing by Chizu Nomiyama) Sterling surges to 3-week high, FTSE falls on Carney rate hike signal LONDON, June 28 Sterling surged to a three-week high and Britain''s main FTSE 100 stock index fell on Wednesday, after Bank of England Governor Mark Carney said the Bank was likely to need to raise interest rates and would debate this "in the coming months". LONDON, June 28 Britain''s opposition Labour Party will try to force Theresa May to end restrictive public sector pay rises on Wednesday, adding pressure on the prime minister as a lost election gamble forces her to reshape her political agenda. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/canada-stocks-open-idUSL1N1JP0LV'|'2017-06-28T16:49:00.000+03:00'
'1fcac25124837ba997032eafcc80853c0dd550b9'|'U.S. retail mall vacancies edge up in second quarter - Reis'|'Business News - Tue Jun 27, 2017 - 11:32pm EDT U.S. retail mall vacancies edge up in second quarter: Reis Customers walk through a darkened shopping mall during to a power cut in San Francisco, California, U.S. April 21, 2017. REUTERS/Alexandria Sage U.S. retail mall vacancies increased in the second quarter and rents were slightly higher, real estate research firm Reis Inc said in a report. The national retail vacancy rate rose to 10 percent in the second quarter from 9.9 percent in the first quarter, partly due to new construction that was only partially absorbed by new leasing, Reis said. The mall vacancy rate inched up 0.2 percent to 8.1 percent in the quarter from the earlier quarter due to confirmed closings of Macy''s Inc ( M.N ) stores, the research firm added. Macy''s has been closing underperforming stores and focusing on its digital business. Net absorption, which is measured in terms of available retail space sold in the market during a certain time period, fell to 421,000 square feet in the quarter from 2 million square feet in the first quarter, the lowest level since 2011. "The negative net absorption seen in June may be a harbinger of things to come in the next few quarters as more store closings will likely hit the statistics yielding negative net absorption," Barbara Denham, senior economist at Reis, said. Asking rents increased 0.4 percent to $20.64 per square foot and effective rents increased 0.4 percent from the first quarter, according to the report. (Reporting by Radhika Rukmangadhan in Bengaluru; Edited by Martina D''Couto) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-property-usa-malls-idUSKBN19J0A5'|'2017-06-28T11:30:00.000+03:00'
'4fed9bc3ee8b254e0de717bf94f13270498ad238'|'Southwest Airlines to scale down Cuba flights'|'Southwest Airlines Co ( LUV.N ) said it would reduce the number of flights to Cuba, joining other U.S. airlines, as President Donald Trump''s Cuba policy continues to restrict Americans traveling to the country.The airline will stop flying to Varadero and Santa Clara in Cuba on Sept. 4 and has applied with the U.S. Department of Transportation for another daily round trip between Ft. Lauderdale and Havana.Southwest currently flies to Havana twice daily from Ft. Lauderdale and once daily from Tampa."...there is not a clear path to sustainability serving these markets, particularly with the continuing prohibition in U.S. law on tourism to Cuba for American citizens," Southwest Airlines said in a statement.Trump earlier this month ordered tighter restrictions on Americans traveling to Cuba and a clamp down on U.S. business dealings with the Caribbean island''s military, saying he was canceling former President Barack Obama''s "terrible and misguided deal" with Havana.Some carriers such as Spirit Airlines Inc ( SAVE.O ), Frontier Airlines, Silver Airways have already pulled out while larger U.S. carriers have pared back flights to smaller Cuban cities.American Airlines Group Inc ( AAL.O ) said in December it would trim its flights to Cuba this year.(Reporting by Arunima Banerjee in Bengaluru; Editing by Shounak Dasgupta)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-southwest-cuba-idUSKBN19J2OL'|'2017-06-28T22:34:00.000+03:00'
'af759b746b959d03522723af020b16a0f9533d2c'|'Sailing-Mission accomplished: New Zealand plan brings America''s Cup revenge'|'By Alexander Smith and Tessa Walsh - HAMILTON, Bermuda, June 26 HAMILTON, Bermuda, June 26 Emirates Team New Zealand''s successful plan to regain the America''s Cup started as soon as they had lost in devastating fashion to Oracle Team USA in San Francisco in 2013.The New Zealand outfit had been highly secretive about their activities during the campaign to win the 35th America''s Cup in Bermuda but opened up after clinching the "Auld Mug" on Monday."After San Francisco, we had a pretty brutal debrief," the team''s CEO Grant Dalton told reporters after lifting the cup.That resulted in a 20-point plan focused on what the team, which is part government-funded alongside sponsorship from Emirates, Toyota and wealthy benefactors, had to do differently.Key among them was the need to "invest in technology on a pretty limited budget", an emotional Dalton, who is known by the rest of the team as "Dalts", revealed.The Kiwi team underwent a major shake-up and struggled for cash in the aftermath of the defeat at the hands of the better-funded team backed by Oracle founder Larry Ellison.Their own team principal and benefactor Matteo de Nora, who said on Monday he "knew we had an opportunity to do something" with Dalton, was instrumental in providing support and guidance during a period when others doubted."They saw us as cowboys... we were to a point," Dalton said, adding that there were times when the team had not been able to pay salaries but had managed to keep going.THINKING OUTSIDE THE BOATDalton and skipper Glenn Ashby, the only surviving member of the 2013 San Francisco ''shipwreck'', worked together to come up with a plan that would be bold, different and revolutionary.That resulted in one significant secret weapon, which other teams have acknowledged changed the course of the cup."We knew we couldn''t outspend them (Oracle Team USA) so we had to out-think them," Dalton said, adding that he and Ashby agreed from the start they would "throw the ball out as far as we can and see if we can get to it".It was Ashby, who Dalton calls "Glenny", who stuck to his guns on critical elements of the new programme."The foresight that we had as a team to be aggressive and bold in our design philosophy has ultimately provided us with the victory here today," Ashby said.This included the decision to employ "cyclors", sailors who pedal to provide the hydraulic power needed to drive the boat, rather than traditional "grinders", who use their arms."Glenn wouldn''t let us employ any grinders," Dalton said.New Zealand managed to keep the pedal set-up secret until late in the game, training at home and not showing their hand until February of this year when they revealed that Olympic cycling medallist Simon van Velthooven would be on board.Another masterstroke was signing up Peter Burling to steer the team''s 50-foot (15 metre) foiling catamaran.Dalton met secretly at his home with the 26-year-old, who has won Olympic gold and silver medals in the 49er skiff class.Burling, who has shown extraordinary calmness and composure during the America''s Cup campaign and has been widely viewed as unflappable, said he wanted to helm the new New Zealand boat."It was investing in the right people, giving them responsibility and not shackling them," Dalton said.That philosophy paid off on Bermuda''s Great Sound, and for de Nora, who did not reveal how much money he had ploughed into the campaign, it was finally "mission accomplished".(Editing by Ken Ferris)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/sailing-americas-new-zealand-idINL8N1JN576'|'2017-06-26T20:32:00.000+03:00'
'cfac43bf9659b99255d38c7ab25b50cc1be8301b'|'Japan regional banks face further delays in merger plans'|'Deals - Sun Jun 25, 2017 - 11:05pm BST Japan regional banks face further delays in merger plans By Takahiko Wada and Sumio Ito - TOKYO TOKYO A proposed merger between two banks in southern Japan will likely be delayed for a second time over monopoly concerns, sources said, highlighting the difficulty regional banks face in trying to consolidate to survive the shrinking market. Last year, the largest banking group on the island of Kyushu, Fukuoka Financial Group Inc ( 8354.T ), said it wanted to buy local rival Eighteenth Bank ( 8396.T ). It intended to merge it with Shinwa Bank, which it already controlled. But Japan''s Fair Trade Commission objected because the merged entity would control an unprecedented level of about 70 percent of loans in Nagasaki prefecture. The FTC argued the merger would undermine competition and lead to higher interest rates, poorer service and branch closures in remote areas. To overcome the objections, Shinwa Bank and Eighteenth Bank had been preparing to sell loans to other banks, but three officials familiar with the matter said reaching the target would be difficult. One official said the banks were not expected to sell enough loans to satisfy the FTC. Japan''s 100-plus regional banks have struggled, particularly in rural areas, as the country''s dwindling population has led to weaker loan demand. Wafer thin lending margins under the Bank of Japan''s negative rates policy has also squeezed profitability. To survive, some have tried to merge with neighboring rivals, but so far the sector has remained largely unchanged even as big city banks contracted from 21 to three "megabanks" over the past 20 years. Fukuoka Financial Group''s president said earlier this month that he still hoped to complete the merger by October. A spokesman said the bank would have to decide in July whether to delay the transaction. Elsewhere, two smaller banks in Niigata prefecture Sea of Japan coast, Daishi Bank Ltd ( 8324.T ) and Hokuetsu Bank Ltd ( 8325.T ), agreed to merge and are awaiting authorities'' approval. (Writing by Junko Fujita; editing by Malcolm Foster & Simon Cameron-Moore)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-japan-regional-banks-idUKKBN19G0YE'|'2017-06-26T06:01:00.000+03:00'
'3f724be4b979c6ce56a60f3f473b1d452ddb795f'|'Apple, Cisco want cyber security insurance discount for joint customers'|'Business News - Mon Jun 26, 2017 - 7:50pm BST Apple, Cisco want cyber security insurance discount for joint customers left right Tim Cook, CEO, speaks during Apple''s annual world wide developer conference (WWDC) in San Jose, California, U.S. June 5, 2017. REUTERS/Stephen Lam 1/2 left right Chuck Robbins, CEO, Cisco, USA, speaks at a Cyber security conference in Tel Aviv, Israel January 31, 2017. REUTERS/Baz Ratner 2/2 Apple Inc is working with Cisco Systems to help businesses that primarily use gear from both companies to obtain a discount on cyber-security insurance premiums, Apple Chief Executive Tim Cook told Cisco CEO Chuck Robbins onstage at a Cisco event in Las Vegas. Cook argued that the combination of gear from the two companies was more secure than the use of competing technology, such as the Android mobile operating system made by Alphabet Inc''s Google. "The thinking we share here is that if your enterprise or company is using Cisco and Apple, that the combination of these should make that (cyber-security) insurance cost significantly less," Cook said. "This is something we''re going to spend some energy on. You should reap that benefit." (Reporting by Stephen Nellis; editing by Jonathan Oatis)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-tech-cyber-apple-cisco-systems-idUKKBN19H2BQ'|'2017-06-27T02:50:00.000+03:00'
'fe0c996cfa34a99e024d648ceece5c838ccdf1ce'|'London startup Blockchain raises $40 million in fresh funding'|'Deals - Fri Jun 23, 2017 - 1:05am BST London startup Blockchain raises $40 million in fresh funding A bitcoin ATM prints out a receipt for a user at the ''Vape Lab'' cafe where it is possible to both use and purchase the bitcoin currency, in London March 24, 2015. REUTERS/Peter Nicholls By Heather Somerville - SAN FRANCISCO SAN FRANCISCO London-based startup Blockchain has raised $40 million (31.5 million pounds) in a fresh round of funding as the software company rides a wave of enthusiasm for digital currency technology. The financing round, the largest for a financial technology company since Britain''s vote last year to leave the European Union, was led by the venture capital arm of Alphabet Inc ( GOOGL.O ) and Lakestar, Blockchain said on Thursday. Nokota Management and Digital Currency Group also participated in the financing round, which boosted Blockchain''s total funding to more than $70 million Tom Hulme, general partner at Alphabet''s venture firm GV, said the firm invested because "the pace of innovation in the digital currency space is unmatched." Founded in 2011, Blockchain makes software that allows consumers and businesses to make transactions using digital currencies such as bitcoin. The firm is named after the internet platform that records and validates transactions between two parties without relying on an intermediary such as a bank. Co-founder and Chief Executive Peter Smith said that, as of March, the company was completing the equivalent of $2.5 billion in transactions on a monthly basis through its consumer virtual wallet product. "Anybody with a reasonable ability to use a smartphone can use it," Smith said. "My grandmother uses our product today." The growing acceptance and adoption of digital financial products has helped startups like Blockchain attract investor attention. Last week, American International Group Inc ( AIG.N ) announced a blockchain-based insurance product. Bank of America, Citigroup, Goldman Sachs, Wells Fargo and other banks have invested in blockchain startups, and many will roll out commercial blockchain products this year. In the first quarter, blockchain startups raised a total of $141 million from investors, a 57 percent increase over the fourth quarter but an 18 percent drop from the first quarter of 2016, according to data provider CB Insights. Some skeptics say blockchain will never be adopted broadly or pose a threat to traditional banks, while others point to the volatility of bitcoin, the digital currency based on the technology. While far from mainstream, digital currency has enjoyed growing popularity that Smith attributes to the instability of traditional currencies in places such as Brazil, and political uncertainty in Britain and the United States. The day after Donald Trump was elected U.S. president, Smith said, Blockchain had the second-highest number of new users sign up in a single day. "In you''re in an environment of rapidly deteriorating geopolitical stability," Smith said, "you are open to new ideas and new products." (1 British pound = $1.2686) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-blockchain-funding-idUKKBN19D2OQ'|'2017-06-23T04:49:00.000+03:00'
'b4aa528ff096f2be36b70ed9cfa11047af892cdc'|'Open Fiber, ACEA close to deal for superfast broadband rollout in Rome - sources'|'Business News  28am BST Open Fiber, ACEA close to deal for superfast broadband rollout in Rome - sources MILAN Italy''s Open Fiber is close to agreeing a deal with ACEA ( ACE.MI ) to use the utility''s infrastructure for the roll-out of ultrafast broadband in Rome, two sources close to the matter said on Monday. Open Fiber, the broadband unit owned by power utility Enel ( ENEI.MI ) and state lender CDP, has been seeking to strike strategic deals with utilities across Italy as it squares up to rival phone group Telecom Italia ( TLIT.MI ) in its network investments. Enel declined to comment on the Open Fiber-ACEA deal. The news of Open Fiber and ACEA nearing a deal first appeared in la Repubblica''s Affari&Finanza insert on Monday. (Reporting by Stephen Jewkes, writing by Agnieszka Flak; editing by Valentina Za)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-openfiber-acea-broadband-idUKKBN19H0WO'|'2017-06-26T17:28:00.000+03:00'
'089d8fb8849f32e685a30a51b04d8a447fca61f7'|'China agrees to stop cyberattacks on Canadian private sector: Globe and Mail'|'Asia - Mon Jun 26, 2017 - 2:30pm IST China, Canada vow not to conduct cyber attacks on private sector China and Canada have signed an agreement vowing not to conduct state-sponsored cyber attacks against each other aimed at stealing trade secrets or other confidential business information. The agreement was reached during talks between Canada''s national security and intelligence adviser, Daniel Jean, and senior communist party official Wang Yongqing, a statement dated June 22 on the Canadian government''s website showed. "This is something that three or four years ago (Beijing) would not even have entertained in the conversation," an unnamed Canadian government official told the Globe and Mail, which first reported the agreement. The new agreement only covers economic cyber espionage, which includes hacking corporate secrets and proprietary technology, but does not deal with state-sponsored cyber spying for intelligence gathering. "The two sides agreed that neither country''s government would conduct or knowingly support cyber-enabled theft of intellectual property, including trade secrets or other confidential business information, with the intent of providing competitive advantages to companies or commercial sectors," the Canadian government said in the statement. A statement released by China''s official Xinhua news agency last week about the meeting contained broadly similar wording on cyber attacks. Some countries, including the United States, have long accused Beijing of sponsoring hacking attacks on companies in an effort to acquire sensitive foreign technology. China denies those accusations, and says that it is also a victim of hacking. In 2015, China and the United States came to a similar understanding on corporate cyber espionage, after the Obama administration had mulled targeted sanctions against Chinese individuals and companies for cyber attacks against U.S. commercial targets. U.S. cyber security executives and government advisers said breaches attributed to China-based groups had dropped around the time of that agreement. China this month put into effect a new cyber security law designed to strengthen critical infrastructure, even as many global tech firms and lobbies said the rules skewed the playing field against foreign firms. (Reporting by Subrat Patnaik in Bengalore and Michael Martina in Beijing; Additional reporting by David Ljunggren in Ottawa and Ben Blanchard in Beijing; Editing by Amrutha Gayathri) '|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-canada-china-cyber-idINKBN19H06A'|'2017-06-26T00:49:00.000+03:00'
'0ef7d408dbced779c7f92c6cf17555cddbeb50ea'|'Internal dossier criticises Audi top management - Bild'|'Sat Jun 24, 2017 - 11:09pm BST Internal dossier criticises Audi top management: Bild FILE PHOTO: Audi CEO, Rupert Stadler poses next to an Audi SQ5 before the company''s annual news conference in Ingolstadt, Germany, March 15, 2017. REUTERS/Lukas Barth FRANKFURT German luxury carmaker Audi''s ( NSUG.DE ) management board, including Chief Executive Rupert Stadler, has been sharply criticised by company managers, Bild am Sonntag reported on Sunday, citing an internal dossier. It said the executive board had shown no signals of a fresh start, change or readiness for the future, and that workers were frustrated with "disastrous" indecisiveness. Stadler has come under fire for how he has handled the fallout from parent company Volkswagen''s ( VOWG_p.DE ) diesel emissions scandal. Munich prosecutors have been investigating Audi on suspicion of fraud and criminal advertising in the United States, where the Volkswagen scandal broke in September 2015. Stadler only got a five-year contract extension last month because of an agreement among supervisory board members that he would not serve out his full term, two sources close to the company''s supervisory board have told Reuters. [[nL8N1J109A] An Audi spokesman said: "We deny plans to get rid of Stadler," adding that he declined to comment on the content of the dossier. Volkswagen is looking at rehiring the chief executive of General Motors'' ( GM.N ) Opel, possibly to lead Audi, a source familiar with the matter told Reuters this month, following his resignation from Opel. [nL8N1J936F] Bild am Sonntag also quoted Oliver Blume, the head of Porsche, Volkswagen''s sportscar division, as saying he had no interest in replacing Stadler. "I have a dream job and am very happy at Porsche. Nothing else comes into question for me." (Reporting by Georgina Prodhan; Editing by Nick Zieminski) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-audi-ceo-idUKKBN19F0RO'|'2017-06-25T06:04:00.000+03:00'
'664d8ff73de390286fc2978bfa4eff5cb5ae1733'|'Tanker firm Frontline drops DHT pursuit and steers away from deals'|'By Ole Petter Skonnord - OSLO OSLO Oslo-listed oil tanker firm Frontline ( FRO.OL ) has abandoned its pursuit of New York-listed rival DHT Holdings ( DHT.N ) and is not working on any alternative acquisitions, Frontline''s CEO told Reuters on Monday.DHT last month rejected a fifth takeover proposal from billionaire shipping tycoon John Fredriksen''s Frontline, calling the $500 million all-share bid "woefully inadequate".Frontline has now admitted defeat and switched course away from takeovers for the time being."We will not spend time pursuing the DHT track," Frontline Chief Executive Robert Hvide Macleod said in a written comment to Reuters."With our present opportunities for creating value through fleet renewal, we''re not currently pursuing any other acquisitions either," he added.Instead of a deal with Frontline, DHT struck a tankers-for-shares agreement with BW Group [BGLL.UL] in March. That made BW, led by shipping tycoon Andreas Sohmen Pao, DHT''s biggest shareholder with a stake of over 30 percent.Frontline attempted to block the BW deal, first in a U.S. court and later in the High Court of the tiny Marshall Islands in the Pacific, but both lawsuits were eventually dismissed.Following DHT''s rejection, investors and analysts had suggested Frontline could widen its search for acquisitions to include other competitors such as Gener8 Maritime ( GNRT.N ).Macleod said Frontline would continue to expand its fleet of crude tankers and that the company had ample access to borrow money at attractive rates in financial markets, but rejected takeovers for the time being."Frontline still believes the industry at some point should see further consolidation, but given today''s market situation and Frontline''s position and size, we''re very comfortable moving forward on our own," he added.Frontline had previously argued that a deal to combine with DHT and create the world''s largest listed tanker company would be able to lower costs and also well placed to participate in a market recovery.(Writing by Terje Solsvik, editing by Keith Weir)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-dht-holdings-m-a-frontline-idINKBN19H0XQ'|'2017-06-26T07:38:00.000+03:00'
'c0be64edb0b958aaace4cd4fc8ade662cd9e747a'|'EU insurance contracts should stay in place post-Brexit - Lloyd''s of London'|'Business   4:51pm BST EU insurance contracts should stay in place post-Brexit - Lloyd''s of London Inga Beale, Chief Executive Officer, Lloyd''s, attends the annual meeting of the World Economic Forum (WEF) in Davos, Switzerland, January 18, 2017. REUTERS/Ruben Sprich By Carolyn Cohn - LONDON LONDON Existing European Union insurance policies should stay in place after Britain leaves the bloc because the process of dividing them into British and EU contracts would be too complex, Lloyd''s of London Chief Executive Inga Beale said. The Lloyd''s of London insurance market, which started life in Edward Lloyd''s'' coffee house in 1688, derives around 14 percent of its business from Europe excluding Britain. Life insurance contracts such as pensions can last for decades and transferring contracts to a different part of an insurance business or a different insurer would be time-consuming and unwieldy, Beale told Reuters in an interview. "There''s no way we could get it done by the time (of Brexit), even if we started now," Beale said. "I don''t think there would be enough lawyers to do it all, and certainly not enough capacity in the courts." Britain and the European Union started talks on Brexit last week, with Britain due to leave the bloc in March 2019. British finance minister Philip Hammond called last week for transitional arrangements to ease the Brexit process after that date. But Beale said transitional arrangements alone would not be enough for insurance contracts, where policyholders can also pursue claims years after a policy is taken out. "It''s a big ask but we would like that all of these existing liabilities and contracts don''t have to be transferred ... they can be grandfathered." Grandfathering would mean that after Brexit, the rights and obligations afforded under financial contracts that were agreed before departure would not automatically expire. Lloyd''s is setting up an EU subsidiary in Brussels in order to continue to operate across the EU after Brexit. After   May''s Conservative party failed to win a majority in British elections earlier this month, some politicians have called for a "soft Brexit", including the possibility that Britain remain in the EU''s single market. Beale said speculation of a soft Brexit would not affect Lloyd''s'' plans because it was not clear what that would entail. "We just don''t know what this definition of soft would mean," she said. Lloyd''s insurance market, which houses more than 80 syndicates in a landmark building in the City of London, is separately planning to cut around 10 percent of its current UK staff of 750, as it switches to a new operating model. It intends to employ 10-20 people in Brussels, Beale said. However, she said if Britain did retain access to the EU''s single market, the Brussels hub would likely not be needed. "Fundamentally, if something does change, we can of course pull all that back." (Reporting by Carolyn Cohn; Editing by Susan Fenton)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-eu-lloyd-s-of-london-idUKKBN19H1VA'|'2017-06-26T23:51:00.000+03:00'
'a078df2f8c51df9887af766f39e90eede7db24cc'|'Carney says to debate rate rise ''in the coming months'''|'  4:57pm BST Bank of England''s Carney says BoE will debate rate rise in ''coming months'' Bank of England Governor, Mark Carney, speaks during the Bank of England''s financial stability report at the Bank of England in the City of London, Britain June 27, 2017. REUTERS/ Jonathan Brady/Pool SINTRA, Portugal A rise in British interest rates is likely to be needed as the economy comes closer to running at full capacity and the Bank of England will debate when to do so "in the coming months", BoE Governor Mark Carney said on Wednesday. In a noticeable shift in emphasis since his last speech on June 20, Carney did not repeat his phrase from then that now was not the time to raise rates. Markets immediately priced in a greater chance of an early rate rise. The pound rose to its highest level since Britain''s June 8 election after the BoE released Carney''s remarks. Gilt yields jumped as one measure of rate hike expectations rose to its highest since last year''s vote to leave the European Union. Addressing the European Central Bank conference in Sintra, Portugal, Carney said policymakers would need to look at the extent to which stronger business investment offset a slowdown in consumption, as well as growth in wages and labour costs. "These are some of the issues that the MPC (Monetary Policy Committee) will debate in the coming months," Carney said. "Some removal of monetary stimulus is likely to become necessary if the trade-off facing the MPC continues to lessen and the policy decision accordingly becomes more conventional." The MPC split 5-3 earlier this month on whether it was time to start to raise British interest rates from a record-low 0.25 percent. "As spare capacity erodes, the ... (MPC''s) tolerance for above-target inflation falls," Carney said. Britain was the fastest-growing major advanced economy last year, but quarterly economic growth slowed to just 0.2 percent in the first three months of 2017. However, last month the BoE still forecast that growth this year would be only slightly below Britain''s long-run trend at around 1.9 percent. British inflation hit its highest in nearly four years at 2.9 percent last month, well above its 2 percent target, prompted by the pound''s post-Brexit vote tumble. OFFSETS Policymakers are unsure about how much of the slowdown in consumer spending will be offset by stronger exports and investment. Moreover, wage growth -- which some policymakers see as a key gauge of medium-term domestic inflation pressures -- is slowing, and the impact of political uncertainty since the June 8 election and the start of Brexit talks is hard to predict. "Different members of the MPC will understandably have different views about the outlook and therefore the potential timing of any Bank Rate increase. But all expect that any changes would be limited in scope and gradual," Carney said. BoE chief economist Andy Haldane -- who less than a year ago defended a "sledgehammer" package of measures to tackle the risk of a post-referendum slowdown -- surprised many observers last week by saying he expected to vote for higher rates this year. In part this reflects the BoE''s expectation that strong global growth -- combined with sterling''s big fall -- will lift exports and spur business investment. Carney also noted on Wednesday that strong world growth would push up global equilibrium interest rates and potentially make British monetary policy more accommodative in comparison. ING economists said Carney''s speech was a "a significant shift in policy bias", but not all economists were convinced his comments implied he would back a rate rise soon. "The Governor''s view continues to be very much ''wait and see''," said Martin Beck of consultancy Oxford Economics. BoE Deputy Governor Jon Cunliffe also seemed cautious in a radio interview earlier on Wednesday, saying he wanted to see how a squeeze on household income played out. (Reporting by Balazs Koranyi, writing by David Milliken, editing by Andy Bruce/Jeremy Gaunt)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-boe-carney-idUKKBN19J1VI'|'2017-06-28T17:04:00.000+03:00'
'4a92096484d5bba750e7fee9f14168ce9f9c7943'|'Italy - Factors to watch on June 28'|'The following factors could affect Italian markets on Wednesday.Reuters has not verified the newspaper reports, and cannot vouch for their accuracy. New items are marked with (*).For a complete list of diary events in Italy please click on .ECONOMYISTAT releases June flash CPI and HICP data (0900 GMT) and May-Q1 producer prices data (1000 GMT).ECB Supervisory board member Ignazio Angeloni speaks before Senate Finance Committee (1230 GMT).DEBTItaly''s Treasury said on Tuesday it would offer up to 8.0 billion euros over 3 bonds at auction on June 30.Treasury sells 6-month BOT bills. Subscriptions close at 0900 GMT.COMPANIES (*) INTESA SANPAOLOThe lender has made 5 billion euros available for any funding needs deriving from the Veneto banks deal, Chairman Gian Maria Gros-Pietro told Il Messaggero in an interview, adding that the operation will not slow down the bank''s performance.Gros-Pietro also said that once the situation of the Veneto banks and Monte dei Paschi di Siena are resolved, there are "no comparable problems" in the Italian banking sector.MONTE DEI PASCHI DI SIENAThe bank is close to reaching a final deal with an Italian bank bailout fund on the sale of its bad loan portfolio, a key plank of its rescue plan, three sources close to the matter said on Tuesday.A deadline for exclusive negotiations over bad loans sale expires on Wednesday.INTESA SANPAOLOStandard & Poor''s has affirmed its ''BBB-/A-3'' long- and short-term credit ratings on the bank, with a stable outlook, after a deal which sees Intesa Sanpaolo acquiring two Veneto lenders'' good assets for a token price, it said on Tuesday.UBI The bank said the take up of its 400-million euro capital increase stood at 99.31 percent at the close of the offer.(*) BANCA CARIGEThe lender plans to finalise by the end of next week the sale of 938 million euros of bad loans at 31 percent of their nominal value through a securitisation scheme that will tap a state guarantee scheme, Il Sole 24 Ore reported.(*) MEDIASETFrance''s Vivendi has not deposited it shares to take part in the Italian broadcaster''s annual shareholders'' meeting on Wednesday, Il Sole 24 Ore said, adding that the French group had until 0800 GMT to do so.Annual general meeting (0800 GMT)EDISONInauguration of new hydroelectric power plant with CEO Marc Benayoun in Pizzighettone (0800 GMT).IL SOLE 24 OREAnnual and extraordinary shareholders'' meeting (0830 GMT).STEFANELAnnual general meeting (0900 GMT).(*) IPOItalian tyremaker Pirelli will list on the Milan stock exchange on October 4, both La Stampa and Il Sole 24 Ore reported, adding the group aims to float 30 percent of its shares.For Italian market data and news, click on codes in brackets:20 biggest gainers (in percentage)20 biggest losers (in percentage)FTSE IT allshare indexFTSE Mib indexFTSE Allstars index...FTSE Mid Cap index....Block tradesStories on Italy IT-LENFor pan-European market data and news, click on codes in brackets: European Equities speed guide FTSEurofirst 300 index DJ STOXX index Top 10 STOXX sectors Top 10 EUROSTOXX sectors Top 10 Eurofirst 300 sectors Top 25 European pct gainers Top 25 European pct losers Main stock markets: Dow Jones Wall Street report Nikkei 225 Tokyo report FTSE 100 London report Xetra DAX Frankfurt market stories CAC-40 Paris market stories... World Indices Reuters survey of world bourse outlook Western European IPO diary European Asset Allocation Reuters News at a Glance: Equities Main currency report:'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/italy-factors-june-idINL8N1JH1TJ'|'2017-06-28T04:24:00.000+03:00'
'bef37d49b28f840445a895bb077a1b0a907ccbb8'|'UPDATE 1-Cofco''s Argentine grains operations affected by cyber attack'|'(Adds comments from ADM, trader, background on world grains market)By Hugh BronsteinBUENOS AIRES, June 28 Activity at ports operated by China''s Cofco in Argentina''s main grains hub of Rosario have been interrupted by a worldwide cyber attack, a local port manager said on Wednesday, the first sign that the virus had made its way to South America.The computer worm was first seen in Ukraine on Tuesday, going on to affect port facilities ranging from Mumbai to Los Angeles. It hit Argentina on Wednesday, slowing wheat and fertilizer shipments and threatening to impact the flow of soybeans to the country''s main client, China, at the height of export season."Cofco''s system has been affected by the global attack. It has been infected by a virus. So they are working mechanically, not connected to their regular information system," Guillermo Wade, head of Argentina''s CAPyM port operators'' chamber, told Reuters in a telephone interview.A local Cofco representative did not respond to a request for comment. The company''s Brazil unit declined to comment.In 2014 Cofco agreed to buy Dutch grain trader Nidera and the agribusiness of Noble Group for more than $3 billion. The deal propelled Cofco to the No. 2 spot among exporters of Argentine grains, oilseeds and byproducts."So far we''ve heard only Nidera and Noble were hit," said a senior Buenos Aires-based grains trader, who requested anonymity.One of several ships scheduled to unload fertilizer at a Cofco port facility in Rosario had been halted since Tuesday, Wade said, while a vessel loading wheat produced in the vast Pampas grains belt was interrupted for hours until local operators found a mechanical work-around to the attack."It is affecting all of Cofco''s port operations in Rosario," Wade added. "The cargo ship that was unloading fertilizer is still stopped. This has caused a backup in the line of other ships that have cargo to unload."Cofco is one of 43 export and port service companies that belong to the CAPyM chamber.Cofco operates two ports in Rosario. Each has two berths used to load grains, oilseeds and byproducts, as well as unload fertilizers used by growers across the country.Argentina is the world''s top exporter of soymeal livestock feed and the No. 3 supplier of raw soybeans, as well as a major global corn supplier.Other major exporters like Archer Daniels Midland Co have operations in Rosario. The port complex is located on the banks of the Parana River, which leads out to the shipping lanes of the South Atlantic.On Tuesday U.S.-based ADM spokeswoman Jackie Anderson said a small number of the company''s computers were impacted by the cyber attack. "We have been able to continue normal business operations and are continuing to monitor the situation," she said. (Additional reporting by Jonathan Saul in London, Marcelo Teixeira in Sao Paulo and Karl Plume in Chicago; Editing by Bill Rigby)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/cyber-attack-cofco-idUSL1N1JP0TJ'|'2017-06-28T17:52:00.000+03:00'
'2e891849c343bf7aaf68969cd3086a7910e0bc2d'|'TREASURIES-U.S. yields rise with European debt after upbeat Draghi comments'|'(Adds Yellen, Harker comments, auction result; updates prices) * ECB''s Draghi takes upbeat view on economy * Yellen says appropriate to rates rates gradually * Five-year, 30-year yield curve flattest since 2007 * Treasury sells $34 bln in five-year notes By Karen Brettell NEW YORK, June 27 U.S. Treasury yields rose on Tuesday in sympathy with European government debt weakness after European Central Bank President Mario Draghi fueled expectations that the ECB is closer to announcing a reduction of stimulus. Draghi indicated that the central bank might tweak its stimulus so that it does not become more accommodative as the economy recovers. “He surprised the market with that upbeat stance,” said Tom di Galoma, a managing director at Seaport Global in New York. “The European government bond market didn’t take it very well.” Treasury yields rose in line with European bonds. Benchmark 10-year notes dropped 18/32 in price to yield 2.20 percent, up from 2.14 percent late on Monday. The Treasury yield curve between five-year notes and 30-year bonds steepened after earlier falling to 92.70 basis points, the flattest level since late 2007. The difference between yields on two-year and 10-year notes also got as low as 76.80 basis points, its lowest level since Sept. 2. The yield curve has flattened in the past month as Federal Reserve officials including New York Fed President William Dudley indicated that further monetary policy tightening was likely. That has led short- and intermediate-dated debt, which is more sensitive to interest rate changes, to underperform while concerns about tepid growth and falling inflation have supported long bonds. Longer-dated debt has also rallied as investors reach for higher yields. “Funds are really defensive and believe that yields could really ratchet lower, and they’re putting money into duration,” said di Galoma. Fed Chair Janet Yellen said on Tuesday that it is appropriate to gradually raise rates and noted that the U.S. central bank is carefully watching inflation expectations. The Fed may have to rethink its interest rate hike plans if inflation continues to wane, Philadelphia Fed President Patrick Harker said. The Treasury Department sold $34 billion in five-year notes to the weakest demand in four months on Tuesday. The ratio of bids to the amount of five-year notes offered came in at 2.33, the lowest since February. The notes sold at a high yield of 1.828 percent, just above where it traded before the auction. The government will sell $28 billion in seven-year notes on Wednesday, the final sale of $88 billion in sales of new coupon-bearing supply this week. The government sold $26 billion in two-year notes to strong demand on Monday. (Editing by Chizu Nomiyama) )'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/usa-bonds-idINL1N1JO1G8'|'2017-06-27T17:08:00.000+03:00'
'35367c26299673fef57c674ac6832bfb82a907a9'|'Japan''s Takata apologizes to victims of faulty air bags'|'Autos - Tue Jun 27, 2017 - 3:29am EDT Japan''s Takata offers condolences to victims of faulty air bags Takata Corp. Chairman and CEO Shigehisa Takada bows as he leaves a news conference after its decision to file for bankruptcy protection in Tokyo, Japan, June 26, 2017. REUTERS/Toru Hanai TOKYO Japanese auto parts maker Takata Corp ( 7312.T ) expressed condolences on Tuesday to victims of its faulty air bags linked to at least 16 deaths and 180 injuries around the world, but stopped short of offering a full apology. "We offer our condolences to the those who lost their lives and to those who suffered injuries," Shigehisa Takada, chairman and CEO of Takata, said at the company''s last annual shareholder meeting as a listed company. The meeting came a day after Takata, facing tens of billions of dollars in costs and liabilities following almost a decade of recalls and lawsuits, said it had filed for bankruptcy protection in Japan and the United States. As part of the arrangements it will be largely acquired for $1.6 billion by the Chinese-owned U.S.-based Key Safety Systems. The grandson of the company''s founder, Takada was criticized in the Japanese media for failing to address victims at a press conference announcing the bankruptcy on Monday. It was his first media appearance in more than a year and a half. At Tuesday''s meeting, he joined other executives in making a deep bow of contrition for the lives lost and shattered by the company''s defective air-bag inflators. Most victims were in the United States. "I was told that I shouldn''t cause any bias and that I should leave it to others," Takada said, responding to the criticism. "I too felt shame about this." Takada "was full of excuses," said one female investor in her 40s from Tokyo. "Constantly blaming the media and those around him, it''s not surprising things ended up like this," she said. The ammonium nitrate compound used in the air bags was found to become volatile with age and prolonged exposure to heat, causing the devices to explode with too much force and spray shrapnel into vehicle compartments. Takata shares were untraded with a glut of sell orders on Tuesday. The company is due to be delisted from the Tokyo Stock Exchange on July 27. (Reporting by Maki Shiraki, writing by Sam Nussey; Editing by Stephen Coates) '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-takata-bankruptcy-apology-idUSKBN19I0GJ'|'2017-06-27T13:15:00.000+03:00'
'4e1def98fffd0d78db6369bbddd68d5b48ccae0f'|'BlackRock makes technology deal in cash management business'|'By Trevor Hunnicutt BlackRock ( BLK.N ), the world''s biggest asset manager, on Tuesday said it would buy a software company that helps businesses invest their cash, marking its second investment in a technology firm this month.The investment giant with oversight of $5.4 trillion in assets will buy Denver-based Cachematrix Holdings LLC in a deal slated to close next quarter, according to a statement by both companies. Terms were not disclosed.Cachematrix builds a software tool that banks can provide to corporate treasurers managing the cash and short-term debt they hold. Investments can be made in money-market funds provided by BlackRock and rival money managers, such as Fidelity Investments, Goldman Sachs Group Inc ( GS.N ) and Charles Schwab Corp ( SCHW.N ).Just last week, BlackRock said it would take a stake in Scalable Capital, a European digital investment manager.The deals come two months after BlackRock Chief Executive Officer Larry Fink told Reuters he was considering up to four small acquisitions to shore up the New York-based company''s technology and investment expertise.Fink has placed an unusual emphasis on technology for a company in his industry, including through the company''s Aladdin operating system for investment management, which it licenses to rivals.The latest deal gives BlackRock a new stable of bank clients and pushes Aladdin further into the business of advising companies on how to invest their cash. In a statement, BlackRock said it plans to combine some of Cachematrix''s features with Aladdin.On its website, Cachematrix lists Bank of America Corp ( BAC.N ), Morgan Stanley ( MS.N ) and HSBC ( HSBA.L ) among its clients and reports assisting with $200 billion of client assets.Banks trying to meet strict requirements intended to prevent another financial crisis have been looking to shed deposits that would require them to hold more capital. Businesses have been eager to find places to put cash as ultra-easy monetary policy has pushed yields on debt to historic lows.BlackRock in 2015 expanded its reach in the business of managing large institutions'' cash and short-term investments when it acquired the money-market fund business run by Bank of America. BlackRock''s cash business included nearly $400 billion in assets at the end of March.(Reporting by Trevor Hunnicutt)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-blackrock-moneymarket-idINKBN19I231'|'2017-06-27T13:35:00.000+03:00'
'4158fa27926b2f91e7f2c3dba9e73f4891a57d42'|'Asian currencies little changed ahead of Yellen speech'|'Money News - Tue Jun 27, 2017 - 11:32am IST Asian currencies little changed ahead of Yellen speech FILE PHOTO - Thai baht banknotes are seen next to gold offered for sale in a gold shop in Bangkok''s Chinatown April 19, 2013. REUTERS/Damir Sagolj/File Photo By Shashwat Pradhan Most emerging Asian currencies traded within a narrow range on Tuesday as investors waited to see if Federal Reserve Chair Janet Yellen would stick to her positive economic outlook at an event later in the day. The Fed chair is due to join a discussion in London on global economic issues that takes place after a recent batch of weak U.S. economic data. This year, the Fed has raised rates twice, and it has forecast one more hike in 2017. Financial conditions have loosened in the past year despite the Fed raising interest rates three times since December, which is another reason to continue tightening, New York Fed President William Dudley said in remarks published on Monday. "On an otherwise quiet day, market participants will likely focus on Fed Chair Yellen’s speech", Societe Generale said in a note. "Her words will be scrutinised for any colour about the timing of the next rate hike against a backdrop of mounting concerns over the inflation outlook." Showing how little regional currencies moved, the Indian rupee was the big gainer, though it only edged up 0.1 percent. U.S. President Donald Trump urged Indian Prime Minister Narendra Modi to do more to relax Indian trade barriers on Monday. Among other Asian currencies, the Thai baht, the ringgit and the Singapore dollar were all flat against the dollar. The Philippine peso was among the biggest losers, shedding 0.1 percent. The currency has been among the worst performers in the region this year, weakening about one percent against the dollar. KOREAN WON The won rose as much as 0.3 percent early Tuesday but then the gains were erased. South Korea''s consumer sentiment improved for a fifth straight month in June, reaching a six and a half-year high, a central bank survey showed on Tuesday. Sentiment was also buoyed by the Korea Composite Stock Price Index (KOSPI) which touched a record high of 2,397.14, boosted by expectations of a strong second quarter. Foreign investors have been net buyers on KOSPI for three consecutive sessions. TAIWAN DOLLAR The Taiwan dollar inched up 0.1 percent to 30.320, heading for its fourth-straight day of gains. "Taiwan''s currency is likely to remain stuck in its current trading range of 30.0-30.5 for now, but could face intermittent depreciation pressure in July or the third quarter," Scotiabank said in a note. "We would like to sell USD/TWD if it breaks below the 30.0 support but to buy the pair if it rallies through the 30.5 mark," the brokerage added. The currency has been among the best performers in Asia this year, appreciating more than 6 percent against the dollar. ($1 = 1,136.2000 won) '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/asia-forex-emerging-idINKBN19I0JX'|'2017-06-27T14:02:00.000+03:00'
'8de2921ac252d440ca2223cccac65406449ab216'|'Google, Microsoft among companies urging court to back gay workers'|'Technology News - Tue Jun 27, 2017 - 2:05am BST Google, Microsoft among companies urging court to back gay workers A man sells rainbow flags near The Stonewall Inn, on the eve of the LGBT Pride March, in the Greenwich Village section of New York City, , U.S. June 24, 2017. REUTERS/Brendan McDermid By Daniel Wiessner Dozens of companies, including Alphabet Inc''s Google, Microsoft Corp, CBS Corp and Viacom Inc urged a federal appeals court on Monday to rule that a law banning sex discrimination in the workplace offers protections to gay employees. The brief submitted by 50 companies to the 2nd U.S. Circuit Court of Appeals in Manhattan marks the first time such a large group of businesses has backed arguments about employment discrimination that LGBT groups and the administration of former President Barack Obama have made for years. The companies said bias against gay employees is widespread, with more than 40 percent of gay workers reporting harassment and other forms of discrimination in various studies. The lack of a federal law clearly prohibiting discrimination on the basis of sexual orientation has hindered recruitment in states that have not adopted their own, the companies said. "Recognizing that our uniform federal law protects LGBT employees would benefit individual businesses, and the economy as a whole, by removing an artificial barrier to the recruitment, retention, and free flow of talent," wrote the companies'' lawyers at Quinn Emanuel Urquhart & Sullivan. The companies asked the 2nd Circuit to revive a lawsuit by the estate of Donald Zarda, who claimed he was fired from his job as a skydiving instructor on Long Island after he told a customer he was gay and she complained. Zarda died in a skydiving accident after filing the lawsuit. In April, a panel of three 2nd Circuit judges dismissed Zarda''s case, saying the court''s decision in a separate case in 2000 that said discrimination against gay workers is not a form of sex discrimination under Title VII of the Civil Rights Act of 1964 foreclosed his claims. But last month, the full court, which can overturn the prior ruling, agreed to review the case. That came weeks after a different appeals court in Chicago became the first to rule that Title VII protects gay workers. Zarda''s former employer, Altitude Express Inc, says Congress did not intend for Title VII to apply to gay workers when it passed the law more than 50 years ago, and courts do not have the power to change the meaning of the law. A different appeals court in Atlanta, Georgia, is currently considering whether to revisit a March decision that dismissed a lawsuit by a former hospital security guard who said she was harassed and forced to quit because she is gay. (Reporting by Daniel Wiessner in Albany, New York; editing by Alexia Garamfalvi and Dan Grebler) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-usa-lgbt-companies-idUKKBN19H2LH'|'2017-06-27T05:49:00.000+03:00'
'e6db93f36d7f1e2cec021b492a26324c574755b6'|'Monte Paschi close to striking deal over bad loan sale - sources'|'Deals   4:51pm BST Monte Paschi close to striking deal over bad loan sale: sources FILE PHOTO: The entrance of Monte dei Paschi di Siena bank''s headquarters is seen in Siena, Italy, July 1, 2016. REUTERS/Stefano Rellandini/File Photo MILAN Monte dei Paschi di Siena ( BMPS.MI ) is close to reaching a final deal with an Italian bank bailout fund for the sale of its bad loan portfolio, a key plank of its rescue plan, three sources close to the matter said on Tuesday. One of the sources said the deal envisaged the sale of 26 billion euros ($29 billion) of bad loans repackaged as securities at an average price of 21 percent of their gross book value - for a total of around 5.5 billion euros. Under the deal, the Atlante 2 fund - which is financed by mostly private Italian financial institutions - will buy the mezzanine and junior tranches for around 1.8 billion euros, the source said. A senior tranche of just over 3 billion euros will be sold to institutional investors using a state guarantee, while around 500 million euros will stay with the bank, the same source said. "Most of the work has been done but there are still a few details to be ironed out," a second source said. The deal is the latest step in a long-running process to stage a state rescue of the world''s oldest bank, including efforts to enable it to shed its bad loans. (Reporting by Massimo Gaia, writing by Silvia Aloisi)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-eurozone-banks-italy-montedeipaschi-idUKKBN19I27F'|'2017-06-27T23:51:00.000+03:00'
'b5fece5c0d55284184e50b12199f33e23cdfd480'|'Thirteen EU nations back plan for talks with Russia over pipeline'|'Business News - Mon Jun 26, 2017 - 3:36pm BST Thirteen EU nations back plan for talks with Russia over pipeline BRUSSELS Thirteen EU nations voiced support on Monday for a proposal to empower the bloc''s executive to negotiate with Russia over objections to a new Russian gas pipeline to Germany, despite opposition from Berlin. At an informal debate among EU energy ministers, Germany''s partners in the 28-nation bloc spoke out against Russia''s Nord Stream 2 pipeline plan to pump more gas directly from Russia''s Baltic coast to Germany. EU nations are expected to vote in the autumn on the European Commission''s request for a mandate to negotiate with Russia on behalf of the bloc as a whole. Germany, the main beneficiary of the pipeline, sees it as a purely commercial project, with Chancellor Angela Merkel last week saying she saw no role for the Commission. The plan taps into divisions among the bloc over doing business with Russia, which covers a third of the EU''s gas needs, despite sanctions against Moscow over its military intervention in Ukraine. In private, EU officials say they hope direct talks with Russia would delay the project past 2019, depriving Russian state gas exporter Gazprom ( GAZP.MM ) of leverage in talks over transit fees for Ukraine, the current route for most gas supplies to Europe. [L5N1GN3IN] Germany, Austria and France - which have firms partnering with Gazprom on the project - declined to take the floor on Monday, EU diplomats said. "We had 13 delegations intervening, with all of them being supportive of the Commission''s approach," Commission Vice President Maros Sefcovic told Reuters by telephone after presenting the EU executive''s case to member states. "I am definitely optimistic about getting the mandate, but I know this is just the beginning of the debate." The Commission found support from Italy as well as Nordic, Eastern European and Baltic states, EU sources told Reuters. "Germany has commercial interests, but it needs to explain itself," one senior EU official said. With the pipeline expected to reroute Russian gas supplies around Ukraine to the north, Italy voiced concerns it would increase gas prices for customers further down the line. Eastern European and Baltic states fear it will increase their dependence on Gazprom and undercut Ukraine. Nordic nations, meanwhile, have security concerns over the pipeline being laid near their shores under the Baltic Sea, where Russia has bolstered its military presence. However, many EU nations have yet to take a stand. "It is quite toxic. Many member states are quite wary of advertising their position," one diplomat told Reuters. There are also differences among EU member states over what aims to pursue in potential talks with Russia. Speaking in Paris on Monday, Ukraine''s foreign minister said the draft EU proposal did not go far enough to secure guarantees from Russia, warning Nord Stream 2 would have "dangerous consequences" for the bloc. Adding to tensions is the threat of new U.S. sanctions on Russia that would penalise Western firms involved in Nord Stream 2: Uniper ( EONGn.DE ), Wintershall ( BASFn.DE ), Shell ( RDSa.L ), OMV ( OMVV.VI ) and Engie ( ENGIE.PA ). Several EU diplomats said the measures proposed by the U.S. Senate have already backfired against their stated aim of bolstering European energy security. "It''s a divisive measure," one senior official said. "It''s easy for the U.S. to go after Russian gas of course, they don''t use it. ... We are trying to make the best of a bad thing by balancing the interest of different member states." (Reporting by Alissa de Carbonnel; Editing by Dale Hudson)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-eu-gazprom-nordstream-idUKKBN19H1O9'|'2017-06-26T22:31:00.000+03:00'
'622fc8c05a36b1e4042608f322c1db017cbd3f80'|'BRIEF-Empire Co reports Q4 earnings per share C$0.11'|' 14am EDT BRIEF-Empire Co reports Q4 earnings per share C$0.11 June 28 Empire Company Ltd * Empire Company reports fiscal 2017 fourth quarter and full year results * Q4 adjusted earnings per share C$0.18 * Q4 earnings per share C$0.11 * Q4 earnings per share view C$0.12 -- Thomson Reuters I/B/E/S * Qtrly Sobeys'' same-store sales excluding fuel decreased 1.6 percent * Empire Company Ltd - Planned fiscal 2018 capital expenditures set at $350 million * Qtrly sales $5,798.9 million versus. $6,283.2 million * Empire Company Ltd - Board announced an increase in Empire''s annual dividend per share, paid quarterly, from $0.41 per share to $0.42 per share * Q4 revenue view C$5.70 billion -- Thomson Reuters I/B/E/S * Empire Company Ltd - Announced an increase in co''s annual dividend per share, paid quarterly, from $0.41 per share to $0.42 per share * Empire Company - Expects to incur approximately $200 million in one-time costs in first half of fiscal 2018  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-empire-co-reports-q4-earnings-per-idUSASA09VAS'|'2017-06-28T13:14:00.000+03:00'
'0f1dcb653e0bac04ad7109830929293f716b94d8'|'Carney''s Fancy Toolkit Won''t Be Enough to Turn a Hawk'|'From Photographer: Chris Ratcliffe/Bloomberg Bank of England Governor Mark Carney will have to work harder to convince the hawks on the Monetary Policy Committee to leave rates on hold. At Tuesday’s Financial Stability Report press conference, Carney clarified that monetary policy should be the last line of defense to tackle problems with financial stability. To that end, given that a post-referendum Armageddon was nowhere to be seen, the BOE raised capital requirements for lenders, and took measures to constrain certain areas of consumer credit (such as auto loans) that may be growing too fast. The question is, where does this leave interest rates? Three members of the MPC are angling for hikes, 1 believing their panel has waited too long in taking back the raft of stimulus measures it introduced last summer after the Brexit vote shock. Outgoing MPC member Kristin Forbes raised concerns about such financial policy measures in her leaving speech last week. She argued that the availability of financial policy measures was one reason behind her colleagues'' “failure to launch” and hike rates from near-zero levels. According to Oxford Economics'' Martin Beck, “on that logic, the rise in the [countercyclical capital buffer] should go some way to dampening the hawkish shift recently seen among monetary policymakers.” But these modest actions, if sensible in their own right, are unlikely to actually swing the hawks back into believing rates should still be left on hold. (Leave aside for a moment that I and my Gadfly colleague Mark Gilbert argued last week that Carney is right to look through inflation and keep the key rate at 0.25 percent). The most important market news of the day. Get our markets daily newsletter. Sign Up To start with, the new measures will not fully come into effect until 2019. While raising the CCB, a requirement that varies according to strains in funding conditions, may amount to a $14.5 billion capital demand, the long lead time banks will have to address this makes the change decidedly less onerous than might first appear. Indeed, the BOE is introducing a staggered approach to raising the buffer specifically in order to keep banks from tightening lending too much in response. But even so, that''s not the main focus for the MPC. The performance of the real economy is far more important for figuring out where to set the bank rate. And, as has been widely reported, it''s held up nicely since the referendum. So nicely, that inflation''s edging to 3 percent (though to be fair the dive in the pound since the referendum is playing its part). The bulk of the stimulus poured in last year in response to the surprise Brexit referendum result is very much alive and kicking. The BOE’s Chief Economist, Andrew Haldane, noted the effect of this easing in his conversion last week into a rate hawk. He said the 25 basis point rate cut in August last year was just one quarter of the monetary stimulus added -- the extra 70 billion pounds ($89.5 billion) of QE forming the remainder. That''s in addition to the Term Funding Scheme to promote lending and give banks access to cheap funding -- the BOE says there''s 65 billion pounds outstanding here, and the MPC will decide at its August policy meeting whether to extend the program past its February 2018 expiry date. Tuesday''s financial policy tweaks do not come close to the wider impact of the monetary policy stimulus. What MPC officials need to decide is whether the measures they pumped in last August to prevent a possible economic collapse have either done their job and should be swiftly reversed, or are still needed as wage growth weakens and Brexit looms. The hawks on the MPC are clearly in the former camp, and the latest financial stability measures should do little to change their mind. This column does not necessarily reflect the opinion of Bloomberg LP and its owners. This excludes Kristin Forbes, who will be leaving the MPC at the end of the month. Before it''s here, it''s on the Bloomberg Terminal. '|'bloomberg.com'|'https://www.bloomberg.com/businessweek'|'https://www.bloomberg.com/news/articles/2017-06-28/carney-s-fancy-toolkit-won-t-be-enough-to-turn-a-hawk'|'2017-06-28T13:00:00.000+03:00'
'5369161924d95a47c08b80a23d1bb6f7173d5e5c'|'Corvex Management LP reports 7.6 pct stake in Energen Corp as of June 26'|'June 28 Energen Corp* Corvex Management LP - On June 27, delivered a letter to Energen Corp''s board of directors - SEC Filing* Corvex Management LP - In letter, expressed disappointment with Energen''s decision to continue with status quo business plan without conducting road show with shareholders* Corvex Management LP - In letter, believe Energen did not conduct substantive review of alternatives to maximize shareholder value* Corvex Management LP - In letter, urge Energen board to re-examine conclusions as to best direction for co after receiving feedback from shareholders* Corvex Management LP reports 7.6 percent stake in Energen Corp as of June 26 versus 6.6 percent stake as of June 14 Source text: [ bit.ly/2tXzlbs ] '|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/brief-corvex-management-lp-reports-76-pc-idINFWN1JP0EE'|'2017-06-28T10:15:00.000+03:00'
'4057868d3f2aefa1f76d8310a39d5c4b4aff1d07'|'Soaring building costs sound sour note for ''rock star'' New Zealand economy'|'Business News - Mon Jun 26, 2017 - 12:05am BST Soaring building costs sound sour note for ''rock star'' New Zealand economy left right Recently completed residential apartment blocks are seen behind a construction site in central Auckland, New Zealand, June 25, 2017. REUTERS/David Gray 1/5 left right Cranes located on construction sites are seen in central Auckland, New Zealand, June 25, 2017. REUTERS/David Gray 2/5 left right Cranes located on construction sites are seen near the Sky Tower building in central Auckland, New Zealand, June 25, 2017. REUTERS/David Gray 3/5 left right Cranes located on construction sites are seen near high-rise residential apartment buildings in central Auckland, New Zealand, June 25, 2017. REUTERS/David Gray 4/5 left right Cranes located on construction sites are seen in front of the Sky Tower building in central Auckland, New Zealand, June 25, 2017. REUTERS/David Gray 5/5 By Charlotte Greenfield and Tom Westbrook - WELLINGTON WELLINGTON Newly qualified New Zealand carpenters are commanding six figure salaries and construction costs have risen by half in under three years, symptoms of an unprecedented building boom straining the South Pacific nation''s much-envied economy. Fueled by the record number of migrants needing houses and by repairs to roads and buildings damaged by several major earthquakes, construction accounted for 13 percent of the New Zealand economy in the March quarter. The nationwide build is forecast to hit NZ$37 billion ($26.9 billion) this year. But the sector is hitting headwinds that are frustrating companies and builders and making the central bank wary. Mark Adamson, chief executive of the country''s largest construction firm, Fletcher Building ( FBU.NZ ), said the labor market was so tight, manual workers can now command top dollar to "hold a hammer". "I got a quote yesterday: NZ$65 an hour, you''d get a hundred grand for driving a forklift - there''s just not enough people to go around," he told Reuters. Fletcher Building shares have lost a quarter of their value so far this year after the labor shortage prompted a profit warning, shocking investors who saw the company as a proxy for the "rock star" New Zealand economy. Industry-wide, costs for non-residential construction have grown around 50 percent since 2015, according to project management firm Rider Levett Bucknall. Meanwhile, unemployment is below 5 percent and laborers'' wages are the fastest-rising of any occupation, adding 17.5 percent since 2009, according to Statistics New Zealand. Across Auckland, the engine-room of the construction boom, builders told Reuters that newly qualified carpenters were demanding NZ$50 or more an hour. That puts their annual salary at over NZ$100,000 - above the median annual pay of a bank manager, and more than double that of a schoolteacher, according to job classifieds website Trade Me ( TME.NZ ). "You can''t get good staff. That''s what it comes down to really," said Steve Grant, an Auckland builder who employs four people. "We don''t get the quality of workers that we used to and you''ve gotta pay more for it." BOTTLENECKS The builders'' challenges cut to the heart of the jitters in New Zealand''s economy, which has grown at an average of nearly 3 percent a year since 2012 and was described by the OECD as the envy of the developed world. A wobble in construction activity put March-quarter growth behind expectations and raised questions over the massive building pipeline. At the same time, the country''s biggest city is bursting at the seams. The local government estimates the city needs to add 14,000 new homes a year for three decades. "Wherever you look in Auckland and the construction sector there is a capacity issue, said Ron Angel, the construction industry coordinator for union E tu. "Can we get enough concrete? Can we get enough roofing? Can we actually get a truck to get it to the job at 10am when I need it there?" The problem caught the eye of the country''s central bankers, coming as record migration spurs soaring demand for housing. "You''re certainly seeing bottlenecks appear there," said the Reserve Bank of New Zealand (RBNZ) governor Graeme Wheeler at a recent press conference, adding that construction was an area the bank was "watching closely". To be sure, the problems are more setbacks than portents of doom. But economists say the government''s forecasts of almost 3.7 percent growth in 2018 are now unrealistic and even the RBNZ''s projections of 3.4 percent appear too high. "Issues with labor especially are already starting to bite," said Satish Ranchod, senior economist at Westpac Bank, who was projecting GDP growth of around 3 percent by 2020. HOUSING HEAT Also of concern is the construction industry''s failure to keep up with the thousands of houses needed to meet demand from migrants and returning New Zealanders that is sending home prices ever higher. The issue has proven particularly thorny for the governing National Party, which faces an election this year and is trying to placate voters increasingly priced out of the market. It is also testing the limits of the monetary policy levers available to central bank, which moved last year to tighten lending rules. That temporarily slowed price growth, but the solution is a greater supply of housing. "The problem is we''ve got capacity constraints," said Cameron Bagrie, chief economist at ANZ Bank. "Good luck trying to find people to build the houses. (Editing by Lincoln Feast) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-newzealand-economy-idUKKBN19G0Z5'|'2017-06-26T07:03:00.000+03:00'
'33f60bdc907db0357fef3c326a71a572be742c79'|'Deals of the day-Mergers and acquisitions'|'June 26 The following bids, mergers, acquisitions and disposals were reported by 1000 GMT on Monday:** Russian billionaire Mikhail Fridman''s L1 Retail has agreed to buy health food and supplements chain Holland & Barrett for 1.77 billion pounds ($2.26 billion) from the Nature''s Bounty Co and the Carlyle Group, the companies said in a statement.** Japan''s Takata Corp, the firm at the centre of the auto industry''s biggest ever product recall, filed for bankruptcy protection in the United States and Japan, and said it would be bought for $1.6 billion by U.S.-based Key Safety Systems.** Israeli flavour and fine ingredients company Frutarom Industries said on Sunday it acquired 80 percent of SDFLC Brasil Indústria E Comércio Ltda for 110 million real ($33 million).** German plastic extrusions maker Surteco has agreed to buy Portuguese PVC edgbandings maker Probos from private equity firm Alantra for 99 million euros ($111 million) in cash, it said in a statement on Saturday.** Lufthansa sees no limit to the number of planes and crews it could lease from Air Berlin, its chief executive told German newspaper Bild am Sonntag, amid criticism that support for its ailing rival is a stealth takeover attempt.** New Zealand pay television provider Sky Network TV said it was terminating a sales agreement to buy Vodafone''s local unit, a deal the country''s competition regulator had ruled against.** A proposed merger between two banks in southern Japan will likely be delayed for a second time over monopoly concerns, sources said, highlighting the difficulty regional banks face in trying to consolidate to survive the shrinking market.** Oslo-listed oil tanker firm Frontline is no longer pursuing a takeover of New York-listed competitor DHT Holdings and is not working on any other acquisitions, Frontline''s CEO told Reuters.** Three Australian business magnates plan to financially support Ten Network Holdings until it finds a buyer, the TV broadcaster''s administrator said, adding that there had been "quite a number" of expressions of interest from potential acquirers.** German insurer Allianz expects to book a loss of around 200 million euros ($224 million) from the sale of private bank Oldenburgische Landesbank to U.S. private equity firm Apollo, it said on Sunday.** Wal-Mart Stores Inc is not actively considering making an offer for Whole Foods Market Inc, a source familiar with the matter told Reuters on Friday. (Compiled by John Benny in Bengaluru)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/deals-day-idINL3N1JN34M'|'2017-06-26T08:01:00.000+03:00'
'5ab0a7260d15a293e7e3744d3ce51513d6d11871'|'''Jubilant'' German Ifo business morale hits record high'|'Business   10:00am BST ''Jubilant'' German Ifo business morale hits record high The famous skyline with its banking district is pictured in early evening next to the Main River in Frankfurt, Germany, January 19, 2016. REUTERS/Kai Pfaffenbach - RTX233U6 BERLIN German business confidence unexpectedly rose in June to a record high, a survey showed on Monday, in a fresh sign that company executives are more upbeat about the growth outlook of Europe''s largest economy. The Munich-based Ifo economic institute said its business climate index, based on a monthly survey of some 7,000 firms, rose to 115.1 from 114.6 in May. The reading compared with a Reuters consensus forecast for a value of 114.4. "Sentiment among German businesses is jubilant," Ifo chief Clemens Fuest said in a statement. "Companies were significantly more satisfied with their current business situation this month. They also expect business to improve. Germany''s economy is performing very strongly." An Ifo economist told Reuters private consumption was a key driver for the economy and there was still room for export growth. Managers'' assessments of the current business situation and their outlook for the coming six months both rose, the survey showed. (Writing by Paul Carrel; Editing by Madeline Chambers)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-germany-economy-ifo-idUKKBN19H0U4'|'2017-06-26T17:00:00.000+03:00'
'95038dd2dbe20f80ccc00bf4f8ec1432d2ebe1e6'|'Tanker firm Frontline says no longer pursuing DHT or other acquisitions'|'Business   9:04am BST Tanker firm Frontline says no longer pursuing DHT or other acquisitions OSLO Oslo-listed oil tanker firm Frontline ( FRO.OL ) is no longer pursuing a takeover of New York-listed competitor DHT Holdings ( DHT.N ) and is not working on any other acquisitions, Frontline''s CEO told Reuters on Monday. DHT last month rejected a fifth takeover proposal from billionaire shipping tycoon John Fredriksen''s Frontline, calling the $500 million (392 million pound) all-share bid "woefully inadequate". "We will not spend time pursuing the DHT track," Frontline Chief Executive Robert Hvide Macleod said in a written comment to Reuters. "With our present opportunities for creating value through fleet renewal, we''re not currently pursuing any other acquisitions either," he added. Instead of a deal with Frontline, DHT struck a tankers-for-shares agreement with BW Group [BGLL.UL] in March, making the latter DHT''s biggest shareholder with a stake of over 30 percent. Frontline attempted to block the BW deal, first in a U.S. court and later in the High Court of the Marshall Islands, but both lawsuits were eventually dismissed. (Reporting by Ole Petter Skonnord, writing by Terje Solsvik, editing by Alister Doyle and Louise Heavens)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-dht-holdings-m-a-frontline-idUKKBN19H0PT'|'2017-06-26T16:04:00.000+03:00'
'e422403ec6aa6cfaabc188086067c13cd8a3a5c7'|'Italy bank rescue divides Europe'|'Business News - Mon Jun 26, 2017 - 6:53pm BST Italy bank rescue divides Europe left right A Banca Popolare di Vicenza sign is seen in Rome, Italy, March 29, 2017. REUTERS/Alessandro Bianchi 1/2 left right The logo of Veneto Banca bank is seen in Venice, Italy, January 31, 2016. REUTERS/Alessandro Bianchi/File Photo 2/2 By John O''Donnell - FRANKFURT FRANKFURT Italy''s multi-billion-euro closure of two lenders drew sharp criticism on Monday for hurting a project devised to underpin confidence in the euro zone during the financial crash. As lawmakers digested details of the rescue, which involves the state rather than investors bearing most of the cost, many criticized Rome for breaking with the spirit of a framework known as banking union -- and the European Commission in Brussels for allowing it do so. Under a deal sealed over the weekend, Italy will pay more than 5 billion euros to Intesa Sanpaolo ( ISP.MI ), its top retail bank, to take the best assets of two failed Veneto banks, with up to 12 billion euros of guarantees to shield Intesa from losses. That broke a principle agreed by European leaders and enshrined in European Union law that investors, rather than the state, should shoulder the cost of bank failures. "It was all for nothing," said Philippe Lamberts, a Belgian Green party member of the European Parliament who spent months negotiating and writing the law introduced last year. "This is a bad day for Europe. It''s another hit to European integration," he said, describing it as a "major blow" to the euro currency itself and damaging for the image of the European Central Bank, which supervises Europe''s biggest lenders. Sven Giegold, an EU parliamentarian who also helped write the law, demanded a parliamentary enquiry into the flouting of the rules, attacking the Commission, the EU''s executive. It had the final say in approving the scheme. Investors breathed a sigh of relief following the decision, with shares rallying, while Italy sought to portray the move in a positive light. It removes one of the chief financial headaches facing the country. One Bank of Italy official even said that the state could eventually make a profit from the deal. But European lawmakers struck a more somber tone. FROSTY RECEPTION Markus Ferber, a German lawmaker in the European parliament, said Italy had not respected the new rules and predicted that Germany would be reluctant to pursue closer ties in the 19-member euro zone as a result. "This is bringing banking union to the graveyard," said Ferber, a member of Bavaria''s Christian Democrats, the sister party of German Chancellor Angela Merkel''s ruling conservatives. "It makes no sense to have further integration," he said, citing the example of pan-European protection of deposits, the next step that had been planned for the banking union. "No-one could seriously grant Italy access to deposit protection." Germany, worried that it would have to shoulder the bill for failed banks in countries such as Greece or Spain, had been central in writing the rules to force losses on the bondholders and large depositors of failing banks. Germany''s finance ministry also gave the Italian announcement a frosty reception. "The use of state aid should be avoided as much as possible in bankruptcy cases," a spokeswoman for finance minister Wolfgang Schaeuble said, adding that it was up to the European Commission to ensure that the rules were respected. Rome had hoped healthier Italian banks would club together to help the lenders, Banca Popolare di Vicenza and Veneto Banca. But most would not, having already spent billions propping up other ailing banks. Italy''s subsequent move to sidestep the EU regime now raises a question mark over the entire framework and whether it can ever be used instead of taxpayer bailouts. The events also cast a cloud over the ECB, which monitored the banks and had deemed them solvent until recently. It declined to comment. That Italian solution contrasts with Santander''s ( SAN.MC ) recent rescue of a struggling lender in Spain, where it too paid just 1 euro but took on the smaller bank''s troubled loans and imposed losses on shareholders, including retail investors. Alberto Ruiz Ojeda, a lawyer from the Spanish Association of Minority Shareholders who is representing Banco Popular investors taking action after the rescue, said the move by Italy would encourage more of those who lost money to sue. "Intesa Sanpaolo is going to benefit from a scheme that Banco Santander has not been able to," he said. "What we see is discriminatory and unfair treatment. This will give rise to more claims, both from Popular shareholders and bondholders." While German politicians were among the most vocal critics, lawmakers from other countries also expressed dismay. Greece''s banks received more robust treatment and the capital controls introduced to stabilize the country''s feebler banks and financial system are still in place. "It is not a fair world. It is obvious that Italy is quite another country to Greece," said Kostas Chrysogonos, a European lawmaker with Greece''s left-wing Syriza party, recalling the strict terms imposed on Athens. "What you have is more a cooperation of states and not an authentic union." (Additional reporting by Joseph Nasr in Berlin, Silvia Aloisi in Milan and Jesus Aguado in Madrid; Editing by Catherine Evans) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-eurozone-banks-italy-veneto-idUKKBN19H27U'|'2017-06-27T01:53:00.000+03:00'
'df35e360afa6dce42f6b7e2456198618e31d0b93'|'Are you being served? Planemakers alter sales pitch to boost profit'|'Business News - Fri Jun 23, 2017 - 7:24pm BST Are you being served? Planemakers alter sales pitch to boost profit left right A Boeing 737 MAX is seen on the static display, before the opening of the 52nd Paris Air Show at Le Bourget airport near Paris, France, June 16, 2017. REUTERS/Pascal Rossignol 1/2 A visitor takes a picture of an Airbus A380. REUTERS/Pascal Rossignol 2/2 By Tim Hepher and Victoria Bryan - PARIS PARIS Airbus and Boeing leave this week''s Paris Airshow with plans for ambitious growth in aviation services, as flattening demand for new jets and pressure to raise profit margins encourages planemakers to deepen their exposure to airline operations. The two largest planemakers set out their stalls at the world''s biggest air show in a series of announcements that could set them in competition with some of their suppliers and even some of the airlines that have ordered jets in recent years. The overlap reflects the complexity of the aviation market as it matures, leaving a large fleet of aircraft to service or upgrade and tens of thousands of people to train - all services that could in turn become tools to help sell even more jets. "Many customers are now looking for fixed cost per flight hour with assured outcomes on part availability. It is the (airline) CFO''s dream to get costs out and management risks under a third party," Stan Deal, head of Boeing''s newly created global services division, told Reuters. "The future state we want to get to is that we can support every element of a day of operations on the airplane." For years, air shows were all about "moving the metal," winning as many orders as possible. Orders are still buzzing, but higher-margin services have taken a prime time slot for the first time with a volley of announcements from each company. "Would you imagine having your Mercedes car without the associated services? It makes no sense," said Laurent Martinez, head of ''Services by Airbus''. "We are definitely the best placed to serve our aircraft because we know the aircraft nose to tail," he told Reuters. Boeing''s ( BA.N ) newest division starts up on July 1 with a mandate to roughly triple Boeing''s commercial and defence services to $50 billion in 10-15 years. The existing commercial unit will also keep its own services sales team to support the effort. Airbus ( AIR.PA ) said the worldwide aftermarket services business for jetliners will double to $3.2 trillion over the next 20 years. The overall services market is worth an estimated $100 billion a year: almost as much as building and selling jets but yielding fatter margins. "We are definitely on a major growth plan," Martinez told Reuters. "In 2017, we will see double-digit growth." ACQUISITIONS Both companies are ready to look at modest acquisitions to expand their services businesses. "I would characterise them as bolt-on acquisitions to accelerate our position in the market," Deal said. Competitors include the major maintenance and repair organisations (MRO) such as Air France Industrie ( AIRF.PA ) and Lufthansa Technik ( LHAG.DE ), though there are partnerships with such firms too. "The market is growing fast. ... We see more and more airlines that are concentrating on their core business and want to have all their operations subcontracted," Martinez said. Norwegian Air Shuttle ( NWC.OL ) , which had selected Boeing over Lufthansa Technik to maintain its fleet in Boeing''s biggest commercial services deal last year, returned to the show to sign a new deal for Boeing to take charge of flight training. As fleets age, upgrades are lucrative too. United Parcel Service ( UPS.N ) last month signed a deal with Airbus and Honeywell ( HON.N ) to upgrade the cockpits on 52 elderly A300-600 freighters, and arrived in Paris this week with a deal for Boeing to convert three second-hand 767 jetliners to freighters. Powering the expansion in services is a transformation in the way data can be used to connect aircraft, pepper them with sensors and predict upcoming maintenance problems. Airbus launched such a platform with four airlines, powered by analytics firm Palantir Technologies. "We are able to define the weak signals for components and ... change the component before it fails. This is the future of maintenance," Martinez said. Data can also be used to optimise a flight trajectory, saving fuel by 1-2 percent, Airbus said. Boeing offers to manage airlines'' fuel demands, even if their jets were made by Airbus. In a further step, services are being baked into the way planes like Boeing''s proposed mid-market jet are designed. The switch demands a different culture from the measured, highly regulated process of building a plane for public transport. That will stay in place wherever safety is an issue. "Part of standing it up separately (as a new services division) is to break the shackles of that, recognising that we are going to be a fast-paced innovator with short sprints of incremental innovation and some big-bang innovation," Deal said. (Editing by Mark Potter)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-airshow-paris-services-idUKKBN19E1YG'|'2017-06-24T00:41:00.000+03:00'
'c163ff0eb769aa4d349116ddb7ea9ea22f132a56'|'GF Financial Markets CEO Andy Gooch steps down'|'Business   7:57am BST GF Financial Markets CEO Andy Gooch steps down MELBOURNE Andy Gooch, chief executive of London-based commodity broker GF Financial Markets (GFFM), a unit of China''s GF Securities, has stepped down for personal reasons, the broker said. Gooch, a metals industry stalwart, had been at the helm of the broker for the past four years. GFFM was the first Chinese member to join the 140-year-old London Metal Exchange as a ring dealer, which it did in 2013 when it bought into the share capital of France''s Natixis SA. It is owned by GF Futures (HK) Co Ltd, which is a wholly owned subsidiary of China brokerage GF Futures Co, part of GF Securities. The business also trades energy, softs and agriculture. Gooch did not immediately respond to a LinkedIn request for comment. "It is with regret that Andy Gooch has resigned as the CEO of GFFM for personal reasons and we thank him for the work he has done in establishing and growing our business in London," GFFM said in a notice on its website dated June 21. "GFF / GFS remains committed to supporting and developing the business going forward." Gooch worked at Natixis for six years, before which he was head of Nymex Europe. (Reporting by Melanie Burton; Editing by Gopakumar Warrier)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-gffinancial-moves-gooch-idUKKBN19E0LM'|'2017-06-23T14:57:00.000+03:00'
'7d8dbab727f931b216592dbe347501da7f907122'|'Corruption charges against Brazil''s Temer expected to come in waves -source'|'Market News  27pm EDT Corruption charges against Brazil''s Temer expected to come in waves -source By Ricardo Brito and Maria Carolina Marcello - June 23 June 23 Brazil''s top federal prosecutor will level corruption charges against President Michel Temer one at a time instead of making all the accusations at once, a strategy aimed at weakening his defense, a source with direct knowledge of the process told Reuters on Friday. Under Brazilian law, any criminal charges against a sitting president must be approved by two-thirds of the lower house of Congress in order for the Supreme Court to put a leader on trial. Top prosecutor Rodrigo Janot is expected to charge Temer with receiving bribes early next week. The president is also facing accusations of racketeering and obstruction of justice. Temer''s office and his attorney, Antonio Mariz, did not immediately respond to requests for comment. Temer has repeatedly said he is innocent of all accuations. The investigation is hampering the president''s ability to push his economic reforms through congress. Key lawmakers in Temer''s alliance told Reuters this week, on condition of anonymity so they could speak freely, that they will set aside work on those proposed labor law reforms if forced to vote on criminal charges against Temer. They also said they will not even consider advancing work on pension reforms until changes to the labor law are passed. Temer is being investigated in connection with a political graft scheme involving JBS SA, the world''s largest meatpacker. Company executives said in plea-bargain testimony that the president took nearly $5 million in bribes in return for help resolving tax matters, for freeing up loans from state-run banks and other matters. Joesley Batista, one of the brothers who control JBS, also made a recording of a conversation he had with Temer earlier this year. In it the president appears to condone paying off a potential witness. Batista also accused Temer and aides of negotiating millions of dollars in illegal campaign donations for his Brazilian Social Democracy Party. Lawmakers in Temer''s alliance say they have the one-third of lower-house votes required to block any charges against Temer. Out of 513 deputies, leaders in the alliance said this week they have between 250 and 300 votes. But they also told Reuters they widely expected Janot to use the strategy of dragging out the charges against Temer in an effort to wear down lawmakers with multiple votes. Those ballots will be deeply unpopular with Brazilian voters who overwhelmingly believe Temer is corrupt, according to opinion polls. It also gives more time for possible new corruption revelations to surface against Temer, said another key lawmaker speaking on condition of anonymity, potentially eroding his support in the house. (Reporting by Ricardo Brito and Maria Carolina Marcello; Additional reporting by Brad Brooks; Writing by Brad Brooks; Editing by Jonathan Oatis)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brazil-corruption-temer-idUSL8N1JK409'|'2017-06-24T01:27:00.000+03:00'
'901140ebdca3c302e2322ae44d5cb6d563805fe9'|'Britain''s finance industry warns of threat from Brexit law changes'|'Business News - Fri Jun 23, 2017 - 10:06am BST Britain''s finance industry warns of threat from Brexit law changes A tourist boat travels along the River Thames in front of St Paul''s Cathedral and the City of London financial district in central London, Britain, May 7, 2017. REUTERS/Hannah McKay By Andrew MacAskill - LONDON LONDON Britain''s finance industry will warn the government next week to limit ministers'' powers to change legislation when it begins the mammoth task of converting European Union laws into domestic legislation in preparation for its exit from the bloc, according to a draft report seen by Reuters. The government will introduce legislation to incorporate EU laws into the domestic statute book from the day Britain leaves the union, which is expected to be in 2019. This has been described as Britain''s biggest ever legislative challenge because it must convert more than 12,000 EU regulations into British law -- a step seen as necessary to ensure continuity for businesses trading across EU borders. Though some British politicians and business leaders voted to leave the EU to reform or abolish some EU laws, a report by law firm Linklaters for a group funded by TheCityUK, Britain''s most powerful financial lobby group, warns the government against making changes when transferring them into domestic law. READ MORE: Forget euro zone breakup, sterling now deemed riskier The report says that an attempt to complete the exercise in less than the two years before Britain is scheduled to leave the EU could be "an overwhelming task" and create gaps in the law, undermining legal stability. The government is considering a line-by-line approach to amending the laws, which would leave businesses and lawyers struggling to track the number of changes, the report says. "Given the scale of the task ... we urge government to refrain from using this exercise to make policy changes, except where necessary as a direct consequence of Brexit," the copy of the report reviewed by Reuters says. TheCityUK declined to comment. Linklaters did not respond to a request for comment. The report is due to be published on Tuesday. READ MORE: "Fair" or "vague"? EU sizes up May''s Brexit rights offer Opposition parties are already objecting to the government''s plan to rely on so-called "Henry VIII powers", named after the 16th-century monarch who ruled by proclamation. These would help the government to change the legislation with limited parliamentary scrutiny. The financial services sector, Britain''s most profitable industry, is subject to detailed and technical legislation that could be undermined by individual amendments, the report says, adding that a statutory body should be created to deal with any unintended consequences or errors. "The scope and scale of the exercise is unprecedented," the report says. "It is inevitable that some issues will slip through the net and throw up illogicalities, gaps or ambiguities." '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-eu-lawmaking-idUKKBN19E0UV'|'2017-06-23T16:46:00.000+03:00'
'b271979d4fe3a808348a3bf59cdc3af49bc6f130'|'Petrobras resumes talks with Sete Brasil over vessel contracts'|'Deals - Fri Jun 23, 2017 - 5:34pm EDT Petrobras resumes talks with Sete Brasil over vessel contracts A worker paints a tank of Brazil''s state-run Petrobras oil company in Brasilia, Brazil September 30, 2015. REUTERS/Ueslei Marcelino/File Photo SAO PAULO Brazil''s state-controlled oil company Petrobras ( PETR4.SA ) said on Friday it has resumed negotiations with Sete Brasil Participações SA over vessel contracts. Sete Brasil, which holds contracts to supply oil rigs to Petrobras, has filed for bankruptcy protection in a Rio de Janeiro court this year, after failing to pay some overdue debt. (Reporting by Marcelo Teixeira; Editing by David Gregorio) '|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-petrobras-setebrasil-idUSKBN19E2K0'|'2017-06-24T01:34:00.000+03:00'
'4486374a052afc04b8f20fb013f9259c53e8942c'|'RPT-Even with Whole Foods, Amazon would need many more warehouses to reshape grocery delivery'|'(Repeats with no changes)By Jeffrey DastinJune 23 If Amazon.com Inc hopes to revolutionize grocery delivery, then its bid to buy Whole Foods Market Inc for $13.7 billion will be just the start of a long and costly process.The e-commerce giant would need to add a large network of specialized grocery distribution warehouses, former AmazonFresh employees and logistics experts said. This is something Wal-Mart Stores Inc and other competitors have already done. Whole Foods, with a relatively small distribution footprint of its own, does little to change the picture for Amazon, they said.Amazon has a little more than 3 million square feet of U.S. warehousing dedicated to its existing AmazonFresh and Prime Pantry grocery programs - a tenth of the warehouse space Wal-Mart has for specialized food distribution, according to logistics consulting firm MWPVL International Inc."AmazonFresh really was for lack of a better word an after-thought," said Brittain Ladd, who until March was a senior manager for the grocery delivery program, which launched in 2007.One key to Amazon''s success in general retail sales has been its speed in delivering products to consumers, facilitated by warehouses located strategically throughout the United States. As of 2016, the company had about 100 million square feet of space in its fulfillment and data centers, some of it outfitted with state-of-the-art robotics to boost efficiency.Facilities for distributing fresh food are far more complicated than ordinary warehouses. A single facility can need a half dozen or more temperature settings to house products from Popsicles to berries. Some require certification from the U.S. Food and Drug Administration, and extra care must be taken to keep shelves clean and prevent pests from contaminating food.Whole Foods has over 1 million square feet of warehouse space for distribution to its markets, and a chunk of its inventory goes straight from suppliers to stores, MWPVL said."It''s a peanut. It''s nothing," MWPVL President Marc Wulfraat said of Whole Foods'' distribution. "If Amazon wants to become a dominant grocery company in a short period of time, then there would be an investment required, and it would be big."Amazon, which did not return requests for comment, has not detailed its plans for Whole Foods.12 OR MORE GROCERY WAREHOUSES NEEDEDAmazon''s fulfillment expenses jumped 31 percent in 2016 - a bit faster than in prior years and faster than its retail sales growth - to $17.6 billion, according to its annual regulatory filing.Industry experts estimate the company would have to add a dozen or more grocery warehouses, particularly if it wanted to supply Whole Food stores in addition to homes. The cost to do that is unclear.They said Amazon would likely continue to rely on United Natural Foods Inc to supply Whole Foods with hard-to-source products, but would probably aim to cut costs and handle more of the distribution for conventional items.Even using Whole Foods stores to provide food for delivering to nearby urban shoppers would have hard limits, since many outlets lack the floor space to handle thousands of online orders."It’s a space issue for stuff coming through. It’s a labor issue for people tripping over each other," said Tom Furphy, former vice president of consumables and AmazonFresh, and now chief executive of Consumer Equity Partners. There would also be a risk that "the quality starts to go down because the e-commerce orders are getting better product." (Reporting By Jeffrey Dastin in San Francisco; Editing by Sue Horton and Cynthia Osterman)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/whole-foods-ma-amazoncom-logistics-idUSL1N1JK1Z7'|'2017-06-24T21:00:00.000+03:00'
'98ebb90cc1c1ab3ec6dc1aac759f142956af9386'|'CANADA STOCKS-TSX buoyed as energy, miners shine but BlackBerry sinks on miss'|'* TSX up 99.66 points, or 0.65 percent, to 15,319.56* Eight of the TSX''s 10 main groups rise* Energy stocks up 1.4 percent; materials up 1.8 percent* BlackBerry suffers biggest one-day fall since January 2015By Solarina HoTORONTO, June 23 Canada''s main stock index rallied on Friday as index heavyweights like energy and mining shone, while BlackBerry Ltd shares suffered its biggest one-day drop in 2-1/2 years after disappointing first quarter sales.BlackBerry reported an unexpected 4.7 percent drop in revenue from its software and services business, whose success is at the heart of Chief Executive John Chen''s turnaround plan for the company.Shares tumbled 12.3 percent to C$12.86, with the overall technology group gave up 0.5 percent.Enbridge Inc rose 1.2 percent to C$52.22, while Suncor Energy advanced 1.1 percent to C$38.52 as oil prices bounced from 10-month lows on the back of a softer U.S. dollar.The overall energy group saw a robust 1.4 percent gain. U.S. crude prices were up 0.8 percent to $43.1 a barrel, while Brent crude added 1.0 percent to $45.66.The Toronto Stock Exchange''s S&P/TSX composite index closed up 99.66 points, or 0.65 percent, to finish at 15,319.56. The index gained 0.83 percent on the week.Eight of the index''s 10 main groups finished in positive territory.Paul Taylor, CIO of fundamental equities at BMO Asset Management Inc, said there was widespread strength across the board."It''s just a bit of a continued rally coming out of the ''Oracle of Omaha'' betting with his dollars in favor of Canada housing. It''s a pretty strong endorsement," said Taylor, referring to news on Thursday that billionaire investor Warren Buffett''s Berkshire Hathaway Inc made a commitment to provide financing for troubled alternative mortgage lender Home Capital Group.Home Capital jumped as much as 9.2 percent on Friday before seeing some profit-taking. Shares ended down 2.1 percent at C$18.61. The overall financials group, which accounts for about a third of the index''s weight gained 0.2 percent.The materials group, home to miners and fertilizer companies, added 1.8 percent, with Barrick Gold Corp climbing 2.7 percent to C$21.86. Teck Resources climbing 4.6 percent to C$21.97.Gold prices touched a one-week high as the weaker greenback and global geopolitical uncertainties boosted the precious metal. Gold futures rose 0.7 percent to $1,256.2 an ounce. Copper prices advanced 1.0 percent to $5,800 a tonne.In economic data, Canada''s annual inflation rate cooled more than expected last month, reducing the likelihood of an interest rate hike by the Bank of Canada in July.Advancing issues outnumbered declining ones on the TSX by 200 to 44, for a 4.55-to-1 ratio on the upside. (Reporting by Solarina Ho; Editing by Sandra Maler)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/canada-stocks-idUSL1N1JK1OT'|'2017-06-24T04:51:00.000+03:00'
'7b5a225352fcbd875520b39a646766497c7517c0'|'SCANA extends assessment of Toshiba''s S. Carolina nuclear plant'|'By Tom Hals - WILMINGTON, Del., June 26 WILMINGTON, Del., June 26 SCANA Corp said on Monday it extended its assessment for six weeks of an unfinished U.S. nuclear power plant being built for the utility by a unit of Toshiba Corp, which is seeking to cut ties to the financially disastrous project.The South Carolina project, known as VC Summer, and a similar half-finished nuclear power plant in Georgia known as Vogtle, are billions of dollars over budget and pushed Toshiba''s Westinghouse Electric Co LLC into Chapter 11 bankruptcy in March.SCANA said on Monday it would extend to Aug. 10 its assessment agreement under which the utility will pay temporarily for construction to continue at VC Summer without cost to Westinghouse. The agreement was scheduled to expire this week.Cayce, South Carolina-based SCANA said the extension would give it time to determine "the most prudent path forward" for the project and said it expected to make that decision before October.Westinghouse plans to use the bankruptcy to end its contract for constructing the two power plants, but doing so would trigger guarantee claims against Toshiba.Earlier this month Toshiba agreed to settle its guarantees with Southern Co, the main owner of the Vogtle project, for $3.7 billion.Toshiba now needs to reach a similar settlement with SCANA and Santee Cooper, the state utility that co-owns VC Summer, to determine its cost for guaranteeing the project.Settling the guarantee claims would put a line under Toshiba''s liability for the two projects. The conglomerate has warned it may not survive and is seeking a deal this week to sell its prized memory chip business.Once it extracts itself from construction of the projects, Westinghouse plans to reach a services agreement with the plant owners to provide engineering and procurement to finish the projects, if the owners choose to complete construction.In a court filing, Lisa Donahue, who is overseeing Westinghouse''s turnaround, said those services agreements are "expected to provide substantial profitable revenue" for a post-bankruptcy Westinghouse.That potential profit in turn is likely to help attract potential bidders for Westinghouse, raising funds to benefit the owners of the two nuclear power plants.The utilities that own the plants may also get some help from the U.S. Congress. The U.S. House of Representatives last week passed a bill that would extend the current deadline of end-2020 for producing power to qualify for potentially large tax credits. (Reporting by Tom Hals in Wilmington, Delaware; Editing by Andrew Hay)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/toshiba-accounting-westinghouse-bankrupt-idINL1N1JN1RX'|'2017-06-26T21:25:00.000+03:00'
'634ea462e500e0ab7813a2d4ba71d024fe64a8ca'|'Germany: better to wind down unprofitable banks than prop them up'|'Business News - Mon Jun 26, 2017 - 11:45am BST Germany: better to wind down unprofitable banks than prop them up BERLIN It is better to wind down unprofitable banks than keep them afloat artificially and state aid should be used as little as possible in bankruptcy cases, Germany said on Monday after Italy started winding down two failed regional banks. A spokeswoman for the German finance ministry declined to comment on individual cases but set out the general view from Berlin. "If banks are unprofitable, it is better to let them exit the market than keep them artificially alive with precautionary recapitalisation. The use of state aid should be avoided as much as possible in bankruptcy cases," she said. It was up to the European Commission, which approved the Italian deal, to keep state aid to a minimum, she said, adding compensation for small private investors could, in exceptional cases, be compatible with European rules. (Reporting by Madeline Chambers and Paul Carrel)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-eurozone-banks-italy-germany-idUKKBN19H15A'|'2017-06-26T18:45:00.000+03:00'
'155515a57059daad08b10c2fe4ab2704ca8408e6'|'Stada buyout falls short of shareholder acceptance target'|'FRANKFURT Private equity groups Bain Capital and Cinven failed to win the required shareholder acceptances to take over German generic drugmaker Stada ( STAGn.DE ), the companies said in a statement.Investors representing 65.52 percent of Stada''s equity capital tendered shares in the agreed 5.3 billion euro (4.64 billion pounds) deal at 66 euros per share, short of the 67.5 percent target that the bid was conditional on, Stada said on Monday.The prospective buyers, through their purchasing vehicle Nidda Healthcare Holding AG said in a separate statement that tendered shares would be returned to shareholders.The bidders on June 7 had lowered the threshold from 75 percent they had set initially because of concerns about low uptake.People familiar with the situation have told Reuters that the bidders were struggling to galvanise non-professional, often elderly investors, many of whom the bidders feared were ignoring or forgetting letters from their custodian banks.For Stada, however, the outcome was an expression of shareholders'' desire to keep Stada independent."We respect the close vote of our shareholders and understand it as a mandate to press ahead with our successful growth strategy," Chief Executive Matthias Wiedenfels said."However, we also regard this decision as a mark of confidence in Stada’s abilities, which our employees have impressively demonstrated, in particular over the past months."Shares in Stada ( STAGn.F ) were down 8.1 percent in Frankfurt after-market trading at 58.15 euros.Stada said that the termination of the deal did not have an impact on its 2017 and 2019 targets.For 2017, Stada still expects sales adjusted for currency and portfolio effects of between 2.28 billion and 2.35 billion euros, with adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) of between 430 million and 450 million euros and adjusted net income of between 195 million and 205 million euros.For 2019, Stada still expects adjusted sales of 2.65 billion and 2.7 billion euros, with adjusted EBITDA of 570 million to 590 million euros and adjusted net income of between 250 million and 270 million euros.German takeover rules bar Bain and Cinven from amending their offer a second time, they could make a renewed bid but only with Stada''s approval within a year of the first attempt failing.Lowering the acceptance hurdle even further under any new offer would complicate the buyers'' efforts to get debt financing for the deal because the German takeover code requires at least 75 percent ownership for full access to a target company''s cash.The bid was widely regarded as attractive, given the premium of 49 percent over the share price before initial reports emerged that a takeover was on the cards.Bain and Cinven had faced competition from a rival consortium comprising Advent and Permira for control of Stada.Many buyout firms are flush with cash after recent divestments and cheap borrowing costs and they are particularly attracted to healthcare assets for their reliable cash flows that are immune to swings in the business cycle.(Reporting by Harro ten Wolde and Ludwig Burger; editing by Susan Thomas and Jane Merriman)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/stada-arzneimitt-m-a-idINKBN19H2A1'|'2017-06-26T16:26:00.000+03:00'
'cb245c0a353c373edd6393be2b1db0ad7a921ac3'|'Western Digital says resubmitted bid with KKR for Toshiba''s chip unit'|'Technology   7:28am BST Western Digital says resubmitted bid with KKR for Toshiba''s chip unit FILE PHOTO: A logo of Toshiba Corp is seen on a printed circuit board in this photo illustration taken in Tokyo July 31, 2012. REUTERS/Yuriko Nakao/File Photo TOKYO Western Digital Corp said it and private equity firm KKR & Co LP had resubmitted a bid for Toshiba Corp''s prized flash memory chip unit. As part of the bid, Western Digital will provide debt financing to facilitate a sale, the U.S. firm said in a brief statement. Western Digital, which jointly runs Toshiba''s main semiconductor plant, has been feuding bitterly with its Japanese partner over the sale of the world''s No. 2 producer of NAND chips and has sought a U.S. court injunction to prevent any deal that does not have its consent. Toshiba is seeking to sign a definitive agreement with its preferred bidder - a group led by the Japanese government and including U.S. private equity firm Bain Capital - by Wednesday, the day of its annual shareholders meeting. Toshiba did not have immediate comment. (Reporting by Makiko Yamazaki; Editing by Edwina Gibbs)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-toshiba-accounting-idUKKBN19I0KT'|'2017-06-27T14:23:00.000+03:00'
'725a15f507820466459d58277094a47758dfe302'|'Russia plans to sell off Sovcomflot in early July - TASS'|'Market News - Tue Jun 27, 2017 - 2:41am EDT Russia plans to sell off Sovcomflot in early July - TASS MOSCOW, June 27 Privatisation of Russian state shipping company Sovcomflot ( IPO-SKF.MM ) is planned for early July, the TASS news agency quoted Russian Deputy Transport Minister Viktor Olersky as saying on Tuesday. "So far everything is going according to plan," he told the agency. "So far it (privatisation) is (set for) early July." (Reporting by Polina Nikolskaya; Editing by Dmitry Solovyov) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/russia-sovcomflot-privatisation-idUSR4N1JC02I'|'2017-06-27T14:41:00.000+03:00'
'f912f66df20236976005a304701a1c5ffe1727c6'|'Stagecoach reports 15.3 percent fall in full-year profit'|' 17am BST Stagecoach reports 15.3 percent fall in full-year profit British transport company Stagecoach Group Plc ( SGC.L ) on Wednesday reported a 15.3 percent drop in its full-year pretax profit as economic conditions hurt its domestic bus business. The company reported a pretax profit of 158.7 million pounds for the year ended April 29. Full-year revenue rose to 3.94 billion pounds from 3.87 billion pounds a year earlier. "Looking ahead, we remain cautious on the short-term outlook for revenue trends and operating profit in our bus and rail markets in the UK," the company said in a statement. Stagecoach said it would finalise new commercial terms with the Department for Transport regarding the Virgin Trains East Coast rail franchise during the next year. The East Coast line is the main rail link between London and Edinburgh, the Scottish capital, and it serves over 20 million customers a year. The company also said that while it expected to incur losses under the current contract, the business would be profitable from 2019. Stagecoach has a 90 percent shareholding in Virgin Trains East Coast, which operates the East Coast rail franchise. The company recently lost the franchise to run South West trains to a consortium of FirstGroup ( FGP.L ) and Hong Kong’s MTR ( 0066.HK ) Rival Go-Ahead Group ( GOG.L ) said last week that it was on track to meet its full-year profit forecast as strong bus passenger numbers in some regions offset still slow revenue growth at Southern railways following strike action. (Reporting by Sanjeeban Sarkar in Bengaluru; Editing by Amrutha Gayathri and Jane Merriman)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-stagecoach-grp-results-idUKKBN19J0LX'|'2017-06-28T11:17:00.000+03:00'
'0872496afb7624667c3924421ab6f774b741bac4'|'MOVES-Goldman Americas M&A co-head Feldgoise to retire -sources'|'Market News - Wed Jun 28, 2017 - 9:24am EDT MOVES-Goldman Americas M&A co-head Feldgoise to retire -sources By David French and Greg Roumeliotis - June 28 June 28 Stephan Feldgoise, Goldman Sachs Group Inc''s co-head of mergers and acquisitions in the Americas, is retiring on July 1, people familiar with the matter said on Wednesday. Feldgoise, who has held the position since December 2015, will now work part-time as an advisory director to Goldman, the sources said. Matt McClure, Americas M&A co-head, will remain in that role, the sources said, requesting anonymity ahead of an official announcement. Goldman Sachs declined to comment. A two-decade veteran of Goldman Sachs, Feldgoise was previously head of M&A of the bank''s natural resources group. He became managing director in 2005 and a partner in 2008. (Reporting by David French and Greg Roumeliotis in New York; Editing by Lisa Von Ahn)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/goldman-sachs-moves-feldgoise-idUSL1N1JA1GZ'|'2017-06-28T16:24:00.000+03:00'
'8a9aa31085bf7b5321a217f83c17e7394e33feba'|'Family help oust Japan casino mogul Okada in boardroom coup'|'Business News - Wed Jun 28, 2017 - 12:34am BST Family help oust Japan casino mogul Okada in boardroom coup FILE PHOTO: Kazuo Okada, chairman of Tiger Resort, Leisure and Entertainment Inc. listens at the press launch of 65th annual Miss Universe competition on January 30, 2017. REUTERS/Erik De Castro/File Photo By Nathan Layne and Emi Emoto - NEW YORK/TOKYO NEW YORK/TOKYO Relatives of Japanese tycoon Kazuo Okada helped remove him as director of a Hong Kong investment company at the centre of a sprawling gambling empire, according to corporate filings and people with knowledge of the matter. Three sources said it was a rift with family members over money and control of the Hong Kong company that played the decisive role in Okada''s May 12 resignation as director of Okada Holdings Ltd. Okada Holdings owns 69 percent of Tokyo-listed Universal Entertainment Corp ( 6425.T ), a maker of Japanese-style slot machines and operator of a $2.4 billion (1.87 billion pounds) casino in the Philippines. The people spoke on condition of anonymity because the rift has not been made public. One of those people, who was briefed by senior executives on the matter, said Okada''s son Tomohiro was upset with how his father was using Universal dividends allocated to Okada Holdings. That included, the son believed, purchasing pieces for Okada''s art museum in Hakone, a resort town near Tokyo. Universal said it was not in a position to comment on the changes at its top shareholder. Attempts to reach Okada at his address in Hong Kong were unsuccessful. David Krakoff, his lawyer in an unrelated U.S. lawsuit, did not respond to emails and calls seeking comment. The sources did not provide details of how Okada''s family helped oust him as director of Okada Holdings. His resignation was confirmed in a corporate filing in Hong Kong. Okada''s son Tomohiro holds 43.5 percent of Okada Holdings and his daughter Hiromi holds just under 10 percent - together enough to have the majority of shares needed to remove him under the terms of the company''s founding documents. Reuters was unable to determine if Okada''s wife Takako, who owns a stake of less than 1 percent, played any role in the changes. Tomohiro, Hiromi and Takako did not respond to letters sent to addresses listed in public documents. Okada is set to lose his post as chairman of Universal after the company recently announced a slate of directors that omitted him - a move Universal said had the blessing of Okada Holdings. Shareholders will vote on that list of directors, which includes the reappointment of Takako, at Universal''s annual meeting on Thursday. Okada was also recently dropped from the board of the company running Universal''s casino on Manila Bay. The boardroom shake-up was orchestrated in part by Universal President Jun Fujimoto, a company veteran whose relationship with Okada has grown increasingly strained over the years, according to people with knowledge of the recent changes and the relationship between the two men. Fujimoto, who is in charge of Universal''s profitable business of developing pachinko and pachi-slot gambling machines for the Japanese market, has at times questioned the wisdom of Okada''s costly push into the Philippine casino market, the people said. Universal denied there was such tension between Fujimoto and Okada. In response to other questions it referred to a recently launched internal investigation into Okada''s alleged misuse of company funds and noted that it had added an outside director in an effort to bolster oversight. "We are taking steps to further strengthen corporate governance," Universal said in an emailed response. Universal announced this month it was probing an alleged misappropriation of $20 million by Okada and another director. Okada has not commented on the allegations. While out as director of Okada Holdings, Okada still owns a 46.4 percent stake in the company and retains a grip over other parts of his empire, including a 100 percent stake in Aruze Gaming America, which manufacturers slot machines and is licensed in several U.S. states. Separate from the recent allegations, Okada and his companies have been under investigation by the Federal Bureau of Investigation over a $40 million payment to a Manila-based consultant in 2010. The FBI''s probe is focused on whether the payment was aimed at helping Universal gain tax and ownership concessions for the casino from the Philippine government, according to people with knowledge of the matter. Universal and Okada have denied any wrongdoing and filed a defamation lawsuit against Reuters in 2012 for its reporting on the payments. The Tokyo District Court ruled in 2015 that Universal''s case was without merit. Last year the Tokyo High Court upheld that ruling, dismissing Universal''s appeal. Universal has appealed to the Supreme Court of Japan. (Additional reporting by Farah Master in HONG KONG; Editing by Lincoln Feast) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-universal-ent-okada-board-idUKKBN19I2YV'|'2017-06-28T07:34:00.000+03:00'
'1cdca12c72ad19216bf8ec19e7a31985c38e2c98'|'Platts proposes removing restrictions on Qatar crude from July'|'Commodities - Wed Jun 28, 2017 - 1:18am EDT Platts proposes removing restrictions on Qatar crude from July By Jessica Jaganathan - SINGAPORE SINGAPORE Oil price agency S&P Global Platts is proposing to remove from next month restrictions it had placed on Qatari crude in its pricing assessment after Saudi Arabia and some other Arab states cut ties with Doha, a spokeswoman said on Wednesday. Platts, a unit of S&P Global Inc, initiated a review on June 6 on the deliverability of crude loading from Qatari ports in its Middle East crude price assessments after Saudi Arabia and the other states moved to isolate Qatar over charges that it was supporting terrorism. The dispute disrupted Gulf shipping routes and raised problems with oil and gas deliveries. That prompted Platts to stipulate that during its review Al-Shaheen loading from Qatar could not - unless mutually agreed by buyer and seller - be nominated for delivery once a deal had been struck in its pricing process known as market-on-close (MOC). Platts is now proposing to include Al-Shaheen crude loading nominations from Qatar from July 3, following feedback from market participants that some shipping restrictions have been lifted, the company said in a subscriber note to its clients. "Platts has also observed vessels berthing at key co-load ports in the region before or after calling at Qatar for loading, clearly indicating that co-loading is normalizing in the Gulf, including in the United Arab Emirates (UAE) and Saudi Arabia," it said. Shipowners and charterers have received official notifications that clearly indicate that vessels may call into Gulf ports on the way from, or on the way to, Qatar ports, Platts also said. Market participants have informed Platts, the price agency said, that while certain restrictions remain in place, port guidance from the UAE, Saudi Arabia and others have "relieved concerns about possible logistical constraints impacting any co-loading of Qatari crude". A shipbroker who handles cargoes from Qatar told Reuters he has been informed ships are now allowed to load Qatari crudes in the UAE, but the situation is still uncertain, he said. Al-Shaheen crude from Qatar usually co-ships with other Gulf-based grades to make a full tanker load, meaning flexibility of movement is critical to transporting oil out of the region. Platts said it will continue to monitor events in the Middle East crude markets and is ready to renew its review of any crude stream deliverable into the Dubai and Oman benchmarks. It is currently inviting comments regarding the proposal. (Reporting by Jessica Jaganathan; Editing by Tom Hogue) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-gulf-qatar-platts-idUSKBN19J0AB'|'2017-06-28T11:34:00.000+03:00'
'c00e12119c9c62c65a9861d69740ae631819c8fa'|'Seanergy Maritime announces termination of its at-the-market equity offering program'|'June 28 Seanergy Maritime Holdings Corp* Seanergy Maritime Holdings Corp. announces termination of its "at-the-market" equity offering program* Seanergy Maritime Holdings Corp says it has terminated, effective immediately, it''s up to $20 million "at--market" equity offering program Source text for Eikon: '|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/brief-seanergy-maritime-announces-termin-idINASA09VC9'|'2017-06-28T10:57:00.000+03:00'
'723ffa5c42bf3302c6bf4ee547cbb60bdf07c403'|'Deutsche abandons forecast for weaker euro, calls end to dollar rally'|'Business   8:15am BST Deutsche abandons forecast for weaker euro, calls end to dollar rally FILE PHOTO: The headquarters of Germany''s Deutsche Bank are seen in Frankfurt, Germany, January 31, 2017. REUTERS/Kai Pfaffenbach/File Photo LONDON Deutsche Bank has abandoned calls for the dollar to rise towards parity with the euro, turning its forecast for the single currency on its head to $1.16 or higher by the end of this year from a previous $1.03. In a note to clients after the euro surged to a one-year high on the back of comments by European Central Bank chief Mario Draghi, Deutsche analyst George Saravelos said a dollar rally dating back to 2014 had peaked. "Following President Draghi’s upbeat speech in Sintra, we are completely revising our EUR/USD outlook for the rest of the year," he wrote. "Our main message is that the euro is likely to be the key vehicle via which financial conditions in the Euro-area will be tightened." Along with U.S. bank Goldman Sachs, Deutsche have been the most high profile dollar bulls among major lenders, with Saravelos previously calling for the euro to weaken to just 85 cents. (Reporting by Patrick Graham and Jamie McGeever, Editing by Helen Reid)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-deutsche-bank-euro-idUKKBN19J0NB'|'2017-06-28T10:15:00.000+03:00'
'161aa0d183f94505420dc4c990c5c0855b47cb81'|'Meat processor cuts deal with ABC in ''pink slime'' defamation case - Reuters'|'By Timothy Mclaughlin Beef Products Inc has settled a closely watched defamation lawsuit against American Broadcasting Co and its reporter Jim Avila, the meat processor said on Wednesday.BPI had claimed ABC, a unit of Walt Disney Co, and Avila defamed the company by calling its ground-beef product “pink slime” and making errors and omissions in a 2012 report.The terms of the settlement were not disclosed.BPI''s signature product, commonly mixed into ground beef, is made from beef chunks, including trimmings, and exposed to bursts of ammonium hydroxide to kill E. coli and other contaminants."While this has not been an easy road to travel, it was necessary to begin rectifying the harm we suffered as a result of what we believed to be biased and baseless reporting in 2012," South Dakota-based BPI said in a statement."Through this process, we have again established what we all know to be true about Lean Finely Textured Beef: it is beef, and is safe, wholesome, and nutritious."ABC stood by its reporting, which it has said deserved protection under the U.S. Constitution''s First Amendment which guarantees freedom of religion, speech and the press."Throughout this case, we have maintained that our reports accurately presented the facts and views of knowledgeable people about this product," ABC said in a statement confirming the settlement."Although we have concluded that continued litigation of this case is not in the company''s interests, we remain committed to the vigorous pursuit of truth and the consumer''s right to know about the products they purchase."The trial began earlier this month in the tiny town of Elk Point, South Dakota, and had been expected to last eight weeks.BPI had claimed up to $1.9 billion in damages, which could have been tripled to $5.7 billion under South Dakota''s Agricultural Food Products Disparagement Act.During its reports, ABC used the term "pink slime" more than 350 times across six different media platforms including TV and online, Dan Webb, an attorney for BPI, said during opening statements on June 5.In the aftermath of ABC''s broadcasts, BPI closed three of its four processing plants and said its revenue dropped 80 percent to $130 million.Attorneys for ABC countered that the term was commonly used before ABC''s reports and said that BPI''s business was already suffering.(Reporting by Timothy Mclaughlin in Chicago; Editing by Noeleen Walder and Phil Berlowitz)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/abc-pinkslime-idINKBN19J24U'|'2017-06-28T13:32:00.000+03:00'
'cab794615121a4c5b091a7890c1f524e2f5e4a87'|'UK retail sales recover from fall, but July seen tough - CBI'|'Top News - Tue Jun 27, 2017 - 11:13am BST UK retail sales recover from fall, but July seen tough - CBI A shopper reaches for a box of tea in a supermarket in London, Britain April 11, 2017. REUTERS/Neil Hall LONDON British shops had a better June than economists expected but retailers are their most downbeat about the month ahead since September last year, a survey showed on Tuesday, underscoring how cautious shoppers remain as inflation rises. The Confederation of British Industry said its monthly retail sales balance rose to +12 in June, stronger than a median forecast of +2 in a Reuters poll of economists. The balance had slumped to a four-month low of +2 in May. Expectations for July fell to +3, matching a low last hit in September. "The start of summer has seen shoppers hit the high street, lifting sales - if only modestly," Anna Leach, the CBI''s head of economic intelligence, said. "However, there''s no getting away from the fact that life is getting tougher, with retailers clearly cautious over the near-term outlook," she said. The CBI said sales were broadly in line with seasonal norms. A rise in inflation to nearly 3 percent and a slowing of wage growth took some of the momentum out of consumer demand and the broader economy in early 2017. A survey of consumer confidence published earlier on Tuesday showed households turned more downbeat after Britain''s messy election outcome and the latest signs of a weakening of the housing market. The Bank of England, whose interest-rate setters split 5-3 this month on the need to raise borrowing costs to see off a rise in inflation, is waiting to see how consumers respond to the political uncertainty caused by Prime Minister Theresa May''s failure to win a parliamentary majority. (Reporting by William Schomberg, editing by Andy Bruce)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-economy-retail-idUKKBN19I123'|'2017-06-27T18:13:00.000+03:00'
'7f54bb106dc9cc6249cdbd21ea1dd09220708025'|'JGBs mostly firm after strong demand at 2-year sale'|'TOKYO, June 27 Japanese government bonds mostly firmed on Tuesday, bolstered by strong demand at an auction of two-year notes.The 10-year cash JGB yield fell half a basis point to 0.045 percent, while the September 10-year JGB futures contract finished up 0.13 point at its session high of 150.62.The Ministry of Finance''s sale of 2.2 trillion yen ($19.69 billion) of two-year JGBs with a 0.10 percent coupon produced a lowest price of 100.4050, with some 67.1989 percent of the bids accepted at that price.The sale drew bids of 6.79 times the amount offered, even higher than the previous sale''s robust bid-to-cover ratio of 5.06 times. The tail between the average and lowest accepted prices narrowed to 0.001, compared with that of last month''s offering at 0.006, indicating even stronger demand for the bonds.The two-year JGB yield shed 1.5 basis points to minus 0.120 percent.But the superlong zone was treading water, with the 20-year JGB yield flat at 0.560 percent, while the 30-year JGB yield was unchanged on the day at 0.805 percent. ($1 = 111.7600 yen) (Reporting by Tokyo markets team; Editing by Eric Meijer)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/japan-bonds-idINL3N1JO29J'|'2017-06-27T04:23:00.000+03:00'
'36fc90e4c5a506d31009d3790038f20c9ae31201'|'Bank of England raises UK banks'' capital requirements by 11.4 billion pounds'|'Top News - Tue Jun 27, 2017 - 4:34pm BST Bank of England tightens credit rules for banks after Brexit resilience left right Britain''s Bank of England Governor, Mark Carney, speaks during the Bank of England''s financial stability report at the Bank of England in the City of London, Britain June 27, 2017. REUTERS/ Jonathan Brady/Pool 1/10 left right Britain''s Bank of England Governor, Mark Carney, speaks during the Bank of England''s financial stability report at the Bank of England in the City of London, Britain June 27, 2017. REUTERS/ Jonathan Brady/Pool 2/10 left right Britain''s Bank of England Governor, Mark Carney, speaks during the Bank of England''s financial stability report at the Bank of England in the City of London, Britain June 27, 2017. REUTERS/ Jonathan Brady/Pool 3/10 left right Britain''s Bank of England Governor, Mark Carney, speaks during the Bank of England''s financial stability report at the Bank of England in the City of London, Britain June 27, 2017. REUTERS/ Jonathan Brady/Pool 4/10 left right Britain''s Deputy Governor for Prudential Regulation and Chief Executive Officer of the Prudential Regulation Authority Sam Woods speaks during the Bank of England''s financial stability report at the Bank of England in the City of London, Britain June 27, 2017. REUTERS/ Jonathan Brady/Pool 5/10 left right Britain''s Deputy Governor of the Bank of England Jon Cunliffe speaks during the Bank of England''s financial stability report at the Bank of England in the City of London, Britain June 27, 2017. REUTERS/ Jonathan Brady/Pool 6/10 left right Britain''s Bank of England Governor, Mark Carney, speaks during the Bank of England''s financial stability report at the Bank of England in the City of London, Britain June 27, 2017. REUTERS/ Jonathan Brady/Pool 7/10 left right Britain''s Bank of England Governor, Mark Carney, speaks during the Bank of England''s financial stability report at the Bank of England in the City of London, Britain June 27, 2017. REUTERS/ Jonathan Brady/Pool 8/10 left right Britain''s Bank of England Governor, Mark Carney, speaks during the Bank of England''s financial stability report at the Bank of England in the City of London, Britain June 27, 2017. REUTERS/ Jonathan Brady/Pool 9/10 left right A general view shows the Bank of England in the City of London, Britain April 19, 2017. REUTERS/Hannah McKay 10/10 By David Milliken and Huw Jones - LONDON LONDON The Bank of England tightened its controls on bank credit to more normal levels on Tuesday, deciding the risk had passed of a big hit to the economy and to lending after last year''s Brexit vote. The BoE''s Financial Policy Committee (FPC) said British banks must now hold 5.7 billion pounds between them as an additional buffer against bad times, and that it will probably double that in November. After voters decided to leave the European Union a year ago, the FPC cut to zero a requirement that banks create an extra capital buffer as part of a broad range of stimulus measures to help the country cope with the shock. But the economy has performed more strongly than expected since the referendum, despite some recent signs of a slowdown. Some of the central banks'' interest rate setters now think it is time to raise its main interest rate. BoE Governor Mark Carney said the FPC''s action did not in itself imply that monetary policy was also about to tighten. "Monetary policy is the last line of defence to address financial stability issues," Carney told a news conference. "In that regard, we don''t need monetary policy to do our job. In fact, by doing our job we allow monetary policy to focus on its job which is returning inflation sustainably to target in an exceptional period." British inflation is above the BoE''s target at 2.9 percent and is set to rise higher as sterling''s fall since last year''s Brexit vote feeds through into prices. Carney expect this will be temporary but other policymakers say it could have a lasting impact and want to lift interest rates off their record low. The FPC declared that risks to Britain''s economy from its financial system were back at a "standard" level and that banks should set more money aside in case of a future downturn. To do that, the FPC raised its counter-cyclical capital buffer (CCyB) - which rises and falls along with the ups and downs of the economy - to 0.5 percent from zero, with a one-year implementation phase. It expects to raise the buffer to 1 percent in November, the level that reflects an economy that is running normally. The BoE also said regulators would publish tighter rules on consumer lending next month and it would bring forward to September from November its checks on whether banks could cope with consumer loans losses. J.P. Morgan economist Allan Monks said the BoE''s move on Tuesday was modest and probably reflected signs that consumer lending has already started to slow after growing at its fastest pace in 11 years in late 2016. "The BoE''s response to the strength in consumer lending was towards the milder end of the range of potential outcomes," he said. Bank shares fell after Tuesday''s BoE announcement but quickly recovered to their levels earlier on Tuesday. CREDIT WORRIES The BoE also said it was concerned that lenders were placing too much weight on recent low losses, which could only be achieved in the current benign conditions. "As is often the case in a standard environment, there are pockets of risks that warrant vigilance," the BoE said. Existing restrictions on high loan-to-income mortgage lending were likely to stay for the long term, the BoE said, and it also tweaked the rate against which lenders must test borrowers'' ability to repay their mortgages. On Brexit, the BoE said it was continuing to oversee banks'' preparations for Britain leaving the EU in 2019, including the possibility of an abrupt exit without any trade deal, potentially cutting off banks from their European customers. The BoE warned of risks from China where private-sector borrowing is more than two and a half times annual economic output. "High debt makes China vulnerable to shocks. This could affect the global economy and UK banks," it said. It also warned that British corporate bonds and commercial real estate may be overvalued. Both had their valuations boosted by low interest rates, but these did not appear to take into account how low interest rates reflected a weak economic outlook. (Additonal reporting by Andy Bruce; Editing by William Schomberg/Jeremy Gaunt) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-boe-idUKKBN19I0YT'|'2017-06-27T17:33:00.000+03:00'
'ef887d0d977cd727ba16784242b24d2977d2b25a'|'Sprint in exclusive talks with Charter, Comcast on wireless deal'|'Technology   1:07pm EDT Charter, Comcast explore wireless partnership with Sprint: sources left right A screen shows a Sprint logo above the floor of the New York Stock Exchange shortly before the opening bell in New York, U.S., June 27, 2017. REUTERS/Lucas Jackson 1/2 left right A trader works below a screen showing a Sprint logo above the floor of the New York Stock Exchange shortly before the opening bell in New York, U.S., June 27, 2017. REUTERS/Lucas Jackson 2/2 By Liana B. Baker U.S. wireless carrier Sprint Corp is in talks with Charter Communications Inc and Comcast Corp about a partnership to boost the two U.S. cable companies'' wireless offerings, according to sources familiar with the matter. Sprint, controlled by Japan''s SoftBank Group Corp, has entered into a two-month period of exclusive negotiations with Charter and Comcast that has put its merger talks with U.S. wireless peer T-Mobile US Inc on hold till the end of July, the sources said on Monday. A deal with Sprint would build on a partnership that Charter and Comcast announced last month. The two cable operators have agreed that they would not do deals in the wireless space for a year without each other''s consent. Comcast has already unveiled plans for a wireless service, using its Wi-Fi hotspots and the airwaves of Verizon Communications Inc, the largest U.S. telecommunications provider, based on a deal between the two that dates back to 2011. Comcast and Charter are now in talks with Sprint to secure a similar network-resale agreement on better terms, the sources said. A previous nine-year-old network-resale agreement between Comcast and Sprint was never activated, one of the sources added. The Wall Street Journal, which first reported on the negotiations, also said that Charter and Comcast were in preliminary talks to take an equity stake in Sprint as part of an agreement. Such a deal would allow Sprint to invest more in its network, the newspaper added. One of the sources said that a minority equity investment was being discussed but that it may not be part of any deal. Charter and Comcast could also look at jointly acquiring Sprint, but that is unlikely, the sources added. Sprint, Comcast and Charter declined to comment. An agreement with the cable providers over its network does not mean Sprint may not also seek a merger agreement with T-Mobile, which is controlled by Germany''s Deutsche Telekom AG, the sources said. Sprint sees the partnership as increasing competition in the market, which should help alleviate any antitrust concerns over a merger with T-Mobile, the source added. Investors have long expected a deal between T-Mobile and Sprint, the third- and fourth-largest U.S. wireless service providers, anticipating cost cuts and other synergies in the range of $6 billion to $10 billion. Three years ago, Sprint ended a previous round of talks to acquire T-Mobile amid opposition from U.S. antitrust regulators. (Reporting by Arunima Banerjee in Bengaluru; Additional reporting by Anjali Athavaley; Editing by Sandra Maler and Muralikumar Anantharaman)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-sprint-corp-m-a-comcast-idUSKBN19I040'|'2017-06-27T09:09:00.000+03:00'
'acdeb2da297e606b28e382f574bb288afcc383d6'|'Haiti workers protest minimum wage as managers threaten exit'|'Market News - Mon Jun 26, 2017 - 9:38pm EDT Haiti workers protest minimum wage as managers threaten exit By Makini Brice - PORT-AU-PRINCE, June 26 PORT-AU-PRINCE, June 26 Hundreds of Haitian textile workers took to the streets on Monday to demand a higher minimum wage as managers of textile factories threatened to leave the country if the government did not clamp down on demonstrations. Haiti has pinned some of its economic growth hopes on the textile industry, which accounts for 90 percent of its exports, according to export.gov, a website managed by the U.S. Department of Commerce. The United States has granted Haiti a preferential trade deal, creating some 40,000 jobs, the Association of Haitian Industries said last November. Products made there are shipped to major U.S. retailers like Walmart and Target. However, spurred by a recent hike in fuel prices and surging inflation, textile workers have begun protesting over pay. On Monday, they marched across town from an industrial park near the airport to the Ministry of Social Affairs in downtown Port-au-Prince, singing and waving signs with slogans like "Long live the independent fight for factory workers." Workers in textile factories currently earn 300 Haitian gourdes ($4.77). They are demanding a raise to 800 gourdes a day. An annual report seen by Reuters from the High Council of Salaries, which is tasked with recommending changes to the minimum wage, had proposed an increase to 400 gourdes a day. But it was never released due to a dispute within the council. Last week, six companies wrote to the office of Prime Minister Jack Guy Lafontant, demanding the government stop the protests, in letters that became public on Monday. "Total cost competitiveness, quality production and the proximity (to) the U.S. were the reasons we selected Haiti while betting on major improvements on salary predictability and political stability," the companies wrote in identical letters. "If those benefits no longer (exist), we will have to make other strategic (arrangements to) move from Haiti to other places where there is a clear state strategy to boost investments and protect investors while creating and protecting decent jobs," they added. The six companies that signed the letters were MGA Haiti S.A., Astro Carton d''Haiti S.A., Haiti Cheung Won S.A., Textile Youm Kwang S.A., Pacific Sports Haiti S.A. and Wilbes Haitian S.A. Earlier this month, Roosevelt Bellevue, minister of social affairs and labor, expressed a similar view. "If the salary becomes too high, companies will leave and go to the Dominican Republic or Nicaragua," he told reporters. Representatives from MGA Haiti and Astro Carton d''Haiti confirmed they had sent the letters, and said they had lost between $50,000 and $60,000 due to the protests. The other four textile companies could not be reached immediately for comment. (Additional reporting by Robenson Sanon; Editing by Leslie Adler) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/haiti-protest-idUSL1N1JO01T'|'2017-06-27T09:38:00.000+03:00'
'534f826002852a1848bf33b6cbaab3ee09843c42'|'Facebook hits 2 billion monthly users - Jun. 27, 2017'|'Zuckerberg: Internet for the world is good for democracy Facebook just topped 2 billion monthly users -- a population equivalent to roughly 51 times that of California. It took the social network less than five years to go from 1 billion monthly users to 2 billion. "As of this morning, the Facebook community is now officially 2 billion people! We''re making progress connecting the world, and now let''s bring the world closer together," Facebook CEO Mark Zuckerberg wrote in a Facebook post Tuesday . Related: Mark Zuckerberg explains why he just changed Facebook''s mission But it hasn''t been all smooth sailing for Facebook ( FB , Tech30 ) . The social media giant has recently faced criticism for its handling of fake news , disturbing live-streamed videos, and for creating partisan echo chambers. Last week, Facebook changed its mission to focus on building communities (largely through Facebook groups) rather than only connecting individuals to each other. Zuckerberg said connecting people online isn''t enough. "Now we realize that we need to do more too," Zuckerberg told CNN Tech last week. "It''s important to give people a voice, to get a diversity of opinions out there, but on top of that, you also need to do this work of building common ground so that way we can all move forward together." This is the first time Facebook has changed its mission. Related: What Facebook''s new mission can and can''t fix On Monday, Facebook and other tech giants formed the Global Internet Forum to Counter Terrorism to fight extremism on their platforms. CNNMoney (New York)   1:13 PM ET'|'cnn.com'|'http://rss.cnn.com/rss/money_technology.rss'|'http://money.cnn.com/2017/06/27/technology/facebook-2-billion-users/index.html'|'2017-06-27T21:13:00.000+03:00'
'2bc7907652f480198c57169c0cf1e7403693eacf'|'PRESS DIGEST- Wall Street Journal - June 27'|'Market News - Tue Jun 27, 2017 - 12:48am EDT PRESS DIGEST- Wall Street Journal - June 27 June 27 The following are the top stories in the Wall Street Journal. Reuters has not verified these stories and does not vouch for their accuracy. - Sprint Corp has entered into exclusive talks with Charter Communications Inc and Comcast Corp as the cable companies explore a deal that could bolster their plans to offer wireless service, according to people familiar with the matter. on.wsj.com/2sgI1aI - Glencore Plc suffered another setback on Monday in a bidding war for Australian coal mines, after the commodity giant''s rival Rio Tinto PLC said it would rather take a sweetened offer from Yancoal Australia Ltd. on.wsj.com/2sgXBDg - General Motors Co expects industry vehicle sales to fall short of its original forecast for the year, the latest sign of a slowdown in the U.S. auto market after a record run. on.wsj.com/2sgGt0n - Arconic Inc said it has stopped selling panels used on the exterior of high-rise buildings that are suspected of contributing to the spread of a deadly fire in a London apartment tower earlier this month. on.wsj.com/2sgsSX6 - Takata Corp''s bankruptcy filing spells the end of an eight-decade-old auto-parts maker, but the company could limp on for years supplying parts for the approximately 54 million defective air bags that still need to be replaced in the U.S. alone. on.wsj.com/2sgoUO6 - Australian model Miranda Kerr has handed over $8.1 million worth of jewelry to the U.S. Justice Department a week after lawsuits said it was purchased for her by Malaysian financier Jho Low with allegedly misappropriated funds, according to her spokesman. on.wsj.com/2sgWgfw (Compiled by Bengaluru newsroom) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/press-digest-wsj-idUSL3N1JO1WR'|'2017-06-27T12:48:00.000+03:00'
'5dd669ae3c1a21b7da37493f03aed1d5386bfec8'|'Singtel''s NetLink Trust launches up to $1.95 billion Singapore IPO: IFR'|'Deals - Tue Jun 27, 2017 - 7:17am EDT Singtel''s NetLink Trust launches up to $1.95 bln Singapore IPO By Elzio Barreto - HONG KONG HONG KONG NetLink NBN Trust, the broadband subsidiary of Singapore Telecommunications ( STEL.SI ) (Singtel), launched an up to $1.95 billion IPO on Tuesday in the largest new listing in Singapore in more than four years. NetLink is offering 2.9 billion units in an indicative price range of S$0.80 to S$0.93 each, putting the total issue at as much as S$2.69 billion ($1.95 billion), according to a preliminary prospectus filed with the Monetary Authority of Singapore. The IPO is slated to be priced on July 7, with its debut on the Singapore stock exchange set for July 19, according to a term sheet of the transaction seen by Thomson Reuters publication IFR. The deal will be the biggest in Singapore since Mapletree Greater China Commercial Trust''s ( MAPE.SI ) $2.06 billion IPO in February 2013. NetLink will use a portion of the IPO proceeds to buy Singtel''s broadband assets, with up to S$1.4 billion paid in cash and it will use 966 million units for the remainder of the amount due. NetLink will use another 40 percent of proceeds to repay a S$1.1 billion loan owed to Singtel. Singtel''s Group CEO Chua Sock Koong previously said the company wanted to reduce its stake in NetLink to less than 25 percent. It will own 24.99 percent of NetLink after the IPO. DBS Group, Morgan Stanley and UBS AG were hired as joint global coordinators for the IPO, with Bank of America Merrill Lynch, Citigroup, HSBC, OCBC Bank and UOB also acting as joint bookrunners. (Additional reporting by Fiona Lau of IFR and Aradhana Aravindan in Singapore; Writing by Elzio Barreto; Editing by Himani Sarkar and Susan Fenton) '|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-netlink-trust-ipo-idUSKBN19I11P'|'2017-06-27T14:00:00.000+03:00'
'708585e8da75d7cc41bf48d0c3fbc24738560be2'|'CORRECTED-GLOBAL MARKETS-Japanese stocks edge towards 2-yr high, dollar firms before Yellen'|'Market News - Tue Jun 27, 2017 - 4:34am EDT CORRECTED-GLOBAL MARKETS-Japanese stocks edge towards 2-yr high, dollar firms before Yellen (Corrects name of London venue in third paragraph) * MSCI Asia-Pacific index little changed, Nikkei up 0.3 pct * Spreadbetters expect European stocks to open slightly higher * Dollar/yen brushed 1-mth high before Yellen''s appearance * Euro sags after Draghi defends ECB''s easy policy * Crude oil on track for 4th straight day of gains By Shinichi Saoshiro TOKYO, June 27 Japanese stocks edged towards two-year highs on Tuesday as exporters benefited from dollar strength, with investors expecting comments from Federal Reserve Chair Janet Yellen to support the Fed''s projection for one more interest rate rise this year. Spreadbetters expected a slightly higher open for Britain''s FTSE, Germany''s DAX and France''s CAC. Yellen is scheduled to take part in a discussion on global economic issues at the British Academy in London and a number of other top Fed officials are also due to speak later in the global day. Japan''s benchmark Nikkei was last up 0.3 percent at 20,210.09 in subdued trading. A rise above 20,318.11, a peak scaled a week ago, would take the Nikkei to its highest since August 2015. "The fundamental mood is not bad, but it''s hard for investors to find direction on a day where there are no other major catalysts other than a weak yen," said Hikaru Sato, a senior technical analyst at Daiwa Securities in Tokyo. Despite lower Treasury yields, the dollar extended overnight gains and was firm at 111.800 yen after briefly rising to a one-month peak of 112.075. Long-dated Treasury yields dropped to seven-month lows on Monday and the yield curve between five-year notes and 30-year bonds fell to its flattest level since 2007 after the weak U.S. durable goods orders raised concerns about tepid growth and slowing inflation. The euro was steady at $1.1189 having fallen back from an 11-day high of $1.1220 overnight after European Central Bank President Mario Draghi defended the central bank''s easy monetary policy. Otherwise, Asian markets lacked strong direction as Wall Street provided few catalysts after the S&P 500 and the Dow closed overnight effectively flat. MSCI''s broadest index of Asia-Pacific shares outside Japan stood little changed. Having made record highs during the past two months on expectations that exporters will post strong earnings, South Korea''s KOSPI rose a further 0.3 percent. Elsewhere, Shanghai''s benchmark index and Australian shares were both down 0.1 percent. There was also a general sense of caution in financial markets, analysts said, noting that commodities like crude oil, which is suffering from a glut, remained shaky though a recent selloff has stalled. "Although iron ore and crude prices are stabilising, their recovery lacks strength. The U.S. equity market also hovers at a high level, but its performance is spotty with high-tech shares falling," said Masafumi Yamamoto, chief forex strategist at Mizuho Securities in Tokyo. Crude oil was on track to rise for the fourth straight day although concerns over a festering supply glut capped prices. U.S. crude futures were up 0.2 percent at $43.48 a barrel. The contract had retreated to a 10-month low of $42.05 a barrel last week before the sharp retreat stalled, but it remained on track for a monthly loss of about 10 percent. (Reporting by Shinichi Saoshiro; Editing by Simon Cameron-Moore) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/global-markets-idUSL3N1JO00M'|'2017-06-27T16:34:00.000+03:00'
'9e086391c16ba172fb77f1b62c3fbce7d526d022'|'Carl Icahn to fund former Sargon co-manager Schechter''s new venture'|'Deals - Mon Jun 26, 2017 - 4:59pm EDT Carl Icahn to fund former Sargon co-manager Schechter''s new venture Billionaire activist-investor Carl Icahn gives an interview on FOX Business Network''s Neil Cavuto show in New York, U.S. on February 11, 2014. REUTERS/Brendan McDermid/File Photo Billionaire Carl Icahn''s investment firm, Icahn Enterprises LP ( IEP.O ), said on Monday it had entered an agreement with the former co-manager of its Sargon Portfolio, David Schechter, to fund his new private investment management business. Last year, Icahn''s son, Brett Icahn, and David Schechter had said they would no longer be co-managers of the portfolio, and would instead stay on as consultants to exclusively advise Carl Icahn. With the new agreement, the consulting agreement between Icahn Enterprises and Schechter would be terminated, while the one with Brett Icahn would remain. (Reporting by Aishwarya Venugopal in Bengaluru; Editing by Shounak Dasgupta) '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-icahn-enter-moves-schechter-idUSKBN19H2J0'|'2017-06-27T04:59:00.000+03:00'
'c456842fbdffc4175050cbcb0b6ef303c4d8344c'|'British grocers'' sales growth hits five-year high'|'Business News  39am BST British grocers'' sales growth hits five-year high A company logo is pictured outside a Tesco supermarket in Altrincham northern England, April 16, 2016. REUTERS/Phil Noble LONDON British supermarkets recorded their highest sales growth in five years over the last 12 weeks, mostly driven by rising inflation, industry data showed on Tuesday. Market researcher Kantar Worldpanel said UK supermarket industry sales rose 5.0 percent in the 12 weeks to June 18. The outcome reflected weak sales growth in the same period last year and grocery inflation of 3.2 percent, up from 2.9 percent in May''s data. [nL8N1IX1GO] Market leader Tesco''s ( TSCO.L ) sales rose 3.5 percent, Sainsbury''s ( SBRY.L ) increased 3.1 percent, Asda''s ( WMT.N ) rose 2.2 percent and Morrisons ( MRW.L ) was up 3.7 percent. [nL8N1IX1GO]'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-grocers-kantar-idUKKBN19I0QE'|'2017-06-27T15:39:00.000+03:00'
'b66ea2617a714224f7b482afc5decc54bdd0acf7'|'EU nations, Parliament still divided on carbon market reform'|'Business News - Wed Jun 28, 2017 - 12:40pm BST EU nations, Parliament still divided on carbon market reform BRUSSELS European Union nations and the European Parliament remain divided on how to reform the EU carbon market and whether it should mention aviation and shipping, EU sources said on Wednesday. Negotiations to finalise a legal text on reforms to the EU Emissions Trading System (ETS) post-2020, agreed in outline by the European Parliament in February, have dragged on for weeks. The ETS, a cap-and-trade system to regulate industry pollution and help the 28-nation bloc meet its climate goals, has suffered from an excess supply of permits to pollute, adding political urgency to efforts to pass reforms. The next round of talks will take place on July 10, with the Estonian presidency of the EU saying it will push hard for progress on the complex file during its six-month chairmanship. "We will get out of the blocks quickly," a spokeswoman for the Estonian presidency said. "We will work hard to reach a fair and balanced compromise." In talks this week - the first held with British deputy Julie Girling, who took over as parliament''s lead negotiator from fellow conservative Ian Duncan - the sides sought to lay out where the sticking points lay in finding common ground. The two EU institutions agreed on doubling the rate at which the scheme''s Market Stability Reserve (MSR) soaks up excess allowances, as a short-term measure to strengthen prices, the sources said. They broadly shared concerns about protecting industry from undue burden from climate legislation, including the reduction of free allocations if a cap on overall allocations known as the cross-sectoral correction factor (CSCF) is triggered, they added. But they disagree on what share of carbon credits should go to auction versus being freely dolled out to industry, how to compensate industry from indirect emission costs under the system and earmarking funds for climate friendly innovation, the sources said. Girling, who also oversaw parliament''s review of draft legislation on a cap-and-trade system for aviation, held firm on mentioning aviation and shipping sectors - included in the chamber''s draft text out of frustration with a lack of international progress on regulating their emissions. However, EU sources said these provisions would likely be traded away during ongoing talks with EU member states. The ETS is the EU''s flagship policy to meet its goal of cutting greenhouse gas emissions from 11,000 industrial plants and power stations by 43 percent by 2030 when compared with levels in 2005. (Reporting by Alissa de Carbonnel; Editing by Edmund Blair)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-europe-carbontrading-idUKKBN19J1DY'|'2017-06-28T14:40:00.000+03:00'
'702497ee20ca497ca3b2f2f14bb78a6614522e45'|'UPDATE 1-General Mills profit beats estimates as cost cuts pay off'|' 33am EDT General Mills profit beats estimates as cost cuts pay off General Mills breakfast cereal is shown for sale in Carlsbad, California, U.S., June 27, 2017. REUTERS/ Mike Blake Cheerios cereal maker General Mills Inc ( GIS.N ) reported a better-than-expected quarterly profit as the company cut back on promotions and kept a tight lid on costs. General Mills and other U.S. packaged food makers such as Conagra Brands Inc ( CAG.N ) and Kellogg Co ( K.N ) have focused on reining in costs to counter soft demand due to a shift among consumers to fresh foods and products seen as healthier. General Mills has been cutting back on promotions, particularly on high-margin products such as Progresso soups and Pillsbury dough, even at the cost of losing some sales. Selling and other expenses fell 10.2 percent to $2.80 billion in the fourth quarter, with advertising and media expenses dropping 17 percent. Net income attributable to the company rose to $408.9 million, or 69 cents per share, in the three months ended May 28, from $379.6 million, or 62 cents per share, a year earlier. Excluding items, the company earned 73 cents per share. The company''s net sales fell 3.1 percent to $3.81 billion, capping two years of falling quarterly sales, but beat the analysts'' average estimate for the first time in a year. Analysts on average had expected earnings of 71 cents per share and revenue of $3.75 billion, according to Thomson Reuters I/B/E/S. (Reporting by Sruthi Ramakrishnan in Bengaluru; Editing by Sriraj Kalluvila)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-general-mills-results-idUSKBN19J1AA'|'2017-06-28T14:30:00.000+03:00'
'9991a69541b7fc4556cc71af894d806616b4e19e'|'Short of IT workers at home, Israeli startups recruit elsewhere'|'Davos   10:09pm IST Short of IT workers at home, Israeli startups recruit elsewhere left right FILE PHOTO: Employees work at website-designer firm Wix.com offices in Tel Aviv, Israel July 4, 2016. REUTERS/Baz Ratner/File Photo 1/13 left right A specialist of IT company Infopulse is seen in his office in Kiev, Ukraine, June 13, 2017. Picture taken June 13, 2017. REUTERS/Gleb Garanich 2/13 left right A specialist of IT company Infopulse uses a computer mouse in his office in Kiev, Ukraine, June 13, 2017. Picture taken June 13, 2017. REUTERS/Gleb Garanich 3/13 left right FILE PHOTO: Employees work at website-designer firm Wix.com offices in Tel Aviv, Israel July 4, 2016. REUTERS/Baz Ratner/File Photo 4/13 left right A specialist of IT company Infopulse is seen in his office in Kiev, Ukraine, June 13, 2017. Picture taken June 13, 2017. REUTERS/Gleb Garanich 5/13 left right A specialist of IT company Infopulse is seen in his office in Kiev, Ukraine, June 13, 2017. Picture taken June 13, 2017. REUTERS/Gleb Garanich 6/13 left right The logo of software design firm, Eastern Peak, is seen at their offices in Herzliya, Israel June 21, 2017. Picture taken June 21, 2017. REUTERS/Amir Cohen 7/13 left right A specialist of IT company Infopulse is seen in her office in Kiev, Ukraine, June 13, 2017. Picture taken June 13, 2017. REUTERS/Gleb Garanich 8/13 left right Executive Vice President of IT company Infopulse Andrey Link is seen in his office in Kiev, Ukraine, June 13, 2017. Picture taken June 13, 2017. REUTERS/Gleb Garanich 9/13 left right Specialists of IT company Infopulse are seen in their office in Kiev, Ukraine, June 13, 2017. Picture taken June 13, 2017. REUTERS/Gleb Garanich 10/13 left right Alexey Chalimov, founder of software design firm, Eastern Peak, poses for a picture at his company''s offices in Herzliya, Israel June 21, 2017. Picture taken June 21, 2017. REUTERS/Amir Cohen 11/13 left right An office of IT company Infopulse is seen in Kiev, Ukraine, June 13, 2017. Picture taken June 13, 2017. REUTERS/Gleb Garanich 12/13 left right A specialist of IT company Infopulse is seen in his office in Kiev, Ukraine, June 13, 2017. Picture taken June 13, 2017. REUTERS/Gleb Garanich 13/13 By Tova Cohen - TEL AVIV TEL AVIV When Alexey Chalimov founded software design firm Eastern Peak in Israel four years ago he knew he would not find the developers he needed at home. He went to Ukraine and hired 120 people to develop mobile apps and web platforms for international clients and smaller Israeli startups. "I worked for years in the Israeli market and I knew what the costs were in Israel and I knew there was a shortage of workers," he told Reuters. Driven by startups, Israel''s technology industry is the fastest growing part of the economy. It accounts for 14 percent of economic output and 50 percent of exports. But a shortage of workers means its position at the cutting edge of global technology is at risk, with consequences for the economy and employment. The government''s Innovation Authority forecasts a shortage of 10,000 engineers and programmers over the next decade in a market that employs 140,000. Israel has dropped six spots in three years to 17th in the World Economic Forum''s ranking of the ease of finding skilled technology employees. The shortage is particularly painful for Israel''s 5,000 startups which compete for talent with development centers of technology giants such as Google, Intel, Microsoft and Apple. They offer big incentives that a startup cannot afford. Israel will lose its edge if the shortage isn''t tackled, said Noa Acker, head of policy at the societal challenges division at the Innovation Authority. "Salaries will be very high and the industry will shrink to only very high level R&D while much of the work will be exported," she said. MATHS LESSONS, BOOT CAMPS The main reason for the shortfall is a sharp drop in the number of computer science, maths and statistics graduates, down from a peak of 3,000 in 2005 to a low of 1,600 in 2008. This is partly due to problems in secondary and primary schools where lack of funding means some classrooms do not have computers and advanced maths teachers are in short supply. "Why do we still have classes where there are no computers?" said Yifat Turbiner, a researcher in entrepreneurship and innovation at Ben-Gurion University. "If more budgets aren''t allocated to generate a technological state of mind ... from elementary school, I believe all industries will suffer, not just high-tech." Another reason for the shortage of computer science graduates is that after the dotcom bubble burst in 2000 many Israeli high tech workers lost their jobs, Acker said. This meant that students lost interest in tech careers and university applications declined. The Education Ministry has announced plans to boost studies of maths and science, especially in high-schools outside the cities where advanced classes are not always available. But Turbiner said initiatives are also needed for a higher standard of maths at a younger age including training more teachers. The government also has long-term initiatives to integrate ultra-Orthodox Jews and Arabs -- two fast-growing segments of the population with low labor participation -- into the industry. Ultra-Orthodox Jews make up about 11 percent of the population and many prioritize religious studies over science and maths. Military technology expertise gained by soldiers during their service has been behind several successful Israeli firms including the country’s biggest tech company, Check Point Software Technologies. The government is also running "boot camps" of up to 18 months to train tech workers without technology degrees. GOOD CONNECTIONS While the government takes steps to stimulate organic growth of workers at home, it is also making changes to visas for a quick fix of importing foreign workers. The government is preparing 500 visas for students from abroad who studied science and engineering at Israeli universities so they can stay to work at tech firms for a year. It is also working on easing bureaucratic hurdles to unlimited “expert visas”. In the meantime, many Israeli startups are looking abroad. Ukraine is the top destination with about 100 Israeli development centers. A strong tradition of maths and computer science teaching that is present in many countries in former Soviet Union countries means Ukraine has more than 20,000 IT graduates each year. The 1990s arrival of a million immigrants from former Soviet countries, many of them scientists who went to work for technology companies, has also created strong ties. Israeli companies have also recruited workers in other eastern European countries such as Poland and Bulgaria. Wix.com, which helps small businesses build websites and is one of Israel''s hottest tech companies, employs 120 workers in two development centers in Ukraine and another 80 at a site in Lithuania. "They are in the same time zone, they have a good level of English and all are Russian speakers. Some of our people here are former Russians," said Boaz Inbal, general manager of Wix''s development centers. "We have direct flights to both countries. It''s easy for us to collaborate and communicate." Salaries for software developers in Ukraine are about 40 percent lower than in Israel, said Andrey Link, an executive vice president at Ukrainian software engineering firm Infopulse. But he said: "The key argument in our favor is not the cost but availability. To find 2-3 people (in Israel) is not a problem, but if they need...an R&D center for 100 people, it is very difficult in Israel." (Additional reporting by Pavel Polityuk in Kiev and Steven Scheer in Jerusalem; editing by Anna Willard)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-tech-israel-ukraine-idINKBN19H0FY'|'2017-06-26T03:35:00.000+03:00'
'5994f98fca6e2a0bfae9b9dffc80f2e94512e013'|'Boeing expands CFO Greg Smith''s role'|'Money News - Wed Jun 28, 2017 - 7:59pm IST Boeing expands CFO Greg Smith''s role Boeing Co said on Wednesday its Chief Financial Officer Greg Smith will take on additional roles, ahead of the planned retirement of some of its key executives later this year. The range of duties that will shift to Smith includes overseeing the launch of Boeing Global Services on July 1, accelerating innovation, productivity and market-based affordability projects and identifying, developing and deploying general managers and program managers. Boeing Global Services is a new business unit to be formed from the customer services groups within the company''s existing commercial airplanes and defense units. The move comes as Boeing Vice Chairman Ray Conner and Senior Vice President of program management, integration and development programs Scott Fancher are expected to retire this year. Conner joined Boeing as a mechanic 40 years ago on the 727 assembly line, working his way up to become the company''s sales chief and then boss of the commercial planemaking division. Conner was replaced as head of Boeing Commercial Airplanes last November by former General Electric executive Kevin McAllister. Chief Executive Dennis Muilenburg said the planned retirements of Conner and Fancher had created a window to consolidate a range of "performance-based enterprise efforts" under Smith. (Reporting by Ankit Ajmera in Bengaluru; Editing by Saumyadeb Chakrabarty)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/boeing-cfo-idINKBN19J1YX'|'2017-06-28T12:29:00.000+03:00'
'a8d1091f251c9cf1a96c592903ffde61397152ef'|'TREASURIES-Prices gain on weak manufacturing data'|'* Weak capital goods data boosts demand for bonds * Thirty-year bond yields lowest since November * Five-year, 30-year yield curve flattest since late 2007 * Treasury to sell $26 bln two-year notes By Karen Brettell NEW YORK, June 26 U.S. Treasury prices gained on Monday after data showed that new orders for U.S. capital goods fell unexpected in May, suggesting a loss of momentum in the manufacturing sector halfway through the second quarter. The Commerce Department said non-defense capital goods orders excluding aircraft, a closely watched proxy for business spending plans, dropped 0.2 percent. “The data is pretty bad,” said Thomas Simons, a senior money market economist at Jefferies in New York. Benchmark 10-year notes were last up 2/32 in price to yield 2.137 percent, down from 2.144 percent late on Friday. Thirty-year bond yields fell to 2.70 percent, the lowest since Nov. 9. The yield curve between five-year notes and 30-year bonds fell to 94.60 basis points, the flattest since late 2007. The yield curve has flattened in the past month as Federal Reserve speakers including New York Fed President William Dudley have indicated further monetary policy tightening is likely, weighing on short- and intermediate-dated debt. Long bonds, by contrast, have been supported by concerns about tepid growth and falling inflation. “Inflation is the key,” said Simons. “Until oil moves meaningfully higher and people start to get convinced that inflation is going to come back, this curve flattening is going to continue.” Financial conditions have loosened in the past year despite the Fed raising interest rates three times since December, which is another reason to continue tightening, Dudley said in remarks published on Monday. San Francisco Fed President John Williams said on Monday that a recent slowdown in U.S. inflation was mainly due to one-off factors and should not prevent further increases in rates. The Treasury will sell $26 billion in two-year notes on Monday, the first auction of $88 billion in new coupon-bearing debt supply this week. The government will also sell $34 billion in five-year notes on Tuesday and $28 billion in seven-year notes on Wednesday. (Editing by Meredith Mazzilli) )'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/usa-bonds-idINL1N1JN0EJ'|'2017-06-26T11:21:00.000+03:00'
'cc8db6e0218fdb347728167c478f8da25fd67c1e'|'France''s JCDecaux, America Movil create joint venture in Mexico'|'France''s JCDecaux said on Tuesday it will create a joint venture with Mexican telecommunications group America Movil by merging their out of home (OOH) advertising businesses.JCDecaux will hold 60 percent of the new company, JCD Out Of Home Mexico, S.A. de C.V. (JCDecaux MX), with the remaining 40 percent held by a wholly owned subsidiary of America Movil, the French group said in a statement.The transaction is expected to close before year-end.(Reporting by Alan Charlish; Editing by Sherry Jacob-Phillips)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-jcdecaux-jointventure-idINKBN19I0IB'|'2017-06-27T03:38:00.000+03:00'
'80ded136cc2b88afe179114a006c79eb4b58d1ba'|'Nikkei rises for 3rd day as weak yen supports; steel shares soar'|'Market News - Tue Jun 27, 2017 - 2:54am EDT Nikkei rises for 3rd day as weak yen supports; steel shares soar * Nikkei trades in narrow range * Takata tumbles to daily limit low By Ayai Tomisawa TOKYO, June 27 Japan''s Nikkei share average rose for a third session on Tuesday as a weaker yen helped exporters rise, while the steel sector got a boost with traders citing a brokerage report highlighting a positive reversal in steel prices. Goldman Sachs analysts wrote in a report that East Asian steel prices are clearly turning up after bottoming in early June. JFE Holdings soared 2.5 percent and Nippon Steel & Sumitomo Metal Corp surged 2.7 percent. The Nikkei gained 0.4 percent to 20,225.09 after hitting as high as 20,250.10 in the morning. The dollar stood tall on Tuesday, hitting a more than one-month high against the yen as investors waited to see if Federal Reserve Chair Janet Yellen would stick to her positive economic outlook at an event later in the global session. The dollar was at 112.07 yen, the highest since May 24. Japanese stocks traded in a narrow 65 point range with few major catalysts from both the domestic and overseas markets. "The fundamental mood is not bad, but it''s hard for investors to find a direction on a day where there is no other major catalysts other than a weak yen," said Hikaru Sato, a senior technical analyst at Daiwa Securities. Exporters gained ground, with Toyota Motor Corp rising 0.7 percent, Panasonic Corp soaring 1.3 percent and Canon Inc advancing 0.8 percent. Financial stocks rose, with banks and insurers rising 0.6 percent and 0.4 percent, respectively. Troubled air bag inflator maker Takata Corp, which filed for bankruptcy protection in the United States and Japan on Monday, tumbled to 110 yen, a daily limit low. Takata apologised on Tuesday to victims of its faulty air bags linked to at least 16 deaths and 180 injuries around the world. Executives offered the apology at the firm''s last annual shareholder meeting as a listed company. The broader Topix rose 0.4 percent to 1,619.02. (Editing by Gopakumar Warrier) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/japan-stocks-close-idUSL3N1JO2A1'|'2017-06-27T14:54:00.000+03:00'
'ec808ab4f4fdca073cc09abab4f105bc5f259106'|'Spain''s Bankia agrees to buy BMN in deal worth 825 million euros'|'Autos   8:43am BST Spain''s Bankia agrees to buy BMN in deal worth 825 million euros Spain''s Bankia logo is seen inside bank''s headquarters before a news conference to present their annual results in Madrid, Spain, January 30, 2017. REUTERS/Sergio Perez MADRID Spain''s state-owned Bankia ( BKIA.MC ) has agreed to acquire Banco Mare Nostrum (BMN) in a 7.8-for-1 share swap deal, it said on Tuesday, valuing the smaller lender at around 825 million euros (£725 million). The deal comes after years of consolidation across the Spanish banking sector, with the number of lenders cut to 13 from 55 in 2008 before a housing market bubble burst, triggering an almost five-year economic slump. The two nationalised banks - both formed from the merger of several failed lenders - were bailed out at the height of the financial crisis with around 24 billion euros of public money after heavy losses on property loans. The state holds around 66 percent of Bankia, Spain''s fourth-largest lender, and 65 percent of the smaller BMN. In a statement to the market regulator, Bankia said it would issue a maximum of 205.7 million new shares to help finance the deal which would increase earnings per share by 16 percent after three years and would be positive after one year. Bankia said that after the deal was finalised, it saw fully-loaded core capital ratio - a closely watched measure of a bank''s strength - of 12 percent by December with a Return on Tangible Equity (ROTE) increase of around 120 basis points. The deal should be finalised by the end of this year, Bankia said in a statement to the market regulator. Bankia, whose shares jumped nearly 3 percent at the open following the announcement, will hold a conference call with analysts at 0900 BST to explain the details of the deal. (Reporting by Paul Day; Editing by Tomas Cobos)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-bmn-m-a-bankia-idUKKBN19I0QO'|'2017-06-27T15:43:00.000+03:00'
'edba88f2b21c3967a6813c9bd120abb772183414'|'UPDATE 1-Delaware top court rules for Chicago Bridge in Westinghouse dispute'|'(Adds details on ruling)WILMINGTON, Del, June 27 The Delaware Supreme Court ruled in favor of Chicago Bridge & Iron Co on Tuesday in its in $2 billion dispute with Westinghouse Electric Co that stems from cost overruns at a pair of unfinished U.S. nuclear power plants.The two companies have been sparring over a 2015 deal in which Westinghouse, a unit of Japan''s Toshiba Corp, bought the Shaw nuclear construction business of Chicago Bridge. Westinghouse later sought an adjustment to the closing deal price, sparking a dispute over accounting.Westinghouse and Chicago Bridge agreed that an independent auditor would review post-closing adjustments to the deal price.Tuesday''s ruling directed a lower court to enjoin Westinghouse from raising claims before the auditor about Chicago Bridge''s historical accounting before the deal was signed.Chicago Bridge shares were up 14.5 percent at $16.50, on track for their biggest one-day percentage gain since October. The stock had tumbled 50.5 percent since May 8 as investors were anxious about the legal case as well was weak earnings.(Reporting by Tom Hals in Wilmington, Delaware; Editing by Bernard Orr)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/toshiba-accounting-westinghouse-chgo-bri-idINL1N1JO0RD'|'2017-06-27T13:27:00.000+03:00'
'60f0a41b6deb73c3c214752910e328438b91d3eb'|'South Africa anti-graft chief open to talks on central bank -report'|'JOHANNESBURG The head of South Africa''s anti-graft watchdog is open to talks on her recommendation to change the central bank''s mandate, a proposal that has drawn sharp criticism from parliament, the ruling party and investors, a local news agency said on Saturday.Public Protector Busi Mkhwebane''s recommendation to alter the South African Reserve Bank''s principal constitutional mandate of maintaining currency and price stability to focus on economic growth has highlighted worsening divisions between the country''s state institutions.Both the central bank and parliament plan to mount legal challenges to the proposal.Mkhwebane defended her recommendation but said she was willing to hold discussions with those opposing it, news agency Eyewitness News (EWN) reported."I haven''t overstepped and I think those will be the deliberations which we''ll be having further and again. I''ll see how the notice of motion, the content and why are they disputing that. We''ll take it from there," Mkhwebane was Quote: d as saying.Mkhwebane made her proposal on Monday as she delivered her findings on an apartheid-era bailout of Barclays Africa Group. The lender has denied any wrongdoing.Her call threatens to further stain South Africa''s image as an investor-friendly emerging market, coming less than a week after mines minister Mosebenzi spooked investors by raising the minimum threshold for black ownership of mining companies to 30 percent from 26 percent.The row over the central bank''s role has also highlighted divisions in the tripartite political alliance of the ruling African National Congress party (ANC), the country''s biggest union, Cosatu, and the South African Communist Party (SACP).Both the ANC and the SACP are opposed to altering the role of the central bank while Cosatu has backed calls for changes.(Reporting by Olivia Kumwenda-Mtambo; Editing by Helen Popper)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-safrica-cenbank-antigraft-idUSKBN19F09W'|'2017-06-24T17:43:00.000+03:00'
'b02834acb27331aedb0ab8157284e9de4ee40b38'|'Is your smart meter spying on you? - Money'|'The French are getting heated up about their meters collecting data on their daily lives. Perhaps the British should be concerned too View more sharing options Close Saturday 24 June 2017 07.00 BST T hey are the mini-computers being installed in 30m UK homes and businesses in an £11bn programme that will allow the energy companies to remotely monitor our gas and electricity usage. But could smart meters also become the new spies in our homes, raising fresh fears about a surveillance society as they track our daily activities? Campaigners in France, where a similar installation programme is taking place, think so. On holiday in Bordeaux recently I was struck by posters advertising a demo called “ Stop Linky ”. Linky is the name of French utility giant EDF’s new smart meter, but it has sparked a more vociferous backlash than here. “ Dites NON! aux compteurs communicants LINKY, ” posters shouted ahead of a demo in mid-June, with others planned around the country. Lawyers for Stop Linky are preparing a class action against EDF and its subsidiary Enedis, which is implementing the programme. Lawyer Arnaud Durand claims smart meters pose health and privacy issues. He calls them a “Trojan horse’” that could harvest vast amounts of data about our activities. Even rudimentary information has commercial value. “For example, a telemarketing company will know if it’s a good moment to call your house.” In Britain, privacy campaigners share their fears. Guy Herbert of NO2ID says: “Smart meters are presented as an environmental and power-saving initiative. But it’s a highly surveillant model. It can tell how many showers you have had, when you are cooking, when you are in and out of the home.” A poster for an anti-smart meter campaign in France. Evidence of the race to monetise the data from smart meters is already emerging. A video on the website of Onzo , a British analytics company, says: “We take energy consumption data from smart meters and sensors. We analyse it and build a highly personalised profile for each and every utility customer.” It will have “the ability to monetise their customer data by providing a direct link to appropriate third party organisations based on the customer’s identified character.” Last year Onzo was at a “consumer goods hackathon” hosted by Procter & Gamble to help sell more detergent, shampoo and toiletries. But, as Herbert says, this is not just about commercial activities. The Investigatory Powers Act also hands the authorities access to bulk data, including energy data. “A smart meter is also a smart controller,” he warns. Are these fears overblown? Bernard Lassus is head of Enedis, the company that has already installed 4.7m smart meters in France. Study after study in France, the US and Canada have disproved health fears surrounding the meters, he says. The French meters transmit energy consumption data once a day and contain no more information than a current meter. Data is not individualised and cannot be sold on to third parties without active prior consent by the household. In Britain, the industry body Smart Energy GB takes a similar line. “Your smart meter stores and transmits simple information on how much energy your home has used. Personal details like your name, address and bank account details are not stored on or transmitted by the meter. Your supplier can’t use any data from your smart meter for sales and marketing purposes unless you give them permission to do so.” But we all know that once data is out there it is used in ways we didn’t anticipate. A smart meter bill introduced in this week’s Queen’s speech also says there would be new “powers to make changes to smart meter regulations”. It’s not even clear if smart meters will result in more transparent or cheaper tariffs, with some warning it is turning into an £11bn white elephant. And can someone tell me why our programme, near identical in size to that in France, is somehow costing us more than twice the €5bn it is costing them? Topics'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/money/2017/jun/24/smart-meters-spying-collecting-private-data-french-british'|'2017-06-24T14:00:00.000+03:00'
'da6ea5eeb3a6e699adc49f8aa761422765a40c4a'|'Volkswagen''s Slovak union says close to wage deal to end strike'|'Autos   5:07pm BST Volkswagen''s Slovak union says close to wage deal to end strike BRATISLAVA The union representing workers at Volkswagen''s Slovak factories said on Saturday it was close to agreeing a wage deal with management to end a five-day strike that has hit production at the country''s biggest private employer. About 70 percent of VW''s 12,300 employees in Slovakia joined the protest, the union said. It began on Tuesday and is the first ever strike at the carmaker''s plants in the country. After two rounds of failed talks earlier this week, union chief Zoroslav Smolinsky said a compromise between his demand of 13.9 percent wage hike over two years and the company''s offer of 9 percent could be reached at the next meeting. The union is also asking for longer lunch breaks. "We are close to a deal... We hope to return to the table as soon as possible," Smolinsky said. In the event of a deal, production lines that normally make about 1,000 cars a day - almost all of which are exported - could resume on Monday, he added. VW produced 388,687 cars in Slovakia in 2016, including the Volkswagen, Audi, Seat and Skoda marques. The company pays its Slovak workers an average of 1,800 euros a month including bonuses, double the national average but less than half of the 4,200 euros earned by equivalent employees in Germany, according to the union. Slovak Prime Minister Robert Fico has supported the strike, saying Volkswagen should pay its Slovak workers the same pay as its western European ones. The Finance Ministry has estimated that 12 days of strike would cut 0.1 percentage point off the country''s annual economic output. Growth is seen at 3.3 percent this year and above 4 percent in coming years, with the auto sector the most important driver. Slovakia, with a population of 5.4 million, produces more than 1 million vehicles a year, making it the biggest per-capita auto producer in the world. Kia Motors Corp ( 000270.KS ) and Peugeot ( PEUP.PA ) also have plants in Slovakia and Jaguar Land Rover [TAMOJL.UL] is due to open one next year. (Reporting By Tatiana Jancarikova; editing by John Stonestreet)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-volkswagen-slovakia-strike-idUKKBN19F0KP'|'2017-06-25T00:07:00.000+03:00'
'2f6a145d82bd7ad154fba499518b6aa5e5911f24'|'Verde sees value in some Brazil debt'|'SAO PAULO, June 24 Verde Asset Management SA, which oversees Brazil''s largest hedge fund, sees a potential for strong returns from local inflation-linked debt of shorter maturities as interest rates possibly decline further.Chief Executive Officer Luis Stuhlberger said at an event sponsored by XP Investimentos that congressional passage of a labor reform is possible, and key for reducing costs at companies. Verde oversaw about 32 billion reais in assets at the end of May. (Reporting by Guillermo Parra-Bernal; Writing by Marcelo Teixeira)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/funds-brazil-verde-asset-idINS0N17U00U'|'2017-06-24T12:40:00.000+03:00'
'de26830ffc901ee003d636628ae7471fc6aa0e58'|'UPDATE 1-Key Safety Systems to buy Takata''s assets for $1.57 bln'|'(adds details, background)June 26 Key Safety Systems (KSS) said on Sunday that it had reached a deal with Takata to purchase nearly all of its assets for about 175 billion yen ($1.57 billion), after the air-bag maker filed for bankruptcy in the United States and Japan.KSS said it would retain almost all of Takata''s employees and did not intend to close any of the company''s manufacturing facilities.Takata, the firm at the centre of the auto industry''s biggest ever product recall, said proceeds from the sale would be used to settle a plea agreement with the U.S Department of Justice.The company added that the bankruptcy proceedings should have no effect on the recall.The company also said that its Japan unit had also received a commitment for up to a 25 billion yen debtor-in-possession (DIP) financing from Sumitomo Mitsui Banking Corporation.Faulty air-bag inflators made by the 84-year-old Japanese company have been linked to at least 17 deaths and more than 180 injuries around the world. The ammonium nitrate compound used in the airbags can become volatile with age and prolonged exposure to heat, causing the safety devices to explode.($1 = 111.3000 yen) (Reporting by Parikshit Mishra in Bengaluru; Editing by Andrew Hay)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/takata-sale-key-safety-systems-idINL1N1JN00M'|'2017-06-25T22:53:00.000+03:00'
'82823c0e1a3556b716aed248b678650ebd7a8b3d'|'Europe''s inequality highly destabilising, ECB''s Draghi says'|'Top News - Mon Jun 26, 2017 - 5:24pm BST Europe''s inequality highly destabilising, ECB''s Draghi says European Central Bank President Mario Draghi speaks during a news conference following the Governing Council meeting in Tallinn, Estonia, June 8, 2017. REUTERS/Ints Kalnins LISBON Europe''s growing inequality is highly destabilising and needs to be tackled with education, innovation and investment in human capital, particularly jobs for young people, European Central Bank President Mario Draghi said on Monday. Income inequality has grown among euro zone countries since the global financial crisis and some measures also show divergence between the bloc''s richer and poorer members, a source of tension for the 19-member currency bloc. "Is this a seriously destabilising factor that we should cope with?" Draghi said in a rare town-hall style meeting with university students in Lisbon. "Yes it is." "We have to fight against inequality," Draghi in response to a student question. Draghi, leading one of Europe''s most respected institutions, has for years called on governments to enact fundamental reforms, arguing that the ECB is able to prop up growth, but only temporarily, giving governments a window of opportunity. Eurostat data has shown that only a handful of countries have managed to shrink income inequality since the crisis while it has grown sharply in places like France or Spain. Figures also show the highest level of income inequality in the bloc''s periphery, like Greece, Spain and Portugal, hit hardest by the crisis. Calling convergence among euro zone members "fundamental," Draghi said the best way to fight inequality is by creating jobs, which comes from an increased investment in education, skills development and innovation. He also called on governments to consider better income and wealth redistribution policies. Defending the ECB''s ultra easy monetary policy, Draghi said that super low rates create jobs, foster growth and benefit borrowers, ultimately easing inequality. He also rejected calls to exit super easy monetary policy quickly, arguing that premature tightening would lead to a fresh recession and more inequality. (Reporting by Balazs Koranyi Editing by Jeremy Gaunt.) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-ecb-policy-draghi-idUKKBN19H1Z7'|'2017-06-27T00:24:00.000+03:00'
'47fe8b28fe581973971b1c2bd1a10223e37e3369'|'Japanese stocks approach two-year high, euro sags after Draghi''s comments'|' 29pm BST Euro rallies, weak dollar lifts oil; stocks slip left right Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., June 2, 2017. REUTERS/Brendan McDermid 1/2 left right FILE PHOTO: A man shelters under an umbrella as he walks past the London Stock Exchange in London, Britain August 24, 2015. REUTERS/Suzanne Plunkett/File Photo 2/2 By Rodrigo Campos - NEW YORK NEW YORK The euro rallied against the U.S. dollar on Tuesday after European Central Bank President Mario Draghi fueled market expectations the ECB will reduce stimulus later this year, while the dollar''s weakness helped lift crude prices. The dollar weakened further and stocks fell after a planned U.S. Senate vote on a healthcare revamp bill was postponed, while Federal Reserve Chair Janet Yellen said asset valuations are somewhat rich. The delay in the healthcare vote sent U.S. stocks to session lows as it brought back worries about the time table of President Donald Trump''s business-friendly agenda. More time spent on healthcare pushes back the discussion on a tax reform eagerly eyed by investors. The euro hit a 10-month high versus the greenback at $1.1349 in afternoon trading in New York, but most of the move came earlier after Draghi, speaking to a conference in Portugal, said the ECB could adjust its policy tools as economic prospects improve in Europe. "Just the fact that the ECB is considering their options right now is considered to be a hawkish signal," said Sireen Harajli, FX strategist at Mizuho in New York. The dollar index .DXY fell 1.09 percent, with the euro EUR= up 1.5 percent to $1.1347. But the Japanese yen weakened 0.26 percent versus the greenback at 112.14 per dollar. Sterling GBP= was last trading at $1.2824, up 0.82 percent on the day. The dollar weakness helped boost crude futures prices, though the backdrop of a long-standing supply glut kept gains in check. U.S. crude CLcv1 rose 2.07 percent to $44.28 per barrel and Brent LCOcv1 was last at $46.73, up 1.96 percent on the day. Tim Evans, Citi Futures'' energy futures specialist, said in a note that oil''s move was "a technical correction after the declines of the past five weeks" helped along by boosts from a weaker dollar and forecasts for a weekly draw in U.S. crude inventories. On Wall Street, bank stocks helped limit losses in technology shares, which extended after the healthcare vote delay. “The market likes certainty and now there’s uncertainty," said Peter Costa, president at trading firm Empire Executions Inc. "What is this (health bill) going to look like when this gets out of the next iteration? That uncertainty I think is just having people pause a little bit.” "I also think that when the market gets to certain levels, any type of uncertainty, especially in anything that has to do with the (Trump) administration, will have an adverse effect." The Dow Jones Industrial Average .DJI fell 40.35 points, or 0.19 percent, to 21,369.2, the S&P 500 .SPX lost 12.1 points, or 0.50 percent, to 2,426.97 and the Nasdaq Composite .IXIC dropped 78.15 points, or 1.25 percent, to 6,169.00. The pan-European FTSEurofirst 300 index .FTEU3 lost 0.69 percent and MSCI''s gauge of stocks across the globe .MIWD PUS shed 0.22 percent. Emerging market stocks lost 0.38 percent. MSCI''s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS closed 0.21 percent lower, while Japan''s Nikkei .N225 rose 0.36 percent. U.S. Treasury yields rose in sympathy with European government debt weakness, after Draghi''s comments. “He surprised the market with that upbeat stance,” said Tom di Galoma, a managing director at Seaport Global in New York. “The European government bond market didn’t take it very well.” Benchmark 10-year notes US10YT=RR last fell 18/32 in price to yield 2.1998 percent, from 2.137 percent late on Monday. The Treasury yield curve continued to flatten, with the spread between five-year notes and 30-year bonds US5US30=TWEB dropping to a low of 92.5 basis points, the flattest level since late 2007. The spread between 2- and 10-year notes US2US10=TWEB widened slightly to 82.5 basis points. Fed Chair Janet Yellen said it is appropriate to gradually raise rates and noted that the U.S. central bank is carefully watching inflation expectations. In corporate news, the EU slapped a record 2.42 billion euro fine on Alphabet''s ( GOOGL.O ) Google saying it had abused its dominant market position. Google said it was considering an appeal. Alphabet shares fell 2.4 percent. Gold prices, which tumbled to their lowest level in nearly six weeks on Monday, were supported by the softer dollar. Spot gold XAU= added 0.5 percent to $1,250.04 an ounce. U.S. gold futures GCcv1 gained 0.32 percent to $1,250.40 an ounce. Copper CMCU3 rose 0.90 percent to $5,846.50 a tonne. (Reporting by Rodrigo Campos, additional reporting by Sam Forgione, Devika Krishna Kumar, Lewis krauskopf and Karen Brettell; Editing by Nick Zieminski)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-global-markets-idUKKBN19I02R'|'2017-06-27T08:45:00.000+03:00'
'a43afc60161432006fddef36af692c3f8a7738da'|'Analysis: The mysterious (and continuing) fall in Saudi foreign reserves'|'Economic   4:50pm IST Analysis: The mysterious (and continuing) fall in Saudi foreign reserves A Saudi money changer displays Saudi Riyal banknotes at a currency exchange shop in Riyadh, Saudi Arabia September 29, 2016. REUTERS/Faisal Al Nasser/Files By Andrew Torchia - RIYADH RIYADH Net foreign assets at Saudi Arabia''s central bank, a measure of its ability to support its currency, look set to fall sharply this year as oil prices slump and Riyadh expands its sovereign wealth fund to invest abroad. They shrank from a record high of $737 billion in August 2014 to $529 billion at the end of 2016 as the government liquidated some assets to cover the huge budget deficit caused by the fall in oil prices. This year, an austerity drive and a partial rebound in oil prices have helped Riyadh make progress in cutting the deficit -- which narrowed 71 percent from a year ago to 26 billion riyals ($6.9 billion) in the first quarter. But net foreign assets have continued to shrink at about the same rate, by $36 billion in the first four months of 2017 -- a mystery to economists and diplomats monitoring Saudi Arabia, and a potential blow to markets'' confidence in Riyadh. "This suggests that there remains a significant deficit in the balance of payments of Saudi Arabia, which is not due to declining oil export revenues," said Khatija Haque, head of regional research at Emirates NBD, Dubai''s biggest bank. Saudi officials have not commented in detail on the reasons for the reserves drop, though some have suggested it is due to private sector activity, not government spending. Some analysts have speculated the fall is due to spending on Saudi Arabia''s military intervention in Yemen. This is unlikely; a top Saudi official indicated in late 2015 that the intervention -- largely a limited air campaign, not a major ground war -- was costing about $7 billion annually, in line with estimates by foreign military experts. Others speculate capital flight from Saudi Arabia may be sapping the reserves. But data from the central bank -- the Saudi Arabian Monetary Authority (SAMA) -- on foreign exchange transactions by commercial banks does not support this theory either. "Capital flight has diminished as an issue. Outflows in 2016 were pretty small beer compared with 2015, when there were significant outflows," said an economist at a Saudi bank. An international banker in touch with Saudi authorities said much of the decline in foreign assets appeared due to the transfer of money to state funds investing abroad -- particularly the main sovereign wealth fund, the Public Investment Fund (PIF). Riyadh plans to invest big amounts overseas to win access to technology and boost returns on its capital. The PIF has said it will invest up to $45 billion over five years in a technology fund created by Japan''s Softbank, and $20 billion in an infrastructure fund planned by U.S. firm Blackstone. Transfers to the PIF would not represent any reduction in the government''s total wealth, but they would mean a cut in the liquid assets which the central bank has available to defend the riyal if needed. The PIF declined to comment. OIL A fresh slump in oil prices also looks likely to pressure foreign assets. Brent oil averaged $54.57 in the first quarter of this year; it has since plunged to around $46, just $1 above its average price last year. This, combined with a minor relaxation of austerity in recent weeks to head off a recession, may mean Riyadh''s budget deficit for all of 2017 comes close to its original projection of 198 billion riyals ($52.79 billion), or possibly a little higher. That would be an improvement from last year''s 297 billion riyals, but combined with transfers to the PIF, it would force further liquidation of the central bank''s foreign assets. "Going forward, the decline is likely to continue given the projected budget deficit for the whole year, which would probably require withdrawals from foreign reserves to finance it," said Said al-Sheikh, group chief economist at National Commercial Bank, the largest Saudi bank. Riyadh''s heavy foreign borrowing -- it issued $9 billion of sukuk abroad in April -- gives it financial flexibility but does not increase its net foreign assets, since the debt is recorded as a liability, Sheikh said. The government has said it plans to resume domestic bond issues later this year after a gap of more than half a year. A senior finance ministry official estimated last month that local bonds would cover 25 to 35 percent of the 2017 deficit; this would leave a sizeable amount to be covered with foreign assets. At $493 billion as of the end of April, SAMA''s net foreign assets remain enough to defend the riyal for years -- they would pay for four years of imports. Nevertheless, a rise in the cost of insuring Saudi debt against default this month, to its highest level since early February, suggests concern may be increasing. ($1 = 3.7507 riyals)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/saudi-economy-reserves-idINKBN19I1AA'|'2017-06-27T19:20:00.000+03:00'
'de48170a52279e42804c5519472813ea5477033b'|'Vitol''s Taylor sees Brent oil trading at $40-$55 as U.S. output rises'|'Business   12:43pm BST Vitol''s Taylor sees Brent oil trading at $40-$55 as U.S. output rises Ian Taylor, President and CEO of Vitol Group of Companies addresses a panel discussion at the first Global Commodities Summit in Lausanne April 24, 2012. REUTERS/Denis Balibouse By Julia Payne and Dmitry Zhdannikov - LONDON LONDON Ian Taylor, head of the world''s largest independent oil trader Vitol, says Brent crude prices will stay in a range of $40-$55 (31.39-43.16 pounds) a barrel for the next few quarters as higher U.S. production slows a rebalancing of the market. "Everybody was positioned for a market rebalancing and a stocks draw to happen in the second quarter. And if you look at the macro analysis, that should start happening," Taylor said in an interview with Reuters. "But so far it hasn''t happened and everyone has made the same mistake. Nobody has distinguished themselves." The Organisation of the Petroleum Exporting Countries and non-OPEC producers led by Russia have agreed to cut output by almost 2 million barrels per day (bpd) from January 2017, hoping to bring global oil stocks down from record levels of over 3 billion barrels to a five-year average of around 2.7 billion. But efforts have been somewhat undermined by rising production from Nigeria and Libya, the two OPEC members that have been excluded from cuts after unrest hit their output. Recovering production in the United States has also added to the glut as a bounce in oil prices above $50 per barrel spurred new drilling in shale formations. Taylor said he still expected the market to start rebalancing and stocks to decline in the third quarter. But he was less certain about the fourth quarter, when U.S. shale producers could add more barrels. "We believe the rebalancing and the stocks'' draw should still happen in the third quarter. It was simply delayed. The exceptional production factors - Nigeria, Libya and U.S. shale -have been all larger than expected," Taylor said. Over the past year, militancy hit the oil-producing coastal region in Nigeria, cutting output by nearly 1 million bpd. In Libya, several militant groups blocked major eastern ports and western oilfields in a long-standing stalemate. But 2017 has witnessed a striking recovery in both. Nigeria is projecting the highest exports since March 2016 with an August loading plan of around 2 million bpd, while Libyan output topped 900,000 bpd this week with 1 million bpd targeted by the end of July. The United States, which is not part of the supply-reduction deal, is expected to increase production from shale by up to 1 million bpd, or almost 10 percent of the country''s crude output. "In the third quarter we should draw, but we are unsure about the fourth quarter as U.S. production is likely to have a year-end spurt," Taylor added. On the demand side, oil consumption growth is still expected to be fairly healthy at 1.3 million bpd in 2017, lending some support to prices, Taylor said. Vitol traded a record amount of crude and refined products in 2016 at over 7 million bpd, a 16 percent rise year-on-year. (Reporting by Julia Payne and Dmitry Zhdannikov; Editing by Dale Hudson)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-vitol-markets-idUKKBN19I1DB'|'2017-06-27T19:43:00.000+03:00'
'22a7a2a70882a66d205c660ab6858dcd416e93b2'|'Brazil, China open $20 billion fund for infrastructure, tech projects'|'Business   11:32pm BST Brazil, China open $20 billion fund for infrastructure, tech projects BRASILIA A China-sponsored, $20 billion (15.72 billion pounds) fund is ready to receive investment pitches, the Planning Ministry''s foreign affairs secretary, Jorge Arbache, told journalists on Monday. The fund agreed on last year is expected to help finance the construction of railroads. This will link Brazilian soy- and corn-producing areas to ports, potentially boosting Brazil''s economy as it slowly emerges from a deep recession. China also stands to gain because it is a large buyer of Brazilian grains. The fund`s investment decisions will be made by a committee composed of Brazilian and Chinese officials, taking into account both countries` priorities, Arbache said. The fund''s resources will primarily be allocated toward infrastructure, but will also accept financing requests related to manufacturing, agriculture and technology, the secretary said. China will finance three quarters of the projects accepted by the fund, or $15 billion. The rest will come from Brazilian banks such as development lender BNDES [BNDES.UL], Caixa Economical Federal [CEF.UL] and private banks. (Reporting by Silvio Cascione; Editing by Taylor Harris)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-brazil-china-infrastructure-idUKKBN19H2NT'|'2017-06-27T06:32:00.000+03:00'
'17f3cd6c1e10b4a046106c06044736ac09c778db'|'L1 Retail agrees to buy Holland & Barrett for 1.77 billion pounds'|'LONDON Russian billionaire Mikhail Fridman''s L1 Retail has agreed to buy health food and supplements chain Holland & Barrett for 1.77 billion pounds ($2.26 billion) from The Nature''s Bounty Co. and The Carlyle Group ( CG.O ), the companies said in a statement.L1 Retail is expected to close the transaction by September, subject to regulatory approvals.Private equity firm Carlyle acquired Nature''s Bounty, including Holland & Barrett, in 2010 for $3.8 billion.The deal for Holland & Barrett, which has more than 1,300 shops in 16 countries but is focused on Britain, was first reported by the Financial Times on Sunday."We believe that the company is well positioned to benefit from structural growth in the growing 10 billion pound health and wellness market and has multiple levers for long term growth and value creation," said L1 Retail Managing Partner Stephen DuCharme.A spokesman for L1 told Reuters the company would create a board for Holland & Barrett that would include L1 Retail''s advisory board and investment team, possibly some outside non-executive directors and the chief executive and chief financial officer of the chain."We will create a board that features the best possible combination of skills to support the leadership team and take Holland & Barrett to the next level," he said.Carlyle was advised by Goldman Sachs, Houlihan Lokey, UBS, PwC, Latham Watkins and OC&C.Reuters reported in January that Carlyle had hired Goldman Sachs to help it sell Nature''s Bounty, but that it may opt to sell Holland & Barrett separately.Tycoon Fridman''s other investments include $200 million in ride-hailing firm Uber Technologies [UBER.UL] and UK North Sea assets.(Reporting by Maiya Keidan; Editing by Simon Jessop and Mark Potter)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-deals-carlyle-group-l-idINKBN19H0K1'|'2017-06-26T04:33:00.000+03:00'
'71f9bb2242b4a033331403d68d2241f866758531'|'Italy bank rescue divides Europe'|'Business News - Mon Jun 26, 2017 - 1:43pm EDT Italy bank rescue divides Europe left right A Banca Popolare di Vicenza sign is seen in Rome, Italy, March 29, 2017. REUTERS/Alessandro Bianchi 1/2 left right The logo of Veneto Banca bank is seen in Venice, Italy, January 31, 2016. REUTERS/Alessandro Bianchi/File Photo 2/2 By John O''Donnell - FRANKFURT FRANKFURT Italy''s multi-billion-euro closure of two lenders drew sharp criticism on Monday for hurting a project devised to underpin confidence in the euro zone during the financial crash. As lawmakers digested details of the rescue, which involves the state rather than investors bearing most of the cost, many criticized Rome for breaking with the spirit of a framework known as banking union -- and the European Commission in Brussels for allowing it do so. Under a deal sealed over the weekend, Italy will pay more than 5 billion euros to Intesa Sanpaolo ( ISP.MI ), its top retail bank, to take the best assets of two failed Veneto banks, with up to 12 billion euros of guarantees to shield Intesa from losses. That broke a principle agreed by European leaders and enshrined in European Union law that investors, rather than the state, should shoulder the cost of bank failures. "It was all for nothing," said Philippe Lamberts, a Belgian Green party member of the European Parliament who spent months negotiating and writing the law introduced last year. "This is a bad day for Europe. It''s another hit to European integration," he said, describing it as a "major blow" to the euro currency itself and damaging for the image of the European Central Bank, which supervises Europe''s biggest lenders. Sven Giegold, an EU parliamentarian who also helped write the law, demanded a parliamentary enquiry into the flouting of the rules, attacking the Commission, the EU''s executive. It had the final say in approving the scheme. Investors breathed a sigh of relief following the decision, with shares rallying, while Italy sought to portray the move in a positive light. It removes one of the chief financial headaches facing the country. One Bank of Italy official even said that the state could eventually make a profit from the deal. But European lawmakers struck a more somber tone. FROSTY RECEPTION Markus Ferber, a German lawmaker in the European parliament, said Italy had not respected the new rules and predicted that Germany would be reluctant to pursue closer ties in the 19-member euro zone as a result. "This is bringing banking union to the graveyard," said Ferber, a member of Bavaria''s Christian Democrats, the sister party of German Chancellor Angela Merkel''s ruling conservatives. "It makes no sense to have further integration," he said, citing the example of pan-European protection of deposits, the next step that had been planned for the banking union. "No-one could seriously grant Italy access to deposit protection." Germany, worried that it would have to shoulder the bill for failed banks in countries such as Greece or Spain, had been central in writing the rules to force losses on the bondholders and large depositors of failing banks. Germany''s finance ministry also gave the Italian announcement a frosty reception. "The use of state aid should be avoided as much as possible in bankruptcy cases," a spokeswoman for finance minister Wolfgang Schaeuble said, adding that it was up to the European Commission to ensure that the rules were respected. Rome had hoped healthier Italian banks would club together to help the lenders, Banca Popolare di Vicenza and Veneto Banca. But most would not, having already spent billions propping up other ailing banks. Italy''s subsequent move to sidestep the EU regime now raises a question mark over the entire framework and whether it can ever be used instead of taxpayer bailouts. The events also cast a cloud over the ECB, which monitored the banks and had deemed them solvent until recently. It declined to comment. That Italian solution contrasts with Santander''s ( SAN.MC ) recent rescue of a struggling lender in Spain, where it too paid just 1 euro but took on the smaller bank''s troubled loans and imposed losses on shareholders, including retail investors. Alberto Ruiz Ojeda, a lawyer from the Spanish Association of Minority Shareholders who is representing Banco Popular investors taking action after the rescue, said the move by Italy would encourage more of those who lost money to sue. "Intesa Sanpaolo is going to benefit from a scheme that Banco Santander has not been able to," he said. "What we see is discriminatory and unfair treatment. This will give rise to more claims, both from Popular shareholders and bondholders." While German politicians were among the most vocal critics, lawmakers from other countries also expressed dismay. Greece''s banks received more robust treatment and the capital controls introduced to stabilize the country''s feebler banks and financial system are still in place. "It is not a fair world. It is obvious that Italy is quite another country to Greece," said Kostas Chrysogonos, a European lawmaker with Greece''s left-wing Syriza party, recalling the strict terms imposed on Athens. "What you have is more a cooperation of states and not an authentic union." (Additional reporting by Joseph Nasr in Berlin, Silvia Aloisi in Milan and Jesus Aguado in Madrid; Editing by Catherine Evans) '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-eurozone-banks-italy-veneto-idUSKBN19H26O'|'2017-06-27T01:43:00.000+03:00'
'd7e0be28f7aff884227559553f20cb0abd0d1eae'|'New Boeing bosses target more wins after Paris plane launch'|'Business News - Mon Jun 26, 2017 - 4:06pm BST New Boeing bosses target more wins after Paris plane launch FILE PHOTO: Vice President of Boeing Commercial Airplanes, Ihssane Mounir (L) shakes hands with United Airlines Senior Vice President of finance, Gerry Laderman, during a commercial announcement at the 52nd Paris Air Show at Le Bourget Airport near Paris, France June 20,... REUTERS/Pascal Rossignol/File Photo By Tim Hepher - PARIS PARIS Boeing''s new commercial management has signalled a determination to win back market share with a combative new style, swapping traits with an unusually sombre Airbus after winning the Paris Airshow with a slick launch for its new 737 MAX 10 jet. A carefully packaged week of announcements created momentum that Boeing has struggled to display in recent years after being outmanoeuvred for sales of single-aisle planes since the pair decided to upgrade their best-selling models early this decade. Boeing ( BA.N ) has seen its market share fall from 50 percent to around 42 percent for the latest models, partly because the Airbus A320 family''s design allowed it to use a larger version of the latest generation of engines, which helps in some cases. It was the first show in their respective roles for ex-General Electric executive Kevin McAllister, the first outsider hired to run Boeing''s commercial division, and Ihssane Mounir, recently made sales chief after fighting Airbus in North Asia. Its outcome reflects a "more aggressive marketing strategy" at the U.S. company, Jefferies analyst Howard Rubel wrote in a note. Boeing got 361 orders and commitments for the 737 MAX 10 from 16 customers, including 147 incremental ones. Reuters had reported it would win close to 150 incremental orders. "It''s a fightback. It goes back to (McAllister''s predecessor) Ray Conner''s recent talk about winning markets," said Nick Cunningham, analyst at UK-based Agency Partners. "The battle showed itself in price and is now beginning to show itself in products." Boeing''s energy contrasted with a flatter tone than usual from Airbus, even though it too won more orders than expected. It suggests Boeing will be looking to maintain last week''s momentum as it tries to poach Airbus ( AIR.PA ) customers without the previous disadvantage of an uneven portfolio dependent mainly on the smaller MAX 8, industry sources said. That could result in bruising battles as Boeing''s fired-up new management targets Airbus customers while working on a separate new mid-sized aircraft project for next decade. Airbus denied it had lost any momentum. Its executives painted the 737 MAX 10 as something forced on Boeing to defend a weak market share, and highlighted the more than 200 conversions to 737 MAX 10s from existing Boeing orders. Some questioned whether all buyers would stick with the model. "It was a good PR exercise. I am not so sure if there was as much quality or substance to they deals they did at the air show," said Kiran Rao, recently designated as successor to Airbus sales chief John Leahy, who retires this year. Analyst Scott Hamilton of Leeham News played down Airbus''s objection about conversions, saying switching up in size is standard and noting the important backing of United Airlines ( UAL.N ) for the new Boeing model. Still, industry sources said Boeing''s decision to launch the 737 MAX 10, seating up to 230 people, was a twin defensive move. Most attention focussed on Boeing''s need to fix a gap in seats at the top end of its single-aisle portfolio against the A321neo, which Airbus says can seat up to 240 people. PROTECTING 737 MAX 8 But Boeing had a second reason to launch the 737 MAX 10. Industry sources say it had grown increasingly worried about losing sales of its main cash cow, the MAX 8, through the back door because of interlocking relationships between models. Alarm bells began ringing at the same air show two years ago when Korean Air ( 003490.KS ) split a $6.9 billion order for narrow-body jets between the A321neo and Boeing 737 MAX 8. The success of the A321neo created the threat that Boeing customers who needed a high proportion of the larger category in their fleets could pick the A321neo, and then take the 150-seat A320neo by default to avoid the inefficiency of two types. Airbus says the A321neo size will make up half the single- aisle market, worth $3 trillion over 20 years. Boeing says it will be closer to 25 percent. But even at Boeing''s lower estimate, the success of the A321neo handed Airbus a powerful lever to make inroads into the rest of Boeing''s fleet and damage its biggest-selling product. "It was a threat. Boeing needed to defend the 737 MAX 8," a senior aircraft leasing company executive said. The grab for market share, which began under soon-to-retire Boeing vice chairman Ray Conner, who handed the commercial unit to McAllister in November, still leaves Boeing trailing Airbus. "It improves the 737''s competitive position but does not resolve it entirely," Cunningham said. Mounir rejected a suggestion that Boeing had approached the air show in the spirit of ''attack is the best form of defence''. "We are playing offence; this was offence," he told Reuters. (Reporting by Tim Hepher; Editing by Mark Potter) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-airshow-paris-boeing-idUKKBN19H1RX'|'2017-06-26T23:06:00.000+03:00'
'c1264141be8b8d14647b8b25dfc87b1571516315'|'Deals of the day-Mergers and acquisitions'|'(Adds RHI, Kroton Educacional, Dyal Capital Partners, Vivendi, Encino Energy and Sigma Alimentos; Updates Air India)June 28 The following bids, mergers, acquisitions and disposals were reported by 2000 GMT on Wednesday:** Dutch healthcare company Philips has agreed to buy U.S.-based Spectranetics Corp, a maker of devices to treat heart disease, for 1.9 billion euros ($2.16 billion) including debt, as it expands its image-guided therapy business.** Chinese e-commerce company Alibaba Group Holding is investing an additional $1 billion in Southeast Asian online retailer Lazada Group, boosting its stake by nearly a third to 83 percent and amplifying its focus on the region.** Japan''s Toshiba Corp has pushed back its timeline to clinch a sale of its prized flash memory chip unit, saying the $18 billion deal was being held up due to differences of opinion within the consortium chosen as preferred bidder.** French industrial group Legrand has agreed to buy U.S. infrastructure company Milestone AV Technologies in a transaction worth $950 million based on enterprise value, Legrand said.** U.S. private equity group Blackstone Group LLP agreed to buy Singapore-listed and Japan-focused Croesus Retail Trust (CRT) for S$900.6 million ($650 million), part of an trend of buyouts of real estate investment trusts (REITs).** Brazil''s Centrais Energeticas de Minas Gerais received a proposal from China''s State Power Investment Overseas Co. for its stake in Santo Antonio dam, the company said in a securities filing.** Canada''s Competition Bureau said it would allow a planned merger between DuPont and Dow Chemical Co after both firms agreed to dispose of some assets.** The European Bank for Reconstruction and Development (EBRD) said that it has sold half of its stake in Poland''s Azoty Group at a discount to Tuesday''s closing price.** India approved plans to privatise debt-laden Air India, the first step of a process that could see the government offload an airline struggling to turn a profit in the face of growing competition from low-cost rivals.** Korea Electric Power Corp (KEPCO) is in talks to buy a stake in Toshiba''s NuGen nuclear project in Britain, a KEPCO executive said, a move that could throw the troubled project a life-line but also delay its start.** The European Commission gave Austrian industrial materials maker RHI clearance to buy Brazil''s Magnesita Refratarios after the company agreed to divest some businesses in Europe.** Brazil''s antitrust watchdog Cade will reject Kroton Educacional SA''s proposed takeover of rival Estácio Participações SA on grounds the deal is not palatable politically, a person with direct knowledge of the matter said.** Dyal Capital Partners, the Neuberger Berman Group unit that buys minority stakes in hedge and private equity fund firms, has bought a piece of private credit and special opportunities investor Atalaya Capital Management, marking its third investment in three months.** France''s Vivendi would need to pay an estimated 30 percent premium on the price of Ubisoft''s shares to lure institutional investors and take control of the video games maker, according to several analysts.** Canada Pension Plan Investment Board (CPPIB), the country''s biggest public pension fund, plans to invest up to $1 billion to buy oil and gas assets in the United States in a partnership with Encino Energy Ltd.** Hungarian central bank governor Gyorgy Matolcsy''s son has bought the publishing company that runs some of the country''s largest news web sites, the publisher confirmed.** Mexico''s Sigma Alimentos, a unit of conglomerate Alfa, said that it has acquired Sociedad Suizo Peruana de Embutidos (SUPEMSA), a firm which produces and sells cold meat and dairy products in Peru, for an undisclosed amount. (Compiled by Diptendu Lahiri and Divya Grover in Bengaluru)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/deals-day-idINL3N1JP3HA'|'2017-06-28T17:38:00.000+03:00'
'901ddb17ae3b719b44b3a4a15f0bbe8aacb3b232'|'Despite weak oil prices, OPEC still pockets more dollars'|'Wed Jun 28, 2017 - 2:34pm BST Despite weak oil prices, OPEC still pockets more dollars left right FILE PHOTO: A worker checks the valve of an oil pipe at Al-Sheiba oil refinery in the southern Iraq city of Basra, Iraq, April 17, 2016. REUTERS/Essam Al-Sudani/File Photo 1/4 left right FILE PHOTO: A view shows al-Shuaiba oil refinery in southwest Basra, Iraq April 20, 2017. REUTERS/Essam Al-Sudani/File Photo 2/4 left right FILE PHOTO: OPEC logo is pictured ahead of an informal meeting between members of the Organization of the Petroleum Exporting Countries (OPEC) in Algiers, Algeria September 28, 2016. REUTERS/Ramzi Boudina/File Photo 3/4 left right FILE PHOTO: A flag with the Organization of the Petroleum Exporting Countries (OPEC) logo is seen before a news conference at OPEC''s headquarters in Vienna, Austria, December 10, 2016. REUTERS/Heinz-Peter Bader/File Photo 4/4 By Alex Lawler - LONDON LONDON With world oil inventories swelling despite a global pact on cutting output and crude prices falling by a fifth in the past month, OPEC appears to be losing its battle to balance the market. But there is one crucial fight the oil-exporting group has been winning so far: its members have earned more money this year than last and the prospect of higher revenues is likely to motivate OPEC to stick with output cuts or even deepen them. OPEC''s first output cut in eight years has earned the group $1.64 billion a day so far this year, up more than 10 percent from the second half of 2016, according to Reuters calculations based on OPEC figures for average production and its crude basket price up until June 20. Compared with the first half of 2016, when oil prices sank to a 12-year low near $27 a barrel, the increase in income is a dramatic 43 percent, even though production by the Organization of the Petroleum Exporting Countries was little changed. Income could rise in the rest of the year if, as OPEC hopes, a supply glut is banished. OPEC plus Russia and other non-OPEC producers agreed on May 25 to extend supply cuts to March, after an initial deal to keep them in place for the first half of 2017. "I expect the gains for OPEC to be higher during the second semester 2017 due to a tight market in the third and fourth quarter, despite an oversupply from non-OPEC not tied to the OPEC agreement and higher-than-expected production from Libya and Nigeria," said Chakib Khelil, Algeria''s former oil minister. He estimated OPEC revenues rose about 8 percent in the first half of 2017, following its move at the end of 2016 to cut overall output by about 4 percent. "The overall gain in revenues for OPEC would be in the 9 to 10 percent range for the whole of 2017 compared to 2016," the former minister said. OPEC''s decision in late 2016 to return to a policy of limiting supply, in cooperation with Russia and other non-members, marked the end of a two-year period in which the group pumped at will in a Saudi-led shift to curb rival output and boost market share, which accelerated a drop in prices. "I think the extent to which Saudi Arabia bled revenue during 2014-2016 forced them back to the OPEC table before the job of really turning the screw on U.S. shale and other non-OPEC supply was completed," said David Fyfe, chief economist at trading firm Gunvor. "However, the production deal has at least staunched the cash hemorrhage for now," he said. The Reuters calculation is based on data from the International Energy Agency and figures published by OPEC about its production according to estimates by six secondary sources. For the price, Reuters used the OPEC basket, an index of the crudes sold by the member countries. It is intended to illustrate the general trend for oil revenues and does not aim to give exact estimates of countries'' oil export earnings. STICK WITH IT OPEC and non-OPEC allies led by Russia initially agreed to cut about 1.8 million barrels per day (bpd) in the first half of 2017. But with the supply glut proving slow to shift, they agreed on May 25 to prolong the deal to the first quarter of 2018. A drop in prices since then has prompted some OPEC delegates to question whether the deal is enough, but the group is in no rush to deepen its output cut. Rising U.S. production has undermined some of the impact of the OPEC-led cuts. In addition, Libya and Nigeria, two OPEC members exempted from the curbs, have increased output although not by enough to alter the overall picture of lower OPEC output in the six-month period. While OPEC states will welcome the extra revenue, it has not yet plugged budget deficits that have opened up. To balance its books, Saudi Arabia needs oil closer to $75 a barrel, asset management firm AB Bernstein estimates. However, Fyfe of Gunvor said the higher earnings during the first half of this year will probably give producers sufficient motivation to keep going and even consider further measures. Taking Dubai oil as a benchmark, prices so far in 2017 are 25 percent above last year''s $41 average, while OPEC production in the same time is 2 percent, or 700,000 bpd, below 2016''s average, he said. "That arithmetic ought to persuade OPEC and Russia of the value of sticking with it, maybe cutting sufficient extra barrels to offset Libya and Nigeria increases and reaping the reward of higher overall 2017 revenues," said Fyfe. "But the politics of apportioning further cuts will get messy," he added. Khelil also said he thought OPEC needed to keep on with supply restraint beyond the expiry of the current deal to protect the increase in income earned this year. "It would be in the best interest of OPEC to plan on continuing curtailing production after the end of March 2018 so as to maintain the 9 to 10 percent gain in revenues achieved in 2017," he said. (Editing by Dmitry Zhdannikov and Edmund Blair)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-opec-oil-revenues-analysis-idUKKBN19J1QM'|'2017-06-28T16:29:00.000+03:00'
'4e854156c29036a281443736b5cae4f08cb0604a'|'China pumps cash into African floating LNG projects in strategic push'|'* Western banks wary of FLNG projects* But well-capitalised Chinese players step up lending* China aims to become lowest-cost seller of FLNG plants* Its shipyards to build floating plants for African projectsBy Oleg Vukmanovic and Colin LeopoldLONDON, June 27 China plans to pour almost $7 billion into floating liquefied natural gas (FLNG) projects in Africa, betting on a largely untested technology in the hope that energy markets will recover by the time they start production in the early 2020s.Western banks are wary due to the depressed state of the shipping and gas markets, as well as the technical difficulties of pumping gas extracted from below the ocean floor, chilling it into liquid form on a floating platform and transferring it into tankers for export.China, however, is making a strategic push into FLNG, aiming to become the lowest cost seller of the complex floating plants and lead the global rollout of a technique that remains in its infancy, with only one project in commercial production so far.The country needs gas as a cleaner alternative to coal under a drive to improve air quality in its cities, and has already lent $12 billion to Russia''s conventional Yamal LNG project in the Arctic as U.S. sanctions scared away Western banks.It has also lent or committed almost $4 billion to three FLNG schemes off the African coast. In two more African projects costing a total of $3 billion, it plans not only to provide the funding, but also build the production platforms."We see a real commitment to FLNG in China both from the construction side and from the LNG consumption side where decreasing costs mean potentially lower cost LNG," said Steve Lowden, chairman of Jersey-based NewAge which is planning FLNG projects off Congo Republic and Cameroon.China already dominates the global market for solar panels and is a major supplier of coal-fired power plants, aided by easy money, cheaper labour and state support.Now, with Beijing pushing President Xi Jinping''s "Belt and Road" vision of expanding trade links between Asia, Africa and Europe, it is turning to FLNG to bring high technology work to its shipyards and create jobs - a strategic priority.FLNG is also attractive to resource-rich but debt-burdened African countries. Projects can sail into place, drop anchor, and begin exporting for much less than the cost of onshore plants, the price of which quadrupled in the decade to 2013.That, at least, is the theory. The reality is that the technology remains complex. Royal Dutch Shell''s mammoth Prelude FLNG plant, for example will be aboard the world''s biggest floating structure, but must squeeze the equipment into a quarter of the space occupied by an LNG plant on dry land.Wave motion and ocean currents add to the difficulties.The $12.6 billion Prelude project, which is due to start operating off Australia in 2018, is typical of those conceived during the era of high energy prices. However, spot LNG prices have fallen 70 percent since early 2014 and are expected to remain under pressure or drop further due to extra supply from new conventional plants in Australia and the United States.Despite this, some producers and buyers are banking on the glut ending early in the next decade, although they don''t want to lock themselves into big projects, preferring smaller, more flexible ones like in Africa.The only operational FLNG project launched in Malaysia last year, with construction of the floating platform costing around $1.6-$1.7 billion. Bankers say this is still too expensive and if the Chinese can build one for $1 billion, they would corner the market.ESTABLISHED SHIPYARDSWith new investments in costly conventional LNG plants on hold, the only two production projects to advance this year are floating types, in Mozambique and Equatorial Guinea. Both are largely backed by Chinese loans although the platforms are being built by more established Asian shipyards.Lowden said the two NewAge projects will be wholly financed by Chinese companies and this time also built in Chinese shipyards. "They are more than fully able to handle such projects," he said.Still, Dutch offshore engineer SBM and JGC of Japan will partner with the Chinese players, including China Offshore Oil Engineering & Construction Ltd.NewAge expects to sanction both the projects next year.Last year, China''s Wison Offshore & Marine completed the first-ever FLNG ship but it remains unused following the cancellation of a project in Colombia it was intended for.VERY DEEP POCKETSAs typical Western sources of funding have slowed due to the weak state of the shipping business, highly-capitalised Chinese players believe the market has reached the bottom and are keen to step up lending before the cycle turns and pushes up costs."The difference is that in the West banks lend at the top of the market when they have most liquidity, but in China they''re smarter and put money in at the bottom," a financier who advises Chinese lenders on LNG shipping deals said.This month, Chinese banks including Industrial and Commercial Bank of China, and Bank of China committed around 1.75 billion to project finance the Coral South FLNG project in Mozambique, bankers said. ICBC declined comment while BOC did not respond to a request for comment.By contrast Western commercial banks provided just $200 million in uncovered debt to Coral, to be developed by Italy''s Eni, instead of an originally proposed $1.9 billion. They cited uncertainties around FLNG technology and a public debt crisis in Mozambique.Adam Byrne, Managing Director at ING Bank, said Chinese lenders "have very deep pockets indeed"."If they decide to, they can support something for even a billion or a billion and a half dollars," Byrne told a shipping conference earlier this month.AFRICA AND BEYONDThe next big African deal, in Equatorial Guinea, is being financed by China State Shipbuilding Corp with a $1.2 billion loan for Fortuna FLNG, bankers say. This project - which is being developed by UK-listed Ophir Energy, shipping firm Golar LNG and oil services group Schlumberger - will produce 2.2 million tonnes of LNG a year and is expected to be sanctioned within weeks.China State Shipbuilding Corp (CSSC) also lent $960 million to Golar LNG in 2015 for the first-ever conversion of a conventional LNG tanker into an FLNG platform, which is set to enter operation this year in Cameroon. CSSC declined comment.All these projects were awarded to established shipbuilders in South Korea, Singapore or Japan, but the experience sets up Chinese developers to take the lead on other projects in Africa and beyond, say consultants and industry sources.Equatorial Guinea sees scope for another two FLNG projects, its petroleum minister has said, while BP and joint venture partner Kosmos Energy are also eyeing two in the waters of Senegal and Mauritania.China also has plans for conventional LNG production in Africa. Chinese conglomerate Poly-GCL has begun construction of an onshore LNG facility in Djibouti which will export Ethiopian gas to China, according to Poly-GCL''s website. (Colin Leopold reports for Project Finance International, a Thomson Reuters company; Additional reporting by Shu Zhang and Brenda Goh in Beijing; Editing by Veronica Brown and David Stamp)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/china-lng-africa-idINL8N1JG58X'|'2017-06-26T23:00:00.000+03:00'
'3f23aecca2448358fe4caee0d79a7213ae72d3bb'|'Golden age in property investing fades but market still strong -PGIM'|'NEW YORK, June 27 A golden period in global real estate markets appears near an end as rising interest rates and lower returns hurt performance, according to asset manager PGIM on Tuesday.The outlook for real estate, however, remains very strong, though investors will need to search to find attractive income streams and sources of growth that can deliver target returns, said the investment management arm of Prudential Financial Inc .There is no evidence of mispricing in major markets, leverage has been reduced and prime real estate is priced around fair value, said Peter Hayes, PGIM''s global head of investment research."There is no obvious trigger out there that would point to a collapse in real estate values," he said. "There''s definite investor nervousness, that''s always been the case. But there''s no evidence of systemic risk," he said.PGIM, which manages $65.9 billion in real estate assets, said opportunities can be found in the non-gateway U.S. markets such as Dallas and Phoenix and non-central business districts in Asia and Europe where office rental demand looks strong.Ongoing demand for warehousing in the United States and elsewhere because of e-commerce and the world''s growing middle class, which is driving tourism, especially in Asia due to the Chinese, also offer opportunities, PGIM said in a presentation.But caution, which has reigned since the global financial crisis, still prevails as investors take their foot off the pedal a little bit after the superior returns from 2010-2015, Hayes said.In core U.S. real estate assets those returns were in the mid-teens and now will likely be in the high single digits, said Eric Adler, chief executive of PGIM Real Estate.The number of global transactions fell in 2016 but were still high from a historical perspective, suggesting continued competition for deals, PGIM said. However, the amount of capital targeting real estate has dropped slightly and pricing pressure in global markets has cooled, it said.Eight global gateway cities - London, Paris, Hong Kong, Tokyo, New York, Los Angeles, San Francisco and Washington - account for about one-third of cross-border deals, Hayes said.(Reporting by Herbert Lash; Editing by Marguerita Choy)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/usa-property-pgim-outlook-idINL1N1JO0MF'|'2017-06-27T14:19:00.000+03:00'
'49756a7c309c1c86e24f8dd14eea0507aa552589'|'Plunge in UK confidence hits Debenhams, adds to slowdown fears'|'Top   5:13pm BST Plunge in UK confidence hits Debenhams, adds to slowdown fears A man walks past a Debenhams store in west London, Britain June 27, 2017. REUTERS/Toby Melville By James Davey and William Schomberg - LONDON LONDON British consumer confidence plunged during the political crisis sparked by Prime Minister Theresa May''s election flop, hitting the sales of general retailers such as Debenhams ( DEB.L ) just as shoppers'' spending power is undermined by the pound''s fall. Two major surveys showed confidence among British consumers and retailers had fallen back to levels last seen in the wake of the shock 2016 Brexit vote which thrust Britain''s $2.5 trillion (1.96 trillion pounds) economy onto an uncertain path. Polling firm YouGov said it expected economic growth to fall sharply over the coming months while the Confederation of British Industry said retailers were downbeat about July. The tension could be felt on the high street, where the second-biggest department store group, Debenhams, warned that trading had turned volatile. "We have seen an increase in customer uncertainty caused by the overall environment and that has an impact on categories that are related to disposable income," Chief Executive Sergio Bucher said, as clothes sales proved particularly weak. British consumers have been hit by a sharp rise in inflation, caused in large part by the fall in the value of the pound since Britain voted last June to leave the European Union, and by a slowdown in wage growth. "But the real cause for alarm will be the cooling of the property market, as this is one of the key things that has propped up consumer confidence over the past few years," Stephen Harmston, head of YouGov Reports, said. Britain''s housing market has come under pressure in recent months. Mortgage lender Nationwide has reported three successive monthly falls in house prices for the first time since 2009, while rival Halifax says annual growth is the lowest since 2013. The combination of slow growth and high inflation has put the Bank of England in a difficult spot. Its interest-rate setters split 5-3 this month on the need to raise borrowing costs to see off a rise in inflation. The BoE is waiting to see if exports can offset weaker consumer demand. The index of UK consumer confidence produced by YouGov fell back to just above levels last seen in June last year. Its conclusions were based on data collected between June 9, the day after the election, and June 21. "Our preliminary assessment is that economic growth will fall sharply over the coming months and the country will only be saved from recession by strong international trade," said Douglas McWilliams, deputy chairman at the Centre for Economics and Business Research which produces the index with YouGov. A separate survey by the CBI showed British shops had a better June than economists had expected but retailers are their most downbeat about the month ahead since September last year. MARKET VOLATILITY Debenhams, a presence on most British high streets, warned profits for its year to August 2017 could be towards the lower end of analysts'' forecasts if market volatility did not ease, sending its shares down 4.5 percent. The retailer reported a 0.9 percent fall in group like-for-like sales in the 15 weeks to June 17, its fiscal third quarter. Market leader John Lewis has also reported lacklustre trading in recent weeks. "As industry data has confirmed, May was a tough month for retailers and we continue to see volatility in trading week to week," Debenham''s Bucher said. Official data published earlier this month showed British retail sales fell more sharply than expected in May, while workers'' earnings after inflation shrank at the fastest pace since 2014. Sofa retailer DFS Furniture ( DFSD.L ) also issued a profit warning this month. Eating into consumers'' disposable income, rising inflation has pushed up the price of food, helping British supermarkets to record their highest sales growth in five years. Market researcher Kantar Worldpanel said UK grocery industry sales rose 5.0 percent in the 12 weeks to June 18. Grocery inflation was 3.2 percent, which represented an extra 133 pounds ($170) on the average household''s annual shopping bill. It noted butter was almost 20 percent more expensive year-on-year, while there has been a 14 percent price rise across fresh and tinned fish. (Editing by Kate Holton and Guy Faulconbridge)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-economy-idUKKBN19I1FG'|'2017-06-27T20:08:00.000+03:00'
'68381f3c13bd037285f24b03afbc8af200b0f4e6'|'Brazil''s Vale shareholders approve conversion of shares'|'RIO DE JANEIRO, June 27 Shareholders of Vale SA on Tuesday approved a plan to make the world''s No. 1 iron ore producer a company with dispersed share ownership, the press office said, in a landmark step aimed at enhancing transparency and equal rights.Shareholders approved all seven items on the restructuring agenda, including the voluntary conversion of preferred shares into common shares, the office said. (Reporting by Marta Nogueira, Alexandra Alper and Guillermo Para-Bernal)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/vale-sa-equity-idINL1N1JO10F'|'2017-06-27T14:30:00.000+03:00'
'395f36e3b63c461957f00bb241c119e8a0a0aa98'|'Japan factory output tumbles, flashes warning signs on growth'|'Business News - Fri Jun 30, 2017 - 5:24am BST Japan factory output tumbles, flashes warning signs on growth FILE PHOTO: People cross a street in the Shinjuku shopping and business district in Tokyo, Japan May 17, 2017. Picture taken May 17, 2017. REUTERS/Toru Hanai/File Photo By Leika Kihara and Stanley White - TOKYO TOKYO Japan''s industrial output fell faster in May than at any time since the devastating earthquake of March 2011 while inventories hit their highest in almost a year, suggesting a nascent economic recovery may stall before it gets properly started. Household spending also fell in May, leaving the Bank of Japan''s 2 percent target seemingly out of reach. Energy costs were the sole driver of what little inflation there is, further underscoring the fragile nature of Japan''s recovery. Recent declines in oil costs and stubbornly slow wage growth could further cloud the outlook and force the BOJ next month to cut its rosy inflation projections yet again, analysts say. "Production looks like it will enter a period of stagnation," said Hiroaki Muto, an economist at Tokai Tokyo Research Center, "If production is weak, consumer spending is unlikely to strengthen. The BOJ may have to lower its consumer price forecasts." Industrial output fell by a larger-than-expected 3.3 percent in May as the makers of cars and construction machinery cut output because of high inventories, trade ministry data showed on Friday. While manufacturers'' forecasts for June suggest that output will rise by 2 percent or more in April-June, output could peak after the current quarter because some manufacturers of capital goods are ordering fewer parts from overseas, a trade ministry official told reporters. A downturn in output would be bad news for Japanese policymakers, who have pinned their hopes on strong overseas demand boosting corporate profits, wages and eventually consumption. INFLATION REMAINS SUBDUED Core consumer prices, which includes oil products but excludes fresh food prices, rose 0.4 percent in May from a year earlier, marking the fifth straight month of gains and accelerating from a 0.3 percent increase in April. But after stripping out the effect of energy costs, consumer inflation was unchanged in May from a year earlier. Core consumer prices in Tokyo, available a month before the nationwide data, were unchanged in June from a year earlier, against a 0.2 percent gain projected in a Reuters poll. "The BOJ argues that trend inflation is improving due to a strong economy. But that''s not happening," said Yoshiki Shinke, chief economist at Dai-ichi Life Research Institute. "It just shows how companies, knowing consumers are very sensitive to prices, are reluctant to raise prices." Separate data showed household spending dipped 0.1 percent in May from a year earlier to mark a 15th straight month of declines - the longest falling streak on record. Such weak spending reflects slow wage growth, despite a continued tightening in the job market, analysts say. Japan''s jobless rate unexpectedly rose to 3.1 percent in May as more workers resigned to seek better jobs and new entrants joined the labour market. Job availability rose for the third straight month in May to reach 1.4 jobs per applicant, its highest since February 1974, data from the Internal Affairs Ministry showed, suggesting an ongoing mismatch between the jobs on offer and the jobs workers either want or are qualified to do. Japan''s economy expanded at an annualised 1.0 percent in the first quarter on robust exports and a boost from consumption, prompting the BOJ to upgrade its economic assessment in April. But consumer inflation remains subdued, underscoring the challenge for the BOJ in driving up inflation to its target. The BOJ is set to upgrade its economic assessment again but cut its inflation forecast at a quarterly review of its projections in July, sources have told Reuters. (Reporting by Leika Kihara and Stanley White; Editing by Eric Meijer) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-japan-economy-cpi-idUKKBN19L0CH'|'2017-06-30T07:24:00.000+03:00'
'913aa0eaa0fd86757880b387f1dc8c2532404ace'|'Chinese online insurer ZhongAn files for up to $1.5 bln HK IPO-IFR'|'Market News - Fri Jun 30, 2017 - 12:17am EDT Chinese online insurer ZhongAn files for up to $1.5 bln HK IPO-IFR HONG KONG, June 30 ZhongAn Online Property and Casualty Insurance, China''s first internet-only insurer, has filed for an initial public offering in Hong Kong worth up to $1.5 billion, IFR reported on Friday, citing people familiar with the plans. The filing sets the deal in motion, with an expected listing slated for as early as the end of 2017, added IFR, a Thomson Reuters publication. ZhongAn declined to comment on its IPO plans. ZhongAn, whose major shareholders include Tencent Holdings Ltd and Alibaba Group''s affiliate Ant Financial, had been weighing an IPO in Hong Kong or in China. But uncertainty over a timely approval for a listing in mainland markets prompted the company to focus on a Hong Kong deal instead, a person familiar with ZhongAn''s plans previously told Reuters. (Reporting by Fiona Lau of IFR, Writing by Elzio Barreto; Editing by Himani Sarkar)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/zhongan-online-ipo-idUSL3N1JR1VU'|'2017-06-30T07:17:00.000+03:00'
'8724cbc84cdf76ef044d2ab661d77c1946024930'|'Bayer to cut profit view on Brazil, consumer health setbacks'|'Business News   9:52am BST Bayer to cut profit view on Brazil, consumer health setbacks The logo of Bayer AG is pictured at the Bayer Healthcare subgroup production plant in Wuppertal February 24, 2014. REUTERS/Ina Fassbender/File Photo By Ludwig Burger - FRANKFURT FRANKFURT Bayer ( BAYGn.DE ) said on Friday it would cut its full-year earnings forecast due to high inventories at crop protection distributors in Brazil and a weaker-than-expected consumer health business. "At the end of the harvest season in Brazil, regular stock-taking revealed an unexpectedly high channel inventory level of crop protection products," the company said in an unscheduled statement. This would result in a one-time hit of 300-400 million euros (£263-£351 million) on full-year earnings before interest, taxes, depreciation and amortisation (EBITDA). Bayer, in the midst of seeking regulatory approval for its $66 billion takeover of U.S. seeds group Monsanto ( MON.N ), said it would adjust its business outlook when it publishes second quarter results, due on July 27, without providing details. The shares were down 4.3 percent to 113 euros at 0758 GMT. The company also cited unfavourable currency developments but added its pharmaceuticals division and chemicals business Covestro ( 1COV.DE ) were still performing strongly, while business at its animal health unit was line with expectations. Bayer has been trying to overcome a weaker than expected performance of key consumer care brands Coppertone sun screen and Dr. Scholl''s foot care products, acquired from Merck & Co ( MRK.N ). When asked about Bayer''s plan to file for regulatory approval in Europe for the Monsanto deal this quarter, a spokesman said that remarks by Bayer CEO Werner Baumann last week, reaffirming that goal, were still valid. (Reporting by Ludwig Burger; Editing by Harro ten Wolde and Mark Potter)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-bayer-outlook-idUKKBN19L0YI'|'2017-06-30T11:52:00.000+03:00'
'2560fda0401105b86d622609c6f412c8a88de524'|'UPDATE 1-Chinese ready to tuck into U.S. beef imports after 14-year wait'|'Market News - Fri Jun 30, 2017 - 2:04am EDT UPDATE 1-Chinese ready to tuck into U.S. beef imports after 14-year wait * Beef is fastest-growing meat sector in China * China beef imports worth $2.6 billion in 2016 * U.S. expected to grab significant part of market (Adds U.S. Ambassador Branstad comments in paragraphs 7-9) By Dominique Patton BEIJING, June 30 China''s top online retailers and U.S. superstore giant Walmart are scrambling to satisfy the voracious appetites of consumers excited about the first American beef to arrive in the world''s most populous nation in 14 years. "I am a frequent buyer of steak so I can tell the quality by its colour and marbling," said one woman on Thursday at a Sam''s Club store in Beijing owned by Walmart. She selected a 211 yuan ($31.13) pack of newly arrived U.S. steak over her usual choice from Australia. "This looks tasty, worth a try," she said, declining to be named. Other shoppers at the store said imported beef was superior in quality and worth its hefty price. Beef is the fastest-growing meat sector in China, outstripping stagnant demand for more widely eaten pork, with consumers seeking healthier sources of protein and adopting Western eating habits. China''s beef imports hit $2.6 billion last year, making it the world''s fastest-growing overseas market for the meat. Consumer excitement about the lifting of a 2003 ban due to a scare over mad cow disease looks set to help U.S. beef grab a significant share of that demand. U.S. Secretary of Agriculture Sonny Perdue is in Beijing to mark the return of U.S. beef to China. Perdue and U.S. Ambassador Terry Branstad on Friday met with Chinese Agriculture Minister Han Changfu and Vice Premier Wang Yang. Branstad, who arrived in the capital this week to take up his post, said he hoped the return of U.S. beef would be one of several deals agreed under the 100-day trade talks between the world''s top two economies. Other deals he would like to see signed would be to allow imports of more varieties of U.S. genetically modified corn and soybean and to finalise a deal on letting U.S. rice into the country. "We''re very hopeful that what''s been worked out so far is just the beginning of a significant growth in our trade relationship," Branstad said at the meeting. Some of the millions who buy food online are expected to join the woman in the Sam''s Club store as some of the first to buy U.S. beef in China in more than a decade. Social media has been buzzing for weeks with those ready to tuck into American steak. "American steak is delicious," said one user on China''s Twitter-like Weibo service. "It doesn''t have the mutton smell of domestic beef." Womai.com, owned by food giant COFCO, said it had received more than 1,605 orders for beef from U.S. meat giant Tyson by late Wednesday. JD.com, one of the country''s biggest online retailers, has started pre-sales of U.S. beef ahead of the product''s availability from mid-July. Online meat is typically around 10 percent cheaper than it is in stores, according to Euromonitor. Imported meat accounted for more than 30 percent of JD.com''s meat sales last year, with Australian beef the top category and the most searched-for item, the company said. Still, food safety fears linger, despite Beijing''s stringent import requirements. One Sam''s Club shopper, surnamed Huang, was worried about more than beautiful marbling: "We should not only stick to foreign beef. They have food safety issues, like growth hormones and GMOs (genetically modified organisms) in the U.S." ($1 = 6.7791 Chinese yuan) (Reporting by Dominique Patton and Beijing Newsroom; Editing by Tom Hogue) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/china-beef-usa-idUSL3N1JR26H'|'2017-06-30T09:04:00.000+03:00'
'6ee62ad86c5ba4eb2d1b77dd2aa1aa5836e9cbcb'|'Volvo and Autoliv team up with Nvidia for self-driving cars'|'Technology News - Tue Jun 27, 2017 - 1:51am EDT Volvo and Autoliv team up with Nvidia for self-driving cars left right A Volvo logo is seen at a car dealership in Vienna, Austria, May 30, 2017. REUTERS/Heinz-Peter Bader 1/2 left right The nVIDIA booth is shown at the E3 2017 Electronic Entertainment Expo in Los Angeles, California, U.S. June 13, 2017. REUTERS/ Mike Blake 2/2 STOCKHOLM Volvo Cars and Swedish car safety supplier Autoliv ( ALV.N ) have signed a deal with U.S. firm Nvidia Corp ( NVDA.O ), best known for its graphics technology in computer games, to develop software systems for self-driving cars. A joint venture between Volvo, owned by China''s Zhejiang Geely Holdings [GEELY.UL], and Autoliv will work with NVIDIA to develop systems that use artificial intelligence to recognize objects around vehicles, anticipate threats and navigate safely. The venture set up last year, called Zenuity, will provide Volvo Cars with self-driving software which Autoliv will also be able to sell to other carmakers. Volvo said it aims to have almost fully autonomous cars for sale by 2021. Volvo has been using Nvidia''s artificial intelligence systems in a pilot of semi-autonomous vehicles in its home town Gothenburg in southern Sweden since the start of the year. Nvidia, which also has partnerships with carmakers Toyota ( 7203.T ), Audi ( NSUG.DE ) and Mercedes, is among the more popular technology partners in the self-driving car race. German carmaker BMW ( BMWG.DE ) has joined forces with U.S. chipmaker Intel ( INTC.O ) and Mobileye ( MBLY.N ), the Israeli vision system and mapping expert, to develop a self-driving platform, which is targeted for production in 2021. U.S. parts maker Delphi Automotive ( DLPH.N ) and tyremaker Continental ( CONG.DE ) has since joined the tie-up. In April, Germany''s Daimler ( DAIGn.DE ) formed a similar alliance with supplier Robert Bosch ROBG.UL to speed development of self-driving vehicles. (Reporting by Simon Johnson; additional reporting by Edward Taylor in Frankfurt; editing by David Clarke) '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-volvo-car-nvidia-selfdrive-idUSKBN19I0IU'|'2017-06-27T13:51:00.000+03:00'
'93832710d25dedd4d5b5df98d9d70fb11cdbc147'|'CORRECTED-Japan''s Takata expresses condolences to victims of faulty air bags'|'(Corrects headline and first paragraph to expresses condolences, not apologises, changes slug)TOKYO, June 27 Japanese auto parts maker Takata Corp expressed condolences on Tuesday to victims of its faulty air bags linked to at least 16 deaths and 180 injuries around the world.Executives offered the apology at the firm''s last annual shareholder meeting as a listed company.Takata has filed for bankruptcy protection in Japan and the United States and agreed to be largely acquired for $1.6 billion by the Chinese-owned U.S.-based Key Safety Systems. (Reporting by Maki Shiraki, writing by Sam Nussey; Editing by Stephen Coates)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/takata-bankruptcy-agm-idINL3N1JO28R'|'2017-06-27T04:24:00.000+03:00'
'89db2ba11b3106db9a970845b4c14b3419f20ea2'|'Banks'' blockchain consortium picks IBM for trade finance platform'|'Business News - Mon Jun 26, 2017 - 11:03pm BST Banks'' blockchain consortium picks IBM for trade finance platform The logo of IBM is seen on a computer screen in Los Angeles, California, United States, April 22, 2016. REUTERS/Lucy Nicholson/File Photo By Jemima Kelly - PARIS PARIS Tech giant IBM ( IBM.N ) is building a blockchain-based platform for seven big European banks, including HSBC ( HSBA.L ) and Deutsche Bank ( DBKGn.DE ), that is aimed at simplifying trade finance transactions for small- and medium-sized companies. Trade finance was identified by a survey of banks carried out by IBM and the Economist Intelligence Unit last year as one of the top areas where blockchain - the underlying technology behind bitcoin - could have an impact. Blockchain technology provides an electronic record-keeping and transaction-processing system, which lets all parties track documentation through a secure network and requires no third-party verification. This contrasts with the present process - trade finance transactions typically involve a complicated paper trail that requires international courier services, is vulnerable to document fraud, and can take as long as a month to be completed. "What we will have is a platform to bring buyers and sellers together and to make trade transactions very transparent from... the moment that a purchase order is issued up until payment," said Hubert Bdenoot, general manager for trade finance at KBC, one of the banks in the consortium. "The first service that will be available for buyers and sellers is financing and risk coverage, and it will also include a track-and-trade system so that buyers and sellers can follow the physical transfer of the goods," he told Reuters. The "Digital Trade Chain Consortium", which also includes Societe Generale ( SOGN.PA ), Natixis ( CNAT.PA ), Rabobank and Unicredit ( CRDI.MI ), is aiming for the platform to be up-and-running and available for SMEs to use by the end of the year. "There are over 20 million SMEs in Europe, and they provide around 85 percent of the jobs as well, so it''s a critical part of the economy and so anything that can facilitate growth in the SME community is going to help a lot," said Keith Bear, vice president for financial markets and head of blockchain at IBM. But KBC''s Bdenoot said the new platform was unlikely to suddenly revolutionise the market. "I don''t think this is going to be something that enters the market and then all of a sudden half of the SMEs are on the platform - I don''t think that''s realistic," he said. "I think this is something that has to grow, but which will create a halo effect in the market." (Reporting by Jemima Kelly; editing by Susan Thomas)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-banks-blockchain-ibm-idUKKBN19H2MA'|'2017-06-27T06:03:00.000+03:00'
'4bba0eb476a4f7ffceb058191a3e3fb14138bfe8'|'ECB''s Draghi says stimulus still needed as even economy recovers'|'Business News - Tue Jun 27, 2017 - 9:21am BST ECB''s Draghi says stimulus still needed as even economy recovers European Central Bank President Mario Draghi speaks during a news conference in Tallinn, Estonia, June 8, 2017. REUTERS/Ints Kalnins SINTRA, Portugal The euro zone still needs "considerable" monetary support from the European Central Bank even as its economy recovers steadily and inflation picks up, ECB President Mario Draghi said on Tuesday. "All the signs now point to a strengthening and broadening recovery in the euro area. Deflationary forces have been replaced by reflationary ones," Draghi said at the ECB''s annual policy forum in Sintra, Portugal. "However, a considerable degree of monetary accommodation is still needed for inflation dynamics to become durable and self-sustaining." (Reporting By Francesco Canepa and Balazs Koranyi)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-ecb-policy-draghi-idUKKBN19I0TC'|'2017-06-27T16:21:00.000+03:00'
'8e39b14dbe35241e72332aa4794acabf49817449'|'Britain''s Travis Perkins names ex-ARM man as chairman'|' 19am BST Britain''s Travis Perkins names ex-ARM man as chairman Travis Perkins ( TPK.L ), Britain''s biggest supplier of building materials, named Stuart Chambers, the former chairman of chip designer ARM Holdings and packaging group Rexam, as its chairman with effect from November. Chambers will succeed Robert Walker, who will retire in November after almost eight years in the post. Chambers, who will join Travis Perkins as chairman designate on Sept. 1, is currently a member of Britain''s Takeover Panel and chairman designate at miner Anglo American ( AAL.L ). Anglo American appointed Chambers in June to succeed John Parker and carry on with its overhaul. Chambers will join as non-executive director and chairman designate on Sept. 1 before becoming chairman on Nov. 1, Anglo said then. Before serving as chairman of ARM and Rexam until 2016, Chambers, aged 61, was a non-executive director at British retailer Tesco ( TSCO.L ) until 2015 and was previously a top executive at glassmakers Pilkington and its subsequent parent Nippon Sheet Glass ( 5202.T ). He began his career at oil major Shell ( RDSa.L ) as a chemical engineer. (Reporting by Noor Zainab Hussain in Bengaluru; Editing by Mark Potter)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-travis-perkins-chairman-idUKKBN19I0OO'|'2017-06-27T15:19:00.000+03:00'
'fad074a579a76a685fe9ca0efb00ea4ff561131b'|'REFILE--Nvidia partners with Volvo, auto suppliers, in self-driving deals'|'(Refiles to remove extraneous text in headline)SAN FRANCISCO, June 26 Chipmaker Nvidia Corp announced on Monday it was partnering with Volvo Cars and Swedish auto supplier Autoliv to develop self-driving car technology for vehicles due to hit the market by 2021.Volvo is owned by China''s Geely Automobile Holdings Ltd .The Silicon Valley-based Nvidia also announced a non-exclusive partnership with German automotive suppliers ZF and Hella for artificial intelligence technology for autonomous driving.Nvidia came to prominence in the gaming industry for designing graphics processing chips, but in recent years has been a key player in the automotive sector for providing the so-called "brain" of the autonomous vehicle.The company, whose many partners already include Tesla Inc , Toyota Motor Corp and tier one supplier Robert Bosch, announced its latest deals at an automotive electronics show in Ludwigsburg, Germany.Nvidia''s Drive PX artificial intelligence platform is used by Tesla in its Models S and X and upcoming Model 3 electric vehicles. Volkswagen AG''s Audi is also using the system to reach full autonomous driving by 2020.In a call with reporters, Nvidia''s senior automotive director Danny Shapiro said carmakers and their main suppliers are now moving away from the research and development phase of autonomous vehicles and into concrete production plans.The system developed jointly by ZF and Hella, and using Nvidia''s Drive PX platform, will combine front cameras with radar and software to create technology meeting the Euro NCAP safety certification for so-called "Level 3" driving, in which some, but not all, driving is performed by the car.Volvo is already using the Drive PX for the self-driving cars in its "Drive Me" autonomous pilot program.Volvo''s production vehicles built on Nvidia''s platform, as announced on Monday, are planned for sale by 2021. (Reporting By Alexandria Sage; Editing by Tom Brown)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/nvidia-autonomous-idINL1N1JN1TD'|'2017-06-27T04:06:00.000+03:00'
'fcee74b4f7fd76dd4a0f5f44e4f3620666582d18'|'Japan''s Takata apologises to victims of faulty air bags'|'Japan - Tue Jun 27, 2017 - 6:15am BST Japan''s Takata apologizes to victims of faulty air bags Takata Corp. Chairman and CEO Shigehisa Takada bows as he leaves a news conference after its decision to file for bankruptcy protection in Tokyo, Japan, June 26, 2017. REUTERS/Toru Hanai TOKYO Japanese auto parts maker Takata Corp ( 7312.T ) apologized on Tuesday to victims of its faulty air bags linked to at least 16 deaths and 180 injuries around the world. Executives offered the apology at the firm''s last annual shareholder meeting as a listed company. Takata has filed for bankruptcy protection in Japan and the United States and agreed to be largely acquired for $1.6 billion by the Chinese-owned U.S.-based Key Safety Systems. (Reporting by Maki Shiraki, writing by Sam Nussey; Editing by Stephen Coates) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-takata-bankruptcy-apology-idUKKBN19I0GJ'|'2017-06-27T13:14:00.000+03:00'
'135bd06740521f020a7ffb9ff1005d6c087c8f4e'|'Allianz expects loss of around $224 million from sale of OLB'|'Deals - Sun Jun 25, 2017 - 2:50pm EDT Allianz expects loss of around $224 million from sale of OLB FILE PHOTO: Flags with the logo of Allianz SE, Europe''s biggest insurer, are pictured before the company''s annual shareholders'' meeting in Munich, Germany May 3, 2017. REUTERS/Michaela Rehle FRANKFURT German insurer Allianz ( ALVG.DE ) expects to book a loss of around 200 million euros ($224 million) from the sale of private bank Oldenburgische Landesbank ( OLBG.F ) to U.S. private equity firm Apollo ( APO.N ), it said on Sunday. Allianz announced late on Friday that it had agreed to sell its 90 percent stake in the bank, which was no longer of strategic importance, for 300 million euros. The insurer said the loss did not affect its profit outlook for the year, because it had already taken it into account. It added that the sale would improve its Solvency II ratio, and that this was one of the reasons for the move. (Reporting by Alexander Huebner; Writing by Georgina Prodhan; editing by Susan Thomas) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-allianz-oldburgsch-lds-loss-idUSKBN19G0UX'|'2017-06-26T02:43:00.000+03:00'
'700d3b077c11f808060ba2cdee8b95809425376d'|'Carrefour''s property arm Carmila launches capital increase'|'Deals - Sun Jun 25, 2017 - 8:43pm BST Carrefour''s property arm Carmila launches capital increase PARIS Carmila, the property unit of Europe''s largest retailer Carrefour ( CARR.PA ), announced on Sunday a capital increase of 557 million euros ($623.5 million) to fund its future expansion. The company said the capital increase would be priced in an indicative range of between 23 euros and 27 euros per share against a closing price of 30.50 euros for Carmila shares on June 23. The size of the capital increase may be increased to around 632 million euros in case of full exercise of the over-allotment option, the statement said. The move follows the merger earlier this month of Carmila with Cardety, a listed property unit also owned by Carrefour. The newly merged company has been trading on the Paris stock market under the Carmila ( CARM.PA ) name since June 14. It is the third-largest listed European retail property group with a portfolio including 205 shopping centres in France, Spain and Italy, and assets valued at 5.4 billion euros. The aim of the capital increase is to fund the company''s 2017-2020 development plan, including 37 extension projects, targeted acquisitions and the deployment of a digital marketing strategy aimed at supporting retailers in increasing revenues. Outgoing Carrefour CEO Georges Plassat spearheaded the creation of Carmila in April 2014 as part of his strategy to revive the group''s European hypermarkets by making them more attractive for shoppers. (Reporting by Dominique Vidalon; Editing by Adrian Croft)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-carrefour-carmila-idUKKBN19G0VP'|'2017-06-26T03:36:00.000+03:00'
'f1945b48e684287ea38264c84420b3cfee51d39f'|'Lufthansa wants to help, not take over, Air Berlin - Bild'|'Deals - Sat Jun 24, 2017 - 11:19pm BST Lufthansa wants to help, not take over, Air Berlin: Bild left right FILE PHOTO: German carrier Air Berlin aircrafts are pictured at Tegel airport in Berlin, Germany, June 14, 2017. REUTERS/Hannibal Hanschke 1/2 left right Lufthansa Chief Executive Officer Carsten Spohr attends the annual shareholders meeting in Hamburg, Germany May 5 2017. REUTERS/Fabian Bimmer 2/2 FRANKFURT Lufthansa ( LHAG.DE ) sees no limit to the number of planes and crews it could lease from Air Berlin ( AB1.DE ), its chief executive told German newspaper Bild am Sonntag, amid criticism that support for its ailing rival is a stealth takeover attempt. "We already support Air Berlin, in that we have leased 38 planes and set them on our routes. I can imagine, however, that we would expand this cooperation and lease further Air Berlin planes and crew," Carsten Spohr said. "For me, there is no upper limit to this. On the other hand, I do not currently envisage a takeover of the company." Spohr has previously expressed interest in loss-making Air Berlin on condition its debt pile and costs could be reduced. Travel agencies, the German monopoly regulator and rival carrier Ryanair ( RYA.I ) have raised competition concerns over any possible takeover of Air Berlin, Germany''s second-biggest airline, by flagship Lufthansa. Air Berlin, 29 percent-owned by Abu Dhabi-based carrier Etihad, is trying to protect roughly 8,000 jobs in Germany. Last year, the carrier made a record net loss of 782 million euros ($875 million). (Reporting by Georgina Prodhan; Editing by Angus MacSwan) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-lufthansa-air-berlin-idUKKBN19F0RK'|'2017-06-25T06:03:00.000+03:00'
'80c3c487255936013f495b86a7ce2e3928f51376'|'Assurant shares could double-Barron''s'|'NEW YORK, June 25 Insurer Assurant Inc''s shares could double because it is emphasizing fee-based businesses while lowering its exposure to its riskier underwriting business, according to a report in Barron''s.The company generates around 60 percent of its revenue from its fee-based global lifestyle unit, the report in the June 26 issue of Barron''s said.Valuing that portion of the business similarly to what rival Allstate Corp paid for SquareTrade, which offers extended warranty plans for electronic gadgets, would suggest a value of nearly $190 a share for Assurant, Barron''s said.Assurant shares closed at $101.25 on Friday. (Reporting by Michael Erman; Editing by Dan Grebler)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/assurant-barrons-idINL1N1JM0AH'|'2017-06-25T17:53:00.000+03:00'
'695e906ec379e33082c3421c3c1e39049fb6773a'|'Italy''s €17bn bank job: self-preservation at a long-term EU price? - Nils Pratley - Business - The Guardian'|'Monday 26 June 2017 16.18 BST First published   16.17 BST T he European Union authorities seem to be making up the rules on banking bailouts as they go along. The latest Italian example – the winding-up of Veneto Banca and Banca Popolare di Vicenza – drives a coach and horses through the idea that taxpayers must be spared financial punishment, as far as possible, when lenders can’t fund themselves. The two banks are being wound down via a deal that separates the good parts of the loan books from the bad. The healthy portion will be shoved into Italy’s largest retail bank, Intesa Sanpaolo, which has been given €5.2bn (£4.6bn) by the government to ease the process. The Italian state will then take responsibility for the bad loans by agreeing €12bn of guarantees. That potential €17bn bill represents a direct exposure for Italian taxpayers and – critically – it is so large because holders of the senior bonds, or IOUs, in the two ailing banks aren’t being wiped out. Instead, the bonds will become payable by Intesa, which means they ought to be safe. Italy to wind up two failing banks at potential cost of €17bn Read more So what happened to the rule that all bondholders must be obliterated before taxpayers contribute? That principle was introduced in the EU after the 2008 global financial crisis to quell the justified outrage that taxpayers, in effect, had been underwriting private sector banks’ bad bets. On this occasion, however, only shareholders and junior bondholders are being cleaned out. The Italian government, it seems, has been able to plead successfully that the “national interest” will be served by protecting the senior bondholders because the local economy in the Venice region would suffer if Veneto Banca and Banca Popolare di Vicenza collapsed chaotically. And the European commission has swallowed this line with the imaginative explanation that the two banks are too small to matter from a competition perspective. In other words, one side says the ailing duo are critically important, while the other says they’re irrelevant. It makes no sense. Being generous, one could argue that the Italian authorities have been pragmatic since, unusually in a EU country, small savers often own bonds directly. What’s more, by rescuing senior bondholders, they have averted the danger that capital would flee from other weak Italian banks. That was enough to boost the bond and share prices of most Italian banks on Monday. Yet one cannot get around the fact that the spirit of the relevant EU banking directive has been ignored. The rules apply, except when they don’t, it seems. That has two important consequences. First, as Capital Economics argues, the “doom loop” between Italian banks and the Italian government remains a worry. If taxpayers can be on the hook at two regional banks, they may also be exposed if and when the banks more important and the sums significantly greater. Second, as the thinktank also points out, the cause of banking and fiscal integration in the eurozone has just suffered a serious jolt. In the next round of collective risk-sharing, eurozone states are supposed to guarantee deposits in each others’ banks. It is now hard to imagine Germany rushing to join such a scheme. So forget the market’s initial cheery response to this Italian bank job: a short-term problem has been fixed only by raising major long-term uncertainties. That does not sound like progress. Topics'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/2017/jun/26/italy-bank-eu-rescue-veneto-banca-banca-popolare-di-vicenza'|'2017-06-26T23:18:00.000+03:00'
'f4e240d55d7fe710f6b3198e5159e73217bf8302'|'BMW, competing with Tesla, to introduce electric 3 Series - Handelsblatt'|'FRANKFURT, June 28 BMW plans to introduce an electric version of its popular 3 Series in September, a move designed to fend off rival Tesla, Handelsblatt reported on Wednesday.The German carmaker will present the vehicle at the IAA auto show in Frankfurt in September, the paper said.The 3 series, which is a high volume sales model, will have a range of 400 km (248 miles) and is seen as a direct response to the success of Tesla''s Model 3, according to Handelsblatt.BMW declined to comment. (Reporting by Edward Taylor; Writing by Tom Sims; editing by Susan Thomas)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/bmw-competing-with-tesla-to-introduce-el-idUSL8N1JP5HI'|'2017-06-28T21:24:00.000+03:00'
'02b579b45acdebe1f27b17be24c6b30f4ed267f9'|'Lawsuit over Deutsche Bank''s Russia trades dismissed - U.S. judge'|'Wed Jun 28, 2017 - 9:09pm BST Lawsuit over Deutsche Bank''s Russia trades dismissed: U.S. judge The logo of Deutsche Bank is seen at its headquarters ahead of the bank''s annual general meeting in Frankfurt, Germany May 18, 2017. REUTERS/Ralph Orlowski By Jonathan Stempel - NEW YORK NEW YORK A federal judge has dismissed a lawsuit accusing Deutsche Bank AG ( DBKGn.DE ) of concealing major deficiencies in its anti-money laundering controls, even as it allowed "mirror trades" to launder money out of Russia as part of a $10 billion trading scheme. U.S. District Judge Analisa Torres in Manhattan on Wednesday said investors who bought the German bank''s securities in the United States failed to specify how Deutsche Bank materially misled or intended to mislead them about its controls. Though the 158-page complaint offers "evidence that the bank''s anti-money laundering and know-your-customer procedures were deficient at identifying the mirror trades, statements concerning the adequacy of the bank''s internal controls are not actionable," Torres wrote. The proposed class-action case was brought on behalf of Deutsche Bank investors, led by Andrei Sfiraiala, from Jan. 31, 2013 to July 26, 2016. Their lawyer Jeremy Lieberman said in an email that the investors intend to appeal, and that their claims "readily meet" the requirements to show securities law violations. Deutsche Bank spokeswoman Renee Calabro declined to comment. Torres'' decision followed Deutsche Bank''s Jan. 31 agreement to pay close to $630 million of fines to settle U.S. and British regulatory charges it allowed $10 billion of trades from 2011 to 2015 that could have evaded Russian controls. A "mirror trade" involves paired trades that can appear to serve no economic purpose, such as where a Russian customer buys a Russian security in rubles and a non-Russian customer sells the same security in U.S. dollars. Deutsche Bank curbed its activities in Russia after the suspicious trades were uncovered. January''s settlement was part of Deutsche Bank Chief Executive John Cryan''s bid to end a slew of litigation, following the global financial crisis, that has at times raised concern about whether the bank had enough capital. Cryan was among 12 current and former Deutsche Bank officials, including former co-Chief Executive Anshu Jain, named as defendants in the Manhattan lawsuit. Torres dismissed all claims against those officials. The case is In re: Deutsche Bank AG Securities Litigation, U.S. District Court, Southern District of New York, No. 16-03495. (Reporting by Jonathan Stempel in New York; Editing by Andrew Hay and Grant McCool)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-deutsche-bank-russia-idUKKBN19J2OE'|'2017-06-28T22:20:00.000+03:00'
'8c0323321037e20874f6c58f6f1c9d71b5d445f6'|'Dutch insurer EXIN to buy 75 percent of Greek NBG''s insurance unit'|'Business News - Thu Jun 29, 2017 - 10:10am BST Dutch insurer EXIN to buy 75 percent of Greek NBG''s insurance unit By George Georgiopoulos - ATHENS ATHENS Dutch insurance group EXIN agreed to buy a 75 percent stake in Greek lender National Bank''s (NBG) ( NBGr.AT ) insurance subsidiary for 718 million euros (£632 million), it said on Thursday. NBG, Greece''s second-largest bank by assets, is selling the unit as part of a restructuring plan approved by the European Union to exit non-banking operations and focus on core banking. Other Greek banks have been divesting assets and foreign subsidiaries. Eurobank ( EURBr.AT ) has sold an 80 percent stake in its insurance unit Eurolife to Canada''s Fairfax Financial Holdings ( FFH.TO ) for 316 million euros. EXIN said the agreed price implied an enterprise value of 958 million euros for the unit. "NBG will retain a 25 percent stake in Ethniki Insurance, which remains NBG''s exclusive bancassurance provider under a new 10-year partnership agreement for life, savings and non-life insurance products." EXIN said. EXIN Group was founded earlier this year with the backing of investor EXIN Partners and U.S. asset manager Calamos Investments, targeting reinsurance, wholesale and retail life insurance markets in Europe. Its first deal was the purchase of AIG''s shares in AIG- Greece in December last year. EXIN said it shares a common ambition with NBG to develop Ethniki Insurance and substantially upgrade its core systems and processes to better serve customers. EXIN will contribute distribution, technical, underwriting and digital expertise to the partnership, including its proprietary application and algorithm-based predictive behaviour technology. UBS advised EXIN on the transaction. NBG''s board approved the sale to the American-Dutch consortium on Wednesday and will seek shareholder approval on Friday at a scheduled general assembly. The bank said the sale would boost its core equity Tier 1 capital ratio by 110 basis points to 18.5 percent. It also agreed an exclusive deal in bancassurance under which NBG will distribute EXIN products via its network. NBG CEO Leonidas Fragiadakis said the bank was "implementing its commitment to European authorities and shareholders". Calamos-EXIN was competing against three interested Chinese groups interested in the unit: Fosun ( 0656.HK ), Shanghai-based Gongbao and Wintime. "The deal reinforces our commitment to the southern European financial services market as part of our strategy. EXIN has the expertise to lead a renaissance for the industry across the region," said Calamos Investments CEO John Koudounis. NBG was advised by Morgan Stanley and Goldman Sachs on the divestment. (Reporting by George Georgiopoulos; editing by David Evans and Jason Neely)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-nbg-exin-acquisition-idUKKBN19K0TY'|'2017-06-29T12:10:00.000+03:00'
'265186390693688824ba761da342f1f89c8ebdb3'|'China denounces accusations it is main source of fake goods in EU'|'Business  17am BST China denounces accusations it is main source of fake goods in EU BEIJING China denounced a Europol report on Thursday that accused China of being the main source of counterfeit goods in the European Union, calling it "irresponsible" while vowing to continue the crackdown on intellectual property right violations. China remained by far the main country of provenance for counterfeit products in the EU, with Hong Kong acting as a transit point for goods originally manufactured in China, Europol, the European Union''s law enforcement agency said. The report is jointly issued by the European Union Intellectual Property office. "The report''s accusations are irresponsible," Commerce Ministry spokesman Sun Jiwen told reporters in Beijing. "The authenticity and objectivity of the statistics presented by the report should be further studied." The report cited statistics from a U.S. Chamber of Commerce study which estimated that 72 percent of counterfeit goods in circulation in three of the world''s largest markets for such products, namely the European Union, Japan and the United States, were exported from China in 2016. Counterfeit goods were estimated to have amounted to approximately 12.5 percent of China''s total exports and over 1.5 percent of its gross domestic product in 2016, it said. Sun said China would continue its "intense crackdown" on intellectual property right violations, in particular exports of health-related consumer goods and materials for large-scale infrastructure investment. The report also highlighted the growing use of cargo train transport between China and Europe as a concern. There are 39 lines connecting Europe with 16 Chinese cities, all offering freight services. China''s ambitious Belt and Road project, which would involve heavy investment transport infrastructure from China overseas in coming years, is also likely to increase the number of IPR-infringing consignments arriving at the eastern EU external borders by train, the report noted. China has touted the Belt and Road initiative as a new way to boost global development since Xi unveiled the plan in 2013, aiming to expand links between Asia, Africa, Europe and beyond underpinned by billions of dollars in infrastructure investment. (Reporting by Yawen Chen and Ben Blanchard; Editing by Nick Macfie)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-china-europe-ip-idUKKBN19K0K6'|'2017-06-29T09:17:00.000+03:00'
'08742a1fb0361c37faa91f004ee6277e6847bfb8'|'EU antitrust regulators halt Qualcomm, NXP deal review'|'Deals -Americas - Thu Jun 29, 2017 - 2:49pm BST EU antitrust regulators halt Qualcomm, NXP deal review left right A man works on a tent for NXP Semiconductors in preparation for the 2015 International Consumer Electronics Show (CES) at Las Vegas Convention Center in Las Vegas, Nevada January 4, 2015. REUTERS/Steve Marcus/File Photo 1/2 left right One of many Qualcomm buildings is shown in San Diego, California November 3, 2015. REUTERS/Mike Blake/File Photo 2/2 BRUSSELS EU antitrust authorities have halted their scrutiny of Qualcomm''s ( QCOM.O ) $38 billion bid for NXP Semiconductors ( NXP.N ) after the companies failed to provide relevant information. The European Commission opened a full-scale investigation on June 9 and had been scheduled to decide on the deal by Oct. 17. "Once the missing information is supplied by the parties, the clock is re-started and the deadline for the Commission''s decision is then adjusted accordingly," the EU competition authority said in an email. Qualcomm, which supplies chips to Android smartphone makers and Apple ( AAPL.P ), declined to comment. The deal will make it the leading supplier to the fast growing automotive chip market following the deal, the largest in the semiconductor industry. The EU competition enforcer had voiced concerns about the merged company''s ability to squeeze out rivals and hike prices when it kicked off its investigation. One worry is the company''s ability to bundle its products, excluding rivals in baseband chipsets and near field communication (NFC) chips. Other concerns include reduced competition in semiconductors used in cars. U.S. antitrust enforcers cleared the deal unconditionally in April. Qualcomm may have to offer concessions to secure EU approval. (Reporting by Foo Yun Chee, editing by David Evans)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-qualcomm-nxp-eu-idUKKBN19K1VO'|'2017-06-29T16:15:00.000+03:00'
'7300ab5b717179dbeacc09e8a5c55f79a890932f'|'Toshiba says suing Western Digital for $1 billion'|'Top News - Wed Jun 28, 2017 - 6:56am BST Toshiba says suing Western Digital for $1 billion The logo of Toshiba Corp is seen behind cherry blossoms at the company''s headquarters in Tokyo, Japan April 11, 2017. REUTERS/Toru Hanai TOKYO Japan''s Toshiba Corp ( 6502.T ) said on Wednesday it is filing a lawsuit against joint venture partner Western Digital Corp ( WDC.O ). Toshiba is claiming 120 billion yen (£0.83 billion) in damages, saying in a statement that Western Digital is interfering with the sale of its memory chip division. Toshiba also said it has decided to shut out Western Digital employees based outside the Yokkaichi chip plant from accessing information relating to the two companies'' joint venture. (Reporting by Sam Nussey; Editing by Edwina Gibbs) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-toshiba-accounting-lawsuit-idUKKBN19J0G9'|'2017-06-28T08:56:00.000+03:00'
'5d98a42d316f022521f5c97effd381acd0ff270a'|'Cofco''s Argentine grains operations affected by cyber attack'|'Market News - Wed Jun 28, 2017 - 10:48am EDT Cofco''s Argentine grains operations affected by cyber attack By Hugh Bronstein - BUENOS AIRES, June 28 BUENOS AIRES, June 28 Activity at ports operated by China''s Cofco in Argentina''s main grains hub of Rosario have been interrupted by a worldwide cyber attack, a local port manager said on Wednesday, the first sign that the virus has spread to South America. The attack, first seen in Ukraine on Tuesday, has caused havoc around the world, crippling computers or disrupting operations at port operator A.P. Moller-Maersk, a Cadbury chocolate plant in Australia and the property arm of French bank BNP Paribas, among others. "Cofco''s system has been affected by the global attack. It has been infected by a virus. So they are working mechanically, not connected to their regular information system," Guillermo Wade, head of Argentina''s CAPyM port operators'' chamber, told Reuters in a telephone interview. (Reporting by Hugh Bronstein; Editing by Bill Rigby)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/cyber-attack-cofco-idUSL1N1JP0KY'|'2017-06-28T17:48:00.000+03:00'
'c19e2eefb8fb3a3c03be18cac0117cf06cf5eb95'|'Exclusive: Halliburton in talks to buy billionaire Kaiser''s equipment firm - sources'|'HOUSTON Halliburton Co ( HAL.N ) is in late-stage talks to acquire a fast-growing U.S. oilfield equipment supplier backed by Oklahoma energy and banking billionaire George Kaiser, according to sources familiar with the matter.The move comes after the No. 2 oilfield services company was rebuffed in two earlier efforts to acquire similar products. Houston-based Halliburton has set its sights on Summit ESP Inc, said the sources, who spoke in recent days. The people spoke on condition of anonymity because the discussions are not public.Tulsa, Oklahoma-based Summit ESP makes pumps used to maintain well pressure to increase oil and gas production in aging wells. The devices, components in a business called artificial lift, increasingly are being used to prolong the life of shale wells.Halliburton''s 2014 attempt to buy Baker Hughes Inc ( BHI.N ) was opposed by U.S. regulators and its 2016 bid for a Russian company has been stalled by Russian regulators.Halliburton declined to comment on Tuesday. Summit did not return calls seeking comment. Argonaut Private Equity, Kaiser''s investment vehicle, declined to comment.Summit ESP was founded in 2011 and is led by executives who had earlier held senior posts at Baker Hughes, including Chief Executive John Kenner. It has expanded quickly in the United States and Canada, and in May announced it had installed its 8,000th electric submersible pump (ESP), an increase of 1,000 since November.ESPs are a worldwide business of about $5 billion a year, according to market researcher Frost & Sullivan. The main providers are Schlumberger NV ( SLB.N ), Baker Hughes and Weatherford International PLC WTF.N.Halliburton, which has a small ESP business, "is trying to catch up to Schlumberger and Weatherford," Anand Gnanamoorthy, industry manager at Frost & Sullivan, said in an interview this month. ESPs generally cost between $50,000 and $200,000 for a complete system, he said.Summit, said one of the sources, wants to reach a deal soon to pre-empt the announcement of Baker Hughes'' closing on its merger with General Electric Co ( GE.N ) oil and gas unit, which is expected at mid-year.Kaiser, who controls Kaiser-Francis Oil Co and is the majority owner of BOK Financial Corp ( BOKF.O ), which owns banks from Arizona to Missouri, financed Summit ESP through his Argonaut Private Equity investment firm. It has more than $3 billion of capital deployed in more than 100 investments. Sales talks between Halliburton and Summit have been on and off several times in the last year over valuation differences. Summit ESP''s revenue last year was about $180 million, a decline of 10 percent from 2015, according to market researcher Spears & Associates. After initial talks with Summit last year, Halliburton shifted its focus to reaching an agreement with Novomet Oil Services Holdings, a Russian supplier of electric submersible pumps that has operations in about 17 countries. In December, Halliburton disclosed it had sought Russian government approval for a deal to acquire up to 100 percent of Novomet.Halliburton Chief Executive Jeff Miller twice this year has told analysts the company was looking to fill a gap in its artificial lift business through mergers and acquisition. Halliburton renewed talks with Summit this year after Russia''s Federal Antimonopoly Service failed to rule on the application. A Halliburton spokesman declined to comment on the status of that application. A representative of the FAS told Reuters earlier this month it had not decided whether a government strategic review would be needed. A source familiar with the matter said the Russian review has been stalled over concerns about the strategic implications of a U.S. company owning a domestic supplier whose gear keeps aging Russian fields producing.(Additional reporting by Maria Kiselyova in Moscow; Editing by Matthew Lewis)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-esp-m-a-halliburton-idUSKBN19J13B'|'2017-06-28T13:04:00.000+03:00'
'717a991e1b3c63b42ce2060ca9a1e1657a2d6ab9'|'BRIEF-Sanofi and Regeneron announce EU approval for Kevzara'|'Market News - Tue Jun 27, 2017 - 1:06am EDT BRIEF-Sanofi and Regeneron announce EU approval for Kevzara PARIS, June 27 Sanofi/Regeneron : * Sanofi and Regeneron announce approval of Kevzara(®) (sarilumab) to treat adult patients with moderately to severely active rheumatoid arthritis in the European Union * "We are pleased to bring Kevzara to European patients who may not be responding to the most commonly used biologics such as TNF inhibitors, or who may be seeking an effective monotherapy to reach their treatment goals," said George D. Yancopoulos, M.D., Ph.D., Founding Scientist, President, and Chief Scientific Officer, Regeneron '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-sanofi-and-regeneron-announce-eu-a-idUSFWN1JN0KK'|'2017-06-27T13:06:00.000+03:00'
'8a4f577f4bfac99fec41452a48bb0d14d02149af'|'PRECIOUS-Gold steady ahead of speech by Fed''s Yellen'|'Market News - Tue Jun 27, 2017 - 4:52am EDT PRECIOUS-Gold rebounds from 6-wk low as dollar sags ahead of Yellen speech * Yellen due to speak in London on Tuesday * Spot gold may retrace toward $1,172 in three months -technicals * Platinum also bounces off six-week low (Adds comment, updates prices) By Nithin ThomasPrasad BENGALURU, June 27 Gold rose on Tuesday to recover from its lowest level in nearly six weeks, supported by a softer dollar ahead of a speech later in the day by Federal Reserve Chair Janet Yellen for clues on whether the U.S. will keep raising rates this year. Fed officials have signalled they will look through a slowdown in inflation and continue on their current trajectory of interest rate hikes. But investors are sceptical and market pricing shows only a 40 percent chance of a rate hike at the Fed''s December meeting. Yellen is scheduled to take part in a discussion on global economic issues at London''s British Academy. Ahead of that, the dollar slipped 0.5 percent against major currencies. She will likely reiterate the central bank''s positive views about the U.S. economy and the Fed''s stance of raising interest rates once more this year, said OCBC analyst Barnabas Gan. Spot gold had risen 0.6 percent to $1,251.84 per ounce at 0844 GMT. It dropped to $1,236.46 on Monday, its weakest since May 17. The precious metal slid 1 percent in the previous session as a large sell order hit sentiment, though losses were limited by political uncertainty around the world. U.S. gold futures for August delivery rose 0.5 percent to $1,252.20 an ounce. "Around the time London came in there was some decent buying seen through COMEX. The market consequently sharply rose through $1,247 all the way to $1,252 in a matter of seconds, as stops were tripped," MKS PAMP trader Alex Thorndike said in a note. "We are still keeping an eye out on geopolitical tensions, gold thrives in uncertainty and increased uncertainty in the near term should actually push gold prices up," said OCBC''s Gan. Allegations of ties to Russia have cast a shadow over U.S. President Donald Trump''s first five months in office, while the British government''s looming Brexit talks are also fueling concern about global stability. Tensions also rose as the U.S. Supreme Court on Monday handed a victory to Trump by reviving parts of a travel ban on people from six Muslim-majority countries. Spot gold may drop back toward $1,172 in three months, as suggested by its wave pattern and a Fibonacci retracement analysis, according to Reuters technical analyst Wang Tao. Among other precious metals, silver rose 0.8 percent to $16.68 an ounce. Palladium climbed 0.4 percent to $868.25 per ounce. Platinum rose 1.1 percent to $922.90 per ounce, recovering from Monday''s six-week trough. (Reporting by Nithin Prasad and Vijaykumar Vedala in Bengaluru; Editing by Joseph Radford) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/global-precious-idUSL3N1JO15I'|'2017-06-27T12:49:00.000+03:00'
'40db7a3729216af2ec45409bbb7c24c9ede1e574'|'LPC-Lenders set to lose out on €3.175bn Stada debt after failed bid'|'By Claire Ruckin - LONDON, June 27 LONDON, June 27 Europe’s leveraged loan and high-yield bond markets are set to lose out on a €3.175bn jumbo buyout financing for Stada after Bain and Cinven’s takeover of the German drugmaker fell apart, robbing banks of a hefty underwriting fee and depriving investors of much needed new paper.A €5.3bn takeover bid by private equity groups Bain and Cinven did not win enough shareholder support after just 65.52% of Stada''s equity capital signed up for the deal, falling short of the 67.5% acceptance threshold.The financing backing the buyout from Barclays, Citigroup, Commerzbank, Jefferies, JP Morgan, Nomura, Societe Generale and UBS had been conditional on the deal going ahead.Banks are estimated to lose out on around €60m of fees altogether -- around €7.5m each -- based on a 2% underwriting fee.It is the latest blow for lenders, which this year have been working for small fees on a relentless round of repricings and refinancings.“It was a significant fee event that is no longer happening so it will impact the underwriting banks,” a leveraged finance head said. LARGEST FINANCING Investors will also be disappointed as it was set to be the largest leveraged financing so far this year, offering a chance to put a hefty amount of new money to work to soak up excess liquidity and reverse the supply/demand imbalance that has plagued the market.“Stada was the escape valve, a significant transaction to allow a large deployment of capital to take some of the pressure off. Although there is some supply coming to the market, there is nowhere near enough to satisfy demand so it will embolden underwriters and arrangers and worry investors who are already feeling they have too few places to put cash," the leveraged finance head said.The underwritten financing included a €1.95bn seven-year senior secure term loan B; €485m of seven-year senior secured fixed rate bonds; €340m of eight-year senior unsecured fixed rate notes; and a €400m seven-year revolving credit facility.The prospect of such a large financing had caused loan investors to push back on some of the more aggressive deals in syndication to get better terms.The more liquid names in Europe’s secondary loan market had also begun to soften in the last couple of weeks for the first time since March, according to Thomson Reuters LPC data, as investors sold out to make room for the new supply.Now the withdrawal of Stada from the market is expected to see investors return to accepting increasingly aggressive terms and tight pricing.“Although we began to see some pushback, the concern has to be that investors will now sacrifice credit discipline for the expediency of putting cash to work. Stada’s loss will inflate the bubble again,” the leveraged finance head said.A second leveraged finance head said: “Pricing will continue to be compressed. Without Stada, we can expect to see most deals go successfully. It’s back to being a borrowers'' market.”Bain and Cinven are in talks over a potential new Stada offer and are speaking with investors -- mainly with hedge funds -- about the terms.The expectation is that Bain and Cinven will look to revive the financing they had in place, if the new offer goes ahead, gifting a second chance to the underwriting banks and investors. (Editing by Christopher Mangham)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/stada-loans-idINL8N1JO2NR'|'2017-06-27T09:39:00.000+03:00'
'2782e6280d769b690abe68d70fe5d42d2ae5b0ce'|'Insurance claims processor Watchstone names Stefan Borson as CE0'|' 13am BST Insurance claims processor Watchstone names Stefan Borson as CE0 Insurance claims processor Watchstone Group Plc ( WTGW.L ), formerly known as Quindell, said Stefan Borson, the firm''s general counsel and company secretary, will succeed Indro Mukerjee as chief executive officer. Watchstone said it would cut the size of its board by January next year to comprise its non-executive chairman, CEO, finance director and two non-executive directors. This month, Watchstone was served with High Court proceeding issued by Australia''s biggest class-action law firm Slater and Gordon ( SGH.AX ) for breach of warranty and/or fraudulent misrepresentation for a total amount of up to 637 million pounds ($810.71 million) plus interest in damages. In 2015, Melbourne-based Slater & Gordon paid 637 million pounds for the professional services unit of Quindell Plc, making it one of that country''s biggest law firms. Soon after, Quindell was accused of accounting irregularities, leading to fierce selling in Slater & Gordon shares. ($1 = 0.7857 pounds)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-watchstone-group-ceo-idUKKBN19I0XL'|'2017-06-27T17:13:00.000+03:00'
'a610e7c9f8b8d0ce9a6c0ddf382b6cdc03c3ac67'|'Red hot Iceland keeps some investors out in the cold'|'Business   2:18pm BST Red hot Iceland keeps some investors out in the cold left right A general view shows the city of Reykjavik seen from Hallgrimskirkja church, Iceland February 13, 2013. REUTERS/Stoyan Nenov/File Photo 1/4 left right An illustration picture shows Icelandic banknotes of one thousand Krona March 23, 2012. REUTERS/Ingolfur Juliusson/Illustration/File Photo 2/4 left right Iceland''s national flag and a church are seen in the town of Vik, Iceland April 22, 2010. REUTERS/Lucas Jackson/File Photo 3/4 People look at a geyser in Geysir, Iceland April 24, 2010. REUTERS/Lucas Jackson/File Photo 4/4 By Maiya Keidan and Marc Jones - LONDON LONDON Iceland spent nearly a decade trying to keep foreign money in the country after a financial collapse, now it is trying to keep some of it out. The economy is booming again and hedge funds and other foreign investors want exposure to a surging tourism sector, banks, property, infrastructure and the soaring krona currency. Most capital controls from the 2008 banking crisis were lifted in March allowing money to flow in and out of the country more freely. But with over 20 financial crises since 1875 and warnings from economists about the risk of overheating again, the government is being cautious. It has left in place restrictions making it prohibitively expensive to buy government bonds which offer returns of 4.5 percentREIISK3MD=, the highest of any developed economy. On Monday, the central bank took another step to try and break the cycle of boom and bust on the isolated North Atlantic island, clamping down on derivatives and other avenues it was worried were being used to bet on the krona. "There are a bunch of people I know who would love to put money into Iceland but they simply can’t because of restrictions on the inflows," said Mark Dowding, who runs a hedge fund at BlueBay Asset Management and bought into the Icelandic government bond market in 2015, before the central bank rules were introduced. The government is preparing other steps to make Iceland less attractive - a contrast to other economies recovering from crisis which have welcomed inflows of money. The government is preparing to raise taxes for the tourism industry which has been growing at 20-25 percent a year as foreigners flock to its volcanoes, glaciers and geysers. It is also considering a currency peg for the krona. OPPORTUNITIES Iceland offers other exciting investment opportunities. Growth of more than 6 percent is forecast this year and the krona is up 20 percent versus both the dollar ISKUSD=R and euro ISKEUR=R over the last 12 months. The central bank has cut interest rates four times in the last year and analysts say it would need to cut further if it wants to slow the rise of the currency. That could further stimulate the economy. "Once every decade or two, I come across a market overseas which is most attractive and is worth considering," said Gervais Williams, a portfolio manager at London-based Miton Group. "That last happened in 1995 in Ireland and Iceland is the market I now like." Cumulative net capital inflows have gone from almost nothing to 150 billion crown (1.13 billion pounds) in two years. New cars sales are at the highest in 10 years, Marriott will open Iceland''s first five-star hotel next year. Data centre firms are also moving in as the climate and cheap geothermal energy cut the costs of cooling huge server stacks. A potential float of Arion Bank, the domestic arm that emerged from the collapsed Kaupthing bank, meanwhile is expected to lead to a surge of new foreign money into the stock market <0#.OMXIPI> which currently lists just 17 firms. Several hedge funds -- Och-Ziff Capital Management Group, Taconic Capital Advisors and Attestor Capital -- bought stakes in Arion privately, after the bulk of capital controls were lifted earlier in the year. On the back of the shifts, London and Iceland-based fund firm GAMMA Capital Management launched its first two funds --including one hedge fund -- for foreign investors in November last year after requests from abroad. "We have been getting a lot of interest ...but investing in Iceland brings a lot of hurdles, so we created a simple conduit," said Hafsteinn Hauksson, economist at GAMMA. Both funds have more than doubled in size this year, he said. RED HOT Nevertheless, there are concerns that Iceland could overheat again. The International Monetary Fund said in a report last week that there was a need for "vigilance with regards to credit growth and the real estate sector, labour market tightening and wage increases". It called for capital inflows to be managed carefully. Iceland has a history of spectacular booms and bust. The head of Iceland''s central bank regularly describes its 2007-2008 banking bust -- when the top-three banks, Kaupthing, Glitnir and Landsbanki collapsed under heavy debts -- as "the third biggest bankruptcy in the history of mankind". A 2015 report by Bank of Iceland economists noted that this was not Iceland''s first financial crisis. "In fact, over a period spanning almost one and a half century (1875-2013), we identify over twenty instances of financial crises of different types," it said. "Recognising that crises tend to come in clusters, we identify six serious multiple financial crisis episodes occurring every fifteen years on average." The report said the crises typically involved a sudden collapse in the currency and capital inflows. GLACIER BONDS Wary of its history and nervous that the end of capital controls would bring a wave of foreign money, the central bank brought in a rule in May 2016 forcing buyers of its bonds to park additional money in a low interest account. That costly ''special reserve ratio'' arrangement has meant foreign investment in Icelandic debt has dropped close to zero. Along with repeated interest rate cuts, it has taken some of the steam out of the crown over the last month. "In the current domestic and global circumstances, the risk of excessive and volatile carry-trade type capital inflows was becoming significant" a central bank spokesman said of why the measure was brought in. Monday''s decision to scale back some exemptions to its post capital controls ''Foreign Exchange Act'' aimed to make it harder for foreign investors to bet on the krona. Those exemptions had made it possible to conduct carry trades by issuing krona-denominated bonds -- nicknamed Glacier bonds -- and entering derivatives contracts with domestic banks. "Experience has shown that capital inflows in connection with foreign issuance of krona-denominated bonds (Glacier bonds) could weaken monetary policy," the central bank said. Iceland also still has controls in place that prevent proceeds from the sale of pre-crisis bonds leaving the country unless the investor signs up to the terms of the central bank''s buy back arrangement which offer a punitive exchange rate. (Additional reporting Carolyn Cohn, Sujata Rao and Abhinav Ramnarayan in London and Stine Jacobsen in Denmark; editing by Anna Willard)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-iceland-investment-idUKKBN19J1Q9'|'2017-06-28T16:18:00.000+03:00'
'3030d67a17748be400199924a6653bf7eb5b8a76'|'UPDATE 1-BlackBerry''s revenue misses as enterprise orders fall'|'Technology News - Fri Jun 23, 2017 - 2:22pm EDT BlackBerry misses sales forecasts, shares tumble FILE PHOTO: A Blackberry smartphone is displayed in this illustrative picture taken in Bordeaux, Southwestern France, August 22, 2016. REUTERS/Regis Duvignau/File Photo By Narottam Medhora and Jim Finkle - WATERLOO, Ontario WATERLOO, Ontario BlackBerry Ltd ( BB.TO ) ( BBRY.O ) posted quarterly revenue that missed analysts'' forecasts due to an unexpected sales decline, pushing shares down as much as 13 percent, which would be their biggest one-day drop in more than two years. The company reported that software and professional sales fell 4.7 percent to $101 million during the first quarter. Investors pay close attention to that category because growth of high-margin software sales is at the heart of Chief Executive Officer John Chen''s turnaround strategy for the company. Its stock had gained about 60 percent over the past quarter on expectations that sales of new software products are starting to take off. "This is a big disappointment for the stock and likely to cast a pall on the sustainability of the turnaround," said Tim Ghriskey, chief investment officer with Solaris Asset Management who helps manage $1.5 billion. The Waterloo, Ontario-based company is focused on expanding sales to automakers and other manufacturers, and expanding in cyber security market, after ceding the smartphone market to rivals including Apple Inc ( AAPL.O ), Alphabet Inc''s ( GOOGL.O ) Google and Samsung Electronics Co Ltd ( 005930.KS ). ''ORGANIC'' GROWTH Chen said at a news conference that the company had "organic growth" in software sales of 12 percent, after adjusting for deferred-revenue from an acquisition in the year-earlier quarter. He added that the company would have to "play catch up" to meet its goal of boosting software and services revenue by 10 percent to 15 percent this year: "We intend to do that.” Chen also said the first-quarter drop was due to a decline in professional services, which went from $27 million in the fourth quarter to "almost nothing" in the first quarter. "A lot of the newer markets BlackBerry is trying to position around are longer-term markets ... Managing short-term, quarter-on-quarter performance in light of that trajectory is going to be a challenge," said Nick McQuire, vice president for enterprise research at CCS Insight. BlackBerry''s U.S.- and Toronto-listed shares were down about 10 percent after falling as much as 13 percent, their biggest respective one-day falls since January 2015. The company reported revenue on adjusted basis of $244 million for the quarter ended May 31, missing analysts'' estimates of $264.5 million, according to Thomson Reuters I/B/E/S. It reported a quarterly profit of $671 million, or $1.23 per share, compared with a loss of $670 million, or $1.28 per share, a year earlier. ( blck.by/2sJnsFS ) The results included a previously disclosed $940 million arbitration payment from U.S. chipmaker Qualcomm Inc ( QCOM.O ). Excluding items, the company earned 2 cents per share. Analysts on average had expected the company to break even. The company also said it would buy back 31 million shares. (Reporting by Jim Finkle in Waterloo, Ontario; and Narottam Medhora in Bengaluru; editing by G Crosse and Lisa Shumaker) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-blackberry-results-idUSKBN19E189'|'2017-06-23T19:21:00.000+03:00'
'62c0a0a15773271a2c1715da6fc9649227fc3f5d'|'China doles out $100 million punishment to Russian-controlled fund for role in 2015 crash'|'Sat Jun 24, 2017 - 9:02am BST China doles out $100 million punishment to Russian-controlled fund for role in 2015 crash A security personnel stands guard at the Shanghai''s No. 1 People''s Intermediate Court in Shanghai March 29, 2010. REUTERS/Aly Song SHANGHAI A Chinese court meted out a nearly 700 million yuan ($102.4 million) punishment to a Russian-controlled high-frequency trading firm for futures market manipulation on Friday, drawing a line under one of the most high-profile cases of misconduct Beijing blames for contributing to the 2015 stock market crash. The verdict by the Shanghai No. 1 Intermediate People''s Court, posted on its official microblog, also involves a penalty to two executives of Yishidun International Trading Co. The ruling comes at the end of a week in which index publisher MSCI agreed to include China''s domestic shares in its emerging market benchmark. "Malicious" short selling by domestic and foreign "speculators" have been largely blamed by the Chinese government for causing the market crisis that started in the summer of 2015. Yishidun, based in China''s eastern city of Zhangjiagang, and controlled by Russian nationals Georgy Zarya and Anton Murashov, pocketed illegal gains worth 389 million yuan by frequently trading China''s index futures between June 1 and July 6, 2015, the Shanghai court said in a statement. According to the verdict, Yishidun would be fined 300 million yuan, and its illegal gains would also be confiscated. In a statement emailed to Reuters, Yishidun said it had conducted an independent audit of its trading model after the company was investigated, and found nothing consistent with "market manipulation" as this term is understood outside China. The audit also found the company''s trading was subject to a functioning risk-management system," it said. The court gave suspended sentences to Yishidun''s two executives, Gao Yan and Liang Zezhong, of three years and 2.5 years, respectively. Jin Wenxian, an employee from a brokerage the trading firm used, received a sentence of five years. In its battle against speculators during the market crisis, Beijing netted journalists, senior executives in brokerages and even securities regulators. Other foreign funds punished by Beijing included Citadel Securities, whose account in Shanghai managed by a unit was suspended by the Chinese government. (Reporting by Samuel Shen and David Stanway; Editing by Jacqueline Wong)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-china-court-fund-idUKKBN19F069'|'2017-06-24T16:00:00.000+03:00'
'e50430fc70991016bb2a7f2765e9d3cf25695daf'|'Ready or not, Indian businesses brace for biggest-ever tax reform'|'  2:38am BST Ready or not, Indian businesses brace for biggest-ever tax reform left right An employee works at a textile mill in Meerut in the northern Indian state of Uttar Pradesh, India, June 23, 2017. REUTERS/Adnan Abidi 1/3 left right Employees work at the production line of a textile mill in Meerut in the northern Indian state of Uttar Pradesh, India, June 23, 2017. REUTERS/Adnan Abidi 2/3 left right A banner promotes Goods and Services Tax (GST) clearance sale as customers walk out of an electronic shop at a market in New Delhi, India, June 22, 2017. REUTERS/Adnan Abidi 3/3 By Douglas Busvine and Manoj Kumar - MEERUT, India MEERUT, India Businessman Pankaj Jain is so worried about the impending launch of a new sales tax in India that he is thinking of shutting down his tiny textile factory for a month to give himself time to adjust. Jain is one of millions of small business owners who face wrenching change from India''s biggest tax reform since independence that will unify the country''s $2 trillion (1.56 trillion pounds) economy and 1.3 billion people into a common market. But he is simply not ready for a regime that from July 1 will for the first time tax the bed linen his 10 workers make, and require him to file his taxes every month online. On the desk in his tiny office in Meerut, two hours drive northeast of New Delhi, lay two calculators. Turning to open a metal cabinet, he pulled out a hand-written ledger to show how he keeps his books. "We will have to hire an accountant - and get a computer," the thickset 52-year-old told Reuters, as a dozen ancient power looms clattered away in the ramshackle workshop next door. Prime Minister Narendra Modi''s government says that by replacing several federal and state taxes, the new Goods and Services Tax (GST) will make life simpler for business. To drive home the point, Bollywood superstar Amitabh Bachchan has appeared in a promotional video in which he weaves a cat''s cradle between the fingers of his hands - symbolising India''s thicket of old taxes. With a flourish, the tangle is gone and Bachchan proclaims: "One nation, one tax, one market!" ( bit.ly/2sch8ou ) NOT SO SIMPLE By tearing down barriers between India''s 29 states, the GST should deliver efficiency gains to larger businesses. HSBC estimates the reform could add 0.4 percent to economic growth. Yet at the local chapter of the Indian Industries Association, which groups 6,500 smaller enterprises nationwide, the talk is about how to cope in the aftermath of the GST rollout. "In the initial months, there may be utter confusion," said chairman Ashok Malhotra, who runs one firm that manufactures voltage stabilisers and a second that makes timing equipment for boxing contests. A big concern is the Indian GST''s sheer complexity - with rates of 5, 12, 18 and 28 percent, and myriad exceptions, it contrasts with simpler, flatter and broader sales taxes in other countries. The official schedule of GST rates runs to 213 pages and has undergone repeated last-minute changes. "Rubber goods are taxed at 12 percent; sporting goods at 18 percent. I make rubber sporting goods – so what tax am I supposed to pay?" asks Anurag Agarwal, the local IIA secretary. GRACE PERIOD? The top government official responsible for coordinating the GST rollout rebuts complaints from bosses that the tax is too complex, adding that the IT back-end that will drive it - crunching up to 5 billion invoices a month - is robust. "It is a technological marvel, as well as a fiscal marvel," Revenue Secretary Hasmukh Adhia told Reuters in an interview. The government will, however, allow firms to file simplified returns for July and August. From September they must file a total of 37 online returns annually - three each month and one at the year''s end - for each state they operate in. One particular concern is how a new feature of the GST, the input tax credit, will work. This allows a company to claim refunds on its inputs and means it should only pay tax on the value it adds. The structure will encourage companies to buy from suppliers that are GST-compliant, so that tax credits can flow down a supply chain. That spells bad news for small firms hesitating to shift into the formal economy. The government estimates smaller companies account for 45 percent of manufacturing and employ more than 117 million people. Adhia played down the risk of job losses, however, saying this would be offset by new service sector jobs. DEMONETISATION 2.0 The prospect of disruption is drawing comparisons with Modi''s decision last November to scrap high-value bank notes that made up 86 percent of the cash in circulation, in a bid to purge illicit "black money" from the system. The note ban caused severe disruption to India''s cash-driven economy and slammed the brakes on growth, which slowed to a two-year low in the quarter to March. "It could throw the business out of gear - it can affect your volumes by at least 30 percent," said the head of one large cement company in the Delhi region. Back in Meerut, Pankaj Jain worries that hiring an accountant and charging 5 percent GST on his bedsheets could eat up to two-thirds of his annual profits of 400,000-500,000 rupees ($6,210-$7,760). "I know my costs will go up, but I don''t know about my income," he said. "I might even have to shut up shop completely and go into trading." (GRAPHIC - Indirect tax rates in the Asia-Pacific tmsnrt.rs/2tiEEnZ ) (GRAPHIC - India''s GST launch tmsnrt.rs/2sykyGP ) (Additional reporting by Rupam Jain; Writing by Douglas Busvine; Editing by Alex Richardson)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-india-tax-idUKKBN19J062'|'2017-06-28T09:38:00.000+03:00'
'245313d309f2819f8e5c07ce13a5fb0f2b267324'|'Japan Tobacco tries to catch up with rival in smokeless tobacco'|'Business News - Wed Jun 28, 2017 - 1:12am EDT Japan Tobacco tries to catch up with rival in smokeless tobacco left right A journalist tries out Japan Tobacco Inc''s Ploom Tech smokeless vaping product at the Ploom Shop in Tokyo, Japan June 28, 2017. REUTERS/Toru Hanai 1/10 left right Shop assistants explain to customers how Japan Tobacco Inc''s Ploom Tech smokeless vaping products work at its Ploom Shop in Tokyo, Japan June 28, 2017. REUTERS/Toru Hanai 2/10 left right Shop assistants explain to customers how Japan Tobacco Inc''s Ploom Tech smokeless vaping products work at its Ploom Shop in Tokyo, Japan June 28, 2017. REUTERS/Toru Hanai 3/10 left right Shop assistants present Japan Tobacco Inc''s Ploom Tech smokeless vaping products at its Ploom Shop in Tokyo, Japan June 28, 2017. REUTERS/Toru Hanai 4/10 left right A shop assistant demonstrates a Japan Tobacco Inc''s Ploom Tech smokeless vaping product at its Ploom Shop in Tokyo, Japan June 28, 2017. REUTERS/Toru Hanai 5/10 left right The logo of Japan Tobacco Inc''s Ploom Tech smokeless vaping product is seen at its Ploom Shop in Tokyo, Japan June 28, 2017. REUTERS/Toru Hanai 6/10 left right A shop assistant poses with Japan Tobacco Inc''s Ploom Tech smokeless vaping products at its Ploom Shop in Tokyo, Japan June 28, 2017. REUTERS/Toru Hanai 7/10 left right A shop assistant demonstrates a Japan Tobacco Inc''s Ploom Tech smokeless vaping product at its Ploom Shop in Tokyo, Japan June 28, 2017. REUTERS/Toru Hanai 8/10 left right Japan Tobacco Inc''s (JT) smokeless tobacco Ploom TECH is pictured as JT''s President and CEO Mitsuomi Koizumi smokes Ploom TECH during an interview with Reuters at the compnay''s headquarters in Tokyo, Japan May 29, 2017. REUTERS/Toru Hanai 9/10 left right Japan Tobacco Inc (JT) President and CEO Mitsuomi Koizumi poses with the company''s smokeless tobacco Ploom TECH after an interview with Reuters at the compnay''s headquarters in Tokyo, Japan May 29, 2017. REUTERS/Toru Hanai 10/10 TOKYO Japan Tobacco Inc ( 2914.T ) said on Wednesday it hoped to catch up with Philip Morris International Inc ( PM.N ) in smokeless tobacco by expanding the number of smoke-free restaurants and public places that allow its vaping product. Tobacco firms see Japan as a test ground for vaping products, as e-cigarettes using nicotine-laced liquid are not allowed under the country''s pharmaceutical regulations. While Marlboro maker Philip Morris''s heat-not-burn "IQOS" tobacco device is already enjoying strong demand in Japan, Japan Tobacco''s launch of its "Ploom Tech" product has run into delays due to production shortages. Japan Tobacco, a former state monopoly still a third owned by the government, will start selling Ploom Tech at its flagship shops on Thursday and 100 tobacco stores on July 10 in Tokyo. The company has said it plans to sell it nationwide in the first half of the next year. The company test-launched the product in southwestern city of Fukuoka in March last year and at its online shop. It had to temporarily suspend sales after demand overwhelmed supply. Japan Tobacco said it had sold 250,000 Ploom Tech devices by the end of last year. Unlike Philip Morris''s IQOS, Ploom Tech does not directly heat tobacco leaves. Instead, the battery-powered device generates vapor that goes through a capsule packed with tobacco leaves. Japan Tobacco said the mechanism produces less smell than "heat-not-burn" products, and the company hopes it will be a strong differentiating factor against rivals. It said Ploom Tech emits smell a five-hundredth of a conventional cigarette. The company said about 80 smoke-free restaurants, cafes and other public places in Fukuoka allow the use of Ploom Tech. In Tokyo, there are about 120 such facilities, it said. "The number of smoke-free places that allow Ploom Tech is increasing," Chito Sasaki, president of the company''s Japanese tobacco business, told reporters. (Reporting by Taiga Uranaka; Editing by Stephen Coates) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-japan-tobacco-smokeless-idUSKBN19J0DU'|'2017-06-28T12:51:00.000+03:00'
'463b57733dda951b4e48bb3e2ec64dd0457b3280'|'''Pharma bro'' Martin Shkreli''s notoriety slows New York jury selection'|'Business News - Tue Jun 27, 2017 - 7:51pm EDT ''Pharma bro'' Martin Shkreli''s notoriety slows New York jury selection Martin Shkreli, former chief executive officer of Turing Pharmaceuticals and KaloBios Pharmaceuticals Inc, departs after a hearing at U.S. Federal Court in Brooklyn, New York, U.S., June 26, 2017. REUTERS/Lucas Jackson By Brendan Pierson - NEW YORK NEW YORK Jury selection in the New York trial of former drug company executive Martin Shkreli will enter its third day Wednesday, after some potential jurors said they could not be fair to a man who gained notoriety by raising the price of a life-saving drug more than 5,000 percent. U.S. prosecutors have accused Shkreli, dubbed the "pharma bro," of running a Ponzi-like scheme at his former hedge fund and a drug company he once ran. Shkreli has pleaded not guilty to charges of securities and wire fraud. The difficulty of finding a jury became apparent on Monday, with potential jurors variously describing Shkreli as "evil" and a "snake." More jurors cited the length of the trial, expected to last up to six weeks, as a hardship. The ensuing headlines prompted Shkreli''s lawyer, Benjamin Brafman, to ask U.S. District Judge Kiyo Matsumoto in Brooklyn on Tuesday morning to declare a mistrial. She refused. The trouble continued Tuesday, as Matsumoto asked potential jurors left over from Monday whether they had been exposed to negative media reports about the previous day. Several who said they had were dismissed. Shkreli, 34, rose to fame in 2015 by raising the price of anti-parisitic drug Daraprim to $750 a pill, from $13.50, when he was chief executive of Turing Pharmaceuticals. The move sparked outrage among patients and U.S. lawmakers. Shkreli''s upcoming trial is not about Turing but about Shkreli''s management at his previous drug company, Retrophin Inc, and the hedge fund MSMB Capital Management between 2009 and 2012. Prosecutors said Shkreli lied about MSMB''s finances to lure investors and concealed devastating trading losses from them. They said he paid the investors back with money stolen from Retrophin, which he founded in 2011. Tuesday''s jury questioning suggested Turing might come up anyway. One juror, a pharmacist, was dismissed after saying he was familiar with the company, and that he would compare any testimony about drug pricing to his own knowledge. Shkreli himself may have complicated the jury selection. While most criminal defendants lie low, he has sought public attention since his December 2015 arrest, lashing out at critics and boasting of his wealth on social media. He was banned from Twitter in January for harassing a journalist. One juror was dismissed on Tuesday after saying he was familiar with Shkreli''s Twitter account. "Unfortunately, the Twitter history is just horrific," Brafman said. (Reporting by Brendan Pierson in New York; Editing by Tom Brown) '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-usa-crime-shkreli-idUSKBN19I31T'|'2017-06-28T07:51:00.000+03:00'
'7a190a0d8fa31c3baec2ce3599957071d1e56dbb'|'Spain''s Bankia and BMN hold board meetings to discuss merger deal -sources'|'Deals - Europe  14pm BST Spain''s Bankia and BMN hold board meetings to discuss merger deal: sources Spain''s Bankia logo is seen inside bank''s headquarters before a news conference to present their annual results in Madrid, Spain, January 30, 2017. REUTERS/Sergio Perez MADRID Spain''s Bankia ( BKIA.MC ) and mid-sized lender BMN are holding board meetings this evening to discuss a potential merger deal, two sources with knowledge of the deal said on Monday. "Board meetings to discuss the deal are being held this evening though the final agreement may not be reached tonight," one of the sources with knowledge of the meetings said. Bankia and BMN, both controlled by the Spanish state, declined to comment. Last week, Spanish Economy Minister Luis de Guindos said that he expected both lenders to agree on a share swap for merger deal within days or weeks. (Reporting By Jesús Aguado; editing by Tomas Cobos)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-bankia-mrg-bmn-idUKKBN19H298'|'2017-06-27T02:12:00.000+03:00'
'803cad98a72fe3e8ab00572cd15506961cda5956'|'Platinum receiver asks to resign over disagreements with SEC'|'NEW YORK The man in charge of unwinding a large portion of the assets held by hedge fund firm Platinum Partners wants to resign after disagreements with U.S. securities regulators about its liquidation, according to a court filing.Bart Schwartz, chairman of professional monitoring firm Guidepost Solutions LLC, was appointed by the government as a receiver for two of Platinum''s three hedge funds after prosecutors in December accused leaders of the firm of running a more than $1 billion fraud. The six men pleaded not guilty to criminal and civil charges.However, Schwartz and U.S. Securities and Exchange Commission staff working on the case have "differing views" on how best to liquidate Platinum''s portfolio, according to a letter he sent on Friday to Brooklyn federal court Chief Judge Dora Irizarry, announcing his intention to resign as Platinum''s receiver.Irizarry would need to approve his resignation.Schwartz has been trying to unwind roughly 100 complicated and difficult-to-sell investments, aiming to potentially return hundreds of millions of dollars to investors and creditors. Putting more money into some of the investments could boost their value over the long term, allowing for higher redemptions, Schwartz wrote.However, SEC employees believe the underlying companies are too risky to put more money into, and want to sell the assets as quickly as possible to minimize costs, he said.SEC staffers are concerned about Schwartz’s relationship with an unnamed law firm that is now a debtor to the Platinum estate, according to the letter. However, Schwartz, a former federal prosecutor, said it was not an issue."My prior involvement with this firm did not have any effect on my actions as receiver nor did it negatively affect my ability to attempt to recover assets," he wrote.Spokesmen for Schwartz and the SEC declined to comment.The SEC has already consented to his resignation and plans to suggest a new receiver if Irizarry approves the change.Platinum was the subject of a Reuters investigation published in April 2016 that highlighted its many complicated and illiquid investments in controversial companies. ( reut.rs/2sJ4OPU )An April status report said that the assets under Schwartz''s purview were worth more than $600 million. That number, however, was based on calculations by Platinum''s own staff and the December charges involved inflating asset values.The receiver, with the help of an outside expert, has been independently assessing the value of the Platinum Partners Credit Opportunities Fund and the Platinum Partners Liquid Opportunity Fund. In February, Schwartz found there had not been a "major shift" from Platinum''s estimates of the portfolio''s value since an initial review following his appointment in December.Platinum''s largest group of funds, Platinum Partners Value Arbitrage, is being wound down under the supervision of a Cayman Islands-based liquidator. Platinum represented the gross value of its funds to be $1.7 billion at the time of the criminal charges.(Reporting by Lawrence Delevingne; Editing by Lauren Tara LaCapra and Tom Brown)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-hedgefunds-platinum-idUSKBN19H216'|'2017-06-26T20:36:00.000+03:00'
'039c72f8b203bd196559805bb557fa409858749d'|'Nestle buoys stocks, Treasury yield curve flattens further'|'Money News - Mon Jun 26, 2017 - 10:18pm IST Nestle buoys stocks, Treasury yield curve flattens further left right Traders work on the floor of the New York Stock Exchange shortly after the closing bell in New York, U.S., June 23, 2017. REUTERS/Lucas Jackson 1/2 left right A trader works on the floor of the New York Stock Exchange shortly after the closing bell in New York, U.S., June 23, 2017. REUTERS/Lucas Jackson 2/2 By Rodrigo Campos - NEW YORK NEW YORK Nestle''s jump to a record high boosted European stocks and helped buoy a global index, while the U.S. dollar index was close to recent lows and the U.S. yield curve flattened after soft capital goods data. Stocks were volatile on Wall Street, with technology going from top gainer to top decliner in the course of the morning. A massive trade in gold futures as Europe opened for trading dragged the contract to a six-week low. European shares rose for the first session in four as banks rallied after Italy reached a deal to wind up two failed regional lenders. Nestle jumped after an activist investor urged changes at the world''s largest food company. The pan-European FTSEurofirst 300 index rose 0.41 percent and MSCI''s gauge of stocks across the globe gained 0.25 percent. Bank stocks rose after an agreement under which Italy''s largest retail bank, Intesa Sanpaolo, will take on the remaining good assets of collapsed Popolare di Vicenza and Veneto Banca. New orders for key U.S.-made capital goods unexpectedly fell in May and shipments also declined, suggesting a loss of momentum in the manufacturing sector halfway through the second quarter. The Dow Jones Industrial Average rose 46.21 points, or 0.22 percent, to 21,440.97, the S&P 500 gained 5.33 points, or 0.22 percent, to 2,443.63 and the Nasdaq Composite added 0.42 points, or 0.01 percent, to 6,265.67. Emerging market stocks rose 0.82 percent. The U.S. dollar fell against the euro after the weaker-than-expected data, but buyers came in support of the greenback after it hit a more than one-week low. The dollar index rose 0.1 percent, with the euro down 0.05 percent to $1.1186. The Japanese yen weakened 0.34 percent versus the greenback at 111.65 per dollar, while sterling was last trading at $1.2716, flat. U.S. crude rose 0.86 percent to $43.38 per barrel and Brent was last at $45.81, up 0.59 percent on the day. U.S. oil is still set for a near 20 percent drop in the first half of the year. Investors in U.S. crude futures and options increased their bets against any future further rise in prices, as the number of U.S. oil rigs in operation hit its highest in over three years. “U.S. production could jump to 10, maybe 10.5 million barrels a day by the end of the year, and when you add Libya, Nigeria and North Sea production that will negate the Saudi-led cuts," said Gene McGillian, manager of market research at Tradition Energy in Stamford, Connecticut. U.S. output has steadily grown to around 9.35 million barrels per day. The rise in supplies threatens efforts by the Organisation of the Petroleum Exporting Countries and its partners to reduce global oil inventories with production cuts. U.S. Treasury yields fell after the soft new capital goods orders data. The yield curve has flattened in the past month as Federal Reserve speakers including New York Fed President William Dudley have indicated further monetary policy tightening is likely even as economic data disappoints. Benchmark 10-year notes last rose 5/32 in price to yield 2.1283 percent, from 2.144 percent late on Friday. The yield curve between five-year notes and 30-year bonds fell to 93.1 basis points, the flattest since late 2007. “Inflation is the key,” said Thomas Simons, a senior money market economist at Jefferies in New York. “Until oil moves meaningfully higher and people start to get convinced that inflation is going to come back, this curve flattening is going to continue.” Gold tumbled to its lowest price in nearly six weeks as a large sell order hit sentiment on Monday, though losses were limited by political uncertainty around the world. The sale of 1.85 million ounces of gold and 5,000 ounces of silver in a short time was behind the fall in prices, said Afshin Nabavi, head of trading at MKS in Switzerland. Spot gold dropped 1.0 percent to $1,243.60 an ounce. U.S. gold futures fell 0.96 percent to $1,244.30 an ounce. Copper lost 0.03 percent to $5,798.50 a tonne. (Additional reporting by Karen Brettell, Julia Simon and Sam Forgione in New York; Editing by Nick Zieminski)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/uk-global-markets-idINKBN19H06E'|'2017-06-26T14:48:00.000+03:00'
'bacffd1169bd0bfdbd19b15c44343c5f5ff7e05a'|'Germany: better to wind down unprofitable banks than prop them up'|'Market News - Mon Jun 26, 2017 - 6:32am EDT Germany: better to wind down unprofitable banks than prop them up BERLIN, June 26 It is better to wind down unprofitable banks than keep them afloat artificially and state aid should be used as little as possible in bankruptcy cases, Germany said on Monday after Italy started winding down two failed regional banks. A spokeswoman for the German finance ministry declined to comment on individual cases but set out the general view from Berlin. "If banks are unprofitable, it is better to let them exit the market than keep them artificially alive with precautionary recapitalisation. The use of state aid should be avoided as much as possible in bankruptcy cases," she said. It was up to the European Commission, which approved the Italian deal, to keep state aid to a minimum, she said, adding compensation for small private investors could, in exceptional cases, be compatible with European rules. ($1 = 0.8946 euros) (Reporting by Madeline Chambers and Paul Carrel) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/eurozone-banks-italy-germany-idUSB4N1IQ010'|'2017-06-26T18:32:00.000+03:00'
'7e9cb74386f5052ca5fe7c6963405e88d6c45e26'|'Britain''s Co-op Bank says nears rescue deal with investor group'|'LONDON Britain''s Co-operative Bank ( 42RQ.L ) said on Monday it was close to agreeing a financial rescue package with leading investors that would shore up its capital base and end months of uncertainty about its future.The Co-op Bank, which provides banking services to almost 4 million retail and small and medium sized enterprises, said it was in advanced talks with a group of existing investors over a deal which includes a recapitalization.A deal would allow the bank to meet the longer term capital requirements demanded by the regulator and to continue as a stand-alone entity, while safeguarding its values and ethics, it said in a statement.The bank, which put itself up for sale in February, nearly collapsed in 2013 after losses from problem real estate loans and has been struggling to rebuild its financial health.Co-op said it was discussing its capital raising options with the UK''s Prudential Regulation Authority.A majority of the key commercial aspects of the deal had been "substantially agreed", it said, and it was in advanced talks over how to manage the group''s pension liabilities, it said in response to media reports of an impending deal."Discussions are continuing between the parties, including on other key matters, with a view to agreeing the final aspects of the Proposal and a further announcement will be made in due course," it said.As a result, the Co-op said it had decided to discontinue a formal sale process.Financial support for the bank''s portion of Co-operative Group''s 10 billion pound pension scheme has been one of the sticking points of the deal. Co-operative Group currently has a 20 percent stake in the bank.However, the positions of the bank''s investors and the pension scheme trustees on the issue were now "largely aligned", a source familiar with the matter said.In an update on its financials, the Co-op said it now targeted an improved capital position, sustainable profitability in the medium term and a mid-single digit return-on-equity in 2021.(Reporting by Simon Jessop and Carolyn Cohn; editing by Louise Heavens and Jason Neely)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-co-operative-bank-bailout-idINKBN19H0MK'|'2017-06-26T06:33:00.000+03:00'
'8f559207263842fb42561a99286081129a9b0f5a'|'BP takes $750 million hit for Angola exploration write-off'|'Business News - Thu Jun 29, 2017 - 11:32am EDT BP takes $750 million hit for Angola exploration write-off FILE PHOTO: A BP logo is seen at a petrol station in London, Britain, January 15, 2015. REUTERS/Luke MacGregor/File Photo By Ron Bousso and Karolin Schaps - LONDON LONDON BP ( BP.L ) will book a $750 million charge for unsuccessful exploration campaigns in Angola, the company said on Thursday, a write-off that will weigh on its second-quarter results. The British oil and gas company said it has decided to relinquish its 50 percent interest in Block 24/11 off the coast of southern Angola and that Katambi, a gas discovery made in the block in 2014, had been deemed uncommercial. "The write-off is fairly chunky, even by BP''s standards, for one asset," said Jack Allardyce, oil and gas analyst at Cenkos Securities. The charge will not impact cash flow and will not attract tax relief, BP said. A number of companies including France''s Total ( TOTF.PA ), Norway''s Statoil ( STL.OL ) and Maersk Oil have explored for oil and gas off Africa''s western coast in recent years but have made few commercial discoveries. "The fact that (BP) are having a write-off in Angola''s Kwanza basin is not that surprising. Industry has not experienced significant success overall in the basin," Jefferies analyst Jason Gammel said. BP has made four fossil fuel discoveries in 2017 in Trinidad, Egypt and off Senegal, all of which were gas and which the company said were part of a strategic shift to less polluting fossil fuel. "We are making disciplined choices throughout our business, including in exploration, and pursuing only opportunities that will deliver clear value for our shareholders," Bernard Looney, head of BP''s upstream operations, said in a statement. (Editing by David Clarke)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-bp-exploration-idUSKBN19K28H'|'2017-06-29T18:32:00.000+03:00'
'19bc1d17c03edb85af0271da9ff38d215c0b9025'|'Debenhams cautions UK trading more volatile as sales slide'|'Business News - Tue Jun 27, 2017 - 7:54am BST Debenhams cautions UK trading more volatile as sales slide A Debenhams department store logo is seen on Aviapark shopping mall in Moscow, Russia, February 28, 2016. REUTERS/Grigory Dukor LONDON Debenhams ( DEB.L ), Britain''s second-biggest department store, said trading had become more volatile in the second half of the year and warned its 2017 profit could slip towards the lower end of expectations if conditions did not improve. The retailer, in the middle of a turnaround programme led by new Chief Executive Sergio Bucher, reported a 0.9 percent fall in group like-for-like sales in the 15 weeks to June 17, its fiscal third quarter. It said it anticipated that 2017 profit before tax would be within the range of market expectations. However, it said that should current market volatility continue, the outcome could be towards the lower end of the current range. The update was the first since April, when Bucher detailed the outcome of his strategic review. He plans to return the group to profit growth by closing some stores, revamping the rest and improving its online service. He also plans to seek efficiencies by simplifying the business. Debenhams said a more solid performance in areas including Beauty, Accessories and Food & Drink had helped to mitigate the impact of a weaker clothing market. Prior to Tuesday''s update analysts were forecasting an underlying pretax profit for 2016-17 of around 100 million pounds, according to Reuters data, down from 114 million in 2015-16. "As industry data has confirmed, May was a tough month for retailers and we continue to see volatility in trading week to week," Bucher said. "As a result we are focussed on delivering cost control and self-help through our "Fix the Basics" plan." (Reporting by James Davey; editing by Kate Holton and Jason Neely) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-debenhams-outlook-idUKKBN19I0LQ'|'2017-06-27T14:40:00.000+03:00'
'271b8a31743fe6401bd05b1041f3751319466874'|'Several UK banks stop selling Qatar riyals as diplomatic crisis mounts'|'* Lloyds, Tesco Bank say they have stopped dealings* Barclays halts trade for retail customers, continues corporate* RBS stops selling to retail clients* Riyal increasingly volatile in offshore market* Remains stable onshore; central bank refrains from intervening* Central bank offers to guarantee transactionsBy Andrew MacAskill, Lawrence White and Sylvia WestallLONDON/DUBAI, June 30 Several British banks said on Friday they had stopped dealing in Qatari riyals, as the diplomatic crisis surrounding the tiny Gulf country disrupted overseas trading of its currency.Saudi Arabia, the United Arab Emirates, Bahrain and Egypt severed diplomatic and travel links with Qatar on June 5, accusing it of supporting terrorism and courting regional foe Iran, in allegations that have ignited a regional crisis between the U.S. allies.Offshore trade of the riyal has become increasingly volatile and illiquid as a result, raising risks for banks.A spokeswoman for Britain''s Lloyds Banking Group said a "third-party supplier" which handles its foreign exchange service had ceased trading in Qatar''s riyal as of June 21."This currency is no longer available for sale or buy-back across our high street banks including Lloyds Bank, Bank of Scotland and Halifax," she said.Tesco Bank said it had halted dealings in the riyal, while Barclays stopped trading riyals for retail customers but continued the service for corporate customers, a source said. Royal Bank of Scotland said it had stopped trading riyals for retail customers.Banks from the four Arab states that have cut ties with Qatar reduced or halted riyal transactions earlier this month, as have some other countries.Some big international banks have continued riyal business, however; a spokeswoman for HSBC said on Friday that the bank was still providing riyals for high street customers.This week the riyal traded between offshore banks as low as 3.81 to the U.S. dollar, its lowest level this decade and more than 4 percent below its peg of 3.64 to the dollar.Most bankers in the Gulf do not think the peg will break; onshore, the Qatari central bank has continued to provide ample supplies of dollars near 3.6415 under its peg mechanism. The world''s biggest liquefied natural gas exporter has huge reserves with which it could defend its currency.The Arab states opposing Qatar have set a deadline of around Monday next week - officials have not publicly specified the exact time - for Doha to agree to demands such as shutting television channel Al Jazeera and reducing ties to Iran.Publicly, Doha has shown little sign of complying, and the four states have said they could impose fresh sanctions if their demands are not met. This threat pushed the cost of insuring Qatari sovereign debt against default to a 16-month high on Friday.In an effort to reassure markets that the riyal was still widely traded overseas, the Qatari central bank declared in the early hours of Friday that it would guarantee all dealings for customers inside and outside Qatar."Qatari riyal''s exchange rate is absolutely stable against the U.S. dollar, and its exchangeability inside and outside Qatar is guaranteed at any time at the official price," the central bank said, calling reports that some exchange companies had stopped buying the riyal "baseless".So far, however, the central bank has not taken the step which bankers say may be necessary to stabilise the offshore currency market: massive dollar-selling intervention.Some Gulf bankers believe the central bank thinks such radical action is unnecessary; Qatar gets most of its dollar supplies from oil and gas exports, which are controlled by the government, so it does not need to fear offshore trade will suck dollars away from onshore companies which need them.A source at an investment manager in London, however, said intervention to drive the offshore riyal rate back to 3.64 could be dangerously expensive for the central bank."In a month, two months'' time, we would start to see the reserves numbers going down massively, and that could start a panic on the currency." The alternative to intervention is "the currency grinds down weaker and weaker from here," he added.Exchange company Travelex said on Thursday it had resumed purchasing the Qatari riyal globally after a brief suspension "due to business challenges".But some exchange houses are demanding increasingly punitive rates because of the risks. Two exchange houses in Dubai told Reuters this week they would buy 1,000 Qatari riyals for only 710 or 720 UAE dirhams – far below the 970 dirhams which they offered before the crisis. (Additional reporting by Alexander Cornwell in Dubai and Claire Milhench in London; Writing by Andrew Torchia; Editing by Hugh Lawson)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/gulf-qatar-currency-idUSL8N1JR3JA'|'2017-06-30T16:53:00.000+03:00'
'a3e76a2425b41bb4e602f977d82ea413f1ecc349'|'BRIEF-Unichem Labs gets EIR from USFDA for co''s manufacturing facility at Goa'|'Market News - Fri Jun 30, 2017 - 12:35am EDT BRIEF-Unichem Labs gets EIR from USFDA for co''s manufacturing facility at Goa June 30 Unichem Laboratories Ltd: * Receipt of EIR from United States Food And Drug Administration for company''s manufacturing facility at Goa * Receipt indicates successful closure of inspection and the queries raised during the audit (Form 483) * Inspection closed by USFDA '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-unichem-labs-gets-eir-from-usfda-f-idUSFWN1JR02U'|'2017-06-30T07:35:00.000+03:00'
'12b749554fc49071ec61563298973edd91b1e7a9'|'Singtel''s NetLink Trust launches up to $1.95 billion Singapore IPO: IFR'|'HONG KONG NetLink NBN Trust, the broadband subsidiary of Singapore Telecommunications ( STEL.SI ) (Singtel), on Tuesday launched an initial public offering worth up to $1.95 billion in Singapore, IFR reported, citing a term sheet of the transaction.NetLink is offering 2.9 billion units in an indicative range of S$0.80 to S$0.93 each, putting the total deal at up to S$2.69 billion, added IFR, a Thomson Reuters publication.Singtel, Southeast Asia''s largest telco, did not respond to a Reuters phone call seeking comment on the IPO.(Reporting by Fiona Lau of IFR, additional reporting by Aradhana Aravindan in Singapore; Writing by Elzio Barreto; Editing by Himani Sarkar)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-netlink-trust-ipo-idINKBN19I11P'|'2017-06-27T08:00:00.000+03:00'
'57dfec9aabdbc2eb21b72cf5ed1557d3a3770b1e'|'Nestle plans $20.8 billion share buyback after Third Point pressure'|'Deals - Americas   10:20pm IST Nestle plans $20.8 billion share buyback after Third Point pressure left right FILE PHOTO: The Nestle logo is pictured on the company headquarters entrance building in Vevey, Switzerland February 18, 2016. REUTERS/Pierre Albouy/File Photo 1/2 left right FILE PHOTO: Daniel S. Loeb, founder of Third Point LLC, participates in a panel discussion during the Skybridge Alternatives (SALT) Conference in Las Vegas, Nevada May 9, 2012. REUTERS/Steve Marcus/File Photo 2/2 ZURICH Nestle ( NESN.S ) plans to buy back as much as 20 billion Swiss francs ($20.79 billion) worth of shares by June 2020, the Swiss food giant said on Tuesday as it responds to pressure brought by U.S. activist shareholder Third Point LLC. The New York-based hedge fund, controlled by billionaire investor Daniel Loeb, disclosed a $3.5 billion stake in the company on Sunday and is pushing for Nestle to more aggressively boost performance. Nestle said it would adjust the size of its share buyback program, due to start on July 4, to reflect any big acquisitions. (Reporting by John Miller, editing by Michael Shields)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/us-nestle-thirdpoint-idINKBN19I2AC'|'2017-06-27T14:26:00.000+03:00'
'd198f307048a8c023acdbc244ba18f8fd3896373'|'Philips to buy U.S. Spectranetics in 1.9 billion euros deal'|'By Toby Sterling - AMSTERDAM AMSTERDAM Dutch healthcare company Philips ( PHG.AS ) has agreed to buy U.S.-based Spectranetics Corp ( SPNC.O ), a maker of devices to treat heart disease, for 1.9 billion euros ($2.16 billion) including debt, as it expands its image-guided therapy business.Spectranetics uses techniques including lasers and tiny drug-covered balloons to clean the insides of veins and arteries that have become clogged due to heart disease.Philips will pay Spectranetics shareholders $38.50 per share, a 27 percent premium to their closing price on June 27.Philips Chief Executive Frans van Houten has transformed the former conglomerate into a focused maker of healthcare equipment over the past five years, spinning off its lighting division ( LIGHT.AS ) and selling most of its remaining consumer products business.Philips said Spectranetics, which expects sales of around $300 million this year, will continue to grow revenues at double-digit rates and will begin adding to Philips'' earnings in 2018.The deal strengthens Philips'' position in heart disease therapy following its acquisition of vascular imaging company Volcano in early 2015, van Houten told reporters.After the acquisition "we will have quite a nice lineup of devices for both heart, coronary, peripheral, vascular therapies," he said. "In combination with our image-guided systems which enable doctors to see inside the body and use these tools, we have a very compelling market position."Philips shares dipped 1.35 percent to 32.1 euros in morning trading in Amsterdam. Analysts from Berenburg, which rates the shares ''Hold'', said the acquisition was a good strategic fit but would not increase Philips'' return on invested capital for five years."In our view, this is a nice technology-rich company and adds scale and breadth to Philips’ existing portfolio of mechanical atherectomy and intravascular ultrasound – but clearly this is a punchy price to pay," they said in a note.Separately on Wednesday, Philips announced a new 1.5 billion euro share buyback program that will begin in the third quarter and run for two years.CEO van Houten denied that the company had acted under pressure from activist U.S. hedge fund Third Point LLC, which has recently acquired a stake in Philips below the three percent threshold that would require disclosure under Dutch securities law.Van Houten said he has not had any communication with Third Point.($1 = 0.8803 euros)(Reporting by Toby Sterling; Editing by Muralikumar Anantharaman and Adrian Croft)A Philips logo is seen at Philips headquarters in Amsterdam, January 28, 2014. REUTERS/Toussaint Kluiters/United Photos/File Photo'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-spectranetics-m-a-philips-idINKBN19J0IJ'|'2017-06-28T04:06:00.000+03:00'
'b73421c092cf51307643862c2152b0990c201856'|'Marlin, Sailfish execute agreement to acquire significant gold royalty'|'June 28 Marlin Gold Mining Ltd:* Marlin and Sailfish execute agreement to acquire significant gold royalty - spin-out of sailfish to marlin shareholders expected in q4* Says total purchase price for TZ Royalty is us$12 million* Marlin Gold Mining Ltd - after spin-out of Sailfish, vendors are expected to collectively own about 12.1% of sailfish, with marlin shareholders owning balance* Marlin Gold Mining ltd - TZ Royalty is expected to generate about us$2.4 million of average annual after-tax cash flow to sailfish starting as early as 2019 Source text for Eikon: '|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/brief-marlin-sailfish-execute-agreement-idINASA09VCI'|'2017-06-28T10:49:00.000+03:00'
'74577f88e631b2caa8bbc2f0d4a9dc50e5453788'|'Finnish court confiscates Uber manager''s assets amid legal probe'|'HELSINKI Helsinki district court on Wednesday ordered the assets of Uber''s Finnish country manager be confiscated until police conclude an investigation into whether the U.S. ride-hailing firm operates an illegal taxi service in Finland.The court turned down a police request to confiscate Uber Finland''s assets, but ordered up to 246,000 euros ($279,357) of its country manager Joel Jarvinen''s personal assets be frozen.The court must revoke the order if charges are not filed within fourth months."We will continue to cooperate with the authorities to help with the investigation, but consider the district court''s decision regrettable and we are going to appeal it," Uber Finland said in a statement.Uber Technologies Inc, which has faced bans and protests from established taxi operators around the world, is legal in Finland provided its drivers hold valid taxi licenses.But the length of time it takes to get a permit has led some drivers to work without one, leading to a debate within Finland about whether the system should be reformed.The company has been the target of previous police investigations in Finland and drivers have been ordered to give up their earnings to the state for not having valid taxi permits.According to Uber, more than 100,000 Finns have downloaded its mobile app, and thousands use the service every week.($1 = 0.8806 euros)(Reporting by Tuomas Forsell; editing by Susan Thomas)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-uber-finland-idINKBN19J26F'|'2017-06-28T13:50:00.000+03:00'
'3b84562395be271fa99ff1cf80c214821984b0d6'|'Toshiba to meet shareholders with no chip unit deal signed'|'Business News - Wed Jun 28, 2017 - 3:10am BST Toshiba to meet shareholders with no chip unit deal signed left right A staff member of Toshiba Corp. holds a sign board of the company''s annual shareholders meeting at an entrance of the venue in Chiba, Japan June 28, 2017. REUTERS/Issei Kato 1/6 left right A shareholder (L) arrives at Toshiba Corp.''s annual shareholders meeting in Chiba, Japan June 28, 2017. REUTERS/Issei Kato 2/6 left right A shareholder (L) arrives at Toshiba Corp.''s annual shareholders meeting in Chiba, Japan June 28, 2017. REUTERS/Issei Kato 3/6 left right A staff member of Toshiba Corp. holds a sign board of the company''s annual shareholders meeting at an entrance of the venue in Chiba, Japan June 28, 2017. REUTERS/Issei Kato 4/6 left right Staff members bow as a shareholder arrives at Toshiba Corp.''s annual shareholders meeting in Chiba, Japan June 28, 2017. REUTERS/Issei Kato 5/6 left right Staff members greet shareholders as they arrive at Toshiba Corp.''s annual shareholders meeting in Chiba, Japan June 28, 2017. REUTERS/Issei Kato 6/6 CHIBA, Japan Japan''s Toshiba Corp ( 6502.T ) is expected to face the wrath of shareholders at its annual meeting on Wednesday after failing to sign a deal to sell its flash memory chip unit by a self-imposed deadline. The ailing Japanese conglomerate is rushing to sell the prized unit to cover billions of dollars in cost overruns at its bankrupt Westinghouse nuclear unit. It had promised to sign a definitive agreement with a preferred bidder by Wednesday''s meeting. But the preferred bidder, a group led by Japanese government investors and including U.S. private equity firm Bain Capital, has not agreed on conditions of the deal, two sources familiar with the talks said. They requested anonymity as the negotiations were confidential. Some Toshiba board members are also concerned about technology leaks to South Korean chip rival SK Hynix Inc ( 000660.KS ), which plans to join the Bain group by providing financing, two sources said this week. An ongoing legal dispute with Toshiba''s chip partner Western Digital Corp ( WDC.O ) could also derail the $18 billion sale as the U.S. company has sought a court injunction to block any deal that does not have its consent. Toshiba''s top executives are expected to apologise to shareholders for failing to present audited annual results after a prolonged accounting investigation at Westinghouse. Last week, it flagged a net loss of around $9 billion for the year ended in March with negative shareholders'' equity of around $5.2 billion (4.05 billion pounds), both worse than expected. Toshiba shares are set to be demoted to the second section of the Tokyo Stock Exchange from Aug. 1, the latest in a series of humiliating developments for a company in business for more than 140 years. (Reporting by Makiko Yamazaki, Taro Fuse and Kentaro Hamada; Editing by Richard Chang) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-toshiba-accounting-idUKKBN19I30J'|'2017-06-28T07:11:00.000+03:00'
'34739f007eb94c7c55dfb713d1a428bac64c6a89'|'''It makes little sense'': view from frontline of Italy''s broadband war'|'Market News - Wed Jun 28, 2017 - 10:30am EDT ''It makes little sense'': view from frontline of Italy''s broadband war * Telecom Italia and Enel division race to wire up nation * Battle driving up costs, infrastructure duplicated * Echoes Australian overspend where operators took big losses * Italy has among the slowest internet speeds in Europe * Graphic-Global broadband speeds: tmsnrt.rs/2oqZDQV By Stephen Jewkes and Agnieszka Flak PERUGIA, Italy, June 28 In Perugia, crews from Telecom Italia (TIM) and Enel''s rival broadband divisions have been working side by side, digging cable trenches along the same roads, sometimes inches apart. At times, hundreds of workers vied for space across the medieval Umbrian city, the first battleground between the corporate heavyweights as they race to roll out superfast broadband networks across Italy. The contest to install fiber-optic cables across a country with among the lowest internet speeds in Europe is still in its early stages, but it is already shaping up to be one of the fiercest European telecom battles for years. This is likely to benefit domestic and business customers by keeping down prices, but it is testing the financial commitment and muscle of both companies, which are being forced to expand their original rollout ambitions, driving up costs. Since being launched last year, Open Fiber (OF), the broadband unit owned by Enel and state lender CDP, has more than doubled its planned investments to 6.5 billion euros ($7.4 billion), added more cities to its rollout and also included rural areas under a state-subsidised scheme. Phone group TIM said in March it would reach 95 percent of Italy''s population with ultrafast broadband by mid 2018 - almost two years ahead of its original schedule. The concern, according to industry experts, is that the race to get there first, in Perugia and beyond, could lead to a mutually damaging war where both firms lose money and infrastructure is duplicated across the country. "It''s house by house combat and we''re all rushing to plant the flag first," said a person involved in one of the rollouts, speaking on condition of anonymity because of the sensitivity of the matter. "It makes absolutely no sense: we are digging and opening up buildings twice and all we needed was some sort of collaboration." The battle mirrors one of the most infamous overspends in telecoms history. During the 1990s internet boom in Australia, dominant carrier Telstra and new rival Optus rolled out separate networks, often wiring up the same homes. By duplicating the Optus network, Telstra''s defensive move effectively killed the economics of its rival''s plan but it was a Pyrrhic victory: Telstra and Optus both took heavy losses, writing a total of more than $2 billion off their investments. The duplication of infrastructure in Perugia might serve commercial and competitive purposes, though not a practical one given fiber-optic cable, unlike copper wire, has practically unlimited capacity. "We''re happy because we now have a choice but I realise having two parallel networks doesn''t make much sense," said city manager Francesco Calabrese, part of a team that traipsed around Italy for a year to campaign for companies to digitalise Perugia. It was that effort that made Perugia OF''s first port of call. RULED ROOST The Rome government has long been pushing for an all-fiber optic network to be rolled out to boost productivity across a country with the lowest take-up of fixed broadband in Europe. For years it had accused TIM of acting too slowly to upgrade its ageing copper network to fiber and publicly backed state-controlled Enel to do the job instead. TIM''s reluctance was premised on the belief that the demand was not there to justify over-ambitious investments. It has focused more on cabling fiber to street cabinets - junction boxes - rather than homes, which is less costly and faster, and using alternative technologies over the last mile of copper. The struggle goes beyond corporate Italy as TIM''s biggest shareholder is French media conglomerate Vivendi, which has made no secret of its desire to use the Italian firm to help it create a southern European media empire. TIM has much at stake: it owns almost all of Italy''s wholesale market - selling access to retail telecom operators, who sell it on to consumers - and has ruled the roost for years. This business brings in about 2 billion euros a year - a significant chunk of its overall Italian revenues of 15 billion, and one which the heavily-indebted group can ill afford to lose. Morgan Stanley estimates TIM could lose a third of the 2 billion euros by 2022 as a result of the competition from OF. Retail operators such as Vodafone, Wind Tre and Tiscali are already warming up to the new infrastructure entrant. "Like all other telecom operators, we want to wean ourselves off TIM, gain full control of our customers and boost our profitability," said Riccardo Ruggiero, CEO of Tiscali. STAKES RISING In Perugia, the population is already benefiting from jumping from the web slow lane to the expressway. IT specialist Luca Braconi is now able to stream Netflix movies without any hiccups after Enel cabled up his home with a new super-fast link. TIM will soon be laying its own 1 gigabyte cable under the cobbled streets of Perugia''s centre, but Braconi says his loyalties are with Enel for now. "Enel got there first and I like what I''ve got. I''m not going to change for the sake of saving a few euros," he said. With the stakes rising and no obvious winner, the gloves are off. TIM is running more fiber past street cabinets into homes. OF is wooing banks to address concerns about its ability to stay the course. Both are competing to secure critical permits first. The row ratcheted higher last week when the government said TIM had gone back on its word not to invest in rural areas, undermining Rome''s efforts to tender them out using state subsidies and threatening the economics of OF''s project there. Industry and political sources said the two companies might ultimately have to join forces if losses become too painful, suggesting TIM could potentially spin off its network and merge it with OF or else buy out its smaller rival. Rome is already using its sway to get the two companies to reach a compromise, one industry ministry source said. "They need to agree to build just one network or otherwise it''ll turn into a battlefield and the only thing battlefields throw up are dead," a person involved in the roll-out said. ($1 = 0.8797 euros) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/italy-broadband-race-idUSL8N1JJ4DY'|'2017-06-28T17:30:00.000+03:00'
'2a3f33dd2961f533a83e37246cda99040121e456'|'Global shipping feels fallout from Maersk cyber attack'|'Technology  59pm BST Global shipping feels fallout from Maersk cyber attack The Maersk ship Adrian Maersk is seen as it departs from New York Harbor in New York City, U.S., June 27, 2017. REUTERS/Brendan McDermid By Jonathan Saul - LONDON LONDON Global shipping is still feeling the effects of a cyber attack that hit A.P. Moller-Maersk ( MAERSKb.CO ) two days ago, showing the scale of the damage a computer virus can unleash on the technology dependent and inter-connected industry. About 90 percent of world trade is transported by sea, with ships and ports acting as the arteries of the global economy. Ports increasingly rely on communications systems to keep operations running smoothly, and any IT glitches can create major disruptions for complex logistic supply chains. The cyber attack was among the biggest-ever disruptions to hit global shipping. Several port terminals run by a Maersk division, including in the United States, India, Spain, the Netherlands, were still struggling to revert to normal operations on Thursday after experiencing massive disruptions. South Florida Container Terminal, for example, said dry cargo could not be delivered and no container would be received. Anil Diggikar, chairman of JNPT port, near the Indian commercial hub of Mumbai, told Reuters that he did not know "when exactly the terminal will be running smoothly". His uncertainty was echoed by Maersk itself, which told Reuters that a number of IT systems were still shut down and that it could not say when normal business operations would be resumed. It said it was not able to comment on specific questions regarding the breach of its IT systems or the state of its cyber security as it had "all available hands focused on practical stuff and getting things back to normal". The impact of the attack on the company has reverberated across the industry given its position as the world''s biggest container shipping line and also operator of 76 ports via its APM Terminals division. Container ships transport much of the world''s consumer goods and food, while dry bulk ships haul commodities including coal and grain and tankers carry vital oil and gas supplies. "As Maersk is about 18 percent of all container trade, can you imagine the panic this must be causing in the logistic chain of all those cargo owners all over the world?" said Khalid Hashim, managing director of Precious Shipping ( PSL.BK ), one of Thailand''s largest dry cargo ship owners. "Right now none of them know where any of their cargoes (or)containers are. And this ''black hole'' of lack of knowledge will continue till Maersk are able to bring back their systems on line." BACK TO BASICS The computer virus, which researchers are calling GoldenEye or Petya, began its spread on Tuesday in Ukraine and affected companies in dozens of countries. Maersk said the attack had caused outages at its computer systems across the world. In an example of the turmoil that ensued, the unloading of vessels at the group''s Tacoma terminal was severely slowed on Tuesday and Wednesday, said Dean McGrath, president of the International Longshore and Warehouse Union Local 23 there. The terminal is a key supply line for the delivery of domestic goods such as milk and groceries and construction materials to Anchorage, Alaska. "They went back to basics and did everything on paper," McGrath said. Ong Choo Kiat, President of U-Ming Marine Transport ( 2606.TW ), Taiwan''s largest dry bulk ship owner, said the fact Maersk had been affected rang alarm bells for the whole shipping industry as the Danish company was regarded as a leader in IT technology. "But they ended up one of the first few casualties. I therefore conclude that shipping is lacking behind the other industry in term of cyber security," he said. "How long would it takes to catch up? I don''t know. But recently all owners and operators are definitely more aware of the risk of cyber security and beginning to pay more attention to it." In a leading transport survey by international law firm Norton Rose Fulbright published this week, 87 percent of respondents from the shipping industry believed cyber attacks would increase over the next five years - a level that was higher than counterparts in the aviation, rail and logistics industries. VULNERABLE Apart from the reliance on computer systems, ships themselves are increasingly exposed to interference through electronic navigation devices such as the Global Positioning System (GPS) and lack the backup systems airliners have to prevent crashes, according to cyber security experts. There were no indications that GPS and other electronic navigation aids were affected by this week''s attack, but security specialists say such systems are vulnerable to signal loss from deliberate jamming by hackers. Last year, South Korea said hundreds of fishing vessels had returned early to port after its GPS signals were jammed by North Korea, which denied responsibility. "The Maersk attack raises our awareness of the vulnerability of shipping and ports to technological failure," said Professor David Last, a previous president of Britain''s Royal Institute of Navigation. "When GPS fails, ships'' captains lose their principal means of navigation and much of their communications and computer links. They have to slow down and miss port schedules," said Last, who is also a strategic advisor to the General Lighthouse Authorities of the UK and Ireland. A number of countries including the UK and the United States are looking into deploying a radar based back up navigation system for ships called eLoran, but this will take time to develop. David Nordell, head of strategy and policy for London-based think tank, the Centre for Strategic Cyberspace and Security Science, said the global shipping and port industries were vulnerable to cyber attack, because their operating technologies tend to be old. "It''s certainly possible to imagine that two container ships, or, even worse, oil or gas tankers, could be hacked into colliding, resulting in loss of life and cargo, and perhaps total loss of the vessels," Nordell said. "Carried out in a strategically sensitive location such as the Malacca Straits or the Bosphorus, a collision like this could block shipping for enough time to cause serious dislocations to trade." SECRETIVE INDUSTRY Cyber risks also pose challenges for insurance cover. In a particularly secretive industry, information about the nature of cyber attacks is still scarce, which insurance and shipping officials say is an obstacle to mitigating the risk, which means there are gaps in insurance cover available. "There has been a lot of non-reporting (of breaches) on ships, and we’re trying efforts where even if there could be anonymous reporting on a platform so we can start to get the information and the data," said Andrew Kinsey, senior marine consultant at insurer Allianz Global Corporate & Specialty. There is also a gap in provision, because most existing cyber or hull insurance policies - which insure the ship itself - will not cover the risk of a navigation system being jammed or physical damage to the ship caused by a hacking attack. "The industry is just waking up to its vulnerability," said Colin Gillespie, deputy director of loss prevention with ship insurer North. "Perhaps it is time for insurers, reinsurers, ship operators and port operators to sit down together and consider these risks in detail. A collective response is needed - we are all under attack." (Additional reporting by Jacob Gronholt-Pedersen in Copenhagen, Keith Wallis and Carolyn Cohn in London, Euan Rocha in Mumbai, Miyoung Kim in Singapore, Alexander Cornwell in Dubai, Michael Hirtzer in Chicago, Noor Zainab Hussain in Bangalore, Adam Jourdan and Shanghai newsroom; Editing by Pravin Char)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-cyber-attack-maersk-idUKKBN19K2LE'|'2017-06-29T20:50:00.000+03:00'
'67b57e3669213e2c4072bc4ee9dcbabde3812e2e'|'U.S. judge allows some VW investor diesel claims to proceed'|'By David Shepardson - WASHINGTON WASHINGTON A federal judge in California on Wednesday allowed some claims to proceed by investors who sued Volkswagen AG over its diesel emissions scandal, but agreed to the German automaker''s request to dismiss parts of the lawsuit.U.S. District Judge Charles Breyer said in an 18-page order he was allowing claims that VW and then-Chief Executive Officer Martin Winterkorn intentionally or recklessly understated VW''s financial liabilities made since May 2014, but dismissing claims for financial statements issued before then.That VW "may have deliberately employed an illegal defeat device does not mean the company knew with reasonable certainty that it was going to get caught," Breyer wrote in dismissing thee older statements.Breyer also dismissed claims that VW brand chief Herbert Diess understated VW financial liabilities in 2015, but Breyer rejected a bid to throw out a claim against then VW U.S. chief Michael Horn.The plaintiffs, mostly U.S. municipal pension funds, have accused VW of not having informed the market in a timely fashion and understated possible financial liabilities.The lawsuits said VW''s market capitalisation fell by $63 billion after the diesel cheating scandal became public in September 2015.The plaintiffs had invested in VW through American Depositary Receipts, a form of equity ownership in a non-U.S. company that represents the foreign shares of the company held on deposit by a bank in the company''s home country.Volkswagen said in a statement it was pleased "with the court’s decision to limit the scope of the plaintiffs’ allegations, and believes the remaining claims are without merit, which we intend to demonstrate as this case proceeds."CEO Winterkorn resigned days after the scandal became public and much of the company''s management has changed since 2015.VW in September 2015 admitted using sophisticated secret software in its cars to cheat exhaust emissions tests and pleaded guilty in March in a U.S. court to three felonies in connection with the scandal.Volkswagen has agreed to spend as much as $25 billion in the United States to resolve claims from owners and regulators over polluting diesel vehicles and has offered to buy back about 500,000 vehicles.Through mid-June, VW has spent $6.3 billion buying back vehicles and compensating U.S. owners.(Reporting by David Shepardson; Editing by David Gregorio)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/volkswagen-emissions-idINKBN19J2W4'|'2017-06-29T00:19:00.000+03:00'
'e87045c303b67488fc0392a214be42dde0e0f0b4'|'Lone Star renews efforts to sell IKB - source'|'Market News  45am EDT Lone Star renews efforts to sell IKB - source FRANKFURT, June 29 U.S. private equity firm Lone Star Funds is making a renewed push to sell corporate bank IKB , one of the highest-profile German casualties of the financial crisis, according to a person close to the matter. IKB announced the sale of its leasing division to investment funds managed by HPS Investment Partners on Thursday, part of a reorganisation that includes buying back a hybrid bond to prepare IKB for a new owner. The lender has received indicative offers from banks and Chinese bidders, the person said, speaking on condition of anonymity. Final bids are due by the middle of August. The sale price of the leasing unit was not disclosed but the source said it was bought for 210 million euros ($240 million). Lone Star declined to comment. Lone Star has made multiple attempts in recent months to sell the bank, which specialises in offering financial services to medium-sized German companies. IKB, which required several bailouts from the German state and development bank KfW when its investment vehicles ran into funding problems in 2007, was delisted last year. Following the rescues, IKB was taken over by KfW, which sold it to Lone Star in August 2008 for 137 million euros. By late 2012, IKB had returned all of the 12 billion euros in state guarantees it received from Germany''s bank bailout fund. In 2014, Lone Star tried to find a buyer for the bank but the results from a European Central Bank stress test, which IKB barely passed, deterred buyers. ($1 = 0.8755 euros) (Reporting by Arno Schuetze; Writing by Tom Sims; Editing by Maria Sheahan and David Clarke)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/ikb-ma-idUSL8N1JQ1FO'|'2017-06-29T12:45:00.000+03:00'
'f5fb86889b926cb2efb4d2dfb909f5479345ffc5'|'Mutual funds managers need to improve due diligence: SEBI'|'INWire - Thu Jun 29, 2017 - 3:32pm IST Mutual funds managers need to improve due diligence: SEBI The logo of the Securities and Exchange Board of India (SEBI) is pictured on the premises of its headquarters in Mumbai, India March 1, 2017. REUTERS/Shailesh Andrade MUMBAI Indian mutual funds need to improve their due diligence before investing in corporate bonds and not rely only on credit ratings given rising concerns about potential defaults, the chairman of Securities and Exchange Board of India (SEBI) said on Thursday. The warning by SEBI Chairman Ajay Tyagi comes as several companies, including Amtek Auto, Jindal Steel and Power Ltd, Ballarpur Industries, have defaulted on their debt coupon payments over the past few years. "Mutual funds need to further strengthen their own due diligence and evaluation mechanism and not only depend on credit rating agencies," Tyagi said in a speech at a mutual funds conference. Tyagi also said large institutional investors needed to be more "actively involved" in monitoring corporate governance at companies, an issue in the limelight after tussles between Tata Group and ousted Chairman Cyrus Mistry. Management at Infosys Ltd has also engaged in a public spat with founders over a range of issues, including remuneration for executives. Tyagi also reiterated the need for asset managers to consolidate schemes saying the launch of too many funds was creating confusing. (Reporting by Abhirup Roy and Samantha Kareen Nair; Writing by Suvashree Dey Choudhury; Editing by Rafael Nam) '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/india-sebi-funds-idINKBN19K141'|'2017-06-29T10:06:00.000+03:00'
'276af66035d64a12e8e149aff9ece7aad0f2614f'|'Apple CEO touts India impact in push for deeper market access'|'Business News - Mon Jun 26, 2017 - 9:23pm BST Apple CEO touts India impact in push for deeper market access Tim Cook, CEO, speaks during Apple''s annual world wide developer conference (WWDC) in San Jose, California, U.S. June 5, 2017. REUTERS/Stephen Lam By Stephen Nellis Apple CEO Tim Cook on Sunday highlighted the economic impact the company is having on India in a meeting with its prime minister as the iPhone maker seeks deeper access to the world''s third-largest smartphone market behind the United States and China. Cook met with Indian Prime Minister Narendra Modi at a business summit in Washington at a time when Apple Inc ( AAPL.O ) is targeting the nascent Indian market as a revenue source after its sales in China slipped. Apple has asked Indian government officials for a range of tax and policy changes to help build out its iPhone assembly work in the country. It is seeking permission to open its own retail stores in India where it currently sells iPhones through resellers. In his meeting with Modi, Cook disclosed that Apple expected its Indian operations to be run completely from renewable energy within the next six months, according to a person familiar with the discussion. Cook reiterated that Apple had generated 740,000 jobs in India through its so-called "app economy" and Indian developers had created nearly 100,000 apps for the App Store, the person said. Modi talked with Cook and other U.S. corporate leaders ahead of a meeting with President Donald Trump on Monday. Apple, working with contract manufacturer Winstron, began assembling the iPhone SE in Bengaluru last month. Indian authorities have offered Apple tax concessions for the work with the requirement that more local components be used over time. The company is looking to India after sales in the greater China region, once a major factor in Apple''s rise, fell 14 percent year over year to $10.7 billion in the most recent quarter. Apple has not disclosed how much revenue it generates in India but said that sales grew by "strong double digits" there in the most recent quarter. "We have a ton of energy going into the country on a number of fronts," Cook told analysts about Apple''s efforts in India during the company''s most recent earnings call. "We believe, particularly now that the 4G infrastructure is going in the country and it''s continuing to be expanded, there is a huge opportunity for Apple there." (Reporting by Stephen Nellis in San Francisco; Editing by Andrew Hay)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-apple-india-idUKKBN19H2GX'|'2017-06-27T04:23:00.000+03:00'
'dd53b6f61cf67aff35d405c101d01f40aa76c273'|'Japan''s Takata apologises to victims of faulty air bags'|'TOKYO, June 27 Japanese auto parts maker Takata Corp apologised on Tuesday to victims of its faulty air bags linked to at least 16 deaths and 180 injuries around the world.Executives offered the apology at the firm''s last annual shareholder meeting as a listed company.Takata has filed for bankruptcy protection in Japan and the United States and agreed to be largely acquired for $1.6 billion by the Chinese-owned U.S.-based Key Safety Systems.(Reporting by Maki Shiraki, writing by Sam Nussey; Editing by Stephen Coates)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/takata-bankruptcy-apology-idINT9N1IK00M'|'2017-06-27T03:03:00.000+03:00'
'c203f64e3835ec977b3990b92b0500fdd53cf9fb'|'UK supermarket Tesco to cut 1,200 head office jobs'|'Money News   9:22pm IST British supermarket chain Tesco to cut 1,200 head office jobs FILE PHOTO: A woman walks past a Tesco supermarket in central London, December 9, 2014. REUTERS/Toby Melville/File Photo LONDON Tesco, Britain''s biggest supermarket group, will cut 1,200 jobs at its head office to simplify its operations, a spokesman said on Wednesday. Tesco has already cut thousands of jobs under a turnaround led by Chief Executive Dave Lewis, aimed at restoring profit at the group which has a 28 percent share of the grocery market. About a quarter of the roles at Tesco''s head office in Welwyn Garden City, Hertfordshire near London would be abolished in the latest cuts, the spokesman said, with all roles affected. "This is a significant next step to continue the turnaround of the business," he said. "This new service model will simplify the way we organise ourselves, reduce duplication and costs but also, very importantly, allow us to invest in serving shoppers better." In October, the CEO set out plans to reduce operating costs by another 1.5 billion pounds ($1.9 billion) over three years, and increase operating profit margin to between 3.5 percent and 4.0 percent by the 2019-20 financial year. The company announced plans last week to cut 1,100 jobs in Cardiff with the proposed closure of a customer service centre. Shares in Tesco were trading up 1.6 percent at 171 pence at 1535 GMT. ($1 = 0.7735 pounds)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/tesco-redundancies-idINKBN19J195'|'2017-06-28T14:00:00.000+03:00'
'66fbaeeea92bc01987db32a718e7684ca295d07b'|'Nestle plan hailed as only the start of Schneider''s shake-up'|'Money News   11:32pm IST Nestle plan hailed as only the start of Schneider''s shake-up The Nestle logo is pictured on the company headquarters entrance building in Vevey, Switzerland February 18, 2016. REUTERS/Pierre Albouy/Files By Silke Koltrowitz and Maiya Keidan - ZURICH/LONDON ZURICH/LONDON Nestle''s plan to shore up its capital structure, announced only days after being thrust into the spotlight by activist shareholder Third Point, was received by investors as a precursor to bigger changes under the company''s new leadership. Shares in the world''s largest foodmaker rose as much as 2 percent on Wednesday, close to the record high touched on Monday after the New York-based hedge fund disclosed a $3.5 billion stake and urged Nestle to buy back shares, set a target for margin growth and shed non-core assets including its stake in L''Oreal. Investors did not have to wait long for a response, with Nestle announcing late on Tuesday that it would launch a 20 billion Swiss franc ($20.8 billion) share buyback programme while leaving room for near-term acquisitions. Nestle also said it would continue adjusting its portfolio and assess opportunities to boost profit margins, stopping short of setting a firm target. It added that the measures were the result of a review instigated at the start of the year after Mark Schneider took over as chief executive. The moves were welcomed by stakeholders large and small. "This is a new era for Nestle and I''m extremely positive on the prospects for internal and external growth," said Carine Menache, who runs a Monaco investment firm that owns Nestle shares. She and UBS analysts said the buyback should lift earnings by 6 percent, while increased merger and acquisition (M&A) activity could provide a further boost. "Nestle may have a poor track record for M&A, but the new CEO, Schneider, is now in charge and he has a great track record," she added. Reaching a 19 percent operating margin, the midpoint of Third Point''s recommendation, would lift earnings by another 8 percent, according to UBS, which said Nestle shares now offered the greatest opportunity for growth of all the European packaged goods companies it covers, bolstering its "buy" rating. Of Nestle''s plan, which they described as "responsive but not reactionary" to Third Point, UBS said: "We think this sends a strong message to the markets - expect more to come." SECTOR CONVULSIONS The global packaged food sector is convulsing as its main players struggle with slowing growth, changing consumer habits and the growing influence of global investment firm 3G Capital. 3G''s Kraft Heinz launched a surprise $143 billion takeover bid for Unilever in February, sparking a deep review and new agenda at the target company. Many of the demands laid out in Third Point''s letter echo the steps Unilever took in the wake of the Kraft bid. Investors said the biggest omission from Nestle''s response was any reference to its 25 billion euro ($28.4 billion) stake in L''Oreal, which dates back to 1974, when the French heiress Liliane Bettencourt sold a large part of her holding to Nestle. That omission and lack of a margin target means the announcement may not completely satisfy Third Point, which is controlled by billionaire investor Daniel Loeb. Third Point has declined to comment on the announcement at this stage and Nestle is expected to say more at its investor day in September. "It''s only a start," said Mirabaud Asset Management''s Nicolas Burki. "It will not be enough." Nestle has long touted the L''Oreal stake as value-creating, and a source familiar with the company''s thinking said there was no change to that view. The big question, however is what Nestle would do with the cash, besides buybacks, if it sold down the L''Oreal stake. The company did say its capital spending would be focused on higher-growth categories of coffee, pet food, baby food and water. It added consumer health to the list of priorities, potentially making it a competitor to the likes of Johnson & Johnson and GlaxoSmithKline. However, EFG Asset Management''s Urs Beck cashed out of his Nestle position on Monday''s price spike and is sceptical that it can find acquisitions big enough to move the needle for a company with $93 billion in sales. "The ship is just too big to be steered into different waters through portfolio management," he said. VICTORY ON BOTH SIDES Nestle is Europe''s most valuable company, with a market value of $263 billion last week, before Loeb''s position was made public, adding $10 billion in one day. The positive reaction most likely reflects the bullishness of long-term investors rather than event-driven hedge funds looking for quick turnarounds, says Michael Wegener at Case Equity Partners in Hong Kong. Wegener said he doubts that many arbitrageurs have moved into Nestle''s stock yet, since the Loeb stake remains too soft a catalyst at this stage. But one London-based manager of an event-driven hedge fund with no involvement with Nestle described the situation as a victory for both sides. "I suspect (Third Point''s) presence actually helps Schneider with his change agenda," said the manager, who asked not to be named. "I suspect the buyback is not enough, but Third Point is unlikely to feel the need to get shouty." Swiss activist shareholder Rudolf Bohli said that Loeb, known for campaigns against Yahoo, Sony Corp and the Dow-DuPont merger, is on the right track. "Loeb has set the right tone and his agenda is correct," said Bohli, who recently exited GAM Holding with a profit after failing to replace the financial company''s chief executive. ($1 = 0.9591 Swiss francs) ($1 = 0.8799 euros) (Additional reporting by Angelika Gruber and Paul Arnold in Zurich; Writing by Martinne Geller; Editing by David Goodman)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/nestle-buyback-investors-idINKBN19J2HV'|'2017-06-28T16:02:00.000+03:00'
'9a07e943eb66df667b2f64ada28db6f9d43ea9d5'|'Asia stocks pressured as Wall Street hit by healthcare vote delay'|'Top News - Wed Jun 28, 2017 - 5:03am BST Asia stocks pressured as Wall Street hit by healthcare vote delay left right FILE PHOTO: A man looks at an electronic board showing market indices outside a brokerage in Tokyo, Japan, March 2, 2016. REUTERS/Thomas Peter 1/2 left right A Japan Yen note is seen in this illustration photo taken June 1, 2017. REUTERS/Thomas White/Illustration 2/2 By Lisa Twaronite - TOKYO TOKYO Asian shares slumped on Wednesday after Wall Street was knocked hard in the wake of a delay to a U.S. healthcare reform vote, while the euro rallied after European Central Bank President Mario Draghi hinted that the ECB could trim its stimulus this year. MSCI''s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS was down 0.4 percent, pulling further away from more than two-year highs probed earlier this week. On Monday, it touched its highest level since May 2015 "We''ve had a pretty good run," said Sean Darby, chief global equity strategist at Jefferies. "I suspect what people have owned has done very well, and they want to sell some of those positions." Japan''s Nikkei share average .N225 slipped 0.3 percent, facing headwinds from the dollar''s reversal of its rise against the yen. But the banking and insurance sectors outperformed on expectations of higher rates. The yield on U.S. Benchmark 10-year Treasury notes US10YT=RR stood at 2.198 percent in Asian trading, flat from its U.S. close on Tuesday and above 2.14 percent late on Monday after Federal Reserve chief Janet Yellen said that it is appropriate to gradually raise rates. "Yellen''s comment is supporting Japanese financial stocks today, and for the long-term, Japanese stocks are on the rising trend supported by U.S.-led global economic recovery," said Mutsumi Kagawa, chief global strategist at Rakuten Securities. On Tuesday, the benchmark S&P 500 .SPX posted its biggest one-day drop in about six weeks and closed at its lowest point since May 31, after the U.S. Senate''s move to delay voting on a healthcare reform bill rekindled worries on the timeline for President Donald Trump''s business-friendly policies. [.N] U.S. stocks accelerated their losses after Senate Republican leader Mitch McConnell decided to put off a planned vote on a bill to dismantle the Affordable Care Act until after the Senate''s July 4 recess, to get more time to garner sufficient votes for its passage. Against the perceived safe-haven yen, the dollar slipped 0.3 percent to 112.090 JPY= after rising as high as 112.285 yen, its highest since May 17. The dollar index, which gauges the U.S. currency against a basket of six major counterparts, edged down slightly on the day to 96.365 .DXY, well below its previous session high of 97.447. The euro was up 0.4 percent at $1.13480 EUR= after rising to a 10-month high of $1.1356 after Draghi, speaking to a conference in Portugal, said the ECB could adjust its policy tools as economic prospects improve in Europe. Some strategists said that once the dust settled from the impact of his comments, the euro could give back some of its gains. "To me, it seems the change in policy will not be very substantial, so I think in the coming days, ECB officials will try to water down Draghi''s comments," said Masafumi Yamamoto, chief forex strategist at Mizuho Securities in Tokyo. Crude oil futures steadied after their overnight surge. Prices rose nearly 2 percent on Tuesday on the weaker dollar, short-covering and expectations that U.S. crude inventories might decline for a third consecutive week. [O/R] Brent crude futures LCOc1 edged up slightly on the day to$46.66 per barrel. U.S. crude futures CLc1 were down 0.2 percent at $44.14. The weaker dollar helped bolster spot gold XAU=, which was up 0.4 percent at 1,252.50 per ounce. [GOL/] (Additional reporting by Ayai Tomisawa in Tokyo; Editing by Simon Cameron-Moore) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-global-markets-idUKKBN19J02Q'|'2017-06-28T09:13:00.000+03:00'
'39659497b03e06bd00d0a05fe77b614a0a6586d6'|'Big U.S. banks await OK to deliver dividends to shareholders - Jun. 28, 2017'|'Big U.S. banks await OK to deliver dividends to shareholders by Donna Borak @donnaborak June 28, 2017: 2:39 AM ET What will President Trump mean for stocks? Investors are set to find out whether America''s biggest banks are cleared to give thema hefty dividend boost. The Federal Reserve on Wednesday will disclose if 34 of the country''s banks will be granted permission to buy back stock or pay dividends to shareholders. The verdict is part of the Fed''s yearly financial health checkup on banks like JP Morgan Chase ( JPM ) , Bank of America ( BAC ) and Wells Fargo ( WFC ) to determine if firms are strong enough to weather a severe financial crisis while still being able to continue to lend to consumers and businesses. It will be up to individual banks to detail exactly what those capital plans will be. Related: America''s banks are really, really healthy Last week, banks were given a clean bill of health in the initial round of "stress test" results. The Fed said the biggest banks would be capable of continuing to lend, even under dire economic conditions -- in this case, a 10% unemployment rate, a sharp decline in housing prices and a severe recession in the eurozone. "We expect more positive news for large cap banks," wroteBrian Gardner, an analyst with Keefe, Bruyette & Woods in a note to clients ahead of the second round of results. He said last week''sfindings affirmed the strength of banks, "which could lead to good news regarding capital deployment." Jaret Seiberg, an analyst with Cowen & Co.''s Washington Research Group, said the biggest risk could be that banks "were too conservative" in their dividend and buyback requests to the Fed."Otherwise, Wednesday should be a positive day that shows the banking industry is strong." He expects "materially higher distribution levels" for most of the banks, he wrote. " This means higher dividend rates and larger buybacks than in prior years. Related: The world''s riskiest bank is in trouble This is the seventh year in a row the Fed has run stress tests, which were put in place after the financial crisis. The Fed''s annual checkups have long made banks jittery. However,regulators continue to tweak the exam to make it less onerous. Regulators look for two key pieces of information. One is whether banks have enough capital to survive economic turmoil in the financial system. Andthe other is whether firms were good at identifying and measuring risk when they craft their plans to pay dividends or buy back shares. The Fed can reject a bank''s capital plan for either reason. Any bank that fails must draw up new plans and won''t be allowed to pay dividends to shareholders until a plan has been approved. Banks had the chance to revise their capital plans ahead of this week''s results. It''s unclear if any have done so. Related: Trump gives banks (a lot of) what they want Earlier this year, the Fed eased the exam on 21banks with $250 billion or less in assets. These banks will only have to meet certain capital thresholds to "pass" and won''t be judged on their ability to foresee risk when drafting plans to offer share buybacksand dividend payments. Removing regulators'' ability to "fail" a firm for its inability to gauge risk makes it more likely a firm will pass the test, according to analysts. "There is little threat of a failure," Seiberg wrote. Fed officials are considering making similar changes to thetests for thelargest U.S. banks like Goldman Sachs ( GS ) , Morgan Stanley ( MS ) and Citigroup. ( C ) Related: Regulators ask Congress to give small banks a break Jerome Powell, the Fed''s interim regulatory czar, told Senate lawmakers last week if the country''s largest banks continue to meet regulators expectations, it would be "appropriate" to remove the subjective aspect of the yearly test altogether. Powell''s suggestion comes amid more than 100 recommendations made by the Treasury Department to lessen the burden on banks, including limiting the number of financial firms that must face the annual exams. CNNMoney (Washington) First published June 28, 2017: 2:39 AM ET '|'cnn.com'|'http://rss.cnn.com/rss/money_news_economy.rss'|'http://money.cnn.com/2017/06/28/news/economy/fed-stress-test-wall-street-dividend/index.html'|'2017-06-28T10:39:00.000+03:00'
'ee721a593d92028bf143cdf8655581b8ddd552ae'|'China economy improves in second quarter but delevaraging poses risks - private survey'|'Business News   5:00am BST China economy improves in second-quarter but deleveraging poses risks - private survey left A China yuan note is seen in this illustration photo May 31, 2017. REUTERS/Thomas White/Illustration 1/3 left right Men work on platforms at the construction site of residential highrises in Beijing, China June 27, 2017. REUTERS/Thomas Peter 2/3 left right A man works at the construction site of residential highrises in Beijing, China June 27, 2017. REUTERS/Thomas Peter 3/3 BEIJING China''s economy continued to improve in the second quarter, with corporate profits rising and hiring up, a private survey showed, but it suggested the Asian giant may have to brace for tougher times ahead even though firms have been able to weather a tighter financing environment. The quarterly survey of thousands of Chinese firms by China Beige Book International (CBB) showed that while the property sector slowed, manufacturing improved further and the retail and services industries bounced back after a difficult first quarter. That reinforced a flurry of recent data and policy makers'' comments that indicated authorities were working to curb financial risks and keep the economy on an even keel heading into a key political meeting this year. The survey showed surprisingly strong performance in the commodities sector despite some price weakness in the second quarter, with the aluminium sector particularly strong. The improving economy, especially the healthy labour market, is no doubt welcome news ahead of a leadership revamp at an autumn congress of the ruling Communist Party of China. Yet signs of stress in the corporate sector pointed to a bumpy ride for businesses. CBB said cash flow was negative for many companies and inventory levels in the second quarter was at the highest in the history of the survey. That is in line with official data showing growth in industrial inventories picked up to over 10 percent in April, sparking worries of weak demand. CBB said there are signs tougher times could be ahead for Chinese companies during a period of deleveraging and rising interest rates. "It remains true that either rates have to come plunging back down, as the (state planner) recently called for, or the present level of corporate activity is headed for a cliff," CBB said in its report. As the government stepped up its campaign to curb debt risks and stabilise the financial sector, growth of China''s broad money supply came in at the slowest in at least two decades in May, though bank lending remained solid. The CBB survey showed the corporate sector started to feel the effect of tighter credit conditions in the second quarter after escaping relatively unscathed in the first three months of the year, with the cost to take a bank loan the highest since 2014. But borrowing was not impacted much, CBB said, likely due to firms'' positive business outlook for the next six months, though CBB said that this may not last if tightening persists. "Companies assume deleveraging is transient, likely because they are skeptical the Party will allow economic pain in 2017. It will not be until 2018 when we find out whether deleveraging is genuine—because it won''t be until 2018 that it will actually hurt", CBB said. (Reporting by Elias Glenn; Editing by Shri Navaratnam)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-china-economy-beigebook-idUKKBN19I2XA'|'2017-06-28T06:06:00.000+03:00'
'55bff8a3a4a090081a3c5140b177b89660512a18'|'Asia stocks pressured as Wall Street hit by healthcare vote delay'|'Business News - Wed Jun 28, 2017 - 8:29pm BST Dollar falls on central bank shifts; stocks rise left right A trader works on the floor of the New York Stock Exchange shortly after the opening bell in New York, U.S., June 27, 2017. REUTERS/Lucas Jackson 1/2 left right Traders work in front of the German share price index, DAX board, at the stock exchange in Frankfurt, Germany, June 27, 2017. REUTERS/Staff/Remote 2/2 By Rodrigo Campos - NEW YORK NEW YORK The euro hit a one-year high against the dollar on Wednesday and the British pound rallied on bets that Europe''s and Britain''s central banks are preparing to scale back economic stimulus, while bank stocks led a rebound on Wall Street. The dollar index slid as Bank of England Governor Mark Carney said a debate on the need to raise interest rates is due "in the coming months," adding to a hawkish tone out of the European Central Bank on Tuesday. Carney''s remarks convinced traders that European monetary policy was shifting in a more hawkish direction, analysts said. The monetary policy comments out of Europe and Britain come as the U.S. Senate delayed a healthcare legislation vote, a move seen as pushing back the timeline for other items of President Donald Trump''s agenda including a tax overhaul regarded as essential to support lofty stock valuations on Wall Street. "Prospects for infrastructure spending and tax reform are fading by the minute" after the delayed healthcare vote, said Karl Schamotta, director of global product and market strategy at Cambridge Global Payments in Toronto. U.S. economic data released on Wednesday showed contracts to buy previously owned homes unexpectedly fell in May, the third straight monthly decline, while mortgage applications fell the most in six months last week. U.S. stocks recovered most of their broad losses from the previous session, however. Bank stocks led the way, supported by a steeper Treasury yield curve. The Dow Jones Industrial Average rose 156.59 points, or 0.73 percent, to 21,467.25, the S&P 500 gained 22.64 points, or 0.94 percent, to 2,442.02 and the Nasdaq Composite added 86.74 points, or 1.41 percent, to 6,233.37. The pan-European STOXX 600 index lost 0.04 percent with gains in bank shares limiting the loss, while MSCI''s gauge of stocks across the globe gained 0.67 percent. Emerging market stocks lost 0.31 percent. MSCI''s broadest index of Asia-Pacific shares outside Japan closed 0.17 percent lower, while Japan''s Nikkei lost 0.47 percent. Analysts said comments by ECB President Mario Draghi on Tuesday, seen as hawkish, continued to support the euro even as sources said on Wednesday that he had intended to signal tolerance for a period of weaker inflation, not imminent policy tightening. “There is a bigger story here that has to do with the repricing in general of monetary policy expectations,” said Alvise Marino, FX strategist at Credit Suisse in New York. "There is a bit of a concern in the markets about the fact that the balance of monetary policy expectations is moving a little bit in a more hawkish direction in Europe, and you''ve seen that with the BOE, you''ve seen that with the ECB." The dollar index fell 0.38 percent, with the euro up 0.36 percent to $1.1378. Sterling rallied against the greenback off of Carney''s comments and was last trading at $1.2927, up 0.88 percent on the day. The Japanese yen strengthened 0.10 percent versus the greenback at 112.27 per dollar. Oil futures climbed to their highest in more than a week despite a surprise build in U.S. crude inventories, as buyers were encouraged by a small weekly decrease in U.S. production. U.S. crude rose 1.11 percent to $44.73 per barrel and Brent was last at $47.54, up 1.32 percent on the day. The back end of the U.S. Treasury yield curve rose after Carney''s comments. Benchmark 10-year Treasury notes were down fell 6/32 in price to yield 2.2191 percent, from 2.198 percent late on Tuesday. The 30-year bond last fell 21/32 in price to yield 2.7743 percent, from 2.744 percent on Tuesday. Spot gold added 0.2 percent to $1,249.43 an ounce. U.S. gold futures gained 0.23 percent to $1,249.80 an ounce. Copper rose 0.36 percent to $5,879.00 a tonne. (Additional reporting by Sam Forgione, Karen Brettell and Scott DiSavino; Editing by Meredith Mazzilli and Nick Zieminski)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-global-markets-idUKKBN19J02Y'|'2017-06-28T09:21:00.000+03:00'
'8d06d2fa8b6deb01328212f9fed34033ccef81f5'|'Global cyber attack hit Auchan payment terminals in Ukraine'|'Company News   4:29am EDT Global cyber attack hit Auchan payment terminals in Ukraine PARIS, June 28 A global cyber attack on Tuesday hit the terminal payments of French retailer Auchan in its stores in Ukraine but the incident is now over, a company spokeswoman told Reuters. "Auchan was impacted but only in Ukraine. As a result payment terminals in the stores in Ukraine did not work on Tuesday. Today, however, they are working," she said on Wednesday. The retailer did not close its stores on Tuesday because of the incident, she added. Auchan, which is present in 17 countries and makes 65 percent of revenue outside France, operates 11 hypermarkets in five Ukrainian cities and employs 3,600 people in the country. Auchan said last week it was stepping up its investments in Ukraine, with the acquisition of local retailer Karavan. (Reporting by Dominique Vidalon; Editing by Sudip Kar-Gupta)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/cyber-attack-auchan-holding-idUSP6N1JF044'|'2017-06-28T11:29:00.000+03:00'
'daa1c4c17e4c48c9ed546558f08a6dc771082c0b'|'Deals of the day-Mergers and acquisitions'|'June 23 The following bids, mergers, acquisitions and disposals were reported by 1000 GMT on Friday:** A Chinese consortium and two private equity firms are likely to submit bids next week to buy Singapore-listed warehouse operator Global Logistics Properties Ltd, people with direct knowledge of the matter said.** Spanish builder OHL said it was looking to sell between 25 percent and 40 percent of its concessions affiliate in an effort to find the unit a partner by the end of the year.** Creditor banks to India''s Essar Oil approved the acquisition of the company by a group including Russia''s Rosneft , two sources familiar with the matter said, removing a key hurdle to the $12.9 billion deal that has been in the works for two years.** Toshiba Corp said it was open to talks with Western Digital Corp in their dispute over the sale of the Japanese conglomerate''s prized chip unit - an apparent olive branch after it chose another suitor as preferred bidder.** Ireland raised 3 billion euros ($3.4 billion) by selling a quarter of Allied Irish Banks in a remarkable turnaround for a company at the forefront of reckless lending during the "Celtic Tiger" boom. (Compiled by John Benny in Bengaluru)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/deals-day-idINL3N1JK3DB'|'2017-06-23T08:09:00.000+03:00'
'974bb292f8a247769ffd9fe27f04f0821471e652'|'Exclusive - Halliburton in talks to buy billionaire Kaiser''s equipment firm: sources'|'Business News - Wed Jun 28, 2017 - 11:11am BST Exclusive - Halliburton in talks to buy billionaire Kaiser''s equipment firm: sources Halliburton’s campus in Houston, Texas, U.S. May 18, 2017. REUTERS/Daniel Kramer By Gary McWilliams and Liz Hampton - HOUSTON HOUSTON Halliburton Co ( HAL.N ) is in late-stage talks to acquire a fast-growing U.S. oilfield equipment supplier backed by Oklahoma energy and banking billionaire George Kaiser, according to sources familiar with the matter. The move comes after the No. 2 oilfield services company was rebuffed in two earlier efforts to acquire similar products. Houston-based Halliburton has set its sights on Summit ESP Inc, said the sources, who spoke in recent days. The people spoke on condition of anonymity because the discussions are not public. Tulsa, Oklahoma-based Summit ESP makes pumps used to maintain well pressure to increase oil and gas production in aging wells. The devices, components in a business called artificial lift, increasingly are being used to prolong the life of shale wells. Halliburton''s 2014 attempt to buy Baker Hughes Inc ( BHI.N ) was opposed by U.S. regulators and its 2016 bid for a Russian company has been stalled by Russian regulators. Halliburton declined to comment on Tuesday. Summit did not return calls seeking comment. Argonaut Private Equity, Kaiser''s investment vehicle, declined to comment. Summit ESP was founded in 2011 and is led by executives who had earlier held senior posts at Baker Hughes, including Chief Executive John Kenner. It has expanded quickly in the United States and Canada, and in May announced it had installed its 8,000th electric submersible pump (ESP), an increase of 1,000 since November. ESPs are a worldwide business of about $5 billion (3.90 billion pounds) a year, according to market researcher Frost & Sullivan. The main providers are Schlumberger NV ( SLB.N ), Baker Hughes and Weatherford International PLC WTF.N. Halliburton, which has a small ESP business, "is trying to catch up to Schlumberger and Weatherford," Anand Gnanamoorthy, industry manager at Frost & Sullivan, said in an interview this month. ESPs generally cost between $50,000 and $200,000 for a complete system, he said. Summit, said one of the sources, wants to reach a deal soon to pre-empt the announcement of Baker Hughes'' closing on its merger with General Electric Co ( GE.N ) oil and gas unit, which is expected at mid-year. Kaiser, who controls Kaiser-Francis Oil Co and is the majority owner of BOK Financial Corp ( BOKF.O ), which owns banks from Arizona to Missouri, financed Summit ESP through his Argonaut Private Equity investment firm. It has more than $3 billion of capital deployed in more than 100 investments. Sales talks between Halliburton and Summit have been on and off several times in the last year over valuation differences. Summit ESP''s revenue last year was about $180 million, a decline of 10 percent from 2015, according to market researcher Spears & Associates. After initial talks with Summit last year, Halliburton shifted its focus to reaching an agreement with Novomet Oil Services Holdings, a Russian supplier of electric submersible pumps that has operations in about 17 countries. In December, Halliburton disclosed it had sought Russian government approval for a deal to acquire up to 100 percent of Novomet. Halliburton Chief Executive Jeff Miller twice this year has told analysts the company was looking to fill a gap in its artificial lift business through mergers and acquisition. Halliburton renewed talks with Summit this year after Russia''s Federal Antimonopoly Service failed to rule on the application. A Halliburton spokesman declined to comment on the status of that application. A representative of the FAS told Reuters earlier this month it had not decided whether a government strategic review would be needed. A source familiar with the matter said the Russian review has been stalled over concerns about the strategic implications of a U.S. company owning a domestic supplier whose gear keeps aging Russian fields producing. (Additional reporting by Maria Kiselyova in Moscow; Editing by Matthew Lewis)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-esp-m-a-halliburton-exclusive-idUKKBN19J13O'|'2017-06-28T13:11:00.000+03:00'
'7fc410cdff2fbf82b4e5aa6d71c6e88318dd581f'|'CORRECTED-Ex-WellCare general counsel pleads guilty in Florida Medicaid case'|'Market News - Wed Jun 28, 2017 - 8:50pm EDT CORRECTED-Ex-WellCare general counsel pleads guilty in Florida Medicaid case (Fixes misspelling of Bereday in second and fourth paragraphs) By Nate Raymond June 28 An ex-general counsel of insurer WellCare Health Plans Inc pleaded guilty on Wednesday in federal court in Tampa to having made a false statement to Florida''s Medicaid program, prosecutors said, the latest former executive to be convicted in the case. Thaddeus Bereday, indicted along with four other former WellCare executives in 2011, had been scheduled to face trial in September after not going on trial in 2013 with other executives for health reasons, prosecutors said. Bereday, 52, faces a maximum of five years in prison. A lawyer for Bereday did not respond to a request for comment. Bereday pleaded guilty two months after the U.S. Supreme Court declined to hear an appeal by former WellCare Chief Executive Todd Farha of his fraud conviction for his role in a scheme to cheat the Medicaid health insurance program for the poor. Prosecutors said Farha and others engaged in a scheme to file false Medicaid expense reports to Florida''s healthcare administration overstating the amount the company''s subsidiaries spent on mental health services for Medicaid patients. Under a 2002 Florida law, companies were required to spend 80 percent of Medicaid dollars they received for mental health services, and return the difference if they spend less. According to court papers, Tampa-based WellCare created a new unit to pay mental health care providers while retaining millions of dollars in Medicaid funds that should have been refunded. A federal jury in 2013 convicted Farha, former WellCare Chief Financial Officer Paul Behrens, and former vice presidents William Kale and Peter Clay. A federal judge in 2014 imposed prison terms of three years for Farha, two years for Behrens and one year for Kale. Clay was sentenced to five years of probation. WellCare in 2009 agreed to pay $80 million and enter into a deferred prosecution agreement in connection with the investigation. The case is U.S. v. Farha, et al, U.S. District Court, Middle District of Florida, No. 11-cr-115. (Reporting by Nate Raymond in New York; editing by Taylor Harris and Grant McCool) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/wellcare-health-court-idUSL1N1JP1NA'|'2017-06-29T03:50:00.000+03:00'
'537d463169ba4ff43d6abee25789e522eb3c2302'|'Forestar agrees to D.R. Horton''s offer; scraps Starwood deal'|'Forestar Group Inc ( FOR.N ) scrapped its merger agreement with investment firm Starwood Capital Group on Thursday and said U.S. homebuilder D.R. Horton Inc ( DHI.N ) would buy a 75 percent stake in the company.Forestar''s shares were down 2.6 percent at $17 in morning trading, while those of D.R. Horton fell 1.7 percent to $33.68.The real estate developer said D.R. Horton''s latest cash offer of $17.75 per share was superior to Starwood''s $16 offer for all of Forestar. The homebuilder''s offer values the stake at about $560 million.U.S. homebuilders are seeking ways to boost their land holding as rising land acquisition costs and a tight labor market hamper efforts to tap the recovery in the housing market.D.R. Horton''s smaller rival Lennar Corp ( LEN.N ) in February bought fellow Florida-based homebuilder WCI Communities Inc, as it seeks to boost its land bank.Forestar, which mainly develops lots and sells them to homebuilders, owns interests in 50 residential and mixed-use projects comprising 4,600 acres of real estate.The deal, which is expected to close in the fourth calendar quarter of 2017, would add to D.R. Horton''s fiscal 2018 earnings, the homebuilder said.Forestar paid Starwood a $20 million termination fee, the company said in a statement.Up to Wednesday''s close, Forestar''s stock had risen 24.2 percent since April 12, a day before Starwood agreed to buy the company for $14.25 per share.(Reporting by Ankit Ajmera in Bengaluru; Editing by Anil D''Silva)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-forestar-grp-m-a-dr-horton-idINKBN19K1VY'|'2017-06-29T11:52:00.000+03:00'
'2d0d2b1f4bf910b4f112df516e710839dd3ecbdd'|'Western Digital says Toshiba''s actions in chip spat harm customers'|'Technology News - Thu Jun 29, 2017 - 7:00am BST Western Digital says Toshiba''s actions in chip spat harm customers A staff member of Toshiba Corp. holds a sign board of the company''s annual shareholders meeting at an entrance of the venue in Chiba, Japan June 28, 2017. REUTERS/Issei Kato TOKYO Western Digital Corp said on Thursday that legal action and other moves taken by Toshiba Corp in their dispute over the sale of its prized memory chip unit were harming Toshiba''s stakeholders and customers. The two have been feuding bitterly over the $18 billion sale, particularly after Toshiba chose a different consortium as it is preferred bidder. Western Digital, which jointly runs Toshiba''s main semiconductor plant, has sought a U.S. court injunction to prevent the inking of any deal without its consent. On Wednesday Toshiba struck back with a lawsuit, saying Western Digital had interfered in the sale without due cause, adding that it is seeking 120 billion yen ($1 billion) in damages. It also blocked certain Western Digital employees from accessing databases related to their joint ventures and, in some cases, facilities as well. "This action will have the consequence of harming not only Toshiba''s stakeholders, but also our respective customers," Western Digital said in a statement. The U.S. firm called Toshiba''s lawsuit a bid to pressure it to relinquish its consent rights, and added it was confident it would succeed on the legal merits of its arbitration request. Western Digital also reiterated its commitment to invest in their joint ventures, including the Fab 6 production line in Yokkaichi, central Japan. Toshiba is rushing to sell the unit to cover billions of dollars in cost overruns at its bankrupt Westinghouse nuclear unit. (Reporting by Thomas Wilson; Editing by Edwina Gibbs) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-toshiba-accounting-idUKKBN19K0GN'|'2017-06-29T08:04:00.000+03:00'
'9497051d25097215bd270bd7b6dbfb69e477d8f5'|'Nikkei hovers near 2-year highs as tech shares support'|'* Tokyo poll on weekend focused* Nitori tumbles on weak resultsBy Ayai TomisawaTOKYO, June 29 Japan''s Nikkei share average rose on Thursday morning to hover near two-year highs after Wall Street rebounded, with tech shares, like Advantest Corp and Shin-Etsu Chemical, outperforming the overall market.The Nikkei gained 0.5 percent to 20,238.75 in midmorning trade, moving closer to 20,318.11 hit last week, the highest level since August 2015.Meanwhile, the broader Topix gained 0.8 percent to its near two-year high of 1,627.54.Tech shares, which stumbled on the previous day, rebounded after the Nasdaq posted its best session since Nov. 7 overnight. Gains in the Philadelphia Semiconductor Index also bolstered sentiment in the Japanese tech sector.Advantest rose 1.0 percent, Hitachi Ltd added 1.3 percent and Shin-Etsu Chemical Co, a top maker of semiconductor silicon wafers, leapt 1.4 percent."We see reversals in some sectors today. For the overall market, investors are still waiting for major catalysts from next week as well as this weekend''s Tokyo poll," said Nobuhiko Kuramochi, a strategist at Mizuho Securities, referring to Sunday''s Tokyo Metropolitan assembly election.Japanese Prime Minister Shinzo Abe''s government, its ratings slipping over suspicions of favouritism, has suffered a fresh embarrassment after his defense minister made politically sensitive remarks just days ahead of a key local election."It''s not like the market is deeply worried about the election. But from foreign investors'' standpoint, political stability was one of the reasons to invest in the Japanese market, so we don''t want a negative surprise on the weekend," Mizuho''s Kuramochi said.Next week, the market is focused on the Bank of Japan''s ''tankan'' business sentiment survey as well as U.S. economic indicators which include ISM Manufacturing PMI and unemployment data.Bucking the strength, Nitori Holdings tumbled 6.7 percent after the furniture retailer saw its operating profit decline by 5.6 percent to 25.72 billion yen ($229 million) in March-May, hurt by a weaker yen and expenses related to new store openings. (Editing by Simon Cameron-Moore)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/japan-stocks-midday-idUSL3N1JQ1LZ'|'2017-06-29T05:55:00.000+03:00'
'85f31254a00e461a15c31743ec5a94cc55e80f67'|'U.S. judge allows some VW investor diesel claims to proceed'|'Autos - Wed Jun 28, 2017 - 5:28pm EDT U.S. judge allows some VW investor diesel claims to proceed Volkswagen''s logo is seen at its dealer shop in Beijing, China, October 1, 2015. REUTERS/Kim Kyung-Hoon By David Shepardson - WASHINGTON WASHINGTON A federal judge in California on Wednesday allowed some claims to proceed by investors who sued Volkswagen AG over its diesel emissions scandal, but agreed to the German automaker''s request to dismiss parts of the lawsuit. U.S. District Judge Charles Breyer said in an 18-page order he was allowing claims that VW and then-Chief Executive Officer Martin Winterkorn intentionally or recklessly understated VW''s financial liabilities made since May 2014, but dismissing claims for financial statements issued before then. That VW "may have deliberately employed an illegal defeat device does not mean the company knew with reasonable certainty that it was going to get caught," Breyer wrote in dismissing thee older statements. Breyer also dismissed claims that VW brand chief Herbert Diess understated VW financial liabilities in 2015, but Breyer rejected a bid to throw out a claim against then VW U.S. chief Michael Horn. The plaintiffs, mostly U.S. municipal pension funds, have accused VW of not having informed the market in a timely fashion and understated possible financial liabilities. The lawsuits said VW''s market capitalization fell by $63 billion after the diesel cheating scandal became public in September 2015. The plaintiffs had invested in VW through American Depositary Receipts, a form of equity ownership in a non-U.S. company that represents the foreign shares of the company held on deposit by a bank in the company''s home country. Volkswagen said in a statement it was pleased "with the court’s decision to limit the scope of the plaintiffs’ allegations, and believes the remaining claims are without merit, which we intend to demonstrate as this case proceeds." CEO Winterkorn resigned days after the scandal became public and much of the company''s management has changed since 2015. VW in September 2015 admitted using sophisticated secret software in its cars to cheat exhaust emissions tests and pleaded guilty in March in a U.S. court to three felonies in connection with the scandal. Volkswagen has agreed to spend as much as $25 billion in the United States to resolve claims from owners and regulators over polluting diesel vehicles and has offered to buy back about 500,000 vehicles. Through mid-June, VW has spent $6.3 billion buying back vehicles and compensating U.S. owners. (Reporting by David Shepardson; Editing by David Gregorio) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-volkswagen-emissions-idUSKBN19J2WI'|'2017-06-29T00:15:00.000+03:00'
'5147c9fb547cd0ce58696393e41c513736b02243'|'Early Eid clouds JD Sports trading, shares dive'|'Business   11:51am BST Early Eid clouds JD Sports trading, shares dive People pass a JD Sports store in London, Britain April 11, 2017. REUTERS/Neil Hall LONDON Sportswear retailer JD Sports ( JD.L ) said its recent trading performance had been distorted by the Eid Muslim festival falling earlier this year, sending its high-flying share price down sharply. Shares in the seller of trainers and tracksuits, which also highlighted "anticipated margin pressure", fell up to 12 percent on Thursday, paring its year-on-year gains to 66 percent. In a trading ahead of its annual shareholders'' meeting, JD said the earlier timing of Eid this year meant it had brought its clearance, or sale, period forward a week to ensure new season stock was available for the Muslim festival. Eid, the annual festival following the month-long Ramadan fast, fell on June 25, 10 days earlier than in 2016. JD says the festival is an important period for giving gifts, which helps boost sales at its UK stores. JD did not publish any trading numbers, saying like-for-like store sale comparisons would not be truly meaningful until the end of its first half on July 29. It said that by then the impact of timing differences, as well as strong sales during last year''s European soccer Championship would have fully unwound. "The bears will seize on JD''s unwillingness to give any cumulative like-for-like sales figures," said independent retail analyst Nick Bubb. JD, which has exploited growing demand for branded sports shoes and clothes to overtake Sports Direct ( SPD.L ) as the country''s leading sportswear retailer by market value, confirmed that growth to date in like-for-like store sales and significant growth in online sales had been in line with its expectations. It also said it was on track to deliver 2016-17 results in line with market expectations - a pretax profit of 277 million pounds, up from 245 million pounds in 2015-16. The stock was down 36 pence at 362 at 1008 GMT, valuing the business at 3.5 billion pounds. (Reporting by James Davey; editing by David Clarke)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-jd-sports-outlook-idUKKBN19K1AN'|'2017-06-29T13:51:00.000+03:00'
'21f2453fc24a6e3fa588eb7f2902ead4ed78f098'|'John Wood Group sees weak first half on fewer projects'|'Business News - Thu Jun 29, 2017 - 7:50am BST John Wood Group sees weak first half on fewer projects Oilfield services company John Wood Group Plc ( WG.L ) said fewer projects and modifications work, particularly in the North Sea region, weighed on its first half, while impact of a tougher pricing environment would result in a reduction in the first-half margin. The company, which provides services to oil producers including BP Plc ( BP.L ), said it was cautious about its full-year outlook, but anticipated a stronger second half. "First half performance is down on 2016 and weaker than anticipated," John Wood Group said in a statement on Thursday. The company, however, said activity in the U.S. onshore shale market had improved since the beginning of the year, and that it had secured infrastructure construction projects in Ohio. Oil companies have cut back on spending for exploration drilling and maintenance, reducing demand for engineering firms such as John Wood Group which provides services including overhaul of compressors, pumps, generators and rotating equipment. (Reporting by Sanjeeban Sarkar in Bengaluru; Editing by Amrutha Gayathri)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-john-wood-outlook-idUKKBN19K0MH'|'2017-06-29T09:50:00.000+03:00'
'50236dc20277c95d3e01b62cc364ee66f3cfa653'|'The involuntary bumping of flyers is likely to be outlawed'|'SOMETIMES an injustice can unite a divided nation. In America it seems that a United Airlines scandal, in which a paying passenger was dragged from an overbooked flight to make way for airline staff, was such a moment.Congress is on the verge of passing bipartisan legislation in response to the incident. This virtually never happens. Bipartisan bills of any significance are a near-extinct species in this warming Washington climate, in which politicians have taken refuge at either pole. Indeed Republicans, who have the majority in both houses, are loath to impose new government regulations of any sort. But the United incident seems to have done what mass shootings, epidemic diseases and economic crises could not: unite lawmakers from both parties behind legislation to address the issue.Latest updates How   8 hours   Has “one country, two systems” been a success for Hong Kong? The Economist explains 14 hours ago See all updates Last week, both the House and the Senate unveiled proposals that would ban airlines from bumping passengers without their consent. Unlike recent standalone bills targeting airlines that have gained little traction, these measures are included in bigger bills to reauthorise the Federal Aviation Administration—bills that must be passed in order for the country’s airports to remain operational. With support in both parties, the measures are likely to become law, The Hill reports .The pair of bills would prevent airlines from removing passengers from flights against their will once they have boarded, except for safety or security reasons. The Senate bill would also trigger a federal review of all airlines’ overbooking policies and would require carriers to disclose their boarding and bumping procedures to travellers on their tickets or other documents.If the legislation becomes law, it could benefit tens of thousands of flyers each year. Involuntary bumping is relatively uncommon, but the fate did befall more than 45,000 passengers in 2015. Still, the benefit might be marginal. In the aftermath of the dragging incident, United announced 10 policy changes , including an end to involuntary bumping. The practice has earned so much scorn that it was probably already on its way out. Symbolically, though, the legislation sends a message to the airlines that their PR campaigns did not work, and they will not be able to get away with practices that arouse such widespread ire.Usually, the airlines fight hard to prevent any new regulations from being imposed on them. This time they have largely held their fire. Grumbling about shrinking legroom and growing baggage fees tends not to peruade them to change their ways, but the nightmarish publicity that came when the video of the United victim spread around the world seems to have cleared whatever bar is needed to get them to lay down their arms and allow a few new rules.'|'economist.com'|'http://www.economist.com/sections/business-finance/rss.xml'|'http://www.economist.com/blogs/gulliver/2017/06/united-against-united?fsrc=rss'|'2017-06-29T21:11:00.000+03:00'
'37762b3821a39b0f6cc0b41dae4b30d5bc5f46d2'|'Linn, Citizen Energy form Oklahoma oil venture with 2018 listing plan'|'NEW YORK Linn Energy Inc and Citizen Energy II, LLC have agreed to form a joint oil and gas venture to develop 140,000 acres in Oklahoma, with the newly-created company expected to list early next year, according to a statement on Wednesday.The venture known as Roan Resources will be provided land by the two companies, on an equal basis, in an area which stretches across the SCOOP, STACK and Merge oil-rich shale formations in south and central Oklahoma.By forming the venture, Linn and Citizen aim to accelerate the development of the largely-contiguous acreage, with production reaching more than 40,000 barrels of oil equivalent per day by the end of the year, double the output as of May 2017, the statement said.Technology improvements allow companies to drill sideways over a longer distance, meaning oil and gas producers have been seeking out ways to acquire adjacent land to boost production from single oil wells.EQT Corp said last week it had agreed to buy fellow Appalachian gas and oil firm Rice Energy for $6.7 billion, a transaction that would make it the largest U.S. natural gas producer. One of its main rationales was Rice''s complementary acreage.Roan Resources is planning an initial public offering in early 2018, subject to market conditions, the statement added.Linn itself only returned to the public market in February, having reformed itself during a Chapter 11 process caused by the slump in oil prices from a peak in mid-2014.It has since sold a number of assets designated as not core to its strategic plan to help raise cash to fund new opportunities, including to Jonah Energy and Denbury Resources.Tulsa-based Citizen is focused on developing oil and gas reserves in the Anadarko basin in Oklahoma. It is backed by investment firm JVL Advisors, run by former Morgan Stanley banker John Lovoi.Jefferies and Citigroup were the respective financial advisers to Linn and Citizen, with Latham & Watkins and Thompson & Knight their respective legal advisers.(Reporting by David French; Editing by Andrew Hay)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-linn-enrgy-jointventure-citizen-energ-idINKBN19J2HE'|'2017-06-28T15:52:00.000+03:00'
'f61bc8ec351bba6fafb72ab469fe5bb9887ee4b1'|'Closer Hong Kong, China ties creates corporate governance challenges'|'Fri Jun 30, 2017 - 11:34am BST Closer Hong Kong, China ties creates corporate governance challenges By Michelle Price - HONG KONG HONG KONG Hong Kong''s ever-closer relationship with mainland China may be good for business, but it poses growing corporate governance challenges for the former British colony, which this weekend marks 20 years since its return to Chinese rule. The financial hub was shaken on Tuesday, after a rout mainly in small-cap Hong Kong stocks wiped HK$24 billion ($3.08 billion) off the market. The precise cause of the sudden sell-off remains unclear. The Securities and Futures Commission (SFC) said the stocks were all characterized by small public floats, concentrated shareholdings, thin turnover and cross-shareholdings that encourage volatility. The sell-off has raised questions over Hong Kong''s ability to enforce its rules, as the territory''s relationship with China - whose companies dominate the Hong Kong market but remain beyond its legal reach - comes under the spotlight. "The fundamental challenge you have, if you are sitting in Hong Kong, is managing accountability," said Keith Pogson, EY financial services lead based in Hong Kong. "The company may have a chairman and board who are mainlanders and it''s possible for them to run off to the mainland rather than stand here and be held accountable to global investors. For the Hong Kong exchange and the SFC, this remains a massive challenge." Britain returned Hong Kong to Chinese rule on July 1, 1997, under a "one country, two systems" formula that allows Hong Kong to operate a separate, autonomous judicial system. Since the handover, Chinese company listings have helped boost the Hong Kong stock exchange nine-fold, transforming the small territory of just 7.3 million people into a $3.7 trillion global market. Around 60 percent of companies listed in Hong Kong originate from the mainland. SLOPPIER STANDARDS Hong Kong scores relatively well for corporate governance compared with the rest of Asia, coming second out of 11 markets ranked by the Asian Corporate Governance Association (ACGA) on their rules, culture, enforcement, audit regime, and political environment. But the dominance of Chinese firms means investors in the territory''s stocks are exposed to much sloppier standards on the mainland, which the ACGA ranked ninth. China''s overall scores have fallen since 2014 due to increased state interventions and it scores very low on general corporate governance culture. Chinese companies listing in Hong Kong must comply with its rules and disclosure requirements, but the mainland''s weak corporate governance culture still seeps across the border. Of 15 main board companies whose shares were halted from trading by the SFC due to accounting irregularities or investigations since 2011, 13 are mainland Chinese, according to a Reuters analysis. They include two of the biggest scandals, China Huishan Dairy ( 6863.HK ) and Hanergy Thin Film ( 0566.HK ). Other scandals involving companies that were de-listed, such as China Metal Recycling and Hontex International, were also mainland Chinese. Punishing such companies with deterrent force can be tough, according to legal experts and regulatory sources. The company''s main assets, audit working papers, and management typically reside on the mainland and can only be accessed with cooperation from the Chinese authorities. In theory, Chinese courts should recognize rulings from Hong Kong courts on issues such as liquidations, but liquidators say it is difficult in practice to make them stick. Enforcing China Metal Recycling''s liquidation order on the mainland has been a battle, according to one person with direct knowledge of the matter. "Once a Chinese company is listed, the enforcement environment is working against the Hong Kong regulators. Other than throwing them off the exchange, or hoping the management will come to the table in Hong Kong, it can be very difficult," said Pogson, a member of the stock exchange''s listing committee but who was speaking in a personal capacity. GREATER INTEGRATION Hong Kong and Chinese markets are only growing more integrated, with the launch of projects to connect their stock and bond markets. The Hong Kong exchange has wants to lure Chinese companies to a new board that would allow "pre-profit" companies or start-ups to list. Regulatory sources said much closer cooperation between the SFC and the China Securities Regulatory Commission (CSRC) over the past two years had seen some successes. They include a landmark ruling this month forcing the former chairman and CEO of China''s Greencool Technology to disgorge gains derived from overstating the company''s profits. In April, SFC CEO Ashley Alder said in a speech that the SFC and CSRC were "especially focused on the opportunities but also the risks associated with far greater cross-boundary market connectivity". The regulatory sources said it was in the interests of the SFC and the CSRC to cooperate to protect Hong Kong. "In the case of Hong Kong we do depend on cooperation by the mainland regulators and their court system," said David Webb, Hong Kong''s leading investor activist who also called this week''s small-cap rout. "But that doesn''t mean we shouldn''t try, and it doesn''t mean we can''t win." (Reporting by Michelle Price; Editing by Bill Tarrant)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-hongkong-stocks-smallcaps-analysis-idUKKBN19L1CL'|'2017-06-30T13:15:00.000+03:00'
'b3727cf753e34a6492461b51ba7c751ed057b768'|'China M&A scrutiny to cast shadow on Asia deals volume'|'June 30, 2017 / 6:52 AM / 28 minutes ago China M&A scrutiny to cast shadow on Asia deals volume 4 Min Read FILE PHOTO: A China yuan note is seen in this illustration photo May 31, 2017. Thomas White/Illustration/File Photo HONG KONG (Reuters) - China''s outbound M&A volumes nearly halved in the first six months of 2017 following Beijing''s crackdown on capital outflows, data showed, and its new scrutiny of acquisitive groups, including Anbang and HNA, is set to dampen Asian dealflow further. Overseas deals by Chinese companies - the engine of M&A activity in Asia - fell 49 percent in the first half of 2017 from the year-ago period to $64.2 billion, dragging down regional deal volumes, according to Thomson Reuters data. The total value of announced M&A activity in Asia Pacific fell 15 percent in the first half of this year to $458.4 billion from the year-ago period, the data showed. China was the top nation for both inbound and outbound deals in Asia Pacific for the half-year, attracting $28.5 billion worth of inbound deals. A slowdown in Chinese deals, especially large-sized ones, could inflict further pressure on Asian revenues of Wall Street banks, who are already feeling the pain of growing competition from Chinese investment banks. M&A is among the few areas where Chinese banks haven''t already gained a strong foothold. Chinese firms spent a record $221 billion on assets overseas, ranging from movie studios to football clubs in 2016, but Beijing''s move to prop up the yuan by restricting capital outflows has made it tougher for buyers to win deals abroad. China''s banking regulator tightened the screws further last week, ordering a group of lenders to assess their exposure to offshore acquisitions by several big companies that have been on an overseas buying spree, two people familiar with the matter said. [nL3N1JJ3CP] "The latest crackdown takes away people from the market who were very active on the M&A scene and creates a sense of uncertainty. You will see the impact on volumes," said an Asia financial institutions M&A banker at a large European bank. The elevated regulatory hurdles for Chinese buyers to get their cash out of the country have caused delays and even withdrawals of a number of China outbound M&A transactions targeting U.S. and European assets. "The sellside needs to ascertain the credibility of a buyer (from China). The second thing is to address any questions around certainty, in particular funding and approvals," said John Kim, head of M&A for Asia ex-Japan at Goldman Sachs. Still, Chinese state-owned firms struck some of Asia''s top deals in the first half. China Investment Corp [CIC.UL] wrote a 12.25 billion euros ($13.93 billion) cheque to acquire European warehouse firm Logicor from private equity group Blackstone ( BX.N ), the region''s largest during the first half. [nL8N1IZ4YB] But this year is unlikely to see any blockbuster deals such as last year''s around $44 billion ChemChina-Syngenta tie-up. Bankers instead expect more activity to be driven by private equity firms which have plenty of capital after a busy fundraising period in 2016. They are already heavily involved in some of Asia''s most high-profile takeovers and take-private deals, including the potential sale of Singapore-listed warehouse operator Global Logistic Properties Ltd ( GLPL.SI ), which will likely be the region''s biggest buyout this year. ($1 = 0.8793 euros) Reporting by Kane Wu and Sumeet Chatterjee; Editing by Michelle Price and Muralikumar Anantharaman 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/asia-m-a-idINKBN19L0ME'|'2017-06-30T09:48:00.000+03:00'
'7d852d0e24df6be0d3eb8f46f45216721317ade2'|'Wesfarmers coal mine sale cools off, bidders drop out - sources'|'Market News  25am EDT Wesfarmers coal mine sale cools off, bidders drop out - sources By Clara Denina and James Regan - LONDON/SYDNEY, June 30 LONDON/SYDNEY, June 30 The final group attempting to buy the Curragh coking coal mine in Australia from conglomerate Wesfarmers Ltd has dropped out, two sources familiar with the matter told Reuters on Friday. U.S. private equity partners Apollo Global Management and Xcoal Energy & Resources ended their joint pursuit of the 8-million-tonnes-per-year coking coal mine four weeks ago after failing to reach a deal on price, the sources said. Having expressed an interest in exiting the mining business, Wesfarmers hired UBS to explore a sale of Curragh and its 40 percent stake in the Bengalla thermal coal mine, following a coal price surge at the end of last year, the sources said. Wesfarmers had told Reuters on April 27 that a "reduced number" of proposals were being assessed and the company was prepared to keep the mines if it was unable to get its price. "This was a tough one from the start," said one of the sources, who is part of a private equity group active in Australian mining acquisitions that did not bid for the mines. "Wesfarmers was always going to be holding out for its price and was only a seller if it made a lot of sense." Wesfarmers, more known for its supermarket, hardware and retailing businesses, declined to comment. Apollo and Xcoal Energy & Resources were not immediately available to comment. The pair were bidding only for the Curragh mine and their offer was lower than $500 million, according to the sources. Wesfarmers wanted a total of roughly $1.5 billion for the two mines, the sources said. Apollo and Pennsylvania coal exporter Xcoal, founded by Ernie Thrasher, a billionaire entrepreneur often dubbed the King of Coal, turned their attention to Curragh after Anglo American pulled two coking coal mines off the market, rethinking its plans to exit the coal sector. The Curragh mine was running at a rolling production rate of 8.3 million tonnes of coking coal and 3.6 million tonnes of thermal coal, according to Wesfarmers'' last quarterly production report. The Bengalla mine was yielding 3.3 million tonnes of thermal coal annually, it said. (Reporting by Clara Denina in London and James Regan in Sydney; Editing by Dale Hudson)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/wesfarmers-australia-coal-idUSL8N1JR1ZX'|'2017-06-30T13:25:00.000+03:00'
'a6f67ccbd1d13b54a333c9c64dc972f97a1704e8'|'Tourist trap: China''s surpluses may be bigger than thought'|'By Jeremy Gaunt - LONDON LONDON Tales of Chinese tourist largesse providing a big boost to destination economies are legend. They may also be incorrect, with China''s current account surpluses understated as a result.Anna Wong, a senior economist with the U.S. Federal Reserve, reckons the money spent overseas by Chinese tourists -- some $215 billion last year, according to one industry estimate -- is not all it is cracked up to be.In a draft paper for the Fed''s governors, Wong says a large amount of the money designated as having come from Chinese tourists globally should actually count as investment in assets."Financial outflows concealed as travel imports are large and significant, growing to around 1 percent of China’s GDP in 2015 and 2016, and account for a quarter of recorded net private financial outflows," she wrote.This would mean that China''s current account surpluses over the past few years are actually larger than reported, and possibly as big as before the financial crisis.China''s capital controls make it difficult for wealthier Chinese to invest abroad. But the implication of Wong''s findings is that there are a plethora of ways for the country''s "tourists" to buy property and other assets overseas.Factors suggesting this is happening come down to the amount of money being reported as tourist-related versus the actual macroeconomic conditions surrounding it.One example is that China''s travel expenditure as a share of GDP was reported to be higher than Britain''s in 2014, even though the latter''s per capita GDP is seven times China''s.Similarly, in the same year, spending by Chinese tourists abroad was reported to have increased four times faster than the actual number of tourists.The way that money designated as tourist inflows ends up as asset buying is mainly anecdotal. Wong cites "purchases of insurance saving and annuity products, real estate properties, and cashback through a cover-up jewelery transaction", as examples.NOT WHOLE STORYNone of this is to say that Chinese tourism is not a huge boon to some countries, or that the phenomenon of a new wave of tourists is not real.But it does have some impact on both tourist economies and China''s finances.For the former, it means tourist expenditure may not be adding to jobs, revenues and manufacturing in the way that has been assumed.Instead, a lot of the money designated as Chinese tourist inflow may simply be pumping up asset prices -- in real estate, for example -- that do not necessarily benefit the economies, or the locals, of the destination countries.For China, it suggests that official current account surplus data may have been distorted, that far more money is escaping capital controls than believed, and that China''s services deficit has been inflated.Alex Wolf, senior emerging markets economist at British fund firm Standard Life Investments, says the main implication of Wong''s report is that the current account surplus is larger than implied by official statistics -- a hot potato politically."Transactions that appear as travel imports actually should have been on the capital or financial account," he said. "If then the services deficit is smaller than implied, the overall net surplus would then be larger."China’s current account surplus is likely as large (as a percentage of GDP) as it was before the global financial crisis."Wolf noted that the U.S. Treasury has recently cited progress in China reducing its external balance.If Wong''s analysis is correct, the Treasury''s assessment may not be.(Editing by Hugh Lawson)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/us-global-economy-china-tourists-idINKBN19J1J1'|'2017-06-28T15:07:00.000+03:00'
'8d38cfa382b0423ae01ad70adf06bac4dfd85464'|'Vale''s cash generation dependent on ore price, CEO says'|'Market  13am EDT Vale''s cash generation dependent on ore price, CEO says SAO PAULO, June 28 The high correlation between iron ore price trends and cash generation at Vale SA shows the dependence that the world''s No. 1 producer of the mineral has on that segment, a presentation to investors showed on Tuesday. Slides of the presentation by Chief Executive Officer Fabio Schvartsman at a Citigroup Inc event in São Paulo also pointed to the importance of ferrous minerals in Vale''s assets despite efforts to diversify. Underperforming operations at Vale will have to be reassessed, Schvartsman said in the presentation. (Reporting by Guillermo Parra-Bernal; Editing by Chizu Nomiyama)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/vale-sa-outlook-ceo-idUSL1N1JP0HV'|'2017-06-28T16:13:00.000+03:00'
'be70aa11b07ff62d34953d5ea29be4001778de69'|'Neuberger Berman''s Dyal buys minority stake in hedge fund Atalaya'|'BOSTON, June 28 Dyal Capital Partners, the Neuberger Berman Group unit that buys minority stakes in hedge and private equity fund firms, has bought a piece of private credit and special opportunities investor Atalaya Capital Management, marking its third investment in three months.Atalaya, which manages $2.5 billion, said it plans to keep the proceeds from the investment on its balance sheet to expand its capabilities and increase its investments alongside its clients. The firm declined to say how much Dyal paid for the stake but a person familiar with the matter said the stake values the firm at more than $400 million."This capital allows us to continue developing our business for the future and invest more in our funds, fostering greater alignment with our investors," Ivan Zinn, who founded the New York-based firm in 2006 said in a statement.Dyal, led by Michael Rees, has backed more than two dozen firms totaling some $9 billion in assets, its website says. In April it bought stakes in TSSP, a global credit and credit-related investment firm affiliated with TPG Holdings, and in credit focused hedge fund Sound Point Capital.It also owns interests in hedge funds Halcyon Capital Management, Jana Partners and Graham Capital Management.Firms like Dyal, Affiliated Managers Group Inc and Blackstone Group have created lucrative businesses for themselves by buying minority stakes in investment firms at a time the funds'' founders may be looking to cash out or to expand.Last year, Dyal raised its third fund to take minority stakes in such firms, gathering more than $5 billion in investor commitments.(Reporting by Svea Herbst-Bayliss; Editing by Bernard Orr)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/hedgefunds-dyal-atalaya-idINL1N1JP0WW'|'2017-06-28T13:43:00.000+03:00'
'3f4f4dd8af1290e2fe1ccb9a969a18986327f942'|'GLOBAL MARKETS-Dollar upended by rates reversal, stocks calm for now'|'Business News  27pm EDT Dollar falls, bond yields up as central bank views shift A U.S. Dollar note is seen in this June 22, 2017 illustration photo. REUTERS/Thomas White/Illustration By Rodrigo Campos - NEW YORK NEW YORK The euro rose on Thursday alongside sterling and U.S. bond yields as a slew of hawkish comments from central banks signaled the era of ultra-loose monetary policy is ready to sunset across the Atlantic. The dollar index touched its lowest since October - before Donald Trump was elected U.S. president - as investors shifted to the view that the U.S. Federal Reserve might not be the only game in town when it comes to higher interest rates. With the Fed green-lighting dividends and buybacks in major banks as part of another round of stress tests, financial stocks rose but not enough to offset declines in technology and interest-rate sensitive sectors. "Part of the reason why tech is down today is the steam in the recent rotation out of some of big tech winners and into banks," said Michael Scanlon, portfolio manager at Manulife Asset Management in Boston. The Dow Jones Industrial Average fell 141.38 points, or 0.66 percent, to 21,313.23, the S&P 500 lost 19.61 points, or 0.80 percent, to 2,421.08 and the Nasdaq Composite dropped 101.99 points, or 1.64 percent, to 6,132.42. European shares logged their biggest one-day loss in nine months on Thursday as interest rate-sensitive sectors were hit by a rising hawkish chorus from central banks globally. The pan-European FTSEurofirst 300 index lost 1.36 percent and MSCI''s gauge of stocks across the globe shed 0.50 percent. Emerging market stocks lost 0.13 percent. MSCI''s broadest index of Asia-Pacific shares outside Japan closed 0.54 percent higher, while Japan''s Nikkei rose 0.45 percent. As euro zone bond yields rallied, the euro surged to as high as $1.1434, its strongest since May 2016. The dollar index fell 0.42 percent, with the euro up 0.51 percent to $1.1434. Bank of England Governor Mark Carney surprised many on Wednesday by conceding a hike was likely to be needed as the economy came closer to running at full capacity. That sent sterling above $1.30 on Thursday for the first time in five weeks, leaving it close to its highest levels in nine months. The pound was last trading at $1.2993, up 0.53 percent on the day. The Bank of Canada had its say, with two top policymakers this week suggesting they might tighten monetary policy as early as July. The Canadian dollar strengthened 0.25 percent versus the greenback at 1.30 per dollar. "The shifting monetary policy trajectories of other central banks is making other currencies more attractive relative to the U.S. dollar," said Kathy Lien, managing director at BK Asset Management in New York. The Japanese yen strengthened 0.23 percent versus the greenback at 112.07 per dollar. Benchmark U.S. Treasury yields rose to five-week highs in sympathy with higher European government debt yields, as investors evaluated the likelihood of less accommodative policy. "What''s going on in Europe is really what''s driving us here," said Brian Daingerfield, a macro strategist at NatWest Markets in Stamford, Connecticut. Treasury 10-year notes last fell 14/32 in price to yield 2.2701 percent, from 2.223 percent late on Wednesday. U.S. oil futures edged up after hitting a two-week high, extending a rally into a sixth straight session after a decline in weekly U.S. crude production temporarily alleviated concerns about deepening oversupply. Brent ticked lower. U.S. crude rose 0.07 percent to $44.77 per barrel and Brent was last at $47.24, down 0.15 percent on the day. Gold fell as central bank comments lifted bond yields. Spot gold dropped 0.3 percent to $1,245.62 an ounce. U.S. gold futures fell 0.26 percent to $1,245.80 an ounce. Copper rose 0.75 percent to $5,925.00 a tonne. (Additional reporting by Tanya agvrawal in Bengaluru and Sam Forgione, Karen Brettell and David Gaffen; Editing by Nick Zieminski)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-global-markets-idUSKBN19K031'|'2017-06-29T03:37:00.000+03:00'
'4436802637dda4c85ae487e85bbc34f302526cb0'|'France to set up court to handle English-law contracts after Brexit'|'Business  56pm BST France to set up court to handle English-law contracts after Brexit French Finance Minister Bruno Le Maire leaves after the weekly cabinet meeting at the Elysee Palace in Paris, France, June 28, 2017. REUTERS/Charles Platiau By Jonathan Spicer - NEW YORK NEW YORK France will set up a special court to handle English-law cases for financial contracts after Britain leaves the European Union, Finance Minister Bruno Le Maire said on Thursday as Paris steps up its charm offensive to attract banks. Most loan and derivative contracts in Europe are written in English law, but Britain''s exit from the European Union raises problems about how they would be enforced outside of Britain. "We will create a special court to handle disputes related to financial contracts governed by English law, once the UK leaves the EU," Le Maire said in New York during a visit to try to convince U.S. banks to move jobs to Paris. "All proceedings will take place in English. We will hire people with experience in common law regardless of where they come from," he said. Though new President Emmanuel Macron, a former investment banker, is more relaxed about the use of English than previous French leaders, the move marks a big step for a country that takes deep pride in its language and cherishes its legal system rooted in Roman law. "Long gone are the days when you could only do business or speak to regulators in French. We will always be proud of our language, but we also understand the need to make it easier for financial institutions operating in France," Le Maire said in a speech. Macron''s government is keen to convince Wall Street banks to dump London for Paris, hoping to override concerns about its rigid labour laws and high taxes with plans to push through wide-reaching reforms to make doing business easier. Prime Minister Edouard Philippe is to announce measures in the coming weeks to boost the attractiveness of Paris as a global financial hub, a government spokesman said on Wednesday. In New York, Le Maire was due to meet executives from banks JPMorgan ( JPM.N ), Citigroup ( C.N ), Morgan Stanley ( MS.N ), Lazard ( LAZ.N ), private equity firm KKR ( KKR.N ), fund giant Blackrock ( BLK.N ) and hedge fund Paulson & Co. Former Bank of France governor Christian Noyer told Reuters this week that banks from London had been quietly securing licences to operate from Paris after Brexit. (Writing by Leigh Thomas; Editing by Ingrid Melander and Janet Lawrence)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-france-britain-court-idUKKBN19K240'|'2017-06-29T17:56:00.000+03:00'
'e4f89b27a7590b1e771458af13b11ab092f046c8'|'Trump names Republican aide to open FCC seat'|'By David Shepardson - WASHINGTON, June 28 WASHINGTON, June 28 U.S. President Donald Trump on Wednesday said he planned to nominate a Federal Communications Commission attorney to fill one of two vacant seats at the nation''s telecommunications regulatory agency.The White House said Trump would name Brendan Carr, a Republican who previously served as an adviser to FCC Chairman Ajit Pai, to an open seat. Carr currently is general counsel at the FCC and also has worked at the Wiley Rein LLP law firm.Carr did not respond to a request for comment.The five-seat FCC currently has only three members. Earlier this month, Trump nominated Jessica Rosenworcel, a Democrat, to another open seat at the FCC. The U.S. Senate must confirm both Carr and Rosenworcel before they can be seated.Rosenworcel served as a commissioner for the regulator until the end of 2016 when lawmakers failed to take up her renomination under former President Barack Obama, giving Republicans a 2-1 majority on the five-seat commission.The FCC is working to reverse a number of Obama-era regulations, including the former Democratic president''s landmark 2015 net-neutrality rules prohibiting broadband providers from giving or selling access to certain internet services over others.Pai, chosen by Trump in January to head the agency, also has said he wants to dismantle other significant regulations as part of a sweeping review he said would remove barriers to business and modernize rules. Pai also has proposed significant changes to local TV ownership limits and plans other changes to media regulations.Pai praised Carr''s appointment. "Brendan’s expertise on wireless policy and public safety will be a tremendous asset to the commission," he said in a statement.Republican Michael O''Rielly and Democrat Mignon Clyburn also serve on the commission.Democrats insisted Republicans had agreed in 2015 to reconfirm Rosenworcel as part of a deal to confirm O''Rielly. Republicans denied there was a deal but the standoff had delayed consideration of telecommunications legislation in the Senate.Pai would be forced to leave the commission if he is not reconfirmed by the Senate by the end of the year.Under Pai, the FCC chose not to review AT&T Inc''s planned $85.4 billion acquisition of Time Warner Inc.The FCC must review Sinclair Broadcast Group Inc''s proposed $3.9 billion acquisition of Tribune Media Co, one of the largest U.S. TV station operators. (Reporting by David Shepardson; Editing by Bill Trott)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/usa-fcc-idINL1N1JQ029'|'2017-06-28T23:46:00.000+03:00'
'ff0cf4fd27fd2915e90db12a935f94e29b967831'|'FTSE 100 seen stumbling along as Brexit looms - Reuters poll'|'Business News   10:39am BST FTSE 100 seen stumbling along as Brexit looms - Reuters poll A worker shelters from the rain as he passes the London Stock Exchange in the City of London at lunchtime October 1, 2008. REUTERS/Toby Melville/File Photo By Kit Rees and Helen Reid - LONDON LONDON Britain''s FTSE 100 share index .FTSE will hold onto slim gains this year though it remains hostage to swings in sterling as the country embarks on complex negotiations on the terms of its exit from the European Union, a Reuters poll showed. Since last June''s shock vote in which Britons voted to leave the EU, the FTSE has weathered growing political uncertainty in the Britain on the back of a weak sterling which helps profits of international blue-chips that dominate the index. The index hit an intra-day record high of 7,598 earlier this month before a cloudy policy outlook after an inconclusive general election along with a slide in oil prices and a firmer pound dented the appetite for British shares among foreign investors. "No-one knows where the Brexit talks and events in Westminster will lead in the short term, which may not help sentiment, while more fundamentally the mix of FTSE 100 earnings growth still does not really appeal," said Russ Mould, an investment director at AJ Bell. "Oil and metals prices are hardly buoyant and the banks and insurers are hardly any easier to forecast, especially as the UK economy is not doing a particularly great job of accelerating beyond stall speed," Mould added. Reflecting the uncertainty, the range of year-end forecasts in the poll of 24 market watchers was wider than in a March poll - which had predicted the index would be at 7,425 now - and ranged from 6,500 to 8,050. The median was for 7,550, a 2 percent rise from here. On Wednesday, the index closed at 7,387.80 and is expected to set new records next year, reaching 7,650 by end-June 2018 and 7,950 by the time 2018 is over. The FTSE, while expected to steadily rise, is set to underperform most peers in the euro zone where the mood is upbeat and political risks are seen to have largely evaporated following Emmanuel Macron''s convincing victory in the French presidential and parliamentary elections. [EPOLL/FRDE] In Britain, however, after over two weeks of talks and turmoil sparked by Prime Minister Theresa May''s failure to win a majority in a June 8 snap election, a deal was struck this week with Northern Ireland''s largest Protestant party to prop up a minority Tory government. While the UK economy has proved more resilient than expected since last June''s Brexit referendum, signs of a slowdown, particularly on consumer spending, are starting to appear. Overall, the Reuters poll of analysts and investors conducted over the past week suggests the FTSE 100 would end the year with gains of just under 6 percent. (For other stories from the Reuters global stock markets poll:) (Polling by Kit Rees and Helen Reid in London; additional polling by Indradip Ghosh, Sujith Pai and Vivek Mishra in Bengaluru; Editing by Toby Chopra)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-stocks-poll-idUKKBN19K12M'|'2017-06-29T12:39:00.000+03:00'
'd778c87e4f46718430bd2f96f5e500f8761660bf'|'Copper Rally'|'Copper is poised to top $6,000 a metric ton for the first time since early March, according to Antaike Information Development Co., a state-backed researcher in the world’s biggest consumer. Often dubbed Dr. Copper because of its role as a barometer for the world economy, the metal is set for its first monthly rise since January on optimism global growth is picking up. Further gains are in store as Chinese demand improves and the dollar weakens, Antaike said, noting power-grid investment and air-conditioner sales accelerated last month.'|'bloomberg.com'|'https://www.bloomberg.com/businessweek'|'https://www.bloomberg.com/news/articles/2017-06-29/copper-rally'|'2017-06-30T03:00:00.000+03:00'
'432aff2ca766c0d53e5e2368ae59a134f4073a5c'|'Britain likely to refer Murdoch''s bid for Sky for full investigation'|'Top News - Thu Jun 29, 2017 - 4:44pm BST Britain says Fox bid for Sky risks giving Murdoch too much power left right The Sky logo is seen on outside of an entrance to offices and studios in west London, Britain June 29, 2017. REUTERS/Toby Melville 1/5 left right The Sky logo is seen on an advertising wrap on a bus in west London, Britain June 29, 2017. REUTERS/Toby Melville 2/5 left right The Sky News logo is seen on an advertising wrap on a bus in west London, Britain June 29, 2017. REUTERS/Toby Melville 3/5 left right The Sky News logo is seen on the outside of offices and studios in west London, Britain June 29, 2017. REUTERS/Toby Melville 4/5 left right Performers pose outside the Houses of Parliament, wearing puppet heads of media mogul Rupert Murdoch and Britain''s Prime Minister Theresa May in London, Britain June 29, 2017. REUTERS/Peter Nicholls 5/5 By Paul Sandle and Kate Holton - LONDON LONDON Britain intends to subject Rupert Murdoch''s takeover of European pay-TV group Sky ( SKYB.L ) to a lengthy in-depth investigation after finding the $15 billion (11.57 billion pounds) deal risks giving the media mogul too much power over the news agenda. Media Secretary Karen Bradley said she was persuaded that Twenty-First Century Fox''s ( FOXA.O ) bid could give the Murdoch family excessive influence over the media, after regulator Ofcom assessed the impact of the deal. "The proposed entity would have the third largest total reach of any news provider - lower only than the BBC and ITN - and would, uniquely, span news coverage on television, radio, in newspapers and online," Bradley said. The Media Secretary said she would take a final decision on July 14, giving Fox two weeks to address her concerns. Shares in Sky rose on hopes a full investigation could still be averted by concessions over its 24-hour TV news channel. Murdoch, 86, and his family have long coveted full control of Sky, despite the damaging failure of a previous attempt in 2011 when their British newspaper business became embroiled in a phone-hacking scandal which forced them to abandon that bid. A public inquiry into the affair revealed deep ties between Murdoch and the political establishment, making the renewed bid potentially toxic for Prime Minister Theresa May''s government which is fighting for survival after losing its majority. Bradley had asked regulators to examine whether Fox would have too much control of the media, and whether it would be committed to upholding broadcasting standards if allowed to buy the company which broadcasts in Britain, Ireland, Germany, Austria and Italy. Fox said it was disappointed by the government''s rejection of its plans to maintain editorial independence of Sky News, and said a full investigation could push the deal''s completion date back to next June. "We will continue to work constructively with the UK authorities," it said. During the previous takeover attempt Murdoch proposed spinning off Sky News into a separate company. However, Ofcom said on Thursday it was concerned that separating Sky News could be counter-productive, given the potential difficulties in funding the service outside of the Sky structure. "FIT AND PROPER" The British government said on Thursday Ofcom had no concerns about Fox''s genuine commitment to broadcasting standards but wanted to look further into the impact a deal would have on the range of media providers in the country. Britain''s political leaders have long sought the backing of Murdoch and his Times and Sun newspapers, sparking accusations that he uses his media empire to play puppet master in the corridors of power. Tom Watson, deputy leader of the opposition Labour Party and a long-standing Murdoch critic, said the government was going through the motions and would ultimately approve the deal. "The parties will offer up something new, which they always had in their back pockets, the secretary of state will accept them, as she always planned, and this merger will go ahead," he said. History shows, he said, that any concession by the Murdochs would not be "worth the newsprint" it was published on. Ofcom also carried out a separate investigation as to whether a Fox-controlled Sky would be a ''fit and proper'' owner of broadcast licences in Britain. The regulator said allegations of sexual and racial harassment at Fox News in the U.S. were extremely serious and disturbing but had found no clear evidence to suggest senior executives at Fox were aware of the misconduct. Fox tried to pre-empt government concerns over the impact on Sky''s editorial independence by proposing the creation of an independent board to run Sky News, the company''s influential 24-hour news channel. But Bradley said she was minded to reject the proposal after Ofcom suggested that the undertakings were not strong enough. "Sky will continue to engage with the process as the Secretary of State reaches her final decision," the company said in a statement. Launched in 1989, Sky used exclusive Premier League soccer to draw in customers to pay-TV and pioneered round-the-clock news to make it a major player politically and commercially. It now broadcasts to 22 million homes, competing with the publicly-owned BBC and ITN, commercial TV''s news provider. POSSIBLE REMEDY The latest delay to the deal will come as a blow to the Murdoch family after they split their newspapers from television and film assets into two separate companies, even though they retained a grip on both due to their ultimate ownership. Rupert''s son James, who is chief executive of Fox and is currently chairman of Sky, said in March that worries about his family exerting too much power were unfounded in an era of online providers such as Facebook, Buzzfeed, Netflix and Google. Shares in Sky have been trading at a discount to the 10.75 pounds offer, indicating that although investors were not expecting outright rejection, there was still some concern about any undertakings required from Fox to get the deal through. The stock was trading up 3 percent at 987 pence on Thursday afternoon in the belief that Fox would find a resolution. Analysts at Citi said Fox could even find a resolution before the July 14 deadline and avoid the lengthy referral. "Ultimately this is a positive outcome for the Fox/Sky in the sense that it makes deal completion more likely," they said. "Concerns about broadcasting standards would have been almost impossible to work around while we believe the groups will be able to offer concessions that adequately address concerns about plurality." (Editing by Guy Faulconbridge/Keith Weir) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-sky-m-a-fox-idUKKBN19K1D7'|'2017-06-29T14:15:00.000+03:00'
'bd0d71471319ccd6cf312087510a8b7df62e6492'|'What Rosneft’s purchase of Essar’s oil refinery means'|'CONGLOMERATES sometimes sell their least promising units, thereby ginning up returns for the remaining empire. But groups saddled with huge debts do not have that luxury; only by disposing of the most profitable parts can they raise enough funds to satisfy creditors. Such is the story of the Essar Group, which is in the final stages of selling its crown jewel, India’s second-biggest private oil refinery, to a consortium led by Rosneft, a Russian oil titan. The slimming of what was once the country’s third-largest diversified corporate group is a welcome signal that an era of powerful industrialists running rings round their creditors is ending.The purchase by Rosneft (along with a Russian investment fund and Trafigura, a trading firm) of the giant Vadinar refinery in the state of Gujarat for $12.9bn will be the largest-ever foreign investment in India. It has been a long time coming. It was first mooted over two years ago and jointly announced with fanfare in October by India’s Narendra Modi and Russia’s Vladimir Putin. The deal includes an Indian port and a network of coveted petrol stations.  Most analysts approve of Rosneft’s intiative as a way of diversifying away from upstream activities in Russia. But what is most telling is why the assets came up for sale in the first place. Essar, whose interests span power plants, steel, infrastructure and shipping, says that it saw a good opportunity to monetise an asset it has nurtured for years. It may have had little choice. An investment splurge starting in 2011 has left various Essar operating entities, along with a holding company based in the Cayman Islands, with a combined debt of around $20bn. Although the company does not disclose updated financials (it is privately held by the Mumbai-based Ruia family) few firms in its various industries make the sort of money it would need to pay down such a debt.In the past, bosses at Indian state-run banks (which conduct over two-thirds of all lending) could easily be convinced to overlook trifles such as a debtor’s inability to repay loans. It takes over four years for an insolvency process to return a meagre 26 cents on the dollar to creditors, so bankers often preferred to behave as if even the most distressed company might somehow find a way of repaying a loan.A bad-loan crisis followed. Around one in five loans made by state-owned banks are either set to default or have already done so. The central bank is pushing bankers to get tough on errant borrowers. In recent weeks it has threatened to push a dozen firms with huge debts into insolvency unless deals to refinance their debts could be reached quickly. One was Essar Steel.Banks are still allowed to forgive a part of a company’s debt. But there is now pressure to show that shareholders pay a price, by having to forfeit large chunks of their equity to the banks. Advisers involved in the talks over Essar Steel say the group will have to give up over half its equity in the steel business to convince lenders to refinance loans. That is new: in past cases, parts of Essar have moved in and out of debt restructurings without the central group having to give up any stakes.Part of the reason the Rosneft deal was held up for so long, insiders say, is that state-owned banks insisted that the Ruia family clear debts from other bits of the Essar empire first, including from the central holding company. They refused to agree to a sale until that was done (Essar repaid in part by taking out a bridge loan from Vneshtorgbank, a big Russian lender). That shows a savvy few thought state-owned bank executives possessed.The cash from the sale to Rosneft will take away about half of Essar’s $20bn of debt but will also deprive it of its main source of profits. Essar’s pain in having to sell the oil refinery is the corporate system’s gain. Resolving festering bad loans, either by forcing asset sales or seizing ownership, is an essential part of restoring the health of Indian banking. Credit to Indian industry is currently shrinking for the first time in two decades. Resolving this mess can only help companies—including what will remain of Essar.This article appeared in the Business section of the print edition under the headline "Indian diet"'|'economist.com'|'http://www.economist.com/rss/business_rss.xml'|'http://www.economist.com/news/business/21724444-chastening-indian-conglomerate-what-rosnefts-purchase-essars-oil-refinery-means?fsrc=rss%7Cbus'|'2017-06-29T22:48:00.000+03:00'
'3659d25dc1d5d78ac12da2407feeaa5270c2bf1e'|'Putin doesn''t plan to intervene in Sistema-Rosneft dispute: Kremlin'|'Market News - Tue Jun 27, 2017 - 6:05am EDT Putin doesn''t plan to intervene in Sistema-Rosneft dispute: Kremlin MOSCOW, June 27 Russian President Vladimir Putin does not plan to intervene in a legal dispute between oil major Rosneft and Russian business conglomerate Sistema , Kremlin spokesman Dmitry Peskov said on Tuesday. "Any decisions can be made only by the court," Peskov said. A Russian court froze some of Sistema''s assets on Monday as part of a 170.6 billion rouble ($2.9 billion) lawsuit filed by Rosneft against Sistema. Sistema''s shares slumped sharply on Tuesday on the asset freeze. (Reporting by Polina Nikolskaya; Editing by Alexander Winning)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/russia-sistema-rosneft-kremlin-idUSR4N1JC02M'|'2017-06-27T18:05:00.000+03:00'
'9d89aab05abadb0d7fc46bd0a32720bf23f59fa8'|'UK government will set out intensive engagement with business in weeks'|'Top News - Tue Jun 27, 2017 - 4:34pm BST UK government will set out intensive engagement with business in weeks Britain''s Secretary of State for Exiting the European Union David Davis leaves 10 Downing Street after a cabinet meeting, in London, June 27, 2017. REUTERS/Stefan Wermuth LONDON The British government will set out its plans to engage more intensively with business in the next weeks and months, a spokeswoman for Theresa May said on Tuesday, repeating the prime minister''s desire to avoid any "cliff edge". "We''ve been engaging with business through various ministers and departments in recent months. I think what (Brexit minister) David Davis said was there is a need to intensify that and plans to do just that will be set out by government as we go forward in the next weeks and months," she told reporters. "The position the prime minister has set out many times hasn''t changed. It is not in anyone''s interest for there to be a cliff edge, what we want to do is obviously to give certainty to businesses ... What (Brexit looks like) and phases of implementation will be all subject to negotiation." (Reporting by Elizabeth Piper; editing by Michael Holden) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-eu-business-may-idUKKBN19I25B'|'2017-06-27T23:34:00.000+03:00'
'd922549727b9db9dfd96a53ffb68b6746e155ee0'|'Ubisoft founding family raises stake to ward off Vivendi'|'PARIS France''s Guillemot family has raised its stake in videogames maker Ubisoft ( UBIP.PA ), according to a stock market filing released on Tuesday, as part of their ongoing battle to fend off Vivendi''s ( VIV.PA ) rival interest in the company.A filing from the AMF stock market regulator said Ubisoft''s founding Guillemot family now held 13.6 percent of Ubisoft''s share capital, and 20.02 percent of the company''s voting rights.Vivendi has also been gradually raising its stake in Ubisoft, best known for its Assassin''s Creed and South Park video games, with Vivendi currently holding 27 percent of Ubisoft''s share capital and 24.5 percent of the voting rights.Vivendi first bought a stake in Ubisoft in 2015 and raised it in 2016, prompting the Guillemot family to court Canadian investors to fend off any hostile approach.The Guillemot family has also consistently rejected any possibility of such a deal.Ubisoft shares, which hit a record high earlier this week, were down 2.2 percent in early session trading although the stock is still up by around 50 percent since the start of 2017.(Reporting by Sudip Kar-Gupta; Editing by Leigh Thomas)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-ubisoft-vivendi-idINKBN19I0WC'|'2017-06-27T06:57:00.000+03:00'
'80b833abdf0180c6c8fc4e28e5b65b223de1a065'|'Interview: Enel looks to Vietnam in Asian green energy drive'|'By Stephen Jewkes - MILAN MILAN Italian utility Enel plans to expand its green energy capacity in the next few years by entering two or three markets in Asia and Africa but is not planning major acquisitions, its renewable energy chief said on Thursday.Enel, which controls Spain''s Endesa, became Europe''s biggest utility by market value when it bought out its renewable energy division last year. The state-controlled company is now focusing on power grids and green businesses."(We) will pursue growth in areas where we''re already present and open up a few new markets like Vietnam and Senegal," Antonio Cammisecra, head of global renewable energies at Enel Green Power (EGP), told Reuters.The company sees South East Asia as a key growth area though China is off the agenda for the time being, he said."We are, however, monitoring it constantly since it''s too big to ignore," said Cammisecra, who took the helm at EGP earlier this year.He said the green division wanted to expand in some of its more attractive markets such as Australia, Zambia and India, where it could act as a bridgehead for Enel to build power networks and sell electricity to retail customers."We''re looking at these countries holistically. EGP goes in and builds green plants. Then the group sees if there''s room to go downstream in areas like distribution and retail," he said.EGP, one of the world''s biggest renewable energy companies, is in 29 countries. It plans to spend about 8 billion euros ($9 billion) by 2019 to increase its installed capacity to almost 46 gigawatts from 37 gigawatts.U.S. STILL ATTRACTIVECammisecra said in the next year or so the company would see significant growth in the United States and Mexico thanks to its "build, sell, operate" strategy of constructing plants, selling them and then managing them for a fee.The United States remained a very big renewable energy market despite President Donald Trump''s decision to leave the Paris Climate deal, he said, adding that increasing demand from commercial and industrial (C&I) users would drive growth."Our plans and investments in the U.S. remain unchanged," he said.EGP is increasingly selling power directly to end users rather than utilities and over the next three years will sell half its output to C&I clients, Cammisecra said.There has been growing concern that margins for renewable energy companies could suffer as utilities vie to lock in low prices through power purchase agreements.Cammisecra said while major, transformative acquisitions were off the agenda for EGP, it was ready to pursue smaller deals to help boost growth."In Spain, greenfield operations are our preferred route but we will also consider acquisitions," he said.Cammisecra declined to comment when asked if EGP was interested in Spanish green energy company Renovalia, which investment fund Cerberus bought in 2015 for 1 billion euros and is said to be up for sale.He said EGP, through its solar joint venture with Italian infrastructure fund F2i, would look at the Italian photovoltaic assets of Terra Firma when they come to market."We are interested and will have a look but the process hasn''t started yet," he said.Terra Firma has hired UniCredit, JPMorgan and Jefferies to sell its RTR portfolio of solar power plants in Italy, many in the south. A banker with knowledge of the matter said it could be worth around 1.5 billion euros.The move by some major oil companies to diversify their businesses by moving into the renewable energy sector has concerned some industry watchers who are worried the existing green energy players could suffer.But Cammisecra brushed aside the concerns arguing that renewable energy companies with strong track records, low costs and effective strategies would win."Oil and gas players hardly have the cheapest costs of capital. I don''t think it''s a major threat," he said.($1 = 0.8763 euros)(Editing by David Clarke)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/enel-renewables-idINKBN19K1YC'|'2017-06-29T17:14:00.000+03:00'
'dd6baca1f4dce62b6fa10b48cb96bcff8ab0d191'|'ConocoPhillips to sell Barnett assets for $305 million'|'ConocoPhillips ( COP.N ) said it would sell its assets in the Barnett shale field in Texas to Miller Thomson & Partners LLC for about $305 million, as part of the largest U.S. independent oil producer''s efforts to reduce exposure to natural gas.The Barnett assets produced 11,000 barrels of oil equivalent per day (boed) in 2016, of which about 55 percent was natural gas and 45 percent was natural gas liquids, ConocoPhillips said in a statement on Thursday.The oil producer said last month it would sell natural gas-heavy assets in San Juan basin to privately held Hilcorp Energy Co for about $3 billion and earlier agreed to sell oil sands and western Canadian natural gas assets to Cenovus Energy Inc ( CVE.TO ) for C$17.7 billion.ConocoPhillips has also marked other gas-weighted assets for sale, including some assets in the Anadarko basin and the Gulf of Mexico.The company said the Barnett shale deal, expected to close in the third quarter, may reduce its 2017 production forecast by less than 5 million barrels of oil equivalent per day (MBOED).ConocoPhillips said it does not expect any material impact to 2017 cash flow or its forecast as a result of the transaction.The company said it would take a non-cash impairment charge of about $400 million after taxes in the second quarter related to the sale.(Reporting by John Benny in Bengaluru; Editing by Saumyadeb Chakrabarty and Anil D''Silva)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-conocophillips-assets-idINKBN19K1I9'|'2017-06-29T09:50:00.000+03:00'
'3e3eee690b7bae3c6e0a1cee7ad53feaf72b417f'|'UPDATE 1-Forestar agrees to D.R. Horton''s offer; scraps Starwood deal'|'Deals  52am EDT Forestar agrees to D.R. Horton''s offer; scraps Starwood deal Forestar Group Inc ( FOR.N ) scrapped its merger agreement with investment firm Starwood Capital Group on Thursday and said U.S. homebuilder D.R. Horton Inc ( DHI.N ) would buy a 75 percent stake in the company. Forestar''s shares were down 2.6 percent at $17 in morning trading, while those of D.R. Horton fell 1.7 percent to $33.68. The real estate developer said D.R. Horton''s latest cash offer of $17.75 per share was superior to Starwood''s $16 offer for all of Forestar. The homebuilder''s offer values the stake at about $560 million. U.S. homebuilders are seeking ways to boost their land holding as rising land acquisition costs and a tight labor market hamper efforts to tap the recovery in the housing market. D.R. Horton''s smaller rival Lennar Corp ( LEN.N ) in February bought fellow Florida-based homebuilder WCI Communities Inc, as it seeks to boost its land bank. Forestar, which mainly develops lots and sells them to homebuilders, owns interests in 50 residential and mixed-use projects comprising 4,600 acres of real estate. The deal, which is expected to close in the fourth calendar quarter of 2017, would add to D.R. Horton''s fiscal 2018 earnings, the homebuilder said. Forestar paid Starwood a $20 million termination fee, the company said in a statement. Up to Wednesday''s close, Forestar''s stock had risen 24.2 percent since April 12, a day before Starwood agreed to buy the company for $14.25 per share. (Reporting by Ankit Ajmera in Bengaluru; Editing by Anil D''Silva)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-forestar-grp-m-a-dr-horton-idUSKBN19K1VY'|'2017-06-29T16:50:00.000+03:00'
'96e7c2f6dca45969386147a2f860183f57f62a52'|'High-tech dashboards signal big changes for auto parts suppliers'|'Technology  12am BST High-tech dashboards signal big changes for auto parts suppliers left right A ''SmartCore'' dashboard is seen at the technical center of U.S. automotive supplier Visteon in Karlsruhe, Germany June 23, 2017. Picture taken June 23, 2017. REUTERS/Ralph Orlowski 1/13 left right Alexandra Schaefer, head of the SmartCore-Center of Competence and her colleague Hector Zarate of U.S. automotive supplier Visteon work on a set-up to demonstrate their new ''SmartCore'' dashboard at the companies technical center in Karlsruhe, Germany June 23, 2017. Picture taken June 23, 2017. REUTERS/Ralph Orlowski 2/13 left right A ''SmartCore'' dashboard is seen at the technical center of U.S. automotive supplier Visteon in Karlsruhe, Germany June 23, 2017. Picture taken June 23, 2017. REUTERS/Ralph Orlowski 3/13 left right A ''SmartCore'' dashboard is seen at the technical center of U.S. automotive supplier Visteon in Karlsruhe, Germany June 23, 2017. Picture taken June 23, 2017. REUTERS/Ralph Orlowski 4/13 left right A ''SmartCore'' dashboard is seen at the technical center of U.S. automotive supplier Visteon in Karlsruhe, Germany June 23, 2017. Picture taken June 23, 2017. REUTERS/Ralph Orlowski 5/13 left right A ''SmartCore'' dashboard is seen at the technical center of U.S. automotive supplier Visteon in Karlsruhe, Germany June 23, 2017. Picture taken June 23, 2017. REUTERS/Ralph Orlowski 6/13 left right Alexandra Schaefer, head of the SmartCore-Center of Competence and her colleague Hector Zarate of U.S. automotive supplier Visteon work on a set-up to demonstrate their new ''SmartCore'' dashboard at the companies technical center in Karlsruhe, Germany June 23, 2017. Picture taken June 23, 2017. REUTERS/Ralph Orlowski 7/13 left right A ''SmartCore'' dashboard is seen at the technical center of U.S. automotive supplier Visteon in Karlsruhe, Germany June 23, 2017. Picture taken June 23, 2017. REUTERS/Ralph Orlowski 8/13 left right Alexandra Schaefer, head of the SmartCore-Center of Competence and her colleague Hector Zarate of U.S. automotive supplier Visteon work on a set-up to demonstrate their new ''SmartCore'' dashboard at the companies technical center in Karlsruhe, Germany June 23, 2017. Picture taken June 23, 2017. REUTERS/Ralph Orlowski 9/13 left right Alexandra Schaefer, head of the SmartCore-Center of Competence and her colleague Hector Zarate of U.S. automotive supplier Visteon work on a set-up to demonstrate their new ''SmartCore'' dashboard at the companies technical center in Karlsruhe, Germany June 23, 2017. Picture taken June 23, 2017. REUTERS/Ralph Orlowski 10/13 left right A person operates a ''SmartCore'' dashboard at the technical center of U.S. automotive supplier Visteon in Karlsruhe, Germany June 23, 2017. Picture taken June 23, 2017. REUTERS/Ralph Orlowski 11/13 left right A person operates a ''SmartCore'' dashboard at the technical center of U.S. automotive supplier Visteon in Karlsruhe, Germany June 23, 2017. Picture taken June 23, 2017. REUTERS/Ralph Orlowski 12/13 left right A ''SmartCore'' dashboard is seen at the technical center of U.S. automotive supplier Visteon in Karlsruhe, Germany June 23, 2017. Picture taken June 23, 2017. REUTERS/Ralph Orlowski 13/13 By Alexandria Sage - SAN FRANCISCO SAN FRANCISCO Peer at the instrument panel on your new car and you may find sleek digital gauges and multicolored screens. But a glimpse behind the dashboard could reveal what U.S. auto supplier Visteon Corp found: a mess. As automotive cockpits become crammed with ever more digital features such as navigation and entertainment systems, the electronics holding it all together have become a rat''s nest of components made by different parts makers. Now the race is on to clean up the clutter. here :reuters.com,2017:newsml_RC11EA315070:656503749/tag:reuters.com,2017:binary_RC11EA315070-BASEIMAGE?action=download&mediatype=picture&mex_media_type=picture&token=%22lQidIVhfMdhJExh%2BrXgLdTn2%2Bh1ScdMCyfbfQ%2BHdRaQ%3D%22 Visteon is among a slew of suppliers aiming to make dashboard innards simpler, cheaper and lighter as the industry accelerates toward a so-called virtual cockpit - an all-digital dashboard that will help usher in the era of self-driving cars. What''s at stake is a piece of the $37-billion cockpit electronics market, estimated by research firm IHS Market to nearly double to $62 billion by 2022. Accounting firm PwC estimates that electronics could account for up to 20 percent of a car''s value in the next two years, up from 13 percent in 2015. Meanwhile, the number of suppliers for those components is likely to dwindle as automakers look to work with fewer companies capable of doing more, according to Mark Boyadjis, principal automotive analyst at IHS Markit. "The complexity of engineering ten different systems from ten different suppliers is no longer something an automaker wants to do," Boyadjis said. He estimates manufacturers eventually will work with two to three cockpit suppliers for each model, down from six to 10 today. DIGITAL MAKEOVER One of Visteon''s solutions is a computer module dubbed "SmartCore." This cockpit domain controller operates a vehicle''s instrument cluster, infotainment system and other features, all on the same tiny piece of silicon. So far this year, the Detroit-based company has landed two big contracts for undisclosed sums. One, announced in April, is with China''s second-largest automaker, Dongfeng Motor Corp. The other is with Mercedes-Benz, Reuters has learned. Mercedes did not respond to requests for comment. Another unnamed European automaker plans to use the system in 2018, according to Visteon. Visteon is going all in on cockpit electronics, having shed its remaining automotive climate and interiors businesses in 2016. The bet so far is paying off. The company secured $1.5 billion in new business in the first quarter, helped by growth in China. Visteon''s stock price is up more than 50 percent over the past year. It''s a major turnaround since Visteon was spun off from Ford Motor Co a decade ago. Visteon filed for bankruptcy protection in 2009 before emerging a year later. "You have to be changing and adapting fast. If not, you''re not going to keep up in this market," said Tim Yerdon, Visteon''s head of global marketing. "It''s about reinventing yourself to stay ahead." DASHBOARD DEALS Visteon''s makeover hints at the coming battle between suppliers fighting for real estate in the digital cockpit. The trend is already triggering acquisitions, as companies look to boost their offerings to automakers. Visteon in 2014 bought Johnson Controls'' electronics business, which was also developing a domain controller. In March, Samsung completed its $8-billion purchase of infotainment company Harman. France''s Faurecia, a top seating and interiors supplier, last year purchased a 20 percent stake in Paris-based infotainment firm Parrot Automotive SAS in a deal that could make Faurecia the biggest shareholder by 2019. Deal-making in the wider automotive sector has been at a fever pitch over the past two years fueled by the race to develop autonomous vehicle technology. Activity in the sector was worth $41 billion in 2016, according to PwC. Analysts say German automakers are taking the lead in consolidating functions within the dashboard. Audi was the first to debut a virtual cockpit last year that combined its instrument cluster and infotainment system. CHEAPER, LIGHTER, SMARTER Streamlined dashboards can lead to cost reductions for manufacturers, who can save as much as $175 per car with an integrated cockpit, according to Munich-based management consulting firm Roland Berger. They can also help with fuel efficiency. That''s because vehicles are lighter when there are fewer behind-the-scenes computers, known as electronic control units (ECUs). Vehicles today contain 80 to 120 ECUs, numbers expected to fall sharply in coming years. But perhaps the biggest motivation for fancy cockpits is sales. Drivers accustomed to the seamless technology of their smartphones are finding today''s dashboard offerings clunky and non-intuitive. A J.D. Power study released this month found the most complaints from new vehicle owners stemmed from audio, communications, entertainment and maps systems. Better cockpits could prove crucial to attracting younger consumers, who are not showing the same enthusiasm for cars, or even driving, that their parents did. Research company Mintel found that 41 percent of millennial car buyers are interested in having the latest technology in their vehicles. Disjointed dashboards "are one of the most noticeable gaps in user experience - what you see right in front of you," said Andrew Hart of UK-based consultancy SBD Automotive. On many car models, he said, audible warning systems to alert the driver to a potential collision are not in sync with the radio, meaning your favorite song could drown out the warning beep. "That''s a crazy example of something when you don''t consolidate ECUs," Hart said. Industry watchers say this and other safe-driving features are among the systems ripe for integration. Additional targets include rear-seat entertainment systems and so-called heads-up displays that project data such as the car''s speed onto the windshield for easy viewing. Back in Detroit, Visteon says it is in talks with carmakers in China and Europe for its domain controller, a technology it hopes can give it an edge over rivals such as Delphi, Robert Bosch [ROBG.UL], Continental, and Denso. While it isn''t clear who will prevail, electronics suppliers are seeing their products take on new importance as vehicles become more connected. Five years ago, the dashboard was "a plastic molded cockpit that we stuffed electronics into," said Yerdon, Visteon''s marketing chief. "Now it''s more about an electronic architecture that''s experience-driven, and we mold plastic around it." (Editing by Marla Dickerson)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-autos-dashboard-idUKKBN19K0G3'|'2017-06-29T08:11:00.000+03:00'
'8b4b387df5f5f3c13bac540e43cf3fedc2345a57'|'''It makes little sense'': view from frontline of Italy''s broadband war'|'* Telecom Italia and Enel division race to wire up nation* Battle driving up costs, infrastructure duplicated* Echoes Australian overspend where operators took big losses* Italy has among the slowest internet speeds in Europe* Graphic-Global broadband speeds: tmsnrt.rs/2oqZDQVBy Stephen Jewkes and Agnieszka FlakPERUGIA, Italy, June 28 In Perugia, crews from Telecom Italia (TIM) and Enel''s rival broadband divisions have been working side by side, digging cable trenches along the same roads, sometimes inches apart.At times, hundreds of workers vied for space across the medieval Umbrian city, the first battleground between the corporate heavyweights as they race to roll out superfast broadband networks across Italy.The contest to install fiber-optic cables across a country with among the lowest internet speeds in Europe is still in its early stages, but it is already shaping up to be one of the fiercest European telecom battles for years.This is likely to benefit domestic and business customers by keeping down prices, but it is testing the financial commitment and muscle of both companies, which are being forced to expand their original rollout ambitions, driving up costs.Since being launched last year, Open Fiber (OF), the broadband unit owned by Enel and state lender CDP, has more than doubled its planned investments to 6.5 billion euros ($7.4 billion), added more cities to its rollout and also included rural areas under a state-subsidised scheme.Phone group TIM said in March it would reach 95 percent of Italy''s population with ultrafast broadband by mid 2018 - almost two years ahead of its original schedule.The concern, according to industry experts, is that the race to get there first, in Perugia and beyond, could lead to a mutually damaging war where both firms lose money and infrastructure is duplicated across the country."It''s house by house combat and we''re all rushing to plant the flag first," said a person involved in one of the rollouts, speaking on condition of anonymity because of the sensitivity of the matter. "It makes absolutely no sense: we are digging and opening up buildings twice and all we needed was some sort of collaboration."The battle mirrors one of the most infamous overspends in telecoms history. During the 1990s internet boom in Australia, dominant carrier Telstra and new rival Optus rolled out separate networks, often wiring up the same homes.By duplicating the Optus network, Telstra''s defensive move effectively killed the economics of its rival''s plan but it was a Pyrrhic victory: Telstra and Optus both took heavy losses, writing a total of more than $2 billion off their investments.The duplication of infrastructure in Perugia might serve commercial and competitive purposes, though not a practical one given fiber-optic cable, unlike copper wire, has practically unlimited capacity."We''re happy because we now have a choice but I realise having two parallel networks doesn''t make much sense," said city manager Francesco Calabrese, part of a team that traipsed around Italy for a year to campaign for companies to digitalise Perugia.It was that effort that made Perugia OF''s first port of call.RULED ROOSTThe Rome government has long been pushing for an all-fiber optic network to be rolled out to boost productivity across a country with the lowest take-up of fixed broadband in Europe.For years it had accused TIM of acting too slowly to upgrade its ageing copper network to fiber and publicly backed state-controlled Enel to do the job instead.TIM''s reluctance was premised on the belief that the demand was not there to justify over-ambitious investments. It has focused more on cabling fiber to street cabinets - junction boxes - rather than homes, which is less costly and faster, and using alternative technologies over the last mile of copper.The struggle goes beyond corporate Italy as TIM''s biggest shareholder is French media conglomerate Vivendi, which has made no secret of its desire to use the Italian firm to help it create a southern European media empire.TIM has much at stake: it owns almost all of Italy''s wholesale market - selling access to retail telecom operators, who sell it on to consumers - and has ruled the roost for years.This business brings in about 2 billion euros a year - a significant chunk of its overall Italian revenues of 15 billion, and one which the heavily-indebted group can ill afford to lose.Morgan Stanley estimates TIM could lose a third of the 2 billion euros by 2022 as a result of the competition from OF.Retail operators such as Vodafone, Wind Tre and Tiscali are already warming up to the new infrastructure entrant."Like all other telecom operators, we want to wean ourselves off TIM, gain full control of our customers and boost our profitability," said Riccardo Ruggiero, CEO of Tiscali.STAKES RISINGIn Perugia, the population is already benefiting from jumping from the web slow lane to the expressway.IT specialist Luca Braconi is now able to stream Netflix movies without any hiccups after Enel cabled up his home with a new super-fast link.TIM will soon be laying its own 1 gigabyte cable under the cobbled streets of Perugia''s centre, but Braconi says his loyalties are with Enel for now."Enel got there first and I like what I''ve got. I''m not going to change for the sake of saving a few euros," he said.With the stakes rising and no obvious winner, the gloves are off. TIM is running more fiber past street cabinets into homes. OF is wooing banks to address concerns about its ability to stay the course.Both are competing to secure critical permits first.The row ratcheted higher last week when the government said TIM had gone back on its word not to invest in rural areas, undermining Rome''s efforts to tender them out using state subsidies and threatening the economics of OF''s project there.Industry and political sources said the two companies might ultimately have to join forces if losses become too painful, suggesting TIM could potentially spin off its network and merge it with OF or else buy out its smaller rival.Rome is already using its sway to get the two companies to reach a compromise, one industry ministry source said."They need to agree to build just one network or otherwise it''ll turn into a battlefield and the only thing battlefields throw up are dead," a person involved in the roll-out said.($1 = 0.8797 euros)(Editing by Pravin Char)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/italy-broadband-race-idINL8N1JJ4DY'|'2017-06-28T12:30:00.000+03:00'
'c24b7f90d3057bc394e45ac4b7942c55895d5c1c'|'Nestle plan hailed as only the start of Schneider''s shake-up'|'Wed Jun 28, 2017 - 6:55pm BST Nestle plan hailed as only the start of Schneider''s shake-up FILE PHOTO: The Nestle logo is pictured on the company headquarters entrance building in Vevey, Switzerland February 18, 2016. REUTERS/Pierre Albouy/File Photo By Silke Koltrowitz and Maiya Keidan - ZURICH/LONDON ZURICH/LONDON Nestle''s ( NESN.S ) plan to shore up its capital structure, announced only days after being thrust into the spotlight by activist shareholder Third Point, was received by investors as a precursor to bigger changes under the company''s new leadership. Shares in the world''s largest foodmaker rose as much as 2 percent on Wednesday, close to the record high touched on Monday after the New York-based hedge fund disclosed a $3.5 billion stake and urged Nestle to buy back shares, set a target for margin growth and shed non-core assets including its stake in L''Oreal ( OREP.PA ). Investors did not have to wait long for a response, with Nestle announcing late on Tuesday that it would launch a 20 billion Swiss franc ($20.8 billion) share buyback program while leaving room for near-term acquisitions. Nestle also said it would continue adjusting its portfolio and assess opportunities to boost profit margins, stopping short of setting a firm target. It added that the measures were the result of a review instigated at the start of the year after Mark Schneider took over as chief executive. The moves were welcomed by stakeholders large and small. "This is a new era for Nestle and I''m extremely positive on the prospects for internal and external growth," said Carine Menache, who runs a Monaco investment firm that owns Nestle shares. She and UBS analysts said the buyback should lift earnings by 6 percent, while increased merger and acquisition (M&A) activity could provide a further boost. "Nestle may have a poor track record for M&A, but the new CEO, Schneider, is now in charge and he has a great track record," she added. Reaching a 19 percent operating margin, the midpoint of Third Point''s recommendation, would lift earnings by another 8 percent, according to UBS, which said Nestle shares now offered the greatest opportunity for growth of all the European packaged goods companies it covers, bolstering its "buy" rating. Of Nestle''s plan, which they described as "responsive but not reactionary" to Third Point, UBS said: "We think this sends a strong message to the markets - expect more to come." SECTOR CONVULSIONS The global packaged food sector is convulsing as its main players struggle with slowing growth, changing consumer habits and the growing influence of global investment firm 3G Capital. 3G''s Kraft Heinz ( KHC.O ) launched a surprise $143 billion takeover bid for Unilever ( ULVR.L ) in February, sparking a deep review and new agenda at the target company. Many of the demands laid out in Third Point''s letter echo the steps Unilever took in the wake of the Kraft bid. Investors said the biggest omission from Nestle''s response was any reference to its 25 billion euro ($28.4 billion) stake in L''Oreal, which dates back to 1974, when the French heiress Liliane Bettencourt sold a large part of her holding to Nestle. That omission and lack of a margin target means the announcement may not completely satisfy Third Point, which is controlled by billionaire investor Daniel Loeb. Third Point has declined to comment on the announcement at this stage and Nestle is expected to say more at its investor day in September. "It''s only a start," said Mirabaud Asset Management''s Nicolas Burki. "It will not be enough." Nestle has long touted the L''Oreal stake as value-creating, and a source familiar with the company''s thinking said there was no change to that view. The big question, however is what Nestle would do with the cash, besides buybacks, if it sold down the L''Oreal stake. The company did say its capital spending would be focused on higher-growth categories of coffee, pet food, baby food and water. It added consumer health to the list of priorities, potentially making it a competitor to the likes of Johnson & Johnson ( JNJ.N ) and GlaxoSmithKline ( GSK.L ). However, EFG Asset Management''s Urs Beck cashed out of his Nestle position on Monday''s price spike and is skeptical that it can find acquisitions big enough to move the needle for a company with $93 billion in sales. "The ship is just too big to be steered into different waters through portfolio management," he said. VICTORY ON BOTH SIDES Nestle is Europe''s most valuable company, with a market value of $263 billion last week, before Loeb''s position was made public, adding $10 billion in one day. The positive reaction most likely reflects the bullishness of long-term investors rather than event-driven hedge funds looking for quick turnarounds, says Michael Wegener at Case Equity Partners in Hong Kong. Wegener said he doubts that many arbitrageurs have moved into Nestle''s stock yet, since the Loeb stake remains too soft a catalyst at this stage. But one London-based manager of an event-driven hedge fund with no involvement with Nestle described the situation as a victory for both sides. "I suspect (Third Point''s) presence actually helps Schneider with his change agenda," said the manager, who asked not to be named. "I suspect the buyback is not enough, but Third Point is unlikely to feel the need to get shouty." Swiss activist shareholder Rudolf Bohli said that Loeb, known for campaigns against Yahoo, Sony Corp and the Dow-DuPont merger, is on the right track. "Loeb has set the right tone and his agenda is correct," said Bohli, who recently exited GAM Holding with a profit after failing to replace the financial company''s chief executive. (Additional reporting by Angelika Gruber and Paul Arnold in Zurich; Writing by Martinne Geller; Editing by David Goodman)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-nestle-buyback-investors-idUKKBN19J2HT'|'2017-06-28T20:51:00.000+03:00'
'423328464d5d6b083915b739eea671fc81bfa3ea'|'Graphic - Trump, Draghi, Fed doubts: is the dollar rally done?'|'LONDON If shifts in major banks'' currency views are anything to go by, Tuesday''s speech by European Central Bank Governor Mario Draghi may mark an early end to the dollar''s third big rally since the late 1970s.Barclays and Deutsche Bank, along with Goldman Sachs, led the charge in 2014 in predicting rises in U.S. interest rates and the weakness of Europe would see the greenback reach parity with the euro for the first time in more than a decade.Yet instead, Draghi''s cementing of expectations for a gradual tightening of euro zone monetary policy - and the lack of faith in the Fed''s promises on rate rises - spurred a 2 percent jump in the euro this week that to some felt final.Both Barclays and Deutsche - respectively the fifth and seventh biggest players in the $5 trillion a day global currencies trade - have now backed off long-held support for the greenback in the space of a few days."The prospective economic and monetary divergence that has driven the dollar updraft has peaked," Barclays'' macro research team said in a note last Thursday."It seems premature ... to call for a dollar downdraft. But with the USD already significantly overvalued on most of our metrics (by about 15 percent), medium-term risks are mainly to the downside," they added.Many economists already believed the greenback was nearing the end of the road last year when excitement over the boost to spending and growth promised by President Donald Trump funded one last hurrah.The evaporation of faith in that idea along with Trump''s troubles in Congress over healthcare have pulled the greenback 10 cents back from the long-term highs of $1.03 per euro hit in January.Strength against a batch of other emerging currencies has kept the index used to measure its broader strength rising.But if this week''s moves mark the end of the line, the 24 percent gain this time will have fallen well short of previous rallies between 1995 and 2002 and 1978 and 1985, when the dollar gained respectively 53 and 34 percent.(Graphics by Ritvik Carvalho and Vincent Flasseur Editing by Jeremy Gaunt.)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-global-forex-dollar-idUKKBN19J21M'|'2017-06-28T18:00:00.000+03:00'
'b1e0b82b3c00e0725a3391c8944a9b55ab20db09'|'Russia''s Rosneft says may build LNG plant in far east on its own'|'Russian energy giant Rosneft may build a liquefied natural gas (LNG) plant in the far east using exclusively its own resources and gas reserves, Rosneft vice president Vlada Rusakova said on Thursday.Rosneft and U.S. energy firm Exxon earlier announced plans to build an LNG plant in Russia''s far east together.Rusakova said Rosneft''s base scenario for monetising its gas reserves and those of its partners in the Sakhalin-1 project remained building an LNG plant together with Exxon.(Reporting by Katya Golubkova and Olesya Astakhova; Writing by Alexander Winning; Editing by Elaine Hardcastle)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/russia-rosneft-gas-idINKBN19K2EO'|'2017-06-29T19:39:00.000+03:00'
'6d30a7958d7c5cd847ebed5ce57d6faac02e3af8'|'Interview: Tereos sees emerging markets key to growth post-EU sugar quotas'|'By Sybille de La Hamaide - PARIS PARIS France''s Tereos, the world''s third largest sugar group, has expanded its trading desks in emerging countries as it looks to find new export markets for higher output after the European Union ends quotas later this year, its chief executive said.The EU will abolish its production and export quotas on Sept. 30, which has encouraged sugar companies in the bloc to raise production from next season by what analysts have estimated will be around 15 percent in total.That has fuelled a glut in sugar that sent prices to 16-month lows on Thursday."We already do a third of our sales in emerging countries. Only that share can rise over time, structurally, because this is where the market is expanding," Tereos CEO Alexis Duval told Reuters in an interview.For now, forecasters expect the EU to produce 18.3 million tonnes of sugar in 2017/18, with exports of 2.7 million tonnes.Part of the extra output will replace what the EU currently imports, but Tereos will also need to find new export markets to sell the 25 percent rise in sugar output the group expects in France this year after producing 2.5 million tonnes in 2016, Duval said."In Europe sales can increase through consolidation but the market is not growing organically," Duval said.More health-conscious consumers in developed countries have lowered their sugar consumption in the past years.Analyst group Platts Kingsman says world consumption may grow at its slowest pace in seven years in 2017/18 with a rise of 1.04 percent, nearly half the average growth of about 2 percent per year over the last decade.Tereos is not alone in chasing overseas growth.Germany''s second-largest sugar refiner Nordzucker said last month it is in talks on international expansion in South America, Asia and also within Europe.Meanwhile, a revival in Ukrainian sugar exports could pose a challenge for western European sugar exporters.TEREOS COMMODITIESTo boost exports further, Tereos has opened six trading desks through its Tereos Commodities unit, of which two were started last year, in New Delhi and Nairobi.Other desks are in France, Brazil, Switzerland and Singapore.Tereos Commodities traded over 1 million tonnes of sugar in the fiscal year to March 31 with a total revenue of $500 million. A large part of that came from Brazil where Tereos exports half of its output, which came to 1.6 million tonnes last year.Duval pointed to Nigeria, India, Indonesia, West and East Africa and South-east Asia as key growth markets for global sugar producers."Every day world (sugar) consumption is shifting a bit more towards emerging countries. When we look at consumption growth it''s +2.5 percent per year in emerging countries and zero in developed countries," Duval said."The difficulty for a producer is more and more, how do I make the link between my field in Europe or Brazil and the final consumer who is far from it," he added.Tereos also aims to expand output and exports of grain-based protein, a by-product of its starch activities, increasingly used in bakery, aquaculture and pet food products, Duval said.After two difficult years due to weak sugar prices, Tereos posted a 14.7 percent rise in sales to 4.8 billion euros ($5.4 billion) in the 2016/17 fiscal year to March 31, mainly helped by a rebound in sugar prices and an expansion in its international trading.Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) rose 38 percent to 607 million euros, also pulled up by its sugar cane and starch businesses.Despite the recent fall in prices, Tereos expects earnings to rise slightly in the 2017/18 fiscal year, due to higher European output and good competitiveness.Duval also expected a rebound in sugar prices after the recent slump although declined to give a forecast."Our point of view is that the correction is normal in terms of fundamentals but excessive because of the funds who amplify moves," Duval said, noting that some were now short and would have to come back into the market to cover their positions.($1 = 0.8957 euros)(Additional reporting by Ana Ionova in London, editing by David Evans)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/france-sugar-tereos-idINKBN19D1EH'|'2017-06-22T09:52:00.000+03:00'
'9fa9a3679070a8d27dc568f09c6b210ea90f7be8'|'ECB to develop real time money transfer service'|'Business  19am BST ECB to develop real time money transfer service FILE PHOTO: Flags in front of the European Central Bank (ECB) before a news conference at the ECB headquarters   April 27, 2017. REUTERS/Kai Pfaffenbach/File Photo FRANKFURT The European Central Bank will develop an instant payment settlement service by late next year to facilitate real-time money transfer of small scale transactions, the ECB said in a statement. Real time transfer facilities are already available for large volume payments but the new service, set to start operating in November 2018, would expand this to all transfers, including retail transactions, at a marginal cost. "The service will be developed in close cooperation with the banking industry in Europe and will be offered to banks at the low price of a maximum of 0.20 euro cent per payment for at least the first two years of operation," the ECB said. (Reporting by Balazs Koranyi; Editing by Angus MacSwan)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-ecb-banks-idUKKBN19D0R8'|'2017-06-22T16:17:00.000+03:00'
'5eea4de11003508b987f98b5cfaf1656c2640444'|'Rupert Murdoch''s Sky bid is now very likely to succeed - Business'|'R upert Murdoch will be smiling. A possible referral of the Sky bid to the competition authorities is a setback, but the overall plot is moving perfectly satisfactorily from his point of view. Soon he may be in the familiar position of haggling over fine details, such as the future of Sky News. In a negotiation with regulators and politicians, Murdoch usually finds a way to get a deal done.One outside risk to 21st Century Fox’s ambitions has been removed completely. Media regulator Ofcom looked at the sexual harassment scandals at Fox News in the US and decided they are not a problem, takeover-wise. The allegations amount to “significant corporate failure” but Sky would still be a fit and proper organisation to hold a broadcast licence under 100% ownership by Fox.That outcome was expected since the regulatory threshold for removing a broadcast licence is high (Owen Oyston, who did suffer the sanction, was convicted of rape) and it would be a brave regulator that deprived the punters of live football, even temporarily.All you need to know about Fox''s Sky deal Read more Culture secretary Karen Bradley is instead minded to refer the deal to the Competition and Markets Authority on grounds of media plurality – essentially the fact that Murdoch interests in the UK already span broadcast, radio, print and online. A full takeover of Sky, from Fox’s current holding of 39%, might increase the Murdochs’ ability to “influence the overall news agenda” and “the political process”.That sounds like a serious risk to the deal, but probably isn’t. Murdoch’s initial attempt to head off a competition investigation was a pledge to fund Sky News for five years and give the channel a separate editorial board. It was rejected by Bradley because it merely “mitigated” the risks, rather than removed then, but Murdoch is free to try again in the next fortnight. He probably will. His first offer is rarely his best.Back in 2011, before the original bid was scuppered by the phone-hacking scandal, Murdoch was willing to spin off Sky News as a separately listed public company. It’s not obvious that same structure would be accepted this time because Ofcom, for one, is worried about the ability of loss-making Sky News to survive outside the family. But giving Sky News 10 years of funding, and beefing up the editorial safeguards, might work. Even on the opening offer, Ofcom reckons the proposed editorial board for Sky would be “more robust” than arrangements at the Murdoch-owned Times and Dow Jones, which are widely derided as utterly flimsy.Murdoch empire If Bradley still isn’t persuaded – or if Fox does nothing – then the CMA really will be called into action. But one suspects Murdoch would still fancy his chances of success. The CMA could even clear the deal outright and demand no undertakings at all on Sky News. An investigation would take six months, which introduces the risk of events intervening (another general election and a Labour government?), but that’s life.The stock market cut to the chase. Sky’s share price rose 3%. At 986p, or only 8% below the £10.75 bid price, it is saying the takeover – even if you loathe it – is still very likely to happen in the end.Topics Business Nils Pratley on finance Rupert Murdoch Competition and Markets Authority Regulators 21st Century Fox Ofcom comment'|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/business/nils-pratley-on-finance/2017/jun/29/rupert-murdoch-sky-bid-is-now-very-likely-to-succeed'|'2017-06-29T03:00:00.000+03:00'
'50fde4408c07ab6d8ed13c124fd42ad79e01eb20'|'Storage company Tintri says plans for IPO have changed'|'SAN FRANCISCO Storage startup Tintri inc ( TNTR.O ), which was planning to start trading its shares on NASDAQ on Thursday, said its listing plans have "changed," according to a statement by a company spokesman.Tintri had been planning to raise $109 million in an initial public offering by selling 8.7 million shares in the range of $10.50 and $12.50 per share.The spokesman declined to comment further on future IPO plans.Morgan Stanley and Bank of America had been hired as lead underwriters of the offering.(Reporting by Liana B. Baker in San Francisco; Editing by Sandra Maler)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-tintri-ipo-idINKBN19K03F'|'2017-06-28T22:48:00.000+03:00'
'5192d8ce042dccaf2a525b8fdeeeef1b0ddd69cd'|'Investors slowly start to push climate change up their agenda'|'Business News - Thu Jun 29, 2017 - 5:24pm BST Investors slowly start to push climate change up their agenda By Simon Jessop , Gwladys Fouche and Nina Chestney - LONDON/OSLO LONDON/OSLO Investors are slowly starting to push companies to reduce their carbon footprint and help the world meet targets on limiting global warming that were agreed in the 2015 Paris climate talks. Energy firms have faced shareholder demands to do more to curb carbon emissions, while some pension funds are demanding more commitment to climate goals from firms they invest in. Yet progress has still been modest since the Paris deal agreed by almost 200 nations came into force in November last year, aiming to limit global warming to 2 degrees Celsius (3.6 Fahrenheit) above pre-industrial times. "Lots of investors are looking to align their investments with a 2 degrees world. It''s just at what pace they all get there," said Fiona Reynolds, managing director at the United Nations-backed Principles for Responsible Investment. Advocates of the climate deal hope new impetus will come from Thursday''s document published by the Financial Stability Board''s Task Force on Climate Related Financial Disclosures (TCFD), a group set up by G20 nations. The task force''s document outlines a voluntary framework for companies to disclose the financial impact of climate-related risks and opportunities, drawing support from more than 100 companies with $11 trillion of assets. It aims to help investors, lenders, insurers and other stakeholders understand how firms manage climate risk and guide companies on information they should provide to explain their climate strategy, ultimately helping ensure corporate laggards are held to account. "The more companies report effectively on climate related risks and opportunities, the easier it becomes for investors to allocate the substantial amounts of capital required to implement the Paris Agreement," said Philippe Desfossés, chief executive of French pension fund ERAFP. HIGH BENCHMARK Sweden''s largest national pension fund AP7 set a high benchmark in June when it named six companies it said had breached the Paris accord, and ditched them from its portfolio. Several energy firms have faced shareholder rebellions at annual general meetings over their stance on climate change. ExxonMobil ( XON.N ) has been accused of misleading investors by a U.S. prosecutor, allegations the U.S. firm has dismissed as "frivolous". Many energy firms have been sharing more information on their climate strategies, and some mining companies are starting to follow suit, such as iron ore miner Vale ( VALE5.SA ). In a Reuters survey, 13 leading public and corporate pension schemes in Europe, Asia and North America managing a total $1.1 trillion (848.44 billion pounds) said they were committed to engaging firms on their climate strategy. Three of those funds said explicitly that divestment was an option if talks were unsatisfactory. However, some funds said the threat of divestment was not the best approach to encouraging firms to improve environmental, social and governance (ESG) issues. "We think engagement investment is about promoting companies to be involved with ESG through engagement," said Hiroichi Yagi, an adviser to the pension fund of Japan''s Secom, a leading security firm. "If you just sell and stop investing in companies that are not mindful of climate change, then you are abandoning engagement there," he said, adding that he was not aware of any Japanese pension funds advocating divestment as an option. "GLACIAL PACE" To date, most divestments have tended to be from companies mining coal, the dirtiest energy source. Some large investors, such as Norway''s $960-billion sovereign wealth fund, have set limits on how much revenues can come from that source. The most active asset owners on climate change have tended to be big pension schemes and sovereign wealth funds - Norway''s and New Zealand''s have reduced exposure to fossil fuels. Such firms have more in-house analysts to assess investments. Smaller funds are making slower progress in pushing climate issues up the agenda in determining investment policy. A survey by consultants Mercer of 1,241 European pension schemes, half of which had less than 100 million euros (87.98 million pounds) in assets, showed just 5 percent considered the financial impact of climate change on their portfolios. However, that was up from 4 percent a year earlier. "It''s ironic that the pace of response to this enormous issue is best described as glacial, outside a small group of leading funds," said Phil Edwards, Mercer''s Global Director of Strategic Research, calling for more "urgency" to be applied. Advocates of the Paris accord hope the TFCD''s framework document will particularly assist smaller firms. Britain''s Environment Agency Protection Fund, a founder member of the Transition Pathway Initiative (TPI) that aims to help asset owners assess firms, said more than 3 trillion pounds of assets were now being invested using the TPI''s guidelines. "We are aiming to be one of the first asset owners to do this to show our support for the TCFD and its pick up by other asset owners," said Faith Ward, the scheme''s chief responsible investment officer. She said her fund planned to link its annual report to the TCFD framework. (Additional reporting by Reuters correspondents in Amsterdam, Stockholm, Paris, Helsinki, Sydney, Dublin, Madrid, Lisbon and Tokyo; Editing by Edmund Blair)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-climatechange-funds-idUKKBN19K2DG'|'2017-06-29T19:24:00.000+03:00'
'9d63fc0fcc0de3b37191f039be28b42335d86407'|'CANADA STOCKS-TSX falls with energy, industrial stocks'|'Market News  42am EDT CANADA STOCKS-TSX falls with energy, industrial stocks TORONTO, June 29 Canada''s main stock index fell in early trade on Thursday, weighed by slips among energy and industrial stocks and a pullback in shares of convenience store operator Alimentation Couche Tard Inc. The Toronto Stock Exchange''s S&P/TSX composite index was down 131.04 points, or 0.85 percent, to 15,224.54 shortly after the open. (Reporting by Alastair Sharp)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/canada-stocks-open-idUSL1N1JQ0QX'|'2017-06-29T16:42:00.000+03:00'
'8393917d721f431c88b7143225c1db67dcf5afda'|'European shares set for worst month in one year'|'Fri Jun 30, 2017 - 8:33am BST European shares set for worst month in one year Traders work in front of the German share price index, DAX board, at the stock exchange in Frankfurt, Germany, June 27, 2017. REUTERS/Staff/Remote MILAN European shares were flat in early deals on Friday but were set to end June with their biggest monthly loss in one year as worries over tightening monetary conditions soured the mood. The pan-European STOXX 600 index was unchanged by 0818 BST, while euro zone blue chips .STOXX50E inched 0.1 percent higher and the UK''S FTSE 100 .FTSE fell 0.3 percent. The STOXX is down more than 2 percent so far in June, following four straight months of gains due to easing political worries in the euro zone and brightening economic prospects. But hawkish remarks from central bankers this week that boosted bond yields and the euro sparked a broad sell-off, with stocks that benefit from lower rates and export-oriented companies particularly under pressure. Sectoral moves were muted on Friday with the oil and gas .SXEP index posting the biggest decline, down 0.6 percent, while banks .SX7P, which instead benefit from higher rates, rose for the fifth day in a row. The top faller on the STOXX was UK pub retailer Greene King ( GNK.L ), down 6.6 percent following a downgrade to neutral from JP Morgan, while oilfield services firm Subsea 7 ( SUBC.OL ) rose 4.1 percent after an acquisition. (Reporting by Danilo Masoni, editing by Kit Rees)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-europe-stocks-idUKKBN19L0RH'|'2017-06-30T10:29:00.000+03:00'
'60ec37dec2e32299abb2601eaadd34bbab97709f'|'AIG shareholders approve $9.58 million for ex-CEO''s 2016 compensation'|'American International Group Inc shareholders on Wednesday approved the company''s 2016 compensation for executives, including the insurance giant''s former chief executive, Peter Hancock.Shareholders at the annual meeting in New York voted to award Hancock a total compensation of $9.58 million for 2016, including a $1.6 million base salary, longer-term incentive pay in stock worth more than $7.8 million and additional funds.Hancock was not awarded a cash bonus for his work last year, after the company''s dismal financial performance roiled shareholders.In May, AIG named Brian Duperreault as its new chief executive officer, selecting a protege of former CEO Hank Greenberg and an industry veteran known for his turnaround expertise.(Reporting by Suzanne Barlyn in New York; Editing by Shounak Dasgupta)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/aig-agm-idINKBN19J272'|'2017-06-28T19:03:00.000+03:00'
'0c47ebca28b0a53c260148df37c0f29fe0c48f05'|'Closer Hong Kong, China ties creates corporate governance challenges'|'Business News - Fri Jun 30, 2017 - 11:15am BST Closer Hong Kong, China ties creates corporate governance challenges A boat sails in front of private and public housing blocks in Hong Kong, China April 28, 2017. REUTERS/Bobby Yip/File Photo By Michelle Price - HONG KONG HONG KONG Hong Kong''s ever-closer relationship with mainland China may be good for business, but it poses growing corporate governance challenges for the former British colony, which this weekend marks 20 years since its return to Chinese rule. The financial hub was shaken on Tuesday, after a rout mainly in small-cap Hong Kong stocks wiped HK$24 billion (2.37 billion pounds) off the market. The precise cause of the sudden sell-off remains unclear. The Securities and Futures Commission (SFC) said the stocks were all characterised by small public floats, concentrated shareholdings, thin turnover and cross-shareholdings that encourage volatility. The sell-off has raised questions over Hong Kong''s ability to enforce its rules, as the territory''s relationship with China - whose companies dominate the Hong Kong market but remain beyond its legal reach - comes under the spotlight. "The fundamental challenge you have, if you are sitting in Hong Kong, is managing accountability," said Keith Pogson, EY financial services lead based in Hong Kong. "The company may have a chairman and board who are mainlanders and it''s possible for them to run off to the mainland rather than stand here and be held accountable to global investors. For the Hong Kong exchange and the SFC, this remains a massive challenge." Britain returned Hong Kong to Chinese rule on July 1, 1997, under a "one country, two systems" formula that allows Hong Kong to operate a separate, autonomous judicial system. Since the handover, Chinese company listings have helped boost the Hong Kong stock exchange nine-fold, transforming the small territory of just 7.3 million people into a $3.7 trillion global market. Around 60 percent of companies listed in Hong Kong originate from the mainland. SLOPPIER STANDARDS Hong Kong scores relatively well for corporate governance compared with the rest of Asia, coming second out of 11 markets ranked by the Asian Corporate Governance Association (ACGA) on their rules, culture, enforcement, audit regime, and political environment. But the dominance of Chinese firms means investors in the territory''s stocks are exposed to much sloppier standards on the mainland, which the ACGA ranked ninth. China''s overall scores have fallen since 2014 due to increased state interventions and it scores very low on general corporate governance culture. Chinese companies listing in Hong Kong must comply with its rules and disclosure requirements, but the mainland''s weak corporate governance culture still seeps across the border. Of 15 main board companies whose shares were halted from trading by the SFC due to accounting irregularities or investigations since 2011, 13 are mainland Chinese, according to a Reuters analysis. They include two of the biggest scandals, China Huishan Dairy ( 6863.HK ) and Hanergy Thin Film ( 0566.HK ). Other scandals involving companies that were de-listed, such as China Metal Recycling and Hontex International, were also mainland Chinese. Punishing such companies with deterrent force can be tough, according to legal experts and regulatory sources. The company''s main assets, audit working papers, and management typically reside on the mainland and can only be accessed with cooperation from the Chinese authorities. In theory, Chinese courts should recognise rulings from Hong Kong courts on issues such as liquidations, but liquidators say it is difficult in practice to make them stick. Enforcing China Metal Recycling''s liquidation order on the mainland has been a battle, according to one person with direct knowledge of the matter. "Once a Chinese company is listed, the enforcement environment is working against the Hong Kong regulators. Other than throwing them off the exchange, or hoping the management will come to the table in Hong Kong, it can be very difficult," said Pogson, a member of the stock exchange''s listing committee but who was speaking in a personal capacity. GREATER INTEGRATION Hong Kong and Chinese markets are only growing more integrated, with the launch of projects to connect their stock and bond markets. The Hong Kong exchange has wants to lure Chinese companies to a new board that would allow "pre-profit" companies or start-ups to list. Regulatory sources said much closer cooperation between the SFC and the China Securities Regulatory Commission (CSRC) over the past two years had seen some successes. They include a landmark ruling this month forcing the former chairman and CEO of China''s Greencool Technology to disgorge gains derived from overstating the company''s profits. In April, SFC CEO Ashley Alder said in a speech that the SFC and CSRC were "especially focused on the opportunities but also the risks associated with far greater cross-boundary market connectivity". The regulatory sources said it was in the interests of the SFC and the CSRC to cooperate to protect Hong Kong. "In the case of Hong Kong we do depend on cooperation by the mainland regulators and their court system," said David Webb, Hong Kong''s leading investor activist who also called this week''s small-cap rout. "But that doesn''t mean we shouldn''t try, and it doesn''t mean we can''t win." (Reporting by Michelle Price; Editing by Bill Tarrant)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-hongkong-stocks-smallcaps-analysis-idUKKBN19L19E'|'2017-06-30T13:13:00.000+03:00'
'2a3173a1c7d1bfa1191605ef7775eec8af4f9f78'|'Several UK banks stop selling Qatar riyals as diplomatic crisis mounts'|'Business News - Fri Jun 30, 2017 - 2:58pm BST Several UK banks stop selling Qatar riyals as diplomatic crisis mounts left right A man enters a Lloyds Bank branch in central London, Britain February 25, 2016. REUTERS/Paul Hackett 1/2 left right A man walks past a branch of The Royal Bank of Scotland (RBS) in central London, Britain August 27, 2014. REUTERS/Toby Melville/Files 2/2 By Andrew MacAskill , Lawrence White and Sylvia Westall - LONDON/DUBAI LONDON/DUBAI Several British banks said on Friday they had stopped dealing in Qatari riyals, as the diplomatic crisis surrounding the tiny Gulf country disrupted overseas trading of its currency. Saudi Arabia, the United Arab Emirates, Bahrain and Egypt severed diplomatic and travel links with Qatar on June 5, accusing it of supporting terrorism and courting regional foe Iran, in allegations that have ignited a regional crisis between the U.S. allies. Offshore trade of the riyal has become increasingly volatile and illiquid as a result, raising risks for banks. A spokeswoman for Britain''s Lloyds Banking Group ( LLOY.L ) said a "third-party supplier" which handles its foreign exchange service had ceased trading in Qatar''s riyal QAR= as of June 21. "This currency is no longer available for sale or buy-back across our high street banks including Lloyds Bank, Bank of Scotland and Halifax," she said. Tesco Bank said it had halted dealings in the riyal, while Barclays ( BARC.L ) stopped trading riyals for retail customers but continued the service for corporate customers, a source said. Royal Bank of Scotland ( RBS.L ) said it had stopped trading riyals for retail customers. Banks from the four Arab states that have cut ties with Qatar reduced or halted riyal transactions earlier this month, as have some other countries. Some big international banks have continued riyal business, however; a spokeswoman for HSBC ( HSBA.L ) said on Friday that the bank was still providing riyals for high street customers. This week the riyal traded between offshore banks as low as 3.81 to the U.S. dollar, its lowest level this decade and more than 4 percent below its peg of 3.64 to the dollar. Most bankers in the Gulf do not think the peg will break; onshore, the Qatari central bank has continued to provide ample supplies of dollars near 3.6415 under its peg mechanism. The world''s biggest liquefied natural gas exporter has huge reserves with which it could defend its currency. The Arab states opposing Qatar have set a deadline of around Monday next week - officials have not publicly specified the exact time - for Doha to agree to demands such as shutting television channel Al Jazeera and reducing ties to Iran. Publicly, Doha has shown little sign of complying, and the four states have said they could impose fresh sanctions if their demands are not met. This threat pushed the cost of insuring Qatari sovereign debt against default QAGV5YUSAC=MG to a 16-month high on Friday. In an effort to reassure markets that the riyal was still widely traded overseas, the Qatari central bank declared in the early hours of Friday that it would guarantee all dealings for customers inside and outside Qatar. "Qatari riyal''s exchange rate is absolutely stable against the U.S. dollar, and its exchangeability inside and outside Qatar is guaranteed at any time at the official price," the central bank said, calling reports that some exchange companies had stopped buying the riyal "baseless". So far, however, the central bank has not taken the step which bankers say may be necessary to stabilise the offshore currency market: massive dollar-selling intervention. Some Gulf bankers believe the central bank thinks such radical action is unnecessary; Qatar gets most of its dollar supplies from oil and gas exports, which are controlled by the government, so it does not need to fear offshore trade will suck dollars away from onshore companies which need them. A source at an investment manager in London, however, said intervention to drive the offshore riyal rate back to 3.64 could be dangerously expensive for the central bank. "In a month, two months'' time, we would start to see the reserves numbers going down massively, and that could start a panic on the currency." The alternative to intervention is "the currency grinds down weaker and weaker from here," he added. Exchange company Travelex said on Thursday it had resumed purchasing the Qatari riyal globally after a brief suspension "due to business challenges". But some exchange houses are demanding increasingly punitive rates because of the risks. Two exchange houses in Dubai told Reuters this week they would buy 1,000 Qatari riyals for only 710 or 720 UAE dirhams – far below the 970 dirhams which they offered before the crisis. (Additional reporting by Alexander Cornwell in Dubai and Claire Milhench in London; Writing by Andrew Torchia; Editing by Hugh Lawson)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-gulf-qatar-currency-idUKKBN19L1YV'|'2017-06-30T16:58:00.000+03:00'
'4cd3453e7efc5c15bb169068b78687304f9b272e'|'Exclusive - Cyber security firm Zscaler to hire banks for IPO: sources'|'Technology News - Thu Jun 29, 2017 - 8:26pm BST Exclusive: Cyber security firm Zscaler to hire banks for IPO - sources By Liana B. Baker and Heather Somerville - SAN FRANCISCO SAN FRANCISCO Zscaler Inc is interviewing investment banks to hire as underwriters for an initial public offering later this year that could value the U.S. cyber security software firm at about $2 billion, people familiar with the matter said. If Zscaler succeeds in going public, it would be one of the few venture capital-backed cyber security IPOs in recent years, despite a surge in cyber attacks and hacks. Investors have been wary of the companies'' ability to constantly advance their software to stay on top of threats. Zscaler is expected to hire IPO underwriters in the coming weeks, the sources said this week, asking not to be identified because the deliberations are confidential. Zscaler declined to comment. Okta Inc, an identity management company went public in April, the only cyber security IPO so far this year, and is trading above its IPO price. It has a market capitalization of about $2 billion. Cyber security companies such as Carbon Black, ForeScout and LogRhythm have been exploring IPOs, but have remained on the sidelines. Hundreds of security startups have sprouted in recent years, promising "next-generation" technologies to fight cyber criminals, government spies and hacker activists, who have plagued some of the world''s biggest corporations. Many of the younger companies have struggled to stand out from the crowd and grow revenue on a sustainable basis since sophisticated cyber attacks can make software obsolete very quickly. While the IPO market has reopened for technology companies this year, some investors expect more "meat-and-potatoes" technology offerings of enterprise software firms with moderate valuations but established business models. Zscaler counts Alphabet''s growth equity fund, CapitalG, and private equity firm TPG''s growth equity fund as investors. It is seeking a valuation at nearly double its last funding round in 2015. That year, it closed a $110 million funding round and was valued at more than $1 billion, Reuters has reported. San Jose, California-based Zscaler was founded in 2008 by Jay Chaudhry, who is its chief executive officer. It specializes in cloud security and its software is in 100 data centers globally that can scan incoming and outgoing traffic between corporations and the public cloud to identify threats and protect corporate intellectual property. Zscaler hired Remo Canessa as a new chief financial officer in February. He had worked as a CFO at public technology companies. (Additional reporting by Lauren Hirsch in New York; Editing by Jeffrey Benkoe)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-zscaler-ipo-exclusive-idUKKBN19K2TM'|'2017-06-29T22:23:00.000+03:00'
'1f399a63d527882a4267961837dcfe898389037b'|'ConocoPhillips to sell Barnett assets for $305 million'|'Deals - Thu Jun 29, 2017 - 8:44am EDT ConocoPhillips to sell Barnett assets for $305 million Logos of ConocoPhillips are seen in its booth at Gastech, the world''s biggest expo for the gas industry, in Chiba, Japan, April 4, 2017. REUTERS/Toru Hanai ConocoPhillips ( COP.N ) said it would sell its assets in the Barnett shale field in Texas to Miller Thomson & Partners LLC for about $305 million, as part of the largest U.S. independent oil producer''s efforts to reduce exposure to natural gas. The Barnett assets produced 11,000 barrels of oil equivalent per day (boed) in 2016, of which about 55 percent was natural gas and 45 percent was natural gas liquids, ConocoPhillips said in a statement on Thursday. The oil producer said last month it would sell natural gas-heavy assets in San Juan basin to privately held Hilcorp Energy Co for about $3 billion and earlier agreed to sell oil sands and western Canadian natural gas assets to Cenovus Energy Inc ( CVE.TO ) for C$17.7 billion. ConocoPhillips has also marked other gas-weighted assets for sale, including some assets in the Anadarko basin and the Gulf of Mexico. The company said the Barnett shale deal, expected to close in the third quarter, may reduce its 2017 production forecast by less than 5 million barrels of oil equivalent per day (MBOED). ConocoPhillips said it does not expect any material impact to 2017 cash flow or its forecast as a result of the transaction. The company said it would take a non-cash impairment charge of about $400 million after taxes in the second quarter related to the sale. (Reporting by John Benny in Bengaluru; Editing by Saumyadeb Chakrabarty and Anil D''Silva) '|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-conocophillips-assets-idUSKBN19K1I9'|'2017-06-29T16:44:00.000+03:00'
'1e4f7a1bb7bbf3a187ee7606d33843f7eafeee24'|'Takata’s bankruptcy is a result of familiar failings'|'AIRBAGS are meant to make driving safer. But for years, some made by Takata, a Japanese firm, inflated with such vigour that shards of metal and plastic were launched at occupants of vehicles in even minor collisions, causing serious injury and in some cases death. The costs of the biggest-ever recall of vehicles, hauled back to correct the problem, and the associated lawsuits claimed another victim on June 26th. Takata itself filed for bankruptcy in America and Japan, and sold its surviving operations to a competitor, Key Safety Systems (KSS).It is the latest in a series of self-inflicted wounds by Japanese corporate giants. Takata’s travails come on the heels of other disasters, including insolvency at Sharp, a formerly dominant consumer-electronics firm, and massive losses at Toshiba, a nuclear power and consumer-electronics empire. All suggest a recurring pattern of lack of transparency and leadership.  Takata’s bankruptcy is due to its airbags’ use of chemicals propellants which became unstable after long-term exposure to heat and humidity. But the crisis is also partly due to a lengthy concealment of a problem during which faulty bags caused at least 17 deaths and ten times as many injuries globally. The danger from exploding airbags was clear to Takata long before it came to wider attention, but instead of coming clean managers altered test results to hide it from customers. In a settlement in January of related criminal charges in America the firm agreed to pay $1bn in fines and compensation to carmakers and consumers, and admitted to a cover-up of the airbag failures from the early 2000s. American prosecutors have charged three long-serving managers at the firm with faking data to conceal the defect.The settlement bill is dwarfed by the scale of Takata’s overall liabilities. Once the world’s second-largest maker of airbags, the faulty ones have been used by most of the world’s big carmakers. According to a court document submitted by TK Holdings, Takata’s American arm, this will eventually require the recall of 125m vehicles, around half of them in America. Of the 46m recalls issued in America so far, only a third of the vehicles have been put right. The cost of fixing the remaining cars worldwide and of lawsuits from injured motorists could be up to $25bn.The firm is raising $1.6bn by selling unaffected units to KSS, a Michigan-based rival recently acquired by Ningbo Joyson Electronic, a Chinese auto-parts group. But carmakers are resigned to paying for most of the recall costs. Toyota and Honda have each set aside around $5bn. Who will pay compensation and damages from the outstanding lawsuits is unclear, as KSS has not taken on those liabilities.Angry shareholders, at a final meeting on June 27th, singled out Shigehisa Takada, the firm’s chief executive, for blame. Masami Doi, a consultant and a former manager at Toyota, agrees that Takata has been badly led. The mindset of ignoring problems is not shared by all Japanese companies. Toyota reacted rapidly to a huge recall of cars in 2009 because of “unintended accelerations” by going on the offensive. Its openness and transparency included the sight of Akio Toyoda, president of Toyota, testifying before Congress. Mr Takada has been invisible. He swerved a showdown with America’s authorities. His press conference to announce the bankruptcy was his first since November 2015.This article appeared in the Business section of the print edition under the headline "The dangers of inflation"'|'economist.com'|'http://www.economist.com/rss/business_rss.xml'|'http://www.economist.com/news/business/21724438-slow-reform-corporate-japan-takatas-bankruptcy-result-familiar-failings?fsrc=rss%7Cbus'|'2017-06-29T22:48:00.000+03:00'
'59b52d0d28056fff630dbf29dac764ff5bdc29e0'|'Japan FSA announces new rules on smaller banks to contain interest-rate risk'|'Business News - Fri Jun 30, 2017 - 7:26am BST Japan FSA announces new rules on smaller banks to contain interest-rate risk TOKYO Japan''s financial regulator said on Friday it would adopt a new rule for regional and small banks to guard against potential losses on their bond and other holdings. Under the rule, the Financial Services Agency (FSA) will consult with each bank on how to ease the situation when potential losses on their asset holdings exceed 20 percent of their capital. The new rule will take effect in the fiscal year starting next April, it said. Regional banks have stepped up investment on assets vulnerable to interest-rate risk, such as foreign bonds, as their margins have been squeezed by the Bank of Japan''s negative interest rate policy. (Reporting by Takahiko Wada; Writing by Junko Fujita; Editing by Chang-Ran Kim)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-japan-economy-fsa-idUKKBN19L0KR'|'2017-06-30T09:26:00.000+03:00'
'0a1b70007aae0e761572629921daad6b0b0fe69f'|'UPDATE 2-SEC to allow all companies to file secretly for IPOs'|'Market News - Thu Jun 29, 2017 - 10:44pm EDT UPDATE 2-SEC to allow all companies to file secretly for IPOs (Adds comments from SEC statement, context, details) June 29 Wall Street''s top regulator said on Thursday it would allow all companies to file paperwork confidentially for initial public offerings (IPO), in a move designed to revitalize the market for share sales. The Securities and Exchange Commission (SEC) said the tool, currently restricted to companies with gross revenues of $1 billion or less, would take effect from July 10. It is the first major policy announcement by new Chairman Jay Clayton, who has said he aimed to reverse the steep decline in IPOs and give individual investors more access to smaller, successful companies. "We are striving for efficiency in our processes to encourage more companies to consider going public, which can result in more choices for investors, job creation, and a stronger U.S. economy," Clayton said in a statement. Under the Jumpstart Our Business Startups (JOBS) Act, companies, known as emerging growth companies, are able to withhold registration statements from the public until just before shares are sold, giving them more flexibility about when to go public and more time to work out regulatory kinks. It also means competitors are not alerted to their plans. Now that perk will be available for IPOs as well as most offerings made in the first year after a company has entered the public reporting system, the SEC said. ( bit.ly/2sWW212 ) "I think it will increase the number of IPOs. How dramatically is yet to be seen," said Michael Zeidel, a partner in the corporate finance department at law firm Skadden, Arps, Slate, Meagher & Flom LLP. "If you are a billion dollar company and may go public, I don''t think the confidential filing is going to change your ultimate decision as to whether to go public or not, but it can encourage companies to move more quickly to start the process of filing so they are ready to access the capital markets at the most opportune time." There has been a stark drop in the number of IPOs in the United States in the last 15 years, driven particularly by a reduction of small IPOs – those with proceeds of less than $30 million - which account for around 10 percent of all IPOs compared to 60 percent in the 1980s. Nonetheless, the JOBS Act had raised several debates with skeptics including some securities regulators worrying it diminished investor protections. Twitter Inc, one of the earliest companies to file confidentially under the then-new JOBS Act, had led to debates, with critics saying that the law denied investors time to digest a company''s financial information and eroded market transparency. But, some critics also believed that the law allowed companies and the SEC to have generous discussion about proper disclosures and accounting methods. (Reporting by Arunima Banerjee and Sangameswaran S in Bengaluru, Sarah N. Lynch in Washington; Additional Reporting by Lauren Hirsch and Liana Baker; editing by G Crosse and Amrutha Gayathri) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-sec-ipo-idUSL3N1JR1JA'|'2017-06-30T05:44:00.000+03:00'
'c7e53304ce8a871ca773ad0132cc315c6fafdc39'|'UK debt agency names banks for 2056 linker syndicate'|'Business News - Fri Jun 30, 2017 - 8:32am BST UK debt agency names banks for 2056 linker syndicate The Citibank building is seen in the financial district of Canary Wharf in London, Britain January 19, 2017. Picture taken January 19, 2017. REUTERS/Kevin Coombs LONDON Britain''s government debt agency named Citi ( C.N ), Goldman Sachs ( GS.N ), J.P. Morgan, ( JPM.N ) and Nomura ( 8604.T ) on Friday as joint bookrunners for the sale via syndication next month of an index-linked gilt maturing in 2056. The UK Debt Management Office confirmed the sale of the 0.125 percent 2056 index-linked gilt GBIL0E56= would take place in the week starting July 10, subject to market conditions. (Reporting by David Milliken; Editing by Alistair Smout)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-bonds-2056i-idUKKBN19L0QM'|'2017-06-30T10:32:00.000+03:00'
'9aadc7d516f3551e8336f82ec5d136f3b2f76739'|'In EU dealings, Google could learn from an erstwhile rival'|'Technology News - Thu Jun 29, 2017 - 12:55am IST In EU dealings, Google could learn from an erstwhile rival A pedestrian walks past the Google offices in Cambridge, Massachusetts, U.S., June 27, 2017. REUTERS/Brian Snyder By Foo Yun Chee BRUSSELS (BRUSSELS) - Google''s ( GOOGL.O ) clash with EU antitrust enforcers has echoes of Microsoft''s ( MSFT.O ) decade-long regulatory battle, a legacy that parent company Alphabet should bear in mind as it considers challenging the Commission, lawyers and fund managers said. After a seven-year investigation prompted by scores of complaints from rivals, the European Commission hit Google with a record 2.4 billion euro ($2.73 billion) fine for favouring its own shopping service and an order to treat rival services the same way it treats its own products. "When I saw this yesterday, it absolutely rang a bell," said Georg Berrisch, a partner at Baker Botts who advised Microsoft in its EU regulatory dispute while at another law firm. The European Commission slapped a 497 million euro fine on Microsoft in 2004 and ordered it to take steps to boost software competition. It failed to comply with that decision and was subsequently fined 899 million euros. In total, its battle with the EU in several other investigations cost it more than 2.2 billion euros in penalties. In an oblique reference to Microsoft, which faced nearly two decades of legal scrutiny for antitrust violations, Alphabet Executive Chairman Eric Schmidt told a 2011 U.S. Senate hearing: "We get it. By that I mean, we get the lessons of our corporate predecessors." But Google has much to learn, said Stephen Kinsella at law firm Sidley Austin, who advises Google complainant and UK online shopping comparison website Kelkoo. "Years ago Google said they wouldn''t make the mistakes that Microsoft did. Instead they made all of them and came up with a few of their own. The public statements yesterday show they still don''t get it," he said. Google said on Tuesday it disagreed with the EU''s findings that it had abused its dominant position and was considering an appeal. It said it looked forward to continuing to make its case. "The real danger for Google is to enter into a prolonged battle with the Commission on whether what it has done is sufficient to comply with its decision. It could be quite expensive for Google in the end. This is not the end of the story," Berrisch said. Underlining Google''s task, the Commission on Wednesday published a tender for technical expertise to assist it with the case. The five-year contract is worth 10 million euros and can be renewed. So far, investors have given Google the benefit of the doubt, with Alphabet ranking just behind Apple ( AAPL.O ) as the world''s most valuable stock with a $666 billion market capitalisation. But they are taking note. "The real concern is whether the Commission will manage to force Google to change its business model, its algorithms in a way that could be detrimental to the business," said Wesley Lebeau, fund manager at CPR Asset Management, an Amundi company. "Search engine is still about 60 percent of Alphabet''s valuation so that is a big deal, even though the drivers for future growth are YouTube and all the Alphabet companies -- Waymo, NEST, Verily," he said. Tech titans have benefited so far from the perception that they bring benefits to society, said Freddie Lait, founder at Latitude Investment Management. "But there is a small chance that, if the shine wears off and you have more of these terrorist videos...and the fine is a huge fine, which sent a message to consumers that there''s been wrongdoing," he said. "If the shine comes off, the claws are out from regulators and governments to try and get their pound of flesh out of all of the big tech companies." (Additional reporting by Eric Auchard in Frankfurt, Simon Jessop and Sophie Sassard in London)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/eu-google-antitrust-microsoft-idINKBN19J2O8'|'2017-06-28T17:25:00.000+03:00'
'c5d26f594b5cdbb7ed71361793685a9522986f57'|'AIG CEO may reduce buybacks, focus on acquisitions'|'Business News - Wed Jun 28, 2017 - 6:48pm BST AIG CEO may reduce buybacks, focus on acquisitions The AIG logo is seen at its building in New York''s financial district March 19, 2015. REUTERS/Brendan McDermid By Suzanne Barlyn and Aparajita Saxena American International Group Inc''s ( AIG.N ) new chief executive Brian Duperreault said on Wednesday the company would likely slow the pace of share buybacks and instead spend on acquisitions. "I''d love to find great additions to the company. I think the important thing is that we look at companies that can make us better," Duperreault told reporters in an interview after the company''s annual general meeting in New York. To meet the objective, AIG would slow the pace and frequency of share buybacks, which have been part of the company''s two-year turnaround plan launched by former CEO Peter Hancock. AIG has returned $18.1 billion to shareholders through buybacks since announcing the plan last year. "The likelihood we can continue the pace of share buybacks is low because there are other things I can use the money on," Duperreault said. AIG named Brian Duperreault, 70, as its CEO in May, selecting a protege of former CEO Hank Greenberg and an industry veteran known for his turnaround expertise. The company''s shareholders on Wednesday approved 2016 compensation for executives, including former CEO Hancock, who said on March 9 that he would depart once the board found a replacement, citing a lack of confidence among directors and investors. Shareholders voted to award Hancock a total compensation of $9.58 million, including a $1.6 million base salary, longer-term incentive pay in stock worth more than $7.8 million and additional funds. Hancock was not awarded a cash bonus for his work last year, after the company''s dismal financial performance roiled shareholders. AIG, the largest U.S. underwriter of commercial property and casualty policies, reported a better-than-expected first-quarter operating profit in May, helped by investment returns and cost cuts. (Reporting by Suzanne Barlyn in New York and Aparajita Saxena in Bengaluru; Editing by Shounak Dasgupta and Meredith Mazzilli)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-aig-agm-idUKKBN19J29N'|'2017-06-28T20:48:00.000+03:00'
'57a3b260eb71b4860c4bddf4920e9d541b70a843'|'Drive.ai raises $50 million in funding; Andrew Ng joins board'|'SAN FRANCISCO Self-driving startup Drive.ai said on Tuesday it raised $50 million in a second round of funding as the Silicon Valley company prepared to deploy its technology in pilot vehicles later this year.The company, one of a handful of startups building fully autonomous systems for cars, also said it had added to its board Andrew Ng, a prominent figure in the artificial intelligence (AI) industry.Ng formerly led AI projects at Baidu and Alphabet''s Google. Ng is the husband of Drive.ai''s co-founder and president Carol Reiley, a roboticist.The latest round of funding - led by New Enterprise Associates, Inc, GGV Capital and existing investor China-based Northern Light Venture Capital - came as investor interest in autonomous vehicles continued to intensify.Drive.ai is aiming to build an after-market software kit powered by artificial intelligence to turn traditional vehicles operated by businesses into self-driving models.The company said existing business fleets would deploy its kits in pilot tests by year-end.Drive.ai plans to distinguish itself through the team''s expertise in robotics and deep learning, a subset of AI in which massive amounts of data are fed into systems until they can "think" for themselves.Drive.ai, which received $12 million in an initial funding round last year, also named to its board the head of Asia for New Enterprise Associates, Carmen Chang.(Reporting by Marc Vartabedian, editing by Alexandria Sage and Andrew Hay)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-driveai-autonomous-idINKBN19I2ZD'|'2017-06-27T20:51:00.000+03:00'
'0a46f345265b2895be341ce68d98c438410456ef'|'Court gives BHP, Vale until October 30 to settle $47 billion Samarco claim-BHP'|'  8:00am BST Court gives BHP, Vale until October 30 to settle $47 billion Samarco claim - BHP BHP Billiton Chief Executive Andrew Mackenzie is silhouetted against a screen projecting the company''s logo at a round table meeting with journalists in Tokyo, Japan June 5, 2017. REUTERS/Kim Kyung-Hoon SYDNEY BHP Billiton ( BHP.AX ) ( BLT.L ) and Vale ( VALE5.SA ) have won a four-month extension from a Brazilian court to negotiate a settlement to a $47 billion (£36 billion) claim stemming from the Samarco mine disaster in 2015, BHP said on Friday. The 50-50 partners in the Samarco iron ore mine were served the 155 billion Brazilian real ($47 billion) claim by Brazilian federal prosecutors in May last year to pay for the social, environmental and economic costs of cleaning up Brazil''s worst environmental disaster on record. "The Court has extended the final date for negotiation of a settlement until 30 October 2017," BHP said in a statement. Nineteen people died and nearby towns were inundated with flood waters after a dam designed to hold back mine waste burst. The settlement date was originally set for June 30. (Reporting by James Regan; Editing by Richard Pullin)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-bhp-billiton-samarco-idUKKBN19L0N6'|'2017-06-30T09:58:00.000+03:00'
'f804c6f07e574f3e3cd18c01300aaf379b3b9772'|'Nike-Amazon deal may hurt sporting goods retailers - analysts'|'Business News - Fri Jun 30, 2017 - 7:18pm BST Nike-Amazon deal may hurt sporting goods retailers - analysts left right FILE PHOTO: The logo of Nike (NKE) is seen in Los Angeles, California, United States, April 12, 2016. REUTERS/Lucy Nicholson/File Photo 1/2 left right The logo of Amazon is seen at the company logistics center in Lauwin-Planque, northern France, February 20, 2017. REUTERS/Pascal Rossignol 2/2 By Gayathree Ganesan Nike''s pilot programme to sell certain products on Amazon and Instagram is a precursor to it forging a deeper relationship with online retailers, and could hit sales at sporting goods retailers such as Foot Locker Inc ( FL.N ). The deal — which is expected to help Nike Inc ( NKE.N ) weed out counterfeit products sold through unlicensed dealers online and give it more control over its distribution — lifted the company''s shares to a more than three-month high on Friday. Nike''s move confirmed a June 21 report from Goldman Sachs that said the company would launch its products on the world''s largest online retailer. Since then shares of sporting goods retailer have fallen — Foot Locker Inc ( FL.N ) by nearly 2 percent, Hibbett Sports Inc ( HIBB.O ) by 6.8 percent and Big 5 Sporting Goods Inc ( BGFV.O ) by 5.3 percent. "They''re all scrambling right now," Judge Graham, chief marketing officer of market research firm Ansira told Reuters. "The decision of Nike considering to sell directly to the consumer and that too with Amazon, they''re all getting nervous." Sporting goods retailers, which rely on Nike for a substantial part of their wholesale revenue, would be hit further in case Nike''s partnership with Amazon expands beyond the current pilot programme. The sporting goods market is already in deep trouble, with several retailers such as Sports Authority already filing for bankruptcy, and Nike''s deal could push existing retailers to shut more stores, analysts said. Nike, whose products are already sold on Amazon through third-party and unlicensed dealers, could build an additional $300 million to $500 million (384.5 million pounds) of revenue in the United States or 1 percent of its global sales through its expansion as a dealer on Amazon, Goldman Sachs said in a client note. But Nike still depends on the wholesale channel for two-thirds of its revenue and will be cautious about making any drastic shift to selling directly on Amazon, said John Zolidis, analyst at Quo Vadis Capital Inc. To strike a balance, Nike may unload more of its non-premium products on Amazon, while it will still launch exclusive deals with its brick-and-mortar partners, analysts said. "The limited-edition market is store-driven," said Maya Mikhailov, cofounder of mobile retail app developer GPShopper. "What makes limited edition so exciting is finding out about the deals that stores have through their apps ... going to the store, and the consumer being a part of that whole in-store experience." (Additional reporting by Siddharth Cavale in Bengaluru; Editing by Shounak Dasgupta)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-nike-amazon-com-idUKKBN19L2LW'|'2017-06-30T21:18:00.000+03:00'
'c3230d3f94b3c41dc75250de4fee154049287342'|'UPDATE 1-Mexico''s Televisa says court ruled against Office Depot on Roku ban'|'  11:07am EDT UPDATE 1-Mexico''s Televisa says court ruled against Office Depot on Roku ban (Adds detail on companies, background on legal fight) By Noel Randewich MEXICO CITY, June 30 A cable operator belonging to Mexico''s largest television network said on Friday it won court rulings against requests by Office Depot and Radio Shack to resume sales of Roku video streaming devices after another court banned them. Cablevision, a cable TV provider owned by Televisa , told Reuters via email the judgments were made by a civil appeals court on Thursday. They were the latest in a legal fight by Cablevision to stop the importation and distribution of Roku devices in Mexico on the grounds that they are sometimes hacked to allow users view pirated channels. An Office Depot spokesman did not immediately respond to a request for comment and a Radio Shack spokesman could not immediately be reached. Connected to televisions, Roku devices provide access to Netflix, Hulu, Amazon, Starz and other services over the internet. Cablevision called on Roku to change its software to make it unusable by hackers selling illegal content, the Mexican company told Reuters in an emailed statement. Hackers in Mexico use messaging app WhatsApp to offer Roku owners illegal access to monthly packages of hundreds of television channels, including Televisa''s, HBO, ESPN and others. On Wednesday, a court reaffirmed a previous court order halting the importation of distribution of the devices in Mexico. Roku had won a suspension. (Reporting by Noel Randewich; Editing by Frank Jack Daniel and Meredith Mazzilli)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/mexico-televisa-roku-idUSL1N1JR0P0'|'2017-06-30T18:07:00.000+03:00'
'df4a3365b083565e4e67f6b0b75cd0d8f977a261'|'Brazil''s Fibria denies teaming up with Chile''s Copec unit for Eldorado'|'SAO PAULO, June 29 Brazil''s Fibria SA, the world''s No. 1 eucalyptus pulpmaker, denied media reports that it is analyzing an association with Chile''s Empresas Copec SA unit Arauco to bid for rival Eldorado Brasil Celulose SA, it said in a securities filing on Thursday.J&F Investimentos SA, controlled by the billionaire Batista family, owns 81 percent of Eldorado and is selling its main assets after its owners were ensnared in a corruption scandal. Reuters reported Copec was interested in the company on June 16. (Reporting by Tatiana Bautzer; Editing by Bill Trott)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/eldorado-brasil-ma-idINE6N1FG04N'|'2017-06-29T19:41:00.000+03:00'
'ac0c6a8b95abb996ea284c888aebb78fe85e8c32'|'Siemens holds up new R&D site as evidence of commitment to U.S.'|'FRANKFURT German engineering group Siemens broke ground on a new $300 million research and development facility in Walpole, Massachusetts on Friday that it said underlined its commitment to manufacturing in the United States."Siemens has been doing business in the United States for more than 160 years. We not only deliver products and solutions to America, but the Walpole expansion demonstrates our passion for making things here, hiring here and working closely with U.S. customers," Lisa Davis, management board member at Siemens, said in a statement on Friday.Her comments come after U.S. President Donald Trump has criticized Germany''s trade surplus with the United States and promised to bring back good manufacturing jobs by getting tough with U.S. trade partners.Reuters analysis of federal jobs data has shown that out of 656,000 new manufacturing jobs created in the United States between 2010 and 2014, two thirds can be attributed to foreign direct investment.Now foreign companies that have spent billions of dollars on U.S. factories and local leaders who host them worry that global supply networks that back those investments will fray if Trump makes good on his pledge to roll back trade liberalization.Trains-to-turbines group Siemens employs more than 50,000 people in the United States, its single biggest market, where it makes 21 percent of its total revenue.It said the new Walpole facility for laboratory diagnostics would create up to 700 new high-tech jobs.(Reporting by Maria Sheahan; Editing by Victoria Bryan)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-siemens-usa-idUSKBN19L1T0'|'2017-06-30T15:51:00.000+03:00'
'8b68054be648164a375e8815685057eb0176ba06'|'EMERGING MARKETS-Brazil stocks up as oil lifts Petrobras; political woes linger'|'SAO PAULO, June 30 Brazilian stocks rose on Friday as shares of state-controlled oil company Petróleo Brasileiro SA followed crude prices higher, though caution due to the country''s political crisis lingered. Crude futures rose for the seventh straight session, in their longest bull run since April. Shares of Petrobras rose 1.8 percent, lifting the Bovespa stock index 1 percent. Shares of sewage and water utility Cia de Saneamento Básico do Estado de São Paulo SA advanced 1.7 percent after regulators allowed a higher-than-expected increase in tariffs charged by peer Copasa, fueling optimism over the sector. Shares of Cia de Saneamento de Minas Gerais, as Copasa is formally known, jumped 4.7 percent. Still, traders remained cautious and fearful of further delays in the implementation of President Michel Temer''s agenda of structural reform amid mounting corruption scandals. The Brazilian real was nearly flat, weighed down by political concerns that drove its biggest quarterly loss in nearly two years. Most other Latin American currencies seesawed as investors pursued month-end adjustments to their portfolios. The Mexican peso slipped 0.2 percent, but still headed for its second quarterly gain in a row. Key Latin American stock indexes and currencies at 1600 GMT: Stock indexes daily % YTD % Latest change change MSCI Emerging Markets 1011.02 -0.3 17.6 MSCI LatAm 2543.85 0.48 8.17 Brazil Bovespa 62849.02 0.98 4.35 Mexico S&P/BVM IPC 49621.32 0.86 8.72 Chile IPSA 4745.75 0.33 14.32 Chile IGPA 23775.84 0.29 14.67 Argentina MerVal 21740.65 1.3 28.51 Colombia IGBC 10834.99 -0.08 6.98 Venezuela IBC 122949.66 -0.23 287.79 Currencies daily % YTD % change change Latest Brazil real 3.3057 0.05 -1.71 Mexico peso 18.0795 -0.18 14.74 Chile peso 663.5 0.14 1.09 Colombia peso 3049.6 -0.20 -1.58 Peru sol 3.246 0.00 5.18 Argentina peso (interbank) 16.5900 -0.51 -4.31 Argentina peso (parallel) 16.65 0.36 1.02 (Reporting by Bruno Federowski; Editing by Tom Brown)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/emerging-markets-latam-idUSL1N1JR10W'|'2017-06-30T19:15:00.000+03:00'
'c0cfc3d59fe446cc3f70bd85e90bd38ea53782cd'|'Brazil''s Kroton to buy back shares after rejection of deal'|'SAO PAULO Brazil''s college operator Kroton Educacional SA will buy back up to 48.7 million shares, equivalent to 3 percent of shares in circulation, the company said in a securities filing late on Wednesday.The announcement of the share buyback program came after Brazil''s antitrust watchdog rejected on Wednesday the proposed takeover by Kroton of rival Estácio Participações SA ( ESTC3.SA ).(Reporting by Tatiana Bautzer; Editing by Sandra Maler)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-kroton-buyback-idINKBN19K01I'|'2017-06-28T22:16:00.000+03:00'
'6aaa9cdd8082685945563f3f75ec32f9ead5041f'|'Rio Tinto shareholders okay $2.69 billion coal assets sale to China-backed Yancoal'|'Deals - Thu Jun 29, 2017 - 1:40am EDT Rio Tinto shareholders okay $2.69 billion coal assets sale to China-backed Yancoal The Rio Tinto mining company''s logo is photographed at their annual general meeting in Sydney, Australia, May 4, 2017. REUTERS/Jason Reed By James Regan - SYDNEY SYDNEY Rio Tinto shareholders approved the sale of a suite of Australian coal assets to China-backed Yancoal Australia for $2.69 billion, ending a bidding war with commodities trader Glencore. The sale was approved by 97 percent of shareholders of Rio Tinto''s UK and Australian-listed shares, Rio Tinto said on Thursday in a statement to the Australian stock exchange. Rio Tinto Chairman Jan du Plessis said funds from the sale had yet to be allocated within the company amid some calls by shareholders to use the money to boost dividends or buy back shares. "What to do with the money? That''s a good problem to have," du Plessis told a meeting of shareholders in Australia minutes before they voted overwhelmingly in favor of the deal. "Let''s wait until we get the cheque in the bank," du Plessis added. Rio Tinto, which has dual primary stock listings in Australia and Britain, confirmed Yancoal as the preferred buyer on June 26 after Yancoal topped Glencore''s offer of $2.675 billion. Votes were held in London and Australia because Yancoal is deemed a related party to one of Rio Tinto''s major shareholders, China-backed Chinalco. Yancoal is a 78 percent-owned subsidiary of Yanzhou Coal Mining Co, which is 56 percent owned and controlled by a Chinese state-owned enterprise, Yankuang Group. Rio Tinto''s London shareholders voted on Tuesday. Both Yancoal and Glencore were forced to increase their offers above most analysts'' valuations of about $2 billion to remain in the running. Before the votes, Rio Tinto highlighted a range of advantages in the Yancoal offer, which it said included a better chance of completion coupled with a $225 million break fee. Importantly, according to analysts, Rio Tinto also said the Yancoal offer included "a faster and more certain timetable", closing the transaction in the third quarter of 2017. It would take until at least the first half of 2018 to complete Glencore''s transaction, according to du Plessis. Glencore is already the world''s largest exporter of sea-traded thermal coal, with interests in 28 mines in Australia, Colombia and South Africa. It aimed to blend Rio Tinto coal with its existing operations to custom-tailor shipments to power-generating customers in Japan, South Korea and Taiwan. It first tried to acquire Coal & Allied in 2015, when Rio Tinto made it clear that coal was no longer part of its growth strategy. Rio Tinto derives most of its revenue from iron ore, copper, aluminium and bauxite. Glencore and Yancoal were not immediately available for comment. (Reporting by James Regan; Additional reporting by Sonali Paul; Editing by Richard Pullin and Muralikumar Anantharaman) '|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-rio-tinto-divestiture-yancoal-idUSKBN19K0E7'|'2017-06-29T09:40:00.000+03:00'
'5683462218fff299608779097b0fa5bfcb79cca5'|'AstraZeneca, Chi-Med take kidney cancer drug into final testing'|' 48am EDT AstraZeneca, Chi-Med take kidney cancer drug into final testing LONDON, June 29 AstraZeneca and Hutchison China MediTech said on Thursday they had initiated a global late-stage clinical trial of the experimental drug savolitinib in a relatively rare type of kidney cancer. The launch triggers a $5 million payment from AstraZeneca to the Shanghai-based drugmaker, which is listed in London and is known as Chi-Med. The move underscores Chi-Med''s drive to bring modern Chinese drugs to the international market. The Phase III study will test savolitinib in c-MET-driven papillary renal cell carcinoma. (Reporting by Ben Hirschler, editing by David Evans)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/astrazeneca-chi-med-cancer-idUSL8N1JQ0X7'|'2017-06-29T09:48:00.000+03:00'
'c16dac01d9103c3ea73bee7a86ad42db9adebb08'|'Oil prices rise to two-week high on dip in U.S. output'|'Business News - Thu Jun 29, 2017 - 10:32am BST Oil prices rise to two-week high on dip in U.S. output A gas pump is seen hanging from the ceiling at a petrol station in Seoul June 27, 2011. REUTERS/Jo Yong-Hak By Karolin Schaps - LONDON LONDON Oil prices rose to a two-week high on Thursday, extending a rally into a sixth straight session, after a decline in weekly U.S. production eased concerns about deepening oversupply. Crude prices slipped to the lowest in 10 months last week but have since rebounded more than 7 percent, stretching their bull-run to the longest since April. Global benchmark Brent crude futures LCOc1 were up 33 cents at $47.64 a barrel at 0832 GMT, having touched a two-week high of $47.83 earlier in the session. U.S. West Texas Intermediate (WTI) crude CLc1 was up 32 cents at $45.06 a barrel. It registered an intraday high of $45.24, also the loftiest in two weeks. "After the steep drop in oil prices of recent weeks, I believe that especially hedge funds saw a nice buying momentum and lower U.S. crude production was the trigger to act," said Hans van Cleef, senior energy economist at ABN Amro. U.S. government data showed on Wednesday that domestic crude production dropped by 100,000 barrels per day (bpd) to 9.3 million bpd last week, the steepest weekly fall since July 2016. Some analysts and traders said the decline was related to temporary factors such as risks associated with Tropical Storm Cindy in the Gulf of Mexico and maintenance in Alaska. Investors shrugged off bearish news of a surprise 118,000-barrel rise in weekly U.S. crude stocks. Global oil supplies remain ample despite output cuts by the Organization of the Petroleum Exporting Countries and other producers of 1.8 million bpd since January. OPEC and its allies, trying to reduce a crude glut, agreed in May to extend the supply cut through March 2018. OPEC has exempted Nigeria and Libya from the curbs due to unrest that has sapped those countries'' production. Royal Dutch Shell on Wednesday lifted force majeure on Nigerian Bonny Light crude exports after pipeline repairs. Analysts at investment bank Goldman Sachs said rising Nigerian and Libyan output, as well as a ramp-up in U.S. shale oil drilling, would slow the drawdown in crude inventories. "This creates risks that the normalisation in inventories will not be achieved by the time the OPEC cut ends next March. We expect this will leave prices trading near $45 (a barrel) until there is evidence of a decline in the U.S. horizontal oil rig count, sustained stock draws or additional OPEC production cuts," they wrote. (Additional reporting by Naveen Thukral in Singapore; Editing by Dale Hudson) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-global-oil-idUKKBN19K01P'|'2017-06-29T12:26:00.000+03:00'
'fbe2ef61ef4d8df1c26c6aee683def33edcd0736'|'German consumer morale at highest level since October 2001 heading into July'|' 54am BST German consumer morale at highest level since October 2001 heading into July FILE PHOTO: People walk through the Mall of Berlin shopping centre during its opening night in Berlin, September 24, 2014. REUTERS/Thomas Peter/File Photo BERLIN The mood among German consumers rose to its highest level in almost 16 years heading into July, a survey showed on Thursday, supporting expectations that private consumption will contribute strongly to growth this year. The consumer sentiment indicator, published by the Nuremberg-based GfK institute and based on a survey of around 2,000 Germans, rose to 10.6 going into July, the highest level since October 2001. A Reuters poll had expected an unchanged reading of 10.4, from last month, also a near 16-year high. GfK linked the high reading to income expectations reaching their highest level since reunification in 1990 as Germany''s robust labour market continues to fuel consumption and growth. "The positive outlook for income growth among consumers is primarily based on the excellent condition of the labour market," GfK researcher Rolf Buerkl said in a statement. "Employment is still growing noticeably. The number of people in employment is expected to rise by more than half a million this year." Consumers also held very positive expectations of the economy, with a sub-index measuring their economic outlook reaching its highest level in almost three years. "Consumers believe that the boom in Germany is gaining traction despite global economic risks," Buerkl said. "A weak euro, low oil prices and the European Central Bank''s expansive monetary policy all ensure that the economic engine continues to gain pace." He added that consumers appear unfazed by risks to the economy linked to possible U.S. trade restrictions and the beginning of divorce talks between Britain and the European Union. The Ifo economic institute said last week that vibrant domestic demand and strong export growth fuelled by a recovery in the euro zone will boost growth in Germany this year and next, raising its 2017 growth forecast for Europe''s largest economy. Ifo raised its growth forecast to 1.8 percent from 1.5 percent, adding that risks linked to Brexit negotiations and possible protectionist policies by U.S. President Donald Trump have receded since the start of the year. "An increasingly stable labour market with bright prospects for employment is the primary reason for the very good tendency to buy," said Buerkl. "In addition, little fear of losing employment makes for a more secure basis to plan for the future." (Reporting by Joseph Nasr Editing by Jeremy Gaunt.)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-germany-economy-gfk-idUKKBN19K0LL'|'2017-06-29T09:37:00.000+03:00'
'a38a7cd71ee7175b5c17be78517217dde986e0de'|'CEE MARKETS-Romanian stocks under-perform as government shows tax plans'|'By Luiza Ilie and Jason Hovet BUCHAREST/PRAGUE, June 29 Romanian stocks under-performed emerging European peers in early Thursday trading as the new government tabled an ambitious new tax plan including corporate tax changes before heading for a Parliament confidence vote it was widely expected to pass. The ruling Social Democrats plan to replace a flat 16 percent corporate tax on profit with a multi-levelled tax on turnover and introduce "a solidarity contribution" next year, a revised governing programme showed. Designated Prime Minister Mihai Tudose was picked as prime minister after ruling parties sacked premier Sorin Grindeanu on June 21 for failing to implement an ambitious programme that helped them win a December election. A majority of ministers from the ousted cabinet feature in the new government lineup. It is likely to receive approval given the comfortable parliamentary majority held by the ruling Social Democrat Party (PSD) and its junior partner ALDE. The confidence vote is expected later on Thursday. The overall impact from the new governing programme remains to be seen but initial market reactions show negative expectations for equities. The leu was flat after a session of above-market gains on Wednesday, and other currencies were also broadly unchanged. Politics is expected to impact the Romanian unit in the longer term, an analyst said. "Even if this brings an end to the government crisis for now, politics remain a factor of uncertainty in Romania," Commerzbank said in a note. "The case of the previous government illustrated just how quickly Dragnea can withdraw his support." "Focus is now likely to increasingly rest on the positive fundamental environment, and we see appreciation potential for RON," it added. The Czech central bank is widely expected to maintain its key interest rate unchanged near zero on Thursday but its first rate hike in about a decade is getting closer and could come before the year''s end rather than next year as previously expected, a Reuters poll showed on Monday. While the bank''s own outlook indicates a hike may come in the third quarter, several board members, including Governor Jiri Rusnok, have said the tightening might come after that if the crown currency appreciates significantly. Still, markets are not yet pricing in a hike this year. "So the CNB is much more hawkish than the market," a rates dealer said. CEE MARKETS SNAPSH AT 0911 CET OT CURRENCIES Latest Previo Daily Change us bid close change in 2017 Czech crown 26.290 26.302 +0.05 2.73% 0 5 % Hungary 309.75 309.74 +0.00 -0.30% forint 00 00 % Polish zloty 4.2355 4.2325 -0.07% 3.98% Romanian leu 4.5501 4.5502 +0.00 -0.33% % Croatian 7.4110 7.4115 +0.01 1.94% kuna % Serbian 120.87 120.96 +0.07 2.05% dinar 00 00 % Note: daily calculated previo close 1800 change from us at CET STOCKS Latest Previo Daily Change us close change in 2017 Prague 980.63 977.22 +0.35 +6.40 % % Budapest 35502. 35455. +0.13 +10.9 64 97 % 4% Warsaw 2349.5 2327.6 +0.94 +20.6 9 8 % 2% Bucharest 8153.9 8168.3 -0.18% +15.0 5 7 9% Ljubljana 0.00 794.79 +0.00 -100.0 % 0% Zagreb 0.00 1877.7 +0.00 -100.0 1 % 0% Belgrade 0.00 709.83 +0.00 -100.0 % 0% Sofia 703.08 702.21 +0.12 +19.8 % 9% BONDS Yield Yield Spread Daily (bid) change vs change Bund in Czech spread Republic 2-year 0.049 0 +062b -4bps ps 5-year 0.054 0.106 +032b +7bps ps 10-year 0.92 0 +051b -6bps ps Poland 2-year 1.929 0.009 +250b -3bps ps 5-year 2.716 0.085 +298b +5bps ps 10-year 3.359 0.073 +294b +1bps ps FORWARD RATE AGREEMENT 3x6 6x9 9x12 3M interb ank Czech Rep <PR 0.34 0.42 0.51 0 IBOR=> Hungary <BU 0.19 0.2 0.2 0.15 BOR=> Poland <WI 1.749 1.79 1.82 1.73 BOR=> Note: FRA are for ask Quote: s prices'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/easteurope-markets-idINL8N1JQ1FX'|'2017-06-29T05:57:00.000+03:00'
'3688f4e9a45257e7accacac49474201cf73268e0'|'The Amazon''s new danger: Brazil sets sights on palm oil - Guardian Sustainable Business'|'J orge Antonini takes a palm kernel in his hands and slices it open. Squeezing it between his fingers, the kernel oozes the oily liquid found in hundreds of everyday products, from cakes to chocolate spread.The scientist is standing on a government-owned farm near the Brazilian capital of Brasília. Here, he and a small group of colleagues from Embrapa, the powerful state-owned agricultural research agency, are trialling different methods of growing oil palms to improve yield.Facebook Twitter Pinterest A palm kernel. Photograph: Tom LevittFacebook Twitter Pinterest Oil palm bunch. Photograph: Heriberto Araujo Journalist Tom Levitt holding a palm kernel. An oil palm bunch.The project Antonini runs might be small scale but the government’s aims are anything but. Already a global agricultural powerhouse and the world’s largest exporter of beef, coffee, maize, soya and sugar, Brazil now wants to muscle its way into the lucrative palm oil trade.“We want to compete with Indonesia and Malaysia,” says Antonini, Embrapa’s head of palm oil research, referring to the world’s two dominant producers of the commodity. Between them, Indonesia and Malaysia account for more than 80% of global production.Palm oil production in Indonesia, Malaysia and Brazil Palm oil production in Indonesia, Malaysia and Brazil This might sound like a lofty ambition considering the country’s current production volumes. But Brazil’s palm oil industry is expanding, with potential for even bigger future growth.The amount of land given over to oil palms doubled in Brazil between 2004 and 2010. It is forecast by Abrapalma, the body which represents palm oil producers in Brazil, to double again between now and 2025. Almost half of the land area of Brazil is suitable for growing oil palm, according to researchers , making it the number one country – they say – in terms of suitable land.Such growth offers potential benefits for Brazil’s rural economy. But with most of this suitable land in the wildlife-rich, forested Amazon region in the north of the country, campaigners and observers fear Brazil’s ambitious plans for its palm oil sector will fuel a surge in landgrabbing, conflict and deforestation.These fears have been reinforced by the current uncertainty in Brazilian politics. The former president Dilma Rousseff was impeached in 2016, while current president Michel Temer has been charged with corruption. In the midst of this turmoil, WWF is reporting that new legislation could rollback protections on the Amazon rainforest.The beginningsFacebook Twitter Pinterest An oil palm plantation in Brazil. Photograph: AgropalmaBrazil’s palm oil expansion dates back to 2010 under the government of former president Luiz Inácio Lula da Silva, who launched a programme to map areas suitable for oil palm plantations and provide finance for farmers to start growing the crop.With projected revenues of more than $90bn by 2021 , the global palm oil market is a major income and development opportunity for rural Brazil. A farming family could increase its net income fourfold, the Brazilian government has estimated , by switching from staple crops such as cassava to oil palm.Embrapa’s trial site is in the central Cerrado region of Brazil, a savannah landscape of extensive soy and cattle production which could be converted to producing oil palms – in some places, at least – if the trials are successful.Map of Brazil Map of Brazil So far, however, palm oil production has been almost exclusively limited to the Amazonian state of Pará. This region offers an ideal climate of heat, sun and rain throughout the year, as well as cheaper land prices than the more agriculturally-developed, drier and more seasonal Cerrado region.The opportunity in Brazil is converting cattle pastures to oil palm, but the fear is converting forest to oil palmRhett Butler, founder of MongabayAbrapalma estimates that 207,000ha out of a total of 236,000ha of oil palm plantations in Brazil are in Pará, with the industry providing jobs for around 20,000 in the state and three times that number benefiting from indirect employment.Embrapa researcher Lineu Neiva Rodrigues says Brazil could use palm oil to create biodiesel for the domestic market and eventually become a leading exporter.Facebook Twitter Pinterest Palm oil production.Facebook Twitter Pinterest Palm oil production. Palm oil production.But growth in this market is limited, with the current demand for biodiesel mainly in the southern part of Brazil, thousands of kilometres from Pará, says Marcelo Brito, president of Abrapalma and CEO of one of the country’s biggest palm oil producers, Agropalma.The stall in the biodiesel sector was highlighted by Petrobas, Brazil’s biggest energy company, which entered a joint venture with Portugal’s Galp Energia in 2010 to produce and export palm oil from Brazil. However, the company announced last year it would be exiting the biofuels sector and focusing on oil and gas.Deforestation and land grabbingFacebook Twitter Pinterest An area of the Amazon rainforest is burnt to clear land for agriculture near Novo Progresso, Pará state. Photograph: Nacho Doce/ReutersEven if the biofuels sector doesn’t take off as Embrapa hopes, Brito says palm oil production in Brazil will continue to expand to meet demand from the food and cosmetics industries. Brazil is currently a net importer of palm oil but, even with demand in the country growing, Brito expects it to be self-sufficient within the next one to two years.This expansion could put at risk huge tracts of forested land in the Amazon region, home to the world’s largest tropical rainforest and at least 10% of global biodiversity, say conservationists.Pará lost almost 8% of its forest cover between 2001 and 2015 to agriculture, according to Global Forest Watch :Facebook Twitter Pinterest Tree cover loss in the Amazonian state of Pará in 2015. Photograph: Global Forest Watch Tree cover loss (marked in pink) in the Amazonian state of Pará in 2015. Source: Global Forest WatchBut palm oil could offer a more productive land use if it replaced extensive, low-yielding, livestock farming, says Rhett Butler, founder of the widely-respected Mongabay conservation website.“The opportunity in Brazil is converting cattle pastures to oil palm, but the fear is converting forest to oil palm,” he says.Such fears have already been realised over the border in Peru. A report from the Environmental Investigation Agency in 2015 linked large commercial companies to illegal deforestation in the Peruvian Amazon for oil palm cultivation.In Brazil, scientists have criticised moves to allow oil palm plantations to count towards compliance for restoring and protecting forested land, saying they host few native species.Wild Amazon faces destruction as Brazil’s farmers and loggers target national park Read moreAs well as deforestation, there is a social impact too. The expansion of palm plantations in the state has led to a rise in land prices and disputes, says Elielson Pereira da Silva, who is researching palm oil production at the Federal University of Pará.While there is not evidence of palm oil leading to an increase of violence in the state, researchers say growing interest in the sector could escalate a current spate of land-related killings in the Amazon region, already labelled a “ humanitarian catastrophe ”.In 2016 the number of killings linked to land conflicts in Brazil reached 61 – the highest number since 2003. In May, a local farm leader in Pará was reported to have been murdered in front of her grandson in a dispute over land ownership on a former oil palm plantation.Even for those farmers who sign up to long-term supply contracts with palm oil companies, the benefits are not necessarily clear cut.“This is a kind of land grabbing, because the farmer can’t change their production during this period,” says Pereira da Silva. “[Palm oil] companies promise them up to 4,000 reais (£970) per month but, in many cases, the farmers get indebted with the company that provides them with supplies, such as fertilisers and seed.”Preventing a wild west expansionFacebook Twitter Pinterest A former manioc, rice and corn farmer, Francisco Ramos Valente, 60, claims his life has improved since he started to grow oil palms for companies such as Agropalma. Photograph: Heriberto AraujoBrito says Brazil should focus on positioning itself as a niche producer, where palm oil does not contribute to deforestation. “I think Brazil will never be a big palm oil producer, we will remain a medium producer.”Other countries, he says, would remain more attractive for investors because of less restrictive labour and forest protection legislation.A gradual, rather than rapid, expansion of oil palms in the country, says Butler, would be the safest option for protecting against conflict and environmental degradation. “The opportunity is very large in Brazil, but we don’t want a wild west type expansion.”All photos are credited to Heriberto Araujo except the top photo (credit: Agropalma), the photo of the hand holding a palm kernel (credit: Tom Levitt), the Unsteady Growth chapter heading (credit: Agropalma) and the photo of the forest burning in Pará state (credit: Nacho Doce/Reuters) Topics the palm oil debate Deforestation Commodities Land rights Michel Temer Conservation features'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/sustainable-business/2017/jun/29/brazil-palm-oil-amazon-rainforest-deforestation-temer-farming-para-cerrado'|'2017-06-29T14:00:00.000+03:00'
'0028751b8bc75c8f5e50f8892c760fb393c1fee4'|'Japan May retail sales rise less than expected, growth trend seen intact'|'Business News - Thu Jun 29, 2017 - 4:08am BST Japan May retail sales rise less than expected, growth trend seen intact A man walks up a spiral staircase at a shopping mall at the Tokyo''s Ginza shopping district, Japan, May 19, 2015. REUTERS/Yuya Shino/File Photo By Minami Funakoshi and Izumi Nakagawa - TOKYO TOKYO Japanese retail sales rose less than expected in May as sales of durable goods and clothes slowed, falling substantially from April''s annual increase though analysts expect sales to continue rising as a trend. Retail sales rose for the seventh straight month at 2.0 percent in May from a year ago, data from the Ministry of Economy, Trade and Industry showed on Thursday. It slowed from 3.2 percent in April and undershot the median estimate of 2.6 percent growth in a Reuters poll. "May retail sales weren''t that strong, but I don''t think they were that bad either," said Hidenobu Tokuda, senior economist at Mizuho Research Institute. May this year had one fewer Sunday than last year, which dampened sales, Tokuda added.Other economists pointed to weak sales of food and clothing in May. "I don''t think consumer spending is rising that much overall," said Norio Miyagawa, senior economist at Mizuho Securities. Sales of durable goods such as televisions grew 0.8 percent in May, slowing from the 4.4 percent annual rise in April. Sales of clothing grew 2.5 percent in May from a year earlier, down from the 5.9 percent annual rise in April, and sales of food and beverages rose a meagre 0.1 percent in May on-year, down from the 1.3 percent increase in April. A Reuters poll showed household spending likely slipped 0.6 percent in May from a year earlier, down for 15 straight months, although the rate of decline slowed from a 1.4 percent drop in April. The internal affairs ministry will release household spending data on Friday. A separate government survey showed consumer confidence rose slightly in May from the previous month. In a show of confidence in the recovering economy, the Bank of Japan upgraded its assessment of private consumption for the first time in six months at its June meeting, when it kept monetary policy steady. The government has also raised its overall view of the economy for the first time in six months because of the growth in private consumption. (Reporting by Minami Funakoshi and Izumi Nakagawa; Editing by Chang-Ran Kim and Eric Meijer) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-japan-economy-retail-idUKKBN19K0A2'|'2017-06-29T06:08:00.000+03:00'
'87a7bcadcf1c75ae95e3ec37f4b479f65e1e86ef'|'European shares see red as rate-sensitive sectors slide'|'Top  41pm BST European shares see red as rate-sensitive sectors slide Traders work in front of the German share price index, DAX board, at the stock exchange in Frankfurt, Germany, May 8, 2017. REUTERS/Pawel Kopczynski LONDON A sharp turn lower across risky assets just ahead of the open on Wall Street put European shares on course for their worst day since last September, with tech and sectors most sensitive to higher interest rates the biggest drags. The STOXX 600 index was down 1.2 percent to a 2-month low. Euro zone blue chips .STOXX50E fell 1.5 percent. Traditionally defensive, dividend-paying sectors such as personal and household goods .SXQP, health care .SXDP and food and beverages .SX3P were among the biggest fallers. A slew of hawkish comments from global central banks has spurred a rally in bond yields and sent the euro to its highest in more than a year. Tech stocks .SX8P, the top performing sector this year, came under pressure, down 2.3 percent, mirroring losses among U.S. peers. Banks and oil-related shares were the only two sectors in green. (Reporting by Kit Rees, Editing by Vikram Subhedar)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-europe-stocks-idUKKBN19K21M'|'2017-06-29T17:41:00.000+03:00'
'4dcb12f8e76e1793f9dba31a517e7a58a8b915c8'|'Singapore, global economy will be able adjust to Fed hikes - MAS'|'Central Banks   9:45am BST Singapore, global economy will be able adjust to Fed hikes - MAS left right A construction worker walks past a temporary wall at a construction site in Singapore June 28, 2017. Picture taken June 28, 2017. REUTERS/Darren Whiteside 1/7 left right A container ship arrives in a port in Singapore June 28, 2017. Picture taken June 28, 2017. REUTERS/Darren Whiteside 2/7 left right A construction worker and a pedestrian walk past a temporary wall at a construction site in Singapore June 28, 2017. Picture taken June 28, 2017. REUTERS/Darren Whiteside 3/7 left right A view of the Monetary Authority of Singapore''s headquarters in Singapore June 28, 2017. Picture taken June 28, 2017. REUTERS/Darren Whiteside 4/7 left right People walk past a store selling luxury watches in Singapore June 28, 2017. Picture taken June 28, 2017. REUTERS/Darren Whiteside 5/7 left right Workers paint the side of an apartment building in Singapore June 28, 2017. Picture taken June 28, 2017. REUTERS/Darren Whiteside 6/7 left right FILE PHOTO: A view of the Monetary Authority of Singapore building in Singapore April 18, 2016. REUTERS/Edgar Su/File Photo 7/7 By Masayuki Kitano and Miyoung Kim - SINGAPORE SINGAPORE The global economy should be able to adjust to rising U.S. interest rates but vigilance will be required as financial markets and households have become accustomed to ultra-loose monetary conditions, Singapore central bank''s managing director said on Thursday. "The rise in rates is itself a response to strengthening economic activity. But vigilance is still called for. Economies and markets ... could be thrown off balance if rates rise faster than expected," Ravi Menon, managing director of the Monetary Authority of Singapore (MAS) told reporters. Rising interest rates in the United States have been a major focus for financial markets this year, especially with wobbles in China''s economy raising worries that global growth could falter if the Federal Reserve tightens policy too fast. The bigger concern in the event U.S. interest rates rise faster than what markets expect is the risk globally to households and companies that have grown accustomed to easy conditions, Menon said. "That is more worrisome because...when they get into trouble, that will have a more lasting economic impact than markets going through a few weeks of gyrations." Besides the Fed, other advanced economies have also begun to switch gears. Bank of England Governor Mark Carney surprised many on Wednesday by conceding a hike was likely to be needed as the economy came closer to running at full capacity. The Bank of Canada went further, with two top policymakers suggesting they might tighten as early as July. That followed hawkish comments earlier in the week from European Central Bank President Mario Draghi. Turning to China, Singapore''s biggest trading partner, Menon said the Asian giant is on a steady growth path. China has considerable buffers to deal with problems related to the high debt-to-GDP ratio in the country, he said, though addressing that issue will take time. "It takes many years for corporates, for governments, for households to unwind leverage, bring down debt levels relative to income, without tipping into serious problems." Speaking after the release of the MAS''s annual report, Menon said the current neutral stance of monetary policy - in place since April last year - remains appropriate for an extended period given the stable inflation and growth prospects. He reiterated that Singapore''s export-reliant economy was forecast to grow by 1-3 percent this year, with a "strong likelihood" that growth would exceed last year''s 2 percent. But Menon warned that authorities would not ease property market cooling measures as the market has shown some signs of recovery in recent months. "The property market has substantially stabilised over the last three years. It is, however, not time yet to ease the cooling measures," Menon said. "Regional property markets have been buoyant and their respective authorities have... introduced further property cooling measures. Easing the measures now will send a wrong signal." Private residential property prices in Singapore have fallen nearly 12 percent over the last 14 quarters, as the market cooled after the government implemented a series of property curbs since 2009. (Reporting by Masayuki Kitano and Miyoung Kim; Editing by Shri Navaratnam)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-singapore-economy-cenbank-idUKKBN19K0EM'|'2017-06-29T11:45:00.000+03:00'
'80363c8120bb63fb530e79c6012ed621633b760e'|'Japan stocks to rise 9 percent this year on solid earnings, weak yen - Reuters poll'|'Business News - Thu Jun 29, 2017 - 6:17am BST Japan stocks to rise 9 percent this year on solid earnings, weak yen - Reuters poll People are seen behind an electronic board showing stock prices after the New Year opening ceremony at the Tokyo Stock Exchange (TSE), in Tokyo, Japan, January 4, 2017. REUTERS/Kim Kyung-Hoon By Ayai Tomisawa - TOKYO TOKYO Japanese stocks are expected to notch a near 9 percent gain this calendar year on solid corporate earnings growth, a relatively weaker currency, as well as lingering optimism about the U.S. economy, a Reuters poll found. The Nikkei share average .N225 is forecast to trade at 20,750 at the end of the year, up 3 percent from Wednesday''s close of 20,130.41, according to the median of 20 analysts and fund managers polled by Reuters in the past week. It is then forecast to reach 21,500 by end-June 2018. Three months ago, the consensus among forecasters polled by Reuters had the Nikkei at 19,000 around now, which was too pessimistic. Only three of 21 forecasters surveyed in March thought it would be higher than where it is now. "The strong U.S. economy, weak yen and solid Japanese corporate earnings will likely lift Japanese stocks higher," said Hiroyuki Fukunaga, chief executive of Investrust. Forecasts for end-2017 ranged from 18,500 to 23,000. They were 20,000 to 24,000 for mid-2018, and 19,000-25,000 for end-December 2018. After closing out 2016 just above 19,114 the benchmark index struggled earlier this year on geopolitical concerns, with a stronger yen capping gains. There were also worries of political turmoil in the U.S. as President Donald Trump''s firing of former FBI director James Comey heightened risk aversion as investors fretted that Trump''s economic agenda could get derailed. But the French presidential election in late April triggered a turnaround in global investor confidence. The Nikkei began recovering from five-month lows as fears faded about a populist surge in Europe after Emmanuel Macron, touting a business-friendly vision of European integration, was elected president of France. The dollar has stayed strong against the yen, which would lift Japanese manufacturers'' profits abroad and boosted expectations of solid earnings this fiscal year. "We expect Japanese companies to post an 11 percent gain in pre-tax profits this year. Companies should be able to prove that they are on track for strong results at their April-June period earnings releases," said Takuya Takahashi, a strategist at Daiwa Securities, who expected the Nikkei to trade at 22,000 at end-2017 and 22,500 at June 2018. "Unless the yen strengthens sharply from the current level, companies earnings should support the Japanese market," Takahashi said. Daiwa expects the dollar to trade around 110 yen throughout the fiscal year ending March 2018. The latest Reuters foreign exchange poll has it at 106 yen by end-May 2018. On Wednesday, the dollar traded around 112.16 yen JPY= . reuters://realtime/verb=Open/url=cpurl://apps.cp./Apps/fx-polls?RIC=JPY= BOJ EXIT STRATEGY ON LONG HORIZON The Nikkei broke through the 20,000-point barrier in early June for the first time since December 2015. Last week, the Nikkei hit its highest level since August 2015, in large part as Japanese companies continue to expect better earnings for the current fiscal year. While market observers expect more Nikkei gains in the near and medium-term, in the longer term, they note the risk around how the Bank of Japan may start communicating its exit strategy from ultra-easy policy without causing market turmoil. Economists polled by Reuters earlier this month were divided on what the BOJ should do. BOJ Governor Haruhiko Kuroda''s term is set to end in April 2018 but he is still far from his goals. The U.S. central bank is raising rates and policymakers at the European Central Bank are debating tapering their monthly asset purchases. "Ultra-loose policy will likely continue at least until April, but it will end eventually," said Norihiro Fujito, senior investment strategist at Mitsubishi UFJ Morgan Stanley Securities. He says the Nikkei could correct and trade at 19,000 by end-2018. (To read other stories from the Reuters global stock markets poll) (Additional polling by Indradip Ghosh, Sujith Pai and Vivek Mishra; Editing by Ross Finley & Shri Navaratnam) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-japan-stocks-poll-idUKKBN19K0GA'|'2017-06-29T08:17:00.000+03:00'
'fdbf9f9067c3b84942311b99f360a24e4d005707'|'Exclusive - In Warsaw, Trump to promote U.S. natural gas exports: Cohn'|' 14pm BST Exclusive - In Warsaw, Trump to promote U.S. natural gas exports: Cohn U.S. President Donald Trump addresses a joint news conference with Indian Prime Minister Narendra Modi in the Rose Garden of the White House in Washington, U.S., June 26, 2017. REUTERS/Kevin Lamarque By Roberta Rampton - WASHINGTON WASHINGTON U.S. President Donald Trump plans to promote U.S. natural gas exports at a meeting next week in Warsaw with a dozen leaders from central and eastern Europe, a region heavily reliant on Russian supplies, his top economic adviser told Reuters. On his way to the G20 summit in Germany, Trump is slated to speak in Poland - which received its first shipment of U.S. liquefied natural gas (LNG) this month - to a group of leaders eager to reduce their dependence on Moscow for energy. "There are people who use supply almost as a political weapon, in threatening to cut off supply in the coldest parts of the year - in the winter, when people need gas to heat their homes," Gary Cohn, director of the White House National Economic Council, said in an interview. "Our intention is to be a force for good and make gas readily available for anyone who needs it," Cohn said. Moscow cut off gas shipments during pricing disputes in 2006 and 2009, causing shortages during winter months in Ukraine and many other European nations. The United States has looked at boosting its LNG exports for years, since drilling advances vastly expanded its domestic supplies. The Trump administration sees growth in LNG exports as a way to reduce trade deficits with other nations and expand the economy. Trump is set to outline his plans to help expand natural gas production and expedite LNG exports in a speech in Washington on Thursday. The White House does not have projections for how quickly exports could ramp up, noting those decisions will be driven by market conditions and made by independent producers and exporters rather than the government. Trump has also vowed to do what he can to boost the U.S. manufacturing sector. Some manufacturers, including Dow Chemical Co ( DOW.N ) and Nucor Corp ( NUE.N ), had long fought to prevent a flood of exports, arguing that cheap domestic energy has helped them compete in world markets. But the White House has rejected that view, instead pushing for infrastructure renewal and regulatory reforms. Cohn said abundant reserves of natural gas should satisfy the needs of domestic users and exporters alike "as long as the infrastructure and the backbone of our natural gas system works." (Reporting by Roberta Rampton; Editing by Richard Pullin)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-usa-trump-lng-idUKKBN19J1AY'|'2017-06-28T14:14:00.000+03:00'
'39f386d58e6ff735eb13d578b4f81ce2a0d3523c'|'French consumer confidence hits 10-year high on election surge'|' 36am BST French consumer confidence hits 10-year high on election surge Outside view of Tati''s historic store, the iconic cut-price shop at Barbes station, in Paris, France, June 19, 2017. Picture taken June 19, 2017. REUTERS/Charles Platiau PARIS French consumer confidence hit a 10-year high in June, exceeding expectations by a long-shot following a surge in morale after the presidential election, data from the official INSEE statistics agency showed on Wednesday. INSEE said its monthly consumer confidence index rose to 108 points from 103 points in May, when voters elected Emmanuel Macron as France''s youngest leader since Napoleon. The statistics agency said that big jumps in household optimism are common around presidential elections, yet June''s spike was nevertheless the biggest monthly increase since Nicolas Sarkozy was elected president in May 2007. It also smashed expectations for a reading of 103 on average in a Reuters poll of 16 economists, topping even the highest estimate of 105 from German bank LBB. FRCONC=ECI INSEE said French households'' confidence about their personal financial situations and standard of living had reached levels not seen since mid 2007. Meanwhile, concerns about unemployment continued to ease even though the labour market has been showing only a choppy recovery in recent months. While surging household confidence has so far not translated into exceptionally strong consumer spending, it nonetheless adds to growing signs the economy has been picking up speed. INSEE having revised its first quarter economic growth forecast up to 0.5 percent from 0.4 percent earlier this month, and forecast that it would likely keep up that pace through the second and third quarter. The index, which is not closely correlated to consumer spending trends, hit an all-time low in May and June 2013 of 79. The highest level since the survey was conducted on a monthly basis was 125 in January 2001. - For more details and a breakdown from INSEE: here - For a graphic: reut.rs/2j4DCHX'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-france-economy-confidence-idUKKBN19J0OQ'|'2017-06-28T12:36:00.000+03:00'
'3a0c203ba2ae922ef7b45e5463fd3e82e68b66a4'|'German fiscal plans include provisions for possible ECB rate hikes: Schaeuble'|'BERLIN Germany''s draft budget for 2018 and a blueprint for government spending up until 2021 include provisions for the impact of possible interest rate hikes by the European Central Bank, Finance Minister Wolfgang Schaeuble said on Wednesday.Schaeuble, speaking at a news conference after the cabinet approved the spending plans, rejected criticism that income tax cuts of 15 billion euros ($17.06 billion) a year over that period was too low to significantly boost growth through consumption."A modest and reliable fiscal policy doesn''t allow much more wiggle room (to cut taxes)," Schaeuble said. "Our mid-term fiscal plans take into account the possibility of moderate interest rate rises and we set aside provisions," he added.The budget must still be confirmed by the lower house of parliament after a Sept. 24 national election.Asked about Italy''s decision to start winding down two failed regional banks in a deal that could cost the state up to 17 billion euros, Schaeuble said that the European Union needed to look again at whether loopholes were created by differences between bank closure rules and national insolvency regimes.($1 = 0.8793 euros)(Reporting by Gernot Heller and Klaus Lauer; Writing by Joseph Nasr, editing by Thomas Escritt)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/germany-budget-schaeuble-idINKBN19J1IF'|'2017-06-28T15:16:00.000+03:00'
'f13e021790066aa12c482a64ed484ed365c65db4'|'U.S. plaintiffs'' lawyers warn of automaker role in Takata bankruptcy'|'Business   10:18pm BST U.S. plaintiffs'' lawyers warn of automaker role in Takata bankruptcy FILE PHOTO: Visitors walk behind a logo of Takata Corp on its display at a showroom for vehicles in Tokyo, Japan, November 6, 2015. REUTERS/Toru Hanai/File Photo By Tom Hals - WILMINGTON, Del. WILMINGTON, Del. Lawyers for people injured by exploding Takata Corp ( 7312.T ) air bags told a U.S. bankruptcy court judge on Tuesday that the company''s restructuring plan is being skewed to benefit automakers over victims. TK Holdings Inc, the U.S. business of Takata, filed for Chapter 11 bankruptcy on Sunday due to tens of billions of dollars of liabilities from recalls and lawsuits over its air bags, along with 11 Mexican and U.S. subsidiaries. Most of Takata''s obligations are owed to automakers for recalling and replacing millions of its air bags, and the Japanese supplier''s restructuring plan relies heavily on financial support from its customers. Several personal injury lawyers told U.S. Bankruptcy Judge Brendan Shannon that Takata had made too many concessions to automakers, without investigating the value of their claims. Lawyers for TK Holdings and General Motors Co ( GM.N ) argued the need for financing outweighed the need to investigate the protections granted to the automakers, which could be investigated later. "I will figure that out in due course, but I’m not doing that today," Shannon said. Authorities have linked 16 deaths, mostly in the United States, and more than 180 injuries to explosions of Takata air bag inflators made with ammonium nitrate that became volatile with age and prolonged exposure to heat. Around 100 personal injury and wrongful death cases have been filed in the United States and the company has set aside $125 million (97.56 million pounds) for individual claims related to its air bags. Kevin Dean of the Motley Rice law firm urged Shannon to ensure current and future personal injury plaintiffs get an official committee, which includes a budget for lawyers and advisers. "You’ll see 10 years from now these inflators involved in a volume of injuries over time," said Dean. "We’re dealing with horribly injured plaintiffs." Shannon acknowledged the role of the plaintiffs and said a committee could be appointed. The U.S. case, and parallel foreign proceedings, opens the door to the acquisition of Takata''s viable operations by Key Safety Systems (KSS), a Michigan-based parts supplier owned by China''s Ningbo Joyson Electronic Corp ( 600699.SS ). Ningbo Joyson acquired KSS in 2016 in a $920 million deal. The remaining operations will be reorganized to churn out millions of replacement inflators for cars that are subject to recalls. Takata in February pleaded guilty in a U.S. federal court to a felony charge as part of a $1 billion settlement that included compensation funds for automakers and victims of its faulty inflators. (Reporting by Tom Hals in Wilmington, writing by David Shepardson in Washington)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-takata-bankruptcy-usa-idUKKBN19I2UA'|'2017-06-28T05:18:00.000+03:00'
'b163e0cc8a9d9f1fd91c341d24e87f1f94a158ad'|'BRIEF-Government Properties Income Trust to acquire First Potomac Realty Trust for $1.4 bln'|' 07am EDT BRIEF-Government Properties Income Trust to acquire First Potomac Realty Trust for $1.4 bln June 28 Government Properties Income Trust * Government properties income trust to acquire First Potomac Realty Trust for approximately $1.4 billion * Cash consideration to be paid to FPO shareholders will be $11.15 per FPO common share * Cash consideration to be paid to FPO shareholders will be $11.15 per FPO common share, or about $683 million * FPO has agreed that it will not pay any distributions to its shareholders before closing of transaction * Deal includes expected repayment of about $418 million of FPO debt,assumption of about $232 million of FPO mortgage debt * Transaction will be accretive to co''s normalized funds from operations per share after 2018 * Deal will be about leverage neutral on debt to gross assets basis after completion of co''s long term financing plan   Our Standards: The Thomson Reuters Trust Principles Next In Market News'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-government-properties-income-trust-idUSASA09VAP'|'2017-06-28T13:07:00.000+03:00'
'866b8858342ff792caa0cbe7e74629b2e448cb6d'|'UK and industrials prominent in Goldman strategists'' M&A target reshuffle'|'Banks   10:58am BST UK and industrials prominent in Goldman strategists'' M&A target reshuffle LONDON With merger and acquisition activity front and centre of investors'' minds in Europe, Goldman Sachs analysts rejigged their basket of stocks they see as most likely acquisition targets, with the unloved UK region and the industrials sector among areas they reckon are ripest for deal-making. The blockbuster deal from Amazon and Whole Foods, and high-profile takeover attempts from Akzo Nobel and PPG, and most significantly Unilever and Kraft, have thrust European M&A activity into the spotlight this year. "After a fairly subdued 2016, European M&A volumes have been strong so far in 2017, with deal activity supported by fairly robust macro data and a reduction in policy uncertainty, along with low market volatility and still-low financing costs," say Goldman analysts. Goldman analysts added 16 new names to their basket of potential European M&A candidates, which has outperformed the STOXX 600 by 9 percent since its inception two years ago. The basket is heavily exposed to UK-listed stocks, with more than one third of the targets listed in the UK. Political uncertainty has not yet dented appetite for UK companies which are significantly cheaper for a foreign buyer due to a weaker sterling. So far this year, M&A with UK involvement has totalled more than double the $80.2 billion announced during the same period in 2016, and the second highest year-to-date total in the last nine years, Thomson Reuters data shows. Following Kraft''s ill-fated approach to take over consumer goods mammoth Unilever ( ULVR.L ), analysts upgraded their ranking for Unilever to 2 from 3, where 1 represents a 30-50 percent probability of being involved in M&A activity and 2 represents medium probability (15 to 30 percent). Besides Unilever, the UK companies on Goldman''s target list are mostly domestics with large international exposure, with a heavy weighting towards cyclicals. "The UK capital goods sector could see a pick-up in M&A activity in the coming years, in particular for flow control companies, where challenging end markets have seen a pick-up in related M&A activity, as companies aim to unlock cost savings from vertical or horizontal integration," they wrote. Among flow control companies Goldman highlighted IMI and Rotork. "With leading positions and "approved vendor" status these may be considered "must-have" assets for acquirers, they said. Goldman analysts moved their rank on Italian eyewear company, Luxottica ( LUX.MI ), to 1 from 3 following its agreement to merge with Essilor, the culmination of years of speculation over a takeover. Elsewhere, despite the Akzo Nobel rebuffing multiple advances from PPG ( PPG ), analysts assigned the Dutch paint maker the highest likelihood of acquisition, saying it could become a more attractive target following the announced separation of its speciality chemicals business. Technology, media and telecoms was also highlighted as likely to see some activity. The bank''s tech analysts initiated coverage of Simcorp ( SIM.CO ) with a rank of 1, seeing it as an attractive strategic asset in a consolidating financial software industry. Telecoms analysts upgraded the rank for Spanish firm Cellnex, saying it offers a potential acquirer "a route to a scale European telco tower portfolio." (Reporting by Helen Reid, Editing by Vikram Subhedar)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-goldman-ma-idUKKBN19K14D'|'2017-06-29T12:58:00.000+03:00'
'09bcfb0443158d600355d05f5825c4001e64be81'|'UK''s Imagination Tech up for sale after battle with Apple'|'Deals - Americas   6:56pm IST Imagination Tech up for sale after bruising Apple fight left right The headquarters of technology company Imagination Technologies is seen on the outskirts of London, Britain, June 22, 2017. REUTERS/Hannah McKay 1/7 left right The headquarters of technology company Imagination Technologies is seen on the outskirts of London, Britain, June 22, 2017. REUTERS/Hannah McKay 2/7 left right The headquarters of technology company Imagination Technologies is seen on the outskirts of London, Britain, June 22, 2017. REUTERS/Hannah McKay 3/7 left right The headquarters of technology company Imagination Technologies is seen on the outskirts of London, Britain, June 22, 2017. REUTERS/Hannah McKay 4/7 left right The headquarters of technology company Imagination Technologies is seen on the outskirts of London, Britain, June 22, 2017. REUTERS/Hannah McKay 5/7 left right The headquarters of technology company Imagination Technologies is seen on the outskirts of London, Britain, June 22, 2017. REUTERS/Hannah McKay 6/7 left right The headquarters of technology company Imagination Technologies is seen on the outskirts of London, Britain, June 22, 2017. REUTERS/Hannah McKay 7/7 By Kate Holton - LONDON LONDON Imagination Technologies, the British firm that lost 70 percent of its value after being ditched by its biggest customer Apple, put itself up for sale on Thursday in a disappointing end to a once-great European tech success story. Founded in 1985 and listed in 1994, Imagination has been rocked by Apple''s announcement in April that it was developing its own graphics chips and would no longer use Imagination''s processing designs in 15 months to two years time. Apple''s decision, which analysts said posed an existential threat to the company, sent Imagination''s shares plummeting 70 percent on April 3 and they have barely recovered since. The stock jumped as much as 21 percent on Thursday, however, after the sale announcement to 149.5 pence, giving the company a market capitalization of 425 million pounds ($538 million). Analysts said potential buyers could include Intel, Qualcomm, Mediatek, CEVA and various entities from China, while Apple itself could be interested. "Imagination Technologies announces that over the last few weeks it has received interest from a number of parties for a potential acquisition of the whole group," the company said. "The board of Imagination has therefore decided to initiate a formal sale process for the group and is engaged in preliminary discussions with potential bidders." Imagination has said it doubted Apple, which accounts for about half of its sales, could go it alone without violating Imagination''s patents. Analysts said legal battles were likely and Imagination started a dispute resolution procedure in May with the U.S. giant, which is valued at $761 billion. The British company initially responded to Apple''s decision to walk away by putting two of its main divisions up for sale. "That was a pretty dire scenario, akin to selling off the family silver to keep the estate going a little longer," said Neil Wilson, Senior Market Analyst, ETX Capital. "Now the shutters are up and a buyer sought. A pretty ignominious end to what was a great British tech success story." APPLE RELIANCE Imagination has licensed its processing designs to Apple from the time of the first iPod and receives a small royalty on every device using its graphics. Imagination''s shares rose sharply between 2009 and 2012 as sales of smartphones boomed, prompting Apple and Intel to buy stakes and the company was valued at more than 2 billion pounds in April 2012. Apple owns 8 percent of the shares. Imagination struggled, however, to reduce its reliance on Apple, and has faced increased competition from the likes of chipmaker Qualcomm and British rival ARM, which developed its own graphics to complement its core processor blueprints. Imagination downplayed fears it could lose Apple contract for years. Facing reports that Apple was building a graphics operation and hiring Imagination staff, the British firm told investors that Apple was just improving its customization of the technology Imagination sold, rather than replacing it. Analysts at Stifel said they thought interested parties could include those groups that want to develop their own processing technology across platforms such as mobile, wearable tech, vehicles and the so-called Internet of Things. "This could include a coordinated Chinese bid, a hyper-scale vendor from the cloud or some other IP player," they said. Imagination said on Thursday it had received indicative proposals for its embedded MIPS technology - processors used in vehicles and home appliances - and its mobile connectivity division Ensigma, the two businesses put up for sale in the wake of the slide in its shares. While Imagination has other clients for its technology, UBS analysts estimated in April that its non-Apple business was worth just 81 million pounds and the MIPS division, which it bought for $100 million in 2013, was worth 77 million pounds. UBS said the company could be worth 110 pence per share on a sum of the parts basis. In May, Jefferies said the wind up value was about 96 pence a share while Morgan Stanley said the company could be worth as little as 106 million pounds, or just 30 pence per share, though its base case was 95 pence. The U.S. investment bank said Imagination''s headquarters was worth 40 million pounds. (Additional reporting by Tom Bergin and Tenzin Pema; editing by David Clarke)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-imagination-tech-apple-sale-idINKBN19D0H8'|'2017-06-22T04:37:00.000+03:00'
'7ff259c0e3040c52944e2366823624a4e6f87784'|'FTSE wallows at one-week low as energy weighs; Imagination tech rockets'|'Top News - Thu Jun 22, 2017 - 5:37pm BST Pharma, gold miners cushion losses on FTSE; Imagination Tech rockets People walk through the lobby of the London Stock Exchange in London, Britain November 30, 2015. REUTERS/Suzanne Plunkett By Kit Rees - LONDON LONDON A rise in defensive health care stocks and precious metals miners helped pick the FTSE 100 up from a one-week low as oil prices eased, while small cap Imagination Tech soared after putting itself up for sale. The blue chip FTSE 100 .FTSE index reduced losses gradually to end just 0.1 percent lower at 7,439.29 points, while mid cap peers also closed 0.1 percent lower. Health stock Shire ( SHP.L ) was the top gainer, up 3.7 percent after the European Medicines Agency (EMA) validated its Veyvondi drug which prevents bleeding. "With a string of positive clinical news flow, we do see Shire’s share price as an anomaly compared to peers, trading highly inexpensive. Shire features on several of our promotion lists, including the health care most favoured list," analysts at Credit Suisse said in a note. Peers GlaxoSmithKline ( GSK.L ) and AstraZeneca ( AZN.L ) both gained around 2 percent. Safe-haven precious metals miners Fresnillo ( FRES.L ) and Randgold ( RRS.L ) were also in demand as the price of gold rose. [GOL] Heavyweight oil firms BP ( BP.L ) and Royal Dutch Shell ( RDSa.L ), which had put the most pressure on the index earlier in the session, reduced losses to trade flat as oil prices edged up from multi-month lower. [O/R] "Oil has fallen back to levels not seen since mid-November 2016, and traders are worried it could bring about low inflation and diminished growth," David Madden, market analyst at CMC Markets UK, said. Financials took the most points off the index, with Barclays ( BARC.L ) down 2.1 percent as cyclical stocks came under pressure. United Utilities was the biggest faller, dropping more than 4 percent as its shares traded without entitlement to their latest dividend payout. Shares in bruised Provident Financial ( PFG.L ) were up 3.6 percent, however, recovering a fraction of their heavy 17.6 percent loss in the previous session after the subprime lender had issued a profit warning. Outside of the blue chips, small cap constituent Imagination Technologies ( IMG.L ) jumped as much as 21 percent after putting itself up for sale. The tech firm has struggled ever since Apple, its biggest customer, said in April that it would develop its own graphics chips, sending its shares more than 60 percent lower in the immediate aftermath. It ended the session up 16.4 percent. "Without Apple we are not convinced of the long term viability of the business model," analysts at N+1 Singer said in a note. "The stock remains firmly in special situation territory, but given the likelihood of an offer emerging we move our recommendation to ''Hold''." (Reporting by Kit Rees; Editing by Alison Williams and Richard Balmforth) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-stocks-idUKKBN19D11M'|'2017-06-22T17:54:00.000+03:00'
'1acce44d248e3356404c9224e53d1e34d394fdaa'|'Venezuela in talks with Nomura to sell fixed-income securities: sources'|'CARACAS Venezuela''s central bank is seeking to sell fixed-income securities to Nomura Holdings Inc ( 8604.T ) as a way of raising cash amid an economic crisis, an opposition deputy and a finance industry source said on Thursday, only weeks after a similar deal embroiled the Japanese bank in controversy.Opposition legislators this month publicly chided Nomura for participating along with Goldman Sachs Group Inc ( GS.N ) in a $2.9 billion bond operation that helped the government of President Nicolas Maduro bolster the country''s flagging foreign currency reserves.The talks revolve around $710 million in securities known as credit-linked notes that were issued by Nomura to Venezuela in 2008, according to the finance industry source, as a way for the then-prosperous OPEC nation to invest its bountiful oil revenue.Venezuela, now struggling under triple-digit inflation and Soviet-style product shortages as its socialist economy unravels, is willing to sell the notes back to Nomura at a discount before the notes mature."Nomura is buying back notes that are held by the central bank," opposition legislator Angel Alvarado, who is part of a broad effort to pressure global banks not to provide financing to Venezuela, told Reuters."The government is continuing with its desperate strategy of selling off assets because its cash-flow limitations."Nomura declined to comment. Reuters was unable to obtain comment from Venezuela''s central bank.One of the notes has a face value of $390 million and matures at the end of 2018 while the other, with a face value of $320 million, matures in 2023, according to the finance industry source, who asked not to be identified."The deal could be closed as early as next week," said the source, who asked not to be identified.The notes form part of a central bank portfolio of securities that have a combined total of $2.5 billion that Venezuela hopes to use to raise funds through operations with Wall Street, the source said.OPPOSITION SEEKS INVESTIGATIONSNomura in May bought $100 million in bonds issued by state oil company PDVSA at a discount of almost 70 percent, while Goldman Sachs acquired another $2.8 billion on similar terms.The bonds were issued in 2014 but remained on the central bank''s books without being sold until May.Alvarado on Thursday published letters by Congress chief Julio Borges to U.S. regulatory agencies including the Securities and Exchange Commission (SEC) asking for a probe into Nomura and Goldman for the May bond operation.The letter says that two intermediaries were involved in the operation - Commonwealth Bank of the Caribbean island of Dominica and London-based brokerage Dinosaur."The pricing and spread paid by each institution to Dinosaur suggest price fixing and above-market commissions," read the letters. "We believe there is enough evidence to open an investigation against Goldman Sachs and Nomura."Goldman did not immediately respond to requests for comment on the calls for an investigation. Nomura and the SEC declined to comment.Following the uproar over its purchase of PDVSA bonds in May, Goldman issued a statement that cited the presence of an intermediary in the operation, noting that it therefore did not directly do business with the Venezuelan government.Borges'' letters describes this argument as "subterfuge" because neither institution has the financial resources for such an operation.Venezuela''s debt burden has taken a heavy toll on the population as foreign currency needed to import food medicine and raw material for factories is being set aside to pay bondholders.The country''s yields are among the highest in the world due to investor concern about default. Maduro says default concerns are the product of a smear campaign by adversaries and insists the country will honor its obligations.(Additional reporting by Davide Scigluzzio in New York; Editing by Bernard Orr and Lisa Shumaker)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-venezuela-nomura-hldgs-idUSKBN19D2GE'|'2017-06-22T22:44:00.000+03:00'
'69e1f4238cd790d078ef0a3ff53135e04f6896c1'|'British farmers warn loss of EU workers will see strawberry prices soar - Business'|'Food & drink industry British farmers warn loss of EU workers will see strawberry prices soar UK soft fruit production could be forced to relocate to other countries to ensure access to labour, trade industry body warns British fruit producers say labour shortages are now at their worst level since 2004. Photograph: David Wootton/Alamy Food & drink industry British farmers warn loss of EU workers will see strawberry prices soar UK soft fruit production could be forced to relocate to other countries to ensure access to labour, trade industry body warns View more sharing options Thursday 22 June 2017 17.48 BST First published on Thursday 22 June 2017 01.00 BST The price of British strawberries could rise by more than a third if the UK cannot ensure access to European workers after Brexit, farmers have warned. Producers have called on the government to introduce a permit scheme for seasonal workers to ensure that the expansion of soft fruit production in the UK is not brought to a halt. Their warning comes as farmers say the number of seasonal workers coming to the UK this year has already dropped by 17% this year, because the lack of clarity on the future for EU workers in post-Brexit Britain and a drop in the value of sterling have hit recruitment. The National Farmers’ Union said there were more than 1,500 unfilled vacancies on British farms in May alone. A survey of labour providers by the union found that a fourfold rise in those unable to meet farms’ requirements between January to May this year. The NFU’s concerns come as a report commissioned by the British Summer Fruits trade body estimates that if UK-based producers are forced to move their operations to countries within the EU to ensure access to labour, the price of strawberries will rise from around £2 per 400g punnet to £2.75 – a jump of 37%. Replacing homegrown raspberries with imported fruit would see the price of a 200g punnet jump 50% from £2 to £3. Brexit and the coming food crisis: ‘If you can’t feed a country, you haven’t got a country’ Read more Farmers say access to EU workers is vital to sustain the industry, as more than nine out of 10 seasonal pickers and packers of British soft fruit currently come from the European Union , primarily Poland, Bulgaria and Romania. Demand for seasonal staff is expected to rise to around 31,000 by 2020 if the industry continues to grow at its current pace. The soft fruit industry, which supplies raspberries, strawberries, blackberries and blueberries, is now worth more than £1.2bn, up 131% in the past 20 years, largely because of a rise in homegrown strawberry production. In 1996 we ate 67,000 tonnes of strawberries a year, and by 2015 this had leapt to 168,000 tonnes —a rise of 150%. The soft fruit industry is one of the UK’s biggest users of EU seasonal labour as it is harder to mechanise the handling of its delicate and tricky-to-pick produce, but its warnings echo those of the wider farming community . Andrea Leadsom , the former secretary of state for the environment, food and rural affairs, who was succeeded by Michael Gove this month, had suggested that farmers invest in machinery to boost productivity. But farmers say appropriate technology requires heavy investment and will not be a solution in the short term . British farmers say nine out of 10 of their seasonal workers come from the EU, primarily Poland, Bulgaria and Romania. Photograph: Alamy Laurence Olins, chairman of British Summer Fruits, which accounts for 97% of all berries supplied to UK supermarkets, said: “This is as extreme as it gets. If we do not have the pickers, we do not have a soft fruit industry. “It is inconceivable that people who voted to leave the European Union wanted to destroy an iconic and incredibly competitive British horticulture industry. And there is no letup in the demand. Sales continue to increase year on year. “But if we cannot ensure access to the seasonal workers needed to produce soft fruit in Britain, that will be an unintended consequence of Brexit – along with soaring prices and increased reliance on imports.” David Kay, of Hall Hunter Partnership, a grower for Waitrose, Marks & Spencer and Tesco that employs about 3,000 seasonal labourers from 20 different countries, said he had tried to recruit British workers, but had found it difficult. “We have worked with jobcentres and with ex-prisoners, but British people don’t want to do these jobs,” he said. British Summer Fruits says the industry is already suffering form labour shortages as the fall in the value of the pound has reduced take-home pay for EU nationals, while some feel less welcome, or even fear being attacked, since the Brexit vote. Fruit producers say labour shortages are now at their worst level since before 2004, when people from the Czech Republic, Estonia, Hungary, Latvia, Lithuania, Poland, Slovakia and Slovenia were given the right to work in the UK. Topics '|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/business/2017/jun/22/british-farmers-warn-loss-of-eu-workers-will-see-strawberry-prices-soar'|'2017-06-22T03:00:00.000+03:00'
'a5fb1bb6d48f5269a3287656c0270e82aba9f2ec'|'Gundlach says flatter Treasury yield curve could become a concern'|'Business   9:48pm BST Gundlach says flatter Treasury yield curve could become a concern Jeffrey Gundlach, CEO of DoubleLine Capital, speaks during the Sohn Investment Conference in New York City, U.S., May 8, 2017. REUTERS/Brendan McDermid By Jennifer Ablan - NEW YORK NEW YORK The U.S. Treasury yield curve flattening could become a concern for economic growth when two-year and three-year Treasury note yields are about the same, and the price per barrel of WTI crude oil falls into the $30-dollar range, said Jeffrey Gundlach, chief executive at DoubleLine Capital, on Wednesday. The slope of the yield curve has been flattening, with short-term rates rising faster than longer-bond yields. This typically happens when monetary policy is tightened. "There’s no hard data that you could point to that signals recession," Gundlach said in a telephone interview. But that does not mean economic growth is exploding. "Lower CPI (Consumer Price Index) in the next couple of months will be a cold bucket of water for the Fed tightening dreams," Gundlach said. "Commodities are super weak, with the dollar down year-to-date, no less." Gundlach, known on Wall Street as the Bond King, said he is becoming more positive on international equities over U.S. stock markets because the Fed is raising rates with "quantitative tightening on top of it with its plans to shrink its balance sheet." The yield curve between five-year notes and 30-year bonds US5US30=TWEB flattened to 96 basis points, the narrowest since December 2007. Five-year note yields US5YT=RR, which are highly sensitive to rate policy, rose to a four-week high of 1.80 percent on Tuesday. Thirty-year bond yields US30YT=RR, which are largely driven by future expectations of growth and inflation, meanwhile dropped to 2.72 percent on Wednesday, the lowest since Nov. 9. (Reporting By Jennifer Ablan; Editing by Chris Reese and Diane Craft)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-funds-doubleline-idUKKBN19C2VM'|'2017-06-22T04:48:00.000+03:00'
'ea88ab1924ff5915fb387f80c44b31811c1b6809'|'Sweden''s Nordic Capital to appeal ruling on private-equity tax'|'STOCKHOLM, June 22 Swedish private-equity firm Nordic Capital said on Thursday its employees would appeal a ruling by a Swedish court that could lead to top managers in the industry facing a total extra tax bill of around 2.3 billion crowns ($263 million).In April, Sweden''s tax authority won a multi-year fight with the private equity industry over how employees are taxed.The Swedish Administrative Court of Appeals ruled that part of the earnings of around 85 individuals who work or have worked for private-equity firms such as Nordic Capital, Altor, EQT and Segulah should be taxed as salary, not as capital gains, as they have been.Nordic Capital said in a statement it was appealing because it thought the ruling misunderstood facts in the case and contradicted previous rulings.Top income tax rates in Sweden, which is one of Europe''s centres for private equity, are around 60 percent, among the highest in the world, and kick in for incomes over $75,000 a year. Capital gains tax is 25 to 30 percent and is not progressive.Private-equity fund managers get a salary from their company and also take a share of the profits from their investments - so-called carried interest. The Swedish Tax Agency has argued carried interest is also a kind of salary.Nordic Capital said partners at NC Advisory, which manage Nordic Capital funds, had been hit particularly hard by the April decision because all carried-interest earnings have been re-defined as salary under the April court rulings.Partners at other private-equity firms had to pay higher tax on only part of their carried-interest earnings under the April rulings because of technical differences in the way the funds were set up.The private-equity industry wants all carried interest to remain taxed as capital rather than salary, and Nordic Capital said a general appeal was likely at a later date.The Supreme Administrative Court must grant leave to appeal before cases can be heard.The ruling covers tax years 2007 to 2012. Swedish Tax Agency legal department chief Tomas Algotsson, speaking in April, said it would mean an additional 2.3 billion crowns in taxes for the state in the near term.($1 = 8.7523 Swedish crowns) (Reporting by Simon Johnson; editing by Niklas Pollard)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/sweden-tax-idINL8N1JJ1VV'|'2017-06-22T08:12:00.000+03:00'
'ad2e494a6ca1c3571f1c4651d46e6c3339d00a70'|'Walgreens scraps Rite Aid takeover, to buy half its stores'|'Deals - Thu Jun 29, 2017 - 3:19pm EDT Walgreens scraps Rite Aid merger, will instead buy half its stores left right A sign marks a Rite Aid pharmacy in Somerville, Massachusetts, U.S., June 29, 2017. REUTERS/Brian Snyder 1/6 left right A pedestrian passes a sign for a Walgreens pharmacy in Somerville, Massachusetts, U.S., June 29, 2017. REUTERS/Brian Snyder 2/6 left right A pedestrian passes a sign for a Rite Aid pharmacy in Somerville, Massachusetts, U.S., June 29, 2017. REUTERS/Brian Snyder 3/6 left right A sign marks a Rite Aid pharmacy in Somerville, Massachusetts, U.S., June 29, 2017. REUTERS/Brian Snyder 4/6 A sign marks a Walgreens pharmacy in Somerville, Massachusetts, U.S., June 29, 2017. REUTERS/Brian Snyder 5/6 left right The Walgreens logo is seen outside the store in Times Square in New York, U.S., July 5, 2016. REUTERS/Shannon Stapleton 6/6 By Siddharth Cavale and Diane Bartz Drugstore chain Walgreens Boots Alliance Inc ( WBA.O ) scrapped its deal to buy Rite Aid Corp ( RAD.N ) after failing to win antitrust approval, but said it would instead buy nearly half of the smaller rival''s U.S. stores for $5.18 billion. Rite Aid''s shares plunged about 28 percent to $2.85, while Walgreens shares were up 1 percent at $77.97. Walgreens also ended a related deal to sell as many as 1,200 Rite Aid stores to Fred''s Inc ( FRED.O ), sending Fred''s shares down 19 percent. Walgreens, the biggest U.S. drugstore chain, will likely have an easier time winning antitrust approval to buy 2,186 Rite Aid stores after it failed to win approval to take over the nearly 4,600-store chain. "Walgreens and Rite Aid have taken a pragmatic approach," said Neil Saunders, managing director of market research firm GlobalData Retail. The revised deal could offer many of the same benefits as a whole-sale take out of the company, but on a smaller scale. Walgreens said it expects about $400 million of cost savings from its new agreement, down from around $1 billion expected from the original deal. That could help offset challenges it faced in recent years hitting targets for sales growth, which has been weighed on in part by disappointing growth in its retail segment. Walgreens also invited Rite Aid to join its group purchasing agreement, which aims to leverage the combined heft of its members to negotiate discounts on generic drug prices. The decision to sell so many stores will weaken Rite Aid and could still be controversial, said David Balto, an antitrust lawyer who had worked with groups opposing Walgreens’ takeover of Rite Aid. "Rite Aid''s future is going to be bleak after they sell these stores. This is still going to raise some serious questions. It''s still taking out a major competitor," Balto said. In fact, Walgreens'' plan to buy 2,186 Rite Aid stores accomplishes many of the same goals as the merger - including eliminating Rite Aid as a rival - but does so in a way that makes it harder for the FTC to take the companies to court to stop the transaction, antitrust experts said. "Obviously no victory dance for the FTC today. This was a big stick-it-to-you. They''re (the FTC) getting a worse outcome than they would before," said Andre Barlow of the law firm Doyle, Barlow and Mazard PLLC. "Clearly they (the companies) know what the FTC concerns are. They have likely worked around those issues, which has to be very frustrating for the FTC." The FTC sued to stop two separate deals last week, suggesting that former administration''s tough antitrust approach will continue under President Donald Trump. The agency is being run by Acting Chairwoman Maureen Ohlhausen and three commissioner slots are vacant. The FTC said on Thursday it would review the new proposal. WALGREENS TO PAY MORE PER STORE Rite Aid said the stores to be sold are mainly in the Northeast, Mid-Atlantic and Southeast. The deal also includes distribution centers in Connecticut, Pennsylvania and South Carolina. Leerink Partners analyst David Larsen estimated that under the new deal, Walgreens would be paying $2.4 million per Rite Aid store, higher than what it would have paid under a previous agreement, where it would have paid $2.04 million to $2.06 million per store. Walgreens said on Thursday it expects the new deal to close within six months. Walgreens also reported better-than-expected profit and sales for the third quarter, helped by a rise in prescription volumes in its U.S. pharmacy business. The company also authorized a $5 billion buyback program and raised the lower end of its full-year profit forecast by 8 cents per share to a range of $4.98 to $5.08. Analysts on average were expecting full-year profit of $4.96 per share, according to Thomson Reuters I/B/E/S. The new agreement will assist Rite Aid in addressing pharmacy margin challenges and in significantly reducing debt, the company''s CEO John Standley said in a statement. Walgreens said it would pay Rite Aid a $325 million termination fee. In October 2015, Walgreens said it would buy No. 3 Rite Aid for $9.5 billion. (Reporting by Siddharth Cavale in Bengaluru and Diane Bartz in Washington, DC; additional reporting by Carl O''Donnell in New York; Editing by Sriraj Kalluvila, Bernard Orr) '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-riteaid-m-a-walgreens-boots-idUSKBN19K1DK'|'2017-06-29T15:06:00.000+03:00'
'e14c0eb5c6e0f56e8bed9490bd9cf196807c0aee'|'Exclusive - Universal president says founder Okada ''unfit'' for board in private letter'|'Business News - Thu Jun 29, 2017 - 2:16am BST Exclusive: Universal president says founder Okada ''unfit'' for board in private letter left right FILE PHOTO: Kazuo Okada, chairman of Tiger Resort, Leisure and Entertainment Inc. listens at the press launch of 65th annual Miss Universe competition on January 30, 2017. REUTERS/Erik De Castro/File Photo 1/2 left right The logo of the Universal Entertainment Corp. is seen at the company''s headquarters in Tokyo November 30, 2012. REUTERS/Toru Hanai 2/2 By Emi Emoto and Nathan Layne - TOKYO TOKYO The president of Japan''s Universal Entertainment Corp ( 6425.T ) said the company''s founder Kazuo Okada is "unfit" to be the director of a public company, in a private letter to a shareholder seen by Reuters. The June 21 letter was written by Jun Fujimoto ahead of an annual meeting of Universal shareholders on Thursday at which Okada is scheduled to lose his position as chairman of the board, according to the company’s disclosed slate of candidates. The board shake-up comes after Universal made allegations that Okada misused company funds. Okada could not be reached for comment. David Krakoff, Okada''s lawyer in an unrelated U.S. lawsuit, did not respond to calls and emails seeking comment. Universal said it could not comment on letters to or from Fujimoto as an individual and declined to make him available for an interview. Peppered with criticism of Okada, the letter offers a glimpse into the mindset of Fujimoto, 59, as he pushes ahead with an attempt to sideline Okada, 74, in a rare Japanese boardroom coup. "I think Chairman Okada is unfit to be in management of a public company," Fujimoto said in the letter, which was written in Japanese. "I''m confident that I can prove that with irrefutable physical evidence." He did not say what that evidence was. The ouster of Okada is expected to take center stage at Thursday''s meeting where shareholders will vote on a slate of directors that includes Okada''s wife, Takako, but not Okada himself. Universal is also bringing back a former finance executive and adding an external director to the board. Those changes were made possible by the resignation of Okada in May as director of Okada Holdings Ltd, a company based in Hong Kong that owns 69 percent of Universal''s stock and therefore holds sway over appointments to Universal''s board. Okada stepped down as the result of a rift with family members, who control a majority of Okada Holdings'' stock, Reuters reported on Wednesday. Fujimoto was responding to a letter from shareholder Tsuyoshi Hosoba, who had unsuccessfully sued Universal directors in 2015 alleging they breached their fiduciary duties on a series of matters, including in relation to $40 million in payments from affiliates of Universal in 2010 to a Philippine consultant, who was working on the company''s $2.4 billion casino on Manila Bay. Okada, Fujimoto and Universal have denied any wrongdoing related to the payments, which have been the subject of regulatory scrutiny in the U.S. and the Philippines. Hosoba declined to comment. Earlier this month, Universal announced it had launched an internal investigation into Okada and another director, accusing them of misappropriating some $20 million of company funds over three transactions in 2015. Hosoba said in his letter that he wanted to work with Fujimoto to "clean up" the company and offered to cease further legal action if Fujimoto "told the truth" about the payments and took steps to bolster corporate governance. In response, Fujimoto rejected Hosoba''s request to cooperate but urged him to consider the steps he was taking to improve the company''s compliance and the risks directors and executives were taking in investigating the "extremely powerful" Okada. Fujimoto criticized Hosoba''s threat of legal action as misguided. In the letter, Fujimoto said the investigation into Okada would look at transactions going back five years. That means the review would not include the $40 million paid to the Manila-based consultant in 2010. The U.S. Federal Bureau of Investigation has been probing the $40 million to determine if it was aimed at helping Universal gain tax and ownership concessions for its casino in the Philippines, according to the people with knowledge of the probe. Universal and Okada filed a defamation lawsuit against Reuters in 2012 for its reporting on the payments. The Tokyo District Court ruled in 2015 that Universal''s case was without merit. Last year the Tokyo High Court upheld that ruling, dismissing Universal''s appeal. Universal has appealed to the Supreme Court of Japan. (Editing by Bill Rigby and Lincoln Feast)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-universal-ent-okada-board-exclusive-idUKKBN19K04P'|'2017-06-29T04:15:00.000+03:00'
'1707fafdd575e87b8183244f54df6c8e2123e108'|'France''s Engie says to weather LNG oversupply with long-term deals'|'Business News - Thu Jun 29, 2017 - 2:58am BST France''s Engie says to weather LNG oversupply with long-term deals By Florence Tan - SINGAPORE SINGAPORE French gas and power company Engie ( ENGIE.PA ) expects to weather festering oversupply in markets for liquefied natural gas (LNG) with long-term deals kicking off in the next couple of years, a senior company official said. Production of the superchilled gas has been outpacing demand as new supplies come online in Australia and the United States, driving down Asian spot prices LNG-AS by more than 70 percent since 2014. "In the short-term, the market is still oversupplied," Engie Executive Vice President Didier Holleaux told Reuters. "Fortunately only a fraction of LNG globally is sold in the short-term market, a significant part of it is still on long-term contracts ... We have new long-term contracts coming onstream in Asia next year and also the year after." Engie a few years ago locked in 20-year deals to supply Japanese utility Tohoku Electric Power ( 9506.T ) and Taiwanese state firm CPC Corp from its U.S. Cameron LNG project that will start production in 2018. The project will add 4 million tonnes per year of U.S. LNG to Engie''s global portfolio of 16.4 million tpy. "It''s a significant diversification for us because for the first time we''ll have LNG coming from the U.S.," Holleaux said late last week. Meanwhile, Engie, previously known as GDF Suez, is in talks to supply gas to Thailand and Myanmar and to build floating storage regasification units (FSRUs) that will supply smaller volumes of gas to power plants on Indonesian islands. "Most of the new (regasification) capacity will be in Southeast Asia," Holleaux said, adding that Indonesia could soon become a net LNG importer as "their needs are increasing and they have not had such big discoveries recently". Engie in June supplied its first LNG cargo to Indonesia''s Pertamina from the local Jangkrik field, its joint venture with Italy''s Eni ( ENI.MI ). In China, after inking an LNG supply agreement with Beijing Gas, Engie is looking at opportunities in the underground gas storage needed to hold stocks to meet seasonal demand, Holleaux said. "Chinese players have now reached a technical level where they don''t necessarily need us," Holleaux said. "It''s different in underground storage where we have specific skills and know-how and we may still help them." China, the world''s largest energy consumer, plans to generate more electricity from gas instead of coal as it fights pollution. "For a very long time, Asia, mainly Japan and Korea, has been one of the most important markets, one of the most reliable ones, in many years the best priced market. But times are changing and we will adjust," Holleaux said. (Reporting by Florence Tan; Editing by Joseph Radford)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-asia-lng-engie-idUKKBN19K06U'|'2017-06-29T04:58:00.000+03:00'
'b65565e5b56c4b9e9322ba23fe3326076915b0d0'|'Uber says never told self-driving car exec to take Waymo files'|'By Dan Levine - SAN FRANCISCO SAN FRANCISCO Uber Technologies [UBER.UL] said it never told a self-driving car executive to download files from his former employer, Alphabet Inc''s ( GOOGL.O ) Waymo unit, according to a court filing in a contentious trade secret lawsuit.Alphabet''s Waymo claimed in a lawsuit earlier this year that Anthony Levandowski downloaded more than 14,000 confidential files before leaving to set up a self-driving truck company, which Uber acquired soon after.Uber has fired Levandowski. He is not a defendant in the case, but his actions, and what Uber executives knew about them, are at the centre of Waymo''s lawsuit. Uber denies it used any of Waymo''s trade secrets. A trial is scheduled for October.In a court filing on Wednesday, Uber said Levandowski''s downloads had nothing to do with his future employment at Uber."This is consistent with the complete lack of evidence that such files exist at, or have ever been used by, Uber," the company said.Instead, Uber said it believes Levandowski took the files to ensure an expected $120 million bonus payment from Waymo. Uber did not detail how it believes the downloads would have helped Levandowski accomplish that objective.At one point while Uber was negotiating to buy Levandowski''s company, Levandowski told Uber executives including former CEO Travis Kalanick that he found five discs in his home that contained Google information."Kalanick emphatically told Levandowski that Uber did not want any such information," Uber said in the court filing, adding Levandowski said he destroyed the discs.In a separate court filing, Waymo said the incident with the discs proved Uber executives knew he possessed Google information before he came to Uber."And even after finding out that he had Waymo materials in his possession...Uber never took any steps to prohibit Levandowski from using his ''treasure trove of files'' in his work at Uber," Waymo said.Waymo also said it has not been able to review all the correspondence Levandowski had with Uber executives. For instance, Waymo said it could not find text messages from Kalanick to Levandowski even though it did find messages from Levandowski to Kalanick, "suggesting that the former were deleted."Uber had hoped Levandowski, one the most respected self-driving engineers in Silicon Valley, would help the ride services company catch up to rivals including Waymo, in the race for self-driving technology.(Reporting by Dan Levine; Editing by David Gregorio)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/uber-alphabet-lawsuit-idINKBN19J2ZF'|'2017-06-28T20:39:00.000+03:00'
'b8dd8f063e611f00e193637dd88acf6292839bd7'|'Buffett''s Berkshire on verge of becoming BofA''s top shareholder'|'By Jonathan Stempel Warren Buffett''s Berkshire Hathaway Inc ( BRKa.N ) may be on the verge of becoming Bank of America Corp''s ( BAC.N ) largest shareholder, after the bank raised its dividend in the wake of a positive assessment of its ability to handle market stresses.Bank of America on Wednesday boosted its annual dividend 60 percent to 48 cents per share from 30 cents, beginning in the third quarter.Buffett has said a boost of that size would likely prompt him to swap Berkshire''s preferred shares in the second-largest bank into common shares now worth about $16.7 billion.Berkshire did not immediately respond to requests for comment.An exchange would made Berkshire the largest shareholder of both Bank of America and Wells Fargo & Co ( WFC.N ), the third-largest U.S. bank, and more than triple a $5 billion investment made fewer than six years ago.It would also signal Buffett''s confidence in Brian Moynihan, Bank of America''s chief executive.Moynihan has worked to restore investors'' confidence in his Charlotte, North Carolina-based bank after it spent more than $70 billion since the global financial crisis to resolve legal and regulatory matters, largely from its purchases of Countrywide Financial Corp and Merrill Lynch & Co."Buffett has said he is very happy with what Moynihan''s doing, and it''s easy work for him to get more dividends," said Bill Smead, whose $1.16 billion Smead Value fund includes shares of both companies. "For Bank of America, it would mean a further endorsement by the most spectacular large-cap stock picker of all time."Buffett is worth $76.1 billion, Forbes magazine says.The dividend increase required approval by the Federal Reserve, which conducts annual "stress tests" of big banks'' ability to handle tough economic and market conditions.On Wednesday, the Fed approved capital plans for Bank of America, which also announced a $12 billion stock buyback plan, and 33 other large U.S. banks.LENDER OF LAST RESORTBuffett had bought $5 billion of Bank of America preferred stock with a 6 percent dividend, or $300 million annually, in August 2011, when investors worried about the bank''s capital needs.The purchase included warrants to acquire 700 million common shares at $7.14 each, less than one-third Wednesday''s closing price of $23.88.In his Feb. 25 letter to Berkshire shareholders, Buffett said he "would anticipate" swapping the preferred stock into common stock if the annual dividend rose above 44 cents per share.If Omaha, Nebraska-based Berkshire made the swap now, it would have a $11.7 billion paper profit and begin collecting $336 million of annual dividends, on top of roughly $1.7 billion of dividends already paid.A swap would also let Berkshire enjoy gains if Bank of America''s stock price rose. In contrast, the value of the preferred shares will not change so long as Bank of America does not collapse. Berkshire''s warrants expire in September 2021.Buffett''s bet was among more than $25 billion of high-yielding investments he made from 2008 to 2011 in such companies as General Electric Co ( GE.N ) and Goldman Sachs Group Inc ( GS.N ).The investments shored up confidence in the companies and helped give Buffett a reputation as a lender of last resort when times were tough.Bank of America''s largest shareholder is Vanguard Group, whose 652.4 million shares give it a 6.6 percent stake, Reuters data show.(Reporting by Jonathan Stempel in New York; Editing by Sandra Maler and Dan Grebler)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/berkshire-hatha-bank-of-america-idINKBN19J2XP'|'2017-06-28T20:06:00.000+03:00'
'1801a65df6ba36e1f1d5ced5283da6b45578d354'|'Coca-Cola says reaches agreement with S. African government. on acquisition of local arm'|'Deals   12:30pm EDT Coca-Cola says reaches agreement with S. African government. on acquisition of local arm The logo of U.S. beverage group Coca-Cola is seen at the entrance of a visitors center of Coca-Cola Schweiz GmbH in Bruettisellen, Switzerland October 11, 2016. REUTERS/Arnd Wiegmann - RTX2R67E JOHANNESBURG Drinks giant Coca-Cola ( KO.N ) said on Thursday it had reached an agreement with the South African government on a package of conditions as it finalizes the purchase of a controlling 54.5 percent stake in its joint Africa venture with ABInBev ( ABI.BR ). New York-listed Coca-Cola said in a statement it would abide by merger conditions agreed with competition authorities in 2016 including a pledge to raise black ownership in Coca-Cola Beverages South Africa to 30 percent by 2021. "We are pleased to have reached this agreement with the South African government which demonstrates our alignment with the government’s national imperatives for inclusive social and economic development," said Chief Executive James Quincey. Last December, Coca-Cola reached a deal to buy Anheuser-Busch InBev''s majority stake in their African bottling venture for $3.15 billion and hold onto it until it finds a new owner. nL5N1EG1RF (Reporting by Mfuneko Toyana; Editing by Adrian Croft)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-coca-cola-safrica-idUSKBN19K2DW'|'2017-06-29T19:30:00.000+03:00'
'6814fb4cbe763b85f77261fd3611ae314606bf0c'|'Auto industry groups urge caution in changing NAFTA origin rules'|'WASHINGTON Auto industry trade groups said on Wednesday that tightening the rules of origin in the North American Free Trade Agreement could be disruptive and hurt the competitiveness of U.S., Mexican and Canadian auto plants.Their testimony at a public hearing ahead of NAFTA renegotiations, expected to start Aug. 17, contrasted sharply with frequent comments from U.S. Commerce Secretary Wilbur Ross that the trade pact''s local content rules are an area that needs strengthening to avoid being used as a "back door" for Chinese auto parts.Matt Blunt, president of the American Automotive Policy Council, said the current NAFTA 62.5 percent local content requirement was working just fine and "strikes the right balance" for encouraging local manufacturing investment and keeping the industry''s costs competitive.Blunt, whose group represents Detroit automakers General Motors, Ford ( F.N ) and Fiat Chrysler ( FCHA.MI ) urged a "very cautions and careful" approach for any origin rule changes and discussed the affects of stricter enforcement."It could make us less competitive as compared to our international peers and affect our ability to export," Blunt said."It could deny us access to supply chains which would drive up costs and could affect sales and ultimately employment within the industry."Ross has said that NAFTA''s rules of origin need tightening to avoid producers from outside the region to benefit from tariff-free access to the U.S. market. He also has noted that vehicles now have many new electronic components that were not contemplated when the pact was negotiated in the early 1990s.But Blunt disputed that the origin rules were allowing China to benefit from NAFTA in a major way, arguing that Chinese components make up less than six percent of the value of North American-built vehicles.His comments were seconded by representatives of other groups, including the Motor Equipment Manufacturers Association (MEMA), representing parts makers, the Alliance of Automobile Manufacturers, which includes Detroit and foreign automakers building vehicles in the United States, and the Association Global Automakers, a group that represents international automakers that sell into the U.S. market.Leigh Merino, senior director of regulatory affairs for MEMA, said auto components and subsystems in particular depend on complex "ecosystem" of diverse parts suppliers and small changes to this "can be extremely disruptive."Nonetheless, the trade groups said that they were not opposed to examining ways to improve the rules.The NAFTA hearings, which allow industry groups and companies to express views on the U.S. negotiating objectives for the talks are expected to conclude on Thursday.(Reporting by David Lawder; editing by Taylor Harris and Grant McCool)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-usa-trade-nafta-autos-idUSKBN19J2ZJ'|'2017-06-29T01:44:00.000+03:00'
'0aafe1e3248e074f7a25d94836577a77ee4a40bc'|'China''s Sinomach to merge with China Hi-Tech Group - state asset regulator'|'Business  31am BST China''s Sinomach to merge with China Hi-Tech Group - state asset regulator SHANGHAI The China National Machinery Industry Corp (Sinomach) will merge with The China High-Tech Group, the country''s state asset regulator said on Thursday, part of China''s ongoing efforts to slim down its bloated state sector. China''s cabinet had already approved the merger plan, which will make China High-Tech a subsidiary of Sinomach, the State Asset Supervision and Administration Commission (SASAC) said in a notice. Sinomach makes construction and agriculture equipment, while China High-Tech is a textile machinery manufacturer. The merger comes as Beijing looks to streamline the number of state-owned enterprises (SOEs) and to create globally competitive conglomerates in sectors including power generation, railways, shipping and chemicals. The latest move reduces the number of enterprises under the direct administration of the central government to 101, down from 117 since 2012. The number of SOEs could eventually fall to about 40, state media has reported. Sinomac''s listed subsidiaries rose on the news of the merger, with Sinomach Automobile Co Ltd ( 600335.SS ) up over 5 percent and Luoyang Bearing Science & Technology Co Ltd ( 002046.SZ ) up over 4 percent. China Camc Engineering Co Ltd ( 002051.SZ ), First Tractor Co Ltd ( 601038.SS ), Sinomach General Machinery Science & Technology Co Ltd ( 600444.SS ), Linhai Co Ltd ( 600099.SS ) and Lanpec Technologies Ltd ( 601798.SS ) were all up around 2 percent. (Reporting by David Stanway and Adam Jourdan; Editing by Richard Pullin & Shri Navaratnam)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-china-soe-m-a-idUKKBN19K0FA'|'2017-06-29T08:31:00.000+03:00'
'091c99be7212bed642197e48669309cb4c9f6a0f'|'BASF ready to snatch seed bargains as rivals sell assets'|'By Ludwig Burger and Patricia Weiss - LUDWIGSHAFEN, Germany LUDWIGSHAFEN, Germany BASF ( BASFn.DE ) will consider buying seed assets that rivals are putting on the block to win antitrust approval for tie-ups, saying bargain prices could persuade BASF to overcome its traditional reluctance to expand into the seeds industry.Sources familiar with BASF''s thinking have said that competition regulators looking at potential buyers of antitrust-related assets might favor new entrants to the seed market, such as BASF, over established players to stoke competition in a quickly consolidating market."There are assets that will come to market for antitrust reasons and they might come at prices that are different from those that we have seen in the past. That''s why we will look into it and see whether it makes sense for us," deputy Chief Executive Martin Brudermueller told a news conference at the group''s headquarters."Seed assets are an option, not a must," he added.Rival Bayer ( BAYGn.DE ) last month said it will sell its LibertyLink-branded seeds businesses, a key part of asset sales required to satisfy competition authorities looking at its $66 billion Monsanto deal.BASF, the world''s third-largest maker of crop chemicals, has so far avoided seed assets and has voiced scepticism that a combination of the two businesses would make sense for it.Instead it has pursued research into plant characteristics such as drought tolerance, which it sells or licenses out to seed breeders.Rival Syngenta ( SYNN.S ), the Swiss crop protection company acquired by ChemChina, this week vowed to bulk up its seeds business and join the chase for the assets that Bayer must sell.BASF is the only player left among the top six in a global seeds and pesticides market worth over $100 billion that has not paired up with a major peer.(Editing by Maria Sheahan, editing by David Evans)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-basf-seeds-idINKBN19K1HN'|'2017-06-29T09:53:00.000+03:00'
'cb5fea268d76ecc73765b736b76a14f343b7dc08'|'Dollar sulks as global central banks turn hawkish, stocks drop'|'Top News - Fri Jun 30, 2017 - 4:49pm BST U.S., European yields poised for weekly rise; oil up left right A vendor gives Euro coins back to a customer at the central market in Athens, Greece, July 8, 2015. REUTERS/Christian Hartmann 1/2 left right FILE PHOTO: U.S. dollar notes are seen in this November 7, 2016 picture illustration. REUTERS/Dado Ruvic/Illustration 2/2 By Dion Rabouin - NEW YORK NEW YORK Bond yields in the United States and Europe were poised for big weekly gains on Friday, weighing on major equity markets, while oil prices extended their rebound into a seventh session but were still set to post their worst first half since 1998. The dollar was headed for its worst quarter in seven years against a basket of currencies. Expectations for stronger economic data in Europe and rate tightening at central banks around the globe has knocked the greenback from its perch, pushing it 4.7 percent lower for the April-June quarter, the worst performance since the third quarter of 2010. Against the euro EUR= , the dollar has sunk more than 7 percent for the quarter and is on pace to drop more than 2 percent this week. The euro shot to one-year highs after Tuesday''s speech by European Central Bank President Mario Draghi bolstered expectations that a reduction in stimulus measures would be signalled as soon as September. The dollar has fallen because of “doubts in the Fed raising rates again this year, the uncertain fate of Trump’s agenda, and number three has been how the global economy has been playing catch up to the U.S.,” said Joe Manimbo, senior market analyst at Western Union Business Solutions in Washington. The S&P 500 and the Dow Jones Industrial Average were higher in late morning trading, while the Nasdaq was little changed as a recovery in tech stocks sputtered. Nike rose by as much as 8 percent after the world''s largest footwear maker said it would launch a pilot program with Amazon.com. U.S. consumer spending data for May also showed steady economic growth. The Dow Jones Industrial Average .DJI rose 61.54 points, or 0.29 percent, to 21,348.57, the S&P 500 .SPX gained 4.76 points, or 0.20 percent, to 2,424.46 and the Nasdaq Composite .IXIC added 5.88 points, or 0.1 percent, to 6,150.23. U.S. Treasury yields rose after U.S. inflation data was largely in line with expectations and seen as unlikely to delay the Federal Reserve''s expected interest rate hike path. “It’s not enough to make you optimistic about either delaying the Fed or about the potential for actual inflation,” said Aaron Kohli, interest rate strategist at BMO Capital Markets in New York. Yields on benchmark 10-year notes US10YT=RR touched their highest since May 17 in earlier trading. Germany’s benchmark 10-year bond yield DE10YT=RR rose to its highest since mid-March and was set for its biggest weekly gain since 2015, backed by increased expectations for tighter monetary policy from the ECB. Money markets are pricing in around an 80-percent chance that the ECB will hike rates over the next year. That''s up from just 20 percent earlier this month ECBWATCH. The spectre of reduced stimulus from central bank policy makers also has weighed on European stocks. The pan-European STOXX 600 fell 0.2 percent on Friday and is headed for its biggest monthly loss in a year. MSCI''s index of Asia-Pacific shares outside Japan .MIAPJ0000PUS fell 0.7 percent, after hitting a two-year high on Thursday. It is up 5.3 percent for the quarter and has risen 18.3 percent this year. In commodities, U.S. crude CLc1 added 0.75 percent to $45.28 a barrel in its seventh straight session of gains, bringing its weekly increase to over 5 percent. Global benchmark Brent crude LCOc1 gained 0.45 percent to $47.63 a barrel, poised for a nearly 10 percent rise this quarter. (Reporting by Dion Rabouin; Additional reporting by Sam Forgione and Karen Brettell in New York, Abhinav Ramnarayan in London; Editing by Nick Zieminski) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-global-markets-idUKKBN19L04U'|'2017-06-30T04:21:00.000+03:00'
'8ef96bca73db27ba0b2062df454839a256b71cc5'|'Baidu markets dual-tranche US dollar bonds'|'By Carol Chan HONG KONG, June 28 (IFR) - Chinese internet search provider Baidu is marketing a SEC-registered dual-tranche senior unsecured US dollar benchmark bond offering.A five-year tranche is indicated at Treasuries plus 140bp area and a 10-year at Treasuries plus 165bp area.The Nasdaq-listed company is a A3 (review for downgrade) credit to Moody’s and A (rating watch negative) to Fitch. The proposed notes will be similarly rated.Proceeds will be used for debt repayment and for general corporate purposes.Goldman Sachs, JP Morgan and HSBC are joint bookrunners. Morgan Stanley and CICC HK Securities are co-managers.The deal will price today during New York business hours. (Reporting by Carol Chan; editing by Vincent Baby and Daniel Stanton) Reuters Messaging: c.chan.thomsonreuters.com@reuters.net))'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/baidu-debt-bonds-idINL3N1JP1X6'|'2017-06-28T02:23:00.000+03:00'
'108077ab9c851efe5147ac78a91ca24a5163d09a'|'Monsanto reports 17.6 percent jump in quarterly profit'|'By Karl Plume U.S. seeds and agrochemicals company Monsanto Co, which is in the process of being bought by Germany''s Bayer AG, reported a stronger-than-expected quarterly profit on Wednesday as record soybean plantings lifted seed sales.Shares climbed 1 percent and hit a two-year high of $118.47 a share.St. Louis-based Monsanto reaffirmed its earnings per share target and raised its gross profit outlook for its seeds and genomics unit, which sells seeds, licenses biotech traits and sells farm data services.Record soybean seedings in the United States and Brazil, the top two producers, were a boon for the world''s largest seed company."There was a lot of acreage that rotated out of corn and into soy and Monsanto was set up really well for that since they had some product launches in soy this year," said Matt Arnold, an analyst with Edward Jones.Sales of soybean seed and traits, the second-biggest business by revenue, jumped 29.3 percent to $896 million in the third quarter ended May 31.Seedings of Monsanto''s Xtend soybeans, the newest U.S. varieties, totaled 20 million acres this spring, above earlier forecasts for 18 million. Intacta, its South American variety, was planted on more than 50 million acres, near the high end of expectations.However, sales of corn seed and traits, the company''s biggest revenue generator, fell 6.3 percent to $1.49 billion.Monsanto agreed in September to a $66 billion buyout offer from Bayer, that, if approved by regulators, would create a company commanding more than a quarter of the world market for seeds and pesticides.Monsanto said on Wednesday it was working toward completion of the merger by the end of 2017 and expects to submit merger-related filings to the European Union by the end of this month.Bayer has said it would sell its LibertyLink-branded seeds businesses to help satisfy competition authorities looking at the Monsanto deal.Net income attributable to Monsanto rose to $843 million, or $1.90 per share, in the quarter, from $717 million, or $1.63 per share, a year earlier.Excluding certain items, Monsanto earned $1.93 per share, beating the analysts'' average estimate of $1.76, according to Thomson Reuters I/B/E/S.Earnings per share guidance remained at the high end of the range of $4.50 to $4.90 on an ongoing basis. Seeds and genomics gross profit for fiscal 2017 was projected in the high single digits in percentage terms, up from a mid-single-digit forecast previously.(Additional reporting by Yashaswini Swamynathan in Bengaluru; Editing by Sriraj Kalluvila, Nick Zieminski and David Gregorio)Monsanto logo is displayed on a screen where the stock is traded on the floor of the New York Stock Exchange (NYSE) in New York City, U.S. on May 9, 2016. REUTERS/Brendan McDermid/Files'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/monsanto-results-idINKBN19J1IN'|'2017-06-28T15:19:00.000+03:00'
'f9d25dd79fd37d079a732c0da6ad7ee8edd864ec'|'British consumer sentiment at 10-month low - EU Commission'|'Top News   10:08am BST British consumer sentiment at 10-month low - EU Commission Shoppers walk past a sale sign in central London, Britain June 27, 2017. REUTERS/Toby Melville BRUSSELS British consumer sentiment fell to its lowest level in 10 months in June, according to a European Commission survey released on Thursday, although overall sentiment including businesses recovered from a decline in May. Consumer sentiment was likely impacted by rising inflation due to the decline of the pound after Britain''s'' vote a year ago to leave the European Union. The European Commission, whose survey covers all 28 EU countries, said consumer sentiment fell to -7.4 points from -6.1 in May. Retail sentiment turned negative and to its lowest level since July. Services also registered a drop. However, overall sentiment rose to 109.3 from 108.2 points because the mood in industry and construction improved. (Reporting by Philip Blenkinsop)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-economy-sentiment-idUKKBN19K0YT'|'2017-06-29T12:08:00.000+03:00'
'd2dc6bf3e28e31fa29f2eea9ab56e46a3c937f88'|'Cryptocoins Are the New Penny Stocks, and That''s a Good Thing.'|'Photographer: Matt Stroshane/Getty Images Initial Coin Offering. It''s a term deliciously similar to those three letters guaranteed to make bankers, investors and founders salivate: IPO. For the most part, bankers have been cut out of the ICO equation -- almost by design -- but founders are loving the notion that you can launch your own cryptocoin, and a growing number of investors are excited about the prospects for huge windfalls. ICOs are so similar to penny stocks that the investing strategy looks almost the same: Throw a few dollars at a low-value security and hope that a bit of hype will see its price go up by astronomical multiples. Here''s how it works. A founder comes up with a new cryptocoin and pre-sells an amount to investors prior to launch. They may swap these digital tokens for fiat money, such as U.S. dollars, but are more likely to do so for an established cryptocurrency like bitcoin or ethereum. This early investment not only funds development but helps kick-start the coin''s circulation, because a currency isn''t very useful if it all sits in the wallets of just a few people. In many cases, founders are developing a real service that''s usually linked to the crypto ecosystem, such as a new decentralized exchange , and the coin will become the transactional currency for that product. Others are little more than a lottery. The actual project is spelled out in a white paper, similar to a prospectus. As with penny stocks, investors in ICOs are betting on one of two things: that the underlying company or project becomes a sustainable venture, thus making the coin it uses a sought-after commodity. Alternatively, enough hype is created around the future prospects of the venture, or its coin, that others want to buy in, bidding up the price and allowing earlier investors to exit at a profit. If the project fails, or no one really believes that anyone else will want the coin, then it could quickly become worthless. But ICOs aren''t selling securities : Investors are getting neither equity in the venture, nor a promise of some future cashflow (i.e., debt). This fact has helped the crypto community dodge financial regulators. Working in the ICOs'' favor is the fact that the phenomenon has so far been the domain of crypto geeks, libertarians and sophisticated investors. While counter-intuitive, I would argue that keeping this circle tight is in the crypto community''s best interests, for now. A ridiculous number of speculative new coins have hit the market -- including at least 67 in the past month -- and the vast majority will fail, which means losses for investors. But this try-and-fail process needs to happen in order to shake out the wheat from the chaff so that we can truly understand which blockchain models work, and which don''t. Within the safety of this sandbox we''ll be able to test whether the world really needs a blockchain lottery, whether a decentralized exchange provides enough value to justify the transaction fees, or whether cryptocoin truly is the future of in-game currency. Let there be no doubt that these are the Wild West days of crypto -- a domain that''s unsuitable for mom and pop investors. But when the dust settles this new economy may be more robust than ever. This column does not necessarily reflect the opinion of Bloomberg LP and its owners. Before it''s here, it''s on the Bloomberg Terminal. '|'bloomberg.com'|'https://www.bloomberg.com/businessweek'|'https://www.bloomberg.com/news/articles/2017-06-28/cryptocoins-are-the-new-penny-stocks-and-that-s-a-good-thing'|'2017-06-29T04:00:00.000+03:00'
'7bba91e3fb685a3b79f6d6fcb924c24ae9c6b3f6'|'RBI deputy Acharya: 50 percent provisioning reasonable for defaulted laons'|'June 30, 2017 / 3:08 PM / 13 minutes ago RBI deputy Acharya: 50 percent provisioning reasonable for defaulted laons 1 Min Read MUMBAI (Reuters) - The Reserve Bank of India (RBI) Deputy Governor Viral Acharya said on Friday it was "very reasonable" to ask banks to make provision for 50 percent of the amount of defaulted loans submitted under the country''s insolvency and bankruptcy code (IBC). Acharya''s comments confirm local media reports that the central bank had asked lenders to set aside 50 percent of the defaulted loans. "I think the provisions are very reasonable based on any historical recovery rates that banks even on secured debt have typically earned," he told reporters on the sidelines of an event for the book launch of a former RBI Governor. Reporting by Suvashree Dey Choudhury; Writing by Rafael Nam 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/india-cenbank-loans-idINKBN19L278'|'2017-06-30T18:05:00.000+03:00'
'321ed5a61df5aa26cd8d519de6c49551810eee11'|'Britain''s Lloyds bank says it has stopped trading Qatari Riyals'|'Banks - Fri Jun 30, 2017 - 11:30am BST Lloyds Bank says it has stopped trading Qatari riyals A man enters a Lloyds Bank branch in central London, Britain February 25, 2016. REUTERS/Paul Hackett LONDON Lloyds Banking Group ( LLOY.L ) said on Friday that it has stopped trading Qatari riyals and that the currency is no longer available for sale or buy-back at its high-street banks. A spokeswoman for the bank said a "third-party supplier" that carries out its foreign exchange service had ceased trading in the currency from June 21. "This currency is no longer available for sale or buy-back across our high street banks including Lloyds Bank, Bank of Scotland and Halifax," the spokeswoman said. Qatar''s central bank said on Friday it will guarantee all exchange transactions for customers inside and outside Qatar without delay, adding that all banks and foreign exchange companies are committed to trading the riyal as usual The statement came after media reports said some exchange companies have stopped buying the Qatari riyal, which the central bank called "baseless". Exchange company Travelex said on Thursday it has resumed purchasing the Qatari riyal globally after a brief suspension "due to business challenges". Economic sanctions and poor liquidity have created chaos in the foreign exchange market for Qatari riyals, with the currency trading far below its peg to the U.S. dollar. The riyal QAR= has been increasingly volatile in the spot market since Saudi Arabia, the United Arab Emirates, Bahrain and Egypt cut diplomatic ties with Qatar on June 5, accusing it of backing terrorism. The Bank of England and British lenders including Barclays ( BARC.L ), HSBC ( HSBA.L ), and Royal Bank of Scotland ( RBS.L ) were not immediately available for comment. (Reporting By Andrew MacAskill and; Sylvia Westall; editing by John O''Donnell) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-lloyds-qatar-idUKKBN19L16L'|'2017-06-30T12:51:00.000+03:00'
'c114d676bb93d59cde34240133d3a30810da2a3c'|'India readies for new ''tryst with destiny'' in landmark tax reform'|'Business News - Fri Jun 30, 2017 - 3:14pm BST India readies for new ''tryst with destiny'' in landmark tax reform left right A supporter of India''s ruling Bharatiya Janata Party (BJP) holds a placard during a rally to support implementation of the Goods and Services Tax (GST) in Mumbai, India, June 30, 2017. REUTERS/Shailesh Andrade 1/2 left right Supporters of India''s ruling Bharatiya Janata Party (BJP) dance as they celebrate during a rally to support the implementation of the Goods and Services Tax (GST) in Mumbai, India, June 30, 2017. REUTERS/Shailesh Andrade 2/2 By Rajesh Kumar Singh - NEW DELHI NEW DELHI India''s prime minister, his cabinet colleagues and major company executives will gather on Friday in parliament''s central hall for the first midnight ceremony there in two decades to launch the most sweeping tax reform for nearly 70 years. After 14 years of struggle to enlist the support of India''s states, the Goods and Services Tax (GST) will replace more than a dozen federal and state levies and unify a country of 1.3 billion people into one of the world''s biggest common markets. The measure is expected to make doing business easier by simplifying the tax structure and ensuring greater compliance, burnishing Prime Minister Narendra Modi''s credentials as a reformer before a planned re-election bid in 2019. But many businesses were nervous about how the change will unfold while smaller establishments staged strikes saying they would get hit by higher tax rates. Modi will mark the switch to the new tax regime with a speech in the central hall of parliament where India declared itself a free nation and first prime minister Jawaharlal Nehru made his famous "tryst with destiny" speech on Aug. 15, 1947. "We are ready," Revenue Secretary Hasmukh Adhia said, hours before the new measure comes into effect. Ratan Tata, patriarch of India''s largest business group, Bollywood superstar Amitabh Bachchan and the country''s most famous singer Lata Mangeshkar will attend the ceremony. "(It) will truly enable us to build a New India," Jayant Sinha, a federal minister wrote in the Times of India. The new sales tax has four rates and numerous exemptions. Adding to the complexity, businesses with a pan-India operation face an arduous task of filing over 1000 digital returns a year. PROTESTS, STRIKE While higher tax rates for services and non-food items are expected to fuel price pressures, compliance is feared to be a major challenge in a country where many entrepreneurs are not computer literate and rely on hand-written ledgers. "We have jumped into a river but don''t know its depth," said A. Subba Rao, an executive director at power firm CLP India. Poor implementation could deal a blow to Asia''s third-largest economy that is still recovering from Modi''s decision late last year to outlaw 86 percent of the currency in circulation. The government expects things to settle down in the coming months, helping businesses reap the benefits of the new sales tax. An end of tax arbitrage under the GST is estimated to save companies $14 billion in reduced logistics costs and efficiency gains. As the GST is a value added tax, firms will have an incentive to comply in order to avail credit for taxes already paid. This should widen the tax net, shoring up public finances. HSBC estimates the reform could add 0.4 percentage points to economic growth. "(The) GST paves the way for the ''One Nation, One Tax'' ideology," said Devendra Kumar Vyas, chief executive officer at Srei Equipment Finance Ltd. (Editing by Sanjeev Miglani and Toby Davis)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-india-tax-idUKKBN19L20S'|'2017-06-30T17:14:00.000+03:00'
'bd4a43731448a820e142d641d76efd1c17180d25'|'COLUMN-U.S. shale producers are drilling themselves into a hole: Kemp'|'Company   9:56am EDT COLUMN-U.S. shale producers are drilling themselves into a hole: Kemp (John Kemp is a Reuters market analyst. The views expressed are his own) By John Kemp LONDON, June 30 U.S. shale firms are drilling themselves into a deep hole despite warnings from industry leaders about the risk of flooding the market with too much crude. Drilling and production are rising. Prices are declining. Companies are barely breaking even or losing money. Costs are starting to rise. And share prices are sliding. Current oil prices are not sustainable according to Harold Hamm, the chief executive of Continental Resources, said in an interview on June 28. Prices need to be above $50 per barrel to be sustainable and below $40 would force producers to idle rigs, Hamm said ("Harold Hamm warns oil prices below $40 will idle U.S. drilling", CNBC, June 28). "While this period of adjustment is going on, drillers don''t want to drill themselves into oblivion. Back up, and be prudent and use some discipline," he urged rival chief executives. Many of Continental''s leases are in North Dakota''s Bakken and Oklahoma, where wells are typically more expensive to drill and yield less oil than some other shale plays. The resurgence in shale drilling over the last year has been concentrated in the Permian Basin of Texas and New Mexico, where costs are much lower and yields higher. There are now almost 370 rigs drilling for oil in the Permian compared with 50 in the Bakken, according to oilfield services company Baker Hughes. The number of rigs drilling in the Permian has almost tripled since the end of April 2016, and the Permian now accounts for almost half of the rigs drilling for oil in the United States. But even in the Permian, shale firms have struggled to make money with oil prices stuck below $50, raising questions about the sustainability of the drilling boom. Many shale drillers claim they can drill wells profitability even with benchmark WTI prices below $50 as a result of significant cost reductions and improvements in efficiency. But most shale firms were still losing money or at best breaking even in the first quarter of 2017, even before the renewed slump in prices. Pioneer Resources says it has the largest acreage in the prolific Spraberry/Wolfcamp section of the Permian and low average royalty and acreage costs. Pioneer has been praised by equity analysts for its active hedging programme that aims to protect cash flow from short-term volatility in oil prices. But the company reported losses (negative net income) of $273 million in 2015 and $556 million in 2016. Pioneer reported a further loss of $42 million in the first quarter of 2017, despite the substantial rise in oil prices compared the same period a year earlier. Continental lost $354 million in 2015 and $400 million in 2016 before just about breaking even with net income of less than $0.5 million in the first quarter of 2017. EOG Resources, another prominent producer, reported a loss of $4.5 billion in 2015 and $1.1 billion in 2016 before turning a small profit of $29 million in first quarter 2017. Since the first quarter, WTI prices have fallen by more than $3.50 per barrel, or 7 percent, from an average of $51.78 in January-March to just $48.14 in April-June, intensifying pressure on shale producers even further. Many shale firms have hedging programmes that should protect them from the decline in prices in the short term, but most have hedged only a small proportion of next year''s production. The current calendar strip allows producers to lock in WTI prices at just $50 for 2018, so most are waiting for a renewed rise in forward prices. But every week they wait, their hedging cover declines by around 2 percent, assuming they have an average hedge maturity of 12 months. In the meantime, producers are braced for cost inflation, with the major oilfield services firms pressing for price increases by the end of the year and into 2018. Since WTI prices peaked in late February, shale producers have added more than 150 extra rigs drilling for oil. The rig count is up by 430 over the last 12 months even though WTI prices are now $3 per barrel lower. But share prices for all the major producers are sliding. Pioneer''s share price is down almost 15 percent since the start of the year. Continental is down 39 percent. EOG has fallen 13 percent. Many shale producers seem to be relying on OPEC to bail them out by cutting its own output further to drive WTI prices back above $50 per barrel. But it not be rational for OPEC to cut output if the only consequence was to encourage continued growth in U.S. shale. Key OPEC producers appear unenthusiastic about further cuts. If something cannot go on forever, it will stop. The slide in oil prices over the last four months is sending a signal to shale firms about the need to moderate drilling and production programmes. Either the drilling boom moderates very soon, or WTI prices are likely to fall below $40 per barrel to make it stop. Related columns: "Oil traders hunt for shale''s pain threshold", Reuters, June 21 "OPEC and U.S. shale drillers are on collision course", Reuters, June 14 "U.S. oil rig count to peak soon unless WTI prices rise", Reuters, May 31 (Editing by David Evans)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-shale-kemp-idUSL8N1JR2PH'|'2017-06-30T16:56:00.000+03:00'
'8011cf2461bd8f148d189922876d140d0ceab4ac'|'Ellis Island celebrates immigrant roots of American hot dog'|'NEW YORK When Americans think of summer, a few standbys come to mind: Baseball games, fireworks shows and hot dogs.Like many American families, the humble hot dog can trace its roots to New York''s Ellis Island, where an exhibit called "Hot Out of the Melting Pot: A History of the Hot Dog in America" is set to run through July at the National Museum of Immigration.Twelve million people took their first steps on U.S. soil at that island''s immigration processing center from 1892 through 1954, including those who went on to found hot dog makers Hebrew National, Nathan''s Famous, Sabrett, Vienna Beef, and Walter''s."The focus is on the American hot dog, which would not exist if our forefathers had not come over here from Europe," said Scott Ladany, Vienna Beef''s vice president of sales and grandson of the company''s Hungarian founder.Samuel Ladany and business partner Emil Reichel came through Ellis Island from Hungary in 1893 before introducing the first Vienna Beef hot dog at that year''s Chicago World''s Fair.Called wieners, frankfurters, and dachshund sausages in their native countries, hot dogs came with the great wave of European immigrants in the late nineteenth century. The American hot dog was born when these immigrants began selling their sausages in buns.They found eager eaters. Americans are expected to consume some 7 billion hot dogs from Memorial Day in May through Labor Day in early September, according to the National Hot Dog and Sausage Council.Some of the most enthusiastic -- and fastest -- hot dog eaters can be found each July 4 at Nathan''s Famous hot dog stand in New York''s Coney Island. The 101-year-old beachfront shop, started by Polish immigrant Nathan Handwerker four years after he landed at Ellis Island, now hosts an annual hot dog eating contest that draws competitors from around the world.The founders of Sabrett and Hebrew National were Greek, German and Russian immigrants to Ellis Island and also started business in the early 1900s.For Gene-Christian Baca, whose great grandfather Walter founded Walter''s Hot Dogs when he came through Ellis Island from Italy in 1919, the exhibit celebrates an important family legacy."It is an overwhelming feeling," Baca said. "Just to know the history behind it and to know what he went through and that he came here virtually with nothing from Italy as a three-year-old boy."(Reporting By Gabriella Borter; Editing by Scott Malone and David Gregorio)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-new-york-hotdog-idUSKBN19J2TL'|'2017-06-28T23:49:00.000+03:00'
'34b48fca0f7d36f4698997076cabd1d900797780'|'Knorr-Bremse aims to further extend takeover offer for Haldex'|'Business News   9:48am BST Knorr-Bremse aims to further extend takeover offer for Haldex FRANKFURT German car parts maker Knorr-Bremse [STELLG.UL] said it would apply for another extension of its takeover offer for Sweden''s Haldex ( HLDX.ST ) after the European Commission indicated it was likely to launch an in-depth review of the deal. "Knorr-Bremse takes a confident view on the potential in-depth investigation by the EU commission in Phase II," Knorr-Bremse said in a statement late on Wednesday, adding it wanted to extend the acceptance period for the offer to Feb. 9, 2018. Knorr-Bremse said in December it had acquired 86 percent of shares in the bid for Haldex, including the shares it already owned, after winning a bidding war with rival ZF Friedrichshafen. The two German rivals had both wanted to buy Haldex, lured by its expertise in brake systems for trucks and trailers which car suppliers want to develop into autonomous driving systems. Knorr-Bremse had most recently extended the acceptance period to Sept. 26 in April, citing the time it would take to obtain regulatory clearance and prepare potential remedies. (Reporting by Maria Sheahan; Editing by Sunil Nair)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-haldex-ab-m-a-knorr-bremse-idUKKBN19K0XJ'|'2017-06-29T11:48:00.000+03:00'
'8b65c04b7c1fe2b5735d4292acfd8b188fba3c6a'|'U.S. says it has issued permits for three U.S.-Mexico pipelines'|'Market  38pm EDT U.S. says it has issued permits for three U.S.-Mexico pipelines WASHINGTON, June 29 The United States has issued permits for three NuStar Logistics, L.P. pipelines crossing the U.S.-Mexico border, the State Department said in a statement on Thursday. The permit for the New Burgos Pipeline authorizes construction, operation and maintenance of a new pipeline capable of delivering up to 108,000 barrels per day of refined petroleum products, crossing the U.S.-Mexico border near Peñitas, Texas, the State Department said. Two other permits were issued for existing pipelines crossing the border near Laredo and Peñitas, Texas to reflect a name change and authorize transport of a broader range of petroleum products, the State Department said. (Reporting by Yeganeh Torbati; Editing by Richard Chang)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-pipelines-mexico-idUSL1N1JQ1X3'|'2017-06-29T23:38:00.000+03:00'
'aeba7ccb05f78467e37a8fdf03a9fe20d31bbf6c'|'Chile''s miners eye expansion, but wait until political uncertainty lifts'|'Market News  26pm EDT Chile''s miners eye expansion, but wait until political uncertainty lifts By Fabian Cambero - SANTIAGO, June 28 SANTIAGO, June 28 Mining companies operating in Chile are examining restarting projects that were put on hold in recent years due to a copper price slump, the mining minister and industry executives said, though final investment decisions will wait until political uncertainty lifts after the November presidential elections. The price of copper, by far Chile''s most important export, started to slowly recover in October, after years of weak demand for the red metal. So far in 2017, prices have risen 7 percent, and analysts expect further increases as the copper market moves toward a deficit. That, in turn, is causing miners to slowly examine projects put on the back burner years ago when prices begin to slide from historic 2011 highs. "One perceives more movement from the projects that were, one way or another, delayed by price," Chilean Mining Minister Aurora Williams told Reuters in a recent interview. But even as prices rise, miners are wary of a relatively unsettled policy landscape in the South American country, various industry sources told Reuters in recent weeks. During the past three years, center-left President Michelle Bachelet has pushed through a series of reforms to the nation''s tax and labor code. While supporters say they have been necessary to lessen the nation''s biting inequality, many industry leaders say they are squeezing business, and new labor laws contributed to a massive strike at BHP Billiton''s Escondida mine earlier this year that led to $1 billion in lost production for the company. "[The reforms] have made the sector timid to announce new investments. There''s been a loss of confidence," said one high-ranking source in a foreign miner, who requested anonymity due to the sensitivity of the matter. While a business-friendly ex-president, Sebastian Pinera, is the favorite in the November presidential election, leftist independent Alejandro Guillier is close at his heels, and a win by him would unsettle the already-leery industry. MINERS LOOK, BUT DON''T LEAP In the meantime, miners are taking a gradual approach to any potential expansions. Former Antofagasta Minerals CEO Diego Hernandez, who now heads Chile''s mining industry body Sonami, said firms were eyeing expansion plans, though brick-and-mortar investments would probably be delayed until the second half of 2018. Canada''s Teck Resources, for instance, is taking steps in the permitting process for a potential $4.7 billion expansion at its Quebrada Blanca mine, while BHP has said it would analyze a $2.2 billion expansion of its Spence mine this August. U.S. miner Freeport-McMoRan and Chile''s state-run Codelco, meanwhile, are currently carrying out studies to determine the viability of a $5 billion expansion at their El Abra mine. Still, some projects that were shelved are unlikely to be revived any time soon. Proposed major expansions at Anglo American and Glencore''s Collahuasi mine and Antofagasta''s Los Pelambres, for instance, show no medium-term signs of going forward. (Reporting by Fabian Cambero; Writing by Gram Slattery; editing by Diane Craft)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/chile-copper-investment-idUSL1N1JP130'|'2017-06-28T21:26:00.000+03:00'
'7e43fcbe16689d7ea4be8e47916235df361d48bf'|'Pan American Energy to invest $1.2 billion in Argentina in 2017'|'BUENOS AIRES Argentina-based Pan American Energy, a unit of BP Plc ( BP.L ), will invest some $1.2 billion in the South American country this year, a company spokesman said on Tuesday, down from the $1.4 billion that the company had announced for 2016.About $400 million of the 2017 investment plan is destined for oil and gas exploration in the sprawling Vaca Muerta shale formation in Argentina''s southern Patagonia region, the spokesman said in a telephone interview after government news site Telam reported the company''s investment plan.Argentine President Mauricio Macri has sought to attract investment to Vaca Muerta to help close the country''s costly energy deficit since taking office in late 2015.Argentine Energy and Mining Minister Juan Jose Aranguren said in April that investment of between $6 billion and $8 billion had been confirmed in Vaca Muerta this year.Argentine state-run oil company YPF SA ( YPFD.BA ) said in February that it would invest $2.3 billion in the shale field this year.(Reporting by Walter Bianchi; Writing by Hugh Bronstein; Editing by G Crosse and Leslie Adler)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-argentina-energy-pan-american-idINKBN19I31R'|'2017-06-27T22:08:00.000+03:00'
'be37dacb0e5d04fac12dbbf10cedda8c08fa2f6d'|'Ternium tells investors Brazil''s CSA will fuel expansion'|'SAO PAULO, June 29 Ternium, a steelmaker in the Italian-Argentine Techint Group, is betting on its recently acquired Brazilian steel mill to create future growth opportunities, Chief Executive Daniel Novegil told investors on Thursday.In a meeting in New York, Novegil said the acquisition of Companhia Siderúrgica do Atlantico SA would be transformative even as the group''s leverage rises, according to statements sent by Ternium to Reuters.Novegil said the $1.3 billion acquisition would raise Ternium''s debt to up to 1.75 times its earnings before interest, taxes, depreciation and amortization, a gauge of profitability known as EBITDA. The steelmaker owed 0.5 EBITDA on the first quarter.Ternium struck the deal with ThyssenKrupp AG in February to buy the money-losing Companhia Siderúrgica do Atlantico SA and is awaiting Brazil antitrust watchdog Cade''s approval.Novegil also said he was working to reach an agreement with joint venture partner Nippon Steel & Sumitomo Metal Corp over the control of Brazilian steelmaker Usinas Siderúrgicas de Minas Gerais.Novegil did not elaborate on ways to end the conflict that led the partners to sue each other.(Reporting by Aluisio Alerigi; Writing by Tatiana Bautzer; Editing by Richard Chang)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/ternium-csa-idINL1N1JQ297'|'2017-06-29T21:47:00.000+03:00'
'0a9e70d0fad09f4c90b9887566096bae162a7464'|'Britain approves BA use of Qatar planes during upcoming cabin crew strike'|'Business   4:16pm BST Britain approves BA use of Qatar planes during upcoming cabin crew strike FILE PHOTO: People queue with their luggage for the British Airways check-in desk at Gatwick Airport in southern England, Britain, May 28, 2017. REUTERS/Hannah McKay LONDON British authorities have given British Airways the go ahead to use Qatar Airways planes and staff during a planned two-week strike by members of its cabin crew, a spokesman for the Department for Transport said on Friday. BA has committed to fly all its customers to their destinations during the strike, which begins on Saturday. BA, owned by IAG ( ICAG.L ), had applied to use nine Qatar planes and staff in an arrangement with Qatar Airways, which is a close partner of BA. Staff in the mixed fleet crew, which flies shot and long haul routes, plan to strike for 16 days in a long-running dispute over pay and sanctions on employees. The spokesman said that the transport department''s decision had been taken on the advice of Britain''s Civil Aviation Authority. (Reporting by Alistair Smout; Editing by Susan Fenton)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-iag-britishairways-qatar-idUKKBN19L282'|'2017-06-30T18:16:00.000+03:00'
'a836ed30f3877c124a5506484a3fe0cd61219131'|'FTSE 100 set for biggest monthly loss since early 2016'|'Top News - Fri Jun 30, 2017 - 5:23pm BST Oil weakness and investor nerves send FTSE to first quarterly loss in a year People walk through the lobby of the London Stock Exchange in London, Britain November 30, 2015. REUTERS/Suzanne Plunkett By Kit Rees and Helen Reid - LONDON LONDON Heavy losses on Friday sent the FTSE 100 to its widest monthly loss since September 2015, sealing its first negative quarter in more than a year as a tumultuous first half drew to a close. A drop among oil stocks, miners and by United Utilities ( UU.L ) kept the UK''s top share index in negative territory on Friday after a choppy day. The blue-chip FTSE 100 .FTSE index was down 0.5 percent at 7,312.72 points, underperforming a European market which was also lacklustre. Mid-caps, which are more domestically exposed, felt the brunt of investors turning against the UK economy and suffered their worst month since the Brexit vote. The FTSE 100''s heavy weighting towards the resources sectors has hindered its progress over the past month as the price of oil slid to a 7-month low. Oil majors Royal Dutch Shell ( RDSa.L ) and BP ( BP.L ) were down 1.5 percent and 1.6 percent respectively, while miner Glencore ( GLEN.L ) also dropped 1.1 percent. Retailers Marks & Spencer ( MKS.L ) and Next ( NXT.L ) were also prominent fallers, down 2.1 and 3 percent after a survey showed British consumer confidence hit its lowest since last July, immediately after the country voted to leave the European Union. Worries over central banks hinting that a tightening of monetary policy could be on the horizon have also been a key focus this week, hitting shares in defensive, dividend-paying stocks such as utilities and pharmaceutical firms, whose dividends become less attractive when bond yields rise. "The market has decided that we are entering an environment where borrowing costs are going to start to rise," said Ken Odeluga, market analyst at City Index. "That has a lot of implications for debt-dependent, capital-intensive industries, for industries which tend to run a weak or negative cash profile," Odeluga said, adding that, as many of the UK blue chips tend to be low-growth, high-yielding, value stocks, the recent rotation could be beneficial for the FTSE. United Utilities ( UU.L ) was the biggest blue chip faller, down 3.5 percent following a downgrade to "underperform" from Credit Suisse. "We think bond yields are equally likely to rise over the coming five-year period. This would exacerbate the valuation impact of the cut to returns," analysts at Credit Suisse said in a note, referring to the broader water utilities sector. "Financing risk is borne by companies, and while this has led to windfall profits over the past two regulatory cycles, the dynamic could very well reverse." British utilities had been under particular pressure this month in the run-up to the UK general election, with proposed policies around price caps weighing on the shares. Severn Trent ( SVT.L ), National Grid ( NG.L ) and United Utilities were among the worst-performing stocks in June, all losing more than 12 percent this month. The last three months have also been lacklustre for the FTSE, which ended the second quarter with a narrow 0.1 percent loss following four quarters of robust gains as sterling''s post-Brexit vote plunge boosted dollar-earning blue chips. Major British stocks could no longer lean on the weak sterling this quarter, though, with the currency posting its best quarter in two years thanks to a weaker dollar and rising expectations of tighter monetary policy. Mid-caps .FTMC suffered their worst month since the Brexit vote, hit by eroding investor confidence in stocks more exposed to a turbulent and uncertain domestic economy. They were down 3.2 percent on the month, but held on to their fourth consecutive quarter of gains, with 1.9 percent. Among mid-caps which ended the day steady, shares in Greene King ( GNK.L ) were among the biggest fallers. They dropped more than 4 percent after JPMorgan downgraded its rating on the pub operator to "neutral", and several other brokers cut their price targets for the stock, following Greene King''s full year update in the previous session. (Reporting by Kit Rees; Editing by Keith Weir and Ralph Boulton) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-stocks-idUKKBN19L11H'|'2017-06-30T12:09:00.000+03:00'
'befb673fdaf7508cdb446ff9dbb10cb92577c3c3'|'LPC: Low-rated companies fuel record US syndicated lending'|'Market News   10:49am EDT LPC: Low-rated companies fuel record US syndicated lending By Lynn Adler - NEW YORK, June 30 NEW YORK, June 30 Low-rated companies, rushing to slice borrowing costs with interest rates low and demand for higher-yielding assets elevated, drove US leveraged lending to a first-half record and in turn propelled total US syndicated loan issuance to an all-time high for any half-year period. The US$732.2bn of leveraged loans issued in the first half, a 92% spike above the US$380.7bn during the same time a year ago, boosted overall syndicated volume to US$1.22trln, according to Thomson Reuters LPC. Total volume leaped almost 20% from the prior half, 27% from the year-ago half, and 14% from the previous six-month high set in the first half of 2014. Leveraged loans to companies cutting expenses and improving terms far overshadowed lending to support mergers and acquisitions. Bankers say M&A activity will ramp up as the legislative logjams around US healthcare, tax and trade policies are broken. “The second half should be more of the same in terms of volume, but the composition could change to a lower percentage of refinancing and more M&A, assuming things normalize a bit,” said Art de Pena, managing director and head of distribution, trading and agency at MUFG’s syndications group. “That will be a function of, hopefully, political stability, that will help to spur M&A and economic growth,” he said. In the meantime, issuance has been skewed by borrowers that often returned to the leveraged loan market repeatedly within months to get more favorable pricing with limited investor push-back until recent weeks. Less than 30% of the leveraged loans issued in the first half of the year represented new financing. UP THE AMAZON A reluctance of corporations to pull the trigger on big M&A deals without more clarity on tax, trade and other legislation has also pressured lending to investment-grade companies. "The likely M&A catalyst in investment grade would be policy certainty -- lower corporate tax rates, repatriation etc -- coupled with a continuation of the current environment of slow revenue growth, high equity markets, low volatility and low interest rates," said Matthew Daly, head of credit research at investment management firm Conning. “Certainly the debt markets are very accommodative right now for financing.” Companies that did announce mergers were less likely to face antitrust rulings that scuttled several major US insurance company tie-ups earlier this year. A push for growth in a slow growing economy was the incentive to acquire a rival or a company with a complimentary line of business. The US$371.8bn of investment-grade loans issued in the first half was about 18% lower than the US$451.9bln in the first half of last year. Lending volume kicked up a notch after US drug distributor Cardinal Health Inc in April announced a deal to buy Medtronic Plc’s medical supplies unit for US$6.1bn, agreeing to a US$4.5bn bridge loan before locking in longer-term debt. “Most of the deals have been tack-ons or tuck-ins, which reflects the fact that equity values are at all time highs and companies are skittish about entering into a merger agreement with the legislative uncertainty,” a senior banker said. Now, lenders are assessing whether Amazon.com’s late June deal to buy upscale grocer Whole Foods Markets for US$13.7bn, to be supported by a bridge loan of up to the same amount not yet included in the issuance tally, can light a fire under other dealmakers later this year. “A lot of people are taking a fresh look at A + B = C, meaning what can you combine with a tech company to have a leg up and a marketing advantage,” the banker said. “I would suggest that’s not just limited to supermarkets, it could be any number of different products.” LEVERAGING UP With demand surpassing supply, arrangers are boosting debt taken to back large leveraged buyouts to levels last seen in the final quarter of 2014, according to LPC. Expectations that the Trump administration could loosen leveraged lending guidelines, updated by regulators in 2013 to thwart potential systemic risk, are also enabling leverage levels to creep higher. Total leverage on broadly syndicated large buyouts averaged 6.39 times total debt to Ebitda in the second quarter. That tops the 6 times level that draws regulatory scrutiny, though remains below the post-crisis peak almost three years ago of about 7 times. Investor demand, for now, remains unrelenting. Collateralized Loan Obligation funds, the largest buyers of leveraged loans, have issued almost US$50bn so far this year, 90% more than the same period last year. (Reporting By Lynn Adler; Editing by Chris Mangham and Leela Parker Deo)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/lpc-low-rated-companies-fuel-record-us-s-idUSL1N1JR0L3'|'2017-06-30T17:49:00.000+03:00'
'fc8ec919e447f1c25e0f30dde2316b1cba182fe7'|'SEC to allow firms to file confidential draft statements before IPO'|'The U.S. Securities and Exchange Commission said on Thursday it was expanding the Jumpstart Our Business Startups (JOBS) Act, by allowing all public companies to file confidentially prior to initial public offerings, in a move designed to revitalize the IPO market.This is the first major policy announcement by new SEC Chairman Jay Clayton, in an effort to help companies raise money more readily.Under current law, all publicly-traded companies with annual gross revenues of $1 billion or less can already file confidential draft IPO paperwork with the SEC.These companies, known as emerging growth companies (EGCs), won this perk in the 2012 JOBS Act, as part of an effort to lower regulatory burdens and give them time to work out kinks with the SEC before unveiling IPO paperwork publicly and pitching to investors.The new rule, which will take effect from Saturday, July 10, would be available for IPOs as well as most offerings made in the first year after a company has entered the public reporting system, the SEC said. ( bit.ly/2sWW212 )The confidential review process after the IPO reduces the potential for lengthy exposure to market fluctuations, the SEC said.Clayton has said he wants to reverse the steep decline in IPOs and give individual investors more access to smaller, successful companies.(Reporting by Sarah N. Lynch in Washington, Arunima Banerjee and Sangameswaran S in Bengaluru; editing by Sandra Maler, G Crosse)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-usa-sec-ipo-idINKBN19K377'|'2017-06-29T21:17:00.000+03:00'
'aa475929c1253b31faff06df2df9f81b45ffa107'|'''Party''s over'' for millions, as India launches biggest-ever tax reform'|'Business   9:09pm IST ''Party''s over'' for millions, as India launches biggest-ever tax reform Cloth merchants and workers shout slogans before burning the effigies depicting India''s Finance Minister Arun Jaitley and Textiles Minister Smriti Irani during a protest against implementation of Goods and Services Tax (GST) on textiles, in Kolkata, India, June 29, 2017. REUTERS/Rupak De Chowdhuri By Rajesh Kumar Singh and Manoj Kumar - NEW DELHI NEW DELHI Rakesh Sachdeva sells auto parts in a busy market in central Delhi, just a few miles from Prime Minister Narendra Modi''s office. Yet despite having a flourishing business he does not pay any tax. Until now, his rundown premises and small scale operation has kept the business below the radar of India''s tax officials. Come July 1, however, "the party will be over", says the 51-year-old, with a resigned shrug. A nationwide Goods and Services Tax (GST), set to come into effect on Saturday, has faced criticism for its complex design. But the country''s biggest tax reform since independence is promising to bring millions of firms like Sachdeva''s into the tax net, boosting government revenues and India''s sovereign credit profile. The new tax will require firms to upload their invoices every month to a portal that will match them with those of their suppliers or vendors. Because a tax number is needed for a firm to claim a credit on the cost of its inputs, many companies are refusing to buy from unregistered businesses. Those who don''t sign up risk losing any customer who has. "I have no option, but to register with the new system," said Sachdeva, who spoke to Reuters on condition the name and precise location of his shop were not disclosed. BOOSTING THE COFFERS Improved tax compliance should shore up public finances, augmenting resources for welfare and development spending and giving a lift to the $2 trillion economy. India currently has one of the worst tax-to-GDP ratios among major economies at 16.6 percent, less the half the 34 percent average for the members of the OECD and also below many emerging economies. While there is no official estimate of the potential fiscal gain, some tax experts say the measure, after the initial teething trouble, would lift the tax-to-GDP ratio by as much as 4 percentage points as the number of tax filers is estimated to more than treble to 30 million. "In future, compliance is going to be extremely crucial," Rajiv Nair, chief executive officer at Kaya Ltd. ( KAYA.NS ), told Reuters. "Since we are also responsible for compliance across the supply chain, we have to ensure that the suppliers we have are in a position to work with us in a compliant manner." Nair''s company, which makes beauty and personal care products, has just streamlined its supply chain, dropping vendors that were not going to be GST-compliant. Other companies are doing the same. Elior Group ( ELIOR.PA ), a French catering and food service company, said it has mandated GST-compliance as one of the eligibility criteria for its orders. WINNERS AND LOSERS The unorganized sector of India''s economy is vast, employing an estimated nine out of 10 workers. While staying outside the GST regime risks losing business, joining it will necessitate an overhaul of firms'' accounting systems and an investment in technology. The new tax system requires three filing a month plus an annual return - a total of 37 filings - for each of India''s 29 states in which a firm operates. For smaller companies operating on wafer thin margins, hiring accountants and technical staff could substantially dent their bottom line. Sanjiv Mehra, head of a traders'' body in Delhi, reckons a "prohibitive" cost could prove to be counterproductive. "Compliance is needed for input tax credit," he said. "But what if you are in a business where margins are strong and allows you to forsake credit?" But despite its flaws, many analysts think the new tax will be good news for bigger established businesses, because it will sweep away an array of federal and state sales taxes, levied at different stages of the supply chain, that often result in double taxation. The government estimates the GST will save companies around $14 billion because it will allow them to organize their warehouses and supply chains more efficiently. Firms can now move to demand-based "hub-and-spoke" models used globally, rather than operating state-by-state. "Those companies which can wring out the maximum cost efficiency are the ones investors should bet on," said Ajay Bodke, head of portfolio management services at financial firm Prabhudas Lilladher in Mumbai. "All consumer-facing industries will be big beneficiaries of the GST." (Reporting by Rajesh Kumar Singh; Editing by Alex Richardson)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/us-india-tax-compliance-idINKBN19K299'|'2017-06-29T18:33:00.000+03:00'
'2c23914b2248bc39f1dd2c2d1485894c1ce43474'|'China Vanke buys land assets of bankrupt Guangdong trust for $8.13 billion: report'|'HONG KONG China Vanke Co Ltd ( 2.SZ ) ( 2202.HK ) has won the right to buy companies holding assets including land for 55.1 billion yuan ($8.13 billion), in a landmark auction of equity rights in China, state media reported on Thursday.The companies were subsidiaries of Guangdong International Trust & Investment which in 1999 became China''s first non-bank financial institution to enter bankruptcy.The auction was the first to use an exchange platform to dispose of property as part of a legal procedure, Xinhua news agency reported, citing Guangdong Assets and Equity Exchange Group.The assets involved land situated in central Guangzhou, a top-tier city in southern China, with the biggest land parcel measuring about 200 hectares, the news agency said.China''s second-largest property developer by sales bid 23 percent over the assets'' listed price, beating bids from eight peers, Xinhua reported. Another media outlet, Guangdong News, said the company would use the land for residential projects.China Vanke did not immediately respond to a Reuters request for comment.Developers in China are increasing resorting to mergers-and-acquisitions to build land banks as city governments impose restrictions on land auctions.(Reporting by Clare Jim; Editing by Christopher Cushing)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-vanke-land-idINKBN19K19L'|'2017-06-29T08:45:00.000+03:00'
'382a1c012af0964b89b5ddbaff4493c1c9ed1998'|'Action against Home Capital given class status for settlement purposes'|'Market  33pm EDT Action against Home Capital given class status for settlement purposes June 28 Home Capital Group Inc said on Wednesday that the Ontario Superior Court has certified as a class action an action against the company and certain former officers for settlement purposes only. The class consists of all parties who acquired common shares of Home Capital from Nov. 5, 2014, through July 10, 2015, Home Capital said. The settlement is part of a global settlement to resolve the action and related enforcement proceeding by the Ontario Securities Commission (OSC), the company said in a statement. Earlier in the month, Home Capital, Canada''s biggest non-bank lender, agreed on a settlement with the OSC and accepted responsibility for misleading investors about problems with its mortgage underwriting procedures. The company said the settlement is subject to final approval by the court and by the OSC of the settlement of the regulatory proceeding. The hearing to approve the OSC settlement is scheduled for Aug. 9, and a hearing to approve the class action settlement is scheduled for Aug. 21, the company said. (Reporting by Arunima Banerjee in Bengaluru; Editing by Leslie Adler)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/home-capital-lenders-settlement-idUSL1N1JP27Z'|'2017-06-29T02:33:00.000+03:00'
'b6f1532c6e9ef73cb9f82cd3ca9abf4c197b70d2'|'Philippines mining bureau official says open-pit ban has ''no legal basis'''|'Environment   5:44am BST Philippines mining bureau official says open-pit ban has "no legal basis" MANILA A ban on open-pit mining in the Philippines enforced by a former environment minister has "no legal basis" and is under review, a senior official at the government''s mines bureau said on Thursday. "In the Philippines ... surface mining or ''open-pit'' is technically and financially feasible," Larry Heradez, chief of the Mines and Geosciences Bureau''s legal division, told reporters. Heradez is part of a team that is reviewing the policy orders of Regina Lopez, the former environment secretary who was dismissed last month. Heradez also said that some of the 75 mining contract cancellations that Lopez ordered may end up being upheld due to "possible violations like non-payment of taxes and non-implementation of work programmes". (Reporting by Enrico dela Cruz; Writing by Manolo Serapio Jr.)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-philippines-mining-idUKKBN19K0DQ'|'2017-06-29T07:41:00.000+03:00'
'29e812c190b97588d53037095707377ff16718b2'|'New central bank harmony has markets changing their tune'|'By Marc Jones - LONDON LONDON The world''s top central bankers have delivered what seems to be a collective message this week that quantitative easing is being put back in its box and interest rates are going up - and global markets are taking note.Until then at least, stock and bonds had again been trading higher on the premise that the total pot of global liquidity was still swelling despite rising Federal Reserve rates - courtesy of ongoing European Central Bank and Bank of Japan bond buying programmes, most of all.That''s why Mario Draghi''s apparent change of tack on Tuesday had such an impact on every global asset from Wall Street to London and Tokyo - far more than any of the latest Fed utterances.German Bund yields, a proxy for core Europe''s borrowing costs, doubled, spreads between U.S. debt and almost everywhere else tightened, and a number of big banks declared the dollar rally dead as the euro put it to the sword.SEB investment management''s head of asset allocation, Hans Peterson, said the central banks and their ultra-accommodative policies were "slowly, slowly, slowly turning"."It remains to be seen how markets react longer-term," he added. "The thing is, we have a whole generation of investment managers and people in the markets that have never lived without central bank support."Suddenly, the usual central bank noise has suddenly harmonised over what the Bank for International Settlements - where dozens of central bankers met at the weekend - called the "great unwinding" of easy money.Hours after Draghi spoke, U.S. Federal Reserve chief Janet Yellen was warning of high asset price valuations, a colleague was talking about putting its balance sheet on "autopilot", and Bank of England Governor Mark Carney had pirouetted from saying that now was not the time to think about rate hikes to saying they would soon have to be discussed.Despite the initial knee-jerk moves, markets remained relatively cautious, wary that subdued global inflation and wage growth - which policymakers openly admit they are struggling to understand - will delay their reactions.A Bank of England rate hike is now 80 percent priced-in by March next year, and Canada is at 70 percent after talk of rate rises there too this week.But traders are still not banking on another Fed rate rise in the next 12 months, and the ECB is not expected to raise rates in that timeframe either, even if privately some of its hawkish members say it could.PULLING OUT THE PLUGBetween them, the Fed, the ECB, the BoE and the Bank of Japan have hoovered up almost $15 trillion of bonds over the last eight years, roughly three-quarters of what the U.S. economy is worth.The current rate of accumulation is still almost $200 billion a month, split almost equally between the ECB and BOJ. Even if $50 billion was lopped off in the next six months or so as the Fed trims its balance sheet, it will all be carefully managed.Therefore the assumption is that there won''t be a meaningful reduction in liquidity for at least a year."The sink will be broadly as full as it has been, even with the plug gradually being removed," said Neil Williams, chief economist of UK fund manager Hermes.The banks will be all too aware that, despite all their cheap money, a decade on from the big credit crash, economies remain highly indebted.Global debt levels have climbed $500 billion in the past year alone to a record $217 trillion, one of the most authoritative trackers of global capital flows, the Institute of International Finance (IIF), said this week.It adds up to 327 percent of the world''s annual economic output. The IIF warned of "rollover" risks in store, especially in emerging markets, where $1.9 trillion will have matured by the end of 2018.SEB''s Peterson thinks equities will be the place to be as rates rise, but that any sign of corporate borrowing costs starting to rise away from official interest rates should be seen as a warning.The difference between the 10-year U.S. Treasury yield and the average on Barclays'' corporate bond index is currently just 0.3 percentage points - 2.2 compared to 2.5 percent - virtually the lowest in three years.SEB''s Peterson said the end of central bank largesse would be a big change, but that "as long as they do it in a transparent way and with good care for the markets, it is natural".(Additional reporting by Jamie McGeever and Vikram Subhedar; Editing by Kevin Liffey)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/global-centralbanks-markets-idINKBN19K289'|'2017-06-29T18:39:00.000+03:00'
'821e39590eeb1067628acd2feb36d59714571601'|'Caisse fires back at Boeing over Bombardier claims'|'Market News - Wed Jun 28, 2017 - 8:02pm EDT UPDATE 1-Caisse fires back at Boeing over Bombardier claims (Updates with comments from Boeing and Pentagon) By Matt Scuffham NEW YORK, June 28 Quebec''s largest pension fund has dismissed as "absolute nonsense" claims by Boeing Co that its $1.5 billion investment in Bombardier Inc''s rail business amounted to an unfair subsidy to the Canadian company. Caisse de depot et placement du Quebec''s Chief Executive Michael Sabia said in an interview with Reuters on Wednesday that the U.S. aerospace company, headquartered in Chicago, was itself a recipient of state aid. "I guess the guys at Boeing are so used to being subsidized by the defense department in the United States that they can’t understand what a subsidy is anymore because they live off them," he said. In April Boeing asked the U.S. Commerce Department to investigate alleged subsidies and unfair pricing for Bombardier''s CSeries airplane, accusing Bombardier of having sold 75 of the planes to Delta Air Lines Inc last year at a price well below cost. The U.S. International Trade Commission last month gave approval to the U.S. Commerce Department to begin preparing anti-dumping and anti-subsidy duties against new jets from Bombardier "It is just outrageous that a company that''s subsidized by the U.S. government as Boeing is presumes to take such an action," Caisse''s Sabia said. However, Boeing spokesman, Dan Curran, said, "Rulings by the World Trade Organization prove that assertions about subsidies to Boeing are incorrect. "Our petition to the International Trade Commission seeks to restore a level playing field in the U.S. single-aisle airplane market. This is the normal course of resolving such commercial trade disputes between two companies, and we will let that process play out. Pentagon spokesman, U.S. Navy Commander Patrick L. Evans said, "Secretary Mattis'' priority for the Department of Defense is clear: to increase military readiness while gaining full value from every taxpayer dollar spent on the defense of our nation." The Caisse has a dual mandate both to maximise returns for depositors and support economic growth in the Canadian province. Sabia said the Caisse operated independently of the Quebec government and the decision to invest in Bombardier was a commercial one. "If somebody would give me another dozen of those I would be the happiest guy in Manhattan today to put it mildly. "We have negotiated something that has no downside risk and unlimited upside exposure. Give me another dozen. Give me 20 of those." (Additional reporting by Alwyn Scott in New York and Mike Stone in Washington DC; Editing by Carmel Crimmins) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/caisse-ceo-boeing-idUSL8N1JP68N'|'2017-06-29T02:05:00.000+03:00'
'2633c579931d4e94cf179ee3a2192e18dac3dbf8'|'AI in your earphones? The brave new world of hearables - Guardian Small Business Network'|'D o you tend to stuff your earphones in your pocket? Or perhaps they’re buried in your backpack? When you’ve invested in a set of ‘hearables’, you might handle them more carefully. These in-ear computers could help you get fit, improve your hearing and translate foreign languages.The global market for Bluetooth-connected and wireless earbuds and headphones will be worth $40bn by 2020 , calculates Nick Hunn, an analyst and chief technology officer at WiFore Consulting. His figures show a surge in the sales of Bluetooth-connected devices, which surpassed wired headphone sales, the former market leader.It’s tempting to suggest this is thanks to Apple’s decision to ditch the headphone socket in its latest iPhone in favour of AirPods (Apple-branded wireless earbuds). But it seems this merely accelerated an existing trend: people started buying these wireless devices two to three years ago, before AirPods launched. Hearables startups are now in a sweet spot. Hunn says: “You have rising demand just at the time the audio industry, particularly in the hearing aid market, is making advances in miniaturising advanced technology so it can fit inside a small ear bud.”The entrepreneurs behind these audio inventions are typically reliant on crowdfunding. A good example is Bragi . It has developed a new way for electronic devices to interact with earbuds. This means, for example, that smartphones can be controlled without their owner needing to touch them. Instead, you can use head movements to take calls and browse your music library – useful when jogging or cycling.From busuu to Babbel, language-learning startups adapt to thrive Read more Nikolaj Hviid, Bragi’s CEO, says more advanced wireless earphone technology will be made possible as mobile internet improves, since less power will be needed for good connectivity. “We’ll be able to ditch the smartphone and have all the processing done within the earbuds themselves,” he explains. “It’s an exciting space [for startups] because you can get going by exciting the public on Kickstarter: they are likely to get [behind] your idea faster than venture capitalists.”For David Cannington, co-founder at earphone startup Nuheara , the real opportunity for earbuds is in using the tiny microprocessors to improve hearing. He points to widespread hearing problems: research from Action on Hearing Loss, for example, suggests that, in the UK, one in six people has some form of hearing loss. Cannington describes a common condition, colloquially called pub deafness. “You struggle to hear a friend speak over the background clatter. That’s why we concentrate on settings that allow you to focus on whatever surroundings you’re in, such as boosting the sound of the person talking in front of you but bringing down the background chatter.”Noah Kraft, CEO at Doppler Labs agrees. The company’s Here One earbuds are made to enhance your hearing, even if you do not have hearing issues. It is working, for example, to improve noise-cancelling technology. Instead of blocking out all noise, Kraft claims his ear buds can block the roar of a jet engine but allow speech to pass through.Kraft has bigger plans for the technology, though. “It’s not natural for us to tap a piece of glass to communicate, whether it’s on a phone or a wearable smartwatch.” Instead, he imagines voice-activated assistants controlled through ear buds, which would make laptops and smartphones obsolete.Another pioneering feature hearable startups are working on is in-ear translation, typically via a smartphone app. Waverly Labs , for example, aims to help people hold a normal conversation, but while each of them are speaking different languages. At the moment, both parties need an earpiece and the mobile app, and there tends to be a lag in conversation. But Andrew Ochoa, Waverly Labs’s CEO, predicts this will change. He says: “We foresee [the technology] being hosted inside the earpieces soon so conversations can happen in real time in different languages and sound a lot more natural.”According to Nick Hunn, startups are bound to begin vying to do for earbuds what Dr Dre’s Beats brand did for headphones (ie making them a must-have accessory). But he is not so sure the likes of Apple will be queuing up to buy entrepreneurs’ hearables as they have all the expertise they need in-house.However, as the Apple watch moves towards health apps, the company could be eyeing up startup inventions in that area. Hunn says: “The ear’s a far better place than the wrist for most biometric sensors, so if someone comes up with a good health hearable, that could be different.”But this scenario good be a way could be a while off. Hunn says that far too many startups have not raised enough money to build both the technology they envision and a breakthrough brand. “Most crowdfunding initiatives fail because they promise too much,” he adds. “[Startups would] do far better to concentrate on one feature and do it really well.”Some of these startups don’t realise yet that they’re the canary in the mineshaft for the big tech guysNick Hunn, analyst and chief technology officer at WiFore Consulting However, Waverly is one example of crowdfunding success, selling $5m worth of its pilot range of ear buds through a crowdfunding page, which meant not giving any stock away. In Hunn’s view, while crowdfunding can be a useful way to pre-sell, it is more a marketing exercise than a realistic way to build the technology. He adds: “The huge tech companies are more than happy to see startups throw millions at ear buds to find out what’s possible, and what’s popular, before launching their own solutions. Some startups may well yet find they’re inadvertently contravening patents belonging to an audio giant who will let them develop the tech so far before they step in.”But he doesn’t expect this to occur until one of the startups becomes commercially successful. If they become a threat, a bigger player might then use a injunction for infringing a patent to buy them out at a cheaper price. “Some of these startups don’t realise yet that they’re the canary in the mineshaft for the big tech guys.” Hence, Paul Jobin, founder of Snugs , believes he may be on to a better bet by ignoring this technology-driven battle and concentrating instead on improving the fit of earbuds. Jobin turned down an offer on Dragons’ Den for a 5% stake in his company in preference for venture capital. He now has £25m worth of backing to roll out 3D scanners. These map the inside of an ear to provide a plastic tip that attaches to the end of an earbud so it fits the ear perfectly.The next step for Jobin is an app that will use the twin cameras in the latest smartphones to provide a 3D map of the ear. Customers could do this at home, and then select a pair of tips.As for the startups focusing on the inside workings of earbuds, Hunn says they will develop at a faster pace once technology allows for several days of battery life in earbuds.He adds that the big technology players are likely to one day buy out hearables startups if they can show one of three qualities: a good solution, a good user-base or making a name with a specific, effective invention. “My guess is that they are going to be sensibly valued in the mid tens to hundreds of millions - I don’t think we know who they are yet.”Sign up to become a member of the Guardian Small Business Network here for more advice, insight and best practice direct to your inbox. Topics Guardian Small Business Network Adventures in Business Technology sector Entrepreneurs Small business Headphones features'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/small-business-network/2017/jun/29/ai-earbuds-brave-new-world-hearables-startups'|'2017-06-29T14:00:00.000+03:00'
'11f1f4d8183983050cd1c8738d42f3854ff925ff'|'Google''s fine is big news but the company faces a far bigger threat - Technology'|'Google has come face to face with two of its greatest nightmares this week. The first garnered enormous attention worldwide, and will be an expensive period regardless of how it shakes out; but the second flew below the radar, despite the fact that it could eventually be far more damaging to the company’s operating model.Hitting the headlines was the European Union’s record €2.4bn fine of Google for anticompetitive practices relating to its shopping service . At the heart of the issue is the fact that the company treats its shopping search engine – Google Shopping – differently from those of competitors, placing it at the top of searches for products by default, and relegating similar services like price comparison site Kelkoo far down the results.The EU’s competition commissioner, Margrethe Vestager , has given the company 90 days to comply, though left the nature of that compliance up to Google. In practice, the company is forced to pick between two unpalatable options: either opening up an API so that other shopping services can put their own comparisons in the same, incredibly valuable slot (unlikely), or removing Google Shopping results from the top of the search, and forcing users to deliberately switch over to the shopping site if they want to use its functionality.Unless it succeeds in an appeal, it seems like the latter option is the one Google will pick. The €2.4bn fine may be a drop in the ocean for the company, coming in at just 3% of its $92bn cash hoard. But it’s not the only fine that the company faces: if it doesn’t comply within 90 days, the EU maintains the right to start imposing a daily fine of 5% of revenues. That would be rather harder to shake off.What’s more, Google is keeping its eye on two other investigations from Vestager’s commission. One, into Android, threatens Google’s presence on more than a billion phones worldwide, as the EU investigates whether it is forcing handset manufacturers’ hands over which apps and services to include when they build an Android phone. The other, into AdSense, looks at whether the company “has reduced choice by preventing third-party websites from sourcing search ads from Google’s competitors”, and poses an even greater risk: AdSense is Google’s crown jewel, the single most profitable service it owns.If Google does scrap Google Shopping’s advantageous placement (in the EU, at least), it probably won’t have the effect desired by Vestager and other litigants. Although it may seem like services such as Kelkoo are the natural competitors hurt by Google shopping – and Kelkoo certainly thinks that, saying that it “expects Google to present a solution that is effective in bringing the vertical search industry back to life” – the likely beneficiary is just another US mega-corporation: Amazon.Even today, with Google Shopping still occupying its slot at the top of searches, Amazon already captures more shopping “searches” than Google. Yes, those searches all result in purchases from one marketplace, but for the typical consumer, that doesn’t matter: the Everything Store sells everything, so why go anywhere else? And unlike Google Shopping, purchases from Amazon also use your saved payment information, don’t require you to set up a new user account from whichever Amazon Marketplace merchant you buy from, and have a simple, unified experience.Shopping, which was relaunched in 2012 from the service previously called “Google Product Search” – itself launched in 2002 as Froogle before being relaunched in 2007 – was Google’s major attempt to fight that trend. If it has to shut it down, Amazon’s domination seems all but guaranteed.At the same time, however, Amazon was already fairly dominant. A bigger concern for Google in the long run comes, not from the EU, but from Canada, where the country’s supreme court has ruled, in a 7-2 decision, that Google can be forced to pull results worldwide – not just from Canadian versions of its search engine.“The internet has no borders – its natural habitat is global,” the court wrote in its judgment. “The only way to ensure that the interlocutory injunction attained its objective was to have it apply where Google operates – globally.” Google will now have to remove search results about a particular network device manufacturer, accused in Canada of intellectual property theft, from all its search pages.The company argued that the global reach of the order was unnecessary and that it raised concerns over freedom of expression. But it’s not the first time it has faced these concerns: in France, the data protection regulator has made a similar claim , arguing that the European “right to be forgotten” is not sufficiently carried out unless it, too, is applied worldwide. Unlike the Canadian judgement, Google still has the prospect of winning in France on appeal, and the case has been worming its way to the Conseil d’État, the country’s highest court.Google has strong ideological reasons to fight such rulings. As the company said in the French case, such orders “could lead to a global race to the bottom, harming access to information that is perfectly lawful to view in one’s own country … We have received demands from governments to remove content globally on various grounds – and we have resisted, even if that has sometimes led to the blocking of our services.” Laws such as Thailand’s rules against insulting the king are often brought up, and with good reason. It would indeed be disastrous if such rules were applied globally.Of course, one country does get to apply its rules globally: the US. Perhaps the best example of this can be seen in the way Google’s copyright procedures hew to the American Digital Millennium Copyright Act, wherever in the world a user is: regardless of what fair use rules are in your particular country, if you want to get a video taken down from YouTube, Google will apply US law in working out whether it is infringing.Copyright protections are internationally accepted in a way most other censorship is not, of course. The Berne convention, which sets international standards for intellectual property protection, has 171 signatories.But they still get to Google’s real fear at the heart of its opposition to courts claiming global jurisdiction: it poses the risk of an end to its policy of divide and rule.Tech companies, the received wisdom goes, are too big to regulate. They operate internationally, and countries are competing in a marketplace of 192 competitors; if any one becomes too onerous, technology firms will just pull out and redirect their efforts elsewhere.But both the events this week pose a risk to that regime. The EU, in throwing its weight around, has shown that a consortium of 28 countries can be big enough that companies have to sit up and pay attention (and will still be big enough when it’s 27). And Canada’s judiciary, in refusing to be cowed, forces Google to put its money where its mouth is: would it really pull out of a mid-sized developed nation over a point of principle?If not … would it ever?Topics Google European Union Margrethe Vestager Europe Alphabet analysis'|'theguardian.com'|'http://feeds.guardian.co.uk/theguardian/business/uk-edition/rss'|'https://www.theguardian.com/technology/2017/jun/29/googles-fine-is-big-news-but-the-company-faces-a-far-bigger-threat'|'2017-06-29T03:00:00.000+03:00'
'a54a59ed4b78f16a3cc401f79c1f0a768b80e204'|'Oil rises for sixth session, buoyed by U.S. output decline'|'Business News - Thu Jun 29, 2017 - 1:28am BST Oil rises for sixth session, buoyed by U.S. output decline An oil pump jack can be seen in Cisco, Texas, August 23, 2015. REUTERS/Mike Stone SINGAPORE Crude oil futures rose for a sixth consecutive session on Thursday, as a decline in U.S. production underpinned the market that has been under pressure from a global supply glut. U.S. West Texas Intermediate (WTI) crude CLc1 rose 7 cents, or 0.2 percent, to $44.81 per barrel by 0003 GMT, while the benchmark Brent futures LCOc1 gained 8 cents, or 0.2 percent, to $47.39 a barrel. WTI climbed to $44.90 a barrel, matching Wednesday''s peak price which was highest since June 19. The U.S. Energy Information Administration (EIA) said crude stocks rose 118,000 barrels last week, while weekly production declined 100,000 barrels per day (bpd) to 9.3 million bpd. That was the biggest decline in weekly output since July 2016. There was additional support stemming from a decline in U.S. gasoline inventories. "Prices were also supported after data showed another strong drawdown in inventories in the U.S.," ANZ said in a note. "Gasoline inventories fell 894,000 barrels. This suggests demand is starting to pick up, after a slow start to the U.S. summer driving season." Other analysts and traders noted the U.S. production decline last week was related to temporary factors like Tropical Storm Cindy in the Gulf of Mexico and maintenance work in Alaska that will likely be reversed in coming weeks. Futures rose after the EIA report, even though data showed a build instead of the 2.6 million-barrel draw that analysts had forecast in a Reuters poll. Ian Taylor, head of the world''s largest independent oil trader Vitol, said Brent will stay in a range of $40-$55 a barrel for the next few quarters as higher U.S. production slows a rebalancing of the market. Analysts at JBC Energy in a report saw room for prices to recover, saying "there is now significant room for speculative support for prices to develop if a catalyst were to emerge." Still, global supplies are ample despite output cuts by the Organization of the Petroleum Exporting Countries (OPEC) and other producing countries of 1.8 million bpd since January. OPEC and the other producers, trying to reduce a crude glut, agreed in May to extend the supply cut through March 2018. But OPEC has exempted Nigeria and Libya from cutting output. OPEC delegates have said they will not rush to cut crude output further or end the exemptions, although a meeting in Russia next month is likely to consider further steps to support the market. (Reporting by Naveen Thukral; Editing by Richard Pullin)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-global-oil-idUKKBN19K02C'|'2017-06-29T03:28:00.000+03:00'
'bd6ae2556c21c6e8605d0acc08b8f46ca4546a9d'|'LPC-Thom Europe launches €760m dividend recap after failed sale'|'By Claire Ruckin - LONDON, June 29 LONDON, June 29 Jewellery retailer Thom Europe has launched €760m of leveraged loans to refinance existing bonds and pay a dividend to shareholders, it announced on Thursday.The financing launched after a failed attempt to sell the business, banking sources said.Thom, which is majority owned by private equity firm Bridgepoint alongside France-based Apax, hired Rothschild and Goldman Sachs for a dual-track sale or IPO process last year, valuing the company at around €1bn.An exit via a sale was the focus and an auction process kicked off in February 2017.However, after failing to strike an agreement with a buyer, shareholders are now set to extract value with a dividend payment of around €100m, the sources said.The loan comprises a €670m term loan B and a €90m revolving credit facility and will refinance €536.8m of existing senior secured notes due 2019, the announcement said.BNP Paribas, ING, JP Morgan, Societe Generale and UniCredit are leading the dividend recapitalisation and a bank meeting is set to take place on Monday to show the details to investors, when full details of the financing, such as pricing will emerge, the sources said.Created from the 2010 merger of French chains Histoire d''Or and Marc Orian, Thom Europe purchased Italy''s Stroili and Germany''s Oro Vivo last year.(Editing by Christopher Mangham)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/thom-loans-idINL8N1JQ545'|'2017-06-29T13:23:00.000+03:00'
'9a97c00edd521d053018d742c57d46fa2503186c'|'PRESS DIGEST- Financial Times - June 29'|'June 29 The following are the top stories in the Financial Times. Reuters has not verified these stories and does not vouch for their accuracy.Headlines* U.S. banks given green light for bumper payouts. on.ft.com/2sjBZLv* U.S. demands tougher airline security but avoids laptop ban. on.ft.com/2sj7wgt* Rolls-Royce plans new test plant for Derby. on.ft.com/2siPGdFOverview* The Federal Reserve has approved plans from the 34 largest U.S. banks to use extra capital for stock buybacks, dividends and other purposes beyond being a cushion against catastrophe.* U.S. Homeland Security Secretary John Kelly on Wednesday unveiled enhanced security measures for foreign flights arriving in the United States in what officials said was a move that aims to end a limited in-cabin ban on laptops and other large electronic devices and prevent its expansion to additional airports.* Britain''s Rolls-Royce will announce on Thursday that it will commit at least 150 million pounds ($194.06 million) to a new facility for testing large civil turbines in Derby. ($1 = 0.7730 pounds) (Compiled by Bengaluru newsroom; Editing by Sandra Maler)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/britain-press-ft-idINL8N1JP6GJ'|'2017-06-28T21:27:00.000+03:00'
'fe113c1b1222128d43ae5b6af1d79ed1cac475cc'|'German inflation picks up unexpectedly in June, state data suggest'|'Business News   11:03am BST German inflation picks up unexpectedly in June, state data suggest People walk in front of the shopping center Lago in the southern German town of Konstanz January 17, 2015. REUTERS/Arnd Wiegmann BERLIN German inflation probably accelerated in June, regional data suggested on Thursday, suggesting a solid upswing in the economy is pushing up price pressures as euro zone inflation moves closer to the European Central Bank''s target. The data comes only days after ECB head Mario Draghi hinted that the bank''s asset-purchase programme would become less accommodative going into 2018 as regional growth gains pace and inflation trends return following a period of falling prices. In another sign of rising price pressures in the 19-member single currency bloc, Spanish consumer prices rose more than expected in June, preliminary figures showed on Thursday. In the German state of Hesse, annual inflation rose to 1.9 percent in June from 1.7 percent in May, the data showed. It also edged up in Saxony, Brandenburg and Baden-Wuerttemberg while it remained stable in North Rhine-Westphalia and Bavaria. The state readings, which are not harmonised to compare with other euro zone countries, will feed into nationwide inflation data due at 1200 GMT. A Reuters poll conducted before the release of the regional data suggested EU-harmonised consumer price inflation fell to 1.3 percent in June from 1.4 percent in May. Capital Economics analyst Jennifer McKeown said the state readings now suggested that German inflation edged up in June to 1.5 percent, adding that price pressure would rise further in the coming months due to the robust German labour market. "This will offer some comfort to the ECB, which has stressed that a sustained increase in underlying inflation is a key condition for policy normalisation to begin," she added. (Reporting by Michael Nienaber in Berlin Editing by Jeremy Gaunt)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-germany-economy-inflation-idUKKBN19K151'|'2017-06-29T13:03:00.000+03:00'
'0b564c0a0c01ac920a2a848748b7722e124af612'|'Rio Tinto shareholders approve $2.69 billion coal sale to Yancoal'|'Business News - Thu Jun 29, 2017 - 6:49am BST Rio Tinto shareholders okay $2.69 billion coal assets sale to China-backed Yancoal A woman runs past the reception desk of the Rio Tinto Limited Shanghai Representative Office in Shanghai March 22, 2010. REUTERS/Stringer By James Regan - SYDNEY SYDNEY Rio Tinto ( RIO.AX ) ( RIO.L ) shareholders approved the sale of a suite of Australian coal assets to China-backed Yancoal Australia ( YAL.AX ) for $2.69 billion (£2 billion), ending a bidding war with commodities trader Glencore ( GLEN.L ). The sale was approved by 97 percent of shareholders of Rio Tinto''s UK and Australian-listed shares, Rio Tinto said on Thursday in a statement to the Australian stock exchange. Rio Tinto Chairman Jan du Plessis said funds from the sale had yet to be allocated within the company amid some calls by shareholders to use the money to boost dividends or buy back shares. "What to do with the money? That''s a good problem to have," du Plessis told a meeting of shareholders in Australia minutes before they voted overwhelmingly in favour of the deal. "Let''s wait until we get the cheque in the bank," du Plessis added. Rio Tinto, which has dual primary stock listings in Australia and Britain, confirmed Yancoal as the preferred buyer on June 26 after Yancoal topped Glencore''s offer of $2.675 billion. Votes were held in London and Australia because Yancoal is deemed a related party to one of Rio Tinto''s major shareholders, China-backed Chinalco. Yancoal is a 78 percent-owned subsidiary of Yanzhou Coal Mining Co, which is 56 percent owned and controlled by a Chinese state-owned enterprise, Yankuang Group. Rio Tinto''s London shareholders voted on Tuesday. Both Yancoal and Glencore were forced to increase their offers above most analysts'' valuations of about $2 billion to remain in the running. Before the votes, Rio Tinto highlighted a range of advantages in the Yancoal offer, which it said included a better chance of completion coupled with a $225 million break fee. Importantly, according to analysts, Rio Tinto also said the Yancoal offer included "a faster and more certain timetable", closing the transaction in the third quarter of 2017. It would take until at least the first half of 2018 to complete Glencore''s transaction, according to du Plessis. Glencore is already the world''s largest exporter of sea-traded thermal coal, with interests in 28 mines in Australia, Colombia and South Africa. It aimed to blend Rio Tinto coal with its existing operations to custom-tailor shipments to power-generating customers in Japan, South Korea and Taiwan. It first tried to acquire Coal & Allied in 2015, when Rio Tinto made it clear that coal was no longer part of its growth strategy. Rio Tinto derives most of its revenue from iron ore, copper, aluminium and bauxite. Glencore and Yancoal were not immediately available for comment. (Reporting by James Regan; Additional reporting by Sonali Paul; Editing by Richard Pullin and Muralikumar Anantharaman) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-rio-tinto-divestiture-yancoal-idUKKBN19K0F2'|'2017-06-29T07:56:00.000+03:00'
'1bcbca3bbf94ca014dafd380f90b1548a941b60c'|'Greece says can return to bond markets even without ECB buying'|'Business News   8:36am BST Greek return to bond markets is possible with or without ECB''s QE - Finance Minister Greek Finance Minister Euclid Tsakalotos attends a cabinet meeting at the parliament in Athens, Greece June 13, 2017. REUTERS/Costas Baltas ATHENS Greece''s short-term objective is to return to bond markets and this will be possible even without the inclusion of its bonds in the European Central Bank''s quantitative easing programme, the country''s finance minister said on Thursday. "The Greek government now has a short to medium-term objective which is of course access to the markets, which is... a possibility with or without QE," said Finance Minister Euclid Tsakalotos at an Economist conference in Athens. "We don''t want to go too early but ... when we do go we want to ensure that markets know that this is part of a strategy," he said. Tsakalotos said he was "entirely confident" that Greece would post "good growth" in 2017 and 2018. "The medium term (target) is to make sure that this growth is sustainable," he said. (Reporting by Renee Maltezou and Lefteris Papadimas)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-eurozone-greece-finmin-idUKKBN19K0R5'|'2017-06-29T12:07:00.000+03:00'
'a84719095e936132e23f4fa3b358ddeabbf5af74'|'Trains, planes and automobiles: the transport systems embracing smart tech - Public Leaders Network'|'T he transport industry is going through a revolution. You can now buy your train tickets through apps and pay with Apple Pay. In cities, you can tap your contactless bank card to pay for public transport, and of course Uber has reinvented the taxi sector. It’s already difficult to remember what journeys were like in the age of the paper ticket.Done well, digitising transport services can create a better customer experience, and improve the efficiency, and ultimately the profitability and sustainability, of our transport system. But which sectors are ahead of the curve?“Every part of transport is embracing something under the digital umbrella, but they are all embracing different parts of it,” says Grant Klein, transport partner at PwC.“There is a glut of technologies which we think will have an impact on how transport services are provided in the coming decades, as well as on how new transport infrastructure is created and maintained.”These include digital sensors, wearable smart devices and appliances, virtual reality, augmented reality, Blockchain (the database technology made famous by Bitcoin), 3-D printing, and drones, robotics and artificial intelligence.These technologies are already beginning to make a difference. Drones are being used to check the condition of infrastructure like roads and railways so maintenance crews can be better utilised. Virtual reality is helping railway staff to learn how to work on new rolling stock. In the motor industry, robotics and ‘virtual prototyping’ are already being used , while in the aerospace industry, manufacturers are using the ‘internet of things’ , as well as using the cloud instead of their own web servers.And as people get more comfortable with digital technology in their everyday lives, customer expectation is changing too. There is a growing demand for transport as a service. Klein says: “imagine you have a single account that enables you to use the train, the bus, a cycle hire scheme or a rental car. That’s the concept behind so-called mobility as a service – or Maas. Real examples of this are already happening in cities like Hannover .”Facebook Twitter Pinterest The continental urban mobility experience (Cube) – a robo-taxi and autonomous vehicle to transport passengers, in use in Hannover, Germany. Photograph: Alexander Koerner/Getty Images Driverless carsThe big innovation on the horizon for road transportation is driverless cars. In car manufacturing, we will see a new generation of “smart” motoring technology, says Kate Rock, a spokeswoman for Goodyear Tyres, who have just launched the Eagle 360 Urban, an artificial intelligence tyre.“We believe strongly in the idea that shared mobility will soon become the norm and that car ownership will become less common,” Rock says. “There will be a tipping point where autonomous technology will reach the stage where we use on-demand services for everyday travel. As a result, our cities will ultimately begin to change, as they are no longer designed for cars and there is less need for practical road elements like car parks and traffic lights.”Collaboration across industry sectors will be key to making digital technology a reality, she says. “Our smart tyres need to work in harmony with other features such as navigation systems and safety tools that prevent collisions – this will be the same with electric and flying cars.”“There’s a political will for us to work together as an industry"Kevin Ives, digital transformation director of ArrivaThis may sound like science fiction, but Rock says they could soon become a reality. “There’s a good chance this technology will be with us in the next ten years, but it won’t be a case of one company taking a lead. We’re seeing a revolution in the way that we drive, and motoring manufacturers, tech developers and city planners will need to work together to make it happen.”Klein agrees, but while the technology is almost there, not everything is worked out. “One area that needs work is in how these vehicles will be made available to customers,’ he says. “There’s a lot we can learn from how the mobile phone market evolved, with multiple packages on offer to suit customer needs.”“There is clearly work to be done to get to the point where our access to driverless cars is as second nature as our use of smartphones.”Smarter trains The rail industry is further behind on digitisation, however Kevin Ives, digital transformation director of Arriva, says the Rail Delivery Group has helped get national schemes like passenger WiFi off the ground.“When there are national schemes like smart ticketing, we’re much better than we used to be at mobilising ourselves as an industry,” he says. “There’s a political will for us to work together as an industry.”One area the rail industry is making progress on is in fitting sensors, so data can be gathered and analysed to reveal patterns and behaviour. Safety and security is also a priority. Drivers now carry tablets, rather than large manuals of procedures that can’t easily be updated.Aviation ahead of the curve Aviation is ahead of the curve, but there are challenges, says Mary McMillan, vice president at Inmarsat, a satellite network delivering high speed broadband to planes, improving safety and efficiency.“One of the issues in the industry is we’re flying airplanes which are anywhere between two days and thirty years old. Technology on board can be very dated, so we have to ensure that we can integrate both newer and older planes. It’s a massive issue and we have to do it safely.”My beautiful commute. Your journeys to work – in pictures Read moreWhile technology remains at the forefront, policy needs to keep safety as a central priority, says Juliet Jain, senior research fellow at the Centre for Transport and Society. “The government is promoting the idea of high quality 5G network coverage along all transport corridors, which will significantly enhance the capabilities of automated systems,” she says. “However, connecting to the internet while driving could have unintended consequences for road safety.”Following the recent IT collapse at British Airways due to human error, there are concerns being raised about reliance on the internet. In addition, recent attacks on businesses and the NHS have highlighted the issue of cyber-attacks on transport systems.Klein recently led a PwC masterclass that addressed the issue: “ Any transport system needs to be able to deal with threats, and these clearly change as we employ new technology and rely on digital innovation.”“But even in a digital world, threats remain either accidental, such as user or system errors, or malicious, where there is deliberate tampering or unauthorised access to systems.”Sign up for your free Guardian Public Leaders newsletter with comment and sector views sent direct to you every Thursday. Follow us: @GuardianpublicTopics Public Leaders Network transforming transport Transport Technology sector features'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/public-leaders-network/2017/jun/29/trains-planes-driverless-cars-public-transport-systems-smart-technology'|'2017-06-29T14:07:00.000+03:00'
'7c90f56269a80779f19cdf8439b4b33f77797ca3'|'Takata shares plunge, change hands for the first time since Friday'|'Deals - Thu Jun 22, 2017 - 3:08am BST Takata shares plunge, change hands for the first time since Friday FILE PHOTO: Visitors walk past a logo of Takata Corp on its display at a showroom for vehicles in Tokyo, Japan February 5, 2016. REUTERS/Toru Hanai/File Photo TOKYO Shares in Takata Corp ( 7312.T ) changed hands for the first time since sources said last week that the struggling airbag maker was preparing to file for bankruptcy, falling 50 percent in Thursday morning trade. The stock has closed down by its daily limit each day this week after being untraded during the day - a forced close in accordance with Tokyo Stock Exchange rules. It has lost about 75 percent of its value since Friday. Takata, facing billions in liabilities stemming from its defective air bag inflators, is preparing to file for bankruptcy as it works toward a deal for financial backing from U.S. auto parts maker Key Safety Systems Inc, sources have told Reuters. (Reporting by Thomas Wilson; Editing by Edwina Gibbs) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-takata-bankruptcy-stocks-idUKKBN19D05U'|'2017-06-22T10:05:00.000+03:00'
'fa01fe6f36c7a54b3bdc34bf4f008effb301f6e2'|'BRIEF-Fintech firm Blockchain raises $40 mln in Lakestar-led funding'|'June 22 Blockchain:* Raised $40 million in a Series B led by Lakestar with participation from GV, Nokota Management, Digital Currency Group and some existing investors* Participation from existing investors Lightspeed Venture Partners, Mosaic Venture Partners, Prudence Holdings, Virgin, and Richard Branson (Virgin Group)* Fundraising represents the most substantial investment in the fintech space since Brexit and is the largest series B raised by any digital currency co to date* New capital will support global expansion and localization efforts as well as research and development of emerging digital assets (Bengaluru Newsroom: +91 806 749 1136)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/brief-fintech-firm-blockchain-raises-idINFWN1JJ05W'|'2017-06-22T05:13:00.000+03:00'
'2c18322d775173c023f2ed1bb01badefe9b17e45'|'Markets nervous as Brent crude oil falls below $45 – business live'|'Close Skip to main content The Guardian - Back to home become a supporter subscribe find a job jobs news opinion sport arts life Menu news headlines world news UK news science cities global development tech business environment obituaries opinion opinion home the guardian view columnists cartoons opinion videos letters editorials sport sport home football rugby union cricket tennis F1 golf boxing US sports arts culture home books music tv & radio art & design film games classical stage life lifestyle home fashion food recipes love & sex health & fitness home & garden women family travel money What term do you want to search? become a supporter subscribe Sign in/up my account Comment activity Edit profile Email preferences Change password Sign out International edition INT edition: switch to the UK edition UK switch to the US edition US switch to the Australia edition AU switch to the INT jobs dating holidays the guardian app video podcasts pictures newsletters today''s paper the observer digital archive crosswords Facebook Twitter jobs dating holidays business economics banking money markets eurozone more sign in Comment activity Edit profile Email preferences Change password Sign out become a supporter subscribe search jobs dating more from the guardian: dating jobs change edition: switch to the UK edition switch to the US edition switch to the AU edition International edition switch to the UK edition switch to the US edition switch to the Australia edition The Guardian - Back to home home › business › markets eurozone economics banking retail home UK world sport football opinion culture business selected lifestyle fashion environment tech travel browse all sections close Business Business live UK factory orders jump and eurozone confidence hits 16-year high – as it happened All the day’s economic and financial news, as the CBI reports that UK manufacturing picked up in JuneLatest: Eurozone consumer confidence highest since 2001 UK manufacturing orders jump,says CBI Experts are still cautious, though Protests in Greece Earlier:Brent crude has hit a seven-month low, below $45/barrel Markets ‘lose faith’ in Opec Sugar, wheat, cocoa and coffee also falling Updated An employee fits the nose cone to a Trent 700 aircraft engine on the production line at the Rolls-Royce Holdings Plc factory in Derby. Photograph: Bloomberg/Bloomberg via Getty Images Share on Facebook Share on Twitter Share via Email View more sharing options Share on LinkedIn Share on Pinterest Share on Google+ Share on WhatsApp Share on Messenger Close Graeme Wearden Thursday 22 June 2017 16.58 BST First published on Thursday 22 June 2017 08.15 BST Key events Show 4.58pm BST 16:58 European markets close 4.23pm BST 16:23 Nomura: UK rates will rise in August 4.00pm BST 16:00 Greek unions threaten summer of strikes 3.50pm BST 15:50 Eurozone consumer confidence hits 16-year high 12.51pm BST 12:51 UK factory report: What the experts say 12.11pm BST 12:11 Brexit dashboard: UK faces slowdown amid living standards squeeze 11.16am BST 11:16 UK factory orders hit 29-year high Live feed Show 4.58pm BST 16:58 European markets close And finally, European stock markets have closed for the night.In London, the FTSE 100 ended the day down 8 points at 7439, a drop of 0.1%. The jump in factory orders didn’t provide much of a spark, while traders watched for developments from the Brexit talks in Brussels.European stocks ended the day higher, perhaps helped by the jump in eurozone consumer confidence .There’s some relief that oil has climbed back from its seven-month lows ; Brent crude is now up 1.8% today at $45.62, but still looks vulnerable.European stock markets tonight Photograph: Thomson Reuters Joshua Mahony, Market Analyst at IG, says it was a day of ‘low volatility’, and few dramas:Coming on a day which is largely devoid of any major market moving events, we have seen a degree of stability that has been lacking amongst recent political instability. Improved consumer confidence in the eurozone continues the theme of recent months, with investors seeing Europe as a high growth region for the coming years despite Brexit uncertainty. This paves the way for an end of the week that will be heavily focused on the eurozone, with PMI surveys expected to continue the strength seen in recent months.Those PMIs, out tomorrow morning, will give a flash view of how eurozone companies are faring this month.And on that note, it’s time to stop. Thanks for reading and commenting. GW Facebook Twitter Google plus Share Share this post Facebook Twitter Google plus close 4.38pm BST 16:38 Dennis de Jong, managing director at UFX.com , says the jump in eurozone consumer confidence will have delighted the European Central Bank. The eurozone seems to have taken heart from the continued fall in unemployment, and consumer confidence is now at its highest level since 2001 – improving considerably on last month’s ten-year high.“Even the shock general election result in the UK has not dampened the mood on the continent as Brexit discussions kick-off, and chief negotiator Michel Barnier will feel he holds the strongest hand.“However, there are still concerns over inflation, and ECB president Mario Draghi has so far steadfastly refused to taper off the eurozone stimulus programme, perhaps aware that potential banana skins could lie around the corner.”Facebook Twitter Google plus Share Share this post Facebook Twitter Google plus close 4.23pm BST 16:23 Nomura: UK rates will rise in August Hold onto your hats, folks. Japanese bank Nomura have predicted that the Bank of England will raise interest rates at its next meeting, in August. That’s a gutsy move, as BoE governor Mark Carney argued forcibly on Tuesday that it’s too early for a rate hike.However, Nomura analyst George Buckley has predicted that the BoE will raise rates from 0.25% to 0.5%, back to their level before the EU referendum a year ago.Buckley writes:It has been a rollercoaster of a week when it comes to central bank commentary, with Governor Carney’s Mansion House address justifying no change in interest rates but Chief Economist Haldane highlighting the need for a possible imminent reversal of last year’s loosening.On balance, we have decided to change our view and now expect the MPC to raise interest rates by 25bp on 3 August . With the Bank growing increasingly intolerant of above-target inflation, it has begun to feel that weaker data would now be needed to prove the case for keeping policy on hold, rather than stronger data being required to justify higher rates .Buckley points to recent signs that the Bank is more worried about inflation, which is well over its 2% target at 2.9%. He anticipates a ‘dovish hike’, with the Bank pointing out that:a) the move being a reversal of last year’s cut, b) policy is still highly accommodative, and c) future moves will be “gradual and limited”. Jamie McGeever (@ReutersJamie) Now this is a bold call. The Bank of England will raise rates at its next meeting in August, say Nomura''s UK analysts.June 22, 2017 Facebook Twitter Google plus Share Share this post Facebook Twitter Google plus close 4.00pm BST 16:00 Greek unions threaten summer of strikes Helena SmithBack to Greece where today’s protests and the electric atmosphere that prevailed may well be a shocking wake up call for the leftist-led government. Municipal workers are warning of a “very hot summer” if short-term contracts aren’t replaced with permanent positions.“We will continue the fight until the end,” Nikos Trakas who heads the workers’ union said after the protests.“From now on there will be huge and dynamic mobilisations with decisions being taken in the coming hours.” Facebook Twitter Google plus Share Share this post Facebook Twitter Google plus close 3.50pm BST 15:50 Eurozone consumer confidence hits 16-year high Boom! Or do I mean Euroboom? Eurozone consumer confidence has hit its highest level since 2001, underlining how its economic recovery is on track.The EC’s monthly consumer morale index has jumped to -1.3 this month, up from -3.3 in May.A negative reading may not sound much, but it’s actually the strongest number in 16 years.Mike van Dulken (@Accendo_Mike) Eurozone Consumer COnfidence (-1.3 vs -3e vs -3.3 prev) = best since June 2001 pic.twitter.com/h6zLxfJX25 June 22, 2017 With growth accelerating to 0.6% in the first quarter of 2017, and unemployment at a seven-year low, the eurozone is enjoying something of a purple patch.Facebook Twitter Google plus Share Share this post Facebook Twitter Google plus close 3.16pm BST 15:16 Thirty-odd years ago, David Braben was pushing back the boundaries of computer gaming when he and fellow Cambridge student Ian Bell created Elite. Today, he should be celebrating as Frontier Developments, the computer game developer he founded, posted sparkling financial results.With revenue up 75% this year, the company expects to grow operating profits by 500% to £7.2m. It now expects operating profit margins to be towards the top of its previous guidance, of 15-20%.It’s due to the success of two games; Planet Coaster, a theme park game....Photograph: Frontier ...and Elite Dangerous, a massive multiplayer online space adventure game that accurately simulates our whole galaxy.Photograph: Frontier For those of a certain age, the original Elite was quite mind-blowing; Braben and Bell managed to squeeze an open-ended space trading and combat game into just 32kilobytes of RAM, at a time when most people were playing Chuckie Egg (younger readers, ask your parents).Elite Dangerous seems to have tapped into that nostalgia; Frontier crowd-funded the money to create the game, and is turning gamers into repeat customers by releasing regular updates. Shares in Frontier are up 6.5% this morning at 450p, compared with just 300p in mid-April.... Braben says:Our ambition now is to build on this success, continue to invest in our franchises and scale up to create a self-publishing multi-franchise success story.Our third franchise, which is based on an enduring Hollywood movie IP of global renown, is scheduled for release in calendar 2018, and we will provide more details about this exciting project later this year.”Updated at 3.17pm BST Facebook Twitter Google plus Share Share this post Facebook Twitter Google plus close 2.56pm BST 14:56 Fresh protests against Greece’s austerity programme are taking place today, as refuse collectors down tools and demonstrate. Associated Press has the details:Thousands of striking Greek municipal workers marched through Athens on Thursday to press for better employment status, in the latest of a series of protests that have hindered trash collection in major cities.Authorities said that about 5,000 people took part in the demonstration. Protesters briefly scuffled with police, who used tear gas to prevent them from pushing into the parliament complex. No arrests were reported, while two protesters suffered respiratory problems from the tear gas.Contract municipal workers try to enter the Greek Parliament in Athens during today’s protest. Photograph: Aris Messinis/AFP/Getty Images Earlier, some demonstrators had dumped trash outside the interior ministry building.Union officials want the left-led government to grant full-time, permanent state jobs to municipal workers employed on short-term contracts that have expired or are about to expire.A high court has ruled unconstitutional a government attempt to extend the contracts of municipal trash collectors, and government officials say they are seeking an alternative solution.Union members have for days been hindering trash collection across the country, and municipal authorities in Athens and other major cities have asked the public to keep their refuse at home.Greece has been forced to drastically cut public spending and reduce state sector hiring over the past seven years under its international bailout agreements.Pedestrians try to make their way past piles of garbage filling a street in central Athens Photograph: Louisa Gouliamaki/AFP/Getty Images Facebook Twitter Google plus Share Share this post Facebook Twitter Google plus close 2.42pm BST 14:42 Over in Brussels, EU leaders have been gathering for a summit where UK prime minister Theresa May will outline her Brexit plans. European Council president Donald Tusk has caused a stir, by suggesting that Brexit might not even happen.Channelling John Lennon, Tusk declared:“Some of my British friends have even asked me whether Brexit could be reversed, and whether I could imagine an outcome where the UK stays part of the EU.“I told them that in fact the European Union was built on dreams that seemed impossible to achieve. So, who knows? You may say I’m a dreamer, but I am not the only one.”More here:Donald Tusk channels John Lennon in pitch to UK at EU summit Read more German Chancellor Angela Merkel , meanwhile, told reporters that that the EU must prioritise the needs of its remaining members:“We want to have talks that take place in a good spirit and we know that later we will want to work with Great Britain, but the clear focus must be on the future for the EU 27 so that we have results for the better.”German Chancellor Angela Merkel at the German parliament, the Bundestag, this morning Photograph: Markus Schreiber/AP Updated at 2.43pm BST Facebook Twitter Google plus Share Share this post Facebook Twitter Google plus close 2.12pm BST 14:12 Back in London, shares in UK tech firm Imagination have jumped by 16% this morning, after it effectively put itself up for sale. The move comes two months after Imagination shocked the City by revealing that Apple, its biggest customer, would stop using its technology in its iPhones, iPads, and iPods.In a statement today, Imagination said it had received interest from suitors in recent weeks so had begun a formal sale process and is talking to potential bidders.It’s quite a dramatic fall; not long ago, Imagination was a City darling thanks to its tie-up with Apple, which provides more than half its revenue.Neil Wilson of ETX Capital points out that Imagination tried, without much success, to sell off its best performing divisions -- before finally putting the whole company on sale today:It was never going to be easy for Imagination Technologies when it lost its biggest customer and efforts to offload two of its three main businesses – MIPS and Ensigma - in a bid to strengthen the balance sheet clearly weren’t enough. These were both strong potential growth areas that could have delivered lasting revenue accretion to offset the loss of Apple.That was a pretty dire scenario, akin to selling off the family silver to keep the estate going a little longer. Now the shutters are up and a buyer sought. A pretty ignominious end to what was a great British tech success story.”More here:Imagination puts itself up for sale amid Apple dispute Read more Facebook Twitter Google plus Share Share this post Facebook Twitter Google plus close 1.50pm BST 13:50 The number of Americans signing on for unemployment benefit has inched up, but remains at historically low levels. Some 241,000 US citizens filed initial jobless claims last week, new figures show, up from 238,000 the previous week. Wall Street had expected a smaller rise, to 240,000; still, this is a level consistent with a solid labour market.The number of ‘continuing jobless claims’ also rose to 1.94 million, meaning than an extra 8,000 people remained on jobless benefits. That’s also a relatively low figure:Mike van Dulken (@Accendo_Mike) US Cont Jobless Claims creep up for another week, albeit still v close to 28yr lows #usd pic.twitter.com/QhQf13R0iM June 22, 2017 Facebook Twitter Google plus Share Share this post Facebook Twitter Google plus close 1.20pm BST 13:20 Newsflash from Wall Street: American Airlines has revealed that rival Qatar Airways is interested in buying a 10% stake. American Airlines says it recently received an “unsolicited notice”, saying Qatar Airways intends to make a significant investment in AA’s common stock, bought on the open market.CNBC (@CNBC) BREAKING: American Airlines shares jump 5% after it says Qatar Airways has expressed interest in taking ~10% stake https://t.co/ja53UxPcIU June 22, 2017 American Airlines’ shares have jumped by 5%, and other airlines are rallying too....Paul R. La Monica (@LaMonicaBuzz) Whoa. Qatar Airways wants to buy about a 10% stake in American Airlines. $AAL up 5% #premarket . $UAL $LUV $DAL & other airlines up as well.June 22, 2017 Facebook Twitter Google plus Share Share this post Facebook Twitter Google plus close 1.12pm BST 13:12 After a wobbly morning, Brent crude has now risen back over the $45 per barrel level. It’s now changing hands at around $45.17, up 0.6% compared with yesterday’s seven-month low.crude Oil is Now (@crudeOilNow) Price of #crude #oil #Brent - $45.17 (+0.35/ +0.78%) #WTI - $42.73 (+0.20/ +0.47%)22 Jun 12:00 UTC (GMT) pic.twitter.com/dlbPbydVxJ June 22, 2017 But City analysts are still downbeat about oil. Barclays have just cut their 2017 forecast for Brent to $52 per barrel, down from $56.Anthony Barton (@AntBarton89) ICYMI: Barclays Cuts Oil Price Forecasts #OOTT pic.twitter.com/mZzKB3WZto June 22, 2017 Facebook Twitter Google plus Share Share this post Facebook Twitter Google plus close 12.51pm BST 12:51 UK factory report: What the experts say Howard Archer, chief economic advisor to the EY ITEM Club, suspects that the CBI may be over-egging the strength of UK manufacturing. Archer says it’s “ highly encouraging” to see total order books at their best level for nearly 29 years , but points out that official data have been more pessimistic.“Taken at face value, the survey suggests that the manufacturing sector has had a strong second quarter and has considerable momentum going into the third quarter“However, there is the concern that survey evidence for the manufacturing sector has tended to be markedly more upbeat than the official data from the Office for National Statistics (ONS) so far in 2017.“Indeed, official data suggests that the manufacturing sector is far from guaranteed to see even modest growth in the second quarter. Specifically, latest ONS figures show manufacturing output edged up 0.2% month-on-month in April after falling in each of the first three months of 2017. Consequently, manufacturing output was down by 0.7% in the three months to April compared to the three months to January.Philip Shaw of Investec is also cautious. He says today’s report could bolster the case for an early UK interest rate hike - but points out that manufacturing only contributes a small portion of UK GDP.While it’s reassuring to see some evidence of a strengthening of exports, one should remember that manufacturing still only accounts for about 10 percent of the economy.”Facebook Twitter Google plus Share Share this post Facebook Twitter Google plus close 12.11pm BST 12:11 Brexit dashboard: UK faces slowdown amid living standards squeeze The Guardian’s latest Brexit dashboard is out....and it’s rather gloomier than the CBI’s factory report. This month’s dashboard shows how Britons are suffering a living standards squeeze, 12 months on from the EU referendum. My colleague Katie Allen explains:One year since voters narrowly opted for Brexit, the Guardian’s monthly tracker of economic news paints a gloomy picture, with households facing rising costs and firms fretting over falling demand and political uncertainty.The economy has so far avoided the recession predicted by some doomsayers at the time of the referendum, and in the months immediately following the Brexit vote the UK outperformed most other advanced economies.But at the turn of the year the economy slowed markedly and the UK slipped to the bottom of the European growth league . It was also left trailing behind the world’s advanced economies .As the pound’s sharp drop since the referendum works its way through the economy into higher prices in the shops, the pressures on consumer spending threaten to keep growth in the doldrums.Now that complex Brexit talks are gettting under way, business groups are also warning of headwinds from fraught domestic politics and uncertainty around the UK’s future trading and immigration arrangements.Here’s the full story:Brexit economy: UK faces slowdown amid living standards squeeze Read more Here are economists David Blanchflower and Andrew Sentance analysing the data:''Markets don’t like chaos'' - experts debate Brexit Watch data Read more And here’s the dashboard itself, tracking the key economic indicators:How has the Brexit vote affected the UK economy? June verdict Read more Facebook Twitter Google plus Share Share this post Facebook Twitter Google plus close 11.52am BST 11:52 The CBI’s survey also shows that UK factory order books have strengthened since the EU referendum a year ago:CBI Economics (@CBI_Economics) Total order books climbed to the highest since August 1988, while export orders improved to a 22-year high. #CBI_ITS https://t.co/4HUMVYaHSA pic.twitter.com/s6WDKSSPBA June 22, 2017 CBI Economics (@CBI_Economics) Output growth eased back to the pace seen at the start of the year, but firms expect it to rebound. #CBI_ITS https://t.co/4HUMVYaHSA pic.twitter.com/jDCkMzgND5 June 22, 2017 Facebook Twitter Google plus Share Share this post Facebook Twitter Google plus close 11.44am BST 11:44 City experts are welcoming the news that UK factories are enjoying a blowout month .Here’s Julian Jessop, chief economist at the Institute of Economic Affairs:Julian Jessop (@julianHjessop) Further reassurance that UK #manufacturing is continuing to thrive in the wake of the #Brexit vote. #CBI survey bodes well for Q2 GDP too. https://t.co/PBx9id8wRD June 22, 2017 Here’s more reaction:CoxeyLoxey (@CoxeyLoxey) Massive beat for UK Factory Orders,Highest Level for 30YRS... Analysts Forecasts blown away again, >100% better than consensus #CBIIndTrends June 22, 2017 Stewart Button (@StewartButton) Damn. These facts must upset prophets of Brexit doom...UK factories have best month for orders since 1988https://t.co/E3PHkf5Hlp June 22, 2017 Facebook Twitter Google plus Share Share this post Facebook Twitter Google plus close 11.16am BST 11:16 UK factory orders hit 29-year high Newsflash: Britain’s manufacturing sector is enjoying its best month for new orders since the summer of 1988. That’s according to the CBI’s healthcheck on the sector, which found that factory order books have strengthened this month.Some 27% of manufacturers reported total order books to be above normal, and 12% said they were below normal, giving a rounded balance of +16% -- the highest in nearly three decades.LiveSquawk (@LiveSquawk) UK CBI Trends Total Orders At Highest Level Seen In Nearly 3 Decades, Since August 1988June 22, 2017 The CBI explains:The survey of 464 manufacturers found that total order books climbed to the highest level since August 1988. This was underpinned by a broad-based improvement in 13 of the 17 sub-sectors, led by the food, drink & tobacco and chemicals sectors. Export orders also improved to a 22-year high, hitting similar peaks to those seen in 2011 and 2013.A jump in orders suggests factories should be pretty busy in the next few months. Photograph: CBI Manufacturers are also quite upbeat about their prospects this year; 37% predicted growth, and 9% a decline, giving a rounded balance of +27%However, it’s not all good news. First, factory output growth has slowed compared to earlier this year....Photograph: CBI Secondly, many firms told the CBI that they intent to hike prices in the months ahead. That’s because their raw materials costs have gone up (due to the weak pound).Rain Newton-Smith, CBI Chief Economist, says: “Britain’s manufacturers are continuing to see demand for “Made in Britain” goods rise with the temperature. Total and export order books are at highs not seen for decades, and output growth remains robust.“Nevertheless, with cost pressures remaining elevated it’s no surprise to see that manufacturers continue to have high expectations for the prices they plan to charge.Facebook Twitter Google plus Share Share this post Facebook Twitter Google plus close 10.39am BST 10:39 El-Erian: IMF and EU must seek a long-term solution on Greece Greece’s debt crisis has fallen out of the headlines again, after Athens’ creditors agreed to hand over an €8.3bn loan tranche last week. That deal removed the immediate threat of a default this summer, but hasn’t addressed the key issue; Greece’s debt pile is unsustainably large, and Europe and the International Monetary Fund can’t agree what to do about it.Mohamed A El-Erian , chief economic adviser at Allianz , argues that Europe needs to soften its stance and consider how to give Greece the help it needs.He writes:For those of us who have been following the Greek economic tragedy for many years, much of the European view continues to defy economic logic – and for a simple reason: European politicians worry about the domestic political consequences of granting Greece debt relief , especially ahead of Germany’s federal election in September.Offering debt relief, it is feared, could undermine the credibility of governing parties and provide a boost to extremist movements.To be sure, debt forgiveness is tricky, raising complicated issues of fairness and incentives. Yet, in some cases, there comes a time when refusal to forgive debt is more damaging. European officials know as well as the IMF does that Greece has long been at this stage, turning the country into a permanent “ward of the state” within a eurozone that does not accommodate this outcome well. But they seem unable to act.Here’s the full piece :Greek debt: IMF and EU must seek a long-term solution Read more Facebook Twitter Google plus Share Share this post Facebook Twitter Google plus close 1 of 2 Newest Newer Older Oldest Topics Business Business live Euro Economics Currencies Oil'|'theguardian.com'|'http://www.theguardian.com/business/oil/rss'|'https://www.theguardian.com/business/live/2017/jun/22/markets-nervous-brent-crude-oil-ftse-pound-business-live'|'2017-06-22T15:24:00.000+03:00'
'eda88a11a0bd57ec15adace904e0c113530a8e84'|'French tycoon Niel sees Paris overtaking London as startup leader'|'Business News - Thu Jun 29, 2017 - 8:18pm BST French tycoon Niel sees Paris overtaking London as startup leader left right France''s President Emmanuel Macron and his wife Brigitte speak with French entrepreneur and businessman Xavier Niel (R) during the inauguration of start-ups incubator ''Station F'', in Paris, France, June 29, 2017. REUTERS/Bertrand Guay/Pool 1/4 left right France''s President Emmanuel Macron and his wife Brigitte speak with French entrepreneur and businessman Xavier Niel (R) during the inauguration of start-ups incubator ''Station F'', in Paris, France, June 29, 2017 . REUTERS/Bertrand Guay/Pool 2/4 left right France''s President Emmanuel Macron shakes hands with staff during the inauguration of the world''s biggest start-up incubator ''Station F'', in Paris, France, June 29, 2017 . REUTERS/Bertrand Guay/Pool 3/4 left right France''s President Emmanuel Macron (C), his wife Brigitte (2nd row, 4-L), founder of French broadband Internet provider Iliad, Xavier Niel (R), his wife and director and vice president of Louis Vuitton, Delphine Arnault (L), Paris Mayor Anne Hidalgo (3rdR) and French Minister of State for the Digital Sector Mounir Mahjoubi (2nd row, 3rdL), attend the inauguration of startup incubator ''Station F'' in Paris, France, June 29, 2017. REUTERS/Bertrand Guay/Pool 4/4 By Mathieu Rosemain and Gwénaëlle Barzic - PARIS PARIS Paris is now fully equipped to attract more innovative companies than London and dominate Europe''s startup scene, billionaire Xavier Niel said on Thursday as he opened the doors of a startup mega-campus in the French capital. "It''s something that is achievable in the coming months," Niel said in an interview with Reuters on the site, dubbed Station F, which plans to house 1,000 start-ups under its 1920s glass arcades. "We''re of course helped by Brexit," he added. Paris and Berlin are vying to displace London''s lead in the European start-up scene, while other cities including Dublin, Amsterdam and Frankfurt are also promoting themselves as alternative tech hubs in the face of uncertainties caused by the British vote to leave the European Union. Station F''s 34,000 square meter (366,000 sq ft) site in Paris makes it the world''s biggest startup incubator. It will shelter early stage companies, venture capital funds, a post office, a round-the-clock restaurant, a tax center and will offer 26 programs to help out entrepreneurs, Niel said. It will also have 3-D printing labs and bars. U.S. giants Facebook ( FB.O ), Microsoft ( MSFT.O ) and South Korea''s Naver ( 035420.KS ) partnered with the project, as well as French bank BNP Paribas ( BNPP.PA ), defense company Thales ( TCFP.PA ) and French online retailer vente-privée.com. France''s startup scene has been gaining traction lately thanks to booming investments and high expectations for a business-friendly government under new President Emmanuel Macron, who has said he wants to transform France into a "start-up" nation, via a mix of business-friendly reforms and the launch of a 10 billion euro ($11.4 billion) dedicated fund. "We have an environment that serves us well because foreign leaders are either old or they do not make young people dream," Niel said. Thirty-nine-year old Macron is the youngest leader in France''s modern history. The French president was guest of honor at a formal opening ceremony for the center on Thursday. "This word entrepreneur. ..is a French word, very French, which the Anglo-Saxons stole us," Macron said jokingly to a laughing audience at Station F on Thursday. Niel, a telecoms maverick who transformed France''s mobile sector via the company he founded, Iliad ( ILD.PA ), wholly funded Station F, investing 250 million euros in the project. Venture capitalists invested in 590 French startups in 2016, putting the country ahead of Britain (520 deals) and Germany (380), according to research firm Tech.eu. It was a record year with a total of 874 million euros invested in venture capital in France, up 15 percent from 2015, according to the industry lobby Afic. This remains below Germany, with investments of 937 million. (Editing by Ingrid Melander and Adrian Croft)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-france-start-ups-macron-idUKKBN19K2RR'|'2017-06-29T22:06:00.000+03:00'
'122a771c403b7da452d696cd6cc8e8c48ba18a2c'|'Ofcom has concerns about Murdoch power in UK if Sky bid allowed - Business'|'Ofcom has published two in-depth reports on 21st Century Fox’s proposed takeover of Sky which demonstrate why it has concerns about the Murdochs’ influence on UK news and politics if the deal goes through.The media regulator’s report into the “public interest test” for the deal examines the size and influence of 21st Century Fox , News Corp and Sky, and the track record of the Murdochs. It also hints at the concessions that the Murdochs could offer to push the deal through.A separate report by Ofcom clears the Murdochs and Fox as being “fit and proper” to hold a UK broadcasting licence despite the regulator expressing concern about “extremely serious and disturbing” allegations of harassment at Fox News.All you need to know about Fox''s Sky deal Read more Rupert Murdoch’s power over the British media The regulator concluded that Rupert Murdoch and his son James would have too much influence over the British media. “The proposed transaction would give the Murdoch family trust material influence over news providers with a significant presence on television, radio, printed newspapers and online,” said Ofcom in its most important report on the proposed Sky takeover.Crucially the regulator looked across all of Murdoch’s companies, including News Corp, the owner of the Sun and the Times which is not part of the deal, in making its assessment. In other words, the separation of 21st Century Fox, the Murdoch-controlled company hoping to buy Sky, from News Corp, which owns the newspapers, made no difference in the eyes of the regulator. Ofcom said the Murdoch family maintains “material influence” over the conglomerate.This analysis, which completely changes the calculus, meant that Murdoch entities would have the third largest reach of any news provider. Ofcom said that the enlarged company would mean 31% of adults would use a Murdoch-controlled news outlet, behind the BBC on 77%, and ITN, the maker of news for ITV, Channel 4 and Channel 5, on 39%. Rupert Murdoch''s Sky bid is now very likely to succeed Read more The regulator said that the deal would see Murdoch-owned media account for a 10% share of all the news that the public consume, comfortably behind the BBC on 42%, and in line with ITN on 11%. But if this made the Murdoch news interests seem relatively modest, the regulator immediately injected a moment of doubt. “This data may understate the importance of Fox/Sky and News Corp,” said Ofcom.Concerns, too, were raised about the impact of Murdoch titles on the political process. Ofcom said that buying Sky may increase the ability of the Murdochs to “coordinate editorial policy of news outlets under their influence” and “may increase the influence that members of the Murdoch family trust have over the political process”.Concerns over Sky News spin-off plans Ofcom also raised “significant concerns” that a full spin-off of Sky News, which was accepted as a media plurality remedy at the time of the last bid, would not solve the issue of Murdoch media power this time. The media regulator is concerned that the loss-making Sky News is likely to become a smaller operation if run as a separate business and could therefore make the situation worse. “A degradation or loss of Sky News could potentially present risks to plurality equal to or greater than those presented by the transaction itself,” said Ofcom.The regulator said Fox might look to strengthen its existing proposal by lengthening the five-year funding offer as well as the “ongoing arrangements” for the appointment of independent board members at Sky News. The last time Murdoch tried to buy Sky in 2011, a similar structure was proposed for Sky News, but with a 10-year funding guarantee. This was accepted by the then minister in charge, Jeremy Hunt, prompting some analysts to think that enhanced remedies could be sufficient again.Fox had proposed that the board members initially be appointed by the Sky independent directors, and then subsequently by 21st Century Fox’s nominations and corporate governance committee.Ofcom’s ‘fit and proper’ test “We have concluded that the behaviours alleged at Fox News amount to significant corporate failure,” said Ofcom. “However, the overall evidence available to date does not provide a reasonable basis to conclude that if Sky were 100% owned and controlled by Fox, they would not be fit and proper to hold broadcast licences.”Misconduct at Fox News in the US: ‘Regular dirty old man talk’ Ofcom said it was “troubled” by the way Fox responded to the sexual misconduct and harassment allegations made against Fox News staff. Fox acknowledged there was a continuum from physical assaults and demands for sexual favours to salacious talk that the company described in a meeting with Ofcom as “regular dirty old man talk”.Fox subsequently told Ofcom that the phrase was not intended to diminish the seriousness of any conduct.“We found the language used by Fox to describe some of its employees’ misconduct to us tended to downplay the harm caused and diminish the victims,” said Ofcom. “Whilst we accept that its comments may have been relevant to an explanation of the credibility of the claims, we consider that some of the comments were superfluous and unnecessarily pejorative for this purpose.”Ofcom also said it was “troubled” by Fox’s handling of the case of the former Fox news presenter Bill O’Reilly. O’Reilly was the host of Fox’s top-rating show The O’Reilly Factor who left in April 2017 amid sexual harassment claims and an advertising boycott.Bill O''Reilly out at Fox News after sexual harassment claims and ad boycott Read more “[Fox] was already aware of multiple cases that had led to settlements when it renewed its contract with him in February,” the regulator added. “While we accept that Fox considered the evidence in these cases to be equivocal, the number of them is concerning.”There was also a suggestion by Fox at an Ofcom meeting in April that it was seen by some board members at the US film and television group as being to O’Reilly’s “credit that he settled cases personally” without recourse to management.Fox later retracted that statement. In May Fox wrote a letter to Ofcom clarifying “certain misunderstandings”. The US company said it didn’t mean to imply that some board members considered O’Reilly’s behaviour acceptable or give him credit for not alerting his employer to his misconduct.“In the light of this clarification, we remain concerned that board members regarded O’Reilly’s settling cases personally as somehow a point in his favour,” said Ofcom. “In order to have a concern about fitness and properness we would need to see evidence of misconduct in the parent company, Fox. However, we have no clear evidence that senior executives at Fox were aware of misconduct before it was escalated to them.”The ongoing scandal at Fox News has claimed a number of high-profile executives, including the late chief executive Roger Ailes , a once all-powerful and longstanding friend of Rupert Murdoch who once told him about a case alleging misconduct against O’Reilly and the co-president Bill Shine.Ofcom said that it has “no other evidence - and no submissions have been made to us - that any executive director at Fox new about the alleged misconduct prior to July 2016”. As a result “On that basis their failure to act cannot be held against them,” said Ofcom.James Murdoch and his brother Lachlan flew in to London for a personal meeting with Ofcom on 30 May to put Fox’s case better. They told Ofcom that “no individual working for Fox News could now be under the impression that sexual harassment is acceptable, having seen the sacking of Ailes, O’Reilly and a number of other employees including very senior managers”.Phone hacking James Murdoch: how he came back from the phone-hacking scandal Read more This subject barely featured in the analysis. Ofcom said it dealt with phone hacking in 2012 when the regulator conducted a review of the “fit and proper test” at the time of the News of the World hacking revelations, which ended up with Andy Coulson, a former editor of the tabloid being found guilty. The regulator said: “So far only limited new evidence has emerged”.Ofcom said that no new material evidence “directly touching on” James and Rupert Murdoch has come to light since the 2012 investigation.In 2015, Rebekah Brooks was named chief executive of News UK , a year after she was cleared of all charges relating to the phone-hacking scandal. Brooks received a pay-off of more than £10m after resigning from News Corp in 2011 at the height of the hacking scandal that forced the closure of News of the World. Campaigning groups made submissions to Ofcom arguing that the reappointment of Brooks, who admitted that when she had been chief executive of Murdoch’s publishing business she did nothing to investigate hacking except when forced by external pressure, said a lot about the “attitude and expectations of senior executives towards misconduct”.Ofcom dismissed this argument saying that Brooks, one of Rupert Murdoch’s closest executives, has no role in the management of Sky, or even News Corporation, and so is not relevant.“She is an employee, subject to the supervision of the board of News Corporation, which includes its independent directors,” said Ofcom. “Brooks was re-employed after new corporate governance arrangements were established in light of phone hacking, specifically to prevent heads of business units, like her, from dealing unsupervised with matters involving possible systematic illegality.”However, the spectre of the phone-hacking scandal is set to resurface later this year as the Sun faces a new trial.“Disclosure is still ongoing in civil litigation against [The Sun] and if this throws up new evidence, we will consider it as part of our ongoing duty to assess fitness and properness,” said Ofcom.Ofcom said that under the new corporate governance arrangements bought in after her departure any future issues would immediately be escalated to News Corporation’s general counsel, a figure more senior than Brooks.The media regulator indicated that if phone hacking were to blow up again at the Murdoch’s newspapers it would take that into account to potentially trigger another fit and proper test of Fox’s right to hold a broadcasting licence.“James and Lachlan Murdoch have put themselves personally behind the new arrangements,” said Ofcom. “We therefore do not consider that Brooks’ reappointment of itself suggests that those exercising control over Fox have an irresponsible attitude to wrongdoing or how it is handled. If evidence were to emerge in future that the new arrangements are defective, we would take it into account in our ongoing fit and proper duty.”Topics Sky plc Rupert Murdoch James Murdoch Ofcom Television industry Fox news'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/business/2017/jun/29/ofcom-has-concerns-about-murdoch-power-in-uk-if-sky-bid-allowed'|'2017-06-30T02:55:00.000+03:00'
'2992c834f5ab0d605a5ba34127cbfc8a381952d1'|'KKR sells stake in Norwegian software company Visma for $1.8 billion: source'|'By Dasha Afanasieva Private equity company KKR & Co LP ( KKR.N ) has sold its entire stake in Norwegian software company Visma for 1.4 billion pounds ($1.81 billion) to a group of investors that includes Singaporean wealth fund GIC, a source familiar with the matter said.KKR will get a 3.2 times return on its investment from the stake sale, the source said, without disclosing the size of the stake KKR had in Visma.GIC had bought a 12 percent stake in Visma, the source said, but had no further details. UK private equity group HgCapital ( HGT.L ), which has an existing stake in Visma, will hold 45 percent equity in the web-based services business.KKR, Visma, and GIC were not immediately available for comment.Visma''s revenue has grown from 4.2 billion Norwegian krona in 2010 to 7.9 billion Norwegian krona in 2016, according to the company''s annual figures .KKR & Co made a $1.66 billion takeover approach for Australia''s embattled No. 4 internet company Vocus Group Ltd ( VOC.AX ) this month.GIC Private Limited sold its roughly 3.4 percent stake in Swiss dental implant maker Straumann ( STMN.S ) in May.(Reporting by Parikshit Mishra in Bengaluru; editing by John O''Donnell and Susan Thomas)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-kkr-stake-visma-idINKBN19J2P5'|'2017-06-28T17:48:00.000+03:00'
'bc8c589e2f45367e8d25ed487bac6a730976f70b'|'Apple''s iPhone turns 10, bumpy start forgotten'|'Top News - Wed Jun 28, 2017 - 11:17pm BST Apple''s iPhone turns 10, bumpy start forgotten left right FILE PHOTO -- Apple Computer Inc. Chief Executive Officer Steve Jobs holds the iPhone in San Francisco, California January 9, 2007. REUTERS/Kimberly White/File Photo 1/3 left right FILE PHOTO: An Apple iPhone 7 and the company logo are seen in this illustration picture taken in Bordeaux, France, February 1, 2017. REUTERS/Regis Duvignau/File Photo 2/3 left right FILE PHOTO: A man uses his iPhone during a preview event at the new Apple Store Williamsburg in Brooklyn, New York, U.S., July 28, 2016. REUTERS/Andrew Kelly/File Photo 3/3 By Stephen Nellis Apple Inc''s ( AAPL.O ) iPhone turns 10 this week, evoking memories of a rocky start for the device that ended up doing most to start the smartphone revolution and stirring interest in where it will go from here. Apple has sold more than 1 billion iPhones since June 29, 2007, but the first iPhone, which launched without an App Store and was restricted to the AT&T Inc network ( T.N ), was limited compared to today''s version. After sluggish initial sales, Apple slashed the price to spur holiday sales that year. "The business model for year one of the iPhone was a disaster," Tony Fadell, one of the Apple developers of the device, told Reuters in an interview on Wednesday. "We pivoted and figured it out in year two." The very concept of the iPhone came as a surprise to some of Apple''s suppliers a decade ago, even though Apple, led by CEO Steve Jobs, had already expanded beyond computers with the iPod. "We still have the voicemail from Steve Jobs when he called the CEO and founder here," said David Bairstow at Skyhook, the company that supplied location technology to early iPhones. "He thought he was being pranked by someone in the office and it took him two days to call Steve Jobs back." The iPhone hit its stride in 2008 when Apple introduced the App Store, which allowed developers to make and distribute their mobile applications with Apple taking a cut of any revenue. Ten years later, services revenue is a crucial area of growth for Apple, bringing in $24.3 billion in revenue last year. NEW MODEL Fans and investors are now looking forward to the 10th anniversary iPhone 8, expected this fall, asking whether it will deliver enough new features to spark a new generation to turn to Apple. That new phone may have 3-D mapping sensors, support for "augmented reality" apps that would merge virtual and real worlds, and a new display with organic LEDs, which are light and flexible, according to analysts at Bernstein Research. A decade after launching into a market largely occupied by BlackBerry and Microsoft devices, the iPhone now competes chiefly with phones running Google''s Android software, which is distributed to Samsung Electronics ( 005930.KS ) and other manufacturers around the world. Even though most of the world''s smartphones now run on Android, Apple still garners most of the profit in the industry with its generally higher-priced devices. More than 2 billion people now have smartphones, according to data from eMarketer, and Fadell, who has worked for both Apple and Alphabet, sees that as the hallmark of success. "Being able to democratize computing and communication across the entire world is absolutely astounding to me," Fadell said. "It warms my heart because that''s something Steve tried to do with the Apple II and the Mac, which was the computer for the rest of us. It''s finally here, 30 years later." (Reporting by Stephen Nellis; Editing by Peter Henderson) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-apple-iphone-anniversary-idUKKBN19J2Y7'|'2017-06-29T01:17:00.000+03:00'
'664583ab822bd7cc093ee886e451efeee8ab68c4'|'German retail sales rise more than expected in May'|'Autos - Fri Jun 30, 2017 - 7:40am BST German retail sales rise more than expected in May Schloss-Strassen-Center shopping mall is pictured at Schlossstrasse in Berlin''s Steglitz district, Germany, February 27, 2017. REUTERS/Fabrizio Bensch BERLIN German retail sales rose in May, data showed on Friday, supporting expectations that private consumption will propel growth in Europe''s largest economy this year. The volatile indicator, which is often subject to revision, showed retail sales rose by 0.5 percent on the month in real terms, the Federal Statistics Office said. That was higher than the 0.3 percent rise forecast in a Reuters poll and came after a fall of 0.2 percent in April. On the year, sales rose by 4.8 percent in May, almost double the Reuters consensus forecast for a 2.5 percent increase. Consumption has taken over exports as the main driver of growth, supported by a robust labour market and low interest rates. A survey on Thursday showed German consumer sentiment at its best in almost 16 years heading into July. (Reporting by Joseph Nasr; Editing by Andrea Shalal) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-germany-economy-retail-idUKKBN19L0LR'|'2017-06-30T09:40:00.000+03:00'
'494d4bbf8b163f4b638452727c324225f573e283'|'Trinity Mirror sees HY, FY results in line with its expectations'|'Business  48am BST Trinity Mirror sees HY, FY results in line with its expectations British newspaper group Trinity Mirror Plc ( TNI.L ) said on Friday it expected half-year and full-year adjusted results in line with its expectations. The owner of the Daily Mirror, which has been cutting costs to counter a fall in circulation and print advertising, said group revenue was expected to fall about 9 percent on a like-for-like basis. Trinity, which also publishes the Sunday Mirror and The People, said publishing revenue was expected to fall 10 percent, while print revenue was seen down 12 percent, partially offset by a 5 percent growth in its digital unit. Publishing print advertising revenue fell 21 percent for the 26-week period to July 2, while circulation revenue fell 6 percent, the company said. Trinity also said it had set aside an additional 7.5 million pounds for the settlement of civil claims related to phone hacking. (Reporting by Sanjeeban Sarkar in Bengaluru; Editing by Amrutha Gayathri)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-trinity-mirror-results-idUKKBN19L0MK'|'2017-06-30T09:48:00.000+03:00'
'8f7f8c6f4c5161d47ce0ec90e7b187e7611684dd'|'Central Depository Services shares surge 80 perecnt on market debut'|'June 30, 2017 / 4:57 AM / 12 hours ago CDSL soars 80 percent in debut on rosy outlook, little competition 3 Min Read A broker monitors share prices while trading at a brokerage firm in Mumbai May 13, 2014. Danish Siddiqui/Files MUMBAI (Reuters) - Central Depository Services (India) Ltd ( CENA.NS ) soared some 80 percent its debut on Friday, as investors flocked to a firm that has just one rival to compete with and robust earnings prospects as the nation''s equity markets rack up new highs. CDSL''s stellar debut comes after its IPO raised 5.2 billion rupees ($80.4 million) in India''s most heavily over-subscribed offering this year - one that analysts say had been attractively priced. CDSL, majority-owned by bourse operator BSE Ltd ( BSEL.NS ), competes with only National Securities Depository Ltd (NSDL) in securities deposit services. It has a 43 percent market share. "Given the high entry barriers and with not many competitors, I see a lot of growth potential in that area and also expect their earnings performance to be good," said Siddharth Purohit, senior research analyst at Angel Broking. India''s benchmark BSE Sensex has notched up a string of record highs to be up 15.7 percent this year and long-term demand for the firms'' services is expected to grow as households shift some savings to financial markets. Brokerage LKP estimated only around 9 percent of total household savings are invested in financial assets, well below the double digits seen in other countries such as the United States. CDSL shares were up 77.2 percent at 266.30 rupees by 0737 GMT on the National Stock Exchange, compared with their IPO price of 149 rupees. Its IPO was over-subscribed by almost 170 times, surpassing the 105 times seen in Avenue Supermarts Ltd''s ( AVEU.NS ) IPO in March. India''s IPO market has boomed this year, with companies raising more than $2 billion so far this year, on pace to match the $4 billion raised in 2016. Benefiting from a rally in equity and debt markets, CDSL''s operating profit jumped 24 percent to 795 million rupees in the year ended in March. ($1 = 64.6500 Indian rupees) Reporting by Swati Bhat and Samantha Kareen Nair; Editing by Rafael Nam and Edwina Gibbs 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/cdsl-ipo-listing-idINKBN19L0DO'|'2017-06-30T07:54:00.000+03:00'
'd00f3f68907212cb67a2acd871add948fa7de729'|'United Launch Alliance beats SpaceX to win Air Force launch'|'Science News - Fri Jun 30, 2017 - 2:03pm EDT United Launch Alliance beats SpaceX to win Air Force launch By Irene Klotz - CAPE CANAVERAL, Fla. CAPE CANAVERAL, Fla. United Launch Alliance, a partnership of Lockheed Martin Corp and Boeing Co , for the first time beat Elon Musk''s SpaceX in competition for an Air Force satellite launch, both launch companies said on Friday. The contact covers launch services for multiple satellites aboard an Atlas 5 rocket in June 2019. The contract value is just over $191 million, the Air Force said. The award is the first for United Launch Alliance since the Air Force certified rival SpaceX''s Falcon 9 rockets for flight and opened bidding for launch contracts in 2015. ULA, which previously had a monopoly on the military’s launch business, sat out the Air Force’s first solicitation and lost the second. Both were awarded to SpaceX. A SpaceX official told Reuters it did not expect to win this bidding competition because the mission required a heavy-lift launcher and its Falcon Heavy booster has not yet flown. “The mission performance required that we bid Falcon Heavy,” SpaceX spokesman John Taylor wrote in a email. “We did submit a bid, but with the knowledge that our first Falcon Heavy flight might occur after the time of the award. Given we have not flown Falcon Heavy, we did not anticipate winning this mission,” he said. SpaceX’s Falcon Heavy is expected to debut this year. The new booster would need to fly successfully at least once before the Air Force would award SpaceX a Falcon Heavy launch contract, three times before any high-priority military satellites would fly on it, Claire Leon, the launch enterprise director for the Air Force Space and Missile Systems Center, told reporters during a conference call. Typically, the Air Force awards contracts two years ahead of a launch. Another branch of the Air Force that handles experimental programs bought a Falcon Heavy rocket ride in 2012. That mission is currently targeted to fly early next year, Leon said. SpaceX also won Falcon 9 contracts to fly a U.S. National Reconnaissance Office spy satellite, which launched in April, and is scheduled to launch the X-37B robotic space plane for the Air Force Rapid Capabilities Office later this year. SpaceX is preparing for its 39th launch -- and third in nine days -- on Sunday. (Reporting By Irene Klotz. Editing by Joseph White and David Gregorio)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-space-airforce-idUSKBN19L293'|'2017-06-30T18:15:00.000+03:00'
'b5d1facf1d2f0fede2ae16380546412ecc19868e'|'Wall Street opens higher as tech stocks rebound'|'June 30, 2017 / 11:08 AM / 15 minutes ago Nike lifts Dow, S&P; tech stocks weigh on Nasdaq By Ankur Banerjee and Anya George Tharakan 4 Min Read The Goldman Sachs and Nike corporate logos are displayed on a post above the floor of the New York Stock Exchange, September 11, 2013. Lucas Jackson (Reuters) - The S&P 500 and the Dow Jones Industrial Average were higher in late morning trading on Friday, boosted by Nike''s decision to sell on Amazon, while the Nasdaq was little changed as a recovery in tech stocks sputtered. Nike shares ( NKE.N ) rose as much as 9.4 percent to a three-month high after the world''s largest footwear maker said it would launch a pilot program with Amazon.com ( AMZN.O ) to sell a limited product assortment on its website. The S&P technology index .SPLRCT was up 0.18 percent but was still on track to post its biggest weekly loss in six months as worries about the sector''s valuation prompted investors to buy defensive stocks. "Tech has gone too far too fast and was due for a correction," said Terry Sandven, chief equity strategist at U.S. Bank Wealth Management. "The sector''s valuation is elevated but hasn''t reached a point of extreme concern because it is still a ''buy-the-dip'' sector and is expected to grow further." A fall in bank shares also limited gains, with the financial sector .SPNY down 0.1 percent. Wells Fargo ( WFC.N ) and Goldman Sachs ( GS.N ) were the biggest drags on the S&P and the Dow. All three indexes are on track to post weekly losses. At 11:06 a.m. ET (1506 GMT), the Dow Jones Industrial Average .DJI was up 63.42 points, or 0.3 percent, at 21,350.45, the S&P 500 .SPX was up 4.79 points, or 0.19 percent, at 2,424.49. Traders work on the floor of the New York Stock Exchange shortly after the opening bell in New York, U.S., June 27, 2017. Lucas Jackson The Nasdaq Composite .IXIC was up 4.96 points, or 0.08 percent, at 6,149.31. With the Federal Reserve keen on further raising the interest rates this year despite inflation remaining below their 2 percent target, investors have been keeping an eye on economic data for clues on the state of the economy. Earlier in the day, data showed U.S. consumer spending rose modestly in May while inflation cooled. Even so, another set of data showed the University of Michigan consumer sentiment index at its lowest since November. "In the next four to six weeks we''ll get another set of economic data that will tell us if the Fed is justified in raising rates again this year," said Sandven. Toward the end of the second quarter, the market witnessed a few volatile days with the S&P 500 and the Dow recording their worst daily percentage drop in about six weeks on Thursday. Oil prices climbed for the seventh straight session on Friday in their longest bull run since April, but were still set for the worst first-half performance since 1998. [O/R] Micron ( MU.O ) reversed gains to fall 4 percent even after the chipmaker forecast better-than-expected profit and revenue for fourth quarter Advancing issues outnumbered decliners on the NYSE by 1,596 to 1,125. On the Nasdaq, 1,437 issues fell and 1,219 advanced. Reporting by Ankur Banerjee, Anya George Tharakan and Tanya Agrawal in Bengaluru; Editing by Arun Koyyur 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/us-usa-stocks-idINKBN19L1H7'|'2017-06-30T16:35:00.000+03:00'
'0815eebabb27d433b758e965ea219c68fd68a05f'|'RPT-International businesses caught in Qatar crossfire'|'Market News - Fri Jun 30, 2017 - 12:00am EDT RPT-International businesses caught in Qatar crossfire (Repeats story that ran on Thursday, with no changes) * International companies face transport, trade barriers * Turning down work for fear of conflict of interest * Gulf''s bid for business friendly image at risk By Tom Arnold, Alexander Cornwell and Tom Finn DUBAI/DOHA, June 29 International businesses are being caught in the crossfire of Qatar''s dispute with its Arab neighbours as it delays shipments, lengthens travel times and prompts contingency plans in case the crisis deepens. The feud between Arab powers threatens to undermine the region''s progress in positioning itself as business friendly and raises concerns that some firms may be forced to pick sides. Saudi Arabia, the United Arab Emirates, Bahrain and Egypt cut diplomatic ties with Qatar on June 5 and imposed economic sanctions, accusing it of funding terrorism, a claim Qatar rejects. Many multinational businesses, from builders to law firms and banks, have a base in Dubai from where they serve the region, including Qatar. "Qatar is a valuable market for us and we want to continue here but it has become difficult and if there''s no improvement we will have to review our strategy [in Qatar]," said a commercial manager at a European construction services company with a regional head office in UAE. The company may be forced to stop bidding for new contracts in Qatar or wind down its operations altogether if sanctions intensify, the manager, who declined to be named because of the sensitivity of the matter, said. Global banks are also in a bind. Some have joined lenders from the UAE, Saudi Arabia and Bahrain in curtailing new business in Qatar, while others including a few large Asian, European and U.S. banks are still providing financing. Many of the big international banks have strong relations with both Qatar and Saudi Arabia. HSBC, JPMorgan and Deutsche Bank were involved in sovereign bond issues by both Qatar and Saudi Arabia last year. The three banks declined to comment on how they are responding to the crisis. Suspended land, sea and air links with Qatar have had the most immediate impact on businesses. For William Grieve, a Bahrain-based businessman with consulting work in Manama and Doha, his weekly 40-minute flight to Qatar is now a 10-hour journey via Kuwait. "When two elephants fight, it is the grass that suffers and that''s what''s happening now," said Grieve. A Doha-based executive at an international engineering firm said the situation had already forced his company to delay some projects. "As a satellite office in Qatar we rely on being able to bring staff across from UAE regularly. Several jobs have had to be postponed due to building materials being held up in Jebel Ali port (in UAE)," he said. "Where necessary, employees have had to travel for seven hours via Oman to get to Qatar." One construction firm in Doha has been forced to bypass the port of Jebel Ali and import raw materials either directly or via Oman - and discovered that it has actually lowered costs in doing so, a sales manager at the firm said. Risks to businesses, however, could increase as the four countries that cut ties with Qatar are now stepping up pressure. Last week they issued 13 demands to Doha, including closing Al Jazeera television, curbing relations with Iran and shutting a Turkish military base. Qatar is reviewing the list but has said the demands are not reasonable or actionable. OPPORTUNITIES AND RISKS Governments dominate the commercial landscape of the region but they have worked hard to cultivate a business friendly image and are keen to attract foreign capital. Qatar attracted 133 billion riyals ($36 billion) in foreign investment in 2015, the latest available figure. Opportunities in the region include oil giant Saudi Aramco''s planned initial public offering in 2018, potentially the world''s biggest IPO ever; the 2022 World Cup in Qatar; and the Dubai World Expo 2020. A Qatari official downplayed concerns about the rift making life harder for businesses and said it was an opportunity for new firms to enter a lucrative market. "Don''t believe all the hype about business being affected. Qatar can weather the storm. It is business as usual for us here," said the official who declined to be named under government briefing rules. Still, the CEO of the Qatar Stock Exchange, Rashid al-Mansoori, said the bourse may look to Asia or Europe for new consultants as transport costs for its current Dubai-based advisers have soared. And the dispute has left some companies worried about the political risks attached to commercial deals. On June 20, Attorney General Ali al-Marri said Qatar would pursue legal action against firms and individuals that caused harm to Qatar. "Nobody is being asked to pick sides and I don''t know if it will come to that, but if it did there would be some uncomfortable and potentially costly decisions to be made," said an Australian businessman working for a multinational with interests in Doha, Dubai and Riyadh. Some companies are already turning down business for fear of being accused of a conflict of interest. Law firms, for example, are being approached by Qatari individuals and businesses about potential class action law suits in the United States relating to the embargo. "We have been approached to represent those who have been damaged by the crisis but we are not in a position to accept as we are conflicted," one lawyer said. "Although we have business in Qatar, we also have clients in UAE and Saudi Arabia. All the law firms do." For businesses the drying up of financial flows between Qatar and its neighbours has made it trickier to make payments. One executive at a global engineering company, with a regional headquarters in Dubai, said his firm was making contingency plans to pay Qatar-based staff salaries through its European office if the dispute stops payments being made between Doha and Dubai. ($1 = 3.7159 Qatar riyals) (Editing by Jason Neely and Susan Fenton)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/gulf-qatar-business-idUSL8N1JQ519'|'2017-06-30T07:00:00.000+03:00'
'd72fd9da3964cdede2c922ab81a3807b9c021c71'|'Big U.S. banks pack results into one day, overwhelming analysts'|'June 30, 2017 / 6:18 PM / an hour ago Big U.S. banks pack results into one day, overwhelming analysts By Olivia Oran and David Henry 4 Min Read FILE PHOTO: People walk by the JP Morgan & Chase Co. building in New York, U.S. on October 24, 2013. Eric Thayer/File Photo (Reuters) - For the fourth straight quarter, several of the biggest U.S. banks are reporting earnings on the same day, setting up a situation that overwhelms analysts covering the industry. In a report on Friday, Barclays analyst Jason Goldberg noted that 10 of the 19 largest banks by market value are reporting results on just two days next month, on July 14 and 21st. "Seems excessive," he wrote. Big bank earnings days can be a hectic and frazzled experience for analysts, who must interpret thick documents packed with financial arcana, juggle multiple conference calls with management teams, investor relations departments and clients, and meet hard deadlines to distribute a final take on whether stocks remain a buy, hold or sell. They arrive at work before 7 a.m. to prepare for the news and often stay late into the evening working on their reports and financial models. On July 14, analysts expect to pore through more than 200 pages of press releases, slide decks and financial supplements released by JPMorgan Chase & Co ( JPM.N ), Citigroup Inc ( C.N ), Wells Fargo & Co ( WFC.N ), PNC Financial Services Group ( PNC.N ) and First Republic Bank ( FRC.N ) before the market opens. JPMorgan is due to start a conference call with analysts at 8:30 a.m. EDT (1330 GMT). That will be followed by PNC Financial Services Group''s ( PNC.N ) call beginning at 9:30 a.m, Wells Fargo at 10 a.m. and Citigroup at 11:30 a.m. Each call typically lasts an hour or more. "It can be maddening and frenetic, particularly when all these firms are reporting in the morning before the bell," said Tyler Ventura, a research analyst with investment management firm Diamond Hill. "We''re going back and forth and saying, ''What did he say on this call versus that call?''" A woman enters a Citibank branch in Buenos Aires, Argentina, February 19, 2016. Citigroup Inc said it plans to exit its retail banking and credit card operations in Brazil, Argentina and Colombia as part of its efforts to cut costs and boost profitability. Marcos Brindicci Until recently, it was rare to see more than two of the six biggest lenders report results on the same day. According to a Reuters analysis, that only happened twice in the 22 quarters leading up to the middle of 2016. It is not clear what changed. Bank representatives said earnings are determined by a combination of meeting dates for boards of directors, holidays and travel schedules of CEOs, and that banks do not coordinate with each other on scheduling. Some banks, including JPMorgan and Wells Fargo, recently began setting earnings dates years in advance, though most still schedule the event a few months ahead of time. Marty Mosby, a former chief financial officer of First Horizon National Corp ( FHN.N ), said chief executives he worked for were eager to report results as early as possible, to appear financially strong, even if it meant competing for attention with other banks. But Mosby, who is now a bank stock analyst at Vining Sparks, would advocate for reporting results later so that analysts and investors could give First Horizon their full attention, rather than having to make quick decisions to buy or sell based on the headline number alone. "If you have five banks in a day you can''t get all that done," said Mosby. "It''s just impossible. Three is about the most that we can really handle." Reporting by Olivia Oran and David Henry in New York; additional reporting by Dan Freed; editing by Lauren Tara LaCapra and Tom Brown 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/usa-banks-results-idINKBN19L2LQ'|'2017-06-30T21:16:00.000+03:00'
'c118ffd9e19f1d4a29f236796b057236cb92e4a3'|'ECB should prepare for stimulus exit, says Lautenschlaeger'|'Central Banks   12:24pm BST ECB should prepare for stimulus exit, says Lautenschlaeger European Central Bank (ECB) executive board member Sabine Lautenschlaeger delivers her keynote speech during the annual regulatory conference of Austrian markets watchdog FMA in Vienna September 30, 2014. REUTERS/Heinz-Peter Bader FRANKFURT The European Central Bank should be preparing for winding down stimulus and adapting its communication stance accordingly, even if inflation is not yet clearly on a stable upward path, ECB board member Sabine Lautenschlaeger said on Friday. The conditions for rising inflation are in place and growth is accelerating so policymakers should be ready to claw back unprecedented stimulus measures, Lautenschlaeger, a German considered one of the top hawks on the rate-setting Governing Council said in Berlin. ECB President Mario Draghi opened the door to policy tightening earlier this week, arguing that better growth conditions will naturally provide further accommodation, providing the ECB room to claw back its own stimulus. "Although inflation is not yet on a stable path towards our objective, all the conditions are in place," Lautenschlaeger, often at odds with Draghi, said. "It is just a question of time and patience." "That is why monetary policy should already be making preparations for a return to a normal stance. And it should adapt its communication accordingly," she added. The ECB is expected to decide in September whether to extend or wind down its 2.3 trillion euro asset purchase scheme from next year, having to reconcile an apparent contradiction between healthy growth and weak inflation. Inflation ticked down this month while all growth indicators suggest that the bloc is on its best economic run since before the global financial crisis. "Even if no stable trend is visible as yet, it is important to prepare for different times, for there is reason to be optimistic," Lautenschlaeger said. "Against this backdrop, monetary policy has to adjust at the right time, which is as soon as inflation is on a stable path towards our objective," she said. (Reporting by Balazs Koranyi, editing by Ed Osmond and Toby Davis)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-ecb-policy-lautenschlaeger-idUKKBN19L1ES'|'2017-06-30T14:24:00.000+03:00'
'bc35e9e042a562af74edc7608ed294014f7349f4'|'Global equity listings up by a third, but below previous peaks'|'Business News  15am BST Global equity listings up by a third, but below previous peaks FILE PHOTO: Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., June 2, 2017. REUTERS/Brendan McDermid By Dasha Afanasieva - LONDON LONDON Global equity listings rose sharply in the first half of the year, compared with a year earlier, driven by the U.S. market as well as rights issues in Europe, Thomson Reuters data showed, but remained way off 2015''s surge. Stronger and calmer markets, a brighter economic outlook in some countries, as well as the avoidance of further political shocks in several European elections helped equity raising markets recover from 2016, when worries about China''s economy, the British vote to leave the European Union and commodity prices discouraged potential issuers. Companies globally issued $386.8 billion (297.3 billion pounds) of equity in the first half of this year, up 33 percent from the same period in 2016, which was the worst since 2008. Despite the rebound, issuance remained way off the highest issuance in more than 15 years in 2015 when $519.5 billion was raised. Including some 60 initial public offerings (IPOs) and 355 follow-on offerings, U.S. companies raised $116.8 billion in equity in the first half, 46 percent more than they did in the first half of 2016. "The United States is a stand-out: it has led in all fronts including IPOs – it started with inflationary expectations but there is also optimism about tax reform and the Fed slowly raising rates while being in control of the economy,” said Achintya Mangla, head of equity capital markets (ECM) in Europe, Middle East and Africa at JP Morgan ( JPM.N ) which was the top bookrunner globally by proceeds. "Investors are being selective and they are very focused on after market trading. We will see more IPOs in Europe and the United States and underwriters need to remain focused and disciplined on pricing and secondary market performance," Mangla added. More than a quarter of U.S. IPO proceeds were from the high technology sector. Snap ( SNAP.N ), the owner of Snapchat - a mobile photo app, remained the largest U.S. equity offering but was only the sixth biggest ECM deal in the world with European bank issues dominating. Unicredit ( CRDI.MI ) in the first quarter and Credit Suisse ( CSGN.S ) and Deutsche Bank ( DBKGn.DE ) in the second tapped equity markets, cumulatively raising proceeds of more than $26 billion. For the rest of the year, the market looked to a rights issue from German pharmaceutical giant Bayer ( BAYGn.DE ) to help raise $19 billion worth of equity capital to finance its acquisition of U.S. seeds firm Monsanto ( MON.N ). Relatively, the Asia-Pacific region lagged behind with a rise in ECM volume of 7.4 percent to $95.1 billion and just one deal in the global top 10: the 30 billion yuan ($4.35 billion) convertible bond issue from China Everbright Bank in March. EUROPEAN IPO SLUMP IPOs in Europe declined further from 2016''s slump. The oversubscribed listing of Allied Irish Banks ( ALBK.I ) in Dublin and London was a rare bright spot and a milestone for the Irish recovery from the economic crisis almost a decade ago. "We''re certainly not seeing the return to boom times just yet. The economy in the UK and Europe is softer compared to the United States and that may create headwinds for domestic listings," said Maegan Morrison, head of the ECM practice at law firm Hogan Lovells. Bankers said the prospect of Britain leaving the European Union unnerved some potential issuers concerned over how Brexit could impact London''s position as a global financial hub. "For most of the international companies we speak with, in the past London would win as a listing venue. Now there''s a genuine debate, Brexit is coming up in every single conversation as a source of uncertainty," a senior investment banker at a top global bank in London said, speaking on condition of anonymity. "New York is the clear beneficiary for IPOs, and that''s a problem for capital inflows into the UK."   Lawrence White; Editing by Adrian Croft)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-global-equity-deals-idUKKBN19K367'|'2017-06-30T02:10:00.000+03:00'
'28f2d9ed10f90fc5d7c4ea3c0dbec0e8015d66ba'|'Puerto Rico oversight board says continuing talks with PREPA creditors'|'Puerto Rico''s financial oversight board on Wednesday said it is still discussing a debt restructuring with creditors of the island''s power utility, PREPA, and could be persuaded to support a proposed deal it had previously rejected, with some changes.The board, in charge of managing Puerto Rico''s finances, had on Tuesday nixed an agreement between PREPA and its creditors to restructure some $9 billion in debt, saying the deal would not do enough to structurally reform PREPA.(Reporting by Nick Brown; Editing by Sandra Maler)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-puertorico-debt-prepa-idINKBN19J2UP'|'2017-06-28T19:05:00.000+03:00'
'3cf047ade473ba4d5e21eb111636199cefae5f3c'|'UPDATE 1-Alibaba spending $1 bln to raise stake in Southeast Asia''s Lazada'|'Company  59am EDT UPDATE 1-Alibaba spending $1 bln to raise stake in Southeast Asia''s Lazada * Deal doubles Alibaba''s investment in Lazada * Alibaba''s stake in Lazada to rise to 83 pct from 51 pct * Alibaba had option to buy stakes from Lazada shareholders (Adds details of deal, Alibaba CEO''s quote) By Aradhana Aravindan SINGAPORE, June 28 Chinese e-commerce company Alibaba Group Holding is investing an additional $1 billion in Southeast Asian online retailer Lazada Group, boosting its stake by nearly a third to 83 percent and amplifying its focus on the region. The announcement by Alibaba on Wednesday of the investment comes as its rivals like Chinese e-commerce firm JD.com Inc are expanding operations in Southeast Asia and amid media reports that Amazon is eyeing an entry into the region of 600 million people where only a fraction of total retail sales are currently conducted online. ( tcrn.ch/2mSzlop ) The move doubles Alibaba''s investment in Lazada after last year''s deal to buy a controlling stake in it for about $1 billion and is a part of its efforts to boost its global sales. Alibaba had the option to buy the remaining stakes from some Lazada investors, 12-18 months after the deal closed. "The e-commerce markets in the region are still relatively untapped, and we see a very positive upward trajectory ahead of us," said Daniel Zhang, CEO of Alibaba. "We will continue to put our resources to work in Southeast Asia through Lazada to capture these growth opportunities." On Wednesday, Alibaba said it will purchase the shares from certain Lazada shareholders at an implied valuation of $3.15 billion. It did not name the shareholders, but Germany''s Rocket Internet and Sweden''s Kinnevik in separate statements confirmed they were disposing their remaining Lazada stakes. Last year''s deal had included partial stake sales by investors, including U.K. supermarket operator Tesco Plc , Rocket and Kinnevik. Lazada, founded in 2012, is headquartered in Singapore and also operates in Malaysia, Indonesia, the Philippines, Thailand and Vietnam. In the twelve months ended March 31, 2017, Lazada had about 23 million annual active buyers, according to Alibaba''s annual report. Lazada has been expanding its offerings over the last year, buying Singapore-based online grocer RedMart and tying up with companies such as Netflix and Uber for a membership programme. Alibaba shares were down 0.4 percent in pre-market trading, while Rocket shares were 2.3 percent lower. Amazon did not immediately respond to an emailed request for comment on its plans for the region. (Reporting by Aradhana Aravindan; Additional reporting by Anshuman Daga in SINGAPORE and Emma Thomasson in BERLIN; Editing by Muralikumar Anantharaman)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/lazada-ma-alibaba-idUSL3N1JP38T'|'2017-06-28T13:59:00.000+03:00'
'6d4447885f9833da3479442e5950d656b6f1c51c'|'Shell''s floating LNG facility sets sail from South Korea for Australia'|'  12:03pm BST Shell''s floating LNG facility sets sail from South Korea for Australia Filled oil drums are seen at Royal Dutch Shell Plc''s lubricants blending plant in the town of Torzhok, north-west of Tver, November 7, 2014. REUTERS/Sergei Karpukhin/File Photo LONDON Royal Dutch Shell''s ( RDSa.L ) Prelude floating liquefied natural gas (FLNG) ship has left a shipyard in South Korea for its destination offshore northwest Australia, the company said on Thursday. Shell''s $12.6 billion (9.72 billion pounds) Prelude project is expected to start operating next year, the company said, after long delays since the oil major first decided to go ahead with the project in 2011. Once the facility arrives in Australia, it will be secured to the seabed by mooring chains before it can be connected to the gas field and start operating, Shell said. The Prelude FLNG was built by a Technip ( FTI.N ) Samsung Heavy Industries ( 010140.KS ) consortium in the South Korean shipyard of Geoje. (Reporting by Karolin Schaps; Editing by Elaine Hardcastle)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-shell-australia-prelude-idUKKBN19K1BW'|'2017-06-29T14:03:00.000+03:00'
'102b5c88250f4ed021c3d7bd3066b64ccdb08c29'|'Global coordination important as world economy changes - China vice fin min'|' 01am BST Global coordination important as world economy changes - China vice fin min China''s Vice Finance Minister Zhu Guangyao in Shanghai, China, February 25, 2016. REUTERS/Aly Song BEIJING Global coordination is important as the world economy undergoes changes, including the latest U.S. interest rate hike, China''s Vice Finance Minister Zhu Guangyao said on Thursday. As the global economy stabilises, countries need to normalise their monetary policy, although that normalisation is happening at a very slow pace, Zhu told reporters in Beijing. G20 leaders will gather in Hamburg next month. (Reporting by Sue-Lin Wong; Writing by Ryan Woo; Editing by Michael Perry)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-china-g-idUKKBN19K09O'|'2017-06-29T06:01:00.000+03:00'
'65439148541498d3d987747df0a5a3f3f698329f'|'Lenders to ramp up pressure on holders of toxic shipping debt - survey'|'By Jonathan Saul - LONDON, June 28 LONDON, June 28 Financiers are set to take a tougher stance towards distressed shipping loans including more enforcement action to recoup funds, while capital on offer to the industry is expected to shrink further, a leading transport survey showed on Wednesday.The global shipping sector is reeling from a near-decade-long downturn, which has seen companies collapse and banks scale back exposure or exit entirely from providing finance.While there are signs of returning confidence in shipping, as players eye better prospects and the worst of the recession abates, the industry faces a financing black hole estimated at $30 billion this year.In an annual survey by international law firm Norton Rose Fulbright, 41 percent of respondents said funding would become even tighter - a level that was much higher than counterparts polled in aviation, rail and logistics.In addition, 54 percent of those canvassed said they expected that enforcement actions taken on troubled shipping loans would increase over the next five years."As assets reach a certain value, lenders are becoming more confident that enforcement action will enable them to recover the value of their loans," Harry Theochari, Norton Rose Fulbright''s global head of transport, told Reuters."More lenders are becoming prepared to force the issue with borrowers."Of those polled, 23 percent said bank debt was expected to remain the shipping industry’s primary source of funding, while a smaller proportion - 15 percent and 14 percent - saw private equity and shareholders providing financing."Respondents are losing confidence in the industry’s ability to access finance," Theochari said.A glut of vessels, concerns over the world economy and potential protectionism are among the risks faced by the shipping sector."A global downturn would also have serious repercussions for shipping, which has not yet recovered from the (2008) financial crisis and continues to suffer from the effects of stubbornly low commodities prices," Theochari said."While it is encouraging to see that sentiment has improved over the past year, the industry remains on a long path towards recovery."The survey - which polled 196 respondents across the transport industry including companies, financiers and government entities - said rail and aviation prospects were more upbeat, partly due to better markets and more funding. (Editing by Dale Hudson)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/shipping-confidence-survey-idINL8N1JJ56D'|'2017-06-28T03:00:00.000+03:00'
'56929514ce541f3c8d447fcd61d2eaa1bb29acff'|'Greece needs to step up privatisations-deputy finance minister'|'Market News - Wed Jun 28, 2017 - 4:00am EDT Greece needs to step up privatisations-deputy finance minister ATHENS, June 28 Greece needs to step up its privatisation programme, the country''s deputy finance minister George Chouliarakis said on Wednesday. Privatisations have been a main pillar of the country''s international bailouts since 2010 but have reaped poor revenues so far due to political resistance and bureaucracy. Big tickets of the programme for this year include the sale of the country''s natural gas grid DESFA and its second biggest port Thessaloniki. (Reporting By Lefteris Papadimas, writing by Angeliki Koutantou)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/eurozone-greece-privatisation-idUSA8N1IH01H'|'2017-06-28T11:00:00.000+03:00'
'd9fc8c82a9254ab21bfba505575cd8abe4c6b9c9'|'U.S. fund managers seek consumer stocks that Amazon can''t conquer'|'Fri Jun 30, 2017 - 5:34pm BST U.S. fund managers seek consumer stocks that Amazon can''t conquer left right FILE PHOTO: An Amazon.com Inc driver stands next to an Amazon delivery truck in Los Angeles, California, U.S. on May 21, 2016. REUTERS/Lucy Nicholson/File Photo 1/2 left right FILE PHOTO - A Whole Foods Market is pictured in the Manhattan borough of New York City, New York, U.S. on June 16, 2017. REUTERS/Carlo Allegri/File Photo 2/2 By David Randall - NEW YORK NEW YORK Amazon.com Inc''s ( AMZN.O ) game-changing move to upend the grocery business with a surprise deal to buy Whole Foods Market Inc ( WFM.O ) compounds a problem already vexing fund managers: how to play U.S. consumer spending when the Seattle-based e-commerce giant is threatening to take over retail. Amazon''s relentless growth and destruction of value among traditional retail rivals is forcing active fund managers to look for bets in areas they think Amazon can''t or won''t reach. Emerging options include theme restaurant chains, recreational vehicle makers and sellers of stuff that''s just too heavy to ship via Amazon''s network. Meanwhile, some fund managers are increasingly convinced the only way to play consumer spending is to move away from brands and retailers and into logistics and supply chain companies, essentially betting e-commerce will render most consumer companies obsolete. The challenge of investing in consumer companies comes a time when the category would typically shine. Low unemployment and a solid housing market boost consumer stocks, yet companies in the category - excluding Amazon - are up just 5.2 percent for the year, or about 3 percentage points below the broad S&P 500 as a whole, according to Thomson Reuters data. Amazon shares, by comparison, are up about 30 percent. (For graphic on Amazon overshadows its competition, click tmsnrt.rs/2sr0mlA ) BIGGER DISRUPTION THAN WAL-MART''S Amazon now accounts for about 34 percent of all U.S. online sales and should see that number grow to about 50 percent by 2021, according to a Needham research note. Amazon''s growing dominance is in some ways akin to the rise of Wal-Mart Stores Inc ( WMT.N ) in the early 2000s, when its rapid growth and move to branch out into groceries raised concerns it would put other retailers out of business. Yet Amazon''s greater online reach and purchase of a top-shelf grocery store chain makes it far more formidable, said Barbara Miller, a portfolio manager at Federated Kaufmann funds. "I''ve been in this industry for twenty-five years and this is the biggest transformation we''ve seen in the consumer space," she said. While Wal-Mart put many small mom-and-pop stores out of business, Amazon is dragging down national competitors like Target and Macy''s with its combination of low prices, broad range of inventory, and speed, she said. At the same time, Amazon is expanding its e-commerce dominance when more shoppers are online, suggesting more pain ahead for competitors. E-commerce sales grew 14.7 percent in 2016, nearly triple the 5.1-percent growth rate of traditional retailers, according to U.S. Census Bureau data. BUGS AND COFFEE: THE HUNT FOR SURVIVORS Fund managers say Amazon''s growing dominance is forcing them to shift long-held strategies, by either putting less money into consumer stocks overall or by focusing on companies that can compete alongside Amazon or may be attractive buyout targets. The company''s outsized 15.4-percent weighting, more than double the next-largest stock in the S&P 500 Consumer Discretionary index, is problematic for fund managers who typically will not hold any positions greater than 5 percent of their portfolio in order to manage risk. Josh Cummings, a portfolio manager at Janus Henderson funds, is avoiding shares of direct competitors of Amazon, such as Target Corp ( TGT.N ), Kroger Co ( KR.N ), and Wal-Mart, and instead focusing on companies with "idiosyncratic" attributes, he said. Starbucks Corp ( SBUX.O ), for instance, offers an experience that Amazon would find hard to match, he said, while Servicemaster Global Holdings ( SERV.N ), parent company of pest control company Terminix, is largely immune from e-commerce competition. "Could Amazon decide they want to be in the business of spraying for bugs? It doesn''t seem likely," he said. Miller, the portfolio manager at the Federated Kaufmann funds, said she is moving away from stores that could be found in a mall, focusing instead on companies like Dave & Busters Entertainment Inc ( PLAY.O ) and Wingstop Inc ( WING.O ) that offer food-based experiences. She also owns shares of Camping World Holdings Inc ( CWH.N ), which sells a mix of goods and services ranging from roadside assistance to accessories to the growing recreational vehicle market. "This is a company with a strong membership base that has the sort of scale in its niche to rival Amazon," she said. Jeff Rottinghaus, portfolio manager of the T. Rowe Price U.S. Large-Cap Core Equity fund, said he owns Home Depot Inc ( HD.N ) shares because its stores essentially function as warehouses and much of its merchandise is too heavy or bulky to profitably ship quickly online. Gary Bradshaw, a portfolio manager at Hodges Capital in Dallas, said he expects that portfolio holding Wal-Mart will become more aggressive in acquiring small, private companies to broaden its online reach. The company announced a deal to buy men''s wear company Bonobos for $310 million in mid-June, following purchases of outdoor gear retailer Moosejaw and online shoe store ShoeBuy. Wal-Mart acquired online retailer Jet.com in a $3.3 billion deal last August. "They''re going to do whatever it takes to compete with Amazon. They may be losing the battle at the moment but that doesn''t mean that they will back down," he said. Other investors are getting their consumer exposure by focusing on behind-the-scenes companies that power the growth of e-commerce. Laird Bieger, a portfolio manager of the Baron Discovery Fund - the top-performing small-cap growth fund year-to-date - said he is focusing on companies like CommerceHub Inc ( CHUBA.O ), which works with companies such as J C Penney Co ( JCP.N ) and Best Buy Inc ( BBY.N ) to allow them to sell more products online and ship directly from manufacturers. Craig Richard, a co-portfolio manager of the Buffalo Emerging Opportunities fund, said he has been buying Kornit Digital Ltd ( KRNT.O ), which makes textile printers that can produce t-shirt and other apparel designs on demand, helping save inventory costs. Amazon is Kornit''s largest customer and has warrants to buy up to 2.9 million Kornit shares, about 8 percent of the company, at $13.03 a share over the next five years. Shares of Kornit, up 57 percent this year, traded at $19.95 on Friday. (Reporting by David Randall; Editing by Dan Burns and Nick Zieminski)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-usa-funds-amazon-analysis-idUKKBN19L2E9'|'2017-06-30T19:31:00.000+03:00'
'2d6b2758eb3b35e2b0b4ea8e6338aaeb02c8e4cb'|'Ukraine power company says hit by second cyber attack Thursday'|'Business News - Fri Jun 30, 2017 - 9:13am BST Ukraine power company says was hit by second cyber attack left right Women walk outside the headquarters of Ukrainian state power distributor Ukrenergo in Kiev, Ukraine June 30, 2017. REUTERS/Valentyn Ogirenko 1/3 left right Vsevolod Kovalchuk, acting head of Ukrainian state power distributor Ukrenergo, speaks during a news briefing in Kiev, Ukraine June 30, 2017. REUTERS/Valentyn Ogirenko 2/3 left right Vsevolod Kovalchuk, acting head of Ukrainian state power distributor Ukrenergo, speaks during a news briefing in Kiev, Ukraine June 30, 2017. REUTERS/Valentyn Ogirenko 3/3 By Margaryta Chornokondratenko - KIEV KIEV Ukrainian state power distributor Ukrenergo was hit by another cyber attack on Thursday which used a computer virus different from one that hit Ukraine earlier in the week, the company''s acting chief said. The second attack did not affect Ukraine''s power network, Vsevolod Kovalchuk told a news briefing on Friday. Ukrenergo was an early victim of a cyber attack that began in Ukraine and spread around the world on Tuesday, knocking out thousands of machines, shutting down ports, factories and offices as it hit around 60 countries. "The virus was slightly different, of a different nature, similar to WannaCry," Kovalchuk said about the second attack. "The effect from it was insignificant, as some computers remained offline." WannaCry was the name of a global ransomware attack that struck in May. Speaking about Tuesday''s computer virus, Kovalchuk said that, according to preliminary data, it was activated during a software upgrade. Cyber security firms are trying to piece together who was behind the computer worm, dubbed NotPetya by some experts. A growing consensus among security researchers, armed with technical evidence, suggests the main purpose of the attack was to install new malware on computers at government and commercial organisations in Ukraine. Rather than extortion, the goal may be to plant the seeds of future sabotage, experts said. (Writing by Matthias Williams; editing by Jason Neely) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-cyber-attack-ukrenergo-idUKKBN19L0OM'|'2017-06-30T10:06:00.000+03:00'
'806351db289a008d919854365a8ff082115c0ea1'|'Goldman Sachs sells $300 mln of controversial Venezuelan bonds-WSJ'|'Market News - Fri Jun 30, 2017 - 1:36pm EDT Goldman Sachs sells $300 mln of controversial Venezuelan bonds-WSJ June 30 Goldman Sachs Group Inc''s asset management arm has sold at least $300 million of the Venezuelan bonds it acquired in a purchase in May, the Wall Street Journal reported on Friday, citing people familiar with the matter. Four or five hedge funds in London and New York bought the bonds of state-owned oil company Petróleos de Venezuela SA (PdVSA) for about 32.5 cents on the dollar, slightly more than the 31 cents Goldman paid, according to people familiar with the matter, the WSJ said. on.wsj.com/2tyawG2 Goldman Sachs declined to comment. The investment bank came under fire from Venezuelan politicians and protesters in New York opposed to President Nicolas Maduro''s dictatorial regime for buying $2.8 billion in government bonds for pennies on the dollar. Japanese investment bank Nomura Securities also bought about $100 million worth of Venezuelan bonds earlier in June as part of the same deal that Goldman Sachs took part in. (Reporting by Pallavi Dewan in Bengaluru; Edited by Martina D''Couto)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/venezuela-goldman-sachs-idUSL3N1JR52T'|'2017-06-30T20:36:00.000+03:00'
'2b63b03175b86058c8b7c4c33ec1493369fe5fce'|'Premier Foods explores options as part of regular review'|'Business   6:30pm BST Premier Foods explores options as part of regular review LONDON Premier Foods ( PFD.L ), the owner of British food brands including Mr Kipling cakes and Oxo stock cubes, is exploring options as part of a regular review into maximizing shareholder value. The review comes amid a flurry of activity in the packaged food sector in which Nestle ( NESN.S ) is being pushed to change by an activist shareholder, Unilever ( ULVR.L ) ( UNc.AS ) is selling its margarines business and Reckitt Benckiser ( RB.L ) is selling its mustard business. "In line with good corporate governance, the group regularly reviews options to deliver value for all its stakeholders," the company said in a statement on Thursday. "These reviews are carried out in the ordinary course of business as part of the group''s standard planning cycle and also on ad hoc bases, and may involve external advisors." A spokesman for Premier Foods declined to elaborate, but the company''s statement was in response to a Wall Street Journal report that said Premier had hired Credit Suisse to review options that could include the sale of one or more brands, a merger with another food group or an outright sale. Credit Suisse has been an adviser to the company for several years. A spokeswoman for the bank declined to comment. Premier said last month it was changing its strategy to give equal focus to revenue growth, cost efficiencies and cash generation. It said on Thursday its board had made no changes to the new strategy. Separately, Hong Kong-based shareholder Oasis Management, which has a representative on Premier''s board, said it had raised its stake in the company to 8.84 percent. Its plan is to reach 10 percent by June 2018. Last year, Premier rejected a twice-improved 65 pence-per-share takeover bid from U.S. rival McCormick Foods ( MKC.N ), garnering criticism from major shareholders and leading to a steep drop in its share price. The shares closed on Wednesday at 40 pence apiece. The U.S. suitor''s offer valued Premier''s equity at $774 million at the time, but given the drop in the British currency since then, the same offer would be worth $698 million now. (Reporting by Martinne Geller; Editing by Mark Potter)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-premier-foods-review-idUKKBN19K2J2'|'2017-06-29T20:30:00.000+03:00'
'7eab0a763c629cf2b59db44b8845a46d6bc6b037'|'Dollar upended by rates reversal, stocks calm for now'|'Business News - Thu Jun 29, 2017 - 8:27pm BST Dollar falls, bond yields up as central bank views shift A U.S. Dollar note is seen in this June 22, 2017 illustration photo. REUTERS/Thomas White/Illustration By Rodrigo Campos - NEW YORK NEW YORK The euro rose on Thursday alongside sterling and U.S. bond yields as a slew of hawkish comments from central banks signaled the era of ultra-loose monetary policy is ready to sunset across the Atlantic. The dollar index touched its lowest since October - before Donald Trump was elected U.S. president - as investors shifted to the view that the U.S. Federal Reserve might not be the only game in town when it comes to higher interest rates. With the Fed green-lighting dividends and buybacks in major banks as part of another round of stress tests, financial stocks rose but not enough to offset declines in technology and interest-rate sensitive sectors. "Part of the reason why tech is down today is the steam in the recent rotation out of some of big tech winners and into banks," said Michael Scanlon, portfolio manager at Manulife Asset Management in Boston. The Dow Jones Industrial Average fell 141.38 points, or 0.66 percent, to 21,313.23, the S&P 500 lost 19.61 points, or 0.80 percent, to 2,421.08 and the Nasdaq Composite dropped 101.99 points, or 1.64 percent, to 6,132.42. European shares logged their biggest one-day loss in nine months on Thursday as interest rate-sensitive sectors were hit by a rising hawkish chorus from central banks globally. The pan-European FTSEurofirst 300 index lost 1.36 percent and MSCI''s gauge of stocks across the globe shed 0.50 percent. Emerging market stocks lost 0.13 percent. MSCI''s broadest index of Asia-Pacific shares outside Japan closed 0.54 percent higher, while Japan''s Nikkei rose 0.45 percent. As euro zone bond yields rallied, the euro surged to as high as $1.1434, its strongest since May 2016. The dollar index fell 0.42 percent, with the euro up 0.51 percent to $1.1434. Bank of England Governor Mark Carney surprised many on Wednesday by conceding a hike was likely to be needed as the economy came closer to running at full capacity. That sent sterling above $1.30 on Thursday for the first time in five weeks, leaving it close to its highest levels in nine months. The pound was last trading at $1.2993, up 0.53 percent on the day. The Bank of Canada had its say, with two top policymakers this week suggesting they might tighten monetary policy as early as July. The Canadian dollar strengthened 0.25 percent versus the greenback at 1.30 per dollar. "The shifting monetary policy trajectories of other central banks is making other currencies more attractive relative to the U.S. dollar," said Kathy Lien, managing director at BK Asset Management in New York. The Japanese yen strengthened 0.23 percent versus the greenback at 112.07 per dollar. Benchmark U.S. Treasury yields rose to five-week highs in sympathy with higher European government debt yields, as investors evaluated the likelihood of less accommodative policy. "What''s going on in Europe is really what''s driving us here," said Brian Daingerfield, a macro strategist at NatWest Markets in Stamford, Connecticut. Treasury 10-year notes last fell 14/32 in price to yield 2.2701 percent, from 2.223 percent late on Wednesday. U.S. oil futures edged up after hitting a two-week high, extending a rally into a sixth straight session after a decline in weekly U.S. crude production temporarily alleviated concerns about deepening oversupply. Brent ticked lower. U.S. crude rose 0.07 percent to $44.77 per barrel and Brent was last at $47.24, down 0.15 percent on the day. Gold fell as central bank comments lifted bond yields. Spot gold dropped 0.3 percent to $1,245.62 an ounce. U.S. gold futures fell 0.26 percent to $1,245.80 an ounce. Copper rose 0.75 percent to $5,925.00 a tonne. (Additional reporting by Tanya agvrawal in Bengaluru and Sam Forgione, Karen Brettell and David Gaffen; Editing by Nick Zieminski)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-global-markets-idUKKBN19K031'|'2017-06-29T03:47:00.000+03:00'
'e508ac4d236c329d35056ac064d9a68642625cad'|'Chatty billionaire Ackman grabs bigger megaphone with Twitter account'|'  7:05pm BST Chatty billionaire Ackman grabs bigger megaphone with Twitter account FILE PHOTO: William ''Bill'' Ackman, CEO and Portfolio Manager of Pershing Square Capital Management, speaks during the Sohn Investment Conference in New York City, U.S., May 8, 2017. REUTERS/Brendan McDermid By Svea Herbst-Bayliss - BOSTON BOSTON Billionaire investor William Ackman, one of the hedge fund industry''s most voluble managers with opinions ranging from how companies should be run to the dangers of sugary drinks, just got himself an even bigger megaphone: a Twitter account. Using the handle, @BillAckman1, the 51-year-old investor is the latest to join the social media network that rivals like Carl Icahn, @Carl_C_Icahn, have used to unveil investment ideas and comment on news about portfolio companies. A spokesman for Ackman confirmed the account is real. So far, the account looks bare-bones. As of Thursday afternoon, there was no picture of the widely photographed fund manager, nor were there any tweets. But Ackman had already accumulated more than 1,000 followers, including many self-described traders and financial journalists. Among the 46 users he followed were former Federal Reserve Chairman Ben Bernanke, tennis star Roger Federer and Goldman Sachs Group Inc ( GS.N ) Chief Executive Officer Lloyd Blankfein. Ackman also follows President Donald Trump on Twitter, and like Trump himself he has a reputation for saying exactly what is on his mind, sometimes ignoring the social norms of polite conversation. After two years of heavy losses that damaged his reputation as a savvy investor, Ackman has said this year that his investment team is working on new ideas while he also goes back to his basics to beef up performance. His Pershing Square Holdings is now nursing losses of 2.5 percent for the year so far after having had gains earlier in the year. (Reporting by Svea Herbst-Bayliss; editing by Lauren Tara LaCapra and Tom Brown)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-hedgefunds-ackman-twitter-idUKKBN19K2ME'|'2017-06-29T21:05:00.000+03:00'
'f145eba383f7ec542ed25ba4430a9a963125fa26'|'G20 task force issues framework for climate-related financial disclosure'|'Business News - Thu Jun 29, 2017 - 9:18am BST G20 task force issues framework for climate-related financial disclosure By Nina Chestney - LONDON LONDON A global task force set up by the G20 has developed a voluntary framework for companies to disclose the financial impact of climate-related risks and opportunities, drawing support from more than 100 companies with $11 trillion (8.5 trillion pounds) of assets. There are concerns in the financial community that assets are being mispriced because the full extent of climate risk is not being factored in, threatening market stability. As a result, demand is growing from investors, shareholders, lenders, underwriters and the public for more meaningful and transparent climate-related financial information. The TCFD said organizations should disclose their governance around climate risks and opportunities and the actual and potential impacts of those risks and opportunities on the business, strategy and financial planning, taking into account a global climate pact to limit global average temperature rise to below 2 degrees Celsius. They should also disclose the processes used to identify, assess and manage risks and opportunities and the metrics and targets used to assess and manage them. Although several disclosure frameworks have emerged to meet this demand, there is no single standardized framework across the Group of 20 leading economies. The Task Force on Climate-Related Financial Disclosures (TCFD) was set up by the G20''s Financial Stability Board to provide such a framework to improve the ability to assess and price climate-related risk and opportunities. In a report, the TCFD developed recommendations for climate-related financial disclosures, applying to financial sector organisations, including banks, insurance companies, asset managers and asset owners. "The Task Force''s recommendations have been developed by the market for the market," said FSB chair Mark Carney, who is also the governor of the Bank of England. "Widespread adoption will provide investors, banks and insurers with that information, helping minimise the risk that market adjustments to climate change will be incomplete, late and potentially destabilising," he added. Although the guidelines are voluntary some of the board''s 32 members would like them to become mandatory. It recommended organizations provide climate-related financial disclosures in their public annual financial filings. More than 100 business leaders and their companies, such as insurance groups AXA and Aviva, oil major Royal Dutch Shell, mining group BHP Billiton and Virgin Group, have committed to support the recommendations. "Investors are pleased to see this industry-led forum publish a robust framework applicable across all sectors and jurisdictions," said Peter Damgaard Jensen, chief executive of Danish pension fund manager PKA and chair of the Institutional Investors Group on Climate Change. "Greater climate-related financial disclosure in line with the TCFD''s four widely adoptable recommendations is crucial to secure more complete, meaningful, reliable and consistent data across all companies and sectors," he added. The full report is available at: www.fsb-tcfd.org/publications/ (Editing by David Evans)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-climatechange-financial-disclosure-idUKKBN19K0JF'|'2017-06-29T11:18:00.000+03:00'
'9f285bd095bd58cde2ef05174c744aade7066873'|'Greece says can return to bond markets even without ECB buying'|'By Lefteris Papadimas and Renee Maltezou - ATHENS ATHENS Greece''s short-term objective is to return to bond markets and this will be possible even without the inclusion of its bonds in the European Central Bank''s asset-buying programme, Finance Minister Euclid Tsakalotos said on Thursday.Euro zone governments sketched new detail on possible debt relief for the crisis-hit country on June 15 and approved the release of 8.5 billion euros in bailout loans wrapping up a progress review which dragged on more than six months.But the ECB has said conditions are not right yet for Greece to be included in its bond-buying quantitative easing programme."The Greek government now has a short to medium-term objective which is of course access to the markets, which is... a possibility with or without QE," said told an Economist conference in Athens.Tsakalotos said that Greece would "soon indicate" to investors the strategy for its bond market return -- the first since 2014 -- but the aim, he said, was not to make just a one-off attempt."We don''t want to go too early but ... when we do go, we want to ensure that markets know that this is part of a strategy," he said.The June 15 agreement was a relief for the Greek government which is sagging in opinion polls and wants to convince Greeks that, after seven years of belt-tightening, their sacrifices are paying off and the country can emerge from crisis.It initially aimed for a debt relief deal which would allow its bonds to be included in the ECB''s asset-buying programme and therefore help speed up its market return efforts.Tsakalotos said quantitative easing would help Greek banks, but that it was largely symbolic."I wouldn''t elevate it too high and I don''t think that investment funds and equity funds elevate it that high," he said. "It is very useful, it is important, but mostly it is symbolic."Tsakalotos said he was "entirely confident" that Greece would post "good growth" in 2017 and 2018, but the country''s aim was to make sure that this growth is sustainable.Speaking at the same conference, European Stability Mechanism Chief Klaus Regling urged Greece to stick to reforms and said he was confident it would return to bond markets before it''s programme ends in 2018.(Editing by Jeremy Gaunt.)'|'reuters.com'|'http://in.reuters.com/finance/economy'|'http://in.reuters.com/article/eurozone-greece-finmin-idINKBN19K1B8'|'2017-06-29T08:55:00.000+03:00'
'9476ddffa6bc6238abcd88e25e985378bcf17481'|'RPT-In EU dealings, Google could learn from an erstwhile rival'|'Market News - Thu Jun 29, 2017 - 2:00am EDT RPT-In EU dealings, Google could learn from an erstwhile rival (Repeats June 28 story with no changes) * Concern that Google will enter protracted EU battle * Investors worry EU could force business model change * Tech titans'' shine may wear off, leading to more spats By Foo Yun Chee BRUSSELS, June 28 (BRUSSELS) - Google''s clash with EU antitrust enforcers has echoes of Microsoft''s decade-long regulatory battle, a legacy that parent company Alphabet should bear in mind as it considers challenging the Commission, lawyers and fund managers said. After a seven-year investigation prompted by scores of complaints from rivals, the European Commission hit Google with a record 2.4 billion euro ($2.73 billion) fine for favouring its own shopping service and an order to treat rival services the same way it treats its own products. "When I saw this yesterday, it absolutely rang a bell," said Georg Berrisch, a partner at Baker Botts who advised Microsoft in its EU regulatory dispute while at another law firm. The European Commission slapped a 497 million euro fine on Microsoft in 2004 and ordered it to take steps to boost software competition. It failed to comply with that decision and was subsequently fined 899 million euros. In total, its battle with the EU in several other investigations cost it more than 2.2 billion euros in penalties. In an oblique reference to Microsoft, which faced nearly two decades of legal scrutiny for antitrust violations, Alphabet Executive Chairman Eric Schmidt told a 2011 U.S. Senate hearing: "We get it. By that I mean, we get the lessons of our corporate predecessors." But Google has much to learn, said Stephen Kinsella at law firm Sidley Austin, who advises Google complainant and UK online shopping comparison website Kelkoo. "Years ago Google said they wouldn''t make the mistakes that Microsoft did. Instead they made all of them and came up with a few of their own. The public statements yesterday show they still don''t get it," he said. Google said on Tuesday it disagreed with the EU''s findings that it had abused its dominant position and was considering an appeal. It said it looked forward to continuing to make its case. "The real danger for Google is to enter into a prolonged battle with the Commission on whether what it has done is sufficient to comply with its decision. It could be quite expensive for Google in the end. This is not the end of the story," Berrisch said. Underlining Google''s task, the Commission on Wednesday published a tender for technical expertise to assist it with the case. The five-year contract is worth 10 million euros and can be renewed. So far, investors have given Google the benefit of the doubt, with Alphabet ranking just behind Apple as the world''s most valuable stock with a $666 billion market capitalisation. But they are taking note. "The real concern is whether the Commission will manage to force Google to change its business model, its algorithms in a way that could be detrimental to the business," said Wesley Lebeau, fund manager at CPR Asset Management, an Amundi company. "Search engine is still about 60 percent of Alphabet''s valuation so that is a big deal, even though the drivers for future growth are YouTube and all the Alphabet companies -- Waymo, NEST, Verily," he said. Tech titans have benefited so far from the perception that they bring benefits to society, said Freddie Lait, founder at Latitude Investment Management. "But there is a small chance that, if the shine wears off and you have more of these terrorist videos...and the fine is a huge fine, which sent a message to consumers that there''s been wrongdoing," he said. "If the shine comes off, the claws are out from regulators and governments to try and get their pound of flesh out of all of the big tech companies." ($1 = 0.8790 euros) (Additional reporting by Eric Auchard in Frankfurt, Simon Jessop and Sophie Sassard in London) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/eu-google-antitrust-microsoft-idUSL8N1JP5NH'|'2017-06-29T09:00:00.000+03:00'
'128d1e9ca074f3efa10ec482da2ef419af65e622'|'UK car output falls 10 pct in May ahead of new models'|'LONDON, June 29 British car production fell 9.7 percent in May as some major manufacturers reached the end of older product lines and prepared to begin building newer models, an industry body said on Thursday.Output stood at 136,119 last month, the Society of Motor Manufacturers and Traders (SMMT) said, with exports accounting for around 80 percent of demand as automakers prepare for the introduction of newer vehicle types.Jaguar Land Rover is rolling out its new Velar sport utility vehicle, Honda''s Civic Type R hatchback will be exported to more markets and a range of Nissan models are all expected to boost figures in the months ahead.But the highly successful industry, which is on course for record output by the end of the decade, remains concerned that Britain''s exit from the European Union could harm plants by imposing tariffs and border checks on vehicles and components."Maintaining our current open trade links with Europe, our biggest market, and further developing global markets is vital for this sector," said SMMT Chief Executive Mike Hawes. (Reporting by Costas Pitas, editing by Pritha Sarkar)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-autos-production-idUSL8N1JP3OC'|'2017-06-29T02:01:00.000+03:00'
'd7b1e943b39d224bcfa5814e0a2d494049f2c965'|'Mutual funds managers need to improve due diligence: SEBI'|'Money News - Thu Jun 29, 2017 - 12:36pm IST Mutual funds managers need to improve due diligence: SEBI The logo of the Securities and Exchange Board of India (SEBI) is pictured on the premises of its headquarters in Mumbai, India March 1, 2017. REUTERS/Shailesh Andrade MUMBAI Indian mutual funds need to improve their due diligence before investing in corporate bonds and not rely only on credit ratings given rising concerns about potential defaults, the chairman of Securities and Exchange Board of India (SEBI) said on Thursday. The warning by SEBI Chairman Ajay Tyagi comes as several companies, including Amtek Auto, Jindal Steel and Power Ltd, Ballarpur Industries, have defaulted on their debt coupon payments over the past few years. "Mutual funds need to further strengthen their own due diligence and evaluation mechanism and not only depend on credit rating agencies," Tyagi said in a speech at a mutual funds conference. Tyagi also said large institutional investors needed to be more "actively involved" in monitoring corporate governance at companies, an issue in the limelight after tussles between Tata Group and ousted Chairman Cyrus Mistry. Management at Infosys Ltd has also engaged in a public spat with founders over a range of issues, including remuneration for executives. Tyagi also reiterated the need for asset managers to consolidate schemes saying the launch of too many funds was creating confusing. (Reporting by Abhirup Roy and Samantha Kareen Nair; Writing by Suvashree Dey Choudhury; Editing by Rafael Nam)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/india-sebi-funds-idINKBN19K0L9'|'2017-06-29T09:27:00.000+03:00'
'5e336d8d740947f5a66b478295f8be80bdd2003d'|'Carrefour''s Brazil unit seeks up to $1.7 billion in IPO'|'By Guillermo Parra-Bernal and Benoit Van Overstraeten - SAO PAULO/PARIS SAO PAULO/PARIS French retailer Carrefour SA''s Brazilian unit has filed for an initial public offering that could raise 4.5 billion to 5.6 billion reais ($1.4 billion to $1.7 billion) next month, making it Brazil''s biggest listing in over four years.In a statement, Boulogne Billancourt-based Carrefour ( CARR.PA ) suggested a price tag of 15 to 19 reais per common share of Grupo Carrefour Brasil SA. The IPO will take place in São Paulo Stock Exchange''s strictest governance listing chapter.At the top of the range, Carrefour Brasil would be worth 37.6 billion reais, twice the market value of GPA SA, controlled by archrival Casino Guichard Perrachon & Cie ( CASP.PA ). Reuters reported in January that Carrefour aimed to price the unit''s IPO at a minimum 25 percent premium to GPA.The IPO should help Carrefour Brasil add financial muscle to take on GPA, whose food division has recovered amid sliding sales of appliances. Carrefour Brasil recently trumped GPA as Brazil''s No. 1 diversified retailer.The transaction, slated to price July 18, seals the first phase of an association between Carrefour and Brazilian retail tycoon Abilio Diniz that started in 2014 and involved revamping the unit''s business model.Trading in Carrefour Brasil''s shares is slated to start on July 20 under the symbol CRFB3. Under terms of the offering, parent company Carrefour and Diniz''s Península Participações SA will offer about 91 million existing common shares of Carrefour Brasil in a secondary offering, with proceeds going to shareholders. Diniz could trigger a supplementary allotment of 59 million shares.Carrefour Brasil plans to sell 205.882 million new shares in a primary offering whose proceeds will go to the company''s coffers.DINIZ FAMILYDiniz, whose family founded GPA, is Carrefour''s third largest shareholder and has a board seat. Diniz and his family bought a 10 percent stake in Carrefour''s Brazilian unit through Peninsula in December 2015.Carrefour hired the investment-banking unit of Itaú Unibanco Holding SA ( ITUB4.SA ) to underwrite the offering alongside JPMorgan Chase & Co ( JPM.N ), Bank of America Corp ( BAC.N ) and Goldman Sachs Group Inc ( GS.N ). Other advisors include BNP Paribas SA ( BNPP.PA ), Banco Santander Brasil SA ( SANB11.SA ) and Banco Bradesco SA ( BBDC4.SA ).The Carrefour Brasil IPO would be Brazil''s biggest since the 11.475 billion-reais debut of state-controlled insurer BB Seguridade Participações SA( BBSE3.SA ) in April 2013. This year, three IPOs have been priced, the most in four years.Brazil''s busiest pipeline of bond and equity offerings in at least six years comes as investors have grown more confident that the country can emerge from its steepest recession ever.(Additional reporting by Alberto Alerigi Jr in São Paulo; editing by David Gregorio)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-carrefour-brasil-ipo-idINKBN19J2UZ'|'2017-06-28T20:17:00.000+03:00'
'cb670069a6130c23d9a0dabc055c60a29ffe9c0b'|'Wells Fargo unit hires new head of U.S. portfolio solutions'|'Money - Fri Jun 30, 2017 - 12:31pm EDT Wells Fargo unit hires new head of U.S. portfolio solutions Wells Fargo Asset Management named Jonathan Hobbs as head of U.S. portfolio solutions and Kevin Kneafsey as a senior investment strategist with the multi-asset client solutions group. Hobbs and Kneafsey will be based in San Francisco and report to the president of the unit, Nicolaas Marais, the Wells Fargo & Co division said on Friday. Wells Fargo Asset Management is a division of Wells Fargo Wealth and Investment Management, which manages top-tier investment options. Hobbs joins from BlackRock''s multi-asset team, while Kneafsey served as a senior adviser for Schroders'' multi-asset team. (Reporting By Aparajita Saxena in Bengaluru; Edited by Martina D''Couto) Senate health bill would decimate long-term care coverage CHICAGO When Americans think about retirement planning, long-term care usually is a major blind spot - few of us want to contemplate the possibility of infirmity and dependency in old age. But we would do well to think about it now, as the Senate Republicans take a holiday weekend pause in their push to dismantle the Affordable Care Act. NEW YORK France will set up a special court to handle English-law cases for financial contracts after Britain leaves the European Union, Finance Minister Bruno Le Maire said on Thursday as Paris steps up its charm offensive to attract banks. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-wells-fargo-moves-idUSKBN19L2EQ'|'2017-06-30T19:23:00.000+03:00'
'5f917d1b80a29425a45c4f16aac43627d67ba40a'|'Morning News Call - India, June 30'|'Market News - Thu Jun 29, 2017 - 11:18pm EDT Morning News Call - India, June 30 To access the newsletter, click on the link: here If you would like to receive this newsletter via email, please register at: here FACTORS TO WATCH 9:15 am: CDSL Listing ceremony in Mumbai. 11:00 am: Central Bank of India annual shareholders meet in Mumbai. 11:00 am: Singapore Airlines event in Mumbai. 2:30 pm: SpiceJet to launch its first SpiceStyle Store in Gurgaon. 3:30 pm: Earth Sciences Minister Harshvardhan at an event in New Delhi. 3:30 pm: Hindustan Unilever annual shareholders meet in Mumbai. 5:00 pm: India government to release May infrastructure output data in New Delhi. 5:00 pm: RBI to release weekly foreign exchange data in Mumbai. 6:00 pm: Earth Sciences Minister Harsh Vardhan, World Bank Team at an event in New Delhi. 6:30 pm: RBI Deputy Governor Viral Acharya, Banks Board Bureau Chairman Vinod Rai at an event in Mumbai. LIVECHAT - WEEKAHEAD Reuters EMEA markets editor Mike Dolan discusses the upcoming week''s main market inflection points at 3:30 pm IST. To join the conversation, click on the link: here INDIA TOP NEWS • Fast forward; GST set to transform face of Indian logistics industry India''s greatest tax reform - replacing an array of provincial duties with a nationwide goods and services tax - is transforming the logistics industry in a country where moving stuff around is notoriously difficult to do, executives say. • IndiGo eyes Air India stake in possible privatisation India''s biggest airline, IndiGo, has expressed unsolicited interest in buying a stake in state-owned Air India, the junior aviation minister said on Thursday, a day after the cabinet approved plans to privatise the carrier. • Eris Lifesciences edges lower after $264 million IPO Indian drug maker Eris Lifesciences Ltd''s shares swung between gains and losses in a tepid market debut on Thursday, after raising $263.8 million in an initial public offering. • Coal India betting big on renewables, says minister Coal India Ltd, the world''s largest miner of the dirty fuel, will generate 1 gigawatt of renewable electricity this year as part of its plan to produce as much as 10 GW clean power in total, a federal minister said on Thursday. • India could raise import taxes on crude, refined veg oils- government source India is likely to raise import duty on refined and crude vegetable oils, like palm and soyoil, as local oilseed prices slumped below the government support levels, a government official told Reuters on Thursday. • Mutual funds managers need to improve due diligence: SEBI Indian mutual funds need to improve their due diligence before investing in corporate bonds and not rely only on credit ratings given rising concerns about potential defaults, the chairman of the country''s capital markets regulator said on Thursday. • CRISIL Ratings buys 8.9 percent stake in rival CARE for $68 million CRISIL Ltd, majority owned by S&P Global Inc, bought a 8.9 percent stake in rival CARE Ratings for 4.36 billion rupees $67.55 million, expanding into the country''s ratings business at a time of surging corporate bond issuance. GLOBAL TOP NEWS • China factory growth fastest in 3 months as new orders, output rise China''s manufacturing sector expanded at the quickest pace in three months in June, buoyed by strong production and new orders, reassuring news for authorities trying strike a balance between deleveraging and keeping the economy on an even keel. • Trump administration reverses policy on fiancés as travel ban takes effect U.S. President Donald Trump''s administration reversed a decision late on Thursday as its revised travel ban took effect and said fiancés would be considered close family members and therefore allowed to travel to the United States. • Their fortunes enmeshed, Trump and Putin to hold first meeting next week U.S. President Donald Trump will meet with Russian President Vladimir Putin next week at a summit in Germany that brings two world leaders whose political fortunes have become intertwined face-to-face for the first time. LOCAL MARKETS OUTLOOK (As reported by NewsRise) • The SGX Nifty Futures were at 9,504.50, little changed from its previous close. • The Indian rupee will likely fall against the dollar on expectations local shares will follow regional peers lower, as bond yields harden in developed nations amid bets interest rates are headed higher in the U.S. and Europe. • Indian government bonds are likely to edge higher today as some banks may boost debt purchases on the last day of the fiscal first quarter. However, fresh supply of bonds and higher U.S. yields may lead to selling by some investors. The yield on the benchmark 6.79 percent bond maturing in 2027 is likely to trade in a 6.49 percent-6.54 percent band today. GLOBAL MARKETS • Wall Street fell sharply on Thursday, with the S&P 500 and the Dow industrials suffering their worst daily percentage drops in about six weeks, as a recent decline in technology shares deepened and outweighed strength in bank shares. • Japan''s Nikkei share average stumbled to two-week lows morning after investors turned risk-averse as major central banks signalled that the era of cheap money was coming to an end, which hurt both U.S. and European markets overnight. • The dollar languished near a nine-month low against a basket of currencies, bogged down by growing expectations of more hawkish monetary policies in Europe and Canada and doubts about another U.S. interest rate increase this year. • Benchmark U.S. Treasury yields rose to six-week highs on Thursday on the likelihood that central banks in Europe will become less accommodative, before bonds pared price losses as stocks declined. • Crude oil futures were on track for their biggest weekly gain since mid-May, ending five weeks of losses with prices underpinned by a decline in U.S. output. • Gold prices steadied, supported by an easing dollar and falling equities even as comments from global central banks suggested monetary tightening in Europe and Canada. CLOSE FII INVESTMENTS EQUITIES DEBT PNDF spot 64.56/64.59 June 29 -$176.48 mln $145.75 mln 10-yr bond yield 6.87 Month-to-date $498.85 mln $4.55 bln Year-to-date $8.48 bln $17.99 bln For additional data: India govt bond market volumes Stock market reports Non-deliverable forwards data Corporate debt stories [IN CORPD] Local market closing/intraday levels [IN SNAPSHOT] Monthly inflows [INFLOWS RTRS TABLE IN] ($1 = 64.63 Indian rupees) (Compiled by Benny Thomas in Bengaluru)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/india-morningcall-idUSL3N1JR1EB'|'2017-06-30T06:18:00.000+03:00'
'f24115890ec785963c79a497f9c653df0bd255d8'|'Dollar sulks as global central banks turn hawkish, stocks drop'|' 57am BST Dollar sulks as global central banks turn hawkish, stocks drop A man (3rd L) looks at an electronic stock quotation board as passers-by walk past, outside a brokerage in Tokyo, Japan January 20, 2016. REUTERS/Toru Hanai By Nichola Saminather - SINGAPORE SINGAPORE The dollar extended its losses on Friday as major central banks signalled that the era of cheap money was coming to an end in a boon to sterling, the euro and Canadian dollar, while Asian shares were hit by dismal performances of European and U.S. markets. "International markets continued to adjust for a 2018 outlook where other central banks join the Fed in gradually reducing monetary stimulus," Ric Spooner, chief market analyst at CMC Markets in Sydney, wrote in a note. The dollar index .DXY fell 0.1 percent to 95.565, poised for a 1.8 percent slide this week, having fallen in all sessions but one. It is down 1.4 percent for the month, and 4.8 percent for the quarter. The dollar fell 0.2 percent to 111.925 yen, after losing 0.2 percent on Thursday. It was heading for a 1.2 percent gain for the month, but is down 4.2 percent this year. Bank of England Governor Mark Carney surprised many on Wednesday by conceding a rate hike was likely to be needed as the economy came closer to running at full capacity. Sterling GBP=D3 was 0.1 percent higher on Friday at $1.3023, adding to Thursday''s 0.6 percent gain. Two top policymakers at the Bank of Canada also suggested they might tighten monetary policy there as early as July. The dollar slipped 0.2 percent to C$1.2977 CAD= , extending Thursday''s 0.3 percent loss. Despite comments by sources that European Central Bank President Mario Draghi intended to signal tolerance for a period of weaker inflation, not an imminent policy tightening, the euro on Friday revisited the one-year high of $1.1445 hit on Thursday. The euro EUR=EBS slipped almost 0.1 percent from that level and was fetching $1.14365, retaining most of Thursday''s 0.6 percent gain. "The shifting monetary policy trajectories of other central banks is making other currencies more attractive relative to the U.S. dollar," said Kathy Lien, managing director at BK Asset Management in New York. In stocks, MSCI''s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS fell 0.8 percent, set to end the month up 1.7 percent after hitting a two-year high on Thursday. It is up 5.3 percent for the quarter and has risen 18.3 percent this year. The negative sentiment infected Chinese shares despite surveys showing activity in the country''s manufacturing and services sector accelerated in June from the previous month. Manufacturers appeared to enjoy strong external demand, as new orders and production rose at a solid pace. The CSI 300 index .CSI300 fell 0.5 percent, while the Shanghai Composite .SSEC slid 0.4 percent. Hong Kong''s Hang Seng .HSI lost 1.1 percent. Japan''s Nikkei .N225 tumbled 1.1 percent, shrinking its monthly gain to 1.8 percent and its quarterly increase to 5.8 percent. Australian shares dropped 1.4 percent, while South Korea''s KOSPI .KS11 lost 0.4 percent. Overnight, the tech-heavy Nasdaq .IXIC , with its 1.4 percent loss, led declines on Wall Street. The Nasdaq is poised to post a 0.9 percent loss for the month, but is still up 14 percent this year. The decline in tech stocks overnight was due to a rotation into bank shares, which have lagged this year, after the biggest U.S. banks revealed buyback and dividend plans that beat analysts'' expectations after the Fed approved their capital proposals in its annual stress test program. The S&P financials index .SPSY rose as much as 2 percent overnight, while the S&P technology index .SPLRCT fell as much as 2.7 percent. European shares also lost about 1.3 percent as dividend-paying sectors took a hit on prospects for higher interest rates. In commodities, oil prices continued their recovery this week on a decline in weekly U.S. crude production. U.S. crude CLc1 added 0.65 percent to $45.18 a barrel in its seventh straight session of gains, bringing its weekly increase to 5.05 percent, and narrowing its monthly and quarterly losses to 6.5 percent and 10.7 percent respectively. Global benchmark Brent LCOc1 gained 0.5 percent to $47.61, poised to post a 5.4 percent loss for the month and 9.9 percent for the quarter. The dollar''s weakness this year has been a boon for gold, which is up 8.1 percent in the same period. It was little changed at $1,244.32 an ounce on Friday. (Reporting by Nichola Saminather; Additional reporting by Rodrigo Campos;  '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-global-markets-idUKKBN19L04B'|'2017-06-30T04:57:00.000+03:00'
'89cafb83e3e1c623a6b3f0522318c1211e2dc971'|'UK funds raise U.S. stocks, cut UK after June election - Reuters Poll'|'Business News   12:24pm BST UK funds raise U.S. stocks, cut UK after June election - Reuters Poll Construction work is reflected in a canal in London''s Financial centre at Canary Wharf In London, Britain May 24, 2017. REUTERS/Russell Boyce By Claire Milhench - LONDON LONDON British fund managers raised their U.S. stock holdings in June to their highest since March but cut their UK equity holdings after June''s general election, which resulted in a hung parliament and increased uncertainty over Brexit. In a Reuters poll of 14 UK-based wealth managers and chief investment officers conducted between June 15 and 28, their U.S. stocks allocation grew by 1.7 percentage points to 31.8 percent of their global equity portfolios. This came against the backdrop of a 2.8 percentage point cut in the share of equities within investors'' global balanced portfolios, to 46.3 percent, its lowest since March. By contrast, bond holdings grew 2.4 percentage points to 30.5 percent, the highest since December 2016. U.S. equity markets had a volatile time in June, with tech stocks such as Google''s parent Alphabet ( GOOGL.O ), Apple ( AAPL.O ), Facebook ( FB.O ) and Microsoft ( MSFT.O ) selling off hard early in the month. This raised fears of another dotcom-style crash. The tech-heavy Nasdaq .IXIC is set to end June down 0.9 percent, bringing a seven-month winning streak to a close, but is still up 14 percent so far this year. Three-quarters of poll participants who answered a special question on tech stocks said they were not overvalued. "The technology sector still has positive momentum in earnings growth relative to other sectors," said Trevor Greetham, head of multi-asset at Royal London Asset Management (RLAM). "As long as rate rises don''t create a significant economic downturn, the sector should continue to trade positively." Ryan Boothroyd, a fund manager with the multi-asset team at Janus Henderson Investors, acknowledged that investor sentiment towards the sector was elevated, but added: "We are a long way from the dotcom bubble." He argued that technology companies had established decent fundamentals, and many of the larger stocks had net cash on their balance sheets. Investors were also optimistic about the outlook for U.S. growth. More than 80 percent of poll participants who answered a question on Federal Reserve tightening said the U.S. economy was strong enough to take another rate rise in 2017, despite a run of recent soft data. In June the Fed raised rates for the second time this year. "We are starting to see some signs that the U.S. economy is softening but the underlying trend, especially in the labour market, remains positive," said RLAM''s Greetham. David Vickers, senior portfolio manager at Russell Investments, struck a more cautious note, pointing out that since the first hike in March, U.S. economic data had largely disappointed. "With inflation suppressed by the current bear market in oil, the Fed would be well served to see if this economic lull is transitory, otherwise they could risk prolonging/exacerbating it," he said. ELECTION SURPRISE Investors cut their UK stock holdings by 1.5 percentage points to 22.2 percent, the lowest since March, after the snap general election on June 8 delivered a hung parliament. This confounded expectations that the Conservative party would win a larger majority and left Britain with a minority government on the eve of Brexit talks. Three-quarters of those who answered a question on the election outcome thought a softer Brexit was now more likely. Prime Minister Theresa May has promised to listen more closely to business concerns about Britain leaving the European Union. "The weakened Conservative parliamentary position was a massive game-changer," said Mouhammed Choukeir, chief investment officer at Kleinwort Hambros. But he warned that the mounting uncertainty around the Brexit negotiations remained a headwind. "Brexit will only get softer from here," agreed Russell''s Vickers. "It is clear that there is no political support for a hardline Brexit stance. Theresa May''s uncompromising stance played a big part in the government''s downfall." (Editing by Gareth Jones)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-funds-poll-uk-idUKKBN19L1GR'|'2017-06-30T14:24:00.000+03:00'
'00310f309eed03627e7ba405a90b892de10017f8'|'EU antitrust regulators halt Qualcomm, NXP deal review'|'Deals - Thu Jun 29, 2017 - 9:49am EDT EU antitrust regulators halt Qualcomm, NXP deal review left right A man works on a tent for NXP Semiconductors in preparation for the 2015 International Consumer Electronics Show (CES) at Las Vegas Convention Center in Las Vegas, Nevada January 4, 2015. REUTERS/Steve Marcus/File Photo 1/2 left right One of many Qualcomm buildings is shown in San Diego, California November 3, 2015. REUTERS/Mike Blake/File Photo 2/2 BRUSSELS EU antitrust authorities have halted their scrutiny of Qualcomm''s ( QCOM.O ) $38 billion bid for NXP Semiconductors ( NXP.N ) after the companies failed to provide relevant information. The European Commission opened a full-scale investigation on June 9 and had been scheduled to decide on the deal by Oct. 17. "Once the missing information is supplied by the parties, the clock is re-started and the deadline for the Commission''s decision is then adjusted accordingly," the EU competition authority said in an email. Qualcomm, which supplies chips to Android smartphone makers and Apple ( AAPL.P ), declined to comment. The deal will make it the leading supplier to the fast growing automotive chip market following the deal, the largest in the semiconductor industry. The EU competition enforcer had voiced concerns about the merged company''s ability to squeeze out rivals and hike prices when it kicked off its investigation. One worry is the company''s ability to bundle its products, excluding rivals in baseband chipsets and near field communication (NFC) chips. Other concerns include reduced competition in semiconductors used in cars. U.S. antitrust enforcers cleared the deal unconditionally in April. Qualcomm may have to offer concessions to secure EU approval. (Reporting by Foo Yun Chee, editing by David Evans) '|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-qualcomm-nxp-eu-idUSKBN19K1VO'|'2017-06-29T17:49:00.000+03:00'
'a15b83294473e62df5aaa20d40d2d9d9ff74d807'|'What Rosneft’s purchase of Essar’s oil refinery means'|'CONGLOMERATES sometimes sell their least promising units, thereby ginning up returns for the remaining empire. But groups saddled with huge debts do not have that luxury; only by disposing of the most profitable parts can they raise enough funds to satisfy creditors. Such is the story of the Essar Group, which is in the final stages of selling its crown jewel, India’s second-biggest private oil refinery, to a consortium led by Rosneft, a Russian oil titan. The slimming of what was once the country’s third-largest diversified corporate group is a welcome signal that an era of powerful industrialists running rings round their creditors is ending.The purchase by Rosneft (along with a Russian investment fund and Trafigura, a trading firm) of the giant Vadinar refinery in the state of Gujarat for $12.9bn will be the largest-ever foreign investment in India. It has been a long time coming. It was first mooted over two years ago and jointly announced with fanfare in October by India’s Narendra Modi and Russia’s Vladimir Putin. The deal includes an Indian port and a network of coveted petrol stations. Most analysts approve of Rosneft’s intiative as a way of diversifying away from upstream activities in Russia. But what is most telling is why the assets came up for sale in the first place. Essar, whose interests span power plants, steel, infrastructure and shipping, says that it saw a good opportunity to monetise an asset it has nurtured for years. It may have had little choice. An investment splurge starting in 2011 has left various Essar operating entities, along with a holding company based in the Cayman Islands, with a combined debt of around $20bn. Although the company does not disclose updated financials (it is privately held by the Mumbai-based Ruia family) few firms in its various industries make the sort of money it would need to pay down such a debt.In the past, bosses at Indian state-run banks (which conduct over two-thirds of all lending) could easily be convinced to overlook trifles such as a debtor’s inability to repay loans. It takes over four years for an insolvency process to return a meagre 26 cents on the dollar to creditors, so bankers often preferred to behave as if even the most distressed company might somehow find a way of repaying a loan.A bad-loan crisis followed. Around one in five loans made by state-owned banks are either set to default or have already done so. The central bank is pushing bankers to get tough on errant borrowers. In recent weeks it has threatened to push a dozen firms with huge debts into insolvency unless deals to refinance their debts could be reached quickly. One was Essar Steel.Banks are still allowed to forgive a part of a company’s debt. But there is now pressure to show that shareholders pay a price, by having to forfeit large chunks of their equity to the banks. Advisers involved in the talks over Essar Steel say the group will have to give up over half its equity in the steel business to convince lenders to refinance loans. That is new: in past cases, parts of Essar have moved in and out of debt restructurings without the central group having to give up any stakes.Part of the reason the Rosneft deal was held up for so long, insiders say, is that state-owned banks insisted that the Ruia family clear debts from other bits of the Essar empire first, including from the central holding company. They refused to agree to a sale until that was done (Essar repaid in part by taking out a bridge loan from Vneshtorgbank, a big Russian lender). That shows a savvy few thought state-owned bank executives possessed.The cash from the sale to Rosneft will take away about half of Essar’s $20bn of debt but will also deprive it of its main source of profits. Essar’s pain in having to sell the oil refinery is the corporate system’s gain. Resolving festering bad loans, either by forcing asset sales or seizing ownership, is an essential part of restoring the health of Indian banking. Credit to Indian industry is currently shrinking for the first time in two decades. Resolving this mess can only help companies—including what will remain of Essar.This article appeared in the Business section of the print edition under the headline "Indian diet"'|'economist.com'|'http://www.economist.com/sections/business-finance/rss.xml'|'http://www.economist.com/news/business/21724444-chastening-indian-conglomerate-what-rosnefts-purchase-essars-oil-refinery-means?fsrc=rss'|'2017-06-29T22:48:00.000+03:00'
'af470649c0d571a953fb3cb59a112a4162690feb'|'Tech, oil slump sends European shares to two-month low'|'Business News - Wed Jun 28, 2017 - 8:31am BST Tech, oil slump sends European shares to two-month low Traders work in front of the German share price index, DAX board, at the stock exchange in Frankfurt, Germany, May 8, 2017. REUTERS/Pawel Kopczynski LONDON A slump among technology stocks after a global cyber attack added to depressed crude prices to cast a cloud over European shares on Wednesday, sending them to their lowest in two months. The pan-European STOXX 600 hit its lowest since April 24 in early deals, down 0.7 percent, in step with euro zone stocks .STOXXE and blue-chips .STOXX50E . Technology stocks .SX8P fell 1.2 percent to a two-week low, the worst performer with every stock on the index in the red, hit by jitters after a ransomware attack swept the globe, disrupting computers at banks and large companies including WPP ( WPP.L ), Moeller Maersk ( MAERSKb.CO ) and Metro ( MEOG.DE ). Semiconductor makers AMS ( AMS.S ), Dialog Semiconductor ( DLGS.DE ), ASM International ( ASMI.AS ) and STMicro ( STM.MI ) were among the worst performers. Lower oil prices weighed on oil and gas stocks .SXEP, with Tullow Oil ( TLW.L ) the biggest faller after its first-half results. Meanwhile, positive results and acquisitions drove the handful of gainers. Business supplies distributor Bunzl ( BNZL.L ) rose 4 percent after saying a boost in recent acquisitions would help it increase first-half revenue 7 percent. French industrial group Legrand ( LEGD.PA ) rose 2.8 percent after saying it would buy U.S. infrastructure company Milestone. (Reporting by Helen Reid, editing by Ed Osmond) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-europe-stocks-idUKKBN19J0PX'|'2017-06-28T10:31:00.000+03:00'
'0aa552cca5be6a8a12c9308a96ee67811195bd68'|'Australia probes Uber recruitment as drivers seek employee status'|'SYDNEY Australia''s workplace regulator on Wednesday said it is investigating U.S. ride-hailing firm Uber Technologies Inc [UBER.UL] over the way it recruits drivers, after a drivers group sought employee rather than subcontractor status.The Fair Work Ombudsman plans to focus on whether the San Francisco-based startup, which makes apps that allow people to book journeys on their smartphones, is in breach of Australian workplace rules, a spokesman said."We have started an investigation," the spokesman said. "That is all that can be said at this time."The ombudsman is empowered to take legal action to force firms to comply with workplace laws and pay employees minimum wage and retirement benefits.Uber defended the way it engages drivers, saying it allowed them more independence.The investigation is Uber''s latest brush with authorities. In March, the San Francisco-based startup lost a court battle against Britain''s Transport for London (TfL) over English-language requirements for drivers, but was granted an appeal on Tuesday.The Australian probe comes after RideShare Drivers United, a group representing some Uber drivers, earlier this month sought classification as employees entitled to compensation under Australian law, rather than subcontractors."More than 60,000 Australian driver-partners choose to drive using the Uber app because they like setting their own schedule and being their own boss," Uber said in a statement emailed to Reuters."We will be happy to assist the Fair Work Ombudsman with any questions they may have," Uber said.Uber has endured a tumultuous few months with allegations of sexism and bullying at the company leading to the ousting of chief executive and co-founder Travis Kalanick.(Reporting by James Regan; Editing by Christopher Cushing)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/us-uber-australia-idINKBN19J1AO'|'2017-06-28T14:09:00.000+03:00'
'c792ba7bb2f7e390618ff35185b812ae87dead49'|'Brexit, new challenges will force EU budget change - Commission'|'By Jan Strupczewski and Elizabeth Miles - BRUSSELS BRUSSELS The European Union will have to change the way it collects and spends its funds to cope with Britain''s leaving and with other challenges, the European Commission said on Wednesday.It suggested the bloc could tap into new taxes and make savings.Britain contributes around 16 percent to the overall EU budget, or 10 billion to 11 billion euros annually, so its exit in March 2019 will create a financing gap that will be difficult to fill."We will have to save money because it will not be possible to make up completely for the gap," Budget Commissioner Gunther Oettinger told a news conference.He presented a paper to be debated by EU governments this year, laying out options."The EU budget ... will change after 2020. This is certain -- the status quo is not an option," the Commission paper said.The Commission outlined five scenarios, from a much lower to a significantly higher budget from 2020 under the headings of "carrying on", "doing less together", "those who want more, do more", "radical redesign" and "doing much more together".Only the "doing less together", which assumes a much lower budget, keeps the current financing sources and levels unchanged. All others assume new revenue sources, or bigger national co-financing and a review of spending or both.To fill the gap caused by Brexit, the document said, the EU could tap sources like corporate taxes, a tax on financial transactions, or levies on electricity, motor fuel, carbon emissions or proceeds from central bank currency issuance.The taxes, collected nationally, could be passed on in part, or in full to the EU, especially if they were generated directly by EU policies -- like revenues from auctions under the Emissions Trading System or emission premia for cars.The EU now gets its money from national contributions based on gross national income, from customs duties collected at all EU borders and from a tiny cut of national value added taxes.To make savings for the EU budget, governments could take on some of the direct payments to farmers made by the EU under the bloc''s Common Agricultural Policy, the paper said.Governments could also put in more of their own money to finance projects funded by the EU under its cohesion policy -- aid to less developed regions to equalise living standards.The EU could also try to make better use of existing funds, leveraging them to finance projects, similarly to its investment fund EFSI which is to generate some 500 billion euros of investment by 2020 by leveraging only 33.5 billion of own funds.All this would could help finance new areas of EU activity."In the future, migration management, internal and external security, external border control, the fight against terrorism and defence will need to be budgeted ... alongside continuing investment to support stability and sustainable development in our partner countries," the Commission paper said.MONEY AND THE RULE OF LAWUnder pressure from the EU''s biggest countries, who are also the biggest net contributors to the budget, the Commission put in the paper an idea that disbursements from the next budget could be linked to governments abiding by the rule of law.This is a clear reference to Poland which is one of the biggest beneficiaries of the EU budget and the only country the Commission is monitoring if it observes the rule of law.EU officials say Poland has been ignoring the Commission''s recommendations under the rule of law procedure, which call on the nationalist-minded government to respect the independence of the judiciary, media and civil rights.The head of the European Commission, Jean-Claude Juncker, has said he was against linking the rule of law procedure with budget payments. But there is growing pressure from Germany, France and Italy as well as Sweden to consider it."(French) President (Emmanuel) Macron saying the European Union is not a supermarket is the most strongly-worded expression of that," Commission First Vice President Frans Timmermans told Reuters."I... fully understand the point made by the French president, you can''t pick and chose, you can''t say ''Give us the money and we don''t want to hear anything else about European rules''," Timmermans said.(Reporting By Jan Strupczewski and Elizabeth Miles; Editing by Philip Blenkinsop/Jeremy Gaunt)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/eu-budget-future-idINKBN19J184'|'2017-06-28T13:51:00.000+03:00'
'e5b97857aa98f4aaf5ed6c19235d584c048c0a61'|'JPMorgan Chase to centralize energy controls for 4,500 branches'|'Banks - Wed Jun 28, 2017 - 5:07am BST JPMorgan Chase to centralize energy controls for 4,500 branches The logo of Dow Jones Industrial Average stock market index listed company JPMorgan Chase (JPM) is seen in Los Angeles, California, United States, in this October 12, 2010 file photo. REUTERS/Lucy Nicholson/File Photo NEW YORK JPMorgan Chase & Co ( JPM.N ) is shifting control of heating, air-conditioning and lighting in 4,500 of its branches to an operations centre hosted in the internet cloud. Sol Gindi, chief administrative officer for JPMorgan''s consumer bank, said the company is making the change so that bank branch managers and loan officers can do their jobs instead of adjusting thermostats and keeping track of replacing light bulbs before they burn out. The move is expected to reduce energy consumption in the branches by 15 percent, Gindi told Reuters on Tuesday. "To operate in the most efficient way, we have to be centralized and automated," he said. The energy and lighting management will be done by General Electric Co ( GE.N ) using sensors in branches across the United States and linked by the internet to computers. The work also includes managing water for irrigation of landscapes, as well as a pilot installation of solar panels at California branches. GE last year got the job of replacing old light bulbs in Chase branches with more energy efficient LED bulbs. Chase has another 700 branches that are not included in the plan for various reasons, including locations in buildings that are leased or not suited to the new controls. The actions could save roughly $20 million (£16 million) a year - tiny compared with JPMorgan’s $58 billion of company-wide expenses. More valuable, Gindi said, is supporting branch employees in their jobs and keeping customers comfortable. "If we do the right thing there, our revenue is going to grow," he said. (Reporting by David Henry in New York; Editing by Leslie Adler) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-jpmorgan-branches-idUKKBN19J0BE'|'2017-06-28T12:07:00.000+03:00'
'ff6d744cd98e70815159df3f2cb0cf06c86ebc8b'|'Billionaire investor Icahn backs off demand for AIG breakup: source'|'By Suzanne Barlyn Billionaire investor Carl Icahn is backing off his demand to break up insurance giant American International Group Inc ( AIG.N ), following the company''s sale of assets and hiring of a new chief executive officer, a person familiar with the matter said.Icahn, AIG''s third-largest investor, wants the insurer''s new CEO Brian Duperreault to have an opportunity to boost AIG''s return on equity, the person said. Icahn had a 4.95 percent stake, or 45.6 million shares, as of March 31.Icahn was not immediately available to comment.AIG named Duperreault, 70, CEO in May, selecting a protégé of former CEO Hank Greenberg and an industry veteran known for his turnaround expertise.AIG has been the target of activist investors led by Icahn, who disclosed his stake in 2015 and called for breaking up the company to make it more successful.Former CEO Peter Hancock responded by launching a two-year turnaround plan last year, which included the goal of returning $25 billion of capital to investors by year-end.AIG, the largest U.S. underwriter of commercial property and casualty policies, has returned $18.1 billion to shareholders through buybacks since announcing the plan.Hancock said on March 9 that he would depart once the board found a replacement, citing a lack of confidence among directors and investors.Duperreault told reporters on Wednesday that AIG would likely slow the pace of share buybacks and instead spend on acquisitions."The likelihood we can continue the pace of share buybacks is low because there are other things I can use the money on," Duperreault said.(Reporting by Suzanne Barlyn in New York; Additional reporting by Michael Flaherty; Editing by Phil Berlowitz)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-aig-icahn-idINKBN19K2JA'|'2017-06-29T15:34:00.000+03:00'
'ebb5006f4649265e878d8409bef8a8f2c1786169'|'Dow and DuPont reaffirm to close merger in August 2017'|'Dow Chemical Co ( DOW.N ) and DuPont ( DD.N ) on Wednesday reaffirmed their expectation to close their merger in August.Boards of both companies have jointly started a portfolio review and have engaged McKinsey & Company to assist in the assessment.Alexander Cutler, lead director of DuPont, said, "If results of our review demonstrate there is net greater long-term value creation to be realized through a change in portfolio, it will be pursued."Canada''s Competition Bureau said on Tuesday it would allow a planned merger between DuPont and Dow after both firms agreed to dispose of some assets.(Reporting by Bhanu Pratap in Bengaluru; Editing by Bill Trott)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/du-pont-m-a-dow-idINKBN19J31H'|'2017-06-28T21:13:00.000+03:00'
'6b3adf1f3ce086a0e15f4fd6549937de6db875a9'|'Billionaire investor Icahn backs off demand for AIG breakup - source'|'Business  37pm BST Billionaire investor Icahn backs off demand for AIG breakup - source Billionaire activist-investor Carl Icahn gives an interview on FOX Business Network''s Neil Cavuto show in New York, U.S. on February 11, 2014. REUTERS/Brendan McDermid/File Photo By Suzanne Barlyn Billionaire investor Carl Icahn is backing off his demand to break up insurance giant American International Group Inc ( AIG.N ), following the company''s sale of assets and hiring of a new chief executive officer, a person familiar with the matter said. Icahn, AIG''s third-largest investor, wants the insurer''s new CEO Brian Duperreault to have an opportunity to boost AIG''s return on equity, the person said. Icahn had a 4.95 percent stake, or 45.6 million shares, as of March 31. Icahn was not immediately available to comment. AIG named Duperreault, 70, CEO in May, selecting a protégé of former CEO Hank Greenberg and an industry veteran known for his turnaround expertise. AIG has been the target of activist investors led by Icahn, who disclosed his stake in 2015 and called for breaking up the company to make it more successful. Former CEO Peter Hancock responded by launching a two-year turnaround plan last year, which included the goal of returning $25 billion (19.28 billion pounds) of capital to investors by year-end. AIG, the largest U.S. underwriter of commercial property and casualty policies, has returned $18.1 billion to shareholders through buybacks since announcing the plan. Hancock said on March 9 that he would depart once the board found a replacement, citing a lack of confidence among directors and investors. Duperreault told reporters on Wednesday that AIG would likely slow the pace of share buybacks and instead spend on acquisitions. "The likelihood we can continue the pace of share buybacks is low because there are other things I can use the money on," Duperreault said. (Reporting by Suzanne Barlyn in New York; Additional reporting by Michael Flaherty; Editing by Phil Berlowitz)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-aig-icahn-idUKKBN19K2JI'|'2017-06-29T20:37:00.000+03:00'
'bad704eef0123b3ea62bfe934900c3a0a07c907d'|'US STOCKS-Tech shares boost Nasdaq; energy stocks rebound'|'Market News  35pm EDT US STOCKS-Tech shares boost Nasdaq; energy stocks rebound * Nasdaq on track to post first weekly gain in three weeks * Oil bounces off 10-month lows * Bed Bath & Beyond, BlackBerry tumble * Indexes: Dow down 0.05 pct, S&P up 0.13 pct, Nasdaq up 0.38 pct (Updates to late afternoon, adds commentary, changes byline) By Sinead Carew June 23 U.S. stocks rose on Friday, with the Nasdaq set to post its first weekly gain in three weeks, helped by strength in technology stocks, while energy shares rebounded as oil prices rose. But bank stocks fell even after they passed their annual stress test as some results were weaker than expected and investors focused on a flattening yield curve. Investors were expecting heavy trading around the market close due to FTSE Russell''s completion of the annual refresh of its benchmarks. "The effect is going to be focused on small-caps but there''s an echo of that in large caps," said Don Townswick, Director of Equity Strategy at Conning & Co in Hartford, Connecticut. While most of the rebalance-related trading comes at the close "there''s jockeying all through the day from people who want to get ahead" said Townswick. Oil prices edged up after hitting their lowest point since August earlier in the week, but remained on course for a roughly 20 percent decline for the year-to-date as production cuts have failed to reduce oversupply. While the S&P 500 energy index was up 0.4 percent on the day, it was on track to post its worst weekly decline since February 2016. Oil prices have added to concerns about the inflation outlook, which, along with a flattening yield curve, could pose a challenge to the Federal Reserve''s rate hike plans. The Dow Jones Industrial Average was down 10 points, or 0.05 percent, to 21,387.29, the S&P 500 gained 3.16 points, or 0.13 percent, to 2,437.66 and the Nasdaq Composite added 23.93 points, or 0.38 percent, to 6,260.62. Big technology stocks, including Apple, Facebook and Microsoft, were the S&P 500''s biggest boosts on the day and sent up the tech sector 0.6 percent. The laggards included the healthcare index which was down 0.4 percent on the day after a strong week. The healthcare rally faded on Friday as investors sought to understand whether a Senate Republican bill to replace Obamacare, released Thursday, would gain enough support to pass. Healthcare stocks had rallied ahead of the bill and were still on track for a weekly gain. The S&P financial index, fell 0.44 percent with pressure from banking stocks after the stress test results and ahead of the second part of their test due on Wednesday. "It is a sell on the news effect," said R.J. Grant, head of trading at Keefe, Bruyette & Woods in New York. "It might get people back to focusing on things like the yield curve." Instead, investors favored growth sectors such as tech. "People are making bets that rates will stay lower for longer and the economy will kind of muddle along and have very tepid growth," said Grant. BlackBerry''s U.S.-listed shares were down 11.6 percent after quarterly revenue missed estimates. Bed Bath & Beyond was down 12.7 percent following a bigger-than-expected drop in same-store sales. Advancing issues outnumbered declining ones on the NYSE by a 1.96-to-1 ratio; on Nasdaq, a 1.49-to-1 ratio favored advancers. (Reporting by Sruthi Shankar in Bengaluru; Editing by Sriraj Kalluvila and Nick Zieminski)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-stocks-idUSL1N1JK1EU'|'2017-06-24T03:35:00.000+03:00'
'74a9680bfdc61a205d00ce54f6dd6fe83970a08b'|'AIRSHOW-Elbit Systems says innovation key to crowded drone market'|'By Mike Stone - PARIS, June 23 PARIS, June 23 Israeli defence electronics company Elbit Systems Ltd, is moving quickly to innovate and maintain its edge in a global market in which it faces increasing competition from China, France, Turkey and others.The unmanned aerial vehicles (UAV) maker''s vice president Elad Aharonson told Reuters his firm is adding new capabilities to its drones and boosting their data processing power to meet the needs of his Australian, Brazilian, South Korean, Indian and U.S customers.Elbit unveiled a new remotely-operated drone at the Paris Airshow, SkyStriker, described as a "long-loitering munition" that is designed to fly for hours while sending back live video and data and to also be guided onto a target to deliver explosives. The drone offers a "kill" function that allows an operator to abort the strike at the last minute.New products like the SkyStriker UAV are an example of the constant need for innovation, said Aharonson, who also leads Elbit''s intelligence, surveillance, target acquisition and reconnaissance (ISTAR) division created in 2015.The division allows Elbit to fuse drone data collection with data management and analysis.Aharonson said customers need more than just hours of footage from flying drones. "A lot of data is collected on the desk of the officer, and he doesn''t know what to do with it," Aharonson said.In the U.S. military market the firms with the most annual sales are General Atomics, Northrop Grumman and Textron according to analytics firm Govini, which tracks the public records of federal contracts. Currently, Elbit considers its main competition to be U.S. and Israeli firms, Aharonson said.At the end of the first quarter, Elbit posted higher profits boosted by a rise in revenue. At the time, Chief Executive Bezhalel Machlis said he saw larger defences spending "especially in the electronic defence sphere." (Reporting by Mike Stone; Editing by Christian Schmollinger)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/airshow-paris-elbit-systems-idINL1N1JJ0PU'|'2017-06-23T02:32:00.000+03:00'
'42aca01a79bf5db7086a655cfb12416b2e071d60'|'MetLife board OKs Brighthouse spinoff, sets effective date'|'Business News - Thu Jun 29, 2017 - 5:28pm EDT MetLife board approves Brighthouse spinoff, sets effective date A MetLife Inc building is shown in Irvine, California, U.S., January 24, 2017. REUTERS/Mike Blake By Suzanne Barlyn MetLife Inc ( MET.N ) on Thursday came a step closer to spinning off its U.S. retail life insurance and annuity business after the company''s board of directors approved the plan, it said on Thursday. The board set July 19 as the effective date for the spinoff of Brighthouse Financial Inc, with shares to be distributed on Aug. 4, subject to approval by the U.S. Securities and Exchange Commission, the company said. MetLife common shareholders will receive one share of Brighthouse Financial common stock for every 11 shares of MetLife common stock they own as of the close of business on July 19, assuming SEC approval, MetLife said. The SEC''s approval will be the last hurdle for MetLife to complete the Brighthouse spinoff. On Wednesday, Delaware insurance regulators approved Brighthouse''s request to acquire key MetLife businesses operating in Delaware and do business in the state under the Brighthouse name. Brighthouse Life Insurance Company, domiciled in Delaware, will have more than 2 million policies and annuity contracts in force and more than $220 billion in assets, the Delaware insurance regulator said on Thursday. (Reporting by Suzanne Barlyn in New York; Editing by Richard Chang and Matthew Lewis) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-metlife-brighthouse-idUSKBN19K2YY'|'2017-06-29T23:52:00.000+03:00'
'c6f445fb9ed014556cded35846efd373dc9484d6'|'Brazil unions protest Temer''s reforms; turnout drops'|'RIO DE JANEIRO Brazilian labor unions staged peaceful nationwide demonstrations against scandal-hit President Michel Temer on Friday, seeking to stop his unpopular administration from pushing through Congress changes to labor and pension laws.Protests were smaller than in a nationwide strike two months ago. Subway and bus services shut down in Brasilia, and small street demonstrations blocking roads snarled drivers in traffic in São Paulo and Rio de Janeiro.The strike had limited impact at oil refineries but did not effect exploration and production, refining and logistics activities at state-controlled oil company Petróleo Brasileiro SA, executives said.Temer, whose year-long administration has an approval rating in the single digits, has resisted repeated calls to resign after executives of the world''s biggest meatpacker, JBS SA, accused him of taking millions in bribes. The president was charged this week with corruption.Unions fiercely oppose Temer''s labor reform bill as it reduces their power over workplaces by cutting mandatory dues and allowing companies and employees to negotiate contract terms more freely. The bill has already been approved by the lower house of Congress and looks set to pass the Senate within a few weeks.Unions also criticize Temer''s pension overhaul proposal as it would make Brazilians work more years before retiring. Economists and investors see pension reform as the only way for Brazil to shore up its finances in the long run without resorting to massive tax hikes.Previous protests triggered violent clashes between demonstrators and police earlier this year. In May, Temer deployed the army to protect federal buildings after protesters set fire to a ministry building in Brasilia.(Reporting by Pedro Fonseca; Writing by Silvio Cascione; Editing by Marguerita Choy)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-brazil-politics-protests-idUSKBN19L270'|'2017-06-30T17:47:00.000+03:00'
'736f418bbd09a2312dff07aada45ed686b858327'|'China energy demand may already have peaked - researchers'|'Business News   10:02am BST China energy demand may already have peaked - researchers By David Stanway and Alister Doyle - SHANGHAI/OSLO SHANGHAI/OSLO China''s energy demand has reached peak levels and is set to fall in coming years, an influential government think tank said, in a study offering an optimistic view on Chinese efforts to combat climate change. The study by the China Academy of Social Sciences (CASS) study said China''s total energy consumption is expected to fall to the equivalent of 4 billion tonnes of standard coal in 2020, which would represent a decline of 8 percent from last year. Consumption would then inch down to 3.74 billion tonnes in 2030 and 3 billion tonnes by 2050, the study said. "(Peak demand) could be this year or next year - this is a gradual process and isn''t just coming down suddenly from a very pronounced summit," said Qiang Liu, director of CASS''s Institute of Quantitative and Technical Economics. The CASS study suggests Beijing is cutting coal use far faster than expected, and comes weeks after U.S. President Donald Trump decided to quit the 195-nation Paris agreement on climate change and reaffirmed his commitment to revive U.S. fossil fuels. It also indicates China could reach its pledge to bring climate-warming greenhouse gas emissions to a peak by "around 2030" earlier than expected, given that the energy sector is estimated to account for 70-80 percent of its CO2 emissions. The CASS forecast contrasts with China''s 2016-2020 energy plan that said total energy use would grow around 2.5 percent a year until 2020 and a forecast by state-owned China National Petroleum Corp for energy consumption to peak by 2035. The study comes ahead of the July 7-8 Group of 20 summit in Hamburg, Germany. British researchers suggested last year that China''s CO2 emissions were likely to peak far earlier than the official target and could have hit their maximum in 2014. The analysis was rejected by China''s top climate official, Xie Zhenhua. Nicholas Stern, chair of the Grantham Research Institute on Climate Change and the Environment, the research paper''s co-author, told Reuters by email that the CASS study was consistent with their findings. But despite China''s "over-performance by a big margin", nations still needed to pledge more if the Paris target of holding temperature increases to "well below" 2 degrees Celsius is to be met. "We look to all countries to achieve a substantial ramp-up in ambition for cutting emissions," he said. However, Chinese experts said Beijing was unlikely to adjust its CO2 reduction targets. "China set the target for 2030, but also said we aim to reach the target in advance, so we have already left some room," said Ma Aimin, deputy director at the National Centre for Climate Change Strategy. (Reporting by David Stanway in SHANGHAI and Alister Doyle in OSLO; Additional reporting by Muyu Xu in BEIJING; Editing by Richard Pullin)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-china-energy-demand-idUKKBN19L108'|'2017-06-30T12:02:00.000+03:00'
'ac20a5b1515e269cf2e40162b8d58885bb9ed3ca'|'German jobless total unexpectedly rises in June'|'Business News - Fri Jun 30, 2017 - 9:27am BST German jobless total unexpectedly rises in June People wait inside a job centre in Berlin April 1, 2008. REUTERS/Hannibal Hanschke BERLIN The number of unemployed Germans rose unexpectedly in June, the Federal Labour Office said on Friday, linking the surprise rise to a mild winter that had caused a fall in the number of people out of work. The jobless total rose by 7,000 to 2.547 million in seasonally adjusted terms, data showed, confounding the consensus forecast in a Reuters poll for a fall of 10,000. The increase was the first rise since March 2016. "The positive effects of an unusually mild winter weather which had led to a recovery in spring have been balanced out," the office said in a statement. The unemployment rate was unchanged at 5.7 percent, the lowest level since reunification in 1990 and in line with the Reuters poll. Unadjusted figures showed the number of unemployed fell by 25,000 in June. "Employment and firms'' demand for new workers have again risen strongly," said Detlef Scheele, head of the Labour Office. (Reporting by Joseph Nasr; Editing by Paul Carrel) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-germany-unemployment-idUKKBN19L0WC'|'2017-06-30T11:27:00.000+03:00'
'dfc35458521af5d9157e1a47c8cf7d62f6e1629a'|'ANZ says seeking to uncover metals fraudsters after big losses'|'Thu Jun 29, 2017 - 8:40pm BST ANZ says seeking to uncover metals fraudsters after big losses A man walks past a branch of the Australia and New Zealand Banking Group Ltd (ANZ) in Sydney October 29, 2013. REUTERS/David Gray/File Photo By Eric Onstad and Melanie Burton - LONDON/MELBOURNE LONDON/MELBOURNE Australia and New Zealand Banking Group ( ANZ.AX ) is seeking to uncover who was behind a metals fraud in Asia that cost it "substantial losses" and led to transfers of $151 million to the United States, according to court papers filed in California. ANZ, Australia''s third-biggest lender, filed papers on June 6 asking the U.S. District Court in San Francisco to allow it to interview U.S. witnesses about a fraud that involved fake ownership documents for nickel stored in Asian warehouses owned by commodities group Glencore ( GLEN.L ). ANZ and Glencore declined to comment. As part of a complex series of financial transactions, ANZ ended up with ownership documents for nickel stored in Singapore and South Korea, but discovered they were fraudulent when it tried to sell the metal, the court papers said. ANZ has not yet filed a lawsuit, but the bank told the U.S. court it planned to do so in Asia once it discovered who was behind the fraud. ANZ "has every intention of pursuing causes of action against... fraudsters, once their identities are known", the papers said. This is the second legal action that has emerged following the announcement in January by Glencore''s metals warehouse firm Access World that it became aware of fake warehouse receipts circulating in its name. Earlier this month, a court filing in London''s High Court showed French bank Natixis ( CNAT.PA ) had sued metals broker Marex Spectron for $32 million that Natixis said it lost due to fake warehouse receipts for metal stored at Access World depots. Marex had said in a statement it rejected the claim and issued a separate claim against Access World for an unspecified amount because it said the warehouse operator had verified the receipts as being authentic. Natixis and Access World had declined to comment. NICKEL WORTH $306 MLN The fraud was uncovered following repurchase transactions between ANZ and two Hong Kong firms involving 84 warehouse receipts for nickel of which 83 turned out to be fake, the court papers filed by ANZ said. ANZ''s court filing included copies of the purchase contracts, showing the transactions involved 32,964 tonnes of nickel, which at current benchmark prices CMNI3 would be worth about $306.4 million. The deals were arranged by broker ED&F Man, which was not involved in the fraud and was cooperating to identify those responsible, ANZ added in the legal documents. “ED&F is not involved in this legal action and has no further comment to make,” the broker said in an emailed statement. ANZ said in the U.S. court papers that it had already unearthed information in Hong Kong after it asked courts there for access to bank records. For example, those bank documents, included in the U.S. court filing, showed transfers of $151 million from the two Hong Kong firms involved in the nickel trades to people and entities in California. ANZ told the U.S. court it wanted to interview those parties in California that received the funds. (Reporting by Eric Onstad in London and Melanie Burton in Melbourne; Editing by Adrian Croft)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-anz-metals-fraud-idUKKBN19K2UA'|'2017-06-29T22:38:00.000+03:00'
'6fc1d6f1e22818d68d5b92c14b5efc8ba88f8f02'|'Tesco and Booker want UK regulator to ''fast track'' competition probe'|'Deals - Thu Jun 29, 2017 - 9:51am BST Tesco and Booker want UK regulator to ''fast track'' competition probe left right FILE PHOTO: A woman walks past a Tesco supermarket in central London, December 9, 2014. REUTERS/Toby Melville/File Photo 1/3 left right FILE PHOTO: A branded sign is displayed outside of a Booker Wholesale store in London, Britain January 27, 2017. REUTERS/Neil Hall/File Photo 2/3 left right FILE PHOTO: Tesco Group Chief Executive, Dave Lewis speaks at an analyst presentation in London, Britain, April 12, 2017. REUTERS/Hannah McKay /File Photo 3/3 LONDON Britain''s biggest retailer Tesco ( TSCO.L ) and its takeover target Booker ( BOK.L ) have asked the UK competition regulator to "fast track" examination of their 3.7 billion pound ($4.8 billion) deal to a more detailed second stage, they said on Thursday. Tesco and the wholesaler Booker announced the cash and shares deal in January and the Competition and Markets Authority (CMA) formally started its initial Phase 1 review on May 30. The CMA is assessing whether the deal could reduce competition and choice for shoppers and other customers, such as stores currently supplied by Booker. The initial investigation was due to run until July 25. "We have now requested that the CMA uses the fast track process to allow it to move more quickly to examining the merger through a detailed Phase 2 process," the companies said. They said they expect the CMA to issue a decision to refer to Phase 2 within the next two weeks. The transaction will be cleared if that inquiry, which lasts up to 24 weeks, does not find it will reduce competition. If competition is seen to be affected, the CMA can either seek remedies or block the deal. A spokeswoman for Tesco said it expected the deal to complete in January. Tesco sees the deal as a new source of growth given Booker''s role as a major distributor to the catering industry. Some Tesco shareholders have criticized the deal, saying it was overpaying and a distraction from its turnaround plan. Booker supplies convenience chains including Budgens and Londis, restaurants such as Wagamama and Carluccio''s and also operates the Makro cash and carry business. Shares in Tesco, which on Wednesday announced 1,200 head office job cuts, were up 0.1 percent at 172 pence at 0708 GMT. Booker shares were flat at 187.4 pence. The deal values Booker shares at 190.7 pence. ($1 = 0.7715 pounds) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-booker-m-a-tesco-idUKKBN19K0RD'|'2017-06-29T10:45:00.000+03:00'
'a0ff6f888d4ecf26fbc86358af8f4d99b64c64d3'|'Haldex withdraws support for Knorr-Bremse bid'|'STOCKHOLM Sweden''s Haldex ( HLDX.ST ) on Thursday said it was withdrawing its support for the bid from German car parts maker Knorr-Bremse [STELLG.UL] as it is unlikely European competition authorities will approve the acquisition."Based on the feedback from the Competition Authority the Haldex board considers the probability of regulatory approval so low that the board has decided not to assist Knorr-Bremse in the continued competition investigations," Haldex said in a statement.Knorr-Bremse said on Wednesday it would apply for another extension of its takeover offer for Haldex after the European Commission indicated it was likely to launch an in-depth review of the deal.Knorr-Bremse in September made a 4.86 billion Swedish crown ($575 million) all-cash bid for the Swedish brake systems rival, reigniting a bidding war by trumping an offer from Germany''s ZF [ZFF.UL].(Reporting by Olof Swahnberg; Editing by Sandra Maler)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-haldex-ab-knorr-bremse-idINKBN19K329'|'2017-06-29T19:49:00.000+03:00'
'5158c507c3a5a183fabe9be4113d7e914a3741f5'|'China June factory activity quickens pace vs previous month - PMI'|'Top News - Fri Jun 30, 2017 - 5:54am BST China factory growth unexpectedly quickens, but debt risks pressure economy FILE PHOTO: Employees work inside a beer factory in Shenyang, Liaoning province, October 14, 2013. REUTERS/Stringer/File Photo BEIJING China''s factories grew at the quickest pace in three months in June, buoyed by strong new orders in a sign of stabilising growth, though analysts expect a further slowdown in the world''s second-biggest economy is inevitable as Beijing cracks down on debt risks. The surprising strength in the vast manufacturing sector defied expectations for a cooling, thanks to robust external demand that underscored why global central banks were confident enough to switch gears to a more hawkish stance. The official manufacturing Purchasing Managers'' Index (PMI) was at 51.7 in June, the eleventh straight month of expansion, and up from 51.2 in May, a monthly survey by the National Bureau of Statistics showed on Friday. It was the fastest pace since March and beat the 51.0 level predicted by analysts in a Reuters survey. The survey supports broad consensus that China''s economy is stabilising at a moderate pace rather than slowing sharply, suggesting that Beijing is on track to meet its annual growth target of 6.5 percent for this year - encouraging news for President Xi Jinping ahead of a major leadership reshuffle in the autumn. Production rose a strong one percentage point from May. New orders in the month also rose to 53.1 from May''s 52.3, with export orders putting on 1.3 percentage points to 52.0 in a sign of solid external demand. All the same, growth in Chinese factories does not appear broad-based as the struggles of smaller firms intensified compared to the relatively better-off larger firms. Most China observers agree that Asia''s giant economy has slowed in the second quarter, and recent data back expectations for a continued cooling as authorities reduce high levels of debt across many of the heavy industries, crack down on financial risks and tighten monetary conditions. Analysts also caution against reading too much into the official PMI figures. "We are wary of putting too much faith in the official PMIs given that they have provided false signals in the past," said Julian Evans-Pritchard, a Singapore-based China economist at Capital Economics. The official PMI surveys showed a divergence with the private Caixin/Markit PMI manufacturing survey in May, which focuses more on small and mid-sized firms. The private survey is due to be released on July 3. SMALLER FIRMS STRUGGLE One worry lies with the traditional sectors, including crude oil, chemicals, and non-metal mineral, which all continued to contract during the month and the downward pressure persists, the Statistics Bureau said. Growth in the services sector also accelerated to 54.9 in June, the highest since March, thanks to vibrant activity in commercial services and construction sectors, another official NBS survey found. The sub-index for the construction sector rebounded 1 percent point to 61.4, likely due to an infrastructure spending spree that hit the highest in at least three years in February. The manufacturing PMI showed that the impetus came mostly from larger firms, while small and medium sized industries struggled, suggesting SMEs may be bearing the brunt of the government''s deleveraging efforts. More than 40 percent of all companies surveyed reported financial stress, the Statistics Bureau said. As policy makers tighten the screws on debt risks, corporates are already facing higher financing costs, which could ripple through to decisions on investment, hiring, and wages over the next year. The real estate sector, a big contributor to economic growth, has also slowed and begun to hit property investment amid persistent curbs aimed at defusing bubble risks. To be sure, authorities are keen not to tap on the brakes too hard lest it deals a body blow to the economy which grew a solid 6.9 percent in the first quarter. China''s central bank will hold off on further monetary policy tightening and could even slightly loosen its grip in coming months as a deleveraging drive threatens economic growth and job creation, policy insiders said. Premier Li Keqiang told the World Economic Forum on Tuesday that China is capable of achieving its full-year growth target of 6.5 percent and controlling systemic risks despite challenges. However, maintaining medium to high-speed long-term growth will not be easy, Li said, reinforcing broad expectations of a period of slow growth as authorities rebalance the economic drivers toward consumption and away from its reliance on exports and investment. China''s economy grew an annual 6.7 percent in 2016 - the slowest pace in 26 years. Capital Economics'' Evans-Pritchard believes the current resilience of growth will prove temporary. "With tight monetary conditions weighing on credit growth, it will be difficult to avoid a renewed slowdown in growth later this year." (Reporting by Yawen Chen and Ryan Woo; Editing by Shri Navaratnam) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-china-economy-pmi-factory-official-idUKKBN19L047'|'2017-06-30T04:14:00.000+03:00'
'de7076eb4f10b478c1440b7e5f0345c22059806a'|'Global cyber attack likely cover for covert malware installation: Ukraine police official'|'By Pavel Polityuk and Eric Auchard - KIEV/FRANKFURT KIEV/FRANKFURT The primary target of a crippling computer virus that spread from Ukraine across the world this week is highly likely to have been that country''s computer infrastructure, a top Ukrainian police official told Reuters on Thursday.Cyber security firms are trying to piece together who was behind the computer worm, dubbed NotPetya by some experts, which has paralyzed thousands of machines worldwide, shutting down ports, factories and offices as it spread through internal organizational networks to an estimated 60 countries.Ukrainian politicians were quick on Tuesday to blame Russia, but a Kremlin spokesman dismissed "unfounded blanket accusations". Kiev has accused Moscow of two previous cyber strikes on the Ukrainian power grid and other attacks since Russia annexed Crimea in 2014.A growing consensus among security researchers, armed with technical evidence, suggests the main purpose of the attack was to install new malware on computers at government and commercial organizations in Ukraine. Rather than extortion, the goal may be to plant the seeds of future sabotage, experts said.International firms appear to have been hit through their operations in the country.Slovakian security software firm ESET released statistics on Thursday showing 75 percent of the infections detected among its global customer base were in Ukraine, and that all of the top 10 countries hit were located in central, eastern or southern Europe.Arne Schoenbohm, president of BSI, Germany''s federal cyber security agency, told Reuters in an interview on Thursday that most of the damage from the attack had hit Ukraine, and Russia to a lesser extent, with only a few dozen German firms affected."In all of the known cases, the companies were first infected through a Ukrainian subsidiary," the German official said.SMOKESCREENUkraine''s cyber police said in a statement on Thursday morning that it had received 1,500 requests for help from individuals and companies in connection with the virus.The malicious code in the new virus encrypted data on computers and demanded victims pay a $300 ransom, similar to the extortion tactic used in a global WannaCry ransomware attack in May.A top Ukrainian police official told Reuters that the extortion demands were likely a smokescreen, echoing working hypotheses from top cyber security firms, who consider NotPetya a "wiper", or tool for destroying data and wiping hard disks clean, that is disguised as ransomware."Since the virus was modified to encrypt all data and make decryption impossible, the likelihood of it being done to install new malware is high," the official, who declined to be identified, wrote in a phone text message to Reuters.Information Systems Security Partners (ISSP), a Kiev-based cyber research firm that has investigated previous cyber attacks against Ukraine, is pursuing the same line of inquiry.ISSP said that given that few people actually paid the $300 demanded for removing the virus, money was unlikely to be the primary object of the attack."It''s highly likely that during this attack new attacks were set up," said ISSP chairman Oleg Derevianko."At almost all organizations whose network domains were infected, not all computers went offline," he said by phone. "Why didn''t they all go offline? We are trying to understand what they might have left on those machines that weren''t hit."Ukraine''s National Security and Defence Council Secretary Oleksandr Turchynov said the virus was first and foremost spread through an update issued by an accounting services and business management software."Also involved was the hosting service of an internet provider, which the SBU (Ukraine''s state security service) has already questioned about cooperation with Russian intelligence agencies," he said, according to a statement.DESTRUCTIVE INTENTTechnical experts familiar with the recent history of the cyber escalation between Russia and Ukraine, say these latest attacks are part of the wider political and military conflict, although no "smoking gun" has been found to identify the culprits.John Hultquist, a cyber intelligence analyst with FireEye, said the failed ransomware attack disguises an as yet unseen destructive motive. "If it were an attack masquerading as crime, that would not be unprecedented at all," Hultquist said.Some cyber security researchers have said the fact that the Kremlin''s two flagship energy companies are victims of the attack could suggest Moscow was not behind it.Russian oil major Rosneft was one of the first companies to reveal it had been compromised by the virus and sources told Reuters on Thursday computers at state gas giant Gazprom had also been infected.For technical reasons, NotPetya appears to be more targeted than last month''s global ransomware attack, known as WannaCry. When first infected by WannaCry, computers scanned the internet globally for other vulnerable machines.By contrast, NotPetya does not randomly scan the Internet to find new computers to infect. It only spreads itself inside organizational networks, taking advantage of a variety of legitimate network administration tools.This makes it far harder for anti-virus software or network security technicians to detect. It also gives it the capacity to infect other Windows computers, even those with the latest security patches, several security firms warned on Thursday."Petya is proving to be more sophisticated than WannaCry in terms of scope, ability to be neutralized, and apparently, the motivation behind its launch," corporate security consulting firm Kroll has advised its clients.So far, NotPetya appears only to have been distributed inside Ukraine via a handful of so-called "watering-hole attacks" - by piggy-backing on the software updating feature of a popular national tax accounting program known as MEDoc.Kaspersky, a global cyber security firm based in Russia, also said they found a second distribution point on a local news site in the city of Bakhmut, Ukraine, which infected visitors who clicked on the site with the ransomware-like attack."Our analysis indicates the main purpose of the attack was not financial gain, but widespread destruction," said Costin Raiu, Kaspersky’s global head of research."NotPetya ..combined elements of a targeted watering hole attack we’ve traditionally seen used by nation states with traditional software exploitation to devastate a specific user base," Lesley Carhart, a Chicago-based security researcher, wrote in a blog widely shared online by top security experts. Jack Stubbs in Moscow, Andrea Shalal in Berlin and Dustin Volz and Mark Hosenball in Washington D.C.; writing by Matthias Williams; editing by Ralph Boulton)'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/us-cyber-attack-ukraine-idINKBN19K1WI'|'2017-06-29T16:51:00.000+03:00'
'5029256926e5936457b42c64b79981454c6a5bef'|'U.S. first quarter economic growth revised up on jump in consumer spending'|'Business   5:57pm BST U.S. first quarter economic growth revised up on jump in consumer spending By Lindsay Dunsmuir - WASHINGTON WASHINGTON The U.S. economy slowed less than feared in the first quarter due largely to a jump in consumer spending, providing a slightly more encouraging outlook for growth this year. Gross domestic product increased at a 1.4 percent annual rate instead of the 1.2 percent reported last month, the Commerce Department said in its final assessment for the period on Thursday. The reading was the worst since the second quarter of 2016 but above analysts'' expectations, easing fears the economy had been hobbled at the start of this year. The government had pegged first-quarter growth at a paltry 0.7 percent in its first estimate in April. "The upward revision occurred even with a downward revision to the inventory data, which has favourable implications for the adding up of second-quarter growth," said Daniel Silver, an economist at J.P. Morgan. Economists polled by Reuters had expected GDP growth to be unrevised at 1.2 percent in the first quarter. The economy tends to underperform in that period relative to the rest of the year due to perennial issues with the calculation of the data. The government has said it is working to resolve those issues. The U.S. dollar .DXY briefly edged up after the release of the data before retracing earlier losses against a basket of currencies. Prices of U.S. Treasuries were trading lower and stocks on Wall Street were down sharply. First-quarter economic growth was boosted by an upward revision to consumer spending, which accounts for more than two-thirds of U.S. economic activity. Consumer spending rose at a 1.1 percent pace, the weakest reading since the second quarter of 2013 but almost double the 0.6 percent reported last month. Despite the upward revision to GDP, the Trump administration''s stated target of swiftly boosting annual U.S. economic growth to 3 percent remains a challenge. A sustained average growth rate of 3 percent has not been achieved in the United States since the 1990s. The U.S. economy has grown an average 2 percent since 2000 and it expanded only 1.6 percent in 2016, which was the weakest growth in five years. President Donald Trump''s economic program of tax cuts, regulatory rollbacks and infrastructure spending has yet to get off the ground five months into his presidency. Details of the White House''s tax plan remain sparse as Trump advisers attempt to win over fiscally conservative Republicans in Congress who want any changes to ultimately be revenue-neutral. Initial signs that economic growth re-accelerated sharply in the second quarter have also faltered in the face of recent disappointing data on retail sales, manufacturing production and inflation. Housing data has also been mixed. The Atlanta Federal Reserve is currently forecasting annualised growth of 2.9 percent in the second quarter. LABOR MARKET STILL STRONG Other data on Thursday showed the job market was still flashing a green light. The Labor Department reported that the number of Americans filing for unemployment benefits last week rose slightly, but the underlying trend remained consistent with a tight labour market. The unemployment rate fell to a 16-year low in May. U.S. exporters also flexed more muscle in the first quarter. Exports for the period were revised to show a 7.0 percent rate of growth from the previously reported 5.8 percent. Exports in the fourth quarter fell at a rate of 4.5 percent. Business spending on equipment was revised to show it increasing at a rate of 7.8 percent in the January-March period rather than the 7.2 percent previously estimated. Businesses accumulated inventories at a rate of $2.6 billion in the first quarter, rather than the $4.3 billion reported last month. Inventory investment rose at a rate of $49.6 billion in the fourth quarter of last year. Inventories subtracted 1.11 percentage point from GDP growth in the first quarter instead of the 1.07 percentage point previously reported. The government also reported that corporate profits after tax with inventory valuation and capital consumption adjustments fell at an annual rate of 2.7 percent in the first quarter after rising at a 2.3 percent pace in the prior three months. (Reporting by Lindsay Dunsmuir; Editing by Paul Simao) FILE PHOTO: A customer exits after shopping at a Macy''s store in the Brooklyn borough of New York, U.S., on May 11, 2017. REUTERS/Brendan McDermid/File Photo'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-usa-economy-idUKKBN19K2FY'|'2017-06-29T19:57:00.000+03:00'
'd09214340c4b663cb82dcd1e2fcf2bc26cfcb010'|'Global coordination important as world economy changes - China vice fin min'|'BEIJING Global coordination is important as the world economy undergoes changes, including the latest increase in U.S. interest rates earlier this month, China''s Vice Finance Minister Zhu Guangyao said ahead of a G20 summit of leaders in July.As the global economy stabilises, major countries need to normalise their interest rates, although this is happening at a very slow pace, Zhu told reporters in Beijing on Thursday."We need to closely monitor how the normalisation of interest rates in major economies will impact global capital markets," said Zhu.The U.S. Federal Reserve has raised interest rates four times as part of a normalization of monetary policy that began in December 2015. The central bank had pushed rates to near zero in response to the financial crisis a decade ago.Zhu said the new global macroeconomic environment makes it even more important for global coordination through channels like the G20, which will convene in Hamburg next month.Earlier this week, the Bank for International Settlements (BIS), an umbrella body for leading central banks, said in one of its most upbeat annual reports for years that major central banks should press ahead with interest rate increases.Policymakers should take advantage of the improving economic outlook and its surprisingly negligible effect on inflation to accelerate the "great unwinding" of quantitative easing programmes and record low interest rates, the BIS said.The Chinese central bank guided market interest rates higher in the first quarter, including immediately after a Fed rate hike in March. The move was partly an effort to counter pressure on the yuan from capital outflows, analysts say.The People''s Bank of China last adjusted its policy rates in October 2015.Efforts to rein in North Korea''s nuclear and missile programmes are likely to be a focus in bilateral meetings President Xi Jinping might hold during the G20.Asked if Xi would meet U.S. President Donald Trump, South Korean President Moon Jae-in, or Japan''s Prime Minister Shinzo Abe at the summit, Vice Foreign Minister Li Baodong said schedules were still being arranged.Li reiterated that China wants to resolve the situation on the Korean peninsula through dialogue.Trump is growing increasingly frustrated with China over its inaction on North Korea, according to senior U.S. administration officials, though Beijing has repeatedly said its influence over Pyongyang is limited and that it is doing all it can.(Reporting by Sue-Lin Wong and Michael Martina; Writing by Ryan Woo; Editing by Michael Perry)'|'reuters.com'|'http://in.reuters.com/finance/economy'|'http://in.reuters.com/article/china-g-idINKBN19K0DA'|'2017-06-29T02:39:00.000+03:00'
'38fa5f4883328e913159f58815aed96f02409ddf'|'BoE''s Carney did not discuss monetary policy in interview - Bloomberg'|'Business   11:48am BST BoE''s Carney did not discuss monetary policy in interview - Bloomberg Britain''s Bank of England Governor, Mark Carney, speaks during the Bank of England''s financial stability report at the Bank of England in the City of London, Britain June 27, 2017. REUTERS/ Jonathan Brady/Pool LONDON Bank of England Governor Mark Carney did not discuss monetary policy in an interview with Bloomberg television which was focused on climate change, his interviewer said on Thursday. "He wouldn''t talk about it," the reporter said on Bloomberg TV, referring to monetary policy. Carney was speaking after launching a global task-force set up by the Group of 20 leading economies to develop a voluntary framework for companies to disclose the financial impact of climate-related risks and opportunities. Carney said on Wednesday that a rise in British interest rates is likely to be needed as the economy comes closer to running at full capacity and the BoE would will debate when to do so "in the coming months." (Reporting by Andy Bruce; Editing by William Schomberg)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-boe-carney-idUKKBN19K1AH'|'2017-06-29T13:48:00.000+03:00'
'7cc1ad08aa02cf576e061f8375f8798d9bf722c3'|'Meal-kit maker Blue Apron lowers expected IPO price range'|'Market  56am EDT Meal-kit maker Blue Apron lowers expected IPO price range June 28 Online meal-kit company Blue Apron Holdings slashed the expected pricing range for its initial public offering to between $10 and $11 per share from its previous expectation of $15 to $17 per share. The company, named after the uniform that apprentice chefs wear in France, said it expects net proceeds of around $292.7 million from the offering. The offering is expected to be priced on Wednesday and the stock is scheduled to debut on Thursday on the NYSE. (Reporting By Aparajita Saxena in Bengaluru; Editing by Saumyadeb Chakrabarty)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/blue-apron-hldg-ipo-idUSL3N1JP3N3'|'2017-06-28T13:56:00.000+03:00'
'8f5718b65ab0810c3df765bc2f39088801485f5f'|'Seven things you probably didn''t know about Chinese philanthropy - Global Development Professionals Network - The Guardian'|'1 Philanthropy in China is poised for exponential expansion China has a long tradition of philanthropy but it stagnated after the 1949 communist revolution when private philanthropic initiatives and NGOs were shut down and foreign organisations told to leave the country. Since the market reforms that have accelerated this century, private wealth has spiralled – China accounted for 80 out of 113 of Asia’s new billionaire entrepreneurs in 2015 – and philanthropy has seen a resurgence. Between 2010 and 2016, donations from the top 100 philanthropists in mainland China more than tripled to $4.6bn (£3.6bn) and 46 of the wealthiest 200 now have foundations.2 Social harmony is the overarching desire Chinese philanthropists show a strong desire to contribute to social harmony, a particularly Chinese concept found in the tenets of Confucianism, combined with an immense gratitude for their good fortune of having benefited from China’s modernisation.“The ultimate goal of our endeavours is to achieve a harmonious society,” says autoglass magnate Cho Tak Wong. “Wealth comes from society and should be given back to society,” says billionaire philanthropist Zhao Weiguo, echoing a common view.I raised pigs and herded sheep for a living. I knew that only education could change my fateBillionaire philanthropist Zhao Weiguo 3 Majority focus on a single issue, with education the most commonMany of the philanthropists interviewed spoke about the role education played in lifting them out of poverty. Zhao Weiguo says: “I raised pigs and herded sheep for a living. I knew that only education could change my fate.” Steel magnate Zhao Jing believes “education is the only chance for poor people to change their destiny”.IT billionaire Pang Shengdong has a long-term commitment to improve equity in education in China. This includes a scheme to subsidise salaries over 10 years for education-focused NGOs in western China , where low pay makes it hard for NGOs to retain staff. “All my philanthropy is in support of education. This is the highest leverage rate possible,” he says. Other philanthropists are focusing on minorities such as the Yi ethnic group.4 Giving is becoming more institutionalised Philanthropy in China is more often an individual rather than a family affair, as many philanthropists are first generation wealth holders. But an infrastructure for giving is slowly evolving. Of the 200 wealthiest individuals in China, 46 now have foundations. Two-thirds of philanthropists interviewed for the study had established or were planning to establish charitable foundations. There is, however, less distinction between private and corporate foundations than in other parts of the world. When asked if a company foundation served corporate or personal purposes, one corporate leader said: “I am the company.”5 China’s 2016 charity law seeks to boost public confidence Widely publicised scandals involving organisations such as the Red Cross Society of China and China Charity Federation , particularly after the 2008 Sichuan earthquake, undermined public confidence in the charitable sector. Attitudes towards private wealth are also complex, with several interviewees describing resentment of those who have amassed large fortunes. As billionaire investor and philanthropist Wang Bing says: “Doing philanthropy in China, you need a strong heart. There is much criticism, scepticism and suspicion.” China’s 2016 charity law seeks to boost transparency, which many philanthropists hope will bring more legitimacy to the sector. They are also increasingly looking to role models at home and abroad in the form of Bill Gates and Mark Zuckerberg.6 The foundation sector still faces significant challenges Regulations capping administrative costs at 10% limit the ability of foundations to hire qualified staff. When combined with a lack of experienced talent and competition with for-profits, a shortage of skilled staff is the result. However, a new ecosystem is taking shape to develop and professionalise the sector, including China’s first philanthropic training centre, the China Global Philanthropy Institute , established in Shenzhen by five prominent Chinese and American philanthropists: Bill Gates, Ray Dalio, Niu Gensheng, He Qiaonyu and Ye Qingjun.7 Technology is increasing giving across society China is home to the largest number of internet users and the fastest growing e-commerce market, and many Chinese wealth holders have made their fortunes in the technology sector. It’s no surprise then that technology is driving an increase in charitable giving. Following the 2008 Sichuan earthquake, internet provider Tencent developed an online platform through which Chinese people could donate to relief efforts, quickly raising 20m RMB (nearly £2.3m). More importantly, Tencent founder Chen Yidan managed to keep donors engaged through a monthly donations platform and a large-scale fundraising initiative called the 9.9 Internet Philanthropy Campaign . Wang Bing, billionaire investor and founder of the Ai You Foundation , says he aims to make it “the Facebook of philanthropy”.From the study Values and Vision: Perspectives on Philanthropy in 21st Century China .Topics Global development professionals network Philanthropy Asia Pacific comment'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/global-development-professionals-network/2017/jun/28/seven-things-you-probably-didnt-know-about-chinese-philanthropy'|'2017-06-28T17:40:00.000+03:00'
'a3d64ea76726288328cf1be65a576313eb73ef84'|'U.S. dollar net longs fall to lowest in about a year -CFTC, Reuters'|' 12pm EDT U.S. dollar net longs fall to lowest in about a year -CFTC, Reuters NEW YORK, June 30 Speculators cut net long positions on the U.S. dollar to the lowest level in nearly a year, according to calculations by Reuters and Commodity Futures Trading Commission data released on Friday. The value of the dollar''s net long position fell to $4.50 billion in the week ended June 27, from $7.82 billion the previous week, and the lowest since the first week of July last year. Euro net longs, meanwhile, rose in the latest week, CFTC data showed. (Reporting by Saqib Iqbal Ahmed; Editing by Chizu Nomiyama) UPDATE 1-Connecticut governor to control spending after budget fails to pass NEW YORK, June 30 Connecticut Governor Dannel Malloy took control of the state''s spending on Friday after lawmakers failed to pass a budget before a July 1 deadline due to discord over how to close a $5.1 billion shortfall over the next two years. Big Food hungry for meal kits, despite Blue Apron IPO flop June 30 The downsized initial public offering of Blue Apron Holdings Inc, the first U.S. meal-kit company to go public, may have disappointed venture capital investors, but food companies with stakes in the sector may still see returns in the form of insight into changing eating habits.  '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/cftc-forex-idUSL1N1JR1NG'|'2017-06-30T23:12:00.000+03:00'
'e25db54a0630cf4178d7cc7c7149719a79e020cf'|'Nikkei tumbles to 2-week lows as central banks signal cheap money era may end'|'Market News - Thu Jun 29, 2017 - 10:54pm EDT Nikkei tumbles to 2-week lows as central banks signal cheap money era may end * Nikkei is on track to post weekly drop but to post gain monthly * Nikkei is poised to rise quarterly * BOJ''s exit strategy next question - analyst By Ayai Tomisawa TOKYO, June 30 Japan''s Nikkei share average stumbled to two-week lows on Friday morning after investors turned risk-averse as major central banks signalled that the era of cheap money was coming to an end, which hurt both U.S. and European markets overnight. While 31 of the Topix''s 33 subsectors were in negative territory, tech names in particular underperformed after a sharp sell-off in the Nasdaq overnight soured sentiment. The Nikkei dropped 1.2 percent to 19,978.73 in midmorning trade after falling to as low as 19,946.51, the lowest level since June 16. For the week, the benchmark index is on track to fall 0.7 percent, but it is poised to rise 1.8 percent on the month. For the quarter, it has gained 5.8 percent so far. Equity investors are concerned about the rise in interest rates globally, as a host of hawkish comments from central banks signalled the beginning of the end of ultra-loose monetary policy. European Central Bank President Mario Draghi indicated on Tuesday that the central bank could begin to tighten monetary policy, though sources said on Wednesday that Draghi had been overinterpreted by markets. Bank of England Governor Mark Carney surprised many on Wednesday by conceding that a hike was likely to be needed as the economy came closer to running at full capacity. The Bank of Canada had its say, with two top policymakers this week suggesting they might tighten monetary policy as early as July. "Stock markets around the world have been supported by ultra-loose monetary policy by their central banks, so the signs of reversing are frightening investors," said Yoshinori Shigemi, global market strategist at JPMorgan Asset Management. "With these central banks hinting at tightening, the next question will likely be to the Bank of Japan asking whether and when it will start discussing exit strategy." On Friday, data showed that Japan''s core consumer prices rose 0.4 percent in May from a year earlier, marking the fifth straight month of gains and offering the central bank some hope a strengthening economy will gradually lift inflation toward its ambitious 2 percent target. Tech shares were sold, with Advantest Corp tumbling 3.0 percent, Panasonic Corp shed 1.9 percent and electronic products maker Ibiden Co declined 2.6 percent. Banking stocks outperformed, after Benchmark U.S. Treasury yields rose overnight. Mizuho Financial Group and Sumitomo Mitsui Financial Group both rose 0.2 percent. The broader Topix dropped 0.9 percent to 1,609.78. (Reporting by Ayai Tomisawa; Editing by Eric Meijer) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/japan-stocks-midday-idUSL3N1JR1L5'|'2017-06-30T05:54:00.000+03:00'
'c459ef891d1510da9991db978b420ebb7b24158b'|'SEBI toughens rules for credit rating agencies'|'June 30, 2017 / 6:04 PM / an hour ago India regulator SEBI toughens rules for credit rating agencies By Rafael Nam and Abhirup Roy 2 Min Read The logo of the Securities and Exchange Board of India (SEBI) is pictured on the premises of its headquarters in Mumbai, India March 1, 2017. Shailesh Andrade MUMBAI (Reuters) - India''s market regulator on Friday set tougher rules for the country''s ratings agencies, including mandating them to more closely monitor whether issuers are meeting their debt obligations and increasing disclosure requirements. Regulators and market participants argue the agencies were slow to adjust ratings of some companies that defaulted. Each of the big three global agencies - Standard & Poor''s, Fitch Ratings and Moody''s Investors Service - are majority owners of firms in India which operate independently of their parent companies with different rating standards. Under existing rules, ratings agencies operating in India are already required to "continuously monitor" the securities they rate and disseminate any changes "promptly." But the Securities and Exchange Board of India (SEBI) regulator said they would henceforth have to track whether debt issuers were meeting payments for each rated instrument and be alert for any deterioration of financial conditions. Credit agencies would also need to review ratings after every "material event" and request monthly "no default statements" from issuers, SEBI added. SEBI has threatened to impose tougher rules since the agencies were perceived to have responded slowly to changing conditions in several companies that defaulted, including Amtek Auto ( AMTK.NS ). Shriram Subramanian, founder of shareholder advisory firm InGovern, said the rules would put the onus on agencies to more closely supervise the ratings they assigned. "These new guidelines makes it obligatory for rating agencies to provide closer monitoring," he said, noting they would also encourage issuers to be "more transparent" with the agencies. Additional reporting by Suvashree Dey Choudhury; editing by John Stonestreet 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/us-india-ratings-regulations-idINKBN19L2KT'|'2017-06-30T20:43:00.000+03:00'
'6dbf326f292874681a3c5330c465d128e54b02a1'|'Lone Star renews efforts to sell IKB - source'|'FRANKFURT, June 29 U.S. private equity firm Lone Star Funds is making a renewed push to sell corporate bank IKB , one of the highest-profile German casualties of the financial crisis, according to a person close to the matter.IKB announced the sale of its leasing division to investment funds managed by HPS Investment Partners on Thursday, part of a reorganisation that includes buying back a hybrid bond to prepare IKB for a new owner.The lender has received indicative offers from banks and Chinese bidders, the person said, speaking on condition of anonymity. Final bids are due by the middle of August.The sale price of the leasing unit was not disclosed but the source said it was bought for 210 million euros ($240 million).Lone Star declined to comment.Lone Star has made multiple attempts in recent months to sell the bank, which specialises in offering financial services to medium-sized German companies.IKB, which required several bailouts from the German state and development bank KfW when its investment vehicles ran into funding problems in 2007, was delisted last year.Following the rescues, IKB was taken over by KfW, which sold it to Lone Star in August 2008 for 137 million euros. By late 2012, IKB had returned all of the 12 billion euros in state guarantees it received from Germany''s bank bailout fund.In 2014, Lone Star tried to find a buyer for the bank but the results from a European Central Bank stress test, which IKB barely passed, deterred buyers. ($1 = 0.8755 euros) (Reporting by Arno Schuetze; Writing by Tom Sims; Editing by Maria Sheahan and David Clarke)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/ikb-ma-idINL8N1JQ1FO'|'2017-06-29T06:45:00.000+03:00'
'a39af477522923905e4b0b5f0d0da09dbb07f1d9'|'UK financial watchdog taking close look at auto finance'|'Business   11:35am BST UK financial watchdog taking close look at auto finance A maintenance worker cleans the entrance area of the headquarters of the new Financial Conduct Authority (FCA) in the Canary Wharf business district of London April 1, 2013. REUTERS/Chris Helgren LONDON Britain''s financial watchdog is taking a closer look at the car financing sector and has sought advice from U.S. regulators, Andrew Bailey, chief executive of the Financial Conduct Authority, said on Thursday. He said the starting point is whether there has been a structural change in car financing in Britain. "My hunch is there has been. It has become more like the U.S. market," Bailey told reporters. "It has become more of a secured finance market than it was in the past." In the recent growth in consumer credit which the Bank of England has taken note of, cars were "quite a big part of the story", Bailey said. (Reporting by Huw Jones; editing by Jason Neely)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-regulator-carfinance-idUKKBN19K18V'|'2017-06-29T13:35:00.000+03:00'
'3367e68b81a219a11c02c1e3af23b4fad3c98fa0'|'U.S. fund managers seek consumer stocks that Amazon can''t conquer'|'Business News   12:34pm EDT U.S. fund managers seek consumer stocks that Amazon can''t conquer left right FILE PHOTO: An Amazon.com Inc driver stands next to an Amazon delivery truck in Los Angeles, California, U.S. on May 21, 2016. REUTERS/Lucy Nicholson/File Photo 1/2 left right FILE PHOTO - A Whole Foods Market is pictured in the Manhattan borough of New York City, New York, U.S. on June 16, 2017. REUTERS/Carlo Allegri/File Photo 2/2 By David Randall - NEW YORK NEW YORK Amazon.com Inc''s ( AMZN.O ) game-changing move to upend the grocery business with a surprise deal to buy Whole Foods Market Inc ( WFM.O ) compounds a problem already vexing fund managers: how to play U.S. consumer spending when the Seattle-based e-commerce giant is threatening to take over retail. Amazon''s relentless growth and destruction of value among traditional retail rivals is forcing active fund managers to look for bets in areas they think Amazon can''t or won''t reach. Emerging options include theme restaurant chains, recreational vehicle makers and sellers of stuff that''s just too heavy to ship via Amazon''s network. Meanwhile, some fund managers are increasingly convinced the only way to play consumer spending is to move away from brands and retailers and into logistics and supply chain companies, essentially betting e-commerce will render most consumer companies obsolete. The challenge of investing in consumer companies comes a time when the category would typically shine. Low unemployment and a solid housing market boost consumer stocks, yet companies in the category - excluding Amazon - are up just 5.2 percent for the year, or about 3 percentage points below the broad S&P 500 as a whole, according to Thomson Reuters data. Amazon shares, by comparison, are up about 30 percent. (For graphic on Amazon overshadows its competition, click tmsnrt.rs/2sr0mlA ) BIGGER DISRUPTION THAN WAL-MART''S Amazon now accounts for about 34 percent of all U.S. online sales and should see that number grow to about 50 percent by 2021, according to a Needham research note. Amazon''s growing dominance is in some ways akin to the rise of Wal-Mart Stores Inc ( WMT.N ) in the early 2000s, when its rapid growth and move to branch out into groceries raised concerns it would put other retailers out of business. Yet Amazon''s greater online reach and purchase of a top-shelf grocery store chain makes it far more formidable, said Barbara Miller, a portfolio manager at Federated Kaufmann funds. "I''ve been in this industry for twenty-five years and this is the biggest transformation we''ve seen in the consumer space," she said. While Wal-Mart put many small mom-and-pop stores out of business, Amazon is dragging down national competitors like Target and Macy''s with its combination of low prices, broad range of inventory, and speed, she said. At the same time, Amazon is expanding its e-commerce dominance when more shoppers are online, suggesting more pain ahead for competitors. E-commerce sales grew 14.7 percent in 2016, nearly triple the 5.1-percent growth rate of traditional retailers, according to U.S. Census Bureau data. BUGS AND COFFEE: THE HUNT FOR SURVIVORS Fund managers say Amazon''s growing dominance is forcing them to shift long-held strategies, by either putting less money into consumer stocks overall or by focusing on companies that can compete alongside Amazon or may be attractive buyout targets. The company''s outsized 15.4-percent weighting, more than double the next-largest stock in the S&P 500 Consumer Discretionary index, is problematic for fund managers who typically will not hold any positions greater than 5 percent of their portfolio in order to manage risk. Josh Cummings, a portfolio manager at Janus Henderson funds, is avoiding shares of direct competitors of Amazon, such as Target Corp ( TGT.N ), Kroger Co ( KR.N ), and Wal-Mart, and instead focusing on companies with "idiosyncratic" attributes, he said. Starbucks Corp ( SBUX.O ), for instance, offers an experience that Amazon would find hard to match, he said, while Servicemaster Global Holdings ( SERV.N ), parent company of pest control company Terminix, is largely immune from e-commerce competition. "Could Amazon decide they want to be in the business of spraying for bugs? It doesn''t seem likely," he said. Miller, the portfolio manager at the Federated Kaufmann funds, said she is moving away from stores that could be found in a mall, focusing instead on companies like Dave & Busters Entertainment Inc ( PLAY.O ) and Wingstop Inc ( WING.O ) that offer food-based experiences. She also owns shares of Camping World Holdings Inc ( CWH.N ), which sells a mix of goods and services ranging from roadside assistance to accessories to the growing recreational vehicle market. "This is a company with a strong membership base that has the sort of scale in its niche to rival Amazon," she said. Jeff Rottinghaus, portfolio manager of the T. Rowe Price U.S. Large-Cap Core Equity fund, said he owns Home Depot Inc ( HD.N ) shares because its stores essentially function as warehouses and much of its merchandise is too heavy or bulky to profitably ship quickly online. Gary Bradshaw, a portfolio manager at Hodges Capital in Dallas, said he expects that portfolio holding Wal-Mart will become more aggressive in acquiring small, private companies to broaden its online reach. The company announced a deal to buy men''s wear company Bonobos for $310 million in mid-June, following purchases of outdoor gear retailer Moosejaw and online shoe store ShoeBuy. Wal-Mart acquired online retailer Jet.com in a $3.3 billion deal last August. "They''re going to do whatever it takes to compete with Amazon. They may be losing the battle at the moment but that doesn''t mean that they will back down," he said. Other investors are getting their consumer exposure by focusing on behind-the-scenes companies that power the growth of e-commerce. Laird Bieger, a portfolio manager of the Baron Discovery Fund - the top-performing small-cap growth fund year-to-date - said he is focusing on companies like CommerceHub Inc ( CHUBA.O ), which works with companies such as J C Penney Co ( JCP.N ) and Best Buy Inc ( BBY.N ) to allow them to sell more products online and ship directly from manufacturers. Craig Richard, a co-portfolio manager of the Buffalo Emerging Opportunities fund, said he has been buying Kornit Digital Ltd ( KRNT.O ), which makes textile printers that can produce t-shirt and other apparel designs on demand, helping save inventory costs. Amazon is Kornit''s largest customer and has warrants to buy up to 2.9 million Kornit shares, about 8 percent of the company, at $13.03 a share over the next five years. Shares of Kornit, up 57 percent this year, traded at $19.95 on Friday. (Reporting by David Randall; Editing by Dan Burns and Nick Zieminski)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-usa-funds-amazon-analysis-idUSKBN19L2E9'|'2017-06-30T19:26:00.000+03:00'
'50c8686c9fc924bd17bfaa0100b2398ac0376ef5'|'Facebook says internet drone lands successfully on second test'|'SAN FRANCISCO Facebook Inc ( FB.O ) said on Thursday it had completed a second test of an unmanned aircraft designed to some day beam internet access to remote parts of the planet, and unlike in the first test, the drone did not crash.Facebook plans to develop a fleet of drones powered by sunlight that will fly for months at a time, communicating with each other through lasers and extending internet connectivity to the ground below.The company called the first test, in June 2016, a success after it flew above the Arizona desert for 1 hour and 36 minutes, three times longer than planned. It later said the drone had also crashed moments before landing and had suffered a damaged wing.The second test occurred on May 22, Martin Luis Gomez, Facebook''s director of aeronautical platforms, said in a blog post. The aircraft flew for an hour and 46 minutes before landing near Yuma, Arizona, with only "a few minor, easily-repairable dings," he said.Facebook engineers had added "spoilers" to the aircraft''s wings to increase drag and reduce lift during the landing approach, Gomez said.(Reporting by David Ingram)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/facebook-drones-idINKBN19K349'|'2017-06-29T20:40:00.000+03:00'
'abb27c055e3d2006a8aa8154e295e2d3577f043c'|'Exclusive - Airbus CEO Enders to take control of plane sales in new shake-up'|'Top News   11:09am BST Exclusive - Airbus CEO Enders to take control of plane sales in new shake-up left right FILE PHOTO: Fabrice Bregier (L), Airbus President and Chief Executive Officer and Tom Enders (R), Chief Executive Officer of Airbus Group, at the Airbus headquarters in Toulouse April 11, 2015. REUTERS/Adrien Helou/File Photo 1/2 left right Airbus Group Chief Executive Tom Enders speaks during a news conference on the aerospace group''s annual results, in London, Britain February 24, 2016. REUTERS/Hannah McKay 2/2 By Tim Hepher - PARIS PARIS Airbus ( AIR.PA ) is launching a reorganisation of its commercial aircraft sales operations in a move likely to focus fresh attention on a delicate balance of power at Europe''s largest aerospace company, people familiar with the situation said. From July, the globe-trotting sales team, best known for contesting leadership of the jetliner market with Boeing, will report directly to Airbus Chief Executive Tom Enders, bypassing commercial aircraft president Fabrice Bregier, the people said. A spokesman for Airbus declined to comment. The surprise move, announced at a management dinner on Thursday, is part of a wider effort to streamline the company by uniting the headquarters with its dominant civil planemaking business, giving substance to a recent internal merger. But it is likely to raise questions about the coherence of the commercial planemaking operations and could revive speculation over the future of Frenchman Bregier, who has run the world''s second-largest civil planemaker since 2012. The issue is not one of differing strategies, but the way responsibility is divided inside a company straining to keep a lid on tensions amid recent industrial and regulatory problems. Absorbing commercial sales, the powerful driver of Airbus''s growth in past decades, will strengthen German-born Enders'' grip on civil operations, which provide 74 percent of revenue. Bregier and Enders have long been rivals but had reached what was widely seen as a peace deal over the internal merger. Bregier stepped aside from his role as chief executive of the Airbus civil business as Airbus combined with Airbus Group. But he remained in charge of the planemaking business as its president, while also becoming Enders'' official no. 2 and chief operating officer of the overall group, now renamed Airbus. The decision to shift sales from Bregier''s direct control raises uncertainty over the stability of the management deal and steers him towards a purely industrial role, a position the 56-year-old former missiles CEO is unlikely to relish indefinitely. Bregier could not be reached for comment. Sources caution it is too early to talk about a repeat of Franco-German tensions that rocked the group over a decade ago. But any instability among top management would come at a sensitive time for Airbus as the company wrestles with supplier delays, growing concerns over A350 quality problems and an aggressive new marketing stance at rival Boeing ( BA.N ). A senior company source said the shake-up was driven by "heavy operational challenges" and would "better balance the internal burden sharing" as Airbus becomes a normal company after an overhaul of complex corporate governance in 2013. (Editing by Catherine Evans)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-airbus-reorganisation-exclusive-idUKKBN19L14W'|'2017-06-30T12:39:00.000+03:00'
'14809cbadbf3d8d4e413b509bede3f1f569b0272'|'Equitable Life considering Dublin for EU subsidiary - CEO'|'Business News   1:22pm BST Equitable Life considering Dublin for EU subsidiary - CEO By Carolyn Cohn - LONDON LONDON Equitable Life is considering setting up a European Union subsidiary in Dublin in order to continue serving Irish and German customers after Britain leaves the bloc, its chief executive said on Friday. Equitable Life, which manages life and pensions policies that are closed to new customers, has most of its 400,000 policyholders in Britain but also has a "few thousand" in Ireland and a similar number in Germany, Chief Executive Chris Wiscarson told Reuters. "We are having to make sure we have plans in place to deal with whatever comes out of the next couple of years," he said, adding that the firm would "probably" set up a regulated subsidiary in Dublin and use so-called passporting rights to manage policies for customers in Germany, but no decision had been made yet. Lloyd''s of London and AIG ( AIG.N ) are among a number of insurers to announce plans to set up EU subsidiaries, in the event that Britain loses access to the single market after Brexit. Dublin, an early favourite for such bases, has lost out in several cases to centres such as Brussels and Luxembourg. Equitable Life, which Wiscarson said has around 200 staff in total, would only employ a small number of staff in Dublin. "In the great scheme of things, this is not a huge cost," he said. The Bank of England has asked insurers and banks operating in Britain to outline their Brexit plans by mid-July. (Editing by Robin Pomeroy)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-eu-equitable-life-idUKKBN19L1PN'|'2017-06-30T15:22:00.000+03:00'
'bf76e89a22400efad3153480d675ec0fdbb69858'|'Shares in Italy''s Prelios gain 10 percent on report of Chinese bid'|'MILAN Shares in Italian asset manager Prelios shot up 10 percent on strong volumes and were suspended from trading on Wednesday after a report in the local press about a bid from Chinese conglomerate CEFC.The Milano Finanza website reported investors in Prelios, which is owned by tire maker Pirelli and banks UniCredit and Intesa Sanpaolo, had agreed to sell their stakes in Prelios to CEFC.The report said the sale would trigger a mandatory takeover bid on remaining Prelios'' shares which would be launched at a premium of 20-25 percent to current market prices.Prelios declined to comment. CEFC was not immediately available for comment.Following a request by market regulator Consob, Intesa, UniCredit and Pirelli said in a joint statement that the press report was a "matter of imprecise reconstructions of operations which are under negotiation but, at the moment, have not been realized and are not certain".The three companies added that should an agreement be reached, they would inform the market promptly.(Reporting by Elisa Anzolin; editing by Susan Thomas)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-italy-prelios-stocks-idINKBN19J2PX'|'2017-06-28T17:59:00.000+03:00'
'70dfc502c3b8c11cedb35dc43b81004bd8284d2c'|'Tobacco group Philip Morris sees iQOS as key to smokeless future in UK'|'Health News - Fri Jun 30, 2017 - 12:22pm EDT Tobacco group Philip Morris sees iQOS as key to smokeless future in UK left right FILE PHOTO: A man uses a Philip Morris iQOS e-cigarette in Tokyo, Japan May 12, 2017. REUTERS/Issei Kato/File Photo 1/2 left right FILE PHOTO: A customer prepares to try a Philip Morris'' ''iQOS'' smokeless tobacco e-cigarette at an iQOS store in Tokyo, Japan, March 3, 2016. REUTERS/Toru Hanai/File Photo 2/2 LONDON Cigarette maker Philip Morris International thinks its iQOS heated tobacco product can make Britain smoke-free in the coming years, an executive said on Friday. Since iQOS was launched in the UK in December, Philip Morris has found that about 70 percent of people that use it are able to give up conventional cigarettes, Peter Nixon, its UK and Ireland managing director, told BBC Radio. That compares with about 15-20 percent of people who use e-cigarettes, he said. "It''s unprecedented," Nixon told the Today show. "We''re very encouraged that products like iQOS are the absolute game changer." Whereas e-cigarettes use nicotine-laced liquid, IQOS heats tobacco sticks, called Heets, to a high enough temperature to create a vapor but not smoke. Philip Morris, which has Marlboro cigarettes among its global brands, has applied to U.S. health regulators to have iQOS recognized as having "modified risk" compared with cigarettes. The relative health benefit of these products was questioned in a study last month, which found that they release chemicals linked to cancer, sometimes in higher concentrations than conventional cigarettes. British American Tobacco and Japan Tobacco are also selling tobacco-based "vaping" devices, but so far Philip Morris is in the lead. The company sells about 7 billion Heets a year, which is tiny compared with the 820 billion conventional cigarettes it sells. But Nixon told the BBC that the company hopes to produce 100 billion Heets next year, up from less than 400 million in 2015. "One day we want to stop selling cigarettes," Nixon said on the program. "We''re moving very fast." There are still 7.5 million smokers in Britain, Nixon said, and Philip Morris has hired "freelancers" to help to bring that number down. These freelancers act like quitting coaches and can earn 50 pounds ($64.95) from Philip Morris for every person they convert from cigarettes to iQOS. "With these types of programs we can get that down to almost zero in coming years," Nixon said. (Reporting by Martinne Geller; Editing by David Goodman) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-philipmorris-britain-idUSKBN19L1DU'|'2017-06-30T13:36:00.000+03:00'
'96e1769cfa158aa51603dc7eb7e7075b9a0f9347'|'UPDATE 1-United Launch Alliance beats SpaceX to win Air Force launch'|'Market News - Fri Jun 30, 2017 - 1:44pm EDT UPDATE 1-United Launch Alliance beats SpaceX to win Air Force launch (Adds comments from Air Force official, background on SpaceX launches) By Irene Klotz CAPE CANAVERAL, Fla., June 30 United Launch Alliance, a partnership of Lockheed Martin Corp and Boeing Co , for the first time beat Elon Musk''s SpaceX in competition for an Air Force satellite launch, both launch companies said on Friday. The contact covers launch services for multiple satellites aboard an Atlas 5 rocket in June 2019. The contract value is just over $191 million, the Air Force said. The award is the first for United Launch Alliance since the Air Force certified rival SpaceX''s Falcon 9 rockets for flight and opened bidding for launch contracts in 2015. ULA, which previously had a monopoly on the military’s launch business, sat out the Air Force’s first solicitation and lost the second. Both were awarded to SpaceX. A SpaceX official told Reuters it did not expect to win this bidding competition because the mission required a heavy-lift launcher and its Falcon Heavy booster has not yet flown. “The mission performance required that we bid Falcon Heavy,” SpaceX spokesman John Taylor wrote in a email. “We did submit a bid, but with the knowledge that our first Falcon Heavy flight might occur after the time of the award. Given we have not flown Falcon Heavy, we did not anticipate winning this mission,” he said. SpaceX’s Falcon Heavy is expected to debut this year. The new booster would need to fly successfully at least once before the Air Force would award SpaceX a Falcon Heavy launch contract, three times before any high-priority military satellites would fly on it, Claire Leon, the launch enterprise director for the Air Force Space and Missile Systems Center, told reporters during a conference call. Typically, the Air Force awards contracts two years ahead of a launch. Another branch of the Air Force that handles experimental programs bought a Falcon Heavy rocket ride in 2012. That mission is currently targeted to fly early next year, Leon said. SpaceX also won Falcon 9 contracts to fly a U.S. National Reconnaissance Office spy satellite, which launched in April, and is scheduled to launch the X-37B robotic space plane for the Air Force Rapid Capabilities Office later this year. SpaceX is preparing for its 39th launch -- and third in nine days -- on Sunday. (Reporting By Irene Klotz. Editing by Joseph White and David Gregorio)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/space-airforce-idUSL1N1JR17L'|'2017-06-30T20:44:00.000+03:00'
'0b82277d0c4db2bca1b7f9ecaea819e5bba797a8'|'RPT-Global shipping feels fallout from Maersk cyber attack'|' 00am EDT RPT-Global shipping feels fallout from Maersk cyber attack (Repeats story published late on Thursday) By Jonathan Saul LONDON, June 29 Global shipping is still feeling the effects of a cyber attack that hit A.P. Moller-Maersk two days ago, showing the scale of the damage a computer virus can unleash on the technology dependent and inter-connected industry. About 90 percent of world trade is transported by sea, with ships and ports acting as the arteries of the global economy. Ports increasingly rely on communications systems to keep operations running smoothly, and any IT glitches can create major disruptions for complex logistic supply chains. The cyber attack was among the biggest-ever disruptions to hit global shipping. Several port terminals run by a Maersk division, including in the United States, India, Spain, the Netherlands, were still struggling to revert to normal operations on Thursday after experiencing massive disruptions. South Florida Container Terminal, for example, said dry cargo could not be delivered and no container would be received. Anil Diggikar, chairman of JNPT port, near the Indian commercial hub of Mumbai, told Reuters that he did not know "when exactly the terminal will be running smoothly". His uncertainty was echoed by Maersk itself, which told Reuters that a number of IT systems were still shut down and that it could not say when normal business operations would be resumed. It said it was not able to comment on specific questions regarding the breach of its IT systems or the state of its cyber security as it had "all available hands focused on practical stuff and getting things back to normal". The impact of the attack on the company has reverberated across the industry given its position as the world''s biggest container shipping line and also operator of 76 ports via its APM Terminals division. Container ships transport much of the world''s consumer goods and food, while dry bulk ships haul commodities including coal and grain and tankers carry vital oil and gas supplies. "As Maersk is about 18 percent of all container trade, can you imagine the panic this must be causing in the logistic chain of all those cargo owners all over the world?" said Khalid Hashim, managing director of Precious Shipping, one of Thailand''s largest dry cargo ship owners. "Right now none of them know where any of their cargoes (or)containers are. And this ''black hole'' of lack of knowledge will continue till Maersk are able to bring back their systems on line." BACK TO BASICS The computer virus, which researchers are calling GoldenEye or Petya, began its spread on Tuesday in Ukraine and affected companies in dozens of countries. Maersk said the attack had caused outages at its computer systems across the world. In an example of the turmoil that ensued, the unloading of vessels at the group''s Tacoma terminal was severely slowed on Tuesday and Wednesday, said Dean McGrath, president of the International Longshore and Warehouse Union Local 23 there. The terminal is a key supply line for the delivery of domestic goods such as milk and groceries and construction materials to Anchorage, Alaska. "They went back to basics and did everything on paper," McGrath said. Ong Choo Kiat, President of U-Ming Marine Transport , Taiwan''s largest dry bulk ship owner, said the fact Maersk had been affected rang alarm bells for the whole shipping industry as the Danish company was regarded as a leader in IT technology. "But they ended up one of the first few casualties. I therefore conclude that shipping is lagging behind other industries in term of cyber security," he said. "How long will it take to catch up? I don''t know. But recently all owners and operators are definitely more aware of the risk of cyber security and beginning to pay more attention to it." In a leading transport survey by international law firm Norton Rose Fulbright published this week, 87 percent of respondents from the shipping industry believed cyber attacks would increase over the next five years - a level that was higher than counterparts in the aviation, rail and logistics industries. VULNERABLE Apart from their reliance on computer systems, ships themselves are increasingly open to interference through electronic navigation devices such as the Global Positioning System (GPS), and they lack the backup systems airliners have to prevent crashes, according to cyber security experts. There were no indications that GPS and other electronic navigation aids were affected by this week''s attack, but security specialists say such systems are vulnerable to signal loss from deliberate jamming by hackers. Last year, South Korea said hundreds of fishing vessels had returned early to port after GPS signals were jammed by North Korea, which denied responsibility. "The Maersk attack raises our awareness of the vulnerability of shipping and ports to technological failure," said Professor David Last, a previous president of Britain''s Royal Institute of Navigation. "When GPS fails, ships'' captains lose their principal means of navigation and much of their communications and computer links. They have to slow down and miss port schedules," said Last, who is also a strategic adviser to the General Lighthouse Authorities of the UK and Ireland. A number of countries including the UK and the United States are looking into deploying a radar-based back up navigation system for ships called eLoran, but this will take time to develop. David Nordell, head of strategy and policy for the Centre for Strategic Cyberspace and Security Science, a London-based think-tank, said the global shipping and port industries were vulnerable to cyber attack because their operating technologies tend to be old. "It''s certainly possible to imagine that two container ships, or, even worse, oil or gas tankers, could be hacked into colliding, resulting in loss of life and cargo, and perhaps total loss of the vessels," Nordell said. "Carried out in a strategically sensitive location such as the Malacca Straits or the Bosphorus, a collision like this could block shipping for enough time to cause serious dislocations to trade." SECRETIVE INDUSTRY Cyber risks also pose challenges for insurance cover. In a particularly secretive industry, information about the nature of cyber attacks is still scarce, which insurance and shipping officials say is an obstacle to mitigating the risk, which means there are gaps in the insurance cover available. "There has been a lot of non-reporting (of breaches) on ships, and we''re trying efforts where even if there could be anonymous reporting on a platform so we can start to get the information and the data," said Andrew Kinsey, senior marine consultant at insurer Allianz Global Corporate & Specialty. There is also a gap in provision, because most existing cyber or hull insurance policies - which insure the ship itself - will not cover the risk of a navigation system being jammed or physical damage to the ship caused by a hacking attack. "The industry is just waking up to its vulnerability," said Colin Gillespie, deputy director of loss prevention with ship insurer North. "Perhaps it is time for insurers, reinsurers, ship operators and port operators to sit down together and consider these risks in detail. A collective response is needed - we are all under attack." (Additional reporting by Jacob Gronholt-Pedersen in Copenhagen, Keith Wallis and Carolyn Cohn in London, Euan Rocha in Mumbai, Miyoung Kim in Singapore, Alexander Cornwell in Dubai, Michael Hirtzer in Chicago, Noor Zainab Hussain in Bangalore, Adam Jourdan and Shanghai newsroom; Editing by Pravin Char)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/cyber-attack-maersk-idUSL8N1JQ5VU'|'2017-06-30T09:00:00.000+03:00'
'88792db558d227c899967559a2004e68d19f8818'|'Two groups in race to buy $10 billion-valued Global Logistic Properties - sources'|'Business   6:43am BST Two groups in race to buy $10 billion-valued Global Logistic Properties - sources SINGAPORE/HONG KONG The race to buy Global Logistic Properties ( GLPL.SI ) is now between a Chinese consortium backed by the company''s management and a rival group led by Warburg Pincus, sources said ahead of a Friday deadline to submit bids for the $10 billion (£8 billion)-valued firm. The acquisition offers a chance for bidders to grab control of Asia''s biggest warehouse operator which counts Amazon ( AMZN.O ) among its clients and is benefiting from rising demand for modern logistics facilities, driven by a boom in e-commerce business. It could rank as one of the biggest private equity backed deals in Asia. Singapore-listed GLP was thrust into the spotlight late last year after sovereign wealth fund GIC, which owns a 37 percent stake, nudged it to start a strategic review of its business. JPMorgan was then hired by GLP as its financial adviser. GLP''s shares have since soared nearly 50 percent to the highest in more than three years. After months of negotiations with a special committee of GLP''s independent directors, the race has narrowed to between a group led by Chinese private equity firms Hopu Investment Management and Hillhouse Capital Group, with the support of GLP CEO Ming Mei, and a rival consortium headed by Warburg Pincus and its logistics partner e-Shang Redwood, the sources said. GLP, GIC, Warburg Pincus, Hopu and Hillhouse declined to comment when contacted by Reuters. The sources declined to be identified as they were not authorised to speak about the deal. (Reporting by Anshuman Daga in SINGAPORE and Kane Wu and Carol Zhong in HONG KONG; Additional reporting by Julie Zhu in HONG KONG; Editing by Muralikumar Anantharaman)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-glp-m-a-idUKKBN19L0HJ'|'2017-06-30T08:43:00.000+03:00'
'db453ba86838db62acfa3af2d92a281953edd866'|'Bayer files for Monsanto takeover approval with EU regulators'|'Deals - Fri Jun 30, 2017 - 7:03am EDT Bayer files for Monsanto takeover approval with EU regulators FILE PHOTO: The logo of Bayer AG is pictured at the Bayer Healthcare subgroup production plant in Wuppertal, Germany February 24, 2014. REUTERS/Ina Fassbender/File Photo FRANKFURT Bayer ( BAYGn.DE ) has filed a request for approval of its planned $66 billion takeover of U.S. seeds company Monsanto ( MON.N ) with European Union regulators, a spokesman for the German pharmaceuticals and pesticides maker said on Friday. Bayer has previously said it was aiming to file by the end of this month and that it expected the EU Commission to conduct an in-depth antitrust assessment of the tie-up. (Reporting by Patricia Weiss; Writing by Ludwig Burger; Editign by Victoria Bryan) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-monsanto-m-a-bayer-eu-idUSKBN19L1E0'|'2017-06-30T13:23:00.000+03:00'
'814df297952b79245bba5e74684136e8b1414ec0'|'US STOCKS-Wall Street slightly higher as tech stocks recover'|'Market   9:55am EDT US STOCKS-Wall Street slightly higher as tech stocks recover * Consumer spending rose 0.1 percent last month * Nike up after it said it would launch pilot program with Amazon Dow up 0.45 pct, S&P up 0.42 pct, Nasdaq up 0.28 pct (Updates price) By Ankur Banerjee and Anya George Tharakan June 30 U.S. stocks were slightly up in early trading on Friday after tech stocks appeared to recover from a steep selloff and consumer spending data for May showed steady economic growth. U.S. consumer spending rose modestly in May and inflation cooled, pointing to a slow-but-steady economic expansion that could still lead the Federal Reserve to raise interest rates by the end of the year. The S&P 500 and the Dow recorded their worst daily percentage drop in about six weeks on Thursday as a recent decline in technology shares deepened and outweighed strength in bank shares. "It would not surprise me to have a lot of volatility, considering the financials were particularly strong yesterday and technology was particularly weak," said Andre Bakhos, managing director at Janlyn Capital LLC. "We have what appears to be some sector rotation going on, and its occurring at the end of the quarter and its adding to the volatility." Towards the end of the second quarter, the market witnessed a few volatile days. On Wednesday, the tech-heavy Nasdaq posted its best day since Nov. 7. Tech stocks, which have led the S&P 500''s 8-percent gain this year, pulled back recently as some investors questioned the sector''s high valuations. At 9:32 a.m. ET the Dow Jones industrial average was up 96.23 points, or 0.45 percent, at 21,383.26, the S&P 500 was up 10.15 points, or 0.42 percent, at 2,429.85 and the Nasdaq Composite was up 17.31 points, or 0.28 percent, at 6,161.66. The remainder of 2017 looks likely to bring more of the same, said Brad McMillan, Chief Investment Officer for Commonwealth Financial Network. "More growth, more market appreciation and more normalization across the board. After the turmoil in recent months and years, this is not a bad place to be." Oil prices climbed for the seventh straight session on Friday in their longest bull run since April, but were still set for the worst first-half performance since 1998. The euro came off yearly highs on Friday but was still set for its strongest quarter in six years as investors piled into the currency on a brightening euro zone economy and its implications for monetary policy in the bloc. The final reading of University Of Michigan Surveys Of Consumers Sentiment for June is due at 10:00 a.m. ET (1400 GMT) On the stocks, Nike shares were up 8 percent after the world''s largest footwear maker said on Thursday it would launch a pilot program with Amazon.com Inc to sell a limited product assortment on its website. Shares of Cara Therapeutics Inc plunged 29 percent after the biotech reported disappointing pain treatment data from a key study. Micron shares were up 2 percent after the chipmaker forecast better-than-expected profit and revenue for fourth quarter Advancing issues outnumbered decliners on the NYSE by 1,995 to 471. On the Nasdaq, 1,343 issues rose and 743 fell. The S&P 500 index showed 27 new 52-week highs and 11 new lows, while the Nasdaq recorded 81 new highs and 69 new lows. (Reporting by Ankur Banerjee in Bengaluru; Editing by Arun Koyyur)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-stocks-idUSL3N1JR4KX'|'2017-06-30T16:55:00.000+03:00'
'a86d7f29a54ef1d21d54ab92d87e4aee10b91153'|'Money markets price in 90 percent chance of ECB rate hike by July 2018'|'  9:05am BST Money markets price in 90 percent chance of ECB rate hike by July 2018 LONDON Money markets are pricing in a roughly 90 percent chance the ECB will lift interest rates by July 2018, reflecting a rise in investors'' rate-hike expectations after comments from the ECB earlier this week were seen opening the door to policy tweaks. Forward Eonia bank-to-bank rates dated for the ECB meeting in July 2018 stood on Thursday at around minus 0.2713 percent, about 9 basis points above the Eonia spot rate of minus 0.3620 percent. ECBWATCH This gap suggests markets are pricing in a roughly 90 percent chance of a rate hike by the end of July 2018. Market expectations for a tightening in monetary policy have shot up this week after comments from European Central Bank chief Mario Draghi, remaining elevated even after the ECB tried to soothe the market reaction on Wednesday. "I think markets are getting ahead of themselves again on ECB rate normalisation hopes," said Martin van Vliet, senior rates strategist at ING. (Reporting by Dhara Ranasinghe, editing by Nigel Stephenson)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-eurozone-money-markets-idUKKBN19K0TO'|'2017-06-29T11:05:00.000+03:00'
'82c7519ba53f6c934a46470ea12eee4847efd00c'|'China needs to strike balance between deleveraging and support for some sectors - IMF'|'Business News - Thu Jun 29, 2017 - 6:29am BST China needs to strike balance between deleveraging and support for some sectors - IMF Zhang Tao attends the China Development Forum in Beijing, China, March 18, 2017. REUTERS/Thomas Peter By Kevin Yao - DALIAN, China DALIAN, China China needs to strike a balance between deleveraging and maintaining adequate support for some sectors of the economy, a senior International Monetary Fund official said on Thursday. On the global economy, the outlook has been optimistic, Zhang Tao, deputy managing director at the IMF, told the World Economic Forum in the northeastern Chinese city of Dalian. "There is increasing room for cautious optimistic views for the global economic outlook at this moment, but there are risks," Zhang said. (Reporting by Kevin Yao; Writing by Ryan Woo; Editing by Shri Navaratnam) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-china-wef-imf-idUKKBN19K0F6'|'2017-06-29T08:29:00.000+03:00'
'6271f3c9b1da320097c0b19118f3c5c643f82fb0'|'Top EU court to rule on Intel antitrust case on Sept. 6'|'Regulatory News - Americas  53am EDT Top EU court to rule on Intel antitrust case on Sept. 6 By Foo Yun Chee - BRUSSELS, June 30 BRUSSELS, June 30 Europe''s top court will rule on Sept. 6 whether to uphold Intel''s appeal against a 1.06-billion-euro ($1.2 billion) EU antitrust fine, a case with ramifications for Google''s challenge against a record sanction handed out this week. The European Commission penalised U.S. chipmaker Intel in 2009 because it tried to squeeze out rival Advanced Micro Devices by giving rebates to PC makers Dell, Hewlett-Packard Co, NEC and Lenovo for buying most of their computer chips from Intel. The fine was a record for an individual company for an antitrust violation and was only eclipsed this week by Google''s 2.4-billion-euro penalty. Intel challenged the it in court. Judges at the Luxembourg-based European Court of Justice (ECJ) will announce their verdict on Sept. 6, a court spokeswoman said, ending a saga that has stretched back more than a decade. Intel won backing from ECJ court adviser Nils Wahl last year who doubted if the company''s actions had really harmed competition. The top court follows such non-binding recommendations in four out of five cases. In 2014, a lower court however backed the Commission. Google, penalised on Tuesday by the EU competition authority for unfairly promoting its shopping service at the expense of rivals, will be keenly watching the verdict for pointers on how to fight its legal battle. It is expected to appeal the EU fine. ($1 = 0.8761 euros) (Reporting by Foo Yun Chee; Editing by Robin Pomeroy)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/eu-intel-antitrust-court-idUSL8N1JR3X5'|'2017-06-30T16:53:00.000+03:00'
'05559378064f442e5c2498935762589a38a8005a'|'United Launch Alliance beats SpaceX to win Air Force launch'|'Science   4:28pm BST United Launch Alliance beats SpaceX to win Air Force launch By Irene Klotz CAPE CANAVERAL, Fla () Reuters – - United Launch Alliance, a partnership of Lockheed Martin Corp and Boeing Co , for the first time beat Elon Musk''s SpaceX in competition for an Air Force satellite launch, both launch companies said on Friday. The contact covers launch services for multiple satellites aboard an Atlas 5 rocket in June 2019. The contract value is $191,141,581, the Air Force said. United Launch Alliance, which previously had a monopoly on launches, has not won a competition with SpaceX since the company won a contract for an Air Force launch business with a contract award in 2016. A SpaceX official told Reuters it did not expect to win this bidding competition because the mission required a heavy-lift launcher and its Falcon Heavy booster has not yet flown. “The mission performance required that we bid Falcon Heavy,” SpaceX spokesman John Taylor wrote in a email to Reuters. “We did submit a bid, but with the knowledge that our first Falcon Heavy flight might occur after the time of the award. Given we have not flown Falcon Heavy, we did not anticipate winning this mission,” he said. SpaceX’s Falcon Heavy is expected to debut this year. (Reporting By Irene Klotz. Editing by Joseph White and David Gregorio)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-space-airforce-idUKKBN19L293'|'2017-06-30T18:20:00.000+03:00'
'ad42a0a850e4678ae848b96adce9788504d9a8c1'|'Dollar set for biggest quarterly drop in nearly seven years'|'Business   4:30pm BST Dollar set for biggest quarterly drop in nearly seven years left A U.S. Dollar note is seen in this June 22, 2017 illustration photo. REUTERS/Thomas White/Illustration 1/2 left right FILE PHOTO: Employees of a foreign exchange trading company work near monitors showing TV news on Britain''s general election and the Japanese yen''s exchange rate against the British pound (C) and the U.S. dollar (L) in Tokyo, Japan June 9, 2017. REUTERS/Toru Hanai/File Photo 2/2 By Sam Forgione - NEW YORK NEW YORK The U.S. dollar recovered slightly on Friday but remained set for its biggest quarterly decline against a basket of rival currencies in nearly seven years after hawkish signals from foreign central banks this week pressured the greenback further. Investors have ramped-up expectations for tighter monetary policy from the European Central Bank, Bank of England and Bank of Canada after hints from officials this week. This has made the greenback less attractive, in addition to doubts that the Federal Reserve would be able to raise interest rates again this year and that U.S. President Donald Trump could enact his pro-growth agenda. The U.S. dollar index, which measures the greenback against a basket of six major currencies, was set to decline about 4.6 .DXY percent for the second quarter to mark its steepest quarterly percentage drop since the third quarter of 2010. The euro was set to gain more than 7 percent against the greenback for its biggest quarterly percentage gain since the third quarter of 2010. The euro has racked up about 2 percent of its gains and the dollar index has posted 1.6 percent of its losses this week alone. "What really gave the hawkish central banks extra punch was how it seemed to be a coordinated effort to signal a shift away from low-rate policies," said Joe Manimbo, senior market analyst at Western Union Business Solutions in Washington. He said improving economic growth in Europe and Canada opened the door for those comments and was "a reality check how the U.S. isn’t standing head and shoulders above everyone else." The dollar index was last up 0.1 percent at 95.727, while the euro was down 0.2 percent against the dollar at $1.1412. The euro touched its strongest in nearly 14 months on Thursday of $1.1445, while the dollar index touched a roughly nine-month low of 95.470 early Friday. Analysts said Friday''s bounce for the dollar came as some traders likely took profits on gains in the euro as well as the sterling. The dollar fell against the Canadian dollar, however, and was last at C$1.2985 after touching a nearly 10-month low of C$1.2948 earlier. "It appears as though the euro and the pound could be testing some resistance levels, and that could also contribute to...the profit-taking," said Eric Viloria, currency strategist at Wells Fargo Securities in New York. (Reporting by Sam Forgione; additional reporting by Patrick Graham in London)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-global-forex-idUKKBN19L04P'|'2017-06-30T19:01:00.000+03:00'
'622a55d7eddc8351d12fadd09949b713e3601fc8'|'HSBC gets approval for China securities joint venture'|'Banks - Fri Jun 30, 2017 - 5:11am EDT HSBC ends 20-month wait for China securities JV approval People walk past a major branch of HSBC at the financial Central district in Hong Kong, China February 21, 2017. REUTERS/Bobby Yip LONDON HSBC ( HSBA.L ) has won Chinese approval for its investment banking joint venture with a local state-backed fund, ending a twenty-month wait for a decision that will allow it to begin expanding its business in the world''s second largest economy. HSBC''s partnership is with the state-backed Qianhai Financial Holdings Co and is majority-owned by the British bank, in contrast with most other Sino-foreign investment banking partnerships where the Chinese partner retains control. The partnership is a key part of the bank''s ambition to grow annual profits in the fast-growing southern region of China, allowing it to trade as well as underwrite stocks and bonds for Chinese firms more freely than other foreign rivals. The bank announced in 2015 it would hire 4,000 new staff and invest billions to make the southern Pearl River Delta region its gateway to China, an expansion since delayed by China''s slowing growth. "The establishment of this joint venture is an important step for HSBC to deliver on our strategic commitment to invest in and grow our business and operations in mainland China," HSBC Chief Executive Stuart Gulliver said in the statement on Friday, following the approval by Chinese regulators.. HSBC announced the venture on Nov. 2, 2015, and has since been waiting for the approval to begin operations. Approval for the venture had been widely expected, but the long wait has potentially reduced the advantage that HSBC could have stolen over rivals with more restrictive licenses, as China relaxes rules on foreign banks. (Reporting by Lawrence White; Editing by Carolyn Cohn and Mark Potter) '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews?format=xml'|'http://www.reuters.com/article/us-hsbc-china-idUSKBN19L0Y8'|'2017-06-30T11:43:00.000+03:00'
'508ccb273285a99872789554e802901d938bf4bf'|'BRIEF-Polish copper producer KGHM says Sierra Gorda loan to be modified'|'Market   11:55am EDT BRIEF-Polish copper producer KGHM says Sierra Gorda loan to be modified WARSAW, June 30 Polish copper producer KGHM said on Friday that conditions attached to a $1 billion loan signed in 2012 by its Chilean mine Sierra Gorda will be changed. * The changes include replacing the project finance formula with a corporate loan, which will "significantly reduce Sierra Gorda limitations and obligations" and give the mine more financial flexibility, KGHM said. * State-run KGHM gained control over Sierra Gorda in 2011 when it bought Canada''s Quadra FNX, for C$2.87 billion ($2.21 billion)in the largest-ever foreign acquisition by a Polish company. * To finance development of its business Sierra Gorda secured in 2012 a $1 billion loan for 9.5 years in a project finance formula with the Japan Bank for International Cooperation and four other Japanese private banks. * Sierra Gorda failed to meet some of the production targets and fulfilling the project finance conditions became a challenge. * KGHM also said that the guarantees provided by Japan''s Sumitomo Metal Mining and Sumitomo Corporation - KGHM''s partners in Sierra Gorda - will be maintained until June 2021. * KGHM said that the loan value as of June 30 was around $760 million. ($1 = 1.2987 Canadian dollars) (Reporting by Agnieszka Barteczko; Editing by Susan Fenton)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/kghm-sierragirda-idUSL8N1JR4O8'|'2017-06-30T18:55:00.000+03:00'
'0de3c8ab48bc2d4c540120d7ff7e0194c0c71874'|'Petrobras operations normal despite Brazil strike, executives say'|'Market  33am EDT Petrobras operations normal despite Brazil strike, executives say RIO DE JANEIRO, June 30 Exploration and production, refining and logistics activities at Brazilian state-controlled oil company Petróleo Brasileiro are normal on Friday amid a nationwide strike, executives said. Activity at deep sea platforms operated by Petrobras has suffered no disruptions, while the stoppage had some impact at several refineries, refining director Jorge Celestino said at a news conference. (Reporting by Marta Nogueira and Alexandra Alper; Writing by Guillermo Parra-Bernal and Luciano Costa; Editing by Nick Zieminski)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/petrobras-gasoline-idUSE6N1I3004'|'2017-06-30T16:33:00.000+03:00'
'15fd6e49ee4a02c3ad1370ac20ae0ba5403123a3'|'DS Smith to buy 80 percent of U.S. packaging firm Interstate Resources for $920 million'|'Deals -Americas   DS Smith to buy 80 percent of U.S. packaging firm Interstate Resources for $920 million DS Smith Plc ( SMDS.L ), a British maker of corrugated cardboard, recycled paper and plastic packaging, said it had agreed to buy 80 percent of Interstate Resources, a U.S. corrugated packaging business, from Merpas Co for $920 million. DS Smith, which has the option to buy the remaining 20 percent over five years, will take on $226 million of the family-owned business'' debt. The deal will immediately add to DS Smith''s earnings, giving it an entry into the American market. DS Smith, which makes corrugated trays, soft plastic containers, transport packaging and display cases, also said it would fund part of the acquisition by raising about 285 million pounds through an underwritten placing of new shares at 10 pence each. The company, which was founded in 1940 as a box-making businesses in East London, also reported a 31 percent jump in pretax profit to 264 million pounds ($342 million) for the year ended April, driven by acquisitions and demand from its European customers. Revenue rose 18 percent to 4.78 billion pounds. Analysts expected a pretax profit of 296.17 million pounds and revenue of 4.69 billion pounds, according to Thomson Reuters I/B/E/S. (Reporting by Noor Zainab Hussain in Bengaluru)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-interstate-resources-m-a-ds-smith-idUKKBN19K0O6'|'2017-06-29T10:06:00.000+03:00'
'9f29b5d07819644a5828676d57bcbe283d4e10ac'|'ChargePoint secures $43 million in funding led by Siemens'|'Deals - Wed Jun 28, 2017 - 7:08pm EDT ChargePoint secures $43 million in funding led by Siemens SAN FRANCISCO Electric vehicle charging station maker ChargePoint Inc said on Wednesday it had secured $43 million in financing led by German engineering group Siemens AG ( SIEGn.DE ), bringing to a close the U.S. company''s latest funding round at $125 million. ChargePoint, the world''s largest network of electric vehicle charging systems, also said Ralf Christian, chief executive officer of Siemens'' energy management division, would join its board. Earlier in March, the privately held Silicon Valley company secured an initial $82 million in its Series G funding round, led by German automaker Daimler AG ( DAIGn.DE ). Siemens will collaborate on the development of charging stations for the European market, ChargePoint said in a statement. The German company, which already makes its own units and installs and maintains charging equipment, declined to provide further information. ChargePoint operates more than 34,500 charging ports in the United States and Mexico but is now looking to expand into the highly fragmented European market. Earlier this week, it said it had obtained a license to become the exclusive operator of GE''s ( GE.N ) EV charging network. Last month, ChargePoint announced its first European deal, to sell more than 200 of its recently released "Express Plus" systems to InstaVolt, which is installing a network of fast chargers across Britain. (Reporting by Alexandria Sage; Editing by Lisa Von Ahn) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-chargepoint-investment-idUSKBN19J310'|'2017-06-29T02:01:00.000+03:00'
'618af543a43566b80230ac29c8bb6ead945995c5'|'After rebuke, China''s Weibo to block unapproved video content'|'BEIJING, June 29 Weibo Corp, the operator of China''s top microblogging site, will block unapproved video content and work more closely with state media to promote "meanstream" ideas, the firm said, following a sharp rebuke from regulators last week.Chinese authorities have launched a broad campaign to control political opinion and formalise online surveillance mechanisms, cracking down on online content including literature, livestreaming, news and social media accounts.Last week, the media watchdog, the State Administration of Press, Publication, Radio, Film and Television, threatened to close Weibo''s video service along with two other popular services, ACFUN and iFeng.In a statement posted on its website late on Wednesday, Weibo said it "sincerely accepted the criticism", and would immediately begin work to remove political, media and current affairs video accounts from outlets that lack a license.Weibo added that it will strengthen cooperation with the country''s top three state media outlets - Xinhua news agency, China Central Television and the People''s Daily - and work to promote outlets that represent mainstream political ideas.Unlicensed television and film content, as well as videos longer than 15 minutes, will be banned on the platform, it said.Television and film producers in China are legally required to submit content for approval, a regulation that has increasingly targeted the country''s extensive and fast-growing online film industry.China''s cyberspace authorities ordered internet companies earlier this month to close 60 popular celebrity gossip social media accounts to help "actively propagate core socialist values" and prop up "mainstream public opinion".Shares in Weibo and Sina Corp, which has a stake in Weibo, have fallen since the watchdog issued its warning last week, but are still up nearly 160 percent over the last year.(Reporting by Cate Cadell; Editing by Simon Cameron-Moore)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/china-censorship-weibo-idINL3N1JQ1ZX'|'2017-06-29T03:44:00.000+03:00'
'8dc93028aa2bc86fb26c9549b3cd03791ef94eb7'|'High-tech dashboards signal big changes for auto parts suppliers'|'Innovation and Intellectual Property   6:11am EDT High-tech dashboards signal big changes for auto parts suppliers left right A ''SmartCore'' dashboard is seen at the technical center of U.S. automotive supplier Visteon in Karlsruhe, Germany June 23, 2017. Picture taken June 23, 2017. REUTERS/Ralph Orlowski 1/13 left right Alexandra Schaefer, head of the SmartCore-Center of Competence and her colleague Hector Zarate of U.S. automotive supplier Visteon work on a set-up to demonstrate their new ''SmartCore'' dashboard at the companies technical center in Karlsruhe, Germany June 23, 2017. Picture taken June 23, 2017. REUTERS/Ralph Orlowski 2/13 left right A ''SmartCore'' dashboard is seen at the technical center of U.S. automotive supplier Visteon in Karlsruhe, Germany June 23, 2017. Picture taken June 23, 2017. REUTERS/Ralph Orlowski 3/13 left right A ''SmartCore'' dashboard is seen at the technical center of U.S. automotive supplier Visteon in Karlsruhe, Germany June 23, 2017. Picture taken June 23, 2017. REUTERS/Ralph Orlowski 4/13 left right A ''SmartCore'' dashboard is seen at the technical center of U.S. automotive supplier Visteon in Karlsruhe, Germany June 23, 2017. Picture taken June 23, 2017. REUTERS/Ralph Orlowski 5/13 left right A ''SmartCore'' dashboard is seen at the technical center of U.S. automotive supplier Visteon in Karlsruhe, Germany June 23, 2017. Picture taken June 23, 2017. REUTERS/Ralph Orlowski 6/13 left right Alexandra Schaefer, head of the SmartCore-Center of Competence and her colleague Hector Zarate of U.S. automotive supplier Visteon work on a set-up to demonstrate their new ''SmartCore'' dashboard at the companies technical center in Karlsruhe, Germany June 23, 2017. Picture taken June 23, 2017. REUTERS/Ralph Orlowski 7/13 left right A ''SmartCore'' dashboard is seen at the technical center of U.S. automotive supplier Visteon in Karlsruhe, Germany June 23, 2017. Picture taken June 23, 2017. REUTERS/Ralph Orlowski 8/13 left right Alexandra Schaefer, head of the SmartCore-Center of Competence and her colleague Hector Zarate of U.S. automotive supplier Visteon work on a set-up to demonstrate their new ''SmartCore'' dashboard at the companies technical center in Karlsruhe, Germany June 23, 2017. Picture taken June 23, 2017. REUTERS/Ralph Orlowski 9/13 left right Alexandra Schaefer, head of the SmartCore-Center of Competence and her colleague Hector Zarate of U.S. automotive supplier Visteon work on a set-up to demonstrate their new ''SmartCore'' dashboard at the companies technical center in Karlsruhe, Germany June 23, 2017. Picture taken June 23, 2017. REUTERS/Ralph Orlowski 10/13 left right A person operates a ''SmartCore'' dashboard at the technical center of U.S. automotive supplier Visteon in Karlsruhe, Germany June 23, 2017. Picture taken June 23, 2017. REUTERS/Ralph Orlowski 11/13 left right A person operates a ''SmartCore'' dashboard at the technical center of U.S. automotive supplier Visteon in Karlsruhe, Germany June 23, 2017. Picture taken June 23, 2017. REUTERS/Ralph Orlowski 12/13 left right A ''SmartCore'' dashboard is seen at the technical center of U.S. automotive supplier Visteon in Karlsruhe, Germany June 23, 2017. Picture taken June 23, 2017. REUTERS/Ralph Orlowski 13/13 By Alexandria Sage - SAN FRANCISCO SAN FRANCISCO Peer at the instrument panel on your new car and you may find sleek digital gauges and multicolored screens. But a glimpse behind the dashboard could reveal what U.S. auto supplier Visteon Corp ( VC.N ) found: a mess. As automotive cockpits become crammed with ever more digital features such as navigation and entertainment systems, the electronics holding it all together have become a rat''s nest of components made by different parts makers. Now the race is on to clean up the clutter. Visteon is among a slew of suppliers aiming to make dashboard innards simpler, cheaper and lighter as the industry accelerates toward a so-called virtual cockpit - an all-digital dashboard that will help usher in the era of self-driving cars. What''s at stake is a piece of the $37-billion cockpit electronics market, estimated by research firm IHS Market to nearly double to $62 billion by 2022. Accounting firm PwC estimates that electronics could account for up to 20 percent of a car''s value in the next two years, up from 13 percent in 2015. Meanwhile, the number of suppliers for those components is likely to dwindle as automakers look to work with fewer companies capable of doing more, according to Mark Boyadjis, principal automotive analyst at IHS Markit. "The complexity of engineering ten different systems from ten different suppliers is no longer something an automaker wants to do," Boyadjis said. He estimates manufacturers eventually will work with two to three cockpit suppliers for each model, down from six to 10 today. DIGITAL MAKEOVER One of Visteon''s solutions is a computer module dubbed "SmartCore." This cockpit domain controller operates a vehicle''s instrument cluster, infotainment system and other features, all on the same tiny piece of silicon. So far this year, the Detroit-based company has landed two big contracts for undisclosed sums. One, announced in April, is with China''s second-largest automaker, Dongfeng Motor Corp. The other is with Mercedes-Benz ( DAIGn.DE ), Reuters has learned. Mercedes did not respond to requests for comment. Another unnamed European automaker plans to use the system in 2018, according to Visteon. Visteon is going all in on cockpit electronics, having shed its remaining automotive climate and interiors businesses in 2016. The bet so far is paying off. The company secured $1.5 billion in new business in the first quarter, helped by growth in China. Visteon''s stock price is up more than 50 percent over the past year. It''s a major turnaround since Visteon was spun off from Ford Motor Co ( F.N ) a decade ago. Visteon filed for bankruptcy protection in 2009 before emerging a year later. "You have to be changing and adapting fast. If not, you''re not going to keep up in this market," said Tim Yerdon, Visteon''s head of global marketing. "It''s about reinventing yourself to stay ahead." DASHBOARD DEALS Visteon''s makeover hints at the coming battle between suppliers fighting for real estate in the digital cockpit. The trend is already triggering acquisitions, as companies look to boost their offerings to automakers. Visteon in 2014 bought Johnson Controls'' ( JCI.N ) electronics business, which was also developing a domain controller. In March, Samsung ( 005930.KS ) completed its $8-billion purchase of infotainment company Harman. France''s Faurecia ( EPED.PA ), a top seating and interiors supplier, last year purchased a 20 percent stake in Paris-based infotainment firm Parrot Automotive SAS in a deal that could make Faurecia the biggest shareholder by 2019. Deal-making in the wider automotive sector has been at a fever pitch over the past two years fueled by the race to develop autonomous vehicle technology. Activity in the sector was worth $41 billion in 2016, according to PwC. Analysts say German automakers are taking the lead in consolidating functions within the dashboard. Audi ( NSUG.DE ) was the first to debut a virtual cockpit last year that combined its instrument cluster and infotainment system. CHEAPER, LIGHTER, SMARTER Streamlined dashboards can lead to cost reductions for manufacturers, who can save as much as $175 per car with an integrated cockpit, according to Munich-based management consulting firm Roland Berger. They can also help with fuel efficiency. That''s because vehicles are lighter when there are fewer behind-the-scenes computers, known as electronic control units (ECUs). Vehicles today contain 80 to 120 ECUs, numbers expected to fall sharply in coming years. But perhaps the biggest motivation for fancy cockpits is sales. Drivers accustomed to the seamless technology of their smartphones are finding today''s dashboard offerings clunky and non-intuitive. A J.D. Power study released this month found the most complaints from new vehicle owners stemmed from audio, communications, entertainment and maps systems. Better cockpits could prove crucial to attracting younger consumers, who are not showing the same enthusiasm for cars, or even driving, that their parents did. Research company Mintel found that 41 percent of millennial car buyers are interested in having the latest technology in their vehicles. Disjointed dashboards "are one of the most noticeable gaps in user experience - what you see right in front of you," said Andrew Hart of UK-based consultancy SBD Automotive. On many car models, he said, audible warning systems to alert the driver to a potential collision are not in sync with the radio, meaning your favorite song could drown out the warning beep. "That''s a crazy example of something when you don''t consolidate ECUs," Hart said. Industry watchers say this and other safe-driving features are among the systems ripe for integration. Additional targets include rear-seat entertainment systems and so-called heads-up displays that project data such as the car''s speed onto the windshield for easy viewing. Back in Detroit, Visteon says it is in talks with carmakers in China and Europe for its domain controller, a technology it hopes can give it an edge over rivals such as Delphi ( DLPH.N ), Robert Bosch [ROBG.UL], Continental ( CONG.DE ), and Denso ( 6902.T ). While it isn''t clear who will prevail, electronics suppliers are seeing their products take on new importance as vehicles become more connected. Five years ago, the dashboard was "a plastic molded cockpit that we stuffed electronics into," said Yerdon, Visteon''s marketing chief. "Now it''s more about an electronic architecture that''s experience-driven, and we mold plastic around it." (Editing by Marla Dickerson)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-autos-dashboard-idUSKBN19K0G3'|'2017-06-29T08:00:00.000+03:00'
'f52edb167708cbad1fdf56738611a22e073c6edb'|'Small upside for U.S. stocks in second half, worries loom'|'Business News   8:42am EDT Reuters poll: Small upside for U.S. stocks in second half, worries loom Traders work on the floor of the New York Stock Exchange shortly after the opening bell in New York, U.S., June 27, 2017. REUTERS/Lucas Jackson By Caroline Valetkevitch - NEW YORK NEW YORK U.S. stocks will rise marginally in the second half of the year, although any future economic disappointments or deeper uncertainty over President Donald Trump''s agenda could trigger a market pullback, a Reuters poll showed. The benchmark S&P 500 .SPX is projected to end this year at 2,460, only 1 percent above Wednesday''s close of 2,440.69 but a new record high. That median forecast of 51 strategists polled by Reuters over the past week was slightly higher than predicted in a March Reuters poll. Three months ago the consensus among forecasters polled by Reuters had the S&P 500 at 2,355 by around now, which was too pessimistic. Only six of 32 forecasters surveyed then thought it would be higher than where it is now. Growth in corporate earnings is expected to continue, allowing for indexes to rise further without raising a red flag of overextended valuations. The S&P 500 is trading at about 18 times expected earnings over the next year, close to its priciest in over a decade. But analysts forecast S&P 500 profit growth of 11.3 percent this year, and some say valuations have already peaked. "The broad context of corporate America right now is certainly healthy from (an) earnings perspective and will be critically important" if it is to continue to support the market rally, said Bill Northey, chief investment officer at U.S. Bank Wealth Management in Helena, Montana. CORRECTION ON THE CARDS? Several poll participants see a correction of at least 10 percent this year as likely, citing also as risks the possibility of an overly aggressive Federal Reserve, further declines in oil prices and less earnings growth than expected. The S&P 500 has not had a 10 percent correction since the beginning of 2016. The benchmark index is already up about 9 percent in 2017 and has gained about 14 percent since Trump''s Nov. 8 election. Optimism that Trump will be able to push through tax reform and other pro-business items on his agenda has helped fuel the rally. Yet on Tuesday the International Monetary Fund cut its growth forecasts for the U.S. economy to 2.1 percent for both 2017 and 2018, dropping its assumption Trump''s tax cut and fiscal spending plans would boost growth. Investors have also raised questions over Trump''s domestic policy agenda, and stocks fell Tuesday after U.S. Senate Republicans put off a planned vote on a bill to dismantle the Affordable Care Act, part of Trump''s agenda. Delays will make it harder for the administration to move on to tax reform or infrastructure spending. "You can''t make money in the stock market without the consensus forecast for earnings, or a big tax cut from Trump," said Hugh Johnson, chief investment officer of Hugh Johnson Advisors LLC in Albany, New York. "You have to have one of those two things." A more hawkish Fed without a pickup in economic growth is another worry for investors. The Fed earlier this month raised interest rates for the second time in three months. It is expected to hike rates one more time by the end of 2017, a separate Reuters poll showed. The Dow Jones industrial average .DJI will end 2017 at 21,998, showing gains, about 2.5 percent above Wednesday''s close, the stocks poll showed. (For other stories from the Reuters global stock markets poll) (Reporting by Caroline Valetkevitch; Additional reporting by Sinead Carew, Lewis Krauskopf, Chuck Mikolajczak and Kimberly Chin in New York; Additional polling by Indradip Ghosh, Sujith Pai and Vivek Mishra in Bengaluru; Editing by Rodrigo Campos and Chizu Nomiyama)'|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-usa-stocks-poll-idUSKBN19K1KB'|'2017-06-29T15:05:00.000+03:00'
'b8b76814808295f0d9e3038e44750c2cca70c655'|'Rio Tinto shareholders okay $2.69 billion coal assets sale to China-backed Yancoal'|'By James Regan - SYDNEY SYDNEY Rio Tinto shareholders approved the sale of a suite of Australian coal assets to China-backed Yancoal Australia for $2.69 billion, ending a bidding war with commodities trader Glencore.The sale was approved by 97 percent of shareholders of Rio Tinto''s UK and Australian-listed shares, Rio Tinto said on Thursday in a statement to the Australian stock exchange.Rio Tinto Chairman Jan du Plessis said funds from the sale had yet to be allocated within the company amid some calls by shareholders to use the money to boost dividends or buy back shares."What to do with the money? That''s a good problem to have," du Plessis told a meeting of shareholders in Australia minutes before they voted overwhelmingly in favor of the deal."Let''s wait until we get the cheque in the bank," du Plessis added.Rio Tinto, which has dual primary stock listings in Australia and Britain, confirmed Yancoal as the preferred buyer on June 26 after Yancoal topped Glencore''s offer of $2.675 billion.Votes were held in London and Australia because Yancoal is deemed a related party to one of Rio Tinto''s major shareholders, China-backed Chinalco.Yancoal is a 78 percent-owned subsidiary of Yanzhou Coal Mining Co, which is 56 percent owned and controlled by a Chinese state-owned enterprise, Yankuang Group.Rio Tinto''s London shareholders voted on Tuesday.Both Yancoal and Glencore were forced to increase their offers above most analysts'' valuations of about $2 billion to remain in the running.Before the votes, Rio Tinto highlighted a range of advantages in the Yancoal offer, which it said included a better chance of completion coupled with a $225 million break fee.Importantly, according to analysts, Rio Tinto also said the Yancoal offer included "a faster and more certain timetable", closing the transaction in the third quarter of 2017.It would take until at least the first half of 2018 to complete Glencore''s transaction, according to du Plessis.Glencore is already the world''s largest exporter of sea-traded thermal coal, with interests in 28 mines in Australia, Colombia and South Africa. It aimed to blend Rio Tinto coal with its existing operations to custom-tailor shipments to power-generating customers in Japan, South Korea and Taiwan.It first tried to acquire Coal & Allied in 2015, when Rio Tinto made it clear that coal was no longer part of its growth strategy. Rio Tinto derives most of its revenue from iron ore, copper, aluminium and bauxite.Glencore and Yancoal were not immediately available for comment.(Reporting by James Regan; Additional reporting by Sonali Paul; Editing by Richard Pullin and Muralikumar Anantharaman)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-rio-tinto-divestiture-yancoal-idINKBN19K0E7'|'2017-06-29T03:40:00.000+03:00'
'd41f1f6af2fc07215bfba7742a57eec4f6716e0d'|'Walgreens scraps Rite Aid takeover, to buy half its stores'|'Business News - Thu Jun 29, 2017 - 2:41pm BST Walgreens scraps Rite Aid takeover, to buy half its stores The Walgreens logo is seen outside the store in Times Square in New York, U.S., July 5, 2016. REUTERS/Shannon Stapleton By Siddharth Cavale Drugstore chain Walgreens Boots Alliance Inc ( WBA.O ) said it ended its deal to buy Rite Aid Corp ( RAD.N ) after struggling to win antitrust approval, and that it would instead buy nearly half of the smaller rival''s U.S. stores for $5.18 billion (4 billion pounds). Walgreens also said on Thursday it ended a related deal to sell as many as 1,200 Rite Aid stores to Fred''s Inc ( FRED.O ), sending Fred''s shares down 20 percent in premarket trading. Rite Aid''s shares plunged 22 percent to $3.07, while Walgreens shares were up 5 percent at $81.02. The previous $9.5 billion deal, announced in October 2015, faced tough antitrust scrutiny as regulators deliberated over the effects of a merger between the No. 1 and No. 3 drug store chains in the United States would have on competition. Reuters reported last month that the Federal Trade Commission (FTC) staff had asked the two companies and groups concerned about the deal for information that could be used in a lawsuit aimed at blocking it. "Walgreens and Rite Aid have taken a pragmatic approach," said Neil Saunders, managing director of market research firm GlobalData Retail. The new deal makes it easier for the companies to gain regulatory approval as it avoids weakening competition in some markets and leaves Rite Aid as a viable player in the pharmacy space, Saunders said. The FTC said on Thursday it would review the new proposal. COSTLIER DEAL? The companies had altered the terms of the previous deal in January in a bid to speed up the regulatory approval process. Walgreens had said it would divest more Rite Aid stores than previously proposed and reduced the offer price to $6.50-$7.00 per share, from $9.00 per share. Leerink Partners analyst David Larsen estimated that under the new deal, Walgreens would be paying $2.4 million per Rite Aid store, higher than what it would have paid under the January agreement, where it would have paid $2.04 million to $2.06 million per store. Walgreens said on Thursday it expects the new deal to close within six months, after which it will begin buying the 2,186 Rite Aid stores. Walgreens also reported better-than-expected profit and sales for the third quarter, helped by a rise in prescription volumes in its pharmacy business in the United States. The company also authorized a $5 billion buyback programme and raised the lower end of its full-year profit forecast by 8 cents per share to a range of $4.98 to $5.08. Analysts on average were expecting full-year profit of $4.96 per share, according to Thomson Reuters I/B/E/S. Rite Aid, which had nearly 4,600 stores in the United States as of May, said the stores included in the deal are primarily located in the Northeast, Mid-Atlantic and Southeast. The deal also consists of three distribution centres located in Connecticut, Philadelphia and South Carolina. The new agreement will assist Rite Aid in addressing pharmacy margin challenges and in significantly reducing debt, the company''s CEO John Standley said in a statement. Walgreens said it expects the new deal to modestly add to adjusted earnings per share in the first full year after close and generate savings of more than $400 million. The company said it would pay Rite Aid a $325 million termination fee. (Reporting by Siddharth Cavale in Bengaluru; Editing by Sriraj Kalluvila)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-riteaid-m-a-walgreens-boots-idUKKBN19K1V2'|'2017-06-29T16:41:00.000+03:00'
'e56078f6cbced989aff809c157625178d1b6c57b'|'UPDATE 1-Puerto Rico oversight board says still in talks with PREPA creditors'|'Market News - Wed Jun 28, 2017 - 5:57pm EDT UPDATE 1-Puerto Rico oversight board says still in talks with PREPA creditors (Adds details on board''s decision) By Nick Brown June 28 Puerto Rico''s financial oversight board said on Wednesday it was still in debt restructuring talks with creditors of the island''s power utility, PREPA, a day after rejecting a proposed deal to restructure $9 billion of the utility''s bonds. In public documents posted on its website, the board said its main concern about the deal was that it could squeeze consumers as demand at PREPA declines. The board''s rejection had riled creditors, and it faced a lawsuit from insurers of PREPA bonds who argued the board, created last year under a federal law enacted by the U.S. Congress, had no legal authority to veto the deal. On Wednesday, the board said it could still be persuaded to embrace the debt restructuring agreement with certain changes, including a cap on charges to customers. A special charge on consumer bills would back new debt issued under the deal. The board is charged with managing the U.S. territory''s finances and leading it back to economic growth after a decade of contraction. Puerto Rico is facing a historic economic crisis, marked by $70 billion of debt, a 45 percent poverty rate and a shrinking population as residents flock to the U.S. mainland. Last month, it filed the largest bankruptcy in U.S. municipal history. PREPA, hamstrung by mismanagement and outdated infrastructure, is seen as a microcosm of the island''s problems. It began debt restructuring talks with holders of its $9 billion in bonds nearly three years ago, but an initial workout agreement stalled over regulatory concerns and was then rejected by Puerto Rico Governor Ricardo Rossello. Under a new deal, reached in April, PREPA creditors agreed to accept 15 percent repayment cuts in exchange for new debt backed by a charge on customer bills. Dominic Frederico, chief executive of Assured Guaranty Ltd , which insures nearly $800 million in PREPA bonds, pilloried the board''s rejection of the latest deal, saying in a statement on Wednesday it was "yet another example of a rogue oversight board." But the board said it would continue talks with PREPA''s stakeholders, and could accept the deal with caps on the securitization charge. It also wants to impose a more flexible amortization structure, designed to ensure the bonds still pay by their final maturities, even under the caps and PREPA''s declining demand forecast. The board said it was not looking to further cut repayments to creditors. (Reporting by Nick Brown; Editing by Sandra Maler and Tom Brown) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/puertorico-debt-prepa-idUSL1N1JP1XZ'|'2017-06-29T00:57:00.000+03:00'
'4603a83fb59bb18d83635875f3d9a97b8712476d'|'BRIEF-US Oil Sands announces updates on financing'|' 02pm EDT BRIEF-US Oil Sands announces updates on financing June 28 US Oil Sands Inc: * US Oil Sands Inc announces updates on financing and voluntary delisting from the TSX Venture Exchange * US Oil Sands Inc - company expects exchange to delist common shares on June 29, 2017 Source text for Eikon:   UPDATE 1-Carrefour''s Brazil unit seeks up to $1.7 bln in IPO SAO PAULO/PARIS, June 28 French retailer Carrefour SA''s Brazilian unit has filed for an initial public offering that could raise 4.5 billion to 5.6 billion reais ($1.4 billion to $1.7 billion) next month, making it Brazil''s biggest listing in over four years. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories Reuters Plus - Reuters News Agency - Brand Attribution Guidelines - Careers Reuters is the news and media division of Thomson Reuters . Thomson Reuters is the world''s largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Learn more about Thomson Reuters products:'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-us-oil-sands-announces-updates-on-idUSASA09VGG'|'2017-06-29T01:02:00.000+03:00'
'e78124d8f06176f0799490f4c3add571eed4624c'|'Hurricane Energy to raise $520 million to fund North Sea field'|' 47pm BST Hurricane Energy to raise $520 million to fund North Sea field By Ron Bousso - LONDON LONDON Hurricane Energy ( HUR.L ) plans to raise $520 million (401.08 million pounds) for test drilling at its Lancaster oilfield in the North Sea, a major milestone for the project that could breathe new life into the ageing offshore basin. The plans include placing new shares expected to raise a minimum of $300 million at 32 pence per share, as well as a $220 million convertible bond offering, Hurricane said on Thursday. Hurricane, listed on London''s Alternative Investment Market (AIM), has seen its shares rise sharply since 2016 after it revised upwards resource estimates for its flagship field in the West Shetlands region, which it thinks could be Britain''s largest undeveloped oil find. Hurricane shares were up 8 percent at the close of trading. The funds will go towards financing an early production system (EPS) to test the Lancaster field ahead of a final investment decision. The EPS is expected to produce 17,000 barrels of oil per day, Hurricane said. Production from Lancaster is expected to start in the first half of 2019. In April, Hurricane upgraded its recoverable resource estimate for the Lancaster field to 593 million barrels from 200 million in a 2013 assessment. Hurricane specialises in recovering oil using a technique that requires high pressure drilling to fracture a type of rock that is very hard and brittle. The Lancaster field development could be one of few major new projects in the UK North Sea which has seen production steadily decline since the late 1990s despite a revival in recent years. Hurricane''s largest shareholder, private equity fund Kerogen Capital, has indicated it intends to subscribe in the placing in an amount of $35 million, Hurricane said. Cenkos Securities is acting as adviser and joint bookrunner to the company for the placing, along with Stifel Nicolaus. The company will hold a general meeting on July 21 to vote on the proposed placing and bond offering. (Reporting by Ron Bousso; Editing by Mark Potter)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-hurricane-energy-funding-idUKKBN19K2FL'|'2017-06-29T19:47:00.000+03:00'
'd6f252a6459d872a2de7aeba3568162f6f9791c1'|'Uber says never told self-driving car executive to take Waymo files'|'Business News - Wed Jun 28, 2017 - 11:28pm BST Uber says never told self-driving car executive to take Waymo files FILE PHOTO - A man arrives at the Uber offices in Queens, New York, U.S. on February 2, 2017. REUTERS/Brendan McDermid/File Photo By Dan Levine - SAN FRANCISCO SAN FRANCISCO Uber Technologies [UBER.UL] said it never told a self-driving car executive to download files from his former employer, Alphabet Inc''s ( GOOGL.O ) Waymo unit, according to a court filing in a contentious trade secret lawsuit. Alphabet''s Waymo claimed in a lawsuit earlier this year that Anthony Levandowski downloaded more than 14,000 confidential files before leaving to set up a self-driving truck company, which Uber acquired soon after. Uber has fired Levandowski. He is not a defendant in the case, but his actions, and what Uber executives knew about them, are at the center of Waymo''s lawsuit. Uber denies it used any of Waymo''s trade secrets. A trial is scheduled for October. In a court filing on Wednesday, Uber said Levandowski''s downloads had nothing to do with his future employment at Uber. "This is consistent with the complete lack of evidence that such files exist at, or have ever been used by, Uber," the company said. Instead, Uber said it believes Levandowski took the files to ensure an expected $120 million (92.78 million pounds) bonus payment from Waymo. Uber did not detail how it believes the downloads would have helped Levandowski accomplish that objective. At one point while Uber was negotiating to buy Levandowski''s company, Levandowski told Uber executives including former CEO Travis Kalanick that he found five discs in his home that contained Google information. "Kalanick emphatically told Levandowski that Uber did not want any such information," Uber said in the court filing, adding Levandowski said he destroyed the discs. In a separate court filing, Waymo said the incident with the discs proved Uber executives knew he possessed Google information before he came to Uber. "And even after finding out that he had Waymo materials in his possession...Uber never took any steps to prohibit Levandowski from using his ''treasure trove of files'' in his work at Uber," Waymo said. Waymo also said it has not been able to review all the correspondence Levandowski had with Uber executives. For instance, Waymo said it could not find text messages from Kalanick to Levandowski even though it did find messages from Levandowski to Kalanick, "suggesting that the former were deleted." Uber had hoped Levandowski, one the most respected self-driving engineers in Silicon Valley, would help the ride services company catch up to rivals including Waymo, in the race for self-driving technology. (Reporting by Dan Levine; Editing by David Gregorio) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-uber-alphabet-lawsuit-idUKKBN19J2Z5'|'2017-06-29T01:28:00.000+03:00'
'88100ea716a7d6493cbee3dc68c731275196c706'|'Exclusive: Universal president says founder Okada ''unfit'' for board in private letter'|'Business News - Thu Jun 29, 2017 - 1:36am EDT Exclusive: Universal president says founder Okada ''unfit'' for board in private letter left right FILE PHOTO: Kazuo Okada, chairman of Tiger Resort, Leisure and Entertainment Inc. listens at the press launch of 65th annual Miss Universe competition on January 30, 2017. REUTERS/Erik De Castro/File Photo 1/4 left right The logo of the Universal Entertainment Corp. is seen at the company''s headquarters in Tokyo November 30, 2012. REUTERS/Toru Hanai 2/4 left right The logo of Universal Entertainment Corp. is seen at the company''s headquarters in Tokyo, Japan, June 29, 2017. REUTERS/Toru Hanai 3/4 left right The logo of Universal Entertainment Corp. is seen at the company''s headquarters in Tokyo, Japan, June 29, 2017. REUTERS/Toru Hanai 4/4 By Emi Emoto and Nathan Layne - TOKYO TOKYO The president of Japan''s Universal Entertainment Corp ( 6425.T ) said the company''s founder Kazuo Okada is "unfit" to be the director of a public company, in a private letter to a shareholder seen by Reuters. The June 21 letter was written by Jun Fujimoto ahead of an annual meeting of Universal shareholders on Thursday at which Okada lost his position as board chairman. Shareholders approved a slate of directors that did not include Okada, a company spokesman confirmed. The meeting was not open to the media. The board shake-up comes three weeks after Universal announced that it had established an internal investigative panel to probe Okada’s use of company money. Universal said it had found three cases in which Okada misappropriated a total of $20 million in funds. Okada addressed those allegations for the first time on Thursday on the sidelines of the meeting in a Tokyo hotel. Okada made the comments after being told he could not attend the meeting because his stake in Universal is held indirectly by a holding company. "I''ve done nothing wrong," Okada told reporters. "I''ve been barred from the meeting in the name of this investigative panel and allegations that are a bunch of nonsense." Universal said it could not comment on letters to or from Fujimoto as an individual and declined to make him available for an interview. Peppered with criticism of Okada, the letter offers a glimpse into the mindset of Fujimoto, 59, as he pushes ahead with an attempt to sideline Okada, 74, in a rare Japanese boardroom coup. "I think Chairman Okada is unfit to be in management of a public company," Fujimoto said in the letter, which was written in Japanese. "I''m confident that I can prove that with irrefutable physical evidence." He did not say what that evidence was. The approved slate of directors included Okada''s wife, Takako. Universal also brought back a former finance executive and added an external director to the board. Those changes were made possible by the resignation of Okada in May as director of Okada Holdings Ltd, a company based in Hong Kong that owns 69 percent of Universal''s stock and therefore holds sway over appointments to Universal''s board. Okada stepped down as the result of a rift with family members, who control a majority of Okada Holdings'' stock, Reuters reported on Wednesday. Fujimoto was responding to a letter from shareholder Tsuyoshi Hosoba, who had unsuccessfully sued Universal directors in 2015 alleging they breached their fiduciary duties on a series of matters, including in relation to $40 million in payments from affiliates of Universal in 2010 to a Philippine consultant, who was working on the company''s $2.4 billion casino on Manila Bay. Okada, Fujimoto and Universal have denied any wrongdoing related to the payments, which have been the subject of regulatory scrutiny in the U.S. and the Philippines. Hosoba declined to comment. In his letter, Hosoba said he wanted to work with Fujimoto to "clean up" the company and offered to cease further legal action if Fujimoto "told the truth" about the payments and took steps to bolster corporate governance. In response, Fujimoto rejected Hosoba''s request to cooperate but urged him to consider the steps he was taking to improve the company''s compliance and the risks directors and executives were taking in investigating the "extremely powerful" Okada. Fujimoto criticized Hosoba''s threat of legal action as misguided. In the letter, Fujimoto said the investigation into Okada would look at transactions going back five years. That means the review would not include the $40 million paid to the Manila-based consultant in 2010. The U.S. Federal Bureau of Investigation has been probing the $40 million to determine if it was aimed at helping Universal gain tax and ownership concessions for its casino in the Philippines, according to the people with knowledge of the probe. Universal and Okada filed a defamation lawsuit against Reuters in 2012 for its reporting on the payments. The Tokyo District Court ruled in 2015 that Universal''s case was without merit. Last year the Tokyo High Court upheld that ruling, dismissing Universal''s appeal. Universal has appealed to the Supreme Court of Japan. (Editing by Bill Rigby and Lincoln Feast) '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-universal-ent-okada-board-exclusive-idUSKBN19K04P'|'2017-06-29T04:08:00.000+03:00'
'97638b2139e35a0aabea1b42563ba02a813ff3c6'|'Fed''s Bullard: Need strong data to go it alone among global central banks'|'Company  34pm EDT Fed''s Bullard: Need strong data to go it alone among global central banks LONDON, June 29 The U.S. Federal Reserve needs to see strong economic data to have the confidence to keep tightening policy while other global central banks are maintaining easy monetary conditions, St. Louis Federal Reserve chief James Bullard said on Thursday. "The U.S. is kind of trying to go it alone...which we can do and we certainly have done historically," Bullard told an OMFIF event in London. "But if you want to go it alone in this environment you have to really have data that''s coming in strong behind you and justifying what you want to do." (Reporting by Ritvik Carvalho; Editing by John Geddie)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-fed-bullard-idUSU8N1CQ01L'|'2017-06-29T20:34:00.000+03:00'
'230659edda3571b75c8a0afb3114e3b7a8cdf92a'|'Activist investor calls Hong Kong market rout'|'Business News - Wed Jun 28, 2017 - 9:15am BST Activist investor calls Hong Kong market rout left Activist shareholder David Webb poses in Hong Kong, China June 28, 2017. REUTERS/Bobby Yip 1/3 Activist shareholder David Webb poses in Hong Kong, China June 28, 2017. REUTERS/Bobby Yip 2/3 Activist shareholder David Webb poses in Hong Kong, China June 28, 2017. REUTERS/Bobby Yip 3/3 By Michelle Price - HONG KONG HONG KONG Six weeks ago, David Webb, an activist investor and former director of the Hong Kong exchange, issued a report titled "The Engima Network: 50 stocks not to own". On Tuesday, most of the shares he named abruptly plunged, pointing to chronic regulatory problems over small-cap shares in the Asian financial hub. Webb''s report mapped out a complex web of cross-shareholdings between companies listed on both the main board and its sibling, the Growth Enterprise Market, which he said created a breeding ground for volatility. Tuesday''s biggest decliners showed characteristics that have long worried regulators and which Webb highlighted in his report: high shareholding concentrations, unrealistic valuations, and complex relationships between companies and listed brokerages. The Hong Kong government and regulators are growing increasingly concerned that a series of company scandals, many of them centred on mainland companies listed in Hong Kong, have tarnished the territory''s reputation as a financial centre as it marks the 20th anniversary of its handover to China this weekend. Webb, a successful investor and author who studied mathematics at Oxford, told Reuters on Wednesday he had come across the network through his own research into annual reports and company disclosures. "I picked up on this network years ago when they started building it. The meltdown shows these stocks are closely related," he said. His report only covers cross-shareholding relationships but the companies also have many directors in common as well as related transactions, Webb said. The purpose of such networks, Webb said, "is to defraud investors - extract and misappropriate money and part of that involves manipulating stocks." ''DUMP AND RUN'' Webb, an outspoken critic of the Hong Kong market since he quit the HKEX board in 2008, said it was unclear what triggered Tuesday''s sell-off. “I can only speculate. But it’s possible margin calls have been triggering the sell-off. It’s possible the brokers involved have been told to stop lending against those shares ... Maybe the people operating the network have decided to dump and run.” Webb said he never shorts Hong Kong shares. "The bigger picture here is that this again reminds us that the current regulatory system is not working and these problems have been allowed to build up by the Hong Kong exchange (HKEX)." He also blamed the independent market regulator, the Securities and Futures Commission (SFC), "for not stopping it." An SFC spokesman declined to comment on whether the regulator was investigating any of the companies in the network. In a statement, the SFC said: "The stocks which have experienced large price declines yesterday occupy a market segment characterized by thin turnover, small public floats, high shareholding concentrations, and multiple relationships between different companies and listed brokerage firms. These characteristics can be especially conducive to extreme volatility and also to market misconduct." The exchange denied speculation on Tuesday it was planning to delist thinly traded shares. WLS Holdings ( 8021.HK ), which had a market value of HK$409 million (£41 million), was the biggest loser on Wednesday with its shares sliding 47 percent, while Greaterchina Professional Services Ltd ( 8193.HK ) dropped 34 percent after a 93 percent drop on Tuesday. REFORM IDEAS Webb said he opposed a recent HKEX proposal to add a third board, catering to start-ups, and argued the two existing boards should be merged and put under the jurisdiction of the SFC. The investor activist said Hong Kong also needs a class action legal provision so investors can hold boards accountable. He said all companies should be compelled to file results on a quarterly basis, with restrictions on how much companies can invest in other stocks. Webb, a member of the SFC''s takeover panel, has been a thorn in the side of the establishment and Hong Kong''s mega-rich business elites through his public commentary and eponymous "Webbsite" for much of the past 26 years he has been resident in the city. Last year, however, Webb told readers of his newsletter he would dial back his commentary and public activism in frustration that his efforts had yielded little change in the financial hub over the years. The HK$28.6 trillion ($3.7 trillion) market has grown nine-fold since the former British colony reverted to China rule in 1997, largely on an influx of listings from mainland firms. They now make up two-thirds of market value and represent 90 percent of the funds raised from IPOs in the five years to 2016. Investors seem to discount the market, with the Hang Seng index .HSI trading at around 14 times earnings, versus 22 times for world stocks and 23 times for U.S. equities. The SFC, along with the Hong Kong stock exchange, have issued several warnings over concentrated shareholdings in penny stocks listed on the GEM. The average first-day price rise for a GEM company debut during the first half of 2016 was 454 percent due to such concentrations, SFC data shows. This month the HKEX launched a wide-ranging consultation to try to address this problem, including a proposal to raise the minimum market capitalisation by 50 percent to HK$150 million and increasing the cash flow requirement for initial listings. (Reporting by Michelle Price; additional reporting by Donny Kwok in Hong Kong; Writing and editing by Bill Tarrant) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-hongkong-stocks-webb-idUKKBN19J0S7'|'2017-06-28T11:15:00.000+03:00'
'19774ccef6cb47388fba158337cebd5443531474'|'MIDEAST STOCKS-Dubai underperforms, Egypt''s TMGH jumps on appointment of CEO'|'* Dubai down in very weak trade* GFH gains on agreement to sell part of real estate portfolio* Large caps lift Abu Dhabi slightly higher* Cairo''s TMGH welcomes back former chairman as CEO* Heliopolis up following local media reports of new $55.25 mln project* Saudi, Qatar, Oman closed for Eid al-Fitr breakBy Celine AswadDUBAI, June 28 Stocks prone to speculative trade dragged Dubai''s equity index down on Wednesday while Egypt''s blue chip developer Talaat Mostafa outperformed on news its former chairman has been pardoned and named chief executive.Dubai''s index fell 0.7 percent in the lowest daily volume in one year.Shares of builder Arabtec dropped 8.5 percent; on Wednesday the company said it has raised 1.5 billion dirhams in equity as part of its recapitalisation programme and "extinguished the company’s accumulated losses of AED 4.6 billion as at December 31 2016".GFH Financial, the most heavily traded stock, however, climbed 3.1 percent on news that it had agreed to sell part of its real estate portfolio, which it said had an "approximate value" of $55 million. The book value of the asset is $20 million.In neighbouring Abu Dhabi, some large caps, which were the main drag on the bourse earlier in the session, reversed course and helped take the index 0.4 percent higher. First Abu Dhabi added 1.4 percent to 10.65 dirhams ($2.90) after hitting a session low of 10.40 dirhams.Kuwait''s index closed flat in very thin trade. Blue chip banks outperformed with Warba Bank adding 1.2 percent while Boubyan Petrochemical lost 1.0 percent.EGYPTCairo''s Talaat Mostafa Group jumped 5.8 percent in unusually heavy trade after the developer said it has appointed former chairman Hisham Talaat Mostafa as its chief executive.Last Friday Mostafa was among 502 prisoners pardoned by Egyptian President Abdel Fattah al-Sisi. He had been sentenced in 2010 to 15 years in prison for hiring a hitman to kill a Lebanese pop star. He was pardoned on health concerns, security sources told Reuters.Shares of Telecom Egypt rose 1.5 percent following last Thursday''s news that the state-owned landline monopoly will secure a loan of up to 13 billion Egyptian pounds ($718.23 million) to improve infrastructure and mobile internet services.Heliopolis Co for Housing and Development advanced 2.6 percent after local newspaper, Almal, reported that the developer will launch a new project in New Heliopolis in 2018 with investments worth 1 billion Egyptian pounds ($55.25 million).The index, however, edged down 0.2 percent as the largest lender, Commercial International Bank, lost 1.3 percent.Markets in Riyadh and Doha remain closed and will resume trading on July 2.HIGHLIGHTSDUBAI* The index lost 0.7 percent to 3,379 points.ABU DHABI* The index added 0.4 percent to 4,450 points.EGYPT* The index edged down 0.2 percent to 13,396 points.KUWAIT* The index edged up 0.04 percent to 6,769 points.BAHRAIN* The index fell 0.2 percent to 1,310 points. ($1 = 3.6726 UAE dirham) ($1 = 18.1000 Egyptian pounds) (Reporting by Celine Aswad,; Editing by Pritha Sarkar)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/mideast-stocks-idINL8N1JP3OF'|'2017-06-28T12:26:00.000+03:00'
'448f80c86eeb604a8a028043c46bba603c7aba86'|'Nike posts higher-than-expected quarterly revenue'|'Business News - Thu Jun 29, 2017 - 4:31pm EDT Nike posts higher-than-expected quarterly revenue FILE PHOTO: The logo of Nike (NKE) is seen in Los Angeles, California, United States, April 12, 2016. REUTERS/Lucy Nicholson/File Photo Nike Inc ( NKE.N ), the world''s No. 1 footwear maker, reported quarterly revenue that beat analysts'' estimates, helped by higher demand in Western Europe, China and emerging markets. Shares of the Dow component were up 3.2 percent at $54.87 in after-market trading on Thursday. Nike''s net income rose to $1 billion, or 60 cents per share, in the fourth quarter ended May 31, from $846 million, or 49 cents per share, a year earlier. Revenue rose 5.3 percent to $8.68 billion. Analysts on average had expected revenue of $8.63 billion, according to Thomson Reuters I/B/E/S. (Reporting by Gayathree Ganesan in Bengaluru; Editing by Martina D''Couto)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-nike-results-idUSKBN19K2XA'|'2017-06-29T23:24:00.000+03:00'
'8aa4131d357b50c9fb9f017fb4b49fc89184cf83'|'China land sale controls threaten developers’ profits, may trigger deals'|'Business News   11:06am BST China land sale controls threaten developers’ profits, may trigger deals By Clare Jim - HONG KONG HONG KONG Real estate developers say a slew of new regulations governing many land auctions in China is threatening the business model most of them use, and is likely to speed up the consolidation of the industry through more joint ventures and takeovers. The measures, which are widely seen in the industry as representing the most stringent tightening in controls ever, have been introduced by authorities running major cities as they seek to stop home prices from surging further out of control. It means that an increasing number of land sales by the authorities carry major restrictions, including effectively creating price caps for the initial sales of homes that are built, and a requirement to build homes to rent rather than sell. That can make the developments much less lucrative and higher risk for the developers, which in turn can force them to do more joint ventures to share the exposure and for the strongest to buy cheaper unrestricted land banks built up by the weakest. It is also prompting many developers to eye land auctions in secondary cities where prices have not climbed as much and the controls aren’t as onerous. "The largest impact of these measures is on our cashflow. So far the land we acquired with restrictions only accounts for a small part of our portfolio, but if the policy continues for another three years then the impact will be large," said an executive at a Shanghai-based developer who asked not to be identified in this article. "LAND KINGS" It is all a major deterrent to prevent a new wave of "land kings" from forming and then driving up home prices. The term is used to describe developers willing to pay whatever it takes, and often using a lot of debt, to secure land banks. In recent years, most of the major Chinese developers have bought land at auction and then quickly developed it into apartments that they sell to homebuyers – usually at a big profit thanks to rising home prices. The cashflow generated is quickly put to use to buy the next piece of land and the cycle continues. The problem is that the Chinese authorities have been increasingly concerned that prices are getting too high for many ordinary Chinese to ever have a chance to buy a home. They are also worried that a dangerous price bubble may be forming. Both problems could create social instability – a major fear of the ruling Communist Party. So, up and down the country city governments have been intervening to impose requirements on any sales of land that they control. "The measures are a test to developers'' earnings model; their selling prices are capped, and they need to ensure profit and cashflow through rental income, which is in contrast to their traditional ''sell for cash'' model," said a senior official at state-owned Beijing Capital Land, who declined to be named as he was not authorised to speak to the media. "So now we see only the big players are strong enough to participate in these auctions, and many are joint-ventures." In the past two years, the number and value of corporate deals for property done by developers has increased. There were $9.16 billion (7.07 billion pounds) worth of acquisitions in China in the first five months of this year, little changed from $9.23 billion in the same period in 2016, though up from $5.3 billion in the first five months in 2015, according to Thomson Reuters data. “Consolidation will happen quicker this year. Smaller developers don’t have the liquidity to offset policy,” said Cindy Huang, a Hong Kong-based director of corporate ratings at S&P Global Ratings. U-TURN POSSIBLE An executive at Future Land Development, another Shanghai-based developer, said he sees more deal opportunities this year as smaller companies seek financial support amid credit tightening. Future Land is planning to have 25-50 percent of its land come from corporate dealmaking this year, compared with 25 pct last year, he said. To be sure, some developers say it is possible that the restrictions won’t last, particularly if there is any sign that prices are starting to slide, which would hurt economic growth. China has had a recent history of stop-start policies as it seeks to balance growth with attempts to impose control on the finance and property sectors. Examples of the measures include the decisions by the cities of Nanjing, Chengdu, and Jiaxing to allot land parcels by lottery once the premium offered by more than one bidder hits the upper limit set in the auction. Meanwhile, Beijing, Qingdao and Baoding have required bidders to compete to set the lowest selling price for apartments they plan to build on particular sites. Some cities, including Beijing and Hangzhou, also ask developers to compete to have the highest proportion of property set aside for rental purposes and guarantee that they will not launch pre-sales until construction of all apartments has been completed. Selling a small part of a development before the whole thing is completed is a tactic used by many real estate companies to generate early cash collection while also trying to create a higher initial benchmark price as demand overwhelms supply. The move into secondary cities may be starting to show up in government data, which showed that while annual growth in the nation’s real estate investment slowed in May, the first drop in three months, investment in central China picked up slightly. Central China’s real estate market – in cities like Xian - has been less robust than the big coastal markets. Shanghai-based Shimao Property and Guangzhou-based KWG Property both said they are interested in smaller cities in close proximity to major cities. Acquisitive Tianjin-based developer Sunac China has spent close to $3 billion so far this year in acquiring and investing in projects of smaller peers. According to statements from Sunac, its last three corporate acquisitions - Runde Qiancheng in Dalian, Huacheng Fuli in Chongqing and Xingyao in Tianjin - all recorded losses in the past two years. "Many of the top 100 developers have started entering Xian; local companies who have land resources are all in joint-venture talks with the national players," said Jiang Guang, the general manager in Xian city for real estate broker Centaline. Developers with liquidity problems "may sell their projects or introduce equity investment," Jiang said. (Additional reporting by Patturaja Murugaboopathy; Editing by Martin Howell)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-china-property-policies-analysis-idUKKBN19K15K'|'2017-06-29T13:06:00.000+03:00'
'5b99b752d1acebeb0c74e735b4e5a885f4437471'|'Sky Deal Still Cloudy for Murdoch After U.K. Pledges More Scrutiny'|'For the better part of a decade, Rupert Murdoch has sought to reassert his control over Sky Plc , the satellite broadcaster he founded in 1989. Six years ago, he came close, but the effort fell apart after revelations that one of his newspapers had hacked the cell phones of people in the news. On Thursday, Murdoch found out he’ll have to keep waiting.U.K. Culture Secretary Karen Bradley said she’ll further scrutinize 21st Century Fox Inc.’s offer for Sky . She told Parliament she plans to ask the Competition and Markets Authority to investigate the power that the 11.7 billion-pound ($15.2 billion) bid would give Murdoch and his sons, who control The Times of London and The Sun tabloid as well as Fox’s movie studios and TV networks and The Wall Street Journal. But Bradley said Fox could avoid the review if it were to strengthen proposals it’s made to ensure Sky’s editorial independence.“The transaction raises public interest concerns as a result of the risk of increased influence by members of the Murdoch family trust over the U.K. news agenda and the political process, with its unique presence on radio, television, in print and online,” Bradley told lawmakers.Rupert Murdoch. Photographer: David Paul Morris/Bloomberg With Sky, Murdoch reshaped British television in much the way his tabloids had redefined the newspaper business. After diluting his ownership stake in 1994 with a stock offering, Murdoch had wanted to regain control of Sky. He offered to spin off Sky News to appease regulators, but those efforts foundered in 2011 when journalists from his News of the World tabloid hacked into the voice-mail messages of a murdered schoolgirl, raising questions about management oversight.This time around, Fox proposed guarantees for Sky’s independence, including the creation of a separate Sky News editorial board composed mostly of people from outside the company. Fox also offered to give the head of Sky News control over the channel’s journalism, and pledged that Fox employees and officers with ties to the Murdoch family trust wouldn’t attempt to influence editorial decisions. Bradley said those measures were insufficient but gave Fox until July 14 to revise them. British regulators have suggested the company pledge to continue financing Sky News for longer than the five years it proposed, and that it offer stronger guarantees of the editorial board’s independence.The report has “taken the worst-case scenario off the table”An in-depth review by the CMA would lower the chances that a tie-up could be finalized this year, spelling continued regulatory uncertainty for the bid . The CMA could take as long as six months to investigate the matter before reporting back to Bradley, who would make a final decision. If the deal isn’t completed by Dec. 31, Fox must pay Sky shareholders a dividend of 10 pence per share—or more than 170 million pounds.Bradley’s report has “taken the worst-case scenario off the table,” said Neil Campling, an analyst at Northern Trust Capital Markets. “The balance of probability is now that it’s more likely that the deal goes through.”Sky shares advanced 3.2 percent to 987.5 pence at 1:03 p.m. in London, the biggest gain since the deal was announced in December. The pay-TV broadcaster said it would continue to engage with the government until Bradley makes her decision. Fox welcomed parts of Bradley’s announcement, but said it’s disappointed that she had not accepted its proposals for maintaining Sky’s independence. The announcement slows Murdoch’s efforts to create a trans-Atlantic media and entertainment giant. Sky would give New York-based Fox a powerful European distribution platform for pay television and internet, to complement its film studio and cable channels like FX and National Geographic. Sky provides satellite-TV service to 22 million customers across Britain, Ireland, Italy, Germany and Austria.Murdoch got a bit of good news in a simultaneous report from Britain’s communications regulator, Ofcom. The agency said that in spite of the phone hacking scandal and last year’s revelations of sexual harassment by senior executives at Fox, it deemed the company a “fit and proper” recipient of a U.K. broadcast license.Ofcom didn’t, though, accept Fox’s argument that the growth of social media since its attempt to buy Sky six years ago had diminished the power of traditional news organizations. The regulator found that while Facebook and similar sites are distributors of news, their role in producing content is limited and that the likes of The Sun and Sky News “retain a strong position.”A delay could expose Fox’s bid to Britain’s shifting political winds. Prime Minister Theresa May’s Conservative Party is seen as more likely to approve the deal than the Labour Party, whose members have voiced opposition to Murdoch’s plans. However, May’s grasp on power was weakened in a snap election this month that left her without a majority.“We live in very unstable political times. There is no meaningful parliamentary majority for the Tories,” said Alex DeGroote, an analyst at Cenkos Securities. “This becomes even more of a political hot potato now than it was before the election.”'|'bloomberg.com'|'https://www.bloomberg.com/businessweek'|'https://www.bloomberg.com/news/articles/2017-06-29/sky-deal-still-cloudy-for-murdoch-after-u-k-pledges-more-scrutiny'|'2017-06-29T22:50:00.000+03:00'
'26e45c76b5e171ba0898fca90413779e776896f6'|'BRIEF-Okta appoints Yassir Abousselham as chief security officer'|' 20am EDT BRIEF-Okta appoints Yassir Abousselham as chief security officer June 29 Okta Inc * Cardiovascular Systems - On June 27, 2017, Plaintiffs filed an amended complaint regarding Shoemaker V. Cardiovascular Systems case MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories Reuters Plus - Reuters News Agency - Brand Attribution Guidelines - Careers Reuters is the news and media division of Thomson Reuters . Thomson Reuters is the world''s largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Learn more about Thomson Reuters products:'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-okta-appoints-yassir-abousselham-a-idUSASA09VJX'|'2017-06-29T16:20:00.000+03:00'
'94465d4673be1a6ca172b5249bc90cab265c0785'|'UK mortgage approvals and consumer lending accelerate unexpectedly in May'|'Top News - Thu Jun 29, 2017 - 2:20pm BST UK consumer borrowing spikes, adding to confused rate-hike picture Construction cranes are seen on a residential building project behind homes in west London in Britain, October 26, 2016. Photograph taken on October 26, 2016. REUTERS/Toby Melville By David Milliken and William Schomberg - LONDON LONDON British household borrowing jumped last month, bucking expectations of a slowdown and suggesting consumers might be upbeat enough for the Bank of England to start raising interest rates later this year. Consumers -- the drivers of the country''s economic growth -- are under pressure from a rise in inflation after last year''s vote to leave the European Union caused sterling to plunge. But the BoE expects the slowdown to be gentle enough that business investment and exports should fill most of the gap. If that proves right, most of the BoE''s rate-setters might swing behind the first British rate rise in a decade, following the lead of the U.S. Federal Reserve. There have also signs of a shift by central bankers in the euro zone and Japan away from the emergency support that have held up their economies since the global financial crisis. The BoE said on Thursday that consumer lending grew at an annualised rate of 10.2 percent in the three months to May -- its joint-fastest rate since hitting an 11-year high in November. The net increase of 1.7 billion pounds in May was the biggest in six months and beat all forecasts in a Reuters poll of economists. So too did the number of mortgages approved and net mortgage lending. By contrast, other recent measures have suggested consumers are subdued. Retail sales suffered their biggest drop since 2010 in the first three months of 2017. On Thursday, supermarket chain Asda ( WMT.N ) said household spending power saw its biggest squeeze since 2013 in May. It also remains to be seen how Prime Minister Theresa May''s failure to win a majority in June 8''s parliament election affects attitudes about spending. A European Commission survey showed consumer morale in June was its weakest since the Brexit vote as households digested the implications of the inconclusive election. Ruth Gregory of Capital Economics said the rise in borrowing growth "was something of a double-edged sword" for the BoE which is trying to assess what damage a rate hike might cause for households and their spending. "May''s household borrowing figures provide another reason to think that consumer spending growth may have picked up pace ... but will clearly add to concerns about household debt." CHANGE OF TONE BY CARNEY? BoE Governor Mark Carney said this week that consumer borrowing was rising far faster than incomes and the BoE would bring forward its annual check on lenders who have loosened their credit standards. The BoE says raising interest rates from a record low 0.25 percent is its last line of defence to check risky lending. Instead, any rate hike decision will be driven by the outlook for inflation which hit its highest in nearly four years at 2.9 percent in May, above the BoE''s target of 2 percent. For three of the BoE''s eight rate-setters, there were enough warning signs that the rise of inflation could stick to justify an immediate rate rise when they met this month. BoE Chief Economist Haldane then surprised financial markets last week by saying he expected back a rate rise this year too, if growth matched the BoE''s forecasts. Haldane said on Thursday the central bank needed to "look seriously" at raising rates. Carney had seemed more sceptical but on Wednesday he did not repeat previous comments that now was not the time for a hike. Investors took his comments as a signal that a rate rise was looming and they pushed yields on two-year British government debt GB2YT=RR to the highest since before the Brexit vote. Many economists urged caution. They have been wrong-footed in the past over BoE rates signals. "(There are) too many mixed messages from the (Monetary Policy Committee) at the moment," Alpesh Paleja, an economist at the Confederation of British Industry, said on Twitter. "(I''m) not convinced Carney has turned hawkish." While business surveys point to stronger exports and business investment, this has not yet shown up in official data. Furthermore, wage growth - which some BoE policymakers see as the key driver of medium-term inflation - remains weak. (Editing by Jeremy Gaunt) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-economy-idUKKBN19K0W5'|'2017-06-29T11:48:00.000+03:00'
'0ab7db1463a5f18ac24e53f2f2bb8156fd5f8c21'|'More than a third of Mylan investors voted against chairman'|'Business News - Wed Jun 28, 2017 - 10:55pm EDT Investors call on Mylan chairman, director to step down File Photo: Robert J. Coury, Chairman and Chief Executive Officer of Mylan at the Tel Aviv Stock Exchange, Israel November 4, 2015. REUTERS/Nir Elias By Michael Erman - NEW YORK NEW YORK An investor group led by New York City''s comptroller called for Mylan NV''s ( MYL.O ) Chairman Robert Coury and Director Wendy Cameron to step down, as part of a campaign against the firm''s executive pay packages and high prices for an allergy treatment. More than a third of the investors voting at the generic drugmaker''s annual meeting last week cast votes against Coury, while over half voted against Cameron - who heads Mylan''s compensation committee, a letter reviewed by Reuters shows. "We believe Mylan''s independent directors must act swiftly - or risk further erosion in shareowner confidence and value," the investors wrote in the letter to Mylan''s independent directors. "Mylan''s share price is already down nearly 50 percent since its April 2015 peak and the company remains under legal, regulatory and public scrutiny for its EpiPen pricing practices," they added in the letter. Mylan could not be immediately reached for comment. The company has been grappling with a growing backlash from U.S. consumers over the price of its life-saving allergy treatment EpiPen after it shot up to more than $600 for a two-pack of the device from less than $100 in 2007. [nL2N1HB1KX] While the sharp price spike spurred congressional, Justice Department and other government investigations, the shareholder campaign against Mylan''s board picked up steam after Chairman Coury''s nearly $100 million pay package was disclosed earlier this year. [nL1N1J41AU] The investor group, including New York City and State pension funds and the California teachers pension fund, have asked for Coury to forfeit most of the pay he received last year. It also urged Mylan to hire an independent chairman and reconstitute its board with a majority of independent directors. The investors agitating against Mylan''s board had a steep threshold to cross as more than two-thirds of the shares voted, as well as more than half of Mylan''s outstanding shares, would have needed to be cast against the directors for them to lose. Neil Dimick and Mark Parrish, directors on the company''s compensation committee, had just under 50 percent of the shares voted cast against their re-election. Investors also cast more than a quarter of the shares voted against Chief Executive Heather Bresch. Mylan announced the vote totals from the meeting in a filing with regulators on Wednesday. The company had previously only said that all its directors had been re-elected. More than 80 percent of the company''s shares voted were cast against the company''s 2016 executive pay packages. That vote was a non-binding, advisory measure. New York City comptroller Scott Stringer, who oversees the city''s pensions and is one of the leaders of the campaign against the drugmaker''s board, said the board needed to act swiftly to restore investor confidence. "This board''s oversight failures have hurt investors, consumers and American taxpayers. We need to see change," Stringer said in a statement. (Reporting by Michael Erman; Editing by Sandra Maler and Himani Sarkar) '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-mylan-nl-meeting-idUSKBN19J2XV'|'2017-06-29T01:11:00.000+03:00'
'ceba744a49a7fa4f1ce00f64d5378f7b1306e34b'|'REFILE-Bombardier Transportation confirms to cut up to 2,200 German jobs'|'(Corrects spelling in dateline and reference in paragraph 4 to Hennigsdorf)HENNIGSDORF, Germany, June 29 Canada''s Bombardier will cut up to 2,200 jobs in Germany, or around a quarter of its workforce in the country, by 2020 as part of a sweeping savings plan, Bombardier Transportation''s supervisory board Chairman Wolfgang Toelsner said.There are no plans for plant closures, he told journalists at a news conference on Thursday.Bombardier said in October it would slash 7,500 jobs worldwide, mostly in its train-making division, in a second round of layoffs announced last year, following extended delays and budget overruns in its aerospace business.A source had told Reuters last week that around 2,200 of those jobs would be at the train-making business in Germany, mostly at the company''s plants in Hennigsdorf near Berlin and Goerlitz on the German border with Poland. (Reporting by Gernot Heller; Writing by Maria Sheahan; Editing by Tom Sims and David Evans)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/bombardier-germany-idINF9N1II01W'|'2017-06-29T11:38:00.000+03:00'
'8f44f5f54c63f084347df8443d6d2ebd4cf2b2b4'|'FCA reviews business models at retail banks'|'Top News - Thu Jun 29, 2017 - 2:17pm BST FCA reviews business models at retail banks left right A river ferry passes in front of the Canary Wharf business district at dusk in London, Britain December 11, 2016. REUTERS/Toby Melville 1/2 left right The logo of the new Financial Conduct Authority (FCA) is seen at the agency''s headquarters in the Canary Wharf business district of London April 1, 2013. REUTERS/Chris Helgren 2/2 By Huw Jones - LONDON LONDON The financial regulator has begun a study of how Britain''s high street banks make money and said the initial findings due next year would help determine if their approach had to be changed. The study would apply lessons from the 2007-2009 financial crisis when Northern Rock collapsed because of an unsustainable business model, Andrew Bailey, chief executive of the Financial Conduct Authority (FCA), told a conference on Thursday. It coincides with government efforts to increase competition in a sector dominated by HSBC ( HSBA.L ), Lloyds ( LLOY.L ), Royal Bank of Scotland ( RBS.L ) and Barclays ( BARC.L ). Bailey said 16 new banks had been approved over the last five years and 38 were considering seeking authorisation. "My hope is that we can lay out a body of evidence from which conclusions can start to be drawn," Bailey told the British Bankers'' Association (BBA) conference, adding that evidence would be gathered into the first half of next year. The study will initially focus on different products and services and their profitability as fewer customers visit bank branches, preferring to use the phone or Internet instead. BBA Chief Executive Anthony Browne told the conference that apps were now the most popular way to access accounts. But he said there was a "public interest" in access to bank branches, after many have been closed as more customers bank online. Bailey said the study "should enable us to assess better the impact of changes – for instance in technology – on retail banking business models." In a separate review to be published in coming months, the FCA has been examining so-called high-cost credit including overdrafts, after lawmakers criticised banks for charging hefty fees for people who overdraw on their accounts. "We will then be able to decide if we need to intervene further," Bailey said. Britain has capped high interest rates on "payday" loans, where customers borrow money against their next monthly wage and usually face steep rates. Critics say the cap risks making it tougher for the most vulnerable to access credit and could drive them into the arms of unregulated "loan sharks". Bailey said this had not been the outcome so far. Some lawmakers have called for a wider use of caps, but Bailey said "capping everything" was not the right approach. Findings from a third review by the regulator, examining how banks assess customers'' understanding of their products and services, are also due to be published soon. Some lawmakers have called for the banks to end what they call "free banking" for those in credit because they say it simply means other services, such as overdrafts, are charged more heavily and that often hurts the less well off more. "I do not advocate ending free-if-in-credit banking. Why? Because there is no such thing to start with," Bailey said, adding that it simply meant some customers paid more or less than others depending on what products they used. (Editing by David Clarke and Edmund Blair)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-banks-regulator-idUKKBN19K12F'|'2017-06-29T16:17:00.000+03:00'
'3023147bf12cd3ccfd9fdd9e73a63f40bee0a6e6'|'Strong gains from HSBC, miners help FTSE outpace Europe'|'Top News - Thu Jun 29, 2017 - 5:49pm BST Strong gains from HSBC, miners cushion FTSE losses People walk through the lobby of the London Stock Exchange in London, Britain August 25, 2015. REUTERS/Suzanne Plunkett/File photo By Helen Reid and Kit Rees - LONDON LONDON Robust bank and mining stocks helped Britain''s FTSE 100 index outpace European peers on Thursday, caught up in a broad slide driven by concerns over central banks potentially tightening policy. Britain''s main share index .FTSE ended 0.5 percent lower, having spent much of the session in positive territory, while euro zone stocks .STOXXE fell 1.7 percent. British banks .FTNMX8350, a sector which would benefit from higher rates, jumped 2.7 percent to a four-month high after the U.S. regulator approved higher dividends and buybacks, sending a ripple effect across financial stocks worldwide. The Fed approved plans from the 34 largest U.S. banks, including U.S. units of HSBC and Deutsche Bank, to use extra capital for stock buybacks and other purposes beyond a cushion against possible catastrophe. HSBC ( HSBA.L ) was up more than 4 percent to a near four-year high, also boosted by a Morgan Stanley upgrade to ''overweight''. Analysts said they saw capital return rising up the agenda for the bank, with around $45 billion of surplus by 2019. "Our work suggests HSBC will be in the top quartile of EU banks for cash returns over the next three years," said Morgan Stanley analysts. "HSBC''s weighting towards Asia sets it apart from everything else that''s listed here. I can see why there''s potential for a split where people start looking at HSBC instead of Lloyds, who are far more exposed to Brexit risks," said Gareth Burchell, partner at Shard Capital. "HSBC pays a very high dividend which is also attractive." Miners Rio Tinto ( RIO.L ), Glencore ( GLEN.L ), Antofagasta ( ANTO.L ) and Anglo American ( AAL.L ) also lent support as copper and gold prices climbed against the weaker dollar. Shares in broadcaster Sky ( SKYB.L ) rose 3.3 percent after the UK government said that it intended to subject Rupert Murdoch''s takeover of the group to an in-depth investigation after finding the $15 billion deal risked giving the media mogul too much power over the news agenda. Sky''s shares rose on hopes a full investigation could still be averted by concessions over its 24-hour TV news channel. While the sell-off was broad-based, consumer staples were the biggest weight, with British American Tobacco ( BATS.L ), Unilever ( ULVR.L ), Reckitt Benckiser ( RB.L ) and Diageo ( DGE.L ) coming under pressure following more hawkish signals from central banks, including the Bank of England on Wednesday. The dividends of such interest-rate sensitive stocks look less attractive when rates are expected to rise. Mid-caps .FTMC also saw some robust company moves, with hefty losses from JD Sports sending the index down 0.7 percent. Packaging company DS Smith ( SMDS.L ) jumped 8.4 percent, hitting an all-time high after reporting upbeat full-year results and a planned $920 million acquisition of 80 percent of U.S. corrugated packaging firm Interstate Resources. JD Sports ( JD.L ) sank 8.5 percent, its worst day in a year, after a trading update showed sales growth in line with expectations. (Reporting by Kit Rees and Helen Reid; editing by John Stonestreet) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-stocks-idUKKBN19K0WR'|'2017-06-29T11:49:00.000+03:00'
'939354b1446fc04cfc39ebbe5491d15e537b14ef'|'H&M second-quarter pretax profit beats expectations despite tough markets'|'  8:43am BST H&M second-quarter pretax profit beats expectations despite tough markets A boy enters the Swedish fashion retailer Hennes & Mauritz (H&M) store on its opening day in central Moscow, Russia, May 27, 2017. REUTERS/Maxim Shemetov STOCKHOLM Fashion firm H&M ( HMb.ST ) posted higher quarterly pretax profit than expected on Thursday, helped by store expansion and cost control but said many major markets remained challenging. H&M, the world''s second-biggest fashion retailer after Zara owner Inditex ( ITX.MC ), said profit in the March-May period grew 10 percent from a year earlier, to 7.71 billion Swedish crowns (£696 million), against a mean forecast in a Reuters poll of analysts of less than 2 percent growth. After decades of strong growth, H&M has repeatedly missed sales forecasts over the past year while earnings have come under pressure from heavy investment and stiffer competition from budget rivals and new online players. H&M said higher inventories going into the second quarter as well as lower sales than expected led to increased markdowns on garments in the quarter. "Sales in the UK, Scandinavia and Eastern Europe as well as in many of our growth markets were good. However, it was more challenging in several of our major markets such as the US, China, the Netherlands and Switzerland," CEO Karl-Johan Persson said. H&M''s shares, which have fallen sharply this year, rose 5 percent in early trading. The company said higher inventories at the end of the second quarter would lead to more markdowns in the third quarter. H&M predicted local-currency sales in June, the first month of its fiscal third quarter, to increase by 7 percent year-on-year, against a mean forecast of 8 percent. "H&M has been investing heavily in online capability (IT, logistics, integration with the stores) for a some time now, but sales growth has yet to respond to this," Societe Generale analyst Anne Critchlow said. "June trading still looks quite weak as 7 percent total same-currency sales growth implies flat like-for-like sales. Like-for-like have been flat or down all year so far," she said. (Reporting by Anna Ringstrom and Helena Soderpalm; Editing by Keith Weir)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-h-m-results-idUKKBN19K0RM'|'2017-06-29T10:43:00.000+03:00'
'de411eb3b3b564840eced53b13e70268307551f4'|'UPDATE 1-U.S. CFTC reaches first non-prosecution deal with ex-Citigroup traders'|'Market News   1:29pm EDT UPDATE 1-U.S. CFTC reaches first non-prosecution deal with ex-Citigroup traders (Updates with more background, comment from CFTC enforcement director) By Sarah N. Lynch WASHINGTON, June 29 The U.S. Commodity Futures Trading Commission struck its first-ever non-prosecution deal with three former traders from a unit of Citigroup on Thursday, in what could signal part of a broader new enforcement strategy to win cooperation from Wall Street. The country''s top derivatives regulator said three former traders, Jeremy Lao and Shlomo Salant of New York and Daniel Liao of Japan, had all cooperated with the CFTC into its investigation of illegal "spoofing" - a manipulative trading tactic in which traders create the false appearance of market interest by placing orders and then immediately cancel them. The CFTC had previously fined Citigroup $25 million in the case, which involved spoofing of U.S. Treasury futures. That was the first time a bank had been charged with spoofing since the CFTC won broad new powers in the 2010 Dodd-Frank law to go after the practice. In March, the CFTC also filed civil charges against two other traders in connection with the case, ordering them to pay fines and face a six-month suspension. But James McDonald, the newly minted head of the CFTC''s Enforcement Division, said in a statement on Thursday that Lao, Liao and Salant stood out and were deserving of a non-prosecution deal. "For many types of complex cases, there is simply no substitute for cooperating witnesses, who can tell the inside story of the fraud or misconduct at issue," he said in a statement. "That’s exactly what happened here: These traders readily admitted their own wrongdoing, identified misconduct of others, and provided other valuable information, all of which expedited our investigation and strengthened our cases against the other wrongdoers." An attorney for the three traders did not have an immediate comment on the case. As part of the deal, the three former traders admitted to wrongdoing, the CFTC said. Non-prosecution agreements are not uncommon in other parts of the government. The Justice Department has often used them in its cases, and the Securities and Exchange Commission incorporated them into its enforcement program a few years ago as well. The CFTC had not done so until now. In January, the regulator laid out new guidance that is designed to entice companies and individuals to better cooperate during investigations. (Reporting by Sarah N. Lynch; Writing by Susan Heavey; editing by Diane Craft)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-cftc-citigroup-idUSL1N1JQ17L'|'2017-06-29T20:29:00.000+03:00'
'c1dc55419fc70e277f0ee0710a8e99a1bab08c70'|'Citigroup plans $18.9 billion capital payout over next four quarters'|'Banks - Wed Jun 28, 2017 - 6:07pm EDT Citigroup boosts buybacks, dividends beyond Wall St. expectations People walk past a Citibank branch in New York October 15, 2013. REUTERS/Andrew Kelly By David Henry - NEW YORK NEW YORK Citigroup Inc ( C.N ) has been granted permission to return nearly $19 billion of capital to shareholders after passing a tough regulatory test, a long-awaited victory for investors and Chief Executive Officer Michael Corbat. Citigroup, the fourth-largest U.S. bank by assets, on Wednesday said it plans to repurchase up to $15.6 billion of common stock over the next year and double its quarterly dividend to 32 cents per share, bringing total payouts to $18.9 billion. The total payout is 54 percent more than the Fed allowed last year and about 1.25 times the profits that analysts expect Citigroup to earn over the next four quarters. Analysts had expected Citigroup would win the right to increase payouts to roughly 1.12 percent of annual profits. Citigroup announced the details after the U.S. Federal Reserve said the 34 biggest U.S. banks had passed the second component of its annual stress test, and would therefore be able to put capital to work in ways other than fortifying their balance sheets. [L1N1JP1U9] This year''s test was an especially crucial rite of passage for Citi, whose shareholders have been keen to see management buy back shares that had been underperforming rivals. Citigroup shares were up 2.3 percent in after-hours trading at $66.68, compared with a stated net worth of $65.94 per share as of March 31. "For some time, we have retained a significant amount of capital in excess of what is needed to prudently operate and invest in the firm," Corbat said in a statement. Now, he said, the bank can begin "returning a higher level of that capital to our shareholders and improving Citi’s overall returns." "This is another stepping stone in the recovery of Citigroup" from losses in the financial crisis, said Peter Nerby, a senior bank analyst at Moody''s Investors Service. Citigroup took three bailout infusions from the government in 2008 and 2009. While trimming Citigroup''s capital cushion favors stockholders, Nerby said, scrutiny from years of stress tests has left the bank stronger for bondholders. Citigroup built excess capital through additions from net income and by shedding assets that required capital support. Under Corbat, Citigroup has sold an assortment of ill-fitting assets and pulled out of about 20 consumer markets. Yet the shrinking has discouraged some investors who doubt whether Citigroup''s remaining businesses will produce the higher profits needed to keep funding bigger payouts. Bank analyst David Hendler of Viola Risk Advisors said if Citigroup continues to shrink, shareholders will not be satisfied for more than another year or two of Citigroup paying out more capital than it earns. "You have to have an operating profile that allows you to maintain your capital and do shareholder payouts," he said. "They don''t really have that. The visibility of growth engines at Citi is de minimis." (Reporting by David Henry in New York; Editing by Lauren Tara LaCapra and Leslie Adler and David Gregorio) '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-usa-banks-stress-citigroup-idUSKBN19J2TW'|'2017-06-28T23:55:00.000+03:00'
'95e117775017e617b9895380ef51efc089f91f39'|'Fed gives big U.S. banks a green light for buyback, dividend plans'|'Central Banks - Wed Jun 28, 2017 - 9:57pm BST Fed gives big U.S. banks a green light for buyback, dividend plans FILE PHOTO: A man walks past the Federal Reserve Bank in Washington, D.C., U.S. December 16, 2015. REUTERS/Kevin Lamarque/File Photo By Pete Schroeder and David Henry - WASHINGTON/NEW YORK WASHINGTON/NEW YORK The Federal Reserve has approved plans from the 34 largest U.S. banks to use extra capital for stock buybacks, dividends and other purposes beyond a cushion against possible catastrophe. On Wednesday, the Fed said all of the 34 banks had passed the second, tougher part of its annual stress test, showing that many of the biggest lenders have not only built up adequate capital levels but also improved their risk management procedures. One bank, Capital One Financial Corp ( COF.N ), must resubmit its scheme by year-end, though the Fed is still allowing it to go forward with its capital plan in the meantime. Fed Governor Jerome Powell, who is acting as regulatory lead for the U.S. central bank, said the process "has motivated all of the largest banks to achieve healthy capital levels and most to substantially improve their capital planning processes." The banks'' own plans on how they will use extra capital will not be known until they make their own announcements. The verdict marks a significant victory for the banking industry, which has worked for years to regain its stature following the 2007-2009 financial crisis. The green light could also serve as a watershed moment for Wall Street, which is eager to get a lighter regulatory touch from policymakers in Washington. Capital One must resubmit plans because it did not appropriately account for risks in "one of its most material businesses," the Fed said. The Fed did not specify which business. Capital One''s most significant business is credit card lending. It has also built up a presence in auto lending. Both areas have been flagged by bankers and analysts as showing signs of weakness. Capital One has until year-end to deliver an improved submission, but the Fed gave it permission to move forward with its plan until then. Capital One had already resubmitted a plan with a reduced capital request since the first set of stress-test results was released last week. American Express Co ( AXP.N ) had also resubmitted a plan with reduced requests, improving its capital ratios, and the Fed did not require it to resubmit again. Other big banks, including JPMorgan Chase & Co ( JPM.N ), Bank of America Corp ( BAC.N ), Wells Fargo & Co ( WFC.N ), Citigroup Inc ( C.N ), Goldman Sachs Group Inc ( GS.N ) and Morgan Stanley ( MS.N ) also cleared the Fed''s bar. (Reporting by Pete Schroeder in Washington and David Henry in New York; Writing by Lauren Tara LaCapra; Editing by Leslie Adler)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-usa-banks-stress-idUKKBN19J2UD'|'2017-06-28T23:57:00.000+03:00'
'a7becd90a7a167a13662b1beec764004bf8a5e66'|'New central bank harmony has markets changing their tune'|'Business News - Thu Jun 29, 2017 - 4:36pm BST New central bank harmony has markets changing their tune FILE PHOTO: The headquarters of the European Central Bank (ECB) are pictured in Frankfurt, Germany, September 8, 2016. REUTERS/Ralph Orlowski/File Photo - RTX36D5M By Marc Jones - LONDON LONDON The world''s top central bankers have delivered what seems to be a collective message this week that quantitative easing is being put back in its box and interest rates are going up - and global markets are taking note. Until then at least, stock and bonds had again been trading higher on the premise that the total pot of global liquidity was still swelling despite rising Federal Reserve rates - courtesy of ongoing European Central Bank and Bank of Japan bond buying programs, most of all. That''s why Mario Draghi''s apparent change of tack on Tuesday had such an impact on every global asset from Wall Street to London and Tokyo - far more than any of the latest Fed utterances. German Bund yields DE10YT=TWEB, a proxy for core Europe''s borrowing costs, doubled, spreads between U.S. debt and almost everywhere else tightened, and a number of big banks declared the dollar rally dead as the euro EUR= put it to the sword. SEB investment management''s head of asset allocation, Hans Peterson, said the central banks and their ultra-accommodative policies were "slowly, slowly, slowly turning". "It remains to be seen how markets react longer-term," he added. "The thing is, we have a whole generation of investment managers and people in the markets that have never lived without central bank support." Suddenly, the usual central bank noise has suddenly harmonized over what the Bank for International Settlements - where dozens of central bankers met at the weekend - called the "great unwinding" of easy money. Hours after Draghi spoke, U.S. Federal Reserve chief Janet Yellen was warning of high asset price valuations, a colleague was talking about putting its balance sheet on "autopilot", and Bank of England Governor Mark Carney had pirouetted from saying that now was not the time to think about rate hikes to saying they would soon have to be discussed. Despite the initial knee-jerk moves, markets remained relatively cautious, wary that subdued global inflation and wage growth - which policymakers openly admit they are struggling to understand - will delay their reactions. A Bank of England rate hike is now 80 percent priced-in by March next year, and Canada is at 70 percent after talk of rate rises there too this week. But traders are still not banking on another Fed rate rise in the next 12 months, and the ECB is not expected to raise rates in that timeframe either, even if privately some of its hawkish members say it could. PULLING OUT THE PLUG Between them, the Fed, the ECB, the BoE and the Bank of Japan have hoovered up almost $15 trillion of bonds over the last eight years, roughly three-quarters of what the U.S. economy is worth. The current rate of accumulation is still almost $200 billion a month, split almost equally between the ECB and BOJ. Even if $50 billion was lopped off in the next six months or so as the Fed trims its balance sheet, it will all be carefully managed. Therefore the assumption is that there won''t be a meaningful reduction in liquidity for at least a year. "The sink will be broadly as full as it has been, even with the plug gradually being removed," said Neil Williams, chief economist of UK fund manager Hermes. The banks will be all too aware that, despite all their cheap money, a decade on from the big credit crash, economies remain highly indebted. Global debt levels have climbed $500 billion in the past year alone to a record $217 trillion, one of the most authoritative trackers of global capital flows, the Institute of International Finance (IIF), said this week. It adds up to 327 percent of the world''s annual economic output. The IIF warned of "rollover" risks in store, especially in emerging markets, where $1.9 trillion will have matured by the end of 2018. SEB''s Peterson thinks equities will be the place to be as rates rise, but that any sign of corporate borrowing costs starting to rise away from official interest rates should be seen as a warning. The difference between the 10-year U.S. Treasury yield and the average on Barclays'' corporate bond index is currently just 0.3 percentage points - 2.2 compared to 2.5 percent - virtually the lowest in three years. SEB''s Peterson said the end of central bank largesse would be a big change, but that "as long as they do it in a transparent way and with good care for the markets, it is natural". (Additional reporting by Jamie McGeever and Vikram Subhedar; Editing by Kevin Liffey)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-global-centralbanks-markets-idUKKBN19K28J'|'2017-06-29T18:35:00.000+03:00'
'09fc7db1ed4cb604711368cab7b2031e904dbc45'|'UPDATE 1-CPPIB to buy US REIT Parkway in $1.2 bln deal'|'  9:06am EDT UPDATE 1-CPPIB to buy US REIT Parkway in $1.2 bln deal (Adds details, background, shares) June 30 Canada Pension Plan Investment Board (CPPIB) said on Friday it would buy Parkway Inc, a real estate investment trust, in a deal valued at $1.2 billion. CPPIB, Canada''s biggest public pension fund, will pay Parkway shareholders $19.05 per share and a $4 special dividend, the companies said on Friday. Parkway''s shares surged 11.4 percent to $22.7 in premarket trading on Friday, slightly below the $23.05 per share deal. The fund''s offer to buy Parkway comes just two days after CPPIB said it would invest up to $1 billion to buy oil and gas assets in the United States in partnership with Encino Energy Ltd. Parkway, in which private equity firm TPG Capital has a 9.8 percent stake, owns a portfolio of about 8.7 million square feet across 19 properties in Houston, the company said. HFF Securities LP was Parkway''s financial adviser and Hogan Lovells US LLP was its legal adviser. (Reporting by Yashaswini Swamynathan in Bengaluru; Editing by Anil D''Silva)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/parkway-ma-cppib-idUSL3N1JR4F4'|'2017-06-30T16:06:00.000+03:00'
'7cd9a0f099fb529f4f47f032533f8f0a8e33478f'|'UK investors buy about half of Polyus SPO - bookrunner'|'Business   6:56am BST UK investors buy about half of Polyus SPO - bookrunner MOSCOW British investors bought about half of a share offering by Russia''s largest gold producer Polyus ( PLZL.MM ), VTB Capital, a bookrunner of the deal, said in an emailed statement on Friday. The share of investors from North America totalled around 20 percent of the deal, it added. (Reporting by Diana Asonova; writing by Polina Devitt; editing by Dmitry Solovyov)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-russia-polyus-spo-investors-idUKKBN19L0IB'|'2017-06-30T08:56:00.000+03:00'
'1be1d4fe41b026e82ecf89eddfa7f788d23f17d5'|'Delivery Hero debuts 5.5 percent above offer price at 26.90 euros'|'Business News   10:05am BST Delivery Hero debuts 5.5 percent above offer price at 26.90 euros By 0728 GMT the shares were at 26.28 euros. FRANKFURT Shares in online takeaway food delivery group Delivery Hero ( DHER.DE ) started trading at 26.90 euros (£24) in their Frankfurt stock market debut on Friday, 5.5 percent above their offer price of 25.50 euros. The company had priced its initial public offering (IPO) at the top end of the price range, to raise roughly 1 billion euros ($1.14 billion). By 0728 GMT the shares were at 26.28 euros. A successful listing for Delivery Hero is important for German e-commerce investor Rocket Internet ( RKET.DE ), which holds a 35 percent stake in the firm and has failed to bring a company to market since 2014. Delivery Hero has said it would use the proceeds to pay off debt and for organic growth and acquisitions as it seeks to stave off rising competition. Delivery Hero''s listing contrasts with peer Blue Apron''s ( APRN.N ) lacklustre debut on Thursday, which had slashed its price in the shadow of Amazon.com''s ( AMZN.O ) deal to buy retailer Whole Foods, leaving investors worried about the prospects of the meal-kit industry. (Reporting by Arno Schuetze; Editing by Georgina Prodhan)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-delivery-hero-ipo-idUKKBN19L10K'|'2017-06-30T12:05:00.000+03:00'
'cf84badee24eed81cd34f79fb1e99583ec8d053a'|'UK regulator to investigate PWC''s audits of BT after Italian scandal'|'Top News - Thu Jun 29, 2017 - 12:58pm BST UK regulator to probe PwC''s audits of BT after Italian scandal A branded sign is displayed outside of a BT building in London, Britain January 27, 2017. REUTERS/Neil Hall By Paul Sandle - LONDON LONDON Britain''s accounting regulator said on Thursday it would investigate audits by PricewaterhouseCoopers LLP (PwC) of BT Group ( BT.L ) after a scandal was uncovered this year at the Italian operations of the British telecoms group. BT lost a fifth of its value in January after a 530 million pound writedown, partly due to financial irregularities found at the Italian division. The Financial Reporting Council (FRC), which can fine auditing firms and accountants and ban individuals from the accountancy profession in England and Wales, said it would investigate PwC''s audits from 2015 to 2017. FRC is now expected to gather evidence before drafting any formal complaint. FRC has open investigations into each of the "Big Four" global accounting firms, which include PwC. The four firms audit more than 95 percent of the biggest 350 London-listed companies, despite efforts to draw in new competitors. BT filed a criminal complaint in Italy in April that accused several former executives and other staff of unlawful conduct. Current and former staff said efforts to hide the Italian unit''s performance had gone on since at least 2013. BT said this month it would drop PwC, its auditors since 1984, after an evaluation found "areas for improvement". It said it would move to KPMG, another one of the "Big Four". PwC said it would continue to cooperate with the FRC, saying the regulator had a duty to investigate where it believed there was public interest and to give confidence to financial markets. "The FRC''s annual reviews of our audit work, policies and procedures show a continued trend of improvement in our work and we use the FRC''s insights, together with our own reviews, to continuously improve how we deliver high quality audits," a PwC spokesman said. The regulator said it would conduct the inquiry in a "timely and robust manner" but declined to comment whether it would investigate individual auditors, accountants or actuaries employed by either PwC or BT alongside PwC itself. Such inquiries investigate how audits are planned and structured, whether auditors sufficiently challenged management and policies, whether significant risks were identified and if audits complied with international standards. The Serious Fraud Office (SFO), which investigates and prosecutes complex and often multinational fraud and corruption, declined to comment whether it planned a criminal investigation into BT. PwC was also auditor of Tesco ( TSCO.L ), the British grocer that agreed a 129 million pound deferred prosecution deal with the SFO in April over a 2014 scandal. The SFO has charged three former Tesco directors with fraud and false accounting. But PwC escaped sanction by the FRC, which this month ended an inquiry into the auditor because it said there was no realistic prospect of a tribunal deciding a sanction. The FRC closed its inquiry into Tesco''s former chief financial officer Laurie McIlwee last year, but said this month that "certain other members of the accountancy bodies" remained under investigation. (Additional reporting by Kirstin Ridley; Editing by Kate Holton, David Evans and Edmund Blair) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-bt-group-audit-investigation-idUKKBN19K0L1'|'2017-06-29T09:24:00.000+03:00'
'aae90606d7d6fe97679d8f272cc1b429b96e7008'|'Blood supply company concedes worker status of couriers to NHS - Business'|'Couriers carrying emergency blood supplies and delivering passports have won improved employment rights in an important concession for workers in the gig economy.The Doctors Laboratory, a company which provides pathology services to the NHS , has admitted that five cyclists, motorcyclists and van drivers carrying emergency blood supplies to hospitals and samples to laboratories, are not self-employed.The company now concedes that the couriers, who are on a variety of different contracts, are workers , an official employment classification which entitles them to rights including holiday pay and a minimum wage. Self-employed contractors, who make the vast majority of drivers and riders in the courier and delivery industry, have no employment rights, beyond basic health and safety and anti-discrimination rules.The firm, which is understand to employ more than 70 couriers, who are a mix of car drivers, motorcyclists and cyclists, would not confirm when or if it would be repaying holiday pay owed to the five workers.“TDL is mindful of doing the right thing but as the case is ongoing we are unable to provide further comment at this time,” the company said.TDL’s admission comes after a similar move by eCourier, a subsidiary of Royal Mail, which last month admitted it was wrongly classifying hundreds of couriers as self-employed contractors . It is now carrying out a review to work out how best to switch relevant staff to worker status. Both admissions came after legal action backed by the Independent Workers’ Union of Great Britain .Other tribunals against taxi-hailing app Uber and courier firm CitySprint also both successfully argued drivers were officially “workers”.Uber, which has 40,000 drivers in the UK, will appeal against the employment tribunal verdict in September. CitySprint has also launched an appeal after losing a similar case .Jason Moyer-Lee, general secretary of IWGB, said: “Looking at how these cases have progressed in the past year and a half, there’s momentum for real change happening. Worker status in an inevitability in the gig economy. It is like dominoes falling.”He said the IWGB would continue to pursue its case against TDL because the couriers argue they are employees – an even more secure classification than worker.Employees have guaranteed additional benefits including sick pay and maternity leave as well as protection against unfair dismissal, statutory redundancy pay and the right to request flexible working.Moyer-Lee said: “TDL’s recent admission of unlawful behaviour is further evidence that there has been widespread and rampant denial of employment rights with no consequence. But also that worker status is inevitable once these companies are challenged.“In TDL’s case however worker status is not good enough, these couriers are employees. TDL would be wise to admit to the full extent of its behaviour and not try to weasel out of the situation on the cheap.”The case will be heard between 13 and 16 November 2017.Topics Couriers/delivery industry Gig economy Employment law Uber Employment tribunals NHS news'|'theguardian.com'|'http://www.theguardian.com/business/rss'|'https://www.theguardian.com/law/2017/jun/29/blood-supply-company-concedes-worker-status-of-couriers-to-nhs'|'2017-06-29T23:55:00.000+03:00'
'024406dfe119659297074470d2c9c9468663f1d2'|'European banking shares extend winning streak'|'Central Banks  31am BST European banking shares extend winning streak Traders work in front of the German share price index, DAX board, at the stock exchange in Frankfurt, Germany, June 26, 2017. REUTERS/Staff/Remote MILAN European shares opened higher on Thursday as banks extended a winning streak after the U.S. Federal Reserve cleared capital return plans from big banks and tech stocks recovered as a bad month drew to an end. Well-received results from firms including fashion retailer H&M ( HMb.ST ) and DS Smith ( SMDS.L ) also provided support to the broader market, helping the pan-European STOXX index rise 0.3 percent and UK''s FTSE .FTSE gain 0.7 percent. Banks .SX7E rose for a fourth straight session as news from the Fed added steam to a rally already fuelled this week by hawkish central bank signals. Among the banks that were given the Fed green light were also U.S. units of Deutsche Bank ( DBKGn.DE ) and Santander ( SAN.MC ), up 2.3 and 1.3 percent respectively. The Germany heavyweight lender was also supported by news that a U.S. federal judge dismissed a lawsuit accusing it of concealing major deficiencies in its anti-money laundering controls as part of a $10 billion (£8 billion) Russian trading scheme. Tech stocks .SX8P rose 0.5 percent, joining a global rebound in the sector but remained on track to end first negative month in eight. Europe''s biggest software maker SAP ( SAPG.DE ) rose 0.6 percent after solid results at U.S. peer Progress Software. (Reporting by Danilo Masoni, Editing by Vikram Subhedar)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-europe-stocks-idUKKBN19K0QQ'|'2017-06-29T10:31:00.000+03:00'
'232f6f0433fa5c4512c1e0b905a67f4840a43610'|'Mexico''s Televisa says court ruled against Office Depot on Roku ban'|'Intel   2:31pm EDT Mexico''s Televisa says court ruled against Office Depot on Roku ban By Noel Randewich - MEXICO CITY MEXICO CITY A cable operator belonging to Mexico''s largest television network said on Friday it won court rulings against requests by Office Depot and Radio Shack to resume sales of Roku video streaming devices after another court banned them. Cablevision, a cable TV provider owned by Televisa, told Reuters via email the judgments were made by a civil appeals court on Thursday. Copies of the rulings were not immediately publicly available. Cablevision is trying to stop the importation and distribution of Roku devices in Mexico on the grounds that they are sometimes hacked so that people can watch pirated channels. An Office Depot spokesman did not immediately respond to a request for comment and a Radio Shack spokesman could not immediately be reached. Connected to televisions, Roku devices provide access to Netflix, Hulu, Amazon, Starz and other services over the internet. Cablevision called on Roku to change its software to make it unusable by hackers selling illegal content, the Mexican company said in a statement. Roku prohibits streaming content on its devices that does not have distribution rights, including the non-certified "channels" in question in Mexico, spokeswoman Tricia Mifsud said in an email. "We encourage our customers to be careful when adding channels to their Roku accounts, and we do not recommend, promote or encourage use of any channels not found in the Roku Channel Store," she said. Hackers in Mexico use messaging app WhatsApp to offer Roku owners illegal access to monthly packages of hundreds of television channels, including Televisa''s, HBO, ESPN and others. On Wednesday, a court reaffirmed a previous court order halting the importation of distribution of the devices in Mexico. Roku had won a suspension. (Reporting by Noel Randewich; Editing by Meredith Mazzilli and Grant McCool)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-mexico-televisa-roku-idUSKBN19L1Z5'|'2017-06-30T16:52:00.000+03:00'
'ca926d8d7f4bfbec3e861ac1389375fd73cc2c44'|'Europe M&A surges but U.S. slows sharply amid uncertainty'|'Business  30am BST Europe M&A surges but U.S. slows sharply amid uncertainty left right FILE PHOTO - An Amazon.com Inc driver stands next to an Amazon delivery truck in Los Angeles, California, U.S. on May 21, 2016. REUTERS/Lucy Nicholson/File Photo 1/3 left right FILE PHOTO: A Whole Foods Market is pictured in the Manhattan borough of New York City, New York, U.S. June 16, 2017. REUTERS/Carlo Allegri 2/3 left right FILE PHOTO: The logo Spanish infrastructure company Abertis is seen outside his main office in Madrid, Spain, June 1, 2016. REUTERS/Sergio Perez 3/3 By Greg Roumeliotis and Pamela Barbaglia Acquisitions of European companies surged in recent months, amid optimism about the region''s economic prospects, but global deal-making subsided and the total value of U.S. deals fell sharply due to uncertainty about President Donald Trump''s tax reform and deregulation agenda. Mergers and acquisitions in Europe rose 45 percent year-on-year to $234 billion (179.85 billion pounds) in the second quarter, as companies bet the region''s economies will bounce back, according to Thomson Reuters data released on Thursday. Global M&A dropped 12 percent to $771 billion, however, and U.S. M&A dropped 36 percent to $281 billion. "The EU recovery is happening and has made companies more attractive even if there are increased regulatory hurdles," said Hernan Cristerna, global M&A co-head at JPMorgan Chase & Co ( JPM.N ). In the second quarter, Italian toll road operator Atlantia SpA ( ATL.MI ) made a 16.3 billion euro ($18.64 billion) offer for Spanish peer Abertis Infraestructuras SA ( ABE.MC ), while chemicals companies Huntsman Corp ( HUN.N ) and Clariant AG ( CLN.S ), of the United States and Switzerland, respectively, agreed a $14 billion merger. The United States also saw some big deals, including U.S. medical equipment supplier Becton Dickinson and Co''s ( BDX.N ) $24 billion acquisition of peer C R Bard Inc ( BCR.N ). But U.S. M&A volume, as measured by the total value of deals, was down. The number of deals stayed almost flat year-on-year, but the average size of transactions decreased. "Some U.S. companies are in wait-and-see mode because they are still seeking clarity on the tax and regulatory reforms that the Trump administration has been promising. This kind of uncertainty is a major obstacle to mega-deals," said Bill Curtin, global head of M&A at law firm Hogan Lovells. Coupled with high stock market valuations, the uncertainty around U.S. President Donald Trump''s policy agenda reduced the appetite of many North American chief executives for major deals. "Corporates are still actively acquiring, but they are taking less risk, so there are fewer transformational deals and the mix of M&A has shifted towards more mid-sized transactions," said Matt McClure, head of Americas M&A for Goldman Sachs Group Inc ( GS.N ). Regulatory risks to deals closing has been another factor weighing on deals. The European Commission has been flexing its antitrust muscle, while expectations that the Trump administration will adopt a more merger-friendly stance have yet to meaningfully materialise. Nevertheless, for some companies the adverse environment offers a window to make a bold acquisitive move with little competition. For example, Amazon.com Inc ( AMZN.O ) clinched a $13.4 billion deal for U.S. grocer Whole Foods Market Inc ( WFM.O ) earlier this month, which has yet to trigger any rival offers. "There is a subset of companies which view the current environment as an opportunity. There is a little bit of a ''dare-to-be-great'' mentality," said Michael Boublik, chairman of Americas M&A at Morgan Stanley ( MS.N ). In the Asia-Pacific region, M&A volumes were almost flat in the second quarter at around $207 billion. Many dealmakers say global activity could increase in the second half of the year, particularly if there is more macroeconomic certainty in the United States. "Our outlook for the second half remains positive. Economic activity is strengthening, corporate earnings are robust, and financing markets remain very attractive," said Barclays Plc ( BARC.L ) Americas head of M&A Larry Hamdan. (Reporting by Greg Roumeliotis in New York and Pamela Barbaglia in London; Editing by Tom Brown)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-global-m-a-idUKKBN19K37L'|'2017-06-30T02:30:00.000+03:00'
'd97a14b6b0afacbdfaa47c92cc685c83950a0d9c'|'CANADA STOCKS-TSX dips with financials; index loses 1.1 pct for the month'|'Company  06pm EDT CANADA STOCKS-TSX dips with financials; index loses 1.1 pct for the month TORONTO, June 30 Canada''s main stock index fell on Friday, ending lower for the second straight month, as heavyweight financial and energy shares lost ground ahead of a holiday weekend. The Toronto Stock Exchange''s S&P/TSX composite index unofficially closed down 31.23 points, or 0.21 percent, at 15,182.19. Six of the index''s 10 main groups ended lower. (Reporting by Fergal Smith; Editing by Chizu Nomiyama) Big Food hungry for meal kits, despite Blue Apron IPO flop June 30 The downsized initial public offering of Blue Apron Holdings Inc, the first U.S. meal-kit company to go public, may have disappointed venture capital investors, but food companies with stakes in the sector may still see returns in the form of insight into changing eating habits. SAN FRANCISCO, June 30 Facebook Inc said on Friday it was changing the computer algorithm behind its News Feed to limit the reach of people known to frequently blast out links to clickbait stories, sensationalist websites and misinformation. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/canada-stocks-close-idUSL1N1JR1NX'|'2017-06-30T23:06:00.000+03:00'
'45dfc3c19529a0072e07fbf200a67e883f6ccca6'|'PRESS DIGEST- British Business - June 30'|'June 30 The following are the top stories on the business pages of British newspapers. Reuters has not verified these stories and does not vouch for their accuracy.The Times- Twenty-First Century Fox Inc''s 11.7 billion pounds ($15.22 billion) bid to take control of Sky Plc faces more regulatory hurdles after the UK government said it was minded to ask Britain''s competition watchdog to examine the deal. bit.ly/2sWM9Ah- Gatwick will make a fresh pitch for a second runway as the airport says that for the first time it had carried more than 44 million passengers in a year. bit.ly/2sWWe0dThe Guardian- UK''s Financial Conduct Authority is scrutinising the fast-growing car finance sector and has held discussions with U.S. authorities about the market. bit.ly/2sXczSx- Banks should disclose lending to companies with carbon-related risks, according to recommendations in a new report by the Task Force on Climate-related Financial Disclosures. bit.ly/2sWMnHzThe Telegraph- Virgin Media plans to make about 200 redundancies following a management shake-up at the cable operator. The planned cuts follow the operator''s failure earlier this year to hit network expansion targets. bit.ly/2sX7SZ2- The Turkish exile owner of the British luxury smartphone brand Vertu Corp Ltd plans to put its manufacturing arm into administration to wipe out heavy debts. bit.ly/2sX6KV4Sky News- Ron Dennis, the former boss of the McLaren automotive group, is to sever his decades-long ties with the company with the sale of his shareholding in a 275 million pounds deal. bit.ly/2sWSFXR- Australian DIY chain Bunnings says it will create over 1,000 new jobs in UK after its parent firm bought the Homebase brand last year. bit.ly/2sWGytUThe Independent- The widows of four men executed by Nigeria''s military regime in 1995 are suing oil giant Royal Dutch Shell Plc for allegedly aiding the army crackdown which led to their husbands'' deaths. ind.pn/2sWORWA ($1 = 0.7687 pounds) (Compiled by Bengaluru newsroom; Editing by Bill Trott)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/britain-press-business-idINL3N1JR02U'|'2017-06-29T22:58:00.000+03:00'
'7f77f199f797bb2b480e1abb57ff075520522f4b'|'Morning News Call - India, June 29'|'To access the newsletter, click on the link: here If you would like to receive this newsletter via email, please register at: here FACTORS TO WATCH 9:00 am: SEBI Chairman Ajay Tyagi, Reliance Group Chairman Anil Ambani at AMFI Mutual Fund Summit in Mumbai. 10:00 am: Punjab National Bank annual shareholders meet in New Delhi. 11:15 am: Power Minister Piyush Goyal at an event in New Delhi. 12:15 pm: BMW to launch BMW 5 Series in Mumbai. 1:30 pm: JSW Group Chairman Sajjan Jindal to brief media after JSW Steel annual shareholders meeting in Mumbai. 3:00 pm: Power Minister Piyush Goyal at Maharashtra economic development council meeting in Mumbai. 4:30 pm: Railways Minister Suresh Prabhu at an event in Mumbai. LIVECHAT - AFC SPECIAL Yue Chim Richard Wong, Founding Director of the Hong Kong Centre for Economic Research and the Hong Kong Institute of Economics and Business Strategy Asian Financial Crisis: Lessons From Two Decades Ago Under Today’s Global Leadership Reshuffles at 12:00 pm IST. To join the conversation, click on the link: here INDIA TOP NEWS • Indian cabinet approves plan to privatise Air India India approved plans on Wednesday to privatise debt-laden Air India, the first step of a process that could see the government offload an airline struggling to turn a profit in the face of growing competition from low-cost rivals. • India''s largest container port disrupted by global cyber attack Operations at one of three terminals at India''s largest container port JNPT, near the commercial hub of Mumbai, have been disrupted by the global ransomware attack, the port said on Wednesday. • India could import more sugar as prices plunge, rupee strengthens India, the world''s biggest sugar consumer, could soon ramp up imports of the sweetener as a sharp drop in global prices and a stronger rupee make overseas purchases viable despite stiff tariffs, industry players said. • Wipro touts U.S. jobs amid visa uncertainty Wipro Ltd, India''s third-largest software services exporter, said on Wednesday that more than half its workforce in the United States consists of locals after it hired more than 1,600 people in the last six months. • India tightens scrutiny of oil, gas fields to boost output India has intensified monitoring of oil and gas fields handed to state explorers as the South Asian nation seeks to cut dependence on imports and boost local output, oil minister Dharmendra Pradhan said on Wednesday. • India should revisit lofty coal output targets as demand weak- policy panel India should rein in its lofty coal output target as power demand is growing at a slower pace than expected, a government policy think-tank said, even as state monopoly Coal India Ltd struggles to sell already-mined coal. • India raises allowances for government employees, pensioners India''s cabinet on Wednesday approved raising allowances of government employees and pensioners, a move that is expected to boost consumer demand but strain public finances. • Russia''s Rosneft says to complete Essar deal in nearest future Russian largest oil producer Rosneft said on Wednesday that it plans to complete the deal to acquire a 49 percent stake in India''s Essar Oil in the "nearest future". GLOBAL TOP NEWS • New computer virus spreads from Ukraine to disrupt world business A computer virus wreaked havoc on firms around the globe on Wednesday as it spread to more than 60 countries, disrupting ports from Mumbai to Los Angeles and halting work at a chocolate factory in Australia. • U.S. Senate Republicans struggle to salvage healthcare effort The top U.S. Senate Republican struggled on Wednesday to salvage major healthcare legislation sought by President Donald Trump, meeting privately with a parade of skeptical senators as critics within the party urged substantial changes. • Widespread uncertainty as U.S. travel ban start looms One day before President Donald Trump''s temporary ban on all refugees and travelers from six predominantly Muslim countries is scheduled to take effect, there is still widespread uncertainty about how the administration will implement it. LOCAL MARKETS OUTLOOK (As reported by NewsRise) • The SGX Nifty Futures were at 9,532.00, trading up 0.3 percent from its previous close. • The Indian rupee is poised to open higher against the dollar, in line with most other Asian currencies, as the euro and British Pound Sterling gained amid bets interest rates may turn higher across Europe. • Indian government bonds are likely to fall today after the Reserve Bank of India announced an unscheduled issuance of short-term cash management bills. The yield on the benchmark 6.79 percent bond maturing in 2027 is likely to trade in a 6.49 percent-6.54 percent band today. GLOBAL MARKETS • Wall Street stock rallied sharply on Wednesday, with the benchmark S&P 500 index scoring its biggest one-day percentage gain in about two months, as financial and technology stocks led a broad market rebound. • Japan''s Nikkei share average rose to hover near two-year highs after Wall Street rebounded, with tech shares, like Advantest Corp and Shin-Etsu Chemical, outperforming the overall market. • The dollar wallowed close to one-year lows against the euro and slipped against sterling in Asian trading, as investors priced in tighter monetary policy in Europe. • Long-dated U.S. Treasury prices weakened on Wednesday as central banks in Europe were deemed to strike a more hawkish tone, even after reports that markets had misinterpreted comments by European Central Bank President Mario Draghi on Tuesday. • Crude oil rose for a sixth straight session to its highest since June 19 on a decline in U.S. output, but ongoing worries about global oversupply continued to drag. • Gold held firm as the U.S. dollar hovered near 10-month lows on bets that central banks in Europe and Britain are preparing to scale back monetary stimulus. CLOSE FII INVESTMENTS EQUITIES DEBT PNDF spot 64.62/64.65 June 28 $72.71 mln $310.30 mln 10-yr bond yield 6.86 Month-to-date $555.11 mln $4.40 bln Year-to-date $8.54 bln $17.84 bln For additional data: India govt bond market volumes Stock market reports Non-deliverable forwards data Corporate debt stories [IN CORPD] Local market closing/intraday levels [IN SNAPSHOT] Monthly inflows [INFLOWS RTRS TABLE IN] ($1 = 64.55 Indian rupees) (Compiled by Benny Thomas in Bengaluru)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/india-morningcall-idUSL3N1JQ1DW'|'2017-06-29T06:12:00.000+03:00'
'775b7d10a320622dbc06722ebd29b68726b82863'|'Travelers Co''s William Heyman elected as FINRA chairman'|'June 29 The Financial Industry Regulatory Authority (FINRA) on Thursday named William Heyman, chief investment officer of Travelers Company Inc, as its chairman, effective July 18.Heyman, who has earlier been a part of the FINRA board, succeeds John Brennan. (Reporting by Nikhil Subba in Bengaluru; Editing by Shounak Dasgupta)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/finra-moves-idINL3N1JQ4ZR'|'2017-06-29T14:14:00.000+03:00'
'a5334fe9a42edd702c75976be68f28db29505643'|'Philippines open-pit mining ban has ''no legal basis'' - government official'|' 58am BST Philippines open-pit mining ban has ''no legal basis'' - government official By Enrico Dela Cruz - MANILA MANILA A ban on open-pit mining in the Philippines enforced by former environment minister Regina Lopez has "no legal basis" and is under review, a senior government official said, the first sign that drastic measures she had ordered could be challenged. "In the Philippines ... surface mining or ''open-pit'' is technically and financially feasible," Larry Heradez, head of the Mines and Geosciences Bureau''s legal division, told reporters on Thursday. It was the first time a government official has countered a policy previously issued by Lopez, who was dismissed last month. A staunch environmentalist, Lopez led a 10-month mining crackdown, ordering the closure or suspension of 26 mines in the world''s top nickel ore supplier and imposing a ban on open-pit mining, which she said "kills the economic potential of the place." Heradez is part of a team that is reviewing Lopez''s policy orders, including the cancellation of 75 contracts for undeveloped mines to protect watersheds. Some of the 75 contracts may still be cancelled, he said, "not because the projects are within watersheds but because of possible violations like non-payment of taxes and non-implementation of work programme." Once the team has completed its review of all previous policy orders and made recommendations, they will be submitted to Lopez''s replacement, Environment Secretary Roy Cimatu, who then "can revise or amend or supersede" them. Cimatu, who took over on May 8, has been taking a slow approach towards mining. He said on Tuesday he may decide in July what to do about the mining operations and contracts that Lopez ordered closed, suspended or cancelled. The former military chief told Reuters in May it was possible to strike a balance between mining and natural resources, signalling his intent to settle a dispute that has been one of the biggest economic conundrums of President Rodrigo Duterte''s presidency. (Reporting by Enrico dela Cruz; Writing by Manolo Serapio Jr.; Editing by Tom Hogue)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-philippines-mining-idUKKBN19K0DM'|'2017-06-29T08:58:00.000+03:00'
'5c2238fe96de3b202dacd483bddc1e7f36f254f9'|'Russia''s Rosneft completes $1.1 billion deal with Beijing Gas'|'MOSCOW Russia''s largest oil producer Rosneft said on Thursday it had completed a deal to sell 20 percent of its subsidiary Verkhnechyonskneftegaz (VChNG) to Beijing Gas for $1.1 billion.Kremlin-controlled Rosneft said the deal could allow it to access China''s domestic gas market and end-users via swap deals.The deal is part of a Russian drive to forge closer economic and political ties with China amid a standoff with the West.VChNG, located in east Siberia, produces around 165,000 barrels per day of oil, delivered via the East Siberia-Pacific Ocean pipeline. As of Dec. 31, 2012, its proved natural gas reserves stood at 9.8 billion cubic meters.Rosneft''s chief executive, Igor Sechin, has said the company plans to become the world''s third-largest producer of gas early next decade.Rosneft has also lobbied for access to a gas pipeline to China, which is being built by gas giant Gazprom, currently the monopolist of Russian pipeline gas exports.Rosneft added on Thursday that it and Beijing Gas were looking at cooperating in Russia''s far east and east Siberia in exploration, production of hydrocarbons and gas marketing.(Reporting by Katya Golubkova and Vladimir Soldatkin; Editing by Alexander Winning and Dale Hudson)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-russia-rosneft-china-gas-idINKBN19K253'|'2017-06-29T13:02:00.000+03:00'
'5d9f29cd3852f5f647241ff8fce21451201edbfc'|'In New York, France promises English-law contracts after Brexit'|'  7:50pm BST In New York, France promises English-law contracts after Brexit French Finance Minister Bruno Le Maire leaves after the weekly cabinet meeting at the Elysee Palace in Paris, France, June 28, 2017. REUTERS/Charles Platiau By Jonathan Spicer - NEW YORK NEW YORK France will set up a special court to handle English-law cases for financial contracts after Britain leaves the European Union, Finance Minister Bruno Le Maire said on Thursday as Paris steps up its charm offensive to attract banks. In a roadshow in New York where he was meeting Wall Street banks, Le Maire, a conservative poached by new President Emmanuel Macron, said France no longer considered finance an enemy, in a dig to his Socialist predecessor. "Finance is not the enemy, unemployment is the enemy," Le Maire said, referring to former president Francois Hollande who swept to power in 2012 declaring finance his enemy and imposing a now-defunct tax on millionaires. Seeking to capitalize on Macron''s pro-business outlook, Le Maire told a conference at the Economic Club of New York that France would create a special court to handle disputes related to financial contracts governed by English law once Britain leaves the EU. Most loan and derivative contracts in Europe are written in English law, but Britain''s exit from the European Union raises problems about how they would be enforced outside of Britain. "All proceedings will take place in English. We will hire people with experience in common law regardless of where they come from," Le Maire said. While Macron, a former investment banker, is more relaxed about the use of English than previous French leaders, the move marks a big step for a country that takes deep pride in its language and cherishes its legal system rooted in Roman law. "Long gone are the days when you could only do business or speak to regulators in French. We will always be proud of our language, but we also understand the need to make it easier for financial institutions operating in France," Le Maire said in a speech delivered in English. Macron''s government is keen to convince Wall Street banks to dump London for Paris, hoping to override concerns about its rigid labor laws and high taxes with plans to push through reforms to make doing business easier. "Attracting major U.S. banks to Paris, rather than letting them settle in London, Dublin, Amsterdam or Frankfurt, is about creating jobs in France, bringing wealth to France," Le Maire said. Prime Minister Edouard Philippe is to announce measures in the coming weeks to boost the attractiveness of Paris as a global financial hub, a government spokesman said on Wednesday. In New York, Le Maire was due to meet executives from banks JPMorgan, Citigroup, Morgan Stanley, Lazard, private equity firm KKR, fund giant Blackrock and hedge fund Paulson & Co. Former Bank of France governor Christian Noyer told Reuters this week that banks from London had been quietly securing licenses to operate from Paris after Brexit. (Writing by Leigh Thomas and Michel Rose; Editing by Ingrid Melander and Janet Lawrence)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-france-britain-court-idUKKBN19K2QH'|'2017-06-29T21:22:00.000+03:00'
'54d1e8fa899f27b22d8404122adbcfd5f1cbcbcc'|'UPDATE 1-U.S. says it has issued permits for three U.S.-Mexico pipelines'|'WASHINGTON The United States has issued permits for three NuStar Logistics, L.P. ( NS.N ) pipelines crossing the U.S.-Mexico border, the State Department said in a statement on Thursday.The permit for the New Burgos Pipeline authorizes construction, operation and maintenance of a new pipeline capable of delivering up to 108,000 barrels per day of refined petroleum products, crossing the U.S.-Mexico border near Peñitas, Texas, the State Department said.Two other permits were issued for existing pipelines crossing the border near Laredo and Peñitas, Texas to reflect a name change and authorize transport of a broader range of petroleum products, the State Department said.The U.S. Acting Assistant Secretary of State for Oceans and International Environmental and Scientific Affairs Judith G. Garber issued the permits.NuStar Logistics is a subsidiary of NuStar Energy L.P. ( NS.N ), an American pipeline operator.(Reporting by Yeganeh Torbati; Editing by Richard Chang)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-usa-pipelines-mexico-idUSKBN19K2YG'|'2017-06-29T23:49:00.000+03:00'
'38cea7d716439faf1f9f54b1a151314f8dd627ad'|'CANADA STOCKS-TSX slips as financials weigh, Nexgen jumps'|'Market   9:53am EDT CANADA STOCKS-TSX slips as financials weigh, Nexgen jumps TORONTO, June 30 Canada''s main stock index slipped in early trade on Friday, with heavyweight financial shares pushing the index lower, more than offsetting a jump in energy company Nexgen Energy which announced a financing deal. The Toronto Stock Exchange''s S&P/TSX composite index was down 23.74 points, or 0.16 percent, at 15,189.68 shortly after the open. It is on track for a 1 percent retreat in June and a 0.9 percent slip for the week. (Reporting by Alastair Sharp; Editing by W Simon)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/canada-stocks-open-idUSL1N1JR0MD'|'2017-06-30T16:53:00.000+03:00'
'71bb68aaf0835732a58bac82bf3b682308382ebe'|'Crude oil prices firm, set for biggest weekly gain since mid-May'|'Business News - Fri Jun 30, 2017 - 1:50am BST Crude oil prices firm, set for biggest weekly gain since mid-May FILE PHOTO: An oil pumpjack is seen in Velma, Oklahoma U.S. April 7, 2016. REUTERS/Luc Cohen SINGAPORE Crude oil futures on Friday were on track for their biggest weekly gain since mid-May, ending five weeks of losses with prices underpinned by a decline in U.S. output. U.S. crude futures CLc1 have added 4.6 percent this week, while benchmark Brent LCOc1 has gained 4.2 percent. That marks the biggest rise for both markets since the week ending May 19. U.S. crude was trading up 0.2 percent, or 8 cents, at $45.01 a barrel at 0024 GMT on Friday, with Brent climbing 0.2 percent, or 7 cents, to $47.49 a barrel. Crude prices hit a 10-month low last week in the face of a mounting supply glut, but data indicating a fall in U.S. production has bolstered markets this week. U.S. crude output dropped 100,000 barrels per day (bpd) to 9.3 million bpd last week, the steepest weekly fall since July 2016. Meanwhile, the North Sea crude oil market is finally showing signs of long-lost strength, suggesting that some of the pessimism that has driven down oil futures this month and created a record bet against a price rise may be unjustified. On Thursday, about 6 million barrels of North Sea Brent crude were being stored on ships, down from four-month highs of as many as 9 million last week, and trading sources said it seemed now refineries were starting to take in more cargoes. In recent weeks, funds have been unloading long speculative positions, reducing bets on higher prices, while brokerages including Goldman Sachs and Societe Generale have cut their 2017 forecasts for crude prices. SocGen on Thursday estimated U.S. crude futures would average $47.50 a barrel in the third quarter, down from previous expectations for $55. Global oil supplies remain ample despite output cuts of 1.8 million bpd by the Organization of the Petroleum Exporting Countries and other producers since January. "The market''s calls for further cuts from OPEC continue to be rejected by the oil group," ANZ said in a note. "UAE Energy Minister Suhail Al Mazrouei was the latest minister to suggest there are no plans or talks on further curbs. This follows on from comments from Russia that such a topic is not on the table." OPEC has exempted Nigeria and Libya from the curbs, leaving them free to ramp up output that had been sapped by local unrest. Libyan oil production is nearing 1 million bpd, a Libyan source with direct knowledge of the matter told Reuters. (Reporting by Naveen Thukral; Editing by Joseph Radford)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-global-oil-idUKKBN19L02U'|'2017-06-30T03:50:00.000+03:00'
'977ae1181607061ebb49fd4e9d674220bd0958fa'|'EU mergers and takeovers (June 30)'|'BRUSSELS, June 30 The following are mergers under review by the European Commission and a brief guide to the EU merger process:APPROVALS AND WITHDRAWALS-- Private equity firms Bain Capital Investors and Cinven Capital Management to acquire joint control of German generics drugmaker Stada Arzneimittel AG (approved June 29)-- French bank BNP Paribas to acquire sole control of German credit provider Commerz Finanz, which is a joint venture between BNP and German lender Commerzbank (approved June 29)NEW LISTINGS-- German industrial group Bayer to acquire U.S. seeds company Monsanto (notified June 30/deadline Aug. 7)-- Private equity firms CCMP Capital and MSD Aqua Partners to jointly acquire swimming pool equipment maker Hayward Industries (notified June 29/deadline Aug. 4/simplified)-- Credit rating agency Moody''s to acquire Dutch business intelligence statistics provider Bureau van Dijk Electronic Publishing (notified June 29/deadline Aug. 4/simplified)-- UK property developer Segro plc and Canada''s Public Sector Pension Investment Board (PSPIB) to jointly acquire French logistics asset Morgane Portfolio (notified June 29/deadline Aug. 4/simplified)-- Austrian construction company WIG Wietersdorfer Holding GmbH and Saudi Arabian Amiantit to set up a joint venture (notified June 29/deadline Aug. 4)EXTENSIONS AND OTHER CHANGESNoneFIRST-STAGE REVIEWS BY DEADLINEJULY 5-- French carmaker PSA Group to acquire General Motors''s European arm Opel (notified May 30/deadline July 5)-- French banks BNP Paribas, Caisse des Depots et Consignations, Societe Generale, stock exchange Euronext, Euroclear, S2IEM (Societe d''Investissements en Infrastructures Europeennes de Marches) and CACEIS Investor Services to set up a joint venture (notified May 30/deadline July 5/simplified)-- French construction and concessions company Vinci and Swiss airport retailer Dufry LFP to jointly acquire Portuguese retail operator Lojas Francas de Portugal (notified May 30/deadline July 5)JULY 6-- Investment bank Goldman Sachs to acquire Dutch chemical products distributor Caldic (notified May 31/deadline July 6/simplified)JULY 7-- Finnish industrial engine maker Wartsila and China State Shipbuilding Corp (CSSC) to set up a joint venture (notified June 1/deadline July 7/simplified)-- German brake systems maker Knorr-Bremse to acquire Swedish peer Haldex (notified June 1/deadline July 7)JULY 10-- Japan''s Hitachi Group and Japanese carmaker Honda to set up a joint venture (notified June 2/deadline July 10/simplified)JULY 11-- Spanish bank Santander to acquire control of asset management company SAM Investment Holdings Ltd (notified June 6/deadline July 11/simplified)-- French power company EDF to acquire British engineering company Imtech (notified June 6/deadline July 11/simplified)-- Canada Pension Plan Investment Board (CPPIB) to acquire a minority stake and joint control of British school operator Nord Anglia Education which is now solely controlled by private equity firm BPEA (notified June 6/deadline July 11/simplified)-- Swiss engineering group ABB to acquire Austrian maker of production control systems Bernecker & Rainer (B&R) (notified June 6/deadline July 11/simplified)JULY 12-- Dutch insurer NN Group to acquire the Munich-based Holiday Inn hotel (notified June 7/deadline July 12/simplified)-- German investment firm Genui GmbH and private equity firm Summit Partners to acquire negative control of Germany''s Market Logic Software (notified June 7/deadline July 12/simplified)-- U.S. chemicals company DuPont to acquire U.S. pesticide maker FMC''s health and nutrition business (notified June 7/deadline July 12)JULY 13-- Austrian rail maintenance services company OBB Technische Services-GmbH (OBB) to acquire 60 percent of Austrian peer Stadler Linz from Switzerland''s Stadler Rail (notified June 8/deadline July 13/simplified)-- U.S. pesticide maker FMC to acquire U.S. chemicals company DuPont''s crop protection business (notified June 8/deadline July 13)JULY 14-- U.S. engine maker Cummins and U.S. industrial conglomerate Eaton Corp to set up a joint venture for automated transmissions for heavy and medium duty commercial vehicles (notified June 9/deadline July 14/simplified)JULY 17-- French car distributors PGA Group and Groupe Bernard to set up a joint venture (notified June 12/deadline July 17/simplified)-- Japanese conglomerate Itochu, Japanese printing company Toppan Printing and Thailand''s Thung Hua Sinn to jointly acquire plastic bag packaging company TPN Food Packaging (notified June 12/deadline July 17/simplified)-- Canada Pension Plan Investment Board (CPPIB) and British Telecom Pension Scheme to jointly acquire Milton Park business park (notified June 12/deadline July 17/simplified)-- U.S. travel search site The Priceline Group to acquire U.S. peer Momondo Group (notified June 12/deadline July 17)-- U.S. private equity firm Lone Star to acquire Portuguese bank Novo Banco (notified June 12/deadline July 17/simplified)JULY 18-- UK property developer Segro plc and Public Sector Pension Investment Board (PSPIB) to jointly acquire a plot of land (notified June 13/deadline July 18/simplified)-- Fund management companies Deutsche Alternative Asset Management (Global) Ltd, InfraVia and Finanziaria Internazionale Holding S.p.A (FIH) to jointly acquire FIH subsidiary Agora Investimenti S.p.A which has airport management activities (notified June 13/deadline July 18)JULY 19-- French utility group Suez SA to acquire U.S. conglomerate General Electric''s water and process technologies business (notified June 14/deadline July 19)-- Dutch state owned gas operator Gasunie, Dutch storage tank operator Vopak and German gas and chemicals storage company Oiltanking which is controlled by German joint stock company Marquard & Bahls AG to set up a joint venture (notified June 14/deadline July 19/simplified)JULY 20-- Private equity firm Blackstone Group to acquire Finnish real estate investment company Sponda (notified June 15/deadline July 20/simplified)-- Lithuanian mobile network operator Bite Lietuva, Swedish mobile operator Tele2 and Sweden''s Telia to set up a joint venture (notified June 15/deadline July 20)JULY 24-- KPS Capital Partners to acquire U.S. car parts maker DexKo Global (notified June 16/deadline July 24/simplified)-- Australian global investment firm IFM and port builder and concessions operator OHL to acquire joint control of toll road and airport operator OHL Mexico (notified June 16/deadline July 24/simplified)-- Megatrends which is a unit of investment fund European Cities Fund, and British real estate investment fund Intu Properties Plc to jointly acquire Spain''s Xanadu Retail and Leisure (notified June 16/deadline July 24/simplified)JULY 26-- Swedish carmaker Volvo to acquire Swedish car rental company First Rent A Car AB (notified June 20/deadline July 26)-- British asset manager Intermediate Capital Group to acquire nursing home operator Domusvi Group (notified June 20/deadline July 26/simplified)-- Anglo-Swiss chemicals company Ineos to acquire British oil company BP''s Forties Pipeline System (notified June 20/deadline July 26/simplified)-- Universities Superannuation Scheme Limited (USSL) and U.S. bank Goldman Sachs to acquire joint control of Spanish energy company Redexis Gas (notified June 20/deadline July 26/simplified)-- German conglomerate Harng Central Department Store Ltd and prOperty developer Signa Prime to acquire joint control of German property developer Berlin, Passauer Straße 1-3 Immobilien GmbH & Co. KG (notified June 20/deadline July 26/simplified)JULY 31-- Shipping terminal operator PSA International Pte Ltd and Terminal Investment Ltd Sarl, which is indirectly and jointly controlled by Swiss container line MSC (Mediterraneann Shipping Company), to jointly acquire Belgian container terminal operator PSA DGD (notified June 23/deadline July 31)AUG 1-- Property developer Bouygues Immobilier and hotel group Accor to jointly acquire French company Nextdoor which is now solely controlled by Bouygues Immobilier (notified June 26/deadline Aug. 1/simplified)AUG 2-- Czech energy company EPH to acquire two UK gas-fired power plants from British energy supplier Centrica (notified June 27/deadline Aug. 2/simplified)AUG 3-- U.S. industrial company Deere & Co to acquire German road construction company Wirtgen (notified June 28/deadline Aug. 3)DEADLINE SUSPENDED-- U.S. smartphone chipmaker Qualcomm to acquire Dutch company NXP Semiconductors NV (notified April 28/deadline suspended on June 28 after the companies failed to provide relevant information)GUIDE TO EU MERGER PROCESSDEADLINES:The European Commission has 25 working days after a deal is filed for a first-stage review. It may extend that by 10 working days to 35 working days, to consider either a company''s proposed remedies or an EU member state''s request to handle the case.Most mergers win approval but occasionally the Commission opens a detailed second-stage investigation for up to 90 additional working days, which it may extend to 105 working days.SIMPLIFIED:Under the simplified procedure, the Commission announces the clearance of uncontroversial first-stage mergers without giving any reason for its decision. Cases may be reclassified as non-simplified - that is, ordinary first-stage reviews - until they are approved. (Reporting by Foo Yun Chee)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/eu-ma-idUSL8N1JR49Q'|'2017-06-30T17:21:00.000+03:00'
'8b1faf73d2db7d524a3a9cb94be3dc0baa334c01'|'French PM to announce further steps to boost Paris as financial hub'|'PARIS French Prime Minister Edouard Philippe will announce "strong measures" in the coming weeks in order to boost the attractiveness of Paris as a global financial hub, said a government spokesman on Wednesday.Government spokesman Christophe Castaner told reporters at a news briefing that those new measures were likely to be announced by mid-July. He did not give any more precise details.Paris, along with other rival European cities such as Frankfurt, has been stepping up its plans to enhance its standing as a global business capital following Britain''s vote last year to quit the European Union.Former Bank of France governor told Reuters this week that banks from London have been quietly securing licences to operate from Paris after Brexit, with planned reforms from new president Emmanuel Macron likely to boost the French capital''s standing as a financial centre.(Reporting by Michel Rose; Writing by Sudip Kar-Gupta; editing by John Irish)'|'reuters.com'|'http://in.reuters.com/finance'|'http://in.reuters.com/article/france-politics-idINKBN19J1EB'|'2017-06-28T09:45:00.000+03:00'
'd84269dfe5631b9ce8ef22983d3158feab0efe19'|'Shell, Exxon to appeal latest Groningen gas production cap'|'Business News - Wed Jun 28, 2017 - 12:16pm BST Shell, Exxon to appeal latest Groningen gas production cap left right A Shell logo is seen reflected in a car''s side mirror at a petrol station in west London, Britain, January 29, 2015. REUTERS/Toby Melville/File Photo 1/2 left right Logos of ExxonMobil are seen in its booth at Gastech, the world''s biggest expo for the gas industry, in Chiba, Japan April 4, 2017. REUTERS/Toru Hanai 2/2 By Bart H. Meijer - AMSTERDAM AMSTERDAM A joint venture between Royal Dutch Shell ( RDSa.L ) and Exxon Mobil ( XOM.N ) said on Wednesday it would appeal against a Dutch government plan to lower a production cap at the Groningen natural gas field by a further 10 percent. The Dutch government has lowered production at Groningen several times over the past three years due to small earthquakes triggered by work there. The latest cap, announced in May, would lower production to 21.6 billion cubic metres (bcm) per year from October. It was 53.9 bcm in 2013. The 50-50 Exxon-Shell joint venture, known as NAM, said it had been left in an impossible position by being told it could continue production - vital to supply homes with gas - but without guarantees it is meeting safety standards. NAM cited one paragraph of the government''s May production decision in particular as troubling: "There is no model that can predict at which level of production the seismic risks align with the safety norms." "We need to know the rules of the game," NAM director Gerald Schotman told reporters. "Models based on independent research have been shoved aside." Schotman said last year''s production plan used estimates of scenarios put together by a panel of scientists and then subjected to independent review by peers - the way the Dutch government determines acceptable levels of risk in other areas, such as the safety of its dikes and flood defences. NAM''s appeal will be heard starting July 13 at the Council of State, along with appeals by environmentalists who think the latest cap did not go far enough. (Reporting by Toby Sterling; Editing by Jason Neely and Mark Potter) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-netherlands-gas-groningen-idUKKBN19J0YO'|'2017-06-28T12:19:00.000+03:00'
'52dfc38a6832e02779d83c4f09a8a3024f3d73d5'|'Used VW cars retain values despite emissions crisis -Moody''s'|'Autos - Wed Jun 28, 2017 - 3:07pm BST Used VW cars retain values despite emissions crisis -Moody''s A Volkswagen logo is pictured at the newly opened Volkswagen factory in Wrzesnia near Poznan, Poland September 9, 2016. REUTERS/Kacper Pempel/File Photo FRANKFURT Used Volkswagen ( VOWG_p.DE ) cars have maintained their value in Europe and continue to command a premium over the competition despite an emissions crisis that has damaged the brand and the image of diesel, credit-rating agency Moody''s said. This will continue to support the performance of VW asset-backed security deals, in which residual values are a risk if they fall below the value of outstanding debt on car loans, in the key markets of Germany, the UK, France and Spain, it said. But the ratings agency said it expected negative pressure on the value of diesel vehicles would increase, as regulation against diesel may come into force in cities like Madrid, Milan, Paris and Stuttgart as well as in Britain. "We expect 2017 will see a larger decline in the proportion of new diesel vehicles sold and this shift in consumer demand will be echoed in the used car market. This will reflect stricter regulations related to diesel vehicles in most markets," it said. Bavaria said earlier it had struck a deal with BMW ( BMWG.DE ), Audi ( NSUG.DE ) and MAN ( VOWG_p.DE ) to cut diesel-engine pollution, with carmakers promising to reduce emissions from older models and the state government planning incentives to spur sales of newer, more efficient cars. That coincided with a warning by Germany''s ADAC car club, Europe''s largest and most influential, to push back planned purchases of diesel cars until more fuel-efficient Euro-6D technology becomes available in new models this autumn. Due to the more efficient fuel burn and lower carbon dioxide emissions compared with gasoline-powered cars, Germany''s three major carmakers have invested heavily in diesel technology. While only a niche market in the United States, where Volkswagen''s emissions test-rigging scandal broke, about half the new cars sold in Germany were diesel-powered before the crisis. That market share has since declined to just over 40 percent. (Reporting by Georgina Prodhan; editing by Susan Thomas)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-volkswagen-emissions-used-idUKKBN19J1WB'|'2017-06-28T17:07:00.000+03:00'
'4c1211ec5d25703d6053cea2dd62a46ede45a269'|'Deals of the day-Mergers and acquisitions'|'(Adds Walgreens Boots Alliance, China Vanke Co, Indigo, ConocoPhillips, Sky and Forestar Group)June 29 The following bids, mergers, acquisitions and disposals were reported by 1400 GMT on Thursday:** Drugstore chain Walgreens Boots Alliance Inc said it ended its deal to buy Rite Aid Corp after struggling to win antitrust approval, and that it would instead buy nearly half of the smaller rival''s U.S. stores for $5.18 billion.** Britain intends to subject Rupert Murdoch''s takeover of European pay-TV group Sky to a lengthy in-depth investigation after finding the $14.8 billion deal risks giving the media mogul too much power over the news agenda.** Forestar Group Inc scrapped its merger agreement with investment firm Starwood Capital Group and said U.S. homebuilder D.R. Horton Inc would buy a 75 percent stake in the company.** China Vanke Co Ltd, has won the right to buy companies holding assets including land for 55.1 billion yuan ($8.13 billion), in a landmark auction of equity rights in China, state media reported.** India''s biggest airline, IndiGo, has expressed unsolicited interest in buying a stake in state-owned Air India, the junior aviation minister said, a day after the cabinet approved plans to privatise the carrier.** Dubai''s Majid Al Futtaim, which operates the franchise of French retailer Carrefour in the Middle East, has acquired 26 Geant hypermarket stores in the United Arab Emirates, Bahrain and Kuwait from BMA International.** The China National Machinery Industry Corp (Sinomach) will merge with The China High-Tech Group, the country''s state asset regulator said, part of China''s ongoing efforts to slim down its bloated state sector.** Rio Tinto, shareholders approved the sale of a suite of Australian coal assets to China-backed Yancoal Australia for $2.69 billion, ending a bidding war with commodities trader Glencore.** Western Digital Corp said legal action and other moves taken by Toshiba Corp in their dispute over the sale of its prized memory chip unit were harming Toshiba''s stakeholders and customers.** Finnish pension insurance companies Ilmarinen and Etera will merge to form Finland''s largest private sector pension insurer, the companies said.** Britain''s biggest retailer Tesco and its takeover target Booker have asked the UK competition regulator to "fast track" examination of their 3.7 billion pound ($4.8 billion) deal to a more detailed second stage, they said.** DS Smith Plc, a maker of corrugated cardboard, recycled paper and plastic packaging, said it would buy 80 percent of Interstate Resources, a corrugated packaging business, for $920 million, giving it an entry into the American market.** U.S. private equity firm Lone Star Funds is making a renewed push to sell corporate bank IKB, one of the highest-profile German casualties of the financial crisis, according to a person close to the matter.** Dutch insurance group EXIN agreed to buy a 75 percent stake in Greek lender National Bank''s (NBG) insurance subsidiary for 718 million euros ($820.17 million), it said.** German plastics and chemicals group Covestro pledged it would return cash to shareholders if it cannot find a suitable major takeover target within two years as it eyes 5 billion euros ($5.7 billion) in total operating cash flow after investments over the next five years.** ConocoPhillips said it would sell its assets in the Barnett shale field in Texas to Miller Thomson & Partners LLC for about $305 million, as part of the largest U.S. independent oil producer''s efforts to reduce exposure to natural gas. (Compiled by John Benny in Bengaluru)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/deals-day-idINL3N1JQ3I0'|'2017-06-29T12:12:00.000+03:00'
'f44ae57772e90eb2385d5e817be168b234239712'|'BoE''s Haldane says interest rates policy should be set to prevent entrenched inflation'|'Business News - Thu Jun 29, 2017 - 7:30pm BST BoE''s Haldane says interest rates policy should be set to prevent entrenched inflation FILE PHOTO: A bus passes the Bank of England in the City of London, Britain, February 14, 2017. REUTERS/Hannah McKay/Files LONDON Bank of England chief economist Andy Haldane said on Thursday that interest rates need to be set in a way which minimises the risk of persistently high inflation. "First and foremost we need to set our interest rate policy to prevent those higher inflation rates becoming entrenched," Haldane told the Guardian newspaper during a visit to Wales. Last week Haldane surprised financial markets by saying he was likely to vote for an interest rate hike this year. (Reporting By Andrew MacAskill; Editing by Alistair Smout)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-boe-haldane-idUKKBN19K2P0'|'2017-06-29T21:30:00.000+03:00'
'a26167a2a8798a3bd87f3361a83074fc85593e7d'|'BoE''s Haldane says interest rates policy should be set to prevent entrenched inflation'|'Business News - Thu Jun 29, 2017 - 7:36pm BST BoE''s Haldane says interest rates policy should be set to prevent entrenched inflation Pedestrians walk past the Bank of England in the City of London, Britain, May 15, 2014. REUTERS/Luke MacGregor/File Photo LONDON Bank of England chief economist Andy Haldane said on Thursday that interest rates need to be set in a way which minimizes the risk of persistently high inflation. "First and foremost we need to set our interest rate policy to prevent those higher inflation rates becoming entrenched," Haldane told the Guardian newspaper during a visit to Wales. Last week Haldane surprised financial markets by saying he was likely to vote for an interest rate hike this year. (Reporting By Andrew MacAskill; Editing by Alistair Smout)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-britain-boe-haldane-idUKKBN19K2P4'|'2017-06-29T21:30:00.000+03:00'
'7be56a6da53e34d760342b4b78d3864e3a4305db'|'Mexico finmin says will use cenbank surplus to cut debt'|'MEXICO CITY, June 29 Mexico''s finance ministry said on Thursday that it will use funds transferred to it by the central bank from its 2016 surplus to reduce peso debt by 5.62 billion pesos in the third quarter.The ministry said it would use more of the funds to cut foreign currency debt by 74.48 billion pesos ($4.1 billion) next year, the finance ministry said in a statement.In a separate statement, the ministry said it would trim the amount of 3- and 5-year bonds it sells during the third quarter while increasing the amount of 10-, 20- and 30-year bonds placed in the quarter. ($1 = 18.0690 Mexican pesos) (Reporting by Michael O''Boyle)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/mexico-bonds-idINU5N1HR017'|'2017-06-29T14:56:00.000+03:00'
'd4280f13647f3d2348ec4176daed133aed102811'|'Connecticut sells $300 mln of bonds in private Barclays deal'|'By Hilary Russ - NEW YORK, June 28 NEW YORK, June 28 Connecticut borrowed $300 million through a direct bond placement with Barclays Capital Inc on Wednesday, a deal that a state Treasury official said had been planned for some time and was not related to the state''s budget crisis.Connecticut will likely start a new fiscal year on Saturday without a budget as it faces high fixed costs, flagging income tax revenues and grim economic prospects.Lawmakers and Governor Dannel Malloy disagree over how to close a $5.1 billion deficit over the next two years, including whether to cram some pension costs down onto municipalities.The state, with median income levels among the highest of all states yet one of the lowest ratings, was downgraded by all three of the big Wall Street credit rating agencies in May.For municipal bond investors, it could be a minefield.Connecticut''s credit spreads have widened to 92 basis points over top-rated muni bonds, Thomson Reuters Municipal Market Data shows, especially after lawmakers ended their regular legislative session June 7 without a two-year budget for fiscal 2018 and 2019.Connecticut muni bond funds have not performed well. Of 21 different share classes run by six different fund managers, 17 have underperformed other state debt fund averages over the past year, according to Lipper, a Thomson Reuters unit."Spread widening as a result of the credit deterioration makes long-term debt that much more expensive, and you lock it in forever," said Tom Metzold, senior managing director at muni bond pricing vendor Best Credit Data.Wednesday''s deal is the last for Connecticut''s fiscal year. The new money variable-rate tax-exempt 7-year general obligation bonds priced at 90 basis points over the benchmark variable rate set by the Securities Industry and Financial Markets Association. The interest rate resets weekly and Moody''s Investors Service rates the bonds A1.Proceeds will fund capital improvements to state universities and colleges, grants to towns, housing programs, and technology upgrades, according to Sarah Sanders, assistant treasurer for debt management.It also sold $135 million of refunding bonds to JP Morgan Chase & Co at 70 percent of the London Interbank Offered Rate plus 70 basis points. That deal matures in 7 years, she said. Both series have some call features.The state requested proposals for the deal from its general obligation senior managing firms, and selected the direct placement option with Barclays because it was easier to accomplish and cost competitive, Sanders said. (Reporting by Hilary Russ; Editing by Daniel Bases and Dan Grebler)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/connecticut-bonds-idINL1N1JN1QY'|'2017-06-28T20:14:00.000+03:00'
'4aecfba52aa08d50e42559c6d1f9146f41532640'|'Buffett''s Berkshire on verge of becoming BofA''s top shareholder'|'Warren Buffett''s Berkshire Hathaway Inc ( BRKa.N ) may be on the verge of becoming Bank of America Corp''s ( BAC.N ) largest shareholder, after the bank raised its dividend in the wake of a positive assessment of its ability to handle market stresses.Bank of America on Wednesday boosted its annual dividend 60 percent to 48 cents per share from 30 cents, beginning in the third quarter.Buffett has said a boost of that size would likely prompt him to swap Berkshire''s preferred shares in the second-largest bank into common shares now worth about $16.7 billion.Such an exchange would made Berkshire the largest shareholder of both Bank of America and Wells Fargo & Co ( WFC.N ), the third-largest U.S. bank, and more than triple a $5 billion investment made fewer than six years ago.It would also signal Buffett''s confidence in Brian Moynihan, Bank of America''s chief executive.Berkshire did not immediately respond to requests for comment.(Reporting by Jonathan Stempel in New York; Editing by Sandra Maler)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-berkshire-hatha-bank-of-america-idINKBN19J2W8'|'2017-06-28T19:21:00.000+03:00'
'c3a1c8779ac4e57b4f05d5da9c0ca9b5ee681ffd'|'BOJ''s Harada - Weak yen stimulates economy, boosts prices'|'Business News  14am BST BOJ''s Harada - Weak yen stimulates economy, boosts prices Yutaka Harada leaves a news conference at the BOJ headquarters in Tokyo March 26, 2015. REUTERS/Yuya Shino TOKYO Bank of Japan board member Yutaka Harada said on Thursday a weak yen will stimulate the economy and help accelerate inflation. He also said the BOJ''s current policy framework is based on the premise that the central bank will raise interest rates should inflation accelerate well above its 2 percent target. "We don''t know when it will happen but at some point, the BOJ will undoubtedly need to tighten monetary policy," Harada said in a seminar. (Reporting by Leika Kihara; Editing by Chris Gallagher)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-japan-economy-boj-idUKKBN19K0ON'|'2017-06-29T10:14:00.000+03:00'
'11697eef2108a6c66a8fb8fb6ab0eabac98e77c9'|'After rebuke, China''s Weibo to block unapproved video content'|'Intel - Thu Jun 29, 2017 - 1:59am EDT After rebuke, China''s Weibo to block unapproved video content FILE PHOTO - Sina Weibo''s booth is pictured at the Global Mobile Internet Conference (GMIC) 2017 in Beijing, China April 28, 2017. REUTERS/Jason Lee/File Photo BEIJING Weibo Corp, the operator of China''s top microblogging site, will block unapproved video content and work more closely with state media to promote "meanstream" ideas, the firm said, following a sharp rebuke from regulators last week. Chinese authorities have launched a broad campaign to control political opinion and formalise online surveillance mechanisms, cracking down on online content including literature, livestreaming, news and social media accounts. Last week, the media watchdog, the State Administration of Press, Publication, Radio, Film and Television, threatened to close Weibo''s video service along with two other popular services, ACFUN and iFeng. In a statement posted on its website late on Wednesday, Weibo said it "sincerely accepted the criticism", and would immediately begin work to remove political, media and current affairs video accounts from outlets that lack a license. Weibo added that it will strengthen cooperation with the country''s top three state media outlets - Xinhua news agency, China Central Television and the People''s Daily - and work to promote outlets that represent mainstream political ideas. Unlicensed television and film content, as well as videos longer than 15 minutes, will be banned on the platform, it said. Television and film producers in China are legally required to submit content for approval, a regulation that has increasingly targeted the country''s extensive and fast-growing online film industry. China''s cyberspace authorities ordered internet companies earlier this month to close 60 popular celebrity gossip social media accounts to help "actively propagate core socialist values" and prop up "mainstream public opinion". Shares in Weibo and Sina Corp, which has a stake in Weibo, have fallen since the watchdog issued its warning last week, but are still up nearly 160 percent over the last year. (Reporting by Cate Cadell; Editing by Simon Cameron-Moore) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-china-censorship-weibo-idUSKBN19K0JD'|'2017-06-29T08:44:00.000+03:00'
'a829ae209eb73c55a2f6ac64ab1cc58d783ba859'|'RPT-Caisse fires back at Boeing over Bombardier claims'|' 34am EDT RPT-Caisse fires back at Boeing over Bombardier claims (Repeats item initially published on June 28 with no change to text) By Matt Scuffham NEW YORK, June 28 Quebec''s largest pension fund has dismissed as "absolute nonsense" claims by Boeing Co that its $1.5 billion investment in Bombardier Inc''s rail business amounted to an unfair subsidy to the Canadian company. Caisse de depot et placement du Quebec''s Chief Executive Michael Sabia said in an interview with Reuters on Wednesday that the U.S. aerospace company, headquartered in Chicago, was itself a recipient of state aid. "I guess the guys at Boeing are so used to being subsidized by the defense department in the United States that they can’t understand what a subsidy is anymore because they live off them," he said. In April Boeing asked the U.S. Commerce Department to investigate alleged subsidies and unfair pricing for Bombardier''s CSeries airplane, accusing Bombardier of having sold 75 of the planes to Delta Air Lines Inc last year at a price well below cost. The U.S. International Trade Commission last month gave approval to the U.S. Commerce Department to begin preparing anti-dumping and anti-subsidy duties against new jets from Bombardier "It is just outrageous that a company that''s subsidized by the U.S. government as Boeing is presumes to take such an action," Caisse''s Sabia said. However, Boeing spokesman, Dan Curran, said, "Rulings by the World Trade Organization prove that assertions about subsidies to Boeing are incorrect. "Our petition to the International Trade Commission seeks to restore a level playing field in the U.S. single-aisle airplane market. This is the normal course of resolving such commercial trade disputes between two companies, and we will let that process play out. Pentagon spokesman, U.S. Navy Commander Patrick L. Evans said, "Secretary Mattis'' priority for the Department of Defense is clear: to increase military readiness while gaining full value from every taxpayer dollar spent on the defense of our nation." The Caisse has a dual mandate both to maximise returns for depositors and support economic growth in the Canadian province. Sabia said the Caisse operated independently of the Quebec government and the decision to invest in Bombardier was a commercial one. "If somebody would give me another dozen of those I would be the happiest guy in Manhattan today to put it mildly. "We have negotiated something that has no downside risk and unlimited upside exposure. Give me another dozen. Give me 20 of those." (Additional reporting by Alwyn Scott in New York and Mike Stone in Washington DC; Editing by Carmel Crimmins)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/caisse-ceo-boeing-idUSL1N1JQ0KQ'|'2017-06-29T15:34:00.000+03:00'
'e73e805771bee99f35803407d217a3fe8eae5487'|'UPDATE 1-Alvean''s head of sugar Jacques Gillaux leaves company'|' 52am EDT UPDATE 1-Alvean''s head of sugar Jacques Gillaux leaves company (Adds detail, background) By Ana Ionova LONDON, June 29 Geneva-based sugar merchant Alvean said on Thursday its chief risk officer and head of sugar trading Jacques Gillaux has left the company after one year in the role. Gillaux left the world''s largest sugar trader on Wednesday by mutual agreement, Alvean said in a statement to Reuters. Before joining Alvean, Gillaux headed the sugar and juices platforms at Louis Dreyfus from 2012 to 2015, according to a bio on Alvean''s website. He also spent 26 years in various roles at Cargill. Cargill and Copersucar established Alvean as a joint venture in 2014, forming the world''s largest sugar trader. Earlier this month, Copersucar said Alvean traded 12.1 million tonnes of sugar in the latest crop year, giving the venture a 26 percent share of the global raw sugar trade. Gillaux''s departure follows a reshuffle in April, when Alvean appointed Gareth Griffiths as chief executive officer after the resignation of Ivo Sarjanovic, who had been in the role since the company was set up. (Additional reporting by Nigel Hunt; Editing by Elaine Hardcastle and David Evans)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/sugar-alvean-gillaux-idUSL8N1JQ3LD'|'2017-06-29T15:52:00.000+03:00'
'fbd8c7c353707636aa0546b3597b3533bb5b2a9f'|'Tanzania lifts ban on foreigners investing in telecom IPOs'|'Market   9:58am EDT Tanzania lifts ban on foreigners investing in telecom IPOs DAR ES SALAAM, June 30 Tanzania has lifted the banning on foreign investors participating in initial public offerings in the telecoms sector, the capital markets regulator said on Friday. The removal of the restriction allows foreigners to take part in the IPO of Vodacom Tanzania Plc, a subsidiary of South Africa''s Vodacom Group. The Vodacom IPO was launched in March and initially only open to local investors, but take-up has been sluggish amid concerns over adequate liquidity in the local market. (Reporting by Fumbuka Ng''wanakilala; Writing by Katharine Houreld; Editing by Louise Ireland)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/tanzania-telecoms-idUSL8N1JR3YY'|'2017-06-30T16:58:00.000+03:00'
'701f31e33fa110e567e14182ef7f444a40da8960'|'Tesco and Booker ask UK regulator to "fast track" competition probe'|' 49am BST Tesco and Booker ask UK regulator to ''fast track'' competition probe A company logo is pictured outside a Tesco supermarket in Altrincham northern England, April 16, 2016. REUTERS/Phil Noble/File Photo LONDON British supermarket Tesco ( TSCO.L ) and its takeover target Booker ( BOK.L ) have asked the UK competition regulator to "fast track" examination of their 3.7 billion pounds deal to a more detailed second stage, they said on Thursday. Tesco and the wholesaler Booker announced the cash and shares deal in January and the Competition and Markets Authority (CMA) formally started a Phase 1 review on May 30. "We have now requested that the CMA uses the fast track process to allow it to move more quickly to examining the merger through a detailed Phase 2 process," the companies said. They said they expect the CMA to issue a decision to refer to Phase 2 within the next two weeks. (Reporting by James Davey; editing by Kate Holton)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-booker-m-a-tesco-idUKKBN19K0L3'|'2017-06-29T09:21:00.000+03:00'
'1d03f421a93b81ed779b47452bbb9420d4dc4f07'|'UPDATE 1-Emirates seeks laptop ban reprieve with new U.S. travel security measures'|'Market News  52am EDT UPDATE 1-Emirates seeks laptop ban reprieve with new U.S. travel security measures (Adds details, background) By Alexander Cornwell DUBAI, June 29 Emirates, the Middle East''s largest airline, said on Thursday it would work with authorities to implement new security measures on flights to the United States "as soon as possible" - a move that could help it overturn an in-cabin ban on laptops. The measures, which European and U.S. officials said would begin taking effect within three weeks, could replace the in-cabin ban on laptops and other large electronics on direct flights to the United States from the Middle East. Lifting the ban would be a welcome reprieve for Emirates which has seen demand to the United States fall under travel restrictions imposed by President Donald Trump''s administration. "We welcome the U.S. Department of Homeland Security’s latest directive on enhanced screening measures," an Emirates spokeswoman said in a statement. "We look forward to working with the authorities and Dubai airport stakeholders to implement these measures as soon as possible for our U.S. flights.” In March, laptops were banned from the cabins of flights to the United States originating at 10 airports in the Middle East, including Emirates'' Dubai International Airport hub, to address fears that bombs could be concealed in electronic devices taken aboard aircraft. The 10 Middle East airports where laptops are banned from the cabin on U.S. flights will be able to get off the list if they meet the new security requirements, Homeland Security officials said on Wednesday. "Lifting the ban on bringing laptops and other personal electronic devices onboard will be good news for travellers flying into the U.S.," Emirates'' spokeswoman said. U.S. authorities want increased security protocols around aircraft and in passenger areas, expanded canine screening and additional places where travellers can be cleared by U.S. officials before they depart. European and U.S. officials told Reuters that airlines have 21 days to put in place increased explosive trace detection screening and have 120 days to comply with other security measures, including enhanced screening of airline passengers. (Reporting by Alexander Cornwell; Editing by Elaine Hardcastle and Adrian Croft)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-airlines-emirates-idUSL8N1JQ40N'|'2017-06-29T16:52:00.000+03:00'
'126b06cca148fadfe43eebbad927404cdf4a7175'|'TREASURIES-Yields rise as European central banks seen as less accommodative'|'* Treasury yields rise in sympathy with weaker European bonds * Inflation data on Friday in focus By Karen Brettell NEW YORK, June 29 Benchmark U.S. Treasury yields rose to five-week highs on Thursday in sympathy with weaker European government debt, as investors evaluated the likelihood that central banks in Europe will soon become less accommodative. European Central Bank President Mario Draghi said on Tuesday the ECB might tweak its stimulus so it does not become more accommodative as the economy recovers, though sources said on Wednesday he had not intended to signal imminent tightening. Also on Wednesday, Bank of England Governor Mark Carney said a rise in British interest rates is likely to be needed as the economy comes closer to running at full capacity. Germany''s 10-year government bond yield rose to a seven-week high, dragging Treasury yields higher with it. “What’s going on in Europe is really what’s driving us here,” said Brian Daingerfield, a macro strategist at NatWest Markets in Stamford, Connecticut. Benchmark 10-year notes were last down 19/32 in price to yield 2.29 percent, the highest since May 24 and up from 2.22 percent late on Wednesday. Attention is expected to return to the U.S. economy on Friday when personal income and consumption data will be evaluated for inflation signals. The yield curve has flattened dramatically in the past month on concerns about weakening price pressures. “Tomorrow’s PCE (Personal Consumption Expenditures) deflator print is going to be an important read for markets in trying to assess how much patience the Fed can have for assessing when to make their next move on rates,” said Daingerfield. The yield curve between five-year notes and 30-year bonds steepened to 96.40 basis points on Thursday, after falling as low as 91.90 basis points on Wednesday, the flattest since late 2007. Data on Thursday showed the U.S. economy slowed less sharply in the first quarter than initially estimated due to unexpectedly higher consumer spending and a bigger jump in exports. The number of Americans filing for unemployment benefits edged up last week, but the underlying trend remained consistent with a tight labor market, other data showed. (Editing by Meredith Mazzilli) )'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/usa-bonds-idINL1N1JQ0PL'|'2017-06-29T11:39:00.000+03:00'
'7df731a0b2c9616d2cde732886a2468124738f0d'|'BHP chairman says $20 billion investment in shale was a mistake'|'Thu Jun 29, 2017 - 2:41pm BST BHP chairman says $20 billion investment in shale was a mistake FILE PHOTO: BHP Chairman Jac Nasser sits before the company''s Australian annual general meeting in Sydney, Australia November 29, 2012. REUTERS/Tim Wimborne/File Photo - RTS13V2L By James Regan - SYDNEY SYDNEY BHP Billiton''s Chairman Jac Nasser said on Thursday BHP''s $20 billion investment in U.S. shale oil and gas six years ago was, in hindsight, a mistake. BHP entered the shale business at the height of the fracking boom in 2011 and invested billions more developing the operations. The fall in oil prices since then has led to pre-tax writedowns of about $13 billion on the business. Activist shareholder and hedge fund Elliott Management, holding 4.1 percent of BHP''s London-listed shares, has been trying to gain support from other shareholders to persuade BHP to sell the shale oil and gas business. "If you had to turn the clock back, and if we knew what we knew today, we wouldn''t do it, of course we wouldn''t do it, but go back and put yourself in our position at that time," Nasser told a business seminar, referring to the shale purchase. "We bought exactly what we thought we were buying, but the timing was way off." New York-based Elliott has directed a barrage of criticism at the global miner since releasing a list of changes in April it wants the company to implement. Its list includes an exit from shale, removal of BHP''s dual London and Australian stock listings and greater emphasis on shareholder returns. Nasser would not comment on Elliott''s proposal. But he defended BHP''s performance, saying the company''s shareholder returns were up 486 percent since BHP merged with Billiton Plc in 2001. BHP Chief Executive Andrew Mackenzie told a conference in May the company was considering divesting some shale acreage, although it believed the assets were "well-placed for the future." Australian wealth management group Escala and fund Tribeca Investment Partners have also campaigned for a revamp at BHP, calling for board changes and reviews of the energy operations. Nasser, a former head of Ford Motor Co. is scheduled to retire as chairman on Sept. 1. The appointment of Nasser''s successor, Ken MacKenzie, a former packaging industry executive, has been welcomed by Elliott as a "constructive step in bringing much needed change to the direction of BHP." (Reporting by James Regan in Sydney; Editing by Barbara Lewis and Adrian Croft)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-bhp-shale-idUKKBN19K1UZ'|'2017-06-29T16:18:00.000+03:00'
'f55b9cbc81120c017c3590cf8f25ae8b3bb67f66'|'Buffett''s Berkshire on verge of becoming BofA''s top shareholder'|'Business News   10:11pm BST Buffett''s Berkshire on verge of becoming BofA''s top shareholder FILE PHOTO - Berkshire Hathaway CEO Warren Buffett talks to reporters prior to the Berkshire annual meeting in Omaha, Nebraska, U.S. on May 2, 2015. REUTERS/Rick Wilking/File Photo Warren Buffett''s Berkshire Hathaway Inc ( BRKa.N ) may be on the verge of becoming Bank of America Corp''s ( BAC.N ) largest shareholder, after the bank raised its dividend in the wake of a positive assessment of its ability to handle market stresses. Bank of America on Wednesday boosted its annual dividend 60 percent to 48 cents per share from 30 cents, beginning in the third quarter. Buffett has said a boost of that size would likely prompt him to swap Berkshire''s preferred shares in the second-largest bank into common shares now worth about $16.7 billion. Such an exchange would made Berkshire the largest shareholder of both Bank of America and   the third-largest U.S. bank, and more than triple a $5 billion investment made fewer than six years ago. It would also signal Buffett''s confidence in Brian Moynihan, Bank of America''s chief executive. Berkshire did not immediately respond to requests for comment. (Reporting by Jonathan Stempel in New York; Editing by Sandra Maler)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-berkshire-hatha-bank-of-america-idUKKBN19J2VG'|'2017-06-29T00:11:00.000+03:00'
'e1e585287f3e4b6d2fea41cdb0d121b8ce7175a4'|'RPT-COLUMN-OPEC should let oil prices rebalance the market: Kemp'|'Market   2:00am EDT RPT-COLUMN-OPEC should let oil prices rebalance the market: Kemp (Repeats with not changes to text. John Kemp is a Reuters market analyst. The views expressed are his own) By John Kemp LONDON, June 28 The 1980s film “WarGames” contains an important lesson for OPEC and shale producers about the futility of trying to manage the oil market. Released in 1983, the movie blended new concerns about home computers and hacking with older concerns about the accidental start of nuclear conflict and mutually assured destruction. In the film, the U.S. Air Force''s new war-planning computer, which displays an early form of artificial intelligence called Joshua, runs simulations for global thermonuclear war, trying to find a way to win. But the game becomes deadly serious when the computer seizes control of the U.S. nuclear arsenal and attempts to launch a real missile attack against the Soviet Union. The film''s hero, a young hacker, eventually teaches the computer a lesson in futility, forcing it to play tic-tac-toe, a game that has no winning strategy and always ends in a draw. The computer then applies the same lesson to its nuclear war simulations, realising there is no winner, only losers. The computer concludes global thermonuclear war is “A strange game. The only winning move is not to play” and stands down the missiles. In many ways, the renewed battle between OPEC and U.S. shale producers is similar to the self-defeating conflict portrayed in “WarGames”. If all oil producers try to maximise their output, the result is a glut of crude that depresses prices and proves ruinous for everyone. If one producer acts as swing producer and restricts output unilaterally, others increase their production to fill the gap, and the only result is a loss of market share. The only rational strategy is to avoid trying to manage production and allow prices to adjust to rebalance the market. SWING PRODUCER? “I personally believe (the oil price) where we are right now is not sustainable,” Tim Dove, chief executive of Pioneer Resources, told a conference in New York on Tuesday. “It comes in the form of two words: Saudi Arabia. They cannot have a scenario, which is $43 or $44 (per barrel) oil, and sustain their national budgets.” As a result, Saudi Arabia would likely move to boost oil prices to protect its own finances, according to Dove (“U.S. shale CEO sees Saudi Arabia moving to lift oil prices”, Reuters, June 27). Despite the glut, Pioneer has no plans to curb its own drilling. “We’re not going to not drill because this very well may be the time where the well costs are as low as they’re ever going to be,” Dove said. "We can pare away and still be profitable even in a $45 (per barrel) environment," he said. "We may just dial back at the margin in that scenario and not be a significant over-spender." The gist of his argument was that someone would have to cut production to lift prices, but it would not be Pioneer, one of the most prominent shale drillers in the Permian Basin. Similar logic holds for all producers, but if they all carry on drilling, the result will be continued oversupply and a decline in prices. Dove seemed to think Saudi Arabia would act as a swing producer again, and in the process deliver a windfall for shale firms in the form of higher prices. But acting as a swing producer simply to protect rival shale firms from a renewed price drop would not be a rational strategy for Riyadh. The only rational strategy is to eschew the swing producer role and allow prices to decline to the point where the shale drilling boom is curbed. In this game, acting as a swing producer is futile, and the only winning move is not to play - as Saudi Arabia discovered the hard way during the 1980s and is rediscovering now. Since the start of the year, Saudi Arabia has given up market share, only to watch other producers increase their own output, and end up with prices no higher than before. Further production cuts by Saudi Arabia and the rest of OPEC would likely result in the same self-defeating outcome. Saudi Arabia and its OPEC and non-OPEC allies have committed themselves to restraining output to the end of March 2018. The production cuts have arguably backfired but the kingdom has good reason to stick with the plan to maintain its credibility. For the future, however, the rational course is to make clear that the cuts will not be renewed when they expire next year. Saudi Arabia and the others should commit to gradually normalising their production levels in the course of 2018 and abandoning output restraint. The result would likely be somewhat lower oil prices in the near term, but that would curb the shale boom and protect Saudi Arabia’s market share and revenues in the medium term. Related column:'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/oil-opec-kemp-idUSL8N1JP42K'|'2017-06-29T09:00:00.000+03:00'
'd4bd896c51fa0d2cb683ee6d3c9b75a3bad5d6a9'|'BP takes $750 million hit in Angola exploration write-off'|'Business  19pm BST BP takes $750 million hit in Angola exploration write-off A BP logo is seen at a petrol station in London, Britain, January 15, 2015. REUTERS/Luke MacGregor/File Photo LONDON BP ( BP.L ) said on Thursday it will incur a $750 million (578.48 million pounds) write off in its second quarter 2017 results over exploration blocks it relinquished in Angola. "As part of the ongoing portfolio evaluation, BP has decided to relinquish its 50 percent interest in Block 24/11 offshore southern Angola. Katambi, a gas discovery made in the block in 2014, has not been determined to be commercial," the London-based company said. "As a result of this and other exploration write-offs in Angola, BP expects to include in its second quarter 2017 results a non-cash exploration write-off in Angola of around $750 million, which will not attract tax relief." (Reporting by Ron Bousso; Editing by Adrian Croft)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-bp-exploration-idUKKBN19K1Z1'|'2017-06-29T17:19:00.000+03:00'
'e76f80bb7055dfe93096ab7129f03f54d087002e'|'As credit dries up, China''s small firms face shrinking profits, bankruptcies'|'Business  21am BST As credit dries up, China''s small firms face shrinking profits, bankruptcies left right A worker pulls a wire at a woodyard in Tianjin, China June 15, 2017. REUTERS/Thomas Peter 1/7 left right A worker uses a chainsaw to cut timber at a woodyard in Tianjin, China June 15, 2017. REUTERS/Thomas Peter 2/7 left right A worker cuts timber boards at a woodyard in Tianjin, China June 15, 2017. REUTERS/Thomas Peter 3/7 left right A worker uses a chainsaw to cut timber at a woodyard in Tianjin, China June 15, 2017. REUTERS/Thomas Peter 4/7 Workers cut timber at a woodyard in Tianjin, China June 15, 2017. REUTERS/Thomas Peter 5/7 A worker sorts timber at a woodyard in Tianjin, China June 15, 2017. REUTERS/Thomas Peter 6/7 Workers cut timber at a woodyard in Tianjin, China June 15, 2017. REUTERS/Thomas Peter 7/7 By Yawen Chen and Thomas Peter - TIANJIN, China TIANJIN, China The struggles of China''s small and medium-sized firms have grown so acute that many are expected to become unprofitable or even go belly-up this year, boding ill for an economy running short on strong growth drivers. The companies - which account for over 60 percent of China''s $11 trillion gross domestic product - have entered the most challenging funding environment in years as Beijing cracks down on easy credit to contain a dangerous debt build-up. Many of the firms - mostly in the industrial, transport, wholesale, retail, catering and accommodation sectors - are already grappling with soaring costs, fierce competition and thinning profits. The strains faced by small and medium-sized enterprises (SMEs) are expected to grow more visible as Beijing deflates a real estate bubble and eases infrastructure spending to dial back its fiscal stimulus. "Many SMEs probably won''t make it this year," said Wang Cong, manager of a struggling mid-sized logistics company in the eastern city of Zibo. "Banks have started pulling the plug, just as competition has become a lot more intense." Central bank data shows broad M2 money supply grew 9.6 percent in May from a year earlier, the slowest since at least January 1996, when Reuters data on the series began. Cumulatively, combined trust loans, entrusted loans and undiscounted banker''s acceptances - sources of funding for shadow banking activities that largely involve SMEs - fell to 28.9 billion yuan (3.26 billion pounds) in May from 177 billion yuan in April. The lack of funds is taking a toll. Business activity in the SME sector weakened for the third straight month in June to hit the lowest in 16 months, a Standard Chartered survey tracking more than 600 Chinese SMEs found. The market pressures have led to an increase in unemployment, and weaker demand is expected to keep weighing on the labour market this year, the survey noted. "Our profit has thinned to the point where I don''t think any more drop could be sustainable," said Yu Zhihao, who runs a wood wholesale business in China''s northeastern port city of Tianjin and has seen his gross margins contract by a quarter in the past year. FINANCING COSTS For state-owned enterprises, growth in financing costs on average accelerated to 5.5 percent in May from 0.5 percent in February, said Jonas Short, who heads the Beijing office at investment bank Sun Hung Kai Financial (SHKF). For smaller businesses lacking strong collateral, funding is even more expensive - if they can find it. "It''s pretty clear, financial expenses have skyrocketed since the decision to increase interbank rates over the New Year," said Short. The waning fortunes of China''s SMEs come ahead of a reshuffle in the country''s political leadership team late this year. SMEs employ four-fifths of the workforce and are crucial to the stability craved by Beijing. Many SMEs appear reluctant to expand production even as the government has introduced various favourable measures such as tax cuts to support their development, said Zhang Shaoping, analyst with the government-affiliated China Association of Small- and Medium-sized Enterprises. "My feeling is the second quarter would definitely be tougher for SMEs compared to the first quarter," Zhang said. Banks'' willingness to lend to SMEs fell below the no-change mark of 50 for the first time on record in June, the Standard Chartered survey found, indicating banks are more hesitant to extend credit to SMEs. That reflects analysts'' views that even though the central bank will likely provide sufficient credit to avoid a liquidity crunch, banks may still prefer lending to bigger rather than smaller companies. Hangzhou Zugeng Import & Export Co, a medium-sized fruit import company based in Shanghai, was among those SMEs to fold as banks held back support. One former employee said she had heard the company''s banks had been unnerved by a rise in corporate loan delinquencies and had stopped providing funds to companies facing tough operating conditions. A former company representative confirmed the firm had closed when contacted by phone but declined any further comment. Some 1.21 million privately or individually-owned business went out of business during the first quarter of the year, a jump of almost a third compared to a year earlier, data from the State Administration for Industry & Commerce (SAIC) showed. "The market is going through a quicker process of survival of the fittest," Yu Fachang, a SAIC official said. For those who have not shuttered, some resort to more price cuts to stay competitive. Zhao Yinyue, manager of Tianjin-based freight forwarder Jinluan Logistics said orders for imported wood have slumped since May as investment in real estate and infrastructure dried up. "We are biting the bullet and holding on," said Zhao. (Editing by Lincoln Feast)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-china-economy-smes-idUKKBN19K37D'|'2017-06-30T02:21:00.000+03:00'
'4fa16e9946b11c584e4505fd9ba0203f6accd5ea'|'FCA to review ''with profits'' insurance policies'|'Business News   1:09pm BST FCA to review ''with profits'' insurance policies The logo of the new Financial Conduct Authority (FCA) is seen at the agency''s headquarters in the Canary Wharf business district of London April 1, 2013. REUTERS/Chris Helgren LONDON Britain''s markets watchdog said it will review how insurers are treating customers that have bought "with-profits" policies that contain guaranteed returns. In a with-profits policy, the insurers'' costs are deducted from the investment profits of the fund and the remainder is returned to investors. The policies typically have guarantees and are no longer offered widely by insurers. The Financial Conduct Authority said the last full review that focused on with-profits business was in 2010. "The forthcoming review into the fair treatment of with-profits customers will allow us to understand further the range of practices that are now being adopted by firms," the FCA said in a statement on Friday. One practice in particular that is likely to be a focus is so-called "smoothing", which aims to even out the ups and downs of markets. The inclusion of guarantees will also be looked at. The announcement of a review may raise expectations that potential enforcement action or changes in practices will follow. "We do not have pre-determined views about whether any particular practices are unfair or are leading to unfair outcomes and have not drawn any conclusions about whether with-profits customers are being unfairly treated." The 2010 review found that the majority of firms "did not satisfactorily demonstrate" that their practices were consistent with well-run with-profits businesses in one or more areas assessed. Dutch insurers Aegon ( AEGN.AS ) and NN ( NN.AS ) were this month told to compensate some customers for inadequacies when the firms sold investment-linked policies in the 1990s and 2000s. (Reporting by Huw Jones and Carolyn Cohn; Editing by Toby Davis)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-insurance-regulator-idUKKBN19L1NQ'|'2017-06-30T15:09:00.000+03:00'
'038ff38530331d2c266eb192a2139f433ad47a3b'|'Euro zone recovery broadening but gaps remain - Coeure'|'Business News   1:18pm BST Euro zone recovery broadening but gaps remain - Coeure Benoit Coeure, board member of the European Central Bank (ECB), is photographed during an interview with Reuters journalists at the ECB headquarters in Frankfurt, Germany, May 17, 2017. REUTERS/Kai Pfaffenbach FRANKFURT The euro zone''s economy recovery is spreading more evenly across the currency bloc but ''large differences'' remain and, in some cases, have increased, European Central Bank director Benoit Coeure said on Friday. "Although growth rates have converged recently, there are still large differences in living standards across euro area countries and, by some measures, they have even increased recently," Coeure said. "To a large extent, these differences reflect the quality of national institutions." (Reporting By Francesco Canepa)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-eurozone-economy-ecb-idUKKBN19L1OS'|'2017-06-30T15:18:00.000+03:00'
'f2ecb3323cf94c3de802f17907ac580bc66c4a4a'|'Sarepta appoints former Allergan executive Douglas Ingram as CEO'|'Big Story 10 - Wed Jun 28, 2017 - 5:29pm EDT Sarepta appoints former Allergan executive Douglas Ingram as CEO Sarepta Therapeutics Inc said on Wednesday it appointed Douglas Ingram as president and chief executive officer. Ingram, who previously held a senior executive position in Allergan Plc, will also be a part of Sarepta''s board. The appointment of Ingram comes two months after Edward Kaye informed Sarepta''s board of his intention to resign as chief executive. Kaye is expected to serve Sarepta in an advisory capacity to ensure a smooth transition, the company said. (Reporting by Divya Grover in Bengaluru; Editing by Shounak Dasgupta) From Aldi to Zara, Western stores beef up safety for Bangladesh workers LONDON (Thomson Reuters Foundation) - Major brands from Aldi to Zara agreed on Thursday to improve conditions for up to 2 million Bangladeshi garment workers, four years after a factory collapse in Dhaka killed more than 1,000 people making cheap clothes for export. DAKAR (Thomson Reuters Foundation) - A drive to find common ground among central Nigeria''s warring Muslim herdsmen and Christian farmers has resolved more than 500 land disputes and averted fresh violence, the charity behind the initiative said on Thursday. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-sarepta-moves-douglas-ingram-idUSKBN19J2WM'|'2017-06-29T00:14:00.000+03:00'
'dd6d9c7bdcf24e09105082e064673faf07339236'|'Exclusive - Canada''s Caisse cautious on London amid Brexit fears'|'Business News - Thu Jun 29, 2017 - 12:24am BST Exclusive - Canada''s Caisse cautious on London amid Brexit fears FILE PHOTO: Michael Sabia, CEO of La Caisse, takes part in a discussion at the Canadian Coalition for Good Governance annual public meeting in Toronto, Ontario, Canada June 14, 2016. REUTERS/Chris Helgren By Matt Scuffham - NEW YORK NEW YORK Caisse de depot et placement du Quebec, one of the world''s biggest real estate investors, is holding off on major investments in London real estate amid uncertainty over the impact of Britain''s planned exit from the European Union. Canada''s second-biggest public pension fund has been an enthusiastic investor in Britain and earlier this year agreed to finance the expansion of London''s Heathrow airport in which it is one of the biggest shareholders. Until recently, London was one of the cities the Caisse was most committed to investing in along with New York and Shanghai. "That is still certainly true for Shanghai, true for New York," Caisse Chief Executive Michael Sabia told Reuters in an interview on Wednesday. However, the Caisse has turned more cautious on Britain''s capital after Prime Minister Theresa May lost her majority in a parliamentary election in early June, giving her a weaker hand in negotiating Britain''s exit from the EU. "We''re pretty cautious right now about making meaningful and significant investments in London real estate," Sabia said. The Caisse has not seen any impact yet on valuations of its existing real estate portfolio in London which is primarily in high-end office buildings. However, Sabia said valuations of less desirable properties were being affected. "The question is how far does this go, does it spread? That is why we''re being careful until we have a better sense." Sabia also said Britain''s economy, which initially withstood the shock of the Brexit vote, was starting to hurt. "I think you''re going to see slowing in the UK as the reality of Brexit begins to affect decision making more, I think we''re already seeing some of that." The Caisse, which manages public pensions for retirees in Quebec, has a duel mandate both to maximise returns for depositors and support economic growth in the Canadian province. A $1.5 billion investment in Bombardier ( BA.N ), headquartered in Quebec, has been slammed by U.S. rival Boeing ( BA.N ) as an unfair subsidy but Sabia rejected that characterisation as "absolute nonsense" on Wednesday. KHAKI PROJECTS Caisse is embarking this year on the construction of the world''s third-biggest public transit system in its home city of Montreal, a groundbreaking project which will see the pension fund take responsibility for both the funding and construction. The C$6 billion project, which has also received funding from the Quebec government and Canada''s federal government, is seen as a test case by other pension funds which normally prefer to invest in ''brownfield'' infrastructure that has already been built rather than take on the construction risk through a ''greenfield'' project. But competition for assets such as roads, bridges and tunnels that have already been built has intensified as investors look for alternatives to low-yielding government bonds and volatile equity markets. Sabia said he believes the Caisse will have an advantage over rivals from developing the skills in-house to manage the construction of new infrastructure and wants to replicate the model in the United States and Europe if it succeeds. He also argued that much infrastructure development falls between the two, citing Heathrow Airport, where the infrastructure is being expanded, labelling them ''khaki'' projects. "You''ve got to have the capacity to work across that spectrum, to have a full product offering is something that''s going to differentiate yourself in the market." The Caisse invests money on behalf of workers and retirees in the province of Quebec and Sabia admitted that there would be reputational risk if money was lost on the Montreal transit project. "Doing things differently and some degree of innovation always comes with some risk. If those reputational issues are so big in your mind then you''re condemned to live in the status quo for ever. "In an investment world that''s changing as much as we think it is changing, staying in the status quo means you''re toast." (Editing by Carmel Crimmins) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-caisse-depot-qc-ceo-exclusive-idUKKBN19J31V'|'2017-06-29T02:24:00.000+03:00'
'913a0e0d43cdb884829e6ac5ef13d1289dae7760'|'COLUMN-Europe set to be natural gas kingmaker as LNG booms: Russell'|'Company   2:00am EDT COLUMN-Europe set to be natural gas kingmaker as LNG booms: Russell (The opinions expressed here are those of the author, a columnist for Reuters.) * Graphic of LNG exports by country: tmsnrt.rs/2sohd8u By Clyde Russell LAUNCESTON, Australia, June 29 It''s probably not quite here yet, but the trend is unmistakeable; the world is moving to a globally-linked natural gas market and the rise of liquefied natural gas (LNG) is the key driver. Much of the increase in LNG capacity is because of the rapid boost to plants in Australia and the United States, as both countries take advantage of abundant local reserves of natural gas to muscle in on a market that until recently had been dominated by a few established producers and buyers. But it is perhaps ironic that while the action on the capacity side of LNG is an Australian and American story, the ultimate controlling player of the emerging global natural gas market is likely to be Europe. This is because Europe is likely to act as a "clearing house" for surplus LNG cargoes, given it has excess re-gasification capacity and the ability to use the fuel for a variety of purposes, from power generation to manufacturing to household heating. Europe is also the only region that can effectively arbitrage between LNG and pipeline prices, given its connection to Russian and other Eastern natural gas via pipelines. The continent is also best-placed to use market forces to find a price level for natural gas versus its competitors, given it still has substantial coal-fired power in some countries as well as being a leader in renewables such as wind and solar. To understand Europe''s role in the LNG market, it''s worth examining how the dynamics of trade in the super-chilled fuel are changing with the rise of Australia and the United States. LNG has traditionally been an opaque and tightly-controlled market, where a small number of exporters signed long-term, oil-linked contracts with an equally small number of buyers, who were more concerned about energy security than price. The major producers included Qatar, Indonesia and Malaysia, while the top buyers were concentrated in North Asia, namely Japan and South Korea, and also in Europe. It was inevitable that this situation would be disrupted once global energy giants such as Chevron, Royal Dutch Shell, ConocoPhillips and Exxon Mobil decided to pour some $200 billion into developing eight new LNG projects in Australia. Three of these are ground-breaking ventures based on using coal-seam gas as feedstock, one is the biggest floating LNG project and the rest are conventional offshore gas to onshore liquefaction plants. When the last of these new plants is operating, most likely by 2018, Australia will have around 80 million tonnes of annual LNG capacity, overtaking Qatar as the top exporter of the fuel. Not far behind Australia on the development scale is the United States, with 16 million tonnes of LNG capacity already operating at the Sabine Pass facility in the Gulf of Mexico. A further 60.5 million tonnes of annual capacity is under construction, and will arrive from late in 2017 to the end of 2019, with the bulk scheduled to be commissioned in 2018. LNG THE LAST TO BOOM AND BUST? The International Gas Union (IGU), the industry''s lobby group, said in its annual review in April that there was 340 million tonnes of LNG capacity as at the end of 2016, and a further 114 million tonnes under construction as of the start of this year. In some ways, LNG is the last cab off the rank in the commodity boom that saw massive capacity expansions in iron ore, coal and crude oil as part of the recovery from the 2008 global recession. Much of the investment in commodity projects was driven by the belief that China, the world''s top commodity consumer and importer, would continue to soak up everything the world could throw at it. As can be seen from the five years of price declines for coal and iron ore from 2011 to 2015, this was a forlorn hope, even though China has continued to increase its imports of natural resources. LNG is equally likely to move into an oversupply situation by 2020, notwithstanding increased imports by China and the emergence of new buyers in Asia, such as Pakistan and Singapore. It''s this oversupply dynamic that is changing the way LNG is traded, with buyers no longer willing to lock into long-term contracts linked to the price of crude oil. While it will take several years for these contracts to disappear entirely, buyers are having success in negotiating shorter-term deals, or even taking more spot cargoes. As a consequence, the spot price of LNG in Asia LNG-AS has plummeted in recent years. From a record $20.50 per million British thermal units (mmBtu) in February 2014, LNG was last at $5.40 in the week to June 23, down nearly 75 percent. The drop in Asian spot LNG prices has led them to converge with prices in Europe, with the British National Balancing Point (NBP) price actually exceeding the Asian spot price in May and June last year, according to the IGU. The difference between the two benchmarks averaged just 91 cents per mmBtu in 2016, the IGU said, showing how dramatically the Asian premium has narrowed in recent years, having been as high as $6 per mmBtu at the end of 2013. Front-month NBP futures ended at the equivalent of $4.88 per mmBtu on June 28, meaning spot the Asian LNG price commanded a premium of just 52 U.S. cents. Benchmark U.S. Henry Hub natural gas futures were at $3.067 per mmBtu on June 28, showing that the three main regional benchmarks are fairly close to each other. This becomes even more the case when the approximately $1.50 per mmBtu cost of liquefaction, already included in the spot Asian price, is added to the NBP and Henry Hub prices. The economics of the LNG market then come down to shipping costs across various routes, and it''s here that Europe comes into its own. It''s highly unlikely that Australian LNG will flow to the Atlantic Basin, given the long sea voyage, which adds to the cost but also increases the loss from boil-off of the LNG being shipped. This means Australian LNG will have to find a home in Asia, either among traditional buyers or emerging markets in Southeast Asia, where its geographic position gives it an advantage over Qatar and producers in Africa or the United States. The swing supplier will likely be the United States, which can ship to both Europe and Asia, as well as Latin America. It''s also likely that Qatar may feel increasing pressure in Asia as it has to compete with new Australian supplies, meaning it either has to find new buyers in East Asia or push more cargoes westward to Europe. FLOWS SHOW CHANGING WORLD The new dynamics of LNG trade can already be seen in flows around the world. In 2016, 278.9 million tonnes of LNG moved by ship globally, according to vessel-tracking and port data compiled by Thomson Reuters, a 7.6 percent hike from the 259.2 million shipped the prior year. Of that total, 41.7 million tonnes went to Europe, while 156.5 million went to North Asia, which includes Japan, South Korea and China, and 33.2 million was shipped to the rest of Asia. Back in 2013 total LNG trade stood at 243.9 million tonnes, with 38.5 million going to Europe, 151.5 million to North Asia and 17.7 million to the rest of Asia. What this shows is that Europe and North Asia grew slowly in the past four years, while emerging Asia surged on the back of rising imports by India and newer buyers such as Singapore and Pakistan, and even by traditional exporters like Malaysia. Looking at the breakdown by exporting country shows that Australia has gone from shipping 23.7 million tonnes in 2013 to 46.1 million in 2016. Of Australian shipments in 2016, 39.6 million tonnes went to North Asia, up from 21.4 million in 2013. Qatar shipped 34.7 million tonnes to North Asia in 2016, down from 40.5 million in 2013. It seems clear that Australia is supplanting Qatar as the main supplier to North Asian markets, a trend that''s likely to continue as the Pacific nation brings another 40 million tonnes of LNG capacity on line by 2018. Qatar has had success in boosting its shipments to the rest of Asia and to Europe, but it will also face pressure in those markets. Australia has gone from shipping 65,900 tonnes, or just one cargo, to the rest of Asia in 2013 to supplying 3.1 million tonnes in 2016, and it''s likely that its producers, especially those on the northwest coast, will be trying to gain a bigger foothold in markets like India and Sri Lanka. Overall, the global LNG market is becoming more competitive, driven by increased supply and buyer demands for more flexibility. These trends are set to continue in the coming years, creating a far larger spot market and likely seeing the demise of restrictive destination clauses and oil-linked pricing. It''s also the case that much of the demand growth for LNG will be concentrated in Asia, but that doesn''t necessarily mean the region will become the hub for LNG. The main problem in establishing an LNG trading hub is that the fuel isn''t just simply a natural gas version of crude oil. Long-term storage is problematic given the boil-off that occurs when LNG is placed in land-based tanks or on ships. While newer LNG vessels can use boil-off as fuel for the engines, it''s unlikely that LNG can be stored and traded multiple times, as is currently common in crude oil. Singapore would like to become Asia''s LNG hub, but this would require massive infrastructure investment and the development of a regional pipeline system that would allow LNG to be re-gasified and then transported and stored. While this may happen over time, the absence of storage and interconnecting pipelines across Asia limits the continent''s chances of being the centre of the LNG universe. Rather, it''s Europe with its plentiful re-gasification capacity and pipeline and storage infrastructure that can play that role. Among European countries, Spain has the best potential as an LNG hub, given its proximity to Qatar (through the Suez canal), West and North African producers and the United States. Spain has 49 million tonnes per annum in re-gasification capacity, but only 21 percent of this was being utilised in January this year, according to the IGU. Elsewhere in Europe, Britain has 35 million tonnes of re-gasification but, like Spain, only 21 percent was in use in January. In contrast Japan''s 197 million tonnes of capacity had a utilisation rate of 43 percent, South Korea''s 101 million tonnes was used at 35 percent and China''s 49 million tonnes at 56 percent. While it''s clear that the big buyers in North Asia can take more LNG, it''s also obvious that Spain and Britain can take substantially more LNG. They also have the means to use the natural gas, while demand in both Japan and South Korea has been largely steady in recent years, although China is witnessing strong growth. Overall, when the rest of Australia''s LNG hits the market, it will likely push more Qatari cargoes to Europe. As the U.S. LNG comes on stream, it can choose whether to got to Europe or Asia depending on the price. Europe will become the destination of last resort for an increasing number of spot LNG cargoes, meaning it gets to set the price that determines where the fuel goes. Despite being a substantially smaller market than Asia, Europe will become the kingmaker in LNG. (Editing by Richard Pullin)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/column-russell-lng-idUSL3N1JD1QC'|'2017-06-29T09:00:00.000+03:00'
'74efe9eeaeeee1e65f461a78f6599ef776ba1da3'|'Canada''s top court hands patent win to pharmaceutical companies'|'Health News - Fri Jun 30, 2017 - 2:59pm EDT Canada''s top court hands patent win to pharmaceutical companies By David Ljunggren - OTTAWA OTTAWA Canada''s Supreme Court on Friday struck down rules making it easy for generic drug firms to overturn patents granted to pharmaceutical companies, a decision that removes an irritant in the run-up to talks on NAFTA. The ruling spells an end to the so-called Promise Doctrine. This allowed a patent on a drug to be ruled invalid if a court decided the medication had not lived up to all the promises that a firm had made to be granted the patent in the first place. U.S. companies, complaining that this meant it was far too easy for them to lose patents on drugs they had spent a fortune on developing, wanted the doctrine to be raised as part of the renegotiation of the North American Free Trade Agreement. The nine judges on the top court unanimously backed an appeal by AstraZeneca Plc against generic drug maker Apotex, which wanted to invalidate a patent on a medication used to tackle excess gastric acid. The judges said an otherwise useful drug could be deprived of patent protection because not every promised use had been "sufficiently demonstrated or soundly predicted" before it came onto the market. "Such a consequence is antagonistic to the bargain on which patent law is based wherein we ask inventors to give fulsome disclosure in exchange for a limited monopoly," they wrote. The doctrine, which came into force in 2005, has already been used to invalidate almost 30 medical patents. The U.S. Chamber of Commerce welcomed the decision, saying the doctrine had "created harmful instability and uncertainty for medical innovators by making it difficult to obtain or defend a life science patent in Canada". Talks on NAFTA could start as soon as August. In recent months Canada and the United States have clashed over dairy, lumber and commercial aircraft. Eli Lilly and Co challenged the doctrine at a NAFTA arbitration panel but lost the case earlier this year. Richard Gold, a law professor at McGill University in Montreal who specializes in intellectual property, said the ruling greatly strengthened the hand of patent holders. "This takes an irritant off the table, which simplifies NAFTA negotiations," he said in a phone interview, saying the court had weakened Canada''s hand at the talks by depriving it of a potential bargaining chip. Neither AstraZeneca or Apotex were immediately available for comment. (Reporting by David Ljunggren; Editing by Jonathan Oatis)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-canada-astrazeneca-idUSKBN19L2OQ'|'2017-06-30T21:54:00.000+03:00'
'bf7976144f9146b760c1ccfba7104c2296857487'|'India readies for new ''tryst with destiny'' in GST'|'June 30, 2017 / 2:02 PM / 3 hours ago India readies for new ''tryst with destiny'' in GST By Rajesh Kumar Singh 3 Min Read NEW DELHI (Reuters) - Prime minister, his cabinet colleagues and major company executives will gather on Friday in parliament''s central hall for the first midnight ceremony there in two decades to launch the most sweeping tax reform for nearly 70 years. After 14 years of struggle to enlist the support of India''s states, the Goods and Services Tax (GST) will replace more than a dozen union and state levies and unify a country of 1.3 billion people into one of the world''s biggest common markets. The measure is expected to make doing business easier by simplifying the tax structure and ensuring greater compliance, burnishing Prime Minister Narendra Modi''s credentials as a reformer before a planned re-election bid in 2019. But many businesses were nervous about how the change will unfold while smaller establishments staged strikes saying they would get hit by higher tax rates. Modi will mark the switch to the new tax regime with a speech in the central hall of parliament where India declared itself a free nation and first prime minister Jawaharlal Nehru made his famous "tryst with destiny" speech on Aug. 15, 1947. "We are ready," Revenue Secretary Hasmukh Adhia said, hours before the new measure comes into effect. Ratan Tata, patriarch of India''s largest business group, Bollywood superstar Amitabh Bachchan and the country''s most famous singer Lata Mangeshkar will attend the ceremony. "(It) will truly enable us to build a New India," Jayant Sinha, a federal minister wrote in the Times of India. The new sales tax has four rates and numerous exemptions. Adding to the complexity, businesses with a pan-India operation face an arduous task of filing over 1000 digital returns a year. A worker looks from a balcony next to a banner with a message against the implementation of the Goods and Services Tax (GST) on textiles, during a strike in Kolkata, June 30, 2017. Rupak De Chowdhuri Protests, Strike While higher tax rates for services and non-food items are expected to fuel price pressures, compliance is feared to be a major challenge in a country where many entrepreneurs are not computer literate and rely on hand-written ledgers. "We have jumped into a river but don''t know its depth," said A. Subba Rao, an executive director at power firm CLP India. Slideshow (5 Images) Poor implementation could deal a blow to Asia''s third-largest economy that is still recovering from Modi''s decision late last year to outlaw 86 percent of the currency in circulation. The government expects things to settle down in the coming months, helping businesses reap the benefits of the new sales tax. An end of tax arbitrage under the GST is estimated to save companies $14 billion in reduced logistics costs and efficiency gains. As the GST is a value added tax, firms will have an incentive to comply in order to avail credit for taxes already paid. This should widen the tax net, shoring up public finances. HSBC estimates the reform could add 0.4 percentage points to economic growth. "(The) GST paves the way for the ''One Nation, One Tax'' ideology," said Devendra Kumar Vyas, chief executive officer at Srei Equipment Finance Ltd. Editing by Sanjeev Miglani and Toby Davis 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/india-tax-idINKBN19L1Z7'|'2017-06-30T17:02:00.000+03:00'
'f2bea24a7afd0b992396cb1b39fff71652b39518'|'Exclusive: Indian Railways safety overhaul at risk due to rail shortage - documents'|'June 30, 2017 / 7:17 AM / 13 hours ago Exclusive: Indian Railways safety overhaul at risk due to rail shortage - documents By Neha Dasgupta 4 Min Read Auto rickshaw drivers wait for customers outside Ghaziabad train station in the outskirts of Delhi, India, June 28, 2017. Cathal McNaughton NEW DELHI (Reuters) - A planned $15 billion safety overhaul of India''s ageing rail network is facing delays as the country''s state steel company is unable to meet demand for new rails, according to two government documents seen by Reuters. State-owned Steel Authority of India Ltd (SAIL) ( SAIL.NS ) has promised to meet only around 78 percent of demand in the year to end-March 2018, prompting Indian Railways to escalate the problem to the office of Prime Minister Narendra Modi, communications between the railways and the steel ministry show. The shortfall means upgrades of the accident-prone network could move at a slower pace than the five years initially planned, and underscores the problems facing Modi as he tries to modernize India''s infrastructure. Supplies of rails are only expected to improve next year. "(The) ambitious programme of capacity augmentation undertaken by railways and track renewal, the foremost priority in the recently created (railway safety fund) ... crucially hinges on the supply of rail," Railways Board Chairman A.K. Mital wrote in a letter to Steel Secretary Aruna Sharma on May 19. "Unless SAIL steps up supply, the whole programme will be at risk." The state rail operator is in the middle of a $130 billion, five-year overhaul to modernise the world''s fourth-biggest network. The government in February launched an additional $15 billion fund to tackle a 25 percent rise in train accidents due to track defects over the past two years. Loss-making SAIL, whose revival is being managed by the steel ministry, supplied about 620,000 tonnes of rails in the fiscal year to end-March, well short of demand of 1 million tonnes. In a meeting called by Modi''s office on Feb. 14, SAIL told the railways that supplies would fall well short of demand this fiscal year too, according to the letter. For 2017/18, it has committed to provide 1.14 million tonnes, against a request for 1.46 million tonnes as demand ramps up to meet the safety programme. This represents about 78 percent, but the rate of supplies for the first two months suggested SAIL would struggle to meet even its own reduced target, Mital said in the letter. A man rides his bicycle across the railway tracks at Ghaziabad train station in the outskirts of Delhi, India, June 28, 2017. Cathal McNaughton "The shortfall needs to be made good quickly and supply rate accelerated to meet the committed quantity (for this fiscal year)," Mital wrote. SAIL and Modi''s office did not respond to requests seeking comment. The railways had no immediate comment and Mital did not respond to a request for comment. Sail Monopoly A boy herds goats on the railway tracks at Ghaziabad train station in the outskirts of Delhi, India, June 28, 2017. Cathal McNaughton Indian Railways have considered ending SAIL''s monopoly on supplying rail, but Modi''s cabinet in May made the use of local steel mandatory for government infrastructure projects, ruling out the use of imports. Local firm Jindal Steel and Power Ltd ( JNSP.NS ) has tried for years to win a rail supply contract, but is battling a long-standing preference by Indian policymakers for state companies over private firms for big-ticket government projects. Executives at SAIL, which has lost money in the last seven quarters, have said a surge in demand to replace old tracks and lay new ones meant it was struggling to meet supply targets, despite a rise in production from its existing plant. Steel secretary Sharma wrote to SAIL on May 29, in a letter seen by Reuters, noting that the railway upgrade was a "very important national project" and that "any shortfall in rail supplies to this project would be taken seriously". Sharma told Reuters a new SAIL mill at Bhilai, in eastern India, will help the steelmaker boost capacity, which should ease the rails deficit. SAIL has targeted total capacity of 2 million tonnes per year from its Bhilai plant. "We are conscious about the concerns of the railway ministry but we have enough rail manufacturing capabilities within the country," she said. Reporting by Neha Dasgupta; Additional reporting by Tommy Wilkes; Writing by Krishna N. Das; Editing by Richard Pullin 0 : 0 '|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/india-railways-steel-idINKBN19L0PA'|'2017-06-30T10:14:00.000+03:00'
'540667d99e434c5dc0e5e5fed036af395afb7f41'|'PRESS DIGEST- New York Times business news - June 30'|'Market News - Fri Jun 30, 2017 - 12:14am EDT PRESS DIGEST- New York Times business news - June 30 June 30 The following are the top stories on the New York Times business pages. Reuters has not verified these stories and does not vouch for their accuracy. - The British authorities asked regulators to further examine 21st Century Fox''s $15 billion deal for the European satellite giant Sky Plc. nyti.ms/2sssyog - U.S. President Donald Trump lashed out Thursday at the appearance and intellect of Mika Brzezinski, a co-host of MSNBC''s "Morning Joe," drawing condemnation from his fellow Republicans and reigniting the controversy over his attitudes toward women that nearly derailed his candidacy last year. nyti.ms/2ssYf0y - The Trump administration has imposed sanctions on a Chinese bank, a Chinese company and two Chinese citizens in an effort to crack down on North Korea''s financing and development of weapons of mass destruction. nyti.ms/2ssOOOJ - Walgreens Boots Alliance Inc and Rite Aid Corp said they had called off their long-planned merger after antitrust authorities indicated they were not likely to approve the combination of two of the nation''s biggest drugstore chains. nyti.ms/2ssPweB - Greta Van Susteren confirmed her departure from MSNBC, five and a half months into the job, with a post on Twitter that read "I am out at MSNBC." nyti.ms/2ssHhzm - Shares of Blue Apron Holdings Corp had a bland market debut on Thursday, as investors proved wary of the meal-kit provider and its initial public offering. nyti.ms/2ssBWIx (Compiled by Bengaluru newsroom)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/press-digest-nyt-idUSL3N1JR1RK'|'2017-06-30T07:14:00.000+03:00'
'2a3211d9caa4b509bfcf9bdf4c6eb4349902dd6a'|'Emerging markets see 7th straight month of foreign capital inflows'|'Market News   10:45am EDT Emerging markets see 7th straight month of foreign capital inflows By Dion Rabouin - NEW YORK, June 30 NEW YORK, June 30 Emerging market portfolios saw $17.8 billion of net non-resident portfolio flows in June, marking the seventh straight month of positive foreign inflows to the asset class, the longest streak since late 2014, a banking survey showed on Friday. The Institute for International Finance estimates that total inflows in June were down slightly from $20.2 billion in May, with about $13 billion flowing into debt and $5 billion to equity markets, respectively. "We remain cautiously optimistic on the overall outlook for EM capital flows given the very shallow pace of Fed tightening expected by markets — well below the Fed dots — but cognizant of potential headwinds," IIF said in a statement. Regionally, emerging markets in Asia were responsible for the lion''s share of all inflows in June, drawing $15.8 billion in combined equity and debt, with debt inflows to India playing a large role. Asia was followed by EM Europe, with $2.0 billion, while a modest bump in Latin American of $0.6 billion offset a similar drop in Africa and the Middle East of $-0.5 billion. May marked the strongest pace of emerging markets net capital inflows, excluding China, since the U.S. election, rising to $16.5 billion. That was up from $2.5 billion in April. IIF reported that the strong upswing was mainly driven by robust inflows to Turkey, at $9.2 billion, India with $9 billion, and Mexico, at $2.3 billion. In contrast, net capital flows to Brazil turned negative in May, IIF said, hurt by a sharp contraction in non-resident capital inflows. On May 17, secret recordings of Brazilian President Michel Temer were released that alleged Temer was discussing a bribery plot with Joesley Batista, chairman of the country’s largest meat-packing firm JBS, to pay a monthly allowance to former House Speaker Eduardo Cunha. Brazil''s benchmark Bovespa stock exchange, real currency and government bonds all sold off following the news. (Reporting by Dion Rabouin; Editing by Chizu Nomiyama)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/emerging-flows-iif-idUSL1N1JR0QL'|'2017-06-30T17:45:00.000+03:00'
'90f932b64afb1e59dfaf17b044890edc54a38ef1'|'Hong Kong home prices hit record high as Xi praises government on housing'|'Business News   10:00am BST Hong Kong home prices hit record high as Xi praises government on housing A property agent poses with a property development catalogue in front of a house for sale inside a luxury estate in Hong Kong March 18, 2014. REUTERS/Bobby Yip By Venus Wu - HONG KONG HONG KONG Hong Kong''s private home prices hit a record high in May, according to government data released on Friday, just as Chinese President Xi Jinping praised the local government for "making progress" on its work on housing. Hong Kong''s private home prices rose 1.2 percent in May from April, according to an index compiled by the Rating and Valuation Department. They rose more than 20 percent from May 2016. The monthly index has been rising for 14 consecutive months, breaking historic records every month since November last year. Xi is in Hong Kong from Thursday to Saturday to mark the 20th anniversary of its handover from British to Chinese rule and to oversee the swearing-in of the city''s first female leader, Carrie Lam, on Saturday. "You''ve made progress in land and housing, helping the old and the poor, and technology and innovation," Xi told dozens of Hong Kong''s senior officials on Thursday evening, in comments carried by local television. Making housing more affordable in the Asian financial hub, one of the most expensive property markets in the world, will be among Lam''s top priorities when she begins her five-year term. Income inequality is at its highest level in over four decades in Hong Kong, stoking discontent in the city that has been rocked by large-scale protests in recent years over calls for more affordable housing and full democracy. (Reporting by Venus Wu, Editing by Anne Marie Roantree)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-hongkong-property-idUKKBN19L0XP'|'2017-06-30T12:00:00.000+03:00'
'93f6ebb289c6b32796caa746f6ed3a84f56b90a5'|'Lloyds misses HBOS fraud payout deadline'|'Top News   1:09pm BST Lloyds misses HBOS fraud payout deadline A man walks past a branch of Lloyds bank in central London February 13, 2014. REUTERS/Paul Hackett LONDON Lloyds Banking Group said on Friday it has made compensation offers to only seven of 67 customers impacted by one of Britain''s biggest banking frauds, the latest delay in a decade-long struggle by business owners for redress. Britain''s biggest mortgage lender will miss a self-imposed end-of-June deadline for making payments to most victims of the fraud and it said it is "disappointed" that the process is taking so long. Lloyds announced the deadline for its 100 million- pound compensation scheme in April after six men were jailed in February for a scam that involved siphoning money from struggling businesses. Two former bankers with Lloyds'' unit HBOS in the town of Reading were among those jailed for their involvement in the scam, which affected 67 people including Noel Edmonds, a TV presenter and former disc jockey. Lloyds said on Friday it was close to making offers to eight more clients. "We are disappointed that getting to offers is taking longer than we had hoped, but we are committed to doing everything we can to support those affected as we continue with the review," said Adrian White, Lloyds'' chief operating officer for commercial Banking. Victims of the fraud have accused the bank of dragging out the compensation process and underestimating the final amount it will have to pay. The jailed bankers pushed struggling business owners to employ a costly turnaround consultancy as a condition for receiving loans and, in some cases, hand over ownership. One of the bankers received designer watches, exotic holidays and sex with prostitutes from the consultancy in return for referring clients to the firm, evidence presented in the trial showed. Lloyds said part of the reason for the delay in making compensation offers was it is still waiting for information from victims that would allow it to decide on payouts. The bank said on Friday it is making a one-off payment of 35,000 pounds to all customers impacted by the fraud to help cover expenses. (Reporting by Andrew MacAskill; Editing by William Schomberg)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-lloyds-hbos-fraud-idUKKBN19L1N9'|'2017-06-30T15:09:00.000+03:00'
'8d25517895a0d6cb09066f01d526c3c630648e58'|'Lufthansa, Fraport now aim for airport fees deal next week - sources'|'FRANKFURT An agreement between Lufthansa and Fraport, the operator of Frankfurt airport, on reduced fees for the carrier''s Eurowings budget unit will likely be signed next week now, two sources familiar with the matter said.Fraport and Lufthansa have been discussing fees, costs and cooperation since Fraport angered main customer Lufthansa by making concessions to Ryanair, enabling the Irish low-cost carrier to start flights from Germany''s largest airport earlier this year.Earlier this week, Reuters reported a deal was close to be being signed.The contract, which would give Eurowings the same discounts as Ryanair, has been negotiated, but the signing is taking longer due to a technicality, the two sources said.Fraport and Lufthansa declined to comment.(Reporting by Peter Maushagen; Writing by Victoria Bryan; Editing by Maria Sheahan)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/lufthansa-fraport-airport-idINKBN19K1NJ'|'2017-06-29T10:29:00.000+03:00'
'5466bc6db48d433cfda23ef2b6b4e1b1b68658b6'|'Global coordination important as world economy changes - China Vice Finance Minister'|'Business News - Thu Jun 29, 2017 - 5:26am BST Global coordination important as world economy changes: China vice finance minister China''s Vice Finance Minister Zhu Guangyao, attends a conference during the 2016 IIF G20 Conference at the financial district of Pudong in Shanghai, China, February 25, 2016. REUTERS/Aly Song BEIJING Global coordination is important as the world economy undergoes changes, including the latest increase in U.S. interest rates earlier this month, China''s Vice Finance Minister Zhu Guangyao said ahead of a G20 summit of leaders in July. As the global economy stabilises, major countries need to normalise their interest rates, although this is happening at a very slow pace, Zhu told reporters in Beijing on Thursday. "We need to closely monitor how the normalisation of interest rates in major economies will impact global capital markets," said Zhu. The U.S. Federal Reserve has raised interest rates four times as part of a normalization of monetary policy that began in December 2015. The central bank had pushed rates to near zero in response to the financial crisis a decade ago. Zhu said the new global macroeconomic environment makes it even more important for global coordination through channels like the G20, which will convene in Hamburg next month. Earlier this week, the Bank for International Settlements (BIS), an umbrella body for leading central banks, said in one of its most upbeat annual reports for years that major central banks should press ahead with interest rate increases. Policymakers should take advantage of the improving economic outlook and its surprisingly negligible effect on inflation to accelerate the "great unwinding" of quantitative easing programmes and record low interest rates, the BIS said. The Chinese central bank guided market interest rates higher in the first quarter, including immediately after a Fed rate hike in March. The move was partly an effort to counter pressure on the yuan from capital outflows, analysts say. The People''s Bank of China last adjusted its policy rates in October 2015. Efforts to rein in North Korea''s nuclear and missile programmes are likely to be a focus in bilateral meetings President Xi Jinping might hold during the G20. Asked if Xi would meet U.S. President Donald Trump, South Korean President Moon Jae-in, or Japan''s Prime Minister Shinzo Abe at the summit, Vice Foreign Minister Li Baodong said schedules were still being arranged. Li reiterated that China wants to resolve the situation on the Korean peninsula through dialogue. Trump is growing increasingly frustrated with China over its inaction on North Korea, according to senior U.S. administration officials, though Beijing has repeatedly said its influence over Pyongyang is limited and that it is doing all it can. (Reporting by Sue-Lin Wong and Michael Martina; Writing by Ryan Woo; Editing by Michael Perry) '|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-china-g-idUKKBN19K08V'|'2017-06-29T07:25:00.000+03:00'
'017c620e9bf437f65eea4bbaf6f4847c61bfbce0'|'Covestro vows to cash out to shareholders if no takeover on cards'|' 43am BST Covestro vows to cash out to shareholders if no takeover on cards FRANKFURT German plastics and chemicals group Covestro ( 1COV.DE ) pledged it would return cash to shareholders if it cannot find a suitable major takeover target within two years as it expects to generate 5 billion euros (£4.39 billion) in total operating cash flow after investments over the next five years. "We intend to return excess cash to our shareholders after 24 months without significant M&A activity. This return could be done via share buybacks or special dividends," Chief Executive Patrick Thomas said in a statement on Thursday. Covestro, which parent Bayer ( BAYGn.DE ) plans to sell, is holding a capital markets day for analysts and investors on Thursday. (Reporting by Ludwig Burger; Editing by Maria Sheahan)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-covestro-cashflow-idUKKBN19K0M7'|'2017-06-29T09:43:00.000+03:00'
'185d91747a555b22a5f4463ce32e1f6c7b37b27e'|'Buffett''s Berkshire on verge of becoming BofA''s top shareholder'|'Banks - Wed Jun 28, 2017 - 6:06pm EDT Buffett''s Berkshire on verge of becoming BofA''s top shareholder left right A Bank Of America sign is pictured in the Manhattan borough of New York August 21, 2014. REUTERS/Carlo Allegri 1/2 left right Berkshire Hathaway shareholders walk by a video screen at the company''s annual meeting in Omaha May 4, 2013. REUTERS/Rick Wilking/File Photo 2/2 By Jonathan Stempel Warren Buffett''s Berkshire Hathaway Inc ( BRKa.N ) may be on the verge of becoming Bank of America Corp''s ( BAC.N ) largest shareholder, after the bank raised its dividend in the wake of a positive assessment of its ability to handle market stresses. Bank of America on Wednesday boosted its annual dividend 60 percent to 48 cents per share from 30 cents, beginning in the third quarter. Buffett has said a boost of that size would likely prompt him to swap Berkshire''s preferred shares in the second-largest bank into common shares now worth about $16.7 billion. Berkshire did not immediately respond to requests for comment. An exchange would made Berkshire the largest shareholder of both Bank of America and Wells Fargo & Co ( WFC.N ), the third-largest U.S. bank, and more than triple a $5 billion investment made fewer than six years ago. It would also signal Buffett''s confidence in Brian Moynihan, Bank of America''s chief executive. Moynihan has worked to restore investors'' confidence in his Charlotte, North Carolina-based bank after it spent more than $70 billion since the global financial crisis to resolve legal and regulatory matters, largely from its purchases of Countrywide Financial Corp and Merrill Lynch & Co. "Buffett has said he is very happy with what Moynihan''s doing, and it''s easy work for him to get more dividends," said Bill Smead, whose $1.16 billion Smead Value fund includes shares of both companies. "For Bank of America, it would mean a further endorsement by the most spectacular large-cap stock picker of all time." Buffett is worth $76.1 billion, Forbes magazine says. The dividend increase required approval by the Federal Reserve, which conducts annual "stress tests" of big banks'' ability to handle tough economic and market conditions. On Wednesday, the Fed approved capital plans for Bank of America, which also announced a $12 billion stock buyback plan, and 33 other large U.S. banks. LENDER OF LAST RESORT Buffett had bought $5 billion of Bank of America preferred stock with a 6 percent dividend, or $300 million annually, in August 2011, when investors worried about the bank''s capital needs. The purchase included warrants to acquire 700 million common shares at $7.14 each, less than one-third Wednesday''s closing price of $23.88. In his Feb. 25 letter to Berkshire shareholders, Buffett said he "would anticipate" swapping the preferred stock into common stock if the annual dividend rose above 44 cents per share. If Omaha, Nebraska-based Berkshire made the swap now, it would have a $11.7 billion paper profit and begin collecting $336 million of annual dividends, on top of roughly $1.7 billion of dividends already paid. A swap would also let Berkshire enjoy gains if Bank of America''s stock price rose. In contrast, the value of the preferred shares will not change so long as Bank of America does not collapse. Berkshire''s warrants expire in September 2021. Buffett''s bet was among more than $25 billion of high-yielding investments he made from 2008 to 2011 in such companies as General Electric Co ( GE.N ) and Goldman Sachs Group Inc ( GS.N ). The investments shored up confidence in the companies and helped give Buffett a reputation as a lender of last resort when times were tough. Bank of America''s largest shareholder is Vanguard Group, whose 652.4 million shares give it a 6.6 percent stake, Reuters data show. (Reporting by Jonathan Stempel in New York; Editing by Sandra Maler and Dan Grebler) '|'reuters.com'|'http://feeds.reuters.com/reuters/businessNews'|'http://www.reuters.com/article/us-berkshire-hatha-bank-of-america-idUSKBN19J2W8'|'2017-06-29T00:21:00.000+03:00'
'd2c3b53f47eb23eca18d0bbe3a11feed454fd313'|'H&M beats profit forecasts but trading remains tough'|'By Anna Ringstrom and Helena Soderpalm - STOCKHOLM STOCKHOLM Swedish fashion chain H&M beat quarterly profit forecasts on Thursday after improving its ability to control costs as it expands across the globe.But the world''s second biggest fashion retailer said many major markets remained challenging. Unexpectedly low sales and higher inventories meant it had to step up price markdowns on its clothes to get them sold.After decades of strong growth, H&M has repeatedly missed sales forecasts because of stiffer competition from budget rivals such as Primark and new online players Zalando and Asos.Its bigger rival, Zara owner Inditex, has weathered sluggish markets better. H&M said key markets such as China and the United States remained tough.H&M''s shares, which have been on a downhill slope since 2015, rose 2.6 percent by 0720 GMT on the profit beat, taking a year-to-date fall to 17 percent, but investor uncertainty about the company''s sales outlook lingered. The shares later fell back to stand 0.9 percent higher by 0915 GMT."Whilst the outcome for the quarter is better than expected, there is plenty here for the bears too," said Morgan Stanley analysts, who have an "underweight" rating on H&M stock.INVESTING MOREH&M has in recent years made large IT investments to better integrate brick-and-mortar store and online shopping, and to speed up the supply chain to get new designs to consumers more rapidly.Analysts complain, however, that they are still seeing little sign that the investments are paying off."H&M has been investing heavily in online capability (IT, logistics, integration with the stores) for a some time now, but sales growth has yet to respond to this," said Societe Generale analyst Anne Critchlow, who rates H&M a "sell"."For the H&M concept''s young value fashion target audience, stronger investment may be required, for example through a free delivery and returns offer, in line with some of the pure online competitors."Chief Executive Karl-Johan Persson told a news conference investment levels would remain high. The company warned of more markdowns in its third quarter, after inventories increased also the second quarter.It also guided for local-currency sales growth in June, the first month of its third quarter, of 7 percent year-on-year, just below a mean forecast in a Reuters poll.It had already reported second-quarter sales.Critchlow said that implied flat like-for-like sales in June after they were flat or negative every month this year.In order to reach more shoppers and to reduce exposure to the increasingly crowded budget segment, H&M is also branching out into new separate brands with a higher price range than its core budget H&M brand.Pretax profit in the March-May period grew 10 percent from a year earlier, to 7.71 billion crowns ($904 million), against a mean forecast in a Reuters poll of analysts of less than 2 percent growth.Inditex earlier this month reported an 18 percent rise in quarterly profit, stretchingh its lead over H&M, although its sales growth slowed in the weeks before the report.H&M unveiled plans to enter Uruguay and Ukraine next year, and to roll out online in the Philippines and Cyprus this year and in India next year. The company, which doesn''t report online sales separately, predicted annual online sales growth of least 25 percent going forward.($1 = 8.5256 Swedish crowns)(Reporting by Anna Ringstrom and Helena Soderpalm; Editing by Keith Weir)'|'reuters.com'|'http://in.reuters.com/finance/markets/companyOutlooksNews'|'http://in.reuters.com/article/h-m-results-idINKBN19K12H'|'2017-06-29T07:38:00.000+03:00'
'c8cf60bceb8067900d77527295c2e3b96c074fad'|'Tesco and Booker want UK regulator to ''fast track'' competition probe'|'LONDON Britain''s biggest retailer Tesco ( TSCO.L ) and its takeover target Booker ( BOK.L ) have asked the UK competition regulator to "fast track" examination of their 3.7 billion pound ($4.8 billion) deal to a more detailed second stage, they said on Thursday.Tesco and the wholesaler Booker announced the cash and shares deal in January and the Competition and Markets Authority (CMA) formally started its initial Phase 1 review on May 30.The CMA is assessing whether the deal could reduce competition and choice for shoppers and other customers, such as stores currently supplied by Booker. The initial investigation was due to run until July 25."We have now requested that the CMA uses the fast track process to allow it to move more quickly to examining the merger through a detailed Phase 2 process," the companies said.They said they expect the CMA to issue a decision to refer to Phase 2 within the next two weeks.The transaction will be cleared if that inquiry, which lasts up to 24 weeks, does not find it will reduce competition. If competition is seen to be affected, the CMA can either seek remedies or block the deal.A spokeswoman for Tesco said it expected the deal to complete in January.Tesco sees the deal as a new source of growth given Booker''s role as a major distributor to the catering industry.Some Tesco shareholders have criticized the deal, saying it was overpaying and a distraction from its turnaround plan.Booker supplies convenience chains including Budgens and Londis, restaurants such as Wagamama and Carluccio''s and also operates the Makro cash and carry business.Shares in Tesco, which on Wednesday announced 1,200 head office job cuts, were up 0.1 percent at 172 pence at 0708 GMT. Booker shares were flat at 187.4 pence.The deal values Booker shares at 190.7 pence.($1 = 0.7715 pounds)(Reporting by James Davey; editing by Kate Holton)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-booker-m-a-tesco-idINKBN19K0RD'|'2017-06-29T05:40:00.000+03:00'
'b058f734c1a27eeaf23758ce9238f79a8359ba1e'|'BoE''s Haldane says need to look seriously at rate hike - BBC'|'Business News   10:44am BST BoE''s Haldane says need to look seriously at rate hike - BBC A man stands outside the Bank of England in the City of London, Britain April 19, 2017. Sterling basked in the glow of a six-month high following Tuesday''s surprise news of a snap UK election. REUTERS/Hannah McKay - RTS12XJP LONDON Bank of England chief economist Andy Haldane said on Thursday that the central bank needs to "look seriously" at raising interest rates to keep a lid on inflation, even though he was happy with their current level. "We need to look seriously at the possibility of raising interest rates to keep the lid on those cost of living increases," Haldane told the BBC during a visit to Wales. "For now we are happy with where the rates are, we need to be vigilant for what happens next." Last week Haldane surprised financial markets by saying he was likely to vote for an interest rate hike this year. (Reporting by Andy Bruce, editing by David Milliken)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-britain-boe-haldane-idUKKBN19K12T'|'2017-06-29T12:44:00.000+03:00'
'196a3c899bf3ac41d0acf318b5e2860c0728a2fa'|'Goldman Sachs sells $300 million of controversial Venezuelan bonds-WSJ'|'Business News - Fri Jun 30, 2017 - 6:54pm BST Goldman Sachs sells $300 million of controversial Venezuelan bonds-WSJ FILE PHOTO: A Goldman Sachs sign is displayed inside the company''s post on the floor of the New York Stock Exchange (NYSE) in New York, U.S., April 18, 2017. REUTERS/Brendan McDermid Goldman Sachs Group Inc''s ( GS.N ) asset management arm has sold at least $300 million (230.77 million pounds) of the Venezuelan bonds it acquired in a purchase in May, the Wall Street Journal reported on Friday, citing people familiar with the matter. Four or five hedge funds in London and New York bought the bonds of state-owned oil company Petróleos de Venezuela SA (PdVSA) for about 32.5 cents on the dollar, slightly more than the 31 cents Goldman paid, according to people familiar with the matter, the WSJ said. Goldman Sachs declined to comment. The investment bank came under fire from Venezuelan politicians and protesters in New York opposed to President Nicolas Maduro''s dictatorial regime for buying $2.8 billion in government bonds for pennies on the dollar. Japanese investment bank Nomura Securities also bought about $100 million worth of Venezuelan bonds earlier in June as part of the same deal that Goldman Sachs took part in. (Reporting by Pallavi Dewan in Bengaluru; Edited by Martina D''Couto)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-venezuela-goldman-sachs-idUKKBN19L2K9'|'2017-06-30T20:54:00.000+03:00'
'c2e78951550e70865ff9d625146234867bb24300'|'China''s outstanding foreign debt rises to $1.44 trillion at end-March - FX regulator'|'Business News - Fri Jun 30, 2017 - 8:40am BST China''s outstanding foreign debt rises to $1.44 trillion at end-March - FX regulator BEIJING China''s outstanding foreign debt rose to $1.44 trillion (£1.10 trillion) at the end of the first quarter from $1.42 trillion at the end of 2016, the foreign exchange regulator said on Friday. Short-term foreign debt stood at $916.4 billion at end-March, up from $870.9 billion at the end of last year, the regulator said. Short-term foreign debt accounted for 64 percent of the total at the end of March, while medium- and long-term debt made up 36 percent of the total, the State Administration of Foreign Exchange said in a statement on its website. China''s foreign debt increased steadily in the first quarter and the country will continue to fend off foreign debt risks, the FX regulator said in a note accompanying the statement. (Reporting by Beijing Monitoring Desk; Editing by Shri Navaratnam)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-china-economy-foreign-debt-idUKKBN19L0QX'|'2017-06-30T10:40:00.000+03:00'
'458500eb78907e7787d427472c3ba68eacfbd1d8'|'Vivendi would need to pay a 30 percent to take over Ubisoft, analysts say'|'By Mathieu Rosemain and Sophie Sassard (This version of the JUNE 28 story deletes repeated phrase in paragraph 2)By Mathieu Rosemain and Sophie SassardPARIS/LONDON France''s Vivendi ( VIV.PA ) would need to pay an estimated 30 percent premium on the price of Ubisoft''s ( UBIP.PA ) shares to lure institutional investors and take control of the video games maker, according to several analysts.Vivendi has gradually raised its stake in Ubisoft, best known for its Assassin''s Creed and South Park video games, but so far Ubisoft''s co-founder and CEO Yves Guillemot and his family have managed to fend off the media giant.Vivendi currently holds 27 percent of Ubisoft''s share capital and 24.5 percent of the voting rights.If such a premium were necessary to take control of the company, Vivendi would have to pay out 5.4 billion euros ($6 billion) for the remaining shares in Ubisoft, a hefty price for Vivendi whose net cash position slumped to 473 million euros at the end of March from 6.4 billion euros at the end of 2015.But Vivendi, led by billionaire Vincent Bollore, wants to grow in the advertising and video games sectors and will soon take control of ad group Havas ( HAVA.PA ), potentially leaving Ubisoft next in line.It has gradually raised its stake in the business since 2015 and is asking for board representation. It has said it sees synergies between the two groups.The Guillemot family owns 13.6 percent of Ubisoft and 20 percent of its voting rights."It''s all a question of price," said Richard-Maxime Beaudoux, an analyst at Bryan, Garnier & Co who estimates any full bid from Vivendi would be in the range of 60-67 euros per share, compared with a 50.56 euro share price on Wednesday.The Guillemot''s have so far received the support of Ubisoft third-biggest investor, mutual fund giant Fidelity Investments, two sources close to the matter told Reuters.Fidelity''s 10 percent stake would help the Guillemot''s block any attempt by Vivendi to elect a board member at the next general meeting in September, the sources added.Fidelity and Vivendi declined to comment."Ubisoft''s largest institutional shareholders are firmly sided with the current management team for now," said Timothy O''Shea, an analyst at Jefferies who estimated the necessary premium on the video games maker to be at least 30 percent."Investors are also concerned about brain drain; if Vivendi gains control we could see creative talent or executive departures," he added.Other top institutional investors include BlackRock and Norges Bank.A generous cash offer could even convince Ubisoft''s CEO to stay, Beaudoux said."If there''s a significant premium and Guillemot can stay, then (video game) developers would also stay," he said.($1 = 0.8794 euros)(Additional reporting by Gwenaelle Barzic; Editing by Elaine Hardcastle)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-ubisoft-m-a-vivendi-idINKBN19J2F5'|'2017-06-29T06:02:00.000+03:00'
'de829b1dc0d1b8d977ed37910e98df3b2f40c68d'|'BRIEF-Orbital ATK receives contract to repair trainer aircraft for Iraqi Air Force'|'Company  44am EDT BRIEF-Orbital ATK receives contract to repair trainer aircraft for Iraqi Air Force June 29 Orbital Atk Inc * Orbital atk inc- received a contract from u.s. Government to repair trainer aircraft for iraqi air force to continue their security mission Source text for Eikon:   * PyroGenesis Canada Inc- "Can say with certainty that our Q2-2017 results will be significantly better than that posted for same period in 2016" Source text for Eikon:   MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories Reuters Plus - Reuters News Agency - Brand Attribution Guidelines - Careers Reuters is the news and media division of Thomson Reuters . Thomson Reuters is the world''s largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Learn more about Thomson Reuters products:'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-orbital-atk-receives-contract-to-r-idUSFWN1JQ0EP'|'2017-06-29T15:44:00.000+03:00'
'3e211fa1ff1cc932f6fc4aa7195ea5770848046a'|'UPDATE 2-Cofco''s Argentina grains operations affected by cyber attack'|'(Refiles to fix verb tense in first paragraph)By Hugh BronsteinBUENOS AIRES, June 28 Activity at ports operated by China''s Cofco in Argentina''s main grains hub of Rosario has been interrupted by a worldwide cyber attack, a local port manager said on Wednesday, the first sign that the virus had made its way to South America.The computer worm was first seen in Ukraine on Tuesday, going on to affect port facilities ranging from Mumbai to Los Angeles. It hit Argentina on Wednesday, slowing wheat and fertilizer shipments and threatening to impact the flow of soybeans to the country''s main client, China, at the height of export season."Cofco''s system has been affected by the global attack. It has been infected by a virus. So they are working mechanically, not connected to their regular information system," Guillermo Wade, head of Argentina''s CAPyM port operators'' chamber, told Reuters in a telephone interview.A local Cofco representative did not respond to a request for comment. The company''s Brazil unit declined to comment.In 2014 Cofco agreed to buy Dutch grain trader Nidera and the agribusiness of Noble Group for more than $3 billion. The deal propelled Cofco to the No. 2 spot among exporters of Argentine grains, oilseeds and byproducts."So far we''ve heard only Nidera and Noble were hit," said a senior Buenos Aires-based grains trader, who requested anonymity.One of several ships scheduled to unload fertilizer at a Cofco port facility in Rosario had been halted since Tuesday, Wade said, while a vessel loading wheat produced in the vast Pampas grains belt was interrupted for hours until local operators found a mechanical work-around to the attack."It is affecting all of Cofco''s port operations in Rosario," Wade added. "The cargo ship that was unloading fertilizer is still stopped. This has caused a backup in the line of other ships that have cargo to unload."Cofco is one of 43 export and port service companies that belong to the CAPyM chamber.Cofco operates two ports in Rosario. Each has two berths used to load grains, oilseeds and byproducts, as well as unload fertilizers used by growers across the country.Argentina is the world''s top exporter of soymeal livestock feed and the No. 3 supplier of raw soybeans, as well as a major global corn supplier.Other major exporters like Archer Daniels Midland Co have operations in Rosario. The port complex is located on the banks of the Parana River, which leads out to the shipping lanes of the South Atlantic.On Tuesday U.S.-based ADM spokeswoman Jackie Anderson said a small number of the company''s computers were impacted by the cyber attack. "We have been able to continue normal business operations and are continuing to monitor the situation," she said. (Additional reporting by Jonathan Saul in London, Marcelo Teixeira in Sao Paulo and Karl Plume in Chicago; Editing by Bill Rigby)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/cyber-attack-cofco-idINL1N1JP0TJ'|'2017-06-28T23:00:00.000+03:00'
'040a80f4637df00c3c7112b28bc9b8754f84f68e'|'Billionaire investor Icahn backs off demand for AIG breakup -source'|'Deals   1:34pm EDT Billionaire investor Icahn backs off demand for AIG breakup: source FILE PHOTO: A banner for American International Group Inc (AIG) hangs on the facade of the New York Stock Exchange, in New York, U.S., on October 16, 2012. REUTERS/Brendan McDermid/File Photo - RTS15VEZ By Suzanne Barlyn Billionaire investor Carl Icahn is backing off his demand to break up insurance giant American International Group Inc ( AIG.N ), following the company''s sale of assets and hiring of a new chief executive officer, a person familiar with the matter said. Icahn, AIG''s third-largest investor, wants the insurer''s new CEO Brian Duperreault to have an opportunity to boost AIG''s return on equity, the person said. Icahn had a 4.95 percent stake, or 45.6 million shares, as of March 31. Icahn was not immediately available to comment. AIG named Duperreault, 70, CEO in May, selecting a protégé of former CEO Hank Greenberg and an industry veteran known for his turnaround expertise. AIG has been the target of activist investors led by Icahn, who disclosed his stake in 2015 and called for breaking up the company to make it more successful. Former CEO Peter Hancock responded by launching a two-year turnaround plan last year, which included the goal of returning $25 billion of capital to investors by year-end. AIG, the largest U.S. underwriter of commercial property and casualty policies, has returned $18.1 billion to shareholders through buybacks since announcing the plan. Hancock said on March 9 that he would depart once the board found a replacement, citing a lack of confidence among directors and investors. Duperreault told reporters on Wednesday that AIG would likely slow the pace of share buybacks and instead spend on acquisitions. "The likelihood we can continue the pace of share buybacks is low because there are other things I can use the money on," Duperreault said. (Reporting by Suzanne Barlyn in New York; Additional reporting by Michael Flaherty; Editing by Phil Berlowitz)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-aig-icahn-idUSKBN19K2JA'|'2017-06-29T20:29:00.000+03:00'
'f276c82f2c68e26b260c0e765d4f343fc5e274a1'|'India could raise import taxes on crude, refined vegetable oils - government source'|'NEW DELHI India is likely to raise import duty on refined and crude vegetable oils, like palm and soyoil, as local oilseed prices slumped below the government support levels, a government official told Reuters on Thursday.Local oilseed crushers are struggling to compete with cheaper edible oil imports from Indonesia, Malaysia, Brazil and Argentina, reducing demand for local rapeseed and soybeans, even after prices tumbled by a third over the past 14 months.India, the world''s biggest palm and soybean oil importer, now relies on imports for 70 percent of its edible oils, up from 44 percent in 2001/02.(Reporting by Mayank Bhardwaj; Editing by Malini Menon)'|'reuters.com'|'http://in.reuters.com/finance/economy'|'http://in.reuters.com/article/india-vegoils-imports-idINKBN19K1MB'|'2017-06-29T10:21:00.000+03:00'
'7eaa52661e5ad4ac42f944f3f3326418a857ae91'|'US STOCKS SNAPSHOT-S&P, Dow open slightly higher as banks get Fed boost'|'Market News  32am EDT US STOCKS SNAPSHOT-S&P, Dow open slightly higher as banks get Fed boost June 29 The S&P 500 and the Dow Jones Industrial Average opened slightly higher on Thursday as bank stocks gained after the Federal Reserve cleared them in the second part of its annual stress test while a drag in tech stocks weighed on the Nasdaq. The Dow Jones Industrial Average rose 16.51 points, or 0.08 percent, to 21,471.12. The S&P 500 gained 1.17 points, or 0.04 percent, to 2,441.86. The Nasdaq Composite dropped 20.70 points, or 0.33 percent, to 6,213.71. (Reporting by Tanya Agrawal; Editing by Arun Koyyur)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/usa-stocks-idUSL3N1JQ4L9'|'2017-06-29T16:32:00.000+03:00'
'080e2eb24ad9796a51ae154af161235880a9ab09'|'China M&A scrutiny to cast shadow on Asia deals volume'|'Business News - Fri Jun 30, 2017 - 5:49am BST China M&A scrutiny to cast shadow on Asia deals volume left right FILE PHOTO: The HNA Group logo is seen in this illustration photo June 1, 2017. Picture taken June 1, 2017. REUTERS/Thomas White/Illustration/File Photo 1/2 left right FILE PHOTO: The headquarters building of Anbang Insurance Group are pictured in Beijing, China, August 25, 2016. REUTERS/Jason Lee/File Photo 2/2 By Kane Wu and Sumeet Chatterjee - HONG KONG HONG KONG China''s outbound M&A volumes nearly halved in the first six months of 2017 following Beijing''s crackdown on capital outflows, data showed, and its new scrutiny of acquisitive groups, including Anbang and HNA, is set to dampen Asian dealflow further. Overseas deals by Chinese companies - the engine of M&A activity in Asia - fell 49 percent in the first half of 2017 from the year-ago period to $64.2 billion (£49 billion), dragging down regional deal volumes, according to Thomson Reuters data. The total value of announced M&A activity in Asia Pacific fell 15 percent in the first half of this year to $458.4 billion from the year-ago period, the data showed. China was the top nation for both inbound and outbound deals in Asia Pacific for the half-year, attracting $28.5 billion worth of inbound deals. A slowdown in Chinese deals, especially large-sized ones, could inflict further pressure on Asian revenues of Wall Street banks, who are already feeling the pain of growing competition from Chinese investment banks. M&A is among the few areas where Chinese banks haven''t already gained a strong foothold. Chinese firms spent a record $221 billion on assets overseas, ranging from movie studios to football clubs in 2016, but Beijing''s move to prop up the yuan by restricting capital outflows has made it tougher for buyers to win deals abroad. China''s banking regulator tightened the screws further last week, ordering a group of lenders to assess their exposure to offshore acquisitions by several big companies that have been on an overseas buying spree, two people familiar with the matter said. "The latest crackdown takes away people from the market who were very active on the M&A scene and creates a sense of uncertainty. You will see the impact on volumes," said an Asia financial institutions M&A banker at a large European bank. The elevated regulatory hurdles for Chinese buyers to get their cash out of the country have caused delays and even withdrawals of a number of China outbound M&A transactions targeting U.S. and European assets. "The sellside needs to ascertain the credibility of a buyer (from China). The second thing is to address any questions around certainty, in particular funding and approvals," said John Kim, head of M&A for Asia ex-Japan at Goldman Sachs. Still, Chinese state-owned firms struck some of Asia''s top deals in the first half. China Investment Corp [CIC.UL] wrote a 12.25 billion euros ($13.93 billion) cheque to acquire European warehouse firm Logicor from private equity group Blackstone ( BX.N ), the region''s largest during the first half. But this year is unlikely to see any blockbuster deals such as last year''s around $44 billion ChemChina-Syngenta tie-up. Bankers instead expect more activity to be driven by private equity firms which have plenty of capital after a busy fundraising period in 2016. They are already heavily involved in some of Asia''s most high-profile takeovers and take-private deals, including the potential sale of Singapore-listed warehouse operator Global Logistic Properties Ltd ( GLPL.SI ), which will likely be the region''s biggest buyout this year. (Reporting by Kane Wu and Sumeet Chatterjee; Editing by Michelle Price and Muralikumar Anantharaman) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-asia-m-a-idUKKBN19L0CZ'|'2017-06-30T07:49:00.000+03:00'
'2d015845e4cf5e91d217869cd58ee66c91183345'|'Race to buy $10 billion-valued GLP narrows down to two groups - sources'|'June 30, 2017 / 6:47 AM / 33 minutes ago Race to buy $10 billion-valued GLP narrows down to two groups - sources By Anshuman Daga and Kane Wu 4 Min Read SINGAPORE/HONG KONG (Reuters) - The race to buy Global Logistic Properties ( GLPL.SI ) is now between a Chinese consortium backed by the company''s management and a rival group led by Warburg Pincus, sources said ahead of a Friday deadline to submit bids for the $10 billion-valued firm. An acquisition offers a chance for bidders to grab control of Asia''s biggest warehouse operator which counts Amazon ( AMZN.O ) among its clients and is benefiting from rising demand for modern logistics facilities, driven by a boom in e-commerce business. At current valuations, a successful transaction will rank as the largest Asian buyout by private equity groups, which are increasingly targeting bigger takeovers after raising record funds, according to Thomson Reuters data. Singapore-listed GLP was thrust into the spotlight late last year after sovereign wealth fund GIC, which owns a 37 percent stake, nudged it to start a strategic review of its business. JPMorgan was then hired by GLP as its financial adviser. GLP''s shares have since soared nearly 50 percent to the highest in more than three years. After months of negotiations with a special committee of GLP''s independent directors, the race has narrowed to between a group led by Chinese private equity firms Hopu Investment Management and Hillhouse Capital Group, with the support of GLP CEO Ming Mei, and a rival consortium headed by Warburg Pincus and its logistics partner e-Shang Redwood, the sources said. GLP, GIC, Warburg Pincus, Hopu and Hillhouse declined to comment when contacted by Reuters. The sources declined to be identified as they were not authorised to speak about the deal. Hopu''s founder Fang Fenglei, one of China''s best known dealmakers, is a GLP board member, and Hopu, partly owns GLP''s China business. The Chinese consortium has also brought in co-investors such as property developer China Vanke ( 2.SZ ) and Ping An Insurance Group of China ( 2318.HK ) for a bid for GLP, sources have said. "The management group and Warburg Pincus are the most serious bidders. Some other parties are keen on picking up specific assets and not the entire company," said one source. Concerns over the transparency of the sale process and business ties of the management-backed consortium have forced some potential bidders to re-evaluate their interest and sparked complaints to GIC, sources said. Last week, GLP said it is in discussions with shortlisted bidders and had taken measures to alleviate potential conflicts of interest following a Financial Times report that almost all the potential bidders were dropping out due to concerns an insider bid will make other submissions pointless. Some of the potential bidders such as Blackstone Group ( BX.N ) and Asian buyout firm RRJ Capital are unlikely to submit individual bids, sources said. Blackstone declined to comment. RRJ did not immediately respond to an emailed request for comment. GLP owns and operates a $41 billion portfolio of industrial assets spread across China, Japan, Brazil and the United States. It gets two-thirds of its revenue from China, where it has a dominant market position. Around 20 lenders are working with three consortia in the hope of securing a role on the deal, IFR, a Thomson Reuters publication, reported last week. Reporting by Anshuman Daga in SINGAPORE and Kane Wu and Carol Zhong in HONG KONG; Additional reporting by Julie Zhu in HONG KONG; Editing by Muralikumar Anantharaman 0 : 0'|'reuters.com'|'http://feeds.reuters.com/reuters/INbusinessNews'|'http://in.reuters.com/article/glp-m-a-idINKBN19L0M6'|'2017-06-30T09:45:00.000+03:00'
'3db6faaa91240b5b940112301a26a626eb00ff3f'|'Fast forward; GST set to transform face of Indian logistics industry'|'Fri Jun 30, 2017 - 12:09am BST Fast forward; GST set to transform face of Indian logistics industry left right A forklift operator stacks containers at the godown of Agarwal Packers and Movers Ltd. on the outskirts of Mumbai, India June 29, 2017. REUTERS/Shailesh Andrade 1/3 left right A forklift operator stacks containers at the godown of Agarwal Packers and Movers Ltd. on the outskirts of Mumbai, India June 29, 2017. REUTERS/Shailesh Andrade 2/3 left right Containers are seen stacked at the godown of Agarwal Packers and Movers Ltd. on the outskirts of Mumbai, India June 29, 2017. REUTERS/Shailesh Andrade 3/3 By Promit Mukherjee and Sankalp Phartiyal - MUMBAI MUMBAI India''s greatest tax reform - replacing an array of provincial duties with a nationwide goods and services tax - is transforming the logistics industry in a country where moving stuff around is notoriously difficult to do, executives say. The advent of organized retail and e-commerce began modernizing warehouses in India a decade ago, but most firms still rely on musty, dilapidated "godowns", as storehouses are known colloquially. The unified tax system is expected to bring change on a far grander scale, removing distortions created by differential taxes and duty structures imposed across India''s 29 states and 7 union territories. "When we moved from one state to the other, it felt like moving from one country to another," said Ramesh Agarwal, chairman of New Delhi-based Agarwal Packers and Movers. From July 1, the new Goods and Services Tax, or GST, introduced by Prime Minister Narendra Modi''s government, will change all that, with the biggest tax reform seen since India won independence from British colonial rule 70 years ago. Companies that have previously based storage models on tax efficiency can move to the much more cost efficient, demand-based hub-and-spoke model used globally. Anticipating the change, Agarwal''s firm, for example, has carved India into five regions and is setting up one massive warehouse in each. "There''s no tax arbitrage to be gained. So decisions on manufacturing, warehousing and selling will be purely driven by the real costs of manufacturing and going to market, that is the single biggest advantage of GST," said R Subramanian, Managing Director at DHL Express in Mumbai. Subramanian still anticipates bureaucratic headaches, notably from GST''s e-way bill system, requiring vehicle details from pickup to delivery, which he reckons would generate 90 million entries daily for the express delivery sector alone. But, the reform, along with the gradual shift in India’s service dominated economy toward more manufacturing, has paved the way for ultra-modern storage sites with automated conveyers, RFID-enabled tracking and IT-enabled warehousing management systems. The potential growth, and investment needed for modernization has spurred a slew of deals between Indian firms and major global private equity players and pension funds. In the last two years alone, as Modi made GST a priority, these investors have put $1.5 billion in the warehousing business. "GST is not only a tax reform, it is also a business reform as a whole, and a lot of businesses are now restructuring their supply chains," said Rohit Jain, a partner with Economic Laws Practice in Mumbai. REPLACING ''GODOWNS'' Canada Pension Plan Investment Board last month committed to spend $500 million in a joint venture with India''s IndoSpace. Other foreign firms putting money in the sector include Carlyle Group, Warbug Pincus and Fairfax India Holdings. JSW Steel, India''s biggest domestic steel producer, is also mulling a plan to bring down the number of its 20 plus warehouses across the country to five, and many more companies are following suit, said a company executive. Reliance Retail, the retail unit of Reliance Industries , which has around 100 distribution centers across the country, also plans to "optimize some," said a company executive. Mahindra Logistics is exploring an initial public offering, or a sale to a foreign partner, while rival Future Supply Chain Solutions is looking to do likewise, according to media reports. With 45 percent of India''s gross domestic product concentrated around seven major cities, Arif A Siddiqui at Coign Consulting, specializing in supply chain management, expected investment in warehousing to focus on Ahmedabad, Bengaluru, Chennai, Hyderabad, Kolkata, Mumbai, and New Delhi. Singapore-based logistics company Ascendas-Singbridge has just signed a $600 million deal with Firstspace Realty, based in the south Indian city of Bengaluru, to create 14 million square feet (1.3 million square meters) of industrial warehousing space across six major Indian cities. "Manufacturing, modern retail and the pharma sector were already driving change in Indian warehousing. GST has just fast-tracked the growth rate in logistics," said Aloke Bhuniya, Chief Executive of Ascendas-Firstspace. He reckoned that GST has boosted the industry''s annual growth rate from 12-15 percent to 20-22 percent, and saw plenty of room for a lot more modernization. Out of the logistics industry''s 980 million square feet (91 million square meters) of captive, agri-based and cold storage warehousing, Bhuniya estimated 85 percent were old godowns and traditional structures. "This represents a huge opportunity for modern warehousing to tap into," he said. (Editing by Simon Cameron-Moore)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/us-india-tax-logistics-idUKKBN19K36L'|'2017-06-30T02:05:00.000+03:00'
'4781151d8dd71eca2bdf310fb5cba7bbace38164'|'Banks'' preparations for Brexit need to improve - ECB, BoE'|'  1:43pm BST Banks'' preparations for Brexit need to improve - ECB, BoE left right Rain clouds pass over Canary Wharf financial financial district in London, Britain July 1, 2016. REUTERS/Reinhard Krause 1/3 left right Daniele Nouy, chair of the Supervisory Board of the European Central Bank, looks on during a Thomson Reuters newsmaker event at Canary Wharf in London November 28, 2014. REUTERS/Neil Hall 2/3 left right Britain''s Bank of England Governor, Mark Carney, speaks during the Bank of England''s financial stability report at the Bank of England in the City of London, Britain June 27, 2017. REUTERS/ Jonathan Brady/Pool 3/3 By Huw Jones - LONDON LONDON The European Central Bank and Bank of England warned on Friday that the Brexit plans of some banks are not good enough as they scrutinise their strategies to limit risks from an abrupt cutting in cross-border financial links. Britain leaves the European Union at the end of March 2019, forcing banks to restructure in some cases so they can be sure of continuing to serve cross border customers to and from London. "As you know, we asked the banks we directly supervise to share their Brexit strategies with us. Having analysed these strategies, I think it is fair to say that most banks are not where they should be," Daniele Nouy told a Brexit workshop in Frankfurt on Friday. The BoE meanwhile, has given domestic and foreign banks in Britain a July 14 deadline to spell out how they would cope if there is no trading deal with Europe after the UK leaves the EU. "My job is to ensure that banks are prepared and have emergency plans, which we''ll review, then ask banks to improve," Carney told German financial daily Handelsblatt. "We have been reviewing these plans since the referendum and in about ten days, banks have to give us an update. Our job is to worry about the worst case scenario, which would be no deal. But we think it’s possible to have an agreement in the end," Carney said. Banks have told the ECB that it was too early to plan for Brexit, but Nouy said it made no sense to adopt a "wait-and-see" attitude as the queue for new licences might be long. Some euro zone bank branches in London may have to obtain a new licence to become a subsidiary, she said. "And you should not count on transition periods that have not yet been agreed," she said. Big trading banks that decide to open new subsidiaries in the EU are trying to work out whether they could still book trades at their hubs in London after Brexit to save on costs. "The policy we choose with regard to booking models is likely to affect euro area banks'' activities in the UK and elsewhere," Nouy said. "Because this issue is relevant on a global scale, we need some time to develop our position. We want to get it right. Still, we are aware that you would like us to clearly articulate our policy stance sooner rather than later." MORE CLARITY Kieran Donoghue, head of International Financial Services at Ireland''s Investment and Development Agency, said he expects more information about how much activity and staff banks will shift from London, from July 14. "There will be much more clarity on what the groups intend to do. For the large and most complex, they will have to be Day One ready before April 2019," Donoghue told Reuters. Donoghue said the increased scrutiny by regulators means that unlike in the immediate aftermath of the Brexit vote, financial firms can no longer think about shifting the absolute minimum to maintain customer links. Financial centres in Dublin, Frankfurt, Paris and Luxembourg are already pitching for a slice of Britain''s financial services market. Ireland has received over 80 enquiries from banks, asset managers and insurers in Britain, with more than a handful expected to set up new operations or expand existing ones. Some big firms may shift operations from London to several sites in the EU, Donoghue said, echoing the views of Christian Noyer, the former French central bank governor who is drumming up Brexit business for Paris. But Donoghue also said: "Regulators are pragmatic. You can''t cut off London." (Reporting by Huw Jones, editing by Elaine Hardcastle)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-ecb-banks-britain-idUKKBN19L1F8'|'2017-06-30T15:43:00.000+03:00'
'58b3491768407959ade94eac799598eda9d0c189'|'Crude oil prices firm, set for biggest weekly gain since mid-May'|'Business News - Fri Jun 30, 2017 - 5:27pm BST Oil up for seventh session but first-half drop biggest since 1998 FILE PHOTO: An oil pumpjack is seen in Velma, Oklahoma U.S. April 7, 2016. REUTERS/Luc Cohen By Julia Simon - NEW YORK NEW YORK Oil climbed for a seventh straight session on Friday as a weaker U.S. dollar and stronger demand data from China lifted depressed prices that were still set for the biggest first-half decline since 1998. Trading volume was low ahead of the U.S. Independence Day holiday weekend. Brent and U.S. crude fell about 19 percent in the first half of 1998. Oil prices have generally increased in first half of most years. On Friday, Chinese government data showed factories grew at the quickest pace in three months, according to the Purchasing Manager''s Index. "Good PMI data from China certainly gives you hope that demand is growing globally," said Rob Haworth, senior investment strategist at U.S. Bank Wealth Management. Benchmark Brent crude futures LCOc1 were up 38 cents at $47.80 a barrel at 11:30 a.m. EDT (1530 GMT). U.S. crude futures CLc1 rose 52 cents, or more than 1 percent, to $45.45 a barrel. Both benchmarks were on track for weekly increases of more than 5 percent. The U.S. dollar .DXY fell to its lowest since October in early trading, making dollar-denominated crude oil less expensive for investors using other currencies. Crude hit a 10-month low last week as rises in output revived concerns about global oversupply, but data this week showing a temporary dip in U.S. oil production has dented the bearish sentiment. The persistent global crude glut has knocked 16 percent off Brent crude so far this year, even though the Organization of Petroleum Exporting Countries and other major producers have agreed to cut production about 1.8 million barrels per day (bpd). Libya, one of two OPEC members exempt from the cuts, had surged past 1 million barrels per day. Speculators have cut long positions in recent weeks. The market has also seen traders building short positions, said Haworth. Reuters'' monthly oil price poll showed analysts have reduced their price forecasts again, with 2017 average Brent and WTI prices lowered by more than $2 since last month. [OILPOLL] Bank of America Merrill Lynch analysts cut their forecast for average 2017 Brent crude prices to $50 a barrel from $54 and WTI to $47 from $52. They cited rising output from Libya, Nigeria and U.S. shale fields, which coupled with weaker demand growth should keep the glut bigger than expected. At 1 p.m. EDT energy services company Baker Hughes will release data on U.S. rig counts. U.S. drillers have added rigs for 23 straight weeks. (Additional reporting by Karolin Schaps in London, Naveen Thukral in Singapore; editing by David Clarke) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-global-oil-idUKKBN19L02U'|'2017-06-30T09:59:00.000+03:00'
'36b7f50500a3ecd86ea7339fabc974673d18132e'|'Franklin Templeton trims Korea treasury bonds as part of portfolio adjustment: source'|'SEOUL Franklin Templeton has sold some of its Korea treasury bond holdings in recent weeks as part of its portfolio adjustment, a person with direct knowledge of the matter told Reuters on Thursday.No other foreign institutional funds appear to be pulling back from Korean treasuries other than Franklin Templeton for now, the person said, declining to be named due to the sensitive nature of the issue.Market participants estimated a total 3 trillion won ($2.63 billion) was reduced from the fund''s holdings of short-dated KTB covering June 27 and June 28.(Reporting by Shin-hyung Lee, writing by Cynthia Kim)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-southkorea-economy-bonds-idINKBN19K053'|'2017-06-28T23:10:00.000+03:00'
'7d4f00d46be653330618dd6e63739829ffebf0f8'|'U.S. judge allows some VW investor diesel claims to proceed'|'Wed Jun 28, 2017 - 10:28pm BST U.S. judge allows some VW investor diesel claims to proceed Volkswagen''s logo is seen at its dealer shop in Beijing, China, October 1, 2015. REUTERS/Kim Kyung-Hoon By David Shepardson - WASHINGTON WASHINGTON A federal judge in California on Wednesday allowed some claims to proceed by investors who sued Volkswagen AG over its diesel emissions scandal, but agreed to the German automaker''s request to dismiss parts of the lawsuit. U.S. District Judge Charles Breyer said in an 18-page order he was allowing claims that VW and then-Chief Executive Officer Martin Winterkorn intentionally or recklessly understated VW''s financial liabilities made since May 2014, but dismissing claims for financial statements issued before then. That VW "may have deliberately employed an illegal defeat device does not mean the company knew with reasonable certainty that it was going to get caught," Breyer wrote in dismissing thee older statements. Breyer also dismissed claims that VW brand chief Herbert Diess understated VW financial liabilities in 2015, but Breyer rejected a bid to throw out a claim against then VW U.S. chief Michael Horn. The plaintiffs, mostly U.S. municipal pension funds, have accused VW of not having informed the market in a timely fashion and understated possible financial liabilities. The lawsuits said VW''s market capitalization fell by $63 billion after the diesel cheating scandal became public in September 2015. The plaintiffs had invested in VW through American Depositary Receipts, a form of equity ownership in a non-U.S. company that represents the foreign shares of the company held on deposit by a bank in the company''s home country. Volkswagen said in a statement it was pleased "with the court’s decision to limit the scope of the plaintiffs’ allegations, and believes the remaining claims are without merit, which we intend to demonstrate as this case proceeds." CEO Winterkorn resigned days after the scandal became public and much of the company''s management has changed since 2015. VW in September 2015 admitted using sophisticated secret software in its cars to cheat exhaust emissions tests and pleaded guilty in March in a U.S. court to three felonies in connection with the scandal. Volkswagen has agreed to spend as much as $25 billion in the United States to resolve claims from owners and regulators over polluting diesel vehicles and has offered to buy back about 500,000 vehicles. Through mid-June, VW has spent $6.3 billion buying back vehicles and compensating U.S. owners. (Reporting by David Shepardson; Editing by David Gregorio) '|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/us-volkswagen-emissions-idUKKBN19J2WI'|'2017-06-29T00:18:00.000+03:00'
'6565437755ede0c70f0cd05c4c587de69b73fbae'|'France''s CNP suspends talks with Brazil''s Caixa on distribution deal'|'PARIS France''s CNP Assurances ( CNPP.PA ) said on Thursday it had failed to reach an agreement with Brazil''s Caixa Seguridade on the renewal after February 2021 of a distribution agreement in Brazil for the products of their joint subsidiary Caixa Seguros."The discussions were interrupted," CNP said in a statement.(Reporting by Ingrid Melander; Editing by Adrian Croft)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-cnp-caixa-idINKBN19K2TY'|'2017-06-29T17:33:00.000+03:00'
'473446dfb8545e084b58b821bb75f712547a83cd'|'U.S. office vacancy rate flat in second quarter: Reis'|'U.S. office vacancy rate was flat at 16 percent in the second quarter of 2017, compared with the preceding quarter, according to real estate research firm Reis Inc ( REIS.O ).Asking rent and effective rent both rose 1.6 percent in the second quarter from the same period a year earlier. This is the lowest annual rate of rent growth since 2011."We expect stronger construction in 2017 than in 2016 which means that the vacancy rate could continue to stay flat as occupancy grows at or near the same pace as new completions just as it has over the last two years," Barbara Denham, senior economist at Reis, said.Net absorption, which is measured in terms of available office space sold in the market during a certain time period, nearly halved to 3.33 million square feet, the lowest since the second quarter of 2014.Construction activity slowed, with 7.55 million square feet of new office construction completed in the quarter, compared with 9.52 million square feet in the first quarter.(Reporting by Arunima Banerjee in Bengaluru; Edited by Martina D''Couto)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/us-usa-property-office-idINKBN19K0AK'|'2017-06-29T01:33:00.000+03:00'
'92344b114372ce75b9acceab990f9f33437cdd0f'|'Euro zone economic sentiment jumps in June to almost 10-year high'|' 25am BST Euro zone economic sentiment jumps in June to almost 10-year high European Central Bank President Mario Draghi in Tallinn, Estonia, June 8, 2017. REUTERS/Ints Kalnins BRUSSELS Euro zone economic sentiment jumped more than expected in June to its highest level in almost 10 years, buoyed by more optimism across all sectors of the economy, monthly data from the European Commission showed on Thursday. The sentiment indicator rose to 111.1 in June from 109.2 in May, against market expectations of a rise to 109.5 in a Reuters poll of economists. This was the highest value of the indicator since August 2007 when it was 111.8. The Commission''s business confidence index, which points to the phase of the business cycle, also rose to 1.15 in June from 0.9 in May, its highest value since April 2011 when it was 1.36. There was more optimism in the manufacturing industry with the indicator for that sector rising to 4.5 in June from 2.8 in May, as well as in services, where it rose to 13.4 form 12.8. Sentiment among consumers improved to -1.3 from -3.3 and in retail trade to 4.4 form 2.0. In construction it rose to -3.5 from -5.6 and in financial services to 23.2 from 20.3. Consumers'' inflation expectations over the next 12 months rose to 13.0 from 12.8 although selling price expectations among manufacturers fell to 7.2 from 8.2 in May. (Reporting By Jan Strupczewski and Philip Blenkinsop)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-eurozone-economy-sentiment-idUKKBN19K107'|'2017-06-29T12:25:00.000+03:00'
'6439d54cebf46711adf95613bfc16537c860dc03'|'UK car output falls 10 percent in May ahead of new models'|' 06am BST UK car output falls 10 percent in May ahead of new models FILE PHOTO: A worker is seen completing final checks on the production line at Nissan car plant in Sunderland, northern England, June 24, 2010. REUTERS/Nigel Roddis/File photo LONDON British car production fell 9.7 percent in May as some major manufacturers reached the end of older product lines and prepared to begin building newer models, an industry body said on Thursday. Output stood at 136,119 last month, the Society of Motor Manufacturers and Traders (SMMT) said, with exports accounting for around 80 percent of demand as automakers prepare for the introduction of newer vehicle types. Jaguar Land Rover ( TAMO.NS ) is rolling out its new Velar sport utility vehicle, Honda''s ( 7267.T ) Civic Type R hatchback will be exported to more markets and a range of Nissan ( 7201.T ) models are all expected to boost figures in the months ahead. But the highly successful industry, which is on course for record output by the end of the decade, remains concerned that Britain''s exit from the European Union could harm plants by imposing tariffs and border checks on vehicles and components. "Maintaining our current open trade links with Europe, our biggest market, and further developing global markets is vital for this sector," said SMMT Chief Executive Mike Hawes. (Reporting by Costas Pitas, editing by Pritha Sarkar)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-autos-production-idUKKBN19J303'|'2017-06-29T02:06:00.000+03:00'
'6083b4a9997311b73ce227808ae9a75be1bb4845'|'Bombardier Transportation confirms to cut up to 2,200 German jobs'|' 52am EDT Bombardier Transportation confirms to cut up to 2,200 German jobs HENNINGSDORF, Germany, June 29 Canada''s Bombardier will cut up to 2,200 jobs in Germany, or around a quarter of its workforce in the country, by 2020 as part of a sweeping savings plan, Bombardier Transportation''s supervisory board Chairman Wolfgang Toelsner said. There are no plans for plant closures, he told journalists at a news conference on Thursday. Bombardier said in October it would slash 7,500 jobs worldwide, mostly in its train-making division, in a second round of layoffs announced last year, following extended delays and budget overruns in its aerospace business. A source had told Reuters last week that around 2,200 of those jobs would be at the train-making business in Germany, mostly at the company''s plants in Henningsdorf near Berlin and Goerlitz on the German border with Poland. (Reporting by Gernot Heller; Writing by Maria Sheahan; Editing by Tom Sims)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/bombardier-germany-idUSF9N1II01W'|'2017-06-29T15:52:00.000+03:00'
'7d7e99867362208b66397ce075b6b6a2d5fbdb65'|'UK Stocks-Factors to watch on June 29'|'Market News - Thu Jun 29, 2017 - 1:48am EDT UK Stocks-Factors to watch on June 29 June 29 Britain''s FTSE 100 index is seen opening up 37 points at 7,424 on Thursday, according to financial bookmakers. * Rolls-Royce: Rolls-Royce has plans for a new test plant in Derby, making way for its biggest single investment into the UK in more than a decade, The Financial Times reported on Thursday.( on.ft.com/2siPGdF ) * RIO TINTO: Rio Tinto shareholders approved the sale of a suite of Australian coal assets to China-backed Yancoal Australia for $2.69 billion, ending a bidding war with commodities trader Glencore. * BARCLAYS: The U.S. Securities and Exchange Commission may take action against bankers from Barclays Plc and Morgan Stanley for their roles in Puerto Rico bond sales, Bloomberg reported. * ROYAL DUTCH SHELL: The widows of four of nine men executed by Nigeria''s military regime in 1995 have filed a civil lawsuit seeking compensation and an apology from Royal Dutch Shell for alleged complicity in a military crackdown, according to a writ filed in a court in The Hague. * OIL: Crude oil futures rose for a sixth consecutive session on Thursday, as a decline in U.S. production underpinned the market that has been under pressure from a global supply glut. * GOLD: Gold held firm on Thursday as the U.S. dollar hovered near 10-month lows on bets that central banks in Europe and Britain are preparing to scale back monetary stimulus. * COPPER: London copper punched through a key technical level on Thursday as a weaker dollar and falling supply helped prices hit their highest in almost three months. * EX-DIVS: Babcock International,British Land Company,Coca Cola HBC, International Consolidated Airlines, Royal Mail will trade without entitlement to their latest dividend pay-out on Thursday, trimming 2.26 points off the FTSE 100 according to Reuters calculations * The UK blue chip index fell 0.6 percent on Wednesday, depressed by a slide in Hargreaves Lansdown and oil stocks, though a jump in Bunzl''s shares offered some relief. * For more on the factors affecting European stocks, please click on: cpurl://apps.cp./cms/?pageId=livemarkets * UK CORPORATE DIARY: Greene King Plc Full Year 2017 Earnings Release ReNeuron Group Plc Full Year 2017 Earnings Release Blur Group Plc Full Year 2016 Earnings Release John Wood Group Plc Trading Update Release DS Smith PLC Full Year 2017 Earnings Release TODAY''S UK PAPERS > Financial Times > Other business headlines Multimedia versions of Reuters Top News are now available for: * 3000 Xtra : visit topnews.session.rservices.com * For Top News : topnews.reuters.com (Reporting by Harish Bhaskar) '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/britain-stocks-factors-idUSL3N1JQ2AO'|'2017-06-29T08:48:00.000+03:00'
'6a19451340dbf3df0b614c8bf4082f2a9b7c49ed'|'Oil stocks, Hargreaves Lansdown drag FTSE 100 to two-week low'|'Top   5:52pm BST UK blue chips led lower by Hargreaves as strong pound takes toll A worker shelters from the rain under a Union Flag umbrella as he passes the London Stock Exchange in London, Britain, October 1, 2008. REUTERS/Toby Melville/File Photo By Kit Rees and Danilo Masoni - LONDON LONDON Britain''s top share index dipped on Wednesday, depressed by a slide in Hargreaves Lansdown ( HRGV.L ) and oil stocks, though a jump in Bunzl''s shares offered some relief. The FTSE 100 .FTSE index fell 0.6 percent. A brief recovery was brought to an end in afternoon trading when Bank of England governor Mark Carney said the bank would debate an interest rate increase in the coming months. His remarks boosted sterling and sent the blue chip index back to the day''s lows with big international companies such as drugmaker Shire ( SHP.L ) and drinks firm Diageo ( DGE.L ) - which benefit from a weaker pound - among the heaviest fallers. The mid-cap index .FTMC , which is more domestically focused, did slightly better, ending down 0.3 percent. Fund platform Hargreaves Lansdown fell 2.3 percent following an industry report by Britain''s markets watchdog. In a drive to improve funds transparency, the Financial Conduct Authority (FCA) proposed a number of changes to the asset management industry, adding it supported the disclosure of a single, all-in fee. It also said it would launch a market study into investment platforms. "Rather than having the management fee and then also trading commission as well and then other sorts of fees on top of that, I think the regulator would rather that wealth managers charged just one fixed percentage that encompassed everything, so consumers would know exactly what they were paying," Rachel Winter, senior investment manager at Killik & Co, said. Winter added that, because performance reporting has been a big part of Europe''s upcoming Markets in Financial Instruments Directive, or MiFID II regulation, wealth managers had already been looking at their fee structures and considering one fee. A weaker oil price was also a drag on UK blue chips, with shares in majors Royal Dutch Shell ( RDSa.L ) and BP ( BP.L ) dropping 0.6 and 1 percent respectively. [O/R] Shares in Bunzl ( BNZL.L ), a provider of distribution and outsourcing services, bounced 1.5 percent. Bunzl issued an upbeat trading statement in which it said it saw a 7 percent rise in first-half revenue at constant currency, as well as a boost from recent acquisitions. Outside of the large caps, results dragged down shares in Stagecoach ( SGC.L ), which slumped 6.2 percent after its full-year earnings missed expectations. Stagecoach''s full-year pretax profit dropped 15.3 percent as economic conditions hit its domestic bus business. (Reporting by Kit Rees and Danilo Masoni; Editing by Mark Potter)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-britain-stocks-idUKKBN19J0VP'|'2017-06-28T11:49:00.000+03:00'
'96e0c3668c9d55896229c1880748adf95c39b29c'|'Staples in $6.9 billion sale to private equity firm Sycamore'|'By Lauren Hirsch Sycamore Partners said on Wednesday it would acquire U.S. office supplies chain Staples Inc ( SPLS.O ) for $6.9 billion, a rare bet by a private equity firm this year in the U.S. retail sector, which has been roiled by the popularity of internet shopping.Buyout firms have largely refrained from attempting leveraged buyouts of U.S. retailers in the last two years, amid a wave of bankruptcies in the sector that have included Sports Authority, Rue21, Gymboree and BCBG Max Azria LLC.Sycamore''s deal for Staples however, which Reuters was first to report would come this week, illustrates that some buyout firms are distinguishing between mall-based fashion retailers, which are vulnerable to changing consumer tastes, from retailers with a niche and rich cash flow, such as Staples.The acquisition also shows that Sycamore, whose buyout fund is dedicated to retail deals, is willing to take on the risk of falling store sales at Staples because of the potential it sees in Staples'' delivery unit, which supplies businesses directly.Sycamore said it would pay $10.25 per share in cash for Staples. The shares ended trading at $9.93 on Wednesday after Reuters reported the exact deal price. Staples said the deal was expected to close by December. Sycamore will retain Shira Goodman as Staples CEO.Framingham, Massachusetts-based Staples, which made its name selling paper, pens and other supplies, has 1,255 stores in the United States and 304 in Canada. It previously tried to merge with rival retailer Office Depot Inc ( ODP.O ) but the deal was thwarted by a U.S. federal judge on antitrust grounds last year.Staples has the largest share of office supply stores in the United States at 48 percent, according to Euromonitor, and generated $889 million of adjusted free cash flow in 2016.Sycamore has a reputation amongst private equity peers for taking bets on retail investments others might eschew. Its previous investments include regional department store operator Belk Inc, discount general merchandise retailer Dollar Express and mall and web-based specialty retailer Hot Topic.Barclays and Morgan Stanley & Co. LLC are acting as financial advisors and Wilmer Hale LLP is acting as legal advisor to Staples. BofA Merrill Lynch and Deutsche Bank Securities Inc are acting as financial advisors and Kirkland & Ellis LLP is acting as legal advisor to Sycamore Partners.UBS Investment Bank, BofA Merrill Lynch, Deutsche Bank, Credit Suisse, Royal Bank of Canada, Jefferies, Wells Fargo Bank, National Association and Fifth Third Bank are providing debt financing for the deal.(Reporting by Lauren Hirsch in New York; Editing by Andrew Hay)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/staples-m-a-sycamorepartners-idINKBN19J2XL'|'2017-06-28T19:54:00.000+03:00'
'ce897aee12c1cb28dff8eedf20885042d6d50911'|'Facebook changes algorithm to curb spammers'|'Technology  35pm EDT Facebook changes algorithm to curb ''tiny group'' of spammers left right FILE PHOTO: Facebook logo is seen at a start-up companies gathering at Paris'' Station F in Paris, France, January 17, 2017. REUTERS/Philippe Wojazer/File Photo 1/2 left right The Facebook logo is displayed on their website in an illustration photo taken in Bordeaux, France, February 1, 2017. REUTERS/Regis Duvignau 2/2 By David Ingram - SAN FRANCISCO SAN FRANCISCO Facebook Inc said on Friday it was changing the computer algorithm behind its News Feed to limit the reach of people known to frequently blast out links to clickbait stories, sensationalist websites and misinformation. The move is another step by the world''s largest social network to weed out spam, a battle Facebook has fought for years but that gained urgency after hoax news stories spread widely during last year''s U.S. presidential campaign. Facebook said the change would reduce the influence of a "tiny group" of people it has identified who share vast amounts of low-quality public posts daily. Only about 0.1 percent of people who share more than 50 posts a day would be affected. The change would affect only links shared by those people, not their photos or other posts, the company said. "Our research shows that there is a tiny group of people on Facebook who routinely share vast amounts of public posts per day, effectively spamming people''s feeds," said Adam Mosseri, Facebook''s vice president for the News Feed, in a blog post. The algorithm behind the News Feed determines which posts people see from friends, advertisers and other sources, and the order in which they appear depending on how users responded to previous posts. Facebook, which has 2 billion monthly active users, frequently tweaks its computer code. In May, Facebook announced a change that would give lower prominence to links that lead to pages full of deceptive or annoying ads. A change in August was designed to deemphasize stories with clickbait-style headlines. Friday''s change will de-prioritize links from specific spammers, Mosseri said. (Reporting by David Ingram; Editing by Richard Chang)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/us-facebook-spam-idUSKBN19L2LA'|'2017-06-30T21:00:00.000+03:00'
'26b609b8c8857a161e345fb61fbcd190b1c5d092'|'Nike''s profit, revenue top estimates on lower costs'|'  10:01pm BST Nike''s profit, revenue top estimates on lower costs FILE PHOTO: The logo of Nike (NKE) is seen in Los Angeles, California, United States, April 12, 2016. REUTERS/Lucy Nicholson/File Photo Nike Inc ( NKE.N ), the world''s largest footwear maker, reported quarterly revenue and profit that topped Street estimates as the company kept a lid on costs and saw greater demand in Western Europe, China and emerging markets. Shares of the Dow component were up nearly 3 percent at $54.67 in after-market trading on Thursday. In the face of intense competition in North America and to promote its core brands such as ZoomX, Air VaporMax and Nike React, the company earlier in June said it would cut 2 percent of its global workforce and trim a quarter of its shoe styles as it looks to become nimbler. The company''s selling, general and administrative expenses fell 4 percent to $2.7 billion. Sales in Western Europe, Nike''s second-largest market, were up 4 percent in the fourth quarter ended May 31. Nike also said it saw greater demand for its core brands including Jordan, and in sportswear and running categories in the quarter. Nike''s sales in Greater China jumped 11 percent. In China, the company has revamped stores and increased online efforts in a bid to reinvigorate demand in the world''s No. 2 economy. Nike''s net income rose to $1 billion, or 60 cents per share, in the quarter, from $846 million, or 49 cents per share, a year earlier. Revenue rose 5.3 percent to $8.68 billion. Analysts on average had expected revenue of $8.63 billion, according to Thomson Reuters I/B/E/S. Excluding certain items Nike earned 60 cents per share, well ahead of analysts'' average estimate of 50 cents. (Reporting by Gayathree Ganesan in Bengaluru; Editing by Martina D''Couto)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-nike-results-idUKKBN19K2XM'|'2017-06-30T00:01:00.000+03:00'
'dbe30bbb85465935f3d7668f061ad217542a3a89'|'MOVES-Deutsche’s Stefanick switches to Evercore'|'Market News  24am EDT MOVES-Deutsche’s Stefanick switches to Evercore By Christopher Spink LONDON, June 30 (IFR) - Paul Stefanick, Deutsche Bank’s chairman of global corporate and investment banking, is leaving the German lender after eight years to become a senior managing director at expanding advisory specialist Evercore. Stefanick will primarily advise major multinational clients at Evercore and be a “senior leader” of the company, joining its management committee. Stefanick only took up his most recent role at Deutsche in September after Mark Fedorick, global head of debt capital markets, was made head of CIB in the Americas. In March Deutsche created a new CIB division, including markets, under CFO Marcus Schenck and Garth Ritchie. Former CIB head Jeff Urwin has also left but Deutsche has been active recruiting new M&A bankers in the Americas this year too. This week it hired Bill White as head of US life sciences from Citigroup. Before joining Deutsche in 2009, Stefanick was chairman of global M&A at Merrill Lynch, where he worked for 20 years advising industrials companies. (Reporting by Christopher Spink)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/moves-deutsches-stefanick-switches-to-ev-idUSL8N1JR2F3'|'2017-06-30T13:24:00.000+03:00'
'c6d124d1df582839c240ef885dcefa85aec7c904'|'Russia''s Polyus says prices its SPO at lower end of range'|'Business News - Fri Jun 30, 2017 - 6:50pm BST Russia''s Polyus returns to London, UK investors take half of share offer By Polina Devitt and Diana Asonova - MOSCOW MOSCOW Russia''s largest gold producer, Polyus ( PLZL.MM ) sold $879 million worth of shares in Moscow and London, it said on Friday, a sale that analysts said showed a high level of western investor appetite for Russian assets. Polyus, controlled by the family of Russian tycoon Suleiman Kerimov, delisted from the London Stock Exchange in 2015 after Western sanctions over Moscow''s role in the Ukraine crisis began to bite for Russian companies. It returns to London buoyed by an 8 percent rise in global gold prices XAU= this year. British investors bought about half of the shares, VTB Capital, a bookrunner on the deal, said in a statement. The share of investors from North America totalled around 20 percent. The sale of 9 percent of the company''s shares follows a separate $887 million sale of 10 percent to a Chinese consortium led by Fosun International ( 0656.HK ). The offer price was set at $33.25 per global depositary receipt (GDS), corresponding to a price of $66.50 per ordinary share, at the lower end of a previously announced range. Half of the proceeds from the deal went to Polyus and will be used for general corporate purposes, Chief Executive Pavel Grachev told an event at the Moscow Exchange. The other half went to the Kerimov family. Appetite for Russian assets has been strengthening since the start of this year, driven by a rising oil price and expectations that U.S. President Donald Trump would ease fraught U.S.-Russian relations. "We see sufficient interest towards the Russian risk and equity in general from foreign institutional investors," Kvasov told the Moscow Exchange event. "I hope that this deal will not be the last one this year. We see a window for further potential placements this year." Colin Croft, fund manager at Jupiter Fund Management, said the sale showed there was still good demand for Russian assets. "Despite all of the on-going geopolitical concerns – all the worries about Trump and sanctions and so on - they still managed to get it out the door," he said. "It was a pretty sizeable deal so that shows that Russia is still open for business.” Anton Malkov, head of equity capital markets at Sberbank CIB, said further Russian deals were possible in the market in the autumn if oil markets and geopolitics remained calm. Market optimism has been tempered in the past few weeks, with Trump embroiled in a row at home over his associates'' ties to Russia, and the United States imposing a fresh round of sanctions on some Russian entities. However, Polyus is a pure producer of gold, considered a safe haven during times of political and financial uncertainty. Russian, European and Middle Eastern investors each took about 10 percent of the offering, Boris Kvasov, the head of equity capital markets at VTB Capital, said. The $879 million includes an over-allotment option, the sale was worth $799 million excluding it. Long-term investors, including sovereign funds, took about 80 percent of the allocation. Russian pension funds took less than 1 percent, Kvasov said. "The quality of investors, not only the fact of the placement itself, was important to Polyus," Grachev said. A consortium formed of the Russian Direct Investment Fund (RDIF) with Middle-Eastern Sovereign Wealth Funds participated in the deal. It included investors from the UAE, Qatar, Kuwait and Bahrain. (Reporting by Polina Devitt, Diana Asonova and Olga Popova in Moscow, Simon Jessop in London; Editing by Jack Stubbs and Robin Pomeroy)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-russia-polyus-spo-idUKKBN19L0Q4'|'2017-06-30T10:27:00.000+03:00'
'0f791fe3d987aa062666d51efe6d141993b4bbe3'|'UPDATE 2-Tanzania to pass laws next week to renegotiate minerals contracts'|'  9:06am EDT UPDATE 2-Tanzania to pass laws next week to renegotiate minerals contracts * Government accuses multinationals of avoiding tax * Companies braced for attempts to renegotiate contracts * Industry says moves undermine investor confidence (Updates with context, quotes) By Fumbuka Ng''wanakilala and Katharine Houreld DAR ES SALAAM/NAIROBI, June 30 Tanzania''s parliament should pass legislation next week that would allow it to force mining and energy companies to renegotiate their contracts, the justice minister said on Friday. "Yes, we expect parliament to pass the three bills next week," Tanzania''s Justice and Constitutional Affairs Minister, Palamagamba Kabudi, told Reuters. The three draft laws, introduced on Thursday and pored over by parliamentarians in closed-door sessions on Friday, will be used against the multi-billion dollar mining sector first, analysts said. They follow 18 months of wrangling between mining companies and President John Magufuli that have delighted Tanzanian voters but alarmed foreign investors. Magufuli took office in 2015 vowing to stamp out corruption. He has fired ministers, the heads of the port and the revenue authorities, and 10,000 civil servants. He repeatedly accuses multinational companies of tax evasion, something they deny. The most high-profile target of his campaign has been Acacia Mining, majority-owned by Barrick Gold. Acacia has most of its productive assets in Tanzania. Acacia has been forbidden to export ore since March. The company says the ban costs a million dollars a day as shipping containers pile up. "It''s quite clear from what the president has done, they are trying to centralize all decision making ... at the State House," said Ahmed Salim of global advisory firm Teneo Intelligence. "Since March, after the export ban, the government has made it clear they want to renegotiate terms and contracts with the (mining) sector in general. They have used Acacia as an example to the detriment of the economy." The company''s share price has nearly halved since the ban and the CEO says Acacia''s existence is threatened. The government has conducted two audits in the last two months of the stockpiled ore, and accused Acacia of only declaring a tenth of the gold it is exporting and not declaring other minerals. But the audits counted traces of minerals not commercially viable to extract and misunderstood metals pricing, according to an analysis by Maya Forstater of the Center for Global Development, and London-based mining consultant Alexandra Readhead. The amount of iridium auditors say they found is three times the global consumption of the element, they noted. But stoking outrage against Acacia may be a canny strategy to force the renegotiating of contracts under the new laws, they said. "The findings of the committees seem implausible, but building public outrage towards Acacia strengthens President Magufuli’s hand in renegotiating," Readhead said. "Tanzania could gain from a new deal with Acacia, but in the process it risks undermining confidence in the investment environment, including for the developing oil and gas industry." Tanzania has extensive gas fields, and a $30 billion liquefied natural gas (LNG) export terminal is planned with BG Group, part of Royal Dutch Shell, Exxon Mobil, Statoil and Ophir Energy. (Writing by Katharine Houreld; Editing by Ed Osmond and Robin Pomeroy)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/tanzania-lawmaking-idUSL8N1JR32W'|'2017-06-30T16:06:00.000+03:00'
'6c5ed470b77cd5285380db39fbeef54d7e45b6c6'|'Homebase owner to create 1,000 jobs in Britain as it accelerates expansion'|'  6:58pm BST Homebase owner to create 1,000 jobs in Britain as it accelerates expansion LONDON The Australian owner of British home improvements retailer Homebase said on Thursday it would create about 1,000 new jobs in Britain by the end of this year as it accelerates its expansion drive. Bunnings, part of Australia''s biggest retail group Wesfarmers Ltd, completed its purchase of the Homebase chain from Home Retail last year. The firm is now planning to open 20 Bunnings stores in Britain by the end of the year, up from its previous expectation of 10 stores after the success of two pilot stores. "Our decision to extend the pilot programme reflects the positive reaction we’ve seen from customers to the stores we’ve opened so far," said PJ Davis, managing director at Bunnings in the UK and Ireland. Bunnings halted the planned closure of several Homebase stores a year ago, and is investing 500 million pounds to convert the entire Homebase estate to the Bunnings name and format in three years. The piloting of new stores comes at a time when British consumer confidence has plunged following the political crisis sparked by Prime Minister Theresa May''s election gamble that backfired. Two major surveys this week showed confidence among British consumers and retailers had fallen back to levels last seen in the wake of the shock 2016 Brexit vote which thrust Britain''s $2.5 trillion economy onto an uncertain path. (Reporting by Andrew MacAskill; Editing by Alistair Smout and Mark Potter)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-bunnings-employment-britain-idUKKBN19K2LA'|'2017-06-29T20:58:00.000+03:00'
'b2718ef1ab4e9c4c69635419284a48b62f85ea8a'|'UPDATE 1-Tanzania lifts ban on foreigners investing in telecom IPOs'|' 17am EDT UPDATE 1-Tanzania lifts ban on foreigners investing in telecom IPOs (Updates with quotes, context) By Fumbuka Ng''wanakilala DAR ES SALAAM, June 30 Tanzania has lifted a ban on foreign investors participating in initial public offerings in the telecoms sector, the capital markets regulator said on Friday, a move that will widen the investor pool for several major telecoms and mining multinationals. The removal of the restriction allows foreigners to take part in the IPO of Vodacom Tanzania Plc, a subsidiary of South Africa''s Vodacom Group. "The restrictions on participation of non-Tanzanian investors in the initial public offers of telecommunication companies have been removed," the Capital Markets and Securities Authority said in a statement sent to Reuters. "The issuer is expected to announce before end of this week the modality of finalizing the IPO and provide information on the listing date." The Vodacom IPO was launched in March and initially only open to local investors, but take-up was slow. Vodacom Tanzania extended the offer period for its IPO in April by three weeks amid concerns about adequate liquidity in the local market. The delayed results of the IPO have not been announced but Friday''s announcement indicates the initial share sale was undersubscribed although more than 40,000 local retail investors bought shares. Tanzania''s telecom operators are required by law to have 25 percent local ownership via IPOs at the Dar es Salaam Stock Exchange (DSE). The government hopes the listings will bring more transparency and offer the public a share in the industry''s profits. Telecommunications is one of the fastest-growing sectors in the country. Two other major telecoms operators, Millicom subsidiary Tigo and a local unit of India''s Bharti Airtel , have also submitted prospectuses to the regulator and are awaiting approval for their IPOs. Foreign-owned mining companies are also required to list a 30 percent stake by Aug. 23. (Writing by Katharine Houreld; Editing by Keith Weir)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/tanzania-telecoms-idUSL8N1JR43M'|'2017-06-30T17:17:00.000+03:00'
'c94e1871343b81b8895cf07490fab2082fd755b8'|'Brazil''s platinum miner Jandaga raises $2.9 mln in London listing'|'LONDON, June 29 Brazil-focused Jandaga Mines raised 2.25 million pounds ($2.9 million) from listing its shares in London on Thursday, taking advantage of investors'' concerns over buying into South African platinum businesses.Jandaga floated 45 million shares, giving it a value of about 9.9 million pounds. The shares, placed at 5 pence, were trading at 5.34p by 1500 GMT.Executive chairman, Brian McMaster, said the company will spend the money developing its Pedra Branca mine. It also has exploration licences to find more platinum, nickel and copper.South African mining companies, which produce 70 percent of the world''s platinum, are hamstrung by soaring costs and low precious metal prices as well as new rules requiring higher black ownership that they say discourage investment.South Africa''s mainly underground mines can be as deep as nearly 2 km (1.2 miles), making them costly to mine.Jandaga Mines'' shallow, open-pit Pedra Branca project in Brazil aims to produce 30,000 ounces of platinum group metals per annum within 12-18 months.McMaster said even with the pressures on South African miners, such as Lonmin and Impala Platinum , Pedra Branca was an attractive investment because its costs were low and production was due to begin next year."Regardless of what happens in South Africa our story still makes sense," he said. Even at today''s platinum prices the mine would be profitable.The price of platinum, used to reduce emissions in diesel cars, has lagged a general rebound among other commodities. (Reporting by Zandi Shabalala; Editing by Louise Ireland)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/jandagamines-ipo-idINL8N1JQ4C2'|'2017-06-29T13:05:00.000+03:00'
'579cf49fb4c1d171a58fecebd2d817e7d88171d7'|'UPDATE 1-Padoan defends Italy''s use of taxpayers'' money to wind up two banks'|'(releads, adds Quote: s, background)BERLIN, June 29 Finance Minister Pier Carlo Padoan on Thursday defended Italy''s closure of two failed regional banks using public funds, saying the costs pale in comparison with the large sums that Germany and Britain pumped into their banks after the financial crisis.Writing in German weekly magazine Wirtschaftswoche, Padoan said the decision to wind down the two banks at a possible cost of up to 17 billion euros was a necessary intervention to save the economy of the Veneto region.German Finance Minister Wolfgang Schaeuble and Bundesbank president Jens Weidmann have both bemoaned Italy''s decision, which was approved by the European Commission and involves the state rather than investors bearing most of the cost.This goes against the spirit of a framework known as the banking union agreed by European Union member states after the 2008 financial crisis."The banking union was adopted and devised after many countries put enormous amounts of taxpayers'' money into the stabilisation of their banking sectors," Padoan wrote in a column to be published on Friday. "We are talking about hundreds of billions in Germany and Britain."Padoan added: "I think the rules are there in order to deal with problems in a fair way that serves the public interest."The deal to wind down Banca Popolare di Vicenza and Veneto Banca allows Italy to solve a banking crisis on its own terms, ensuring the two Veneto lenders are not wound down under potentially tougher European rules.Weidmann said on Thursday he saw no willingness by euro zone countries to shift the decision-making powers to a European level and this was evident "not only in the handling of budget rules but also in the adherence to new rules on winding down banks, especially by countries demanding more mutual liability".His full column will appear in Wirtschaftswoche on Friday. (Reporting by Joseph Nasr; Editing by Toby Chopra)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/eurozone-banks-italy-padoan-idINL8N1JQ2R1'|'2017-06-29T10:07:00.000+03:00'
'4e5081ddacee97b1f150dafa285f803acc3f8d05'|'Thai consumer goods giant Saha Pat, Lazada tie up for e-commerce'|'BANGKOK, June 29 Thailand''s top consumer goods manufacturer Saha Pathana Inter-Holding Pcl will partner with Southeast Asian e-commerce platform Lazada Group to tap growing demand for online shopping, Saha Pathana said on Thursday.Saha Pathana, part of Thailand''s largest consumer product conglomerate, Saha Group, expects the partnership to help boost its online sales to 10 percent of the total over the next three years from 1 percent currently, Chairman Boonsithi Chokwatana said at a news conference.The company will offer its products through the Lazada website and network, and plans to invest about 1 billion baht ($29.5 million) to build a new inventory warehouse, which is expected to be completed next year, he said.Lazada, 83-percent-owned by Alibaba Group Holding, began operations in Thailand five years ago.The group plans to invest in inventory warehouses in Thailand''s Eastern Economic Corridor, a government industrial estate project, Alessandro Piscini, CEO of Lazada Thailand, told the news conference.There is growing interest in Thailand''s e-commerce sector. Earlier this month, China''s second largest e-commerce platform, JD.com Inc, said that it was looking to make an investment in Thailand by the end of this year. ($1 = 33.96 baht) (Reporting by Wirat Buranakanokthanasan; Writing by Chayut Setboonsarng and Orathai Siring; Editing by Amrutha Gayathri)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/thailand-sahapat-lazada-idINL3N1JQ28Y'|'2017-06-29T04:56:00.000+03:00'
'59870d2057c6eb09dceeb1e0514b324e45ce7419'|'BRIEF-Carrizo Oil & Gas prices public offering of 15.6 mln common shares'|'Market News - Wed Jun 28, 2017 - 9:26pm EDT BRIEF-Carrizo Oil & Gas prices public offering of 15.6 mln common shares June 28 Carrizo Oil & Gas Inc * Prices public offering of common stock * Says public offering of 15.6 million common shares priced at $14.60 per share Source text for Eikon: European shares see red as rate-sensitive sectors slide LONDON, June 29 A sharp turn lower across risky assets just ahead of the open on Wall Street put European shares on course for their worst day since last September, with tech and sectors most sensitive to higher interest rates the biggest drags. MORE FROM REUTERS From Around the Web Promoted by Revcontent Trending Stories Reuters Plus - Reuters News Agency - Brand Attribution Guidelines - Careers Reuters is the news and media division of Thomson Reuters . Thomson Reuters is the world''s largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Learn more about Thomson Reuters products: '|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/brief-carrizo-oil-gas-prices-public-offe-idUSASA09VGX'|'2017-06-29T04:26:00.000+03:00'
'a3917933417c033d342749940136e9bf9ad697c1'|'Merkel wary of business over-dependence on China - report'|'Business News   1:21pm BST Merkel wary of business over-dependence on China - report German Chancellor Angela Merkel attends the German Industry Day, hosted by the BDI industry association, in Berlin, Germany, June 20, 2017. REUTERS/Hannibal Hanschke BERLIN Germany is considering whether some industrial sectors should be designated as being of strategic importance to Europe, Chancellor Angela Merkel said, adding that there was a risk of companies becoming over-dependent on the emerging giant. In an interview with weekly magazine WirtschaftsWoche, Merkel said Europe needed to be wary about opening its markets to products that had been developed with public subsidies in China and should demand reciprocity on access to public tenders. China''s economic might puts it in a position to pressure weaker European Union members, she added. Earlier this month, Greece blocked a European Union statement criticising China''s human rights record. Hungary, another large recipient of Chinese investment, has also vetoed similar measures. "Seen from Beijing, Europe is an Asian peninsula," Merkel said. "We see this differently, but the fact is that large parts of the German economy are dependent on China. That means we need to find a way of turning China''s demands to the benefit of all." Her comments echoed proposals by France''s President Emmanuel Macron, but stopped short of his call for Europe to have the power to veto Chinese investments. "We in the German government are considering defining industries of strategic importance to Europe," such as microchip manufacture, she said. The European Commission will also consider "screening" sales to China of companies with "strategic" expertise, in fields like artificial intelligence. China is an increasingly important partner for Europe both politically and economically. Beijing stepped up as an ally for Europe in the fight against climate change after U.S. President Donald Trump''s decision to withdraw from the Paris Climate Agreement. (Reporting by Thomas Escritt, editing by Ed Osmond)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-germany-china-merkel-idUKKBN19K1M9'|'2017-06-29T15:21:00.000+03:00'
'ee8a1ac53312eecfbe7bc1291383a468500db139'|'UPDATE 1-Bayer files for Monsanto takeover approval with EU regulators'|'Market News  06am EDT UPDATE 1-Bayer files for Monsanto takeover approval with EU regulators * EU Commission sets Aug 7 as provisional deadline for decision * Bayer has said bracing for in-depth antitrust scrutiny * Bayer has pledged asset sales; BASF, Syngenta lining up (Adds details on procedure, Commission statement, background on rivals) FRANKFURT, June 30 Bayer has filed a request for approval of its planned $66 billion takeover of U.S. seeds company Monsanto with European Union regulators, as suitors line up for assets that Bayer will sell to get the approval by year-end. Bayer, which is bracing for the EU Commission to go into an in-depth antitrust assessment of the merger, said in a statement on Friday it would work closely with the authorities, reaffirming its goal to wrap up the transaction by the end of 2017. "We can confirm receipt of the notification. The provisional deadline for the Commission to take a decision is 7 August," an EU Commission spokeswoman said. Bayer, whose request for U.S. approval is pending, last month pledged to make major asset sales to see the deal through, putting the Liberty herbicide and LibertyLink-branded seeds businesses on the auction block. BASF said it was hoping for a bargain among antitrust-related selloffs and might overcome its traditional reluctance to expand into the seeds industry, while Switzerland''s Syngenta is keen to bolster its sub-scale seeds operations. Bayer warned on Friday it would have to adjust its full-year outlook, citing high inventory levels at crop protection customers in Brazil and a weaker-than-expected consumer health business. (Reporting by Patricia Weiss and Foo Yun Chee; writing by Ludwig Burger; editing by Victoria Bryan and Jason Neely)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/monsanto-ma-bayer-eu-idUSL8N1JR2Z8'|'2017-06-30T16:06:00.000+03:00'
'9adc8345012ea3bcf9a0640bbb7b9e3a6b4b4849'|'Delivery Hero jumps on debut in boost for tech IPOs'|'FRANKFURT Shares in $5 billion online takeaway food delivery group Delivery Hero ( DHER.DE ) rose as much as 9 percent following their Frankfurt stock market debut on Friday, a boost for other potential tech flotations this year.The company had priced its initial public offering (IPO) at 25.50 euros a share, the top end of the price range, selling shares worth roughly 1 billion euros ($1.1 billion) and giving it a market capitalization of 4.4 billion euros.The stock was changing hands at 27.15 euros at 1350 GMT, after trading as high as 27.7 euros."It''s a positive sign for Europe''s tech sector which has seen very few IPOs this year," an equity capital markets banker said, adding one of the sector''s next listings will likely be meal kit group HelloFresh after the summer break.In Europe, Norwegian technology group Evry EVRY.OL listed on the stock exchange earlier this month, but otherwise there have been few other deals in the sector, contrasting with the United States where a number of companies have floated, including messaging app Snap ( SNAP.N ).A successful listing for Delivery Hero was important for German e-commerce investor Rocket Internet ( RKET.DE ), which cut its stake to 25.7 from 35.7 percent in the deal, having failed to bring a company to market since 2014.Delivery Hero is using the 483 million euros in proceeds to pay off its debt, grow its own business and for acquisitions as it seeks to stave off rising competition.The company is still loss-making, mainly due to costs related to its rapid growth, but wants to break even next year."We are profitable in an increasing number of markets," Chief Executive Niklas Oestberg said, adding the company now wanted to primarily use equity for its expansion.Delivery Hero''s listing contrasts with Blue Apron''s ( APRN.N ) lacklustre debut on Thursday, which had slashed its price in the shadow of Amazon.com''s ( AMZN.O ) deal to buy retailer Whole Foods, leaving investors worried about the prospects of the meal-kit industry.According to people close to the deal, the Delivery Hero order book was 16 times oversubscribed leaving many investors with smaller allocations than expected and 40 percent of investors without any shares at all.($1 = 0.8752 euros)(Additional reporting by Alexander Hübner; Editing by Georgina Prodhan and Mark Potter)'|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-delivery-hero-ipo-idUSKBN19L20M'|'2017-06-30T20:41:00.000+03:00'
'8464e1628aa2cd85e9ee0dbaef11ebc9f59a00de'|'An activist investor bites into Nestlé'|'NESTLÉ is not easily rattled, to some investors’ chagrin. The world’s biggest food company accounts for about half of all sales of instant coffee, not to mention one quarter of grub for babies, dogs and cats. Thirty-four of its brands, including KitKat and Nespresso, earn over $1bn each. Yet many investors complain that Nestlé is falling behind, and this week Daniel Loeb, an American activist investor who runs Third Point, a hedge fund, gave voice to their concerns. On June 25th, in a letter, he attacked Nestlé’s “staid culture and tendency towards incrementalism”.Third Point has acquired a small stake in Nestlé, less than 2% of the company. But it was enough to spark a jump of over 4% in the company’s share price on hopes that its bosses would respond. On June 27th Nestlé announced its own menu of changes—all unrelated, the company claimed, to the urging of any individual investor. Third Point will keep pushing for more.  The skirmish points to a basic question facing not just Nestlé but many of its peers: how should a consumer-goods giant operate? Big brands can no longer assert their dominance by securing spots on store shelves and spending millions on television ads. Now they must also succeed online and meet demand for “healthy” and “natural” fare. In rich countries, in particular, large companies are squeezed on one side by trendy upstarts and on the other by cheap private-label goods.Looming over the industry is 3G, a private-equity firm that has slashed costs at companies such as Anheuser-Busch, a brewer, and Kraft Heinz, a packaged-food business. Investors debate whether these cuts undermine growth in the long term. But 3G has indisputably set a new bar for how profitable ageing consumer companies can be.Confronted with this, Nestlé has been adapting slightly. Its chief financial officer, François-Xavier Roger, has said that he admires 3G, although Nestlé’s approach is different. The firm is cutting costs, yet it has not set a target for its profit margins, preferring to reinvest in long-term growth. For instance, Nestlé has poured money into understanding how food, pharmaceuticals and personal products might converge.Mr Loeb is among those who want more immediate action. He points out that Nestlé’s total shareholder return lags that of its peers (see chart), though the strong Swiss franc makes Nestlé’s performance look particularly poor. Its 15% operating margin last year was lower than not just Kraft Heinz’s lofty 27% but a 16% margin at Unilever, an Anglo-Dutch giant, and 17% at General Mills, an American cereal maker, according to Sanford C. Bernstein, a research firm.In January Ulf Mark Schneider, a former boss of a German dialysis firm, became Nestlé’s chief executive, the first outsider to lead the firm since 1922. He has scrapped Nestlé’s 5-6% annual growth target and said it might sell its confectionery unit in America, which has lost share to rivals. On June 27th Nestlé announced up to SFr20bn ($21bn) in share buy-backs by 2020. It promised to invest in zippy categories such as coffee and pet food.Mr Loeb, who met Mr Schneider in early June, will ask for more, including a comprehensive review of Nestlé’s portfolio (to discard its weaker brands) and the sale of Nestlé’s 23% stake in L’Oréal, a French beauty-products firm. Most important, however, is his call for new discipline on spending, including cuts to Nestlé’s bureaucracy. That would help reach Mr Loeb’s target of 18-20% margins by 2020.As Mr Schneider considers his next steps, he might consider the case of Unilever. Led by Paul Polman, an executive at Nestlé until 2008, Unilever fended off a takeover by Kraft Heinz in February. Mr Polman satisfied investors by announcing many of the changes recommended by Third Point for Nestlé, including the goal of a 20% margin by 2020. The company’s stock is up by 40% since the start of the year. Like Unilever, Nestlé may not need to consign its whole model to the bin.This article appeared in the Business section of the print edition under the headline "Tasty morsel"'|'economist.com'|'http://www.economist.com/rss/business_rss.xml'|'http://www.economist.com/news/business/21724448-daniel-loeb-wants-fatter-margins-slimmer-bureaucracy-activist-investor-bites?fsrc=rss%7Cbus'|'2017-06-29T22:48:00.000+03:00'
'17d6f4e60f0ee59a3a05d1a9b522b5b6ce4fc2c4'|'UK''s Serco cautions markets more unpredictable'|'Business  52am BST UK''s Serco cautions markets more unpredictable A Serco flag is seen flying alongside a Union flag outside Doncaster Prison in northern England in this December 13, 2011 file photograph. REUTERS/Darren Staples/Files LONDON British outsourcing group Serco ( SRP.L ), restructuring after a string of profit warnings, cautioned on Friday that the environment in its markets had become more unpredictable, as it reported flat revenue and lower profit in its first half. Serco, which provides transport, health, justice, defence and security services in public departments and gets half of its revenues from the UK, said it expected to report first half revenue of about 1.5 billion pounds and underlying trading profit of around 35 million pounds, down from 51 million pounds in the same period last year. It said reported revenue will show an organic decline of about 8 percent, offset by a currency translation benefit. "Over the last six months the environment in several of our markets has become markedly more unpredictable, so we remain sensibly cautious," said Chief Executive Rupert Soames. Nevertheless he said the firm''s views are unchanged for 2017 - revenue of about 3.1 billion pounds, underlying trading profit of 65-70 million pounds and net debt of 150-200 million pounds. Soames highlighted Serco''s order intake of 2.4 billion pounds in the first half, including a 1.5 billion pounds contract to operate Grafton prison. "We continue to track to plan and make good progress," he said. Shares in Serco, down 17 percent so far this year, closed Friday at 118.4 pence, valuing the business at 1.3 billion pounds. (Reporting by James Davey, Editing by Paul Sandle)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-serco-outlook-idUKKBN19L0MQ'|'2017-06-30T09:52:00.000+03:00'
'7e79f37c6d7e1352c08c8d36f45c0c8b1fb61c90'|'ECB to inspect Greek banks'' progress on cutting bad loans'|'Central Banks - Fri Jun 30, 2017 - 7:28pm BST ECB to inspect Greek banks'' progress on cutting bad loans FILE PHOTO: The European Central Bank (ECB) headquarters in Frankfurt, Germany, July 29, 2016. REUTERS/Ralph Orlowski/File Photo FRANKFURT The European Central Bank plans to inspect Greek banks this year to monitor their progress in working off their huge pile of unpaid loans, ECB director Sabine Lautenschlaeger said on Friday. Greek banks have been cutting their share of non-performing loans (NPL) to companies and households, which account for slightly more than half of their books as a result of a severe economic crisis, to meet targets set by the ECB. The ECB supervises Greece''s four largest banks, or significant institutions (SIs), and is one of the three bodies responsible for the country''s bailout, along with the European Commission and the International Monetary Fund. "The ECB will perform on-site missions at the Greek SIs during the second half of 2017, a period in which the main operational measures to address NPLs ... have to be already implemented," Lautenschlaeger said in a letter to IMF chief Christine Lagarde. She was responding to an IMF request for information on the ECB''s supervisory work in Greece in the context of a possible IMF programme for the country. Greece secured a credit lifeline from euro zone governments earlier this month. The IMF offered Athens a standby arrangement but said it won''t disburse any money until it obtains greater detail on debt relief for the country. (Reporting by Francesco Canepa; Editing by Hugh Lawson)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-greece-banks-ecb-idUKKBN19L2MS'|'2017-06-30T21:28:00.000+03:00'
'853f4a2474e5b4b6e037357aea391e510c63e048'|'China bulks up in cruise-ship construction'|'AT FIRST glance the balcony-lined silhouette of the Norwegian Joy , a new cruise ship, looks like any other Western liner moored in Shanghai. But a 333-metre-long Chinese artwork of a phoenix on its topsides signals its distinctive status as the first ship designed especially for China’s expanding cruise market. A pop star, Wang Leehom, christened it on June 27th.Norwegian Joy was built by Meyer Werft in Germany, in response to a booming Chinese market for cruises. Over the past year the number of Chinese holidaying at sea has more than doubled, to 2.1m, according to the Cruise Lines International Association, a trade group. These numbers are likely to encourage other lines to build ships just for China, instead of using cast-offs from America and Europe. The Norwegian Joy has a much bigger casino than usual, to cater for the Chinese love of gambling. The shops are also twice as large as on Norwegian Cruise Line’s other ships, notes Andy Stuart, its CEO.  But China itself wants a slice of the cruise-ship market, which is dominated by European firms. China State Shipbuilding Corporation, a firm that usually builds bulk carriers, tankers and the like, in February entered a joint venture with Fincantieri, an Italian rival, to construct two cruise vessels for the Chinese operations of Carnival, America’s largest cruise line. In March SunStone Ships, a smaller Miami-based cruise outfit, ordered four more from China Merchants Heavy Industry, another state-owned yard near Shanghai.It is a case of when, not if, Chinese yards break into the industry, admits Bernard Meyer, managing partner of Meyer Werft. China’s government declared in a five-year plan in 2015 that it aimed to build its own cruise ships as part of its strategy of shifting the economy towards advanced manufacturing.It will not be easy for Chinese yards to build such ships, however. Europe’s dominance came from developing clusters of niche suppliers, notes Martin Stopford of Clarksons, a shipbroker; these will be hard to replicate. When Mitsubishi Heavy Industries, a Japanese conglomerate, recently tried to enter the industry with an order worth $1.3bn from a German line for two cruise ships, it lost $2.3bn. Last October, to stop its share price plunging further, it had to promise it would never try to build another.Nor is it clear whether mastering cruise-ship construction will really help China with other industries. Cruise ships may look like hotels at sea, but the materials and even the plumbing that are required to meet maritime regulations are very different to anything of use on land. Even so, the state is ready to hand Chinese shipbuilders the billions of dollars required. The real beneficiaries may well be Western cruise lines, who can play the newcomers off against incumbent European suppliers.This article appeared in the Business section of the print edition under the headline "Cruising for a bruising"'|'economist.com'|'http://www.economist.com/rss/business_rss.xml'|'http://www.economist.com/news/business/21724441-many-question-whether-state-subsidies-business-will-be-money-well-spent-china-bulks-up?fsrc=rss%7Cbus'|'2017-06-29T22:48:00.000+03:00'
'124d68bfa5f8325eacc2bf32be22019e97d6f83b'|'BASF ready to snatch seed bargains as rivals sell assets'|'Deals - Thu Jun 29, 2017 - 7:53am EDT BASF ready to snatch seed bargains as rivals sell assets FILE PHOTO: A logo is seen on the facade of the BASF plant and former Ciba production site in Schweizerhalle near Basel, Switzerland July 7, 2009. REUTERS/Christian Hartmann/File Photo By Ludwig Burger and Patricia Weiss - LUDWIGSHAFEN, Germany LUDWIGSHAFEN, Germany BASF ( BASFn.DE ) will consider buying seed assets that rivals are putting on the block to win antitrust approval for tie-ups, saying bargain prices could persuade BASF to overcome its traditional reluctance to expand into the seeds industry. Sources familiar with BASF''s thinking have said that competition regulators looking at potential buyers of antitrust-related assets might favor new entrants to the seed market, such as BASF, over established players to stoke competition in a quickly consolidating market. "There are assets that will come to market for antitrust reasons and they might come at prices that are different from those that we have seen in the past. That''s why we will look into it and see whether it makes sense for us," deputy Chief Executive Martin Brudermueller told a news conference at the group''s headquarters. "Seed assets are an option, not a must," he added. Rival Bayer ( BAYGn.DE ) last month said it will sell its LibertyLink-branded seeds businesses, a key part of asset sales required to satisfy competition authorities looking at its $66 billion Monsanto deal. BASF, the world''s third-largest maker of crop chemicals, has so far avoided seed assets and has voiced scepticism that a combination of the two businesses would make sense for it. Instead it has pursued research into plant characteristics such as drought tolerance, which it sells or licenses out to seed breeders. Rival Syngenta ( SYNN.S ), the Swiss crop protection company acquired by ChemChina, this week vowed to bulk up its seeds business and join the chase for the assets that Bayer must sell. BASF is the only player left among the top six in a global seeds and pesticides market worth over $100 billion that has not paired up with a major peer. (Editing by Maria Sheahan, editing by David Evans) '|'reuters.com'|'http://www.reuters.com/finance/deals'|'http://www.reuters.com/article/us-basf-seeds-idUSKBN19K1HN'|'2017-06-29T15:53:00.000+03:00'
'cb47ccfc1ec811b07468111efbe9ed08b067c7dc'|'MetLife board OKs Brighthouse spinoff, sets effective date'|'June 29 MetLife Inc on Thursday came a step closer to spinning off its U.S. retail life insurance business after the company''s board of directors approved the plan, it said on Thursday.The board set July 19 as the effective date for the spinoff of Brighthouse Financial Inc, with shares to be distributed on Aug. 4, subject to approval by the U.S. Securities and Exchange Commission, the company said. (Reporting by Suzanne Barlyn; Editing by Richard Chang)'|'reuters.com'|'http://in.reuters.com/finance/deals'|'http://in.reuters.com/article/metlife-brighthouse-idINASA09VMP'|'2017-06-29T18:52:00.000+03:00'
'77c4a7d6d09ca54be2a8bb3f88256b156f188051'|'U.S. consumer spending rises modestly, inflation cools'|'Central Banks - Fri Jun 30, 2017 - 2:34pm BST U.S. consumer spending rises modestly, inflation cools A customer exits after shopping at a Macy''s store in the Brooklyn borough of New York, U.S., May 11, 2017. REUTERS/Brendan McDermid By Jason Lange - WASHINGTON WASHINGTON U.S. consumer spending rose modestly in May and inflation cooled, pointing to a slow-but-steady economic expansion that could still lead the Federal Reserve to raise interest rates by the end of the year. Consumer spending, which accounts for more than two-thirds of U.S. economic activity, rose 0.1 percent last month, the Commerce Department said on Friday. Consumer prices excluding food and energy rose 1.4 percent on a yearly basis, compared to a 1.5 percent gain in April. Prices of U.S. Treasuries pared losses and U.S. stock index futures extended gains after the data. The dollar .DXY dipped slightly against a basket of currencies. Some Fed policymakers are worried that inflation may fall further below the central bank''s 2 percent target, but Fed Chair Janet Yellen said earlier this month that inflation would likely be soft in the coming months due to temporary factors. Solid consumer spending is supporting the outlook for faster inflation and continued economic growth. The slower spending growth in May followed two monthly increases of 0.4 percent, which suggests economic growth is on track to accelerate in the second quarter after a meagre expansion in the first three months of the year. The personal consumption expenditures (PCE) price index fell 0.1 percent in May from April, dragged lower by drops in prices for consumer goods and energy. When food and energy were excluded, the index was up 0.1 percent. The 12-month reading for the so-called core inflation has been slowing since March. The slowdown in inflation has boosted consumer spending power. After-tax personal income adjusted for inflation rose 0.6 percent in May, the largest gain since April 2015. (Reporting by Jason Lange; Editing by Paul Simao)'|'reuters.com'|'http://feeds.reuters.com/reuters/UKBusinessNews/'|'http://uk.reuters.com/article/uk-usa-economy-idUKKBN19L1XC'|'2017-06-30T16:34:00.000+03:00'
'b79447fa395b9d49740b2cf81ce0047560a0d227'|'Warburg Pincus looking to sell Polish cable operator Inea -sources'|'Market News  38am EDT Warburg Pincus looking to sell Polish cable operator Inea -sources WARSAW, June 30 Private equity firm Warburg Pincus is considering selling its controlling stake in Polish cable operator Inea, sources familiar with the situation told Reuters. Warburg Pincus invested in Inea in 2013 when then operator had 169,000 clients. Now it has around 240,000 customers and revenue of 281 million zlotys ($75.83 million). Inea, which operates mostly in the west of Poland, competes with bigger rivals such as Vectra or Liberty Global unit UPC Polska, which last year agreed to buy Multimedia Polska for 3 billion zlotys. UPC was also cited by one industry source as a potential bidder for Inea, which is valued at a few hundred million zlotys. Investment bankers also point to private equity or infrastructure funds that might be interested in the asset. Warburg Pincus and UPC were not immediately available to comment. ($1 = 3.7057 zlotys) (Reporting by Agnieszka Barteczko; Editing by Lidia Kelly and David Evans)'|'reuters.com'|'http://feeds.reuters.com/reuters/companyNews'|'http://www.reuters.com/article/poland-ma-inea-idUSL8N1JR393'|'2017-06-30T16:38:00.000+03:00'
'82a7f8b794f5b7a61be881cdd938d648930db318'|'HSBC gets approval for China securities joint venture'|'Top   10:44am BST HSBC ends 20-month wait for China securities JV approval An aircraft flies past the HSBC headquarters building in the Canary Wharf financial district in east London February 15, 2015. REUTERS/Peter Nicholls/Files LONDON HSBC ( HSBA.L ) has won Chinese approval for its investment banking joint venture with a local state-backed fund, ending a twenty-month wait for a decision that will allow it to begin expanding its business in the world''s second largest economy. HSBC''s partnership is with the state-backed Qianhai Financial Holdings Co and is majority-owned by the British bank, in contrast with most other Sino-foreign investment banking partnerships where the Chinese partner retains control. The partnership is a key part of the bank''s ambition to grow annual profits in the fast-growing southern region of China, allowing it to trade as well as underwrite stocks and bonds for Chinese firms more freely than other foreign rivals. The bank announced in 2015 it would hire 4,000 new staff and invest billions to make the southern Pearl River Delta region its gateway to China, an expansion since delayed by China''s slowing growth. "The establishment of this joint venture is an important step for HSBC to deliver on our strategic commitment to invest in and grow our business and operations in mainland China," HSBC Chief Executive Stuart Gulliver said in the statement on Friday, following the approval by Chinese regulators.. HSBC announced the venture on Nov. 2, 2015, and has since been waiting for the approval to begin operations. Approval for the venture had been widely expected, but the long wait has potentially reduced the advantage that HSBC could have stolen over rivals with more restrictive licences, as China relaxes rules on foreign banks. (Reporting by Lawrence White; Editing by Carolyn Cohn and Mark Potter)'|'reuters.com'|'http://feeds.reuters.com/Reuters/UKBusinessNews?format=xml'|'http://uk.reuters.com/article/uk-hsbc-china-idUKKBN19L0YO'|'2017-06-30T11:48:00.000+03:00'